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Fair Value Measurement
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair value measurement
Refer to Note 2 of JPMorgan Chase’s 2023 Form 10-K for a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy.
The following table presents the assets and liabilities reported at fair value as of June 30, 2024 and December 31, 2023, by major product category and fair value hierarchy.
Assets and liabilities measured at fair value on a recurring basis
Fair value hierarchy
Derivative
netting
adjustments(g)
June 30, 2024 (in millions)Level 1Level 2Level 3Total fair value
Federal funds sold and securities purchased under resale agreements$— $379,930 $— $— $379,930 
Securities borrowed— 87,652 — — 87,652 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 115,604 708 — 116,312 
Residential – nonagency— 2,439 5 — 2,444 
Commercial – nonagency— 1,125 11 — 1,136 
Total mortgage-backed securities— 119,168 724 — 119,892 
U.S. Treasury, GSEs and government agencies(a)
168,920 10,929 — — 179,849 
Obligations of U.S. states and municipalities— 6,357 7 — 6,364 
Certificates of deposit, bankers’ acceptances and commercial paper
— 2,050 — — 2,050 
Non-U.S. government debt securities36,575 70,501 193 — 107,269 
Corporate debt securities— 40,334 408 — 40,742 
Loans— 9,278 691 — 9,969 
Asset-backed securities— 3,178 2 — 3,180 
Total debt instruments205,495 261,795 2,025 — 469,315 
Equity securities189,321 517 122 — 189,960 
Physical commodities(b)
2,418 1,090 10 — 3,518 
Other— 16,227 144 — 16,371 
Total debt and equity instruments(c)
397,234 279,629 2,301 — 679,164 
Derivative receivables:
Interest rate1,706 228,084 5,197 (209,402)25,585 
Credit— 9,212 1,172 (9,719)665 
Foreign exchange132 189,541 1,023 (172,907)17,789 
Equity— 82,257 2,603 (79,030)5,830 
Commodity— 18,264 251 (13,711)4,804 
Total derivative receivables1,838 527,358 10,246 (484,769)54,673 
Total trading assets(d)
399,072 806,987 12,547 (484,769)733,837 
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 75,052 — — 75,052 
Residential – nonagency— 3,024 — — 3,024 
Commercial – nonagency— 2,821 — — 2,821 
Total mortgage-backed securities— 80,897 — — 80,897 
U.S. Treasury and government agencies127,229 299 — — 127,528 
Obligations of U.S. states and municipalities— 17,188 — — 17,188 
Non-U.S. government debt securities23,702 7,397 — — 31,099 
Corporate debt securities— 90 — — 90 
Asset-backed securities:
Collateralized loan obligations— 6,808 — — 6,808 
Other(a)
— 2,642 — — 2,642 
Total available-for-sale securities150,931 115,321 — — 266,252 
Loans(e)
— 35,257 2,993 — 38,250 
Mortgage servicing rights— — 8,847 — 8,847 
Other assets(d)
10,686 
(f)
4,381 1,202 — 16,269 
Total assets measured at fair value on a recurring basis$560,689 $1,429,528 $25,589 $(484,769)$1,531,037 
Deposits$— $67,464 $1,923 $— $69,387 
Federal funds purchased and securities loaned or sold under repurchase agreements
— 336,315 — — 336,315 
Short-term borrowings— 23,391 2,726 — 26,117 
Trading liabilities:
Debt and equity instruments(c)
169,338 36,612 68 — 206,018 
Derivative payables:
Interest rate2,319 215,812 3,896 (210,993)11,034 
Credit— 11,495 992 (11,324)1,163 
Foreign exchange133 188,768 855 (179,050)10,706 
Equity— 87,409 5,594 (85,992)7,011 
Commodity— 17,357 723 (13,176)4,904 
Total derivative payables2,452 520,841 12,060 (500,535)34,818 
Total trading liabilities171,790 557,453 12,128 (500,535)240,836 
Accounts payable and other liabilities3,845 2,010 70 — 5,925 
Beneficial interests issued by consolidated VIEs— 1 — — 1 
Long-term debt— 62,162 31,286 — 93,448 
Total liabilities measured at fair value on a recurring basis$175,635 $1,048,796 $48,133 $(500,535)$772,029 
Fair value hierarchy
Derivative
netting
adjustments(g)
December 31, 2023 (in millions)Level 1Level 2Level 3Total fair value
Federal funds sold and securities purchased under resale agreements$— $259,813 $— $— $259,813 
Securities borrowed— 70,086 — — 70,086 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 73,840 758 — 74,598 
Residential – nonagency— 1,921 5 — 1,926 
Commercial – nonagency— 1,362 12 — 1,374 
Total mortgage-backed securities— 77,123 775 — 77,898 
U.S. Treasury, GSEs and government agencies(a)
133,997 9,998 — — 143,995 
Obligations of U.S. states and municipalities— 5,858 10 — 5,868 
Certificates of deposit, bankers’ acceptances and commercial paper
— 756 — — 756 
Non-U.S. government debt securities24,846 55,557 179 — 80,582 
Corporate debt securities— 32,854 484 — 33,338 
Loans— 7,872 684 — 8,556 
Asset-backed securities— 2,199 6 — 2,205 
Total debt instruments158,843 192,217 2,138 — 353,198 
Equity securities107,926 679 127 — 108,732 
Physical commodities(b)
2,479 3,305 7 — 5,791 
Other— 17,879 101 — 17,980 
Total debt and equity instruments(c)
269,248 214,080 2,373 — 485,701 
Derivative receivables:
Interest rate2,815 243,578 

