Archived: JP Morgan Chase

Update December 19th, 2022: A piece I wrote in 2021 about the banking institution. I am considering doing a second piece to follow up.

I. Company Background

JPMorgan Chase & Co. (NYSE: JPM) (referred to as JPMorgan going forward) is a leading financial services firm based in the United States of America (“U.S.”), and has operations worldwide. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. JPMorgan serves millions of customers in the U.S. and many of the world’s most prominent corporate, institutional and government clients. JPMorgan’s activities are organized into four major reportable business segments, as well as a Corporate segment. The firm’s consumer business is the Consumer & Community Banking (CCB) segment. The wholesale business segments of JPMorgan are the Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM).

The Consumer & Community Banking (CCB) is broadly divided into two subsections – Retail Financial Services (RFS) and Card Services (CS). Retail Financial Services (RFS) includes Home Finance, Consumer & Small Business Banking, Auto & Education Finance and Insurance.2 Through this group of businesses, JPMorgan provides consumers and small businesses with a broad range of financial products and services including deposits, investments, loans and insurance. Home Finance is a leading provider of consumer real estate loan products and is one of the largest originators and servicers of home mortgages. Consumer & Small Business Banking offers one of the largest branch networks in the United States, covering 17 states with 2,508 branches and 6,650 automated teller machines. Auto & Education Finance is the largest bank originator of automobile loans as well as a top provider of loans for college students. Through its Insurance operations, JPMorgan sells and underwrites an extensive range of financial protection products and investment alternatives, including life insurance, annuities and debt protection products. CS is the largest issuer of general purpose credit cards in the United States, with approximately 94 million cards in circulation, and is the largest merchant acquirer. CS offers a wide variety of products to satisfy the needs of its cardmembers, including cards issued on behalf of many well-known partners, such as major airlines, hotels, universities, retailers and other financial institutions.

The Corporate & Investment Bank (CIB) has extensive relationships with corporations, financial institutions, governments and institutional investors worldwide2. JPMorgan provides a full range of investment banking products and services, including advising on corporate strategy and structure, capital raising in equity and debt markets, sophisticated risk management, and market-making in cash securities and derivative instruments in all major capital markets. The CIB also commits JPMorgan’s own capital to proprietary investing and trading activities.

Asset & Wealth Management (“AWM”) provides investment management to retail and institutional investors, financial intermediaries and high-net-worth families and individuals globally.2 For retail investors, AWM provides investment management products and services, including a global mutual fund franchise, retirement plan administration, and consultation and brokerage.

In addition to the four basic business segments, JPMorgan also provides Treasury & Securities Services (TSS).2 In this segment, the company provides transaction, investment and information services to support the needs of corporations, issuers and institutional investors worldwide. TSS is the largest cash management provider in the world and one of the top three global custodians. The Treasury Services business provides clients with a broad range of capabilities, including U.S. dollar and multi-currency clearing, ACH, trade, and short-term liquidity and working capital tools. The Investor Services business provides a wide range of capabilities, including custody, funds services, securities lending, and performance measurement and execution products. The Institutional Trust Services business provides trustee, depository and administrative services for debt and equity issuers. Treasury Services partners with the Commercial Banking, Consumer & Small Business Banking and Asset & Wealth Management segments to serve clients firmwide.

II. JP Morgan in the News

Over the last few months, JP Morgan has been making quite an appearance in the news lately. As the economy recovers from a rough 2020, many companies have been making new coverage to discuss future plans to overcome and lead a post pandemic economy. This past April, JP Morgan reported its first quarter profits. To everyone's surprise they exceeded analysts’ expectations and had a profit of $14.3 billion. JP Morgan's huge profit was the result of a $5 billion set aside to cover loan losses.3

In addition, JP Morgan's chief executive predicts a great quarter for investment banking. There has been an increase in activity surrounding mergers and acquisitions. According to Financial times much of this is due to “the rise of special purpose acquisition companies, a mass of private equity capital searching for deals and large corporate buyers flush with cash as well as a robust market for debt and equity fundraising”.

The company has lost almost 5% of shares within the past month. Analysts are projecting a higher revenue this year, but the company is already down from the prior year. JP Morgan is also lagging behind the S&P 500 which has been seeing gains as well as the overall financial sector.

