Business Segments (Tables)

3 Months Ended

Mar. 31, 2023

The following table provides a summary of the Firm’s segment results as of or for the three months ended March 31, 2023 and 2022, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the

reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 32 of JPMorgan Chase’s 2022 Form 10-K for additional information on the Firm’s managed basis.

Capital allocation

The amount of capital assigned to each business segment is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs may change.

Refer to Line of business equity on page 93 of JPMorgan Chase’s 2022 Form 10-K for additional information on capital allocation.


Segment results and reconciliation(a)
As of or for the three months ended March 31, (in millions, except ratios)	Consumer & Community Banking							Corporate & Investment Bank							Commercial Banking						Asset & Wealth Management
	2023			2022				2023			2022				2023			2022			2023			2022
Noninterest revenue	$	3,623		$	3,855		(b)	$	11,523		$	10,004		(b)	$	781		$	867		$	3,333		$	3,239
Net interest income	12,833			8,327				2,077			3,572				2,730			1,531			1,451			1,076
Total net revenue	16,456			12,182				13,600			13,576				3,511			2,398			4,784			4,315
Provision for credit losses	1,402			678				58			445				417			157			28			154
Noninterest expense	8,065			7,655			(b)	7,483			7,363			(b)	1,308			1,129			3,091			2,860
Income/(loss) before income tax expense/(benefit)	6,989			3,849				6,059			5,768				1,786			1,112			1,665			1,301
Income tax expense/(benefit)	1,746			941			(b)	1,638			1,396			(b)	439			262			298			293
Net income/(loss)	$	5,243		$	2,908			$	4,421		$	4,372			$	1,347		$	850		$	1,367		$	1,008
Average equity	$	52,000		$	50,000			$	108,000		$	103,000			$	28,500		$	25,000		$	16,000		$	17,000
Total assets	506,382			486,183				1,436,237			1,460,463				261,181			235,127			232,516			233,070
ROE	40		%	23		%		16		%	16		%	(b)	18		%	13		%	34		%	23		%
Overhead ratio	49			63				55			54				37			47			65			66


As of or for the three months ended March 31, (in millions, except ratios)	Corporate				Reconciling Items(a)				Total
	2023		2022		2023		2022		2023			2022
Noninterest revenue	$	(755)	$	(345)	$	(867)	$	(775)	$	17,638		$	16,845
Net interest income	1,740		(536)		(120)		(98)		20,711			13,872
Total net revenue	985		(881)		(987)		(873)		38,349			30,717
Provision for credit losses	370		29		—		—		2,275			1,463
Noninterest expense	160		184		—		—		20,107			19,191
Income/(loss) before income tax expense/(benefit)	455		(1,094)		(987)		(873)		15,967			10,063
Income tax expense/(benefit)	211		(238)		(987)		(873)		3,345			1,781
Net income/(loss)	$	244	$	(856)	$	—	$	—	$	12,622		$	8,282
Average equity	$	66,697	$	57,506	$	—	$	—	$	271,197		$	252,506
Total assets	1,307,989		1,539,844		NA		NA		3,744,305			3,954,687
ROE	NM		NM		NM		NM		18		%	13		%
Overhead ratio	NM		NM		NM		NM		52			62

(a)Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.

(b)In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation.