form 8-k - sec.gov | home december 8, 2009, jpmorgan chase & co. (the “company”) made a...

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0001193125-09-249194.txt : 200912080001193125-09-249194.hdr.sgml : 2009120820091208144653ACCESSION NUMBER:0001193125-09-249194CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:30CONFORMED PERIOD OF REPORT:20091208ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20091208DATE AS OF CHANGE:20091208

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:J P MORGAN CHASE & COCENTRAL INDEX KEY:0000019617STANDARD INDUSTRIAL CLASSIFICATION:NATIONAL COMMERCIAL BANKS [6021]IRS NUMBER:132624428STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-05805FILM NUMBER:091228483

BUSINESS ADDRESS:STREET 1:270 PARK AVESTREET 2:38TH FLCITY:NEW YORKSTATE:NYZIP:10017BUSINESS PHONE:2122706000

MAIL ADDRESS:STREET 1:270 PARK AVENUECITY:NEW YORKSTATE:NYZIP:10017

FORMER COMPANY:FORMER CONFORMED NAME:CHASE MANHATTAN CORP /DE/DATE OF NAME CHANGE:19960402

FORMER COMPANY:FORMER CONFORMED NAME:CHEMICAL BANKING CORPDATE OF NAME CHANGE:19920703

FORMER COMPANY:FORMER CONFORMED NAME:CHEMICAL NEW YORK CORPDATE OF NAME CHANGE:19880508

8-K1d8k.htmFORM 8-K

Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

December8, 2009

JP MORGANCHASE& CO.

(Exact name of registrant as specified in its charter)

DelawareNo. 001-05805No. 13-2624428

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

270 Park Avenue

New York, New York

10017

(Address of principal executive offices)(Zip Code)

Registrants telephone number, including area code: (212)270-6000

(Former name or former address, if changed since lastreport)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant underany of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item7.01Regulation FD Disclosure.

On December8, 2009, JPMorgan Chase& Co. (the Company) made a presentation at an U.S. financial services investor conference. Exhibit 99.1 is a copy of the slides used in connection with the presentation. Theslides are also posted on the Companys website.

The information contained in the slides are being filed for purposes ofSection18 of the Securities Exchange Act of 1934 and shall be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.

This Current Report on Form 8-K (including the Exhibit hereto) contains forward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chases management and are subject to significant risks and uncertainties. Actual results may differ from those set forthin the forward-looking statements. Factors that could cause JPMorgan Chases actual results to differ materially from those described in the forward-looking statements can be found in the Firms Annual Report on Form 10-K for the yearended December31, 2008 and Quarterly Reports on Form 10-Q for the quarters ended March31, 2009,June30, 2009 and September30, 2009, each filed with the Securities and Exchange Commission and available on JPMorganChases website (www.jpmorganchase.com) and on the Securities and Exchange Commissions website (www.sec.gov). JPMorgan Chase does not undertake to update the forward-looking statements to reflect the impact of circumstances or events thatmay arise after the date of the forward-looking statements.

Item9.01Financial Statements and Exhibits.

(d) Exhibits.

The following exhibit is being filed as part of thisReport on Form 8-K:

99.1JPMorgan Chase & Co. Presentation Slides, dated December8, 2009.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalfby the undersigned hereunto duly authorized.

JPMORGAN CHASE & CO.

(Registrant)

Date: December 8, 2009

By:/s/ Neila B. Radin

Name:Neila B. Radin

Title:Senior Vice President

EXHIBIT INDEX

Exhibit
Number

Description of Exhibit

99.1JPMorgan Chase & Co. Presentation Slides, dated December 8, 2009

EX-99.12dex991.htmJPMORGAN CHASE & CO. PRESENTATION SLIDES, DATED DECEMBER 8, 2009

JPMorgan Chase & Co. Presentation Slides, dated December 8, 2009

Exhibit 99.1

Exhibit 99.1

Jamie Dimon

Chairman and Chief Executive Officer

December8, 2009

Goldman Sachs US FinancialServices Conference

Agenda

Part I Firm and line of business update

Part II Key investor topics

Credit update

Loan demand

Fortress balance sheet

Consumer and small business support efforts

PartIII

Comments on the environment

Outlook

1

Earnings power of franchise and fortress balance sheet position JPM well for the future

Excellent

Franchises

Each standalone business has a top 1, 2, or 3 position

Leadership positions very difficult to replicate

Significant market share and efficiency gains in each business

Continued investment across LOBs drives organic growth

Businesses operate stronger together than apart

Creates additional revenue opportunities in each business

Solid Earnings

Power

Solid earnings power helps counter impact of economic environment

Pre-provision profit of $16B1 in 3Q09 and $44B1 YTD 3Q09

On-going, but heightened, operating discipline on expense, balance sheet, etc.

