JPMorgan Chase & Co. (NYSE:JPM)
Q3 2014 Earnings Conference Call
October 14, 2014 08:30 AM ET
Marianne Lake – CFO
Jamie Dimon – Chairman and CEO
Matt O’Connor – Deutsche Bank
John McDonald – Stanford Bernstein
Glenn Schorr – ISI
Betsy Graseck – Morgan Stanley
Guy Moszkowski – Autonomous
Gerard Cassidy – RBC
Mike Mayo – CLSA
Erika Najarian – Bank of America Merrill Lynch
Brennan Hawken – UBS
Ken Usdin – Jefferies & Company
Steve Chubak – Nomura
Good morning, ladies and gentlemen. Welcome to the JPMorgan Chase’s Third Quarter 2014 Earnings Call. This call is being recorded. Your line will be muted for the duration of the call. We will now go live to the presentation. Please standby.
At this time, I would like to turn the call over to JPMorgan Chase’s Chairman and CEO, Jamie Dimon; and Chief Financial Officer, Marianne Lake. Ms. Lake, please go ahead.
Marianne Lake – CFO
Thank you, operator. Good morning everyone. I am going to take you through the earnings presentation, which is available on our web site. Please refer to the disclaimer regarding forward-looking statements at the back of the presentation.
Starting on page one, the firm delivered strong underlying performance this quarter with net income of $5.6 billion on strong revenue of over $25 billion, up 5% year-on-year, reflecting growth across most of our businesses, and EPS of $1.36 and the return on tangible common equity of 13% for the quarter. Included in our results with firm-wide legal expense of approximately $1 billion after tax, which relates to a number of matters in large part and estimated amount for FX which was treated as non-deductable tax purposes.
There were also a number of smaller items, most notably a benefit of approximately $400 million of tax discrete items in corporate as well as consumer reserve releases of $200 million pre tax. Excluding these and other non-core items, net income was approximately $5.8 billion reflecting strong core performance.