EX-99.2 3 a1q24erfex992supplement.htm JPMORGAN CHASE & CO. EARNINGS RELEASE FINANCIAL SUPPLEMENT - FIRST QUARTER 2024 Document
                                                                    
Exhibit 99.2




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EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2024






                                                                    
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 Items9–10
Earnings Per Share and Related Information11
Business Segment Results
Consumer & Community Banking (“CCB”)12–15
Corporate & Investment Bank (“CIB”)16–18
Commercial Banking (“CB”)19–20
Asset & Wealth Management (“AWM”)21–23
Corporate24
Credit-Related Information25–28
Non-GAAP Financial Measures29
Supplemental Information on First Republic
30
Glossary of Terms and Acronyms (a)
(a)    Refer to the Glossary of Terms and Acronyms on pages 315–321 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”).


                                                                    

JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDS
1Q24 Change
SELECTED INCOME STATEMENT DATA 1Q244Q233Q232Q231Q234Q231Q23
Reported Basis
Total net revenue$41,934 $38,574 $39,874 $41,307 $38,349 9 %9 %
Total noninterest expense22,757 (f)24,486 (f)21,757 20,822 20,107 (7)13 
Pre-provision profit (a)19,177 14,088 18,117 20,485 18,242 36 5 
Provision for credit losses1,884 2,762 1,384 2,899 2,275 (32)(17)
NET INCOME13,419 9,307 13,151 14,472 12,622 44 6 
Managed Basis (b)
Total net revenue42,548 39,943 40,686 42,401 39,336 7 8 
Total noninterest expense22,757 (f)24,486 (f)21,757 20,822 20,107 (7)13 
Pre-provision profit (a)19,791 15,457 18,929 21,579 19,229 28 3 
Provision for credit losses1,884 2,762 1,384 2,899 2,275 (32)(17)
NET INCOME13,419 9,307 13,151 14,472 12,622 44 6 
EARNINGS PER SHARE DATA
Net income: Basic$4.45 $3.04 $4.33 $4.76 $4.11 46 8 
Diluted4.44 3.04 4.33 4.75 4.10 46 8 
Average shares: Basic2,908.3 2,914.4 2,927.5 2,943.8 2,968.5 — (2)
Diluted2,912.8 2,919.1 2,932.1 2,948.3 2,972.7 — (2)
MARKET AND PER COMMON SHARE DATA
Market capitalization$575,195 $489,320 $419,254 $422,661 $380,803 18 51 
Common shares at period-end2,871.6 2,876.6 2,891.0 2,906.1 2,922.3 — (2)
Book value per share106.81 104.45 100.30 98.11 94.34 2 13 
Tangible book value per share (“TBVPS”) (a)88.43 86.08 82.04 79.90 76.69 3 15 
Cash dividends declared per share1.15 1.05 1.05 1.00 1.00 10 15 
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)17 %12 %18 %20 %18 %
Return on tangible common equity (“ROTCE”) (a)21 15 22 25 23 
Return on assets1.36 0.95 1.36 1.51 1.38 
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio (e)
15.0 %(g)15.0 %14.3 %13.8 %13.8 %
Tier 1 capital ratio (e)
16.4 (g)16.6 15.9 15.4 15.4 
Total capital ratio (e)
18.2 (g)18.5 17.8 17.3 17.4 
Tier 1 leverage ratio7.2 (g)7.2 7.1 6.9 6.9 
Supplementary leverage ratio (“SLR”)6.1 (g)6.1 6.0 5.8 5.9 
On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (the “First Republic acquisition") from the Federal Deposit Insurance Corporation (“FDIC”). Refer to page 30 for additional information.
(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 10 for a reconciliation of common stockholders’ equity to TCE. Refer to page 29 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)Ratios are based upon annualized amounts.
(d)The capital metrics reflect the Current Expected Credit Losses ("CECL") capital transition provisions. As of March 31, 2024, CET1 capital reflected the final remaining $720 million CECL benefit; as of December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, CET1 capital reflected a $1.4 billion benefit. Refer to Note 27 of the Firm’s 2023 Form 10-K for additional information.
(e)Reflect the Firm’s ratios under the Basel III Standardized approach. Refer to page 9 for further information on the Firm’s capital metrics.
(f)Included the FDIC special assessment to recover estimated losses to the Deposit Insurance Fund of $725 million for the three months ended March 31, 2024, which reflects an adjustment to the $2.9 billion estimate recorded in the three months ended December 31, 2023. Refer to Note 6 on page 220 of the Firm’s 2023 Form 10-K for additional information.
(g)Estimated.




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JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, employee data and where otherwise noted)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
SELECTED BALANCE SHEET DATA (period-end)
Total assets$4,090,727 $3,875,393 $3,898,333 $3,868,240 $3,744,305 6 %9 %
Loans:
Consumer, excluding credit card loans403,404 410,093 408,769 408,204 311,433 (2)30 
Credit card loans206,740 211,123 196,935 191,348 180,079 (2)15 
Wholesale loans699,472 702,490 704,355 700,517 637,384 — 10 
Total loans1,309,616 1,323,706 1,310,059 1,300,069 1,128,896 (1)16 
Deposits:
U.S. offices:
Noninterest-bearing657,651 643,748 651,240 656,778 663,772 2 (1)
Interest-bearing1,311,857 1,303,100 1,295,609 1,311,893 1,290,614 1 2 
Non-U.S. offices:
Noninterest-bearing24,109 23,097 22,410 24,268 25,071 4 (4)
Interest-bearing434,792 430,743 410,267 406,023 397,796 1 9 
Total deposits2,428,409 2,400,688 2,379,526 2,398,962 2,377,253 1 2 
Long-term debt395,872 
(e)
391,825 
(e)
362,793 
(e)
364,078 
(e)
295,489 1 34 
Common stockholders’ equity306,737 300,474 289,967 285,112 275,678 2 11 
Total stockholders’ equity336,637 327,878 317,371 312,516 303,082 3 11 
Loans-to-deposits ratio54 %55 %55 %54 %47 %
Employees
311,921 309,926 308,669 300,066 296,877 1 5 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)
$48 $35 $41 $47 $47 37 2 
LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking$17,653 $18,097 $18,362 $17,233 $16,456 (2)7 
Corporate & Investment Bank
13,633 10,958 11,730 12,519 13,600 24 — 
Commercial Banking
3,951 4,016 4,031 3,988 3,511 (2)13 
Asset & Wealth Management 5,109 5,095 5,005 4,943 4,784 — 7 
Corporate2,202 1,777 1,558 3,718 985 24 124 
TOTAL NET REVENUE$42,548 $39,943 $40,686 $42,401 $39,336 7 8 
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking$4,831 $4,788 $5,895 $5,306 $5,243 1 (8)
Corporate & Investment Bank
4,753 2,524 3,092 4,092 4,421 88 8 
Commercial Banking
1,869 1,653 1,935 1,208 1,347 13 39 
Asset & Wealth Management 1,290 1,217 1,417 1,226 1,367 6 (6)
Corporate676 (875)812 2,640 244 NM177 
NET INCOME$13,419 $9,307 $13,151 $14,472 $12,622 44 6 
MEMO: SELECTED FIRMWIDE METRICS
Wealth Management (c)
Client assets (in billions)$3,360 $3,177 $2,929 $2,862 $2,594 6 30 
Number of client advisors9,107 8,971 8,867 8,367 8,314 2 10 
J.P.Morgan Payments (d)
Total net revenue4,465 4,557 4,504 4,729 4,458 (2)— 
Merchant processing volume (in billions)
604 639 610 600 559 (5)8 
Average deposits (in billions)732 730 702 720 707 — 4 
On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC. Refer to page 30 for additional information.
(a)Refer to Corporate & Investment Bank VaR on page 18 for further information.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Consists of Global Private Bank in AWM and client investment assets in J.P.Morgan Wealth Management in CCB.
(d)Predominantly in CIB and CB. Total net revenue includes certain revenues that are reported as investment banking product revenue in CB, and excludes the net impact of equity investments.
(e)Included a five-year $50 billion Purchase Money Note issued to the FDIC, as well as Federal Home Loan Bank (“FHLB”) advances associated with the First Republic acquisition.


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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
1Q24 Change
REVENUE1Q244Q233Q232Q231Q234Q231Q23
Investment banking fees $1,954 $1,635 $1,722 $1,513 $1,649 20 %18 %
Principal transactions6,790 3,725 6,210 6,910 7,615 82 (11)
Lending- and deposit-related fees1,902 1,926 2,039 1,828 1,620 (1)17 
Asset management fees4,146 4,077 3,904 3,774 3,465 2 20 
Commissions and other fees1,805 1,697 1,705 1,739 1,695 6 6 
Investment securities losses(366)(743)(669)(900)(868)51 58 
Mortgage fees and related income275 263 414 278 221 5 24 
Card income1,218 1,247 1,209 1,094 1,234 (2)(1)
Other income (a)1,128 696 614 3,292 1,007 62 12 
Noninterest revenue18,852 14,523 17,148 19,528 17,638 30 7 
Interest income47,438 47,384 44,556 41,644 37,004 — 28 
Interest expense24,356 23,333 21,830 19,865 16,293 4 49 
Net interest income23,082 24,051 22,726 21,779 20,711 (4)11 
TOTAL NET REVENUE41,934 38,574 39,874 41,307 38,349 9 9 
Provision for credit losses1,884 2,762 1,384 2,899 2,275 (32)(17)
NONINTEREST EXPENSE
Compensation expense 13,118 11,847 11,726 11,216 11,676 11 12 
Occupancy expense1,211 1,208 1,197 1,070 1,115 — 9 
Technology, communications and equipment expense 2,421 2,409 2,386 2,267 2,184 — 11 
Professional and outside services 2,548 2,606 2,620 2,561 2,448 (2)4 
Marketing1,160 1,298 1,126 1,122 1,045 (11)11 
Other expense (b)
2,299 
(e)
5,118 
(e)
2,702 2,586 1,639 (55)40 
TOTAL NONINTEREST EXPENSE22,757 24,486 21,757 20,822 20,107 (7)13 
Income before income tax expense17,293 11,326 16,733 17,586 15,967 53 8 
Income tax expense (a)3,874 2,019 
(f)
3,582 3,114 
(g)
3,345 92 16 
NET INCOME$13,419 $9,307 $13,151 $14,472 $12,622 44 6 
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$4.45 $3.04 $4.33 $4.76 $4.11 46 8 
Diluted earnings per share4.44 3.04 4.33 4.75 4.10 46 8 
FINANCIAL RATIOS
Return on common equity (c)
17 %12 %18 %20 %18 %
Return on tangible common equity (c)(d)
21 15 22 25 23 
Return on assets (c)
1.36 0.95 1.36 1.51 1.38 
Effective income tax rate22.4 17.8 
(f)
21.4 17.7 
(g)
20.9 
Overhead ratio54 63 55 50 52 
On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC. Refer to page 30 for additional information.
(a)Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. The adoption of this guidance resulted in a change to the classification and timing of the amortization associated with certain of the Firm’s alternative energy tax-oriented investments. The amortization of these investments that was previously recognized in other income is now recognized in income tax expense, which aligns with the associated tax credits and other tax benefits. The change in accounting increased the Firm’s income tax expense for the three months ended March, 31, 2024, by approximately $450 million, with no material impact to net income.
(b)Included Firmwide legal expense of $(72) million, $175 million, $665 million, $420 million and $176 million for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.
(c)Ratios are based upon annualized amounts.
(d)Refer to page 29 for a further discussion of ROTCE.
(e)Included the FDIC special assessment to recover estimated losses to the Deposit Insurance Fund of $725 million for the three months ended March 31, 2024, which reflects an adjustment to the $2.9 billion estimate recorded in the three months ended December 31, 2023. Refer to Note 6 on page 220 of the Firm’s 2023 Form 10-K for additional information.
(f)Included an income tax benefit of $463 million for the three months ended December 31, 2023, related to the finalization of certain income tax regulations. The benefit resulted in a reduction in the Firm’s effective tax rate of 4.1 percentage points in the fourth quarter of 2023.
(g)Income taxes associated with the First Republic acquisition are reflected in the estimated bargain purchase gain, resulting in a reduction in the Firm’s effective tax rate of 3.4 percentage points in the second quarter of 2023.




