Operator: Good morning, ladies and gentlemen. Welcome to JPMorgan Chase' Fourth Quarter 2013 Earnings Call. This call is being recorded. Your line will be muted for the duration of the call. We will now go live to the presentation. Please standby.
At this time, I would like to turn the call over to JPMorgan Chase's Chairman and CEO, Jamie Dimon; and Chief Financial Officer, Marianne Lake. Ms. Lake, please go ahead.
Marianne Lake - CFO: Thank you, operator. Good morning, everyone. I'm going to take you through the earnings presentation which is available on our website. Please refer to the disclaimer regarding forward-looking statements at the back of the presentation.
So, if we start on Page 1, the Firm generated net income of $5.3 billion for the fourth quarter, or a $1.30 a share, with a return on tangible book home and equity of 14%, on revenues of $24 billion, down 1% year-on-year and up 1% quarter-on-quarter.
As you see, we had several significant items in the quarter, which I will review as we go through the presentation in more detail. But they include a $1.3 billion gain on the sale of Visa shares, and a $0.5 billion gain on the sale of One Chase Manhattan Plaza, both in the Corporate segment; as well as a $0.8 billion pre-tax or a $1.1 billion after-tax impact of legal expense in the quarter, partially built in mortgage, with the remainder built in Corporate, principally the Madoff settlement recently announced; a $1.3 billion benefit from reduced loan loss reserves in consumer businesses; and in addition, CIB's results for the quarter include a $2 billion loss for DVA and FVA, or funding valuation adjustment, which I'll also come back to in more detail.
The total impact of these items is a negative $0.10 of EPS. So not to diminish their importance, but to illustrate the strength of the core performance of the underlying businesses, if you do adjust our results for these items, we would have earned $5.7 billion of net income, a $1.40 a share, and a return on tangible common equity of $0.16.
So talking about the full year, skipping over Page 2 and straight to Page 3, reported net income of nearly $18 billion, or $4.35 a share on revenue of approximately $100 billion and a return on tangible common equity reported of 11%. Again, if you adjust it for all reported significant items in the year; we would have earned net income of over $23 billion, $5.70 a share, and a return on tangible common equity of 15%, again, strong underlying performance for the full year.
Of note, let me talk for a minute about adjusted expenses. You can see on the page that our adjusted expenses that excluding corporate litigation and foreclosure related matters are a flat $60 billion. This is in line, albeit at the high end of our guidance of $59.5 billion to $60 billion for the year. But included in this number is a total of close to $1 billion of other non-corporate legal expenses, which if we had adjusted would have left a more core number at just over $59 billion, despite the incremental investment in controls of $1 billion we made in the year.