JPMorgan Chase & Co. (JPM) Goldman Sachs 2024 U.S. Financial Services Conference (Transcript)

JPMorgan Chase & Co. (NYSE:JPM) Goldman Sachs 2024 U.S. Financial Services Conference December 10, 2024 12:20 PM ET

Company Participants

Richard Ramsden – Goldman Sachs

Conference Call Participants

Marianne Lake – CEO of Consumer & Community Banking

Richard Ramsden

Okay. So, in the interest of time, we’re going to get started. I’m delighted to be joined by Marianne Lake. I think Marianne Lake is well-known to everybody here. She is the CEO of the Consumer and Community Banking Business at JPMorgan Chase. She’s also a member of the operating committee. She was CFO for seven years. She’s been at JPMorgan for over 25 years. And this is the third time in a row that she has joined us in your current role.

So, Marianne, thank you so much for coming back.

Marianne Lake

Thank you for having me.

Richard Ramsden

Let’s start off with the place we always start off with, which is your view on the state of the economy. Maybe you can talk a little bit about what you’re expecting in terms of the macroeconomic backdrop heading into next year. Talk a little bit about what you’re seeing in terms of customer behavior, both from spending, but also from a balance sheet perspective. And it would be helpful if you could delineate between what you’re seeing both across consumers and corporates.

Marianne Lake

Okay. Yeah, and thank you for having me again. It’s annual tradition at this point, so it’s great to be here. Look, as we look and clearly my purview is informed by the lens of running the consumer businesses where we see and small business obviously, where we see a lot of what’s happening day to day in our customers’ sort of pocketbooks.

But if we look at the economy overall, it continues to be pretty