Fortress

Balance Sheet

Tier 1 Capital of $127B, resulting in 10.2% Tier 1 Capital ratio and8.2% Tier 1 Common ratio as of 3Q09

Added $2B to consumer credit reserves in 3Q09, bringing the total to $32B;firmwide loan loss coverage ratio of 5.3%2 as of 3Q09

Solid execution will drive future prospects for the Firm

1

Excludes merger-related items

2

See note 3 on slide 27

2

Strategic initiatives and investment for growth

Investment Bank

Expand Prime Services and Commodities internationally

Build out Emerging Markets

Retail Financial Services

120 new branch buildsin 2009; 120+ in 2010

Continue to invest in and grow key Consumer Lending platforms

Branch-based loan officers

1,200 new hires by end of 2010

CardServices

Drive further customer engagement

Launched Ultimate Rewards and Blueprint

Introduced Sapphire, Slate and Ink cards

Commercial Banking

Build out Middle Market business

Add 100+ Middle Market bankers over the next several years

Treasury& Securities Services

Continue to expand international footprint

Investin platforms to improve efficiency and provide market-leading, integrated client solutions

Asset Management

Expand Private Banking client advisors and leverage WaMu footprint

Continued growth in emerging markets

US Retail fund distribution expansion

3

3Q09YTD Managed results1

$ O/(U)

3Q09 3Q08 3Q08

($ in millions) YTD YTD YTD

Results excl. Merger-related items2

Revenue (FTE)1 $83,738 54,081 29,657

Credit Costs1 29,565 14,064 15,501

Expense 39,80331,907 7,896

Merger-related items2 (after-tax)(462)(1,275) 813

Reported Net Income $8,450 4,903 $3,547

Net Income Applicable to Common $5,825 4,492 $1,333

Reported EPS $1.51 $1.30 $0.21

ROE3 7% 5%

ROE Net of GW 3 10% 8%

ROTCE3,4 11% 8%

1 Managed basis presents revenueand credit costs without the effect of credit card securitizations. Revenue is on a fully taxable-equivalent (FTE) basis. All references to credit costs refer to managed provision for credit losses. See notes 1 and 2 on slide 27

2

Merger-related items relate to the Bear Stearns and WaMu transactions

3 Actual numbers for all periods, not over/under. Net income applicable used to calculate ratios excludes the one-time,noncash negative adjustment of $1.1B resulting from repayment of TARP preferred capital in 2Q09

4


4

Investment Bank

$ O/(U)

3Q09 3Q08 3Q08


Revenue $23,180$12,607 $10,573

Investment Banking Fees 5,277 4,534 743

Fixed Income Markets 14,829 3,628 11,201

Equity Markets 3,422 3,705(283)

CreditPortfolio(348) 740(1,088)

Credit Costs 2,460 1,250 1,210

Expense 13,115 11,103 2,012

Net Income $4,998 $1,189 $3,809

Key Statistics($B)1

Overhead Ratio 57% 88%

Comp/Revenue 38% 52%

EOP Loans $60.3 $90.0

Allowance for Loan Losses $4.7 $2.7

NPLs $4.9 $0.4

Net Charge-off Rate2 2.45% 0.03%

ALL / Loans28.44% 3.62%

ROE3 20% 7%

VAR ($mm)4 $268 $161

EOP Equity $33.0 $33.0

Leadership positions

Ranked #1 in Global Fees for YTD Sept. 2009, with 10% market share per Dealogic

Ranked YTD Sept. 2009per Thomson Reuters

#1Global Debt, Equity& Equity-related

#1 Global Equity& Equity-related

#1 Global Debt

#1 Global Long-term Debt

#1 Global LoanSyndications

#4 Global Announced M&A

Comments on credit

Total average assets of $679B

Level 3 assets of$87B are ~12% of total IB assets

1 Actual numbers for all periods, not over/under

2 Loans held-for-sale and loans at fair value were excluded when calculating the loan loss coverage ratio and net charge-offrate

