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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly report pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
| | | | | | | | | | | | | | |
| For the quarterly period ended | | Commission file | |
| June 30, 2024 | | number | 1-5805 | |
JPMorgan Chase & Co.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | |
| 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) |
Registrant’s telephone number, including area code: (212) 270-6000
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
| 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 |
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. ☐ | |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
Number of shares of common stock outstanding as of June 30, 2024: 2,845,164,727
FORM 10-Q
TABLE OF CONTENTS
| | | | | | | | | | | |
| Page |
| Item 1. | | |
| | |
| | 91 |
| | 92 |
| | 93 |
| | 94 |
| | 95 |
| | 96 |
| | 191 |
| | 192 |
| | 194 |
| Item 2. | | |
| | 3 |
| | 4 |
| | 5 |
| | 9 |
| Consolidated Balance Sheets and Cash Flows Analysis | 15 |
| | 18 |
| | 20 |
| | 44 |
| | 45 |
| | 51 |
| | 61 |
| | 66 |
| | 78 |
| | 79 |
| | 85 |
| | 86 |
| | 89 |
| | 90 |
| Item 3. | | 202 |
| Item 4. | | 202 |
| |
| Item 1. | | 202 |
| Item 1A. | | 202 |
| Item 2. | | 202 |
| Item 3. | | 203 |
| Item 4. | | 203 |
| Item 5. | | 203 |
| Item 6. | | 204 |
JPMorgan Chase & Co.
Consolidated financial highlights (unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As of or for the period ended, (in millions, except per share, ratio, employee data and where otherwise noted) | | | | | | | | Six months ended June 30, |
| 2Q24 | | 1Q24 | 4Q23 | 3Q23 | 2Q23 | | 2024 | | 2023 |
| Selected income statement data | | | | | | | | | | |
| Total net revenue | $ | 50,200 | | (e) | $ | 41,934 | | $ | 38,574 | | $ | 39,874 | | $ | 41,307 | | | $ | 92,134 | | (e) | $ | 79,656 | |
| Total noninterest expense | 23,713 | | (e) | 22,757 | | 24,486 | | 21,757 | | 20,822 | | | 46,470 | | (e) | 40,929 | |
Pre-provision profit(a) | 26,487 | | | 19,177 | | 14,088 | | 18,117 | | 20,485 | | | 45,664 | | | 38,727 | |
| Provision for credit losses | 3,052 | | | 1,884 | | 2,762 | | 1,384 | | 2,899 | | | 4,936 | | | 5,174 | |
| Income before income tax expense | 23,435 | | | 17,293 | | 11,326 | | 16,733 | | 17,586 | | | 40,728 | | | 33,553 | |
| Income tax expense | 5,286 | | | 3,874 | | 2,019 | | 3,582 | | 3,114 | | | 9,160 | | | 6,459 | |
Net income | $ | 18,149 | | | $ | 13,419 | | $ | 9,307 | | $ | 13,151 | | $ | 14,472 | | | $ | 31,568 | | | $ | 27,094 | |
| | | | | | | | | | |
| Earnings per share data | | | | | | | | | | |
Net income: Basic | $ | 6.13 | | | $ | 4.45 | | $ | 3.04 | | $ | 4.33 | | $ | 4.76 | | | $ | 10.58 | | | $ | 8.86 | |
| Diluted | 6.12 | | | 4.44 | | 3.04 | | 4.33 | | 4.75 | | | 10.56 | | | 8.85 | |
| Average shares: Basic | 2,889.8 | | | 2,908.3 | | 2,914.4 | | 2,927.5 | | 2,943.8 | | | 2,899.1 | | | 2,956.1 | |
| Diluted | 2,894.9 | | | 2,912.8 | | 2,919.1 | | 2,932.1 | | 2,948.3 | | | 2,903.9 | | | 2,960.5 | |
| | | | | | | | | | |
| Market and per common share data | | | | | | | | | | |
| Market capitalization | 575,463 | | | 575,195 | | 489,320 | | 419,254 | | 422,661 | | | 575,463 | | | 422,661 | |
| Common shares at period-end | 2,845.1 | | | 2,871.6 | | 2,876.6 | | 2,891.0 | | 2,906.1 | | | 2,845.1 | | | 2,906.1 | |
| Book value per share | 111.29 | | | 106.81 | | 104.45 | | 100.30 | | 98.11 | | | 111.29 | | | 98.11 | |
Tangible book value per share (“TBVPS”)(a) | 92.77 | | | 88.43 | | 86.08 | | 82.04 | | 79.90 | | | 92.77 | | | 79.90 | |
| Cash dividends declared per share | 1.15 | | | 1.15 | | 1.05 | | 1.05 | | 1.00 | | | 2.30 | | | 2.00 | |
| | | | | | | | | | |
| Selected ratios and metrics | | | | | | | | | | |
Return on common equity (“ROE”)(b) | 23 | | % | 17 | % | 12 | % | 18 | % | 20 | % | | 20 | | % | 19 | % |
Return on tangible common equity (“ROTCE”)(a)(b) | 28 | | | 21 | | 15 | | 22 | | 25 | | | 25 | | | 24 | |
Return on assets(b) | 1.79 | | | 1.36 | | 0.95 | | 1.36 | | 1.51 | | | 1.58 | | | 1.45 | |
| Overhead ratio | 47 | | | 54 | | 63 | | 55 | | 50 | | | 50 | | | 51 | |
| Loans-to-deposits ratio | 55 | | | 54 | | 55 | | 55 | | 54 | | | 55 | | | 54 | |
Firm Liquidity coverage ratio (“LCR”) (average) | 112 | | | 112 | | 113 | | 112 | | 112 | | | 112 | | | 112 | |
JPMorgan Chase Bank, N.A. LCR (average) | 125 | | | 129 | | 129 | | 123 | | 129 | | | 125 | | | 129 | |
Common equity Tier 1 (“CET1”) capital ratio(c)(d) | 15.3 | | | 15.0 | | 15.0 | | 14.3 | | 13.8 | | | 15.3 | | | 13.8 | |
Tier 1 capital ratio(c)(d) | 16.7 | | | 16.4 | | 16.6 | | 15.9 | | 15.4 | | | 16.7 | | | 15.4 | |
Total capital ratio(c)(d) | 18.5 | | | 18.2 | | 18.5 | | 17.8 | | 17.3 | | | 18.5 | | | 17.3 | |
Tier 1 leverage ratio(c) | 7.2 | | | 7.2 | | 7.2 | | 7.1 | | 6.9 | | | 7.2 | | | 6.9 | |
Supplementary leverage ratio (“SLR”)(c) | 6.1 | | | 6.1 | | 6.1 | | 6.0 | | 5.8 | | | 6.1 | | | 5.8 | |
| | | | | | | | | | |
Selected balance sheet data (period-end) | | | | | | | | | | |
| Trading assets | $ | 733,882 | | | $ | 754,409 | | $ | 540,607 | | $ | 601,993 | | $ | 636,996 | | | $ | 733,882 | | | $ | 636,996 | |
| Investment securities, net of allowance for credit losses | 589,998 | | | 570,679 | | 571,552 | | 585,380 | | 612,203 | | | 589,998 | | | 612,203 | |
| Loans | 1,320,700 | | | 1,309,616 | | 1,323,706 | | 1,310,059 | | 1,300,069 | | | 1,320,700 | | | 1,300,069 | |
| Total assets | 4,143,003 | | | 4,090,727 | | 3,875,393 | | 3,898,333 | | 3,868,240 | | | 4,143,003 | | | 3,868,240 | |
| Deposits | 2,396,530 | | | 2,428,409 | | 2,400,688 | | 2,379,526 | | 2,398,962 | | | 2,396,530 | | | 2,398,962 | |
| Long-term debt | 394,028 | | | 395,872 | | 391,825 | | 362,793 | | 364,078 | | | 394,028 | | | 364,078 | |
| Common stockholders’ equity | 316,652 | | | 306,737 | | 300,474 | | 289,967 | | 285,112 | | | 316,652 | | | 285,112 | |
| Total stockholders’ equity | 340,552 | | | 336,637 | | 327,878 | | 317,371 | | 312,516 | | | 340,552 | | | 312,516 | |
Employees | 313,206 | | | 311,921 | | 309,926 | | 308,669 | | 300,066 | | | 313,206 | | | 300,066 | |
| | | | | | | | | | |
| Credit quality metrics | | | | | | | | | | |
| Allowances for credit losses | $ | 25,514 | | | $ | 24,695 | | $ | 24,765 | | $ | 24,155 | | $ | 24,288 | | | $ | 25,514 | | | $ | 24,288 | |
| Allowance for loan losses to total retained loans | 1.81 | | % | 1.77 | % | 1.75 | % | 1.73 | % | 1.75 | % | | 1.81 | | % | 1.75 | % |
| Nonperforming assets | $ | 8,423 | | | $ | 8,265 | | $ | 7,597 | | $ | 8,131 | | $ | 7,838 | | | $ | 8,423 | | | $ | 7,838 | |
| Net charge-offs | 2,231 | | | 1,956 | | 2,164 | | 1,497 | | 1,411 | | | 4,187 | | | 2,548 | |
| Net charge-off rate | 0.71 | | % | 0.62 | % | 0.68 | % | 0.47 | % | 0.47 | % | | 0.67 | | % | 0.45 | % |
(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 Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19 for a further discussion of these measures.
(b)Ratios are based upon annualized amounts.
(c)The ratios reflect the Current Expected Credit Losses (“CECL”) capital transition provisions. Refer to Note 21 of this Form 10-Q and Note 27 of JPMorgan Chase’s 2023 Form 10-K for additional information.
(d)Reflects the Firm’s ratios under the Basel III Standardized approach. Refer to Capital Risk Management on pages 45-50 for additional information.
(e)Total net revenue included a $7.9 billion net gain related to Visa shares, and total noninterest expense included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation. Refer to Executive Overview on pages 5-8, and Notes 2 and 5 of this Form 10-Q, as well as pages 8 and 100 of JPMorgan Chase’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 for further information.
The following is Management’s discussion and analysis of the financial condition and results of operations (“MD&A”) of JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) for the second quarter of 2024.
This Quarterly Report on Form 10-Q for the second quarter of 2024 (“Form 10-Q”) should be read together with JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). Refer to the Glossary of terms and acronyms and line of business metrics on pages 194-201 for definitions of terms and acronyms used throughout this Form 10-Q.
This Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current beliefs and expectations of JPMorgan Chase’s management, speak only as of the date of this Form 10-Q and are subject to significant risks and uncertainties. Refer to Forward-looking Statements on page 90 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 9-33 of the 2023 Form 10-K for a discussion of certain of those risks and uncertainties and the factors that could cause JPMorgan Chase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results will be in line with any outlook information set forth herein, and the Firm does not undertake to update any forward-looking statements.
JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $4.1 trillion in assets and $340.6 billion in stockholders’ equity as of June 30, 2024. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers, predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally.
JPMorgan Chase’s principal bank subsidiary is JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank, N.A.”), a national banking association with U.S. branches in 48 states and Washington, D.C. JPMorgan Chase’s principal non-bank subsidiary is J.P. Morgan Securities LLC (“J.P. Morgan Securities”), a U.S. broker-dealer. The bank and non-bank subsidiaries of JPMorgan Chase operate nationally as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Firm’s principal operating subsidiaries outside the U.S. are J.P. Morgan Securities plc and J.P. Morgan SE (“JPMSE”), which are subsidiaries of JPMorgan Chase Bank, N.A. and are based in the United Kingdom (“U.K.”) and Germany, respectively.
Business Segment Reorganization: Effective in the second quarter of 2024, the Firm reorganized its reportable business segments by combining the former Corporate & Investment Bank and Commercial Banking business segments to form one reportable segment, the Commercial & Investment Bank (“CIB”). As a result of the reorganization, the Firm now has three reportable business segments, as well as a Corporate segment. The Firm’s consumer business is the Consumer & Community Banking (“CCB”) segment. The Firm’s wholesale businesses are the Commercial & Investment Bank (“CIB”) and Asset & Wealth Management (“AWM”) segments. Refer to Business Segment Results on pages 20-22 of this Form 10-Q and Recent events on page 52 of the 2023 Form 10-K for additional information on the reorganization, as well as Note 25 of this Form 10-Q and Note 32 of the 2023 Form 10-K, for a description of the Firm’s business segments and the products and services they provide to their respective client bases.
First Republic: 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”). References in this Form 10-Q to "associated with First Republic," "related to First Republic," "impact of First Republic" or similar expressions refer to the relevant effects of the First Republic acquisition, as well as subsequent related business and activities, as applicable. Refer to Note 26 for additional information.
The Firm's website is www.jpmorganchase.com. JPMorgan Chase makes available on its website, free of charge, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after it electronically files or furnishes such material to the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov. JPMorgan Chase makes new and important information about the Firm available on its website at https://www.jpmorganchase.com, including on the Investor Relations section of its website at https://www.jpmorganchase.com/ir. Information on the Firm's website, including documents on the website that are referenced in this Form 10-Q, is not incorporated by reference into this Form 10-Q or the Firm’s other filings with the SEC.
This executive overview of the MD&A highlights selected information and does not contain all of the information that is important to readers of this Form 10-Q. For a complete description of the trends and uncertainties, as well as the risks and critical accounting estimates affecting the Firm, this Form 10-Q and the 2023 Form 10-K should be read together and in their entirety.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Financial performance of JPMorgan Chase | | | | | | | | |
(unaudited) As of or for the period ended, (in millions, except per share data and ratios) | Three months ended June 30, | | Six months ended June 30, |
| 2024 | | 2023 | | Change | | 2024 | | 2023 | | Change |
Selected income statement data | | | | | | | | | | | |
| Noninterest revenue | $ | 27,454 | | | $ | 19,528 | | | 41 | % | | $ | 46,306 | | | $ | 37,166 | | | 25 | % |
| Net interest income | 22,746 | | | 21,779 | | | 4 | | | 45,828 | | | 42,490 | | | 8 | |
| Total net revenue | 50,200 | | | 41,307 | | | 22 | | | 92,134 | | | 79,656 | | | 16 | |
| Total noninterest expense | 23,713 | | | 20,822 | | | 14 | | | 46,470 | | | 40,929 | | | 14 | |
| Pre-provision profit | 26,487 | | | 20,485 | | | 29 | | | 45,664 | | | 38,727 | | | 18 | |
| Provision for credit losses | 3,052 | | | 2,899 | | | 5 | | | 4,936 | | | 5,174 | | | (5) | |
| Net income | 18,149 | | | 14,472 | | | 25 | | | 31,568 | | | 27,094 | | | 17 | |
| Diluted earnings per share | 6.12 | | | 4.75 | | | 29 | | | 10.56 | | | 8.85 | | | 19 | |
| Selected ratios and metrics | | | | | | | | | | | |
| Return on common equity | 23 | % | | 20 | % | | | | 20 | % | | 19 | % | | |
Return on tangible common equity | 28 | | | 25 | | | | | 25 | | | 24 | | | |
| Book value per share | $ | 111.29 | | | $ | 98.11 | | | 13 | | | $ | 111.29 | | | $ | 98.11 | | | 13 | |
| Tangible book value per share | 92.77 | | | 79.90 | | | 16 | | | 92.77 | | | 79.90 | | | 16 | |
Capital ratios(a)(b) | | | | | | | | | | | |
| CET1 capital | 15.3 | % | | 13.8 | % | | | | 15.3 | % | | 13.8 | % | | |
| Tier 1 capital | 16.7 | | | 15.4 | | | | | 16.7 | | | 15.4 | | | |
| Total capital | 18.5 | | | 17.3 | | | | | 18.5 | | | 17.3 | | | |
| Memo: | | | | | | | | | | | |
NII excluding Markets(c) | $ | 22,938 | | | $ | 22,370 | | | 3 | | | $ | 45,958 | | | $ | 43,306 | | | 6 | |
NIR excluding Markets(c) | 20,261 | | | 12,969 | | | 56 | | | 31,776 | | | 22,931 | | | 39 | |
Markets(c) | 7,793 | | | 7,062 | | | 10 | | | 15,806 | | | 15,500 | | | 2 | |
| Total net revenue - managed basis | $ | 50,992 | | | $ | 42,401 | | | 20 | | | $ | 93,540 | | | $ | 81,737 | | | 14 | |
(a)The ratios reflect the CECL capital transition provisions. Refer to Note 21 of this Form 10-Q and Note 27 of JPMorgan Chase’s 2023 Form 10-K for additional information.
(b)Reflects the Firm’s ratios under the Basel III Standardized approach. Refer to Capital Risk Management on pages 45-50 for additional information.
(c)NII and NIR refer to net interest income and noninterest revenue, respectively. Markets consists of CIB's Fixed Income Markets and Equity Markets businesses.
First Republic: JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC on May 1, 2023. As a result, the current-quarter and year-to-date results include the three- and six-month impact of First Republic, respectively, compared with two months in the prior-year periods. Where meaningful to the results, this is referred to in this Form 10-Q as the "timing impact" of First Republic.
Visa shares: On April 8, 2024, Visa Inc. commenced an initial exchange offer for Visa Class B-1 common shares. On May 6, 2024, the Firm announced that Visa had accepted the Firm’s tender of its 37.2 million Visa Class B-1 common shares in exchange for a combination of Visa Class B-2 common shares and Visa Class C common shares (“Visa C shares”), resulting in a $7.9 billion net gain for the period ended June 30, 2024.
In addition, the Firm contributed $1.0 billion of Visa shares to the JPMorgan Chase Foundation. Refer to Principal Investment Risk and Market Risk Management on page 78 and pages 79-84, respectively, and Notes 2 and 5 for additional information.
Comparisons noted in the sections below are for the second quarter of 2024 versus the second quarter of 2023, unless otherwise specified.
Firmwide overview
For the second quarter of 2024, JPMorgan Chase reported net income of $18.1 billion, up 25%, earnings per share of $6.12, ROE of 23% and ROTCE of 28%. The Firm's results included the following in Corporate: a $7.9 billion net gain related to Visa shares, a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation, and $546 million of net investment securities losses.
•Total net revenue was $50.2 billion, up 22%, reflecting:
–Net interest income ("NII") of $22.7 billion, up 4%, driven by the impact of balance sheet mix and higher rates; higher revolving balances in Card Services; the timing impact of First Republic; and higher Markets net interest income, largely offset by deposit margin compression across the LOBs and lower average deposit balances in CCB. NII excluding Markets was $22.9 billion, up 3%.
–Noninterest revenue ("NIR") was $27.5 billion, up 41%, driven by the $7.9 billion net gain related to Visa shares, higher investment banking fees, higher asset management fees, lower net investment securities losses in Treasury and CIO, and higher Markets noninterest revenue. The prior year included the preliminary estimated bargain purchase gain of $2.7 billion associated with First Republic.
•Noninterest expense was $23.7 billion, up 14%, predominantly driven by higher compensation expense, including higher revenue-related compensation and growth in employees, as well as the $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation.
•The provision for credit losses was $3.1 billion, reflecting $2.2 billion of net charge-offs and a net addition to the allowance for credit losses of $821 million. Net charge-offs increased by $820 million, predominantly driven by the seasoning of newer vintages and continued credit normalization in Card Services. The net addition to the allowance for credit losses included $609 million in consumer, primarily in Card Services, and $189 million in wholesale.
The provision in the prior year was $2.9 billion, reflecting a $1.5 billion net addition to the allowance for credit losses, including $1.2 billion to establish the allowance for the First Republic loans and lending-related commitments, and $1.4 billion of net charge-offs.
•The total allowance for credit losses was $25.5 billion at June 30, 2024. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.81%, compared with 1.75% in the prior year.
•The Firm’s nonperforming assets totaled $8.4 billion at June 30, 2024, up 7%, driven by wholesale nonaccrual loans, which reflect downgrades in Real Estate, concentrated in Office, partially offset by net sales of consumer nonaccrual loans. Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio on pages 65-74 and pages 61-64, respectively, for additional information.
•Firmwide average loans of $1.3 trillion were up 6%, predominantly driven by higher loans in CCB and CIB, including the timing impact of First Republic.
•Firmwide average deposits of $2.4 trillion were down 1%, reflecting:
–a decline in CCB in existing accounts primarily due to increased customer spending,
predominantly offset by
–net issuances of structured notes in CIB as a result of client demand in Markets, and net inflows in Payments,
–the timing impact of First Republic, and
–an increase in Corporate related to the Firm's international consumer initiatives.
Refer to Liquidity Risk Management on pages 51-58 for additional information.
Selected capital and other metrics
•CET1 capital was $267 billion, and the Standardized and Advanced CET1 ratios were 15.3% and 15.5%, respectively.
•SLR was 6.1%.
•TBVPS grew 16%, ending the second quarter of 2024 at $92.77.
•As of June 30, 2024, the Firm had eligible end-of-period High Quality Liquid Assets (“HQLA”) of approximately $841 billion and unencumbered marketable securities with a fair value of approximately $623 billion, resulting in approximately $1.5 trillion of liquidity sources. Refer to Liquidity Risk Management on pages 51-58 for additional information.
Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 9-14 and pages 15-16, respectively, for a further discussion of the Firm's results, including the provision for credit losses; and Notes 5 and 26 for additional information on First Republic.
Pre-provision profit, ROTCE, TCE, TBVPS, NII and NIR excluding Markets, and total net revenue on a managed basis are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19 for a further discussion of each of these measures.
Business segment highlights
Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the second quarter of 2024.
| | | | | | | | |
CCB ROE 30% | | •Average deposits down 7% year-over-year ("YoY"), down 1% quarter-over-quarter ("QoQ"); client investment assets up 14% •Average loans up 10% YoY including First Republic, flat QoQ; Card Services net charge-off rate of 3.50% •Debit and credit card sales volume(a) up 7% •Active mobile customers(b) up 7% |
CIB ROE 17% | | •#1 ranking for Global Investment Banking fees with 9.5% wallet share YTD •Markets revenue up 10%, with Fixed Income Markets up 5% and Equity Markets up 21% •Average Banking & Payments loans up 2% YoY, flat QoQ; average client deposits(c) up 2% YoY, up 1% QoQ |
| | |
AWM ROE 32% | | •Assets under management ("AUM") of $3.7 trillion, up 15% •Average loans up 2% YoY, flat QoQ; average deposits up 7% YoY due to the allocation of First Republic deposits to AWM in 4Q23, flat QoQ |
(a)Excludes Commercial Card.
(b)Users of all mobile platforms who have logged in within the past 90 days.
(c)Represents client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses.
Refer to the Business Segment Results on pages 20-43 for a detailed discussion of results by business segment.
Credit provided and capital raised
JPMorgan Chase continues to support consumers, businesses and communities around the globe. The Firm provided new and renewed credit and raised capital for wholesale and consumer clients during the first six months of 2024, consisting of approximately:
| | | | | | | | |
$1.4 trillion | | Total credit provided and capital raised (including loans and commitments) |
| | |
$120 billion | | Credit for consumers |
| | |
$20 billion | | Credit for U.S. small businesses |
| | |
$1.3 trillion | | Credit and capital for corporations and non-U.S. government entities(a) |
| | |
$30 billion | | Credit and capital for nonprofit and U.S. government entities(b) |
(a)Credit and capital for corporations and non-U.S. government entities include Individuals and Individual Entities primarily consisting of Global Private Bank clients within AWM.
(b)Includes states, municipalities, hospitals and universities.
Outlook
These current expectations are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs and expectations of JPMorgan Chase’s management, speak only as of the date of this Form 10-Q, and are subject to significant risks and uncertainties. Refer to Forward-Looking Statements on page 90 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 9-33 of the 2023 Form 10-K for a further discussion of certain of those risks and uncertainties and the other factors that could cause JPMorgan Chase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results in 2024 will be in line with the outlook information set forth below, and the Firm does not undertake to update any forward-looking statements.
JPMorgan Chase’s current outlook for full-year 2024 should be viewed against the backdrop of the global and U.S. economies, financial markets activity, the geopolitical environment, the competitive environment, client and customer activity levels, and regulatory and legislative developments in the U.S. and other countries where the Firm does business. Each of these factors will affect the performance of the Firm. The Firm will continue to make appropriate adjustments to its businesses and operations in response to ongoing developments in the business, economic, regulatory and legal environments in which it operates.
Full-year 2024
•Management expects net interest income, and net interest income excluding Markets, to be approximately $91 billion, market dependent.
•Management expects adjusted expense to be approximately $92 billion, market dependent.
•Management expects the net charge-off rate in Card Services to be approximately 3.40%.
Net interest income excluding Markets and adjusted expense are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19.
Business Developments
First Republic acquisition
On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (the "First Republic acquisition") from the FDIC, as receiver.
The Firm continues to progress in the conversion of operations, and the integration of clients, products and services, associated with the First Republic acquisition to align with the Firm’s businesses and operations. The Firm expects that these actions will be substantially complete by the end of 2024.
Refer to Note 26 for additional information related to First Republic.
Regulatory developments
On June 21, 2024, the Federal Reserve and the FDIC announced joint determinations on the Firm’s 2023 resolution plan, which identified no deficiencies and one shortcoming that must be satisfactorily addressed in the Firm’s next resolution plan due on July 1, 2025.
Refer to Supervision and regulation on pages 4-8 of JPMorgan Chase’s 2023 Form 10-K for additional information on the Firm’s resolution plan.
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| CONSOLIDATED RESULTS OF OPERATIONS |
This section provides a comparative discussion of JPMorgan Chase’s Consolidated Results of Operations on a reported basis for the three and six months ended June 30, 2024 and 2023, unless otherwise specified. Factors that relate primarily to a single business segment are discussed in more detail within that business segment's results. Refer to pages 86-88 of this Form 10-Q and pages 155–158 of JPMorgan Chase’s 2023 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.
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| Revenue | | | | | | | | | | | |
| Three months ended June 30, | | Six months ended June 30, |
| (in millions) | 2024 | | 2023 | | Change | | 2024 | | 2023 | | Change |
| Investment banking fees | $ | 2,304 | | | $ | 1,513 | | | 52 | % | | $ | 4,258 | | | $ | 3,162 | | | 35 | % |
| Principal transactions | 6,814 | | | 6,910 | | | (1) | | | 13,604 | | | 14,525 | | | (6) | |
| Lending- and deposit-related fees | 1,828 | | | 1,828 | | | — | | | 3,730 | | | 3,448 | | | 8 | |
| Asset management fees | 4,302 | | | 3,774 | | | 14 | | | 8,448 | | | 7,239 | | | 17 | |
| Commissions and other fees | 1,924 | | | 1,739 | | | 11 | | | 3,729 | | | 3,434 | | | 9 | |
| | | | | | | | | | | |
| Investment securities losses | (547) | | | (900) | | | 39 | | | (913) | | | (1,768) | | | 48 | |
| Mortgage fees and related income | 348 | | | 278 | | | 25 | | | 623 | | | 499 | | | 25 | |
| Card income | 1,332 | | | 1,094 | | | 22 | | | 2,550 | | | 2,328 | | | 10 | |
Other income(a)(b) | 9,149 | | (c) | 3,292 | | (d) | 178 | | | 10,277 | | (c) | 4,299 | | (d) | 139 | |
| Noninterest revenue | 27,454 | | | 19,528 | | | 41 | | | 46,306 | | | 37,166 | | | 25 | |
| Net interest income | 22,746 | | | 21,779 | | | 4 | | | 45,828 | | | 42,490 | | | 8 | |
| Total net revenue | $ | 50,200 | | | $ | 41,307 | | | 22 | % | | $ | 92,134 | | | $ | 79,656 | | | 16 | % |
(a) Included operating lease income of $689 million and $716 million for the three months ended June 30, 2024 and 2023, respectively, and $1.4 billion and $1.5 billion for the six months ended June 30, 2024 and 2023, respectively. Refer to Note 5 for additional information.
(b) Effective January 1, 2024, as a result of adopting updates to the Accounting for Investments in Tax Credit Structures guidance, the amortization of certain of the Firm’s alternative energy tax-oriented investments that was previously recognized in other income is now being recognized in income tax expense. Refer to Notes 1, 5 and 13 for additional information.
(c) Included the net gain related to Visa shares of $7.9 billion for the three and six months ended June 30, 2024. Refer to Notes 2 and 5 for additional information.
(d) Included the preliminary estimated bargain purchase gain of $2.7 billion for the three and six months ended June 30, 2023, associated with the First Republic acquisition. Refer to Notes 5 and 26 for additional information.
Quarterly results
Investment banking fees increased in CIB reflecting:
•higher debt underwriting fees predominantly driven by higher industry-wide issuance in leveraged loans, high-yield bonds and high-grade bonds,
•higher equity underwriting fees driven by follow-on offerings, IPOs and private placements, reflecting wallet share gains amid favorable market conditions, and
•higher advisory fees driven by a higher number of large completed transactions compared with a challenging prior-year quarter.
Refer to CIB segment results on pages 28-35 and Note 5 for additional information.
Principal transactions revenue decreased, reflecting in CIB:
•lower Fixed Income Markets revenue in Rates, Currencies and Emerging Markets, and Commodities, partially offset by higher revenue in Securitized Products,
•a loss of $87 million in Credit Adjustments & Other in CIB, compared with a gain of $36 million in the prior year, and
•higher Equity Markets revenue in Prime Finance and Equity Derivatives.
The decrease in principal transactions revenue also included lower revenue in Treasury and CIO.
Principal transactions revenue in CIB generally has offsets across other revenue lines, including net interest income. The Firm assesses the performance of its Markets business on a total net revenue basis.
Refer to CIB and Corporate segment results on pages 28-35 and pages 41-43, respectively, and Note 5 for additional information.
Lending- and deposit-related fees was flat as higher other lending- and deposit-related fees in CIB were offset by lower amortization in the current quarter associated with the purchase discount on certain short-dated First Republic lending-related commitments, predominantly in AWM. Refer to CCB, CIB and AWM segment results on pages 23-27, pages 28-35 and pages 36-40, respectively, and Note 5 for additional information.
Asset management fees increased driven by higher average market levels and net inflows in AWM and CCB. Refer to CCB and AWM segment results on pages 23-27 and pages 36-40, respectively, and Note 5 for additional information.
Commissions and other fees increased and included higher brokerage commissions and fees in CIB and AWM, and higher annuity sales commissions in CCB. Refer to CCB, CIB and AWM segment results on pages 23-27, pages 28-35 and pages 36-40, respectively, and Note 5 for additional information.
Investment securities losses decreased related to sales of U.S. Treasuries and U.S. GSE and government agency MBS, associated with repositioning the investment securities portfolio in Treasury and CIO. Refer to Corporate segment results on pages 41-43 and Note 9 for additional information.
Mortgage fees and related income increased in Home Lending, predominantly reflecting higher production revenue. Refer to CCB segment results on pages 23-27 and Note 14 for additional information.
Card income increased in CCB, reflecting higher net interchange on increased debit and credit card sales volume, and higher annual fees, partially offset by an increase in amortization of new account origination costs, reflecting continued growth in Card Services.
The prior-year net interchange included an increase to the rewards liability due to adjustments to the terms of certain reward programs. Refer to CCB segment results on pages 23-27 and Note 5 for additional information.
Other income increased, reflecting:
•in Corporate
–the $7.9 billion net gain related to Visa shares;
–the prior year included the preliminary estimated bargain purchase gain of $2.7 billion associated with the First Republic acquisition, and
•the impact of the adoption of updates to the Accounting for Investments in Tax Credit Structures guidance on January 1, 2024, resulting in the amortization of certain of the Firm's alternative energy tax-oriented investments previously recognized in other income now being recognized in income tax expense.
Refer to Notes 1, 5 and 13 for additional information on the adoption of updates to the Accounting for Investments in Tax Credit Structures guidance; Notes 2 and 5 for additional information on Visa shares and; Note 26 for additional information on the First Republic acquisition.
Net interest income increased, driven by the impact of balance sheet mix and higher rates; higher revolving balances in Card Services; the timing impact of First Republic; and higher Markets net interest income, largely offset by deposit margin compression across the LOBs and lower average deposit balances in CCB.
The Firm’s average interest-earning assets were $3.5 trillion, up $166 billion, and the yield was 5.57%, up 56 basis points (“bps”). The net yield on these assets, on an FTE basis, was 2.62%, flat when compared to the prior year. The net yield excluding Markets was 3.86%, up 3 bps.
Refer to the Consolidated average balance sheets, interest and rates schedule on page 192 for further information. Net yield excluding Markets is a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19 for a further discussion of net yield excluding Markets.
Year-to-date results
Investment banking fees increased, reflecting in CIB:
•higher debt underwriting fees predominantly driven by higher industry-wide issuance in leveraged loans, high-grade bonds and high-yield bonds, and
•higher equity underwriting fees driven by higher IPOs, follow-on and convertible securities offerings.
Principal transactions revenue decreased predominantly in CIB, reflecting:
•lower Fixed Income Markets revenue in Rates, and Commodities, partially offset by higher revenue in Securitized Products,
•higher Equity Markets revenue in Prime Finance and Equity Derivatives, and
•losses of $102 million in Credit Adjustments & Other in CIB compared with losses of $117 million in the prior year.
Lending- and deposit-related fees increased, reflecting in CIB, higher lending-related fees, including loan commitment fees, and higher deposit-related fees, including cash management fees in Payments.
Asset management fees increased driven by higher average market levels and net inflows in AWM and CCB, as well as the timing impact of First Republic in CCB.
Commissions and other fees increased and included higher annuity sales commissions in CCB, as well as higher brokerage commissions and fees, and custody fees in CIB and AWM.
Investment securities losses decreased related to sales of U.S. GSE and government agency MBS and U.S. Treasuries, associated with repositioning the investment securities portfolio in Treasury and CIO.
Mortgage fees and related income increased in Home Lending, predominantly reflecting higher production revenue, which included the timing impact of First Republic.
Card income increased in CCB, reflecting higher net interchange on increased debit and credit card sales volume, as well as higher annual fees, largely offset by an increase in amortization of new account origination costs, reflecting continued growth in Card Services.
Other income increased, reflecting:
•in Corporate
–the $7.9 billion net gain related to Visa shares;
–the prior year included the preliminary estimated bargain purchase gain of $2.7 billion associated with the First Republic acquisition, and
•the impact of the adoption of updates to the Accounting for Investments in Tax Credit Structures guidance on January 1, 2024, resulting in the amortization of certain of the Firm's alternative energy tax-oriented investments previously recognized in other income now being recognized in income tax expense.
The prior year included a gain of $339 million on the original minority interest in China International Fund Management ("CIFM") in AWM.
Refer to AWM segment results on pages 36-40 for additional information on CIFM.
Net interest income increased driven by the impact of balance sheet mix and higher rates; the timing impact of First Republic; higher revolving balances in Card Services; and higher Markets net interest income, partially offset by deposit margin compression across the LOBs and lower average deposit balances in CCB.
The Firm’s average interest-earning assets were $3.5 trillion, up $197 billion, and the yield was 5.56%, up 71 bps. The net yield on these assets, on an FTE basis, was 2.66%, an increase of 3 bps. The net yield excluding Markets was 3.85%, up 3 bps.
Refer to Executive Overview on pages 5-8 for additional information on the timing impact of First Republic.
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| Provision for credit losses | | | | | | | | | | |
| Three months ended June 30, | | Six months ended June 30, |
| (in millions) | 2024 | | 2023 | | Change | | 2024 | | 2023 | | Change |
| Consumer, excluding credit card | $ | 144 | | | $ | 555 | | | (74) | % | | $ | 221 | | | $ | 803 | | | (72) | % |
| Credit card | 2,429 | | | 1,324 | | | 83 | | | 4,266 | | | 2,546 | | | 68 | |
| Total consumer | 2,573 | | | 1,879 | | | 37 | | | 4,487 | | | 3,349 | | | 34 | |
| Wholesale | 456 | | | 1,007 | | | (55) | | 400 | | | 1,811 | | | (78) | |
| Investment securities | 23 | | | 13 | | | 77 | | | 49 | | | 14 | | | 250 | |
| Total provision for credit losses | $ | 3,052 | | | $ | 2,899 | | | 5 | % | | $ | 4,936 | | | $ | 5,174 | | | (5) | % |
Quarterly results
The provision for credit losses was $3.1 billion, reflecting $2.2 billion of net charge-offs and an $821 million net addition to the allowance for credit losses.
Net charge-offs included $2.0 billion in consumer, driven by Card Services, reflecting the seasoning of newer vintages and continued credit normalization, and $267 million in wholesale.
The net addition to the allowance for credit losses included:
•$609 million in consumer, driven by Card Services, predominantly due to loan growth and updates to certain macroeconomic variables, and
•$189 million in wholesale, driven by the impact of incorporating the First Republic portfolio into the Firm’s modeled credit loss estimates, as well as net downgrade activity, primarily in Real Estate, largely offset by the impact of changes in the loan and lending-related commitment portfolios.
The provision in the prior year was $2.9 billion, reflecting a $1.5 billion net addition to the allowance for credit losses and net charge-offs of $1.4 billion. The net addition included $1.2 billion to establish the allowance for the First Republic loans and lending-related commitments.
Refer to CCB segment results on pages 23-27, CIB on pages 28-35, AWM on pages 36-40, Corporate on pages 41-43; Allowance for Credit Losses on pages 75-77; Critical Accounting Estimates Used by the Firm on pages 86-88; Notes 11 and 12 for additional information on the credit portfolio and the allowance for credit losses.
Year-to-date results
The provision for credit losses was $4.9 billion, reflecting $4.2 billion of net charge-offs and a $749 million net addition to the allowance for credit losses.
Net charge-offs included $3.8 billion in consumer, predominantly driven by Card Services, reflecting the seasoning of newer vintages and continued credit normalization, and $353 million in wholesale, primarily in Real Estate, concentrated in Office.
The net addition to the allowance for credit losses included:
•$653 million in consumer, reflecting a $753 million net addition in Card Services, predominantly driven by the seasoning of newer vintages, loan growth, and updates to certain macroeconomic variables, and a $125 million net reduction in Home Lending, and
•$47 million in wholesale, driven by
–a net addition of $707 million, reflecting net downgrade activity, primarily in Real Estate, and the impact of incorporating the First Republic portfolio into the Firm’s modeled credit loss estimates,
predominantly offset by
–a net reduction of $660 million, primarily due to the impact of changes in the loan and lending-related commitment portfolios and updates to certain macroeconomic variables.
The provision in the prior year was $5.2 billion, reflecting a $2.6 billion net addition to the allowance for credit losses and net charge-offs of $2.5 billion. The net addition included $1.2 billion to establish the allowance for the First Republic loans and lending-related commitments in the second quarter of 2023.
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| Noninterest expense | | | | | | | | | | | |
| (in millions) | Three months ended June 30, | | Six months ended June 30, |
| 2024 | | 2023 | | Change | | 2024 | | 2023 | | Change |
Compensation expense | $ | 12,953 | | | $ | 11,216 | | | 15 | % | | $ | 26,071 | | | $ | 22,892 | | | 14 | % |
| Noncompensation expense: | | | | | | | | | | | |
| Occupancy | 1,248 | | | 1,070 | | | 17 | | | 2,459 | | | 2,185 | | | 13 | |
Technology, communications and equipment(a) | 2,447 | | | 2,267 | | | 8 | | | 4,868 | | | 4,451 | | | 9 | |
| Professional and outside services | 2,722 | | | 2,561 | | | 6 | | | 5,270 | | | 5,009 | | | 5 | |
| Marketing | 1,221 | | | 1,122 | | | 9 | | | 2,381 | | | 2,167 | | | 10 | |
Other expense | 3,122 | | (d) | 2,586 | | | 21 | | | 5,421 | | (d) | 4,225 | | | 28 | |
Total noncompensation expense | 10,760 | | | 9,606 | | | 12 | | | 20,399 | | | 18,037 | | | 13 | |
Total noninterest expense | $ | 23,713 | | | $ | 20,822 | | | 14 | % | | $ | 46,470 | | | $ | 40,929 | | | 14 | % |
Certain components of other expense(b) | | | | | | | | | | | |
| Legal expense | $ | 317 | | | $ | 420 | | | | | $ | 245 | | | $ | 596 | | | |
| FDIC-related expense | 291 | | | 338 | | | | | 1,264 | | | 655 | | | |
Operating losses(c) | 323 | | | 304 | | | | | 622 | | | 603 | | | |
(a)Includes depreciation expense associated with auto operating lease assets. Refer to Note 16 for additional information.
(b)Refer to Note 5 for additional information.
(c)Predominantly fraud losses in CCB associated with customer deposit accounts, credit and debit cards.
(d)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation. Refer to Note 5 for additional information.
