10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Quarterly report pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

For the quarterly period ended	Commission file
March 31, 2021	number	1-5805

JPMorgan Chase & Co.

(Exact name of registrant as specified in its charter)

Delaware		13-2624428
(State or other jurisdiction of incorporation or organization)		(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

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
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ	JPM PR K	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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Number of shares of common stock outstanding as of March 31, 2021: 3,027,128,112

FORM 10-Q

TABLE OF CONTENTS

Part I – Financial information		Page
Item 1.	Financial Statements.
	Consolidated Financial Statements – JPMorgan Chase & Co.:
	Consolidated statements of income (unaudited) for the three months ended March 31, 2021 and 2020	79
	Consolidated statements of comprehensive income (unaudited) for the three months ended March 31, 2021 and 2020	80
	Consolidated balance sheets (unaudited) at March 31, 2021 and December 31, 2020	81
	Consolidated statements of changes in stockholders’ equity (unaudited) for the three months ended March 31, 2021 and 2020	82
	Consolidated statements of cash flows (unaudited) for the three months ended March 31, 2021 and 2020	83
	Notes to Consolidated Financial Statements (unaudited)	84
	Report of Independent Registered Public Accounting Firm	161
	Consolidated Average Balance Sheets, Interest and Rates (unaudited) for the three months ended March 31, 2021 and 2020	162
	Glossary of Terms and Acronyms and Line of Business Metrics	163
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.
	Consolidated Financial Highlights	3
	Introduction	4
	Executive Overview	5
	Consolidated Results of Operations	9
	Consolidated Balance Sheets and Cash Flows Analysis	12
	Off-Balance Sheet Arrangements	15
	Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures	16
	Business Segment Results	18
	Firmwide Risk Management	35
	Capital Risk Management	36
	Liquidity Risk Management	42
	Consumer Credit Portfolio	48
	Wholesale Credit Portfolio	53
	Investment Portfolio Risk Management	65
	Market Risk Management	66
	Country Risk Management	71
	Operational Risk Management	72
	Estimations and Model Risk Management	73
	Critical Accounting Estimates Used by the Firm	74
	Accounting and Reporting Developments	77
	Forward-Looking Statements	78
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	172
Item 4.	Controls and Procedures.	172
Part II – Other information
Item 1.	Legal Proceedings.	172
Item 1A.	Risk Factors.	172
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	173
Item 3.	Defaults Upon Senior Securities.	174
Item 4.	Mine Safety Disclosures.	174
Item 5.	Other Information.	174
Item 6.	Exhibits.	174

2

JPMorgan Chase & Co.

Consolidated financial highlights (unaudited)

As of or for the period ended, (in millions, except per share, ratio, headcount data and where otherwise noted)
	1Q21			4Q20			3Q20			2Q20				1Q20
Selected income statement data
Total net revenue(a)	$	32,266		$	29,335		$	29,255		$	33,075			$	28,286
Total noninterest expense	18,725			16,048			16,875			16,942				16,791
Pre-provision profit(b)	13,541			13,287			12,380			16,133				11,495
Provision for credit losses	(4,156)			(1,889)			611			10,473				8,285
Income before income tax expense	17,697			15,176			11,769			5,660				3,210
Income tax expense(a)	3,397			3,040			2,326			973				345
Net income	$	14,300		$	12,136		$	9,443		$	4,687			$	2,865
Earnings per share data
Net income:     Basic	$	4.51		$	3.80		$	2.93		$	1.39			$	0.79
Diluted	4.50			3.79			2.92			1.38				0.78
Average shares: Basic	3,073.5			3,079.7			3,077.8			3,076.3				3,095.8
Diluted	3,078.9			3,085.1			3,082.8			3,081.0				3,100.7
Market and per common share data
Market capitalization	460,820			387,492			293,451			286,658				274,323
Common shares at period-end	3,027.1			3,049.4			3,048.2			3,047.6				3,047.0
Book value per share	82.31			81.75			79.08			76.91				75.88
Tangible book value per share (“TBVPS”)(b)	66.56			66.11			63.93			61.76				60.71
Cash dividends declared per share	0.90			0.90			0.90			0.90				0.90
Selected ratios and metrics
Return on common equity (“ROE”)(c)	23		%	19		%	15		%	7		%		4		%
Return on tangible common equity (“ROTCE”)(b)(c)	29			24			19			9				5
Return on assets(c)	1.61			1.42			1.14			0.58				0.40
Overhead ratio	58			55			58			51				59			(a)
Loans-to-deposits ratio	44			47			49			52				57
Firm Liquidity coverage ratio (“LCR”) (average)	110			110			114			117				114
JPMorgan Chase Bank, N.A. LCR (average)	166			160			157			140				117
Common equity Tier 1 (“CET1”) capital ratio(d)	13.1			13.1			13.1			12.4				11.5
Tier 1 capital ratio(d)	15.0			15.0			15.0			14.3				13.3
Total capital ratio(d)	17.2			17.3			17.3			16.7				15.5
Tier 1 leverage ratio(d)	6.7			7.0			7.0			6.9				7.5
Supplementary leverage ratio (“SLR”)(d)	6.7			6.9			7.0			6.8				6.0
Selected balance sheet data (period-end)
Trading assets	$	544,052		$	503,126		$	505,822		$	491,716			$	510,923
Investment securities, net of allowance for credit losses	597,394			589,999			531,136			558,791				471,144
Loans	1,011,307			1,012,853			989,740			1,009,382				1,049,610
Total assets(a)	3,689,336			3,384,757			3,245,061			3,212,643				3,138,530
Deposits	2,278,112			2,144,257			2,001,416			1,931,029				1,836,009
Long-term debt	279,427			281,685			279,175			317,003				299,344
Common stockholders’ equity	249,151			249,291			241,050			234,403				231,199
Total stockholders’ equity	280,714			279,354			271,113			264,466				261,262
Headcount	259,350			255,351			256,358			256,710				256,720
Credit quality metrics
Allowances for loan losses and lending-related commitments	$	25,517		$	30,737		$	33,637		$	34,301			$	25,391
Allowance for loan losses to total retained loans	2.42		%	2.95		%	3.26		%	3.27		%	(e)	2.32		%
Nonperforming assets	$	10,257		$	10,906		$	11,462		$	9,715			$	7,062
Net charge-offs	1,057			1,050			1,180			1,560				1,469
Net charge-off rate	0.45		%	0.44		%	0.49		%	0.64		%		0.62		%

(a)Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.

(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 Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 16-17 for a further discussion of these measures.

(c)Quarterly ratios are based upon annualized amounts.

(d)The capital metrics reflect the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the Current Expected Credit Losses ("CECL") capital transition provisions that became effective in the first quarter of 2020. The SLR reflects the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks, which became effective April 1, 2020 and remained in effect through March 31, 2021. Refer to Capital Risk Management on pages 36-41 of this Form 10-Q and pages 91-101 of JPMorgan Chase’s 2020 Form 10-K for additional information.

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

3

INTRODUCTION

The following is Management’s discussion and analysis of the financial condition and results of operations (“MD&A”) of JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) for the first quarter of 2021.

This Quarterly Report on Form 10-Q for the first quarter of 2021 (“Form 10-Q”) should be read together with JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”). Refer to the Glossary of terms and acronyms and line of business (“LOB”) metrics on pages 163-171 for definitions of terms and acronyms used throughout this Form 10-Q.

The MD&A contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current beliefs and expectations of JPMorgan Chase’s management, speak only as of the date of this Form 10-Q and are subject to significant risks and uncertainties. Refer to Forward-looking Statements on page 78 of this Form 10-Q, Part II, Item 1A, Risk Factors on pages 172-173 of this Form 10-Q and Part I, Item 1A, Risk factors, on pages 8-32 of the 2020 Form 10-K for a discussion of certain of those risks and uncertainties and the factors that could cause JPMorgan Chase’s actual results to differ materially because of those risks and uncertainties.

JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.7 trillion in assets and $280.7 billion in stockholders’ equity as of March 31, 2021. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S. and globally many of the world’s most prominent corporate, institutional and government clients.

JPMorgan Chase’s principal bank subsidiary is JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank, N.A.”), a national banking association with U.S. branches in 38 states and Washington, D.C. as of March 31, 2021. JPMorgan Chase’s principal non-bank subsidiary is J.P. Morgan Securities LLC (“J.P. Morgan Securities”), a U.S. broker-dealer. The bank and non-bank subsidiaries of JPMorgan Chase operate nationally as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Firm’s principal operating subsidiary outside the U.S. is J.P. Morgan Securities plc, a U.K.-based subsidiary of JPMorgan Chase Bank, N.A.

For management reporting purposes, the Firm’s activities are organized into four major reportable business segments, as well as a Corporate segment. The Firm’s consumer business segment is Consumer & Community Banking (“CCB”). The Firm’s wholesale business segments are the Corporate & Investment Bank (“CIB”), Commercial Banking (“CB”), and Asset & Wealth Management (“AWM”). Refer to Note 25 of this Form 10-Q and Note 32 of JPMorgan Chase’s 2020 Form 10-K for a description of the Firm’s business segments and the products and services they provide to their respective client bases.

The Firm's website is www.jpmorganchase.com. JPMorgan Chase makes available on its website, free of charge, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after it electronically files or furnishes such material to the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov. JPMorgan Chase makes important information about the Firm available on its website, including the Investor Relations section of its website at https://www.jpmorganchase.com/ir.

4

EXECUTIVE OVERVIEW

This executive overview of the MD&A highlights selected information and does not contain all of the information that is important to readers of this Form 10-Q. For a complete description of the trends and uncertainties, as well as the risks and critical accounting estimates affecting the Firm and its various LOBs, this Form 10-Q and the 2020 Form 10-K should be read together and in their entirety.

Financial performance of JPMorgan Chase
(unaudited) As of or for the period ended, (in millions, except per share data and ratios)	Three months ended March 31,
	2021		2020		Change
Selected income statement data
Total net revenue(a)	$	32,266	$	28,286	14	%
Total noninterest expense	18,725		16,791		12
Pre-provision profit	13,541		11,495		18
Provision for credit losses	(4,156)		8,285		NM
Net income	14,300		2,865		399
Diluted earnings per share	$	4.50	$	0.78	477
Selected ratios and metrics
Return on common equity	23%		4%
Return on tangible common equity	29		5
Book value per share	$	82.31	$	75.88	8
Tangible book value per share	66.56		60.71		10
Capital ratios(b)
CET1	13.1%		11.5%
Tier 1 capital	15.0		13.3
Total capital	17.2		15.5

(a)Prior-period amount has been revised to conform with the current presentation. Refer to Note 1 for further information.

(b)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. Refer to Capital Risk Management on pages 36-41 of this Form 10-Q and pages 91-101 of JPMorgan Chase’s 2020 Form 10-K for additional information.

Comparisons noted in the sections below are for the first quarter of 2021 versus the first quarter of 2020, unless otherwise specified.

Firmwide overview

JPMorgan Chase reported net income of $14.3 billion for the first quarter of 2021, or $4.50 per share, on net revenue of $32.3 billion. The Firm reported ROE of 23% and ROTCE of 29%. The Firm's results for the first quarter of 2021 included a reduction in the allowance for credit losses of $5.2 billion compared to an increase in the allowance for credit losses of $6.8 billion in the prior year, as well as a $550 million contribution to the Firm's Foundation.

•Net income was $14.3 billion, up $11.4 billion.

•Total net revenue was up 14%. Noninterest revenue was $19.4 billion, up 40%, predominantly driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other in CIB and markdowns on held-for-sale positions in the bridge financing portfolio in CIB and CB recorded in the prior year. Net interest income was $12.9 billion, down 11%, predominantly driven by the impact of lower rates partially offset by balance sheet growth.

•Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments in the businesses. The increase in expense also included a $550 million contribution to the Firm's Foundation.

•The provision for credit losses was a net benefit of $4.2 billion driven by net reductions in the allowance for credit losses of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net additions to the allowance for credit losses of $6.8 billion.

•The total allowance for credit losses was $25.6 billion at March 31, 2021. The Firm had an allowance for loan losses to retained loans coverage ratio of 2.42%, compared with 2.95% in the fourth quarter of 2020, and 2.32% in the prior year; the decrease from the fourth quarter of 2020 was driven by net reductions in the allowance for loan losses.

•The Firm’s nonperforming assets totaled $10.3 billion at March 31, 2021, an increase of $3.2 billion from the prior year, reflecting client credit deterioration across multiple industries, including Real Estate, in the wholesale portfolio; and in the consumer portfolio, loans placed on nonaccrual status related to the impact of the COVID-19 pandemic. In the first quarter of 2021, nonperforming assets decreased $649 million from December 31, 2020, driven by lower nonaccrual loans in the wholesale portfolio, reflecting the impact of net portfolio activity and select client upgrades in Oil & Gas and Individuals; and lower nonaccrual loans at fair value in the CIB consumer portfolio, due to sales.

•Firmwide average loans of $1.0 trillion were up 1%, driven by higher loans in AWM and CIB, predominantly offset by lower loans in CCB and CB. The increase in loans also reflects loans originated under the Paycheck Protection Program (“PPP”) in CCB and CB.

•Firmwide average deposits of $2.2 trillion were up 36%, reflecting significant inflows across the LOBs primarily driven by the effect of certain government actions in response to the COVID-19 pandemic.

•As of March 31, 2021, the Firm had average eligible High Quality Liquid Assets (“HQLA”) of approximately $697 billion and unencumbered marketable securities with a fair value of approximately $841 billion, resulting in approximately $1.5 trillion of liquidity sources. Refer to Liquidity Risk Management on pages 42-46 for additional information.

5

Selected capital-related metrics

•The Firm’s CET1 capital was $206 billion, and the Standardized and Advanced CET1 ratios were 13.1% and 13.7%, respectively.

•The Firm’s SLR was 6.7%, and without the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks, 5.5%.

•The Firm grew TBVPS, ending the first quarter of 2021 at $66.56, up 10% versus the prior year.

Pre-provision profit, ROTCE and TBVPS are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 16-17 for a further discussion of each of these measures.

Business segment highlights

Selected business metrics for each of the Firm’s four LOBs are presented below for the first quarter of 2021.

CCB ROE 54%	•Average deposits up 32%; client investment assets up 44% •Average loans down 7%; debit and credit card sales volume up 9% •Active mobile customers up 9%
CIB ROE 27%	•Global Investment Banking wallet share of 9.0% in 1Q21 •Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%
CB ROE 19%	•Gross Investment Banking revenue of $1.1 billion, up 65% •Average loans down 2%; average deposits up 54%
AWM ROE  35%	•Assets under management (AUM) of $2.8 trillion, up 28% •Average loans up 18%; average deposits up 43%

Refer to the Business Segment Results on pages 18-34 for a detailed discussion of results by business segment.

Credit provided and capital raised

JPMorgan Chase continues to support consumers, businesses and communities around the globe. The Firm provided new and renewed credit and raised capital for wholesale and consumer clients during the first three months of 2021, consisting of:

$804 billion		Total credit provided and capital raised (including loans and commitments)(a)
	$69 billion	Credit for consumers
	$4 billion	Credit for U.S. small businesses
	$300 billion	Credit for corporations
	$417 billion	Capital raised for corporate clients and non-U.S. government entities
	$14  billion	Credit and capital raised for nonprofit and U.S. government entities(b)
$10 billion		Loans under the Small Business Administration’s Paycheck Protection Program

(a)Excludes loans under the SBA’s PPP.

(b)Includes states, municipalities, hospitals and universities.

6

Recent events

•On April 15, 2021, JPMorgan Chase announced that it aims to finance and facilitate more than $2.5 trillion to advance long-term solutions that address climate change and contribute to sustainable development beginning in 2021 through the end of 2030. The target includes $1 trillion for green initiatives, such as renewable energy and clean technologies.

Outlook

These current expectations are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs and expectations of JPMorgan Chase’s management, speak only as of the date of this Form 10-Q, and are subject to significant risks and uncertainties. Refer to Forward-Looking Statements on page 78 and Risk Factors on page 172 of this Form 10-Q and pages 8–32 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of certain of those risks and uncertainties and the other factors that could cause JPMorgan Chase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results will be in line with the outlook set forth below, and the Firm does not undertake to update any forward-looking statements.

JPMorgan Chase’s current outlook for 2021 should be viewed against the backdrop of the global and U.S. economies, the COVID-19 pandemic, financial markets activity, the geopolitical environment, the competitive environment, client and customer activity levels, and regulatory and legislative developments in the U.S. and other countries where the Firm does business. Each of these factors will affect the performance of the Firm and its LOBs. The Firm will continue to make appropriate adjustments to its businesses and operations in response to ongoing developments in the business, economic, regulatory and legal environments in which it operates. The outlook information contained in this Form 10-Q supersedes all outlook information furnished by the Firm in its periodic reports filed with the SEC prior to the date of this Form 10-Q.

Full-year 2021

•Management expects net interest income, on a managed basis, to be approximately $55 billion, market dependent.

•Management expects adjusted expense to be approximately $70 billion, market dependent.

•Management expects the net charge-off rate in Card to be approximately 2.5%.

Net interest income, on a managed basis, and adjusted expense are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 16-17.

7

Business Developments

COVID-19 Pandemic

Throughout the COVID-19 pandemic, the Firm has remained focused on serving its clients, customers and communities, as well as the well-being of its employees.

The Firm has raised capital and provided credit to support its customers and clients. The Firm continues to participate in the Small Business Association’s (“SBA”) PPP and since inception of the Program has funded approximately $40 billion as of April 30, 2021. While the Firm’s temporary assistance measures for those impacted by the pandemic have steadily declined since early 2020, the Firm continues to assist those impacted, primarily in the form of payment deferrals.

Refer to Credit Portfolio on page 47 for further information on PPP; Consumer Credit portfolio on pages 48-52 and Wholesale Credit Portfolio on pages 53-62 for further information on retained loans under payment deferral. Refer to Credit Portfolio on page 113 of JPMorgan Chase's 2020 Form 10-K for further information on PPP; Consumer Credit Portfolio on page 116 and Wholesale Credit Portfolio on page 122 of JPMorgan Chase's 2020 Form 10-K for further information on retained loans under payment deferral.

The Firm remains focused on the well-being of its employees. While the vast majority of its global workforce continue to work from home, the Firm is actively monitoring the health and safety situations at local and regional levels, and will adapt its plans as these situations evolve.

Regulatory Developments Relating to the COVID-19 Pandemic

To address the economic impact of the COVID-19 pandemic, the U.S. government as well as central banks and banking authorities around the world have taken and continue to take actions to help individuals, households and businesses that have been adversely affected by the economic disruption caused by the pandemic. In the U.S., several stimulus packages were enacted including the CARES Act in March of 2020, the Consolidated Appropriations Act in December of 2020 and the American Rescue Plan Act in March of 2021, which provided funding to support loan facilities to assist consumers and businesses and stimulus payments to individuals.

Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 52-53 of JPMorgan Chase’s 2020 Form 10-K for further discussion on U.S. government actions impacting the Firm and U.S. government facilities and programs in which the Firm has participated.

Post Brexit

Prior to December 31, 2020 the Firm substantially completed its Firmwide Brexit Implementation program which was intended to ensure the continuity of its business and operations with respect to EU clients. On March 26, 2021, the U.K. and the EU agreed on a Memorandum of Understanding that sets out a framework for regulatory cooperation in relation to cross-border financial services. The Firm will monitor developments and take any necessary actions to ensure business continuity with respect to the Firm's EU clients. Refer to Business Developments on page 50 of the 2020 Form 10-K for additional information.

Interbank Offered Rate (“IBOR”) transition

On March 5, 2021, the Financial Conduct Authority confirmed that the publication of the principal tenors of U.S. dollar LIBOR (i.e., overnight, one-month, three-month, six-month and 12-month LIBOR) will cease immediately following a final publication on June 30, 2023. The scheduled cessation date for U.K. sterling, Japanese yen, Swiss franc and Euro LIBOR, and the one-week and two-month tenors of U.S. dollar LIBOR, remains December 31, 2021, and the Firm is prioritizing those currencies and tenors of LIBOR for contract remediation in 2021.

The Firm continues to make progress on its initiatives to appropriately mitigate the risks associated with IBOR discontinuation, including contract remediation. The Firm also continues to monitor the transition relief being considered by the U.S. Treasury Department regarding the tax implications of reference rate reform. Refer to Business Developments on page 51 of the 2020 Form 10-K for a discussion of the Firm’s initiatives to address the expected discontinuation of the London Interbank Offered Rate (“LIBOR”) and other IBORs.

8

CONSOLIDATED RESULTS OF OPERATIONS

This section provides a comparative discussion of JPMorgan Chase’s Consolidated Results of Operations on a reported basis for the three months ended March 31, 2021 and 2020, unless otherwise specified. Factors that relate primarily to a single business segment are discussed in more detail within that business segment's results. Refer to pages 74-76 of this Form 10-Q and pages 152-155 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.

Revenue
	Three months ended March 31,
(in millions)	2021		2020		Change
Investment banking fees	$	2,970	$	1,866	59	%
Principal transactions	6,500		2,937		121
Lending- and deposit-related fees	1,687		1,706		(1)
Asset management, administration and commissions	5,029		4,540		11
Investment securities gains	14		233		(94)
Mortgage fees and related income	704		320		120
Card income	1,350		995		36
Other income(a)(b)	1,123		1,250		(10)
Noninterest revenue	19,377		13,847		40
Net interest income	12,889		14,439		(11)
Total net revenue	$	32,266	$	28,286	14	%

(a) Included operating lease income of $1.3 billion and $1.4 billion for the three months ended March 31, 2021 and 2020.

(b) Prior-period amount has been revised to conform with the current presentation. Refer to Note 1 for further information.

Investment banking fees increased across products in CIB, reflecting:

•higher equity underwriting fees largely driven by the IPO market due to increased industry-wide fees

•higher advisory fees driven by a higher number of completed transactions, in part related to transactions announced in the second half of 2020, and

•higher debt underwriting fees driven by high-yield bonds and leveraged loans due to increased industry-wide fees and wallet share gains.

Refer to CIB segment results on pages 23-27 and Note 5 for additional information.

Principal transactions revenue increased, in part due to the absence of two significant items in the prior year: a $951 million loss in CIB’s Credit Adjustments & Other; and an $896 million markdown on held-for-sale positions, in the bridge financing portfolio in CIB and CB.

Excluding these two items, principal transactions revenue increased in CIB driven by strong performance in:

•Equity Markets across derivatives, Cash Equities, and prime brokerage, and

•Fixed Income Markets particularly in Securitized Products and Credit, largely offset by lower revenue in Rates and Currencies & Emerging Markets compared to a strong prior year.

The increase in principal transactions revenue also reflected net gains on certain legacy private equity investments in Corporate, compared with net losses in the prior year.

Principal transactions revenue in CIB may in certain cases have offsets across other revenue lines, including net interest income. The Firm assesses the performance of its CIB Markets business on a total revenue basis.

Refer to CIB and Corporate segment results on pages 23-27 and pages 33-34, and Note 5 for additional information.

Lending- and deposit-related fees decreased reflecting:

•lower deposit-related fees in CCB given the higher deposits held in existing and new accounts,

predominantly offset by

•higher cash management fees in CIB and CB, and higher lending-related fees, particularly loan commitment fees in CIB.

Refer to CCB segment results on pages 20-22, CIB on pages 23-27 and CB on pages 28-29, respectively, and Note 5 for additional information.

Asset management, administration and commissions revenue increased driven by higher asset management fees as a result of:

•strong cumulative net inflows into long-term and liquidity products and higher average market levels, net of liquidity fee waivers, in AWM, and to a lesser extent,

•higher levels of investment assets on higher average market levels and net inflows in CCB.

Refer to CCB and AWM segment results on pages 20-22 and pages 30-32, respectively, and Note 5 for information on asset management, administration and commissions revenue.

Investment securities gains in both periods reflected the impact of repositioning the investment securities portfolio. Refer to Corporate segment results on pages 33-34 and Note 9 for information on investment securities gains.

Mortgage fees and related income increased predominantly due to higher mortgage production revenue reflecting higher production margins and volumes.

Refer to CCB segment results on pages 20-22, Note 5 and 14 for further information.

Card income increased driven by lower acquisition costs, and higher net interchange income in CCB, with debit and credit card sales volume returning to pre-pandemic levels. Refer to CCB segment results on pages 20-22 and Note 5 for further information.

9

Other income decreased reflecting:

•Weather-related write-downs on certain renewable energy investments, as well as increased amortization on a higher level of alternative energy investments in the tax-oriented investment portfolio in CIB. The increased amortization was more than offset by lower income tax expense from the associated tax credits

•lower gains on certain Corporate investments, and

•lower operating lease income from a decline in auto operating lease volume in CCB,

partially offset by

•net valuation gains on certain investments, compared with losses in the prior year, in AWM, and

•the absence of losses on certain equity investments in CIB in the prior year.

Net interest income decreased predominantly driven by the impact of lower rates, partially offset by balance sheet growth.

The Firm’s average interest-earning assets were $3.1 trillion, up $661 billion, predominantly driven by higher deposits with banks and investment securities, and the yield was 1.87%, down 127 basis points (“bps”), primarily due to lower rates. The net yield on these assets, on an FTE basis, was 1.69%, a decrease of 68 bps. The net yield excluding CIB Markets was 1.93%, down 108 bps.

Net yield on an FTE basis, and net yield excluding CIB Markets are non-GAAP financial measures. Refer to the Consolidated average balance sheets, interest and rates schedule on page 162 for further details; and the Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 16-17 for a further discussion of Net interest yield excluding CIB Markets.

Provision for credit losses
	Three months ended March 31,
(in millions)	2021		2020		Change
Consumer, excluding credit card	$	(984)	$	619	NM
Credit card	(2,517)		5,063		NM
Total consumer	(3,501)		5,682		NM
Wholesale	(671)		2,594		NM
Investment securities	16		9		78	%
Total provision for credit losses	$	(4,156)	$	8,285	NM

The provision for credit losses decreased driven by net reductions in both the consumer and wholesale allowance for credit losses.

The decrease in consumer was driven by:

•a $4.5 billion reduction in the allowance for credit losses, including $3.5 billion in Card reflecting improvements in the Firm's macroeconomic scenarios, and $625 million in Home Lending primarily due to the continued improvement in home price index ("HPI") expectations and to a lesser extent portfolio run-off, and

•lower net charge-offs predominantly in Card, reflecting lower charge-offs and higher recoveries primarily benefiting from payment assistance and government stimulus;

•the prior year included a $4.4 billion addition to the allowance for credit losses.

The decrease in wholesale reflects a net reduction of $716 million in the allowance for credit losses across the LOBs reflecting improvements in the Firm's macroeconomic scenarios.

Refer to CCB segment results on pages 20-22, CIB on pages 23-27, CB on pages 28-29, AWM on pages 30-32, the Allowance for Credit Losses on pages 63–64, and Notes 9 and 12 for additional information on the credit portfolio and the allowance for credit losses.

10

Noninterest expense
(in millions)	Three months ended March 31,
	2021		2020		Change
Compensation expense	$	10,601	$	8,895	19	%
Noncompensation expense:
Occupancy	1,115		1,066		5
Technology, communications and equipment	2,519		2,578		(2)
Professional and outside services	2,203		2,028		9
Marketing	751		800		(6)
Other expense(a)(b)	1,536		1,424		8
Total noncompensation expense	8,124		7,896		3
Total noninterest expense	$	18,725	$	16,791	12	%

(a)Included Firmwide legal expense of $28 million and $197 million for the three months ended March 31, 2021 and 2020, respectively.

(b)Included FDIC-related expense of $201 million and $99 million for the three months ended March 31, 2021 and 2020, respectively.

Compensation expense increased predominantly driven by higher revenue-related expense in CIB, as well as the impact of investments in the businesses.

Noncompensation expense increased as a result of:

•higher contribution expense, which included a $550 million donation of equity investments to the Firm's Foundation

•higher investments in the businesses, including technology, and

•higher FDIC-related expense largely driven by balance sheet growth,

partially offset by

•lower legal expense, predominantly in CIB, and

•lower other structural expense, including lower travel and entertainment across the businesses and lower operating losses.

Other volume- and revenue-related expense was relatively flat as the increase in brokerage expense in CIB and distribution expense in AWM was offset by lower depreciation from the decline in auto lease assets in CCB.

Income tax expense
(in millions)	Three months ended March 31,
	2021			2020			Change
Income before income tax expense	$	17,697		$	3,210		451	%
Income tax expense(a)	3,397			345			NM
Effective tax rate(a)	19.2		%	10.7		%

(a)Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.

The effective tax rate increased driven by a higher level of pre-tax income that also reduced the relative impact of certain tax benefits, as well as the resolution of certain tax audits.

11

CONSOLIDATED BALANCE SHEETS AND CASH FLOWS ANALYSIS

Consolidated balance sheets analysis

The following is a discussion of the significant changes between March 31, 2021, and December 31, 2020.

Selected Consolidated balance sheets data
(in millions)	March 31, 2021		December 31, 2020		Change
Assets
Cash and due from banks	$	25,397	$	24,874	2	%
Deposits with banks	685,675		502,735		36
Federal funds sold and securities purchased under resale agreements	272,481		296,284		(8)
Securities borrowed	179,516		160,635		12
Trading assets	544,052		503,126		8
Available-for-sale securities	379,942		388,178		(2)
Held-to-maturity securities, net of allowance for credit losses	217,452		201,821		8
Investment securities, net of allowance for credit losses	597,394		589,999		1
Loans	1,011,307		1,012,853		—
Allowance for loan losses	(23,001)		(28,328)		(19)
Loans, net of allowance for loan losses	988,306		984,525		—
Accrued interest and accounts receivable	114,754		90,503		27
Premises and equipment	26,926		27,109		(1)
Goodwill, MSRs and other intangible assets	54,588		53,428		2
Other assets(a)	200,247		151,539		32
Total assets	$	3,689,336	$	3,384,757	9	%

(a) Prior-period amount has been revised to conform with the current presentation. Refer to Note 1 for further information.

Cash and due from banks and deposits with banks increased primarily as a result of the continued growth in deposits and lower opportunities in Treasury and CIO to deploy funds in securities purchased under resale agreements. Deposits with banks reflect the Firm’s placements of its excess cash with various central banks, including the Federal Reserve Banks.

Federal funds sold and securities purchased under resale agreements decreased driven by the lower deployment of funds in Treasury and CIO; and in CIB lower client-driven market-making activities, partially offset by higher demand for securities to cover short positions. Refer to Liquidity Risk Management on pages 42-46 and Note 10 for additional information.

Securities borrowed increased driven by client-driven activities in Fixed Income Financing and Equity Markets, and higher demand for securities to cover short positions in CIB. Refer to Liquidity Risk Management on pages 42-46 and Note 10 for additional information.

Trading assets increased due to strong client-driven market-making activities in equity instruments in CIB Markets, including prime brokerage. Refer to Notes 2 and 4 for additional information.

Investment securities increased, reflecting net purchases of U.S. Treasuries in the held-to-maturity (“HTM”) portfolio predominantly offset by a decrease in the available-for-sale ("AFS") portfolio. The decrease in AFS was due to paydowns and net valuation losses, partially offset by net purchases.

Refer to Corporate segment results on pages 33-34, Investment Portfolio Risk Management on page 65, and Notes 2 and 9 for additional information on Investment securities.

Loans were flat as:

•the reduction in Card due to the impact of seasonality, and higher payment rates; lower loans in CB; and net paydowns in Home Lending

were offset by

•the origination of PPP loans in CBB and CB; growth in CIB loans held-for-sale and loans at fair value, and in AWM securities-based and custom lending, as well as mortgages.

The allowance for loan losses decreased consisting of:

•a $4.5 billion reduction in consumer, predominantly in the credit card portfolio, reflecting improvements in the Firm's macroeconomic scenarios, and in the residential real estate portfolio primarily due to the continued improvement in the HPI expectations and to a lesser extent portfolio run-off, and

•an $875 million net reduction in wholesale, across the LOBs reflecting improvements in the Firm's macroeconomic scenarios.

There was a $107 million addition to the allowance for lending-related commitments, which is included in other liabilities on the consolidated balance sheets. The total net reduction to the allowance for credit losses was $5.2 billion, as of March 31, 2021.

12

Refer to Credit and Investment Risk Management on pages 47-65, and Notes 2, 3, 11 and 12 for a more detailed discussion of loans and the allowance for loan losses.

Accrued interest and accounts receivable increased largely due to higher client receivables related to client-driven activities in CIB prime brokerage.

Goodwill, MSRs and other intangibles increased driven by higher MSRs as a result of lower prepayment speeds on higher rates, as well as net additions to the MSRs. Refer to Note 14 for additional information.

Other assets increased predominantly due to the impact of securities financing transactions in CIB prime brokerage, as well as higher cash collateral placed with central counterparties ("CCPs"). Refer to Note 10 for additional information on securities lending transactions.

Selected Consolidated balance sheets data (continued)
(in millions)	March 31, 2021		December 31, 2020		Change
Liabilities
Deposits	$	2,278,112	$	2,144,257	6	%
Federal funds purchased and securities loaned or sold under repurchase agreements	304,019		215,209		41
Short-term borrowings	54,978		45,208		22
Trading liabilities	191,349		170,181		12
Accounts payable and other liabilities(a)	285,066		231,285		23
Beneficial interests issued by consolidated variable interest entities (“VIEs”)	15,671		17,578		(11)
Long-term debt	279,427		281,685		(1)
Total liabilities	3,408,622		3,105,403		10
Stockholders’ equity	280,714		279,354		—
Total liabilities and stockholders’ equity	$	3,689,336	$	3,384,757	9	%

(a) Prior-period amount has been revised to conform with the current presentation. Refer to Note 1 for further information.

Deposits increased across the LOBs primarily driven by the effect of certain government actions in response to the COVID 19 pandemic. In CCB, the increase was also driven by lower spending, as well as growth from existing and new accounts across both consumer and small business customers. Refer to Liquidity Risk Management on pages 42-46 and Notes 2 and 15 for additional information.

Federal funds purchased and securities loaned or sold under repurchase agreements increased reflecting:

•higher secured financing of AFS investment securities in Treasury and CIO, as well as higher trading assets in CIB, and

•the impact of client activities in CIB.

Refer to Liquidity Risk Management on pages 42-46 and Note 10 for additional information.

Short-term borrowings increased as a result of higher financing of prime brokerage activities, and net issuance of structured notes in CIB, as well as the issuance of commercial paper in Treasury and CIO. Refer to pages 42-46 for information on changes in Liquidity Risk Management.

Trading liabilities increased due to client-driven market-making activities in CIB Fixed Income Markets, which resulted in higher levels of short positions in debt instruments, partially offset by lower derivative payables as a result of market movements. Refer to Notes 2 and 4 for additional information.

Accounts payable and other liabilities increased largely due to the impact of securities financing transactions in CIB prime brokerage. Refer to Note 10 for additional information on securities lending transactions.

Beneficial interests issued by consolidated VIEs decreased driven by lower issuances as a result of lower loan balances in the Firm-administered multi-seller conduits. Refer to Off-Balance Sheet Arrangements on page 15 and Notes 13 and 22 for further information on Firm-sponsored VIEs and loan securitization trusts.

Long-term debt was relatively flat as maturities and fair value hedge accounting adjustments related to higher rates were offset by net issuances. Refer to Liquidity Risk Management on pages 42-46 for additional information.

Stockholders’ equity was relatively flat as net income was offset by the impact of capital actions and a decrease in accumulated other comprehensive income (“AOCI”). The decrease in AOCI was driven by the impact of higher rates on the AFS securities portfolio and cash flow hedges. Refer to page 82 for information on changes in stockholders’ equity, Capital actions on pages 39-40, and Note 19 for additional information on AOCI.

13

Consolidated cash flows analysis

The following is a discussion of cash flow activities during the three months ended March 31, 2021 and 2020.

(in millions)	Three months ended March 31,
	2021		2020
Net cash provided by/(used in)
Operating activities	$	(43,872)	$	(120,089)
Investing activities	15,391		(135,833)
Financing activities	218,911		362,305
Effect of exchange rate changes on cash	(6,967)		(2,480)
Net increase in cash and due from banks and deposits with banks	$	183,463	$	103,903

Operating activities

•In 2021, cash used resulted from higher trading assets, accrued interest and accounts receivable, and securities borrowed, partially offset by higher accounts payable and other liabilities and lower other assets.

•In 2020, cash used resulted from higher trading assets, other assets, and accrued interest and accounts receivable, partially offset by higher trading liabilities and accounts payable and other liabilities.

Investing activities

•In 2021, cash provided reflected lower securities purchased under resale agreements and net proceeds from sales and securitizations of loans held-for-investment, partially offset by net purchases of investment securities.

•In 2020, cash used reflected net purchases of investment securities, net originations of loans, and purchases of assets from money market mutual fund clients pursuant to nonrecourse advances provided by the Federal Reserve Bank of Boston ("FRBB") under the Money Market Mutual Fund Liquidity Facility ("MMLF").

Financing activities

•In 2021, cash provided reflected higher deposits and securities loaned or sold under repurchase agreements, and net proceeds from long- and short-term borrowings.

•In 2020, cash provided reflected higher deposits and securities loaned or sold under repurchase agreements, and net proceeds from long- and short-term borrowings.

•For both periods, cash was used for repurchases of common stock and cash dividends on common and preferred stock.

* * *

Refer to Consolidated Balance Sheets Analysis on pages 12-13, Capital Risk Management on pages 36-41, and Liquidity Risk Management on pages 42-46 of this Form 10-Q, and pages 102–108 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of the activities affecting the Firm’s cash flows.

14

OFF-BALANCE SHEET ARRANGEMENTS

In the normal course of business, the Firm enters into various off-balance sheet arrangements and contractual obligations that may require future cash payments. Certain obligations are recognized on-balance sheet, while others are disclosed as off-balance sheet under accounting principles generally accepted in the U.S. (“U.S. GAAP”).

Special-purpose entities

The Firm has several types of off–balance sheet arrangements, including through nonconsolidated special-purpose entities (“SPEs”), which are a type of VIE, and through lending-related financial instruments (e.g., commitments and guarantees).

The Firm holds capital, as appropriate, against all SPE-related transactions and related exposures, such as derivative contracts and lending-related commitments and guarantees.

The Firm has no commitments to issue its own stock to support any SPE transaction, and its policies require that transactions with SPEs be conducted at arm’s length and reflect market pricing.

The table below provides an index of where in this Form 10-Q discussions of the Firm’s various off-balance sheet arrangements can be found. Refer to Note 1 for additional information about the Firm’s consolidation policies.

Type of off-balance sheet arrangement	Location of disclosure	Page references
Special-purpose entities: variable interests and other obligations, including contingent obligations, arising from variable interests in nonconsolidated VIEs	Refer to Note 13	137-142
Off-balance sheet lending-related financial instruments, guarantees, and other commitments	Refer to Note 22	152-155

15

EXPLANATION AND RECONCILIATION OF THE FIRM’S USE OF NON-GAAP FINANCIAL MEASURES

The Firm prepares its Consolidated Financial Statements in accordance with U.S. GAAP and this presentation is referred to as “reported” basis; these financial statements appear on pages 79-83.

In addition to analyzing the Firm’s results on a reported basis, the Firm also reviews and uses certain non-GAAP financial measures at the Firmwide and segment level. These non-GAAP measures include:

•Firmwide “managed” basis results, including the overhead ratio, which include certain reclassifications to present total net revenue from investments that receive tax credits and tax-exempt securities on a basis comparable to taxable investments and securities (“FTE” basis)

•Pre-provision profit, which represents total net revenue less total noninterest expense

•Net interest income and net yield excluding CIB Markets

•TCE, ROTCE, and TBVPS

•Allowance for loan losses to period-end loans retained, excluding trade finance and conduits.

Refer to Explanation and Reconciliation of the Firm’s Use Of Non-GAAP Financial Measures and Key Performance Measures on pages 62–64 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of management’s use of non-GAAP financial measures.

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

	Three months ended March 31,
	2021								2020
(in millions, except ratios)	Reported			Fully taxable-equivalent adjustments(b)		Managed basis			Reported			Fully taxable-equivalent adjustments(b)		Managed basis
Other income(a)	$	1,123		$	744	$	1,867		$	1,250		$	614	$	1,864
Total noninterest revenue	19,377			744		20,121			13,847			614		14,461
Net interest income	12,889			109		12,998			14,439			110		14,549
Total net revenue	32,266			853		33,119			28,286			724		29,010
Total noninterest expense	18,725			NA		18,725			16,791			NA		16,791
Pre-provision profit	13,541			853		14,394			11,495			724		12,219
Provision for credit losses	(4,156)			NA		(4,156)			8,285			NA		8,285
Income before income tax expense	17,697			853		18,550			3,210			724		3,934
Income tax expense(a)	3,397			853		4,250			345			724		1,069
Net income	$	14,300		NA		$	14,300		$	2,865		NA		$	2,865
Overhead ratio(a)	58		%	NM		57		%	59		%	NM		58		%

(a)Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.

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

The following table provides information on net interest income and net yield excluding CIB Markets.

(in millions, except rates)	Three months ended March 31,
	2021			2020			Change
Net interest income – reported	$	12,889		$	14,439		(11)	%
Fully taxable-equivalent adjustments	109			110			(1)
Net interest income – managed basis(a)	$	12,998		$	14,549		(11)
Less: CIB Markets net interest income(b)	2,223			1,596			39
Net interest income excluding CIB Markets(a)	$	10,775		$	12,953		(17)
Average interest-earning assets	$	3,126,569		$	2,465,549		27
Less: Average CIB Markets interest-earning assets(b)	866,591			735,852			18
Average interest-earning assets excluding CIB Markets	$	2,259,978		$	1,729,697		31	%
Net yield on average interest-earning assets – managed basis	1.69		%	2.37		%
Net yield on average CIB Markets interest-earning assets(b)	1.04			0.87
Net yield on average interest-earning assets excluding CIB Markets	1.93		%	3.01		%

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

(b)Refer to page 26 for further information on CIB Markets.

16

The following summary table provides a reconciliation from the Firm’s common stockholders’ equity to TCE.

	Period-end				Average
(in millions, except per share and ratio data)	Mar 31, 2021		Dec 31, 2020		Three months ended March 31,
					2021			2020
Common stockholders’ equity	$	249,151	$	249,291	$	245,542		$	234,530
Less: Goodwill	49,243		49,248		49,249			47,812
Less: Other intangible assets	875		904		891			812
Add: Certain deferred tax liabilities(a)	2,457		2,453		2,455			2,385
Tangible common equity	$	201,490	$	201,592	$	197,857		$	188,291
Return on tangible common equity	NA		NA		29		%	5		%
Tangible book value per share	$	66.56	$	66.11	NA			NA

(a)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.

17

BUSINESS SEGMENT RESULTS

The Firm is managed on an LOB basis. There are four major reportable business segments – Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset & Wealth Management. In addition, there is a Corporate segment.

The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is currently evaluated by the Firm’s Operating Committee. Segment results are presented on a managed basis. Refer to Explanation and Reconciliation of the Firm’s use of Non-GAAP Financial Measures on pages 16-17 for a definition of managed basis.

Description of business segment reporting methodology

Results of the business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.

Revenue sharing

When business segments join efforts to sell products and services to the Firm’s clients, the participating business segments may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segment(s) involved in the transaction. The segment results reflect these revenue-sharing agreements.

Capital allocation

The amount of capital assigned to each segment is referred to as equity. Periodically, the assumptions and methodologies used to allocate capital are assessed and as a result, the capital allocated to the LOBs may change. Refer to Line of business equity on page 39, and page 98 of JPMorgan Chase’s 2020 Form 10-K for additional information on capital allocation.

Refer to Business Segment Results – Description of business segment reporting methodology on pages 65–66 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of those methodologies.

18

Segment results – managed basis

The following tables summarize the Firm’s results by segment for the periods indicated.

Three months ended March 31,	Consumer & Community Banking						Corporate & Investment Bank						Commercial Banking
(in millions, except ratios)	2021			2020		Change	2021			2020		Change	2021			2020		Change
Total net revenue	$	12,517		$	13,287	(6)%	$	14,605		$	10,003	46%	$	2,393		$	2,165	11%
Total noninterest expense	7,202			7,269		(1)	7,104			5,955		19	969			986		(2)
Pre-provision profit/(loss)	5,315			6,018		(12)	7,501			4,048		85	1,424			1,179		21
Provision for credit losses	(3,602)			5,772		NM	(331)			1,401		NM	(118)			1,010		NM
Net income/(loss)	6,728			197		NM	5,740			1,985		189	1,168			139		NM
Return on equity (“ROE”)	54		%	1%			27		%	9%			19		%	2%

Three months ended March 31,	Asset & Wealth Management						Corporate					Total
(in millions, except ratios)	2021			2020		Change	2021		2020		Change	2021			2020		Change
Total net revenue	$	4,077		$	3,389	20%	$	(473)	$	166	NM	$	33,119		$	29,010	14%
Total noninterest expense	2,574			2,435		6	876		146		500	18,725			16,791		12
Pre-provision profit/(loss)	1,503			954		58	(1,349)		20		NM	14,394			12,219		18
Provision for credit losses	(121)			94		NM	16		8		100	(4,156)			8,285		NM
Net income/(loss)	1,244			669		86	(580)		(125)		(364)	14,300			2,865		399
ROE	35		%	25%			NM		NM			23		%	4%

The following sections provide a comparative discussion of the Firm’s results by segment as of or for the three months ended March 31, 2021 versus the corresponding periods in the prior year, unless otherwise specified.

19

CONSUMER & COMMUNITY BANKING

Refer to pages 67–70 of JPMorgan Chase's 2020 Form 10-K and Line of Business Metrics on page 169 for a further discussion of the business profile of CCB.

Selected income statement data
	Three months ended March 31,
(in millions, except ratios)	2021			2020			Change
Revenue
Lending- and deposit-related fees	$	742		$	972		(24)	%
Asset management, administration and commissions	805			708			14
Mortgage fees and related income	703			320			120
Card income	999			652			53
All other income	1,339			1,445			(7)
Noninterest revenue	4,588			4,097			12
Net interest income	7,929			9,190			(14)
Total net revenue	12,517			13,287			(6)
Provision for credit losses	(3,602)			5,772			NM
Noninterest expense
Compensation expense	2,976			2,782			7
Noncompensation expense(a)	4,226			4,487			(6)
Total noninterest expense	7,202			7,269			(1)
Income before income tax expense	8,917			246			NM
Income tax expense	2,189			49			NM
Net income	$	6,728		$	197		NM
Revenue by line of business
Consumer & Business Banking	$	5,635		$	6,266		(10)
Home Lending	1,458			1,161			26
Card & Auto	5,424			5,860			(7)
Mortgage fees and related income details:
Production revenue	757			319			137
Net mortgage servicing revenue(b)	(54)			1			NM
Mortgage fees and related income	$	703		$	320		120	%
Financial ratios
Return on equity	54		%	1		%
Overhead ratio	58			55

(a)Included depreciation expense on leased assets of $916 million and $1.1 billion for the three months ended March 31, 2021 and 2020, respectively.

(b)Included MSR risk management results of $(115) million and $(90) million for the three months ended March 31, 2021 and 2020, respectively.

Quarterly results

Net income was $6.7 billion, up $6.5 billion, driven by a decrease in the provision for credit losses.

Net revenue was $12.5 billion, a decrease of 6%.

Net interest income was $7.9 billion, down 14%, driven by:

•the impact of deposit margin compression in CBB, lower loans in Card due to the cumulative impact of lower spend throughout 2020 and higher payment rates, and lower loans in Home Lending due to net paydowns,

partially offset by

•growth in deposits in CBB.

Noninterest revenue was $4.6 billion, up 12%, driven by:

•higher mortgage production revenue reflecting higher production margins and volumes, and

•higher card income due to lower acquisition costs and higher net interchange income, with debit and credit card sales volume returning to pre-pandemic levels,

partially offset by

•lower deposit-related fees given the higher deposits held in existing and new accounts, and

•lower auto lease volume.

Refer to Note 14 for further information regarding changes in the value of the MSR asset and related hedges, and mortgage fees and related income.

Noninterest expense was $7.2 billion, relatively flat, reflecting:

•higher investments in the business

offset by

•lower structural expenses, and

•lower volume- and revenue-related expense, including lower depreciation on auto lease assets.

The provision for credit losses was a net benefit of $3.6 billion, compared with an expense of $5.8 billion in the prior year, driven by:

•a $4.6 billion reduction in the allowance for credit losses, primarily reflecting improvements in the Firm's macroeconomic scenarios, consisting of $3.5 billion in Card, $625 million in Home Lending, primarily due to the continued improvement in HPI expectations and to a lesser extent portfolio run-off, $350 million in CBB and $150 million in Auto, and

•lower net charge-offs in Card, reflecting lower charge-offs and higher recoveries primarily benefiting from payment assistance and government stimulus.

The prior year included a $4.5 billion net addition to the allowance for credit losses.

Refer to Credit and Investment Risk Management on pages 47-65 and Allowance for Credit Losses on pages 63–64 for further discussions of the credit portfolios and the allowance for credit losses.

20

Selected metrics
	As of or for the three months ended March 31,
(in millions, except headcount)	2021			2020		Change
Selected balance sheet data (period-end)
Total assets	$	487,978		$	513,352	(5)	%
Loans:
Consumer & Business Banking	52,654		(c)	30,004		75
Home Lending(a)	178,776			205,318		(13)
Card	132,493			154,021		(14)
Auto	67,662			61,468		10
Total loans	431,585			450,811		(4)
Deposits	1,037,903			783,398		32
Equity	50,000			52,000		(4)
Selected balance sheet data (average)
Total assets	$	484,524		$	525,695	(8)
Loans:
Consumer & Business Banking	49,868			29,570		69
Home Lending(b)	182,247			211,333		(14)
Card	134,884			162,660		(17)
Auto	66,960			60,893		10
Total loans	433,959			464,456		(7)
Deposits	979,686			739,709		32
Equity	50,000			52,000		(4)
Headcount	126,084			124,609		1	%

(a)At March 31, 2021 and 2020, Home Lending loans held-for-sale and loans at fair value were $13.2 billion and $10.8 billion, respectively.

(b)Average Home Lending loans held-for sale and loans at fair value were $12.5 billion and $15.8 billion for the three months ended March 31, 2021 and 2020, respectively.

(c)At March 31, 2021, included $23.4 billion of loans in Business Banking under the PPP. Refer to Credit Portfolio on page 47 for a further discussion of the PPP.

Selected metrics
	As of or for the three months ended March 31,
(in millions, except ratio data)	2021				2020			Change
Credit data and quality statistics
Nonaccrual loans(a)	$	5,672		(c)	$	4,022		41	%
Net charge-offs/(recoveries)
Consumer & Business Banking	65				74			(12)
Home Lending	(51)				(122)			58
Card	983				1,313			(25)
Auto	26				48			(46)
Total net charge-offs/(recoveries)	$	1,023			$	1,313		(22)
Net charge-off/(recovery) rate
Consumer & Business Banking	0.53		%	(d)	1.01		%
Home Lending	(0.12)				(0.25)
Card	2.97				3.25
Auto	0.16				0.32
Total net charge-off/(recovery) rate	0.99		%		1.18		%
30+ day delinquency rate
Home Lending(b)	1.07		%	(e)	1.48		%
Card	1.40			(e)	1.96
Auto	0.42			(e)	0.89
90+ day delinquency rate - Card	0.80		%	(e)	1.02		%
Allowance for loan losses
Consumer & Business Banking	$	1,022			$	884		16
Home Lending	1,238				2,137			(42)
Card	14,300				14,950			(4)
Auto	892				732			22
Total allowance for loan losses	$	17,452			$	18,703		(7)	%

(a)At March 31, 2021 and 2020, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $458 million and $616 million, respectively. These amounts have been excluded based upon the government guarantee.

(b)At March 31, 2021 and 2020, excluded mortgage loans insured by U.S. government agencies of $557 million and $1.0 billion, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(c)Generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic. Refer to Consumer Credit Portfolio on pages 48-52 for further information on consumer payment assistance activity. The first quarter of 2021 includes loans to customers that have exited COVID-19 payment deferral programs and are 90 or more days past due, predominantly all of which are considered collateral-dependent. Collateral-dependent loans are charged down to the lower of amortized cost or fair value of the underlying collateral less costs to sell.

(d)At March 31, 2021, included $23.4 billion of loans in Business Banking 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 Credit Portfolio on page 47 for a further discussion of the PPP.

(e)At March 31, 2021, the principal balance of loans in Home Lending, Card and Auto under payment deferral programs offered in response to the COVID-19 pandemic were $8.1 billion, $105 million and $127 million, respectively. Loans that are performing according to their modified terms are generally not considered delinquent. Refer to Consumer Credit Portfolio on pages 48-52 for further information on consumer payment assistance activity.

21

Selected metrics
	As of or for the three months ended March 31,
(in billions, except ratios and where otherwise noted)	2021				2020			Change
Business Metrics
Number of branches	4,872				4,967			(2)	%
Active digital customers (in thousands)(a)	56,671				53,833			5
Active mobile customers (in thousands)(b)	41,872				38,256			9
Debit and credit card sales volume	$	290.3			$	266.0		9
Consumer & Business Banking
Average deposits	$	960.7			$	725.0		33
Deposit margin	1.29		%		2.05		%
Business banking origination volume	$	10.0		(f)	$	1.5		NM
Client investment assets(c)	637.0				442.6			44
Number of client advisors	4,500				4,291			5
Home Lending
Mortgage origination volume by channel
Retail	$	23.0			$	14.1		63
Correspondent	16.3				14.0			16
Total mortgage origination volume(d)	$	39.3			$	28.1		40
Third-party mortgage loans serviced (period-end)	443.2				505.0			(12)
MSR carrying value (period-end)	4.5				3.3			36
Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end)	1.02		%		0.65		%
MSR revenue multiple(e)	3.78		x		2.10		x
Credit Card
Credit card sales volume, excluding Commercial Card	$	183.7			$	179.1		3
Net revenue rate	11.53		%		10.54		%
Auto
Loan and lease origination volume	$	11.2			$	8.3		35
Average auto operating lease assets	20.3				23.1			(12)	%

(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)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 30-32 for additional information.

(d)Firmwide mortgage origination volume was $43.2 billion and $31.9 billion for the three months ended March 31, 2021 and 2020, respectively.

(e)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).

(f)Included $9.3 billion of origination volume under the PPP for the three months ended March 31, 2021. Refer to Credit Portfolio on page 47 for a further discussion of the PPP.

22

CORPORATE & INVESTMENT BANK

Refer to pages 71–76 of JPMorgan Chase’s 2020 Form 10-K and Line of Business Metrics on page 169 for a further discussion of the business profile of CIB.

Selected income statement data
	Three months ended March 31,
(in millions, except ratios)	2021			2020			Change
Revenue
Investment banking fees	$	2,988		$	1,907		57	%
Principal transactions	6,045			3,188			90
Lending- and deposit-related fees	593			450			32
Asset management, administration and commissions	1,286			1,261			2
All other income	176			90			96
Noninterest revenue	11,088			6,896			61
Net interest income	3,517			3,107			13
Total net revenue(a)	14,605			10,003			46
Provision for credit losses	(331)			1,401			NM
Noninterest expense
Compensation expense	4,329			3,006			44
Noncompensation expense	2,775			2,949			(6)
Total noninterest expense	7,104			5,955			19
Income before income tax expense	7,832			2,647			196
Income tax expense	2,092			662			216
Net income	$	5,740		$	1,985		189	%
Financial ratios
Return on equity	27		%	9		%
Overhead ratio	49			60
Compensation expense as percentage of total net revenue	30			30

(a)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; and tax-exempt income from municipal bonds of $703 million and $573 million for the three months ended March 31, 2021 and 2020, respectively. Prior-period tax-equivalent adjustment amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.

Selected income statement data
	Three months ended March 31,
(in millions)	2021		2020		Change
Revenue by business
Investment Banking	$	2,851	$	886	222	%
Wholesale Payments	1,392		1,414		(2)
Lending	265		350		(24)
Total Banking	4,508		2,650		70
Fixed Income Markets	5,761		4,993		15
Equity Markets	3,289		2,237		47
Securities Services	1,050		1,074		(2)
Credit Adjustments & Other(a)	(3)		(951)		100
Total Markets & Securities Services	10,097		7,353		37
Total net revenue	$	14,605	$	10,003	46	%

(a)Includes credit valuation adjustments (“CVA”) managed centrally within CIB and funding valuation adjustments (“FVA”) on derivatives and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.

Quarterly results

Net income was $5.7 billion, up 189%.

Net revenue was $14.6 billion, up 46%.

Banking revenue was $4.5 billion, up 70%.

•Investment Banking revenue was $2.9 billion, up 222%, driven by higher Investment Banking fees, up 57%, reflecting higher fees across products, and the absence of prior year markdowns on held-for-sale positions in the bridge financing portfolio. The Firm ranked #2 for Global Investment Banking fees, according to Dealogic.

–Equity underwriting fees were $1.1 billion, up 219%, largely driven by the IPO market due to increased industry-wide fees.

–Debt underwriting fees were $1.3 billion, up 17%, driven by high yield bonds and leveraged loans due to increased industry-wide fees and wallet share gains.

–Advisory fees were $680 million, up 35%, driven by a higher number of completed transactions, in part related to transactions announced in the second half of 2020.

•Wholesale Payments revenue was $1.4 billion, down 2%, driven by deposit margin compression, predominantly offset by the impact of higher deposit balances.

•Lending revenue was $265 million, down 24%, predominantly driven by fair value gains on hedges of accrual loans in the prior year.

Markets & Securities Services revenue was $10.1 billion, up 37%. Markets revenue was $9.1 billion, up 25%.

•Fixed Income Markets revenue was $5.8 billion, up 15%, predominantly driven by strong performance in Securitized Products and Credit, largely offset by lower

23

revenue in Rates and Currencies & Emerging Markets compared to a strong prior year.

•Equity Markets revenue was $3.3 billion, up 47%, driven by strong performance across derivatives, Cash Equities, and prime brokerage.

•Securities Services revenue was $1.1 billion, down 2%, with deposit margin compression largely offset by deposit balance growth.

•Credit Adjustments & Other was a loss of $3 million, compared with a loss of $951 million in the prior year which was predominantly driven by funding spread widening on derivatives.

Noninterest expense was $7.1 billion, up 19%, predominantly driven by higher revenue-related compensation expense, partially offset by lower legal expense.

The provision for credit losses was a net benefit of $331 million, driven by a net reduction in the allowance for credit losses, compared with an expense of $1.4 billion in the prior year.

Refer to Credit and Investment Risk Management on pages 47-65 and Allowance for Credit Losses on pages 63–64 for further discussions of the credit portfolios and the allowance for credit losses.

Selected metrics
	As of or for the three months ended March 31,
(in millions, except headcount)	2021		2020		Change
Selected balance sheet data (period-end)
Total assets(a)	$	1,355,123	$	1,216,558	11	%
Loans:
Loans retained(b)	134,134		165,376		(19)
Loans held-for-sale and loans at fair value(c)	45,846		34,644		32
Total loans	179,980		200,020		(10)
Equity	83,000		80,000		4
Selected balance sheet data (average)
Total assets(a)	$	1,293,864	$	1,081,912	20
Trading assets-debt and equity instruments	464,692		398,504		17
Trading assets-derivative receivables	77,735		55,133		41
Loans:
Loans retained(b)	$	136,794	$	128,838	6
Loans held-for-sale and loans at fair value(c)	45,671		35,211		30
Total loans	$	182,465	$	164,049	11
Equity	83,000		80,000		4
Headcount	62,772		60,245		4	%

(a)Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.

(b)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.

(c)Loans held-for-sale and loans at fair value primarily reflect lending related positions originated and purchased in CIB Markets, including loans held for securitization.

24

Selected metrics
	As of or for the three months ended March 31,
(in millions, except ratios)	2021			2020			Change
Credit data and quality statistics
Net charge-offs/(recoveries)	$	(7)		$	55		NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained(a)	$	842		$	689		22	%
Nonaccrual loans held-for-sale and loans at fair value(b)	1,266			766			65
Total nonaccrual loans	2,108			1,455			45
Derivative receivables	284			85			234
Assets acquired in loan satisfactions	97			43			126
Total nonperforming assets	$	2,489		$	1,583		57
Allowance for credit losses:
Allowance for loan losses	$	1,982		$	1,422		39
Allowance for lending-related commitments	1,602			1,468			9
Total allowance for credit losses	$	3,584		$	2,890		24	%
Net charge-off/(recovery) rate(c)	(0.02)		%	0.17		%
Allowance for loan losses to period-end loans retained	1.48			0.86
Allowance for loan losses to period-end loans retained, excluding trade finance and conduits(d)	2.06			1.11
Allowance for loan losses to nonaccrual loans retained(a)	235			206
Nonaccrual loans to total period-end loans	1.17		%	0.73		%

(a)Allowance for loan losses of $174 million and $317 million were held against these nonaccrual loans at March 31, 2021 and 2020, respectively.

(b)At March 31, 2021 and 2020, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $340 million and $124 million, respectively. These amounts have been excluded based upon the government guarantee.

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

(d)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.

Investment banking fees
	Three months ended March 31,
(in millions)	2021		2020		Change
Advisory	$	680	$	503	35	%
Equity underwriting	1,056		331		219
Debt underwriting(a)	1,252		1,073		17
Total investment banking fees	$	2,988	$	1,907	57	%

(a)Represents long-term debt and loan syndications.

25

League table results – wallet share
	Three months ended March 31,								Full-year 2020
	2021				2020
	Rank		Share		Rank		Share		Rank		Share
Based on fees(a)
M&A(b)
Global	#	2	9.0	%	#	2	8.3	%	#	2	9.1	%
U.S.	2		9.6		2		9.0		2		9.4
Equity and equity-related(c)
Global	4		7.7		2		8.7		2		8.7
U.S.	4		8.4		2		12.1		2		11.2
Long-term debt(d)
Global	1		9.0		1		8.9		1		8.9
U.S.	1		11.9		2		12.4		1		12.8
Loan syndications
Global	1		13.9		1		10.5		1		11.1
U.S.	1		16.6		1		10.1		1		11.6
Global investment banking fees(e)	#	2	9.0	%	#	1	8.9	%	#	1	9.1	%

(a)Source: Dealogic as of April 1, 2021. Reflects the ranking of revenue wallet and market share.

(b)Global M&A excludes any withdrawn transactions. U.S. M&A revenue wallet represents wallet from client parents based in the U.S.

(c)Global equity and equity-related ranking includes rights offerings and Chinese A-Shares.

(d)Long-term debt rankings include investment-grade, high-yield, supranationals, sovereigns, agencies, covered bonds, ABS and mortgage-backed securities (“MBS”); and exclude money market, short-term debt, and U.S. municipal securities.

(e)Global investment banking fees exclude money market, short-term debt and shelf securities.

Markets revenue

The following table summarizes select income statement data for the Markets businesses. Markets includes both Fixed Income Markets and Equity Markets. Markets revenue comprises principal transactions, fees, commissions and other income, as well as net interest income. The Firm assesses its Markets business performance on a total revenue basis, as offsets may occur across revenue line items. For example, securities that generate net interest income may be risk-managed by derivatives that are

recorded in principal transactions revenue. Refer to Notes 5 and 6 for a description of the composition of these income statement line items. Refer to Markets revenue on page 74 of JPMorgan Chase’s 2020 Form 10-K for further information.

For the periods presented below, the predominant source of principal transactions revenue was the amount recognized upon executing new transactions.

	Three months ended March 31,						Three months ended March 31,
	2021						2020
(in millions)	Fixed Income Markets		Equity Markets		Total Markets		Fixed Income Markets		Equity Markets		Total Markets
Principal transactions	$	3,564	$	2,482	$	6,046	$	3,143	$	1,723	$	4,866
Lending- and deposit-related fees	69		4		73		47		2		49
Asset management, administration and commissions	129		544		673		111		608		719
All other income	66		(31)		35		1		(1)		—
Noninterest revenue	3,828		2,999		6,827		3,302		2,332		5,634
Net interest income	1,933		290		2,223		1,691		(95)		1,596
Total net revenue	$	5,761	$	3,289	$	9,050	$	4,993	$	2,237	$	7,230

26

Selected metrics
	As of or for the three months ended March 31,
(in millions, except where otherwise noted)	2021		2020		Change
Assets under custody (“AUC”) by asset class (period-end) (in billions):
Fixed Income	$	15,552	$	13,572	15	%
Equity	12,006		7,819		54
Other(a)	3,693		3,018		22
Total AUC	$	31,251	$	24,409	28
Merchant processing volume (in billions)(b)	$	425.7	$	374.8	14
Client deposits and other third-party liabilities (average)(c)	$	705,764	$	514,464	37	%

(a)Consists of mutual funds, unit investment trusts, currencies, annuities, insurance contracts, options and other contracts.

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

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

International metrics
	As of or for the three months ended March 31,
(in millions, except where  otherwise noted)	2021		2020		Change
Total net revenue(a)
Europe/Middle East/Africa	$	4,060	$	2,591	57	%
Asia-Pacific	2,261		1,776		27
Latin America/Caribbean	494		507		(3)
Total international net revenue	6,815		4,874		40
North America	7,790		5,129		52
Total net revenue	$	14,605	$	10,003	46
Loans retained (period-end)(a)
Europe/Middle East/Africa	$	28,624	$	31,607	(9)
Asia-Pacific	13,944		16,667		(16)
Latin America/Caribbean	5,518		8,129		(32)
Total international loans	48,086		56,403		(15)
North America	86,048		108,973		(21)
Total loans retained	$	134,134	$	165,376	(19)
Client deposits and other third-party liabilities (average)(b)
Europe/Middle East/Africa	$	234,795	$	190,976	23
Asia-Pacific	131,761		103,792		27
Latin America/Caribbean	43,927		30,849		42
Total international	$	410,483	$	325,617	26
North America	295,281		188,847		56
Total client deposits and other third-party liabilities	$	705,764	$	514,464	37
AUC (period-end)(b) (in billions)
North America	$	20,244	$	15,590	30
All other regions	11,007		8,819		25
Total AUC	$	31,251	$	24,409	28	%

(a)Total net revenue and loans retained (excluding loans held-for-sale and loans at fair value) are based on the location of the trading desk, booking location, or domicile of the client, as applicable.

(b)Client deposits and other third-party liabilities pertaining to the Wholesale Payments and Securities Services businesses, and AUC, are based on the domicile of the client.

27

COMMERCIAL BANKING

Refer to pages 77–79 of JPMorgan Chase’s 2020 Form 10-K and Line of Business Metrics on page 170 for a discussion of the business profile of CB.

Selected income statement data
	Three months ended March 31,
(in millions)	2021		2020		Change
Revenue
Lending- and deposit-related fees	$	331	$	261	27	%
All other income	586		347		69
Noninterest revenue	917		608		51
Net interest income	1,476		1,557		(5)
Total net revenue(a)	2,393		2,165		11
Provision for credit losses	(118)		1,010		NM
Noninterest expense
Compensation expense	482		472		2
Noncompensation expense	487		514		(5)
Total noninterest expense	969		986		(2)
Income before income tax expense	1,542		169		NM
Income tax expense	374		30		NM
Net income	$	1,168	$	139	NM

(a)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 $73 million and $81 million for the three months ended March 31, 2021 and 2020, respectively.

Selected income statement data (continued)
	Three months ended March 31,
(in millions, except ratios)	2021			2020			Change
Revenue by product
Lending	$	1,168		$	954		22	%
Wholesale payments	843			978			(14)
Investment banking(a)	350			235			49
Other	32			(2)			NM
Total Commercial Banking net revenue	$	2,393		$	2,165		11
Investment banking revenue, gross(b)	$	1,129		$	686		65
Revenue by client segments
Middle Market Banking	$	916		$	943		(3)
Corporate Client Banking	851			673			26
Commercial Real Estate Banking	604			541			12
Other	22			8			175
Total Commercial Banking net revenue	$	2,393		$	2,165		11	%
Financial ratios
Return on equity	19		%	2		%
Overhead ratio	40			46

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

(b)Refer to Business Segment Results on page 18 for discussion of revenue sharing.

Quarterly results

Net income was $1.2 billion, up $1.0 billion, predominantly driven by a decrease in the provision for credit losses.

Net revenue was $2.4 billion, up 11%. Net interest income was $1.5 billion, down 5%, driven by deposit margin compression, predominantly offset by higher deposit balances and lending revenue due to increased portfolio spreads. Noninterest revenue was $917 million, up 51%, predominantly driven by higher investment banking revenue, the absence of prior year markdowns in the bridge financing portfolio, and higher deposit-related fees, particularly cash management fees.

Noninterest expense was $969 million, down 2%, driven by lower structural expense.

The provision for credit losses was a net benefit of $118 million, driven by a net reduction in the allowance for credit losses, compared with an expense of $1.0 billion in the prior year.

28

Selected metrics
	As of or for the three months ended March 31,
(in millions, except headcount)	2021			2020		Change
Selected balance sheet data (period-end)
Total assets	$	223,583		$	247,786	(10)	%
Loans:
Loans retained	202,975			232,254		(13)
Loans held-for-sale and loans at fair value	2,884			1,112		159
Total loans	$	205,859		$	233,366	(12)
Equity	24,000			22,000		9
Period-end loans by client segment
Middle Market Banking	$	59,983	(a)	$	60,317	(1)
Corporate Client Banking	45,540			69,540		(35)
Commercial Real Estate Banking	100,035			102,799		(3)
Other	301			710		(58)
Total Commercial Banking loans	$	205,859	(a)	$	233,366	(12)
Selected balance sheet data (average)
Total assets	$	225,574		$	226,071	—
Loans:
Loans retained	204,164			209,988		(3)
Loans held-for-sale and loans at fair value	2,578			1,831		41
Total loans	$	206,742		$	211,819	(2)
Average loans by client segment
Middle Market Banking	$	60,011		$	56,045	7
Corporate Client Banking	45,719			53,032		(14)
Commercial Real Estate Banking	100,661			101,526		(1)
Other	351			1,216		(71)
Total Commercial Banking loans	$	206,742		$	211,819	(2)
Client deposits and other third-party liabilities	$	290,992		$	188,808	54
Equity	24,000			22,000		9
Headcount	11,748			11,779		—	%

(a)At March 31, 2021, total loans included $7.4 billion of loans under the PPP, of which $7.2 billion were in Middle Market Banking. Refer to Credit Portfolio on page 47 for a further discussion of the PPP.

Selected metrics (continued)
	As of or for the three months ended March 31,
(in millions, except ratios)	2021			2020			Change
Credit data and quality statistics
Net charge-offs/(recoveries)	$	29		$	100		(71)	%
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained(a)	$	1,134		$	793		43	%
Nonaccrual loans held-for-sale and loans at fair value	—			—			—
Total nonaccrual loans	$	1,134		$	793		43
Assets acquired in loan satisfactions	24			24			—
Total nonperforming assets	$	1,158		$	817		42
Allowance for credit losses:
Allowance for loan losses	$	3,086		$	2,680		15
Allowance for lending-related commitments	753			505			49
Total allowance for credit losses	$	3,839		$	3,185		21	%
Net charge-off/(recovery) rate(b)	0.06		%	0.19		%
Allowance for loan losses to period-end loans retained	1.52			1.15
Allowance for loan losses to nonaccrual loans retained(a)	272			338
Nonaccrual loans to period-end total loans	0.55			0.34

(a)Allowance for loan losses of $227 million and $175 million was held against nonaccrual loans retained at March 31, 2021 and 2020, respectively.

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

29

ASSET & WEALTH MANAGEMENT

Refer to pages 80–82 of JPMorgan Chase’s 2020 Form 10-K and Line of Business Metrics on pages 170-171 for a discussion of the business profile of AWM.

Selected income statement data
(in millions, except ratios)	Three months ended March 31,
	2021			2020			Change
Revenue
Asset management, administration and commissions	$	2,888		$	2,583		12	%
All other income	258			(54)			NM
Noninterest revenue	3,146			2,529			24
Net interest income	931			860			8
Total net revenue	4,077			3,389			20
Provision for credit losses	(121)			94			NM
Noninterest expense
Compensation expense	1,389			1,226			13
Noncompensation expense	1,185			1,209			(2)
Total noninterest expense	2,574			2,435			6
Income before income tax expense	1,624			860			89
Income tax expense	380			191			99
Net income	$	1,244		$	669		86
Revenue by line of business
Asset Management	$	2,185		$	1,740		26
Global Private Bank(a)	1,892			1,649			15
Total net revenue	$	4,077		$	3,389		20	%
Financial ratios
Return on equity	35		%	25		%
Overhead ratio	63			72
Pre-tax margin ratio:
Asset Management	35			24
Global Private Bank(a)	45			27
Asset & Wealth Management	40			25

(a)In the first quarter of 2021, the Wealth Management business was renamed Global Private Bank. In the fourth quarter of 2020, certain wealth management clients were transferred from AWM Global Private Bank to the J.P. Morgan Wealth Management unit in CCB’s Consumer & Business Banking business. For further information see page 80 of the 2020 Form 10-K.

Quarterly results

Net income was $1.2 billion, up 86%.

Net revenue was $4.1 billion, up 20%. Net interest income was $931 million, up 8%. Noninterest revenue was $3.1 billion, up 24%.

Revenue from Asset Management was $2.2 billion, up 26%, predominantly driven by:

•higher asset management fees on strong cumulative net inflows into long-term and liquidity products and higher average market levels, net of liquidity fee waivers, and

•net investment valuation gains, compared with losses in the prior year.

Revenue from Global Private Bank was $1.9 billion, up 15%, largely driven by:

•higher deposit and loan balances, higher asset management fees, loan margin expansion and an investment valuation gain,

largely offset by

•deposit margin compression.

Noninterest expense was $2.6 billion, up 6% predominantly driven by higher volume- and revenue-related expense, partially offset by lower structural expense.

The provision for credit losses was a net benefit of $121 million, driven by a reduction in the allowance for credit losses.

Refer to Credit and Investment Risk Management on pages 47-65 and Allowance for Credit Losses on pages 63–64 for further discussions of the credit portfolios and the allowance for credit losses.

30

Selected metrics
	As of or for the three months ended March 31,
(in millions, except ranking data, headcount and ratios)	2021			2020			Change
% of JPM mutual fund assets rated as 4- or 5-star(a)	60		%	62		%
% of JPM mutual fund assets ranked in 1st or 2nd quartile:(b)
1 year	60			69
3 years	73			74
5 years	74			78
Selected balance sheet data (period-end)(c)
Total assets	$	213,088		$	178,897		19	%
Loans	192,256			163,763			17
Deposits	217,460			160,231			36
Equity	14,000			10,500			33
Selected balance sheet data (average)(c)
Total assets	$	207,505		$	174,834		19
Loans	188,726			159,513			18
Deposits	206,562			144,570			43
Equity	14,000			10,500			33
Headcount	20,578			21,302			(3)
Number of Global Private Bank client advisors	2,462			2,418			2
Credit data and quality statistics(c)
Net charge-offs/(recoveries)	$	11		$	2		450
Nonaccrual loans	755			303			149
Allowance for credit losses:
Allowance for loan losses	$	479		$	436		10
Allowance for lending-related commitments	25			14			79
Total allowance for credit losses	$	504		$	450		12	%
Net charge-off/(recovery) rate	0.02		%	0.01		%
Allowance for loan losses to period-end loans	0.25			0.27
Allowance for loan losses to nonaccrual loans	63			144
Nonaccrual loans to period-end loans	0.39			0.19

(a)Represents the Nomura “star rating” for Japan domiciled funds and Morningstar for all other domiciled funds. Includes only Asset Management retail open-ended mutual funds that have a rating. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.

(b)Quartile ranking sourced from Lipper, Morningstar and Nomura based on country of domicile. Includes only Asset Management retail open-ended mutual funds that are ranked by the aforementioned sources. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.

(c)Loans, deposits and related credit data and quality statistics relate to the Global Private Bank business.

Client assets

Client assets of $3.8 trillion and assets under management of $2.8 trillion were up 32% and 28%, respectively, driven by higher market levels and cumulative net inflows into long term and liquidity products.

Client assets
	As of March 31,
(in billions)	2021		2020		Change
Assets by asset class
Liquidity	$	686	$	619	11	%
Fixed income	662		574		15
Equity	661		361		83
Multi-asset	669		517		29
Alternatives	155		139		12
Total assets under management	2,833		2,210		28
Custody/brokerage/administration/deposits	995		681		46
Total client assets(a)	$	3,828	$	2,891	32
Assets by client segment
Private Banking	$	718	$	577	24
Global Institutional(b)	1,320		1,107		19
Global Funds(b)	795		526		51
Total assets under management	$	2,833	$	2,210	28
Private Banking	$	1,664	$	1,233	35
Global Institutional(b)	1,362		1,128		21
Global Funds(b)	802		530		51
Total client assets(a)	$	3,828	$	2,891	32	%

(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.

(b)In the first quarter of 2021, Institutional and Retail client segments were renamed to Global Institutional and Global Funds, respectively. This did not result in a change to the clients within either client segment.

Client assets (continued)
	Three months ended March 31,
(in billions)	2021		2020
Assets under management rollforward
Beginning balance	$	2,716	$	2,328
Net asset flows:
Liquidity	44		77
Fixed income	8		—
Equity	31		(1)
Multi-asset	6		(2)
Alternatives	3		—
Market/performance/other impacts	25		(192)
Ending balance, March 31	$	2,833	$	2,210
Client assets rollforward
Beginning balance	$	3,652	$	3,089
Net asset flows	130		91
Market/performance/other impacts	46		(289)
Ending balance, March 31	$	3,828	$	2,891

31

International metrics
	Three months ended March 31,
(in millions)	2021		2020		Change
Total net revenue (a)
Europe/Middle East/Africa	$	834	$	623	34	%
Asia-Pacific	514		400		29
Latin America/Caribbean	214		188		14
Total international net revenue	1,562		1,211		29
North America	2,515		2,178		15
Total net revenue(a)	$	4,077	$	3,389	20	%

(a)Regional revenue is based on the domicile of the client.

	As of March 31,
(in billions)	2021		2020		Change
Assets under management
Europe/Middle East/Africa	$	521	$	395	32	%
Asia-Pacific	228		174		31
Latin America/Caribbean	71		56		27
Total international assets under management	820		625		31
North America	2,013		1,585		27
Total assets under management	$	2,833	$	2,210	28
Client assets
Europe/Middle East/Africa	$	629	$	479	31
Asia-Pacific	338		248		36
Latin America/Caribbean	168		134		25
Total international client assets	1,135		861		32
North America	2,693		2,030		33
Total client assets	$	3,828	$	2,891	32	%

32

CORPORATE

Refer to pages 83–84 of JPMorgan Chase’s 2020 Form 10-K for a discussion of Corporate.

Selected income statement and balance sheet data
	As of or for the three months ended March 31,
(in millions, except headcount)	2021		2020		Change
Revenue
Principal transactions	$	272	$	(113)	NM
Investment securities gains	14		233		(94)	%
All other income	96		211		(55)
Noninterest revenue	382		331		15	%
Net interest income	(855)		(165)		(418)	%
Total net revenue(a)	(473)		166		NM
Provision for credit losses	16		8		100
Noninterest expense	876		146		500	%
Income/(loss) before income tax expense/(benefit)	(1,365)		12		NM
Income tax expense/(benefit)	(785)		137		NM
Net income/(loss)	$	(580)	$	(125)	(364)
Total net revenue
Treasury and CIO	$	(705)	$	169	NM
Other Corporate	232		(3)		NM
Total net revenue	$	(473)	$	166	NM
Net income/(loss)
Treasury and CIO	$	(675)	$	83	NM
Other Corporate	95		(208)		NM
Total net income/(loss)	$	(580)	$	(125)	(364)
Total assets (period-end)	$	1,409,564	$	981,937	44
Loans (period-end)	1,627		1,650		(1)
Headcount	38,168		38,785		(2)	%

(a)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $67 million and $61 million for the three months ended March 31, 2021 and 2020, respectively.

Quarterly results

Net loss was $580 million compared with a net loss of $125 million in the prior year.

Net revenue was a loss of $473 million, down $639 million. The decrease was driven by:

•lower net interest income on lower rates, as well as limited opportunities to deploy funds in response to continued deposit growth,

partially offset by

•higher noninterest revenue reflecting net gains on certain legacy private equity investments compared with net losses in the prior year, offset by lower investment securities gains reflecting the impact of repositioning the investment securities portfolio, as well as lower gains on certain Corporate investments.

Noninterest expense of $876 million was up $730 million primarily due to a higher contribution to the Firm's Foundation and higher structural expense.

The current period income tax benefit was driven by the change in the level and mix of income and expenses subject to U.S. federal, and state and local taxes as well as the impact of the Firm’s estimated full-year expected tax rate relative to the level of year-to-date pretax income, partially offset by the resolution of certain tax audits.

33

Treasury and CIO overview

At March 31, 2021, the average credit rating of the Treasury and CIO investment securities comprising the portfolio in the table below was AA+ (based upon external ratings where available and, where not available, based primarily upon internal risk ratings). Refer to Note 9 for further information on the Firm’s investment securities portfolio and internal risk ratings.

Refer to Liquidity Risk Management on pages 42-46 for further information on liquidity and funding risk. Refer to Market Risk Management on pages 66-70 for information on interest rate, foreign exchange and other risks.

Selected income statement and balance sheet data
	As of or for the three months ended March 31,
(in millions)	2021		2020		Change
Investment securities gains	$	14	$	233	(94)	%
Available-for-sale securities (average)	$	372,443	$	372,954	—	%
Held-to-maturity securities (average)(a)	207,957		46,673		346
Investment securities portfolio (average)	$	580,400	$	419,627	38
Available-for-sale securities (period-end)	$	377,911	$	397,891	(5)
Held-to-maturity securities, net of allowance for credit losses (period-end)(a)(b)	217,452		71,200		205
Investment securities portfolio, net of allowance for credit losses (period-end)(b)	$	595,363	$	469,091	27	%

(a)During 2020, the Firm transferred $164.2 billion of investment securities from AFS to HTM for capital management purposes, including $26.1 billion in the first quarter of 2020.

(b)At March 31, 2021 and 2020, the allowance for credit losses on HTM securities was $94 million and $19 million, respectively.

34

FIRMWIDE RISK MANAGEMENT

Risk is an inherent part of JPMorgan Chase’s business activities. When the Firm extends a consumer or wholesale loan, advises customers and clients on their investment decisions, makes markets in securities, or offers other products or services, the Firm takes on some degree of risk. The Firm’s overall objective is to manage its businesses, and the associated risks, in a manner that balances serving the interests of its clients, customers and investors and protects the safety and soundness of the Firm.

The Firm believes that effective risk management requires, among other things:

•Acceptance of responsibility, including identification and escalation of risks by all individuals within the Firm;

•Ownership of risk identification, assessment, data and management within each of the LOBs and Corporate; and

•Firmwide structures for risk governance.

The Firm follows a disciplined and balanced compensation framework with strong internal governance and independent oversight by the Board of Directors (the “Board”). The impact of risk and control issues is carefully considered in the Firm’s performance evaluation and incentive compensation processes.

Risk governance and oversight framework

The Firm’s risk management governance and oversight framework involves understanding drivers of risks, types of risks, and impacts of risks.

Refer to pages 85-89 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of Firmwide risk management governance and oversight.

Risk governance and oversight functions

The following sections of this Form 10-Q and the 2020 Form 10-K discuss the risk governance and oversight functions in place to manage the risks inherent in the Firm’s business activities.

Risk governance and oversight functions	Form 10-Q page reference	Form 10-K page reference
Strategic risk		90
Capital risk	36-41	91-101
Liquidity risk	42-46	102-108
Reputation risk		109
Consumer credit risk	48-52	114-120
Wholesale credit risk	53-62	121-131
Investment portfolio risk	65	134
Market risk	66-70	135-142
Country risk	71	143-144
Operational risk	72	145-151
Compliance risk		148
Conduct risk		149
Legal risk		150
Estimations and Model risk	73	151

35

CAPITAL RISK MANAGEMENT

Capital risk is the risk the Firm has an insufficient level or composition of capital to support the Firm’s business activities and associated risks during normal economic environments and under stressed conditions.

The Firm has been impacted by market events as a result of the COVID-19 pandemic, but has remained well-capitalized.

Refer to pages 91-101 of JPMorgan Chase’s 2020 Form

10-K, Note 21 of this Form 10-Q and the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for a further discussion of the Firm’s Capital Risk Management, including capital planning and stress testing.

Basel III Overview

The capital rules under Basel III establish minimum capital ratios and overall capital adequacy standards for large and internationally active U.S. Bank Holding Companies ("BHCs") and banks, including the Firm and its insured depository institution (“IDI”) subsidiaries, including JPMorgan Chase Bank, N.A. The minimum amount of regulatory capital that must be held by BHCs and banks is determined by calculating risk-weighted assets (“RWA”), which are on-balance sheet assets and off-balance sheet exposures, weighted according to risk. Two comprehensive approaches are prescribed for calculating RWA: a standardized approach (“Basel III Standardized”), and an advanced approach (“Basel III Advanced”). For each of the risk-based capital ratios, the capital adequacy of the Firm is evaluated against the lower of the Standardized or Advanced approaches compared to their respective minimum capital ratios.

The Firm’s Basel III Standardized-risk-based ratios are currently more binding than the Basel III Advanced-risk-based ratios.

Basel III also includes a requirement for Advanced Approach banking organizations, including the Firm, to calculate the SLR. Refer to SLR on page 39 for additional information.

Key Regulatory Developments

CECL regulatory capital transition delay. As part of their response to the impact of the COVID-19 pandemic, the federal banking agencies issued a final rule that provided the option beginning January 1, 2020 to delay the effects of CECL on regulatory capital for two years, followed by a three-year transition period beginning January 1, 2022 (“CECL capital transition provisions”).

The Firm has elected to apply the CECL capital transition provisions, and accordingly, for the period ended March 31, 2021, the capital metrics of the Firm exclude $4.5 billion, which is the $2.7 billion day 1 impact to retained earnings and 25% of the $7.0 billion increase in the allowance for credit losses from January 1, 2020 (excluding allowances on PCD loans).

The impacts of the CECL capital transition provisions have also been incorporated into Tier 2 capital, adjusted average assets, and total leverage exposure. Refer to Capital Risk Management on pages 91-101 and Note 1 of JPMorgan Chase’s 2020 Form 10-K for further information on CECL capital transition provisions and the CECL accounting guidance.

SLR temporary revision. The Federal Reserve issued an interim final rule that requires, on a temporary basis, the calculation of total leverage exposure for purposes of calculating the SLR for bank holding companies, to exclude the on-balance sheet amounts of U.S. Treasury securities and deposits at Federal Reserve Banks. These exclusions became effective April 1, 2020, and remained in effect through March 31, 2021.

On June 1, 2020, the Federal Reserve, Office of the Comptroller of the Currency ("OCC") and FDIC issued an interim final rule which became effective April 1, 2020 and remained in effect through March 31, 2021 that provides IDI subsidiaries with an option to apply this temporary exclusion subject to certain restrictions. As of March 31, 2021, JPMorgan Chase Bank, N.A. did not elect to apply this exclusion.

PPP. On April 13, 2020, the federal banking agencies issued an interim final rule (issued as final on September 29, 2020) to neutralize the regulatory capital effects of participating in the PPP on risk-based capital ratios by applying a zero percent risk weight to loans originated under the program. Given that PPP loans are guaranteed by the SBA, the Firm does not expect to realize material credit losses on these loans. As of March 31, 2021, the Firm had approximately $32 billion of loans under the program.

Total leverage exposure for purposes of calculating the SLR includes PPP loans as the Firm did not participate in the Federal Reserve’s Paycheck Protection Program Lending (“PPPL”) Facility, which would allow the Firm to exclude them under the final rule.

TLAC Holdings rule. On October 20, 2020, the federal banking agencies issued a final rule prescribing the regulatory capital treatment for holdings of Total Loss-Absorbing Capacity ("TLAC") debt instruments by certain large banking organizations, such as the Firm and JPMorgan Chase Bank, N.A. This rule expands the scope of the existing capital deductions rule around the holdings of capital instruments of financial institutions to also include TLAC debt instruments issued by systemically important banking organizations. The final rule became effective April 1, 2021 and is not expected to have a material impact on the Firm’s risk-based capital metrics.

36

The following table presents the Firm’s risk-based and leverage-based capital metrics under both the Basel III Standardized and Advanced approaches. Refer to Capital Risk Management on pages 91-101 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of these capital metrics.

	Standardized								Advanced
(in millions, except ratios)	March 31, 2021(c)			December 31, 2020(c)			Minimum capital ratios(d)		March 31, 2021(c)			December 31, 2020(c)			Minimum capital ratios(d)
Risk-based capital metrics:
CET1 capital	$	206,078		$	205,078				$	206,078		$	205,078
Tier 1 capital	237,333			234,844					237,333			234,844
Total capital	271,407			269,923					258,635			257,228
Risk-weighted assets	1,577,007			1,560,609					1,503,828			1,484,431
CET1 capital ratio	13.1		%	13.1		%	11.3	%	13.7		%	13.8		%	10.5	%
Tier 1 capital ratio	15.0			15.0			12.8		15.8			15.8			12.0
Total capital ratio	17.2			17.3			14.8		17.2			17.3			14.0
Leverage-based capital metrics:
Adjusted average assets(a)	$	3,565,545		$	3,353,319				$	3,565,545		$	3,353,319
Tier 1 leverage ratio	6.7		%	7.0		%	4.0	%	6.7		%	7.0		%	4.0	%
Total leverage exposure(b)	NA			NA					$	3,522,629		$	3,401,542
SLR(b)	NA			NA			NA		6.7		%	6.9		%	5.0	%

(a)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.

(b)Total leverage exposure for purposes of calculating the SLR excludes U.S. Treasury securities and deposits at Federal Reserve Banks, as provided by the rule issued by the Federal Reserve which became effective April 1, 2020 and remained in effect through March 31, 2021. The SLR excluding the relief was 5.5% and 5.8% for the periods ended March 31, 2021 and December 31, 2020, respectively.

(c)The capital metrics reflect the CECL capital transition provisions. Additionally, loans originated under the PPP receive a zero percent risk weight.

(d)Represents minimum requirements and regulatory buffers applicable to the Firm. Refer to Note 21 for additional information.

37

Capital components

The following table presents reconciliations of total stockholders’ equity to Basel III CET1 capital, Tier 1 capital and Total capital as of March 31, 2021 and December 31, 2020.

(in millions)	March 31, 2021		December 31, 2020
Total stockholders’ equity	$	280,714	$	279,354
Less: Preferred stock	31,563		30,063
Common stockholders’ equity	249,151		249,291
Add:
Certain deferred tax liabilities(a)	2,457		2,453
Other CET1 capital adjustments(b)	4,588		3,486
Less:
Goodwill	49,243		49,248
Other intangible assets	875		904
Standardized/Advanced CET1 capital	206,078		205,078
Preferred stock	31,563		30,063
Less: Other Tier 1 adjustments	308		297
Standardized/Advanced Tier 1 capital	$	237,333	$	234,844
Long-term debt and other instruments qualifying as Tier 2 capital	$	15,646	$	16,645
Qualifying allowance for credit losses(c)	18,486		18,372
Other	(58)		62
Standardized Tier 2 capital	$	34,074	$	35,079
Standardized Total capital	$	271,407	$	269,923
Adjustment in qualifying allowance for credit losses for Advanced Tier 2 capital(d)	(12,772)		(12,695)
Advanced Tier 2 capital	$	21,302	$	22,384
Advanced Total capital	$	258,635	$	257,228

(a)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 CET1 capital.

(b)As of March 31, 2021 and December 31, 2020, the impact of the CECL capital transition provision was an increase in CET1 capital of $4.5 billion and $5.7 billion, respectively.

(c)Represents the allowance for credit losses eligible for inclusion in Tier 2 capital up to 1.25% of credit risk RWA, including the impact of the CECL capital transition provision with any excess deducted from RWA.

(d)Represents an adjustment to qualifying allowance for credit losses for the excess of eligible credit reserves over expected credit losses up to 0.6% of credit risk RWA, including the impact of the CECL capital transition provision with any excess deducted from RWA.

Capital rollforward

The following table presents the changes in Basel III CET1 capital, Tier 1 capital and Tier 2 capital for the three months ended March 31, 2021.

Three months ended March 31, (in millions)	2021
Standardized/Advanced CET1 capital at December 31, 2020	$	205,078
Net income applicable to common equity	13,921
Dividends declared on common stock	(2,760)
Net purchase of treasury stock	(3,967)
Changes in additional paid-in capital	(389)
Changes related to AOCI	(6,945)
Adjustment related to AOCI(a)	2,396
Changes related to other CET1 capital adjustments(b)	(1,256)
Change in Standardized/Advanced CET1 capital	1,000
Standardized/Advanced CET1 capital at March 31, 2021	$	206,078
Standardized/Advanced Tier 1 capital at December 31, 2020	$	234,844
Change in CET1 capital(b)	1,000
Net issuance of noncumulative perpetual preferred stock	1,500
Other	(11)
Change in Standardized/Advanced Tier 1 capital	2,489
Standardized/Advanced Tier 1 capital at March 31, 2021	$	237,333
Standardized Tier 2 capital at December 31, 2020	$	35,079
Change in long-term debt and other instruments qualifying as Tier 2	(999)
Change in qualifying allowance for credit losses(b)	114
Other	(120)
Change in Standardized Tier 2 capital	(1,005)
Standardized Tier 2 capital at March 31, 2021	$	34,074
Standardized Total capital at March 31, 2021	$	271,407
Advanced Tier 2 capital at December 31, 2020	$	22,384
Change in long-term debt and other instruments qualifying as Tier 2	(999)
Change in qualifying allowance for credit losses(b)	37
Other	(120)
Change in Advanced Tier 2 capital	(1,082)
Advanced Tier 2 capital at March 31, 2021	$	21,302
Advanced Total capital at March 31, 2021	$	258,635

(a)Includes cash flow hedges and DVA related to structured notes recorded in AOCI.

(b)Includes the impact of the CECL capital transition provisions.

38

RWA rollforward

The following table presents changes in the components of RWA under Basel III Standardized and Advanced approaches for the three months ended March 31, 2021. The amounts in the rollforward categories are estimates, based on the predominant driver of the change.

	Standardized						Advanced
Three months ended March 31, 2021 (in millions)	Credit risk RWA		Market risk RWA		Total RWA		Credit risk RWA		Market risk RWA		Operational risk RWA		Total RWA
December 31, 2020	$	1,464,219	$	96,390	$	1,560,609	$	1,002,330	$	96,910	$	385,191	$	1,484,431
Model & data changes(a)	—		(1,100)		(1,100)		—		(1,100)		—		(1,100)
Portfolio runoff(b)	(1,200)		—		(1,200)		(700)		—		—		(700)
Movement in portfolio levels(c)	13,896		4,802		18,698		11,431		4,635		5,131		21,197
Changes in RWA	12,696		3,702		16,398		10,731		3,535		5,131		19,397
March 31, 2021	$	1,476,915	$	100,092	$	1,577,007	$	1,013,061	$	100,445	$	390,322	$	1,503,828

(a)Model & data changes refer to material movements in levels of RWA as a result of revised methodologies and/or treatment per regulatory guidance (exclusive of rule changes).

(b)Portfolio runoff for credit risk RWA primarily reflects reduced risk from position rolloffs in legacy portfolios in Home Lending.

(c)Movement in portfolio levels (inclusive of rule changes) refers to: changes in book size, composition, credit quality, and market movements for credit risk RWA; changes in position and market movements for market risk RWA; updates to cumulative losses for operational risk RWA; and deductions to credit risk RWA for excess eligible credit reserves not eligible for inclusion in Tier 2 capital.

Supplementary leverage ratio

Refer to Supplementary Leverage Ratio on page 95 of JPMorgan Chase’s 2020 Form 10-K for additional information.

The following table presents the components of the Firm’s SLR.

Three months ended (in millions, except ratio)	March 31, 2021			December 31, 2020
Tier 1 capital	$	237,333		$	234,844
Total average assets	3,612,841			3,399,818
Less: Regulatory capital adjustments(a)	47,296			46,499
Total adjusted average assets(b)	3,565,545			3,353,319
Add: Off-balance sheet exposures(c)	757,651			729,978
Less: Exclusion for U.S. Treasuries and Federal Reserve Bank deposits	800,567			681,755
Total leverage exposure	$	3,522,629		$	3,401,542
SLR(d)	6.7		%	6.9		%

(a)For purposes of calculating the SLR, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, other intangible assets and adjustments for the CECL capital transition provisions.

(b)Adjusted average assets used for the calculation of Tier 1 leverage ratio.

(c)Off-balance sheet exposures are calculated as the average of the three month-end spot balances during the reporting quarter.

(d)The SLR excluding the relief was 5.5% and 5.8% for the periods ended March 31, 2021 and December 31, 2020, respectively.

Refer to Note 21 for JPMorgan Chase Bank, N.A.’s SLR.

Line of business equity

Each business segment is allocated capital by taking into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. Refer to line of business equity on page 98 of JPMorgan Chase’s 2020 Form 10-K for additional information on capital allocation.

The following table presents the capital allocated to each business segment.

Line of business equity (Allocated capital)
(in billions)	March 31, 2021		December 31, 2020
Consumer & Community Banking	$	50.0	$	52.0
Corporate & Investment Bank	83.0		80.0
Commercial Banking	24.0		22.0
Asset & Wealth Management	14.0		10.5
Corporate	78.2		84.8
Total common stockholders’ equity	$	249.2	$	249.3

Capital actions

Common stock dividends

The Firm’s quarterly common stock dividend is currently $0.90 per share. The Firm’s dividends are subject to approval by the Board of Directors on a quarterly basis.

Common stock

On March 15, 2020, in response to the economic disruptions caused by 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. Subsequently, the Firm announced that its Board of Directors authorized a new common share repurchase program for up to $30 billion. As directed by the Federal Reserve, total net repurchases and common stock dividends in the first quarter of 2021 were restricted and could not exceed the average of the Firm’s net income for the four preceding calendar quarters. On March 25, 2021, the Federal Reserve extended these restrictions through at least the second quarter of 2021.

Refer to capital planning and stress testing on page 40 for additional information.

39

The following table sets forth the Firm’s repurchases of common stock for the three months ended March 31, 2021 and 2020.

	Three months ended March 31,
(in millions)	2021		2020
Total number of shares of common stock repurchased	34.7		50.0
Aggregate purchase price of common stock repurchases	$	4,999	$	6,397

Refer to Part II, Item 2: Unregistered Sales of Equity Securities and Use of Proceeds and Part II, Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities on page 173 of this Form 10-Q and page 34 of JPMorgan Chase’s 2020 Form 10-K, respectively, for additional information regarding repurchases of the Firm’s equity securities.

Preferred stock

Preferred stock dividends declared were $379 million for the three months ended March 31, 2021.

On March 17, 2021, the Firm issued $1.5 billion of 4.55% non-cumulative preferred stock, Series JJ. On April 30, 2021, the Firm announced that it will redeem on June 1, 2021 all $1.4 billion of its outstanding 6.10% non-cumulative preferred stock, Series AA and all $1.2 billion of its outstanding 6.15% non-cumulative preferred stock, Series BB. Refer to Note 17 of this Form 10-Q and Note 21 of JPMorgan Chase’s 2020 Form 10-K for additional information on the Firm’s preferred stock, including the issuance and redemption of preferred stock.

Capital planning and stress testing

Comprehensive Capital Analysis and Review

On April 5, 2021, the Firm submitted its 2021 Capital Plan to the Federal Reserve under the Federal Reserve’s 2021 Comprehensive Capital Analysis and Review ("CCAR") process. The Firm anticipates that the Federal Reserve will disclose the Firm’s indicative Stress Capital Buffer ("SCB") requirement which will become effective October 1, 2021 and summary information regarding the Firm’s stress test results by July 1, 2021. The Firm's SCB is currently 3.3%.

Based on the Federal Reserve's March 25, 2021 announcement, if the Firm remains above all of its minimum risk-based capital requirements based on the 2021 CCAR stress test results, the temporary restrictions on capital distributions currently in effect will expire as planned on June 30, 2021. However, if the Firm falls below any of its minimum risk-based requirements in the 2021 CCAR stress test it will remain subject to the temporary restrictions through at least September 30, 2021.

Refer to Capital planning and stress testing on pages 91-92 of JPMorgan Chase’s 2020 Form 10-K for additional information on CCAR.

Other capital requirements

Total Loss-Absorbing Capacity

The Federal Reserve’s TLAC rule requires the U.S. global systemically important bank (“GSIB”) top-tier holding companies, including the Firm, to maintain minimum levels of external TLAC and eligible long-term debt (“eligible LTD”).

Refer to other capital requirements on page 100 of JPMorgan Chase’s 2020 Form 10-K for additional information on TLAC.

The following table presents the TLAC and external long-term debt minimum requirements including applicable regulatory buffers, as of March 31, 2021 and December 31, 2020, except as noted below.

	Minimum Requirements
TLAC to RWA(a)	22.5	%
TLAC to leverage exposure	9.5
External long-term debt to RWA	9.5
External long-term debt to leverage	4.5

(a)For the period ended December 31, 2020, the TLAC to RWA minimum requirement was 23.0%.

The following table presents the eligible external TLAC and eligible LTD amounts, as well as a representation of the amounts as a percentage of the Firm’s total RWA and total leverage exposure applying the impact of the CECL capital transition provisions as of March 31, 2021 and December 31, 2020.

	March 31, 2021						December 31, 2020
(in billions, except ratio)	External TLAC			LTD			External TLAC			LTD
Total eligible amount	$	432.5		$	188.3		$	421.0		$	181.4
% of RWA	27.4		%	11.9		%	27.0		%	11.6		%
Surplus/(shortfall)	$	77.6		$	38.5		$	62.1		$	33.1
% of total leverage exposure(a)	12.3		%	5.3		%	12.4		%	5.3		%
Surplus/(shortfall)	$	97.8		$	29.7		$	97.9		$	28.3

(a)Total leverage exposure excludes U.S. Treasury securities and deposits at Federal Reserve Banks, as provided by the rule issued by the Federal Reserve which became effective April 1, 2020 and remained in effect through March 31, 2021.

Refer to Liquidity Risk Management on pages 42-46 for further information on long-term debt issued by the Parent Company, including long-term debt issued subsequent to the period ended March 31, 2021.

Refer to Part I, Item 1A: Risk Factors on pages 8-32 of JPMorgan Chase’s 2020 Form 10-K for information on the financial consequences to holders of the Firm’s debt and equity securities in a resolution scenario.

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Broker-dealer regulatory capital

J.P. Morgan Securities

JPMorgan Chase’s principal U.S. broker-dealer subsidiary is J.P. Morgan Securities. J.P. Morgan Securities is subject to Rule 15c3-1 under the Securities Exchange Act of 1934 (the “Net Capital Rule”). J.P. Morgan Securities is also registered as a futures commission merchant and is subject to regulatory capital requirements, including those imposed by the SEC, Commodity Futures Trading Commission (“CFTC”), Financial Industry Regulatory Authority (“FINRA”) and the National Futures Association (“NFA”).

Refer to Capital risk management on pages 91-101 of JPMorgan Chase’s 2020 Form 10-K for a discussion on J.P. Morgan Securities’ capital requirements.

The following table presents J.P. Morgan Securities’ net capital:

March 31, 2021
(in millions)	Actual		Minimum
Net Capital	$	25,908	$	4,966

J.P. Morgan Securities plc

J.P. Morgan Securities plc is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and broker-dealer activities. J.P. Morgan Securities plc is jointly regulated by the U.K. Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”). J.P. Morgan Securities plc is subject to the European Union Capital Requirements Regulation, as adopted in the U.K., and the PRA capital rules, each of which implement Basel III and thereby subject J.P. Morgan Securities plc to its requirements.

Refer to Capital risk management on pages 91-101 of JPMorgan Chase’s 2020 Form 10-K for a further discussion on J.P. Morgan Securities plc.

The Bank of England requires, on a transitional basis, that U.K. banks, including U.K. regulated subsidiaries of overseas groups, maintain a minimum requirement for own funds and eligible liabilities (“MREL”). As of March 31, 2021, J.P. Morgan Securities plc was compliant with the requirements of the MREL rule.

The following table presents J.P. Morgan Securities plc’s capital metrics:

March 31, 2021
(in millions, except ratios)	Estimated			Minimum ratios
Total capital	$	54,673
CET1 ratio	17.2		%	4.5	%
Total capital ratio	22.0		%	8.0	%

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LIQUIDITY RISK MANAGEMENT

Liquidity risk is the risk that the Firm will be unable to meet its contractual and contingent financial obligations as they arise or that it does not have the appropriate amount, composition and tenor of funding and liquidity to support its assets and liabilities. Refer to pages 102–108 of JPMorgan Chase’s 2020 Form 10-K and the Firm’s U.S. LCR Disclosure reports, which are available on the Firm’s website for a further discussion of the Firm’s Liquidity Risk Management.

LCR and HQLA

The LCR rule requires that the Firm and JPMorgan Chase Bank, N.A. maintain an amount of eligible HQLA that is sufficient to meet their respective estimated total net cash outflows over a prospective 30 calendar-day period of significant stress. Under the LCR rule, the amount of eligible HQLA held by JPMorgan Chase Bank, N.A. that is in excess of its stand-alone 100% minimum LCR requirement, and that is not transferable to non-bank affiliates, must be excluded from the Firm’s reported eligible HQLA. The LCR for both the Firm and JPMorgan Chase Bank, N.A. is required to be a minimum of 100%. Refer to page 103 of JPMorgan Chase’s 2020 Form 10-K and the Firm’s U.S. LCR Disclosure reports for additional information on HQLA and net cash outflows.

The following table summarizes the Firm and JPMorgan Chase Bank, N.A.’s average LCR for the three months ended March 31, 2021, December 31, 2020 and March 31, 2020 based on the Firm’s interpretation of the LCR framework.

	Three months ended
Average amount (in millions)	March 31, 2021			December 31, 2020			March 31, 2020
JPMorgan Chase & Co.
HQLA
Eligible cash(a)	$	578,029		$	455,612		$	205,027
Eligible securities(b)(c)	118,542			241,447			343,124
Total HQLA(d)	$	696,571		$	697,059		$	548,151
Net cash outflows	$	634,221		$	634,037		$	482,372
LCR	110		%	110		%	114		%
Net excess eligible HQLA(d)	$	62,350		$	63,022		$	65,779
JPMorgan Chase Bank N.A.:
LCR	166		%	160		%	117		%
Net excess eligible HQLA	$	442,617		$	401,903		$	87,126

(a)Represents cash on deposit at central banks, primarily the Federal Reserve Banks.

(b)Predominantly U.S. Treasuries, U.S. GSE and government agency MBS, and sovereign bonds net of applicable haircuts under the LCR rule.

(c)Eligible HQLA eligible securities may be reported in securities borrowed or purchased under resale agreements, trading assets, or investment securities on the Firm’s Consolidated balance sheets.

(d)Excludes average excess eligible HQLA at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates.

The Firm’s average LCR was 110% for the three months ended March 31, 2021 and December 31, 2020.

The Firm's average LCR decreased during the three months ended March 31, 2021, compared with the prior year period primarily due to the relative impact on net cash outflows from a significant increase in deposits.

JPMorgan Chase Bank, N.A.’s average LCR increased during the three months ended March 31, 2021, compared with both the three month periods ended December 31, 2020 and March 31, 2020 primarily due to growth in deposits. Deposits continued to increase in the first quarter primarily driven by the effect of certain government actions in response to the COVID-19 pandemic. The increase in excess liquidity in JPMorgan Chase Bank, N.A. is excluded from the Firm’s reported LCR under the LCR rule.

The Firm’s average LCR fluctuates from period to period, due to changes in its eligible HQLA and estimated net cash outflows as a result of ongoing business activity.

Other liquidity sources

In addition to the assets reported in the Firm’s eligible HQLA above, the Firm had unencumbered marketable securities, such as equity and debt securities, that the Firm believes would be available to raise liquidity. This includes securities included as part of the excess eligible HQLA at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates. The fair value of these securities was approximately $841 billion and $740 billion as of March 31, 2021 and December 31, 2020, respectively, although the amount of liquidity that could be raised would be dependent on prevailing market conditions. The fair value increased compared to December 31, 2020, primarily due to an increase in CIB trading assets and an increase in excess eligible HQLA at JPMorgan Chase Bank, N.A. which was primarily a result of increased deposits.

The Firm also had available borrowing capacity at the Federal Home Loan Banks ("FHLBs") and the discount window at the Federal Reserve Bank as a result of collateral pledged by the Firm to such banks of approximately $301 billion and $307 billion as of March 31, 2021 and December 31, 2020, respectively. This borrowing capacity excludes the benefit of cash and securities reported in the Firm’s eligible HQLA or other unencumbered securities that are currently pledged at the Federal Reserve Bank discount window and other central banks. Although available, the Firm does not view this borrowing capacity at the Federal Reserve Bank discount window and the other central banks as a primary source of liquidity.

NSFR

The net stable funding ratio (“NSFR”) is a liquidity requirement for large banking organizations that is intended to measure the adequacy of “available” and “required” amounts of stable funding over a one-year horizon. On October 20, 2020, the federal banking agencies issued a final NSFR rule under which large banking organizations such as the Firm will be required to maintain an NSFR of at least 100% on an ongoing basis. The final NSFR rule will become effective on July 1, 2021, and the Firm will be required to publicly disclose its quarterly average NSFR semi-annually beginning in 2023.

The Firm estimates that it is compliant with the 100% minimum NSFR which becomes effective July 1, 2021, based on its current understanding of the final rule.

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Funding

Sources of funds

Management believes that the Firm’s unsecured and secured funding capacity is sufficient to meet its on- and off-balance sheet obligations.

The Firm funds its global balance sheet through diverse sources of funding including stable deposits, secured and unsecured funding in the capital markets and stockholders’ equity. Deposits are the primary funding source for JPMorgan Chase Bank, N.A. Additionally, JPMorgan Chase Bank, N.A. may also access funding through short- or long-term secured borrowings, through the issuance of

unsecured long-term debt, or from borrowings from the Parent Company or the Intermediate Holding Company (“IHC”). The Firm’s non-bank subsidiaries are primarily funded from long-term unsecured borrowings and short-term secured borrowings, primarily securities loaned or sold under repurchase agreements. Excess funding is invested by Treasury and CIO in the Firm’s investment securities portfolio or deployed in cash or other short-term liquid investments based on their interest rate and liquidity risk characteristics.

Deposits

The table below summarizes, by LOB and Corporate, the period-end deposit balances as of March 31, 2021, and December 31, 2020, and the average deposit balances for the three months ended March 31, 2021 and 2020, respectively.

	March 31, 2021		December 31, 2020		Three months ended March 31,
Deposits					Average
(in millions)					2021		2020
Consumer & Community Banking	$	1,037,903	$	958,706	$	979,686	$	739,709
Corporate & Investment Bank	726,708		702,215		747,087		562,226
Commercial Banking	295,748		284,263		290,818		188,683
Asset & Wealth Management	217,460		198,755		206,562		144,570
Corporate	293		318		479		998
Total Firm	$	2,278,112	$	2,144,257	$	2,224,632	$	1,636,186

Deposits provide a stable source of funding and reduce the Firm’s reliance on the wholesale funding markets. A significant portion of the Firm’s deposits are consumer deposits and wholesale operating deposits, which are both considered to be stable sources of liquidity. Wholesale operating deposits are considered to be stable sources of liquidity because they are generated from customers that maintain operating service relationships with the Firm.

The table below shows the loan and deposit balances, the loans-to-deposits ratios, and deposits as a percentage of total liabilities, as of March 31, 2021 and December 31, 2020.

(in billions except ratios)	March 31, 2021			December 31, 2020
Deposits	$	2,278.1		$	2,144.3
Deposits as a % of total liabilities	67		%	69		%
Loans	$	1,011.3		$	1,012.9
Loans-to-deposits ratio	44		%	47		%

The Firm believes that average deposit balances are generally more representative of deposit trends than period-end deposit balances, over time. However, during periods of market disruption those trends could be affected.

Average deposits increased for the three months ended March 31, 2021 compared to the three months ended March 31, 2020, reflecting significant inflows across the LOBs primarily driven by the effect of certain government actions in response to the COVID-19 pandemic. In CCB, the increase was also driven by lower spending, as well as growth from existing and new accounts across both consumer and small business customers.

Refer to the discussion of the Firm’s Business Segment Results and the Consolidated Balance Sheets Analysis on pages 18-34 and pages 12-13, respectively, for further information on deposit and liability balance trends.

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The following table summarizes short-term and long-term funding, excluding deposits, as of March 31, 2021, and December 31, 2020, and average balances for the three months ended March 31, 2021 and 2020, respectively. Refer to the Consolidated Balance Sheets Analysis on pages 12-13 and Note 10 for additional information.

	March 31, 2021		December 31, 2020			Three months ended March 31,
Sources of funds (excluding deposits)						Average
(in millions)						2021			2020
Commercial paper	$	15,189	$	12,031		$	12,853		$	13,974
Other borrowed funds	12,416		8,510			11,246			9,093
Total short-term unsecured funding	$	27,605	$	20,541		$	24,099		$	23,067
Securities sold under agreements to repurchase(a)	$	293,080	$	207,877		$	291,405		$	234,394
Securities loaned(a)	8,396		4,886			7,562			7,349
Other borrowed funds	27,373		24,667		(f)	25,959		(f)	19,761		(f)
Obligations of Firm-administered multi-seller conduits(b)	$	9,030	$	10,523		$	10,211		$	9,898
Total short-term secured funding	$	337,879	$	247,953		$	335,137		$	271,402
Senior notes	$	166,960	$	166,089		$	167,453		$	165,741
Subordinated debt	20,522		21,608			21,251			18,155
Structured notes(c)	74,389		75,325			75,039			72,848
Total long-term unsecured funding	$	261,871	$	263,022		$	263,743		$	256,744
Credit card securitization(b)	$	4,319	$	4,943		$	4,825		$	6,171
FHLB advances	13,121		14,123			13,733			27,128
Other long-term secured funding(d)	4,435		4,540			4,626			4,408
Total long-term secured funding	$	21,875	$	23,606		$	23,184		$	37,707
Preferred stock(e)	$	31,563	$	30,063		$	30,312		$	29,406
Common stockholders’ equity(e)	$	249,151	$	249,291		$	245,542		$	234,530

(a)Primarily consists of short-term securities loaned or sold under agreements to repurchase.

(b)Included in beneficial interests issued by consolidated variable interest entities on the Firm’s Consolidated balance sheets.

(c)Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.

(d)Includes long-term structured notes which are secured.

(e)Refer to Capital Risk Management on pages 36-41 and Consolidated statements of changes in stockholders’ equity on page 82 of this Form 10-Q, and Note 21 and Note 22 of JPMorgan Chase’s 2020 Form 10-K for additional information on preferred stock and common stockholders’ equity.

(f)Includes nonrecourse advances provided under the MMLF. Refer to page 106 of JPMorgan Chase’s 2020 Form 10-K for additional information on the MMLF.

Short-term funding

The Firm’s sources of short-term secured funding primarily consist of securities loaned or sold under agreements to repurchase. These instruments are secured predominantly by high-quality securities collateral, including government-issued debt and U.S. GSE and government agency MBS. Securities sold under agreements to repurchase increased at March 31, 2021, compared with December 31, 2020, reflecting higher secured financing of AFS investment securities in Treasury and CIO, as well as higher trading assets in CIB, and the impact of client activities in CIB.

The balances associated with securities loaned or sold under agreements to repurchase fluctuate over time due to investment and financing activities of clients, the Firm’s demand for financing, the ongoing management of the mix of the Firm’s liabilities, including its secured and unsecured financing (for both the investment securities and market-making portfolios), and other market and portfolio factors.

The Firm’s sources of short-term unsecured funding consist of other borrowed funds and issuance of wholesale commercial paper. The increase in commercial paper at March 31, 2021, from December 31, 2020 was due to higher net issuance primarily for short-term liquidity management.

44

Long-term funding and issuance

Long-term funding provides an additional source of stable funding and liquidity for the Firm. The Firm’s long-term funding plan is driven primarily by expected client activity, liquidity considerations, and regulatory requirements, including TLAC. Long-term funding objectives include maintaining diversification, maximizing market access and optimizing funding costs. The Firm evaluates various funding markets, tenors and currencies in creating its optimal long-term funding plan.

The significant majority of the Firm’s long-term unsecured funding is issued by the Parent Company to provide flexibility in support of both bank and non-bank subsidiary funding needs. The Parent Company advances substantially all net funding proceeds to its subsidiary, the IHC. The IHC does not issue debt to external counterparties. The following table summarizes long-term unsecured issuance and maturities or redemptions for the three months ended March 31, 2021 and 2020. Refer to Liquidity Risk Management on pages 102–108 and Note 20 of JPMorgan Chase’s 2020 Form 10-K for additional information on the IHC and long-term debt.

Long-term unsecured funding
	Three months ended March 31,				Three months ended March 31,
	2021		2020		2021		2020
(Notional in millions)	Parent Company				Subsidiaries
Issuance
Senior notes issued in the U.S. market	$	9,250	$	5,250	$	—	$	—
Senior notes issued in non-U.S. markets	2,792		1,355		—		—
Total senior notes	12,042		6,605		—		—
Subordinated debt	—		—		—		—
Structured notes(a)	1,496		2,782		10,495		9,252
Total long-term unsecured funding – issuance	$	13,538	$	9,387	$	10,495	$	9,252
Maturities/redemptions
Senior notes	$	2,700	$	5,466	$	66	$	4,065
Subordinated debt	—		—		—		—
Structured notes	1,970		1,525		8,514		9,382
Total long-term unsecured funding – maturities/redemptions	$	4,670	$	6,991	$	8,580	$	13,447

(a)Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.

Subsequent to March 31, 2021, the Parent Company issued approximately $16 billion of senior notes.

The Firm can also raise secured long-term funding through securitization of consumer credit card loans and FHLB advances. The following table summarizes the securitization issuance and FHLB advances and their respective maturities or redemptions for the three months ended March 31, 2021 and 2020, respectively.

Long-term secured funding
	Three months ended March 31,
	Issuance				Maturities/Redemptions
(in millions)	2021		2020		2021		2020
Credit card securitization	$	—	$	1,000	$	625	$	900
FHLB advances	—		15,000		1,001		7,503
Other long-term secured funding(a)	138		234		108		205
Total long-term secured funding	$	138	$	16,234	$	1,734	$	8,608

(a)Includes long-term structured notes which are secured.

The Firm’s wholesale businesses also securitize loans for client-driven transactions; those client-driven loan securitizations are not considered to be a source of funding for the Firm and are not included in the table above. Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for further description of the client-driven loan securitizations.

45

Credit ratings

The cost and availability of financing are influenced by credit ratings. Reductions in these ratings could have an adverse effect on the Firm’s access to liquidity sources, increase the cost of funds, trigger additional collateral or funding requirements and decrease the number of investors and counterparties willing to lend to the Firm. The nature and magnitude of the impact of ratings downgrades depends on numerous contractual and behavioral factors, which the Firm believes are incorporated in its liquidity risk and stress testing metrics. The Firm believes that it maintains sufficient liquidity to withstand a potential decrease in funding capacity due to ratings downgrades.

Additionally, the Firm’s funding requirements for VIEs and other third-party commitments may be adversely affected by a decline in credit ratings. Refer to SPEs on page 15, and liquidity risk and credit-related contingent features in Note 4 for additional information on the impact of a credit ratings downgrade on the funding requirements for VIEs, and on derivatives and collateral agreements.

The credit ratings of the Parent Company and the Firm’s principal bank and non-bank subsidiaries as of March 31, 2021, except as noted below, were as follows:

	JPMorgan Chase & Co.			JPMorgan Chase Bank, N.A.			J.P. Morgan Securities LLC J.P. Morgan Securities plc
March 31, 2021	Long-term issuer	Short-term issuer	Outlook	Long-term issuer	Short-term issuer	Outlook	Long-term issuer	Short-term issuer	Outlook
Moody’s Investors Service	A2	P-1	Stable	Aa2	P-1	Stable	Aa3	P-1	Stable
Standard & Poor’s	A-	A-2	Stable	A+	A-1	Stable	A+	A-1	Stable
Fitch Ratings (a)	AA-	F1+	Stable	AA	F1+	Stable	AA	F1+	Stable

(a) On April 23, 2021, Fitch affirmed the credit ratings of the Parent Company and the Firm’s principal bank and non-bank subsidiaries, and revised the outlook from negative to stable.

Refer to page 108 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the factors that could affect credit ratings of the Parent Company and the Firm’s principal bank and non-bank subsidiaries.

46

CREDIT AND INVESTMENT RISK MANAGEMENT

Credit and investment risk is the risk associated with the default or change in credit profile of a client, counterparty or customer; or loss of principal or a reduction in expected returns on investments, including consumer credit risk,

wholesale credit risk, and investment portfolio risk. Refer to Consumer Credit Portfolio, Wholesale Credit Portfolio and

Allowance for Credit Losses on pages 48-64 for a further discussion of Credit Risk.

Refer to page 65 for a further discussion of Investment Portfolio Risk. Refer to Credit and Investment Risk Management on pages 110–134 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of the Firm’s Credit and Investment Risk Management framework.

CREDIT PORTFOLIO

Credit risk is the risk associated with the default or change in credit profile of a client, counterparty or customer.

In the following tables, reported loans include loans retained (i.e., held-for-investment); loans held-for-sale; and certain loans accounted for at fair value. The following tables do not include loans which the Firm accounts for at fair value and classifies as trading assets; refer to Notes 2 and 3 for further information regarding these loans. Refer to Notes 11, 22, and 4 for additional information on the Firm’s loans, lending-related commitments and derivative receivables, including the Firm’s accounting policies.

Refer to Note 9 for information regarding the credit risk inherent in the Firm’s investment securities portfolio; and refer to Note 10 for information regarding the credit risk inherent in the securities financing portfolio. Refer to Consumer Credit Portfolio on pages 48-52 and Note 11 for further discussions of the consumer credit environment and consumer loans. Refer to Wholesale Credit Portfolio on pages 53-62 and Note 11 for further discussions of the wholesale credit environment and wholesale loans.

