Inverse VIX Short-Term Futures ETNs due March 22, 2045

The firm reported Q4 2024 net income of $14 billion, EPS of $4.81, revenue of $43.7 billion, and ROTCE of 21%. Revenue was up $3.8 billion, or 10% year over year. Expenses were $22.8 billion, down 7% year over year, and credit costs were $2.6 billion. For full-year 2024, excluding significant items, JPMorgan reported net income of $54 billion, EPS of $18.22, revenue of $173 billion, and ROTCE of 20%. Looking ahead, management guided to 2025 NII ex-markets of approximately $90 billion and firm-wide NII of approximately $94 billion. They expect 2025 expenses of about $95 billion and said 2025 card net charge-off rate should be in line with prior guidance of approximately 3.6%.

Jamie Dimon emphasized franchise strength, calling 2024 another year of record revenue and net income, but he also stressed that the firm is preparing for a range of scenarios given “tension in the risks and uncertainties in the environment” and what he sees as optimism embedded in asset prices. He was upbeat on the business, but cautious on the macro, saying JPMorgan is focused on being ready rather than complacent. He also said the company is not seeing broad-based loan growth acceleration yet despite improved business sentiment, and highlighted unemployment as the main credit driver, with stagflation as the worst-case vulnerability.

Jeremy Barnum walked through broad-based strength in the quarter: CCB revenue of $18.4 billion, CIB revenue of $17.6 billion, AWM revenue of $5.8 billion, and CET1 at 15.7%, up 40 bps sequentially. He noted full-year record net inflows in AWM of $234 billion and said the firm bought back $4 billion of stock in the quarter. On 2025, he guided to NII ex-markets of about $90 billion, total NII of about $94 billion, and expenses of about $95 billion, while saying the firm has enough excess capital and does not want it to keep growing, so buybacks are the likely pressure valve if deployment does not materialize.

Analysts focused heavily on capital and buybacks, asking how high JPMorgan would let excess capital build and whether special dividends or other tools could be used; management said they see enough excess capital already and want to arrest further growth, but refused to guide specific repurchases. They also pressed on regulation and the G-SIB/stress capital buffer math; Barnum said the firm is managing to current rules, expects to remain comfortably in the 5% G-SIB bucket based on seasonality, and wants a more coherent, less bureaucratic regulatory framework. On growth and credit, questions centered on loan demand, QT, and vulnerability to rates and tariffs; management said loan growth has not yet meaningfully improved, the main credit risk is unemployment, and QT could wind down around mid-year based on current consensus.