Quarterly results
Compensation expense increased driven by:
•higher volume- and revenue-related compensation across the LOBs,
•an increase in employees, primarily in front office and technology, and
•the impact of First Republic, predominantly in CCB and Corporate, as the prior-year expense related to individuals associated with First Republic who were not employees of the Firm until July 2023, was recognized in other expense in Corporate,
Noncompensation expense increased as a result of:
•the $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation in Corporate,
•higher investments in technology and marketing, predominantly in CCB, and
•higher occupancy expense,
partially offset by
•lower legal expense, reflecting a decline in Corporate, largely offset by an increase in CIB, and
•the alignment of expense to compensation expense, as noted above, partially offset by the timing impact associated with First Republic.
Refer to Note 26 for additional information on the First Republic acquisition; Notes 2 and 5 for additional information on Visa shares and other expense.
Year-to-date results
Compensation expense increased driven by:
•higher volume- and revenue-related compensation across the LOBs,
•an increase in employees, primarily in front office and technology, and
•the impact of First Republic, predominantly in CCB and Corporate, as the prior-year expense related to individuals associated with First Republic who were not employees of the Firm until July 2023, was recognized in other expense in Corporate.
Noncompensation expense increased as a result of:
•the $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation in Corporate,
•the $725 million increase to the FDIC special assessment recognized in the first quarter of 2024 in Corporate,
•higher investments in technology and marketing, predominantly in CCB,
•the timing impact associated with First Republic, partially offset by the alignment of expense to compensation expense, as noted above, and
•higher occupancy expense,
partially offset by
•lower legal expense in Corporate and CIB.
Refer to Executive Overview on pages 5-8 for additional information on the timing impact of First Republic.
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| Income tax expense | | | | | | | |
| (in millions) | Three months ended June 30, | | Six months ended June 30, |
| 2024 | | 2023 | | Change | | 2024 | | 2023 | | Change |
| Income before income tax expense | $ | 23,435 | | | $ | 17,586 | | | 33 | % | | $ | 40,728 | | | $ | 33,553 | | | 21 | % |
| Income tax expense | 5,286 | | (a) | 3,114 | | | 70 | | | 9,160 | | (a) | 6,459 | | | 42 | |
| Effective tax rate | 22.6 | | % | 17.7 | % | | | | 22.5 | | % | 19.3 | % | | |
(a)Effective January 1, 2024, as a result of adopting updates to the Accounting for Investments in Tax Credit Structures guidance, the amortization of certain of the Firm’s alternative energy tax-oriented investments is now being recognized in income tax expense. Refer to Notes 1, 5 and 13 for additional information.
Quarterly results
The effective tax rate increased driven by:
•the adoption of updates to the Accounting for Investments in Tax Credit Structures guidance on January 1, 2024, and
•changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes, which included the impact of the net gain on Visa shares and the contribution of Visa shares to the JPMorgan Chase Foundation.
The prior year included the impact of the income tax expense associated with the First Republic acquisition that was reflected in the preliminary estimated bargain purchase gain, which resulted in a reduction in the Firm's effective tax rate.
Year-to-date results
The effective tax rate increased driven by:
•the adoption of updates to the Accounting for Investments in Tax Credit Structures guidance on January 1, 2024, and
•changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes, which included the impact of the net gain on Visa shares and the contribution of Visa shares to the JPMorgan Chase Foundation.
The prior year included the impact of the income tax expense associated with the First Republic acquisition that was reflected in the preliminary estimated bargain purchase gain, which resulted in a reduction in the Firm's effective tax rate.
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| CONSOLIDATED BALANCE SHEETS AND CASH FLOWS ANALYSIS |
Consolidated balance sheets analysis
The following is a discussion of the significant changes between June 30, 2024 and December 31, 2023. Refer to pages 155–158 for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Balance Sheets.
| | | | | | | | | | | | | | |
| Selected Consolidated balance sheets data |
| (in millions) | June 30,
2024 | | December 31,
2023 | Change |
| Assets | | | | |
| Cash and due from banks | $ | 27,265 | | | $ | 29,066 | | (6) | % |
| Deposits with banks | 503,554 | | | 595,085 | | (15) | |
| Federal funds sold and securities purchased under resale agreements | 392,763 | | | 276,152 | | 42 | |
| Securities borrowed | 199,062 | | | 200,436 | | (1) | |
| Trading assets | 733,882 | | | 540,607 | | 36 | |
| Available-for-sale securities | 266,252 | | | 201,704 | | 32 | |
| Held-to-maturity securities | 323,746 | | | 369,848 | | (12) | |
| Investment securities, net of allowance for credit losses | 589,998 | | | 571,552 | | 3 | |
| Loans | 1,320,700 | | | 1,323,706 | | — | |
| Allowance for loan losses | (22,991) | | | (22,420) | | 3 | |
| Loans, net of allowance for loan losses | 1,297,709 | | | 1,301,286 | | — | |
| Accrued interest and accounts receivable | 135,692 | | | 107,363 | | 26 | |
| Premises and equipment | 30,582 | | | 30,157 | | 1 | |
| Goodwill, MSRs and other intangible assets | 64,525 | | | 64,381 | | — | |
| Other assets | 167,971 | | | 159,308 | | 5 | |
| Total assets | $ | 4,143,003 | | | $ | 3,875,393 | | 7 | % |
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Cash and due from banks and deposits with banks decreased driven by Markets activities in CIB and cash deployment in Treasury and CIO.
Federal funds sold and securities purchased under resale agreements increased driven by Markets, reflecting higher client-driven market-making activities and higher demand for securities to cover short positions, as well as when compared with seasonally lower levels at year-end.
Refer to Note 10 for additional information on securities purchased under resale agreements and securities borrowed.
Securities borrowed decreased driven by Markets, reflecting lower client-driven activities, predominantly offset by higher demand for securities to cover short positions.
Trading assets increased due to higher levels of equity and debt instruments in Markets related to client-driven market-making activities, and compared with seasonally lower levels at year-end; and to a lesser extent, an increase in short-term cash deployment in Treasury and CIO.
Refer to Notes 2 and 4 for additional information.
Investment securities increased due to:
•higher available-for-sale ("AFS") securities, reflecting net purchases, primarily U.S. Treasuries and non-U.S. government debt securities, partially offset by maturities and paydowns, and
•lower HTM securities primarily driven by maturities and paydowns.
Refer to Corporate segment results on pages 41-43, Investment Portfolio Risk Management on page 78, and Notes 2 and 9 for additional information.
Loans were relatively flat, and included:
•a decline in Home Lending as paydowns and loan sales outpaced originations, and
•higher loans in Card Services driven by growth in new accounts and revolving balances.
The allowance for loan losses increased, reflecting a net addition to the allowance for loan losses of $571 million, consisting of:
•$636 million in consumer, primarily in Card Services, predominantly driven by the seasoning of newer vintages, loan growth, and updates to certain macroeconomic variables, and a $141 million net reduction in Home Lending,
partially offset by
•a net reduction of $65 million in wholesale, driven by
–a net reduction of $763 million, primarily due to the impact of changes in the loan portfolio and updates to certain macroeconomic variables,
predominantly offset by
–a net addition of $698 million, including net downgrade activity and the impact of incorporating the First Republic portfolio into the Firm’s modeled credit loss estimates.
Refer to Consolidated Results of Operations and Credit and Investment Risk Management on pages 9-14 and pages 59-78, respectively, Critical Accounting Estimates Used by the Firm on pages 86-88, and Notes 2, 3, 11 and 12 for additional information on loans and the total allowance for credit losses; and Note 26 for additional information on the First Republic acquisition.
Accrued interest and accounts receivable increased predominantly driven by higher client activities in Markets.
Goodwill, MSRs and other intangible assets: refer to Note 14 for additional information.
Other assets increased predominantly as a result of higher deferred tax assets and the fair value of the Visa C shares. Refer to Notes 2 and 5 for additional information on Visa shares.
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| Selected Consolidated balance sheets data (continued) | |
| (in millions) | June 30,
2024 | | December 31,
2023 | Change |
| Liabilities | | | | |
| Deposits | $ | 2,396,530 | | | $ | 2,400,688 | | — | % |
| Federal funds purchased and securities loaned or sold under repurchase agreements | 400,832 | | | 216,535 | | 85 | |
| Short-term borrowings | 47,308 | | | 44,712 | | 6 | |
| Trading liabilities | 240,836 | | | 180,428 | | 33 | |
| Accounts payable and other liabilities | 295,813 | | | 290,307 | | 2 | |
| Beneficial interests issued by consolidated variable interest entities (“VIEs”) | 27,104 | | | 23,020 | | 18 | |
| Long-term debt | 394,028 | | | 391,825 | | 1 | |
| Total liabilities | 3,802,451 | | | 3,547,515 | | 7 | |
| Stockholders’ equity | 340,552 | | | 327,878 | | 4 | |
| Total liabilities and stockholders’ equity | $ | 4,143,003 | | | $ | 3,875,393 | | 7 | % |
Deposits decreased, reflecting:
•a decline in CCB in existing accounts, primarily driven by seasonal tax outflows and migration into higher-yielding investments, largely offset by new accounts,
predominantly offset by
•higher deposits in CIB due to net inflows in Securities Services and Payments, partially offset by net maturities of structured notes in Markets,
•higher deposits in Corporate predominantly driven by new product offerings related to the Firm's international consumer initiatives, and
•higher balances in AWM driven by new product offerings, and an increase in deposits in existing accounts due to a change in product offerings associated with First Republic, predominantly offset by continued migration into higher-yielding investments.
Federal funds purchased and securities loaned or sold under repurchase agreements increased driven by Markets, reflecting higher client-driven market-making activities and higher secured financing of trading assets, as well as when compared with seasonally lower levels at year-end.
Short-term borrowings increased driven by higher net issuance of structured notes in Markets.
Refer to Liquidity Risk Management on pages 51-58 for additional information on deposits, federal funds purchased and securities loaned or sold under repurchase agreements, and short-term borrowings; Notes 2 and 15 for deposits and Note 10 for federal funds purchased and securities loaned or sold under repurchase agreements; Note 26 for additional information on the First Republic acquisition.
Trading liabilities increased due to client-driven market-making activities in Fixed Income Markets, which resulted in higher levels of short positions in debt instruments, and compared with seasonally lower levels at year-end. Refer to Notes 2 and 4 for additional information.
Accounts payable and other liabilities increased due to higher client activities in Payments and Markets.
Beneficial interests issued by consolidated VIEs increased driven by the issuance of credit card securitizations in Treasury and CIO, and higher levels of Firm-administered multi-seller conduit commercial paper held by third parties in CIB, in line with the Firm’s funding plans.
Refer to Liquidity Risk Management on pages 51-58 and Notes 13 and 22 for additional information, specifically Firm-sponsored VIEs and loan securitization trusts.
Long-term debt increased driven by net issuances of structured notes in CIB due to client demand, and net issuances of long-term debt in Treasury and CIO, largely offset by lower FHLB advances. Refer to Liquidity Risk Management on pages 51-58; and Note 26 for additional information on the First Republic acquisition.
Stockholders’ equity increased reflecting net income, largely offset by the impact of capital actions, including repurchases of common shares, common and preferred stock dividend payments and net redemption of preferred stock. Refer to Consolidated statements of changes in stockholders’ equity on page 94, Capital Actions on page 49, and Note 19 for additional information.
Consolidated cash flows analysis
The following is a discussion of cash flow activities during the six months ended June 30, 2024 and 2023.
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| (in millions) | | | | Six months ended June 30, |
| | | | | 2024 | | 2023 |
Net cash provided by/(used in) | | | | | | | | |
| Operating activities | | | | | | $ | (115,689) | | | $ | (92,376) | |
| Investing activities | | | | | | (137,618) | | | 5,551 | |
Financing activities | | | | | | 168,406 | | | 14,642 | |
| Effect of exchange rate changes on cash | | | | | | (8,431) | | | 72 | |
Net decrease in cash and due from banks and deposits with banks | | | | | | $ | (93,332) | | | $ | (72,111) | |
Operating activities
•In 2024, cash used resulted from higher trading assets and higher accrued interest and accounts receivable, partially offset by higher trading liabilities and higher accounts payable and other liabilities.
•In 2023, cash used resulted from higher trading assets and lower accounts payable and other liabilities, partially offset by lower other assets, securities borrowed, and accrued interest and accounts receivable.
Investing activities
•In 2024, cash used resulted from higher securities purchased under resale agreements and net purchases of investment securities.
•In 2023, cash provided reflected net proceeds from investment securities, largely offset by higher net originations of loans, higher securities purchased under resale agreements, and net cash used in the First Republic acquisition.
Financing activities
•In 2024, cash provided reflected higher securities loaned or sold under repurchase agreements and net proceeds from long-and short-term borrowings, partially offset by lower deposits and net redemption of preferred stock.
•In 2023, cash provided reflected higher securities loaned or sold under repurchase agreements, largely offset by net activity in deposits, which included the impact of the repayment of the deposits provided to First Republic Bank by the consortium of large U.S. banks that the Firm assumed as part of the First Republic acquisition, as well as net payments on long- and short-term borrowings.
•For both periods, cash was used for repurchases of common stock and cash dividends on common and preferred stock.
* * *
Refer to Consolidated Balance Sheets Analysis on pages 15-16, Capital Risk Management on pages 45-50, and Liquidity Risk Management on pages 51-58, and the Consolidated Statements of Cash Flows on page 95 of this Form 10-Q, and pages 102–109 of JPMorgan Chase’s 2023 Form 10-K for a further discussion of the activities affecting the Firm’s cash flows.
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EXPLANATION AND RECONCILIATION OF THE FIRM’S USE OF NON-GAAP FINANCIAL MEASURES |
The Firm prepares its Consolidated Financial Statements in accordance with U.S. GAAP and this presentation is referred to as “reported” basis; these financial statements appear on pages 91-95.
In addition to analyzing the Firm’s results on a reported basis, the Firm also reviews and uses certain non-GAAP financial measures at the Firmwide and segment level. These non-GAAP measures include:
•Firmwide “managed” basis results, including the overhead ratio, which include certain reclassifications to present total net revenue from investments that receive tax credits and tax-exempt securities on a basis comparable to taxable investments and securities (“FTE” basis). 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 LOBs;
•Pre-provision profit, which represents total net revenue less total noninterest expense;
•Net interest income, net yield, and noninterest revenue excluding Markets;
•TCE, ROTCE, and TBVPS; and
•Adjusted expense, which represents noninterest expense excluding Firmwide legal expense.
Refer to Explanation and Reconciliation of the Firm’s Use Of Non-GAAP Financial Measures and Key Performance Measures on pages 62–64 of JPMorgan Chase’s 2023 Form 10-K for a further discussion of management’s use of non-GAAP financial measures.
The following summary tables provide a reconciliation from the Firm’s reported U.S. GAAP results to managed basis.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended June 30, |
| 2024 | | 2023 |
| (in millions, except ratios) | Reported | | | Fully taxable-equivalent adjustments(b) | | Managed
basis | | Reported | | Fully taxable-equivalent adjustments(b) | | Managed
basis |
| Other income | $ | 9,149 | | (a) | | $ | 677 | | (a) | | $ | 9,826 | | | $ | 3,292 | | | $ | 990 | | | | $ | 4,282 | |
| Total noninterest revenue | 27,454 | | | | 677 | | | | 28,131 | | | 19,528 | | | 990 | | | | 20,518 | |
| Net interest income | 22,746 | | | | 115 | | | | 22,861 | | | 21,779 | | | 104 | | | | 21,883 | |
| Total net revenue | 50,200 | | | | 792 | | | | 50,992 | | | 41,307 | | | 1,094 | | | | 42,401 | |
| Total noninterest expense | 23,713 | | | | NA | | | 23,713 | | | 20,822 | | | NA | | | 20,822 | |
| Pre-provision profit | 26,487 | | | | 792 | | | | 27,279 | | | 20,485 | | | 1,094 | | | | 21,579 | |
| Provision for credit losses | 3,052 | | | | NA | | | 3,052 | | | 2,899 | | | NA | | | 2,899 | |
| Income before income tax expense | 23,435 | | | | 792 | | | | 24,227 | | | 17,586 | | | 1,094 | | | | 18,680 | |
| Income tax expense | 5,286 | | (a) | | 792 | | (a) | | 6,078 | | | 3,114 | | | 1,094 | | | | 4,208 | |
| Net income | $ | 18,149 | | | | NA | | | $ | 18,149 | | | $ | 14,472 | | | NA | | | $ | 14,472 | |
| | | | | | | | | | | | | | |
| Overhead ratio | 47 | % | | | NM | | | 47 | % | | 50 | % | | NM | | | 49 | % |
| | | | | | | | | | | | | | |
| Six months ended June 30, |
| 2024 | | 2023 |
| (in millions, except ratios) | Reported | | | Fully taxable-equivalent adjustments(b) | | Managed
basis | | Reported | | Fully taxable-equivalent adjustments(b) | | Managed
basis |
| Other income | $ | 10,277 | | (a) | | $ | 1,170 | | (a) | | $ | 11,447 | | | $ | 4,299 | | | $ | 1,857 | | | | $ | 6,156 | |
| Total noninterest revenue | 46,306 | | | | 1,170 | | | | 47,476 | | | 37,166 | | | 1,857 | | | | 39,023 | |
| Net interest income | 45,828 | | | | 236 | | | | 46,064 | | | 42,490 | | | 224 | | | | 42,714 | |
| Total net revenue | 92,134 | | | | 1,406 | | | | 93,540 | | | 79,656 | | | 2,081 | | | | 81,737 | |
| Total noninterest expense | 46,470 | | | | NA | | | 46,470 | | | 40,929 | | | NA | | | 40,929 | |
| Pre-provision profit | 45,664 | | | | 1,406 | | | | 47,070 | | | 38,727 | | | 2,081 | | | | 40,808 | |
| Provision for credit losses | 4,936 | | | | NA | | | 4,936 | | | 5,174 | | | NA | | | 5,174 | |
| Income before income tax expense | 40,728 | | | | 1,406 | | | | 42,134 | | | 33,553 | | | 2,081 | | | | 35,634 | |
| Income tax expense | 9,160 | | (a) | | 1,406 | | (a) | | 10,566 | | | 6,459 | | | 2,081 | | | | 8,540 | |
| Net Income | $ | 31,568 | | | | NA | | | $ | 31,568 | | | $ | 27,094 | | | NA | | | $ | 27,094 | |
| | | | | | | | | | | | | | |
| Overhead ratio | 50 | % | | | NM | | | 50 | % | | 51 | % | | NM | | | 50 | % |
(a)Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures guidance, under the modified retrospective method. Refer to Notes 1, 5 and 13 for additional information.
(b)Predominantly recognized in CIB and Corporate.
The following table provides information on net interest income, net yield, and noninterest revenue excluding Markets.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
(in millions, except rates) | Three months ended June 30, | | Six months ended June 30, |
| 2024 | 2023 | | Change | | 2024 | 2023 | | Change |
| Net interest income – reported | $ | 22,746 | | $ | 21,779 | | | 4 | % | | $ | 45,828 | | $ | 42,490 | | | 8 | % |
Fully taxable-equivalent adjustments | 115 | | 104 | | | 11 | | | 236 | | 224 | | | 5 | |
Net interest income – managed basis(a) | $ | 22,861 | | $ | 21,883 | | | 4 | | | $ | 46,064 | | $ | 42,714 | | | 8 | |
Less: Markets net interest income(b) | (77) | | (487) | | | 84 | | | 106 | | (592) | | | NM |
Net interest income excluding Markets(a) | $ | 22,938 | | $ | 22,370 | | | 3 | | | $ | 45,958 | | $ | 43,306 | | | 6 | |
| | | | | | | | | |
| Average interest-earning assets | $ | 3,509,725 | | $ | 3,343,780 | | | 5 | | | $ | 3,477,620 | | $ | 3,280,619 | | | 6 | |
Less: Average Markets interest-earning assets(b) | 1,116,853 | | 1,003,877 | | | 11 | | | 1,073,964 | | 993,283 | | | 8 | |
| Average interest-earning assets excluding Markets | $ | 2,392,872 | | $ | 2,339,903 | | | 2 | | | $ | 2,403,656 | | $ | 2,287,336 | | | 5 | |
| | | | | | | | | |
| Net yield on average interest-earning assets – managed basis | 2.62 | % | 2.62 | % | | | | 2.66 | % | 2.63 | % | | |
Net yield on average Markets interest-earning assets(b) | (0.03) | | (0.19) | | | | | 0.02 | | (0.12) | | | |
| Net yield on average interest-earning assets excluding Markets | 3.86 | % | 3.83 | % | | | | 3.85 | % | 3.82 | % | | |
| | | | | | | | | |
Noninterest revenue – reported(c) | $ | 27,454 | | $ | 19,528 | | | 41 | | | $ | 46,306 | | $ | 37,166 | | | 25 | |
Fully taxable-equivalent adjustments(c) | 677 | | 990 | | | (32) | | | 1,170 | | 1,857 | | | (37) | |
| Noninterest revenue – managed basis | $ | 28,131 | | $ | 20,518 | | | 37 | | | $ | 47,476 | | $ | 39,023 | | | 22 | |
Less: Markets noninterest revenue(b)(d) | 7,870 | | 7,549 | | | 4 | | | 15,700 | | 16,092 | | | (2) | |
| Noninterest revenue excluding Markets | $ | 20,261 | | $ | 12,969 | | | 56 | | | $ | 31,776 | | $ | 22,931 | | | 39 | |
| | | | | | | | | |
Memo: Total Markets net revenue(b) | $ | 7,793 | | $ | 7,062 | | | 10 | | | $ | 15,806 | | $ | 15,500 | | | 2 | |
| | | | | | | | | |
(a)Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.
(b)Refer to page 34 for further information on Markets.
(c)Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures guidance, under the modified retrospective method. Refer to Notes 1, 5 and 13 for additional information.
(d)Includes the markets-related revenues of the former Commercial Banking business segment. Prior-period amounts have been revised to conform with the current presentation.
The following summary table provides a reconciliation from the Firm’s common stockholders’ equity to TCE.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| Period-end | | Average |
| (in millions, except per share and ratio data) | June 30,
2024 | Dec 31,
2023 | | Three months ended June 30, | | Six months ended June 30, |
| 2024 | 2023 | | 2024 | 2023 |
Common stockholders’ equity | $ | 316,652 | | $ | 300,474 | | | $ | 308,763 | | $ | 277,885 | | | $ | 304,519 | | $ | 274,560 | |
| Less: Goodwill | 52,620 | | 52,634 | | | 52,618 | | 52,342 | | | 52,616 | | 52,031 | |
Less: Other intangible assets | 3,058 | | 3,225 | | | 3,086 | | 2,191 | | | 3,122 | | 1,746 | |
Add: Certain deferred tax liabilities(a) | 2,969 | | 2,996 | | | 2,975 | | 2,902 | | | 2,982 | | 2,727 | |
| Tangible common equity | $ | 263,943 | | $ | 247,611 | | | $ | 256,034 | | $ | 226,254 | | | $ | 251,763 | | $ | 223,510 | |
| | | | | | | | |
| Return on tangible common equity | NA | NA | | 28 | % | 25 | % | | 25 | % | 24 | % |
| Tangible book value per share | $ | 92.77 | | $ | 86.08 | | | NA | NA | | NA | NA |
(a)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.
The Firm is managed on an LOB basis. Effective in the second quarter of 2024, the Firm reorganized its reportable business segments by combining the former Corporate & Investment Bank and Commercial Banking business segments to form one reportable segment, the Commercial & Investment Bank (“CIB”). As a result of the reorganization, the Firm now has three reportable business segments: Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management. In addition, there is a Corporate segment.
The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is currently evaluated by the Firm’s Operating Committee. Segment results are presented on a managed basis. Refer to Explanation and Reconciliation of the Firm’s use of Non-GAAP Financial Measures on pages 18-19 for a definition of managed basis.
The following table depicts the Firm’s reportable business segments.
Description of business segment reporting methodology
Results of the business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and therefore further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.
Revenue sharing
When business segments or businesses within each segment join efforts to sell products and services to the Firm’s clients and customers, the participating businesses may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segments/businesses involved in the transaction. The segment and business results reflect these revenue-sharing agreements.
Funds transfer pricing
Funds transfer pricing (“FTP”) is the process by which the Firm allocates interest income and expense to the LOBs and Other Corporate and transfers the primary interest rate risk and liquidity risk to Treasury and CIO.
The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically the methodology and assumptions utilized in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the segments.
Foreign exchange risk
Foreign exchange risk is transferred from the LOBs and Other Corporate to Treasury and CIO for certain revenues and expenses. Treasury and CIO manages these risks centrally and reports the impact of foreign exchange rate movements related to the transferred risk in its results. Refer to Market Risk Management on pages 79-84 for additional information.
Capital allocation
The amount of capital assigned to each business segment is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs may change. Refer to Line of business equity on page 48, and page 98 of JPMorgan Chase’s 2023 Form 10-K for additional information on capital allocation.
Refer to Business Segment Results – Description of business segment reporting methodology on pages 65–85 and Note 32 of JPMorgan Chase’s 2023 Form 10-K for a further discussion of those methodologies.
Segment results – managed basis
The following tables summarize the Firm’s results by segment for the periods indicated.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended June 30, | Consumer & Community Banking | | Commercial & Investment Bank | | Asset & Wealth Management |
| (in millions, except ratios) | 2024 | | 2023 | Change | | 2024 | | 2023 | Change | | 2024 | 2023 | Change |
| Total net revenue | $ | 17,701 | | | $ | 17,233 | | 3 | % | | $ | 17,917 | | | $ | 16,507 | | 9 | % | | $ | 5,252 | | $ | 4,943 | | 6 | % |
| Total noninterest expense | 9,425 | | | 8,313 | | 13 | | 9,166 | | | 8,194 | | 12 | | | 3,543 | | 3,163 | | 12 | |
| Pre-provision profit/(loss) | 8,276 | | | 8,920 | | (7) | | 8,751 | | | 8,313 | | 5 | | | 1,709 | | 1,780 | | (4) | |
| Provision for credit losses | 2,643 | | | 1,862 | | 42 | | 384 | | | 1,135 | | (66) | | | 20 | | 145 | | (86) | |
| Net income/(loss) | 4,210 | | | 5,306 | | (21) | | 5,897 | | | 5,300 | | 11 | | | 1,263 | | 1,226 | | 3 | |
| Return on equity (“ROE”) | 30 | % | | 38 | % | | | 17 | % | | 15 | % | | | 32 | % | 29 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended June 30, | | Corporate | | Total |
| (in millions, except ratios) | | | | | 2024 | | 2023 | Change | | 2024 | | 2023 | Change |
| Total net revenue | | | | | $ | 10,122 | (a) | $ | 3,718 | 172 | % | | $ | 50,992 | | (a) | $ | 42,401 | | 20 | % |
| Total noninterest expense | | | | | 1,579 | (b) | 1,152 | 37 | | | 23,713 | | (b) | 20,822 | | 14 | |
| Pre-provision profit/(loss) | | | | | 8,543 | | 2,566 | 233 | | | 27,279 | | | 21,579 | | 26 | |
| Provision for credit losses | | | | | 5 | | (243) | NM | | 3,052 | | | 2,899 | | 5 | |
| Net income/(loss) | | | | | 6,779 | | 2,640 | 157 | | | 18,149 | | | 14,472 | | 25 | |
| ROE | | | | | NM | | NM | | | 23 | % | | 20 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six months ended June 30, | Consumer & Community Banking | | Commercial & Investment Bank | | Asset & Wealth Management |
| (in millions, except ratios) | 2024 | | 2023 | | Change | | 2024 | | 2023 | Change | | 2024 | 2023 | Change |
| Total net revenue | $ | 35,354 | | | $ | 33,689 | | | 5 | % | | $ | 35,501 | | | $ | 33,618 | | 6 | % | | $ | 10,361 | | $ | 9,727 | | 7 | % |
| Total noninterest expense | 18,722 | | | 16,378 | | | 14 | | | 17,890 | | | 16,985 | | 5 | | | 7,003 | | 6,254 | | 12 | |
| Pre-provision profit/(loss) | 16,632 | | | 17,311 | | | (4) | | | 17,611 | | | 16,633 | | 6 | | | 3,358 | | 3,473 | | (3) | |
| Provision for credit losses | 4,556 | | | 3,264 | | | 40 | | | 385 | | | 1,610 | | (76) | | | (37) | | 173 | | NM |
| Net income/(loss) | 9,041 | | | 10,549 | | | (14) | | | 12,519 | | | 11,068 | | 13 | | | 2,553 | | 2,593 | | (2) | |
| ROE | 33 | % | | 39 | % | | | | 18 | % | | 16 | % | | | 32 | % | 31 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six months ended June 30, | | Corporate | | Total |
| (in millions, except ratios) | | | | | 2024 | | 2023 | Change | | 2024 | | 2023 | Change |
| Total net revenue | | | | | $ | 12,324 | (a) | $ | 4,703 | 162 | % | | $ | 93,540 | | (a) | $ | 81,737 | | 14 | % |
| Total noninterest expense | | | | | 2,855 | (b) | 1,312 | 118 | | | 46,470 | | (b) | 40,929 | | 14 | |
| Pre-provision profit/(loss) | | | | | 9,469 | | 3,391 | 179 | | | 47,070 | | | 40,808 | | 15 | |
| Provision for credit losses | | | | | 32 | | 127 | (75) | | | 4,936 | | | 5,174 | | (5) | |
| Net income/(loss) | | | | | 7,455 | | 2,884 | 158 | | | 31,568 | | | 27,094 | | 17 | |
| ROE | | | | | NM | | NM | | | 20 | % | | 19 | % | |
(a)Included $7.9 billion net gain related to Visa shares. Refer to Note 2 for additional information.
(b)Included $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation. Refer to Note 5 for additional information.
The following sections provide a comparative discussion of the Firm’s results by segment as of or for the three and six months ended June 30, 2024 and 2023, unless otherwise specified.
| | | | | | | | | | | | | | |
| CONSUMER & COMMUNITY BANKING |
Refer to pages 68-71 of JPMorgan Chase's 2023 Form 10-K and Line of Business Metrics on page 200 for a further discussion of the business profile of CCB.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected income statement data | | | | | | |
| Three months ended June 30, | | Six months ended June 30, |
(in millions, except ratios) | 2024 | | 2023 | | Change | | 2024 | | 2023 | | Change |
| Revenue | | | | | | | | | | | |
| Lending- and deposit-related fees | $ | 830 | | | $ | 841 | | | (1) | % | | $ | 1,652 | | | $ | 1,664 | | | (1) | % |
| Asset management fees | 978 | | | 816 | |
| 20 | | | 1,925 | | | 1,492 | | | 29 | |
| Mortgage fees and related income | 346 | | | 274 | | | 26 | | | 620 | | | 497 | | | 25 | |
| Card income | 741 | | | 483 | | | 53 | | | 1,423 | | | 1,222 | | | 16 | |
All other income(a) | 1,101 | | | 1,129 | | | (2) | | | 2,321 | | | 2,291 | | | 1 | |
| Noninterest revenue | 3,996 | | | 3,543 | | | 13 | | | 7,941 | | | 7,166 | | | 11 | |
| Net interest income | 13,705 | | | 13,690 | | | — | | | 27,413 | | | 26,523 | | | 3 | |
| Total net revenue | 17,701 | | | 17,233 | | | 3 | | | 35,354 | | | 33,689 | | | 5 | |
| | | | | | | | | | | |
| Provision for credit losses | 2,643 | | | 1,862 | | | 42 | | | 4,556 | | | 3,264 | | | 40 | |
| | | | | | | | | | | |
| Noninterest expense | | | | | | | | | | | |
| Compensation expense | 4,240 | | | 3,628 | | | 17 | | | 8,469 | | | 7,173 | | | 18 | |
Noncompensation expense(b) | 5,185 | | | 4,685 | | | 11 | | | 10,253 | | | 9,205 | | | 11 | |
| Total noninterest expense | 9,425 | | (d) | 8,313 | | | 13 | | | 18,722 | | (d) | 16,378 | | | 14 | |
| Income before income tax expense | 5,633 | | | 7,058 | | | (20) | | | 12,076 | | | 14,047 | | | (14) | |
| Income tax expense | 1,423 | | | 1,752 | | | (19) | | | 3,035 | | | 3,498 | | | (13) | |
| Net income | $ | 4,210 | | | $ | 5,306 | | | (21) | | | $ | 9,041 | | | $ | 10,549 | | | (14) | |
| | | | | | | | | | | |
Revenue by business | | | | | | | | | | | |
| Banking & Wealth Management | $ | 10,375 | | | $ | 10,936 | | | (5) | | | $ | 20,699 | | | $ | 20,977 | | | (1) | |
| Home Lending | 1,319 | | | 1,007 | | | 31 | | | 2,505 | | | 1,727 | | | 45 | |
| Card Services & Auto | 6,007 | | | 5,290 | | | 14 | | | 12,150 | | | 10,985 | | | 11 | |
| | | | | | | | | | | |
Mortgage fees and related income details: | | | | | | | | | | | |
| Production revenue | 157 | | | 102 | | | 54 | | | 287 | | | 177 | | | 62 | |
Net mortgage servicing revenue(c) | 189 | | | 172 | | | 10 | | | 333 | | | 320 | | | 4 | |
Mortgage fees and related income | $ | 346 | | | $ | 274 | | | 26 | % | | $ | 620 | | | $ | 497 | | | 25 | % |
| | | | | | | | | | | |
| Financial ratios | | | | | | | | | | | |
| Return on equity | 30 | | % | 38 | | % | | | 33 | | % | 39 | | % | |
| Overhead ratio | 53 | | | 48 | | | | | 53 | | | 49 | | | |
(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $682 million and $704 million for the three months ended June 30, 2024 and 2023, respectively, and $1.3 billion and $1.4 billion for the six months ended June 30, 2024 and 2023, respectively.
(b)Included depreciation expense on leased assets of $430 million and $445 million for the three months ended June 30, 2024 and 2023, respectively, and $857 million and $852 million for the six months ended June 30, 2024 and 2023, respectively.
(c)Included MSR risk management results of $39 million and $25 million for the three months ended June 30, 2024 and 2023, respectively, and $38 million and $13 million for the six months ended June 30, 2024 and 2023, respectively.
(d)In the second quarter of 2023, substantially all of the expense associated with First Republic was reported in Corporate. Commencing in the third quarter of 2023, the expense is aligned to the appropriate LOB.
Quarterly results
Net income was $4.2 billion, down 21%.
Net revenue was $17.7 billion, up 3%.
Net interest income was $13.7 billion, flat when compared with the prior year, reflecting:
•higher Card Services NII on higher revolving balances, and
•the timing impact of First Republic in Home Lending,
offset by
•lower NII in Banking & Wealth Management ("BWM"), reflecting lower average deposits and deposit margin compression.
Noninterest revenue was $4.0 billion, up 13%, predominantly driven by:
•higher card income reflecting higher net interchange on increased debit and credit card sales volume, and higher annual fees, partially offset by an increase in amortization related to new account origination costs, reflecting continued growth in the portfolio. Prior-year net interchange included an increase to the rewards liability due to adjustments to the terms of certain reward programs; and
•higher asset management fees, predominantly driven by higher average market levels.
Refer to Note 5 for additional information on card income, asset management fees, and commissions and other fees; and Critical Accounting Estimates on pages 86-88 for additional information on the credit card rewards liability.
Noninterest expense was $9.4 billion, up 13%, reflecting First Republic-related expense that was aligned to CCB from Corporate starting in the third quarter of 2023, impacting both compensation and noncompensation expense.
The increase in expense also reflected:
•higher compensation expense, largely driven by higher revenue-related compensation, primarily for advisors and bankers, and an increase in employees, including in technology, and
•higher noncompensation expense, largely driven by continued investments in technology and marketing.
The provision for credit losses was $2.6 billion, reflecting:
•net charge-offs of $2.1 billion, up $813 million, predominantly driven by $706 million in Card Services, primarily due to the seasoning of newer vintages and continued credit normalization, and
•a $579 million net addition to the allowance for credit losses, primarily in Card Services, predominantly driven by loan growth and updates to certain macroeconomic variables.
The provision in the prior year was $1.9 billion, reflecting net charge-offs of $1.3 billion and a $611 million net addition to the allowance for credit losses, including $408 million to establish the allowance for the First Republic loans and lending-related commitments, and $203 million in Card Services.
Refer to Credit and Investment Risk Management on pages 59-78 and Allowance for Credit Losses on pages 75-77 for a further discussion of the credit portfolios and the allowance for credit losses.
Year-to-date results
Net income was $9.0 billion, down 14%.
Net revenue was $35.4 billion, up 5%.
Net interest income was $27.4 billion, up 3%, driven by:
•higher Card Services NII on higher revolving balances, and
•the timing impact of First Republic in Home Lending,
largely offset by
•lower NII in BWM, reflecting lower average deposits and deposit margin compression.
Noninterest revenue was $7.9 billion, up 11%, predominantly driven by:
•higher asset management fees reflecting higher average market levels, including the timing impact of First Republic and, to a lesser extent, net inflows, as well as higher commissions from annuity sales in BWM,
•higher card income driven by higher net interchange on increased debit and credit card sales volume, as well as higher annual fees, largely offset by an increase in amortization related to new account origination costs, reflecting continued growth in the portfolio, and
•higher production revenue in Home Lending, including the timing impact of First Republic.
Refer to Executive Overview on pages 5-8 and Note 26 for additional information on First Republic.
Noninterest expense was $18.7 billion, up 14%, reflecting First Republic-related expense that was aligned to CCB from Corporate starting in the third quarter of 2023, impacting both compensation and noncompensation expense.
The increase in expense also reflected:
•higher compensation expense, largely driven by higher revenue-related compensation, primarily for advisors and bankers, and an increase in employees, including in technology, and
•higher noncompensation expense, largely driven by continued investments in technology and marketing.
The provision for credit losses was $4.6 billion, reflecting:
•net charge-offs of $3.9 billion, up $1.6 billion, including $1.5 billion in Card Services, reflecting the seasoning of newer vintages and continued credit normalization, and $85 million in Auto, driven by a decline in used vehicle valuations, and
•a $613 million net addition to the allowance for credit losses, consisting of:
–$753 million in Card Services, predominantly due to the seasoning of newer vintages, loan growth, and updates to certain macroeconomic variables,
partially offset by
–a $125 million net reduction in Home Lending, primarily due to improvements in the outlook for home prices in the first quarter of 2024.
The provision in the prior year was $3.3 billion, reflecting net charge-offs of $2.3 billion, a $553 million net addition to the allowance for credit losses, predominantly driven by Card Services, and a $408 million net addition to the allowance for credit losses to establish the allowance for the First Republic loans and lending-related commitments in the second quarter of 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected metrics | | | | | | | | | | |
| As of or for the three months
ended June 30, | | As of or for the six months
ended June 30, |
| (in millions, except employees) | 2024 | | 2023 | Change | | 2024 | | 2023 | | Change |
Selected balance sheet data (period-end) | | | | | | | | | | |
| Total assets | $ | 638,493 | | | $ | 620,193 | | 3 | % | | $ | 638,493 | | | $ | 620,193 | | | 3 | % |
| Loans: | | | | | | | | | | |
| Banking & Wealth Management | 31,078 | | | 30,959 | | — | | | 31,078 | | | 30,959 | | | — | |
Home Lending(a) | 250,032 | | | 262,432 | | (5) | | | 250,032 | | | 262,432 | | | (5) | |
| Card Services | 216,213 | | | 191,353 | | 13 | | | 216,213 | | | 191,353 | | | 13 | |
| Auto | 75,310 | | | 73,587 | | 2 | | | 75,310 | | | 73,587 | | | 2 | |
| Total loans | 572,633 | | | 558,331 | | 3 | | | 572,633 | | | 558,331 | | | 3 | |
Deposits(b) | 1,069,753 | | | 1,173,514 | | (9) | | | 1,069,753 | | | 1,173,514 | | | (9) | |
| Equity | 54,500 | | | 55,500 | | (2) | | | 54,500 | | | 55,500 | | | (2) | |
Selected balance sheet data (average) | | | | | | | | | | |
| Total assets | $ | 628,757 | | | $ | 576,417 | | 9 | | | $ | 628,309 | | | $ | 541,788 | | | 16 | |
| Loans: | | | | | | | | | | |
| Banking & Wealth Management | 31,419 | | | 30,628 | | 3 | | | 31,330 | | | 29,572 | | | 6 | |
Home Lending(c) | 254,385 | | | 229,569 | | 11 | | | 256,126 | | | 201,005 | | | 27 | |
| Card Services | 210,119 | | | 187,028 | | 12 | | | 207,410 | | | 183,758 | | | 13 | |
| Auto | 75,804 | | | 71,083 | | 7 | | | 76,535 | | | 69,920 | | | 9 | |
| Total loans | 571,727 | | | 518,308 | | 10 | | | 571,401 | | | 484,255 | | | 18 | |
Deposits(b) | 1,073,544 | | | 1,157,309 | | (7) | | | 1,076,393 | | | 1,135,261 | | | (5) | |
| Equity | 54,500 | | | 54,346 | | — | | | 54,500 | | | 53,180 | | | 2 | |
| | | | | | | | | | |
| Employees | 143,412 | | | 137,087 | | 5 | % | | 143,412 | | | 137,087 | | | 5 | % |
(a)At June 30, 2024 and 2023, Home Lending loans held-for-sale and loans at fair value were $5.9 billion and $3.9 billion, respectively.
