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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 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.
June 30, 2021December 31, 2020
(in millions)
Amortized cost(c)(d)
Gross unrealized gainsGross unrealized lossesFair value
Amortized cost(c)(d)
Gross unrealized gainsGross unrealized lossesFair value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
$72,088 $1,168 $574 $72,682 $110,979 $2,372 $50 $113,301 
Residential:
U.S.2,526 73 — 2,599 6,246 224 3 6,467 
Non-U.S.4,335 36 — 4,371 3,751 20 5 3,766 
Commercial2,437 44 10 2,471 2,819 71 34 2,856 
Total mortgage-backed securities81,386 1,321 584 82,123 123,795 2,687 92 126,390 
U.S. Treasury and government agencies99,905 713 771 99,847 199,910 2,141 100 201,951 
Obligations of U.S. states and municipalities17,249 1,208 2 18,455 18,993 1,404 1 20,396 
Non-U.S. government debt securities17,649 128 37 17,740 22,587 354 13 22,928 
Corporate debt securities214 9 7 216 215 4 3 216 
Asset-backed securities:
Collateralized loan obligations8,808 12 4 8,816 10,055 24 31 10,048 
Other4,899 67 2 4,964 6,174 91 16 6,249 
Total available-for-sale securities230,110 3,458 1,407 232,161 381,729 6,705 256 388,178 
Held-to-maturity securities(b)
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
105,539 1,855 396 106,998 107,889 2,968 29 110,828 
U.S. Residential6,805 5 35 6,775 4,345 8 30 4,323 
Commercial3,582 28 5 3,605 2,602 77 — 2,679 
Total mortgage-backed securities115,926 1,888 436 117,378 114,836 3,053 59 117,830 
U.S. Treasury and government agencies182,529 338 1,012 181,855 53,184 50 — 53,234 
Obligations of U.S. states and municipalities13,515 493 — 14,008 12,751 519 — 13,270 
Asset-backed securities:
Collateralized loan obligations27,324 110 4 27,430 21,050 90 2 21,138 
Other2,182 — — 2,182 — — — — 
Total held-to-maturity securities341,476 2,829 1,452 342,853 201,821 3,712 61 205,472 
Total investment securities, net of allowance for credit losses$571,586 $6,287 $2,859 $575,014 $583,550 $10,417 $317 $593,650 
(a)Includes AFS U.S. GSE obligations with fair values of $46.4 billion and $65.8 billion, and HTM U.S. GSE obligations with amortized cost of $72.2 billion and $86.3 billion, at June 30, 2021 and December 31, 2020, respectively. As of June 30, 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 $73.8 billion and $75.5 billion, and $44.3 billion and $44.5 billion, respectively.
(b)The Firm purchased $31.8 billion and $63.1 billion of HTM securities for the three and six months ended June 30, 2021, respectively, and $4.8 billion and $5.0 billion for the three and six months ended June 30, 2020, respectively.
(c)The amortized cost of investment securities is reported net of allowance for credit losses of $87 million and $78 million at June 30, 2021 and December 31, 2020, respectively.
(d)Excludes $1.8 billion and $2.1 billion of accrued interest receivables at June 30, 2021 and December 31, 2020, respectively. The Firm did not reverse through interest income any accrued interest receivables for the three and six months ended June 30, 2021 and 2020.
Securities impairment
The following tables present the fair value and gross unrealized losses by aging category for AFS securities at June 30, 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 $1.3 billion and $150 million, at June 30, 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 months12 months or more
June 30, 2021 (in millions)Fair valueGross
unrealized losses		Fair valueGross
unrealized losses		Total fair valueTotal gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.