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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Mar 31, 2024
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2024202320232023202320232023
ASSETS
Cash and due from banks $22,750 $29,066 $24,921 $26,064 $25,098 (22)%(9)%
Deposits with banks 539,366 595,085 486,448 469,059 520,902 (9)4 
Federal funds sold and securities purchased under
resale agreements330,559 276,152 350,059 325,628 317,111 20 4 
Securities borrowed198,336 200,436 188,279 163,563 195,917 (1)1 
Trading assets:
Debt and equity instruments697,788 485,743 534,923 572,779 519,618 44 34 
Derivative receivables56,621 54,864 67,070 64,217 59,274 3 (4)
Available-for-sale (“AFS”) securities236,152 201,704 197,119 203,262 197,248 17 20 
Held-to-maturity (”HTM”) securities334,527 369,848 388,261 408,941 412,827 (10)(19)
Investment securities, net of allowance for credit losses570,679 571,552 585,380 612,203 610,075 — (6)
Loans1,309,616 1,323,706 1,310,059 1,300,069 1,128,896 (1)16 
Less: Allowance for loan losses22,351 22,420 21,946 21,980 
(b)
20,053 — 11 
Loans, net of allowance for loan losses1,287,265 1,301,286 1,288,113 1,278,089 1,108,843 (1)16 
Accrued interest and accounts receivable
129,823 107,363 127,752 111,561 115,316 21 13 
Premises and equipment30,279 30,157 29,677 29,493 28,266 — 7 
Goodwill, MSRs and other intangible assets64,374 64,381 64,910 64,238 62,090 — 4 
Other assets162,887 159,308 150,801 151,346 181,795 2 (10)
TOTAL ASSETS$4,090,727 $3,875,393 $3,898,333 $3,868,240 $3,744,305 6 9 
LIABILITIES
Deposits$2,428,409 $2,400,688 $2,379,526 $2,398,962 $2,377,253 1 2 
Federal funds purchased and securities loaned or sold
under repurchase agreements325,670 216,535 268,750 266,272 246,396 50 32 
Short-term borrowings46,268 44,712 45,470 41,022 42,241 3 10 
Trading liabilities:
Debt and equity instruments192,324 139,581 165,494 132,264 145,153 38 32 
Derivative payables36,003 40,847 41,963 46,545 44,711 (12)(19)
Accounts payable and other liabilities 301,469 290,307 292,070 286,934 275,077 4 10 
Beneficial interests issued by consolidated VIEs28,075 23,020 24,896 19,647 14,903 22 88 
Long-term debt395,872 
(a)
391,825 
(a)
362,793 
(a)
364,078 
(a)
295,489 1 34 
TOTAL LIABILITIES3,754,090 3,547,515 3,580,962 3,555,724 3,441,223 6 9 
STOCKHOLDERS’ EQUITY
Preferred stock29,900 27,404 27,404 27,404 27,404 9 9 
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital89,903 90,128 89,899 89,578 89,155 — 1 
Retained earnings342,414 332,901 327,044 317,359 306,208 3 12 
Accumulated other comprehensive income/(loss) (“AOCI”)(11,639)(10,443)(17,104)(14,290)(14,418)(11)19 
Treasury stock, at cost(118,046)(116,217)(113,977)(111,640)(109,372)(2)(8)
TOTAL STOCKHOLDERS’ EQUITY336,637 327,878 317,371 312,516 303,082 3 11 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,090,727 $3,875,393 $3,898,333 $3,868,240 $3,744,305 6 9 
On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC. Refer to page 30 for additional information.
(a)Included a five-year $50 billion Purchase Money Note issued to the FDIC, as well as FHLB advances associated with the First Republic acquisition.
(b)Included an addition to the allowance for loan losses of $1.1 billion associated with the First Republic acquisition.

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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDS
1Q24 Change
AVERAGE BALANCES1Q244Q233Q232Q231Q234Q231Q23
ASSETS
Deposits with banks $535,708 $540,040 $456,954 $495,018 $505,662 (1)%6 %
Federal funds sold and securities purchased under resale agreements323,988 319,056 309,848 326,563 313,187 2 3 
Securities borrowed192,545 200,369 188,279 191,393 192,843 (4)— 
Trading assets - debt instruments 422,516 374,254 383,576 391,945 357,682 13 18 
Investment securities580,046 579,450 606,593 611,552 622,050 — (7)
Loans1,311,578 1,315,439 1,306,322 1,238,237 1,129,624 — 16 
All other interest-earning assets (a)79,134 79,787 80,156 89,072 95,709 (1)(17)
Total interest-earning assets 3,445,515 3,408,395 3,331,728 3,343,780 3,216,757 1 7 
Trading assets - equity and other instruments190,783 144,642 173,998 169,558 152,081 32 25 
Trading assets - derivative receivables57,635 62,069 66,972 63,339 64,526 (7)(11)
All other noninterest-earning assets 274,704 270,526 267,079 274,711 276,613 2 (1)
TOTAL ASSETS$3,968,637 $3,885,632 $3,839,777 $3,851,388 $3,709,977 2 7 
LIABILITIES
Interest-bearing deposits $1,726,142 $1,713,189 $1,694,758 $1,715,699 $1,670,036 1 3 
Federal funds purchased and securities loaned or
sold under repurchase agreements294,983 254,211 254,105 263,718 252,310 16 17 
Short-term borrowings
38,529 37,941 37,837 35,335 38,763 2 (1)
Trading liabilities - debt and all other interest-bearing liabilities (b)
302,997 287,443 288,007 293,269 277,576 5 9 
Beneficial interests issued by consolidated VIEs27,407 23,133 21,890 15,947 13,483 18 103 
Long-term debt 340,411 325,843 315,267 294,239 249,336 4 37 
Total interest-bearing liabilities 2,730,469 2,641,760 2,611,864 2,618,207 2,501,504 3 9 
Noninterest-bearing deposits 648,644 658,912 660,983 671,715 650,443 (2)— 
Trading liabilities - equity and other instruments 28,622 34,176 29,508 28,513 29,769 (16)(4)
Trading liabilities - derivative payables39,877 42,447 46,754 46,934 49,357 (6)(19)
All other noninterest-bearing liabilities 192,796 186,871 178,466 180,730 180,303 3 7 
TOTAL LIABILITIES3,640,408 3,564,166 3,527,575 3,546,099 3,411,376 2 7 
Preferred stock27,952 27,404 27,404 27,404 27,404 2 2 
Common stockholders’ equity300,277 294,062 284,798 277,885 271,197 2 11 
TOTAL STOCKHOLDERS’ EQUITY328,229 321,466 312,202 305,289 298,601 2 10 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,968,637 $3,885,632 $3,839,777 $3,851,388 $3,709,977 2 7 
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks 4.79 %4.79 %4.58 %4.20 %3.87 %
Federal funds sold and securities purchased under resale agreements5.23 5.26 5.06 4.63 4.06 
Securities borrowed4.52 4.59 4.39 3.91 3.61 
Trading assets - debt instruments 4.38 4.39 4.32 4.12 4.15 
Investment securities3.64 3.53 3.23 3.01 2.79 
Loans 7.03 6.97 6.79 6.59 6.37 
All other interest-earning assets (a)(d)10.22 10.10 9.42 8.85 7.50 
Total interest-earning assets 5.55 5.53 5.32 5.01 4.68 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 2.85 2.78 2.53 2.24 1.85 
Federal funds purchased and securities loaned or
sold under repurchase agreements5.41 5.51 5.50 5.17 4.51 
Short-term borrowings
5.57 5.55 5.38 4.87 4.40 
Trading liabilities - debt and all other interest-bearing liabilities (b)3.50 3.58 3.39 3.25 2.88 
Beneficial interests issued by consolidated VIEs5.34 5.36 5.38 4.95 4.43 
Long-term debt 5.46 5.33 5.33 5.28 5.39 
Total interest-bearing liabilities 3.59 3.50 3.32 3.04 2.64 
INTEREST RATE SPREAD1.96 2.03 2.00 1.97 2.04 
NET YIELD ON INTEREST-EARNING ASSETS2.71 2.81 2.72 2.62 2.63 
Memo: Net yield on interest-earning assets excluding Markets (e)3.83 3.86 3.89 3.83 3.80 
(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)    All other interest-bearing liabilities include brokerage-related customer payables.
(c)    Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.
(d) The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.
(e)    Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 29 for a further discussion of this measure.


