EX-99.2 3 a1q22erfex992supplement.htm EX-99.2 Document
                                                                    
Exhibit 99.2




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EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2022
















                                                                    
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, 2021 (the “2021 Form 10-K”).

                                                                    
    
JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDS
1Q22 Change
SELECTED INCOME STATEMENT DATA 1Q224Q213Q212Q211Q214Q211Q21
Reported Basis
Total net revenue$30,717 $29,257 $29,647 $30,479 $32,266 5 %(5)%
Total noninterest expense19,191 17,888 17,063 17,667 18,725 7 2 
Pre-provision profit (a)11,526 11,369 12,584 12,812 13,541 1 (15)
Provision for credit losses1,463 (1,288)(1,527)(2,285)(4,156)NMNM
NET INCOME8,282 10,399 11,687 11,948 14,300 (20)(42)
Managed Basis (b)
Total net revenue31,590 30,349 30,441 31,395 33,119 4 (5)
Total noninterest expense19,191 17,888 17,063 17,667 18,725 7 2 
Pre-provision profit (a)12,399 12,461 13,378 13,728 14,394 — (14)
Provision for credit losses1,463 (1,288)(1,527)(2,285)(4,156)NMNM
NET INCOME8,282 10,399 11,687 11,948 14,300 (20)(42)
EARNINGS PER SHARE DATA
Net income: Basic$2.64 $3.33 $3.74 $3.79 $4.51 (21)(41)
Diluted2.63 3.33 3.74 3.78 4.50 (21)(42)
Average shares: Basic2,977.0 2,977.3 2,999.9 3,036.6 3,073.5 — (3)
Diluted2,981.0 2,981.8 3,005.1 3,041.9 3,078.9 — (3)
MARKET AND PER COMMON SHARE DATA
Market capitalization$400,379 $466,206 $483,748 $464,778 $460,820 (14)(13)
Common shares at period-end2,937.1 2,944.1 2,955.3 2,988.2 3,027.1 — (3)
Book value per share86.16 88.07 86.36 84.85 82.31 (2)5 
Tangible book value per share (“TBVPS”) (a)69.58 71.53 69.87 68.91 66.56 (3)5 
Cash dividends declared per share1.00 1.00 1.00 (f)0.90 0.90 — 11 
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)13 %16 %18 %18 %23 %
Return on tangible common equity (“ROTCE”) (a)16 19 22 23 29 
Return on assets0.86 1.08 1.24 1.29 1.61 
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio11.9 %(e)13.1 %12.9 %13.0 %13.1 %
Tier 1 capital ratio13.7 (e)15.0 15.0 15.1 15.0 
Total capital ratio15.4 (e)16.8 16.9 17.1 17.2 
Tier 1 leverage ratio6.2 (e)6.5 6.6 6.6 6.7 
Supplementary leverage ratio (“SLR”)5.2 (e)5.4 5.5 5.4 6.7 
(a)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.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Quarterly ratios are based upon annualized amounts.
(d)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 which expired on December 31, 2021. Effective January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021 will be phased out at 25% per year over a three-year period. As of March 31, 2022, CET1 capital reflected the remaining 75%, or $2.2 billion, benefit associated with the CECL capital transition provisions. For the periods ended December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, 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 and $4.5 billion, respectively. For the period ended March 31, 2021, the SLR reflected the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks. Refer to Capital Risk Management on pages 86-96 of the Firm’s 2021 Form 10-K for additional information.
(e)Estimated.
(f)On September 21, 2021, the Board of Directors declared a quarterly common stock dividend of $1.00 per share.
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JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
SELECTED BALANCE SHEET DATA (period-end)
Total assets$3,954,687 $3,743,567 $3,757,576 $3,684,256 $3,689,336 6 %7 %
Loans:
Consumer, excluding credit card loans312,489 323,306 328,164 329,685 324,908 (3)(4)
Credit card loans152,283 154,296 143,166 141,802 132,493 (1)15 
Wholesale loans608,513 600,112 573,285 569,467 553,906 1 10 
Total Loans1,073,285 1,077,714 1,044,615 1,040,954 1,011,307 — 6 
Deposits:
U.S. offices:
Noninterest-bearing721,401 711,525 (d)686,457 (d)639,114 629,139 1 15 
Interest-bearing1,412,589 1,359,932 (d)1,314,073 (d)1,281,432 1,266,856 4 12 
Non-U.S. offices:
Noninterest-bearing27,542 26,229 28,589 24,723 22,661 5 22 
Interest-bearing399,675 364,617 373,234 359,948 359,456 10 11 
Total deposits2,561,207 2,462,303 2,402,353 2,305,217 2,278,112 4 12 
Long-term debt 293,239 301,005 298,465 299,926 279,427 (3)5 
Common stockholders’ equity253,061 259,289 255,203 253,548 249,151 (2)2 
Total stockholders’ equity285,899 294,127 290,041 286,386 280,714 (3)2 
Loans-to-deposits ratio42 %44 %43 %45 %44 %
Headcount273,948 271,025 265,790 260,110 259,350 1 6 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR$63 (c)$37 $36 (d)$43 $106 70 (41)
LINE OF BUSINESS NET REVENUE (a)
Consumer & Community Banking$12,229 $12,275 $12,521 $12,760 $12,517 — (2)
Corporate & Investment Bank13,529 11,534 12,396 13,214 14,605 17 (7)
Commercial Banking2,398 2,612 2,520 2,483 2,393 (8)— 
Asset & Wealth Management 4,315 4,473 4,300 4,107 4,077 (4)6 
Corporate(881)(545)(1,296)(1,169)(473)(62)(86)
TOTAL NET REVENUE$31,590 $30,349 $30,441 $31,395 $33,119 4 (5)
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking (b)$2,895 $4,147 $4,351 $5,645 $6,787 (30)(57)
Corporate & Investment Bank (b)4,385 4,543 5,647 5,020 5,924 (3)(26)
Commercial Banking (b)850 1,234 1,409 1,422 1,181 (31)(28)
Asset & Wealth Management (b)1,008 1,125 1,196 1,156 1,260 (10)(20)
Corporate (b)(856)(650)(916)(1,295)(852)(32)— 
NET INCOME$8,282 $10,399 $11,687 $11,948 $14,300 (20)(42)
(a)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
(c)Refer to Corporate & Investment Bank credit portfolio VaR on page 17 for a further discussion of VaR.
(d)Prior-period amounts have 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 TRENDS
1Q22 Change
REVENUE1Q224Q213Q212Q211Q214Q211Q21
Investment banking fees $2,008 $3,494 $3,282 $3,470 $2,970 (43)%(32)%
Principal transactions5,105 2,182 3,546 4,076 6,500 134 (21)
Lending- and deposit-related fees1,839 1,784 1,801 1,760 1,687 3 9 
Asset management, administration and commissions5,362 5,549 5,257 5,194 5,029 (3)7 
Investment securities gains/(losses)(394)52 (256)(155)14 NMNM
Mortgage fees and related income460 315 600 551 704 46 (35)
Card income975 1,100 1,005 1,647 1,350 (11)(28)
Other income 1,490 1,180 1,332 1,195 1,123 26 33 
Noninterest revenue16,845 15,656 16,567 17,738 19,377 8 (13)
Interest income15,496 15,019 14,480 14,094 14,271 3 9 
Interest expense1,624 1,418 1,400 1,353 1,382 15 18 
Net interest income13,872 13,601 13,080 12,741 12,889 2 8 
TOTAL NET REVENUE30,717 29,257 29,647 30,479 32,266 5 (5)
Provision for credit losses1,463 (1,288)(1,527)(2,285)(4,156)NMNM
NONINTEREST EXPENSE
Compensation expense 10,787 9,065 9,087 9,814 10,601 19 2 
Occupancy expense1,134 1,202 1,109 1,090 1,115 (6)2 
Technology, communications and equipment expense 2,360 2,461 2,473 2,488 2,519 (4)(6)
Professional and outside services 2,572 2,703 2,523 2,385 2,203 (5)17 
Marketing920 947 712 626 751 (3)23 
Other expense (a)1,418 1,510 1,159 1,264 1,536 (6)(8)
TOTAL NONINTEREST EXPENSE19,191 17,888 17,063 17,667 18,725 7 2 
Income before income tax expense10,063 12,657 14,111 15,097 17,697 (20)(43)
Income tax expense 1,781 2,258 2,424 3,149 3,397 (21)(48)
NET INCOME$8,282 $10,399 $11,687 $11,948 $14,300 (20)(42)
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$2.64 $3.33 $3.74 $3.79 $4.51 (21)(41)
Diluted earnings per share2.63 3.33 3.74 3.78 4.50 (21)(42)
FINANCIAL RATIOS
Return on common equity (b)13 %16 %18 %18 %23 %
Return on tangible common equity (b)(c)16 19 22 23 29 
Return on assets (b)0.86 1.08 1.24 1.29 1.61 
Effective income tax rate 17.7 17.8 17.2 20.9 19.2 
Overhead ratio62 61 58 58 58 
(a)Included Firmwide legal expense of $119 million, $137 million, $76 million, $185 million and $28 million for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.
