jpm-20240331


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	JPM	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD	JPM PR D	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE	JPM PR C	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG	JPM PR J	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ	JPM PR K	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL	JPM PR L	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM	JPM PR M	The New York Stock Exchange
Alerian MLP Index ETNs due May 24, 2024	AMJ	NYSE Arca, Inc.
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC	JPM/32	The New York Stock Exchange
Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLC	AMJB	NYSE Arca, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


As of or for the period ended, (in millions, except per share, ratio, employee data and where otherwise noted)
	1Q24		4Q23		3Q23		2Q23		1Q23
Selected income statement data
Total net revenue	$	41,934	$	38,574	$	39,874	$	41,307	$	38,349
Total noninterest expense	22,757		24,486		21,757		20,822		20,107
Pre-provision profit(a)	19,177		14,088		18,117		20,485		18,242
Provision for credit losses	1,884		2,762		1,384		2,899		2,275
Income before income tax expense	17,293		11,326		16,733		17,586		15,967
Income tax expense	3,874		2,019		3,582		3,114		3,345
Net income	$	13,419	$	9,307	$	13,151	$	14,472


Delaware		13-2624428
(State or other jurisdiction of incorporation or organization)		(I.R.S. employer identification no.)

383 Madison Avenue,
New York,	New York	10179
(Address of principal executive offices)		(Zip Code)


Part I – Financial information		Page
Item 1.	Financial Statements.
	Consolidated Financial Statements – JPMorgan Chase & Co.:
	Consolidated statements of income (unaudited) for the three months ended March 3 1 , 202 4 and 202 3	83
	Consolidated statements of comprehensive income (unaudited) for the three months ended March 3 1 , 202 4 and 202 3	84
	Consolidated balance sheets (unaudited) at March 3 1 , 202 4 and December 31, 202 3	85
	Consolidated statements of changes in stockholders’ equity (unaudited) for the three months ended March 3 1 , 202 4 and 202 3	86
	Consolidated statements of cash flows (unaudited) for the three months ended March 3 1 , 202 4 and 202 3	87
	Notes to Consolidated Financial Statements (unaudited)	88
	Report of Independent Registered Public Accounting Firm	174
	Consolidated Average Balance Sheets, Interest and Rates (unaudited) for the three months ended March 3 1 , 202 4 and 202 3	175
	Glossary of Terms and Acronyms and Line of Business Metrics	176
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.
	Consolidated Financial Highlights	3
	Introduction	4
	Executive Overview	5
	Consolidated Results of Operations	10
	Consolidated Balance Sheets and Cash Flows Analysis	13
	Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures	16
	Business Segment Results	18
	Firmwide Risk Management	37
	Capital Risk Management	38
	Liquidity Risk Management	44
	Consumer Credit Portfolio	54
	Wholesale Credit Portfolio	58
	Investment Portfolio Risk Management	70
	Market Risk Management	71
	Country Risk Management	77
	Critical Accounting Estimates Used by the Firm	78
	Accounting and Reporting Developments	81
	Forward-Looking Statements	82
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	185
Item 4.	Controls and Procedures.	185
Part II – Other information
Item 1.	Legal Proceedings.	185
Item 1A.	Risk Factors.	185
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	185
Item 3.	Defaults Upon Senior Securities.	186
Item 4.	Mine Safety Disclosures.	186
Item 5.	Other Information.	186
Item 6.	Exhibits.	187