8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): January 15, 2021

JPMorgan Chase & Co.

(Exact name of registrant as specified in its charter)

Delaware		1-5805	13-2624428
(State or other jurisdiction of incorporation or organization)		(Commission File Number)	(I.R.S. employer identification no.)
383 Madison Avenue,
New York,	New York		10179
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (212) 270-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	JPM	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.10% Non-Cumulative Preferred Stock, Series AA	JPM PR G	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.15% Non-Cumulative Preferred Stock, Series BB	JPM PR H	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD	JPM PR D	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE	JPM PR C	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG	JPM PR J	The New York Stock Exchange
Alerian MLP Index ETNs due May 24, 2024	AMJ	NYSE Arca, Inc.
Guarantee of Callable Step-Up Fixed Rate Notes due April 26, 2028 of JPMorgan Chase Financial Company LLC	JPM/28	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On January 15, 2021, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) reported 2020 fourth quarter net income of $12.1 billion, or $3.79 per share, compared with net income of $8.5 billion, or $2.57 per share, in the fourth quarter of 2019. A copy of the 2020 fourth quarter earnings release is attached hereto as Exhibit 99.1, and a copy of the earnings release financial supplement is attached hereto as Exhibit 99.2.

Each of the Exhibits provided with this Form 8-K shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934.

This Current Report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2019, and Quarterly Report on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase does not undertake to update any forward-looking statements.

Item 9.01 Financial Statements and Exhibits

(d)    Exhibits

Exhibit No.	Description of Exhibit
99.1	JPMorgan Chase & Co. Earnings Release - Fourth Quarter 2020 Results
99.2	JPMorgan Chase & Co. Earnings Release Financial Supplement - Fourth Quarter 2020
101	Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).
104	Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

JPMorgan Chase & Co.

(Registrant)

By:	/s/ Nicole Giles
	Nicole Giles
	Managing Director and Firmwide Controller
	(Principal Accounting Officer)

Dated: January 15, 2021

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EX-99.1

Exhibit 99.1

JPMorgan Chase & Co.
383 Madison Avenue, New York, NY 10179-0001
NYSE symbol: JPM
www.jpmorganchase.com

JPMORGAN CHASE REPORTS FOURTH-QUARTER 2020 NET INCOME OF $12.1 BILLION ($3.79 PER SHARE), OR $9.9 BILLION EXCLUDING CREDIT RESERVE RELEASES OF $2.9 BILLION ($3.07 PER SHARE)1 FULL-YEAR 2020 NET INCOME OF $29.1 BILLION ($8.88 PER SHARE)

FULL-YEAR 2020 RESULTS

ROE 12% ROTCE1 14% CET1 Capital Ratios2 Std. 13.1%; Adv. 13.8% Net payout LTM3,4 59%

FOURTH-QUARTER 2020 RESULTS5

Firmwide Metrics ROE 19% ROTCE 24%	n	Reported revenue of $29.2 billion; managed revenue of $30.2 billion1
	n	Credit costs net benefit of $1.9 billion included $2.9 billion of net reserve releases and $1.1 billion of net charge-offs
	n	Average loans6 up 1%; average deposits up 35%
	n	$1.4 trillion liquidity sources, including HQLA and unencumbered marketable securities7
CCB 4Q20 ROE 32% 2020 ROE 15%	n	Average deposits up 30%; client investment assets up 17%
	n	Average loans6 down 6%; debit and credit card sales volume8 up 1%
	n	Active mobile customers up 10%
CIB 4Q20 ROE 26%  2020 ROE 20%	n	#1 ranking for Global Investment Banking fees with 9.2% wallet share for the year
	n	Total Markets revenue of $5.9 billion, up 20%, with Fixed Income Markets up 15% and Equity Markets up 32%
CB 4Q20 ROE 36% 2020 ROE 11%	n	Gross Investment Banking revenue of $971 million, up 53%
	n	Average loans up 1%; average deposits up 52%
AWM 4Q20 ROE 29% 2020 ROE 28%	n	Assets under management (AUM) of $2.7 trillion, up 17%
	n	Average deposits up 31%; average loans up 15%

Jamie Dimon, Chairman and CEO, commented on the financial results: “JPMorgan Chase reported strong results in the fourth quarter of 2020, concluding a challenging year where we generated record revenue, benefiting from our diversified business model and dedicated employees. While we reported record profits of $12.1 billion, we do not consider the reserve takedown of $2.9 billion to represent core or recurring profits – essentially reserve calculations, while done extremely diligently and carefully, now involve multiple, multi-year hypothetical probability-adjusted scenarios, which may or may not occur and which can be expected to introduce quarterly volatility in our reserves. While positive vaccine and stimulus developments contributed to these reserve releases this quarter, our credit reserves of over $30 billion continue to reflect significant near-term economic uncertainty and will allow us to withstand an economic environment far worse than the current base forecasts by most economists.”

Dimon added: “In Consumer & Community Banking, deposits grew 30% or over $200 billion driven primarily by growth in the Federal Reserve’s balance sheet and the continuation of modest market share gains. Within our consumer lending franchise, auto and retail mortgage originations were both up more than 20%. Consumer spending continued to recover, as reflected in combined debit and credit card spend being up for the full quarter. The Corporate & Investment Bank delivered another impressive quarter with growth in Global Investment Banking fees of 34% and Markets revenue of 20%. With a record quarter, Commercial Banking earned $3.3 billion of investment banking revenue in 2020, surpassing its previous $3 billion long-term target. In Asset & Wealth Management, AUM grew 17% due to higher asset values and net inflows of over $190 billion into long-term and liquidity products over the last twelve months.”

Dimon concluded: “We ended the year with a CET1 ratio of 13.1% (vs. 12.4% at the beginning of the year) and capital above $200 billion, providing us with meaningful capacity to further invest in our business and communities, while returning capital to our shareholders. This increase in capital was after raising over $2 trillion of credit and capital for our consumer and institutional clients around the world, which includes nonprofits and U.S. government entities, including states, municipalities, hospitals and universities and adding net $12 billion to credit reserves. We also hold $1.4 trillion of cash and marketable securities, which is currently over $450 billion in excess of what is required. We opened branches in new markets, improved our digital capabilities, and made acquisitions that will enhance our product offerings and deepen our engagement with our customers. We also continued to invest in our communities – for example, through our initial commitments to support those most impacted by the pandemic and our longer-term commitment to advance racial equality and promote economic growth. Our earnings power and healthy capital position also provide us the flexibility to pay dividends and return excess capital to shareholders through share repurchases. I want to end by thanking our frontline colleagues and those working from home who quickly adapted to the pandemic and safely helped our clients, customers, communities and governments.”

SIGNIFICANT ITEMS

n    4Q20 results included $2.9 billion of credit reserve releases Firmwide ($0.72 increase in earnings per share (EPS))

CAPITAL DISTRIBUTED

n    Common dividend of $2.8 billion, or $0.90 per share

n    No repurchases in 4Q209; announced intention to begin repurchases in 1Q21

FORTRESS PRINCIPLES

n    Book value per share of $81.75, up 8%; tangible book value per share1 of $66.11, up 8%

n    Basel III common equity Tier 1 capital2 of $205 billion and Standardized ratio2 of 13.1%; Advanced ratio2 of 13.8%

n    Firm supplementary leverage ratio of 6.9%2

OPERATING LEVERAGE

n    4Q20 reported expense of $16.0 billion; reported overhead ratio of 55%; managed overhead ratio1 of 53%

SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES

n$2.3 trillion of credit and capital10 raised in 2020

n    $226 billion of credit for consumers

n$18 billion of credit for U.S. small businesses

n$865 billion of credit for corporations

n$1.1 trillion of capital raised for corporate clients and non-U.S. government entities

n$103 billion of credit and capital raised for nonprofit and U.S. government entities, including states, municipalities, hospitals and universities

n$28 billion of loans under the Small Business Administration’s Paycheck Protection Program

Investor Contact: Reggie Chambers (212) 270-2479 Note: Totals may not sum due to rounding 1For notes on non-GAAP financial measures, including managed basis reporting, see page 6. For additional notes see page 7. Media Contact: Joseph Evangelisti (212) 270-7438

JPMorgan Chase & Co.

News Release

In the discussion below of Firmwide results of JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), information is presented on a managed basis, which is a non-GAAP financial measure, unless otherwise specified. The discussion below of the Firm’s business segments is also presented on a managed basis. For more information about managed basis, and non-GAAP financial measures used by management to evaluate the performance of each line of business, refer to page 6.

Comparisons noted in the sections below are for the fourth quarter of 2020 versus the prior-year fourth quarter, unless otherwise specified.

JPMORGAN CHASE (JPM)

Net revenue on a reported basis was $29.2 billion, $29.1 billion, and $28.3 billion for the fourth quarter of 2020, third quarter of 2020, and fourth quarter of 2019, respectively.

Results for JPM										3Q20				4Q19
($ millions, except per share data)	4Q20			3Q20			4Q19			$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue - managed	$	30,161		$	29,941		$	29,165		$	220	1	%	$	996	3	%
Noninterest expense	16,048			16,875			16,293			(827)		(5)		(245)		(2)
Provision for credit losses	(1,889)			611			1,427			(2,500)		NM		(3,316)		NM
Net income	$	12,136		$	9,443		$	8,520		$	2,693	29	%	$	3,616	42	%
Earnings per share	$	3.79		$	2.92		$	2.57		$	0.87	30	%	$	1.22	47	%
Return on common equity	19		%	15		%	14		%
Return on tangible common equity	24			19			17

Discussion of Results11:

Net income was $12.1 billion, up 42%, largely driven by credit reserve releases of $2.9 billion.

Net revenue of $30.2 billion was up 3%. Noninterest revenue was $16.8 billion, up 13%, predominantly driven by higher Investment Banking fees, net gains on certain legacy equity investments in Corporate compared to net losses in the prior year, and higher net production revenue in Home Lending. Net interest income was $13.4 billion, down 7%, predominantly driven by the impact of lower rates as well as balance sheet mix, largely offset by balance sheet growth and higher net interest income in CIB Markets.

Noninterest expense was $16.0 billion, down 2%, predominantly driven by lower volume- and revenue-related expense partially offset by higher investments in the business.

The provision for credit losses was a net benefit of $1.9 billion, compared to an expense of $1.4 billion in the prior year driven by reserve releases in the current quarter. The Wholesale reserve release was $2.0 billion, reflecting an improvement in the macro-economic scenarios and the continued ability of clients to access liquidity and capital markets. The Consumer reserve release was $0.9 billion, in Home Lending, primarily due to improvements in HPI expectations and portfolio run-off. The prior year included a net reserve release in the Consumer portfolio and a net reserve build in the Wholesale portfolio. Net charge-offs of $1.1 billion were down $444 million from the prior year, driven by Card.

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JPMorgan Chase & Co.

News Release

CONSUMER & COMMUNITY BANKING (CCB)

Results for CCB							3Q20				4Q19
($ millions)	4Q20		3Q20		4Q19		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	12,728	$	12,895	$	13,880	$	(167)	(1)	%	$	(1,152)	(8)	%
Consumer & Business Banking	5,744		5,697		6,668		47		1		(924)		(14)
Home Lending	1,456		1,714		1,250		(258)		(15)		206		16
Card & Auto	5,528		5,484		5,962		44		1		(434)		(7)
Noninterest expense	7,042		6,912		7,116		130		2		(74)		(1)
Provision for credit losses	(83)		795		1,207		(878)		NM		(1,290)		NM
Net income	$	4,325	$	3,871	$	4,200	$	454	12	%	$	125	3	%

Discussion of Results11,12,13:

Net income was $4.3 billion, up 3%. Net revenue was $12.7 billion, down 8%.

Consumer & Business Banking net revenue was $5.7 billion, down 14%, predominantly driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 16%, driven by higher net production revenue, largely offset by lower net interest income on lower balances and spread compression as well as lower net servicing revenue. Card & Auto net revenue was $5.5 billion, down 7%, predominantly driven by lower Card net interest income on lower balances.

Noninterest expense was $7.0 billion, down 1%.

The provision for credit losses was a net benefit of $83 million, reflecting a $900 million reserve release in Home Lending compared to a $151 million net reserve release in the prior year which included a $250 million reserve release also in Home Lending. Net charge-offs were $817 million, down $541 million, predominantly driven by Card.

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JPMorgan Chase & Co.

News Release

CORPORATE & INVESTMENT BANK (CIB)

Results for CIB							3Q20				4Q19
($ millions)	4Q20		3Q20		4Q19		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	11,352	$	11,546	$	9,703	$	(194)	(2)	%	$	1,649	17	%
Banking	4,117		3,752		3,562		365		10		555		16
Markets & Securities Services	7,235		7,794		6,141		(559)		(7)		1,094		18
Noninterest expense	4,939		5,832		5,451		(893)		(15)		(512)		(9)
Provision for credit losses	(581)		(81)		98		(500)		NM		(679)		NM
Net income	$	5,349	$	4,309	$	2,935	$	1,040	24	%	$	2,414	82	%

Discussion of Results12:

Net income was $5.3 billion, up 82%, with revenue of $11.4 billion, up 17%.

Banking revenue was $4.1 billion, up 16%. Investment Banking revenue was $2.5 billion, up 37%, driven by higher Investment Banking fees, up 34%, reflecting higher fees across products. Wholesale Payments revenue was $1.4 billion, down 4%, driven by deposit margin compression and a reporting re-classification in Merchant Services, largely offset by the impact of higher deposit balances. Lending revenue was $193 million, down 23%, driven by mark-to-market losses on hedges of accrual loans partially offset by higher net interest income and fees.

Markets & Securities Services revenue was $7.2 billion, up 18%. Markets revenue was $5.9 billion, up 20%. Fixed Income Markets revenue was $4.0 billion, up 15%, driven by strong performance in Credit, Currencies & Emerging Markets and Commodities. Equity Markets revenue was $2.0 billion, up 32%, predominantly driven by strong client activity in derivatives and Cash Equities. Securities Services revenue was $1.1 billion, down 1%, with deposit margin compression predominantly offset by balance growth. Credit Adjustments & Other was a gain of $243 million largely driven by funding and credit spread tightening on derivatives.

Noninterest expense was $4.9 billion, down 9%, driven by lower compensation expense and lower legal expense.

The provision for credit losses was a net benefit of $581 million, driven by reserve releases. Net charge-offs were $88 million.

COMMERCIAL BANKING (CB)

Results for CB							3Q20				4Q19
($ millions)	4Q20		3Q20		4Q19		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	2,463	$	2,285	$	2,296	$	178	8	%	$	167	7	%
Noninterest expense	950		969		941		(19)		(2)		9		1
Provision for credit losses	(1,181)		(147)		110		(1,034)		NM		(1,291)		NM
Net income	$	2,034	$	1,086	$	945	$	948	87	%	$	1,089	115	%

Discussion of Results12:

Net income was $2.0 billion, up 115%, predominantly driven by reserve releases.

Net revenue of $2.5 billion was up 7%, predominantly driven by higher deposit balances and fees, higher lending revenue due to increased portfolio spreads, and higher investment banking revenue largely offset by lower deposit margin.

Noninterest expense was $950 million, relatively flat.

The provision for credit losses was a net benefit of $1.2 billion, driven by reserve releases. Net charge-offs were $162 million.

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JPMorgan Chase & Co.

News Release

ASSET & WEALTH MANAGEMENT (AWM)

Results for AWM							3Q20				4Q19
($ millions)	4Q20		3Q20		4Q19		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	3,867	$	3,554	$	3,514	$	313	9	%	$	353	10	%
Noninterest expense	2,756		2,443		2,442		313		13		314		13
Provision for credit losses	(2)		(52)		13		50		96		(15)		NM
Net income	$	786	$	876	$	801	$	(90)	(10)	%	$	(15)	(2)	%

Discussion of Results13:

Net income was $786 million, down 2%.

