Added10-Q 2026-11-03 vs 10-K 2026-02-13
Refer to the Supervision and regulation section on pages 2-6 of JPMorganChase’s 2025 Form 10-K for information on Supervision and Regulation.
JPMJPMorgan Chase
JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”, NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. 10-K, Item 1
- Employees
- 318,512
- Headquarters
- New York, NY
- CEO
- James Dimon
- Next results
- around Jan 12, 2027
Risk factors in the latest filings
102 new paragraphs in the 10-K, 37 new in the latest 10-Q
New in the 10-K
Paragraphs with nothing like them in last year's 10-K
102 paragraphs in Risk Factors of the 10-K filed Feb 13, 2026 with nothing like them in the 10-K filed Feb 14, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
credit risk with respect to clients, customers, counterparties and other market participants.
Similar paragraph at 1 of 75 other Financials companies: HOODRead in the 10-K ↗
The following terms which are used in the risk factors set forth below have these meanings:
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“governmental authorities” means governmental and regulatory agencies, legislative and judicial bodies and other governmental entities and authorities in the countries, states, municipalities, territories, regions and other jurisdictions in which JPMorganChase does business.
“penalties” means fines, penalties or other sanctions imposed by governmental authorities.
JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.
JPMorganChase must comply with applicable law in all of the jurisdictions around the world where it does business. Like other financial services firms, JPMorganChase is subject to extensive supervision and regulation that significantly affects the way that it conducts its business and structures its operations. The supervisory and regulatory framework also imposes requirements for JPMorganChase to implement and maintain compliance programs, and the complexity of these programs can increase its risks of non-compliance. In addition, entering into or acquiring a new business or expanding current business could increase the scope of applicable law or supervision and regulation to which JPMorganChase is subject.
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These types of changes could increase JPMorganChase’s costs or reduce its revenues. In addition, any failure by JPMorganChase to comply with applicable law or meet supervisory expectations could result in:
Furthermore, regulators or governmental authorities could adopt new interpretations of applicable law or supervisory expectations, and in certain circumstances, JPMorganChase could be required to demonstrate that prior conduct complies with these new interpretations. This situation could increase the risks associated with non-compliance and result in the imposition of penalties or enforcement actions. In addition, the business or operations of financial services firms such as JPMorganChase may be negatively affected by executive orders or other executive branch actions that seek to regulate those businesses or operations.
Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
Various factors could influence the scope of applicable law and supervision for a firm that provides financial services, such as the size of the firm, the businesses in which it engages and its jurisdiction of organization. For example:
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•certain competitors, such as financial technology companies, may not be subject to banking regulation, or may be subject to less stringent oversight, or
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A highly-regulated financial services firm such as JPMorganChase can be vulnerable to competition from firms that are less regulated or unregulated. In addition, differences in regulatory implementation between the U.S. and other countries could adversely affect JPMorganChase’s businesses. For example, a national financial services regulator may impose requirements
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•implementing processes within locally-based subsidiaries for complying with applicable law
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pending against JPMorganChase could result in judgments, settlements or penalties adverse to JPMorganChase, and any such resolution of legal proceedings could materially and adversely affect JPMorganChase’s business, financial condition or results of operations, or cause serious reputational harm. In addition, the extent of JPMorganChase’s exposure to legal matters is unpredictable and could, in some cases, exceed the amount of reserves that JPMorganChase has established for those matters.
Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
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•it will be subject to heightened regulatory scrutiny and pervasive investigations and enforcement actions by governmental authorities, as well as criticism or litigation from clients or customers who claim that they have been harmed by actions taken by JPMorganChase in order to comply with applicable law
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•resolutions of investigations and enforcement actions will result in the imposition of significant penalties, and
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As a participant in the financial services industry, it is likely that JPMorganChase will continue to experience a high level of litigation and investigations by
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•applicable law or judicial orders that are ambiguous, conflicting, or inconsistently applied or interpreted
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•investor, consumer and business sentiment, or confidence in the financial markets
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•unexpected credit events, credit rating downgrades and large counterparty losses
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Furthermore, any significant and sustained deterioration in market conditions could reduce fee revenue due to lower transaction volumes, including when clients are unwilling or unable to refinance their outstanding debt obligations. Additionally, the profitability of JPMorganChase’s capital markets activities could be impacted if it needs to dispose of portions of credit commitments at a loss or hold larger residual positions in credit commitments that cannot be sold at favorable prices.
