JPMorgan Chase

Основное из отчета

Позитивное:

• Инвестиционный банкинг и трейдинг показывают беспрецедентный рост, при этом портфель сделок остается очень сильным. Цитата: «IB fees were up 30% year-on-year, reflecting double-digit growth across all products with particularly strong performance in equity underwrite... the pipeline remains quite robust, and the current activity levels seem to be encouraging more activity.» [Earnings_transcript_JPM_2026_q2]
• Состояние потребителей остается устойчивым, что позволило банку улучшить годовой прогноз по списаниям по кредитным картам до ~3.2%. Цитата: «Consumers and small businesses continue to show resilience despite elevated gas prices and inflation with higher tax refunds and a solid labor market contributing to strong spend growth... Finally, we now expect card net charge-off rate to be approximately 3.2% and reflecting better-than-expected consumer credit performance.» [Earnings_transcript_JPM_2026_q2]

Негативное:

• Расходы банка продолжают стремительно расти (+15% г/г), из-за чего годовой прогноз затрат был повышен до $107.5 млрд. Цитата: «The new adjusted expense outlook is about $107.5 billion, with the increase primarily due to higher volume and revenue-related expenses driven by the activity levels and associated revenue outperformance.» [Earnings_transcript_JPM_2026_q2]
• Возросшая активность привела к раздуванию риск-взвешенных активов (RWA) на $103 млрд, что оказало давление на норматив достаточности капитала CET1. Цитата: «we ended the quarter with a standardized CET1 ratio of 14.1%, down 20 basis points versus the prior quarter as net income was more than offset by higher RWA and capital distributions. This quarter's standardized RWA increase of approximately $103 billion is largely driven by increases in financing across our markets business as well as growth in traditional lending.» [Earnings_transcript_JPM_2026_q2]