JPMorgan Chase 2025 Investor Day reiterates ~$90B NII ex. Markets and ~$95B expense guidance

JPMORGAN CHASE & CO

NII ex. Markets expected ~$90B for 2025; firmwide NII ~$94.5B including ~$4.5B from Markets.
Adjusted expense outlook unchanged at ~$95B; technology spend ~$18B.
17% ROTCE target reaffirmed; 2024 ROTCE was 20%.
Excess CET1 of $57B above regulatory minima as of 1Q25; buybacks and dividends continue.
Reserve scenario assumes weighted-average peak UER of 5.8% in 1Q26; tariff impact analysis on wholesale portfolio.

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