4,298 (224,367)26,324 
Credit— 8,644 1,010 (9,103)551 
Foreign exchange149 204,737 

889 (187,756)18,019 
Equity— 55,167 2,522 (52,761)4,928 
Commodity— 15,234 205 (10,397)5,042 
Total derivative receivables2,964 527,360 

8,924 (484,384)54,864 
Total trading assets(d)
272,212 741,440 

11,297 (484,384)540,565 
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 85,170 — — 85,170 
Residential – nonagency— 3,639 — — 3,639 
Commercial – nonagency— 2,803 — — 2,803 
Total mortgage-backed securities— 91,612 — — 91,612 
U.S. Treasury and government agencies57,683 122 — — 57,805 
Obligations of U.S. states and municipalities— 21,367 — — 21,367 
Non-U.S. government debt securities13,095 8,187 — — 21,282 
Corporate debt securities— 100 — — 100 
Asset-backed securities:
Collateralized loan obligations— 6,752 — — 6,752 
Other(a)
— 2,786 — — 2,786 
Total available-for-sale securities70,778 130,926 — — 201,704 
Loans(e)
— 35,772 3,079 — 38,851 
Mortgage servicing rights— — 8,522 — 8,522 
Other assets(d)
6,635 3,929 758 — 11,322 
Total assets measured at fair value on a recurring basis$349,625 $1,241,966 

$23,656 

$(484,384)$1,130,863 
Deposits$— $76,551 $1,833 $— $78,384 
Federal funds purchased and securities loaned or sold under repurchase agreements
— 169,003 — — 169,003 
Short-term borrowings— 18,284 1,758 — 20,042 
Trading liabilities:
Debt and equity instruments(c)
107,292 32,252 37 — 139,581 
Derivative payables:
Interest rate4,409 232,277 

3,796 (228,586)11,896 
Credit— 11,293 

745 (10,949)1,089 
Foreign exchange147 211,289 

827 (199,643)12,620 
Equity— 60,887 

4,924 (56,443)9,368 
Commodity— 15,894 

484 (10,504)5,874 
Total derivative payables4,556 531,640 

10,776 (506,125)40,847 
Total trading liabilities111,848 563,892 

10,813 (506,125)180,428 
Accounts payable and other liabilities3,968 1,617 

52 — 5,637 
Beneficial interests issued by consolidated VIEs— 1 

— — 1 
Long-term debt— 60,198 

27,726 — 87,924 
Total liabilities measured at fair value on a recurring basis$115,816 $889,546 

$42,182 $(506,125)$541,419 
(a)At June 30, 2024 and December 31, 2023, included total U.S. GSE obligations of $131.3 billion and $78.5 billion, respectively, which were mortgage-related.
(b)Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. Refer to Note 4 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.
(c)Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).
(d)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At both June 30, 2024 and December 31, 2023, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $1.0 billion. Included in these balances at June 30, 2024 and December 31, 2023, were trading assets of $45 million and $42 million, respectively, and other assets of $964 million and $984 million, respectively.
(e)At June 30, 2024 and December 31, 2023, included $10.5 billion and $10.2 billion, respectively, of residential first-lien mortgages, and $5.4 billion and $6.0 billion, respectively, of commercial first-lien mortgages. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. GSEs and government agencies of $4.5 billion and $2.9 billion, respectively.
(f)At June 30, 2024, includes the Firm’s Visa C shares that are held at fair value. Refer to page 111 for additional information.
(g)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.
Level 3 valuations
Refer to Note 2 of JPMorgan Chase’s 2023 Form 10-K for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments.
The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy.
The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value.
In the Firm’s view, the input range, weighted and arithmetic average values do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of the various instruments held by the Firm and the relative distribution of instruments within the range
of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted and arithmetic average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date.
