(b)Quarterly ratios are based upon annualized amounts.
(c)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)
Mar 31, 2022
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2022202120212021202120212021
ASSETS
Cash and due from banks $26,165 $26,438 $25,857 $26,592 $25,397 (1)%3 %
Deposits with banks 728,367 714,396 734,012 678,829 685,675 2 6 
Federal funds sold and securities purchased under
resale agreements301,875 261,698 282,161 260,987 272,481 15 11 
Securities borrowed224,852 206,071 202,987 186,376 179,516 9 25 
Trading assets:
Debt and equity instruments437,892 376,494 447,993 454,268 (a)475,156 (a)16 (8)
Derivative receivables73,636 57,081 67,908 66,320 (a)68,896 (a)29 7 
Available-for-sale (“AFS”) securities312,875 308,525 251,590 232,161 379,942 1 (18)
Held-to-maturity (”HTM”) securities, net of allowance for credit losses366,585 363,707 343,542 341,476 217,452 1 69 
Investment securities, net of allowance for credit losses679,460 672,232 595,132 573,637 597,394 1 14 
Loans1,073,285 1,077,714 1,044,615 1,040,954 1,011,307 — 6 
Less: Allowance for loan losses17,192 16,386 18,150 19,500 23,001 5 (25)
Loans, net of allowance for loan losses1,056,093 1,061,328 1,026,465 1,021,454 988,306 — 7 
Accrued interest and accounts receivable152,207 102,570 116,395 125,253 114,754 48 33 
Premises and equipment26,916 27,070 26,996 26,631 26,926 (1)— 
Goodwill, MSRs and other intangible assets58,485 56,691 56,566 54,655 54,588 3 7 
Other assets 188,739 181,498 175,104 209,254 200,247 4 (6)
TOTAL ASSETS$3,954,687 $3,743,567 $3,757,576 $3,684,256 $3,689,336 6 7 
LIABILITIES
Deposits$2,561,207 $2,462,303 $2,402,353 $2,305,217 $2,278,112 4 12 
Federal funds purchased and securities loaned or sold
under repurchase agreements223,858 194,340 254,920 245,437 304,019 15 (26)
Short-term borrowings57,586 53,594 50,393 51,938 54,978 7 5 
Trading liabilities:
Debt and equity instruments144,280 114,577 126,058 127,822 130,909 26 10 
Derivative payables57,803 50,116 53,485 56,045 60,440 15 (4)
Accounts payable and other liabilities 320,671 262,755 268,604 297,082 285,066 22 12 
Beneficial interests issued by consolidated VIEs10,144 10,750 13,257 14,403 15,671 (6)(35)
Long-term debt293,239 301,005 298,465 299,926 279,427 (3)5 
TOTAL LIABILITIES3,668,788 3,449,440 3,467,535 3,397,870 3,408,622 6 8 
STOCKHOLDERS’ EQUITY
Preferred stock32,838 34,838 34,838 32,838 31,563 (6)4 
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital88,260 88,415 88,357 88,194 88,005 — — 
Retained earnings277,177 272,268 265,276 256,983 248,151 2 12 
Accumulated other comprehensive income/(loss)(9,567)(84)963 2,570 1,041 NMNM
Treasury stock, at cost(106,914)(105,415)(103,498)(98,304)(92,151)(1)(16)
TOTAL STOCKHOLDERS’ EQUITY285,899 294,127 290,041 286,386 280,714 (3)2 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,954,687 $3,743,567 $3,757,576 $3,684,256 $3,689,336 6 7 
(a)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 TRENDS
1Q22 Change
AVERAGE BALANCES 1Q224Q213Q212Q211Q214Q211Q21
ASSETS
Deposits with banks $742,311 $767,713 $756,653 $721,214 $631,606 (3)%18 %
Federal funds sold and securities purchased under resale agreements294,951 268,953 262,679 255,831 289,763 10 2 
Securities borrowed218,030 207,059 189,418 190,785 175,019 5 25 
Trading assets - debt instruments 272,116 260,555 275,860 277,024 322,648 4 (16)
Investment securities671,165 642,675 565,344 585,084 582,460 4 15 
Loans 1,068,637 1,060,254 1,042,591 1,024,633 1,013,524 1 5 
All other interest-earning assets (a)134,741 130,646 127,241 122,624 111,549 3 21 
Total interest-earning assets 3,401,951 3,337,855 3,219,786 3,177,195 3,126,569 2 9 
Trading assets - equity and other instruments156,908 150,770 177,315 199,288 (g)164,010 (g)4 (4)
Trading assets - derivative receivables67,334 66,024 65,574 70,212 (g)74,730 (g)2 (10)
All other noninterest-earning assets 280,595 277,006 262,544 281,992 247,532 1 13 
TOTAL ASSETS$3,906,788 $3,831,655 $3,725,219 $3,728,687 $3,612,841 2 8 
LIABILITIES
Interest-bearing deposits $1,781,320 $1,731,609 (g)$1,677,837 (g)$1,669,376 $1,610,467 3 11 
Federal funds purchased and securities loaned or
sold under repurchase agreements250,215 234,504 240,912 261,343 301,386 7 (17)
Short-term borrowings (b)47,871 46,456 43,759 46,185 42,031 3 14 
Trading liabilities - debt and all other interest-bearing liabilities (c)263,025 246,675 241,297 246,666 230,922 7 14 
Beneficial interests issued by consolidated VIEs10,891 11,906 14,232 15,117 17,185 (9)(37)
Long-term debt 254,180 255,710 257,593 248,552 239,398 (1)6 
Total interest-bearing liabilities 2,607,502 2,526,860 2,475,630 2,487,239 2,441,389 3 7 
Noninterest-bearing deposits 734,233 736,203 (g)691,622 (g)654,419 614,165 — 20 
Trading liabilities - equity and other instruments 43,394 40,645 35,505 35,397 35,029 7 24 
Trading liabilities - derivative payables54,522 55,063 55,907 62,533 67,960 (1)(20)
All other noninterest-bearing liabilities 181,105 184,241 178,770 205,584 178,444 (2)1 
TOTAL LIABILITIES3,620,756 3,543,012 3,437,434 3,445,172 3,336,987 2 9 
Preferred stock33,526 34,838 34,229 32,666 30,312 (4)11 
Common stockholders’ equity252,506 253,805 253,556 250,849 245,542 (1)3 
TOTAL STOCKHOLDERS’ EQUITY286,032 288,643 287,785 283,515 275,854 (1)4 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,906,788 $3,831,655 $3,725,219 $3,728,687 $3,612,841 2 8 
AVERAGE RATES (d)
INTEREST-EARNING ASSETS
Deposits with banks 0.13 %0.09 %0.09 %0.06 %0.04 %
Federal funds sold and securities purchased under resale agreements0.55 0.47 0.35 0.27 0.33 
Securities borrowed (e)(0.16)(0.28)(0.15)(0.19)(0.18)
Trading assets - debt instruments 2.65 2.52 2.43 2.49 2.25 
Investment securities1.38 1.26 1.32 1.31 1.36 
Loans 4.05 4.04 3.99 3.98 4.09 
All other interest-earning assets (a)0.97 0.87 0.64 0.66 0.72 
Total interest-earning assets 1.86 1.80 1.80 1.79 1.87 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 0.04 0.03 0.03 0.03 0.04 
Federal funds purchased and securities loaned or
sold under repurchase agreements0.19 0.13 0.20 0.09 0.02 
Short-term borrowings (b)0.32 0.26 0.26 0.30 0.31 
Trading liabilities - debt and all other interest-bearing liabilities (c)(e)0.30 0.20 0.09 0.08 0.05 
Beneficial interests issued by consolidated VIEs0.69 0.56 0.50 0.55 0.64 
Long-term debt 1.72 1.61 1.62 1.70 1.92 
Total interest-bearing liabilities 0.25 0.22 0.22 0.22 0.23 
INTEREST RATE SPREAD1.61 1.58 1.58 1.57 1.64 
NET YIELD ON INTEREST-EARNING ASSETS1.67 1.63 1.62 1.62 1.69 
Memo: Net yield on interest-earning assets excluding Markets (f)1.95 1.90 1.91 1.90 1.93 
(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)    Includes commercial paper.
(c)    All other interest-bearing liabilities include brokerage-related customer payables.
