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Credit Risk Concentrations
 12 Months Ended
Dec. 31, 2025
Risks and Uncertainties [Abstract]  
Credit Risk Concentrations Credit risk concentrations
Concentrations of credit risk arise when a number of clients, counterparties or customers are engaged in similar business activities or activities in the same geographic region, or when they have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions.
JPMorganChase regularly monitors various segments of its credit portfolios to assess potential credit risk concentrations and to obtain additional collateral when deemed necessary and permitted under the Firm’s agreements. Senior management is significantly involved in the credit approval and review process, and risk levels are adjusted as needed to reflect the Firm’s risk appetite.
In the Firm’s consumer portfolio, concentrations are managed primarily by product and by U.S. geographic region, with a key focus on trends and concentrations at the portfolio level, where potential credit risk concentrations can be remedied through changes in underwriting policies and portfolio guidelines. Refer to Note 12 for additional information on the geographic composition of the Firm’s consumer loan portfolios. In the wholesale portfolio, credit risk concentrations are evaluated primarily by industry and monitored regularly on both an aggregate portfolio level and on an individual client or counterparty basis.
The Firm’s wholesale exposure is managed through loan syndications and participations, loan sales, securitizations, credit derivatives, master netting agreements, collateral and other risk-reduction techniques. Refer to Note 12 for additional information on loans.
The Firm does not believe that its exposure to any particular loan product or industry segment results in a significant concentration of credit risk.
Terms of loan products and collateral coverage are included in the Firm’s assessment when extending credit and establishing its allowance for credit losses. Refer to Note 13 for additional information on the allowance for credit losses.
The table below presents both on–balance sheet and off–balance sheet consumer and wholesale credit exposure by the Firm’s three credit portfolio segments as of December 31, 2025 and 2024. The wholesale industry of risk category is generally based on the client or counterparty’s primary business activity.
20252024
December 31,
(in millions)
Credit exposure(h)
On-balance sheet
Off-balance sheet(i)
Credit exposure(h)
On-balance sheet
Off-balance sheet(i)
LoansDerivativesLoansDerivatives
Consumer, excluding credit card$445,845 $402,258 $— $43,587 $437,654 $392,810 $— $44,844 
Credit card(a)
1,425,563 247,797 — 1,177,766 
(j)
1,234,171 232,860 — 1,001,311 
Total consumer(a)
1,871,408 650,055 — 1,221,353 1,671,825 625,670 — 1,046,155 
Wholesale(b)
Real Estate224,858 174,177 477 50,204 207,050 169,506 310 37,234 
Individuals and Individual Entities(c)
167,700 154,674 1,079 11,947 144,145 130,317 1,259 12,569 
Asset Managers
152,848 73,660 14,715 64,473 135,541 58,720 15,695 61,126 
Consumer & Retail133,945 49,113 2,235 82,597 129,815 46,509 1,608 81,698 
Technology, Media & Telecommunications97,816 26,005 1,986 69,825 84,716 21,449 2,448 60,819 
Industrials80,606 26,128 1,146 53,332 72,530 24,011 2,035 46,484 
Banks & Finance Companies75,653 54,841 2,697 18,115 61,287 40,239 3,890 17,158 
Healthcare72,218 21,849 807 49,562 64,224 23,243 616 40,365 
Utilities39,005 6,565 2,585 29,855 35,871 6,172 2,631 27,068 
Oil & Gas
36,497 8,668 524 27,305 31,724 7,226 1,153 23,345 
Automotive
35,984 17,303 192 18,489 34,336 17,696 794 15,846 
State & Municipal Govt(d)
32,484 16,931 523 15,030 35,039 19,279 372 15,388 
Insurance25,031 3,202 8,532 13,297 24,267 2,533 9,703 12,031 
Chemicals & Plastics23,790 6,479 350 16,961 20,782 6,176 267 14,339 
Transportation20,861 5,693 1,027 14,141 17,019 5,380 769 10,870 
Metals & Mining17,767 4,828 1,587 11,352 15,860 4,425 564 10,871 
Central Govt15,164 6,474 4,514 4,176 13,862 4,715 6,285 2,862 
Securities Firms7,966 1,115 3,051 3,800 9,443 1,878 3,197 4,368 
Financial Markets Infrastructure5,734 66 3,543 2,125 4,446 16 2,410 2,020 
All other(e)
180,171 134,596 6,207 39,368 140,873 100,906 4,961 35,006 
Subtotal1,446,098 792,367 57,777 595,954 1,282,830 690,396 60,967 531,467 
Loans held-for-sale and loans at fair value51,007 51,007 — — 31,922 31,922 — — 
Receivables from customers(f)
47,336 — — — 51,929 — — — 
Total wholesale1,544,441 843,374 57,777 595,954 1,366,681 722,318 60,967 531,467 
Total exposure(g)
$3,415,849 $1,493,429 $57,777 $1,817,307 $3,038,506 $1,347,988 $60,967 $1,577,622 
(a)Also includes commercial card lending-related commitments primarily in CIB.
(b)The industry rankings presented in the table as of December 31, 2024, are based on the industry rankings of the corresponding exposures as of December 31, 2025, not actual rankings of such exposures as of December 31, 2024.
(c)Individuals and Individual Entities predominantly consists of Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB, and includes exposure to personal investment companies and personal and testamentary trusts.
(d)In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) at December 31, 2025 and 2024, noted above, the Firm held: $6.1 billion of trading assets at both periods; $20.2 billion and $17.9 billion, respectively, of AFS securities; and $8.6 billion and $9.3 billion, respectively, of HTM securities, issued by U.S. state and municipal governments. Refer to Note 2 and Note 10 for further information.
(e)All other includes: SPEs and Private education and civic organizations, representing approximately 95% and 5%, respectively, at December 31, 2025, and 94% and 6%, respectively, at December 31, 2024. Refer to Note 14 for more information on exposures to SPEs.
(f)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM that are collateralized by assets maintained in the clients’ brokerage accounts (including cash on deposit, and primarily liquid and readily marketable debt or equity securities).
(g)Excludes cash placed with banks of $333.8 billion and $459.2 billion, at December 31, 2025 and 2024, respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks.
(h)Credit exposure is net of risk participations and excludes the benefit of credit derivatives and credit-related notes used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables.
(i)Represents lending-related financial instruments.
(j)On January 7, 2026, JPMorganChase announced that Chase will become the new issuer of Apple Card. The Firm entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio, with an expected closing in approximately 24 months (the “Apple Card transaction”). At December 31, 2025, includes estimated total credit exposure related to the Apple Card transaction at the time that the transaction is expected to close of approximately $104 billion, including approximately $23 billion of estimated drawn loans.