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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 29 for additional information on managed basis.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
OTHER INCOME
Other income - reported (a)$1,128 $696 $614 $3,292 $1,007 62 %12 %
Fully taxable-equivalent adjustments (a)(b)493 1,243 682 990 867 (60)(43)
Other income - managed$1,621 $1,939 $1,296 $4,282 $1,874 (16)(14)
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported$18,852 $14,523 $17,148 $19,528 $17,638 30 7 
Fully taxable-equivalent adjustments493 1,243 682 990 867 (60)(43)
Total noninterest revenue - managed$19,345 $15,766 $17,830 $20,518 $18,505 23 5 
NET INTEREST INCOME
Net interest income - reported$23,082 $24,051 $22,726 $21,779 $20,711 (4)11 
Fully taxable-equivalent adjustments (b)
121 126 130 104 120 (4)1 
Net interest income - managed$23,203 $24,177 $22,856 $21,883 $20,831 (4)11 
TOTAL NET REVENUE
Total net revenue - reported$41,934 $38,574 $39,874 $41,307 $38,349 9 9 
Fully taxable-equivalent adjustments614 1,369 812 1,094 987 (55)(38)
Total net revenue - managed$42,548 $39,943 $40,686 $42,401 $39,336 7 8 
PRE-PROVISION PROFIT
Pre-provision profit - reported$19,177 $14,088 $18,117 $20,485 $18,242 36 5 
Fully taxable-equivalent adjustments614 1,369 812 1,094 987 (55)(38)
Pre-provision profit - managed$19,791 $15,457 $18,929 $21,579 $19,229 28 3 
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$17,293 $11,326 $16,733 $17,586 $15,967 53 8 
Fully taxable-equivalent adjustments614 1,369 812 1,094 987 (55)(38)
Income before income tax expense - managed$17,907 $12,695 $17,545 $18,680 $16,954 41 6 
INCOME TAX EXPENSE
Income tax expense - reported (a)$3,874 $2,019 $3,582 $3,114 $3,345 92 16 
Fully taxable-equivalent adjustments (a)614 1,369 812 1,094 987 (55)(38)
Income tax expense - managed$4,488 $3,388 $4,394 $4,208 $4,332 32 4 
OVERHEAD RATIO
Overhead ratio - reported54 %63 %55 %50 %52 %
Overhead ratio - managed53 61 53 49 51 
(a)Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. Refer to page 4 for additional information.
(b)Predominantly recognized in CIB, CB and Corporate.

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SEGMENT RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$17,653 $18,097 $18,362 $17,233 $16,456 (2)%7 %
Corporate & Investment Bank (a)
13,633 10,958 11,730 12,519 13,600 24 — 
Commercial Banking (a)
3,951 4,016 4,031 3,988 3,511 (2)13 
Asset & Wealth Management 5,109 5,095 5,005 4,943 4,784 — 7 
Corporate2,202 1,777 1,558 3,718 985 24 124 
TOTAL NET REVENUE$42,548 $39,943 $40,686 $42,401 $39,336 7 8 
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking$9,297 $9,336 $9,105 $8,313 $8,065 — 15 
Corporate & Investment Bank (a)
7,218 6,774 7,443 6,894 7,483 7 (4)
Commercial Banking (a)
1,506 1,395 1,375 1,300 1,308 8 15 
Asset & Wealth Management3,460 3,388 3,138 3,163 3,091 2 12 
Corporate1,276 3,593 696 1,152 160 (64)NM
TOTAL NONINTEREST EXPENSE$22,757 $24,486 $21,757 $20,822 $20,107 (7)13 
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking$8,356 $8,761 $9,257 $8,920 $8,391 (5)— 
Corporate & Investment Bank (a)
6,415 4,184 4,287 5,625 6,117 53 5 
Commercial Banking (a)
2,445 2,621 2,656 2,688 2,203 (7)11 
Asset & Wealth Management1,649 1,707 1,867 1,780 1,693 (3)(3)
Corporate926 (1,816)862 2,566 825 NM12 
PRE-PROVISION PROFIT$19,791 $15,457 $18,929 $21,579 $19,229 28 3 
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$1,913 $2,189 $1,446 $1,862 $1,402 (13)36 
Corporate & Investment Bank (a)
32 210 (185)38 58 (85)(45)
Commercial Banking (a)
(31)366 90 1,097 417 NMNM
Asset & Wealth Management(57)(1)(13)145 28 NMNM
Corporate27 (2)46 (243)370 NM(93)
PROVISION FOR CREDIT LOSSES$1,884 $2,762 $1,384 $2,899 $2,275 (32)(17)
NET INCOME/(LOSS)
Consumer & Community Banking $4,831 $4,788 $5,895 $5,306 $5,243 1 (8)
Corporate & Investment Bank (a)
4,753 2,524 3,092 4,092 4,421 88 8 
Commercial Banking (a)
1,869 1,653 1,935 1,208 1,347 13 39 
Asset & Wealth Management 1,290 1,217 1,417 1,226 1,367 6 (6)
Corporate 676 (875)812 2,640 244 NM177 
TOTAL NET INCOME$13,419 $9,307 $13,151 $14,472 $12,622 44 6 
(a)As a result of the organizational changes that were announced on January 25, 2024, the Firm will be reorganizing its business segments to reflect the manner in which the segments will be managed. The reorganization of the business segments will be effective in the second quarter of 2024. Refer to Recent events on page 52 of JPMorgan Chase's 2023 Form 10-K for additional information.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Mar 31, 2024
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2024202320232023202320232023
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital$257,569 (c)$250,585 $241,825 $235,827 $227,144 3 %13 %
Tier 1 capital280,774 (c)277,306 268,579 262,585 253,837 1 11 
Total capital312,255 (c)308,497 300,859 295,281 286,398 1 9 
Risk-weighted assets 1,715,588 (c)1,671,995 1,692,219 1,706,927 1,647,363 3 4 
CET1 capital ratio15.0 %(c)15.0 %14.3 %13.8 %13.8 %
Tier 1 capital ratio16.4 (c)16.6 15.9 15.4 15.4 
Total capital ratio18.2 (c)18.5 17.8 17.3 17.4 
Advanced
CET1 capital$257,569 (c)$250,585 $241,825 $235,827 $227,144 3 13 
Tier 1 capital 280,774 (c)277,306 268,579 262,585 253,837 1 11 
Total capital298,854 (c)295,417 287,560 281,953 273,122 1 9 
Risk-weighted assets1,684,038 (c)1,669,156 1,671,593 1,694,714 1,633,774 1 3 
CET1 capital ratio15.3 %(c)15.0 %14.5 %13.9 %13.9 %
Tier 1 capital ratio16.7 (c)16.6 16.1 15.5 15.5 
Total capital ratio17.7 (c)17.7 17.2 16.6 16.7 
Leverage-based capital metrics
Adjusted average assets (b)$3,913,680 (c)$3,831,200 $3,785,641 $3,796,579 $3,656,598 2 7 
Tier 1 leverage ratio7.2 %(c)7.2 %7.1 %6.9 %6.9 %
Total leverage exposure$4,634,646 (c)$4,540,465 $4,500,253 $4,492,761 $4,327,863 2 7 
SLR6.1 %(c)6.1 %6.0 %5.8 %5.9 %
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC$520,408 (c)$513,799 $496,183 $493,760 $488,245 1 7 
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance$250,585 $241,825 $235,827 $227,144 $218,934 4 14 
Net income applicable to common equity13,022 8,921 12,765 14,099 12,266 46 6 
Dividends declared on common stock(3,348)(3,064)(3,080)(2,948)(2,963)(9)(13)
Net purchase of treasury stock(1,829)(2,240)(2,337)(2,268)(2,036)18 10 
Changes in additional paid-in capital(225)229 321 423 111 NMNM
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities141 4,362 (1,950)757 2,212 (97)(94)
Translation adjustments, net of hedges(204)402 (340)70 197 NMNM
Fair value hedges(21)(86)(5)11 (21)76 — 
Defined benefit pension and other postretirement employee benefit plans26 455 (21)(6)(55)(94)NM
Changes related to other CET1 capital adjustments(578)(c)(219)645 (1,455)(1,501)(164)61 
Change in Standardized/Advanced CET1 capital6,984 (c)8,760 5,998 8,683 8,210 (20)(15)
Standardized/Advanced CET1 capital, ending balance$257,569 (c)$250,585 $241,825 $235,827 $227,144 3 13 
(a)The capital metrics reflect the CECL capital transition provisions. As of March 31, 2024, CET1 capital reflected the final remaining $720 million CECL benefit; as of December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, CET1 capital reflected a $1.4 billion benefit. Refer to Note 27 of the Firm’s 2023 Form 10-K for additional information.
(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.
(c)Estimated.




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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
Mar 31, 2024
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2024202320232023202320232023
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity$306,737 $300,474 $289,967 $285,112 $275,678 2 %11 %
Less: Goodwill52,636 52,634 52,492 52,380 52,144 — 1 
Less: Other intangible assets3,133 3,225 3,309 3,629 2,191 (3)43 
Add: Certain deferred tax liabilities (b)2,981 2,996 3,025 3,097 2,754 (1)8 
Total tangible common equity$253,949 $247,611 $237,191 $232,200 $224,097 3 13 
TANGIBLE COMMON EQUITY (average) (a)
Common stockholders’ equity$300,277 $294,062 $284,798 $277,885 $271,197 2 11 
Less: Goodwill52,614 52,538 52,427 52,342 51,716 — 2 
Less: Other intangible assets3,157 3,254 3,511 2,191 1,296 (3)144 
Add: Certain deferred tax liabilities (b)2,988 2,992 3,080 2,902 2,549 — 17 
Total tangible common equity$247,494 $241,262 $231,940 $226,254 $220,734 3 12 
INTANGIBLE ASSETS (period-end)
Goodwill$52,636 $52,634 $52,492 $52,380 $52,144 — 1 
Mortgage servicing rights8,605 8,522 9,109 8,229 7,755 1 11 
Other intangible assets3,133 3,225 3,309 3,629 2,191 (3)43 
Total intangible assets$64,374 $64,381 $64,910 $64,238 $62,090 — 4 
    
(a)Refer to page 29 for further discussion of TCE.
(b)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.