Total credit portfolio
	Credit exposure				Nonperforming(c)
(in millions)	Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020
Loans retained	$	948,642	$	960,506	$	8,397	$	8,782
Loans held-for-sale	11,898		7,873		165		284
Loans at fair value	50,767		44,474		1,144		1,507
Total loans–reported	1,011,307		1,012,853		9,706		10,573
Derivative receivables	73,119		79,630		284		56
Receivables from customers(a)	58,180		47,710		—		—
Total credit-related assets	1,142,606		1,140,193		9,990		10,629
Assets acquired in loan satisfactions
Real estate owned	NA		NA		250		256
Other	NA		NA		17		21
Total assets acquired in loan satisfactions	NA		NA		267		277
Lending-related commitments	1,211,856		1,165,688		800		577
Total credit portfolio	$	2,354,462	$	2,305,881	$	11,057	$	11,483
Credit derivatives used in credit portfolio management activities(b)	$	(22,649)	$	(22,239)	$	—	$	—
Liquid securities and other cash collateral held against derivatives	(13,958)		(14,806)		NA		NA

(in millions, except ratios)	Three months ended March 31,
	2021			2020
Net charge-offs	$	1,057		$	1,469
Average retained loans	952,068			948,635
Net charge-off rates	0.45		%	0.62		%

(a)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.

(b)Represents the net notional amount of protection purchased and sold through credit derivatives used to manage both performing and nonperforming wholesale credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. Refer to Credit derivatives on page 62 and Note 4 for additional information.

(c)At March 31, 2021, and December 31, 2020, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $798 million and $874 million, respectively, and real estate owned (“REO”) insured by U.S. government agencies of $8 million and $9 million, respectively. 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.

The Firm has provided various forms of assistance to customers and clients impacted by the COVID-19 pandemic, including payment deferrals and covenant modifications. The majority of the Firm’s COVID-19 related loan modifications have not been considered troubled debt restructurings (“TDRs”). Assistance provided in response to the COVID-19 pandemic could delay the recognition of delinquencies, nonaccrual status, and net charge-offs for those customers and clients who would have otherwise moved into past due or nonaccrual status. Refer to Consumer Credit Portfolio on pages 48-52 and Wholesale Credit Portfolio on pages 53-62 for information on loan modifications as of March 31, 2021. Refer to Notes 12 and 13 of JPMorgan Chase's 2020 Form 10-K for further information on the Firm’s accounting policies for loan modifications and the allowance for credit losses.

Paycheck Protection Program

The Firm continues to participate in the PPP, for which the application deadline was extended to May 31, 2021. At March 31, 2021 and December 31, 2020, the Firm had approximately $32 billion and $27 billion of loans under the PPP, respectively, including $23 billion and $19 billion in the consumer portfolio, and $9 billion and $8 billion in the wholesale portfolio. The impact on interest income related to PPP loans was not material for the three months ended March 31, 2021.

When certain criteria are met, PPP loans are subject to forgiveness and the Firm will receive payment of the forgiveness amount from the SBA. The Firm continues to process forgiveness applications and through March 31, 2021, approximately $7 billion of loans were forgiven.

Refer to Credit Portfolio on page 113 of JPMorgan Chase's 2020 Form 10-K for a further discussion on the PPP.

47

CONSUMER CREDIT PORTFOLIO

The Firm’s retained consumer portfolio consists primarily of residential real estate loans, credit card loans, scored auto and business banking loans, as well as associated lending-related commitments. The Firm’s focus is on serving primarily the prime segment of the consumer credit market. In the first quarter of 2021, the macroeconomic environment continued to improve. The credit performance of the consumer portfolio, including net charge-offs, benefited from government stimulus programs, payment deferrals and increasing home prices. The Firm may obtain

credit protection against certain pools of loans in the retained consumer portfolio through the issuance of credit linked notes. Refer to Note 11 of this Form 10-Q; and Consumer Credit Portfolio on pages 114-120 and Note 12 of JPMorgan Chase's 2020 Form 10-K for further information on consumer loans, as well as the Firm’s nonaccrual and charge-off accounting policies. Refer to Note 22 of this Form 10-Q and Note 28 of JPMorgan Chase's 2020 Form 10-K for further information on lending-related commitments.

The following table presents consumer credit-related information with respect to the scored credit portfolios held in CCB, AWM, CIB and Corporate.

Consumer credit portfolio
									Three months ended March 31,
(in millions, except ratios)	Credit exposure				Nonaccrual loans(i)(j)				Net charge-offs/(recoveries)				Net charge-off/(recovery) rate(k)
	Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020		2021		2020		2021			2020
Consumer, excluding credit card
Residential real estate(a)	$	219,173	$	225,302	$	5,247	$	5,313	$	(51)	$	(120)	(0.09)	%		(0.20)	%
Auto and other(b)(c)(d)	83,219		76,825		135		151		72		114		0.37		(d)	0.89
Total loans – retained	302,392		302,127		5,382		5,464		21		(6)		0.03			(0.01)
Loans held-for-sale	1,232		1,305		—		—		NA		NA		NA			NA
Loans at fair value(e)	21,284		15,147		608		1,003		NA		NA		NA			NA
Total consumer, excluding credit card loans	324,908		318,579		5,990		6,467		21		(6)		0.03			(0.01)
Lending-related commitments(f)	56,245		57,319
Total consumer exposure, excluding credit card	381,153		375,898
Credit card
Loans retained(g)	131,772		143,432		NA		NA		983		1,313		2.97			3.25
Loans held-for-sale	721		784		NA		NA		NA		NA		NA			NA
Total credit card loans	132,493		144,216		NA		NA		983		1,313		2.97			3.25
Lending-related commitments(f)(h)	674,367		658,506
Total credit card exposure(h)	806,860		802,722
Total consumer credit portfolio(h)	$	1,188,013	$	1,178,620	$	5,990	$	6,467	$	1,004	$	1,307	0.93	%		1.15	%

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

(b)At March 31, 2021 and December 31, 2020, excluded operating lease assets of $20.0 billion and $20.6 billion, respectively. These operating lease assets are included in other assets on the Firm’s Consolidated balance sheets. Refer to Note 16 for further information.

(c)Includes scored auto and business banking loans and overdrafts.

(d)At March 31, 2021 and December 31, 2020, included $23.4 billion and $19.2 billion of loans, respectively, in Business Banking 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 Credit Portfolio on page 47 for a further discussion of the PPP.

(e)Includes scored mortgage loans held in CCB and CIB.

(f)Credit card, home equity and certain business banking lending-related commitments represent the total available lines of credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit would be used at the same time. For credit card commitments, and if certain conditions are met, home equity commitments and certain business banking commitments, the Firm can reduce or cancel these lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. Refer to Note 22 for further information.

(g)Includes billed interest and fees.

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

(i)At March 31, 2021 and December 31, 2020, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $798 million and $874 million, respectively. These amounts have been excluded from nonaccrual loans 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.

(j)Generally excludes loans 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 are considered collateral-dependent and charged down to the lower of amortized cost or fair value of the underlying collateral less costs to sell.

(k)Average consumer loans held-for-sale and loans at fair value were $21.3 billion and $22.4 billion for the three months ended March 31, 2021 and 2020, respectively. These amounts were excluded when calculating net charge-off/(recovery) rates.

48

Consumer assistance

In March 2020, the Firm began providing assistance to customers in response to the COVID-19 pandemic, predominantly in the form of payment deferrals.

As of March 31, 2021, the Firm had $9.3 billion of retained loans under payment deferral programs, which represented a decrease of approximately $1.5 billion from December 31, 2020, $3.0 billion from September 30, 2020 and $19.0 billion from June 30, 2020. During the first quarter of 2021, there were approximately $886 million of new enrollments

in payment deferral programs predominantly in residential real estate and credit card. Predominantly all borrowers that exited payment deferral programs are current. The Firm continues to monitor the credit risk associated with loans subject to payment deferrals throughout the deferral period and on an ongoing basis after the borrowers are required to resume making regularly scheduled payments and considers expected losses of principal and accrued interest on these loans in its allowance for credit losses.

	March 31, 2021							December 31, 2020		September 30, 2020		June 30, 2020
(in millions, except ratios)	Loan balance		Percent of loan class balance(e)		Percent of accounts who exited payment deferral and are current			Loan balance		Loan balance		Loan balance		Type of assistance
Residential real estate(a)(b)	$	9,059	4.1	%	96	%		$	10,106	$	11,458	$	20,548	Rolling three month payment deferral up to eighteen months; in most cases, deferred payments will be due at the end of the loan term
Auto and other(c)	127		0.2		96			377		457		3,357		•Auto: Currently offering one month payment deferral (initially offered three month payment deferral). Maturity date is extended by number of months deferred •Business Banking: Three month deferral with automatic deferment to either maturity (loan) or one year forward (line)
Credit card	105		0.1		94		(f)	264		368		4,384		Currently offering deferral of one month minimum payment (initially offered three month minimum payment deferral). Interest continues to accrue during the deferral period and is added to the principal balance
Total consumer(d)	$	9,291	2.1	%	94	%		$	10,747	$	12,283	$	28,289

(a)Excludes $11.0 billion, $13.4 billion, $17.1 billion and $34.0 billion of third-party mortgage loans serviced at March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively.

(b)The weighted average LTV ratio of residential real estate loans under payment deferral at March 31, 2021 was 52%.

(c)Excludes risk-rated business banking and auto dealer loans held in CCB and auto operating lease assets that were still under payment deferral programs. Auto operating lease asset payment assistance is currently offering one month payment deferral (initially offered three month payment deferral). Deferrals do not extend the term of the lease and all deferred payments are due at the end of the lease term.

(d)Includes $3.6 billion, $3.8 billion, $3.8 billion and $5.7 billion of loans that were accounted for as TDRs prior to payment deferral as of March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively.

(e)Represents the unpaid principal balance of retained loans which were still under payment deferral programs, divided by the total unpaid principal balance of the respective loan classes retained loans.

(f)89% of the balance that exited deferral were current at March 31, 2021.

Of the $9.3 billion of loans still under payment deferral programs as of March 31, 2021, approximately $3.9 billion were accounted for as TDRs, either because they were accounted for as TDRs prior to payment deferral, or because they did not qualify for or the Firm did not elect the option to suspend TDR accounting guidance provided by the CARES Act and extended by the Consolidated Appropriations Act.

Predominantly all borrowers, including those with loans accounted for as TDRs, were current upon enrollment in payment deferral programs and are expected to exit payment deferral programs in a current status, either because no payments are contractually due during the deferral period or because payments originally contractually due during the deferral period will be due at maturity upon exit. For those borrowers that are unable to resume making payments in accordance with the original or modified contractual terms of their agreements upon exit from deferral programs, they will be placed on nonaccrual status in line with the Firm’s nonaccrual policy, except for credit cards as permitted by regulatory guidance, and charged off

or down in accordance with the Firm’s charge-off policies. Refer to Note 12 of JPMorgan Chase's 2020 Form 10-K for additional information on the Firm’s nonaccrual and charge-off policies.

49

Consumer, excluding credit card

Portfolio analysis

Loan balances increased from December 31, 2020 driven by higher loans in auto and other reflecting PPP loan originations, partially offset by lower residential real estate loans.

Residential real estate: The residential real estate portfolio, including loans held-for-sale and loans at fair value, predominantly consists of prime mortgage loans and home equity lines of credit.

The retained loan portfolio declined from December 31, 2020 due to paydowns predominantly in Home Lending which were largely offset by originations of prime mortgage loans in Home Lending and AWM. Retained nonaccrual loans were relatively flat from December 31, 2020. Net recoveries for the three months ended March 31, 2021 were lower when compared with the same period in the prior year as the prior year benefited from a recovery on a loan sale in Home Lending.

The loans held-for-sale and loans at fair value portfolio increased from December 31, 2020 largely driven by warehouse loans in Home Lending. Nonaccrual loans at fair value decreased from December 31, 2020 largely due to sales in CIB.

The carrying value of home equity lines of credit outstanding was $22.2 billion at March 31, 2021. This amount included $8.6 billion of HELOCs that have recast from interest-only to fully amortizing payments or have been modified and $7.3 billion of interest-only balloon HELOCs, which primarily mature after 2030. The Firm manages the risk of HELOCs during their revolving period by closing or reducing the undrawn line to the extent permitted by law when borrowers are exhibiting a material deterioration in their credit risk profile.

At March 31, 2021 and December 31, 2020, the carrying value of interest-only residential mortgage loans were $25.9 billion and $25.6 billion, respectively. These loans have an interest-only payment period generally followed by an adjustable-rate or fixed-rate fully amortizing payment period to maturity and are typically originated as higher-balance loans to higher-income borrowers, predominantly in AWM. Charge-offs for the three months ended March 31, 2021 were consistent with the broader residential mortgage portfolio as the performance of this portfolio is generally in line with the performance of the broader residential mortgage portfolio.

The following table provides a summary of the Firm’s residential mortgage portfolio insured and/or guaranteed by U.S. government agencies, including loans held-for-sale and loans at fair value. The Firm monitors its exposure to certain potential unrecoverable claim payments related to government-insured loans and considers this exposure in estimating the allowance for loan losses.

(in millions)	March 31, 2021		December 31, 2020
Current	$	775	$	669
30-89 days past due	146		235
90 or more days past due	798		874
Total government guaranteed loans	$	1,719	$	1,778

Geographic composition and current estimated loan-to-value ratio of residential real estate loans

Refer to Note 11 for information on the geographic composition and current estimated LTVs of the Firm’s residential real estate loans.

Modified residential real estate loans

The following table presents information relating to modified retained residential real estate loans for which concessions have been granted to borrowers experiencing financial difficulty, which include both TDRs and modified PCD loans not accounted for as TDRs. The following table does not include loans with short-term or other insignificant modifications that are not considered concessions and, therefore, are not TDRs, or loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act. Refer to Note 11 for further information on modifications for the three months ended and March 31, 2021 and 2020.

(in millions)	March 31, 2021		December 31, 2020
Retained loans(a)	$	14,943	$	15,406
Nonaccrual retained loans(b)	$	3,907	$	3,899

(a)At March 31, 2021 and December 31, 2020, $9 million and $7 million, respectively, of loans modified subsequent to repurchase from Ginnie Mae in accordance with the standards of the appropriate government agency (i.e., Federal Housing Administration (“FHA”), U.S. Department of Veterans Affairs (“VA”), Rural Housing Service of the U.S. Department of Agriculture (“RHS”)) are not included in the table above. When such loans perform subsequent to modification in accordance with Ginnie Mae guidelines, they are generally sold back into Ginnie Mae loan pools. Modified loans that do not re-perform become subject to foreclosure. Refer to Note 13 for additional information about sales of loans in securitization transactions with Ginnie Mae.

(b)At both March 31, 2021 and December 31, 2020, nonaccrual loans included $3.0 billion of TDRs for which the borrowers were less than 90 days past due. Refer to Note 11 for additional information about loans modified in a TDR that are on nonaccrual status.

50

Auto and other: The auto and other loan portfolio, including loans at fair value, predominantly consists of prime-quality scored auto and business banking loans, as well as overdrafts. The portfolio increased when compared with December 31, 2020 due to PPP loan originations net of forgiveness in Business Banking as well as from growth in the auto portfolio from loan originations, largely offset by paydowns and charge-offs or liquidation of delinquent loans. The scored auto portfolio net charge-off rates were 0.13% and 0.41% for the three months ended March 31, 2021 and 2020, respectively. Auto charge-offs for the three months ended March 31, 2021 benefited from government stimulus, payment assistance programs, and high vehicle collateral values.

Nonperforming assets

The following table presents information as of March 31, 2021 and December 31, 2020, about consumer, excluding credit card, nonperforming assets.

Nonperforming assets(a)
(in millions)	March 31, 2021		December 31, 2020
Nonaccrual loans
Residential real estate(b)	$	5,855	$	6,316
Auto and other	135		151
Total nonaccrual loans	5,990		6,467
Assets acquired in loan satisfactions
Real estate owned	118		131
Other	17		21
Total assets acquired in loan satisfactions	135		152
Total nonperforming assets	$	6,125	$	6,619

(a)At March 31, 2021 and December 31, 2020, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $798 million and $874 million, respectively, and REO insured by U.S. government agencies of $8 million and $9 million, respectively. These amounts have been excluded based upon the government guarantee.

(b)Generally excludes loans 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 are considered collateral-dependent and charged down to the lower of amortized cost or fair value of the underlying collateral less costs to sell.

Nonaccrual loans

The following table presents changes in consumer, excluding credit card, nonaccrual loans for the three months ended March 31, 2021 and 2020.

Nonaccrual loan activity(a)
Three months ended March 31, (in millions)	2021		2020
Beginning balance	$	6,467	$	3,366
Additions:
PCD loans, upon adoption of CECL	NA		708
Other additions	673		1,016
Total additions	673		1,724
Reductions:
Principal payments and other(a)	598		341
Charge-offs	73		97
Returned to performing status	459		150
Foreclosures and other liquidations	20		103
Total reductions	1,150		691
Net changes	(477)		1,033
Ending balance	$	5,990	$	4,399

(a)Other reductions includes loan sales.

Active and suspended foreclosure: Refer to Note 11 for information on loans that were in the process of active or suspended foreclosure.

Refer to Note 11 for further information about the consumer credit portfolio, including information about delinquencies, loan modifications and other credit quality indicators.

Purchased credit deteriorated (“PCD”) loans

The following tables provide credit-related information for PCD loans, which are reported in the consumer, excluding credit card portfolio’s residential real estate class.

(in millions, except ratios)	March 31, 2021			December 31, 2020
Loan delinquency(a)
Current	$	15,298		$	16,036
30-149 days past due	362			432
150 or more days past due	545			573
Total PCD loans	$	16,205		$	17,041
% of 30+ days past due to total retained PCD loans	5.60		%	5.90		%
Nonaccrual loans(b)	$	1,639		1,609

Three months ended March 31, (in millions, except ratios)	2021			2020
Net charge-offs	$	13		$	6
Net charge-off rate	0.32		%	0.12		%

(a)At March 31, 2021, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.

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

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Credit card

Total credit card loans decreased from December 31, 2020 reflecting the impact of seasonality as well as higher payment rates. The March 31, 2021 30+ and 90+ day delinquency rates of 1.40% and 0.80%, respectively, decreased compared to the December 31, 2020 30+ and 90+ day delinquency rates of 1.68% and 0.92%, respectively. The delinquency rates were positively impacted by borrowers who received payment assistance and government stimulus. Net charge-offs decreased for the three months ended March 31, 2021 compared with the same period in the prior year reflecting lower charge-offs and higher recoveries primarily benefiting from payment assistance and government stimulus.

Consistent with the Firm’s policy, all credit card loans typically remain on accrual status until charged off. However, the Firm’s allowance for loan losses includes the estimated uncollectible portion of accrued and billed interest and fee income. Refer to Note 11 for further information about this portfolio, including information about delinquencies.

Geographic and FICO composition of credit card loans

Refer to Note 11 for information on the geographic and FICO composition of the Firm’s credit card loans.

Modifications of credit card loans

At March 31, 2021, the Firm had $1.3 billion of credit card loans outstanding that have been modified in TDRs, which does not include loans with short-term or other insignificant modifications that are not considered TDRs, compared to $1.4 billion at December 31, 2020. Refer to Note 11 for additional information about loan modification programs to borrowers.

52

WHOLESALE CREDIT PORTFOLIO

In its wholesale businesses, the Firm is exposed to credit risk primarily through its underwriting, lending, market-making, and hedging activities with and for clients and counterparties, as well as through various operating services (such as cash management and clearing activities), securities financing activities and cash placed with banks. A portion of the loans originated or acquired by the Firm’s wholesale businesses is generally retained on the balance sheet. The Firm distributes a significant percentage of the loans that it originates into the market as part of its syndicated loan business and to manage portfolio concentrations and credit risk. The wholesale portfolio is actively managed, in part by conducting ongoing, in-depth reviews of client credit quality and transaction structure inclusive of collateral where applicable, and of industry, product and client concentrations. Refer to the industry discussion on pages 55-59 for further information.

The Firm’s wholesale credit portfolio includes exposure held in CIB, CB, AWM and Corporate, as well as risk-rated exposures held in CCB including business banking and auto dealer for which the wholesale methodology is applied when determining the allowance for credit losses.

In the first quarter of 2021, the macroeconomic environment continued to improve following the broad-based credit deterioration in 2020 that resulted from the impacts of the COVID-19 pandemic.

As of March 31, 2021, retained loans remained relatively flat while lending related commitments increased $31.4 billion from December 31, 2020 to $481.2 billion, driven by net portfolio activity in CIB and CB, including an increase in held for sale commitments intended to be syndicated.

In the three months ended March 31, 2021, the investment- grade percentage of the credit portfolio decreased from 71% to 69% driven by net portfolio activity, including new commitments. Criticized exposure increased $5.3 billion from $41.6 billion at December 31, 2020 to $46.9 billion at March 31, 2021, driven by select downgrades, partially offset by select upgrades. Nonperforming exposure was relatively flat at $4.9 billion and net charge off activity was $53 million.

Wholesale credit portfolio
	Credit exposure				Nonperforming(c)
(in millions)	Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020
Loans retained	$	514,478	$	514,947	$	3,015	$	3,318
Loans held-for-sale	9,945		5,784		165		284
Loans at fair value	29,483		29,327		536		504
Loans–reported	553,906		550,058		3,716		4,106
Derivative receivables	73,119		79,630		284		56
Receivables from customers(a)	58,180		47,710		—		—
Total wholesale credit-related assets	685,205		677,398		4,000		4,162
Assets acquired in loan satisfactions
Real estate owned	NA		NA		132		125
Other	NA		NA		—		—
Total assets acquired in loan satisfactions	NA		NA		132		125
Lending-related commitments	481,244		449,863		800		577
Total wholesale credit portfolio	$	1,166,449	$	1,127,261	$	4,932	$	4,864
Credit derivatives used in credit portfolio management activities(b)	$	(22,649)	$	(22,239)	$	—	$	—
Liquid securities and other cash collateral held against derivatives	(13,958)		(14,806)		NA		NA

(a)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.

(b)Represents the net notional amount of protection purchased and sold through credit derivatives used to manage both performing and nonperforming wholesale credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. Refer to Credit derivatives on page 62 and Note 4 for additional information.

(c)Loans that were modified in response to the COVID-19 pandemic continue to be risk-rated in accordance with the Firm’s overall credit risk management framework. As of March 31, 2021, predominantly all of these loans were considered performing.

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Wholesale assistance

In March 2020, the Firm began providing assistance to clients in response to the COVID-19 pandemic, predominantly in the form of payment deferrals and covenant modifications.

As of March 31, 2021, the Firm had approximately $1.3 billion of retained loans still under payment deferral, representing 0.25% of the loan portfolio which has decreased approximately $0.3 billion from December 31, 2020, $5.0 billion from September 30, 2020, and $15.5 billion from June 30, 2020. Predominantly all clients that

exited deferral are current or have paid down their loans, and the Firm has not experienced significant new payment deferral requests. The Firm continues to monitor the credit risk associated with loans subject to deferrals throughout the deferral period and on an ongoing basis after the borrowers are required to resume making regularly scheduled payments and considers expected losses of principal and accrued interest on these loans in its allowance for credit losses.

(in millions, except ratios)	March 31, 2021						December 31, 2020		September 30, 2020		June 30, 2020
Industry	Loan balance		Percent of total industry loan balance(b)		IG percentage of loan balance in payment deferral		Loan balance		Loan balance		Loan balance
Real Estate	$	407	0.35	%	6	%	$	550	$	4,385	$	5,211
Transportation	369		5.94		98		394		346		294
Industrials	18		0.09		—		19		91		335
Consumer and Retail	15		0.04		—		82		413		690
Individuals and Individual Entities	6		0.01		100		402		691		809
Automotive	—		—		—		22		15		8,827
Healthcare	—		—		—		7		100		300
All Other Industries(a)	479		0.26		77		147		233		309
Total wholesale	$	1,294	0.25	%	59	%	$	1,623	$	6,274	$	16,775

(a)As of March 31, 2021, predominantly SPEs.

(b)Represents the balance of the retained loans which were still under payment deferral, divided by the respective industry total retained loans balance.

In addition, the Firm granted assistance in the form of covenant modifications. These types of assistance, both payment deferrals and covenant modifications, are generally not reported as TDRs, either because the modifications were insignificant or they qualified for the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act. Loans under assistance continue to be risk-rated in accordance with the Firm’s overall credit risk management framework. As of March 31, 2021, predominantly all of these loans were considered performing.

Wholesale credit exposure – maturity and ratings profile

The following tables present the maturity and internal risk ratings profiles of the wholesale credit portfolio as of March 31, 2021, and December 31, 2020. The Firm generally considers internal ratings with qualitative characteristics equivalent to BBB-/Baa3 or higher as investment grade, and takes into consideration collateral and structural support when determining the internal risk rating for each credit facility. Refer to Note 12 of JPMorgan Chase's 2020 Form 10-K for further information on internal risk ratings.

	Maturity profile(d)								Ratings profile
	1 year or less		1 year through 5 years		After 5 years		Total		Investment-grade		Noninvestment-grade		Total		Total % of IG
March 31, 2021 (in millions, except ratios)
Loans retained	$	190,787	$	194,130	$	129,561	$	514,478	$	379,827	$	134,651	$	514,478	74	%
Derivative receivables							73,119						73,119
Less: Liquid securities and other cash collateral held against derivatives							(13,958)						(13,958)
Total derivative receivables, net of collateral	22,062		14,791		22,308		59,161		34,339		24,822		59,161		58
Lending-related commitments	132,273		326,744		22,227		481,244		315,860		165,384		481,244		66
Subtotal	345,122		535,665		174,096		1,054,883		730,026		324,857		1,054,883		69
Loans held-for-sale and loans at fair value(a)							39,428						39,428
Receivables from customers							58,180						58,180
Total exposure – net of liquid securities and other cash collateral held against derivatives							$	1,152,491					$	1,152,491
Credit derivatives used in credit portfolio management activities(b)(c)	$	(10,219)	$	(7,939)	$	(4,491)	$	(22,649)	$	(18,458)	$	(4,191)	$	(22,649)	81	%

54

	Maturity profile(d)								Ratings profile
	1 year or less		1 year through 5 years		After 5 years		Total		Investment-grade		Noninvestment-grade		Total		Total % of IG
December 31, 2020 (in millions, except ratios)
Loans retained	$	183,969	$	197,905	$	133,073	$	514,947	$	379,273	$	135,674	$	514,947	74	%
Derivative receivables							79,630						79,630
Less: Liquid securities and other cash collateral held against derivatives							(14,806)						(14,806)
Total derivative receivables, net of collateral	18,456		17,599		28,769		64,824		38,941		25,883		64,824		60
Lending-related commitments	116,950		315,179		17,734		449,863		312,694		137,169		449,863		70
Subtotal	319,375		530,683		179,576		1,029,634		730,908		298,726		1,029,634		71
Loans held-for-sale and loans at fair value(a)							35,111						35,111
Receivables from customers							47,710						47,710
Total exposure – net of liquid securities and other cash collateral held against derivatives							$	1,112,455					$	1,112,455
Credit derivatives used in credit portfolio management activities(b)(c)	$	(6,190)	$	(13,223)	$	(2,826)	$	(22,239)	$	(17,860)	$	(4,379)	$	(22,239)	80	%

(a)Represents loans held-for-sale, primarily related to syndicated loans and loans transferred from the retained portfolio, and loans at fair value.

(b)These derivatives do not qualify for hedge accounting under U.S. GAAP.

(c)The notional amounts are presented on a net basis by underlying reference entity and the ratings profile shown is based on the ratings of the reference entity on which protection has been purchased. Predominantly all of the credit derivatives entered into by the Firm where it has purchased protection used in credit portfolio management activities are executed with investment-grade counterparties.

(d)The maturity profile of retained loans, lending-related commitments and derivative receivables is generally based on remaining contractual maturity. Derivative contracts that are in a receivable position at March 31, 2021, may become payable prior to maturity based on their cash flow profile or changes in market conditions.

Wholesale credit exposure – industry exposures

The Firm focuses on the management and diversification of its industry exposures, and pays particular attention to industries with actual or potential credit concerns.

Exposures deemed criticized align with the U.S. banking regulators’ definition of criticized exposures, which consist of the special mention, substandard and doubtful categories. Total criticized exposure excluding loans held-for-sale and loans at fair value, was $46.9 billion at March 31, 2021, compared with $41.6 billion at December 31, 2020, representing approximately 4.4% and 4.0% of total wholesale credit exposure, respectively. The increase in total criticized exposure was driven by select downgrades, partially offset by select upgrades . The total criticized exposure was largely undrawn and $42.8 billion was performing.

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The table below summarizes by industry the Firm’s exposures as of March 31, 2021, and December 31, 2020. The industry of risk category is generally based on the client or counterparty’s primary business activity. Refer to Note 4 of JPMorgan Chase's 2020 Form 10-K for additional information on industry concentrations.

Wholesale credit exposure – industries(a)
											Selected metrics
											30 days or more past due and accruing loans(h)		Net charge-offs/ (recoveries)		Credit derivative hedges(i)		Liquid securities and other cash collateral held against derivative receivables
					Noninvestment-grade
As of or for the three months ended	Credit exposure(f)(g)		Investment- grade		Noncriticized		Criticized performing		Criticized nonperforming
March 31, 2021
(in millions)
Real Estate	$	145,222	$	110,810	$	28,135	$	5,826	$	451	$	368	$	(6)	$	(107)	$	—
Individuals and Individual Entities(b)	126,502		112,183		13,582		167		570		1,650		11		—		(1)
Consumer & Retail	110,003		56,974		42,901		9,385		743		197		3		(210)		—
Technology, Media &   Telecommunications	74,985		36,101		32,526		5,962		396		35		3		(864)		(12)
Asset Managers	74,071		62,840		11,126		86		19		49		—		—		(6,057)
Industrials	69,813		35,179		30,770		3,658		206		200		—		(631)		(1)
Healthcare	64,001		44,784		17,365		1,740		112		120		(6)		(305)		(149)
Banks & Finance Cos	56,688		37,498		18,242		940		8		140		9		(398)		(1,295)
Automotive	43,462		25,530		15,228		2,648		56		110		(2)		(396)		—
Oil & Gas	41,505		17,314		18,929		4,774		488		129		41		(332)		(16)
State & Municipal Govt(c)	37,451		36,793		550		100		8		67		—		—		(25)
Utilities	30,284		22,423		6,761		833		267		8		—		(396)		(8)
Transportation	17,601		7,209		5,707		4,438		247		40		(3)		(81)		(24)
Chemicals & Plastics	17,017		10,562		5,604		822		29		11		—		(10)		—
Metals & Mining	15,932		6,348		8,700		763		121		1		—		(108)		(18)
Insurance	14,592		11,325		3,265		2		—		4		—		—		(2,415)
Central Govt	13,570		13,168		402		—		—		—		—		(8,086)		(261)
Securities Firms	7,250		4,355		2,340		551		4		1		—		(48)		(1,739)
Financial Markets Infrastructure	5,810		5,760		50		—		—		—		—		—		—
All other(d)	103,082		85,782		16,832		94		374		162		3		(10,677)		(1,937)
Subtotal	$	1,068,841	$	742,938	$	279,015	$	42,789	$	4,099	$	3,292	$	53	$	(22,649)	$	(13,958)
Loans held-for-sale and loans at fair value	39,428
Receivables from customers	58,180
Total(e)	$	1,166,449

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(continued from previous page)
											Selected metrics
											30 days or more past due and accruing loans(h)		Net charge-offs/ (recoveries)		Credit derivative hedges(i)		Liquid securities and other cash collateral held against derivative receivables
					Noninvestment-grade
As of or for the year ended	Credit exposure(f)(g)		Investment- grade		Noncriticized		Criticized performing		Criticized nonperforming
December 31, 2020
(in millions)
Real Estate	$	148,498	$	116,124	$	27,576	$	4,294	$	504	$	374	$	94	$	(110)	$	—
Individuals and Individual Entities(b)	122,870		107,266		14,688		227		689		1,570		(17)		—		—
Consumer & Retail	108,437		57,580		41,624		8,852		381		203		55		(381)		(5)
Technology, Media &   Telecommunications	72,150		36,435		27,770		7,738		207		10		73		(934)		(56)
Asset Managers	66,573		57,582		8,885		85		21		19		1		—		(4,685)
Industrials	66,470		37,512		26,881		1,852		225		278		70		(658)		(61)
Healthcare	60,118		44,901		13,356		1,684		177		96		104		(378)		(191)
Banks & Finance Cos	54,032		35,115		17,820		1,045		52		20		13		(555)		(1,648)
Automotive	43,331		25,548		15,575		2,149		59		152		22		(434)		—
Oil & Gas	39,159		18,456		14,969		4,952		782		11		249		(238)		(4)
State & Municipal Govt(c)	38,286		37,705		574		2		5		41		—		—		(41)
Utilities	30,124		22,451		7,048		571		54		14		(7)		(402)		(1)
Transportation	16,232		7,549		6,340		2,137		206		30		117		(83)		(26)
Chemicals & Plastics	17,176		10,622		5,703		822		29		6		—		(83)		—
Metals & Mining	15,542		5,958		8,699		704		181		8		16		(141)		(13)
Insurance	13,141		10,177		2,960		3		1		7		—		—		(1,771)
Central Govt	17,025		16,652		373		—		—		—		—		(8,364)		(982)
Securities Firms	8,048		6,116		1,927		1		4		—		18		(49)		(3,423)
Financial Markets Infrastructure	6,515		6,449		66		—		—		—		—		—		(10)
All other(d)	100,713		84,650		15,185		504		374		83		(9)		(9,429)		(1,889)
Subtotal	$	1,044,440	$	744,848	$	258,019	$	37,622	$	3,951	$	2,922	$	799	$	(22,239)	$	(14,806)
Loans held-for-sale and loans at fair value	35,111
Receivables from customers	47,710
Total(e)	$	1,127,261

(a)The industry rankings presented in the table as of December 31, 2020, are based on the industry rankings of the corresponding exposures at March 31, 2021, not actual rankings of such exposures at December 31, 2020.

(b)Individuals and Individual Entities predominantly consists of Global Private Bank clients within AWM and includes exposure to personal investment companies and personal and testamentary trusts.

(c)In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) at March 31, 2021, and December 31, 2020, noted above, the Firm held: $7.0 billion and $7.2 billion, respectively, of trading assets; $19.9 billion and $20.4 billion, respectively, of AFS securities; and $12.7 billion and $12.8 billion, respectively, of HTM securities, issued by U.S. state and municipal governments. Refer to Note 2 and Note 9 for further information.

(d)All other includes: SPEs, and Private education and civic organizations, representing approximately 92% and 8%, respectively, at both March 31, 2021, and December 31, 2020.

(e)Excludes cash placed with banks of $700.7 billion and $516.9 billion, at March 31, 2021, and December 31, 2020, respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks.

(f)Credit exposure is net of risk participations and excludes the benefit of credit derivatives used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables.

(g)Credit exposure includes held-for-sale and fair value option elected lending-related commitments.

(h)Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic.

(i)Represents the net notional amounts of protection purchased and sold through credit derivatives used to manage the credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. The All other category includes purchased credit protection on certain credit indices.

57

Presented below is additional detail on certain of the Firm’s largest industry exposures and/or certain industries which present potential heightened credit concerns.

Real Estate

Real Estate exposure was $145.2 billion as of March 31, 2021, of which $84.3 billion was multifamily lending as shown in the table below. Criticized exposure increased by $1.5 billion from $4.8 billion to $6.3 billion, driven by select downgrades.

	March 31, 2021
(in millions, except ratios)	Loans and Lending-related Commitments		Derivative Receivables		Credit exposure		% Investment-grade		% Drawn(d)
Multifamily(a)	$	84,092	$	159	$	84,251	85	%	92	%
Office	16,223		240		16,463		74		71
Other Income Producing Properties(b)	10,248		316		10,564		70		65
Retail	10,301		133		10,434		59		67
Industrial	9,356		59		9,415		82		67
Services and Non Income Producing	8,963		25		8,988		63		46
Lodging	5,033		74		5,107		11		30
Total Real Estate Exposure(c)	144,216		1,006		145,222		76		79
	December 31, 2020
(in millions, except ratios)	Loans and Lending-related Commitments		Derivative Receivables		Credit exposure		% Investment- grade		% Drawn(d)
Multifamily(a)	$	85,368	$	183	$	85,551	85	%	92	%
Office	16,372		475		16,847		76		70
Other Income Producing Properties(b)	13,435		421		13,856		76		55
Retail	10,573		199		10,772		60		69
Industrial	9,039		69		9,108		76		73
Services and Non Income Producing	9,242		22		9,264		62		47
Lodging	3,084		16		3,100		24		57
Total Real Estate Exposure	147,113		1,385		148,498		78		80

(a)Multifamily exposure is largely in California.

(b)Other Income Producing Properties consists of clients with diversified property types or other property types outside of multifamily, office, retail, industrial and lodging with less material exposures.

(c)Real Estate exposure is approximately 81% secured; unsecured exposure is approximately 78% investment-grade.

(d)Represents drawn exposure as a percentage of credit exposure.

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Consumer & Retail

Consumer & Retail exposure was $110.0 billion as of March 31, 2021, and predominantly included Retail, Food and Beverage, and Business and Consumer Services as shown in the table below. Criticized exposure increased by $895 million from $9.2 billion to $10.1 billion, driven by downgrades, partially offset by net portfolio activity.

	March 31, 2021
(in millions, except ratios)	Loans and Lending-related Commitments		Derivative Receivables		Credit exposure		% Investment-grade		% Drawn(d)
Retail(a)	$	30,935	$	998	$	31,933	47	%	33	%
Food and Beverage	28,574		934		29,508		62		34
Business and Consumer Services	26,844		423		27,267		53		37
Consumer Hard Goods	13,587		105		13,692		58		34
Leisure(b)	7,420		183		7,603		18		43
Total Consumer & Retail(c)	107,360		2,643		110,003		52		35
	December 31, 2020
(in millions, except ratios)	Loans and Lending-related Commitments		Derivative Receivables		Credit exposure		% Investment- grade		% Drawn(d)
Retail(a)	$	32,486	$	887	$	33,373	52	%	33	%
Food and Beverage	28,012		897		28,909		62		33
Business and Consumer Services	24,760		599		25,359		52		41
Consumer Hard Goods	12,937		178		13,115		59		36
Leisure(b)	7,440		241		7,681		18		43
Total Consumer & Retail	105,635		2,802		108,437		53		36

(a)Retail consists of Home Improvement & Specialty Retailers, Restaurants, Supermarkets, Discount & Drug Stores, Specialty Apparel and Department Stores.

(b)Leisure consists of Gaming, Arts & Culture, Travel Services and Sports & Recreation. As of March 31, 2021 approximately 74% of the noninvestment-grade Leisure portfolio is secured.

(c)Approximately 77% of the noninvestment-grade portfolio is secured.

(d)Represents drawn exposure as a percent of credit exposure.

Oil & Gas

Oil & Gas exposure was $41.5 billion as of March 31, 2021, including $20.4 billion of Exploration & Production and Oil field Services as shown in the table below. During the three months ended March 31, 2021, the investment-grade percentage decreased from 47% to 42%, as a result of new non-investment grade commitments. However, criticized exposure decreased by $472 million from $5.7 billion to $5.3 billion, driven by select upgrades and net portfolio activity, largely offset by select downgrades.

	March 31, 2021
(in millions, except ratios)	Loans and Lending-related Commitments		Derivative Receivables		Credit exposure		% Investment-grade		% Drawn(c)
Exploration & Production ("E&P") and Oil field Services	$	17,692	$	2,676	$	20,368	30	%	34	%
Other Oil & Gas(a)	20,564		573		21,137		53		21
Total Oil & Gas(b)	38,256		3,249		41,505		42		27
	December 31, 2020
(in millions, except ratios)	Loans and Lending-related Commitments		Derivative Receivables		Credit exposure		% Investment- grade		% Drawn(c)
Exploration & Production ("E&P") and Oil field Services	$	18,228	$	1,048	$	19,276	32	%	37	%
Other Oil & Gas(a)	19,288		595		19,883		62		21
Total Oil & Gas(b)	37,516		1,643		39,159		47		29

(a)Other Oil & Gas includes Integrated Oil & Gas companies, Midstream/Oil Pipeline companies and refineries.

(b)Secured lending was $16.4 billion and $13.2 billion at March 31, 2021 and December 31, 2020, respectively, approximately half of which is reserve-based lending to the Exploration & Production sub-sector; unsecured exposure is largely investment-grade.

(c)Represents drawn exposure as a percent of credit exposure.

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Loans

In its wholesale businesses, the Firm provides loans to a variety of clients, ranging from large corporate and institutional clients to high-net-worth individuals. Refer to Note 11 for a further discussion on loans, including information about delinquencies, loan modifications and other credit quality indicators.

The following table presents the change in the nonaccrual loan portfolio for the three months ended March 31, 2021 and 2020. Since March 31, 2020, nonaccrual loan exposure increased $1.5 billion, driven by downgrades across multiple industries on client credit deterioration, with the largest concentration in Real Estate, predominantly within Retail and Lodging. In the three months ended March 31, 2021, nonaccrual loan exposure decreased $390 million, when compared to December 31, 2020 driven by net portfolio activity and select client upgrades in Oil & Gas and Individuals.

Wholesale nonaccrual loan activity
Three months ended March 31, (in millions)	2021		2020
Beginning balance(a)	$	4,106	$	1,271
Additions	847		1,333
Reductions:
Paydowns and other	819		171
Gross charge-offs	88		181
Returned to performing status	209		24
Sales	121		14
Total reductions	1,237		390
Net changes	(390)		943
Ending balance	$	3,716	$	2,214

(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.

The following table presents net charge-offs/recoveries, which are defined as gross charge-offs less recoveries, for the three months ended March 31, 2021 and 2020. The amounts in the table below do not include gains or losses from sales of nonaccrual loans recognized in noninterest revenue.

Wholesale net charge-offs/(recoveries)
(in millions, except ratios)	Three months ended March 31,
	2021			2020
Loans – reported
Average loans retained	$	515,858		$	491,819
Gross charge-offs	88			181
Gross recoveries collected	(35)			(19)
Net charge-offs/(recoveries)	53			162
Net charge-off/(recovery) rate	0.04		%	0.13		%

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Lending-related commitments

The Firm uses lending-related financial instruments, such as commitments (including revolving credit facilities) and guarantees, to address the financing needs of its clients. The contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or when the Firm fulfills its obligations under these guarantees, and the clients subsequently fail to perform according to the terms of these contracts. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn upon or a default occurring. As a result, the Firm does not believe that the total contractual amount of these wholesale lending-related commitments is representative of the Firm’s expected future credit exposure or funding requirements. Refer to Note 22 for further information on wholesale lending-related commitments.

Receivables from customers

Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM that are collateralized by assets maintained in the clients’ brokerage accounts (e.g., cash on deposit, liquid and readily marketable debt or equity securities). Because of this collateralization, no allowance for credit losses is generally held against these receivables. To manage its credit risk the Firm establishes margin requirements and monitors the required margin levels on an ongoing basis, and requires clients to deposit additional cash or other collateral, or to reduce positions, when appropriate. These receivables are reported within accrued interest and accounts receivable on the Firm’s Consolidated balance sheets.

Derivative contracts

Derivatives enable clients and counterparties to manage risks including credit risk and risks arising from fluctuations in interest rates, foreign exchange, equities, and commodities. The Firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. The Firm also uses derivative instruments to manage its own credit risk and other market risk exposure. The nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the Firm is exposed. For OTC derivatives the Firm is exposed to the credit risk of the derivative counterparty. For exchange-traded derivatives (“ETD”), such as futures and options, and cleared over-the-counter (“OTC-cleared”) derivatives, the Firm can also be exposed to the credit risk of the relevant CCP. Where possible, the Firm seeks to mitigate its credit risk exposures arising from derivative contracts through the use of legally enforceable master netting arrangements and collateral agreements.

The percentage of the Firm’s over-the-counter derivative transactions subject to collateral agreements — excluding foreign exchange spot trades, which are not typically covered by collateral agreements due to their short maturity and centrally cleared trades that are settled daily — was approximately 88% at both March 31, 2021, and December 31, 2020, respectively. Refer to Note 4 for additional information on the Firm’s use of collateral agreements. Refer to Note 4 for a further discussion of derivative contracts, counterparties and settlement types.

The fair value of derivative receivables reported on the Consolidated balance sheets were $73.1 billion and $79.6 billion at March 31, 2021, and December 31, 2020, respectively, with decreases in CIB resulting from market movements. Derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and the related cash collateral held by the Firm. In addition, the Firm held liquid securities and other cash collateral that the Firm believes is legally enforceable and may be used as security when the fair value of the client’s exposure is in the Firm’s favor. Liquid securities represents high quality liquid assets as defined in the LCR rule. In management’s view, the appropriate measure of current credit risk should also take into consideration other collateral, which generally represents securities that do not qualify as high quality liquid assets under the LCR rule, but that the Firm believes is legally enforceable. The collateral amounts for each counterparty are limited to the net derivative receivables for the counterparty. The following tables summarize the net derivative receivables and the internal ratings profile for the periods presented.

Derivative receivables
(in millions)	March 31, 2021		December 31, 2020
Total, net of cash collateral	$	73,119	$	79,630
Liquid securities and other cash collateral held against derivative receivables	(13,958)		(14,806)
Total, net of liquid securities and other cash collateral	$	59,161	$	64,824
Other collateral held against derivative receivables	(5,716)		(6,022)
Total, net of collateral	$	53,445	$	58,802

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Ratings profile of derivative receivables
	March 31, 2021				December 31, 2020
(in millions, except ratios)	Exposure net of collateral		% of exposure net of collateral		Exposure net of collateral		% of exposure net of collateral
Investment-grade	$	32,774	61	%	$	37,013	63	%
Noninvestment-grade	20,671		39		21,789		37
Total	$	53,445	100	%	$	58,802	100	%

The Firm also holds additional collateral (primarily cash, G7 government securities, other liquid government agency and guaranteed securities, and corporate debt and equity securities) delivered by clients at the initiation of transactions, as well as collateral related to contracts that have a non-daily call frequency and collateral that the Firm has agreed to return but has not yet settled as of the reporting date. Although this collateral does not reduce the balances and is not included in the table above, it is available as security against potential exposure that could arise should the fair value of the client’s derivative contracts move in the Firm’s favor. Refer to Note 4 for additional information on the Firm’s use of collateral agreements.

Credit derivatives

The Firm uses credit derivatives for two primary purposes: first, in its capacity as a market-maker, and second, as an end-user, to manage the Firm’s own credit risk associated with various exposures.

Credit portfolio management activities

Included in the Firm’s end-user activities are credit derivatives used to mitigate the credit risk associated with traditional lending activities (loans and lending-related commitments) and derivatives counterparty exposure in the Firm’s wholesale businesses (collectively, “credit portfolio management activities"). Information on credit portfolio management activities is provided in the table below.

Credit derivatives used in credit portfolio management activities
	Notional amount of protection purchased and sold(a)
(in millions)	March 31, 2021		December 31, 2020
Credit derivatives used to manage:
Loans and lending-related commitments	$	2,161	$	3,877
Derivative receivables	20,488		18,362
Credit derivatives used in credit portfolio management activities	$	22,649	$	22,239

(a)Amounts are presented net, considering the Firm’s net protection purchased or sold with respect to each underlying reference entity or index.

Refer to Credit derivatives in Note 4 of this Form 10-Q and Note 5 of JPMorgan Chase’s 2020 Form 10-K for further information on credit derivatives and derivatives used in credit portfolio management activities.

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ALLOWANCE FOR CREDIT LOSSES

The Firm’s allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The allowance for credit losses comprises:

•the allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated) and is presented separately on the Consolidated balance sheets,

•the allowance for lending-related commitments, which is presented on the Consolidated balance sheets in accounts payable and other liabilities, and

•the allowance for credit losses on investment securities, which covers the Firm’s HTM and AFS securities and is recognized within Investment Securities on the Consolidated balance sheets.

Discussion of changes in the allowance

The allowance for credit losses as of March 31, 2021 decreased when compared to December 31, 2020, consisting of:

•a $4.5 billion reduction in consumer, predominantly in the credit card portfolio, reflecting improvements in the Firm's macroeconomic scenarios, and in the residential real estate portfolio primarily due to the continued improvement in the HPI expectations and to a lesser extent portfolio run-off, and

•a $716 million net reduction in wholesale, across the LOBs reflecting improvements in the Firm's macroeconomic scenarios

While the economy is showing signs of improvement, the COVID-19 pandemic has stressed many MEVs used in the Firm's allowance estimate at a speed and to degrees not experienced in recent history, which has created additional challenges in the use of modeled credit loss estimates and increased the reliance on management judgment. These challenges in the use of modeled credit loss estimates remain, albeit to a lesser extent than experienced during 2020. In periods where certain MEVs are outside the range of historical experience on which the Firm’s models have been trained, the Firm makes adjustments to appropriately address these economic circumstances.

Further, despite the improvement in the economy, uncertainties remain, including the health of underlying labor markets, vaccine efficacy against new virus strains, and the potential for changes in consumer behavior that could have longer term impacts on certain sectors. As a result of these uncertainties, the Firm continued to place significant weighting on its adverse scenarios, which incorporate more punitive macroeconomic factors than the central case assumptions outlined below, resulting in weighted average U.S. unemployment rates rising above eight percent in 2021 and remaining at approximately six percent into the second quarter of 2022 with U.S. gross

domestic product ("GDP") returning to pre-pandemic levels in 1Q22.

The Firm’s central case assumptions reflected U.S. unemployment rates and U.S. real GDP as follows:

	Assumptions at March 31, 2021
	2Q21		4Q21		2Q22
U.S. unemployment rate(a)	5.7	%	4.8	%	4.3	%
Cumulative change in U.S. real GDP from 12/31/2019	0.2	%	2.7	%	4.3	%
	Assumptions at December 31, 2020
	2Q21		4Q21		2Q22
U.S. unemployment rate(a)	6.8	%	5.7	%	5.1	%
Cumulative change in U.S. real GDP from 12/31/2019	(1.9)	%	0.6	%	2.0	%

(a)Reflects quarterly average of forecasted U.S. unemployment rate.

Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.

Refer to Note 13 and Note 10 of JPMorgan Chase's 2020 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowances for credit losses on loans, lending-related commitments, and investment securities.

Refer to Critical Accounting Estimates Used by the Firm on pages 74-76 for further information on the allowance for credit losses and related management judgments.

Refer to Consumer Credit Portfolio on pages 48-52, Wholesale Credit Portfolio on pages 53-62 and Note 11 for additional information on the consumer and wholesale credit portfolios.

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Allowance for credit losses and related information
	2021(c)												2020(c)
Three months ended March 31,	Consumer, excluding credit card			Credit card			Wholesale			Total			Consumer, excluding credit card			Credit card			Wholesale			Total
(in millions, except ratios)
Allowance for loan losses
Beginning balance at January 1,	$	3,636		$	17,800		$	6,892		$	28,328		$	2,538		$	5,683		$	4,902		$	13,123
Cumulative effect of a change in accounting principle	NA			NA			NA			NA			297			5,517			(1,642)			4,172
Gross charge-offs	166			1,214			88			1,468			233			1,488			181			1,902
Gross recoveries collected	(145)			(231)			(35)			(411)			(239)			(175)			(19)			(433)
Net charge-offs/(recoveries)	21			983			53			1,057			(6)			1,313			162			1,469
Provision for loan losses	(932)			(2,517)			(830)			(4,279)			613			5,063			1,742			7,418
Other	(1)			—			10			9			—			—			—			—
Ending balance at March 31,	$	2,682		$	14,300		$	6,019		$	23,001		$	3,454		$	14,950		$	4,840		$	23,244
Allowance for lending-related commitments
Beginning balance at January 1,	$	187		$	—		$	2,222		$	2,409		$	12		$	—		$	1,179		$	1,191
Cumulative effect of a change in accounting principle	NA			NA			NA			NA			133			—			(35)			98
Provision for lending-related commitments	(52)			—			159			107			6			—			852			858
Other	—			—			—			—			—			—			—			—
Ending balance at March 31,	$	135		$	—		$	2,381		$	2,516		$	151		$	—		$	1,996		$	2,147
Impairment methodology
Asset-specific(a)	$	(348)		$	522		$	529		$	703		$	223		$	530		$	556		$	1,309
Portfolio-based	3,030			13,778			5,490			22,298			3,231			14,420			4,284			21,935
Total allowance for loan losses	$	2,682		$	14,300		$	6,019		$	23,001		$	3,454		$	14,950		$	4,840		$	23,244
Impairment methodology
Asset-specific	$	—		$	—		$	144		$	144		$	—		$	—		$	187		$	187
Portfolio-based	135			—			2,237			2,372			151			—			1,809			1,960
Total allowance for lending-related commitments	$	135		$	—		$	2,381		$	2,516		$	151		$	—		$	1,996		$	2,147
Total allowance for credit losses	$	2,817		$	14,300		$	8,400		$	25,517		$	3,605		$	14,950		$	6,836		$	25,391
Memo:
Retained loans, end of period	$	302,392		$	131,772		$	514,478		$	948,642		$	293,779		$	154,021		$	555,289		$	1,003,089
Retained loans, average	302,055			134,155			515,858			952,068			294,156			162,660			491,819			948,635
Credit ratios
Allowance for loan losses to retained loans	0.89		%	10.85		%	1.17		%	2.42		%	1.18		%	9.71		%	0.87		%	2.32		%
Allowance for loan losses to retained nonaccrual loans(b)	50			NM			200			274			89			NM			247			398
Allowance for loan losses to retained nonaccrual loans excluding credit card	50			NM			200			104			89			NM			247			142
Net charge-off/(recovery) rates	0.03			2.97			0.04			0.45			(0.01)			3.25			0.13			0.62

(a)Includes collateral dependent loans, including those considered TDRs and those for which foreclosure is deemed probable, modified PCD loans, and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a TDR. Also includes risk-rated loans that have been placed on nonaccrual status for the wholesale portfolio segment. The asset-specific credit card allowance for loan losses modified or reasonably expected to be modified in a TDR is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.

(b)The Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.

(c)Excludes the allowance for credit losses on HTM securities. The allowance for credit losses on HTM securities was $94 million and $19 million as of March 31, 2021 and 2020, respectively.

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INVESTMENT PORTFOLIO RISK MANAGEMENT

Investment portfolio risk is the risk associated with the loss of principal or a reduction in expected returns on investments arising from the investment securities portfolio or from principal investments. The investment securities portfolio is predominantly held by Treasury and CIO in connection with the Firm’s balance sheet or asset-liability management objectives. Principal investments are predominantly privately-held non-traded financial instruments and are managed in the LOBs and Corporate. Investments are typically intended to be held over extended periods and, accordingly, the Firm has no expectation for short-term realized gains with respect to these investments.

Investment securities risk

Investment securities risk includes the exposure associated with a default in the payment of principal and interest. This risk is mitigated given that the investment securities portfolio held by Treasury and CIO is predominantly invested in high-quality securities. At March 31, 2021, the Treasury and CIO investment securities portfolio, net of allowance for credit losses, was $595.4 billion, and the average credit rating of the securities comprising the portfolio was AA+ (based upon external ratings where available and where not available, based primarily upon internal risk ratings). Refer to Corporate segment results on pages 33-34 and Note 9 for further information on the investment securities portfolio and internal risk ratings. Refer to Market Risk Management on pages 66-70 for further information on the market risk inherent in the portfolio. Refer to Liquidity Risk Management on pages 42-46 for further information on related liquidity risk.

Principal investment risk

Principal investments are typically privately held non-traded financial instruments representing ownership or other forms of junior capital and span multiple asset classes. These investments are made by dedicated investing businesses or as part of a broader business strategy. In general, principal investments include tax-oriented investments and investments made to enhance or accelerate the Firm’s business strategies. The Firm’s investments will continue to evolve in line with its strategies, including the Firm’s commitment to support underserved communities and minority-owned businesses. The Firm’s principal investments are managed by the LOBs and Corporate and are reflected within their respective financial results. The aggregate carrying values of the principal investment portfolios have not been significantly affected as a result of the COVID-19 pandemic. However, uncertainties remain that could result in future negative impacts.

The table below presents the aggregate carrying values of the principal investment portfolios as March 31, 2021 and December 31, 2020.

(in billions)	March 31, 2021		December 31, 2020
Tax-oriented investments (e.g., affordable housing and alternative energy investments)(a)	$	19.5	$	20.0
Private equity, various debt and equity instruments, and real assets	5.8		6.2
Total carrying value	$	25.3	$	26.2

(a)Prior-period amount has been revised to conform with the current presentation. Refer to Note 1 for further information.

Refer to page 134 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the Firm’s Investment Portfolio Risk Management governance and oversight.

65

MARKET RISK MANAGEMENT

Market risk is the risk associated with the effect of changes in market factors such as interest and foreign exchange rates, equity and commodity prices, credit spreads or implied volatilities, on the value of assets and liabilities held for both the short and long term. Refer to Market Risk Management on pages 135–142 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the Firm’s Market Risk Management organization, market risk measurement, risk monitoring and control, and predominant business activities that give rise to market risk.

Market Risk Management continues to actively monitor the impact of the COVID-19 pandemic on market risk exposures by leveraging existing risk measures and controls.

Models used to measure market risk are inherently imprecise and are limited in their ability to measure certain risks or to predict losses. This imprecision may be heightened when sudden or severe shifts in market conditions occur, such as those observed at the onset of the COVID-19 pandemic. For additional discussion on model uncertainty refer to Estimations and Model Risk Management on page 73.

Market Risk Management periodically reviews the Firm’s existing market risk measures to identify opportunities for enhancement, and to the extent appropriate, will calibrate those measures accordingly over time.

Value-at-risk

JPMorgan Chase utilizes value-at-risk (“VaR”), a statistical risk measure, to estimate the potential loss from adverse market moves in the current market environment. The Firm has a single VaR framework used as a basis for calculating Risk Management VaR and Regulatory VaR.

The Firm’s Risk Management VaR is calculated assuming a one-day holding period and an expected tail-loss methodology which approximates a 95% confidence level. For risk management purposes, the Firm believes this methodology provides a daily measure of risk that is closely aligned to risk management decisions made by the LOBs and Corporate and, along with other market risk measures, provides the appropriate information needed to respond to risk events. The Firm calculates separately a daily aggregated VaR in accordance with regulatory rules (“Regulatory VaR”), which is used to derive the Firm’s regulatory VaR-based capital requirements under Basel III.

The Firm’s VaR model calculations are periodically evaluated and enhanced in response to changes in the composition of the Firm’s portfolios, changes in market conditions, improvements in the Firm’s modeling techniques and measurements, and other factors. Such changes may affect historical comparisons of VaR results. Refer to Estimations and Model Risk Management on page 151 of JPMorgan Chase’s 2020 Form 10-K for information regarding model reviews and approvals.

Refer to page 137 of JPMorgan Chase’s 2020 Form 10-K for further information regarding VaR, including the inherent limitations, and the key differences between Risk Management VaR and Regulatory VaR. Refer to JPMorgan Chase’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for additional information on Regulatory VaR and the other components of market risk regulatory capital for the Firm (e.g., VaR-based measure, stressed VaR-based measure and the respective backtesting). Refer to Other risk measures on pages 140-142 of JPMorgan Chase’s 2020 Form 10-K for further information regarding nonstatistical market risk measures used by the Firm.

66

The table below shows the results of the Firm’s Risk Management VaR measure using a 95% confidence level. VaR can vary significantly as positions change, market volatility fluctuates, and diversification benefits change.

Total VaR
	Three months ended
	March 31, 2021									December 31, 2020									March 31, 2020
(in millions)	Avg.			Min			Max			Avg.			Min			Max			Avg.			Min			Max
CIB trading VaR by risk type
Fixed income	$	125		$	34		$	153		$	106		$	87		$	138		$	60		$	30		$	156
Foreign exchange	11			5			27			12			7			18			7			4			11
Equities	22			19			38			23			21			30			20			13			41
Commodities and other	33			22			43			36			24			44			10			7			24
Diversification benefit to CIB trading VaR	(90)		(a)	NM		(c)	NM		(c)	(85)		(a)	NM		(c)	NM		(c)	(40)		(a)	NM		(c)	NM		(c)
CIB trading VaR	101			40			134			92			72			117			57			27			160
Credit portfolio VaR	8			5			12			12			6			21			9			3			25
Diversification benefit to CIB VaR	(10)		(a)	NM		(c)	NM		(c)	(13)		(a)	NM		(c)	NM		(c)	(8)		(a)	NM		(c)	NM		(c)
CIB VaR	99			39			133			91			69			117			58			27			162
CCB VaR	6			4			11			6			3			10			7			3			11
Corporate and other LOB VaR	45		(b)	20			94		(b)	35		(b)	17			82		(b)	11			9			14
Diversification benefit to other VaR	(6)		(a)	NM		(c)	NM		(c)	(6)		(a)	NM		(c)	NM		(c)	(5)		(a)	NM		(c)	NM		(c)
Other VaR	45			21			94			35			17			82			13			10			16
Diversification benefit to CIB and other VaR	(38)		(a)	NM		(c)	NM		(c)	(30)		(a)	NM		(c)	NM		(c)	(12)		(a)	NM		(c)	NM		(c)
Total VaR	$	106		$	40		$	153		$	96		$	67		$	129		$	59		$	27		$	164

(a)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across LOBs, Corporate, and risk types.

(b)Average and maximum Corporate and other LOB VaR were driven by a private equity position that became publicly traded at the end of the third quarter of 2020. As of March 31, 2021 the Firm no longer holds this position.

(c)The maximum and minimum VaR for each portfolio may have occurred on different trading days than the components and consequently diversification benefit is not meaningful.

Quarter over quarter results

Average total VaR increased by $10 million for the three months ended March 31, 2021 when compared with the prior quarter driven by increases in exposure in fixed income, partially offset by volatility which occurred in late March of 2020 at the onset of the COVID-19 pandemic rolling out of the one-year historical look-back period.

Year over year results

Average total VaR increased by $47 million for the three months ended March 31, 2021, compared with the same period in the prior year. This increase was driven by volatility which occurred at the onset of the COVID-19 pandemic and predominantly impacted exposure in fixed income, as well as increases from Corporate VaR due to the inclusion of a private equity position that became publicly traded at the end of the third quarter of 2020. These increases were partially offset by risk reductions in equities.

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 this refinement, the average Total VaR and each of the components would have been higher by the amounts reported in the following table:

(in millions)	Amount by which reported average VaR would have been higher for the three months ended March 31, 2021
CIB fixed income VaR		$	21
CIB trading VaR		19
CIB VaR		20
Total VaR		18

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The following graph presents daily Risk Management VaR for the five trailing quarters. As noted previously, average total VaR increased by $47 million for the three months ended March 31, 2021, compared with the same period in the prior year. However, as of March 31, 2021 daily Risk Management VaR has declined from March 31, 2020 as the volatility which occurred in late March of 2020 at the onset of the COVID-19 pandemic has begun to roll out of the one-year historical look-back period.

Daily Risk Management VaR

First Quarter
2020 Second Quarter
2020 Third Quarter
2020 Fourth Quarter
2020 First Quarter
2021

VaR backtesting

The Firm performs daily VaR model backtesting, which compares the daily Risk Management VaR results with the daily gains and losses that are utilized for VaR backtesting purposes. The gains and losses depicted in the chart below do not reflect the Firm’s reported revenue as they exclude select components of total net revenue, such as those associated with the execution of new transactions (i.e., intraday client-driven trading and intraday risk management activities), fees, commissions, certain valuation adjustments and net interest income. These excluded components of total net revenue may more than offset backtesting gains and losses on a particular day. The definition of backtesting gains and losses above is consistent with the requirements for backtesting under Basel III capital rules.

For the 12 months ended March 31, 2021, the Firm posted backtesting gains on 165 of the 259 days, and observed two VaR backtesting exceptions. For the three months ended March 31, 2021, the Firm posted backtesting gains on 47 of the 63 days, and did not observe any VaR backtesting exceptions.

The following chart presents the distribution of Firmwide daily backtesting gains and losses for the trailing 12 months and three months ended March 31, 2021. The daily backtesting losses are displayed as a percentage of the corresponding daily Risk Management VaR. The count of days with backtesting losses are shown in aggregate, in fifty percentage point intervals. A backtesting exception occurs when the daily backtesting loss exceeds the daily Risk Management VaR for the prior day. Backtesting exceptions are displayed within the intervals that are greater than one hundred percent. The results in the chart below differ from the results of backtesting disclosed in the Market Risk section of the Firm’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are based on Regulatory VaR applied to the Firm’s covered positions.

Distribution of Daily Backtesting Gains and Losses

68

Earnings-at-risk

The effect of interest rate exposure on the Firm’s reported net income is important as interest rate risk represents one of the Firm’s significant market risks. Interest rate risk arises not only from trading activities but also from the Firm’s traditional banking activities, which include extension of loans and credit facilities, taking deposits and issuing debt as well as from the investment securities portfolio. Refer to the table on page 136 of JPMorgan Chase’s 2020 Form 10-K for a summary by LOB and Corporate, identifying positions included in earnings-at-risk.

One way the Firm evaluates its structural interest rate risk is through earnings-at-risk. Earnings-at-risk estimates the Firm’s interest rate exposure for a given interest rate scenario. It is presented as a sensitivity to a baseline, which includes net interest income and certain interest rate sensitive fees. The baseline uses market interest rates and in the case of deposits, pricing assumptions. The Firm conducts simulations of changes to this baseline for interest rate-sensitive assets and liabilities denominated in U.S. dollars and other currencies (“non-U.S. dollar” currencies). These simulations primarily include retained loans, deposits, deposits with banks, investment securities, long-term debt and any related interest rate hedges, and funds transfer pricing of other positions in risk management VaR and other sensitivity-based measures as described on page 136 of JPMorgan Chase’s 2020 Form 10-K.

Earnings-at-risk scenarios estimate the potential change to a net interest income baseline, over the following 12 months utilizing multiple assumptions. These scenarios include a parallel shift involving changes to both short-term and long-term rates by an equal amount; a steeper yield curve involving holding short-term rates constant and increasing long-term rates; and a flatter yield curve involving increasing short-term rates and holding long-term rates constant. These scenarios consider many different factors, including:

•The impact on exposures as a result of instantaneous changes in interest rates from baseline rates.

•Forecasted balance sheet, as well as modeled prepayment and reinvestment behavior, but do not include assumptions about actions that could be taken by the Firm or its clients and customers in response to any such instantaneous rate changes. Mortgage prepayment assumptions are based on the interest rates used in the scenarios compared with underlying contractual rates, the time since origination, and other factors which are updated periodically based on historical experience.

•The pricing sensitivity of deposits, known as deposit betas, represent the amount by which deposit rates paid could change upon a given change in market interest rates over the cycle. The deposit rates paid in these scenarios may differ from actual deposit rates paid, due to repricing lags and other factors.

The Firm’s earnings-at-risk scenarios are periodically evaluated and enhanced in response to changes in the composition of the Firm’s balance sheet, changes in market conditions, improvements in the Firm’s simulation and other factors. While a relevant measure of the Firm’s interest rate exposure, the earnings at risk analysis does not represent a forecast of the Firm’s net interest income (Refer to Outlook on page 7 for additional information).

The Firm’s U.S. dollar sensitivities are presented in the table below.

(in billions)	March 31, 2021		December 31, 2020
Parallel shift:
+100 bps shift in rates	$	6.0	$	6.9
Steeper yield curve:
+100 bps shift in long-term rates	1.6		2.4
Flatter yield curve:
+100 bps shift in short-term rates	4.4		4.5

The change in the Firm’s U.S. dollar sensitivities as of March 31, 2021 compared to December 31, 2020 reflected updates to the Firm’s baseline for higher long-term rates as well as the impact of changes in the Firm’s balance sheet.

The Firm’s sensitivity to rates is primarily a result of assets repricing at a faster pace than deposits.

Based upon current and implied market rates as of March 31, 2021, scenarios reflecting lower rates could result in negative interest rates. The U.S. has never experienced an interest rate environment where the Federal Reserve has a negative interest rate policy. While the impact of negative interest rates on the Firm's earnings-at-risk would vary by scenario, a parallel shift downward of up to 100bps would negatively impact net interest income. In a negative interest rate environment, the modeling assumptions used for certain assets and liabilities require additional management judgment and therefore, the actual outcomes may differ from these assumptions.

The Firm’s non-U.S. dollar sensitivities are presented in the table below.

(in billions)	March 31, 2021		December 31, 2020
Parallel shift:
+100 bps shift in rates	$	0.9	$	0.9
Flatter yield curve:
+100 bps shift in short-term rates	0.9		0.8

The results of the non-U.S. dollar interest rate scenario involving a steeper yield curve with long-term rates rising by 100 basis points and short-term rates staying at current levels were not material to the Firm’s earnings-at-risk at March 31, 2021 and December 31, 2020.

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Other sensitivity-based measures

The Firm quantifies the market risk of certain debt and equity and funding activities by assessing the potential impact on net revenue, other comprehensive income (“OCI”) and noninterest expense due to changes in relevant market variables. Refer to the predominant business activities that give rise to market risk on page 136 of JPMorgan Chase’s 2020 Form 10-K for additional information on the positions captured in other sensitivity-based measures.

The table below represents the potential impact to net revenue, OCI or noninterest expense for market risk-sensitive instruments that are not included in VaR or earnings-at-risk. Where appropriate, instruments used for hedging purposes are reported net of the positions being hedged. The sensitivities disclosed in the table below may not be representative of the actual gain or loss that would have been realized at March 31, 2021 and December 31, 2020, as the movement in market parameters across maturities may vary and are not intended to imply management’s expectation of future changes in these sensitivities.

Gain/(loss) (in millions)			March 31, 2021		December 31, 2020
Activity	Description	Sensitivity measure
Debt and equity(a)
Asset Management activities	Consists of seed capital and related hedges; fund co-investments(b); and certain deferred compensation and related hedges(c)	10% decline in market value	$	(51)	$	(48)
Other debt and equity	Consists of certain asset-backed fair value option elected loans, privately held equity and other investments held at fair value(b)	10% decline in market value	(885)		(919)
Funding activities
Non-USD LTD cross-currency basis	Represents the basis risk on derivatives used to hedge the foreign exchange risk on the non-USD LTD(d)	1 basis point parallel tightening of cross currency basis	(17)		(16)
Non-USD LTD hedges foreign currency (“FX”) exposure	Primarily represents the foreign exchange revaluation on the fair value of the derivative hedges(d)	10% depreciation of currency	17		13
Derivatives – funding spread risk	Impact of changes in the spread related to derivatives FVA(b)	1 basis point parallel increase in spread	(3)		(4)
Fair value option elected liabilities – funding spread risk	Impact of changes in the spread related to fair value option elected liabilities DVA(d)	1 basis point parallel increase in spread	39		33
Fair value option elected liabilities – interest rate sensitivity	Interest rate sensitivity on fair value option liabilities resulting from a change in the Firm’s own credit spread(d)	1 basis point parallel increase in spread	(1)		(3)
	Interest rate sensitivity related to risk management of changes in the Firm’s own credit spread on fair value option liabilities(b)	1 basis point parallel increase in spread	1		3

(a)Excludes equity securities without readily determinable fair values that are measured under the measurement alternative. Refer to Note 2 for additional information.

(b)Impact recognized through net revenue.

(c)Impact recognized through noninterest expense.

(d)Impact recognized through OCI.

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COUNTRY RISK MANAGEMENT

The Firm, through its LOBs and Corporate, may be exposed to country risk resulting from financial, economic, political or other significant developments which adversely affect the value of the Firm’s exposures related to a particular country or set of countries. The Country Risk Management group actively monitors the various portfolios which may be impacted by these developments and measures the extent to which the Firm’s exposures are diversified given the Firm’s strategy and risk tolerance relative to a country.

Given the remaining uncertainty around the COVID-19 pandemic, Country Risk Management continues to monitor the impact to individual countries.

Refer to pages 143-144 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of the Firm’s country risk management.

Risk Reporting

The following table presents the Firm’s top 20 exposures by country (excluding the U.S.) as of March 31, 2021 and their comparative exposures as of December 31, 2020. The selection of countries represents the Firm’s largest total exposures by individual country, based on the Firm’s internal country risk management approach, and does not represent the Firm’s view of any existing or potentially adverse credit conditions. Country exposures may fluctuate from period to period due to client activity and market flows.

The increase in exposure to Australia was predominantly due to increased cash placements with the central bank of Australia, driven by client activity following recent policy decisions in the country and growth in client deposits.

Top 20 country exposures (excluding the U.S.)(a)
(in billions)	March 31, 2021								December 31, 2020(e)
	Lending and deposits(b)		Trading and investing(c)		Other(d)		Total exposure		Total exposure
Germany	$	110.1	$	5.0	$	0.5	$	115.6	$	127.2
United Kingdom	52.8		13.1		2.3		68.2		68.4
Japan	38.4		14.0		0.3		52.7		45.6
Australia	24.5		6.7		—		31.2		15.9
France	13.4		3.8		2.7		19.9		18.8
China	10.0		6.5		1.6		18.1		21.2
Switzerland	10.2		0.5		4.5		15.2		18.7
Brazil	5.8		8.1		—		13.9		10.8
Canada	12.4		0.5		0.2		13.1		14.5
Luxembourg	11.0		1.1		—		12.1		12.4
India	4.8		4.0		0.9		9.7		10.5
South Korea	4.4		4.7		0.4		9.5		10.1
Netherlands	7.4		0.1		2.0		9.5		7.7
Singapore	4.9		2.7		0.8		8.4		8.7
Italy	4.1		3.2		0.2		7.5		9.7
Hong Kong SAR	4.6		1.8		0.2		6.6		6.2
Saudi Arabia	5.7		0.8		—		6.5		5.8
Spain	3.9		2.1		—		6.0		5.8
Belgium	2.8		1.6		0.1		4.5		4.0
Mexico	4.0		0.1		—		4.1		4.9

(a)Country exposures presented in the table reflect 89% and 90% of total Firmwide non-U.S. exposure, where exposure is attributed to an individual country, at March 31, 2021, and December 31, 2020, respectively.

(b)Lending and deposits includes loans and accrued interest receivable, lending related commitments (net of eligible collateral and the allowance for credit losses), deposits with banks (including central banks), acceptances, other monetary assets, and issued letters of credit net of participations. Excludes intra-day and operating exposures, such as those from settlement and clearing activities.

(c)Includes market-making inventory, Investment securities, and counterparty exposure on derivative and securities financings net of eligible collateral and hedging. Includes exposure from single reference entity (“single-name”), index and other multiple reference entity transactions for which one or more of the underlying reference entities is in a country listed in the above table.

(d)Predominantly includes physical commodity inventory.

(e)The country rankings presented in the table as of December 31, 2020, are based on the country rankings of the corresponding exposures at March 31, 2021, not actual rankings of such exposures at December 31, 2020.

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OPERATIONAL RISK MANAGEMENT

Operational risk is the risk of an adverse outcome resulting from inadequate or failed internal processes or systems; human factors; or external events impacting the Firm’s processes or systems; Operational Risk includes compliance, conduct, legal, and estimations and model risk. Operational risk is inherent in the Firm’s activities and can manifest itself in various ways, including fraudulent acts, business interruptions, cyber attacks, inappropriate employee behavior, failure to comply with applicable laws and regulations or failure of vendors to perform in accordance with their agreements. Operational Risk Management attempts to manage operational risk at appropriate levels in light of the Firm’s financial position, the characteristics of its businesses, and the markets and regulatory environments in which it operates. Refer to Operational Risk Management on pages 145-147 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the Firm’s Operational Risk Management.

Subcategories and examples of operational risks

Operational risk can manifest itself in various ways. Operational risk subcategories such as Compliance risk, Conduct risk, Legal risk, and Estimations and Model risk as well as other operational risks, can lead to losses which are captured through the Firm’s operational risk measurement processes. Refer to Compliance Risk Management on page 148, Conduct Risk Management on page 149, Legal Risk Management on page 150 and Estimations and Model Risk Management on page 151 of JPMorgan Chase’s 2020 Form 10-K for more information. Details on other select examples of operational risks are provided below.

Business and technology resiliency risk

Business disruptions can occur due to forces beyond the Firm’s control such as the spread of infectious diseases or pandemics, severe weather, power or telecommunications loss, accidents, failure of a third party to provide expected services, cyberattack, flooding, transit strikes, terrorism, health emergencies. The safety of the Firm’s employees and customers is of the highest priority. The Firmwide resiliency program is intended to enable the Firm to recover its critical business functions and supporting assets (i.e., staff, technology and facilities) in the event of a business interruption. The program includes governance, awareness training, and testing of recovery strategies, as well as strategic and tactical initiatives to identify, assess, and manage business interruption and public safety risks. The strength and proficiency of the Firmwide resiliency program has played an integral role in maintaining the Firm’s business operations during and after various events.

Cybersecurity Risk

Due to the on-going impact of COVID-19, the Firm continues to leverage use of remote access and also video conferencing solutions provided by third parties to facilitate remote work. As a result, the Firm deployed additional precautionary measures to mitigate cybersecurity risks.

Payment Fraud Risk

The risk of payment fraud remains at a heightened level across the industry, particularly during the COVID-19 pandemic due to the use of contingent forms of payment authentication methods and the perpetuation of scams involving the pandemic, including an increase in the level of fraud attempts against consumers. The complexities of these incidents and the strategies used by perpetrators continue to evolve. The Firm employs various controls for managing payment fraud risk as well as providing employee and client education and awareness trainings.

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ESTIMATIONS AND MODEL RISK MANAGEMENT

Estimations and Model risk, a subcategory of operational risk, is the potential for adverse consequences from decisions based on incorrect or misused estimation outputs.

The Firm uses models and other analytical and judgment- based estimations across various businesses and functions. The estimation methods are of varying levels of sophistication and are used for many purposes, such as the valuation of positions and measurement of risk, assessing regulatory capital requirements, conducting stress testing, and making business decisions.

While models are inherently imprecise, the degree of imprecision or uncertainty can be heightened by the market or economic environment. This is particularly true when the current and forecasted environment is significantly different from the historical macroeconomic environments upon which the models were trained, as the Firm has experienced during the COVID-19 pandemic. This uncertainty may necessitate a greater degree of judgment and analytics to inform adjustments to model outputs than in typical periods.

Refer to Critical Accounting Estimates Used by the Firm on pages 74-76 and Note 2 of this Form 10-Q, and Estimations and Model Risk Management section on page 151 of JPMorgan Chase’s 2020 Form 10-K for a summary of model-based valuations and other valuation techniques.

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CRITICAL ACCOUNTING ESTIMATES USED BY THE FIRM

JPMorgan Chase’s accounting policies and use of estimates are integral to understanding its reported results. The Firm’s most complex accounting estimates require management’s judgment to ascertain the appropriate carrying value of assets and liabilities. The Firm has established policies and control procedures intended to ensure that estimation methods, including any judgments made as part of such methods, are well-controlled, independently reviewed and applied consistently from period to period. The methods used and judgments made reflect, among other factors, the nature of the assets or liabilities and the related business and risk management strategies, which may vary across the Firm’s businesses and portfolios. In addition, the policies and procedures are intended to ensure that the process for changing methodologies occurs in an appropriate manner. The Firm believes its estimates for determining the carrying value of its assets and liabilities are appropriate. The following is a brief description of the Firm’s critical accounting estimates involving significant judgments.

Allowance for credit losses

The Firm’s allowance for credit losses represents management’s estimate of expected credit losses over the remaining expected life of the Firm’s financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The allowance for credit losses comprises:

•The allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated),

•The allowance for lending-related commitments, and

•The allowance for credit losses on investment securities, which covers the Firm’s HTM and AFS securities.

The allowance for credit losses involves significant judgment on a number of matters including development and weighting of macroeconomic forecasts, incorporation of historical loss experience, assessment of risk characteristics, assignment of risk ratings, valuation of collateral, and the determination of remaining expected life. Refer to Note 10 and Note 13 of JPMorgan Chase's 2020 Form 10-K for further information on these judgments as well as the Firm’s policies and methodologies used to determine the Firm’s allowance for credit losses; and refer to Allowance for credit losses on pages 63–64 and Note 12 of this Form 10-Q for further information.

One of the most significant judgments involved in estimating the Firm’s allowance for credit losses relates to the macroeconomic forecasts used to estimate credit losses over the eight-quarter forecast period within the Firm’s methodology. The eight-quarter forecast incorporates hundreds of macroeconomic variables (“MEVs”) that are relevant for exposures across the Firm, with modeled credit losses being driven primarily by a subset of less than twenty variables. The specific variables that have the greatest

effect on the modeled losses of each portfolio vary by portfolio and geography.

•Key MEVs for the consumer portfolio include U.S. unemployment, HPI and U.S. real GDP.

•Key MEVs for the wholesale portfolio include U.S. real GDP, U.S. unemployment, U.S. equity prices, corporate credit spreads, oil prices, commercial real estate prices and HPI.

Changes in the Firm’s assumptions and forecasts of economic conditions could significantly affect its estimate of expected credit losses in the portfolio at the balance sheet date or lead to significant changes in the estimate from one reporting period to the next.

The COVID-19 pandemic resulted in a weak labor market and weak overall economic conditions that affected borrowers across the Firm’s consumer and wholesale lending portfolios. While the economy is showing signs of improvement, uncertainties remain, including the health of underlying labor markets, vaccine efficacy against new virus strains, and the potential for changes in consumer behavior that could have longer term impacts on certain sectors. Further, significant judgment is still required to estimate the speed and trajectory of the economic recovery.

It is difficult to estimate how potential changes in any one factor or input might affect the overall allowance for credit losses because management considers a wide variety of factors and inputs in estimating the allowance for credit losses. Changes in the factors and inputs considered may not occur at the same rate and may not be consistent across all geographies or product types, and changes in factors and inputs may be directionally inconsistent, such that improvement in one factor or input may offset deterioration in others.

To consider the impact of a hypothetical alternate macroeconomic forecast, the Firm compared the modeled credit losses determined using its central and relative adverse macroeconomic scenarios, which are two of the five scenarios considered in estimating the allowances for loan losses and lending-related commitments. The central and relative adverse scenarios each included a full suite of MEVs, but differed in the levels, paths and peaks/troughs of those variables over the eight-quarter forecast period.

For example, compared to the Firm’s central scenario described on page 63 and in Note 12, the Firm’s relative adverse scenario assumes a significantly elevated U.S. unemployment rate through 2021, averaging 2.4% higher over the eight-quarter forecast, with a peak difference of approximately 4.4% in the third quarter of 2021; lower U.S. real GDP with a slower recovery, remaining 2.6% lower at the end of the eight-quarter forecast, with a peak difference of nearly 6.6% in the third quarter of 2021; and lower national HPI with a peak difference of 17.4% and a trough in the second quarter of 2022.

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This analysis is not intended to estimate expected future changes in the allowance for credit losses, for a number of reasons, including:

•the Firm has placed significant weight on its adverse scenarios in estimating its allowance for credit losses as of March 31, 2021, and accordingly, the existing allowance already reflects credit losses beyond those estimated under the central scenario

•the impacts of changes in many MEVs are both interrelated and nonlinear, so the results of this analysis cannot be simply extrapolated for more severe changes in macroeconomic variables

•the COVID-19 pandemic has stressed many MEVs used in the Firm's allowance estimate at a speed and to degrees not seen in recent history, which continues to add higher degrees of uncertainty around modeled credit loss estimations

•significant changes in the expected severity and duration of the economic downturn caused by the COVID-19 pandemic, effects of government support and customer assistance, and speed and trajectory of the subsequent recovery could significantly affect the Firm’s estimate of expected credit losses irrespective of the estimated sensitivities described below.

To demonstrate the sensitivity of credit loss estimates to macroeconomic forecasts as of March 31, 2021, the Firm compared the modeled estimates under its relative adverse scenario to its central scenario. Without considering the additional weight the Firm has placed on its adverse scenarios or any other offsetting or correlated effects in other qualitative components of the Firm’s allowance for credit losses for these lending exposures, the comparison between these two scenarios reflects the following differences:

•An increase of approximately $700 million for residential real estate loans and lending-related commitments

•An increase of approximately $3.6 billion for credit card loans

•An increase of approximately $2.1 billion for wholesale loans and lending-related commitments

This analysis relates only to the modeled credit loss estimates and is not intended to estimate changes in the overall allowance for credit losses as it does not reflect any potential changes in other adjustments to the quantitative calculation, which would also be influenced by the judgment management applies to the modeled lifetime loss estimates to reflect the uncertainty and imprecision of these modeled lifetime loss estimates based on then-current circumstances and conditions.

Recognizing that forecasts of macroeconomic conditions are inherently uncertain, particularly in light of the recent economic conditions, the Firm believes that its process to consider the available information and associated risks and uncertainties is appropriately governed and that its

estimates of expected credit losses were reasonable and appropriate for the period ended March 31, 2021.

Fair value

JPMorgan Chase carries a portion of its assets and liabilities at fair value. The majority of such assets and liabilities are measured at fair value on a recurring basis, including, derivatives, structured note products and certain securities financing agreements. Certain assets and liabilities are measured at fair value on a nonrecurring basis, including certain mortgage, home equity and other loans, where the carrying value is based on the fair value of the underlying collateral.

Assets measured at fair value

The following table includes the Firm’s assets measured at fair value and the portion of such assets that are classified within level 3 of the valuation hierarchy. Refer to Note 2 for further information.

March 31, 2021 (in billions, except ratios)	Total assets at fair value		Total level 3 assets
Federal funds sold and securities purchased under resale agreements	$	267.6	$	—
Securities borrowed	66.3		—
Trading assets:
Trading–debt and equity instruments	$	470.9	$	2.7
Derivative receivables(a)	73.1		7.9
Total trading assets	544.0		10.6
AFS securities	379.9		—
Loans	50.8		1.8
MSRs	4.5		4.5
Other	383.7		0.5
Total assets measured at fair value on a recurring basis	1,362.9		17.4
Total assets measured at fair value on a nonrecurring basis	2.5		0.7
Total assets measured at fair value	$	1,365.4	$	18.1
Total Firm assets	$	3,689.3
Level 3 assets at fair value as a percentage of total Firm assets(a)			0.5		%
Level 3 assets at fair value as a percentage of total Firm assets at fair value(a)			1.3		%

(a)For purposes of the table above, the derivative receivables total reflects the impact of netting adjustments; however, the $7.9 billion of derivative receivables classified as level 3 does not reflect the netting adjustment as such netting is not relevant to a presentation based on the transparency of inputs to the valuation of an asset. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.

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Valuation

Estimating fair value requires the application of judgment. The type and level of judgment required is largely dependent on the amount of observable market information available to the Firm. For instruments valued using internally developed valuation models and other valuation techniques that use significant unobservable inputs and are therefore classified within level 3 of the valuation hierarchy, judgments used to estimate fair value are more significant than those required when estimating the fair value of instruments classified within levels 1 and 2.

In arriving at an estimate of fair value for an instrument within level 3, management must first determine the appropriate valuation model or other valuation technique to use. Second, the lack of observability of certain significant inputs requires management to assess all relevant empirical data in deriving valuation inputs including, for example, transaction details, yield curves, interest rates, prepayment speed, default rates, volatilities, correlations, prices (such as commodity, equity or debt prices), valuations of comparable instruments, foreign exchange rates and credit curves. Refer to Note 2 for a further discussion of the valuation of level 3 instruments, including unobservable inputs used.

For instruments classified in levels 2 and 3, management judgment must be applied to assess the appropriate level of valuation adjustments to reflect counterparty credit quality, the Firm’s creditworthiness, market funding rates, liquidity considerations, unobservable parameters, and for portfolios that meet specified criteria, the size of the net open risk position. The judgments made are typically affected by the type of product and its specific contractual terms, and the level of liquidity for the product or within the market as a whole. In periods of heightened market volatility and uncertainty judgments are further affected by the wider variation of reasonable valuation estimates, particularly for positions that are less liquid. Refer to Note 2 for a further discussion of valuation adjustments applied by the Firm.

Imprecision in estimating unobservable market inputs or other factors can affect the amount of gain or loss recorded for a particular position. Furthermore, while the Firm believes its valuation methods are appropriate and consistent with those of other market participants, the methods and assumptions used reflect management judgment and may vary across the Firm’s businesses and portfolios.

The Firm uses various methodologies and assumptions in the determination of fair value. The use of methodologies or assumptions different than those used by the Firm could result in a different estimate of fair value at the reporting date. Refer to Note 2 for a detailed discussion of the Firm’s valuation process and hierarchy, and its determination of fair value for individual financial instruments.

Goodwill impairment

Management applies significant judgment when testing goodwill for impairment. The goodwill associated with each business combination is allocated to the related reporting units for goodwill impairment testing. Refer to Goodwill impairment on page 154 of JPMorgan Chase’s 2020 Form 10-K for a description of the significant valuation judgments associated with goodwill impairment.

Refer to Note 14 for additional information on goodwill, including the goodwill impairment assessment as of March 31, 2021.

Credit card rewards liability

The credit card rewards liability was $8.0 billion and $7.7 billion at March 31, 2021 and December 31, 2020, respectively, and is recorded in accounts payable and other liabilities on the Consolidated balance sheets. Refer to page 154 of JPMorgan Chase’s 2020 Form 10-K for a description of the significant assumptions and sensitivities, associated with the Firm’s credit card rewards liability.

Income taxes

Refer to Income taxes on page 154-155 of JPMorgan Chase’s 2020 Form 10-K for a description of the significant assumptions, judgments and interpretations associated with the accounting for income taxes.

Litigation reserves

Refer to Note 24 of this Form 10-Q, and Note 30 of JPMorgan Chase’s 2020 Form 10-K for a description of the significant estimates and judgments associated with establishing litigation reserves.

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ACCOUNTING AND REPORTING DEVELOPMENTS

Financial Accounting Standards Board (“FASB”) Standards Adopted since January 1, 2021
Standard	Summary of guidance	Effects on financial statements
Reference Rate Reform Issued March 2020 and updated January 2021	•Provides optional expedients and exceptions to current accounting guidance when financial instruments, hedge accounting relationships, and other transactions are amended due to reference rate reform. •Provides an election to account for certain contract amendments related to reference rate reform as modifications rather than extinguishments without the requirement to assess the significance of the amendments. •Allows for changes in critical terms of a hedge accounting relationship without automatic termination of that relationship. Provides various practical expedients and elections designed to allow hedge accounting to continue uninterrupted during the transition period. •Provides a one-time election to transfer securities out of the held-to-maturity classification if certain criteria are met. •The January 2021 update provides an election to account for derivatives modified to change the rate used for discounting, margining, or contract price alignment (collectively “discounting transition”) as modifications.	•Issued and effective March 12, 2020. The January 7, 2021 update was effective when issued. •The Firm elected to apply certain of the practical expedients related to contract modifications and hedge accounting relationships, and discounting transition beginning in the third quarter of 2020. The discounting transition election was applied retrospectively. The main purpose of the practical expedients is to ease the administrative burden of accounting for contracts impacted by reference rate reform. These elections did not have a material impact on the Consolidated Financial Statements.

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FORWARD-LOOKING STATEMENTS

From time to time, the Firm has made and will make forward-looking statements. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipate,” “target,” “expect,” “estimate,” “intend,” “plan,” “goal,” “believe,” or other words of similar meaning. Forward-looking statements provide JPMorgan Chase’s current expectations or forecasts of future events, circumstances, results or aspirations. JPMorgan Chase’s disclosures in this Form 10-Q contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Firm also may make forward-looking statements in its other documents filed or furnished with the SEC. In addition, the Firm’s senior management may make forward-looking statements orally to investors, analysts, representatives of the media and others.

All forward-looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Firm’s control. JPMorgan Chase’s actual future results may differ materially from those set forth in its forward-looking statements. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ from those in the forward-looking statements:

•Economic, financial, reputational and other impacts of the COVID-19 pandemic;

•Local, regional and global business, economic and political conditions and geopolitical events;

•Changes in laws and regulatory requirements, including capital and liquidity requirements affecting the Firm’s businesses, and the ability of the Firm to address those requirements;

•Heightened regulatory and governmental oversight and scrutiny of JPMorgan Chase’s business practices, including dealings with retail customers;

•Changes in trade, monetary and fiscal policies and laws;

•Changes in income tax laws and regulations;

•Securities and capital markets behavior, including changes in market liquidity and volatility;

•Changes in investor sentiment or consumer spending or savings behavior;

•Ability of the Firm to manage effectively its capital and liquidity;

•Changes in credit ratings assigned to the Firm or its subsidiaries;

•Damage to the Firm’s reputation;

•Ability of the Firm to appropriately address social, environmental and sustainability concerns that may arise, including from its business activities;

•Ability of the Firm to deal effectively with an economic slowdown or other economic or market disruption, including, but not limited to, in the interest rate environment;

•Technology changes instituted by the Firm, its counterparties or competitors;

•The effectiveness of the Firm’s control agenda;

•Ability of the Firm to develop or discontinue products and services, and the extent to which products or services previously sold by the Firm require the Firm to incur liabilities or absorb losses not contemplated at their initiation or origination;

•Acceptance of the Firm’s new and existing products and services by the marketplace and the ability of the Firm to innovate and to increase market share;

•Ability of the Firm to attract and retain qualified and diverse employees;

•Ability of the Firm to control expenses;

•Competitive pressures;

•Changes in the credit quality of the Firm’s clients, customers and counterparties;

•Adequacy of the Firm’s risk management framework, disclosure controls and procedures and internal control over financial reporting;

•Adverse judicial or regulatory proceedings;

•Changes in applicable accounting policies, including the introduction of new accounting standards;

•Ability of the Firm to determine accurate values of certain assets and liabilities;

•Occurrence of natural or man-made disasters or calamities, including health emergencies, the spread of infectious diseases, pandemics or outbreaks of hostilities, or the effects of climate change, and the Firm’s ability to deal effectively with disruptions caused by the foregoing;

•Ability of the Firm to maintain the security of its financial, accounting, technology, data processing and other operational systems and facilities;

•Ability of the Firm to withstand disruptions that may be caused by any failure of its operational systems or those of third parties;

•Ability of the Firm to effectively defend itself against cyber attacks and other attempts by unauthorized parties to access information of the Firm or its customers or to disrupt the Firm’s systems; and

•The other risks and uncertainties detailed in Part II,

Item 1A: Risk Factors in this form 10-Q and Part I, Item 1A: Risk Factors in JPMorgan Chase’s 2020 Form 10-K.

Any forward-looking statements made by or on behalf of the Firm speak only as of the date they are made, and JPMorgan Chase does not undertake to update any forward-looking statements. The reader should, however, consult any further disclosures of a forward-looking nature the Firm may make in any subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

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JPMorgan Chase & Co.

Consolidated statements of income (unaudited)

	Three months ended March 31,
(in millions, except per share data)	2021		2020
Revenue
Investment banking fees	$	2,970	$	1,866
Principal transactions	6,500		2,937
Lending- and deposit-related fees	1,687		1,706
Asset management, administration and commissions	5,029		4,540
Investment securities gains	14		233
Mortgage fees and related income	704		320
Card income	1,350		995
Other income(a)	1,123		1,250
Noninterest revenue	19,377		13,847
Interest income	14,271		19,161
Interest expense	1,382		4,722
Net interest income	12,889		14,439
Total net revenue	32,266		28,286
Provision for credit losses	(4,156)		8,285
Noninterest expense
Compensation expense	10,601		8,895
Occupancy expense	1,115		1,066
Technology, communications and equipment expense	2,519		2,578
Professional and outside services	2,203		2,028
Marketing	751		800
Other expense	1,536		1,424
Total noninterest expense	18,725		16,791
Income before income tax expense	17,697		3,210
Income tax expense(a)	3,397		345
Net income	$	14,300	$	2,865
Net income applicable to common stockholders	$	13,851	$	2,431
Net income per common share data
Basic earnings per share	$	4.51	$	0.79
Diluted earnings per share	4.50		0.78
Weighted-average basic shares	3,073.5		3,095.8
Weighted-average diluted shares	3,078.9		3,100.7

(a) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

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JPMorgan Chase & Co.

Consolidated statements of comprehensive income (unaudited)

	Three months ended March 31,
(in millions)	2021		2020
Net income	$	14,300	$	2,865
Other comprehensive income/(loss), after–tax
Unrealized gains/(losses) on investment securities	(4,339)		1,119
Translation adjustments, net of hedges	(250)		(330)
Fair value hedges	(28)		88
Cash flow hedges	(2,249)		2,465
Defined benefit pension and OPEB plans	68		33
DVA on fair value option elected liabilities	(147)		2,474
Total other comprehensive income/(loss), after–tax	(6,945)		5,849
Comprehensive income	$	7,355	$	8,714

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

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JPMorgan Chase & Co.

Consolidated balance sheets (unaudited)

(in millions, except share data)	March 31, 2021		December 31, 2020
Assets
Cash and due from banks	$	25,397	$	24,874
Deposits with banks	685,675		502,735
Federal funds sold and securities purchased under resale agreements (included $267,613 and $238,015 at fair value)	272,481		296,284
Securities borrowed (included $66,277 and $52,983 at fair value)	179,516		160,635
Trading assets (included assets pledged of $117,020 and $130,645)	544,052		503,126
Available-for-sale securities (amortized cost of $378,756 and $381,729; included assets pledged of $64,540 and $32,227)	379,942		388,178
Held-to-maturity securities (net of allowance for credit losses of $94 and $78)	217,452		201,821
Investment securities, net of allowance for credit losses	597,394		589,999
Loans (included $50,767 and $44,474 at fair value)	1,011,307		1,012,853
Allowance for loan losses	(23,001)		(28,328)
Loans, net of allowance for loan losses	988,306		984,525
Accrued interest and accounts receivable	114,754		90,503
Premises and equipment	26,926		27,109
Goodwill, MSRs and other intangible assets	54,588		53,428
Other assets(a) (included $50,492 and $13,827 at fair value and assets pledged of $37,581 and $3,739)	200,247		151,539
Total assets(b)	$	3,689,336	$	3,384,757
Liabilities
Deposits (included $14,107 and $14,484 at fair value)	$	2,278,112	$	2,144,257
Federal funds purchased and securities loaned or sold under repurchase agreements (included $197,834 and $155,735 at fair value)	304,019		215,209
Short-term borrowings (included $20,002 and $16,893 at fair value)	54,978		45,208
Trading liabilities	191,349		170,181
Accounts payable and other liabilities(a) (included $42,824 and $3,476 at fair value)	285,066		231,285
Beneficial interests issued by consolidated VIEs (included $193 and $41 at fair value)	15,671		17,578
Long-term debt (included $75,693 and $76,817 at fair value)	279,427		281,685
Total liabilities(b)	3,408,622		3,105,403
Commitments and contingencies (refer to Notes 22, 23 and 24)
Stockholders’ equity
Preferred stock ($1 par value; authorized 200,000,000 shares; issued 3,156,250 and 3,006,250 shares)	31,563		30,063
Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)	4,105		4,105
Additional paid-in capital	88,005		88,394
Retained earnings	248,151		236,990
Accumulated other comprehensive income	1,041		7,986
Treasury stock, at cost (1,077,805,783 and 1,055,499,435 shares)	(92,151)		(88,184)
Total stockholders’ equity	280,714		279,354
Total liabilities and stockholders’ equity	$	3,689,336	$	3,384,757

(a) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.

(b) The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2021, and December 31, 2020. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion

(in millions)	March 31, 2021		December 31, 2020
Assets
Trading assets	$	1,994	$	1,934
Loans	33,509		37,619
All other assets	701		681
Total assets	$	36,204	$	40,234
Liabilities
Beneficial interests issued by consolidated VIEs	$	15,671	$	17,578
All other liabilities	239		233
Total liabilities	$	15,910	$	17,811

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

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JPMorgan Chase & Co.

Consolidated statements of changes in stockholders’ equity (unaudited)

	Three months ended March 31,
(in millions, except per share data)	2021		2020
Preferred stock
Balance at the beginning of the period	$	30,063	$	26,993
Issuance	1,500		4,500
Redemption	—		(1,430)
Balance at March 31	31,563		30,063
Common stock
Balance at the beginning and end of the period	4,105		4,105
Additional paid-in capital
Balance at the beginning of the period	88,394		88,522
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects	(363)		(660)
Other	(26)		(5)
Balance at March 31	88,005		87,857
Retained earnings
Balance at the beginning of the period	236,990		223,211
Cumulative effect of change in accounting principles	—		(2,650)
Net income	14,300		2,865
Dividends declared:
Preferred stock	(379)		(421)
Common stock ($0.90 and $0.90 per share)	(2,760)		(2,779)
Balance at March 31	248,151		220,226
Accumulated other comprehensive income/(loss)
Balance at the beginning of the period	7,986		1,569
Other comprehensive income/(loss), after-tax	(6,945)		5,849
Balance at March 31	1,041		7,418
Shares held in RSU Trust, at cost
Balance at the beginning and end of the period	—		(21)
Treasury stock, at cost
Balance at the beginning of the period	(88,184)		(83,049)
Repurchase	(4,999)		(6,397)
Reissuance	1,032		1,060
Balance at March 31	(92,151)		(88,386)
Total stockholders’ equity	$	280,714	$	261,262

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

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JPMorgan Chase & Co.

Consolidated statements of cash flows (unaudited)

	Three months ended March 31,
(in millions)	2021		2020
Operating activities
Net income	$	14,300	$	2,865
Adjustments to reconcile net income to net cash used in operating activities:
Provision for credit losses	(4,156)		8,285
Depreciation and amortization	2,070		2,197
Deferred tax (benefit)/expense(a)	998		(1,235)
Other	890		411
Originations and purchases of loans held-for-sale	(85,457)		(47,352)
Proceeds from sales, securitizations and paydowns of loans held-for-sale	75,547		52,345
Net change in:
Trading assets	(34,262)		(167,827)
Securities borrowed	(18,951)		145
Accrued interest and accounts receivable	(24,323)		(49,323)
Other assets(a)	7,131		(61,897)
Trading liabilities	(7)		97,078
Accounts payable and other liabilities(a)	23,559		45,020
Other operating adjustments	(1,211)		(801)
Net cash (used in) operating activities	(43,872)		(120,089)
Investing activities
Net change in:
Federal funds sold and securities purchased under resale agreements	23,791		1,120
Held-to-maturity securities:
Proceeds from paydowns and maturities	14,700		2,599
Purchases	(31,348)		(205)
Available-for-sale securities:
Proceeds from paydowns and maturities	14,096		12,420
Proceeds from sales	80,823		50,990
Purchases	(95,958)		(131,605)
Proceeds from sales and securitizations of loans held-for-investment	6,619		7,564
Other changes in loans, net	3,321		(65,608)
Net purchases of assets pursuant to nonrecourse advances provided by the FRBB under the MMLF	—		(11,985)
All other investing activities, net	(653)		(1,123)
Net cash provided by/(used in) investing activities	15,391		(135,833)
Financing activities
Net change in:
Deposits	120,501		297,976
Federal funds purchased and securities loaned or sold under repurchase agreements	88,844		49,273
Short-term borrowings	9,387		12,455
Beneficial interests issued by consolidated VIEs	(1,439)		1,613
Proceeds from long-term borrowings	24,162		34,851
Payments of long-term borrowings	(14,983)		(29,057)
Proceeds from issuance of preferred stock	1,500		4,500
Redemption of preferred stock	—		(1,430)
Treasury stock repurchased	(4,806)		(6,517)
Dividends paid	(3,193)		(3,188)
All other financing activities, net	(1,062)		1,829
Net cash provided by financing activities	218,911		362,305
Effect of exchange rate changes on cash and due from banks and deposits with banks	(6,967)		(2,480)
Net increase in cash and due from banks and deposits with banks	183,463		103,903
Cash and due from banks and deposits with banks at the beginning of the period	527,609		263,631
Cash and due from banks and deposits with banks at the end of the period	$	711,072	$	367,534
Cash interest paid	$	1,127	$	4,374
Cash income taxes paid, net	640		763

(a) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

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Refer to the Glossary of Terms and Acronyms on pages 163-171 for definitions of terms and acronyms used throughout the Notes to Consolidated Financial Statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Note 1 – Basis of presentation

JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), a financial holding company incorporated under Delaware law in 1968, is a leading global financial services firm in the U.S., with 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. Refer to Note 25 for a further discussion of the Firm’s business segments.

The accounting and financial reporting policies of JPMorgan Chase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities.

The unaudited Consolidated Financial Statements prepared in conformity with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and the disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included such that this interim financial information is fairly stated.

These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, included in JPMorgan Chase’s 2020 Form 10-K.

Certain amounts reported in prior periods have been reclassified to conform with the current presentation, including certain deferred investment tax credits. In the first quarter of 2021 the Firm reclassified certain deferred investment tax credits from accounts payable and other liabilities to other assets to be a reduction to the carrying value of certain tax-oriented investments. The reclassification also resulted in an increase in income tax expense and a corresponding increase in other income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation, including the Firm’s effective income tax rate. The reclassification did not change the Firm’s results of operations on a managed basis.

Consolidation

The Consolidated Financial Statements include the accounts of JPMorgan Chase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated.

Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorgan Chase and are not included on the Consolidated balance sheets.

The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity.

Refer to Notes 1 and 14 of JPMorgan Chase’s 2020 Form     10-K for a further description of JPMorgan Chase’s accounting policies regarding consolidation.

Offsetting assets and liabilities

U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities financing activities to be presented on a net basis when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances when the specified conditions are met. Refer to Note 1 of JPMorgan Chase’s 2020 Form 10-K for further information on offsetting assets and liabilities.

84

Note 2 – Fair value measurement

Refer to Note 2 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy.

85

The following table presents the assets and liabilities reported at fair value as of March 31, 2021, and December 31, 2020, by major product category and fair value hierarchy.

Assets and liabilities measured at fair value on a recurring basis
	Fair value hierarchy						Derivative netting adjustments(f)
March 31, 2021 (in millions)	Level 1		Level 2		Level 3				Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	267,613	$	—	$	—	$	267,613
Securities borrowed	—		66,277		—		—		66,277
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		50,988		397		—		51,385
Residential – nonagency	—		2,258		32		—		2,290
Commercial – nonagency	—		1,183		2		—		1,185
Total mortgage-backed securities	—		54,429		431		—		54,860
U.S. Treasury, GSEs and government agencies(a)	74,980		10,095		—		—		85,075
Obligations of U.S. states and municipalities	—		7,009		8		—		7,017
Certificates of deposit, bankers’ acceptances and commercial paper	—		1,584		—		—		1,584
Non-U.S. government debt securities	40,535		51,757		177		—		92,469
Corporate debt securities	—		28,118		370		—		28,488
Loans	—		7,071		832		—		7,903
Asset-backed securities	—		2,538		54		—		2,592
Total debt instruments	115,515		162,601		1,872		—		279,988
Equity securities	152,474		1,992		688		—		155,154
Physical commodities(b)	10,769		6,314		—		—		17,083
Other	—		18,531		122		—		18,653
Total debt and equity instruments(c)	278,758		189,438		2,682		—		470,878
Derivative receivables:
Interest rate	3,646		305,725		2,250		(283,073)		28,548
Credit	—		13,575		637		(13,164)		1,048
Foreign exchange	144		185,794		689		(171,515)		15,112
Equity	—		69,570		4,008		(53,825)		19,753
Commodity	—		23,387		292		(15,021)		8,658
Total derivative receivables	3,790		598,051		7,876		(536,598)		73,119
Total trading assets(d)	282,548		787,489		10,558		(536,598)		543,997
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	3		112,456		—		—		112,459
Residential – nonagency	—		10,601		—		—		10,601
Commercial – nonagency	—		3,029		—		—		3,029
Total mortgage-backed securities	3		126,086		—		—		126,089
U.S. Treasury and government agencies	194,784		—		—		—		194,784
Obligations of U.S. states and municipalities	—		19,922		—		—		19,922
Certificates of deposit	—		—		—		—		—
Non-U.S. government debt securities	12,270		8,603		—		—		20,873
Corporate debt securities	—		210		—		—		210
Asset-backed securities:
Collateralized loan obligations	—		11,329		—		—		11,329
Other	—		6,735		—		—		6,735
Total available-for-sale securities	207,057		172,885		—		—		379,942
Loans (e)	—		48,944		1,823		—		50,767
Mortgage servicing rights	—		—		4,470		—		4,470
Other assets(d)	42,839		6,519		511		—		49,869
Total assets measured at fair value on a recurring basis	$	532,444	$	1,349,727	$	17,362	$	(536,598)	$	1,362,935
Deposits	$	—	$	11,455	$	2,652	$	—	$	14,107
Federal funds purchased and securities loaned or sold under repurchase agreements	—		197,834		—		—		197,834
Short-term borrowings	—		16,338		3,664		—		20,002
Trading liabilities:
Debt and equity instruments(c)	104,557		26,292		60		—		130,909
Derivative payables:
Interest rate	3,194		273,891		2,101		(268,442)		10,744
Credit	—		13,961		641		(12,704)		1,898
Foreign exchange	154		184,124		1,228		(168,468)		17,038
Equity	—		71,701		7,842		(57,143)		22,400
Commodity	—		22,657		1,203		(15,500)		8,360
Total derivative payables	3,348		566,334		13,015		(522,257)		60,440
Total trading liabilities	107,905		592,626		13,075		(522,257)		191,349
Accounts payable and other liabilities	39,933		2,830		61		—		42,824
Beneficial interests issued by consolidated VIEs	—		193		—		—		193
Long-term debt	—		53,118		22,575		—		75,693
Total liabilities measured at fair value on a recurring basis	$	147,838	$	874,394	$	42,027	$	(522,257)	$	542,002

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	Fair value hierarchy							Derivative netting adjustments(f)
December 31, 2020 (in millions)	Level 1		Level 2		Level 3					Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	238,015	$	—		$	—	$	238,015
Securities borrowed	—		52,983		—			—		52,983
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		68,395		449			—		68,844
Residential – nonagency	—		2,138		28			—		2,166
Commercial – nonagency	—		1,327		3			—		1,330
Total mortgage-backed securities	—		71,860		480			—		72,340
U.S. Treasury, GSEs and government agencies(a)	104,263		10,996		—			—		115,259
Obligations of U.S. states and municipalities	—		7,184		8			—		7,192
Certificates of deposit, bankers’ acceptances and commercial paper	—		1,230		—			—		1,230
Non-U.S. government debt securities	26,772		40,671		182			—		67,625
Corporate debt securities	—		21,017		507			—		21,524
Loans	—		6,101		893			—		6,994
Asset-backed securities	—		2,304		28			—		2,332
Total debt instruments	131,035		161,363		2,098			—		294,496
Equity securities	97,035		2,652		476		(g)	—		100,163
Physical commodities(b)	6,382		5,189		—			—		11,571
Other	—		17,165		49		(g)	—		17,214
Total debt and equity instruments(c)	234,452		186,369		2,623			—		423,444
Derivative receivables:
Interest rate	2,318		386,865		2,307			(355,765)		35,725
Credit	—		12,879		624			(12,823)		680
Foreign exchange	146		205,127		987			(190,479)		15,781
Equity	—		71,279		3,519			(54,125)		20,673
Commodity	—		21,272		231			(14,732)		6,771
Total derivative receivables	2,464		697,422		7,668			(627,924)		79,630
Total trading assets(d)	236,916		883,791		10,291			(627,924)		503,074
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)(g)	7		113,294		—			—		113,301
Residential – nonagency	—		10,233		—			—		10,233
Commercial – nonagency	—		2,856		—			—		2,856
Total mortgage-backed securities	7		126,383		—			—		126,390
U.S. Treasury and government agencies	201,951		—		—			—		201,951
Obligations of U.S. states and municipalities	—		20,396		—			—		20,396
Certificates of deposit	—		—		—			—		—
Non-U.S. government debt securities	13,135		9,793		—			—		22,928
Corporate debt securities	—		216		—			—		216
Asset-backed securities:
Collateralized loan obligations	—		10,048		—			—		10,048
Other	—		6,249		—			—		6,249
Total available-for-sale securities	215,093		173,085		—			—		388,178
Loans(e)	—		42,169		2,305			—		44,474
Mortgage servicing rights	—		—		3,276			—		3,276
Other assets(d)	8,110		4,561		538			—		13,209
Total assets measured at fair value on a recurring basis	$	460,119	$	1,394,604	$	16,410		$	(627,924)	$	1,243,209
Deposits	$	—	$	11,571	$	2,913		$	—	$	14,484
Federal funds purchased and securities loaned or sold under repurchase agreements	—		155,735		—			—		155,735
Short-term borrowings	—		14,473		2,420			—		16,893
Trading liabilities:
Debt and equity instruments(c)	82,669		16,838		51			—		99,558
Derivative payables:
Interest rate	2,496		349,082		2,049			(340,615)		13,012
Credit	—		14,344		848			(13,197)		1,995
Foreign exchange	132		214,373		1,421			(194,493)		21,433
Equity	—		74,032		7,381			(55,515)		25,898
Commodity	—		21,767		962			(14,444)		8,285
Total derivative payables	2,628		673,598		12,661			(618,264)		70,623
Total trading liabilities	85,297		690,436		12,712			(618,264)		170,181
Accounts payable and other liabilities	2,895		513		68			—		3,476
Beneficial interests issued by consolidated VIEs	—		41		—			—		41
Long-term debt	—		53,420		23,397			—		76,817
Total liabilities measured at fair value on a recurring basis	$	88,192	$	926,189	$	41,510		$	(618,264)	$	437,627

(a)At March 31, 2021, and December 31, 2020, included total U.S. GSE obligations of $96.3 billion and $117.6 billion, respectively, which were mortgage-related.

(b)Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. Refer to Note 4 for a further

87

discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.

(c)Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).

(d)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At March 31, 2021, and December 31, 2020, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $678 million and $670 million, respectively. Included in these balances at March 31, 2021, and December 31, 2020, were trading assets of $55 million and $52 million, respectively, and other assets of $623 million and $618 million, respectively.

(e)At March 31, 2021, and December 31, 2020, included within loans were $20.1 billion and $15.1 billion, respectively, of residential first-lien mortgages, and $6.0 billion and $6.3 billion, respectively, of commercial first-lien mortgages. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. GSEs and government agencies of $11.9 billion and $8.4 billion, respectively.

(f)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.

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

Level 3 valuations

Refer to Note 2 of JPMorgan Chase’s 2020 Form 10-K for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments.

The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy.

The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value.

In the Firm’s view, the input range, weighted and arithmetic average values do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date.

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Level 3 inputs(a)
March 31, 2021
Product/Instrument	Fair value (in millions)		Principal valuation technique	Unobservable inputs(g)	Range of input values			Average(i)
Residential mortgage-backed securities and loans(b)	$	991	Discounted cash flows	Yield	0%	–	15%		6%
				Prepayment speed	0%	–	48%		9%
				Conditional default rate	0%	–	30%		10%
				Loss severity	0%	–	109%		8%
Commercial mortgage-backed securities and loans(c)	516		Market comparables	Price	$0	–	$100		$86
Corporate debt securities	370		Market comparables	Price	$10	–	$120		$96
Loans(d)	1,579		Market comparables	Price	$5	–	$111		$82
Asset-backed securities	54		Market comparables	Price	$2	–	$96		$61
Net interest rate derivatives	130		Option pricing	Interest rate volatility	7 bps	–	723 bps		132 bps
				Interest rate spread volatility	11 bps	–	23 bps		15 bps
				Interest rate correlation	(65)%	–	99%		36%
				IR-FX correlation	(35)%	–	50%		(1)%
	19		Discounted cash flows	Prepayment speed	0%	–	30%		8%
Net credit derivatives	(41)		Discounted cash flows	Credit correlation	37%	–	65%		49%
				Credit spread	1 bps	–	1,501 bps		396 bps
				Recovery rate	0%	–	70%		47%
				Conditional default rate	2%	–	100%		37%
				Loss severity	100%				100%
	37		Market comparables	Price	$0	–	$115		$69
Net foreign exchange derivatives	(424)		Option pricing	IR-FX correlation	(40)%	–	65%		17%
	(115)		Discounted cash flows	Prepayment speed	9%				9%
Net equity derivatives	(3,834)		Option pricing	Forward equity price(h)	61%	–	130%		99%
				Equity volatility	4%	–	146%		33%
				Equity correlation	12%	–	99%		55%
				Equity-FX correlation	(79)%	–	60%		(26)%
				Equity-IR correlation	15%	–	50%		28%
Net commodity derivatives	(911)		Option pricing	OIl Commodity Forward	$478 / MT	–	$553 / MT		$516 / MT
				Forward power price	$13 / MWH	–	$55 / MWH		$34 / MWH
				Commodity volatility	2%	–	70%		36%
				Commodity correlation	(50)%	–	95%		23%
MSRs	4,470		Discounted cash flows	Refer to Note 14
Long-term debt, short-term borrowings, and deposits(e)	27,985		Option pricing	Interest rate volatility	7 bps	–	723 bps		132 bps
				Interest rate correlation	(65)%	–	99%		36%
				IR-FX correlation	(35)%	–	50%		(1)%
				Equity correlation	12%	–	99%		55%
				Equity-FX correlation	(79)%	–	60%		(26)%
				Equity-IR correlation	15%	–	50%		28%
	906		Discounted cash flows	Credit correlation	37%	–	65%		49%
Other level 3 assets and liabilities, net(f)	1,385

(a)The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ.

(b)Comprises U.S. GSE and government agency securities of $397 million, nonagency securities of $32 million and non-trading loans of $562 million.

(c)Comprises nonagency securities of $2 million, trading loans of $41 million and non-trading loans of $473 million.

(d)Comprises trading loans of $791 million and non-trading loans of $788 million.

(e)Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables.

(f)Includes equity securities of $968 million, including $280 million in Other Assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate.

(g)Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100.

(h)Forward equity price is expressed as a percentage of the current equity price.

(i)Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used.

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Changes in and ranges of unobservable inputs

Refer to Note 2 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions.

Changes in level 3 recurring fair value measurements

The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three months ended March 31, 2021 and 2020. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair

value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Also, the Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments.

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	Fair value measurements using significant unobservable inputs
Three months ended March 31, 2021 (in millions)	Fair value at   January 1, 2021		Total realized/unrealized gains/(losses)											Transfers into level 3		Transfers (out of) level 3		Fair value at March 31, 2021			Change in unrealized gains/(losses) related to financial instruments held at March 31, 2021
						Purchases(f)		Sales				Settlements(g)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	449	$	23		$	6	$	(48)			$	(33)			$	—		$	397	$	22
Residential – nonagency	28		1			9		(3)				(2)				(1)			32		—
Commercial – nonagency	3		—			—		(1)				—				—			2		—
Total mortgage-backed securities	480		24			15		(52)				(35)		—		(1)			431		22
Obligations of U.S. states and municipalities	8		—			—		—				—		—		—			8		—
Non-U.S. government debt securities	182		(9)			118		(107)				(7)		—		—			177		(9)
Corporate debt securities	507		(15)			91		(146)				—		85		(152)			370		(14)
Loans	893		7			272		(152)				(1)		90		(277)			832		8
Asset-backed securities	28		(1)			28		(3)				—		2		—			54		(1)
Total debt instruments	2,098		6			524		(460)				(43)		177		(430)			1,872		6
Equity securities	476		(5)			230		(43)				—		54		(24)			688		3
Other	49		41			65		—				(29)		—		(4)			122		36
Total trading assets – debt and equity instruments	2,623		42		(c)	819		(503)				(72)		231		(458)			2,682		45		(c)
Net derivative receivables:(b)
Interest rate	258		445			53		(93)				(534)		57		(37)			149		313
Credit	(224)		183			1		(2)				27		(3)		14			(4)		168
Foreign exchange	(434)		(200)			2		(6)				111		10		(22)			(539)		(214)
Equity	(3,862)		23			194		(838)				126		110		413			(3,834)		(213)
Commodity	(731)		(246)			4		(213)				279		(1)		(3)			(911)		(145)
Total net derivative receivables	(4,993)		205		(c)	254		(1,152)				9		173		365			(5,139)		(91)		(c)
Available-for-sale securities:
Mortgage-backed securities	—		—			—		—				—		—		—			—		—
Total available-for-sale securities	—		—			—		—				—		—		—			—		—
Loans	2,305		(73)		(c)	67		(190)				(201)		155		(240)			1,823		(112)		(c)
Mortgage servicing rights	3,276		797		(d)	583		1				(187)		—		—			4,470		797		(d)
Other assets	538		13		(c)	3		(18)				(25)		—		—			511		12		(c)
	Fair value measurements using significant unobservable inputs
Three months ended March 31, 2021 (in millions)	Fair value at   January 1, 2021		Total realized/unrealized (gains)/losses											Transfers into level 3		Transfers (out of) level 3		Fair value at March 31, 2021			Change in unrealized (gains)/losses related to financial instruments held at March 31, 2021
						Purchases		Sales		Issuances		Settlements(g)
Liabilities:(a)
Deposits	$	2,913	$	(103)	(c)(e)	$	—	$	—	$	69	$	(95)	$	1	$	(133)		$	2,652	$	(105)	(c)(e)
Short-term borrowings	2,420		(113)		(c)(e)	—		—		2,918		(1,506)		—		(55)			3,664		(27)		(c)(e)
Trading liabilities – debt and equity instruments	51		(3)		(c)	(65)		21		—		—		59		(3)			60		—
Accounts payable and other liabilities	68		(1)		(c)	—		1		—		—		—		(7)			61		(1)		(c)
Beneficial interests issued by consolidated VIEs	—		—			—		—		—		—		—		—			—		—
Long-term debt	23,397		(308)		(c)(e)	—		—		3,465		(3,649)		11		(341)			22,575		(324)		(c)(e)

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	Fair value measurements using significant unobservable inputs
Three months ended March 31, 2020 (in millions)	Fair value at January 1, 2020		Total realized/unrealized gains/(losses)											Transfers into level 3		Transfers (out of) level 3		Fair value at March 31, 2020			Change in unrealized gains/(losses) related to financial instruments held at March 31, 2020
						Purchases(f)		Sales				Settlements(g)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	797	$	(139)		$	19	$	(116)			$	(42)	$	—	$	—		$	519	$	(131)
Residential – nonagency	23		(1)			2		—				—		—		—			24		(1)
Commercial – nonagency	4		—			1		—				(1)		1		(2)			3		—
Total mortgage-backed securities	824		(140)			22		(116)				(43)		1		(2)			546		(132)
Obligations of U.S. states and municipalities	10		—			—		(1)				—		—		—			9		—
Non-U.S. government debt securities	155		(12)			90		(57)				—		—		(1)			175		(10)
Corporate debt securities	558		(55)			292		(42)				—		227		(27)			953		(50)
Loans	673		(98)			497		(130)				(16)		568		(108)			1,386		(127)
Asset-backed securities	37		(2)			36		(15)				(1)		—		(3)			52		(1)
Total debt instruments	2,257		(307)			937		(361)				(60)		796		(141)			3,121		(320)
Equity securities	196		(38)			10		(4)				—		82		(33)			213		(39)
Other	232		(1)			9		(5)				(12)		—		(2)			221		2
Total trading assets – debt and equity instruments	2,685		(346)		(c)	956		(370)				(72)		878		(176)			3,555		(357)		(c)
Net derivative receivables:(b)
Interest rate	(332)		642			66		(50)				(241)		(172)		(49)			(136)		282
Credit	(139)		108			18		(128)				(33)		60		3			(111)		65
Foreign exchange	(607)		(339)			38		(4)				(14)		—		(1)			(927)		(508)
Equity	(3,395)		3,037			59		(548)				583		(656)		94			(826)		3,707
Commodity	(16)		(403)			4		(15)				9		(6)		2			(425)		(399)
Total net derivative receivables	(4,489)		3,045		(c)	185		(745)				304		(774)		49			(2,425)		3,147		(c)
Available-for-sale securities:
Mortgage-backed securities	1		—			—		—				(1)		—		—			—		—
Total available-for-sale securities	1		—			—		—				(1)		—		—			—		—
Loans	516		(64)		(c)	191		(32)				(9)		1,514		(31)			2,085		(63)		(c)
Mortgage servicing rights	4,699		(1,382)		(d)	273		(75)				(248)		—		—			3,267		(1,382)		(d)
Other assets	917		(92)		(c)	13		(28)				(228)		—		—			582		(91)		(c)
	Fair value measurements using significant unobservable inputs
Three months ended March 31, 2020 (in millions)	Fair value at January 1, 2020		Total realized/unrealized (gains)/losses											Transfers into level 3		Transfers (out of) level 3		Fair value at March 31, 2020			Change in unrealized (gains)/losses related to financial instruments held at March 31, 2020
						Purchases		Sales		Issuances		Settlements(g)
Liabilities:(a)
Deposits	$	3,360	$	(149)	(c)(e)	$	—	$	—	$	386	$	(172)	$	4	$	(250)		$	3,179	$	(135)	(c)(e)
Short-term borrowings	1,674		(345)		(c)(e)	—		—		1,615		(929)		40		(16)			2,039		(409)		(c)(e)
Trading liabilities – debt and equity instruments	41		3		(c)	(75)		7		—		—		86		(1)			61		6		(c)
Accounts payable and other liabilities	45		(8)		(c)	(23)		1		—		—		—		—			15		(7)		(c)
Beneficial interests issued by consolidated VIEs	—		—			—		—		—		—		—		—			—		—
Long-term debt	23,339		(4,110)		(c)(e)	—		—		4,607		(3,549)		370		(516)			20,141		(3,984)		(c)(e)

(a)Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 1% at both March 31, 2021 and December 31, 2020, respectively. Level 3 liabilities at fair value as a percentage of total Firm liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were 8% and 9%, at March 31, 2021 and December 31, 2020, respectively.

