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Goodwill, Mortgage Servicing Rights, and Other Intangible Assets
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, Mortgage Servicing Rights, and Other Intangible Assets Goodwill, mortgage servicing rights, and other intangible assets
Refer to Note 15 of JPMorganChase’s 2024 Form 10-K for a detailed discussion of goodwill, mortgage servicing rights, and other intangible assets and the related accounting policies.
Goodwill
Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of the net assets acquired, and can be adjusted up to one year from the acquisition date as additional information pertaining to facts and circumstances that existed as of the acquisition date is obtained about the fair value of assets acquired and liabilities assumed.
The following table presents goodwill attributed to the reportable business segments and Corporate.
(in millions)September 30,
2025		December 31,
2024
Consumer & Community Banking$32,116 $32,116 
Commercial & Investment Bank11,256 11,236 
Asset & Wealth Management8,622 8,521 
Corporate723 692 
Total goodwill$52,717 $52,565 
The following table presents changes in the carrying amount of goodwill.
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Balance at beginning of period$52,747 $52,620 $52,565 $52,634 
Changes during the period from:
Business combinations
— — — 29 
Other(a)
(30)91 152 48 
Balance at September 30,$52,717 $52,711 $52,717 $52,711 
(a)Primarily foreign currency adjustments and an immaterial amount of goodwill written off due to impairment during the three months ended September 30, 2025.
Goodwill impairment testing
Goodwill is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate that there may be an impairment.
Unanticipated declines in business performance, increases in credit losses, increases in capital requirements, as well as deterioration in economic or market conditions, adverse regulatory or legislative changes or increases in the estimated market cost of equity, could cause the estimated fair values of the Firm’s reporting units to decline in the future, which could result in a material impairment charge to earnings in a future period related to some portion of the associated goodwill.
As of September 30, 2025, the Firm reviewed current economic conditions, estimated market cost of equity, as well as actual business results and projections of business performance. Based on such reviews, the Firm has concluded that goodwill was not impaired as of September 30, 2025 or December 31, 2024.
Mortgage servicing rights
MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. Refer to Notes 2 and 15 of JPMorganChase’s 2024 Form 10-K for a further description of the MSR asset, interest rate risk management, and the valuation of MSRs.
The following table summarizes MSR activity for the three and nine months ended September 30, 2025 and 2024.
As of or for the three months
ended September 30,		As of or for the nine months
ended September 30,
(in millions, except where otherwise noted)2025202420252024
Fair value at beginning of period$8,996 $8,847 $9,121 $8,522 
MSR activity:
Originations of MSRs102 75 297 228 
Purchase of MSRs(a)
246 282 526 607 
Disposition of MSRs1 2 8 (25)
(e)
Net additions/(dispositions)349 359 831 810 
Changes due to collection/realization of expected cash flows
(266)(272)(799)(795)
Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other(b)
(3)(251)(44)134 
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service)
(37)95 (36)102 
Discount rates
— 14 (1)14 
Prepayment model changes and other(c)
71 (39)38 (34)
Total changes in valuation due to other inputs and assumptions34 70 1 82 
Total changes in valuation due to inputs and assumptions31 (181)(43)216 
Fair value at September 30,$9,110 $8,753 $9,110 $8,753 
Changes in unrealized gains/(losses) included in income related to MSRs held at September 30,$31 $(181)$(43)$216 
Contractual service fees, late fees and other ancillary fees included in income
404 396 1,218 1,190 
Third-party mortgage loans serviced at September 30, (in billions)669 658 669 658 
Servicer advances, net of an allowance for uncollectible amounts, at September 30(d)
415 501 415 501 
(a)Includes purchase price adjustments associated with MSRs purchased in the prior quarter, primarily as a result of loans that prepaid within 90 days of settlement, allowing the Firm to recover the purchase price.
(b)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.
(c)Represents changes in prepayments other than those attributable to changes in market interest rates.
(d)Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements.
(e)Includes excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage-backed securities (“SMBS”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired the remaining balance of those SMBS as trading securities.
The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three and nine months ended September 30, 2025 and 2024.
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
CCB mortgage fees and related income
Production revenue$173 $154 $434 $441 
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue409 409 1,233 1,226 
Changes in MSR asset fair value due to collection/realization of expected cash flows(265)(273)(796)(795)
Total operating revenue144 136 437 431 
Risk management:
Changes in MSR asset fair value due to market interest rates and other(a)
(3)(251)(44)134 
Other changes in MSR asset fair value due to other inputs and assumptions in model(b)
34 70 1 82 
Changes in derivative fair value and other24 281 154 (78)
Total risk management55 100 111 138 
Total net mortgage servicing revenue199 236 548 569 
Total CCB mortgage fees and related income372 390 982 1,010 
All other11 12 42 15 
Mortgage fees and related income$383 $402 $1,024 $1,025 
(a)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.
(b)Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).
Changes in fair value based on variations in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In the following table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change.
The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at September 30, 2025 and December 31, 2024, and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.
(in millions, except rates)Sep 30,
2025		Dec 31,
2024
Weighted-average prepayment speed assumption (constant prepayment rate)
6.74 %6.19 %
Impact on fair value of 10% adverse change
$(181)$(209)
Impact on fair value of 20% adverse change
(353)(406)
Weighted-average option adjusted spread(a)
6.15 %5.97 %
Impact on fair value of a 100 basis point adverse change
$(392)$(391)
Impact on fair value of a 200 basis point adverse change
(754)(751)
(a)Includes the impact of operational risk and regulatory capital.







Other intangible assets
The Firm’s finite-lived and indefinite-lived other intangible assets are initially recorded at their fair value primarily upon completion of a business combination. Finite-lived intangible assets, including core deposit intangibles, customer relationship intangibles, and certain other intangible assets, are amortized over their useful lives, estimated based on the expected future economic benefits. The Firm’s intangible assets with indefinite lives, such as asset management contracts, are not subject to amortization and are assessed periodically for impairment.
As of September 30, 2025 and December 31, 2024, the net carrying values of other intangible assets consisted of finite-lived intangible assets of $1.4 billion and $1.7 billion, respectively, as well as indefinite-lived intangible assets, which are not subject to amortization, of $1.2 billion at both periods.