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EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data) 
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
EARNINGS PER SHARE
Basic earnings per share
Net income$13,419 $9,307 $13,151 $14,472 $12,622 44 %6 %
Less: Preferred stock dividends397 386 386 373 356 3 12 
Net income applicable to common equity13,022 8,921 12,765 14,099 12,266 46 6 
Less: Dividends and undistributed earnings allocated to
participating securities80 51 80 88 73 57 10 
Net income applicable to common stockholders$12,942 $8,870 $12,685 $14,011 $12,193 46 6 
Total weighted-average basic shares outstanding2,908.3 2,914.4 2,927.5 2,943.8 2,968.5 — (2)
Net income per share$4.45 $3.04 $4.33 $4.76 $4.11 46 8 
Diluted earnings per share
Net income applicable to common stockholders$12,942 $8,870 $12,685 $14,011 $12,193 46 6 
Total weighted-average basic shares outstanding2,908.3 2,914.4 2,927.5 2,943.8 2,968.5 — (2)
Add: Dilutive impact of unvested performance share units
    (“PSUs”), nondividend-earning restricted stock units
    (“RSUs”) and stock appreciation rights (“SARs”)		4.5 4.7 4.6 4.5 4.2 (4)7 
Total weighted-average diluted shares outstanding2,912.8 2,919.1 2,932.1 2,948.3 2,972.7 — (2)
Net income per share$4.44 $3.04 $4.33 $4.75 $4.10 46 8 
COMMON DIVIDENDS
Cash dividends declared per share$1.15 (c)$1.05 $1.05 $1.00 $1.00 10 15 
Dividend payout ratio26 %34 %24 %21 %24 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased15.9 15.2 15.6 16.7 22.0 5 (28)
Average price paid per share of common stock$179.50 $151.02 $151.46 $137.20 $133.67 19 34 
Aggregate repurchases of common stock2,849 2,301 2,364 2,293 2,940 24 (3)
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans10.9 0.8 0.6 0.5 10.0 NM9 
Net impact of employee issuances on stockholders’ equity (b)$801 $308 $368 $467 $1,028 160 (22)
(a)The Firm is authorized to purchase up to $30 billion of common shares under its 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 SARs.
(c)On March 19, 2024, the Board of Directors declared a quarterly common stock dividend of $1.15 per share.


















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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$822 $856 $836 $841 $823 (4)%— %
Asset management fees947 (d)899 (d)891 (d)816 (d)676 5 40 
Mortgage fees and related income274 261 417 274 223 5 23 
Card income682 684 626 483 739 — (8)
All other income (a)1,220 (d)1,270 (d)1,212 (d)1,129 (d)1,162 (4)5 
Noninterest revenue3,945 3,970 3,982 3,543 3,623 (1)9 
Net interest income13,708 (d)14,127 (d)14,380 (d)13,690 (d)12,833 (3)7 
TOTAL NET REVENUE17,653 18,097 18,362 17,233 16,456 (2)7 
Provision for credit losses1,913 (d)2,189 (d)1,446 (d)1,862 (d)1,402 (13)36 
NONINTEREST EXPENSE
Compensation expense4,229 4,023 3,975 3,628 3,545 5 19 
Noncompensation expense (b)5,068 5,313 5,130 4,685 4,520 (5)12 
TOTAL NONINTEREST EXPENSE9,297 (d)9,336 (d)9,105 (d)8,313 (d)8,065 — 15 
Income before income tax expense6,443 6,572 7,811 7,058 6,989 (2)(8)
Income tax expense 1,612 1,784 1,916 1,752 1,746 (10)(8)
NET INCOME$4,831 $4,788 $5,895 $5,306 $5,243 1 (8)
REVENUE BY LINE OF BUSINESS
Banking & Wealth Management $10,324 (e)$10,877 (e)$11,345 (e)$10,936 (e)$10,041 (5)3 
Home Lending1,186 (e)1,161 (e)1,252 (e)1,007 (e)720 2 65 
Card Services & Auto 6,143 6,059 5,765 5,290 5,695 1 8 
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue130 82 162 102 75 59 73 
Net mortgage servicing revenue (c)144 179 255 172 148 (20)(3)
Mortgage fees and related income$274 $261 $417 $274 $223 5 23 
FINANCIAL RATIOS
ROE35 %33 %41 %38 %40 %
Overhead ratio 53 52 50 48 49 
(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $665 million, $666 million, $685 million, $704 million and $741 million for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.
(b)Included depreciation expense on leased assets of $427 million, $425 million, $458 million, $445 million and $407 million for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.
(c)Included MSR risk management results of $(1) million, $7 million, $111 million, $25 million and $(12) million for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.
(d)Includes First Republic. Refer to page 30 for additional information.
(e)Banking & Wealth Management and Home Lending included revenue associated with First Republic of $639 million and $392 million, respectively, for the three months ended March 31, 2024, $745 million and $346 million, respectively, for the three months ended December 31, 2023, $1.0 billion and $351 million, respectively, for the three months ended September 30, 2023, and $596 million and $235 million, respectively, for the three months ended June 30, 2023.

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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee data)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
SELECTED BALANCE SHEET DATA (period-end)
Total assets$629,122 $642,951 $626,196 $620,193 $506,382 (2)%24 %
Loans:
Banking & Wealth Management
31,266 
(c)
31,142 
(c)
30,574 
(c)
30,959 
(c)
28,038 — 12 
Home Lending (a)
254,243 
(c)
259,181 
(c)
261,858 
(c)
262,432 
(c)
172,058 (2)48 
Card Services206,823 211,175 196,955 191,353 180,079 (2)15 
Auto 76,508 77,705 74,831 73,587 69,556 (2)10 
Total loans 568,840 579,203 564,218 558,331 449,731 (2)26 
Deposits1,105,583 
(d)
1,094,738 
(d)
1,136,884 
(d)
1,173,514 
(d)
1,147,474 1 (4)
Equity54,500 55,500 55,500 55,500 52,000 (2)5 
SELECTED BALANCE SHEET DATA (average)
Total assets$627,862 $629,744 $622,760 $576,417 $506,775 — 24 
Loans:
Banking & Wealth Management31,241 
(e)
30,718 
(e)
30,686 
(e)
30,628 
(e)
28,504 2 10 
Home Lending (b)
257,866 
(e)
261,394 
(e)
264,041 
(e)
229,569 
(e)
172,124 (1)50 
Card Services204,701 202,685 195,245 187,028 180,451 1 13 
Auto 77,268 76,409 74,358 71,083 68,744 1 12 
Total loans571,076 571,206 564,330 518,308 449,823 — 27 
Deposits1,079,243 
(f)
1,092,432 
(f)
1,143,539 
(f)
1,157,309 
(f)
1,112,967 (1)(3)
Equity54,500 55,500 55,500 54,346 52,000 (2)5 
Employees
142,758 141,640 141,125 137,087 135,983 1 5 
(a)At March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, Home Lending loans held-for-sale and loans at fair value were $4.8 billion, $3.4 billion, $4.1 billion, $3.9 billion and $4.2 billion, respectively.
(b)Average Home Lending loans held-for sale and loans at fair value were $4.7 billion, $4.7 billion, $5.7 billion, $5.3 billion and $3.5 billion for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.
(c)At March 31, 2024, included $3.9 billion and $89.7 billion for Banking & Wealth Management and Home Lending, respectively, $4.0 billion and $90.7 billion, respectively, at December 31, 2023, $3.1 billion and $91.2 billion, respectively, at September 30, 2023, and $3.4 billion and $91.3 billion, respectively, at June 30, 2023, associated with First Republic.
(d)Includes First Republic. In the fourth quarter of 2023, CCB transferred certain deposits associated with First Republic to AWM, CB, and CIB. Refer to page 30 for additional information.
(e)Average Banking & Wealth Management and Home Lending loans associated with First Republic were $4.0 billion and $90.2 billion, respectively, for the three months ended March 31, 2024, $3.4 billion and $91.1 billion, respectively, for the three months ended December 31, 2023, $3.2 billion and $91.1 billion, respectively, for the three months ended September 30, 2023, and $2.7 billion and $57.2 billion, respectively, for the three months ended June 30, 2023.
(f)Average deposits associated with First Republic were $40.6 billion, $42.9 billion, $66.7 billion and $47.2 billion for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023, respectively.


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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)
$3,647 $3,740 $3,690 $3,823 $3,835 (2)%(5)%
Net charge-offs/(recoveries)
Banking & Wealth Management79 81 88 92 79 (2)— 
Home Lending(7)6 (16)(28)(18)NM61 
Card Services1,688 1,426 1,227 1,124 922 18 83 
Auto119 125 100 63 69 (5)72 
Total net charge-offs/(recoveries)$1,879 $1,638 $1,399 $1,251 $1,052 15 79 
Net charge-off/(recovery) rate
Banking & Wealth Management
1.02 %1.05 %1.14 %1.20 %1.12 %
Home Lending(0.01)0.01 (0.02)(0.05)(0.04)
Card Services3.32 2.79 2.49 2.41 2.07 
Auto 0.62 0.65 0.53 0.36 0.41 
Total net charge-off/(recovery) rate1.33 1.15 0.99 0.98 0.96 
30+ day delinquency rate
Home Lending (b)
0.70 %0.66 %0.59 %0.58 %0.81 %
Card Services2.23 2.14 1.94 1.70 1.68 
Auto1.03 1.19 1.13 0.92 0.90 
90+ day delinquency rate - Card Services1.16 1.05 0.94 0.84 0.83 
Allowance for loan losses
Banking & Wealth Management $706 $685 $686 $731 $720 3 (2)
Home Lending432 
(c)
578 
(c)
573 
(c)
777 
(c)
427 (25)1 
Card Services12,606 12,453 11,901 11,600 11,400 1 11 
Auto 742 742 742 717 716 — 4 
Total allowance for loan losses$14,486 $14,458 $13,902 $13,825 $13,263 
(d)
— 9 
(a)At March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $107 million, $123 million, $123 million, $139 million and $164 million, respectively. 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.
(b)At March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $147 million, $176 million, $175 million, $195 million and $219 million, respectively. These amounts have been excluded based upon the government guarantee.
(c)Includes First Republic.
(d)On January 1, 2023, the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance. The adoption of this guidance resulted in a net decrease in the allowance for loan losses of $591 million, driven by residential real estate and credit card. Refer to Credit-related information on pages 27-28, and Note 1 of the Firm’s 2023 Form 10-K for further information.