(b)All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty.

92

(c)Predominantly reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income.

(d)Changes in fair value for MSRs are reported in mortgage fees and related income.

(e)Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three months ended March 31, 2021 and 2020. Unrealized (gains)/losses are reported in OCI, and were $(22) million and $(1.1) billion for the three months ended March 31, 2021 and 2020, respectively.

(f)Loan originations are included in purchases.

(g)Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items.

Level 3 analysis

Consolidated balance sheets changes

Level 3 assets at fair value, including assets measured at fair value on a nonrecurring basis, were 0.5% of total Firm assets at March 31, 2021. The following describes significant changes to level 3 assets since December 31, 2020, for those items measured at fair value on a recurring basis. Refer to Assets and liabilities measured at fair value on a nonrecurring basis on page 94 for further information on changes impacting items measured at fair value on a nonrecurring basis.

Three months ended March 31, 2021

Level 3 assets were $17.4 billion at March 31, 2021, reflecting an increase of $952 million from December 31, 2020.

The increase for the three months ended March 31, 2021 was predominantly driven by a $1.2 billion increase in MSRs. Refer to Note 14 for information on MSRs.

Refer to the sections below for additional information.

Transfers between levels for instruments carried at fair value on a recurring basis

For the three months ended March 31, 2021, there were no significant transfers from level 2 into level 3 or from level 3 into level 2.

For the three months ended March 31, 2020, significant transfers from level 2 into level 3 included the following:

•$2.1 billion of total debt and equity instruments, predominantly trading loans, driven by a decrease in observability.

•$1.0 billion of gross equity derivative receivables and $1.7 billion of gross equity derivative payables as a result of a decrease in observability and an increase in the significance of unobservable inputs.

For the three months ended March 31, 2020, there were no significant transfers from level 3 into level 2.

All transfers are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur.

Gains and losses

The following describes significant components of total realized/unrealized gains/(losses) for instruments measured at fair value on a recurring basis for the periods indicated. These amounts exclude any effects of the Firm’s risk management activities where the financial instruments are classified as level 1 and 2 of the fair value hierarchy. Refer to Changes in level 3 recurring fair value measurements rollforward tables on pages 90–93 for further information on these instruments.

Three months ended March 31, 2021

•$984 million of net gains on assets, driven by MSRs reflecting lower prepayment speeds on higher rates. Refer to Note 14 for information on MSRs.

•$528 million of net gains on liabilities, largely driven by market movements in long-term debt.

Three months ended March 31, 2020

•$1.2 billion of net gains on assets, driven by gains in net equity derivative receivables due to market movements largely offset by losses in MSRs reflecting faster prepayment speeds on lower rates. Refer to Note 14 for information on MSRs.

•$4.6 billion of net gains on liabilities, predominantly driven by market movements in long-term debt.

Credit and funding adjustments — derivatives

The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time.

	Three months ended March 31,
(in millions)	2021		2020
Credit and funding adjustments:
Derivatives CVA	$	240	$	(924)
Derivatives FVA	105		(1,021)

Refer to Note 2 of JPMorgan Chase’s 2020 Form 10-K for further information about both credit and funding adjustments, as well as information about valuation adjustments on fair value option elected liabilities.

93

Assets and liabilities measured at fair value on a nonrecurring basis

The following tables present the assets and liabilities held as of March 31, 2021 and 2020, for which nonrecurring fair value adjustments were recorded during the three months ended March 31, 2021 and 2020, by major product category and fair value hierarchy.

	Fair value hierarchy							Total fair value
March 31, 2021 (in millions)	Level 1		Level 2		Level 3
Loans	$	—	$	1,857	$	303	(b)	$	2,160
Other assets(a)	—		12		370			382
Total assets measured at fair value on a nonrecurring basis	$	—	$	1,869	$	673		$	2,542
Accounts payable and other liabilities	—		—		14			14
Total liabilities measured at fair value on a nonrecurring basis	$	—	$	—	$	14		$	14

	Fair value hierarchy						Total fair value
March 31, 2020 (in millions)	Level 1		Level 2		Level 3
Loans	$	—	$	2,336	$	559	$	2,895
Other assets	—		11		334		345
Total assets measured at fair value on a nonrecurring basis	$	—	$	2,347	$	893	$	3,240
Accounts payable and other liabilities	—		—		775		775
Total liabilities measured at fair value on a nonrecurring basis	$	—	$	—	$	775	$	775

(a)Primarily includes equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $370 million in level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2021, $316 million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.

(b)Of the $303 million in level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2021, $137 million related to residential real estate loans carried at the net realizable value of the underlying collateral (e.g., collateral-dependent loans). These amounts are classified as level 3 as they are valued using information from broker’s price opinions, appraisals and automated valuation models and discounted based upon the Firm’s experience with actual liquidation values. These discounts ranged from 13% to 45% with a weighted average of 26%.

Nonrecurring fair value changes

The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three months ended March 31, 2021 and 2020, related to assets and liabilities held at those dates.

	Three months ended March 31,
(in millions)	2021		2020
Loans	$	(33)	$	(267)
Other assets(a)	2		(169)
Accounts payable and other liabilities	(3)		(775)
Total nonrecurring fair value gains/(losses)	$	(34)	$	(1,211)

(a)Included $6 million and $(154) million for the three months ended March 31, 2021 and 2020, respectively, of net gains/(losses) as a result of the measurement alternative.

Refer to Note 11 for further information about the measurement of collateral-dependent loans.

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Equity securities without readily determinable fair values

The Firm measures certain equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer, with such changes recognized in other income.

In its determination of the new carrying values upon observable price changes, the Firm may adjust the prices if deemed necessary to arrive at the Firm’s estimated fair values. Such adjustments may include adjustments to reflect the different rights and obligations of similar securities, and other adjustments that are consistent with the Firm’s valuation techniques for private equity direct investments.

The following table presents the carrying value of equity securities without readily determinable fair values held as of March 31, 2021 and 2020, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.

	Three months ended
	March 31
As of or for the period ended,
(in millions)	2021		2020
Other assets
Carrying value(a)	$	2,302	$	2,560
Upward carrying value changes(b)	7		9
Downward carrying value changes/impairment(c)	(1)		(162)

(a)The carrying value as of December 31, 2020 was $2.4 billion. The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.

(b)The cumulative upward carrying value changes between January 1, 2018 and March 31, 2021 were $618 million.

(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and March 31, 2021 were $(340) million.

Included in other assets above is the Firm’s interest in approximately 40 million Visa Class B common shares, recorded at a nominal carrying value. These shares are subject to certain transfer restrictions currently and will be convertible into Visa Class A common shares upon final resolution of certain litigation matters involving Visa. The conversion rate of Visa Class B common shares into Visa Class A common shares is 1.6228 at March 31, 2021, and may be adjusted by Visa depending on developments related to the litigation matters.

95

Additional disclosures about the fair value of financial instruments that are not carried on the Consolidated balance sheets at fair value

The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at March 31, 2021, and December 31, 2020, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy.

	March 31, 2021										December 31, 2020
			Estimated fair value hierarchy										Estimated fair value hierarchy
(in billions)	Carrying value		Level 1		Level 2		Level 3		Total estimated fair value		Carrying value		Level 1		Level 2		Level 3		Total estimated fair value
Financial assets
Cash and due from banks	$	25.4	$	25.4	$	—	$	—	$	25.4	$	24.9	$	24.9	$	—	$	—	$	24.9
Deposits with banks	685.7		685.7		—		—		685.7		502.7		502.7		—		—		502.7
Accrued interest and accounts receivable	113.6		—		113.5		0.1		113.6		89.4		—		89.3		0.1		89.4
Federal funds sold and securities purchased under resale agreements	4.9		—		4.9		—		4.9		58.3		—		58.3		—		58.3
Securities borrowed	113.4		—		113.2		—		113.2		107.7		—		107.7		—		107.7
Investment securities, held-to-maturity	217.5		74.5		143.2		—		217.7		201.8		53.2		152.3		—		205.5
Loans, net of allowance for loan losses(a)	937.5		—		206.7		752.7		959.4		940.1		—		210.9		755.6		966.5
Other	95.0		—		93.2		1.9		95.1		81.8		—		80.0		1.9		81.9
Financial liabilities
Deposits	$	2,264.0	$	—	$	2,264.0	$	—	$	2,264.0	$	2,129.8	$	—	$	2,128.9	$	—	$	2,128.9
Federal funds purchased and securities loaned or sold under repurchase agreements	106.2		—		106.2		—		106.2		59.5		—		59.5		—		59.5
Short-term borrowings	35.0		—		35.0		—		35.0		28.3		—		28.3		—		28.3
Accounts payable and other liabilities	205.9		—		201.6		3.9		205.5		186.6		—		181.9		4.3		186.2
Beneficial interests issued by consolidated VIEs	15.5		—		15.5		—		15.5		17.5		—		17.6		—		17.6
Long-term debt	203.7		—		207.8		3.3		211.1		204.8		—		209.2		3.2		212.4

(a)Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value.

The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.

	March 31, 2021										December 31, 2020
			Estimated fair value hierarchy										Estimated fair value hierarchy
(in billions)	Carrying value(a) (b)		Level 1		Level 2		Level 3		Total estimated fair value		Carrying value(a) (b)		Level 1		Level 2		Level 3		Total estimated fair value
Wholesale lending-related commitments	$	2.4	$	—	$	—	$	2.8	$	2.8	$	2.2	$	—	$	—	$	2.1	$	2.1

(a)Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.

(b)Includes the wholesale allowance for lending-related commitments.

The Firm does not estimate the fair value of consumer off-balance sheet lending-related commitments. In many cases, the Firm can reduce or cancel these commitments by providing the borrower notice or, in some cases as permitted by law, without notice. Refer to page 173 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of the valuation of lending-related commitments.

96

Note 3 – Fair value option

The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments.

The Firm has elected to measure certain instruments at fair value for several reasons including to mitigate income statement volatility caused by the differences between the measurement basis of elected instruments (e.g., certain instruments that otherwise would be accounted for on an accrual basis) and the associated risk management arrangements that are accounted for on a fair value basis, as well as to better reflect those instruments that are managed on a fair value basis.

The Firm’s election of fair value includes the following instruments:

•Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis, including lending-related commitments

•Certain securities financing agreements

•Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument

•Structured notes, which are predominantly financial instruments that contain embedded derivatives that are issued as part of client-driven activities

•Certain long-term beneficial interests issued by CIB’s consolidated securitization trusts where the underlying assets are carried at fair value

Changes in fair value under the fair value option election

The following table presents the changes in fair value included in the Consolidated statements of income for the three months ended March 31, 2021 and 2020, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table.

	Three months ended March 31,
	2021							2020
(in millions)	Principal transactions		All other income			Total changes in fair value recorded (e)		Principal transactions		All other income			Total changes in fair value recorded (e)
Federal funds sold and securities purchased under resale agreements	$	(12)	$	—		$	(12)	$	543	$	—		$	543
Securities borrowed	(70)		—			(70)		226		—			226
Trading assets:
Debt and equity instruments, excluding loans	621		—			621		(2,438)		(1)		(c)	(2,439)
Loans reported as trading assets:
Changes in instrument-specific credit risk	204		—			204		(656)		—			(656)
Other changes in fair value	(1)		—			(1)		1		—			1
Loans:
Changes in instrument-specific credit risk	237		1		(c)	238		64		(23)		(c)	41
Other changes in fair value(a)	(250)		340		(c)	90		268		741		(c)	1,009
Other assets	19		(19)		(d)	—		85		(17)		(d)	68
Deposits(a)	167		—			167		(103)		—			(103)
Federal funds purchased and securities loaned or sold under repurchase agreements	34		—			34		(259)		—			(259)
Short-term borrowings(a)	(122)		—			(122)		1,720		—			1,720
Trading liabilities	—		—			—		—		—			—
Other liabilities	1		—			1		(35)		—			(35)
Long-term debt(a)(b)	1,247		(5)		(c)(d)	1,242		4,181		5		(c)	4,186

(a)Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected are recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were $(2) million for both the three months ended March 31, 2021 and 2020, respectively.

(b)Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk.

(c)Reported in mortgage fees and related income.

(d)Reported in other income.

(e)Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than certain hybrid financial instruments recorded in CIB. Refer to Note 6 for further information regarding interest income and interest expense.

97

Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding

The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of March 31, 2021, and December 31, 2020, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected.

	March 31, 2021							December 31, 2020
(in millions)	Contractual principal outstanding			Fair value		Fair value over/(under) contractual principal outstanding		Contractual principal outstanding			Fair value		Fair value over/(under) contractual principal outstanding
Loans
Nonaccrual loans
Loans reported as trading assets	$	3,102		$	426	$	(2,676)	$	3,386		$	555	$	(2,831)
Loans	1,388			1,144		(244)		1,867			1,507		(360)
Subtotal	4,490			1,570		(2,920)		5,253			2,062		(3,191)
90 or more days past due and government guaranteed
Loans(a)	355			340		(15)		328			317		(11)
All other performing loans(b)
Loans reported as trading assets	8,758			7,477		(1,281)		7,917			6,439		(1,478)
Loans	49,143			49,283		140		42,022			42,650		628
Subtotal	57,901			56,760		(1,141)		49,939			49,089		(850)
Total loans	$	62,746		$	58,670	$	(4,076)	$	55,520		$	51,468	$	(4,052)
Long-term debt
Principal-protected debt	$	39,625	(d)	$	36,943	$	(2,682)	$	40,560	(d)	$	40,526	$	(34)
Nonprincipal-protected debt(c)	NA			38,750		NA		NA			36,291		NA
Total long-term debt	NA			$	75,693	NA		NA			$	76,817	NA
Long-term beneficial interests
Nonprincipal-protected debt(c)	NA			$	193	NA		NA			$	41	NA
Total long-term beneficial interests	NA			$	193	NA		NA			$	41	NA

(a)These balances are excluded from nonaccrual loans as the loans are insured and/or guaranteed by U.S. government agencies.

(b)There were no performing loans that were ninety days or more past due as of March 31, 2021, and December 31, 2020, respectively.

(c)Remaining contractual principal is not applicable to nonprincipal-protected structured notes and long-term beneficial interests. Unlike principal-protected structured notes and long-term beneficial interests, for which the Firm is obligated to return a stated amount of principal at maturity, nonprincipal-protected structured notes and long-term beneficial interests do not obligate the Firm to return a stated amount of principal at maturity, but for structured notes to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal-protected notes.

(d)Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date.

At March 31, 2021, and December 31, 2020, the contractual amount of lending-related commitments for which the fair value option was elected was $20.9 billion and $18.1 billion, respectively, with a corresponding fair value of $75 million and $(39) million, respectively. Refer to Note 28 of JPMorgan Chase’s 2020 Form 10-K, and Note 22 of this Form 10-Q for further information regarding off-balance sheet lending-related financial instruments.

98

Structured note products by balance sheet classification and risk component

The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type.

	March 31, 2021									December 31, 2020
(in millions)	Long-term debt		Short-term borrowings		Deposits			Total		Long-term debt		Short-term borrowings		Deposits			Total
Risk exposure
Interest rate	$	35,665	$	115	$	5,197		$	40,977	$	38,129	$	65	$	5,057		$	43,251
Credit	6,492		1,630		—			8,122		6,409		1,022		—			7,431
Foreign exchange	3,357		526		231			4,114		3,613		92		—			3,705
Equity	28,719		7,414		6,382			42,515		26,943		5,021		6,893			38,857
Commodity	200		12		20		(a)	232		250		13		232		(a)	495
Total structured notes	$	74,433	$	9,697	$	11,830		$	95,960	$	75,344	$	6,213	$	12,182		$	93,739

(a)Excludes deposits linked to precious metals for which the fair value option has not been elected of $717 million and $739 million for the periods ended March 31, 2021 and December 31, 2020, respectively.

99

Note 4 – Derivative instruments

JPMorgan Chase makes markets in derivatives for clients and also uses derivatives to hedge or manage its own risk exposures. Refer to Note 5 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of the Firm’s use of and accounting policies regarding derivative instruments.

The Firm’s disclosures are based on the accounting treatment and purpose of these derivatives. A limited number of the Firm’s derivatives are designated in hedge

accounting relationships and are disclosed according to the type of hedge (fair value hedge, cash flow hedge, or net investment hedge). Derivatives not designated in hedge accounting relationships include certain derivatives that are used to manage risks associated with specified assets and liabilities (“specified risk management” positions) as well as derivatives used in the Firm’s market-making businesses or for other purposes.

The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category.

Type of Derivative	Use of Derivative	Designation and disclosure	Affected segment or unit	10-Q page reference
Manage specifically identified risk exposures in qualifying hedge accounting relationships:
•Interest rate	Hedge fixed rate assets and liabilities	Fair value hedge	Corporate	106-107
•Interest rate	Hedge floating-rate assets and liabilities	Cash flow hedge	Corporate	108
•Foreign exchange	Hedge foreign currency-denominated assets and liabilities	Fair value hedge	Corporate	106-107
•Foreign exchange	Hedge foreign currency-denominated forecasted revenue and expense	Cash flow hedge	Corporate	108
•Foreign exchange	Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities	Net investment hedge	Corporate	109
•Commodity	Hedge commodity inventory	Fair value hedge	CIB, AWM	106-107
Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships:
•Interest rate	Manage the risk associated with mortgage commitments, warehouse loans and MSRs	Specified risk management	CCB	109
•Credit	Manage the credit risk associated with wholesale lending exposures	Specified risk management	CIB	109
•Interest rate and foreign exchange	Manage the risk associated with certain other specified assets and liabilities	Specified risk management	Corporate	109
Market-making derivatives and other activities:
•Various	Market-making and related risk management	Market-making and other	CIB	109
•Various	Other derivatives	Market-making and other	CIB, AWM, Corporate	109

100

Notional amount of derivative contracts

The following table summarizes the notional amount of free-standing derivative contracts outstanding as of March 31, 2021, and December 31, 2020.

	Notional amounts(b)
(in billions)	March 31, 2021		December 31, 2020
Interest rate contracts
Swaps	$	23,774	$	20,986
Futures and forwards	5,186		3,057
Written options	3,412		3,375
Purchased options	3,707		3,675
Total interest rate contracts	36,079		31,093
Credit derivatives(a)	1,335		1,201
Foreign exchange contracts
Cross-currency swaps	3,850		3,924
Spot, futures and forwards	7,647		6,871
Written options	837		830
Purchased options	827		825
Total foreign exchange contracts	13,161		12,450
Equity contracts
Swaps	496		448
Futures and forwards	138		140
Written options	695		676
Purchased options	638		621
Total equity contracts	1,967		1,885
Commodity contracts
Swaps	178		138
Spot, futures and forwards	199		198
Written options	142		124
Purchased options	126		105
Total commodity contracts	645		565
Total derivative notional amounts	$	53,187	$	47,194

(a)Refer to the Credit derivatives discussion on page 110 for more information on volumes and types of credit derivative contracts.

(b)Represents the sum of gross long and gross short third-party notional derivative contracts.

While the notional amounts disclosed above give an indication of the volume of the Firm’s derivatives activity, the notional amounts significantly exceed, in the Firm’s view, the possible losses that could arise from such transactions. For most derivative contracts, the notional amount is not exchanged; it is simply a reference amount used to calculate payments.

101

Impact of derivatives on the Consolidated balance sheets

The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of March 31, 2021, and December 31, 2020, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type.

Free-standing derivative receivables and payables(a)
	Gross derivative receivables								Gross derivative payables
March 31, 2021 (in millions)	Not designated as hedges		Designated as hedges		Total derivative receivables		Net derivative receivables(b)		Not designated as hedges		Designated as hedges		Total derivative payables		Net derivative payables(b)
Trading assets and liabilities
Interest rate	$	310,838	$	783	$	311,621	$	28,548	$	279,186	$	—	$	279,186	$	10,744
Credit	14,212		—		14,212		1,048		14,602		—		14,602		1,898
Foreign exchange	185,672		955		186,627		15,112		184,033		1,473		185,506		17,038
Equity	73,578		—		73,578		19,753		79,543		—		79,543		22,400
Commodity	22,089		1,590		23,679		8,658		21,682		2,178		23,860		8,360
Total fair value of trading assets and liabilities	$	606,389	$	3,328	$	609,717	$	73,119	$	579,046	$	3,651	$	582,697	$	60,440
	Gross derivative receivables								Gross derivative payables
December 31, 2020 (in millions)	Not designated as hedges		Designated as hedges		Total derivative receivables		Net derivative receivables(b)		Not designated as hedges		Designated as hedges		Total derivative payables		Net derivative payables(b)
Trading assets and liabilities
Interest rate	$	390,659	$	831	$	391,490	$	35,725	$	353,627	$	—	$	353,627	$	13,012
Credit	13,503		—		13,503		680		15,192		—		15,192		1,995
Foreign exchange	205,359		901		206,260		15,781		214,229		1,697		215,926		21,433
Equity	74,798		—		74,798		20,673		81,413		—		81,413		25,898
Commodity	20,579		924		21,503		6,771		20,834		1,895		22,729		8,285
Total fair value of trading assets and liabilities	$	704,898	$	2,656	$	707,554	$	79,630	$	685,295	$	3,592	$	688,887	$	70,623

(a)Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information.

(b)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists.

102

Derivatives netting

The following tables present, as of March 31, 2021, and December 31, 2020, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty, have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables below.

In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation:

•collateral that consists of liquid securities and other cash collateral held at third-party custodians, which are shown separately as “Collateral not nettable on the Consolidated balance sheets” in the tables below, up to the fair value exposure amount. Liquid securities represent high quality liquid assets as defined in the LCR rule;

•the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables below; and

•collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables below.

	March 31, 2021							December 31, 2020
(in millions)	Gross derivative receivables		Amounts netted on the Consolidated balance sheets		Net derivative receivables			Gross derivative receivables		Amounts netted on the Consolidated balance sheets		Net derivative receivables
U.S. GAAP nettable derivative receivables
Interest rate contracts:
Over-the-counter (“OTC”)	$	288,187	$	(265,270)	$	22,917		$	367,056	$	(337,451)	$	29,605
OTC–cleared	17,627		(17,498)		129			18,340		(17,919)		421
Exchange-traded(a)	334		(305)		29			554		(395)		159
Total interest rate contracts	306,148		(283,073)		23,075			385,950		(355,765)		30,185
Credit contracts:
OTC	9,229		(8,460)		769			9,052		(8,514)		538
OTC–cleared	4,758		(4,704)		54			4,326		(4,309)		17
Total credit contracts	13,987		(13,164)		823			13,378		(12,823)		555
Foreign exchange contracts:
OTC	181,701		(170,672)		11,029			201,349		(189,655)		11,694
OTC–cleared	891		(841)		50			834		(819)		15
Exchange-traded(a)	18		(2)		16			35		(5)		30
Total foreign exchange contracts	182,610		(171,515)		11,095			202,218		(190,479)		11,739
Equity contracts:
OTC	30,396		(23,963)		6,433			34,030		(27,374)		6,656
Exchange-traded(a)	30,633		(29,862)		771			28,294		(26,751)		1,543
Total equity contracts	61,029		(53,825)		7,204			62,324		(54,125)		8,199
Commodity contracts:
OTC	11,725		(6,789)		4,936			10,924		(7,901)		3,023
OTC–cleared	36		(36)		—			20		(20)		—
Exchange-traded(a)	8,378		(8,196)		182			6,833		(6,811)		22
Total commodity contracts	20,139		(15,021)		5,118			17,777		(14,732)		3,045
Derivative receivables with appropriate legal opinion	583,913		(536,598)		47,315		(d)	681,647		(627,924)		53,723		(d)
Derivative receivables where an appropriate legal opinion has not been either sought or obtained	25,804				25,804			25,907				25,907
Total derivative receivables recognized on the Consolidated balance sheets	$	609,717			$	73,119		$	707,554			$	79,630
Collateral not nettable on the Consolidated balance sheets(b)(c)					(13,958)							(14,806)
Net amounts					$	59,161						$	64,824

103

	March 31, 2021							December 31, 2020
(in millions)	Gross derivative payables		Amounts netted on the Consolidated balance sheets		Net derivative payables			Gross derivative payables		Amounts netted on the Consolidated balance sheets		Net derivative payables
U.S. GAAP nettable derivative payables
Interest rate contracts:
OTC	$	257,384	$	(249,248)	$	8,136		$	331,854	$	(320,780)	$	11,074
OTC–cleared	19,914		(18,884)		1,030			19,710		(19,494)		216
Exchange-traded(a)	322		(310)		12			358		(341)		17
Total interest rate contracts	277,620		(268,442)		9,178			351,922		(340,615)		11,307
Credit contracts:
OTC	9,841		(8,412)		1,429			10,671		(9,141)		1,530
OTC–cleared	4,321		(4,292)		29			4,075		(4,056)		19
Total credit contracts	14,162		(12,704)		1,458			14,746		(13,197)		1,549
Foreign exchange contracts:
OTC	180,571		(167,627)		12,944			210,803		(193,672)		17,131
OTC–cleared	857		(841)		16			836		(819)		17
Exchange-traded(a)	13		—		13			34		(2)		32
Total foreign exchange contracts	181,441		(168,468)		12,973			211,673		(194,493)		17,180
Equity contracts:
OTC	33,285		(27,282)		6,003			35,330		(28,763)		6,567
Exchange-traded(a)	37,132		(29,861)		7,271			34,491		(26,752)		7,739
Total equity contracts	70,417		(57,143)		13,274			69,821		(55,515)		14,306
Commodity contracts:
OTC	10,338		(7,253)		3,085			10,365		(7,544)		2,821
OTC–cleared	53		(53)		—			32		(32)		—
Exchange-traded(a)	8,571		(8,194)		377			7,391		(6,868)		523
Total commodity contracts	18,962		(15,500)		3,462			17,788		(14,444)		3,344
Derivative payables with appropriate legal opinion	562,602		(522,257)		40,345		(d)	665,950		(618,264)		47,686		(d)
Derivative payables where an appropriate legal opinion has not been either sought or obtained	20,095				20,095			22,937				22,937
Total derivative payables recognized on the Consolidated balance sheets	$	582,697			$	60,440		$	688,887			$	70,623
Collateral not nettable on the Consolidated balance sheets(b)(c)					(9,193)							(11,964)
Net amounts					$	51,247						$	58,659

(a)Exchange-traded derivative balances that relate to futures contracts are settled daily.

(b)Includes liquid securities and other cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty.

(c)Derivative collateral relates only to OTC and OTC-cleared derivative instruments.

(d)Net derivatives receivable included cash collateral netted of $74.6 billion and $88.0 billion at March 31, 2021, and December 31, 2020, respectively. Net derivatives payable included cash collateral netted of $60.2 billion and $78.4 billion at March 31, 2021, and December 31, 2020, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments.

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Liquidity risk and credit-related contingent features

Refer to Note 5 of JPMorgan Chase’s 2020 Form 10-K for a more detailed discussion of liquidity risk and credit-related contingent features related to the Firm’s derivative contracts.

The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at March 31, 2021, and December 31, 2020.

OTC and OTC-cleared derivative payables containing downgrade triggers
(in millions)	March 31, 2021			December 31, 2020
Aggregate fair value of net derivative payables		$	21,562		$	26,945	(a)
Collateral posted		21,279			26,289

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

The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, N.A., at March 31, 2021, and December 31, 2020, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined threshold rating is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payments requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract.

Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives
	March 31, 2021				December 31, 2020
(in millions)	Single-notch downgrade		Two-notch downgrade		Single-notch downgrade		Two-notch downgrade
Amount of additional collateral to be posted upon downgrade(a)	$	178	$	1,448	$	119	$	1,243
Amount required to settle contracts with termination triggers upon downgrade(b)	127		833		153		1,682		(c)

(a)Includes the additional collateral to be posted for initial margin.

(b)Amounts represent fair values of derivative payables, and do not reflect collateral posted.

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

Derivatives executed in contemplation of a sale of the underlying financial asset

In certain instances the Firm enters into transactions in which it transfers financial assets but maintains the economic exposure to the transferred assets by entering into a derivative with the same counterparty in contemplation of the initial transfer. The Firm generally accounts for such transfers as collateralized financing transactions as described in Note 10, but in limited circumstances they may qualify to be accounted for as a sale and a derivative under U.S. GAAP. The amount of such transfers accounted for as a sale where the associated derivative was outstanding was not material at March 31, 2021 and December 31, 2020.

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Impact of derivatives on the Consolidated statements of income

The following tables provide information related to gains and losses recorded on derivatives based on their hedge accounting designation or purpose.

Fair value hedge gains and losses

The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three months ended March 31, 2021 and 2020, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item.

	Gains/(losses) recorded in income						Income statement impact of excluded components(e)				OCI impact
Three months ended March 31, 2021 (in millions)	Derivatives		Hedged items		Income statement impact		Amortization approach		Changes in fair value		Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)	$	(5,121)	$	5,446	$	325	$	—	$	436	$	—
Foreign exchange(c)	(729)		747		18		(78)		18		(37)
Commodity(d)	(1,261)		1,288		27		—		12		—
Total	$	(7,111)	$	7,481	$	370	$	(78)	$	466	$	(37)

	Gains/(losses) recorded in income						Income statement impact of excluded components(e)				OCI impact
Three months ended March 31, 2020 (in millions)	Derivatives		Hedged items		Income statement impact		Amortization approach		Changes in fair value		Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)	$	4,087	$	(3,788)	$	299	$	—	$	214	$	—
Foreign exchange(c)	576		(488)		88		(179)		88		115
Commodity(d)	1,528		(1,482)		46		—		49		—
Total	$	6,191	$	(5,758)	$	433	$	(179)	$	351	$	115

(a)Primarily consists of hedges of the benchmark (e.g., London Interbank Offered Rate (“LIBOR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income.

(b)Excludes the amortization expense associated with the inception hedge accounting adjustment applied to the hedged item. This expense is recorded in net interest income and substantially offsets the income statement impact of the excluded components. Also excludes the accrual of interest on interest rate swaps and the related hedged items.

(c)Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income.

(d)Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue.

(e)The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative, or through fair value changes recognized in the current period.

(f)Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative.

106

As of March 31, 2021 and December 31, 2020, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield.

	Carrying amount of the hedged items(a)(b)			Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
March 31, 2021 (in millions)				Active hedging relationships		Discontinued hedging relationships(d)(e)		Total
Assets
Investment securities - AFS	$	87,720	(c)	$	502	$	633	$	1,135
Liabilities
Long-term debt	$	176,622		$	(2,741)	$	9,190	$	6,449
Beneficial interests issued by consolidated VIEs	747			—		(2)		(2)
	Carrying amount of the hedged items(a)(b)			Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
December 31, 2020 (in millions)				Active hedging relationships		Discontinued hedging relationships(d)(e)		Total
Assets
Investment securities - AFS	$	139,684	(c)	$	3,572	$	847	$	4,419
Liabilities
Long-term debt	$	177,611		$	3,194	$	11,473	$	14,667
Beneficial interests issued by consolidated VIEs	746			—		(3)		(3)

(a)Excludes physical commodities with a carrying value of $16.1 billion and $11.5 billion at March 31, 2021 and December 31, 2020, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Since the Firm exits these positions at fair value, there is no incremental impact to net income in future periods.

(b)Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At March 31, 2021 and December 31, 2020, the carrying amount excluded for AFS securities is $15.5 billion and $14.5 billion, respectively, and for long-term debt is $6.4 billion and $6.6 billion, respectively.

(c)Carrying amount represents the amortized cost, net of allowance if applicable. Refer to Note 9 for additional information.

(d)Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships.

(e)Positive amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods.

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Cash flow hedge gains and losses

The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three months ended March 31, 2021 and 2020, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item.

	Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended March 31, 2021 (in millions)	Amounts reclassified from AOCI to income		Amounts recorded in OCI		Total change in OCI for period
Contract type
Interest rate(a)	$	237	$	(2,761)	$	(2,998)
Foreign exchange(b)	27		66		39
Total	$	264	$	(2,695)	$	(2,959)
	Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended March 31, 2020 (in millions)	Amounts reclassified from AOCI to income		Amounts recorded in OCI		Total change in OCI for period
Contract type
Interest rate(a)	$	(9)	$	3,461	$	3,470
Foreign exchange(b)	17		(210)		(227)
Total	$	8	$	3,251	$	3,243

(a)Primarily consists of hedges of LIBOR-indexed floating-rate assets and floating-rate liabilities. Gains and losses were recorded in net interest income.

(b)Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense.

The Firm did not experience any forecasted transactions that failed to occur for the three months ended March 31, 2021 and 2020.

Over the next 12 months, the Firm expects that approximately $926 million (after-tax) of net gains recorded in AOCI at March 31, 2021, related to cash flow hedges will be recognized in income. For cash flow hedges that have been terminated, the maximum length of time over which the derivative results recorded in AOCI will be recognized in earnings is approximately nine years, corresponding to the timing of the originally hedged forecasted cash flows. For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately seven years. The Firm’s longer-dated forecasted transactions relate to core lending and borrowing activities.

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Net investment hedge gains and losses

The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the three months ended March 31, 2021 and 2020.

	Gains/(losses) recorded in income and other comprehensive income/(loss)
	2021					2020
Three months ended March 31, (in millions)	Amounts recorded in income(a)			Amounts recorded in OCI		Amounts recorded in income(a)			Amounts recorded in OCI
Foreign exchange derivatives		$	(28)	$	1,200		$	10	$	1,589

(a)Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The Firm elects to record changes in fair value of these amounts directly in other income.

Gains and losses on derivatives used for specified risk management purposes

The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from mortgage commitments, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities.

	Derivatives gains/(losses) recorded in income
	Three months ended March 31,
(in millions)	2021		2020
Contract type
Interest rate(a)	$	(142)	$	1,292
Credit(b)	(40)		61
Foreign exchange(c)	98		106
Total	$	(84)	$	1,459

(a)Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in mortgage commitments, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income.

(b)Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue.

(c)Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue.

Gains and losses on derivatives related to market-making activities and other derivatives

The Firm makes markets in derivatives in order to meet the needs of customers and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. All derivatives not included in the hedge accounting or specified risk management categories above are included in this category. Gains and losses on these derivatives are primarily recorded in principal transactions revenue. Refer to Note 5 for information on principal transactions revenue.

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Credit derivatives

Refer to Note 5 of JPMorgan Chase’s 2020 Form 10-K for a more detailed discussion of credit derivatives. The following tables present a summary of the notional amounts of credit derivatives and credit-related notes the Firm sold and purchased as of March 31, 2021 and December 31, 2020. The Firm does not use notional amounts of credit derivatives as the primary measure of risk management for such derivatives, because the notional amount does not take into account the probability of the occurrence of a credit event, the recovery value of the reference obligation, or related cash instruments and economic hedges, each of which reduces, in the Firm’s view, the risks associated with such derivatives.

Total credit derivatives and credit-related notes

	Maximum payout/Notional amount
March 31, 2021 (in millions)	Protection sold		Protection purchased with identical underlyings(b)			Net protection (sold)/purchased(c)		Other protection purchased(d)
Credit derivatives
Credit default swaps	$	(595,343)		$	609,926	$	14,583	$	2,562
Other credit derivatives(a)	(45,961)			68,528		22,567		12,478
Total credit derivatives	(641,304)			678,454		37,150		15,040
Credit-related notes	—			—		—		10,847
Total	$	(641,304)		$	678,454	$	37,150	$	25,887
	Maximum payout/Notional amount
December 31, 2020 (in millions)	Protection sold		Protection purchased with identical underlyings(b)			Net protection (sold)/purchased(c)		Other protection purchased(d)
Credit derivatives
Credit default swaps	$	(535,094)		$	554,565	$	19,471	$	4,001
Other credit derivatives(a)	(40,084)			57,344		17,260		9,415
Total credit derivatives	(575,178)			611,909		36,731		13,416
Credit-related notes	—			—		—		10,248
Total	$	(575,178)		$	611,909	$	36,731	$	23,664

(a)Other credit derivatives predominantly consist of credit swap options and total return swaps.

(b)Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold.

(c)Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value.

(d)Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument.

The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives and credit-related notes as of March 31, 2021, and December 31, 2020, where JPMorgan Chase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives and credit-related notes where JPMorgan Chase is the purchaser of protection are comparable to the profile reflected below.

Protection sold — credit derivatives and credit-related notes ratings(a)/maturity profile
March 31, 2021 (in millions)	<1 year		1–5 years		>5 years		Total notional amount		Fair value of receivables(b)		Fair value of payables(b)		Net fair value
Risk rating of reference entity
Investment-grade	$	(93,329)	$	(304,945)	$	(80,813)	$	(479,087)	$	5,746	$	(651)	$	5,095
Noninvestment-grade	(35,229)		(100,052)		(26,936)		(162,217)		3,851		(2,418)		1,433
Total	$	(128,558)	$	(404,997)	$	(107,749)	$	(641,304)	$	9,597	$	(3,069)	$	6,528

December 31, 2020 (in millions)	<1 year		1–5 years		>5 years		Total notional amount		Fair value of receivables(b)		Fair value of payables(b)		Net fair value
Risk rating of reference entity
Investment-grade	$	(93,905)	$	(307,648)	$	(35,326)	$	(436,879)	$	5,521	$	(835)	$	4,686
Noninvestment-grade	(31,809)		(97,337)		(9,153)		(138,299)		3,953		(2,542)		1,411
Total	$	(125,714)	$	(404,985)	$	(44,479)	$	(575,178)	$	9,474	$	(3,377)	$	6,097

(a)The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s.

(b)Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting.

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Note 5 – Noninterest revenue and noninterest expense

Noninterest revenue

Refer to Note 6 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the components of and accounting policies for the Firm’s noninterest revenue.

Investment banking fees

The following table presents the components of investment banking fees.

	Three months ended March 31,
(in millions)	2021		2020
Underwriting
Equity	$	1,062	$	327
Debt	1,221		1,044
Total underwriting	2,283		1,371
Advisory	687		495
Total investment banking fees	$	2,970	$	1,866

Principal transactions

The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and fund deployment activities in Treasury and CIO. Refer to Note 6 for further information on interest income and interest expense.

Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual LOB.

	Three months ended March 31,
(in millions)	2021		2020
Trading revenue by instrument type
Interest rate(a)	$	923	$	452
Credit(b)	1,270		(702)		(c)
Foreign exchange	998		1,467
Equity	2,657		1,348
Commodity	549		437
Total trading revenue	6,397		3,002
Private equity gains/(losses)	103		(65)
Principal transactions	$	6,500	$	2,937

(a)Includes the impact of changes in funding valuation adjustments on derivatives.

(b)Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities.

(c)Includes marks on held-for-sale positions, including unfunded commitments, in the bridge financing portfolio.

Lending- and deposit-related fees

The following table presents the components of lending- and deposit-related fees.

	Three months ended March 31,
(in millions)	2021		2020
Lending-related fees	$	358	$	291
Deposit-related fees	1,329		1,415
Total lending- and deposit-related fees	$	1,687	$	1,706

Asset management, administration and commissions

The following table presents the components of asset management, administration and commissions.

	Three months ended March 31,
(in millions)	2021		2020
Asset management fees
Investment management fees(a)	$	3,257	$	2,785
All other asset management fees(b)	94		93
Total asset management fees	3,351		2,878
Total administration fees(c)	633		554
Commissions and other fees
Brokerage commissions(d)	800		864
All other commissions and fees	245		244
Total commissions and fees	1,045		1,108
Total asset management, administration and commissions	$	5,029	$	4,540

(a)Represents fees earned from managing assets on behalf of the Firm’s clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts.

(b)Represents fees for services that are ancillary to investment management services, such as commissions earned on the sales or distribution of mutual funds to clients.

(c)Predominantly includes fees for custody, securities lending, funds services and securities clearance.

(d)Represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments.

Card income

The following table presents the components of card income:

	Three months ended March 31,
(in millions)	2021		2020
Interchange and merchant processing income	$	4,868	$	4,782
Rewards costs and partner payments	(3,534)		(3,582)
Other card income(a)	16		(205)
Total card income	$	1,350	$	995

(a)Predominantly represents the amortization of account origination costs and annual fees.

Refer to Note 14 for further information on mortgage servicing rights, including risk management activities.

Refer to Note 16 for information on operating lease income included within other income.

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Noninterest expense

Other expense

Other expense on the Firm’s Consolidated statements of income included the following:

	Three months ended March 31,
(in millions)	2021		2020
Legal expense	$	28	$	197
FDIC-related expense	201		99

Note 6 – Interest income and Interest expense

Refer to Note 7 of JPMorgan Chase’s 2020 Form 10-K for a description of JPMorgan Chase’s accounting policies regarding interest income and interest expense.

The following table presents the components of interest income and interest expense.

	Three months ended March 31,
(in millions)	2021		2020
Interest income
Loans(a)	$	10,187	$	12,305
Taxable securities	1,605		2,233
Non-taxable securities(b)	277		300
Total investment securities(a)	1,882		2,533
Trading assets - debt instruments	1,782		2,064
Federal funds sold and securities purchased under resale agreements	233		1,095
Securities borrowed(c)	(77)		152
Deposits with banks	65		569
All other interest-earning assets(d)	199		443
Total interest income	$	14,271	$	19,161
Interest expense
Interest-bearing deposits	$	146	$	1,575
Federal funds purchased and securities loaned or sold under repurchase agreements	15		787
Short-term borrowings(e)	33		151
Trading liabilities – debt and all other interest-bearing liabilities(c)(f)	27		372
Long-term debt	1,134		1,747
Beneficial interest issued by consolidated VIEs	27		90
Total interest expense	$	1,382	$	4,722
Net interest income	$	12,889	$	14,439
Provision for credit losses	(4,156)		8,285
Net interest income after provision for credit losses	$	17,045	$	6,154

(a)Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts and net deferred fees/costs).

(b)Represents securities which are tax-exempt for U.S. federal income tax purposes.

(c)Negative interest income is 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 interest-bearing liabilities.

(d)Includes interest earned on 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.

(e)Includes commercial paper.

(f)All other interest-bearing liabilities includes interest expense on brokerage-related customer payables.

112

Note 7 – Pension and other postretirement employee benefit plans

Refer to Note 8 of JPMorgan Chase’s 2020 Form 10-K for a discussion of JPMorgan Chase’s pension and OPEB plans.

The following table presents the components of net periodic benefit costs reported in the Consolidated statements of income for the Firm’s defined benefit pension, defined contribution and OPEB plans.

(in millions)	Three months ended March 31,
	2021		2020
	Pension and OPEB plans
Components of net periodic benefit cost, U.S. defined benefit pension plans
Benefits earned during the period	$	—	$	—
Interest cost on benefit obligations	85		105
Expected return on plan assets	(129)		(158)
Amortization:
Net (gain)/loss	3		2
Prior service (credit)/cost	—		—
Net periodic defined benefit plan cost/(credit), U.S. defined benefit pension plans	(41)		(51)
Other defined benefit pension and OPEB plans	(18)		(21)
Total net periodic defined benefit plan cost/(credit)	(59)		(72)
Total defined contribution plans	321		299
Total pension and OPEB cost included in noninterest expense	$	262	$	227

The following table presents the fair values of plan assets for the Firm's defined benefit pension and OPEB plans.

(in billions)	March 31, 2021		December 31, 2020
Fair value of plan assets
U.S. defined benefit pension plans	$	16.9	$	17.6
Other defined benefit pension and OPEB plans	7.6		7.8

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Note 8 – Employee share-based incentives

Refer to Note 9 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the accounting policies and other information relating to employee share-based incentives.

The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income.

	Three months ended March 31,
(in millions)	2021		2020
Cost of prior grants of RSUs, performance share units (“PSUs”) and stock options that are amortized over their applicable vesting periods	$	356	$	334
Accrual of estimated costs of share-based awards to be granted in future periods predominantly those to full-career eligible employees	548		310
Total noncash compensation expense related to employee share-based incentive plans	$	904	$	644

In the first quarter of 2021, in connection with its annual incentive grant for the 2020 performance year, the Firm granted 17 million RSUs and 678 thousand PSUs with weighted-average grant date fair values of $137.38 per RSU and $136.94 per PSU.

114

Note 9 – Investment securities

Investment securities consist of debt securities that are classified as AFS or HTM. Debt securities classified as trading assets are discussed in Note 2. Predominantly all of the Firm’s AFS and HTM securities are held by Treasury and CIO in connection with its asset-liability management activities. At March 31, 2021, the investment securities portfolio consisted of debt securities with an average credit

rating of AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings). Refer to Note 10 of JPMorgan Chase’s 2020 Form 10-K for additional information regarding the investment securities portfolio.

The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.

	March 31, 2021								December 31, 2020
(in millions)	Amortized cost(e)		Gross unrealized gains		Gross unrealized losses		Fair value		Amortized cost(e)		Gross unrealized gains		Gross unrealized losses		Fair value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	$	112,356	$	1,479	$	1,376	$	112,459	$	110,979	$	2,372	$	50	$	113,301
Residential:
U.S.	5,788		180		5		5,963		6,246		224		3		6,467
Non-U.S.	4,607		31		—		4,638		3,751		20		5		3,766
Commercial	3,004		52		27		3,029		2,819		71		34		2,856
Total mortgage-backed securities	125,755		1,742		1,408		126,089		123,795		2,687		92		126,390
U.S. Treasury and government agencies	195,423		1,586		2,225		194,784		199,910		2,141		100		201,951
Obligations of U.S. states and municipalities	18,651		1,276		5		19,922		18,993		1,404		1		20,396
Non-U.S. government debt securities	20,745		192		64		20,873		22,587		354		13		22,928
Corporate debt securities	210		4		4		210		215		4		3		216
Asset-backed securities:
Collateralized loan obligations	11,309		25		5		11,329		10,055		24		31		10,048
Other	6,663		79		7		6,735		6,174		91		16		6,249
Total available-for-sale securities(b)	378,756		4,904		3,718		379,942		381,729		6,705		256		388,178
Held-to-maturity securities(c)
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	97,626		2,020		630		99,016		107,889		2,968		29		110,828
U.S. Residential	4,640		3		43		4,600		4,345		8		30		4,323
Commercial	2,826		19		8		2,837		2,602		77		—		2,679
Total mortgage-backed securities	105,092		2,042		681		106,453		114,836		3,053		59		117,830
U.S. Treasury and government agencies	76,107		13		1,575		74,545		53,184		50		—		53,234
Obligations of U.S. states and municipalities	12,658		389		52		12,995		12,751		519		—		13,270
Asset-backed securities:
Collateralized loan obligations	23,595		125		3		23,717		21,050		90		2		21,138
Total held-to-maturity securities, net of allowance for credit losses(d)	217,452		2,569		2,311		217,710		201,821		3,712		61		205,472
Total investment securities, net of allowance for credit losses(d)	$	596,208	$	7,473	$	6,029	$	597,652	$	583,550	$	10,417	$	317	$	593,650

(a)Includes AFS U.S. GSE obligations with fair values of $61.0 billion and $65.8 billion, and HTM U.S. GSE obligations with amortized cost of $78.8 billion and $86.3 billion, at March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, 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 $108.2 billion and $108.7 billion, and $31.9 billion and $32.3 billion, respectively.

(b)There was no allowance for credit losses on AFS securities at both March 31, 2021 and December 31, 2020.

(c)The Firm purchased $31.3 billion and $205 million of HTM securities for the three months ended March 31, 2021 and 2020, respectively.

(d)HTM securities measured at amortized cost are reported net of allowance for credit losses of $94 million and $78 million at March 31, 2021 and December 31, 2020, respectively.

(e)Excludes $1.8 billion and $2.1 billion of accrued interest receivables at March 31, 2021 and December 31, 2020, respectively. The Firm did not reverse through interest income any accrued interest receivables for the three months ended March 31, 2021 and 2020.

115

AFS securities impairment

The following tables present the fair value and gross unrealized losses by aging category for AFS securities at March 31, 2021 and December 31, 2020. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $3.6 billion and $150 million, at March 31, 2021 and December 31, 2020, 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 months				12 months or more
March 31, 2021 (in millions)	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Total fair value		Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.	$	801	$	5	$	53	$	—	$	854	$	5
Non-U.S.	769		—		33		—		802		—
Commercial	501		12		344		15		845		27
Total mortgage-backed securities	2,071		17		430		15		2,501		32
Obligations of U.S. states and municipalities	218		5		—		—		218		5
Non-U.S. government debt securities	6,620		61		580		3		7,200		64
Corporate debt securities	52		3		42		1		94		4
Asset-backed securities:
Collateralized loan obligations	1,808		4		2,254		1		4,062		5
Other	325		1		489		6		814		7
Total available-for-sale securities with gross unrealized losses	$	11,094	$	91	$	3,795	$	26	$	14,889	$	117

	Available-for-sale securities with gross unrealized losses
	Less than 12 months				12 months or more
December 31, 2020 (in millions)	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Total fair value		Total 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
Commercial	699		18		124		16		823		34
Total mortgage-backed securities	3,768		25		391		17		4,159		42
Obligations of U.S. states and municipalities	49		1		—		—		49		1
Non-U.S. government debt securities	2,709		9		968		4		3,677		13
Corporate debt securities	91		3		5		—		96		3
Asset-backed securities:
Collateralized loan obligations	5,248		18		2,645		13		7,893		31
Other	268		1		685		15		953		16
Total available-for-sale securities with gross unrealized losses	$	12,133	$	57	$	4,694	$	49	$	16,827	$	106

116

Allowance for credit losses

Based on its assessment, the Firm did not recognize an allowance for credit losses on impaired AFS securities as of March 31, 2021 and 2020.

HTM securities – credit risk

Credit quality indicator

The primary credit quality indicator for HTM securities is the risk rating assigned to each security. At March 31, 2021 and December 31, 2020, all HTM securities were rated investment grade and were current and accruing, with approximately 97% and 98% rated at least AA+, respectively.

Allowance for credit losses

The allowance for credit losses on HTM securities was $94 million and $19 million as of March 31, 2021 and 2020, respectively.

Refer to Note 10 of JPMorgan Chase’s 2020 Form 10-K for further discussion of accounting policies for AFS and HTM securities.

Selected impacts of investment securities on the Consolidated statements of income

	Three months ended March 31,
(in millions)	2021		2020
Realized gains	$	237	$	1,095
Realized losses	(223)		(862)
Net investment securities gains	$	14	$	233
Provision for credit losses	$	16	$	9

117

Contractual maturities and yields

The following table presents the amortized cost and estimated fair value at March 31, 2021, of JPMorgan Chase’s investment securities portfolio by contractual maturity.

By remaining maturity March 31, 2021 (in millions)	Due in one year or less			Due after one year through five years			Due after five years through 10 years			Due after 10 years(b)			Total
Available-for-sale securities
Mortgage-backed securities
Amortized cost	$	—		$	2,226		$	5,998		$	117,531		$	125,755
Fair value	—			2,251			6,283			117,555			126,089
Average yield(a)	—		%	1.40		%	1.79		%	2.50		%	2.44		%
U.S. Treasury and government agencies
Amortized cost	$	4,058		$	129,668		$	53,799		$	7,898		$	195,423
Fair value	4,088			129,830			52,724			8,142			194,784
Average yield(a)	0.95		%	0.52		%	0.95		%	0.54		%	0.65		%
Obligations of U.S. states and municipalities
Amortized cost	$	33		$	207		$	1,152		$	17,259		$	18,651
Fair value	33			214			1,219			18,456			19,922
Average yield(a)	4.16		%	4.74		%	4.96		%	4.96		%	4.96		%
Non-U.S. government debt securities
Amortized cost	$	7,029		$	5,581		$	4,511		$	3,624		$	20,745
Fair value	7,038			5,698			4,530			3,607			20,873
Average yield(a)	1.19		%	2.05		%	0.78		%	0.52		%	1.21		%
Corporate debt securities
Amortized cost	$	—		$	139		$	71		$	—		$	210
Fair value	—			136			74			—			210
Average yield(a)	—		%	1.18		%	1.89		%	—		%	1.42		%
Asset-backed securities
Amortized cost	$	1,544		$	1,995		$	6,812		$	7,621		$	17,972
Fair value	1,545			2,011			6,831			7,677			18,064
Average yield(a)	1.28		%	1.94		%	1.30		%	1.42		%	1.42		%
Total available-for-sale securities
Amortized cost	$	12,664		$	139,816		$	72,343		$	153,933		$	378,756
Fair value	12,704			140,140			71,661			155,437			379,942
Average yield(a)	1.13		%	0.62		%	1.11		%	2.57		%	1.52		%
Held-to-maturity securities
Mortgage-backed securities
Amortized cost	$	—		$	423		$	11,858		$	92,851		$	105,132
Fair value	—			423			12,214			93,816			106,453
Average yield(a)	—		%	1.12		%	2.36		%	2.93		%	2.86		%
U.S. Treasury and government agencies
Amortized cost	$	1,318		$	42,176		$	32,613		$	—		$	76,107
Fair value	1,319			42,161			31,065			—			74,545
Average yield(a)	0.17		%	0.66		%	1.18		%	—		%	0.88		%
Obligations of U.S. states and municipalities
Amortized cost	$	—		$	65		$	688		$	11,959		$	12,712
Fair value	—			66			724			12,205			12,995
Average yield(a)	—		%	3.23		%	3.76		%	3.77		%	3.77		%
Asset-backed securities
Amortized cost	$	—		$	—		$	11,137		$	12,458		$	23,595
Fair value	—			—			11,192			12,525			23,717
Average yield(a)	—		%	—		%	1.34		%	1.33		%	1.33		%
Total held-to-maturity securities
Amortized cost	$	1,318		$	42,664		$	56,296		$	117,268		$	217,546
Fair value	1,319			42,650			55,195			118,546			217,710
Average yield(a)	0.17		%	0.67		%	1.49		%	2.84		%	2.05		%

(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 6 years for agency residential MBS, 4 years for agency residential collateralized mortgage obligations and 3 years for nonagency residential collateralized mortgage obligations.

118

Note 10 – Securities financing activities

Refer to Note 11 of JPMorgan Chase’s 2020 Form 10-K for a discussion of accounting policies relating to securities financing activities. Refer to Note 3 for further information regarding securities borrowed and securities lending agreements for which the fair value option has been elected. Refer to Note 23 for further information regarding assets pledged and collateral received in securities financing agreements.

The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of March 31, 2021 and December 31, 2020. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances

outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below.

	March 31, 2021
(in millions)	Gross amounts		Amounts netted on the Consolidated balance sheets		Amounts presented on the Consolidated balance sheets		Amounts not nettable on the Consolidated balance sheets(b)		Net amounts(c)
Assets
Securities purchased under resale agreements	$	555,370	$	(282,889)	$	272,481	$	(254,495)		$	17,986
Securities borrowed	182,414		(2,898)		179,516		(130,939)			48,577
Liabilities
Securities sold under repurchase agreements	$	575,969	$	(282,889)	$	293,080	$	(263,698)		$	29,382
Securities loaned and other(a)	54,058		(2,898)		51,160		(49,574)			1,586

	December 31, 2020
(in millions)	Gross amounts		Amounts netted on the Consolidated balance sheets		Amounts presented on the Consolidated balance sheets		Amounts not nettable on the Consolidated balance sheets(b)		Net amounts(c)
Assets
Securities purchased under resale agreements	$	666,467	$	(370,183)	$	296,284	$	(273,206)		$	23,078
Securities borrowed	193,700		(33,065)		160,635		(115,219)			45,416
Liabilities
Securities sold under repurchase agreements	$	578,060	$	(370,183)	$	207,877	$	(191,980)		$	15,897
Securities loaned and other(a)	41,366		(33,065)		8,301		(8,257)			44

(a)Includes securities-for-securities lending agreements of $42.8 billion and $3.4 billion at March 31, 2021 and December 31, 2020, respectively, accounted for at fair value, where the Firm is acting as lender. In the Consolidated balance sheets, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities.

(b)In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty.

(c)Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At March 31, 2021 and December 31, 2020, included $12.8 billion and $17.0 billion, respectively, of securities purchased under resale agreements; $45.5 billion and $42.1 billion, respectively, of securities borrowed; $27.4 billion and $14.5 billion, respectively, of securities sold under repurchase agreements; and $136 million and $8 million, respectively, of securities loaned and other.

119

The tables below present as of March 31, 2021, and December 31, 2020 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.

	Gross liability balance
	March 31, 2021				December 31, 2020
(in millions)	Securities sold under repurchase agreements		Securities loaned and other		Securities sold under repurchase agreements		Securities loaned and other
Mortgage-backed securities
U.S. GSEs and government agencies	$	76,335	$	—	$	56,744	$	—
Residential - nonagency	522		—		1,016		—
Commercial - nonagency	775		—		855		—
U.S. Treasury, GSEs and government agencies	274,254		184		315,834		143
Obligations of U.S. states and municipalities	1,626		—		1,525		2
Non-U.S. government debt	163,200		2,472		157,563		1,730
Corporate debt securities	28,522		2,563		22,849		1,864
Asset-backed securities	682		845		694		—
Equity securities	30,053		47,994		20,980		37,627
Total	$	575,969	$	54,058	$	578,060	$	41,366

	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
March 31, 2021 (in millions)			Up to 30 days		30 – 90 days				Total
Total securities sold under repurchase agreements	$	228,510	$	252,875	$	46,361	$	48,223	$	575,969
Total securities loaned and other	52,440		395		799		424		54,058

	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
December 31, 2020 (in millions)			Up to 30 days		30 – 90 days				Total
Total securities sold under repurchase agreements	$	238,667	$	230,980	$	70,777	$	37,636	$	578,060
Total securities loaned and other	37,887		1,647		500		1,332		41,366

Transfers not qualifying for sale accounting

At March 31, 2021, and December 31, 2020, the Firm held $603 million and $598 million, respectively, of financial assets for which the rights have been transferred to third parties; however, the transfers did not qualify as a sale in accordance with U.S. GAAP. These transfers have been recognized as collateralized financing transactions. The transferred assets are recorded in trading assets and loans, and the corresponding liabilities are recorded predominantly in short-term borrowings on the Consolidated balance sheets.

120

Note 11 – Loans

Loan accounting framework

The accounting for a loan depends on management’s strategy for the loan. The Firm accounts for loans based on the following categories:

•Originated or purchased loans held-for-investment (i.e., “retained”)

•Loans held-for-sale

•Loans at fair value

Refer to Note 12 of JPMorgan Chase's 2020 Form 10-K for a detailed discussion of loans, including accounting policies. Refer to Note 3 of this Form 10-Q for further information on the Firm's elections of fair value accounting under the fair value option. Refer to Note 2 of this Form 10-Q for information on loans carried at fair value and classified as trading assets.

Loan portfolio

The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class.

Consumer, excluding credit card	Credit card	Wholesale(c)(d)
• Residential real estate(a) • Auto and other(b)	• Credit card loans	• Secured by real estate • Commercial and industrial • Other(e)

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

(b)Includes scored auto and business banking loans and overdrafts.

(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)The wholesale portfolio segment's classes align with loan classifications as defined by the bank regulatory agencies, based on the loan's collateral, purpose, and type of borrower.

(e)Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for more information on SPEs.

The following tables summarize the Firm’s loan balances by portfolio segment.

March 31, 2021	Consumer, excluding credit card		Credit card		Wholesale		Total(a)(b)
(in millions)
Retained	$	302,392	$	131,772	$	514,478	$	948,642
Held-for-sale	1,232		721		9,945		11,898
At fair value	21,284		—		29,483		50,767
Total	$	324,908	$	132,493	$	553,906	$	1,011,307
December 31, 2020	Consumer, excluding credit card		Credit card		Wholesale		Total(a)(b)
(in millions)
Retained	$	302,127	$	143,432	$	514,947	$	960,506
Held-for-sale	1,305		784		5,784		7,873
At fair value	15,147		—		29,327		44,474
Total	$	318,579	$	144,216	$	550,058	$	1,012,853

(a)Excludes $2.9 billion of accrued interest receivables at both March 31, 2021, and December 31, 2020. The Firm wrote off accrued interest receivables of $13 million and $14 million for the three months ended March 31, 2021 and 2020, respectively.

(b)Loans (other than those for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs. These amounts were not material as of March 31, 2021, and December 31, 2020.

121

The following table provides information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table.

	2021									2020
Three months ended March 31, (in millions)	Consumer, excluding credit card			Credit card		Wholesale		Total		Consumer, excluding credit card			Credit card		Wholesale		Total
Purchases	$	191	(b)(c)	$	—	$	226	$	417	$	1,172	(b)(c)	$	—	$	386	$	1,558
Sales	181			—		5,730		5,911		324			—		5,452		5,776
Retained loans reclassified to held-for-sale(a)	162			—		772		934		148			—		469		617

(a)Reclassifications of loans to held-for-sale are non-cash transactions.

(b)Predominantly includes purchases of residential real estate loans, including the Firm’s voluntary repurchases of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines for the three months ended March 31, 2021 and 2020. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA.

(c)Excludes purchases of retained loans of $7.0 billion and $3.6 billion for the three months ended March 31, 2021 and 2020, respectively, which are predominantly sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards.

Gains and losses on sales of loans

Net gains/(losses) on sales of loans and lending-related commitments (including adjustments to record loans and lending-related commitments held-for-sale at the lower of cost or fair value) recognized in noninterest revenue for the three months ended March 31, 2021 was $132 million, of which $135 million related to loans. Net losses on sales of loans and lending-related commitments for the three months ended March 31, 2020 was $(913) million, of which $(142) million related to loans. In addition, the sale of loans may also result in write downs, recoveries or changes in the allowance recognized in the provision for credit losses.

Loan modifications

The Firm has granted various forms of assistance to customers and clients impacted by the COVID-19 pandemic, including payment deferrals and covenant modifications. The majority of the Firm’s COVID-19 related loan modifications have not been considered TDRs because:

•they represent short-term or other insignificant modifications, whether under the Firm’s regular loan modification assessments or as permitted by regulatory guidance, or

•the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act.

To the extent that certain modifications do not meet any of the above criteria, the Firm accounts for them as TDRs.

As permitted by regulatory guidance, the Firm does not place loans with deferrals granted due to COVID-19 on nonaccrual status where such loans are not otherwise reportable as nonaccrual. The Firm considers expected losses of principal and accrued interest associated with all COVID-19 related loan modifications in its allowance for credit losses.

Assistance provided in response to the COVID-19 pandemic could delay the recognition of delinquencies, nonaccrual status, and net charge-offs for those customers who would have otherwise moved into past due or nonaccrual status.

122

Consumer, excluding credit card loan portfolio

Consumer loans, excluding credit card loans, consist primarily of scored residential mortgages, home equity loans and lines of credit, auto and business banking loans, with a focus on serving the prime consumer credit market. The portfolio also includes home equity loans secured by junior liens, prime mortgage loans with an interest-only payment period and certain payment-option loans that may result in negative amortization.

The following table provides information about retained consumer loans, excluding credit card, by class.

(in millions)	March 31, 2021		December 31, 2020
Residential real estate	$	219,173	$	225,302
Auto and other(a)	83,219		76,825
Total retained loans	$	302,392	$	302,127

(a)At March 31, 2021 and December 31, 2020, included $23.4 billion and $19.2 billion of loans, respectively, in Business Banking under the PPP.

Delinquency rates are the primary credit quality indicator for consumer loans. Refer to Note 12 of JPMorgan Chase's 2020 Form 10-K for further information on consumer credit quality indicators.

123

Residential real estate

The following tables provide information on delinquency, which is the primary credit quality indicator for retained residential real estate loans.

(in millions, except ratios)	March 31, 2021
	Term loans by origination year(d)																		Revolving loans						Total
	2021			2020			2019			2018			2017			Prior to 2017			Within the revolving period			Converted to term loans
Loan delinquency(a)(b)
Current	$	13,779		$	57,109		$	27,264		$	11,868		$	17,387		$	68,061		$	6,165		$	15,542		$	217,175
30–149 days past due	—			5			11			15			12			595			17			193			848
150 or more days past due	—			2			4			8			20			838			16			262			1,150
Total retained loans	$	13,779		$	57,116		$	27,279		$	11,891		$	17,419		$	69,494		$	6,198		$	15,997		$	219,173
% of 30+ days past due to total retained loans(c)	—		%	0.01		%	0.05		%	0.19		%	0.18		%	2.01		%	0.53		%	2.84		%	0.90		%

(in millions, except ratios)	December 31, 2020
	Term loans by origination year(d)																				Revolving loans						Total
	2020				2019			2018			2017			2016			Prior to 2016				Within the revolving period			Converted to term loans
Loan delinquency(a)(b)
Current	$	56,576		(e)	$	31,820		$	13,900		$	20,410		$	27,978		$	49,218		(e)	$	7,370		$	15,792		$	223,064
30–149 days past due	9				25			20			22			29			674				21			245			1,045
150 or more days past due	3				14			10			18			18			844				22			264			1,193
Total retained loans	$	56,588			$	31,859		$	13,930		$	20,450		$	28,025		$	50,736			$	7,413		$	16,301		$	225,302
% of 30+ days past due to total retained loans(c)	0.02		%		0.12		%	0.22		%	0.20		%	0.17		%	2.91		%	(e)	0.58		%	3.12		%	0.98		%

(a)Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $40 million and $36 million; 30–149 days past due included $13 million and $16 million; and 150 or more days past due included $23 million and $24 million at March 31, 2021 and December 31, 2020, respectively.

(b)At March 31, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.

(c)At March 31, 2021 and December 31, 2020, residential real estate loans excluded mortgage loans insured by U.S. government agencies of $36 million and $40 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(d)Includes loans purchased based on the year in which they were originated.

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

Approximately 35% of the total revolving loans are senior lien loans; the remaining balance are junior lien loans. The lien position the Firm holds is considered in the Firm’s allowance for credit losses. Revolving loans that have been converted to term loans have higher delinquency rates than those that are still within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options available for revolving loans within the revolving period.

124

Nonaccrual loans and other credit quality indicators

The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans.

(in millions, except weighted-average data)	March 31, 2021			December 31, 2020
Nonaccrual loans(a)(b)(c)(d)	$	5,247		$	5,313
90 or more days past due and government guaranteed(e)	30			33
Current estimated LTV ratios(f)(g)
Greater than 125% and refreshed FICO scores:
Equal to or greater than 660	$	19		$	10
Less than 660	14			18
101% to 125% and refreshed FICO scores:
Equal to or greater than 660	105			72
Less than 660	46			65
80% to 100% and refreshed FICO scores:
Equal to or greater than 660	1,482			2,365
Less than 660	286			435
Less than 80% and refreshed FICO scores:
Equal to or greater than 660	204,165			208,457
Less than 660	11,267			12,072
No FICO/LTV available	1,713			1,732
U.S. government-guaranteed	76			76
Total retained loans	$	219,173		$	225,302
Weighted average LTV ratio(f)(h)	53		%	54		%
Weighted average FICO(g)(h)	764			763
Geographic region(i)
California	$	70,787		$	73,444
New York	32,042			32,287
Florida	14,086			13,981
Texas	13,320			13,773
Illinois	12,350			13,130
Colorado	8,085			8,235
Washington	7,687			7,917
New Jersey	6,934			7,227
Massachusetts	5,715			5,784
Connecticut	5,012			5,024
All other(j)	43,155			44,500
Total retained loans	$	219,173		$	225,302

(a)Includes collateral-dependent residential real estate loans that are charged down to the fair value of the underlying collateral less costs to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual TDRs, regardless of their delinquency status. At March 31, 2021, approximately 7% of Chapter 7 residential real estate loans were 30 days or more past due.

(b)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral has subsequently improved, the related allowance may be negative.

(c)Interest income on nonaccrual loans recognized on a cash basis was $45 million and $43 million for the three months ended March 31, 2021 and 2020, respectively.

(d)Generally excludes loans 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 are considered collateral-dependent and charged down to the lower of amortized cost or fair value of the underlying collateral less costs to sell.

(e)These balances are excluded from nonaccrual loans as the loans are guaranteed by U.S government agencies. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. At March 31, 2021 and December 31, 2020, these balances were no longer accruing interest based on the agreed-upon servicing guidelines. There were no loans that were not guaranteed by U.S. government agencies that are 90 or more days past due and still accruing interest at March 31, 2021 and December 31, 2020.

(f)Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.

(g)Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.

(h)Excludes loans with no FICO and/or LTV data available.

(i)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2021.

(j)At both March 31, 2021 and December 31, 2020, included mortgage loans insured by U.S. government agencies of $76 million. These amounts have been excluded from the geographic regions presented based upon the government guarantee.

125

Loan modifications

Modifications of residential real estate loans where the Firm grants concessions to borrowers who are experiencing financial difficulty are generally accounted for and reported as TDRs. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs nor are loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act. The carrying value of new TDRs was $251 million and $142 million for the three months ended March 31, 2021 and 2020, respectively. There were no additional commitments to lend to borrowers whose residential real estate loans have been modified in TDRs.

Nature and extent of modifications

The Firm’s proprietary modification programs as well as government programs, including U.S. GSE programs, generally provide various concessions to financially troubled borrowers including, but not limited to, interest rate reductions, term or payment extensions and delays of principal and/or interest payments that would otherwise have been required under the terms of the original agreement.

The following table provides information about how residential real estate loans were modified in TDRs under the Firm’s loss mitigation programs described above during the periods presented. This table excludes Chapter 7 loans where the sole concession granted is the discharge of debt, loans with short-term or other insignificant modifications that are not considered concessions, and loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act.

	Three months ended March 31,
	2021		2020
Number of loans approved for a trial modification	1,401		1,996
Number of loans permanently modified	1,714		1,481
Concession granted:(a)
Interest rate reduction	72	%	79	%
Term or payment extension	40		81
Principal and/or interest deferred	31		11
Principal forgiveness	4		4
Other(b)	51		55

(a)Represents concessions granted in permanent modifications as a percentage of the number of loans permanently modified. The sum of the percentages exceeds 100% because predominantly all of the modifications include more than one type of concession. Concessions offered on trial modifications are generally consistent with those granted on permanent modifications.

(b)Includes variable interest rate to fixed interest rate modifications and payment delays that meet the definition of a TDR.

Financial effects of modifications and redefaults

The following table provides information about the financial effects of the various concessions granted in modifications of residential real estate loans under the loss mitigation programs described above and about redefaults of certain loans modified in TDRs for the periods presented. The following table presents only the financial effects of permanent modifications and do not include temporary concessions offered through trial modifications. This table also excludes Chapter 7 loans where the sole concession granted is the discharge of debt, loans with short-term or other insignificant modifications that are not considered concessions, and loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act.

(in millions, except weighted-average data)	Three months ended March 31,
	2021			2020
Weighted-average interest rate of loans with interest rate reductions – before TDR	4.57		%	5.20		%
Weighted-average interest rate of loans with interest rate reductions – after TDR	2.91			3.48
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR	24			22
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR	39			39
Charge-offs recognized upon permanent modification	$	—		$	—
Principal deferred	12			5
Principal forgiven	1			2
Balance of loans that redefaulted within one year of permanent modification(a)	$	24		$	70

(a)Represents loans permanently modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The dollar amounts presented represent the balance of such loans at the end of the reporting period in which such loans defaulted. For residential real estate loans modified in TDRs, payment default is deemed to occur when the loan becomes two contractual payments past due. In the event that a modified loan redefaults, it will generally be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last twelve months may not be representative of ultimate redefault levels.

At March 31, 2021, the weighted-average estimated remaining lives of residential real estate loans permanently modified in TDRs were six years. The estimated remaining lives of these loans reflect estimated prepayments, both voluntary and involuntary (i.e., foreclosures and other forced liquidations).

126

Active and suspended foreclosure

At March 31, 2021 and December 31, 2020, the Firm had residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $802 million and $846 million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.

In response to the COVID-19 pandemic, the Firm has temporarily suspended certain foreclosure activities. This could delay recognition of foreclosed properties until the foreclosure moratoriums are lifted.

Auto and other

The following tables provide information on delinquency, which is the primary credit quality indicator for retained auto and other consumer loans.

	March 31, 2021
(in millions, except ratios)	Term Loans by origination year																		Revolving loans
	2021			2020			2019			2018			2017			Prior to 2017			Within the revolving period			Converted to term loans			Total
Loan delinquency(a)
Current	$	17,719	(b)	$	39,161	(b)	$	11,405		$	6,349		$	3,706		$	2,045		$	2,369		$	149		$	82,903
30–119 days past due	32			50			65			47			31			33			21			12			291
120 or more days past due	—			—			—			1			1			1			12			10			25
Total retained loans	$	17,751		$	39,211		$	11,470		$	6,397		$	3,738		$	2,079		$	2,402		$	171		$	83,219
% of 30+ days past due to total retained loans	0.18%			0.13%			0.57		%	0.75		%	0.86		%	1.64		%	1.37		%	12.87		%	0.38		%

	December 31, 2020
(in millions, except ratios)	Term Loans by origination year																		Revolving loans
	2020			2019			2018			2017			2016			Prior to 2016			Within the revolving period			Converted to term loans			Total
Loan delinquency(a)
Current	$	46,169	(c)	$	12,829		$	7,367		$	4,521		$	2,058		$	742		$	2,517		$	158		$	76,361
30–119 days past due	97			107			77			53			42			23			30			17			446
120 or more days past due	—			—			—			1			—			1			8			8			18
Total retained loans	$	46,266		$	12,936		$	7,444		$	4,575		$	2,100		$	766		$	2,555		$	183		$	76,825
% of 30+ days past due to total retained loans	0.21%			0.83		%	1.03		%	1.18		%	2.00		%	3.13		%	1.49		%	13.66		%	0.60		%

(a)At March 31, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.

(b)At March 31, 2021, included $8.7 billion of loans originated in 2021 and $14.7 billion of loans originated in 2020 in Business Banking under the PPP. PPP loans are guaranteed by the SBA. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans.

(c)At December 31, 2020, included $19.2 billion of loans in Business Banking under the PPP.

127

Nonaccrual and other credit quality indicators

The following table provides information on nonaccrual and other credit quality indicators for retained auto and other consumer loans.

(in millions, except ratios)	Total Auto and other
	March 31, 2021		December 31, 2020
Nonaccrual loans(a)(b)(c)	135		151
Geographic region(d)
California	$	13,514	$	12,302
New York	10,551		8,824
Texas	8,746		8,235
Florida	5,117		4,668
Illinois	4,003		3,768
New Jersey	2,895		2,646
Arizona	2,619		2,465
Ohio	2,293		2,163
Colorado	2,021		1,910
Pennsylvania	2,004		1,924
All other	29,456		27,920
Total retained loans	$	83,219	$	76,825

(a)There were no loans that were 90 or more days past due and still accruing interest at March 31, 2021 and December 31, 2020.

(b)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral has subsequently improved, the related allowance may be negative.

(c)Interest income on nonaccrual loans recognized on a cash basis was not material for the three months ended March 31, 2021 and 2020.

(d)The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at March 31, 2021.

Loan modifications

Certain other consumer loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs.

The impact of these modifications, as well as new TDRs, were not material to the Firm for the three months ended March 31, 2021 and 2020. Additional commitments to lend to borrowers whose loans have been modified in TDRs as of March 31, 2021 and December 31, 2020 were not material.

128

Credit card loan portfolio

The credit card portfolio segment includes credit card loans originated and purchased by the Firm. Delinquency rates are the primary credit quality indicator for credit card loans.

Refer to Note 12 of JPMorgan Chase's 2020 Form 10-K for further information on the credit card loan portfolio, including credit quality indicators.

The following tables provide information on delinquency, which is the primary credit quality indicator for retained credit card loans.

(in millions, except ratios)	March 31, 2021
	Within the revolving period			Converted to term loans(b)			Total
Loan delinquency(a)
Current and less than 30 days past due and still accruing	$	128,749		$	1,178		$	129,927
30–89 days past due and still accruing	714			73			787
90 or more days past due and still accruing	1,018			40			1,058
Total retained loans	$	130,481		$	1,291		$	131,772
Loan delinquency ratios
% of 30+ days past due to total retained loans	1.33		%	8.75		%	1.40		%
% of 90+ days past due to total retained loans	0.78			3.10			0.80

(in millions, except ratios)	December 31, 2020
	Within the revolving period			Converted to term loans(b)			Total
Loan delinquency(a)
Current and less than 30 days past due and still accruing	$	139,783		$	1,239		$	141,022
30–89 days past due and still accruing	997			94			1,091
90 or more days past due and still accruing	1,277			42			1,319
Total retained loans	$	142,057		$	1,375		$	143,432
Loan delinquency ratios
% of 30+ days past due to total retained loans	1.60		%	9.89		%	1.68		%
% of 90+ days past due to total retained loans	0.90			3.05			0.92

(a)At March 31, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.

(b)Represents TDRs.

Other credit quality indicators

The following table provides information on other credit quality indicators for retained credit card loans.

(in millions, except ratios)	March 31, 2021			December 31, 2020
Geographic region(a)
California	$	19,266		$	20,921
Texas	13,628			14,544
New York	10,935			11,919
Florida	8,889			9,562
Illinois	7,329			8,006
New Jersey	5,420			5,927
Ohio	4,254			4,673
Pennsylvania	4,036			4,476
Colorado	3,798			4,092
Michigan	3,245			3,553
All other	50,972			55,759
Total retained loans	$	131,772		$	143,432
Percentage of portfolio based on carrying value with estimated refreshed FICO scores
Equal to or greater than 660	86.3		%	85.9		%
Less than 660	13.5			13.9
No FICO available	0.2			0.2

(a)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2021.

129

Loan modifications

The Firm may offer one of a number of loan modification programs granting concessions to credit card borrowers who are experiencing financial difficulty. The Firm grants concessions for most of the credit card loans under long-term programs. These modifications involve placing the customer on a fixed payment plan, generally for 60 months, and typically include reducing the interest rate on the credit card. Substantially all modifications under the Firm’s long-term programs are considered to be TDRs. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs.

If the cardholder does not comply with the modified payment terms, then the credit card loan continues to age and will ultimately be charged-off in accordance with the Firm’s standard charge-off policy. In most cases, the Firm does not reinstate the borrower’s line of credit.

Financial effects of modifications and redefaults

The following table provides information about the financial effects of the concessions granted on credit card loans modified in TDRs and redefaults for the periods presented. For all periods disclosed, new enrollments were less than 1% of total retained credit card loans.

(in millions, except weighted-average data)	Three months ended March 31,
	2021			2020
Balance of new TDRs(a)	$	143		$	277
Weighted-average interest rate of loans – before TDR	17.74		%	18.82		%
Weighted-average interest rate of loans – after TDR	5.23			4.02
Balance of loans that redefaulted within one year of modification(b)	$	19		$	36

(a)Represents the outstanding balance prior to modification.

(b)Represents loans modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The amounts presented represent the balance of such loans as of the end of the quarter in which they defaulted.

For credit card loans modified in TDRs, payment default is deemed to have occurred when the borrower misses two consecutive contractual payments. Defaulted modified credit card loans remain in the modification program and continue to be charged off in accordance with the Firm’s standard charge-off policy.

130

Wholesale loan portfolio

Wholesale loans include loans made to a variety of clients, ranging from large corporate and institutional clients, to small businesses and high-net-worth individuals. The primary credit quality indicator for wholesale loans is the

internal risk rating assigned to each loan. Refer to Note 12 of JPMorgan Chase’s 2020 Form 10-K for further information on these risk ratings.

The following tables provide information on internal risk rating, which is the primary credit quality indicator for retained wholesale loans.

	Secured by real estate						Commercial and industrial								Other(c)						Total retained loans
(in millions, except ratios)	Mar 31, 2021			Dec 31, 2020			Mar 31, 2021				Dec 31, 2020				Mar 31, 2021			Dec 31, 2020			Mar 31, 2021				Dec 31, 2020
Loans by risk ratings
Investment-grade	$	88,351		$	90,147		$	72,453		(a)	$	71,917		(b)	$	219,023		$	217,209		$	379,827		(a)	$	379,273		(b)
Noninvestment-grade:
Noncriticized	25,929			26,129			54,410				57,870				35,404			33,053			115,743				117,052
Criticized performing	3,756			3,234			11,005				10,991				1,132			1,079			15,893				15,304
Criticized nonaccrual	502			483			1,752				1,931				761			904			3,015				3,318
Total noninvestment- grade	30,187			29,846			67,167				70,792				37,297			35,036			134,651				135,674
Total retained loans	$	118,538		$	119,993		$	139,620			$	142,709			$	256,320		$	252,245		$	514,478			$	514,947
% of investment-grade to total retained loans	74.53		%	75.13		%	51.89		%		50.39		%		85.45		%	86.11		%	73.83		%		73.65		%
% of total criticized to total retained loans	3.59			3.10			9.14				9.05				0.74			0.79			3.68				3.62
% of criticized nonaccrual to total retained loans	0.42			0.40			1.25				1.35				0.30			0.36			0.59				0.64

	Secured by real estate
(in millions)	March 31, 2021
	Term loans by origination year												Revolving loans
	2021		2020		2019		2018		2017		Prior to 2017		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	2,966	$	16,303	$	19,118	$	11,307	$	10,192	$	27,314	$	1,151	$	—	$	88,351
Noninvestment-grade	623		3,403		4,436		4,093		2,810		14,391		430		1		30,187
Total retained loans	$	3,589	$	19,706	$	23,554	$	15,400	$	13,002	$	41,705	$	1,581	$	1	$	118,538

	Secured by real estate
(in millions)	December 31, 2020
	Term loans by origination year												Revolving loans
	2020		2019		2018		2017		2016		Prior to 2016		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	16,560	$	19,575	$	12,192	$	11,017	$	13,439	$	16,266	$	1,098	$	—	$	90,147
Noninvestment-grade	3,327		4,339		4,205		2,916		2,575		11,994		489		1		29,846
Total retained loans	$	19,887	$	23,914	$	16,397	$	13,933	$	16,014	$	28,260	$	1,587	$	1	$	119,993

	Commercial and industrial
(in millions)	March 31, 2021
	Term loans by origination year														Revolving loans
	2021			2020			2019		2018		2017		Prior to 2017		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	8,403	(a)	$	14,857	(a)	$	6,587	$	2,474	$	1,664	$	1,861	$	36,537	$	70	$	72,453
Noninvestment-grade	3,976			11,857			7,082		4,641		1,698		2,745		35,095		73		67,167
Total retained loans	$	12,379		$	26,714		$	13,669	$	7,115	$	3,362	$	4,606	$	71,632	$	143	$	139,620

131

	Commercial and industrial
(in millions)	December 31, 2020
	Term loans by origination year													Revolving loans
	2020			2019		2018		2017		2016		Prior to 2016		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	21,211	(b)	$	7,304	$	2,934	$	1,748	$	1,032	$	1,263	$	36,424	$	1	$	71,917
Noninvestment-grade	15,060			8,636		5,131		2,104		497		2,439		36,852		73		70,792
Total retained loans	$	36,271		$	15,940	$	8,065	$	3,852	$	1,529	$	3,702	$	73,276	$	74	$	142,709

	Other(c)
(in millions)	March 31, 2021
	Term loans by origination year												Revolving loans
	2021		2020		2019		2018		2017		Prior to 2017		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	8,483	$	25,689	$	8,177	$	5,052	$	5,874	$	16,897	$	148,248	$	603	$	219,023
Noninvestment-grade	3,500		4,179		2,191		1,621		485		1,065		24,132		124		37,297
Total retained loans	$	11,983	$	29,868	$	10,368	$	6,673	$	6,359	$	17,962	$	172,380	$	727	$	256,320

	Other(c)
(in millions)	December 31, 2020
	Term loans by origination year												Revolving loans
	2020		2019		2018		2017		2016		Prior to 2016		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	31,389	$	10,169	$	6,994	$	6,206	$	3,553	$	12,595	$	145,524	$	779	$	217,209
Noninvestment-grade	5,009		2,220		1,641		550		146		636		24,710		124		35,036
Total retained loans	$	36,398	$	12,389	$	8,635	$	6,756	$	3,699	$	13,231	$	170,234	$	903	$	252,245

(a)At March 31, 2021, included $1.2 billion of loans originated in 2021 and $7.7 billion of loans originated in 2020 under the PPP, of which $1.2 billion and $7.1 billion are included in commercial and industrial, respectively. PPP loans are guaranteed by the SBA and considered investment-grade. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans.

(b)At December 31, 2020, included $8.0 billion of loans under the PPP, of which $7.4 billion is included in commercial and industrial.

(c)Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for more information on SPEs.

The following table presents additional information on retained loans secured by real estate, which consists of loans secured wholly or substantially by a lien or liens on real property at origination.

(in millions, except ratios)	Multifamily						Other commercial						Total retained loans secured by real estate
	Mar 31, 2021			Dec 31, 2020			Mar 31, 2021			Dec 31, 2020			Mar 31, 2021			Dec 31, 2020
Retained loans secured by real estate	$	72,194		$	73,078		$	46,344		$	46,915		$	118,538		$	119,993
Criticized	1,560			1,144			2,698			2,573			4,258			3,717
% of total criticized to total retained loans secured by real estate	2.16		%	1.57		%	5.82		%	5.48		%	3.59		%	3.10		%
Criticized nonaccrual	$	70		$	56		$	432		$	427		$	502		$	483
% of criticized nonaccrual loans to total retained loans secured by real estate	0.10		%	0.08		%	0.93		%	0.91		%	0.42		%	0.40		%

132

Geographic distribution and delinquency

The following table provides information on the geographic distribution and delinquency for retained wholesale loans.

	Secured by real estate				Commercial  and industrial				Other				Total  retained loans
(in millions,  except ratios)	Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020
Loans by geographic distribution(a)
Total U.S.	$	115,451	$	116,990	$	106,309	$	109,273	$	181,272	$	180,583	$	403,032	$	406,846
Total non-U.S.	3,087		3,003		33,311		33,436		75,048		71,662		111,446		108,101
Total retained loans	$	118,538	$	119,993	$	139,620	$	142,709	$	256,320	$	252,245	$	514,478	$	514,947
Loan delinquency(b)
Current and less than 30 days past due and still accruing	$	117,559	$	118,894	$	136,980	$	140,100	$	253,632	$	249,713	$	508,171	$	508,707
30–89 days past due and still accruing	462		601		830		658		1,769		1,606		3,061		2,865
90 or more days past due and still accruing(c)	15		15		58		20		158		22		231		57
Criticized nonaccrual	502		483		1,752		1,931		761		904		3,015		3,318
Total retained loans	$	118,538	$	119,993	$	139,620	$	142,709	$	256,320	$	252,245	$	514,478	$	514,947

(a)The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower.

(b)The credit quality of wholesale loans is assessed primarily through ongoing review and monitoring of an obligor’s ability to meet contractual obligations rather than relying on the past due status, which is generally a lagging indicator of credit quality. Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic. 

(c)Represents loans that are considered well-collateralized and therefore still accruing interest.

The following table provides information about net charge-offs on retained wholesale loans.

Wholesale net charge-offs/(recoveries)	Secured by real estate				Commercial  and industrial				Other				Total  retained loans
Three months ended March 31, (in millions)	2021		2020		2021		2020		2021		2020		2021		2020
Net charge-offs/(recoveries)	$	—	$	—	$	50	$	168	$	3	$	(6)	$	53	$	162

Nonaccrual loans

The following table provides information on retained wholesale nonaccrual loans.

(in millions)	Secured by real estate				Commercial and industrial				Other				Total retained loans
	Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020
Nonaccrual loans(a)
With an allowance	$	398	$	351	$	1,329	$	1,667	$	544	$	800	$	2,271	$	2,818
Without an allowance(b)	104		132		423		264		217		104		744		500
Total nonaccrual loans(c)	$	502	$	483	$	1,752	$	1,931	$	761	$	904	$	3,015	$	3,318

(a)Loans that were modified in response to the COVID-19 pandemic continue to be risk-rated in accordance with the Firm’s overall credit risk management framework. As of March 31, 2021, predominantly all of these loans were considered performing.

(b)When the discounted cash flows or collateral value equals or exceeds the amortized cost of the loan, the loan does not require an allowance. This typically occurs when the loans have been partially charged off and/or there have been interest payments received and applied to the loan balance.

(c)Interest income on nonaccrual loans recognized on a cash basis was not material for the three months ended March 31, 2021 and 2020.

Loan modifications

Certain loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs nor are loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act. The carrying value of TDRs was $1.2 billion and $954 million as of March 31, 2021, and December 31, 2020, respectively. The carrying value of new TDRs was $428 million and $76 million for the three months ended March 31, 2021 and 2020, respectively. The new TDRs for the three months ended March 31, 2021 were primarily from Commercial and Industrial loan modifications that included extending maturity dates and the receipt of assets

in partial satisfaction of the loan. The impact of these modifications resulting in new TDRs was not material to the Firm for the three months ended March 31, 2021 and 2020.

133

Note 12 – Allowance for credit losses

The Firm's allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments.

Refer to Note 13 of JPMorgan Chase's 2020 Form 10-K for a detailed discussion of the allowance for credit losses and the related accounting policies.

134

Allowance for credit losses and related information

The table below summarizes information about the allowances for loan losses and lending-related commitments, and includes a breakdown of loans and lending-related commitments by impairment methodology. Refer to Note 10 of JPMorgan Chase’s 2020 Form 10-K for further information on the allowance for credit losses on investment securities.

	2021(d)								2020(d)
Three months ended March 31, (in millions)	Consumer, excluding credit card		Credit card		Wholesale		Total		Consumer, excluding credit card		Credit card		Wholesale		Total
Allowance for loan losses
Beginning balance at January 1,	$	3,636	$	17,800	$	6,892	$	28,328	$	2,538	$	5,683	$	4,902	$	13,123
Cumulative effect of a change in accounting principle	NA		NA		NA		NA		297		5,517		(1,642)		4,172
Gross charge-offs	166		1,214		88		1,468		233		1,488		181		1,902
Gross recoveries collected	(145)		(231)		(35)		(411)		(239)		(175)		(19)		(433)
Net charge-offs/(recoveries)	21		983		53		1,057		(6)		1,313		162		1,469
Provision for loan losses	(932)		(2,517)		(830)		(4,279)		613		5,063		1,742		7,418
Other	(1)		—		10		9		—		—		—		—
Ending balance at March 31,	$	2,682	$	14,300	$	6,019	$	23,001	$	3,454	$	14,950	$	4,840	$	23,244
Allowance for lending-related commitments
Beginning balance at January 1,	$	187	$	—	$	2,222	$	2,409	$	12	$	—	$	1,179	$	1,191
Cumulative effect of a change in accounting principle	NA		NA		NA		NA		133		—		(35)		98
Provision for lending-related commitments	(52)		—		159		107		6		—		852		858
Other	—		—		—		—		—		—		—		—
Ending balance at March 31,	$	135	$	—	$	2,381	$	2,516	$	151	$	—	$	1,996	$	2,147
Total allowance for credit losses	$	2,817	$	14,300	$	8,400	$	25,517	$	3,605	$	14,950	$	6,836	$	25,391
Allowance for loan losses by impairment methodology
Asset-specific(a)	$	(348)	$	522	$	529	$	703	$	223	$	530	$	556	$	1,309
Portfolio-based	3,030		13,778		5,490		22,298		3,231		14,420		4,284		21,935
Total allowance for loan losses	$	2,682	$	14,300	$	6,019	$	23,001	$	3,454	$	14,950	$	4,840	$	23,244
Loans by impairment methodology
Asset-specific(a)	$	16,008	$	1,291	$	3,394	$	20,693	$	17,036	$	1,505	$	2,021	$	20,562
Portfolio-based	286,384		130,481		511,084		927,949		276,743		152,516		553,268		982,527
Total retained loans	$	302,392	$	131,772	$	514,478	$	948,642	$	293,779	$	154,021	$	555,289	$	1,003,089
Collateral-dependent loans
Net charge-offs	$	20	$	—	$	2	$	22	$	29	$	—	$	17	$	46
Loans measured at fair value of collateral less cost to sell	4,790		—		354		5,144		2,941		—		94		3,035
Allowance for lending-related commitments by impairment methodology
Asset-specific	$	—	$	—	$	144	$	144	$	—	$	—	$	187	$	187
Portfolio-based	135		—		2,237		2,372		151		—		1,809		1,960
Total allowance for lending-related commitments(b)	$	135	$	—	$	2,381	$	2,516	$	151	$	—	$	1,996	$	2,147
Lending-related commitments by impairment methodology
Asset-specific	$	—	$	—	$	800	$	800	$	—	$	—	$	619	$	619
Portfolio-based(c)	34,468		—		440,830		475,298		33,498		—		338,580		372,078
Total lending-related commitments	$	34,468	$	—	$	441,630	$	476,098	$	33,498	$	—	$	339,199	$	372,697

(a)Includes collateral dependent loans, including those considered TDRs and those for which foreclosure is deemed probable, modified PCD loans and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a TDR. Also includes risk-rated loans that have been placed on nonaccrual status for the wholesale portfolio segment. The asset-specific credit card allowance for loans modified, or reasonably expected to be modified, in a TDR is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.

(b)The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets.

(c)At March 31, 2021 and 2020, lending-related commitments excluded $21.8 billion and $8.0 billion, respectively, for the consumer, excluding credit card portfolio segment; $674.4 billion and $681.4 billion, respectively, for the credit card portfolio segment; and $39.6 billion and $24.0 billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments.

(d)Excludes the allowance for credit losses on HTM securities. The allowance for credit losses on HTM securities was $94 million and $19 million as of March 31, 2021 and 2020, respectively.

135

Discussion of changes in the allowance

The allowance for credit losses as of March 31, 2021 decreased when compared to December 31, 2020, consisting of:

•a $4.5 billion reduction in consumer, predominantly in the credit card portfolio, reflecting improvements in the Firm's macroeconomic scenarios, and in the residential real estate portfolio primarily due to the continued improvement in the HPI expectations and to a lesser extent portfolio run-off, and

•a $716 million net reduction in wholesale, across the LOBs reflecting improvements in the Firm's macroeconomic scenarios

While the economy is showing signs of improvement, the COVID-19 pandemic has stressed many MEVs used in the Firm's allowance estimate at a speed and to degrees not experienced in recent history, which has created additional challenges in the use of modeled credit loss estimates and increased the reliance on management judgment. These challenges in the use of modeled credit loss estimates remain, albeit to a lesser extent than experienced during 2020. In periods where certain MEVs are outside the range of historical experience on which the Firm’s models have been trained, the Firm makes adjustments to appropriately address these economic circumstances.

Further, despite the improvement in the economy, uncertainties remain, including the health of underlying labor markets, vaccine efficacy against new virus strains, and the potential for changes in consumer behavior that could have longer term impacts on certain sectors. As a result of these uncertainties, the Firm continued to place significant weighting on its adverse scenarios, which incorporate more punitive macroeconomic factors than the central case assumptions outlined below, resulting in weighted average U.S. unemployment rates rising above eight percent in 2021 and remaining at approximately six percent into the second quarter of 2022 with U.S. GDP returning to pre-pandemic levels in 1Q22.

The Firm’s central case assumptions reflected U.S. unemployment rates and U.S. real GDP as follows:

	Assumptions at March 31, 2021
	2Q21		4Q21		2Q22
U.S. unemployment rate(a)	5.7	%	4.8	%	4.3	%
Cumulative change in U.S. real GDP from 12/31/2019	0.2	%	2.7	%	4.3	%
	Assumptions at December 31, 2020
	2Q21		4Q21		2Q22
U.S. unemployment rate(a)	6.8	%	5.7	%	5.1	%
Cumulative change in U.S. real GDP from 12/31/2019	(1.9)	%	0.6	%	2.0	%

(a)Reflects quarterly average of forecasted U.S. unemployment rate.

Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.

136

Note 13 – Variable interest entities

Refer to Note 1 of JPMorgan Chase’s 2020 Form 10-K for a further description of JPMorgan Chase’s accounting policies regarding consolidation of VIEs.

The following table summarizes the most significant types of Firm-sponsored VIEs by business segment.

Line of Business	Transaction Type	Activity	Form 10-Q page references
CCB	Credit card securitization trusts	Securitization of originated credit card receivables	137
	Mortgage securitization trusts	Servicing and securitization of both originated and purchased residential mortgages	137-139
CIB	Mortgage and other securitization trusts	Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans	137-139
	Multi-seller conduits	Assist clients in accessing the financial markets in a cost-efficient manner and structures transactions to meet investor needs	139
	Municipal bond vehicles	Financing of municipal bond investments	139

The Firm also invests in and provides financing and other services to VIEs sponsored by third parties. Refer to pages 140-141 of this Note for more information on the VIEs sponsored by third parties.

Significant Firm-sponsored VIEs

Credit card securitizations

As a result of the Firm’s continuing involvement, the Firm is considered to be the primary beneficiary of its Firm-sponsored credit card securitization trust, the Chase Issuance Trust. Refer to the table on page 140 of this Note for further information on consolidated VIE assets and liabilities.

Firm-sponsored mortgage and other securitization trusts

The Firm securitizes (or has securitized) originated and purchased residential mortgages, commercial mortgages and other consumer loans primarily in its CCB and CIB businesses. Depending on the particular transaction, as well as the respective business involved, the Firm may act as the servicer of the loans and/or retain certain beneficial interests in the securitization trusts.

Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for a detailed discussion of JPMorgan Chase's involvement with credit card securitizations and Firm-sponsored mortgage and other securitization trusts, as well as the accounting treatment relating to such trusts.

137

The following table presents the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules), recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. The

Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests. Refer to Securitization activity on page 141 of this Note for further information regarding the Firm’s cash flows associated with and interests retained in nonconsolidated VIEs, and pages 141-142 of this Note for information on the Firm’s loan sales and securitization activity related to U.S. GSEs and government agencies.

	Principal amount outstanding						JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
March 31, 2021 (in millions)	Total assets held by securitization VIEs		Assets held in consolidated securitization VIEs		Assets held in nonconsolidated securitization VIEs with continuing involvement		Trading assets		Investment securities		Other financial assets		Total interests held by JPMorgan Chase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs	$	49,200	$	1,502	$	39,678	$	484	$	581	$	—	$	1,065
Subprime	12,427		146		11,602		6		—		—		6
Commercial and other(b)	121,213		—		86,649		741		1,780		278		2,799
Total	$	182,840	$	1,648	$	137,929	$	1,231	$	2,361	$	278	$	3,870

	Principal amount outstanding						JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
December 31, 2020 (in millions)	Total assets held by securitization VIEs		Assets held in consolidated securitization VIEs		Assets held in nonconsolidated securitization VIEs with continuing involvement		Trading assets		Investment securities		Other financial assets		Total interests held by JPMorgan Chase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs	$	49,644	$	1,693	$	41,265	$	574	$	724	$	—	$	1,298
Subprime	12,896		46		12,154		9		—		—		9
Commercial and other(b)	119,732		—		92,351		955		1,549		262		2,766
Total	$	182,272	$	1,739	$	145,770	$	1,538	$	2,273	$	262	$	4,073

(a)Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored. Refer to pages 141-142 of this Note for information on the Firm’s loan sales and securitization activity related to U.S. GSEs and government agencies.

(b)Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables purchased from third parties.

(c)Excludes the following: retained servicing; securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities; senior and subordinated securities of $74 million and $39 million, respectively, at March 31, 2021, and $105 million and $40 million, respectively, at December 31, 2020, which the Firm purchased in connection with CIB’s secondary market-making activities.

(d)Includes interests held in re-securitization transactions.

(e)As of March 31, 2021, and December 31, 2020, 74% and 73%, respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $1.0 billion and $1.3 billion of investment-grade retained interests, and $33 million and $41 million of noninvestment-grade retained interests at March 31, 2021, and December 31, 2020, respectively. The retained interests in commercial and other securitization trusts consisted of $2.0 billion of investment-grade retained interests, and $753 million of noninvestment-grade retained interests at both March 31, 2021 and December 31, 2020.

138

Residential mortgage

The Firm securitizes residential mortgage loans originated by CCB, as well as residential mortgage loans purchased from third parties by either CCB or CIB. Refer to the table on page 140 of this Note for more information on the consolidated residential mortgage securitizations, and the table on the previous page of this Note for further information on interests held in nonconsolidated residential mortgage securitizations.

Commercial mortgages and other consumer securitizations

CIB originates and securitizes commercial mortgage loans, and engages in underwriting and trading activities involving the securities issued by securitization trusts. Refer to the table on page 140 of this Note for more information on the consolidated commercial mortgage securitizations, and the table on the previous page of this Note for further information on interests held in nonconsolidated securitizations.

Re-securitizations

The following table presents the principal amount of securities transferred to re-securitization VIEs.

	Three months ended March 31,
(in millions)	2021		2020
Transfers of securities to VIEs
U.S. GSEs and government agencies	$	13,105	$	2,717

The Firm did not transfer any private label securities to re-securitization VIEs during the three months ended March 31, 2021 and 2020, respectively, and retained interests in any such Firm-sponsored VIEs as of March 31, 2021 and December 31, 2020 were immaterial.

The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs.

	Nonconsolidated re-securitization VIEs
(in millions)	March 31, 2021		December 31, 2020
U.S. GSEs and government agencies
Interest in VIEs	$	2,530	$	2,631

As of March 31, 2021, and December 31, 2020, the Firm did not consolidate any U.S. GSE and government agency re-securitization VIEs or any Firm-sponsored private-label re-securitization VIEs.

Multi-seller conduits

In the normal course of business, JPMorgan Chase makes markets in and invests in commercial paper issued by the Firm-administered multi-seller conduits. The Firm held $10.9 billion and $13.5 billion of the commercial paper issued by the Firm-administered multi-seller conduits at March 31, 2021, and December 31, 2020, respectively, which have been eliminated in consolidation. The Firm’s investments reflect the Firm’s funding needs and capacity and were not driven by market illiquidity. Other than the amounts required to be held pursuant to credit risk retention rules, the Firm is not obligated under any agreement to purchase the commercial paper issued by the Firm-administered multi-seller conduits.

Deal-specific liquidity facilities, program-wide liquidity and credit enhancement provided by the Firm have been eliminated in consolidation. The Firm or the Firm-administered multi-seller conduits provide lending-related commitments to certain clients of the Firm-administered multi-seller conduits. The unfunded commitments were $14.2 billion and $12.2 billion at March 31, 2021, and December 31, 2020, respectively, and are reported as off-balance sheet lending-related commitments in other unfunded commitments to extend credit. Refer to Note 22 for more information on off-balance sheet lending-related commitments.

Municipal bond vehicles

Municipal bond vehicles or tender option bond (“TOB”) trusts allow institutions to finance their municipal bond investments at short-term rates. TOB transactions are known as customer TOB trusts and non-customer TOB trusts. Customer TOB trusts are sponsored by a third party, refer to page 141 of this Note for further information.

The Firm serves as sponsor for all non-customer TOB transactions.

Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for a more detailed description of JPMorgan Chase’s participation in certain re-securitization transactions, principal involvement with Firm-administered multi-seller conduits, and Municipal bond vehicles.

139

Consolidated VIE assets and liabilities

The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of March 31, 2021, and December 31, 2020.

	Assets									Liabilities
March 31, 2021 (in millions)	Trading assets		Loans			Other(c)		Total assets(d)		Beneficial interests in VIE assets(e)		Other(f)		Total liabilities
VIE program type
Firm-sponsored credit card trusts	$	—	$	10,716		$	133	$	10,849	$	4,319	$	2	$	4,321
Firm-administered multi-seller conduits	3		19,642			187		19,832		9,030		34		9,064
Municipal bond vehicles	1,989		—			4		1,993		1,958		—		1,958
Mortgage securitization entities(a)	—		1,520			102		1,622		305		102		407
Other	2		1,631		(b)	275		1,908		59		101		160
Total	$	1,994	$	33,509		$	701	$	36,204	$	15,671	$	239	$	15,910
	Assets									Liabilities
December 31, 2020 (in millions)	Trading assets		Loans			Other(c)		Total assets(d)		Beneficial interests in VIE assets(e)		Other(f)		Total liabilities
VIE program type
Firm-sponsored credit card trusts	$	—	$	11,962		$	148	$	12,110	$	4,943	$	3	$	4,946
Firm-administered multi-seller conduits	2		23,787			188		23,977		10,523		33		10,556
Municipal bond vehicles	1,930		—			2		1,932		1,902		—		1,902
Mortgage securitization entities(a)	—		1,694			94		1,788		210		108		318
Other	2		176			249		427		—		89		89
Total	$	1,934	$	37,619		$	681	$	40,234	$	17,578	$	233	$	17,811

(a)Includes residential and commercial mortgage securitizations.

(b)Includes $1.2 billion of purchased auto loan securitizations in CIB.

(c)Includes assets classified as cash and other assets on the Consolidated balance sheets.

(d)The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation.

(e)The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item on the Consolidated balance sheets titled, “Beneficial interests issued by consolidated variable interest entities.” The holders of these beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. Included in beneficial interests in VIE assets are long-term beneficial interests of $4.7 billion and $5.2 billion at March 31, 2021, and December 31, 2020, respectively.

(f)Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets.

VIEs sponsored by third parties

The Firm enters into transactions with VIEs structured by other parties. These include, for example, acting as a derivative counterparty, liquidity provider, investor, underwriter, placement agent, remarketing agent, trustee or custodian. These transactions are conducted at arm’s-length, and individual credit decisions are based on the analysis of the specific VIE, taking into consideration the quality of the underlying assets. Where the Firm does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or a variable interest that could potentially be significant, the Firm generally does not consolidate the VIE, but it records and reports these positions on its Consolidated balance sheets in the same manner it would record and report positions in respect of any other third-party transaction.

Tax credit vehicles

The Firm holds investments in unconsolidated tax credit vehicles, which are limited partnerships and similar entities that own and operate affordable housing, energy, and other projects. These entities are primarily considered VIEs. A third party is typically the general partner or managing

member and has control over the significant activities of the tax credit vehicles, and accordingly the Firm does not consolidate tax credit vehicles. The Firm generally invests in these partnerships as a limited partner and earns a return primarily through the receipt of tax credits allocated to the projects. The maximum loss exposure, represented by equity investments and funding commitments, was $23.1 billion and $23.6 billion, of which $8.5 billion and $8.7 billion was unfunded at March 31, 2021 and December 31, 2020, respectively. The prior-period maximum loss exposure amount has been revised to conform with the current presentation. The Firm assesses each project and to reduce the risk of loss, may withhold varying amounts of its capital investment until the project qualifies for tax credits. Refer to Note 25 of JPMorgan Chase’s 2020 Form 10-K for further information on affordable housing tax credits and Note 22 of this Form 10-Q for more information on off-balance sheet lending-related commitments.

140

Customer municipal bond vehicles (TOB trusts)

The Firm may provide various services to customer TOB trusts, including remarketing agent, liquidity or tender option provider. In certain customer TOB transactions, the Firm, as liquidity provider, has entered into a reimbursement agreement with the Residual holder.

In those transactions, upon the termination of the vehicle, the Firm has recourse to the third-party Residual holders for any shortfall. The Firm does not have any intent to protect Residual holders from potential losses on any of the underlying municipal bonds. The Firm does not consolidate customer TOB trusts, since the Firm does not have the power to make decisions that significantly impact the economic performance of the municipal bond vehicle.

The Firm’s maximum exposure as a liquidity provider to customer TOB trusts at March 31, 2021 and December 31, 2020 was $6.5 billion and $6.7 billion, respectively. The fair value of assets held by such VIEs at March 31, 2021 and December 31, 2020, was $10.2 billion and $10.5 billion, respectively.

Loan securitizations

The Firm has securitized and sold a variety of loans, including residential mortgage, credit card, and commercial mortgage. Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for a further description of the Firm’s accounting policies regarding securitizations.

Securitization activity

The following table provides information related to the Firm’s securitization activities for the three months ended March 31, 2021 and 2020, related to assets held in Firm-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization.

	Three months ended March 31,
	2021				2020
(in millions)	Residential mortgage(d)		Commercial and other(e)		Residential mortgage(d)		Commercial and other(e)
Principal securitized	$	4,077	$	1,912	$	3,064	$	3,188
All cash flows during the period:(a)
Proceeds received from loan sales as financial instruments(b)(c)	$	4,234	$	1,970	$	3,136	$	3,273
Servicing fees collected	41		—		62		—
Cash flows received on interests	183		52		117		29

(a)Excludes re-securitization transactions.

(b)Predominantly includes Level 2 assets.

(c)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.

(d)Represents prime mortgages. Excludes loan securitization activity related to U.S. GSEs and government agencies.

(e)Includes commercial mortgage and other consumer loans.

Loans and excess MSRs sold to U.S. government-sponsored

enterprises and loans in securitization transactions pursuant to

Ginnie Mae guidelines

In addition to the amounts reported in the securitization activity tables above, the Firm, in the normal course of business, sells originated and purchased mortgage loans and certain originated excess MSRs on a nonrecourse basis, predominantly to U.S. GSEs. These loans and excess MSRs are sold primarily for the purpose of securitization by the U.S. GSEs, who provide certain guarantee provisions (e.g., credit enhancement of the loans). The Firm also sells loans into securitization transactions pursuant to Ginnie Mae guidelines; these loans are typically insured or guaranteed by another U.S. government agency. The Firm does not consolidate the securitization vehicles underlying these transactions as it is not the primary beneficiary. For a limited number of loan sales, the Firm is obligated to share

a portion of the credit risk associated with the sold loans with the purchaser. Refer to Note 22 of this Form 10-Q for additional information about the Firm’s loan sales- and securitization-related indemnifications and Note 14 for additional information about the impact of the Firm’s sale of certain excess MSRs.

141

The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines.

	Three months ended March 31,
(in millions)	2021		2020
Carrying value of loans sold	$	23,147	$	24,935
Proceeds received from loan sales as cash	16		9
Proceeds from loan sales as securities(a)(b)	22,749		24,663
Total proceeds received from loan sales(c)	$	22,765	$	24,672
Gains/(losses) on loan sales(d)(e)	$	4	$	4

(a)Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s investment securities portfolio.

(b)Included in level 2 assets.

(c)Excludes the value of MSRs retained upon the sale of loans.

(d)Gains/(losses) on loan sales include the value of MSRs.

(e)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.

Options to repurchase delinquent loans

In addition to the Firm’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed in Note 22, the Firm also has the option to repurchase delinquent loans that it services for Ginnie Mae loan pools, as well as for other U.S. government agencies under certain arrangements. The Firm typically elects to repurchase delinquent loans from Ginnie Mae loan

pools as it continues to service them and/or manage the foreclosure process in accordance with the applicable requirements, and such loans continue to be insured or guaranteed. When the Firm’s repurchase option becomes exercisable, such loans must be reported on the Consolidated balance sheets as a loan with a corresponding liability. Refer to Note 11 for additional information.

The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of March 31, 2021 and December 31, 2020. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies.

(in millions)	Mar 31, 2021		Dec 31, 2020
Loans repurchased or option to repurchase(a)	$	1,332	$	1,413
Real estate owned	8		9
Foreclosed government-guaranteed residential mortgage loans(b)	55		64

(a)Predominantly all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools.

(b)Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable.

Loan delinquencies and liquidation losses

The table below includes information about components of and delinquencies related to nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement as of March 31, 2021, and December 31, 2020.

									Net liquidation losses
	Securitized assets				90 days past due				Three months ended March 31,
(in millions)	Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020		2021		2020
Securitized loans
Residential mortgage:
Prime / Alt-A & option ARMs	$	39,678	$	41,265	$	4,414	$	4,988	$	12	$	99
Subprime	11,602		12,154		2,231		2,406		18		86
Commercial and other	86,649		92,351		4,753		5,958		21		10
Total loans securitized	$	137,929	$	145,770	$	11,398	$	13,352	$	51	$	195

142

Note 14 – Goodwill and Mortgage servicing rights

Refer to Note 15 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the accounting policies related to goodwill and mortgage servicing rights.

Goodwill

The following table presents goodwill attributed to the business segments.

(in millions)	March 31, 2021		December 31, 2020
Consumer & Community Banking	$	31,326	$	31,311
Corporate & Investment Bank	7,912		7,913
Commercial Banking	2,985		2,985
Asset & Wealth Management	7,020		7,039
Total goodwill	$	49,243	$	49,248

The following table presents changes in the carrying amount of goodwill.

	Three months ended March 31,
(in millions)	2021			2020
Balance at beginning of period	$	49,248		$	47,823
Changes during the period from:
Other	(5)		(a)	(23)		(b)
Balance at March 31,	$	49,243		$	47,800

(a)Includes adjustments to goodwill related to the prior period acquisitions of cxLoyalty in CCB and 55ip in AWM during the fourth quarter of 2020. Refer to Note 15 of JPMorgan Chase’s 2020 Form 10-K for additional information on these acquisitions.

(b)Primarily foreign currency adjustments.

Goodwill impairment testing

Goodwill is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate that there may be an impairment. Refer to Note 15 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of the Firm’s goodwill impairment testing, including the primary method used to estimate the fair value of the reporting units and the assumptions used in the goodwill impairment test.  

Unanticipated declines in business performance, increases in credit losses, increases in capital requirements, as well as deterioration in economic or market conditions, adverse regulatory or legislative changes or increases in the estimated market cost of equity, could cause the estimated fair values of the Firm’s reporting units to decline in the future, which could result in a material impairment charge to earnings in a future period related to some portion of the associated goodwill.

As of March 31, 2021, the Firm reviewed current economic conditions, including the potential impacts of the COVID-19 pandemic on business performance, estimated market cost of equity, as well as actual business results and projections of business performance for all its reporting units. The Firm has concluded that the goodwill allocated to its reporting units was not impaired as of March 31, 2021, or December 31, 2020, nor was goodwill written off due to impairment during the three months ended March 31, 2021 or 2020.

143

Mortgage servicing rights

MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. Refer to Notes 2 and 15 of JPMorgan Chase’s 2020 Form 10-K for a further description of the MSR asset, interest rate risk management, and the valuation of MSRs.

The following table summarizes MSR activity for the three months ended March 31, 2021 and 2020.

	As of or for the three months ended March 31,
(in millions, except where otherwise noted)	2021		2020
Fair value at beginning of period	$	3,276	$	4,699
MSR activity:
Originations of MSRs	404		271
Purchase of MSRs	179		2
Disposition of MSRs(a)	1		(75)
Net additions/(dispositions)	584		198
Changes due to collection/realization of expected cash flows	(187)		(248)
Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other(b)	836		(1,370)
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service)	(24)		(1)
Discount rates	—		—
Prepayment model changes and other(c)	(15)		(11)
Total changes in valuation due to other inputs and assumptions	(39)		(12)
Total changes in valuation due to inputs and assumptions	797		(1,382)
Fair value at March 31,	$	4,470	$	3,267
Changes in unrealized gains/(losses) included in income related to MSRs held at March 31,	$	797	$	(1,382)
Contractual service fees, late fees and other ancillary fees included in income	291		364
Third-party mortgage loans serviced at March 31, (in billions)	444		506
Servicer advances, net of an allowance for uncollectible amounts, at March 31, (in billions)(d)	1.8		1.7

(a)Includes excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage backed securities (“SMBS”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired the remaining balance of those SMBS as trading securities.

(b)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.

(c)Represents changes in prepayments other than those attributable to changes in market interest rates.

(d)Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements.

144

The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three months ended March 31, 2021 and 2020.

	Three months ended March 31,
(in millions)	2021		2020
CCB mortgage fees and related income
Production revenue	$	757	$	319
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue	248		339
Changes in MSR asset fair value due to collection/realization of expected cash flows	(187)		(248)
Total operating revenue	61		91
Risk management:
Changes in MSR asset fair value due to market interest rates and other(a)	836		(1,370)
Other changes in MSR asset fair value due to other inputs and assumptions in model(b)	(39)		(12)
Changes in derivative fair value and other	(912)		1,292
Total risk management	(115)		(90)
Total net mortgage servicing revenue	(54)		1
Total CCB mortgage fees and related income	703		320
All other	1		—
Mortgage fees and related income	$	704	$	320

(a)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.

(b)Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).

The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at March 31, 2021, and December 31, 2020, and outlines hypothetical sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.

(in millions, except rates)	Mar 31, 2021			Dec 31, 2020
Weighted-average prepayment speed assumption (constant prepayment rate)	10.28		%	14.90		%
Impact on fair value of 10% adverse change	$	(195)		$	(206)
Impact on fair value of 20% adverse change	(375)			(392)
Weighted-average option adjusted spread(a)	6.65		%	7.19		%
Impact on fair value of a 100 basis point adverse change	$	(197)		$	(134)
Impact on fair value of a 200 basis point adverse change	(379)			(258)

(a)Includes the impact of operational risk and regulatory capital.

Changes in fair value based on variations in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In this table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change.

145

Note 15 – Deposits

Refer to Note 17 of JPMorgan Chase’s 2020 Form 10-K for further information on deposits.

At March 31, 2021, and December 31, 2020, noninterest-bearing and interest-bearing deposits were as follows.

(in millions)	March 31, 2021		December 31, 2020
U.S. offices
Noninterest-bearing (included $9,436 and $9,873 at fair value)(a)	$	629,139	$	572,711
Interest-bearing (included $2,579 and $2,567 at fair value)(a)	1,266,856		1,197,032
Total deposits in U.S. offices	1,895,995		1,769,743
Non-U.S. offices
Noninterest-bearing (included $1,761 and $1,486 at fair value)(a)	22,661		23,435
Interest-bearing (included $331 and $558 at fair value)(a)	359,456		351,079
Total deposits in non-U.S. offices	382,117		374,514
Total deposits	$	2,278,112	$	2,144,257

(a)Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further information.

Note 16 – Leases

Refer to Note 18 of JPMorgan Chase’s 2020 Form 10-K for a further discussion on leases.

Firm as lessee

At March 31, 2021, JPMorgan Chase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes.

Operating lease liabilities and right-of-use ("ROU") assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.

The following table provides information related to the Firm’s operating leases:

(in millions)	March 31, 2021		December 31, 2020
Right-of-use assets	$	7,938	$	8,006
Lease liabilities	8,421		8,508

The Firm’s net rental expense was $490 million and $475 million for the three months ended March 31, 2021 and 2020, respectively.

Firm as lessor

The Firm’s lease financings are generally operating leases and are included in other assets on the Firm’s Consolidated balance sheets.

The following table presents the Firm’s operating lease income, included within other income, and the related depreciation expense, included within technology, communications and equipment expense, on the Consolidated statements of income:

	Three months ended March 31,
(in millions)	2021		2020
Operating lease income	$	1,325	$	1,413
Depreciation expense	934		1,140

146

Note 17 - Preferred stock

Refer to Note 21 of JPMorgan Chase’s 2020 Form 10-K for a further discussion on preferred stock.

The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of March 31, 2021 and December 31, 2020, and the quarterly dividend declarations for the three months ended March 31, 2021 and 2020.

