Good morning, ladies and gentlemen. Welcome to JPMorgan Chase's first quarter 2016 earnings call. This call is being recorded. Your line will be muted for the duration of the call. We will now go live to the presentation. Please stand by. At this time, I would like to turn the call over to JPMorgan Chase's Chairman and CEO, Jamie Dimon and Chief Financial Officer, Marianne Lake. Ms. Lake, please go ahead. Marianne Lake - Chief Financial Officer & Executive Vice President: Thank you, operator. Good morning, everyone. I'm going to take you through the earnings presentation, which is available on our website. Please refer to the disclaimer regarding forward-looking statements at the back of the presentation. Starting on page one, the firm reported net income of $5.5 billion, EPS of $1.35, and a return on tangible common equity of 12% on $24 billion of revenue; and despite the general market backdrop and energy, our results this quarter were quite good and pretty straightforward. Consumers remain on solid footing leading to robust growth in business drivers and strong financial performance. In Consumer we saw double-digit growth in deposits year-on-year, healthy loan growth across products driving 17% core loan growth for the firm, and high single-digit card sales volumes. The wholesale businesses performed in line or better than expectations expressed at Investor Day and delivered decent financial results in challenging markets with significant volatility and global macro uncertainty. The firm's results included one significant item, $773 million of wholesale credit costs, of which $529 million related to Oil & Gas reserves and $162 million related to Metals & Mining reserves, which were generally in line with our guidance. But we also experienced some charge-offs this quarter in these sectors totaling $48 million, which were already contemplated in the Investor Day guidance of…

Your first question comes from the line of Matthew Burnell. One moment. Please go ahead.

Good morning. Thanks for taking my questions. Marianne, maybe a couple of questions on energy. You noted that the provision was slightly above your guidance this quarter relative to what you mentioned you thought it might be in late February. I guess I'm curious in terms of what your expectations are in terms of your guidance relative to potential drawdowns, particularly in the $10 billion of high-yield loans that you have undrawn, and what your ability is to potentially mitigate potential drawdowns based on the financial condition of your borrowers? Marianne Lake - Chief Financial Officer & Executive Vice President: So, hi, Matt. So the first thing I would say is with respect to Oil & Gas, honestly, I think $529 million is pretty close to $500 million plus or minus, so that was pretty much in line. Where you are seeing it be a little bit higher was on Metals & Mining. We're expecting close to $100 million, and there were a couple of extra downgrades that came through in the quarter, and that kind of timing is going to happen. It doesn't change the overall sort of perspective for us. With respect to draws, when I gave some sort of indicative guidance about what you might expect to see potentially in the rest of the year in terms of reserve builds, we do try to take into consideration the likelihood that we will see incremental draws. And clearly, we will work with borrowers to try and help them such that that may not be necessary and in other cases we can reduce our exposure in redetermination cases. But we will expect to see some draws and that's contemplated in our guidance. And I want to make sure that everyone understood that we tried to be very complete, so this is not just Oil & Gas and Metals & Mining. As the NAIC codes would suggest, we've looked at very closely related companies in shipping and marine transportation and the like. So we're trying to be very complete. Jamie Dimon - Chairman & Chief Executive Officer: And we've yet to take a loss. Marianne Lake - Chief Financial Officer & Executive Vice President: We have taken a couple. Jamie Dimon - Chairman & Chief Executive Officer: (20:00) Marianne Lake - Chief Financial Officer & Executive Vice President: Yeah. Nothing – not very much. Jamie Dimon - Chairman & Chief Executive Officer: Yeah. Marianne Lake - Chief Financial Officer & Executive Vice President: Yeah.

Yeah. Fair enough, that makes sense. But that dovetails nicely actually into my follow-up. In terms of the wholesale non-accrual balances, those were up about $1.2 billion quarter-over-quarter. Can you give us a sense as to how much of that was energy and Metals & Mining? And were there other areas of the portfolio that added to that? And what's your outlook for wholesale non-accruals over the course of the next couple of quarters? Marianne Lake - Chief Financial Officer & Executive Vice President: So of the $1.2 billion, $1 billion was a combination of Oil & Gas and Metals & Mining, so the vast majority. And outside of that, consistent with my comments on contagion, there's not any sort of thematic, other noteworthy thing to mention to you. And obviously, as we continue to watch the sort of cycle play out over the next several quarters and reevaluate some clients that may be experiencing stress, it's likely that we will see some more NPLs. But I gave you context around what we're expecting to see in terms of reserves, so they will go up, but not to numbers that I would consider to be large in the context of our wholesale portfolio.

