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JPMorgan Chase acquires substantial majority of assets and assumes certain liabilities of First Republic Bank

JPMorgan Chase to protect all deposits -- insured and uninsured -- bringing its financial strength, capabilities and capital to the U.S. banking system and First Republic

No systemic risk exception required; a competitive bid process minimized costs to the Deposit Insurance Fund

New York, May 1, 2023 – JPMorgan Chase (NYSE: JPM) today announced it has acquired the substantial majority of assets and assumed the deposits and certain other liabilities of First Republic Bank from the Federal Deposit Insurance Corporation (FDIC).  In carrying out this transaction, JPMorgan Chase is supporting the U.S. financial system through its significant strength and execution capabilities. As part of the purchase, JPMorgan Chase is assuming all deposits – insured and uninsured. 

“Our government invited us and others to step up, and we did,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase.  “Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund.”

Dimon added, “This acquisition modestly benefits our company overall, it is accretive to shareholders, it helps further advance our wealth strategy, and it is complementary to our existing franchise.”

Key transaction elements following the FDIC’s competitive bidding process include:

  • Acquisition of the substantial majority of First Republic Bank’s assets, including approximately $173 billion of loans and approximately $30 billion of securities
  • Assumption of approximately $92 billion of deposits, including $30 billion of large bank deposits, which will be repaid post-close or eliminated in consolidation
  • FDIC will provide loss share agreements covering acquired single-family residential mortgage loans and commercial loans, as well as $50 billion of five-year, fixed-rate term financing 
  • JPMorgan Chase is not assuming First Republic’s corporate debt or preferred stock

First Republic branches will open on Monday, May 1, as normal, and clients will continue to receive uninterrupted service, including digital and mobile banking capabilities.

As a result of this transaction, JPMorgan Chase expects to:

  •  Recognize an upfront, one-time, post-tax gain of approximately $2.6 billion, which does not reflect the approximately $2.0 billion dollars of post-tax restructuring costs anticipated over the next 18 months
  • Remain very well-capitalized with a CET1 ratio consistent with its 1Q 24 target of 13.5% and maintain healthy liquidity buffers

The transaction is expected to be modestly EPS accretive and generate more than $500 million of incremental net income per year, not including the approximately $2.6 billion one-time post-tax gain or approximately $2.0 billion of post-tax restructuring costs expected over the course of 2023 and 2024.

The acquired First Republic businesses will be overseen by JPMorgan Chase’s Consumer and Community Banking (CCB) Co-CEOs, Marianne Lake and Jennifer Piepszak.

“First Republic has built a strong reputation for serving clients with integrity and exceptional service,” said Lake and Piepszak. “We look forward to welcoming First Republic employees. As always, we are committed to treating employees with respect, care and transparency.”

JPMorgan Chase will:

  • post an investor presentation with additional deal details on its Investor Relations website at approximately 7:00 a.m. ET on Monday, May 1
  • host a media call at 8:00 a.m. ET and an analyst and investor call at 8:30 a.m. ET featuring Jamie Dimon, and CFO, Jeremy Barnum, on Monday, May 1

As noted above, JPMorgan Chase will host a conference call for analysts and investors on Monday, May 1, at 8:30 a.m. (ET) to discuss the transaction. The general public can access the call by dialing  (888) 324-3618 in the U.S. and Canada, or (312) 470-7119 for international callers; using passcode 1364784#. Please dial in 15 minutes prior to the start of the call. The live audio webcast and presentation slides will be available on the Firm’s website, www.jpmorganchase.com, under Investor Relations.

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.7 trillion in assets and $303 billion in stockholders’ equity as of March 31, 2023. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at  www.jpmorganchase.com .

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2022, which has been filed with the Securities and Exchange Commission and is available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.

Investor Contact: Mikael Grubb 212-270-2479

Media Contact: Joseph Evangelisti 212-270-7438

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Explore IR Events and Presentations

Ir calendar, company events & broker conferences, fy2023 (april 2023-march 2024), quarterly results - quarter 3 fy2023.

(February 1, 2024)

42nd Annual J.P. Morgan Healthcare Conference

(5:15pm – 5:55pm PST on January 8, 2024)

  • This event was closed.

Plasma-Derived Therapies Investor Event

(6:00 – 7:00pm EST on December 5, 2023)

  • Webcast Go to https://www.irwebcasting.com/20231206/3/index.html
  • Presentation

Jefferies London Healthcare Conference

(4:00 – 4:25am EST on November 14, 2023)

(9:00 – 9:25am GMT on November 14, 2023)

  • Webcast (Audio Only) Go to https://wsw.com/webcast/jeff287/register.aspx?conf=jeff287&page=tdchf.pk&url=https://wsw.com/webcast/jeff287/tdchf.pk/2369400

Quarterly Results - Quarter 2 FY2023

(October 26, 2023)

Morgan Stanley Healthcare Conference

(3:35 – 4:05pm EDT on September 11, 2023)

  • Webcast Go to https://event.webcasts.com/starthere.jsp?ei=1630495&tp_key=f8c755ce88&tp_special=8

Quarterly Results - Quarter 1 FY2023

(July 27, 2023)

Quarterly Results - Quarter 4 FY2022

(May 11, 2023)

Past Events

FY2022 (April 2022-March 2023)

TAK-279 (TYK2 inhibitor) Investor Call on Phase 2b Psoriasis Data

(March 18, 2023)

Webcast Go to https://www.irwebcasting.com/20230319/2/index.html

QDENGA Investor call

(March 15, 2023)

Webcast Go to https://www.irwebcasting.com/20230316/2/index.html

Cowen 43rd Health Care Conference

(March 6, 2023)

Quarterly Results - Quarter 3 FY2022

(February 2, 2023)

41st Annual J.P. Morgan Healthcare Conference

(January 9, 2023)

Conference call regarding acquisition of NDI-034858 From Nimbus Therapeutics

(December 13, 2022)

Webcast Go to https://www.irwebcasting.com/20221214/3/index.html

(November 15, 2022)

Quarterly Results - Quarter 2 FY2022

(October 27, 2022)

Seminar: Investors and Analysts on Lysosomal Storage Diseases (LSD)

(October 4, 2022)

Webcast Go to https://www.irwebcasting.com/20221004/2/index.html

(September 12, 2022)