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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 TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
BUSINESS METRICS
Number of:
Branches4,907 4,897 4,863 4,874 4,784 — %3 %
Active digital customers (in thousands) (a) 68,496 (f)66,983 (f)66,765 (f)65,559 (f)64,998 2 5 
Active mobile customers (in thousands) (b) 54,674 (f)53,828 (f)53,221 (f)51,963 (f)50,933 2 7 
Debit and credit card sales volume (in billions)$420.7 $441.0 $426.3 $424.0 $387.3 (5)9 
Total payments transaction volume (in trillions) (c)1.5 (f)1.5 (f)1.5 (f)1.5 (f)1.4 — 7 
Banking & Wealth Management
Average deposits $1,065,562 (g)$1,077,725 (g)$1,127,807 (g)$1,142,755 (g)$1,098,494 (1)(3)
Deposit margin 2.71 %2.82 %2.92 %2.83 %2.78 %
Business Banking average loans$19,447 $19,511 $19,520 $19,628 $19,884 — (2)
Business Banking origination volume 1,130 1,130 1,321 1,275 1,027 — 10 
Client investment assets (d)1,010,315 951,115 882,253 892,897 690,819 6 46 
Number of client advisors5,571 5,456 5,424 5,153 5,125 2 9 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $4.4 (h)$4.7 (h)$6.8 (h)$7.3 (h)$3.6 (6)22 
Correspondent 2.2 2.5 4.2 3.9 2.1 (12)5 
Total mortgage origination volume (e)$6.6 $7.2 $11.0 $11.2 $5.7 (8)16 
Third-party mortgage loans serviced (period-end)626.2 631.2 637.8 604.5 575.9 (1)9 
MSR carrying value (period-end)8.6 8.5 9.1 8.2 7.7 1 12 
Card Services
Sales volume, excluding commercial card (in billions)$291.0 $307.2 $296.2 $294.0 $266.2 (5)9 
Net revenue rate10.09 %9.82 %9.60 %9.11 %10.38 %
Net yield on average loans9.90 9.70 9.54 9.31 9.89 
Auto
Loan and lease origination volume (in billions)$8.9 $9.9 $10.2 $12.0 $9.2 (10)(3)
Average auto operating lease assets10,435 10,440 10,701 11,015 11,538 — (10)
(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)Total payments transaction volume includes debit and credit card sales volume and gross outflows of ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person and checks.
(d)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 21-23 for additional information. At March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023 included $146.6 billion, $144.6 billion, $140.6 billion, and $150.9 billion of client investment assets associated with First Republic, respectively.
(e)Firmwide mortgage origination volume was $7.6 billion, $8.6 billion, $13.0 billion, $13.0 billion and $6.8 billion for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively
(f)Excludes First Republic.
(g)Included $40.6 billion, $42.9 billion, $66.7 billion, and $47.2 billion for the three months ended March 31, 2024 December 31, 2023, September 30, 2023, and June 30, 2023, respectively, associated with First Republic.
(h)Included $304 million, $410 million, $730 million, and $1.1 billion for the three months ended March 31, 2024 December 31, 2023, September 30, 2023, and June 30, 2023, respectively, associated with First Republic.

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JPMORGAN CHASE & CO.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
INCOME STATEMENT
REVENUE
Investment banking fees (a)$2,001 $1,654 $1,717 $1,557 $1,654 21 %21 %
Principal transactions6,639 3,648 5,918 6,697 7,408 82 (10)
Lending- and deposit-related fees642 585 556 533 539 10 19 
Commissions and other fees1,248 1,194 1,174 1,219 1,234 5 1 
Card income326 361 374 400 315 (10)3 
All other income380 678 131 396 373 (44)2 
Noninterest revenue11,236 8,120 9,870 10,802 11,523 38 (2)
Net interest income2,397 2,838 1,860 1,717 2,077 (16)15 
TOTAL NET REVENUE (b)13,633 10,958 11,730 12,519 13,600 24 — 
Provision for credit losses32 210 (185)38 58 (85)(45)
NONINTEREST EXPENSE
Compensation expense4,090 3,374 3,425 3,461 4,085 21 — 
Noncompensation expense3,128 3,400 4,018 3,433 3,398 (8)(8)
TOTAL NONINTEREST EXPENSE7,218 6,774 7,443 6,894 7,483 7 (4)
Income before income tax expense6,383 3,974 4,472 5,587 6,059 61 5 
Income tax expense 1,630 1,450 1,380 1,495 1,638 12 — 
NET INCOME$4,753 $2,524 $3,092 $4,092 $4,421 88 8 
FINANCIAL RATIOS
ROE18 %9 %11 %15 %16 %
Overhead ratio53 62 63 55 55 
Compensation expense as percentage of total net revenue30 31 29 28 30 
REVENUE BY BUSINESS
Investment Banking$1,986 $1,576 $1,613 $1,494 $1,560 26 27 
Payments 2,367 2,332 2,094 2,451 2,396 2 (1)
Lending130 150 291 299 267 (13)(51)
Total Banking4,483 4,058 3,998 4,244 4,223 10 6 
Fixed Income Markets5,297 4,033 4,514 4,567 5,699 31 (7)
Equity Markets2,685 1,778 2,067 2,451 2,683 51 — 
Securities Services 1,183 1,191 1,212 1,221 1,148 (1)3 
Credit Adjustments & Other (c)(15)(102)(61)36 (153)85 90 
Total Markets & Securities Services9,150 6,900 7,732 8,275 9,377 33 (2)
TOTAL NET REVENUE$13,633 $10,958 $11,730 $12,519 $13,600 24 — 
(a)Includes CB's share of revenue from investment banking products sold to CB clients through the CIB that is subject to a revenue sharing arrangement which is reported as a reduction in All other income.
(b)Includes tax-equivalent adjustments, predominantly due to income tax credits, amortization of the cost of investments and other tax benefits related to alternative energy investments and affordable housing projects; and income from tax-exempt securities of $471 million, $1.2 billion, $643 million, $953 million and $839 million for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively. Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. Refer to page 4 for additional information.
(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, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.



Page 16
                                                                    
JPMORGAN CHASE & CO.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,594,901 $1,338,168 $1,446,231 $1,432,054 $1,436,237 19 %11 %
Loans:
Loans retained (a)194,299 197,523 194,255 194,450 187,133 (2)4 
Loans held-for-sale and loans at fair value (b)40,466 38,919 39,069 38,959 38,335 4 6 
Total loans 234,765 236,442 233,324 233,409 225,468 (1)4 
Equity102,000 108,000 108,000 108,000 108,000 (6)(6)
SELECTED BALANCE SHEET DATA (average)
Total assets$1,492,897 $1,401,288 $1,423,182 $1,461,857 $1,429,662 7 4 
Trading assets - debt and equity instruments 580,753 490,329 522,845 533,082 488,767 18 19 
Trading assets - derivative receivables 57,239 62,454 65,774 63,094 64,016 (8)(11)
Loans:
Loans retained (a)192,857 193,870 193,683 189,153 185,572 (1)4 
Loans held-for-sale and loans at fair value (b)42,321 39,438 39,227 38,132 42,569 7 (1)
Total loans235,178 233,308 232,910 227,285 228,141 1 3 
Deposits780,073 764,438 726,617 722,818 699,586 2 12 
Equity102,000 108,000 108,000 108,000 108,000 (6)(6)
Employees
74,367 74,404 74,900 74,822 74,352 — — 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$2 $121 $45 $56 $50 (98)(96)
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)929 866 978 924 832 7 12 
Nonaccrual loans held-for-sale and loans at fair value (d)1,080 828 801 818 808 30 34 
Total nonaccrual loans 2,009 1,694 1,779 1,742 1,640 19 23 
Derivative receivables293 364 293 286 291 (20)1 
Assets acquired in loan satisfactions109 115 126 133 86 (5)27 
Total nonperforming assets 2,411 2,173 2,198 2,161 2,017 11 20 
Allowance for credit losses:
Allowance for loan losses2,291 2,321 2,414 2,531 2,454 (1)(7)
Allowance for lending-related commitments1,077 1,048 1,095 1,207 1,301 3 (17)
Total allowance for credit losses3,368 3,369 3,509 3,738 3,755 — (10)
Net charge-off/(recovery) rate (a)(e)— %0.25 %0.09 %0.12 %0.11 %
Allowance for loan losses to period-end loans retained (a)1.18 1.18 1.24 1.30 1.31 
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (f)1.65 1.64 1.74 1.86 1.81 
Allowance for loan losses to nonaccrual loans retained (a)(c)247 268 247 274 295 
Nonaccrual loans to total period-end loans0.86 0.72 0.76 0.75 0.73 
(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)Allowance for loan losses of $126 million, $95 million, $182 million, $145 million and $153 million were held against these nonaccrual loans at March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.
(d)At March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $50 million, $59 million, $65 million, $76 million and $99 million, respectively. These amounts have been excluded based upon the government guarantee.
(e)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
(f)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.

Page 17
                                                                    
JPMORGAN CHASE & CO.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
BUSINESS METRICS
Advisory$598 $751 $767 $540 $756 (20)%(21)%
Equity underwriting355 324 274 318 235 10 51 
Debt underwriting1,048 579 676 699 663 81 58 
Total investment banking fees$2,001 $1,654 $1,717 $1,557 $1,654 21 21 
Client deposits and other third-party liabilities (average) (a)665,868 660,750 638,119 647,479 633,729 1 5 
Merchant processing volume (in billions) (b)
604 639 610 600 559 (5)8 
Assets under custody (“AUC”) (period-end) (in billions)$33,985 $32,392 $29,725 $30,424 $29,725 5 14 
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (c)
Fixed income$35 $35 $49 $57 $56 — (38)
Foreign exchange 13 10 17 12 10 30 30 
Equities6 5 7 8 7 20 (14)
Commodities and other7 8 10 12 15 (13)(53)
Diversification benefit to CIB trading VaR (d) (29)(29)(48)(48)(44)— 34 
CIB trading VaR (c)32 29 35 41 44 10 (27)
Credit Portfolio VaR (e)24 16 15 14 11 50 118 
Diversification benefit to CIB VaR (d)(15)(13)(12)(11)(10)(15)(50)
CIB VaR$41 $32 $38 $44 $45 28 (9)
(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
(b)Represents Firmwide merchant processing volume.
(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 2023 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. In line with the Firm's internal model governance, the credit risk component of CVA related to certain counterparties was removed from Credit Portfolio VaR due to the widening of the credit spreads for those counterparties to elevated levels. The related hedges were also removed to maintain consistency. This exposure is now reflected in other sensitivity-based measures.
Page 18
                                                                    
