Conference Call Participants
Ebrahim Poonawala – BofA Securities, Research Division
John McDonald – Truist Securities, Inc., Research Division
L. Erika Penala – UBS Investment Bank, Research Division
Christopher McGratty – Keefe, Bruyette, & Woods, Inc., Research Division
Kenneth Usdin – Bernstein Autonomous LLP
Michael Mayo – Wells Fargo Securities, LLC, Research Division
Gerard Cassidy – RBC Capital Markets, Research Division
Glenn Schorr – Evercore ISI Institutional Equities, Research Division
Manan Gosalia – Morgan Stanley, Research Division
Matthew O’Connor – Deutsche Bank AG, Research Division
David Chiaverini – Jefferies LLC, Research Division
Kunpeng Ma – China Securities Co., Ltd., Research Division
Presentation
Operator
Good morning, ladies and gentlemen. Welcome to JPMorgan Chase’s Third Quarter 2026 Earnings Call. This call is being recorded. [Operator Instructions] We will now go live to the presentation. Information concerning forward-looking statements and non-GAAP financial measures included in this presentation can be found in JPMorgan Chase’s earnings press release and investor presentation posted on the Investor Relations website. Please stand by. At this time, I would like to turn the call over to JPMorgan Chase’s Chairman and CEO, Jamie Dimon; and Chief Financial Officer, Jeremy Barnum. Mr. Barnum, please go ahead.
Jeremy Barnum
Executive VP & CFO
Thank you very much, and good morning, everyone. The firm delivered net income of $15.3 billion, EPS of $5.57 and a ROTCE of 20%. These results included $658 million of net investment securities losses in corporate. Revenue of $50.9 billion was up 8% year-on-year. Excluding the net investment securities losses, revenue was up 9% year-on-year, largely driven by markets revenue, higher deposit balances and higher asset management fees in AWM and CCB. Expenses of $27.3 billion were up 12% year-on-year, largely driven by higher volume and revenue-related expense as well as front office hiring and wage inflation. And credit costs were $2.7