Quarterly Results - Quarter 1 FY2022

(July 28, 2022)

Jefferies Healthcare Conference

(June 9, 2022)

Quarterly Results - Quarter 4 FY2021

(May 11, 2022)

FY2021 (April 2021-March 2022)

Cowen 42 nd  Health Care Conference

(2:50pm – 3:20pm EST on March 8, 2022)

Seminar: Investors and Analysts on Short Bowel Syndrome (SBS) and Complex Crohn’s Perianal Fistulas (CPF)

(1:00pm JST on February 24, 2022)

Webcast Go to https://www.irwebcasting.com/20220224/2/index.html

40 th  Annual J.P. Morgan Healthcare Conference

(4:30pm – 5:10pm EST on January 10, 2022)

Takeda Management Call

(6:00pm – 7:00pm EST on January 10, 2022)

(5:30pm – 7:30pm EST on November 17, 2021)

Finance Investor Day

(7:00pm – 9:00pm EDT on July 12, 2021)

Oncology Strategic Update Call

(6:30pm – 7:45pm EDT on June 8, 2021)

2021 Biopharma CEO Investor Forum

(8:00am – 8:50am EDT on June 7, 2021)

Wave 1 Pipeline Market Opportunity Call Part 2

(8:00am – 10:30am EDT on April 6, 2021)

R&D Pipeline Factsheet

FY2020 (April 2020-March 2021)

Growth and Emerging Markets Strategic Update Call

(6:30am-8:15am EST on March 11, 2021)

Seminar: Investors and Analysts on Takeda’s Japan Oncology Business and its oncology products and disease in Japan

(1:00pm-2:45pm JST on February 25, 2021)

World Conference on Lung Cancer (WCLC) Investor Event

(5:00pm-6:00pm EST on January 29, 2021)

39 th  Annual J.P. Morgan Healthcare Conference

(5:20pm-6:00pm EST on January 11, 2021)

Wave 1 Pipeline Market Opportunity Call

(5:00pm-7:15pm EST on December 8, 2020)

Seminar: Investors and Analysts on Inflammatory Bowel Disease

(1:00pm JST on September 2, 2020)

Seminar: Investors and Analysts on Hereditary Angioedema (HAE)

(1:00pm JST on June 30, 2020)

Oncology Focused Investor Call

(8:00am EDT / 9:00pm JST on June 8, 2020  )

FY2019 (April 2019-March 2020)

38 th  Annual J.P. Morgan Healthcare Conference

(4:00pm-4:55pm PST on January 14, 2020)

  • Presentation: J.P. Morgan Healthcare Conference Click to download

R&D Day and Plasma-Derived Therapies Day in Tokyo

(11:00am-5:00pm JST on November 21, 2019)

Plasma-Derived Therapies

Plasma-Derived Therapies Overview: Julie Kim, President, Plasma-Derived Therapies Business Unit

Plasma-Derived Therapies R&D: Christopher Morabito, Head, R&D, Plasma-Derived Therapies

Click to Download

R&D Day

Click to Download the slides

Takeda: A Global Values-Based, R&D-Driven Biopharmaceutical Leader: Christophe Weber, President & CEO

Translating Science into Highly Innovative, Life-changing Medicines: Andy Plump, President, R&D

Oncology and Cell Therapies with Spotlight on CAR-NK: Chris Arendt, Head, Oncology Drug Discovery Unit

Spotlight on Oncology Opportunities TAK-788: Rachael Brake, Global Program Leader, Oncology

Spotlight on Oncology Opportunities Pevonedistat: Phil Rowlands, Head, Oncology Therapeutic Area Unit

Rare Diseases & Gene Therapy: Dan Curran, Head, Rare Disease Therapeutic Area Unit

Spotlight on Orexin2R agonists: Deborah Hartman, Global Program Leader, Neuroscience

Therapeutic Area Focus in GI with Spotlight on Celiac Disease: Asit Parikh, Head, GI Therapeutic Area Unit

Takeda R&D Pipeline Narrative

Plasma-Derived Therapies Day in Covington, Georgia

(11:15am-3:45pm EST on November 15, 2019)

Covington Site Introduction: Carlos Soto, Covington Site Head

R&D Day in New York

(12:30pm-4:00pm EST on November 14, 2019)

Welcome and Opening Remarks: Sheelagh Cawley-Knopf, Head, R&D Global Portfolio Strategy

Takeda: A Global Values-Based, R&D-Driven Biopharmaceutical Leader : Christophe Weber, President & CEO

Translating Science into Highly Innovative, Life-changing Medicines : Andy Plump, President, R&D

Oncology and Cell Therapies with Spotlight on CAR-NK : Chris Arendt, Head, Oncology Drug Discovery Unit

Spotlight on Oncology Opportunities TAK-788 : Rachael Brake, Global Program Leader, Oncology

Spotlight on Oncology Opportunities Pevonedistat : Phil Rowlands, Head, Oncology Therapeutic Area Unit

Rare Diseases & Gene Therapy : Dan Curran, Head, Rare Disease Therapeutic Area Unit

Spotlight on Orexin2R agonists : Deborah Hartman, Global Program Leader, Neuroscience

Therapeutic Area Focus in GI with Spotlight on Celiac Disease : Asit Parikh, Head, GI Therapeutic Area Unit

IR meeting with analysts and investors with Julie Kim, President of Takeda's Plasma-Derived Therapies Business Unit

(Held on October 10, 2019)

(Held on September 10, 2019 ET)

IR Seminar “Plasma-Derived Therapies Business”

(Held on July 12, 2019)

  • Plasma-Derived Therapies Basics

FY2018 (April 2018-March 2019)

37 th  Annual J.P. Morgan Healthcare Conference

(Held on January 8, 2019 PST)

Meeting regarding Acquisition of Shire plc by Takeda

(Held on January 7th , 2019)

Presentation : A Global, Values-based, R&D-driven Biopharmaceutical Leader

More details on Takeda's offer to acquire Shire Plc.

