JPMorgan Chase & Co.

The proposed rules result in a G-SIB surcharge of 5.2% in 2028, a 70 basis point increase from 4.5%, combining with RWA increases for a total increase of about $20 billion of G-SIB capital.

Expenses of $26.9 billion were up 14% year-on-year, largely driven by higher compensation including higher revenue-related compensation and growth in front office employees, as well as higher brokerage expense.

JPMorgan is deploying AI across Connected Commerce, fraud reduction, and client services, while Dimon noted cyber risk is the firm's largest risk and AI has made it worse and harder to defend against.

Private credit leverage lending is about $1.7 trillion with JPMorgan's exposure at approximately $50 billion; Dimon expects credit cycle losses will be worse than people expect but not systemic.