Level 3 inputs(a)
June 30, 2024
Product/Instrument
Fair value
(in millions)
Principal valuation technique
Unobservable inputs(g)
Range of input values
Average(i)
Residential mortgage-backed securities and loans(b)
$1,523 Discounted cash flowsYield0%88%8%
Prepayment speed3%12%9%
Conditional default rate0%7%0%
Loss severity0%110%2%
Commercial mortgage-backed securities and loans(c)
1,539 Market comparablesPrice$0$90$82
Corporate debt securities408 Market comparablesPrice$0$175$93
Loans(d)
1,346 Market comparablesPrice$0$107$78
Non-U.S. government debt securities193 Market comparablesPrice$0$100$93
Net interest rate derivatives1,302 Option pricingInterest rate volatility7bps490bps115bps
Interest rate spread volatility37bps77bps64bps
Bermudan switch value0%50%18%
Interest rate correlation(82)%97%64%
IR-FX correlation(35)%60%6%
(1)Discounted cash flowsPrepayment speed0%20%5%
Net credit derivatives149 Discounted cash flowsCredit correlation26%68%47%
Credit spread0bps2,999bps352 bps
Recovery rate10%90%58%
31 Market comparablesPrice$0$115$72
Net foreign exchange derivatives223 Option pricingIR-FX correlation(40)%60%24%
(55)Discounted cash flowsPrepayment speed11%11%
Interest rate curve2%14%6%
Net equity derivatives(2,991)Option pricing
Forward equity price(h)
78%153%102%
Equity volatility5%147%31%
Equity correlation(10)%100%56%
Equity-FX correlation(88)%65%(32)%
Equity-IR correlation(15)%15%5%
Net commodity derivatives(472)Option pricingOil commodity forward$89 / BBL$270 / BBL$179 / BBL
Natural gas commodity forward$1 / MMBTU$6 / MMBTU$4 / MMBTU
Commodity volatility2%24%5%
Commodity correlation(35)%98%32%
MSRs8,847 Discounted cash flows
Refer to Note 14
Long-term debt, short-term borrowings, and deposits(e)
34,684 Option pricingInterest rate volatility7bps490bps115bps
Bermudan switch value0%50%18%
Interest rate correlation(82)%97%64%
IR-FX correlation(35)%60%6%
Equity volatility
1%134%26%
Equity correlation(10)%100%56%
Equity-FX correlation(88)%65%(32)%
Equity-IR correlation(15)%15%5%
1,251 Discounted cash flowsCredit correlation26%68%47%
Credit spread
1bps2,500bps68 bps
Recovery rate
20%75%35%
Yield5%20%11%
Loss severity
0%100%50%
Other level 3 assets and liabilities, net(f)
1,349 
(a)The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ.
(b)Comprises U.S. GSE and government agency securities of $708 million, nonagency securities of $5 million and non-trading loans of $810 million.
(c)Comprises nonagency securities of $11 million, trading loans of $65 million and non-trading loans of $1.5 billion.
(d)Comprises trading loans of $626 million and non-trading loans of $720 million.
(e)Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables.
(f)Includes equity securities of $776 million including $654 million in Other assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate.
(g)Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100.
(h)Forward equity price is expressed as a percentage of the current equity price.
(i)Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used.
Changes in and ranges of unobservable inputs
Refer to Note 2 of JPMorgan Chase’s 2023 Form 10-K for a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions.