(d)    Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.
(e)    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.
(f)    Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.
(g)    Prior-period amounts have been revised to conform with the current presentation.

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JPMORGAN CHASE & CO.
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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 TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
OTHER INCOME
Other income - reported (a)$1,490 $1,180 $1,332 $1,195 $1,123 26 %33 %
Fully taxable-equivalent adjustments (a)775 984 690 807 744 (21)4 
Other income - managed$2,265 $2,164 $2,022 $2,002 $1,867 5 21 
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported$16,845 $15,656 $16,567 $17,738 $19,377 8 (13)
Fully taxable-equivalent adjustments775 984 690 807 744 (21)4 
Total noninterest revenue - managed$17,620 $16,640 $17,257 $18,545 $20,121 6 (12)
NET INTEREST INCOME
Net interest income - reported$13,872 $13,601 $13,080 $12,741 $12,889 2 8 
Fully taxable-equivalent adjustments (a)98 108 104 109 109 (9)(10)
Net interest income - managed$13,970 $13,709 $13,184 $12,850 $12,998 2 7 
TOTAL NET REVENUE
Total net revenue - reported$30,717 $29,257 $29,647 $30,479 $32,266 5 (5)
Fully taxable-equivalent adjustments873 1,092 794 916 853 (20)2 
Total net revenue - managed$31,590 $30,349 $30,441 $31,395 $33,119 4 (5)
PRE-PROVISION PROFIT
Pre-provision profit - reported$11,526 $11,369 $12,584 $12,812 $13,541 1 (15)
Fully taxable-equivalent adjustments873 1,092 794 916 853 (20)2 
Pre-provision profit - managed$12,399 $12,461 $13,378 $13,728 $14,394 — (14)
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$10,063 $12,657 $14,111 $15,097 $17,697 (20)(43)
Fully taxable-equivalent adjustments873 1,092 794 916 853 (20)2 
Income before income tax expense - managed$10,936 $13,749 $14,905 $16,013 $18,550 (20)(41)
INCOME TAX EXPENSE
Income tax expense - reported$1,781 $2,258 $2,424 $3,149 $3,397 (21)(48)
Fully taxable-equivalent adjustments 873 1,092 794 916 853 (20)2 
Income tax expense - managed$2,654 $3,350 $3,218 $4,065 $4,250 (21)(38)
OVERHEAD RATIO
Overhead ratio - reported62 %61 %58 %58 %58 %
Overhead ratio - managed61 59 56 56 57 
(a)Predominantly recognized in CIB, CB and Corporate.
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SEGMENT RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$12,229 $12,275 $12,521 $12,760 $12,517 — %(2)%
Corporate & Investment Bank 13,529 11,534 12,396 13,214 14,605 17 (7)
Commercial Banking2,398 2,612 2,520 2,483 2,393 (8)— 
Asset & Wealth Management 4,315 4,473 4,300 4,107 4,077 (4)6 
Corporate(881)(545)(1,296)(1,169)(473)(62)(86)
TOTAL NET REVENUE$31,590 $30,349 $30,441 $31,395 $33,119 4 (5)
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking$7,720 $7,754 $7,238 $7,062 $7,202 — 7 
Corporate & Investment Bank7,298 5,827 5,871 6,523 7,104 25 3 
Commercial Banking1,129 1,059 1,032 981 969 7 17 
Asset & Wealth Management2,860 2,997 2,762 2,586 2,574 (5)11 
Corporate184 251 160 515 876 (27)(79)
TOTAL NONINTEREST EXPENSE$19,191 $17,888 $17,063 $17,667 $18,725 7 2 
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking$4,509 $4,521 $5,283 $5,698 $5,315 — (15)
Corporate & Investment Bank6,231 5,707 6,525 6,691 7,501 9 (17)
Commercial Banking1,269 1,553 1,488 1,502 1,424 (18)(11)
Asset & Wealth Management1,455 1,476 1,538 1,521 1,503 (1)(3)
Corporate(1,065)(796)(1,456)(1,684)(1,349)(34)21 
PRE-PROVISION PROFIT$12,399 $12,461 $13,378 $13,728 $14,394 — (14)
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$678 $(1,060)$(459)$(1,868)$(3,602)NMNM
Corporate & Investment Bank445 (126)(638)(79)(331)NMNM
Commercial Banking157 (89)(363)(377)(118)NMNM
Asset & Wealth Management154 (36)(60)(10)(121)NMNM
Corporate29 23 (7)49 16 26 81 
PROVISION FOR CREDIT LOSSES$1,463 $(1,288)$(1,527)$(2,285)$(4,156)NMNM
NET INCOME/(LOSS)
Consumer & Community Banking (a)$2,895 $4,147 $4,351 $5,645 $6,787 (30)(57)
Corporate & Investment Bank (a)4,385 4,543 5,647 5,020 5,924 (3)(26)
Commercial Banking (a)850 1,234 1,409 1,422 1,181 (31)(28)
Asset & Wealth Management (a)1,008 1,125 1,196 1,156 1,260 (10)(20)
Corporate (a)(856)(650)(916)(1,295)(852)(32)— 
TOTAL NET INCOME$8,282 $10,399 $11,687 $11,948 $14,300 (20)(42)
(a)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Mar 31, 2022
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2022202120212021202120212021
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital$207,909 (e)$213,942 $209,917 $209,010 $206,078 (3)%1 %
Tier 1 capital240,077 (e)246,162 244,207 241,356 237,333 (2)1 
Total capital269,533 (e)274,900 274,994 274,443 271,407 (2)(1)
Risk-weighted assets 1,752,542 (e)1,638,900 1,628,406 1,601,631 1,577,007 7 11 
CET1 capital ratio11.9 %(e)13.1 %12.9 %13.0 %13.1 %
Tier 1 capital ratio13.7 (e)15.0 15.0 15.1 15.0 
Total capital ratio15.4 (e)16.8 16.9 17.1 17.2 
Advanced
CET1 capital$207,909 (e)$213,942 $209,917 $209,010 $206,078 (3)1 
Tier 1 capital 240,077 (e)246,162 244,207 241,356 237,333 (2)1 
Total capital258,353 (e)265,796 264,469 262,364 258,635 (3)— 
Risk-weighted assets1,649,191 (e)1,547,920 1,544,512 1,514,386 1,503,828 7 10 
CET1 capital ratio12.6 %(e)13.8 %13.6 %13.8 %13.7 %
Tier 1 capital ratio14.6 (e)15.9 15.8 15.9 15.8 
Total capital ratio15.7 (e)17.2 17.1 17.3 17.2 
Leverage-based capital metrics
Adjusted average assets (b)$3,857,929 (e)$3,782,035 $3,675,803 $3,680,830 $3,565,545 2 8 
Tier 1 leverage ratio6.2 %(e)6.5 %6.6 %6.6 %6.7 %
Total leverage exposure$4,586,537 (e)$4,571,789 $4,463,904 $4,456,557 $3,522,629 — 30 
SLR5.2 %(e)5.4 %5.5 %5.4 %6.7 %
TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders’ equity$253,061 $259,289 $255,203 $253,548 $249,151 (2)2 
Less: Goodwill50,298 50,315 50,313 49,256 49,243 — 2 
Less: Other intangible assets893 882 902 850 875 1 2 
Add: Certain deferred tax liabilities (d)2,496 2,499 2,500 2,461 2,457 — 2 
Total tangible common equity$204,366 $210,591 $206,488 $205,903 $201,490 (3)1 
TANGIBLE COMMON EQUITY (average) (c)
Common stockholders’ equity$252,506 $253,805 $253,556 $250,849 $245,542 (1)3 
Less: Goodwill50,307 50,362 49,457 49,260 49,249 — 2 
Less: Other intangible assets896 896 849 864 891 — 1 
Add: Certain deferred tax liabilities (d)2,498 2,502 2,480 2,459 2,455 — 2 
Total tangible common equity$203,801 $205,049 $205,730 $203,184 $197,857 (1)3 
INTANGIBLE ASSETS (period-end)
Goodwill$50,298 $50,315 $50,313 $49,256 $49,243 — 2 
Mortgage servicing rights7,294 5,494 5,351 4,549 4,470 33 63 
Other intangible assets893 882 902 850 875 1 2 
Total intangible assets$58,485 $56,691 $56,566 $54,655 $54,588 3 7 
    
(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 which expired on December 31, 2021. Effective January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021 will be phased out at 25% per year over a three-year period. As of March 31, 2022, CET1 capital reflected the remaining 75%, or $2.2 billion, benefit associated with the CECL capital transition provisions. For the periods ended December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, 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 and $4.5 billion, respectively. For the period ended March 31, 2021, the SLR reflected the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks. Refer to Capital Risk Management on pages 86-96 of the Firm’s 2021 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 TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
EARNINGS PER SHARE
Basic earnings per share