JPMORGAN CHASE & CO.
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COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees $331 (e)$324 (e)$410 (e)$249 $227 2 %46 %
Card income199 191 198 201 173 4 15 
All other income 395 391 364 385 381 1 4 
Noninterest revenue 925 906 972 835 781 2 18 
Net interest income3,026 (e)3,110 (e)3,059 (e)3,153 (e)2,730 (3)11 
TOTAL NET REVENUE (a)3,951 4,016 4,031 3,988 3,511 (2)13 
Provision for credit losses(31)(e)366 (e)90 (e)1,097 (e)417 NMNM
NONINTEREST EXPENSE
Compensation expense 806 (e)733 (e)730 (e)656 641 10 26 
Noncompensation expense700 662 645 644 667 6 5 
TOTAL NONINTEREST EXPENSE1,506 1,395 1,375 1,300 1,308 8 15 
Income before income tax expense2,476 2,255 2,566 1,591 1,786 10 39 
Income tax expense 607 602 631 383 439 1 38 
NET INCOME
$1,869 $1,653 $1,935 $1,208 $1,347 13 39 
REVENUE BY PRODUCT
Lending$1,609 (e)$1,629 (e)$1,662 (e)$1,480 (e)$1,222 (1)32 
Payments (b)2,014 2,045 2,045 2,188 1,972 (2)2 
Investment banking (b)(c)320 298 290 273 306 7 5 
Other8 44 34 47 11 (82)(27)
TOTAL NET REVENUE (a)$3,951 $4,016 $4,031 $3,988 $3,511 (2)13 
Investment Banking and Markets revenue, gross (d)$913 $924 $821 $767 $881 (1)4 
REVENUE BY CLIENT SEGMENT
Middle Market Banking $1,832 (f)$1,898 (f)$1,876 (f)$1,916 (f)$1,681 (3)9 
Corporate Client Banking 1,194 1,164 1,208 1,229 1,176 3 2 
Commercial Real Estate Banking909 (f)939 (f)921 (f)806 (f)642 (3)42 
Other16 15 26 37 12 7 33 
TOTAL NET REVENUE (a)$3,951 $4,016 $4,031 $3,988 $3,511 (2)13 
FINANCIAL RATIOS
ROE24 %21 %25 %16 %18 %
Overhead ratio38 35 34 33 37 
(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 $86 million, $108 million, $103 million, $89 million and $82 million for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.
(b)In the third quarter of 2023, certain revenue from CIB Markets products was reclassified from payments to investment banking. Prior-period amounts have been revised to conform with the current presentation.
(c)Includes CB’s share of revenue from Investment Banking and Markets’ products sold to CB clients through the CIB which is reported in All other income.
(d)Includes gross revenues earned by the Firm that are subject to a revenue sharing arrangement between CB and the CIB for Investment Banking and Markets’ products sold to CB clients. This includes revenues related to fixed income and equity markets products. Refer to page 65 of the Firm’s 2023 Form 10-K for discussion of revenue sharing.
(e)Includes First Republic. Refer to page 30 for additional information.
(f)Middle Market Banking and Commercial Real Estate Banking included $72 million and $278 million, respectively, for the three months ended March 31, 2024, $75 million and $284 million, respectively, for the three months ended December 31, 2023, $93 million and $273 million, respectively, for the three months ended September 30, 2023, and $48 million and $130 million, respectively, for the three months ended June 30, 2023, associated with First Republic.

Page 19
                                                                    
JPMORGAN CHASE & CO.
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COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee and ratio data)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
SELECTED BALANCE SHEET DATA (period-end)
Total assets$303,350 $300,325  $300,367 $305,280 $261,181 1 %16 %
Loans:
Loans retained281,155 
(c)
277,663 
(c)
281,389 
(c)
282,124 
(c)
238,752 1 18 
Loans held-for-sale and loans at fair value280 545 915 1,540 1,538 (49)(82)
Total loans$281,435 $278,208 $282,304 $283,664 $240,290 1 17 
Equity30,000 30,000 30,000 30,000 28,500 — 5 
Period-end loans by client segment
Middle Market Banking
$79,207 
(d)
$78,043 
(d)
$78,955 
(d)
$79,885 
(d)
$73,329 1 8 
Corporate Client Banking57,373 56,132 59,645 60,511 58,256 2 (2)
Commercial Real Estate Banking 144,267 
(d)
143,507 
(d)
143,413 
(d)
142,897 
(d)
108,582 1 33 
Other588 526 291 371 123 12 378 
Total loans
$281,435 $278,208 $282,304 $283,664 $240,290 1 17 
SELECTED BALANCE SHEET DATA (average)
Total assets$301,221 $302,429 $301,964 $290,875 $255,468 — 18 
Loans:
Loans retained278,330 
(e)
280,009 
(e)
281,602 
(e)
270,091 
(e)
236,808 (1)18 
Loans held-for-sale and loans at fair value1,216 977 1,378 726 1,155 24 5 
Total loans$279,546 $280,986 $282,980 $270,817 $237,963 (1)17 
Deposits265,715 
(f)
267,788 
(f)
262,148 275,196 265,943 (1)— 
Equity30,000 30,000 30,000 29,505 28,500 — 5 
Average loans by client segment
Middle Market Banking $78,364 
(g)
$78,601 
(g)
$78,774 
(g)
$78,037 
(g)
$73,030 — 7 
Corporate Client Banking 56,633 58,480 60,816 59,159 56,581 (3)— 
Commercial Real Estate Banking 143,959 
(g)
143,456 
(g)
142,955 
(g)
133,394 
(g)
108,143 — 33 
Other590 449 435 227 209 31 183 
Total loans$279,546 $280,986 $282,980 $270,817 $237,963 (1)17 
Employees
18,111 17,867 17,281 15,991 15,026 1 21 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$67 $126 $53 $100 $37 (47)81 
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (a)
1,217 809 889 1,068  918 50 33 
Nonaccrual loans held-for-sale and loans
at fair value13 — 24 —  — NMNM
Total nonaccrual loans1,230 809 913 1,068 918 52 34 
Assets acquired in loan satisfactions50 54 47 — — (7)NM
Total nonperforming assets1,280 863 960 1,068 918 48 39 
Allowance for credit losses:
Allowance for loan losses5,000 5,005 4,721 4,729  3,566 — 40 
Allowance for lending-related commitments708 801 845 801  966 (12)(27)
Total allowance for credit losses5,708 
(h)
5,806 
(h)
5,566 
(h)
5,530 
(h)
4,532 (2)26 
Net charge-off/(recovery) rate (b)
0.10 %0.18 %0.07 %0.15 %0.06 %
Allowance for loan losses to period-end loans retained1.78 1.80  1.68 1.68  1.49 
Allowance for loan losses to nonaccrual loans retained (a)
411 619  531 443  388 
Nonaccrual loans to period-end total loans0.44 0.29 0.32 0.38 0.38 
    
(a)Allowance for loan losses of $249 million, $156 million, $164 million, $205 million and $170 million was held against nonaccrual loans retained at March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.
(b)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
(c)Includes First Republic. Refer to page 30 for additional information.
(d)As of March 31, 2024, included $5.6 billion and $32.5 billion for Middle Market Banking and Commercial Real Estate Banking, respectively, as of December 31, 2023, included $5.9 billion and $32.6 billion, respectively, as of September 30, 2023, included $6.1 billion and $32.7 billion, respectively, and as of June 30, 2023, included $6.2 billion and $33.3 billion, respectively, associated with First Republic.
(e)Average loans retained associated with First Republic were $38.6 billion, $39.0 billion, $39.0 billion and $28.6 billion for the three months ended March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023 respectively.
(f)In the fourth quarter of 2023, certain deposits associated with First Republic were transferred from CCB. Average deposits associated with First Republic were $7.1 billion, and $5.7 billion for the three months ended March 31, 2024, and December 31, 2023, respectively.
(g)Average Middle Market Banking and Commercial Real Estate Banking loans associated with First Republic were $5.8 billion and $32.7 billion respectively, for the three months ended March 31, 2024, $6.3 billion and $32.7 billion, respectively, for the three months ended December 31, 2023, $6.2 billion and $32.8 billion, respectively, for the three months ended September 30, 2023, and $4.4 billion and $24.2 billion, respectively, for the three months ended June 30, 2023.
(h)As of March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, included $732 million, $729 million, $630 million and $608 million allowance, respectively, for First Republic.

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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and employee data)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
INCOME STATEMENT
REVENUE
Asset management fees$3,170 $3,137 $2,975 
(b)
$2,932 
(b)
$2,782 
(b)
1 %14 %
Commissions and other fees193 153 190 
(b)
194 
(b)
160 
(b)
26 21 
All other income 151 
(a)
148 
(a)
266 
(a)
232 (a)391 2 (61)
Noninterest revenue 3,514 3,438 3,431 3,358 3,333 2 5 
Net interest income1,595 
(a)
1,657 
(a)
1,574 
(a)
1,585 (a)1,451 (4)10 
TOTAL NET REVENUE5,109 5,095 5,005 4,943 4,784 — 7 
Provision for credit losses (57)
(a)
(1)
(a)
(13)
(a)
145 (a)28 NMNM
NONINTEREST EXPENSE
Compensation expense 1,972 1,857 1,777 1,746 1,735 6 14 
Noncompensation expense 1,488 1,531 1,361 1,417 1,356 (3)10 
TOTAL NONINTEREST EXPENSE3,460 
(a)
3,388 
(a)
3,138 
(a)
3,163 3,091 2 12 
Income before income tax expense1,706 1,708 1,880 1,635 1,665 — 2 
Income tax expense 416 491 463 409 298 (15)40 
NET INCOME $1,290 $1,217 $1,417 $1,226 $1,367 6 (6)
REVENUE BY LINE OF BUSINESS
Asset Management $2,326 $2,403 $2,164 $2,128 $2,434 (3)(4)
Global Private Bank2,783 
(a)
2,692 
(a)
2,841 
(a)
2,815 (a)2,350 3 18 
TOTAL NET REVENUE $5,109 $5,095 $5,005 $4,943 $4,784 — 7 
FINANCIAL RATIOS
ROE33 %28 %32 %29 % 34 %
Overhead ratio68 66 63 64 65 
Pretax margin ratio:
Asset Management28 29 29 27 37 
Global Private Bank38 37 44 37 33 
Asset & Wealth Management33 34 38 33 35 
Employees
28,670 28,485 28,083 26,931 26,773 1 7 
Number of Global Private Bank client advisors3,536 3,515 3,443 3,214 3,189 1 11 
(a)Includes First Republic. Refer to page 30 for additional information.
(b)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
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
SELECTED BALANCE SHEET DATA (period-end)
Total assets $240,555 $245,512 $249,866 $247,118 $232,516 (2)%3 %
Loans 222,472 (a)227,929 (a)228,114 (a)222,493 (a)211,140 (2)5 
Deposits230,413 (a)233,232 (a)215,152 199,763 225,831 (1)2 
Equity15,500 17,000 17,000 17,000 16,000 (9)(3)
SELECTED BALANCE SHEET DATA (average)
Total assets $241,384 $247,202 $245,616 $238,987 $228,823 (2)5 
Loans 223,429 (b)227,042 (b)223,760 (b)219,469 (b)211,469 (2)6 
Deposits227,723 
(c)
226,640 
(c)
201,975 211,872 224,354 — 2 
Equity15,500 17,000 17,000 16,670 16,000 (9)(3)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$8 $12 $1 $2 $(2)(33)NM
Nonaccrual loans769 650 621 615 477 18 61 
Allowance for credit losses:
Allowance for loan losses 571 633 642 649 526 (10)9 
Allowance for lending-related commitments27 28 32 39 19 (4)42 
Total allowance for credit losses598 
(d)
661 
(d)
674 
(d)
688 
(d)
545 (10)10 
Net charge-off/(recovery) rate0.01 %0.02 %— %— %— %
Allowance for loan losses to period-end loans 0.26 0.28 0.28 0.29 0.25 
Allowance for loan losses to nonaccrual loans74 97 103 106 110 
Nonaccrual loans to period-end loans0.35 0.29 0.27 0.28 0.23 
(a)Includes First Republic. In the fourth quarter of 2023, certain deposits associated with First Republic were transferred from CCB. Refer to page 30 for additional information.
(b)Included $10.7 billion, $11.7 billion, $13.0 billion, and $9.7 billion for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023 respectively, associated with First Republic.
(c)Average deposits associated with First Republic were $12.6 billion, and $11.2 billion for the three months ended March 31, 2024, and December 31, 2023, respectively.
(d)At March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023 included $102 million, $128 million, $115 million, and $146 million allowance, respectively, associated with First Republic.