Changes in level 3 recurring fair value measurements
The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three and six months ended June 30, 2024 and 2023. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. The Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments.
Fair value measurements using significant unobservable inputs
Three months ended
June 30, 2024
(in millions)		Fair value at
  April 1,
2024		Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3Fair value at
June 30, 2024		Change in unrealized gains/(losses) related
to financial instruments held at June 30, 2024
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Federal funds sold and securities purchased under resale agreements$— $— $— $— $— $— $— $— $— 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
729 (1)44 (44)(20)— — 708 (1)
Residential – nonagency8 1 — — — — (4)5 1 
Commercial – nonagency
12 (1)— — — — — 11 (1)
Total mortgage-backed securities
749 (1)44 (44)(20)— (4)724 (1)
Obligations of U.S. states and municipalities
7 — — — — — — 7 — 
Non-U.S. government debt securities
173 (3)41 (5)— — (13)193 (4)
Corporate debt securities570 (4)86 (72)(151)4 (25)408 (5)
Loans531 3 178 (131)(14)262 (138)691 2 
Asset-backed securities14 — — (5)(7)— — 2 — 
Total debt instruments2,044 (5)349 (257)(192)266 (180)2,025 (8)
Equity securities203 (25)33 (51)— 19 (57)122 3 
Physical commodities2 4 4 — — — — 10 4 
Other107 33 15 — (11)1 (1)144 34 
Total trading assets – debt and equity instruments
2,356 7 
(c)
401 (308)(203)286 (238)2,301 33 
(c)
Net derivative receivables:(b)
Interest rate800 46 139 (41)399 58 (100)1,301 24 
Credit260 91 — (1)(153)(32)15 180 89 
Foreign exchange24 128 43 (87)35 24 1 168 140 
Equity(2,781)128 247 (591)(109)38 77 (2,991)216 
Commodity(503)54 8 (52)20 (3)4 (472)60 
Total net derivative receivables
(2,200)447 
(c)
437 (772)192 85 (3)(1,814)529 
(c)
Available-for-sale securities:
Corporate debt securities— — — — — — — — — 
Total available-for-sale securities
— — 
(d)
— — — — — — — 
(d)
Loans2,901 72 
(c)
149 (183)(253)366 (59)2,993 58 
(c)
Mortgage servicing rights8,605 119 
(e)
418 (32)(263)— — 8,847 119 
(e)
Other assets811 37 
(c)
373 (13)(11)5 — 1,202 37 
(c)
Fair value measurements using significant unobservable inputs
Three months ended
June 30, 2024
(in millions)		Fair value at
  April 1,
2024		Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value at
June 30, 2024		Change in unrealized (gains)/losses related
to financial instruments held at June 30, 2024
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$2,055 $14 
(c)(f)
$— $— $265 $(407)$34 $(38)$1,923 $12 
(c)(f)
Short-term borrowings2,206 68 
(c)(f)
— — 1,814 (1,360)1 (3)2,726 45 
(c)(f)
Trading liabilities – debt and equity instruments
37 (37)
(c)
(5)55 — — 18 — 68 (37)
(c)
Accounts payable and other liabilities
48 (8)
(c)
(3)28 — — 5 — 70 (8)
(c)
Long-term debt28,678 (36)
(c)(f)
— — 6,473 (4,121)426 (134)31,286 (31)
(c)(f)
Fair value measurements using significant unobservable inputs
Three months ended
June 30, 2023
(in millions)		Fair value at
  April 1,
2023		Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3Fair value at
June 30, 2023		Change in unrealized gains/(losses) related
to financial instruments held at June 30, 2023
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Federal funds sold and securities purchased under resale agreements
$— $— $— $— $— $— $— $— $— 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
757 — 106 (106)(40)— (11)706 (6)
Residential – nonagency5 6 — (6)— — — 5 — 
Commercial – nonagency10 (1)— — — 5 (8)6 (1)
Total mortgage-backed securities
772 5 106 (112)(40)5 (19)717 (7)
Obligations of U.S. states and municipalities
6 — — — — — — 6 — 
Non-U.S. government debt securities
169 29 50 (49)— — — 199 31 
Corporate debt securities538 — 61 (43)(2)7 (39)522 (2)
Loans926 (6)246 (65)(18)102 (80)1,105 (6)
Asset-backed securities7 — 4 (1)— 4 — 14 — 
Total debt instruments2,418 28 467 (270)(60)118 (138)2,563 16 
Equity securities581 (16)50 (36)— 104 (52)631 (16)
Physical commodities— — 6 — — — — 6 — 
Other140 (19)2 — (6)— (4)113 (18)
Total trading assets – debt and equity instruments
3,139 (7)
(c)
525 (306)(66)222 (194)3,313 (18)
(c)
Net derivative receivables:(b)
Interest rate754 (1,043)60 (42)49 

(914)14 (1,122)(960)
Credit452 228 — (1)31 2 (23)689 240 
Foreign exchange545 (37)51 (67)(126)55 (32)389 (29)
Equity(885)(148)

295 (675)

(726)

349 (91)

(1,881)9 
Commodity(287)(50)35 (51)16 (12)(4)(353)(71)
Total net derivative receivables
579 (1,050)
(c)
441 (836)

(756)

(520)(136)

(2,278)(811)
(c)
Available-for-sale securities:
Corporate debt securities250 17 — — — — — 267 17 
Total available-for-sale securities
250 17 
(d)
— — — — — 267 17 
(d)
Loans1,479 (3)
(c)
2,137 (7)(490)760 (68)3,808 (52)
(c)
Mortgage servicing rights7,755 275 
(e)
546 (92)(255)— — 8,229 275 
(e)
Other assets406 16 
(c)
5 (2)(14)8 (2)417 16 
(c)
Fair value measurements using significant unobservable inputs
Three months ended
June 30, 2023
(in millions)		Fair value at
  April 1,
2023		Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value at
June 30, 2023		Change in unrealized (gains)/losses related
to financial instruments held at June 30, 2023
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$2,208 $(51)
(c)(f)
$— $— $139 $(181)$— $(62)$2,053 $(51)
(c)(f)
Short-term borrowings1,410 50 
(c)(f)
— — 1,191 (927)2 (22)1,704 29 
(c)(f)
Trading liabilities – debt and equity instruments
63 (1)
(c)
— (2)— (2)6 (1)63 (1)
(c)
Accounts payable and other liabilities
56 5 
(c)
(2)3 — — 8 (2)68 5 
(c)
Long-term debt25,227 325 
(c)(f)
— — 2,667 (2,550)

113 (357)25,425 

354 
(c)(f)
Fair value measurements using significant unobservable inputs
Six months ended June 30, 2024
(in millions)		Fair value at
Jan 1,
2024		Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3Fair value at
June 30, 2024		Change in unrealized gains/(losses) related
to financial instruments held at June 30, 2024
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Federal funds sold and securities purchased under resale agreements$— $— $— $— $— $— $— $— $— 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
758 — 45 (61)(41)7 — 708 — 
Residential – nonagency5 — — — — 4 (4)5 — 
Commercial – nonagency12 (2)1 — — — — 11 (1)
Total mortgage-backed securities
775 (2)46 (61)(41)11 (4)724 (1)
Obligations of U.S. states and municipalities
10 — — — (2)— (1)7 — 
Non-U.S. government debt securities
179 2 92 (72)— 7 (15)193 (6)
Corporate debt securities484 7 300 (167)(181)8 (43)408 7 
Loans684 8 321 (330)(45)324 (271)691 5 
Asset-backed securities6 — 1 (5)(7)7 — 2 — 
Total debt instruments2,138 15 760 (635)(276)357 (334)2,025 5 
Equity securities127 (19)114 (81)— 43 (62)122 5 
Physical Commodities7 2 4 — (3)— — 10 2 
Other101 44 42 — (43)1 (1)144 42 
Total trading assets – debt and equity instruments
2,373 42 
(c)
920 (716)(322)401 (397)2,301 54 
(c)
Net derivative receivables:(b)
Interest rate502 (282)192 (84)883 

