EX-99.2 3 a4q21erfex992supplement.htm EX-99.2 Document
                                                                    
Exhibit 99.2




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EARNINGS RELEASE FINANCIAL SUPPLEMENT

FOURTH QUARTER 2021

















                                                                    
JPMORGAN CHASE & CO.
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TABLE OF CONTENTS
Page(s)
Consolidated Results
Consolidated Financial Highlights2–3
Consolidated Statements of Income4
Consolidated Balance Sheets5
Condensed Average Balance Sheets and Annualized Yields6
Reconciliation from Reported to Managed Basis7
Segment Results - Managed Basis8
Capital and Other Selected Balance Sheet Items9
Earnings Per Share and Related Information10
Business Segment Results
Consumer & Community Banking (“CCB”)11–14
Corporate & Investment Bank (“CIB”)15–17
Commercial Banking (“CB”)18–19
Asset & Wealth Management (“AWM”)20–22
Corporate23
Credit-Related Information24–27
Non-GAAP Financial Measures28
Glossary of Terms and Acronyms (a)
(a)    Refer to the Glossary of Terms and Acronyms on pages 305–311 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”) and
the Glossary of Terms and Acronyms and Line of Business Metrics on pages 185-190 and pages 191-193, respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30,
2021.

                                                                    
    
JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
SELECTED INCOME STATEMENT DATA 4Q213Q212Q211Q214Q203Q214Q20202120202020
Reported Basis
Total net revenue (a)$29,257 $29,647 $30,479 $32,266 $29,335 (1)%— %$121,649 $119,951 1 %
Total noninterest expense17,888 17,063 17,667 18,725 16,048 5 11 71,343 66,656 7 
Pre-provision profit (b)11,369 12,584 12,812 13,541 13,287 (10)(14)50,306 53,295 (6)
Provision for credit losses(1,288)(1,527)(2,285)(4,156)(1,889)16 32 (9,256)17,480 NM
NET INCOME10,399 11,687 11,948 14,300 12,136 (11)(14)48,334 29,131 66 
Managed Basis (c)
Total net revenue30,349 30,441 31,395 33,119 30,161 — 1 125,304 122,929 2 
Total noninterest expense17,888 17,063 17,667 18,725 16,048 5 11 71,343 66,656 7 
Pre-provision profit (b)12,461 13,378 13,728 14,394 14,113 (7)(12)53,961 56,273 (4)
Provision for credit losses(1,288)(1,527)(2,285)(4,156)(1,889)16 32 (9,256)17,480 NM
NET INCOME10,399 11,687 11,948 14,300 12,136 (11)(14)48,334 29,131 66 
EARNINGS PER SHARE DATA
Net income: Basic$3.33 $3.74 $3.79 $4.51 $3.80 (11)(12)$15.39 $8.89 73 
Diluted3.33 3.74 3.78 4.50 3.79 (11)(12)15.36 8.88 73 
Average shares: Basic2,977.3 2,999.9 3,036.6 3,073.5 3,079.7 (1)(3)3,021.5 3,082.4 (2)
Diluted2,981.8 3,005.1 3,041.9 3,078.9 3,085.1 (1)(3)3,026.6 3,087.4 (2)
MARKET AND PER COMMON SHARE DATA
Market capitalization$466,206 $483,748 $464,778 $460,820 $387,492 (4)20 $466,206 $387,492 20 
Common shares at period-end2,944.1 2,955.3 2,988.2 3,027.1 3,049.4 — (3)2,944.1 3,049.4 (3)
Book value per share88.07 86.36 84.85 82.31 81.75 2 8 88.07 81.75 8 
Tangible book value per share (“TBVPS”) (b)71.53 69.87 68.91 66.56 66.11 2 8 71.53 66.11 8 
Cash dividends declared per share1.00 1.00 (f)0.90 0.90 0.90 — 11 3.80 3.60 6 
FINANCIAL RATIOS (d)
Return on common equity (“ROE”)16 %18 %18 %23 %19 %19 %12 %
Return on tangible common equity (“ROTCE”) (b)19 22 23 29 24 23 14 
Return on assets1.08 1.24 1.29 1.61 1.42 1.30 0.91 
CAPITAL RATIOS (e)
Common equity Tier 1 (“CET1”) capital ratio13.0 %(g)12.9 %13.0 %13.1 %13.1 %13.0 %(g)13.1 %
Tier 1 capital ratio15.0 (g)15.0 15.1 15.0 15.0 15.0 (g)15.0 
Total capital ratio16.8 (g)16.9 17.1 17.2 17.3 16.8 (g)17.3 
Tier 1 leverage ratio6.5 (g)6.6 6.6 6.7 7.0 6.5 (g)7.0 
Supplementary leverage ratio (“SLR”)5.4 (g)5.5 5.4 6.7 6.9 5.4 (g)6.9 
 
(a)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.
(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 page 9 for a reconciliation of common stockholders’ equity to TCE. Refer to page 28 for a further discussion of these measures.
(c)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(d)Quarterly ratios are based upon annualized amounts.
(e)The capital metrics reflect the relief provided by the Federal Reserve Board (the “Federal Reserve”) 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 and expired on December 31, 2021. For the periods ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion, $3.3 billion, $3.8 billion, $4.5 billion and $5.7 billion, respectively. The cumulative impact of $2.9 billion not recognized in CET1 capital at December 31, 2021 will be phased in at 25% per year beginning January 1, 2022. For the periods ended March 31, 2021 and December 31, 2020, the SLR reflected 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 48-53 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 for additional information on the Firm’s capital metrics. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 52-53 and Capital Risk Management on pages 91-101 of the Firm’s 2020 Form 10-K for additional information.
(f)On September 21, 2021, the Board of Directors declared a quarterly common stock dividend of $1.00 per share.
(g)Estimated.
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JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)$3,743,567 $3,757,576 $3,684,256 $3,689,336 $3,384,757 — %11 %$3,743,567 $3,384,757 11 %
Loans:
Consumer, excluding credit card loans323,306 328,164 329,685 324,908 318,579 (1)1 323,306 318,579 1 
Credit card loans154,296 143,166 141,802 132,493 144,216 8 7 154,296 144,216 7 
Wholesale loans600,112 573,285 569,467 553,906 550,058 5 9 600,112 550,058 9 
Total Loans1,077,714 1,044,615 1,040,954 1,011,307 1,012,853 3 6 1,077,714 1,012,853 6 
Deposits:
U.S. offices:
Noninterest-bearing638,879 656,438 639,114 629,139 572,711 (3)12 638,879 572,711 12 
Interest-bearing1,432,578 1,344,092 1,281,432 1,266,856 1,197,032 7 20 1,432,578 1,197,032 20 
Non-U.S. offices:
Noninterest-bearing26,229 28,589 24,723 22,661 23,435 (8)12 26,229 23,435 12 
Interest-bearing364,617 373,234 359,948 359,456 351,079 (2)4 364,617 351,079 4 
Total deposits2,462,303 2,402,353 2,305,217 2,278,112 2,144,257 2 15 2,462,303 2,144,257 15 
Long-term debt 301,005 298,465 299,926 279,427 281,685 1 7 301,005 281,685 7 
Common stockholders’ equity259,289 255,203 253,548 249,151 249,291 2 4 259,289 249,291 4 
Total stockholders’ equity294,127 290,041 286,386 280,714 279,354 1 5 294,127 279,354 5 
Loans-to-deposits ratio44 %43 %45 %44 %47 %44 %47 %
Headcount271,025 265,790 260,110 259,350 255,351 2 6 271,025 255,351 6 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR$37 $36 
(c)
$43 $106 $96 3 (61)
LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking$12,275 $12,521 $12,760 $12,517 $12,728 (2)(4)$50,073 $51,268 (2)
Corporate & Investment Bank11,534 12,396 13,214 14,605 11,352 (7)2 51,749 49,284 5 
Commercial Banking2,612 2,520 2,483 2,393 2,463 4 6 10,008 9,313 7 
Asset & Wealth Management 4,473 4,300 4,107 4,077 3,867 4 16 16,957 14,240 19 
Corporate(545)(1,296)(1,169)(473)(249)58 (119)(3,483)(1,176)(196)
TOTAL NET REVENUE$30,349 $30,441 $31,395 $33,119 $30,161 — 1 $125,304 $122,929 2 
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking$4,227 $4,341 $5,634 $6,728 $4,325 (3)(2)$20,930 $8,217 155 
Corporate & Investment Bank4,847 5,562 4,985 5,740 5,349 (13)(9)21,134 17,094 24 
Commercial Banking1,251 1,407 1,420 1,168 2,034 (11)(38)5,246 2,578 103 
Asset & Wealth Management1,146 1,194 1,153 1,244 786 (4)46 4,737 2,992 58 
Corporate(1,072)(817)(1,244)(580)(358)(31)(199)(3,713)(1,750)(112)
NET INCOME$10,399 $11,687 $11,948 $14,300 $12,136 (11)(14)$48,334 $29,131 66 
(a)In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Prior-period amount has been revised to conform with the current presentation.
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JPMORGAN CHASE & CO.
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CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
REVENUE4Q213Q212Q211Q214Q203Q214Q20202120202020
Investment banking fees $3,494 $3,282 $3,470 $2,970 $2,583 6 %35 %$13,216 $9,486 39 %
Principal transactions2,182 3,546 4,076 6,500 3,321 (38)(34)16,304 18,021 (10)
Lending- and deposit-related fees1,784 1,801 1,760 1,687 1,727 (1)3 7,032 6,511 8 
Asset management, administration and commissions5,549 5,257 5,194 5,029 4,901 6 13 21,029 18,177 16 
Investment securities gains/(losses)52 (256)(155)14 70 NM(26)(345)802 NM
Mortgage fees and related income315 600 551 704 767 (48)(59)2,170 3,091 (30)
Card income1,100 1,005 1,647 1,350 1,297 9 (15)5,102 4,435 15 
Other income (a)1,180 1,332 1,195 1,123 1,411 (11)(16)4,830 4,865 (1)
Noninterest revenue15,656 16,567 17,738 19,377 16,077 (5)(3)69,338 65,388 6 
Interest income15,019 14,480 14,094 14,271 14,550 4 3 57,864 64,523 (10)
Interest expense1,418 1,400 1,353 1,382 1,292 1 10 5,553 9,960 (44)
Net interest income13,601 13,080 12,741 12,889 13,258 4 3 52,311 54,563 (4)
TOTAL NET REVENUE29,257 29,647 30,479 32,266 29,335 (1)— 121,649 119,951 1 
Provision for credit losses(1,288)(1,527)(2,285)(4,156)(1,889)16 32 (9,256)17,480 NM
NONINTEREST EXPENSE
Compensation expense 9,065 9,087 9,814 10,601 7,954 — 14 38,567 34,988 10 
Occupancy expense1,202 1,109 1,090 1,115 1,161 8 4 4,516 4,449 2 
Technology, communications and equipment expense 2,461 2,473 2,488 2,519 2,606 — (6)9,941 10,338 (4)
Professional and outside services 2,703 2,523 2,385 2,203 2,259 7 20 9,814 8,464 16 
Marketing947 712 626 751 725 33 31 3,036 2,476 23 
Other expense (b)1,510 1,159 1,264 1,536 1,343 30 12 5,469 5,941 (8)
TOTAL NONINTEREST EXPENSE17,888 17,063 17,667 18,725 16,048 5 11 71,343 66,656 7 
Income before income tax expense12,657 14,111 15,097 17,697 15,176 (10)(17)59,562 35,815 66 
Income tax expense (a)2,258 2,424 3,149 3,397 3,040 (7)(26)11,228 6,684 68 
NET INCOME$10,399 $11,687 $11,948 $14,300 $12,136 (11)(14)$48,334 $29,131 66 
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$3.33 $3.74 $3.79 $4.51 $3.80 (11)(12)$15.39 $8.89 73 
Diluted earnings per share3.33 3.74 3.78 4.50 3.79 (11)(12)15.36 8.88 73 
FINANCIAL RATIOS
Return on common equity (c)16 %18 %18 %23 %19 %19 %12 %
Return on tangible common equity (c)(d)19 22 23 29 24 23 14 
Return on assets (c)1.08 1.24 1.29 1.61 1.42 1.30 0.91 
Effective income tax rate (a)17.8 17.2 20.9 19.2 20.0 18.9 18.7 
Overhead ratio61 58 58 58 55 59 56 
(a)In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.
(b)Included Firmwide legal expense of $137 million, $76 million, $185 million, $28 million and $276 million for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $426 million and $1.1 billion for the full year 2021 and 2020 respectively.
(c)Quarterly ratios are based upon annualized amounts.
(d)Refer to page 28 for further discussion of ROTCE.