Takeda’s R&D Investor Day (Boston)

(October 11, 2018)

Presentation: DELIVERING ON OUR R&D VISION

Andy Plump, Chief Medical and Scientific Officer

Gastroenterology

Neuroscience

Takeda’s R&D Investor Day (Tokyo)

(September 27, 2018)

Presentation: Delivering on our R&D vision

Shonan iPark

Conference Call Regarding Proposed Acquisition of Shire plc by Takeda

(Held on May 8/9, 2018)

  • Presentation : Takeda to Acquire Shire-Accelerating Takeda’s Transformation to Deliver More for Patients

FY2017 (April 2017-March 2018)

36 th  Annual J.P. Morgan Healthcare Conference

(Held on January 8, 2018 PST)

Jefferies 2017 Global Healthcare Conference

(Presented November 16, 2017, 10:00 GMT)

UBS Global Healthcare Conference

(Released on May 23, 2017, 9:30 EDT)

FY2016 (April 2016-March 2017)

Conference Call on the Acquisition of ARIAD Pharmaceuticals

(Released on January 10, 2017)

35 th Annual J.P. Morgan Healthcare Conference

(Held on January 9, 2017)

Takeda IR Day

(Held on June 9, 2016)

Takeda Oncology: Christophe Bianchi, President, Global Oncology Business Unit

Focused World Class R&D New approaches to innovation: Andrew Plump, Chief Medical & Scientific Officer

FY2015 (April 2015-March 2016)

34th Annual J.P. Morgan Healthcare Conference

(Held on January 12, 2016)

FY2014 (April 2014-March 2015)

Takeda IR Event: A Global Leader in Gastroenterology

(Held on March 9, 2015)

33 rd  Annual J.P. Morgan Healthcare Conference

(Held on January 13, 2015)

FY2013 (April 2013-March 2014)

32 nd  Annual J.P. Morgan Healthcare Conference

(Held on January 13, 2014)

Annual Shareholders Meetings

147th ordinary general meeting of shareholders (june 28, 2023).

Notice of Convocation of the 147th Ordinary General Meeting of Shareholders

Other items which are provided electronically

Message from Christophe Weber, President & CEO

Takeda’s executive compensation overview

FY2022 Q4 Financial Results

Partial Correction to the Notice of Convocation of 147th Ordinary General Meeting of Shareholders

Notice of Resolutions

Results of the Exercise of Voting Rights

Video Recording

147th Interim Report

Past Shareholder Events & Reports

146th Ordinary General Meeting of Shareholders(June 29, 2022)

Notice of convocation

Items disclosed via the Internet Concerning the Notice of Convocation of the Ordinary General Meeting of Shareholders

Takeda's executive compensation overview

Video recording

146th Interim Report

  • Business report (interim period)

145th Ordinary General Meeting of Shareholders (June 29, 2021)

Notice of Convocation

Items Disclosed via the Internet Concerning the Notice of Convocation of the Ordinary General Meeting of Shareholders

Partial Correction to the Notice of Convocation of the 145th Ordinary General Meeting of Shareholders

145th Interim Report

144th Ordinary General Meeting of Shareholders (June 24, 2020)

Partial Correction to the Items Disclosed via the Internet Concerning the Notice of Convocation of the 144th Ordinary General Meeting of Shareholders

144th Ordinary General Meeting of Shareholders Christophe Weber

144th Interim Report

143rd Ordinary General Meeting of Shareholders (June 27, 2019)

Partial Correction to the Notice of Convocation of the 143rd Ordinary General Meeting of Shareholders

Supplemental Material for the Proposals at the 143rd Ordinary General Meeting of Shareholders

Summary of Takeda’s Modifications to the Executive Compensation Program and Future Considerations

Takeda’s Recommendation to vote for Takeda’s Proposals at the 143rd Ordinary General Meeting of Shareholders

A Statement of Confidence in the Leadership of Mr. Christophe Weber and Comments on the Proposals at the 143rd Ordinary General Meeting of Shareholders from Masahiro Sakane, the Chair of the Board of Directors Meeting of Takeda

Consolidated Financial Results for FY2018 and Guidance for FY2019

143rd Interim Report

Extraordinary General Meeting of Shareholders (December 5, 2018)

Message from Christophe Weber, President & CEO, regarding the acquisition of Shire plc

Partial Correction to the Reference Document attached to the Notice of Convocation of the Extraordinary General Meeting of Shareholders

Results of the Exercise of voting Rights

Learn more about the Shire offer

Retail Investor Events

Online information session for retail investors: "committed to growth & shareholder returns" (in japanese only).

7:45 pm - 8:30 pm JST on February 22, 2024

  • Webcast Go to https://go.sbisec.co.jp/ir/ir_top.html

Information session for retail investors: "Better health for people, Brighter future for the world"

February 22, 2023

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How soft would a soft landing be?

David Lebovitz

Priya Misra

Our experts discuss their outlook for fixed income, including stock/bond correlations and risks for investors.

00:20:10:12 - 00:20:30:19

DAVID LEBOVITZ

Welcome to the Center for Investment Excellence, Priya. I'm looking forward to our conversation because it's been an eventful week in the market already, as evidenced by yesterday's January inflation print for the U.S. and the subsequent market reaction, both on the equity side, but also on the rate side, which is going to be the topic of conversation today.

00:20:30:19 - 00:20:56:23

And so, you know, generally speaking, when we think about the direction of travel for the economy this year, we don't really see a terribly elevated risk of recession. We think generally a soft landing is still in play. We're thinking about the way the probabilities may be tilted around cycle extension and sticky inflation. But, you know, the base case is no recession in our view and a moderation in growth down towards something near trend.

00:20:56:23 - 00:21:20:13

But we'd love to kick off today's dialog with, you know, letting you opine on your market view. And so what's your general macro view for 2024 and how are you thinking about the U.S. economy specifically with respect to both growth and inflation. 

PRIYA MISRA

So, great place to start? Because I feel like where you are in the business cycle is going to determine your asset allocation and returns across assets as well.

00:21:20:15 - 00:21:37:13

So, you know, I'll talk about what the market's pricing in, but let me start with fundamentally, where are we seeing the world we see the world base case scenario staying or the U.S. staying in a soft landing for now? You know, I think I started by saying we're in a so because I think we're in a soft landing today as we speak.

00:21:37:15 - 00:21:57:04

I mean, the unemployment rate is below 4%. GDP is actually a little bit above potential, but a lot of one off factors. We think, you know, GDP is probably going to get closer to one and a half to 2%, which is slightly below potential or close to potential inflation heading. It's going to be a bumpy road. That's how I saw the CPI report.

