JPMorgan (JPM): FY26 Q1 earnings call, Apr 14, 2026

…effects, and higher energy prices, which resulted in higher RWA across market risk and credit risk ex lending. Now, let me spend a few minutes…

…over the next two years simply as a result of recent growth in the system, despite, in our view, no change in real-world systemic risk.

…represent about $13 billion, while in the process, making the methodology less risk-sensitive and less consistent with the Fed's original rationale for including it. This…

…see from the removal of some of the double counting of markets or operational risk? I recognize that piece is a little bit more opaque.

…any impact. If the double count is addressed by modifying the operational risk calculation in RWA, then it might have some impact. Obviously, it's far…

…was quite clear. I don't think so. I gave the big numbers. Private credit leveraged lending is like $1.7 trillion. High yield bonds are something…

…We already have $80 billion or $90 billion of capital for the trading books. Those numbers just, they're completely out of whack with reality. Operational…

…color, IB fees were up 28% year-on-year, driven by strong performance across M&A and equity underwriting, partially offset by lower debt underwriting. Looking ahead, client…

…almost can't be systemic at that size relative to anything else. When recessions happen and values go down and people refi at higher rates, there'll…

…We're doing it, fair market value and all that, but I'd rather buy back stock when we think it's a real discount, and the ongoing…

…current 4.5% requirement, which when combined with the RWA increase from the Basel III Endgame NPR, results in a total increase of about $20 billion…

…around $40 billion. Obviously, that can change depending on ultimate rules and regulations. We prefer to deploy the capital serving clients. The way you see…

…our historical stance about wanting to be conservative and concerns about the geopolitical dynamics. A couple things in there. One, as you know, we start…