Net revenue was $3.9 billion, up 10%, predominantly driven by higher performance and management fees, as well as higher deposit and loan balances, partially offset by deposit margin compression.

Noninterest expense was $2.8 billion, up 13%, driven by higher legal expense and volume- and revenue-related expense.

The provision for credit losses was a net benefit of $2 million.

Assets under management were $2.7 trillion, up 17%, driven by cumulative net inflows into liquidity and long-term products as well as higher market levels.

CORPORATE

Results for Corporate							3Q20				4Q19
($ millions)	4Q20		3Q20		4Q19		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	(249)	$	(339)	$	(228)	$	90	27	%	$	(21)	(9)	%
Noninterest expense	361		719		343		(358)		(50)		18		5
Provision for credit losses	(42)		96		(1)		(138)		NM		(41)		NM
Net income/(loss)	$	(358)	$	(699)	$	(361)	$	341	49	%	$	3	1	%

Discussion of Results:

Net loss was $358 million, compared with net loss of $361 million in the prior year.

Net revenue was a loss of $249 million, compared with a net loss of $228 million in the prior year. Net interest income was down $730 million predominantly driven by lower rates, including the impact of faster prepayments on mortgage-backed securities, as well as limited deployment opportunities on the back of continued deposit growth. The current quarter also included approximately $540 million of net gains on certain legacy equity investments.

Noninterest expense was $361 million, up $18 million. The provision for credit losses was a benefit of $42 million, driven by reserve releases.

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JPMorgan Chase & Co.

News Release

1. Notes on non-GAAP financial measures:

a.The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, 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 a fully taxable-equivalent (“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. These financial measures allow management to assess the comparability of revenue 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. For a reconciliation of the Firm’s results from a reported to managed basis, see page 7 of the Earnings Release Financial Supplement.

b.Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”), are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than mortgage servicing rights), net of related deferred tax liabilities. For a reconciliation from common stockholders’ equity to TCE, see page 9 of the Earnings Release Financial Supplement. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. Book value per share was $81.75, $79.08 and $75.98 at December 31, 2020, September 30, 2020, and December 31, 2019, respectively. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

c.Fourth-quarter 2020 net income and earnings per share excluding credit reserve releases are non-GAAP financial measures. These measures exclude the portion of the provision for credit losses attributable to the change in allowance for credit losses. Excluding these amounts resulted in a decrease of $2.2 billion (after tax) to reported net income from $12.1 billion to $9.9 billion and a decrease of $0.72 per share to reported EPS from $3.79 to $3.07. Management believes these measures provide useful information to investors and analysts in assessing the Firm’s results.

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JPMorgan Chase & Co.

News Release

Additional notes:

2. Estimated. Reflects the relief provided by the Federal Reserve Board (the “Federal Reserve”) in response to the COVID-19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020. For the period ended December 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $5.7 billion. The Firm supplementary leverage ratio reflects the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 11-12 and Capital Risk Management on pages 49-54 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 for additional information. Refer to Capital Risk Management on pages 85-92 of the Firm’s 2019 Form 10-K for additional information on the Firm’s capital metrics.

3.Last twelve months (“LTM”).

4.Net of stock issued to employees.

5.Percentage comparisons noted in the bullet points are for the fourth quarter of 2020 versus the prior-year fourth quarter, unless otherwise specified

6.In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.

7.Estimated. High-quality liquid assets (“HQLA”) and unencumbered marketable securities, includes the Firm’s average HQLA, other end-of-period HQLA-eligible securities which are included as part of the excess liquidity at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates and thus excluded from the Firm’s liquidity coverage ratio (“LCR”) under the LCR rule, and other end-of-period unencumbered marketable securities, such as equity securities and fixed income debt securities. Does not include borrowing capacity at Federal Home Loan Banks and the discount window at the Federal Reserve Bank. Refer to Liquidity Risk Management on pages 55-59 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 for additional information.

8.Excludes Commercial Card.

9.On September 30, 2020, the Federal Reserve extended its requirement for large banks to suspend net share repurchases through the end of the fourth quarter of 2020. On December 18, 2020, the Federal Reserve announced that all large banks, including the Firm, could resume share repurchases commencing in the first quarter of 2021, subject to certain restrictions. For further information, see page 10 of the Earnings Release Financial Supplement.

10.Credit provided to clients represents new and renewed credit, including loans and commitments.

11.In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.

12.In the fourth quarter of 2020, payment processing-only clients along with the associated revenue and expenses were realigned to CIB’s Wholesale Payments business from CCB and CB. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.

13.In the fourth quarter of 2020, the Firm realigned certain wealth management clients from AWM to CCB. Prior-period amounts have been revised to conform with the current presentation. Refer to page 29 of the Earnings Release Financial Supplement for further information.

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JPMorgan Chase & Co.

News Release

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of$3.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

JPMorgan Chase & Co. will host a conference call today, January 15, 2021, at 8:30 a.m. (Eastern) to present fourth quarter 2020 financial results. The general public can access the call by dialing (866) 541-2724 in the U.S. and Canada, or (706) 634-7246 for international participants. Please dial in 10 minutes prior to the start of the call. The live audio webcast and presentation slides will be available on the Firm’s website, www.jpmorganchase.com, under Investor Relations, Events & Presentations.

A replay of the conference call will be available beginning at approximately 12:30 p.m. on January 15, 2021, through midnight, January 29, 2021, by telephone at (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (international); use Conference ID # 1942428. The replay will also be available via webcast on www.jpmorganchase.com under Investor Relations, Events & Presentations. Additional detailed financial, statistical and business-related information is included in a financial supplement. The earnings release and the financial supplement are available at www.jpmorganchase.com.

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2019, and Quarterly Reports on Form 10-Q for the quarterly periods ended September 30, 2020, June 30, 2020 and March 31, 2020, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.

8

EX-99.2

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FOURTH QUARTER 2020

JPMORGAN CHASE & CO.
TABLE OF CONTENTS
		Page(s)
Consolidated Results
Consolidated Financial Highlights		2–3
Consolidated Statements of Income		4
Consolidated Balance Sheets		5
Condensed Average Balance Sheets and Annualized Yields		6
Reconciliation from Reported to Managed Basis		7
Segment Results - Managed Basis		8
Capital and Other Selected Balance Sheet Items		9
Earnings Per Share and Related Information		10
Business Segment Results
Consumer & Community Banking (“CCB”)		11–14
Corporate & Investment Bank (“CIB”)		15–17
Commercial Banking (“CB”)		18–19
Asset & Wealth Management (“AWM”)		20–22
Corporate		23
Credit-Related Information		24–27
Non-GAAP Financial Measures		28
J.P. Morgan Wealth Management Reorganization		29
Glossary of Terms and Acronyms (a)

(a)    Refer to the Glossary of Terms and Acronyms on pages 293–299 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”) and the Glossary of Terms and Acronyms and Line of Business Metrics on pages 192-197 and pages 198-200, respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020.

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																				FULL YEAR
																	4Q20 Change											2020 Change
SELECTED INCOME STATEMENT DATA	4Q20				3Q20			2Q20			1Q20			4Q19			3Q20		4Q19		2020				2019			2019
Reported Basis
Total net revenue (a)	$	29,224			$	29,147		$	32,980		$	28,192		$	28,285		—	%	3	%	$	119,543			$	115,399		4	%
Total noninterest expense (a)	16,048				16,875			16,942			16,791			16,293			(5)		(2)		66,656				65,269			2
Pre-provision profit (b)	13,176				12,272			16,038			11,401			11,992			7		10		52,887				50,130			5
Provision for credit losses	(1,889)				611			10,473			8,285			1,427			NM		NM		17,480				5,585			213
NET INCOME	12,136				9,443			4,687			2,865			8,520			29		42		29,131				36,431			(20)
Managed Basis (c)
Total net revenue (a)	30,161				29,941			33,817			29,010			29,165			1		3		122,929				118,464			4
Total noninterest expense (a)	16,048				16,875			16,942			16,791			16,293			(5)		(2)		66,656				65,269			2
Pre-provision profit (b)	14,113				13,066			16,875			12,219			12,872			8		10		56,273				53,195			6
Provision for credit losses	(1,889)				611			10,473			8,285			1,427			NM		NM		17,480				5,585			213
NET INCOME	12,136				9,443			4,687			2,865			8,520			29		42		29,131				36,431			(20)
EARNINGS PER SHARE DATA
Net income: Basic	$	3.80			$	2.93		$	1.39		$	0.79		$	2.58		30		47		$	8.89			$	10.75		(17)
Diluted	3.79				2.92			1.38			0.78			2.57			30		47		8.88				10.72			(17)
Average shares: Basic	3,079.7				3,077.8			3,076.3			3,095.8			3,140.7			—		(2)		3,082.4				3,221.5			(4)
Diluted	3,085.1				3,082.8			3,081.0			3,100.7			3,148.5			—		(2)		3,087.4				3,230.4			(4)
MARKET AND PER COMMON SHARE DATA
Market capitalization	$	387,492			$	293,451		$	286,658		$	274,323		$	429,913		32		(10)		$	387,492			$	429,913		(10)
Common shares at period-end	3,049.4				3,048.2			3,047.6			3,047.0			3,084.0			—		(1)		3,049.4				3,084.0			(1)
Book value per share	81.75				79.08			76.91			75.88			75.98			3		8		81.75				75.98			8
Tangible book value per share (“TBVPS”) (b)	66.11				63.93			61.76			60.71			60.98			3		8		66.11				60.98			8
Cash dividends declared per share	0.90				0.90			0.90			0.90			0.90			—		—		3.60				3.40			6
FINANCIAL RATIOS (d)
Return on common equity (“ROE”)	19		%		15		%	7		%	4		%	14		%					12		%		15		%
Return on tangible common equity (“ROTCE”) (b)	24				19			9			5			17							14				19
Return on assets	1.42				1.14			0.58			0.40			1.22							0.91				1.33
CAPITAL RATIOS (e)
Common equity Tier 1 (“CET1”) capital ratio	13.1		%	(f)	13.1		%	12.4		%	11.5		%	12.4		%					13.1		%	(f)	12.4		%
Tier 1 capital ratio	15.0			(f)	15.0			14.3			13.3			14.1							15.0			(f)	14.1
Total capital ratio	17.3			(f)	17.3			16.7			15.5			16.0							17.3			(f)	16.0
Tier 1 leverage ratio	7.0			(f)	7.0			6.9			7.5			7.9							7.0			(f)	7.9
Supplementary leverage ratio (“SLR”)	6.9			(f)	7.0			6.8			6.0			6.3							6.9			(f)	6.3

Effective January 1, 2020, the Firm adopted the Financial Instruments – Credit Losses (“CECL”) accounting guidance, which resulted in a net increase to the allowance for credit losses of $4.3 billion and a decrease to retained earnings of $2.7 billion. Refer to Note 1 – Basis of Presentation on pages 85-86 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.

(a)In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.

(b)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure; refer to page 9 for a reconciliation of common stockholders’ equity to TCE. Refer to page 28 for a further discussion of these measures.

(c)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.

(d)Quarterly ratios are based upon annualized amounts.

(e)The capital metrics reflect the relief provided by the Federal Reserve Board (the “Federal Reserve”) in response to the COVID-19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020. For the periods ended December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $5.7 billion, $6.4 billion, $6.5 billion and $4.3 billion, respectively. The SLR reflects the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks that became effective in the second quarter of 2020. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 11-12 and Capital Risk Management on pages 49-54 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 for additional information. Refer to Capital Risk Management on pages 85-92 of the Firm’s 2019 Form 10-K for additional information on the Firm’s capital metrics.

(f)Estimated.

Page 2

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																				FULL YEAR
																	4Q20 Change										2020 Change
	4Q20			3Q20			2Q20				1Q20			4Q19			3Q20		4Q19		2020			2019			2019
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	3,386,071		$	3,246,076		$	3,213,616		(f)	$	3,139,431		$	2,687,379		4	%	26	%	$	3,386,071		$	2,687,379		26	%
Loans:
Consumer, excluding credit card loans (a)(b)	318,579			322,098			323,198				311,508			317,817			(1)		—		318,579			317,817			—
Credit card loans	144,216			140,377			141,656				154,021			168,924			3		(15)		144,216			168,924			(15)
Wholesale loans (a)(b)	550,058			527,265			544,528				584,081			510,879			4		8		550,058			510,879			8
Total Loans	1,012,853			989,740			1,009,382				1,049,610			997,620			2		2		1,012,853			997,620			2
Deposits:
U.S. offices:
Noninterest-bearing	572,711			540,116			529,729				448,195			395,667			6		45		572,711			395,667			45
Interest-bearing	1,197,032			1,117,149			1,061,093				1,026,603			876,156			7		37		1,197,032			876,156			37
Non-U.S. offices:
Noninterest-bearing	23,435			21,406			22,752				22,192			20,087			9		17		23,435			20,087			17
Interest-bearing	351,079			322,745			317,455				339,019			270,521			9		30		351,079			270,521			30
Total deposits	2,144,257			2,001,416			1,931,029				1,836,009			1,562,431			7		37		2,144,257			1,562,431			37
Long-term debt	281,685			279,175			317,003				299,344			291,498			1		(3)		281,685			291,498			(3)
Common stockholders’ equity	249,291			241,050			234,403				231,199			234,337			3		6		249,291			234,337			6
Total stockholders’ equity	279,354			271,113			264,466				261,262			261,330			3		7		279,354			261,330			7
Loans-to-deposits ratio (b)	47		%	49		%	52		%		57		%	64		%					47		%	64		%
Headcount	255,351			256,358			256,710				256,720			256,981			—		(1)		255,351			256,981			(1)
95% CONFIDENCE LEVEL - TOTAL VaR (c)
Average VaR	$	96		$	90		$	130			$	59		$	37		7		159
LINE OF BUSINESS NET REVENUE (d)
Consumer & Community Banking (e)	$	12,728		$	12,895		$	12,358			$	13,287		$	13,880		(1)		(8)		$	51,268		$	55,133		(7)
Corporate & Investment Bank	11,352			11,546			16,383				10,003			9,703			(2)		17		49,284			39,265			26
Commercial Banking	2,463			2,285			2,400				2,165			2,296			8		7		9,313			9,264			1
Asset & Wealth Management	3,867			3,554			3,430				3,389			3,514			9		10		14,240			13,591			5
Corporate	(249)			(339)			(754)				166			(228)			27		(9)		(1,176)			1,211			NM
TOTAL NET REVENUE	$	30,161		$	29,941		$	33,817			$	29,010		$	29,165		1		3		$	122,929		$	118,464		4
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking	$	4,325		$	3,871		$	(176)			$	197		$	4,200		12		3		$	8,217		$	16,541		(50)
Corporate & Investment Bank	5,349			4,309			5,451				1,985			2,935			24		82		17,094			11,954			43
Commercial Banking	2,034			1,086			(681)				139			945			87		115		2,578			3,958			(35)
Asset & Wealth Management	786			876			661				669			801			(10)		(2)		2,992			2,867			4
Corporate	(358)			(699)			(568)				(125)			(361)			49		1		(1,750)			1,111			NM
NET INCOME	$	12,136		$	9,443		$	4,687			$	2,865		$	8,520		29		42		$	29,131		$	36,431		(20)

In the fourth quarter of 2020, payment processing-only clients along with the associated revenue and expenses were realigned to CIB’s Wholesale Payments business from CCB and CB. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.

In the fourth quarter of 2020, the Firm realigned certain wealth management clients from AWM to CCB. Prior-period amounts have been revised to conform with the current presentation. Refer to page 29 for further information.

