Investor Day 2023
We are being disciplined with expenses, with growth driven mainly by wage inflation and investments
ADJUSTED EXPENSE 1 ($B)
Investments
$0.6
$27.2
$0.4
$0.2
~$28
$1.5
$25.3
Market
dependent
2023 total investment spend
$3.9B
$3.9
$3.6
$(0.2)
Technology investments
$3.2B
$3.0
CIB technology
$2.1B
Enterprise technology
$1.1B
Digital, Data, and AI/ML
$0.3B
Revenue producers
$0.2B
Acquisitions
$0.1B
$23.6
~$24
$22.3
2021
Volume- &
revenue-
Structural
Investments
2022
related
Volume- &
revenue-
related
Structural
Investments
2023 market
dependent
Volume- & revenue-related
Performance-driven compensation
Volume-related operations, brokerage,
and marketing
Structural
Compensation, including wage inflation
Regulatory
• T&E normalization
Note: Prior-period amounts have been revised to conform with the current presentation. For additional information, see note 1 on slide 44; totals may not sum due to rounding
1 This presentation includes certain non-GAAP financial measures, which exclude the impact of legal expense. Refer to slide 45 for a reconciliation of reported results to these non-GAAP financial measures
JPMORGAN CHASE & CO.
LO
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