Business Segments (Tables)

9 Months Ended

Sep. 30, 2021

The following table provides a summary of the Firm’s segment results as of or for the three and nine months ended September 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 September 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	$	4,138		$	4,863		$	9,061		$	8,118			$	988		$	761		$	3,312		$	2,739
Net interest income	8,383			8,032			3,335			3,428				1,532			1,524			988			815
Total net revenue	12,521			12,895			12,396			11,546				2,520			2,285			4,300			3,554
Provision for credit losses	(459)			795			(638)			(81)				(363)			(147)			(60)			(52)
Noninterest expense	7,238			6,912			5,871			5,832				1,032			969			2,762			2,443
Income/(loss) before income tax expense/(benefit)	5,742			5,188			7,163			5,795				1,851			1,463			1,598			1,163
Income tax expense/(benefit)	1,401			1,317			1,601			1,486				444			377			404			287
Net income/(loss)	$	4,341		$	3,871		$	5,562		$	4,309			$	1,407		$	1,086		$	1,194		$	876
Average equity	$	50,000		$	52,000		$	83,000		$	80,000			$	24,000		$	22,000		$	14,000		$	10,500
Total assets	493,169			487,063			1,355,752			1,088,282			(b)	227,670			228,583			221,702			187,858
ROE	34		%	29		%	26		%	21		%		22		%	19		%	33		%	32		%
Overhead ratio	58			54			47			51				41			42			64			69


As of or for the three months ended September 30, (in millions, except ratios)	Corporate				Reconciling Items(a)					Total
	2021		2020		2021		2020			2021			2020
Noninterest revenue	$	(242)	$	343	$	(690)	$	(582)	(b)	$	16,567		$	16,242		(b)
Net interest income	(1,054)		(682)		(104)		(104)			13,080			13,013
Total net revenue	(1,296)		(339)		(794)		(686)			29,647			29,255
Provision for credit losses	(7)		96		—		—			(1,527)			611
Noninterest expense	160		719		—		—			17,063			16,875
Income/(loss) before income tax expense/(benefit)	(1,449)		(1,154)		(794)		(686)			14,111			11,769
Income tax expense/(benefit)	(632)		(455)		(794)		(686)		(b)	2,424			2,326			(b)
Net income/(loss)	$	(817)	$	(699)	$	—	$	—		$	11,687		$	9,443
Average equity	$	82,556	$	72,297	$	—	$	—		$	253,556		$	236,797
Total assets	1,459,283		1,253,275		NA		NA			3,757,576			3,245,061			(b)
ROE	NM		NM		NM		NM			18		%	15		%
Overhead ratio	NM		NM		NM		NM			58			58			(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 nine months ended September 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	$	13,452		$	13,182		$	30,061		$	27,318			$	2,855		$	2,192		$	9,623		$	7,843
Net interest income	24,346			25,358			10,154			10,614				4,541			4,658			2,861			2,530
Total net revenue	37,798			38,540			40,215			37,932				7,396			6,850			12,484			10,373
Provision for credit losses	(5,929)			12,395			(1,048)			3,307				(858)			3,294			(191)			265
Noninterest expense	21,502			20,948			19,498			18,599				2,982			2,848			7,922			7,201
Income/(loss) before income tax expense/(benefit)	22,225			5,197			21,765			16,026				5,272			708			4,753			2,907
Income tax expense/(benefit)	5,522			1,305			5,478			4,281				1,277			164			1,162			701
Net income/(loss)	$	16,703		$	3,892		$	16,287		$	11,745			$	3,995		$	544		$	3,591		$	2,206
Average equity	$	50,000		$	52,000		$	83,000		$	80,000			$	24,000		$	22,000		$	14,000		$	10,500
Total assets	493,169			487,063			1,355,752			1,088,282			(b)	227,670			228,583			221,702			187,858
ROE	44		%	9		%	25		%	19		%		21		%	2		%	33		%	27		%
Overhead ratio	57			54			48			49				40			42			63			69


As of or for the nine months ended September 30, (in millions, except ratios)	Corporate				Reconciling Items(a)					Total
	2021		2020		2021		2020			2021			2020
Noninterest revenue	$	(68)	$	607	$	(2,241)	$	(1,831)	(b)	$	53,682		$	49,311		(b)
Net interest income	(2,870)		(1,534)		(322)		(321)			38,710			41,305
Total net revenue	(2,938)		(927)		(2,563)		(2,152)			92,392			90,616
Provision for credit losses	58		108		—		—			(7,968)			19,369
Noninterest expense	1,551		1,012		—		—			53,455			50,608
Income/(loss) before income tax expense/(benefit)	(4,547)		(2,047)		(2,563)		(2,152)			46,905			20,639
Income tax expense/(benefit)	(1,906)		(655)		(2,563)		(2,152)		(b)	8,970			3,644			(b)
Net income/(loss)	$	(2,641)	$	(1,392)	$	—	$	—		$	37,935		$	16,995
Average equity	$	79,011	$	70,751	$	—	$	—		$	250,011		$	235,251
Total assets	1,459,283		1,253,275		NA		NA			3,757,576			3,245,061			(b)
ROE	NM		NM		NM		NM			20		%	9		%
Overhead ratio	NM		NM		NM		NM			58			56			(b)

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