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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Dec 31, 2021
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2021202120212021202020212020
ASSETS
Cash and due from banks $26,438 $25,857 $26,592 $25,397 $24,874 2 %6 %
Deposits with banks 714,396 734,012 678,829 685,675 502,735 (3)42 
Federal funds sold and securities purchased under
resale agreements261,698 282,161 260,987 272,481 296,284 (7)(12)
Securities borrowed206,071 202,987 186,376 179,516 160,635 2 28 
Trading assets:
Debt and equity instruments376,494 447,993 454,268 (b)475,156 (b)427,682 (b)(16)(12)
Derivative receivables57,081 67,908 66,320 (b)68,896 (b)75,444 (b)(16)(24)
Available-for-sale (“AFS”) securities308,525 251,590 232,161 379,942 388,178 23 (21)
Held-to-maturity (”HTM”) securities, net of allowance for credit losses363,707 343,542 341,476 217,452 201,821 6 80 
Investment securities, net of allowance for credit losses672,232 595,132 573,637 597,394 589,999 13 14 
Loans1,077,714 1,044,615 1,040,954 1,011,307 1,012,853 3 6 
Less: Allowance for loan losses16,386 18,150 19,500 23,001 28,328 (10)(42)
Loans, net of allowance for loan losses1,061,328 1,026,465 1,021,454 988,306 984,525 3 8 
Accrued interest and accounts receivable102,570 116,395 125,253 114,754 90,503 (12)13 
Premises and equipment27,070 26,996 26,631 26,926 27,109 — — 
Goodwill, MSRs and other intangible assets56,691 56,566 54,655 54,588 53,428 — 6 
Other assets (a)181,498 175,104 209,254 200,247 151,539 4 20 
TOTAL ASSETS$3,743,567 $3,757,576 $3,684,256 $3,689,336 $3,384,757 — 11 
LIABILITIES
Deposits$2,462,303 $2,402,353 $2,305,217 $2,278,112 $2,144,257 2 15 
Federal funds purchased and securities loaned or sold
under repurchase agreements194,340 254,920 245,437 304,019 215,209 (24)(10)
Short-term borrowings53,594 50,393 51,938 54,978 45,208 6 19 
Trading liabilities:
Debt and equity instruments114,577 126,058 127,822 130,909 99,558 (9)15 
Derivative payables50,116 53,485 56,045 60,440 70,623 (6)(29)
Accounts payable and other liabilities (a)262,755 268,604 297,082 285,066 231,285 (2)14 
Beneficial interests issued by consolidated VIEs10,750 13,257 14,403 15,671 17,578 (19)(39)
Long-term debt301,005 298,465 299,926 279,427 281,685 1 7 
TOTAL LIABILITIES3,449,440 3,467,535 3,397,870 3,408,622 3,105,403 (1)11 
STOCKHOLDERS’ EQUITY
Preferred stock34,838 34,838 32,838 31,563 30,063 — 16 
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital88,415 88,357 88,194 88,005 88,394 — — 
Retained earnings272,268 265,276 256,983 248,151 236,990 3 15 
Accumulated other comprehensive income/(loss)(84)963 2,570 1,041 7,986 NMNM
Shares held in RSU Trust, at cost— — — — — — — 
Treasury stock, at cost(105,415)(103,498)(98,304)(92,151)(88,184)(2)(20)
TOTAL STOCKHOLDERS’ EQUITY294,127 290,041 286,386 280,714 279,354 1 5 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,743,567 $3,757,576 $3,684,256 $3,689,336 $3,384,757 — 11 
(a)In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.
(b)Prior-period amounts have been revised to conform with the current presentation.
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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
AVERAGE BALANCES 4Q213Q212Q211Q214Q203Q214Q20202120202020
ASSETS
Deposits with banks $767,713 $756,653 $721,214 $631,606 $507,194 1 %51 %$719,772 $444,058 62 %
Federal funds sold and securities purchased under resale agreements268,953 262,679 255,831 289,763 327,504 2 (18)269,231 275,926 (2)
Securities borrowed207,059 189,418 190,785 175,019 149,146 9 39 190,655 143,472 33 
Trading assets - debt instruments 260,555 275,860 277,024 322,648 319,585 (6)(18)283,829 322,936 (12)
Investment securities642,675 565,344 585,084 582,460 568,354 14 13 593,977 509,937 16 
Loans 1,060,254 1,042,591 1,024,633 1,013,524 996,367 2 6 1,035,399 1,004,597 3 
All other interest-earning assets (a)130,646 127,241 122,624 111,549 87,496 3 49 123,079 78,784 56 
Total interest-earning assets 3,337,855 3,219,786 3,177,195 3,126,569 2,955,646 4 13 3,215,942 2,779,710 16 
Trading assets - equity and other instruments150,770 177,315 199,288 (h)164,010 (h)143,056 (h)(15)5 172,822 120,878 (h)43 
Trading assets - derivative receivables66,024 65,574 70,212 (h)74,730 (h)74,721 (h)1 (12)69,101 73,749 (h)(6)
All other noninterest-earning assets (b)277,006 262,544 281,992 247,532 225,290 6 23 267,337 227,813 17 
TOTAL ASSETS$3,831,655 $3,725,219 $3,728,687 $3,612,841 $3,398,713 3 13 $3,725,202 $3,202,150 16 
LIABILITIES
Interest-bearing deposits $1,800,654 $1,696,850 $1,669,376 $1,610,467 $1,529,066 6 18 $1,694,865 $1,389,224 22 
Federal funds purchased and securities loaned or
sold under repurchase agreements234,504 240,912 261,343 301,386 247,276 (3)(5)259,302 255,421 2 
Short-term borrowings (c)46,456 43,759 46,185 42,031 36,183 6 28 44,618 38,853 15 
Trading liabilities - debt and all other interest-bearing liabilities (d)246,675 241,297 246,666 230,922 213,989 2 15 241,431 205,255 18 
Beneficial interests issued by consolidated VIEs11,906 14,232 15,117 17,185 18,647 (16)(36)14,595 19,216 (24)
Long-term debt 255,710 257,593 248,552 239,398 237,144 (1)8 250,378 254,400 (2)
Total interest-bearing liabilities 2,595,905 2,494,643 2,487,239 2,441,389 2,282,305 4 14 2,505,189 2,162,369 16 
Noninterest-bearing deposits 667,158 672,609 654,419 614,165 582,517 (1)15 652,289 517,527 26 
Trading liabilities - equity and other instruments 40,645 35,505 35,397 35,029 33,732 14 20 36,656 32,628 12 
Trading liabilities - derivative payables55,063 55,907 62,533 67,960 63,551 (2)(13)60,318 61,593 (2)
All other noninterest-bearing liabilities (b)184,241 178,770 205,584 178,444 164,873 3 12 186,755 161,269 16 
TOTAL LIABILITIES3,543,012 3,437,434 3,445,172 3,336,987 3,126,978 3 13 3,441,207 2,935,386 17 
Preferred stock34,838 34,229 32,666 30,312 30,063 2 16 33,027 29,899 10 
Common stockholders’ equity253,805 253,556 250,849 245,542 241,672 — 5 250,968 236,865 6 
TOTAL STOCKHOLDERS’ EQUITY288,643 287,785 283,515 275,854 271,735 — 6 283,995 266,764 6 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,831,655 $3,725,219 $3,728,687 $3,612,841 $3,398,713 3 13 $3,725,202 $3,202,150 16 
AVERAGE RATES (e)
INTEREST-EARNING ASSETS
Deposits with banks 0.09 %0.09 %0.06 %0.04 %0.03 %0.07 %0.17 %
Federal funds sold and securities purchased under resale agreements0.47 0.35 0.27 0.33 0.41 0.36 0.88 
Securities borrowed (f)(0.28)(0.15)(0.19)(0.18)(0.40)(0.20)(0.21)
Trading assets - debt instruments 2.52 2.43 2.49 2.25 2.32 2.42 2.44 
Investment securities1.26 1.32 1.31 1.36 1.39 1.31 1.82 
Loans 4.04 3.99 3.98 4.09 4.14 4.02 4.37 
All other interest-earning assets (a)0.87 0.64 0.66 0.72 0.89 0.73 1.30 
Total interest-earning assets 1.80 1.80 1.79 1.87 1.97 1.81 2.34 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 0.03 0.03 0.03 0.04 0.05 0.03 0.17 
Federal funds purchased and securities loaned or
sold under repurchase agreements0.13 0.20 0.09 0.02 0.06 0.11 0.41 
Short-term borrowings (c)0.26 0.26 0.30 0.31 0.40 0.28 0.96 
Trading liabilities - debt and all other interest-bearing liabilities (d)(f)0.20 0.09 0.08 0.05 (0.15)0.11 0.10 
Beneficial interests issued by consolidated VIEs0.56 0.50 0.55 0.64 0.65 0.57 1.12 
Long-term debt 1.61 1.62 1.70 1.92 1.82 1.71 2.27 
Total interest-bearing liabilities 0.22 0.22 0.22 0.23 0.23 0.22 0.46 
INTEREST RATE SPREAD1.58 %1.58 %1.57 %1.64 %1.74 %1.59 %1.88 %
NET YIELD ON INTEREST-EARNING ASSETS1.63 %1.62 %1.62 %1.69 %1.80 %1.64 %1.98 %
Memo: Net yield on interest-earning assets excluding CIB Markets (g)1.90 %1.91 %1.90 %1.93 %2.01 %1.91 %2.30 %
(a)    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.
(b)    In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.
(c)    Includes commercial paper.
(d)    All other interest-bearing liabilities include brokerage-related customer payables.
(e)    Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.
(f)    Negative interest income and yields 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 liabilities.
(g)    Net yield on interest-earning assets excluding CIB Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.
(h)    Prior-period amounts have been revised to conform with the current presentation.

