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Business Segments & Corporate
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Business Segments & Corporate Business segments & Corporate
The Firm is managed on an LOB basis. There are three reportable business segments – Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management – with the remaining activities in Corporate.
The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is evaluated by the Firm’s Operating Committee, whose members act collectively as the Firm’s chief operating decision maker. Segment results are presented on a managed basis. Refer to JPMorganChase’s 2024 Form 10-K Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on page 67 for a definition of managed basis and Note 32 for a further discussion of the Firm’s business segments.
Description of business segment reporting methodology
Results of the reportable business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and therefore further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.
Revenue sharing
When business segments or businesses within each segment join efforts to sell products and services to the Firm’s clients and customers, the participating businesses may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segments or businesses involved in the transaction. The segment and business results reflect these revenue-sharing agreements.
Funds transfer pricing
Funds transfer pricing (“FTP”) is the process by which the Firm allocates interest income and expense to the LOBs and Other Corporate and transfers the primary interest rate risk and liquidity risk to Treasury and CIO.
The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically, the methodology and assumptions utilized in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the segments.
Effective in the fourth quarter of 2024, the Firm updated its FTP with respect to consumer deposits, which resulted in an increase in the funding benefit reflected within CCB’s net interest income that is fully offset in Corporate, with no effect on the Firm’s net interest income.
As a result of lower average interest rates in the current year, the cost of funding for assets and the funding benefit earned for liabilities generally decreased compared with the prior year.
Foreign exchange risk
Foreign exchange risk is transferred from the LOBs and Other Corporate to Treasury and CIO for certain revenues and expenses. Treasury and CIO manages these risks centrally and reports the impact of foreign exchange rate movements related to the transferred risk in its results.
Capital allocation
The amount of capital assigned to each LOB and Corporate 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 and Corporate may change. Refer to Note 32 of JPMorganChase’s 2024 Form 10-K for additional information on capital allocation.



























Segment & Corporate results
The following table provides a summary of the Firm’s segment results as of or for the three and nine months ended September 30, 2025 and 2024, 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 JPMorganChase’s 2024 Form 10-K for additional information on the Firm’s managed basis.
Segment & Corporate 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
202520242025202420252024
Noninterest revenue$4,617$4,214$13,798$11,622$4,337$3,799
Net interest income14,85613,5776,0805,3931,7291,640
Total net revenue19,47317,79119,87817,0156,0665,439
Provision for credit losses
2,5382,795809316594
Compensation expense(b)
4,4244,2754,8624,5102,1551,994
Noncompensation expense(c)(d)
5,8725,3114,8604,2411,6631,645
Total noninterest expense10,2969,5869,7228,7513,8183,639
Income/(loss) before income tax expense/(benefit)
6,6395,4109,3477,9482,1891,796
Income tax expense/(benefit)1,6301,3642,4462,257531445
Net income
$5,009$4,046$6,901$5,691$1,658$1,351
Average equity
$56,000$54,500$149,500$132,000$16,000$15,500
Total assets652,275633,0382,328,0002,047,022282,322253,750
ROE35 %29 %18 %17 %40 %34 %
Overhead ratio53 54 49 51 63 67 
As of or for the three months
ended September 30,
(in millions, except ratios)		Corporate
Reconciling Items(a)
Total
202520242025202420252024
Noninterest revenue$297$155$(588)$(541)$22,461$19,249
Net interest income1,4062,915(105)(120)23,96623,405
Total net revenue1,7033,070(693)(661)46,42742,654
Provision for credit losses
(3)(4)——3,4033,111
Total noninterest expense(d)
445589——24,28122,565
Income/(loss) before income tax expense/(benefit)1,2612,485(693)(661)18,74316,978
Income tax expense/(benefit)436675(693)(661)4,3504,080
Net income
$825$1,810$—$—$14,393$12,898
Average equity
$114,835$119,894NANA$336,335$321,894
Total assets1,297,6081,276,238NANA4,560,2054,210,048
ROENMNMNMNM17 %16 %
Overhead ratioNMNMNMNM52 53 
As of or for the nine months
ended September 30,
(in millions, except ratios)		Consumer &
Community Banking		Commercial &
Investment Bank		Asset & Wealth Management
202520242025202420252024
Noninterest revenue$13,240$12,155$41,412$36,527$12,403$10,946
Net interest income43,39340,99017,66715,9895,1544,854
Total net revenue56,63353,14559,07952,51617,55715,800
Provision for credit losses7,2497,3512,21070195(33)
Compensation expense(b)
13,20812,74415,20614,1586,3635,926
Noncompensation expense(c)(d)
16,80315,56413,99912,4834,9014,716
Noninterest expense30,01128,30829,20526,64111,26410,642
Income/(loss) before income tax expense/(benefit)19,37317,48627,66425,1746,1985,191
Income tax expense/(benefit)4,7704,3997,1716,9641,4841,287
Net income
$14,603$13,087$20,493$18,210$4,714$3,904
Average equity$56,000$54,500$149,500$132,000$16,000$15,500
Total assets652,275633,0382,328,0002,047,022282,322253,750
ROE34 %31 %18 %18 %39 %33 %
Overhead ratio53 53 49 51 64 67 
As of or for the nine months
ended September 30,
(in millions, except ratios)		Corporate
Reconciling Items(a)
Total
202520242025202420252024
Noninterest revenue$999$7,638
(f)
$(1,853)$(1,711)$66,201$65,555
(f)
Net interest income4,5467,756(312)(356)70,44869,233
Total net revenue5,54515,394(2,165)(2,067)136,649134,788
Provision for credit losses
328——9,5578,047
Noninterest expense1,1773,444
(g)
——71,65769,035
(g)
Income/(loss) before income tax expense/(benefit)4,36511,922(2,165)(2,067)55,43557,706
Income tax expense/(benefit)152
(e)
2,657(2,165)(2,067)11,41213,240
Net income
$4,213$9,265$—$—$44,023$44,466
Average equity
$108,703$108,353NANA$330,203$310,353
Total assets1,297,6081,276,238NANA4,560,2054,210,048
ROENMNMNMNM17 %19 %
Overhead ratioNMNMNMNM52 51 
(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.
(b)Excludes expense related to services provided by Corporate support units, which is allocated from Corporate to each respective reportable business segment, as applicable, through noncompensation expense.
(c)Reflects occupancy; technology, communications and equipment; professional and outside services; marketing; and other expense. Refer to Note 5 for additional information on other expense.
(d)Certain services are provided by Corporate and used by each of the reportable business segments. The costs of these services, including compensation-related costs, are allocated from Corporate to the respective reportable business segments, with the allocations recorded in noncompensation expense.
(e)Included a $774 million income tax benefit recorded in the second quarter of 2025, driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025.
(f)Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
(g)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.