(b)In the fourth quarter of 2023, CCB transferred approximately $18.8 billion of deposits associated with First Republic to AWM and CIB. Refer to page 67 of the Firm’s 2023 Form 10-K for additional information.
(c)Average Home Lending loans held-for sale and loans at fair value were $7.7 billion and $5.3 billion for the three months ended June 30, 2024 and 2023, respectively, and $6.2 billion and $4.4 billion for the six months ended June 30, 2024 and 2023, respectively.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected metrics | | | | | | | | | | |
| As of or for the three months
ended June 30, | | As of or for the six months
ended June 30, |
| (in millions, except ratio data) | 2024 | | 2023 | | Change | | 2024 | | 2023 | | Change |
| Credit data and quality statistics | | | | | | | | | | | |
Nonaccrual loans(a) | $ | 3,413 | | | $ | 3,823 | | | (11) | % | | $ | 3,413 | | | $ | 3,823 | | | (11) | % |
| Net charge-offs/(recoveries) | | | | | | | | | | | |
| Banking & Wealth Management | 176 | | | 92 | | | 91 | | | 255 | | | 171 | | | 49 | |
| Home Lending | (40) | | | (28) | | | (43) | | | (47) | | | (46) | | | (2) | |
| Card Services | 1,830 | | | 1,124 | | | 63 | | | 3,518 | | | 2,046 | | | 72 | |
| Auto | 98 | | | 63 | | | 56 | | | 217 | | | 132 | | | 64 | |
| Total net charge-offs/(recoveries) | $ | 2,064 | | | $ | 1,251 | | | 65 | | | $ | 3,943 | | | $ | 2,303 | | | 71 | |
| | | | | | | | | | | |
| Net charge-off/(recovery) rate | | | | | | | | | | | |
| Banking & Wealth Management | 2.25 | | % | 1.20 | | % | | | 1.64 | | % | 1.17 | | % | |
| Home Lending | (0.07) | | | (0.05) | | | | | (0.04) | | | (0.05) | | | |
| Card Services | 3.50 | | | 2.41 | | | | | 3.41 | | | 2.25 | | | |
| Auto | 0.52 | | | 0.36 | | | | | 0.57 | | | 0.38 | | | |
| Total net charge-off/(recovery) rate | 1.47 | | % | 0.98 | | % | | | 1.40 | | % | 0.97 | | % | |
| | | | | | | | | | | |
| 30+ day delinquency rate | | | | | | | | | | | |
Home Lending(b) | 0.70 | | % | 0.58 | | % | | | 0.70 | | % | 0.58 | | % | |
| Card Services | 2.08 | | | 1.70 | | | | | 2.08 | | | 1.70 | | | |
| Auto | 1.12 | | | 0.92 | | | | | 1.12 | | | 0.92 | | | |
| | | | | | | | | | | |
| 90+ day delinquency rate - Card Services | 1.07 | | % | 0.84 | | % | | | 1.07 | | % | 0.84 | | % | |
| | | | | | | | | | | |
| Allowance for loan losses | | | | | | | | | | | |
| Banking & Wealth Management | $ | 685 | | | $ | 731 | | | (6) | | | $ | 685 | | | $ | 731 | | | (6) | |
| Home Lending | 437 | | | 777 | | | (44) | | | 437 | | | 777 | | | (44) | |
| Card Services | 13,206 | | | 11,600 | | | 14 | | | 13,206 | | | 11,600 | | | 14 | |
| Auto | 742 | | | 717 | | | 3 | | | 742 | | | 717 | | | 3 | |
| Total allowance for loan losses | $ | 15,070 | | | $ | 13,825 | | | 9 | % | | $ | 15,070 | | | $ | 13,825 | | | 9 | % |
(a)At June 30, 2024 and 2023, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $96 million and $139 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 June 30, 2024 and 2023, excluded mortgage loans insured by U.S. government agencies of $137 million and $195 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected metrics | | | | | | | | | | |
| As of or for the three months
ended June 30, | | As of or for the six months
ended June 30, |
(in billions, except ratios and where otherwise noted) | 2024 | | 2023 | | Change | | 2024 | | 2023 | | Change |
| Business Metrics | | | | | | | | | | | |
| Number of branches | 4,884 | | | 4,874 | | | — | % | | 4,884 | | | 4,874 | | | — | % |
Active digital customers (in thousands)(a) | 69,011 | | | 65,559 | | | 5 | | | 69,011 | | | 65,559 | | | 5 | |
Active mobile customers (in thousands)(b) | 55,564 | | | 51,963 | | | 7 | | | 55,564 | | | 51,963 | | | 7 | |
Debit and credit card sales volume | $ | 453.7 | | | $ | 424.0 | | | 7 | | | $ | 874.4 | | | $ | 811.3 | | | 8 | |
Total payments transaction volume (in trillions)(c) | 1.6 | | | 1.5 | | | 7 | | | 3.1 | | | 2.9 | | | 7 | |
| | | | | | | | | | | |
| Banking & Wealth Management | | | | | | | | | | | |
Average deposits | $ | 1,058.9 | | | $ | 1,142.8 | | | (7) | | | $ | 1,062.2 | | | $ | 1,120.7 | | | (5) | |
Deposit margin | 2.72 | | % | 2.83 | | % | | | 2.71 | | % | 2.81 | | % | |
| Business Banking average loans | $ | 19.5 | | | $ | 19.6 | | | (1) | | | $ | 19.5 | | | $ | 19.8 | | | (2) | |
| Business banking origination volume | 1.3 | | | 1.3 | | | 3 | | | 2.4 | | | 2.3 | | | 6 | |
Client investment assets(d) | 1,013.7 | | | 892.9 | | | 14 | | | 1,013.7 | | | 892.9 | | | 14 | |
| Number of client advisors | 5,672 | | | 5,153 | | | 10 | | | 5,672 | | | 5,153 | | | 10 | |
| | | | | | | | | | | |
| Home Lending | | | | | | | | | | | |
Mortgage origination volume by channel | | | | | | | | | | | |
Retail | $ | 6.9 | | | $ | 7.3 | | | (5) | | | $ | 11.3 | | | $ | 10.9 | | | 4 | |
Correspondent | 3.8 | | | 3.9 | | | (3) | | | 6.0 | | | 6.0 | | | — | |
Total mortgage origination volume(e) | $ | 10.7 | | | $ | 11.2 | | | (4) | | | $ | 17.3 | | | $ | 16.9 | | | 2 | |
| | | | | | | | | | | |
Third-party mortgage loans serviced (period-end) | $ | 642.8 | | | $ | 604.5 | | | 6 | | | 642.8 | | | $ | 604.5 | | | 6 | |
MSR carrying value (period-end) | 8.8 | | | 8.2 | | | 7 | | | 8.8 | | | 8.2 | | | 7 | |
| | | | | | | | | | | |
| Card Services | | | | | | | | | | | |
| Sales volume, excluding commercial card | $ | 316.6 | | | $ | 294.0 | | | 8 | | | $ | 607.6 | | | $ | 560.2 | | | 8 | |
| Net revenue rate | 9.61 | | % | 9.11 | | % | | | 9.85 | | % | 9.73 | | % | |
| Net yield on average loans | 9.46 | | | 9.31 | | | | | 9.67 | | | 9.60 | | | |
| | | | | | | | | | | |
Auto | | | | | | | | | | | |
Loan and lease origination volume | $ | 10.8 | | | $ | 12.0 | | | (10) | | | $ | 19.7 | | | $ | 21.2 | | | (7) | |
Average auto operating lease assets | 10.7 | | | 11.0 | | | (3) | % | | 10.6 | | | 11.3 | | | (6) | % |
(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 36-40 for additional information.
(e)Firmwide mortgage origination volume was $12.3 billion and $13.0 billion for the three months ended June 30, 2024 and 2023, respectively, and $19.9 billion and $19.8 billion for the six months ended June 30, 2024 and 2023, respectively.
| | | | | | | | | | | | | | |
COMMERCIAL & INVESTMENT BANK(a) |
| | |
The Commercial & Investment Bank is comprised of the Banking & Payments and Markets & Securities Services businesses. These businesses offer investment banking, lending, payments, market-making, financing, custody and securities products and services to a global base of corporate and institutional clients. Banking & Payments offers products and services in all major capital markets, including advising on corporate strategy and structure, capital-raising in equity and debt markets, and loan origination and syndication. Banking & Payments also provides services that enable clients to manage payments globally across liquidity and account solutions, commerce solutions, clearing, trade, and working capital. Markets & Securities Services includes Markets, which is a global market-maker across products, including cash and derivative instruments, and also offers sophisticated risk management solutions, lending, prime brokerage, clearing and research. Markets & Securities Services also includes Securities Services, a leading global custodian that provides custody, fund services, liquidity and trading services, and data solutions products. |
(a)Reflects the reorganization of the Firm's business segments. Refer to Business Segment Results on pages 20-22 for additional information.
Refer to Line of Business Metrics on page 200 for a further discussion of the business profile of CIB.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected income statement data | | | | | | | | |
| Three months ended June 30, | | Six months ended June 30, |
| (in millions, except ratios) | 2024 | | 2023 | | Change | | 2024 | | 2023 | | Change |
| Revenue | | | | | | | | | | | |
| Investment banking fees | $ | 2,356 | | | $ | 1,569 | | | 50 | % | | $ | 4,370 | | | $ | 3,235 | | | 35 | % |
| Principal transactions | 6,691 | | | 6,742 | | | (1) | | | 13,325 | | | 14,174 | | | (6) | |
| Lending- and deposit-related fees | 924 | | | 782 | | | 18 | | | 1,897 | | | 1,548 | | | 23 | |
| Commissions and other fees | 1,337 | | | 1,238 | | | 8 | | | 2,609 | | | 2,487 | | | 5 | |
| Card income | 579 | | | 601 | | | (4) | | | 1,104 | | | 1,089 | | | 1 | |
| All other income | 857 | | | 705 | | | 22 | | | 1,600 | | | 1,408 | | | 14 | |
| Noninterest revenue | 12,744 | | | 11,637 | | | 10 | | | 24,905 | | | 23,941 | | | 4 | |
| Net interest income | 5,173 | | | 4,870 | | | 6 | | | 10,596 | | | 9,677 | | | 9 | |
Total net revenue(a) | 17,917 | | | 16,507 | | | 9 | | | 35,501 | | | 33,618 | | | 6 | |
| Provision for credit losses | 384 | | | 1,135 | | | (66) | | | 385 | | | 1,610 | | | (76) | |
| | | | | | | | | | | |
| Noninterest expense | | | | | | | | | | | |
| Compensation expense | 4,752 | | | 4,117 | | | 15 | | | 9,648 | | | 8,843 | | | 9 | |
| Noncompensation expense | 4,414 | | | 4,077 | | | 8 | | | 8,242 | | | 8,142 | | | 1 | |
| Total noninterest expense | 9,166 | | | 8,194 | | | 12 | | | 17,890 | | | 16,985 | | | 5 | |
Income before income tax expense | 8,367 | | | 7,178 | | | 17 | | | 17,226 | | | 15,023 | | | 15 | |
| Income tax expense | 2,470 | | | 1,878 | | | 32 | | | 4,707 | | | 3,955 | | | 19 | |
| Net income | $ | 5,897 | | | $ | 5,300 | | | 11 | % | | $ | 12,519 | | | $ | 11,068 | | | 13 | % |
| Financial ratios | | | | | | | | | | | |
| Return on equity | 17 | % | | 15 | % | | | | 18 | % | | 16 | % | | |
| Overhead ratio | 51 | | | 50 | | | | | 50 | | | 51 | | | |
Compensation expense as percentage of total net revenue | 27 | | | 25 | | | | | 27 | | | 26 | | | |
(a)Included tax equivalent adjustments primarily from income tax credits from investments in alternative energy, affordable housing and new markets, income from tax-exempt securities and loans, and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of $737 million and $1.0 billion for the three months ended June 30, 2024 and 2023, respectively, and $1.3 billion and $2.0 billion for the six months ended June 30, 2024 and 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 Notes 1, 5 and 13 for additional information.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected income statement data | | | | | | | | |
| Three months ended June 30, | | Six months ended June 30, |
| (in millions) | 2024 | | 2023 | | Change | | 2024 | | 2023 | | Change |
| Revenue by business | | | | | | | | | | | |
Investment Banking | $ | 2,464 | | | $ | 1,687 | | | 46 | % | | $ | 4,680 | | | $ | 3,475 | | | 35 | % |
| Payments | 4,546 | | | 4,714 | | | (4) | | | 9,012 | | | 9,145 | | | (1) | |
| Lending | 1,936 | | | 1,749 | | | 11 | | | 3,660 | | | 3,199 | | | 14 | |
Other | 4 | | | 38 | | | (89) | | | 1 | | | 47 | | | (98) | |
| Total Banking & Payments | 8,950 | | | 8,188 | | | 9 | | | 17,353 | | | 15,866 | | | 9 | |
| Fixed Income Markets | 4,822 | | | 4,608 | | | 5 | | | 10,149 | | | 10,361 | | | (2) | |
| Equity Markets | 2,971 | | | 2,454 | | | 21 | | | 5,657 | | | 5,139 | | | 10 | |
| Securities Services | 1,261 | | | 1,221 | | | 3 | | | 2,444 | | | 2,369 | | | 3 | |
Credit Adjustments & Other(a) | (87) | | | 36 | | | NM | | (102) | | | (117) | | | 13 | |
Total Markets & Securities Services | 8,967 | | | 8,319 | | | 8 | | | 18,148 | | | 17,752 | | | 2 | |
| Total net revenue | $ | 17,917 | | | $ | 16,507 | | | 9 | % | | $ | 35,501 | | | $ | 33,618 | | | 6 | % |
(a)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. Refer to Notes 2, 3 and 19 for additional information.
| | |
Banking & Payments Revenue by Client Coverage Segment: (a) Global Corporate Banking & Global Investment Banking provides banking products and services generally to large corporations, financial institutions and merchants. Commercial Banking provides banking products and services generally to middle market clients, including start-ups, small and mid-sized companies, local governments, municipalities, and nonprofits, as well as to commercial real estate clients. Other includes amounts related to credit protection purchased against certain retained loans and lending-related commitments in Lending, the impact of equity investments in Payments and revenues not aligned with a primary client coverage segment. (a)Global Banking is a client coverage view within the Banking & Payments business and is comprised of the Global Corporate Banking, Global Investment Banking and Commercial Banking client coverage segments. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selected income statement data | | | | | | | | |
| Three months ended June 30, | | Six months ended June 30, |
| (in millions) | 2024 | | 2023 | | Change | | 2024 | | 2023 | | Change |
| Banking & Payments revenue by client coverage segment | | | | | | | | | | | |
Global Corporate Banking & Global Investment Banking | $ | 6,141 | | | $ | 5,452 | | | 13 | % | | $ | 11,961 | | | $ | 10,816 | | | 11 | % |
Commercial Banking | 2,860 | | | 2,801 | | | 2 | | | 5,697 | | | 5,227 | | | 9 | |
| Middle Market Banking | 1,936 | | | 1,996 | | | (3) | | | 3,863 | | | 3,781 | | | 2 | |
| Commercial Real Estate Banking | 924 | | | 805 | | | 15 | | | 1,834 | | | 1,446 | | | 27 | |
Other | (51) | | | (65) | | | 22 | | | (305) | | | (177) | | | (72) | |
| Total Banking & Payments revenue | $ | 8,950 | | | $ | 8,188 | | | 9 | % | | $ | 17,353 | | | $ | 15,866 | | | 9 | % |
Quarterly results
Net income was $5.9 billion, up 11%.
Net revenue was $17.9 billion, up 9%.
Banking & Payments revenue was $9.0 billion, up 9%.
•Investment Banking revenue was $2.5 billion, up 46%, driven by higher Investment Banking fees, up 50%, reflecting higher fees across products. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.
–Debt underwriting fees were $1.1 billion, up 51%, predominantly driven by higher industry-wide issuance in leveraged loans, high-yield bonds and high-grade bonds.
–Equity underwriting fees were $495 million, up 56%, driven by follow-on offerings, IPOs and private placements, reflecting wallet share gains amid favorable market conditions.
–Advisory fees were $785 million, up 45%, driven by a higher number of large completed transactions compared with a challenging prior-year quarter.
•Payments revenue was $4.5 billion, down 4%, driven by deposit margin compression reflecting higher rates paid and higher deposit-related client credits, largely offset by fee growth due to higher volumes.
•Lending revenue was $1.9 billion, up 11%, predominantly driven by the impact of the First Republic acquisition, lower fair value losses on credit protection purchased against certain retained loans and lending-related commitments, and the impact of higher rates.
Markets & Securities Services revenue was $9.0 billion, up 8%. Markets revenue was $7.8 billion, up 10%.
•Equity Markets revenue was $3.0 billion, up 21%, driven by strong performance in Equity Derivatives and Prime Finance.
•Fixed Income Markets revenue was $4.8 billion, up 5%, largely driven by Securitized Products.
•Securities Services revenue was $1.3 billion, up 3%, driven by higher volumes and market levels, largely offset by deposit margin compression.
•Credit Adjustments & Other was a loss of $87 million, compared with a gain of $36 million in the prior year.
Noninterest expense was $9.2 billion, up 12%, predominantly driven by higher compensation, primarily revenue-related compensation, higher legal expense and higher volume-related non-compensation expense.
The provision for credit losses was $384 million, reflecting:
•a $220 million net addition to the allowance for credit losses, driven by the impact of incorporating the First Republic portfolio into the Firm’s modeled credit loss estimates, as well as net downgrade activity, primarily in Real Estate, largely offset by the impact of changes in the loan and lending-related commitment portfolios, and
•net charge-offs of $164 million, of which approximately half was in Office.
The provision in the prior year was $1.1 billion, reflecting an addition of $608 million to establish the allowance for the First Republic loans and lending-related commitments. The net addition also reflected $389 million driven by updates to certain assumptions related to office real estate, as well as net downgrade activity in Middle Market Banking.
Refer to Credit and Investment Risk Management on pages 59-78, Allowance for Credit Losses on pages 75-77, and Critical Accounting Estimates on pages 86-88 for a further discussion of the credit portfolios and the allowance for credit losses.
Year-to-date results
Net income of $12.5 billion, up 13%.
Net revenue was $35.5 billion, up 6%.
Banking & Payments revenue was $17.4 billion, up 9%.
•Investment Banking revenue was $4.7 billion, up 35%. Investment Banking fees were up 35%, driven by higher fees across products. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.
–Debt underwriting fees were $2.1 billion, up 54%, predominantly driven by higher industry-wide issuances in leveraged loans, high-grade bonds and high-yield bonds.
–Equity underwriting fees were $850 million, up 54%, driven by higher IPOs, follow-on and convertible securities offerings.
–Advisory fees were $1.4 billion, up 7%.
•Payments revenue was $9.0 billion, down 1%, driven by deposit margin compression reflecting higher rates paid and higher deposit-related client credits, largely offset by fee growth.
•Lending revenue was $3.7 billion, up 14%, driven by the impact of the First Republic acquisition, and the impact of higher rates, partially offset by fair value losses on credit protection purchased against certain retained loans and lending-related commitments.
Markets & Securities Services revenue was $18.1 billion, up 2%. Markets revenue was $15.8 billion, up 2%.
•Equity Markets revenue was $5.7 billion, up 10%, driven by higher revenue in Equity Derivatives, and Prime Finance.
•Fixed Income Markets revenue was $10.1 billion, down 2%, driven by lower revenues in Rates and Commodities, largely offset by higher revenue in Securitized Products.
•Securities Services revenue was $2.4 billion, up 3%, driven by higher volumes and market levels, largely offset by deposit margin compression.
•Credit Adjustments & Other was a loss of $102 million, compared with a loss of $117 million in the prior year.
Noninterest expense was $17.9 billion, up 5%, predominantly driven by higher compensation expense, primarily revenue-related compensation.
The provision for credit losses was $385 million, reflecting:
•net charge-offs of $233 million, of which approximately half was in Office, and
•a $152 million net addition to the allowance for credit losses, driven by
–a net addition of $772 million, reflecting net downgrade activity, primarily in Real Estate, and included approximately $170 million associated with incorporating the First Republic portfolio into the Firm’s modeled credit loss estimates,
predominantly offset by
–a net reduction of $620 million, primarily due to the impact of changes in the loan and lending-related commitment portfolios.
The provision in the prior year was $1.6 billion, reflecting an addition of $608 million to establish the allowance for the First Republic loans and lending-related commitments, in the second quarter of 2023. The net addition also reflected $768 million driven by a deterioration in the Firm's weighted-average economic outlook, including updates to certain assumptions related to office real estate, as well as net downgrade activity.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected metrics | | | | | | | | | | |
| (in millions, except employees) | As of or for the three months
ended June 30, | | As of or for the six months
ended June 30, |
| 2024 | | 2023 | | Change | | 2024 | | 2023 | | Change |
Selected balance sheet data (period-end) | | | | | | | | | | | |
| Total assets | $ | 1,939,038 | | | $ | 1,737,334 | | | 12 | % | | $ | 1,939,038 | | | $ | 1,737,334 | | | 12 | % |
| Loans: | | | | | | | | | | | |
| Loans retained | 475,880 | | | 476,574 | | | — | | | 475,880 | | | 476,574 | | | — | |
Loans held-for-sale and loans at fair value(a) | 41,737 | | | 40,499 | | | 3 | | | 41,737 | | | 40,499 | | | 3 | |
| Total loans | 517,617 | | | 517,073 | | | — | | | 517,617 | | | 517,073 | | | — | |
| Equity | 132,000 | | | 138,000 | | | (4) | | | 132,000 | | | 138,000 | | | (4) | |
| | | | | | | | | | | |
Banking & Payments loans by client coverage segment (period-end)(b) | | | | | | | | | | | |
| Global Corporate Banking & Global Investment Banking | $ | 132,592 | | | $ | 133,535 | | | (1) | % | | $ | 132,592 | | | $ | 133,535 | | | (1) | % |
| Commercial Banking | 220,222 | | | 222,782 | | | (1) | | | 220,222 | | | 222,782 | | | (1) | |
| Middle Market Banking | 75,488 | | | 79,885 | | | (6) | | | 75,488 | | | 79,885 | | | (6) | |
| Commercial Real Estate Banking | 144,734 | | | 142,897 | | | 1 | | | 144,734 | | | 142,897 | | | 1 | |
| Other | 266 | | | 371 | | | (28) | | | 266 | | | 371 | | | (28) | |
| Total Banking & Payments loans | 353,080 | | | 356,688 | | | (1) | | | 353,080 | | | 356,688 | | | (1) | |
| | | | | | | | | | | |
Selected balance sheet data (average) | | | | | | | | | | | |
| Total assets | $ | 1,915,880 | | | $ | 1,752,732 | | | 9 | | | $ | 1,854,999 | | | $ | 1,719,118 | | | 8 | |
| Trading assets-debt and equity instruments | 638,473 | | | 533,092 | | | 20 | | | 609,686 | | | 511,066 | | | 19 | |
| Trading assets-derivative receivables | 58,850 | | | 63,118 | | | (7) | | | 58,059 | | | 63,578 | | | (9) | |
| Loans: | | | | | | | | | | | |
| Loans retained | $ | 471,861 | | | $ | 459,244 | | | 3 | | | $ | 471,524 | | | $ | 440,914 | | | 7 | |
Loans held-for-sale and loans at fair value(a) | 42,868 | | | 38,858 | | | 10 | | | 43,202 | | | 41,278 | | | 5 | |
| Total loans | $ | 514,729 | | | $ | 498,102 | | | 3 | | | $ | 514,726 | | | $ | 482,192 | | | 7 | |
Deposits(c) | 1,046,993 | | | 998,014 | | | 5 | | | 1,046,391 | | | 981,861 | | | 7 | |
| Equity | 132,000 | | | 137,505 | | | (4) | | | 132,000 | | | 137,005 | | | (4) | |
| | | | | | | | | | | |
Banking & Payments loans by client coverage segment (average)(b) | | | | | | | | | | | |
| Global Corporate Banking & Global Investment Banking | $ | 130,320 | | | $ | 131,852 | | | (1) | % | | $ | 128,861 | | | $ | 131,118 | | | (2) | % |
| Commercial Banking | 220,767 | | | 211,431 | | | 4 | | | 221,545 | | | 196,385 | | | 13 | |
| Middle Market Banking | 76,229 | | | 78,037 | | | (2) | | | 77,296 | | | 75,547 | | | 2 | |
| Commercial Real Estate Banking | 144,538 | | | 133,394 | | | 8 | | | 144,249 | | | 120,838 | | | 19 | |
| Other | 360 | | | 227 | | | 59 | | | 475 | | | 218 | | | 118 | |
| Total Banking & Payments loans | $ | 351,447 | | | $ | 343,510 | | | 2 | | | $ | 350,881 | | | $ | 327,721 | | | 7 | |
| | | | | | | | | | | |
| Employees | 93,387 | | | 90,813 | | | 3 | % | | 93,387 | | | 90,813 | | | 3 | % |
(a)Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.
(b)Refer to page 29 for a description of each of the client coverage segments.
(c)In the fourth quarter of 2023, certain deposits associated with First Republic were transferred to CIB from CCB.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected metrics | | | | | | | | | | | |
| As of or for the three months
ended June 30, | | As of or for the six months
ended June 30, |
(in millions, except ratios) | 2024 | | 2023 | | Change | | 2024 | | 2023 | | Change |
Credit data and quality statistics | | | | | | | | | | | |
Net charge-offs/(recoveries) | $ | 164 | | | $ | 156 | | | 5 | % | | $ | 233 | | | $ | 243 | | | (4) | % |
| Nonperforming assets: | | | | | | | | | | | |
| Nonaccrual loans: | | | | | | | | | | | |
Nonaccrual loans retained(a) | $ | 2,631 | | | $ | 1,992 | | | 32 | | | $ | 2,631 | | | $ | 1,992 | | | 32 | |
Nonaccrual loans held-for-sale and loans at fair value(b) | 988 | | | 818 | | | 21 | | | 988 | | | 818 | | | 21 | |
| Total nonaccrual loans | 3,619 | | | 2,810 | | | 29 | | | 3,619 | | | 2,810 | | | 29 | |
| Derivative receivables | 290 | | | 286 | | | 1 | | | 290 | | | 286 | | | 1 | |
Assets acquired in loan satisfactions | 220 | | | 133 | | | 65 | | | 220 | | | 133 | | | 65 | |
| Total nonperforming assets | $ | 4,129 | | | $ | 3,229 | | | 28 | | | $ | 4,129 | | | $ | 3,229 | | | 28 | |
| Allowance for credit losses: | | | | | | | | | | | |
| Allowance for loan losses | $ | 7,344 | | | $ | 7,260 | | | 1 | | | $ | 7,344 | | | $ | 7,260 | | | 1 | |
| Allowance for lending-related commitments | 1,930 | | | 2,008 | | | (4) | | | 1,930 | | | 2,008 | | | (4) | |
Total allowance for credit losses | $ | 9,274 | | | $ | 9,268 | | | — | % | | $ | 9,274 | | | $ | 9,268 | | | — | % |
Net charge-off/(recovery) rate(c) | 0.14 | % | | 0.14 | % | | | | 0.10 | % | | 0.11 | % | | |
| Allowance for loan losses to period-end loans retained | 1.54 | | | 1.52 | | | | | 1.54 | | | 1.52 | | | |
| | | | | | | | | | | |
Allowance for loan losses to nonaccrual loans retained(a) | 279 | | | 364 | | | | | 279 | | | 364 | | | |
| Nonaccrual loans to total period-end loans | 0.70 | % | | 0.54 | % | | | | 0.70 | % | | 0.54 | % | | |
(a)Allowance for loan losses of $452 million and $350 million were held against these nonaccrual loans at June 30, 2024 and 2023, respectively.
(b)At June 30, 2024 and 2023, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $42 million and $76 million, respectively. These amounts have been excluded based upon the government guarantee.
(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment banking fees | | | | | | | | | | |
| Three months ended June 30, | | Six months ended June 30, |
(in millions) | 2024 | | 2023 | | Change | | 2024 | | 2023 | | Change |
Advisory | $ | 785 | | | $ | 540 | | | 45 | % | | $ | 1,383 | | | $ | 1,296 | | | 7 | % |
Equity underwriting | 495 | | | 318 | | | 56 | | | 850 | | | 553 | | | 54 | |
Debt underwriting(a) | 1,076 | | | 711 | | | 51 | | | 2,137 | | | 1,386 | | | 54 | |
Total investment banking fees | $ | 2,356 | | | $ | 1,569 | | | 50 | % | | $ | 4,370 | | | $ | 3,235 | | | 35 | % |
(a)Represents long-term debt and loan syndications.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| League table results – wallet share | | | | | | | | | | | | |
| Three months ended June 30, | | Six months ended June 30, | | Full-year 2023 |
| 2024 | | 2023 | | 2024 | | 2023 | |
| Rank | | Share | | Rank | | Share | | Rank | | Share | | Rank | | Share | | Rank | | Share |
Based on fees(a) | | | | | | | | | | | | | | | | | | |
M&A(b) | | | | | | | | | | | | | | | | | | | |
| Global | # | 1 | | | 10.5 | % | | # | 1 | | | 8.1 | % | | # | 1 | | | 9.9 | % | | # | 1 | | | 8.8 | % | | # | 2 | | | 9.0 | % |
| U.S. | 1 | | | 14.0 | | | 2 | | | 10.7 | | | 1 | | | 11.8 | | | 2 | | | 11.3 | | | 2 | | | 11.0 | |
Equity and equity-related(c) | | | | | | | | | | | | | | | | | | | |
| Global | 1 | | | 13.6 | | | 1 | | | 7.6 | | | 1 | | | 11.3 | | | 1 | | | 7.1 | | | 1 | | | 7.7 | |
| U.S. | 1 | | | 17.0 | | | 1 | | | 15.0 | | | 1 | | | 14.5 | | | 1 | | | 14.0 | | | 1 | | | 14.3 | |
Long-term debt(d) | | | | | | | | | | | | | | | | | | | |
| Global | 1 | | | 7.2 | | | 1 | | | 6.6 | | | 1 | | | 7.5 | | | 1 | | | 6.5 | | | 1 | | | 7.0 | |
| U.S. | 1 | | | 10.3 | | | 1 | | | 10.7 | | | 1 | | | 11.0 | | | 1 | | | 10.2 | | | 1 | | | 10.9 | |
Loan syndications | | | | | | | | | | | | | | | | | | | |
| Global | 1 | | | 11.0 | | | 1 | | | 12.8 | | | 1 | | | 11.5 | | | 1 | | | 12.5 | | | 1 | | | 11.9 | |
| U.S. | 1 | | | 13.1 | | | 1 | | | 16.7 | | | 1 | | | 13.9 | | | 1 | | | 16.9 | | | 1 | | | 15.1 | |
Global investment banking fees(e) | # | 1 | | | 9.9 | % | | # | 1 | | | 8.1 | % | | # | 1 | | | 9.5 | % | | # | 1 | | | 8.2 | % | | # | 1 | | | 8.6 | % |
(a)Source: Dealogic as of July 1, 2024. Reflects the ranking of revenue wallet and market share.
(b)Global M&A excludes any withdrawn transactions. U.S. M&A revenue wallet represents wallet from client parents based in the U.S.
(c)Global equity and equity-related ranking includes rights offerings and Chinese A-Shares.
(d)Long-term debt rankings include investment-grade, high-yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”); and exclude money market, short-term debt and U.S. municipal securities.
(e)Global investment banking fees exclude money market, short-term debt and shelf securities.
Markets revenue
The following table summarizes selected income statement data for the Markets businesses. Markets includes both Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. The Firm assesses its Markets business performance on a total revenue basis, as offsets generally occur across revenue line items. For example, securities that generate net interest income may be risk-managed by derivatives that
are reflected at fair value in principal transactions revenue. Refer to Notes 5 and 6 for a description of the composition of these income statement line items. Refer to Markets revenue on page 75 of JPMorgan Chase’s 2023 Form 10-K for further information.
For the periods presented below, the primary source of principal transactions revenue was the amount recognized upon executing new transactions.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended June 30, | | Three months ended June 30, |
| 2024 | | 2023 |
(in millions) | Fixed Income Markets | Equity
Markets | Total
Markets | | Fixed Income Markets | Equity
Markets | Total
Markets |
Principal transactions | $ | 2,021 | | $ | 4,571 | | $ | 6,592 | | | $ | 3,120 | | $ | 3,350 | | $ | 6,470 | |
Lending- and deposit-related fees | 81 | | 22 | | 103 | | | 76 | | 7 | | 83 | |
| Commissions and other fees | 150 | | 522 | | 672 | | | 151 | | 472 | | 623 | |
| All other income | 533 | | (30) | | 503 | | | 410 | | (37) | | 373 | |
| Noninterest revenue | 2,785 | | 5,085 | | 7,870 | | | 3,757 | | 3,792 | | 7,549 | |
Net interest income(a) | 2,037 | | (2,114) | | (77) | | | 851 | | (1,338) | | (487) | |
| Total net revenue | $ | 4,822 | | $ | 2,971 | | $ | 7,793 | | | $ | 4,608 | | $ | 2,454 | | $ | 7,062 | |
| | | | | | | |
| Six months ended June 30, | | Six months ended June 30, |
| 2024 | | 2023 |
(in millions) | Fixed Income Markets | Equity
Markets | Total
Markets | | Fixed Income Markets | Equity
Markets | Total
Markets |
Principal transactions | $ | 4,824 | | $ | 8,385 | | $ | 13,209 | | | $ | 7,518 | | $ | 6,379 | | $ | 13,897 | |
Lending- and deposit-related fees | 203 | | 40 | | 243 | | | 146 | | 14 | | 160 | |
| Commissions and other fees | 309 | | 1,036 | | 1,345 | | | 295 | | 994 | | 1,289 | |
| All other income | 955 | | (52) | | 903 | | | 795 | | (49) | | 746 | |
| Noninterest revenue | 6,291 | | 9,409 | | 15,700 | | | 8,754 | | 7,338 | | 16,092 | |
Net interest income(a) | 3,858 | | (3,752) | | 106 | | | 1,607 | | (2,199) | | (592) | |
| Total net revenue | $ | 10,149 | | $ | 5,657 | | $ | 15,806 | | | $ | 10,361 | | $ | 5,139 | | $ | 15,500 | |
(a)The decline in Equity Markets net interest income was driven by higher funding costs.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected metrics | | | | | | | | | | | |
(in millions, except where otherwise noted) | As of or for the three months
ended June 30, | | As of or for the six months
ended June 30, |
| 2024 | | 2023 | | Change | | 2024 | | 2023 | | Change |
Assets under custody (“AUC”) by asset class (period-end) (in billions): | | | | | | | | | | | |
| Fixed Income | $ | 16,012 | | | $ | 14,708 | | | 9 | % | | $ | 16,012 | | | $ | 14,708 | | | 9 | % |
| Equity | 14,101 | | | 11,892 | | | 19 | | | 14,101 | | | 11,892 | | | 19 | |
Other(a) | 3,911 | | | 3,824 | | | 2 | | | 3,911 | | | 3,824 | | | 2 | |
| Total AUC | $ | 34,024 | | | $ | 30,424 | | | 12 | | | $ | 34,024 | | | $ | 30,424 | | | 12 | |
Client deposits and other third-party liabilities (average)(b) | $ | 936,725 | | | $ | 922,702 | | | 2 | % | | $ | 934,164 | | | $ | 911,265 | | | 3 | % |
(a)Consists of mutual funds, unit investment trusts, currencies, annuities, insurance contracts, options and other contracts.
(b)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| International metrics | | | | | | | | | | | |
| (in millions, except where otherwise noted) | As of or for the three months
ended June 30, | | As of or for the six months
ended June 30, |
| 2024 | | 2023 | | Change | | 2024 | | 2023 | | Change |
Total net revenue(a) | | | | | | | | | | | |
| Europe/Middle East/Africa | $ | 4,269 | | | $ | 3,980 | | | 7 | % | | $ | 8,441 | | | $ | 8,413 | | | — | % |
| Asia-Pacific | 2,162 | | | 1,959 | | | 10 | | | 4,303 | | | 4,155 | | | 4 | |
| Latin America/Caribbean | 551 | | | 559 | | | (1) | | | 1,274 | | | 1,138 | | | 12 | |
Total international net revenue | 6,982 | | | 6,498 | | | 7 | | | 14,018 | | | 13,706 | | | 2 | |
| North America | 10,935 | | | 10,009 | | | 9 | | | 21,483 | | | 19,912 | | | 8 | |
| Total net revenue | $ | 17,917 | | | $ | 16,507 | | | 9 | | | $ | 35,501 | | | $ | 33,618 | | | 6 | |
| | | | | | | | | | | |
Loans retained (period-end)(a) | | | | | | | | | | |
| Europe/Middle East/Africa | $ | 44,227 | | | $ | 41,539 | | | 6 | | | $ | 44,227 | | | $ | 41,539 | | | 6 | |
| Asia-Pacific | 15,753 | | | 15,913 | | | (1) | | | 15,753 | | | 15,913 | | | (1) | |
| Latin America/Caribbean | 8,645 | | | 9,056 | | | (5) | | | 8,645 | | | 9,056 | | | (5) | |
| Total international loans | 68,625 | | | 66,508 | | | 3 | | | 68,625 | | | 66,508 | | | 3 | |
| North America | 407,255 | | | 410,066 | | | (1) | | | 407,255 | | | 410,066 | | | (1) | |
| Total loans retained | $ | 475,880 | | | $ | 476,574 | | | — | | | $ | 475,880 | | | $ | 476,574 | | | — | |
| | | | | | | | | | | |
Client deposits and other third-party liabilities (average)(b) | | | | | | | | | | | |
| Europe/Middle East/Africa | $ | 259,425 | | | $ | 245,892 | | | 6 | | | $ | 260,439 | | | $ | 247,200 | | | 5 | |
| Asia-Pacific | 136,294 | | | 136,371 | | | — | | | 136,769 | | | 135,111 | | | 1 | |
| Latin America/Caribbean | 42,457 | | | 39,615 | | | 7 | | | 41,863 | | | 39,513 | | | 6 | |
| Total international | $ | 438,176 | | | $ | 421,878 | | | 4 | | | $ | 439,071 | | | $ | 421,824 | | | 4 | |
| North America | 498,549 | | | 500,824 | | | — | | | 495,093 | | | 489,441 | | | 1 | |
Total client deposits and other third-party liabilities | $ | 936,725 | | | $ | 922,702 | | | 2 | | | $ | 934,164 | | | $ | 911,265 | | | 3 | |
| | | | | | | | | | | |
AUC (period-end)(b) (in billions) | | | | | | | | | | | |
| North America | $ | 22,817 | | | $ | 20,512 | | | 11 | | | $ | 22,817 | | | $ | 20,512 | | | 11 | |
| All other regions | 11,207 | | | 9,912 | | | 13 | | | 11,207 | | | 9,912 | | | 13 | |
| Total AUC | $ | 34,024 | | | $ | 30,424 | | | 12 | % | | $ | 34,024 | | | $ | 30,424 | | | 12 | % |
(a)Total net revenue and loans retained (excluding loans held-for-sale and loans at fair value) are based on the location of the trading desk, booking location, or domicile of the client, as applicable.