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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
Mar 31, 2024
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
CLIENT ASSETS2024202320232023202320232023
Assets by asset class
Liquidity $927 $926 $867 $826 $761 — %22 %
Fixed income 762 751 707 718 682 1 12 
Equity964 868 780 792 733 11 32 
Multi-asset711 680 626 647 627 5 13 
Alternatives200 197 206 205 203 2 (1)
TOTAL ASSETS UNDER MANAGEMENT3,564 3,422 3,186 3,188 3,006 4 19 
Custody/brokerage/administration/deposits1,655 1,590 1,458 1,370 1,341 4 23 
TOTAL CLIENT ASSETS (a)$5,219 $5,012 $4,644 $4,558 $4,347 4 20 
Assets by client segment
Private Banking$1,052 $974 $888 $881 $826 8 27 
Global Institutional1,494 1,488 1,424 1,423 1,347 — 11 
Global Funds1,018 960 874 884 833 6 22 
TOTAL ASSETS UNDER MANAGEMENT$3,564 $3,422 $3,186 $3,188 $3,006 4 19 
Private Banking$2,599 $2,452 $2,249 $2,170 $2,090 6 24 
Global Institutional1,595 1,594 1,514 1,497 1,417 — 13 
Global Funds1,025 966 881 891 840 6 22 
TOTAL CLIENT ASSETS (a)$5,219 $5,012 $4,644 $4,558 $4,347 4 20 
Assets under management rollforward
Beginning balance$3,422 $3,186 $3,188 $3,006 $2,766 
Net asset flows:
Liquidity (4)49 40 60 93 
Fixed income 14 6 1 37 26 
Equity21 12 16 20 22 
Multi-asset(2)(1)1 3 (2)
Alternatives1 (5)2 1 1 
Market/performance/other impacts112 175 (62)61 100 
Ending balance$3,564 $3,422 $3,186 $3,188 $3,006 
Client assets rollforward
Beginning balance$5,012 $4,644 $4,558 $4,347 $4,048 
Net asset flows43 94 132 112 152 
Market/performance/other impacts164 274 (46)99 147 
Ending balance$5,219 $5,012 $4,644 $4,558 $4,347 
(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 employee data)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
INCOME STATEMENT
REVENUE
Principal transactions$65 $(21)$128 $113 $82 NM(21)%
Investment securities losses(366)(743)(669)(900)(868)51 %58 
All other income 26 (e)96 (e)116 (e)2,767 (e)31 (73)(16)
Noninterest revenue(275)(668)(425)1,980 (755)59 64 
Net interest income 2,477 (e)2,445 (e)1,983 (e)1,738 (e)1,740 1 42 
TOTAL NET REVENUE (a)2,202 1,777 1,558 3,718 985 24 124 
Provision for credit losses27 (2)46 (243)370 NM(93)
NONINTEREST EXPENSE1,276 (e)(f)3,593 (e)(f)696 (e)1,152 (e)160 (64)NM
Income/(loss) before income tax expense/(benefit)899 (1,814)816 2,809 455 NM98 
Income tax expense/(benefit) 223 (939)(h)4 169 
(i)
211 NM6 
NET INCOME/(LOSS)
$676 $(875)$812 $2,640 $244 NM177 
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
2,317 2,065 1,640 1,261 1,106 12 109 
Other Corporate(115)(e)(288)(e)(82)(e)2,457 (e)(121)60 5 
TOTAL NET REVENUE$2,202 $1,777 $1,558 $3,718 $985 24 124 
NET INCOME/(LOSS)
Treasury and CIO1,641 1,396 1,129 1,057 624 18 163 
Other Corporate (965)(e)(2,271)(e)(317)(e)1,583 (e)(380)58 (154)
TOTAL NET INCOME/(LOSS) $676 $(875)$812 $2,640 $244 NM177 
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,322,799 $1,348,437 $1,275,673 $1,263,595 $1,307,989 (2)1 
Loans2,104 1,924 2,099 2,172 2,267 9 (7)
Deposits (b)22,515 21,826 20,363 21,083 19,458 3 16 
Employees
48,015 47,530 47,280 45,235 44,743 1 7 
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities losses$(366)$(743)$(669)$(900)$(868)51 58 
Available-for-sale securities (average) 222,943 199,581 201,875 198,620 202,776 12 10 
Held-to-maturity securities (average) (c)354,759 377,709 402,816 410,594 417,350 (6)(15)
Investment securities portfolio (average)$577,702 $577,290 $604,691 $609,214 $620,126 — (7)
Available-for-sale securities (period-end)233,770 (g)199,354 (g)195,200 (g)201,211 (g)195,228 17 20 
Held-to-maturity securities (period-end) (c)334,527 369,848 388,261 408,941 412,827 (10)(19)
Investment securities portfolio, net of allowance for credit losses (period-end) (d)$568,297 $569,202 $583,461 $610,152 $608,055 — (7)
(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $49 million, $53 million, $57 million, $45 million and $56 million for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.
(b)Predominantly relates to the Firm's international consumer initiatives.
(c)At March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, the estimated fair value of the HTM securities portfolio was $305.4 billion, $342.8 billion, $348.7 billion, $375.3 billion and $382.0 billion, respectively.
(d)At March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, the allowance for credit losses on investment securities was $120 million, $94 million, $87 million, $74 million and $61 million, respectively.
(e)Includes First Republic. Refer to page 30 for additional information.
(f)Included the FDIC special assessment to recover estimated losses to the Deposit Insurance Fund of $725 million for the three months ended March 31, 2024, which reflects an adjustment to the $2.9 billion estimate recorded in the three months ended December 31, 2023. Refer to Note 6 on page 220 of the Firm’s 2023 Form 10-K for additional information.
(g)At March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, included AFS securities of $20.1 billion, $24.2 billion, $22.9 billion and $25.8 billion, respectively, associated with First Republic.
(h)Included an income tax benefit of $463 million for the three months ended December 31, 2023, related to the finalization of certain income tax regulations.
(i)Income taxes associated with the First Republic acquisition are reflected in the estimated bargain purchase gain.
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CREDIT-RELATED INFORMATION
(in millions)
Mar 31, 2024
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2024202320232023202320232023
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained$389,592 $397,275 $397,054 $396,195 $300,447 (2)%30 %
Loans held-for-sale and loans at fair value 13,812 12,818 11,715 12,009 10,986 8 26 
Total consumer, excluding credit card loans403,404 410,093 408,769 408,204 311,433 (2)30 
Credit card loans
Loans retained206,740 211,123 196,935 191,348 180,079 (2)15 
Total credit card loans206,740 211,123 196,935 191,348 180,079 (2)15 
Total consumer loans 610,144 621,216 605,704 599,552 491,512 (2)24 
Wholesale loans (b)
Loans retained667,761 672,472 671,952 668,145 604,324 (1)10 
Loans held-for-sale and loans at fair value 31,711 30,018 32,403 32,372 33,060 6 (4)
Total wholesale loans 699,472 702,490 704,355 700,517 637,384 — 10 
Total loans 1,309,616 1,323,706 1,310,059 1,300,069 1,128,896 (1)16 
Derivative receivables 56,621 54,864 67,070 64,217 59,274 3 (4)
Receivables from customers (c)52,036 47,625 43,376 42,741 43,943 9 18 
Total credit-related assets 1,418,273 1,426,195 1,420,505 1,407,027 1,232,113 (1)15 
Lending-related commitments
Consumer, excluding credit card 46,660 45,403 48,313 50,846 37,568 3 24 
Credit card (d)943,935 915,658 898,903 881,485 861,218 3 10 
Wholesale 532,514 536,786 531,568 541,089 484,539 (1)10 
Total lending-related commitments1,523,109 1,497,847 1,478,784 1,473,420 1,383,325 2 10 
Total credit exposure $2,941,382 (g)$2,924,042 (g)$2,899,289 (g)$2,880,447 (g)$2,615,438 1 12 
Memo: Total by category
Consumer exposure (e)$1,600,739 $1,582,277 $1,552,920 $1,531,883 $1,390,298 1 15 
Wholesale exposure (f)1,340,643 1,341,765 1,346,369 1,348,564 1,225,140 — 9 
Total credit exposure$2,941,382 $2,924,042 $2,899,289 $2,880,447 $2,615,438 1 12 
    
(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 J.P. Morgan Wealth Management loans held in Banking & Wealth Management, 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)As of March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023 includes credit exposure associated with First Republic consisting of $100.6 billion, $102.2 billion, $103.3 billion and $104.6 billion in the Consumer credit portfolio, respectively, and $84.3 billion, $90.6 billion, $95.2 billion and $98.2 billion in the Wholesale credit portfolio, respectively.


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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Mar 31, 2024
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2024202320232023202320232023
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
   Loans retained $3,630 $3,643 $3,766 $3,784 $3,843 — %(6)%
   Loans held-for-sale and loans at fair value 481 560 408 481 452 (14)6 
Total consumer nonaccrual loans4,111 4,203 4,174 4,265 4,295 (2)(4)
Wholesale nonaccrual loans
Loans retained2,927 2,346 2,907 2,593 2,211 25 32 
Loans held-for-sale and loans at fair value 639 368 439 415 389 74 64 
Total wholesale nonaccrual loans 3,566 2,714 3,346 3,008 2,600 31 37 
Total nonaccrual loans (b)7,677 6,917 7,520 7,273 6,895 11 11 
Derivative receivables 293 364 293 286 291 (20)1 
Assets acquired in loan satisfactions295 316 318 279 232 (7)27 
Total nonperforming assets 8,265 7,597 8,131 7,838 7,418 9 11 
Wholesale lending-related commitments (c) 390 464 387 332 401 (16)(3)
Total nonperforming exposure$8,655 $8,061 $8,518 $8,170 $7,819 7 11 
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans 0.59 %0.52 %0.57 %0.56 %0.61 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 1.02 1.02 1.02 1.04 1.38 
Total wholesale nonaccrual loans to total
wholesale loans 0.51 0.39 0.48 0.43 0.41 
(a)At March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $157 million, $182 million, $188 million, $215 million and $263 million, respectively. 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 2023 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.
(b)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.
(c)Represents commitments that are risk rated as nonaccrual.