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prices, and could lead to further withdrawals based on the weaker investment performance.
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•the loss of deposits, including where customers transition to higher-yielding products
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All of these outcomes could adversely affect JPMorganChase’s earnings or its liquidity and capital levels, with more severe impacts in a prolonged period of high interest rates.
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•compressed net interest margins, which could result in lower earnings on JPMorganChase’s investment securities portfolio
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When credit spreads widen, it becomes more expensive for JPMorganChase to borrow.
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•become involved in disputes and litigation with CCPs, the client’s bankruptcy estate and other creditors, or
In addition, JPMorganChase has in the past, and could in the future, experience instances in which borrowers or other counterparties engage in fraudulent activity related to the accounting, reporting or representation
of collateral. Such practices have resulted and could in the future result in losses for JPMorganChase potentially undermining the effectiveness of collateral requirements and negatively affecting JPMorganChase's financial condition and results of operations.
All of the foregoing events could increase JPMorganChase’s operational and litigation costs, and JPMorganChase could suffer losses to the extent that the realized value of any collateral that it has received is insufficient to cover those losses.
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More broadly, widespread defaults on consumer debt could lead to recessionary conditions in the U.S. economy, and JPMorganChase’s consumer businesses could earn lower revenues in such an environment.
Furthermore, the interconnectivity across credit markets increases the risk that the significant expansion of private credit could worsen losses among non-bank lenders and their borrowers, particularly if stress or defaults spread to broader funding and credit markets. Such developments could impair asset valuations, reduce market-wide liquidity, disrupt borrowers’ ability to refinance, and increase default rates, especially if non-bank lenders have weaker underwriting standards, loans are less liquid, or transparency is limited. These outcomes could adversely affect JPMorganChase’s results of operations and lead to losses on market-making positions in its wholesale businesses.
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•actions by governmental authorities, including changes in regulatory requirements relating to liquidity or capital
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•unexpected loss of deposits, including due to deposit pricing or migration to other investment products
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limited during periods of market stress, low investor confidence or significant market illiquidity.
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JPMorganChase’s ability to distribute capital to shareholders, and to support its business activities could be limited if it does not satisfy applicable regulatory capital requirements.
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•actions by banking regulators, as well as changes in applicable law or how applicable law is implemented by banking regulators
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Although more likely in times of stress, JPMorganChase may use its regulatory capital buffers allowing capital ratios to decline below regulatory requirements, subjecting it to restrictions on capital distributions and discretionary bonus payments to its executive officers.
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JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
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•properly design, install, maintain, and train its employees on the use of its systems
•populate its systems with accurate, complete, up-to-date and uncorrupted information
•upgrade its systems on a regular and timely basis in line with technological advancements and evolving security requirements
•maintain the security and operational continuity of its systems, including by carefully managing any changes introduced to its systems
•adhere to applicable law relating to its systems, particularly in regions where JPMorganChase may face a heightened risk of malicious activity.
JPMorganChase has experienced and expects that it will continue to experience failures and disruptions in the stability of its operational systems, including:
•disruptions in its ability to access and use the operational systems of third parties, and
These incidents have resulted in various negative effects for customers, including:
•the inability to access account information or transact through ATM, internet or mobile channels
There can be no assurance that these and other types of operational failures or disruptions will not occur in the future.
Similar paragraph at 1 of 75 other Financials companies: KKRRead in the 10-K ↗
JPMorganChase also depends on its ability to access and use the operational systems of third parties, including:
•vendors, including providers of security, technology and data and cloud computing services, and
•other market participants, such as clearing and payment systems, CCPs and securities exchanges.
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JPMorganChase’s interconnectedness with clients, customers and other external parties could be a source of significant operational risk.