JP Morgan has launched its own health unit. Morgan Health will focus on improving employer healthcare. They have invested $250 million to develop healthcare solutions and form strategic partnerships.5

III. Economic Outlook

Financial Markets and Institutions play an important role in the stabilization of the economy. “They help to efficiently direct the flow of savings and investment in the economy in ways that facilitate the accumulation of capital and the production of goods and services. The combination of well-developed financial markets and institutions, as well as a diverse array of financial products and instruments, suits the needs of borrowers and lenders and therefore the overall economy”.6

Over the last year, banks took a major hit due to the impact of COVID 19 but an improved economic outlook states that bank earnings are soon to increase. Banks are now shifting their focus as the economic outlook brightens.

JP Morgan has been struck with the challenge to overcome 2020’s economic conditions and look at how those conditions have impacted the company as well as the financial sector. There are many forces that will possibly shape the recovery and portfolio returns for the company in 2021. The COVID - 19 virus is a major factor that has contributed to the economic outlook in the industry. The COVID - 19 virus served as a big risk to the economy and can possibly still be a risk. Although a vaccine has now been distributed to the public, it is not guaranteed that it will be the rebound for consumption and production activity. With the rise of mutant virus variations, other economic issues could arise as well. Although the impact of COVID - 19 was detrimental, it has reshaped the industry in a variety of ways. It has caused a new wave of innovation, a new competitive landscape, as well as the acceleration of digitization within the banking industry.

Due to significant credit loss in 2020, the nation’s major banks are ramping up lending activity. Banks such as JP Morgan reduced its reserves to cover the loss on loans from last year's pandemic. The release of reserves serves as an indicator that the banking industry can expect less loan losses than last year. JP Morgan is expecting the demands for loans to increase as the economy opens back up.

As the economy continues to emerge, economists expect to see a rise in inflation. “Inflation is the rate at which the value of currency is falling and consequently the general level of prices for goods and services is rising”.6 In preparation for the possibility of inflation, JP Morgan has been holding on to its cash. “If you look at our balance sheet, we have $500 billion in cash, we’ve actually been effectively stockpiling more and more cash waiting for opportunities to invest at higher rates,” Dimon said. “I do expect to see higher rates and more inflation, and we’re prepared for that”.8 JP Morgan is hoping that by hoarding cash, they will see a rise in interest rates and use that as an opportunity to invest. By waiting for an increase in interest rates and inflation, JP Morgan is expecting to benefit from higher yields.

The Gross Domestic Product (GDP) is an indicator that is used to determine the health of the overall economy. It gives information about the size of the economy and how well it is performing. JP Morgan's chief economist forecasted global GDP to reach 5.8%. What does this mean for JP Morgan and others in the industry? The banking and financial industry tend to do well when the economy is healthy. There is an influx in business when the economy is growing. The GDP serves as the current economic health of the economy and when GDP is rising the banking industry tends to perform better.

IV. Industry Analysis

JPMorgan falls into the finance and insurance sector, and primarily belongs to Banks – Diversified industry. This industry mainly comprises of banks that provide financial services to retail and business clients in the form of commercial, industrial and consumer loans.9 Deposits from customers are used as sources of funding for loans. According to JPMorgan’s 10 – K, based on the type of firms, its competitors mainly include other banks, brokerage firms, investment banking companies, merchant banks, hedge funds, commodity trading companies, private equity firms, insurance companies, mutual fund companies, investment managers, credit card companies, mortgage banking companies, trust companies, securities processing companies, automobile financing companies, leasing companies, e-commerce and other internet-based companies, financial technology companies, and other companies engaged in providing similar products and services1. In the entire financial and insurance sector, the major players include UnitedHealth Group Inc., JPMorgan, State Farm, Bank of America and MetLife. Inc.9 According to the Federal Reserve, in the banking industry, the firms holding over 52% of the financial assets in US in the decreasing order of magnitude include JPMorgan, Bank of America, Wells Fargo, Citibank, USBank, Truist Bank, PNC Bank, Capital One, TD Bank and Goldman Sachs.10 The remaining banks hold the remainder of 48% percent of assets with none of them exceeding 1.5% of the assets. The commercial bank industry has a NAICS code of 522110. As per the NAICS website, in 2020 JPMorgan’s main competitors included Bank of America, Wells Fargo, Citigroup, Capital One, US Bank, Synchrony and BB&T.11

After having declined each year since 2008, the banking industry’s revenue finally returned to growth in 2015. Interest rate normalization by the Federal Reserve has fueled an increase in economy-wise interest rates over the five years to 2021. Interest income generated by commercial banks has increased at an annualized rate of 5.8% between 2016 and 2019. However, industry operators were affected in 2020 due to the COVID pandemic, including the Federal reserve decreasing the FFR to zero-bound to support the economy, ultimately resulting in lower interest income in 2020.