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RECONCILIATION FROM REPORTED TO MANAGED BASIS
(in millions, except ratios)
The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. Refer to the notes on Non-GAAP Financial Measures on page 28 for additional information on managed basis.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
OTHER INCOME
Other income - reported (a)$1,180 $1,332 $1,195 $1,123 $1,411 (11)%(16)%$4,830 $4,865 (1)%
Fully taxable-equivalent adjustments (a)(b)984 690 807 744 729 43 35 3,225 2,560 26 
Other income - managed$2,164 $2,022 $2,002 $1,867 $2,140 7 1 $8,055 $7,425 8 
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported$15,656 $16,567 $17,738 $19,377 $16,077 (5)(3)$69,338 $65,388 6 
Fully taxable-equivalent adjustments984 690 807 744 729 43 35 3,225 2,560 26 
Total noninterest revenue - managed$16,640 $17,257 $18,545 $20,121 $16,806 (4)(1)$72,563 $67,948 7 
NET INTEREST INCOME
Net interest income - reported$13,601 $13,080 $12,741 $12,889 $13,258 4 3 $52,311 $54,563 (4)
Fully taxable-equivalent adjustments (b)108 104 109 109 97 4 11 430 418 3 
Net interest income - managed$13,709 $13,184 $12,850 $12,998 $13,355 4 3 $52,741 $54,981 (4)
TOTAL NET REVENUE
Total net revenue - reported$29,257 $29,647 $30,479 $32,266 $29,335 (1)— $121,649 $119,951 1 
Fully taxable-equivalent adjustments1,092 794 916 853 826 38 32 3,655 2,978 23 
Total net revenue - managed$30,349 $30,441 $31,395 $33,119 $30,161 — 1 $125,304 $122,929 2 
PRE-PROVISION PROFIT
Pre-provision profit - reported$11,369 $12,584 $12,812 $13,541 $13,287 (10)(14)$50,306 $53,295 (6)
Fully taxable-equivalent adjustments1,092 794 916 853 826 38 32 3,655 2,978 23 
Pre-provision profit - managed$12,461 $13,378 $13,728 $14,394 $14,113 (7)(12)$53,961 $56,273 (4)
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$12,657 $14,111 $15,097 $17,697 $15,176 (10)(17)$59,562 $35,815 66 
Fully taxable-equivalent adjustments1,092 794 916 853 826 38 32 3,655 2,978 23 
Income before income tax expense - managed$13,749 $14,905 $16,013 $18,550 $16,002 (8)(14)$63,217 $38,793 63 
INCOME TAX EXPENSE
Income tax expense - reported (a)$2,258 $2,424 $3,149 $3,397 $3,040 (7)(26)$11,228 $6,684 68 
Fully taxable-equivalent adjustments (a)(b)1,092 794 916 853 826 38 32 3,655 2,978 23 
Income tax expense - managed$3,350 $3,218 $4,065 $4,250 $3,866 4 (13)$14,883 $9,662 54 
OVERHEAD RATIO
Overhead ratio - reported61 %58 %58 %58 %55 %59 %56 %
Overhead ratio - managed59 56 56 57 53 57 54 
(a)In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.
(b)Predominantly recognized in CIB, CB and Corporate.
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SEGMENT RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$12,275 $12,521 $12,760 $12,517 $12,728 (2)%(4)%$50,073 $51,268 (2)%
Corporate & Investment Bank 11,534 12,396 13,214 14,605 11,352 (7)2 51,749 49,284 5 
Commercial Banking2,612 2,520 2,483 2,393 2,463 4 6 10,008 9,313 7 
Asset & Wealth Management 4,473 4,300 4,107 4,077 3,867 4 16 16,957 14,240 19 
Corporate(545)(1,296)(1,169)(473)(249)58 (119)(3,483)(1,176)(196)
TOTAL NET REVENUE$30,349 $30,441 $31,395 $33,119 $30,161 — 1 $125,304 $122,929 2 
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking$7,754 $7,238 $7,062 $7,202 $7,042 7 10 $29,256 $27,990 5 
Corporate & Investment Bank5,827 5,871 6,523 7,104 4,939 (1)18 25,325 23,538 8 
Commercial Banking1,059 1,032 981 969 950 3 11 4,041 3,798 6 
Asset & Wealth Management2,997 2,762 2,586 2,574 2,756 9 9 10,919 9,957 10 
Corporate251 160 515 876 361 57 (30)1,802 1,373 31 
TOTAL NONINTEREST EXPENSE$17,888 $17,063 $17,667 $18,725 $16,048 5 11 $71,343 $66,656 7 
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking$4,521 $5,283 $5,698 $5,315 $5,686 (14)(20)$20,817 $23,278 (11)
Corporate & Investment Bank5,707 6,525 6,691 7,501 6,413 (13)(11)26,424 25,746 3 
Commercial Banking1,553 1,488 1,502 1,424 1,513 4 3 5,967 5,515 8 
Asset & Wealth Management1,476 1,538 1,521 1,503 1,111 (4)33 6,038 4,283 41 
Corporate(796)(1,456)(1,684)(1,349)(610)45 (30)(5,285)(2,549)(107)
PRE-PROVISION PROFIT$12,461 $13,378 $13,728 $14,394 $14,113 (7)(12)$53,961 $56,273 (4)
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$(1,060)$(459)$(1,868)$(3,602)$(83)(131)NM$(6,989)$12,312 NM
Corporate & Investment Bank(126)(638)(79)(331)(581)80 78 (1,174)2,726 NM
Commercial Banking(89)(363)(377)(118)(1,181)75 92 (947)2,113 NM
Asset & Wealth Management(36)(60)(10)(121)(2)40 NM(227)263 NM
Corporate23 (7)49 16 (42)NMNM81 66 23 
PROVISION FOR CREDIT LOSSES$(1,288)$(1,527)$(2,285)$(4,156)$(1,889)16 32 $(9,256)$17,480 NM
NET INCOME/(LOSS)
Consumer & Community Banking$4,227 $4,341 $5,634 $6,728 $4,325 (3)(2)$20,930 $8,217 155 
Corporate & Investment Bank4,847 5,562 4,985 5,740 5,349 (13)(9)21,134 17,094 24 
Commercial Banking1,251 1,407 1,420 1,168 2,034 (11)(38)5,246 2,578 103 
Asset & Wealth Management1,146 1,194 1,153 1,244 786 (4)46 4,737 2,992 58 
Corporate(1,072)(817)(1,244)(580)(358)(31)(199)(3,713)(1,750)(112)
TOTAL NET INCOME$10,399 $11,687 $11,948 $14,300 $12,136 (11)(14)$48,334 $29,131 66 

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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Dec 31, 2021
ChangeFULL YEAR
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,2021 Change
2021202120212021202020212020202120202020
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital$213,949 (e)$209,917 $209,010 $206,078 $205,078 2 %4 %
Tier 1 capital246,201 (e)244,207 241,356 237,333 234,844 1 5 
Total capital274,939 (e)274,994 274,443 271,407 269,923 — 2 
Risk-weighted assets 1,641,394 (e)1,628,406 1,601,631 1,577,007 1,560,609 1 5 
CET1 capital ratio13.0 %(e)12.9 %13.0 %13.1 %13.1 %
Tier 1 capital ratio15.0 (e)15.0 15.1 15.0 15.0 
Total capital ratio16.8 (e)16.9 17.1 17.2 17.3 
Advanced
CET1 capital$213,949 (e)$209,917 $209,010 $206,078 $205,078 2 4 
Tier 1 capital 246,201 (e)244,207 241,356 237,333 234,844 1 5 
Total capital265,846 (e)264,469 262,364 258,635 257,228 1 3 
Risk-weighted assets1,549,168 (e)1,544,512 1,514,386 1,503,828 1,484,431 — 4 
CET1 capital ratio13.8 %(e)13.6 %13.8 %13.7 %13.8 %
Tier 1 capital ratio15.9 (e)15.8 15.9 15.8 15.8 
Total capital ratio17.2 (e)17.1 17.3 17.2 17.3 
Leverage-based capital metrics
Adjusted average assets (b)$3,782,074 (e)$3,675,803 $3,680,830 $3,565,545 $3,353,319 3 13 
Tier 1 leverage ratio6.5 %(e)6.6 %6.6 %6.7 %7.0 %
Total leverage exposure4,571,985 (e)4,463,904 4,456,557 3,522,629 3,401,542 2 34 
SLR5.4 %(e)5.5 %5.4 %6.7 %6.9 %
TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders’ equity$259,289 $255,203 $253,548 $249,151 $249,291 2 4 
Less: Goodwill50,315 50,313 49,256 49,243 49,248 — 2 
Less: Other intangible assets882 902 850 875 904 (2)(2)
Add: Certain deferred tax liabilities (d)2,499 2,500 2,461 2,457 2,453 — 2 
Total tangible common equity$210,591 $206,488 $205,903 $201,490 $201,592 2 4 
TANGIBLE COMMON EQUITY (average) (c) 
Common stockholders’ equity$253,805 $253,556 $250,849 $245,542 $241,672 — 5 $250,968 $236,865 6 %
Less: Goodwill50,362 49,457 49,260 49,249 47,842 2 5 49,584 47,820 4 
Less: Other intangible assets896 849 864 891 752 6 19 876 781 12 
Add: Certain deferred tax liabilities (d)2,502 2,480 2,459 2,455 2,416 1 4 2,474 2,399 3 
Total tangible common equity$205,049 $205,730 $203,184 $197,857 $195,494 — 5 $202,982 $190,663 6 
INTANGIBLE ASSETS (period-end)
Goodwill$50,315 $50,313 $49,256 $49,243 $49,248 — 2 
Mortgage servicing rights5,494 5,351 4,549 4,470 3,276 3 68 
Other intangible assets882 902 850 875 904 (2)(2)
Total intangible assets$56,691 $56,566 $54,655 $54,588 $53,428 — 6 
    