3 Calculated based on average equity; 3Q09 YTD and 3Q08 YTD average equity were $33.0B and $23.8B,respectively

4 Average Trading and Credit Portfolio VAR at 99% confidence interval

5

RetailFinancial Services Drivers

3Q09 3Q08

Retail Banking ($ in billions) YTD YTD

Key Statistics

Average Deposits $344.5 $212.7

Deposit Margin 2.92% 2.86%

Checking Accts (mm) 25.5 24.5

# of Branches 5,1265,423

# of ATMs 15,038 14,389

Investment Sales ($mm) $15,933 $13,684

Averagedeposits of $344.5B up 62% YoY

Deposit growth reflects the impact of the WaMu transaction

Deposit margin expansion reflects disciplined pricing strategy and a portfolio shift to wider spread deposit products

Branch production statistics (YTD 3Q09)

Checking accounts up 4% YoY

Mortgage originations up 65% YoY

Investment salesup 16% YoY

Credit card sales up 19% YoY

3Q09 3Q08

Consumer Lending ($ in billions) YTD YTD

Credit Metrics:

Net Charge-off Rate (excl. credit-impaired) 3.57% 1.97%

ALL / Loans (excl. credit-impaired) 4.56% 2.50%

Key Statistics

Home Equity Originations $2.0$14.6

Avg Home Equity Loans Owned1 $137.9 $95.0

Mortgage Loan Originations $115.9 $140.9

Avg Mortgage Loans Owned1,2 $144.3 $53.1

3rdParty Mortgage Loans Svcd $1,099 $1,115

Auto Originations $17.8 $16.6

Avg Auto Loans $43.0 $44.0

Total YTD Consumer Lending originations of $139.3B

Mortgage loan originations down 18% YoY

Auto originations up 7% YoY

YoY increase driven by market share gains in Prime segments and new manufacturing relationships and impact of CARSprogram

3rd party mortgage loans serviced down 1% YoY

1 Includes purchased credit-impaired loans acquired as part of the WaMu transaction

2 Does not include held-for-sale loans

6

RetailFinancial Services

$ O/(U)

3Q09 3Q08 3Q08


Retail Financial Services

Net income $496 $256 $240

ROE1,2 3% 2%

EOP Equity ($B)1 $25 $25

Retail Banking

Net Interest Income 8,065 4,9723,093

Noninterest Revenue 5,365 3,117 2,248

Total Revenue $13,430 $8,089 $5,341

Credit Costs 894 181 713

Expense 7,783 4,6993,084

Net Income $2,876 $1,942 $934

Consumer Lending

Net Interest Income 7,357 4,483 2,874

NoninterestRevenue 4,236 2,264 1,972

Total Revenue $11,593 $6,747 $4,846

Credit Costs 10,817 6,148 4,669

Expense 4,663 3,332 1,331

NetIncome($2,380)($1,686)($694)


#3 in deposit market share3

#3 in branch network4

#2 in ATMs4

#3 in Mortgage Servicing5

#3 in Mortgage Originations5

#3 in Home EquityOriginations6

9.4% market share in Mortgage Originations5

#1 in Auto Finance7

1

Actual numbers for all periods, not over/under

2

Calculated based on average equity; 3Q09 YTD and 3Q08 YTD average equity were $25B and $17B, respectively

3 Source: SNL Corporation; market share data as of June 2008, updated for subsequentacquisitions for all banks through September 2009. Includes deposits in domestic offices (50 states and D.C.), Puerto Rico and U.S. Territories only and non-retail branches are not included

4

Source: 3Q09 company reports

5

Source: Inside Mortgage Finance, 3Q09

6

Source: National Mortgage News, 2Q09

7

Source: Autocount (including captives), YTD through October 2009

7

CardServices (Managed)

$ O/(U)

3Q09 3Q08 3Q08


Revenue $15,156 $11,566 $3,590

Credit Costs 14,223 6,093 8,130

Expense 3,9853,651 334

Net Income($1,919) $1,151($3,070)

Key Statistics Incl. WaMu ($B)1

ROO (pretax)(2.32)% 1.57%

ROE2(17)% 11%


Key Statistics Excl. WaMu ($B)1

Avg Outstandings$150.8 $154.7

EOP Outstandings $144.1 $159.3

Charge Volume $228.6 $272.9

Net Accts Opened (mm) 7.0 10.6

Managed Margin8.83% 8.15%

Net Charge-Off Rate 8.39% 4.79%

30+ Day Delinquency Rate 5.38% 3.69%

Commentary (3Q09 YTD)