00:21:57:09 - 00:22:21:19

It doesn't derail our view that inflation's heading lower. It tells you it's not going to be a straight lying down to 2%. I think that's what we saw and it's going to be volatile. But overall, disinflation in the good sector, which is largely come through, disinflation in the service sector, continues at a probably a little faster pace. As you know, some of the lags around housing played through and growth slows down.

00:22:21:23 - 00:22:45:19

So that's how we would define soft landing. And I wanted to start by explaining what we mean by soft landing, because it's often used, some people will argue a soft landing is much weaker than it is. Soft landing is actually pretty good for all risk assets. But there's another key component of soft landing, which is the Fed that is able to reduce some of the restrictiveness of their policy, both from the balance sheet as well as interest rates.

00:22:45:21 - 00:23:06:13

And I think this was the big shift in December. In September of last year, the Fed said higher for longer. And personally I was worried about a soft landing playing out because if the Fed keeps rates restrictive for long, then the impact, the lagged impact of monetary policy restrictiveness starts to impact the economy. That really the Fed changed its tune.

00:23:06:13 - 00:23:29:07

I think they saw the improvement in inflation. They saw the narrow path to a soft landing, and they're trying very hard to keep it going. And so the shift we've seen in the Fed reaction function is one where they are saying what we can start normalizing. So that's a key component of why we think the base case is soft landing, because we think the Fed is going to start to cut rates within the next few months by the middle of the year.

00:23:29:07 - 00:23:49:14

We think they're starting to cut rates. We also think they're going to taper, cut to try and finesse exactly where the balance sheet should end, but to prevent staying restrictive for too long. So the combination of inflation that's declining growth that's moderating and a Fed that's starting to normalize policy allows the soft landing. But we're all markets people.

00:23:49:14 - 00:24:09:20

We have to look at everything, all the other alternatives. I'll talk about the two other alternatives. Alternative paths for the economy. One would be a hard landing or a recession. And that would normally imply, you know, either zero or negative GDP. A rise in the unemployment rate, I would argue above 5% would be what would be consistent with a hard landing.

00:24:09:22 - 00:24:28:02

We don't see it yet. But, you know, as those of us that have lived through many recessions, every recession starts looking like a soft landing. I will push back and say every soft landing also starts out looking like a soft landing. There haven't been too many, but the few that they have been. So it's hard to really extrapolate from data today.

00:24:28:04 - 00:24:50:08

So recessions tend to be non-linear. You can have a sudden shock that can worsen the unemployment rate or the cracks that we're seeing some cracks. Absolutely. In the economy deepen. So that's the scenario I would see 20, 30% chance of a hard landing. And then there's another possibility, which is a reacceleration. I struggled with that because I think policies restrictive.

00:24:50:10 - 00:25:12:05

But the argument is, well, policy has eased, financial conditions have eased in the last few months. Let's say the Fed starts to cut. Do we get an acceleration in growth and an acceleration in inflation, which actually stops the Fed from cutting maybe hiking? I think we're very far from that. But it's certainly something, as we are all thinking about different scenarios, we certainly keep that as a deal risk in our mind.

00:25:12:07 - 00:25:34:13

DAVID LEBOWTIZ

Exactly. And I also think with markets pricing having been priced in this very narrow path. Right, it seems laser focused on kind of soft landing, maybe Goldilocks Fed easing. Right. It's not that you necessarily see the hard landing or the reacceleration play out, you know, to its full extent, but more so that you begin to see signs that that may be in play and that ends up being a fly in the market's ointment.

00:25:34:13 - 00:26:00:08

And I want to I want to stick with that and ask you about the Fed, because we debate this a lot. You know, does it matter when they start to cut rates or is it more about if they cut and by how much? How do you think about that, that Fed reaction function?

So for anyone who trades Fed fund futures, March, May, June, if you really trading on Sofr futures, it matters a lot for the rest of us that don't trade those specific meeting wires or meeting futures.

00:26:00:08 - 00:26:18:19

I actually think it doesn't matter whether they start what's a few months among friends, whether they start March mid June. Today, the markets are all about July. It doesn't matter. It's the total amount of cuts. The Fed gives us this dot plot that we all look at.

00:26:18:19 - 00:26:38:00

It's a way they communicate the reaction function that gives us 24, 25, 26 cuts. It's a calendar date. We look at the total amount of cuts that we think the Fed is projecting that they're likely to do versus what the economic outlook would argue or daily rule or different metrics of how much they should cut versus what is priced in.

00:26:38:02 - 00:27:03:18

And they are, despite all the talk of too much of cuts, is priced in. You can argue that, you know, maybe the market's pricing too much in the start of the cutting cycle. When I look at the total amount of cuts were actually pricing the markets pricing in less cuts than what the Fed themselves are talking about. So to give you a sense of numbers, that dominant rate which would be the rate after all the cuts that the Fed has penciled in is 2.9, the long run dollars 2.5.

00:27:03:18 - 00:27:24:08

So I give you a range. The according to the Fed, the cutting cycle will end around 2.5 to 2.9. The market's at 3.6. So the market's pricing in these cuts from Fed funds is five and a half to 3.6, about 200 basis points of cuts. In our view, in a soft landing, they get to about 3%, which is close to the Fed start plot.

00:27:24:08 - 00:27:41:18

So there's more room for more cuts to get priced in, most likely next year or the year after in a soft landing. In a hard landing, they're not cutting to neutral, they're cutting below neutral. So that's the scenario where there's absolutely room for a lot more cuts to be priced in. But as I said, that's not our base case.

00:27:41:18 - 00:27:57:10

So we're not focused that much on that scenario. But if it does start to look more likely, then you can have more cuts getting penciled in.

So let's stick with the base case because for a while now, you know, the kind of narrative in the market has been that bonds are back, right? It was the narrative at the beginning of 23.

00:27:57:10 - 00:28:17:01

If you think that, you know, recession and aggressive set easing is not the best case view, how are you thinking about high quality fixed income? How are you thinking about duration in this environment?

I love high quality fixed income. Two reasons yield and not just yield. For those of us that look at inflation all the time, many of us do.

00:28:17:05 - 00:28:44:08

Really old DNA really is in the government bond market is at 2%. You're not taking any credit risk, you're getting about 2% real return, which we have not had positive real rates at this level since the seventies eighties. So you have to go back really a lot. So there's a yield component. You stay in soft landing, you pick up that real yield and then you pick up inflation if you're buying a nominal bond and then you can pick up you talked about high quality spread product.