(b)Client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses, and AUC, are based on the domicile of the client or booking location, as applicable.
| | | | | | | | | | | | | | |
| ASSET & WEALTH MANAGEMENT |
Refer to pages 81–83 of JPMorgan Chase’s 2023 Form 10-K and Line of Business Metrics on page 201 for a discussion of the business profile of AWM.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected income statement data | | | | | | |
(in millions, except ratios) | Three months ended June 30, | | Six months ended June 30, |
| 2024 | | 2023 | Change | | 2024 | | 2023 | | Change |
| Revenue | | | | | | | | | | |
| Asset management fees | $ | 3,304 | | | $ | 2,932 | | 13 | % | | $ | 6,474 | | | $ | 5,714 | | | 13 | % |
| Commissions and other fees | 232 | | | 194 | | 20 | | | 425 | | | 354 | | | 20 | |
| All other income | 97 | | | 232 | | (58) | | | 248 | | | 623 | | | (60) | |
| Noninterest revenue | 3,633 | | | 3,358 | | 8 | | | 7,147 | | | 6,691 | | | 7 | |
| Net interest income | 1,619 | | | 1,585 | | 2 | | | 3,214 | | | 3,036 | | | 6 | |
| Total net revenue | 5,252 | | | 4,943 | | 6 | | | 10,361 | | | 9,727 | | | 7 | |
| | | | | | | | | | |
| Provision for credit losses | 20 | | | 145 | | (86) | | | (37) | | | 173 | | | NM |
| | | | | | | | | | |
| Noninterest expense | | | | | | | | | | |
| Compensation expense | 1,960 | | | 1,746 | | 12 | | | 3,932 | | | 3,481 | | | 13 | |
| Noncompensation expense | 1,583 | | | 1,417 | | 12 | | | 3,071 | | | 2,773 | | | 11 | |
| Total noninterest expense | 3,543 | | | 3,163 | | 12 | | | 7,003 | | | 6,254 | | | 12 | |
| | | | | | | | | | |
| Income before income tax expense | 1,689 | | | 1,635 | | 3 | | | 3,395 | | | 3,300 | | | 3 | |
| Income tax expense | 426 | | | 409 | | 4 | | | 842 | | | 707 | | | 19 | |
| Net income | $ | 1,263 | | | $ | 1,226 | | 3 | | | $ | 2,553 | | | $ | 2,593 | | | (2) | |
| | | | | | | | | | |
| Revenue by line of business | | | | | | | | | | |
| Asset Management | $ | 2,437 | | | $ | 2,128 | | 15 | | | $ | 4,763 | | | $ | 4,562 | | | 4 | |
| Global Private Bank | 2,815 | | | 2,815 | | — | | | 5,598 | | | 5,165 | | | 8 | |
| Total net revenue | $ | 5,252 | | | $ | 4,943 | | 6 | % | | $ | 10,361 | | | $ | 9,727 | | | 7 | % |
| | | | | | | | | | |
| Financial ratios | | | | | | | | | | |
| Return on equity | 32 | % | | 29 | % | | | 32 | % | | 31 | % | | |
| Overhead ratio | 67 | | | 64 | | | | 68 | | | 64 | | | |
| Pre-tax margin ratio: | | | | | | | | | | |
| Asset Management | 30 | | | 27 | | | | 29 | | | 32 | | | |
| Global Private Bank | 34 | | | 37 | | | | 36 | | | 35 | | | |
| Asset & Wealth Management | 32 | | | 33 | | | | 33 | | | 34 | | | |
Quarterly results
Net income was $1.3 billion, up 3%.
Net revenue was $5.3 billion, up 6%. Net interest income was $1.6 billion, up 2%. Noninterest revenue was $3.6 billion, up 8%.
Revenue from Asset Management was $2.4 billion, up 15%, predominantly driven by:
•higher asset management fees reflecting higher average market levels and strong net inflows, and
•higher performance fees.
Revenue from Global Private Bank of $2.8 billion was flat when compared with the prior year, and reflected:
•higher net interest income, driven by higher average deposits associated with First Republic which were transferred to AWM from CCB in the fourth quarter of 2023, and wider spreads on loans, offset by deposit margin compression reflecting higher rates paid, and
•lower noninterest revenue, driven by the amortization of the purchase discount on certain acquired short-dated lending-related commitments associated with First
Republic, predominantly offset by higher management fees due to strong net inflows and higher average market levels, and higher brokerage fees.
Noninterest expense was $3.5 billion, up 12%, predominantly driven by:
•higher compensation, including revenue-related compensation and continued growth in private banking advisor teams, and
•higher legal expense and distribution fees.
The provision for credit losses was $20 million.
The provision in the prior year was $145 million.
Refer to Note 5 for additional information on lending related fees.
Refer to Credit and Investment Risk Management on pages 59-78 and Allowance for Credit Losses on pages 75-77 for further discussions of the credit portfolios and the allowance for credit losses.
Year-to-date results
Net income was $2.6 billion, down 2%.
Net revenue was $10.4 billion, up 7%. Net interest income was $3.2 billion, up 6%. Noninterest revenue was $7.1 billion, up 7%.
Revenue from Asset Management was $4.8 billion, up 4%, driven by:
•higher asset management fees reflecting strong net inflows and higher average market levels, and
•higher performance fees.
The prior year included a gain of $339 million on the original minority interest in CIFM upon the Firm's acquisition of the remaining 51% interest in the entity.
Revenue from Global Private Bank was $5.6 billion, up 8%, driven by:
•higher noninterest revenue, reflecting:
–higher management fees on strong net inflows and higher average market levels, as well as higher brokerage fees,
partially offset by
–the amortization of the purchase discount on certain acquired short-dated lending-related commitments associated with First Republic, and
•higher net interest income, driven by:
–higher loans associated with First Republic and wider spreads on loans,
largely offset by
–the net impact of deposit margin compression reflecting higher rates paid, and higher average deposits associated with First Republic which were transferred to AWM from CCB in the fourth quarter of 2023.
Noninterest expense was $7.0 billion, up 12%, predominantly driven by:
•higher compensation, including revenue-related compensation, and continued growth in private banking advisor teams, and
•higher legal expense, and distribution fees.
The provision for credit losses was a net benefit of $37 million.
The provision in the prior year was $173 million, predominantly driven by a $146 million addition to the allowance for credit losses to establish the allowance for the First Republic loans and lending-related commitments in the second quarter of 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected metrics | | | | | | | | | |
| As of or for the three months
ended June 30, | | As of or for the six months
ended June 30, |
(in millions, except ranking data, ratios and employees) | 2024 | | 2023 | Change | | 2024 | | 2023 | Change |
% of JPM mutual fund assets and ETFs rated as 4- or 5-star(a) | 71 | % | | 70 | % | | | 71 | % | | 70 | % | |
% of JPM mutual fund assets and ETFs ranked in 1st or 2nd quartile:(b) | | | | | | | | | |
| 1 year | 64 | | | 58 | | | | 64 | | | 58 | | |
| 3 years | 73 | | | 68 | | | | 73 | | | 68 | | |
| 5 years | 74 | | | 80 | | | | 74 | | | 80 | | |
| | | | | | | | | |
Selected balance sheet data (period-end)(c) | | | | | | | | | |
| Total assets | $ | 247,353 | | | $ | 247,118 | | — | % | | $ | 247,353 | | | $ | 247,118 | | — | % |
| Loans | 228,042 | | | 222,493 | | 2 | | | 228,042 | | | 222,493 | | 2 | |
Deposits(d) | 236,492 | | | 199,763 | | 18 | | | 236,492 | | | 199,763 | | 18 | |
| Equity | 15,500 | | | 17,000 | | (9) | | | 15,500 | | | 17,000 | | (9) | |
| | | | | | | | | |
Selected balance sheet data (average)(c) | | | | | | | | | |
| Total assets | $ | 242,155 | | | $ | 238,987 | | 1 | | | $ | 241,770 | | | $ | 233,933 | | 3 | |
| Loans | 224,122 | | | 219,469 | | 2 | | | 223,775 | | | 215,491 | | 4 | |
Deposits(d) | 227,423 | | | 211,872 | | 7 | | | 227,573 | | | 218,078 | | 4 | |
| Equity | 15,500 | | | 16,670 | | (7) | | | 15,500 | | | 16,337 | | (5) | |
| | | | | | | | | |
Employees | 28,579 | | | 26,931 | | 6 | | | 28,579 | | | 26,931 | | 6 | |
| | | | | | | | | |
| Number of Global Private Bank client advisors | 3,509 | | | 3,214 | | 9 | | | 3,509 | | | 3,214 | | 9 | |
| | | | | | | | | |
Credit data and quality statistics(c) | | | | | | | | | |
| Net charge-offs/(recoveries) | $ | 3 | | | $ | 2 | | 50 | | $ | 11 | | | $ | — | | NM |
| Nonaccrual loans | 745 | | | 615 | | 21 | | | 745 | | | 615 | | 21 | |
| Allowance for credit losses: | | | | | | | | | |
| Allowance for loan losses | $ | 575 | | | $ | 649 | | (11) | | | $ | 575 | | | $ | 649 | | (11) | |
Allowance for lending-related commitments | 40 | | | 39 | | 3 | | | 40 | | | 39 | | 3 | |
Total allowance for credit losses | $ | 615 | | | $ | 688 | | (11) | % | | $ | 615 | | | $ | 688 | | (11) | % |
| Net charge-off/(recovery) rate | 0.01 | % | | — | % | | | 0.01 | % | | — | % | |
Allowance for loan losses to period-end loans | 0.25 | | | 0.29 | | | | 0.25 | | | 0.29 | | |
Allowance for loan losses to nonaccrual loans | 77 | | | 106 | | | | 77 | | | 106 | | |
Nonaccrual loans to period-end loans | 0.33 | | | 0.28 | | | | 0.33 | | | 0.28 | | |
(a)Represents the Morningstar Rating for all domiciled funds except for Japan domiciled funds which use Nomura. Includes only Asset Management retail active open-ended mutual funds and active ETFs that have a rating. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds. Prior-period amounts have been revised to conform with the current presentation.
(b)Quartile ranking sourced from Morningstar, Lipper and Nomura based on country of domicile. Includes only Asset Management retail active open-ended mutual funds and active ETFs that are ranked by the aforementioned sources. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds. Prior-period amounts have been revised to conform with the current presentation.
(c)Loans, deposits and related credit data and quality statistics relate to the Global Private Bank business.
(d)In the fourth quarter of 2023, certain deposits associated with First Republic were transferred to AWM from CCB.
Assets under management were $3.7 trillion, up 15%, while client assets were $5.4 trillion, up 18%, each driven by higher market levels and continued net inflows.
| | | | | | | | | | | | | | |
| Client assets | | | | |
| As of June 30, |
| (in billions) | 2024 | | 2023 | Change |
| Assets by asset class | | | | |
| Liquidity | $ | 953 | | | $ | 826 | | 15 | % |
| Fixed income | 785 | | | 718 | | 9 | |
| Equity | 1,017 | | | 792 | | 28 | |
| Multi-asset | 719 | | | 647 | | 11 | |
| Alternatives | 208 | | | 205 | | 1 | |
| Total assets under management | 3,682 | | | 3,188 | | 15 | |
Custody/brokerage/administration/deposits | 1,705 | | | 1,370 | | 24 | |
Total client assets(a) | $ | 5,387 | | | $ | 4,558 | | 18 | |
| | | | |
| Assets by client segment | | | | |
| Private Banking | $ | 1,097 | | | $ | 881 | | 25 | |
| Global Institutional | 1,540 | | | 1,423 | | 8 | |
| Global Funds | 1,045 | | | 884 | | 18 | |
| Total assets under management | $ | 3,682 | | | $ | 3,188 | | 15 | |
| | | | |
Private Banking | $ | 2,681 | | | $ | 2,170 | | 24 | |
| Global Institutional | 1,654 | | | 1,497 | | 10 | |
| Global Funds | 1,052 | | | 891 | | 18 | |
Total client assets(a) | $ | 5,387 | | | $ | 4,558 | | 18 | % |
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
| | | | | | | | | | | | | | | | | |
| Client assets (continued) | | | | | |
| Three months ended June 30, | Six months ended June 30, |
| (in billions) | 2024 | 2023 | | 2024 | 2023 |
Assets under management rollforward | | | | | |
| Beginning balance | $ | 3,564 | | $ | 3,006 | | | $ | 3,422 | | $ | 2,766 | |
| Net asset flows: | | | | | |
| Liquidity | 16 | | 60 | | | 12 | | 153 | |
| Fixed income | 22 | | 37 | | | 36 | | 63 | |
Equity | 31 | | 20 | | | 52 | | 42 | |
| Multi-asset | (3) | | 3 | | | (5) | | 1 | |
| Alternatives | 2 | | 1 | | | 3 | | 2 | |
Market/performance/other impacts | 50 | | 61 | | | 162 | | 161 | |
| Ending balance, June 30 | $ | 3,682 | | $ | 3,188 | | | $ | 3,682 | | $ | 3,188 | |
| | | | | |
Client assets rollforward | | | | | |
| Beginning balance | $ | 5,219 | | $ | 4,347 | | | $ | 5,012 | | $ | 4,048 | |
| Net asset flows | 79 | | 112 | | | 122 | | 264 | |
Market/performance/other impacts | 89 | | 99 | | | 253 | | 246 | |
| Ending balance, June 30 | $ | 5,387 | | $ | 4,558 | | | $ | 5,387 | | $ | 4,558 | |
| | | | | | | | | | | | | | | | |
Selected Firmwide Metrics - Wealth Management | | | | | | |
| As of June 30, | | |
| 2024 | | 2023 | Change | | |
Client assets (in billions)(a) | $ | 3,427 | | | $ | 2,862 | | 20 | % | | |
| Number of client advisors | 9,181 | | | 8,367 | | 10 | | | |
(a) Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.
| | | | | | | | | | | | | | | | | | | | | | | |
| International | | | | |
| Three months ended June 30, | | Six months ended June 30, |
(in millions) | 2024 | 2023 | Change | | 2024 | 2023 | Change |
Total net revenue(a) | | | | | | | |
| Europe/Middle East/Africa | $ | 852 | | $ | 853 | | — | % | | $ | 1,705 | | $ | 1,700 | | — | % |
| Asia-Pacific | 512 | | 497 | | 3 | | | 983 | | 974 | | 1 | |
| Latin America/Caribbean | 270 | | 247 | | 9 | | | 531 | | 487 | | 9 | |
Total international net revenue | 1,634 | | 1,597 | | 2 | | | 3,219 | | 3,161 | | 2 | |
| North America | 3,618 | | 3,346 | | 8 | | | 7,142 | | 6,566 | | 9 | |
Total net revenue(a) | $ | 5,252 | | $ | 4,943 | | 6 | % | | $ | 10,361 | | $ | 9,727 | | 7 | % |
(a)Regional revenue is based on the domicile of the client.
| | | | | | | | | | | | | | | | | | | | | | | |
| As of June 30, | | As of June 30, |
(in billions) | 2024 | 2023 | Change | | 2024 | 2023 | Change |
| Assets under management | | | | | | | |
| Europe/Middle East/Africa | $ | 566 | | $ | 527 | | 7 | % | | $ | 566 | | $ | 527 | | 7 | % |
| Asia-Pacific | 273 | | 252 | | 8 | | | 273 | | 252 | | 8 | |
| Latin America/Caribbean | 95 | | 79 | | 20 | | | 95 | | 79 | | 20 | |
Total international assets under management | 934 | | 858 | | 9 | | | 934 | | 858 | | 9 | |
| North America | 2,748 | | 2,330 | | 18 | | | 2,748 | | 2,330 | | 18 | |
Total assets under management | $ | 3,682 | | $ | 3,188 | | 15 | | | $ | 3,682 | | $ | 3,188 | | 15 | |
| | | | | | | |
| Client assets | | | | | | | |
| Europe/Middle East/Africa | $ | 789 | | $ | 663 | | 19 | | | $ | 789 | | $ | 663 | | 19 | |
| Asia-Pacific | 423 | | 378 | | 12 | | | 423 | | 378 | | 12 | |
| Latin America/Caribbean | 246 | | 217 | | 13 | | | 246 | | 217 | | 13 | |
Total international client assets | 1,458 | | 1,258 | | 16 | | | 1,458 | | 1,258 | | 16 | |
| North America | 3,929 | | 3,300 | | 19 | | | 3,929 | | 3,300 | | 19 | |
| Total client assets | $ | 5,387 | | $ | 4,558 | | 18 | % | | $ | 5,387 | | $ | 4,558 | | 18 | % |
Refer to pages 84–85 of JPMorgan Chase’s 2023 Form 10-K for a discussion of Corporate.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected income statement and balance sheet data | | | | | | |
| As of or for the three months
ended June 30, | | As of or for the six months
ended June 30, |
| (in millions, except employees) | 2024 | | 2023 | | Change | | 2024 | | 2023 | | Change |
| Revenue | | | | | | | | | | | |
| Principal transactions | $ | 60 | | | $ | 113 | | | (47) | % | | $ | 125 | | | $ | 195 | | | (36) | % |
| Investment securities losses | (546) | | | (900) | | | 39 | | | (912) | | | (1,768) | | | 48 | |
| All other income | 8,244 | | (c) | 2,767 | | (e) | 198 | | | 8,270 | | (c) | 2,798 | | (e) | 196 | |
| Noninterest revenue | 7,758 | | | 1,980 | | | 292 | | | 7,483 | | | 1,225 | | | NM |
| Net interest income | 2,364 | | | 1,738 | | | 36 | | | 4,841 | | | 3,478 | | | 39 | |
Total net revenue(a) | 10,122 | | | 3,718 | | | 172 | | | 12,324 | | | 4,703 | | | 162 | |
| Provision for credit losses | 5 | | | (243) | | | NM | | 32 | | | 127 | | | (75) | |
| Noninterest expense | 1,579 | | (d) | 1,152 | | (f) | 37 | | | 2,855 | | (d)(h) | 1,312 | | (f) | 118 | |
Income/(loss) before income tax expense/(benefit) | 8,538 | | | 2,809 | | | 204 | | | 9,437 | | | 3,264 | | | 189 | |
| Income tax expense/(benefit) | 1,759 | | | 169 | | (g) | NM | | 1,982 | | | 380 | | (g) | 422 | |
| Net income/(loss) | $ | 6,779 | | | $ | 2,640 | |
| 157 | | | $ | 7,455 | | | $ | 2,884 | | | 158 | |
| Total net revenue | | | | | | | | | | | |
| Treasury and CIO | $ | 2,084 | | | $ | 1,261 | | | 65 | | | $ | 4,401 | | | $ | 2,367 | | | 86 | |
| Other Corporate | 8,038 | | | 2,457 | | | 227 | | | 7,923 | | | 2,336 | | | 239 | |
| Total net revenue | $ | 10,122 | | | $ | 3,718 | | | 172 | | | $ | 12,324 | | | $ | 4,703 | | | 162 | |
| Net income/(loss) | | | | | | | | | | | |
| Treasury and CIO | $ | 1,513 | | | $ | 1,057 | | | 43 | | | $ | 3,154 | | | $ | 1,681 | | | 88 | |
| Other Corporate | 5,266 | | | 1,583 | |
| 233 | | | 4,301 | | (h) | 1,203 | | | 258 | |
| Total net income/(loss) | $ | 6,779 | | | $ | 2,640 | |
| 157 | | | $ | 7,455 | | | $ | 2,884 | | | 158 | |
| Total assets (period-end) | $ | 1,318,119 | | | $ | 1,263,595 | | | 4 | | | $ | 1,318,119 | | | $ | 1,263,595 | | | 4 | |
| Loans (period-end) | 2,408 | | | 2,172 | | | 11 | | | 2,408 | | | 2,172 | | | 11 | |
Deposits (period-end)(b) | 26,073 | |
| 21,083 | | | 24 | | | 26,073 | | | 21,083 | | | 24 | |
Employees | 47,828 | | | 45,235 | | | 6 | % | | 47,828 | |
| 45,235 | | | 6 | % |
(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $45 million for both the three months ended June 30, 2024 and 2023, and $94 million and $101 million for the six months ended June 30, 2024 and 2023, respectively.
(b)Predominantly relates to the Firm's international consumer initiatives.
(c)Included the net gain related to Visa shares of $7.9 billion for the three and six months ended June 30, 2024. Refer to Notes 2 and 5 for additional information.
(d)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation. Refer to Note 5 for additional information.
(e)Included the preliminary estimated bargain purchase gain of $2.7 billion associated with First Republic.
(f)In the second quarter of 2023, substantially all of the expense associated with First Republic was reported in Corporate. Commencing in the third quarter of 2023, the expense is aligned to the appropriate LOBs.
(g)Income taxes associated with the First Republic acquisition were reflected in the preliminary estimated bargain purchase gain.
(h)Includes the increase to the FDIC special assessment. Refer to Note 5 for additional information.
Quarterly results
Net income was $6.8 billion, compared with $2.6 billion in the prior year.
Net revenue was $10.1 billion, compared with $3.7 billion in the prior year.
Net interest income was $2.4 billion, up 36%, due to the impact of balance sheet mix and higher rates.
Noninterest revenue was $7.8 billion, compared with $2.0 billion in the prior year. Excluding the $7.9 billion net gain related to Visa shares in the current quarter and the preliminary estimated bargain purchase gain of $2.7 billion associated with the First Republic acquisition in the prior year, revenue was up $683 million, largely driven by:
•lower investment securities losses related to sales of U.S. Treasuries and U.S. GSE and government agency MBS, associated with repositioning the investment securities portfolio in Treasury and CIO, and
•measurement period adjustments resulting in an increase to the estimated bargain purchase gain associated with the First Republic acquisition.
Noninterest expense was $1.6 billion, up 37%, driven by:
•the $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation,
largely offset by
•lower expense associated with the First Republic acquisition as substantially all the expense was reported in Corporate in the second quarter of 2023 and
subsequently aligned to the appropriate LOBs starting in the third quarter of 2023, and
•lower legal expense.
The provision for credit losses was $5 million.
The provision in the prior year was a net benefit of $243 million, reflecting a reduction in the allowance for credit losses associated with the deposit placed with First Republic Bank in the first quarter of 2023.
The current period income tax expense was driven by changes in the level and mix of income and expenses subject to U.S. federal and state and local taxes, including the impact of the net gain on Visa shares and the contribution of Visa shares to the JPMorgan Chase Foundation.
The prior year tax expense benefited from the income tax expense associated with the First Republic acquisition reflected in the preliminary estimated bargain purchase gain.
Refer to Note 9 for additional information on the investment securities portfolio, and Note 12 for additional information on the allowance for credit losses.
Year-to-date results
Net income was $7.5 billion, compared with $2.9 billion in the prior year.
Net revenue was $12.3 billion, compared with $4.7 billion in the prior year.
Net interest income was $4.8 billion, up 39%, primarily due to the impact of balance sheet mix and higher rates.
Noninterest revenue was $7.5 billion, compared with $1.2 billion in the prior year. Excluding the $7.9 billion net gain related to Visa shares in the current quarter and the preliminary estimated bargain purchase gain of $2.7 billion associated with the First Republic acquisition in the prior year, revenue was up $1.2 billion, predominantly driven by:
•lower investment securities losses related to sales of U.S. GSE and government agency MBS and U.S. Treasuries, associated with repositioning the investment securities portfolio in Treasury and CIO, and
•higher revenue associated with the Firm's international consumer initiatives.
Noninterest expense was $2.9 billion, up 118%, driven by:
•the $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation,
•the $725 million increase to the FDIC special assessment recognized in the first quarter of 2024, and
•higher costs associated with the Firm's international consumer initiatives,
partially offset by
•lower legal expense, and
•lower expense associated with the First Republic acquisition as substantially all the expense was reported in Corporate in the second quarter of 2023 and subsequently aligned to the appropriate LOBs starting in the third quarter of 2023.
Refer to Note 5 for additional information on the FDIC special assessment.
The provision for credit losses was $32 million.
The provision in the prior year was $127 million.
Refer to Note 9 for additional information on the investment securities portfolio, and Note 12 for additional information on the allowance for credit losses.
The current period income tax expense was driven by changes in the level and mix of income and expenses subject to U.S. federal and state and local taxes, including the impact of the net gain on Visa shares and the contribution of Visa shares to the JPMorgan Chase Foundation.
The prior year tax expense benefited from the income tax expense associated with the First Republic acquisition reflected in the preliminary estimated bargain purchase gain.
Other Corporate also reflects the Firm's international consumer initiatives, which includes Chase U.K., Nutmeg, and an ownership stake in C6 Bank.
Treasury and CIO overview
At June 30, 2024, the average credit rating of the Treasury and CIO investment securities comprising the portfolio in the table below was AA+ (based upon external ratings where available and, where not available, based primarily upon internal risk ratings). Refer to Note 9 for further information on the Firm’s investment securities portfolio and internal risk ratings.
Refer to Liquidity Risk Management on pages 51-58 for further information on liquidity and funding risk. Refer to Market Risk Management on pages 79-84 for information on interest rate and foreign exchange risks. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected income statement and balance sheet data | | | | | |
| As of or for the three months
ended June 30, | As of or for the six months
ended June 30, |
| (in millions) | 2024 | | 2023 | | Change | 2024 | | 2023 | | Change |
| Investment securities losses | $ | (546) | | | $ | (900) | | | 39 | % | $ | (912) | | | $ | (1,768) | | | 48 | % |
Available-for-sale securities (average) | $ | 247,304 | | | $ | 198,620 | | | 25 | | $ | 235,124 | | | $ | 200,687 | | | 17 | |
Held-to-maturity securities (average) | 330,347 | | | 410,594 | | | (20) | | 342,553 | | | 413,953 | | | (17) | |
| Investment securities portfolio (average) | $ | 577,651 | | | $ | 609,214 | | | (5) | | $ | 577,677 | | | $ | 614,640 | | | (6) | |
| Available-for-sale securities (period-end) | $ | 263,624 | |
| $ | 201,211 | | | 31 | | $ | 263,624 | |
| $ | 201,211 | | | 31 | |
Held-to-maturity securities (period-end) | 323,746 | | | 408,941 | | | (21) | | 323,746 | | | 408,941 | | | (21) | |
Investment securities portfolio, net of allowance for credit losses (period-end)(a) | $ | 587,370 | | | $ | 610,152 | | | (4) | % | $ | 587,370 | | | $ | 610,152 | | | (4) | % |
(a)As of June 30, 2024 and 2023, the allowance for credit losses on investment securities was $125 million and $74 million, respectively.
Risk is an inherent part of JPMorgan Chase’s business activities. When the Firm extends a consumer or wholesale loan, advises customers and clients on their investment decisions, makes markets in securities, or offers other products or services, the Firm takes on some degree of risk. The Firm’s overall objective is to manage its business, and the associated risks, in a manner that balances serving the interests of its clients, customers and investors, and protecting the safety and soundness of the Firm.
The Firm believes that effective risk management requires, among other things:
•Acceptance of responsibility, including identification and escalation of risks by all individuals within the Firm;
•Ownership of risk identification, assessment, data and management within each of the LOBs and Corporate; and
•A Firmwide risk governance and oversight structure.
The Firm follows a disciplined and balanced compensation framework with strong internal governance and independent oversight by the Board of Directors (the “Board”). The impact of risk and control issues is carefully considered in the Firm’s performance evaluation and incentive compensation processes.
Risk governance framework
The Firm’s risk governance framework involves understanding drivers of risks, types of risks, and impacts of risks.
Refer to pages 86–89 of JPMorgan Chase’s 2023 Form 10-K for a further discussion of Firmwide risk management governance and oversight.
Risk governance and oversight functions
The following sections of this Form 10-Q and the 2023 Form 10-K discuss the risk governance and oversight functions in place to manage the risks inherent in the Firm’s business activities.
| | | | | | | | |
| Risk governance and oversight functions | Form 10-Q page reference | Form 10-K page reference |
| Strategic Risk | | 90 |
| Capital Risk | 45–50 | 91–101 |
| Liquidity Risk | 51–58 | 102-109 |
| Reputation Risk | | 110 |
| Consumer Credit Risk | 61–64 | 114-119 |
| Wholesale Credit Risk | 65–74 | 120-130 |
| Investment Portfolio Risk | 78 | 134 |
| Market Risk | 79–84 | 135-143 |
| Country Risk | 85 | 144-145 |
| Climate Risk | | 146 |
| Operational Risk | | 147-150 |
| Compliance Risk | | 151 |
| Conduct Risk | | 152 |
| Legal Risk | | 153 |
| Estimations and Model Risk | | 154 |
Capital risk is the risk that the Firm has an insufficient level or composition of capital to support the Firm’s business activities and associated risks during normal economic environments and under stressed conditions.
Refer to pages 91-101 of JPMorgan Chase’s 2023 Form 10-K, Note 21 of this Form 10-Q and the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for a further discussion of the Firm’s capital risk.
Basel III Overview
The capital rules under Basel III establish minimum capital ratios and overall capital adequacy standards for large and internationally active U.S. Bank Holding Companies (“BHCs”) and banks, including the Firm and JPMorgan Chase Bank, N.A. The minimum amount of regulatory capital that must be held by BHCs and banks is determined by calculating risk-weighted assets ("RWA"), which are on-balance sheet assets and off-balance sheet exposures, weighted according to risk. Under the rules currently in effect, two comprehensive approaches are prescribed for calculating RWA: a standardized approach (“Basel III Standardized”), and an advanced approach (“Basel III Advanced”).
For each of these risk-based capital ratios, the capital adequacy of the Firm is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements.
In July 2023, the Board of Governors of the Federal Reserve System (the "Federal Reserve"), the Office of the Comptroller of the Currency ("OCC"), and the FDIC released a proposal to amend the risk-based capital framework, entitled "Regulatory capital rule: Amendments applicable to large banking organizations and to banking organizations with significant trading activity", which is referred to in this Form 10-Q as the "U.S. Basel III proposal". Under the proposal, changes to the framework would include replacement of the Advanced approach with an expanded risk-based approach, which would not permit the use of internal models for the calculation of RWA, other than for market risk. In addition, the stress capital buffer requirement would be applicable to both the expanded risk-based approach and the Standardized approach. The proposal would significantly revise risk-based capital requirements for all banks with assets of $100 billion or more, including the Firm and other U.S. global systemically important banks ("GSIBs"). The proposed effective date is July 1, 2025, with a three-year transition period applicable to the expanded risk-based approach.
Under the requirements of the U.S. Basel III proposal, the new expanded risk-based approach, when fully phased-in, would be the Firm's binding constraint. The Firm is managing its CET1 capital in anticipation of the finalization of the U.S. Basel III proposal.
Refer to page 92 of JPMorgan Chase’s 2023 Form 10-K for additional information on the U.S. Basel III proposal.
As of June 30, 2024, the Advanced Total Capital ratio is the most binding constraint of the Firm's Basel III risk-based ratios. However, as of June 30, 2024, with respect to the CET1 and Tier 1 risk-based ratios, the Standardized ratios are more binding than the Advanced ratios.
Basel III also includes a requirement for Advanced Approaches banking organizations, including the Firm, to calculate its SLR.
Refer to page 48 of this Form 10-Q and page 98 of JPMorgan Chase's 2023 Form 10-K for additional information on SLR.
Refer to page 93 of JPMorgan Chase's 2023 Form 10-K for information on Other Key Regulatory Developments.
Selected capital and RWA data
The following tables present the Firm’s risk-based capital metrics under both the Basel III Standardized and Advanced approaches and leverage-based capital metrics. Refer to Capital Risk Management on pages 91-101 of JPMorgan Chase’s 2023 Form 10-K for a further discussion of these capital metrics. Refer to Note 21 for JPMorgan Chase Bank, N.A.’s risk-based and leverage-based capital metrics.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Standardized | | Advanced |
| (in millions, except ratios) | June 30, 2024 | | December 31, 2023 | | Capital ratio requirements(b) | | June 30, 2024 | | December 31, 2023 | | Capital ratio requirements(b) |
Risk-based capital metrics:(a) | | | | | | | | | | | |
| CET1 capital | $ | 267,196 | | | $ | 250,585 | | | | | $ | 267,196 | | | $ | 250,585 | | | |
| Tier 1 capital | 290,442 | | | 277,306 | | | | | 290,442 | | | 277,306 | | | |
| Total capital | 322,175 | | | 308,497 | | | | | 308,639 | | (c) | 295,417 | | (c) | |
| Risk-weighted assets | 1,743,481 | | | 1,671,995 | | | | | 1,726,204 | | (c) | 1,669,156 | | (c) | |
| CET1 capital ratio | 15.3 | % | | 15.0 | % | | 11.9 | % | | 15.5 | % | | 15.0 | % | | 11.5 | % |
| Tier 1 capital ratio | 16.7 | | | 16.6 | | | 13.4 | | | 16.8 | | | 16.6 | | | 13.0 | |
| Total capital ratio | 18.5 | | | 18.5 | | | 15.4 | | | 17.9 | | | 17.7 | | | 15.0 | |
(a)The capital metrics reflect the CECL capital transition provisions. As of June 30, 2024, CET1 capital reflected the remaining $720 million CECL benefit and will be fully phased in as of January 1, 2025; as of December 31, 2023, CET1 capital reflected a $1.4 billion benefit. Refer to Note 21 for additional information.
(b)Represents minimum requirements and regulatory buffers applicable to the Firm for the period ended June 30, 2024. For the period ended December 31, 2023, the Basel III Standardized CET1, Tier 1, and Total capital ratio requirements applicable to the Firm were 11.4%, 12.9%, and 14.9%, respectively; the Basel III Advanced CET1, Tier 1, and Total capital ratio requirements applicable to the Firm were 11.0%, 12.5%, and 14.5%, respectively. Refer to Note 21 for additional information.
(c)Includes the impacts of certain assets associated with First Republic to which the Standardized approach has been applied as permitted by the transition provisions in the U.S. capital rules. Refer to Note 26 of this Form 10-Q and page 96 of JPMorgan Chase’s 2023 Form 10-K for additional information on First Republic.
| | | | | | | | | | | | | | |
Three months ended
(in millions, except ratios) | June 30, 2024 | December 31, 2023 | | Capital ratio requirements(c) |
Leverage-based capital metrics:(a) | | | | |
Adjusted average assets(b) | $ | 4,016,654 | | $ | 3,831,200 | | | |
| Tier 1 leverage ratio | 7.2 | % | 7.2 | % | | 4.0 | % |
| Total leverage exposure | $ | 4,768,202 | | $ | 4,540,465 | | | |
| SLR | 6.1 | % | 6.1 | % | | 5.0 | % |
(a)The capital metrics reflect the CECL capital transition provisions. Refer to Note 21 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)Represents minimum requirements and regulatory buffers applicable to the Firm. Refer to Note 21 for additional information.
Capital components
The following table presents reconciliations of total stockholders’ equity to Basel III CET1 capital, Tier 1 capital and Total capital as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | |
| (in millions) | June 30, 2024 | | December 31,
2023 |
| Total stockholders’ equity | $ | 340,552 | | | $ | 327,878 | |
| Less: Preferred stock | 23,900 | | | 27,404 | |
| Common stockholders’ equity | 316,652 | | | 300,474 | |
| Add: | | | |
Certain deferred tax liabilities(a) | 2,969 | | | 2,996 | |
Other CET1 capital adjustments(b) | 4,827 | | | 4,717 | |
| Less: | | | |
Goodwill(c) | 54,194 | | | 54,377 | |
Other intangible assets | 3,058 | | | 3,225 | |
| | | |
Standardized/Advanced CET1 capital | $ | 267,196 | | | $ | 250,585 | |
| Add: Preferred stock | 23,900 | | | 27,404 | |
| Less: Other Tier 1 adjustments | 654 | | | 683 | |
Standardized/Advanced Tier 1 capital | $ | 290,442 | | | $ | 277,306 | |
Long-term debt and other instruments qualifying as Tier 2 capital | $ | 11,587 | | | $ | 11,779 | |
Qualifying allowance for credit losses(d) | 20,847 | | | 20,102 | |
Other | (701) | | | (690) | |
Standardized Tier 2 capital | $ | 31,733 | | | $ | 31,191 | |
Standardized Total capital | $ | 322,175 | | | $ | 308,497 | |
Adjustment in qualifying allowance for credit losses for Advanced Tier 2 capital(e)(f) | (13,536) | |
| (13,080) | |
Advanced Tier 2 capital | $ | 18,197 | | | $ | 18,111 | |
Advanced Total capital | $ | 308,639 | | | $ | 295,417 | |
(a)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 CET1 capital.
(b)As of June 30, 2024 and December 31, 2023, included a net benefit associated with cash flow hedges and debit valuation adjustments ("DVA") related to structured notes recorded in AOCI of $5.1 billion and $4.3 billion and the benefit from the CECL capital transition provisions of $720 million and $1.4 billion, respectively.
(c)Goodwill deducted from capital includes goodwill associated with equity method investments in nonconsolidated financial institutions based on regulatory requirements. Refer to page 78 for additional information on principal investment risk.
(d)Represents the allowance for credit losses eligible for inclusion in Tier 2 capital up to 1.25% of credit risk RWA, including the impact of the CECL capital transition provision with any excess deducted from RWA. Refer to Note 21 for additional information on the CECL capital transition.
(e)Represents an adjustment to qualifying allowance for credit losses for the excess of eligible credit reserves over expected credit losses up to 0.6% of credit risk RWA, including the impact of the CECL capital transition provision with any excess deducted from RWA.
(f)As of June 30, 2024 and December 31, 2023, included an incremental $596 million and $655 million allowance for credit losses, respectively, on certain assets associated with First Republic to which the Standardized approach has been applied, as permitted by the transition provisions in the U.S. capital rules.
Capital rollforward
The following table presents the changes in Basel III CET1 capital, Tier 1 capital and Tier 2 capital for the six months ended June 30, 2024.
| | | | | | |
Six months ended June 30,
(in millions) | 2024 | |
| Standardized/Advanced CET1 capital at December 31, 2023 | $ | 250,585 | | |
| Net income applicable to common equity | 30,854 | | |
| Dividends declared on common stock | (6,670) | | |
Net purchase of treasury stock | (7,150) | | |
Changes in additional paid-in capital | 200 | | |
| Changes related to AOCI applicable to capital: | | |
| Unrealized gains/(losses) on investment securities | 249 | | |
Translation adjustments, net of hedges(a) | (360) | | |
| Fair value hedges | (13) | | |
| Defined benefit pension and other postretirement employee benefit (“OPEB”) plans | 23 | | |
Changes related to other CET1 capital adjustments(b) | (522) | | |
| Change in Standardized/Advanced CET1 capital | 16,611 | | |
Standardized/Advanced CET1 capital at June 30, 2024 | $ | 267,196 | | |
| Standardized/Advanced Tier 1 capital at December 31, 2023 | $ | 277,306 | | |
Change in CET1 capital(b) | 16,611 | | |
Net redemptions of noncumulative perpetual preferred stock | (3,504) | | |
| Other | 29 | | |
| Change in Standardized/Advanced Tier 1 capital | 13,136 | | |
Standardized/Advanced Tier 1 capital at June 30, 2024 | $ | 290,442 | | |
| Standardized Tier 2 capital at December 31, 2023 | $ | 31,191 | | |
Change in long-term debt and other instruments qualifying as Tier 2 | (192) | | |
Change in qualifying allowance for credit losses(b) | 745 | | |
Other | (11) | | |
Change in Standardized Tier 2 capital | 542 | | |
Standardized Tier 2 capital at June 30, 2024 | $ | 31,733 | | |
Standardized Total capital at June 30, 2024 | $ | 322,175 | | |
| Advanced Tier 2 capital at December 31, 2023 | $ | 18,111 | | |
Change in long-term debt and other instruments qualifying as Tier 2 | (192) | | |
Change in qualifying allowance for credit losses(b)(c) | 289 | | |
Other | (11) | | |
Change in Advanced Tier 2 capital | 86 | | |
Advanced Tier 2 capital at June 30, 2024 | $ | 18,197 | | |
Advanced Total capital at June 30, 2024 | $ | 308,639 | | |
(a)Includes foreign currency translation adjustments and the impact of related derivatives.
(b)Includes the impact of the CECL capital transition provisions and the cumulative effect of changes in accounting principles. Refer to Note 1 for additional information on changes in accounting principles and Note 21 for additional information on the CECL capital transition.
(c)As of June 30, 2024 and December 31, 2023, included an incremental $596 million and $655 million allowance for credit losses, respectively, on certain assets associated with First Republic to which the Standardized approach has been applied, as permitted by the transition provisions in the U.S. capital rules.
RWA rollforward
The following table presents changes in the components of RWA under Basel III Standardized and Advanced approaches for the six months ended June 30, 2024. The amounts in the rollforward categories are estimates, based on the predominant driver of the change.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Standardized | | Advanced |
Six months ended
June 30, 2024
(in millions) | Credit risk RWA(c) | Market risk RWA | Total RWA | | Credit risk RWA(c)(d) | Market risk RWA | Operational risk
RWA | Total RWA |
| December 31, 2023 | $ | 1,603,851 | | $ | 68,144 | | $ | 1,671,995 | | | $ | 1,155,261 | | $ | 68,603 | | $ | 445,292 | | $ | 1,669,156 | |
Model & data changes(a) | 6,892 | | — | | 6,892 | | | 3,032 | | — | | — | | 3,032 | |
Movement in portfolio levels(b) | 51,945 | | 12,649 | | 64,594 | | | 52,323 | | 12,748 | | (11,055) | | 54,016 | |
| Changes in RWA | 58,837 | | 12,649 | | 71,486 | | | 55,355 | | 12,748 | | (11,055) | | 57,048 | |
| June 30, 2024 | $ | 1,662,688 | | $ | 80,793 | | $ | 1,743,481 | | | $ | 1,210,616 | | $ | 81,351 | | $ | 434,237 | | $ | 1,726,204 | |
(a)Model & data changes refer to material movements in levels of RWA as a result of revised methodologies and/or treatment per regulatory guidance (exclusive of rule changes).
