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Published: 2021-04-14 00:00:00 ET

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EX-99.2 3 a1q21erfex992supplement.htm EX-99.2 Document

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2021

JPMORGAN CHASE & CO.

TABLE OF CONTENTS

Page(s)

Consolidated Results

Consolidated Financial Highlights

2–3

Consolidated Statements of Income

Consolidated Balance Sheets

Condensed Average Balance Sheets and Annualized Yields

Reconciliation from Reported to Managed Basis

Segment Results - Managed Basis

Capital and Other Selected Balance Sheet Items

Earnings Per Share and Related Information

Business Segment Results

Consumer & Community Banking (“CCB”)

11–14

Corporate & Investment Bank (“CIB”)

15–17

Commercial Banking (“CB”)

18–19

Asset & Wealth Management (“AWM”)

20–22

Corporate

Credit-Related Information

24–27

Non-GAAP Financial Measures

Glossary of Terms and Acronyms (a)

(a) Refer to the Glossary of Terms and Acronyms on pages 305–311 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”).


JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)

	QUARTERLY TRENDS
																	1Q21 Change
SELECTED INCOME STATEMENT DATA	1Q21				4Q20			3Q20			2Q20			1Q20			4Q20		1Q20
Reported Basis
Total net revenue (a)(b)	$	32,266			$	29,335		$	29,255		$	33,075		$	28,286		10	%	14	%
Total noninterest expense (b)	18,725				16,048			16,875			16,942			16,791			17		12
Pre-provision profit (c)	13,541				13,287			12,380			16,133			11,495			2		18
Provision for credit losses	(4,156)				(1,889)			611			10,473			8,285			(120)		NM
NET INCOME	14,300				12,136			9,443			4,687			2,865			18		399

Managed Basis (d)
Total net revenue (b)	33,119				30,161			29,941			33,817			29,010			10		14
Total noninterest expense (b)	18,725				16,048			16,875			16,942			16,791			17		12
Pre-provision profit (c)	14,394				14,113			13,066			16,875			12,219			2		18
Provision for credit losses	(4,156)				(1,889)			611			10,473			8,285			(120)		NM
NET INCOME	14,300				12,136			9,443			4,687			2,865			18		399

EARNINGS PER SHARE DATA
Net income: Basic	$	4.51			$	3.80		$	2.93		$	1.39		$	0.79		19		471
Diluted	4.50				3.79			2.92			1.38			0.78			19		477
Average shares: Basic	3,073.5				3,079.7			3,077.8			3,076.3			3,095.8			—		(1)
Diluted	3,078.9				3,085.1			3,082.8			3,081.0			3,100.7			—		(1)

MARKET AND PER COMMON SHARE DATA
Market capitalization	$	460,820			$	387,492		$	293,451		$	286,658		$	274,323		19		68
Common shares at period-end	3,027.1				3,049.4			3,048.2			3,047.6			3,047.0			(1)		(1)
Book value per share	82.31				81.75			79.08			76.91			75.88			1		8
Tangible book value per share (“TBVPS”) (c)	66.56				66.11			63.93			61.76			60.71			1		10
Cash dividends declared per share	0.90				0.90			0.90			0.90			0.90			—		—

FINANCIAL RATIOS (e)
Return on common equity (“ROE”)	23		%		19		%	15		%	7		%	4		%
Return on tangible common equity (“ROTCE”) (c)	29				24			19			9			5
Return on assets	1.61				1.42			1.14			0.58			0.40

CAPITAL RATIOS (f)
Common equity Tier 1 (“CET1”) capital ratio	13.1		%	(g)	13.1		%	13.1		%	12.4		%	11.5		%
Tier 1 capital ratio	15.0			(g)	15.0			15.0			14.3			13.3
Total capital ratio	17.2			(g)	17.3			17.3			16.7			15.5
Tier 1 leverage ratio	6.7			(g)	7.0			7.0			6.9			7.5
Supplementary leverage ratio (“SLR”)	6.7			(g)	6.9			7.0			6.8			6.0

(a)In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits from accounts payable and other liabilities to other assets to be a reduction to the carrying value of certain tax-oriented investments. The reclassification also resulted in an increase in income tax expense and a corresponding increase in other income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation, including the Firm’s effective income tax rate. The reclassification did not change the Firm’s results of operations on a managed basis.

(b)In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.

(c)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure; refer to page 9 for a reconciliation of common stockholders’ equity to TCE. Refer to page 28 for a further discussion of these measures.

(d)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.

(e)Quarterly ratios are based upon annualized amounts.

(f)The capital metrics reflect the relief provided by the Federal Reserve Board (the “Federal Reserve”) in response to the COVID-19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020. For the periods ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $4.5 billion, $5.7 billion, $6.4 billion, $6.5 billion and $4.3 billion, respectively. The SLR reflects the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks, which became effective April 1, 2020 and remained in effect through March 31, 2021. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 52-53 and Capital Risk Management on pages 91-101 of the Firm’s 2020 Form 10-K for additional information.

(g)Estimated.

Page 2


JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)

	QUARTERLY TRENDS
																1Q21 Change
	1Q21			4Q20			3Q20			2Q20			1Q20			4Q20		1Q20
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)	$	3,689,336		$	3,384,757		$	3,245,061		$	3,212,643		$	3,138,530		9	%	18	%
Loans:
Consumer, excluding credit card loans (b)	324,908			318,579			322,098			323,198			311,508			2		4
Credit card loans	132,493			144,216			140,377			141,656			154,021			(8)		(14)
Wholesale loans (b)	553,906			550,058			527,265			544,528			584,081			1		(5)
Total Loans	1,011,307			1,012,853			989,740			1,009,382			1,049,610			—		(4)

Deposits:
U.S. offices:
Noninterest-bearing	629,139			572,711			540,116			529,729			448,195			10		40
Interest-bearing	1,266,856			1,197,032			1,117,149			1,061,093			1,026,603			6		23
Non-U.S. offices:
Noninterest-bearing	22,661			23,435			21,406			22,752			22,192			(3)		2
Interest-bearing	359,456			351,079			322,745			317,455			339,019			2		6
Total deposits	2,278,112			2,144,257			2,001,416			1,931,029			1,836,009			6		24

Long-term debt	279,427			281,685			279,175			317,003			299,344			(1)		(7)
Common stockholders’ equity	249,151			249,291			241,050			234,403			231,199			—		8
Total stockholders’ equity	280,714			279,354			271,113			264,466			261,262			—		7

Loans-to-deposits ratio (b)	44		%	47		%	49		%	52		%	57		%

Headcount	259,350			255,351			256,358			256,710			256,720			2		1

95% CONFIDENCE LEVEL - TOTAL VaR (c)
Average VaR	$	106		$	96		$	90		$	130		$	59		10		80

LINE OF BUSINESS NET REVENUE (d)
Consumer & Community Banking (e)	$	12,517		$	12,728		$	12,895		$	12,358		$	13,287		(2)		(6)
Corporate & Investment Bank	14,605			11,352			11,546			16,383			10,003			29		46
Commercial Banking	2,393			2,463			2,285			2,400			2,165			(3)		11
Asset & Wealth Management	4,077			3,867			3,554			3,430			3,389			5		20
Corporate	(473)			(249)			(339)			(754)			166			(90)		NM
TOTAL NET REVENUE	$	33,119		$	30,161		$	29,941		$	33,817		$	29,010		10		14

LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking	$	6,728		$	4,325		$	3,871		$	(176)		$	197		56		NM
Corporate & Investment Bank	5,740			5,349			4,309			5,451			1,985			7		189
Commercial Banking	1,168			2,034			1,086			(681)			139			(43)		NM
Asset & Wealth Management	1,244			786			876			661			669			58		86
Corporate	(580)			(358)			(699)			(568)			(125)			(62)		(364)
NET INCOME	$	14,300		$	12,136		$	9,443		$	4,687		$	2,865		18		399

In the fourth quarter of 2020, payment processing-only clients along with the associated revenue and expenses were realigned to CIB’s Wholesale Payments business from CCB and CB. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 65 of the Firm’s 2020 Form 10-K for further information.

In the fourth quarter of 2020, the Firm realigned certain wealth management clients from AWM to CCB. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 65 of the Firm’s 2020 Form 10-K for further information.

