The following is a summary of the JPMorgan Chase & Co. (JPM) Q4 2023 Earnings Call Transcript:

Financial Performance:

JPMorgan Chase reported Q4 net income of $9.3 billion and revenue of $39.9 billion and for the full year, the firm reported a net income of $50 billion and revenue of $162 billion.
The firm’s revenue increased by 7% year-on-year.
Credit costs were $2.6 billion due to increases in Card and single-name exposures in Wholesale.
Consumer & Community Banking saw an 8% year-on-year revenue increase due to strong account growth and stable consumer spend.
Commercial Banking reported a 7% year-on-year revenue increase primarily driven by higher NII.
JP Morgan’s Asset & Wealth Management reported a net income of $925 million with 28% pretax margin due mainly to higher management fees on strong net inflows and market levels, offset to some extent by lower NII.
The estimated net interest income ex-Markets for 2024 is projected to be around $88 billion, and adjusted expenses are projected to be around $90 billion.

Business Progress:

Consumer & Community Banking saw an 8% increase in overall business due to effective branch strategy and marketing efforts.
There was a plan to build a similar number of new branches in 2024 as in 2023 when 166 new branches were built.
In 2023, JP Morgan saw significant growth in the number of new checking and card accounts and increased their deposit market share.
The company is strategically utilizing AI technologies to drive tangible outcomes in their business operations.
Hiring, both domestically and internationally, is being prioritized within the Commercial Bank.
Client advisor hiring remains a focus for Asset & Wealth Management to ensure new clients receive the support they need.
Corporate & Investment Bank performed solidly, thanks to significant payments business investments and the promising NIR outlook.
Across all sectors, the company invested in the development of new products, features, and customer platforms.