(b)Movement in portfolio levels (inclusive of rule changes) refers to: for Credit risk RWA, changes in book size, changes in composition and credit quality, market movements, impacts related to Visa shares and deductions for excess eligible allowances for credit losses not eligible for inclusion in Tier 2 capital; for Market risk RWA, changes in position, market movements, and changes in the Firm’s regulatory multiplier from Regulatory VaR backtesting exceptions; and for Operational risk RWA, updates to cumulative losses and macroeconomic model inputs.
(c)As of June 30, 2024 and December 31, 2023, the Basel III Standardized Credit risk RWA included wholesale and retail off balance-sheet RWA of $209.9 billion and $208.5 billion, respectively; and the Basel III Advanced Credit risk RWA included wholesale and retail off balance-sheet RWA of $196.2 billion and $188.5 billion, respectively.
(d)As of June 30, 2024 and December 31, 2023, Credit risk RWA reflected approximately $47.7 billion and $52.4 billion, respectively, of RWA calculated under the Standardized approach for certain assets associated with First Republic as permitted by the transition provisions in the U.S. capital rules.
Refer to the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for further information on Credit risk RWA, Market risk RWA and Operational risk RWA.
Supplementary leverage ratio
Refer to Supplementary Leverage Ratio on page 98 of JPMorgan Chase’s 2023 Form 10-K for additional information.
The following table presents the components of the Firm’s SLR.
| | | | | | | | | |
Three months ended
(in millions, except ratio) | June 30,
2024 | December 31, 2023 | |
Tier 1 capital | $ | 290,442 | | $ | 277,306 | | |
| Total average assets | 4,071,443 | | 3,885,632 | | |
Less: Regulatory capital adjustments(a) | 54,789 | | 54,432 | | |
Total adjusted average assets(b) | 4,016,654 | | 3,831,200 | | |
Add: Off-balance sheet exposures(c) | 751,548 | | 709,265 | | |
| Total leverage exposure | $ | 4,768,202 | | $ | 4,540,465 | | |
| SLR | 6.1 | % | 6.1 | % | |
(a)For purposes of calculating the SLR, 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, other intangible assets and adjustments for the CECL capital transition provisions. Refer to Note 21 for additional information on the CECL capital transition.
(b)Adjusted average assets used for the calculation of Tier 1 leverage ratio.
(c)Off-balance sheet exposures are calculated as the average of the three month-end spot balances on applicable regulatory exposures during the reporting quarter. Refer to the Firm’s Pillar 3 Regulatory Capital Disclosures reports for additional information.
Line of business equity
Each business segment is allocated capital by taking into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. The capital that the Firm has accumulated to meet the increased requirements of the U.S. Basel III proposal has generally been retained in Corporate. Refer to line of business equity on page 98 of JPMorgan Chase’s 2023 Form 10-K for additional information on capital allocation.
The following table presents the capital allocated to each business segment.
| | | | | | | | | | |
| Line of business equity (Allocated capital) |
(in billions) | June 30,
2024 | | | December 31, 2023 |
| Consumer & Community Banking | $ | 54.5 | | | | $ | 55.5 | |
Commercial & Investment Bank | 132.0 | | | | 138.0 | |
| Asset & Wealth Management | 15.5 | | | | 17.0 | |
| Corporate | 114.7 | | | | 90.0 | |
| Total common stockholders’ equity | $ | 316.7 | | | | $ | 300.5 | |
Capital actions
Common stock dividends
The Firm’s common stock dividends are planned as part of the Capital Management governance framework in line with the Firm’s capital management objectives.
On June 28, 2024, the Firm announced that its Board of Directors intends to increase the quarterly common stock dividend to $1.25 per share (up from the current $1.15 per share) for the third quarter of 2024. On May 20, 2024, the Firm announced that its Board of Directors had declared a quarterly common stock dividend of $1.15 per share, payable on July 31, 2024. The Firm’s dividends are subject to approval by the Board of Directors on a quarterly basis.
Common stock
On June 28, 2024, the Firm announced that its Board of Directors had authorized a new $30 billion common share repurchase program, effective July 1, 2024. Through June 30, 2024, the Firm was authorized to purchase up to $30 billion of common shares under its previously-approved common share repurchase program that was announced on April 13, 2022.
The following table sets forth the Firm’s repurchases of common stock for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | |
| Three months ended June 30, | Six months ended June 30, |
| (in millions) | 2024 | 2023 | 2024 | 2023 |
| Total number of shares of common stock repurchased | 27.0 | | 16.7 | | 42.9 | | 38.7 | |
Aggregate purchase price of common stock repurchases(a) | $ | 5,318 | | $ | 2,293 | | $ | 8,167 | | $ | 5,233 | |
(a)Excludes excise tax and commissions. As part of the Inflation Reduction Act of 2022, a 1% excise tax was imposed on net share repurchases effective January 1, 2023.
The Board of Directors’ authorization to repurchase common shares is utilized at management’s discretion. The $30 billion common share repurchase program approved by the Board of Directors does not establish specific price targets or timetables. Management determines the amount and timing of common share repurchases based on various factors, including market conditions; legal and regulatory considerations affecting the amount and timing of repurchase activity; the Firm’s capital position (taking into account goodwill and intangibles); internal capital generation; current and proposed future capital requirements; and other investment opportunities. The amount of common shares that the Firm repurchases in any period may be substantially more or less than the amounts estimated or actually repurchased in prior periods, reflecting the dynamic nature of the decision-making process.
Refer to Capital actions on page 99 of JPMorgan Chase’s 2023 Form 10-K for additional information.
Refer to Part II, Item 2: Unregistered Sales of Equity Securities and Use of Proceeds and Part II, Item 5: Market for Registrant’s Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity Securities on pages 202-203 of this Form 10-Q and page 35 of JPMorgan Chase’s 2023 Form 10-K, respectively, for additional information regarding repurchases of the Firm’s equity securities.
Preferred stock
Preferred stock dividends were $317 million and $373 million, and $714 million and $729 million, for the three and six months ended June 30, 2024 and 2023, respectively.
During the six months ended and subsequent to June 30, 2024, the Firm issued and redeemed certain series of non-cumulative preferred stock. Refer to Note 17 of this Form 10-Q and Note 21 of JPMorgan Chase’s 2023 Form 10-K for additional information on the Firm’s preferred stock, including the issuance and redemption of preferred stock.
Subordinated Debt
Refer to Long-term funding on page 57 of this Form 10-Q and Note 20 of JPMorgan Chase’s 2023 Form 10-K for additional information on the Firm’s subordinated debt.
Capital planning and stress testing
Comprehensive Capital Analysis and Review
On April 5, 2024, the Firm submitted its 2024 Capital Plan to the Federal Reserve. On June 28, 2024, the Firm announced that its preliminary Stress Capital Buffer ("SCB") requirement provided by the Federal Reserve is 3.3% (up from the current 2.9%), and the Firm’s Standardized CET1 capital ratio requirement, including regulatory buffers, is 12.3% (up from the current 11.9%). In addition, consistent with the Firm's press release on June 26, 2024 regarding the potential for higher stress losses, should the Federal Reserve modify the Firm’s stress results, the Firm’s Standardized CET1 capital ratio requirement would likely be modestly higher than 12.3%. The Federal Reserve will provide the Firm with its final SCB requirement by August 31, 2024, and that requirement will become effective on October 1, 2024, and will remain in effect until September 30, 2025.
Refer to Capital planning and stress testing on pages 91-92 of JPMorgan Chase’s 2023 Form 10-K for additional information on CCAR.
Other capital requirements
Total Loss-Absorbing Capacity
The Federal Reserve’s total loss-absorbing capacity ("TLAC") rule requires the U.S. GSIB top-tier holding companies, including the Firm, to maintain minimum levels of external TLAC and eligible long-term debt ("eligible LTD").
The following table presents the eligible external TLAC and eligible LTD amounts, as well as a representation of these amounts as a percentage of the Firm’s total RWA and total leverage exposure applying the impact of the CECL capital transition provisions as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | |
| June 30, 2024 | December 31, 2023 |
| (in billions, except ratio) | External TLAC | LTD | External TLAC | LTD |
| Total eligible amount | $ | 533.9 | | $ | 228.0 | | $ | 513.8 | | $ | 222.6 | |
| % of RWA | 30.6 | % | 13.1 | % | 30.7 | % | 13.3 | % |
| Regulatory requirements | 23.0 | | 10.5 | | 23.0 | | 10.0 | |
| Surplus/(shortfall) | $ | 132.9 | | $ | 44.9 | | $ | 129.2 | | $ | 55.4 | |
| % of total leverage exposure | 11.2 | % | 4.8 | % | 11.3 | % | 4.9 | % |
| Regulatory requirements | 9.5 | | 4.5 | | 9.5 | | 4.5 | |
| Surplus/(shortfall) | $ | 81.0 | | $ | 13.4 | | $ | 82.5 | | $ | 18.3 | |
Effective January 1, 2024, the Firm's regulatory requirement for its eligible LTD to RWA ratio increased by 50 bps to 10.5%, due to the increase in the Firm’s GSIB Method 2 requirements. The Firm's regulatory requirement for its TLAC to RWA ratio remained at 23.0%. Refer to Risk-based Capital Regulatory Requirements on pages 94-95 of JPMorgan Chase’s 2023 Form 10-K for further information on the GSIB surcharge.
Refer to Liquidity Risk Management on pages 51-58 for further information on long-term debt issued by the Parent Company.
Refer to Part I, Item 1A: Risk Factors on pages 9-33 of JPMorgan Chase’s 2023 Form 10-K for information on the financial consequences to holders of the Firm’s debt and equity securities in a resolution scenario.
Refer to other capital requirements on page 100 of JPMorgan Chase’s 2023 Form 10-K for additional information on TLAC.
U.S. broker-dealer regulatory capital
J.P. Morgan Securities
JPMorgan Chase’s principal U.S. broker-dealer subsidiary is J.P. Morgan Securities. J.P. Morgan Securities is subject to the regulatory capital requirements of Rule 15c3-1 under the Securities Exchange Act of 1934 (the “Net Capital Rule”). J.P. Morgan Securities is also registered as a futures commission merchant and is subject to regulatory capital requirements, including those imposed by the SEC, the Commodity Futures Trading Commission (“CFTC”), the Financial Industry Regulatory Authority (“FINRA”) and the National Futures Association (“NFA”).
The following table presents J.P. Morgan Securities’ net capital.
| | | | | | | | |
| June 30, 2024 | |
| (in millions) | Actual | Minimum |
| Net Capital | $ | 24,652 | | $ | 5,585 | |
Non-U.S. subsidiary regulatory capital
J.P. Morgan Securities plc
J.P. Morgan Securities plc is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and broker-dealer activities.
J.P. Morgan Securities plc is jointly regulated in the U.K. by the Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”). J.P. Morgan Securities plc is subject to the European Union (“EU”) Capital Requirements Regulation (“CRR”), as adopted in the U.K., and the PRA capital rules, each of which have implemented Basel III and thereby subject J.P. Morgan Securities plc to its requirements.
The Bank of England requires that U.K. banks, including U.K. regulated subsidiaries of overseas groups, maintain minimum requirements for own funds and eligible liabilities (“MREL”). As of June 30, 2024, J.P. Morgan Securities plc was compliant with its MREL requirements.
The following table presents J.P. Morgan Securities plc’s risk-based and leverage-based capital metrics.
| | | | | | | | | | | | | | |
| June 30, 2024 | | | Regulatory Minimum ratios(a) | |
| (in millions, except ratios) | Estimated | |
| Total capital | $ | 53,656 | | | | |
| CET1 capital ratio | 16.1 | | % | 4.5 | | % |
| Tier 1 capital ratio | 20.8 | | | 6.0 | | |
| Total capital ratio | 25.5 | | | 8.0 | | |
| | | | |
| Tier 1 leverage ratio | 6.2 | | | 3.3 | | (b) |
(a)Represents minimum Pillar 1 requirements specified by the PRA. J.P. Morgan Securities plc's capital ratios as of June 30, 2024 exceeded the minimum requirements, including the additional capital requirements specified by the PRA.
(b)At least 75% of the Tier 1 leverage ratio minimum must be met with CET1 capital.
J.P. Morgan SE
JPMSE is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and markets activities. JPMSE is regulated by the European Central Bank as well as the local regulators in each of the countries in which it operates, and it is subject to EU capital requirements under Basel III.
JPMSE is required by the EU Single Resolution Board to maintain MREL. As of June 30, 2024, JPMSE was compliant with its MREL requirements.
The following table presents JPMSE’s risk-based and leverage-based capital metrics.
| | | | | | | | |
| June 30, 2024 | | Regulatory Minimum ratios(a) |
| (in millions, except ratios) | Estimated |
| Total capital | $ | 44,850 | | |
| CET1 capital ratio | 19.4 | % | 4.5 | % |
| Tier 1 capital ratio | 19.4 | | 6.0 | |
| Total capital ratio | 33.5 | | 8.0 | |
| Tier 1 leverage ratio | 6.3 | | 3.0 | |
(a)Represents minimum Pillar 1 requirements specified by the EU CRR. J.P. Morgan SE’s capital and leverage ratios as of June 30, 2024 exceeded the minimum requirements, including the additional capital requirements specified by EU regulators.
Refer to U.S. broker-dealer and Non-U.S. subsidiary regulatory capital on page 101 of JPMorgan Chase’s 2023 Form 10-K for further information.
| | | | | | | | | | | | | | |
LIQUIDITY RISK MANAGEMENT |
Liquidity risk is the risk that the Firm will be unable to meet its cash and collateral needs as they arise or that it does not have the appropriate amount, composition and tenor of funding and liquidity to support its assets and liabilities. Refer to pages 102–109 of JPMorgan Chase’s 2023 Form 10-K and the Firm’s U.S. LCR Disclosure reports, which are available on the Firm’s website, for a further discussion of the Firm’s liquidity risk.
LCR and HQLA
The LCR rule requires that the Firm and JPMorgan Chase Bank, N.A. maintain an amount of eligible HQLA that is sufficient to meet their respective estimated total net cash outflows over a prospective 30 calendar-day period of significant stress.
Under the LCR rule, the amount of eligible HQLA held by JPMorgan Chase Bank, N.A. that is in excess of its stand-alone 100% minimum LCR requirement, and that is not transferable to non-bank affiliates, must be excluded from the Firm’s reported eligible HQLA. The LCR for both the Firm and JPMorgan Chase Bank, N.A. is required to be a minimum of 100%.
The following table summarizes the Firm and JPMorgan Chase Bank, N.A.’s average LCR for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023 based on the Firm’s interpretation of the LCR framework.
| | | | | | | | | | | |
| Three months ended |
Average amount
(in millions) | June 30,
2024 | March 31, 2024 | June 30,
2023 |
| JPMorgan Chase & Co.: | | | |
| HQLA | | | |
Eligible cash(a) | $ | 461,392 | | $ | 483,292 | | $ | 440,294 | |
Eligible securities(b)(c) | 356,815 | | 313,818 | | 327,837 | |
Total HQLA(d) | $ | 818,207 | | $ | 797,110 | | $ | 768,131 | |
| Net cash outflows | $ | 732,179 | | $ | 711,611 | | $ | 683,446 | |
| LCR | 112 | % | 112 | % | 112 | % |
Net excess eligible HQLA(d) | $ | 86,028 | | $ | 85,499 | | $ | 84,685 | |
| JPMorgan Chase Bank N.A.: | | |
| LCR | 125 | % | 129 | % | 129 | % |
| Net excess eligible HQLA | $ | 189,124 | | $ | 221,104 | | $ | 211,233 | |
(a)Represents cash on deposit at central banks, primarily the Federal Reserve Banks.
(b)Eligible HQLA securities may be reported in securities borrowed or purchased under resale agreements, trading assets, or investment securities on the Firm’s Consolidated balance sheets. For purposes of calculating the LCR, HQLA securities are included at fair value, which may differ from the accounting treatment under U.S. GAAP.
(c)Predominantly U.S. Treasuries, U.S. GSE and government agency MBS, and sovereign bonds net of regulatory haircuts under the LCR rule.
(d)Excludes average excess eligible HQLA at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates.
JPMorgan Chase Bank, N.A.’s average LCR for the three months ended June 30, 2024 decreased compared with the three months ended March 31, 2024, due to a decrease in JPMorgan Chase Bank, N.A.'s HQLA, primarily from a reduction in cash due to a decline in deposits and the impact of CIB markets activities.
JPMorgan Chase Bank, N.A.’s average LCR for the three months ended June 30, 2024 decreased compared with the three months ended June 30, 2023, reflecting the timing impact associated with the First Republic acquisition.
Refer to Executive Overview on pages 5-8 and Note 26 for additional information on First Republic.
Each of the Firm and JPMorgan Chase Bank, N.A.'s average LCR may fluctuate from period to period due to changes in their respective eligible HQLA and estimated net cash outflows as a result of ongoing business activity and from the impacts of Federal Reserve actions as well as other factors.
Refer to page 103 of JPMorgan Chase’s 2023 Form 10-K and the Firm’s U.S. LCR Disclosure reports for additional information on HQLA and net cash outflows.
Internal stress testing
The Firm conducts internal liquidity stress testing to monitor liquidity positions at the Firm and its material legal entities under a variety of adverse scenarios, including scenarios analyzed as part of the Firm’s resolution and recovery planning. Internal stress tests are produced on a regular basis, and other stress tests are performed in response to specific market events or concerns. Results of stress tests are considered in the formulation of the Firm’s funding plan and assessment of its liquidity position.
The Firm maintains liquidity at the Parent Company, the Intermediate Holding Company (“IHC”), and operating subsidiaries at levels sufficient to comply with liquidity risk tolerances and minimum liquidity requirements, and to manage through periods of stress when access to normal funding sources may be disrupted.
Liquidity sources
In addition to the assets reported in the Firm’s eligible HQLA discussed above, the Firm had unencumbered marketable securities, such as equity and debt securities, that the Firm believes would be available to raise liquidity. This includes excess eligible HQLA securities at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates. The fair value of these securities was approximately $623 billion and $649 billion as of June 30, 2024 and December 31, 2023, respectively, although the amount of liquidity that could be raised at any particular time would be dependent on prevailing market conditions. The decrease compared to December 31, 2023, was driven by decreases in excess eligible HQLA securities at JPMorgan Chase Bank, N.A. and in unencumbered AFS securities, largely offset by an increase in CIB trading assets.
As of June 30, 2024 and December 31, 2023, the Firm had approximately $1.5 trillion and $1.4 trillion of available cash and securities, respectively, comprised of eligible end-of-period HQLA, excluding the impact of regulatory haircuts, of approximately $841 billion and $798 billion, respectively, and unencumbered marketable securities with a fair value of approximately $623 billion and $649 billion, respectively.
The Firm also had available borrowing capacity at the FHLB and the discount window at the Federal Reserve Banks as a result of collateral pledged by the Firm to such banks of approximately $366 billion and $340 billion as of June 30, 2024 and December 31, 2023, respectively. This borrowing capacity excludes the benefit of cash and securities reported in the Firm’s eligible HQLA or other unencumbered securities that are currently pledged at the Federal Reserve Banks discount window and other central banks. Available borrowing capacity increased from December 31, 2023 predominantly due to a higher amount of commercial loans and mortgages pledged at the Federal Reserve Banks. Although available, the Firm does not view this borrowing capacity at the Federal Reserve Banks discount window and the other central banks as a primary source of liquidity.
NSFR
The net stable funding ratio (“NSFR”) is a liquidity requirement for large banking organizations that is intended to measure the adequacy of “available” stable funding that is sufficient to meet their “required” amounts of stable funding over a one-year horizon.
For the three months ended June 30, 2024, both the Firm and JPMorgan Chase Bank, N.A. were compliant with the 100% minimum NSFR requirement, based on the Firm's interpretation of the final rule. Refer to the Firm's U.S. NSFR Disclosure report on the Firm’s website for additional information.
Funding
Sources of funds
Management believes that the Firm’s unsecured and secured funding capacity is sufficient to meet its on- and off-balance sheet obligations, which includes both short- and long-term cash requirements.
The Firm funds its global balance sheet through diverse sources of funding including stable deposits, secured and unsecured funding in the capital markets and stockholders’ equity. Deposits are the primary funding source for JPMorgan Chase Bank, N.A. Additionally, JPMorgan Chase Bank, N.A. may access funding through short- or long-term secured borrowings, the issuance of unsecured long-term
debt, or from borrowings from the IHC. The Firm’s non-bank subsidiaries are primarily funded from long-term unsecured borrowings and short-term secured borrowings which are primarily securities loaned or sold under repurchase agreements. Excess funding is invested by Treasury and CIO in the Firm’s investment securities portfolio or deployed in cash or other short-term liquid investments based on their interest rate and liquidity risk characteristics.
Refer to Note 22 for additional information on off-balance sheet obligations.
Deposits
The table below summarizes, by LOB and Corporate, the period-end deposit balances as of June 30, 2024 and December 31, 2023, and the average deposit balances for the three and six months ended June 30, 2024 and 2023, respectively.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2024 | December 31, 2023 | | | Average | |
| | | Three months ended June 30, | | Six months ended June 30, | |
| (in millions) | | | 2024 | 2023 | | 2024 | 2023 | |
Consumer & Community Banking(a) | $ | 1,069,753 | | $ | 1,094,738 | | | | $ | 1,073,544 | | $ | 1,157,309 | | | $ | 1,076,393 | | $ | 1,135,261 | | |
Commercial & Investment Bank(a) | 1,064,212 | | 1,050,892 | | | | 1,046,993 | | 998,014 | | | 1,046,391 | | 981,861 | | |
Asset & Wealth Management(a) | 236,492 | | 233,232 | | | | 227,423 | | 211,872 | | | 227,573 | | 218,078 | | |
Corporate | 26,073 | | 21,826 | | | | 23,223 | | 20,219 | | | 22,628 | | 18,931 | | |
| Total Firm | $ | 2,396,530 | | $ | 2,400,688 | | | | $ | 2,371,183 | | $ | 2,387,414 | | | $ | 2,372,985 | | $ | 2,354,131 | | |
(a)In the fourth quarter of 2023, CCB transferred deposits associated with First Republic to AWM and CIB. Refer to page 67 of the Firm’s 2023 Form 10-K for additional information.
The Firm believes that deposits provide a stable source of funding and reduce the Firm’s reliance on the wholesale funding markets. A significant portion of the Firm’s deposits are consumer deposits and wholesale operating deposits, which are both considered to be stable sources of liquidity. Wholesale operating deposits are generally considered to be stable sources of liquidity because they are generated from customers that maintain operating service relationships with the Firm.
The Firm believes that average deposit balances are generally more representative of deposit trends than period-end deposit balances. However, during periods of market disruption, average deposit trends may be impacted.
Average deposits were lower for the three months ended June 30, 2024 compared to the three months ended June 30, 2023, reflecting:
•a decline in CCB in existing accounts primarily due to increased customer spending, partially offset by new accounts,
predominantly offset by
•net issuances of structured notes in CIB as a result of client demand in Markets; and net inflows in Payments, which included the retention of inflows associated with disruptions in the market in the first quarter of 2023, predominantly offset by deposit attrition, which included actions taken to reduce certain deposits,
•the timing impact of First Republic, and
•an increase in Corporate related to the Firm's international consumer initiatives, including new product offerings in the second quarter of 2024.
Excluding the impact of First Republic, AWM was relatively flat, reflecting an increase from new product offerings, offset by continued migration into higher-yielding investments.
Average deposits were higher for the six months ended June 30, 2024 compared to the six months ended June 30, 2023, reflecting:
•net issuances of structured notes in CIB as a result of client demand in Markets; and net inflows in Payments, which included the retention of inflows associated with disruptions in the market in the first quarter of 2023, largely offset by deposit attrition, which included actions taken to reduce certain deposits,
•the timing impact of First Republic, and
• an increase in Corporate related to the Firm's international consumer initiatives, including new product offerings in the second quarter of 2024,
predominantly offset by
•a decline in CCB in existing accounts primarily due to increased customer spending, partially offset by new accounts, and
•excluding the impact of First Republic, a decline in AWM, driven by continued migration into higher-yielding investments, predominantly offset by new product offerings.
Period-end deposits decreased from December 31, 2023, reflecting:
•a decline in CCB in existing accounts, primarily driven by seasonal tax outflows and migration into higher-yielding investments, largely offset by new accounts,
predominantly offset by
•higher deposits in CIB due to net inflows in Securities Services and Payments, partially offset by net maturities of structured notes in Markets,
•higher deposits in Corporate predominantly driven by new product offerings related to the Firm's international consumer initiatives, and
•higher balances in AWM driven by new product offerings, and an increase in deposits in existing accounts due to a change in product offerings associated with First Republic, predominantly offset by continued migration into higher-yielding investments.
Refer to the Firm’s Consolidated Balance Sheets Analysis and the Business Segment Results on pages 15-16 and pages 20-43, respectively, for further information on deposit and liability balance trends, as well as Note 26 for additional information on the First Republic acquisition. Refer to Note 3 for further information on structured notes.
Certain deposits are covered by insurance protection that provides additional funding stability and results in a benefit to the LCR. Deposit insurance protection may be available to depositors in the countries in which the deposits are placed. For example, the Federal Deposit Insurance Corporation (“FDIC”) provides deposit insurance protection for deposits placed in a U.S. depository institution. Refer to pages 105–106 of JPMorgan Chase's 2023 Form 10-K for additional information on the Firm's total uninsured deposits.
The table below presents an estimate of uninsured U.S. and non-U.S. time deposits, and their remaining maturities. The Firm’s estimates of its uninsured U.S. time deposits are based on data that the Firm calculates periodically under applicable FDIC regulations. For purposes of this presentation, all non-U.S. time deposits are deemed to be uninsured.
| | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | | June 30,
2024 | | December 31,
2023 |
| U.S. | | Non-U.S. | | U.S. | Non-U.S. |
| Three months or less | | $ | 101,270 | | | $ | 81,154 | | | $ | 82,719 | | $ | 77,466 | |
| Over three months but within 6 months | | 19,080 | | | 14,486 | | | 17,736 | | 5,358 | |
| Over six months but within 12 months | | 12,853 | | | 4,029 | | | 10,294 | | 4,820 | |
| Over 12 months | | 866 | | | 1,819 | | | 710 | | 2,543 | |
| Total | | $ | 134,069 | | (a) | $ | 101,488 | | | $ | 111,459 | | $ | 90,187 | |
(a)At June 30, 2024, includes $10 billion of derivatives cash collateral reflecting a change in methodology for calculating uninsured deposits.
The table below shows the loan and deposit balances, the loans-to-deposits ratios, and deposits as a percentage of total liabilities, as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | |
| (in billions except ratios) | June 30, 2024 | | December 31, 2023 |
Deposits | $ | 2,396.5 | | | $ | 2,400.7 | |
Deposits as a % of total liabilities | 63 | % | | 68 | % |
Loans | $ | 1,320.7 | | | $ | 1,323.7 | |
Loans-to-deposits ratio | 55 | % | | 55 | % |
The following table provides a summary of the average balances and average interest rates of JPMorgan Chase’s deposits for the three and six months ended June 30, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Unaudited)
(in millions, except interest rates) | Average balances |
| Three months ended | | | | | Six months ended |
| June 30, 2024 | | June 30, 2023 | | | | | | June 30, 2024 | | June 30, 2023 |
| U.S. offices | | | | | | | | | | | |
| Noninterest-bearing | $ | 623,139 | | | $ | 646,767 | | | | | | | $ | 623,626 | | | $ | 635,748 | |
| Interest-bearing | | | | | | | | | | | |
Demand(a) | 278,260 | | | 286,453 | | | | | | | 278,479 | | | 283,524 | |
Savings(b) | 793,968 | | | 883,737 | | | | | | | 802,406 | | | 887,257 | |
| Time | 221,478 | | | 138,985 | | | | | | | 215,146 | | | 118,960 | |
| Total interest-bearing deposits | 1,293,706 | | | 1,309,175 | | | | | | | 1,296,031 | | | 1,289,741 | |
| Total deposits in U.S. offices | 1,916,845 | | | 1,955,942 | | | | | | | 1,919,657 | | | 1,925,489 | |
| Non-U.S. offices | | | | | | | | | | | |
| Noninterest-bearing | 25,188 | | | 24,948 | | | | | | | 24,860 | | | 25,390 | |
| Interest-bearing | | | | | | | | | | | |
| Demand | 337,776 | | | 320,822 | | | | | | | 337,983 | | | 320,527 | |
| Time | 91,374 | | | 85,702 | | | | | | | 90,485 | | | 82,725 | |
| Total interest-bearing deposits | 429,150 | | | 406,524 | | | | | | | 428,468 | | | 403,252 | |
| Total deposits in non-U.S. offices | 454,338 | | | 431,472 | | | | | | | 453,328 | | | 428,642 | |
| Total deposits | $ | 2,371,183 | | | $ | 2,387,414 | | | | | | | $ | 2,372,985 | | | $ | 2,354,131 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| (Unaudited) | Average interest rates |
| Three months ended | | | Six months ended |
| June 30, 2024 | | June 30, 2023 | | | June 30, 2024 | | June 30, 2023 |
| U.S. offices | | | | | | | | |
| Noninterest-bearing | NA | | NA | | | NA | | NA |
| Interest-bearing | | | | | | | | |
Demand(a) | 3.98 | % | | 3.41 | % | | | 3.92 | % | | 3.09 | % |
Savings(b) | 1.41 | | | 1.04 | | | | 1.37 | | | 0.97 | |
| Time | 5.11 | | | 4.53 | | | | 5.11 | | | 4.52 | |
| Total interest-bearing deposits | 2.57 | | | 1.93 | | | | 2.55 | | | 1.75 | |
| Total deposits in U.S. offices | 1.73 | | | 1.28 | | | | 1.71 | | | 1.19 | |
| Non-U.S. offices | | | | | | | | |
| Noninterest-bearing | NA | | NA | | | NA | | NA |
| Interest-bearing | | | | | | | | |
| Demand | 3.26 | | | 2.53 | | | | 3.26 | | | 2.38 | |
| Time | 6.15 | | | 5.66 | | | | 6.17 | | | 5.32 | |
| Total interest-bearing deposits | 3.86 | | | 3.21 | | | | 3.86 | | | 2.98 | |
| Total deposits in non-U.S. offices | 3.66 | | | 3.01 | | | | 3.66 | | | 2.80 | |
| Total deposits | 2.09 | % | | 1.60 | % | | | 2.09 | % | | 1.47 | % |
(a)Includes Negotiable Order of Withdrawal accounts, and certain trust accounts.
(b)Includes Money Market Deposit Accounts.
Refer to Note 15 for additional information on deposits.
The following table summarizes short-term and long-term funding, excluding deposits, as of June 30, 2024 and December 31, 2023, and average balances for the three and six months ended June 30, 2024 and 2023, respectively. Refer to the Consolidated Balance Sheets Analysis on pages 15-16 and Note 10 for additional information.
Sources of funds (excluding deposits)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 | | | Average | | | |
| | | Three months ended June 30, | | Six months ended June 30, | |
| (in millions) | | | 2024 | | | 2023 | | | 2024 | | 2023 | | | |
Commercial paper | $ | 10,059 | | | $ | 14,737 | | | | $ | 11,273 | | | | $ | 11,057 | | | | $ | 12,423 | | | $ | 11,930 | | | | |
Other borrowed funds | 11,158 | | | 8,200 | | | | 11,860 | | | | 9,791 | | | | 10,889 | | | 9,931 | | | | |
| Federal funds purchased | 1,361 | | | 787 | | | | 1,594 | | | | 1,564 | | | | 1,601 | | | 1,729 | | | | |
| Total short-term unsecured funding | $ | 22,578 | | | $ | 23,724 | | | | $ | 24,727 | | | | $ | 22,412 | | | | $ | 24,913 | | | $ | 23,590 | | | | |
Securities sold under agreements to repurchase(a) | $ | 395,959 | | | $ | 212,804 | | | | $ | 369,206 | | | | $ | 258,297 | | | | $ | 329,212 | | | $ | 252,322 | | | | |
Securities loaned(a) | 3,512 | | | 2,944 | | | | 4,571 | | | | 3,857 | | | | 4,364 | | | 3,994 | | | | |
| Other borrowed funds | 26,091 | | | 21,775 | |
| | 24,310 | | | | 21,179 | | | | 23,241 | |
| 22,037 | | | | |
Obligations of Firm-administered multi-seller conduits(b) | 19,437 | | | 17,781 | | | | 18,615 | | | | 12,741 | | | | 19,581 | | | 11,622 | | | | |
Total short-term secured funding | $ | 444,999 | | | $ | 255,304 | | | | $ | 416,702 | | | | $ | 296,074 | | | | $ | 376,398 | | | $ | 289,975 | | | | |
| Senior notes | $ | 193,509 | | | $ | 191,202 | | | | $ | 195,954 | | | | $ | 180,712 | | | | $ | 194,149 | | | $ | 182,830 | | | | |
| Subordinated debt | 19,591 | | | 19,708 | | | | 19,574 | | | | 20,543 | | | | 19,611 | | | 21,182 | | | | |
Structured notes(c) | 91,561 | | | 86,056 | | | | 90,554 | | | | 75,075 | | | | 89,019 | | | 74,413 | | | | |
| Total long-term unsecured funding | $ | 304,661 | | | $ | 296,966 | | | | $ | 306,082 | | | | $ | 276,330 | | | | $ | 302,779 | | | $ | 278,425 | | | | |
Credit card securitization(b) | $ | 5,315 | | | $ | 2,998 | | | | $ | 5,302 | | | | $ | 999 | | | | $ | 4,935 | | | $ | 1,087 | | | | |
| | | | | | | | | | | | | | | | | |
| FHLB advances | 35,628 | |
| 41,246 | |
| | 37,559 | | (g) | | 28,420 | | | | 39,022 | | (g) | 19,804 | | | | |
Purchase Money Note(d) | 49,097 | | | 48,989 | | | | 49,062 | | | | 32,745 | | | | 49,035 | | | 16,463 | | | | |
Other long-term secured funding(e) | 4,642 | | | 4,624 | | | | 4,807 | | | | 4,667 | | | | 4,801 | | | 4,383 | | | | |
| Total long-term secured funding | $ | 94,682 | | | $ | 97,857 | | | | $ | 96,730 | | | | $ | 66,831 | | | | $ | 97,793 | | | $ | 41,737 | | | | |
Preferred stock(f) | $ | 23,900 | | | $ | 27,404 | | | | $ | 25,867 | | | | $ | 27,404 | | | | $ | 26,910 | | | $ | 27,404 | | | | |
Common stockholders’ equity(f) | $ | 316,652 | | | $ | 300,474 | | | | $ | 308,763 | | | | $ | 277,885 | | | | $ | 304,519 | | | $ | 274,560 | | | | |
(a)Primarily consists of short-term securities loaned or sold under agreements to repurchase.
(b)Included in beneficial interests issued by consolidated variable interest entities on the Firm’s Consolidated balance sheets.
(c)Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.
(d)Reflects the Purchase Money Note associated with the First Republic acquisition on May 1, 2023. Refer to Note 26 for additional information.
(e)Includes long-term structured notes which are secured.
(f)Refer to Capital Risk Management on pages 45-50 and Consolidated statements of changes in stockholders’ equity on page 94 of this Form 10-Q, and Note 21 and Note 22 of JPMorgan Chase’s 2023 Form 10-K for additional information on preferred stock and common stockholders’ equity.
(g)Includes the timing impact of First Republic. Refer to Executive Overview on pages 5-8 and Note 26 of this Form 10-Q, and pages 102-109 of JPMorgan Chase's 2023 Form 10-K for additional information.
Short-term funding
The Firm’s sources of short-term secured funding primarily consist of securities loaned or sold under agreements to repurchase. These instruments are secured predominantly by high-quality securities collateral, including government-issued debt and U.S. GSE and government agency MBS. Securities sold under agreements to repurchase increased at June 30, 2024, compared with December 31, 2023, driven by Markets, reflecting higher client-driven market-making activities and higher secured financing of trading assets, as well as when compared with seasonally lower levels at year-end.
The increase in secured other borrowed funds at June 30, 2024 from December 31, 2023 was predominantly due to higher financing requirements in Markets. For the average three months ended June 30, 2024, compared to the prior year period, the increase was due to higher financing requirements in Markets, partially offset by maturities in Treasury and CIO.
The balances associated with securities loaned or sold under agreements to repurchase fluctuate over time due to
investment and financing activities of clients, the Firm’s demand for financing, the ongoing management of the mix of the Firm’s liabilities, including its secured and unsecured financing (for both the investment securities and market-making portfolios), and other market and portfolio factors.
The Firm’s sources of short-term unsecured funding primarily consist of issuances of wholesale commercial paper and other borrowed funds.
The decrease in commercial paper at June 30, 2024 from December 31, 2023 was due to lower issuances primarily as a result of short-term liquidity management.
The increase in unsecured other borrowed funds at June 30, 2024 from December 31, 2023 was predominantly driven by higher net issuances of structured notes in CIB, due to client demand.
Long-term funding provides an additional source of stable funding and liquidity for the Firm. The Firm’s long-term funding plan is driven primarily by expected client activity, liquidity considerations and regulatory requirements, including TLAC. Long-term funding objectives include maintaining diversification, maximizing market access and optimizing funding costs. The Firm evaluates various funding markets, tenors and currencies in creating its optimal long-term funding plan.
Unsecured funding and issuance
The significant majority of the Firm’s total outstanding long-term debt has been issued by the Parent Company to provide flexibility in support of the funding needs of both bank and non-bank subsidiaries. The Parent Company advances substantially all net funding proceeds to its subsidiary, the IHC. The IHC does not issue debt to external counterparties. For the three and six months ended June 30, 2024, the increase in average structured notes compared to the prior year periods was attributable to net issuances of structured notes in Markets due to client demand.
The following table summarizes long-term unsecured issuance and maturities or redemptions for the three and six months ended June 30, 2024 and 2023. Refer to Liquidity Risk Management on pages 102–109 and Note 20 of JPMorgan Chase’s 2023 Form 10-K for additional information on the IHC and long-term debt.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term unsecured funding | | | | | | | |
| Three months ended June 30, | | Six months ended June 30, | | Three months ended June 30, | | Six months ended June 30, |
| 2024 | 2023 | | 2024 | 2023 | | 2024 | 2023 | | 2024 | 2023 |
(Notional in millions) | Parent Company | | Subsidiaries |
| Issuance | | | | | | | | | | | |
| Senior notes issued in the U.S. market | $ | 9,000 | | $ | 2,500 | | | $ | 17,500 | | $ | 2,500 | | | $ | — | | $ | — | | | $ | — | | $ | — | |
Senior notes issued in non-U.S. markets | 1,906 | | — | | | 4,079 | | — | | | — | | — | | | — | | — | |
| Total senior notes | 10,906 | | 2,500 | | | 21,579 | | 2,500 | | | — | | — | | | — | | — | |
| | | | | | | | | | | |
Structured notes(a) | 734 | | 563 | | | 1,602 | | 1,444 | | | 12,917 | | 7,947 | | | 27,868 | | 15,665 | |
Total long-term unsecured funding – issuance | $ | 11,640 | | $ | 3,063 | | | $ | 23,181 | | $ | 3,944 | | | $ | 12,917 | | $ | 7,947 | | | $ | 27,868 | | $ | 15,665 | |
| Maturities/redemptions | | | | | | | | | | | |
| Senior notes | $ | 9,501 | | $ | 6,335 | | | $ | 16,669 | | $ | 13,433 | | | $ | — | | $ | 2 | | | $ | 65 | | $ | 67 | |
| Subordinated debt | 22 | | 2,027 | | | 35 | | 2,027 | | | — | | — | | | — | | — | |
| Structured notes | 293 | | 324 | | | 510 | | 771 | | | 11,902 | | 6,479 | | | 23,408 | | 13,981 | |
Total long-term unsecured funding – maturities/redemptions | $ | 9,816 | | $ | 8,686 | | | $ | 17,214 | | $ | 16,231 | | | $ | 11,902 | | $ | 6,481 | | | $ | 23,473 | | $ | 14,048 | |
(a)Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.