Sales volume (excluding theWaMu portfolio) down 7% YoY

Balance transfers (excluding the WaMu portfolio) down 61% YoY

18.3%3 of total US spend (sales volume) as of Sept. 30, 2009 up from 16.4%3 YoY

1


2

Calculated based on average equity; 3Q09 YTD and 3Q08 YTD average equity were $15B and $14.1B, respectively

3

Source: Earnings releases, conference calls and internal Card Services data

8

Commercial Banking

$ O/(U)

3Q09 3Q08 3Q08


Revenue $4,314 $3,298$1,016

Middle Market Banking 2,295 $2,143 $152

Commercial Term Lending 684 $0 $684

Mid-Corporate Banking 825 $678 $147

Real EstateBanking 361 $282 $79

Other 149 $195($46)


Expense 1,633 1,447 186

Net Income $1,047 $959$88

Key Statistics ($B)1

Avg Loans& Leases $108.9 $70.5

EOPLoans& Leases $101.9 $117.6

Avg Liability Balances2 $110.0 $99.4

Allowance for Loan Losses $3.1 $2.7

NPLs $2.3 $0.8

Net Charge-Off Rate3 0.75% 0.32%

ALL / Loans3 3.01% 2.30%

ROE4 17% 18%

Overhead Ratio 38% 44%



#1 multi-family lender inthe U.S.5

Among top 3 banks nationally in market penetration and lead share6

Comments on credit

Geographically diverse and across industries

Limited exposure to leveraged acquisition finance and highly leveraged companies

CommercialTerm Lending portfolio is a highly granular, term loan portfolio in core markets with stable demand, supply constraints, and moderately priced low volatility properties

No outsized exposure to commercial construction/development, 9% of Commercial Bank loans

Minimal exposure to projects still under construction

Still remains greatest area of concern with rising NCOs expected through 2009 and 2010

1


2

Includes deposits and deposits swept to on-balance sheet liabilities

3 Loans held-for-sale and loans at fair value were excluded when calculating the loan loss coverage ratio and net charge-offrate

4

Calculated based on average equity; 3Q09 YTD and 3Q08 YTD average equity were $8B and $7B, respectively

5

FDIC as of June30, 2009

6

Greenwich Market Study, FY08

9


$ O/(U)

3Q09 3Q08 3Q08


Revenue $5,509$5,885($376)

Treasury Services 2,784 2,711 73

Worldwide Securities Svcs 2,725 3,174(449)

Expense 3,887 3,884 3

Net Income $989$1,234($245)

Key Statistics1

Avg Liability Balances ($B)2 $247.2 $260.9

Assetsunder Custody ($T) $14.9 $14.4

Pretax Margin 28% 32%

ROE3 26% 47%

TSS Firmwide Revenue $7,694 $7,991

TS FirmwideRevenue $4,969 $4,817

TSS Firmwide Avg Liab Bal ($B)2 $357.2 $360.3

EOP Equity ($B) $5.0 $4.5


Treasury Services:

#1 in US Dollar Clearing with > 20% market share4

#5 in Commercial Card T&E market share5

Worldwide Securities Services:

#2 in globalassets under custody6

#2 provider of fund accounting for registered investment pools7

1


2

Includes deposits and deposits swept to on-balance sheet liabilities

3


4

Source: Ernst& Young& Federal Reserve

5

Source: Nilson

6

Source: 3Q09 company reports

7

Source: 3Q09 company reports (Domestic Funds), Lipper Fitzrovia (International Funds)

10

AssetManagement

$ O/(U)

3Q09 3Q08 3Q08


Revenue $5,770 $5,926($156)

Private Bank 1,862 1,935(73)

Institutional 1,4811,448 33

Retail 1,135 1,355(220)

Private Wealth Management 985 1,057(72)

BearStearns Private Client Services 307 131 176


Expense 4,003 4,085(82)

Net Income $1,006 $1,102($96)