00:28:44:08 - 00:29:03:06

If I'm buying a high quality corporate name or securitized name, I get that additional spread. But certainly I am taking either prepayment risk or I'm taking some credit risk. But yield is a big reason why we think bonds are back. The other reason is diversification. And this is where, you know, the stock bond correlation has been all over the place.

00:29:03:08 - 00:29:23:08

You could have argued that bonds were not a good hedge to risk assets last year. They are. If the Fed is done hiking, inflation is heading low and the Fed's actually going to cut as the economy slows down. I would argue that those correlations come back. So if you've got risk assets, the bad scenario for you would be a hard landing.

00:29:23:14 - 00:29:44:14

Bonds will absolutely kick in. So they are back in a soft landing. I would argue they're even more back in a hard landing scenario. And a final reason why they're back is there's a lot sitting in cash. Cash has felt good rate for the last two or three years. If you're sitting in cash, your earning more every time the Fed raises rates and you don't lose in any other asset class, all that money.

00:29:44:14 - 00:30:04:14

Cash is never a strategic investment. It's a place you hide out. And sometimes hiding out makes sense when you start to think about what's the next macro environment that cash starts getting put to work. And we think bonds are attractive.

And I think it's interesting you bring that up because we were doing some work looking at the potential for those money market fund assets to flow into equities.

00:30:04:20 - 00:30:22:18

You know, people throw that kind of 6 trillion in money market funds out there, but importantly, not all 6 trillion is going to go into a single asset class. Right? You could have some go into equities in a certain environment. You can have a lot go into go into duration. On the other hand, I want to come back and you kind of touched on credit.

00:30:22:18 - 00:30:39:22

And what I would say is that when I talk to people about credit, they tend to be very divided, I don't want to own investment grade, you know, below 100 over or I don't want to own high yield because I'm worried that, you know, the long and variable lags of Fed policy are going to end up creating problems in that market.

00:30:39:24 - 00:31:02:13

How do you think about credit today? And more importantly, do you see opportunity in aggregate or is it more at the individual bond level?

So I think there is opportunity in aggregate. We do like credit spreads across the spectrum. So high grade corporates, high yield. I would say those aspects of high yield sector that we think is attractive loans would be one loans have actually lagged a little bit of this move.

00:31:02:15 - 00:31:33:01

I would say owning some of these levered loans or close securitized credit, this seasoned securitized credit people, which is ultimately credit, it's tranche out, but it's credit. So I would say there is value in sector. There is absolutely value in bonds. In fact, active management, where you can actually look at the business model, you can look at the balance sheet of companies and see, well, who did the right thing the last couple of years when rates were low, how many companies locked in funding or refinanced?

00:31:33:07 - 00:31:50:02

And if you did that, that interest rate increase or what the Fed did for the last two years has actually not had a terrible impact on you. Your earnings are good, you've got good leverage. And so actually owning those companies, so there's a lot we can do at the individual bond level. There's a lot you can do at the sector level.

00:31:50:04 - 00:32:18:12

The pushback, I would say, for people who are telling you spreads are tight, they are pricing in a soft landing. So, you know, if I wish I could say, well, they're all pricing in hard landing. And so we get a huge spread compression. I don't know if there's a massive spread compression potential. This, Gary, meaning I'm earning 75, 9020 basis points since some single-A financials have 150 range, you buy that, you pick up that hundred 50 basis points, make sure you know what you want.

00:32:18:12 - 00:32:40:13

That's a big thing. I tell every investor, know exactly what's in your bond portfolio, what's in the aggregate index. So know what you want, do the credit work, but you're picking up spreads. The reason spreads, update is the economy has been remarkably resilient and in a soft landing, companies that did the right thing and a lot of them did is the reason why the soft landing is persisting.

00:32:40:13 - 00:32:58:24

And despite high inflation, margins are holding up. So I think, yes, they are tied for good reason. There's still value in getting that spread pick up and then do the work just to make sure you're not picking up, you know, a bond that you may not want on. Exactly. And I think that that really resonates with us.

00:32:58:24 - 00:33:21:13

You know, when we look at high yield, we think about it more for the total return rate as opposed to the spread compression. But we also recognize that it probably makes more sense to play in some of the higher quality parts of the high yield market. And, you know, one of the things that I was talking about on a podcast earlier was looking at that kind of invisible line between rising stars and falling angels and trying to take advantage of movement across that across that border.

00:33:21:13 - 00:33:42:17

But today's conversation has been great. I wanted to ask you one final question before we wrap up and that's about risk. And so you talked a little bit about correlation earlier and how correlations in stock bond correlations would turn negative in the event of a growth shock. Do you have any other thoughts on correlation and what are some of the other risks that you're watching?

00:33:42:17 - 00:33:55:21

Are you worried about politics? You know what, actually, I should say it's not what keeps you up at night. It's about what wakes you up at night that we really need to worry about. But what has the potential to wake you up as a good one in terms of keeping us up at night? A lot. A lot.

00:33:55:21 - 00:34:16:03

I mean, in a soft landing, assets are doing okay, but we wake up many times at night because that's what you pay your bond manager to do, is to worry about everything that can go wrong. A few things. So you talked about correlation. I think in a growth shock, correlations are back in an inflation shock. They're not. So if we start to see particularly service inflation.

00:34:16:03 - 00:34:35:14

So I'm watching wages or quits rate which is heading lower. But if you suddenly start to see the labor market becoming tighter for some reason, then those correlations don't work. So making sure we have some inflation hedges in the portfolio, credit can be one, maybe inflation linked bonds. So correlations I never take for granted depending on the macro environment, they can change.

00:34:35:14 - 00:34:55:19

So that's something certainly keeping us up. You talked about politics. It's an election year and we know politics matter. Unfortunately, these are binary risks. So depending on makeup of Congress, I'd say it's not just the president, it's how is going how divided is Congress That can have big implications. We're absolutely looking more at the sector level right now.

00:34:55:22 - 00:35:19:06

Maybe there's a macro implication for the deficit. That is something I am concerned about geopolitics. You know, we're looking at supply chain issues and things like that. If you start to see inflation moving up just that very the Fed, it's probably less of a concern this year than it has been when inflation was much higher. But certainly if there's any new flare up and we're dealing with two wars already, that would be something.