	Shares		Carrying value  (in millions)					Contractual rate in effect at March 31, 2021		Earliest redemption date	Floating annualized rate of three-month LIBOR/ Term SOFR plus:	Dividend declared per share
	March 31, 2021	December 31, 2020	March 31, 2021		December 31, 2020		Issue date					Three months ended March 31,
												2021	2020
Fixed-rate:
Series Y	—	—	$	—	$	—	2/12/2015	—	%	3/1/2020	NA	$—	$153.13
Series AA	142,500	142,500	1,425		1,425		6/4/2015	6.100		9/1/2020	NA	152.50	152.50
Series BB	115,000	115,000	1,150		1,150		7/29/2015	6.150		9/1/2020	NA	153.75	153.75
Series DD	169,625	169,625	1,696		1,696		9/21/2018	5.750		12/1/2023	NA	143.75	143.75
Series EE	185,000	185,000	1,850		1,850		1/24/2019	6.000		3/1/2024	NA	150.00	150.00
Series GG	90,000	90,000	900		900		11/7/2019	4.750		12/1/2024	NA	118.75	150.42	(a)
Series JJ	150,000	—	1,500		—		3/17/2021	4.550		6/1/2026	NA	NA	NA	(b)
Fixed-to-floating-rate:
Series I	293,375	293,375	$	2,934	$	2,934	4/23/2008	LIBOR + 3.47%		4/30/2018	LIBOR + 3.47%	$93.06	$132.44
Series Q	150,000	150,000	1,500		1,500		4/23/2013	5.150		5/1/2023	LIBOR + 3.25	128.75	128.75
Series R	150,000	150,000	1,500		1,500		7/29/2013	6.000		8/1/2023	LIBOR + 3.30	150.00	150.00
Series S	200,000	200,000	2,000		2,000		1/22/2014	6.750		2/1/2024	LIBOR + 3.78	168.75	168.75
Series U	100,000	100,000	1,000		1,000		3/10/2014	6.125		4/30/2024	LIBOR + 3.33	153.13	153.13
Series V	250,000	250,000	2,500		2,500		6/9/2014	LIBOR + 3.32%		7/1/2019	LIBOR + 3.32	85.97	130.73
Series X	160,000	160,000	1,600		1,600		9/23/2014	6.100		10/1/2024	LIBOR + 3.33	152.50	152.50
Series Z	200,000	200,000	2,000		2,000		4/21/2015	LIBOR + 3.80%		5/1/2020	LIBOR + 3.80	101.24	132.50	(c)
Series CC	125,750	125,750	1,258		1,258		10/20/2017	4.625		11/1/2022	LIBOR + 2.58	115.63	115.63
Series FF	225,000	225,000	2,250		2,250		7/31/2019	5.000		8/1/2024	SOFR + 3.38	125.00	125.00
Series HH	300,000	300,000	3,000		3,000		1/23/2020	4.600		2/1/2025	SOFR + 3.125	115.00	125.22	(d)
Series II	150,000	150,000	1,500		1,500		2/24/2020	4.000		4/1/2025	SOFR + 2.745	100.00	NA	(e)
Total preferred stock	3,156,250	3,006,250	$	31,563	$	30,063

(a)Dividends in the amount of $150.42 per share were declared on January 8, 2020 and include dividends from the original issue date of November 7, 2019 through February 29, 2020.

(b)No dividends were declared for Series JJ from the original issue date of March 17, 2021 through March 31, 2021.

(c)The dividend rate for Series Z preferred stock became floating and payable quarterly starting on May 1, 2020; prior to which the dividend rate was fixed at 5.3% or $265.00 per share payable semi annually.

(d)Dividends in the amount of $125.22 per share were declared on March 13, 2020 and include dividends from the original issue date of January 23, 2020 through April 30, 2020.

(e)No dividends were declared for Series II from the original issue date of February 24, 2020 through March 31, 2020.

Each series of preferred stock has a liquidation value and redemption price per share of $10,000, plus accrued but unpaid dividends. The aggregate liquidation value was $31.9 billion at March 31, 2021.

Redemptions

On April 30, 2021, the Firm announced that it will redeem on June 1, 2021 all $1.4 billion of its outstanding 6.10% non-cumulative preferred stock, Series AA and all $1.2 billion of its outstanding 6.15% non-cumulative preferred stock, Series BB.

On March 1, 2020, the Firm redeemed all $1.43 billion of its 6.125% non-cumulative preferred stock, Series Y.

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Note 18 – Earnings per share

Refer to Note 23 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the computation of basic and diluted earnings per share (“EPS”). The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2021 and 2020.

(in millions, except per share amounts)	Three months ended March 31,
	2021		2020
Basic earnings per share
Net income	$	14,300	$	2,865
Less: Preferred stock dividends	379		421
Net income applicable to common equity	13,921		2,444
Less: Dividends and undistributed earnings allocated to participating securities	70		13
Net income applicable to common stockholders	$	13,851	$	2,431
Total weighted-average basic shares   outstanding	3,073.5		3,095.8
Net income per share	$	4.51	$	0.79
Diluted earnings per share
Net income applicable to common stockholders	$	13,851	$	2,431
Total weighted-average basic shares   outstanding	3,073.5		3,095.8
Add: Dilutive impact of SARs and employee stock options, unvested PSUs and nondividend-earning RSUs	5.4		4.9
Total weighted-average diluted shares outstanding	3,078.9		3,100.7
Net income per share	$	4.50	$	0.78

148

Note 19 – Accumulated other comprehensive income/(loss)

AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net loss and prior service costs/(credit) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA).

As of or for the three months ended March 31, 2021 (in millions)	Unrealized gains/(losses) on investment securities			Translation adjustments, net of hedges			Fair value hedges		Cash flow hedges			Defined benefit pension and OPEB plans			DVA on fair value option elected liabilities			Accumulated other comprehensive income/(loss)
Balance at January 1, 2021	$	8,180			$	(473)	$	(112)		$	2,383		$	(1,132)		$	(860)		$	7,986
Net change	(4,339)				(250)		(28)			(2,249)			68			(147)			(6,945)
Balance at March 31, 2021	$	3,841	(a)		$	(723)	$	(140)		$	134		$	(1,064)		$	(1,007)		$	1,041
As of or for the three months ended March 31, 2020 (in millions)	Unrealized gains/(losses) on investment securities			Translation adjustments, net of hedges			Fair value hedges		Cash flow hedges			Defined benefit pension and OPEB plans			DVA on fair value option elected liabilities			Accumulated other comprehensive income/(loss)
Balance at January 1, 2020	$	4,057			$	(707)	$	(131)		$	63		$	(1,344)		$	(369)		$	1,569
Net change	1,119				(330)		88			2,465			33			2,474			5,849
Balance at March 31, 2020	$	5,176	(a)		$	(1,037)	$	(43)		$	2,528		$	(1,311)		$	2,105		$	7,418

(a)As of March 31, 2021 and 2020, includes after-tax net unamortized unrealized gains of $2.9 billion and $737 million related to AFS securities that have been transferred to HTM, respectively. Refer to Note 10 of JPMorgan Chase's 2020 Form 10-K for further information.

The following table presents the pre-tax and after-tax changes in the components of OCI.

	2021						2020
Three months ended March 31, (in millions)	Pre-tax		Tax effect		After-tax		Pre-tax		Tax effect		After-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period	$	(5,693)	$	1,365	$	(4,328)	$	1,709	$	(413)	$	1,296
Reclassification adjustment for realized (gains)/losses included in net income(a)	(14)		3		(11)		(233)		56		(177)
Net change	(5,707)		1,368		(4,339)		1,476		(357)		1,119
Translation adjustments:
Translation	(1,200)		39		(1,161)		(1,592)		55		(1,537)
Hedges	1,200		(289)		911		1,589		(382)		1,207
Net change	—		(250)		(250)		(3)		(327)		(330)
Fair value hedges, net change(b):	(37)		9		(28)		115		(27)		88
Cash flow hedges:
Net unrealized gains/(losses) arising during the period	(2,695)		647		(2,048)		3,251		(780)		2,471
Reclassification adjustment for realized (gains)/losses included in net income(c)	(264)		63		(201)		(8)		2		(6)
Net change	(2,959)		710		(2,249)		3,243		(778)		2,465
Defined benefit pension and OPEB plans, net change:	91		(23)		68		45		(12)		33
DVA on fair value option elected liabilities, net change:	(189)		42		(147)		3,255		(781)		2,474
Total other comprehensive income/(loss)	$	(8,801)	$	1,856	$	(6,945)	$	8,131	$	(2,282)	$	5,849

(a)The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income.

(b)Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross currency swaps.

(c)The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income.

149

Note 20 – Restricted cash and other restricted

assets

Refer to Note 26 of JPMorgan Chase’s 2020 Form 10-K for a detailed discussion of the Firm’s restricted cash and other restricted assets.

Certain of the Firm’s cash and other assets are restricted as to withdrawal or usage. These restrictions are imposed by various regulatory authorities based on the particular activities of the Firm’s subsidiaries.

The Firm is also subject to rules and regulations established by other U.S. and non U.S. regulators. As part of its compliance with the respective regulatory requirements, the Firm’s broker-dealer activities are subject to certain restrictions on cash and other assets.

The following table presents the components of the Firm’s restricted cash:

(in billions)	March 31, 2021		December 31, 2020
Segregated for the benefit of securities and cleared derivative customers	15.7		19.3
Cash reserves at non-U.S. central banks and held for other general purposes	5.4		5.1
Total restricted cash(a)	$	21.1	$	24.4

(a)Comprises $19.6 billion and $22.7 billion in deposits with banks, and $1.5 billion and $1.7 billion in cash and due from banks on the Consolidated balance sheet as of March 31, 2021 and December 31, 2020, respectively.

Also, as of March 31, 2021 and December 31, 2020, the Firm had the following other restricted assets:

•Cash and securities pledged with clearing organizations for the benefit of customers of $39.2 billion and $37.2 billion, respectively.

•Securities with a fair value of $8.6 billion and $1.3 billion, respectively, were also restricted in relation to customer activity.

Note 21 – Regulatory capital

Refer to Note 27 of JPMorgan Chase’s 2020 Form 10-K for a detailed discussion on regulatory capital.

The Federal Reserve establishes capital requirements, including well-capitalized requirements, for the consolidated financial holding company. The OCC establishes similar minimum capital requirements and standards for the Firm’s principal IDI subsidiary, JPMorgan Chase Bank, N.A.

Under the risk-based capital and leverage-based guidelines of the Federal Reserve, JPMorgan Chase is required to maintain minimum ratios for CET1 capital, Tier 1 capital, Total capital, Tier 1 leverage and the SLR. Failure to meet these minimum requirements could cause the Federal Reserve to take action. IDI subsidiaries are also subject to these capital requirements established by their respective primary regulators.

The following table presents the minimum and well-capitalized ratios to which the Firm and its IDI subsidiaries were subject as of March 31, 2021 and December 31, 2020.

	Standardized Minimum capital ratios				Advanced Minimum capital ratios				Well-capitalized ratios
	BHC(a)		IDI(c)		BHC(a)(b)		IDI(b)(c)		BHC(d)		IDI(e)
Capital ratios
CET1 capital	11.3	%	7.0	%	10.5	%	7.0	%	NA		6.5	%
Tier 1 capital	12.8		8.5		12.0		8.5		6.0	%	8.0
Total capital	14.8		10.5		14.0		10.5		10.0		10.0
Tier 1 leverage	4.0		4.0		4.0		4.0		NA		5.0
SLR	NA		NA		5.0		6.0		NA		6.0

Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and its IDI subsidiaries are subject.

(a)Represents the minimum capital ratios applicable to the Firm. The CET1, Tier 1 and Total capital minimum capital ratios each include a respective minimum requirement plus a GSIB surcharge of 3.5% as calculated under Method 2; plus a 3.3% SCB for Basel III Standardized ratios and a fixed 2.5% capital conservation buffer for Basel III Advanced ratios. The countercyclical buffer is currently set to 0% by the federal banking agencies.

(b)Represents minimum SLR requirement of 3.0%, as well as supplementary leverage buffer requirements of 2.0% and 3.0% for BHC and IDI subsidiaries, respectively.

(c)Represents requirements for JPMorgan Chase’s IDI subsidiaries. The CET1, Tier 1 and Total capital minimum capital ratios include a fixed capital conservation buffer requirement of 2.5% that is applicable to the IDI subsidiaries. The IDI subsidiaries are not subject to the GSIB surcharge.

(d)Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve.

(e)Represents requirements for IDI subsidiaries pursuant to regulations issued under the FDIC Improvement Act.

150

CECL regulatory capital transition delay

As part of their response to the impact of the COVID-19 pandemic, the federal banking agencies issued a final rule that provided the option beginning January 1, 2020 to delay the effects of CECL on regulatory capital for two years, followed by a three-year transition period beginning January 1, 2022.

The Firm has elected to apply the CECL capital transition provisions, and accordingly, for the period ended March 31, 2021, the capital metrics of the Firm exclude $4.5 billion,

which is the $2.7 billion day 1 impact to retained earnings and 25% of the $7.0 billion increase in the allowance for credit losses from January 1, 2020 (excluding allowances on PCD loans).

The impacts of the CECL capital transition provisions have also been incorporated into Tier 2 capital, adjusted average assets, and total leverage exposure. Refer to Note 27 of JPMorgan Chase’s 2020 Form 10-K for further information on CECL capital transition provisions.

The following tables present the risk-based and leverage-based capital metrics for JPMorgan Chase and JPMorgan Chase Bank, N.A. under both the Basel III Standardized and Basel III Advanced Approaches. As of March 31, 2021 and December 31, 2020, JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject.

March 31, 2021 (in millions, except ratios)	Basel III Standardized						Basel III Advanced
	JPMorgan Chase & Co.(c)			JPMorgan Chase Bank, N.A.(c)			JPMorgan Chase & Co.(c)			JPMorgan Chase Bank, N.A.(c)
Risk-based capital metrics:
CET1 capital	$	206,078		$	242,464		$	206,078		$	242,464
Tier 1 capital	237,333			242,466			237,333			242,466
Total capital	271,407			260,288			258,635			247,867
Risk-weighted assets	1,577,007			1,503,158			1,503,828			1,361,577
CET1 capital ratio	13.1		%	16.1		%	13.7		%	17.8		%
Tier 1 capital ratio	15.0			16.1			15.8			17.8
Total capital ratio	17.2			17.3			17.2			18.2
Leverage-based capital metrics:
Adjusted average assets(a)	$	3,565,545		$	3,120,770		$	3,565,545		$	3,120,770
Tier 1 leverage ratio	6.7		%	7.8		%	6.7		%	7.8		%
Total leverage exposure(b)	NA			NA			$	3,522,629		$	3,867,720
SLR(b)	NA			NA			6.7		%	6.3		%

December 31, 2020 (in millions, except ratios)	Basel III Standardized						Basel III Advanced
	JPMorgan Chase & Co.(c)			JPMorgan Chase Bank, N.A.(c)			JPMorgan Chase & Co.(c)			JPMorgan Chase Bank, N.A.(c)
Risk-based capital metrics:
CET1 capital	$	205,078		$	234,235		$	205,078		$	234,235
Tier 1 capital	234,844			234,237			234,844			234,237
Total capital	269,923			252,045			257,228			239,673
Risk-weighted assets	1,560,609			1,492,138			1,484,431			1,343,185
CET1 capital ratio	13.1		%	15.7		%	13.8		%	17.4		%
Tier 1 capital ratio	15.0			15.7			15.8			17.4
Total capital ratio	17.3			16.9			17.3			17.8
Leverage-based capital metrics:
Adjusted average assets(a)	$	3,353,319		$	2,970,285		$	3,353,319		$	2,970,285
Tier 1 leverage ratio	7.0		%	7.9		%	7.0		%	7.9		%
Total leverage exposure(b)	NA			NA			$	3,401,542		$	3,688,797
SLR(b)	NA			NA			6.9		%	6.3		%

(a)Adjusted average assets, for purposes of calculating the leverage ratio, 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.

(b)JPMorgan Chase’s total leverage exposure for purposes of calculating the SLR, excludes on-balance sheet amounts of U.S. Treasury securities and deposits at Federal Reserve Banks, as provided by the interim final rule issued by the Federal Reserve which became effective April 1, 2020 and remained in effect through March 31, 2021. On June 1, 2020, the Federal Reserve, OCC and FDIC issued an interim final rule which became effective April 1, 2020 and remained in effect through March 31, 2021 that provides IDI subsidiaries with an option to apply this temporary exclusion subject to certain restrictions. As of March 31, 2021 and December 31, 2020, JPMorgan Chase Bank, N.A. did not elect to apply this exclusion.

(c)The capital metrics reflect the CECL capital transition provisions. Additionally, loans originated under the PPP receive a zero percent risk weight.

151

Note 22 – Off–balance sheet lending-related

financial instruments, guarantees, and other

commitments

JPMorgan Chase provides lending-related financial instruments (e.g., commitments and guarantees) to address the financing needs of its customers and clients. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the customer or client draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the customer or client subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. Refer to Note 28 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies.

To provide for expected credit losses in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 12 for further information regarding the allowance for credit losses on lending-related commitments.

The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at March 31, 2021, and December 31, 2020. The amounts in the table below for credit card, home equity and certain scored business banking lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card and certain scored business banking lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close HELOCs when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower.

152

Off–balance sheet lending-related financial instruments, guarantees and other commitments
	Contractual amount													Carrying value(i)
	March 31, 2021										Dec 31, 2020			Mar 31, 2021		Dec 31, 2020
By remaining maturity (in millions)	Expires in 1 year or less		Expires after 1 year through 3 years		Expires after 3 years through 5 years		Expires after 5 years		Total		Total
Lending-related
Consumer, excluding credit card:
Residential real estate(a)	$	25,751	$	1,741	$	4,347	$	12,813	$	44,652	$	46,047		$	203	$	148
Auto and other	10,779		—		2		812		11,593		11,272			—		—
Total consumer, excluding credit card	36,530		1,741		4,349		13,625		56,245		57,319			203		148
Credit card(b)	674,367		—		—		—		674,367		658,506			—		—
Total consumer(b)(c)	710,897		1,741		4,349		13,625		730,612		715,825			203		148
Wholesale:
Other unfunded commitments to extend credit(d)	111,754		179,670		130,536		20,902		442,862		415,828			2,290		2,148
Standby letters of credit and other financial guarantees(d)	17,294		7,658		8,497		1,324		34,773		30,982			692		443
Other letters of credit(d)	3,225		156		227		1		3,609		3,053			29		14
Total wholesale(c)	132,273		187,484		139,260		22,227		481,244		449,863			3,011		2,605
Total lending-related	$	843,170	$	189,225	$	143,609	$	35,852	$	1,211,856	$	1,165,688		$	3,214	$	2,753
Other guarantees and commitments
Securities lending indemnification agreements and guarantees(e)	$	297,754	$	—	$	—	$	—	$	297,754	$	250,418		$	—	$	—
Derivatives qualifying as guarantees	2,142		195		12,043		39,200		53,580		54,415			318		322
Unsettled resale and securities borrowed agreements	151,549		2,618		—		—		154,167		96,848			3		2
Unsettled repurchase and securities loaned agreements	107,597		836		—		—		108,433		104,901			(1)		(1)
Loan sale and securitization-related indemnifications:
Mortgage repurchase liability	NA		—		NA		NA		NA		NA			72		84
Loans sold with recourse	NA		—		NA		NA		823		889			23		23
Exchange & clearing house guarantees and commitments(f)	84,852		—		—		—		84,852		142,003			—		—
Other guarantees and commitments(g)	8,545		627		363		2,417		11,952		9,639		(h)	59		52

(a)Includes certain commitments to purchase loans from correspondents.

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

(c)Predominantly all consumer and wholesale lending-related commitments are in the U.S.

(d)At March 31, 2021, and December 31, 2020, reflected the contractual amount net of risk participations totaling $61 million and $72 million, respectively, for other unfunded commitments to extend credit; $8.1 billion and $8.5 billion, respectively, for standby letters of credit and other financial guarantees; and $597 million and $357 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.

(e)At March 31, 2021, and December 31, 2020, collateral held by the Firm in support of securities lending indemnification agreements was $314.3 billion and $264.3 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies.

(f)At March 31, 2021, and December 31, 2020, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses.

(g)At March 31, 2021, and December 31, 2020, primarily includes unfunded commitments to purchase secondary market loans, unfunded commitments related to certain tax-oriented equity investments, and letters of credit hedged by derivative transactions and managed on a market risk basis.

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

(i)For lending-related products, the carrying value represents the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value.

153

Other unfunded commitments to extend credit

Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in several forms, including the issuance of a standby letter of credit.

Standby letters of credit and other financial guarantees

Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade financings and similar transactions.

The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of March 31, 2021, and December 31, 2020.

Standby letters of credit, other financial guarantees and other letters of credit

	March 31, 2021				December 31, 2020
(in millions)	Standby letters of credit and other financial guarantees		Other letters of credit		Standby letters of credit and other financial guarantees		Other letters of credit
Investment-grade(a)	$	26,608	$	2,747	$	22,850	$	2,263
Noninvestment-grade(a)	8,165		862		8,132		790
Total contractual amount	$	34,773	$	3,609	$	30,982	$	3,053
Allowance for lending-related commitments	$	82	$	29	$	80	$	14
Guarantee liability	610		—		363		—
Total carrying value	$	692	$	29	$	443	$	14
Commitments with collateral	$	21,434	$	879	$	17,238	$	498

(a)The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings.

Derivatives qualifying as guarantees

The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. Refer to Note 28 of JPMorgan Chase’s 2020 Form 10-K for further information on these derivatives.

The following table summarizes the derivatives qualifying as guarantees as of March 31, 2021, and December 31, 2020.

(in millions)	March 31, 2021		December 31, 2020
Notional amounts
Derivative guarantees	$	53,580	$	54,415
Stable value contracts with contractually limited exposure	27,782		27,752
Maximum exposure of stable value contracts with contractually limited exposure	2,805		2,803
Fair value
Derivative payables	318		322

In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. Refer to Note 4 for a further discussion of credit derivatives.

Merchant charge-backs

Under the rules of payment networks, the Firm, in its role as a merchant acquirer, retains a contingent liability for disputed processed credit and debit card transactions that result in a charge-back to the merchant. If a dispute is resolved in the cardholder’s favor, Merchant Services will (through the cardholder’s issuing bank) credit or refund the amount to the cardholder and will charge back the transaction to the merchant. If Merchant Services is unable to collect the amount from the merchant, Merchant Services will bear the loss for the amount credited or refunded to the cardholder. Merchant Services mitigates this risk by withholding future settlements, retaining cash reserve accounts or obtaining other collateral. In addition, Merchant Services recognizes a valuation allowance that covers the payment or performance risk to the Firm related to charge-backs.

154

Loan sales- and securitization-related indemnifications

In connection with the Firm’s mortgage loan sale and securitization activities with GSEs the Firm has made representations and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm.

The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. Refer to Note 24 of this Form 10-Q and Note 30 of JPMorgan Chase’s 2020 Form 10-K for additional information regarding litigation.

Sponsored member repo program

The Firm acts as a sponsoring member to clear eligible overnight resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation (“FICC”) on behalf of clients that become sponsored members under the FICC’s rules. The Firm also guarantees to the FICC the prompt and full payment and performance of its sponsored member clients’ respective obligations under the FICC’s rules. The Firm minimizes its liability under these overnight guarantees by obtaining a security interest in the cash or high-quality securities collateral that the clients place with the clearing house therefore the Firm expects the risk of loss to be remote. The Firm’s maximum possible exposure, without taking into consideration the associated collateral, is included in the Exchange & clearing house guarantees and commitments line on page 153. Refer to Note 11 of JPMorgan Chase’s 2020 Form 10-K for additional information on credit risk mitigation practices on resale agreements and the types of collateral pledged under repurchase agreements.

Guarantees of subsidiaries

The Parent Company has guaranteed certain long-term debt and structured notes of its subsidiaries, including JPMorgan Chase Financial Company LLC (“JPMFC”), a 100%-owned finance subsidiary. All securities issued by JPMFC are fully and unconditionally guaranteed by the Parent Company and no other subsidiary of the Parent Company guarantees these securities. These guarantees, which rank on a parity with the Firm’s unsecured and unsubordinated indebtedness, are not included in the table on page 153 of this Note. Refer to Note 20 of JPMorgan Chase’s 2020 Form 10-K for additional information.

Note 23 – Pledged assets and collateral

Refer to Note 29 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the Firm’s pledged assets and collateral.

Pledged assets

The Firm pledges financial assets that it owns to maintain potential borrowing capacity at discount windows with Federal Reserve banks, various other central banks and FHLBs. Additionally, the Firm pledges assets for other purposes, including to collateralize repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits. Certain of these pledged assets may be sold or repledged or otherwise used by the secured parties and are parenthetically identified on the Consolidated balance sheets as assets pledged.

The following table presents the Firm’s pledged assets.

(in billions)	March 31, 2021		December 31, 2020
Assets that may be sold or repledged or otherwise used by secured parties	$	219.1	$	166.6
Assets that may not be sold or repledged or otherwise used by secured parties	137.9		113.9
Assets pledged at Federal Reserve banks and FHLBs	446.8		455.3
Total pledged assets	$	803.8	$	735.8

Total pledged assets do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. Refer to Note 13 for additional information on assets and liabilities of consolidated VIEs. Refer to Note 10 for additional information on the Firm’s securities financing activities. Refer to Note 20 of JPMorgan Chase’s 2020 Form 10-K for additional information on the Firm’s long-term debt.

Collateral

The Firm accepts financial assets as collateral that it is permitted to sell or repledge, deliver or otherwise use. This collateral is generally obtained under resale and other securities financing agreements, prime brokerage-related held-for-investment customer receivables and derivative contracts. Collateral is generally used under repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits.

The following table presents the fair value of collateral accepted.

(in billions)	March 31, 2021		December 31, 2020
Collateral permitted to be sold or repledged, delivered, or otherwise used	$	1,340.6	$	1,451.7
Collateral sold, repledged, delivered or otherwise used	1,004.0		1,038.9

155

Note 24 – Litigation

Contingencies

As of March 31, 2021, the Firm and its subsidiaries and affiliates are defendants, putative defendants or respondents in numerous legal proceedings, including private, civil litigations and regulatory/government investigations. The litigations range from individual actions involving a single plaintiff to class action lawsuits with potentially millions of class members. Investigations involve both formal and informal proceedings, by both governmental agencies and self-regulatory organizations. These legal proceedings are at varying stages of adjudication, arbitration or investigation, and involve each of the Firm’s lines of business and several geographies and a wide variety of claims (including common law tort and contract claims and statutory antitrust, securities and consumer protection claims), some of which present novel legal theories.

The Firm believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $1.5 billion at March 31, 2021. This estimated aggregate range of reasonably possible losses was based upon information available as of that date for those proceedings in which the Firm believes that an estimate of reasonably possible loss can be made. For certain matters, the Firm does not believe that such an estimate can be made, as of that date. The Firm’s estimate of the aggregate range of reasonably possible losses involves significant judgment, given:

•the number, variety and varying stages of the proceedings, including the fact that many are in preliminary stages,

•the existence in many such proceedings of multiple defendants, including the Firm, whose share of liability (if any) has yet to be determined,

•the numerous yet-unresolved issues in many of the proceedings, including issues regarding class certification and the scope of many of the claims, and

•the attendant uncertainty of the various potential outcomes of such proceedings, including where the Firm has made assumptions concerning future rulings by the court or other adjudicator, or about the behavior or incentives of adverse parties or regulatory authorities, and those assumptions prove to be incorrect.

In addition, the outcome of a particular proceeding may be a result which the Firm did not take into account in its estimate because the Firm had deemed the likelihood of that outcome to be remote. Accordingly, the Firm’s estimate of the aggregate range of reasonably possible losses will change from time to time, and actual losses may vary significantly.

Set forth below are descriptions of the Firm’s material legal proceedings.

Amrapali. India’s Enforcement Directorate (“ED”) is investigating JPMorgan India Private Limited in connection with investments made in 2010 and 2012 by two offshore funds formerly managed by JPMorgan Chase entities into residential housing projects developed by the Amrapali Group (“Amrapali”). In 2017, numerous creditors filed civil claims against Amrapali including petitions brought by home buyers relating to delays in delivering or failure to deliver residential units. The home buyers’ petitions have been overseen by the Supreme Court of India since 2017 pursuant to its jurisdiction over public interest litigation. In July 2019, the Supreme Court of India issued an order making preliminary findings that Amrapali and other parties, including unspecified JPMorgan Chase entities and the offshore funds that had invested in the projects, violated certain currency control and money laundering provisions, and ordering the ED to conduct a further inquiry under India’s Prevention of Money Laundering Act (“PMLA”) and Foreign Exchange Management Act (“FEMA”). In May 2020, the Enforcement Directorate issued a provisional attachment order as part of the criminal PMLA proceedings freezing approximately $25 million held by JPMorgan India Private Limited. In June 2020, the funds were transferred to an account held by the Supreme Court of India. A separate civil proceeding relating to alleged FEMA violations is ongoing. The Firm is responding to and cooperating with the investigation.    

Federal Republic of Nigeria Litigation. JPMorgan Chase Bank, N.A. operated an escrow and depository account for the Federal Government of Nigeria (“FGN”) and two major international oil companies. The account held approximately $1.1 billion in connection with a dispute among the clients over rights to an oil field. Following the settlement of the dispute, JPMorgan Chase Bank, N.A. paid out the monies in the account in 2011 and 2013 in accordance with directions received from its clients. In November 2017, the Federal Republic of Nigeria (“FRN”) commenced a claim in the English High Court for approximately $875 million in payments made out of the accounts. The FRN, claiming to be the same entity as the FGN, alleges that the payments were instructed as part of a complex fraud not involving JPMorgan Chase Bank, N.A., but that JPMorgan Chase Bank, N.A. was or should have been on notice that the payments may be fraudulent. JPMorgan Chase Bank, N.A. applied for summary judgment and was unsuccessful. The claim is ongoing and a trial has been scheduled to commence in February 2022.

Foreign Exchange Investigations and Litigation. The Firm previously reported settlements with certain government authorities relating to its foreign exchange (“FX”) sales and trading activities and controls related to those activities. Among those resolutions, in May 2015, the Firm pleaded

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guilty to a single violation of federal antitrust law. In January 2017, the Firm was sentenced, with judgment entered thereafter and a term of probation ending in January 2020. The term of probation has concluded, with the Firm remaining in good standing throughout the probation period. The Department of Labor granted the Firm a five-year exemption of disqualification that allows the Firm and its affiliates to continue to rely on the Qualified Professional Asset Manager exemption under the Employee Retirement Income Security Act (“ERISA”) until January 2023. The Firm will need to reapply in due course for a further exemption to cover the remainder of the ten-year disqualification period. A South Africa Competition Commission matter is the remaining FX-related governmental inquiry, and is currently pending before the South Africa Competition Tribunal.

In August 2018, the United States District Court for the Southern District of New York granted final approval to the Firm’s settlement of a consolidated class action brought by U.S.-based plaintiffs, which principally alleged violations of federal antitrust laws based on an alleged conspiracy to manipulate foreign exchange rates and also sought damages on behalf of persons who transacted in FX futures and options on futures. Certain members of the settlement class filed requests to the Court to be excluded from the class, and certain of them filed a complaint against the Firm and other foreign exchange dealers in November 2018. A number of these actions remain pending. Further, a putative class action has been filed against the Firm and other foreign exchange dealers on behalf of certain consumers who purchased foreign currencies at allegedly inflated rates. Another putative class action was brought against the Firm and other foreign exchange dealers on behalf of purported indirect purchasers of FX instruments. In 2020, the Court approved a settlement by the Firm and 11 other defendants of that class action for a total of $10 million. In addition, some FX-related individual and putative class actions based on similar alleged underlying conduct have been filed outside the U.S., including in the U.K., Israel and Australia.

Interchange Litigation. Groups of merchants and retail associations filed a series of class action complaints alleging that Visa and Mastercard, as well as certain banks, conspired to set the price of credit and debit card interchange fees and enacted related rules in violation of antitrust laws. In 2012, the parties initially settled the cases for a cash payment, a temporary reduction of credit card interchange, and modifications to certain credit card network rules. In 2017, after the approval of that settlement was reversed on appeal, the case was remanded to the United States District Court for the Eastern District of New York for further proceedings consistent with the appellate decision.

The original class action was divided into two separate actions, one seeking primarily monetary relief and the other seeking primarily injunctive relief. In September 2018, the parties to the class action seeking monetary relief finalized

an agreement which amends and supersedes the prior settlement agreement. Pursuant to this settlement, the defendants collectively contributed an additional $900 million to the approximately $5.3 billion previously held in escrow from the original settlement. In December 2019, the amended agreement was approved by the District Court. Certain merchants appealed the District Court’s approval order, and those appeals are pending. Based on the percentage of merchants that opted out of the amended class settlement, $700 million has been returned to the defendants from the settlement escrow in accordance with the settlement agreement. The class action seeking primarily injunctive relief continues separately.

In addition, certain merchants have filed individual actions raising similar allegations against Visa and Mastercard, as well as against the Firm and other banks, and some of those actions remain pending.

LIBOR and Other Benchmark Rate Investigations and Litigation. JPMorgan Chase has responded to inquiries from various governmental agencies and entities around the world relating primarily to the British Bankers Association’s ("BBA") London Interbank Offered Rate (“LIBOR”) for various currencies and the European Banking Federation’s Euro Interbank Offered Rate (“EURIBOR”). The Swiss Competition Commission’s investigation relating to EURIBOR, to which the Firm and other banks are subject, continues. In December 2016, the European Commission issued a decision against the Firm and other banks finding an infringement of European antitrust rules relating to EURIBOR. The Firm has filed an appeal of that decision with the European General Court, and that appeal is pending.

In addition, the Firm has been named as a defendant along with other banks in various individual and putative class actions related to benchmark rates, including U.S. dollar LIBOR. In actions related to U.S. dollar LIBOR during the period that it was administered by the BBA, the Firm has obtained dismissal of certain actions and resolved certain other actions, and others are in various stages of litigation. The United States District Court for the Southern District of New York has granted class certification of antitrust claims related to bonds and interest rate swaps sold directly by the defendants, including the Firm. In a consolidated putative class action related to the period that U.S. dollar LIBOR was administered by ICE Benchmark Administration, the District Court granted the motion by defendants, including the Firm, to dismiss plaintiffs’ complaint, and the plaintiffs have appealed. In addition, in August 2020, a group of individual plaintiffs filed a lawsuit asserting antitrust claims, alleging that the Firm and other defendants were engaged in an unlawful agreement to set U.S. dollar LIBOR and conspired to monopolize the market for LIBOR-based consumer loans and credit cards. In November 2020, plaintiffs filed a motion for a preliminary injunction seeking to enjoin defendants from setting U.S. dollar LIBOR and to prohibit defendants from enforcing any financial instruments that rely on U.S. dollar LIBOR. Defendants opposed that motion, which remains pending. The Firm’s settlements of putative

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class actions related to Swiss franc LIBOR, the Singapore Interbank Offered Rate and the Singapore Swap Offer Rate, and the Australian Bank Bill Swap Reference Rate remain subject to court approval.

Metals and U.S. Treasuries Investigations and Litigation and Related Inquiries. The Firm previously reported that it and/or certain of its subsidiaries had entered into resolutions with the U.S. Department of Justice (“DOJ”), the U.S. Commodity Futures Trading Commission (“CFTC”) and the U.S. Securities and Exchange Commission (“SEC”), which, collectively, resolved those agencies’ respective investigations relating to historical trading practices by former employees in the precious metals and U.S. treasuries markets and related conduct from 2008 to 2016.

The Firm entered into a Deferred Prosecution Agreement (“DPA”) with the DOJ in which it agreed to the filing of a criminal information charging JPMorgan Chase & Co. with two counts of wire fraud and agreed, along with JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC, to certain terms and obligations as set forth therein. Under the terms of the DPA, the criminal information will be dismissed after three years, provided that JPMorgan Chase & Co., JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC fully comply with all of their obligations.

Across the three resolutions with the DOJ, CFTC and SEC, JPMorgan Chase & Co., JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC agreed to pay a total monetary amount of approximately $920 million. A portion of the total monetary amount includes victim compensation payments.

Several putative class action complaints have been filed in the United States District Court for the Southern District of New York against the Firm and certain former employees, alleging a precious metals futures and options price manipulation scheme in violation of the Commodity Exchange Act. Some of the complaints also allege unjust enrichment and deceptive acts or practices under the General Business Law of the State of New York. The Court consolidated these putative class actions in February 2019, and the consolidated action is stayed through May 2021. In Canada, plaintiffs have moved to commence putative class action proceedings based on similar alleged underlying conduct for precious metals. In addition, several putative class actions have been filed in the United States District Courts for the Northern District of Illinois and Southern District of New York against the Firm, alleging manipulation of U.S. Treasury futures and options, and bringing claims under the Commodity Exchange Act. Some of the complaints also allege unjust enrichment. The actions in the Northern District of Illinois have been transferred to the Southern District of New York. The Court consolidated these putative class actions in October 2020 and plaintiffs filed their consolidated amended complaint in April 2021.

Two putative class action complaints have also been filed under the Securities Exchange Act of 1934 in the United

States District Court for the Eastern District of New York against the Firm and certain individual defendants on behalf of shareholders who acquired shares during the putative class period alleging that certain SEC filings of the Firm were materially false or misleading in that they did not disclose certain information relating to the above-referenced investigations. The Court consolidated these putative class actions in January 2021, and plaintiffs filed their consolidated amended complaint in March 2021.

Securities Lending Antitrust Litigation. JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC, J.P. Morgan Prime, Inc., and J.P. Morgan Strategic Securities Lending Corp. are named as defendants in a putative class action filed in the United States District Court for the Southern District of New York. The complaint asserts violations of federal antitrust law and New York State common law in connection with an alleged conspiracy to prevent the emergence of anonymous exchange trading for securities lending transactions. Defendants’ motion to dismiss the complaint was denied. Plaintiffs have moved to certify a class in this action, which defendants are opposing.

Wendel. Since 2012, the French criminal authorities have been investigating a series of transactions entered into by senior managers of Wendel Investissement (“Wendel”) during the period from 2004 through 2007 to restructure their shareholdings in Wendel. JPMorgan Chase Bank, N.A., Paris branch provided financing for the transactions to a number of managers of Wendel in 2007. JPMorgan Chase cooperated with the investigation. The investigating judges issued an ordonnance de renvoi in November 2016, referring JPMorgan Chase Bank, N.A. to the French tribunal correctionnel for alleged complicity in tax fraud. In January 2018, the Paris Court of Appeal issued a decision cancelling the mise en examen of JPMorgan Chase Bank, N.A. The Court of Cassation, France’s highest court, ruled in September 2018 that a mise en examen is a prerequisite for an ordonnance de renvoi and in January 2020 ordered the annulment of the ordonnance de renvoi referring JPMorgan Chase Bank, N.A. to the French tribunal correctionnel. The Court of Appeal found in January 2021 that it had no power to take further action against JPMorgan Chase following the Court of Cassation’s ruling. At the opening of a trial of the managers of Wendel in January 2021, the tribunal correctionnel directed the criminal authorities to clarify whether a further investigation should be opened against JPMorgan Chase, pending which the trial was postponed. In April 2021, the Court of Cassation declined to hear JPMorgan Chase’s appeal of the January 2021 decision of the tribunal correctionnel at this stage of the proceedings. In addition, a number of the managers have commenced civil proceedings against JPMorgan Chase Bank, N.A. The claims are separate, involve different allegations and are at various stages of proceedings.

* * *

In addition to the various legal proceedings discussed above, JPMorgan Chase and its subsidiaries are named as defendants or are otherwise involved in a substantial number of other legal proceedings. The Firm believes it has

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meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and it intends to defend itself vigorously. Additional legal proceedings may be initiated from time to time in the future.

The Firm has established reserves for several hundred of its currently outstanding legal proceedings. In accordance with the provisions of U.S. GAAP for contingencies, the Firm accrues for a litigation-related liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. The Firm evaluates its outstanding legal proceedings each quarter to assess its litigation reserves, and makes adjustments in such reserves, upward or downward, as appropriate, based on management’s best judgment after consultation with counsel. The Firm’s legal expense was $28 million and $197 million for the three months ended March 31, 2021 and 2020, respectively. There is no assurance that the Firm’s litigation reserves will not need to be adjusted in the future.

In view of the inherent difficulty of predicting the outcome of legal proceedings, particularly where the claimants seek very large or indeterminate damages, or where the matters present novel legal theories, involve a large number of parties or are in early stages of discovery, the Firm cannot state with confidence what will be the eventual outcomes of the currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences related to those matters. JPMorgan Chase believes, based upon its current knowledge and after consultation with counsel, consideration of the material legal proceedings described above and after taking into account its current litigation reserves and its estimated aggregate range of possible losses, that the other legal proceedings currently pending against it should not have a material adverse effect on the Firm’s consolidated financial condition. The Firm notes, however, that in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves it has currently accrued or that a matter will not have material reputational consequences. As a result, the outcome of a particular matter may be material to JPMorgan Chase’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of JPMorgan Chase’s income for that period.

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Note 25 – Business segments

The Firm is managed on an LOB basis. There are four major reportable business segments - Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset & Wealth Management. In addition, there is a Corporate segment. The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is currently evaluated by the Firm’s Operating Committee. Segment results are presented on a managed basis. Refer to Segment results below, and Note 32 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of JPMorgan Chase’s business segments.

Segment results

The following table provides a summary of the Firm’s segment results as of or for the three months ended March 31, 2021 and 2020, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to

present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 32 of JPMorgan Chase’s 2020 Form 10-K for additional information on the Firm’s managed basis.

Capital allocation

The amount of capital assigned to each segment is referred to as equity. Periodically, the assumptions and methodologies used to allocate capital are assessed and as a result, the capital allocated to the LOBs may change. Refer to Line of business equity on page 98 of JPMorgan Chase’s 2020 Form 10-K for additional information on capital allocation.

Segment results and reconciliation(a)
As of or for the three months ended March 31, (in millions, except ratios)	Consumer & Community Banking						Corporate & Investment Bank							Commercial Banking						Asset & Wealth Management
	2021			2020			2021			2020				2021			2020			2021			2020
Noninterest revenue	$	4,588		$	4,097		$	11,088		$	6,896			$	917		$	608		$	3,146		$	2,529
Net interest income	7,929			9,190			3,517			3,107				1,476			1,557			931			860
Total net revenue	12,517			13,287			14,605			10,003				2,393			2,165			4,077			3,389
Provision for credit losses	(3,602)			5,772			(331)			1,401				(118)			1,010			(121)			94
Noninterest expense	7,202			7,269			7,104			5,955				969			986			2,574			2,435
Income/(loss) before income tax expense/(benefit)	8,917			246			7,832			2,647				1,542			169			1,624			860
Income tax expense/(benefit)	2,189			49			2,092			662				374			30			380			191
Net income/(loss)	$	6,728		$	197		$	5,740		$	1,985			$	1,168		$	139		$	1,244		$	669
Average equity	$	50,000		$	52,000		$	83,000		$	80,000			$	24,000		$	22,000		$	14,000		$	10,500
Total assets	487,978			513,352			1,355,123			1,216,558			(b)	223,583			247,786			213,088			178,897
ROE	54		%	1		%	27		%	9		%		19		%	2		%	35		%	25		%
Overhead ratio	58			55			49			60				40			46			63			72

As of or for the three months ended March 31, (in millions, except ratios)	Corporate				Reconciling Items(a)					Total
	2021		2020		2021		2020			2021			2020
Noninterest revenue	$	382	$	331	$	(744)	$	(614)	(b)	$	19,377		$	13,847		(b)
Net interest income	(855)		(165)		(109)		(110)			12,889			14,439
Total net revenue	(473)		166		(853)		(724)			32,266			28,286
Provision for credit losses	16		8		—		—			(4,156)			8,285
Noninterest expense	876		146		—		—			18,725			16,791
Income/(loss) before income tax expense/(benefit)	(1,365)		12		(853)		(724)			17,697			3,210
Income tax expense/(benefit)	(785)		137		(853)		(724)		(b)	3,397			345			(b)
Net income/(loss)	$	(580)	$	(125)	$	—	$	—		$	14,300		$	2,865
Average equity	$	74,542	$	70,030	$	—	$	—		$	245,542		$	234,530
Total assets	1,409,564		981,937		NA		NA			3,689,336			3,138,530			(b)
ROE	NM		NM		NM		NM			23		%	4		%
Overhead ratio	NM		NM		NM		NM			58			59			(b)

(a)Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.

(b) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of JPMorgan Chase & Co.:

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheet of JPMorgan Chase & Co. and its subsidiaries (the “Firm”) as of March 31, 2021, and the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for the three-month periods ended March 31, 2021 and 2020, including the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of the Firm as of December 31, 2020, and the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for the year then ended (not presented herein), and in our report dated February 23, 2021, which included a paragraph describing a change in the manner of accounting for credit losses on certain financial instruments in the 2020 financial statements, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet information as of December 31, 2020, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These interim financial statements are the responsibility of the Firm’s management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Firm in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

May 4, 2021

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

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JPMorgan Chase & Co.
Consolidated average balance sheets, interest and rates (unaudited)
(Taxable-equivalent interest and rates; in millions, except rates)
	Three months ended March 31, 2021							Three months ended March 31, 2020
	Average balance		Interest(g)		Rate (annualized)			Average balance		Interest(g)		Rate (annualized)
Assets
Deposits with banks	$	631,606	$	65	0.04	%		$	279,748	$	569	0.82	%
Federal funds sold and securities purchased under resale agreements	289,763		233		0.33			253,403		1,095		1.74
Securities borrowed	175,019		(77)		(0.18)		(h)	136,127		152		0.45
Trading assets – debt instruments	322,648		1,790		2.25			304,808		2,075		2.74
Taxable securities	550,579		1,605		1.18			388,223		2,233		2.31
Nontaxable securities(a)	31,881		348		4.43			33,306		365		4.41
Total investment securities	582,460		1,953		1.36		(i)	421,529		2,598		2.48		(i)
Loans	1,013,524		10,217		4.09			1,001,504		12,339		4.96
All other interest-earning assets(b)	111,549		199		0.72			68,430		443		2.60
Total interest-earning assets	3,126,569		14,380		1.87			2,465,549		19,271		3.14
Allowance for loan losses	(28,268)							(17,357)
Cash and due from banks	25,168							21,668
Trading assets – equity and other instruments	159,727							114,479
Trading assets – derivative receivables	79,013							66,309
Goodwill, MSRs and other intangible Assets	53,932							52,690
All other noninterest-earning assets(c)	196,700							185,986
Total assets	$	3,612,841						$	2,889,324
Liabilities
Interest-bearing deposits	$	1,610,467	$	146	0.04	%		$	1,216,555	$	1,575	0.52	%
Federal funds purchased and securities loaned or sold under repurchase agreements	301,386		15		0.02			243,922		787		1.30
Short-term borrowings(d)	42,031		33		0.31			37,288		151		1.63
Trading liabilities – debt and all other interest-bearing liabilities(e)(f)	230,922		27		0.05		(h)	192,950		372		0.77
Beneficial interests issued by consolidated VIEs	17,185		27		0.64			18,048		90		2.02
Long-term debt	239,398		1,134		1.92			243,996		1,747		2.88
Total interest-bearing liabilities	2,441,389		1,382		0.23			1,952,759		4,722		0.97
Noninterest-bearing deposits	614,165							419,631
Trading liabilities – equity and other instruments(f)	35,029							30,721
Trading liabilities – derivative payables	67,960							54,990
All other liabilities, including the allowance for lending-related commitments(c)	178,444							167,287
Total liabilities	3,336,987							2,625,388
Stockholders’ equity
Preferred stock	30,312							29,406
Common stockholders’ equity	245,542							234,530
Total stockholders’ equity	275,854							263,936
Total liabilities and stockholders’ equity	$	3,612,841						$	2,889,324
Interest rate spread					1.64	%						2.17	%
Net interest income and net yield on interest-earning assets			$	12,998	1.69					$	14,549	2.37

(a)Represents securities which are tax-exempt for U.S. federal income tax purposes.

(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)Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.

(d)Includes commercial paper.

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

(f)The combined balance of trading liabilities – debt and equity instruments was $126.3 billion and $101.1 billion for the three months ended March 31, 2021 and 2020, respectively.

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

(h)Negative interest income and yield 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 interest-bearing liabilities.

(i)The annualized rate for securities based on amortized cost was 1.38% and 2.52% for the three months ended March 31, 2021 and 2020, respectively, and does not give effect to changes in fair value that are reflected in AOCI.

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GLOSSARY OF TERMS AND ACRONYMS

2020 Form 10-K: Annual report on Form 10-K for year ended December 31, 2020, filed with the U.S. Securities and Exchange Commission.

ABS: Asset-backed securities

Active foreclosures: Loans referred to foreclosure where formal foreclosure proceedings are ongoing. Includes both judicial and non-judicial states.

AFS: Available-for-sale

Allowance for loan losses to total retained loans: represents period-end allowance for loan losses divided by retained loans.

Amortized cost: Amount at which a financing receivable or investment is originated or acquired, adjusted for accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, charge-offs, foreign exchange, and fair value hedge accounting adjustments. For AFS securities, amortized cost is also reduced by any impairment losses recognized in earnings. Amortized cost is not reduced by the allowance for credit losses, except where explicitly presented net.

AOCI: Accumulated other comprehensive income/(loss)

ARM(s): Adjustable rate mortgage(s)

AUC: “Assets under custody”: Represents assets held directly or indirectly on behalf of clients under safekeeping, custody and servicing arrangements.

Auto loan and lease origination volume: Dollar amount of auto loans and leases originated.

AWM: Asset & Wealth Management

Beneficial interests issued by consolidated VIEs: represents the interest of third-party holders of debt, equity securities, or other obligations, issued by VIEs that JPMorgan Chase consolidates.

Benefit obligation: refers to the projected benefit obligation for pension plans and the accumulated postretirement benefit obligation for OPEB plans.

BHC: Bank holding company

Bridge Financing Portfolio: A portfolio of held-for-sale unfunded loan commitments and funded loans. The unfunded commitments include both short-term bridge loan commitments that will ultimately be replaced by longer term financing as well as term loan commitments. The funded loans include term loans and funded revolver facilities.

CB: Commercial Banking

CBB: Consumer & Business Banking

CCAR: Comprehensive Capital Analysis and Review

CCB: Consumer & Community Banking

CDS: Credit default swaps

CECL: Current Expected Credit Losses

CEO: Chief Executive Officer

CET1 capital: Common equity Tier 1 capital

CFTC: Commodity Futures Trading Commission

CFO: Chief Financial Officer

CIB: Corporate & Investment Bank

CIO: Chief Investment Office

Client assets: Represent assets under management as well as custody, brokerage, administration and deposit accounts.

Client deposits and other third-party liabilities: Deposits, as well as deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements) as part of client cash management programs.

CLTV: Combined loan-to-value

Collateral-dependent: A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty, including when foreclosure is deemed probable based on borrower delinquency.

Commercial Card: provides a wide range of payment services to corporate and public sector clients worldwide through the commercial card products. Services include procurement, corporate travel and entertainment, expense management services, and business-to-business payment solutions.

Credit derivatives: Financial instruments whose value is derived from the credit risk associated with the debt of a third-party issuer (the reference entity) which allow one party (the protection purchaser) to transfer that risk to another party (the protection seller). Upon the occurrence of a credit event by the reference entity, which may include, among other events, the bankruptcy or failure to pay its obligations, or certain restructurings of the debt of the reference entity, neither party has recourse to the reference entity. The protection purchaser has recourse to the protection seller for the difference between the face value of the CDS contract and the fair value at the time of settling the credit derivative contract. The determination as to whether a credit event has occurred is generally made by the relevant International Swaps and Derivatives Association (“ISDA”) Determinations Committee.

Criticized: Criticized loans, lending-related commitments and derivative receivables that are classified as special mention, substandard and doubtful categories for regulatory purposes and are generally consistent with a rating of CCC+/Caa1 and below, as defined by S&P and Moody’s.

CRO: Chief Risk Officer

CVA: Credit valuation adjustment

DVA: Debit valuation adjustment

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EC: European Commission

Eligible HQLA: Eligible high-quality liquid assets, for purposes of calculating the LCR, is the amount of unencumbered HQLA that satisfy certain operational considerations as defined in the LCR rule.

Eligible LTD: Long-term debt satisfying certain eligibility criteria

Embedded derivatives: are implicit or explicit terms or features of a financial instrument that affect some or all of the cash flows or the value of the instrument in a manner similar to a derivative. An instrument containing such terms or features is referred to as a “hybrid.” The component of the hybrid that is the non-derivative instrument is referred to as the “host.” For example, callable debt is a hybrid instrument that contains a plain vanilla debt instrument (i.e., the host) and an embedded option that allows the issuer to redeem the debt issue at a specified date for a specified amount (i.e., the embedded derivative). However, a floating rate instrument is not a hybrid composed of a fixed-rate instrument and an interest rate swap.

ERISA: Employee Retirement Income Security Act of 1974

EPS: Earnings per share

Exchange-traded derivatives: Derivative contracts that are executed on an exchange and settled via a central clearing house.

Expense categories:

•Volume- and/or revenue-related expenses generally correlate with changes in the related business/transaction volume or revenue. Examples of volume- and revenue-related expenses include commissions and incentive compensation, depreciation expense related to operating lease assets, and brokerage expense related to equities trading transaction volume.

•Investments include expenses associated with supporting medium- to longer-term strategic plans of the Firm. Examples of investments include initiatives in technology (including related compensation), marketing, and compensation for new bankers and client advisors.

•Structural expenses are those associated with the day-to-day cost of running the bank and are expenses not covered by the above two categories. Examples of structural expenses include employee salaries and benefits, as well as noncompensation costs such as real estate and all other expenses.

EU: European Union

Fannie Mae: Federal National Mortgage Association

FASB: Financial Accounting Standards Board

FCA: Financial Conduct Authority

FDIC: Federal Deposit Insurance Corporation

Federal Reserve: The Board of the Governors of the Federal Reserve System

FFIEC: Federal Financial Institutions Examination Council

FHA: Federal Housing Administration

FHLB: Federal Home Loan Bank

FICO score: A measure of consumer credit risk based on information in consumer credit reports produced by Fair Isaac Corporation. Because certain aged data is excluded from credit reports based on rules in the Fair Credit Reporting Act, FICO scores may not reflect all historical information about a consumer.

FINRA: Financial Industry Regulatory Authority

Firm: JPMorgan Chase & Co.

Follow-on offering: An issuance of shares following a company's IPO.

Forward points: represents the interest rate differential between two currencies, which is either added to or subtracted from the current exchange rate (i.e., “spot rate”) to determine the forward exchange rate.

FRBB: Federal Reserve Bank of Boston

FRBNY: Federal Reserve Bank of New York

Freddie Mac: Federal Home Loan Mortgage Corporation

Free-standing derivatives: is a derivative contract entered into either separate and apart from any of the Firm’s other financial instruments or equity transactions. Or, in conjunction with some other transaction and is legally detachable and separately exercisable.

FTE: Fully taxable-equivalent

FVA: Funding valuation adjustment

FX: Foreign exchange

G7: “Group of Seven nations”: Countries in the G7 are Canada, France, Germany, Italy, Japan, the U.K. and the U.S.

G7 government securities: Securities issued by the government of one of the G7 nations.

Ginnie Mae: Government National Mortgage Association

GSIB: Global systemically important banks

HELOC: Home equity line of credit

Home equity – senior lien: represents loans and commitments where JPMorgan Chase holds the first security interest on the property.

Home equity – junior lien: represents loans and commitments where JPMorgan Chase holds a security interest that is subordinate in rank to other liens.

HQLA: High-quality liquid assets

HTM: Held-to-maturity

IBOR: Interbank Offered Rate

IDI: Insured depository institutions

IHC: JPMorgan Chase Holdings LLC, an intermediate holding company

IPO: Initial public offering

Investment-grade: An indication of credit quality based on JPMorgan Chase’s internal risk assessment system. “Investment grade” generally represents a risk profile similar to a rating of a “BBB-”/“Baa3” or better, as defined

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by independent rating agencies.

IR: Interest rate

ISDA: International Swaps and Derivatives Association

JPMorgan Chase: JPMorgan Chase & Co.

JPMorgan Chase Bank, N.A.: JPMorgan Chase Bank, National Association

JPMorgan Chase Foundation or Foundation: a not-for-profit organization that makes contributions for charitable and educational purposes.

J.P. Morgan Securities: J.P. Morgan Securities LLC

LCR: Liquidity coverage ratio

LGD: Loss given default

LIBOR: London Interbank Offered Rate

LLC: Limited Liability Company

LOB: Line of business

LTV: “Loan-to-value ratio”: For residential real estate loans, the relationship, expressed as a percentage, between the principal amount of a loan and the appraised value of the collateral (i.e., residential real estate) securing the loan.

Origination date LTV ratio

The LTV ratio at the origination date of the loan. Origination date LTV ratios are calculated based on the actual appraised values of collateral (i.e., loan-level data) at the origination date.

Current estimated LTV ratio

An estimate of the LTV as of a certain date. The current estimated LTV ratios are calculated using estimated collateral values derived from a nationally recognized home price index measured at the metropolitan statistical area (“MSA”) level. These MSA-level home price indices consist of actual data to the extent available and forecasted data where actual data is not available. As a result, the estimated collateral values used to calculate these ratios do not represent actual appraised loan-level collateral values; as such, the resulting LTV ratios are necessarily imprecise and should therefore be viewed as estimates.

Combined LTV ratio

The LTV ratio considering all available lien positions, as well as unused lines, related to the property. Combined LTV ratios are used for junior lien home equity products.

Managed basis: A non-GAAP presentation of Firmwide financial results that includes reclassifications to present revenue on a fully taxable-equivalent basis. Management also uses this financial measure at the segment level, because it believes this provides information to enable investors to understand the underlying operational performance and trends of the particular business segment and facilitates a comparison of the business segment with the performance of competitors.

Master netting agreement: A single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due).

Measurement alternative: Measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer.

Merchant Services: offers merchants payment processing capabilities, fraud and risk management, data and analytics, and other payments services. Through Merchant Services, merchants of all sizes can accept payments via credit and debit cards and payments in multiple currencies.

MEV: Macroeconomic variable

MBS: Mortgage-backed securities

MD&A: Management’s discussion and analysis

MMLF: Money Market Mutual Fund Liquidity Facility

MMMF: Money market mutual funds

Moody’s: Moody’s Investor Services

Mortgage product types:

Alt-A

Alt-A loans are generally higher in credit quality than subprime loans but have characteristics that would disqualify the borrower from a traditional prime loan. Alt-A lending characteristics may include one or more of the following: (i) limited documentation; (ii) a high CLTV ratio; (iii) loans secured by non-owner occupied properties; or (iv) a debt-to-income ratio above normal limits. A substantial proportion of the Firm’s Alt-A loans are those where a borrower does not provide complete documentation of his or her assets or the amount or source of his or her income.

Option ARMs

The option ARM real estate loan product is an adjustable-rate mortgage loan that provides the borrower with the option each month to make a fully amortizing, interest-only or minimum payment. The minimum payment on an option ARM loan is based on the interest rate charged during the introductory period. This introductory rate is usually significantly below the fully indexed rate. The fully indexed rate is calculated using an index rate plus a margin. Once the introductory period ends, the contractual interest rate charged on the loan increases to the fully indexed rate and adjusts monthly to reflect movements in the index. The minimum payment is typically insufficient to cover interest accrued in the prior month, and any unpaid interest is deferred and added to the principal balance of the loan. Option ARM loans are subject to payment recast, which converts the loan to a variable-rate fully amortizing loan upon meeting specified loan balance and anniversary date triggers.

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Prime

Prime mortgage loans are made to borrowers with good credit records who meet specific underwriting requirements, including prescriptive requirements related to income and overall debt levels. New prime mortgage borrowers provide full documentation and generally have reliable payment histories.

Subprime

Subprime loans are loans that, prior to mid-2008, were offered to certain customers with one or more high risk characteristics, including but not limited to: (i) unreliable or poor payment histories; (ii) a high LTV ratio of greater than 80% (without borrower-paid mortgage insurance); (iii) a high debt-to-income ratio; (iv) an occupancy type for the loan is other than the borrower’s primary residence; or (v) a history of delinquencies or late payments on the loan.

MSA: Metropolitan statistical areas

MSR: Mortgage servicing rights

NA: Data is not applicable or available for the period presented.

NAV: Net Asset Value

Net Capital Rule: Rule 15c3-1 under the Securities Exchange Act of 1934.

Net charge-off/(recovery) rate: represents net charge-offs/(recoveries) (annualized) divided by average retained loans for the reporting period.

Net interchange income includes the following components:

•Interchange income: Fees earned by credit and debit card issuers on sales transactions.

•Rewards costs: The cost to the Firm for points earned by cardholders enrolled in credit card rewards programs generally tied to sales transactions.

•Partner payments: Payments to co-brand credit card partners based on the cost of loyalty program rewards earned by cardholders on credit card transactions.

Net yield on interest-earning assets: The average rate for interest-earning assets less the average rate paid for all sources of funds.

NFA: National Futures Association

NM: Not meaningful

Nonaccrual loans: Loans for which interest income is not recognized on an accrual basis. Loans (other than credit card loans and certain consumer loans insured by U.S. government agencies) are placed on nonaccrual status when full payment of principal and interest is not expected, regardless of delinquency status, or when principal and interest has been in default for a period of 90 days or more unless the loan is both well-secured and in the process of collection. Collateral-dependent loans are typically maintained on nonaccrual status.

Nonperforming assets: Nonperforming assets include nonaccrual loans, nonperforming derivatives and certain assets acquired in loan satisfactions, predominantly real estate owned and other commercial and personal property.

NSFR: Net Stable Funding Ratio

OCC: Office of the Comptroller of the Currency

OCI: Other comprehensive income/(loss)

OPEB: Other postretirement employee benefit

OTC: “Over-the-counter derivatives”: Derivative contracts that are negotiated, executed and settled bilaterally between two derivative counterparties, where one or both counterparties is a derivatives dealer.

OTC cleared: “Over-the-counter cleared derivatives”: Derivative contracts that are negotiated and executed bilaterally, but subsequently settled via a central clearing house, such that each derivative counterparty is only exposed to the default of that clearing house.

Overhead ratio: Noninterest expense as a percentage of total net revenue.

Parent Company: JPMorgan Chase & Co.

Participating securities: represents unvested share-based compensation awards containing nonforfeitable rights to dividends or dividend equivalents (collectively, “dividends”), which are included in the earnings per share calculation using the two-class method. JPMorgan Chase grants restricted stock and RSUs to certain employees under its share-based compensation programs, which entitle the recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities. Under the two-class method, all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities, based on their respective rights to receive dividends.

PCD: “Purchased credit deteriorated” assets represent acquired financial assets that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Firm.

PD: Probability of default

Phishing: a type of social engineering cyberattack received through email or online messages.

PPP: Paycheck Protection Program under the Small Business Association ("SBA")

PPPL Facility: Paycheck Protection Program Lending Facility

PRA: Prudential Regulation Authority

Pre-provision profit/(loss): 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.

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Principal transactions revenue: Principal transactions revenue is driven by many factors, including the bid-offer spread, which is the difference between the price at which the Firm is willing to buy a financial or other instrument and the price at which the Firm is willing to sell that instrument. It also consists of realized (as a result of closing out or termination of transactions, or interim cash payments) and unrealized (as a result of changes in valuation) gains and losses on financial and other instruments (including those accounted for under the fair value option) primarily used in client-driven market-making activities and on private equity investments. In connection with its client-driven market-making activities, the Firm transacts in debt and equity instruments, derivatives and commodities (including physical commodities inventories and financial instruments that reference commodities). Principal transactions revenue also includes certain realized and unrealized gains and losses related to hedge accounting and specified risk-management activities, including: (a) certain derivatives designated in qualifying hedge accounting relationships (primarily fair value hedges of commodity and foreign exchange risk), (b) certain derivatives used for specific risk management purposes, primarily to mitigate credit risk and foreign exchange risk, and (c) other derivatives.

PSU(s): Performance share units

Regulatory VaR: Daily aggregated VaR calculated in accordance with regulatory rules.

REO: Real estate owned

Reported basis: Financial statements prepared under U.S. GAAP, which excludes the impact of taxable-equivalent adjustments.

Retained loans: Loans that are held-for-investment (i.e. excludes loans held-for-sale and loans at fair value).

Revenue wallet: Total fee revenue based on estimates of investment banking fees generated across the industry (i.e., the revenue wallet) from investment banking transactions in M&A, equity and debt underwriting, and loan syndications. Source: Dealogic, a third-party provider of investment banking competitive analysis and volume based league tables for the above noted industry products.

RHS: Rural Housing Service of the U.S. Department of Agriculture

ROE: Return on equity

ROTCE: Return on tangible common equity

ROU assets: Right-of-use assets

RSU(s): Restricted stock units

RWA: “Risk-weighted assets”: Basel III establishes two comprehensive approaches for calculating RWA (a Standardized approach and an Advanced approach) which include capital requirements for credit risk, market risk, and in the case of Basel III Advanced, also operational risk. Key differences in the calculation of credit risk RWA between the Standardized and Advanced approaches are that for Basel III Advanced, credit risk RWA is based on risk-sensitive

approaches which largely rely on the use of internal credit models and parameters, whereas for Basel III Standardized, credit risk RWA is generally based on supervisory risk-weightings which vary primarily by counterparty type and asset class. Market risk RWA is calculated on a generally consistent basis between Basel III Standardized and Basel III Advanced.

Scored portfolios: Consumer loan portfolios that predominantly include residential real estate loans, credit card loans, auto loans to individuals and certain small business loans.

S&P: Standard and Poors

SAR(s): Stock appreciation rights

SCB: Stress capital buffer

SEC: U.S. Securities and Exchange Commission

Seed capital: Initial JPMorgan capital invested in products, such as mutual funds, with the intention of ensuring the fund is of sufficient size to represent a viable offering to clients, enabling pricing of its shares, and allowing the manager to develop a track record. After these goals are achieved, the intent is to remove the Firm’s capital from the investment.

Shelf securities: Securities registered with the SEC under a

shelf registration statement that have not been issued,

offered or sold. These securities are not included in league

tables until they have actually been issued.

Single-name: Single reference-entities

SLR: Supplementary leverage ratio

SMBS: Stripped mortgage-backed securities

SOFR: Secured Overnight Financing Rate

SPEs: Special purpose entities

SPV: Special purpose vehicle

Structural interest rate risk: represents interest rate risk of the non-trading assets and liabilities of the Firm.

Structured notes: Structured notes are financial instruments whose cash flows are linked to the movement in one or more indexes, interest rates, foreign exchange rates, commodities prices, prepayment rates, underlying reference pool of loans or other market variables. The notes typically contain embedded (but not separable or detachable) derivatives. Contractual cash flows for principal, interest, or both can vary in amount and timing throughout the life of the note based on non-traditional indexes or non-traditional uses of traditional interest rates or indexes.

Suspended foreclosures: Loans referred to foreclosure where formal foreclosure proceedings have started but are currently on hold, which could be due to bankruptcy or loss mitigation. Includes both judicial and non-judicial states.

Taxable-equivalent basis: In presenting managed results, the total net revenue for each of the business segments and the Firm is presented on a tax-equivalent basis. Accordingly, revenue from investments that receive tax

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credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities; the corresponding income tax impact related to tax-exempt items is recorded within income tax expense.

TBVPS: Tangible book value per share

TCE: Tangible common equity

TDR: “Troubled debt restructuring” is deemed to occur when the Firm modifies the original terms of a loan agreement by granting a concession to a borrower that is experiencing financial difficulty. Loans with short-term and other insignificant modifications that are not considered concessions are not TDRs.

TLAC: Total Loss Absorbing Capacity

U.K.: United Kingdom

Unaudited: Financial statements and information that have not been subjected to auditing procedures sufficient to permit an independent certified public accountant to express an opinion.

U.S.: United States of America

U.S. government agencies: U.S. government agencies include, but are not limited to, agencies such as Ginnie Mae and FHA, and do not include Fannie Mae and Freddie Mac which are U.S. government-sponsored enterprises (“U.S. GSEs”). In general, obligations of U.S. government agencies are fully and explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government in the event of a default.

U.S. GAAP: Accounting principles generally accepted in the United States of America.

U.S. GSE(s): “U.S. government-sponsored enterprises” are quasi-governmental, privately-held entities established or chartered by the U.S. government to serve public purposes as specified by the U.S. Congress to improve the flow of credit to specific sectors of the economy and provide certain essential services to the public. U.S. GSEs include Fannie Mae and Freddie Mac, but do not include Ginnie Mae or FHA. U.S. GSE obligations are not explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government.

U.S. Treasury: U.S. Department of the Treasury

VA: U.S. Department of Veterans Affairs

VaR: “Value-at-risk” is a measure of the dollar amount of potential loss from adverse market moves in an ordinary market environment.

VIEs: Variable interest entities

Warehouse loans: consist of prime mortgages originated with the intent to sell that are accounted for at fair value and classified as loans.

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LINE OF BUSINESS METRICS

CONSUMER & COMMUNITY BANKING (“CCB”)

Debit and credit card sales volume: Dollar amount of card member purchases, net of returns.

Deposit margin/deposit spread: Represents net interest income expressed as a percentage of average deposits.

Home Lending Production and Home Lending Servicing revenue comprises the following:

Net mortgage servicing revenue: Includes operating revenue earned from servicing third-party mortgage loans, which is recognized over the period in which the service is provided; changes in the fair value of MSRs; the impact of risk management activities associated with MSRs; and gains and losses on securitization of excess mortgage servicing. Net mortgage servicing revenue also includes gains and losses on sales and lower of cost or fair value adjustments of certain repurchased loans insured by U.S. government agencies.

Production revenue: Includes fees and income recognized as earned on mortgage loans originated with the intent to sell, and the impact of risk management activities associated with the mortgage pipeline and warehouse loans. Production revenue also includes gains and losses on sales and lower of cost or fair value adjustments on mortgage loans held-for-sale (excluding certain repurchased loans insured by U.S. government agencies), and changes in the fair value of financial instruments measured under the fair value option.

Mortgage origination channels comprise the following:

Retail: Borrowers who buy or refinance a home through direct contact with a mortgage banker employed by the Firm using a branch office, the Internet or by phone. Borrowers are frequently referred to a mortgage banker by a banker in a Chase branch, real estate brokers, home builders or other third parties.

Correspondent: Banks, thrifts, other mortgage banks and other financial institutions that sell closed loans to the Firm.

Credit Card: is a business that primarily issues credit cards to consumers and small businesses.

Net revenue rate: represents Credit Card net revenue (annualized) expressed as a percentage of average loans for the period.

Auto loan and lease origination volume: Dollar amount of auto loans and leases originated.

CORPORATE & INVESTMENT BANK (“CIB”)

Definition of selected CIB revenue:

Investment Banking: incorporates all revenue associated with investment banking activities, and is reported net of investment banking revenue shared with other LOBs.

Wholesale Payments includes the following:

•Treasury Services: offers a broad range of products and services that enable clients to manage payments and receipts, as well as invest and manage funds. Products include U.S. dollar and multi-currency clearing, automated clearing house, lockbox, disbursement and reconciliation services, check deposits, and currency-related services;

•Merchant Services: primarily processes transactions for merchants; and

•Trade Finance: which includes loans tied directly to goods crossing borders, export/import loans, commercial letters of credit, standby letters of credit, and supply chain finance.

Lending: includes net interest income, fees, gains or losses on loan sale activity, gains or losses on securities received as part of a loan restructuring, and the risk management results related to the credit portfolio.

Fixed Income Markets: primarily includes revenue related to market-making across global fixed income markets, including foreign exchange, interest rate, credit and commodities markets.

Equity Markets: primarily includes revenue related to market-making across global equity products, including cash instruments, derivatives, convertibles and prime brokerage.

Securities Services: primarily includes custody, fund accounting and administration, and securities lending products sold principally to asset managers, insurance companies and public and private investment funds. Also includes collateral management and depositary receipts businesses which provide collateral management products, and depositary bank services for American and global depositary receipt programs.

Description of certain business metrics:

Assets under custody (“AUC”): represents activities associated with the safekeeping and servicing of assets on which Securities Services earns fees.

Investment banking fees: represents advisory, equity underwriting, bond underwriting and loan syndication fees.

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COMMERCIAL BANKING (“CB”)

Commercial Banking provides comprehensive financial solutions, including lending, wholesale payments, investment banking and asset management products across three primary client segments: Middle Market Banking, Corporate Client Banking and Commercial Real Estate Banking. Other includes amounts not aligned with a primary client segment.

Middle Market Banking: covers small and midsized companies, local governments and nonprofit clients.

Corporate Client Banking: covers large corporations.

Commercial Real Estate Banking: covers investors, developers, and owners of multifamily, office, retail, industrial and affordable housing properties.

CB product revenue comprises the following:

Lending: includes a variety of financing alternatives, which are primarily provided on a secured basis; collateral includes receivables, inventory, equipment, real estate or other assets. Products include term loans, revolving lines of credit, bridge financing, asset-based structures, leases, and standby letters of credit.

Wholesale payments: includes revenue from a broad range of products and services that enable CB clients to manage payments and receipts, as well as invest and manage funds.

Investment banking: includes revenue from a range of products providing CB clients with sophisticated capital-raising alternatives, as well as balance sheet and risk management tools through advisory, equity underwriting, and loan syndications. Revenue from fixed income and equity market products used by CB clients is also included.

Other: product revenue primarily includes tax-equivalent adjustments generated from Community Development Banking activity and certain income derived from principal transactions.

ASSET & WEALTH MANAGEMENT (“AWM”)

Assets under management (“AUM”): represent assets managed by AWM on behalf of its Private Banking, Global Institutional and Global Funds clients. Includes "Committed capital not Called."

Client assets: represent assets under management, as well as custody, brokerage, administration and deposit accounts.

Multi-asset: Any fund or account that allocates assets under management to more than one asset class.

Alternative assets: The following types of assets constitute alternative investments – hedge funds, currency, real estate, private equity and other investment funds designed to focus on nontraditional strategies.

AWM’s lines of business consist of the following:

Asset Management: offers multi-asset investment management solutions across equities, fixed income, alternatives and money market funds to institutional and retail investors providing for a broad range of clients’ investment needs.

Global Private Bank: provides retirement products and services, brokerage, custody, trusts and estates, loans, mortgages, deposits and investment management to high net worth clients.

AWM’s client segments consist of the following:

Private Banking: clients include high- and ultra-high-net-worth individuals, families, money managers and business owners.

Global Institutional: clients include both corporate and public institutions, endowments, foundations, nonprofit organizations and governments worldwide.

Global Funds: clients include financial intermediaries and individual investors.

Asset Management has two high-level measures of its overall fund performance:

Percentage of mutual fund assets under management in funds rated 4- or 5-star: Mutual fund rating services rank funds based on their risk-adjusted performance over various periods. A 5-star rating is the best rating and represents the top 10% of industry-wide ranked funds.

A 4-star rating represents the next 22.5% of industry-wide ranked funds. A 3-star rating represents the next 35% of industry-wide ranked funds. A 2-star rating represents the next 22.5% of industry-wide ranked funds. A 1-star rating is the worst rating and represents the bottom 10% of industry-wide ranked funds. The “overall Morningstar rating” is derived from a weighted average of the performance associated with a fund’s three-, five- and ten-year (if applicable) Morningstar Rating metrics. For U.S. domiciled funds, separate star ratings are given at the individual share class level. The Nomura “star rating” is based on three-year risk-adjusted performance only. Funds with fewer than three years of history are not rated and

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hence excluded from this analysis. All ratings, the assigned peer categories and the asset values used to derive this analysis are sourced from these fund rating providers. The data providers re-denominate the asset values into U.S. dollars. This % of AUM is based on star ratings at the share class level for U.S. domiciled funds, and at a “primary share class” level to represent the star rating of all other funds except for Japan where Nomura provides ratings at the fund level. The “primary share class”, as defined by Morningstar, denotes the share class recommended as being the best proxy for the portfolio and in most cases will be the most retail version (based upon annual management charge, minimum investment, currency and other factors). The performance data could have been different if all funds/accounts would have been included. Past performance is not indicative of future results.

Percentage of mutual fund assets under management in funds ranked in the 1st or 2nd quartile (one, three, and five years): All quartile rankings, the assigned peer categories and the asset values used to derive this analysis are sourced from the fund ranking providers. Quartile rankings are done on the net-of-fee absolute return of each fund. The data providers re-denominate the asset values into U.S. dollars. This % of AUM is based on fund performance and associated peer rankings at the share class level for U.S. domiciled funds, at a “primary share class” level to represent the quartile ranking of the U.K., Luxembourg and Hong Kong funds and at the fund level for all other funds. The “primary share class”, as defined by Morningstar, denotes the share class recommended as being the best proxy for the portfolio and in most cases will be the most retail version (based upon annual management charge, minimum investment, currency and other factors). Where peer group rankings given for a fund are in more than one “primary share class” territory both rankings are included to reflect local market competitiveness (applies to “Offshore Territories” and “HK SFC Authorized” funds only). The performance data could have been different if all funds/accounts would have been included. Past performance is not indicative of future results.

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Item 3.    Quantitative and Qualitative Disclosures About Market Risk.

Refer to the Market Risk Management section of Management’s discussion and analysis and pages 135–142 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the quantitative and qualitative disclosures about market risk.

Item 4.    Controls and Procedures.

As of the end of the period covered by this report, an evaluation was carried out under the supervision and with the participation of the Firm’s management, including its Chairman and Chief Executive Officer and its Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based on that evaluation, the Chairman and Chief Executive Officer and the Chief Financial Officer concluded that these disclosure controls and procedures were effective. Refer to Exhibits 31.1 and 31.2 for the Certifications furnished by the Chairman and Chief Executive Officer and Chief Financial Officer, respectively.

The Firm is committed to maintaining high standards of internal control over financial reporting. Nevertheless, because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Deficiencies or lapses in internal controls may occur from time to time, and there can be no assurance that any such deficiencies will not result in significant deficiencies or material weaknesses in internal control in the future and collateral consequences therefrom. Refer to “Management’s report on internal control over financial reporting” on page 158 of JPMorgan Chase’s 2020 Form 10-K for further information. There was no change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) that occurred during the three months ended March 31, 2021, that has materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting.

Part II – Other Information

Item 1. Legal Proceedings.

Refer to the discussion of the Firm’s material legal proceedings in Note 24 of this Form 10-Q for information that updates the disclosures set forth under Part I, Item 3: Legal Proceedings, in JPMorgan Chase’s 2020 Form 10-K.

Item 1A. Risk Factors.

The following discussion supplements the discussion of risk

factors affecting the Firm as set forth in Part I, Item 1A:

Risk Factors on pages 8-32 of JPMorgan Chase’s 2020 Form 10-K. The discussion of risk factors, as so supplemented, sets forth the material risk factors that could affect JPMorgan Chase’s financial condition and operations. Readers should not consider any descriptions of such factors to be a complete set of all potential risks that could affect the Firm.

The COVID-19 pandemic has caused and is causing significant harm to the global economy and could further negatively affect certain of JPMorgan Chase’s businesses.

On March 11, 2020, the World Health Organization declared the outbreak of a strain of novel coronavirus disease, COVID-19, to be a global pandemic. The COVID-19 pandemic and governmental responses to the pandemic led to the institution of social distancing and shelter-in-place requirements in certain areas of the U.S. and other countries resulting in ongoing severe impacts on global economic conditions, including:

•significant disruption and volatility in the financial markets

•significant disruption of global supply chains, and

•closures of many businesses, leading to loss of revenues and increased unemployment.

A prolongation or worsening of the pandemic, or the emergence of other diseases that give rise to similar effects, could deepen the adverse impact on the global economy.

The adverse economic conditions caused by the pandemic have had a negative impact on certain of JPMorgan Chase’s businesses and results of operations, including:

•reduction in demand for certain products and services from JPMorgan Chase’s clients and customers, resulting in lower revenue, and

•increases in the allowance for credit losses.

Certain models used by JPMorgan Chase in connection with the determination of the allowance for credit losses have heightened performance risk in the economic environment precipitated by the effects of the COVID-19 pandemic and government stimulus. There can be no assurance that, even after adjustments have been made to model outputs, JPMorgan Chase will not recognize unexpected losses arising from the model uncertainty that has resulted from these developments.

172

A prolongation or worsening of the COVID-19 pandemic and the negative economic impacts of the pandemic could have other significant adverse effects on JPMorgan Chase’s businesses, results of operations and financial condition, including:

•recognition of credit losses and further increases in the allowance for credit losses, especially to the extent that businesses remain closed, unemployment continues at elevated levels, clients and customers draw on their lines of credit or significant numbers of people relocate from metropolitan areas

•material impacts on the value of securities, derivatives and other financial instruments which JPMorgan Chase owns or in which it makes markets

•downgrades in JPMorgan Chase’s credit ratings

•constraints on liquidity or capital due to elevated levels of deposits, increases in risk-weighted assets (“RWA”) related to supporting client activities, downgrades in client credit ratings, regulatory actions or other factors, any or all of which could require JPMorgan Chase to take or refrain from taking actions that it otherwise would under its liquidity and capital management strategies, and

•the possibility that significant portions of JPMorgan Chase’s workforce are unable to work effectively, including because of illness, quarantines, shelter-in-place arrangements, government actions or other restrictions in connection with the pandemic.

The extent to which the COVID-19 pandemic negatively affects JPMorgan Chase’s businesses, results of operations and financial condition, as well as its regulatory capital and liquidity ratios, will depend on future developments that are highly uncertain and cannot be predicted, including the ultimate scope and duration of the pandemic, the effectiveness of vaccination programs and actions taken by governmental authorities and other third parties in response to the pandemic. Those negative effects, including the possible recognition of charge-offs, may be delayed

because of the impact of prior and potential future government stimulus actions or payment assistance provided to clients and customers.

In addition, JPMorgan Chase’s participation directly or indirectly, including on behalf of customers and clients or by affiliated entities, in U.S. government programs designed to support individuals, households and businesses impacted by the economic disruptions caused by the COVID-19 pandemic could be criticized and subject JPMorgan Chase to:

•increased governmental and regulatory scrutiny

•negative publicity, and

•increased exposure to litigation,

any or all of which could increase JPMorgan Chase’s operational, legal and compliance costs and damage its reputation. To the extent that the COVID-19 pandemic adversely affects JPMorgan Chase’s business, results of operations and financial condition, it may also have the effect of heightening many of the other risks described in Risk Factors in the 2020 Form 10-K.

Supervision and regulation

Refer to the Supervision and regulation section on pages 3–7 of JPMorgan Chase’s 2020 Form 10-K for information on Supervision and Regulation.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.

The Firm did not have any unregistered sale of equity securities during the three months ended March 31, 2021.

Repurchases under the common share repurchase program

Refer to Capital Risk Management on pages 36-41 of this Form 10-Q and pages 91-101 of JPMorgan Chase’s 2020 Form 10-K for information regarding repurchases under the Firm’s common share repurchase program.

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. Subsequently, the Firm announced that its Board of Directors authorized a new common share repurchase program for up to $30 billion. As directed by the Federal Reserve, total net repurchases and common stock dividends in the first quarter of 2021 were restricted and could not exceed the average of the Firm’s net income for the four preceding calendar quarters. On March 25, 2021, the Federal Reserve extended these restrictions through at least the second quarter of 2021.

Shares repurchased pursuant to the common share repurchase program during the three months ended March 31, 2021, were as follows.

Three months ended March 31, 2021	Total number of shares of common stock repurchased	Average price paid per share of common stock(a)		Aggregate purchase price of common stock repurchases  (in millions)(a)		Dollar value of remaining authorized repurchase (in millions)(a)(b)
January	9,341,648	$	133.18	$	1,244	$	28,756
February	10,992,332	142.06		1,562		27,194
March	14,318,614	153.15		2,193		25,001
First quarter	34,652,594	$	144.25	$	4,999	$	25,001

(a)Excludes commissions cost.

(b)Represents the amount remaining under the $30 billion repurchase program.

173

Item 3.    Defaults Upon Senior Securities.

None.

Item 4.    Mine Safety Disclosures.

Not applicable.

Item 5.    Other Information.

None.

Item 6.    Exhibits.

Exhibit No.	Description of Exhibit
15	Letter re: Unaudited Interim Financial Information.(a)
22	Subsidiary Guarantors and Issuers of Guaranteed Securities (incorporated by reference to Exhibit 22.2 to the Annual Report on Form 10-K of JPMorgan Chase & Co. (File No. 1-5805) for the year ended December 31, 2020.)
31.1	Certification.(a)
31.2	Certification.(a)
32	Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(b)
101.INS	The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.(c)
101.SCH	XBRL Taxonomy Extension Schema Document.(a)
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.(a)
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.(a)
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.(a)
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.(a)
104	Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

(a)Filed herewith.

(b)Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

(c)Pursuant to Rule 405 of Regulation S-T, includes the following financial information included in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, formatted in XBRL (eXtensible Business Reporting Language) interactive data files: (i) the Consolidated statements of income (unaudited) for the three and nine months ended March 31, 2021 and 2020, (ii) the Consolidated statements of comprehensive income (unaudited) for the three and nine months ended March 31, 2021 and 2020, (iii) the Consolidated balance sheets (unaudited) as of March 31, 2021, and December 31, 2020, (iv) the Consolidated statements of changes in stockholders’ equity (unaudited) for the three and nine months ended March 31, 2021 and 2020, (v) the Consolidated statements of cash flows (unaudited) for the three and nine months ended March 31, 2021 and 2020, and (vi) the Notes to Consolidated Financial Statements (unaudited).

174

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 thereunto duly authorized.

JPMorgan Chase & Co.

(Registrant)

By:	/s/ Elena Korablina
	Elena Korablina
	Managing Director and Firmwide Controller
	(Principal Accounting Officer)

Date: May 4, 2021

175

EX-15

Exhibit 15

May 4, 2021

Securities and Exchange Commission 100 F Street, N.E.

Washington, DC 20549

Re:     JPMorgan Chase & Co.

    Registration Statements on Form S-3

    (No. 333-236659)

    (No. 333-236659-01)

    (No. 333-230098)

    Registration Statements on Form S-8

    (No. 333-219702)

    (No. 333-219701)

    (No. 333-219699)

    (No. 333-185584)

    (No. 333-185582)

    (No. 333-185581)

    (No. 333-175681)

    (No. 333-158325)

    (No. 333-142109)

    (No. 333-125827)

    (No. 333-112967)

Commissioners:

We are aware that our report dated May 4, 2021 on our review of interim financial information of JPMorgan Chase & Co. and its subsidiaries (the “Firm”), which appears in this Quarterly Report on Form 10-Q, is incorporated by reference in the Registration Statements of the Firm referred to above. Pursuant to Rule 436(c) under the Securities Act of 1933, such report should not be considered a part of such Registration Statements, and is not a report within the meaning of Sections 7 and 11 of that Act.

Very truly yours,

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

EX-31.1

Exhibit 31.1

JPMorgan Chase & Co.

CERTIFICATION

I, James Dimon, certify that:

1.    I have reviewed this Quarterly Report on Form 10-Q of JPMorgan Chase & Co.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)     Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)     Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)     Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)     Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

(a)     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)     Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 4, 2021

/s/ James Dimon

James Dimon

Chairman and Chief Executive Officer

EX-31.2

Exhibit 31.2

JPMorgan Chase & Co.

CERTIFICATION

I, Jennifer Piepszak, certify that:

1.    I have reviewed this Quarterly Report on Form 10-Q of JPMorgan Chase & Co.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)     Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)     Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)     Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)     Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

(a)     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)     Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 4, 2021

/s/ Jennifer Piepszak

Jennifer Piepszak

Executive Vice President and Chief Financial Officer

EX-32

Exhibit 32

JPMorgan Chase & Co.

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of JPMorgan Chase & Co. on Form 10-Q for the period ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of JPMorgan Chase & Co., certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of JPMorgan Chase & Co.

Date:	May 4, 2021	By:	/s/	James Dimon
				James Dimon
				Chairman and Chief Executive Officer

Date:	May 4, 2021	By:	/s/	Jennifer Piepszak
				Jennifer Piepszak
				Executive Vice President and Chief Financial Officer

This certification accompanies this Quarterly Report on Form 10-Q and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section.

A signed original of this written statement required by Section 906 has been provided to, and will be retained by, JPMorgan Chase & Co. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information	3 Months Ended
	Mar. 31, 2021 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	1-5805
Entity Registrant Name	JPMorgan Chase & Co
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-2624428
Entity Address, Address Line One	383 Madison Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10179
City Area Code	212
Local Phone Number	270-6000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	3,027,128,112
Entity Central Index Key	0000019617
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Common stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock
Trading Symbol	JPM
Security Exchange Name	NYSE
Depositary Shares, each representing a one-four hundredth interest in a share of 6.10% Non-Cumulative Preferred Stock, Series AA
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a one-four hundredth interest in a share of 6.10% Non-Cumulative Preferred Stock, Series AA
Trading Symbol	JPM PR G
Security Exchange Name	NYSE
Depositary Shares, each representing a one-four hundredth interest in a share of 6.15% Non-Cumulative Preferred Stock, Series BB
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a one-four hundredth interest in a share of 6.15% Non-Cumulative Preferred Stock, Series BB
Trading Symbol	JPM PR H
Security Exchange Name	NYSE
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD
Trading Symbol	JPM PR D
Security Exchange Name	NYSE
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE
Trading Symbol	JPM PR C
Security Exchange Name	NYSE
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG
Trading Symbol	JPM PR J
Security Exchange Name	NYSE
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ
Trading Symbol	JPM PR K
Security Exchange Name	NYSE
Alerian MLP Index ETNs due May 24, 2024
Entity Information [Line Items]
Title of 12(b) Security	Alerian MLP Index ETNs due May 24, 2024
Trading Symbol	AMJ
Security Exchange Name	NYSEArca
Guarantee of Callable Step-Up Fixed Rate Notes due April 26, 2028 of JPMorgan Chase Financial Company LLC
Entity Information [Line Items]
Title of 12(b) Security	Guarantee of Callable Step-Up Fixed Rate Notes due April 26, 2028 of JPMorgan Chase Financial Company LLC
Trading Symbol	JPM/28
Security Exchange Name	NYSE

XML

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Revenue
Investment banking fees		$ 2,970	$ 1,866
Principal transactions		6,500	2,937
Lending- and deposit-related fees		1,687	1,706
Asset management, administration and commissions		5,029	4,540
Investment securities gains		14	233
Mortgage fees and related income		704	320
Card income		1,350	995
Other income	[1]	1,123	1,250
Noninterest revenue		19,377	13,847
Interest income		14,271	19,161
Interest expense		1,382	4,722
Net interest income		12,889	14,439
Total net revenue		32,266	28,286
Provision for credit losses		(4,156)	8,285
Noninterest expense
Compensation expense		10,601	8,895
Occupancy expense		1,115	1,066
Technology, communications and equipment expense		2,519	2,578
Professional and outside services		2,203	2,028
Marketing		751	800
Other expense		1,536	1,424
Total noninterest expense		18,725	16,791
Income before income tax expense		17,697	3,210
Income tax expense	[1]	3,397	345
Net income		14,300	2,865
Net income applicable to common stockholders		$ 13,851	$ 2,431
Net income per common share data
Basic earnings per share (in dollars per share)		$ 4.51	$ 0.79
Diluted earnings per share (in dollars per share)		$ 4.50	$ 0.78
Weighted-average basic shares (in shares)		3,073.5	3,095.8
Weighted-average diluted shares (in shares)		3,078.9	3,100.7

[1] Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.

XML

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 14,300	$ 2,865
Other comprehensive income/(loss), after–tax
Unrealized gains/(losses) on investment securities	(4,339)	1,119
Translation adjustments, net of hedges	(250)	(330)
Fair value hedges	(28)	88
Cash flow hedges	(2,249)	2,465
Defined benefit pension and OPEB plans	68	33
DVA on fair value option elected liabilities	(147)	2,474
Total other comprehensive income/(loss), after–tax	(6,945)	5,849
Comprehensive income	$ 7,355	$ 8,714

XML

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and due from banks		$ 25,397	$ 24,874
Deposits with banks		685,675	502,735
Federal funds sold and securities purchased under resale agreements (included $267,613 and $238,015 at fair value)		272,481	296,284
Securities borrowed (included $66,277 and $52,983 at fair value)		179,516	160,635
Trading assets (included assets pledged of $117,020 and $130,645)		544,052	503,126
Available-for-sale securities (amortized cost of $378,756 and $381,729; included assets pledged of $64,540 and $32,227)		379,942	388,178
Held-to-maturity securities (net of allowance for credit losses of $94 and $78)		217,452	201,821
Investment securities, net of allowance for credit losses		597,394	589,999
Loans (included $50,767 and $44,474 at fair value)		1,011,307	1,012,853
Allowance for loan losses		(23,001)	(28,328)
Loans, net of allowance for loan losses		988,306	984,525
Accrued interest and accounts receivable		114,754	90,503
Premises and equipment		26,926	27,109
Goodwill, MSRs and other intangible assets		54,588	53,428
Other assets (included $50,492 and $13,827 at fair value and assets pledged of $37,581 and $3,739)	[1]	200,247	151,539
Total assets	[2]	3,689,336	3,384,757
Liabilities
Deposits (included $14,107 and $14,484 at fair value)		2,278,112	2,144,257
Federal funds purchased and securities loaned or sold under repurchase agreements (included $197,834 and $155,735 at fair value)		304,019	215,209
Short-term borrowings (included $20,002 and $16,893 at fair value)		54,978	45,208
Trading liabilities		191,349	170,181
Accounts payable and other liabilities (included $42,824 and $3,476 at fair value)	[1]	285,066	231,285
Beneficial interests issued by consolidated VIEs (included $193 and $41 at fair value)		15,671	17,578
Long-term debt (included $75,693 and $76,817 at fair value)		279,427	281,685
Total liabilities	[2]	3,408,622	3,105,403
Commitments and contingencies (refer to Notes 22, 23 and 24)
Stockholders’ equity
Preferred stock ($1 par value; authorized 200,000,000 shares; issued 3,156,250 and 3,006,250 shares)		31,563	30,063
Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)		4,105	4,105
Additional paid-in capital		88,005	88,394
Retained earnings		248,151	236,990
Accumulated other comprehensive income		1,041	7,986
Treasury stock, at cost (1,077,805,783 and 1,055,499,435 shares)		(92,151)	(88,184)
Total stockholders’ equity		280,714	279,354
Total liabilities and stockholders’ equity		3,689,336	3,384,757
VIEs consolidated by the Firm
Assets
Trading assets (included assets pledged of $117,020 and $130,645)		1,994	1,934
Loans, net of allowance for loan losses		33,509	37,619
Other assets (included $50,492 and $13,827 at fair value and assets pledged of $37,581 and $3,739)		701	681
Total assets		36,204	40,234
Liabilities
Beneficial interests issued by consolidated VIEs (included $193 and $41 at fair value)		15,671	17,578
All other liabilities		239	233
Total liabilities		$ 15,910	$ 17,811

[1] Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.

[2] The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2021, and December 31, 2020. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion (in millions)March 31, 2021December 31, 2020AssetsTrading assets$1,994 $1,934 Loans33,509 37,619 All other assets701 681 Total assets$36,204 $40,234 LiabilitiesBeneficial interests issued by consolidated VIEs$15,671 $17,578 All other liabilities239 233 Total liabilities$15,910 $17,811 

XML

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Assets pledged	$ 219,100	$ 166,600
Available-for-sale securities, amortized cost	378,756	381,729
Held-to-maturity securities, allowance for credit losses	94	78
Loans	$ 50,767	$ 44,474
Stockholders' equity
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	3,156,250	3,006,250
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	9,000,000,000	9,000,000,000
Common stock, shares issued (in shares)	4,104,933,895	4,104,933,895
Treasury stock, at cost (in shares)	1,077,805,783	1,055,499,435
Trading assets
Assets
Assets pledged	$ 117,020	$ 130,645
Investment securities - AFS
Assets
Assets pledged	64,540	32,227
Other assets
Assets
Assets pledged	37,581	3,739
Recurring
Assets
Federal funds sold and securities purchased under resale agreements	267,613	238,015
Securities borrowed	66,277	52,983
Loans	50,767	44,474
Liabilities
Deposits	14,107	14,484
Federal funds purchased and securities loaned or sold under repurchase agreements	197,834	155,735
Short-term borrowings	20,002	16,893
Accounts payable and other liabilities	42,824	3,476
Beneficial interests issued by consolidated VIEs	193	41
Long-term debt	75,693	76,817
Recurring | Other assets
Assets
Other assets	$ 50,492	$ 13,827

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Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Preferred stock	Common stock	Additional paid-in capital	Retained earnings	Retained earnings Cumulative effect of a change in accounting principle	Accumulated other comprehensive income/(loss)	Shares held in RSU Trust, at cost	Treasury stock, at cost
Beginning balance at Dec. 31, 2019		$ 26,993	$ 4,105	$ 88,522	$ 223,211	$ (2,650)	$ 1,569	$ (21)	$ (83,049)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance		4,500
Redemption		(1,430)
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects				(660)
Other				(5)
Net income	$ 2,865				2,865
Dividends declared:
Preferred stock					(421)
Common stock ($0.90 and $0.90 per share)					(2,779)
Other comprehensive income/(loss), after-tax	5,849						5,849
Repurchase									(6,397)
Reissuance									1,060
Ending balance at Mar. 31, 2020	261,262	30,063	4,105	87,857	220,226		7,418	(21)	(88,386)
Beginning balance at Dec. 31, 2020	279,354	30,063	4,105	88,394	236,990		7,986	0	(88,184)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance		1,500
Redemption		0
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects				(363)
Other				(26)
Net income	14,300				14,300
Dividends declared:
Preferred stock					(379)
Common stock ($0.90 and $0.90 per share)					(2,760)
Other comprehensive income/(loss), after-tax	(6,945)						(6,945)
Repurchase									(4,999)
Reissuance									1,032
Ending balance at Mar. 31, 2021	$ 280,714	$ 31,563	$ 4,105	$ 88,005	$ 248,151		$ 1,041	$ 0	$ (92,151)

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Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Dividends declared:
Dividends declared, Common stock (in dollars per share)	$ 0.90	$ 0.90

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income		$ 14,300	$ 2,865
Adjustments to reconcile net income to net cash used in operating activities:
Provision for credit losses		(4,156)	8,285
Depreciation and amortization		2,070	2,197
Deferred tax (benefit)/expense	[1]	998	(1,235)
Other		890	411
Originations and purchases of loans held-for-sale		(85,457)	(47,352)
Proceeds from sales, securitizations and paydowns of loans held-for-sale		75,547	52,345
Net change in:
Trading assets		(34,262)	(167,827)
Securities borrowed		(18,951)	145
Accrued interest and accounts receivable		(24,323)	(49,323)
Other assets	[1]	7,131	(61,897)
Trading liabilities		(7)	97,078
Accounts payable and other liabilities	[1]	23,559	45,020
Other operating adjustments		(1,211)	(801)
Net cash (used in) operating activities		(43,872)	(120,089)
Net change in:
Federal funds sold and securities purchased under resale agreements		23,791	1,120
Held-to-maturity securities:
Proceeds from paydowns and maturities		14,700	2,599
Purchases		(31,348)	(205)
Available-for-sale securities:
Proceeds from paydowns and maturities		14,096	12,420
Proceeds from sales		80,823	50,990
Purchases		(95,958)	(131,605)
Proceeds from sales and securitizations of loans held-for-investment		6,619	7,564
Other changes in loans, net		3,321	(65,608)
Net purchases of assets pursuant to nonrecourse advances provided by the FRBB under the MMLF		0	(11,985)
All other investing activities, net		(653)	(1,123)
Net cash provided by/(used in) investing activities		15,391	(135,833)
Net change in:
Deposits		120,501	297,976
Federal funds purchased and securities loaned or sold under repurchase agreements		88,844	49,273
Short-term borrowings		9,387	12,455
Beneficial interests issued by consolidated VIEs		(1,439)	1,613
Proceeds from long-term borrowings		24,162	34,851
Payments of long-term borrowings		(14,983)	(29,057)
Proceeds from issuance of preferred stock		1,500	4,500
Redemption of preferred stock		0	(1,430)
Treasury stock repurchased		(4,806)	(6,517)
Dividends paid		(3,193)	(3,188)
All other financing activities, net		(1,062)	1,829
Net cash provided by financing activities		218,911	362,305
Effect of exchange rate changes on cash and due from banks and deposits with banks		(6,967)	(2,480)
Net increase in cash and due from banks and deposits with banks		183,463	103,903
Cash and due from banks and deposits with banks at the beginning of the period		527,609	263,631
Cash and due from banks and deposits with banks at the end of the period		711,072	367,534
Cash interest paid		1,127	4,374
Cash income taxes paid, net		$ 640	$ 763

[1] Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.

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Basis of Presentation

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of presentation

JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), a financial holding company incorporated under Delaware law in 1968, is a leading global financial services firm in the U.S., with 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. Refer to Note 25 for a further discussion of the Firm’s business segments.

The accounting and financial reporting policies of JPMorgan Chase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities.

The unaudited Consolidated Financial Statements prepared in conformity with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and the disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included such that this interim financial information is fairly stated.

These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, included in JPMorgan Chase’s 2020 Form 10-K.

Certain amounts reported in prior periods have been reclassified to conform with the current presentation, including certain deferred investment tax credits. In the first quarter of 2021 the Firm reclassified certain deferred investment tax credits from accounts payable and other liabilities to other assets to be a reduction to the carrying value of certain tax-oriented investments. The reclassification also resulted in an increase in income tax expense and a corresponding increase in other income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation, including the Firm’s effective income tax rate. The reclassification did not change the Firm’s results of operations on a managed basis.

Consolidation

The Consolidated Financial Statements include the accounts of JPMorgan Chase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated.

Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorgan Chase and are not included on the Consolidated balance sheets.

The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity.

Refer to Notes 1 and 14 of JPMorgan Chase’s 2020 Form     10-K for a further description of JPMorgan Chase’s accounting policies regarding consolidation.

Offsetting assets and liabilities

U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities financing activities to be presented on a net basis when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances when the specified conditions are met. Refer to Note 1 of JPMorgan Chase’s 2020 Form 10-K for further information on offsetting assets and liabilities.

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Fair Value Measurement

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair value measurement Refer to Note 2 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy.

The following table presents the assets and liabilities reported at fair value as of March 31, 2021, and December 31, 2020, by major product category and fair value hierarchy.

Assets and liabilities measured at fair value on a recurring basis
	Fair value hierarchy						Derivative netting adjustments(f)
March 31, 2021 (in millions)	Level 1		Level 2		Level 3				Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	267,613	$	—	$	—	$	267,613
Securities borrowed	—		66,277		—		—		66,277
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		50,988		397		—		51,385
Residential – nonagency	—		2,258		32		—		2,290
Commercial – nonagency	—		1,183		2		—		1,185
Total mortgage-backed securities	—		54,429		431		—		54,860
U.S. Treasury, GSEs and government agencies(a)	74,980		10,095		—		—		85,075
Obligations of U.S. states and municipalities	—		7,009		8		—		7,017
Certificates of deposit, bankers’ acceptances and commercial paper	—		1,584		—		—		1,584
Non-U.S. government debt securities	40,535		51,757		177		—		92,469
Corporate debt securities	—		28,118		370		—		28,488
Loans	—		7,071		832		—		7,903
Asset-backed securities	—		2,538		54		—		2,592
Total debt instruments	115,515		162,601		1,872		—		279,988
Equity securities	152,474		1,992		688		—		155,154
Physical commodities(b)	10,769		6,314		—		—		17,083
Other	—		18,531		122		—		18,653
Total debt and equity instruments(c)	278,758		189,438		2,682		—		470,878
Derivative receivables:
Interest rate	3,646		305,725		2,250		(283,073)		28,548
Credit	—		13,575		637		(13,164)		1,048
Foreign exchange	144		185,794		689		(171,515)		15,112
Equity	—		69,570		4,008		(53,825)		19,753
Commodity	—		23,387		292		(15,021)		8,658
Total derivative receivables	3,790		598,051		7,876		(536,598)		73,119
Total trading assets(d)	282,548		787,489		10,558		(536,598)		543,997
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	3		112,456		—		—		112,459
Residential – nonagency	—		10,601		—		—		10,601
Commercial – nonagency	—		3,029		—		—		3,029
Total mortgage-backed securities	3		126,086		—		—		126,089
U.S. Treasury and government agencies	194,784		—		—		—		194,784
Obligations of U.S. states and municipalities	—		19,922		—		—		19,922
Certificates of deposit	—		—		—		—		—
Non-U.S. government debt securities	12,270		8,603		—		—		20,873
Corporate debt securities	—		210		—		—		210
Asset-backed securities:
Collateralized loan obligations	—		11,329		—		—		11,329
Other	—		6,735		—		—		6,735
Total available-for-sale securities	207,057		172,885		—		—		379,942
Loans (e)	—		48,944		1,823		—		50,767
Mortgage servicing rights	—		—		4,470		—		4,470
Other assets(d)	42,839		6,519		511		—		49,869
Total assets measured at fair value on a recurring basis	$	532,444	$	1,349,727	$	17,362	$	(536,598)	$	1,362,935
Deposits	$	—	$	11,455	$	2,652	$	—	$	14,107
Federal funds purchased and securities loaned or sold under repurchase agreements	—		197,834		—		—		197,834
Short-term borrowings	—		16,338		3,664		—		20,002
Trading liabilities:
Debt and equity instruments(c)	104,557		26,292		60		—		130,909
Derivative payables:
Interest rate	3,194		273,891		2,101		(268,442)		10,744
Credit	—		13,961		641		(12,704)		1,898
Foreign exchange	154		184,124		1,228		(168,468)		17,038
Equity	—		71,701		7,842		(57,143)		22,400
Commodity	—		22,657		1,203		(15,500)		8,360
Total derivative payables	3,348		566,334		13,015		(522,257)		60,440
Total trading liabilities	107,905		592,626		13,075		(522,257)		191,349
Accounts payable and other liabilities	39,933		2,830		61		—		42,824
Beneficial interests issued by consolidated VIEs	—		193		—		—		193
Long-term debt	—		53,118		22,575		—		75,693
Total liabilities measured at fair value on a recurring basis	$	147,838	$	874,394	$	42,027	$	(522,257)	$	542,002

	Fair value hierarchy							Derivative netting adjustments(f)
December 31, 2020 (in millions)	Level 1		Level 2		Level 3					Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	238,015	$	—		$	—	$	238,015
Securities borrowed	—		52,983		—			—		52,983
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		68,395		449			—		68,844
Residential – nonagency	—		2,138		28			—		2,166
Commercial – nonagency	—		1,327		3			—		1,330
Total mortgage-backed securities	—		71,860		480			—		72,340
U.S. Treasury, GSEs and government agencies(a)	104,263		10,996		—			—		115,259
Obligations of U.S. states and municipalities	—		7,184		8			—		7,192
Certificates of deposit, bankers’ acceptances and commercial paper	—		1,230		—			—		1,230
Non-U.S. government debt securities	26,772		40,671		182			—		67,625
Corporate debt securities	—		21,017		507			—		21,524
Loans	—		6,101		893			—		6,994
Asset-backed securities	—		2,304		28			—		2,332
Total debt instruments	131,035		161,363		2,098			—		294,496
Equity securities	97,035		2,652		476		(g)	—		100,163
Physical commodities(b)	6,382		5,189		—			—		11,571
Other	—		17,165		49		(g)	—		17,214
Total debt and equity instruments(c)	234,452		186,369		2,623			—		423,444
Derivative receivables:
Interest rate	2,318		386,865		2,307			(355,765)		35,725
Credit	—		12,879		624			(12,823)		680
Foreign exchange	146		205,127		987			(190,479)		15,781
Equity	—		71,279		3,519			(54,125)		20,673
Commodity	—		21,272		231			(14,732)		6,771
Total derivative receivables	2,464		697,422		7,668			(627,924)		79,630
Total trading assets(d)	236,916		883,791		10,291			(627,924)		503,074
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)(g)	7		113,294		—			—		113,301
Residential – nonagency	—		10,233		—			—		10,233
Commercial – nonagency	—		2,856		—			—		2,856
Total mortgage-backed securities	7		126,383		—			—		126,390
U.S. Treasury and government agencies	201,951		—		—			—		201,951
Obligations of U.S. states and municipalities	—		20,396		—			—		20,396
Certificates of deposit	—		—		—			—		—
Non-U.S. government debt securities	13,135		9,793		—			—		22,928
Corporate debt securities	—		216		—			—		216
Asset-backed securities:
Collateralized loan obligations	—		10,048		—			—		10,048
Other	—		6,249		—			—		6,249
Total available-for-sale securities	215,093		173,085		—			—		388,178
Loans(e)	—		42,169		2,305			—		44,474
Mortgage servicing rights	—		—		3,276			—		3,276
Other assets(d)	8,110		4,561		538			—		13,209
Total assets measured at fair value on a recurring basis	$	460,119	$	1,394,604	$	16,410		$	(627,924)	$	1,243,209
Deposits	$	—	$	11,571	$	2,913		$	—	$	14,484
Federal funds purchased and securities loaned or sold under repurchase agreements	—		155,735		—			—		155,735
Short-term borrowings	—		14,473		2,420			—		16,893
Trading liabilities:
Debt and equity instruments(c)	82,669		16,838		51			—		99,558
Derivative payables:
Interest rate	2,496		349,082		2,049			(340,615)		13,012
Credit	—		14,344		848			(13,197)		1,995
Foreign exchange	132		214,373		1,421			(194,493)		21,433
Equity	—		74,032		7,381			(55,515)		25,898
Commodity	—		21,767		962			(14,444)		8,285
Total derivative payables	2,628		673,598		12,661			(618,264)		70,623
Total trading liabilities	85,297		690,436		12,712			(618,264)		170,181
Accounts payable and other liabilities	2,895		513		68			—		3,476
Beneficial interests issued by consolidated VIEs	—		41		—			—		41
Long-term debt	—		53,420		23,397			—		76,817
Total liabilities measured at fair value on a recurring basis	$	88,192	$	926,189	$	41,510		$	(618,264)	$	437,627

(a)At March 31, 2021, and December 31, 2020, included total U.S. GSE obligations of $96.3 billion and $117.6 billion, respectively, which were mortgage-related.

(b)Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. Refer to Note 4 for a further

discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.

(c)Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).

(d)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At March 31, 2021, and December 31, 2020, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $678 million and $670 million, respectively. Included in these balances at March 31, 2021, and December 31, 2020, were trading assets of $55 million and $52 million, respectively, and other assets of $623 million and $618 million, respectively.

(e)At March 31, 2021, and December 31, 2020, included within loans were $20.1 billion and $15.1 billion, respectively, of residential first-lien mortgages, and $6.0 billion and $6.3 billion, respectively, of commercial first-lien mortgages. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. GSEs and government agencies of $11.9 billion and $8.4 billion, respectively.

(f)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.

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

Level 3 valuations

Refer to Note 2 of JPMorgan Chase’s 2020 Form 10-K for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments.

The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy.

The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value.

In the Firm’s view, the input range, weighted and arithmetic average values do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date.

Level 3 inputs(a)
March 31, 2021
Product/Instrument	Fair value (in millions)		Principal valuation technique	Unobservable inputs(g)	Range of input values			Average(i)
Residential mortgage-backed securities and loans(b)	$	991	Discounted cash flows	Yield	0%	–	15%		6%
				Prepayment speed	0%	–	48%		9%
				Conditional default rate	0%	–	30%		10%
				Loss severity	0%	–	109%		8%
Commercial mortgage-backed securities and loans(c)	516		Market comparables	Price	$0	–	$100		$86
Corporate debt securities	370		Market comparables	Price	$10	–	$120		$96
Loans(d)	1,579		Market comparables	Price	$5	–	$111		$82
Asset-backed securities	54		Market comparables	Price	$2	–	$96		$61
Net interest rate derivatives	130		Option pricing	Interest rate volatility	7 bps	–	723 bps		132 bps
				Interest rate spread volatility	11 bps	–	23 bps		15 bps
				Interest rate correlation	(65)%	–	99%		36%
				IR-FX correlation	(35)%	–	50%		(1)%
	19		Discounted cash flows	Prepayment speed	0%	–	30%		8%
Net credit derivatives	(41)		Discounted cash flows	Credit correlation	37%	–	65%		49%
				Credit spread	1 bps	–	1,501 bps		396 bps
				Recovery rate	0%	–	70%		47%
				Conditional default rate	2%	–	100%		37%
				Loss severity	100%				100%
	37		Market comparables	Price	$0	–	$115		$69
Net foreign exchange derivatives	(424)		Option pricing	IR-FX correlation	(40)%	–	65%		17%
	(115)		Discounted cash flows	Prepayment speed	9%				9%
Net equity derivatives	(3,834)		Option pricing	Forward equity price(h)	61%	–	130%		99%
				Equity volatility	4%	–	146%		33%
				Equity correlation	12%	–	99%		55%
				Equity-FX correlation	(79)%	–	60%		(26)%
				Equity-IR correlation	15%	–	50%		28%
Net commodity derivatives	(911)		Option pricing	OIl Commodity Forward	$478 / MT	–	$553 / MT		$516 / MT
				Forward power price	$13 / MWH	–	$55 / MWH		$34 / MWH
				Commodity volatility	2%	–	70%		36%
				Commodity correlation	(50)%	–	95%		23%
MSRs	4,470		Discounted cash flows	Refer to Note 14
Long-term debt, short-term borrowings, and deposits(e)	27,985		Option pricing	Interest rate volatility	7 bps	–	723 bps		132 bps
				Interest rate correlation	(65)%	–	99%		36%
				IR-FX correlation	(35)%	–	50%		(1)%
				Equity correlation	12%	–	99%		55%
				Equity-FX correlation	(79)%	–	60%		(26)%
				Equity-IR correlation	15%	–	50%		28%
	906		Discounted cash flows	Credit correlation	37%	–	65%		49%
Other level 3 assets and liabilities, net(f)	1,385

(a)The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ.

(b)Comprises U.S. GSE and government agency securities of $397 million, nonagency securities of $32 million and non-trading loans of $562 million.

(c)Comprises nonagency securities of $2 million, trading loans of $41 million and non-trading loans of $473 million.

(d)Comprises trading loans of $791 million and non-trading loans of $788 million.

(e)Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables.

(f)Includes equity securities of $968 million, including $280 million in Other Assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate.

(g)Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100.

(h)Forward equity price is expressed as a percentage of the current equity price.

(i)Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used.

Changes in and ranges of unobservable inputs

Refer to Note 2 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions.

Changes in level 3 recurring fair value measurements

The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three months ended March 31, 2021 and 2020. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair

value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Also, the Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments.

	Fair value measurements using significant unobservable inputs
Three months ended March 31, 2021 (in millions)	Fair value at   January 1, 2021		Total realized/unrealized gains/(losses)											Transfers into level 3		Transfers (out of) level 3		Fair value at March 31, 2021			Change in unrealized gains/(losses) related to financial instruments held at March 31, 2021
						Purchases(f)		Sales				Settlements(g)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	449	$	23		$	6	$	(48)			$	(33)			$	—		$	397	$	22
Residential – nonagency	28		1			9		(3)				(2)				(1)			32		—
Commercial – nonagency	3		—			—		(1)				—				—			2		—
Total mortgage-backed securities	480		24			15		(52)				(35)		—		(1)			431		22
Obligations of U.S. states and municipalities	8		—			—		—				—		—		—			8		—
Non-U.S. government debt securities	182		(9)			118		(107)				(7)		—		—			177		(9)
Corporate debt securities	507		(15)			91		(146)				—		85		(152)			370		(14)
Loans	893		7			272		(152)				(1)		90		(277)			832		8
Asset-backed securities	28		(1)			28		(3)				—		2		—			54		(1)
Total debt instruments	2,098		6			524		(460)				(43)		177		(430)			1,872		6
Equity securities	476		(5)			230		(43)				—		54		(24)			688		3
Other	49		41			65		—				(29)		—		(4)			122		36
Total trading assets – debt and equity instruments	2,623		42		(c)	819		(503)				(72)		231		(458)			2,682		45		(c)
Net derivative receivables:(b)
Interest rate	258		445			53		(93)				(534)		57		(37)			149		313
Credit	(224)		183			1		(2)				27		(3)		14			(4)		168
Foreign exchange	(434)		(200)			2		(6)				111		10		(22)			(539)		(214)
Equity	(3,862)		23			194		(838)				126		110		413			(3,834)		(213)
Commodity	(731)		(246)			4		(213)				279		(1)		(3)			(911)		(145)
Total net derivative receivables	(4,993)		205		(c)	254		(1,152)				9		173		365			(5,139)		(91)		(c)
Available-for-sale securities:
Mortgage-backed securities	—		—			—		—				—		—		—			—		—
Total available-for-sale securities	—		—			—		—				—		—		—			—		—
Loans	2,305		(73)		(c)	67		(190)				(201)		155		(240)			1,823		(112)		(c)
Mortgage servicing rights	3,276		797		(d)	583		1				(187)		—		—			4,470		797		(d)
Other assets	538		13		(c)	3		(18)				(25)		—		—			511		12		(c)
	Fair value measurements using significant unobservable inputs
Three months ended March 31, 2021 (in millions)	Fair value at   January 1, 2021		Total realized/unrealized (gains)/losses											Transfers into level 3		Transfers (out of) level 3		Fair value at March 31, 2021			Change in unrealized (gains)/losses related to financial instruments held at March 31, 2021
						Purchases		Sales		Issuances		Settlements(g)
Liabilities:(a)
Deposits	$	2,913	$	(103)	(c)(e)	$	—	$	—	$	69	$	(95)	$	1	$	(133)		$	2,652	$	(105)	(c)(e)
Short-term borrowings	2,420		(113)		(c)(e)	—		—		2,918		(1,506)		—		(55)			3,664		(27)		(c)(e)
Trading liabilities – debt and equity instruments	51		(3)		(c)	(65)		21		—		—		59		(3)			60		—
Accounts payable and other liabilities	68		(1)		(c)	—		1		—		—		—		(7)			61		(1)		(c)
Beneficial interests issued by consolidated VIEs	—		—			—		—		—		—		—		—			—		—
Long-term debt	23,397		(308)		(c)(e)	—		—		3,465		(3,649)		11		(341)			22,575		(324)		(c)(e)

	Fair value measurements using significant unobservable inputs
Three months ended March 31, 2020 (in millions)	Fair value at January 1, 2020		Total realized/unrealized gains/(losses)											Transfers into level 3		Transfers (out of) level 3		Fair value at March 31, 2020			Change in unrealized gains/(losses) related to financial instruments held at March 31, 2020
						Purchases(f)		Sales				Settlements(g)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	797	$	(139)		$	19	$	(116)			$	(42)	$	—	$	—		$	519	$	(131)
Residential – nonagency	23		(1)			2		—				—		—		—			24		(1)
Commercial – nonagency	4		—			1		—				(1)		1		(2)			3		—
Total mortgage-backed securities	824		(140)			22		(116)				(43)		1		(2)			546		(132)
Obligations of U.S. states and municipalities	10		—			—		(1)				—		—		—			9		—
Non-U.S. government debt securities	155		(12)			90		(57)				—		—		(1)			175		(10)
Corporate debt securities	558		(55)			292		(42)				—		227		(27)			953		(50)
Loans	673		(98)			497		(130)				(16)		568		(108)			1,386		(127)
Asset-backed securities	37		(2)			36		(15)				(1)		—		(3)			52		(1)
Total debt instruments	2,257		(307)			937		(361)				(60)		796		(141)			3,121		(320)
Equity securities	196		(38)			10		(4)				—		82		(33)			213		(39)
Other	232		(1)			9		(5)				(12)		—		(2)			221		2
Total trading assets – debt and equity instruments	2,685		(346)		(c)	956		(370)				(72)		878		(176)			3,555		(357)		(c)
Net derivative receivables:(b)
Interest rate	(332)		642			66		(50)				(241)		(172)		(49)			(136)		282
Credit	(139)		108			18		(128)				(33)		60		3			(111)		65
Foreign exchange	(607)		(339)			38		(4)				(14)		—		(1)			(927)		(508)
Equity	(3,395)		3,037			59		(548)				583		(656)		94			(826)		3,707
Commodity	(16)		(403)			4		(15)				9		(6)		2			(425)		(399)
Total net derivative receivables	(4,489)		3,045		(c)	185		(745)				304		(774)		49			(2,425)		3,147		(c)
Available-for-sale securities:
Mortgage-backed securities	1		—			—		—				(1)		—		—			—		—
Total available-for-sale securities	1		—			—		—				(1)		—		—			—		—
Loans	516		(64)		(c)	191		(32)				(9)		1,514		(31)			2,085		(63)		(c)
Mortgage servicing rights	4,699		(1,382)		(d)	273		(75)				(248)		—		—			3,267		(1,382)		(d)
Other assets	917		(92)		(c)	13		(28)				(228)		—		—			582		(91)		(c)
	Fair value measurements using significant unobservable inputs
Three months ended March 31, 2020 (in millions)	Fair value at January 1, 2020		Total realized/unrealized (gains)/losses											Transfers into level 3		Transfers (out of) level 3		Fair value at March 31, 2020			Change in unrealized (gains)/losses related to financial instruments held at March 31, 2020
						Purchases		Sales		Issuances		Settlements(g)
Liabilities:(a)
Deposits	$	3,360	$	(149)	(c)(e)	$	—	$	—	$	386	$	(172)	$	4	$	(250)		$	3,179	$	(135)	(c)(e)
Short-term borrowings	1,674		(345)		(c)(e)	—		—		1,615		(929)		40		(16)			2,039		(409)		(c)(e)
Trading liabilities – debt and equity instruments	41		3		(c)	(75)		7		—		—		86		(1)			61		6		(c)
Accounts payable and other liabilities	45		(8)		(c)	(23)		1		—		—		—		—			15		(7)		(c)
Beneficial interests issued by consolidated VIEs	—		—			—		—		—		—		—		—			—		—
Long-term debt	23,339		(4,110)		(c)(e)	—		—		4,607		(3,549)		370		(516)			20,141		(3,984)		(c)(e)

(a)Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 1% at both March 31, 2021 and December 31, 2020, respectively. Level 3 liabilities at fair value as a percentage of total Firm liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were 8% and 9%, at March 31, 2021 and December 31, 2020, respectively.

(b)All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty.

(c)Predominantly reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income.

(d)Changes in fair value for MSRs are reported in mortgage fees and related income.

(e)Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three months ended March 31, 2021 and 2020. Unrealized (gains)/losses are reported in OCI, and were $(22) million and $(1.1) billion for the three months ended March 31, 2021 and 2020, respectively.

(f)Loan originations are included in purchases.

(g)Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items.

Level 3 analysis

Consolidated balance sheets changes

Level 3 assets at fair value, including assets measured at fair value on a nonrecurring basis, were 0.5% of total Firm assets at March 31, 2021. The following describes significant changes to level 3 assets since December 31, 2020, for those items measured at fair value on a recurring basis. Refer to Assets and liabilities measured at fair value on a nonrecurring basis on page 94 for further information on changes impacting items measured at fair value on a nonrecurring basis.

Three months ended March 31, 2021

Level 3 assets were $17.4 billion at March 31, 2021, reflecting an increase of $952 million from December 31, 2020.

The increase for the three months ended March 31, 2021 was predominantly driven by a $1.2 billion increase in MSRs. Refer to Note 14 for information on MSRs.

Refer to the sections below for additional information.

Transfers between levels for instruments carried at fair value on a recurring basis

For the three months ended March 31, 2021, there were no significant transfers from level 2 into level 3 or from level 3 into level 2.

For the three months ended March 31, 2020, significant transfers from level 2 into level 3 included the following:

•$2.1 billion of total debt and equity instruments, predominantly trading loans, driven by a decrease in observability.

•$1.0 billion of gross equity derivative receivables and $1.7 billion of gross equity derivative payables as a result of a decrease in observability and an increase in the significance of unobservable inputs.

