When James Dimon takes the microphone Thursday at JPMorgan Chase & Co.'s annual investor day, he won't have to address nationalization talk — unless it's about somebody else's bank.

He won't have to talk about any heroic measures to raise capital — unless it's about somebody else's bank. And when he discusses how the company expects to remain profitable and maybe even return to acquisitions, analysts are likely to give him the benefit of the doubt, just as they did Monday when he described a surprising 87% reduction in JPMorgan Chase's dividend as a "precautionary measure" and freely discussed a role for the bank as an industry consolidator.

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