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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance$22,420 $21,946 $21,980 $20,053 $19,139 (c)2 %17 %
Net charge-offs:
Gross charge-offs2,381 2,557 1,869 1,776 1,451 (7)64 
Gross recoveries collected(425)(393)(372)(365)(314)(8)(35)
Net charge-offs1,956 2,164 1,497 1,411 1,137 (10)72 
Provision for loan losses 1,887 2,625 1,479 3,317 (b)2,047 (28)(8)
Other— 13 (16)21 4 NMNM
Ending balance$22,351 $22,420 $21,946 $21,980 $20,053 — 11 
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance$1,974 $2,075 $2,186 $2,370 $2,382 (5)(17)
Provision for lending-related commitments (60)(100)(107)(188)(b)(13)40 (362)
Other2 (1)(4)4 1 NM100 
Ending balance$1,916 $1,974 $2,075 $2,186 $2,370 (3)(19)
ALLOWANCE FOR INVESTMENT SECURITIES$154 $128 $117 $104 $90 20 71 
Total allowance for credit losses (a)$24,421 $24,522 $24,138 $24,270 $22,513 — 8 
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.19 %0.21 %0.17 %0.14 %0.18 %
Credit card retained loans3.32 2.79 2.49 2.41 2.07 
Total consumer retained loans1.26 1.08 0.93 0.91 0.89 
Wholesale retained loans0.05 0.31 0.06 0.10 0.06 
Total retained loans 0.62 0.68 0.47 0.47 0.43 
Memo: Average retained loans
Consumer retained, excluding credit card loans$394,033 $397,819 $396,788 $359,543 $300,585 (1)31 
Credit card retained loans204,637 202,652 195,232 187,027 180,451 1 13 
Total average retained consumer loans598,670 600,471 592,020 546,570 481,036 — 24 
Wholesale retained loans664,588 669,899 667,825 647,474 601,401 (1)11 
Total average retained loans$1,263,258 $1,270,370 $1,259,845 $1,194,044 $1,082,437 (1)17 
(a)At March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023 excludes an allowance for credit losses associated with certain accounts receivable in CIB of $274 million, $243 million, $17 million, $18 million and $20 million, respectively, and at March 31, 2023, excludes an allowance for credit losses associated with certain other assets in Corporate of $241 million.
(b)Included $1.2 billion of provision for credit losses associated with the First Republic acquisition.
(c)On January 1, 2023, the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance. The adoption of this guidance eliminated the existing accounting and disclosure requirements for trouble debt restructurings (“TDRs”), including the requirement to measure the allowance using a discounted cash flow (“DCF”) methodology. The Firm elected to apply its portfolio-based allowance approach to substantially all its non-collateral dependent modified loans to troubled borrowers, resulting in a net decrease in the beginning balance of the allowance for loan losses of $587 million, predominantly driven by residential real estate and credit card. Refer to Note 1 of the Firm’s 2023 Form 10-K for further information.


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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Mar 31, 2024
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2024202320232023202320232023
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific
$(873)$(876)$(942)$(971)$(1,030)— %15 %
Portfolio-based2,603 2,732 2,796 3,019 2,696 (5)(3)
Total consumer, excluding credit card1,730 
(c)
1,856 
(c)
1,854 
(c)
2,048 
(c)
1,666 (7)4 
Credit card
Asset-specific
— — — — — — — 
Portfolio-based12,600 12,450 11,900 11,600 11,400 1 11 
Total credit card12,600 12,450 11,900 11,600 11,400 1 11 
Total consumer14,330 14,306 13,754 13,648 13,066 — 10 
Wholesale
Asset-specific
514 392 732 478 437 31 18 
Portfolio-based7,507 7,722 7,460 7,854 6,550 (3)15 
Total wholesale8,021 
(c)
8,114 
(c)
8,192 
(c)
8,332 
(c)
6,987 (1)15 
Total allowance for loan losses 22,351 22,420 21,946 21,980 20,053 — 11 
Allowance for lending-related commitments1,916 1,974 2,075 2,186 2,370 (3)(19)
Allowance for investment securities154 128 117 104 90 20 71 
Total allowance for credit losses$24,421 $24,522 $24,138 $24,270 $22,513 — 8 
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans0.44 %0.47 %0.47 %0.52 %0.55 %
Credit card allowance to total credit card retained loans6.09 5.90 6.04 6.06 6.33 
Wholesale allowance to total wholesale retained loans1.20 1.21 1.22 1.25 1.16 
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (a)
1.31 1.31 1.33 1.36 1.26 
Total allowance to total retained loans1.77 1.75 1.73 1.75 1.85 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (b)
48 51 49 54 43 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (b)
149 166 151 163 143 
Wholesale allowance to wholesale retained nonaccrual loans274 346 282 321 316 
Total allowance to total retained nonaccrual loans341 374 329 345 331 
(a)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.
(b)Refer to footnote (a) on page 26 for information on the Firm’s nonaccrual policy for credit card loans.
(c)At March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, included $345 million, $396 million, $396 million and $377 million of Consumer, respectively, and $808 million, $800 million, $667 million and $695 million of Wholesale, respectively, associated with First Republic.



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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 Markets, which is composed of CIB’s 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 75 of the Firm’s 2023 Form 10-K.
QUARTERLY TRENDS
1Q24 Change
(in millions, except rates)1Q244Q233Q232Q231Q234Q231Q23
Net interest income - reported$23,082 $24,051 $22,726 $21,779 $20,711 (4)%11 %
Fully taxable-equivalent adjustments121 126 130 104 120 (4)1 
Net interest income - managed basis (a)$23,203 $24,177 $22,856 $21,883 $20,831 (4)11 
Less: Markets net interest income183 615 (317)(487)(105)(70)NM
Net interest income excluding Markets (a)$23,020 $23,562 $23,173 $22,370 $20,936 (2)10 
Average interest-earning assets$3,445,515 $3,408,395 $3,331,728 $3,343,780 $3,216,757 1 7 
Less: Average Markets interest-earning assets
1,031,075 985,997 970,789 1,003,877 982,572 5 5 
Average interest-earning assets excluding Markets$2,414,440 $2,422,398 $2,360,939 $2,339,903 $2,234,185 — 8 
Net yield on average interest-earning assets - managed basis2.71 %2.81 %2.72 %2.62 %2.63 %
Net yield on average Markets interest-earning assets
0.07 0.25 (0.13)(0.19)(0.04)
Net yield on average interest-earning assets excluding Markets3.83 3.86 3.89 3.83 3.80 
Noninterest revenue - reported (b)$18,852 $14,523 $17,148 $19,528 $17,638 30 7 
Fully taxable-equivalent adjustments (b)493 1,243 682 990 867 (60)(43)
Noninterest revenue - managed basis$19,345 $15,766 $17,830 $20,518 $18,505 23 5 
Less: Markets noninterest revenue7,799 5,196 6,898 7,505 8,487 50 (8)
Noninterest revenue excluding Markets$11,546 $10,570 $10,932 $13,013 $10,018 9 15 
Memo: Markets total net revenue$7,982 $5,811 $6,581 $7,018 $8,382 37 (5)
(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.
(b) Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. Refer to page 4 for additional information.
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SUPPLEMENTAL INFORMATION ON FIRST REPUBLIC
(in millions)
THREE MONTHS ENDED MARCH 31, 2024THREE MONTHS ENDED DECEMBER 31, 2023
CCBCBAWMCORPTotalCCBCBAWMCORPTotal
SELECTED INCOME STATEMENT DATA
REVENUE
Asset management fees$133 $— $— $— $133 $138 $— $— $— $138 
All other income146 54 69 (87)
(a)
182 193 57 126 19 (a)395 
Noninterest revenue279 54 69 (87)315 331 57 126 19 533 
Net interest income752 298 298 — 1,348 760 304 306 (23)1,347 
TOTAL NET REVENUE1,031 352 367 (87)1,663 1,091 361 432 (4)1,880 
Provision for credit losses(9)4 (26)— (31)15 97 13 — 125 
Noninterest expense518 28 33 227 806 599 27 33 231 890 
NET INCOME395 243 272 (242)668 362 180 292 (187)647 
SELECTED BALANCE SHEET DATA (period-end)
Loans$93,565 $38,126 $10,188 $— $141,879 $94,671 $38,495 $11,436 $— $144,602 
Deposits40,525 8,343 14,904 — 63,772 42,710 
(b)
6,163 12,098 — 60,971 
(c)
THREE MONTHS ENDED SEPTEMBER 30, 2023THREE MONTHS ENDED JUNE 30, 2023
CCBCBAWMCORPTotalCCBCBAWMCORPTotal
SELECTED INCOME STATEMENT DATA
REVENUE
Asset management fees$142 $— $— $— $142 $107 $— $— $— $107 
All other income191 144 203 81 (a)619 105 — 174 2,762 (a)3,041 
Noninterest revenue333 144 203 81 761 212 — 174 2,762 3,148 
Net interest income1,022 222 233 (3)1,474 619 178 129 (29)897 
TOTAL NET REVENUE1,355 366 436 78 2,235 831 178 303 2,733 4,045 
Provision for credit losses(2)26 (31)— (7)408 608 146 — 1,162 
Noninterest expense583 18 17 240 858 37 — — 562 599 
NET INCOME589 245 342 (99)1,077 293 (327)119 2,301 2,386 
SELECTED BALANCE SHEET DATA (period-end)
Loans$94,333 $38,729 $12,026 $— $145,088 $94,721 $39,500 $13,696 $— $147,917 
(c)
Deposits63,945 — — — 63,945 68,351 — — — 68,351 
All references to “excludes First Republic”, “includes First Republic” or “associated with First Republic” refer to the effects of the First Republic acquisition, as well as subsequent related business and activities, as applicable.
(a)On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC, resulting in a preliminary estimated bargain purchase gain of $2.7 billion recorded in other income. The bargain purchase gain generally represents the excess of the estimated fair value of the net assets acquired over the purchase price and is subject to change for up to one year from the acquisition date, as permitted by U.S. GAAP, and as the settlement with the FDIC is finalized. Measurement period adjustments of $(16) million, $(37) million, and $100 million were recorded for the three months ended March 31, 2024, December 31, 2023 and September 30, 2023, respectively, resulting in an estimated bargain purchase gain of $2.8 billion.
(b)In the fourth quarter of 2023, CCB transferred certain deposits associated with First Republic to AWM, CB and CIB.
(c)Excluded $1.9 billion of loans and $508 million of deposits in CIB associated with First Republic.