00:35:19:08 - 00:35:42:00

While we're talking about global issues, I will say the BOJ that has been in negative rates now for 15 years, they are likely to exit negative rate policy. If they just start that one hike, then I think that's the base case. If these actually embark on a hiking cycle, they're taking rates much higher. Some of the demand for U.S. treasuries has come from the rest of the world.

00:35:42:03 - 00:35:58:21

Does that start to change? And I would look at China as well as any big fiscal stimulus in China. China has been underperforming now for a few years. We don't think that as much. But so we've got a base case. But I will look at all of these global factors. And the last one I leave you with is you want bonds to be liquid for you.

00:35:58:23 - 00:36:32:21

So we want to make sure that we've got liquidity in our portfolios because in an event where you need that liquidity, make sure that the bond portfolio has enough assets and got they can't be all 100% liquid because then you know do don't on that Gary but making sure we prioritize liquidity risk as or the value of liquidity and government bonds give you that that's just something when things are so well priced, I want to make sure that we've got liquidity risk so that you don't have to liquidate assets in a different, more difficult market environment.

00:36:32:23 - 00:36:50:18

Well, I think that that makes a whole lot of sense. And I like that you ended on the liquidity issue because unfortunately, we don't have time to talk about private credit. And you told me that that that wasn't an area that you wanted to dive into. So very, very nice navigation there. But thank you so much for joining me today and looking forward to having you back again soon.

00:36:50:20 - 00:37:19:10

Thank you, David. Okay. Thank you. That was great.

00:39:09:20 - 00:39:32:02

Thank you for joining us today on JPMorgan's Center for Investment Excellence. If you found our insights useful, you can find more episodes anywhere you listen to podcasts on our website and on our JP morgan Asset Management YouTube channel, recorded on February 14th, 2024.

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KLX Energy Services Holdings, Inc. to Participate in the 2024 J.P. Morgan Global High Yield & Leveraged Finance Conference

PR Newswire

HOUSTON, Feb. 22, 2024

HOUSTON, Feb. 22, 2024 /PRNewswire/ -- KLX Energy Services Holdings, Inc. ("KLX" or the "Company") (NASDAQ: KLXE) today announced that executive management will participate in the 2024 J.P. Morgan Global High Yield & Leveraged Finance Conference to be held in Miami, Florida on February 26-28, 2024.

In conjunction with hosting one-on-one meetings with investors, the KLX investor presentation will be accessible by visiting the "Upcoming Events" section of the Company's website at https://investor.klx.com/events-and-presentations/events .

About KLX Energy Services Holdings, Inc.

KLX is a growth-oriented provider of diversified oilfield services to leading onshore oil and natural gas exploration and production companies operating in both conventional and unconventional plays in all of the active major basins throughout the United States. The Company delivers mission critical oilfield services focused on drilling, completion, production, and intervention activities for technically demanding wells from over 50 service and support facilities located throughout the United States. KLX's complementary suite of proprietary products and specialized services is supported by technically skilled personnel and a broad portfolio of innovative in-house manufacturing, repair and maintenance capabilities. More information is available at www.klx.com .

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Nvidia announces upcoming events for financial community.

SANTA CLARA, Calif., Nov. 22, 2023 (GLOBE NEWSWIRE) -- NVIDIA will present at the following events for the financial community:

UBS Global Technology Conference Tuesday, Nov. 28, 11:35 a.m. Pacific time

Wells Fargo 7 th Annual TMT Summit Wednesday, Nov. 29, 8 a.m. Pacific time

Arete Technology Conference Thursday, Dec. 7, 10:45 a.m. Pacific time

J.P. Morgan Healthcare Conference Monday, Jan. 8, 2024, 10:30 a.m. Pacific time

Interested parties can listen to the live audio webcast of NVIDIA presentations at financial events at investor.nvidia.com . Replays of the webcasts will be available for 90 days afterward.

About NVIDIA Since its founding in 1993, NVIDIA (NASDAQ: NVDA) has been a pioneer in accelerated computing. The company’s invention of the GPU in 1999 sparked the growth of the PC gaming market, redefined computer graphics, ignited the era of modern AI and is fueling industrial digitalization across markets. NVIDIA is now a full-stack computing company with data-center-scale offerings that are reshaping industry. More information at https://nvidianews.nvidia.com/ .

For further information, contact:

© 2023 NVIDIA Corporation. All rights reserved. NVIDIA and the NVIDIA logo are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries.

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Key takeaways

  • The recent rise in stock market concentration has been the steepest in 60 years, with just a few stocks driving most of the returns.
  • Today, the top 10 stocks by market cap account for approximately 29.4% of the overall equities market.
  • Historically, a steep rise in stock market concentration has always reversed, with the S&P 500 equal-weighted index outperforming the market cap-weighted index.

Today, stock market concentration in the U.S. — defined as the extent to which shares are dominated by a small number of companies — is reaching new extremes. This is largely thanks to a select group of tech stocks known as the Magnificent Seven (Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla), which have been driving the bull market.

Looking ahead, will market concentration rise further? And will the Magnificent Seven continue posting outsized returns, or will they drag the market lower as the hype fades?  

What is stock market concentration currently like in the U.S.? 

The recent rise in stock market concentration has been the steepest in 60 years, with a few stocks driving most of the returns. This narrow leadership has largely been a result of global central banks pivoting from a zero-interest-rate policy (ZIRP) to a “higher-for-longer” regime to counter stubbornly high inflation.

“Sharply higher rates and a slower growth outlook have resulted in an outflow from long-duration and cyclical assets. Mega-cap companies have been beneficiaries of this market rotation, as they offer attractive liquidity, sustainable growth and much stronger pricing power,” said Dubravko Lakos-Bujas, Chief Global Equity Strategist at J.P. Morgan.

In particular, there is extreme divergence in index weight concentration in mega caps versus the next tranche of large caps. Today, the top 10 stocks by market cap in the U.S. account for approximately 29.4% of the overall equities market, according to Khuram Chaudhry, Head of European Quantitative Strategy at J.P. Morgan.

“Sharply higher rates and a slower growth outlook have resulted in an outflow from long-duration and cyclical assets. Mega-cap companies have been beneficiaries of this market rotation, as they offer attractive liquidity, sustainable growth and much stronger pricing power.”

