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Jpm at the Deutsche Bank Global Financial Services Conference JUNE 2021 JPM AT THE DEUTSCHE BANK GLOBAL FINANCIAL SERVICES CONFERENCE TRANSCRIPT June 2, 2021 MANAGEMENT DISCUSSION SECTION Matt O'Connor Analyst, Deutsche Bank Securities, Inc. Up next is JPMorgan. With us this year is Mary Erdoes, CEO of Asset & Wealth Management. This includes Private Banking or Wealth Management, as well as global institutional Asset Management and retail Asset Management. Client assets total $4 trillion. There's $14 billion roughly of revenues, and it's 10% to 15% of overall JPMorgan depending on what you’re looking at. So, Mary, thank you so much for joining, and welcome to the conference. ...................................................................................................................................................................................................................................................... Mary Callahan Erdoes Chief Executive Officer of Asset & Wealth Management, JPMorgan Chase & Co. Well, thank you. JPMorgan is super proud to be part of this and very, very thankful that Deutsche Bank included us. So, thank you. ...................................................................................................................................................................................................................................................... QUESTION AND ANSWER SECTION Matt O'Connor Analyst, Deutsche Bank Securities, Inc. Q So, then we'll just jump right into the fireside chat format here. The firm overall continues to make a lot of investments year in, year out. Did recently increase the level of investment for this year. And I think many realize this is a key reason for the strong performance. As I think about your world, clearly areas such as wealth, ESG, China, and just broadly speaking, technology are areas of focus. So, I do want to just dive into these and let's start with Wealth, which gets a lot of attention. You've been adding FAs. You've been leveraging technology to expand. Maybe you can give us a broad update on what's going on here. ...................................................................................................................................................................................................................................................... Mary Callahan Erdoes Chief Executive Officer of Asset & Wealth Management, JPMorgan Chase & Co. A Yeah. Sure. We're really proud of the strong performance that the Wealth space has provided for the firm and especially in the Private Bank, the leadership position that it has around the world. I always say that if you want to have an understanding of all of JPMorgan Chase, you should become a Private Banking client. I think that's really where we bring together the entire firm. We bring the institutional capital markets expertise of the world's best investment bank, the expansive reach of our commercial bank, sophisticated lending, structural tax, entity work, executive comp expertise. And then, of course, access to the outside managers where many of them are exclusive to us, some of the world's best hedge fund, private equity, real estate managers. So it is very, very special part of our firm, and it's the reason I believe that it has such high market share in various parts of the world, as high as 10% or 15% in cities like New York or Madrid at the high end. But that's really nowhere near where we want to be in the high net worth part of the market, which is much, much more fragmented. And that's really one of the biggest opportunities across our firm is to continue to take that high end of what we do and just go all the way down. ...................................................................................................................................................................................................................................................... Matt O'Connor Analyst, Deutsche Bank Securities, Inc. Q And talk about closing those gaps because I think you put some metrics out there, that the ultra-high net worth is roughly 2 times that of affluent and I think 4 times or even more that of the high net worth. So, how are you going to close that gap and is that reasonable to think that over time that gap can be closed? ...................................................................................................................................................................................................................................................... 2 Mary Callahan Erdoes Chief Executive Officer of Asset & Wealth Management, JPMorgan Chase & Co. A Yeah. One of the – I think one of the most special things we've done in this firm over the past couple of years is create a partnership across my line of business, the Asset & Wealth management business and the CCB, especially between the Private Bank and what we call Chase Wealth Management. It's really been one of our greatest successes. We've been able to empower the Chase advisor and the branch, and be able to provide them with the Private Banking products and services. And it's really – it's a finely-tuned machine. Eric Tepper, who's at the helm of that, works super hard to give customers across all 4,872 branches the ability to have the investment help across what we do for the Private Bank, which has been a simplified version for the clients that walk into the branch. And we've tweaked it over time. We began really with just one balanced module. And today, it's a full range of brokerage, investment, insurance, advisory as a very fast-growing area. To enable that scale, we've spent a lot of time on the modernization of all of the tools at the fingertips of the people and the branches from the CRM system to the goals-based planning. And we also spent a lot of time on intense training, so that we have the standard of care for our advisors who are out there. The pandemic surprised us even more so. Since COVID began and the lockdown, we've had – 75% of our branches have been open every single day, some of them six days a week, and we're now in 48 states across the United States of America. So, it's just amazing, as stressful as it was and still is, what they've done with the gusto and the fortitude to help clients to navigate. I previewed it at the 2020 Investor Day that I thought this would be record growth of accounts, clients, revenues, and I underestimated really what it was. As recently as now, we're averaging about 10,000 clients a month to become investment clients. And it's a real reminder to all of us the difference of an in-person interchange with clients, remembering that 70% of everything that we do in life is nonverbal communication. And I think that that's what's really translated itself to these results, which is also making me excited about the wholesale business. We've thankfully, just two weeks ago, opened up 55 offices across the United States of America finally. We've been travelling nonstop, Seattle, San Fran, L.A., Chicago, Texas, Miami, Boston, on my way next week to Geneva and Milan and any part of the EU that will let me in. But – and so many clients are coming also here to New York. We've had a lot of international clients come in, several a day, and we're really excited that we're the first meeting that they've had, the first bank they've come into. So, that's making us feel quite proud. But this morning even I'm getting some other fields saying the limitations that we've got currently in place of 50% capacity in our offices are already being bumped up against. So there's really – we just want to make sure that we can continue to keep up with the fact that people do want to be back in the office and working together, really high rates especially in places like Hong Kong, Shanghai where we're back at 70%. ...................................................................................................................................................................................................................................................... Matt O'Connor Analyst, Deutsche Bank Securities, Inc. Q And it seems like everyone was trying to expand in wealth from a global perspective. Whether it's banks as globally focused as you or even just kind of more plain vanilla regional banks in the US, it's an area that everyone wants to expand. Do you think we'll see meaningful consolidation from here, or is it just going to stay fragmented especially on kind of... ...................................................................................................................................................................................................................................................... Mary Callahan Erdoes Chief Executive Officer of Asset & Wealth Management, JPMorgan Chase & Co. A It's a – yeah. No, it's a very good question. I mean, wealth management is really one of the most fragmented parts of financial services. The top 10 firms globally only capture about 20% of the aggregate market share, if you think about that, compared to like Sales and Trading and Investment Banking where the top 10 firms have 65-ish, 50% market share respectively. So it's – I think it's going to stay very fragmented. Having said that, I think you're going to see meaningful consolidation at some of the higher end through both organic and inorganic efforts. On the organic front, the largest managers just continue to grow. And it's just – it's harder to stay smaller and undifferentiated. If you just look at the past couple of years, the largest wealth management
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