Secured funding and issuance
The Firm can also raise secured long-term funding through securitization of consumer credit card loans and FHLB advances. The following table summarizes the securitization issuance, the FHLB advances, and their respective maturities or redemptions, as applicable for the three and six months ended June 30, 2024 and 2023, respectively.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term secured funding | | | | | | | | | | | | |
| Three months ended June 30, | | Six months ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 |
| (in millions) | Issuance | | Maturities/Redemptions | | Issuance | | Maturities/Redemptions |
Credit card securitization | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 2,348 | | | $ | — | | | $ | — | | | $ | 1,000 | |
| | | | | | | | | | | | | | | |
FHLB advances | — | | | 25,775 | | | 3,601 | | (c) | 602 | | | — | | | 25,775 | | | 5,648 | | (c) | 604 | |
Purchase Money Note(a) | — | | | 50,000 | | | — | | | — | | — | | | 50,000 | | | — | | | — |
Other long-term secured funding(b) | 166 | | | 591 | | | 133 | | | 58 | | | 720 | | | 742 | | | 370 | | | 112 | |
Total long-term secured funding | $ | 166 | | | $ | 76,366 | | | $ | 3,734 | | | $ | 660 | | | $ | 3,068 | | | $ | 76,517 | | | $ | 6,018 | | | $ | 1,716 | |
(a)Reflects the Purchase Money Note associated with the First Republic acquisition. Refer to Note 26 for more information.
(b)Includes long-term structured notes that are secured.
(c)Includes FHLB advances associated with the First Republic acquisition on May 1, 2023. Refer to Note 26 for more information.
The Firm’s wholesale businesses also securitize loans for client-driven transactions; those client-driven loan securitizations are not considered to be a source of funding for the Firm and are not included in the table above. Refer to Note 14 of JPMorgan Chase’s 2023 Form 10-K for a further description of client-driven loan securitizations.
Credit ratings
The cost and availability of financing are influenced by credit ratings. Reductions in these ratings could have an adverse effect on the Firm’s access to liquidity sources, increase the cost of funds, trigger additional collateral or funding requirements and decrease the number of investors and counterparties willing to lend to the Firm. The nature and magnitude of the impact of ratings downgrades depends on numerous contractual and behavioral factors, which the Firm believes are incorporated in its liquidity risk
and stress testing metrics. The Firm believes that it maintains sufficient liquidity to withstand a potential decrease in funding capacity due to ratings downgrades.
Additionally, the Firm’s funding requirements for VIEs and other third-party commitments may be adversely affected by a decline in credit ratings. Refer to Notes 4 and 13 for additional information.
The credit ratings of the Parent Company and the Firm’s principal bank and non-bank subsidiaries as of June 30, 2024, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| JPMorgan Chase & Co. | | JPMorgan Chase Bank, N.A. | | J.P. Morgan Securities LLC
J.P. Morgan Securities plc
J.P. Morgan SE |
| June 30, 2024 | Long-term issuer | Short-term issuer | Outlook | | Long-term issuer | Short-term issuer | Outlook | | Long-term issuer | Short-term issuer | Outlook |
| Moody’s Investors Service | A1 | P-1 | Stable | | Aa2 | P-1 | Negative | | Aa3 | P-1 | Stable |
Standard & Poor’s (a) | A- | A-2 | Positive | | A+ | A-1 | Positive | | A+ | A-1 | Positive |
| Fitch Ratings | AA- | F1+ | Stable | | AA | F1+ | Stable | | AA | F1+ | Stable |
(a) On April 1, 2024, Standard & Poor's affirmed the credit ratings of the Parent Company and the Firm’s principal bank and non-bank subsidiaries, and revised the outlook from stable to positive for the entities listed above.
Refer to page 109 of JPMorgan Chase’s 2023 Form 10-K for a discussion of the factors that could affect the credit ratings of the Parent Company and the Firm’s principal bank and non-bank subsidiaries.
| | | | | | | | | | | | | | |
| CREDIT AND INVESTMENT RISK MANAGEMENT |
Credit and investment risk is the risk associated with the default or change in credit profile of a client, counterparty or customer; or loss of principal or a reduction in expected returns on investments, including consumer credit risk,
wholesale credit risk, and investment portfolio risk. Refer to Consumer Credit Portfolio, Wholesale Credit Portfolio and
Allowance for Credit Losses on pages 61-77 for a further discussion of Credit Risk.
Refer to page 78 for a further discussion of Investment Portfolio Risk. Refer to Credit and Investment Risk Management on pages 111–134 of JPMorgan Chase’s 2023 Form 10-K for a further discussion of the Firm’s Credit and Investment Risk Management framework.
Credit risk is the risk associated with the default or change in credit profile of a client, counterparty or customer.
In the following tables, total loans include loans retained (i.e., held-for-investment); loans held-for-sale; and certain loans accounted for at fair value. The following tables do not include loans which the Firm accounts for at fair value and classifies as trading assets; refer to Notes 2 and 3 for further information regarding these loans. Refer to Notes 11, 22 and 4 for additional information on the Firm’s loans, lending-related commitments and derivative receivables.
Refer to Note 9 for information regarding the credit risk inherent in the Firm’s investment securities portfolio; and refer to Note 10 for information regarding credit risk inherent in the securities financing portfolio. Refer to Consumer Credit Portfolio on pages 61-64 and Note 11 for further discussions of the consumer credit environment, consumer loans and nonperforming exposure. Refer to Wholesale Credit Portfolio on pages 65-74 and Note 11 for further discussions of the wholesale credit environment, wholesale loans and nonperforming exposure.
| | | | | | | | | | | | | | | | | |
| Total credit portfolio | | | | |
| Credit exposure | | Nonperforming(c) |
| (in millions) | June 30,
2024 | Dec 31,
2023 | | June 30,
2024 | Dec 31,
2023 |
| Loans retained | $ | 1,273,047 | | $ | 1,280,870 | | | $ | 6,712 | | $ | 5,989 | |
| Loans held-for-sale | 9,403 | | 3,985 | | | 159 | | 184 | |
| Loans at fair value | 38,250 | | 38,851 | | | 920 | | 744 | |
| Total loans | 1,320,700 | | 1,323,706 | | | 7,791 | | 6,917 | |
| Derivative receivables | 54,673 | | 54,864 | |
| 290 | | 364 | |
Receivables from customers(a) | 56,018 | | 47,625 | | | — | | — | |
| Total credit-related assets | 1,431,391 | | 1,426,195 | | | 8,081 | | 7,281 | |
Assets acquired in loan satisfactions | | | | | |
| Real estate owned | NA | NA | | 303 | | 274 | |
| Other | NA | NA | | 39 | | 42 | |
Total assets acquired in loan satisfactions | NA | NA | | 342 | | 316 | |
| Lending-related commitments | 1,556,962 | | 1,497,847 | | | 541 | | 464 | |
| Total credit portfolio | $ | 2,988,353 | | $ | 2,924,042 | | | $ | 8,964 | | $ | 8,061 | |
Credit derivatives and credit-related notes used in credit portfolio management activities(b) | $ | (42,509) | | $ | (37,779) | | | $ | — | | $ | — | |
| Liquid securities and other cash collateral held against derivatives | (24,211) | | (22,461) | | | NA | NA |
(a)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.
(b)Represents the net notional amount of protection purchased and sold through credit derivatives and credit-related notes used to manage credit exposures.
(c)At June 30, 2024 and December 31, 2023, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $138 million and $182 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.
The following table provides information about the Firm’s net charge-offs and recoveries.
| | | | | | | | | | | | | | |
(in millions,
except ratios) | Three months ended June 30, | Six months ended June 30, |
| 2024 | 2023 | 2024 | 2023 |
| Net charge-offs | $ | 2,231 | | $ | 1,411 | | $ | 4,187 | $ | 2,548 | |
| Average retained loans | 1,262,029 | | 1,194,044 | | 1,262,644 | | 1,138,550 |
| Net charge-off rates | 0.71 | % | 0.47 | % | 0.67 | % | 0.45 | % |
| | | | | | | | | | | | | | |
| CONSUMER CREDIT PORTFOLIO |
The Firm’s retained consumer portfolio consists primarily of loans and lending-related commitments for residential real estate, credit card, and scored auto and business banking. The consumer credit portfolio also includes loans at fair value, predominantly in residential real estate. The Firm’s focus is on serving primarily the prime segment of the consumer credit market. Refer to Note 11 of this Form 10-Q; and Consumer Credit Portfolio on pages 114–119 and Note 12 of JPMorgan Chase's 2023 Form 10-K for further information on consumer loans, as well as the Firm’s nonaccrual and charge-off accounting policies. Refer to Note 22 of this Form 10-Q and Note 28 of JPMorgan Chase's 2023 Form 10-K for further information on lending-related commitments.
The following tables present consumer credit-related information with respect to the scored credit portfolios held in CCB, AWM, CIB and Corporate.
| | | | | | | | | | | | | | | | | | | | | |
| Consumer credit portfolio | | | | | | |
| (in millions) | Credit exposure | | Nonaccrual loans(i) | |
June 30,
2024 | | Dec 31,
2023 | | June 30,
2024 | Dec 31,
2023 | |
Consumer, excluding credit card | | | | | | | |
Residential real estate(a) | $ | 314,843 | | | $ | 326,409 | | | $ | 3,231 | | $ | 3,466 | | |
Auto and other(b)(c) | 67,952 | | | 70,866 | | | 192 | | 177 | | |
| Total loans – retained | 382,795 | | | 397,275 | | | 3,423 | | 3,643 | | |
| Loans held-for-sale | 1,366 | | | 487 | | | 86 | | 95 | | |
Loans at fair value(d) | 12,794 | | | 12,331 | | | 296 | | 465 | | |
| Total consumer, excluding credit card loans | 396,955 | | | 410,093 | | | 3,805 | | 4,203 | | |
Lending-related commitments(e) | 47,215 | | | 45,403 | | | | | |
| Total consumer exposure, excluding credit card | 444,170 | | | 455,496 | | | | | |
| Credit card | | | | | | | |
Loans retained(f) | 216,100 | | | 211,123 | | | NA | NA | |
| | | | | | | |
| Total credit card loans | 216,100 | | | 211,123 | | | NA | NA | |
Lending-related commitments(e)(g) | 964,727 | | | 915,658 | | | | | |
| Total credit card exposure | 1,180,827 | | | 1,126,781 | | | | | |
| Total consumer credit portfolio | $ | 1,624,997 | | | $ | 1,582,277 | | | $ | 3,805 | | $ | 4,203 | | |
Credit-related notes used in credit portfolio management activities(h) | $ | (620) | | | $ | (790) | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended June 30, |
| (in millions, except ratios) | Net charge-offs/(recoveries) | | Average loans - retained | | Net charge-off/(recovery) rate(j) |
| 2024 | 2023 | | 2024 | 2023 | | 2024 | 2023 |
| Consumer, excluding credit card | | | | | | | | |
| Residential real estate | $ | (37) | | $ | (25) | | | $ | 317,249 | | $ | 293,073 | | | (0.05) | % | (0.03) | % |
| Auto and other | 172 | | 147 | | | 68,413 | | 66,470 | | | 1.01 | | 0.89 | |
| Total consumer, excluding credit card - retained | 135 | | 122 | | | 385,662 | | 359,543 | | | 0.14 | | 0.14 | |
| Credit card - retained | 1,829 | | 1,124 | | | 210,020 | | 187,027 | | | 3.50 | | 2.41 | |
| Total consumer - retained | $ | 1,964 | | $ | 1,246 | | | $ | 595,682 | | $ | 546,570 | | | 1.33 | % | 0.91 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six months ended June 30, |
| (in millions, except ratios) | Net charge-offs/(recoveries) | | Average loans - retained | | Net charge-off/(recovery) rate(j) |
| 2024 | 2023 | | 2024 | 2023 | | 2024 | 2023 |
| Consumer, excluding credit card | | | | | | | | |
| Residential real estate | $ | (43) | | $ | (45) | | | $ | 320,468 | | $ | 265,082 | | | (0.03) | % | (0.03) | % |
| Auto and other | 361 | | 299 | | | 69,379 | | 65,145 | | | 1.05 | | 0.93 | |
| Total consumer, excluding credit card - retained | 318 | | 254 | | | 389,847 | | 330,227 | | | 0.16 | | 0.16 | |
| Credit card - retained | 3,516 | | 2,046 | | | 207,329 | | 183,757 | | | 3.41 | | 2.25 | |
| Total consumer - retained | $ | 3,834 | | $ | 2,300 | | | $ | 597,176 | | $ | 513,984 | | | 1.29 | % | 0.90 | % |
(a)Includes scored mortgage and home equity loans held in CCB and AWM.
(b)At June 30, 2024 and December 31, 2023, excluded operating lease assets of $11.0 billion and $10.4 billion, respectively. These operating lease assets are included in other assets on the Firm’s Consolidated balance sheets. Refer to Note 16 for further information.
(c)Includes scored auto and business banking loans, and overdrafts.
(d)Includes scored mortgage loans held in CCB and CIB, and other consumer unsecured loans in CIB.
(e)Credit card, home equity and certain business banking lending-related commitments represent the total available lines of credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit would be used at the same time. For credit card commitments, and if certain conditions are met, home equity commitments and certain business banking commitments, the Firm can reduce or cancel these lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. Refer to Note 22 for further information.
(f)Includes billed interest and fees.
(g)Also includes commercial card lending-related commitments primarily in CIB.
(h)Represents the notional amount of protection obtained through the issuance of credit-related notes that reference certain pools of residential real estate and auto loans in the retained consumer portfolio.
(i)At June 30, 2024 and December 31, 2023, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $138 million and $182 million, respectively. These amounts have been excluded from nonaccrual loans 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.
(j)Average consumer loans held-for-sale and loans at fair value were $17.3 billion and $13.3 billion for the three months ended June 30, 2024 and 2023, respectively, and $16.2 billion and $12.4 billion for the six months ended June 30, 2024 and 2023, respectively. These amounts were excluded when calculating net charge-off/(recovery) rates.
Consumer, excluding credit card
Portfolio analysis
Loans decreased from December 31, 2023 predominantly driven by retained residential real estate loans.
Residential real estate: The residential real estate portfolio, including loans held-for-sale and loans at fair value, predominantly consists of prime mortgage loans and home equity lines of credit.
Retained loans decreased compared to December 31, 2023, predominantly driven by paydowns and loan sales, net of originations. Net recoveries were higher for the three months ended June 30, 2024 compared to the same period in the prior year due to loan sales.
Loans held-for-sale increased from December 31, 2023, predominantly driven by a transfer of certain retained loans in anticipation of securitization.
Nonaccrual loans at fair value decreased compared to December 31, 2023, predominantly driven by net sales in CIB.
At June 30, 2024 and December 31, 2023, the carrying value of interest-only residential mortgage loans was $89.6 billion and $90.6 billion, respectively. These loans have an interest-only payment period generally followed by an adjustable-rate or fixed-rate fully amortizing payment period to maturity and are typically originated as higher-balance loans to higher-income borrowers. The credit performance of this portfolio is comparable with the performance of the broader prime mortgage portfolio.
The carrying value of home equity lines of credit outstanding was $15.0 billion at June 30, 2024. The carrying value of home equity lines of credit outstanding included $4.0 billion of HELOCs that have recast from interest-only to fully amortizing payments or have been modified and $3.9 billion of interest-only balloon HELOCs, which primarily mature after 2030. The Firm manages the risk of HELOCs during their revolving period by closing or reducing the undrawn line to the extent permitted by law when borrowers are exhibiting a material deterioration in their credit risk profile.
The following table provides a summary of the Firm’s residential mortgage portfolio insured and/or guaranteed by U.S. government agencies, predominantly loans held-for-sale and loans at fair value. The Firm monitors its exposure to certain potential unrecoverable claim payments related to government-insured loans and considers this exposure in estimating the allowance for loan losses.
| | | | | | | | |
| (in millions) | June 30,
2024 | December 31,
2023 |
| Current | $ | 406 | | $ | 446 | |
| 30-89 days past due | 77 | | 102 | |
| 90 or more days past due | 138 | | 182 | |
| Total government guaranteed loans | $ | 621 | | $ | 730 | |
Geographic composition and current estimated loan-to-value ratio of residential real estate loans
Refer to Note 11 for information on the geographic composition and current estimated LTVs of the Firm’s residential real estate loans.
Modified residential real estate loans
For the three and six months ended June 30, 2024, residential real estate financial difficulty modifications ("FDMs") were $68 million and $98 million, respectively, and $35 million and $75 million for the three and six months ended June 30, 2023, respectively. Loans subject to trial modification where the terms of the loans have not been permanently modified, and loans subject to discharge under Chapter 7 bankruptcy proceedings ("Chapter 7 loans"), were not material for the three and six months ended June 30, 2024 and 2023. Refer to Note 1 of JPMorgan Chase’s 2023 Form 10-K and Note 11 of this Form 10-Q for further information.
Auto and other: The auto and other loan portfolio, including loans at fair value, generally consists of prime-quality scored auto and business banking loans, other consumer unsecured loans, and overdrafts. The portfolio decreased when compared to December 31, 2023, predominantly due to loan securitizations. Net charge-offs increased for the three and six months ended June 30, 2024 compared to the same periods in the prior year predominantly due to higher scored auto net charge-offs of $37 million and $87 million, respectively, reflecting a decline in used vehicle valuations. Refer to Note 13 for further information on securitization activity.
Nonperforming assets
The following table presents information as of June 30, 2024 and December 31, 2023, about consumer, excluding credit card, nonperforming assets.
| | | | | | | | | | | |
Nonperforming assets(a) | | | |
| (in millions) | June 30,
2024 | | December 31,
2023 |
| Nonaccrual loans | | | |
Residential real estate | $ | 3,592 | | | $ | 4,015 | |
Auto and other | 213 | | | 188 | |
| Total nonaccrual loans | 3,805 | | | 4,203 | |
Assets acquired in loan satisfactions | | | |
| Real estate owned | 89 | | | 120 | |
| Other | 39 | | | 42 | |
Total assets acquired in loan satisfactions | 128 | | | 162 | |
| Total nonperforming assets | $ | 3,933 | | | $ | 4,365 | |
(a)At June 30, 2024 and December 31, 2023, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $138 million and $182 million, respectively. These amounts have been excluded based upon the government guarantee.
Nonaccrual loans
The following table presents changes in consumer, excluding credit card, nonaccrual loans for the six months ended June 30, 2024 and 2023.
| | | | | | | | |
| Nonaccrual loan activity |
Six months ended June 30,
(in millions) | 2024 | 2023 |
| Beginning balance | $ | 4,203 | | $ | 4,325 | |
| Additions | 1,447 | | 1,290 | |
| Reductions: | | |
Principal payments and other | 473 | | 452 | |
Sales | 539 | | 34 | |
| Charge-offs | 304 | | 202 | |
| Returned to performing status | 444 | | 573 | |
| Foreclosures and other liquidations | 85 | | 89 | |
| Total reductions | 1,845 | | 1,350 | |
| Net changes | (398) | | (60) | |
| Ending balance | $ | 3,805 | | $ | 4,265 | |
Refer to Note 11 for further information about the consumer credit portfolio, including information about delinquencies, other credit quality indicators, loan modifications and loans that were in the process of active or suspended foreclosure.
Credit card
Total credit card loans increased from December 31, 2023 reflecting growth from new accounts and revolving balances. The June 30, 2024 30+ day delinquency rate of 2.08% decreased from 2.14% at December 31, 2023, and the June 30, 2024 90+ day delinquency rate of 1.07% was relatively flat compared to 1.05% at December 31, 2023, reflecting seasonality, in line with expectations. Net charge-offs increased for the three and six months ended June 30, 2024 compared to the same periods in the prior year as newer vintages season and credit normalization continues.
Consistent with the Firm’s policy, all credit card loans typically remain on accrual status until charged off. However, the Firm’s allowance for loan losses includes the estimated uncollectible portion of accrued and billed interest and fee income. Refer to Note 11 for further information about this portfolio, including information about delinquencies.
Geographic and FICO composition of credit card loans
Refer to Note 11 for information on the geographic and FICO composition of the Firm’s credit card loans.
Modified credit card loans
For the three and six months ended June 30, 2024, credit card FDMs were $259 million and $491 million, respectively, and $181 million and $326 million for the three and six months ended June 30, 2023, respectively. FDMs increased for the three and six months ended June 30, 2024 compared to the same periods in the prior year due to higher delinquencies, reflecting growth in the portfolio.
Refer to Note 1 of JPMorgan Chase’s 2023 Form 10-K and Note 11 of this Form 10-Q for further information.
| | | | | | | | | | | | | | |
| WHOLESALE CREDIT PORTFOLIO |
In its wholesale businesses, the Firm is exposed to credit risk primarily through its underwriting, lending, market-making, and hedging activities with and for clients and counterparties, as well as through various operating services (such as cash management and clearing activities), securities financing activities and cash placed with banks. A portion of the loans originated or acquired by the Firm’s wholesale businesses is generally retained on the balance sheet. The Firm distributes a significant percentage of the loans that it originates into the market as part of its syndicated loan business and to manage portfolio concentrations and credit risk. The wholesale portfolio is actively managed, in part by conducting ongoing, in-depth reviews of client credit quality and transaction structure inclusive of collateral where applicable, and of industry, product and client concentrations. Refer to the industry discussion on pages 68-71 for further information.
The Firm’s wholesale credit portfolio includes exposure held in CIB, AWM and Corporate, and risk-rated exposure held in CCB, for which the wholesale methodology is applied when determining the allowance for loan losses. The Firm continues to convert certain operations, and to integrate clients, products and services, associated with First Republic. Accordingly, reporting classifications and internal risk rating profiles in the wholesale portfolio may change in future periods. Refer to Business Developments on page 8 for additional information.
As of June 30, 2024, lending-related commitments increased by $8.2 billion, driven by Technology, Media & Telecommunications, including held-for-sale commitments, and SPEs, partially offset by a decrease in Asset Managers.
As of June 30, 2024, nonperforming exposure increased by $1.3 billion, predominantly driven by Real Estate, concentrated in Office, and in Industrials, resulting from downgrades. For the six months ended June 30, 2024, wholesale net charge-offs were $353 million, largely in Real Estate, concentrated in Office, and Individuals.
| | | | | | | | | | | | | | | | | |
| Wholesale credit portfolio |
| Credit exposure | | Nonperforming |
| (in millions) | June 30,
2024 | Dec 31,
2023 | | June 30,
2024 | Dec 31,
2023 |
| Loans retained | $ | 674,152 | | $ | 672,472 | | | $ | 3,289 | | $ | 2,346 | |
| Loans held-for-sale | 8,037 | | 3,498 | | | 73 | | 89 | |
| Loans at fair value | 25,456 | | 26,520 | | | 624 | | 279 | |
| Loans | 707,645 | | 702,490 | | | 3,986 | | 2,714 | |
| Derivative receivables | 54,673 | | 54,864 | | | 290 | | 364 | |
Receivables from customers(a) | 56,018 | | 47,625 | | | — | | — | |
| Total wholesale credit-related assets | 818,336 | | 804,979 | | | 4,276 | | 3,078 | |
Assets acquired in loan satisfactions | | | | | |
| Real estate owned | NA | NA | | 214 | | 154 | |
| Other | NA | NA | | — | | — | |
Total assets acquired in loan satisfactions | NA | NA | | 214 | | 154 | |
| Lending-related commitments | 545,020 | | 536,786 | | | 541 | | 464 | |
| Total wholesale credit portfolio | $ | 1,363,356 | | $ | 1,341,765 | | | $ | 5,031 | | $ | 3,696 | |
Credit derivatives and credit-related notes used in credit portfolio management activities(b) | $ | (41,889) | | $ | (36,989) | | | $ | — | | $ | — | |
| Liquid securities and other cash collateral held against derivatives | (24,211) | | (22,461) | | | NA | NA |
(a)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.
(b)Represents the net notional amount of protection purchased and sold through credit derivatives and credit-related notes used to manage both performing and nonperforming wholesale credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. Refer to Credit derivatives on page 74 and Note 4 for additional information.
Wholesale credit exposure – maturity and ratings profile
The following tables present the maturity and internal risk ratings profiles of the wholesale credit portfolio as of June 30, 2024 and December 31, 2023. The Firm generally considers internal ratings with qualitative characteristics equivalent to BBB-/Baa3 or higher as investment grade, and takes into consideration collateral and structural support when determining the internal risk rating for each credit facility. Refer to Note 12 of JPMorgan Chase's 2023 Form 10-K for further information on internal risk ratings.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Maturity profile(d) | | Ratings profile |
| 1 year or less | After 1 year through 5 years | After 5 years | Total | | Investment-grade | | Noninvestment-grade | Total | Total % of IG |
June 30, 2024, (in millions, except ratios) |
| Loans retained | $ | 220,191 | | $ | 277,969 | | $ | 175,992 | | $ | 674,152 | | | $ | 454,958 | | | $ | 219,194 | | $ | 674,152 | | 67 | % |
| Derivative receivables | | | | 54,673 | | | | | | 54,673 | | |
| Less: Liquid securities and other cash collateral held against derivatives | | | | (24,211) | | | | | | (24,211) | | |
| Total derivative receivables, net of collateral | 7,476 | | 8,446 | | 14,540 | | 30,462 | | | 23,445 | | | 7,017 | | 30,462 | | 77 | |
| Lending-related commitments | 145,054 | | 374,870 | | 25,096 | | 545,020 | | | 351,961 | | | 193,059 | | 545,020 | | 65 | |
| Subtotal | 372,721 | | 661,285 | | 215,628 | | 1,249,634 | | | 830,364 | | | 419,270 | | 1,249,634 | | 66 | |
Loans held-for-sale and loans at fair value(a) | | | | 33,493 | | | | | | 33,493 | | |
| Receivables from customers | | | | 56,018 | | | | | | 56,018 | | |
| Total exposure – net of liquid securities and other cash collateral held against derivatives | | | | $ | 1,339,145 | | | | | | $ | 1,339,145 | | |
Credit derivatives and credit-related notes used in credit portfolio management activities(b)(c) | $ | (8,526) | | $ | (27,870) | | $ | (5,493) | | $ | (41,889) | | | $ | (33,333) | | | $ | (8,556) | | $ | (41,889) | | 80 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (continued from previous page) | | | | | | | | | | | |
| Maturity profile(d) | | Ratings profile |
| 1 year or less | After 1 year through 5 years | After 5 years | Total | | Investment-grade | | Noninvestment-grade | Total | | Total % of IG |
December 31, 2023
(in millions, except ratios) | |
| Loans retained | $ | 211,104 | | $ | 280,821 | | $ | 180,547 | | $ | 672,472 | | | $ | 458,838 | | | $ | 213,634 | | $ | 672,472 | | | 68 | % |
| Derivative receivables | | | | 54,864 | | | | | | 54,864 | | | |
| Less: Liquid securities and other cash collateral held against derivatives | | | | (22,461) | | | | | | (22,461) | | | |
| Total derivative receivables, net of collateral | 8,007 | | 8,970 | | 15,426 | | 32,403 | | | 24,919 | | | 7,484 | | 32,403 | | | 77 | |
| Lending-related commitments | 143,337 | | 368,646 | | 24,803 | | 536,786 | | | 341,611 | | | 195,175 | | 536,786 | | | 64 | |
| Subtotal | 362,448 | | 658,437 | | 220,776 | | 1,241,661 | | | 825,368 | | | 416,293 | | 1,241,661 | | | 66 | |
Loans held-for-sale and loans at fair value(a) | | | | 30,018 | | | | | | 30,018 | | | |
| Receivables from customers | | | | 47,625 | | | | | | 47,625 | | | |
| Total exposure – net of liquid securities and other cash collateral held against derivatives | | | | $ | 1,319,304 | | | | | | $ | 1,319,304 | | | |
Credit derivatives and credit-related notes used in credit portfolio management activities(b)(c) | $ | (3,311) | | $ | (28,353) | | $ | (5,325) | | $ | (36,989) | | | $ | (28,869) | | | $ | (8,120) | | $ | (36,989) | | | 78 | % |
(a)Loans held-for-sale are primarily related to syndicated loans and loans transferred from the retained portfolio.
(b)These derivatives do not qualify for hedge accounting under U.S. GAAP.
(c)The notional amounts are presented on a net basis by underlying reference entity and the ratings profile shown is based on the ratings of the reference entity on which protection has been purchased. Predominantly all of the credit derivatives entered into by the Firm where it has purchased protection used in credit portfolio management activities are executed with investment-grade counterparties. In addition, the Firm obtains credit protection against certain loans in the retained loan portfolio through the issuance of credit-related notes.
(d)The maturity profile of retained loans, lending-related commitments and derivative receivables is generally based on remaining contractual maturity. Derivative contracts that are in a receivable position at June 30, 2024, may become payable prior to maturity based on their cash flow profile or changes in market conditions.
Wholesale credit exposure – industry exposures
The Firm focuses on the management and diversification of its industry exposures, and pays particular attention to industries with actual or potential credit concerns.
Exposures that are deemed to be criticized align with the U.S. banking regulators’ definition of criticized exposures, which consist of the special mention, substandard and doubtful categories. Total criticized exposure, excluding loans held-for-sale and loans at fair value, was $46.8 billion and $41.4 billion as of June 30, 2024 and December 31, 2023, representing approximately 3.7% and 3.3% of total wholesale credit exposure, respectively; of the $46.8 billion, $42.7 billion was performing. The increase in criticized exposure was driven by net downgrades in Real Estate, concentrated in Office and Multifamily, and held-for-sale commitments in Technology and Media.
The table below summarizes by industry the Firm’s exposures as of June 30, 2024 and December 31, 2023. The industry of risk category is generally based on the client or counterparty’s primary business activity. Refer to Note 4 of JPMorgan Chase's 2023 Form 10-K for additional information on industry concentrations.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wholesale credit exposure – industries(a) | | | | | | | |
| | | | Selected metrics |
| | | | | | 30 days or more past due and accruing loans | Net
charge-offs/
(recoveries) | Credit derivative and credit-related notes(h) | Liquid securities
and other cash collateral held against derivative
receivables |
| | | Noninvestment-grade |
As of or for the six months ended | Credit exposure(f)(g) | Investment- grade | Noncriticized | Criticized performing | Criticized nonperforming |
| June 30, 2024 |
| (in millions) |
| Real Estate | $ | 206,154 | | $ | 143,402 | | $ | 50,643 | | $ | 10,939 | | $ | 1,170 | | $ | 822 | | $ | 129 | | $ | (592) | | $ | — | |
Individuals and Individual Entities(b) | 141,591 | | 112,521 | | 28,296 | | 228 | | 546 | | 717 | | 116 | | — | | — | |
| Consumer & Retail | 126,681 | | 59,361 | | 59,008 | | 7,735 | | 577 | | 231 | | 60 | | (4,213) | | — | |
| Asset Managers | 126,282 | | 87,712 | | 38,459 | | 109 | | 2 | | 335 | | 1 | | — | | (7,712) | |
| Technology, Media & Telecommunications | 86,677 | | 48,518 | | 25,979 | | 11,838 | | 342 | | 40 | | 32 | | (4,521) | | — | |
| Industrials | 73,469 | | 38,084 | | 31,433 | | 3,637 | | 315 | | 195 | | 4 | | (2,190) | | — | |
| Banks & Finance Companies | 64,744 | | 35,205 | | 29,377 | | 155 | | 7 | | 2 | | — | | (588) | | (594) | |
| Healthcare | 63,662 | | 42,677 | | 17,312 | | 3,167 | | 506 | | 100 | | 22 | | (3,343) | | (2) | |
| Utilities | 37,380 | | 26,476 | | 9,919 | | 843 | | 142 | | 1 | | | (2,493) | | — | |
State & Municipal Govt(c) | 36,344 | | 34,256 | | 2,067 | | 16 | | 5 | | 121 | | — | | (3) | | — | |
| Automotive | 34,674 | | 22,868 | | 10,995 | | 671 | | 140 | | 43 | | 1 | | (1,047) | | — | |
| Oil & Gas | 33,593 | | 20,072 | | 13,136 | | 335 | | 50 | | 8 | | (2) | | (1,910) | | — | |
| Insurance | 23,519 | | 16,290 | | 6,979 | | 217 | | 33 | | 5 | | — | | (1,124) | | (7,834) | |
| Chemicals & Plastics | 21,996 | | 11,308 | | 9,397 | | 1,135 | | 156 | | 15 | | — | | (1,078) | | — | |
| Transportation | 17,339 | | 10,155 | | 6,739 | | 392 | | 53 | | 43 | | (7) | | (556) | | — | |
| Central Govt | 16,444 | | 16,021 | | 297 | | 126 | | — | | 2 | | — | | (2,084) | | (1,947) | |
| Metals & Mining | 16,277 | | 8,266 | | 7,373 | | 595 | | 43 | | 6 | | — | | (217) | | (1) | |
| Securities Firms | 9,486 | | 4,659 | | 4,824 | | 3 | | — | | — | | — | | (12) | | (2,597) | |
| Financial Markets Infrastructure | 5,381 | | 5,067 | | 314 | | — | | — | | — | | — | | (2) | | — | |
All other(d) | 132,152 | | 110,850 | | 20,735 | | 534 | | 33 | | 188 | | (3) | | (15,916) | | (3,524) | |
| Subtotal | $ | 1,273,845 | | $ | 853,768 | | $ | 373,282 | | $ | 42,675 | | $ | 4,120 | | $ | 2,874 | | $ | 353 | | $ | (41,889) | | $ | (24,211) | |
| Loans held-for-sale and loans at fair value | 33,493 | | | | | | | | | |
| Receivables from customers | 56,018 | | | | | | | | | |
Total(e) | $ | 1,363,356 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (continued from previous page) | | | | | | | | | | | |
| | | | | | | | Selected metrics |
| | | | | | | | 30 days or more past due and accruing
loans | Net
charge-offs/
(recoveries) | Credit derivative and credit-related notes(h) | | Liquid securities
and other cash collateral held against derivative
receivables |
| | | | Noninvestment-grade |
| As of or for the year ended | Credit exposure(f)(g) | | Investment- grade | Noncriticized | | Criticized performing | Criticized nonperforming |
| December 31, 2023 | | |
| (in millions) | | |
| Real Estate | $ | 208,261 | | | $ | 148,866 | | $ | 50,190 | | | $ | 8,558 | | $ | 647 | | $ | 717 | | $ | 275 | | $ | (574) | | | $ | — | |
Individuals and Individual Entities(b) | 145,849 | | | 110,673 | | 34,261 | | | 334 | | 581 | | 861 | | 10 | | — | | | — | |
| Consumer & Retail | 127,086 | | | 60,168 | | 58,606 | | | 7,863 | | 449 | | 318 | | 161 | | (4,204) | | | — | |
| Asset Managers | 129,574 | | | 83,857 | | 45,623 | | | 90 | | 4 | | 201 | | 1 | | — | | | (7,209) | |
| Technology, Media & Telecommunications | 77,296 | | | 40,468 | | 27,094 | | | 9,388 | | 346 | | 36 | | 81 | | (4,287) | | | — | |
| Industrials | 75,092 | | | 40,951 | | 30,586 | | | 3,419 | | 136 | | 213 | | 31 | | (2,949) | | | — | |
| Banks & Finance Companies | 57,177 | | | 33,881 | | 22,744 | | | 545 | | 7 | | 9 | | 277 | | (511) | | | (412) | |
| Healthcare | 65,025 | | | 43,163 | | 18,396 | | | 3,005 | | 461 | | 130 | | 17 | | (3,070) | | | — | |
Utilities | 36,061 | | | 25,242 | | 9,929 | | | 765 | | 125 | | 1 | | (3) | | (2,373) | | | — | |
State & Municipal Govt(c) | 35,986 | | | 33,561 | | 2,390 | | | 27 | | 8 | | 31 | | — | | (4) | | | — | |
| Automotive | 33,977 | | | 23,152 | | 10,060 | | | 640 | | 125 | | 59 | | — | | (653) | | | — | |
| Oil & Gas | 34,475 | | | 18,276 | | 16,076 | | | 111 | | 12 | | 45 | | 11 | | (1,927) | | | (5) | |
| Insurance | 20,501 | | | 14,503 | | 5,700 | | | 298 | | — | | 2 | | — | | (961) | | | (6,898) | |
| Chemicals & Plastics | 20,773 | | | 11,353 | | 8,352 | | | 916 | | 152 | | 106 | | 2 | | (1,045) | | | — | |
| Transportation | 16,060 | | | 8,865 | | 5,943 | | | 1,196 | | 56 | | 23 | | (26) | | (574) | | | — | |
| Central Govt | 17,704 | | | 17,264 | | 312 | | | 127 | | 1 | | — | | — | | (3,490) | | | (2,085) | |
| Metals & Mining | 15,508 | | | 8,403 | | 6,514 | | | 536 | | 55 | | 12 | | 44 | | (229) | | | — | |
| Securities Firms | 8,689 | | | 4,570 | | 4,118 | | | 1 | | — | | — | | — | | (14) | | | (2,765) | |
| Financial Markets Infrastructure | 4,251 | | | 4,052 | | 199 | | | — | | — | | — | | — | | — | | | — | |
All other(d) | 134,777 | | | 115,711 | | 18,618 | | | 439 | | 9 | | 21 | | (2) | | (10,124) | | | (3,087) | |
| Subtotal | $ | 1,264,122 | | | $ | 846,979 | | $ | 375,711 | | | $ | 38,258 | | $ | 3,174 | | $ | 2,785 | | $ | 879 | | $ | (36,989) | | | $ | (22,461) | |
| Loans held-for-sale and loans at fair value | 30,018 | | | |
| | | | | | | | |
| Receivables from customers | 47,625 | | | | | | | | | | | | |
Total(e) | $ | 1,341,765 | | | | | | | | | | | | |
(a)The industry rankings presented in the table as of December 31, 2023, are based on the industry rankings of the corresponding exposures as of June 30, 2024, not actual rankings of such exposures as of December 31, 2023.
(b)Individuals and Individual Entities predominantly consists of Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB, and includes exposure to personal investment companies and personal and testamentary trusts.
(c)In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) at June 30, 2024 and December 31, 2023 noted above, the Firm held: $6.4 billion and $5.9 billion, respectively, of trading assets; $17.2 billion and $21.4 billion, respectively, of AFS securities; and $9.5 billion and $9.9 billion, respectively, of HTM securities, issued by U.S. state and municipal governments. Refer to Notes 2 and 9 for further information.
(d)All other includes: SPEs and Private education and civic organizations, representing approximately 94% and 6%, respectively, at both June 30, 2024 and December 31, 2023. Refer to Note 13 for more information on exposures to SPEs.
(e)Excludes cash placed with banks of $521.8 billion and $614.1 billion, at June 30, 2024 and December 31, 2023, respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks.
(f)Credit exposure is net of risk participations and excludes the benefit of credit derivatives and credit-related notes used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables.
(g)Credit exposure includes held-for-sale and fair value option elected lending-related commitments.
(h)Represents the net notional amounts of protection purchased and sold through credit derivatives and credit-related notes used to manage the credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. The All other category includes purchased credit protection on certain credit indices.
Presented below is additional detail on certain of the Firm’s industry exposures.
Real Estate
Real Estate exposure was $206.2 billion as of June 30, 2024. Criticized exposure increased by $2.9 billion from $9.2 billion at December 31, 2023 to $12.1 billion at June 30, 2024, predominantly driven by net downgrades, concentrated in Office and Multifamily.
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| June 30, 2024 | |
| (in millions, except ratios) | Loans and Lending-related Commitments | | Derivative Receivables | | Credit exposure | | % Investment-grade | % Drawn(d) |
Multifamily(a) | $ | 122,986 | | | $ | 5 | | | $ | 122,991 | | | 77 | % | | 91 | % | |
| Industrial | 20,862 | | | 9 | | | 20,871 | | | 65 | | | 70 | | |
| Office | 16,435 | | | 25 | | | 16,460 | | | 47 | | | 84 | | |
Other Income Producing Properties(b) | 14,657 | | | 156 | | | 14,813 | | | 51 | | | 64 | | |
| Services and Non Income Producing | 14,547 | | | 66 | | | 14,613 | | | 63 | | | 51 | | |
| Retail | 11,977 | | | 20 | | | 11,997 | | | 75 | | | 74 | | |
| Lodging | 4,398 | | | 11 | | | 4,409 | | | 30 | | | 54 | | |
Total Real Estate Exposure(c) | $ | 205,862 | | | $ | 292 | | | $ | 206,154 | | | 70 | % | | 81 | % | |
| | | | | | | | | | |
| December 31, 2023 | |
| (in millions, except ratios) | Loans and Lending-related Commitments | | Derivative
Receivables | | Credit exposure | | % Investment-
grade | % Drawn(d) |
Multifamily(a) | $ | 121,946 | | | $ | 21 | | | $ | 121,967 | | | 79 | % | | 90 | % | |
| Industrial | 20,254 | | | 18 | | | 20,272 | | | 70 | | | 72 | | |
| Office | 16,462 | | | 32 | | | 16,494 | | | 51 | | | 81 | | |
Other Income Producing Properties(b) | 15,542 | | | 208 | | | 15,750 | | | 55 | | | 63 | | |
| Services and Non Income Producing | 16,145 | | | 74 | | | 16,219 | | | 62 | | | 46 | | |
| Retail | 12,763 | | | 48 | | | 12,811 | | | 75 | | | 73 | | |
| Lodging | 4,729 | | | 19 | | | 4,748 | | | 30 | | | 48 | | |
Total Real Estate Exposure | $ | 207,841 | | | $ | 420 | | | $ | 208,261 | | | 71 | % | | 80 | % | |
(a)Multifamily exposure is largely in California.