For the three months ended March 31, 2020, there were no significant transfers from level 3 into level 2.

All transfers are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur.

Gains and losses

The following describes significant components of total realized/unrealized gains/(losses) for instruments measured at fair value on a recurring basis for the periods indicated. These amounts exclude any effects of the Firm’s risk management activities where the financial instruments are classified as level 1 and 2 of the fair value hierarchy. Refer to Changes in level 3 recurring fair value measurements rollforward tables on pages 90–93 for further information on these instruments.

Three months ended March 31, 2021

•$984 million of net gains on assets, driven by MSRs reflecting lower prepayment speeds on higher rates. Refer to Note 14 for information on MSRs.

•$528 million of net gains on liabilities, largely driven by market movements in long-term debt.

Three months ended March 31, 2020

•$1.2 billion of net gains on assets, driven by gains in net equity derivative receivables due to market movements largely offset by losses in MSRs reflecting faster prepayment speeds on lower rates. Refer to Note 14 for information on MSRs.

•$4.6 billion of net gains on liabilities, predominantly driven by market movements in long-term debt.

Credit and funding adjustments — derivatives

The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time.

	Three months ended March 31,
(in millions)	2021		2020
Credit and funding adjustments:
Derivatives CVA	$	240	$	(924)
Derivatives FVA	105		(1,021)

Refer to Note 2 of JPMorgan Chase’s 2020 Form 10-K for further information about both credit and funding adjustments, as well as information about valuation adjustments on fair value option elected liabilities.

Assets and liabilities measured at fair value on a nonrecurring basis

The following tables present the assets and liabilities held as of March 31, 2021 and 2020, for which nonrecurring fair value adjustments were recorded during the three months ended March 31, 2021 and 2020, by major product category and fair value hierarchy.

	Fair value hierarchy							Total fair value
March 31, 2021 (in millions)	Level 1		Level 2		Level 3
Loans	$	—	$	1,857	$	303	(b)	$	2,160
Other assets(a)	—		12		370			382
Total assets measured at fair value on a nonrecurring basis	$	—	$	1,869	$	673		$	2,542
Accounts payable and other liabilities	—		—		14			14
Total liabilities measured at fair value on a nonrecurring basis	$	—	$	—	$	14		$	14

	Fair value hierarchy						Total fair value
March 31, 2020 (in millions)	Level 1		Level 2		Level 3
Loans	$	—	$	2,336	$	559	$	2,895
Other assets	—		11		334		345
Total assets measured at fair value on a nonrecurring basis	$	—	$	2,347	$	893	$	3,240
Accounts payable and other liabilities	—		—		775		775
Total liabilities measured at fair value on a nonrecurring basis	$	—	$	—	$	775	$	775

(a)Primarily includes equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $370 million in level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2021, $316 million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.

(b)Of the $303 million in level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2021, $137 million related to residential real estate loans carried at the net realizable value of the underlying collateral (e.g., collateral-dependent loans). These amounts are classified as level 3 as they are valued using information from broker’s price opinions, appraisals and automated valuation models and discounted based upon the Firm’s experience with actual liquidation values. These discounts ranged from 13% to 45% with a weighted average of 26%.

Nonrecurring fair value changes

The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three months ended March 31, 2021 and 2020, related to assets and liabilities held at those dates.

	Three months ended March 31,
(in millions)	2021		2020
Loans	$	(33)	$	(267)
Other assets(a)	2		(169)
Accounts payable and other liabilities	(3)		(775)
Total nonrecurring fair value gains/(losses)	$	(34)	$	(1,211)

(a)Included $6 million and $(154) million for the three months ended March 31, 2021 and 2020, respectively, of net gains/(losses) as a result of the measurement alternative.

Refer to Note 11 for further information about the measurement of collateral-dependent loans.

Equity securities without readily determinable fair values

The Firm measures certain equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer, with such changes recognized in other income.

In its determination of the new carrying values upon observable price changes, the Firm may adjust the prices if deemed necessary to arrive at the Firm’s estimated fair values. Such adjustments may include adjustments to reflect the different rights and obligations of similar securities, and other adjustments that are consistent with the Firm’s valuation techniques for private equity direct investments.

The following table presents the carrying value of equity securities without readily determinable fair values held as of March 31, 2021 and 2020, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.

	Three months ended
	March 31
As of or for the period ended,
(in millions)	2021		2020
Other assets
Carrying value(a)	$	2,302	$	2,560
Upward carrying value changes(b)	7		9
Downward carrying value changes/impairment(c)	(1)		(162)

(a)The carrying value as of December 31, 2020 was $2.4 billion. The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.

(b)The cumulative upward carrying value changes between January 1, 2018 and March 31, 2021 were $618 million.

(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and March 31, 2021 were $(340) million.

Included in other assets above is the Firm’s interest in approximately 40 million Visa Class B common shares, recorded at a nominal carrying value. These shares are subject to certain transfer restrictions currently and will be convertible into Visa Class A common shares upon final resolution of certain litigation matters involving Visa. The conversion rate of Visa Class B common shares into Visa Class A common shares is 1.6228 at March 31, 2021, and may be adjusted by Visa depending on developments related to the litigation matters.

Additional disclosures about the fair value of financial instruments that are not carried on the Consolidated balance sheets at fair value

The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at March 31, 2021, and December 31, 2020, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy.

	March 31, 2021										December 31, 2020
			Estimated fair value hierarchy										Estimated fair value hierarchy
(in billions)	Carrying value		Level 1		Level 2		Level 3		Total estimated fair value		Carrying value		Level 1		Level 2		Level 3		Total estimated fair value
Financial assets
Cash and due from banks	$	25.4	$	25.4	$	—	$	—	$	25.4	$	24.9	$	24.9	$	—	$	—	$	24.9
Deposits with banks	685.7		685.7		—		—		685.7		502.7		502.7		—		—		502.7
Accrued interest and accounts receivable	113.6		—		113.5		0.1		113.6		89.4		—		89.3		0.1		89.4
Federal funds sold and securities purchased under resale agreements	4.9		—		4.9		—		4.9		58.3		—		58.3		—		58.3
Securities borrowed	113.4		—		113.2		—		113.2		107.7		—		107.7		—		107.7
Investment securities, held-to-maturity	217.5		74.5		143.2		—		217.7		201.8		53.2		152.3		—		205.5
Loans, net of allowance for loan losses(a)	937.5		—		206.7		752.7		959.4		940.1		—		210.9		755.6		966.5
Other	95.0		—		93.2		1.9		95.1		81.8		—		80.0		1.9		81.9
Financial liabilities
Deposits	$	2,264.0	$	—	$	2,264.0	$	—	$	2,264.0	$	2,129.8	$	—	$	2,128.9	$	—	$	2,128.9
Federal funds purchased and securities loaned or sold under repurchase agreements	106.2		—		106.2		—		106.2		59.5		—		59.5		—		59.5
Short-term borrowings	35.0		—		35.0		—		35.0		28.3		—		28.3		—		28.3
Accounts payable and other liabilities	205.9		—		201.6		3.9		205.5		186.6		—		181.9		4.3		186.2
Beneficial interests issued by consolidated VIEs	15.5		—		15.5		—		15.5		17.5		—		17.6		—		17.6
Long-term debt	203.7		—		207.8		3.3		211.1		204.8		—		209.2		3.2		212.4

(a)Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value.

The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.

	March 31, 2021										December 31, 2020
			Estimated fair value hierarchy										Estimated fair value hierarchy
(in billions)	Carrying value(a) (b)		Level 1		Level 2		Level 3		Total estimated fair value		Carrying value(a) (b)		Level 1		Level 2		Level 3		Total estimated fair value
Wholesale lending-related commitments	$	2.4	$	—	$	—	$	2.8	$	2.8	$	2.2	$	—	$	—	$	2.1	$	2.1

(a)Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.

(b)Includes the wholesale allowance for lending-related commitments.

The Firm does not estimate the fair value of consumer off-balance sheet lending-related commitments. In many cases, the Firm can reduce or cancel these commitments by providing the borrower notice or, in some cases as permitted by law, without notice. Refer to page 173 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of the valuation of lending-related commitments.

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Fair Value Option

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Option

Fair value option

The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments.

The Firm has elected to measure certain instruments at fair value for several reasons including to mitigate income statement volatility caused by the differences between the measurement basis of elected instruments (e.g., certain instruments that otherwise would be accounted for on an accrual basis) and the associated risk management arrangements that are accounted for on a fair value basis, as well as to better reflect those instruments that are managed on a fair value basis.

The Firm’s election of fair value includes the following instruments:

•Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis, including lending-related commitments

•Certain securities financing agreements

•Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument

•Structured notes, which are predominantly financial instruments that contain embedded derivatives that are issued as part of client-driven activities

•Certain long-term beneficial interests issued by CIB’s consolidated securitization trusts where the underlying assets are carried at fair value

Changes in fair value under the fair value option election

The following table presents the changes in fair value included in the Consolidated statements of income for the three months ended March 31, 2021 and 2020, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table.

	Three months ended March 31,
	2021							2020
(in millions)	Principal transactions		All other income			Total changes in fair value recorded (e)		Principal transactions		All other income			Total changes in fair value recorded (e)
Federal funds sold and securities purchased under resale agreements	$	(12)	$	—		$	(12)	$	543	$	—		$	543
Securities borrowed	(70)		—			(70)		226		—			226
Trading assets:
Debt and equity instruments, excluding loans	621		—			621		(2,438)		(1)		(c)	(2,439)
Loans reported as trading assets:
Changes in instrument-specific credit risk	204		—			204		(656)		—			(656)
Other changes in fair value	(1)		—			(1)		1		—			1
Loans:
Changes in instrument-specific credit risk	237		1		(c)	238		64		(23)		(c)	41
Other changes in fair value(a)	(250)		340		(c)	90		268		741		(c)	1,009
Other assets	19		(19)		(d)	—		85		(17)		(d)	68
Deposits(a)	167		—			167		(103)		—			(103)
Federal funds purchased and securities loaned or sold under repurchase agreements	34		—			34		(259)		—			(259)
Short-term borrowings(a)	(122)		—			(122)		1,720		—			1,720
Trading liabilities	—		—			—		—		—			—
Other liabilities	1		—			1		(35)		—			(35)
Long-term debt(a)(b)	1,247		(5)		(c)(d)	1,242		4,181		5		(c)	4,186

(a)Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected are recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were $(2) million for both the three months ended March 31, 2021 and 2020, respectively.

(b)Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk.

(c)Reported in mortgage fees and related income.

(d)Reported in other income.

(e)Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than certain hybrid financial instruments recorded in CIB. Refer to Note 6 for further information regarding interest income and interest expense.

Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding

The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of March 31, 2021, and December 31, 2020, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected.

	March 31, 2021							December 31, 2020
(in millions)	Contractual principal outstanding			Fair value		Fair value over/(under) contractual principal outstanding		Contractual principal outstanding			Fair value		Fair value over/(under) contractual principal outstanding
Loans
Nonaccrual loans
Loans reported as trading assets	$	3,102		$	426	$	(2,676)	$	3,386		$	555	$	(2,831)
Loans	1,388			1,144		(244)		1,867			1,507		(360)
Subtotal	4,490			1,570		(2,920)		5,253			2,062		(3,191)
90 or more days past due and government guaranteed
Loans(a)	355			340		(15)		328			317		(11)
All other performing loans(b)
Loans reported as trading assets	8,758			7,477		(1,281)		7,917			6,439		(1,478)
Loans	49,143			49,283		140		42,022			42,650		628
Subtotal	57,901			56,760		(1,141)		49,939			49,089		(850)
Total loans	$	62,746		$	58,670	$	(4,076)	$	55,520		$	51,468	$	(4,052)
Long-term debt
Principal-protected debt	$	39,625	(d)	$	36,943	$	(2,682)	$	40,560	(d)	$	40,526	$	(34)
Nonprincipal-protected debt(c)	NA			38,750		NA		NA			36,291		NA
Total long-term debt	NA			$	75,693	NA		NA			$	76,817	NA
Long-term beneficial interests
Nonprincipal-protected debt(c)	NA			$	193	NA		NA			$	41	NA
Total long-term beneficial interests	NA			$	193	NA		NA			$	41	NA

(a)These balances are excluded from nonaccrual loans as the loans are insured and/or guaranteed by U.S. government agencies.

(b)There were no performing loans that were ninety days or more past due as of March 31, 2021, and December 31, 2020, respectively.

(c)Remaining contractual principal is not applicable to nonprincipal-protected structured notes and long-term beneficial interests. Unlike principal-protected structured notes and long-term beneficial interests, for which the Firm is obligated to return a stated amount of principal at maturity, nonprincipal-protected structured notes and long-term beneficial interests do not obligate the Firm to return a stated amount of principal at maturity, but for structured notes to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal-protected notes.

(d)Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date.

At March 31, 2021, and December 31, 2020, the contractual amount of lending-related commitments for which the fair value option was elected was $20.9 billion and $18.1 billion, respectively, with a corresponding fair value of $75 million and $(39) million, respectively. Refer to Note 28 of JPMorgan Chase’s 2020 Form 10-K, and Note 22 of this Form 10-Q for further information regarding off-balance sheet lending-related financial instruments.

Structured note products by balance sheet classification and risk component

The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type.

	March 31, 2021									December 31, 2020
(in millions)	Long-term debt		Short-term borrowings		Deposits			Total		Long-term debt		Short-term borrowings		Deposits			Total
Risk exposure
Interest rate	$	35,665	$	115	$	5,197		$	40,977	$	38,129	$	65	$	5,057		$	43,251
Credit	6,492		1,630		—			8,122		6,409		1,022		—			7,431
Foreign exchange	3,357		526		231			4,114		3,613		92		—			3,705
Equity	28,719		7,414		6,382			42,515		26,943		5,021		6,893			38,857
Commodity	200		12		20		(a)	232		250		13		232		(a)	495
Total structured notes	$	74,433	$	9,697	$	11,830		$	95,960	$	75,344	$	6,213	$	12,182		$	93,739

(a)Excludes deposits linked to precious metals for which the fair value option has not been elected of $717 million and $739 million for the periods ended March 31, 2021 and December 31, 2020, respectively.

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Derivative Instruments

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative instruments

JPMorgan Chase makes markets in derivatives for clients and also uses derivatives to hedge or manage its own risk exposures. Refer to Note 5 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of the Firm’s use of and accounting policies regarding derivative instruments.

The Firm’s disclosures are based on the accounting treatment and purpose of these derivatives. A limited number of the Firm’s derivatives are designated in hedge

accounting relationships and are disclosed according to the type of hedge (fair value hedge, cash flow hedge, or net investment hedge). Derivatives not designated in hedge accounting relationships include certain derivatives that are used to manage risks associated with specified assets and liabilities (“specified risk management” positions) as well as derivatives used in the Firm’s market-making businesses or for other purposes.

The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category.

Type of Derivative	Use of Derivative	Designation and disclosure	Affected segment or unit	10-Q page reference
Manage specifically identified risk exposures in qualifying hedge accounting relationships:
•Interest rate	Hedge fixed rate assets and liabilities	Fair value hedge	Corporate	106-107
•Interest rate	Hedge floating-rate assets and liabilities	Cash flow hedge	Corporate	108
•Foreign exchange	Hedge foreign currency-denominated assets and liabilities	Fair value hedge	Corporate	106-107
•Foreign exchange	Hedge foreign currency-denominated forecasted revenue and expense	Cash flow hedge	Corporate	108
•Foreign exchange	Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities	Net investment hedge	Corporate	109
•Commodity	Hedge commodity inventory	Fair value hedge	CIB, AWM	106-107
Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships:
•Interest rate	Manage the risk associated with mortgage commitments, warehouse loans and MSRs	Specified risk management	CCB	109
•Credit	Manage the credit risk associated with wholesale lending exposures	Specified risk management	CIB	109
•Interest rate and foreign exchange	Manage the risk associated with certain other specified assets and liabilities	Specified risk management	Corporate	109
Market-making derivatives and other activities:
•Various	Market-making and related risk management	Market-making and other	CIB	109
•Various	Other derivatives	Market-making and other	CIB, AWM, Corporate	109

Notional amount of derivative contracts

The following table summarizes the notional amount of free-standing derivative contracts outstanding as of March 31, 2021, and December 31, 2020.

	Notional amounts(b)
(in billions)	March 31, 2021		December 31, 2020
Interest rate contracts
Swaps	$	23,774	$	20,986
Futures and forwards	5,186		3,057
Written options	3,412		3,375
Purchased options	3,707		3,675
Total interest rate contracts	36,079		31,093
Credit derivatives(a)	1,335		1,201
Foreign exchange contracts
Cross-currency swaps	3,850		3,924
Spot, futures and forwards	7,647		6,871
Written options	837		830
Purchased options	827		825
Total foreign exchange contracts	13,161		12,450
Equity contracts
Swaps	496		448
Futures and forwards	138		140
Written options	695		676
Purchased options	638		621
Total equity contracts	1,967		1,885
Commodity contracts
Swaps	178		138
Spot, futures and forwards	199		198
Written options	142		124
Purchased options	126		105
Total commodity contracts	645		565
Total derivative notional amounts	$	53,187	$	47,194

(a)Refer to the Credit derivatives discussion on page 110 for more information on volumes and types of credit derivative contracts.

(b)Represents the sum of gross long and gross short third-party notional derivative contracts.

While the notional amounts disclosed above give an indication of the volume of the Firm’s derivatives activity, the notional amounts significantly exceed, in the Firm’s view, the possible losses that could arise from such transactions. For most derivative contracts, the notional amount is not exchanged; it is simply a reference amount used to calculate payments.

Impact of derivatives on the Consolidated balance sheets

The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of March 31, 2021, and December 31, 2020, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type.

Free-standing derivative receivables and payables(a)
	Gross derivative receivables								Gross derivative payables
March 31, 2021 (in millions)	Not designated as hedges		Designated as hedges		Total derivative receivables		Net derivative receivables(b)		Not designated as hedges		Designated as hedges		Total derivative payables		Net derivative payables(b)
Trading assets and liabilities
Interest rate	$	310,838	$	783	$	311,621	$	28,548	$	279,186	$	—	$	279,186	$	10,744
Credit	14,212		—		14,212		1,048		14,602		—		14,602		1,898
Foreign exchange	185,672		955		186,627		15,112		184,033		1,473		185,506		17,038
Equity	73,578		—		73,578		19,753		79,543		—		79,543		22,400
Commodity	22,089		1,590		23,679		8,658		21,682		2,178		23,860		8,360
Total fair value of trading assets and liabilities	$	606,389	$	3,328	$	609,717	$	73,119	$	579,046	$	3,651	$	582,697	$	60,440
	Gross derivative receivables								Gross derivative payables
December 31, 2020 (in millions)	Not designated as hedges		Designated as hedges		Total derivative receivables		Net derivative receivables(b)		Not designated as hedges		Designated as hedges		Total derivative payables		Net derivative payables(b)
Trading assets and liabilities
Interest rate	$	390,659	$	831	$	391,490	$	35,725	$	353,627	$	—	$	353,627	$	13,012
Credit	13,503		—		13,503		680		15,192		—		15,192		1,995
Foreign exchange	205,359		901		206,260		15,781		214,229		1,697		215,926		21,433
Equity	74,798		—		74,798		20,673		81,413		—		81,413		25,898
Commodity	20,579		924		21,503		6,771		20,834		1,895		22,729		8,285
Total fair value of trading assets and liabilities	$	704,898	$	2,656	$	707,554	$	79,630	$	685,295	$	3,592	$	688,887	$	70,623

(a)Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information.

(b)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists.

Derivatives netting

The following tables present, as of March 31, 2021, and December 31, 2020, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty, have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables below.

In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation:

•collateral that consists of liquid securities and other cash collateral held at third-party custodians, which are shown separately as “Collateral not nettable on the Consolidated balance sheets” in the tables below, up to the fair value exposure amount. Liquid securities represent high quality liquid assets as defined in the LCR rule;

•the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables below; and

•collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables below.

	March 31, 2021							December 31, 2020
(in millions)	Gross derivative receivables		Amounts netted on the Consolidated balance sheets		Net derivative receivables			Gross derivative receivables		Amounts netted on the Consolidated balance sheets		Net derivative receivables
U.S. GAAP nettable derivative receivables
Interest rate contracts:
Over-the-counter (“OTC”)	$	288,187	$	(265,270)	$	22,917		$	367,056	$	(337,451)	$	29,605
OTC–cleared	17,627		(17,498)		129			18,340		(17,919)		421
Exchange-traded(a)	334		(305)		29			554		(395)		159
Total interest rate contracts	306,148		(283,073)		23,075			385,950		(355,765)		30,185
Credit contracts:
OTC	9,229		(8,460)		769			9,052		(8,514)		538
OTC–cleared	4,758		(4,704)		54			4,326		(4,309)		17
Total credit contracts	13,987		(13,164)		823			13,378		(12,823)		555
Foreign exchange contracts:
OTC	181,701		(170,672)		11,029			201,349		(189,655)		11,694
OTC–cleared	891		(841)		50			834		(819)		15
Exchange-traded(a)	18		(2)		16			35		(5)		30
Total foreign exchange contracts	182,610		(171,515)		11,095			202,218		(190,479)		11,739
Equity contracts:
OTC	30,396		(23,963)		6,433			34,030		(27,374)		6,656
Exchange-traded(a)	30,633		(29,862)		771			28,294		(26,751)		1,543
Total equity contracts	61,029		(53,825)		7,204			62,324		(54,125)		8,199
Commodity contracts:
OTC	11,725		(6,789)		4,936			10,924		(7,901)		3,023
OTC–cleared	36		(36)		—			20		(20)		—
Exchange-traded(a)	8,378		(8,196)		182			6,833		(6,811)		22
Total commodity contracts	20,139		(15,021)		5,118			17,777		(14,732)		3,045
Derivative receivables with appropriate legal opinion	583,913		(536,598)		47,315		(d)	681,647		(627,924)		53,723		(d)
Derivative receivables where an appropriate legal opinion has not been either sought or obtained	25,804				25,804			25,907				25,907
Total derivative receivables recognized on the Consolidated balance sheets	$	609,717			$	73,119		$	707,554			$	79,630
Collateral not nettable on the Consolidated balance sheets(b)(c)					(13,958)							(14,806)
Net amounts					$	59,161						$	64,824

	March 31, 2021							December 31, 2020
(in millions)	Gross derivative payables		Amounts netted on the Consolidated balance sheets		Net derivative payables			Gross derivative payables		Amounts netted on the Consolidated balance sheets		Net derivative payables
U.S. GAAP nettable derivative payables
Interest rate contracts:
OTC	$	257,384	$	(249,248)	$	8,136		$	331,854	$	(320,780)	$	11,074
OTC–cleared	19,914		(18,884)		1,030			19,710		(19,494)		216
Exchange-traded(a)	322		(310)		12			358		(341)		17
Total interest rate contracts	277,620		(268,442)		9,178			351,922		(340,615)		11,307
Credit contracts:
OTC	9,841		(8,412)		1,429			10,671		(9,141)		1,530
OTC–cleared	4,321		(4,292)		29			4,075		(4,056)		19
Total credit contracts	14,162		(12,704)		1,458			14,746		(13,197)		1,549
Foreign exchange contracts:
OTC	180,571		(167,627)		12,944			210,803		(193,672)		17,131
OTC–cleared	857		(841)		16			836		(819)		17
Exchange-traded(a)	13		—		13			34		(2)		32
Total foreign exchange contracts	181,441		(168,468)		12,973			211,673		(194,493)		17,180
Equity contracts:
OTC	33,285		(27,282)		6,003			35,330		(28,763)		6,567
Exchange-traded(a)	37,132		(29,861)		7,271			34,491		(26,752)		7,739
Total equity contracts	70,417		(57,143)		13,274			69,821		(55,515)		14,306
Commodity contracts:
OTC	10,338		(7,253)		3,085			10,365		(7,544)		2,821
OTC–cleared	53		(53)		—			32		(32)		—
Exchange-traded(a)	8,571		(8,194)		377			7,391		(6,868)		523
Total commodity contracts	18,962		(15,500)		3,462			17,788		(14,444)		3,344
Derivative payables with appropriate legal opinion	562,602		(522,257)		40,345		(d)	665,950		(618,264)		47,686		(d)
Derivative payables where an appropriate legal opinion has not been either sought or obtained	20,095				20,095			22,937				22,937
Total derivative payables recognized on the Consolidated balance sheets	$	582,697			$	60,440		$	688,887			$	70,623
Collateral not nettable on the Consolidated balance sheets(b)(c)					(9,193)							(11,964)
Net amounts					$	51,247						$	58,659

(a)Exchange-traded derivative balances that relate to futures contracts are settled daily.

(b)Includes liquid securities and other cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty.

(c)Derivative collateral relates only to OTC and OTC-cleared derivative instruments.

(d)Net derivatives receivable included cash collateral netted of $74.6 billion and $88.0 billion at March 31, 2021, and December 31, 2020, respectively. Net derivatives payable included cash collateral netted of $60.2 billion and $78.4 billion at March 31, 2021, and December 31, 2020, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments.

Liquidity risk and credit-related contingent features

Refer to Note 5 of JPMorgan Chase’s 2020 Form 10-K for a more detailed discussion of liquidity risk and credit-related contingent features related to the Firm’s derivative contracts.

The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at March 31, 2021, and December 31, 2020.

OTC and OTC-cleared derivative payables containing downgrade triggers
(in millions)	March 31, 2021			December 31, 2020
Aggregate fair value of net derivative payables		$	21,562		$	26,945	(a)
Collateral posted		21,279			26,289

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

The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, N.A., at March 31, 2021, and December 31, 2020, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined threshold rating is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payments requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract.

Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives
	March 31, 2021				December 31, 2020
(in millions)	Single-notch downgrade		Two-notch downgrade		Single-notch downgrade		Two-notch downgrade
Amount of additional collateral to be posted upon downgrade(a)	$	178	$	1,448	$	119	$	1,243
Amount required to settle contracts with termination triggers upon downgrade(b)	127		833		153		1,682		(c)

(a)Includes the additional collateral to be posted for initial margin.

(b)Amounts represent fair values of derivative payables, and do not reflect collateral posted.

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

Derivatives executed in contemplation of a sale of the underlying financial asset

In certain instances the Firm enters into transactions in which it transfers financial assets but maintains the economic exposure to the transferred assets by entering into a derivative with the same counterparty in contemplation of the initial transfer. The Firm generally accounts for such transfers as collateralized financing transactions as described in Note 10, but in limited circumstances they may qualify to be accounted for as a sale and a derivative under U.S. GAAP. The amount of such transfers accounted for as a sale where the associated derivative was outstanding was not material at March 31, 2021 and December 31, 2020.

Impact of derivatives on the Consolidated statements of income

The following tables provide information related to gains and losses recorded on derivatives based on their hedge accounting designation or purpose.

Fair value hedge gains and losses

The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three months ended March 31, 2021 and 2020, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item.

	Gains/(losses) recorded in income						Income statement impact of excluded components(e)				OCI impact
Three months ended March 31, 2021 (in millions)	Derivatives		Hedged items		Income statement impact		Amortization approach		Changes in fair value		Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)	$	(5,121)	$	5,446	$	325	$	—	$	436	$	—
Foreign exchange(c)	(729)		747		18		(78)		18		(37)
Commodity(d)	(1,261)		1,288		27		—		12		—
Total	$	(7,111)	$	7,481	$	370	$	(78)	$	466	$	(37)

	Gains/(losses) recorded in income						Income statement impact of excluded components(e)				OCI impact
Three months ended March 31, 2020 (in millions)	Derivatives		Hedged items		Income statement impact		Amortization approach		Changes in fair value		Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)	$	4,087	$	(3,788)	$	299	$	—	$	214	$	—
Foreign exchange(c)	576		(488)		88		(179)		88		115
Commodity(d)	1,528		(1,482)		46		—		49		—
Total	$	6,191	$	(5,758)	$	433	$	(179)	$	351	$	115

(a)Primarily consists of hedges of the benchmark (e.g., London Interbank Offered Rate (“LIBOR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income.

(b)Excludes the amortization expense associated with the inception hedge accounting adjustment applied to the hedged item. This expense is recorded in net interest income and substantially offsets the income statement impact of the excluded components. Also excludes the accrual of interest on interest rate swaps and the related hedged items.

(c)Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income.

(d)Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue.

(e)The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative, or through fair value changes recognized in the current period.

(f)Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative.

As of March 31, 2021 and December 31, 2020, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield.

	Carrying amount of the hedged items(a)(b)			Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
March 31, 2021 (in millions)				Active hedging relationships		Discontinued hedging relationships(d)(e)		Total
Assets
Investment securities - AFS	$	87,720	(c)	$	502	$	633	$	1,135
Liabilities
Long-term debt	$	176,622		$	(2,741)	$	9,190	$	6,449
Beneficial interests issued by consolidated VIEs	747			—		(2)		(2)
	Carrying amount of the hedged items(a)(b)			Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
December 31, 2020 (in millions)				Active hedging relationships		Discontinued hedging relationships(d)(e)		Total
Assets
Investment securities - AFS	$	139,684	(c)	$	3,572	$	847	$	4,419
Liabilities
Long-term debt	$	177,611		$	3,194	$	11,473	$	14,667
Beneficial interests issued by consolidated VIEs	746			—		(3)		(3)

(a)Excludes physical commodities with a carrying value of $16.1 billion and $11.5 billion at March 31, 2021 and December 31, 2020, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Since the Firm exits these positions at fair value, there is no incremental impact to net income in future periods.

(b)Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At March 31, 2021 and December 31, 2020, the carrying amount excluded for AFS securities is $15.5 billion and $14.5 billion, respectively, and for long-term debt is $6.4 billion and $6.6 billion, respectively.

(c)Carrying amount represents the amortized cost, net of allowance if applicable. Refer to Note 9 for additional information.

(d)Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships.

(e)Positive amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods.

Cash flow hedge gains and losses

The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three months ended March 31, 2021 and 2020, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item.

	Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended March 31, 2021 (in millions)	Amounts reclassified from AOCI to income		Amounts recorded in OCI		Total change in OCI for period
Contract type
Interest rate(a)	$	237	$	(2,761)	$	(2,998)
Foreign exchange(b)	27		66		39
Total	$	264	$	(2,695)	$	(2,959)
	Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended March 31, 2020 (in millions)	Amounts reclassified from AOCI to income		Amounts recorded in OCI		Total change in OCI for period
Contract type
Interest rate(a)	$	(9)	$	3,461	$	3,470
Foreign exchange(b)	17		(210)		(227)
Total	$	8	$	3,251	$	3,243

(a)Primarily consists of hedges of LIBOR-indexed floating-rate assets and floating-rate liabilities. Gains and losses were recorded in net interest income.

(b)Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense.

The Firm did not experience any forecasted transactions that failed to occur for the three months ended March 31, 2021 and 2020.

Over the next 12 months, the Firm expects that approximately $926 million (after-tax) of net gains recorded in AOCI at March 31, 2021, related to cash flow hedges will be recognized in income. For cash flow hedges that have been terminated, the maximum length of time over which the derivative results recorded in AOCI will be recognized in earnings is approximately nine years, corresponding to the timing of the originally hedged forecasted cash flows. For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately seven years. The Firm’s longer-dated forecasted transactions relate to core lending and borrowing activities.

Net investment hedge gains and losses

The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the three months ended March 31, 2021 and 2020.

	Gains/(losses) recorded in income and other comprehensive income/(loss)
	2021					2020
Three months ended March 31, (in millions)	Amounts recorded in income(a)			Amounts recorded in OCI		Amounts recorded in income(a)			Amounts recorded in OCI
Foreign exchange derivatives		$	(28)	$	1,200		$	10	$	1,589

(a)Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The Firm elects to record changes in fair value of these amounts directly in other income.

Gains and losses on derivatives used for specified risk management purposes

The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from mortgage commitments, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities.

	Derivatives gains/(losses) recorded in income
	Three months ended March 31,
(in millions)	2021		2020
Contract type
Interest rate(a)	$	(142)	$	1,292
Credit(b)	(40)		61
Foreign exchange(c)	98		106
Total	$	(84)	$	1,459

(a)Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in mortgage commitments, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income.

(b)Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue.

(c)Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue.

Gains and losses on derivatives related to market-making activities and other derivativesThe Firm makes markets in derivatives in order to meet the needs of customers and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. All derivatives not included in the hedge accounting or specified risk management categories above are included in this category. Gains and losses on these derivatives are primarily recorded in principal transactions revenue. Refer to Note 5 for information on principal transactions revenue.

Credit derivatives

Refer to Note 5 of JPMorgan Chase’s 2020 Form 10-K for a more detailed discussion of credit derivatives. The following tables present a summary of the notional amounts of credit derivatives and credit-related notes the Firm sold and purchased as of March 31, 2021 and December 31, 2020. The Firm does not use notional amounts of credit derivatives as the primary measure of risk management for such derivatives, because the notional amount does not take into account the probability of the occurrence of a credit event, the recovery value of the reference obligation, or related cash instruments and economic hedges, each of which reduces, in the Firm’s view, the risks associated with such derivatives.

Total credit derivatives and credit-related notes

	Maximum payout/Notional amount
March 31, 2021 (in millions)	Protection sold		Protection purchased with identical underlyings(b)			Net protection (sold)/purchased(c)		Other protection purchased(d)
Credit derivatives
Credit default swaps	$	(595,343)		$	609,926	$	14,583	$	2,562
Other credit derivatives(a)	(45,961)			68,528		22,567		12,478
Total credit derivatives	(641,304)			678,454		37,150		15,040
Credit-related notes	—			—		—		10,847
Total	$	(641,304)		$	678,454	$	37,150	$	25,887
	Maximum payout/Notional amount
December 31, 2020 (in millions)	Protection sold		Protection purchased with identical underlyings(b)			Net protection (sold)/purchased(c)		Other protection purchased(d)
Credit derivatives
Credit default swaps	$	(535,094)		$	554,565	$	19,471	$	4,001
Other credit derivatives(a)	(40,084)			57,344		17,260		9,415
Total credit derivatives	(575,178)			611,909		36,731		13,416
Credit-related notes	—			—		—		10,248
Total	$	(575,178)		$	611,909	$	36,731	$	23,664

(a)Other credit derivatives predominantly consist of credit swap options and total return swaps.

(b)Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold.

(c)Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value.

(d)Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument.

The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives and credit-related notes as of March 31, 2021, and December 31, 2020, where JPMorgan Chase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives and credit-related notes where JPMorgan Chase is the purchaser of protection are comparable to the profile reflected below.

Protection sold — credit derivatives and credit-related notes ratings(a)/maturity profile
March 31, 2021 (in millions)	<1 year		1–5 years		>5 years		Total notional amount		Fair value of receivables(b)		Fair value of payables(b)		Net fair value
Risk rating of reference entity
Investment-grade	$	(93,329)	$	(304,945)	$	(80,813)	$	(479,087)	$	5,746	$	(651)	$	5,095
Noninvestment-grade	(35,229)		(100,052)		(26,936)		(162,217)		3,851		(2,418)		1,433
Total	$	(128,558)	$	(404,997)	$	(107,749)	$	(641,304)	$	9,597	$	(3,069)	$	6,528

December 31, 2020 (in millions)	<1 year		1–5 years		>5 years		Total notional amount		Fair value of receivables(b)		Fair value of payables(b)		Net fair value
Risk rating of reference entity
Investment-grade	$	(93,905)	$	(307,648)	$	(35,326)	$	(436,879)	$	5,521	$	(835)	$	4,686
Noninvestment-grade	(31,809)		(97,337)		(9,153)		(138,299)		3,953		(2,542)		1,411
Total	$	(125,714)	$	(404,985)	$	(44,479)	$	(575,178)	$	9,474	$	(3,377)	$	6,097

(a)The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s.

(b)Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting.

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Noninterest Revenue and Noninterest Expense

3 Months Ended

Mar. 31, 2021

Noninterest Income (Expense) [Abstract]

Noninterest Revenue and Noninterest Expense

Noninterest revenue and noninterest expense

Noninterest revenue

Refer to Note 6 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the components of and accounting policies for the Firm’s noninterest revenue.

Investment banking fees

The following table presents the components of investment banking fees.

	Three months ended March 31,
(in millions)	2021		2020
Underwriting
Equity	$	1,062	$	327
Debt	1,221		1,044
Total underwriting	2,283		1,371
Advisory	687		495
Total investment banking fees	$	2,970	$	1,866

Principal transactions

The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and fund deployment activities in Treasury and CIO. Refer to Note 6 for further information on interest income and interest expense.

Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual LOB.

	Three months ended March 31,
(in millions)	2021		2020
Trading revenue by instrument type
Interest rate(a)	$	923	$	452
Credit(b)	1,270		(702)		(c)
Foreign exchange	998		1,467
Equity	2,657		1,348
Commodity	549		437
Total trading revenue	6,397		3,002
Private equity gains/(losses)	103		(65)
Principal transactions	$	6,500	$	2,937

(a)Includes the impact of changes in funding valuation adjustments on derivatives.

(b)Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities.

(c)Includes marks on held-for-sale positions, including unfunded commitments, in the bridge financing portfolio.

Lending- and deposit-related fees

The following table presents the components of lending- and deposit-related fees.

	Three months ended March 31,
(in millions)	2021		2020
Lending-related fees	$	358	$	291
Deposit-related fees	1,329		1,415
Total lending- and deposit-related fees	$	1,687	$	1,706

Asset management, administration and commissions

The following table presents the components of asset management, administration and commissions.

	Three months ended March 31,
(in millions)	2021		2020
Asset management fees
Investment management fees(a)	$	3,257	$	2,785
All other asset management fees(b)	94		93
Total asset management fees	3,351		2,878
Total administration fees(c)	633		554
Commissions and other fees
Brokerage commissions(d)	800		864
All other commissions and fees	245		244
Total commissions and fees	1,045		1,108
Total asset management, administration and commissions	$	5,029	$	4,540

(a)Represents fees earned from managing assets on behalf of the Firm’s clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts.

(b)Represents fees for services that are ancillary to investment management services, such as commissions earned on the sales or distribution of mutual funds to clients.

(c)Predominantly includes fees for custody, securities lending, funds services and securities clearance.

(d)Represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments.

Card income

The following table presents the components of card income:

	Three months ended March 31,
(in millions)	2021		2020
Interchange and merchant processing income	$	4,868	$	4,782
Rewards costs and partner payments	(3,534)		(3,582)
Other card income(a)	16		(205)
Total card income	$	1,350	$	995

(a)Predominantly represents the amortization of account origination costs and annual fees.

Refer to Note 14 for further information on mortgage servicing rights, including risk management activities.

Refer to Note 16 for information on operating lease income included within other income.

Noninterest expense

Other expense

Other expense on the Firm’s Consolidated statements of income included the following:

	Three months ended March 31,
(in millions)	2021		2020
Legal expense	$	28	$	197
FDIC-related expense	201		99

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Interest Income and Interest Expense

3 Months Ended

Mar. 31, 2021

Interest Income (Expense), Net [Abstract]

Interest Income and Interest Expense

Interest income and Interest expense

Refer to Note 7 of JPMorgan Chase’s 2020 Form 10-K for a description of JPMorgan Chase’s accounting policies regarding interest income and interest expense.

The following table presents the components of interest income and interest expense.

	Three months ended March 31,
(in millions)	2021		2020
Interest income
Loans(a)	$	10,187	$	12,305
Taxable securities	1,605		2,233
Non-taxable securities(b)	277		300
Total investment securities(a)	1,882		2,533
Trading assets - debt instruments	1,782		2,064
Federal funds sold and securities purchased under resale agreements	233		1,095
Securities borrowed(c)	(77)		152
Deposits with banks	65		569
All other interest-earning assets(d)	199		443
Total interest income	$	14,271	$	19,161
Interest expense
Interest-bearing deposits	$	146	$	1,575
Federal funds purchased and securities loaned or sold under repurchase agreements	15		787
Short-term borrowings(e)	33		151
Trading liabilities – debt and all other interest-bearing liabilities(c)(f)	27		372
Long-term debt	1,134		1,747
Beneficial interest issued by consolidated VIEs	27		90
Total interest expense	$	1,382	$	4,722
Net interest income	$	12,889	$	14,439
Provision for credit losses	(4,156)		8,285
Net interest income after provision for credit losses	$	17,045	$	6,154

(a)Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts and net deferred fees/costs).

(b)Represents securities which are tax-exempt for U.S. federal income tax purposes.

(c)Negative interest income is 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 interest-bearing liabilities.

(d)Includes interest earned on 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.

(e)Includes commercial paper.

(f)All other interest-bearing liabilities includes interest expense on brokerage-related customer payables.

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Pension and Other Postretirement Employee Benefit Plans

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Pension and Other Postretirement Employee Benefit Plans

Pension and other postretirement employee benefit plansRefer to Note 8 of JPMorgan Chase’s 2020 Form 10-K for a discussion of JPMorgan Chase’s pension and OPEB plans.

The following table presents the components of net periodic benefit costs reported in the Consolidated statements of income for the Firm’s defined benefit pension, defined contribution and OPEB plans.

(in millions)	Three months ended March 31,
	2021		2020
	Pension and OPEB plans
Components of net periodic benefit cost, U.S. defined benefit pension plans
Benefits earned during the period	$	—	$	—
Interest cost on benefit obligations	85		105
Expected return on plan assets	(129)		(158)
Amortization:
Net (gain)/loss	3		2
Prior service (credit)/cost	—		—
Net periodic defined benefit plan cost/(credit), U.S. defined benefit pension plans	(41)		(51)
Other defined benefit pension and OPEB plans	(18)		(21)
Total net periodic defined benefit plan cost/(credit)	(59)		(72)
Total defined contribution plans	321		299
Total pension and OPEB cost included in noninterest expense	$	262	$	227

The following table presents the fair values of plan assets for the Firm's defined benefit pension and OPEB plans.

(in billions)	March 31, 2021		December 31, 2020
Fair value of plan assets
U.S. defined benefit pension plans	$	16.9	$	17.6
Other defined benefit pension and OPEB plans	7.6		7.8

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Employee Share-based Incentives

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Employee Share-based Incentives

Employee share-based incentives

Refer to Note 9 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the accounting policies and other information relating to employee share-based incentives.

The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income.

	Three months ended March 31,
(in millions)	2021		2020
Cost of prior grants of RSUs, performance share units (“PSUs”) and stock options that are amortized over their applicable vesting periods	$	356	$	334
Accrual of estimated costs of share-based awards to be granted in future periods predominantly those to full-career eligible employees	548		310
Total noncash compensation expense related to employee share-based incentive plans	$	904	$	644

In the first quarter of 2021, in connection with its annual incentive grant for the 2020 performance year, the Firm granted 17 million RSUs and 678 thousand PSUs with weighted-average grant date fair values of $137.38 per RSU and $136.94 per PSU.

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Investment Securities

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment securities

Investment securities consist of debt securities that are classified as AFS or HTM. Debt securities classified as trading assets are discussed in Note 2. Predominantly all of the Firm’s AFS and HTM securities are held by Treasury and CIO in connection with its asset-liability management activities. At March 31, 2021, the investment securities portfolio consisted of debt securities with an average credit

rating of AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings). Refer to Note 10 of JPMorgan Chase’s 2020 Form 10-K for additional information regarding the investment securities portfolio.

The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.

	March 31, 2021								December 31, 2020
(in millions)	Amortized cost(e)		Gross unrealized gains		Gross unrealized losses		Fair value		Amortized cost(e)		Gross unrealized gains		Gross unrealized losses		Fair value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	$	112,356	$	1,479	$	1,376	$	112,459	$	110,979	$	2,372	$	50	$	113,301
Residential:
U.S.	5,788		180		5		5,963		6,246		224		3		6,467
Non-U.S.	4,607		31		—		4,638		3,751		20		5		3,766
Commercial	3,004		52		27		3,029		2,819		71		34		2,856
Total mortgage-backed securities	125,755		1,742		1,408		126,089		123,795		2,687		92		126,390
U.S. Treasury and government agencies	195,423		1,586		2,225		194,784		199,910		2,141		100		201,951
Obligations of U.S. states and municipalities	18,651		1,276		5		19,922		18,993		1,404		1		20,396
Non-U.S. government debt securities	20,745		192		64		20,873		22,587		354		13		22,928
Corporate debt securities	210		4		4		210		215		4		3		216
Asset-backed securities:
Collateralized loan obligations	11,309		25		5		11,329		10,055		24		31		10,048
Other	6,663		79		7		6,735		6,174		91		16		6,249
Total available-for-sale securities(b)	378,756		4,904		3,718		379,942		381,729		6,705		256		388,178
Held-to-maturity securities(c)
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	97,626		2,020		630		99,016		107,889		2,968		29		110,828
U.S. Residential	4,640		3		43		4,600		4,345		8		30		4,323
Commercial	2,826		19		8		2,837		2,602		77		—		2,679
Total mortgage-backed securities	105,092		2,042		681		106,453		114,836		3,053		59		117,830
U.S. Treasury and government agencies	76,107		13		1,575		74,545		53,184		50		—		53,234
Obligations of U.S. states and municipalities	12,658		389		52		12,995		12,751		519		—		13,270
Asset-backed securities:
Collateralized loan obligations	23,595		125		3		23,717		21,050		90		2		21,138
Total held-to-maturity securities, net of allowance for credit losses(d)	217,452		2,569		2,311		217,710		201,821		3,712		61		205,472
Total investment securities, net of allowance for credit losses(d)	$	596,208	$	7,473	$	6,029	$	597,652	$	583,550	$	10,417	$	317	$	593,650

(a)Includes AFS U.S. GSE obligations with fair values of $61.0 billion and $65.8 billion, and HTM U.S. GSE obligations with amortized cost of $78.8 billion and $86.3 billion, at March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, 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 $108.2 billion and $108.7 billion, and $31.9 billion and $32.3 billion, respectively.

(b)There was no allowance for credit losses on AFS securities at both March 31, 2021 and December 31, 2020.

(c)The Firm purchased $31.3 billion and $205 million of HTM securities for the three months ended March 31, 2021 and 2020, respectively.

(d)HTM securities measured at amortized cost are reported net of allowance for credit losses of $94 million and $78 million at March 31, 2021 and December 31, 2020, respectively.

(e)Excludes $1.8 billion and $2.1 billion of accrued interest receivables at March 31, 2021 and December 31, 2020, respectively. The Firm did not reverse through interest income any accrued interest receivables for the three months ended March 31, 2021 and 2020.

AFS securities impairment

The following tables present the fair value and gross unrealized losses by aging category for AFS securities at March 31, 2021 and December 31, 2020. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $3.6 billion and $150 million, at March 31, 2021 and December 31, 2020, 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 months				12 months or more
March 31, 2021 (in millions)	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Total fair value		Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.	$	801	$	5	$	53	$	—	$	854	$	5
Non-U.S.	769		—		33		—		802		—
Commercial	501		12		344		15		845		27
Total mortgage-backed securities	2,071		17		430		15		2,501		32
Obligations of U.S. states and municipalities	218		5		—		—		218		5
Non-U.S. government debt securities	6,620		61		580		3		7,200		64
Corporate debt securities	52		3		42		1		94		4
Asset-backed securities:
Collateralized loan obligations	1,808		4		2,254		1		4,062		5
Other	325		1		489		6		814		7
Total available-for-sale securities with gross unrealized losses	$	11,094	$	91	$	3,795	$	26	$	14,889	$	117

	Available-for-sale securities with gross unrealized losses
	Less than 12 months				12 months or more
December 31, 2020 (in millions)	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Total fair value		Total 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
Commercial	699		18		124		16		823		34
Total mortgage-backed securities	3,768		25		391		17		4,159		42
Obligations of U.S. states and municipalities	49		1		—		—		49		1
Non-U.S. government debt securities	2,709		9		968		4		3,677		13
Corporate debt securities	91		3		5		—		96		3
Asset-backed securities:
Collateralized loan obligations	5,248		18		2,645		13		7,893		31
Other	268		1		685		15		953		16
Total available-for-sale securities with gross unrealized losses	$	12,133	$	57	$	4,694	$	49	$	16,827	$	106

Allowance for credit losses

Based on its assessment, the Firm did not recognize an allowance for credit losses on impaired AFS securities as of March 31, 2021 and 2020.

HTM securities – credit risk

Credit quality indicator

The primary credit quality indicator for HTM securities is the risk rating assigned to each security. At March 31, 2021 and December 31, 2020, all HTM securities were rated investment grade and were current and accruing, with approximately 97% and 98% rated at least AA+, respectively.

Allowance for credit losses

The allowance for credit losses on HTM securities was $94 million and $19 million as of March 31, 2021 and 2020, respectively.

Refer to Note 10 of JPMorgan Chase’s 2020 Form 10-K for further discussion of accounting policies for AFS and HTM securities.

Selected impacts of investment securities on the Consolidated statements of income

	Three months ended March 31,
(in millions)	2021		2020
Realized gains	$	237	$	1,095
Realized losses	(223)		(862)
Net investment securities gains	$	14	$	233
Provision for credit losses	$	16	$	9

Contractual maturities and yields

The following table presents the amortized cost and estimated fair value at March 31, 2021, of JPMorgan Chase’s investment securities portfolio by contractual maturity.

By remaining maturity March 31, 2021 (in millions)	Due in one year or less			Due after one year through five years			Due after five years through 10 years			Due after 10 years(b)			Total
Available-for-sale securities
Mortgage-backed securities
Amortized cost	$	—		$	2,226		$	5,998		$	117,531		$	125,755
Fair value	—			2,251			6,283			117,555			126,089
Average yield(a)	—		%	1.40		%	1.79		%	2.50		%	2.44		%
U.S. Treasury and government agencies
Amortized cost	$	4,058		$	129,668		$	53,799		$	7,898		$	195,423
Fair value	4,088			129,830			52,724			8,142			194,784
Average yield(a)	0.95		%	0.52		%	0.95		%	0.54		%	0.65		%
Obligations of U.S. states and municipalities
Amortized cost	$	33		$	207		$	1,152		$	17,259		$	18,651
Fair value	33			214			1,219			18,456			19,922
Average yield(a)	4.16		%	4.74		%	4.96		%	4.96		%	4.96		%
Non-U.S. government debt securities
Amortized cost	$	7,029		$	5,581		$	4,511		$	3,624		$	20,745
Fair value	7,038			5,698			4,530			3,607			20,873
Average yield(a)	1.19		%	2.05		%	0.78		%	0.52		%	1.21		%
Corporate debt securities
Amortized cost	$	—		$	139		$	71		$	—		$	210
Fair value	—			136			74			—			210
Average yield(a)	—		%	1.18		%	1.89		%	—		%	1.42		%
Asset-backed securities
Amortized cost	$	1,544		$	1,995		$	6,812		$	7,621		$	17,972
Fair value	1,545			2,011			6,831			7,677			18,064
Average yield(a)	1.28		%	1.94		%	1.30		%	1.42		%	1.42		%
Total available-for-sale securities
Amortized cost	$	12,664		$	139,816		$	72,343		$	153,933		$	378,756
Fair value	12,704			140,140			71,661			155,437			379,942
Average yield(a)	1.13		%	0.62		%	1.11		%	2.57		%	1.52		%
Held-to-maturity securities
Mortgage-backed securities
Amortized cost	$	—		$	423		$	11,858		$	92,851		$	105,132
Fair value	—			423			12,214			93,816			106,453
Average yield(a)	—		%	1.12		%	2.36		%	2.93		%	2.86		%
U.S. Treasury and government agencies
Amortized cost	$	1,318		$	42,176		$	32,613		$	—		$	76,107
Fair value	1,319			42,161			31,065			—			74,545
Average yield(a)	0.17		%	0.66		%	1.18		%	—		%	0.88		%
Obligations of U.S. states and municipalities
Amortized cost	$	—		$	65		$	688		$	11,959		$	12,712
Fair value	—			66			724			12,205			12,995
Average yield(a)	—		%	3.23		%	3.76		%	3.77		%	3.77		%
Asset-backed securities
Amortized cost	$	—		$	—		$	11,137		$	12,458		$	23,595
Fair value	—			—			11,192			12,525			23,717
Average yield(a)	—		%	—		%	1.34		%	1.33		%	1.33		%
Total held-to-maturity securities
Amortized cost	$	1,318		$	42,664		$	56,296		$	117,268		$	217,546
Fair value	1,319			42,650			55,195			118,546			217,710
Average yield(a)	0.17		%	0.67		%	1.49		%	2.84		%	2.05		%

(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 6 years for agency residential MBS, 4 years for agency residential collateralized mortgage obligations and 3 years for nonagency residential collateralized mortgage obligations.

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Securities Financing Activities

3 Months Ended

Mar. 31, 2021

Securities Financing Transactions Disclosures [Abstract]

Securities Financing Activities

Securities financing activities

Refer to Note 11 of JPMorgan Chase’s 2020 Form 10-K for a discussion of accounting policies relating to securities financing activities. Refer to Note 3 for further information regarding securities borrowed and securities lending agreements for which the fair value option has been elected. Refer to Note 23 for further information regarding assets pledged and collateral received in securities financing agreements.

The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of March 31, 2021 and December 31, 2020. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances

outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below.

	March 31, 2021
(in millions)	Gross amounts		Amounts netted on the Consolidated balance sheets		Amounts presented on the Consolidated balance sheets		Amounts not nettable on the Consolidated balance sheets(b)		Net amounts(c)
Assets
Securities purchased under resale agreements	$	555,370	$	(282,889)	$	272,481	$	(254,495)		$	17,986
Securities borrowed	182,414		(2,898)		179,516		(130,939)			48,577
Liabilities
Securities sold under repurchase agreements	$	575,969	$	(282,889)	$	293,080	$	(263,698)		$	29,382
Securities loaned and other(a)	54,058		(2,898)		51,160		(49,574)			1,586

	December 31, 2020
(in millions)	Gross amounts		Amounts netted on the Consolidated balance sheets		Amounts presented on the Consolidated balance sheets		Amounts not nettable on the Consolidated balance sheets(b)		Net amounts(c)
Assets
Securities purchased under resale agreements	$	666,467	$	(370,183)	$	296,284	$	(273,206)		$	23,078
Securities borrowed	193,700		(33,065)		160,635		(115,219)			45,416
Liabilities
Securities sold under repurchase agreements	$	578,060	$	(370,183)	$	207,877	$	(191,980)		$	15,897
Securities loaned and other(a)	41,366		(33,065)		8,301		(8,257)			44

(a)Includes securities-for-securities lending agreements of $42.8 billion and $3.4 billion at March 31, 2021 and December 31, 2020, respectively, accounted for at fair value, where the Firm is acting as lender. In the Consolidated balance sheets, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities.

(b)In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty.

(c)Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At March 31, 2021 and December 31, 2020, included $12.8 billion and $17.0 billion, respectively, of securities purchased under resale agreements; $45.5 billion and $42.1 billion, respectively, of securities borrowed; $27.4 billion and $14.5 billion, respectively, of securities sold under repurchase agreements; and $136 million and $8 million, respectively, of securities loaned and other.

The tables below present as of March 31, 2021, and December 31, 2020 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.

	Gross liability balance
	March 31, 2021				December 31, 2020
(in millions)	Securities sold under repurchase agreements		Securities loaned and other		Securities sold under repurchase agreements		Securities loaned and other
Mortgage-backed securities
U.S. GSEs and government agencies	$	76,335	$	—	$	56,744	$	—
Residential - nonagency	522		—		1,016		—
Commercial - nonagency	775		—		855		—
U.S. Treasury, GSEs and government agencies	274,254		184		315,834		143
Obligations of U.S. states and municipalities	1,626		—		1,525		2
Non-U.S. government debt	163,200		2,472		157,563		1,730
Corporate debt securities	28,522		2,563		22,849		1,864
Asset-backed securities	682		845		694		—
Equity securities	30,053		47,994		20,980		37,627
Total	$	575,969	$	54,058	$	578,060	$	41,366

	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
March 31, 2021 (in millions)			Up to 30 days		30 – 90 days				Total
Total securities sold under repurchase agreements	$	228,510	$	252,875	$	46,361	$	48,223	$	575,969
Total securities loaned and other	52,440		395		799		424		54,058

	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
December 31, 2020 (in millions)			Up to 30 days		30 – 90 days				Total
Total securities sold under repurchase agreements	$	238,667	$	230,980	$	70,777	$	37,636	$	578,060
Total securities loaned and other	37,887		1,647		500		1,332		41,366

Transfers not qualifying for sale accounting

At March 31, 2021, and December 31, 2020, the Firm held $603 million and $598 million, respectively, of financial assets for which the rights have been transferred to third parties; however, the transfers did not qualify as a sale in accordance with U.S. GAAP. These transfers have been recognized as collateralized financing transactions. The transferred assets are recorded in trading assets and loans, and the corresponding liabilities are recorded predominantly in short-term borrowings on the Consolidated balance sheets.

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Loans

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Loans

Loans

Loan accounting framework

The accounting for a loan depends on management’s strategy for the loan. The Firm accounts for loans based on the following categories:

•Originated or purchased loans held-for-investment (i.e., “retained”)

•Loans held-for-sale

•Loans at fair value

Refer to Note 12 of JPMorgan Chase's 2020 Form 10-K for a detailed discussion of loans, including accounting policies. Refer to Note 3 of this Form 10-Q for further information on the Firm's elections of fair value accounting under the fair value option. Refer to Note 2 of this Form 10-Q for information on loans carried at fair value and classified as trading assets.

Loan portfolio

The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class.

Consumer, excluding credit card	Credit card	Wholesale(c)(d)
• Residential real estate(a) • Auto and other(b)	• Credit card loans	• Secured by real estate • Commercial and industrial • Other(e)

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

(b)Includes scored auto and business banking loans and overdrafts.

(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)The wholesale portfolio segment's classes align with loan classifications as defined by the bank regulatory agencies, based on the loan's collateral, purpose, and type of borrower.

(e)Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for more information on SPEs.

The following tables summarize the Firm’s loan balances by portfolio segment.

March 31, 2021	Consumer, excluding credit card		Credit card		Wholesale		Total(a)(b)
(in millions)
Retained	$	302,392	$	131,772	$	514,478	$	948,642
Held-for-sale	1,232		721		9,945		11,898
At fair value	21,284		—		29,483		50,767
Total	$	324,908	$	132,493	$	553,906	$	1,011,307
December 31, 2020	Consumer, excluding credit card		Credit card		Wholesale		Total(a)(b)
(in millions)
Retained	$	302,127	$	143,432	$	514,947	$	960,506
Held-for-sale	1,305		784		5,784		7,873
At fair value	15,147		—		29,327		44,474
Total	$	318,579	$	144,216	$	550,058	$	1,012,853

(a)Excludes $2.9 billion of accrued interest receivables at both March 31, 2021, and December 31, 2020. The Firm wrote off accrued interest receivables of $13 million and $14 million for the three months ended March 31, 2021 and 2020, respectively.

(b)Loans (other than those for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs. These amounts were not material as of March 31, 2021, and December 31, 2020.

The following table provides information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table.

	2021									2020
Three months ended March 31, (in millions)	Consumer, excluding credit card			Credit card		Wholesale		Total		Consumer, excluding credit card			Credit card		Wholesale		Total
Purchases	$	191	(b)(c)	$	—	$	226	$	417	$	1,172	(b)(c)	$	—	$	386	$	1,558
Sales	181			—		5,730		5,911		324			—		5,452		5,776
Retained loans reclassified to held-for-sale(a)	162			—		772		934		148			—		469		617

(a)Reclassifications of loans to held-for-sale are non-cash transactions.

(b)Predominantly includes purchases of residential real estate loans, including the Firm’s voluntary repurchases of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines for the three months ended March 31, 2021 and 2020. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA.

(c)Excludes purchases of retained loans of $7.0 billion and $3.6 billion for the three months ended March 31, 2021 and 2020, respectively, which are predominantly sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards.

Gains and losses on sales of loans

Net gains/(losses) on sales of loans and lending-related commitments (including adjustments to record loans and lending-related commitments held-for-sale at the lower of cost or fair value) recognized in noninterest revenue for the three months ended March 31, 2021 was $132 million, of which $135 million related to loans. Net losses on sales of loans and lending-related commitments for the three months ended March 31, 2020 was $(913) million, of which $(142) million related to loans. In addition, the sale of loans may also result in write downs, recoveries or changes in the allowance recognized in the provision for credit losses.

Loan modifications

The Firm has granted various forms of assistance to customers and clients impacted by the COVID-19 pandemic, including payment deferrals and covenant modifications. The majority of the Firm’s COVID-19 related loan modifications have not been considered TDRs because:

•they represent short-term or other insignificant modifications, whether under the Firm’s regular loan modification assessments or as permitted by regulatory guidance, or

•the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act.

To the extent that certain modifications do not meet any of the above criteria, the Firm accounts for them as TDRs.

As permitted by regulatory guidance, the Firm does not place loans with deferrals granted due to COVID-19 on nonaccrual status where such loans are not otherwise reportable as nonaccrual. The Firm considers expected losses of principal and accrued interest associated with all COVID-19 related loan modifications in its allowance for credit losses.

Assistance provided in response to the COVID-19 pandemic could delay the recognition of delinquencies, nonaccrual status, and net charge-offs for those customers who would have otherwise moved into past due or nonaccrual status.

Consumer, excluding credit card loan portfolio

Consumer loans, excluding credit card loans, consist primarily of scored residential mortgages, home equity loans and lines of credit, auto and business banking loans, with a focus on serving the prime consumer credit market. The portfolio also includes home equity loans secured by junior liens, prime mortgage loans with an interest-only payment period and certain payment-option loans that may result in negative amortization.

The following table provides information about retained consumer loans, excluding credit card, by class.

(in millions)	March 31, 2021		December 31, 2020
Residential real estate	$	219,173	$	225,302
Auto and other(a)	83,219		76,825
Total retained loans	$	302,392	$	302,127

(a)At March 31, 2021 and December 31, 2020, included $23.4 billion and $19.2 billion of loans, respectively, in Business Banking under the PPP.

Delinquency rates are the primary credit quality indicator for consumer loans. Refer to Note 12 of JPMorgan Chase's 2020 Form 10-K for further information on consumer credit quality indicators.

Residential real estate

The following tables provide information on delinquency, which is the primary credit quality indicator for retained residential real estate loans.

(in millions, except ratios)	March 31, 2021
	Term loans by origination year(d)																		Revolving loans						Total
	2021			2020			2019			2018			2017			Prior to 2017			Within the revolving period			Converted to term loans
Loan delinquency(a)(b)
Current	$	13,779		$	57,109		$	27,264		$	11,868		$	17,387		$	68,061		$	6,165		$	15,542		$	217,175
30–149 days past due	—			5			11			15			12			595			17			193			848
150 or more days past due	—			2			4			8			20			838			16			262			1,150
Total retained loans	$	13,779		$	57,116		$	27,279		$	11,891		$	17,419		$	69,494		$	6,198		$	15,997		$	219,173
% of 30+ days past due to total retained loans(c)	—		%	0.01		%	0.05		%	0.19		%	0.18		%	2.01		%	0.53		%	2.84		%	0.90		%

(in millions, except ratios)	December 31, 2020
	Term loans by origination year(d)																				Revolving loans						Total
	2020				2019			2018			2017			2016			Prior to 2016				Within the revolving period			Converted to term loans
Loan delinquency(a)(b)
Current	$	56,576		(e)	$	31,820		$	13,900		$	20,410		$	27,978		$	49,218		(e)	$	7,370		$	15,792		$	223,064
30–149 days past due	9				25			20			22			29			674				21			245			1,045
150 or more days past due	3				14			10			18			18			844				22			264			1,193
Total retained loans	$	56,588			$	31,859		$	13,930		$	20,450		$	28,025		$	50,736			$	7,413		$	16,301		$	225,302
% of 30+ days past due to total retained loans(c)	0.02		%		0.12		%	0.22		%	0.20		%	0.17		%	2.91		%	(e)	0.58		%	3.12		%	0.98		%

(a)Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $40 million and $36 million; 30–149 days past due included $13 million and $16 million; and 150 or more days past due included $23 million and $24 million at March 31, 2021 and December 31, 2020, respectively.

(b)At March 31, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.

(c)At March 31, 2021 and December 31, 2020, residential real estate loans excluded mortgage loans insured by U.S. government agencies of $36 million and $40 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(d)Includes loans purchased based on the year in which they were originated.

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

Approximately 35% of the total revolving loans are senior lien loans; the remaining balance are junior lien loans. The lien position the Firm holds is considered in the Firm’s allowance for credit losses. Revolving loans that have been converted to term loans have higher delinquency rates than those that are still within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options available for revolving loans within the revolving period.

Nonaccrual loans and other credit quality indicators

The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans.

(in millions, except weighted-average data)	March 31, 2021			December 31, 2020
Nonaccrual loans(a)(b)(c)(d)	$	5,247		$	5,313
90 or more days past due and government guaranteed(e)	30			33
Current estimated LTV ratios(f)(g)
Greater than 125% and refreshed FICO scores:
Equal to or greater than 660	$	19		$	10
Less than 660	14			18
101% to 125% and refreshed FICO scores:
Equal to or greater than 660	105			72
Less than 660	46			65
80% to 100% and refreshed FICO scores:
Equal to or greater than 660	1,482			2,365
Less than 660	286			435
Less than 80% and refreshed FICO scores:
Equal to or greater than 660	204,165			208,457
Less than 660	11,267			12,072
No FICO/LTV available	1,713			1,732
U.S. government-guaranteed	76			76
Total retained loans	$	219,173		$	225,302
Weighted average LTV ratio(f)(h)	53		%	54		%
Weighted average FICO(g)(h)	764			763
Geographic region(i)
California	$	70,787		$	73,444
New York	32,042			32,287
Florida	14,086			13,981
Texas	13,320			13,773
Illinois	12,350			13,130
Colorado	8,085			8,235
Washington	7,687			7,917
New Jersey	6,934			7,227
Massachusetts	5,715			5,784
Connecticut	5,012			5,024
All other(j)	43,155			44,500
Total retained loans	$	219,173		$	225,302

(a)Includes collateral-dependent residential real estate loans that are charged down to the fair value of the underlying collateral less costs to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual TDRs, regardless of their delinquency status. At March 31, 2021, approximately 7% of Chapter 7 residential real estate loans were 30 days or more past due.

(b)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral has subsequently improved, the related allowance may be negative.

(c)Interest income on nonaccrual loans recognized on a cash basis was $45 million and $43 million for the three months ended March 31, 2021 and 2020, respectively.

(d)Generally excludes loans 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 are considered collateral-dependent and charged down to the lower of amortized cost or fair value of the underlying collateral less costs to sell.

(e)These balances are excluded from nonaccrual loans as the loans are guaranteed by U.S government agencies. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. At March 31, 2021 and December 31, 2020, these balances were no longer accruing interest based on the agreed-upon servicing guidelines. There were no loans that were not guaranteed by U.S. government agencies that are 90 or more days past due and still accruing interest at March 31, 2021 and December 31, 2020.

(f)Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.

(g)Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.

(h)Excludes loans with no FICO and/or LTV data available.

(i)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2021.

(j)At both March 31, 2021 and December 31, 2020, included mortgage loans insured by U.S. government agencies of $76 million. These amounts have been excluded from the geographic regions presented based upon the government guarantee.

Loan modifications

Modifications of residential real estate loans where the Firm grants concessions to borrowers who are experiencing financial difficulty are generally accounted for and reported as TDRs. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs nor are loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act. The carrying value of new TDRs was $251 million and $142 million for the three months ended March 31, 2021 and 2020, respectively. There were no additional commitments to lend to borrowers whose residential real estate loans have been modified in TDRs.

Nature and extent of modifications

The Firm’s proprietary modification programs as well as government programs, including U.S. GSE programs, generally provide various concessions to financially troubled borrowers including, but not limited to, interest rate reductions, term or payment extensions and delays of principal and/or interest payments that would otherwise have been required under the terms of the original agreement.

The following table provides information about how residential real estate loans were modified in TDRs under the Firm’s loss mitigation programs described above during the periods presented. This table excludes Chapter 7 loans where the sole concession granted is the discharge of debt, loans with short-term or other insignificant modifications that are not considered concessions, and loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act.

	Three months ended March 31,
	2021		2020
Number of loans approved for a trial modification	1,401		1,996
Number of loans permanently modified	1,714		1,481
Concession granted:(a)
Interest rate reduction	72	%	79	%
Term or payment extension	40		81
Principal and/or interest deferred	31		11
Principal forgiveness	4		4
Other(b)	51		55

(a)Represents concessions granted in permanent modifications as a percentage of the number of loans permanently modified. The sum of the percentages exceeds 100% because predominantly all of the modifications include more than one type of concession. Concessions offered on trial modifications are generally consistent with those granted on permanent modifications.

(b)Includes variable interest rate to fixed interest rate modifications and payment delays that meet the definition of a TDR.

Financial effects of modifications and redefaults

The following table provides information about the financial effects of the various concessions granted in modifications of residential real estate loans under the loss mitigation programs described above and about redefaults of certain loans modified in TDRs for the periods presented. The following table presents only the financial effects of permanent modifications and do not include temporary concessions offered through trial modifications. This table also excludes Chapter 7 loans where the sole concession granted is the discharge of debt, loans with short-term or other insignificant modifications that are not considered concessions, and loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act.

(in millions, except weighted-average data)	Three months ended March 31,
	2021			2020
Weighted-average interest rate of loans with interest rate reductions – before TDR	4.57		%	5.20		%
Weighted-average interest rate of loans with interest rate reductions – after TDR	2.91			3.48
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR	24			22
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR	39			39
Charge-offs recognized upon permanent modification	$	—		$	—
Principal deferred	12			5
Principal forgiven	1			2
Balance of loans that redefaulted within one year of permanent modification(a)	$	24		$	70

(a)Represents loans permanently modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The dollar amounts presented represent the balance of such loans at the end of the reporting period in which such loans defaulted. For residential real estate loans modified in TDRs, payment default is deemed to occur when the loan becomes two contractual payments past due. In the event that a modified loan redefaults, it will generally be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last twelve months may not be representative of ultimate redefault levels.

At March 31, 2021, the weighted-average estimated remaining lives of residential real estate loans permanently modified in TDRs were six years. The estimated remaining lives of these loans reflect estimated prepayments, both voluntary and involuntary (i.e., foreclosures and other forced liquidations).

Active and suspended foreclosure

At March 31, 2021 and December 31, 2020, the Firm had residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $802 million and $846 million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.

In response to the COVID-19 pandemic, the Firm has temporarily suspended certain foreclosure activities. This could delay recognition of foreclosed properties until the foreclosure moratoriums are lifted.

Auto and other

The following tables provide information on delinquency, which is the primary credit quality indicator for retained auto and other consumer loans.

	March 31, 2021
(in millions, except ratios)	Term Loans by origination year																		Revolving loans
	2021			2020			2019			2018			2017			Prior to 2017			Within the revolving period			Converted to term loans			Total
Loan delinquency(a)
Current	$	17,719	(b)	$	39,161	(b)	$	11,405		$	6,349		$	3,706		$	2,045		$	2,369		$	149		$	82,903
30–119 days past due	32			50			65			47			31			33			21			12			291
120 or more days past due	—			—			—			1			1			1			12			10			25
Total retained loans	$	17,751		$	39,211		$	11,470		$	6,397		$	3,738		$	2,079		$	2,402		$	171		$	83,219
% of 30+ days past due to total retained loans	0.18%			0.13%			0.57		%	0.75		%	0.86		%	1.64		%	1.37		%	12.87		%	0.38		%

	December 31, 2020
(in millions, except ratios)	Term Loans by origination year																		Revolving loans
	2020			2019			2018			2017			2016			Prior to 2016			Within the revolving period			Converted to term loans			Total
Loan delinquency(a)
Current	$	46,169	(c)	$	12,829		$	7,367		$	4,521		$	2,058		$	742		$	2,517		$	158		$	76,361
30–119 days past due	97			107			77			53			42			23			30			17			446
120 or more days past due	—			—			—			1			—			1			8			8			18
Total retained loans	$	46,266		$	12,936		$	7,444		$	4,575		$	2,100		$	766		$	2,555		$	183		$	76,825
% of 30+ days past due to total retained loans	0.21%			0.83		%	1.03		%	1.18		%	2.00		%	3.13		%	1.49		%	13.66		%	0.60		%

(a)At March 31, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.

(b)At March 31, 2021, included $8.7 billion of loans originated in 2021 and $14.7 billion of loans originated in 2020 in Business Banking under the PPP. PPP loans are guaranteed by the SBA. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans.

(c)At December 31, 2020, included $19.2 billion of loans in Business Banking under the PPP.

Nonaccrual and other credit quality indicators

The following table provides information on nonaccrual and other credit quality indicators for retained auto and other consumer loans.

(in millions, except ratios)	Total Auto and other
	March 31, 2021		December 31, 2020
Nonaccrual loans(a)(b)(c)	135		151
Geographic region(d)
California	$	13,514	$	12,302
New York	10,551		8,824
Texas	8,746		8,235
Florida	5,117		4,668
Illinois	4,003		3,768
New Jersey	2,895		2,646
Arizona	2,619		2,465
Ohio	2,293		2,163
Colorado	2,021		1,910
Pennsylvania	2,004		1,924
All other	29,456		27,920
Total retained loans	$	83,219	$	76,825

(a)There were no loans that were 90 or more days past due and still accruing interest at March 31, 2021 and December 31, 2020.

(b)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral has subsequently improved, the related allowance may be negative.

(c)Interest income on nonaccrual loans recognized on a cash basis was not material for the three months ended March 31, 2021 and 2020.

(d)The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at March 31, 2021.

Loan modifications

Certain other consumer loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs.

The impact of these modifications, as well as new TDRs, were not material to the Firm for the three months ended March 31, 2021 and 2020. Additional commitments to lend to borrowers whose loans have been modified in TDRs as of March 31, 2021 and December 31, 2020 were not material.

Credit card loan portfolio

The credit card portfolio segment includes credit card loans originated and purchased by the Firm. Delinquency rates are the primary credit quality indicator for credit card loans.

Refer to Note 12 of JPMorgan Chase's 2020 Form 10-K for further information on the credit card loan portfolio, including credit quality indicators.

The following tables provide information on delinquency, which is the primary credit quality indicator for retained credit card loans.

(in millions, except ratios)	March 31, 2021
	Within the revolving period			Converted to term loans(b)			Total
Loan delinquency(a)
Current and less than 30 days past due and still accruing	$	128,749		$	1,178		$	129,927
30–89 days past due and still accruing	714			73			787
90 or more days past due and still accruing	1,018			40			1,058
Total retained loans	$	130,481		$	1,291		$	131,772
Loan delinquency ratios
% of 30+ days past due to total retained loans	1.33		%	8.75		%	1.40		%
% of 90+ days past due to total retained loans	0.78			3.10			0.80

(in millions, except ratios)	December 31, 2020
	Within the revolving period			Converted to term loans(b)			Total
Loan delinquency(a)
Current and less than 30 days past due and still accruing	$	139,783		$	1,239		$	141,022
30–89 days past due and still accruing	997			94			1,091
90 or more days past due and still accruing	1,277			42			1,319
Total retained loans	$	142,057		$	1,375		$	143,432
Loan delinquency ratios
% of 30+ days past due to total retained loans	1.60		%	9.89		%	1.68		%
% of 90+ days past due to total retained loans	0.90			3.05			0.92

(a)At March 31, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.

(b)Represents TDRs.

Other credit quality indicators

The following table provides information on other credit quality indicators for retained credit card loans.

(in millions, except ratios)	March 31, 2021			December 31, 2020
Geographic region(a)
California	$	19,266		$	20,921
Texas	13,628			14,544
New York	10,935			11,919
Florida	8,889			9,562
Illinois	7,329			8,006
New Jersey	5,420			5,927
Ohio	4,254			4,673
Pennsylvania	4,036			4,476
Colorado	3,798			4,092
Michigan	3,245			3,553
All other	50,972			55,759
Total retained loans	$	131,772		$	143,432
Percentage of portfolio based on carrying value with estimated refreshed FICO scores
Equal to or greater than 660	86.3		%	85.9		%
Less than 660	13.5			13.9
No FICO available	0.2			0.2

(a)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2021.

Loan modifications

The Firm may offer one of a number of loan modification programs granting concessions to credit card borrowers who are experiencing financial difficulty. The Firm grants concessions for most of the credit card loans under long-term programs. These modifications involve placing the customer on a fixed payment plan, generally for 60 months, and typically include reducing the interest rate on the credit card. Substantially all modifications under the Firm’s long-term programs are considered to be TDRs. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs.

If the cardholder does not comply with the modified payment terms, then the credit card loan continues to age and will ultimately be charged-off in accordance with the Firm’s standard charge-off policy. In most cases, the Firm does not reinstate the borrower’s line of credit.

Financial effects of modifications and redefaults

The following table provides information about the financial effects of the concessions granted on credit card loans modified in TDRs and redefaults for the periods presented. For all periods disclosed, new enrollments were less than 1% of total retained credit card loans.

(in millions, except weighted-average data)	Three months ended March 31,
	2021			2020
Balance of new TDRs(a)	$	143		$	277
Weighted-average interest rate of loans – before TDR	17.74		%	18.82		%
Weighted-average interest rate of loans – after TDR	5.23			4.02
Balance of loans that redefaulted within one year of modification(b)	$	19		$	36

(a)Represents the outstanding balance prior to modification.

(b)Represents loans modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The amounts presented represent the balance of such loans as of the end of the quarter in which they defaulted.

For credit card loans modified in TDRs, payment default is deemed to have occurred when the borrower misses two consecutive contractual payments. Defaulted modified credit card loans remain in the modification program and continue to be charged off in accordance with the Firm’s standard charge-off policy.

Wholesale loan portfolio

Wholesale loans include loans made to a variety of clients, ranging from large corporate and institutional clients, to small businesses and high-net-worth individuals. The primary credit quality indicator for wholesale loans is the

internal risk rating assigned to each loan. Refer to Note 12 of JPMorgan Chase’s 2020 Form 10-K for further information on these risk ratings.

The following tables provide information on internal risk rating, which is the primary credit quality indicator for retained wholesale loans.

	Secured by real estate						Commercial and industrial								Other(c)						Total retained loans
(in millions, except ratios)	Mar 31, 2021			Dec 31, 2020			Mar 31, 2021				Dec 31, 2020				Mar 31, 2021			Dec 31, 2020			Mar 31, 2021				Dec 31, 2020
Loans by risk ratings
Investment-grade	$	88,351		$	90,147		$	72,453		(a)	$	71,917		(b)	$	219,023		$	217,209		$	379,827		(a)	$	379,273		(b)
Noninvestment-grade:
Noncriticized	25,929			26,129			54,410				57,870				35,404			33,053			115,743				117,052
Criticized performing	3,756			3,234			11,005				10,991				1,132			1,079			15,893				15,304
Criticized nonaccrual	502			483			1,752				1,931				761			904			3,015				3,318
Total noninvestment- grade	30,187			29,846			67,167				70,792				37,297			35,036			134,651				135,674
Total retained loans	$	118,538		$	119,993		$	139,620			$	142,709			$	256,320		$	252,245		$	514,478			$	514,947
% of investment-grade to total retained loans	74.53		%	75.13		%	51.89		%		50.39		%		85.45		%	86.11		%	73.83		%		73.65		%
% of total criticized to total retained loans	3.59			3.10			9.14				9.05				0.74			0.79			3.68				3.62
% of criticized nonaccrual to total retained loans	0.42			0.40			1.25				1.35				0.30			0.36			0.59				0.64

	Secured by real estate
(in millions)	March 31, 2021
	Term loans by origination year												Revolving loans
	2021		2020		2019		2018		2017		Prior to 2017		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	2,966	$	16,303	$	19,118	$	11,307	$	10,192	$	27,314	$	1,151	$	—	$	88,351
Noninvestment-grade	623		3,403		4,436		4,093		2,810		14,391		430		1		30,187
Total retained loans	$	3,589	$	19,706	$	23,554	$	15,400	$	13,002	$	41,705	$	1,581	$	1	$	118,538

	Secured by real estate
(in millions)	December 31, 2020
	Term loans by origination year												Revolving loans
	2020		2019		2018		2017		2016		Prior to 2016		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	16,560	$	19,575	$	12,192	$	11,017	$	13,439	$	16,266	$	1,098	$	—	$	90,147
Noninvestment-grade	3,327		4,339		4,205		2,916		2,575		11,994		489		1		29,846
Total retained loans	$	19,887	$	23,914	$	16,397	$	13,933	$	16,014	$	28,260	$	1,587	$	1	$	119,993

	Commercial and industrial
(in millions)	March 31, 2021
	Term loans by origination year														Revolving loans
	2021			2020			2019		2018		2017		Prior to 2017		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	8,403	(a)	$	14,857	(a)	$	6,587	$	2,474	$	1,664	$	1,861	$	36,537	$	70	$	72,453
Noninvestment-grade	3,976			11,857			7,082		4,641		1,698		2,745		35,095		73		67,167
Total retained loans	$	12,379		$	26,714		$	13,669	$	7,115	$	3,362	$	4,606	$	71,632	$	143	$	139,620

	Commercial and industrial
(in millions)	December 31, 2020
	Term loans by origination year													Revolving loans
	2020			2019		2018		2017		2016		Prior to 2016		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	21,211	(b)	$	7,304	$	2,934	$	1,748	$	1,032	$	1,263	$	36,424	$	1	$	71,917
Noninvestment-grade	15,060			8,636		5,131		2,104		497		2,439		36,852		73		70,792
Total retained loans	$	36,271		$	15,940	$	8,065	$	3,852	$	1,529	$	3,702	$	73,276	$	74	$	142,709

	Other(c)
(in millions)	March 31, 2021
	Term loans by origination year												Revolving loans
	2021		2020		2019		2018		2017		Prior to 2017		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	8,483	$	25,689	$	8,177	$	5,052	$	5,874	$	16,897	$	148,248	$	603	$	219,023
Noninvestment-grade	3,500		4,179		2,191		1,621		485		1,065		24,132		124		37,297
Total retained loans	$	11,983	$	29,868	$	10,368	$	6,673	$	6,359	$	17,962	$	172,380	$	727	$	256,320

	Other(c)
(in millions)	December 31, 2020
	Term loans by origination year												Revolving loans
	2020		2019		2018		2017		2016		Prior to 2016		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	31,389	$	10,169	$	6,994	$	6,206	$	3,553	$	12,595	$	145,524	$	779	$	217,209
Noninvestment-grade	5,009		2,220		1,641		550		146		636		24,710		124		35,036
Total retained loans	$	36,398	$	12,389	$	8,635	$	6,756	$	3,699	$	13,231	$	170,234	$	903	$	252,245

(a)At March 31, 2021, included $1.2 billion of loans originated in 2021 and $7.7 billion of loans originated in 2020 under the PPP, of which $1.2 billion and $7.1 billion are included in commercial and industrial, respectively. PPP loans are guaranteed by the SBA and considered investment-grade. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans.

(b)At December 31, 2020, included $8.0 billion of loans under the PPP, of which $7.4 billion is included in commercial and industrial.

(c)Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for more information on SPEs.

The following table presents additional information on retained loans secured by real estate, which consists of loans secured wholly or substantially by a lien or liens on real property at origination.

(in millions, except ratios)	Multifamily						Other commercial						Total retained loans secured by real estate
	Mar 31, 2021			Dec 31, 2020			Mar 31, 2021			Dec 31, 2020			Mar 31, 2021			Dec 31, 2020
Retained loans secured by real estate	$	72,194		$	73,078		$	46,344		$	46,915		$	118,538		$	119,993
Criticized	1,560			1,144			2,698			2,573			4,258			3,717
% of total criticized to total retained loans secured by real estate	2.16		%	1.57		%	5.82		%	5.48		%	3.59		%	3.10		%
Criticized nonaccrual	$	70		$	56		$	432		$	427		$	502		$	483
% of criticized nonaccrual loans to total retained loans secured by real estate	0.10		%	0.08		%	0.93		%	0.91		%	0.42		%	0.40		%

Geographic distribution and delinquency

The following table provides information on the geographic distribution and delinquency for retained wholesale loans.

	Secured by real estate				Commercial  and industrial				Other				Total  retained loans
(in millions,  except ratios)	Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020
Loans by geographic distribution(a)
Total U.S.	$	115,451	$	116,990	$	106,309	$	109,273	$	181,272	$	180,583	$	403,032	$	406,846
Total non-U.S.	3,087		3,003		33,311		33,436		75,048		71,662		111,446		108,101
Total retained loans	$	118,538	$	119,993	$	139,620	$	142,709	$	256,320	$	252,245	$	514,478	$	514,947
Loan delinquency(b)
Current and less than 30 days past due and still accruing	$	117,559	$	118,894	$	136,980	$	140,100	$	253,632	$	249,713	$	508,171	$	508,707
30–89 days past due and still accruing	462		601		830		658		1,769		1,606		3,061		2,865
90 or more days past due and still accruing(c)	15		15		58		20		158		22		231		57
Criticized nonaccrual	502		483		1,752		1,931		761		904		3,015		3,318
Total retained loans	$	118,538	$	119,993	$	139,620	$	142,709	$	256,320	$	252,245	$	514,478	$	514,947

(a)The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower.

(b)The credit quality of wholesale loans is assessed primarily through ongoing review and monitoring of an obligor’s ability to meet contractual obligations rather than relying on the past due status, which is generally a lagging indicator of credit quality. Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic. 

(c)Represents loans that are considered well-collateralized and therefore still accruing interest.

The following table provides information about net charge-offs on retained wholesale loans.

Wholesale net charge-offs/(recoveries)	Secured by real estate				Commercial  and industrial				Other				Total  retained loans
Three months ended March 31, (in millions)	2021		2020		2021		2020		2021		2020		2021		2020
Net charge-offs/(recoveries)	$	—	$	—	$	50	$	168	$	3	$	(6)	$	53	$	162

Nonaccrual loans

The following table provides information on retained wholesale nonaccrual loans.

(in millions)	Secured by real estate				Commercial and industrial				Other				Total retained loans
	Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020
Nonaccrual loans(a)
With an allowance	$	398	$	351	$	1,329	$	1,667	$	544	$	800	$	2,271	$	2,818
Without an allowance(b)	104		132		423		264		217		104		744		500
Total nonaccrual loans(c)	$	502	$	483	$	1,752	$	1,931	$	761	$	904	$	3,015	$	3,318

(a)Loans that were modified in response to the COVID-19 pandemic continue to be risk-rated in accordance with the Firm’s overall credit risk management framework. As of March 31, 2021, predominantly all of these loans were considered performing.

(b)When the discounted cash flows or collateral value equals or exceeds the amortized cost of the loan, the loan does not require an allowance. This typically occurs when the loans have been partially charged off and/or there have been interest payments received and applied to the loan balance.

(c)Interest income on nonaccrual loans recognized on a cash basis was not material for the three months ended March 31, 2021 and 2020.

Loan modifications

Certain loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs nor are loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act. The carrying value of TDRs was $1.2 billion and $954 million as of March 31, 2021, and December 31, 2020, respectively. The carrying value of new TDRs was $428 million and $76 million for the three months ended March 31, 2021 and 2020, respectively. The new TDRs for the three months ended March 31, 2021 were primarily from Commercial and Industrial loan modifications that included extending maturity dates and the receipt of assets

in partial satisfaction of the loan. The impact of these modifications resulting in new TDRs was not material to the Firm for the three months ended March 31, 2021 and 2020.

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Allowance for Credit Losses

3 Months Ended

Mar. 31, 2021

Credit Loss [Abstract]

Allowance for Credit Losses

Allowance for credit losses

The Firm's allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments.

Refer to Note 13 of JPMorgan Chase's 2020 Form 10-K for a detailed discussion of the allowance for credit losses and the related accounting policies.

Allowance for credit losses and related information

The table below summarizes information about the allowances for loan losses and lending-related commitments, and includes a breakdown of loans and lending-related commitments by impairment methodology. Refer to Note 10 of JPMorgan Chase’s 2020 Form 10-K for further information on the allowance for credit losses on investment securities.

	2021(d)								2020(d)
Three months ended March 31, (in millions)	Consumer, excluding credit card		Credit card		Wholesale		Total		Consumer, excluding credit card		Credit card		Wholesale		Total
Allowance for loan losses
Beginning balance at January 1,	$	3,636	$	17,800	$	6,892	$	28,328	$	2,538	$	5,683	$	4,902	$	13,123
Cumulative effect of a change in accounting principle	NA		NA		NA		NA		297		5,517		(1,642)		4,172
Gross charge-offs	166		1,214		88		1,468		233		1,488		181		1,902
Gross recoveries collected	(145)		(231)		(35)		(411)		(239)		(175)		(19)		(433)
Net charge-offs/(recoveries)	21		983		53		1,057		(6)		1,313		162		1,469
Provision for loan losses	(932)		(2,517)		(830)		(4,279)		613		5,063		1,742		7,418
Other	(1)		—		10		9		—		—		—		—
Ending balance at March 31,	$	2,682	$	14,300	$	6,019	$	23,001	$	3,454	$	14,950	$	4,840	$	23,244
Allowance for lending-related commitments
Beginning balance at January 1,	$	187	$	—	$	2,222	$	2,409	$	12	$	—	$	1,179	$	1,191
Cumulative effect of a change in accounting principle	NA		NA		NA		NA		133		—		(35)		98
Provision for lending-related commitments	(52)		—		159		107		6		—		852		858
Other	—		—		—		—		—		—		—		—
Ending balance at March 31,	$	135	$	—	$	2,381	$	2,516	$	151	$	—	$	1,996	$	2,147
Total allowance for credit losses	$	2,817	$	14,300	$	8,400	$	25,517	$	3,605	$	14,950	$	6,836	$	25,391
Allowance for loan losses by impairment methodology
Asset-specific(a)	$	(348)	$	522	$	529	$	703	$	223	$	530	$	556	$	1,309
Portfolio-based	3,030		13,778		5,490		22,298		3,231		14,420		4,284		21,935
Total allowance for loan losses	$	2,682	$	14,300	$	6,019	$	23,001	$	3,454	$	14,950	$	4,840	$	23,244
Loans by impairment methodology
Asset-specific(a)	$	16,008	$	1,291	$	3,394	$	20,693	$	17,036	$	1,505	$	2,021	$	20,562
Portfolio-based	286,384		130,481		511,084		927,949		276,743		152,516		553,268		982,527
Total retained loans	$	302,392	$	131,772	$	514,478	$	948,642	$	293,779	$	154,021	$	555,289	$	1,003,089
Collateral-dependent loans
Net charge-offs	$	20	$	—	$	2	$	22	$	29	$	—	$	17	$	46
Loans measured at fair value of collateral less cost to sell	4,790		—		354		5,144		2,941		—		94		3,035
Allowance for lending-related commitments by impairment methodology
Asset-specific	$	—	$	—	$	144	$	144	$	—	$	—	$	187	$	187
Portfolio-based	135		—		2,237		2,372		151		—		1,809		1,960
Total allowance for lending-related commitments(b)	$	135	$	—	$	2,381	$	2,516	$	151	$	—	$	1,996	$	2,147
Lending-related commitments by impairment methodology
Asset-specific	$	—	$	—	$	800	$	800	$	—	$	—	$	619	$	619
Portfolio-based(c)	34,468		—		440,830		475,298		33,498		—		338,580		372,078
Total lending-related commitments	$	34,468	$	—	$	441,630	$	476,098	$	33,498	$	—	$	339,199	$	372,697

(a)Includes collateral dependent loans, including those considered TDRs and those for which foreclosure is deemed probable, modified PCD loans and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a TDR. Also includes risk-rated loans that have been placed on nonaccrual status for the wholesale portfolio segment. The asset-specific credit card allowance for loans modified, or reasonably expected to be modified, in a TDR is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.

(b)The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets.

(c)At March 31, 2021 and 2020, lending-related commitments excluded $21.8 billion and $8.0 billion, respectively, for the consumer, excluding credit card portfolio segment; $674.4 billion and $681.4 billion, respectively, for the credit card portfolio segment; and $39.6 billion and $24.0 billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments.

(d)Excludes the allowance for credit losses on HTM securities. The allowance for credit losses on HTM securities was $94 million and $19 million as of March 31, 2021 and 2020, respectively.

Discussion of changes in the allowance

The allowance for credit losses as of March 31, 2021 decreased when compared to December 31, 2020, consisting of:

•a $4.5 billion reduction in consumer, predominantly in the credit card portfolio, reflecting improvements in the Firm's macroeconomic scenarios, and in the residential real estate portfolio primarily due to the continued improvement in the HPI expectations and to a lesser extent portfolio run-off, and

•a $716 million net reduction in wholesale, across the LOBs reflecting improvements in the Firm's macroeconomic scenarios

While the economy is showing signs of improvement, the COVID-19 pandemic has stressed many MEVs used in the Firm's allowance estimate at a speed and to degrees not experienced in recent history, which has created additional challenges in the use of modeled credit loss estimates and increased the reliance on management judgment. These challenges in the use of modeled credit loss estimates remain, albeit to a lesser extent than experienced during 2020. In periods where certain MEVs are outside the range of historical experience on which the Firm’s models have been trained, the Firm makes adjustments to appropriately address these economic circumstances.

Further, despite the improvement in the economy, uncertainties remain, including the health of underlying labor markets, vaccine efficacy against new virus strains, and the potential for changes in consumer behavior that could have longer term impacts on certain sectors. As a result of these uncertainties, the Firm continued to place significant weighting on its adverse scenarios, which incorporate more punitive macroeconomic factors than the central case assumptions outlined below, resulting in weighted average U.S. unemployment rates rising above eight percent in 2021 and remaining at approximately six percent into the second quarter of 2022 with U.S. GDP returning to pre-pandemic levels in 1Q22.

The Firm’s central case assumptions reflected U.S. unemployment rates and U.S. real GDP as follows:

	Assumptions at March 31, 2021
	2Q21		4Q21		2Q22
U.S. unemployment rate(a)	5.7	%	4.8	%	4.3	%
Cumulative change in U.S. real GDP from 12/31/2019	0.2	%	2.7	%	4.3	%
	Assumptions at December 31, 2020
	2Q21		4Q21		2Q22
U.S. unemployment rate(a)	6.8	%	5.7	%	5.1	%
Cumulative change in U.S. real GDP from 12/31/2019	(1.9)	%	0.6	%	2.0	%

(a)Reflects quarterly average of forecasted U.S. unemployment rate.

Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.

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Variable Interest Entities

3 Months Ended

Mar. 31, 2021

Variable Interest Entities [Abstract]

Variable Interest Entities

Variable interest entities

Refer to Note 1 of JPMorgan Chase’s 2020 Form 10-K for a further description of JPMorgan Chase’s accounting policies regarding consolidation of VIEs.

The following table summarizes the most significant types of Firm-sponsored VIEs by business segment.

Line of Business	Transaction Type	Activity	Form 10-Q page references
CCB	Credit card securitization trusts	Securitization of originated credit card receivables	137
	Mortgage securitization trusts	Servicing and securitization of both originated and purchased residential mortgages	137-139
CIB	Mortgage and other securitization trusts	Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans	137-139
	Multi-seller conduits	Assist clients in accessing the financial markets in a cost-efficient manner and structures transactions to meet investor needs	139
	Municipal bond vehicles	Financing of municipal bond investments	139

The Firm also invests in and provides financing and other services to VIEs sponsored by third parties. Refer to pages 140-141 of this Note for more information on the VIEs sponsored by third parties.

Significant Firm-sponsored VIEs

Credit card securitizations

As a result of the Firm’s continuing involvement, the Firm is considered to be the primary beneficiary of its Firm-sponsored credit card securitization trust, the Chase Issuance Trust. Refer to the table on page 140 of this Note for further information on consolidated VIE assets and liabilities.

Firm-sponsored mortgage and other securitization trusts

The Firm securitizes (or has securitized) originated and purchased residential mortgages, commercial mortgages and other consumer loans primarily in its CCB and CIB businesses. Depending on the particular transaction, as well as the respective business involved, the Firm may act as the servicer of the loans and/or retain certain beneficial interests in the securitization trusts.

Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for a detailed discussion of JPMorgan Chase's involvement with credit card securitizations and Firm-sponsored mortgage and other securitization trusts, as well as the accounting treatment relating to such trusts.

The following table presents the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules), recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. The

Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests. Refer to Securitization activity on page 141 of this Note for further information regarding the Firm’s cash flows associated with and interests retained in nonconsolidated VIEs, and pages 141-142 of this Note for information on the Firm’s loan sales and securitization activity related to U.S. GSEs and government agencies.

	Principal amount outstanding						JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
March 31, 2021 (in millions)	Total assets held by securitization VIEs		Assets held in consolidated securitization VIEs		Assets held in nonconsolidated securitization VIEs with continuing involvement		Trading assets		Investment securities		Other financial assets		Total interests held by JPMorgan Chase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs	$	49,200	$	1,502	$	39,678	$	484	$	581	$	—	$	1,065
Subprime	12,427		146		11,602		6		—		—		6
Commercial and other(b)	121,213		—		86,649		741		1,780		278		2,799
Total	$	182,840	$	1,648	$	137,929	$	1,231	$	2,361	$	278	$	3,870

	Principal amount outstanding						JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
December 31, 2020 (in millions)	Total assets held by securitization VIEs		Assets held in consolidated securitization VIEs		Assets held in nonconsolidated securitization VIEs with continuing involvement		Trading assets		Investment securities		Other financial assets		Total interests held by JPMorgan Chase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs	$	49,644	$	1,693	$	41,265	$	574	$	724	$	—	$	1,298
Subprime	12,896		46		12,154		9		—		—		9
Commercial and other(b)	119,732		—		92,351		955		1,549		262		2,766
Total	$	182,272	$	1,739	$	145,770	$	1,538	$	2,273	$	262	$	4,073

(a)Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored. Refer to pages 141-142 of this Note for information on the Firm’s loan sales and securitization activity related to U.S. GSEs and government agencies.

(b)Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables purchased from third parties.

(c)Excludes the following: retained servicing; securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities; senior and subordinated securities of $74 million and $39 million, respectively, at March 31, 2021, and $105 million and $40 million, respectively, at December 31, 2020, which the Firm purchased in connection with CIB’s secondary market-making activities.

(d)Includes interests held in re-securitization transactions.

(e)As of March 31, 2021, and December 31, 2020, 74% and 73%, respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $1.0 billion and $1.3 billion of investment-grade retained interests, and $33 million and $41 million of noninvestment-grade retained interests at March 31, 2021, and December 31, 2020, respectively. The retained interests in commercial and other securitization trusts consisted of $2.0 billion of investment-grade retained interests, and $753 million of noninvestment-grade retained interests at both March 31, 2021 and December 31, 2020.

Residential mortgage

The Firm securitizes residential mortgage loans originated by CCB, as well as residential mortgage loans purchased from third parties by either CCB or CIB. Refer to the table on page 140 of this Note for more information on the consolidated residential mortgage securitizations, and the table on the previous page of this Note for further information on interests held in nonconsolidated residential mortgage securitizations.

Commercial mortgages and other consumer securitizations

CIB originates and securitizes commercial mortgage loans, and engages in underwriting and trading activities involving the securities issued by securitization trusts. Refer to the table on page 140 of this Note for more information on the consolidated commercial mortgage securitizations, and the table on the previous page of this Note for further information on interests held in nonconsolidated securitizations.

Re-securitizations

The following table presents the principal amount of securities transferred to re-securitization VIEs.

	Three months ended March 31,
(in millions)	2021		2020
Transfers of securities to VIEs
U.S. GSEs and government agencies	$	13,105	$	2,717

The Firm did not transfer any private label securities to re-securitization VIEs during the three months ended March 31, 2021 and 2020, respectively, and retained interests in any such Firm-sponsored VIEs as of March 31, 2021 and December 31, 2020 were immaterial.

The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs.

	Nonconsolidated re-securitization VIEs
(in millions)	March 31, 2021		December 31, 2020
U.S. GSEs and government agencies
Interest in VIEs	$	2,530	$	2,631

As of March 31, 2021, and December 31, 2020, the Firm did not consolidate any U.S. GSE and government agency re-securitization VIEs or any Firm-sponsored private-label re-securitization VIEs.

Multi-seller conduits

In the normal course of business, JPMorgan Chase makes markets in and invests in commercial paper issued by the Firm-administered multi-seller conduits. The Firm held $10.9 billion and $13.5 billion of the commercial paper issued by the Firm-administered multi-seller conduits at March 31, 2021, and December 31, 2020, respectively, which have been eliminated in consolidation. The Firm’s investments reflect the Firm’s funding needs and capacity and were not driven by market illiquidity. Other than the amounts required to be held pursuant to credit risk retention rules, the Firm is not obligated under any agreement to purchase the commercial paper issued by the Firm-administered multi-seller conduits.

Deal-specific liquidity facilities, program-wide liquidity and credit enhancement provided by the Firm have been eliminated in consolidation. The Firm or the Firm-administered multi-seller conduits provide lending-related commitments to certain clients of the Firm-administered multi-seller conduits. The unfunded commitments were $14.2 billion and $12.2 billion at March 31, 2021, and December 31, 2020, respectively, and are reported as off-balance sheet lending-related commitments in other unfunded commitments to extend credit. Refer to Note 22 for more information on off-balance sheet lending-related commitments.

Municipal bond vehicles

Municipal bond vehicles or tender option bond (“TOB”) trusts allow institutions to finance their municipal bond investments at short-term rates. TOB transactions are known as customer TOB trusts and non-customer TOB trusts. Customer TOB trusts are sponsored by a third party, refer to page 141 of this Note for further information.

The Firm serves as sponsor for all non-customer TOB transactions.

Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for a more detailed description of JPMorgan Chase’s participation in certain re-securitization transactions, principal involvement with Firm-administered multi-seller conduits, and Municipal bond vehicles.

Consolidated VIE assets and liabilities

The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of March 31, 2021, and December 31, 2020.

	Assets									Liabilities
March 31, 2021 (in millions)	Trading assets		Loans			Other(c)		Total assets(d)		Beneficial interests in VIE assets(e)		Other(f)		Total liabilities
VIE program type
Firm-sponsored credit card trusts	$	—	$	10,716		$	133	$	10,849	$	4,319	$	2	$	4,321
Firm-administered multi-seller conduits	3		19,642			187		19,832		9,030		34		9,064
Municipal bond vehicles	1,989		—			4		1,993		1,958		—		1,958
Mortgage securitization entities(a)	—		1,520			102		1,622		305		102		407
Other	2		1,631		(b)	275		1,908		59		101		160
Total	$	1,994	$	33,509		$	701	$	36,204	$	15,671	$	239	$	15,910
	Assets									Liabilities
December 31, 2020 (in millions)	Trading assets		Loans			Other(c)		Total assets(d)		Beneficial interests in VIE assets(e)		Other(f)		Total liabilities
VIE program type
Firm-sponsored credit card trusts	$	—	$	11,962		$	148	$	12,110	$	4,943	$	3	$	4,946
Firm-administered multi-seller conduits	2		23,787			188		23,977		10,523		33		10,556
Municipal bond vehicles	1,930		—			2		1,932		1,902		—		1,902
Mortgage securitization entities(a)	—		1,694			94		1,788		210		108		318
Other	2		176			249		427		—		89		89
Total	$	1,934	$	37,619		$	681	$	40,234	$	17,578	$	233	$	17,811

(a)Includes residential and commercial mortgage securitizations.

(b)Includes $1.2 billion of purchased auto loan securitizations in CIB.

(c)Includes assets classified as cash and other assets on the Consolidated balance sheets.

(d)The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation.

(e)The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item on the Consolidated balance sheets titled, “Beneficial interests issued by consolidated variable interest entities.” The holders of these beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. Included in beneficial interests in VIE assets are long-term beneficial interests of $4.7 billion and $5.2 billion at March 31, 2021, and December 31, 2020, respectively.

(f)Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets.

VIEs sponsored by third parties

The Firm enters into transactions with VIEs structured by other parties. These include, for example, acting as a derivative counterparty, liquidity provider, investor, underwriter, placement agent, remarketing agent, trustee or custodian. These transactions are conducted at arm’s-length, and individual credit decisions are based on the analysis of the specific VIE, taking into consideration the quality of the underlying assets. Where the Firm does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or a variable interest that could potentially be significant, the Firm generally does not consolidate the VIE, but it records and reports these positions on its Consolidated balance sheets in the same manner it would record and report positions in respect of any other third-party transaction.

Tax credit vehicles

The Firm holds investments in unconsolidated tax credit vehicles, which are limited partnerships and similar entities that own and operate affordable housing, energy, and other projects. These entities are primarily considered VIEs. A third party is typically the general partner or managing

member and has control over the significant activities of the tax credit vehicles, and accordingly the Firm does not consolidate tax credit vehicles. The Firm generally invests in these partnerships as a limited partner and earns a return primarily through the receipt of tax credits allocated to the projects. The maximum loss exposure, represented by equity investments and funding commitments, was $23.1 billion and $23.6 billion, of which $8.5 billion and $8.7 billion was unfunded at March 31, 2021 and December 31, 2020, respectively. The prior-period maximum loss exposure amount has been revised to conform with the current presentation. The Firm assesses each project and to reduce the risk of loss, may withhold varying amounts of its capital investment until the project qualifies for tax credits. Refer to Note 25 of JPMorgan Chase’s 2020 Form 10-K for further information on affordable housing tax credits and Note 22 of this Form 10-Q for more information on off-balance sheet lending-related commitments.

Customer municipal bond vehicles (TOB trusts)

The Firm may provide various services to customer TOB trusts, including remarketing agent, liquidity or tender option provider. In certain customer TOB transactions, the Firm, as liquidity provider, has entered into a reimbursement agreement with the Residual holder.

In those transactions, upon the termination of the vehicle, the Firm has recourse to the third-party Residual holders for any shortfall. The Firm does not have any intent to protect Residual holders from potential losses on any of the underlying municipal bonds. The Firm does not consolidate customer TOB trusts, since the Firm does not have the power to make decisions that significantly impact the economic performance of the municipal bond vehicle.

The Firm’s maximum exposure as a liquidity provider to customer TOB trusts at March 31, 2021 and December 31, 2020 was $6.5 billion and $6.7 billion, respectively. The fair value of assets held by such VIEs at March 31, 2021 and December 31, 2020, was $10.2 billion and $10.5 billion, respectively.

Loan securitizations

The Firm has securitized and sold a variety of loans, including residential mortgage, credit card, and commercial mortgage. Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for a further description of the Firm’s accounting policies regarding securitizations.

Securitization activity

The following table provides information related to the Firm’s securitization activities for the three months ended March 31, 2021 and 2020, related to assets held in Firm-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization.

	Three months ended March 31,
	2021				2020
(in millions)	Residential mortgage(d)		Commercial and other(e)		Residential mortgage(d)		Commercial and other(e)
Principal securitized	$	4,077	$	1,912	$	3,064	$	3,188
All cash flows during the period:(a)
Proceeds received from loan sales as financial instruments(b)(c)	$	4,234	$	1,970	$	3,136	$	3,273
Servicing fees collected	41		—		62		—
Cash flows received on interests	183		52		117		29

(a)Excludes re-securitization transactions.

(b)Predominantly includes Level 2 assets.

(c)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.

(d)Represents prime mortgages. Excludes loan securitization activity related to U.S. GSEs and government agencies.

(e)Includes commercial mortgage and other consumer loans.

Loans and excess MSRs sold to U.S. government-sponsored

enterprises and loans in securitization transactions pursuant to

Ginnie Mae guidelines

In addition to the amounts reported in the securitization activity tables above, the Firm, in the normal course of business, sells originated and purchased mortgage loans and certain originated excess MSRs on a nonrecourse basis, predominantly to U.S. GSEs. These loans and excess MSRs are sold primarily for the purpose of securitization by the U.S. GSEs, who provide certain guarantee provisions (e.g., credit enhancement of the loans). The Firm also sells loans into securitization transactions pursuant to Ginnie Mae guidelines; these loans are typically insured or guaranteed by another U.S. government agency. The Firm does not consolidate the securitization vehicles underlying these transactions as it is not the primary beneficiary. For a limited number of loan sales, the Firm is obligated to share

a portion of the credit risk associated with the sold loans with the purchaser. Refer to Note 22 of this Form 10-Q for additional information about the Firm’s loan sales- and securitization-related indemnifications and Note 14 for additional information about the impact of the Firm’s sale of certain excess MSRs.

The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines.

	Three months ended March 31,
(in millions)	2021		2020
Carrying value of loans sold	$	23,147	$	24,935
Proceeds received from loan sales as cash	16		9
Proceeds from loan sales as securities(a)(b)	22,749		24,663
Total proceeds received from loan sales(c)	$	22,765	$	24,672
Gains/(losses) on loan sales(d)(e)	$	4	$	4

(a)Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s investment securities portfolio.

(b)Included in level 2 assets.

(c)Excludes the value of MSRs retained upon the sale of loans.

(d)Gains/(losses) on loan sales include the value of MSRs.

(e)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.

Options to repurchase delinquent loans

In addition to the Firm’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed in Note 22, the Firm also has the option to repurchase delinquent loans that it services for Ginnie Mae loan pools, as well as for other U.S. government agencies under certain arrangements. The Firm typically elects to repurchase delinquent loans from Ginnie Mae loan

pools as it continues to service them and/or manage the foreclosure process in accordance with the applicable requirements, and such loans continue to be insured or guaranteed. When the Firm’s repurchase option becomes exercisable, such loans must be reported on the Consolidated balance sheets as a loan with a corresponding liability. Refer to Note 11 for additional information.

The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of March 31, 2021 and December 31, 2020. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies.

(in millions)	Mar 31, 2021		Dec 31, 2020
Loans repurchased or option to repurchase(a)	$	1,332	$	1,413
Real estate owned	8		9
Foreclosed government-guaranteed residential mortgage loans(b)	55		64

(a)Predominantly all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools.

(b)Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable.

Loan delinquencies and liquidation losses

The table below includes information about components of and delinquencies related to nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement as of March 31, 2021, and December 31, 2020.

									Net liquidation losses
	Securitized assets				90 days past due				Three months ended March 31,
(in millions)	Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020		2021		2020
Securitized loans
Residential mortgage:
Prime / Alt-A & option ARMs	$	39,678	$	41,265	$	4,414	$	4,988	$	12	$	99
Subprime	11,602		12,154		2,231		2,406		18		86
Commercial and other	86,649		92,351		4,753		5,958		21		10
Total loans securitized	$	137,929	$	145,770	$	11,398	$	13,352	$	51	$	195

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Goodwill and Mortgage Servicing Rights

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Mortgage Servicing Rights

Goodwill and Mortgage servicing rights

Refer to Note 15 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the accounting policies related to goodwill and mortgage servicing rights.

Goodwill

The following table presents goodwill attributed to the business segments.

(in millions)	March 31, 2021		December 31, 2020
Consumer & Community Banking	$	31,326	$	31,311
Corporate & Investment Bank	7,912		7,913
Commercial Banking	2,985		2,985
Asset & Wealth Management	7,020		7,039
Total goodwill	$	49,243	$	49,248

The following table presents changes in the carrying amount of goodwill.

	Three months ended March 31,
(in millions)	2021			2020
Balance at beginning of period	$	49,248		$	47,823
Changes during the period from:
Other	(5)		(a)	(23)		(b)
Balance at March 31,	$	49,243		$	47,800

(a)Includes adjustments to goodwill related to the prior period acquisitions of cxLoyalty in CCB and 55ip in AWM during the fourth quarter of 2020. Refer to Note 15 of JPMorgan Chase’s 2020 Form 10-K for additional information on these acquisitions.

(b)Primarily foreign currency adjustments.

Goodwill impairment testing

Goodwill is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate that there may be an impairment. Refer to Note 15 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of the Firm’s goodwill impairment testing, including the primary method used to estimate the fair value of the reporting units and the assumptions used in the goodwill impairment test.  

Unanticipated declines in business performance, increases in credit losses, increases in capital requirements, as well as deterioration in economic or market conditions, adverse regulatory or legislative changes or increases in the estimated market cost of equity, could cause the estimated fair values of the Firm’s reporting units to decline in the future, which could result in a material impairment charge to earnings in a future period related to some portion of the associated goodwill.

As of March 31, 2021, the Firm reviewed current economic conditions, including the potential impacts of the COVID-19 pandemic on business performance, estimated market cost of equity, as well as actual business results and projections of business performance for all its reporting units. The Firm has concluded that the goodwill allocated to its reporting units was not impaired as of March 31, 2021, or December 31, 2020, nor was goodwill written off due to impairment during the three months ended March 31, 2021 or 2020.

Mortgage servicing rights

MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. Refer to Notes 2 and 15 of JPMorgan Chase’s 2020 Form 10-K for a further description of the MSR asset, interest rate risk management, and the valuation of MSRs.

The following table summarizes MSR activity for the three months ended March 31, 2021 and 2020.

	As of or for the three months ended March 31,
(in millions, except where otherwise noted)	2021		2020
Fair value at beginning of period	$	3,276	$	4,699
MSR activity:
Originations of MSRs	404		271
Purchase of MSRs	179		2
Disposition of MSRs(a)	1		(75)
Net additions/(dispositions)	584		198
Changes due to collection/realization of expected cash flows	(187)		(248)
Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other(b)	836		(1,370)
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service)	(24)		(1)
Discount rates	—		—
Prepayment model changes and other(c)	(15)		(11)
Total changes in valuation due to other inputs and assumptions	(39)		(12)
Total changes in valuation due to inputs and assumptions	797		(1,382)
Fair value at March 31,	$	4,470	$	3,267
Changes in unrealized gains/(losses) included in income related to MSRs held at March 31,	$	797	$	(1,382)
Contractual service fees, late fees and other ancillary fees included in income	291		364
Third-party mortgage loans serviced at March 31, (in billions)	444		506
Servicer advances, net of an allowance for uncollectible amounts, at March 31, (in billions)(d)	1.8		1.7

(a)Includes excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage backed securities (“SMBS”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired the remaining balance of those SMBS as trading securities.

(b)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.

(c)Represents changes in prepayments other than those attributable to changes in market interest rates.

(d)Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements.

The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three months ended March 31, 2021 and 2020.

	Three months ended March 31,
(in millions)	2021		2020
CCB mortgage fees and related income
Production revenue	$	757	$	319
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue	248		339
Changes in MSR asset fair value due to collection/realization of expected cash flows	(187)		(248)
Total operating revenue	61		91
Risk management:
Changes in MSR asset fair value due to market interest rates and other(a)	836		(1,370)
Other changes in MSR asset fair value due to other inputs and assumptions in model(b)	(39)		(12)
Changes in derivative fair value and other	(912)		1,292
Total risk management	(115)		(90)
Total net mortgage servicing revenue	(54)		1
Total CCB mortgage fees and related income	703		320
All other	1		—
Mortgage fees and related income	$	704	$	320

(a)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.

(b)Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).

The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at March 31, 2021, and December 31, 2020, and outlines hypothetical sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.

(in millions, except rates)	Mar 31, 2021			Dec 31, 2020
Weighted-average prepayment speed assumption (constant prepayment rate)	10.28		%	14.90		%
Impact on fair value of 10% adverse change	$	(195)		$	(206)
Impact on fair value of 20% adverse change	(375)			(392)
Weighted-average option adjusted spread(a)	6.65		%	7.19		%
Impact on fair value of a 100 basis point adverse change	$	(197)		$	(134)
Impact on fair value of a 200 basis point adverse change	(379)			(258)

(a)Includes the impact of operational risk and regulatory capital.

Changes in fair value based on variations in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In this table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change.

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Deposits

3 Months Ended

Mar. 31, 2021

Deposits [Abstract]

Deposits

Deposits

Refer to Note 17 of JPMorgan Chase’s 2020 Form 10-K for further information on deposits.

At March 31, 2021, and December 31, 2020, noninterest-bearing and interest-bearing deposits were as follows.

(in millions)	March 31, 2021		December 31, 2020
U.S. offices
Noninterest-bearing (included $9,436 and $9,873 at fair value)(a)	$	629,139	$	572,711
Interest-bearing (included $2,579 and $2,567 at fair value)(a)	1,266,856		1,197,032
Total deposits in U.S. offices	1,895,995		1,769,743
Non-U.S. offices
Noninterest-bearing (included $1,761 and $1,486 at fair value)(a)	22,661		23,435
Interest-bearing (included $331 and $558 at fair value)(a)	359,456		351,079
Total deposits in non-U.S. offices	382,117		374,514
Total deposits	$	2,278,112	$	2,144,257

(a)Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further information.

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Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

Leases

Refer to Note 18 of JPMorgan Chase’s 2020 Form 10-K for a further discussion on leases.

Firm as lessee

At March 31, 2021, JPMorgan Chase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes.

Operating lease liabilities and right-of-use ("ROU") assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.

The following table provides information related to the Firm’s operating leases:

(in millions)	March 31, 2021		December 31, 2020
Right-of-use assets	$	7,938	$	8,006
Lease liabilities	8,421		8,508

The Firm’s net rental expense was $490 million and $475 million for the three months ended March 31, 2021 and 2020, respectively.

Firm as lessor

The Firm’s lease financings are generally operating leases and are included in other assets on the Firm’s Consolidated balance sheets.

The following table presents the Firm’s operating lease income, included within other income, and the related depreciation expense, included within technology, communications and equipment expense, on the Consolidated statements of income:

	Three months ended March 31,
(in millions)	2021		2020
Operating lease income	$	1,325	$	1,413
Depreciation expense	934		1,140

Leases

Leases

Refer to Note 18 of JPMorgan Chase’s 2020 Form 10-K for a further discussion on leases.

Firm as lessee

At March 31, 2021, JPMorgan Chase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes.

Operating lease liabilities and right-of-use ("ROU") assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.

The following table provides information related to the Firm’s operating leases:

(in millions)	March 31, 2021		December 31, 2020
Right-of-use assets	$	7,938	$	8,006
Lease liabilities	8,421		8,508

The Firm’s net rental expense was $490 million and $475 million for the three months ended March 31, 2021 and 2020, respectively.

Firm as lessor

The Firm’s lease financings are generally operating leases and are included in other assets on the Firm’s Consolidated balance sheets.

The following table presents the Firm’s operating lease income, included within other income, and the related depreciation expense, included within technology, communications and equipment expense, on the Consolidated statements of income:

	Three months ended March 31,
(in millions)	2021		2020
Operating lease income	$	1,325	$	1,413
Depreciation expense	934		1,140

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Preferred Stock

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

Preferred Stock

Preferred stock

Refer to Note 21 of JPMorgan Chase’s 2020 Form 10-K for a further discussion on preferred stock.

The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of March 31, 2021 and December 31, 2020, and the quarterly dividend declarations for the three months ended March 31, 2021 and 2020.

	Shares		Carrying value  (in millions)					Contractual rate in effect at March 31, 2021		Earliest redemption date	Floating annualized rate of three-month LIBOR/ Term SOFR plus:	Dividend declared per share
	March 31, 2021	December 31, 2020	March 31, 2021		December 31, 2020		Issue date					Three months ended March 31,
												2021	2020
Fixed-rate:
Series Y	—	—	$	—	$	—	2/12/2015	—	%	3/1/2020	NA	$—	$153.13
Series AA	142,500	142,500	1,425		1,425		6/4/2015	6.100		9/1/2020	NA	152.50	152.50
Series BB	115,000	115,000	1,150		1,150		7/29/2015	6.150		9/1/2020	NA	153.75	153.75
Series DD	169,625	169,625	1,696		1,696		9/21/2018	5.750		12/1/2023	NA	143.75	143.75
Series EE	185,000	185,000	1,850		1,850		1/24/2019	6.000		3/1/2024	NA	150.00	150.00
Series GG	90,000	90,000	900		900		11/7/2019	4.750		12/1/2024	NA	118.75	150.42	(a)
Series JJ	150,000	—	1,500		—		3/17/2021	4.550		6/1/2026	NA	NA	NA	(b)
Fixed-to-floating-rate:
Series I	293,375	293,375	$	2,934	$	2,934	4/23/2008	LIBOR + 3.47%		4/30/2018	LIBOR + 3.47%	$93.06	$132.44
Series Q	150,000	150,000	1,500		1,500		4/23/2013	5.150		5/1/2023	LIBOR + 3.25	128.75	128.75
Series R	150,000	150,000	1,500		1,500		7/29/2013	6.000		8/1/2023	LIBOR + 3.30	150.00	150.00
Series S	200,000	200,000	2,000		2,000		1/22/2014	6.750		2/1/2024	LIBOR + 3.78	168.75	168.75
Series U	100,000	100,000	1,000		1,000		3/10/2014	6.125		4/30/2024	LIBOR + 3.33	153.13	153.13
Series V	250,000	250,000	2,500		2,500		6/9/2014	LIBOR + 3.32%		7/1/2019	LIBOR + 3.32	85.97	130.73
Series X	160,000	160,000	1,600		1,600		9/23/2014	6.100		10/1/2024	LIBOR + 3.33	152.50	152.50
Series Z	200,000	200,000	2,000		2,000		4/21/2015	LIBOR + 3.80%		5/1/2020	LIBOR + 3.80	101.24	132.50	(c)
Series CC	125,750	125,750	1,258		1,258		10/20/2017	4.625		11/1/2022	LIBOR + 2.58	115.63	115.63
Series FF	225,000	225,000	2,250		2,250		7/31/2019	5.000		8/1/2024	SOFR + 3.38	125.00	125.00
Series HH	300,000	300,000	3,000		3,000		1/23/2020	4.600		2/1/2025	SOFR + 3.125	115.00	125.22	(d)
Series II	150,000	150,000	1,500		1,500		2/24/2020	4.000		4/1/2025	SOFR + 2.745	100.00	NA	(e)
Total preferred stock	3,156,250	3,006,250	$	31,563	$	30,063

(a)Dividends in the amount of $150.42 per share were declared on January 8, 2020 and include dividends from the original issue date of November 7, 2019 through February 29, 2020.

(b)No dividends were declared for Series JJ from the original issue date of March 17, 2021 through March 31, 2021.

(c)The dividend rate for Series Z preferred stock became floating and payable quarterly starting on May 1, 2020; prior to which the dividend rate was fixed at 5.3% or $265.00 per share payable semi annually.

(d)Dividends in the amount of $125.22 per share were declared on March 13, 2020 and include dividends from the original issue date of January 23, 2020 through April 30, 2020.

(e)No dividends were declared for Series II from the original issue date of February 24, 2020 through March 31, 2020.

Each series of preferred stock has a liquidation value and redemption price per share of $10,000, plus accrued but unpaid dividends. The aggregate liquidation value was $31.9 billion at March 31, 2021.