(a)In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.

(b)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.

(d)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.

(e) In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.

Page 3


JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)

	QUARTERLY TRENDS
																	1Q21 Change
REVENUE	1Q21			4Q20			3Q20			2Q20			1Q20				4Q20		1Q20
Investment banking fees	$	2,970		$	2,583		$	2,187		$	2,850		$	1,866			15	%	59	%
Principal transactions	6,500			3,321			4,142			7,621			2,937				96		121
Lending- and deposit-related fees	1,687			1,727			1,647			1,431			1,706				(2)		(1)
Asset management, administration and commissions	5,029			4,901			4,470			4,266			4,540				3		11
Investment securities gains	14			70			473			26			233				(80)		(94)
Mortgage fees and related income	704			767			1,087			917			320				(8)		120
Card income (a)	1,350			1,297			1,169			974			995				4		36
Other income (b)	1,123			1,411			1,067			1,137			1,250				(20)		(10)
Noninterest revenue	19,377			16,077			16,242			19,222			13,847				21		40
Interest income	14,271			14,550			14,700			16,112			19,161				(2)		(26)
Interest expense	1,382			1,292			1,687			2,259			4,722				7		(71)
Net interest income	12,889			13,258			13,013			13,853			14,439				(3)		(11)
TOTAL NET REVENUE	32,266			29,335			29,255			33,075			28,286				10		14

Provision for credit losses	(4,156)			(1,889)			611			10,473			8,285				(120)		NM

NONINTEREST EXPENSE
Compensation expense	10,601			7,954			8,630			9,509			8,895				33		19
Occupancy expense	1,115			1,161			1,142			1,080			1,066				(4)		5
Technology, communications and equipment expense	2,519			2,606			2,564			2,590			2,578				(3)		(2)
Professional and outside services	2,203			2,259			2,178			1,999			2,028				(2)		9
Marketing (a)	751			725			470			481			800				4		(6)


Other expense (c)	1,536			1,343			1,891			1,283			1,424				14		8
TOTAL NONINTEREST EXPENSE	18,725			16,048			16,875			16,942			16,791				17		12
Income before income tax expense	17,697			15,176			11,769			5,660			3,210				17		451
Income tax expense (b)	3,397			3,040			2,326			973			345				12		NM
NET INCOME	$	14,300		$	12,136		$	9,443		$	4,687		$	2,865			18		399


NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	4.51		$	3.80		$	2.93		$	1.39		$	0.79			19		471
Diluted earnings per share	4.50			3.79			2.92			1.38			0.78				19		477

FINANCIAL RATIOS
Return on common equity (d)	23		%	19		%	15		%	7		%	4		%
Return on tangible common equity (d)(e)	29			24			19			9			5
Return on assets (d)	1.61			1.42			1.14			0.58			0.40
Effective income tax rate (b)	19.2			20.0			19.8			17.2			10.7
Overhead ratio	58			55			58			51			59			(b)

(a)In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.

(b)In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.

(c)Included Firmwide legal expense/(benefit) of $28 million, $276 million, $524 million, $118 million and $197 million for the three months ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.

(d)Quarterly ratios are based upon annualized amounts.

(e)Refer to page 28 for further discussion of ROTCE.

Page 4


JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
												Mar 31, 2021
												Change
	Mar 31,		Dec 31,		Sep 30,		Jun 30,			Mar 31,		Dec 31,		Mar 31,
	2021		2020		2020		2020			2020		2020		2020
ASSETS
Cash and due from banks	$	25,397	$	24,874	$	20,816	$	20,544		$	24,001	2	%	6	%
Deposits with banks	685,675		502,735		466,706		473,185			343,533		36		100

Federal funds sold and securities purchased under
resale agreements	272,481		296,284		319,849		256,980			248,580		(8)		10
Securities borrowed	179,516		160,635		142,441		142,704			139,839		12		28
Trading assets:
Debt and equity instruments (a)	470,933		423,496		429,196		416,870			429,275		11		10
Derivative receivables	73,119		79,630		76,626		74,846			81,648		(8)		(10)
Available-for-sale (“AFS”) securities	379,942		388,178		389,583		485,883			399,944		(2)		(5)
Held-to-maturity (”HTM”) securities, net of allowance for credit losses (b)	217,452		201,821		141,553		72,908			71,200		8		205
Investment securities, net of allowance for credit losses (b)	597,394		589,999		531,136		558,791			471,144		1		27
Loans (a)	1,011,307		1,012,853		989,740		1,009,382			1,049,610		—		(4)
Less: Allowance for loan losses	23,001		28,328		30,814		31,591		(d)	23,244		(19)		(1)
Loans, net of allowance for loan losses	988,306		984,525		958,926		977,791			1,026,366		—		(4)
Accrued interest and accounts receivable	114,754		90,503		76,945		72,260			122,064		27		(6)
Premises and equipment	26,926		27,109		26,672		26,301			25,882		(1)		4



Goodwill, MSRs and other intangible assets	54,588		53,428		51,594		51,669			51,867		2		5
Other assets (a)(c)	200,247		151,539		144,154		140,702			174,331		32		15
TOTAL ASSETS	$	3,689,336	$	3,384,757	$	3,245,061	$	3,212,643		$	3,138,530	9		18

LIABILITIES
Deposits	$	2,278,112	$	2,144,257	$	2,001,416	$	1,931,029		$	1,836,009	6		24
Federal funds purchased and securities loaned or sold
under repurchase agreements	304,019		215,209		236,440		235,647			233,207		41		30


Short-term borrowings	54,978		45,208		41,992		48,014			51,909		22		6
Trading liabilities:
Debt and equity instruments	130,909		99,558		104,835		107,735			119,109		31		10
Derivative payables	60,440		70,623		57,658		57,477			65,087		(14)		(7)
Accounts payable and other liabilities (c)	285,066		231,285		233,241		230,444		(d)	252,973		23		13
Beneficial interests issued by consolidated VIEs	15,671		17,578		19,191		20,828			19,630		(11)		(20)
Long-term debt	279,427		281,685		279,175		317,003			299,344		(1)		(7)
TOTAL LIABILITIES	3,408,622		3,105,403		2,973,948		2,948,177			2,877,268		10		18

STOCKHOLDERS’ EQUITY
Preferred stock	31,563		30,063		30,063		30,063			30,063		5		5
Common stock	4,105		4,105		4,105		4,105			4,105		—		—
Additional paid-in capital	88,005		88,394		88,289		88,125			87,857		—		—
Retained earnings	248,151		236,990		228,014		221,732			220,226		5		13
Accumulated other comprehensive income/(loss)	1,041		7,986		8,940		8,789			7,418		(87)		(86)
Shares held in RSU Trust, at cost	—		—		(11)		(11)			(21)		—		NM
Treasury stock, at cost	(92,151)		(88,184)		(88,287)		(88,337)			(88,386)		(4)		(4)
TOTAL STOCKHOLDERS’ EQUITY	280,714		279,354		271,113		264,466			261,262		—		7
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,689,336	$	3,384,757	$	3,245,061	$	3,212,643		$	3,138,530	9		18

(a)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.

(b)At March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, the allowance for credit losses on HTM securities was $94 million, $78 million, $120 million, $23 million and $19 million, respectively.

(c)In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.

(d)Prior-period amounts have been revised to conform with the current presentation.