Your next question comes from the line of Glenn Schorr with Evercore ISI.

Hi. Just one follow-up. What was the drawn-on energy facilities this quarter? It doesn't seem to be too big. And then related to that, what's the reserve as a percentage of drawn credit right now? Marianne Lake - Chief Financial Officer & Executive Vice President: The draws were about $1.3 billion in the quarter, so some but not excessive. And after the reserves that we put up in the first quarter, the coverage ratio is 6.3%.

6.3%, all right. I also think... Jamie Dimon - Chairman & Chief Executive Officer: what is the number on balance sheet? Marianne Lake - Chief Financial Officer & Executive Vice President: That is on the balance sheet.

And then maybe a little bit of different question... Marianne Lake - Chief Financial Officer & Executive Vice President: Sorry, Glenn, just on that 6.3%, that's the firm. If you look in the Commercial Bank, obviously, it's higher. So you've got a sort of different portfolio mix in the Commercial Bank versus the CIB. So for some parts of our portfolio, it's closer to 9% or 10% and in other parts it's lower. Sorry, your second question?

I appreciate that and I thank you. Yeah. The other question is on growth. We've been waiting for a long time, but you've been seeing great growth across a lot of different products. I mean, CRE up 18%, in the Commercial Bank, C&I up 9%. At this stage of the cycle, I appreciate the Consumer has shown a lot of strength, is there any growth where we scratch our heads and said, wow, is that growing too much? It sounds funny for me to be asking for less growth, but just curious to get your thoughts. Marianne Lake - Chief Financial Officer & Executive Vice President: It's a perfectly reasonable question. And obviously, when we look at growth in CRE or the Commercial Real Estate businesses of 18%, it's an obvious question are you doing something different? And the answer is no, we're not. We haven't changed our geographies. We haven't changed our risk appetite. It just simply indicates that we have a good process, and we are continuing to focus on our sort of core capabilities and our core risk segments. But we've been able to take advantage of the opportunity because our process is better, and to a lesser degree, but nonetheless to a degree, given that the CMBS market has been somewhat disrupted.

Your next question comes from the line of Betsy Graseck with Morgan Stanley. Elizabeth Lynn Graseck - Morgan Stanley & Co. LLC: Hi, good morning. Marianne Lake - Chief Financial Officer & Executive Vice President: Hi. Good morning. Elizabeth Lynn Graseck - Morgan Stanley & Co. LLC: I have a question on the living wills. The indication today was that there were four areas that you needed to enhance. Liquidity was one of those, and I was a little surprised to see that given the strength of your liquidity book. I guess what I'm wondering is does the living will submission and the changes that you have to make have an impact on your current business at all? In other words, do you need to build liquidity to meet the requirements that the regulators have, or this is in an obviously worst-case scenario you would build at that time? Marianne Lake - Chief Financial Officer & Executive Vice President: So, Betsy, obviously, with having only received the specific feedback less than 24 hours ago, we still have to get into the analysis phase about what it all means. I would start with your opening comments that considering our liquidity you were surprised, this doesn't appear to be a statement about the adequacy obviously of JPMorgan's liquidity, which is very significant, as you know; but it's really about how we analyze and think about that at the material legal entity level and the inter-affiliate nature of how we fund our entity. So I can't tell you with any clarity exactly what will be required as we get into the analysis. It wouldn't be my core expectation that it would require us to do a meaningful overall new liquidity action, but we have to do the work. Elizabeth Lynn Graseck - Morgan Stanley & Co. LLC: So as we think about the implications of this morning's announcement, it's around your planning and procedures as opposed to a likely impact on the business operations today and the results that you can generate. Is that a reasonable conclusion? Marianne Lake - Chief Financial Officer & Executive Vice President: Again, just based on our preliminary read, I think there's going to be significant work to meet the expectations of the regulators and our plan already had us doing a lot of work around actual real simplification of legal entities and other things. So I don't know that there are going to be significant changes. It's not my primary expectation that there would be, but we do need to have a moment to go through the details.

Your next... Jamie Dimon - Chairman & Chief Executive Officer: The liquidity of the company is extraordinary. We have $400 billion in central banks around the world, $300 billion of AA+ short duration securities, just about $300 billion of very short-term secured, really top-quality repo type of stuff like that. The trading book is $300 billion, which is mostly very liquid kind of stuff, so the liquidity of the company is extraordinary. Marianne Lake - Chief Financial Officer & Executive Vice President: And I would say just, again, we need to do the work and we need to figure out, obviously, what the response to that will be. But it is encouraging that some plans were found to be credible for large systemic financial institutions. And if they have been able to adequately show their preparedness, we're confident we should be able to do the same. We just need to make sure that we understand the details of what it is that we don't have in our plans today that we need to change, and we're committed to doing it.

