JPM
#Okay.
So with respect to equity capital raises, I mean obviously to a degree that would be true, although those companies that were able to access the equity markets are not those that are experiencing the most stress.
So obviously all other things equal it's a positive, but I'm not necessarily thinking it's going to take significant steam or the pressure off.
With respect to second part of your question I'm so sorry.
The C&C.
<UNK> will get back to you.
I'm sorry, I don't have the answer.
Okay.
So no, nothing has changed in the card competitive landscape, including in co-brands.
It's still very competitive, albeit that we saw a little bit of deceleration in sales growth year over year last year and we've seen that trend back positively for us this year.
So we feel good about that and we've been increasing our marketing spend and as <UNK> did say, we launched Freedom Unlimited quite recently and it has been quite recent, but early feedback is very positive.
With respect to Freedom with a 50% increases in activity and interest, there's going to be a degree of cannibalization of other products, we would expect that.
But so far, so good.
And we just like to give our customers choices.
And its been favorably received.
So the Manheim is down slightly.
We continue to believe and expect that it will continue to trend downwards and so [also seeing] it will continue to trend upwards, just given where it is today and also the amount of leased inventory that will ultimately go into the used car space over the course of the next several years.
However the fundamentals are still good, the market is still solid.
We have pulled back on subprime a while ago.
It's a small part of our originations.
So other than seeing some delinquencies tick up, as expected, in some of the energy-related states but not very significantly, there's nothing at the moment that's on the burner.
For us.
I do think you'll see issues in the market.
So the MSR P&L for the quarter was a positive $124 million, and they are a combination of BAU and material factors that added up to that, and probably about half of it was a combination of hedge performance and the market.
Yes, yes.
So purchase applications are up 30%, I think, year on year.
We continue to be positive momentum in that space, and we are seeing Spring activity continue to be robust, as expected.
Okay.
So in terms of run rated, the two biggest drivers of the walk that we gave at Investor Day were the card co-brand renegotiations and the mortgage banking non-interest revenue.
I would just point out that while we are seeing some of the incremental impact of card renegotiation, that will play out over the course of the year.
But on the positive side ---+ and on the positive side mortgage banking, just given where rates were over the quarter, has been positive relative to central expectations when we did Investor Day.
So those two things are worth noting.
But we are seeing really quite good drivers in non-interest revenue drivers across the consumer space generally, in debit investments, in fees and accounts, in the sort of 4%, 5% range, and sometimes in the range higher than that.
So we are continuing to see exactly what we expected, which is the majority of our businesses will continue to deliver mid- to high single digit growth, and they seem set to do that.
The card impact will be what it will be, and mortgage NII will end up down year over year, whether it's $700 million or $600 million we'll see.
And so the biggest driver of what the end result will be is going to be markets.
Yes.
Look, the business is not immune to markets either.
So obviously as you look at the performance for the quarter our fees have been impacted by low asset levels.
And we also have got the tail impact of some business simplification, just getting the tail of that out of the performance.
We are also seeing the benefit of higher rates.
So I'd characterize the majority of those negatives on lower fees and simplification as being behind us.
So the trajectory, if rates continue to rise, would be upwards.
But that's why we said market dependence.
We were not expecting our performance to go down from here.
Flat to up, but depending on rates.
So ---+
I'd just use 32%.
We've given a range 30% to 35%.
We've been at the lower end of that range.
When we performed very strongly we could drift up.
If we perform less strongly, we pay for performance and I think we did a good job in the first quarter.
We have among the lowest ratio.
We're paying our people properly and well.
And consistently.
That's very fair.
And we've talked about it pretty often, that people when they restructure, they restructure out of the things that they were less strong at, less comfortable at, and in many cases they double down where they continue to have strength.
And we are seeing that.
And that's what we mean when we say there's always someone left to fiercely compete in every part of our business, and equities is no exception.
It's not the poster child for that.
However, the equities business here at JPMorgan, we've rebuilt our technology platform.
We have rebuilt the prime ---+ we've built the prime brokerage, international capabilities.
The two of those work hand in glove.
And we have every opportunity to continue to gain share and win.
And we've done very well gaining share in electronic trading and the prime broker has been built in Asia and Europe where we had weaknesses.
So you've seen our share go up and we intend to win it.
We have topnotch research, which obviously helps drive the equity business too.
That's correct.
Give or take, and that's right.
Obvious are there's a high degree of variability around it.
If we had complete ability to understand it we would lean into those reserves.
But it's name specific and situation specific, it would evolve over time.
We just wanted to give you an indication that there's likely to be some more costs.
It could be plus or minus quite a bit from that because we've had to make stress assumptions in there.
But $500 million for nine months, yes.
Yes.
No <UNK>, I'm not going to make any comments about SNC, except to say that everything that we know and aware of is reflected in our results.
Correct.
Yes.
They changed by a couple of billion dollars on a single name that we like, up.
Thanks very much.
Wait.
Before you all go.
We should say goodbye to <UNK> <UNK> who goes on to a bigger and brighter job as CFO of the Consumer Bank, and she did an outstanding job.
And she's succeeded by <UNK>, who's going to say hi right now.
So congratulations.
You guys have done an outstanding job.
Thank you.
Thank you, everyone.
I nearly forgot.