Key Statistics($B)1

Assets under Management $1,259 $1,153

Assets under Supervision $1,670 $1,562

Average Loans $34.6 $38.6

EOP Loans $35.9 $39.7

Average Deposits $76.9 $67.9

Pretax Margin 28% 30%

ROE2 19% 28%



Largest manager of globalinstitutional liquidity funds3

One of the largest managers of Hedge Funds4

% of AUM in 1st and 2nd Quartiles5

1 year = 60%

3 year = 70%

5 year = 74%

1


2


3

iMoneyNet, July 2009

4

Absolute Return Magazine, March 2009 issue (data as of year-end 2008)

5 Quartile rankings sourced from Lipper for the U.S.& Taiwan; Micropal for the UK, Luxembourg,& HongKong;& Nomura for Japan

11

Corporate/Private Equity

$ O/(U)

3Q09 3Q08 3Q08

Net Income ($ in millions) YTD YTD YTD

PrivateEquity ($219) ($8) ($211)

Corporate 2,514 295 2,219

Merger-related items (462) (1,275) 813

Net Income $1,833 ($988) $2,821

12

Agenda

Page

Key Investor Topics 13

Appendix 23

13

HomeLending update

KEY INVESTOR TOPICS

Key statistics1 3Q09 2Q09 3Q08

EOP owned portfolio ($B)

Home Equity $104.8$108.2 $116.8

Prime Mortgage2 60.1 62.1 63.0

Subprime Mortgage 13.3 13.8 18.1

Net charge-offs ($mm)

Home Equity $1,142 $1,265$663

Prime Mortgage3 525 481 177

Subprime Mortgage 422 410 273

Net charge-off rate

Home Equity 4.25% 4.61% 2.78%

Prime Mortgage3 3.45% 3.07% 1.79%

SubprimeMortgage 12.31% 11.50% 7.65%

Nonperforming loans ($mm)

Home Equity $1,598 $1,487 $1,142

Prime Mortgage3 3,974 3,474 1,490

SubprimeMortgage 3,233 2,773 2,384

Overall commentary

Some initial signs of stability in consumer delinquency trends, but we are not certain if this trend will continue

Prime and subprime mortgage delinquencies impacted by foreclosure moratorium, extended REO timelines and trialmodifications

Outlook1

Home Equity quarterly losses could reach $1.4B over the next several quarters

Prime Mortgage quarterly losses could reach $600mm over the next several quarters

Subprime Mortgage quarterly losses could reach $500mm over the next several quarters

Purchased credit-impaired loans

Total purchasedcredit-impaired portfolio divided into separate pools for impairment analysis

Added $1.1B in 3Q09 to allowancefor loan losses related to Prime Mortgage (non-Option ARM) pool

1 Excludes the impact of purchasedcredit-impaired loans acquired as part of the WaMu transaction

2 Ending balances include allnoncredit-impaired prime mortgage balances held by Retail Financial Services, including loans repurchased from Government National Mortgage Association (GNMA) pools that are insured by U.S. government agencies

3 Net charge-offs and nonperforming loans exclude loans repurchased from GNMA pools that are insured by U.S. governmentagencies

14

Loandemand remains weak

Mortgage 3Q09 YTD applications down 10% YoY

Card 3Q09 YTD sales volume down 7% YoY

Average large corporate loans down 24% YoY to $66.3B at 3Q09 from $86.6B at 3Q08 due to lower demand and increased access to capital markets

Average Mid-Corporate and Middle Market loans down 13% YoY to $51.9B at 3Q09 from $59.6B at 3Q08 due to lower demand andutilization rates

Business Banking 3Q09 YTD origination volume down 66% YoY due to lower demand and tighterunderwriting standards

K E Y I N V E S T O R T O P I C S

Personal saving rate (%)vs. unemployment rate (%)

Personal saving rate Periods of economic contraction U/E rate

8.0%

12.0%

6.0%

9.0%

4.0%

6.0%

2.0%

0.0%

3.0%

Mar-90 Jun-93 Sep-96 Dec-99 Mar-03 Jun-06 Sep-09

Source: Bureaus of Labor Statistics and Economic Analysis and National Bureau of Economic Research

Ratio of capital spending to cash 1 (%)

Periods of economic contraction

120%

100%

80%

60%

40%

Feb-90May-93 Jul-96 Sep-99 Dec-02 Feb-06May-09

Source: Federal Reserve Flow of Funds

1 Sources of cash is defined as business holdings of foreign deposits, checkable bank deposits, time and savings deposits, money market mutual fund shares, RPs, credit instruments (bonds),and mutual fund shares

15

Capital management

Tier 1 Capital ($ in billions)