Your next question comes from the line of Gerard Cassidy with RBC.

Thank you. Good morning. Marianne, can you expand upon your comments in your opening dialogue about the energy exposure? You're not too worried about the contagion risk, but you did say that there are a couple of specific issues relating to some very closely related companies. Can you give us more color on what you're referring to? Marianne Lake - Chief Financial Officer & Executive Vice President: Yes, absolutely. So I just want to – if you use the industry codes the way that you could if you weren't to expand your thinking to just what is technically considered to be an oil and gas company, you would miss out on, for example, a marine shipping company that all they do is ship oil. And therefore, their financial condition and their performance is going to be directly related to the health of the energy sector. Those companies, we have identified them specifically, they are managed within our energy risk team. They are not managed by a different team. So I was simply saying that some of the companies that we are watching and in one or two small cases that had experienced some stress, are not traditional energy companies but their condition is directly related to oil and gas.

Thank you. And then on the loan growth, which is obviously very strong, what are your people on the front lines saying about commercial real estate? Are there any changes in terms of underwriting metrics that your front line people are seeing since we are starting to see in certain markets like multifamily, which you guys have already identified have some weak spots, are there any other underwriting issues that are cropping up now that you didn't see three months ago or six months ago? Marianne Lake - Chief Financial Officer & Executive Vice President: So, and obviously not for us, I would say that it's competitive. The C&I space is very competitive. Commercial Real Estate is also competitive, but it's not irrational and we aren't seeing, or at least we are not seeing very irrational proposals on structure and risk. Meanwhile, we haven't changed our risk appetite. We haven't changed our underwriting standards. We continue to have lower LTVs and higher debt coverage ratios pretty consistently, consistent geography. So speaking for JPMorgan specifically, there has been no change in our underwriting standards. In fact, if anything since the last crisis, obviously, or the last recession, we've tightened our underwriting standards and we've moved away from some of the riskier types of that business, so homebuilders and a lot of construction loan business.

Your next question comes from the line of Michael Mayo with CLSA.

Hi. That was a very serious CEO letter you had in the annual report, but two questions related to that. One would be, you, Jamie, indicate the potential for higher interest rates, and I'm just looking for some more color into why you think that's the case, and if you're preparing the bank for a scenario of higher rates or if you're just trying to just set a tone at the top or perhaps be contrarian. I know you gave some technical factors in the CEO letter. And then the second thing is just the contrast between what you have in the CEO letter, liquidity, trading governance oversight with the living will letter that came out today. And just to follow up on the earlier question, do you simply have to write a better resolution plan, or might you have to change a little bit the way you do business? And does this make you have a more conservative CCAR ask? Marianne Lake - Chief Financial Officer & Executive Vice President: Hey, Mike. I'll start and then Jamie can add to it. So on the interest rate point, the comments are pretty consistent with what we said over time, which is we have the belief that the U.S. economy is continuing to move in the right direction, that the consumer is on solid footing and that despite the noise in the data and some of the volatility in the markets, global growth will continue, albeit at a moderate pace. And obviously, stability in the markets in March has continued to help us with that thesis. And so that coupled with the fact that the Fed themselves – while they're dovish in their narrative in the minutes and also their dots are continuing to talk about gradual increases, and the debate…

Was there anything else from Jamie on that? Because if we compare and contrast the CEO letter to what the regulators just said about you guys, it's not completely consistent. Jamie Dimon - Chairman & Chief Executive Officer: I don't think it's inconsistent. We're trying to meet all the regulations, all the rules, and all the requirements. We've been doing that now for five years or six years. It is five – it's been six years since Dodd-Frank was passed. They have their job to do and we have to conform to it. Marianne Lake - Chief Financial Officer & Executive Vice President: And I know it's easy to overlook the first few statements where there's an acknowledgment that progress has been made. And none of the feedback in the letter negates the significant progress across the industry on capital liquidity, stress testing. So it is consistent, but we have more work to do and we'll do it. Jamie Dimon - Chairman & Chief Executive Officer: And on the interest rate stuff, I wasn't predicting it. I'm simply saying I think there is a chance it will be different than what people expect and it will be a little – as I said, it will be gradual until it's sudden.

Your next question is from the line of Brian Foran with Autonomous.

Hi, good morning. Marianne Lake - Chief Financial Officer & Executive Vice President: Good morning.

