“And we can see in our outlook a bunch of factors driving up second half expense, including deal, M&A closing and adding to the run rate as well as continued execution of our investment plans, resulting in increased headcount, probably at a faster pace as we kind of have ramped up our hiring capacity and so on.”

In context

“oing to do. Most of this stuff doesn’t create any additional risk at all. It just creates capital. Operator: The next question is coming from Jim Mitchell from Seaport Global Securities. Jim Mitchell: Maybe just on expenses. If I kind of look at the first half with the slowdown in investment banking, I think you’re annualized less than $76 billion, but you’re still targeting $77 billion. Is that implication of just higher investment spend in the second half or just uncertainty around getting the pipeline completed or not and just assuming it might get done until we know better? Jeremy Barnum: Yes, Jim, good question. We’ve looked at that, too. It’s definitely more of the former than the latter. In other words, $77 billion is the number that we see right now and the number that we believe. And we can see in our outlook a bunch of factors driving up second half expense, including deal, M&A closing and adding to the run rate as well as continued execution of our investment plans, resulting in increased headcount, probably at a faster pace as we kind of have ramped up our hiring capacity and so on. So, I wouldn’t draw any conclusions about lower than $77 billion based on the first half numbers. Jim Mitchell: Okay, great. And then, just maybe on credit. It continues to look, I guess, very good, whether it’s on the consumer side or commercial side. We don’t really see it, but are you starting to see any initial cracks in credit or strains in the system? Jeremy Barnum: Look, I think the short answer to that question is no, certainly not in any of our reported actual results for this quarter. The place that everyone... Jamie Dimon: Excellent. Jeremy Barnum: Right, exactly. Obviously, running still well below normal levels from the pre-pandemic period. But if you really want to kind of turn up the magnification of the microscope and look really, really, really closely, if you look at cas”