Business segments

The Firm is managed on a line of business basis. There are four major reportable business segments – Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset & Wealth Management. In addition, there is a Corporate segment. The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is currently evaluated by management. Results of these lines of business are presented on a managed basis. For a further discussion concerning JPMorgan Chase’s business segments, see Segment results of this footnote.

The following is a description of each of the Firm’s business segments, and the products and services they provide to their respective client bases.

Consumer & Community Banking

CCB offers services to consumers and businesses through bank branches, ATMs, online, mobile and telephone banking. CCB is organized into Consumer & Business Banking (including Consumer Banking/Chase Wealth Management and Business Banking), Mortgage Banking (including Mortgage Production, Mortgage Servicing and Real Estate Portfolios) and Card, Commerce Solutions & Auto. Consumer & Business Banking offers deposit and investment products and services to consumers, and lending, deposit, and cash management and payment solutions to small businesses. Mortgage Banking includes mortgage origination and servicing activities, as well as portfolios consisting of residential mortgages and home equity loans. Card, Commerce Solutions & Auto issues credit cards to consumers and small businesses, offers payment processing services to merchants, originates and services auto loans and leases, and services student loans.

Corporate & Investment Bank

The CIB, which consists of Banking and Markets & Investor Services, offers a broad suite of investment banking, market-making, prime brokerage, and treasury and securities products and services to a global client base of corporations, investors, financial institutions, government and municipal entities. Banking offers a full range of investment banking products and services in all major capital markets, including advising on corporate strategy and structure, capital-raising in equity and debt markets, as well as loan origination and syndication. Banking also includes Treasury Services, which provides transaction services, consisting of cash management and liquidity solutions. Markets & Investor Services is a global market-maker in cash securities and derivative instruments, and also offers sophisticated risk management solutions, prime brokerage, and research. Markets & Investor Services also includes Securities Services, a leading global custodian that provides custody, fund accounting and administration, and securities lending products principally for asset managers, insurance companies and public and private investment funds.

Commercial Banking

CB delivers extensive industry knowledge, local expertise and dedicated service to U.S. and U.S. multinational clients, including corporations, municipalities, financial institutions and nonprofit entities with annual revenue generally ranging from $20 million to $2 billion. In addition, CB provides financing to real estate investors and owners. Partnering with the Firm’s other businesses, CB provides comprehensive financial solutions, including lending, treasury services, investment banking and asset management to meet its clients’ domestic and international financial needs.

Asset & Wealth Management

AWM, with client assets of $2.5 trillion, is a global leader in investment and wealth management. AWM clients include institutions, high-net-worth individuals and retail investors in many major markets throughout the world. AWM offers investment management across most major asset classes including equities, fixed income, alternatives and money market funds. AWM also offers multi-asset investment management, providing solutions for a broad range of clients’ investment needs. For Wealth Management clients, AWM also provides retirement products and services, brokerage and banking services, including trusts and estates, loans, mortgages and deposits. The majority of AWM’s client assets are in actively managed portfolios.

Corporate

The Corporate segment consists of Treasury and CIO and Other Corporate, which includes corporate staff units and expense that is centrally managed. Treasury and CIO are predominantly responsible for measuring, monitoring, reporting and managing the Firm’s liquidity, funding and structural interest rate and foreign exchange risks, as well as executing the Firm’s capital plan. The major Other Corporate units include Real Estate, Enterprise Technology, Legal, Compliance, Finance, Human Resources, Internal Audit, Risk Management, Oversight & Control, Corporate Responsibility and various Other Corporate groups.

Segment results

The following tables provide a summary of the Firm’s segment results as of or for the years ended December 31, 2016, 2015 and 2014 on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue (noninterest revenue and net interest income) for each of the reportable business segments on a FTE basis. Accordingly, revenue from investments receiving tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. This allows management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense/(benefit).

Segment results and reconciliation



As of or for the year ended December 31, (in millions, except ratios)	Consumer & Community Banking									Corporate & Investment Bank									Commercial Banking									Asset & Wealth Management
	2016			2015			2014			2016			2015			2014			2016			2015			2014			2016			2015			2014
Noninterest revenue	$	15,255		$	15,592		$	15,937		$	24,325		$	23,693		$	23,420		$	2,320		$	2,365		$	2,349		$	9,012		$	9,563		$	9,588
Net interest income	29,660			28,228			28,431			10,891			9,849			11,175			5,133			4,520			4,533			3,033			2,556			2,440
Total net revenue	44,915			43,820			44,368			35,216			33,542			34,595			7,453			6,885			6,882			12,045			12,119			12,028
Provision for credit losses	4,494			3,059			3,520			563			332			(161		)	282			442			(189		)	26			4			4
Noninterest expense	24,905			24,909			25,609			18,992			21,361			23,273			2,934			2,881			2,695			8,478			8,886			8,538
Income/(loss) before income tax expense/(benefit)	15,516			15,852			15,239			15,661			11,849			11,483			4,237			3,562			4,376			3,541			3,229			3,486
Income tax expense/(benefit)	5,802			6,063			6,054			4,846			3,759			4,575			1,580			1,371			1,741			1,290			1,294			1,333
Net income/(loss)	$	9,714		$	9,789		$	9,185		$	10,815		$	8,090		$	6,908		$	2,657		$	2,191		$	2,635		$	2,251		$	1,935		$	2,153
Average common equity	$	51,000		$	51,000		$	51,000		$	64,000		$	62,000		$	61,000		$	16,000		$	14,000		$	14,000		$	9,000		$	9,000		$	9,000
Total assets	535,310			502,652			455,634			803,511			748,691			861,466			214,341			200,700			195,267			138,384			131,451			128,701
Return on common equity	18		%	18		%	18		%	16		%	12		%	10		%	16		%	15		%	18		%	24		%	21		%	23		%
Overhead ratio	55			57			58			54			64			67			39			42			39			70			73			71



(table continued from above)
As of or for the year ended December 31, (in millions, except ratios)	Corporate									Reconciling Items^(a)									Total
	2016			2015			2014			2016			2015			2014			2016			2015			2014
Noninterest revenue	$	938		$	800		$	1,972		$	(2,265	)	$	(1,980	)	$	(1,788	)	$	49,585		$	50,033		$	51,478
Net interest income	(1,425		)	(533		)	(1,960		)	(1,209		)	(1,110		)	(985		)	46,083			43,510			43,634
Total net revenue	(487		)	267			12			(3,474		)	(3,090		)	(2,773		)	95,668			93,543			95,112
Provision for credit losses	(4		)	(10		)	(35		)	—			—			—			5,361			3,827			3,139
Noninterest expense	462			977			1,159			—			—			—			55,771			59,014			61,274
Income/(loss) before income tax expense/(benefit)	(945		)	(700		)	(1,112		)	(3,474		)	(3,090		)	(2,773		)	34,536			30,702			30,699
Income tax expense/(benefit)	(241		)	(3,137		)	(1,976		)	(3,474		)	(3,090		)	(2,773		)	9,803			6,260			8,954
Net income/(loss)	$	(704	)	$	2,437		$	864		$	—		$	—		$	—		$	24,733		$	24,442		$	21,745
Average common equity	$	84,631		$	79,690		$	72,400		$	—		$	—		$	—		$	224,631		$	215,690		$	207,400
Total assets	799,426			768,204			931,206			NA			NA			NA			2,490,972			2,351,698			2,572,274
Return on common equity	NM			NM			NM			NM			NM			NM			10		%	11		%	10		%
Overhead ratio	NM			NM			NM			NM			NM			NM			58			63			64


(a)	Segment managed results reflect revenue on a FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.