Page 5


JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS
																1Q21 Change
AVERAGE BALANCES	1Q21			4Q20			3Q20			2Q20			1Q20			4Q20		1Q20
ASSETS
Deposits with banks	$	631,606		$	507,194		$	509,979		$	477,895		$	279,748		25	%	126	%
Federal funds sold and securities purchased under resale agreements	289,763			327,504			277,899			244,306			253,403			(12)		14
Securities borrowed	175,019			149,146			147,184			141,328			136,127			17		29
Trading assets - debt instruments (a)	322,648			319,585			322,321			345,073			304,808			1		6
Investment securities	582,460			568,354			548,544			500,254			421,529			2		38
Loans (a)	1,013,524			996,367			991,241			1,029,513			1,001,504			2		1
All other interest-earning assets (a)(b)	111,549			87,496			77,806			81,320			68,430			27		63
Total interest-earning assets	3,126,569			2,955,646			2,874,974			2,819,689			2,465,549			6		27
Trading assets - equity and other instruments	159,727			138,477			119,905			99,115			114,479			15		40
Trading assets - derivative receivables	79,013			79,300			81,300			79,298			66,309			—		19
All other noninterest-earning assets (a)(c)	247,532			225,290			212,939			230,227			242,987			10		2
TOTAL ASSETS	$	3,612,841		$	3,398,713		$	3,289,118		$	3,228,329		$	2,889,324		6		25
LIABILITIES
Interest-bearing deposits	$	1,610,467		$	1,529,066		$	1,434,034		$	1,375,213		$	1,216,555		5		32
Federal funds purchased and securities loaned or
sold under repurchase agreements	301,386			247,276			253,779			276,815			243,922			22		24
Short-term borrowings (d)	42,031			36,183			36,697			45,297			37,288			16		13
Trading liabilities - debt and all other interest-bearing liabilities (e)	230,922			213,989			206,643			207,322			192,950			8		20
Beneficial interests issued by consolidated VIEs	17,185			18,647			19,838			20,331			18,048			(8)		(5)
Long-term debt	239,398			237,144			267,175			269,336			243,996			1		(2)
Total interest-bearing liabilities	2,441,389			2,282,305			2,218,166			2,194,314			1,952,759			7		25
Noninterest-bearing deposits	614,165			582,517			551,565			515,304			419,631			5		46
Trading liabilities - equity and other instruments	35,029			33,732			32,256			33,797			30,721			4		14
Trading liabilities - derivative payables	67,960			63,551			64,599			63,178			54,990			7		24
All other noninterest-bearing liabilities (c)	178,444			164,873			155,672			157,265			167,287			8		7
TOTAL LIABILITIES	3,336,987			3,126,978			3,022,258			2,963,858			2,625,388			7		27
Preferred stock	30,312			30,063			30,063			30,063			29,406			1		3
Common stockholders’ equity	245,542			241,672			236,797			234,408			234,530			2		5
TOTAL STOCKHOLDERS’ EQUITY	275,854			271,735			266,860			264,471			263,936			2		5
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,612,841		$	3,398,713		$	3,289,118		$	3,228,329		$	2,889,324		6		25

AVERAGE RATES (f)
INTEREST-EARNING ASSETS
Deposits with banks	0.04		%	0.03		%	0.05		%	0.06		%	0.82		%
Federal funds sold and securities purchased under resale agreements	0.33			0.41			0.57			0.99			1.74
Securities borrowed (g)	(0.18)			(0.40)			(0.35)			(0.50)			0.45
Trading assets - debt instruments (a)	2.25			2.32			2.29			2.42			2.74
Investment securities	1.36			1.39			1.58			2.03			2.48
Loans (a)	4.09			4.14			4.11			4.27			4.96
All other interest-earning assets (a)(b)	0.72			0.89			0.94			0.99			2.60
Total interest-earning assets	1.87			1.97			2.05			2.31			3.14

INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.04			0.05			0.07			0.10			0.52
Federal funds purchased and securities loaned or
sold under repurchase agreements	0.02			0.06			0.17			0.19			1.30
Short-term borrowings (d)	0.31			0.40			0.65			1.11			1.63
Trading liabilities - debt and all other interest-bearing liabilities (e)(g)	0.05			(0.15)			(0.10)			(0.08)			0.77
Beneficial interests issued by consolidated VIEs	0.64			0.65			0.71			1.15			2.02
Long-term debt	1.92			1.82			1.93			2.45			2.88
Total interest-bearing liabilities	0.23			0.23			0.30			0.41			0.97

INTEREST RATE SPREAD	1.64		%	1.74		%	1.75		%	1.90		%	2.17		%
NET YIELD ON INTEREST-EARNING ASSETS	1.69		%	1.80		%	1.82		%	1.99		%	2.37		%
Memo: Net yield on interest-earning assets excluding CIB Markets (h)	1.93		%	2.01		%	2.05		%	2.27		%	3.01		%

(a) In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.

(b) Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets.

(c) In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.

(d) Includes commercial paper.

(e) All other interest-bearing liabilities include brokerage-related customer payables.

(f) Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.

(g) Negative interest income and yields are related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other liabilities.

(h) Net yield on interest-earning assets excluding CIB Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.

Page 6

JPMORGAN CHASE & CO.

RECONCILIATION FROM REPORTED TO MANAGED BASIS

(in millions, except ratios)

The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. Refer to the notes on Non-GAAP Financial Measures on page 28 for additional information on managed basis.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.








	QUARTERLY TRENDS
																	1Q21 Change
	1Q21			4Q20			3Q20			2Q20			1Q20				4Q20		1Q20
OTHER INCOME
Other income - reported (a)	$	1,123		$	1,411		$	1,067		$	1,137		$	1,250			(20)	%	(10)	%
Fully taxable-equivalent adjustments (a)(b)	744			729			582			635			614				2		21
Other income - managed	$	1,867		$	2,140		$	1,649		$	1,772		$	1,864			(13)		—

TOTAL NONINTEREST REVENUE (c)
Total noninterest revenue - reported	$	19,377		$	16,077		$	16,242		$	19,222		$	13,847			21		40
Fully taxable-equivalent adjustments	744			729			582			635			614				2		21
Total noninterest revenue - managed	$	20,121		$	16,806		$	16,824		$	19,857		$	14,461			20		39

NET INTEREST INCOME
Net interest income - reported	$	12,889		$	13,258		$	13,013		$	13,853		$	14,439			(3)		(11)
Fully taxable-equivalent adjustments (b)	109			97			104			107			110				12		(1)
Net interest income - managed	$	12,998		$	13,355		$	13,117		$	13,960		$	14,549			(3)		(11)

TOTAL NET REVENUE (c)
Total net revenue - reported	$	32,266		$	29,335		$	29,255		$	33,075		$	28,286			10		14
Fully taxable-equivalent adjustments	853			826			686			742			724				3		18
Total net revenue - managed	$	33,119		$	30,161		$	29,941		$	33,817		$	29,010			10		14

PRE-PROVISION PROFIT
Pre-provision profit - reported	$	13,541		$	13,287		$	12,380		$	16,133		$	11,495			2		18
Fully taxable-equivalent adjustments	853			826			686			742			724				3		18
Pre-provision profit - managed	$	14,394		$	14,113		$	13,066		$	16,875		$	12,219			2		18

INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	17,697		$	15,176		$	11,769		$	5,660		$	3,210			17		451
Fully taxable-equivalent adjustments	853			826			686			742			724				3		18
Income before income tax expense - managed	$	18,550		$	16,002		$	12,455		$	6,402		$	3,934			16		372

INCOME TAX EXPENSE
Income tax expense - reported (a)	$	3,397		$	3,040		$	2,326		$	973		$	345			12		NM
Fully taxable-equivalent adjustments (a)(b)	853			826			686			742			724				3		18
Income tax expense - managed	$	4,250		$	3,866		$	3,012		$	1,715		$	1,069			10		298

OVERHEAD RATIO
Overhead ratio - reported	58		%	55		%	58		%	51		%	59		%	(a)
Overhead ratio - managed	57			53			56			50			58

(b)Predominantly recognized in CIB, CB and Corporate.

(c)In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.