Net income$8,282 $10,399 $11,687 $11,948 $14,300 (20)%(42)%
Less: Preferred stock dividends397 426 402 393 379 (7)5 
Net income applicable to common equity7,885 9,973 11,285 11,555 13,921 (21)(43)
Less: Dividends and undistributed earnings allocated to
participating securities40 46 56 59 70 (13)(43)
Net income applicable to common stockholders$7,845 $9,927 $11,229 $11,496 $13,851 (21)(43)
Total weighted-average basic shares outstanding2,977.0 2,977.3 2,999.9 3,036.6 3,073.5 — (3)
Net income per share$2.64 $3.33 $3.74 $3.79 $4.51 (21)(41)
Diluted earnings per share
Net income applicable to common stockholders$7,845 $9,927 $11,229 $11,496 $13,851 (21)(43)
Total weighted-average basic shares outstanding2,977.0 2,977.3 2,999.9 3,036.6 3,073.5 — (3)
Add: Dilutive impact of stock appreciation rights (“SARs”) and
    employee stock options, unvested performance share units
    (“PSUs”) and nondividend-earning restricted stock units
    (“RSUs”)		4.0 4.5 5.2 5.3 5.4 (11)(26)
Total weighted-average diluted shares outstanding2,981.0 2,981.8 3,005.1 3,041.9 3,078.9 — (3)
Net income per share$2.63 $3.33 $3.74 $3.78 $4.50 (21)(42)
COMMON DIVIDENDS
Cash dividends declared per share$1.00 $1.00 $1.00 (c)$0.90 $0.90 — 11 
Dividend payout ratio38 %30 %27 %24 %20 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased18.1 12.1 33.4 39.5 34.7 50 (48)
Average price paid per share of common stock$138.04 $165.47 $156.87 $156.83 $144.25 (17)(4)
Aggregate repurchases of common stock2,500 2,008 5,240 6,201 4,999 25 (50)
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans11.0 1.1 0.5 0.6 12.3 NM(11)
Net impact of employee issuances on stockholders’ equity (b)$843 $147 $271 $276 $667 473 26 
(a)As directed by the Federal Reserve, total net repurchases in the first and second quarters of 2021 were subject to certain restrictions. The Firm is authorized to purchase up to $30 billion of common shares under the current repurchase program. The Firm’s Board of Directors has authorized a new common equity share repurchase program up to $30 billion effective May 1, 2022 that will replace the current 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 TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$805 $753 $786 $753 $742 7 %8 %
Asset management, administration and commissions929 950 893 866 805 (2)15 
Mortgage fees and related income456 312 596 548 703 46 (35)
Card income590 675 651 1,238 999 (13)(41)
All other income1,122 1,144 1,212 1,321 1,339 (2)(16)
Noninterest revenue3,902 3,834 4,138 4,726 4,588 2 (15)
Net interest income8,327 8,441 8,383 8,034 7,929 (1)5 
TOTAL NET REVENUE12,229 12,275 12,521 12,760 12,517 — (2)
Provision for credit losses678 (1,060)(459)(1,868)(3,602)NMNM
NONINTEREST EXPENSE
Compensation expense3,171 3,177 3,012 2,977 2,976 — 7 
Noncompensation expense (a)4,549 4,577 4,226 4,085 4,226 (1)8 
TOTAL NONINTEREST EXPENSE7,720 7,754 7,238 7,062 7,202 — 7 
Income/(loss) before income tax expense/(benefit)3,831 5,581 5,742 7,566 8,917 (31)(57)
Income tax expense/(benefit) (b)936 1,434 1,391 1,921 2,130 (35)(56)
NET INCOME/(LOSS) (b)
$2,895 $4,147 $4,351 $5,645 $6,787 (30)(57)
REVENUE BY LINE OF BUSINESS
Consumer & Business Banking$6,062 $6,172 $6,157 $6,016 $5,635 (2)8 
Home Lending1,169 1,084 1,400 1,349 1,458 8 (20)
Card & Auto 4,998 5,019 4,964 5,395 5,424 — (8)
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue211 327 614 517 757 (35)(72)
Net mortgage servicing revenue (c)245 (15)(18)31 (54)NMNM
Mortgage fees and related income$456 $312 $596 $548 $703 46 (35)
FINANCIAL RATIOS
ROE23 %32 % (b)34 %44 %54 %
Overhead ratio 63 63 58 55 58 
(a)Included depreciation expense on leased assets of $694 million, $767 million, $769 million, $856 million and $916 million for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.
(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
(c)Included MSR risk management results of $109 million, $(162) million, $(145) million, $(103) million and $(115) million for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
SELECTED BALANCE SHEET DATA (period-end)
Total assets$486,183 $500,370 $493,169 $494,305 $487,978 (3)%— %
Loans:
Consumer & Business Banking (a)32,772 35,095 40,659 46,228 52,654 (7)(38)
Home Lending (b)172,025 180,529 179,489 179,371 178,776 (5)(4)
Card 152,283 154,296 143,166 141,802 132,493 (1)15 
Auto 69,251 69,138 68,391 67,598 67,662 — 2 
Total loans 426,331 439,058 431,705 434,999 431,585 (3)(1)
Deposits1,189,308 1,148,110 1,093,852 1,056,507 1,037,903 4 15 
Equity50,000 50,000 50,000 50,000 50,000 — — 
SELECTED BALANCE SHEET DATA (average)
Total assets$488,967 $497,675 $491,512 $485,209 $484,524 (2)1 
Loans:
Consumer & Business Banking 33,742 37,299 43,256 49,356 49,868 (10)(32)
Home Lending (c)176,488 183,343 181,150 177,444 182,247 (4)(3)
Card 149,398 148,471 141,950 136,149 134,884 1 11 
Auto 69,250 68,549 67,785 67,183 66,960 1 3 
Total loans428,878 437,662 434,141 430,132 433,959 (2)(1)
Deposits1,153,513 1,114,329 1,076,323 1,047,771 979,686 4 18 
Equity50,000 50,000 50,000 50,000 50,000 — — 
Headcount129,268 128,863 126,586 125,300 126,084 — 3 
(a)At March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021 included $2.9 billion, $5.4 billion, $11.1 billion, $16.7 billion and $23.4 billion of loans, respectively, in Business Banking under the Paycheck Protection Program (“PPP”). Refer to page 109 of the Firm’s 2021 Form 10-K for further information on the PPP.
(b)At March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, Home Lending loans held-for-sale and loans at fair value were $5.8 billion, $14.9 billion, $14.5 billion, $16.5 billion and $13.2 billion, respectively.
(c)Average Home Lending loans held-for sale and loans at fair value were $10.8 billion, $17.8 billion, $17.1 billion, $14.2 billion and $12.5 billion for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)(c)$4,531 $4,875 $5,000 $5,256 $5,507 (g)(7)%(18)%
Net charge-offs/(recoveries)
Consumer & Business Banking89 86 66 72 65 3 37 
Home Lending(69)(71)(74)(79)(51)3 (35)
Card506 479 495 755 983 6 (49)
Auto27 21 4 (16)26 29 4 
Total net charge-offs/(recoveries)$553 $515 $491 $732 $1,023 7 (46)
Net charge-off/(recovery) rate
Consumer & Business Banking (d)1.07 %0.91 %0.61 %0.59 %0.53 %
Home Lending(0.17)(0.17)(0.18)(0.19)(0.12)
Card1.37 1.28 1.39 2.24 2.97 
Auto 0.16 0.12 0.02 (0.10)0.16 
Total net charge-off/(recovery) rate0.54 0.49 0.47 0.71 0.99 
30+ day delinquency rate (e)
Home Lending (f)1.03 %1.25 %1.06 %1.08 %1.07 %
Card1.09 1.04 1.00 1.01 1.40 
Auto0.57 0.64 0.46 0.42 0.42 
90+ day delinquency rate - Card (e)0.54 0.50 0.49 0.54 0.80 
Allowance for loan losses
Consumer & Business Banking $697 $697 $797 $897 $1,022 — (32)
Home Lending785 660 630 630 1,238 19 (37)
Card10,250 10,250 11,650 12,500 14,300 — (28)
Auto 738 733 813 817 892 1 (17)
Total allowance for loan losses$12,470 $12,340 $13,890 $14,844 $17,452 1 (29)
(a)At March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $315 million, $342 million, $355 million, $397 million and $458 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 March 31, 2022, December 31, 2021 and September 30, 2021, nonaccrual loans excluded $179 million, $506 million and $5 million of PPP loans 90 or more days past due and guaranteed by the SBA, respectively. 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 March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021 included $2.9 billion, $5.4 billion, $11.1 billion, $16.7 billion and $23.4 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 109 of the Firm’s 2021 Form 10-K for further information on the PPP.