$81 $— $22 $— $103 $— 
Non-U.S.30 — — — 30 — 
Commercial186 4 367 6 553 10 
Total mortgage-backed securities297 4 389 6 686 10 
Obligations of U.S. states and municipalities102 2 — — 102 2 
Non-U.S. government debt securities6,084 32 388 5 6,472 37 
Corporate debt securities57 7 42 — 99 7 
Asset-backed securities:
Collateralized loan obligations3,227 4 354 — 3,581 4 
Other23 — 347 2 370 2 
Total available-for-sale securities with gross unrealized losses$9,790 $49 $1,520 $13 $11,310 $62 
Available-for-sale securities with gross unrealized losses
Less than 12 months12 months or more
December 31, 2020 (in millions)Fair valueGross
unrealized losses		Fair valueGross
unrealized losses		Total fair valueTotal gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.$562 $3 $32 $— $594 $3 
Non-U.S.2,507 4 235 1 2,742 5 
Commercial699 18 124 16 823 34 
Total mortgage-backed securities3,768 25 391 17 4,159 42 
Obligations of U.S. states and municipalities49 1 — — 49 1 
Non-U.S. government debt securities2,709 9 968 4 3,677 13 
Corporate debt securities91 3 5 — 96 3 
Asset-backed securities:
Collateralized loan obligations5,248 18 2,645 13 7,893 31 
Other268 1 685 15 953 16 
Total available-for-sale securities with gross unrealized losses$12,133 $57 $4,694 $49 $16,827 $106 
Securities gains and losses and provision for credit loss
Three months ended June 30,Six months ended June 30,
(in millions)2021202020212020
Realized gains$184 $624 $421 $1,719 
Realized losses(339)(598)(562)(1,460)
Investment securities gains/(losses)$(155)$26 $(141)$259 
Provision for credit losses$(7)$4 $9 $13 
Amortized cost and estimated fair value by contractual maturity
The following table presents the amortized cost and estimated fair value at June 30, 2021, of JPMorgan Chase’s investment securities portfolio by contractual maturity.
By remaining maturity June 30, 2021 (in millions)Due in one
year or less		Due after one year through five yearsDue after five years through 10 years
Due after
10 years(b)
Total
Available-for-sale securities
Mortgage-backed securities
Amortized cost$1 $2,285 $5,712 $73,391 $81,389 
Fair value1 2,315 6,050 73,757 82,123 
Average yield(a)
— %1.43 %1.77 %2.36 %2.29 %
U.S. Treasury and government agencies
Amortized cost$2,168 $60,911 $28,155 $8,671 $99,905 
Fair value2,187 61,190 27,776 8,694 99,847 
Average yield(a)
1.47 %0.49 %0.67 %0.46 %0.56 %
Obligations of U.S. states and municipalities
Amortized cost$35 $167 $1,217 $15,830 $17,249 
Fair value35 173 1,283 16,964 18,455 
Average yield(a)
3.72 %4.40 %4.88 %5.01 %4.99 %
Non-U.S. government debt securities
Amortized cost$5,894 $4,589 $3,506 $3,660 $17,649 
Fair value5,905 4,668 3,509 3,658 17,740 
Average yield(a)
1.75 %2.15 %0.81 %0.19 %1.34 %
Corporate debt securities
Amortized cost$— $141 $73 $— $214 
Fair value— 140 76 — 216 
Average yield(a)
— %1.16 %2.29 %— %1.54 %
Asset-backed securities
Amortized cost$1,010 $1,419 $3,813 $7,465 $13,707 
Fair value1,010 1,430 3,820 7,520 13,780 
Average yield(a)
1.20 %1.94 %1.33 %1.24 %1.34 %
Total available-for-sale securities
Amortized cost$9,108 $69,512 $42,476 $109,017 $230,113 
Fair value9,138 69,916 42,514 110,593 232,161 
Average yield(a)
1.63 %0.67 %1.01 %2.44 %1.61 %
Held-to-maturity securities
Mortgage-backed securities
Amortized cost$— $422 $12,046 $103,470 $115,938 
Fair value— 423 12,595 104,360 117,378 
Average yield(a)
— %1.13 %2.39 %2.90 %2.84 %
U.S. Treasury and government agencies
Amortized cost$6,486 $104,920 $71,123 $— $182,529 
Fair value6,489 104,732 70,634 — 181,855 
Average yield(a)
0.24 %0.62 %1.30 %— %0.87 %
Obligations of U.S. states and municipalities
Amortized cost$35 $30 $766 $12,756 $13,587 
Fair value36 30 808 13,134 14,008 
Average yield(a)
4.28 %2.65 %3.81 %3.78 %3.78 %
Asset-backed securities
Amortized cost$— $— $14,425 $15,081 $29,506 
Fair value— — 14,483 15,129 29,612 
Average yield(a)
— %— %1.27 %1.30 %1.29 %
Total held-to-maturity securities
Amortized cost$6,521 $105,372 $98,360 $131,307 $341,560 
Fair value6,525 105,185 98,520 132,623 342,853 
Average yield(a)
0.26 %0.63 %1.45 %2.80 %1.69 %
(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.