I wonder on trading. I appreciate that you reported first so you haven't seen the market yet, but two questions around the whole thesis, the last man standing versus restructures. One, do you have any sense of whether your performance overall on really FICC represented market share gains or not this quarter? And then two, with some of the guidance coming out of the European banks in particular being very poor and some of the restructurings may be accelerating steam, is there any thought around comp and maybe using that as a lever to improve returns over the remainder of the year and into next? Marianne Lake - Chief Financial Officer & Executive Vice President: So obviously, we're the first to read out. And it's very difficult when you think about performance because you also have to think about the relative performance in the comparable periods and prior years and the like. So I would say that down mid-single digits adjusted for what we would consider to have been outperformance last year is really quite good performance. So I don't know that we gained share, but I certainly think we've protected share. And it may differ across the different product sets, but I think in general, we feel pretty good about our performance, and we don't know anything to the contrary. Jamie Dimon - Chairman & Chief Executive Officer: And I would just add that $5 billion plus of sales and trading in a quarter like this I'd look at it as good. We're earning decent returns. We have good margins. I'm not quite sure about share, but it was quite – I would look at it as quite a good performance, and trading losses were, what we had was six days you said to me, or... Marianne Lake -…

Your next question comes from the line of John McDonald with Bernstein. John Eamon McDonald - Sanford C. Bernstein & Co. LLC: Hi. Just a question on expenses. First, was there any legal expense in the quarter? And then just a broader question, Marianne, are the incremental expense saves you're getting from your programs falling to the bottom line, or is it – some of it getting reinvesting? Like in CCB, I noticed the head count is up a little bit on page 11 just the last couple of quarters. Does that reflect like reinvestment of the cost saves? And then just on the legal side if you had anything this quarter. Thanks. Marianne Lake - Chief Financial Officer & Executive Vice President: So on legal, I would – so the number is circa zero pre-tax. It's actually slightly positive after-tax. We did some true-ups so far, assessment on penalties. So actually, net-net about zero this quarter, which I'll take it for the quarter, but it doesn't necessarily predict the future. In terms of expenses, so we talked at Investor Day, Gordon in particular but also Daniel, that we are continuing to invest in our businesses and across the board, in fact, adding bankers and technology and digital, digitizing, et cetera. So we continue to do that across the businesses. And I mentioned in the CCB page that the net expenses, albeit down includes self-funding $200 million of incremental investments year-over-year and growth. But you did notice the head count in the Consumer Businesses is up slightly and that's a combination of the investments we're making in technology and digital; that's about 500 of the heads, and the other 1,500 is increasing part-time staffing in the branches so that we have flexibility to make sure that we have loading at the right times of day for making sure the customer experience is good. So I would characterize it all as very consistent and yes we continue to invest, and that is in part what you're seeing in the head count in CCB. Jamie Dimon - Chairman & Chief Executive Officer: And you saw a new credit card, Freedom Unlimited, 1.5% back. We're doing a lot of stuff in Chase Pay. You heard – so, the Starbucks thing, we are part of top digital site – and we continue to win awards in the consumer banks, so we will always be investing there.

Your next question comes from the line of Erika Najarian with Bank of America.

Yes. Good morning. You're fielding a lot of questions on energy credit quality. But taking a step back, given that the delinquency statistics outside of energy still remain fairly stable, could you give us an outlook for how you think credit quality trends will play out for the rest of the year if the base case is slow growth in the U.S.? Marianne Lake - Chief Financial Officer & Executive Vice President: So it is our expectation across both the Consumer and the Wholesale businesses outside of energy that the credit trends will remain favorable. Credit will be relatively benign. We're not expecting to see material increases except for the fact that we're growing our loan portfolios. So when we did Investor Day we talked about charge-offs this year will go up year-on-year, and they'll go up to potentially as high as $4.75 billion, but half of that would be on the back of the fact that we're growing our portfolios. And so you will just have natural sort of BAU levels of charge-off from that and then the over half would be on energy. So we're not expecting or seeing at this point anything other than good credit quality the rest of 2016 outside of the obvious.

Great. And just one more follow-up question on the living will, could you help us understand what you think the regulators meant in terms of if the remediation is not met by October 1 of this year that there could be more stringent prudential requirements? Could that possibly mean higher capital or liquidity standards if the expectations aren't met by October? I guess we always thought of the living will as more of a cost issue rather than a further tax on regulatory ratios. Marianne Lake - Chief Financial Officer & Executive Vice President: So, I will start by saying that as you know our regulators have extraordinary powers over a wide range of requirements for us regardless, and many ways of influencing those, and you're familiar with most of them. It is absolutely the case that as you look at the resolution process that there are provisions that talk about if a remediation is not satisfactory with or cured within a two-year period, there is a possibility that the regulators could jointly decide and may jointly decide to take other actions that could include capital or liquidity or leverage or operating model discussions. So obviously, they do have those powers, October is not that far away. We're going to do our very, very best to make sure that we put our best foot forward and remediate the issues. And then we have another submission in July of 2017. So not to suggest that we won't fully remediate to the very best of our ability, but the living will process I expect to continue to be somewhat iterative over the next several cycles, and we will continue to push ourselves to raise the bar, and I'm certain that the bar will continue to be raised on us as it should.