(b)Other Income Producing Properties consists of clients with diversified property types or other property types outside of categories listed in the table above.
(c)Real Estate exposure is approximately 83% secured; unsecured exposure is predominantly investment-grade largely to Real Estate Investment Trusts (“REITs”) and Real Estate Operating Companies (“REOCs”) whose underlying assets are generally diversified.
(d)Represents drawn exposure as a percentage of credit exposure.
Consumer & Retail
Consumer & Retail exposure was $126.7 billion as of June 30, 2024. Criticized exposure was $8.3 billion at both June 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2024 | |
| (in millions, except ratios) | Loans and Lending-related Commitments | | Derivative Receivables | | Credit exposure | | % Investment-grade | % Drawn(d) |
| Business and Consumer Services | $ | 35,757 | | | $ | 309 | | | $ | 36,066 | | | 42 | % | | 41 | % | |
Retail(a) | 35,769 | | | 248 | | | 36,017 | | | 51 | | | 32 | | |
| Food and Beverage | 30,619 | | | 544 | | | 31,163 | | | 58 | | | 39 | | |
| Consumer Hard Goods | 13,343 | | | 177 | | | 13,520 | | | 42 | | | 33 | | |
Leisure(b) | 9,777 | | | 138 | | | 9,915 | | | 21 | | | 42 | | |
Total Consumer & Retail(c) | $ | 125,265 | | | $ | 1,416 | | | $ | 126,681 | | | 47 | % | | 37 | % | |
| | | | | | | | | | |
| December 31, 2023 | |
| (in millions, except ratios) | Loans and Lending-related Commitments | | Derivative
Receivables | | Credit exposure | | % Investment-
grade | % Drawn(d) |
| Business and Consumer Services | $ | 34,822 | | | $ | 392 | | | $ | 35,214 | | | 42 | % | | 42 | % | |
Retail(a) | 36,042 | | | 334 | | | 36,376 | | | 51 | | | 30 | | |
| Food and Beverage | 32,256 | | | 930 | | | 33,186 | | | 57 | | | 36 | | |
| Consumer Hard Goods | 13,169 | | | 197 | | | 13,366 | | | 43 | | | 33 | | |
Leisure(b) | 8,784 | | | 160 | | | 8,944 | | | 25 | | | 47 | | |
| Total Consumer & Retail | $ | 125,073 | | | $ | 2,013 | | | $ | 127,086 | | | 47 | % | | 36 | % | |
(a)Retail consists of Home Improvement & Specialty Retailers, Restaurants, Supermarkets, Discount & Drug Stores, Specialty Apparel and Department Stores.
(b)Leisure consists of Gaming, Arts & Culture, Travel Services and Sports & Recreation. As of June 30, 2024, approximately 92% of the noninvestment-grade Leisure portfolio is secured.
(c)Consumer & Retail exposure is approximately 60% secured; unsecured exposure is approximately 80% investment-grade.
(d)Represents drawn exposure as a percent of credit exposure.
Oil & Gas
Oil & Gas exposure was $33.6 billion as of June 30, 2024. Criticized exposure was $385 million at June 30, 2024 and $123 million at December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2024 | |
| (in millions, except ratios) | Loans and Lending-related Commitments | | Derivative Receivables | | Credit exposure | | % Investment-grade | % Drawn(c) |
| Exploration & Production (“E&P”) and Oil field Services | $ | 17,030 | | | $ | 792 | | | $ | 17,822 | | | 58 | % | | 27 | % | |
Other Oil & Gas(a) | 15,622 | | | 149 | | | 15,771 | | | 61 | | | 22 | | |
Total Oil & Gas(b) | $ | 32,652 | | | $ | 941 | | | $ | 33,593 | | | 60 | % | | 25 | % | |
| | | | | | | | | | |
| December 31, 2023 | |
| (in millions, except ratios) | Loans and Lending-related Commitments | | Derivative
Receivables | | Credit exposure | | % Investment-
grade | % Drawn(c) |
| Exploration & Production (“E&P”) and Oil field Services | $ | 18,121 | | | $ | 536 | | | $ | 18,657 | | | 51 | % | | 26 | % | |
Other Oil & Gas(a) | 15,649 | | | 169 | | | 15,818 | | | 55 | | | 22 | | |
| Total Oil & Gas | $ | 33,770 | | | $ | 705 | | | $ | 34,475 | | | 53 | % | | 25 | % | |
(a)Other Oil & Gas includes Integrated Oil & Gas companies, Midstream/Oil Pipeline companies and refineries.
(b)Oil & Gas exposure is approximately 34% secured, approximately half of which is reserve-based lending to the Exploration & Production sub-sector; unsecured exposure is approximately 69% investment-grade.
(c)Represents drawn exposure as a percent of credit exposure.
Loans
In its wholesale businesses, the Firm provides loans to a variety of clients, ranging from large corporate and institutional clients to high-net-worth individuals. Refer to Note 11 for a further discussion on loans, including information about delinquencies, loan modifications and other credit quality indicators.
The following table presents the change in the nonaccrual loan portfolio for the six months ended June 30, 2024 and 2023. Since June 30, 2023, nonaccrual loan exposure increased by $978 million, predominantly driven by Real Estate, concentrated in Office, resulting from downgrades.
| | | | | | | | | | | |
| Wholesale nonaccrual loan activity |
Six months ended June 30,
(in millions) | | 2024 | 2023 |
Beginning balance | | $ | 2,714 | | $ | 2,395 | |
Additions | | 2,825 | | 1,649 | |
| Reductions: | | | |
| Paydowns and other | | 885 | | 618 | |
Gross charge-offs | | 438 | | 281 | |
| Returned to performing status | | 190 | | 85 | |
| Sales | | 40 | | 52 | |
| Total reductions | | 1,553 | | 1,036 | |
| Net changes | | 1,272 | | 613 | |
| Ending balance | | $ | 3,986 | | $ | 3,008 | |
The following table presents net charge-offs/recoveries, which are defined as gross charge-offs less recoveries, for the three and six months ended June 30, 2024 and 2023. The amounts in the table below do not include gains or losses from sales of nonaccrual loans recognized in noninterest revenue.
| | | | | | | | | | | | | | | | | |
| Wholesale net charge-offs/(recoveries) | |
| (in millions, except ratios) | Three months ended June 30, | | Six months ended June 30, |
| 2024 | 2023 | | 2024 | 2023 |
| Loans | | | | | |
Average loans retained | $ | 666,347 | | $ | 647,474 | | | $ | 665,468 | | $ | 624,566 | |
Gross charge-offs | 312 | | 189 | | | 448 | | 294 | |
Gross recoveries collected | (45) | | (24) | | | (95) | | (46) | |
Net charge-offs/(recoveries) | 267 | | 165 | | | 353 | | 248 | |
Net charge-off/(recovery) rate | 0.16 | % | 0.10 | % | | 0.11 | % | 0.08 | % |
Modified wholesale loans
The amortized cost of wholesale FDMs for the three and six months ended June 30, 2024 were $740 million and $1.2 billion, respectively, of which $167 million and $293 million, respectively, were nonaccrual loan exposure. The amortized cost of wholesale FDMs for the three and six months ended June 30, 2023 were $673 million and $854 million, respectively, of which $353 million and $442 million, respectively, were nonaccrual loan exposure. Refer to Note 1 of JPMorgan Chase’s 2023 Form 10-K and Note 11 of this Form 10-Q for further information.
Lending-related commitments
The Firm uses lending-related financial instruments, such as commitments (including revolving credit facilities) and guarantees, to address the financing needs of its clients. The contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or when the Firm fulfills its obligations under these guarantees, and the clients subsequently fail to perform according to the terms of these contracts. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn upon or a default occurring. As a result, the Firm does not believe that the total contractual amount of these wholesale lending-related commitments is representative of the Firm’s expected future credit exposure or funding requirements. Refer to Note 22 for further information on wholesale lending-related commitments.
Receivables from customers
Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM that are collateralized by assets maintained in the clients’ brokerage accounts (including cash on deposit, and primarily liquid and readily marketable debt or equity securities). To manage its credit risk, the Firm establishes margin requirements and monitors the required margin levels on an ongoing basis, and requires clients to deposit additional cash or other collateral, or to reduce positions, when appropriate. Credit risk arising from lending activities subject to collateral maintenance requirements is generally mitigated by factors such as the short-term nature of the activity, the fair value of collateral held and the Firm’s right to call for, and the borrower’s obligation to provide, additional margin when the fair value of the collateral declines. Because of these mitigating factors, these receivables generally do not require an allowance for credit losses. However, if in management’s judgment, an allowance for credit losses is required, the Firm estimates expected credit losses based on the value of the collateral and probability of borrower default. These receivables are reported within accrued interest and accounts receivable on the Firm’s Consolidated balance sheets.
Refer to Note 13 of JPMorgan Chase's 2023 Form 10-K for further information on the Firm’s accounting policies for the allowance for credit losses.
Derivative contracts
Derivatives enable clients and counterparties to manage risk, including credit risk and risks arising from fluctuations in interest rates, foreign exchange and equities and commodities prices. The Firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. The Firm also uses derivative instruments to manage its own credit risk and other market risk exposure. The nature of the counterparty and the settlement mechanism of the
derivative affect the credit risk to which the Firm is exposed. For over-the-counter ("OTC") derivatives, the Firm is exposed to the credit risk of the derivative counterparty. For exchange-traded derivatives (“ETD”), such as futures and options, and cleared over-the-counter (“OTC-cleared”) derivatives, the Firm can also be exposed to the credit risk of the relevant CCP. Where possible, the Firm seeks to mitigate its credit risk exposures arising from derivative contracts through the use of legally enforceable master netting arrangements and collateral agreements. The percentage of the Firm’s OTC derivative transactions subject to collateral agreements — excluding foreign exchange spot trades, which are not typically covered by collateral agreements due to their short maturity and centrally cleared trades that are settled daily — was approximately 87% at both June 30, 2024 and December 31, 2023. Refer to Note 4 for additional information on the Firm’s use of collateral agreements and for a further discussion of derivative contracts, counterparties and settlement types.
The fair value of derivative receivables reported on the Consolidated balance sheets was $54.7 billion and $54.9 billion at June 30, 2024 and December 31, 2023, respectively. The decrease was primarily as a result of market movements. Derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and the related cash collateral held by the Firm.
In addition, the Firm holds liquid securities and other cash collateral that may be used as security when the fair value of the client’s exposure is in the Firm’s favor. For these purposes, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule.
In management’s view, the appropriate measure of current credit risk should also take into consideration other collateral, which generally represents securities that do not qualify as high quality liquid assets under the LCR rule. The benefits of these additional collateral amounts for each counterparty are subject to a legally enforceable master netting agreement and limited to the net amount of the derivative receivables for each counterparty.
The Firm also holds additional collateral (primarily cash, G7 government securities, other liquid government agency and guaranteed securities, and corporate debt and equity securities) delivered by clients at the initiation of transactions, as well as collateral related to contracts that have a non-daily call frequency and collateral that the Firm has agreed to return but has not yet settled as of the reporting date. Although this collateral does not reduce the receivables balances and is not included in the tables below, it is available as security against potential exposure that could arise should the fair value of the client’s derivative contracts move in the Firm’s favor. Refer to Note 4 for additional information on the Firm’s use of collateral agreements for derivative transactions.
The following tables summarize the net derivative receivables and the internal ratings profile for the periods presented. | | | | | | | | |
| Derivative receivables | | |
| (in millions) | June 30,
2024 | December 31,
2023 |
| Total, net of cash collateral | $ | 54,673 | | $ | 54,864 | |
| Liquid securities and other cash collateral held against derivative receivables | (24,211) | | (22,461) | |
| Total, net of liquid securities and other cash collateral | $ | 30,462 | | $ | 32,403 | |
| Other collateral held against derivative receivables | (1,064) | | (993) | |
| Total, net of collateral | $ | 29,398 | | $ | 31,410 | |
| | | | | | | | | | | | | | | | | | | | |
| Ratings profile of derivative receivables | | | | | | |
| June 30, 2024 | | December 31, 2023 |
(in millions, except ratios) | Exposure net of collateral | % of exposure net of collateral | | Exposure net of collateral | | % of exposure net of collateral |
| Investment-grade | $ | 22,482 | | 76 | % | | $ | 24,004 | | | 76 | % |
| Noninvestment-grade | 6,916 | | 24 | | | 7,406 | | (a) | 24 | |
| Total | $ | 29,398 | | 100 | % | | $ | 31,410 | | | 100 | % |
Credit portfolio management activities
The Firm uses credit derivatives for two primary purposes: first, in its capacity as a market-maker, and second, as an end-user, to manage the Firm’s own credit risk associated with traditional lending activities (loans and lending-related commitments) and derivatives counterparty exposure in the Firm’s wholesale businesses. In addition, the Firm obtains credit protection against certain loans in the retained wholesale portfolio through the issuance of credit-related notes. Information on credit portfolio management activities is provided in the table below.
| | | | | | | | | | | |
| Credit derivatives and credit-related notes used in credit portfolio management activities |
| Notional amount of protection purchased and sold(a) |
| (in millions) | June 30,
2024 | | December 31,
2023 |
| Credit derivatives and credit-related notes used to manage: | | | |
Loans and lending-related commitments | $ | 24,386 | | | $ | 24,157 | |
| Derivative receivables | 17,503 | | | 12,832 | |
| Credit derivatives and credit-related notes used in credit portfolio management activities | $ | 41,889 | | | $ | 36,989 | |
(a)Amounts are presented net, considering the Firm’s net protection purchased or sold with respect to each underlying reference entity or index.
Refer to Credit derivatives in Note 4 of this Form 10-Q and Note 5 of JPMorgan Chase’s 2023 Form 10-K for further information on credit derivatives and derivatives used in credit portfolio management activities.
| | | | | | | | | | | | | | |
ALLOWANCE FOR CREDIT LOSSES |
The Firm’s allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The Firm's allowance for credit losses generally consists of:
•the allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated) and is presented separately on the Consolidated balance sheets,
•the allowance for lending-related commitments, which is reflected in accounts payable and other liabilities on the Consolidated balance sheets, and
•the allowance for credit losses on investment securities, which is reflected in investment securities on the Consolidated balance sheets.
Discussion of changes in the allowance
The allowance for credit losses as of June 30, 2024 was $25.5 billion, reflecting a net addition of $749 million from December 31, 2023.
The net addition to the allowance for credit losses included:
•$653 million in consumer, reflecting a $753 million net addition in Card Services, predominantly driven by the seasoning of newer vintages, loan growth, and updates to certain macroeconomic variables, and a $125 million net reduction in Home Lending, and
•$47 million in wholesale, driven by
–a net addition of $707 million, reflecting net downgrade activity, primarily in Real Estate, and included approximately $200 million associated with incorporating the First Republic portfolio into the Firm’s modeled credit loss estimates,
predominantly offset by
–a net reduction of $660 million, primarily due to the impact of changes in the loan and lending-related commitment portfolios and updates to certain macroeconomic variables.
The Firm has maintained the additional weight placed on the adverse scenarios in the first quarter of 2023 to reflect ongoing uncertainties and downside risks related to the geopolitical and macroeconomic environment.
The Firm's allowance for credit losses is estimated using a weighted average of five internally developed macroeconomic scenarios. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions provided in the table below, resulting in a weighted average U.S. unemployment rate peaking at 5.3% in the second quarter of 2025, and a weighted average U.S. real GDP level that is 2.1% lower than the central case at the end of the fourth quarter of 2025.
The following table presents the Firm’s central case assumptions for the periods presented:
| | | | | | | | | | | |
| Central case assumptions
at June 30, 2024 |
| 4Q24 | 2Q25 | 4Q25 |
U.S. unemployment rate(a) | 4.1 | % | 4.1 | % | 4.0 | % |
YoY growth in U.S. real GDP(b) | 1.5 | % | 1.6 | % | 1.9 | % |
|
| Central case assumptions
at December 31, 2023 |
| 2Q24 | 4Q24 | 2Q25 |
U.S. unemployment rate(a) | 4.1 | % | 4.4 | % | 4.1 | % |
YoY growth in U.S. real GDP(b) | 1.8 | % | 0.7 | % | 1.0 | % |
(a)Reflects quarterly average of forecasted U.S. unemployment rate.
(b)The year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percentage change in U.S. real GDP levels from the prior year.
Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.
Refer to Note 13 and Note 10 of JPMorgan Chase's 2023 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowance for credit losses on loans, lending-related commitments, and investment securities.
Refer to Consumer Credit Portfolio on pages 61-64, Wholesale Credit Portfolio on pages 65-74 and Note 11 for additional information on the consumer and wholesale credit portfolios.
Refer to Critical Accounting Estimates Used by the Firm on pages 86-88 for further information on the allowance for credit losses and related management judgments.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Allowance for credit losses and related information | | | | | |
| 2024 | | 2023 |
| Six months ended June 30, | Consumer, excluding
credit card | Credit card | Wholesale | Total | | Consumer, excluding
credit card | Credit card | Wholesale | Total |
| (in millions, except ratios) | |
| Allowance for loan losses | | | | | | | | | |
| Beginning balance at January 1, | $ | 1,856 | | $ | 12,450 | | $ | 8,114 | | $ | 22,420 | | | $ | 2,040 | | $ | 11,200 | | $ | 6,486 | | $ | 19,726 | |
Cumulative effect of a change in accounting principle(a) | NA | NA | NA | NA | | (489) | (100) | 2 | | (587) |
| Gross charge-offs | 661 | | 3,998 | | 448 | | 5,107 | | | 501 | | 2,432 | | 294 | | 3,227 | |
| Gross recoveries collected | (343) | | (482) | | (95) | | (920) | | | (247) | | (386) | | (46) | | (679) | |
Net charge-offs | 318 | | 3,516 | | 353 | | 4,187 | | | 254 | | 2,046 | | 248 | | 2,548 | |
| Provision for loan losses | 204 | | 4,266 | | 288 | | 4,758 | | | 751 | | 2,546 | | 2,067 | | 5,364 | |
| Other | 1 | | — | | (1) | | — | | | — | | — | | 25 | | 25 | |
Ending balance at June 30, | $ | 1,743 | | $ | 13,200 | | $ | 8,048 | | $ | 22,991 | | | $ | 2,048 | | $ | 11,600 | | $ | 8,332 | | $ | 21,980 | |
| | | | | | | | | |
| Allowance for lending-related commitments | | | | | | | | | |
| Beginning balance at January 1, | $ | 75 | | $ | — | | $ | 1,899 | | $ | 1,974 | | | $ | 76 | | $ | — | | $ | 2,306 | | $ | 2,382 | |
| Provision for lending-related commitments | 17 | | — | | 77 | | 94 | | | 52 | | — | | (253) | | (201) | |
| Other | — | | — | | — | | — | | | 1 | | — | | 4 | | 5 | |
Ending balance at June 30, | $ | 92 | | $ | — | | $ | 1,976 | | $ | 2,068 | | | $ | 129 | | $ | — | | $ | 2,057 | | $ | 2,186 | |
| | | | | | | | | |
| Impairment methodology | | | | | | | | | |
Asset-specific(b) | $ | (856) | | $ | — | | $ | 562 | | $ | (294) | | | $ | (971) | | $ | — | | $ | 478 | | $ | (493) | |
| Portfolio-based | 2,599 | | 13,200 | | 7,486 | | 23,285 | | | 3,019 | | 11,600 | | 7,854 | | 22,473 | |
| Total allowance for loan losses | $ | 1,743 | | $ | 13,200 | | $ | 8,048 | | $ | 22,991 | | | $ | 2,048 | | $ | 11,600 | | $ | 8,332 | | $ | 21,980 | |
| | | | | | | | | |
| Impairment methodology | | | | | | | | | |
| Asset-specific | $ | — | | $ | — | | $ | 107 | | $ | 107 | | | $ | — | | $ | — | | $ | 65 | | $ | 65 | |
| Portfolio-based | 92 | | — | | 1,869 | | 1,961 | | | 129 | | — | | 1,992 | | 2,121 | |
Total allowance for lending-related commitments | $ | 92 | | $ | — | | $ | 1,976 | | $ | 2,068 | | | $ | 129 | | $ | — | | $ | 2,057 | | $ | 2,186 | |
| Total allowance for investment securities | NA | NA | NA | $ | 177 | | | NA | NA | NA | $ | 104 | |
Total allowance for credit losses(c) | $ | 1,835 | | $ | 13,200 | | $ | 10,024 | | $ | 25,236 | | | $ | 2,177 | | $ | 11,600 | | $ | 10,389 | | $ | 24,270 | |
| | | | | | | | | |
| Memo: | | | | | | | | | |
| Retained loans, end-of-period | $ | 382,795 | | $ | 216,100 | | $ | 674,152 | | $ | 1,273,047 | | | $ | 396,195 | | $ | 191,348 | | $ | 668,145 | | $ | 1,255,688 | |
| Retained loans, average | 389,847 | | 207,329 | | 665,468 | | 1,262,644 | | 330,227 | | 183,757 | | 624,566 | | 1,138,550 | |
| Credit ratios | | | | | | | | | |
Allowance for loan losses to retained loans | 0.46 | % | 6.11 | % | 1.19 | % | 1.81 | % | | 0.52 | % | 6.06 | % | 1.25 | % | 1.75 | % |
Allowance for loan losses to retained nonaccrual loans(d) | 51 | | NA | 245 | | 343 | | | 54 | | NA | 321 | | 345 | |
Allowance for loan losses to retained nonaccrual loans excluding credit card | 51 | | NA | 245 | | 146 | | | 54 | | NA | 321 | | 163 | |
| Net charge-off/(recovery) rates | 0.16 | | 3.41 | | 0.11 | 0.67 | | | 0.16 | | 2.25 | | 0.08 | | 0.45 | |
(a)Represents the impact to the allowance for loan losses upon the Firm's adoption of changes to the TDR accounting guidance on January 1, 2023. Refer to Note 1 of JPMorgan Chase’s 2023 Form 10-K for further information.
(b)Includes collateral-dependent loans, including those for which foreclosure is deemed probable, and nonaccrual risk-rated loans.
(c)At June 30, 2024 and 2023, in addition to the allowance for credit losses in the table above, the Firm also had an allowance for credit losses of $278 million and $18 million, respectively, associated with certain accounts receivable in CIB.
(d)The Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
Allocation of allowance for loan losses
The table below presents a breakdown of the allowance for loan losses by loan class. Refer to Note 11 for further information on loan classes.
| | | | | | | | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
(in millions, except ratios) | Allowance for loan losses | Percent of retained loans to total retained loans | | Allowance for loan losses | Percent of retained loans to total retained loans |
| Residential real estate | $ | 659 | | 25 | % | | $ | 817 | | 25 | % |
| Auto and other | 1,084 | | 5 | | | 1,039 | | 6 | |
| Consumer, excluding credit card | 1,743 | | 30 | | | 1,856 | | 31 | |
| Credit card | 13,200 | | 17 | | | 12,450 | | 16 | |
| Total consumer | 14,943 | | 47 | | | 14,306 | | 47 | |
| Secured by real estate | 2,961 | | 13 | | | 2,997 | | 13 | |
| Commercial and industrial | 3,500 | | 13 | | | 3,519 | | 13 | |
| Other | 1,587 | | 27 | | | 1,598 | | 27 | |
| Total wholesale | 8,048 | | 53 | | | 8,114 | | 53 | |
Total | $ | 22,991 | | 100 | % | | $ | 22,420 | | 100 | % |
| | | | | | | | | | | | | | |
INVESTMENT PORTFOLIO RISK MANAGEMENT |
Investment portfolio risk is the risk associated with the loss of principal or a reduction in expected returns on investments arising from the investment securities portfolio or from principal investments. The investment securities portfolio is predominantly held by Treasury and CIO in connection with the Firm’s balance sheet and asset-liability management objectives. Principal investments are predominantly privately-held financial instruments and are managed in the LOBs and Corporate. Investments are typically intended to be held over extended periods and, accordingly, the Firm has no expectation for short-term realized gains with respect to these investments.
Investment securities risk
Investment securities risk includes the exposure associated with a default in the payment of principal and interest. This risk is mitigated given that the investment securities portfolio held by Treasury and CIO predominantly consists of high-quality securities. At June 30, 2024, the Treasury and CIO investment securities portfolio, net of the allowance for credit losses, was $587.4 billion, and the average credit rating of the securities comprising the portfolio was AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings). Refer to Corporate segment results on pages 41-43 and Note 9 for further information on the investment securities portfolio and internal risk ratings. Refer to Liquidity Risk Management on pages 51-58 for further information on related liquidity risk. Refer to Market Risk Management on pages 79-84 for further information on the market risk inherent in the portfolio.
Principal investment risk
Principal investments are typically privately-held financial instruments representing ownership interests or other forms of junior capital. In general, principal investments include tax-oriented investments and investments made to enhance or accelerate the Firm’s business strategies and exclude those that are consolidated on the Firm's balance sheets. These investments are made by dedicated investing businesses or as part of a broader business strategy. The Firm’s principal investments are managed by the LOBs and Corporate and are reflected within their respective financial results. The Firm’s investments will continue to evolve based on market circumstances and in line with its strategic initiatives, including the Firm’s environmental and social goals.
The table below presents the aggregate carrying values of the principal investment portfolios as of June 30, 2024 and December 31, 2023.
| | | | | | | | | | | |
| (in billions) | June 30, 2024 | | December 31, 2023 |
Tax-oriented investments, primarily in alternative energy and affordable housing(a) | $ | 31.8 | | | $ | 28.8 | |
Private equity, various debt and equity instruments, and real assets | 13.4 | | (b) | 10.5 | |
| Total carrying value | $ | 45.2 | | | $ | 39.3 | |
(a)Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures guidance. Refer to Note 13 for additional information.
(b)The increase from December 31, 2023 is primarily due to the Visa C shares held at fair value. Refer to Market Risk Management on pages 79-84 and Note 2 on page 111 for additional information.
Refer to page 134 of JPMorgan Chase’s 2023 Form 10-K for a discussion of the Firm’s Investment Portfolio Risk Management governance and oversight.
Market risk is the risk associated with the effect of changes in market factors such as interest and foreign exchange rates, equity and commodity prices, credit spreads or implied volatilities, on the value of assets and liabilities held for both the short and long term. Refer to Market Risk Management on pages 135–143 of JPMorgan Chase’s 2023 Form 10-K for a discussion of the Firm’s Market Risk Management organization, market risk measurement, risk monitoring and control, and predominant business activities that give rise to market risk.
Models used to measure market risk are inherently imprecise and are limited in their ability to measure certain risks or to predict losses. This imprecision may be heightened when sudden or severe shifts in market conditions occur. For additional discussion on model uncertainty refer to Estimations and Model Risk Management on page 154 of JPMorgan Chase’s 2023 Form 10-K.
Market Risk Management periodically reviews the Firm’s existing market risk measures to identify opportunities for enhancement, and to the extent appropriate, will calibrate those measures accordingly over time.
Value-at-risk
JPMorgan Chase utilizes value-at-risk (“VaR”), a statistical risk measure, to estimate the potential loss from adverse market moves in the current market environment. The Firm has a single VaR framework used as a basis for calculating Risk Management VaR and Regulatory VaR.
The Firm’s Risk Management VaR is calculated assuming a one-day holding period and an expected tail-loss methodology which approximates a 95% confidence level. For risk management purposes, the Firm believes this methodology provides a daily measure of risk that is closely aligned to risk management decisions made by the LOBs and Corporate and, along with other market risk measures, provides the appropriate information needed to respond to risk events. The Firm calculates separately a daily aggregated VaR in accordance with regulatory rules (“Regulatory VaR”), which is used to derive the Firm’s regulatory VaR-based capital requirements under Basel III.
The Firm’s VaR model calculations are periodically evaluated and enhanced in response to changes in the composition of the Firm’s portfolios, changes in market conditions, improvements in the Firm’s modeling techniques and measurements, and other factors. Such changes may affect historical comparisons of VaR results. Refer to Estimations and Model Risk Management on page 154 of JPMorgan Chase’s 2023 Form 10-K for information regarding model reviews and approvals.
Refer to page 137 of JPMorgan Chase’s 2023 Form 10-K for further information regarding VaR, including the inherent limitations, and the key differences between Risk Management VaR and Regulatory VaR. Refer to JPMorgan Chase’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for additional information on Regulatory VaR and the other components of market risk regulatory capital for the Firm (e.g., VaR-based measure, stressed VaR-based measure and the respective backtesting). Refer to Other risk measures on pages 140–143 of JPMorgan Chase’s 2023 Form 10-K for further information regarding nonstatistical market risk measures used by the Firm.
Corporate VaR, Daily Risk Management VaR and VaR backtesting exceptions reflect the impact of Visa C shares that are held at fair value and therefore captured in VaR. Refer to Note 2 on page 111 for additional information.
The table below shows the results of the Firm’s Risk Management VaR measure using a 95% confidence level. VaR can vary significantly as positions change, market volatility fluctuates, and diversification benefits change. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total VaR | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended | | | | | | | |
| | June 30, 2024 | | March 31, 2024 | | June 30, 2023 | | | | | |
| (in millions) | | Avg. | Min | Max | | Avg. | Min | Max | | Avg. | Min | Max | | | | | | | | | |
CIB trading VaR by risk type(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fixed income | | $ | 31 | | | $ | 26 | | | $ | 37 | | | | $ | 35 | | | $ | 30 | | | $ | 39 | | | | $ | 57 | | | $ | 50 | | | $ | 66 | | | | | | | | | | |
| Foreign exchange | | 18 | | | 15 | | | 23 | | | | 13 | | | 8 | | | 19 | | | | 12 | | | 7 | | | 24 | | | | | | | | | | |
| Equities | | 7 | | | 5 | | | 11 | | | | 6 | | | 4 | | | 13 | | | | 8 | | | 5 | | | 11 | | | | | | | | | | |
Commodities and other | | 9 | | | 7 | | | 11 | | | | 7 | | | 6 | | | 10 | | | | 12 | | | 8 | | | 17 | | | | | | | | | | |
Diversification benefit to CIB trading VaR(b) | | (32) | | | NM | | NM | | | (29) | | | NM | | NM | | | (48) | | | NM | | NM | | | | | | | | | |
| CIB trading VaR | | 33 | | | 28 | |
| 37 | |
| | 32 | | | 27 | | | 40 | | | | 41 | | | 31 | | | 50 | | | | | | | | | | |
Credit Portfolio VaR(c) | | 21 | | | 18 | | | 25 | | | | 24 | | | 20 | | | 28 | | | | 14 | | | 11 | | | 18 | | | | | | | | | | |
Diversification benefit to CIB VaR(b) | | (16) | | | NM | | NM | | | (15) | | | NM | | NM | | | (11) | | | NM | | NM | | | | | | | | | |
CIB VaR | | 38 | | | 33 | |
| 43 | |
| | 41 | | | 36 | | | 50 | | | | 44 | | | 34 | | | 55 | | | | | | | | | | |
CCB VaR | | 2 | | | 1 | | | 4 | | | | 3 | | | 1 | | | 6 | | | | 9 | | | 6 | | | 14 | | | | | | | | | | |
AWM VaR(d) | | 8 | | | 7 | | | 9 | | | | 9 | | | 9 | |
| 10 | |
| | NM | | NM | | NM | | | | | | | | | |
Corporate VaR(d)(e) | | 48 | | | 7 | |
| 102 | | | | 10 | | | 9 | | | 11 | | | | 13 | | | 11 | | | 15 | | | | | | | | | | |
Diversification benefit to other VaR(b) | | (9) | | | NM | | NM |
| | (8) | |
| NM | | NM | | | (7) | | | NM | | NM | | | | | | | | | |
| Other VaR | | 49 | | | 10 | | | 101 | | | | 14 | | | 12 | | | 16 | | | | 15 | | | 13 | | | 19 | | | | | | | | | | |
Diversification benefit to CIB and other VaR(b) | | (31) | | | NM | | NM |
| | (7) | | | NM | | NM | | | (12) | | | NM | | NM | | | | | | | | | |
| Total VaR | | $ | 56 | | | $ | 39 | |
| $ | 91 | | | | $ | 48 | | | $ | 43 | | | $ | 58 | | | | $ | 47 | | | $ | 36 | | | $ | 56 | | | | | | | | | | |
(a)The impact of the business segment reorganization was not material to Total CIB VaR. Prior periods have not been revised. Refer to Business Segment Results on page 20 for additional information.
(b)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 LOBs, Corporate, and risk types. For maximum and minimum VaR, diversification benefit is not meaningful as the maximum and minimum VaR for each portfolio may have occurred on different trading days than the components.
(c)Includes the derivative CVA, hedges of the CVA and credit protection purchased against certain retained loans and lending-related commitments, 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.
(d)In the second quarter of 2024, the presentation of Corporate and other LOB VaR was updated to disaggregate AWM VaR due to the increase associated with credit protection purchased against certain retained loans and lending-related commitments. The VaR does not include the retained loan portfolio, which is not reported at fair value.
(e)Includes Visa C shares and a legacy private equity position which is publicly traded.
Quarter over quarter results
Average total VaR for the three months ended June 30, 2024 increased by $8 million, when compared with March 31, 2024, predominantly due to the impact of the Visa C shares in Corporate VaR. Average CIB VaR for the three months ended June 30, 2024 decreased by $3 million, when compared to March 31, 2024 due to volatility rolling out of the one-year historical look-back period impacting Fixed Income and Credit Portfolio VaR.
Year over year results
Average total VaR for the three months ended June 30, 2024 increased by $9 million, compared with the same period in the prior year predominantly due to the impact of the Visa C shares in Corporate VaR. Average CIB VaR for the three months ended June 30, 2024 decreased by $6 million, compared with the same period in the prior year driven by volatility rolling out of the one-year historical look-back period impacting Fixed Income partially offset by an increase associated with credit protection purchased against certain retained loans and lending-related commitments within Credit Portfolio VaR.
The following graph presents daily Risk Management VaR for the five trailing quarters. The increase in VaR and subsequent decline observed in the second quarter of 2024 was primarily driven by changes in Visa C share exposure in the Firm's Corporate VaR.
Daily Risk Management VaR
| | | | | | | | | | | | | | |
Second Quarter
2023 | Third Quarter
2023 | Fourth Quarter
2023 | First Quarter
2023 | Second Quarter
2024 |
VaR backtesting
The Firm performs daily VaR model backtesting, which compares the daily Risk Management VaR results with the daily gains and losses that are utilized for VaR backtesting purposes. The gains and losses depicted in the chart below do not reflect the Firm’s reported revenue as they exclude certain components of total net revenue, such as those associated with the execution of new transactions (i.e., intraday client-driven trading and intraday risk management activities), fees, commissions, other valuation adjustments and net interest income. These excluded components of total net revenue may more than offset the backtesting gain or loss on a particular day. The definition of backtesting gains and losses above is consistent with the requirements for backtesting under Basel III capital rules.
A backtesting exception occurs when the daily backtesting loss exceeds the daily Risk Management VaR for the prior day. Under the Firm’s Risk Management VaR methodology, assuming current changes in market values are consistent with the historical changes used in the simulation, the Firm would expect to incur VaR backtesting exceptions five times every 100 trading days on average. The number of VaR backtesting exceptions observed can differ from the statistically expected number of backtesting exceptions if the current level of market volatility is materially different from the level of market volatility during the 12 months of historical data used in the VaR calculation.
For the 12 months ended June 30, 2024, the Firm posted backtesting gains on 152 of the 258 days, and observed 14 VaR backtesting exceptions. For the three months ended June 30, 2024, the Firm posted backtesting gains on 42 of the 65 days, and the Firm observed five VaR backtesting exceptions primarily driven by price changes in Visa C shares.
The following chart presents the distribution of Firmwide daily backtesting gains and losses for the trailing 12 months and three months ended June 30, 2024. The daily backtesting losses are displayed as a percentage of the corresponding daily Risk Management VaR. The count of days with backtesting losses are shown in aggregate, in fifty percentage point intervals. Backtesting exceptions are displayed within the intervals that are greater than one hundred percent. The results in the chart below differ from the results of backtesting disclosed in the Market Risk section of the Firm’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are based on Regulatory VaR applied to the Firm’s covered positions.
Distribution of Daily Backtesting Gains and Losses
Structural interest rate risk management
The effect of interest rate exposure on the Firm’s reported net income is important as interest rate risk represents one of the Firm’s significant market risks. Interest rate risk arises not only from trading activities which are included in VaR, but also from the Firm’s traditional banking activities, which include extension of loans and credit facilities, taking deposits, issuing debt, as well as the investment securities portfolio, and associated derivative instruments.
Refer to the table on page 136 of JPMorgan Chase’s 2023 Form 10-K for a summary by LOB and Corporate identifying positions included in earnings-at-risk.
Earnings-at-Risk
One way that the Firm evaluates its structural interest rate risk is through earnings-at-risk. Earnings-at-risk estimates the Firm’s interest rate exposure for a given interest rate scenario. It is presented as a sensitivity to a baseline, which includes net interest income and certain interest rate sensitive fees. The baseline uses market interest rates and, in the case of deposits, pricing assumptions. The Firm conducts simulations of changes to this baseline for interest rate-sensitive assets and liabilities denominated in U.S. dollars and other currencies (“non-U.S. dollar” currencies). These simulations primarily include retained loans, deposits, deposits with banks, investment securities, long-term debt and any related interest rate hedges, and funds transfer pricing of other positions in risk management VaR and other sensitivity-based measures as described on page 136 of JPMorgan Chase’s 2023 Form 10-K. These simulations exclude hedges of exposure from non-U.S. dollar foreign exchange risk arising from the Firm’s capital investments. The inclusion of the hedges in these simulations would increase U.S. dollar sensitivities and decrease non-U.S. dollar sensitivities. Refer to non-U.S. dollar foreign exchange risk on page 143 of JPMorgan Chase’s 2023 Form 10-K for more information.
Earnings-at-risk scenarios estimate the potential change to a net interest income baseline, over the following 12 months utilizing multiple assumptions. These scenarios include a parallel shift involving changes to both short-term and long-term rates by an equal amount; a steeper yield curve involving holding short-term rates constant and increasing long-term rates; and a flatter yield curve involving increasing short-term rates and holding long-term rates constant or holding short-term rates constant and decreasing long-term rates. These scenarios consider many different factors, including:
•The impact on exposures as a result of instantaneous changes in interest rates from baseline rates.
•Forecasted balance sheet, as well as modeled prepayment and reinvestment behavior, but excluding assumptions about actions that could be taken by the Firm or its clients and customers in response to instantaneous rate changes. Mortgage prepayment assumptions are based on the interest rates used in the scenarios compared with underlying contractual rates, the time since origination, and other factors which are updated periodically based on historical experience. Deposit forecasts are a key assumption in the Firm's earnings-at-risk. The baseline reflects certain assumptions relating to the reversal of Quantitative Easing that are highly uncertain and require management judgment. Therefore, the actual amount of deposits held by the Firm, at any particular time, could be impacted by actions the Federal Reserve may take as part of monetary policy, including through the use of the Reverse Repurchase Facility. In addition, there are other factors that impact the amount of deposits held at the Firm such as the level of loans across the industry and competition for deposits.
•The pricing sensitivity of deposits, known as deposit betas, represent the amount by which deposit rates paid could change upon a given change in market interest rates. Actual deposit rates paid may differ from the modeled assumptions, primarily due to customer behavior and competition for deposits.
The Firm performs sensitivity analyses of the assumptions used in earnings-at-risk scenarios, including with respect to deposit betas and forecasts of deposit balances, both of which are especially significant in the case of consumer deposits. The results of these sensitivity analyses are reported to the CTC Risk Committee and the Board Risk Committee.
The Firm’s earnings-at-risk scenarios are periodically evaluated and enhanced in response to changes in the composition of the Firm’s balance sheet, changes in market conditions, improvements in the Firm’s simulation and other factors. In the second quarter of 2024, the Firm updated certain deposit rates paid assumptions which take into account observed pricing and client and customer behavior during the most recent economic cycle. These updated deposit rates paid assumptions impacted the U.S. dollar scenarios, resulting in an increase in positive sensitivity in higher interest rate scenarios, and an increase in negative sensitivity in lower interest rate scenarios. While a relevant measure of the Firm’s interest rate exposure, the earnings-at-risk analysis does not represent a forecast of the Firm’s net interest income (Refer to Outlook on page 8 for additional information).
