Business Segments (Tables)

9 Months Ended

Sep. 30, 2019

The following tables provide a summary of the Firm’s segment results as of or for the three and nine months ended September 30, 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. Refer to Note 31 of JPMorgan Chase’s 2018 Form 10-K for additional information on the Firm’s managed basis.

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. Refer to Line of business equity on page 91 of JPMorgan Chase’s 2018 Form 10-K for additional information on business segment capital allocation.



Segment results and reconciliation^(a)
As of or for the three months ended September 30, (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	$	5,095		$	4,176		$	7,182		$	6,505		$	599		$	576		$	2,713		$	2,680
Net interest income	9,164			9,114			2,156			2,300			1,608			1,695			855			879
Total net revenue	14,259			13,290			9,338			8,805			2,207			2,271			3,568			3,559
Provision for credit losses	1,311			980			92			(42		)	67			(15		)	44			23
Noninterest expense	7,290			6,982			5,348			5,175			881			853			2,622			2,585
Income before income tax expense	5,658			5,328			3,898			3,672			1,259			1,433			902			951
Income tax expense	1,385			1,242			1,089			1,046			322			344			234			227
Net income	$	4,273		$	4,086		$	2,809		$	2,626		$	937		$	1,089		$	668		$	724
Average equity	$	52,000		$	51,000		$	80,000		$	70,000		$	22,000		$	20,000		$	10,500		$	9,000
Total assets	532,487			560,432			1,023,132			928,148			222,483			217,194			174,226			166,716
ROE	32		%	31		%	13		%	14		%	16		%	21		%	24		%	31		%
Overhead ratio	51			53			57			59			40			38			73			73



As of or for the three months ended September 30, (in millions, except ratios)	Corporate					Reconciling Items^(a)						Total
	2019		2018			2019			2018			2019			2018
Noninterest revenue	$	120	$	(177	)	$	(596	)	$	(408	)	$	15,113		$	13,352
Net interest income	572		74			(127		)	(154		)	14,228			13,908
Total net revenue	692		(103		)	(723		)	(562		)	29,341			27,260
Provision for credit losses	—		2			—			—			1,514			948
Noninterest expense	281		28			—			—			16,422			15,623
Income/(loss) before income tax expense/(benefit)	411		(133		)	(723		)	(562		)	11,405			10,689
Income tax expense/(benefit)	18		12			(723		)	(562		)	2,325			2,309
Net income/(loss)	$	393	$	(145	)	$	—		$	—		$	9,080		$	8,380
Average equity	$	71,113	$	80,439		$	—		$	—		$	235,613		$	230,439
Total assets	812,333		742,693			NA			NA			2,764,661			2,615,183
ROE	NM		NM			NM			NM			15		%	14		%
Overhead ratio	NM		NM			NM			NM			56			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 nine months ended September 30, (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	$	13,868		$	12,063		$	22,328		$	21,954		$	1,806		$	1,758		$	7,989		$	7,997
Net interest income	27,975			26,321			6,499			7,257			4,950			4,995			2,627			2,640
Total net revenue	41,843			38,384			28,827			29,211			6,756			6,753			10,616			10,637
Provision for credit losses	3,745			3,405			179			(142		)	186			23			48			40
Noninterest expense	21,663			20,770			16,288			16,237			2,618			2,541			7,865			7,732
Income before income tax expense	16,435			14,209			12,360			13,116			3,952			4,189			2,703			2,865
Income tax expense	4,025			3,385			3,365			3,318			966			988			655			616
Net income	$	12,410		$	10,824		$	8,995		$	9,798		$	2,986		$	3,201		$	2,048		$	2,249
Average equity	$	52,000		$	51,000		$	80,000		$	70,000		$	22,000		$	20,000		$	10,500		$	9,000
Total assets	532,487			560,432			1,023,132			928,148			222,483			217,194			174,226			166,716
Return on equity	31		%	27		%	14		%	18		%	17		%	20		%	25		%	32		%
Overhead ratio	52			54			57			56			39			38			74			73



As of or for the nine months ended September 30, (in millions, except ratios)	Corporate						Reconciling Items^(a)						Total
	2019			2018			2019			2018			2019			2018
Noninterest revenue	$	3		$	(220	)	$	(1,777	)	$	(1,337	)	$	44,217		$	42,215
Net interest income	1,436			(35		)	(408		)	(473		)	43,079			40,705
Total net revenue	1,439			(255		)	(2,185		)	(1,810		)	87,296			82,920
Provision for credit losses	—			(3		)	—			—			4,158			3,323
Noninterest expense	724			394			—			—			49,158			47,674
Income/(loss) before income tax expense/(benefit)	715			(646		)	(2,185		)	(1,810		)	33,980			31,923
Income tax expense/(benefit)	(757		)	18			(2,185		)	(1,810		)	6,069			6,515
Net income/(loss)	$	1,472		$	(664	)	$	—		$	—		$	27,911		$	25,408
Average equity	$	68,417		$	78,995		$	—		$	—		$	232,917		$	228,995
Total assets	812,333			742,693			NA			NA			2,764,661			2,615,183
Return on equity	NM			NM			NM			NM			15		%	14		%
Overhead ratio	NM			NM			NM			NM			56			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.