Government regulation and technology-driven competition are projected to greatly impact the banking industry. Key external drivers for this industry include the prime rate, aggregate household debt, corporate profit, external competition for the Commercial Banking industry and regulation of banking sector.12 The interest rate that banks charge their largest and most creditworthy corporate customers is called the Prime rate. Industry revenue is generated from the spread between the federal funds rate and the prime rate, in addition to the interest rates that banks charge the rest of their customers. A decrease in prime rate is a potential threat to the industry. Aggregate household debt includes all outstanding credit market debt consumers hold, including credit card debt, mortgages, personal loans and other debt. Industry revenue increases when consumers choose to borrow more money from banks and hold higher debt levels. Aggregate household debt is also highly correlated with consumer confidence, which affects the level of debt consumers choose to hold and has a strong positive influence on private consumption. Business sentiment and corporate profit determine demand for credit, the quality of lending portfolios and the level of financing transactions. An increase in corporate profit may positively affect commercial banks by boosting commercial loan demand and transaction fees. Competition is high in this industry and can come from thrifts, credit unions, government agencies, mortgage brokers and other nonbank organizations that offer financial services. A lack of expansion in competition represents a potential opportunity for the industry. Due to high regulation such as legislation imposing limits on banking fees, places new regulatory oversight and forces banks to hold higher capital reserves.

Typically, banks are ranked by consolidated assets in billions of dollars. Based on the latest data from the statistical release of the Federal Reserve (Released on March 31, 2021), JPMorgan holds 15.6% of the market share. As seen in Table 1 below, the market share concentration in this industry is low.13 Post subprime mortgage crisis, the industry had seen a large-scale merger and acquisition activity with an initial increase in market share concentration. In the recent five years, though this activity has continued, it's mostly been between mid-sized firms that were looking to spread increased operational expenses from increased regulation. Since the top four firms did not acquire any more companies, the market share concentration amongst the large companies in fact decreased. This decrease was furthered by a slower pace of growth that resulted from lack of acquisitions. IBISWorld also provides an insight into the change in market share over the years.14 We observe that through the market shares of Bank of America and Wells Fargo declined over the years, the market share of JPMorgan was rather stable, and in fact increased in 2020.

Table 1: Market Share of Various firms in the Industry - 2021

JP Morgan is at the maturity stage of its growth.14 Its products are well defined and have gained consumer acceptance. Industry consolidation is increasing, and the number of employees is stabilizing. However, the advent of digital banking has spurred a potential for further growth.

A comparative performance graph of the annualized return for JPMorgan and its competitors is shown below. We observe that amongst the top 4 competitors holding about 40% of the market share, the swings in the annualized returns is the smallest for JPMorgan.15 This indicates that as compared to its major competitors, JPMorgan is a less risky investment.

Figure 3: Trend of Annualized Returns of Major Players (2016 – 2020)

V. Fundamentals and Valuations

The early development of the JP Morgan Chase financial institution began when the family’s patriarch, Junius S. Morgan, moved to London in 1854 to join the private banking firm, George Peabody and Co. In 1868, successor J. Pierpoint Morgan partnered with Anthony Drexel to open Drexel, Morgan, and Co., which was later renamed J.P. Morgan and Co. In 1895, they boasted 4 partnerships in New York, Philadelphia, London, and Paris. The man, J. P. Morgan, went on to become a pioneer in the financial industry by making such decisions as completing the underwriting of the Northern Pacific Railroad, organizing a private sale of government bonds to European buyers after the Panic of 1893, and helping to finance the Panama Canal, in addition to several other lucrative ventures that would benefit the United States economy.16

Nine years after the opening of Drexel, Morgan, and Co, Chase National Bank was founded by John Thompson, naming it after Salmon Chase, who was the architect of the National Banking System. In 1930, Chase became the world’s largest bank after merging with Equitable Trust Company, which expanded their overseas banking services. Chase will go on to pursue other mergers, to include the Bank of Manhattan and Chemical Banking Corporation. Chase pioneered some innovations in banking services, such as introducing the credit card in 1958, designing one of the earliest abstract company logos, and implementing an automated check-processing center.16

