Below is the transcript of the JPMorgan Chase & Co. (NYSE:JPM)’s Fourth Quarter 2014 financial results conference call, held on Wednesday, January 14, 2015, at 8:30 am EST.
JPMorgan Chase & Co. (NYSE:JPM) is one of the oldest financial institutions in the United States. With a history dating back over 200 years, they are a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity.
Marianne Lake – Chief Financial Officer, JPMorgan Chase & Co.
Jamie Dimon – Chairman and Chief Executive Officer, JPMorgan Chase & Co.
Betsy Graseck, Managing Director, Research Division, Morgan Stanley
John McDonald, Senior Research Analyst, Sanford C. Bernstein
Guy Moszkowski, Managing Partner & CEO, Autonomous US at Autonomous Research LLP
Mike Mayo, Banking and Finance Analyst, CLSA
Matt O’Connor, Managing Director, US Banks Equity Research, Deutsche Bank
Erika Penala Najarian, Director, Senior Research Analyst – US Banks at Merrill Lynch
Glenn Schorr, Senior Managing Director/Senior Research Analyst, Evercore ISI.
Matt Burnell, Managing Director at Wells Fargo Securities, LLC
Gerard Cassidy, Managing Director of Equity Research, RBC Capital Markets
Steve Chubak, Equity Research Analyst, Nomura Securities
Ken Usdin, Managing Director at Jefferies & Company
Jim Mitchell, Analyst at Buckingham Research Group
Brennan Hawken, Senior Analyst, Equity Research, UBS Investment Bank
Paul Miller, Managing director at FBR Capital Markets
Eric Wasserstrom, Managing Director and Senior Equity Analyst, Guggenheim Securities
Chris Kotowski, Managing Director at Oppenheimer & Co.
David Hilder, Senior Equity Research Analyst, Drexel Hamilton
Nancy Bush, CFA, NAB Research, LLC
Good morning, ladies and gentlemen. And welcome to the JPMorgan Chase’s Fourth Quarter 2014 Earnings Call. This call is being recorded. Your line will be muted for the duration of the call. We will now go live to the presentation. Please standby.
At this time, I would like to turn the call over to JPMorgan Chase’s Chairman and CEO, Jamie Dimon; and Chief Financial Officer, Marianne Lake. Ms. Lake, please go ahead.
Marianne Lake, Chief Financial Officer, JPMorgan Chase & Co.
Thank you, operator. Good morning everyone. I am going to take you through the earnings presentation which is available on our website. Please refer to the disclaimer regarding forward-looking statements which is at the back of the presentation. Starting on page 1, the firm reported net income of $4.9 billion and EPS of $1.19 and the return on tangible common equity of 11% on $23.6 billion of revenue for the quarter. Included in our results with total legal expense of $1.1 billion or approximately $1 billion after tax, in large part an incremental amount for FX. As we go through the presentation.