(e)At March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic were as follows: (1) $728 million, $1.1 billion, $3.1 billion, $5.2 billion and $8.1 billion in Home Lending, respectively; (2) $15 million, $46 million, $53 million, $55 million and $105 million in Card, respectively; and (3) $45 million, $115 million, $112 million, $89 million and $127 million in Auto, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.
(f)At March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $370 million, $405 million, $432 million, $483 million and $557 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 amount has been revised to conform with the current presentation.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
BUSINESS METRICS
Number of:
Branches4,810 4,790 4,854 4,869 4,872 — %(1)%
Active digital customers (in thousands) (a)60,286 58,857 57,961 56,915 56,671 2 6 
Active mobile customers (in thousands) (b)46,527 45,452 44,333 42,896 41,872 2 11 
Debit and credit card sales volume (in billions)$351.5 $376.2 $349.9 $344.3 $290.3 (7)21 
Consumer & Business Banking
Average deposits $1,136,115 $1,094,442 $1,056,254 $1,028,459 $960,662 4 18 
Deposit margin 1.22 %1.22 %1.29 %1.28 %1.29 %
Business banking origination volume $1,028 $866 $835 $2,180 (g)$10,035 (g)19 (90)
Client investment assets (c)696,316 718,051 681,491 673,675 636,962 (3)9 
Number of client advisors4,816 4,725 4,689 4,571 4,500 2 7 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $15.1 $22.4 $23.7 $22.7 $23.0 (33)(34)
Correspondent 9.6 19.8 17.9 16.9 16.3 (52)(41)
Total mortgage origination volume (d)$24.7 $42.2 $41.6 $39.6 $39.3 (41)(37)
Third-party mortgage loans serviced (period-end)575.4 519.2 (f)509.3 463.9 443.2 11 30 
MSR carrying value (period-end)7.3 5.5 5.3 4.5 4.5 33 62 
Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end)1.27 %1.06 %(f)1.04 %0.97 %1.02 %
MSR revenue multiple (e)4.70 x3.79 x(f)3.85 x3.59 x3.78 x
Credit Card
Credit card sales volume, excluding Commercial Card (in billions)$236.4 $254.1 $232.0 $223.7 $183.7 (7)29 
Net revenue rate9.87 %9.61 %9.74 %11.32 %11.53 %
Auto
Loan and lease origination volume (in billions)$8.4 $8.5 $11.5 $12.4 $11.2 (1)(25)
Average auto operating lease assets16,423 17,629 18,753 19,608 20,300 (7)(19)
(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 $30.2 billion, $48.2 billion, $46.1 billion, $44.9 billion and $43.2 billion for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, 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)Prior-period amounts have been revised to conform with the current presentation.
(g)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. The program ended on May 31, 2021 for new applications and there was no origination volume under the PPP for all other periods presented. Refer to page 109 of the Firm’s 2021 Form 10-K for further information on the PPP.
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JPMORGAN CHASE & CO.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
INCOME STATEMENT
REVENUE
Investment banking fees$2,050 $3,502 $3,297 $3,572 $2,988 (41)%(31)%
Principal transactions5,223 2,116 3,577 4,026 6,045 147 (14)
Lending- and deposit-related fees641 654 634 633 593 (2)8 
Asset management, administration and commissions1,339 1,252 1,240 1,246 1,286 7 4 
All other income704 624 313 435 176 13 300 
Noninterest revenue9,957 8,148 9,061 9,912 11,088 22 (10)
Net interest income3,572 3,386 3,335 3,302 3,517 5 2 
TOTAL NET REVENUE (a)13,529 11,534 12,396 13,214 14,605 17 (7)
Provision for credit losses445 (126)(638)(79)(331)NMNM
NONINTEREST EXPENSE
Compensation expense4,006 2,358 2,827 3,582 4,329 70 (7)
Noncompensation expense3,292 3,469 3,044 2,941 2,775 (5)19 
TOTAL NONINTEREST EXPENSE7,298 5,827 5,871 6,523 7,104 25 3 
Income before income tax expense5,786 5,833 7,163 6,770 7,832 (1)(26)
Income tax expense (b)
1,401 1,290 1,516 1,750 1,908 9 (27)
NET INCOME (b)
$4,385 $4,543 $5,647 $5,020 $5,924 (3)(26)
FINANCIAL RATIOS
ROE17 %21 %(b)26 %23 %28 %(b)
Overhead ratio54 51 47 49 49 
Compensation expense as percentage of total net revenue30 20 23 27 30 
REVENUE BY BUSINESS
Investment Banking$2,057 $3,206 $3,025 $3,424 $2,851 (36)(28)
Payments1,854 1,801 1,624 1,453 1,392 3 33 
Lending321 263 244 229 265 22 21 
Total Banking4,232 5,270 4,893 5,106 4,508 (20)(6)
Fixed Income Markets5,698 3,334 3,672 4,098 5,761 71 (1)
Equity Markets3,055 1,954 2,597 2,689 3,289 56 (7)
Securities Services1,068 1,064 1,126 1,088 1,050 — 2 
Credit Adjustments & Other (c)(524)(88)108 233 (3)(495)NM
Total Markets & Securities Services9,297 6,264 7,503 8,108 10,097 48 (8)
TOTAL NET REVENUE$13,529 $11,534 $12,396 $13,214 $14,605 17 (7)
(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 $737 million, $923 million, $641 million, $763 million and $703 million for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.
(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
(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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JPMORGAN CHASE & CO.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,460,463 $1,259,896 $1,355,752 $1,363,992 $1,355,123 16 %8 %
Loans:
Loans retained (a)167,791 159,786 151,211 144,764 134,134 5 25 
Loans held-for-sale and loans at fair value (b)47,260 50,386 52,436 56,668 45,846 (6)3 
Total loans 215,051 210,172 203,647 201,432 179,980 2 19 
Equity103,000 83,000 83,000 83,000 83,000 24 24 
SELECTED BALANCE SHEET DATA (average)
Total assets$1,407,835 $1,341,267 $1,331,240 $1,371,218 $1,293,864 5 9 
Trading assets - debt and equity instruments 419,346 407,656 442,623 473,875 (h)468,976 (h)3 (11)
Trading assets - derivative receivables 66,692 65,365 64,730 69,392 (h)73,452 (h)2 (9)
Loans:
Loans retained (a)160,976 153,595 149,826 140,096 136,794 5 18 
Loans held-for-sale and loans at fair value (b)51,398 52,429 53,712 52,376 45,671 (2)13 
Total loans212,374 206,024 203,538 192,472 182,465 3 16 
Equity103,000 83,000 83,000 83,000 83,000 24 24 
Headcount (c)68,292 67,546 66,267 64,261 62,772 1 9 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$20 $23 $2 $(12)$(7)(13)NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (d)871 584 547 783 842 49 3 
Nonaccrual loans held-for-sale and loans at fair value (e)949 844 1,234 1,187 1,266 12 (25)
Total nonaccrual loans 1,820 1,428 1,781 1,970 2,108 27 (14)
Derivative receivables597 316 393 481 284 89 110 
Assets acquired in loan satisfactions91 91 95 95 97 — (6)
Total nonperforming assets 2,508 1,835 2,269 2,546 2,489 37 1 
Allowance for credit losses:
Allowance for loan losses1,687 1,348 1,442 1,607 1,982 25 (15)
Allowance for lending-related commitments1,459 1,372 1,426 1,902 1,602 6 (9)
Total allowance for credit losses3,146 2,720 2,868 3,509 3,584 16 (12)
Net charge-off/(recovery) rate (a)(f)0.05 %0.06 %0.01 %(0.03)%(0.02)%
Allowance for loan losses to period-end loans retained (a)1.01 0.84 0.95 1.11 1.48 
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (g)1.31 1.12 1.29 1.53 2.06 
Allowance for loan losses to nonaccrual loans retained (a)(d)194 231 264 205 235 
Nonaccrual loans to total period-end loans0.85 0.68 0.87 0.98 1.17 
(a)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.
(b)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.
(c)During the six months ended June 30, 2021, 1,155 technology and risk management employees transferred from Corporate to CIB.
(d)Allowance for loan losses of $226 million, $58 million, $138 million, $180 million and $174 million were held against nonaccrual loans at March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.
(e)At March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $283 million, $281 million, $289 million, $316 million and $340 million, respectively. These amounts have been excluded based upon the government guarantee.
(f)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
(g)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.