$130 $122 $127 11.0%

$112 $111 $112

$98 10.2% 10.0%

9.7%

9.0%

9.3%

$65 8.9% 8.9%

8.0%

$33

7.0%

$0 6.0%

3Q08 4Q08 1Q09 2Q09 3Q09

Tier 1 Common ($ in billions)

Tier 1 Common Capital Tier 1 Common Ratio

$105 $97 $101 9.0%

$86 $87 $88

$85 8.0%

8.2%

7.7%

$65 7.0%

7.3%

7.0%

6.8%

$45 6.0%

$25 5.0%

$5 4.0%

3Q08 4Q08 1Q09 2Q09 3Q09

January 1, 2010 implementation of FAS 166/167 expected todecrease Tier 1 Capital ratio by approximately 40bps

Investing in businesses is #1 priority; maintain capitalposition to support clients needs

Dividend increase:

To occur when it is clear the recession has ended

Could initially increase to $0.75 to $1.00 per share annual payout level

30-40% dividend payout ratio of normalized earnings over time

KEY INVESTOR TOPICS

1 See note 3 on slide 27

Note: Tier 1 Capital andTier 1 Capital ratio for 1Q09 and 4Q08 do not include the $25B of TARP preferred capital. Firm-wide Level 3 assets are 6% of total firm assets at 9/30/09

16

JPMcontinues to support, serve and empower consumers and small businesses

Overdraft on debit card transactionswill be eliminated unless the NSF/OD changes customer opts-in (chooses to participate). Other changes to the policy include:

Modified posting order to recognize debit-card transactions and ATM withdrawals as they occur

No overdraft fees if a customers account is $5 or less overdrawn

Reduced the maximum number of overdraft fees per day to 3 from 6

Blueprint

Helps customers manage their finances on their terms

Ability to avoid interest on everyday purchases, create a custom plan to pay off a large purchase, build a plan to pay downtheir card balance, and keep an eye on spending

Small business lending

Increase small business lending by $4B in 2010

Announced plans to add 325 additional small business bankers

The $4B lending commitment should boost expected new lending to ~$10B

K E Y I N V E S T O R TO P I C S

17

Modification overview

2009 YTD (as of November30, 2009)1

Chase

HAMP Programs2 Agency Total

Modifications offered3 199,033 160,826 208,599 568,458

Approved for permanent 16,131 72,888 23,182 112,201

modifications

Permanent modifications 4,302 58,239 20,808 83,349

completed

For every 100 seasoned4 HAMP trial modifications offered:

29 customers do not make required payments

71 customers make all 3 required payments

51 donot submit all documents required or submitted documents that require refinement for underwriting

20 submitdocumentation required for underwriting

Most will be approved for HAMP modification

Failures a result of inconsistent documentation

Failures could qualify for Chase modification due to expanded underwriting and product set

What we are doing

Dedicated resources

15 operating sites across thecountry

Approximately 14,000 staff dedicated to loss mitigation

Focused campaign

Targeting modifications in-process to be completed by year-end

Borrowers assigned a specific agent with end-to-end responsibility

Documentation challengesand mitigation efforts

Many borrowers return forms missing key information (signatures, SSN, etc.) or do notreturn one of four required documents

Current outreach strategy includes 36 calls, 15 letters, and 2door-knocks per account prior to cancellation for missing documents

Modification offers continue to grow, butobtaining documents required for HAMP completion remains an issue

1 HAMP program launched April1

2 Chase programs modifications include Home Equity

3 HAMP offered modifications data through 11/26/09

4 Seasoned population are those HAMP modifications with first payments due April September, therefore all requiredpayments were complete by November30

18

KEY INVESTOR TOPICS

Comments on regulatory reform

OTC derivatives

Consumer Financial Protection Agency

Incentive compensation

Risk, leverage and capitalrequirements

Resolution authority

KEY INVESTOR TOPICS

19

Outlook Retail Financial Services

4Q09

Solid underlying growth

Average deposit balances to decline $10B +/- QoQ past the peak of Wamu CD balance run-off (total WaMu CD balance run-off of $11.5B)

Delinquencies and roll rates show some stability

Home Lending losses flat to 3Q09 actuals

Non-compensation expense modestly up QoQ reflecting an increase in foreclosed asset expense

2010

NSF/OD policy changes currently estimated toreduce annualized after-tax income by $500mm +/-

