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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Amortized costs and estimated fair values
The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.
20202019
December 31, (in millions)
Amortized cost(e)
Gross unrealized gainsGross unrealized lossesFair
value
Amortized cost(e)
Gross unrealized gainsGross unrealized lossesFair
value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
$110,979 $2,372 $50 $113,301 $107,811 $2,395 $89 $110,117 
Residential:
U.S.6,246 224 3 6,467 10,223 233 6 10,450 
Non-U.S.3,751 20 5 3,766 2,477 64 1 2,540 
Commercial2,819 71 34 2,856 5,137 64 13 5,188 
Total mortgage-backed securities123,795 2,687 92 126,390 125,648 2,756 109 128,295 
U.S. Treasury and government agencies199,910 2,141 100 201,951 139,162 449 175 139,436 
Obligations of U.S. states and municipalities18,993 1,404 1 20,396 27,693 2,118 1 29,810 
Certificates of deposit— — — — 77 — — 77 
Non-U.S. government debt securities22,587 354 13 22,928 21,427 377 17 21,787 
Corporate debt securities215 4 3 216 823 22 — 845 
Asset-backed securities:
Collateralized loan obligations10,055 24 31 10,048 25,038 9 56 24,991 
Other6,174 91 16 6,249 5,438 40 20 5,458 
Total available-for-sale securities(b)
381,729 6,705 256 388,178 345,306 5,771 378 350,699 
Held-to-maturity securities(c)
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
107,889 2,968 29 110,828 36,523 1,165 62 37,626 
U.S. Residential4,345 8 30 4,323 — — — — 
Commercial2,602 77 — 2,679 — — — — 
Total mortgage-backed securities114,836 3,053 59 117,830 36,523 1,165 62 37,626 
U.S. Treasury and government agencies53,184 50 — 53,234 51 — 1 50 
Obligations of U.S. states and municipalities12,751 519 — 13,270 4,797 299 — 5,096 
Asset-backed securities:
Collateralized loan obligations21,050 90 2 21,138 6,169 — — 6,169 
Total held-to-maturity securities, net of allowance for credit losses(d)
201,821 3,712 61 205,472 47,540 1,464 63 48,941 
Total investment securities, net of allowance for credit losses(d)
$583,550 $10,417 $317 $593,650 $392,846 $7,235 $441 $399,640 
(a)Includes AFS U.S. GSE obligations with fair values of $65.8 billion and $78.5 billion, and HTM U.S. GSE obligations with amortized cost of $86.3 billion and $31.6 billion, at December 31, 2020 and 2019, respectively. As of December 31, 2020, mortgage-backed securities issued by Fannie Mae and Freddie Mac each exceeded 10% of JPMorgan Chase’s total stockholders’ equity; the amortized cost and fair value of such securities were $95.7 billion and $98.8 billion, and $54.7 billion and $55.8 billion, respectively.
(b)There was no allowance for credit losses on AFS securities at December 31, 2020.
(c)The Firm purchased $12.4 billion, $13.4 billion and $9.4 billion of HTM securities for the years ended December 31, 2020, 2019 and 2018, respectively.
(d)HTM securities measured at amortized cost are reported net of allowance for credit losses of $78 million at December 31, 2020.
(e)Excludes $2.1 billion and $1.9 billion of accrued interest receivables at December 31, 2020 and 2019, respectively. The Firm did not reverse through interest income any accrued interest receivables for the years ended December 31, 2020 and 2019.
Securities impairment
The following tables present the fair value and gross unrealized losses by aging category for AFS securities at December 31, 2020 and 2019. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $150 million and $264 million, at December 31, 2020 and 2019, respectively; changes in the value of these securities are generally driven by changes in interest rates rather than changes in their credit profile given the explicit or implicit guarantees provided by the U.S. government.