(a)In conjunction with the adoption of CECL on January 1, 2020, the Firm reclassified risk-rated business banking and auto dealer loans held in CCB from the consumer, excluding credit card portfolio segment to the wholesale portfolio segment. Prior-period amounts have been revised to conform with the current presentation.

(b)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.

(c)Effective January 1, 2020, the Firm refined the scope of VaR to exclude positions related to the risk management of interest rate exposure from changes in the Firm’s own credit spread on fair value option elected liabilities, and included these positions in other sensitivity-based measures. Additionally, effective July 1, 2020, the Firm refined the scope of VaR to exclude certain asset-backed fair value option elected loans, and included them in other sensitivity-based measures to more effectively measure the risk from these loans. In the absence of these refinements, the average Total VaR for the three months ended December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020 would have been different by $27 million, $11 million, $(8) million and $6 million, respectively.

(d)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.

(e)In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.

(f)Prior-period amounts have been revised to conform with the current presentation.

Page 3

JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																			FULL YEAR
																4Q20 Change											2020 Change
REVENUE	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20		4Q19		2020			2019				2019
Investment banking fees	$	2,583		$	2,187		$	2,850		$	1,866		$	1,843		18	%	40	%	$	9,486		$	7,501			26	%
Principal transactions	3,321			4,142			7,621			2,937			2,779			(20)		20		18,021			14,018				29
Lending- and deposit-related fees (a)	1,727			1,647			1,431			1,706			1,772			5		(3)		6,511			6,626				(2)
Asset management, administration and commissions (a)	4,901			4,470			4,266			4,540			4,301			10		14		18,177			16,908				8
Investment securities gains	70			473			26			233			123			(85)		(43)		802			258				211
Mortgage fees and related income	767			1,087			917			320			474			(29)		62		3,091			2,036				52
Card income (b)	1,297			1,169			974			995			1,335			11		(3)		4,435			5,076				(13)
Other income	1,300			959			1,042			1,156			1,492			36		(13)		4,457			5,731				(22)
Noninterest revenue	15,966			16,134			19,127			13,753			14,119			(1)		13		64,980			58,154				12
Interest income	14,550			14,700			16,112			19,161			19,927			(1)		(27)		64,523			84,040				(23)
Interest expense	1,292			1,687			2,259			4,722			5,761			(23)		(78)		9,960			26,795				(63)
Net interest income	13,258			13,013			13,853			14,439			14,166			2		(6)		54,563			57,245				(5)
TOTAL NET REVENUE	29,224			29,147			32,980			28,192			28,285			—		3		119,543			115,399				4
Provision for credit losses	(1,889)			611			10,473			8,285			1,427			NM		NM		17,480			5,585				213
NONINTEREST EXPENSE
Compensation expense	7,954			8,630			9,509			8,895			8,088			(8)		(2)		34,988			34,155				2
Occupancy expense	1,161			1,142			1,080			1,066			1,084			2		7		4,449			4,322				3
Technology, communications and equipment expense	2,606			2,564			2,590			2,578			2,585			2		1		10,338			9,821				5
Professional and outside services	2,259			2,178			1,999			2,028			2,226			4		1		8,464			8,533				(1)
Marketing (b)	725			470			481			800			847			54		(14)		2,476			3,351				(26)
Other expense (c)	1,343			1,891			1,283			1,424			1,463			(29)		(8)		5,941			5,087				17
TOTAL NONINTEREST EXPENSE	16,048			16,875			16,942			16,791			16,293			(5)		(2)		66,656			65,269				2
Income before income tax expense	15,065			11,661			5,565			3,116			10,565			29		43		35,407			44,545				(21)
Income tax expense	2,929			2,218			878			251			2,045			32		43		6,276			8,114			(f)	(23)
NET INCOME	$	12,136		$	9,443		$	4,687		$	2,865		$	8,520		29		42		$	29,131		$	36,431			(20)
NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	3.80		$	2.93		$	1.39		$	0.79		$	2.58		30		47		$	8.89		$	10.75			(17)
Diluted earnings per share	3.79			2.92			1.38			0.78			2.57			30		47		8.88			10.72				(17)
FINANCIAL RATIOS
Return on common equity (d)	19		%	15		%	7		%	4		%	14		%					12		%	15		%
Return on tangible common equity (d)(e)	24			19			9			5			17							14			19
Return on assets (d)	1.42			1.14			0.58			0.40			1.22							0.91			1.33
Effective income tax rate	19.4			19.0			15.8			8.1			19.4							17.7			18.2			(f)
Overhead ratio	55			58			51			60			58							56			57

(a)In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.

(b)In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.

(c)Included Firmwide legal expense/(benefit) of $276 million, $524 million, $118 million, $197 million and $241 million for the three months ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively, and $1.1 billion and $239 million for the full year 2020 and 2019 respectively.

(d)Quarterly ratios are based upon annualized amounts.

(e)Refer to page 28 for further discussion of ROTCE.

(f)The full year 2019 included income tax benefits of $1.1 billion due to the resolution of certain tax audits.

Page 4

JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
												Dec 31, 2020
												Change
	Dec 31,		Sep 30,		Jun 30,			Mar 31,		Dec 31,		Sep 30,		Dec 31,
	2020		2020		2020			2020		2019		2020		2019
ASSETS
Cash and due from banks	$	24,874	$	20,816	$	20,544		$	24,001	$	21,704	19	%	15	%
Deposits with banks	502,735		466,706		473,185			343,533		241,927		8		108
Federal funds sold and securities purchased under
resale agreements	296,284		319,849		256,980			248,580		249,157		(7)		19
Securities borrowed	160,635		142,441		142,704			139,839		139,758		13		15
Trading assets:
Debt and equity instruments (a)	423,496		429,196		416,870			429,275		319,921		(1)		32
Derivative receivables	79,630		76,626		74,846			81,648		49,766		4		60
Available-for-sale (“AFS”) securities	388,178		389,583		485,883			399,944		350,699		—		11
Held-to-maturity (”HTM”) securities, net of allowance for credit losses (b)	201,821		141,553		72,908			71,200		47,540		43		325
Investment securities, net of allowance for credit losses (b)	589,999		531,136		558,791			471,144		398,239		11		48
Loans (a)	1,012,853		989,740		1,009,382			1,049,610		997,620		2		2
Less: Allowance for loan losses	28,328		30,814		31,591		(c)	23,244		13,123		(8)		116
Loans, net of allowance for loan losses	984,525		958,926		977,791			1,026,366		984,497		3		—
Accrued interest and accounts receivable	90,503		76,945		72,260			122,064		72,861		18		24
Premises and equipment	27,109		26,672		26,301			25,882		25,813		2		5
Goodwill, MSRs and other intangible assets	53,428		51,594		51,669			51,867		53,341		4		—
Other assets (a)	152,853		145,169		141,675			175,232		130,395		5		17
TOTAL ASSETS	$	3,386,071	$	3,246,076	$	3,213,616		$	3,139,431	$	2,687,379	4		26
LIABILITIES
Deposits	$	2,144,257	$	2,001,416	$	1,931,029		$	1,836,009	$	1,562,431	7		37
Federal funds purchased and securities loaned or sold
under repurchase agreements	215,209		236,440		235,647			233,207		183,675		(9)		17
Short-term borrowings	45,208		41,992		48,014			51,909		40,920		8		10
Trading liabilities:
Debt and equity instruments	99,558		104,835		107,735			119,109		75,569		(5)		32
Derivative payables	70,623		57,658		57,477			65,087		43,708		22		62
Accounts payable and other liabilities	232,599		234,256		231,417		(c)	253,874		210,407		(1)		11
Beneficial interests issued by consolidated VIEs	17,578		19,191		20,828			19,630		17,841		(8)		(1)
Long-term debt	281,685		279,175		317,003			299,344		291,498		1		(3)
TOTAL LIABILITIES	3,106,717		2,974,963		2,949,150			2,878,169		2,426,049		4		28
STOCKHOLDERS’ EQUITY
Preferred stock	30,063		30,063		30,063			30,063		26,993		—		11
Common stock	4,105		4,105		4,105			4,105		4,105		—		—
Additional paid-in capital	88,394		88,289		88,125			87,857		88,522		—		—
Retained earnings	236,990		228,014		221,732			220,226		223,211		4		6
Accumulated other comprehensive income/(loss)	7,986		8,940		8,789			7,418		1,569		(11)		409
Shares held in RSU Trust, at cost	—		(11)		(11)			(21)		(21)		NM		NM
Treasury stock, at cost	(88,184)		(88,287)		(88,337)			(88,386)		(83,049)		—		(6)
TOTAL STOCKHOLDERS’ EQUITY	279,354		271,113		264,466			261,262		261,330		3		7
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,386,071	$	3,246,076	$	3,213,616		$	3,139,431	$	2,687,379	4		26

(a)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.

(b)Upon adoption of the CECL accounting guidance, HTM securities are presented net of an allowance for credit losses. At December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, the allowance for credit losses on HTM securities was $78 million, $120 million, $23 million and $19 million, respectively.

(c)Prior-period amounts have been revised to conform with the current presentation.

Page 5

JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																			FULL YEAR
																4Q20 Change										2020 Change
AVERAGE BALANCES	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20		4Q19		2020			2019			2019
ASSETS
Deposits with banks	$	507,194		$	509,979		$	477,895		$	279,748		$	272,648		(1)	%	86	%	$	444,058		$	280,004		59	%
Federal funds sold and securities purchased under resale agreements	327,504			277,899			244,306			253,403			248,170			18		32		275,926			275,429			—
Securities borrowed	149,146			147,184			141,328			136,127			135,374			1		10		143,472			131,291			9
Trading assets - debt instruments (a)	319,585			322,321			345,073			304,808			280,487			(1)		14		322,936			294,958			9
Investment securities	568,354			548,544			500,254			421,529			394,002			4		44		509,937			319,875			59
Loans (a)	996,367			991,241			1,029,513			1,001,504			987,606			1		1		1,004,597			989,943			1
All other interest-earning assets (a)(b)	87,496			77,806			81,320			68,430			59,257			12		48		78,784			53,779			46
Total interest-earning assets	2,955,646			2,874,974			2,819,689			2,465,549			2,377,544			3		24		2,779,710			2,345,279			19
Trading assets - equity and other instruments	138,477			119,905			99,115			114,479			114,112			15		21		118,055			114,323			3
Trading assets - derivative receivables	79,300			81,300			79,298			66,309			52,860			(2)		50		76,572			53,786			42
All other noninterest-earning assets (a)	226,395			213,978			231,166			243,895			232,754			6		(3)		228,811			228,453			—
TOTAL ASSETS	$	3,399,818		$	3,290,157		$	3,229,268		$	2,890,232		$	2,777,270		3		22		$	3,203,148		$	2,741,841		17
LIABILITIES
Interest-bearing deposits	$	1,529,066		$	1,434,034		$	1,375,213		$	1,216,555		$	1,154,716		7		32		$	1,389,224		$	1,115,848		24
Federal funds purchased and securities loaned or
sold under repurchase agreements	247,276			253,779			276,815			243,922			235,481			(3)		5		255,421			227,994			12
Short-term borrowings (c)	36,183			36,697			45,297			37,288			39,936			(1)		(9)		38,853			52,426			(26)
Trading liabilities - debt and other interest-bearing liabilities (d)	213,989			206,643			207,322			192,950			170,049			4		26		205,255			182,105			13
Beneficial interests issued by consolidated VIEs	18,647			19,838			20,331			18,048			19,390			(6)		(4)		19,216			22,501			(15)
Long-term debt	237,144			267,175			269,336			243,996			248,521			(11)		(5)		254,400			247,968			3
Total interest-bearing liabilities	2,282,305			2,218,166			2,194,314			1,952,759			1,868,093			3		22		2,162,369			1,848,842			17
Noninterest-bearing deposits	582,517			551,565			515,304			419,631			413,582			6		41		517,527			407,219			27
Trading liabilities - equity and other instruments	33,732			32,256			33,797			30,721			28,197			5		20		32,628			31,085			5
Trading liabilities - derivative payables	63,551			64,599			63,178			54,990			44,361			(2)		43		61,593			42,560			45
All other noninterest-bearing liabilities	165,978			156,711			158,204			168,195			162,490			6		2		162,267			151,717			7
TOTAL LIABILITIES	3,128,083			3,023,297			2,964,797			2,626,296			2,516,723			3		24		2,936,384			2,481,423			18
Preferred stock	30,063			30,063			30,063			29,406			27,669			—		9		29,899			27,511			9
Common stockholders’ equity	241,672			236,797			234,408			234,530			232,878			2		4		236,865			232,907			2
TOTAL STOCKHOLDERS’ EQUITY	271,735			266,860			264,471			263,936			260,547			2		4		266,764			260,418			2
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,399,818		$	3,290,157		$	3,229,268		$	2,890,232		$	2,777,270		3		22		$	3,203,148		$	2,741,841		17
AVERAGE RATES (e)
INTEREST-EARNING ASSETS
Deposits with banks	0.03		%	0.05		%	0.06		%	0.82		%	1.00		%					0.17		%	1.39		%
Federal funds sold and securities purchased under resale agreements	0.41			0.57			0.99			1.74			2.05							0.88			2.23
Securities borrowed (f)	(0.40)			(0.35)			(0.50)			0.45			0.81							(0.21)			1.20
Trading assets - debt instruments (a)	2.32			2.29			2.42			2.74			2.87							2.44			3.12
Investment securities	1.39			1.58			2.03			2.48			2.65							1.82			3.01
Loans (a)	4.14			4.11			4.27			4.96			5.07							4.37			5.25
All other interest-earning assets (a)(b)	0.89			0.94			0.99			2.60			3.49							1.30			3.99
Total interest-earning assets	1.97			2.05			2.31			3.14			3.35							2.34			3.61
INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.05			0.07			0.10			0.52			0.67							0.17			0.80
Federal funds purchased and securities loaned or
sold under repurchase agreements	0.06			0.17			0.19			1.30			1.77							0.41			2.03
Short-term borrowings (c)	0.40			0.65			1.11			1.63			1.97							0.96			2.38
Trading liabilities - debt and other interest-bearing liabilities (d)(f)	(0.15)			(0.10)			(0.08)			0.77			1.04							0.10			1.42
Beneficial interests issued by consolidated VIEs	0.65			0.71			1.15			2.02			2.22							1.12			2.52
Long-term debt	1.82			1.93			2.45			2.88			3.21							2.27			3.55
Total interest-bearing liabilities	0.23			0.30			0.41			0.97			1.22							0.46			1.45
INTEREST RATE SPREAD	1.74		%	1.75		%	1.90		%	2.17		%	2.13		%					1.88		%	2.16		%
NET YIELD ON INTEREST-EARNING ASSETS	1.80		%	1.82		%	1.99		%	2.37		%	2.38		%					1.98		%	2.46		%
Memo: Net yield on interest-earning assets excluding CIB Markets (g)	2.01		%	2.05		%	2.27		%	3.01		%	3.06		%					2.30		%	3.27		%

(a)    In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.

(b)    Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets.

(c)    Includes commercial paper.

(d)    All other interest-bearing liabilities include brokerage-related customer payables.

(e)    Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.

(f)    Negative interest income and yields are related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other liabilities.

(g)    Net yield on interest-earning assets excluding CIB Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.

Page 6

JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO MANAGED BASIS
(in millions, except ratios)

The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. Refer to the notes on Non-GAAP Financial Measures on page 28 for additional information on managed basis.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.