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JPMorganChase experiences numerous cyber attacks on its computer systems, software, networks and other technology assets. Cyber attacks could take many forms, and may be designed to:
•introduce computer viruses or malicious code (i.e., “malware”) into JPMorganChase’s systems.
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Threat actors that perpetrate cyber attacks include individuals or groups that are:
•sponsored by, or acting on behalf of, hostile countries or terrorist organizations
•engaged in using technology to promote a political or social agenda (i.e., “hacktivists”).
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JPMorganChase cannot guarantee that it will always detect cybersecurity threats to its systems or implement effective preventive measures against those threats. The reasons for this include:
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The cybersecurity risks that JPMorganChase faces could be intensified by factors such as:
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In addition, JPMorganChase could be required to make significant investments in technology in order to transition effectively to more robust security protections, including quantum-resistant encryption. Any such transition may not be completed before relevant threats become operational, and JPMorganChase’s interconnectedness with third parties who may be slower to adopt such protections could further increase its vulnerability to data compromise.
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JPMorganChase could become increasingly vulnerable to cyber attacks if it does not, in a timely manner, identify and address emerging threats, known vulnerabilities or shortcomings in its cybersecurity controls, or if it fails to prioritize or complete enhancements to address them particularly in jurisdictions that could pose a heightened risk to its operations, including enhancements relating to:
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Any of the above cybersecurity risks to which JPMorganChase may be exposed could also affect JPMorganChase’s vendors or other third parties with which it does business or is interconnected, including governmental entities and other market participants. A successful circumvention of JPMorganChase’s systems of any of those third parties could cause serious negative consequences, including:
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•significant exposure to litigation, investigations by governmental authorities and penalties, and
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JPMorganChase may not always identify or recognize the full extent of operational risks that could arise from:
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•the acquisition or integration of, or investment in, a new business, product or portfolio, including the development of any related technological capabilities
•changes to existing products, services, delivery platforms, businesses and technologies.
Any significant failure by JPMorganChase to identify the operational risks associated with these types of changes, or to implement adequate controls to mitigate those risks, has resulted and could in the future result in:
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•any failure by employees to adhere to controls designed to mitigate operational risks
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JPMorganChase’s businesses and operations are subject to applicable law globally related to the collection, use, sharing, storage and protection of personal information of individuals. Complying with these applicable laws could:
•hinder development, curtail offerings or affect pricing and delivery methods of products and services
•restrict JPMorganChase from transferring information across national borders or sharing information among affiliates or with third parties such as vendors, thereby increasing compliance costs and operational risk
•present situations where the applicable law of one country conflicts with that of another, and
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JPMorganChase could face legal proceedings, including governmental investigations or enforcement actions, if personal information is mishandled, including if unauthorized parties receive, intercept, or compromise it, if JPMorganChase fails or is perceived
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•utility or telecommunications failures, internet outages or shutdowns of mass transit
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•interruption of service from third-party service providers, including financial market infrastructures
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•harm customers or clients, and cause JPMorganChase to incur associated liabilities
•lead to non-compliance with applicable law, or attract heightened regulatory scrutiny
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JPMorganChase uses various models and other analytical and judgment-based estimations to measure, monitor and implement controls related to its
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•appropriately balance workforce planning and training as new technologies, such as AI, are adopted and integrated, or
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Competition in the financial services industry could lead to negative effects on JPMorganChase’s results of operations.
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Actions by competitors could put pressure on the pricing for JPMorganChase’s products and services or could cause it to lose market share, particularly with respect to investment products and traditional banking products. In addition, advocacy by non-banking competitors for exemptions from regulatory requirements could significantly disadvantage traditional financial institutions.
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JPMorganChase’s operations, results, and competitive standing could be adversely affected by the development of advanced technologies such as AI.