Redemptions

On April 30, 2021, the Firm announced that it will redeem on June 1, 2021 all $1.4 billion of its outstanding 6.10% non-cumulative preferred stock, Series AA and all $1.2 billion of its outstanding 6.15% non-cumulative preferred stock, Series BB.

On March 1, 2020, the Firm redeemed all $1.43 billion of its 6.125% non-cumulative preferred stock, Series Y.

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Earnings per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings per Share

Earnings per share

Refer to Note 23 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the computation of basic and diluted earnings per share (“EPS”). The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2021 and 2020.

(in millions, except per share amounts)	Three months ended March 31,
	2021		2020
Basic earnings per share
Net income	$	14,300	$	2,865
Less: Preferred stock dividends	379		421
Net income applicable to common equity	13,921		2,444
Less: Dividends and undistributed earnings allocated to participating securities	70		13
Net income applicable to common stockholders	$	13,851	$	2,431
Total weighted-average basic shares   outstanding	3,073.5		3,095.8
Net income per share	$	4.51	$	0.79
Diluted earnings per share
Net income applicable to common stockholders	$	13,851	$	2,431
Total weighted-average basic shares   outstanding	3,073.5		3,095.8
Add: Dilutive impact of SARs and employee stock options, unvested PSUs and nondividend-earning RSUs	5.4		4.9
Total weighted-average diluted shares outstanding	3,078.9		3,100.7
Net income per share	$	4.50	$	0.78

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Accumulated Other Comprehensive Income/(Loss)

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income/(Loss)

Accumulated other comprehensive income/(loss)

AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net loss and prior service costs/(credit) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA).

As of or for the three months ended March 31, 2021 (in millions)	Unrealized gains/(losses) on investment securities			Translation adjustments, net of hedges			Fair value hedges		Cash flow hedges			Defined benefit pension and OPEB plans			DVA on fair value option elected liabilities			Accumulated other comprehensive income/(loss)
Balance at January 1, 2021	$	8,180			$	(473)	$	(112)		$	2,383		$	(1,132)		$	(860)		$	7,986
Net change	(4,339)				(250)		(28)			(2,249)			68			(147)			(6,945)
Balance at March 31, 2021	$	3,841	(a)		$	(723)	$	(140)		$	134		$	(1,064)		$	(1,007)		$	1,041
As of or for the three months ended March 31, 2020 (in millions)	Unrealized gains/(losses) on investment securities			Translation adjustments, net of hedges			Fair value hedges		Cash flow hedges			Defined benefit pension and OPEB plans			DVA on fair value option elected liabilities			Accumulated other comprehensive income/(loss)
Balance at January 1, 2020	$	4,057			$	(707)	$	(131)		$	63		$	(1,344)		$	(369)		$	1,569
Net change	1,119				(330)		88			2,465			33			2,474			5,849
Balance at March 31, 2020	$	5,176	(a)		$	(1,037)	$	(43)		$	2,528		$	(1,311)		$	2,105		$	7,418

(a)As of March 31, 2021 and 2020, includes after-tax net unamortized unrealized gains of $2.9 billion and $737 million related to AFS securities that have been transferred to HTM, respectively. Refer to Note 10 of JPMorgan Chase's 2020 Form 10-K for further information.

The following table presents the pre-tax and after-tax changes in the components of OCI.

	2021						2020
Three months ended March 31, (in millions)	Pre-tax		Tax effect		After-tax		Pre-tax		Tax effect		After-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period	$	(5,693)	$	1,365	$	(4,328)	$	1,709	$	(413)	$	1,296
Reclassification adjustment for realized (gains)/losses included in net income(a)	(14)		3		(11)		(233)		56		(177)
Net change	(5,707)		1,368		(4,339)		1,476		(357)		1,119
Translation adjustments:
Translation	(1,200)		39		(1,161)		(1,592)		55		(1,537)
Hedges	1,200		(289)		911		1,589		(382)		1,207
Net change	—		(250)		(250)		(3)		(327)		(330)
Fair value hedges, net change(b):	(37)		9		(28)		115		(27)		88
Cash flow hedges:
Net unrealized gains/(losses) arising during the period	(2,695)		647		(2,048)		3,251		(780)		2,471
Reclassification adjustment for realized (gains)/losses included in net income(c)	(264)		63		(201)		(8)		2		(6)
Net change	(2,959)		710		(2,249)		3,243		(778)		2,465
Defined benefit pension and OPEB plans, net change:	91		(23)		68		45		(12)		33
DVA on fair value option elected liabilities, net change:	(189)		42		(147)		3,255		(781)		2,474
Total other comprehensive income/(loss)	$	(8,801)	$	1,856	$	(6,945)	$	8,131	$	(2,282)	$	5,849

(a)The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income.

(b)Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross currency swaps.

(c)The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income.

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Restricted Cash and Other Restricted Assets

3 Months Ended

Mar. 31, 2021

Cash and Cash Equivalents [Abstract]

Restricted Cash and Other Restricted Assets

Restricted cash and other restricted

assets

Refer to Note 26 of JPMorgan Chase’s 2020 Form 10-K for a detailed discussion of the Firm’s restricted cash and other restricted assets.

Certain of the Firm’s cash and other assets are restricted as to withdrawal or usage. These restrictions are imposed by various regulatory authorities based on the particular activities of the Firm’s subsidiaries.

The Firm is also subject to rules and regulations established by other U.S. and non U.S. regulators. As part of its compliance with the respective regulatory requirements, the Firm’s broker-dealer activities are subject to certain restrictions on cash and other assets.

The following table presents the components of the Firm’s restricted cash:

(in billions)	March 31, 2021		December 31, 2020
Segregated for the benefit of securities and cleared derivative customers	15.7		19.3
Cash reserves at non-U.S. central banks and held for other general purposes	5.4		5.1
Total restricted cash(a)	$	21.1	$	24.4

(a)Comprises $19.6 billion and $22.7 billion in deposits with banks, and $1.5 billion and $1.7 billion in cash and due from banks on the Consolidated balance sheet as of March 31, 2021 and December 31, 2020, respectively.

Also, as of March 31, 2021 and December 31, 2020, the Firm had the following other restricted assets:

•Cash and securities pledged with clearing organizations for the benefit of customers of $39.2 billion and $37.2 billion, respectively.

•Securities with a fair value of $8.6 billion and $1.3 billion, respectively, were also restricted in relation to customer activity.

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Regulatory Capital

3 Months Ended

Mar. 31, 2021

Banking Regulation [Abstract]

Regulatory Capital

Regulatory capital

Refer to Note 27 of JPMorgan Chase’s 2020 Form 10-K for a detailed discussion on regulatory capital.

The Federal Reserve establishes capital requirements, including well-capitalized requirements, for the consolidated financial holding company. The OCC establishes similar minimum capital requirements and standards for the Firm’s principal IDI subsidiary, JPMorgan Chase Bank, N.A.

Under the risk-based capital and leverage-based guidelines of the Federal Reserve, JPMorgan Chase is required to maintain minimum ratios for CET1 capital, Tier 1 capital, Total capital, Tier 1 leverage and the SLR. Failure to meet these minimum requirements could cause the Federal Reserve to take action. IDI subsidiaries are also subject to these capital requirements established by their respective primary regulators.

The following table presents the minimum and well-capitalized ratios to which the Firm and its IDI subsidiaries were subject as of March 31, 2021 and December 31, 2020.

	Standardized Minimum capital ratios				Advanced Minimum capital ratios				Well-capitalized ratios
	BHC(a)		IDI(c)		BHC(a)(b)		IDI(b)(c)		BHC(d)		IDI(e)
Capital ratios
CET1 capital	11.3	%	7.0	%	10.5	%	7.0	%	NA		6.5	%
Tier 1 capital	12.8		8.5		12.0		8.5		6.0	%	8.0
Total capital	14.8		10.5		14.0		10.5		10.0		10.0
Tier 1 leverage	4.0		4.0		4.0		4.0		NA		5.0
SLR	NA		NA		5.0		6.0		NA		6.0

Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and its IDI subsidiaries are subject.

(a)Represents the minimum capital ratios applicable to the Firm. The CET1, Tier 1 and Total capital minimum capital ratios each include a respective minimum requirement plus a GSIB surcharge of 3.5% as calculated under Method 2; plus a 3.3% SCB for Basel III Standardized ratios and a fixed 2.5% capital conservation buffer for Basel III Advanced ratios. The countercyclical buffer is currently set to 0% by the federal banking agencies.

(b)Represents minimum SLR requirement of 3.0%, as well as supplementary leverage buffer requirements of 2.0% and 3.0% for BHC and IDI subsidiaries, respectively.

(c)Represents requirements for JPMorgan Chase’s IDI subsidiaries. The CET1, Tier 1 and Total capital minimum capital ratios include a fixed capital conservation buffer requirement of 2.5% that is applicable to the IDI subsidiaries. The IDI subsidiaries are not subject to the GSIB surcharge.

(d)Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve.

(e)Represents requirements for IDI subsidiaries pursuant to regulations issued under the FDIC Improvement Act.

CECL regulatory capital transition delay

As part of their response to the impact of the COVID-19 pandemic, the federal banking agencies issued a final rule that provided the option beginning January 1, 2020 to delay the effects of CECL on regulatory capital for two years, followed by a three-year transition period beginning January 1, 2022.

The Firm has elected to apply the CECL capital transition provisions, and accordingly, for the period ended March 31, 2021, the capital metrics of the Firm exclude $4.5 billion,

which is the $2.7 billion day 1 impact to retained earnings and 25% of the $7.0 billion increase in the allowance for credit losses from January 1, 2020 (excluding allowances on PCD loans).

The impacts of the CECL capital transition provisions have also been incorporated into Tier 2 capital, adjusted average assets, and total leverage exposure. Refer to Note 27 of JPMorgan Chase’s 2020 Form 10-K for further information on CECL capital transition provisions.

The following tables present the risk-based and leverage-based capital metrics for JPMorgan Chase and JPMorgan Chase Bank, N.A. under both the Basel III Standardized and Basel III Advanced Approaches. As of March 31, 2021 and December 31, 2020, JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject.

March 31, 2021 (in millions, except ratios)	Basel III Standardized						Basel III Advanced
	JPMorgan Chase & Co.(c)			JPMorgan Chase Bank, N.A.(c)			JPMorgan Chase & Co.(c)			JPMorgan Chase Bank, N.A.(c)
Risk-based capital metrics:
CET1 capital	$	206,078		$	242,464		$	206,078		$	242,464
Tier 1 capital	237,333			242,466			237,333			242,466
Total capital	271,407			260,288			258,635			247,867
Risk-weighted assets	1,577,007			1,503,158			1,503,828			1,361,577
CET1 capital ratio	13.1		%	16.1		%	13.7		%	17.8		%
Tier 1 capital ratio	15.0			16.1			15.8			17.8
Total capital ratio	17.2			17.3			17.2			18.2
Leverage-based capital metrics:
Adjusted average assets(a)	$	3,565,545		$	3,120,770		$	3,565,545		$	3,120,770
Tier 1 leverage ratio	6.7		%	7.8		%	6.7		%	7.8		%
Total leverage exposure(b)	NA			NA			$	3,522,629		$	3,867,720
SLR(b)	NA			NA			6.7		%	6.3		%

December 31, 2020 (in millions, except ratios)	Basel III Standardized						Basel III Advanced
	JPMorgan Chase & Co.(c)			JPMorgan Chase Bank, N.A.(c)			JPMorgan Chase & Co.(c)			JPMorgan Chase Bank, N.A.(c)
Risk-based capital metrics:
CET1 capital	$	205,078		$	234,235		$	205,078		$	234,235
Tier 1 capital	234,844			234,237			234,844			234,237
Total capital	269,923			252,045			257,228			239,673
Risk-weighted assets	1,560,609			1,492,138			1,484,431			1,343,185
CET1 capital ratio	13.1		%	15.7		%	13.8		%	17.4		%
Tier 1 capital ratio	15.0			15.7			15.8			17.4
Total capital ratio	17.3			16.9			17.3			17.8
Leverage-based capital metrics:
Adjusted average assets(a)	$	3,353,319		$	2,970,285		$	3,353,319		$	2,970,285
Tier 1 leverage ratio	7.0		%	7.9		%	7.0		%	7.9		%
Total leverage exposure(b)	NA			NA			$	3,401,542		$	3,688,797
SLR(b)	NA			NA			6.9		%	6.3		%

(a)Adjusted average assets, for purposes of calculating the leverage ratio, 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.

(b)JPMorgan Chase’s total leverage exposure for purposes of calculating the SLR, excludes on-balance sheet amounts of U.S. Treasury securities and deposits at Federal Reserve Banks, as provided by the interim final rule issued by the Federal Reserve which became effective April 1, 2020 and remained in effect through March 31, 2021. On June 1, 2020, the Federal Reserve, OCC and FDIC issued an interim final rule which became effective April 1, 2020 and remained in effect through March 31, 2021 that provides IDI subsidiaries with an option to apply this temporary exclusion subject to certain restrictions. As of March 31, 2021 and December 31, 2020, JPMorgan Chase Bank, N.A. did not elect to apply this exclusion.

(c)The capital metrics reflect the CECL capital transition provisions. Additionally, loans originated under the PPP receive a zero percent risk weight.

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Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments

3 Months Ended

Mar. 31, 2021

Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract]

Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments

Off–balance sheet lending-related

financial instruments, guarantees, and other

commitments

JPMorgan Chase provides lending-related financial instruments (e.g., commitments and guarantees) to address the financing needs of its customers and clients. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the customer or client draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the customer or client subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. Refer to Note 28 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies.

To provide for expected credit losses in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 12 for further information regarding the allowance for credit losses on lending-related commitments.

The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at March 31, 2021, and December 31, 2020. The amounts in the table below for credit card, home equity and certain scored business banking lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card and certain scored business banking lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close HELOCs when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower.

Off–balance sheet lending-related financial instruments, guarantees and other commitments
	Contractual amount													Carrying value(i)
	March 31, 2021										Dec 31, 2020			Mar 31, 2021		Dec 31, 2020
By remaining maturity (in millions)	Expires in 1 year or less		Expires after 1 year through 3 years		Expires after 3 years through 5 years		Expires after 5 years		Total		Total
Lending-related
Consumer, excluding credit card:
Residential real estate(a)	$	25,751	$	1,741	$	4,347	$	12,813	$	44,652	$	46,047		$	203	$	148
Auto and other	10,779		—		2		812		11,593		11,272			—		—
Total consumer, excluding credit card	36,530		1,741		4,349		13,625		56,245		57,319			203		148
Credit card(b)	674,367		—		—		—		674,367		658,506			—		—
Total consumer(b)(c)	710,897		1,741		4,349		13,625		730,612		715,825			203		148
Wholesale:
Other unfunded commitments to extend credit(d)	111,754		179,670		130,536		20,902		442,862		415,828			2,290		2,148
Standby letters of credit and other financial guarantees(d)	17,294		7,658		8,497		1,324		34,773		30,982			692		443
Other letters of credit(d)	3,225		156		227		1		3,609		3,053			29		14
Total wholesale(c)	132,273		187,484		139,260		22,227		481,244		449,863			3,011		2,605
Total lending-related	$	843,170	$	189,225	$	143,609	$	35,852	$	1,211,856	$	1,165,688		$	3,214	$	2,753
Other guarantees and commitments
Securities lending indemnification agreements and guarantees(e)	$	297,754	$	—	$	—	$	—	$	297,754	$	250,418		$	—	$	—
Derivatives qualifying as guarantees	2,142		195		12,043		39,200		53,580		54,415			318		322
Unsettled resale and securities borrowed agreements	151,549		2,618		—		—		154,167		96,848			3		2
Unsettled repurchase and securities loaned agreements	107,597		836		—		—		108,433		104,901			(1)		(1)
Loan sale and securitization-related indemnifications:
Mortgage repurchase liability	NA		—		NA		NA		NA		NA			72		84
Loans sold with recourse	NA		—		NA		NA		823		889			23		23
Exchange & clearing house guarantees and commitments(f)	84,852		—		—		—		84,852		142,003			—		—
Other guarantees and commitments(g)	8,545		627		363		2,417		11,952		9,639		(h)	59		52

(a)Includes certain commitments to purchase loans from correspondents.

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

(c)Predominantly all consumer and wholesale lending-related commitments are in the U.S.

(d)At March 31, 2021, and December 31, 2020, reflected the contractual amount net of risk participations totaling $61 million and $72 million, respectively, for other unfunded commitments to extend credit; $8.1 billion and $8.5 billion, respectively, for standby letters of credit and other financial guarantees; and $597 million and $357 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.

(e)At March 31, 2021, and December 31, 2020, collateral held by the Firm in support of securities lending indemnification agreements was $314.3 billion and $264.3 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies.

(f)At March 31, 2021, and December 31, 2020, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses.

(g)At March 31, 2021, and December 31, 2020, primarily includes unfunded commitments to purchase secondary market loans, unfunded commitments related to certain tax-oriented equity investments, and letters of credit hedged by derivative transactions and managed on a market risk basis.

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

(i)For lending-related products, the carrying value represents the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value.

Other unfunded commitments to extend credit

Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in several forms, including the issuance of a standby letter of credit.

Standby letters of credit and other financial guarantees

Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade financings and similar transactions.

The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of March 31, 2021, and December 31, 2020.

Standby letters of credit, other financial guarantees and other letters of credit

	March 31, 2021				December 31, 2020
(in millions)	Standby letters of credit and other financial guarantees		Other letters of credit		Standby letters of credit and other financial guarantees		Other letters of credit
Investment-grade(a)	$	26,608	$	2,747	$	22,850	$	2,263
Noninvestment-grade(a)	8,165		862		8,132		790
Total contractual amount	$	34,773	$	3,609	$	30,982	$	3,053
Allowance for lending-related commitments	$	82	$	29	$	80	$	14
Guarantee liability	610		—		363		—
Total carrying value	$	692	$	29	$	443	$	14
Commitments with collateral	$	21,434	$	879	$	17,238	$	498

(a)The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings.

Derivatives qualifying as guarantees

The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. Refer to Note 28 of JPMorgan Chase’s 2020 Form 10-K for further information on these derivatives.

The following table summarizes the derivatives qualifying as guarantees as of March 31, 2021, and December 31, 2020.

(in millions)	March 31, 2021		December 31, 2020
Notional amounts
Derivative guarantees	$	53,580	$	54,415
Stable value contracts with contractually limited exposure	27,782		27,752
Maximum exposure of stable value contracts with contractually limited exposure	2,805		2,803
Fair value
Derivative payables	318		322

In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. Refer to Note 4 for a further discussion of credit derivatives.

Merchant charge-backs

Under the rules of payment networks, the Firm, in its role as a merchant acquirer, retains a contingent liability for disputed processed credit and debit card transactions that result in a charge-back to the merchant. If a dispute is resolved in the cardholder’s favor, Merchant Services will (through the cardholder’s issuing bank) credit or refund the amount to the cardholder and will charge back the transaction to the merchant. If Merchant Services is unable to collect the amount from the merchant, Merchant Services will bear the loss for the amount credited or refunded to the cardholder. Merchant Services mitigates this risk by withholding future settlements, retaining cash reserve accounts or obtaining other collateral. In addition, Merchant Services recognizes a valuation allowance that covers the payment or performance risk to the Firm related to charge-backs.

Loan sales- and securitization-related indemnifications

In connection with the Firm’s mortgage loan sale and securitization activities with GSEs the Firm has made representations and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm.

The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. Refer to Note 24 of this Form 10-Q and Note 30 of JPMorgan Chase’s 2020 Form 10-K for additional information regarding litigation.

Sponsored member repo program

The Firm acts as a sponsoring member to clear eligible overnight resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation (“FICC”) on behalf of clients that become sponsored members under the FICC’s rules. The Firm also guarantees to the FICC the prompt and full payment and performance of its sponsored member clients’ respective obligations under the FICC’s rules. The Firm minimizes its liability under these overnight guarantees by obtaining a security interest in the cash or high-quality securities collateral that the clients place with the clearing house therefore the Firm expects the risk of loss to be remote. The Firm’s maximum possible exposure, without taking into consideration the associated collateral, is included in the Exchange & clearing house guarantees and commitments line on page 153. Refer to Note 11 of JPMorgan Chase’s 2020 Form 10-K for additional information on credit risk mitigation practices on resale agreements and the types of collateral pledged under repurchase agreements.

Guarantees of subsidiaries

The Parent Company has guaranteed certain long-term debt and structured notes of its subsidiaries, including JPMorgan Chase Financial Company LLC (“JPMFC”), a 100%-owned finance subsidiary. All securities issued by JPMFC are fully and unconditionally guaranteed by the Parent Company and no other subsidiary of the Parent Company guarantees these securities. These guarantees, which rank on a parity with the Firm’s unsecured and unsubordinated indebtedness, are not included in the table on page 153 of this Note. Refer to Note 20 of JPMorgan Chase’s 2020 Form 10-K for additional information.

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Pledged Assets and Collateral

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Pledged Assets and Collateral

Pledged assets and collateral

Refer to Note 29 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the Firm’s pledged assets and collateral.

Pledged assets

The Firm pledges financial assets that it owns to maintain potential borrowing capacity at discount windows with Federal Reserve banks, various other central banks and FHLBs. Additionally, the Firm pledges assets for other purposes, including to collateralize repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits. Certain of these pledged assets may be sold or repledged or otherwise used by the secured parties and are parenthetically identified on the Consolidated balance sheets as assets pledged.

The following table presents the Firm’s pledged assets.

(in billions)	March 31, 2021		December 31, 2020
Assets that may be sold or repledged or otherwise used by secured parties	$	219.1	$	166.6
Assets that may not be sold or repledged or otherwise used by secured parties	137.9		113.9
Assets pledged at Federal Reserve banks and FHLBs	446.8		455.3
Total pledged assets	$	803.8	$	735.8

Total pledged assets do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. Refer to Note 13 for additional information on assets and liabilities of consolidated VIEs. Refer to Note 10 for additional information on the Firm’s securities financing activities. Refer to Note 20 of JPMorgan Chase’s 2020 Form 10-K for additional information on the Firm’s long-term debt.

Collateral

The Firm accepts financial assets as collateral that it is permitted to sell or repledge, deliver or otherwise use. This collateral is generally obtained under resale and other securities financing agreements, prime brokerage-related held-for-investment customer receivables and derivative contracts. Collateral is generally used under repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits.

The following table presents the fair value of collateral accepted.

(in billions)	March 31, 2021		December 31, 2020
Collateral permitted to be sold or repledged, delivered, or otherwise used	$	1,340.6	$	1,451.7
Collateral sold, repledged, delivered or otherwise used	1,004.0		1,038.9

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Litigation

3 Months Ended

Mar. 31, 2021

Litigation [Abstract]

Litigation

Litigation

Contingencies

As of March 31, 2021, the Firm and its subsidiaries and affiliates are defendants, putative defendants or respondents in numerous legal proceedings, including private, civil litigations and regulatory/government investigations. The litigations range from individual actions involving a single plaintiff to class action lawsuits with potentially millions of class members. Investigations involve both formal and informal proceedings, by both governmental agencies and self-regulatory organizations. These legal proceedings are at varying stages of adjudication, arbitration or investigation, and involve each of the Firm’s lines of business and several geographies and a wide variety of claims (including common law tort and contract claims and statutory antitrust, securities and consumer protection claims), some of which present novel legal theories.

The Firm believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $1.5 billion at March 31, 2021. This estimated aggregate range of reasonably possible losses was based upon information available as of that date for those proceedings in which the Firm believes that an estimate of reasonably possible loss can be made. For certain matters, the Firm does not believe that such an estimate can be made, as of that date. The Firm’s estimate of the aggregate range of reasonably possible losses involves significant judgment, given:

•the number, variety and varying stages of the proceedings, including the fact that many are in preliminary stages,

•the existence in many such proceedings of multiple defendants, including the Firm, whose share of liability (if any) has yet to be determined,

•the numerous yet-unresolved issues in many of the proceedings, including issues regarding class certification and the scope of many of the claims, and

•the attendant uncertainty of the various potential outcomes of such proceedings, including where the Firm has made assumptions concerning future rulings by the court or other adjudicator, or about the behavior or incentives of adverse parties or regulatory authorities, and those assumptions prove to be incorrect.

In addition, the outcome of a particular proceeding may be a result which the Firm did not take into account in its estimate because the Firm had deemed the likelihood of that outcome to be remote. Accordingly, the Firm’s estimate of the aggregate range of reasonably possible losses will change from time to time, and actual losses may vary significantly.

Set forth below are descriptions of the Firm’s material legal proceedings.

Amrapali. India’s Enforcement Directorate (“ED”) is investigating JPMorgan India Private Limited in connection with investments made in 2010 and 2012 by two offshore funds formerly managed by JPMorgan Chase entities into residential housing projects developed by the Amrapali Group (“Amrapali”). In 2017, numerous creditors filed civil claims against Amrapali including petitions brought by home buyers relating to delays in delivering or failure to deliver residential units. The home buyers’ petitions have been overseen by the Supreme Court of India since 2017 pursuant to its jurisdiction over public interest litigation. In July 2019, the Supreme Court of India issued an order making preliminary findings that Amrapali and other parties, including unspecified JPMorgan Chase entities and the offshore funds that had invested in the projects, violated certain currency control and money laundering provisions, and ordering the ED to conduct a further inquiry under India’s Prevention of Money Laundering Act (“PMLA”) and Foreign Exchange Management Act (“FEMA”). In May 2020, the Enforcement Directorate issued a provisional attachment order as part of the criminal PMLA proceedings freezing approximately $25 million held by JPMorgan India Private Limited. In June 2020, the funds were transferred to an account held by the Supreme Court of India. A separate civil proceeding relating to alleged FEMA violations is ongoing. The Firm is responding to and cooperating with the investigation.    

Federal Republic of Nigeria Litigation. JPMorgan Chase Bank, N.A. operated an escrow and depository account for the Federal Government of Nigeria (“FGN”) and two major international oil companies. The account held approximately $1.1 billion in connection with a dispute among the clients over rights to an oil field. Following the settlement of the dispute, JPMorgan Chase Bank, N.A. paid out the monies in the account in 2011 and 2013 in accordance with directions received from its clients. In November 2017, the Federal Republic of Nigeria (“FRN”) commenced a claim in the English High Court for approximately $875 million in payments made out of the accounts. The FRN, claiming to be the same entity as the FGN, alleges that the payments were instructed as part of a complex fraud not involving JPMorgan Chase Bank, N.A., but that JPMorgan Chase Bank, N.A. was or should have been on notice that the payments may be fraudulent. JPMorgan Chase Bank, N.A. applied for summary judgment and was unsuccessful. The claim is ongoing and a trial has been scheduled to commence in February 2022.

Foreign Exchange Investigations and Litigation. The Firm previously reported settlements with certain government authorities relating to its foreign exchange (“FX”) sales and trading activities and controls related to those activities. Among those resolutions, in May 2015, the Firm pleaded

guilty to a single violation of federal antitrust law. In January 2017, the Firm was sentenced, with judgment entered thereafter and a term of probation ending in January 2020. The term of probation has concluded, with the Firm remaining in good standing throughout the probation period. The Department of Labor granted the Firm a five-year exemption of disqualification that allows the Firm and its affiliates to continue to rely on the Qualified Professional Asset Manager exemption under the Employee Retirement Income Security Act (“ERISA”) until January 2023. The Firm will need to reapply in due course for a further exemption to cover the remainder of the ten-year disqualification period. A South Africa Competition Commission matter is the remaining FX-related governmental inquiry, and is currently pending before the South Africa Competition Tribunal.

In August 2018, the United States District Court for the Southern District of New York granted final approval to the Firm’s settlement of a consolidated class action brought by U.S.-based plaintiffs, which principally alleged violations of federal antitrust laws based on an alleged conspiracy to manipulate foreign exchange rates and also sought damages on behalf of persons who transacted in FX futures and options on futures. Certain members of the settlement class filed requests to the Court to be excluded from the class, and certain of them filed a complaint against the Firm and other foreign exchange dealers in November 2018. A number of these actions remain pending. Further, a putative class action has been filed against the Firm and other foreign exchange dealers on behalf of certain consumers who purchased foreign currencies at allegedly inflated rates. Another putative class action was brought against the Firm and other foreign exchange dealers on behalf of purported indirect purchasers of FX instruments. In 2020, the Court approved a settlement by the Firm and 11 other defendants of that class action for a total of $10 million. In addition, some FX-related individual and putative class actions based on similar alleged underlying conduct have been filed outside the U.S., including in the U.K., Israel and Australia.

Interchange Litigation. Groups of merchants and retail associations filed a series of class action complaints alleging that Visa and Mastercard, as well as certain banks, conspired to set the price of credit and debit card interchange fees and enacted related rules in violation of antitrust laws. In 2012, the parties initially settled the cases for a cash payment, a temporary reduction of credit card interchange, and modifications to certain credit card network rules. In 2017, after the approval of that settlement was reversed on appeal, the case was remanded to the United States District Court for the Eastern District of New York for further proceedings consistent with the appellate decision.

The original class action was divided into two separate actions, one seeking primarily monetary relief and the other seeking primarily injunctive relief. In September 2018, the parties to the class action seeking monetary relief finalized

an agreement which amends and supersedes the prior settlement agreement. Pursuant to this settlement, the defendants collectively contributed an additional $900 million to the approximately $5.3 billion previously held in escrow from the original settlement. In December 2019, the amended agreement was approved by the District Court. Certain merchants appealed the District Court’s approval order, and those appeals are pending. Based on the percentage of merchants that opted out of the amended class settlement, $700 million has been returned to the defendants from the settlement escrow in accordance with the settlement agreement. The class action seeking primarily injunctive relief continues separately.

In addition, certain merchants have filed individual actions raising similar allegations against Visa and Mastercard, as well as against the Firm and other banks, and some of those actions remain pending.

LIBOR and Other Benchmark Rate Investigations and Litigation. JPMorgan Chase has responded to inquiries from various governmental agencies and entities around the world relating primarily to the British Bankers Association’s ("BBA") London Interbank Offered Rate (“LIBOR”) for various currencies and the European Banking Federation’s Euro Interbank Offered Rate (“EURIBOR”). The Swiss Competition Commission’s investigation relating to EURIBOR, to which the Firm and other banks are subject, continues. In December 2016, the European Commission issued a decision against the Firm and other banks finding an infringement of European antitrust rules relating to EURIBOR. The Firm has filed an appeal of that decision with the European General Court, and that appeal is pending.

In addition, the Firm has been named as a defendant along with other banks in various individual and putative class actions related to benchmark rates, including U.S. dollar LIBOR. In actions related to U.S. dollar LIBOR during the period that it was administered by the BBA, the Firm has obtained dismissal of certain actions and resolved certain other actions, and others are in various stages of litigation. The United States District Court for the Southern District of New York has granted class certification of antitrust claims related to bonds and interest rate swaps sold directly by the defendants, including the Firm. In a consolidated putative class action related to the period that U.S. dollar LIBOR was administered by ICE Benchmark Administration, the District Court granted the motion by defendants, including the Firm, to dismiss plaintiffs’ complaint, and the plaintiffs have appealed. In addition, in August 2020, a group of individual plaintiffs filed a lawsuit asserting antitrust claims, alleging that the Firm and other defendants were engaged in an unlawful agreement to set U.S. dollar LIBOR and conspired to monopolize the market for LIBOR-based consumer loans and credit cards. In November 2020, plaintiffs filed a motion for a preliminary injunction seeking to enjoin defendants from setting U.S. dollar LIBOR and to prohibit defendants from enforcing any financial instruments that rely on U.S. dollar LIBOR. Defendants opposed that motion, which remains pending. The Firm’s settlements of putative

class actions related to Swiss franc LIBOR, the Singapore Interbank Offered Rate and the Singapore Swap Offer Rate, and the Australian Bank Bill Swap Reference Rate remain subject to court approval.

Metals and U.S. Treasuries Investigations and Litigation and Related Inquiries. The Firm previously reported that it and/or certain of its subsidiaries had entered into resolutions with the U.S. Department of Justice (“DOJ”), the U.S. Commodity Futures Trading Commission (“CFTC”) and the U.S. Securities and Exchange Commission (“SEC”), which, collectively, resolved those agencies’ respective investigations relating to historical trading practices by former employees in the precious metals and U.S. treasuries markets and related conduct from 2008 to 2016.

The Firm entered into a Deferred Prosecution Agreement (“DPA”) with the DOJ in which it agreed to the filing of a criminal information charging JPMorgan Chase & Co. with two counts of wire fraud and agreed, along with JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC, to certain terms and obligations as set forth therein. Under the terms of the DPA, the criminal information will be dismissed after three years, provided that JPMorgan Chase & Co., JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC fully comply with all of their obligations.

Across the three resolutions with the DOJ, CFTC and SEC, JPMorgan Chase & Co., JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC agreed to pay a total monetary amount of approximately $920 million. A portion of the total monetary amount includes victim compensation payments.

Several putative class action complaints have been filed in the United States District Court for the Southern District of New York against the Firm and certain former employees, alleging a precious metals futures and options price manipulation scheme in violation of the Commodity Exchange Act. Some of the complaints also allege unjust enrichment and deceptive acts or practices under the General Business Law of the State of New York. The Court consolidated these putative class actions in February 2019, and the consolidated action is stayed through May 2021. In Canada, plaintiffs have moved to commence putative class action proceedings based on similar alleged underlying conduct for precious metals. In addition, several putative class actions have been filed in the United States District Courts for the Northern District of Illinois and Southern District of New York against the Firm, alleging manipulation of U.S. Treasury futures and options, and bringing claims under the Commodity Exchange Act. Some of the complaints also allege unjust enrichment. The actions in the Northern District of Illinois have been transferred to the Southern District of New York. The Court consolidated these putative class actions in October 2020 and plaintiffs filed their consolidated amended complaint in April 2021.

Two putative class action complaints have also been filed under the Securities Exchange Act of 1934 in the United

States District Court for the Eastern District of New York against the Firm and certain individual defendants on behalf of shareholders who acquired shares during the putative class period alleging that certain SEC filings of the Firm were materially false or misleading in that they did not disclose certain information relating to the above-referenced investigations. The Court consolidated these putative class actions in January 2021, and plaintiffs filed their consolidated amended complaint in March 2021.

Securities Lending Antitrust Litigation. JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC, J.P. Morgan Prime, Inc., and J.P. Morgan Strategic Securities Lending Corp. are named as defendants in a putative class action filed in the United States District Court for the Southern District of New York. The complaint asserts violations of federal antitrust law and New York State common law in connection with an alleged conspiracy to prevent the emergence of anonymous exchange trading for securities lending transactions. Defendants’ motion to dismiss the complaint was denied. Plaintiffs have moved to certify a class in this action, which defendants are opposing.

Wendel. Since 2012, the French criminal authorities have been investigating a series of transactions entered into by senior managers of Wendel Investissement (“Wendel”) during the period from 2004 through 2007 to restructure their shareholdings in Wendel. JPMorgan Chase Bank, N.A., Paris branch provided financing for the transactions to a number of managers of Wendel in 2007. JPMorgan Chase cooperated with the investigation. The investigating judges issued an ordonnance de renvoi in November 2016, referring JPMorgan Chase Bank, N.A. to the French tribunal correctionnel for alleged complicity in tax fraud. In January 2018, the Paris Court of Appeal issued a decision cancelling the mise en examen of JPMorgan Chase Bank, N.A. The Court of Cassation, France’s highest court, ruled in September 2018 that a mise en examen is a prerequisite for an ordonnance de renvoi and in January 2020 ordered the annulment of the ordonnance de renvoi referring JPMorgan Chase Bank, N.A. to the French tribunal correctionnel. The Court of Appeal found in January 2021 that it had no power to take further action against JPMorgan Chase following the Court of Cassation’s ruling. At the opening of a trial of the managers of Wendel in January 2021, the tribunal correctionnel directed the criminal authorities to clarify whether a further investigation should be opened against JPMorgan Chase, pending which the trial was postponed. In April 2021, the Court of Cassation declined to hear JPMorgan Chase’s appeal of the January 2021 decision of the tribunal correctionnel at this stage of the proceedings. In addition, a number of the managers have commenced civil proceedings against JPMorgan Chase Bank, N.A. The claims are separate, involve different allegations and are at various stages of proceedings.

* * *

In addition to the various legal proceedings discussed above, JPMorgan Chase and its subsidiaries are named as defendants or are otherwise involved in a substantial number of other legal proceedings. The Firm believes it has

meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and it intends to defend itself vigorously. Additional legal proceedings may be initiated from time to time in the future.

The Firm has established reserves for several hundred of its currently outstanding legal proceedings. In accordance with the provisions of U.S. GAAP for contingencies, the Firm accrues for a litigation-related liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. The Firm evaluates its outstanding legal proceedings each quarter to assess its litigation reserves, and makes adjustments in such reserves, upward or downward, as appropriate, based on management’s best judgment after consultation with counsel. The Firm’s legal expense was $28 million and $197 million for the three months ended March 31, 2021 and 2020, respectively. There is no assurance that the Firm’s litigation reserves will not need to be adjusted in the future.

In view of the inherent difficulty of predicting the outcome of legal proceedings, particularly where the claimants seek very large or indeterminate damages, or where the matters present novel legal theories, involve a large number of parties or are in early stages of discovery, the Firm cannot state with confidence what will be the eventual outcomes of the currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences related to those matters. JPMorgan Chase believes, based upon its current knowledge and after consultation with counsel, consideration of the material legal proceedings described above and after taking into account its current litigation reserves and its estimated aggregate range of possible losses, that the other legal proceedings currently pending against it should not have a material adverse effect on the Firm’s consolidated financial condition. The Firm notes, however, that in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves it has currently accrued or that a matter will not have material reputational consequences. As a result, the outcome of a particular matter may be material to JPMorgan Chase’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of JPMorgan Chase’s income for that period.

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Business Segments

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Business Segments

Business segments

The Firm is managed on an LOB basis. There are four major reportable business segments - Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset & Wealth Management. In addition, there is a Corporate segment. The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is currently evaluated by the Firm’s Operating Committee. Segment results are presented on a managed basis. Refer to Segment results below, and Note 32 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of JPMorgan Chase’s business segments.

Segment results

The following table provides a summary of the Firm’s segment results as of or for the three months ended March 31, 2021 and 2020, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to

present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 32 of JPMorgan Chase’s 2020 Form 10-K for additional information on the Firm’s managed basis.

Capital allocation

The amount of capital assigned to each segment is referred to as equity. Periodically, the assumptions and methodologies used to allocate capital are assessed and as a result, the capital allocated to the LOBs may change. Refer to Line of business equity on page 98 of JPMorgan Chase’s 2020 Form 10-K for additional information on capital allocation.

Segment results and reconciliation(a)
As of or for the three months ended March 31, (in millions, except ratios)	Consumer & Community Banking						Corporate & Investment Bank							Commercial Banking						Asset & Wealth Management
	2021			2020			2021			2020				2021			2020			2021			2020
Noninterest revenue	$	4,588		$	4,097		$	11,088		$	6,896			$	917		$	608		$	3,146		$	2,529
Net interest income	7,929			9,190			3,517			3,107				1,476			1,557			931			860
Total net revenue	12,517			13,287			14,605			10,003				2,393			2,165			4,077			3,389
Provision for credit losses	(3,602)			5,772			(331)			1,401				(118)			1,010			(121)			94
Noninterest expense	7,202			7,269			7,104			5,955				969			986			2,574			2,435
Income/(loss) before income tax expense/(benefit)	8,917			246			7,832			2,647				1,542			169			1,624			860
Income tax expense/(benefit)	2,189			49			2,092			662				374			30			380			191
Net income/(loss)	$	6,728		$	197		$	5,740		$	1,985			$	1,168		$	139		$	1,244		$	669
Average equity	$	50,000		$	52,000		$	83,000		$	80,000			$	24,000		$	22,000		$	14,000		$	10,500
Total assets	487,978			513,352			1,355,123			1,216,558			(b)	223,583			247,786			213,088			178,897
ROE	54		%	1		%	27		%	9		%		19		%	2		%	35		%	25		%
Overhead ratio	58			55			49			60				40			46			63			72

As of or for the three months ended March 31, (in millions, except ratios)	Corporate				Reconciling Items(a)					Total
	2021		2020		2021		2020			2021			2020
Noninterest revenue	$	382	$	331	$	(744)	$	(614)	(b)	$	19,377		$	13,847		(b)
Net interest income	(855)		(165)		(109)		(110)			12,889			14,439
Total net revenue	(473)		166		(853)		(724)			32,266			28,286
Provision for credit losses	16		8		—		—			(4,156)			8,285
Noninterest expense	876		146		—		—			18,725			16,791
Income/(loss) before income tax expense/(benefit)	(1,365)		12		(853)		(724)			17,697			3,210
Income tax expense/(benefit)	(785)		137		(853)		(724)		(b)	3,397			345			(b)
Net income/(loss)	$	(580)	$	(125)	$	—	$	—		$	14,300		$	2,865
Average equity	$	74,542	$	70,030	$	—	$	—		$	245,542		$	234,530
Total assets	1,409,564		981,937		NA		NA			3,689,336			3,138,530			(b)
ROE	NM		NM		NM		NM			23		%	4		%
Overhead ratio	NM		NM		NM		NM			58			59			(b)

(a)Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.

(b) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.

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Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of presentation policy

The accounting and financial reporting policies of JPMorgan Chase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities.

Use of estimates in the preparation of consolidated financial statements policy

The unaudited Consolidated Financial Statements prepared in conformity with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and the disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included such that this interim financial information is fairly stated.

Reclassifications policy

Certain amounts reported in prior periods have been reclassified to conform with the current presentation, including certain deferred investment tax credits. In the first quarter of 2021 the Firm reclassified certain deferred investment tax credits from accounts payable and other liabilities to other assets to be a reduction to the carrying value of certain tax-oriented investments. The reclassification also resulted in an increase in income tax expense and a corresponding increase in other income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation, including the Firm’s effective income tax rate. The reclassification did not change the Firm’s results of operations on a managed basis.

Consolidation policy

The Consolidated Financial Statements include the accounts of JPMorgan Chase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated.

Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorgan Chase and are not included on the Consolidated balance sheets.

The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity.

Offsetting assets and liabilities policy

U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities financing activities to be presented on a net basis when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances when the specified conditions are met. Refer to Note 1 of JPMorgan Chase’s 2020 Form 10-K for further information on offsetting assets and liabilities.

Allowance for credit losses policy

The Firm's allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments.

Loan securitizations policy

The Firm has securitized and sold a variety of loans, including residential mortgage, credit card, and commercial mortgage.

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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis

The following table presents the assets and liabilities reported at fair value as of March 31, 2021, and December 31, 2020, by major product category and fair value hierarchy.

Assets and liabilities measured at fair value on a recurring basis
	Fair value hierarchy						Derivative netting adjustments(f)
March 31, 2021 (in millions)	Level 1		Level 2		Level 3				Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	267,613	$	—	$	—	$	267,613
Securities borrowed	—		66,277		—		—		66,277
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		50,988		397		—		51,385
Residential – nonagency	—		2,258		32		—		2,290
Commercial – nonagency	—		1,183		2		—		1,185
Total mortgage-backed securities	—		54,429		431		—		54,860
U.S. Treasury, GSEs and government agencies(a)	74,980		10,095		—		—		85,075
Obligations of U.S. states and municipalities	—		7,009		8		—		7,017
Certificates of deposit, bankers’ acceptances and commercial paper	—		1,584		—		—		1,584
Non-U.S. government debt securities	40,535		51,757		177		—		92,469
Corporate debt securities	—		28,118		370		—		28,488
Loans	—		7,071		832		—		7,903
Asset-backed securities	—		2,538		54		—		2,592
Total debt instruments	115,515		162,601		1,872		—		279,988
Equity securities	152,474		1,992		688		—		155,154
Physical commodities(b)	10,769		6,314		—		—		17,083
Other	—		18,531		122		—		18,653
Total debt and equity instruments(c)	278,758		189,438		2,682		—		470,878
Derivative receivables:
Interest rate	3,646		305,725		2,250		(283,073)		28,548
Credit	—		13,575		637		(13,164)		1,048
Foreign exchange	144		185,794		689		(171,515)		15,112
Equity	—		69,570		4,008		(53,825)		19,753
Commodity	—		23,387		292		(15,021)		8,658
Total derivative receivables	3,790		598,051		7,876		(536,598)		73,119
Total trading assets(d)	282,548		787,489		10,558		(536,598)		543,997
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	3		112,456		—		—		112,459
Residential – nonagency	—		10,601		—		—		10,601
Commercial – nonagency	—		3,029		—		—		3,029
Total mortgage-backed securities	3		126,086		—		—		126,089
U.S. Treasury and government agencies	194,784		—		—		—		194,784
Obligations of U.S. states and municipalities	—		19,922		—		—		19,922
Certificates of deposit	—		—		—		—		—
Non-U.S. government debt securities	12,270		8,603		—		—		20,873
Corporate debt securities	—		210		—		—		210
Asset-backed securities:
Collateralized loan obligations	—		11,329		—		—		11,329
Other	—		6,735		—		—		6,735
Total available-for-sale securities	207,057		172,885		—		—		379,942
Loans (e)	—		48,944		1,823		—		50,767
Mortgage servicing rights	—		—		4,470		—		4,470
Other assets(d)	42,839		6,519		511		—		49,869
Total assets measured at fair value on a recurring basis	$	532,444	$	1,349,727	$	17,362	$	(536,598)	$	1,362,935
Deposits	$	—	$	11,455	$	2,652	$	—	$	14,107
Federal funds purchased and securities loaned or sold under repurchase agreements	—		197,834		—		—		197,834
Short-term borrowings	—		16,338		3,664		—		20,002
Trading liabilities:
Debt and equity instruments(c)	104,557		26,292		60		—		130,909
Derivative payables:
Interest rate	3,194		273,891		2,101		(268,442)		10,744
Credit	—		13,961		641		(12,704)		1,898
Foreign exchange	154		184,124		1,228		(168,468)		17,038
Equity	—		71,701		7,842		(57,143)		22,400
Commodity	—		22,657		1,203		(15,500)		8,360
Total derivative payables	3,348		566,334		13,015		(522,257)		60,440
Total trading liabilities	107,905		592,626		13,075		(522,257)		191,349
Accounts payable and other liabilities	39,933		2,830		61		—		42,824
Beneficial interests issued by consolidated VIEs	—		193		—		—		193
Long-term debt	—		53,118		22,575		—		75,693
Total liabilities measured at fair value on a recurring basis	$	147,838	$	874,394	$	42,027	$	(522,257)	$	542,002

	Fair value hierarchy							Derivative netting adjustments(f)
December 31, 2020 (in millions)	Level 1		Level 2		Level 3					Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	238,015	$	—		$	—	$	238,015
Securities borrowed	—		52,983		—			—		52,983
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	—		68,395		449			—		68,844
Residential – nonagency	—		2,138		28			—		2,166
Commercial – nonagency	—		1,327		3			—		1,330
Total mortgage-backed securities	—		71,860		480			—		72,340
U.S. Treasury, GSEs and government agencies(a)	104,263		10,996		—			—		115,259
Obligations of U.S. states and municipalities	—		7,184		8			—		7,192
Certificates of deposit, bankers’ acceptances and commercial paper	—		1,230		—			—		1,230
Non-U.S. government debt securities	26,772		40,671		182			—		67,625
Corporate debt securities	—		21,017		507			—		21,524
Loans	—		6,101		893			—		6,994
Asset-backed securities	—		2,304		28			—		2,332
Total debt instruments	131,035		161,363		2,098			—		294,496
Equity securities	97,035		2,652		476		(g)	—		100,163
Physical commodities(b)	6,382		5,189		—			—		11,571
Other	—		17,165		49		(g)	—		17,214
Total debt and equity instruments(c)	234,452		186,369		2,623			—		423,444
Derivative receivables:
Interest rate	2,318		386,865		2,307			(355,765)		35,725
Credit	—		12,879		624			(12,823)		680
Foreign exchange	146		205,127		987			(190,479)		15,781
Equity	—		71,279		3,519			(54,125)		20,673
Commodity	—		21,272		231			(14,732)		6,771
Total derivative receivables	2,464		697,422		7,668			(627,924)		79,630
Total trading assets(d)	236,916		883,791		10,291			(627,924)		503,074
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)(g)	7		113,294		—			—		113,301
Residential – nonagency	—		10,233		—			—		10,233
Commercial – nonagency	—		2,856		—			—		2,856
Total mortgage-backed securities	7		126,383		—			—		126,390
U.S. Treasury and government agencies	201,951		—		—			—		201,951
Obligations of U.S. states and municipalities	—		20,396		—			—		20,396
Certificates of deposit	—		—		—			—		—
Non-U.S. government debt securities	13,135		9,793		—			—		22,928
Corporate debt securities	—		216		—			—		216
Asset-backed securities:
Collateralized loan obligations	—		10,048		—			—		10,048
Other	—		6,249		—			—		6,249
Total available-for-sale securities	215,093		173,085		—			—		388,178
Loans(e)	—		42,169		2,305			—		44,474
Mortgage servicing rights	—		—		3,276			—		3,276
Other assets(d)	8,110		4,561		538			—		13,209
Total assets measured at fair value on a recurring basis	$	460,119	$	1,394,604	$	16,410		$	(627,924)	$	1,243,209
Deposits	$	—	$	11,571	$	2,913		$	—	$	14,484
Federal funds purchased and securities loaned or sold under repurchase agreements	—		155,735		—			—		155,735
Short-term borrowings	—		14,473		2,420			—		16,893
Trading liabilities:
Debt and equity instruments(c)	82,669		16,838		51			—		99,558
Derivative payables:
Interest rate	2,496		349,082		2,049			(340,615)		13,012
Credit	—		14,344		848			(13,197)		1,995
Foreign exchange	132		214,373		1,421			(194,493)		21,433
Equity	—		74,032		7,381			(55,515)		25,898
Commodity	—		21,767		962			(14,444)		8,285
Total derivative payables	2,628		673,598		12,661			(618,264)		70,623
Total trading liabilities	85,297		690,436		12,712			(618,264)		170,181
Accounts payable and other liabilities	2,895		513		68			—		3,476
Beneficial interests issued by consolidated VIEs	—		41		—			—		41
Long-term debt	—		53,420		23,397			—		76,817
Total liabilities measured at fair value on a recurring basis	$	88,192	$	926,189	$	41,510		$	(618,264)	$	437,627

(a)At March 31, 2021, and December 31, 2020, included total U.S. GSE obligations of $96.3 billion and $117.6 billion, respectively, which were mortgage-related.

(b)Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. Refer to Note 4 for a further

discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.

(c)Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).

(d)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At March 31, 2021, and December 31, 2020, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $678 million and $670 million, respectively. Included in these balances at March 31, 2021, and December 31, 2020, were trading assets of $55 million and $52 million, respectively, and other assets of $623 million and $618 million, respectively.

(e)At March 31, 2021, and December 31, 2020, included within loans were $20.1 billion and $15.1 billion, respectively, of residential first-lien mortgages, and $6.0 billion and $6.3 billion, respectively, of commercial first-lien mortgages. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. GSEs and government agencies of $11.9 billion and $8.4 billion, respectively.

(f)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.

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

Fair value inputs, assets and liabilities, quantitative information

Level 3 inputs(a)
March 31, 2021
Product/Instrument	Fair value (in millions)		Principal valuation technique	Unobservable inputs(g)	Range of input values			Average(i)
Residential mortgage-backed securities and loans(b)	$	991	Discounted cash flows	Yield	0%	–	15%		6%
				Prepayment speed	0%	–	48%		9%
				Conditional default rate	0%	–	30%		10%
				Loss severity	0%	–	109%		8%
Commercial mortgage-backed securities and loans(c)	516		Market comparables	Price	$0	–	$100		$86
Corporate debt securities	370		Market comparables	Price	$10	–	$120		$96
Loans(d)	1,579		Market comparables	Price	$5	–	$111		$82
Asset-backed securities	54		Market comparables	Price	$2	–	$96		$61
Net interest rate derivatives	130		Option pricing	Interest rate volatility	7 bps	–	723 bps		132 bps
				Interest rate spread volatility	11 bps	–	23 bps		15 bps
				Interest rate correlation	(65)%	–	99%		36%
				IR-FX correlation	(35)%	–	50%		(1)%
	19		Discounted cash flows	Prepayment speed	0%	–	30%		8%
Net credit derivatives	(41)		Discounted cash flows	Credit correlation	37%	–	65%		49%
				Credit spread	1 bps	–	1,501 bps		396 bps
				Recovery rate	0%	–	70%		47%
				Conditional default rate	2%	–	100%		37%
				Loss severity	100%				100%
	37		Market comparables	Price	$0	–	$115		$69
Net foreign exchange derivatives	(424)		Option pricing	IR-FX correlation	(40)%	–	65%		17%
	(115)		Discounted cash flows	Prepayment speed	9%				9%
Net equity derivatives	(3,834)		Option pricing	Forward equity price(h)	61%	–	130%		99%
				Equity volatility	4%	–	146%		33%
				Equity correlation	12%	–	99%		55%
				Equity-FX correlation	(79)%	–	60%		(26)%
				Equity-IR correlation	15%	–	50%		28%
Net commodity derivatives	(911)		Option pricing	OIl Commodity Forward	$478 / MT	–	$553 / MT		$516 / MT
				Forward power price	$13 / MWH	–	$55 / MWH		$34 / MWH
				Commodity volatility	2%	–	70%		36%
				Commodity correlation	(50)%	–	95%		23%
MSRs	4,470		Discounted cash flows	Refer to Note 14
Long-term debt, short-term borrowings, and deposits(e)	27,985		Option pricing	Interest rate volatility	7 bps	–	723 bps		132 bps
				Interest rate correlation	(65)%	–	99%		36%
				IR-FX correlation	(35)%	–	50%		(1)%
				Equity correlation	12%	–	99%		55%
				Equity-FX correlation	(79)%	–	60%		(26)%
				Equity-IR correlation	15%	–	50%		28%
	906		Discounted cash flows	Credit correlation	37%	–	65%		49%
Other level 3 assets and liabilities, net(f)	1,385

(a)The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ.

(b)Comprises U.S. GSE and government agency securities of $397 million, nonagency securities of $32 million and non-trading loans of $562 million.

(c)Comprises nonagency securities of $2 million, trading loans of $41 million and non-trading loans of $473 million.

(d)Comprises trading loans of $791 million and non-trading loans of $788 million.

(e)Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables.

(f)Includes equity securities of $968 million, including $280 million in Other Assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate.

(g)Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100.

(h)Forward equity price is expressed as a percentage of the current equity price.

(i)Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used.

Changes in level 3 recurring fair value measurements

The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three months ended March 31, 2021 and 2020. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Also, the Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments.

	Fair value measurements using significant unobservable inputs
Three months ended March 31, 2021 (in millions)	Fair value at   January 1, 2021		Total realized/unrealized gains/(losses)											Transfers into level 3		Transfers (out of) level 3		Fair value at March 31, 2021			Change in unrealized gains/(losses) related to financial instruments held at March 31, 2021
						Purchases(f)		Sales				Settlements(g)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	449	$	23		$	6	$	(48)			$	(33)			$	—		$	397	$	22
Residential – nonagency	28		1			9		(3)				(2)				(1)			32		—
Commercial – nonagency	3		—			—		(1)				—				—			2		—
Total mortgage-backed securities	480		24			15		(52)				(35)		—		(1)			431		22
Obligations of U.S. states and municipalities	8		—			—		—				—		—		—			8		—
Non-U.S. government debt securities	182		(9)			118		(107)				(7)		—		—			177		(9)
Corporate debt securities	507		(15)			91		(146)				—		85		(152)			370		(14)
Loans	893		7			272		(152)				(1)		90		(277)			832		8
Asset-backed securities	28		(1)			28		(3)				—		2		—			54		(1)
Total debt instruments	2,098		6			524		(460)				(43)		177		(430)			1,872		6
Equity securities	476		(5)			230		(43)				—		54		(24)			688		3
Other	49		41			65		—				(29)		—		(4)			122		36
Total trading assets – debt and equity instruments	2,623		42		(c)	819		(503)				(72)		231		(458)			2,682		45		(c)
Net derivative receivables:(b)
Interest rate	258		445			53		(93)				(534)		57		(37)			149		313
Credit	(224)		183			1		(2)				27		(3)		14			(4)		168
Foreign exchange	(434)		(200)			2		(6)				111		10		(22)			(539)		(214)
Equity	(3,862)		23			194		(838)				126		110		413			(3,834)		(213)
Commodity	(731)		(246)			4		(213)				279		(1)		(3)			(911)		(145)
Total net derivative receivables	(4,993)		205		(c)	254		(1,152)				9		173		365			(5,139)		(91)		(c)
Available-for-sale securities:
Mortgage-backed securities	—		—			—		—				—		—		—			—		—
Total available-for-sale securities	—		—			—		—				—		—		—			—		—
Loans	2,305		(73)		(c)	67		(190)				(201)		155		(240)			1,823		(112)		(c)
Mortgage servicing rights	3,276		797		(d)	583		1				(187)		—		—			4,470		797		(d)
Other assets	538		13		(c)	3		(18)				(25)		—		—			511		12		(c)
	Fair value measurements using significant unobservable inputs
Three months ended March 31, 2021 (in millions)	Fair value at   January 1, 2021		Total realized/unrealized (gains)/losses											Transfers into level 3		Transfers (out of) level 3		Fair value at March 31, 2021			Change in unrealized (gains)/losses related to financial instruments held at March 31, 2021
						Purchases		Sales		Issuances		Settlements(g)
Liabilities:(a)
Deposits	$	2,913	$	(103)	(c)(e)	$	—	$	—	$	69	$	(95)	$	1	$	(133)		$	2,652	$	(105)	(c)(e)
Short-term borrowings	2,420		(113)		(c)(e)	—		—		2,918		(1,506)		—		(55)			3,664		(27)		(c)(e)
Trading liabilities – debt and equity instruments	51		(3)		(c)	(65)		21		—		—		59		(3)			60		—
Accounts payable and other liabilities	68		(1)		(c)	—		1		—		—		—		(7)			61		(1)		(c)
Beneficial interests issued by consolidated VIEs	—		—			—		—		—		—		—		—			—		—
Long-term debt	23,397		(308)		(c)(e)	—		—		3,465		(3,649)		11		(341)			22,575		(324)		(c)(e)

	Fair value measurements using significant unobservable inputs
Three months ended March 31, 2020 (in millions)	Fair value at January 1, 2020		Total realized/unrealized gains/(losses)											Transfers into level 3		Transfers (out of) level 3		Fair value at March 31, 2020			Change in unrealized gains/(losses) related to financial instruments held at March 31, 2020
						Purchases(f)		Sales				Settlements(g)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	797	$	(139)		$	19	$	(116)			$	(42)	$	—	$	—		$	519	$	(131)
Residential – nonagency	23		(1)			2		—				—		—		—			24		(1)
Commercial – nonagency	4		—			1		—				(1)		1		(2)			3		—
Total mortgage-backed securities	824		(140)			22		(116)				(43)		1		(2)			546		(132)
Obligations of U.S. states and municipalities	10		—			—		(1)				—		—		—			9		—
Non-U.S. government debt securities	155		(12)			90		(57)				—		—		(1)			175		(10)
Corporate debt securities	558		(55)			292		(42)				—		227		(27)			953		(50)
Loans	673		(98)			497		(130)				(16)		568		(108)			1,386		(127)
Asset-backed securities	37		(2)			36		(15)				(1)		—		(3)			52		(1)
Total debt instruments	2,257		(307)			937		(361)				(60)		796		(141)			3,121		(320)
Equity securities	196		(38)			10		(4)				—		82		(33)			213		(39)
Other	232		(1)			9		(5)				(12)		—		(2)			221		2
Total trading assets – debt and equity instruments	2,685		(346)		(c)	956		(370)				(72)		878		(176)			3,555		(357)		(c)
Net derivative receivables:(b)
Interest rate	(332)		642			66		(50)				(241)		(172)		(49)			(136)		282
Credit	(139)		108			18		(128)				(33)		60		3			(111)		65
Foreign exchange	(607)		(339)			38		(4)				(14)		—		(1)			(927)		(508)
Equity	(3,395)		3,037			59		(548)				583		(656)		94			(826)		3,707
Commodity	(16)		(403)			4		(15)				9		(6)		2			(425)		(399)
Total net derivative receivables	(4,489)		3,045		(c)	185		(745)				304		(774)		49			(2,425)		3,147		(c)
Available-for-sale securities:
Mortgage-backed securities	1		—			—		—				(1)		—		—			—		—
Total available-for-sale securities	1		—			—		—				(1)		—		—			—		—
Loans	516		(64)		(c)	191		(32)				(9)		1,514		(31)			2,085		(63)		(c)
Mortgage servicing rights	4,699		(1,382)		(d)	273		(75)				(248)		—		—			3,267		(1,382)		(d)
Other assets	917		(92)		(c)	13		(28)				(228)		—		—			582		(91)		(c)
	Fair value measurements using significant unobservable inputs
Three months ended March 31, 2020 (in millions)	Fair value at January 1, 2020		Total realized/unrealized (gains)/losses											Transfers into level 3		Transfers (out of) level 3		Fair value at March 31, 2020			Change in unrealized (gains)/losses related to financial instruments held at March 31, 2020
						Purchases		Sales		Issuances		Settlements(g)
Liabilities:(a)
Deposits	$	3,360	$	(149)	(c)(e)	$	—	$	—	$	386	$	(172)	$	4	$	(250)		$	3,179	$	(135)	(c)(e)
Short-term borrowings	1,674		(345)		(c)(e)	—		—		1,615		(929)		40		(16)			2,039		(409)		(c)(e)
Trading liabilities – debt and equity instruments	41		3		(c)	(75)		7		—		—		86		(1)			61		6		(c)
Accounts payable and other liabilities	45		(8)		(c)	(23)		1		—		—		—		—			15		(7)		(c)
Beneficial interests issued by consolidated VIEs	—		—			—		—		—		—		—		—			—		—
Long-term debt	23,339		(4,110)		(c)(e)	—		—		4,607		(3,549)		370		(516)			20,141		(3,984)		(c)(e)

(a)Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 1% at both March 31, 2021 and December 31, 2020, respectively. Level 3 liabilities at fair value as a percentage of total Firm liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were 8% and 9%, at March 31, 2021 and December 31, 2020, respectively.

(b)All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty.

(c)Predominantly reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income.

(d)Changes in fair value for MSRs are reported in mortgage fees and related income.

(e)Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three months ended March 31, 2021 and 2020. Unrealized (gains)/losses are reported in OCI, and were $(22) million and $(1.1) billion for the three months ended March 31, 2021 and 2020, respectively.

(f)Loan originations are included in purchases.

(g)Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items.

Impact of credit adjustments on earnings

The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time.

	Three months ended March 31,
(in millions)	2021		2020
Credit and funding adjustments:
Derivatives CVA	$	240	$	(924)
Derivatives FVA	105		(1,021)

Assets and liabilities measured at fair value on a nonrecurring basis

The following tables present the assets and liabilities held as of March 31, 2021 and 2020, for which nonrecurring fair value adjustments were recorded during the three months ended March 31, 2021 and 2020, by major product category and fair value hierarchy.

	Fair value hierarchy							Total fair value
March 31, 2021 (in millions)	Level 1		Level 2		Level 3
Loans	$	—	$	1,857	$	303	(b)	$	2,160
Other assets(a)	—		12		370			382
Total assets measured at fair value on a nonrecurring basis	$	—	$	1,869	$	673		$	2,542
Accounts payable and other liabilities	—		—		14			14
Total liabilities measured at fair value on a nonrecurring basis	$	—	$	—	$	14		$	14

	Fair value hierarchy						Total fair value
March 31, 2020 (in millions)	Level 1		Level 2		Level 3
Loans	$	—	$	2,336	$	559	$	2,895
Other assets	—		11		334		345
Total assets measured at fair value on a nonrecurring basis	$	—	$	2,347	$	893	$	3,240
Accounts payable and other liabilities	—		—		775		775
Total liabilities measured at fair value on a nonrecurring basis	$	—	$	—	$	775	$	775

(a)Primarily includes equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $370 million in level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2021, $316 million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.

(b)Of the $303 million in level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2021, $137 million related to residential real estate loans carried at the net realizable value of the underlying collateral (e.g., collateral-dependent loans). These amounts are classified as level 3 as they are valued using information from broker’s price opinions, appraisals and automated valuation models and discounted based upon the Firm’s experience with actual liquidation values. These discounts ranged from 13% to 45% with a weighted average of 26%.

The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three months ended March 31, 2021 and 2020, related to assets and liabilities held at those dates.

	Three months ended March 31,
(in millions)	2021		2020
Loans	$	(33)	$	(267)
Other assets(a)	2		(169)
Accounts payable and other liabilities	(3)		(775)
Total nonrecurring fair value gains/(losses)	$	(34)	$	(1,211)

(a)Included $6 million and $(154) million for the three months ended March 31, 2021 and 2020, respectively, of net gains/(losses) as a result of the measurement alternative.

Schedule of equity securities without readily determinable fair values measured under the measurement alternative and related adjustments

The following table presents the carrying value of equity securities without readily determinable fair values held as of March 31, 2021 and 2020, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.

	Three months ended
	March 31
As of or for the period ended,
(in millions)	2021		2020
Other assets
Carrying value(a)	$	2,302	$	2,560
Upward carrying value changes(b)	7		9
Downward carrying value changes/impairment(c)	(1)		(162)

(a)The carrying value as of December 31, 2020 was $2.4 billion. The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.

(b)The cumulative upward carrying value changes between January 1, 2018 and March 31, 2021 were $618 million.

(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and March 31, 2021 were $(340) million.

Carrying value and estimated fair value of financial assets and liabilities

The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at March 31, 2021, and December 31, 2020, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy.

	March 31, 2021										December 31, 2020
			Estimated fair value hierarchy										Estimated fair value hierarchy
(in billions)	Carrying value		Level 1		Level 2		Level 3		Total estimated fair value		Carrying value		Level 1		Level 2		Level 3		Total estimated fair value
Financial assets
Cash and due from banks	$	25.4	$	25.4	$	—	$	—	$	25.4	$	24.9	$	24.9	$	—	$	—	$	24.9
Deposits with banks	685.7		685.7		—		—		685.7		502.7		502.7		—		—		502.7
Accrued interest and accounts receivable	113.6		—		113.5		0.1		113.6		89.4		—		89.3		0.1		89.4
Federal funds sold and securities purchased under resale agreements	4.9		—		4.9		—		4.9		58.3		—		58.3		—		58.3
Securities borrowed	113.4		—		113.2		—		113.2		107.7		—		107.7		—		107.7
Investment securities, held-to-maturity	217.5		74.5		143.2		—		217.7		201.8		53.2		152.3		—		205.5
Loans, net of allowance for loan losses(a)	937.5		—		206.7		752.7		959.4		940.1		—		210.9		755.6		966.5
Other	95.0		—		93.2		1.9		95.1		81.8		—		80.0		1.9		81.9
Financial liabilities
Deposits	$	2,264.0	$	—	$	2,264.0	$	—	$	2,264.0	$	2,129.8	$	—	$	2,128.9	$	—	$	2,128.9
Federal funds purchased and securities loaned or sold under repurchase agreements	106.2		—		106.2		—		106.2		59.5		—		59.5		—		59.5
Short-term borrowings	35.0		—		35.0		—		35.0		28.3		—		28.3		—		28.3
Accounts payable and other liabilities	205.9		—		201.6		3.9		205.5		186.6		—		181.9		4.3		186.2
Beneficial interests issued by consolidated VIEs	15.5		—		15.5		—		15.5		17.5		—		17.6		—		17.6
Long-term debt	203.7		—		207.8		3.3		211.1		204.8		—		209.2		3.2		212.4

(a)Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value.

The carrying value and estimated fair value of wholesale lending-related commitments

The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.

	March 31, 2021										December 31, 2020
			Estimated fair value hierarchy										Estimated fair value hierarchy
(in billions)	Carrying value(a) (b)		Level 1		Level 2		Level 3		Total estimated fair value		Carrying value(a) (b)		Level 1		Level 2		Level 3		Total estimated fair value
Wholesale lending-related commitments	$	2.4	$	—	$	—	$	2.8	$	2.8	$	2.2	$	—	$	—	$	2.1	$	2.1

(a)Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.

(b)Includes the wholesale allowance for lending-related commitments.

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Fair Value Option (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Changes in fair value under the fair value option election

The following table presents the changes in fair value included in the Consolidated statements of income for the three months ended March 31, 2021 and 2020, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table.

	Three months ended March 31,
	2021							2020
(in millions)	Principal transactions		All other income			Total changes in fair value recorded (e)		Principal transactions		All other income			Total changes in fair value recorded (e)
Federal funds sold and securities purchased under resale agreements	$	(12)	$	—		$	(12)	$	543	$	—		$	543
Securities borrowed	(70)		—			(70)		226		—			226
Trading assets:
Debt and equity instruments, excluding loans	621		—			621		(2,438)		(1)		(c)	(2,439)
Loans reported as trading assets:
Changes in instrument-specific credit risk	204		—			204		(656)		—			(656)
Other changes in fair value	(1)		—			(1)		1		—			1
Loans:
Changes in instrument-specific credit risk	237		1		(c)	238		64		(23)		(c)	41
Other changes in fair value(a)	(250)		340		(c)	90		268		741		(c)	1,009
Other assets	19		(19)		(d)	—		85		(17)		(d)	68
Deposits(a)	167		—			167		(103)		—			(103)
Federal funds purchased and securities loaned or sold under repurchase agreements	34		—			34		(259)		—			(259)
Short-term borrowings(a)	(122)		—			(122)		1,720		—			1,720
Trading liabilities	—		—			—		—		—			—
Other liabilities	1		—			1		(35)		—			(35)
Long-term debt(a)(b)	1,247		(5)		(c)(d)	1,242		4,181		5		(c)	4,186

(a)Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected are recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were $(2) million for both the three months ended March 31, 2021 and 2020, respectively.

(b)Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk.

(c)Reported in mortgage fees and related income.

(d)Reported in other income.

(e)Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than certain hybrid financial instruments recorded in CIB. Refer to Note 6 for further information regarding interest income and interest expense.

Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding

The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of March 31, 2021, and December 31, 2020, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected.

	March 31, 2021							December 31, 2020
(in millions)	Contractual principal outstanding			Fair value		Fair value over/(under) contractual principal outstanding		Contractual principal outstanding			Fair value		Fair value over/(under) contractual principal outstanding
Loans
Nonaccrual loans
Loans reported as trading assets	$	3,102		$	426	$	(2,676)	$	3,386		$	555	$	(2,831)
Loans	1,388			1,144		(244)		1,867			1,507		(360)
Subtotal	4,490			1,570		(2,920)		5,253			2,062		(3,191)
90 or more days past due and government guaranteed
Loans(a)	355			340		(15)		328			317		(11)
All other performing loans(b)
Loans reported as trading assets	8,758			7,477		(1,281)		7,917			6,439		(1,478)
Loans	49,143			49,283		140		42,022			42,650		628
Subtotal	57,901			56,760		(1,141)		49,939			49,089		(850)
Total loans	$	62,746		$	58,670	$	(4,076)	$	55,520		$	51,468	$	(4,052)
Long-term debt
Principal-protected debt	$	39,625	(d)	$	36,943	$	(2,682)	$	40,560	(d)	$	40,526	$	(34)
Nonprincipal-protected debt(c)	NA			38,750		NA		NA			36,291		NA
Total long-term debt	NA			$	75,693	NA		NA			$	76,817	NA
Long-term beneficial interests
Nonprincipal-protected debt(c)	NA			$	193	NA		NA			$	41	NA
Total long-term beneficial interests	NA			$	193	NA		NA			$	41	NA

(a)These balances are excluded from nonaccrual loans as the loans are insured and/or guaranteed by U.S. government agencies.

(b)There were no performing loans that were ninety days or more past due as of March 31, 2021, and December 31, 2020, respectively.

(c)Remaining contractual principal is not applicable to nonprincipal-protected structured notes and long-term beneficial interests. Unlike principal-protected structured notes and long-term beneficial interests, for which the Firm is obligated to return a stated amount of principal at maturity, nonprincipal-protected structured notes and long-term beneficial interests do not obligate the Firm to return a stated amount of principal at maturity, but for structured notes to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal-protected notes.

(d)Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date.

Fair value option, structured notes by balance sheet classification and primary embedded derivative risk

The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type.

	March 31, 2021									December 31, 2020
(in millions)	Long-term debt		Short-term borrowings		Deposits			Total		Long-term debt		Short-term borrowings		Deposits			Total
Risk exposure
Interest rate	$	35,665	$	115	$	5,197		$	40,977	$	38,129	$	65	$	5,057		$	43,251
Credit	6,492		1,630		—			8,122		6,409		1,022		—			7,431
Foreign exchange	3,357		526		231			4,114		3,613		92		—			3,705
Equity	28,719		7,414		6,382			42,515		26,943		5,021		6,893			38,857
Commodity	200		12		20		(a)	232		250		13		232		(a)	495
Total structured notes	$	74,433	$	9,697	$	11,830		$	95,960	$	75,344	$	6,213	$	12,182		$	93,739

(a)Excludes deposits linked to precious metals for which the fair value option has not been elected of $717 million and $739 million for the periods ended March 31, 2021 and December 31, 2020, respectively.

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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of uses and disclosure of derivatives

The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category.

Type of Derivative	Use of Derivative	Designation and disclosure	Affected segment or unit	10-Q page reference
Manage specifically identified risk exposures in qualifying hedge accounting relationships:
•Interest rate	Hedge fixed rate assets and liabilities	Fair value hedge	Corporate	106-107
•Interest rate	Hedge floating-rate assets and liabilities	Cash flow hedge	Corporate	108
•Foreign exchange	Hedge foreign currency-denominated assets and liabilities	Fair value hedge	Corporate	106-107
•Foreign exchange	Hedge foreign currency-denominated forecasted revenue and expense	Cash flow hedge	Corporate	108
•Foreign exchange	Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities	Net investment hedge	Corporate	109
•Commodity	Hedge commodity inventory	Fair value hedge	CIB, AWM	106-107
Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships:
•Interest rate	Manage the risk associated with mortgage commitments, warehouse loans and MSRs	Specified risk management	CCB	109
•Credit	Manage the credit risk associated with wholesale lending exposures	Specified risk management	CIB	109
•Interest rate and foreign exchange	Manage the risk associated with certain other specified assets and liabilities	Specified risk management	Corporate	109
Market-making derivatives and other activities:
•Various	Market-making and related risk management	Market-making and other	CIB	109
•Various	Other derivatives	Market-making and other	CIB, AWM, Corporate	109

Notional amount of derivative contracts

The following table summarizes the notional amount of free-standing derivative contracts outstanding as of March 31, 2021, and December 31, 2020.

	Notional amounts(b)
(in billions)	March 31, 2021		December 31, 2020
Interest rate contracts
Swaps	$	23,774	$	20,986
Futures and forwards	5,186		3,057
Written options	3,412		3,375
Purchased options	3,707		3,675
Total interest rate contracts	36,079		31,093
Credit derivatives(a)	1,335		1,201
Foreign exchange contracts
Cross-currency swaps	3,850		3,924
Spot, futures and forwards	7,647		6,871
Written options	837		830
Purchased options	827		825
Total foreign exchange contracts	13,161		12,450
Equity contracts
Swaps	496		448
Futures and forwards	138		140
Written options	695		676
Purchased options	638		621
Total equity contracts	1,967		1,885
Commodity contracts
Swaps	178		138
Spot, futures and forwards	199		198
Written options	142		124
Purchased options	126		105
Total commodity contracts	645		565
Total derivative notional amounts	$	53,187	$	47,194

(a)Refer to the Credit derivatives discussion on page 110 for more information on volumes and types of credit derivative contracts.

(b)Represents the sum of gross long and gross short third-party notional derivative contracts.

Impact of derivatives on the Consolidated Balance Sheets

The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of March 31, 2021, and December 31, 2020, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type.

Free-standing derivative receivables and payables(a)
	Gross derivative receivables								Gross derivative payables
March 31, 2021 (in millions)	Not designated as hedges		Designated as hedges		Total derivative receivables		Net derivative receivables(b)		Not designated as hedges		Designated as hedges		Total derivative payables		Net derivative payables(b)
Trading assets and liabilities
Interest rate	$	310,838	$	783	$	311,621	$	28,548	$	279,186	$	—	$	279,186	$	10,744
Credit	14,212		—		14,212		1,048		14,602		—		14,602		1,898
Foreign exchange	185,672		955		186,627		15,112		184,033		1,473		185,506		17,038
Equity	73,578		—		73,578		19,753		79,543		—		79,543		22,400
Commodity	22,089		1,590		23,679		8,658		21,682		2,178		23,860		8,360
Total fair value of trading assets and liabilities	$	606,389	$	3,328	$	609,717	$	73,119	$	579,046	$	3,651	$	582,697	$	60,440
	Gross derivative receivables								Gross derivative payables
December 31, 2020 (in millions)	Not designated as hedges		Designated as hedges		Total derivative receivables		Net derivative receivables(b)		Not designated as hedges		Designated as hedges		Total derivative payables		Net derivative payables(b)
Trading assets and liabilities
Interest rate	$	390,659	$	831	$	391,490	$	35,725	$	353,627	$	—	$	353,627	$	13,012
Credit	13,503		—		13,503		680		15,192		—		15,192		1,995
Foreign exchange	205,359		901		206,260		15,781		214,229		1,697		215,926		21,433
Equity	74,798		—		74,798		20,673		81,413		—		81,413		25,898
Commodity	20,579		924		21,503		6,771		20,834		1,895		22,729		8,285
Total fair value of trading assets and liabilities	$	704,898	$	2,656	$	707,554	$	79,630	$	685,295	$	3,592	$	688,887	$	70,623

(a)Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information.

(b)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists.

Offsetting assets

The following tables present, as of March 31, 2021, and December 31, 2020, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty, have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables below.

In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation:

•collateral that consists of liquid securities and other cash collateral held at third-party custodians, which are shown separately as “Collateral not nettable on the Consolidated balance sheets” in the tables below, up to the fair value exposure amount. Liquid securities represent high quality liquid assets as defined in the LCR rule;

•the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables below; and

•collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables below.

	March 31, 2021							December 31, 2020
(in millions)	Gross derivative receivables		Amounts netted on the Consolidated balance sheets		Net derivative receivables			Gross derivative receivables		Amounts netted on the Consolidated balance sheets		Net derivative receivables
U.S. GAAP nettable derivative receivables
Interest rate contracts:
Over-the-counter (“OTC”)	$	288,187	$	(265,270)	$	22,917		$	367,056	$	(337,451)	$	29,605
OTC–cleared	17,627		(17,498)		129			18,340		(17,919)		421
Exchange-traded(a)	334		(305)		29			554		(395)		159
Total interest rate contracts	306,148		(283,073)		23,075			385,950		(355,765)		30,185
Credit contracts:
OTC	9,229		(8,460)		769			9,052		(8,514)		538
OTC–cleared	4,758		(4,704)		54			4,326		(4,309)		17
Total credit contracts	13,987		(13,164)		823			13,378		(12,823)		555
Foreign exchange contracts:
OTC	181,701		(170,672)		11,029			201,349		(189,655)		11,694
OTC–cleared	891		(841)		50			834		(819)		15
Exchange-traded(a)	18		(2)		16			35		(5)		30
Total foreign exchange contracts	182,610		(171,515)		11,095			202,218		(190,479)		11,739
Equity contracts:
OTC	30,396		(23,963)		6,433			34,030		(27,374)		6,656
Exchange-traded(a)	30,633		(29,862)		771			28,294		(26,751)		1,543
Total equity contracts	61,029		(53,825)		7,204			62,324		(54,125)		8,199
Commodity contracts:
OTC	11,725		(6,789)		4,936			10,924		(7,901)		3,023
OTC–cleared	36		(36)		—			20		(20)		—
Exchange-traded(a)	8,378		(8,196)		182			6,833		(6,811)		22
Total commodity contracts	20,139		(15,021)		5,118			17,777		(14,732)		3,045
Derivative receivables with appropriate legal opinion	583,913		(536,598)		47,315		(d)	681,647		(627,924)		53,723		(d)
Derivative receivables where an appropriate legal opinion has not been either sought or obtained	25,804				25,804			25,907				25,907
Total derivative receivables recognized on the Consolidated balance sheets	$	609,717			$	73,119		$	707,554			$	79,630
Collateral not nettable on the Consolidated balance sheets(b)(c)					(13,958)							(14,806)
Net amounts					$	59,161						$	64,824

Offsetting liabilities

	March 31, 2021							December 31, 2020
(in millions)	Gross derivative payables		Amounts netted on the Consolidated balance sheets		Net derivative payables			Gross derivative payables		Amounts netted on the Consolidated balance sheets		Net derivative payables
U.S. GAAP nettable derivative payables
Interest rate contracts:
OTC	$	257,384	$	(249,248)	$	8,136		$	331,854	$	(320,780)	$	11,074
OTC–cleared	19,914		(18,884)		1,030			19,710		(19,494)		216
Exchange-traded(a)	322		(310)		12			358		(341)		17
Total interest rate contracts	277,620		(268,442)		9,178			351,922		(340,615)		11,307
Credit contracts:
OTC	9,841		(8,412)		1,429			10,671		(9,141)		1,530
OTC–cleared	4,321		(4,292)		29			4,075		(4,056)		19
Total credit contracts	14,162		(12,704)		1,458			14,746		(13,197)		1,549
Foreign exchange contracts:
OTC	180,571		(167,627)		12,944			210,803		(193,672)		17,131
OTC–cleared	857		(841)		16			836		(819)		17
Exchange-traded(a)	13		—		13			34		(2)		32
Total foreign exchange contracts	181,441		(168,468)		12,973			211,673		(194,493)		17,180
Equity contracts:
OTC	33,285		(27,282)		6,003			35,330		(28,763)		6,567
Exchange-traded(a)	37,132		(29,861)		7,271			34,491		(26,752)		7,739
Total equity contracts	70,417		(57,143)		13,274			69,821		(55,515)		14,306
Commodity contracts:
OTC	10,338		(7,253)		3,085			10,365		(7,544)		2,821
OTC–cleared	53		(53)		—			32		(32)		—
Exchange-traded(a)	8,571		(8,194)		377			7,391		(6,868)		523
Total commodity contracts	18,962		(15,500)		3,462			17,788		(14,444)		3,344
Derivative payables with appropriate legal opinion	562,602		(522,257)		40,345		(d)	665,950		(618,264)		47,686		(d)
Derivative payables where an appropriate legal opinion has not been either sought or obtained	20,095				20,095			22,937				22,937
Total derivative payables recognized on the Consolidated balance sheets	$	582,697			$	60,440		$	688,887			$	70,623
Collateral not nettable on the Consolidated balance sheets(b)(c)					(9,193)							(11,964)
Net amounts					$	51,247						$	58,659

(a)Exchange-traded derivative balances that relate to futures contracts are settled daily.

(b)Includes liquid securities and other cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty.

(c)Derivative collateral relates only to OTC and OTC-cleared derivative instruments.

(d)Net derivatives receivable included cash collateral netted of $74.6 billion and $88.0 billion at March 31, 2021, and December 31, 2020, respectively. Net derivatives payable included cash collateral netted of $60.2 billion and $78.4 billion at March 31, 2021, and December 31, 2020, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments.

Current credit risk of derivative receivables and liquidity risk of derivative payables

The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at March 31, 2021, and December 31, 2020.

OTC and OTC-cleared derivative payables containing downgrade triggers
(in millions)	March 31, 2021			December 31, 2020
Aggregate fair value of net derivative payables		$	21,562		$	26,945	(a)
Collateral posted		21,279			26,289

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

The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, N.A., at March 31, 2021, and December 31, 2020, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined threshold rating is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payments requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract.

Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives
	March 31, 2021				December 31, 2020
(in millions)	Single-notch downgrade		Two-notch downgrade		Single-notch downgrade		Two-notch downgrade
Amount of additional collateral to be posted upon downgrade(a)	$	178	$	1,448	$	119	$	1,243
Amount required to settle contracts with termination triggers upon downgrade(b)	127		833		153		1,682		(c)

(a)Includes the additional collateral to be posted for initial margin.

(b)Amounts represent fair values of derivative payables, and do not reflect collateral posted.

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

Fair value hedge gains and losses

The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three months ended March 31, 2021 and 2020, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item.

	Gains/(losses) recorded in income						Income statement impact of excluded components(e)				OCI impact
Three months ended March 31, 2021 (in millions)	Derivatives		Hedged items		Income statement impact		Amortization approach		Changes in fair value		Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)	$	(5,121)	$	5,446	$	325	$	—	$	436	$	—
Foreign exchange(c)	(729)		747		18		(78)		18		(37)
Commodity(d)	(1,261)		1,288		27		—		12		—
Total	$	(7,111)	$	7,481	$	370	$	(78)	$	466	$	(37)

	Gains/(losses) recorded in income						Income statement impact of excluded components(e)				OCI impact
Three months ended March 31, 2020 (in millions)	Derivatives		Hedged items		Income statement impact		Amortization approach		Changes in fair value		Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)	$	4,087	$	(3,788)	$	299	$	—	$	214	$	—
Foreign exchange(c)	576		(488)		88		(179)		88		115
Commodity(d)	1,528		(1,482)		46		—		49		—
Total	$	6,191	$	(5,758)	$	433	$	(179)	$	351	$	115

(a)Primarily consists of hedges of the benchmark (e.g., London Interbank Offered Rate (“LIBOR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income.

(b)Excludes the amortization expense associated with the inception hedge accounting adjustment applied to the hedged item. This expense is recorded in net interest income and substantially offsets the income statement impact of the excluded components. Also excludes the accrual of interest on interest rate swaps and the related hedged items.

(c)Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income.

(d)Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue.

(e)The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative, or through fair value changes recognized in the current period.

(f)Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative.

Schedule of amounts recorded on Consolidated Balance Sheets related to certain cumulative fair value hedge basis adjustments

As of March 31, 2021 and December 31, 2020, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield.

	Carrying amount of the hedged items(a)(b)			Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
March 31, 2021 (in millions)				Active hedging relationships		Discontinued hedging relationships(d)(e)		Total
Assets
Investment securities - AFS	$	87,720	(c)	$	502	$	633	$	1,135
Liabilities
Long-term debt	$	176,622		$	(2,741)	$	9,190	$	6,449
Beneficial interests issued by consolidated VIEs	747			—		(2)		(2)
	Carrying amount of the hedged items(a)(b)			Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
December 31, 2020 (in millions)				Active hedging relationships		Discontinued hedging relationships(d)(e)		Total
Assets
Investment securities - AFS	$	139,684	(c)	$	3,572	$	847	$	4,419
Liabilities
Long-term debt	$	177,611		$	3,194	$	11,473	$	14,667
Beneficial interests issued by consolidated VIEs	746			—		(3)		(3)

(a)Excludes physical commodities with a carrying value of $16.1 billion and $11.5 billion at March 31, 2021 and December 31, 2020, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Since the Firm exits these positions at fair value, there is no incremental impact to net income in future periods.

(b)Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At March 31, 2021 and December 31, 2020, the carrying amount excluded for AFS securities is $15.5 billion and $14.5 billion, respectively, and for long-term debt is $6.4 billion and $6.6 billion, respectively.

(c)Carrying amount represents the amortized cost, net of allowance if applicable. Refer to Note 9 for additional information.

(d)Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships.

(e)Positive amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods.

Cash flow hedge gains and losses

The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three months ended March 31, 2021 and 2020, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item.

	Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended March 31, 2021 (in millions)	Amounts reclassified from AOCI to income		Amounts recorded in OCI		Total change in OCI for period
Contract type
Interest rate(a)	$	237	$	(2,761)	$	(2,998)
Foreign exchange(b)	27		66		39
Total	$	264	$	(2,695)	$	(2,959)
	Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended March 31, 2020 (in millions)	Amounts reclassified from AOCI to income		Amounts recorded in OCI		Total change in OCI for period
Contract type
Interest rate(a)	$	(9)	$	3,461	$	3,470
Foreign exchange(b)	17		(210)		(227)
Total	$	8	$	3,251	$	3,243

(a)Primarily consists of hedges of LIBOR-indexed floating-rate assets and floating-rate liabilities. Gains and losses were recorded in net interest income.

(b)Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense.

Net investment hedge gains and losses

The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the three months ended March 31, 2021 and 2020.

	Gains/(losses) recorded in income and other comprehensive income/(loss)
	2021					2020
Three months ended March 31, (in millions)	Amounts recorded in income(a)			Amounts recorded in OCI		Amounts recorded in income(a)			Amounts recorded in OCI
Foreign exchange derivatives		$	(28)	$	1,200		$	10	$	1,589

(a)Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The Firm elects to record changes in fair value of these amounts directly in other income.

Risk management derivatives gains and losses (not designated as hedging instruments)

The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from mortgage commitments, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities.

	Derivatives gains/(losses) recorded in income
	Three months ended March 31,
(in millions)	2021		2020
Contract type
Interest rate(a)	$	(142)	$	1,292
Credit(b)	(40)		61
Foreign exchange(c)	98		106
Total	$	(84)	$	1,459

(a)Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in mortgage commitments, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income.

(b)Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue.

(c)Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue.

Credit derivatives table

Refer to Note 5 of JPMorgan Chase’s 2020 Form 10-K for a more detailed discussion of credit derivatives. The following tables present a summary of the notional amounts of credit derivatives and credit-related notes the Firm sold and purchased as of March 31, 2021 and December 31, 2020. The Firm does not use notional amounts of credit derivatives as the primary measure of risk management for such derivatives, because the notional amount does not take into account the probability of the occurrence of a credit event, the recovery value of the reference obligation, or related cash instruments and economic hedges, each of which reduces, in the Firm’s view, the risks associated with such derivatives.

Total credit derivatives and credit-related notes

	Maximum payout/Notional amount
March 31, 2021 (in millions)	Protection sold		Protection purchased with identical underlyings(b)			Net protection (sold)/purchased(c)		Other protection purchased(d)
Credit derivatives
Credit default swaps	$	(595,343)		$	609,926	$	14,583	$	2,562
Other credit derivatives(a)	(45,961)			68,528		22,567		12,478
Total credit derivatives	(641,304)			678,454		37,150		15,040
Credit-related notes	—			—		—		10,847
Total	$	(641,304)		$	678,454	$	37,150	$	25,887
	Maximum payout/Notional amount
December 31, 2020 (in millions)	Protection sold		Protection purchased with identical underlyings(b)			Net protection (sold)/purchased(c)		Other protection purchased(d)
Credit derivatives
Credit default swaps	$	(535,094)		$	554,565	$	19,471	$	4,001
Other credit derivatives(a)	(40,084)			57,344		17,260		9,415
Total credit derivatives	(575,178)			611,909		36,731		13,416
Credit-related notes	—			—		—		10,248
Total	$	(575,178)		$	611,909	$	36,731	$	23,664

(a)Other credit derivatives predominantly consist of credit swap options and total return swaps.

(b)Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold.

(c)Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value.

(d)Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument.

Protection sold - credit derivatives and credit-related notes ratings/maturity profile

The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives and credit-related notes as of March 31, 2021, and December 31, 2020, where JPMorgan Chase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives and credit-related notes where JPMorgan Chase is the purchaser of protection are comparable to the profile reflected below.

Protection sold — credit derivatives and credit-related notes ratings(a)/maturity profile
March 31, 2021 (in millions)	<1 year		1–5 years		>5 years		Total notional amount		Fair value of receivables(b)		Fair value of payables(b)		Net fair value
Risk rating of reference entity
Investment-grade	$	(93,329)	$	(304,945)	$	(80,813)	$	(479,087)	$	5,746	$	(651)	$	5,095
Noninvestment-grade	(35,229)		(100,052)		(26,936)		(162,217)		3,851		(2,418)		1,433
Total	$	(128,558)	$	(404,997)	$	(107,749)	$	(641,304)	$	9,597	$	(3,069)	$	6,528

December 31, 2020 (in millions)	<1 year		1–5 years		>5 years		Total notional amount		Fair value of receivables(b)		Fair value of payables(b)		Net fair value
Risk rating of reference entity
Investment-grade	$	(93,905)	$	(307,648)	$	(35,326)	$	(436,879)	$	5,521	$	(835)	$	4,686
Noninvestment-grade	(31,809)		(97,337)		(9,153)		(138,299)		3,953		(2,542)		1,411
Total	$	(125,714)	$	(404,985)	$	(44,479)	$	(575,178)	$	9,474	$	(3,377)	$	6,097

(a)The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s.

(b)Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting.

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Noninterest Revenue and Noninterest Expense (Tables)

3 Months Ended

Mar. 31, 2021

Noninterest Income (Expense) [Abstract]

Components of investment banking fees

The following table presents the components of investment banking fees.

	Three months ended March 31,
(in millions)	2021		2020
Underwriting
Equity	$	1,062	$	327
Debt	1,221		1,044
Total underwriting	2,283		1,371
Advisory	687		495
Total investment banking fees	$	2,970	$	1,866

Principal transactions revenue

The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and fund deployment activities in Treasury and CIO. Refer to Note 6 for further information on interest income and interest expense.

Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual LOB.

	Three months ended March 31,
(in millions)	2021		2020
Trading revenue by instrument type
Interest rate(a)	$	923	$	452
Credit(b)	1,270		(702)		(c)
Foreign exchange	998		1,467
Equity	2,657		1,348
Commodity	549		437
Total trading revenue	6,397		3,002
Private equity gains/(losses)	103		(65)
Principal transactions	$	6,500	$	2,937

(a)Includes the impact of changes in funding valuation adjustments on derivatives.

(b)Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities.

(c)Includes marks on held-for-sale positions, including unfunded commitments, in the bridge financing portfolio.

Components of lending and deposit-related fees

The following table presents the components of lending- and deposit-related fees.

	Three months ended March 31,
(in millions)	2021		2020
Lending-related fees	$	358	$	291
Deposit-related fees	1,329		1,415
Total lending- and deposit-related fees	$	1,687	$	1,706

Components of asset management, administration and commissions

The following table presents the components of asset management, administration and commissions.

	Three months ended March 31,
(in millions)	2021		2020
Asset management fees
Investment management fees(a)	$	3,257	$	2,785
All other asset management fees(b)	94		93
Total asset management fees	3,351		2,878
Total administration fees(c)	633		554
Commissions and other fees
Brokerage commissions(d)	800		864
All other commissions and fees	245		244
Total commissions and fees	1,045		1,108
Total asset management, administration and commissions	$	5,029	$	4,540

(a)Represents fees earned from managing assets on behalf of the Firm’s clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts.

(b)Represents fees for services that are ancillary to investment management services, such as commissions earned on the sales or distribution of mutual funds to clients.

(c)Predominantly includes fees for custody, securities lending, funds services and securities clearance.

(d)Represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments.

Schedule of components of card income

The following table presents the components of card income:

	Three months ended March 31,
(in millions)	2021		2020
Interchange and merchant processing income	$	4,868	$	4,782
Rewards costs and partner payments	(3,534)		(3,582)
Other card income(a)	16		(205)
Total card income	$	1,350	$	995

(a)Predominantly represents the amortization of account origination costs and annual fees.

Components of noninterest expense

Other expense on the Firm’s Consolidated statements of income included the following:

	Three months ended March 31,
(in millions)	2021		2020
Legal expense	$	28	$	197
FDIC-related expense	201		99

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Interest Income and Interest Expense (Tables)

3 Months Ended

Mar. 31, 2021

Interest Income (Expense), Net [Abstract]

Details of interest income and interest expense

The following table presents the components of interest income and interest expense.

	Three months ended March 31,
(in millions)	2021		2020
Interest income
Loans(a)	$	10,187	$	12,305
Taxable securities	1,605		2,233
Non-taxable securities(b)	277		300
Total investment securities(a)	1,882		2,533
Trading assets - debt instruments	1,782		2,064
Federal funds sold and securities purchased under resale agreements	233		1,095
Securities borrowed(c)	(77)		152
Deposits with banks	65		569
All other interest-earning assets(d)	199		443
Total interest income	$	14,271	$	19,161
Interest expense
Interest-bearing deposits	$	146	$	1,575
Federal funds purchased and securities loaned or sold under repurchase agreements	15		787
Short-term borrowings(e)	33		151
Trading liabilities – debt and all other interest-bearing liabilities(c)(f)	27		372
Long-term debt	1,134		1,747
Beneficial interest issued by consolidated VIEs	27		90
Total interest expense	$	1,382	$	4,722
Net interest income	$	12,889	$	14,439
Provision for credit losses	(4,156)		8,285
Net interest income after provision for credit losses	$	17,045	$	6,154

(a)Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts and net deferred fees/costs).

(b)Represents securities which are tax-exempt for U.S. federal income tax purposes.

(c)Negative interest income is 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 interest-bearing liabilities.

(d)Includes interest earned on 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.

(e)Includes commercial paper.

(f)All other interest-bearing liabilities includes interest expense on brokerage-related customer payables.

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Pension and Other Postretirement Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Components of net periodic benefit costs reported in the Consolidated Statements of Income

The following table presents the components of net periodic benefit costs reported in the Consolidated statements of income for the Firm’s defined benefit pension, defined contribution and OPEB plans.

(in millions)	Three months ended March 31,
	2021		2020
	Pension and OPEB plans
Components of net periodic benefit cost, U.S. defined benefit pension plans
Benefits earned during the period	$	—	$	—
Interest cost on benefit obligations	85		105
Expected return on plan assets	(129)		(158)
Amortization:
Net (gain)/loss	3		2
Prior service (credit)/cost	—		—
Net periodic defined benefit plan cost/(credit), U.S. defined benefit pension plans	(41)		(51)
Other defined benefit pension and OPEB plans	(18)		(21)
Total net periodic defined benefit plan cost/(credit)	(59)		(72)
Total defined contribution plans	321		299
Total pension and OPEB cost included in noninterest expense	$	262	$	227

Schedule of Fair Values of Plan Assets

The following table presents the fair values of plan assets for the Firm's defined benefit pension and OPEB plans.

(in billions)	March 31, 2021		December 31, 2020
Fair value of plan assets
U.S. defined benefit pension plans	$	16.9	$	17.6
Other defined benefit pension and OPEB plans	7.6		7.8

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Employee Share-based Incentives (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Noncash compensation expense related to employee stock-based incentive plans

The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income.

	Three months ended March 31,
(in millions)	2021		2020
Cost of prior grants of RSUs, performance share units (“PSUs”) and stock options that are amortized over their applicable vesting periods	$	356	$	334
Accrual of estimated costs of share-based awards to be granted in future periods predominantly those to full-career eligible employees	548		310
Total noncash compensation expense related to employee share-based incentive plans	$	904	$	644

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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2021

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.

	March 31, 2021								December 31, 2020
(in millions)	Amortized cost(e)		Gross unrealized gains		Gross unrealized losses		Fair value		Amortized cost(e)		Gross unrealized gains		Gross unrealized losses		Fair value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	$	112,356	$	1,479	$	1,376	$	112,459	$	110,979	$	2,372	$	50	$	113,301
Residential:
U.S.	5,788		180		5		5,963		6,246		224		3		6,467
Non-U.S.	4,607		31		—		4,638		3,751		20		5		3,766
Commercial	3,004		52		27		3,029		2,819		71		34		2,856
Total mortgage-backed securities	125,755		1,742		1,408		126,089		123,795		2,687		92		126,390
U.S. Treasury and government agencies	195,423		1,586		2,225		194,784		199,910		2,141		100		201,951
Obligations of U.S. states and municipalities	18,651		1,276		5		19,922		18,993		1,404		1		20,396
Non-U.S. government debt securities	20,745		192		64		20,873		22,587		354		13		22,928
Corporate debt securities	210		4		4		210		215		4		3		216
Asset-backed securities:
Collateralized loan obligations	11,309		25		5		11,329		10,055		24		31		10,048
Other	6,663		79		7		6,735		6,174		91		16		6,249
Total available-for-sale securities(b)	378,756		4,904		3,718		379,942		381,729		6,705		256		388,178
Held-to-maturity securities(c)
Mortgage-backed securities:
U.S. GSEs and government agencies(a)	97,626		2,020		630		99,016		107,889		2,968		29		110,828
U.S. Residential	4,640		3		43		4,600		4,345		8		30		4,323
Commercial	2,826		19		8		2,837		2,602		77		—		2,679
Total mortgage-backed securities	105,092		2,042		681		106,453		114,836		3,053		59		117,830
U.S. Treasury and government agencies	76,107		13		1,575		74,545		53,184		50		—		53,234
Obligations of U.S. states and municipalities	12,658		389		52		12,995		12,751		519		—		13,270
Asset-backed securities:
Collateralized loan obligations	23,595		125		3		23,717		21,050		90		2		21,138
Total held-to-maturity securities, net of allowance for credit losses(d)	217,452		2,569		2,311		217,710		201,821		3,712		61		205,472
Total investment securities, net of allowance for credit losses(d)	$	596,208	$	7,473	$	6,029	$	597,652	$	583,550	$	10,417	$	317	$	593,650

(a)Includes AFS U.S. GSE obligations with fair values of $61.0 billion and $65.8 billion, and HTM U.S. GSE obligations with amortized cost of $78.8 billion and $86.3 billion, at March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, 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 $108.2 billion and $108.7 billion, and $31.9 billion and $32.3 billion, respectively.

(b)There was no allowance for credit losses on AFS securities at both March 31, 2021 and December 31, 2020.

(c)The Firm purchased $31.3 billion and $205 million of HTM securities for the three months ended March 31, 2021 and 2020, respectively.

(d)HTM securities measured at amortized cost are reported net of allowance for credit losses of $94 million and $78 million at March 31, 2021 and December 31, 2020, respectively.

(e)Excludes $1.8 billion and $2.1 billion of accrued interest receivables at March 31, 2021 and December 31, 2020, respectively. The Firm did not reverse through interest income any accrued interest receivables for the three months ended March 31, 2021 and 2020.

Securities impairment

The following tables present the fair value and gross unrealized losses by aging category for AFS securities at March 31, 2021 and December 31, 2020. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $3.6 billion and $150 million, at March 31, 2021 and December 31, 2020, 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 months				12 months or more
March 31, 2021 (in millions)	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Total fair value		Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.	$	801	$	5	$	53	$	—	$	854	$	5
Non-U.S.	769		—		33		—		802		—
Commercial	501		12		344		15		845		27
Total mortgage-backed securities	2,071		17		430		15		2,501		32
Obligations of U.S. states and municipalities	218		5		—		—		218		5
Non-U.S. government debt securities	6,620		61		580		3		7,200		64
Corporate debt securities	52		3		42		1		94		4
Asset-backed securities:
Collateralized loan obligations	1,808		4		2,254		1		4,062		5
Other	325		1		489		6		814		7
Total available-for-sale securities with gross unrealized losses	$	11,094	$	91	$	3,795	$	26	$	14,889	$	117

	Available-for-sale securities with gross unrealized losses
	Less than 12 months				12 months or more
December 31, 2020 (in millions)	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Total fair value		Total 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
Commercial	699		18		124		16		823		34
Total mortgage-backed securities	3,768		25		391		17		4,159		42
Obligations of U.S. states and municipalities	49		1		—		—		49		1
Non-U.S. government debt securities	2,709		9		968		4		3,677		13
Corporate debt securities	91		3		5		—		96		3
Asset-backed securities:
Collateralized loan obligations	5,248		18		2,645		13		7,893		31
Other	268		1		685		15		953		16
Total available-for-sale securities with gross unrealized losses	$	12,133	$	57	$	4,694	$	49	$	16,827	$	106

Securities gains and losses and provision for credit loss

	Three months ended March 31,
(in millions)	2021		2020
Realized gains	$	237	$	1,095
Realized losses	(223)		(862)
Net investment securities gains	$	14	$	233
Provision for credit losses	$	16	$	9

Amortized cost and estimated fair value by contractual maturity

The following table presents the amortized cost and estimated fair value at March 31, 2021, of JPMorgan Chase’s investment securities portfolio by contractual maturity.

By remaining maturity March 31, 2021 (in millions)	Due in one year or less			Due after one year through five years			Due after five years through 10 years			Due after 10 years(b)			Total
Available-for-sale securities
Mortgage-backed securities
Amortized cost	$	—		$	2,226		$	5,998		$	117,531		$	125,755
Fair value	—			2,251			6,283			117,555			126,089
Average yield(a)	—		%	1.40		%	1.79		%	2.50		%	2.44		%
U.S. Treasury and government agencies
Amortized cost	$	4,058		$	129,668		$	53,799		$	7,898		$	195,423
Fair value	4,088			129,830			52,724			8,142			194,784
Average yield(a)	0.95		%	0.52		%	0.95		%	0.54		%	0.65		%
Obligations of U.S. states and municipalities
Amortized cost	$	33		$	207		$	1,152		$	17,259		$	18,651
Fair value	33			214			1,219			18,456			19,922
Average yield(a)	4.16		%	4.74		%	4.96		%	4.96		%	4.96		%
Non-U.S. government debt securities
Amortized cost	$	7,029		$	5,581		$	4,511		$	3,624		$	20,745
Fair value	7,038			5,698			4,530			3,607			20,873
Average yield(a)	1.19		%	2.05		%	0.78		%	0.52		%	1.21		%
Corporate debt securities
Amortized cost	$	—		$	139		$	71		$	—		$	210
Fair value	—			136			74			—			210
Average yield(a)	—		%	1.18		%	1.89		%	—		%	1.42		%
Asset-backed securities
Amortized cost	$	1,544		$	1,995		$	6,812		$	7,621		$	17,972
Fair value	1,545			2,011			6,831			7,677			18,064
Average yield(a)	1.28		%	1.94		%	1.30		%	1.42		%	1.42		%
Total available-for-sale securities
Amortized cost	$	12,664		$	139,816		$	72,343		$	153,933		$	378,756
Fair value	12,704			140,140			71,661			155,437			379,942
Average yield(a)	1.13		%	0.62		%	1.11		%	2.57		%	1.52		%
Held-to-maturity securities
Mortgage-backed securities
Amortized cost	$	—		$	423		$	11,858		$	92,851		$	105,132
Fair value	—			423			12,214			93,816			106,453
Average yield(a)	—		%	1.12		%	2.36		%	2.93		%	2.86		%
U.S. Treasury and government agencies
Amortized cost	$	1,318		$	42,176		$	32,613		$	—		$	76,107
Fair value	1,319			42,161			31,065			—			74,545
Average yield(a)	0.17		%	0.66		%	1.18		%	—		%	0.88		%
Obligations of U.S. states and municipalities
Amortized cost	$	—		$	65		$	688		$	11,959		$	12,712
Fair value	—			66			724			12,205			12,995
Average yield(a)	—		%	3.23		%	3.76		%	3.77		%	3.77		%
Asset-backed securities
Amortized cost	$	—		$	—		$	11,137		$	12,458		$	23,595
Fair value	—			—			11,192			12,525			23,717
Average yield(a)	—		%	—		%	1.34		%	1.33		%	1.33		%
Total held-to-maturity securities
Amortized cost	$	1,318		$	42,664		$	56,296		$	117,268		$	217,546
Fair value	1,319			42,650			55,195			118,546			217,710
Average yield(a)	0.17		%	0.67		%	1.49		%	2.84		%	2.05		%

(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 6 years for agency residential MBS, 4 years for agency residential collateralized mortgage obligations and 3 years for nonagency residential collateralized mortgage obligations.

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Securities Financing Activities (Tables)

3 Months Ended

Mar. 31, 2021

Securities Financing Transactions Disclosures [Abstract]

Schedule of securities sold under repurchase agreements, netting & securities loaned

The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of March 31, 2021 and December 31, 2020. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below.

	March 31, 2021
(in millions)	Gross amounts		Amounts netted on the Consolidated balance sheets		Amounts presented on the Consolidated balance sheets		Amounts not nettable on the Consolidated balance sheets(b)		Net amounts(c)
Assets
Securities purchased under resale agreements	$	555,370	$	(282,889)	$	272,481	$	(254,495)		$	17,986
Securities borrowed	182,414		(2,898)		179,516		(130,939)			48,577
Liabilities
Securities sold under repurchase agreements	$	575,969	$	(282,889)	$	293,080	$	(263,698)		$	29,382
Securities loaned and other(a)	54,058		(2,898)		51,160		(49,574)			1,586

	December 31, 2020
(in millions)	Gross amounts		Amounts netted on the Consolidated balance sheets		Amounts presented on the Consolidated balance sheets		Amounts not nettable on the Consolidated balance sheets(b)		Net amounts(c)
Assets
Securities purchased under resale agreements	$	666,467	$	(370,183)	$	296,284	$	(273,206)		$	23,078
Securities borrowed	193,700		(33,065)		160,635		(115,219)			45,416
Liabilities
Securities sold under repurchase agreements	$	578,060	$	(370,183)	$	207,877	$	(191,980)		$	15,897
Securities loaned and other(a)	41,366		(33,065)		8,301		(8,257)			44

(a)Includes securities-for-securities lending agreements of $42.8 billion and $3.4 billion at March 31, 2021 and December 31, 2020, respectively, accounted for at fair value, where the Firm is acting as lender. In the Consolidated balance sheets, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities.

(b)In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty.

(c)Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At March 31, 2021 and December 31, 2020, included $12.8 billion and $17.0 billion, respectively, of securities purchased under resale agreements; $45.5 billion and $42.1 billion, respectively, of securities borrowed; $27.4 billion and $14.5 billion, respectively, of securities sold under repurchase agreements; and $136 million and $8 million, respectively, of securities loaned and other.

Schedule of types of assets pledged in secured financing transactions

The tables below present as of March 31, 2021, and December 31, 2020 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.

	Gross liability balance
	March 31, 2021				December 31, 2020
(in millions)	Securities sold under repurchase agreements		Securities loaned and other		Securities sold under repurchase agreements		Securities loaned and other
Mortgage-backed securities
U.S. GSEs and government agencies	$	76,335	$	—	$	56,744	$	—
Residential - nonagency	522		—		1,016		—
Commercial - nonagency	775		—		855		—
U.S. Treasury, GSEs and government agencies	274,254		184		315,834		143
Obligations of U.S. states and municipalities	1,626		—		1,525		2
Non-U.S. government debt	163,200		2,472		157,563		1,730
Corporate debt securities	28,522		2,563		22,849		1,864
Asset-backed securities	682		845		694		—
Equity securities	30,053		47,994		20,980		37,627
Total	$	575,969	$	54,058	$	578,060	$	41,366

	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
March 31, 2021 (in millions)			Up to 30 days		30 – 90 days				Total
Total securities sold under repurchase agreements	$	228,510	$	252,875	$	46,361	$	48,223	$	575,969
Total securities loaned and other	52,440		395		799		424		54,058

	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
December 31, 2020 (in millions)			Up to 30 days		30 – 90 days				Total
Total securities sold under repurchase agreements	$	238,667	$	230,980	$	70,777	$	37,636	$	578,060
Total securities loaned and other	37,887		1,647		500		1,332		41,366

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Loans (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Loan portfolio segment descriptions

The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class.

Consumer, excluding credit card	Credit card	Wholesale(c)(d)
• Residential real estate(a) • Auto and other(b)	• Credit card loans	• Secured by real estate • Commercial and industrial • Other(e)

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

(b)Includes scored auto and business banking loans and overdrafts.

(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)The wholesale portfolio segment's classes align with loan classifications as defined by the bank regulatory agencies, based on the loan's collateral, purpose, and type of borrower.

(e)Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for more information on SPEs.

Schedule of loans by portfolio segment

The following tables summarize the Firm’s loan balances by portfolio segment.

March 31, 2021	Consumer, excluding credit card		Credit card		Wholesale		Total(a)(b)
(in millions)
Retained	$	302,392	$	131,772	$	514,478	$	948,642
Held-for-sale	1,232		721		9,945		11,898
At fair value	21,284		—		29,483		50,767
Total	$	324,908	$	132,493	$	553,906	$	1,011,307
December 31, 2020	Consumer, excluding credit card		Credit card		Wholesale		Total(a)(b)
(in millions)
Retained	$	302,127	$	143,432	$	514,947	$	960,506
Held-for-sale	1,305		784		5,784		7,873
At fair value	15,147		—		29,327		44,474
Total	$	318,579	$	144,216	$	550,058	$	1,012,853

(a)Excludes $2.9 billion of accrued interest receivables at both March 31, 2021, and December 31, 2020. The Firm wrote off accrued interest receivables of $13 million and $14 million for the three months ended March 31, 2021 and 2020, respectively.

(b)Loans (other than those for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs. These amounts were not material as of March 31, 2021, and December 31, 2020.

The following table provides information about retained consumer loans, excluding credit card, by class.

(in millions)	March 31, 2021		December 31, 2020
Residential real estate	$	219,173	$	225,302
Auto and other(a)	83,219		76,825
Total retained loans	$	302,392	$	302,127

(a)At March 31, 2021 and December 31, 2020, included $23.4 billion and $19.2 billion of loans, respectively, in Business Banking under the PPP.

Schedule of retained loans purchased, sold and reclassified to held-for-sale

The following table provides information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table.

	2021									2020
Three months ended March 31, (in millions)	Consumer, excluding credit card			Credit card		Wholesale		Total		Consumer, excluding credit card			Credit card		Wholesale		Total
Purchases	$	191	(b)(c)	$	—	$	226	$	417	$	1,172	(b)(c)	$	—	$	386	$	1,558
Sales	181			—		5,730		5,911		324			—		5,452		5,776
Retained loans reclassified to held-for-sale(a)	162			—		772		934		148			—		469		617

(a)Reclassifications of loans to held-for-sale are non-cash transactions.

(b)Predominantly includes purchases of residential real estate loans, including the Firm’s voluntary repurchases of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines for the three months ended March 31, 2021 and 2020. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA.

(c)Excludes purchases of retained loans of $7.0 billion and $3.6 billion for the three months ended March 31, 2021 and 2020, respectively, which are predominantly sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards.

Schedule of financing receivable credit quality indicators

The following tables provide information on delinquency, which is the primary credit quality indicator for retained residential real estate loans.

(in millions, except ratios)	March 31, 2021
	Term loans by origination year(d)																		Revolving loans						Total
	2021			2020			2019			2018			2017			Prior to 2017			Within the revolving period			Converted to term loans
Loan delinquency(a)(b)
Current	$	13,779		$	57,109		$	27,264		$	11,868		$	17,387		$	68,061		$	6,165		$	15,542		$	217,175
30–149 days past due	—			5			11			15			12			595			17			193			848
150 or more days past due	—			2			4			8			20			838			16			262			1,150
Total retained loans	$	13,779		$	57,116		$	27,279		$	11,891		$	17,419		$	69,494		$	6,198		$	15,997		$	219,173
% of 30+ days past due to total retained loans(c)	—		%	0.01		%	0.05		%	0.19		%	0.18		%	2.01		%	0.53		%	2.84		%	0.90		%

(in millions, except ratios)	December 31, 2020
	Term loans by origination year(d)																				Revolving loans						Total
	2020				2019			2018			2017			2016			Prior to 2016				Within the revolving period			Converted to term loans
Loan delinquency(a)(b)
Current	$	56,576		(e)	$	31,820		$	13,900		$	20,410		$	27,978		$	49,218		(e)	$	7,370		$	15,792		$	223,064
30–149 days past due	9				25			20			22			29			674				21			245			1,045
150 or more days past due	3				14			10			18			18			844				22			264			1,193
Total retained loans	$	56,588			$	31,859		$	13,930		$	20,450		$	28,025		$	50,736			$	7,413		$	16,301		$	225,302
% of 30+ days past due to total retained loans(c)	0.02		%		0.12		%	0.22		%	0.20		%	0.17		%	2.91		%	(e)	0.58		%	3.12		%	0.98		%

(a)Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $40 million and $36 million; 30–149 days past due included $13 million and $16 million; and 150 or more days past due included $23 million and $24 million at March 31, 2021 and December 31, 2020, respectively.

(b)At March 31, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.

(c)At March 31, 2021 and December 31, 2020, residential real estate loans excluded mortgage loans insured by U.S. government agencies of $36 million and $40 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(d)Includes loans purchased based on the year in which they were originated.

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

The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans.

(in millions, except weighted-average data)	March 31, 2021			December 31, 2020
Nonaccrual loans(a)(b)(c)(d)	$	5,247		$	5,313
90 or more days past due and government guaranteed(e)	30			33
Current estimated LTV ratios(f)(g)
Greater than 125% and refreshed FICO scores:
Equal to or greater than 660	$	19		$	10
Less than 660	14			18
101% to 125% and refreshed FICO scores:
Equal to or greater than 660	105			72
Less than 660	46			65
80% to 100% and refreshed FICO scores:
Equal to or greater than 660	1,482			2,365
Less than 660	286			435
Less than 80% and refreshed FICO scores:
Equal to or greater than 660	204,165			208,457
Less than 660	11,267			12,072
No FICO/LTV available	1,713			1,732
U.S. government-guaranteed	76			76
Total retained loans	$	219,173		$	225,302
Weighted average LTV ratio(f)(h)	53		%	54		%
Weighted average FICO(g)(h)	764			763
Geographic region(i)
California	$	70,787		$	73,444
New York	32,042			32,287
Florida	14,086			13,981
Texas	13,320			13,773
Illinois	12,350			13,130
Colorado	8,085			8,235
Washington	7,687			7,917
New Jersey	6,934			7,227
Massachusetts	5,715			5,784
Connecticut	5,012			5,024
All other(j)	43,155			44,500
Total retained loans	$	219,173		$	225,302

(a)Includes collateral-dependent residential real estate loans that are charged down to the fair value of the underlying collateral less costs to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual TDRs, regardless of their delinquency status. At March 31, 2021, approximately 7% of Chapter 7 residential real estate loans were 30 days or more past due.

(b)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral has subsequently improved, the related allowance may be negative.

(c)Interest income on nonaccrual loans recognized on a cash basis was $45 million and $43 million for the three months ended March 31, 2021 and 2020, respectively.

(d)Generally excludes loans 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 are considered collateral-dependent and charged down to the lower of amortized cost or fair value of the underlying collateral less costs to sell.

(e)These balances are excluded from nonaccrual loans as the loans are guaranteed by U.S government agencies. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. At March 31, 2021 and December 31, 2020, these balances were no longer accruing interest based on the agreed-upon servicing guidelines. There were no loans that were not guaranteed by U.S. government agencies that are 90 or more days past due and still accruing interest at March 31, 2021 and December 31, 2020.

(f)Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.

(g)Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.

(h)Excludes loans with no FICO and/or LTV data available.

(i)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2021.

(j)At both March 31, 2021 and December 31, 2020, included mortgage loans insured by U.S. government agencies of $76 million. These amounts have been excluded from the geographic regions presented based upon the government guarantee.

The following tables provide information on delinquency, which is the primary credit quality indicator for retained auto and other consumer loans.

	March 31, 2021
(in millions, except ratios)	Term Loans by origination year																		Revolving loans
	2021			2020			2019			2018			2017			Prior to 2017			Within the revolving period			Converted to term loans			Total
Loan delinquency(a)
Current	$	17,719	(b)	$	39,161	(b)	$	11,405		$	6,349		$	3,706		$	2,045		$	2,369		$	149		$	82,903
30–119 days past due	32			50			65			47			31			33			21			12			291
120 or more days past due	—			—			—			1			1			1			12			10			25
Total retained loans	$	17,751		$	39,211		$	11,470		$	6,397		$	3,738		$	2,079		$	2,402		$	171		$	83,219
% of 30+ days past due to total retained loans	0.18%			0.13%			0.57		%	0.75		%	0.86		%	1.64		%	1.37		%	12.87		%	0.38		%

	December 31, 2020
(in millions, except ratios)	Term Loans by origination year																		Revolving loans
	2020			2019			2018			2017			2016			Prior to 2016			Within the revolving period			Converted to term loans			Total
Loan delinquency(a)
Current	$	46,169	(c)	$	12,829		$	7,367		$	4,521		$	2,058		$	742		$	2,517		$	158		$	76,361
30–119 days past due	97			107			77			53			42			23			30			17			446
120 or more days past due	—			—			—			1			—			1			8			8			18
Total retained loans	$	46,266		$	12,936		$	7,444		$	4,575		$	2,100		$	766		$	2,555		$	183		$	76,825
% of 30+ days past due to total retained loans	0.21%			0.83		%	1.03		%	1.18		%	2.00		%	3.13		%	1.49		%	13.66		%	0.60		%

(a)At March 31, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.

(b)At March 31, 2021, included $8.7 billion of loans originated in 2021 and $14.7 billion of loans originated in 2020 in Business Banking under the PPP. PPP loans are guaranteed by the SBA. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans.

(c)At December 31, 2020, included $19.2 billion of loans in Business Banking under the PPP.

The following table provides information on nonaccrual and other credit quality indicators for retained auto and other consumer loans.

(in millions, except ratios)	Total Auto and other
	March 31, 2021		December 31, 2020
Nonaccrual loans(a)(b)(c)	135		151
Geographic region(d)
California	$	13,514	$	12,302
New York	10,551		8,824
Texas	8,746		8,235
Florida	5,117		4,668
Illinois	4,003		3,768
New Jersey	2,895		2,646
Arizona	2,619		2,465
Ohio	2,293		2,163
Colorado	2,021		1,910
Pennsylvania	2,004		1,924
All other	29,456		27,920
Total retained loans	$	83,219	$	76,825

(a)There were no loans that were 90 or more days past due and still accruing interest at March 31, 2021 and December 31, 2020.

(b)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral has subsequently improved, the related allowance may be negative.

(c)Interest income on nonaccrual loans recognized on a cash basis was not material for the three months ended March 31, 2021 and 2020.

(d)The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at March 31, 2021.

The following tables provide information on delinquency, which is the primary credit quality indicator for retained credit card loans.

(in millions, except ratios)	March 31, 2021
	Within the revolving period			Converted to term loans(b)			Total
Loan delinquency(a)
Current and less than 30 days past due and still accruing	$	128,749		$	1,178		$	129,927
30–89 days past due and still accruing	714			73			787
90 or more days past due and still accruing	1,018			40			1,058
Total retained loans	$	130,481		$	1,291		$	131,772
Loan delinquency ratios
% of 30+ days past due to total retained loans	1.33		%	8.75		%	1.40		%
% of 90+ days past due to total retained loans	0.78			3.10			0.80

(in millions, except ratios)	December 31, 2020
	Within the revolving period			Converted to term loans(b)			Total
Loan delinquency(a)
Current and less than 30 days past due and still accruing	$	139,783		$	1,239		$	141,022
30–89 days past due and still accruing	997			94			1,091
90 or more days past due and still accruing	1,277			42			1,319
Total retained loans	$	142,057		$	1,375		$	143,432
Loan delinquency ratios
% of 30+ days past due to total retained loans	1.60		%	9.89		%	1.68		%
% of 90+ days past due to total retained loans	0.90			3.05			0.92

(a)At March 31, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.