Page 7


JPMORGAN CHASE & CO.
SEGMENT RESULTS - MANAGED BASIS
(in millions)


	QUARTERLY TRENDS
											1Q21 Change
	1Q21		4Q20		3Q20		2Q20		1Q20		4Q20		1Q20
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking (a)	$	12,517	$	12,728	$	12,895	$	12,358	$	13,287	(2)	%	(6)	%
Corporate & Investment Bank	14,605		11,352		11,546		16,383		10,003		29		46
Commercial Banking	2,393		2,463		2,285		2,400		2,165		(3)		11
Asset & Wealth Management	4,077		3,867		3,554		3,430		3,389		5		20
Corporate	(473)		(249)		(339)		(754)		166		(90)		NM
TOTAL NET REVENUE	$	33,119	$	30,161	$	29,941	$	33,817	$	29,010	10		14

TOTAL NONINTEREST EXPENSE
Consumer & Community Banking (a)	$	7,202	$	7,042	$	6,912	$	6,767	$	7,269	2		(1)
Corporate & Investment Bank	7,104		4,939		5,832		6,812		5,955		44		19
Commercial Banking	969		950		969		893		986		2		(2)
Asset & Wealth Management	2,574		2,756		2,443		2,323		2,435		(7)		6
Corporate	876		361		719		147		146		143		500
TOTAL NONINTEREST EXPENSE	$	18,725	$	16,048	$	16,875	$	16,942	$	16,791	17		12

PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	5,315	$	5,686	$	5,983	$	5,591	$	6,018	(7)		(12)
Corporate & Investment Bank	7,501		6,413		5,714		9,571		4,048		17		85
Commercial Banking	1,424		1,513		1,316		1,507		1,179		(6)		21
Asset & Wealth Management	1,503		1,111		1,111		1,107		954		35		58
Corporate	(1,349)		(610)		(1,058)		(901)		20		(121)		NM
PRE-PROVISION PROFIT	$	14,394	$	14,113	$	13,066	$	16,875	$	12,219	2		18

PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	(3,602)	$	(83)	$	795	$	5,828	$	5,772	NM		NM
Corporate & Investment Bank	(331)		(581)		(81)		1,987		1,401		43		NM
Commercial Banking	(118)		(1,181)		(147)		2,431		1,010		90		NM
Asset & Wealth Management	(121)		(2)		(52)		223		94		NM		NM
Corporate	16		(42)		96		4		8		NM		100
PROVISION FOR CREDIT LOSSES	$	(4,156)	$	(1,889)	$	611	$	10,473	$	8,285	(120)		NM

NET INCOME/(LOSS)
Consumer & Community Banking	$	6,728	$	4,325	$	3,871	$	(176)	$	197	56		NM
Corporate & Investment Bank	5,740		5,349		4,309		5,451		1,985		7		189
Commercial Banking	1,168		2,034		1,086		(681)		139		(43)		NM
Asset & Wealth Management	1,244		786		876		661		669		58		86
Corporate	(580)		(358)		(699)		(568)		(125)		(62)		(364)
TOTAL NET INCOME	$	14,300	$	12,136	$	9,443	$	4,687	$	2,865	18		399

Page 8


JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)

																	Mar 31, 2021
																	Change
	Mar 31,				Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,		Mar 31,
	2021				2020			2020			2020			2020			2020		2020
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	206,087		(e)	$	205,078		$	197,719		$	190,867		$	183,591		—	%	12	%
Tier 1 capital	237,347			(e)	234,844			227,486			220,674			213,406			1		11
Total capital	271,436			(e)	269,923			262,397			256,667			247,541			1		10
Risk-weighted assets	1,579,200			(e)	1,560,609			1,514,509			1,541,365			1,598,828			1		(1)
CET1 capital ratio	13.1		%	(e)	13.1		%	13.1		%	12.4		%	11.5		%
Tier 1 capital ratio	15.0			(e)	15.0			15.0			14.3			13.3
Total capital ratio	17.2			(e)	17.3			17.3			16.7			15.5

Advanced
CET1 capital	$	206,087		(e)	$	205,078		$	197,719		$	190,867		$	183,591		—		12
Tier 1 capital	237,347			(e)	234,844			227,486			220,674			213,406			1		11
Total capital	258,657			(e)	257,228			249,947			244,112			234,434			1		10
Risk-weighted assets	1,505,991			(e)	1,484,431			1,429,334			1,450,587			1,489,134			1		1
CET1 capital ratio	13.7		%	(e)	13.8		%	13.8		%	13.2		%	12.3		%
Tier 1 capital ratio	15.8			(e)	15.8			15.9			15.2			14.3
Total capital ratio	17.2			(e)	17.3			17.5			16.8			15.7

Leverage-based capital metrics
Adjusted average assets (b)	$	3,565,560		(e)	$	3,353,319		$	3,243,290		$	3,176,729		$	2,842,244		6		25
Tier 1 leverage ratio	6.7		%	(e)	7.0		%	7.0		%	6.9		%	7.5		%

Total leverage exposure	3,522,624			(e)	3,401,542			3,247,392			3,228,424			3,535,822			4		—
SLR	6.7		%	(e)	6.9		%	7.0		%	6.8		%	6.0		%

TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders’ equity	$	249,151			$	249,291		$	241,050		$	234,403		$	231,199		—		8
Less: Goodwill	49,243				49,248			47,819			47,811			47,800			—		3
Less: Other intangible assets	875				904			759			778			800			(3)		9
Add: Certain deferred tax liabilities (d)	2,457				2,453			2,405			2,397			2,389			—		3
Total tangible common equity	$	201,490			$	201,592		$	194,877		$	188,211		$	184,988		—		9

TANGIBLE COMMON EQUITY (average) (c)
Common stockholders’ equity	$	245,542			$	241,672		$	236,797		$	234,408		$	234,530		2		5
Less: Goodwill	49,249				47,842			47,820			47,805			47,812			3		3
Less: Other intangible assets	891				752			769			791			812			18		10
Add: Certain deferred tax liabilities (d)	2,455				2,416			2,401			2,393			2,385			2		3
Total tangible common equity	$	197,857			$	195,494		$	190,609		$	188,205		$	188,291		1		5

INTANGIBLE ASSETS (period-end)
Goodwill	$	49,243			$	49,248		$	47,819		$	47,811		$	47,800		—		3
Mortgage servicing rights	4,470				3,276			3,016			3,080			3,267			36		37
Other intangible assets	875				904			759			778			800			(3)		9
Total intangible assets	$	54,588			$	53,428		$	51,594		$	51,669		$	51,867		2		5

(a)The capital metrics reflect the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020. For the periods ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $4.5 billion, $5.7 billion, $6.4 billion, $6.5 billion and $4.3 billion, respectively. The SLR reflects the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks, which became effective April 1, 2020 and remained in effect through March 31, 2021. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 52-53 and Capital Risk Management on pages 91-101 of the Firm’s 2020 Form 10-K for additional information.

(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill and other intangible assets.

(c)Refer to page 28 for further discussion of TCE.

(d)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.

(e)Estimated.

Page 9


JPMORGAN CHASE & CO.
EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)

	QUARTERLY TRENDS
																1Q21 Change
	1Q21			4Q20			3Q20			2Q20			1Q20			4Q20		1Q20
EARNINGS PER SHARE
Basic earnings per share
Net income	$	14,300		$	12,136		$	9,443		$	4,687		$	2,865		18	%	399	%
Less: Preferred stock dividends	379			380			381			401			421			—		(10)
Net income applicable to common equity	13,921			11,756			9,062			4,286			2,444			18		470
Less: Dividends and undistributed earnings allocated to
participating securities	70			57			47			21			13			23		438
Net income applicable to common stockholders	$	13,851		$	11,699		$	9,015		$	4,265		$	2,431		18		470

Total weighted-average basic shares outstanding	3,073.5			3,079.7			3,077.8			3,076.3			3,095.8			—		(1)
Net income per share	$	4.51		$	3.80		$	2.93		$	1.39		$	0.79		19		471

Diluted earnings per share
Net income applicable to common stockholders	$	13,851		$	11,699		$	9,015		$	4,265		$	2,431		18		470
Total weighted-average basic shares outstanding	3,073.5			3,079.7			3,077.8			3,076.3			3,095.8			—		(1)
Add: Dilutive impact of stock appreciation rights (“SARs”) and employee stock options, unvested performance share units (“PSUs”) and nondividend-earning restricted stock units (“RSUs”)	5.4			5.4			5.0			4.7			4.9			—		10
Total weighted-average diluted shares outstanding	3,078.9			3,085.1			3,082.8			3,081.0			3,100.7			—		(1)
Net income per share	$	4.50		$	3.79		$	2.92		$	1.38		$	0.78		19		477

COMMON DIVIDENDS
Cash dividends declared per share	$	0.90		$	0.90		$	0.90		$	0.90		$	0.90		—		—
Dividend payout ratio	20		%	24		%	31		%	65		%	114		%

COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	34.7			—			—			—			50.0			NM		(31)
Average price paid per share of common stock	$	144.25		$	—		$	—		$	—		$	127.92		NM		13

Aggregate repurchases of common stock	4,999			—			—			—			6,397			NM		(22)


EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	12.3			1.5			0.6			0.8			13.0			NM		(5)
Net impact of employee issuances on stockholders’ equity (b)	$	667		$	217		$	263		$	325		$	398		207		68

(a)On March 15, 2020, in response to the economic disruptions caused by the COVID-19 pandemic, the Firm temporarily suspended repurchases of its common stock. Subsequently, the Federal Reserve directed all large banks, including the Firm, to discontinue net share repurchases through the end of 2020. On December 18, 2020, the Federal Reserve announced that all large banks, including the Firm, could resume share repurchases commencing in the first quarter of 2021, subject to certain restrictions; the restrictions were extended until at least the second quarter of 2021. The Firm’s Board of Directors authorized a new common share repurchase program for up to $30 billion.