	QUARTERLY TRENDS																			FULL YEAR
																4Q20 Change										2020 Change
	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20		4Q19		2020			2019			2019
OTHER INCOME
Other income - reported	$	1,300		$	959		$	1,042		$	1,156		$	1,492		36	%	(13)	%	$	4,457		$	5,731		(22)	%
Fully taxable-equivalent adjustments (a)	840			690			730			708			757			22		11		2,968			2,534			17
Other income - managed	$	2,140		$	1,649		$	1,772		$	1,864		$	2,249		30		(5)		$	7,425		$	8,265		(10)
TOTAL NONINTEREST REVENUE (b)
Total noninterest revenue - reported	$	15,966		$	16,134		$	19,127		$	13,753		$	14,119		(1)		13		$	64,980		$	58,154		12
Fully taxable-equivalent adjustments (a)	840			690			730			708			757			22		11		2,968			2,534			17
Total noninterest revenue - managed	$	16,806		$	16,824		$	19,857		$	14,461		$	14,876		—		13		$	67,948		$	60,688		12
NET INTEREST INCOME
Net interest income - reported	$	13,258		$	13,013		$	13,853		$	14,439		$	14,166		2		(6)		$	54,563		$	57,245		(5)
Fully taxable-equivalent adjustments (a)	97			104			107			110			123			(7)		(21)		418			531			(21)
Net interest income - managed	$	13,355		$	13,117		$	13,960		$	14,549		$	14,289		2		(7)		$	54,981		$	57,776		(5)
TOTAL NET REVENUE (b)
Total net revenue - reported	$	29,224		$	29,147		$	32,980		$	28,192		$	28,285		—		3		$	119,543		$	115,399		4
Fully taxable-equivalent adjustments (a)	937			794			837			818			880			18		6		3,386			3,065			10
Total net revenue - managed	$	30,161		$	29,941		$	33,817		$	29,010		$	29,165		1		3		$	122,929		$	118,464		4
PRE-PROVISION PROFIT
Pre-provision profit - reported	$	13,176		$	12,272		$	16,038		$	11,401		$	11,992		7		10		$	52,887		$	50,130		5
Fully taxable-equivalent adjustments (a)	937			794			837			818			880			18		6		3,386			3,065			10
Pre-provision profit - managed	$	14,113		$	13,066		$	16,875		$	12,219		$	12,872		8		10		$	56,273		$	53,195		6
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	15,065		$	11,661		$	5,565		$	3,116		$	10,565		29		43		$	35,407		$	44,545		(21)
Fully taxable-equivalent adjustments (a)	937			794			837			818			880			18		6		3,386			3,065			10
Income before income tax expense - managed	$	16,002		$	12,455		$	6,402		$	3,934		$	11,445		28		40		$	38,793		$	47,610		(19)
INCOME TAX EXPENSE
Income tax expense - reported	$	2,929		$	2,218		$	878		$	251		$	2,045		32		43		$	6,276		$	8,114		(23)
Fully taxable-equivalent adjustments (a)	937			794			837			818			880			18		6		3,386			3,065			10
Income tax expense - managed	$	3,866		$	3,012		$	1,715		$	1,069		$	2,925		28		32		$	9,662		$	11,179		(14)
OVERHEAD RATIO
Overhead ratio - reported	55		%	58		%	51		%	60		%	58		%					56		%	57		%
Overhead ratio - managed	53			56			50			58			56							54			55

(a)Predominantly recognized in CIB, CB and Corporate.

(b)In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.

Page 7

JPMORGAN CHASE & CO.
SEGMENT RESULTS - MANAGED BASIS
(in millions)
	QUARTERLY TRENDS														FULL YEAR
											4Q20 Change								2020 Change
	4Q20		3Q20		2Q20		1Q20		4Q19		3Q20		4Q19		2020		2019		2019
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking (a)	$	12,728	$	12,895	$	12,358	$	13,287	$	13,880	(1)	%	(8)	%	$	51,268	$	55,133	(7)	%
Corporate & Investment Bank	11,352		11,546		16,383		10,003		9,703		(2)		17		49,284		39,265		26
Commercial Banking	2,463		2,285		2,400		2,165		2,296		8		7		9,313		9,264		1
Asset & Wealth Management	3,867		3,554		3,430		3,389		3,514		9		10		14,240		13,591		5
Corporate	(249)		(339)		(754)		166		(228)		27		(9)		(1,176)		1,211		NM
TOTAL NET REVENUE	$	30,161	$	29,941	$	33,817	$	29,010	$	29,165	1		3		$	122,929	$	118,464	4
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking (a)	$	7,042	$	6,912	$	6,767	$	7,269	$	7,116	2		(1)		$	27,990	$	28,276	(1)
Corporate & Investment Bank	4,939		5,832		6,812		5,955		5,451		(15)		(9)		23,538		22,444		5
Commercial Banking	950		969		893		986		941		(2)		1		3,798		3,735		2
Asset & Wealth Management	2,756		2,443		2,323		2,435		2,442		13		13		9,957		9,747		2
Corporate	361		719		147		146		343		(50)		5		1,373		1,067		29
TOTAL NONINTEREST EXPENSE	$	16,048	$	16,875	$	16,942	$	16,791	$	16,293	(5)		(2)		$	66,656	$	65,269	2
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	5,686	$	5,983	$	5,591	$	6,018	$	6,764	(5)		(16)		$	23,278	$	26,857	(13)
Corporate & Investment Bank	6,413		5,714		9,571		4,048		4,252		12		51		25,746		16,821		53
Commercial Banking	1,513		1,316		1,507		1,179		1,355		15		12		5,515		5,529		—
Asset & Wealth Management	1,111		1,111		1,107		954		1,072		—		4		4,283		3,844		11
Corporate	(610)		(1,058)		(901)		20		(571)		42		(7)		(2,549)		144		NM
PRE-PROVISION PROFIT	$	14,113	$	13,066	$	16,875	$	12,219	$	12,872	8		10		$	56,273	$	53,195	6
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	(83)	$	795	$	5,828	$	5,772	$	1,207	NM		NM		$	12,312	$	4,954	149
Corporate & Investment Bank	(581)		(81)		1,987		1,401		98		NM		NM		2,726		277		NM
Commercial Banking	(1,181)		(147)		2,431		1,010		110		NM		NM		2,113		296		NM
Asset & Wealth Management	(2)		(52)		223		94		13		96		NM		263		59		346
Corporate	(42)		96		4		8		(1)		NM		NM		66		(1)		NM
PROVISION FOR CREDIT LOSSES	$	(1,889)	$	611	$	10,473	$	8,285	$	1,427	NM		NM		$	17,480	$	5,585	213
NET INCOME/(LOSS)
Consumer & Community Banking	$	4,325	$	3,871	$	(176)	$	197	$	4,200	12		3		$	8,217	$	16,541	(50)
Corporate & Investment Bank	5,349		4,309		5,451		1,985		2,935		24		82		17,094		11,954		43
Commercial Banking	2,034		1,086		(681)		139		945		87		115		2,578		3,958		(35)
Asset & Wealth Management	786		876		661		669		801		(10)		(2)		2,992		2,867		4
Corporate	(358)		(699)		(568)		(125)		(361)		49		1		(1,750)		1,111		NM
TOTAL NET INCOME	$	12,136	$	9,443	$	4,687	$	2,865	$	8,520	29		42		$	29,131	$	36,431	(20)

In the fourth quarter of 2020, payment processing-only clients along with the associated revenue and expenses were realigned to CIB’s Wholesale Payments business from CCB and CB. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.

In the fourth quarter of 2020, the Firm realigned certain wealth management clients from AWM to CCB. Prior-period amounts have been revised to conform with the current presentation. Refer to page 29 for further information.

(a)In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.

Page 8

JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
																		Dec 31, 2020
																		Change				FULL YEAR
	Dec 31,				Sep 30,				Jun 30,			Mar 31,			Dec 31,			Sep 30,		Dec 31,						2020 Change
	2020				2020				2020			2020			2019			2020		2019		2020		2019		2019
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	205,066		(e)	$	197,719			$	190,867		$	183,591		$	187,753		4	%	9	%
Tier 1 capital	234,835			(e)	227,486				220,674			213,406			214,432			3		10
Total capital	269,933			(e)	262,397				256,667			247,541			242,589			3		11
Risk-weighted assets	1,562,381			(e)	1,514,509				1,541,365			1,598,828			1,515,869			3		3
CET1 capital ratio	13.1		%	(e)	13.1		%		12.4		%	11.5		%	12.4		%
Tier 1 capital ratio	15.0			(e)	15.0				14.3			13.3			14.1
Total capital ratio	17.3			(e)	17.3				16.7			15.5			16.0
Advanced
CET1 capital	$	205,066		(e)	$	197,719			$	190,867		$	183,591		$	187,753		4		9
Tier 1 capital	234,835			(e)	227,486				220,674			213,406			214,432			3		10
Total capital	257,222			(e)	249,947				244,112			234,434			232,112			3		11
Risk-weighted assets	1,485,654			(e)	1,429,334				1,450,587			1,489,134			1,397,878			4		6
CET1 capital ratio	13.8		%	(e)	13.8		%		13.2		%	12.3		%	13.4		%
Tier 1 capital ratio	15.8			(e)	15.9				15.2			14.3			15.3
Total capital ratio	17.3			(e)	17.5				16.8			15.7			16.6
Leverage-based capital metrics
Adjusted average assets (b)	$	3,353,310		(e)	$	3,243,290			$	3,176,729		$	2,842,244		$	2,730,239		3		23
Tier 1 leverage ratio	7.0		%	(e)	7.0		%		6.9		%	7.5		%	7.9		%
Total leverage exposure	3,396,447			(e)	3,247,392				3,228,424			3,535,822			3,423,431			5		(1)
SLR	6.9		%	(e)	7.0		%		6.8		%	6.0		%	6.3		%
TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders’ equity	$	249,291			$	241,050			$	234,403		$	231,199		$	234,337		3		6
Less: Goodwill	49,248				47,819				47,811			47,800			47,823			3		3
Less: Other intangible assets	904				759				778			800			819			19		10
Add: Certain deferred tax liabilities (d)	2,453				2,405				2,397			2,389			2,381			2		3
Total tangible common equity	$	201,592			$	194,877			$	188,211		$	184,988		$	188,076		3		7
TANGIBLE COMMON EQUITY (average) (c)
Common stockholders’ equity	$	241,672			$	236,797			$	234,408		$	234,530		$	232,878		2		4		$	236,865	$	232,907	2	%
Less: Goodwill	47,842				47,820				47,805			47,812			47,819			—		—		47,820		47,620		—
Less: Other intangible assets	752				769				791			812			831			(2)		(10)		781		789		(1)
Add: Certain deferred tax liabilities (d)	2,416				2,401				2,393			2,385			2,375			1		2		2,399		2,328		3
Total tangible common equity	$	195,494			$	190,609			$	188,205		$	188,291		$	186,603		3		5		$	190,663	$	186,826	2
INTANGIBLE ASSETS (period-end)
Goodwill	$	49,248			$	47,819			$	47,811		$	47,800		$	47,823		3		3
Mortgage servicing rights	3,276				3,016				3,080			3,267			4,699			9		(30)
Other intangible assets	904				759				778			800			819			19		10
Total intangible assets	$	53,428			$	51,594			$	51,669		$	51,867		$	53,341		4		—

(a)The capital metrics reflect the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020. For the periods ended December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $5.7 billion, $6.4 billion, $6.5 billion and $4.3 billion, respectively. The SLR reflects the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks that became effective in the second quarter of 2020. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 11-12 and Capital Risk Management on pages 49-54 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 for additional information. Refer to Capital Risk Management on pages 85-92 of the Firm’s 2019 Form 10-K for additional information on the Firm’s capital metrics.

(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill and other intangible assets.

(c)Refer to page 28 for further discussion of TCE.

(d)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.

(e)Estimated.

Page 9

JPMORGAN CHASE & CO.
EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																			FULL YEAR
																4Q20 Change										2020 Change
	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20		4Q19		2020			2019			2019
EARNINGS PER SHARE
Basic earnings per share
Net income	$	12,136		$	9,443		$	4,687		$	2,865		$	8,520		29	%	42	%	$	29,131		$	36,431		(20)	%
Less: Preferred stock dividends	380			381			401			421			386			—		(2)		1,583			1,587			—
Net income applicable to common equity	11,756			9,062			4,286			2,444			8,134			30		45		27,548			34,844			(21)
Less: Dividends and undistributed earnings allocated to
participating securities	57			47			21			13			44			21		30		138			202			(32)
Net income applicable to common stockholders	$	11,699		$	9,015		$	4,265		$	2,431		$	8,090		30		45		$	27,410		$	34,642		(21)
Total weighted-average basic shares outstanding	3,079.7			3,077.8			3,076.3			3,095.8			3,140.7			—		(2)		3,082.4			3,221.5			(4)
Net income per share	$	3.80		$	2.93		$	1.39		$	0.79		$	2.58		30		47		$	8.89		$	10.75		(17)
Diluted earnings per share
Net income applicable to common stockholders	$	11,699		$	9,015		$	4,265		$	2,431		$	8,090		30		45		$	27,410		$	34,642		(21)
Total weighted-average basic shares outstanding	3,079.7			3,077.8			3,076.3			3,095.8			3,140.7			—		(2)		3,082.4			3,221.5			(4)
Add: Dilutive impact of stock appreciation rights (“SARs”) and employee stock options, unvested performance share units (“PSUs”) and nondividend-earning restricted stock units (“RSUs”)	5.4			5.0			4.7			4.9			7.8			8		(31)		5.0			8.9			(44)
Total weighted-average diluted shares outstanding	3,085.1			3,082.8			3,081.0			3,100.7			3,148.5			—		(2)		3,087.4			3,230.4			(4)
Net income per share	$	3.79		$	2.92		$	1.38		$	0.78		$	2.57		30		47		$	8.88		$	10.72		(17)
COMMON DIVIDENDS
Cash dividends declared per share	$	0.90		$	0.90		$	0.90		$	0.90		$	0.90		—		—		$	3.60		$	3.40		6
Dividend payout ratio	24		%	31		%	65		%	114		%	35		%					40		%	31		%
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	—			—			—			50.0			54.0			—		NM		50.0			213.0			(77)
Average price paid per share of common stock	$	—		$	—		$	—		$	127.92		$	127.24		—		NM		$	127.92		$	113.26		13
Aggregate repurchases of common stock	—			—			—			6,397			6,871			—		NM		6,397			24,121			(73)
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	1.5			0.6			0.8			13.0			1.5			150		—		15.9			21.2			(25)
Net impact of employee issuances on stockholders’ equity (b)	$	217		$	263		$	325		$	398		$	132		(17)		64		$	1,203		$	970		24

(a)On March 15, 2020, in response to the COVID-19 pandemic, the Firm temporarily suspended repurchases of its common stock. Subsequently, the Federal Reserve directed all large banks, including the Firm, to discontinue net share repurchases through the end of 2020. On December 18, 2020, the Federal Reserve announced that all large banks, including the Firm, could resume share repurchases commencing in the first quarter of 2021, subject to certain restrictions. As a result, the Firm announced that its Board of Directors authorized a new common share repurchase program of $30 billion.

(b)The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares and the exercise of employee stock options and SARs.