Available-for-sale securities with gross unrealized losses
Less than 12 months12 months or more
December 31, 2020 (in millions)
Fair valueGross
unrealized losses		Fair valueGross
unrealized losses		Total fair valueTotal gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.$562 $3 $32 $— $594 $3 
Non-U.S.2,507 4 235 1 2,742 5 
Commercial699 18 124 16 823 34 
Total mortgage-backed securities3,768 25 391 17 4,159 42 
Obligations of U.S. states and municipalities49 1 — — 49 1 
Certificates of deposit— — — — — — 
Non-U.S. government debt securities2,709 9 968 4 3,677 13 
Corporate debt securities91 3 5 — 96 3 
Asset-backed securities:
Collateralized loan obligations5,248 18 2,645 13 7,893 31 
Other268 1 685 15 953 16 
Total available-for-sale securities with gross unrealized losses$12,133 $57 $4,694 $49 $16,827 $106 
Available-for-sale securities with gross unrealized losses
Less than 12 months12 months or more
December 31, 2019 (in millions)Fair valueGross
unrealized losses		Fair valueGross
unrealized losses		Total fair valueTotal gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.$1,072 $3 $423 $3 $1,495 $6 
Non-U.S.13 — 420 1 433 1 
Commercial1,287 12 199 1 1,486 13 
Total mortgage-backed securities2,372 15 1,042 5 3,414 20 
Obligations of U.S. states and municipalities186 1 — — 186 1 
Certificates of deposit77 — — — 77 — 
Non-U.S. government debt securities3,970 13 1,406 4 5,376 17 
Corporate debt securities— — — — — — 
Asset-backed securities:
Collateralized loan obligations10,364 11 7,756 45 18,120 56 
Other1,639 9 753 11 2,392 20 
Total available-for-sale securities with gross unrealized losses$18,608 $49 $10,957 $65 $29,565 $114 
Securities gains and losses and provision for credit loss
Year ended December 31,
(in millions)		202020192018
Realized gains$3,080 $650 $211 
Realized losses(2,278)(392)(606)
Net investment securities gains/(losses)
$802 $258 $(395)
Provision for credit losses$68 NANA
Amortized cost and estimated fair value by contractual maturity
The following table presents the amortized cost and estimated fair value at December 31, 2020, of JPMorgan Chase’s investment securities portfolio by contractual maturity.
By remaining maturity
December 31, 2020 (in millions)		Due in one
year or less		Due after one year through five yearsDue after five years through 10 years
Due after
10 years(b)
Total
Available-for-sale securities
Mortgage-backed securities
Amortized cost$— $741 $7,797 $115,257 $123,795 
Fair value— 756 8,139 117,495 126,390 
Average yield(a)
— %1.66 %1.67 %2.57 %2.51 %
U.S. Treasury and government agencies
Amortized cost$33,633 $110,033 $46,827 $9,417 $199,910 
Fair value33,678 111,014 47,675 9,584 201,951 
Average yield(a)
0.42 %0.53 %0.79 %0.48 %0.57 %
Obligations of U.S. states and municipalities
Amortized cost$33 $203 $1,047 $17,710 $18,993 
Fair value33 211 1,111 19,041 20,396 
Average yield(a)
4.11 %4.59 %4.84 %4.80 %4.80 %
Non-U.S. government debt securities
Amortized cost$8,282 $8,011 $5,615 $679 $22,587 
Fair value8,297 8,225 5,726 680 22,928 
Average yield(a)
1.25 %1.70 %0.68 %0.17 %1.24 %
Corporate debt securities
Amortized cost$— $141 $74 $— $215 
Fair value— 139 77 — 216 
Average yield(a)
— %1.21 %1.92 %— %1.45 %
Asset-backed securities
Amortized cost$554 $2,569 $5,987 $7,119 $16,229 
Fair value554 2,591 5,990 7,162 16,297 
Average yield(a)
1.31 %2.00 %1.33 %1.48 %1.50 %
Total available-for-sale securities
Amortized cost$42,502 $121,698 $67,347 $150,182 $381,729 
Fair value42,562 122,936 68,718 153,962 388,178 
Average yield(a)
0.59 %0.65 %1.00 %2.64 %1.49 %
Held-to-maturity securities
Mortgage-backed securities
Amortized cost$— $158 $11,908 $102,791 $114,857 
Fair value— 160 12,707 104,963 117,830 
Average yield(a)
— %1.56 %2.42 %2.94 %2.88 %
U.S. Treasury and government agencies
Amortized cost$501 $42,477 $10,206 $— $53,184 
Fair value501 42,511 10,222 — 53,234 
Average yield(a)
1.86 %0.60 %0.94 %— %0.67 %
Obligations of U.S. states and municipalities
Amortized cost$— $65 $532 $12,211 $12,808 
Fair value— 67 565 12,638 13,270 
Average yield(a)
— %3.09 %3.57 %3.62 %3.62 %
Asset-backed securities
Amortized cost$— $— $11,617 $9,433 $21,050 
Fair value— — 11,658 9,480 21,138 
Average yield(a)
— %— %1.40 %1.33 %1.37 %
Total held-to-maturity securities
Amortized cost$501 $42,700 $34,263 $124,435 $201,899 
Fair value501 42,738 35,152 127,081 205,472 
Average yield(a)
1.86 %0.60 %1.65 %2.88 %2.19 %
(a)Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid. However, for certain callable debt securities, the average yield is calculated to the earliest call date.
(b)Substantially all of the Firm’s U.S. residential MBS and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately 5 years for agency residential MBS, 4 years for agency residential collateralized mortgage obligations and 3 years for nonagency residential collateralized mortgage obligations.