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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
Firm as lessee
At December 31, 2024, JPMorganChase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes. These leases generally have terms of 20 years or less, determined based on the contractual maturity of the lease, and include periods covered by options to extend or terminate the lease when the Firm is reasonably certain that it will exercise those options. All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. None of these lease agreements impose restrictions on the Firm’s ability to pay dividends, engage in debt or equity financing transactions or enter into further lease agreements. Certain of these leases contain escalation clauses that will increase rental payments based on maintenance, utility and tax increases, which are non-lease components. The Firm elected not to separate lease and non-lease components of a contract for its real estate leases. As such, real estate lease payments represent payments on both lease and non-lease components.
Operating lease liabilities and ROU assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The future lease payments are discounted at a rate that estimates the Firm’s collateralized borrowing rate for financing instruments of a similar term and are included in accounts payable and other liabilities. The operating lease ROU assets, predominantly included in premises and equipment, also include any lease prepayments made, plus initial direct costs incurred, less any lease incentives received. Rental expense associated with operating leases is recognized on a straight-line basis over the lease term, and generally included in occupancy expense in the Consolidated statements of income.
The carrying values of the Firm’s operating leases were as follows:
December 31,
(in millions, except where otherwise noted)
20242023
Right-of-use assets$8,494$8,431
Lease liabilities8,9008,833
Weighted average remaining lease term (in years)8.38.4
Weighted average discount rate4.24 %4.01 %
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows$1,734$1,662
Supplemental non-cash information
Right-of-use assets obtained in exchange for operating lease obligations$1,565$2,094
Year ended December 31,
(in millions)		20242023
Rental expense
Gross rental expense$2,231 $2,079 
Sublease rental income(41)(72)
Net rental expense$2,190 $2,007 
The following table presents future payments under operating leases as of December 31, 2024.
Year ended December 31,
(in millions)
20251,709 
20261,553 
20271,412 
20281,248 
20291,048 
After 20293,721 
Total future minimum lease payments10,691 
Less: Imputed interest(1,791)
Total$8,900 
In addition to the table above, as of December 31, 2024, the Firm had additional future operating lease commitments of $887 million that were signed but had not yet commenced. These operating leases will commence between 2025 and 2027 with lease terms up to 21 years.

Firm as lessor
The Firm provides auto and equipment lease financing to its customers through lease arrangements with lease terms that may contain renewal, termination and/or purchase options. The Firm’s lease financings are predominantly auto operating leases. These assets subject to operating leases are recognized in other assets on the Firm’s Consolidated balance sheets and are depreciated on a straight-line basis over the lease term to reduce the asset to its estimated residual value. Depreciation expense is included in technology, communications and equipment expense in the Consolidated statements of income. The Firm’s lease income is generally recognized on a straight-line basis over the lease term and is included in other income in the Consolidated statements of income.
On a periodic basis, the Firm assesses leased assets for impairment, and if the carrying amount of the leased asset exceeds the undiscounted cash flows from the lease payments and the estimated residual value upon disposition of the leased asset, an impairment is recognized.
The risk of loss on auto and equipment leased assets relating to the residual value of the leased assets is monitored through projections of the asset residual values at lease origination and periodic review of residual values, and is mitigated through arrangements with certain manufacturers or lessees. 
The following table presents the carrying value of assets subject to leases reported on the Consolidated balance sheets.
December 31,
(in millions)		20242023
Carrying value of assets subject to operating leases, net of accumulated depreciation
$12,988 $10,663 
Accumulated depreciation
2,509 3,288 
The following table presents the Firm’s operating lease income and the related depreciation expense on the Consolidated statements of income.
Year ended December 31, (in millions)202420232022
Operating lease income$2,795 $2,843 $3,654 
Depreciation expense1,685 1,778 2,475 
The following table presents future receipts under operating leases as of December 31, 2024.