At current production and estimated run-off levels, the HomeLending portfolio of $274B at 3Q09 could decline by 10-15%, possibly to $240B +/- in 2010 and $200B +/- in 2011

The preliminary estimate will reduce 2010 net interest income in the home lending portfolio by

$1B +/- from estimated FY2009 levels

Credit environment remains uncertain

Signs of stability improvement

Home Lending quarterly loss guidance is unchanged

Expense remains at or above 2009 levels, reflecting

Investments in branch new builds and salesforce hires

Continued elevated servicing and default expense, including foreclosed asset expense

KEY INVESTORTOPICS

20

Outlook Card Services

4Q09

Chase and WaMu losses of 9% +/- and 22% +/-, respectively

Average outstandings expected to be $6B lower QoQ driven by continued run-off of WaMu portfolio and higher payment levels

2010

Chase losses could approach 11% by 1Q10 including the adverse timing effect of payment holiday of 60bps

WaMu losses could approach 24% +/- over the next several quarters

Anticipate net income reduction from legislative changes of $500-$750mm

Expect estimated fullyear average outstandings for 2009 of $170B +/- to decline $15B +/- to $155B +/- in 2010 due to WaMu portfolio run-off of $7B +/- and lower balance transfer levels

Expect $1B +/- net loss per quarter in 1H10, before potential reserve actions; 2H10 dependent on the environment and reserve actions

Continue to invest in the business

KEY INVESTORTOPICS

21

Outlook Other

Investment Bank

Expect Fixed Income and Equity Markets revenue to normalize over time as conditions stabilize

Commercial Banking

Strong reserves, but credit expected to weaken further


Performance will be affected by market levels andliability balance flows

Asset Management

Management and performance fees will be affected by market levels

Corporate/Private Equity

Private Equity

Results will be volatile

Corporate

Net interest income and securities gains will generally trend with the size of the securities portfolio

Quarterly net income expected to decline to $500mm in the near-term and likely trend lower through the course of 2010

Overall

If economy weakens further, additional reserving actions may be required

K E Y I N VE S T O R T O P I C S

22

Agenda

Page

Key Investor Topics 13

Appendix 23

23

Consumer credit delinquency trends

Excluding credit-impaired loans

Home Equity delinquency trend

30+ day delinquencies 30-89 day delinquencies

6.50%

1-29 day delinquencies

5.75%

5.00%

4.25%

3.50%

2.75%

2.00%

1.25%

Mar-08May-08 Aug-08 Nov-08 Mar-09 Jun-09 Sep-09

Prime Mortgage delinquencytrend


13% 1-29 day delinquencies

11%

9%

7%

5%

3%

1%

Mar-08May-08 Aug-08 Nov-08 Mar-09 Jun-09Sep-09

Subprime Mortgage delinquency trend


35% 1-29 day delinquencies

30%

25%

20%

15%

10%

5%


Card Services delinquency trend1,2 (Excl. WaMu)

6.0%


4.5%

3.0%

1.5%


Note: 30+ day delinquencies prior to September 2008 are heritage Chase

1

On a managed basis

2

Payment holiday in 2Q09 impacted 30+ day and 30-89 day delinquency trends in 3Q09 24

A P P E N D I X

IBLeague tables

Sept. 09 YTD 20081

League table results Rank Share Rank Share

Basedon fees (per Dealogic):

Global IB fees #1 10.0% 2# 8.6%

Based on volumes (per Thomson Reuters):

Global Debt, Equity& Equity-related #1 10.0% #1 9.4%

US Debt, Equity& Equity-related #1 14.7% #2 15.0%

Global Equity&Equity-related2 #1 15.0% #1 10.2%

US Equity& Equity-related #1 17.5% #1 11.0%

Global Debt3 #1 9.4% #1 9.3%

Global Long-term Debt3 #1 8.6% #3 8.8%

USLong-term Debt3 #1 14.0% #2 15.1%

Global M&A Announced4 #4 24.7% #2 27.5%

US M&A Announced5 #4 32.9% #2 34.5%

Global Loan Syndications #1 9.2% #1 11.4%

US LoanSyndications #1 23.4% #1 24.5%

Ranked #1 in Global Fees for YTD Sept. 2009, with 10% market share per Dealogic

Ranked YTD Sept. 2009per Thomson Reuters:

