JPMorgan Chase & Co Q2 2022 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : I just had a few follow-up questions. The first is on balance sheet management. Jeremy, the illustrative path that you set forth on Slide 3, does that include RWA mitigation? And as we think about the $58 billion-plus in updated NII guide, what kind of deposit growth does that assume? You noted that part of the SCB mitigation is to drive out non-operating deposits. Just wanted to understand what the assumption was there as well, please.

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : Got it. And my follow-up question is for Jamie. Jamie, we've heard your caution about the economy. And I think there's a bigger debate on how the U.S. consumer is going to be impacted in light or in context of a downturn. The statistics that Jeremy laid out imply a pretty healthy starting point for the consumer that you bank. And the reserve build for loan growth in card and the less than 2% loss rate in card lead us to believe that your consumer is still okay. As you think about the various scenarios and you think about the realistic range of outcomes, how does the U.S. consumer perform? Because it feels like that's the big wildcard. And we've seen the journal term a job-full recession. I just wanted to get your thoughts there.