Investor Day 2023
We expect expense growth to remain at low-to-mid single digits over the medium term as our investments
are fully at scale
NOT TO SCALE
2022
Actuals
FIRMWIDE PAYMENTS EXPENSES ($B)
EXPENSES GOING FORWARD
+
Limited increase in investment spend as our
transformation efforts are largely staffed and at scale
Modest increase in 2023 expenses driven primarily
by wage inflation and regulatory surcharges as well
as acquisition-related expenses
As we add clients and volume, modest increase
+ in structural and volume-related expenses
Productivity gains to be delivered by new
operating model integrating product and
technology organizations
Volume- &
revenue-related
Investments
Structural/
Productivity
2023
JPMORGAN CHASE & CO.
Overall, we expect low-to-mid single digit
expense growth for the medium-term
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