#1 Global Debt, Equity& Equity-related

#1 Global Equity& Equity-related

#1 Global Debt

#1 Global Long-term Debt

#1 Global Loan Syndications

#4 Global Announced M&A

1

Source: 2008 data is pro forma for merger with Bear Stearns

2

Global Equity& Equity-related includes rights offerings

3

Debt& Long-term Debt tables include ABS, MBS and taxable municipal securities

4

Global M&A for 2008 for Thomson Reuters includes transactions withdrawn since 12/31/08

5 US M&A for Thomson Reuters represents any US involvement; 2008 includes transactionswithdrawn since 12/31/08 Note: Rankings for YTD September30, 2009 run as of 10/01/09; 2008 represents full year

25

A P P E N D I X

Substantially increased loan loss reserves, maintaining strong coverage ratios

$ in millions

Loan Loss Reserve/Total Loans1 Loan Loss Reserve Loan Loss Reserve/NPLs1

5.75% Nonperforming Loans 500%

4.60%

30,633 400%

27,381 29,072 3%

3.45%

300%

2.30%

200%

19,052 23,164

11,746 13,246

1.15%

8,113 9,234 14,785 17,767 100%

11,401

2,490 3,282 4,401 5,273 6,933 8,953 0%

0.00%

3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09

Peer comparison

3Q09

JPM 1 Peer Avg.2

Consumer

LLR/Total Loans 6.21% 4.88%

LLR/NPLs 212% 152%

Wholesale


LLR/NPLs 107% 65%

Firmwide


LLR/NPLs 168% 113%

$30.6B of loan loss reserves in 3Q09, up

~$22Bfrom $8.1B two years ago; loan loss coverage ratio of 5.28%

Strong coverage ratios compared to peers

LLR/NPLs ratio naturally trends down as we move through credit cycle

1


2

Peer average reflects equivalent metrics for key competitors. Peers are defined as C, BAC and WFC

A P P E N D I X

26

Noteson non-GAAP financial measures and forward-looking statements

This presentation includes non-GAAP financialmeasures.

1.Financial results are presented on a managed basis, as such basis is described in the firmsQuarterly Reports on Form 10-Q for the quarters ended March31, 2009,June30, 2009 and September30, 2009 and its Annual Report on Form 10-K for the year ended December31, 2008.

2.All non-GAAP financial measures included in this presentation are provided to assist readers in understanding certain trendinformation.

Additional information concerning such non-GAAP financial measures can be found in theabove-referenced filings, to which reference is hereby made.

3.The ratio for the allowance for loan losses toend-of-period loans excludes the following: loans accounted for at fair value and loans held-for-sale; purchased credit-impaired loans; the allowance for loan losses related to purchased credit-impaired loans; and, loans from the Washington MutualMaster Trust, which were consolidated on the firms balance sheet at fair value during the second quarter of 2009. Additionally, Consumer Lending net charge-off rates exclude the impact of purchased credit-impaired loans. The allowance relatedto the purchased credit-impaired portfolio was $1.1 billion at September30, 2009.

4.Tier 1 CommonCapital (Tier 1 Common) is calculated, for all purposes, as Tier 1 Capital less qualifying perpetual preferred stock, qualifying trust preferred securities, and qualifying minority interest in subsidiaries.

5.Tangible Common Equity (TCE) is calculated, for all purposes, as common stockholders equity (i.e., totalstockholders equity less preferred stock) less identifiable intangible assets (other than MSRs) and goodwill, net of related deferred tax liabilities. The TCE measures used in this presentation are not necessarily comparable to similarlytitled measures provided by other firms due to differences in calculation methodologies.

Forward lookingstatements

This presentation contains forward-looking statements within the meaning of the Private SecuritiesLitigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of JPMorgan Chases management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in theforward-looking statements. Factors that could cause JPMorgan Chases actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chases Quarterly Reports on Form 10-Q for thequarters ended March31, 2009,June30, 2009 and September30, 2009 and its Annual Report on Form 10-K for the year ended December31, 2008, each of which has been filed with the Securities and Exchange Commission and isavailable on JPMorgan Chases website (www.jpmorganchase.com) and on the Securities and Exchange Commissions website (www.sec.gov). JPMorgan Chase does not undertake to update the forward-looking statements to reflect the impact ofcircumstances or events that may arise after the date of the forward-looking statements.

27

A P P E N D I X

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form 8-k - sec.gov | home december 8, 2009, jpmorgan chase & co. (the “company”) made a...

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