187 (97)1,301 (374)
Credit265 66 — (16)(139)(38)42 180 208 
Foreign exchange62 131 77 (125)(87)(29)139 168 139 
Equity(2,402)(524)

568 (1,199)

222 

(11)355 

(2,991)(6)
Commodity(279)(122)18 (120)27 (1)5 (472)(123)
Total net derivative receivables
(1,852)(731)
(c)
855 (1,544)

906 

108 444 

(1,814)(156)
(c)
Available-for-sale securities:
Corporate debt securities— — — — — — — — — 
Total available-for-sale securities
— — 
(d)
— — — — — — — 
(d)
Loans3,079 109 
(c)
209 (205)(645)669 (223)2,993 (3)
(c)
Mortgage servicing rights8,522 397 
(e)
478 (27)(523)— — 8,847 397 
(e)
Other assets758 66 
(c)
420 (22)(25)5 — 1,202 66 
(c)
Fair value measurements using significant unobservable inputs
Six months ended June 30, 2024
(in millions)		Fair value at
Jan 1,
2024		Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value at
June 30, 2024		Change in unrealized (gains)/losses related
to financial instruments held at June 30, 2024
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$1,833 $(15)
(c)(f)
$— $— $792 $(610)$34 $(111)$1,923 $(21)
(c)(f)
Short-term borrowings1,758 69 
(c)(f)
— — 3,459 (2,557)1 (4)2,726 30 
(c)(f)
Trading liabilities – debt and equity instruments
37 (40)
(c)
(6)57 — — 21 (1)68 (67)
(c)
Accounts payable and other liabilities
52 (12)
(c)
(6)31 — — 5 — 70 (12)
(c)
Long-term debt27,726 515 
(c)(f)
— — 10,976 (7,972)

443 (402)31,286 

424 
(c)(f)
Fair value measurements using significant unobservable inputs
Six months ended June 30, 2023
(in millions)		Fair value at
Jan 1,
2023		Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3Fair value at
June 30, 2023		Change in unrealized gains/(losses) related
to financial instruments held at June 30, 2023
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Federal funds sold and securities purchased under resale agreements
$— $— $— $— $— $— $— $— $— 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
759 7 131 (113)(64)— (14)706 2 
Residential – nonagency5 7 — (6)(2)1 — 5 1 
Commercial – nonagency7 — — — (1)8 (8)6 (1)
Total mortgage-backed securities
771 14 131 (119)(67)9 (22)717 2 
Obligations of U.S. states and municipalities
7 — — (1)— — — 6 — 
Non-U.S. government debt securities
155 40 100 (96)— — — 199 43 
Corporate debt securities463 24 110 (60)(2)30 (43)522 18 
Loans759 2 682 (127)(113)125 (223)1,105 1 
Asset-backed securities23 — 5 (3)(1)5 (15)14 (1)
Total debt instruments2,178 80 1,028 (406)(183)169 (303)2,563 63 
Equity securities665 (47)108 (107)— 140 (128)631 (27)
Physical commodities
2 — 6 — (2)— — 6 — 
Other64 (40)96 — (4)1 (4)113 (19)
Total trading assets – debt and equity instruments
2,909 (7)
(c)
1,238 (513)(189)310 (435)3,313 17 
(c)
Net derivative receivables:(b)
Interest rate701 (697)95 (92)27 

(1,079)(77)(1,122)(582)
Credit13 474 3 (4)202 26 (25)689 497 
Foreign exchange489 52 79 (108)(201)119 (41)389 29 
Equity(384)23 

613 (1,362)

(726)

460 (505)

(1,881)95 
Commodity(146)(42)39 (118)(111)(11)36 (353)(206)
Total net derivative receivables
673 (190)
(c)
829 (1,684)

(809)

(485)(612)