(a)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 and expired on December 31, 2021. For the periods ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion, $3.3 billion, $3.8 billion, $4.5 billion and $5.7 billion, respectively. The cumulative impact of $2.9 billion not recognized in CET1 capital at December 31, 2021 will be phased in at 25% per year beginning January 1, 2022. For the periods ended March 31, 2021 and December 31, 2020, the SLR reflected 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 48-53 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 for additional information on the Firm’s capital metrics. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 52-53 and Capital Risk Management on pages 91-101 of the Firm’s 2020 Form 10-K for additional information.
(b)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.
(c)Refer to page 28 for further discussion of TCE.
(d)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.
(e)Estimated.
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EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data) 
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
EARNINGS PER SHARE
Basic earnings per share
Net income$10,399 $11,687 $11,948 $14,300 $12,136 (11)%(14)%$48,334 $29,131 66 %
Less: Preferred stock dividends426 402 393 379 380 6 12 1,600 1,583 1 
Net income applicable to common equity9,973 11,285 11,555 13,921 11,756 (12)(15)46,734 27,548 70 
Less: Dividends and undistributed earnings allocated to
participating securities46 56 59 70 57 (18)(19)231 138 67 
Net income applicable to common stockholders$9,927 $11,229 $11,496 $13,851 $11,699 (12)(15)$46,503 $27,410 70 
Total weighted-average basic shares outstanding2,977.3 2,999.9 3,036.6 3,073.5 3,079.7 (1)(3)3,021.5 3,082.4 (2)
Net income per share$3.33 $3.74 $3.79 $4.51 $3.80 (11)(12)$15.39 $8.89 73 
Diluted earnings per share
Net income applicable to common stockholders$9,927 $11,229 $11,496 $13,851 $11,699 (12)(15)$46,503 $27,410 70 
Total weighted-average basic shares outstanding2,977.3 2,999.9 3,036.6 3,073.5 3,079.7 (1)(3)3,021.5 3,082.4 (2)
Add: Dilutive impact of stock appreciation rights (“SARs”) and
    employee stock options, unvested performance share units
    (“PSUs”) and nondividend-earning restricted stock units
    (“RSUs”)		4.5 5.2 5.3 5.4 5.4 (13)(17)5.1 5.0 2 
Total weighted-average diluted shares outstanding2,981.8 3,005.1 3,041.9 3,078.9 3,085.1 (1)(3)3,026.6 3,087.4 (2)
Net income per share$3.33 $3.74 $3.78 $4.50 $3.79 (11)(12)$15.36 $8.88 73 
COMMON DIVIDENDS
Cash dividends declared per share$1.00 $1.00 (c)$0.90 $0.90 $0.90 — 11 $3.80 $3.60 6 
Dividend payout ratio30 %27 %24 %20 %24 %25 %40 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased12.1 33.4 39.5 34.7 — (64)NM119.7 50.0 139 
Average price paid per share of common stock$165.47 $156.87 $156.83 $144.25 $— 5 NM$154.08 $127.92 20 
Aggregate repurchases of common stock2,008 5,240 6,201 4,999 — (62)NM18,448 6,397 188 
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans1.1 0.5 0.6 12.3 1.5 120 (27)14.5 15.9 (9)
Net impact of employee issuances on stockholders’ equity (b)$147 $271 $276 $667 $217 (46)(32)$1,361 $1,203 13 
(a)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, subject to certain restrictions; the restrictions were extended and expired at the end of the second quarter of 2021. The Firm is authorized to purchase up to $30 billion of common shares under the current repurchase program.
(b)The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares and the exercise of employee stock options and SARs.
(c)On September 21, 2021, the Board of Directors declared a quarterly common stock dividend of $1.00 per share.