(b)The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares and the exercise of employee stock options and SARs.

Page 10


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)


	QUARTERLY TRENDS
																1Q21 Change
	1Q21			4Q20			3Q20			2Q20			1Q20			4Q20		1Q20
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	742		$	806		$	771		$	617		$	972		(8)	%	(24)	%
Asset management, administration and commissions	805			735			703			634			708			10		14
Mortgage fees and related income	703			766			1,076			917			320			(8)		120
Card income (a)	999			923			826			667			652			8		53
All other income	1,339			1,328			1,487			1,387			1,445			1		(7)
Noninterest revenue	4,588			4,558			4,863			4,222			4,097			1		12
Net interest income	7,929			8,170			8,032			8,136			9,190			(3)		(14)
TOTAL NET REVENUE	12,517			12,728			12,895			12,358			13,287			(2)		(6)

Provision for credit losses	(3,602)			(83)			795			5,828			5,772			NM		NM

NONINTEREST EXPENSE
Compensation expense	2,976			2,734			2,804			2,694			2,782			9		7
Noncompensation expense (a)(b)	4,226			4,308			4,108			4,073			4,487			(2)		(6)
TOTAL NONINTEREST EXPENSE	7,202			7,042			6,912			6,767			7,269			2		(1)

Income/(loss) before income tax expense/(benefit)	8,917			5,769			5,188			(237)			246			55		NM
Income tax expense/(benefit)	2,189			1,444			1,317			(61)			49			52		NM
NET INCOME/(LOSS)	$	6,728		$	4,325		$	3,871		$	(176)		$	197		56		NM

REVENUE BY LINE OF BUSINESS
Consumer & Business Banking	$	5,635		$	5,744		$	5,697		$	5,248		$	6,266		(2)		(10)
Home Lending	1,458			1,456			1,714			1,687			1,161			—		26
Card & Auto (a)	5,424			5,528			5,484			5,423			5,860			(2)		(7)

MORTGAGE FEES AND RELATED INCOME DETAILS:
Production revenue	757			803			765			742			319			(6)		137
Net mortgage servicing revenue (c)	(54)			(37)			311			175			1			(46)		NM
Mortgage fees and related income	$	703		$	766		$	1,076		$	917		$	320		(8)		120

FINANCIAL RATIOS
ROE	54		%	32		%	29		%	(2)		%	1		%
Overhead ratio	58			55			54			55			55

(b)Included depreciation expense on leased assets of $916 million, $975 million and $1.0 billion for the three months ended March 31, 2021, December 31, 2020 and September 30, 2020, and $1.1 billion for the three months ended June 30, 2020 and March 31, 2020, respectively.

(c)Included MSR risk management results of $(115) million, $(152) million, $145 million, $79 million and $(90) million for the three months ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.

Page 11


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)

	QUARTERLY TRENDS
											1Q21 Change
	1Q21		4Q20		3Q20		2Q20		1Q20		4Q20		1Q20
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)	$	487,978	$	496,705	$	487,063	$	498,658	$	513,352	(2)	%	(5)	%

Loans:
Consumer & Business Banking (b)	52,654		48,810		49,646		49,305		30,004		8		75
Home Lending (c)(d)	178,776		182,121		188,561		195,664		205,318		(2)		(13)
Card	132,493		144,216		140,377		141,656		154,021		(8)		(14)
Auto	67,662		66,432		62,304		59,287		61,468		2		10
Total loans	431,585		441,579		440,888		445,912		450,811		(2)		(4)

Deposits	1,037,903		958,706		909,198		885,535		783,398		8		32
Equity	50,000		52,000		52,000		52,000		52,000		(4)		(4)

SELECTED BALANCE SHEET DATA (average)
Total assets (a)	$	484,524	$	486,272	$	490,094	$	504,571	$	525,695	—		(8)

Loans:
Consumer & Business Banking	49,868		49,506		49,596		43,442		29,570		1		69
Home Lending (c)(e)	182,247		185,733		192,172		199,532		211,333		(2)		(14)
Card	134,884		141,236		140,386		142,377		162,660		(4)		(17)
Auto	66,960		64,342		60,345		60,306		60,893		4		10
Total loans	433,959		440,817		442,499		445,657		464,456		(2)		(7)

Deposits	979,686		928,518		895,535		840,467		739,709		6		32
Equity	50,000		52,000		52,000		52,000		52,000		(4)		(4)

Headcount	126,084		122,894		122,905		123,765		124,609		3		1

(a)Prior-period amounts have been revised to conform with the current presentation.

(b)At March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, included $23.4 billion, $19.2 billion, $20.3 billion and $19.9 billion of loans, respectively, in Business Banking under the Paycheck Protection Program (“PPP”). Refer to page 113 of the Firm’s 2020 Form 10-K for further information on the PPP.

(c)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.

(d)At March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, Home Lending loans held-for-sale and loans at fair value were $13.2 billion, $9.7 billion, $10.0 billion, $8.6 billion and $10.8 billion, respectively.

(e)Average Home Lending loans held-for sale and loans at fair value were $12.5 billion, $10.7 billion, $9.2 billion, $8.7 billion and $15.8 billion for the three months ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.

Page 12


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED


(in millions, except ratio data)	QUARTERLY TRENDS
																				1Q21 Change
	1Q21				4Q20				3Q20				2Q20				1Q20			4Q20		1Q20
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)	$	5,672		(f)	$	5,675		(f)	$	5,162		(f)(g)	$	4,429		(f)	$	4,022		—	%	41	%
Net charge-offs/(recoveries)
Consumer & Business Banking	65				75				54				60				74			(13)		(12)
Home Lending	(51)				(50)				8				(5)				(122)			(2)		58
Card	983				767				1,028				1,178				1,313			28		(25)
Auto	26				25				5				45				48			4		(46)
Total net charge-offs/(recoveries)	$	1,023			$	817			$	1,095			$	1,278			$	1,313		25		(22)
Net charge-off/(recovery) rate
Consumer & Business Banking (c)	0.53		%		0.60		%		0.43		%		0.56		%		1.01		%
Home Lending	(0.12)				(0.11)				0.02				(0.01)				(0.25)
Card	2.97				2.17				2.92				3.33				3.25
Auto	0.16				0.15				0.03				0.30				0.32
Total net charge-off/(recovery) rate	0.99				0.76				1.01				1.18				1.18

30+ day delinquency rate (d)
Home Lending (e)	1.07		%		1.15		%		1.62		%		1.30		%		1.48		%
Card	1.40				1.68				1.57				1.71				1.96
Auto	0.42				0.69				0.54				0.54				0.89

90+ day delinquency rate - Card (d)	0.80				0.92				0.69				0.93				1.02

Allowance for loan losses
Consumer & Business Banking	$	1,022			$	1,372			$	1,372			$	1,372			$	884		(26)		16
Home Lending	1,238				1,813				2,685				2,957				2,137			(32)		(42)
Card	14,300				17,800				17,800				17,800				14,950			(20)		(4)
Auto	892				1,042				1,044				1,044				732			(14)		22
Total allowance for loan losses	$	17,452			$	22,027			$	22,901			$	23,173			$	18,703		(21)		(7)

(a)At March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $458 million, $558 million, $851 million, $561 million and $616 million, respectively. These amounts have been excluded based upon the government guarantee.