(2,278)(167)
(c)
Available-for-sale securities:
Corporate debt securities239 28 — — — — — 267 28 
Total available-for-sale securities
239 28 
(d)
— — — — — 267 28 
(d)
Loans1,418 23 
(c)
2,285 (73)(585)917 (177)3,808 24 
(c)
Mortgage servicing rights7,973 264 
(e)
577 (90)(495)— — 8,229 264 
(e)
Other assets405 21 
(c)
17 (2)(30)8 (2)417 21 
(c)
Fair value measurements using significant unobservable inputs
Six months ended June 30, 2023
(in millions)		Fair value at
Jan 1,
2023		Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value at
June 30, 2023		Change in unrealized (gains)/losses related
to financial instruments held at June 30, 2023
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$2,162 $(3)
(c)(f)
$— $— $267 $(248)$— $(125)$2,053 $(31)
(c)(f)
Short-term borrowings1,401 140 
(c)(f)
— — 2,242 (2,059)2 (22)1,704 34 
(c)(f)
Trading liabilities – debt and equity instruments
84 (13)
(c)
(27)6 — (2)18 (3)63 — 
Accounts payable and other liabilities
53 4 
(c)
(2)7 — — 8 (2)68 4 
(c)
Long-term debt24,092 1,681 
(c)(f)
— — 5,400 (5,525)

204 (427)25,425 

1,674 
(c)(f)
(a)Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 2% at both June 30, 2024 and December 31, 2023. Level 3 liabilities at fair value as a percentage of total Firm liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were 6% and 8% at June 30, 2024 and December 31, 2023, respectively.
(b)All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty.
(c)Predominantly reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income.
(d)Realized gains/(losses) on AFS securities are reported in investment securities gains/(losses). Unrealized gains/(losses) are reported in OCI. Realized and unrealized gains/(losses) recorded on level 3 AFS securities were not material both for the three and six months ended June 30, 2024 and 2023.
(e)Changes in fair value for MSRs are reported in mortgage fees and related income.
(f)Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three and six months ended June 30, 2024 and 2023. Unrealized (gains)/losses are reported in OCI, and were $(137) million and $23 million for the three months ended June 30, 2024 and 2023, respectively, and $(97) million and $(277) million for the six months ended June 30, 2024 and 2023, respectively.
(g)Loan originations are included in purchases.
(h)Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items.
Level 3 analysis
Consolidated balance sheets changes
The following describes significant changes to level 3 assets since December 31, 2023, for those items measured at fair value on a recurring basis. Refer to Assets and liabilities measured at fair value on a nonrecurring basis on page 110 for further information on changes impacting items measured at fair value on a nonrecurring basis.
Three and six months ended June 30, 2024
Level 3 assets were $25.6 billion at June 30, 2024, reflecting an increase of $860 million from March 31, 2024, and an increase of $1.9 billion from December 31, 2023.
The increase for the three months ended June 30, 2024 was largely driven by higher:
•MSRs of $242 million, and
•Other Assets of $391 million predominantly due to purchases.
The increase for the six months ended June 30, 2024 was predominantly driven by higher:
•Gross derivative receivables of $1.3 billion due to gains, purchases and net transfers largely offset by settlements,
•MSRs of $325 million, and
•Other Assets of $444 million predominantly due to purchases.
Refer to Note 14 for information on MSRs.
Refer to the sections below for additional information.
Transfers between levels for instruments carried at fair value on a recurring basis
For the three months ended June 30, 2024, there were no significant transfers from level 2 into level 3 or from level 3 into level 2.
For the six months ended June 30, 2024, significant transfers from level 2 into level 3 included the following:
•$759 million and $798 million of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of a decrease in observability and an increase in the significance of unobservable inputs.
For the six months ended June 30, 2024, significant transfers from level 3 into level 2 included the following:
•$987 million of gross equity derivative payables as a result of an increase in observability and a decrease in the significance of unobservable inputs.
For the three months ended June 30, 2023, significant transfers from level 2 into level 3 included the following:
•$1.2 billion of gross interest rate derivative payables as a result of transition to term SOFR for certain interest rate options.
•$760 million of non-trading loans driven by a decrease in observability.
For the three months ended June 30, 2023, there were no significant transfers from level 3 into level 2.
For the six months ended June 30, 2023, significant transfers from level 2 into level 3 included the following:
•$1.6 billion of gross interest rate derivative payables as a result of transition to term SOFR for certain interest rate options.
•$901 million of gross equity derivative receivables as a result of a decrease in observability and an increase in the significance of unobservable inputs.
•$917 million of non-trading loans driven by a decrease in observability.
For the six months ended June 30, 2023, significant transfers from level 3 into level 2 included the following:
•$1.3 billion and $827 million of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of an increase in observability and a decrease in the significance of unobservable inputs.
All transfers are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur.

