Business Segments (Tables)

3 Months Ended

Mar. 31, 2019

The following table provides a summary of the Firm’s segment results as of or for the three months ended March 31, 2019 and 2018, 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. For additional information on the Firm’s managed basis, refer to Note 31 of JPMorgan Chase’s 2018 Form 10-K.

Business segment capital allocation

The amount of capital assigned to each business is referred to as equity. On at least an annual basis, the assumptions and methodologies used in capital allocation are assessed and as a result, the capital allocated to lines of business may change. For additional information on business segment capital allocation, refer to Line of business equity on page 91 of JPMorgan Chase’s 2018 Form 10-K.



Segment results and reconciliation^(a)
As of or for the three months ended March 31, (in millions, except ratios)	Consumer & Community Banking						Corporate & Investment Bank						Commercial Banking						Asset & Wealth Management
	2019			2018			2019			2018			2019			2018			2019			2018
Noninterest revenue	$	4,333		$	4,139		$	7,663		$	7,917		$	658		$	549		$	2,593		$	2,630
Net interest income	9,418			8,458			2,185			2,566			1,680			1,617			896			876
Total net revenue	13,751			12,597			9,848			10,483			2,338			2,166			3,489			3,506
Provision for credit losses	1,314			1,317			87			(158		)	90			(5		)	2			15
Noninterest expense	7,211			6,909			5,453			5,659			873			844			2,647			2,581
Income before income tax expense	5,226			4,371			4,308			4,982			1,375			1,327			840			910
Income tax expense	1,263			1,045			1,057			1,008			322			302			179			140
Net income	$	3,963		$	3,326		$	3,251		$	3,974		$	1,053		$	1,025		$	661		$	770
Average equity	$	52,000		$	51,000		$	80,000		$	70,000		$	22,000		$	20,000		$	10,500		$	9,000
Total assets	552,486			540,659			1,006,111			909,845			216,111			220,880			165,865			158,439
Return on equity	30		%	25		%	16		%	22		%	19		%	20		%	25		%	34		%
Overhead ratio	52			55			55			54			37			39			76			74



As of or for the three months ended March 31, (in millions, except ratios)	Corporate						Reconciling Items^(a)						Total
	2019			2018			2019			2018			2019			2018
Noninterest revenue	$	8		$	(185	)	$	(585	)	$	(455	)	$	14,670		$	14,595
Net interest income	417			(47		)	(143		)	(158		)	14,453			13,312
Total net revenue	425			(232		)	(728		)	(613		)	29,123			27,907
Provision for credit losses	2			(4		)	—			—			1,495			1,165
Noninterest expense	211			87			—			—			16,395			16,080
Income/(loss) before income tax expense/(benefit)	212			(315		)	(728		)	(613		)	11,233			10,662
Income tax expense/(benefit)	(39		)	68			(728		)	(613		)	2,054			1,950
Net income/(loss)	$	251		$	(383	)	$	—		$	—		$	9,179		$	8,712
Average equity	$	65,551		$	77,615		$	—		$	—		$	230,051		$	227,615
Total assets	796,615			779,962			NA			NA			2,737,188			2,609,785
Return on equity	NM			NM			NM			NM			16		%	15		%
Overhead ratio	NM			NM			NM			NM			56			58

(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.