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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$753 $786 $753 $742 $806 (4)%(7)%$3,034 $3,166 (4)%
Asset management, administration and commissions950 893 866 805 735 6 29 3,514 2,780 26 
Mortgage fees and related income312 596 548 703 766 (48)(59)2,159 3,079 (30)
Card income675 651 1,238 999 923 4 (27)3,563 3,068 16 
All other income1,144 1,212 1,321 1,339 1,328 (6)(14)5,016 5,647 (11)
Noninterest revenue3,834 4,138 4,726 4,588 4,558 (7)(16)17,286 17,740 (3)
Net interest income8,441 8,383 8,034 7,929 8,170 1 3 32,787 33,528 (2)
TOTAL NET REVENUE12,275 12,521 12,760 12,517 12,728 (2)(4)50,073 51,268 (2)
Provision for credit losses(1,060)(459)(1,868)(3,602)(83)(131)NM(6,989)12,312 NM
NONINTEREST EXPENSE
Compensation expense3,177 3,012 2,977 2,976 2,734 5 16 12,142 11,014 10 
Noncompensation expense (a)4,577 4,226 4,085 4,226 4,308 8 6 17,114 16,976 1 
TOTAL NONINTEREST EXPENSE7,754 7,238 7,062 7,202 7,042 7 10 29,256 27,990 5 
Income/(loss) before income tax expense/(benefit)5,581 5,742 7,566 8,917 5,769 (3)(3)27,806 10,966 154 
Income tax expense/(benefit)1,354 1,401 1,932 2,189 1,444 (3)(6)6,876 2,749 150 
NET INCOME/(LOSS)$4,227 $4,341 $5,634 $6,728 $4,325 (3)(2)$20,930 $8,217 155 
REVENUE BY LINE OF BUSINESS
Consumer & Business Banking$6,172 $6,157 $6,016 $5,635 $5,744 — 7 $23,980 $22,955 4 
Home Lending1,084 1,400 1,349 1,458 1,456 (23)(26)5,291 6,018 (12)
Card & Auto 5,019 4,964 5,395 5,424 5,528 1 (9)20,802 22,295 (7)
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue327 614 517 757 803 (47)(59)2,215 2,629 (16)
Net mortgage servicing revenue (b)(15)(18)31 (54)(37)1759(56)450 NM
Mortgage fees and related income$312 $596 $548 $703 $766 (48)(59)$2,159 $3,079 (30)
FINANCIAL RATIOS
ROE33 %34 %44 %54 %32 %41 %15 %
Overhead ratio 63 58 55 58 55 58 55 
(a)Included depreciation expense on leased assets of $767 million, $769 million, $856 million, $916 million and $975 million for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $3.3 billion and $4.2 billion for the full year 2021 and 2020, respectively.
(b)Included MSR risk management results of $(162) million, $(145) million, $(103) million, $(115) million and $(152) million for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $(525) million and $(18) million for the full year 2021 and 2020, respectively.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
SELECTED BALANCE SHEET DATA (period-end)
Total assets$500,370 $493,169 $494,305 $487,978 $496,705 (d)1 %1 %$500,370 $496,705 (d)1 %
Loans:
Consumer & Business Banking (a)35,095 40,659 46,228 52,654 48,810 (14)(28)35,095 48,810 (28)
Home Lending (b)180,529 179,489 179,371 178,776 182,121 1 (1)180,529 182,121 (1)
Card 154,296 143,166 141,802 132,493 144,216 8 7 154,296 144,216 7 
Auto 69,138 68,391 67,598 67,662 66,432 1 4 69,138 66,432 4 
Total loans 439,058 431,705 434,999 431,585 441,579 2 (1)439,058 441,579 (1)
Deposits1,148,110 1,093,852 1,056,507 1,037,903 958,706 5 20 1,148,110 958,706 20 
Equity50,000 50,000 50,000 50,000 52,000 — (4)50,000 52,000 (4)
SELECTED BALANCE SHEET DATA (average)
Total assets$497,675 $491,512 $485,209 $484,524 $486,272 (d)1 2 $489,771 $501,584 (d)(2)
Loans:
Consumer & Business Banking 37,299 43,256 49,356 49,868 49,506 (14)(25)44,906 43,064 4 
Home Lending (c)183,343 181,150 177,444 182,247 185,733 1 (1)181,049 197,148 (8)
Card 148,471 141,950 136,149 134,884 141,236 5 5 140,405 146,633 (4)
Auto 68,549 67,785 67,183 66,960 64,342 1 7 67,624 61,476 10 
Total loans437,662 434,141 430,132 433,959 440,817 1 (1)433,984 448,321 (3)
Deposits1,114,329 1,076,323 1,047,771 979,686 928,518 4 20 1,054,956 851,390 24 
Equity50,000 50,000 50,000 50,000 52,000 — (4)50,000 52,000 (4)
Headcount128,863 126,586 125,300 126,084 122,894 2 5 128,863 122,894 5 
(a)At December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020 included $5.4 billion, $11.1 billion, $16.7 billion, $23.4 billion and $19.2 billion of loans, respectively, in Business Banking under the Paycheck Protection Program (“PPP”). Refer to page 113 of the Firm’s 2020 Form 10-K for further information on the PPP.
(b)At December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, Home Lending loans held-for-sale and loans at fair value were $14.9 billion, $14.5 billion, $16.5 billion, $13.2 billion and $9.7 billion, respectively.
(c)Average Home Lending loans held-for sale and loans at fair value were $17.8 billion, $17.1 billion, $14.2 billion, $12.5 billion and $10.7 billion for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $15.4 billion and $11.1 billion for the full year 2021 and 2020, respectively.
(d)Prior-period amounts have been revised to conform with the current presentation.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)(c)$4,875 $5,000 $5,256 $5,507 (g)$5,492 (g)(3)%(11)%$4,875 $5,492 (g)(11)%
Net charge-offs/(recoveries)
Consumer & Business Banking86 66 72 65 75 30 15 289 263 10 
Home Lending(71)(74)(79)(51)(50)4 (42)(275)(169)(63)
Card479 495 755 983 767 (3)(38)2,712 4,286 (37)
Auto21 4 (16)26 25 425 (16)35 123 (72)
Total net charge-offs/(recoveries)$515 $491 $732 $1,023 $817 5 (37)$2,761 $4,503 (39)
Net charge-off/(recovery) rate
Consumer & Business Banking (d)0.91 %0.61 %0.59 %0.53 %0.60 %0.64 %0.61 %
Home Lending(0.17)(0.18)(0.19)(0.12)(0.11)(0.17)(0.09)
Card1.28 1.39 2.24 2.97 2.17 1.94 2.93 
Auto 0.12 0.02 (0.10)0.16 0.15 0.05 0.20 
Total net charge-off/(recovery) rate0.49 0.47 0.71 0.99 0.76 0.66 1.03 
30+ day delinquency rate (e)
Home Lending (f)1.25 %1.06 %1.08 %1.07 %1.15 %1.25 %1.15 %
Card1.04 1.00 1.01 1.40 1.68 1.04 1.68 
Auto0.64 0.46 0.42 0.42 0.69 0.64 0.69 
90+ day delinquency rate - Card (e)0.50 0.49 0.54 0.80 0.92 0.50 0.92 
Allowance for loan losses
Consumer & Business Banking $697 $797 $897 $1,022 $1,372 (13)(49)$697 $1,372 (49)
Home Lending660 630 630 1,238 1,813 5 (64)660 1,813 (64)
Card10,250 11,650 12,500 14,300 17,800 (12)(42)10,250 17,800 (42)
Auto 733 813 817 892 1,042 (10)(30)733 1,042 (30)
Total allowance for loan losses$12,340 $13,890 $14,844 $17,452 $22,027 (11)(44)$12,340 $22,027 (44)
(a)At December 31, 2021, September 30, 2021, June 30, 2021, 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 $342 million, $355 million, $397 million, $458 million and $558 million, respectively. These amounts have been excluded based upon the government guarantee. The amount of mortgage loans 90 or more days past due and insured by U.S. government agencies excluded at June 30, 2021 has been revised to conform with the current presentation. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
(b)At December 31, 2021 and September 30, 2021, nonaccrual loans excluded PPP loans 90 or more days past due and insured by the SBA of $506 million and $5 million, respectively. These amounts have been excluded based upon the SBA guarantee. There were no PPP loans 90 or more days past due in all other periods presented.
(c)Generally excludes loans that were 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 were considered collateral-dependent at time of exit.
(d)At December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020 included $5.4 billion, $11.1 billion, $16.7 billion, $23.4 billion and $19.2 billion of loans, respectively, 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 page 113 of the Firm’s 2020 Form 10-K for further information on the PPP.
(e)At December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic were as follows: (1) $1.1 billion, $3.1 billion, $5.2 billion, $8.1 billion and $9.1 billion in Home Lending, respectively; (2) $46 million, $53 million, $55 million, $105 million and $264 million in Card, respectively; and (3) $115 million, $112 million, $89 million, $127 million and $376 million in Auto, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.
(f)At December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $405 million, $432 million, $483 million, $557 million and $744 million, respectively. These amounts have been excluded based upon the government guarantee. The amount of mortgage loans 30 or more days past due and insured by U.S. government agencies excluded at June 30, 2021 has been revised to conform with the current presentation.
(g)Prior-period amounts have been revised to conform with the current presentation.
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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
BUSINESS METRICS
Number of:
Branches4,790 4,854 4,869 4,872 4,908 (1)%(2)%4,790 4,908 (2)%
Active digital customers (in thousands) (a)58,857 57,961 56,915 56,671 55,274 2 6 58,857 55,274 6 
Active mobile customers (in thousands) (b)45,452 44,333 42,896 41,872 40,899 3 11 45,452 40,899 11 
Debit and credit card sales volume (in billions)$376.2 $349.9 $344.3 $290.3 $299.4 8 26 $1,360.7 $1,081.2 26 
Consumer & Business Banking
Average deposits $1,094,442 $1,056,254 $1,028,459 $960,662 $907,884 4 21 $1,035,379 $832,523 24 
Deposit margin 1.22 %1.29 %1.28 %1.29 %1.41 %1.27 %1.58 %
Business banking origination volume $866 $835 $2,180 (f)$10,035 (f)$722 4 20 $13,916 (f)$26,607 (f)(48)
Client investment assets (c)718,051 681,491 673,675 636,962 590,206 (g)5 22 718,051 590,206 (g)22 
Number of client advisors4,725 4,689 4,571 4,500 4,417 1 7 4,725 4,417 7 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $22.4 $23.7 $22.7 $23.0 $20.1 (5)11 $91.8 $72.9 26 
Correspondent 19.8 17.9 16.9 16.3 12.4 11 60 70.9 40.9 73 
Total mortgage origination volume (d)$42.2 $41.6 $39.6 $39.3 $32.5 1 30 $162.7 $113.8 43 
Third-party mortgage loans serviced (period-end)534.2 509.3 463.9 443.2 447.3 5 19 534.2 447.3 19 
MSR carrying value (period-end)5.5 5.3 4.5 4.5 3.3 4 67 5.5 3.3 67 
Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end)1.03 %1.04 %0.97 %1.02 %0.74 %1.03 %0.74 %
MSR revenue multiple (e)3.68 x3.85 x3.59 x3.78 x2.64 x3.81 x2.55 x
Credit Card
Credit card sales volume, excluding Commercial Card (in billions)$254.1 $232.0 $223.7 $183.7 $197.0 10 29 893.5 702.7 27 
Net revenue rate9.61 %9.74 %11.32 %11.53 %11.22 %10.51 %10.92 %
Auto
Loan and lease origination volume (in billions)$8.5 $11.5 $12.4 $11.2 $11.0 (26)(23)$43.6 $38.4 14 
Average auto operating lease assets17,629 18,753 19,608 20,300 20,810 (6)(15)19,064 22,034 (13)
(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 20-22 for additional information.
(d)Firmwide mortgage origination volume was $48.2 billion, $46.1 billion, $44.9 billion, $43.2 billion and $37.0 billion for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $182.4 billion and $133.4 billion for the full year 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 $1.3 billion and $9.3 billion of origination volume under the PPP for the three months ended June 30, 2021 and March 31, 2021, respectively, and $10.6 billion and $21.9 billion for the full year 2021 and 2020, respectively. There were no originations under the PPP for the three months ended December 31, 2021, September 30, 2021, and December 31, 2020. The PPP ended on May 31, 2021 for new applications. Refer to page 113 of the Firm’s 2020 Form 10-K for further information on the PPP.
(g)Prior-period amount has been revised to conform with the current presentation.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
INCOME STATEMENT
REVENUE
Investment banking fees$3,502 $3,297 $3,572 $2,988 $2,558 6 %37 %$13,359 $9,477 41 %
Principal transactions2,116 3,577 4,026 6,045 2,982 (41)(29)15,764 17,560 (10)
Lending- and deposit-related fees654 634 633 593 574 3 14 2,514 2,070 21 
Asset management, administration and commissions1,252 1,240 1,246 1,286 1,226 1 2 5,024 4,721 6 
All other income624 313 435 176 462 99 35 1,548 1,292 20 
Noninterest revenue8,148 9,061 9,912 11,088 7,802 (10)4 38,209 35,120 9 
Net interest income3,386 3,335 3,302 3,517 3,550 2 (5)13,540 14,164 (4)
TOTAL NET REVENUE (a)11,534 12,396 13,214 14,605 11,352 (7)2 51,749 49,284 5 
Provision for credit losses(126)(638)(79)(331)(581)80 78 (1,174)2,726 NM
NONINTEREST EXPENSE
Compensation expense2,358 2,827 3,582 4,329 1,958 (17)20 13,096 11,612 13 
Noncompensation expense3,469 3,044 2,941 2,775 2,981 14 16 12,229 11,926 3 
TOTAL NONINTEREST EXPENSE5,827 5,871 6,523 7,104 4,939 (1)18 25,325 23,538 8 
Income before income tax expense5,833 7,163 6,770 7,832 6,994 (19)(17)27,598 23,020 20 
Income tax expense986 1,601 1,785 2,092 1,645 (38)(40)6,464 5,926 9 
NET INCOME $4,847 $5,562 $4,985 $5,740 $5,349 (13)(9)$21,134 $17,094 24 
FINANCIAL RATIOS
ROE22 %26 %23 %27 %26 %25 %20 %
Overhead ratio51 47 49 49 44 49 48 
Compensation expense as percentage of total net revenue20 23 27 30 17 25 24 
REVENUE BY BUSINESS
Investment Banking$3,206 $3,025 $3,424 $2,851 $2,497 6 28 $12,506 $8,871 41 
Payments (b)1,801 1,624 1,453 1,392 1,427 11 26 6,270 5,560 13 
Lending263 244 229 265 193 8 36 1,001 1,146 (13)
Total Banking5,270 4,893 5,106 4,508 4,117 8 28 19,777 15,577 27 
Fixed Income Markets3,334 3,672 4,098 5,761 3,950 (9)(16)16,865 20,878 (19)
Equity Markets1,954 2,597 2,689 3,289 1,989 (25)(2)10,529 8,605 22 
Securities Services1,064 1,126 1,088 1,050 1,053 (6)1 4,328 4,253 2 
Credit Adjustments & Other (c)(88)108 233 (3)243 NMNM250 (29)NM
Total Markets & Securities Services6,264 7,503 8,108 10,097 7,235 (17)(13)31,972 33,707 (5)
TOTAL NET REVENUE$11,534 $12,396 $13,214 $14,605 $11,352 (7)2 $51,749 $49,284 5 
(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; as well as tax-exempt income from municipal bonds of $923 million, $641 million, $763 million, $703 million and $655 million for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $3.0 billion and $2.4 billion for the full year 2021 and 2020, respectively. In the first quarter of 2021, in relation to the reclassification of certain deferred investment tax credits, prior-period tax-equivalent adjustment amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.
(b)In the fourth quarter of 2021, the Wholesale Payments business was renamed Payments.
(c)Consists primarily of centrally managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)$1,259,896 $1,355,752 $1,363,992 $1,355,123 $1,095,926 (7)%15 %$1,259,896 $1,095,926 15 %
Loans:
Loans retained (b)159,786 151,211 144,764 134,134 133,296 6 20 159,786 133,296 20 
Loans held-for-sale and loans at fair value (c)50,386 52,436 56,668 45,846 39,588 (4)27 50,386 39,588 27 
Total loans 210,172 203,647 201,432 179,980 172,884 3 22 210,172 172,884 22 
Equity83,000 83,000 83,000 83,000 80,000 — 4 83,000 80,000 4 
SELECTED BALANCE SHEET DATA (average)
Total assets (a)$1,341,267 $1,331,240 $1,371,218 $1,293,864 $1,139,424 1 18 1,334,518 $1,121,942 19 
Trading assets - debt and equity instruments 407,656 442,623 473,875 (i)468,976 (i)447,022 (i)(8)(9)448,099 425,060 (i)5 
Trading assets - derivative receivables 65,365 64,730 69,392 (i)73,452 (i)73,366 (i)1 (11)68,203 69,243 (i)(2)
Loans:
Loans retained (b)153,595 149,826 140,096 136,794 128,765 3 19 145,137 135,676 7 
Loans held-for-sale and loans at fair value (c)52,429 53,712 52,376 45,670.9 36,228 (2)45 51,072 33,792 51 
Total loans206,024 203,538 192,472 182,464.9 164,993 1 25 196,209 169,468 16 
Equity83,000 83,000 83,000 83,000 80,000 — 4 83,000 80,000 4 
Headcount (d)67,546 66,267 64,261 62,772 61,733 2 9 67,546 61,733 9 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$23 $2 $(12)$(7)$88 NM(74)$6 $370 (98)
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (e)584 547 783 842 1,008 7 (42)584 1,008 (42)
Nonaccrual loans held-for-sale and loans at fair value (f)844 1,234 1,187 1,266 1,662 (32)(49)844 1,662 (49)
Total nonaccrual loans 1,428 1,781 1,970 2,108 2,670 (20)(47)1,428 2,670 (47)
Derivative receivables316 393 481 284 56 (20)464 316 56 464 
Assets acquired in loan satisfactions91 95 95 97 85 (4)7 91 85 7 
Total nonperforming assets 1,835 2,269 2,546 2,489 2,811 (19)(35)1,835 2,811 (35)
Allowance for credit losses:
Allowance for loan losses1,348 1,442 1,607 1,982 2,366 (7)(43)1,348 2,366 (43)
Allowance for lending-related commitments1,372 1,426 1,902 1,602 1,534 (4)(11)1,372 1,534 (11)
Total allowance for credit losses2,720 2,868 3,509 3,584 3,900 (5)(30)2,720 3,900 (30)
Net charge-off/(recovery) rate (b)(g)0.06 %0.01 %(0.03)%(0.02)%0.27 %— %0.27 %
Allowance for loan losses to period-end loans retained (b)0.84 0.95 1.11 1.48 1.77 0.84 1.77 
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (h)1.12 1.29 1.53 2.06 2.54 1.12 2.54 
Allowance for loan losses to nonaccrual loans retained (b)(e)231 264 205 235 235 231 235 
Nonaccrual loans to total period-end loans0.68 0.87 0.98 1.17 1.54 0.68 1.54 
(a)In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 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.
(d)During the six months ended June 30, 2021, 1,155 technology and risk management employees transferred from Corporate to CIB.
(e)Allowance for loan losses of $58 million, $138 million, $180 million, $174 million and $278 million were held against nonaccrual loans at December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively.
(f)At December 31, 2021, September 30, 2021, June 30, 2021, 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 $281 million, $289 million, $316 million, $340 million and $316 million, respectively. These amounts have been excluded based upon the government guarantee.
(g)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
(h)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.
(i)Prior-period amounts have been revised to conform with the current presentation.