Gains and losses
The following describes significant components of total realized/unrealized gains/(losses) for instruments measured at fair value on a recurring basis for the periods indicated. These amounts exclude any effects of the Firm’s risk management activities where the financial instruments are classified as level 1 and 2 of the fair value hierarchy. Refer to Changes in level 3 recurring fair value measurements rollforward tables on pages 103-108 for further information on these instruments.
Three months ended June 30, 2024
•$682 million of net gains on assets, predominantly driven by gains in net derivative receivables due to market movements and gains in MSR reflecting lower prepayment speeds on higher rates.
•$1 million of net losses on liabilities, driven by losses in deposits and short-term borrowings predominantly offset by gains in trading liabilities - debt and equity instruments and long-term debt due to market movements.
Three months ended June 30, 2023
•$752 million of net losses on assets, driven by losses in net derivative receivables due to market movements.
•$328 million of net losses on liabilities, driven by losses in long-term debt due to market movements.
Six months ended June 30, 2024
•$117 million of net losses on assets, driven by losses in net derivative receivables due to market movements largely offset by gains in loans due to market movements and gains in MSR reflecting lower prepayment speeds on higher rates.
•$517 million of net losses on liabilities, driven by losses in long-term debt due to market movements.
Six months ended June 30, 2023
•$139 million of net gains on assets, driven by gains in MSR reflecting lower prepayment speeds on higher rates.
•$1.8 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.
Refer to Note 14 for information on MSRs.
Credit and funding adjustments — derivatives
The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time.
Three months ended June 30,Six months ended June 30,
(in millions)2024202320242023
Credit and funding adjustments:
Derivatives CVA$(56)$66 $20 $121 
Derivatives FVA
(20)63 37 55 
Refer to Note 2 of JPMorgan Chase’s 2023 Form 10-K for further information about both credit and funding adjustments, as well as information about valuation adjustments on fair value option elected liabilities.

Assets and liabilities measured at fair value on a nonrecurring basis
The following tables present the assets and liabilities held as of June 30, 2024 and 2023, for which nonrecurring fair value adjustments were recorded during the six months ended June 30, 2024 and 2023, by major product category and fair value hierarchy.
Fair value hierarchyTotal fair value
June 30, 2024 (in millions)
Level 1
Level 2
Level 3
Loans$— $860 

$778 $1,638 
Other assets(a)
— 6 501 507 
Total assets measured at fair value on a nonrecurring basis$— $866 $1,279 $2,145 
Accounts payable and other liabilities — — — 
 
— 
Total liabilities measured at fair value on a nonrecurring basis$— $— $— $— 
Fair value hierarchyTotal fair value
June 30, 2023 (in millions)Level 1Level 2Level 3
Loans$— $803 

$840 $1,643 
Other assets— 7 286 

293 
Total assets measured at fair value on a nonrecurring basis$— $810 $1,126 $1,936 
Accounts payable and other liabilities— — — 

— 
Total liabilities measured at fair value on a nonrecurring basis$— $— $— $— 
(a)Included equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $501 million in level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2024, $336 million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. Also, included impairments on certain equity method investments.
Nonrecurring fair value changes
The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three and six months ended June 30, 2024 and 2023, related to assets and liabilities held at those dates.


Three months ended June 30,Six months ended June 30,
(in millions)2024202320242023
Loans$(105)
 
$(96)

$(149)

$(128)
Other assets(a)
(178)
 
(36)

(215)(99)
Accounts payable and other liabilities — 
 
— 

— — 
Total nonrecurring fair value gains/(losses)
$(283)$(132)$(364)$(227)
(a)Included $(109) million and $(32) million for the three months ended June 30, 2024 and 2023, respectively, and $(147) million and $(93) million for the six months ended June 30, 2024 and 2023, respectively, of net gains/(losses) as a result of the measurement alternative. The current period also included impairments on certain equity method investments.


Equity securities without readily determinable fair values
The Firm measures certain equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer (i.e., measurement alternative), with such changes recognized in other income.
In its determination of the new carrying values upon observable price changes, the Firm may adjust the prices if deemed necessary to arrive at the Firm’s estimated fair values. Such adjustments may include adjustments to reflect the different rights and obligations of similar securities, and other adjustments that are consistent with the Firm’s valuation techniques for private equity direct investments.
The following table presents the carrying value of equity securities without readily determinable fair values held as of June 30, 2024 and 2023, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.
Three months ended June 30,Six months ended June 30,
As of or for the period ended, (in millions)2024202320242023
Other assets
Carrying value(a)
$3,564 $4,673 $3,564 $4,673 
Upward carrying value changes(b)
10 5 