The Firm’s U.S. dollar and non-U.S. dollar sensitivities are presented in the table below.
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| (In billions) | June 30, 2024 |
| December 31, 2023 | |
U.S. dollar: | | | | |
Parallel shift: (a) | | | | |
| +100 bps shift in rates | $ | 2.8 | | | $ | 2.4 | | |
| -100 bps shift in rates | (2.5) | | | (2.1) | | |
| +200 bps shift in rates | 5.5 | | | 4.8 | | |
| -200 bps shift in rates | (4.8) | | | (4.6) | | |
| Steeper yield curve: | | | | |
| +100 bps shift in long-term rates | 1.5 | | | 0.6 | | |
| -100 bps shift in short-term rates | (1.0) | | | (1.5) | | |
| Flatter yield curve: | | | | |
| +100 bps shift in short-term rates | 1.3 | | | 1.8 | | |
| -100 bps shift in long-term rates | (1.5) | | | (0.5) | | |
Non-U.S. dollar: | | | | |
Parallel shift: (a) | | | | |
| +100 bps shift in rates | $ | 0.7 | | | $ | 0.7 | | |
| -100 bps shift in rates | (0.7) | | | (0.7) | | |
(a)Reflects the simultaneous shift of U.S. dollar and non-U.S. dollar rates.
The change in the Firm’s U.S. dollar sensitivities as of June 30, 2024 compared to December 31, 2023, reflected the impact of changes in the Firm’s actual and forecasted balance sheet and the update in the second quarter of 2024 of the deposit rates paid assumptions for certain consumer and wholesale deposit products based upon observed pricing and client and customer behavior during the most recent economic cycle. In the absence of this update, the Firm’s U.S. dollar sensitivities as of June 30, 2024, would have been lower by approximately $900 million and $1.9 billion to the +100 basis points and +200 basis points shifts, respectively, in short-term and parallel rate scenarios and higher by approximately $1.0 billion and $1.8 billion to the -100 basis points and -200 basis points shifts, respectively, in short-term and parallel rate scenarios.
Economic Value Sensitivity
In addition to earnings-at-risk, which is measured as a sensitivity to a baseline of earnings over the next 12 months, the Firm also measures Economic Value Sensitivity (“EVS”). EVS stress tests the longer-term economic value of equity by measuring the sensitivity of the Firm’s current balance sheet, primarily retained loans, deposits, debt and investment securities as well as related hedges, under various interest rate scenarios. The Firm's pricing and cash flow assumptions associated with deposits, as well as prepayment assumptions for loans and securities, are significant factors in the EVS measure. In accordance with the CTC interest rate risk management policy, the Firm has established limits on EVS as a percentage of TCE.
Certain assumptions used in the EVS measure may differ from those required in the fair value disclosure. For example, certain assets and liabilities with no stated maturity, such as credit card receivables and deposits, have longer assumed durations in the EVS measure. Additional information on long-term debt and held to maturity investment securities is disclosed on page 112 in Note 2 financial instruments that are not carried at fair value on the Consolidated balance sheets.
Other sensitivity-based measures
The Firm quantifies the market risk of certain debt and equity and credit and funding-related exposures by assessing the potential impact on net revenue, other comprehensive income (“OCI”) and noninterest expense due to changes in relevant market variables. Refer to the predominant business activities that give rise to market risk on page 136 of JPMorgan Chase’s 2023 Form 10-K for additional information on the positions captured in other sensitivity-based measures.
The table below represents the potential impact to net revenue, OCI or noninterest expense for market risk-sensitive instruments that are not included in VaR or earnings-at-risk. Where appropriate, instruments used for hedging purposes are reported net of the positions being hedged. The sensitivities disclosed in the table below may not be representative of the actual gain or loss that would have been realized at June 30, 2024 and December 31, 2023, as the movement in market parameters across maturities may vary and are not intended to imply management’s expectation of future changes in these sensitivities.
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Gain/(loss) (in millions) | | | | | | June 30, 2024 | | December 31, 2023 |
| Activity | | Description | | Sensitivity measure | | |
| | | | | | | | |
Debt and equity(a) | | | | | | | | |
| Asset Management activities | | Consists of seed capital and related hedges; fund co-investments(c); and certain deferred compensation and related hedges(d) | | 10% decline in market value | | $ | (56) | | | $ | (61) | |
| Other debt and equity | | Consists of certain real estate-related fair value option elected loans, privately held equity and other investments held at fair value(c) | | 10% decline in market value | | (955) | | | (1,044) | |
| | | | | | | | |
| Credit- and funding-related exposures | | | | | | |
Non-USD LTD cross-currency basis | | Represents the basis risk on derivatives used to hedge the foreign exchange risk on the non-USD LTD(e) | | 1 basis point parallel tightening of cross currency basis | | (12) | | | (12) | |
Non-USD LTD hedges foreign currency (“FX”) exposure | | Primarily represents the foreign exchange revaluation on the fair value of the derivative hedges(e) | | 10% depreciation of currency | | 18 | | | 16 | |
| Derivatives – funding spread risk | | Impact of changes in the spread related to derivatives FVA(c) | | 1 basis point parallel increase in spread | | (2) | | | (3) | |
CVA - counterparty credit risk(b) | | Credit risk component of CVA and associated hedges | | 10% credit spread widening | | — | | | — | |
| Fair value option elected liabilities – funding spread risk | | Impact of changes in the spread related to fair value option elected liabilities DVA(e) | | 1 basis point parallel increase in spread | | 46 | | | 46 | |
Fair value option elected liabilities – interest rate sensitivity | | Interest rate sensitivity on fair value option elected liabilities resulting from a change in the Firm’s own credit spread(e) | | 1 basis point parallel increase in spread | | — | | | — | |
| Interest rate sensitivity related to risk management of changes in the Firm’s own credit spread on the fair value option elected liabilities noted above(c) | | 1 basis point parallel increase in spread | | — | | | — | |
(a)Excludes equity securities without readily determinable fair values that are measured under the measurement alternative. Refer to Note 2 for additional information.
(b)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.
(c)Impact recognized through net revenue.
(d)Impact recognized through noninterest expense.
(e)Impact recognized through OCI.
The Firm, through its LOBs and Corporate, may be exposed to country risk resulting from financial, economic, political or other significant developments which adversely affect the value of the Firm’s exposures related to a particular country or set of countries. The Country Risk Management group actively monitors the various portfolios which may be impacted by these developments and measures the extent to which the Firm’s exposures are diversified given the Firm’s strategy and risk tolerance relative to a country.
Refer to pages 144–145 of JPMorgan Chase’s 2023 Form 10-K for a further discussion of the Firm’s country risk management.
Risk Reporting
The following table presents the Firm’s top 20 exposures by country (excluding the U.S.) as of June 30, 2024 and their comparative exposures as of December 31, 2023. The top 20 country exposures represent the Firm’s largest total exposures by individual country. Country exposures may fluctuate from period to period due to a variety of factors, including client activity, market flows and liquidity management activities undertaken by the Firm.
The increase in exposure to Germany when compared to December 31, 2023, was driven by an increase in cash placed with the central bank of Germany primarily due to client-driven market-making activities and higher client deposits in CIB.
The Firm continues to monitor its exposure to Russia, which corresponds to cash placed with the central bank, but which excludes deposits placed on behalf of clients at the Deposit Insurance Agency of Russia. The Firm currently believes that its remaining exposure to Russia is not material. Refer to Note 24 on pages 183-184 for information concerning Russian litigation.
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Top 20 country exposures (excluding the U.S.)(a) |
(in billions) | June 30, 2024 | | December 31, 2023(f) |
| Deposits with banks(b) | Lending(c) | Trading and investing(d) | Other(e) | Total exposure | | Total exposure |
| Germany | $ | 90.8 | | $ | 12.7 | | $ | 2.6 | | $ | 0.7 | | $ | 106.8 | | | $ | 84.8 | |
| United Kingdom | 27.5 | | 22.8 | | 24.9 | | 3.1 | | 78.3 | | | 77.1 | |
| Japan | 33.3 | | 2.5 | | 3.9 | | 0.4 | | 40.1 | | | 36.0 | |
| Brazil | 6.5 | | 4.6 | | 7.7 | | — | | 18.8 | | | 16.7 | |
| Australia | 6.3 | | 8.8 | | 3.4 | | 0.1 | | 18.6 | | | 18.3 | |
| France | 0.5 | | 11.8 | | 4.3 | | 0.8 | | 17.4 | | | 10.1 | |
| Canada | 2.4 | | 11.1 | | 3.5 | | 0.2 | | 17.2 | | | 16.0 | |
| China | 2.8 | | 5.7 | | 4.6 | | 0.1 | | 13.2 | | | 14.0 | |
| Switzerland | 5.6 | | 4.5 | | 0.4 | | 2.3 | | 12.8 | | | 10.9 | |
| South Korea | 0.6 | | 3.3 | | 7.5 | | 0.5 | | 11.9 | | | 7.8 | |
| India | 1.8 | | 5.0 | | 4.5 | | 0.3 | | 11.6 | | | 9.7 | |
| Italy | — | | 10.0 | | 0.7 | | 0.3 | | 11.0 | | | 6.0 | |
| Saudi Arabia | 1.1 | | 5.2 | | 2.9 | | — | | 9.2 | | | 7.7 | |
| Singapore | 1.5 | | 2.6 | | 4.2 | | 0.4 | | 8.7 | | | 9.8 | |
| Belgium | 5.0 | | 2.3 | | 0.6 | | — | | 7.9 | | | 8.0 | |
| Mexico | 1.5 | | 3.4 | | 2.5 | | — | | 7.4 | | | 8.2 | |
| Netherlands | — | | 7.5 | | (0.6) | | 0.2 | | 7.1 | | | 5.6 | |
| Spain | 0.2 | | 4.8 | | 0.6 | | — | | 5.6 | | | 6.3 | |
| Sweden | — | | 3.6 | | 0.3 | | — | | 3.9 | | | 3.1 | |
| Luxembourg | 0.9 | | 1.6 | | 1.0 | | — | | 3.5 | | | 4.0 | |
(a)Country exposures presented in the table reflect 89% and 87% of total Firmwide non-U.S. exposure, where exposure is attributed to an individual country based on the Firm’s internal country risk management approach, at June 30, 2024 and December 31, 2023, respectively.
(b)Predominantly represents cash placed with central banks.
(c)Includes loans and accrued interest receivable, lending-related commitments (net of eligible collateral and the allowance for credit losses). Excludes intra-day and operating exposures, such as those from settlement and clearing activities.
(d)Includes market-making positions and hedging, investment securities, and counterparty exposure on derivative and securities financings net of eligible collateral. Market-making positions and hedging includes exposure from single reference entity (“single-name”), index and other multiple reference entity transactions for which one or more of the underlying reference entities is in a country listed in the above table.
(e)Includes physical commodities inventory and clearing house guarantee funds.
(f)The country rankings presented in the table as of December 31, 2023, are based on the country rankings of the corresponding exposures at June 30, 2024, not actual rankings of such exposures at December 31, 2023.
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| CRITICAL ACCOUNTING ESTIMATES USED BY THE FIRM |
JPMorgan Chase’s accounting policies and use of estimates are integral to understanding its reported results. The Firm’s most complex accounting estimates require management’s judgment to ascertain the appropriate carrying value of assets and liabilities. The Firm has established policies and control procedures intended to ensure that estimation methods, including any judgments made as part of such methods, are well-controlled, independently reviewed and applied consistently from period to period. The methods used and judgments made reflect, among other factors, the nature of the assets or liabilities and the related business and risk management strategies, which may vary across the Firm’s businesses and portfolios. In addition, the policies and procedures are intended to ensure that the process for changing methodologies occurs in an appropriate manner. The Firm believes its estimates for determining the carrying value of its assets and liabilities are appropriate. The following is a brief description of the Firm’s critical accounting estimates involving significant judgments.
Allowance for credit losses
The Firm’s allowance for credit losses represents management’s estimate of expected credit losses over the remaining expected life of the Firm’s financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The allowance for credit losses generally comprises:
•The allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated),
•The allowance for lending-related commitments, and
•The allowance for credit losses on investment securities.
The allowance for credit losses involves significant judgment on a number of matters including development and weighting of macroeconomic forecasts, incorporation of historical loss experience, assessment of risk characteristics, assignment of risk ratings, valuation of collateral, and the determination of remaining expected life. Refer to Note 10 and Note 13 of JPMorgan Chase's 2023 Form 10-K for further information on these judgments as well as the Firm’s policies and methodologies used to determine the Firm’s allowance for credit losses, and Allowance for credit losses on pages 75-77 and Note 12 of this Form 10-Q for further information.
One of the most significant judgments involved in estimating the Firm’s allowance for credit losses relates to the macroeconomic forecasts used to estimate credit losses over the eight-quarter forecast period within the Firm’s methodology. The eight-quarter forecast incorporates hundreds of macroeconomic variables ("MEVs") that are relevant for exposures across the Firm, with modeled credit losses being driven primarily by a subset of less than twenty variables. The specific variables that have the greatest effect on the modeled losses vary by portfolio and geography.
•Key MEVs for the consumer portfolio include regional U.S. unemployment rates and U.S. HPI.
•Key MEVs for the wholesale portfolio include U.S. unemployment, U.S. real GDP, U.S. equity prices, U.S. interest rates, U.S. corporate credit spreads, oil prices, U.S. commercial real estate prices and U.S. HPI.
Changes in the Firm’s assumptions and forecasts of economic conditions could significantly affect its estimate of expected credit losses in the portfolio at the balance sheet date or lead to significant changes in the estimate from one reporting period to the next.
As a result of the First Republic acquisition, the Firm recorded an allowance for credit losses for the loans acquired and lending-related commitments assumed as of May 1, 2023. Given the differences in risk rating methodologies for the First Republic portfolio, and the ongoing integration of products and systems, the allowance for credit losses for the acquired wholesale portfolio was measured based on other facilities underwritten by the Firm with similar risk characteristics and not based on modeled estimates. The acquired wholesale portfolio was incorporated into the Firm's modeled credit loss estimates commencing in the second quarter of 2024, and therefore is now reflected in the wholesale sensitivity analysis below, resulting in an increase of approximately $200 million. Refer to Note 26 for additional information on the First Republic acquisition.
It is difficult to estimate how potential changes in any one factor or input might affect the overall allowance for credit losses because management considers a wide variety of factors and inputs in estimating the allowance for credit losses. Changes in the factors and inputs considered may not occur at the same rate and may not be consistent across all geographies or product types, and changes in factors and inputs may be directionally inconsistent, such that improvement in one factor or input may offset deterioration in others.
To consider the impact of a hypothetical alternate macroeconomic forecast, the Firm compared the modeled credit losses determined using its central and relative adverse macroeconomic scenarios, which are two of the five scenarios considered in estimating the allowances for loan losses and lending-related commitments. The central and relative adverse scenarios each included a full suite of MEVs, but differed in the levels, paths and peaks/troughs of those variables over the eight-quarter forecast period.
For example, compared to the Firm’s central scenario shown on page 75 and in Note 12, the Firm’s relative adverse scenario assumes an elevated U.S. unemployment rate, averaging approximately 2.2% higher over the eight-quarter forecast, with a peak difference of approximately 3.0% in the second quarter of 2025.
This analysis is not intended to estimate expected future changes in the allowance for credit losses, for a number of reasons, including:
•The allowance as of June 30, 2024, reflects credit losses beyond those estimated under the central scenario due to the weight placed on the adverse scenarios.
•The impacts of changes in many MEVs are both interrelated and nonlinear, so the results of this analysis cannot be simply extrapolated for more severe changes in macroeconomic variables.
•Expectations of future changes in portfolio composition and borrower behavior can significantly affect the allowance for credit losses.
To demonstrate the sensitivity of credit loss estimates to macroeconomic forecasts as of June 30, 2024, the Firm compared the modeled estimates under its relative adverse scenario to its central scenario. Without considering offsetting or correlated effects in other qualitative components of the Firm’s allowance for credit losses, the comparison between these two scenarios for the exposures below reflect the following differences:
•An increase of approximately $750 million for residential real estate loans and lending-related commitments
•An increase of approximately $3.8 billion for credit card loans
▪An increase of approximately $4.3 billion for wholesale loans and lending-related commitments
This analysis relates only to the modeled credit loss estimates and is not intended to estimate changes in the overall allowance for credit losses as it does not reflect any potential changes in other adjustments to the quantitative calculation, which would also be influenced by the judgment management applies to the modeled lifetime loss estimates to reflect the uncertainty and imprecision of these modeled lifetime loss estimates based on then-current circumstances and conditions.
Recognizing that forecasts of macroeconomic conditions are inherently uncertain, the Firm believes that its process to consider the available information and associated risks and uncertainties is appropriately governed and that its estimates of expected credit losses were reasonable and appropriate for the period ended June 30, 2024.
Fair value
JPMorgan Chase carries a portion of its assets and liabilities at fair value. The majority of such assets and liabilities are measured at fair value on a recurring basis, including derivatives, structured note products and certain securities financing agreements. Certain assets and liabilities are measured at fair value on a nonrecurring basis, including certain mortgage, home equity and other loans, where the carrying value is based on the fair value of the underlying collateral.
Assets measured at fair value
The following table includes the Firm’s assets measured at fair value and the portion of such assets that are classified within level 3 of the fair value hierarchy. Refer to Note 2 for further information.
| | | | | | | | | | | | | | |
June 30, 2024
(in millions, except ratios) | Total assets at fair value | | Total level 3 assets |
| Federal funds sold and securities purchased under resale agreements | $ | 379,930 | | | | $ | — | |
| Securities borrowed | 87,652 | | | | — | |
| Trading assets: | | | | |
| Trading–debt and equity instruments | 679,164 | | | | 2,301 | |
Derivative receivables(a) | 54,673 | | | | 10,246 | |
| Total trading assets | 733,837 | | | | 12,547 | |
| AFS securities | 266,252 | | | | — | |
| Loans | 38,250 | | | | 2,993 | |
| MSRs | 8,847 | | | | 8,847 | |
| Other | 16,269 | | | | 1,202 | |
Total assets measured at fair value on a recurring basis | 1,531,037 | | | | 25,589 | |
Total assets measured at fair value on a nonrecurring basis | 2,145 | | | | 1,279 | |
Total assets measured at fair value | $ | 1,533,182 | | | | $ | 26,868 | |
| Total Firm assets | $ | 4,143,003 | | | | |
Level 3 assets at fair value as a percentage of total Firm assets(a) | | | | 1 | % |
Level 3 assets at fair value as a percentage of total Firm assets at fair value(a) | | | | 2 | % |
(a)For purposes of the table above, the derivative receivables total reflects the impact of netting adjustments; however, the $10.2 billion of derivative receivables classified as level 3 does not reflect the netting adjustment as such netting is not relevant to a presentation based on the transparency of inputs to the valuation of an asset. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.
Valuation
Estimating fair value requires the application of judgment. The type and level of judgment required is largely dependent on the amount of observable market information available to the Firm. For instruments valued using internally developed valuation models and other valuation techniques that use significant unobservable inputs and are therefore classified within level 3 of the fair value hierarchy, judgments used to estimate fair value are more significant than those required when estimating the fair value of instruments classified within levels 1 and 2.
In arriving at an estimate of fair value for an instrument within level 3, management must first determine the appropriate valuation model or other valuation technique to use. Second, the lack of observability of certain significant inputs requires management to assess relevant empirical data in deriving valuation inputs including, for example, transaction details, yield curves, interest rates, prepayment speeds, default rates, volatilities, correlations, prices (such as commodity, equity or debt prices), valuations of comparable instruments, foreign exchange rates and credit curves. Refer to Note 2 for a further discussion of the valuation of level 3 instruments, including unobservable inputs used.
For instruments classified in levels 2 and 3, management judgment must be applied to assess the appropriate level of valuation adjustments to reflect counterparty credit quality, the Firm’s creditworthiness, market funding rates, liquidity considerations, unobservable parameters, and for portfolios that meet specified criteria, the size of the net open risk position. The judgments made are typically affected by the type of product and its specific contractual terms, and the level of liquidity for the product or within the market as a whole. In periods of heightened market volatility and uncertainty judgments are further affected by the wider variation of reasonable valuation estimates, particularly for positions that are less liquid. Refer to Note 2 for a further discussion of valuation adjustments applied by the Firm.
Imprecision in estimating unobservable market inputs or other factors can affect the amount of gain or loss recorded for a particular position. Furthermore, while the Firm believes its valuation methods are appropriate and consistent with those of other market participants, the methods and assumptions used reflect management judgment and may vary across the Firm’s businesses and portfolios.
The Firm uses various methodologies and assumptions in the determination of fair value. The use of methodologies or assumptions different than those used by the Firm could result in a different estimate of fair value at the reporting date. Refer to Note 2 for a detailed discussion of the Firm’s valuation process and hierarchy, and its determination of fair value for individual financial instruments.
Credit card rewards liability
The credit card rewards liability was $13.8 billion and $13.2 billion at June 30, 2024 and December 31, 2023, respectively, and is recorded in accounts payable and other liabilities on the Consolidated balance sheets. Refer to pages 157-158 of JPMorgan Chase’s 2023 Form 10-K for a description of the significant assumptions and sensitivities, associated with the Firm’s credit card rewards liability.
Income taxes
Refer to Income taxes on page 158 of JPMorgan Chase’s 2023 Form 10-K for a description of the significant assumptions, judgments and interpretations associated with the accounting for income taxes.
Goodwill impairment
Management applies significant judgment when testing goodwill for impairment. Refer to Goodwill impairment on page 157 of JPMorgan Chase’s 2023 Form 10-K for a description of the significant valuation judgments associated with goodwill impairment.
Refer to Note 14 for additional information on goodwill, including the goodwill impairment assessment as of June 30, 2024.
Litigation reserves
Refer to Note 24 of this Form 10-Q, and Note 30 of JPMorgan Chase’s 2023 Form 10-K for a description of the significant estimates and judgments associated with establishing litigation reserves.
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| ACCOUNTING AND REPORTING DEVELOPMENTS |
| | | | | | | | | | | |
FASB Standards Adopted since January 1, 2024 |
Standard | Summary of guidance | | Effects on financial statements |
Fair Value Measurement: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
Issued June 2022
| •Clarifies that a contractual sale restriction is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. •Requires disclosure for investments in equity securities subject to contractual sale restrictions, including: 1) fair value of these investments, 2) nature and remaining duration of the restriction(s) and 3) circumstances that could cause a lapse in the restriction(s). | | •Adopted prospectively on January 1, 2024, with no impact to the Firm’s consolidated financial statements.
|
Investments - Equity Method and Joint Ventures: Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method
Issued March 2023
| •Expands the ability to elect proportional amortization on a program-by-program basis, for additional types of tax-oriented investments (beyond affordable housing tax credit investments). •May be adopted using a full retrospective method, or a modified retrospective method wherein the effect of adoption is reflected as an adjustment to retained earnings at the effective date. | | •Adopted under the modified retrospective method on January 1, 2024. •Refer to Note 1 for further information.
|
FASB Standards Issued but not yet Adopted |
Standard | Summary of guidance | | Effects on financial statements |
Segment Reporting: Improvements to Reportable Segment Disclosures
Issued November 2023 | •Requires disclosure of significant segment expenses that are readily provided to the chief operating decision maker (“CODM”) and included in segment profit or loss. •Requires disclosure of the composition and aggregate amount of other segment items, which represent the difference between profit or loss and segment revenues less significant segment expenses. •Requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported segment measures in assessing segment performance and deciding how to allocate resources. | | •Required effective date: Annual financial statements for the year ending December 31, 2024 and for interim financial statements thereafter.(a) •The Firm is currently assessing the potential impact on its segment disclosures.
|
Income Taxes: Improvements to Income Tax Disclosures
Issued December 2023 | •Requires disclosure of income taxes paid disaggregated by 1) federal, state, and foreign taxes and 2) individual jurisdiction on the basis of a quantitative threshold of equal to or greater than 5 percent of total income taxes paid (net of refunds received). •Requires disclosure of the effective tax rate reconciliation by specific categories, at a minimum, with accompanying qualitative disclosures, and separate disclosure of reconciling items based on quantitative thresholds. •Requires categories within the effective tax rate reconciliation to be further disaggregated if quantitative thresholds are met. | | •Required effective date: Annual financial statements for the year ending December 31, 2025.(a) •The guidance can be applied on a prospective basis with the option to apply the standard retrospectively. •The Firm is evaluating the potential impact on the Consolidated Financial Statements disclosures, as well as the Firm’s planned date of adoption. |
(a) Early adoption is permitted.
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| FORWARD-LOOKING STATEMENTS |
From time to time, the Firm has made and will make forward-looking statements. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipate,” “target,” “expect,” “estimate,” “intend,” “plan,” “goal,” “believe,” or other words of similar meaning. Forward-looking statements provide JPMorgan Chase’s current expectations or forecasts of future events, circumstances, results or aspirations. JPMorgan Chase’s disclosures in this Form 10-Q contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Firm also may make forward-looking statements in its other documents filed or furnished with the SEC. In addition, the Firm’s senior management may make forward-looking statements orally to investors, analysts, representatives of the media and others.
All forward-looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Firm’s control. JPMorgan Chase’s actual future results may differ materially from those set forth in its forward-looking statements. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ from those in the forward-looking statements:
•Local, regional and global business, economic and political conditions and geopolitical events, including geopolitical tensions and hostilities;
•Changes in laws, rules and regulatory requirements, including capital and liquidity requirements affecting the Firm’s businesses, and the ability of the Firm to address those requirements;
•Heightened regulatory and governmental oversight and scrutiny of JPMorgan Chase’s business practices, including dealings with retail customers;
•Changes in trade, monetary and fiscal policies and laws;
•Changes in the level of inflation;
•Changes in income tax laws, rules and regulations;
•Changes in FDIC assessments;
•Securities and capital markets behavior, including changes in market liquidity and volatility;
•Changes in investor sentiment or consumer spending or savings behavior;
•Ability of the Firm to manage effectively its capital and liquidity;
•Changes in credit ratings assigned to the Firm or its subsidiaries;
•Damage to the Firm’s reputation;
•Ability of the Firm to appropriately address social, environmental and sustainability concerns that may arise, including from its business activities;
•Ability of the Firm to deal effectively with an economic slowdown or other economic or market disruption, including, but not limited to, in the interest rate environment;
•Technology changes instituted by the Firm, its counterparties or competitors;
•The effectiveness of the Firm’s control agenda;
•Ability of the Firm to develop or discontinue products and services, and the extent to which products or services previously sold by the Firm require the Firm to incur liabilities or absorb losses not contemplated at their initiation or origination;
•Acceptance of the Firm’s new and existing products and services by the marketplace and the ability of the Firm to innovate and to increase market share;
•Ability of the Firm to attract and retain qualified and diverse employees;
•Ability of the Firm to control expenses;
•Competitive pressures;
•Changes in the credit quality of the Firm’s clients, customers and counterparties;
•Adequacy of the Firm’s risk management framework, disclosure controls and procedures and internal control over financial reporting;
•Adverse judicial or regulatory proceedings;
•Ability of the Firm to determine accurate values of certain assets and liabilities;
•Occurrence of natural or man-made disasters or calamities, including health emergencies, the spread of infectious diseases, epidemics or pandemics, an outbreak or escalation of hostilities or other geopolitical instabilities, the effects of climate change or extraordinary events beyond the Firm's control, and the Firm’s ability to deal effectively with disruptions caused by the foregoing;
•Ability of the Firm to maintain the security of its financial, accounting, technology, data processing and other operational systems and facilities;
•Ability of the Firm to withstand disruptions that may be caused by any failure of its operational systems or those of third parties;
•Ability of the Firm to effectively defend itself against cyber attacks and other attempts by unauthorized parties to access information of the Firm or its customers or to disrupt the Firm’s systems; and
•The other risks and uncertainties detailed in Part I, Item 1A: Risk Factors in JPMorgan Chase’s 2023 Form 10-K.
Any forward-looking statements made by or on behalf of the Firm speak only as of the date they are made, and JPMorgan Chase does not undertake to update any forward-looking statements. The reader should, however, consult any further disclosures of a forward-looking nature the Firm may make in any subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
JPMorgan Chase & Co.
Consolidated statements of income (unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended June 30, | | Six months ended June 30, |
| (in millions, except per share data) | 2024 | | 2023 | | 2024 | | 2023 |
| Revenue | | | | | | | |
| Investment banking fees | $ | 2,304 | | | $ | 1,513 | | | $ | 4,258 | | | $ | 3,162 | |
| Principal transactions | 6,814 | | | 6,910 | | | 13,604 | | | 14,525 | |
| Lending- and deposit-related fees | 1,828 | | | 1,828 | | | 3,730 | | | 3,448 | |
| Asset management fees | 4,302 | | | 3,774 | | | 8,448 | | | 7,239 | |
| Commissions and other fees | 1,924 | | | 1,739 | | | 3,729 | | | 3,434 | |
| | | | | | | |
| Investment securities losses | (547) | | | (900) | | | (913) | | | (1,768) | |
| Mortgage fees and related income | 348 | | | 278 | | | 623 | | | 499 | |
| Card income | 1,332 | | | 1,094 | | | 2,550 | | | 2,328 | |
| Other income | 9,149 | | | 3,292 | | | 10,277 | | | 4,299 | |
| Noninterest revenue | 27,454 | | | 19,528 | | | 46,306 | | | 37,166 | |
| Interest income | 48,513 | | | 41,644 | | | 95,951 | | | 78,648 | |
| Interest expense | 25,767 | | | 19,865 | | | 50,123 | | | 36,158 | |
| Net interest income | 22,746 | | | 21,779 | | | 45,828 | | | 42,490 | |
| Total net revenue | 50,200 | | | 41,307 | | | 92,134 | | | 79,656 | |
| | | | | | | |
| Provision for credit losses | 3,052 | | | 2,899 | | | 4,936 | | | 5,174 | |
| | | | | | | |
| Noninterest expense | | | | | | | |
| Compensation expense | 12,953 | | | 11,216 | | | 26,071 | | | 22,892 | |
| Occupancy expense | 1,248 | | | 1,070 | | | 2,459 | | | 2,185 | |
| Technology, communications and equipment expense | 2,447 | | | 2,267 | | | 4,868 | | | 4,451 | |
| Professional and outside services | 2,722 | | | 2,561 | | | 5,270 | | | 5,009 | |
| Marketing | 1,221 | | | 1,122 | | | 2,381 | | | 2,167 | |
| Other expense | 3,122 | | | 2,586 | | | 5,421 | | | 4,225 | |
| Total noninterest expense | 23,713 | | | 20,822 | | | 46,470 | | | 40,929 | |
| Income before income tax expense | 23,435 | | | 17,586 | | | 40,728 | | | 33,553 | |
| Income tax expense | 5,286 | | | 3,114 | | | 9,160 | | | 6,459 | |
| Net income | $ | 18,149 | | | $ | 14,472 | | | $ | 31,568 | | | $ | 27,094 | |
| Net income applicable to common stockholders | $ | 17,718 | | | $ | 14,011 | | | $ | 30,661 | | | $ | 26,204 | |
| Net income per common share data | | | | | | | |
| Basic earnings per share | $ | 6.13 | | | $ | 4.76 | | | $ | 10.58 | | | $ | 8.86 | |
| Diluted earnings per share | 6.12 | | | 4.75 | | | 10.56 | | | 8.85 | |
| | | | | | | |
| Weighted-average basic shares | 2,889.8 | | | 2,943.8 | | | 2,899.1 | | | 2,956.1 | |
| Weighted-average diluted shares | 2,894.9 | | | 2,948.3 | | | 2,903.9 | | | 2,960.5 | |
| | | | | | | |
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
JPMorgan Chase & Co.
Consolidated statements of comprehensive income (unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
| (in millions) | | 2024 | | 2023 | | 2024 | | 2023 |
| Net income | | $ | 18,149 | | | $ | 14,472 | | | $ | 31,568 | | | $ | 27,094 | |
| Other comprehensive income/(loss), after–tax | | | | | | | | |
| Unrealized gains/(losses) on investment securities | | 108 | | | 757 | | | 249 | | | 2,969 | |
| Translation adjustments, net of hedges | | (156) | | | 70 | | | (360) | | | 267 | |
| Fair value hedges | | 8 | | | 11 | | | (13) | | | (10) | |
| Cash flow hedges | | (22) | | | (497) | | | (911) | | | 301 | |
| Defined benefit pension and OPEB plans | | (3) | | | (6) | | | 23 | | | (61) | |
| DVA on fair value option elected liabilities | | 366 | | | (207) | | | 117 | | | (415) | |
| Total other comprehensive income/(loss), after–tax | | 301 | | | 128 | | | (895) | | | 3,051 | |
| Comprehensive income | | $ | 18,450 | | | $ | 14,600 | | | $ | 30,673 | | | $ | 30,145 | |
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)
| | | | | | | | | | | |
| (in millions, except share data) | June 30, 2024 | | December 31, 2023 |
| Assets | | | |
| Cash and due from banks | $ | 27,265 | | | $ | 29,066 | |
| Deposits with banks | 503,554 | | | 595,085 | |
Federal funds sold and securities purchased under resale agreements (included $379,930 and $259,813 at fair value) | 392,763 | | | 276,152 | |
Securities borrowed (included $87,652 and $70,086 at fair value) | 199,062 | | | 200,436 | |
Trading assets (included assets pledged of $176,536 and $128,994) | 733,882 | | | 540,607 | |
Available-for-sale securities (amortized cost of $269,899 and $205,456; included assets pledged of $9,146 and $9,219) | 266,252 | | | 201,704 | |
| Held-to-maturity securities | 323,746 | | | 369,848 | |
| Investment securities, net of allowance for credit losses | 589,998 | | | 571,552 | |
Loans (included $38,250 and $38,851 at fair value) | 1,320,700 | | | 1,323,706 | |
| Allowance for loan losses | (22,991) | | | (22,420) | |
| Loans, net of allowance for loan losses | 1,297,709 | | | 1,301,286 | |
| Accrued interest and accounts receivable | 135,692 | | | 107,363 | |
| Premises and equipment | 30,582 | | | 30,157 | |
| Goodwill, MSRs and other intangible assets | 64,525 | | | 64,381 | |
Other assets (included $17,233 and $12,306 at fair value and assets pledged of $6,702 and $6,764) | 167,971 | | | 159,308 | |
Total assets(a) | $ | 4,143,003 | | | $ | 3,875,393 | |
| Liabilities | | | |
Deposits (included $69,387 and $78,384 at fair value) | $ | 2,396,530 | | | $ | 2,400,688 | |
Federal funds purchased and securities loaned or sold under repurchase agreements (included $336,315 and $169,003 at fair value) | 400,832 | | | 216,535 | |
Short-term borrowings (included $26,117 and $20,042 at fair value) | 47,308 | | | 44,712 | |
| Trading liabilities | 240,836 | | | 180,428 | |
Accounts payable and other liabilities (included $5,925 and $5,637 at fair value) | 295,813 | | | 290,307 | |
Beneficial interests issued by consolidated VIEs (included $1 and $1 at fair value) | 27,104 | | | 23,020 | |
Long-term debt (included $93,448 and $87,924 at fair value) | 394,028 | | | 391,825 | |
Total liabilities(a) | 3,802,451 | | | 3,547,515 | |
Commitments and contingencies (refer to Notes 22, 23 and 24) | | | |
| Stockholders’ equity | | | |
Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,390,375 and 2,740,375 shares) | 23,900 | | | 27,404 | |
Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares) | 4,105 | | | 4,105 | |
| Additional paid-in capital | 90,328 | | | 90,128 | |
| Retained earnings | 356,924 | | | 332,901 | |
| Accumulated other comprehensive losses | (11,338) | | | (10,443) | |
Treasury stock, at cost (1,259,769,168 and 1,228,275,301 shares) | (123,367) | | | (116,217) | |
| Total stockholders’ equity | 340,552 | | | 327,878 | |
| Total liabilities and stockholders’ equity | $ | 4,143,003 | | | $ | 3,875,393 | |
(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at June 30, 2024 and December 31, 2023. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.
| | | | | | | | | | | |
| (in millions) | June 30, 2024 | | December 31, 2023 |
| Assets | | | |
| Trading assets | $ | 2,366 | | | $ | 2,170 | |
| Loans | 37,367 | | | 37,611 | |
| All other assets | 641 | | | 591 | |
| Total assets | $ | 40,374 | | | $ | 40,372 | |
| Liabilities | | | |
| Beneficial interests issued by consolidated VIEs | $ | 27,104 | | | $ | 23,020 | |
| All other liabilities | 335 | | | 263 | |
| Total liabilities | $ | 27,439 | | | $ | 23,283 | |
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
JPMorgan Chase & Co.
Consolidated statements of changes in stockholders’ equity (unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
| (in millions, except per share data) | | 2024 | | 2023 | | 2024 | | 2023 |
| Preferred stock | | | | | | | | |
| Balance at the beginning of the period | | $ | 29,900 | | | $ | 27,404 | | | $ | 27,404 | | | $ | 27,404 | |
Issuance | | — | | | — | | | 2,496 | | | — | |
| Redemption | | (6,000) | | | — | | | (6,000) | | | — | |
| Balance at June 30 | | 23,900 | | | 27,404 | | | 23,900 | | | 27,404 | |
| | | | | | | | |
| Common stock | | | | | | | | |
| Balance at the beginning and end of the period | | 4,105 | | | 4,105 | | | 4,105 | | | 4,105 | |
| | | | | | | | |
| Additional paid-in capital | | | | | | | | |
| Balance at the beginning of the period | | 89,903 | | | 89,155 | | | 90,128 | | | 89,044 | |
| Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | | 414 | | | 423 | | | 189 | | | 534 | |
Other | | 11 | | | — | | | 11 | | | — | |
| Balance at June 30 | | 90,328 | | | 89,578 | | | 90,328 | | | 89,578 | |
| | | | | | | | |
| Retained earnings | | | | | | | | |
| Balance at the beginning of the period | | 342,414 | | | 306,208 | | | 332,901 | | | 296,456 | |
| Cumulative effect of change in accounting principles | | — | | | — | | | (161) | | | 449 | |
| Net income | | 18,149 | | | 14,472 | | | 31,568 | | | 27,094 | |
| | | | | | | | |
Preferred stock dividends | | (317) | | | (373) | | | (714) | | | (729) | |
Common stock dividends ($1.15 and $1.00 per share and $2.30 and $2.00 per share, respectively) | | (3,322) | | | (2,948) | | | (6,670) | | | (5,911) | |
| Balance at June 30 | | 356,924 | | | 317,359 | | | 356,924 | | | 317,359 | |
| | | | | | | | |
| Accumulated other comprehensive income/(loss) | | | | | | | | |
| Balance at the beginning of the period | | (11,639) | | | (14,418) | | | (10,443) | | | (17,341) | |
| Other comprehensive income/(loss), after-tax | | 301 | | | 128 | | | (895) | | | 3,051 | |
| Balance at June 30 | | (11,338) | | | (14,290) | | | (11,338) | | | (14,290) | |
| | | | | | | | |
| Treasury stock, at cost | | | | | | | | |
| Balance at the beginning of the period | | (118,046) | | | (109,372) | | | (116,217) | | | (107,336) | |
| Repurchase | | (5,371) | | | (2,316) | | | (8,229) | | | (5,271) | |
| Reissuance | | 50 | | | 48 | | | 1,079 | | | 967 | |
| Balance at June 30 | | (123,367) | | | (111,640) | | | (123,367) | | | (111,640) | |
| | | | | | | | |
| Total stockholders’ equity | | $ | 340,552 | | | $ | 312,516 | | | $ | 340,552 | | | $ | 312,516 | |
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
JPMorgan Chase & Co.
Consolidated statements of cash flows (unaudited)
| | | | | | | | | | | |
| Six months ended June 30, |
| (in millions) | 2024 | | 2023 |
| Operating activities | | | |
| Net income | $ | 31,568 | | | $ | 27,094 | |
| Adjustments to reconcile net income to net cash used in operating activities: | | | |
| Provision for credit losses | 4,936 | | | 5,174 | |
| Depreciation and amortization | 4,006 | | | 2,156 | |
Deferred tax benefit | (1,609) | | | (2,238) | |
| Bargain purchase gain associated with the First Republic acquisition | (103) | | | (2,712) | |
Initial gain on the Visa share exchange | (7,990) | | | — | |
| Other | 1,460 | | | 3,008 | |
| Originations and purchases of loans held-for-sale | (105,772) | | | (48,270) | |
| Proceeds from sales, securitizations and paydowns of loans held-for-sale | 99,909 | | | 47,746 | |
| Net change in: | | | |
| Trading assets | (191,119) | | |
