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Allowance for Credit Losses
 9 Months Ended
Sep. 30, 2025
Credit Loss [Abstract]  
Allowance for Credit Losses 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.
Refer to Note 13 of JPMorganChase's 2024 Form 10-K for a detailed discussion of the allowance for credit losses and the related accounting policies.

Allowance for credit losses and related information
The table below summarizes information about the allowances for credit losses and includes a breakdown of loans and lending-related commitments by impairment methodology. Refer to Note 10 of JPMorganChase’s 2024 Form 10-K and Note 9 of this Form 10-Q for further information on the allowance for credit losses on investment securities.
2025
2024
Nine months ended September 30,
(in millions)		Consumer, excluding
credit card		Credit cardWholesaleTotalConsumer, excluding credit cardCredit cardWholesaleTotal
Allowance for loan losses
Beginning balance at January 1,$1,807 $14,600 $7,938 $24,345 $1,856 $12,450 $8,114 $22,420 
Gross charge-offs814 6,865 1,262 8,941 971 6,044 659 7,674 
Gross recoveries collected(410)(1,088)(108)(1,606)(490)(762)(148)(1,400)
Net charge-offs/(recoveries)404 5,777 1,154 7,335 481 5,282 511 6,274 
Provision for loan losses500 6,731 1,489 8,720 360 6,932 506 7,798 
Other— — 5 5 — — 5 5 
Ending balance at September 30,$1,903 $15,554 $8,278 $25,735 $1,735 $14,100 $8,114 $23,949 
Allowance for lending-related commitments
Beginning balance at January 1,$82 $— $2,019 $2,101 $75 $— $1,899 $1,974 
Provision for lending-related commitments2 — 860 862 6 — 162 168 
Other— — 1 1 — — — — 
Ending balance at September 30,$84 $— $2,880 $2,964 $81 $— $2,061 $2,142 
Total allowance for investment securitiesNANANA105 NANANA175 
Total allowance for credit losses(a)
$1,987 $15,554 $11,158 $28,804 $1,816 $14,100 $10,175 $26,266 
Allowance for loan losses by impairment methodology
Asset-specific(b)
$(621)$— $838 $217 $(756)$— $499 $(257)
Portfolio-based2,524 15,554 7,440 25,518 2,491 14,100 7,615 24,206 
Total allowance for loan losses$1,903 $15,554 $8,278 $25,735 $1,735 $14,100 $8,114 $23,949 
Loans by impairment methodology
Asset-specific(b)
$3,366 $— $4,895 $8,261 $2,784 $— $3,510 $6,294 
Portfolio-based366,493 235,475 759,556 1,361,524 375,154 219,542 684,380 1,279,076 
Total retained loans$369,859 $235,475 $764,451 $1,369,785 $377,938 $219,542 $687,890 $1,285,370 
Collateral-dependent loans
Net charge-offs$— $— $474 $474 $1 $— $150 $151 
Loans measured at fair value of collateral less cost to sell3,316 — 1,919 5,235 2,805 — 1,524 4,329 
Allowance for lending-related commitments
 by impairment methodology
Asset-specific$— $— $131 $131 $— $— $93 $93 
Portfolio-based84 — 2,749 2,833 81 — 1,968 2,049 
Total allowance for lending-related commitments(c)
$84 $— $2,880 $2,964 $81 $— $2,061 $2,142 
Lending-related commitments by impairment methodology
Asset-specific$— $— $1,025 $1,025 $— $— $619 $619 
Portfolio-based(d)
25,588 601 544,764 570,953 26,764 — 514,313 541,077 
Total lending-related commitments$25,588 $601 $545,789 $571,978 $26,764 $— $514,932 $541,696 
(a)At September 30, 2025 and 2024, in addition to the allowance for credit losses in the table above, the Firm also had an allowance for credit losses of $285 million and $277 million, respectively, associated with certain accounts receivable in CIB.
(b)Includes collateral-dependent loans, including those for which foreclosure is deemed probable, and nonaccrual risk-rated loans.
(c)The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets.
(d)At September 30, 2025 and 2024, lending-related commitments excluded $22.4 billion and $18.6 billion, respectively, for the consumer, excluding credit card portfolio segment; $1.1 trillion and $989.6 billion, respectively, for the credit card portfolio segment; and $50.2 billion and $26.6 billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments.
Discussion of changes in the allowance
The allowance for credit losses as of September 30, 2025 was $29.1 billion, reflecting a net addition of $2.2 billion from December 31, 2024.
The net addition to the allowance for credit losses included:
•$1.2 billion in wholesale, driven by net increases in the loan and lending-related commitment portfolios and changes in credit quality of client-specific exposures, partially offset by the impact of changes in the Firm's weighted-average macroeconomic outlook, including improvements in certain macroeconomic variables, and
•$1.1 billion in consumer, driven by loan growth in Card Services and the impact of changes in the Firm's weighted-average macroeconomic outlook, partially offset by reduced borrower uncertainty.
As of December 31, 2024, the Firm's qualitative adjustments and its weighted-average macroeconomic outlook included additional weight placed on the adverse scenarios to reflect ongoing uncertainties and downside risks related to the geopolitical and macroeconomic environment. In the first quarter of 2025, the Firm further increased the weight placed on the adverse scenarios, and in the second quarter, the Firm partially reduced the increase in weight implemented in the first quarter.
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 following table, resulting in:
•a weighted average U.S. unemployment rate peaking at 5.9% in the third quarter of 2026, and
•a weighted average U.S. real GDP level that is 2.0% lower than the central case at the end of the fourth quarter of 2026.
The following table presents the Firm’s central case assumptions for the periods presented:
Central case assumptions
at September 30, 2025
4Q252Q264Q26
U.S. unemployment rate(a)
4.5 %4.7 %4.5 %
YoY growth in U.S. real GDP(b)
1.0 %1.5 %1.9 %
Central case assumptions
at December 31, 2024
2Q254Q252Q26
U.S. unemployment rate(a)
4.5 %4.3 %4.3 %
YoY growth in U.S. real GDP(b)
2.0 %1.9 %1.8 %
(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 JPMorganChase’s 2024 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 Note 11 for additional information on the consumer and wholesale credit portfolios.
Refer to Critical Accounting Estimates Used by the Firm on pages 87-89 for further information on the allowance for credit losses and related management judgments.