Business Segments (Tables)

6 Months Ended

Jun. 30, 2024

The following table provides a summary of the Firm’s segment results as of or for the three and six months ended June 30, 2024 and 2023, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 32 of JPMorgan Chase’s 2023 Form 10-K for additional information on the Firm’s managed basis.

Capital allocation

The amount of capital assigned to each business segment is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs may change. Refer to Note 32 of JPMorgan Chase’s 2023 Form 10-K for additional information on capital allocation.


Segment results and reconciliation(a)
As of or for the three months ended June 30, (in millions, except ratios)	Consumer & Community Banking						Commercial & Investment Bank						Asset & Wealth Management
	2024			2023			2024			2023			2024			2023
Noninterest revenue	$	3,996		$	3,543		$	12,744		$	11,637		$	3,633		$	3,358
Net interest income	13,705			13,690			5,173			4,870			1,619			1,585
Total net revenue	17,701			17,233			17,917			16,507			5,252			4,943
Provision for credit losses	2,643			1,862			384			1,135			20			145
Noninterest expense	9,425			8,313			9,166			8,194			3,543			3,163
Income/(loss) before income tax expense/(benefit)	5,633			7,058			8,367			7,178			1,689			1,635
Income tax expense/(benefit)	1,423			1,752			2,470			1,878			426			409
Net income/(loss)	$	4,210		$	5,306		$	5,897		$	5,300		$	1,263		$	1,226
Average equity	$	54,500		$	54,346		$	132,000		$	137,505		$	15,500		$	16,670
Total assets	638,493			620,193			1,939,038			1,737,334			247,353			247,118
ROE	30		%	38		%	17		%	15		%	32		%	29		%
Overhead ratio	53			48			51			50			67			64


As of or for the three months ended June 30, (in millions, except ratios)	Corporate					Reconciling Items(a)				Total
	2024			2023		2024		2023		2024				2023
Noninterest revenue	$	7,758	(b)	$	1,980	$	(677)	$	(990)	$	27,454		(b)	$	19,528
Net interest income	2,364			1,738		(115)		(104)		22,746				21,779
Total net revenue	10,122			3,718		(792)		(1,094)		50,200				41,307
Provision for credit losses	5			(243)		—		—		3,052				2,899
Noninterest expense	1,579		(c)	1,152		—		—		23,713			(c)	20,822
Income/(loss) before income tax expense/(benefit)	8,538			2,809		(792)		(1,094)		23,435				17,586
Income tax expense/(benefit)	1,759			169		(792)		(1,094)		5,286				3,114
Net income/(loss)	$	6,779		$	2,640	$	—	$	—	$	18,149			$	14,472
Average equity	$	106,763		$	69,364	$	—	$	—	$	308,763			$	277,885
Total assets	1,318,119			1,263,595		NA		NA		4,143,003				3,868,240
ROE	NM			NM		NM		NM		23		%		20		%
Overhead ratio	NM			NM		NM		NM		47				50

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

(b)Included $7.9 billion net gain related to Visa shares. Refer to Note 2 for additional information.

(c)Included $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation. Refer to Note 5 for additional information.


Segment results and reconciliation(a)
As of or for the six months ended June 30, (in millions, except ratios)	Consumer & Community Banking						Commercial & Investment Bank						Asset & Wealth Management
	2024			2023			2024			2023			2024			2023
Noninterest revenue	$	7,941		$	7,166		$	24,905		$	23,941		$	7,147		$	6,691
Net interest income	27,413			26,523			10,596			9,677			3,214			3,036
Total net revenue	35,354			33,689			35,501			33,618			10,361			9,727
Provision for credit losses	4,556			3,264			385			1,610			(37)			173
Noninterest expense	18,722			16,378			17,890			16,985			7,003			6,254
Income/(loss) before income tax expense/(benefit)	12,076			14,047			17,226			15,023			3,395			3,300
Income tax expense/(benefit)	3,035			3,498			4,707			3,955			842			707
Net income/(loss)	$	9,041		$	10,549		$	12,519		$	11,068		$	2,553		$	2,593
Average equity	$	54,500		$	53,180		$	132,000		$	137,005		$	15,500		$	16,337
Total assets	638,493			620,193			1,939,038			1,737,334			247,353			247,118
ROE	33		%	39		%	18		%	16		%	32		%	31		%
Overhead ratio	53			49			50			51			68			64


As of or for the six months ended June 30, (in millions, except ratios)	Corporate					Reconciling Items(a)				Total
	2024			2023		2024		2023		2024				2023
Noninterest revenue	$	7,483	(b)	$	1,225	$	(1,170)	$	(1,857)	$	46,306		(b)	$	37,166
Net interest income	4,841			3,478		(236)		(224)		45,828				42,490
Total net revenue	12,324			4,703		(1,406)		(2,081)		92,134				79,656
Provision for credit losses	32			127		—		—		4,936				5,174
Noninterest expense	2,855		(c)	1,312		—		—		46,470			(c)	40,929
Income/(loss) before income tax expense/(benefit)	9,437			3,264		(1,406)		(2,081)		40,728				33,553
Income tax expense/(benefit)	1,982			380		(1,406)		(2,081)		9,160				6,459
Net income/(loss)	$	7,455		$	2,884	$	—	$	—	$	31,568			$	27,094
Average equity	$	102,519		$	68,038	$	—	$	—	$	304,519			$	274,560
Total assets	1,318,119			1,263,595		NA		NA		4,143,003				3,868,240
ROE	NM			NM		NM		NM		20		%		19		%
Overhead ratio	NM			NM		NM		NM		50				51

(b)Included $7.9 billion net gain related to Visa shares. Refer to Note 2 for additional information.

(c)Included $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation. Refer to Note 5 for additional information.