Your next question comes from the line of Matt O'Connor with Deutsche Bank.

Good morning. Marianne Lake - Chief Financial Officer & Executive Vice President: Good morning, Matt.

If I look at the first quarter net interest income, which was at least better than what I had, good NIM and think about your full-year outlook, if I take it literally, it implies flattish net interest income dollars from here. And I'm just wondering if that's too literal of interpretation or if maybe there are some offsets to the loan growth we say over the long-term rates as we think about the rest of the year. Marianne Lake - Chief Financial Officer & Executive Vice President: Okay. So we talked about the fact that if there's no change in rates and if we continue to grow our loans we'd expect our NII to go up by $2 billion. And so you're right, if you look at the run rate right now that would be relatively flat from here. I think in our favor because of the easing that's still going on around the rest of the world and the sort of dovish Fed comments there has been a lower re-price just in the industry generally, so that's in our favor but – and you know we're much more sensitive to the front-ended rate. So while we're not suggesting that the long end of the curve has no impact, it's relatively modest, so $2 billion may be a little more, the biggest driver of significantly higher NII above that guidance would be if we had another hike earlier than December.

And then just separately, any comments on the Treasury's ruling on inversion as you think about M&A kind of broadly speaking for the industry and for you guys specifically and if you can frame how much that's driven your M&A revenues in the past or the industry. Any color around that would be helpful. Marianne Lake - Chief Financial Officer & Executive Vice President: So, I'm not going to talk specifically about the Treasury's actions other than saying that we would support fair tax reform in general. With respect to the impact on our business, either historically or going forward, it wouldn't be zero and it wouldn't be significant.

Your next question comes from the line of Jim Mitchell with Buckingham Research.

Hey, good morning. Maybe we could talk a little bit about CCAR. I've had some investors express concern about the Fed's inclusion of negative rates. Have you found that to be difficult in terms of modeling? And overall I guess given the improvement in – on the flip side given the improvement in your capital ratios, do you think that there's – you should be able to see some improvement or increase in CCAR into – now that you've looked at it for a few months? Marianne Lake - Chief Financial Officer & Executive Vice President: Okay. So obviously, I'm not going to be able to talk specifically about our plans that we've submitted because we just submitted them and we haven't had any feedback and they're confidential. But I will tell you that, obviously, negative rates. It was the first time this has been in the scenario. It is not the first time we have talked about it and it's not the first time that we've experienced it, at least in other parts of the world, in Europe, Japan, and elsewhere. So we have had continued discussions. We understand broadly what we think we would do and what would happen to our balance sheet. We can model it and we can effect it. So in that sense now, I mean, obviously, we'll continue to work that process through if it continues to be a feature of CCAR. You're absolutely right that year-over-year our launch point is a higher level of capital. And our balance sheet and our credit quality continues to improve, and our risk levels have not materially changed. So as a general matter, we would hope and we've also added prefs. So as a general matter, we would hope to have incremental capacity, but nothing inconsistent with what we have said externally, which is that the board would like over time to continue to have the capacity to potentially increase dividends, and that we would likely take capacity to within a reasonable range, repurchase our stock and that's the framework that we have used to submit our plan.

Your next question is from the line of Steven Chubak with Nomura.

Hi, good morning. Marianne Lake - Chief Financial Officer & Executive Vice President: Good morning.

So, Marianne, within the Asset Management segment, you noted that the revenues were down in line with the market. But if we isolate the fee income components to exclude some of the IB (46:03) gains you highlighted as well as other income, the revenues declined by double-digit both quarter-on-quarter and year-on-year, which is a bit more pronounced than what we had expected. And I was hoping you could speak to maybe some of the factors outside of the market declines that are maybe impacting revenues in that business, specifically what you're seeing in terms of retail engagement and maybe whether you've seen any improvement in sentiment now that the markets have recovered pretty nicely off the February trough. Marianne Lake - Chief Financial Officer & Executive Vice President: So if I do the sort of – I don't want to use the word core. If I adjust for the full impact of the asset sale that was in the quarter, not just the $150 million in this quarter, but also the revenues that were present with respect to that in the first quarter of last year, my adjusted revenues are down about 4% to a market that on average, while I appreciate that it recovered in March, but the market on average for the quarter was down around 5%. So we would characterize that as generally in line. And similarly, if you do adjustments on the balance sheet side, the assets under management and client assets. So certainly, you can speak to Jason afterwards and reconcile our numbers so that we're not confusing each other. I'm sorry, what was the second part of your question?

