JPMorgan Chase was the first of the big banks to release first quarter earnings on Wednesday.
Although the firm's consumer business is predominately focsued on the U.S., the firm's wholesale buisnesses—investment bank, treasury and security services, asset management—will invest more cash to increase its overseas footprint, the CFO of JP Morgan told CNBC Wednesday.
"We're in a well enough position [overseas], but what we also said is we're taking some of our capital and deploying it to invest to grow those buisnesses overseas because that is a great opportunity for our shareholders," Braunstein said.
"A little over 40 percent of the revenues this quarter are associated with revenues overseas. So we have a very long-standing presence internationally," he explained.
In addition, Braunstein went on to say that positives and negatives this quarter "largely equaled each other so a $1.28 of earnings, $5.5 billion dollars, we think, is on its way to a run-rate in a normalized environment."
"We're a long distance from a a normalized environment if you think about the charge-off rates in a number of our portfolios, in particular the home lending portfolio," he said.
This quarter, charge-offs in home lending were about $1.1 billion, down from the fourth quarter, which is a positive trend, added Braunstein.
"There is ample room for that charge-off rate to decline and that is true across the entire portfolio ... charge-offs rates on an absolute basis stay very high today," he said.
In addition, the CFO said JPM continues to be "positioned to actually generate more income in a rising rate environment," which is largely because the company is a large deposit taking institution.
"The spreads have really compressed on those deposits, so many of our businesses would actually earn substantially more money in a rising rate environment. That is not true of all of our businesses ... but generally we are positioned that way."
Also, the financial giant took a one-time change in valuation to its mortgage servicing asset.
"All of that valuation change, a billion one of valuation change, is associated with the rising cost in servicing and in particular it's associated with what will be announced as a consent order between ourselves and our supervisory regulators—the Fed and OCC—in anticipation of many of the stringent requirements we'll going to have to put into place," he explained.
During the financial crisis JPMorgan acquired Washington Mutual, and although this transaction didn't work out exactly the way they anticipated, the Braunstein thinks it'll prove to be a "very positive outcome" for shareholders and its overall business."
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