A lot of it is consumer-facing, digital personalization, travel, offers, all these things, which we think are wonderful things.

Jan 13, 2026 / receipt, needs a key / Jeremy, CEO | earnings call 2026-01-13 | transcript 354ca463-cc4b-43b3-97d8-47acad751200 | chars 48221-48348 | segment 48

One of the things that you had was that heavy rotation into T&E as people did a lot of traveling and they booked cruises that they hadn't done before and everyone was going out to dinner a lot, whatever. So you had the big spike in T&E, the big rotation into discretionary spending, and that's now normalized.

Oct 11, 2024 / receipt, needs a key / Jamie Dimon, CEO | earnings call 2024-10-11 | transcript ea8446a9-f65f-4fd7-ba4a-d55103bb0893 | chars 37955-38264 | segment 39

And actually, before answering the question, I just want to remind everyone that Jamie is not able to join because he has a travel conflict overseas.

Jul 12, 2024 / receipt, needs a key / Jeremy Barnum, CFO | earnings call 2024-07-12 | transcript d796a260-1ccc-4675-86aa-eaa471b926b2 | chars 11642-11791 | segment 12

Yeah, no, because you did ask a little bit about the expense outlook for next year. So I think at the conference we said I think the consensus was $88 billion, but we're still going through the budget process, et cetera, et cetera. So that's still true. I think we're still kind of in the ballpark, but I would say at the margin there's going to be a little bit of upward pressure. First Republic too or no? Yeah, this is all now including First Republic. And I think there will be a little bit of upward pressure on that as we sort of do our usual thing and look at all the opportunities that we see and the investments that we want to make. No surprise in that sense that we're going to invest prudently. Nothing dramatic, but probably a little bit of upper pressure on the margin.

Oct 13, 2023 / receipt, needs a key / Jeremy, CFO | earnings call 2023-10-13 | transcript e67e8335-7088-4f34-87fb-5c4cefebb828 | chars 48224-49007 | segment 48

Both discretionary and non-discretionary spend are up year-on-year, the strongest growth in discretionary being travel.

Jan 13, 2023 / receipt, needs a key / Jeremy Barnum, CFO | earnings call 2023-01-13 | transcript e78fb87e-0dad-4357-801d-c177a3c0a87f | chars 3317-3436 | segment 3

Expenses of $8 billion were up 11% year-on-year, driven by the investments we're making in technology, travel, marketing, and branches.

Oct 14, 2022 / receipt, needs a key / Jeremy Barnum, CFO | earnings call 2022-10-14 | transcript 7486aa4f-35f2-43ce-bf95-07346240b298 | chars 5052-5187 | segment 5

And as the quarter progressed, we saw a robust re-acceleration of T&E spend, up 64%.

Apr 13, 2022 / receipt, needs a key / Jeremy Barnum, CFO | earnings call 2022-04-13 | transcript 92956ceb-fbaa-46de-b4d4-ef68622679f5 | chars 4805-4889 | segment 4

The first bar is structural. And while the growth of 2% is modest over the two-year period, that includes some COVID-related effects that we would see as temporary, including, for example, lower T&E spend and elevated employee attrition. And we do expect some catch-up in those effects as we look forward.

Jan 14, 2022 / receipt, needs a key / Jamie Dimon, CEO | earnings call 2022-01-14 | transcript 081617c4-3c09-4949-a50f-1178868c1503 | chars 11917-12222 | segment 12

Within that, travel and entertainment spend was up 13% versus 4Q19, though we have seen some softening in recent weeks contemporaneously with the Omicron wave.

Jan 14, 2022 / receipt, needs a key / Jeremy Barnum, CFO | earnings call 2022-01-14 | transcript 081617c4-3c09-4949-a50f-1178868c1503 | chars 4505-4664 | segment 4

As I alluded to earlier, we are seeing some catch up this year, both from the impact of inflation and our compensation expenses, as well as higher non-comp expense with the resumption of T&E.

Jan 14, 2022 / receipt, needs a key / CFO, CFO | earnings call 2022-01-14 | transcript 081617c4-3c09-4949-a50f-1178868c1503 | chars 25463-25654 | segment 25

Within that data, travel and entertainment spend was up 8% versus 3Q19, and very closely tracked the patterns of the Delta variant within the quarter, softening in August and early September and re-accelerating in recent weeks.

Oct 13, 2021 / receipt, needs a key / Jeremy Barnum, CFO | earnings call 2021-10-13 | transcript 847c0d43-4f9c-40fb-af38-7b8814e57a4e | chars 3977-4204 | segment 4

So consumer, Jeremy already said, it's more about lifestyle, travel, lounges, millennial, stuff like that, in asset management and products.

Oct 13, 2021 / receipt, needs a key / Jeremy, other | earnings call 2021-10-13 | transcript 847c0d43-4f9c-40fb-af38-7b8814e57a4e | chars 47301-47441 | segment 49