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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
BUSINESS METRICS
Advisory$1,557 $1,228 $916 $680 $835 27 %86 %$4,381 $2,368 85 %
Equity underwriting802 1,032 1,063 1,056 718 (22)12 3,953 2,758 43 
Debt underwriting1,143 1,037 1,593 1,252 1,005 10 14 5,025 4,351 15 
Total investment banking fees$3,502 $3,297 $3,572 $2,988 $2,558 6 37 $13,359 $9,477 41 
Client deposits and other third-party liabilities (average) (a)717,496 714,376 721,882 705,764 683,818 — 5 714,910 610,555 17 
Merchant processing volume (in billions) (b) 514.9 470.9 475.2 425.7 444.5 9 16 $1,886.7 $1,597.3 18 
Assets under custody (“AUC”) (period-end) (in billions)33,221 $31,962 $32,122 $31,251 $30,980 4 7 33,221 $30,980 7 
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (c)
Fixed income$39 $38 $39 $125 $106 3 (63)
Foreign exchange 4 5 6 11 12 (20)(67)
Equities12 11 18 22 23 9 (48)
Commodities and other12 11 22 33 36 9 (67)
Diversification benefit to CIB trading VaR (d) (31)(33)(44)(90)(85)6 64 
CIB trading VaR (c)36 32 41 101 92 13 (61)
Credit portfolio VaR (e)5 5 6 8 12 — (58)
Diversification benefit to CIB VaR (d)(4)(4)(6)(10)(13)— 69 
CIB VaR$37 $33 $41 $99 $91 12 (59)
(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
(b)Represents total merchant processing volume across CIB, CCB and CB.
(c)CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 137–139 of the Firm’s 2020 Form 10-K, and pages 78–80 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 for further information.
(d)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 CIB risks.
(e)Credit portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.
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COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees $356 $355 $350 $331 $325 — %10 %$1,392 $1,187 17 %
All other income 718 633 600 586 550 13 31 2,537 1,880 35 
Noninterest revenue 1,074 988 950 917 875 9 23 3,929 3,067 28 
Net interest income1,538 1,532 1,533 1,476 1,588 — (3)6,079 6,246 (3)
TOTAL NET REVENUE (a)2,612 2,520 2,483 2,393 2,463 4 6 10,008 9,313 7 
Provision for credit losses(89)(363)(377)(118)(1,181)75 92 (947)2,113 NM
NONINTEREST EXPENSE
Compensation expense 496 511 484 482 460 (3)8 1,973 1,854 6 
Noncompensation expense563 521 497 487 490 8 15 2,068 1,944 6 
TOTAL NONINTEREST EXPENSE1,059 1,032 981 969 950 3 11 4,041 3,798 6 
Income/(loss) before income tax expense/(benefit)1,642 1,851 1,879 1,542 2,694 (11)(39)6,914 3,402 103 
Income tax expense/(benefit)391 444 459 374 660 (12)(41)1,668 824 102 
NET INCOME$1,251 $1,407 $1,420 $1,168 $2,034 (11)(38)$5,246 $2,578 103 
REVENUE BY PRODUCT
Lending$1,151 $1,138 $1,172 $1,168 $1,177 1 (2)$4,629 $4,396 5 
Payments949 947 914 843 945 — — 3,653 3,715 (2)
Investment banking (b)475 416 370 350 318 14 49 1,611 1,069 51 
Other37 19 27 32 23 95 61 115 133 (14)
TOTAL NET REVENUE (a)$2,612 $2,520 $2,483 $2,393 $2,463 4 6 $10,008 $9,313 7 
Investment banking revenue, gross (c)$1,456 $1,343 $1,164 $1,129 $971 8 50 $5,092 $3,348 52 
REVENUE BY CLIENT SEGMENT
Middle Market Banking $1,062 $1,017 $1,009 $916 $947 4 12 $4,004 $3,640 10 
Corporate Client Banking 928 878 851 851 856 6 8 3,508 3,203 10 
Commercial Real Estate Banking614 602 599 604 630 2 (3)2,419 2,313 5 
Other8 23 24 22 30 (65)(73)77 157 (51)
TOTAL NET REVENUE (a)$2,612 $2,520 $2,483 $2,393 $2,463 4 6 $10,008 $9,313 7 
FINANCIAL RATIOS
ROE20 %22 %23 %19 %36 %21 %11 %
Overhead ratio41 41 40 40 39 40 41 
(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 $99 million, $80 million, $78 million, $73 million and $107 million for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $330 million and $350 million for the full year 2021 and 2020, respectively. In the first quarter of 2021, in relation to the reclassification of certain deferred investment tax credits, prior-period tax-equivalent adjustment amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.
(b)Includes CB’s share of revenue from investment banking products sold to CB clients through the CIB.
(c)Refer to page 65 of the Firm’s 2020 Form 10-K for discussion of revenue sharing.
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COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)$230,776 $227,670  $226,022 $223,583 $228,911 1 %1 %$230,776 $228,911 1 %
Loans:
Loans retained206,220 201,283 200,929 202,975 207,880 2 (1)206,220 207,880 (1)
Loans held-for-sale and loans at fair value2,223 3,412 3,381 2,884 2,245 (35)(1)2,223 2,245 (1)
Total loans$208,443 $204,695 $204,310 $205,859 $210,125 2 (1)$208,443 $210,125 (1)
Equity24,000 24,000 24,000 24,000 22,000 — 9 24,000 22,000 9 
Period-end loans by client segment
Middle Market Banking (b)$61,159 $58,918 $59,314 $59,983 $61,115 4 — $61,159  $61,115 — 
Corporate Client Banking45,315 45,107 44,866 45,540 47,420 — (4)45,315 47,420 (4)
Commercial Real Estate Banking 101,751 100,458 99,858 100,035 101,146 1 1 101,751 101,146 1 
Other218 212 272 301 444 3 (51)218 444 (51)
Total loans (b)$208,443 $204,695 $204,310 $205,859 $210,125 2 (1)$208,443  $210,125 (1)
SELECTED BALANCE SHEET DATA (average)
Total assets (a)$227,308 $222,760 $226,562 $225,574 $227,431 2 — $225,548 $233,156 (3)
Loans:
Loans retained201,676 199,789 202,102 204,164 210,621 1 (4)201,920 217,767 (7)
Loans held-for-sale and loans at fair value3,958 2,790 3,150 2,578 1,554 42 155 3,122 1,129 177 
Total loans$205,634 $202,579 $205,252 $206,742 $212,175 2 (3)$205,042 $218,896 (6)
Client deposits and other third-party liabilities323,821 300,595 290,250 290,992 276,694 8 17 301,502 237,825 27 
Equity24,000 24,000 24,000 24,000 22,000 — 9 24,000 22,000 9 
Average loans by client segment
Middle Market Banking $59,784 $59,032 $61,698 $60,011 $60,869 1 (2)$60,128 $61,558 (2)
Corporate Client Banking 44,976 43,330 43,440 45,719 48,825 4 (8)44,361 54,172 (18)
Commercial Real Estate Banking 100,682 100,120 99,864 100,661 101,969 1 (1)100,331 102,479 (2)
Other192 97 250 351 512 98 (63)222 687 (68)
Total loans$205,634 $202,579 $205,252 $206,742 $212,175 2 (3)$205,042 $218,896 (6)
Headcount12,902 12,584 12,163 11,748 11,675 3 11 12,902 11,675 11 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$8 $31 $3 $29 $162 (74)(95)$71 $401 (82)
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (c)(d)740 735  1,006 1,134  1,286 1 (42)740 1,286 (42)
Nonaccrual loans held-for-sale and loans  
at fair value— —  2 —  120 — NM— 120 NM
Total nonaccrual loans740 735 1,008 1,134 1,406 1 (47)740 1,406 (47)
Assets acquired in loan satisfactions17 16 17 24 24 6 (29)17 24 (29)
Total nonperforming assets757 751 1,025 1,158 1,430 1 (47)757 1,430 (47)
Allowance for credit losses:
Allowance for loan losses2,219 2,354  2,589 3,086  3,335 (6)(33)2,219 3,335 (33)
Allowance for lending-related commitments749 711  870 753  651 5 15 749 651 15 
Total allowance for credit losses2,968 3,065 3,459 3,839 3,986 (3)(26)2,968 3,986 (26)
Net charge-off/(recovery) rate (e)0.02 %0.06 %0.01 %0.06 %0.31 %0.04 %0.18 %
Allowance for loan losses to period-end loans retained1.08 1.17  1.29 1.52  1.60 1.08 1.60 
Allowance for loan losses to nonaccrual loans retained (c)300 320  257 272  259 300 259 
Nonaccrual loans to period-end total loans0.36 0.36 0.49 0.55 0.67 0.36 0.67 
(a)In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.
(b)At December 31, 2021, September 30,2021, June 30, 2021, March 31, 2021 and December 31, 2020 , total loans included $1.2 billion, $2.0 billion, $5.0 billion, $7.4 billion and $6.6 billion of loans, respectively, under the PPP, of which $1.1 billion, $1.9 billion, $4.9 billion, $7.2 billion and $6.4 billion were in Middle Market Banking. Refer to page 113 of the Firm’s 2020 Form 10-K for further information on the PPP.
(c)Allowance for loan losses of $124 million, $123 million, $188 million, $227 million and $273 million was held against nonaccrual loans retained at December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively.
(d)At December 31, 2021, nonaccrual loans excluded PPP loans 90 or more days past due and insured by the SBA of $114 million. These amounts have been excluded based upon the SBA guarantee. There were no PPP loans 90 or more days past due in all other periods presented.
(e)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
INCOME STATEMENT
REVENUE
Asset management, administration and commissions $3,330 $3,096 $3,019 $2,888 $2,892 8 %15 %$12,333 $10,610 16 %
All other income 118 216 146 258 87 (45)36 738 212 248 
Noninterest revenue 3,448 3,312 3,165 3,146 2,979 4 16 13,071 10,822 21 
Net interest income1,025 988 942 931 888 4 15 3,886 3,418 14 
TOTAL NET REVENUE4,473 4,300 4,107 4,077 3,867 4 16 16,957 14,240 19 
Provision for credit losses(36)(60)(10)(121)(2)40 NM(227)263 NM
NONINTEREST EXPENSE
Compensation expense 1,560 1,387 1,356 1,389 1,323 12 18 5,692 4,959 15 
Noncompensation expense 1,437 1,375 1,230 1,185 1,433 5 — 5,227 4,998 5 
TOTAL NONINTEREST EXPENSE2,997 2,762 2,586 2,574 2,756 9 9 10,919 9,957 10 
Income before income tax expense1,512 1,598 1,531 1,624 1,113 (5)36 6,265 4,020 56 
Income tax expense366 404 378 380 327 (9)12 1,528 1,028 49 
NET INCOME$1,146 $1,194 $1,153 $1,244 $786 (4)46 $4,737 $2,992 58 
REVENUE BY LINE OF BUSINESS
Asset Management $2,488 $2,337 $2,236 $2,185 $2,210 6 13 $9,246 $7,654 21 
Global Private Bank (a)
1,985 1,963 1,871 1,892 1,657 1 20 7,711 6,586 17 
TOTAL NET REVENUE $4,473 $4,300 $4,107 $4,077 $3,867 4 16 $16,957 $14,240 19 
FINANCIAL RATIOS
ROE32 %33 %32 %35 %29 %33 %28 %
Overhead ratio67 64 63 63 71 64 70 
Pretax margin ratio:
Asset Management32 36 37 35 31 35 29 
Global Private Bank (a)36 38 38 45 26 39 27 
Asset & Wealth Management34 37 37 40 29 37 28 
Headcount22,762 22,051 20,866 20,578 20,683 3 10 22,762 20,683 10 
Number of Global Private Bank client advisors (a)2,738 2,646 2,435 2,462 2,462 3 11 2,738 2,462 11 
(a)In the first quarter of 2021, the Wealth Management business was renamed Global Private Bank.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
SELECTED BALANCE SHEET DATA (period-end)
Total assets$234,425 $221,702 $217,284 $213,088 $203,384 (a)6 %15 %$234,425 $203,384 (a)15 %
Loans218,271 202,871 198,683 192,256 186,608 8 17 218,271 186,608 17 
Deposits282,052 242,309 217,488 217,460 198,755 16 42 282,052 198,755 42 
Equity14,000 14,000 14,000 14,000 10,500 — 33 14,000 10,500 33 
SELECTED BALANCE SHEET DATA (average)
Total assets$227,597 $219,022 $214,384 $207,505 $193,026 (a)4 18 $217,187 $181,432 (a)20 
Loans209,169 200,635 195,171 188,726 176,758 4 18 198,487 166,311 19 
Deposits264,580 229,710 219,699 206,562 180,348 15 47 230,296 161,955 42 
Equity14,000 14,000 14,000 14,000 10,500 — 33 14,000 10,500 33 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$4 $(1)$12 $11 $(16)NMNM$26 $(14)NM
Nonaccrual loans708 686 792 917 (a)964 (a)3 (27)708 964 (a)(27)
Allowance for credit losses:
Allowance for loan losses365 402 458 479 598 (9)(39)365 598 (39)
Allowance for lending-related commitments18 20 25 25 38 (10)(53)18 38 (53)
Total allowance for credit losses383 422 483 504 636 (9)(40)383 636 (40)
Net charge-off/(recovery) rate0.01 %— %0.02 %0.02 %(0.04)%0.01 %(0.01)%
Allowance for loan losses to period-end loans0.17 0.20 0.23 0.25 0.32 0.17 0.32 
Allowance for loan losses to nonaccrual loans52 59 58 52 (a)62 (a)52 62 (a)
Nonaccrual loans to period-end loans0.32 0.34 0.40 0.48 (a)0.52 (a)0.32 0.52 (a)
(a)Prior-period amounts have been revised to conform with the current presentation.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
Dec 31, 2021
ChangeFULL YEAR
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,2021 Change
CLIENT ASSETS2021202120212021202020212020202120202020
Assets by asset class
Liquidity $708 $685 $698 $686 $641 3 %10 %$708 $641 10 %
Fixed income 693 695 688 662 671 — 3 693 671 3 
Equity779 725 725 661 595 7 31 779 595 31 
Multi-asset732 702 702 669 656 4 12 732 656 12 
Alternatives201 189 174 155 153 6 31 201 153 31 
TOTAL ASSETS UNDER MANAGEMENT3,113 2,996 2,987 2,833 2,716 4 15 3,113 2,716 15 
Custody/brokerage/administration/deposits1,182 1,100 1,057 995 936 7 26 1,182 936 26 
TOTAL CLIENT ASSETS (a)$4,295 $4,096 $4,044 $3,828 $3,652 5 18 $4,295 $3,652 18 
Assets by client segment
Private Banking$805 $773 $752 $718 $689 4 17 $805 $689 17 
Global Institutional (b)1,430 1,375 1,383 1,320 1,273 4 12 1,430 1,273 12 
Global Funds (b)878 848 852 795 754 4 16 878 754 16 
TOTAL ASSETS UNDER MANAGEMENT$3,113 $2,996 $2,987 $2,833 $2,716 4 15 $3,113 $2,716 15 
Private Banking$1,931 $1,817 $1,755 $1,664 $1,581 6 22 $1,931 $1,581 22 
Global Institutional (b)1,479 1,425 1,430 1,362 1,311 4 13 1,479 1,311 13 
Global Funds (b)885 854 859 802 760 4 16 885 760 16 
TOTAL CLIENT ASSETS (a)$4,295 $4,096 $4,044 $3,828 $3,652 5 18 $4,295 $3,652 18 
Assets under management rollforward
Beginning balance$2,996 $2,987 $2,833 $2,716 $2,560 $2,716 $2,328 
Net asset flows:
Liquidity 20 (11)15 44 (36)68 104 
Fixed income — 11 17 8 8 36 48 
Equity18 16 20 31 14 85 33 
Multi-asset6 3 2 6 10 17 5 
Alternatives10 3 10 3 1 26 6 
Market/performance/other impacts63 (13)90 25 159 165 192 
Ending balance$3,113 $2,996 $2,987 $2,833 $2,716 $3,113 $2,716 
Client assets rollforward
Beginning balance$4,096 $4,044 $3,828 $3,652 $3,370 $3,652 $3,089 
Net asset flows109 75 75 130 39 389 276 
Market/performance/other impacts90 (23)141 46 243 254 287 
Ending balance$4,295 $4,096 $4,044 $3,828 $3,652 $4,295 $3,652 
(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.
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CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
INCOME STATEMENT
REVENUE
Principal transactions$26 $(103)$(8)$272 $273 NM(90)%$187 $245 (24)%
Investment securities gains/(losses)52 (256)(155)14 70 NM(26)%(345)795 NM
All other income 58 117 (45)96 249 (50)(77)226 159 42 
Noninterest revenue136 (242)(208)382 592 NM(77)68 1,199 (94)
Net interest income (681)(1,054)(961)(855)(841)35 19 (3,551)(2,375)(50)
TOTAL NET REVENUE (a)(545)(1,296)(1,169)(473)(249)58 (119)(3,483)(1,176)(196)
Provision for credit losses23 (7)49 16 (42)NMNM81 66 23 
NONINTEREST EXPENSE251 160 515 876 361 57 (30)1,802 1,373 31 
Income/(loss) before income tax expense/(benefit)(819)(1,449)(1,733)(1,365)(568)43 (44)(5,366)(2,615)(105)
Income tax expense/(benefit)253 (632)(489)(785)(210)NMNM(1,653)(865)(91)
NET INCOME/(LOSS)$(1,072)$(817)$(1,244)$(580)$(358)(31)(199)$(3,713)$(1,750)(112)
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
(480)(1,198)(1,081)(705)(623)60 23 (3,464)(1,368)(153)
Other Corporate(65)(98)(88)232 374 34 NM(19)192 NM
TOTAL NET REVENUE$(545)$(1,296)$(1,169)$(473)$(249)58 (119)$(3,483)$(1,176)(196)
NET INCOME/(LOSS)
Treasury and CIO(428)(998)(956)(675)(587)57 27 (3,057)(1,403)(118)
Other Corporate(644)181 (288)95 229 NMNM(656)(347)(89)
TOTAL NET INCOME/(LOSS)$(1,072)$(817)$(1,244)$(580)$(358)(31)(199)$(3,713)$(1,750)(112)
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,518,100 $1,459,283 $1,382,653 $1,409,564 $1,359,831 4 12 $1,518,100 $1,359,831 12 
Loans1,770 1,697 1,530 1,627 1,657 4 7 1,770 1,657 7 
Headcount (b)38,952 38,302 37,520 38,168 38,366 2 2 38,952 38,366 2 
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains/(losses)$52 $(256)$(155)$14 $70 NM(26)$(345)$795 NM
Available-for-sale securities (average) 290,590 223,747 342,338 372,443 410,803 30 (29)306,827 413,367 (26)
Held-to-maturity securities (average) (c)349,989 339,544 240,696 207,957 155,525 3 125 285,086 94,569 201 
Investment securities portfolio (average)$640,579 $563,291 $583,034 $580,400 $566,328 14 13 $591,913 $507,936 17 
Available-for-sale securities (period-end) 306,352 249,484 230,127 377,911 386,065 23 (21)306,352 386,065 (21)
Held-to-maturity securities, net of allowance for credit losses (period-end) (c)363,707 343,542 341,476 217,452 201,821 6 80 363,707 201,821 80 
Investment securities portfolio, net of allowance for credit losses (period-end) (d)$670,059 $593,026 $571,603 $595,363 $587,886 13 14 $670,059 $587,886 14 
(a)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $60 million, $64 million, $66 million, $67 million and $55 million for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $257 million and $241 million for the full year 2021 and 2020, respectively.
(b)During the six months ended June 30, 2021, 1,155 technology and risk management employees were transferred from Corporate to CIB.
(c)During 2021 and 2020, the Firm transferred $104.5 billion and $164.2 billion of investment securities, respectively, from AFS to HTM for capital management purposes.
(d)At December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, the allowance for credit losses on investment securities was $42 million, $73 million, $87 million, $94 million and $78 million, respectively.