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Dubravko Lakos-Bujas

Chief Global Equity Strategist, J.P. Morgan

What about S&P 500 concentration? 

Looking specifically at the S&P 500, mega-cap crowding — measured by the market cap share of the largest 10 stocks relative to the broader market — is at the 86th percentile relative to history.

“In 2023, S&P 500 performance was led by a small number of mega-cap stocks, with the Magnificent Seven delivering 101% returns versus the equal-weight index, which yielded 2.5%,” Lakos-Bujas said. This has largely been driven by the growing interest surrounding generative AI , with major companies in the space enjoying lofty valuations given their outlook for stronger growth at a time of elevated macro uncertainty.

“The large capital investments required to build out AI and LLM infrastructure favor the largest multinationals. These companies should continue to win market share from smaller players due to massive economies of scale and their global footprint. For this reason, the investor excitement in the space has been persistent and relatively narrow,” Lakos-Bujas added. 

S&P 500 market concentration is at multi-decade highs 

The weight of the largest 10 stocks and that of the largest 11-50 th stocks in the S&P 500 have diverged in recent years, with the former reaching multi-decade highs. 

What are the investment implications of high stock market concentration? 

In general, the largest stocks by market cap tend to perform better than their peers. “Comparing the forward earnings-per-share (EPS) growth forecasts for the top 10 U.S. stocks to the broader market shows there is a superior growth story,” Chaudhry noted.

However, while the top 10 stocks have exhibited higher growth rates than the remaining stocks in the index, the disparity is not as wide as the levels observed during the 1990s dotcom era. “Also, the relative EPS growth prospects of these stocks already appear to have peaked, suggesting a degree of cyclicality or that growth is becoming less superior to the broader market. If this is indeed the case, then market concentration may fail to deliver continued outperformance in 2024,” Chaudhry added.

In addition, while these stocks offer strong momentum, they may not be as favorable in the event of soft landing . “As is typical for crisis periods, if the economy slips into a recession, market concentration should remain narrow and we would expect a rotation from cyclicals to defensives. Only in a soft landing scenario would we expect leadership to broaden into smaller, lower-quality and cheaper companies,” Lakos-Bujas said. 

Will high stock market concentration continue in 2024? 

“In the past, a steep rise in concentration and narrow leadership has always reversed, with the S&P 500 equal-weighted index outperforming the market cap-weighted index. The peak in this concentration episode is likely to coincide with the inflection in the business cycle, recession and greater anti-trust regulations,” Lakos-Bujas noted.  

Liquidity could also play a key role. According to Chaudhry, stock market concentration has a high probability of rising when money supply growth is falling, and vice versa. “Today, there is a sharp fall in money supply growth across regions. Until U.S. liquidity starts to grow again, market concentration may well increase further,” Chaudhry said. “But if money supply growth rises as the Fed cuts rates and the U.S. dollar declines, a reversal in market concentration could be a key risk in 2024.” 

Stock market concentration and liquidity have an inverse relationship 

Stock market concentration tends to rise when money supply growth falls, and vice versa. 

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IMAGES

  1. JPMorgan Chase (JPM) Investor Presentation

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  2. JPMorgan Chase (JPM) Investor Presentation

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  3. JPMorgan Chase (JPM) Investor Presentation

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  4. Dplo investor presentation jp morgan 2015 final

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  5. JP Morgan

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COMMENTS

  1. Events & Presentations

    JPMorgan Chase to Present at UBS Financial Services Forum Feb 27, 2024 Webcast Add To Calendar View Press Release Apr 12, 2024 8:30 AM ET JPMorgan Chase First-Quarter 2024 Earnings Conference Call Apr 12, 2024 Add To Calendar View Press Release May 20, 2024 JPMorgan Chase 2024 Investor Day May 20, 2024 Add To Calendar View Press Release

  2. Investor Day

    Events & Presentations:know more about Events; Investor Day :know more about Investor Day ... For help with J.P. Morgan Securities wealth management accounts; For questions on Asset Management, ... please contact Investor Relations JPMorgan Chase & Co. 277 Park Avenue New York, NY 10172-0003 212-270-2479 [email protected]. For ...

  3. PDF JPMorgan Chase Presentation

    Microsoft PowerPoint - JPMorgan Chase Presentation JPMorgan Chase acquires substantial majority of assets and assumes certain liabilities of First Republic Bank May 1, 2023 Fortress principles position us to invest through cycles - organically and inorganically FORTRESS BALANCE SHEET1

  4. PDF Corporate & Investment Bank

    Investment Markets Payments Securities Key strategic pillars $48.1B Revenue 10.0% Market share #1 Rank Banking $6.9B IB Fees 7.9% Market share #1 Rank $29.0B Revenue 11.6% Market share #1 Rank $7.6B CIB Revenue $13.9B J.P. Morgan Payments Revenue 8.4% Market share #1 Rank (based on J.P. Morgan Treasury Services) Services $4.5B Revenue 10.5%

  5. JPMorgan Chase Investor Day 2022

    INVESTOR RELATIONS JPMorgan Chase Investor Day 2022 Investor Relations Quarterly Earnings Press Releases Events & Presentations SEC Filings & Other Disclosures Annual Report & Proxy Fixed Income Shareholder Information ESG Information May 3, 2022 Download PDF

  6. JPMorgan Chase Reports First Quarter 2022 Financial Results

    J.P. Morgan's website and/or mobile terms, privacy and security policies don't apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you. J.P. Morgan isn't responsible for (and doesn't provide) any products, services or content at this third-party site or app, except for products and services that explicitly ...

  7. Key Takeaways From JPMorgan's Investor Day Presentation

    May 22, 2023 at 12:37 PM PDT. Listen. 1:53. Here are the key takeaways from JPMorgan Chase & Co. 's investor day Monday: The key number: The biggest US bank plans to make $84 billion from net ...

  8. Shareholder Information Overview

    Week of February 12, 2024. For help as a customer or client: For shareholder and fixed income assistance, please contact JPMorgan Chase & Co. 277 Park Avenue New York, NY 10172-0003 212-270-2479 [email protected]. For ADA-related inquiries, please contact [email protected] "ADA inquiry". Stock Transfer Agent:

  9. PDF 39th Annual J.P. Morgan Healthcare Conference

    On January 6, 2021, R1 announced that it has entered into an agreement for the conversion of preferred stock held by Ascension and TowerBrook to common stock. As part of the agreement, the holders will receive: 139.3 million common shares. A one-time cash payment of $105 million, funded with cash from balance sheet.