In 2000, the financial giants, JP Morgan and Chase merged to form JP Morgan Chase and Co. The new company merged with Bank One Corporation in 2004 and the company acquired Bear Stearns and Washington Mutual in 2008. In 2010, the company introduced mobile banking and financed the initial public offering of General Motors. In 2016, the company introduced a multi-million-dollar initiative targeted at young adults and equipping them with skills to help them with job searches. They introduced AdvancingCities in 2018, to invest in the long-term viability of the world’s cities and communities. In 2019, they will introduce a philanthropic effort to promote economic opportunities for black people.16

While there is a litany of accomplishments that the company can boast, JP Morgan Chase and Co. is not without its share of scrutiny and financial mishaps. Since the financial recession of 2008, the financial giant has been involved in multiple lawsuits, resulting in large fines and penalties. For example, the company settled a lawsuit in 2013 in which they were cited for deceiving customers to sign-up for unnecessary and costly services when applying for new credit cards. They were fined $389 million for this lawsuit. The company’s role in the Bernie Madoff Ponzi scheme resulted in a $1.7 billion retribution payout in the 2014 settlement. The company was fined $1.34 billion in 2014 for currency manipulation and collusion- like activities, along with UBS, Citigroup, and Royal Bank of Scotland.17

In the aftermath and the recovery from the recession of 2008, executives of JP Morgan Chase and Co. posit that the banking system is now stronger to be able to withstand any future financial crises. They report that the banking system is better positioned from a perspective of solvency and liquidity, which supports that there could be better outcomes if another recession were to challenge the infrastructure of the banking system. One of the practices that has been implemented to aid banks in preparation of another potential recession is that banks conduct annual stress tests to assess their ability to withstand threats or losses. While the economy hit a record low in March 2009, there have been market highs with stocks hitting all-time highs in 2018. In addition, the status of the United States consumer has improved since 2008 with a lower debt- to -income ratio, less exposure to rate hikes, and improved lending requirements.18

Since the recession of 2008, the US economy suffered another onslaught due to the presentation of the Coronavirus in 2020. JP Morgan Chase and Co. was forced to allocate billion to cover bad loans. In an interview with National Public Radio in July 2020, JP Morgan Chase CEO, Jamie Dimon, reported that there was too much uncertainty regarding the future of the economy despite some positive data that suggested a V-shaped recovery. While Dimon reported that JP Morgan Chase had rebounded more adequately than other big banks from the recession of 2008, he pointed out that the impact of the Coronavirus was not indicative of a normal recession and that the recession would not actually be more noticeable until further down the road. He did point to the government stimulus programs as helpful in delaying the full effects of the recession.18

Over the last 5 years JPM has seen their stock price grow 4 of the last 5 years. They have grown at a minimum of 5% in that time span. 2016 experienced the 5-year low for the firm at $53.07 per share. JPMorgan Chase has seen fluctuations in its annual revenue for the last few years: 2020 was $129.503B, an 8.93% decline from 2019; 2019 was $142.194B, a 9.53% increase from 2018; 2018 was $129.824B, a 13.31% increase from 2017. Currently, JPM boasts a stock price of $156.27, since rebounding from their COVID low of $79.03. The first quarter revenue, ending March 31, 2021, was $33.648B. This is 25.98% of their 2020 revenue, putting the firm on pace to exceed 2020 revenue. JPMorgan Chase’s total assets for the quarter ending March 31, 2021, were $3,689.336B, which is an 8.96% increase since the close of 2020, where their total assets were 3,386.071B. JPMorgan Chase’s total liabilities for the quarter ending March 31, 2021 were $3,408.622B.

Table 2: JPMorgan - Trend of Valuation Metrics (2015 – 2020)

VI. Risk and Returns

When addressing the topic of risks, we must begin with the economic environment at both the macro and micro scale which will affect the short and long-term outlook and profitability of the firm. In 2020 we saw major economic impacts due to a global pandemic which would not be a common event, investors that acquired shares of JPM at the end of calendar year 2019 and sold them at the end of the calendar year 2020 would have seen a loss for the holding period of 8.85%. Relatively speaking this performance is on par with the downturn in the overall market. In the year prior, 2018-2019 JP Morgan saw a gain of 42.80% in returns.

Going into the pandemic banks were in good condition. When the economy is affected at a grand scale of course banks will be affected, but the way banking firms responded to this recent crisis, specifically, how JP Morgan responded was above satisfactory.

