Executive Vice President & Chief Financial Officer, Jpmorgan Chase
Search every verified Jeremy Barnum interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. On JPMorgan Chase's second-quarter 2025 earnings call, Jeremy Barnum reported net income of $15 billion and earnings per share of $5.24 on revenue of $45.7 billion, with a return on common equity of 21%. He noted that revenue was down 10% year-over-year, attributing the decline in part to lower rates. Barnum stated that the firm deploys capital against organic and inorganic growth, ensures a sustainable dividend, and uses remaining capital for buybacks, adding that acquisitions have a high bar financially, strategically, and culturally. Barnum said the current market environment is "hard to imagine being better" for the firm, citing good rate levels, high deal activity, strong capital markets, and excellent credit quality, though he cautioned that some aspects may not be sustainable and competition is intense. He described the recent Sapphire card price change as a "normal refresh" with a market-leading ratio of customer value to annual fee. Regarding regulation, Barnum said the proposal to fix the Supplementary Leverage Ratio is "a good thing and the right thing to do for system resilience," and he expressed a view that regulators should step back and look at the big picture to make the system simpler, cheaper, and safer. On consumer credit, he said the firm continues to struggle to see signs of weakness, with delinquency rates and net charge-offs in line with expectations.
“We deploy our capital against organic and inorganic growth, ensure a sustainable dividend, and with what's left, we do buybacks. Everything is on the table, including potentially inorganic things, but acquisitions have a high bar financially, strategically, and culturally.”
“I believe regulators should step back and look at the big picture, not just individual rules like SLR or CCAR. The system can be made simpler, cheaper, more effective, transparent, and safer. The failures like Silicon Valley Bank and First Republic did not need to happen if some things were modified to create more liqu...”
“Deposit token is effectively the same as moving money by token with interest paid. JPMorgan will be involved in both JPMorgan deposit coin and stable coins to understand and be good at it, though we don't know why you'd want a stable coin instead of just a payment.”
“We look very closely at consumer credit quality and continue to struggle to see signs of weakness. Delinquency rates and net charge-offs are in line with expectations. Fundamentally, consumer credit is primarily about the labor market, and with 4.1% unemployment, it's hard to see a lot of weakness in our portfolio.”
“SLR has behaved very much not the way it was designed during big QE and had bad impacts on the system. Fixing SLR has been on the list for a long time, and while it's disappointing it took so long, the current proposal is a good thing and the right thing to do for system resilience.”
“The recent Sapphire card price change is going fine. Strategically, it is a normal refresh of an important product with a dramatic increase in customer value proposition, especially the ratio of customer value to annual fee, which is market leading.”
“Loan growth was strong this quarter, but net interest income was down due to hedges and a lot of assets coming on late in the quarter. Markets also contributed to the dynamics.”
“The current market environment is hard to imagine being better for us: rates are at a good level, deal activity is high, capital markets are strong, and credit quality is excellent. However, we remain cautious because some aspects may not be sustainable and competition is intense.”
“We are deploying significant capital and resources in the markets business to generate revenue, which is client-centric and often countercyclical. While revenues have increased, resource usage has also gone up significantly.”
JPMorgan Chase & Co. Second-Quarter 2025 Earnings Conference Call. Twitter - https://twitter.com/i101in #earningscall ...
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