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CREDIT-RELATED INFORMATION
(in millions)
Dec 31, 2021
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2021202120212021202020212020
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained$295,556 $298,308 $297,731 $302,392 $302,127 (1)%(2)%
Loans held-for-sale and loans at fair value 27,750 29,856 31,954 22,516 16,452 (7)69 
Total consumer, excluding credit card loans323,306 328,164 329,685 324,908 318,579 (1)1 
Credit card loans
Loans retained154,296 143,166 141,079 131,772 143,432 8 8 
Loans held-for-sale— — 723 721 784 — NM
Total credit card loans154,296 143,166 141,802 132,493 144,216 8 7 
Total consumer loans 477,602 471,330 471,487 457,401 462,795 1 3 
Wholesale loans (b)
Loans retained560,354 532,786 524,855 514,478 514,947 5 9 
Loans held-for-sale and loans at fair value 39,758 40,499 44,612 39,428 35,111 (2)13 
Total wholesale loans 600,112 573,285 569,467 553,906 550,058 5 9 
Total loans 1,077,714 1,044,615 1,040,954 1,011,307 1,012,853 3 6 
Derivative receivables 57,081 67,908 66,320 (g)68,896 (g)75,444 (g)(16)(24)
Receivables from customers (c)59,645 58,752 59,609 58,180 47,710 2 25 
Total credit-related assets 1,194,440 1,171,275 1,166,883 1,138,383 1,136,007 2 5 
Lending-related commitments
Consumer, excluding credit card 45,334 56,684 56,875 56,245 57,319 (g)(20)(21)
Credit card (d)730,534 710,610 682,531 674,367 658,506 3 11 
Wholesale 486,454 499,236 (g)502,616 481,244 449,863 (3)8 
Total lending-related commitments1,262,322 1,266,530 1,242,022 1,211,856 1,165,688 — 8 
Total credit exposure $2,456,762 $2,437,805 $2,408,905 $2,350,239 $2,301,695 1 7 
Memo: Total by category
Consumer exposure (e)$1,253,470 $1,238,624 $1,210,893 $1,188,013 $1,178,620 1 6 
Wholesale exposure (f)1,203,292 1,199,181 1,198,012 1,162,226 1,123,075 — 7 
Total credit exposure$2,456,762 $2,437,805 $2,408,905 $2,350,239 $2,301,695 1 7 
(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.
(b)Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses.
(c)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.
(d)Also includes commercial card lending-related commitments primarily in CB and CIB.
(e)Represents total consumer loans and lending-related commitments.
(f)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.
(g)Prior-period amounts have been revised to conform with the current presentation.