Page 10

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																			FULL YEAR
																4Q20 Change										2020 Change
	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20		4Q19		2020			2019			2019
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees (a)	$	806		$	771		$	617		$	972		$	1,032		5	%	(22)	%	$	3,166		$	3,938		(20)	%
Asset management, administration and commissions (a)	735			703			634			708			711			5		3		2,780			2,808			(1)
Mortgage fees and related income	766			1,076			917			320			474			(29)		62		3,079			2,035			51
Card income (b)	923			826			667			652			905			12		2		3,068			3,412			(10)
All other income	1,328			1,487			1,387			1,445			1,469			(11)		(10)		5,647			5,603			1
Noninterest revenue	4,558			4,863			4,222			4,097			4,591			(6)		(1)		17,740			17,796			—
Net interest income	8,170			8,032			8,136			9,190			9,289			2		(12)		33,528			37,337			(10)
TOTAL NET REVENUE	12,728			12,895			12,358			13,287			13,880			(1)		(8)		51,268			55,133			(7)
Provision for credit losses	(83)			795			5,828			5,772			1,207			NM		NM		12,312			4,954			149
NONINTEREST EXPENSE
Compensation expense	2,734			2,804			2,694			2,782			2,668			(2)		2		11,014			10,815			2
Noncompensation expense (b)(c)	4,308			4,108			4,073			4,487			4,448			5		(3)		16,976			17,461			(3)
TOTAL NONINTEREST EXPENSE	7,042			6,912			6,767			7,269			7,116			2		(1)		27,990			28,276			(1)
Income/(loss) before income tax expense/(benefit)	5,769			5,188			(237)			246			5,557			11		4		10,966			21,903			(50)
Income tax expense/(benefit)	1,444			1,317			(61)			49			1,357			10		6		2,749			5,362			(49)
NET INCOME/(LOSS)	$	4,325		$	3,871		$	(176)		$	197		$	4,200		12		3		$	8,217		$	16,541		(50)
REVENUE BY LINE OF BUSINESS
Consumer & Business Banking	$	5,744		$	5,697		$	5,248		$	6,266		$	6,668		1		(14)		$	22,955		$	27,376		(16)
Home Lending	1,456			1,714			1,687			1,161			1,250			(15)		16		6,018			5,179			16
Card & Auto (b)	5,528			5,484			5,423			5,860			5,962			1		(7)		22,295			22,578			(1)
MORTGAGE FEES AND RELATED INCOME DETAILS:
Net production revenue	803			765			742			319			327			5		146		2,629			1,618			62
Net mortgage servicing revenue (d)	(37)			311			175			1			147			NM		NM		450			417			8
Mortgage fees and related income	$	766		$	1,076		$	917		$	320		$	474		(29)		62		$	3,079		$	2,035		51
FINANCIAL RATIOS
ROE	32		%	29		%	(2)		%	1		%	31		%					15		%	31		%
Overhead ratio	55			54			55			55			51							55			51

In the fourth quarter of 2020, payment processing-only clients along with the associated revenue and expenses were realigned to CIB’s Wholesale Payments business from CCB and CB. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.

In the fourth quarter of 2020, the Firm realigned certain wealth management clients from AWM to CCB. Prior-period amounts have been revised to conform with the current presentation. Refer to page 29 for further information.

(a)In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.

(b)In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.

(c)Included depreciation expense on leased assets of $975 million and $1.0 billion for the three months ended December 31, 2020 and September 30, 2020, and $1.1 billion for the three months ended June 30, 2020, March 31, 2020 and December 31, 2019, respectively, and $4.2 billion and $4.0 billion for the full year 2020 and 2019, respectively.

(d)Included MSR risk management results of $(152) million, $145 million, $79 million, $(90) million and $35 million for the three months ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively, and $(18) million and $(165) million for the full year 2020 and 2019, respectively.

Page 11

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)
	QUARTERLY TRENDS																	FULL YEAR
														4Q20 Change									2020 Change
	4Q20			3Q20			2Q20			1Q20		4Q19		3Q20		4Q19		2020			2019		2019
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	496,654		$	487,012		$	498,607		$	513,301	$	541,316	2	%	(8)	%	$	496,654		$	541,316	(8)	%
Loans:
Consumer & Business Banking	48,810		(d)	49,646		(d)	49,305		(d)	30,004		29,585		(2)		65		48,810		(d)	29,585		65
Home Lending (a)(b)	182,121			188,561			195,664			205,318		213,445		(3)		(15)		182,121			213,445		(15)
Card	144,216			140,377			141,656			154,021		168,924		3		(15)		144,216			168,924		(15)
Auto	66,432			62,304			59,287			61,468		61,522		7		8		66,432			61,522		8
Total loans	441,579			440,888			445,912			450,811		473,476		—		(7)		441,579			473,476		(7)
Deposits	958,706			909,198			885,535			783,398		723,418		5		33		958,706			723,418		33
Equity	52,000			52,000			52,000			52,000		52,000		—		—		52,000			52,000		—
SELECTED BALANCE SHEET DATA (average)
Total assets	$	486,221		$	490,043		$	504,520		$	525,644	$	534,596	(1)		(9)		$	501,533		$	543,076	(8)
Loans:
Consumer & Business Banking	49,506			49,596			43,442			29,570		29,192		—		70		43,064			28,859		49
Home Lending (a)(c)	185,733			192,172			199,532			211,333		216,921		(3)		(14)		197,148			230,662		(15)
Card	141,236			140,386			142,377			162,660		162,112		1		(13)		146,633			156,325		(6)
Auto	64,342			60,345			60,306			60,893		61,100		7		5		61,476			61,862		(1)
Total loans	440,817			442,499			445,657			464,456		469,325		—		(6)		448,321			477,708		(6)
Deposits	928,518			895,535			840,467			739,709		712,829		4		30		851,390			698,378		22
Equity	52,000			52,000			52,000			52,000		52,000		—		—		52,000			52,000		—
Headcount	122,894			122,905			123,765			124,609		125,756		—		(2)		122,894			125,756		(2)

In the fourth quarter of 2020, payment processing-only clients along with the associated revenue and expenses were realigned to CIB’s Wholesale Payments business from CCB and CB. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.

In the fourth quarter of 2020, the Firm realigned certain wealth management clients from AWM to CCB. Prior-period amounts have been revised to conform with the current presentation. Refer to page 29 for further information.

(a)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.

(b)At December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, Home Lending loans held-for-sale and loans at fair value were $9.7 billion, $10.0 billion, $8.6 billion, $10.8 billion, and $16.6 billion, respectively.

(c)Average Home Lending loans held-for sale and loans at fair value were $10.7 billion, $9.2 billion, $8.7 billion, $15.8 billion, and $19.1 billion for the three months ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, respectively, and were $11.1 billion and $14.1 billion for the full year 2020 and 2019, respectively.

(d)At December 31, 2020, September 30, 2020 and June 30, 2020, included $19.2 billion, $20.3 billion and $19.9 billion of loans, respectively, in Business Banking under the Paycheck Protection Program (“PPP”). Refer to page 61 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 for further information on the PPP.

Page 12

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)	QUARTERLY TRENDS																						FULL YEAR
																			4Q20 Change											2020 Change
	4Q20				3Q20				2Q20				1Q20			4Q19			3Q20		4Q19		2020				2019			2019
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)(c)	$	5,675		(f)	$	5,162		(f)(i)	$	4,429		(f)	$	4,022		$	3,027		10	%	87	%	$	5,675		(f)	$	3,027		87	%
Net charge-offs/(recoveries)
Consumer & Business Banking	75				54				60				74			93			39		(19)		263				298			(12)
Home Lending	(50)				8				(5)				(122)			(23)			NM		(117)		(169)				(98)			(72)
Card	767				1,028				1,178				1,313			1,231			(25)		(38)		4,286				4,848			(12)
Auto	25				5				45				48			57			400		(56)		123				206			(40)
Total net charge-offs/(recoveries)	$	817			$	1,095			$	1,278			$	1,313		$	1,358		(25)		(40)		$	4,503			$	5,254		(14)
Net charge-off/(recovery) rate
Consumer & Business Banking	0.60		%	(g)	0.43		%	(g)	0.56		%	(g)	1.01		%	1.26		%					0.61		%	(g)	1.03		%
Home Lending	(0.11)				0.02				(0.01)				(0.25)			(0.05)							(0.09)				(0.05)
Card	2.17				2.92				3.33				3.25			3.01							2.93				3.10
Auto	0.15				0.03				0.30				0.32			0.37							0.20				0.33
Total net charge-off/(recovery) rate	0.76				1.01				1.18				1.18			1.20							1.03				1.13
30+ day delinquency rate
Home Lending (d)(e)	1.15		%	(h)	1.62		%	(h)	1.30		%	(h)	1.48		%	1.58		%					1.15		%	(h)	1.58		%
Card	1.68			(h)	1.57			(h)	1.71			(h)	1.96			1.87							1.68			(h)	1.87
Auto	0.69			(h)	0.54			(h)	0.54			(h)	0.89			0.94							0.69			(h)	0.94
90+ day delinquency rate - Card	0.92			(h)	0.69			(h)	0.93			(h)	1.02			0.95							0.92			(h)	0.95
Allowance for loan losses
Consumer & Business Banking	$	1,372			$	1,372			$	1,372			$	884		$	750		—		83		$	1,372			$	750		83
Home Lending	1,813				2,685				2,957				2,137			1,890			(32)		(4)		1,813				1,890			(4)
Card	17,800				17,800				17,800				14,950			5,683			—		213		17,800				5,683			213
Auto	1,042				1,044				1,044				732			465			—		124		1,042				465			124
Total allowance for loan losses	$	22,027			$	22,901			$	23,173			$	18,703		$	8,788		(4)		151		$	22,027			$	8,788		151

In the fourth quarter of 2020, the Firm realigned certain wealth management clients from AWM to CCB. Prior-period amounts have been revised to conform with the current presentation. Refer to page 29 for further information.

(a)At December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, nonaccrual loans included $1.6 billion, $1.5 billion, $1.3 billion and $970 million of PCD loans, respectively. Prior to the adoption of CECL, nonaccrual loans excluded PCI loans as the Firm recognized interest income on each pool of PCI loans as each of the pools was performing.

(b)At December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $558 million, $851 million, $561 million, $616 million and $963 million, respectively. These amounts have been excluded based upon the government guarantee. Prior-period amounts of mortgage loans 90 or more days past due and insured by U.S. government agencies excluded from nonaccrual loans have been revised to conform with the current presentation, refer to footnote (c) for additional information.

(c)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.

(d)At December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, the 30+ day delinquency rates included PCD loans. The rates prior to January 1, 2020 have been revised to include the impact of PCI loans.

(e)At December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $744 million, $1.1 billion, $826 million, $1.0 billion and $1.7 billion, respectively. These amounts have been excluded based upon the government guarantee. Prior-period amounts of mortgage loans 30 or more days past due and insured by U.S. government agencies excluded from 30+ day delinquency rate have been revised to conform with the current presentation, refer to footnote (c) for additional information.

(f)Generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic. Includes loans to customers that have exited COVID-19 payment deferral programs and are 90 or more days past due, predominantly all of which were considered collateral-dependent and charged down to the lower of amortized cost or fair value of the underlying collateral less costs to sell.

(g)At December 31, 2020, September 30, 2020 and June 30, 2020, included $19.2 billion, $20.3 billion and $19.9 billion of loans, respectively, under the PPP. Given that PPP loans are guaranteed by the SBA, the Firm does not expect to realize material credit losses on these loans. Refer to page 61 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 for further information on the PPP.

(h)At December 31, 2020, September 30, 2020 and June 30, 2020, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic were as follows: (1) $9.1 billion, $10.2 billion and $18.2 billion in Home Lending, respectively; (2) $264 million, $368 million and $4.4 billion in Card, respectively; and (3) $376 million, $411 million and $12.3 billion in Auto, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.

(i)Prior-period amount has been revised to conform with the current presentation.

Page 13

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																								FULL YEAR
																					4Q20 Change												2020 Change
	4Q20				3Q20				2Q20				1Q20				4Q19				3Q20		4Q19		2020				2019				2019
BUSINESS METRICS
Number of:
Branches	4,908				4,960				4,923				4,967				4,976				(1)	%	(1)	%	4,908				4,976				(1)	%
Active digital customers (in thousands) (a)	55,274				54,779				54,505				53,833				52,453				1		5		55,274				52,453				5
Active mobile customers (in thousands) (b)	40,899				40,164				39,044				38,256				37,315				2		10		40,899				37,315				10
Debit and credit card sales volume (in billions)	$	299.4			$	278.2			$	237.6			$	266.0			$	295.6			8		1		$	1,081.2			$	1,114.4			(3)
Consumer & Business Banking
Average deposits	$	907,884			$	874,325			$	821,624			$	724,970			$	696,572			4		30		$	832,523			$	683,707			22
Deposit margin	1.41			%	1.43			%	1.52			%	2.05			%	2.27			%					1.58			%	2.48			%
Business banking origination volume	$	722			$	1,352		(f)	$	23,042		(f)	$	1,491			$	1,827			(47)		(60)		$	26,607		(f)	$	6,598			303
Client investment assets	588,403				529,196				494,390				442,634				501,360				11		17		588,403				501,360				17
Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	20.1			$	20.7			$	18.0			$	14.1			$	16.4			(3)		23		$	72.9			$	51.0			43
Correspondent	12.4				8.3				6.2				14.0				16.9				49		(27)		40.9				54.2				(25)
Total mortgage origination volume (c)	$	32.5			$	29.0			$	24.2			$	28.1			$	33.3			12		(2)		$	113.8			$	105.2			8
Total loans serviced (period-end)	$	626.3			$	654.0			$	683.7			$	737.8			$	761.4			(4)		(18)		$	626.3			$	761.4			(18)
Third-party mortgage loans serviced (period-end)	447.3				454.8				482.4				505.0				520.8				(2)		(14)		447.3				520.8				(14)
MSR carrying value (period-end)	3.3				3.0				3.1				3.3				4.7				10		(30)		3.3				4.7				(30)
Ratio of MSR carrying value (period-end) to third-party
mortgage loans serviced (period-end)	0.74			%	0.66			%	0.64			%	0.65			%	0.90			%					0.74			%	0.90			%
MSR revenue multiple (d)	2.64		x		2.28		x		2.29		x		2.10		x		2.73		x						2.55		x		2.65		x
Credit Card
Credit card sales volume, excluding Commercial Card (in billions)	$	197.0			$	178.1			$	148.5			$	179.1			$	204.2			11		(4)		702.7				762.8				(8)
Net revenue rate (e)	11.22			%	10.96			%	11.02			%	10.54			%	10.65			%					10.92			%	10.48			%
Auto
Loan and lease origination volume (in billions)	$	11.0			$	11.4			$	7.7			$	8.3			$	8.5			(4)		29		$	38.4			$	34.0			13
Average auto operating lease assets	20,810				21,684				22,579				23,081				22,427				(4)		(7)		22,034				21,589				2

In the fourth quarter of 2020, the Firm realigned certain wealth management clients from AWM to CCB. Prior-period amounts have been revised to conform with the current presentation. Refer to page 29 for further information.

(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.

(b)Users of all mobile platforms who have logged in within the past 90 days.

(c)Firmwide mortgage origination volume was $37.0 billion, $36.2 billion, $28.3 billion, $31.9 billion and $37.4 billion for the three months ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, respectively, and $133.4 billion and $115.9 billion for the full year 2020 and 2019, respectively.

(d)Represents the ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) divided by the ratio of annualized loan servicing-related revenue to third-party mortgage loans serviced (average).

(e)In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.

(f)Included $396 million and $21.5 billion of origination volume under the PPP for the three months ended September 30, 2020 and June 30, 2020, respectively, and $21.9 billion for the full year 2020. Refer to page 61 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 for further information on the PPP.

