JP Morgan Chase & Co.

Good morning, ladies and gentlemen. Welcome to JPMorgan Chase's second quarter 2020 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, Jennifer Piepsak. Ms. Piepsak, please go ahead.

Thank you, operator. Good morning, everyone. I'll take you through the presentation, which, as always, is available on our website, and we ask that you please refer to the disclaimer at the back. Starting on page one, the firm reported net income of $4.7 billion, EPS of $1.38, and record revenue of $33.8 billion with a return on tangible common equity of 9%. Included in these results are a number of significant items. First, a credit reserve bill of $8.9 billion, and then approximately $700 million of gains in our bridge book and $500 million of gains in credit adjustments and other, both of which represent reversals of some of the losses we took in the first quarter. As we continue to navigate this challenging and uncertain environment, this quarter's performance once again demonstrates the benefits of the diversification and scale of our platform. So I'll just touch on a few highlights here. CIB reported its highest quarterly revenue on record, with IV fees up 54% and market revenue up 79% year-on-year, each representing record performances with strength across the board.

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