(c)At March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, included $23.4 billion, $19.2 billion, $20.3 billion and $19.9 billion of loans, respectively, under the PPP. Given that PPP loans are guaranteed by the SBA, the Firm does not expect to realize material credit losses on these loans. Refer to page 113 of the Firm’s 2020 Form 10-K for further information on the PPP.

(d)At March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic were as follows: (1) $8.1 billion, $9.1 billion, $10.2 billion and $18.2 billion in Home Lending, respectively; (2) $105 million, $264 million, $368 million and $4.4 billion in Card, respectively; and (3) $127 million, $376 million, $411 million and $12.3 billion in Auto, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.

(e)At March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $557 million, $744 million, $1.1 billion, $826 million and $1.0 billion, respectively. These amounts have been excluded based upon the government guarantee.

(f)Generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic. Beginning in the third quarter of 2020, includes loans to customers that have exited COVID-19 payment deferral programs and are 90 or more days past due, predominantly all of which were considered collateral-dependent and charged down to the lower of amortized cost or fair value of the underlying collateral less costs to sell.

(g)Prior-period amount has been revised to conform with the current presentation.

Page 13


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)

	QUARTERLY TRENDS
																					1Q21 Change
	1Q21				4Q20				3Q20				2Q20				1Q20				4Q20		1Q20
BUSINESS METRICS
Number of:
Branches	4,872				4,908				4,960				4,923				4,967				(1)	%	(2)	%
Active digital customers (in thousands) (a)	56,671				55,274				54,779				54,505				53,833				3		5
Active mobile customers (in thousands) (b)	41,872				40,899				40,164				39,044				38,256				2		9

Debit and credit card sales volume (in billions)	$	290.3			$	299.4			$	278.2			$	237.6			$	266.0			(3)		9

Consumer & Business Banking
Average deposits	$	960,662			$	907,884			$	874,325			$	821,624			$	724,970			6		33
Deposit margin	1.29			%	1.41			%	1.43			%	1.52			%	2.05			%
Business banking origination volume (c)	$	10,035			$	722			$	1,352			$	23,042			$	1,491			NM		NM
Client investment assets	636,962				590,206			(g)	529,196				494,390				442,634				8		44
Number of client advisors	4,500				4,417				4,290				4,259				4,291				2		5

Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	23.0			$	20.1			$	20.7			$	18.0			$	14.1			14		63
Correspondent	16.3				12.4				8.3				6.2				14.0				31		16
Total mortgage origination volume (d)	$	39.3			$	32.5			$	29.0			$	24.2			$	28.1			21		40
Third-party mortgage loans serviced (period-end)	443.2				447.3				454.8				482.4				505.0				(1)		(12)
MSR carrying value (period-end)	4.5				3.3				3.0				3.1				3.3				36		36
Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end)	1.02			%	0.74			%	0.66			%	0.64			%	0.65			%
MSR revenue multiple (e)	3.78		x		2.64		x		2.28		x		2.29		x		2.10		x

Credit Card
Credit card sales volume, excluding Commercial Card (in billions)	$	183.7			$	197.0			$	178.1			$	148.5			$	179.1			(7)		3
Net revenue rate (f)	11.53			%	11.22			%	10.96			%	11.02			%	10.54			%

Auto
Loan and lease origination volume (in billions)	$	11.2			$	11.0			$	11.4			$	7.7			$	8.3			2		35
Average auto operating lease assets	20,300				20,810				21,684				22,579				23,081				(2)		(12)

(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.

(b)Users of all mobile platforms who have logged in within the past 90 days.

(c)Included $9.3 billion, $396 million and $21.5 billion of origination volume under the PPP for the three months ended March 31, 2021, September 30, 2020 and June 30, 2020, respectively. There were no originations under the PPP for the three months ended December 31, 2020. Refer to page 113 of the Firm’s 2020 Form 10-K for further information on the PPP.

(d)Firmwide mortgage origination volume was $43.2 billion, $37.0 billion, $36.2 billion, $28.3 billion and $31.9 billion for the three months ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.

(e)Represents the ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) divided by the ratio of annualized loan servicing-related revenue to third-party mortgage loans serviced (average).

(f)In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.

(g)Prior-period amount has been revised to conform with the current presentation.

Page 14


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS
																1Q21 Change
	1Q21			4Q20			3Q20			2Q20			1Q20			4Q20		1Q20
INCOME STATEMENT
REVENUE
Investment banking fees	$	2,988		$	2,558		$	2,165		$	2,847		$	1,907		17	%	57	%
Principal transactions	6,045			2,982			3,990			7,400			3,188			103		90
Lending- and deposit-related fees	593			574			546			500			450			3		32
Asset management, administration and commissions	1,286			1,226			1,086			1,148			1,261			5		2
All other income	176			462			331			409			90			(62)		96
Noninterest revenue	11,088			7,802			8,118			12,304			6,896			42		61
Net interest income	3,517			3,550			3,428			4,079			3,107			(1)		13
TOTAL NET REVENUE (a)	14,605			11,352			11,546			16,383			10,003			29		46

Provision for credit losses	(331)			(581)			(81)			1,987			1,401			43		NM

NONINTEREST EXPENSE
Compensation expense	4,329			1,958			2,651			3,997			3,006			121		44
Noncompensation expense	2,775			2,981			3,181			2,815			2,949			(7)		(6)
TOTAL NONINTEREST EXPENSE	7,104			4,939			5,832			6,812			5,955			44		19

Income before income tax expense	7,832			6,994			5,795			7,584			2,647			12		196
Income tax expense	2,092			1,645			1,486			2,133			662			27		216
NET INCOME	$	5,740		$	5,349		$	4,309		$	5,451		$	1,985		7		189

FINANCIAL RATIOS
ROE	27		%	26		%	21		%	27		%	9		%
Overhead ratio	49			44			51			42			60
Compensation expense as percentage of total net revenue	30			17			23			24			30

REVENUE BY BUSINESS
Investment Banking	$	2,851		$	2,497		$	2,087		$	3,401		$	886		14		222
Wholesale Payments	1,392			1,427			1,332			1,387			1,414			(2)		(2)
Lending	265			193			333			270			350			37		(24)
Total Banking	4,508			4,117			3,752			5,058			2,650			9		70
Fixed Income Markets	5,761			3,950			4,597			7,338			4,993			46		15
Equity Markets	3,289			1,989			1,999			2,380			2,237			65		47
Securities Services	1,050			1,053			1,029			1,097			1,074			—		(2)
Credit Adjustments & Other (b)	(3)			243			169			510			(951)			NM		100
Total Markets & Securities Services	10,097			7,235			7,794			11,325			7,353			40		37
TOTAL NET REVENUE	$	14,605		$	11,352		$	11,546		$	16,383		$	10,003		29		46

(a)Includes tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; as well as tax-exempt income from municipal bonds of $703 million, $655 million, $533 million, $591 million and $573 million for the three months ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively. In the first quarter of 2021, in relation to the reclassification of certain deferred investment tax credits, prior-period tax-equivalent adjustment amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.

(b)Consists primarily of credit valuation adjustments (“CVA”) managed centrally within CIB and funding valuation adjustments (“FVA”) on derivatives and certain components of fair value option elected liabilities. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.