Page 14

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																			FULL YEAR
																4Q20 Change										2020 Change
	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20		4Q19		2020			2019			2019
INCOME STATEMENT
REVENUE
Investment banking fees	$	2,558		$	2,165		$	2,847		$	1,907		$	1,904		18	%	34	%	$	9,477		$	7,575		25	%
Principal transactions	2,982			3,990			7,400			3,188			2,932			(25)		2		17,560			14,399			22
Lending- and deposit-related fees (a)	574			546			500			450			462			5		24		2,070			1,668			24
Asset management, administration and commissions (a)	1,226			1,086			1,148			1,261			1,059			13		16		4,721			4,400			7
All other income	462			331			409			90			678			40		(32)		1,292			2,018			(36)
Noninterest revenue	7,802			8,118			12,304			6,896			7,035			(4)		11		35,120			30,060			17
Net interest income	3,550			3,428			4,079			3,107			2,668			4		33		14,164			9,205			54
TOTAL NET REVENUE (b)	11,352			11,546			16,383			10,003			9,703			(2)		17		49,284			39,265			26
Provision for credit losses	(581)			(81)			1,987			1,401			98			NM		NM		2,726			277			NM
NONINTEREST EXPENSE
Compensation expense	1,958			2,651			3,997			3,006			2,377			(26)		(18)		11,612			11,180			4
Noncompensation expense	2,981			3,181			2,815			2,949			3,074			(6)		(3)		11,926			11,264			6
TOTAL NONINTEREST EXPENSE	4,939			5,832			6,812			5,955			5,451			(15)		(9)		23,538			22,444			5
Income before income tax expense	6,994			5,795			7,584			2,647			4,154			21		68		23,020			16,544			39
Income tax expense	1,645			1,486			2,133			662			1,219			11		35		5,926			4,590			29
NET INCOME	$	5,349		$	4,309		$	5,451		$	1,985		$	2,935		24		82		$	17,094		$	11,954		43
FINANCIAL RATIOS
ROE	26		%	21		%	27		%	9		%	14		%					20		%	14		%
Overhead ratio	44			51			42			60			56							48			57
Compensation expense as percentage of total net revenue	17			23			24			30			24							24			28
REVENUE BY BUSINESS
Investment Banking	$	2,497		$	2,087		$	3,401		$	886		$	1,823		20		37		$	8,871		$	7,215		23
Wholesale Payments	1,427			1,332			1,387			1,414			1,489			7		(4)		5,560			5,842			(5)
Lending	193			333			270			350			250			(42)		(23)		1,146			1,021			12
Total Banking	4,117			3,752			5,058			2,650			3,562			10		16		15,577			14,078			11
Fixed Income Markets	3,950			4,597			7,338			4,993			3,446			(14)		15		20,878			14,418			45
Equity Markets	1,989			1,999			2,380			2,237			1,508			(1)		32		8,605			6,494			33
Securities Services	1,053			1,029			1,097			1,074			1,061			2		(1)		4,253			4,154			2
Credit Adjustments & Other (c)	243			169			510			(951)			126			44		93		(29)			121			NM
Total Markets & Securities Services	7,235			7,794			11,325			7,353			6,141			(7)		18		33,707			25,187			34
TOTAL NET REVENUE	$	11,352		$	11,546		$	16,383		$	10,003		$	9,703		(2)		17		$	49,284		$	39,265		26

In the fourth quarter of 2020, payment processing-only clients along with the associated revenue and expenses were realigned to CIB’s Wholesale Payments business from CCB and CB. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.

(a)In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.

(b)Includes tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; as well as tax-exempt income from municipal bonds of $765 million, $641 million, $686 million, $667 million and $646 million for the three months ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively and $2.8 billion and $2.3 billion for the full year 2020 and 2019, respectively.

(c)Consists primarily of credit valuation adjustments (“CVA”) managed centrally within CIB and funding valuation adjustments (“FVA”) on derivatives and certain components of fair value option elected liabilities. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.

Page 15

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																				FULL YEAR
																	4Q20 Change										2020 Change
	4Q20			3Q20			2Q20				1Q20			4Q19			3Q20		4Q19		2020			2019			2019
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	1,097,219		$	1,089,293		$	1,081,162		(g)	$	1,217,459		$	914,705		1	%	20	%	$	1,097,219		$	914,705		20	%
Loans:
Loans retained (a)	133,296			126,841			140,770				165,376			121,733			5		9		133,296			121,733			9
Loans held-for-sale and loans at fair value (b)	39,588			33,046			34,017				34,644			34,317			20		15		39,588			34,317			15
Total loans	172,884			159,887			174,787				200,020			156,050			8		11		172,884			156,050			11
Equity	80,000			80,000			80,000				80,000			80,000			—		—		80,000			80,000			—
SELECTED BALANCE SHEET DATA (average)
Assets	$	1,140,524		$	1,100,657		$	1,167,807			$	1,082,820		$	994,152		4		15		1,122,939			$	993,508		13
Trading assets - debt and equity instruments (b)	442,443			425,789			421,953				398,504			370,859			4		19		422,237			376,182			12
Trading assets - derivative receivables	77,946			78,339			76,710				55,133			45,153			(1)		73		72,065			48,196			50
Loans:
Loans retained (a)	128,765			131,187			154,038				128,838			119,412			(2)		8		135,676			122,371			11
Loans held-for-sale and loans at fair value (b)	36,228			30,205			33,538				35,211			33,694			20		8		33,792			32,884			3
Total loans	164,993			161,392			187,576				164,049			153,106			2		8		169,468			155,255			9
Equity	80,000			80,000			80,000				80,000			80,000			—		—		80,000			80,000			—
Headcount	61,733			61,830			60,950				60,245			60,013			—		3		61,733			60,013			3
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	88		$	23		$	204			$	55		$	43		283		105		$	370		$	183		102
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)	1,008			1,178			1,195				689			308			(14)		227		1,008			308			227
Nonaccrual loans held-for-sale and loans at fair value (b)(d)	1,662			2,111			1,510				766			644			(21)		158		1,662			644			158
Total nonaccrual loans	2,670			3,289			2,705				1,455			952			(19)		180		2,670			952			180
Derivative receivables	56			140			108				85			30			(60)		87		56			30			87
Assets acquired in loan satisfactions	85			88			35				43			70			(3)		21		85			70			21
Total nonperforming assets	2,811			3,517			2,848				1,583			1,052			(20)		167		2,811			1,052			167
Allowance for credit losses:
Allowance for loan losses	2,366			2,863			3,039			(g)	1,422			1,202			(17)		97		2,366			1,202			97
Allowance for lending-related commitments	1,534			1,706			1,634			(g)	1,468			848			(10)		81		1,534			848			81
Total allowance for credit losses	3,900			4,569			4,673				2,890			2,050			(15)		90		3,900			2,050			90
Net charge-off/(recovery) rate (a)(e)	0.27		%	0.07		%	0.53		%		0.17		%	0.14		%					0.27		%	0.15		%
Allowance for loan losses to period-end loans retained (a)	1.77			2.26			2.16			(g)	0.86			0.99							1.77			0.99
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (f)	2.54			3.15			2.87			(g)	1.11			1.31							2.54			1.31
Allowance for loan losses to nonaccrual loans retained (a)(c)	235			243			254			(g)	206			390							235			390
Nonaccrual loans to total period-end loans (b)	1.54			2.06			1.55				0.73			0.61							1.54			0.61

In the fourth quarter of 2020, payment processing-only clients along with the associated revenue and expenses were realigned to CIB’s Wholesale Payments business from CCB and CB. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.

(a)Loans retained includes credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.

(b)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.

(c)Allowance for loan losses of $278 million, $320 million, $340 million, $317 million and $110 million were held against nonaccrual loans at December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively.

(d)At December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $316 million, $297 million, $135 million, $124 million and $127 million, respectively. These amounts have been excluded based upon the government guarantee.

(e)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(f)Management uses allowance for loan losses to period-end loans retained, excluding trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of CIB’s allowance coverage ratio.

(g)Prior-period amounts have been revised to conform with the current presentation.

Page 16

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS														FULL YEAR
											4Q20 Change								2020 Change
	4Q20		3Q20		2Q20		1Q20		4Q19		3Q20		4Q19		2020		2019		2019
BUSINESS METRICS
Advisory	$	835	$	428	$	602	$	503	$	702	95	%	19	%	$	2,368	$	2,377	—	%
Equity underwriting	718		732		977		331		382		(2)		88		2,758		1,666		66
Debt underwriting	1,005		1,005		1,268		1,073		820		—		23		4,351		3,532		23
Total investment banking fees	$	2,558	$	2,165	$	2,847	$	1,907	$	1,904	18		34		$	9,477	$	7,575	25
Client deposits and other third-party liabilities (average) (a)	683,818		634,961		607,902		514,464		485,037		8		41		610,555		464,795		31
Merchant processing volume (in billions) (b)	444.5		406.1		371.9		374.8		402.9		9		10		$	1,597.3	$	1,511.5	6
Assets under custody (“AUC”) (period-end) (in billions)	$	30,980	$	28,628	$	27,447	$	24,409	$	26,831	8		15		$	30,980	$	26,831	15
95% Confidence Level - Total CIB VaR (average) (c)
CIB trading VaR by risk type: (d)
Fixed income	$	106	$	93	$	129	$	60	$	39	14		172
Foreign exchange	12		13		9		7		5		(8)		140
Equities	23		26		27		20		18		(12)		28
Commodities and other	36		33		32		10		7		9		414
Diversification benefit to CIB trading VaR (e)	(85)		(76)		(69)		(40)		(32)		(12)		(166)
CIB trading VaR (d)	92		89		128		57		37		3		149
Credit portfolio VaR (f)	12		15		22		9		5		(20)		140
Diversification benefit to CIB VaR (e)	(13)		(14)		(23)		(8)		(5)		7		(160)
CIB VaR	$	91	$	90	$	127	$	58	$	37	1		146

(a)Client deposits and other third-party liabilities pertain to the Wholesale Payments and Securities Services businesses.

(b)Represents total merchant processing volume across CIB, CCB and CB.

(c)Effective January 1, 2020, the Firm refined the scope of VaR to exclude positions related to the risk management of interest rate exposure from changes in the Firm’s own credit spread on fair value option elected liabilities, and included these positions in other sensitivity-based measures. Additionally, effective July 1, 2020, the Firm refined the scope of VaR to exclude certain asset-backed fair value option elected loans, and included them in other sensitivity-based measures to more effectively measure the risk from these loans. In the absence of these refinements, the average VaR for each of the following reported components would have been different by the following amounts: CIB fixed income of $33 million, $15 million, $(11) million and $4 million, CIB Trading VaR of $30 million, $11 million, $(11) million and $5 million and CIB VaR of $29 million, $11 million, $(8) million and $6 million for the three months ended December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.

(d)CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 121–123 of the Firm’s 2019 Form 10-K, and pages 80–82 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 for further information.

(e)Average portfolio VaR was less than the sum of the VaR of the components described above, which is due to portfolio diversification. The diversification effect reflects the fact that the risks were not perfectly correlated.

(f)Credit portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.

Page 17

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																			FULL YEAR
																4Q20 Change										2020 Change
	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20		4Q19		2020			2019			2019
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees (a)	$	325		$	304		$	297		$	261		$	256		7	%	27	%	$	1,187		$	941		26	%
All other income (a)	550			457			526			347			436			20		26		1,880			1,769			6
Noninterest revenue	875			761			823			608			692			15		26		3,067			2,710			13
Net interest income	1,588			1,524			1,577			1,557			1,604			4		(1)		6,246			6,554			(5)
TOTAL NET REVENUE (b)	2,463			2,285			2,400			2,165			2,296			8		7		9,313			9,264			1
Provision for credit losses	(1,181)			(147)			2,431			1,010			110			NM		NM		2,113			296			NM
NONINTEREST EXPENSE
Compensation expense	460			492			430			472			444			(7)		4		1,854			1,785			4
Noncompensation expense	490			477			463			514			497			3		(1)		1,944			1,950			—
TOTAL NONINTEREST EXPENSE	950			969			893			986			941			(2)		1		3,798			3,735			2
Income/(loss) before income tax expense/(benefit)	2,694			1,463			(924)			169			1,245			84		116		3,402			5,233			(35)
Income tax expense/(benefit)	660			377			(243)			30			300			75		120		824			1,275			(35)
NET INCOME/(LOSS)	$	2,034		$	1,086		$	(681)		$	139		$	945		87		115		$	2,578		$	3,958		(35)
Revenue by product
Lending	$	1,177		$	1,138		$	1,127		$	954		$	1,027		3		15		$	4,396		$	4,057		8
Wholesale payments	945			867			925			978			1,020			9		(7)		3,715			4,200			(12)
Investment banking (c)	318			260			256			235			211			22		51		1,069			919			16
Other	23			20			92			(2)			38			15		(39)		133			88			51
Total Commercial Banking net revenue (b)	$	2,463		$	2,285		$	2,400		$	2,165		$	2,296		8		7		$	9,313		$	9,264		1
Investment banking revenue, gross (d)	$	971		$	840		$	851		$	686		$	634		16		53		$	3,348		$	2,744		22
Revenue by client segment
Middle Market Banking	$	947		$	880		$	870		$	943		$	937		8		1		$	3,640		$	3,805		(4)
Corporate Client Banking	856			808			866			673			758			6		13		3,203			3,119			3
Commercial Real Estate Banking	630			576			566			541			537			9		17		2,313			2,169			7
Other	30			21			98			8			64			43		(53)		157			171			(8)
Total Commercial Banking net revenue (b)	$	2,463		$	2,285		$	2,400		$	2,165		$	2,296		8		7		$	9,313		$	9,264		1
FINANCIAL RATIOS
ROE	36		%	19		%	(13)		%	2		%	16		%					11		%	17		%
Overhead ratio	39			42			37			46			41							41			40

In the fourth quarter of 2020, payment processing-only clients along with the associated revenue and expenses were realigned to CIB’s Wholesale Payments business from CCB and CB. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.

(a)In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions (which are included in all other income) to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.

(b)Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities and in entities established for rehabilitation of historic properties, as well as tax-exempt income related to municipal financing activities of $108 million, $82 million, $80 million, $81 million and $152 million for the three months ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively, and $351 million and $460 million for the full year 2020 and 2019, respectively.

(c)Includes CB’s share of revenue from investment banking products sold to CB clients through the CIB.

(d)Refer to page 60 of the Firm’s 2019 Form 10-K for discussion of revenue sharing.