(h)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 TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
BUSINESS METRICS
Advisory$801 $1,557 $1,228 $916 $680 (49)%18 %
Equity underwriting249 802 1,032 1,063 1,056 (69)(76)
Debt underwriting1,000 1,143 1,037 1,593 1,252 (13)(20)
Total investment banking fees$2,050 $3,502 $3,297 $3,572 $2,988 (41)(31)
Client deposits and other third-party liabilities (average) (a)709,121 717,496 714,376 721,882 705,764 (1)— 
Merchant processing volume (in billions) (b) 490.2 514.9 470.9 475.2 425.7 (5)15 
Assets under custody (“AUC”) (period-end) (in billions)$31,571 $33,221 $31,962 $32,122 $31,251 (5)1 
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (c)
Fixed income$47 $39 $38 $39 $125 21 (62)
Foreign exchange 4 4 5 6 11 — (64)
Equities12 12 11 18 22 — (45)
Commodities and other15 12 11 22 33 25 (55)
Diversification benefit to CIB trading VaR (d) (33)(31)(33)(44)(90)(6)63 
CIB trading VaR (c)45 36 32 41 101 25 (55)
Credit portfolio VaR (e)29 5 5 6 8 480 263 
Diversification benefit to CIB VaR (d)(10)(4)(4)(6)(10)(150)— 
CIB VaR$64 $37 $33 $41 $99 73 (35)
(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 135–137 of the Firm’s 2021 Form 10-K 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. Due to recent market conditions, including commodity related price volatility, the credit risk component of CVA relating to certain single-name derivative exposures has been removed from VaR and will be reflected in Other sensitivity-based measures.
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JPMORGAN CHASE & CO.
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COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees $364 $356 $355 $350 $331 2 %10 %
All other income 503 718 633 600 586 (30)(14)
Noninterest revenue 867 1,074 988 950 917 (19)(5)
Net interest income1,531 1,538 1,532 1,533 1,476 — 4 
TOTAL NET REVENUE (a)2,398 2,612 2,520 2,483 2,393 (8)— 
Provision for credit losses157 (89)(363)(377)(118)NMNM
NONINTEREST EXPENSE
Compensation expense 553 496 511 484 482 11 15 
Noncompensation expense576 563 521 497 487 2 18 
TOTAL NONINTEREST EXPENSE1,129 1,059 1,032 981 969 7 17 
Income/(loss) before income tax expense/(benefit)1,112 1,642 1,851 1,879 1,542 (32)(28)
Income tax expense/(benefit) (b)262 408 442 457 361 (36)(27)
NET INCOME (b)
$850 $1,234 $1,409 $1,422 $1,181 (31)(28)
REVENUE BY PRODUCT
Lending$1,105 $1,151 $1,138 $1,172 $1,168 (4)(5)
Payments981 949 947 914 843 3 16 
Investment banking (c)260 475 416 370 350 (45)(26)
Other52 37 19 27 32 41 63 
TOTAL NET REVENUE (a)$2,398 $2,612 $2,520 $2,483 $2,393 (8)— 
Investment banking revenue, gross (d)$729 $1,456 $1,343 $1,164 $1,129 (50)(35)
REVENUE BY CLIENT SEGMENT
Middle Market Banking $980 $1,062 $1,017 $1,009 $916 (8)7 
Corporate Client Banking 830 928 878 851 851 (11)(2)
Commercial Real Estate Banking581 614 602 599 604 (5)(4)
Other7 8 23 24 22 (13)(68)
TOTAL NET REVENUE (a)$2,398 $2,612 $2,520 $2,483 $2,393 (8)— 
FINANCIAL RATIOS
ROE13 %19 %(b)22 %23 %19 %
Overhead ratio47 41 41 40 40 
(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 $69 million, $99 million, $80 million, $78 million and $73 million for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.
(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
(c)Includes CB’s share of revenue from investment banking products sold to CB clients through the CIB.
(d)Refer to page 61 of the Firm’s 2021 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 TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
SELECTED BALANCE SHEET DATA (period-end)
Total assets$235,127 $230,776  $227,670 $226,022 $223,583 2 %5 %
Loans:
Loans retained213,073 206,220 201,283 200,929 202,975 3 5 
Loans held-for-sale and loans at fair value1,743 2,223 3,412 3,381 2,884 (22)(40)
Total loans$214,816 $208,443 $204,695 $204,310 $205,859 3 4 
Equity25,000 24,000 24,000 24,000 24,000 4 4 
Period-end loans by client segment
Middle Market Banking (a)$64,306 $61,159 $58,918 $59,314 $59,983 5 7 
Corporate Client Banking46,720 45,315 45,107 44,866 45,540 3 3 
Commercial Real Estate Banking 103,685 101,751 100,458 99,858 100,035 2 4 
Other105 218 212 272 301 (52)(65)
Total loans (a)$214,816 $208,443 $204,695 $204,310 $205,859 3 4 
SELECTED BALANCE SHEET DATA (average)
Total assets$233,474 $227,308 $222,760 $226,562 $225,574 3 4 
Loans:
Loans retained208,540 201,676 199,789 202,102 204,164 3 2 
Loans held-for-sale and loans at fair value2,147 3,958 2,790 3,150 2,578 (46)(17)
Total loans$210,687 $205,634 $202,579 $205,252 $206,742 2 2 
Client deposits and other third-party liabilities316,921 323,821 300,595 290,250 290,992 (2)9 
Equity25,000 24,000 24,000 24,000 24,000 4 4 
Average loans by client segment
Middle Market Banking $62,437 $59,784 $59,032 $61,698 $60,011 4 4 
Corporate Client Banking 45,595 44,976 43,330 43,440 45,719 1 — 
Commercial Real Estate Banking 102,498 100,682 100,120 99,864 100,661 2 2 
Other157 192 97 250 351 (18)(55)
Total loans$210,687 $205,634 $202,579 $205,252 $206,742 2 2 
Headcount13,220 12,902 12,584 12,163 11,748 2 13 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$6 $8 $31 $3 $29 (25)(79)
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (b)(c)751 740  735 1,006  1,134 1 (34)
Nonaccrual loans held-for-sale and loans  
at fair value— —  — 2  — — — 
Total nonaccrual loans751 740 735 1,008 1,134 1 (34)
Assets acquired in loan satisfactions17 17 16 17 24 — (29)
Total nonperforming assets768 757 751 1,025 1,158 1 (34)
Allowance for credit losses:
Allowance for loan losses2,357 2,219  2,354 2,589  3,086 6 (24)
Allowance for lending-related commitments762 749  711 870  753 2 1 
Total allowance for credit losses3,119 2,968 3,065 3,459 3,839 5 (19)
Net charge-off/(recovery) rate (d)0.01 %0.02 %0.06 %0.01 %0.06 %
Allowance for loan losses to period-end loans retained1.11 1.08  1.17 1.29  1.52 
Allowance for loan losses to nonaccrual loans retained (b)314 300  320 257  272 
Nonaccrual loans to period-end total loans0.35 0.36 0.36 0.49 0.55 
(a)At March 31, 2022, December 31,2021, September 30, 2021, June 30, 2021 and March 31, 2021, total loans included $640 million, $1.2 billion, $2.0 billion, $5.0 billion and $7.4 billion of loans, respectively, under the PPP, of which $604 million, $1.1 billion, $1.9 billion, $4.9 billion and $7.2 billion were in Middle Market Banking. Refer to page 109 of the Firm’s 2021 Form 10-K for further information on the PPP.
(b)Allowance for loan losses of $104 million, $124 million, $123 million, $188 million and $227 million was held against nonaccrual loans retained at March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.
(c)At March 31, 2022 and December 31, 2021, nonaccrual loans excluded PPP loans 90 or more days past due and insured by the SBA of $50 million and $114 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.