The retail engagement. Marianne Lake - Chief Financial Officer & Executive Vice President: Retail engagement, so retail engagement picked up in March, as you would expect. We saw positive flows. We obviously saw a negative flow for the quarter in equities, that's not surprising. And then we saw positive flows, particularly in multi-asset, so we did see some reasonably healthy retail flows in the quarter, but primarily in March and somewhat offset by outflows in equities.

Excellent, thank you. Marianne Lake - Chief Financial Officer & Executive Vice President: Thank you.

Your next question is from the line of Brennan Hawken with UBS.

Good morning, Marianne, a quick question on NIM here. Can you talk about how sustainable you think the NIM expansion might be and whether or not there's anything one-time in the numbers we should adjust for? Marianne Lake - Chief Financial Officer & Executive Vice President: As luck would have it, in this quarter there is nothing one-time that you need to adjust for. Last quarter there obviously was, and so we would expect that our NIM should be stable to improving over the course of 2016, the extent to which it would improve obviously depending upon what happens in terms of gradually rising rates.

Okay, great. Thank you. And then on the energy exposures in the loan book, can you comment on maybe whether or not some of the equity capital raising that we've seen in the energy space has perhaps taken some of the tail risk away from that book? And then is it possible also to update us on the criticized exposures in oil and gas? I believe in the 10-K it was somewhere around $4.5 billion at year end. Marianne Lake - Chief Financial Officer & Executive Vice President: Okay, so with respect to equity capital raises, obviously to a degree that would be true, although those companies that were able to access the equity capital markets are not those that are experiencing the most stress. So obviously all other things equal, it's a positive, but I'm not necessarily thinking it's going to take significant steam or the pressure off. With respect to the second part of your question? I'm so sorry. Jamie Dimon - Chairman & Chief Executive Officer: C&C. Marianne Lake - Chief Financial Officer & Executive Vice President: Jason will get back to you. I'm sorry, I don't have the answer.

No problem, thanks so much.

Okay. Your next question comes from the line of Eric Wasserstrom with Guggenheim Securities.

Thanks. Marianne, can you comment on what competitive conditions are like in the credit card market currently and if there has been any change around the intensity of competition for co-brand and rewards? And I think, Jamie, you alluded to the launch of a new product. I'd love to get an update on your initial thoughts about how that's going. Marianne Lake - Chief Financial Officer & Executive Vice President: Okay. So no, nothing has changed in the card competitive landscape, including in co-brand. It's still very competitive, albeit that we are – we saw a little bit of deceleration in sales growth year over year last year and we've seen that trend back positively for us this year. So we feel good about that and we've been increasing our marketing spend. And as Jamie just said, we launched Freedom Unlimited quite recently. And it has been quite recent, but early feedback is very positive with respect to Freedom. We're seeing 50% increases in activity and interest. There's going to be a degree of cannibalization of other products. We would expect that, but so far so good. And we just like to give our customers choices, and it's been favorably received.

Great, thank you. And auto has been a big area of focus, and you touched on it certainly during your Investor Day. But in the mid-cycle range, is there anything going on, on a macro level that would suggest some significant likelihood of credit quality deterioration? Marianne Lake - Chief Financial Officer & Executive Vice President: So, the Manheim is down slightly. We continue to believe and expect that it will continue to trend downwards. And so losses per unit will continue to trend upwards just given where it is today and also the amount of leased inventory that will ultimately go into the used car space over the course of the next several years. However, the fundamentals are still good. The market is still solid. We had pulled back on subprime a while ago. It's a small part of our originations. And so other than seeing some delinquencies pick up as expected in some of the energy-related space but not very significantly, there's nothing at the moment that's on the burner. Jamie Dimon - Chairman & Chief Executive Officer: For us. Marianne Lake - Chief Financial Officer & Executive Vice President: For us. Jamie Dimon - Chairman & Chief Executive Officer: I do think you'll see issues in the market, though.

