Business Segments (Tables)

6 Months Ended

Jun. 30, 2021

The following table provides a summary of the Firm’s segment results as of or for the three and six months ended June 30, 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 reassessed 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 June 30, (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	$	4,726		$	4,222		$	9,912		$	12,304			$	950		$	823		$	3,165		$	2,575
Net interest income	8,034			8,136			3,302			4,079				1,533			1,577			942			855
Total net revenue	12,760			12,358			13,214			16,383				2,483			2,400			4,107			3,430
Provision for credit losses	(1,868)			5,828			(79)			1,987				(377)			2,431			(10)			223
Noninterest expense	7,062			6,767			6,523			6,812				981			893			2,586			2,323
Income/(loss) before income tax expense/(benefit)	7,566			(237)			6,770			7,584				1,879			(924)			1,531			884
Income tax expense/(benefit)	1,932			(61)			1,785			2,133				459			(243)			378			223
Net income/(loss)	$	5,634		$	(176)		$	4,985		$	5,451			$	1,420		$	(681)		$	1,153		$	661
Average equity	$	50,000		$	52,000		$	83,000		$	80,000			$	24,000		$	22,000		$	14,000		$	10,500
Total assets	494,305			498,658			1,363,992			1,080,189			(b)	226,022			235,034			217,284			176,782
ROE	44		%	(2)		%	23		%	27		%		23		%	(13)		%	32		%	24		%
Overhead ratio	55			55			49			42				40			37			63			68


As of or for the three months ended June 30, (in millions, except ratios)	Corporate				Reconciling Items(a)					Total
	2021		2020		2021		2020			2021			2020
Noninterest revenue	$	(208)	$	(67)	$	(807)	$	(635)	(b)	$	17,738		$	19,222		(b)
Net interest income	(961)		(687)		(109)		(107)			12,741			13,853
Total net revenue	(1,169)		(754)		(916)		(742)			30,479			33,075
Provision for credit losses	49		4		—		—			(2,285)			10,473
Noninterest expense	515		147		—		—			17,667			16,942
Income/(loss) before income tax expense/(benefit)	(1,733)		(905)		(916)		(742)			15,097			5,660
Income tax expense/(benefit)	(489)		(337)		(916)		(742)		(b)	3,149			973			(b)
Net income/(loss)	$	(1,244)	$	(568)	$	—	$	—		$	11,948		$	4,687
Average equity	$	79,849	$	69,908	$	—	$	—		$	250,849		$	234,408
Total assets	1,382,653		1,221,980		NA		NA			3,684,256			3,212,643			(b)
ROE	NM		NM		NM		NM			18		%	7		%
Overhead ratio	NM		NM		NM		NM			58			51			(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.


Segment results and reconciliation(a)
As of or for the six months ended June 30, (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	$	9,314		$	8,319		$	21,000		$	19,200			$	1,867		$	1,431		$	6,311		$	5,104
Net interest income	15,963			17,326			6,819			7,186				3,009			3,134			1,873			1,715
Total net revenue	25,277			25,645			27,819			26,386				4,876			4,565			8,184			6,819
Provision for credit losses	(5,470)			11,600			(410)			3,388				(495)			3,441			(131)			317
Noninterest expense	14,264			14,036			13,627			12,767				1,950			1,879			5,160			4,758
Income/(loss) before income tax expense/(benefit)	16,483			9			14,602			10,231				3,421			(755)			3,155			1,744
Income tax expense/(benefit)	4,121			(12)			3,877			2,795				833			(213)			758			414
Net income/(loss)	$	12,362		$	21		$	10,725		$	7,436			$	2,588		$	(542)		$	2,397		$	1,330
Average equity	$	50,000		$	52,000		$	83,000		$	80,000			$	24,000		$	22,000		$	14,000		$	10,500
Total assets	494,305			498,658			1,363,992			1,080,189			(b)	226,022			235,034			217,284			176,782
ROE	49		%	(1)		%	25		%	18		%		21		%	(6)		%	34		%	25		%
Overhead ratio	56			55			49			48				40			41			63			70


As of or for the six months ended June 30, (in millions, except ratios)	Corporate				Reconciling Items(a)					Total
	2021		2020		2021		2020			2021			2020
Noninterest revenue	$	174	$	264	$	(1,551)	$	(1,249)	(b)	$	37,115		$	33,069		(b)
Net interest income	(1,816)		(852)		(218)		(217)			25,630			28,292
Total net revenue	(1,642)		(588)		(1,769)		(1,466)			62,745			61,361
Provision for credit losses	65		12		—		—			(6,441)			18,758
Noninterest expense	1,391		293		—		—			36,392			33,733
Income/(loss) before income tax expense/(benefit)	(3,098)		(893)		(1,769)		(1,466)			32,794			8,870
Income tax expense/(benefit)	(1,274)		(200)		(1,769)		(1,466)		(b)	6,546			1,318			(b)
Net income/(loss)	$	(1,824)	$	(693)	$	—	$	—		$	26,248		$	7,552
Average equity	$	77,209	$	69,969	$	—	$	—		$	248,209		$	234,469
Total assets	1,382,653		1,221,980		NA		NA			3,684,256			3,212,643			(b)
ROE	NM		NM		NM		NM			21		%	6		%
Overhead ratio	NM		NM		NM		NM			58			55			(b)

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