Lots that stands out in $JPM numbers. But the key is provision for credit losses of $8.3bn. Estimates ranged from $1.5bn to $20bn, median at $4.7bn. Q1 2019 was $1.3bn. This is due to "likelihood of fairly severe recession" - Dimon.

Focusing on total credit reserves - now stands at $25.4bn after extra $6.8bn this Q. $23.2 is against loans & $2.1bn against undrawn commitments. With just over $1trn loans, means they have reserved against c. 2.3% of total loans. Will be interesting to compare v all banks.

The biggest surprise positive is this in asset mgt division: "Assets under management were $2.2 trillion, up 7%, driven by cumulative net inflows, partially offset by the impact of lower market levels at the end of the quarter." Impressive in these markets.

Trading revenue as expected very strong. Equities $2.2bn up 28%, FICC $5bn +34%.