Page 18

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)	QUARTERLY TRENDS																			FULL YEAR
																4Q20 Change										2020 Change
	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20		4Q19		2020			2019			2019
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	228,932		$	228,587		$	235,034	(d)	$	247,786		$	220,514		—	%	4	%	$	228,932		$	220,514		4	%
Loans:
Loans retained	207,880			214,352			223,192			232,254			207,287			(3)		—		207,880			207,287			—
Loans held-for-sale and loans at fair value	2,245			349			917			1,112			1,009			NM		122		2,245			1,009			122
Total loans	$	210,125		$	214,701		$	224,109		$	233,366		$	208,296		(2)		1		$	210,125		$	208,296		1
Equity	22,000			22,000			22,000			22,000			22,000			—		—		22,000			22,000			—
Period-end loans by client segment
Middle Market Banking	$	61,115	(c)	$	61,812	(c)	$	64,211	(c)	$	60,317		$	54,188		(1)		13		$	61,115	(c)	$	54,188		13
Corporate Client Banking	47,420			49,857			56,182			69,540			51,165			(5)		(7)		47,420			51,165			(7)
Commercial Real Estate Banking	101,146			102,484			103,117			102,799			101,951			(1)		(1)		101,146			101,951			(1)
Other	444			548			599			710			992			(19)		(55)		444			992			(55)
Total Commercial Banking loans	$	210,125	(c)	$	214,701	(c)	$	224,109	(c)	$	233,366		$	208,296		(2)		1		$	210,125	(c)	$	208,296		1
SELECTED BALANCE SHEET DATA (average)
Total assets	$	227,435		$	231,691		$	247,512		$	226,071		$	219,891		(2)		3		$	233,158		$	218,896		7
Loans:
Loans retained	210,621			217,498			233,044			209,988			208,776			(3)		1		217,767			206,837			5
Loans held-for-sale and loans at fair value	1,554			629			502			1,831			1,036			147		50		1,129			1,082			4
Total loans	$	212,175		$	218,127		$	233,546		$	211,819		$	209,812		(3)		1		$	218,896		$	207,919		5
Client deposits and other third-party liabilities	276,694			248,289			236,968			188,808			182,546			11		52		237,825			172,734			38
Equity	22,000			22,000			22,000			22,000			22,000			—		—		22,000			22,000			—
Average loans by client segment
Middle Market Banking	$	60,869		$	63,029		$	66,279		$	56,045		$	54,114		(3)		12		$	61,558		$	55,690		11
Corporate Client Banking	48,825			51,608			63,308			53,032			53,187			(5)		(8)		54,172			50,360			8
Commercial Real Estate Banking	101,969			102,905			103,516			101,526			101,542			(1)		—		102,479			100,884			2
Other	512			585			443			1,216			969			(12)		(47)		687			985			(30)
Total Commercial Banking loans	$	212,175		$	218,127		$	233,546		$	211,819		$	209,812		(3)		1		$	218,896		$	207,919		5
Headcount	11,675			11,704			11,802			11,779			11,629			—		—		11,675			11,629			—
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	162		$	60		$	79		$	100		$	89		170		82		$	401		$	160		151
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (a)	1,286			1,468			1,252		(d)	793			498			(12)		158		1,286			498			158
Nonaccrual loans held-for-sale and loans
at fair value	120			85			125		(d)	—			—			41		NM		120			—			NM
Total nonaccrual loans	1,406			1,553			1,377			793			498			(9)		182		1,406			498			182
Assets acquired in loan satisfactions	24			24			24			24			25			—		(4)		24			25			(4)
Total nonperforming assets	1,430			1,577			1,401			817			523			(9)		173		1,430			523			173
Allowance for credit losses:
Allowance for loan losses	3,335			4,466			4,730		(d)	2,680			2,780			(25)		20		3,335			2,780			20
Allowance for lending-related commitments	651			864			807		(d)	505			293			(25)		122		651			293			122
Total allowance for credit losses	3,986			5,330			5,537			3,185			3,073			(25)		30		3,986			3,073			30
Net charge-off/(recovery) rate (b)	0.31		%	0.11		%	0.14		%	0.19		%	0.17		%					0.18		%	0.08		%
Allowance for loan losses to period-end loans retained	1.60			2.08			2.12		(d)	1.15			1.34							1.60			1.34
Allowance for loan losses to nonaccrual loans retained (a)	259			304			378		(d)	338			558							259			558
Nonaccrual loans to period-end total loans	0.67			0.72			0.61			0.34			0.24							0.67			0.24

(a)Allowance for loan losses of $273 million, $367 million, $287 million, $175 million and $114 million was held against nonaccrual loans retained at December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively.

(b)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(c)At December 31, 2020, September 30, 2020 and June 30, 2020, total loans included $6.6 billion, $6.6 billion and $6.5 billion of loans, respectively, under the PPP, of which $6.4 billion, $6.4 billion and $6.3 billion was in Middle Market Banking. Refer to page 61 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 for further information on the PPP.

(d)Prior-period amounts have been revised to conform with the current presentation.

Page 19

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																			FULL YEAR
																4Q20 Change										2020 Change
	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20		4Q19		2020			2019			2019
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,892		$	2,646		$	2,489		$	2,583		$	2,552		9	%	13	%	$	10,610		$	9,818		8	%
All other income	87			93			86			(54)			123			(6)		(29)		212			418			(49)
Noninterest revenue	2,979			2,739			2,575			2,529			2,675			9		11		10,822			10,236			6
Net interest income	888			815			855			860			839			9		6		3,418			3,355			2
TOTAL NET REVENUE	3,867			3,554			3,430			3,389			3,514			9		10		14,240			13,591			5
Provision for credit losses	(2)			(52)			223			94			13			96		NM		263			59			346
NONINTEREST EXPENSE
Compensation expense	1,323			1,232			1,178			1,226			1,275			7		4		4,959			5,028			(1)
Noncompensation expense	1,433			1,211			1,145			1,209			1,167			18		23		4,998			4,719			6
TOTAL NONINTEREST EXPENSE	2,756			2,443			2,323			2,435			2,442			13		13		9,957			9,747			2
Income before income tax expense	1,113			1,163			884			860			1,059			(4)		5		4,020			3,785			6
Income tax expense	327			287			223			191			258			14		27		1,028			918			12
NET INCOME	$	786		$	876		$	661		$	669		$	801		(10)		(2)		$	2,992		$	2,867		4
REVENUE BY LINE OF BUSINESS
Asset Management	$	2,210		$	1,924		$	1,780		$	1,740		$	1,892		15		17		$	7,654		$	7,254		6
Wealth Management	1,657			1,630			1,650			1,649			1,622			2		2		6,586			6,337			4
TOTAL NET REVENUE	$	3,867		$	3,554		$	3,430		$	3,389		$	3,514		9		10		$	14,240		$	13,591		5
FINANCIAL RATIOS
ROE	29		%	32		%	24		%	25		%	29		%					28		%	26		%
Overhead ratio	71			69			68			72			69							70			72
Pretax margin ratio:
Asset Management	31			30			30			24			30							29			26
Wealth Management	26			35			21			27			30							27			30
Asset & Wealth Management	29			33			26			25			30							28			28
Headcount	20,683			21,058			21,273			21,302			21,550			(2)		(4)		20,683			21,550			(4)
Number of Wealth Management client advisors	2,462			2,520			2,409			2,418			2,419			(2)		2		2,462			2,419			2

In the fourth quarter of 2020, the Firm realigned certain wealth management clients from AWM to CCB. Prior-period amounts have been revised to conform with the current presentation. Refer to page 29 for further information.

Page 20

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																			FULL YEAR
																4Q20 Change										2020 Change
	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20		4Q19		2020			2019			2019
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	203,435		$	187,909		$	176,833		$	178,948		$	173,226		8	%	17	%	$	203,435		$	173,226		17	%
Loans	186,608			172,695			162,904			163,763			158,149			8		18		186,608			158,149			18
Deposits	198,755			166,049			160,993			160,231			142,740			20		39		198,755			142,740			39
Equity	10,500			10,500			10,500			10,500			10,500			—		—		10,500			10,500			—
SELECTED BALANCE SHEET DATA (average)
Total assets	$	193,077		$	181,901		$	175,938		$	174,885		$	168,192		6		15		$	181,483		$	161,914		12
Loans	176,758			167,645			161,196			159,513			153,734			5		15		166,311			147,404			13
Deposits	180,348			162,589			160,102			144,570			138,182			11		31		161,955			135,265			20
Equity	10,500			10,500			10,500			10,500			10,500			—		—		10,500			10,500			—
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	(16)		$	2		$	(2)		$	2		$	3		NM		NM		$	(14)		$	29		NM
Nonaccrual loans	785			956			768			303			115			(18)		NM		785			115			NM
Allowance for credit losses:
Allowance for loan losses	598			580			646			436			350			3		71		598			350			71
Allowance for lending-related commitments	38			41			28			14			19			(7)		100		38			19			100
Total allowance for credit losses	636			621			674			450			369			2		72		636			369			72
Net charge-off/(recovery) rate	(0.04)		%	—		%	—		%	0.01		%	0.01		%					(0.01)		%	0.02		%
Allowance for loan losses to period-end loans	0.32			0.34			0.40			0.27			0.22							0.32			0.22
Allowance for loan losses to nonaccrual loans	76			61			84			144			304							76			304
Nonaccrual loans to period-end loans	0.42			0.55			0.47			0.19			0.07							0.42			0.07

In the fourth quarter of 2020, the Firm realigned certain wealth management clients from AWM to CCB. Prior-period amounts have been revised to conform with the current presentation. Refer to page 29 for further information.

Page 21

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
											Dec 31, 2020
											Change				FULL YEAR
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Dec 31,						2020 Change
CLIENT ASSETS	2020		2020		2020		2020		2019		2020		2019		2020		2019		2019
Assets by asset class
Liquidity	$	641	$	674	$	704	$	619	$	539	(5)	%	19	%	$	641	$	539	19	%
Fixed income	671		650		618		574		591		3		14		671		591		14
Equity	595		499		448		361		463		19		29		595		463		29
Multi-asset	656		593		566		517		596		11		10		656		596		10
Alternatives	153		144		140		139		139		6		10		153		139		10
TOTAL ASSETS UNDER MANAGEMENT	2,716		2,560		2,476		2,210		2,328		6		17		2,716		2,328		17
Custody/brokerage/administration/deposits	936		810		765		681		761		16		23		936		761		23
TOTAL CLIENT ASSETS	$	3,652	$	3,370	$	3,241	$	2,891	$	3,089	8		18		$	3,652	$	3,089	18
Assets by client segment
Private Banking	$	689	$	650	$	631	$	577	$	628	6		10		$	689	$	628	10
Institutional	1,273		1,245		1,228		1,107		1,081		2		18		1,273		1,081		18
Retail	754		665		617		526		619		13		22		754		619		22
TOTAL ASSETS UNDER MANAGEMENT	$	2,716	$	2,560	$	2,476	$	2,210	$	2,328	6		17		$	2,716	$	2,328	17
Private Banking	$	1,581	$	1,422	$	1,360	$	1,233	$	1,359	11		16		$	1,581	$	1,359	16
Institutional	1,311		1,278		1,259		1,128		1,106		3		19		1,311		1,106		19
Retail	760		670		622		530		624		13		22		760		624		22
TOTAL CLIENT ASSETS	$	3,652	$	3,370	$	3,241	$	2,891	$	3,089	8		18		$	3,652	$	3,089	18
Assets under management rollforward
Beginning balance	$	2,560	$	2,476	$	2,210	$	2,328	$	2,210					$	2,328	$	1,958
Net asset flows:
Liquidity	(36)		(30)		93		77		38						104		61
Fixed income	8		22		18		—		9						48		104
Equity	14		9		11		(1)		(1)						33		(11)
Multi-asset	10		(1)		(2)		(2)		5						5		2
Alternatives	1		2		3		—		1						6		2
Market/performance/other impacts	159		82		143		(192)		66						192		212
Ending balance	$	2,716	$	2,560	$	2,476	$	2,210	$	2,328					$	2,716	$	2,328
Client assets rollforward
Beginning balance	$	3,370	$	3,241	$	2,891	$	3,089	$	2,930					$	3,089	$	2,619
Net asset flows	39		11		135		91		59						276		176
Market/performance/other impacts	243		118		215		(289)		100						287		294
Ending balance	$	3,652	$	3,370	$	3,241	$	2,891	$	3,089					$	3,652	$	3,089

In the fourth quarter of 2020, the Firm realigned certain wealth management clients from AWM to CCB. Prior-period amounts have been revised to conform with the current presentation. Refer to page 29 for further information.

Page 22

JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)
	QUARTERLY TRENDS														FULL YEAR
											4Q20 Change									2020 Change
	4Q20		3Q20		2Q20		1Q20		4Q19		3Q20		4Q19		2020		2019			2019
INCOME STATEMENT
REVENUE
Principal transactions	$	273	$	87	$	(2)	$	(113)	$	(234)	214	%	NM		$	245	$	(461)		NM
Investment securities gains	70		466		26		233		123		(85)		(43)	%	795		258			208	%
All other income	249		(210)		(91)		211		(6)		NM		NM		159		89			79
Noninterest revenue	592		343		(67)		331		(117)		73		NM		1,199		(114)			NM
Net interest income	(841)		(682)		(687)		(165)		(111)		(23)		NM		(2,375)		1,325			NM
TOTAL NET REVENUE (a)	(249)		(339)		(754)		166		(228)		27		(9)		(1,176)		1,211			NM
Provision for credit losses	(42)		96		4		8		(1)		NM		NM		66		(1)			NM
NONINTEREST EXPENSE	361		719		147		146		343		(50)		5		1,373		1,067			29
Income/(loss) before income tax expense/(benefit)	(568)		(1,154)		(905)		12		(570)		51		—		(2,615)		145			NM
Income tax expense/(benefit)	(210)		(455)		(337)		137		(209)		54		—		(865)		(966)		(d)	10
NET INCOME/(LOSS)	$	(358)	$	(699)	$	(568)	$	(125)	$	(361)	49		1		$	(1,750)	$	1,111		NM
MEMO:
TOTAL NET REVENUE
Treasury and CIO	(623)		(243)		(671)		169		102		(156)		NM		(1,368)		2,032			NM
Other Corporate	374		(96)		(83)		(3)		(330)		NM		NM		192		(821)			NM
TOTAL NET REVENUE	$	(249)	$	(339)	$	(754)	$	166	$	(228)	27		(9)		$	(1,176)	$	1,211		NM
NET INCOME/(LOSS)
Treasury and CIO	(587)		(349)		(550)		83		22		(68)		NM		(1,403)		1,394			NM
Other Corporate	229		(350)		(18)		(208)		(383)		NM		NM		(347)		(283)			(23)
TOTAL NET INCOME/(LOSS)	$	(358)	$	(699)	$	(568)	$	(125)	$	(361)	49		1		$	(1,750)	$	1,111		NM
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,359,831	$	1,253,275	$	1,221,980	$	981,937	$	837,618	9		62		$	1,359,831	$	837,618		62
Loans	1,657		1,569		1,670		1,650		1,649		6		—		1,657		1,649			—
Headcount	38,366		38,861		38,920		38,785		38,033		(1)		1		38,366		38,033			1
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains	$	70	$	466	$	26	$	233	$	123	(85)		(43)		$	795	$	258		208
Available-for-sale securities (average)	410,803		442,943		426,470		372,954		350,100		(7)		17		413,367		283,205			46
Held-to-maturity securities (average)	155,525		103,596		71,713		46,673		42,125		50		269		94,569		34,939			171
Investment securities portfolio (average)	$	566,328	$	546,539	$	498,183	$	419,627	$	392,225	4		44		$	507,936	$	318,144		60
Available-for-sale securities (period-end)	386,065		387,663		483,752		397,891		348,876		—		11		386,065		348,876			11
Held-to-maturity securities, net of allowance for credit losses (period-end) (b)(c)	201,821		141,553		72,908		71,200		47,540		43		325		201,821		47,540			325
Investment securities portfolio, net of allowance for credit losses (period-end) (b)	$	587,886	$	529,216	$	556,660	$	469,091	$	396,416	11		48		$	587,886	$	396,416		48

(a)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $55 million, $62 million, $63 million, $61 million and $73 million for the three months ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively, and $241 million and $314 million for the full year 2020 and 2019, respectively.

(b)Upon adoption of the CECL accounting guidance, HTM securities are presented net of an allowance for credit losses. At December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, the allowance for credit losses on HTM securities was $78 million, $120 million, $23 million and $19 million, respectively.

(c)During 2020, the Firm transferred $164.2 billion of investment securities from AFS to HTM for capital management purposes, comprised of $63.7 billion, $74.4 billion and $26.1 billion in the fourth, third and first quarters of 2020, respectively.

(d)The full year 2019 included income tax benefits of $1.1 billion due to the resolution of certain tax audits.