Similar paragraph at 1 of 75 other Financials companies: MTBThe rapid development and deployment of advanced technologies, including generative and agentic AI systems, present a range of risks to JPMorganChase’s businesses and operations, including:
•AI system failures, inappropriate use of AI systems, lack of transparency in AI systems, or inaccurate or biased output from AI systems resulting from rapid deployment, insufficient testing, erroneous data, ineffective model design or insufficient controls, which could disrupt operations, cause erroneous transactions, compromise data privacy, infringe on intellectual property, harm clients and customers, or impair JPMorganChase’s ability to make sound business decisions
•increased exposure to cyber attacks, system manipulation, or data loss if AI systems, particularly agentic systems, are not designed and implemented with appropriate safeguards to prevent systems from accessing sensitive data sources or system resources and taking actions
•intensified AI-enabled cyber threats, which may allow malicious actors to exploit vulnerabilities, reverse-engineer security patches, and conduct sophisticated social engineering attacks, potentially resulting in unauthorized access to sensitive information and data breaches, especially if JPMorganChase fails to adequately maintain, secure and upgrade its technological infrastructure in response to rapidly evolving technological advances
•regulatory and compliance challenges arising from rapidly evolving applicable law, including differences, inconsistencies and conflicts in international standards, which could increase costs, lead to fines and sanctions, and restrict JPMorganChase’s use of AI technologies
•competitive disadvantage if competitors are able to deploy AI more quickly or effectively, potentially gaining advantages in cost efficiency, client and customer experience, or product innovation, which could result in a loss of market share to competitors, or
•replacement or disintermediation of direct customer relationships if AI agents autonomously manage or intermediate financial decisions and product selection or other services for customers.
It is also possible that JPMorganChase could miscalibrate its workforce planning and employee training efforts either because of over-reliance on AI or the failure to appropriately adopt AI. Over-reliance on AI could cause JPMorganChase to experience shortages in qualified staff due to reduced hiring or retention of employees, or could hinder the development or enhancement of important skills among its employees, including critical thinking, problem-solving, judgment, creativity and adaptability. On the other hand, any efficiencies or competitive advantages that AI may offer could be squandered if JPMorganChase fails to adopt AI in a timely and judicious manner and to make related adjustments to its workforce.
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Both physical risks and transition risks associated with climate change could negatively impact JPMorganChase and its clients and customers. Physical risks include the increased frequency or severity of acute weather events and shifting climate patterns, which may lead to lower asset values, increased insurance costs, and business and supply chain disruptions. Transition risks, including evolving regulatory requirements, carbon taxes and the adoption of new technologies to support lower-carbon operations, may increase compliance and operational costs, contribute to commodity price volatility and impact the profitability of clients and customers that are adapting to a low-carbon economy. Any of these impacts could have a negative effect on the financial condition of JPMorganChase, the financial condition or creditworthiness of JPMorganChase’s clients and customers, JPMorganChase’s exposure to affected companies and markets, or the effectiveness of JPMorganChase’s existing business strategy.
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Damage to JPMorganChase’s reputation could negatively affect its business, results and prospects.
Similar paragraph at 1 of 75 other Financials companies: HBANMaintaining the trust, affinity and goodwill of clients, customers, employees and investors is critical to JPMorganChase’s ability to operate its business successfully. JPMorganChase’s reputation could be harmed by its decisions to engage or not engage with a client or in a business activity that lead to negative commercial impacts, and could also be compromised by:
•inaccurate or misleading information about JPMorganChase or its clients, including results generated by AI, that is rapidly and broadly disseminated through any form of media, including social networking sites, and
Events or circumstances that damage JPMorganChase’s reputation could also negatively affect its business, results of operations and prospects, and could result in:
Similar paragraph at 1 of 75 other Financials companies: MRSHRead in the 10-K ↗
•deliver appropriate standards of service and quality, and to treat clients and customers fairly and with the appropriate standard of care
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Conflicts and hostilities between countries or other antagonists could expand in unpredictable ways, including:
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•sustained disruption to or destruction of infrastructure, including energy and power facilities and undersea cables
•changes in economic alliances or treaties, including the potential fragmentation of trade and economic activity that may result from the formation or hardening of national or regional alliances
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JPMorganChase’s efforts to hire and retain talented employees could be hindered by factors such as:
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New in the latest 10-Q
Paragraphs in the 10-Q filed Nov 3, 2026 that were not in the one before
37 paragraphs in the 10-Q filed Nov 3, 2026 with nothing like them in the 10-Q filed Aug 6, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
Number of shares of common stock outstanding as of September 30, 2026: 2,655,609,509
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*Any Issuer Notice to JPMorgan Chase & Co. under SEC Release No. 34-106402 should be delivered to the above principal executive offices with a copy to TSV. Notice@jpmchase.com.
