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Goodwill and Mortgage Servicing Rights
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Mortgage Servicing Rights Goodwill and mortgage servicing rights
Refer to Note 15 of JPMorganChase’s 2025 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)March 31,
2026		December 31,
2025
Consumer & Community Banking$32,116 $32,116 
Commercial & Investment Bank11,256 11,259 
Asset & Wealth Management8,626 8,634 
Corporate708 722 
Total goodwill$52,706 $52,731 
The following table presents changes in the carrying amount of goodwill.
Three months ended March 31,
(in millions)
20262025
Balance at beginning of period$52,731 $52,565 
Changes during the period from:
Other(a)
(25)56 
Balance at March 31,$52,706 $52,621 
(a)Primarily foreign currency adjustments.
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 March 31, 2026, 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 March 31, 2026 or December 31, 2025.
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 2025 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 months ended March 31, 2026 and 2025.
As of or for the three months
ended March 31,
(in millions, except where otherwise noted)20262025
Fair value at beginning of period$9,167 $9,121 
MSR activity:
Originations of MSRs146 111 
Purchase of MSRs(a)
10 279 
Disposition of MSRs2 4 
Net additions/(dispositions)158 394 
Changes due to collection/realization of expected cash flows
(270)(261)
Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other(b)
56 (100)
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service)
— 1 
Discount rates
— — 
Prepayment model changes and other(c)
(18)(28)
Total changes in valuation due to other inputs and assumptions(18)(27)
Total changes in valuation due to inputs and assumptions38 (127)
Fair value at March 31,
$9,093 $9,127 
Changes in unrealized gains/(losses) included in income related to MSRs held at March 31,
$38 $(127)
Contractual service fees, late fees and other ancillary fees included in income
410 402 
Third-party mortgage loans serviced at March 31, (in billions)
663 666 
Servicer advances, net of an allowance for uncollectible amounts, at March 31(d)
458 529 
(a)Includes purchase price adjustments associated with purchased MSRs, primarily due to loans that prepaid within 90 days of settlement or did not meet certain criteria and were removed from the purchase prior to the transfer date, 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.
The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three months ended March 31, 2026 and 2025.
Three months ended March 31,
(in millions)20262025
CCB mortgage fees and related income
Production revenue$178 $110 
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue409 404 
Changes in MSR asset fair value due to collection/realization of expected cash flows(269)(260)
Total operating revenue140 144 
Risk management:
Changes in MSR asset fair value due to market interest rates and other(a)
56 (100)
Other changes in MSR asset fair value due to other inputs and assumptions in model(b)
(18)(27)
Changes in derivative fair value and other(53)136 
Total risk management(15)9 
Total net mortgage servicing revenue125 153 
Total CCB mortgage fees and related income303 263 
All other6 15 
Mortgage fees and related income$309 $278 
(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 March 31, 2026 and December 31, 2025, and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.
(in millions, except rates)Mar 31,
2026		Dec 31,
2025
Weighted-average prepayment speed assumption (constant prepayment rate)
6.80 %6.77 %
Impact on fair value of 10% adverse change
$(179)$(181)
Impact on fair value of 20% adverse change
(349)(353)
Weighted-average option adjusted spread(a)
6.08 %6.14 %
Impact on fair value of a 100 basis point adverse change
$(385)$(394)
Impact on fair value of a 200 basis point adverse change
(740)(757)
(a)Includes the impact of operational risk and regulatory capital.