JPMorgan Chase & Co's (JPM) CEO James Dimon on Q4 2017 Results - Earnings Call Transcript

Jan. 12, 2018 3:08 PM ETJPMorgan Chase & Co. (JPM)1 Comment
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JPMorgan Chase & Co (NYSE:JPM) Q4 2017 Earnings Conference Call January 12, 2018 8:30 AM ET

Executives

Marianne Lake - CFO & Executive VP

James Dimon - Chairman, CEO & President

Analysts

Erika Najarian - Bank of America Merrill Lynch

James Mitchell - The Buckingham Research Group

Betsy Graseck - Morgan Stanley

Kenneth Usdin - Jefferies

Glenn Schorr - Evercore ISI

Michael Mayo - Wells Fargo Securities

John McDonald - Sanford C. Bernstein & Co.

Steven Chubak - Nomura Securities Co.

Gerard Cassidy - RBC Capital Markets

Matthew O'Connor - Deutsche Bank AG

Andrew Lim - Societe Generale

Saul Martinez - UBS Investment Bank

Brian Kleinhanzl - KBW

Operator

Good morning, ladies and gentlemen. Welcome to JPMorgan Chase's Fourth Quarter and Full Year 2017 Earnings Call. This call is being recorded. [Operator Instructions]. We will now go live to the presentation. 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, Marianne Lake. Ms. Lake, please go ahead.

Marianne Lake

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 at the back of the presentation. Starting on Page 1, the firm reported net income of $4.2 billion, EPS of $1.07 and a return on tangible common equity of 8% on revenue of $25.5 billion. The impact of the U.S. tax reform is the one significant item we have this quarter. We reported a $2.4 billion reduction to our fourth quarter net income. Excluding this, our performance would have been $6.7 billion of net income, EPS of $1.76 per share with an ROTCE of 13%.

Similar to the last few quarters, our underlying results were quite strong in the fourth

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