(d)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
INCOME STATEMENT
REVENUE
Asset management, administration and commissions $3,115 $3,330 $3,096 $3,019 $2,888 (6)%8 %
All other income 124 118 216 146 258 5 (52)
Noninterest revenue 3,239 3,448 3,312 3,165 3,146 (6)3 
Net interest income1,076 1,025 988 942 931 5 16 
TOTAL NET REVENUE4,315 4,473 4,300 4,107 4,077 (4)6 
Provision for credit losses154 (36)(60)(10)(121)NMNM
NONINTEREST EXPENSE
Compensation expense 1,530 1,560 1,387 1,356 1,389 (2)10 
Noncompensation expense 1,330 1,437 1,375 1,230 1,185 (7)12 
TOTAL NONINTEREST EXPENSE2,860 2,997 2,762 2,586 2,574 (5)11 
Income before income tax expense1,301 1,512 1,598 1,531 1,624 (14)(20)
Income tax expense (a)293 387 402 375 364 (24)(20)
NET INCOME (a)
$1,008 $1,125 $1,196 $1,156 $1,260 (10)(20)
REVENUE BY LINE OF BUSINESS
Asset Management $2,314 $2,488 $2,337 $2,236 $2,185 (7)6 
Global Private Bank2,001 1,985 1,963 1,871 1,892 1 6 
TOTAL NET REVENUE $4,315 $4,473 $4,300 $4,107 $4,077 (4)6 
FINANCIAL RATIOS
ROE23 %31 % (a)33 %32 %36 % (a)
Overhead ratio66 67 64 63 63 
Pretax margin ratio:
Asset Management33 32 36 37 35 
Global Private Bank27 36 38 38 45 
Asset & Wealth Management30 34 37 37 40 
Headcount23,366 22,762 22,051 20,866 20,578 3 14 
Number of Global Private Bank client advisors2,798 2,738 2,646 2,435 2,462 2 14 
(a)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
SELECTED BALANCE SHEET DATA (period-end)
Total assets$233,070 $234,425 $221,702 $217,284 $213,088 (1)%9 %
Loans215,130 218,271 202,871 198,683 192,256 (1)12 
Deposits287,293 282,052 242,309 217,488 217,460 2 32 
Equity17,000 14,000 14,000 14,000 14,000 21 21 
SELECTED BALANCE SHEET DATA (average)
Total assets$232,310 $227,597 $219,022 $214,384 $207,505 2 12 
Loans214,611 209,169 200,635 195,171 188,726 3 14 
Deposits287,756 264,580 229,710 219,699 206,562 9 39 
Equity17,000 14,000 14,000 14,000 14,000 21 21 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$(1)$4 $(1)$12 $11 NMNM
Nonaccrual loans626 708 686 792 917 (a)(12)(32)
Allowance for credit losses:
Allowance for loan losses516 365 402 458 479 41 8 
Allowance for lending-related commitments19 18 20 25 25 6 (24)
Total allowance for credit losses535 383 422 483 504 40 6 
Net charge-off/(recovery) rate— %0.01 %— %0.02 %0.02 %
Allowance for loan losses to period-end loans0.24 0.17 0.20 0.23 0.25 
Allowance for loan losses to nonaccrual loans82 52 59 58 52 (a)
Nonaccrual loans to period-end loans0.29 0.32 0.34 0.40 0.48 (a)
(a)Prior-period amount has been revised to conform with the current presentation.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
Mar 31, 2022
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
CLIENT ASSETS2022202120212021202120212021
Assets by asset class
Liquidity $657 $708 $685 $698 $686 (7)%(4)%
Fixed income 657 693 695 688 662 (5)(1)
Equity739 779 725 725 661 (5)12 
Multi-asset699 732 702 702 669 (5)4 
Alternatives208 201 189 174 155 3 34 
TOTAL ASSETS UNDER MANAGEMENT2,960 3,113 2,996 2,987 2,833 (5)4 
Custody/brokerage/administration/deposits1,156 1,182 1,100 1,057 995 (2)16 
TOTAL CLIENT ASSETS (a)$4,116 $4,295 $4,096 $4,044 $3,828 (4)8 
Assets by client segment
Private Banking$777 $805 $773 $752 $718 (3)8 
Global Institutional1,355 1,430 1,375 1,383 1,320 (5)3 
Global Funds828 878 848 852 795 (6)4 
TOTAL ASSETS UNDER MANAGEMENT$2,960 $3,113 $2,996 $2,987 $2,833 (5)4 
Private Banking$1,880 $1,931 $1,817 $1,755 $1,664 (3)13 
Global Institutional1,402 1,479 1,425 1,430 1,362 (5)3 
Global Funds834 885 854 859 802 (6)4 
TOTAL CLIENT ASSETS (a)$4,116 $4,295 $4,096 $4,044 $3,828 (4)8 
Assets under management rollforward
Beginning balance$3,113 $2,996 $2,987 $2,833 $2,716 
Net asset flows:
Liquidity (52)20 (11)15 44 
Fixed income (3)— 11 17 8 
Equity11 18 16 20 31 
Multi-asset6 6 3 2 6 
Alternatives5 10 3 10 3 
Market/performance/other impacts(120)63 (13)90 25 
Ending balance$2,960 $3,113 $2,996 $2,987 $2,833 
Client assets rollforward
Beginning balance$4,295 $4,096 $4,044 $3,828 $3,652 
Net asset flows(5)109 75 75 130 
Market/performance/other impacts(174)90 (23)141 46 
Ending balance$4,116 $4,295 $4,096 $4,044 $3,828 
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
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CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
INCOME STATEMENT
REVENUE
Principal transactions$(161)$26 $(103)$(8)$272 NMNM
Investment securities gains/(losses)(394)52 (256)(155)14 NMNM
All other income 210 58 117 (45)96 262 119 
Noninterest revenue(345)136 (242)(208)382 NMNM
Net interest income (536)(681)(1,054)(961)(855)21 37 
TOTAL NET REVENUE (a)(881)(545)(1,296)(1,169)(473)(62)(86)
Provision for credit losses29 23 (7)49 16 26 81 
NONINTEREST EXPENSE184 251 160 515 876 (27)(79)
Income/(loss) before income tax expense/(benefit)(1,094)(819)(1,449)(1,733)(1,365)(34)20 
Income tax expense/(benefit) (b)(238)(169)(533)(438)(513)(41)54 
NET INCOME/(LOSS) (b)
$(856)$(650)$(916)$(1,295)$(852)(32)— 
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
(944)(480)(1,198)(1,081)(705)(97)(34)
Other Corporate63 (65)(98)(88)232 NM(73)
TOTAL NET REVENUE$(881)$(545)$(1,296)$(1,169)$(473)(62)(86)
NET INCOME/(LOSS)
Treasury and CIO(748)(428)(998)(956)(675)(75)(11)
Other Corporate (b)(108)(222)82 (339)(177)51 39 
TOTAL NET INCOME/(LOSS) (b)
$(856)$(650)$(916)$(1,295)$(852)(32)— 
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,539,844 $1,518,100 $1,459,283 $1,382,653 $1,409,564 1 9 
Loans1,957 1,770 1,697 1,530 1,627 11 20 
Headcount (c)39,802 38,952 38,302 37,520 38,168 2 4 
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains/(losses)$(394)$52 $(256)$(155)$14 NMNM
Available-for-sale securities (average) 304,314 290,590 223,747 342,338 372,443 5 (18)
Held-to-maturity securities (average) (d)364,814 349,989 339,544 240,696 207,957 4 75 
Investment securities portfolio (average)$669,128 $640,579 $563,291 $583,034 $580,400 4 15 
Available-for-sale securities (period-end) 310,909 306,352 249,484 230,127 377,911 1 (18)
Held-to-maturity securities, net of allowance for credit losses (period-end) (d)366,585 363,707 343,542 341,476 217,452 1 69 
Investment securities portfolio, net of allowance for credit losses (period-end) (e)$677,494 $670,059 $593,026 $571,603 $595,363 1 14 
(a)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $58 million, $60 million, $64 million, $66 million and $67 million for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.
(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
(c)During the six months ended June 30, 2021, 1,155 technology and risk management employees were transferred from Corporate to CIB.
(d)During 2021, the Firm transferred $104.5 billion of investment securities from AFS to HTM for capital management purposes.
(e)At March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, the allowance for credit losses on investment securities was $41 million, $42 million, $73 million, $87 million and $94 million, respectively.