  10. JPMorgan Chase acquires substantial majority of assets and assumes

    JPMorgan Chase will: post an investor presentation with additional deal details on its Investor Relations website at approximately 7:00 a.m. ET on Monday, May 1; host a media call at 8:00 a.m. ET and an analyst and investor call at 8:30 a.m. ET featuring Jamie Dimon, and CFO, Jeremy Barnum, on Monday, May 1

  11. PDF JP Morgan Presentation

    JP Morgan Presentation January 10, 2022 Forward Looking Statements and Non-GAAP Financial Information This presentation contains statements about the Company's future plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995.

  12. Investor Relations

    JPMorgan Chase to Present at the UBS Financial Services Forum January 26, 2024 JPMorgan Chase Announces Expanded Roles for Top Executives January 25, 2024 JPMorgan Chase Elects Mark Weinberger to its Board of Directors January 16, 2024 JPMorgan Chase Declares Preferred Stock Dividends January 12, 2024

  13. J.P. Morgan Healthcare Conference

    J.P. Morgan Healthcare Conference Rick Gonzalez Chairman and Chief Executive Officer January 10, 2023 Forward-Looking Statements and Non-GAAP Financial Information Some statements in this presentation are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995.

  14. Guide to the Markets

    Single slide Fullscreen Cover page U.S. 1Q 2024 As of January 31, 2024 Guide to the Markets Easily illustrate key investing topics during client conversations. Log in for full access Create custom presentations Listen to audio commentary for each slide Read Dr. David Kelly's speaker notes U.S. 1Q 2024 As of January 31, 2024 Guide to the Markets

  15. J.P.Morgan

    J.P.Morgan Company description JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware.

  16. Pfizer Inc.

    Investor Email Alerts; Events & Presentations; Financials. Quarterly Results; Annual Reports; SEC Filings; News; Stock Info ... 40th Annual J.P. Morgan Healthcare Conference. 01/10/2022 3:00 PM ET. Presentation (opens ... you are providing consent to Pfizer to send you the requested Investor Email Alert updates. * Required. Email Address ...

  17. Investor Events and Presentations

    40 th Annual J.P. Morgan Healthcare Conference (4:30pm - 5:10pm EST on January 10, 2022) Presentation; Takeda Management Call (6:00pm - 7:00pm EST on January 10, 2022) Presentation; Plasma-Derived Therapies Investor Event (5:30pm - 7:30pm EST on November 17, 2021) Presentation; Finance Investor Day (7:00pm - 9:00pm EDT on July 12, 2021 ...

  18. PDF JP Morgan Presentation

    This presentation (as well as the oral statements made with respect to information contained in this presentation) contains statements about Bristol-Myers Squibb Company's (the "Company") future financial results, plans, business development strategy, anticipated clinical trials, results and regulatory approvals that constitute forward ...

  19. Investor Relations

    Events & Presentations. Browse the calendar to view Investor related events and announcements. Webcasts and presentations that have been archived are available by viewing historical event details. Investor Alerts. Upcoming Events. Past Events. February 2024. Tuesday, February 20, 2024. 7:00am - 8:00am CST.

  20. Events & Presentations

    42nd Annual J.P. Morgan Healthcare Conference. Jan 9, 2024 from 6:00 PM to 6:40 PM EST ... Presentation at 2023 JP Morgan Healthcare Conference. Jan 10, 2023 at 5:15 PM PST Presenters: ... Investor Presentation - January 2024. Go to Homepage. About Us; Investors; Media Room; Careers; Contact;

  21. How soft will the soft landing be?

    Please review its terms, privacy and security policies to see how they apply to you. J.P. Morgan Asset Management isn't responsible for (and doesn't provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan Asset Management name.

  22. KLX Energy Services Holdings, Inc. to Participate in the 2024 J.P

    KLX Energy Services Holdings, Inc. to Participate in the 2024 J.P. Morgan Global High Yield & Leveraged Finance Conference Provided by PR Newswire Feb 23, 2024 12:10am

  23. JPMorgan Chase Investor Presentation Information

    Monday, November 15, 2004 Time: 1:50 p.m. to 2:35 p.m. Location: The St. Regis Hotel, New York, NY Presentation slides and a line to the live audio webcast will be posted to www.jpmorganchase.com under Investor Relations, Investor Presentations on the day of the conference.

  24. KLX Energy Services Holdings, Inc. to Participate in the 2024 J.P

    HOUSTON , Feb. 22, 2024 /PRNewswire/ -- KLX Energy Services Holdings, Inc. ("KLX" or the "Company") (NASDAQ: KLXE) today announced that executive management will participate in the 2024 J.P. Morgan Global High Yield & Leveraged Finance Conference to be held in Miami, Florida on February 26-28, 2024 . In conjunction with hosting one-on-one meetings with investors, the KLX investor presentation ...

  25. JPMorgan Chase Investor Day 2023

    JPMorgan Chase & Co. (NYSE: JPM) ("JPMorgan Chase" or the "Firm") will host an Investor Day in New York City on Monday, May 22, 2023 at 8:00 a.m. (Eastern). Presentations by members of executive management are expected to conclude at approximately 2:00 p.m. (Eastern).

  26. Quarterly Earnings

    For help with J.P. Morgan Securities wealth management accounts For questions on Asset Management, including Fund details For general inquiries regarding JPMorgan Chase & Co. or other lines of business or call 212-270-6000 For shareholder and fixed income assistance, please contact Investor Relations JPMorgan Chase & Co. 277 Park Avenue

  27. NVIDIA Announces Upcoming Events for Financial Community

    J.P. Morgan Healthcare Conference Monday, Jan. 8, 2024, 10:30 a.m. Pacific time. Interested parties can listen to the live audio webcast of NVIDIA presentations at financial events at investor.nvidia.com. Replays of the webcasts will be available for 90 days afterward. About NVIDIA

  28. Is Stock Market Concentration Rising?

    For this reason, the investor excitement in the space has been persistent and relatively narrow," Lakos-Bujas added. ... J.P. Morgan's website and/or mobile terms, privacy and security policies don't apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you. J.P ...