Business Segments (Tables)

9 Months Ended

Sep. 30, 2024

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

Capital allocation

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


Segment results and reconciliation(a)
As of or for the three months ended September 30, (in millions, except ratios)	Consumer & Community Banking						Commercial & Investment Bank						Asset & Wealth Management
	2024			2023			2024			2023			2024			2023
Noninterest revenue	$	4,214		$	3,982		$	11,622		$	10,842		$	3,799		$	3,431
Net interest income	13,577			14,380			5,393			4,919			1,640			1,574
Total net revenue	17,791			18,362			17,015			15,761			5,439			5,005
Provision for credit losses	2,795			1,446			316			(95)			4			(13)
Noninterest expense	9,586			9,105			8,751			8,818			3,639			3,138
Income/(loss) before income tax expense/(benefit)	5,410			7,811			7,948			7,038			1,796			1,880
Income tax expense/(benefit)	1,364			1,916			2,257			2,011			445			463
Net income/(loss)	$	4,046		$	5,895		$	5,691		$	5,027		$	1,351		$	1,417
Average equity	$	54,500		$	55,500		$	132,000		$	138,000		$	15,500		$	17,000
Total assets	633,038			626,196			2,047,022			1,746,598			253,750			249,866
ROE	29		%	41		%	17		%	14		%	34		%	32		%
Overhead ratio	54			50			51			56			67			63


As of or for the three months ended September 30, (in millions, except ratios)	Corporate				Reconciling Items(a)				Total
	2024		2023		2024		2023		2024			2023
Noninterest revenue	$	155	$	(425)	$	(541)	$	(682)	$	19,249		$	17,148
Net interest income	2,915		1,983		(120)		(130)		23,405			22,726
Total net revenue	3,070		1,558		(661)		(812)		42,654			39,874
Provision for credit losses	(4)		46		—		—		3,111			1,384
Noninterest expense	589		696		—		—		22,565			21,757
Income/(loss) before income tax expense/(benefit)	2,485		816		(661)		(812)		16,978			16,733
Income tax expense/(benefit)	675		4		(661)		(812)		4,080			3,582
Net income/(loss)	$	1,810	$	812	$	—	$	—	$	12,898		$	13,151
Average equity	$	119,894	$	74,298	$	—	$	—	$	321,894		$	284,798
Total assets	1,276,238		1,275,673		NA		NA		4,210,048			3,898,333
ROE	NM		NM		NM		NM		16		%	18		%
Overhead ratio	NM		NM		NM		NM		53			55

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


Segment results and reconciliation(a)
As of or for the nine months ended September 30, (in millions, except ratios)	Consumer & Community Banking						Commercial & Investment Bank						Asset & Wealth Management
	2024			2023			2024			2023			2024			2023
Noninterest revenue	$	12,155		$	11,148		$	36,527		$	34,783		$	10,946		$	10,122
Net interest income	40,990			40,903			15,989			14,596			4,854			4,610
Total net revenue	53,145			52,051			52,516			49,379			15,800			14,732
Provision for credit losses	7,351			4,710			701			1,515			(33)			160
Noninterest expense	28,308			25,483			26,641			25,803			10,642			9,392
Income/(loss) before income tax expense/(benefit)	17,486			21,858			25,174			22,061			5,191			5,180
Income tax expense/(benefit)	4,399			5,414			6,964			5,966			1,287			1,170
Net income/(loss)	$	13,087		$	16,444		$	18,210		$	16,095		$	3,904		$	4,010
Average equity	$	54,500		$	53,962		$	132,000		$	137,341		$	15,500		$	16,560
Total assets	633,038			626,196			2,047,022			1,746,598			253,750			249,866
ROE	31		%	40		%	18		%	15		%	33		%	32		%
Overhead ratio	53			49			51			52			67			64


As of or for the nine months ended September 30, (in millions, except ratios)	Corporate					Reconciling Items(a)				Total
	2024			2023		2024		2023		2024				2023
Noninterest revenue	$	7,638	(b)	$	800	$	(1,711)	$	(2,539)	$	65,555		(b)	$	54,314
Net interest income	7,756			5,461		(356)		(354)		69,233				65,216
Total net revenue	15,394			6,261		(2,067)		(2,893)		134,788				119,530
Provision for credit losses	28			173		—		—		8,047				6,558
Noninterest expense	3,444		(c)	2,008		—		—		69,035			(c)	62,686
Income/(loss) before income tax expense/(benefit)	11,922			4,080		(2,067)		(2,893)		57,706				50,286
Income tax expense/(benefit)	2,657			384		(2,067)		(2,893)		13,240				10,041
Net income/(loss)	$	9,265		$	3,696	$	—	$	—	$	44,466			$	40,245
Average equity	$	108,353		$	70,147	$	—	$	—	$	310,353			$	278,010
Total assets	1,276,238			1,275,673		NA		NA		4,210,048				3,898,333
ROE	NM			NM		NM		NM		19		%		19		%
Overhead ratio	NM			NM		NM		NM		51				52

(b)Included a $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024. Refer to Notes 2 and 5 for additional information.

(c)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Note 5 for additional information.