Your next question comes to line of Paul Miller with FBR. Paul J. Miller - FBR Capital Markets & Co.: Hey, thank you very much. In the Mortgage Banking segment, you wrote down the MSR by almost $0.9 billion. Were there any hedging gains? I couldn't find them in the documents. Any hedging gains to offset that? Marianne Lake - Chief Financial Officer & Executive Vice President: So the MSR P&L for the quarter was a positive $124 million, and they're a combination of BAU immaterial factors that added up to that. And probably about half of it was a combination of hedged performance in the market. Paul J. Miller - FBR Capital Markets & Co.: Okay. And then on the Mortgage Banking side, have you been seeing – you saw the MBA today release that purchase applications are the highest since 2010 or something on that order. Are you seeing the spring buying season, especially on the purchase side, starting to pick up? Marianne Lake - Chief Financial Officer & Executive Vice President: Yes, so our purchase applications are up 30% I think year on year. We're continuing to see positive momentum in that space, and we are seeing spring activity continuing to be robust as expected.

Your next question comes from the line of Ken Usdin with Jefferies.

Hi, thanks. Good morning, just two quick follow-ups on the fee side. Understanding that market dependence is built into the outlook to get to $50 billion of fees for the year, I'm just wondering. Have we now run-rated the combination of the business repositioning, the card revenue run rate, and the toughness of this first quarter? I guess the question is really what are the things that you expect to get better from the first quarter on the fee side outside of normal seasonality? Marianne Lake - Chief Financial Officer & Executive Vice President: Okay. So in terms of run-rated, the two biggest drivers of the walk that we gave at Investor Day were the card co-brand renegotiations and the Mortgage Banking non-interest revenue. I would just point out that while we are seeing some of the incremental impact of card renegotiations, that will play out over the course of the year. But on the positive side – and on the positive side, Mortgage Banking just given where rates were over the quarter has sort of been positive relative to the central expectations when we did Investor Day. So those two things are worth noting, but we are seeing really quite good drivers in noninterest revenue drivers across the Consumer space generally in debit, investments, in fees and accounts in the sort of 4%-5% range and sometimes in the range higher than that. So we're continuing to see exactly what we expected which is the majority of our businesses will continue to deliver mid to high single-digit growth and they seem set to do that. The Card impact will be what it will be and Mortgage NIR will end up down year-over-year, whether it's $700 million or $600 million, we'll see. And so the biggest driver of what the end result will be is going to be Markets.

Yes, okay. And I know it's a smaller line item, but just noticing the guide for security services to be flat from here. There's always some seasonality in there too, but I'm just wondering if you can just give a comment about what you're seeing in that business and are there any incremental challenges that leave you kind of with a flat outlook. Marianne Lake - Chief Financial Officer & Executive Vice President: Yeah. I mean, look, the business is not immune to markets either. So obviously, as you look at their performance for the quarter, our fees have been impacted by lower asset levels, and we also have got the tail impact of some business simplification just getting the tail of that out of their performance. We are also seeing the benefit of higher rates, so I would characterize the majority of those negatives on lower fees and simplification as being behind us, so the trajectory if rates continue to rise would be upwards, but that's why we said market-dependent. We were not expecting our performance to go down from here, flat to up but depending on rates.

Your next question comes from the line of Christopher Wheeler with Atlantic Equities.

Yes. Good morning. The question is really on the compensation ratio. You've obviously done a fantastic job on the cost base, but one of the issues that strikes me is clearly with the reduced revenues, particularly in the capital markets business, your comp down about $400 million compared to the first quarter or the quarter of last year. And obviously, what we've experienced generally is you holding the ratio reasonably steady for the second to third quarter and then truing up with a lower ratio in the fourth quarter. If I'm looking at the estimates we have for revenues on a well-known provider of data, we've got pretty flat revenues being forecast by people like me whether we're right or wrong. Should we be thinking about how you're going to build a bonus pool against this background and whether we should be looking at thinking or thinking that you're going to have to retain the comp ratio at a pretty similar level through the year if indeed we don't see any uptick in revenues and they remain reasonably flat? Marianne Lake - Chief Financial Officer & Executive Vice President: So the comp... Jamie Dimon - Chairman & Chief Executive Officer: I'd just use 32%. Marianne Lake - Chief Financial Officer & Executive Vice President: Yeah. Well, we've given the range 30% to 35%. We've been at the lower end of that range when we performed very strongly. We could drift up if we performed less strongly. We pay for performance, and I think we did a good job in the first quarter.

Okay, thanks. Jamie Dimon - Chairman & Chief Executive Officer: We have among the lowest ratios and we're paying our people properly as well. Marianne Lake - Chief Financial Officer & Executive Vice President: Yeah. And consistently.

