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JPMorgan Chase & Co. (JPM) Management Presents at Morgan Stanley Virtual US Financials Conference (Transcript)

Jun. 09, 2020 5:39 PM ETJPMorgan Chase & Co. (JPM), JPM.PH, JPM.PG, JPM.PC, JPM.PD
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JPMorgan Chase & Co. (NYSE:JPM) Morgan Stanley Virtual US Financials Conference Call June 9, 2020 3:15 PM ET

Company Participants

Gordon Smith - Co-President and Co-Chief Operating Officer and CEO, Consumer Bank

Conference Call Participants

Betsy Graseck - Morgan Stanley

Betsy Graseck

Good afternoon. Thanks everybody for joining me and Gordon Smith, Co-President and Co-Chief Operating Officer, as well as CEO of the Consumer Bank. Gordon, thanks so much for joining us this afternoon.

Gordon Smith

Oh, you're welcome. Thank you very much for doing this Betsy in a COVID environment. It would be so much nice to be sitting on the stage with you as we’ve done previously.

Betsy Graseck

Next year, next year. There's always next year. So Gordon, I wanted to kick off by just asking about how in this COVID environment you're managing the line? I mean, what are you looking for from your team? And really, the underlying question is, do you keep the budget that you had at the beginning of the year or do you throw it out the window and rewrite the whole thing?

Gordon Smith

Well, we never throw it out. Clearly, you know, we've had to make, you know, a number of adjustments. We focused on, you know, the expenses that we would want to deal with quickly. So, for example, you know, simply bringing down travel and entertainment, reducing the need for contractors just rigorously going through the expense statement and say, you know, what would be no regrets, cuts in this environment, but what we also want to do, and this again, comes back to the plan, is we want to continue to invest heavily in all of the things that we originally had, had put into our financial plans.

You know, I think, I've said to you before, Betsy, we have

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