30 40
Downward carrying value changes/impairment(c)
(119)(37)(177)(133)
(a)The carrying value as of December 31, 2023 was $4.5 billion. The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.
(b)The cumulative upward carrying value changes between January 1, 2018 and June 30, 2024 were $1.1 billion.
(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and June 30, 2024 were $(1.4) billion.
Included in other assets above is the Firm’s interest in approximately 18.6 million Visa Class B-2 common shares ("Visa B-2 shares") and 37.2 million Visa Class B common shares reflected in the Firm's principal investment portfolio as of June 30, 2024 and June 30, 2023, respectively.
The Visa Class B common shares were redenominated to Visa Class B-1 common shares (“Visa B-1 shares”) on January 24, 2024. On April 8, 2024, Visa commenced an initial exchange offer for any and all outstanding Visa B-1 shares. On May 6, 2024, the Firm announced that Visa had accepted the Firm’s tender of its 37.2 million Visa B-1 shares in exchange for a combination of Visa B-2 shares and Visa Class C common shares (“Visa C shares”). The Visa C shares are included in Assets and liabilities measured at fair value on a recurring basis on page 99. Visa's acceptance resulted in an initial gain of $8.0 billion based on the fair value of the Visa C shares. In addition, the current quarter also reflected other Visa-related activity, including the fair value changes of the Visa C shares and derivative instruments, as well as dividends, resulting in the $7.9 billion net gain on Visa shares. As of June 30, 2024, approximately $2 billion of Visa C shares are subject to a lock-up restriction that expires on August 4, 2024.
The Visa B-2 shares are subject to certain transfer restrictions and are convertible into Visa Class A common shares (“Visa A shares”) at a specified conversion rate upon final resolution of certain litigation matters involving Visa. The conversion rate of Visa B-2 shares to Visa A shares was 1.5875 at June 30, 2024 and may be adjusted by Visa depending on developments related to the litigation matters. The outcome of those litigation matters, and the effect that the resolution of those matters may have on the conversion rate, is unknown. Accordingly, as of June 30, 2024, there is significant uncertainty regarding when the transfer restrictions on Visa B-2 shares may be terminated and what the final conversion rate for the Visa B-2 shares will be. As a result of these considerations, as well as differences in voting rights, Visa B-2 shares are not considered to be similar to Visa A shares, and are held at their nominal carryover basis.
In connection with prior sales of Visa Class B common shares prior to the redenomination to Visa B-1 shares, the Firm has entered into derivative instruments with the purchasers of the shares under which the Firm retains the risk associated with changes in the conversion rate. The notional amount of shares associated with those derivative instruments has been adjusted as a result of the Visa exchange offer. Refer to page 194 of JPMorgan Chase’s 2023 Form 10-K for further information.
Additional disclosures about the fair value of financial instruments that are not carried on the Consolidated balance sheets at fair value
The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at June 30, 2024 and December 31, 2023, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy.
June 30, 2024December 31, 2023
Estimated fair value hierarchyEstimated fair value hierarchy
(in billions)Carrying
value		Level 1Level 2Level 3Total estimated
fair value		Carrying
value		Level 1Level 2Level 3Total estimated
fair value
Financial assets
Cash and due from banks$27.3 $27.3 $— $— $27.3 $29.1 $29.1 $— $— $29.1 
Deposits with banks503.6 503.4 0.2 — 503.6 595.1 594.6 0.5 — 595.1 
Accrued interest and accounts receivable
135.3 — 135.2 0.1 135.3 107.1 — 107.0 0.1 107.1 
Federal funds sold and securities purchased under resale agreements
12.8 — 12.8 — 12.8 16.3 — 16.3 — 16.3 
Securities borrowed
111.4 — 111.4 — 111.4 130.3 — 130.3 — 130.3 
Investment securities, held-to-maturity
323.7 127.2 167.6 — 294.8 369.8 160.6 182.2 — 342.8 
Loans, net of allowance for loan losses(a)
1,259.5 — 276.1 969.0 1,245.1 1,262.5 — 285.6 964.6 1,250.2 
Other74.5 — 73.1 1.7 74.8 76.1 — 74.9 1.4 76.3 
Financial liabilities
Deposits$2,327.1 $— $2,327.7 $— $2,327.7 $2,322.3 $— $2,322.6 $— $2,322.6 
Federal funds purchased and securities loaned or sold under repurchase agreements
64.5 — 64.5 — 64.5 47.5 — 47.5 — 47.5 
Short-term borrowings
21.2 — 21.2 — 21.2 24.7 — 24.7 — 24.7 
Accounts payable and other liabilities(b)
253.5 — 241.1 11.2 252.3 241.8 — 233.3 8.1 241.4 
Beneficial interests issued by consolidated VIEs
27.1 — 27.1 — 27.1 23.0 — 23.0 — 23.0 
Long-term debt
300.5 — 249.5 50.7 300.2 303.9 — 252.2 51.3 303.5 
(a)Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value.
(b)Excludes lending-related commitments disclosed in the table below.
The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.
June 30, 2024December 31, 2023
Estimated fair value hierarchyEstimated fair value hierarchy
(in billions)
Carrying value(a)(b)(c)
Level 1Level 2Level 3Total estimated fair value
Carrying value(a)(b)(c)
Level 1Level 2Level 3Total estimated fair value
Wholesale lending-related commitments
$2.8 $— $— $4.7 $4.7 $3.0 $— $— $4.8 $4.8 
(a)Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.
(b)Includes the wholesale allowance for lending-related commitments.
(c)As of June 30, 2024 and December 31, 2023, includes fair value adjustments associated with First Republic for other unfunded commitments to extend credit totaling $854 million and $1.1 billion, respectively, recorded in accounts payable and other liabilities on the Consolidated balance sheets. Refer to Notes 22 and 26 for additional information.
The Firm does not estimate the fair value of consumer off-balance sheet lending-related commitments. In many cases, the Firm can reduce or cancel these commitments by providing the borrower notice or, in some cases as permitted by law, without notice. Refer to page 177 of JPMorgan Chase’s 2023 Form 10-K for a further discussion of the valuation of lending-related commitments.