Yeah. But I'm by no means arguing about the quality of the ratio. I'm just intrigued because clearly what we're seeing on most leaders and indeed in Europe is the difficulty of building a pool when you've been so used to having a very strong first quarter, obviously, makes it quite difficult. Marianne Lake - Chief Financial Officer & Executive Vice President: Yeah, but...

Maybe just as a follow-up, which is vaguely related, could I just ask, what you talked earlier about where there's a question earlier about competition and picking up market share which indeed you clearly have. But one of the questions I perhaps just wanted to ask is an area you've been pushing hard on is equity, cash equities in particular. My sense is that actually a lot of the players including the Europeans who were doing massive restructurings are putting more capital into equities on the back of the fact that it's a lower capital business. And therefore they think they can get higher returns and just maybe that's why Nomura pulled out of European equities yesterday. What are you seeing in the equity space in particular because I don't – I'm not seeing as much sort of withdrawal as we have done in the fixed space? Marianne Lake - Chief Financial Officer & Executive Vice President: Well, that's very fair and we've talked about it pretty often that people when they restructure, they restructure out of the things that they were less strong at, less profitable at and in many cases they double down where they continue to have strength and we are seeing that and that's what we mean when we say there's always someone less to fiercely compete in every part of our business and equities is no exception, it's not the poster child for that. However, the equities business here at JPMorgan, we've rebuilt our technology platform. We have rebuilt the prime – when we built the prime brokerage international capabilities. The two of those work hand in glove, and we have every opportunity to continue to gain share and win. Jamie Dimon - Chairman & Chief Executive Officer: And we've done very well gaining share in electronic trading and the prime broker has been built in Asia and Europe where we had some weaknesses. So you've seen our share go up and we intend to win it. We have top-notch research, which obviously helps drive the equity business, too.

Your next question comes from the line of Gerard Cassidy with RBC.

Thank you. Marianne, just as a follow-up, I just want to make sure I understood you correctly on the $500 million of incremental reserve build for energy for the remainder of the year, that's for the total of the following nine months. Is that correct? Marianne Lake - Chief Financial Officer & Executive Vice President: That's correct.

I mean, give or take? Marianne Lake - Chief Financial Officer & Executive Vice President: Give or take. And – that's right. Obviously, there's a high degree of variability around it. If we had complete ability to understand it, we would lean into those reserves, but there's a – it's name-specific. It's situation-specific. It would evolve over time. We just wanted to give you an indication that there's likely to be some more costs. It could be plus or minus quite a bit from that, because we've had to make some stress assumptions in there, but $500 million for nine months, yes.

Okay. Thank you and then I know there was the energy-specific Shared National Credit exam that the first quarter results for the industry will reflect similar to your own. But we also have the traditional Shared National Credit exam that's been done for 20-plus years. Any color on how that's going, the normal Shared National Credit exam? Marianne Lake - Chief Financial Officer & Executive Vice President: Yeah. No, Gerard, I'm not going to make any comments about SNC, except to say that everything that we know about SNC is reflected in our results.

Your next question comes from the line of John McDonald with Bernstein. John Eamon McDonald - Sanford C. Bernstein & Co. LLC: Hi. Two quick follow-ups, Marianne. I'm getting a couple of questions about just the math on the energy reserve ratio. I think you mentioned 6.3%. Just to be clear, is that the reserve for loans, over-funded loans, and then there's an additional reserve for unfunded commitments? Marianne Lake - Chief Financial Officer & Executive Vice President: Correct, yes. John Eamon McDonald - Sanford C. Bernstein & Co. LLC: Okay, got it. And then could you tell us the size of your energy commitments and whether they've changed at all this quarter? Marianne Lake - Chief Financial Officer & Executive Vice President: They changed by a couple of billion dollars on a single name that we like. Up.

And there are no further questions at this time. Marianne Lake - Chief Financial Officer & Executive Vice President: Thanks very much. Jamie Dimon - Chairman & Chief Executive Officer: No, wait. Before you all go... Marianne Lake - Chief Financial Officer & Executive Vice President: Oh, yes. Yes. Jamie Dimon - Chairman & Chief Executive Officer: We should say good-bye to Sarah Youngwood, who goes on to a bigger and brighter job as CFO of the Consumer Bank. And she did an outstanding job, and she's being succeeded by Jason, who's going to say hi right now.

Hello, hi. Jamie Dimon - Chairman & Chief Executive Officer: Yeah. So congratulations. Really, you guys have done an outstanding job. Marianne Lake - Chief Financial Officer & Executive Vice President: Ditto that. Thank you, everyone. I nearly forgot. Thank you.

Thank you for joining today's conference call. You may now disconnect.