In terms of specific risks and issues that the company faces, cyber threats remain to be a significant risk. The company has responded by investing over $600 million per year on cyber defense and cyber hygiene in order to protect consumers data . Other risks that are specific to the company included updates to accounting requirements that will affect how it reports on reserves and how the company is operated. For example, in prior years the company only had to report realized credit losses but now it will have to report on expected credit losses. Which means that will need to have an increase in reserves, if there were a worst case scenario the firm would keep in reserve funds that would usually go out to investors as dividends so that it can remain in compliance with regulatory policies.

We want to address how much risk investors are taking on and if it would have been more prudent to invest in risk free instruments like treasury bonds and other US government backed investments. The Sharpe Ratio is one way to benchmark if an investment’s returns outweigh its risks. In 2020 treasury bond yields were decreasing which means the prices of bonds at the beginning of the year were lower by the end of the year they were much higher since yields had fallen. Given what we know about performance in equities using the Sharpe Ratio logic, stakeholder shares in JP Morgan would be the more profitable investment with a holding period return of 8.85% as stated above.

VII. Recommendations

A good way to determine the health of a company is by evaluating its earnings or net income relative to the stockholders shares outstanding, this will give us its earnings per share. The last four quarters reports on EPS have outperformed analyst expectations. For Q1 of 2021 the surprise factor beat estimates by $1.40 with actually EPS being $4.50. Even in 2020 the company outperformed expectations. A survey of 23 analysts gave a median estimated forecast for the next 12-month period of $171, a high of $200, and respectively a low estimate of $110.19 Another positive indicator for JP Morgan is investor sentiment which remains most positive based on the reporting of the previous quarter.

In terms of volatility (β), JP Morgan has a five year β of 1.19, indicating that it closely resembles movements in the market while being slightly riskier but still not anything that substantially deviates from undiversifiable risk.21 The market will decide on much of the performance of JPM. In the days and months ahead as more Americans head back to work and COVID - 19 restrictions are lifted across the country demand will increase for goods and services, with retail banking falling into the latter category.

Inflation may be the next topic to pay attention to, while the economic stimulus package was effective in keeping the economy afloat, which has done its intended purpose. However, it did come with side effects. A recent press meeting with the Federal Reserve signaled rate hikes sooner rather than later to tighten up the supply of money, ultimately it will bring lending rates up again.22 The recommendation for investors would be buy and hold. With the economic outlook becoming more positive and considering how JP Morgan performed even under stress, it is more likely that performance in the coming months will match if not exceed expectations.

VIII. Summary

JPM’s financial strength and market performance is largely derived from its proven ability to diversify its business model and reach across a broad spectrum of wholesale and consumer businesses. It has adapted up to date technology in order to reach customers and invested in ways to protect customers from cyber security threats thus boosting confidence and driving up market share prices. JP Morgan has been successful in anticipating the changing needs of customers and evolving dynamically with the economic landscape at the global and local levels.

Although the markets were affected by the global pandemic, with certain expectations for significant drops in performance and profitability especially in the financial sector, JPM overcame those expectations. Even with certain obstacles like increases to credit requirements and additional expenses in 2020. The firm did see a 2.3% in operating profit on risk-weighted assets and a 12% ROE, outpacing its peers even though it added an additional $17 Billion in reserve requirements. In the following quarter, 1Q21, the results were even stronger due to reserve requirements being released into most of the firm’s lines of businesses.

JPM’s ratings remain strong and are poised to continue being profitable and remaining resilient and even triumphant in the face of a volatile external environment.23 The firm's broad scope of economic activity has allowed it to thrive, diversifying its business has proven to be an effective strategy to play defense in such uncertain and transformative times across the contemporary business terrain. The future is bright for JP Morgan, and we believe that it will continue to ascend into new heights along with the global economy.