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brokerage expense and distribution fees, and continued investments in technology and marketing.
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$2.9 Total credit provided and capital(a) raised (including loans and commitments)
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(a) Represents new and renewed credit, including loans and lending-related commitments, as well as unused amounts of advised uncommitted lines of credit where the Firm has discretion on whether to make a loan under these lines.
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• a net loss compared with a net gain in the prior year on certain equity investments in Corporate and CIB.
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Mortgage fees and related income decreased in Home Lending largely driven by lower production revenue, primarily associated with warehouse loans held-for-sale.
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• the current-period tax expense related to the filing of prior-year tax returns as compared with a benefit in the prior year, and
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• current-period tax expense related to the filing of prior-year tax returns as compared with a benefit in the prior year,
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Premises and equipment increased, reflecting the fixed asset additions to and improvements in the Firm's
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Short-term borrowings increased primarily due to higher short-term funding and liquidity management activity in Treasury and CIO.
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• net issuances of long-term debt, predominantly offset by fair value hedge accounting adjustments related to higher rates in Treasury and CIO.
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• higher net unrealized losses in AOCI, driven by the impact of higher interest rates on the AFS securities portfolio and cash flow hedges in Treasury and CIO.
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• higher Card Services NII on higher revolving balances and higher net yield, and
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• higher NII in Banking & Wealth Management ("BWM") on higher average deposit balances.
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• lower production revenue in Home Lending, primarily associated with warehouse loans held-for-sale.
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• higher Card Services NII on higher revolving balances and higher net yield, and
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• higher NII in BWM, driven by higher average deposit balances, largely offset by lower deposit margin.
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(d) Included $67 million of nonaccrual loans held-for-sale at September 30, 2026, which are excluded from the allowance coverage ratio calculations.
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Client assets (continued) Three months ended September 30, Nine months ended September 30, (in billions) 2026 2025 2026 2025 Assets under management rollforward Beginning balance $ 5,140 $ 4,343 $ 4,791 $ 4,045 Net asset flows: Liquidity 42 37 77 78 Fixed income 27 31 82 69 Equity 7 31 37 84 Multi-asset 9 4 25 5 Alternatives 8 6 11 (1) Market/performance/other impacts (23) 147 187 319 Ending balance, September 30 $ 5,210 $ 4,599 $ 5,210 $ 4,599 Client assets rollforward Beginning balance $ 7,663 $ 6,421 $ 7,118 $ 5,932 Net asset flows 263 147 522 347 Market/performance/other impacts (31) 270 255 559 Ending balance, September 30 $ 7,895 $ 6,838 $ 7,895 $ 6,838
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• a net loss compared with a gain in the prior year on certain equity investments.
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• current-period tax expense related to the filing of prior-year tax returns as compared with a benefit in the prior year.
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• current-period tax expense related to the filing of prior-year tax returns as compared with a benefit in the prior year, and
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Enhanced Transparency and Public Accountability of the Supervisory Stress Test and SCB Volatility Reduction Final Rules
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The SCB Volatility Reduction Final Rule will base the SCB on the average of the two preceding stress test results and move the effective date for the SCB requirement from October 1 to January 1. The SCB requirement for firms, including JPMorganChase, will remain at current levels through December 31, 2027, with an updated SCB calculation effective January 1, 2028 based solely on the results of the 2027 Federal Reserve stress test. The first SCB inclusive of averaging will be effective January 1, 2029.