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CREDIT-RELATED INFORMATION
(in millions)
Mar 31, 2022
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2022202120212021202120212021
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained$296,161 $295,556 $298,308 $297,731 $302,392 — %(2)%
Loans held-for-sale and loans at fair value 16,328 27,750 29,856 31,954 22,516 (41)(27)
Total consumer, excluding credit card loans312,489 323,306 328,164 329,685 324,908 (3)(4)
Credit card loans
Loans retained152,283 154,296 143,166 141,079 131,772 (1)16 
Loans held-for-sale— — — 723 721 — NM
Total credit card loans152,283 154,296 143,166 141,802 132,493 (1)15 
Total consumer loans 464,772 477,602 471,330 471,487 457,401 (3)2 
Wholesale loans (b)
Loans retained569,953 560,354 532,786 524,855 514,478 2 11 
Loans held-for-sale and loans at fair value 38,560 39,758 40,499 44,612 39,428 (3)(2)
Total wholesale loans 608,513 600,112 573,285 569,467 553,906 1 10 
Total loans 1,073,285 1,077,714 1,044,615 1,040,954 1,011,307 — 6 
Derivative receivables 73,636 57,081 67,908 66,320 (g)68,896 (g)29 7 
Receivables from customers (c)68,473 59,645 58,752 59,609 58,180 15 18 
Total credit-related assets 1,215,394 1,194,440 1,171,275 1,166,883 1,138,383 2 7 
Lending-related commitments
Consumer, excluding credit card 47,103 45,334 56,684 56,875 56,245 4 (16)
Credit card (d)757,283 730,534 710,610 682,531 674,367 4 12 
Wholesale 497,232 486,445 (g)499,236 (g)502,616 481,244 2 3 
Total lending-related commitments1,301,618 1,262,313 1,266,530 1,242,022 1,211,856 3 7 
Total credit exposure $2,517,012 $2,456,753 $2,437,805 $2,408,905 $2,350,239 2 7 
Memo: Total by category
Consumer exposure (e)$1,269,158 $1,253,470 $1,238,624 $1,210,893 $1,188,013 1 7 
Wholesale exposure (f)1,247,854 1,203,283 1,199,181 1,198,012 1,162,226 4 7 
Total credit exposure$2,517,012 $2,456,753 $2,437,805 $2,408,905 $2,350,239 2 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)
Mar 31, 2022
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2022202120212021202120212021
NONPERFORMING ASSETS (a)(b)
Consumer nonaccrual loans
   Loans retained $4,485 $4,878 $4,911 $5,183 $5,382 (8)%(17)%
   Loans held-for-sale and loans at fair value 525 472 440 475 608 11 (14)
Total consumer nonaccrual loans5,010 5,350 5,351 5,658 5,990 (6)(16)
Wholesale nonaccrual loans
Loans retained2,289 2,054 2,084 2,698 3,015 11 (24)
Loans held-for-sale and loans at fair value 459 391 808 716 701 17 (35)
Total wholesale nonaccrual loans 2,748 2,445 2,892 3,414 3,716 12 (26)
Total nonaccrual loans (c)7,758 7,795 8,243 9,072 9,706 — (20)
Derivative receivables 597 316 393 481 284 89 110 
Assets acquired in loan satisfactions250 235 246 249 267 6 (6)
Total nonperforming assets 8,605 8,346 8,882 9,802 10,257 3 (16)
Wholesale lending-related commitments (d) 767 764 641 851 800 — (4)
Total nonperforming exposure $9,372 $9,110 $9,523 $10,653 $11,057 3 (15)
NONACCRUAL LOAN-RELATED RATIOS (b)
Total nonaccrual loans to total loans 0.72 %0.72 %0.79 %0.87 %0.96 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 1.60 1.65 1.63 1.72 1.84 
Total wholesale nonaccrual loans to total
wholesale loans 0.45 0.41 0.50 0.60 0.67 
(a)At March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, nonperforming assets excluded: (1) mortgage loans 90 or more days past due and insured by U.S. government agencies of $598 million, $623 million, $644 million, $713 million and $798 million, respectively; and (2) real estate owned (“REO”) insured by U.S. government agencies of $6 million, $5 million, $5 million, $7 million and $8 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 2021 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.
(b)At March 31, 2022, December 31, 2021 and September 30, 2021, nonperforming assets excluded PPP loans 90 or more days past due and insured by the SBA of $236 million, $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 TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance$16,386 $18,150 $19,500 $23,001 $28,328 (10)%(42)%
Net charge-offs:
Gross charge-offs976 968 940 1,188 1,468 1 (34)
Gross recoveries collected(394)(418)(416)(454)(411)6 4 
Net charge-offs582 550 524 734 1,057 6 (45)
Provision for loan losses1,368 (1,214)(819)(2,759)(4,279)NMNM
Other20 — (7)(8)9 NM122 
Ending balance$17,192 $16,386 $18,150 $19,500 $23,001 5 (25)
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance$2,261 $2,305 $2,998 $2,516 $2,409 (2)(6)
Provision for lending-related commitments96 (43)(694)481 107 NM(10)
Other1 (1)1 1 — NMNM
Ending balance$2,358 $2,261 $2,305 $2,998 $2,516 4 (6)
ALLOWANCE FOR INVESTMENT SECURITIES$41 $42 $73 $87 $94 (2)(56)
Total allowance for credit losses$19,591 $18,689 $20,528 $22,585 $25,611 5 (24)
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.06 %0.04 %(0.01)%(0.04)%0.03 %
Credit card retained loans1.37 1.28 1.39 2.24 2.97 
Total consumer retained loans0.50 0.45 0.44 0.67 0.93 
Wholesale retained loans0.02 0.03 0.03 0.01 0.04 
Total retained loans 0.24 0.22 0.21 0.31 0.45 
Memo: Average retained loans
Consumer retained, excluding credit card loans$295,460 $296,423 $298,019 $298,823 $302,055 — (2)
Credit card retained loans149,398 148,471 141,371 135,430 134,155 1 11 
Total average retained consumer loans444,858 444,894 439,390 434,253 436,210 — 2 
Wholesale retained loans559,395 541,183 528,979 519,902 515,858 3 8 
Total average retained loans$1,004,253 $986,077 $968,369 $954,155 $952,068 2 5 


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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Mar 31, 2022
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2022202120212021202120212021
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)$(644)$(665)$(571)$(557)$(348)3 %(85)%
Portfolio-based2,538 2,430 2,445 2,455 3,030 4 (16)
Total consumer, excluding credit card1,894 1,765 1,874 1,898 2,682 7 (29)
Credit card
Asset-specific (b)262 313 383 443 522 (16)(50)
Portfolio-based9,988 9,937 11,267 12,057 13,778 1 (28)
Total credit card10,250 10,250 11,650 12,500 14,300 — (28)
Total consumer12,144 12,015 13,524 14,398 16,982 1 (28)
Wholesale
Asset-specific (c)485 263 357 488 529 84 (8)
Portfolio-based4,563 4,108 4,269 4,614 5,490 11 (17)
Total wholesale5,048 4,371 4,626 5,102 6,019 15 (16)
Total allowance for loan losses17,192 16,386 18,150 19,500 23,001 5 (25)
Allowance for lending-related commitments2,358 2,261 2,305 2,998 2,516 4 (6)
Allowance for investment securities41 42 73 87 94 (2)(56)
Total allowance for credit losses $19,591 $18,689 $20,528 $22,585 $25,611 5 (24)
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans0.64 %0.60 %0.63 %0.64 %0.89 %
Credit card allowance to total credit card retained loans6.73 6.64 8.14 8.86 10.85 
Wholesale allowance to total wholesale retained loans0.89 0.78 0.87 0.97 1.17 
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (d)0.95 0.84 0.93 1.05 1.26 
Total allowance to total retained loans1.69 1.62 1.86 2.02 2.42 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (e)42 36 38 37 50 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (e)102 89 93 89 104 
Wholesale allowance to wholesale retained nonaccrual loans221 213 222 189 200 
Total allowance to total retained nonaccrual loans254 236 259 247 274 
(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 (“Markets”, which is composed of Fixed Income Markets and Equity Markets), as shown below. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income.These metrics, which exclude 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, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For additional information on Markets revenue, refer to page 70 of the Firm’s 2021 Form 10-K.
QUARTERLY TRENDS
1Q22 Change
(in millions, except rates)1Q224Q213Q212Q211Q214Q211Q21
Net interest income - reported$13,872 $13,601 $13,080 $12,741 $12,889 2 %8 %
Fully taxable-equivalent adjustments98 108 104 109 109 (9)(10)
Net interest income - managed basis (a)$13,970 $13,709 $13,184 $12,850 $12,998 2 7 
Less: Markets net interest income2,218 2,066 1,967 1,987 2,223 7 — 
Net interest income excluding Markets (a)$11,752 $11,643 $11,217 $10,863 $10,775 1 9 
Average interest-earning assets$3,401,951 $3,337,855 $3,219,786 $3,177,195 $3,126,569 2 9 
Less: Average Markets interest-earning assets
963,845 908,093 894,892 882,848 866,591 6 11 
Average interest-earning assets excluding Markets$2,438,106 $2,429,762 $2,324,894 $2,294,347 $2,259,978 — 8 
Net yield on average interest-earning assets - managed basis1.67 %1.63 %1.62 %1.62 %1.69 %
Net yield on average Markets interest-earning assets
0.93 0.90 0.87 0.90 1.04 
Net yield on average interest-earning assets excluding Markets1.95 1.90 1.91 1.90 1.93 
Noninterest revenue - reported$16,845 $15,656 $16,567 $17,738 $19,377 8 (13)
Fully taxable-equivalent adjustments775 984 690 807 744 (21)4 
Noninterest revenue - managed basis$17,620 $16,640 $17,257 $18,545 $20,121 6 (12)
Less: Markets noninterest revenue6,535 3,222 4,302 4,800 6,827 103 (4)
Noninterest revenue excluding Markets$11,085 $13,418 $12,955 $13,745 $13,294 (17)(17)
Memo: Markets total net revenue$8,753 $5,288 $6,269 $6,787 $9,050 66 (3)
(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.
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