(b)Represents TDRs.

The following table provides information on other credit quality indicators for retained credit card loans.

(in millions, except ratios)	March 31, 2021			December 31, 2020
Geographic region(a)
California	$	19,266		$	20,921
Texas	13,628			14,544
New York	10,935			11,919
Florida	8,889			9,562
Illinois	7,329			8,006
New Jersey	5,420			5,927
Ohio	4,254			4,673
Pennsylvania	4,036			4,476
Colorado	3,798			4,092
Michigan	3,245			3,553
All other	50,972			55,759
Total retained loans	$	131,772		$	143,432
Percentage of portfolio based on carrying value with estimated refreshed FICO scores
Equal to or greater than 660	86.3		%	85.9		%
Less than 660	13.5			13.9
No FICO available	0.2			0.2

(a)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2021.

The following tables provide information on internal risk rating, which is the primary credit quality indicator for retained wholesale loans.

	Secured by real estate						Commercial and industrial								Other(c)						Total retained loans
(in millions, except ratios)	Mar 31, 2021			Dec 31, 2020			Mar 31, 2021				Dec 31, 2020				Mar 31, 2021			Dec 31, 2020			Mar 31, 2021				Dec 31, 2020
Loans by risk ratings
Investment-grade	$	88,351		$	90,147		$	72,453		(a)	$	71,917		(b)	$	219,023		$	217,209		$	379,827		(a)	$	379,273		(b)
Noninvestment-grade:
Noncriticized	25,929			26,129			54,410				57,870				35,404			33,053			115,743				117,052
Criticized performing	3,756			3,234			11,005				10,991				1,132			1,079			15,893				15,304
Criticized nonaccrual	502			483			1,752				1,931				761			904			3,015				3,318
Total noninvestment- grade	30,187			29,846			67,167				70,792				37,297			35,036			134,651				135,674
Total retained loans	$	118,538		$	119,993		$	139,620			$	142,709			$	256,320		$	252,245		$	514,478			$	514,947
% of investment-grade to total retained loans	74.53		%	75.13		%	51.89		%		50.39		%		85.45		%	86.11		%	73.83		%		73.65		%
% of total criticized to total retained loans	3.59			3.10			9.14				9.05				0.74			0.79			3.68				3.62
% of criticized nonaccrual to total retained loans	0.42			0.40			1.25				1.35				0.30			0.36			0.59				0.64

	Secured by real estate
(in millions)	March 31, 2021
	Term loans by origination year												Revolving loans
	2021		2020		2019		2018		2017		Prior to 2017		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	2,966	$	16,303	$	19,118	$	11,307	$	10,192	$	27,314	$	1,151	$	—	$	88,351
Noninvestment-grade	623		3,403		4,436		4,093		2,810		14,391		430		1		30,187
Total retained loans	$	3,589	$	19,706	$	23,554	$	15,400	$	13,002	$	41,705	$	1,581	$	1	$	118,538

	Secured by real estate
(in millions)	December 31, 2020
	Term loans by origination year												Revolving loans
	2020		2019		2018		2017		2016		Prior to 2016		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	16,560	$	19,575	$	12,192	$	11,017	$	13,439	$	16,266	$	1,098	$	—	$	90,147
Noninvestment-grade	3,327		4,339		4,205		2,916		2,575		11,994		489		1		29,846
Total retained loans	$	19,887	$	23,914	$	16,397	$	13,933	$	16,014	$	28,260	$	1,587	$	1	$	119,993

	Commercial and industrial
(in millions)	March 31, 2021
	Term loans by origination year														Revolving loans
	2021			2020			2019		2018		2017		Prior to 2017		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	8,403	(a)	$	14,857	(a)	$	6,587	$	2,474	$	1,664	$	1,861	$	36,537	$	70	$	72,453
Noninvestment-grade	3,976			11,857			7,082		4,641		1,698		2,745		35,095		73		67,167
Total retained loans	$	12,379		$	26,714		$	13,669	$	7,115	$	3,362	$	4,606	$	71,632	$	143	$	139,620

	Commercial and industrial
(in millions)	December 31, 2020
	Term loans by origination year													Revolving loans
	2020			2019		2018		2017		2016		Prior to 2016		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	21,211	(b)	$	7,304	$	2,934	$	1,748	$	1,032	$	1,263	$	36,424	$	1	$	71,917
Noninvestment-grade	15,060			8,636		5,131		2,104		497		2,439		36,852		73		70,792
Total retained loans	$	36,271		$	15,940	$	8,065	$	3,852	$	1,529	$	3,702	$	73,276	$	74	$	142,709

	Other(c)
(in millions)	March 31, 2021
	Term loans by origination year												Revolving loans
	2021		2020		2019		2018		2017		Prior to 2017		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	8,483	$	25,689	$	8,177	$	5,052	$	5,874	$	16,897	$	148,248	$	603	$	219,023
Noninvestment-grade	3,500		4,179		2,191		1,621		485		1,065		24,132		124		37,297
Total retained loans	$	11,983	$	29,868	$	10,368	$	6,673	$	6,359	$	17,962	$	172,380	$	727	$	256,320

	Other(c)
(in millions)	December 31, 2020
	Term loans by origination year												Revolving loans
	2020		2019		2018		2017		2016		Prior to 2016		Within the revolving period		Converted to term loans		Total
Loans by risk ratings
Investment-grade	$	31,389	$	10,169	$	6,994	$	6,206	$	3,553	$	12,595	$	145,524	$	779	$	217,209
Noninvestment-grade	5,009		2,220		1,641		550		146		636		24,710		124		35,036
Total retained loans	$	36,398	$	12,389	$	8,635	$	6,756	$	3,699	$	13,231	$	170,234	$	903	$	252,245

(a)At March 31, 2021, included $1.2 billion of loans originated in 2021 and $7.7 billion of loans originated in 2020 under the PPP, of which $1.2 billion and $7.1 billion are included in commercial and industrial, respectively. PPP loans are guaranteed by the SBA and considered investment-grade. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans.

(b)At December 31, 2020, included $8.0 billion of loans under the PPP, of which $7.4 billion is included in commercial and industrial.

(c)Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for more information on SPEs.

The following table presents additional information on retained loans secured by real estate, which consists of loans secured wholly or substantially by a lien or liens on real property at origination.

(in millions, except ratios)	Multifamily						Other commercial						Total retained loans secured by real estate
	Mar 31, 2021			Dec 31, 2020			Mar 31, 2021			Dec 31, 2020			Mar 31, 2021			Dec 31, 2020
Retained loans secured by real estate	$	72,194		$	73,078		$	46,344		$	46,915		$	118,538		$	119,993
Criticized	1,560			1,144			2,698			2,573			4,258			3,717
% of total criticized to total retained loans secured by real estate	2.16		%	1.57		%	5.82		%	5.48		%	3.59		%	3.10		%
Criticized nonaccrual	$	70		$	56		$	432		$	427		$	502		$	483
% of criticized nonaccrual loans to total retained loans secured by real estate	0.10		%	0.08		%	0.93		%	0.91		%	0.42		%	0.40		%

Geographic distribution and delinquency

The following table provides information on the geographic distribution and delinquency for retained wholesale loans.

	Secured by real estate				Commercial  and industrial				Other				Total  retained loans
(in millions,  except ratios)	Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020
Loans by geographic distribution(a)
Total U.S.	$	115,451	$	116,990	$	106,309	$	109,273	$	181,272	$	180,583	$	403,032	$	406,846
Total non-U.S.	3,087		3,003		33,311		33,436		75,048		71,662		111,446		108,101
Total retained loans	$	118,538	$	119,993	$	139,620	$	142,709	$	256,320	$	252,245	$	514,478	$	514,947
Loan delinquency(b)
Current and less than 30 days past due and still accruing	$	117,559	$	118,894	$	136,980	$	140,100	$	253,632	$	249,713	$	508,171	$	508,707
30–89 days past due and still accruing	462		601		830		658		1,769		1,606		3,061		2,865
90 or more days past due and still accruing(c)	15		15		58		20		158		22		231		57
Criticized nonaccrual	502		483		1,752		1,931		761		904		3,015		3,318
Total retained loans	$	118,538	$	119,993	$	139,620	$	142,709	$	256,320	$	252,245	$	514,478	$	514,947

(a)The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower.

(b)The credit quality of wholesale loans is assessed primarily through ongoing review and monitoring of an obligor’s ability to meet contractual obligations rather than relying on the past due status, which is generally a lagging indicator of credit quality. Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic. 

(c)Represents loans that are considered well-collateralized and therefore still accruing interest.

The following table provides information about net charge-offs on retained wholesale loans.

Wholesale net charge-offs/(recoveries)	Secured by real estate				Commercial  and industrial				Other				Total  retained loans
Three months ended March 31, (in millions)	2021		2020		2021		2020		2021		2020		2021		2020
Net charge-offs/(recoveries)	$	—	$	—	$	50	$	168	$	3	$	(6)	$	53	$	162

Troubled debt restructuring on financing receivables nature and extent of modifications

The following table provides information about how residential real estate loans were modified in TDRs under the Firm’s loss mitigation programs described above during the periods presented. This table excludes Chapter 7 loans where the sole concession granted is the discharge of debt, loans with short-term or other insignificant modifications that are not considered concessions, and loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act.

	Three months ended March 31,
	2021		2020
Number of loans approved for a trial modification	1,401		1,996
Number of loans permanently modified	1,714		1,481
Concession granted:(a)
Interest rate reduction	72	%	79	%
Term or payment extension	40		81
Principal and/or interest deferred	31		11
Principal forgiveness	4		4
Other(b)	51		55

(a)Represents concessions granted in permanent modifications as a percentage of the number of loans permanently modified. The sum of the percentages exceeds 100% because predominantly all of the modifications include more than one type of concession. Concessions offered on trial modifications are generally consistent with those granted on permanent modifications.

(b)Includes variable interest rate to fixed interest rate modifications and payment delays that meet the definition of a TDR.

Troubled debt restructuring on financing receivables, financial effects of modifications and re-defaults

The following table provides information about the financial effects of the various concessions granted in modifications of residential real estate loans under the loss mitigation programs described above and about redefaults of certain loans modified in TDRs for the periods presented. The following table presents only the financial effects of permanent modifications and do not include temporary concessions offered through trial modifications. This table also excludes Chapter 7 loans where the sole concession granted is the discharge of debt, loans with short-term or other insignificant modifications that are not considered concessions, and loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act.

(in millions, except weighted-average data)	Three months ended March 31,
	2021			2020
Weighted-average interest rate of loans with interest rate reductions – before TDR	4.57		%	5.20		%
Weighted-average interest rate of loans with interest rate reductions – after TDR	2.91			3.48
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR	24			22
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR	39			39
Charge-offs recognized upon permanent modification	$	—		$	—
Principal deferred	12			5
Principal forgiven	1			2
Balance of loans that redefaulted within one year of permanent modification(a)	$	24		$	70

(a)Represents loans permanently modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The dollar amounts presented represent the balance of such loans at the end of the reporting period in which such loans defaulted. For residential real estate loans modified in TDRs, payment default is deemed to occur when the loan becomes two contractual payments past due. In the event that a modified loan redefaults, it will generally be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last twelve months may not be representative of ultimate redefault levels.

The following table provides information about the financial effects of the concessions granted on credit card loans modified in TDRs and redefaults for the periods presented. For all periods disclosed, new enrollments were less than 1% of total retained credit card loans.

(in millions, except weighted-average data)	Three months ended March 31,
	2021			2020
Balance of new TDRs(a)	$	143		$	277
Weighted-average interest rate of loans – before TDR	17.74		%	18.82		%
Weighted-average interest rate of loans – after TDR	5.23			4.02
Balance of loans that redefaulted within one year of modification(b)	$	19		$	36

(a)Represents the outstanding balance prior to modification.

(b)Represents loans modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The amounts presented represent the balance of such loans as of the end of the quarter in which they defaulted.

Schedule of nonaccrual loans

The following table provides information on retained wholesale nonaccrual loans.

(in millions)	Secured by real estate				Commercial and industrial				Other				Total retained loans
	Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020
Nonaccrual loans(a)
With an allowance	$	398	$	351	$	1,329	$	1,667	$	544	$	800	$	2,271	$	2,818
Without an allowance(b)	104		132		423		264		217		104		744		500
Total nonaccrual loans(c)	$	502	$	483	$	1,752	$	1,931	$	761	$	904	$	3,015	$	3,318

(a)Loans that were modified in response to the COVID-19 pandemic continue to be risk-rated in accordance with the Firm’s overall credit risk management framework. As of March 31, 2021, predominantly all of these loans were considered performing.

(b)When the discounted cash flows or collateral value equals or exceeds the amortized cost of the loan, the loan does not require an allowance. This typically occurs when the loans have been partially charged off and/or there have been interest payments received and applied to the loan balance.

(c)Interest income on nonaccrual loans recognized on a cash basis was not material for the three months ended March 31, 2021 and 2020.

XML

Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2021

Credit Loss [Abstract]

Allowance for credit losses on financing receivables

The table below summarizes information about the allowances for loan losses and lending-related commitments, and includes a breakdown of loans and lending-related commitments by impairment methodology. Refer to Note 10 of JPMorgan Chase’s 2020 Form 10-K for further information on the allowance for credit losses on investment securities.

	2021(d)								2020(d)
Three months ended March 31, (in millions)	Consumer, excluding credit card		Credit card		Wholesale		Total		Consumer, excluding credit card		Credit card		Wholesale		Total
Allowance for loan losses
Beginning balance at January 1,	$	3,636	$	17,800	$	6,892	$	28,328	$	2,538	$	5,683	$	4,902	$	13,123
Cumulative effect of a change in accounting principle	NA		NA		NA		NA		297		5,517		(1,642)		4,172
Gross charge-offs	166		1,214		88		1,468		233		1,488		181		1,902
Gross recoveries collected	(145)		(231)		(35)		(411)		(239)		(175)		(19)		(433)
Net charge-offs/(recoveries)	21		983		53		1,057		(6)		1,313		162		1,469
Provision for loan losses	(932)		(2,517)		(830)		(4,279)		613		5,063		1,742		7,418
Other	(1)		—		10		9		—		—		—		—
Ending balance at March 31,	$	2,682	$	14,300	$	6,019	$	23,001	$	3,454	$	14,950	$	4,840	$	23,244
Allowance for lending-related commitments
Beginning balance at January 1,	$	187	$	—	$	2,222	$	2,409	$	12	$	—	$	1,179	$	1,191
Cumulative effect of a change in accounting principle	NA		NA		NA		NA		133		—		(35)		98
Provision for lending-related commitments	(52)		—		159		107		6		—		852		858
Other	—		—		—		—		—		—		—		—
Ending balance at March 31,	$	135	$	—	$	2,381	$	2,516	$	151	$	—	$	1,996	$	2,147
Total allowance for credit losses	$	2,817	$	14,300	$	8,400	$	25,517	$	3,605	$	14,950	$	6,836	$	25,391
Allowance for loan losses by impairment methodology
Asset-specific(a)	$	(348)	$	522	$	529	$	703	$	223	$	530	$	556	$	1,309
Portfolio-based	3,030		13,778		5,490		22,298		3,231		14,420		4,284		21,935
Total allowance for loan losses	$	2,682	$	14,300	$	6,019	$	23,001	$	3,454	$	14,950	$	4,840	$	23,244
Loans by impairment methodology
Asset-specific(a)	$	16,008	$	1,291	$	3,394	$	20,693	$	17,036	$	1,505	$	2,021	$	20,562
Portfolio-based	286,384		130,481		511,084		927,949		276,743		152,516		553,268		982,527
Total retained loans	$	302,392	$	131,772	$	514,478	$	948,642	$	293,779	$	154,021	$	555,289	$	1,003,089
Collateral-dependent loans
Net charge-offs	$	20	$	—	$	2	$	22	$	29	$	—	$	17	$	46
Loans measured at fair value of collateral less cost to sell	4,790		—		354		5,144		2,941		—		94		3,035
Allowance for lending-related commitments by impairment methodology
Asset-specific	$	—	$	—	$	144	$	144	$	—	$	—	$	187	$	187
Portfolio-based	135		—		2,237		2,372		151		—		1,809		1,960
Total allowance for lending-related commitments(b)	$	135	$	—	$	2,381	$	2,516	$	151	$	—	$	1,996	$	2,147
Lending-related commitments by impairment methodology
Asset-specific	$	—	$	—	$	800	$	800	$	—	$	—	$	619	$	619
Portfolio-based(c)	34,468		—		440,830		475,298		33,498		—		338,580		372,078
Total lending-related commitments	$	34,468	$	—	$	441,630	$	476,098	$	33,498	$	—	$	339,199	$	372,697

(a)Includes collateral dependent loans, including those considered TDRs and those for which foreclosure is deemed probable, modified PCD loans and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a TDR. Also includes risk-rated loans that have been placed on nonaccrual status for the wholesale portfolio segment. The asset-specific credit card allowance for loans modified, or reasonably expected to be modified, in a TDR is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.

(b)The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets.

(c)At March 31, 2021 and 2020, lending-related commitments excluded $21.8 billion and $8.0 billion, respectively, for the consumer, excluding credit card portfolio segment; $674.4 billion and $681.4 billion, respectively, for the credit card portfolio segment; and $39.6 billion and $24.0 billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments.

(d)Excludes the allowance for credit losses on HTM securities. The allowance for credit losses on HTM securities was $94 million and $19 million as of March 31, 2021 and 2020, respectively.

U.S. unemployment rates and cumulative change in U.S. real GDP

The Firm’s central case assumptions reflected U.S. unemployment rates and U.S. real GDP as follows:

	Assumptions at March 31, 2021
	2Q21		4Q21		2Q22
U.S. unemployment rate(a)	5.7	%	4.8	%	4.3	%
Cumulative change in U.S. real GDP from 12/31/2019	0.2	%	2.7	%	4.3	%
	Assumptions at December 31, 2020
	2Q21		4Q21		2Q22
U.S. unemployment rate(a)	6.8	%	5.7	%	5.1	%
Cumulative change in U.S. real GDP from 12/31/2019	(1.9)	%	0.6	%	2.0	%

(a)Reflects quarterly average of forecasted U.S. unemployment rate.

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Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2021

Variable Interest Entities [Abstract]

Schedule of significant types of variable interest entities by business segment

The following table summarizes the most significant types of Firm-sponsored VIEs by business segment.

Line of Business	Transaction Type	Activity	Form 10-Q page references
CCB	Credit card securitization trusts	Securitization of originated credit card receivables	137
	Mortgage securitization trusts	Servicing and securitization of both originated and purchased residential mortgages	137-139
CIB	Mortgage and other securitization trusts	Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans	137-139
	Multi-seller conduits	Assist clients in accessing the financial markets in a cost-efficient manner and structures transactions to meet investor needs	139
	Municipal bond vehicles	Financing of municipal bond investments	139

Firm-sponsored mortgage and other consumer securitization trusts

The following table presents the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules), recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. The

Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests. Refer to Securitization activity on page 141 of this Note for further information regarding the Firm’s cash flows associated with and interests retained in nonconsolidated VIEs, and pages 141-142 of this Note for information on the Firm’s loan sales and securitization activity related to U.S. GSEs and government agencies.

	Principal amount outstanding						JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
March 31, 2021 (in millions)	Total assets held by securitization VIEs		Assets held in consolidated securitization VIEs		Assets held in nonconsolidated securitization VIEs with continuing involvement		Trading assets		Investment securities		Other financial assets		Total interests held by JPMorgan Chase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs	$	49,200	$	1,502	$	39,678	$	484	$	581	$	—	$	1,065
Subprime	12,427		146		11,602		6		—		—		6
Commercial and other(b)	121,213		—		86,649		741		1,780		278		2,799
Total	$	182,840	$	1,648	$	137,929	$	1,231	$	2,361	$	278	$	3,870

	Principal amount outstanding						JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
December 31, 2020 (in millions)	Total assets held by securitization VIEs		Assets held in consolidated securitization VIEs		Assets held in nonconsolidated securitization VIEs with continuing involvement		Trading assets		Investment securities		Other financial assets		Total interests held by JPMorgan Chase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs	$	49,644	$	1,693	$	41,265	$	574	$	724	$	—	$	1,298
Subprime	12,896		46		12,154		9		—		—		9
Commercial and other(b)	119,732		—		92,351		955		1,549		262		2,766
Total	$	182,272	$	1,739	$	145,770	$	1,538	$	2,273	$	262	$	4,073

(a)Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored. Refer to pages 141-142 of this Note for information on the Firm’s loan sales and securitization activity related to U.S. GSEs and government agencies.

(b)Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables purchased from third parties.

(c)Excludes the following: retained servicing; securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities; senior and subordinated securities of $74 million and $39 million, respectively, at March 31, 2021, and $105 million and $40 million, respectively, at December 31, 2020, which the Firm purchased in connection with CIB’s secondary market-making activities.

(d)Includes interests held in re-securitization transactions.

(e)As of March 31, 2021, and December 31, 2020, 74% and 73%, respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $1.0 billion and $1.3 billion of investment-grade retained interests, and $33 million and $41 million of noninvestment-grade retained interests at March 31, 2021, and December 31, 2020, respectively. The retained interests in commercial and other securitization trusts consisted of $2.0 billion of investment-grade retained interests, and $753 million of noninvestment-grade retained interests at both March 31, 2021 and December 31, 2020.

Schedule of re-securitizations

The following table presents the principal amount of securities transferred to re-securitization VIEs.

	Three months ended March 31,
(in millions)	2021		2020
Transfers of securities to VIEs
U.S. GSEs and government agencies	$	13,105	$	2,717

The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs.

	Nonconsolidated re-securitization VIEs
(in millions)	March 31, 2021		December 31, 2020
U.S. GSEs and government agencies
Interest in VIEs	$	2,530	$	2,631

Information on assets and liabilities related to VIEs that are consolidated by the Firm

The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of March 31, 2021, and December 31, 2020.

	Assets									Liabilities
March 31, 2021 (in millions)	Trading assets		Loans			Other(c)		Total assets(d)		Beneficial interests in VIE assets(e)		Other(f)		Total liabilities
VIE program type
Firm-sponsored credit card trusts	$	—	$	10,716		$	133	$	10,849	$	4,319	$	2	$	4,321
Firm-administered multi-seller conduits	3		19,642			187		19,832		9,030		34		9,064
Municipal bond vehicles	1,989		—			4		1,993		1,958		—		1,958
Mortgage securitization entities(a)	—		1,520			102		1,622		305		102		407
Other	2		1,631		(b)	275		1,908		59		101		160
Total	$	1,994	$	33,509		$	701	$	36,204	$	15,671	$	239	$	15,910
	Assets									Liabilities
December 31, 2020 (in millions)	Trading assets		Loans			Other(c)		Total assets(d)		Beneficial interests in VIE assets(e)		Other(f)		Total liabilities
VIE program type
Firm-sponsored credit card trusts	$	—	$	11,962		$	148	$	12,110	$	4,943	$	3	$	4,946
Firm-administered multi-seller conduits	2		23,787			188		23,977		10,523		33		10,556
Municipal bond vehicles	1,930		—			2		1,932		1,902		—		1,902
Mortgage securitization entities(a)	—		1,694			94		1,788		210		108		318
Other	2		176			249		427		—		89		89
Total	$	1,934	$	37,619		$	681	$	40,234	$	17,578	$	233	$	17,811

(a)Includes residential and commercial mortgage securitizations.

(b)Includes $1.2 billion of purchased auto loan securitizations in CIB.

(c)Includes assets classified as cash and other assets on the Consolidated balance sheets.

(d)The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation.

(e)The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item on the Consolidated balance sheets titled, “Beneficial interests issued by consolidated variable interest entities.” The holders of these beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. Included in beneficial interests in VIE assets are long-term beneficial interests of $4.7 billion and $5.2 billion at March 31, 2021, and December 31, 2020, respectively.

(f)Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets.

Securitization activities

The following table provides information related to the Firm’s securitization activities for the three months ended March 31, 2021 and 2020, related to assets held in Firm-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization.

	Three months ended March 31,
	2021				2020
(in millions)	Residential mortgage(d)		Commercial and other(e)		Residential mortgage(d)		Commercial and other(e)
Principal securitized	$	4,077	$	1,912	$	3,064	$	3,188
All cash flows during the period:(a)
Proceeds received from loan sales as financial instruments(b)(c)	$	4,234	$	1,970	$	3,136	$	3,273
Servicing fees collected	41		—		62		—
Cash flows received on interests	183		52		117		29

(a)Excludes re-securitization transactions.

(b)Predominantly includes Level 2 assets.

(c)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.

(d)Represents prime mortgages. Excludes loan securitization activity related to U.S. GSEs and government agencies.

(e)Includes commercial mortgage and other consumer loans.

Summary of loan sale activities

The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines.

	Three months ended March 31,
(in millions)	2021		2020
Carrying value of loans sold	$	23,147	$	24,935
Proceeds received from loan sales as cash	16		9
Proceeds from loan sales as securities(a)(b)	22,749		24,663
Total proceeds received from loan sales(c)	$	22,765	$	24,672
Gains/(losses) on loan sales(d)(e)	$	4	$	4

(a)Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s investment securities portfolio.

(b)Included in level 2 assets.

(c)Excludes the value of MSRs retained upon the sale of loans.

(d)Gains/(losses) on loan sales include the value of MSRs.

(e)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.

Schedule options to repurchase delinquent loans

The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of March 31, 2021 and December 31, 2020. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies.

(in millions)	Mar 31, 2021		Dec 31, 2020
Loans repurchased or option to repurchase(a)	$	1,332	$	1,413
Real estate owned	8		9
Foreclosed government-guaranteed residential mortgage loans(b)	55		64

(a)Predominantly all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools.

(b)Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable.

Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets

The table below includes information about components of and delinquencies related to nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement as of March 31, 2021, and December 31, 2020.

									Net liquidation losses
	Securitized assets				90 days past due				Three months ended March 31,
(in millions)	Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020		2021		2020
Securitized loans
Residential mortgage:
Prime / Alt-A & option ARMs	$	39,678	$	41,265	$	4,414	$	4,988	$	12	$	99
Subprime	11,602		12,154		2,231		2,406		18		86
Commercial and other	86,649		92,351		4,753		5,958		21		10
Total loans securitized	$	137,929	$	145,770	$	11,398	$	13,352	$	51	$	195

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Goodwill and Mortgage Servicing Rights (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill attributed to the business segments

The following table presents goodwill attributed to the business segments.

(in millions)	March 31, 2021		December 31, 2020
Consumer & Community Banking	$	31,326	$	31,311
Corporate & Investment Bank	7,912		7,913
Commercial Banking	2,985		2,985
Asset & Wealth Management	7,020		7,039
Total goodwill	$	49,243	$	49,248

The following table presents changes in the carrying amount of goodwill.

	Three months ended March 31,
(in millions)	2021			2020
Balance at beginning of period	$	49,248		$	47,823
Changes during the period from:
Other	(5)		(a)	(23)		(b)
Balance at March 31,	$	49,243		$	47,800

(a)Includes adjustments to goodwill related to the prior period acquisitions of cxLoyalty in CCB and 55ip in AWM during the fourth quarter of 2020. Refer to Note 15 of JPMorgan Chase’s 2020 Form 10-K for additional information on these acquisitions.

(b)Primarily foreign currency adjustments.

Mortgage servicing rights activity

The following table summarizes MSR activity for the three months ended March 31, 2021 and 2020.

	As of or for the three months ended March 31,
(in millions, except where otherwise noted)	2021		2020
Fair value at beginning of period	$	3,276	$	4,699
MSR activity:
Originations of MSRs	404		271
Purchase of MSRs	179		2
Disposition of MSRs(a)	1		(75)
Net additions/(dispositions)	584		198
Changes due to collection/realization of expected cash flows	(187)		(248)
Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other(b)	836		(1,370)
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service)	(24)		(1)
Discount rates	—		—
Prepayment model changes and other(c)	(15)		(11)
Total changes in valuation due to other inputs and assumptions	(39)		(12)
Total changes in valuation due to inputs and assumptions	797		(1,382)
Fair value at March 31,	$	4,470	$	3,267
Changes in unrealized gains/(losses) included in income related to MSRs held at March 31,	$	797	$	(1,382)
Contractual service fees, late fees and other ancillary fees included in income	291		364
Third-party mortgage loans serviced at March 31, (in billions)	444		506
Servicer advances, net of an allowance for uncollectible amounts, at March 31, (in billions)(d)	1.8		1.7

(a)Includes excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage backed securities (“SMBS”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired the remaining balance of those SMBS as trading securities.

(b)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.

(c)Represents changes in prepayments other than those attributable to changes in market interest rates.

(d)Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements.

Mortgage fees and related income

The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three months ended March 31, 2021 and 2020.

	Three months ended March 31,
(in millions)	2021		2020
CCB mortgage fees and related income
Production revenue	$	757	$	319
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue	248		339
Changes in MSR asset fair value due to collection/realization of expected cash flows	(187)		(248)
Total operating revenue	61		91
Risk management:
Changes in MSR asset fair value due to market interest rates and other(a)	836		(1,370)
Other changes in MSR asset fair value due to other inputs and assumptions in model(b)	(39)		(12)
Changes in derivative fair value and other	(912)		1,292
Total risk management	(115)		(90)
Total net mortgage servicing revenue	(54)		1
Total CCB mortgage fees and related income	703		320
All other	1		—
Mortgage fees and related income	$	704	$	320

(a)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.

(b)Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).

Key economic assumptions used to determine FV of MSRs

The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at March 31, 2021, and December 31, 2020, and outlines hypothetical sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.

(in millions, except rates)	Mar 31, 2021			Dec 31, 2020
Weighted-average prepayment speed assumption (constant prepayment rate)	10.28		%	14.90		%
Impact on fair value of 10% adverse change	$	(195)		$	(206)
Impact on fair value of 20% adverse change	(375)			(392)
Weighted-average option adjusted spread(a)	6.65		%	7.19		%
Impact on fair value of a 100 basis point adverse change	$	(197)		$	(134)
Impact on fair value of a 200 basis point adverse change	(379)			(258)

(a)Includes the impact of operational risk and regulatory capital.

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Deposits (Tables)

3 Months Ended

Mar. 31, 2021

Deposits [Abstract]

Noninterest-bearing and interest-bearing deposits

At March 31, 2021, and December 31, 2020, noninterest-bearing and interest-bearing deposits were as follows.

(in millions)	March 31, 2021		December 31, 2020
U.S. offices
Noninterest-bearing (included $9,436 and $9,873 at fair value)(a)	$	629,139	$	572,711
Interest-bearing (included $2,579 and $2,567 at fair value)(a)	1,266,856		1,197,032
Total deposits in U.S. offices	1,895,995		1,769,743
Non-U.S. offices
Noninterest-bearing (included $1,761 and $1,486 at fair value)(a)	22,661		23,435
Interest-bearing (included $331 and $558 at fair value)(a)	359,456		351,079
Total deposits in non-U.S. offices	382,117		374,514
Total deposits	$	2,278,112	$	2,144,257

(a)Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further information.

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Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of information related to operating leases

The following table provides information related to the Firm’s operating leases:

(in millions)	March 31, 2021		December 31, 2020
Right-of-use assets	$	7,938	$	8,006
Lease liabilities	8,421		8,508

Schedule of operating lease income and related depreciation expense

The following table presents the Firm’s operating lease income, included within other income, and the related depreciation expense, included within technology, communications and equipment expense, on the Consolidated statements of income:

	Three months ended March 31,
(in millions)	2021		2020
Operating lease income	$	1,325	$	1,413
Depreciation expense	934		1,140

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Preferred Stock (Tables)

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of stock by class

The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of March 31, 2021 and December 31, 2020, and the quarterly dividend declarations for the three months ended March 31, 2021 and 2020.

	Shares		Carrying value  (in millions)					Contractual rate in effect at March 31, 2021		Earliest redemption date	Floating annualized rate of three-month LIBOR/ Term SOFR plus:	Dividend declared per share
	March 31, 2021	December 31, 2020	March 31, 2021		December 31, 2020		Issue date					Three months ended March 31,
												2021	2020
Fixed-rate:
Series Y	—	—	$	—	$	—	2/12/2015	—	%	3/1/2020	NA	$—	$153.13
Series AA	142,500	142,500	1,425		1,425		6/4/2015	6.100		9/1/2020	NA	152.50	152.50
Series BB	115,000	115,000	1,150		1,150		7/29/2015	6.150		9/1/2020	NA	153.75	153.75
Series DD	169,625	169,625	1,696		1,696		9/21/2018	5.750		12/1/2023	NA	143.75	143.75
Series EE	185,000	185,000	1,850		1,850		1/24/2019	6.000		3/1/2024	NA	150.00	150.00
Series GG	90,000	90,000	900		900		11/7/2019	4.750		12/1/2024	NA	118.75	150.42	(a)
Series JJ	150,000	—	1,500		—		3/17/2021	4.550		6/1/2026	NA	NA	NA	(b)
Fixed-to-floating-rate:
Series I	293,375	293,375	$	2,934	$	2,934	4/23/2008	LIBOR + 3.47%		4/30/2018	LIBOR + 3.47%	$93.06	$132.44
Series Q	150,000	150,000	1,500		1,500		4/23/2013	5.150		5/1/2023	LIBOR + 3.25	128.75	128.75
Series R	150,000	150,000	1,500		1,500		7/29/2013	6.000		8/1/2023	LIBOR + 3.30	150.00	150.00
Series S	200,000	200,000	2,000		2,000		1/22/2014	6.750		2/1/2024	LIBOR + 3.78	168.75	168.75
Series U	100,000	100,000	1,000		1,000		3/10/2014	6.125		4/30/2024	LIBOR + 3.33	153.13	153.13
Series V	250,000	250,000	2,500		2,500		6/9/2014	LIBOR + 3.32%		7/1/2019	LIBOR + 3.32	85.97	130.73
Series X	160,000	160,000	1,600		1,600		9/23/2014	6.100		10/1/2024	LIBOR + 3.33	152.50	152.50
Series Z	200,000	200,000	2,000		2,000		4/21/2015	LIBOR + 3.80%		5/1/2020	LIBOR + 3.80	101.24	132.50	(c)
Series CC	125,750	125,750	1,258		1,258		10/20/2017	4.625		11/1/2022	LIBOR + 2.58	115.63	115.63
Series FF	225,000	225,000	2,250		2,250		7/31/2019	5.000		8/1/2024	SOFR + 3.38	125.00	125.00
Series HH	300,000	300,000	3,000		3,000		1/23/2020	4.600		2/1/2025	SOFR + 3.125	115.00	125.22	(d)
Series II	150,000	150,000	1,500		1,500		2/24/2020	4.000		4/1/2025	SOFR + 2.745	100.00	NA	(e)
Total preferred stock	3,156,250	3,006,250	$	31,563	$	30,063

(a)Dividends in the amount of $150.42 per share were declared on January 8, 2020 and include dividends from the original issue date of November 7, 2019 through February 29, 2020.

(b)No dividends were declared for Series JJ from the original issue date of March 17, 2021 through March 31, 2021.

(c)The dividend rate for Series Z preferred stock became floating and payable quarterly starting on May 1, 2020; prior to which the dividend rate was fixed at 5.3% or $265.00 per share payable semi annually.

(d)Dividends in the amount of $125.22 per share were declared on March 13, 2020 and include dividends from the original issue date of January 23, 2020 through April 30, 2020.

(e)No dividends were declared for Series II from the original issue date of February 24, 2020 through March 31, 2020.

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Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of earnings per share basic and diluted

The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2021 and 2020.

(in millions, except per share amounts)	Three months ended March 31,
	2021		2020
Basic earnings per share
Net income	$	14,300	$	2,865
Less: Preferred stock dividends	379		421
Net income applicable to common equity	13,921		2,444
Less: Dividends and undistributed earnings allocated to participating securities	70		13
Net income applicable to common stockholders	$	13,851	$	2,431
Total weighted-average basic shares   outstanding	3,073.5		3,095.8
Net income per share	$	4.51	$	0.79
Diluted earnings per share
Net income applicable to common stockholders	$	13,851	$	2,431
Total weighted-average basic shares   outstanding	3,073.5		3,095.8
Add: Dilutive impact of SARs and employee stock options, unvested PSUs and nondividend-earning RSUs	5.4		4.9
Total weighted-average diluted shares outstanding	3,078.9		3,100.7
Net income per share	$	4.50	$	0.78

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Accumulated Other Comprehensive Income/(Loss) (Tables)

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated other comprehensive income/(loss)

AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net loss and prior service costs/(credit) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA).

As of or for the three months ended March 31, 2021 (in millions)	Unrealized gains/(losses) on investment securities			Translation adjustments, net of hedges			Fair value hedges		Cash flow hedges			Defined benefit pension and OPEB plans			DVA on fair value option elected liabilities			Accumulated other comprehensive income/(loss)
Balance at January 1, 2021	$	8,180			$	(473)	$	(112)		$	2,383		$	(1,132)		$	(860)		$	7,986
Net change	(4,339)				(250)		(28)			(2,249)			68			(147)			(6,945)
Balance at March 31, 2021	$	3,841	(a)		$	(723)	$	(140)		$	134		$	(1,064)		$	(1,007)		$	1,041
As of or for the three months ended March 31, 2020 (in millions)	Unrealized gains/(losses) on investment securities			Translation adjustments, net of hedges			Fair value hedges		Cash flow hedges			Defined benefit pension and OPEB plans			DVA on fair value option elected liabilities			Accumulated other comprehensive income/(loss)
Balance at January 1, 2020	$	4,057			$	(707)	$	(131)		$	63		$	(1,344)		$	(369)		$	1,569
Net change	1,119				(330)		88			2,465			33			2,474			5,849
Balance at March 31, 2020	$	5,176	(a)		$	(1,037)	$	(43)		$	2,528		$	(1,311)		$	2,105		$	7,418

(a)As of March 31, 2021 and 2020, includes after-tax net unamortized unrealized gains of $2.9 billion and $737 million related to AFS securities that have been transferred to HTM, respectively. Refer to Note 10 of JPMorgan Chase's 2020 Form 10-K for further information.

Changes of the components of accumulated other comprehensive income (loss)

The following table presents the pre-tax and after-tax changes in the components of OCI.

	2021						2020
Three months ended March 31, (in millions)	Pre-tax		Tax effect		After-tax		Pre-tax		Tax effect		After-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period	$	(5,693)	$	1,365	$	(4,328)	$	1,709	$	(413)	$	1,296
Reclassification adjustment for realized (gains)/losses included in net income(a)	(14)		3		(11)		(233)		56		(177)
Net change	(5,707)		1,368		(4,339)		1,476		(357)		1,119
Translation adjustments:
Translation	(1,200)		39		(1,161)		(1,592)		55		(1,537)
Hedges	1,200		(289)		911		1,589		(382)		1,207
Net change	—		(250)		(250)		(3)		(327)		(330)
Fair value hedges, net change(b):	(37)		9		(28)		115		(27)		88
Cash flow hedges:
Net unrealized gains/(losses) arising during the period	(2,695)		647		(2,048)		3,251		(780)		2,471
Reclassification adjustment for realized (gains)/losses included in net income(c)	(264)		63		(201)		(8)		2		(6)
Net change	(2,959)		710		(2,249)		3,243		(778)		2,465
Defined benefit pension and OPEB plans, net change:	91		(23)		68		45		(12)		33
DVA on fair value option elected liabilities, net change:	(189)		42		(147)		3,255		(781)		2,474
Total other comprehensive income/(loss)	$	(8,801)	$	1,856	$	(6,945)	$	8,131	$	(2,282)	$	5,849

(a)The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income.

(b)Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross currency swaps.

(c)The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income.

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Restricted Cash and Other Restricted Assets (Tables)

3 Months Ended

Mar. 31, 2021

Cash and Cash Equivalents [Abstract]

Components of restricted cash

The following table presents the components of the Firm’s restricted cash:

(in billions)	March 31, 2021		December 31, 2020
Segregated for the benefit of securities and cleared derivative customers	15.7		19.3
Cash reserves at non-U.S. central banks and held for other general purposes	5.4		5.1
Total restricted cash(a)	$	21.1	$	24.4

(a)Comprises $19.6 billion and $22.7 billion in deposits with banks, and $1.5 billion and $1.7 billion in cash and due from banks on the Consolidated balance sheet as of March 31, 2021 and December 31, 2020, respectively.

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Regulatory Capital (Tables)

3 Months Ended

Mar. 31, 2021

Banking Regulation [Abstract]

Reconciliation of the Firm's regulatory capital, assets and risk-based capital ratios

The following table presents the minimum and well-capitalized ratios to which the Firm and its IDI subsidiaries were subject as of March 31, 2021 and December 31, 2020.

	Standardized Minimum capital ratios				Advanced Minimum capital ratios				Well-capitalized ratios
	BHC(a)		IDI(c)		BHC(a)(b)		IDI(b)(c)		BHC(d)		IDI(e)
Capital ratios
CET1 capital	11.3	%	7.0	%	10.5	%	7.0	%	NA		6.5	%
Tier 1 capital	12.8		8.5		12.0		8.5		6.0	%	8.0
Total capital	14.8		10.5		14.0		10.5		10.0		10.0
Tier 1 leverage	4.0		4.0		4.0		4.0		NA		5.0
SLR	NA		NA		5.0		6.0		NA		6.0

Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and its IDI subsidiaries are subject.

(a)Represents the minimum capital ratios applicable to the Firm. The CET1, Tier 1 and Total capital minimum capital ratios each include a respective minimum requirement plus a GSIB surcharge of 3.5% as calculated under Method 2; plus a 3.3% SCB for Basel III Standardized ratios and a fixed 2.5% capital conservation buffer for Basel III Advanced ratios. The countercyclical buffer is currently set to 0% by the federal banking agencies.

(b)Represents minimum SLR requirement of 3.0%, as well as supplementary leverage buffer requirements of 2.0% and 3.0% for BHC and IDI subsidiaries, respectively.

(c)Represents requirements for JPMorgan Chase’s IDI subsidiaries. The CET1, Tier 1 and Total capital minimum capital ratios include a fixed capital conservation buffer requirement of 2.5% that is applicable to the IDI subsidiaries. The IDI subsidiaries are not subject to the GSIB surcharge.

(d)Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve.

(e)Represents requirements for IDI subsidiaries pursuant to regulations issued under the FDIC Improvement Act.

The following tables present the risk-based and leverage-based capital metrics for JPMorgan Chase and JPMorgan Chase Bank, N.A. under both the Basel III Standardized and Basel III Advanced Approaches. As of March 31, 2021 and December 31, 2020, JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject.

March 31, 2021 (in millions, except ratios)	Basel III Standardized						Basel III Advanced
	JPMorgan Chase & Co.(c)			JPMorgan Chase Bank, N.A.(c)			JPMorgan Chase & Co.(c)			JPMorgan Chase Bank, N.A.(c)
Risk-based capital metrics:
CET1 capital	$	206,078		$	242,464		$	206,078		$	242,464
Tier 1 capital	237,333			242,466			237,333			242,466
Total capital	271,407			260,288			258,635			247,867
Risk-weighted assets	1,577,007			1,503,158			1,503,828			1,361,577
CET1 capital ratio	13.1		%	16.1		%	13.7		%	17.8		%
Tier 1 capital ratio	15.0			16.1			15.8			17.8
Total capital ratio	17.2			17.3			17.2			18.2
Leverage-based capital metrics:
Adjusted average assets(a)	$	3,565,545		$	3,120,770		$	3,565,545		$	3,120,770
Tier 1 leverage ratio	6.7		%	7.8		%	6.7		%	7.8		%
Total leverage exposure(b)	NA			NA			$	3,522,629		$	3,867,720
SLR(b)	NA			NA			6.7		%	6.3		%

December 31, 2020 (in millions, except ratios)	Basel III Standardized						Basel III Advanced
	JPMorgan Chase & Co.(c)			JPMorgan Chase Bank, N.A.(c)			JPMorgan Chase & Co.(c)			JPMorgan Chase Bank, N.A.(c)
Risk-based capital metrics:
CET1 capital	$	205,078		$	234,235		$	205,078		$	234,235
Tier 1 capital	234,844			234,237			234,844			234,237
Total capital	269,923			252,045			257,228			239,673
Risk-weighted assets	1,560,609			1,492,138			1,484,431			1,343,185
CET1 capital ratio	13.1		%	15.7		%	13.8		%	17.4		%
Tier 1 capital ratio	15.0			15.7			15.8			17.4
Total capital ratio	17.3			16.9			17.3			17.8
Leverage-based capital metrics:
Adjusted average assets(a)	$	3,353,319		$	2,970,285		$	3,353,319		$	2,970,285
Tier 1 leverage ratio	7.0		%	7.9		%	7.0		%	7.9		%
Total leverage exposure(b)	NA			NA			$	3,401,542		$	3,688,797
SLR(b)	NA			NA			6.9		%	6.3		%

(a)Adjusted average assets, for purposes of calculating the leverage ratio, 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.

(b)JPMorgan Chase’s total leverage exposure for purposes of calculating the SLR, excludes on-balance sheet amounts of U.S. Treasury securities and deposits at Federal Reserve Banks, as provided by the interim final rule issued by the Federal Reserve which became effective April 1, 2020 and remained in effect through March 31, 2021. On June 1, 2020, the Federal Reserve, OCC and FDIC issued an interim final rule which became effective April 1, 2020 and remained in effect through March 31, 2021 that provides IDI subsidiaries with an option to apply this temporary exclusion subject to certain restrictions. As of March 31, 2021 and December 31, 2020, JPMorgan Chase Bank, N.A. did not elect to apply this exclusion.

(c)The capital metrics reflect the CECL capital transition provisions. Additionally, loans originated under the PPP receive a zero percent risk weight.

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Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments (Tables)

3 Months Ended

Mar. 31, 2021

Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract]

Off-balance sheet lending related financial instruments, guarantees and other commitments

The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at March 31, 2021, and December 31, 2020. The amounts in the table below for credit card, home equity and certain scored business banking lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card and certain scored business banking lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close HELOCs when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower.

Off–balance sheet lending-related financial instruments, guarantees and other commitments
	Contractual amount													Carrying value(i)
	March 31, 2021										Dec 31, 2020			Mar 31, 2021		Dec 31, 2020
By remaining maturity (in millions)	Expires in 1 year or less		Expires after 1 year through 3 years		Expires after 3 years through 5 years		Expires after 5 years		Total		Total
Lending-related
Consumer, excluding credit card:
Residential real estate(a)	$	25,751	$	1,741	$	4,347	$	12,813	$	44,652	$	46,047		$	203	$	148
Auto and other	10,779		—		2		812		11,593		11,272			—		—
Total consumer, excluding credit card	36,530		1,741		4,349		13,625		56,245		57,319			203		148
Credit card(b)	674,367		—		—		—		674,367		658,506			—		—
Total consumer(b)(c)	710,897		1,741		4,349		13,625		730,612		715,825			203		148
Wholesale:
Other unfunded commitments to extend credit(d)	111,754		179,670		130,536		20,902		442,862		415,828			2,290		2,148
Standby letters of credit and other financial guarantees(d)	17,294		7,658		8,497		1,324		34,773		30,982			692		443
Other letters of credit(d)	3,225		156		227		1		3,609		3,053			29		14
Total wholesale(c)	132,273		187,484		139,260		22,227		481,244		449,863			3,011		2,605
Total lending-related	$	843,170	$	189,225	$	143,609	$	35,852	$	1,211,856	$	1,165,688		$	3,214	$	2,753
Other guarantees and commitments
Securities lending indemnification agreements and guarantees(e)	$	297,754	$	—	$	—	$	—	$	297,754	$	250,418		$	—	$	—
Derivatives qualifying as guarantees	2,142		195		12,043		39,200		53,580		54,415			318		322
Unsettled resale and securities borrowed agreements	151,549		2,618		—		—		154,167		96,848			3		2
Unsettled repurchase and securities loaned agreements	107,597		836		—		—		108,433		104,901			(1)		(1)
Loan sale and securitization-related indemnifications:
Mortgage repurchase liability	NA		—		NA		NA		NA		NA			72		84
Loans sold with recourse	NA		—		NA		NA		823		889			23		23
Exchange & clearing house guarantees and commitments(f)	84,852		—		—		—		84,852		142,003			—		—
Other guarantees and commitments(g)	8,545		627		363		2,417		11,952		9,639		(h)	59		52

(a)Includes certain commitments to purchase loans from correspondents.

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

(c)Predominantly all consumer and wholesale lending-related commitments are in the U.S.

(d)At March 31, 2021, and December 31, 2020, reflected the contractual amount net of risk participations totaling $61 million and $72 million, respectively, for other unfunded commitments to extend credit; $8.1 billion and $8.5 billion, respectively, for standby letters of credit and other financial guarantees; and $597 million and $357 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.

(e)At March 31, 2021, and December 31, 2020, collateral held by the Firm in support of securities lending indemnification agreements was $314.3 billion and $264.3 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies.

(f)At March 31, 2021, and December 31, 2020, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses.

(g)At March 31, 2021, and December 31, 2020, primarily includes unfunded commitments to purchase secondary market loans, unfunded commitments related to certain tax-oriented equity investments, and letters of credit hedged by derivative transactions and managed on a market risk basis.

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

(i)For lending-related products, the carrying value represents the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value.

Standby letters of credit, other financial guarantees and other letters of credit

The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of March 31, 2021, and December 31, 2020.

Standby letters of credit, other financial guarantees and other letters of credit

	March 31, 2021				December 31, 2020
(in millions)	Standby letters of credit and other financial guarantees		Other letters of credit		Standby letters of credit and other financial guarantees		Other letters of credit
Investment-grade(a)	$	26,608	$	2,747	$	22,850	$	2,263
Noninvestment-grade(a)	8,165		862		8,132		790
Total contractual amount	$	34,773	$	3,609	$	30,982	$	3,053
Allowance for lending-related commitments	$	82	$	29	$	80	$	14
Guarantee liability	610		—		363		—
Total carrying value	$	692	$	29	$	443	$	14
Commitments with collateral	$	21,434	$	879	$	17,238	$	498

(a)The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings.

Derivatives qualifying as guarantees

The following table summarizes the derivatives qualifying as guarantees as of March 31, 2021, and December 31, 2020.

(in millions)	March 31, 2021		December 31, 2020
Notional amounts
Derivative guarantees	$	53,580	$	54,415
Stable value contracts with contractually limited exposure	27,782		27,752
Maximum exposure of stable value contracts with contractually limited exposure	2,805		2,803
Fair value
Derivative payables	318		322

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Pledged Assets and Collateral (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of pledged assets

The following table presents the Firm’s pledged assets.

(in billions)	March 31, 2021		December 31, 2020
Assets that may be sold or repledged or otherwise used by secured parties	$	219.1	$	166.6
Assets that may not be sold or repledged or otherwise used by secured parties	137.9		113.9
Assets pledged at Federal Reserve banks and FHLBs	446.8		455.3
Total pledged assets	$	803.8	$	735.8

Schedule of collateral received

The following table presents the fair value of collateral accepted.

(in billions)	March 31, 2021		December 31, 2020
Collateral permitted to be sold or repledged, delivered, or otherwise used	$	1,340.6	$	1,451.7
Collateral sold, repledged, delivered or otherwise used	1,004.0		1,038.9

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Business Segments (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment results and reconciliation

The following table provides a summary of the Firm’s segment results as of or for the three months ended March 31, 2021 and 2020, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to

present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 32 of JPMorgan Chase’s 2020 Form 10-K for additional information on the Firm’s managed basis.

Capital allocation

The amount of capital assigned to each segment is referred to as equity. Periodically, the assumptions and methodologies used to allocate capital are assessed and as a result, the capital allocated to the LOBs may change. Refer to Line of business equity on page 98 of JPMorgan Chase’s 2020 Form 10-K for additional information on capital allocation.

Segment results and reconciliation(a)
As of or for the three months ended March 31, (in millions, except ratios)	Consumer & Community Banking						Corporate & Investment Bank							Commercial Banking						Asset & Wealth Management
	2021			2020			2021			2020				2021			2020			2021			2020
Noninterest revenue	$	4,588		$	4,097		$	11,088		$	6,896			$	917		$	608		$	3,146		$	2,529
Net interest income	7,929			9,190			3,517			3,107				1,476			1,557			931			860
Total net revenue	12,517			13,287			14,605			10,003				2,393			2,165			4,077			3,389
Provision for credit losses	(3,602)			5,772			(331)			1,401				(118)			1,010			(121)			94
Noninterest expense	7,202			7,269			7,104			5,955				969			986			2,574			2,435
Income/(loss) before income tax expense/(benefit)	8,917			246			7,832			2,647				1,542			169			1,624			860
Income tax expense/(benefit)	2,189			49			2,092			662				374			30			380			191
Net income/(loss)	$	6,728		$	197		$	5,740		$	1,985			$	1,168		$	139		$	1,244		$	669
Average equity	$	50,000		$	52,000		$	83,000		$	80,000			$	24,000		$	22,000		$	14,000		$	10,500
Total assets	487,978			513,352			1,355,123			1,216,558			(b)	223,583			247,786			213,088			178,897
ROE	54		%	1		%	27		%	9		%		19		%	2		%	35		%	25		%
Overhead ratio	58			55			49			60				40			46			63			72

As of or for the three months ended March 31, (in millions, except ratios)	Corporate				Reconciling Items(a)					Total
	2021		2020		2021		2020			2021			2020
Noninterest revenue	$	382	$	331	$	(744)	$	(614)	(b)	$	19,377		$	13,847		(b)
Net interest income	(855)		(165)		(109)		(110)			12,889			14,439
Total net revenue	(473)		166		(853)		(724)			32,266			28,286
Provision for credit losses	16		8		—		—			(4,156)			8,285
Noninterest expense	876		146		—		—			18,725			16,791
Income/(loss) before income tax expense/(benefit)	(1,365)		12		(853)		(724)			17,697			3,210
Income tax expense/(benefit)	(785)		137		(853)		(724)		(b)	3,397			345			(b)
Net income/(loss)	$	(580)	$	(125)	$	—	$	—		$	14,300		$	2,865
Average equity	$	74,542	$	70,030	$	—	$	—		$	245,542		$	234,530
Total assets	1,409,564		981,937		NA		NA			3,689,336			3,138,530			(b)
ROE	NM		NM		NM		NM			23		%	4		%
Overhead ratio	NM		NM		NM		NM			58			59			(b)

(a)Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.

(b) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.

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Fair Value Measurement - Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	$ 609,717	$ 707,554
Derivative netting adjustments	(536,598)	(627,924)
Net derivative receivables	73,119	79,630
Trading assets	544,052	503,126
Available-for-sale securities	379,942	388,178
Loans	50,767	44,474
Mortgage servicing rights	4,470	3,276	$ 3,267	$ 4,699
Gross derivative payables	582,697	688,887
Derivative netting adjustments	(522,257)	(618,264)
Net derivative payables	60,440	70,623
Interest rate
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	311,621	391,490
Derivative netting adjustments	(283,073)	(355,765)
Net derivative receivables	28,548	35,725
Gross derivative payables	279,186	353,627
Derivative netting adjustments	(268,442)	(340,615)
Net derivative payables	10,744	13,012
Credit
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	14,212	13,503
Derivative netting adjustments	(13,164)	(12,823)
Net derivative receivables	1,048	680
Gross derivative payables	14,602	15,192
Derivative netting adjustments	(12,704)	(13,197)
Net derivative payables	1,898	1,995
Foreign exchange
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	186,627	206,260
Derivative netting adjustments	(171,515)	(190,479)
Net derivative receivables	15,112	15,781
Gross derivative payables	185,506	215,926
Derivative netting adjustments	(168,468)	(194,493)
Net derivative payables	17,038	21,433
Equity
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	73,578	74,798
Derivative netting adjustments	(53,825)	(54,125)
Net derivative receivables	19,753	20,673
Gross derivative payables	79,543	81,413
Derivative netting adjustments	(57,143)	(55,515)
Net derivative payables	22,400	25,898
Commodity
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	23,679	21,503
Derivative netting adjustments	(15,021)	(14,732)
Net derivative receivables	8,658	6,771
Gross derivative payables	23,860	22,729
Derivative netting adjustments	(15,500)	(14,444)
Net derivative payables	8,360	8,285
Total mortgage-backed securities
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	126,089	126,390
Mortgage-backed securities, Commercial - nonagency
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	3,029	2,856
U.S. Treasury, GSEs and government agencies
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	194,784	201,951
Obligations of U.S. states and municipalities
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	19,922	20,396
Non-U.S. government debt securities
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	20,873	22,928
Corporate debt securities
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	210	216
Asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	18,064
Asset-backed securities, Collateralized loan obligations
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	11,329	10,048
U.S. GSE obligations
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	61,000	65,800
Fair Value Measured at Net Asset Value Per Share
Assets and liabilities measured at fair value on a recurring basis
Trading assets	55	52
Fair value assets and liabilities measured on recurring basis - supplemental data
Alternative investments, net asset value, fair value	678	670
Other assets	623	618
Recurring
Assets and liabilities measured at fair value on a recurring basis
Federal funds sold and securities purchased under resale agreements	267,613	238,015
Securities borrowed	66,277	52,983
Trading assets, debt and equity instruments	470,878	423,444
Derivative netting adjustments	(536,598)	(627,924)
Net derivative receivables	73,119	79,630
Trading assets	543,997	503,074
Available-for-sale securities	379,942	388,178
Loans	50,767	44,474
Mortgage servicing rights	4,470	3,276
Total assets measured at fair value on a recurring basis	1,362,935	1,243,209
Deposits	14,107	14,484
Federal funds purchased and securities loaned or sold under repurchase agreements	197,834	155,735
Short-term borrowings	20,002	16,893
Trading liabilities, Debt and equity instruments	130,909	99,558
Derivative netting adjustments	(522,257)	(618,264)
Net derivative payables	60,440	70,623
Trading liabilities	191,349	170,181
Accounts payable and other liabilities	42,824	3,476
Beneficial interests issued by consolidated VIEs	193	41
Long-term debt	75,693	76,817
Total liabilities measured at fair value on a recurring basis	542,002	437,627
Recurring | Interest rate
Assets and liabilities measured at fair value on a recurring basis
Derivative netting adjustments	(283,073)	(355,765)
Net derivative receivables	28,548	35,725
Derivative netting adjustments	(268,442)	(340,615)
Net derivative payables	10,744	13,012
Recurring | Credit
Assets and liabilities measured at fair value on a recurring basis
Derivative netting adjustments	(13,164)	(12,823)
Net derivative receivables	1,048	680
Derivative netting adjustments	(12,704)	(13,197)
Net derivative payables	1,898	1,995
Recurring | Foreign exchange
Assets and liabilities measured at fair value on a recurring basis
Derivative netting adjustments	(171,515)	(190,479)
Net derivative receivables	15,112	15,781
Derivative netting adjustments	(168,468)	(194,493)
Net derivative payables	17,038	21,433
Recurring | Equity
Assets and liabilities measured at fair value on a recurring basis
Derivative netting adjustments	(53,825)	(54,125)
Net derivative receivables	19,753	20,673
Derivative netting adjustments	(57,143)	(55,515)
Net derivative payables	22,400	25,898
Recurring | Commodity
Assets and liabilities measured at fair value on a recurring basis
Derivative netting adjustments	(15,021)	(14,732)
Net derivative receivables	8,658	6,771
Derivative netting adjustments	(15,500)	(14,444)
Net derivative payables	8,360	8,285
Recurring | Other assets
Assets and liabilities measured at fair value on a recurring basis
Other assets	49,869	13,209
Fair value assets and liabilities measured on recurring basis - supplemental data
Other assets	50,492	13,827
Recurring | Total debt instruments
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	279,988	294,496
Recurring | Total mortgage-backed securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	54,860	72,340
Available-for-sale securities	126,089	126,390
Recurring | Mortgage-backed securities, U.S. GSEs and government agencies
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	51,385	68,844
Available-for-sale securities	112,459	113,301
Recurring | Mortgage-backed securities, Residential - nonagency
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	2,290	2,166
Available-for-sale securities	10,601	10,233
Recurring | Mortgage-backed securities, Commercial - nonagency
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	1,185	1,330
Available-for-sale securities	3,029	2,856
Recurring | U.S. Treasury, GSEs and government agencies
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	85,075	115,259
Available-for-sale securities	194,784	201,951
Recurring | Obligations of U.S. states and municipalities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	7,017	7,192
Available-for-sale securities	19,922	20,396
Recurring | Certificates of deposit, bankers’ acceptances and commercial paper
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	1,584	1,230
Recurring | Certificates of deposit
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	0	0
Recurring | Non-U.S. government debt securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	92,469	67,625
Available-for-sale securities	20,873	22,928
Recurring | Corporate debt securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	28,488	21,524
Available-for-sale securities	210	216
Recurring | Loans
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	7,903	6,994
Recurring | Asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	2,592	2,332
Recurring | Asset-backed securities, Collateralized loan obligations
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	11,329	10,048
Recurring | Asset-backed securities, Other
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	6,735	6,249
Recurring | Equity securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	155,154	100,163
Recurring | Physical commodities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	17,083	11,571
Recurring | Other
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	18,653	17,214
Recurring | U.S. GSE obligations
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	96,300	117,600
Recurring | Residential mortgage
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	20,100	15,100
Recurring | Commercial mortgage
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	6,000	6,300
Recurring | Residential conforming mortgage intended for sale to U.S. GSEs and government agencies
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	11,900	8,400
Recurring | Level 1
Assets and liabilities measured at fair value on a recurring basis
Federal funds sold and securities purchased under resale agreements	0	0
Securities borrowed	0	0
Trading assets, debt and equity instruments	278,758	234,452
Gross derivative receivables	3,790	2,464
Trading assets	282,548	236,916
Available-for-sale securities	207,057	215,093
Loans	0	0
Mortgage servicing rights	0	0
Total assets measured at fair value on a recurring basis	532,444	460,119
Deposits	0	0
Federal funds purchased and securities loaned or sold under repurchase agreements	0	0
Short-term borrowings	0	0
Trading liabilities, Debt and equity instruments	104,557	82,669
Gross derivative payables	3,348	2,628
Trading liabilities	107,905	85,297
Accounts payable and other liabilities	39,933	2,895
Beneficial interests issued by consolidated VIEs	0	0
Long-term debt	0	0
Total liabilities measured at fair value on a recurring basis	147,838	88,192
Recurring | Level 1 | Interest rate
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	3,646	2,318
Gross derivative payables	3,194	2,496
Recurring | Level 1 | Credit
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	0	0
Gross derivative payables	0	0
Recurring | Level 1 | Foreign exchange
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	144	146
Gross derivative payables	154	132
Recurring | Level 1 | Equity
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	0	0
Gross derivative payables	0	0
Recurring | Level 1 | Commodity
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	0	0
Gross derivative payables	0	0
Recurring | Level 1 | Other assets
Assets and liabilities measured at fair value on a recurring basis
Other assets	42,839	8,110
Recurring | Level 1 | Total debt instruments
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	115,515	131,035
Recurring | Level 1 | Total mortgage-backed securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	0	0
Available-for-sale securities	3	7
Recurring | Level 1 | Mortgage-backed securities, U.S. GSEs and government agencies
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	0	0
Available-for-sale securities	3	7
Recurring | Level 1 | Mortgage-backed securities, Residential - nonagency
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	0	0
Available-for-sale securities	0	0
Recurring | Level 1 | Mortgage-backed securities, Commercial - nonagency
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	0	0
Available-for-sale securities	0	0
Recurring | Level 1 | U.S. Treasury, GSEs and government agencies
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	74,980	104,263
Available-for-sale securities	194,784	201,951
Recurring | Level 1 | Obligations of U.S. states and municipalities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	0	0
Available-for-sale securities	0	0
Recurring | Level 1 | Certificates of deposit, bankers’ acceptances and commercial paper
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	0	0
Recurring | Level 1 | Certificates of deposit
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	0	0
Recurring | Level 1 | Non-U.S. government debt securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	40,535	26,772
Available-for-sale securities	12,270	13,135
Recurring | Level 1 | Corporate debt securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	0	0
Available-for-sale securities	0	0
Recurring | Level 1 | Loans
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	0	0
Recurring | Level 1 | Asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	0	0
Recurring | Level 1 | Asset-backed securities, Collateralized loan obligations
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	0	0
Recurring | Level 1 | Asset-backed securities, Other
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	0	0
Recurring | Level 1 | Equity securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	152,474	97,035
Recurring | Level 1 | Physical commodities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	10,769	6,382
Recurring | Level 1 | Other
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	0	0
Recurring | Level 2
Assets and liabilities measured at fair value on a recurring basis
Federal funds sold and securities purchased under resale agreements	267,613	238,015
Securities borrowed	66,277	52,983
Trading assets, debt and equity instruments	189,438	186,369
Gross derivative receivables	598,051	697,422
Trading assets	787,489	883,791
Available-for-sale securities	172,885	173,085
Loans	48,944	42,169
Mortgage servicing rights	0	0
Total assets measured at fair value on a recurring basis	1,349,727	1,394,604
Deposits	11,455	11,571
Federal funds purchased and securities loaned or sold under repurchase agreements	197,834	155,735
Short-term borrowings	16,338	14,473
Trading liabilities, Debt and equity instruments	26,292	16,838
Gross derivative payables	566,334	673,598
Trading liabilities	592,626	690,436
Accounts payable and other liabilities	2,830	513
Beneficial interests issued by consolidated VIEs	193	41
Long-term debt	53,118	53,420
Total liabilities measured at fair value on a recurring basis	874,394	926,189
Recurring | Level 2 | Interest rate
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	305,725	386,865
Gross derivative payables	273,891	349,082
Recurring | Level 2 | Credit
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	13,575	12,879
Gross derivative payables	13,961	14,344
Recurring | Level 2 | Foreign exchange
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	185,794	205,127
Gross derivative payables	184,124	214,373
Recurring | Level 2 | Equity
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	69,570	71,279
Gross derivative payables	71,701	74,032
Recurring | Level 2 | Commodity
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	23,387	21,272
Gross derivative payables	22,657	21,767
Recurring | Level 2 | Other assets
Assets and liabilities measured at fair value on a recurring basis
Other assets	6,519	4,561
Recurring | Level 2 | Total debt instruments
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	162,601	161,363
Recurring | Level 2 | Total mortgage-backed securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	54,429	71,860
Available-for-sale securities	126,086	126,383
Recurring | Level 2 | Mortgage-backed securities, U.S. GSEs and government agencies
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	50,988	68,395
Available-for-sale securities	112,456	113,294
Recurring | Level 2 | Mortgage-backed securities, Residential - nonagency
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	2,258	2,138
Available-for-sale securities	10,601	10,233
Recurring | Level 2 | Mortgage-backed securities, Commercial - nonagency
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	1,183	1,327
Available-for-sale securities	3,029	2,856
Recurring | Level 2 | U.S. Treasury, GSEs and government agencies
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	10,095	10,996
Available-for-sale securities	0	0
Recurring | Level 2 | Obligations of U.S. states and municipalities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	7,009	7,184
Available-for-sale securities	19,922	20,396
Recurring | Level 2 | Certificates of deposit, bankers’ acceptances and commercial paper
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	1,584	1,230
Recurring | Level 2 | Certificates of deposit
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	0	0
Recurring | Level 2 | Non-U.S. government debt securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	51,757	40,671
Available-for-sale securities	8,603	9,793
Recurring | Level 2 | Corporate debt securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	28,118	21,017
Available-for-sale securities	210	216
Recurring | Level 2 | Loans
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	7,071	6,101
Recurring | Level 2 | Asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	2,538	2,304
Recurring | Level 2 | Asset-backed securities, Collateralized loan obligations
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	11,329	10,048
Recurring | Level 2 | Asset-backed securities, Other
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	6,735	6,249
Recurring | Level 2 | Equity securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	1,992	2,652
Recurring | Level 2 | Physical commodities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	6,314	5,189
Recurring | Level 2 | Other
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	18,531	17,165
Recurring | Level 3
Assets and liabilities measured at fair value on a recurring basis
Federal funds sold and securities purchased under resale agreements	0	0
Securities borrowed	0	0
Trading assets, debt and equity instruments	2,682	2,623
Gross derivative receivables	7,876	7,668
Trading assets	10,558	10,291
Available-for-sale securities	0	0
Loans	1,823	2,305
Mortgage servicing rights	4,470	3,276
Total assets measured at fair value on a recurring basis	17,362	16,410
Deposits	2,652	2,913
Federal funds purchased and securities loaned or sold under repurchase agreements	0	0
Short-term borrowings	3,664	2,420
Trading liabilities, Debt and equity instruments	60	51
Gross derivative payables	13,015	12,661
Trading liabilities	13,075	12,712
Accounts payable and other liabilities	61	68
Beneficial interests issued by consolidated VIEs	0	0
Long-term debt	22,575	23,397
Total liabilities measured at fair value on a recurring basis	42,027	41,510
Recurring | Level 3 | Interest rate
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	2,250	2,307
Gross derivative payables	2,101	2,049
Recurring | Level 3 | Credit
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	637	624
Gross derivative payables	641	848
Recurring | Level 3 | Foreign exchange
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	689	987
Gross derivative payables	1,228	1,421
Recurring | Level 3 | Equity
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	4,008	3,519
Gross derivative payables	7,842	7,381
Recurring | Level 3 | Commodity
Assets and liabilities measured at fair value on a recurring basis
Gross derivative receivables	292	231
Gross derivative payables	1,203	962
Recurring | Level 3 | Other assets
Assets and liabilities measured at fair value on a recurring basis
Other assets	511	538
Recurring | Level 3 | Total debt instruments
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	1,872	2,098
Recurring | Level 3 | Total mortgage-backed securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	431	480
Available-for-sale securities	0	0
Recurring | Level 3 | Mortgage-backed securities, U.S. GSEs and government agencies
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	397	449
Available-for-sale securities	0	0
Recurring | Level 3 | Mortgage-backed securities, Residential - nonagency
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	32	28
Available-for-sale securities	0	0
Recurring | Level 3 | Mortgage-backed securities, Commercial - nonagency
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	2	3
Available-for-sale securities	0	0
Recurring | Level 3 | U.S. Treasury, GSEs and government agencies
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	0	0
Available-for-sale securities	0	0
Recurring | Level 3 | Obligations of U.S. states and municipalities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	8	8
Available-for-sale securities	0	0
Recurring | Level 3 | Certificates of deposit, bankers’ acceptances and commercial paper
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	0	0
Recurring | Level 3 | Certificates of deposit
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	0	0
Recurring | Level 3 | Non-U.S. government debt securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	177	182
Available-for-sale securities	0	0
Recurring | Level 3 | Corporate debt securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	370	507
Available-for-sale securities	0	0
Recurring | Level 3 | Loans
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	832	893
Recurring | Level 3 | Asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	54	28
Recurring | Level 3 | Asset-backed securities, Collateralized loan obligations
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	0	0
Recurring | Level 3 | Asset-backed securities, Other
Assets and liabilities measured at fair value on a recurring basis
Available-for-sale securities	0	0
Recurring | Level 3 | Equity securities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	688	476
Recurring | Level 3 | Physical commodities
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	0	0
Recurring | Level 3 | Other
Assets and liabilities measured at fair value on a recurring basis
Trading assets, debt and equity instruments	$ 122	$ 49

XML

Fair Value Measurement - Level 3 Inputs (Details) $ in Millions	Mar. 31, 2021 USD ($) $ / shares $ / MT $ / MWh	Dec. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans	$ 50,767	$ 44,474
MSRs	4,470	3,276	$ 3,267	$ 4,699
Equity securities for which quoted prices are not readily available	$ 2,302	2,400	$ 2,560
Assumed par value for price input (in dollars per share) | $ / shares	$ 100
Level 3 | Interest rate volatility | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	0.0007
Level 3 | Interest rate volatility | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	0.0723
Level 3 | Interest rate volatility | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	0.0132
Level 3 | Interest rate correlation | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	(0.65)
Level 3 | Interest rate correlation | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	0.99
Level 3 | Interest rate correlation | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	0.36
Level 3 | IR-FX correlation | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	(0.35)
Level 3 | IR-FX correlation | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	0.50
Level 3 | IR-FX correlation | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	(0.01)
Level 3 | Credit correlation | Discounted cash flows | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	0.37
Level 3 | Credit correlation | Discounted cash flows | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	0.65
Level 3 | Credit correlation | Discounted cash flows | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	0.49
Level 3 | Equity correlation | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	0.12
Level 3 | Equity correlation | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	0.99
Level 3 | Equity correlation | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	0.55
Level 3 | Equity-FX correlation | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	(0.79)
Level 3 | Equity-FX correlation | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	0.60
Level 3 | Equity-FX correlation | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	(0.26)
Level 3 | Equity-IR correlation | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	0.15
Level 3 | Equity-IR correlation | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	0.50
Level 3 | Equity-IR correlation | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits, measurement inputs	0.28
Level 3 | Residential mortgage-backed securities and loans | Yield | Discounted cash flows | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans, measurement input	0
Level 3 | Residential mortgage-backed securities and loans | Yield | Discounted cash flows | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans, measurement input	0.15
Level 3 | Residential mortgage-backed securities and loans | Yield | Discounted cash flows | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans, measurement input	0.06
Level 3 | Residential mortgage-backed securities and loans | Prepayment speed | Discounted cash flows | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans, measurement input	0
Level 3 | Residential mortgage-backed securities and loans | Prepayment speed | Discounted cash flows | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans, measurement input	0.48
Level 3 | Residential mortgage-backed securities and loans | Prepayment speed | Discounted cash flows | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans, measurement input	0.09
Level 3 | Residential mortgage-backed securities and loans | Conditional default rate | Discounted cash flows | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans, measurement input	0
Level 3 | Residential mortgage-backed securities and loans | Conditional default rate | Discounted cash flows | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans, measurement input	0.30
Level 3 | Residential mortgage-backed securities and loans | Conditional default rate | Discounted cash flows | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans, measurement input	0.10
Level 3 | Residential mortgage-backed securities and loans | Loss severity | Discounted cash flows | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans, measurement input	0
Level 3 | Residential mortgage-backed securities and loans | Loss severity | Discounted cash flows | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans, measurement input	1.09
Level 3 | Residential mortgage-backed securities and loans | Loss severity | Discounted cash flows | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans, measurement input	0.08
Level 3 | Commercial mortgage-backed securities and loans | Price | Market comparables | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans, measurement input | $ / shares	0
Level 3 | Commercial mortgage-backed securities and loans | Price | Market comparables | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans, measurement input | $ / shares	100
Level 3 | Commercial mortgage-backed securities and loans | Price | Market comparables | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans, measurement input | $ / shares	86
Level 3 | Corporate debt securities | Price | Market comparables | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, trading, measurement input | $ / shares	10
Level 3 | Corporate debt securities | Price | Market comparables | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, trading, measurement input | $ / shares	120
Level 3 | Corporate debt securities | Price | Market comparables | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, trading, measurement input | $ / shares	96
Level 3 | Loans | Price | Market comparables | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans, measurement input | $ / shares	5
Level 3 | Loans | Price | Market comparables | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans, measurement input | $ / shares	111
Level 3 | Loans | Price | Market comparables | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans, measurement input | $ / shares	82
Level 3 | Asset-backed securities | Price | Market comparables | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, trading, measurement input | $ / shares	2
Level 3 | Asset-backed securities | Price | Market comparables | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, trading, measurement input | $ / shares	96
Level 3 | Asset-backed securities | Price | Market comparables | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, trading, measurement input | $ / shares	61
Level 3 | Net interest rate derivatives | Prepayment speed | Discounted cash flows | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0
Level 3 | Net interest rate derivatives | Prepayment speed | Discounted cash flows | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.30
Level 3 | Net interest rate derivatives | Prepayment speed | Discounted cash flows | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.08
Level 3 | Net interest rate derivatives | Interest rate volatility | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.0007
Level 3 | Net interest rate derivatives | Interest rate volatility | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.0723
Level 3 | Net interest rate derivatives | Interest rate volatility | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.0132
Level 3 | Net interest rate derivatives | Interest rate spread volatility | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.0011
Level 3 | Net interest rate derivatives | Interest rate spread volatility | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.0023
Level 3 | Net interest rate derivatives | Interest rate spread volatility | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.0015
Level 3 | Net interest rate derivatives | Interest rate correlation | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	(0.65)
Level 3 | Net interest rate derivatives | Interest rate correlation | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.99
Level 3 | Net interest rate derivatives | Interest rate correlation | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.36
Level 3 | Net interest rate derivatives | IR-FX correlation | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	(0.35)
Level 3 | Net interest rate derivatives | IR-FX correlation | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.50
Level 3 | Net interest rate derivatives | IR-FX correlation | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	(0.01)
Level 3 | Net credit derivatives | Conditional default rate | Discounted cash flows | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.02
Level 3 | Net credit derivatives | Conditional default rate | Discounted cash flows | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	1
Level 3 | Net credit derivatives | Conditional default rate | Discounted cash flows | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.37
Level 3 | Net credit derivatives | Loss severity | Discounted cash flows | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	1
Level 3 | Net credit derivatives | Loss severity | Discounted cash flows | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	1
Level 3 | Net credit derivatives | Loss severity | Discounted cash flows | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	1
Level 3 | Net credit derivatives | Price | Market comparables | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0
Level 3 | Net credit derivatives | Price | Market comparables | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	115
Level 3 | Net credit derivatives | Price | Market comparables | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	69
Level 3 | Net credit derivatives | Credit correlation | Discounted cash flows | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.37
Level 3 | Net credit derivatives | Credit correlation | Discounted cash flows | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.65
Level 3 | Net credit derivatives | Credit correlation | Discounted cash flows | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.49
Level 3 | Net credit derivatives | Credit spread | Discounted cash flows | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.0001
Level 3 | Net credit derivatives | Credit spread | Discounted cash flows | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.1501
Level 3 | Net credit derivatives | Credit spread | Discounted cash flows | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.0396
Level 3 | Net credit derivatives | Recovery rate | Discounted cash flows | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0
Level 3 | Net credit derivatives | Recovery rate | Discounted cash flows | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.70
Level 3 | Net credit derivatives | Recovery rate | Discounted cash flows | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.47
Level 3 | Net foreign exchange derivatives | Prepayment speed | Discounted cash flows | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.09
Level 3 | Net foreign exchange derivatives | Prepayment speed | Discounted cash flows | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.09
Level 3 | Net foreign exchange derivatives | Prepayment speed | Discounted cash flows | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.09
Level 3 | Net foreign exchange derivatives | IR-FX correlation | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	(0.40)
Level 3 | Net foreign exchange derivatives | IR-FX correlation | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.65
Level 3 | Net foreign exchange derivatives | IR-FX correlation | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.17
Level 3 | Net equity derivatives | Forward equity price | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.61
Level 3 | Net equity derivatives | Forward equity price | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	1.30
Level 3 | Net equity derivatives | Forward equity price | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.99
Level 3 | Net equity derivatives | Equity volatility | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.04
Level 3 | Net equity derivatives | Equity volatility | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	1.46
Level 3 | Net equity derivatives | Equity volatility | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.33
Level 3 | Net equity derivatives | Equity correlation | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.12
Level 3 | Net equity derivatives | Equity correlation | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.99
Level 3 | Net equity derivatives | Equity correlation | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.55
Level 3 | Net equity derivatives | Equity-FX correlation | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	(0.79)
Level 3 | Net equity derivatives | Equity-FX correlation | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.60
Level 3 | Net equity derivatives | Equity-FX correlation | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	(0.26)
Level 3 | Net equity derivatives | Equity-IR correlation | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.15
Level 3 | Net equity derivatives | Equity-IR correlation | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.50
Level 3 | Net equity derivatives | Equity-IR correlation | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.28
Level 3 | Net commodity derivatives | OIl Commodity Forward | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs | $ / MT	478
Level 3 | Net commodity derivatives | OIl Commodity Forward | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs | $ / MT	553
Level 3 | Net commodity derivatives | OIl Commodity Forward | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs | $ / MT	516
Level 3 | Net commodity derivatives | Forward power price | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs | $ / MWh	13
Level 3 | Net commodity derivatives | Forward power price | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs | $ / MWh	55
Level 3 | Net commodity derivatives | Forward power price | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs | $ / MWh	34
Level 3 | Net commodity derivatives | Commodity volatility | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.02
Level 3 | Net commodity derivatives | Commodity volatility | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.70
Level 3 | Net commodity derivatives | Commodity volatility | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.36
Level 3 | Net commodity derivatives | Commodity correlation | Option pricing | Minimum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	(0.50)
Level 3 | Net commodity derivatives | Commodity correlation | Option pricing | Maximum
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.95
Level 3 | Net commodity derivatives | Commodity correlation | Option pricing | Average
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability), measurement inputs	0.23
Recurring
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans	$ 50,767	44,474
MSRs	4,470	3,276
Long-term debt, short-term borrowings, and deposits	542,002	437,627
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans	1,823	2,305
MSRs	4,470	3,276
Long-term debt, short-term borrowings, and deposits	42,027	$ 41,510
Other level 3 asset and liabilities, net	1,385
Equity securities for which quoted prices are not readily available	968
Recurring | Level 3 | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
MSRs	4,470
Long-term debt, short-term borrowings, and deposits	906
Recurring | Level 3 | Option pricing
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, short-term borrowings, and deposits	27,985
Recurring | Level 3 | Residential mortgage-backed securities and loans | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans	991
Recurring | Level 3 | Commercial mortgage-backed securities and loans | Market comparables
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans	516
Recurring | Level 3 | Corporate debt securities | Market comparables
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, trading	370
Recurring | Level 3 | Loans | Market comparables
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans	1,579
Recurring | Level 3 | Trading loans | Market comparables
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans	791
Recurring | Level 3 | Trading loans | Market comparables | Commercial
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans	41
Recurring | Level 3 | Nontrading loans | Discounted cash flows | Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans	562
Recurring | Level 3 | Nontrading loans | Market comparables
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans	788
Recurring | Level 3 | Nontrading loans | Market comparables | Commercial
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans	473
Recurring | Level 3 | Asset-backed securities | Market comparables
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, trading	54
Recurring | Level 3 | Net interest rate derivatives | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability)	19
Recurring | Level 3 | Net interest rate derivatives | Option pricing
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability)	130
Recurring | Level 3 | Net credit derivatives | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability)	(41)
Recurring | Level 3 | Net credit derivatives | Market comparables
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability)	37
Recurring | Level 3 | Net foreign exchange derivatives | Discounted cash flows
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability)	(115)
Recurring | Level 3 | Net foreign exchange derivatives | Option pricing
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability)	(424)
Recurring | Level 3 | Net equity derivatives | Option pricing
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability)	(3,834)
Recurring | Level 3 | Net commodity derivatives | Option pricing
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net derivative asset (liability)	(911)
Recurring | Level 3 | Mortgage-backed securities, U.S. GSEs and government agencies | Discounted cash flows | Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans	397
Recurring | Level 3 | Residential mortgage-backed securities | Discounted cash flows | Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans	32
Recurring | Level 3 | Commercial | Market comparables | Commercial
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities and loans	2
Recurring | Level 3 | Other assets
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity securities for which quoted prices are not readily available	$ 280

XML

Fair Value Measurement - Changes in Level 3 Recurring Measurements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Net derivative receivables:
Fair value, beginning balance	$ (4,993)	$ (4,489)
Total realized/unrealized gains/(losses)	205	3,045
Purchases	254	185
Sales	(1,152)	(745)
Settlements	9	304
Transfers into level 3	173	(774)
Transfers (out of) level 3	365	49
Fair value, ending balance	(5,139)	(2,425)
Change in unrealized gains/(losses) related to financial instruments held	$ (91)	3,147
Level 3 Rollforward Supplemental Data [Abstract]
Level 3 assets as a percentage of total firm assets at fair value	1.00%		1.00%
Level 3 liabilities as a percentage of total firm liabilities at fair value	8.00%		9.00%
Deposits
Liabilities:
Fair value, beginning balance	$ 2,913	3,360
Total realized/unrealized (gains)/losses	(103)	(149)
Purchases	0	0
Sales	0	0
Issuances	69	386
Settlements	(95)	(172)
Transfers into level 3	1	4
Transfers (out of) level 3	(133)	(250)
Fair value, ending balance	2,652	3,179
Change in unrealized (gains)/losses related to financials instruments held	(105)	(135)
Short-term borrowings
Liabilities:
Fair value, beginning balance	2,420	1,674
Total realized/unrealized (gains)/losses	(113)	(345)
Purchases	0	0
Sales	0	0
Issuances	2,918	1,615
Settlements	(1,506)	(929)
Transfers into level 3	0	40
Transfers (out of) level 3	(55)	(16)
Fair value, ending balance	3,664	2,039
Change in unrealized (gains)/losses related to financials instruments held	(27)	(409)
Total debt and equity instruments
Liabilities:
Fair value, beginning balance	51	41
Total realized/unrealized (gains)/losses	(3)	3
Purchases	(65)	(75)
Sales	21	7
Issuances	0	0
Settlements	0	0
Transfers into level 3	59	86
Transfers (out of) level 3	(3)	(1)
Fair value, ending balance	60	61
Change in unrealized (gains)/losses related to financials instruments held	0	6
Accounts payable and other liabilities
Liabilities:
Fair value, beginning balance	68	45
Total realized/unrealized (gains)/losses	(1)	(8)
Purchases	0	(23)
Sales	1	1
Issuances	0	0
Settlements	0	0
Transfers into level 3	0	0
Transfers (out of) level 3	(7)	0
Fair value, ending balance	61	15
Change in unrealized (gains)/losses related to financials instruments held	(1)	(7)
Beneficial interests issued by consolidated VIEs
Liabilities:
Fair value, beginning balance	0	0
Total realized/unrealized (gains)/losses	0	0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	0	0
Transfers into level 3	0	0
Transfers (out of) level 3	0	0
Fair value, ending balance	0	0
Change in unrealized (gains)/losses related to financials instruments held	0	0
Long-term debt
Liabilities:
Fair value, beginning balance	23,397	23,339
Total realized/unrealized (gains)/losses	(308)	(4,110)
Purchases	0	0
Sales	0	0
Issuances	3,465	4,607
Settlements	(3,649)	(3,549)
Transfers into level 3	11	370
Transfers (out of) level 3	(341)	(516)
Fair value, ending balance	22,575	20,141
Change in unrealized (gains)/losses related to financials instruments held	(324)	(3,984)
DVA for fair value option elected liabilities
Level 3 Rollforward Supplemental Data [Abstract]
Unrealized (gains)/losses on liabilities recorded in OCI	(22)	(1,100)
Interest rate
Net derivative receivables:
Fair value, beginning balance	258	(332)
Total realized/unrealized gains/(losses)	445	642
Purchases	53	66
Sales	(93)	(50)
Settlements	(534)	(241)
Transfers into level 3	57	(172)
Transfers (out of) level 3	(37)	(49)
Fair value, ending balance	149	(136)
Change in unrealized gains/(losses) related to financial instruments held	313	282
Credit
Net derivative receivables:
Fair value, beginning balance	(224)	(139)
Total realized/unrealized gains/(losses)	183	108
Purchases	1	18
Sales	(2)	(128)
Settlements	27	(33)
Transfers into level 3	(3)	60
Transfers (out of) level 3	14	3
Fair value, ending balance	(4)	(111)
Change in unrealized gains/(losses) related to financial instruments held	168	65
Foreign exchange
Net derivative receivables:
Fair value, beginning balance	(434)	(607)
Total realized/unrealized gains/(losses)	(200)	(339)
Purchases	2	38
Sales	(6)	(4)
Settlements	111	(14)
Transfers into level 3	10	0
Transfers (out of) level 3	(22)	(1)
Fair value, ending balance	(539)	(927)
Change in unrealized gains/(losses) related to financial instruments held	(214)	(508)
Equity
Net derivative receivables:
Fair value, beginning balance	(3,862)	(3,395)
Total realized/unrealized gains/(losses)	23	3,037
Purchases	194	59
Sales	(838)	(548)
Settlements	126	583
Transfers into level 3	110	(656)
Transfers (out of) level 3	413	94
Fair value, ending balance	(3,834)	(826)
Change in unrealized gains/(losses) related to financial instruments held	(213)	3,707
Commodity
Net derivative receivables:
Fair value, beginning balance	(731)	(16)
Total realized/unrealized gains/(losses)	(246)	(403)
Purchases	4	4
Sales	(213)	(15)
Settlements	279	9
Transfers into level 3	(1)	(6)
Transfers (out of) level 3	(3)	2
Fair value, ending balance	(911)	(425)
Change in unrealized gains/(losses) related to financial instruments held	(145)	(399)
Total mortgage-backed securities
Assets:
Fair value, beginning balance	480	824
Total realized/unrealized gains/(losses)	24	(140)
Purchases	15	22
Sales	(52)	(116)
Settlements	(35)	(43)
Transfers into level 3	0	1
Transfers (out of) level 3	(1)	(2)
Fair value, ending balance	431	546
Change in unrealized gains/(losses) related to financial instruments held	22	(132)
Mortgage-backed securities, U.S. GSEs and government agencies
Assets:
Fair value, beginning balance	449	797
Total realized/unrealized gains/(losses)	23	(139)
Purchases	6	19
Sales	(48)	(116)
Settlements	(33)	(42)
Transfers into level 3		0
Transfers (out of) level 3	0	0
Fair value, ending balance	397	519
Change in unrealized gains/(losses) related to financial instruments held	22	(131)
Mortgage-backed securities, Residential - nonagency
Assets:
Fair value, beginning balance	28	23
Total realized/unrealized gains/(losses)	1	(1)
Purchases	9	2
Sales	(3)	0
Settlements	(2)	0
Transfers into level 3		0
Transfers (out of) level 3	(1)	0
Fair value, ending balance	32	24
Change in unrealized gains/(losses) related to financial instruments held	0	(1)
Mortgage-backed securities, Commercial - nonagency
Assets:
Fair value, beginning balance	3	4
Total realized/unrealized gains/(losses)	0	0
Purchases	0	1
Sales	(1)	0
Settlements	0	(1)
Transfers into level 3		1
Transfers (out of) level 3	0	(2)
Fair value, ending balance	2	3
Change in unrealized gains/(losses) related to financial instruments held	0	0
Total debt and equity instruments
Assets:
Fair value, beginning balance	2,623	2,685
Total realized/unrealized gains/(losses)	42	(346)
Purchases	819	956
Sales	(503)	(370)
Settlements	(72)	(72)
Transfers into level 3	231	878
Transfers (out of) level 3	(458)	(176)
Fair value, ending balance	2,682	3,555
Change in unrealized gains/(losses) related to financial instruments held	45	(357)
Total debt instruments
Assets:
Fair value, beginning balance	2,098	2,257
Total realized/unrealized gains/(losses)	6	(307)
Purchases	524	937
Sales	(460)	(361)
Settlements	(43)	(60)
Transfers into level 3	177	796
Transfers (out of) level 3	(430)	(141)
Fair value, ending balance	1,872	3,121
Change in unrealized gains/(losses) related to financial instruments held	6	(320)
Obligations of U.S. states and municipalities
Assets:
Fair value, beginning balance	8	10
Total realized/unrealized gains/(losses)	0	0
Purchases	0	0
Sales	0	(1)
Settlements	0	0
Transfers into level 3	0	0
Transfers (out of) level 3	0	0
Fair value, ending balance	8	9
Change in unrealized gains/(losses) related to financial instruments held	0	0
Non-U.S. government debt securities
Assets:
Fair value, beginning balance	182	155
Total realized/unrealized gains/(losses)	(9)	(12)
Purchases	118	90
Sales	(107)	(57)
Settlements	(7)	0
Transfers into level 3	0	0
Transfers (out of) level 3	0	(1)
Fair value, ending balance	177	175
Change in unrealized gains/(losses) related to financial instruments held	(9)	(10)
Corporate debt securities
Assets:
Fair value, beginning balance	507	558
Total realized/unrealized gains/(losses)	(15)	(55)
Purchases	91	292
Sales	(146)	(42)
Settlements	0	0
Transfers into level 3	85	227
Transfers (out of) level 3	(152)	(27)
Fair value, ending balance	370	953
Change in unrealized gains/(losses) related to financial instruments held	(14)	(50)
Loans
Assets:
Fair value, beginning balance	893	673
Total realized/unrealized gains/(losses)	7	(98)
Purchases	272	497
Sales	(152)	(130)
Settlements	(1)	(16)
Transfers into level 3	90	568
Transfers (out of) level 3	(277)	(108)
Fair value, ending balance	832	1,386
Change in unrealized gains/(losses) related to financial instruments held	8	(127)
Asset-backed securities
Assets:
Fair value, beginning balance	28	37
Total realized/unrealized gains/(losses)	(1)	(2)
Purchases	28	36
Sales	(3)	(15)
Settlements	0	(1)
Transfers into level 3	2	0
Transfers (out of) level 3	0	(3)
Fair value, ending balance	54	52
Change in unrealized gains/(losses) related to financial instruments held	(1)	(1)
Equity securities
Assets:
Fair value, beginning balance	476	196
Total realized/unrealized gains/(losses)	(5)	(38)
Purchases	230	10
Sales	(43)	(4)
Settlements	0	0
Transfers into level 3	54	82
Transfers (out of) level 3	(24)	(33)
Fair value, ending balance	688	213
Change in unrealized gains/(losses) related to financial instruments held	3	(39)
Other
Assets:
Fair value, beginning balance	49	232
Total realized/unrealized gains/(losses)	41	(1)
Purchases	65	9
Sales	0	(5)
Settlements	(29)	(12)
Transfers into level 3	0	0
Transfers (out of) level 3	(4)	(2)
Fair value, ending balance	122	221
Change in unrealized gains/(losses) related to financial instruments held	36	2
Total available-for-sale securities
Assets:
Fair value, beginning balance	0	1
Total realized/unrealized gains/(losses)	0	0
Purchases	0	0
Sales	0	0
Settlements	0	(1)
Transfers into level 3	0	0
Transfers (out of) level 3	0	0
Fair value, ending balance	0	0
Change in unrealized gains/(losses) related to financial instruments held	0	0
Mortgage-backed securities
Assets:
Fair value, beginning balance	0	1
Total realized/unrealized gains/(losses)	0	0
Purchases	0	0
Sales	0	0
Settlements	0	(1)
Transfers into level 3	0	0
Transfers (out of) level 3	0	0
Fair value, ending balance	0	0
Change in unrealized gains/(losses) related to financial instruments held	0	0
Loans
Assets:
Fair value, beginning balance	2,305	516
Total realized/unrealized gains/(losses)	(73)	(64)
Purchases	67	191
Sales	(190)	(32)
Settlements	(201)	(9)
Transfers into level 3	155	1,514
Transfers (out of) level 3	(240)	(31)
Fair value, ending balance	1,823	2,085
Change in unrealized gains/(losses) related to financial instruments held	(112)	(63)
Mortgage servicing rights
Assets:
Fair value, beginning balance	3,276	4,699
Total realized/unrealized gains/(losses)	797	(1,382)
Purchases	583	273
Sales	1	(75)
Settlements	(187)	(248)
Transfers into level 3	0	0
Transfers (out of) level 3	0	0
Fair value, ending balance	4,470	3,267
Change in unrealized gains/(losses) related to financial instruments held	797	(1,382)
Other assets
Assets:
Fair value, beginning balance	538	917
Total realized/unrealized gains/(losses)	13	(92)
Purchases	3	13
Sales	(18)	(28)
Settlements	(25)	(228)
Transfers into level 3	0	0
Transfers (out of) level 3	0	0
Fair value, ending balance	511	582
Change in unrealized gains/(losses) related to financial instruments held	$ 12	$ (91)

XML

Fair Value Measurement - Level 3 Analysis (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Level 3 Analysis - Supplemental Data [Abstract]
Percentage of level 3 assets in total Firm assets	0.50%
Total debt and equity instruments
Level 3 Analysis - Supplemental Data [Abstract]
Transfers from level 2 into level 3, liabilities	$ 59	$ 86
Transfers from level 3 into level 2, liabilities	3	1
Recurring
Level 3 Analysis - Supplemental Data [Abstract]
Assets fair value	1,362,935		$ 1,243,209
Recurring | Total debt and equity instruments
Level 3 Analysis - Supplemental Data [Abstract]
Transfers from level 2 into level 3, liabilities		2,100
Recurring | Equity | Derivative payables
Level 3 Analysis - Supplemental Data [Abstract]
Transfers from level 2 into level 3, liabilities		1,700
Recurring | Derivative receivables | Equity
Level 3 Analysis - Supplemental Data [Abstract]
Transfers from level 2 into level 3, assets		1,000
Recurring | Level 3
Level 3 Analysis - Supplemental Data [Abstract]
Assets fair value	17,362		$ 16,410
Increase (decrease) in level 3 assets	952
Realized/unrealized gains (losses), assets	984	1,200
Realized/unrealized gains (losses), liabilities	528	$ 4,600
Recurring | Level 3 | MSRs
Level 3 Analysis - Supplemental Data [Abstract]
Increase (decrease) in level 3 assets	$ 1,200

XML

Fair Value Measurement - Impact of Credit Adjustments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Credit and funding adjustments:
Derivatives CVA	$ 240	$ (924)
Derivatives FVA	$ 105	$ (1,021)

XML

Fair Value Measurement - Nonrecurring Basis (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities adjusted based on the measurement alternative	$ 2,302	$ 2,560	$ 2,400
Net gains as a result of measurement alternative	7	9
Net losses as a result of measurement alternative	$ (1)	(162)
Residential mortgage | Broker price opinions | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, liquidation value discount	13.00%
Residential mortgage | Broker price opinions | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, liquidation value discount	45.00%
Residential mortgage | Broker price opinions | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, liquidation value discount	26.00%
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a nonrecurring basis	$ 2,542	3,240
Total liabilities measured at fair value on a nonrecurring basis	14	775
Total nonrecurring fair value gains/(losses)	(34)	(1,211)
Nonrecurring | Accounts payable and other liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value on a nonrecurring basis	14	775
Total nonrecurring fair value gains/(losses)	(3)	(775)
Nonrecurring | Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a nonrecurring basis	2,160	2,895
Total nonrecurring fair value gains/(losses)	(33)	(267)
Nonrecurring | Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a nonrecurring basis	382	345
Total nonrecurring fair value gains/(losses)	2	(169)
Net gains as a result of measurement alternative	6
Net losses as a result of measurement alternative		(154)
Nonrecurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a nonrecurring basis	0	0
Total liabilities measured at fair value on a nonrecurring basis	0	0
Nonrecurring | Level 1 | Accounts payable and other liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value on a nonrecurring basis	0	0
Nonrecurring | Level 1 | Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a nonrecurring basis	0	0
Nonrecurring | Level 1 | Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a nonrecurring basis	0	0
Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a nonrecurring basis	1,869	2,347
Total liabilities measured at fair value on a nonrecurring basis	0	0
Nonrecurring | Level 2 | Accounts payable and other liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value on a nonrecurring basis	0	0
Nonrecurring | Level 2 | Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a nonrecurring basis	1,857	2,336
Nonrecurring | Level 2 | Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a nonrecurring basis	12	11
Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a nonrecurring basis	673	893
Total liabilities measured at fair value on a nonrecurring basis	14	775
Nonrecurring | Level 3 | Accounts payable and other liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value on a nonrecurring basis	14	775
Nonrecurring | Level 3 | Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a nonrecurring basis	303	559
Nonrecurring | Level 3 | Residential mortgage
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a nonrecurring basis	137
Nonrecurring | Level 3 | Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a nonrecurring basis	370	$ 334
Equity securities adjusted based on the measurement alternative	$ 316

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Fair Value Measurement - Equity Securities Without Readily Determinable Fair Value (Details) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) shares	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Fair Value Disclosures [Abstract]
Carrying value	$ 2,302	$ 2,560	$ 2,400
Upward carrying value changes	7	9
Downward carrying value changes/impairment	(1)	$ (162)
Cumulative upward carrying value changes	618
Cumulative downward carrying value changes/impairment	$ (340)
Common stock | Class B | VISA
Investment Holdings [Line Items]
Interest owned, included in other assets (in shares) | shares	40
Conversion rate	1.6228

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Fair Value Measurement - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Financial assets
Cash and due from banks	$ 25,397	$ 24,874
Deposits with banks	685,675	502,735
Federal funds sold and securities purchased under resale agreements	272,481	296,284
Investment securities, held-to-maturity	217,710	205,472
Loans, net of allowance for loan losses	50,767	44,474
Financial liabilities
Beneficial interests issued by consolidated VIEs	15,671	17,578
Carrying value
Financial assets
Cash and due from banks	25,400	24,900
Deposits with banks	685,700	502,700
Accrued interest and accounts receivable	113,600	89,400
Federal funds sold and securities purchased under resale agreements	4,900	58,300
Securities borrowed	113,400	107,700
Investment securities, held-to-maturity	217,500	201,800
Loans, net of allowance for loan losses	937,500	940,100
Other	95,000	81,800
Financial liabilities
Deposits	2,264,000	2,129,800
Federal funds purchased and securities loaned or sold under repurchase agreements	106,200	59,500
Short-term borrowings	35,000	28,300
Accounts payable and other liabilities	205,900	186,600
Beneficial interests issued by consolidated VIEs	15,500	17,500
Long-term debt	203,700	204,800
Wholesale lending-related commitments	2,400	2,200
Total estimated fair value
Financial assets
Cash and due from banks	25,400	24,900
Deposits with banks	685,700	502,700
Accrued interest and accounts receivable	113,600	89,400
Federal funds sold and securities purchased under resale agreements	4,900	58,300
Securities borrowed	113,200	107,700
Investment securities, held-to-maturity	217,700	205,500
Loans, net of allowance for loan losses	959,400	966,500
Other	95,100	81,900
Financial liabilities
Deposits	2,264,000	2,128,900
Federal funds purchased and securities loaned or sold under repurchase agreements	106,200	59,500
Short-term borrowings	35,000	28,300
Accounts payable and other liabilities	205,500	186,200
Beneficial interests issued by consolidated VIEs	15,500	17,600
Long-term debt	211,100	212,400
Wholesale lending-related commitments	2,800	2,100
Total estimated fair value | Level 1
Financial assets
Cash and due from banks	25,400	24,900
Deposits with banks	685,700	502,700
Accrued interest and accounts receivable	0	0
Federal funds sold and securities purchased under resale agreements	0	0
Securities borrowed	0	0
Investment securities, held-to-maturity	74,500	53,200
Loans, net of allowance for loan losses	0	0
Other	0	0
Financial liabilities
Deposits	0	0
Federal funds purchased and securities loaned or sold under repurchase agreements	0	0
Short-term borrowings	0	0
Accounts payable and other liabilities	0	0
Beneficial interests issued by consolidated VIEs	0	0
Long-term debt	0	0
Wholesale lending-related commitments	0	0
Total estimated fair value | Level 2
Financial assets
Cash and due from banks	0	0
Deposits with banks	0	0
Accrued interest and accounts receivable	113,500	89,300
Federal funds sold and securities purchased under resale agreements	4,900	58,300
Securities borrowed	113,200	107,700
Investment securities, held-to-maturity	143,200	152,300
Loans, net of allowance for loan losses	206,700	210,900
Other	93,200	80,000
Financial liabilities
Deposits	2,264,000	2,128,900
Federal funds purchased and securities loaned or sold under repurchase agreements	106,200	59,500
Short-term borrowings	35,000	28,300
Accounts payable and other liabilities	201,600	181,900
Beneficial interests issued by consolidated VIEs	15,500	17,600
Long-term debt	207,800	209,200
Wholesale lending-related commitments	0	0
Total estimated fair value | Level 3
Financial assets
Cash and due from banks	0	0
Deposits with banks	0	0
Accrued interest and accounts receivable	100	100
Federal funds sold and securities purchased under resale agreements	0	0
Securities borrowed	0	0
Investment securities, held-to-maturity	0	0
Loans, net of allowance for loan losses	752,700	755,600
Other	1,900	1,900
Financial liabilities
Deposits	0	0
Federal funds purchased and securities loaned or sold under repurchase agreements	0	0
Short-term borrowings	0	0
Accounts payable and other liabilities	3,900	4,300
Beneficial interests issued by consolidated VIEs	0	0
Long-term debt	3,300	3,200
Wholesale lending-related commitments	$ 2,800	$ 2,100

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Fair Value Option - Changes in Fair Value Under the Fair Value Option (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Federal funds sold and securities purchased under resale agreements
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	$ (12)	$ 543
Federal funds sold and securities purchased under resale agreements | Principal transactions
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	(12)	543
Federal funds sold and securities purchased under resale agreements | All other income
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	0	0
Securities borrowed
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	(70)	226
Securities borrowed | Principal transactions
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	(70)	226
Securities borrowed | All other income
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	0	0
Debt and equity instruments, excluding loans
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	621	(2,439)
Debt and equity instruments, excluding loans | Principal transactions
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	621	(2,438)
Debt and equity instruments, excluding loans | All other income
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	0	(1)
Loans reported as trading assets: Changes in instrument-specific credit risk
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	204	(656)
Loans reported as trading assets: Changes in instrument-specific credit risk | Principal transactions
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	204	(656)
Loans reported as trading assets: Changes in instrument-specific credit risk | All other income
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	0	0
Loans reported as trading assets: Other changes in fair value
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	(1)	1
Loans reported as trading assets: Other changes in fair value | Principal transactions
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	(1)	1
Loans reported as trading assets: Other changes in fair value | All other income
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	0	0
Loans: Changes in instrument-specific credit risk
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	238	41
Loans: Changes in instrument-specific credit risk | Principal transactions
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	237	64
Loans: Changes in instrument-specific credit risk | All other income
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	1	(23)
Loans: Other changes in fair value
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	90	1,009
Loans: Other changes in fair value | Principal transactions
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	(250)	268
Loans: Other changes in fair value | All other income
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	340	741
Other assets
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	0	68
Other assets | Principal transactions
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	19	85
Other assets | All other income
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	(19)	(17)
Deposits
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	167	(103)
Deposits | Principal transactions
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	167	(103)
Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue	(2)	(2)
Deposits | All other income
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	0	0
Federal funds purchased and securities loaned or sold under repurchase agreements
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	34	(259)
Federal funds purchased and securities loaned or sold under repurchase agreements | Principal transactions
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	34	(259)
Federal funds purchased and securities loaned or sold under repurchase agreements | All other income
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	0	0
Short-term borrowings
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	(122)	1,720
Short-term borrowings | Principal transactions
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	(122)	1,720
Short-term borrowings | All other income
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	0	0
Trading liabilities
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	0	0
Trading liabilities | Principal transactions
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	0	0
Trading liabilities | All other income
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	0	0
Other liabilities
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	1	(35)
Other liabilities | Principal transactions
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	1	(35)
Other liabilities | All other income
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	0	0
Long-term debt
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	1,242	4,186
Long-term debt | Principal transactions
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	1,247	4,181
Long-term debt | All other income
Changes in fair value under the fair value option election
Total nonrecurring fair value gains/(losses)	$ (5)	$ 5

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Fair Value Option - Aggregate Differences (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Long-term beneficial interests
Performing loans, ninety days or more past due	$ 0	$ 0
Lending-related commitments, fair value option elected
Long-term beneficial interests
Contractual amount of lending-related commitments	20,900,000,000	18,100,000,000
Contractual lending-related commitments, fair value	75,000,000	(39,000,000)
Contractual principal outstanding
Loans
Nonaccrual loans	4,490,000,000	5,253,000,000
All other performing loans	57,901,000,000	49,939,000,000
Total loans	62,746,000,000	55,520,000,000
Contractual principal outstanding | Principal-protected debt
Long-term debt
Total long-term debt	39,625,000,000	40,560,000,000
Contractual principal outstanding | Loans reported as trading assets
Loans
Nonaccrual loans	3,102,000,000	3,386,000,000
All other performing loans	8,758,000,000	7,917,000,000
Contractual principal outstanding | Loans
Loans
Nonaccrual loans	1,388,000,000	1,867,000,000
90 or more days past due and government guaranteed	355,000,000	328,000,000
All other performing loans	49,143,000,000	42,022,000,000
Fair value
Loans
Nonaccrual loans	1,570,000,000	2,062,000,000
All other performing loans	56,760,000,000	49,089,000,000
Total loans	58,670,000,000	51,468,000,000
Long-term debt
Total long-term debt	75,693,000,000	76,817,000,000
Long-term beneficial interests
Total long-term beneficial interests	193,000,000	41,000,000
Fair value | Principal-protected debt
Long-term debt
Total long-term debt	36,943,000,000	40,526,000,000
Fair value | Nonprincipal-protected debt
Long-term debt
Total long-term debt	38,750,000,000	36,291,000,000
Long-term beneficial interests
Total long-term beneficial interests	193,000,000	41,000,000
Fair value | Loans reported as trading assets
Loans
Nonaccrual loans	426,000,000	555,000,000
All other performing loans	7,477,000,000	6,439,000,000
Fair value | Loans
Loans
Nonaccrual loans	1,144,000,000	1,507,000,000
90 or more days past due and government guaranteed	340,000,000	317,000,000
All other performing loans	49,283,000,000	42,650,000,000
Fair value over/(under) contractual principal outstanding
Loans
Nonaccrual loans, Fair value over/(under) contractual principal outstanding	(2,920,000,000)	(3,191,000,000)
All other performing loans	(1,141,000,000)	(850,000,000)
Total loans	(4,076,000,000)	(4,052,000,000)
Fair value over/(under) contractual principal outstanding | Principal-protected debt
Long-term debt
Long-term debt, Fair value over/(under) contractual principal outstanding	(2,682,000,000)	(34,000,000)
Fair value over/(under) contractual principal outstanding | Loans reported as trading assets
Loans
Nonaccrual loans, Fair value over/(under) contractual principal outstanding	(2,676,000,000)	(2,831,000,000)
All other performing loans	(1,281,000,000)	(1,478,000,000)
Fair value over/(under) contractual principal outstanding | Loans
Loans
Nonaccrual loans, Fair value over/(under) contractual principal outstanding	(244,000,000)	(360,000,000)
90 or more days past due and government guaranteed, Fair value over/(under) contractual principal outstanding	(15,000,000)	(11,000,000)
All other performing loans	$ 140,000,000	$ 628,000,000

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Fair Value Option - Structured Note Products by Balance Sheet Classification and Risk Component (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	$ 95,960	$ 93,739
Interest rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	40,977	43,251
Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	8,122	7,431
Foreign exchange
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	4,114	3,705
Equity
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	42,515	38,857
Commodity
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	232	495
Long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	74,433	75,344
Long-term debt | Interest rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	35,665	38,129
Long-term debt | Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	6,492	6,409
Long-term debt | Foreign exchange
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	3,357	3,613
Long-term debt | Equity
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	28,719	26,943
Long-term debt | Commodity
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	200	250
Short-term borrowings
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	9,697	6,213
Short-term borrowings | Interest rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	115	65
Short-term borrowings | Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	1,630	1,022
Short-term borrowings | Foreign exchange
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	526	92
Short-term borrowings | Equity
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	7,414	5,021
Short-term borrowings | Commodity
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	12	13
Deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	11,830	12,182
Deposits | Interest rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	5,197	5,057
Deposits | Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	0	0
Deposits | Foreign exchange
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	231	0
Deposits | Equity
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	6,382	6,893
Deposits | Commodity
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total structured notes	20	232
Excluded amount of deposits linked to precious metals for which fair value option was not elected	$ 717	$ 739

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Derivative Instruments - Notional Amount of Derivative Contracts (Details) - USD ($) $ in Billions	Mar. 31, 2021	Dec. 31, 2020
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	$ 53,187	$ 47,194
Interest rate contracts
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	36,079	31,093
Swaps
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	23,774	20,986
Futures and forwards
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	5,186	3,057
Options | Written options
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	3,412	3,375
Options | Purchased options
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	3,707	3,675
Credit derivatives
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	1,335	1,201
Foreign exchange contracts
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	13,161	12,450
Cross-currency swaps
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	3,850	3,924
Spot, futures and forwards
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	7,647	6,871
Options | Written options
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	837	830
Options | Purchased options
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	827	825
Equity contracts
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	1,967	1,885
Swaps
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	496	448
Futures and forwards
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	138	140
Options | Written options
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	695	676
Options | Purchased options
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	638	621
Commodity contracts
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	645	565
Swaps
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	178	138
Spot, futures and forwards
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	199	198
Options | Written options
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	142	124
Options | Purchased options
Notional amount of derivative contracts outstanding [Abstract]
Derivative notional amounts	$ 126	$ 105

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Derivative Instruments - Impact on Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Gross derivative receivables	$ 609,717	$ 707,554
Net derivative receivables	73,119	79,630
Gross derivative payables	582,697	688,887
Net derivative payables	60,440	70,623
Interest rate
Derivatives, Fair Value [Line Items]
Gross derivative receivables	311,621	391,490
Net derivative receivables	28,548	35,725
Gross derivative payables	279,186	353,627
Net derivative payables	10,744	13,012
Credit
Derivatives, Fair Value [Line Items]
Gross derivative receivables	14,212	13,503
Net derivative receivables	1,048	680
Gross derivative payables	14,602	15,192
Net derivative payables	1,898	1,995
Foreign exchange
Derivatives, Fair Value [Line Items]
Gross derivative receivables	186,627	206,260
Net derivative receivables	15,112	15,781
Gross derivative payables	185,506	215,926
Net derivative payables	17,038	21,433
Equity
Derivatives, Fair Value [Line Items]
Gross derivative receivables	73,578	74,798
Net derivative receivables	19,753	20,673
Gross derivative payables	79,543	81,413
Net derivative payables	22,400	25,898
Commodity
Derivatives, Fair Value [Line Items]
Gross derivative receivables	23,679	21,503
Net derivative receivables	8,658	6,771
Gross derivative payables	23,860	22,729
Net derivative payables	8,360	8,285
Not designated as hedges
Derivatives, Fair Value [Line Items]
Gross derivative receivables	606,389	704,898
Gross derivative payables	579,046	685,295
Not designated as hedges | Interest rate
Derivatives, Fair Value [Line Items]
Gross derivative receivables	310,838	390,659
Gross derivative payables	279,186	353,627
Not designated as hedges | Credit
Derivatives, Fair Value [Line Items]
Gross derivative receivables	14,212	13,503
Gross derivative payables	14,602	15,192
Not designated as hedges | Foreign exchange
Derivatives, Fair Value [Line Items]
Gross derivative receivables	185,672	205,359
Gross derivative payables	184,033	214,229
Not designated as hedges | Equity
Derivatives, Fair Value [Line Items]
Gross derivative receivables	73,578	74,798
Gross derivative payables	79,543	81,413
Not designated as hedges | Commodity
Derivatives, Fair Value [Line Items]
Gross derivative receivables	22,089	20,579
Gross derivative payables	21,682	20,834
Designated as hedges
Derivatives, Fair Value [Line Items]
Gross derivative receivables	3,328	2,656
Gross derivative payables	3,651	3,592
Designated as hedges | Interest rate
Derivatives, Fair Value [Line Items]
Gross derivative receivables	783	831
Gross derivative payables	0	0
Designated as hedges | Credit
Derivatives, Fair Value [Line Items]
Gross derivative receivables	0	0
Gross derivative payables	0	0
Designated as hedges | Foreign exchange
Derivatives, Fair Value [Line Items]
Gross derivative receivables	955	901
Gross derivative payables	1,473	1,697
Designated as hedges | Equity
Derivatives, Fair Value [Line Items]
Gross derivative receivables	0	0
Gross derivative payables	0	0
Designated as hedges | Commodity
Derivatives, Fair Value [Line Items]
Gross derivative receivables	1,590	924
Gross derivative payables	$ 2,178	$ 1,895

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Derivative Instruments - Derivatives Netting (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	$ 583,913	$ 681,647
Amounts netted on the Consolidated balance sheets	(536,598)	(627,924)
Net derivative receivables	47,315	53,723
Derivative receivables where an appropriate legal opinion has not been either sought or obtained	25,804	25,907
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables	609,717	707,554
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables	73,119	79,630
Collateral not nettable on the Consolidated balance sheets	(13,958)	(14,806)
Net amounts	59,161	64,824
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	562,602	665,950
Amounts netted on the Consolidated balance sheets	(522,257)	(618,264)
Net derivative payables	40,345	47,686
Derivative payables where an appropriate legal opinion has not been either sought or obtained	20,095	22,937
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables	582,697	688,887
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables	60,440	70,623
Collateral not nettable on the Consolidated balance sheets	(9,193)	(11,964)
Net amounts	51,247	58,659
Net cash collateral receivables	74,600	88,000
Net cash collateral payables	60,200	78,400
Interest rate contracts
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	306,148	385,950
Amounts netted on the Consolidated balance sheets	(283,073)	(355,765)
Net derivative receivables	23,075	30,185
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables	311,621	391,490
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables	28,548	35,725
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	277,620	351,922
Amounts netted on the Consolidated balance sheets	(268,442)	(340,615)
Net derivative payables	9,178	11,307
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables	279,186	353,627
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables	10,744	13,012
Interest rate contracts | Over-the-counter (“OTC”)
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	288,187	367,056
Amounts netted on the Consolidated balance sheets	(265,270)	(337,451)
Net derivative receivables	22,917	29,605
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	257,384	331,854
Amounts netted on the Consolidated balance sheets	(249,248)	(320,780)
Net derivative payables	8,136	11,074
Interest rate contracts | OTC–cleared
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	17,627	18,340
Amounts netted on the Consolidated balance sheets	(17,498)	(17,919)
Net derivative receivables	129	421
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	19,914	19,710
Amounts netted on the Consolidated balance sheets	(18,884)	(19,494)
Net derivative payables	1,030	216
Interest rate contracts | Exchange-traded
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	334	554
Amounts netted on the Consolidated balance sheets	(305)	(395)
Net derivative receivables	29	159
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	322	358
Amounts netted on the Consolidated balance sheets	(310)	(341)
Net derivative payables	12	17
Net credit derivatives
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	13,987	13,378
Amounts netted on the Consolidated balance sheets	(13,164)	(12,823)
Net derivative receivables	823	555
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables	14,212	13,503
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables	1,048	680
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	14,162	14,746
Amounts netted on the Consolidated balance sheets	(12,704)	(13,197)
Net derivative payables	1,458	1,549
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables	14,602	15,192
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables	1,898	1,995
Net credit derivatives | Over-the-counter (“OTC”)
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	9,229	9,052
Amounts netted on the Consolidated balance sheets	(8,460)	(8,514)
Net derivative receivables	769	538
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	9,841	10,671
Amounts netted on the Consolidated balance sheets	(8,412)	(9,141)
Net derivative payables	1,429	1,530
Net credit derivatives | OTC–cleared
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	4,758	4,326
Amounts netted on the Consolidated balance sheets	(4,704)	(4,309)
Net derivative receivables	54	17
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	4,321	4,075
Amounts netted on the Consolidated balance sheets	(4,292)	(4,056)
Net derivative payables	29	19
Foreign exchange contracts
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	182,610	202,218
Amounts netted on the Consolidated balance sheets	(171,515)	(190,479)
Net derivative receivables	11,095	11,739
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables	186,627	206,260
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables	15,112	15,781
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	181,441	211,673
Amounts netted on the Consolidated balance sheets	(168,468)	(194,493)
Net derivative payables	12,973	17,180
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables	185,506	215,926
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables	17,038	21,433
Foreign exchange contracts | Over-the-counter (“OTC”)
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	181,701	201,349
Amounts netted on the Consolidated balance sheets	(170,672)	(189,655)
Net derivative receivables	11,029	11,694
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	180,571	210,803
Amounts netted on the Consolidated balance sheets	(167,627)	(193,672)
Net derivative payables	12,944	17,131
Foreign exchange contracts | OTC–cleared
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	891	834
Amounts netted on the Consolidated balance sheets	(841)	(819)
Net derivative receivables	50	15
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	857	836
Amounts netted on the Consolidated balance sheets	(841)	(819)
Net derivative payables	16	17
Foreign exchange contracts | Exchange-traded
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	18	35
Amounts netted on the Consolidated balance sheets	(2)	(5)
Net derivative receivables	16	30
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	13	34
Amounts netted on the Consolidated balance sheets	0	(2)
Net derivative payables	13	32
Equity contracts
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	61,029	62,324
Amounts netted on the Consolidated balance sheets	(53,825)	(54,125)
Net derivative receivables	7,204	8,199
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables	73,578	74,798
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables	19,753	20,673
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	70,417	69,821
Amounts netted on the Consolidated balance sheets	(57,143)	(55,515)
Net derivative payables	13,274	14,306
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables	79,543	81,413
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables	22,400	25,898
Equity contracts | Over-the-counter (“OTC”)
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	30,396	34,030
Amounts netted on the Consolidated balance sheets	(23,963)	(27,374)
Net derivative receivables	6,433	6,656
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	33,285	35,330
Amounts netted on the Consolidated balance sheets	(27,282)	(28,763)
Net derivative payables	6,003	6,567
Equity contracts | Exchange-traded
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	30,633	28,294
Amounts netted on the Consolidated balance sheets	(29,862)	(26,751)
Net derivative receivables	771	1,543
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	37,132	34,491
Amounts netted on the Consolidated balance sheets	(29,861)	(26,752)
Net derivative payables	7,271	7,739
Commodity contracts
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	20,139	17,777
Amounts netted on the Consolidated balance sheets	(15,021)	(14,732)
Net derivative receivables	5,118	3,045
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables	23,679	21,503
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables	8,658	6,771
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	18,962	17,788
Amounts netted on the Consolidated balance sheets	(15,500)	(14,444)
Net derivative payables	3,462	3,344
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables	23,860	22,729
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables	8,360	8,285
Commodity contracts | Over-the-counter (“OTC”)
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	11,725	10,924
Amounts netted on the Consolidated balance sheets	(6,789)	(7,901)
Net derivative receivables	4,936	3,023
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	10,338	10,365
Amounts netted on the Consolidated balance sheets	(7,253)	(7,544)
Net derivative payables	3,085	2,821
Commodity contracts | OTC–cleared
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	36	20
Amounts netted on the Consolidated balance sheets	(36)	(20)
Net derivative receivables	0	0
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	53	32
Amounts netted on the Consolidated balance sheets	(53)	(32)
Net derivative payables	0	0
Commodity contracts | Exchange-traded
Gross and Net Derivative Receivables by Contract and Settlement Type:
Gross derivative receivables	8,378	6,833
Amounts netted on the Consolidated balance sheets	(8,196)	(6,811)
Net derivative receivables	182	22
Gross and Net Derivative Payables by Contract and Settlement Type:
Gross derivative payables	8,571	7,391
Amounts netted on the Consolidated balance sheets	(8,194)	(6,868)
Net derivative payables	$ 377	$ 523

