| --- |
| title: "House Oversight: Estate Documents (Nov 12) (HOUSE_OVERSIGHT_014336)" |
| source: "House Oversight: Estate Documents (Nov 12)" |
| sourceUrl: "https://www.justice.gov/epstein" |
| date: "2026-01-01" |
| category: "House Oversight" |
| eftaNumber: "HOUSE_OVERSIGHT_014336" |
| ocrPages: 1 |
| ocrChars: 2595 |
| ocrElapsed: 0.0 |
| parseTier: "external-legacy" |
| engine: "engine undisclosed (ep-nov-12.greg.technology mirror)" |
| externalSource: "greg-ep-nov-12" |
| externalLicense: "not granted" |
| externalCredit: "ep-nov-12.greg.technology" |
| externalUrl: "https://ep-nov-12.greg.technology" |
| --- |
| |
| Chart 33: As a current or prospective JPM shareholder, what do you think is most important for the |
| stock to continue its outperformance next year? |
| 70% |
| 60% |
| 62% |
| 50% |
| 40% |
| 30% |
| 20% |
| 14% |
| 14% |
| 10% |
| 10% |
| 0% |
| Top-line revenue |
| growth |
| 0% |
| Continued |
| expense |
| management |
| Positive shift in the |
| interest rate |
| backdrop |
| Accelerating |
| capital return |
| More clarity on |
| regulatory and/or |
| litigation issues |
| facing the industry |
| Source: BofA Merrill Lynch Global Research |
| • JPM cautious on CRE; however, overall credit remains benign. Forty-eight (48%) |
| percent of the audience polled believe concerns around multi-family fundamentals |
| will be concentrated in certain regions. Although credit for the overall bank remains |
| benign, Mr. Petno believes we are in the later stages of the real estate cycle and |
| expressed a cautious tone on the high-end condo/construction market. That said, |
| JPM is primarily exposed to more stable, multi-family credit (i.e. rent-controlled |
| apartments) where the average loan to value is 60%. |
| Chart 34: How do you view fundamentals for multifamily lending in 2017? |
| 60% |
| 48% |
| 50% |
| 40% |
| 35% |
| 30% |
| 20% |
| 6% |
| 10% |
| 3% |
| 6% |
| 0% |
| Softening |
| fundamentals |
| should lead to |
| slower financing |
| activity next year |
| Softening |
| Softening |
| Some concern, but |
| fundamentals |
| fundamentals |
| only in certain |
| should lead to |
| should lead to |
| regions and at |
| worsening credit slower financing certain rental price |
| metrics |
| activity and |
| points |
| worsening credit |
| metrics |
| No concern |
| Source: BofA Merrill Lynch Global Research |
| • With tech/digital intellectual property at fingertips, capabilities within CB are |
| on horizon. Mr. Pento expressed his intention to leverage the technology that the |
| investment Bank has and the investments that the Consumer Bank has to build the |
| ight digital and mobile platforms for the bank's commercial clients. He noted that |
| they have the largest investment and digital budgets ever this year and expect it to |
| increase next year. |
| New York Community Bancorp (NYCB) C-1-8, Buy |
| • Completion of Astoria acquisition best outcome for both banks: Following the |
| recent announcement of a regulatory delay in getting approval for the Astoria |
| acquisition, NYCB CEO Joe Ficalora and CFO Thomas Cangemi reiterated that |
| closing the Astoria deal represents the best outcome for both banks. Beyond that |
| management was limited in its ability to talk about what particular factors led to |
| the delay and refrained from providing a specific timeline to close the deal |
| assuming that the Bods at both banks agree to extend the deal deadline beyond |
| 22 |
| 2016 Future of Financials Conference | 17 November 2016 |
| nkof America |
| errill Lyn |
| HOUSE_OVERSIGHT_014336 |
|
|