Page 15


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS
																	1Q21 Change
	1Q21			4Q20			3Q20			2Q20				1Q20			4Q20		1Q20
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)	$	1,355,123		$	1,095,926		$	1,088,282		$	1,080,189			$	1,216,558		24	%	11	%
Loans:
Loans retained (b)	134,134			133,296			126,841			140,770				165,376			1		(19)
Loans held-for-sale and loans at fair value (c)	45,846			39,588			33,046			34,017				34,644			16		32
Total loans	179,980			172,884			159,887			174,787				200,020			4		(10)


Equity	83,000			80,000			80,000			80,000				80,000			4		4

SELECTED BALANCE SHEET DATA (average)
Total assets (a)	$	1,293,864		$	1,139,424		$	1,099,618		$	1,166,867			$	1,081,912		14		20
Trading assets - debt and equity instruments (c)	464,692			442,443			425,789			421,953				398,504			5		17
Trading assets - derivative receivables	77,735			77,946			78,339			76,710				55,133			—		41
Loans:
Loans retained (b)	136,794			128,765			131,187			154,038				128,838			6		6
Loans held-for-sale and loans at fair value (c)	45,671			36,228			30,205			33,538				35,211			26		30
Total loans	182,465			164,993			161,392			187,576				164,049			11		11


Equity	83,000			80,000			80,000			80,000				80,000			4		4

Headcount	62,772			61,733			61,830			60,950				60,245			2		4

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	(7)		$	88		$	23		$	204			$	55		NM		NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (d)	842			1,008			1,178			1,195				689			(16)		22
Nonaccrual loans held-for-sale and loans at fair value (c)(e)	1,266			1,662			2,111			1,510				766			(24)		65
Total nonaccrual loans	2,108			2,670			3,289			2,705				1,455			(21)		45

Derivative receivables	284			56			140			108				85			407		234
Assets acquired in loan satisfactions	97			85			88			35				43			14		126
Total nonperforming assets	2,489			2,811			3,517			2,848				1,583			(11)		57
Allowance for credit losses:
Allowance for loan losses	1,982			2,366			2,863			3,039			(h)	1,422			(16)		39
Allowance for lending-related commitments	1,602			1,534			1,706			1,634			(h)	1,468			4		9
Total allowance for credit losses	3,584			3,900			4,569			4,673				2,890			(8)		24

Net charge-off/(recovery) rate (b)(f)	(0.02)		%	0.27		%	0.07		%	0.53		%		0.17		%
Allowance for loan losses to period-end loans retained (b)	1.48			1.77			2.26			2.16			(h)	0.86
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (g)	2.06			2.54			3.15			2.87			(h)	1.11
Allowance for loan losses to nonaccrual loans retained (b)(d)	235			235			243			254			(h)	206
Nonaccrual loans to total period-end loans (c)	1.17			1.54			2.06			1.55				0.73

(b)Loans retained includes credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.

(c)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.

(d)Allowance for loan losses of $174 million, $278 million, $320 million, $340 million and $317 million were held against nonaccrual loans at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.

(e)At March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $340 million, $316 million, $297 million, $135 million and $124 million, respectively. These amounts have been excluded based upon the government guarantee.

(f)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(g)Management uses allowance for loan losses to period-end loans retained, excluding trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of CIB’s allowance coverage ratio.

(h)Prior-period amounts have been revised to conform with the current presentation.

Page 16


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS
											1Q21 Change
	1Q21		4Q20		3Q20		2Q20		1Q20		4Q20		1Q20
BUSINESS METRICS
Advisory	$	680	$	835	$	428	$	602	$	503	(19)	%	35	%
Equity underwriting	1,056		718		732		977		331		47		219
Debt underwriting	1,252		1,005		1,005		1,268		1,073		25		17
Total investment banking fees	$	2,988	$	2,558	$	2,165	$	2,847	$	1,907	17		57

Client deposits and other third-party liabilities (average) (a)	705,764		683,818		634,961		607,902		514,464		3		37

Merchant processing volume (in billions) (b)	425.7		444.5		406.1		371.9		374.8		(4)		14

Assets under custody (“AUC”) (period-end) (in billions)	$	31,251	$	30,980	$	28,628	$	27,447	$	24,409	1		28

95% Confidence Level - Total CIB VaR (average) (c)
CIB trading VaR by risk type: (d)
Fixed income	$	125	$	106	$	93	$	129	$	60	18		108
Foreign exchange	11		12		13		9		7		(8)		57
Equities	22		23		26		27		20		(4)		10
Commodities and other	33		36		33		32		10		(8)		230
Diversification benefit to CIB trading VaR (e)	(90)		(85)		(76)		(69)		(40)		(6)		(125)
CIB trading VaR (d)	101		92		89		128		57		10		77
Credit portfolio VaR (f)	8		12		15		22		9		(33)		(11)
Diversification benefit to CIB VaR (e)	(10)		(13)		(14)		(23)		(8)		23		(25)
CIB VaR	$	99	$	91	$	90	$	127	$	58	9		71

(a)Client deposits and other third-party liabilities pertain to the Wholesale Payments and Securities Services businesses.

(b)Represents total merchant processing volume across CIB, CCB and CB.

(c)Effective July 1, 2020, the Firm refined the scope of VaR to exclude certain asset-backed fair value option elected loans, and included them in other sensitivity-based measures to more effectively measure the risk from these loans. In the absence of this refinement, the average VaR for each of the following reported components would have been higher by the following amounts: CIB fixed income of $21 million, $28 million and $15 million, CIB trading VaR of $19 million, $24 million and $11 million and CIB VaR of $20 million, $24 million and $12 million for the three months ended March 31, 2021, December 31, 2020 and September 30, 2020, respectively.

(d)CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 137–139 of the Firm’s 2020 Form 10-K for further information.

(e)Average portfolio VaR was less than the sum of the VaR of the components described above, which is due to portfolio diversification. The diversification effect reflects the fact that the risks were not perfectly correlated.

(f)Credit portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.

Page 17


JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)


	QUARTERLY TRENDS
																1Q21 Change
	1Q21			4Q20			3Q20			2Q20			1Q20			4Q20		1Q20
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	331		$	325		$	304		$	297		$	261		2	%	27	%

All other income	586			550			457			526			347			7		69
Noninterest revenue	917			875			761			823			608			5		51
Net interest income	1,476			1,588			1,524			1,577			1,557			(7)		(5)
TOTAL NET REVENUE (a)	2,393			2,463			2,285			2,400			2,165			(3)		11

Provision for credit losses	(118)			(1,181)			(147)			2,431			1,010			90		NM

NONINTEREST EXPENSE
Compensation expense	482			460			492			430			472			5		2


Noncompensation expense	487			490			477			463			514			(1)		(5)
TOTAL NONINTEREST EXPENSE	969			950			969			893			986			2		(2)

Income/(loss) before income tax expense/(benefit)	1,542			2,694			1,463			(924)			169			(43)		NM
Income tax expense/(benefit)	374			660			377			(243)			30			(43)		NM
NET INCOME/(LOSS)	$	1,168		$	2,034		$	1,086		$	(681)		$	139		(43)		NM

Revenue by product
Lending	$	1,168		$	1,177		$	1,138		$	1,127		$	954		(1)		22
Wholesale payments	843			945			867			925			978			(11)		(14)
Investment banking (b)	350			318			260			256			235			10		49
Other	32			23			20			92			(2)			39		NM
Total Commercial Banking net revenue (a)	$	2,393		$	2,463		$	2,285		$	2,400		$	2,165		(3)		11

Investment banking revenue, gross (c)	$	1,129		$	971		$	840		$	851		$	686		16		65

Revenue by client segment
Middle Market Banking	$	916		$	947		$	880		$	870		$	943		(3)		(3)
Corporate Client Banking	851			856			808			866			673			(1)		26
Commercial Real Estate Banking	604			630			576			566			541			(4)		12


Other	22			30			21			98			8			(27)		175
Total Commercial Banking net revenue (a)	$	2,393		$	2,463		$	2,285		$	2,400		$	2,165		(3)		11

FINANCIAL RATIOS
ROE	19		%	36		%	19		%	(13)		%	2		%
Overhead ratio	40			39			42			37			46

(a)Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities and in entities established for rehabilitation of historic properties, as well as tax-exempt income related to municipal financing activities of $73 million, $107 million, $82 million, $80 million and $81 million for the three months ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively. In the first quarter of 2021, in relation to the reclassification of certain deferred investment tax credits, prior-period tax-equivalent adjustment amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.

(b)Includes CB’s share of revenue from investment banking products sold to CB clients through the CIB.

(c)Refer to page 65 of the Firm’s 2020 Form 10-K for discussion of revenue sharing.