IX. References

1. JPMorgan Chase 10 – K (2021). Retrieved from
2. https://www.sec.gov/ix?doc=/Archives/edgar/data/19617/000001961721000236/jpm-
3. 20201231.htm
4. JPMorgan Chase and Co (JPM) Business Segments Description. Retrieved from
5. https://csimarket.com/stocks/segments.php?code=JPM
6. Sen, A. & Marshall, E. (2021). “JPMorgan Profits on Capital Markets in a Cash-Flush Economy.” Reuters. Retrieved from www.reuters.com/business/jpmorgan-profit-surges- huge-trading-investment-banking-boost-2021-04-14/
7. 4. Franklin, J. (2021). “JPMorgan Foresees Investment Banking Boom Picking up Earnings Slack.” Financial Times. Retrieved from www.ft.com/content/7ecf1a70-c309-4a09-bb6b- 982f25dadc08
8. Jennings, K. (2021). “JP Morgan Chase Launches Its Own Health Business Unit Three Months After Haven Implodes”. Forbes. Retrieved from www.forbes.com/sites/katiejennings/2021/05/20/jp-morgan-chase-launches-its-own-health- business-unit-three-months-after-haven-implodes/?sh=4ad421b2704b
9. Federal Reserve Bank of San Francisco (2005). “Please Explain How Financial Markets May Affect Economic Performance”. Retrieved from www.frbsf.org/education/publications/doctor-econ/2005/january/financial-markets-economic- performance/
10. Fernando, J (2021). “Inflation.” Investopedia. Retrieved from
11. https://www.investopedia.com/terms/i/inflation.asp

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1. Son, H (2021). “Jamie Dimon Says JPMorgan Is Hoarding Cash Because 'Very Good Chance' Inflation Is Here to Stay”. CNBC Retrieved from www.cnbc.com/2021/06/14/jamie- dimon-jpmorgan-is-hoarding-cash-because-very-good-chance-inflation-here-to-stay.html
2. Finance and Insurance in US Industry Report (Accessed 06/12/2021). “About Industry”. Retrieved from https://my-ibisworld-com.ezproxy3.lhl.uab.edu/us/en/industry/52/about
3. Federal Reserve Statistical Release (Accessed 06/12/2021). “Large Commercial Banks”. Retrieved form https://www.federalreserve.gov/releases/lbr/current/default.htm
4. NAICS Association (Accessed 06/12/2021). Top Businesses by annual Sales for 522110. Retrieved from https://www.naics.com/naics-code-description/?code=522110
5. Commercial Banking in US Industry Report (Accessed 06/13/2021). “Key External Drivers”. Retrieved from https://my-ibisworld-com.ezproxy3.lhl.uab.edu/us/en/industry/52/about
6. Commercial Banking in US Industry Report (Accessed 06/13/2021). “Market Share Concentration”. Retrieved from https://my-ibisworld- com.ezproxy3.lhl.uab.edu/us/en/industry/52/about
7. Commercial Banking in US Industry Report (Accessed 06/13/2021). “Industry Life Cycle”. Retrieved from https://my-ibisworld-com.ezproxy3.lhl.uab.edu/us/en/industry/52/about
8. Year to year returns (Accessed 06/14/2021). Retrieved from
9. http:///www.1stock1.com/1stock1_133.htm

16. JPMorgan Chase & Co. “History of Our Firm”. Retrieved from

https://www.jpmorganchase.com/about/our-history

17. Cummans, J. “JP Morgan's Fines To Date: A Brief History (JPM)”. Retrieved From

https://www.dividend.com/dividend-education/a-brief-history-of-jp-morgans-massive-fines- jpm/

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18. JPMorgan Chase & Co. “10 Years After the Financial Crisis”. Retrieved from

https://www.jpmorgan.com/insights/research/10-years-after-crisis

19. JPMorgan Chase & Co. CNN Business. Retrieved From

https://money.cnn.com/quote/forecast/forecast.html?symb=jpm

20. JPMorgan Chase & Co. Stock Investors. Retrieved From

https://www.tipranks.com/stocks/jpm/stock-investors

1. JPMorgan Chase & Co. (JPM) NYSE - Nasdaq Real Time Price. Currency in USD. Retrieved From https://finance.yahoo.com/quote/JPM/
2. Cox, J. (2021). “The Fed moves up its timeline for rate hikes as inflation rises”. CNBC. Retrieved From https://www.cnbc.com/2021/06/16/fed-holds-rates-steady-but-raises- inflation-expectations-sharply-and-makes-no-mention-of-taper.html
3. Fitch Ratings (2021). “Fitch Ratings Affirms JPMorgan Chase & Co.'s at 'AA-'/'F1+'; Outlook Revised to Stable”. Retrieved from https://www.fitchratings.com/research/banks/fitch-ratings-affirms-jpmorgan-chase-co-at-aa- f1-outlook-revised-to-stable-23-04-2021