Year ended December 31,
(in millions)
2025$2,381 
20261,707 
2027704 
202847 
20295 
After 20294 
Total future minimum lease receipts$4,848 
Leases Leases
Firm as lessee
At December 31, 2024, JPMorganChase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes. These leases generally have terms of 20 years or less, determined based on the contractual maturity of the lease, and include periods covered by options to extend or terminate the lease when the Firm is reasonably certain that it will exercise those options. All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. None of these lease agreements impose restrictions on the Firm’s ability to pay dividends, engage in debt or equity financing transactions or enter into further lease agreements. Certain of these leases contain escalation clauses that will increase rental payments based on maintenance, utility and tax increases, which are non-lease components. The Firm elected not to separate lease and non-lease components of a contract for its real estate leases. As such, real estate lease payments represent payments on both lease and non-lease components.
Operating lease liabilities and ROU assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The future lease payments are discounted at a rate that estimates the Firm’s collateralized borrowing rate for financing instruments of a similar term and are included in accounts payable and other liabilities. The operating lease ROU assets, predominantly included in premises and equipment, also include any lease prepayments made, plus initial direct costs incurred, less any lease incentives received. Rental expense associated with operating leases is recognized on a straight-line basis over the lease term, and generally included in occupancy expense in the Consolidated statements of income.
The carrying values of the Firm’s operating leases were as follows:
December 31,
(in millions, except where otherwise noted)
20242023
Right-of-use assets$8,494$8,431
Lease liabilities8,9008,833
Weighted average remaining lease term (in years)8.38.4
Weighted average discount rate4.24 %4.01 %
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows$1,734$1,662
Supplemental non-cash information
Right-of-use assets obtained in exchange for operating lease obligations$1,565$2,094
Year ended December 31,
(in millions)		20242023
Rental expense
Gross rental expense$2,231 $2,079 
Sublease rental income(41)(72)
Net rental expense$2,190 $2,007 
The following table presents future payments under operating leases as of December 31, 2024.
Year ended December 31,
(in millions)
20251,709 
20261,553 
20271,412 
20281,248 
20291,048 
After 20293,721 
Total future minimum lease payments10,691 
Less: Imputed interest(1,791)
Total$8,900 
In addition to the table above, as of December 31, 2024, the Firm had additional future operating lease commitments of $887 million that were signed but had not yet commenced. These operating leases will commence between 2025 and 2027 with lease terms up to 21 years.

Firm as lessor
The Firm provides auto and equipment lease financing to its customers through lease arrangements with lease terms that may contain renewal, termination and/or purchase options. The Firm’s lease financings are predominantly auto operating leases. These assets subject to operating leases are recognized in other assets on the Firm’s Consolidated balance sheets and are depreciated on a straight-line basis over the lease term to reduce the asset to its estimated residual value. Depreciation expense is included in technology, communications and equipment expense in the Consolidated statements of income. The Firm’s lease income is generally recognized on a straight-line basis over the lease term and is included in other income in the Consolidated statements of income.
On a periodic basis, the Firm assesses leased assets for impairment, and if the carrying amount of the leased asset exceeds the undiscounted cash flows from the lease payments and the estimated residual value upon disposition of the leased asset, an impairment is recognized.
The risk of loss on auto and equipment leased assets relating to the residual value of the leased assets is monitored through projections of the asset residual values at lease origination and periodic review of residual values, and is mitigated through arrangements with certain manufacturers or lessees. 
The following table presents the carrying value of assets subject to leases reported on the Consolidated balance sheets.
December 31,
(in millions)		20242023
Carrying value of assets subject to operating leases, net of accumulated depreciation
$12,988 $10,663 
Accumulated depreciation
2,509 3,288 
The following table presents the Firm’s operating lease income and the related depreciation expense on the Consolidated statements of income.
Year ended December 31, (in millions)202420232022
Operating lease income$2,795 $2,843 $3,654 
Depreciation expense1,685 1,778 2,475 
The following table presents future receipts under operating leases as of December 31, 2024.
Year ended December 31,
(in millions)
2025$2,381 
20261,707 
2027704 
202847 
20295 
After 20294 
Total future minimum lease receipts$4,848