The following table provides a summary of the Firm’s segment results as of or for the three and six months ended June 30, 2018 and 2017, 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 for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive 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. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.

Business segment capital allocation

The amount of capital assigned to each business is referred to as equity. On at least an annual basis, the Firm assesses the level of capital required for each line of business as well as the assumptions and methodologies used to allocate capital. For additional information on business segment capital allocation, refer to Line of business equity on pages 88-89 of JPMorgan Chase’s 2017 Annual Report.

Effective January 1, 2018, the Firm adopted several new accounting standards. Certain of the new accounting standards were applied retrospectively and, accordingly, prior period amounts were revised. For additional information, refer to Note 1.

Net income in 2018 for the business segments reflects the favorable impact of the reduction in the U.S. federal statutory income tax rate as a result of the TCJA.



Segment results and reconciliation^(a)
As of or for the three months ended June 30, (in millions, except ratios)	Consumer & Community Banking						Corporate & Investment Bank						Commercial Banking						Asset & Wealth Management
	2018			2017			2018			2017			2018			2017			2018			2017
Noninterest revenue	$	3,748		$	3,684		$	7,532		$	6,480		$	633		$	583		$	2,687		$	2,591
Net interest income	8,749			7,728			2,391			2,445			1,683			1,505			885			846
Total net revenue	12,497			11,412			9,923			8,925			2,316			2,088			3,572			3,437
Provision for credit losses	1,108			1,394			58			(53		)	43			(130		)	2			4
Noninterest expense	6,879			6,500			5,403			4,877			844			790			2,566			2,417
Income before income tax expense	4,510			3,518			4,462			4,101			1,429			1,428			1,004			1,016
Income tax expense	1,098			1,295			1,264			1,391			342			526			249			392
Net income	$	3,412		$	2,223		$	3,198		$	2,710		$	1,087		$	902		$	755		$	624
Average equity	$	51,000		$	51,000		$	70,000		$	70,000		$	20,000		$	20,000		$	9,000		$	9,000
Total assets	552,674			529,859			908,954			847,377			220,232			220,676			161,474			147,508
Return on equity	26		%	17		%	17		%	15		%	21		%	17		%	33		%	27		%
Overhead ratio	55			57			54			55			36			38			72			70



As of or for the three months ended June 30, (in millions, except ratios)	Corporate					Reconciling Items^(a)						Total
	2018			2017		2018			2017			2018			2017
Noninterest revenue	$	142		$	781	$	(474	)	$	(596	)	$	14,268		$	13,523
Net interest income	(62		)	23		(161		)	$	(339	)	13,485			12,208
Total net revenue	80			804		(635		)	$	(935	)	27,753			25,731
Provision for credit losses	(1		)	—		—			—			1,210			1,215
Noninterest expense	279			183		—			—			15,971			14,767
Income/(loss) before income tax expense/(benefit)	(198		)	621		(635		)	(935		)	10,572			9,749
Income tax expense/(benefit)	(62		)	51		(635		)	(935		)	2,256			2,720
Net income/(loss)	$	(136	)	$	570	$	—		$	—		$	8,316		$	7,029
Average equity	$	78,901		$	80,200	$	—		$	—		$	228,901		$	230,200
Total assets	746,716			817,754		NA			NA			2,590,050			2,563,174
Return on equity	NM			NM		NM			NM			14		%	12		%
Overhead ratio	NM			NM		NM			NM			58			57


(a)	Segment managed results reflect revenue on an 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.



Segment results and reconciliation^(a)
As of or for the six months ended June 30, (in millions, except ratios)	Consumer & Community Banking						Corporate & Investment Bank						Commercial Banking						Asset & Wealth Management
	2018			2017			2018			2017			2018			2017			2018			2017
Noninterest revenue	$	7,887		$	7,001		$	15,449		$	13,479		$	1,182		$	1,182		$	5,317		$	5,060
Net interest income	17,207			15,381			4,957			5,045			3,300			2,924			1,761			1,665
Total net revenue	25,094			22,382			20,406			18,524			4,482			4,106			7,078			6,725
Provision for credit losses	2,425			2,824			(100		)	(149		)	38			(167		)	17			22
Noninterest expense	13,788			12,895			11,062			10,061			1,688			1,615			5,147			5,198
Income before income tax expense	8,881			6,663			9,444			8,612			2,756			2,658			1,914			1,505
Income tax expense	2,143			2,452			2,272			2,661			644			957			389			496
Net income	$	6,738		$	4,211		$	7,172		$	5,951		$	2,112		$	1,701		$	1,525		$	1,009
Average equity	$	51,000		$	51,000		$	70,000		$	70,000		$	20,000		$	20,000		$	9,000		$	9,000
Total assets	552,674			529,859			908,954			847,377			220,232			220,676			161,474			147,508
Return on equity	26		%	16		%	20		%	16		%	20		%	16		%	33		%	22		%
Overhead ratio	55			58			54			54			38			39			73			77



As of or for the six months ended June 30, (in millions, except ratios)	Corporate						Reconciling Items^(a)						Total
	2018			2017			2018			2017			2018			2017
Noninterest revenue	$	(43	)	$	854		$	(929	)	$	(1,178	)	$	28,863		$	26,398
Net interest income	(109		)	(75		)	(319		)	$	(668	)	26,797			24,272
Total net revenue	(152		)	779			(1,248		)	$	(1,846	)	55,660			50,670
Provision for credit losses	(5		)	—			—			—			2,375			2,530
Noninterest expense	366			281			—			—			32,051			30,050
Income/(loss) before income tax expense/(benefit)	(513		)	498			(1,248		)	(1,846		)	21,234			18,090
Income tax expense/(benefit)	6			(107		)	(1,248		)	(1,846		)	4,206			4,613
Net income/(loss)	$	(519	)	$	605		$	—		$	—		$	17,028		$	13,477
Average equity	$	78,261		$	78,959		$	—		$	—		$	228,261		$	228,959
Total assets	746,716			817,754			NA			NA			2,590,050			2,563,174
Return on equity	NM			NM			NM			NM			14		%	11		%
Overhead ratio	NM			NM			NM			NM			58			59


(a)	Segment managed results reflect revenue on an 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.