JPMorgan Chase & Co. (NYSE:JPM) Q4 2022 Earnings Call Transcript

Andrew Lim: Sure. Okay. Let’s drill down into NII then. I just want to square a few comments you made there, Jeremy. So, if I heard you correctly, I think you are still talking about sequential increases in NII. So, I guess looking towards like $20 billion plus for 1Q, maybe even 2Q. So, I guess we are hitting about $40 billion for 1H and then a sharp drop off as, say, deposit costs increase and maybe we get a few Fed fund rate cuts as well. Is that the way we should be thinking about it?

Jeremy Barnum: Yes. No. So, let me un-controversially say no there, Andrew, just really wouldn’t doubt. So, my comments about sequential increases were to address the sort of obvious conclusion, which we are somewhat correctly drawing from the slide, which is that in a world where we are exiting the fourth quarter run rate at 81, and we are telling our ADX markets or whatever. And we are telling you 74 for the full year, there are obviously some sequential declines in there somewhere as a function of what plays out. We are simply saying don’t project those into the future in perpetuity. Once things adjust, we will return to normal sequential growth. Does that make sense?

Andrew Lim: Right. Yes. No. Absolutely, that makes sense. That’s great. Thank you for that.

Jeremy Barnum: Yes. Thanks.

Operator: We have no additional questions in queue. I would now like to hand the call back to Mr. Barnum.

Jeremy Barnum: That’s it. Thank you very much.

Jamie Dimon: Thank you very much. We will talk to you all soon.

Operator: That concludes today’s conference. Thank you all for participating. You may disconnect at this time.