Page 23

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
											Dec 31, 2020
											Change
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Dec 31,
	2020		2020		2020		2020		2019		2020		2019
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained	$	302,127	$	305,106	$	307,005	$	293,779	$	294,999	(1)	%	2	%
Loans held-for-sale and loans at fair value (b)	16,452		16,992		16,193		17,729		22,818		(3)		(28)
Total consumer, excluding credit card loans	318,579		322,098		323,198		311,508		317,817		(1)		—
Credit card loans
Loans retained	143,432		139,590		141,656		154,021		168,924		3		(15)
Loans held-for-sale	784		787		—		—		—		—		NM
Total credit card loans	144,216		140,377		141,656		154,021		168,924		3		(15)
Total consumer loans	462,795		462,475		464,854		465,529		486,741		—		(5)
Wholesale loans (c)
Loans retained	514,947		500,841		516,787		555,289		481,678		3		7
Loans held-for-sale and loans at fair value (b)	35,111		26,424		27,741		28,792		29,201		33		20
Total wholesale loans	550,058		527,265		544,528		584,081		510,879		4		8
Total loans	1,012,853		989,740		1,009,382		1,049,610		997,620		2		2
Derivative receivables	79,630		76,626		74,846		81,648		49,766		4		60
Receivables from customers (d)	47,710		30,847		22,403		33,376		33,706		55		42
Total credit-related assets	1,140,193		1,097,213		1,106,631		1,164,634		1,081,092		4		5
Lending-related commitments
Consumer, excluding credit card	47,910		46,425		45,348		41,535		40,169		3		19
Credit card (e)	658,506		662,860		673,836		681,442		650,720		(1)		1
Wholesale (b)	449,863		441,235		413,357		363,245		417,510		2		8
Total lending-related commitments	1,156,279		1,150,520		1,132,541		1,086,222		1,108,399		1		4
Total credit exposure	$	2,296,472	$	2,247,733	$	2,239,172	$	2,250,856	$	2,189,491	2		5
Memo: Total by category
Consumer exposure (b)(f)	$	1,169,211	$	1,171,760	$	1,184,038	$	1,188,506	$	1,177,630	—		(1)
Wholesale exposures (b)(g)	1,127,261		1,075,973		1,055,134		1,062,350		1,011,861		5		11
Total credit exposure	$	2,296,472	$	2,247,733	$	2,239,172	$	2,250,856	$	2,189,491	2		5

Effective January 1, 2020, the Firm adopted the CECL accounting guidance. In conjunction with the adoption of CECL, the Firm reclassified risk-rated business banking and auto dealer loans and commitments held in CCB from the consumer, excluding credit card portfolio segment to the wholesale portfolio segment. Prior-period amounts have been revised to conform with the current presentation.

(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.

(b)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.

(c)Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated business banking and auto dealer loans held in CCB for which the wholesale methodology is applied when determining the allowance for loan losses.

(d)Receivables from customers reflect brokerage-related held-for-investment customer receivables; these are classified in accrued interest and accounts receivable on the Consolidated balance sheets.

(e)Also includes commercial card lending-related commitments primarily in CB and CIB.

(f)Represents total consumer loans and lending-related commitments.

(g)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.

Page 24

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																				Dec 31, 2020
																				Change
	Dec 31,				Sep 30,				Jun 30,				Mar 31,			Dec 31,				Sep 30,		Dec 31,
	2020				2020				2020				2020			2019				2020		2019
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
Loans retained (b)	$	5,464			$	5,047		(f)	$	4,246			$	3,877		$	2,926			8	%	87	%
Loans held-for-sale and loans at fair value (c)	1,003				1,358				1,001				522			440				(26)		128
Total consumer nonaccrual loans	6,467				6,405				5,247				4,399			3,366				1		92
Wholesale nonaccrual loans
Loans retained	3,318				3,745				3,423				1,957			1,057				(11)		214
Loans held-for-sale and loans at fair value (c)	788				852				649				257			214				(8)		268
Total wholesale nonaccrual loans	4,106				4,597				4,072				2,214			1,271				(11)		223
Total nonaccrual loans	10,573			(e)	11,002			(e)	9,319			(e)	6,613			4,637				(4)		128
Derivative receivables	56				140				108				85			30				(60)		87
Assets acquired in loan satisfactions	277				320				288				364			387				(13)		(28)
Total nonperforming assets	10,906				11,462				9,715				7,062			5,054				(5)		116
Wholesale lending-related commitments (c)(d)	577				607				765				619			474			(f)	(5)		22
Total nonperforming exposure	$	11,483			$	12,069			$	10,480			$	7,681		$	5,528			(5)		108
NONACCRUAL LOAN-RELATED RATIOS (e)
Total nonaccrual loans to total loans (b)(c)	1.04		%		1.11		%		0.92		%		0.63		%	0.46		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans (b)(c)	2.03				1.99			(f)	1.62				1.41			1.06
Total wholesale nonaccrual loans to total
wholesale loans (c)	0.75				0.87				0.75				0.38			0.25

(a)At December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, nonperforming assets excluded: (1) mortgage loans 90 or more days past due and insured by U.S. government agencies of $874 million, $1.1 billion, $696 million, $740 million and $1.1 billion, respectively; and (2) real estate owned (“REO”) insured by U.S. government agencies of $9 million, $10 million, $13 million, $29 million and $41 million, respectively. Prior-period amounts of mortgage loans 90 or more days past due and insured by U.S. government agencies excluded from nonperforming assets have been revised to conform with the current presentation, refer to footnote (c) below for additional information. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance. Refer to Note 12 of the Firm’s 2019 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.

(b)At December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020 nonaccrual loans included $1.6 billion, $1.5 billion, $1.3 billion and $970 million of PCD loans, respectively. Prior to the adoption of CECL, nonaccrual loans excluded PCI loans as the Firm recognized interest income on each pool of PCI loans as each of the pools was performing.

(c)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.

(d)Represents commitments that are risk rated as nonaccrual.

(e)Generally excludes loans that were under payment deferral or granted other assistance, including amendments or waivers of financial covenants in response to the COVID-19 pandemic.

(f)Prior-period amounts have been revised to conform with the current presentation.

Page 25

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																						FULL YEAR
																			4Q20 Change											2020 Change
	4Q20			3Q20			2Q20				1Q20				4Q19				3Q20		4Q19		2020			2019				2019
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	30,814		$	31,591		$	23,244			$	17,295		(c)	$	13,235			(2)	%	133	%	$	17,295		$	13,445			29	%
Net charge-offs:
Gross charge-offs	1,471			1,586			1,877				1,902				1,788				(7)		(18)		6,836			6,810				—
Gross recoveries collected	(421)			(406)			(317)				(433)				(294)				(4)		(43)		(1,577)			(1,181)				(34)
Net charge-offs	1,050			1,180			1,560				1,469				1,494				(11)		(30)		5,259			5,629				(7)
Write-offs of PCI loans	NA			NA			NA				NA				19			(d)	NM		NM		NA			151			(d)	NM
Provision for loan losses	(1,433)			400			9,906			(b)	7,418				1,401				NM		NM		16,291			5,449				199
Other	(3)			3			1				—				—				NM		NM		1			9				(89)
Ending balance	$	28,328		$	30,814		$	31,591			$	23,244			$	13,123			(8)		116		$	28,328		$	13,123			116
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	2,823		$	2,710		$	2,147			$	1,289		(c)	$	1,165			4		142		$	1,289		$	1,055			22
Provision for lending-related commitments	(414)			114			563			(b)	858				26				NM		NM		1,121			136				NM
Other	—			(1)			—				—				—				NM		—		(1)			—				NM
Ending balance	$	2,409		$	2,823		$	2,710			$	2,147			$	1,191			(15)		102		$	2,409		$	1,191			102
Total allowance for credit losses (a)	$	30,737		$	33,637		$	34,301			$	25,391			$	14,314			(9)		115		$	30,737		$	14,314			115
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans	0.05		%	0.08		%	0.11		%		(0.01)		%		0.15		%						0.06		%	0.12		%
Credit card retained loans	2.17			2.92			3.33				3.25				3.01								2.93			3.10
Total consumer retained loans	0.72			0.97			1.14				1.15				1.16								0.99			1.11
Wholesale retained loans	0.19			0.07			0.22				0.13				0.13								0.16			0.09
Total retained loans	0.44			0.49			0.64				0.62				0.63								0.55			0.60
Memo: Average retained loans
Consumer retained, excluding credit card loans	$	303,421		$	306,201		$	304,179			$	294,156			$	295,258			(1)		3		$	302,005		$	312,972			(4)
Credit card retained loans	140,459			140,200			142,377				162,660				162,112				—		(13)		146,391			156,319				(6)
Total average retained consumer loans	443,880			446,401			446,556				456,816				457,370				(1)		(3)		448,396			469,291				(4)
Wholesale retained loans	503,249			504,449			540,248				491,819				476,402				—		6		509,907			472,628				8
Total average retained loans	$	947,129		$	950,850		$	986,804			$	948,635			$	933,772			—		1		$	958,303		$	941,919			2

(a)At December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020 excludes allowance for credit losses on HTM securities of $78 million, $120 million, $23 million and $19 million , respectively; and provision for credit losses on HTM securities of $(42) million, $97 million, $4 million and $9 million for the three months ended December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively, and $68 million for the full year 2020.

(b)Prior-period amounts have been revised to conform with the current presentation.

(c)Upon the adoption of the CECL accounting guidance on January 1, 2020, the Firm recognized a net increase of $4.3 billion (“day 1 impact”) to the allowance for credit losses, of which $4.2 billion related to the allowance for loan losses and $98 million related to the allowance for lending-related commitments.

(d)Prior to the adoption of CECL, write-offs of PCI loans were recorded against the allowance for loan losses when actual losses for a pool exceeded estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan was recognized when the underlying loan was removed from a pool.

Page 26

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																		Dec 31, 2020
																		Change
	Dec 31,			Sep 30,				Jun 30,				Mar 31,			Dec 31,			Sep 30,		Dec 31,
	2020			2020				2020				2020			2019			2020		2019
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	(7)		$	228			$	263			$	223		$	75		NM		NM
Portfolio-based	3,643			4,274				4,609				3,231			1,476			(15)	%	147	%
PCI	NA			NA				NA				NA			987			NM		NM
Total consumer, excluding credit card	3,636			4,502				4,872				3,454			2,538			(19)		43
Credit card
Asset-specific (b)	633			652				642				530			477			(3)		33
Portfolio-based	17,167			17,148				17,158				14,420			5,206			—		230
Total credit card	17,800			17,800				17,800				14,950			5,683			—		213
Total consumer	21,436			22,302				22,672				18,404			8,221			(4)		161
Wholesale
Asset-specific (c)	682			792				757				556			295			(14)		131
Portfolio-based	6,210			7,720				8,162			(g)	4,284			4,607			(20)		35
Total wholesale	6,892			8,512				8,919				4,840			4,902			(19)		41
Total allowance for loan losses	28,328			30,814				31,591				23,244			13,123			(8)		116
Allowance for lending-related commitments	2,409			2,823				2,710			(g)	2,147			1,191			(15)		102
Total allowance for credit losses (d)	$	30,737		$	33,637			$	34,301			$	25,391		$	14,314		(9)		115
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	1.20		%	1.48		%		1.59		%		1.18		%	0.86		%
Credit card allowance to total credit card retained loans	12.41			12.75				12.57				9.71			3.36
Wholesale allowance to total wholesale retained loans	1.34			1.70				1.73			(g)	0.87			1.02
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (e)	1.45			1.83				1.84			(g)	0.93			1.08
Total allowance to total retained loans	2.95			3.26				3.27				2.32			1.39
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (f)	67			89			(g)	115				89			87
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (f)	120			148				180			(g)	142			187
Wholesale allowance to wholesale retained nonaccrual loans	208			227				261			(g)	247			464
Total allowance to total retained nonaccrual loans	323			350			(g)	412				398			329

(a)Includes modified PCD loans and loans that have been modified or are reasonably expected to be modified in a troubled debt restructuring (“TDR”).

(b)The asset-specific credit card allowance for loan losses relates to loans that have been modified or are reasonably expected to be modified in a TDR; the Firm calculates this allowance based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.

(c)Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified or are reasonably expected to be modified in a TDR.

(d)At December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, excludes allowance for credit losses on HTM securities of $78 million, $120 million, $23 million and $19 million, respectively.

(e)Management uses allowance for loan losses to period-end loans retained, excluding CIB’s trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of the wholesale allowance coverage ratio.

(f)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.

(g)Prior-period amounts have been revised to conform with the current presentation.

Page 27

JPMORGAN CHASE & CO.
NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

(a)In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, 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 a 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. These financial measures allow management to assess the comparability of revenue 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.

(b)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.

(c)TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

(d)The ratio of the wholesale and CIB’s allowance for loan losses to period-end loans retained, excluding trade finance and conduits, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB’s trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the respective allowance coverage ratio.

(e)In addition to reviewing net interest income and the net yield on a managed basis, management also reviews these metrics excluding CIB Markets to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities. The resulting metrics are referred to as non-markets related net interest income and net yield. CIB Markets are Fixed Income Markets and Equity Markets. Management believes that disclosure of non-markets related net interest income and net yield provide investors and analysts with other measures by which to analyze the non-markets-related business trends of the Firm and provides a comparable measure to other financial institutions that are primarily focused on lending, investing and deposit-raising activities.

	QUARTERLY TRENDS																			FULL YEAR
																4Q20 Change										2020 Change
(in millions, except rates)	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20		4Q19		2020			2019			2019
Net interest income - reported	$	13,258		$	13,013		$	13,853		$	14,439		$	14,166		2	%	(6)	%	$	54,563		$	57,245		(5)	%
Fully taxable-equivalent adjustments	97			104			107			110			123			(7)		(21)		418			531			(21)
Net interest income - managed basis (a)	$	13,355		$	13,117		$	13,960		$	14,549		$	14,289		2		(7)		$	54,981		$	57,776		(5)
Less: CIB Markets net interest income	2,166			2,076			2,536			1,596			1,149			4		89		8,374			3,120			168
Net interest income excluding CIB Markets (a)	$	11,189		$	11,041		$	11,424		$	12,953		$	13,140		1		(15)		$	46,607		$	54,656		(15)
Average interest-earning assets (b)	$	2,955,646		$	2,874,974		$	2,819,689		$	2,465,549		$	2,377,544		3		24		$	2,779,710		$	2,345,279		19
Less: Average CIB Markets interest-earning assets (b)	743,337			730,141			795,511			735,852			676,566			2		10		751,131			672,417			12
Average interest-earning assets excluding CIB Markets	$	2,212,309		$	2,144,833		$	2,024,178		$	1,729,697		$	1,700,978		3		30		$	2,028,579		$	1,672,862		21
Net yield on average interest-earning assets - managed basis	1.80		%	1.82		%	1.99		%	2.37		%	2.38		%					1.98		%	2.46		%
Net yield on average CIB Markets interest-earning assets	1.16			1.13			1.28			0.87			0.67							1.11			0.46
Net yield on average interest-earning assets excluding CIB Markets	2.01			2.05			2.27			3.01			3.06							2.30			3.27

(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.

(b) In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.

Page 28

JPMORGAN CHASE & CO.
J.P. MORGAN WEALTH MANAGEMENT REORGANIZATION

In the fourth quarter of 2020, the Firm transferred certain assets, liabilities, revenue, expense and headcount associated with certain wealth management clients from AWM to the J.P. Morgan Wealth Management business unit within CCB. Prior-period amounts have been revised to conform with current presentation, including technology and support staff of approximately 850 and 800 that were transferred during the second and third quarter of 2020, respectively.

The table below represents select data realigned to CCB from AWM.

(in millions, except headcount data)	3Q20		2Q20		1Q20		4Q19
SELECTED DATA
Net revenue	$	183	$	180	$	217	$	186
Client investment assets (period-end)	153,128		138,247		119,635		143,324
Headcount	946		1,676		2,528		2,641

The chart below provides a mapping of the Firm’s prior reporting to the current presentation for the impacted business segments.

(a)Effective in the first quarter of 2021, Asset & Wealth Management’s Wealth Management business was renamed Global Private Bank.

Page 29

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