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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Dec 31, 2021
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2021202120212021202020212020
NONPERFORMING ASSETS (a)(b)
Consumer nonaccrual loans
   Loans retained $4,878 $4,911 $5,183 $5,382 $5,464 (1)%(11)%
   Loans held-for-sale and loans at fair value 472 440 475 608 1,003 7 (53)
Total consumer nonaccrual loans5,350 5,351 5,658 5,990 6,467 — (17)
Wholesale nonaccrual loans
Loans retained2,054 2,084 2,698 3,015 3,318 (1)(38)
Loans held-for-sale and loans at fair value 391 808 716 701 788 (52)(50)
Total wholesale nonaccrual loans 2,445 2,892 3,414 3,716 4,106 (15)(40)
Total nonaccrual loans (c)7,795 8,243 9,072 9,706 10,573 (5)(26)
Derivative receivables 316 393 481 284 56 (20)464 
Assets acquired in loan satisfactions235 246 249 267 277 (4)(15)
Total nonperforming assets 8,346 8,882 9,802 10,257 10,906 (6)(23)
Wholesale lending-related commitments (d) 764 641 851 800 577 19 32 
Total nonperforming exposure $9,110 $9,523 $10,653 $11,057 $11,483 (4)(21)
NONACCRUAL LOAN-RELATED RATIOS (b)
Total nonaccrual loans to total loans 0.72 %0.79 %0.87 %0.96 %1.04 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 1.65 1.63 1.72 1.84 2.03 
Total wholesale nonaccrual loans to total
wholesale loans 0.41 0.50 0.60 0.67 0.75 
(a)At December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, nonperforming assets excluded: (1) mortgage loans 90 or more days past due and insured by U.S. government agencies of $623 million, $644 million, $713 million, $798 million and $874 million, respectively; and (2) real estate owned (“REO”) insured by U.S. government agencies of $5 million, $5 million, $7 million, $8 million and $9 million, respectively. The amount of mortgage loans 90 or more days past due and insured by U.S. government agencies excluded at June 30, 2021 has been revised to conform with the current presentation. 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. Refer to Note 12 of the Firm’s 2020 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.
(b)At December 31, 2021 and September 30, 2021, nonperforming assets excluded PPP loans 90 or more days past due and insured by the SBA of $633 million and $5 million, respectively. These amounts have been excluded based upon the SBA guarantee. There were no PPP loans 90 or more days past due in all other periods presented.
(c)Generally excludes loans that were under payment deferral or other assistance, including amendments or waivers of financial covenants, in response to the COVID-19 pandemic.
(d)Represents commitments that are risk rated as nonaccrual.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance$18,150 $19,500 $23,001 $28,328 $30,814 (7)%(41)%$28,328 $17,295 64 %
Net charge-offs:
Gross charge-offs968 940 1,188 1,468 1,471 3 (34)4,564 6,836 (33)
Gross recoveries collected(418)(416)(454)(411)(421)— 1 (1,699)(1,577)(8)
Net charge-offs550 524 734 1,057 1,050 5 (48)2,865 5,259 (46)
Provision for loan losses(1,214)(819)(2,759)(4,279)(1,433)(48)15 (9,071)16,291 NM
Other— (7)(8)9 (3)NMNM(6)1 NM
Ending balance$16,386 $18,150 $19,500 $23,001 $28,328 (10)(42)$16,386 $28,328 (42)
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance$2,305 $2,998 $2,516 $2,409 $2,823 (23)(18)$2,409 $1,289 87 
Provision for lending-related commitments(43)(694)481 107 (414)94 90 (149)1,121 NM
Other(1)1 1 — — NMNM1 (1)NM
Ending balance$2,261 $2,305 $2,998 $2,516 $2,409 (2)(6)$2,261 $2,409 (6)
ALLOWANCE FOR INVESTMENT SECURITIES$42 $73 $87 $94 $78 (42)(46)$42 $78 (46)
Total allowance for credit losses$18,689 $20,528 $22,585 $25,611 $30,815 (9)(39)$18,689 $30,815 (39)
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.04 %(0.01)%(0.04)%0.03 %0.05 %— %0.06 %
Credit card retained loans1.28 1.39 2.24 2.97 2.17 1.94 2.93 
Total consumer retained loans0.45 0.44 0.67 0.93 0.72 0.62 0.99 
Wholesale retained loans0.03 0.03 0.01 0.04 0.19 0.03 0.16 
Total retained loans 0.22 0.21 0.31 0.45 0.44 0.30 0.55 
Memo: Average retained loans
Consumer retained, excluding credit card loans$296,423 $298,019 $298,823 $302,055 $303,421 (1)(2)$298,814 $302,005 (1)
Credit card retained loans148,471 141,371 135,430 134,155 140,459 5 6 139,900 146,391 (4)
Total average retained consumer loans444,894 439,390 434,253 436,210 443,880 1 — 438,714 448,396 (2)
Wholesale retained loans541,183 528,979 519,902 515,858 503,249 2 8 526,557 509,907 3 
Total average retained loans$986,077 $968,369 $954,155 $952,068 $947,129 2 4 $965,271 $958,303 1 


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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Dec 31, 2021
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2021202120212021202020212020
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)$(665)$(571)$(557)$(348)$(7)(16)%NM
Portfolio-based2,430 2,445 2,455 3,030 3,643 (1)(33)%
Total consumer, excluding credit card1,765 1,874 1,898 2,682 3,636 (6)(51)
Credit card
Asset-specific (b)313 383 443 522 633 (18)(51)
Portfolio-based9,937 11,267 12,057 13,778 17,167 (12)(42)
Total credit card10,250 11,650 12,500 14,300 17,800 (12)(42)
Total consumer12,015 13,524 14,398 16,982 21,436 (11)(44)
Wholesale
Asset-specific (c)263 357 488 529 682 (26)(61)
Portfolio-based4,108 4,269 4,614 5,490 6,210 (4)(34)
Total wholesale4,371 4,626 5,102 6,019 6,892 (6)(37)
Total allowance for loan losses16,386 18,150 19,500 23,001 28,328 (10)(42)
Allowance for lending-related commitments2,261 2,305 2,998 2,516 2,409 (2)(6)
Allowance for investment securities42 73 87 94 78 (42)(46)
Total allowance for credit losses $18,689 $20,528 $22,585 $25,611 $30,815 (9)(39)
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans0.60 %0.63 %0.64 %0.89 %1.20 %
Credit card allowance to total credit card retained loans6.64 8.14 8.86 10.85 12.41 
Wholesale allowance to total wholesale retained loans0.78 0.87 0.97 1.17 1.34 
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (d)0.84 0.93 1.05 1.26 1.45 
Total allowance to total retained loans1.62 1.86 2.02 2.42 2.95 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (e)36 38 37 50 67 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (e)89 93 89 104 120 
Wholesale allowance to wholesale retained nonaccrual loans213 222 189 200 208 
Total allowance to total retained nonaccrual loans236 259 247 274 323 
(a)Includes collateral-dependent loans, including those considered troubled debt restructurings (“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.
(b)The asset-specific credit card allowance for loan losses relates to loans that have been modified or are reasonably expected to be modified in a TDR; the Firm calculates this allowance based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.
(c)Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified or are reasonably expected to be modified in a TDR.
(d)Management uses allowance for loan losses to period-end loans retained, excluding CIB’s trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of the wholesale allowance coverage ratio.
(e)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.
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NON-GAAP FINANCIAL MEASURES
Non-GAAP Financial Measures
(a)In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, 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. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.
(b)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less total 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.
(c)TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.
(d)The ratio of the wholesale and CIB’s allowance for loan losses to period-end loans retained, excluding trade finance and conduits, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB’s trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the respective allowance coverage ratio.
(e)In addition to reviewing net interest income (“NII”), net yield, and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding CIB Markets, as shown below. CIB Markets consists of Fixed Income Markets and Equity Markets. These metrics, which exclude CIB Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, without the volatility arising from CIB Markets. In addition, management also assesses CIB Markets business performance on a total revenue basis as offsets may occur across revenue lines. Management believes that disclosure of these measures provides investors and analysts with other measures by which to analyze the revenue trends of the Firm.
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
(in millions, except rates)4Q213Q212Q211Q214Q203Q214Q20202120202020
Net interest income - reported$13,601 $13,080 $12,741 $12,889 $13,258 4 %3 %$52,311 $54,563 (4)%
Fully taxable-equivalent adjustments108 104 109 109 97 4 11 430 418 3 
Net interest income - managed basis (a)$13,709 $13,184 $12,850 $12,998 $13,355 4 3 $52,741 $54,981 (4)
Less: CIB Markets net interest income2,066 1,967 1,987 2,223 2,166 5 (5)8,243 8,374 (2)
Net interest income excluding CIB Markets (a)$11,643 $11,217 $10,863 $10,775 $11,189 4 4 $44,498 $46,607 (5)
Average interest-earning assets$3,337,855 $3,219,786 $3,177,195 $3,126,569 $2,955,646 4 13 $3,215,942 $2,779,710 16 
Less: Average CIB Markets interest-earning assets908,093 894,892 882,848 866,591 743,337 1 22 888,238 751,131 18 
Average interest-earning assets excluding CIB Markets$2,429,762 $2,324,894 $2,294,347 $2,259,978 $2,212,309 5 10 $2,327,704 $2,028,579 15 
Net yield on average interest-earning assets - managed basis1.63 %1.62 %1.62 %1.69 %1.80 %1.64 %1.98 %
Net yield on average CIB Markets interest-earning assets0.90 0.87 0.90 1.04 1.16 0.93 1.11 
Net yield on average interest-earning assets excluding CIB Markets1.90 1.91 1.90 1.93 2.01 1.91 2.30 
Noninterest revenue - reported$15,656 $16,567 $17,738 $19,377 $16,077 (5)(3)$69,338 $65,388 6 
Fully taxable-equivalent adjustments984 690 807 744 729 43 35 3,225 2,560 26 
Noninterest revenue - managed basis$16,640 $17,257 $18,545 $20,121 $16,806 (4)(1)$72,563 $67,948 7 
Less: CIB Markets noninterest revenue3,222 4,302 4,800 6,827 3,773 (25)(15)19,151 21,109 (9)
Noninterest revenue excluding CIB Markets$13,418 $12,955 $13,745 $13,294 $13,033 4 3 $53,412 $46,839 14 
Memo: CIB Markets total net revenue$5,288 $6,269 $6,787 $9,050 $5,939 (16)(11)$27,394 $29,483 (7)
(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.
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