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Derivative Instruments - Liquidity Risk and Credit-Related Contingent Features (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate fair value of net derivative payables	$ 21,562	$ 26,945
Collateral posted	21,279	26,289
Single-notch downgrade
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of additional collateral to be posted upon downgrade	178	119
Amount required to settle contracts with termination triggers upon downgrade	127	153
Two-notch downgrade
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of additional collateral to be posted upon downgrade	1,448	1,243
Amount required to settle contracts with termination triggers upon downgrade	$ 833	$ 1,682

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Derivative Instruments - Impact on Statements of Income, Fair Value Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Gains/(losses) recorded in income
Derivatives	$ (7,111)	$ 6,191
Hedged items	7,481	(5,758)
Income statement impact	370	433
Income statement impact of excluded components:
Amortization approach	(78)	(179)
Changes in fair value	466	351
OCI impact
Derivatives - Gains/(losses) recorded in OCI	(37)	115
Interest rate
Gains/(losses) recorded in income
Derivatives	(5,121)	4,087
Hedged items	5,446	(3,788)
Income statement impact	325	299
Income statement impact of excluded components:
Amortization approach	0	0
Changes in fair value	436	214
OCI impact
Derivatives - Gains/(losses) recorded in OCI	0	0
Foreign exchange
Gains/(losses) recorded in income
Derivatives	(729)	576
Hedged items	747	(488)
Income statement impact	18	88
Income statement impact of excluded components:
Amortization approach	(78)	(179)
Changes in fair value	18	88
OCI impact
Derivatives - Gains/(losses) recorded in OCI	(37)	115
Commodity
Gains/(losses) recorded in income
Derivatives	(1,261)	1,528
Hedged items	1,288	(1,482)
Income statement impact	27	46
Income statement impact of excluded components:
Amortization approach	0	0
Changes in fair value	12	49
OCI impact
Derivatives - Gains/(losses) recorded in OCI	$ 0	$ 0

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Derivative Instruments - Cumulative Fair Value Hedging Adjustments (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Commodity contracts
Assets
Carrying amount of the hedged items	$ 16,100	$ 11,500
Long-term debt
Liabilities
Carrying amount of the hedged items	176,622	177,611
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
Active hedging relationships	(2,741)	3,194
Discontinued hedging relationships	9,190	11,473
Total	6,449	14,667
Long-term debt | Not designated as hedges
Liabilities
Carrying amount of the hedged items	6,400	6,600
Beneficial interests issued by consolidated VIEs
Liabilities
Carrying amount of the hedged items	747	746
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
Active hedging relationships	0	0
Discontinued hedging relationships	(2)	(3)
Total	(2)	(3)
Investment securities - AFS
Assets
Carrying amount of the hedged items	87,720	139,684
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
Active hedging relationships	502	3,572
Discontinued hedging relationships	633	847
Total	1,135	4,419
Investment securities - AFS | Not designated as hedges
Assets
Carrying amount of the hedged items	$ 15,500	$ 14,500

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Derivative Instruments - Impact on Statements of Income, Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Recognition of (after-tax) net gains related to cash flow hedges in Income	$ 926
Maximum length of time hedged in forecasted transactions, terminated cash flow hedges	9 years
Maximum length of time hedged in forecasted transactions, open cash flow hedges	7 years
Cash Flow Hedging
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Amounts reclassified from AOCI to income	$ 264	$ 8
Amounts recorded in OCI	(2,695)	3,251
Total change in OCI for period	(2,959)	3,243
Cash Flow Hedging | Interest rate
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Amounts reclassified from AOCI to income	237	(9)
Amounts recorded in OCI	(2,761)	3,461
Total change in OCI for period	(2,998)	3,470
Cash Flow Hedging | Foreign exchange
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Amounts reclassified from AOCI to income	27	17
Amounts recorded in OCI	66	(210)
Total change in OCI for period	$ 39	$ (227)

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Derivative Instruments - Impact on Statements of Income, Net Investment Hedges (Details) - Net Investment Hedging - Foreign exchange - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Gains/(losses) recorded in income and other comprehensive income/(loss)
Amounts recorded in income	$ (28)	$ 10
Amounts recorded in OCI	$ 1,200	$ 1,589

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Derivative Instruments - Impact on Statements of Income, Risk Management Derivatives (Details) - Risk Management Activities - Not designated as hedges - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract]
Derivatives gains/(losses) recorded in income	$ (84)	$ 1,459
Interest rate
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract]
Derivatives gains/(losses) recorded in income	(142)	1,292
Credit
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract]
Derivatives gains/(losses) recorded in income	(40)	61
Foreign exchange
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract]
Derivatives gains/(losses) recorded in income	$ 98	$ 106

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Derivative Instruments - Credit Derivatives (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Maximum payout/Notional amount
Protection sold	$ (641,304)	$ (575,178)
Protection purchased with identical underlyings	678,454	611,909
Net protection (sold)/purchased	37,150	36,731
Other protection purchased	25,887	23,664
Total credit derivatives
Maximum payout/Notional amount
Protection sold	(641,304)	(575,178)
Protection purchased with identical underlyings	678,454	611,909
Net protection (sold)/purchased	37,150	36,731
Other protection purchased	15,040	13,416
Credit default swaps
Maximum payout/Notional amount
Protection sold	(595,343)	(535,094)
Protection purchased with identical underlyings	609,926	554,565
Net protection (sold)/purchased	14,583	19,471
Other protection purchased	2,562	4,001
Other credit derivatives
Maximum payout/Notional amount
Protection sold	(45,961)	(40,084)
Protection purchased with identical underlyings	68,528	57,344
Net protection (sold)/purchased	22,567	17,260
Other protection purchased	12,478	9,415
Credit-related notes
Maximum payout/Notional amount
Protection sold	0	0
Protection purchased with identical underlyings	0	0
Net protection (sold)/purchased	0	0
Other protection purchased	$ 10,847	$ 10,248

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Derivative Instruments - Credit Derivatives, Protection Sold, Notional and Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Protection sold credit derivatives and credit related notes ratings/maturity profile
Protection sold credit derivatives and credit related notes ratings/maturity profile - less than 1 year	$ (128,558)	$ (125,714)
Protection sold credit derivatives and credit-related notes ratings/maturity profile - from 1-5 years	(404,997)	(404,985)
Protection sold credit derivatives and credit-related notes ratings/maturity profile - more than 5 years	(107,749)	(44,479)
Total notional amount	(641,304)	(575,178)
Fair value of receivables	9,597	9,474
Fair value of payables	(3,069)	(3,377)
Net fair value	6,528	6,097
Investment-grade
Protection sold credit derivatives and credit related notes ratings/maturity profile
Protection sold credit derivatives and credit related notes ratings/maturity profile - less than 1 year	(93,329)	(93,905)
Protection sold credit derivatives and credit-related notes ratings/maturity profile - from 1-5 years	(304,945)	(307,648)
Protection sold credit derivatives and credit-related notes ratings/maturity profile - more than 5 years	(80,813)	(35,326)
Total notional amount	(479,087)	(436,879)
Fair value of receivables	5,746	5,521
Fair value of payables	(651)	(835)
Net fair value	5,095	4,686
Noninvestment-grade
Protection sold credit derivatives and credit related notes ratings/maturity profile
Protection sold credit derivatives and credit related notes ratings/maturity profile - less than 1 year	(35,229)	(31,809)
Protection sold credit derivatives and credit-related notes ratings/maturity profile - from 1-5 years	(100,052)	(97,337)
Protection sold credit derivatives and credit-related notes ratings/maturity profile - more than 5 years	(26,936)	(9,153)
Total notional amount	(162,217)	(138,299)
Fair value of receivables	3,851	3,953
Fair value of payables	(2,418)	(2,542)
Net fair value	$ 1,433	$ 1,411

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Noninterest Revenue and Noninterest Expense - Investment Banking Fees (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Noninterest revenue [Line Items]
Underwriting	$ 2,283	$ 1,371
Advisory	687	495
Total investment banking fees	2,970	1,866
Equity
Schedule of Noninterest revenue [Line Items]
Underwriting	1,062	327
Debt
Schedule of Noninterest revenue [Line Items]
Underwriting	$ 1,221	$ 1,044

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Noninterest Revenue and Noninterest Expense - Principal Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Principal transactions revenue
Total trading revenue	$ 6,397	$ 3,002
Private equity gains/(losses)	103	(65)
Principal transactions	6,500	2,937
Interest rate
Principal transactions revenue
Total trading revenue	923	452
Credit
Principal transactions revenue
Total trading revenue	1,270	(702)
Foreign exchange
Principal transactions revenue
Total trading revenue	998	1,467
Equity
Principal transactions revenue
Total trading revenue	2,657	1,348
Commodity
Principal transactions revenue
Total trading revenue	$ 549	$ 437

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Noninterest Revenue and Noninterest Expense - Lending and Deposit-Related Fees (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Noninterest Income (Expense) [Abstract]
Lending-related fees	$ 358	$ 291
Deposit-related fees	1,329	1,415
Total lending- and deposit-related fees	$ 1,687	$ 1,706

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Noninterest Revenue and Noninterest Expense - Asset Management, Administration and Commissions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Asset management fees
Investment management fees	$ 3,257	$ 2,785
All other asset management fees	94	93
Total asset management fees	3,351	2,878
Total administration fees	633	554
Commissions and other fees
Brokerage commissions	800	864
All other commissions and fees	245	244
Total commissions and fees	1,045	1,108
Total asset management, administration and commissions	$ 5,029	$ 4,540

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Noninterest Revenue and Noninterest Expense - Card Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total card income	$ 1,350	$ 995
Interchange and merchant processing income
Disaggregation of Revenue [Line Items]
Total card income	4,868	4,782
Rewards costs and partner payments
Disaggregation of Revenue [Line Items]
Total card income	(3,534)	(3,582)
Other card income
Disaggregation of Revenue [Line Items]
Total card income	$ 16	$ (205)

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Noninterest Revenue and Noninterest Expense - Components of Noninterest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Noninterest Income (Expense) [Abstract]
Legal expense	$ 28	$ 197
FDIC-related expense	$ 201	$ 99

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Interest Income and Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest income
Loans	$ 10,187	$ 12,305
Taxable securities	1,605	2,233
Non-taxable securities	277	300
Total investment securities	1,882	2,533
Trading assets - debt instruments	1,782	2,064
Federal funds sold and securities purchased under resale agreements	233	1,095
Securities borrowed	(77)	152
Deposits with banks	65	569
All other interest-earning assets	199	443
Total interest income	14,271	19,161
Interest expense
Interest-bearing deposits	146	1,575
Federal funds purchased and securities loaned or sold under repurchase agreements	15	787
Short-term borrowings	33	151
Trading liabilities – debt and all other interest-bearing liabilities	27	372
Long-term debt	1,134	1,747
Beneficial interest issued by consolidated VIEs	27	90
Total interest expense	1,382	4,722
Net interest income	12,889	14,439
Provision for credit losses	(4,156)	8,285
Net interest income after provision for credit losses	$ 17,045	$ 6,154

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Pension and Other Postretirement Employee Benefit Plans - Net Periodic Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Amortization:
Total net periodic defined benefit plan cost/(credit)	$ (59)	$ (72)
Total defined contribution plans	321	299
Total pension and OPEB cost included in noninterest expense	262	227
Pension plans | U.S.
Components of net periodic benefit cost, U.S. defined benefit pension plans
Benefits earned during the period	0	0
Interest cost on benefit obligations	85	105
Expected return on plan assets	(129)	(158)
Amortization:
Net (gain)/loss	3	2
Prior service (credit)/cost	0	0
Net periodic defined benefit plan cost/(credit), U.S. defined benefit pension plans	(41)	(51)
OPEB plans
Amortization:
Other defined benefit pension and OPEB plans	$ (18)	$ (21)

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Pension and Other Postretirement Employee Benefit Plans - Schedule of Fair Values of Plan Assets (Details) - USD ($) $ in Billions	Mar. 31, 2021	Dec. 31, 2020
Pension plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 16.9	$ 17.6
OPEB plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 7.6	$ 7.8

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Employee Share-based Incentives - Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Cost of prior grants of RSUs, performance share units (“PSUs”) and stock options that are amortized over their applicable vesting periods	$ 356	$ 334
Accrual of estimated costs of share-based awards to be granted in future periods predominantly those to full-career eligible employees	548	310
Total noncash compensation expense related to employee share-based incentive plans	$ 904	$ 644

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Employee Share-based Incentives - Narrative (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2021 $ / shares shares
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares) | shares	17,000
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares	$ 137.38
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares) | shares	678
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares	$ 136.94

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Investment Securities - Amortized Costs and Estimated Fair Values (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Available-for-sale securities
Amortized cost	$ 378,756,000,000		$ 381,729,000,000
Gross unrealized gains	4,904,000,000		6,705,000,000
Gross unrealized losses	3,718,000,000		256,000,000
Fair value	379,942,000,000		388,178,000,000
Held-to-maturity securities
Amortized cost	217,452,000,000		201,821,000,000
Gross unrealized gains	2,569,000,000		3,712,000,000
Gross unrealized losses	2,311,000,000		61,000,000
Fair value	217,710,000,000		205,472,000,000
Total investment securities, net of allowance for credit losses
Amortized cost	596,208,000,000		583,550,000,000
Gross unrealized gains	7,473,000,000		10,417,000,000
Gross unrealized losses	6,029,000,000		317,000,000
Fair value	597,652,000,000		593,650,000,000
Allowance for credit losses on AFS securities	0		0
HTM securities purchased	31,300,000,000	$ 205,000,000
HTM securities, allowance for credit losses	94,000,000	19,000,000	78,000,000
Accrued interest receivables on HTM securities	1,800,000,000		2,100,000,000
Accrued interest receivables reversed through interest income	0	$ 0
Total mortgage-backed securities
Available-for-sale securities
Amortized cost	125,755,000,000		123,795,000,000
Gross unrealized gains	1,742,000,000		2,687,000,000
Gross unrealized losses	1,408,000,000		92,000,000
Fair value	126,089,000,000		126,390,000,000
Held-to-maturity securities
Amortized cost	105,092,000,000		114,836,000,000
Gross unrealized gains	2,042,000,000		3,053,000,000
Gross unrealized losses	681,000,000		59,000,000
Fair value	106,453,000,000		117,830,000,000
Total mortgage-backed securities | Fannie Mae
Total investment securities, net of allowance for credit losses
Securities exceeding 10% of total stockholders' equity, Amortized cost	108,200,000,000
Securities exceeding 10% of total stockholders' equity, Fair value	108,700,000,000
Total mortgage-backed securities | Freddie Mac
Total investment securities, net of allowance for credit losses
Securities exceeding 10% of total stockholders' equity, Amortized cost	31,900,000,000
Securities exceeding 10% of total stockholders' equity, Fair value	32,300,000,000
U.S. GSEs and government agencies
Available-for-sale securities
Amortized cost	112,356,000,000		110,979,000,000
Gross unrealized gains	1,479,000,000		2,372,000,000
Gross unrealized losses	1,376,000,000		50,000,000
Fair value	112,459,000,000		113,301,000,000
Held-to-maturity securities
Amortized cost	97,626,000,000		107,889,000,000
Gross unrealized gains	2,020,000,000		2,968,000,000
Gross unrealized losses	630,000,000		29,000,000
Fair value	99,016,000,000		110,828,000,000
Residential: U.S.
Available-for-sale securities
Amortized cost	5,788,000,000		6,246,000,000
Gross unrealized gains	180,000,000		224,000,000
Gross unrealized losses	5,000,000		3,000,000
Fair value	5,963,000,000		6,467,000,000
Held-to-maturity securities
Amortized cost	4,640,000,000		4,345,000,000
Gross unrealized gains	3,000,000		8,000,000
Gross unrealized losses	43,000,000		30,000,000
Fair value	4,600,000,000		4,323,000,000
Residential: Non-U.S.
Available-for-sale securities
Amortized cost	4,607,000,000		3,751,000,000
Gross unrealized gains	31,000,000		20,000,000
Gross unrealized losses	0		5,000,000
Fair value	4,638,000,000		3,766,000,000
Commercial
Available-for-sale securities
Amortized cost	3,004,000,000		2,819,000,000
Gross unrealized gains	52,000,000		71,000,000
Gross unrealized losses	27,000,000		34,000,000
Fair value	3,029,000,000		2,856,000,000
Held-to-maturity securities
Amortized cost	2,826,000,000		2,602,000,000
Gross unrealized gains	19,000,000		77,000,000
Gross unrealized losses	8,000,000		0
Fair value	2,837,000,000		2,679,000,000
U.S. Treasury and government agencies
Available-for-sale securities
Amortized cost	195,423,000,000		199,910,000,000
Gross unrealized gains	1,586,000,000		2,141,000,000
Gross unrealized losses	2,225,000,000		100,000,000
Fair value	194,784,000,000		201,951,000,000
Held-to-maturity securities
Amortized cost	76,107,000,000		53,184,000,000
Gross unrealized gains	13,000,000		50,000,000
Gross unrealized losses	1,575,000,000		0
Fair value	74,545,000,000		53,234,000,000
Obligations of U.S. states and municipalities
Available-for-sale securities
Amortized cost	18,651,000,000		18,993,000,000
Gross unrealized gains	1,276,000,000		1,404,000,000
Gross unrealized losses	5,000,000		1,000,000
Fair value	19,922,000,000		20,396,000,000
Held-to-maturity securities
Amortized cost	12,658,000,000		12,751,000,000
Gross unrealized gains	389,000,000		519,000,000
Gross unrealized losses	52,000,000		0
Fair value	12,995,000,000		13,270,000,000
Non-U.S. government debt securities
Available-for-sale securities
Amortized cost	20,745,000,000		22,587,000,000
Gross unrealized gains	192,000,000		354,000,000
Gross unrealized losses	64,000,000		13,000,000
Fair value	20,873,000,000		22,928,000,000
Corporate debt securities
Available-for-sale securities
Amortized cost	210,000,000		215,000,000
Gross unrealized gains	4,000,000		4,000,000
Gross unrealized losses	4,000,000		3,000,000
Fair value	210,000,000		216,000,000
Asset-backed securities: Collateralized loan obligations
Available-for-sale securities
Amortized cost	11,309,000,000		10,055,000,000
Gross unrealized gains	25,000,000		24,000,000
Gross unrealized losses	5,000,000		31,000,000
Fair value	11,329,000,000		10,048,000,000
Held-to-maturity securities
Amortized cost	23,595,000,000		21,050,000,000
Gross unrealized gains	125,000,000		90,000,000
Gross unrealized losses	3,000,000		2,000,000
Fair value	23,717,000,000		21,138,000,000
Asset-backed securities: Other
Available-for-sale securities
Amortized cost	6,663,000,000		6,174,000,000
Gross unrealized gains	79,000,000		91,000,000
Gross unrealized losses	7,000,000		16,000,000
Fair value	6,735,000,000		6,249,000,000
U.S. GSE obligations
Available-for-sale securities
Fair value	61,000,000,000.0		65,800,000,000
Held-to-maturity securities
Amortized cost	$ 78,800,000,000		$ 86,300,000,000

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Investment Securities - Fair Value and Gross Unrealized Losses by Aging Category (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Available-for-sale securities
Less than 12 months, Fair value	$ 11,094	$ 12,133
Less than 12 months, Gross unrealized losses	91	57
12 months or more, Fair Value	3,795	4,694
12 months or more, Gross unrealized losses	26	49
Total fair value	14,889	16,827
Total gross unrealized losses	117	106
Total mortgage-backed securities
Available-for-sale securities
Less than 12 months, Fair value	2,071	3,768
Less than 12 months, Gross unrealized losses	17	25
12 months or more, Fair Value	430	391
12 months or more, Gross unrealized losses	15	17
Total fair value	2,501	4,159
Total gross unrealized losses	32	42
U.S. GSEs and government agencies
Available-for-sale securities
Total fair value	3,600	150
Residential: U.S.
Available-for-sale securities
Less than 12 months, Fair value	801	562
Less than 12 months, Gross unrealized losses	5	3
12 months or more, Fair Value	53	32
12 months or more, Gross unrealized losses	0	0
Total fair value	854	594
Total gross unrealized losses	5	3
Residential: Non-U.S.
Available-for-sale securities
Less than 12 months, Fair value	769	2,507
Less than 12 months, Gross unrealized losses	0	4
12 months or more, Fair Value	33	235
12 months or more, Gross unrealized losses	0	1
Total fair value	802	2,742
Total gross unrealized losses	0	5
Commercial
Available-for-sale securities
Less than 12 months, Fair value	501	699
Less than 12 months, Gross unrealized losses	12	18
12 months or more, Fair Value	344	124
12 months or more, Gross unrealized losses	15	16
Total fair value	845	823
Total gross unrealized losses	27	34
Obligations of U.S. states and municipalities
Available-for-sale securities
Less than 12 months, Fair value	218	49
Less than 12 months, Gross unrealized losses	5	1
12 months or more, Fair Value	0	0
12 months or more, Gross unrealized losses	0	0
Total fair value	218	49
Total gross unrealized losses	5	1
Non-U.S. government debt securities
Available-for-sale securities
Less than 12 months, Fair value	6,620	2,709
Less than 12 months, Gross unrealized losses	61	9
12 months or more, Fair Value	580	968
12 months or more, Gross unrealized losses	3	4
Total fair value	7,200	3,677
Total gross unrealized losses	64	13
Corporate debt securities
Available-for-sale securities
Less than 12 months, Fair value	52	91
Less than 12 months, Gross unrealized losses	3	3
12 months or more, Fair Value	42	5
12 months or more, Gross unrealized losses	1	0
Total fair value	94	96
Total gross unrealized losses	4	3
Asset-backed securities: Collateralized loan obligations
Available-for-sale securities
Less than 12 months, Fair value	1,808	5,248
Less than 12 months, Gross unrealized losses	4	18
12 months or more, Fair Value	2,254	2,645
12 months or more, Gross unrealized losses	1	13
Total fair value	4,062	7,893
Total gross unrealized losses	5	31
Asset-backed securities: Other
Available-for-sale securities
Less than 12 months, Fair value	325	268
Less than 12 months, Gross unrealized losses	1	1
12 months or more, Fair Value	489	685
12 months or more, Gross unrealized losses	6	15
Total fair value	814	953
Total gross unrealized losses	$ 7	$ 16

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Investment Securities - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Approximate percentage rated at least AA+	97.00%	98.00%
HTM securities, allowance for credit losses	$ 94	$ 78	$ 19

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Investment Securities - Realized Gains and Losses and Provision for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Securities gains and losses
Realized gains	$ 237	$ 1,095
Realized losses	(223)	(862)
Net investment securities gains	14	233
Provision for credit losses	$ 16	$ 9

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Investment Securities - Amortized Cost and Estimated Fair Value by Contractual Maturity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Available-for-sale securities, Amortized cost
Due in one year or less	$ 12,664
Due after one year through five years	139,816
Due after five years through 10 years	72,343
Due after 10 years	153,933
Amortized cost	378,756	$ 381,729
Available-for-sale securities, Fair value
Due in one year or less	12,704
Due after one year through five years	140,140
Due after five years through 10 years	71,661
Due after 10 years	155,437
Fair value	$ 379,942	388,178
Available-for-sale securities, Average yield
Due in one year or less	1.13%
Due after one year through five years	0.62%
Due after five years through 10 years	1.11%
Due after 10 years	2.57%
Average yield	1.52%
Total held-to-maturity securities, Amortized cost
Due in one year or less	$ 1,318
Due after one year through five years	42,664
Due after five years through 10 years	56,296
Due after 10 years	117,268
Amortized cost	217,546
Total held-to-maturity securities, Fair value
Due in one year or less	1,319
Due after one year through five years	42,650
Due after five years through 10 years	55,195
Due after 10 years	118,546
Fair value	$ 217,710	205,472
Total held-to-maturity securities, Average yield
Due in one year or less	0.17%
Due after one year through five years	0.67%
Due after five years through 10 years	1.49%
Due after 10 years	2.84%
Average yield	2.05%
Supplemental information
US government agencies and US government sponsored enterprises residential MBS estimated duration	6 years
US government agencies and US government sponsored enterprises residential collateralized mortgage obligations estimated duration	4 years
U.S. nonagency residential collateralized mortgage obligations estimated duration	3 years
Minimum
Supplemental information
Due period of mortgage-backed securities and collateralized mortgage obligations	10 years
Mortgage-backed securities
Available-for-sale securities, Amortized cost
Due in one year or less	$ 0
Due after one year through five years	2,226
Due after five years through 10 years	5,998
Due after 10 years	117,531
Amortized cost	125,755	123,795
Available-for-sale securities, Fair value
Due in one year or less	0
Due after one year through five years	2,251
Due after five years through 10 years	6,283
Due after 10 years	117,555
Fair value	$ 126,089	126,390
Available-for-sale securities, Average yield
Due in one year or less	0.00%
Due after one year through five years	1.40%
Due after five years through 10 years	1.79%
Due after 10 years	2.50%
Average yield	2.44%
Total held-to-maturity securities, Amortized cost
Due in one year or less	$ 0
Due after one year through five years	423
Due after five years through 10 years	11,858
Due after 10 years	92,851
Amortized cost	105,132
Total held-to-maturity securities, Fair value
Due in one year or less	0
Due after one year through five years	423
Due after five years through 10 years	12,214
Due after 10 years	93,816
Fair value	$ 106,453	117,830
Total held-to-maturity securities, Average yield
Due in one year or less	0.00%
Due after one year through five years	1.12%
Due after five years through 10 years	2.36%
Due after 10 years	2.93%
Average yield	2.86%
U.S. Treasury and government agencies
Available-for-sale securities, Amortized cost
Due in one year or less	$ 4,058
Due after one year through five years	129,668
Due after five years through 10 years	53,799
Due after 10 years	7,898
Amortized cost	195,423	199,910
Available-for-sale securities, Fair value
Due in one year or less	4,088
Due after one year through five years	129,830
Due after five years through 10 years	52,724
Due after 10 years	8,142
Fair value	$ 194,784	201,951
Available-for-sale securities, Average yield
Due in one year or less	0.95%
Due after one year through five years	0.52%
Due after five years through 10 years	0.95%
Due after 10 years	0.54%
Average yield	0.65%
Total held-to-maturity securities, Amortized cost
Due in one year or less	$ 1,318
Due after one year through five years	42,176
Due after five years through 10 years	32,613
Due after 10 years	0
Amortized cost	76,107
Total held-to-maturity securities, Fair value
Due in one year or less	1,319
Due after one year through five years	42,161
Due after five years through 10 years	31,065
Due after 10 years	0
Fair value	$ 74,545	53,234
Total held-to-maturity securities, Average yield
Due in one year or less	0.17%
Due after one year through five years	0.66%
Due after five years through 10 years	1.18%
Due after 10 years	0.00%
Average yield	0.88%
Obligations of U.S. states and municipalities
Available-for-sale securities, Amortized cost
Due in one year or less	$ 33
Due after one year through five years	207
Due after five years through 10 years	1,152
Due after 10 years	17,259
Amortized cost	18,651	18,993
Available-for-sale securities, Fair value
Due in one year or less	33
Due after one year through five years	214
Due after five years through 10 years	1,219
Due after 10 years	18,456
Fair value	$ 19,922	20,396
Available-for-sale securities, Average yield
Due in one year or less	4.16%
Due after one year through five years	4.74%
Due after five years through 10 years	4.96%
Due after 10 years	4.96%
Average yield	4.96%
Total held-to-maturity securities, Amortized cost
Due in one year or less	$ 0
Due after one year through five years	65
Due after five years through 10 years	688
Due after 10 years	11,959
Amortized cost	12,712
Total held-to-maturity securities, Fair value
Due in one year or less	0
Due after one year through five years	66
Due after five years through 10 years	724
Due after 10 years	12,205
Fair value	$ 12,995	13,270
Total held-to-maturity securities, Average yield
Due in one year or less	0.00%
Due after one year through five years	3.23%
Due after five years through 10 years	3.76%
Due after 10 years	3.77%
Average yield	3.77%
Non-U.S. government debt securities
Available-for-sale securities, Amortized cost
Due in one year or less	$ 7,029
Due after one year through five years	5,581
Due after five years through 10 years	4,511
Due after 10 years	3,624
Amortized cost	20,745	22,587
Available-for-sale securities, Fair value
Due in one year or less	7,038
Due after one year through five years	5,698
Due after five years through 10 years	4,530
Due after 10 years	3,607
Fair value	$ 20,873	22,928
Available-for-sale securities, Average yield
Due in one year or less	1.19%
Due after one year through five years	2.05%
Due after five years through 10 years	0.78%
Due after 10 years	0.52%
Average yield	1.21%
Corporate debt securities
Available-for-sale securities, Amortized cost
Due in one year or less	$ 0
Due after one year through five years	139
Due after five years through 10 years	71
Due after 10 years	0
Amortized cost	210	215
Available-for-sale securities, Fair value
Due in one year or less	0
Due after one year through five years	136
Due after five years through 10 years	74
Due after 10 years	0
Fair value	$ 210	$ 216
Available-for-sale securities, Average yield
Due in one year or less	0.00%
Due after one year through five years	1.18%
Due after five years through 10 years	1.89%
Due after 10 years	0.00%
Average yield	1.42%
Asset-backed securities
Available-for-sale securities, Amortized cost
Due in one year or less	$ 1,544
Due after one year through five years	1,995
Due after five years through 10 years	6,812
Due after 10 years	7,621
Amortized cost	17,972
Available-for-sale securities, Fair value
Due in one year or less	1,545
Due after one year through five years	2,011
Due after five years through 10 years	6,831
Due after 10 years	7,677
Fair value	$ 18,064
Available-for-sale securities, Average yield
Due in one year or less	1.28%
Due after one year through five years	1.94%
Due after five years through 10 years	1.30%
Due after 10 years	1.42%
Average yield	1.42%
Total held-to-maturity securities, Amortized cost
Due in one year or less	$ 0
Due after one year through five years	0
Due after five years through 10 years	11,137
Due after 10 years	12,458
Amortized cost	23,595
Total held-to-maturity securities, Fair value
Due in one year or less	0
Due after one year through five years	0
Due after five years through 10 years	11,192
Due after 10 years	12,525
Fair value	$ 23,717
Total held-to-maturity securities, Average yield
Due in one year or less	0.00%
Due after one year through five years	0.00%
Due after five years through 10 years	1.34%
Due after 10 years	1.33%
Average yield	1.33%

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Securities Financing Activities - Gross and Net Amounts of Securities Financing Agreements (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Securities purchased under resale agreements, Gross amounts	$ 555,370	$ 666,467
Securities purchased under resale agreements, Amounts netted on the Consolidated balance sheets	(282,889)	(370,183)
Securities purchased under resale agreements, Amounts presented on the Consolidated balance sheets	272,481	296,284
Securities purchased under resale agreements, Amounts not nettable on the Consolidated balance sheets	(254,495)	(273,206)
Securities purchased under resale agreements, Net amounts	17,986	23,078
Securities borrowed, Gross amounts	182,414	193,700
Securities borrowed, Amounts netted on the Consolidated balance sheets	(2,898)	(33,065)
Securities borrowed, Amounts presented on the Consolidated balance sheets	179,516	160,635
Securities borrowed, Amounts not nettable on the Consolidated balance sheets	(130,939)	(115,219)
Securities borrowed, Net amounts	48,577	45,416
Liabilities
Securities sold under repurchase agreements, Gross amounts	575,969	578,060
Securities sold under repurchase agreements, Amounts netted on the Consolidated balance sheets	(282,889)	(370,183)
Securities sold under repurchase agreements, Amounts presented on the Consolidated balance sheets	293,080	207,877
Securities sold under repurchase agreements, Amounts not nettable on the Consolidated balance sheets	(263,698)	(191,980)
Securities sold under repurchase agreements, Net amounts	29,382	15,897
Securities loaned and other, Gross amounts	54,058	41,366
Securities loaned and other, Amounts netted on the Consolidated balance sheets	(2,898)	(33,065)
Securities loaned and other, Amounts presented on the Consolidated balance sheets	51,160	8,301
Securities loaned and other, Amounts not nettable on the Consolidated balance sheets	(49,574)	(8,257)
Securities loaned and other, Net amounts	1,586	44
Securities purchased under resale agreements where an appropriate legal opinion has not been either sought or obtained, Gross asset balance	12,800	17,000
Securities borrowed where an appropriate legal opinion has not been either sought or obtained	45,500	42,100
Securities sold under agreements to repurchase	27,400	14,500
Securities loaned and other	136	8
Securities-for-securities
Liabilities
Securities loaned and other, Amounts presented on the Consolidated balance sheets	$ 42,800	$ 3,400

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Securities Financing Activities - Types of Financial Assets Pledged and Remaining Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Securities Financing Transaction [Line Items]
Securities sold under repurchase agreements	$ 575,969	$ 578,060
Securities loaned and other	54,058	41,366
Overnight and continuous
Securities Financing Transaction [Line Items]
Securities sold under repurchase agreements	228,510	238,667
Securities loaned and other	52,440	37,887
Up to 30 days
Securities Financing Transaction [Line Items]
Securities sold under repurchase agreements	252,875	230,980
Securities loaned and other	395	1,647
30 – 90 days
Securities Financing Transaction [Line Items]
Securities sold under repurchase agreements	46,361	70,777
Securities loaned and other	799	500
Greater than 90 days
Securities Financing Transaction [Line Items]
Securities sold under repurchase agreements	48,223	37,636
Securities loaned and other	424	1,332
Mortgage-backed securities, U.S. GSEs and government agencies
Securities Financing Transaction [Line Items]
Securities sold under repurchase agreements	76,335	56,744
Securities loaned and other	0	0
Mortgage-backed securities, Residential - nonagency
Securities Financing Transaction [Line Items]
Securities sold under repurchase agreements	522	1,016
Securities loaned and other	0	0
Mortgage-backed securities, Commercial - nonagency
Securities Financing Transaction [Line Items]
Securities sold under repurchase agreements	775	855
Securities loaned and other	0	0
U.S. Treasury, GSEs and government agencies
Securities Financing Transaction [Line Items]
Securities sold under repurchase agreements	274,254	315,834
Securities loaned and other	184	143
Obligations of U.S. states and municipalities
Securities Financing Transaction [Line Items]
Securities sold under repurchase agreements	1,626	1,525
Securities loaned and other	0	2
Non-U.S. government debt
Securities Financing Transaction [Line Items]
Securities sold under repurchase agreements	163,200	157,563
Securities loaned and other	2,472	1,730
Corporate debt securities
Securities Financing Transaction [Line Items]
Securities sold under repurchase agreements	28,522	22,849
Securities loaned and other	2,563	1,864
Asset-backed securities
Securities Financing Transaction [Line Items]
Securities sold under repurchase agreements	682	694
Securities loaned and other	845	0
Equity securities
Securities Financing Transaction [Line Items]
Securities sold under repurchase agreements	30,053	20,980
Securities loaned and other	$ 47,994	$ 37,627

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Securities Financing Activities - Transfers Not Qualifying for Sale Accounting (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Securities Financing Transactions Disclosures [Abstract]
Transfers not qualifying for sale accounting	$ 603	$ 598

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Loans - Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021 USD ($) loan_segment	Mar. 31, 2020 USD ($)	Dec. 31, 2020 loan_segment
Receivables [Abstract]
Number of portfolio segments | loan_segment	3		3
Net gains (losses) on sales of loans and lending-related commitments	$ 132	$ (913)
Net gains (losses) on sales of loans	$ 135	$ (142)

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Loans - By Portfolio Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Loan balances by portfolio segment:
Retained loans	$ 948,642	$ 1,003,089	$ 960,506
Held-for-sale	11,898		7,873
At fair value	50,767		44,474
Total	1,011,307		1,012,853
Accrued interest receivables	2,900		2,900
Accrued interest receivables written off	13	14
Consumer, excluding credit card
Loan balances by portfolio segment:
Retained loans	302,392	293,779	302,127
Held-for-sale	1,232		1,305
At fair value	21,284		15,147
Total	324,908		318,579
Credit card
Loan balances by portfolio segment:
Retained loans	131,772		143,432
Held-for-sale	721		784
At fair value	0		0
Total	132,493		144,216
Wholesale
Loan balances by portfolio segment:
Retained loans	514,478	$ 555,289	514,947
Held-for-sale	9,945		5,784
At fair value	29,483		29,327
Total	$ 553,906		$ 550,058

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Loans - Purchased, Sold and Reclassified to Held-for-Sale (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchases	$ 417	$ 1,558
Sales	5,911	5,776
Retained loans reclassified to held-for-sale	934	617
Consumer, excluding credit card
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchases	191	1,172
Sales	181	324
Retained loans reclassified to held-for-sale	162	148
Excluded retained loans purchased from correspondents that were originated in accordance with the Firm's underwriting standards	7,000	3,600
Credit card
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchases	0	0
Sales	0	0
Retained loans reclassified to held-for-sale	0	0
Wholesale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchases	226	386
Sales	5,730	5,452
Retained loans reclassified to held-for-sale	$ 772	$ 469

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Loans - Consumer, Excluding Credit Card Loan Portfolio (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 948,642	$ 960,506	$ 1,003,089
Consumer, excluding credit card
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	302,392	302,127	$ 293,779
Consumer, excluding credit card | Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	219,173	225,302
Consumer, excluding credit card | Auto and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	83,219	76,825
Consumer, excluding credit card | Auto and other | Paycheck Protection Program (PPP)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 23,400	$ 19,200

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Loans - Consumer, Excluding Credit Card Loan Portfolio, Residential Real Estate (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	$ 948,642	$ 960,506	$ 1,003,089
Consumer, excluding credit card
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	302,392	302,127	$ 293,779
Consumer, excluding credit card | 30 or more days past due | U.S. government-guaranteed
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	36	40
Consumer, excluding credit card | Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans originated in 2021/2020	13,779	56,588
Term loans originated in 2020/2019	57,116	31,859
Term loans originated in 2019/2018	27,279	13,930
Term loans originated in 2018/2017	11,891	20,450
Term loans originated in 2017/2016	17,419	28,025
Term loans originated prior to 2017/2016	69,494	50,736
Revolving loans within the revolving period	6,198	7,413
Revolving loans converted to term loans	15,997	16,301
Total retained loans	$ 219,173	$ 225,302
% of 30 plus days past due to total retained loans, Term loans originated in 2021/2020	0.00%	0.02%
% of 30 plus days past due to total retained loans, Term loans originated in 2020/2019	0.01%	0.12%
% of 30 plus days past due to total retained loans, Term loans originated in 2019/2018	0.05%	0.22%
% of 30 plus days past due to total retained loans, Term loans originated in 2018/2017	0.19%	0.20%
% of 30 plus days past due to total retained loans, Term loans originated in 2017/2016	0.18%	0.17%
% of 30 plus days past due to total retained loans, Term loans originated prior to 2017/2016	2.01%	2.91%
% of 30 plus days past due to total retained loans, Revolving loans within the revolving period	0.53%	0.58%
% of 30 plus days past due to total retained loans, Revolving loans converted to term loans	2.84%	3.12%
% of 30 plus days past due to total retained loans	0.90%	0.98%
Consumer, excluding credit card | Residential real estate | Senior lien
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of total revolving loans that are senior lien loans	35.00%
Consumer, excluding credit card | Residential real estate | U.S. government-guaranteed
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	$ 76	$ 76
Consumer, excluding credit card | Residential real estate | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans originated in 2021/2020	13,779	56,576
Term loans originated in 2020/2019	57,109	31,820
Term loans originated in 2019/2018	27,264	13,900
Term loans originated in 2018/2017	11,868	20,410
Term loans originated in 2017/2016	17,387	27,978
Term loans originated prior to 2017/2016	68,061	49,218
Revolving loans within the revolving period	6,165	7,370
Revolving loans converted to term loans	15,542	15,792
Total retained loans	217,175	223,064
Consumer, excluding credit card | Residential real estate | Current | U.S. government-guaranteed
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	40	36
Consumer, excluding credit card | Residential real estate | 30–149 days past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans originated in 2021/2020	0	9
Term loans originated in 2020/2019	5	25
Term loans originated in 2019/2018	11	20
Term loans originated in 2018/2017	15	22
Term loans originated in 2017/2016	12	29
Term loans originated prior to 2017/2016	595	674
Revolving loans within the revolving period	17	21
Revolving loans converted to term loans	193	245
Total retained loans	848	1,045
Consumer, excluding credit card | Residential real estate | 30–149 days past due | U.S. government-guaranteed
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	13	16
Consumer, excluding credit card | Residential real estate | 150 or more days past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans originated in 2021/2020	0	3
Term loans originated in 2020/2019	2	14
Term loans originated in 2019/2018	4	10
Term loans originated in 2018/2017	8	18
Term loans originated in 2017/2016	20	18
Term loans originated prior to 2017/2016	838	844
Revolving loans within the revolving period	16	22
Revolving loans converted to term loans	262	264
Total retained loans	1,150	1,193
Consumer, excluding credit card | Residential real estate | 150 or more days past due | U.S. government-guaranteed
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	$ 23	$ 24

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Loans - Consumer, Excluding Credit Card Loan Portfolio, Residential Real Estate, Nonaccrual Loans and Other Credit Quality Indicators (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 948,642,000,000	$ 1,003,089,000,000	$ 960,506,000,000
Consumer, excluding credit card
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	302,392,000,000	293,779,000,000	302,127,000,000
Consumer, excluding credit card | Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	5,247,000,000		5,313,000,000
Retained loans	$ 219,173,000,000		$ 225,302,000,000
Weighted average LTV ratio	53.00%		54.00%
Weighted average FICO	$ 764		$ 763
Approximate percentage of Chapter 7 loans 30 days or more past due	7.00%
Interest income on nonaccrual loans recognized on a cash basis	$ 45,000,000	$ 43,000,000
Consumer, excluding credit card | Residential real estate | U.S. government-guaranteed
Accounts, Notes, Loans and Financing Receivable [Line Items]
90 or more days past due	30,000,000		33,000,000
Retained loans	76,000,000		76,000,000
Consumer, excluding credit card | Residential real estate | California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	70,787,000,000		73,444,000,000
Consumer, excluding credit card | Residential real estate | New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	32,042,000,000		32,287,000,000
Consumer, excluding credit card | Residential real estate | Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	14,086,000,000		13,981,000,000
Consumer, excluding credit card | Residential real estate | Texas
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	13,320,000,000		13,773,000,000
Consumer, excluding credit card | Residential real estate | Illinois
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	12,350,000,000		13,130,000,000
Consumer, excluding credit card | Residential real estate | Colorado
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	8,085,000,000		8,235,000,000
Consumer, excluding credit card | Residential real estate | Washington
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	7,687,000,000		7,917,000,000
Consumer, excluding credit card | Residential real estate | New Jersey
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	6,934,000,000		7,227,000,000
Consumer, excluding credit card | Residential real estate | Massachusetts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	5,715,000,000		5,784,000,000
Consumer, excluding credit card | Residential real estate | Connecticut
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	5,012,000,000		5,024,000,000
Consumer, excluding credit card | Residential real estate | All other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	43,155,000,000		44,500,000,000
Consumer, excluding credit card | Residential real estate | All other | U.S. government-guaranteed
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	76,000,000		76,000,000
Consumer, excluding credit card | Residential real estate | 90 or more days past due and still accruing interest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	0		0
Consumer, excluding credit card | Residential real estate | No FICO/LTV available
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	1,713,000,000		1,732,000,000
Consumer, excluding credit card | Residential real estate | Greater than 125% and refreshed FICO scores | Equal to or greater than 660
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	19,000,000		10,000,000
Consumer, excluding credit card | Residential real estate | Greater than 125% and refreshed FICO scores | Less than 660
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	14,000,000		18,000,000
Consumer, excluding credit card | Residential real estate | 101% to 125% and refreshed FICO scores | Equal to or greater than 660
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	105,000,000		72,000,000
Consumer, excluding credit card | Residential real estate | 101% to 125% and refreshed FICO scores | Less than 660
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	46,000,000		65,000,000
Consumer, excluding credit card | Residential real estate | 80% to 100% and refreshed FICO scores | Equal to or greater than 660
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	1,482,000,000		2,365,000,000
Consumer, excluding credit card | Residential real estate | 80% to 100% and refreshed FICO scores | Less than 660
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	286,000,000		435,000,000
Consumer, excluding credit card | Residential real estate | Lower than 80% and refreshed FICO scores | Equal to or greater than 660
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	204,165,000,000		208,457,000,000
Consumer, excluding credit card | Residential real estate | Lower than 80% and refreshed FICO scores | Less than 660
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 11,267,000,000		$ 12,072,000,000

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Loans - Consumer, Excluding Credit Card Loan Portfolio, Loan Modifications, Nature and Extent of Modifications (Details) - Consumer, excluding credit card - Residential real estate $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) loan	Mar. 31, 2020 USD ($) loan
Financing Receivable, Impaired [Line Items]
New TDRs | $	$ 251	$ 142
Percentage, sum of items by type, may exceed	100.00%
Trial Modification
Financing Receivable, Impaired [Line Items]
Number of loans modified	1,401	1,996
Permanent Modification
Financing Receivable, Impaired [Line Items]
Number of loans modified	1,714	1,481
Interest rate reduction
Financing Receivable, Impaired [Line Items]
Concession granted	72.00%	79.00%
Term or payment extension
Financing Receivable, Impaired [Line Items]
Concession granted	40.00%	81.00%
Principal and/or interest deferred
Financing Receivable, Impaired [Line Items]
Concession granted	31.00%	11.00%
Principal forgiveness
Financing Receivable, Impaired [Line Items]
Concession granted	4.00%	4.00%
Other
Financing Receivable, Impaired [Line Items]
Concession granted	51.00%	55.00%

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Loans - Consumer, Excluding Credit Card Loan Portfolio, Financial Effects of Modifications and Redefaults (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) loan_payment	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Financing Receivable, Impaired [Line Items]
Carrying value	$ 948,642	$ 1,003,089	$ 960,506
Consumer, excluding credit card
Financing Receivable, Impaired [Line Items]
Carrying value	$ 302,392	$ 293,779	302,127
Consumer, excluding credit card | Residential real estate
Financing Receivable, Impaired [Line Items]
Number of payments past due for deemed payment | loan_payment	2
Carrying value	$ 219,173		225,302
Consumer, excluding credit card | Residential real estate | In Process of Active or Suspended Foreclosure
Financing Receivable, Impaired [Line Items]
Carrying value	$ 802		$ 846
Consumer, excluding credit card | Residential real estate | Maximum
Financing Receivable, Impaired [Line Items]
Number of years before payment default under a modified loan	1 year
Number of months before a payment redefault under modified loans	12 months
Consumer, excluding credit card | Residential real estate | Permanent Modification
Financing Receivable, Impaired [Line Items]
Weighted-average interest rate of loans with interest rate reductions – before TDR	4.57%	5.20%
Weighted-average interest rate of loans with interest rate reductions – after TDR	2.91%	3.48%
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR	24 years	22 years
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR	39 years	39 years
Charge-offs recognized upon permanent modification	$ 0	$ 0
Principal deferred	12	5
Principal forgiven	1	2
Balance of loans that redefaulted within one year of permanent modification	$ 24	$ 70
Modifications, weighted-average remaining life	6 years

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Loans - Consumer, Excluding Credit Card Loan Portfolio, Auto and Other (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	$ 948,642	$ 960,506	$ 1,003,089
Consumer, excluding credit card
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	302,392	302,127	$ 293,779
Consumer, excluding credit card | Auto and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans originated in 2021/2020	17,751	46,266
Term loans originated in 2020/2019	39,211	12,936
Term loans originated in 2019/2018	11,470	7,444
Term loans originated in 2018/2017	6,397	4,575
Term loans originated in 2017/2016	3,738	2,100
Term loans originated prior to 2017/2016	2,079	766
Revolving loans within the revolving period	2,402	2,555
Revolving loans converted to term loans	171	183
Total retained loans	$ 83,219	$ 76,825
% of 30 plus days past due to total retained loans, Term loans originated in 2021/2020	0.18%	0.21%
% of 30 plus days past due to total retained loans, Term loans originated in 2020/2019	0.13%	0.83%
% of 30 plus days past due to total retained loans, Term loans originated in 2019/2018	0.57%	1.03%
% of 30 plus days past due to total retained loans, Term loans originated in 2018/2017	0.75%	1.18%
% of 30 plus days past due to total retained loans, Term loans originated in 2017/2016	0.86%	2.00%
% of 30 plus days past due to total retained loans, Term loans originated prior to 2017/2016	1.64%	3.13%
% of 30 plus days past due to total retained loans, Revolving loans within the revolving period	1.37%	1.49%
% of 30 plus days past due to total retained loans, Revolving loans converted to term loans	12.87%	13.66%
% of 30 plus days past due to total retained loans	0.38%	0.60%
Consumer, excluding credit card | Auto and other | Paycheck Protection Program (PPP)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	$ 23,400	$ 19,200
Current | Consumer, excluding credit card | Auto and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans originated in 2021/2020	17,719	46,169
Term loans originated in 2020/2019	39,161	12,829
Term loans originated in 2019/2018	11,405	7,367
Term loans originated in 2018/2017	6,349	4,521
Term loans originated in 2017/2016	3,706	2,058
Term loans originated prior to 2017/2016	2,045	742
Revolving loans within the revolving period	2,369	2,517
Revolving loans converted to term loans	149	158
Total retained loans	82,903	76,361
Current | Consumer, excluding credit card | Auto and other | Paycheck Protection Program (PPP)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans originated in 2021/2020	8,700	19,200
Term loans originated in 2020/2019	14,700
30–119 days past due | Consumer, excluding credit card | Auto and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans originated in 2021/2020	32	97
Term loans originated in 2020/2019	50	107
Term loans originated in 2019/2018	65	77
Term loans originated in 2018/2017	47	53
Term loans originated in 2017/2016	31	42
Term loans originated prior to 2017/2016	33	23
Revolving loans within the revolving period	21	30
Revolving loans converted to term loans	12	17
Total retained loans	291	446
120 or more days past due | Consumer, excluding credit card | Auto and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans originated in 2021/2020	0	0
Term loans originated in 2020/2019	0	0
Term loans originated in 2019/2018	0	0
Term loans originated in 2018/2017	1	1
Term loans originated in 2017/2016	1	0
Term loans originated prior to 2017/2016	1	1
Revolving loans within the revolving period	12	8
Revolving loans converted to term loans	10	8
Total retained loans	$ 25	$ 18

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Loans - Consumer, Excluding Credit Card Loan Portfolio, Auto and Other, Nonaccrual Loans and Other Credit Quality Indicators (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Retained loans	$ 948,642,000,000	$ 960,506,000,000	$ 1,003,089,000,000
Consumer, excluding credit card
Financing Receivable, Credit Quality Indicator [Line Items]
Retained loans	302,392,000,000	302,127,000,000	$ 293,779,000,000
Consumer, excluding credit card | Auto and other
Financing Receivable, Credit Quality Indicator [Line Items]
Nonaccrual loans	135,000,000	151,000,000
Retained loans	83,219,000,000	76,825,000,000
90 or more days past due and still accruing	0	0
California | Consumer, excluding credit card | Auto and other
Financing Receivable, Credit Quality Indicator [Line Items]
Retained loans	13,514,000,000	12,302,000,000
New York | Consumer, excluding credit card | Auto and other
Financing Receivable, Credit Quality Indicator [Line Items]
Retained loans	10,551,000,000	8,824,000,000
Texas | Consumer, excluding credit card | Auto and other
Financing Receivable, Credit Quality Indicator [Line Items]
Retained loans	8,746,000,000	8,235,000,000
Florida | Consumer, excluding credit card | Auto and other
Financing Receivable, Credit Quality Indicator [Line Items]
Retained loans	5,117,000,000	4,668,000,000
Illinois | Consumer, excluding credit card | Auto and other
Financing Receivable, Credit Quality Indicator [Line Items]
Retained loans	4,003,000,000	3,768,000,000
New Jersey | Consumer, excluding credit card | Auto and other
Financing Receivable, Credit Quality Indicator [Line Items]
Retained loans	2,895,000,000	2,646,000,000
Arizona | Consumer, excluding credit card | Auto and other
Financing Receivable, Credit Quality Indicator [Line Items]
Retained loans	2,619,000,000	2,465,000,000
Ohio | Consumer, excluding credit card | Auto and other
Financing Receivable, Credit Quality Indicator [Line Items]
Retained loans	2,293,000,000	2,163,000,000
Colorado | Consumer, excluding credit card | Auto and other
Financing Receivable, Credit Quality Indicator [Line Items]
Retained loans	2,021,000,000	1,910,000,000
Pennsylvania | Consumer, excluding credit card | Auto and other
Financing Receivable, Credit Quality Indicator [Line Items]
Retained loans	2,004,000,000	1,924,000,000
All other | Consumer, excluding credit card | Auto and other
Financing Receivable, Credit Quality Indicator [Line Items]
Retained loans	$ 29,456,000,000	$ 27,920,000,000

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Loans - Credit Card Loan Portfolio, Delinquency Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	$ 948,642	$ 960,506	$ 1,003,089
Credit card
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving loans within the revolving period	130,481	142,057
Revolving loans converted to term loans	1,291	1,375
Total retained loans	$ 131,772	$ 143,432
% of 30 plus days past due to total retained loans, Revolving loans within the revolving period	1.33%	1.60%
% of 30 plus days past due to total retained loans, Revolving loans converted to term loans	8.75%	9.89%
% of 30 plus days past due to total retained loans	1.40%	1.68%
% of 90 plus days past due to total retained loans, Revolving loans within the revolving period	0.78%	0.90%
% of 90 plus days past due to total retained loans, Revolving loans converted to term loans	3.10%	3.05%
% of 90 plus days past due to total retained loans	0.80%	0.92%
Current and less than 30 days past due and still accruing | Credit card
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving loans within the revolving period	$ 128,749	$ 139,783
Revolving loans converted to term loans	1,178	1,239
Total retained loans	129,927	141,022
30–89 days past due and still accruing | Credit card
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving loans within the revolving period	714	997
Revolving loans converted to term loans	73	94
Total retained loans	787	1,091
90 or more days past due and still accruing | Credit card
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving loans within the revolving period	1,018	1,277
Revolving loans converted to term loans	40	42
Total retained loans	$ 1,058	$ 1,319

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Loans - Credit Card Loan Portfolio, Other Credit Quality Indicators (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 948,642	$ 960,506	$ 1,003,089
Credit card
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 131,772	$ 143,432
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, Equal to or greater than 660	86.30%	85.90%
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, Less than 660	13.50%	13.90%
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, No FICO available	0.20%	0.20%
Credit card | California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 19,266	$ 20,921
Credit card | Texas
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	13,628	14,544
Credit card | New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	10,935	11,919
Credit card | Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	8,889	9,562
Credit card | Illinois
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	7,329	8,006
Credit card | New Jersey
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	5,420	5,927
Credit card | Ohio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	4,254	4,673
Credit card | Pennsylvania
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	4,036	4,476
Credit card | Colorado
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	3,798	4,092
Credit card | Michigan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	3,245	3,553
Credit card | All other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 50,972	$ 55,759

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Loans - Credit Card Portfolio, Loan Modifications (Details) - Credit card $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) loan_payment	Mar. 31, 2020 USD ($)
Financing Receivable, Impaired [Line Items]
Fixed payment plan period	60 months
New enrollments, percent of total retained credit card loans (less than)	1.00%
Balance of new TDRs	$ 143	$ 277
Weighted-average interest rate of loans – before TDR	17.74%	18.82%
Weighted-average interest rate of loans – after TDR	5.23%	4.02%
Balance of loans that redefaulted within one year of modification	$ 19	$ 36
Number of years before payment default under a modified loan	1 year
Modified loans, payment default, number of payments past due | loan_payment	2

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Loans - Wholesale Loan Portfolio, Internal Risk Ratings (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	$ 948,642	$ 960,506	$ 1,003,089
Wholesale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	$ 514,478	$ 514,947	$ 555,289
% of investment-grade to total retained loans	73.83%	73.65%
% of total criticized to total retained loans	3.68%	3.62%
% of criticized nonaccrual to total retained loans	0.59%	0.64%
Wholesale | Current and less than 30 days past due and still accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	$ 508,171	$ 508,707
Wholesale | 30–89 days past due and still accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	3,061	2,865
Wholesale | 90 or more days past due and still accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	231	57
Wholesale | Investment-grade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	379,827	379,273
Wholesale | Investment-grade | Paycheck Protection Program (PPP)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans originated in 2021/2020	1,200	8,000
Term loans originated in 2020/2019	7,700
Wholesale | Total noninvestment- grade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	134,651	135,674
Wholesale | Noncriticized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	115,743	117,052
Wholesale | Criticized performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	15,893	15,304
Wholesale | Criticized nonaccrual
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	3,015	3,318
Wholesale | Total U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	403,032	406,846
Wholesale | Total non-U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	111,446	108,101
Wholesale | Secured by real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	$ 118,538	$ 119,993
% of investment-grade to total retained loans	74.53%	75.13%
% of total criticized to total retained loans	3.59%	3.10%
% of criticized nonaccrual to total retained loans	0.42%	0.40%
Term loans originated in 2021/2020	$ 3,589	$ 19,887
Term loans originated in 2020/2019	19,706	23,914
Term loans originated in 2019/2018	23,554	16,397
Term loans originated in 2018/2017	15,400	13,933
Term loans originated in 2017/2016	13,002	16,014
Term loans originated prior to 2017/2016	41,705	28,260
Revolving loans within the revolving period	1,581	1,587
Revolving loans converted to term loans	1	1
Wholesale | Secured by real estate | Current and less than 30 days past due and still accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	117,559	118,894
Wholesale | Secured by real estate | 30–89 days past due and still accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	462	601
Wholesale | Secured by real estate | 90 or more days past due and still accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	15	15
Wholesale | Secured by real estate | Investment-grade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	88,351	90,147
Term loans originated in 2021/2020	2,966	16,560
Term loans originated in 2020/2019	16,303	19,575
Term loans originated in 2019/2018	19,118	12,192
Term loans originated in 2018/2017	11,307	11,017
Term loans originated in 2017/2016	10,192	13,439
Term loans originated prior to 2017/2016	27,314	16,266
Revolving loans within the revolving period	1,151	1,098
Revolving loans converted to term loans	0	0
Wholesale | Secured by real estate | Total noninvestment- grade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	30,187	29,846
Term loans originated in 2021/2020	623	3,327
Term loans originated in 2020/2019	3,403	4,339
Term loans originated in 2019/2018	4,436	4,205
Term loans originated in 2018/2017	4,093	2,916
Term loans originated in 2017/2016	2,810	2,575
Term loans originated prior to 2017/2016	14,391	11,994
Revolving loans within the revolving period	430	489
Revolving loans converted to term loans	1	1
Wholesale | Secured by real estate | Noncriticized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	25,929	26,129
Wholesale | Secured by real estate | Criticized performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	3,756	3,234
Wholesale | Secured by real estate | Criticized nonaccrual
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	$ 502	$ 483
% of criticized nonaccrual to total retained loans	0.42%	0.40%
Wholesale | Secured by real estate | Total U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	$ 115,451	$ 116,990
Wholesale | Secured by real estate | Total non-U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	3,087	3,003
Wholesale | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	$ 139,620	$ 142,709
% of investment-grade to total retained loans	51.89%	50.39%
% of total criticized to total retained loans	9.14%	9.05%
% of criticized nonaccrual to total retained loans	1.25%	1.35%
Term loans originated in 2021/2020	$ 12,379	$ 36,271
Term loans originated in 2020/2019	26,714	15,940
Term loans originated in 2019/2018	13,669	8,065
Term loans originated in 2018/2017	7,115	3,852
Term loans originated in 2017/2016	3,362	1,529
Term loans originated prior to 2017/2016	4,606	3,702
Revolving loans within the revolving period	71,632	73,276
Revolving loans converted to term loans	143	74
Wholesale | Commercial and industrial | Current and less than 30 days past due and still accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	136,980	140,100
Wholesale | Commercial and industrial | 30–89 days past due and still accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	830	658
Wholesale | Commercial and industrial | 90 or more days past due and still accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	58	20
Wholesale | Commercial and industrial | Investment-grade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	72,453	71,917
Term loans originated in 2021/2020	8,403	21,211
Term loans originated in 2020/2019	14,857	7,304
Term loans originated in 2019/2018	6,587	2,934
Term loans originated in 2018/2017	2,474	1,748
Term loans originated in 2017/2016	1,664	1,032
Term loans originated prior to 2017/2016	1,861	1,263
Revolving loans within the revolving period	36,537	36,424
Revolving loans converted to term loans	70	1
Wholesale | Commercial and industrial | Investment-grade | Paycheck Protection Program (PPP)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans originated in 2021/2020	1,200	7,400
Term loans originated in 2020/2019	7,100
Wholesale | Commercial and industrial | Total noninvestment- grade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	67,167	70,792
Term loans originated in 2021/2020	3,976	15,060
Term loans originated in 2020/2019	11,857	8,636
Term loans originated in 2019/2018	7,082	5,131
Term loans originated in 2018/2017	4,641	2,104
Term loans originated in 2017/2016	1,698	497
Term loans originated prior to 2017/2016	2,745	2,439
Revolving loans within the revolving period	35,095	36,852
Revolving loans converted to term loans	73	73
Wholesale | Commercial and industrial | Noncriticized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	54,410	57,870
Wholesale | Commercial and industrial | Criticized performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	11,005	10,991
Wholesale | Commercial and industrial | Criticized nonaccrual
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	1,752	1,931
Wholesale | Commercial and industrial | Total U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	106,309	109,273
Wholesale | Commercial and industrial | Total non-U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	33,311	33,436
Wholesale | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	$ 256,320	$ 252,245
% of investment-grade to total retained loans	85.45%	86.11%
% of total criticized to total retained loans	0.74%	0.79%
% of criticized nonaccrual to total retained loans	0.30%	0.36%
Term loans originated in 2021/2020	$ 11,983	$ 36,398
Term loans originated in 2020/2019	29,868	12,389
Term loans originated in 2019/2018	10,368	8,635
Term loans originated in 2018/2017	6,673	6,756
Term loans originated in 2017/2016	6,359	3,699
Term loans originated prior to 2017/2016	17,962	13,231
Revolving loans within the revolving period	172,380	170,234
Revolving loans converted to term loans	727	903
Wholesale | Other | Current and less than 30 days past due and still accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	253,632	249,713
Wholesale | Other | 30–89 days past due and still accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	1,769	1,606
Wholesale | Other | 90 or more days past due and still accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	158	22
Wholesale | Other | Investment-grade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	219,023	217,209
Term loans originated in 2021/2020	8,483	31,389
Term loans originated in 2020/2019	25,689	10,169
Term loans originated in 2019/2018	8,177	6,994
Term loans originated in 2018/2017	5,052	6,206
Term loans originated in 2017/2016	5,874	3,553
Term loans originated prior to 2017/2016	16,897	12,595
Revolving loans within the revolving period	148,248	145,524
Revolving loans converted to term loans	603	779
Wholesale | Other | Total noninvestment- grade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	37,297	35,036
Term loans originated in 2021/2020	3,500	5,009
Term loans originated in 2020/2019	4,179	2,220
Term loans originated in 2019/2018	2,191	1,641
Term loans originated in 2018/2017	1,621	550
Term loans originated in 2017/2016	485	146
Term loans originated prior to 2017/2016	1,065	636
Revolving loans within the revolving period	24,132	24,710
Revolving loans converted to term loans	124	124
Wholesale | Other | Noncriticized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	35,404	33,053
Wholesale | Other | Criticized performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	1,132	1,079
Wholesale | Other | Criticized nonaccrual
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	761	904
Wholesale | Other | Total U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	181,272	180,583
Wholesale | Other | Total non-U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total retained loans	$ 75,048	$ 71,662

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Loans - Wholesale Loan Portfolio, Real Estate Class of Loans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 948,642	$ 1,003,089	$ 960,506
Net charge-offs/(recoveries)	1,057	1,469
Wholesale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 514,478	555,289	$ 514,947
% of total criticized to total retained loans secured by real estate	3.68%		3.62%
% of criticized nonaccrual loans to total retained loans secured by real estate	0.59%		0.64%
Net charge-offs/(recoveries)	$ 53	162
Wholesale | Criticized nonaccrual
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	3,015		$ 3,318
Wholesale | Secured by real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 118,538		$ 119,993
% of total criticized to total retained loans secured by real estate	3.59%		3.10%
% of criticized nonaccrual loans to total retained loans secured by real estate	0.42%		0.40%
Net charge-offs/(recoveries)	$ 0	0
Wholesale | Secured by real estate | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	72,194		$ 73,078
Wholesale | Secured by real estate | Other commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	46,344		46,915
Wholesale | Secured by real estate | Criticized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 4,258		$ 3,717
% of total criticized to total retained loans secured by real estate	3.59%		3.10%
Wholesale | Secured by real estate | Criticized | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 1,560		$ 1,144
% of total criticized to total retained loans secured by real estate	2.16%		1.57%
Wholesale | Secured by real estate | Criticized | Other commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 2,698		$ 2,573
% of total criticized to total retained loans secured by real estate	5.82%		5.48%
Wholesale | Secured by real estate | Criticized nonaccrual
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 502		$ 483
% of criticized nonaccrual loans to total retained loans secured by real estate	0.42%		0.40%
Wholesale | Secured by real estate | Criticized nonaccrual | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 70		$ 56
% of criticized nonaccrual loans to total retained loans secured by real estate	0.10%		0.08%
Wholesale | Secured by real estate | Criticized nonaccrual | Other commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 432		$ 427
% of criticized nonaccrual loans to total retained loans secured by real estate	0.93%		0.91%
Wholesale | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 139,620		$ 142,709
% of total criticized to total retained loans secured by real estate	9.14%		9.05%
% of criticized nonaccrual loans to total retained loans secured by real estate	1.25%		1.35%
Net charge-offs/(recoveries)	$ 50	168
Wholesale | Commercial and industrial | Criticized nonaccrual
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	1,752		$ 1,931
Wholesale | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 256,320		$ 252,245
% of total criticized to total retained loans secured by real estate	0.74%		0.79%
% of criticized nonaccrual loans to total retained loans secured by real estate	0.30%		0.36%
Net charge-offs/(recoveries)	$ 3	$ (6)
Wholesale | Other | Criticized nonaccrual
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained loans	$ 761		$ 904

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Loans - Wholesale Loan Portfolio, Nonaccrual (Details) - Wholesale - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Nonaccrual [Line Items]
With an allowance	$ 2,271	$ 2,818
Without an allowance	744	500
Total nonaccrual loans	3,015	3,318
Secured by real estate
Financing Receivable, Nonaccrual [Line Items]
With an allowance	398	351
Without an allowance	104	132
Total nonaccrual loans	502	483
Commercial and industrial
Financing Receivable, Nonaccrual [Line Items]
With an allowance	1,329	1,667
Without an allowance	423	264
Total nonaccrual loans	1,752	1,931
Other
Financing Receivable, Nonaccrual [Line Items]
With an allowance	544	800
Without an allowance	217	104
Total nonaccrual loans	$ 761	$ 904

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Loans - Wholesale Loan Portfolio, Loan Modifications (Details) - Wholesale - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Financing Receivable, Impaired [Line Items]
Loans modified in TDRs	$ 1,200		$ 954
New TDRs	$ 428	$ 76

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Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Allowance for loan losses
Beginning balance	$ 28,328	$ 13,123
Gross charge-offs	1,468	1,902
Gross recoveries collected	(411)	(433)
Net charge-offs/(recoveries)	1,057	1,469
Provision for loan losses	(4,279)	7,418
Other	9	0
Ending balance	23,001	23,244
Allowance for lending-related commitments
Beginning balance	2,409	1,191
Provision for lending-related commitments	107	858
Other	0	0
Ending balance	2,516	2,147
Total allowance for credit losses			$ 25,517		$ 25,391
Allowance for loan losses by impairment methodology
Asset-specific			703		1,309
Portfolio-based			22,298		21,935
Total allowance for loan losses	28,328	23,244	23,001	$ 28,328	23,244
Loans by impairment methodology
Asset-specific			20,693		20,562
Portfolio-based			927,949		982,527
Total retained loans			948,642	960,506	1,003,089
Allowance for lending-related commitments by impairment methodology
Asset-specific			144		187
Portfolio-based			2,372		1,960
Total allowance for lending-related commitments	2,516	2,147	2,516	2,409	2,147
Lending-related commitments by impairment methodology
Asset-specific			800		619
Portfolio-based			475,298		372,078
Total lending-related commitments			476,098		372,697
HTM securities, allowance for credit losses			94	78	19
HTM securities, provision for credit losses	16	9
Collateral-dependent loans
Allowance for loan losses
Net charge-offs/(recoveries)	22	46
Collateral-dependent loans
Loans measured at fair value of collateral less cost to sell			5,144		3,035
Cumulative effect of a change in accounting principle
Allowance for loan losses
Beginning balance		4,172
Allowance for lending-related commitments
Beginning balance		98
Allowance for loan losses by impairment methodology
Total allowance for loan losses		4,172
Allowance for lending-related commitments by impairment methodology
Total allowance for lending-related commitments		98
Consumer-related
Lending-related commitments by impairment methodology
Decrease in allowance for credit losses	4,500
Consumer, excluding credit card
Allowance for loan losses
Beginning balance	3,636	2,538
Gross charge-offs	166	233
Gross recoveries collected	(145)	(239)
Net charge-offs/(recoveries)	21	(6)
Provision for loan losses	(932)	613
Other	(1)	0
Ending balance	2,682	3,454
Allowance for lending-related commitments
Beginning balance	187	12
Provision for lending-related commitments	(52)	6
Other	0	0
Ending balance	135	151
Total allowance for credit losses			2,817		3,605
Allowance for loan losses by impairment methodology
Asset-specific			(348)		223
Portfolio-based			3,030		3,231
Total allowance for loan losses	2,682	3,454	2,682	3,636	3,454
Loans by impairment methodology
Asset-specific			16,008		17,036
Portfolio-based			286,384		276,743
Total retained loans			302,392	302,127	293,779
Allowance for lending-related commitments by impairment methodology
Asset-specific			0		0
Portfolio-based			135		151
Total allowance for lending-related commitments	135	151	135	187	151
Lending-related commitments by impairment methodology
Asset-specific			0		0
Portfolio-based			34,468		33,498
Total lending-related commitments			34,468		33,498
Credit card lending-related commitments not permitted to have an allowance for credit losses			21,800	8,000
Consumer, excluding credit card | Collateral-dependent loans
Allowance for loan losses
Net charge-offs/(recoveries)	20	29
Collateral-dependent loans
Loans measured at fair value of collateral less cost to sell			4,790		2,941
Consumer, excluding credit card | Cumulative effect of a change in accounting principle
Allowance for loan losses
Beginning balance		297
Allowance for lending-related commitments
Beginning balance		133
Allowance for loan losses by impairment methodology
Total allowance for loan losses		297
Allowance for lending-related commitments by impairment methodology
Total allowance for lending-related commitments		133
Credit card
Allowance for loan losses
Beginning balance	17,800	5,683
Gross charge-offs	1,214	1,488
Gross recoveries collected	(231)	(175)
Net charge-offs/(recoveries)	983	1,313
Provision for loan losses	(2,517)	5,063
Other	0	0
Ending balance	14,300	14,950
Allowance for lending-related commitments
Beginning balance	0	0
Provision for lending-related commitments	0	0
Other	0	0
Ending balance	0	0
Total allowance for credit losses			14,300		14,950
Allowance for loan losses by impairment methodology
Asset-specific			522		530
Portfolio-based			13,778		14,420
Total allowance for loan losses	14,300	14,950	14,300	17,800	14,950
Loans by impairment methodology
Asset-specific			1,291		1,505
Portfolio-based			130,481		152,516
Total retained loans			131,772		154,021
Allowance for lending-related commitments by impairment methodology
Asset-specific			0		0
Portfolio-based			0		0
Total allowance for lending-related commitments	0	0	0	0	0
Lending-related commitments by impairment methodology
Asset-specific			0		0
Portfolio-based			0		0
Total lending-related commitments			0		0
Credit card lending-related commitments not permitted to have an allowance for credit losses			674,400	681,400
Credit card | Collateral-dependent loans
Allowance for loan losses
Net charge-offs/(recoveries)	0	0
Collateral-dependent loans
Loans measured at fair value of collateral less cost to sell			0		0
Credit card | Cumulative effect of a change in accounting principle
Allowance for loan losses
Beginning balance		5,517
Allowance for lending-related commitments
Beginning balance		0
Allowance for loan losses by impairment methodology
Total allowance for loan losses		5,517
Allowance for lending-related commitments by impairment methodology
Total allowance for lending-related commitments		0
Wholesale
Allowance for loan losses
Beginning balance	6,892	4,902
Gross charge-offs	88	181
Gross recoveries collected	(35)	(19)
Net charge-offs/(recoveries)	53	162
Provision for loan losses	(830)	1,742
Other	10	0
Ending balance	6,019	4,840
Allowance for lending-related commitments
Beginning balance	2,222	1,179
Provision for lending-related commitments	159	852
Other	0	0
Ending balance	2,381	1,996
Total allowance for credit losses			8,400		6,836
Allowance for loan losses by impairment methodology
Asset-specific			529		556
Portfolio-based			5,490		4,284
Total allowance for loan losses	6,019	4,840	6,019	6,892	4,840
Loans by impairment methodology
Asset-specific			3,394		2,021
Portfolio-based			511,084		553,268
Total retained loans			514,478	514,947	555,289
Allowance for lending-related commitments by impairment methodology
Asset-specific			144		187
Portfolio-based			2,237		1,809
Total allowance for lending-related commitments	2,381	1,996	2,381	2,222	1,996
Lending-related commitments by impairment methodology
Asset-specific			800		619
Portfolio-based			440,830		338,580
Total lending-related commitments			441,630		339,199
Credit card lending-related commitments not permitted to have an allowance for credit losses			39,600	$ 24,000
Decrease in allowance for credit losses	716
Wholesale | Collateral-dependent loans
Allowance for loan losses
Net charge-offs/(recoveries)	$ 2	17
Collateral-dependent loans
Loans measured at fair value of collateral less cost to sell			$ 354		$ 94
Wholesale | Cumulative effect of a change in accounting principle
Allowance for loan losses
Beginning balance		(1,642)
Allowance for lending-related commitments
Beginning balance		(35)
Allowance for loan losses by impairment methodology
Total allowance for loan losses		(1,642)
Allowance for lending-related commitments by impairment methodology
Total allowance for lending-related commitments		$ (35)

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Variable Interest Entities - Firm Sponsored VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Firm-sponsored mortgage and other consumer securitization trusts
Total assets held by securitization VIEs	$ 182,840	$ 182,272
Retained securitization interests, risk-rated 'A' or better, at fair value	74.00%	73.00%
Corporate & Investment Bank
Firm-sponsored mortgage and other consumer securitization trusts
Senior securities purchased in connection with CIB's secondary market-making activities	$ 74	$ 105
Subordinated securities purchased in connection with CIB's secondary market-making activities	39	40
Residential mortgage | Investment-grade
Firm-sponsored mortgage and other consumer securitization trusts
Fair value of retained interests	1,000	1,300
Residential mortgage | Noninvestment-grade
Firm-sponsored mortgage and other consumer securitization trusts
Fair value of retained interests	33	41
Residential mortgage | Prime / Alt-A & option ARMs
Firm-sponsored mortgage and other consumer securitization trusts
Total assets held by securitization VIEs	49,200	49,644
Residential mortgage | Subprime
Firm-sponsored mortgage and other consumer securitization trusts
Total assets held by securitization VIEs	12,427	12,896
Commercial and other
Firm-sponsored mortgage and other consumer securitization trusts
Total assets held by securitization VIEs	121,213	119,732
Commercial and other | Investment-grade
Firm-sponsored mortgage and other consumer securitization trusts
Fair value of retained interests	2,000	2,000
Commercial and other | Noninvestment-grade
Firm-sponsored mortgage and other consumer securitization trusts
Fair value of retained interests	753	753
VIEs consolidated by the Firm
Firm-sponsored mortgage and other consumer securitization trusts
Assets held in consolidated securitization VIEs	1,648	1,739
VIEs consolidated by the Firm | Residential mortgage | Prime / Alt-A & option ARMs
Firm-sponsored mortgage and other consumer securitization trusts
Assets held in consolidated securitization VIEs	1,502	1,693
VIEs consolidated by the Firm | Residential mortgage | Subprime
Firm-sponsored mortgage and other consumer securitization trusts
Assets held in consolidated securitization VIEs	146	46
VIEs consolidated by the Firm | Commercial and other
Firm-sponsored mortgage and other consumer securitization trusts
Assets held in consolidated securitization VIEs	0	0
Nonconsolidated entities
Firm-sponsored mortgage and other consumer securitization trusts
Assets held in nonconsolidated securitization VIEs with continuing involvement	137,929	145,770
Interest in securitized assets in nonconsolidated VIEs	3,870	4,073
Nonconsolidated entities | Trading assets
Firm-sponsored mortgage and other consumer securitization trusts
Interest in securitized assets in nonconsolidated VIEs	1,231	1,538
Nonconsolidated entities | Investment securities
Firm-sponsored mortgage and other consumer securitization trusts
Interest in securitized assets in nonconsolidated VIEs	2,361	2,273
Nonconsolidated entities | Other financial assets
Firm-sponsored mortgage and other consumer securitization trusts
Interest in securitized assets in nonconsolidated VIEs	278	262
Nonconsolidated entities | Residential mortgage | Prime / Alt-A & option ARMs
Firm-sponsored mortgage and other consumer securitization trusts
Assets held in nonconsolidated securitization VIEs with continuing involvement	39,678	41,265
Interest in securitized assets in nonconsolidated VIEs	1,065	1,298
Nonconsolidated entities | Residential mortgage | Subprime
Firm-sponsored mortgage and other consumer securitization trusts
Assets held in nonconsolidated securitization VIEs with continuing involvement	11,602	12,154
Interest in securitized assets in nonconsolidated VIEs	6	9
Nonconsolidated entities | Residential mortgage | Trading assets | Prime / Alt-A & option ARMs
Firm-sponsored mortgage and other consumer securitization trusts
Interest in securitized assets in nonconsolidated VIEs	484	574
Nonconsolidated entities | Residential mortgage | Trading assets | Subprime
Firm-sponsored mortgage and other consumer securitization trusts
Interest in securitized assets in nonconsolidated VIEs	6	9
Nonconsolidated entities | Residential mortgage | Investment securities | Prime / Alt-A & option ARMs
Firm-sponsored mortgage and other consumer securitization trusts
Interest in securitized assets in nonconsolidated VIEs	581	724
Nonconsolidated entities | Residential mortgage | Investment securities | Subprime
Firm-sponsored mortgage and other consumer securitization trusts
Interest in securitized assets in nonconsolidated VIEs	0	0
Nonconsolidated entities | Residential mortgage | Other financial assets | Prime / Alt-A & option ARMs
Firm-sponsored mortgage and other consumer securitization trusts
Interest in securitized assets in nonconsolidated VIEs	0	0
Nonconsolidated entities | Residential mortgage | Other financial assets | Subprime
Firm-sponsored mortgage and other consumer securitization trusts
Interest in securitized assets in nonconsolidated VIEs	0	0
Nonconsolidated entities | Commercial and other
Firm-sponsored mortgage and other consumer securitization trusts
Assets held in nonconsolidated securitization VIEs with continuing involvement	86,649	92,351
Interest in securitized assets in nonconsolidated VIEs	2,799	2,766
Nonconsolidated entities | Commercial and other | Trading assets
Firm-sponsored mortgage and other consumer securitization trusts
Interest in securitized assets in nonconsolidated VIEs	741	955
Nonconsolidated entities | Commercial and other | Investment securities
Firm-sponsored mortgage and other consumer securitization trusts
Interest in securitized assets in nonconsolidated VIEs	1,780	1,549
Nonconsolidated entities | Commercial and other | Other financial assets
Firm-sponsored mortgage and other consumer securitization trusts
Interest in securitized assets in nonconsolidated VIEs	$ 278	$ 262

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Variable Interest Entities - Re-securitizations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Transfers of securities to VIEs
U.S. GSEs and government agencies	$ 13,105	$ 2,717
U.S. GSEs and government agencies | Nonconsolidated re-securitization VIEs
Variable Interest Entity [Line Items]
Interest in VIEs	$ 2,530		$ 2,631

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Variable Interest Entities - Multi-seller conduits (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Unfunded lending-related commitments	$ 1,211,856	$ 1,165,688
Multi-seller conduits
Variable Interest Entity [Line Items]
Commercial paper eliminated in consolidation	10,900	13,500
Multi-seller conduits | Commercial and other
Variable Interest Entity [Line Items]
Unfunded lending-related commitments	$ 14,200	$ 12,200

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Variable Interest Entities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Millions		Mar. 31, 2021		Dec. 31, 2020		Mar. 31, 2020
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract]
Trading assets		$ 544,052		$ 503,126
Loans		948,642		960,506		$ 1,003,089
Other	[1]	200,247		151,539
Total assets		3,689,336	[2]	3,384,757	[2]	$ 3,138,530
Beneficial interests in VIE assets		15,671		17,578
Total liabilities	[2]	3,408,622		3,105,403
VIEs consolidated by the Firm
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract]
Trading assets		1,994		1,934
Loans		33,509		37,619
Other		701		681
Total assets		36,204		40,234
Beneficial interests in VIE assets		15,671		17,578
Other		239		233
Total liabilities		15,910		17,811
Beneficial interests in VIE assets, long term		4,700		5,200
VIEs consolidated by the Firm | Firm-sponsored credit card trusts
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract]
Trading assets		0		0
Loans		10,716		11,962
Other		133		148
Total assets		10,849		12,110
Beneficial interests in VIE assets		4,319		4,943
Other		2		3
Total liabilities		4,321		4,946
VIEs consolidated by the Firm | Firm-administered multi-seller conduits
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract]
Trading assets		3		2
Loans		19,642		23,787
Other		187		188
Total assets		19,832		23,977
Beneficial interests in VIE assets		9,030		10,523
Other		34		33
Total liabilities		9,064		10,556
VIEs consolidated by the Firm | Municipal bond vehicles
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract]
Trading assets		1,989		1,930
Loans		0		0
Other		4		2
Total assets		1,993		1,932
Beneficial interests in VIE assets		1,958		1,902
Other		0		0
Total liabilities		1,958		1,902
VIEs consolidated by the Firm | Mortgage securitization entities
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract]
Trading assets		0		0
Loans		1,520		1,694
Other		102		94
Total assets		1,622		1,788
Beneficial interests in VIE assets		305		210
Other		102		108
Total liabilities		407		318
VIEs consolidated by the Firm | Other
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract]
Trading assets		2		2
Loans		1,631		176
Other		275		249
Total assets		1,908		427
Beneficial interests in VIE assets		59		0
Other		101		89
Total liabilities		160		$ 89
VIEs consolidated by the Firm | Other | Corporate & Investment Bank | Auto loans
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract]
Total assets		$ 1,200

[1] Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.

[2] The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2021, and December 31, 2020. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion (in millions)March 31, 2021December 31, 2020AssetsTrading assets$1,994 $1,934 Loans33,509 37,619 All other assets701 681 Total assets$36,204 $40,234 LiabilitiesBeneficial interests issued by consolidated VIEs$15,671 $17,578 All other liabilities239 233 Total liabilities$15,910 $17,811 

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Variable Interest Entities - VIEs Sponsored by Third Parties (Details) - USD ($) $ in Millions	Mar. 31, 2021		Dec. 31, 2020		Mar. 31, 2020
Variable Interest Entity [Line Items]
Fair value of assets held by VIE	$ 3,689,336	[1]	$ 3,384,757	[1]	$ 3,138,530
Nonconsolidated entities | Tax credit vehicles
Variable Interest Entity [Line Items]
Maximum exposure	23,100		23,600
Unfunded commitments	8,500		8,700
Nonconsolidated entities | Municipal bond vehicles
Variable Interest Entity [Line Items]
Maximum exposure	6,500		6,700
Fair value of assets held by VIE	$ 10,200		$ 10,500

[1] The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2021, and December 31, 2020. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion (in millions)March 31, 2021December 31, 2020AssetsTrading assets$1,994 $1,934 Loans33,509 37,619 All other assets701 681 Total assets$36,204 $40,234 LiabilitiesBeneficial interests issued by consolidated VIEs$15,671 $17,578 All other liabilities239 233 Total liabilities$15,910 $17,811 

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Variable Interest Entities - Securitization Activity (Details) - Nonconsolidated entities - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Residential mortgage
Securitization activity [Abstract]
Principal securitized	$ 4,077	$ 3,064
All cash flows during the period:
Proceeds received from loan sales as financial instruments	4,234	3,136
Servicing fees collected	41	62
Cash flows received on interests	183	117
Commercial and other
Securitization activity [Abstract]
Principal securitized	1,912	3,188
All cash flows during the period:
Proceeds received from loan sales as financial instruments	1,970	3,273
Servicing fees collected	0	0
Cash flows received on interests	$ 52	$ 29

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Variable Interest Entities - Loans Sold to Third-Party Sponsored Securitization Entities (Details) - Nonconsolidated entities - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Summary of loan sale activities [Abstract]
Carrying value of loans sold	$ 23,147	$ 24,935
Proceeds received from loan sales as cash	16	9
Proceeds from loans sales as securities	22,749	24,663
Total proceeds received from loan sales	22,765	24,672
Gains/(losses) on loan sales	$ 4	$ 4

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Variable Interest Entities - Schedule of Options to Repurchase Delinquent Loans (Details) - Nonconsolidated entities - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Loans repurchased or option to repurchase	$ 1,332	$ 1,413
Real estate acquired through foreclosure	8	9
Residential mortgage
Variable Interest Entity [Line Items]
Real estate acquired through foreclosure	$ 55	$ 64

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Variable Interest Entities - Loan Delinquencies and Net Charge-offs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Securitized loans
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract]
90 days past due	$ 11,398		$ 13,352
Net liquidation losses	51	$ 195
Securitized loans | Commercial and other
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract]
90 days past due	4,753		5,958
Net liquidation losses	21	10
Nonconsolidated entities
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract]
Securitized assets	137,929		145,770
Nonconsolidated entities | Commercial and other
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract]
Securitized assets	86,649		92,351
Prime / Alt-A & option ARMs | Securitized loans | Residential mortgage
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract]
90 days past due	4,414		4,988
Net liquidation losses	12	99
Prime / Alt-A & option ARMs | Nonconsolidated entities | Residential mortgage
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract]
Securitized assets	39,678		41,265
Subprime | Securitized loans | Residential mortgage
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract]
90 days past due	2,231		2,406
Net liquidation losses	18	$ 86
Subprime | Nonconsolidated entities | Residential mortgage
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract]
Securitized assets	$ 11,602		$ 12,154

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Goodwill and Mortgage Servicing Rights - by Business Segment (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Total goodwill	$ 49,243	$ 49,248	$ 47,800	$ 47,823
Consumer & Community Banking
Goodwill [Line Items]
Total goodwill	31,326	31,311
Corporate & Investment Bank
Goodwill [Line Items]
Total goodwill	7,912	7,913
Commercial Banking
Goodwill [Line Items]
Total goodwill	2,985	2,985
Asset & Wealth Management
Goodwill [Line Items]
Total goodwill	$ 7,020	$ 7,039

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Goodwill and Mortgage Servicing Rights - Changes During Period (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Goodwill [Roll Forward]
Balance at beginning of period	$ 49,248,000,000	$ 47,823,000,000	$ 47,823,000,000
Changes during the period from:
Other	(5,000,000)	(23,000,000)
Balance at end of period	49,243,000,000	$ 47,800,000,000	49,248,000,000
Goodwill impairment	$ 0		$ 0

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Goodwill and Mortgage Servicing Rights - Mortgage Servicing Rights (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Mortgage servicing rights activity [Abstract]
Fair value at beginning of period	$ 3,276	$ 4,699
MSR activity:
Originations of MSRs	404	271
Purchase of MSRs	179	2
Disposition of MSRs	1	(75)
Net additions/(dispositions)	584	198
Changes due to collection/realization of expected cash flows	(187)	(248)
Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other	836	(1,370)
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service)	(24)	(1)
Discount rates	0	0
Prepayment model changes and other	(15)	(11)
Total changes in valuation due to other inputs and assumptions	(39)	(12)
Total changes in valuation due to inputs and assumptions	797	(1,382)
Fair value at end of period	4,470	3,267
Changes in unrealized gains/(losses) included in income related to MSRs	797	(1,382)
Contractual service fees, late fees and other ancillary fees included in income	291	364
Third-party mortgage loans serviced	444,000	506,000
Servicer advances, net of an allowance for uncollectible amounts	$ 1,800	$ 1,700

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Goodwill and Mortgage Servicing Rights - Mortgage Fees and Related Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Risk management:
All other	$ 1	$ 0
Mortgage fees and related income	704	320
Consumer & Community Banking
CCB mortgage fees and related income
Production revenue	757	319
Operating revenue:
Loan servicing revenue	248	339
Changes in MSR asset fair value due to collection/realization of expected cash flows	(187)	(248)
Total operating revenue	61	91
Risk management:
Changes in MSR asset fair value due to market interest rates and other	836	(1,370)
Other changes in MSR asset fair value due to other inputs and assumptions in model	(39)	(12)
Changes in derivative fair value and other	(912)	1,292
Total risk management	(115)	(90)
Total net mortgage servicing revenue	(54)	1
Mortgage fees and related income	$ 703	$ 320

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Goodwill and Mortgage Servicing Rights - Key Economic Assumptions (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted-average prepayment speed assumption (constant prepayment rate)	10.28%	14.90%
Impact on fair value of 10% adverse change	$ (195)	$ (206)
Impact on fair value of 20% adverse change	$ (375)	$ (392)
Weighted-average option adjusted spread	6.65%	7.19%
Impact on fair value of a 100 basis point adverse change	$ (197)	$ (134)
Impact on fair value of a 200 basis point adverse change	$ (379)	$ (258)

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Deposits - Noninterest and Interest-bearing (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
U.S. offices
Noninterest-bearing (included $9,436 and $9,873 at fair value)	$ 629,139	$ 572,711
Interest-bearing (included $2,579 and $2,567 at fair value)	1,266,856	1,197,032
Total deposits in U.S. offices	1,895,995	1,769,743
Non-U.S. offices
Noninterest-bearing (included $1,761 and $1,486 at fair value)	22,661	23,435
Interest-bearing (included $331 and $558 at fair value)	359,456	351,079
Total deposits in non-U.S. offices	382,117	374,514
Total deposits	2,278,112	2,144,257
Fair value
U.S. offices
Noninterest-bearing (included $9,436 and $9,873 at fair value)	9,436	9,873
Interest-bearing, fair value	2,579	2,567
Non-U.S. offices
Noninterest-bearing (included $1,761 and $1,486 at fair value)	1,761	1,486
Interest-bearing, fair value	$ 331	$ 558

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Leases - Information Related to Operating Leases (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Right-of-use assets	$ 7,938	$ 8,006
Lease liabilities	$ 8,421	$ 8,508

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Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Leases [Abstract]
Net rental expense	$ 490	$ 475
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other		Other

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Leases - Operating Lease Income and Related Depreciation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating Lease, Income, Comprehensive Income [Extensible List]	us-gaap:NoninterestIncomeOther	us-gaap:NoninterestIncomeOther
Operating lease income	$ 1,325	$ 1,413
Assets subject to operating leases
Lessee, Lease, Description [Line Items]
Depreciation expense	$ 934	$ 1,140

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Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions						1 Months Ended	3 Months Ended
	Jun. 01, 2021	Apr. 30, 2020	Mar. 13, 2020	Mar. 01, 2020	Jan. 08, 2020	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							3,156,250		3,006,250
Carrying value							$ 31,563		$ 30,063
Liquidation value and redemption price per share (in dollars per share)							$ 10,000
Aggregate liquidation value							$ 31,900
Series Y
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							0		0
Carrying value							$ 0		$ 0
Issue date							Feb. 12, 2015
Contractual rate in effect				6.125%			0.00%
Dividend declared per share (in dollars per share)							$ 0	$ 153.13
Preferred stock, redeemed				$ 1,430
Series Y | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							Mar. 01, 2020
Series AA
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							142,500		142,500
Carrying value							$ 1,425		$ 1,425
Issue date							Jun. 04, 2015
Contractual rate in effect							6.10%
Dividend declared per share (in dollars per share)							$ 152.50	152.50
Series AA | Subsequent Event | Forecast
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Contractual rate in effect	6.10%
Preferred stock, redeemed	$ 1,400
Series AA | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							Sep. 01, 2020
Series BB
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							115,000		115,000
Carrying value							$ 1,150		$ 1,150
Issue date							Jul. 29, 2015
Contractual rate in effect							6.15%
Dividend declared per share (in dollars per share)							$ 153.75	153.75
Series BB | Subsequent Event | Forecast
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Contractual rate in effect	6.15%
Preferred stock, redeemed	$ 1,200
Series BB | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							Sep. 01, 2020
Series DD
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							169,625		169,625
Carrying value							$ 1,696		$ 1,696
Issue date							Sep. 21, 2018
Contractual rate in effect							5.75%
Dividend declared per share (in dollars per share)							$ 143.75	143.75
Series DD | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							Dec. 01, 2023
Series EE
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							185,000		185,000
Carrying value							$ 1,850		$ 1,850
Issue date							Jan. 24, 2019
Contractual rate in effect							6.00%
Dividend declared per share (in dollars per share)							$ 150.00	150.00
Series EE | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							Mar. 01, 2024
Series GG
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							90,000		90,000
Carrying value							$ 900		$ 900
Issue date							Nov. 07, 2019
Contractual rate in effect							4.75%
Dividend declared per share (in dollars per share)					$ 150.42		$ 118.75	150.42
Series GG | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							Dec. 01, 2024
Series JJ
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							150,000		0
Carrying value							$ 1,500		$ 0
Issue date							Mar. 17, 2021
Contractual rate in effect							4.55%
Dividend declared per share (in dollars per share)					$ 0
Series JJ | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							Jun. 01, 2026
Series I
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							293,375		293,375
Carrying value							$ 2,934		$ 2,934
Issue date							Apr. 23, 2008
Dividend declared per share (in dollars per share)							$ 93.06	132.44
Series I | Three-month LIBOR
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock dividend rate, variable, description of basis							three-month LIBOR
Preferred stock dividend rate, variable, basis spread							0.00035%
Series I | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							Apr. 30, 2018
Series Q
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							150,000		150,000
Carrying value							$ 1,500		$ 1,500
Issue date							Apr. 23, 2013
Contractual rate in effect							5.15%
Dividend declared per share (in dollars per share)							$ 128.75	128.75
Series Q | Three-month LIBOR
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock dividend rate, variable, description of basis							three-month LIBOR
Preferred stock dividend rate, variable, basis spread							0.0325%
Series Q | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							May 01, 2023
Series R
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							150,000		150,000
Carrying value							$ 1,500		$ 1,500
Issue date							Jul. 29, 2013
Contractual rate in effect							6.00%
Dividend declared per share (in dollars per share)							$ 150.00	150.00
Series R | Three-month LIBOR
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock dividend rate, variable, description of basis							three-month LIBOR
Preferred stock dividend rate, variable, basis spread							0.00033%
Series R | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							Aug. 01, 2023
Series S
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							200,000		200,000
Carrying value							$ 2,000		$ 2,000
Issue date							Jan. 22, 2014
Contractual rate in effect							6.75%
Dividend declared per share (in dollars per share)							$ 168.75	168.75
Series S | Three-month LIBOR
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock dividend rate, variable, description of basis							three-month LIBOR
Preferred stock dividend rate, variable, basis spread							0.0378%
Series S | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							Feb. 01, 2024
Series U
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							100,000		100,000
Carrying value							$ 1,000		$ 1,000
Issue date							Mar. 10, 2014
Contractual rate in effect							6.125%
Dividend declared per share (in dollars per share)							$ 153.13	153.13
Series U | Three-month LIBOR
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock dividend rate, variable, description of basis							three-month LIBOR
Preferred stock dividend rate, variable, basis spread							0.0333%
Series U | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							Apr. 30, 2024
Series V
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							250,000		250,000
Carrying value							$ 2,500		$ 2,500
Issue date							Jun. 09, 2014
Dividend declared per share (in dollars per share)							$ 85.97	130.73
Series V | Three-month LIBOR
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock dividend rate, variable, description of basis							three-month LIBOR
Preferred stock dividend rate, variable, basis spread							0.0332%
Series V | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							Jul. 01, 2019
Series X
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							160,000		160,000
Carrying value							$ 1,600		$ 1,600
Issue date							Sep. 23, 2014
Contractual rate in effect							6.10%
Dividend declared per share (in dollars per share)							$ 152.50	152.50
Series X | Three-month LIBOR
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock dividend rate, variable, description of basis							three-month LIBOR
Preferred stock dividend rate, variable, basis spread							0.0333%
Series X | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							Oct. 01, 2024
Series Z
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							200,000		200,000
Carrying value							$ 2,000		$ 2,000
Issue date							Apr. 21, 2015
Contractual rate in effect		5.30%
Dividend declared per share (in dollars per share)		$ 265.00					$ 101.24	132.50
Series Z | Three-month LIBOR
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock dividend rate, variable, description of basis							three-month LIBOR
Preferred stock dividend rate, variable, basis spread							0.00038%
Series Z | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							May 01, 2020
Series CC
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							125,750		125,750
Carrying value							$ 1,258		$ 1,258
Issue date							Oct. 20, 2017
Contractual rate in effect							4.625%
Dividend declared per share (in dollars per share)							$ 115.63	115.63
Series CC | Three-month LIBOR
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock dividend rate, variable, description of basis							three-month LIBOR
Preferred stock dividend rate, variable, basis spread							0.0258%
Series CC | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							Nov. 01, 2022
Series FF
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							225,000		225,000
Carrying value							$ 2,250		$ 2,250
Issue date							Jul. 31, 2019
Contractual rate in effect							5.00%
Dividend declared per share (in dollars per share)							$ 125.00	125.00
Series FF | Term SOFR
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock dividend rate, variable, description of basis							Term SOFR
Preferred stock dividend rate, variable, basis spread							0.0338%
Series FF | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							Aug. 01, 2024
Series HH
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							300,000		300,000
Carrying value							$ 3,000		$ 3,000
Issue date							Jan. 23, 2020
Contractual rate in effect							4.60%
Dividend declared per share (in dollars per share)			$ 125.22				$ 115.00	$ 125.22
Series HH | Term SOFR
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock dividend rate, variable, description of basis							Term SOFR
Preferred stock dividend rate, variable, basis spread							0.03125%
Series HH | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							Feb. 01, 2025
Series II
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Shares (in shares)							150,000		150,000
Carrying value							$ 1,500		$ 1,500
Issue date							Feb. 24, 2020
Contractual rate in effect							4.00%
Dividend declared per share (in dollars per share)						$ 0	$ 100.00
Series II | Term SOFR
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock dividend rate, variable, description of basis							Term SOFR
Preferred stock dividend rate, variable, basis spread							0.02745%
Series II | Minimum
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Earliest redemption date							Apr. 01, 2025

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Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basic earnings per share
Net income	$ 14,300	$ 2,865
Less: Preferred stock dividends	379	421
Net income applicable to common equity	13,921	2,444
Less: Dividends and undistributed earnings allocated to participating securities	70	13
Net income applicable to common stockholders	$ 13,851	$ 2,431
Total weighted-average basic shares outstanding (in shares)	3,073.5	3,095.8
Net income per share (in dollars per share)	$ 4.51	$ 0.79
Diluted earnings per share
Net income applicable to common stockholders	$ 13,851	$ 2,431
Total weighted-average basic shares outstanding (in shares)	3,073.5	3,095.8
Add: Dilutive impact of SARs and employee stock options, unvested PSUs and nondividend-earning RSUs (in shares)	5.4	4.9
Total weighted-average diluted shares outstanding (in shares)	3,078.9	3,100.7
Net income per share (in dollars per share)	$ 4.50	$ 0.78

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Accumulated Other Comprehensive Income/(Loss) - Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 279,354
Net change	(6,945)	$ 5,849
Ending balance	280,714	261,262
Accumulated other comprehensive income/(loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	7,986	1,569
Net change	(6,945)	5,849
Ending balance	1,041	7,418
Unrealized gains/(losses) on investment securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	8,180	4,057
Net change	(4,339)	1,119
Ending balance	3,841	5,176
After-tax unamortized unrealized gains related to transfer of AFS securities to HTM	2,900	737
Translation adjustments, net of hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(473)	(707)
Net change	(250)	(330)
Ending balance	(723)	(1,037)
Fair value hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(112)	(131)
Net change	(28)	88
Ending balance	(140)	(43)
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	2,383	63
Net change	(2,249)	2,465
Ending balance	134	2,528
Defined benefit pension and OPEB plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(1,132)	(1,344)
Net change	68	33
Ending balance	(1,064)	(1,311)
DVA on fair value option elected liabilities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(860)	(369)
Net change	(147)	2,474
Ending balance	$ (1,007)	$ 2,105

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Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Unrealized gains/(losses) on investment securities:
Total other comprehensive income/(loss), after–tax	$ (6,945)	$ 5,849
Accumulated other comprehensive income/(loss)
Unrealized gains/(losses) on investment securities:
Net change, Pre-tax	(8,801)	8,131
Net change, Tax effect	1,856	(2,282)
Total other comprehensive income/(loss), after–tax	(6,945)	5,849
Unrealized gains/(losses) on investment securities
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax	(5,693)	1,709
Net unrealized gains/(losses) arising during the period/Translation, Tax effect	1,365	(413)
Net unrealized gains/(losses) arising during the period/Translation, After-tax	(4,328)	1,296
Reclassification, Pre-tax	(14)	(233)
Reclassification, Tax effect	3	56
Reclassifications, After-tax	(11)	(177)
Net change, Pre-tax	(5,707)	1,476
Net change, Tax effect	1,368	(357)
Total other comprehensive income/(loss), after–tax	(4,339)	1,119
Translation adjustments
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax	(1,200)	(1,592)
Net unrealized gains/(losses) arising during the period/Translation, Tax effect	39	55
Net unrealized gains/(losses) arising during the period/Translation, After-tax	(1,161)	(1,537)
Reclassification, Pre-tax	1,200	1,589
Reclassification, Tax effect	(289)	(382)
Reclassifications, After-tax	911	1,207
Net change, Pre-tax	0	(3)
Net change, Tax effect	(250)	(327)
Total other comprehensive income/(loss), after–tax	(250)	(330)
Fair value hedges, net change
Unrealized gains/(losses) on investment securities:
Net change, Pre-tax	(37)	115
Net change, Tax effect	9	(27)
Total other comprehensive income/(loss), after–tax	(28)	88
Cash flow hedges
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax	(2,695)	3,251
Net unrealized gains/(losses) arising during the period/Translation, Tax effect	647	(780)
Net unrealized gains/(losses) arising during the period/Translation, After-tax	(2,048)	2,471
Reclassification, Pre-tax	(264)	(8)
Reclassification, Tax effect	63	2
Reclassifications, After-tax	(201)	(6)
Net change, Pre-tax	(2,959)	3,243
Net change, Tax effect	710	(778)
Total other comprehensive income/(loss), after–tax	(2,249)	2,465
Defined benefit pension and OPEB plans
Unrealized gains/(losses) on investment securities:
Net change, Pre-tax	91	45
Net change, Tax effect	(23)	(12)
Total other comprehensive income/(loss), after–tax	68	33
DVA on fair value option elected liabilities, net change
Unrealized gains/(losses) on investment securities:
Net change, Pre-tax	(189)	3,255
Net change, Tax effect	42	(781)
Total other comprehensive income/(loss), after–tax	$ (147)	$ 2,474

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Restricted Cash and Other Restricted Assets (Details) - USD ($) $ in Billions	Mar. 31, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	$ 21.1	$ 24.4
Cash and securities pledged with clearing organizations for the benefit of customers	39.2	37.2
Fair value of securities restricted in relation to customer activity	8.6	1.3
Deposits with banks
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	19.6	22.7
Cash and due from banks
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	1.5	1.7
Segregated for the benefit of securities and cleared derivative customers
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	15.7	19.3
Cash reserves at non-U.S. central banks and held for other general purposes
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	$ 5.4	$ 5.1

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Regulatory Capital (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 01, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Cumulative effect of a change in accounting principle
Adjustments to Capital for Deferred Tax Liabilities [Abstract]
Amount excluded from capital measures of the Firm		$ 4,500
Decrease to retained earnings	$ 2,700
Cumulative effect of a change in accounting principle | Excluding PCD Loans
Adjustments to Capital for Deferred Tax Liabilities [Abstract]
Increase in allowance for credit losses, excluding allowances on PCD loans		7,000
Basel III Standardized | JPMorgan Chase & Co.
Risk-based capital metrics:
CET1 capital		206,078	$ 205,078
Tier 1 capital		237,333	234,844
Total capital		271,407	269,923
Risk-weighted assets		$ 1,577,007	$ 1,560,609
CET1 capital ratio		13.10%	13.10%
Tier 1 capital ratio		0.150	0.150
Total capital ratio		0.172	0.173
Leverage-based capital metrics:
Adjusted average assets		$ 3,565,545	$ 3,353,319
Tier 1 leverage ratio		0.067	0.070
Basel III Advanced | JPMorgan Chase & Co.
Risk-based capital metrics:
CET1 capital		$ 206,078	$ 205,078
Tier 1 capital		237,333	234,844
Total capital		258,635	257,228
Risk-weighted assets		$ 1,503,828	$ 1,484,431
CET1 capital ratio		13.70%	13.80%
Tier 1 capital ratio		0.158	0.158
Total capital ratio		0.172	0.173
Leverage-based capital metrics:
Adjusted average assets		$ 3,565,545	$ 3,353,319
Tier 1 leverage ratio		0.067	0.070
Total leverage exposure		$ 3,522,629	$ 3,401,542
SLR		0.067	0.069
Bank Holding Companies | Basel III
Well-capitalized ratios
Tier 1 capital		0.060	0.060
Total capital		0.100	0.100
Adjustments to Capital for Deferred Tax Liabilities [Abstract]
GSIB surcharge		3.50%
Countercyclical buffer		0
SLR, minimum requirement				3.00%
SLR, supplementary leverage buffer requirements		2.00%
Bank Holding Companies | Basel III Standardized
Minimum capital ratios
CET1 capital		11.30%	11.30%
Tier 1 capital		0.128	0.128
Total capital		0.148	0.148
Tier 1 leverage		0.040	0.040
Adjustments to Capital for Deferred Tax Liabilities [Abstract]
Stress capital buffer		3.30%
Bank Holding Companies | Basel III Advanced
Minimum capital ratios
CET1 capital		10.50%	10.50%
Tier 1 capital		0.120	0.120
Total capital		0.140	0.140
Tier 1 leverage		0.040	0.040
SLR		5.00%	5.00%
Adjustments to Capital for Deferred Tax Liabilities [Abstract]
Capital conservation buffer requirement		2.50%
Insured Depository Institutions | Basel III
Well-capitalized ratios
CET1 capital		6.50%	6.50%
Tier 1 capital		0.080	0.080
Total capital		0.100	0.100
Tier 1 leverage		0.050	0.050
SLR		6.00%	6.00%
Adjustments to Capital for Deferred Tax Liabilities [Abstract]
Capital conservation buffer requirement		2.50%
SLR, minimum requirement		3.00%
SLR, supplementary leverage buffer requirements		3.00%
Insured Depository Institutions | Basel III Standardized
Minimum capital ratios
CET1 capital		7.00%	7.00%
Tier 1 capital		0.085	0.085
Total capital		0.105	0.105
Tier 1 leverage		0.040	0.040
Insured Depository Institutions | Basel III Advanced
Minimum capital ratios
CET1 capital		7.00%	7.00%
Tier 1 capital		0.085	0.085
Total capital		0.105	0.105
Tier 1 leverage		0.040	0.040
SLR		6.00%	6.00%
JPMorgan Chase Bank, N.A. | Basel III Standardized
Risk-based capital metrics:
CET1 capital		$ 242,464	$ 234,235
Tier 1 capital		242,466	234,237
Total capital		260,288	252,045
Risk-weighted assets		$ 1,503,158	$ 1,492,138
CET1 capital ratio		16.10%	15.70%
Tier 1 capital ratio		0.161	0.157
Total capital ratio		0.173	0.169
Leverage-based capital metrics:
Adjusted average assets		$ 3,120,770	$ 2,970,285
Tier 1 leverage ratio		0.078	0.079
JPMorgan Chase Bank, N.A. | Basel III Advanced
Risk-based capital metrics:
CET1 capital		$ 242,464	$ 234,235
Tier 1 capital		242,466	234,237
Total capital		247,867	239,673
Risk-weighted assets		$ 1,361,577	$ 1,343,185
CET1 capital ratio		17.80%	17.40%
Tier 1 capital ratio		0.178	0.174
Total capital ratio		0.182	0.178
Leverage-based capital metrics:
Adjusted average assets		$ 3,120,770	$ 2,970,285
Tier 1 leverage ratio		0.078	0.079
Total leverage exposure		$ 3,867,720	$ 3,688,797
SLR		0.063	0.063

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Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total lending-related commitments	$ 1,211,856	$ 1,165,688
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less	843,170
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years	189,225
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years	143,609
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years	35,852
Off-balance sheet lending-related financial commitments, Carrying value	3,214	2,753
Warranty Reserves
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loan sale and securitization-related indemnifications, Mortgage repurchase liability, Carrying value	72	84
Total Consumer
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total lending-related commitments	730,612	715,825
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less	710,897
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years	1,741
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years	4,349
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years	13,625
Off-balance sheet lending-related financial commitments, Carrying value	203	148
Total consumer, excluding credit card
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total lending-related commitments	56,245	57,319
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less	36,530
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years	1,741
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years	4,349
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years	13,625
Off-balance sheet lending-related financial commitments, Carrying value	203	148
Residential real estate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total lending-related commitments	44,652	46,047
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less	25,751
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years	1,741
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years	4,347
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years	12,813
Off-balance sheet lending-related financial commitments, Carrying value	203	148
Auto and other
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total lending-related commitments	11,593	11,272
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less	10,779
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years	0
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years	2
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years	812
Off-balance sheet lending-related financial commitments, Carrying value	0	0
Credit card
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total lending-related commitments	674,367	658,506
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less	674,367
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years	0
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years	0
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years	0
Off-balance sheet lending-related financial commitments, Carrying value	0	0
Total wholesale
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total lending-related commitments	481,244	449,863
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less	132,273
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years	187,484
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years	139,260
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years	22,227
Off-balance sheet lending-related financial commitments, Carrying value	3,011	2,605
Other unfunded commitments to extend credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total lending-related commitments	442,862	415,828
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less	111,754
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years	179,670
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years	130,536
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years	20,902
Off-balance sheet lending-related financial commitments, Carrying value	2,290	2,148
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract]
Risk participations for other unfunded commitments to extend credit	61	72
Standby letters of credit and other financial guarantees
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total lending-related commitments	34,773	30,982
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less	17,294
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years	7,658
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years	8,497
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years	1,324
Off-balance sheet lending-related financial commitments, Carrying value	692	443
Other guarantees and commitments, Carrying value	610	363
Loan sale and securitization-related indemnifications, Mortgage repurchase liability, Carrying value	82	80
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract]
Risk participations for standby letters of credit and other financial guarantees	8,100	8,500
Other letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total lending-related commitments	3,609	3,053
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less	3,225
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years	156
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years	227
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years	1
Off-balance sheet lending-related financial commitments, Carrying value	29	14
Other guarantees and commitments, Carrying value	0	0
Loan sale and securitization-related indemnifications, Mortgage repurchase liability, Carrying value	29	14
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract]
Risk participations for other letters of credit	597	357
Securities lending indemnification agreements and guarantees
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other guarantees and commitments, Contractual amount	297,754	250,418
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less	297,754
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years	0
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years	0
Other guarantees and commitments, Contractual amount, Expiring after 5 years	0
Other guarantees and commitments, Carrying value	0	0
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract]
Indemnification agreement securities lending guarantees collateral held in support of	314,300	264,300
Derivatives qualifying as guarantees
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other guarantees and commitments, Contractual amount	53,580	54,415
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less	2,142
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years	195
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years	12,043
Other guarantees and commitments, Contractual amount, Expiring after 5 years	39,200
Other guarantees and commitments, Carrying value	318	322
Unsettled resale and securities borrowed agreements
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other guarantees and commitments, Contractual amount	154,167	96,848
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less	151,549
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years	2,618
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years	0
Other guarantees and commitments, Contractual amount, Expiring after 5 years	0
Other guarantees and commitments, Carrying value	3	2
Unsettled repurchase and securities loaned agreements
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other guarantees and commitments, Contractual amount	108,433	104,901
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less	107,597
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years	836
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years	0
Other guarantees and commitments, Contractual amount, Expiring after 5 years	0
Other guarantees and commitments, Carrying value	(1)	(1)
Loans sold with recourse
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loan sale and securitization-related indemnifications, Loans sold with recourse, Contractual amount	823	889
Loan sale and securitization-related indemnifications, Loans sold with recourse, Carrying value	23	23
Exchange & clearing house guarantees and commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other guarantees and commitments, Contractual amount	84,852	142,003
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less	84,852
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years	0
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years	0
Other guarantees and commitments, Contractual amount, Expiring after 5 years	0
Other guarantees and commitments, Carrying Value	0	0
Other guarantees and commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other guarantees and commitments, Contractual amount	11,952	9,639
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less	8,545
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years	627
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years	363
Other guarantees and commitments, Contractual amount, Expiring after 5 years	2,417
Other guarantees and commitments, Carrying Value	$ 59	$ 52
Days Past Due, 60 or More | Credit card
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Line of credit close criteria, period past due	60 days

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Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments - Standby Letters of Credit and Other Financial Guarantees (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Standby letters of credit and other financial guarantees and other letters of credit [Abstract]
Total lending-related commitments	$ 1,211,856	$ 1,165,688
Total carrying value	3,214	2,753
Standby letters of credit and other financial guarantees
Standby letters of credit and other financial guarantees and other letters of credit [Abstract]
Investment-grade	26,608	22,850
Noninvestment-grade	8,165	8,132
Total lending-related commitments	34,773	30,982
Allowance for lending-related commitments	82	80
Guarantee liability	610	363
Total carrying value	692	443
Commitments with collateral	21,434	17,238
Other letters of credit
Standby letters of credit and other financial guarantees and other letters of credit [Abstract]
Investment-grade	2,747	2,263
Noninvestment-grade	862	790
Total lending-related commitments	3,609	3,053
Allowance for lending-related commitments	29	14
Guarantee liability	0	0
Total carrying value	29	14
Commitments with collateral	$ 879	$ 498

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Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments - Schedule of Derivatives Qualifying as Guarantees (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Notional amounts
Stable value contracts with contractually limited exposure	$ 53,187,000	$ 47,194,000
JPMorgan Chase Financial Company LLC
Fair value
Direct-owned finance subsidiary ownership	100.00%
Derivatives qualifying as guarantees
Notional amounts
Derivative guarantees	$ 53,580	54,415
Stable value contracts with contractually limited exposure	27,782	27,752
Maximum exposure of stable value contracts with contractually limited exposure	2,805	2,803
Fair value
Derivative payables	$ 318	$ 322

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Pledged Assets and Collateral - Schedule of Pledged Assets (Details) - USD ($) $ in Billions	Mar. 31, 2021	Dec. 31, 2020
Pledged assets and Collateral
Assets that may be sold or repledged or otherwise used by secured parties	$ 219.1	$ 166.6
Assets that may not be sold or repledged or otherwise used by secured parties	137.9	113.9
Total pledged assets	803.8	735.8
Assets pledged at Federal Reserve banks and FHLBs
Pledged assets and Collateral
Total pledged assets	$ 446.8	$ 455.3

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Pledged Assets and Collateral - Schedule of Collateral Received (Details) - USD ($) $ in Billions	Mar. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Collateral permitted to be sold or repledged, delivered, or otherwise used	$ 1,340.6	$ 1,451.7
Collateral sold, repledged, delivered or otherwise used	$ 1,004.0	$ 1,038.9

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Litigation (Details)	1 Months Ended					3 Months Ended		12 Months Ended		36 Months Ended
	May 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2018 USD ($)	Nov. 30, 2017 USD ($)	Jan. 31, 2017	Mar. 31, 2021 USD ($) count claim	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) defendant	Dec. 31, 2012 USD ($) action	Dec. 31, 2013 USD ($)	Dec. 31, 2012 fund
Loss Contingencies [Line Items]
Legal expense						$ 28,000,000	$ 197,000,000
Threatened or Pending Litigation | Minimum
Loss Contingencies [Line Items]
Loss contingency range of possible loss						0
Threatened or Pending Litigation | Maximum
Loss Contingencies [Line Items]
Loss contingency range of possible loss						1,500,000,000
Amrapali Litigation | JPMorgan India Private Limited
Loss Contingencies [Line Items]
Number of offshore funds formerly managed by JPMorgan Chase entities | fund											2
Amount of claim	$ 25,000,000
Federal Republic of Nigeria Litigation | Federal Government of Nigeria and Two Major International Oil Companies
Loss Contingencies [Line Items]
Amount paid out of monies in account following settlement of dispute										$ 1,100,000,000
Federal Republic of Nigeria Litigation | Federal Republic of Nigeria
Loss Contingencies [Line Items]
Amount of claim				$ 875,000,000
Foreign Exchange Investigations and Litigation
Loss Contingencies [Line Items]
Loss contingency, exemption of disqualification period					5 years
Loss contingency disqualification period					10 years
Number of other defendants that agreed in principle to settle class action | defendant								11
Settlement amount								$ 10,000,000
Interchange Litigation
Loss Contingencies [Line Items]
Number of claims settled | action									2
Interchange Litigation | The Defendants
Loss Contingencies [Line Items]
Settlement amount			$ 900,000,000						$ 5,300,000,000
Payments for legal settlement		$ 700,000,000
Metals and U.S. Treasuries Investigations and Litigation and Related Inquiries
Loss Contingencies [Line Items]
Settlement amount						$ 920,000,000
Number of claims settled | claim						3
Number of counts of wire fraud charged | count						2
Period after which criminal information will be dismissed with full compliance with all obligations						3 years
Number of claims filed | claim						2

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Business Segments (Details) $ in Millions		3 Months Ended
		Mar. 31, 2021 USD ($) segment		Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	[2]
Segment Reporting Information [Line Items]
Number of reportable segments | segment		4
Noninterest revenue		$ 19,377		$ 13,847
Net interest income		12,889		14,439
Total net revenue		32,266		28,286
Provision for credit losses		(4,156)		8,285
Noninterest expense		18,725		16,791
Income before income tax expense		17,697		3,210
Income tax expense/(benefit)	[1]	3,397		345
Net income		14,300		2,865
Average equity		245,542		234,530
Total assets		$ 3,689,336	[2]	$ 3,138,530	$ 3,384,757
ROE		23.00%		4.00%
Overhead ratio		58.00%		59.00%
Operating Segments | Consumer & Community Banking
Segment Reporting Information [Line Items]
Noninterest revenue		$ 4,588		$ 4,097
Net interest income		7,929		9,190
Total net revenue		12,517		13,287
Provision for credit losses		(3,602)		5,772
Noninterest expense		7,202		7,269
Income before income tax expense		8,917		246
Income tax expense/(benefit)		2,189		49
Net income		6,728		197
Average equity		50,000		52,000
Total assets		$ 487,978		$ 513,352
ROE		54.00%		1.00%
Overhead ratio		58.00%		55.00%
Operating Segments | Corporate & Investment Bank
Segment Reporting Information [Line Items]
Noninterest revenue		$ 11,088		$ 6,896
Net interest income		3,517		3,107
Total net revenue		14,605		10,003
Provision for credit losses		(331)		1,401
Noninterest expense		7,104		5,955
Income before income tax expense		7,832		2,647
Income tax expense/(benefit)		2,092		662
Net income		5,740		1,985
Average equity		83,000		80,000
Total assets		$ 1,355,123		$ 1,216,558
ROE		27.00%		9.00%
Overhead ratio		49.00%		60.00%
Operating Segments | Commercial Banking
Segment Reporting Information [Line Items]
Noninterest revenue		$ 917		$ 608
Net interest income		1,476		1,557
Total net revenue		2,393		2,165
Provision for credit losses		(118)		1,010
Noninterest expense		969		986
Income before income tax expense		1,542		169
Income tax expense/(benefit)		374		30
Net income		1,168		139
Average equity		24,000		22,000
Total assets		$ 223,583		$ 247,786
ROE		19.00%		2.00%
Overhead ratio		40.00%		46.00%
Operating Segments | Asset & Wealth Management
Segment Reporting Information [Line Items]
Noninterest revenue		$ 3,146		$ 2,529
Net interest income		931		860
Total net revenue		4,077		3,389
Provision for credit losses		(121)		94
Noninterest expense		2,574		2,435
Income before income tax expense		1,624		860
Income tax expense/(benefit)		380		191
Net income		1,244		669
Average equity		14,000		10,500
Total assets		$ 213,088		$ 178,897
ROE		35.00%		25.00%
Overhead ratio		63.00%		72.00%
Corporate
Segment Reporting Information [Line Items]
Noninterest revenue		$ 382		$ 331
Net interest income		(855)		(165)
Total net revenue		(473)		166
Provision for credit losses		16		8
Noninterest expense		876		146
Income before income tax expense		(1,365)		12
Income tax expense/(benefit)		(785)		137
Net income		(580)		(125)
Average equity		74,542		70,030
Total assets		1,409,564		981,937
Reconciling Items
Segment Reporting Information [Line Items]
Noninterest revenue		(744)		(614)
Net interest income		(109)		(110)
Total net revenue		(853)		(724)
Provision for credit losses		0		0
Noninterest expense		0		0
Income before income tax expense		(853)		(724)
Income tax expense/(benefit)		(853)		(724)
Net income		0		0
Average equity		$ 0		$ 0

[1] Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.

[2] The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2021, and December 31, 2020. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion (in millions)March 31, 2021December 31, 2020AssetsTrading assets$1,994 $1,934 Loans33,509 37,619 All other assets701 681 Total assets$36,204 $40,234 LiabilitiesBeneficial interests issued by consolidated VIEs$15,671 $17,578 All other liabilities239 233 Total liabilities$15,910 $17,811