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Home » JPMorgan Chase (NYSE:JPM) Q3 2013 Earnings Conference Call Transcript

JPMorgan Chase (NYSE:JPM) Q3 2013 Earnings Conference Call Transcript

JPMorgan Chase & Co (NYSE:JPM)

Q3 2013 Earnings Conference Call Transcript

Event Held on October 11, 2013, 8:30 AM Eastern Time

 

Section I: Management Presentation

 

Operator

Please standby. We are about to begin. Good morning ladies and gentlemen. Welcome to JPMorgan Chase’s third quarter 2013 earnings call. This call is being recorded. Your line will be muted for the duration of this 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, JPMorgan Chase & Co

Thank you. Good morning everyone. I’m going to take you through the earnings presentation, which is available on our website. Please refer to the disclaimer regarding forward-looking statements at the back of the presentation.

The firm made a net loss of $380 million for the third quarter, on the back of very significant litigation expenses. So I want to take you first to page two. We’ve added this page for this quarter only, as we want to be as transparent with you as we can be and give you as complete a picture as possible of our litigation reserves and the current perspective on the evolution of our reasonably possible range of losses to litigation. And as you know, as transparent as we would like to be, we are necessarily constrained in what we can actually say.

Having said that, on page two, I’ll start by saying that we appreciate that the litigation expense of $9.2 billion is much more significant than you’ve been expecting. It’s much more significant than we expected until very recently. The reality is that over the last few weeks, the environment has become highly charged and very volatile. Things have been very fluid, and the situation escalated to the point where we’re facing very large premiums and penalties, the level of which has gone far beyond what we reasonably expected. However, those are the facts we’re dealing with today in our reserving actions this quarter and are trying as far as possible to put these issues behind us.

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