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The Agencies also released a concurrent proposal, “Regulatory Capital Rule: Risk-Based Capital Surcharges for Global Systemically Important Bank Holding Companies; Systemic Risk Report (FR Y-15),”
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For the 12 months ended September 30, 2026, the Firm posted backtesting gains on 165 of the 259 days, and observed 23 VaR backtesting exceptions. The exceptions in the second and third quarters of 2026 were largely driven by volatility after the initial public offerings of certain equity investments held at fair value, for which the Firm uses proxies to estimate VaR when a historical daily time series is not available. For the three months ended September 30, 2026, the Firm posted backtesting gains on 29 of the 66 days, and observed nine VaR backtesting exceptions.
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Fair Value Measurement: Investment Companies with Equity Securities Subject to Contractual Sale Restrictions •Requires investment companies to consider the effect of a contractual sale restriction when measuring an equity security’s fair value and to disclose the amount of the discount attributable to the contractual sale restriction. •Required effective date: January 1, 2028.(a)
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(d) Includes the forward points on foreign exchange forward contracts related to the Firm’s net investment hedges. Refer to Note 4 for information on net investment hedges.
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Unrealized gains or losses at the date of transfer of these securities continue to be reported in AOCI and are amortized into interest income on a level-yield basis over the remaining life of the securities. This amortization will offset the effect on interest income of the amortization of the premium or discount resulting from the transfer recorded at fair value.
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(a) Primarily foreign currency adjustments. During the three months ended September 30, 2025, included an immaterial amount of goodwill written off due to impairment.
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Protection Bureau also announced its intent to address any customer harm caused by the practices identified in the OCC’s report. Separately, a civil lawsuit was filed in January 2026 in Florida state court by President Donald J. Trump, in his personal capacity, and several affiliated corporate entities, against JPMorgan Chase Bank, N.A. and its CEO. In October 2026, the Florida state court removed and transferred the lawsuit to federal court in New York. The defendants have filed a motion to dismiss the complaint.
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In October 2026, a merchant filed a new putative antitrust class action in the Eastern District of New York against the Firm, and other defendants seeking monetary damages for merchants who began to accept Visa-branded or Mastercard-branded credit cards after January 2019, the end of the period covered by the prior damages class action settlement.
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no assurance that the Firm’s litigation reserves will not need to be adjusted in the future.
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Custom lending: Represents a type of loan to AWM's Global Private Bank clients, including loans to private investment funds and loans that are collateralized by nontraditional asset types, such as art work and aircraft. This excludes securities-based lending and mortgages.
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Other information
Name Title Adoption date Duration(a) Aggregate number of shares to be sold(b) Ashley Bacon Chief Risk Officer August 6, 2026 August 6, 2026 – March 31, 2027 50% of the net issued shares received as a result of the RSUs vesting on January 13, 2027 Jeremy Barnum Chief Financial Officer July 24, 2026 July 24, 2026 – March 31, 2027 50% of the net issued shares received as a result of the RSUs vesting on January 13, 2027 Lori Beer Chief Information Officer August 12, 2026 August 12, 2026 – March 31, 2027 50% of the net issued shares received as a result of the RSUs vesting on January 13, 2027 Mary Erdoes CEO, AWM August 6, 2026 August 6, 2025 – March 31, 2027 50% of the net issued shares received as a result of the RSUs vesting on January 13, 2027 Stacey Friedman General Counsel July 24, 2026 July 24, 2026 – March 31, 2027 50% of the net issued shares received as a result of the RSUs vesting on January 13, 2027 Douglas Petno Co-President; July 25, 2026 July 25, 2026 – March 31, 2027 50% of the net issued shares received as a result of the RSUs vesting on January 13, 2027
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(b) Unless otherwise stated, the aggregate number of shares to be sold pursuant to each trading arrangement is dependent on the terms and conditions of, and taxes on, the applicable RSUs, and therefore, is indeterminable at this time.
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10-Q against the 10-K
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 3, 2026 against Item 1A of the 10-K filed Feb 13, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
Read in the 10-Q ↗
Refer to Part I, Item 1A: Risk Factors on pages 9 - 31 of JPMorganChase’s 2025 Form 10-K and Forward-Looking Statements on page 91 of this Form 10-Q for a discussion of certain risk factors affecting the Firm.
Work on JPM in a spreadsheet:
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