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Long-term Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-term Debt Long-term debt
JPMorganChase issues long-term debt denominated in various currencies, predominantly U.S. dollars, with both fixed and variable interest rates. Included in senior and subordinated debt below are various equity-linked or other indexed instruments, which the Firm has elected to measure at fair value. Changes in fair value are recorded in principal transactions revenue in the Consolidated statements of income, except for unrealized gains/(losses) due to DVA which are recorded in OCI. The following table is a summary of long-term debt carrying values (including unamortized premiums and discounts, issuance costs, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of December 31, 2024.
By remaining maturity at
December 31,
(in millions, except rates)		20242023
Under 1 year1-5 yearsAfter 5 yearsTotalTotal
Parent company
Senior debt:Fixed rate$7,112 $90,132 $117,667 $214,911 $200,984 
Variable rate255 6,838 1,562 8,655 8,105 
Interest rates(f)
3.04 %3.40 %4.02 %3.71 %3.32 %
Subordinated debt:Fixed rate$302 $5,582 $8,573 $14,457 $17,725 
Variable rate— — — — — 
Interest rates(f)
7.75 %4.72 %4.69 %4.76 %4.62 %
Subtotal$7,669 $102,552 $127,802 $238,023 $226,814 
Subsidiaries
Federal Home Loan Banks advances:Fixed rate$7,582 $1,651 $24 $9,257 $23,246 
Variable rate4,000 16,000 — 20,000 18,000 
Interest rates(f)
4.42 %4.84 %5.91 %4.67 %4.89 %
Purchase Money Note(a):
Fixed rate$— $49,208 $— $49,208 $48,989 
Interest rates(f)
— %3.40 %— %3.40 %3.40 %
Senior debt:Fixed rate$2,361 $16,695 $7,489 $26,545 $20,745 
Variable rate19,350 30,981 6,451 56,782 52,048 
Interest rates(f)
5.39 %5.18%1.44 %3.81 %3.91 %
Subordinated debt:Fixed rate$— $— $— $— $255 
Variable rate— — — — — 
Interest rates(f)
— %— %— %— %8.25 %
Subtotal$33,293 $114,535 $13,964 $161,792 $163,283 
Junior subordinated debt:Fixed rate$— $— $488 $488 $518 
Variable rate— 421 694 1,115 1,210 
Interest rates(f)
— %5.35 %7.01 %6.58 %7.14 %
Subtotal$— $421 $1,182 $1,603 $1,728 
Total long-term debt(b)(c)(d)
$40,962 $217,508 $142,948 $401,418 
(g)(h)
$391,825 
Long-term beneficial interests:
Fixed rate$999 $4,313 $— $5,312 $2,998 
Variable rate— 27 139 166 125 
Interest rates(f)
3.97 %4.82 %2.92 %4.62 %4.69 %
Total long-term beneficial interests(e)
$999 $4,340 $139 $5,478 $3,123 
(a)Reflects the Purchase Money Note associated with First Republic. Refer to Note 34 for additional information.
(b)Included long-term debt of $80.9 billion and $93.0 billion secured by assets totaling $185.5 billion and $218.5 billion at December 31, 2024 and 2023, respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments.
(c)Included $100.8 billion and $87.9 billion of long-term debt accounted for at fair value at December 31, 2024 and 2023, respectively.
(d)Included $13.5 billion and $12.5 billion of outstanding zero-coupon notes at December 31, 2024 and 2023, respectively. The aggregate principal amount of these notes at their respective maturities is $50.2 billion and $47.9 billion, respectively. The aggregate principal amount reflects the contractual principal payment at maturity, which may exceed the contractual principal payment at the Firm’s next call date, if applicable.
(e)Included on the Consolidated balance sheets in beneficial interests issued by consolidated VIEs. Also included amounts accounted for at fair value which were not material as of December 31, 2024 and 2023. Excluded short-term commercial paper and other short-term beneficial interests of $21.8 billion and $19.9 billion at December 31, 2024 and 2023, respectively.
(f)The interest rates shown are the weighted average of contractual rates in effect at December 31, 2024 and 2023, respectively, including non-U.S. dollar fixed- and variable-rate issuances, which excludes the effects of the associated derivative instruments used in hedge accounting relationships, if applicable. The interest rates shown exclude structured notes accounted for at fair value.
(g)As of December 31, 2024, long-term debt in the aggregate of $297.1 billion was redeemable at the option of JPMorganChase, in whole or in part, prior to maturity, based on the terms specified in the respective instruments.
(h)The aggregate carrying values of debt that matures in each of the five years subsequent to 2024 is $41.0 billion in 2025, $64.5 billion in 2026, $32.7 billion in 2027, $93.4 billion in 2028 and $26.9 billion in 2029.
The weighted-average contractual interest rates for total long-term debt excluding structured notes accounted for at fair value were 3.82% and 3.65% as of December 31, 2024 and 2023, respectively. In order to modify exposure to interest rate and currency exchange rate movements, JPMorganChase utilizes derivative instruments, primarily interest rate and cross-currency interest rate swaps, in conjunction with some of its debt issuances. The use of these instruments modifies the Firm’s interest expense on the associated debt. The modified weighted-average interest rates for total long-term debt, including the effects of related derivative instruments, were 5.15% and 5.20% as of December 31, 2024 and 2023, respectively.
JPMorgan Chase & Co. has guaranteed certain long-term debt of its subsidiaries, including structured notes. These guarantees rank pari passu with the Firm’s other unsecured and unsubordinated indebtedness. The amount of such guaranteed long-term debt and structured notes was $41.2 billion and $41.1 billion at December 31, 2024 and 2023, respectively.
The Firm’s unsecured debt does not contain requirements that would call for an acceleration of payments, maturities or changes in the structure of the existing debt, provide any limitations on future borrowings or require additional collateral, based on unfavorable changes in the Firm’s credit ratings, financial ratios, earnings or stock price.