Page 18


JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)	QUARTERLY TRENDS
																1Q21 Change
	1Q21			4Q20			3Q20			2Q20			1Q20			4Q20		1Q20
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)	$	223,583		$	228,911		$	228,583		$	235,034		$	247,786		(2)	%	(10)	%
Loans:
Loans retained	202,975			207,880			214,352			223,192			232,254			(2)		(13)
Loans held-for-sale and loans at fair value	2,884			2,245			349			917			1,112			28		159
Total loans	$	205,859		$	210,125		$	214,701		$	224,109		$	233,366		(2)		(12)
Equity	24,000			22,000			22,000			22,000			22,000			9		9

Period-end loans by client segment
Middle Market Banking (b)	$	59,983		$	61,115		$	61,812		$	64,211		$	60,317		(2)		(1)
Corporate Client Banking	45,540			47,420			49,857			56,182			69,540			(4)		(35)
Commercial Real Estate Banking	100,035			101,146			102,484			103,117			102,799			(1)		(3)


Other	301			444			548			599			710			(32)		(58)
Total Commercial Banking loans (b)	$	205,859		$	210,125		$	214,701		$	224,109		$	233,366		(2)		(12)

SELECTED BALANCE SHEET DATA (average)
Total assets (a)	$	225,574		$	227,431		$	231,691		$	247,512		$	226,071		(1)		—
Loans:
Loans retained	204,164			210,621			217,498			233,044			209,988			(3)		(3)
Loans held-for-sale and loans at fair value	2,578			1,554			629			502			1,831			66		41
Total loans	$	206,742		$	212,175		$	218,127		$	233,546		$	211,819		(3)		(2)

Client deposits and other third-party liabilities	290,992			276,694			248,289			236,968			188,808			5		54
Equity	24,000			22,000			22,000			22,000			22,000			9		9

Average loans by client segment
Middle Market Banking	$	60,011		$	60,869		$	63,029		$	66,279		$	56,045		(1)		7
Corporate Client Banking	45,719			48,825			51,608			63,308			53,032			(6)		(14)
Commercial Real Estate Banking	100,661			101,969			102,905			103,516			101,526			(1)		(1)


Other	351			512			585			443			1,216			(31)		(71)
Total Commercial Banking loans	$	206,742		$	212,175		$	218,127		$	233,546		$	211,819		(3)		(2)

Headcount	11,748			11,675			11,704			11,802			11,779			1		—

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	29		$	162		$	60		$	79		$	100		(82)		(71)
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (c)	1,134			1,286			1,468			1,252		(e)	793			(12)		43
Nonaccrual loans held-for-sale and loans
at fair value	—			120			85			125		(e)	—			NM		—
Total nonaccrual loans	1,134			1,406			1,553			1,377			793			(19)		43

Assets acquired in loan satisfactions	24			24			24			24			24			—		—
Total nonperforming assets	1,158			1,430			1,577			1,401			817			(19)		42
Allowance for credit losses:
Allowance for loan losses	3,086			3,335			4,466			4,730		(e)	2,680			(7)		15
Allowance for lending-related commitments	753			651			864			807		(e)	505			16		49
Total allowance for credit losses	3,839			3,986			5,330			5,537			3,185			(4)		21

Net charge-off/(recovery) rate (d)	0.06		%	0.31		%	0.11		%	0.14		%	0.19		%
Allowance for loan losses to period-end loans retained	1.52			1.60			2.08			2.12		(e)	1.15
Allowance for loan losses to nonaccrual loans retained (c)	272			259			304			378		(e)	338
Nonaccrual loans to period-end total loans	0.55			0.67			0.72			0.61			0.34

(b)At March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, total loans included $7.4 billion, $6.6 billion, $6.6 billion and $6.5 billion of loans, respectively, under the PPP, of which $7.2 billion, $6.4 billion, $6.4 billion and $6.3 billion was in Middle Market Banking. Refer to page 113 of the Firm’s 2020 Form 10-K for further information on the PPP.

(c)Allowance for loan losses of $227 million, $273 million, $367 million, $287 million and $175 million was held against nonaccrual loans retained at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.

(d)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(e)Prior-period amounts have been revised to conform with the current presentation.

Page 19


JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)


	QUARTERLY TRENDS
																1Q21 Change
	1Q21			4Q20			3Q20			2Q20			1Q20			4Q20		1Q20
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,888		$	2,892		$	2,646		$	2,489		$	2,583		—	%	12	%
All other income	258			87			93			86			(54)			197		NM
Noninterest revenue	3,146			2,979			2,739			2,575			2,529			6		24
Net interest income	931			888			815			855			860			5		8
TOTAL NET REVENUE	4,077			3,867			3,554			3,430			3,389			5		20

Provision for credit losses	(121)			(2)			(52)			223			94			NM		NM

NONINTEREST EXPENSE
Compensation expense	1,389			1,323			1,232			1,178			1,226			5		13
Noncompensation expense	1,185			1,433			1,211			1,145			1,209			(17)		(2)
TOTAL NONINTEREST EXPENSE	2,574			2,756			2,443			2,323			2,435			(7)		6

Income before income tax expense	1,624			1,113			1,163			884			860			46		89
Income tax expense	380			327			287			223			191			16		99
NET INCOME	$	1,244		$	786		$	876		$	661		$	669		58		86

REVENUE BY LINE OF BUSINESS
Asset Management	$	2,185		$	2,210		$	1,924		$	1,780		$	1,740		(1)		26
Global Private Bank (a)	1,892			1,657			1,630			1,650			1,649			14		15
TOTAL NET REVENUE	$	4,077		$	3,867		$	3,554		$	3,430		$	3,389		5		20

FINANCIAL RATIOS
ROE	35		%	29		%	32		%	24		%	25		%
Overhead ratio	63			71			69			68			72
Pretax margin ratio:
Asset Management	35			31			30			30			24
Global Private Bank (a)	45			26			35			21			27
Asset & Wealth Management	40			29			33			26			25

Headcount	20,578			20,683			21,058			21,273			21,302			(1)		(3)

Number of Global Private Bank client advisors (a)	2,462			2,462			2,520			2,409			2,418			—		2

(a)In the first quarter of 2021, the Wealth Management business was renamed Global Private Bank.

Page 20


JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)

	QUARTERLY TRENDS
																1Q21 Change
	1Q21			4Q20			3Q20			2Q20			1Q20			4Q20		1Q20
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)	$	213,088		$	203,384		$	187,858		$	176,782		$	178,897		5	%	19	%
Loans	192,256			186,608			172,695			162,904			163,763			3		17
Deposits	217,460			198,755			166,049			160,993			160,231			9		36
Equity	14,000			10,500			10,500			10,500			10,500			33		33

SELECTED BALANCE SHEET DATA (average)
Total assets (a)	$	207,505		$	193,026		$	181,850		$	175,887		$	174,834		8		19
Loans	188,726			176,758			167,645			161,196			159,513			7		18
Deposits	206,562			180,348			162,589			160,102			144,570			15		43
Equity	14,000			10,500			10,500			10,500			10,500			33		33

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	11		$	(16)		$	2		$	(2)		$	2		NM		450
Nonaccrual loans	755			785			956			768			303			(4)		149
Allowance for credit losses:
Allowance for loan losses	479			598			580			646			436			(20)		10
Allowance for lending-related commitments	25			38			41			28			14			(34)		79
Total allowance for credit losses	504			636			621			674			450			(21)		12
Net charge-off/(recovery) rate	0.02		%	(0.04)		%	—		%	—		%	0.01		%
Allowance for loan losses to period-end loans	0.25			0.32			0.34			0.40			0.27
Allowance for loan losses to nonaccrual loans	63			76			61			84			144
Nonaccrual loans to period-end loans	0.39			0.42			0.55			0.47			0.19

(a)Prior-period amounts have been revised to conform with the current presentation.

Page 21


JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)


											Mar 31, 2021
											Change
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Mar 31,
CLIENT ASSETS	2021		2020		2020		2020		2020		2020		2020
Assets by asset class
Liquidity	$	686	$	641	$	674	$	704	$	619	7	%	11	%
Fixed income	662		671		650		618		574		(1)		15
Equity	661		595		499		448		361		11		83
Multi-asset	669		656		593		566		517		2		29
Alternatives	155		153		144		140		139		1		12
TOTAL ASSETS UNDER MANAGEMENT	2,833		2,716		2,560		2,476		2,210		4		28
Custody/brokerage/administration/deposits	995		936		810		765		681		6		46
TOTAL CLIENT ASSETS	$	3,828	$	3,652	$	3,370	$	3,241	$	2,891	5		32


Assets by client segment
Private Banking	$	718	$	689	$	650	$	631	$	577	4		24
Global Institutional (a)	1,320		1,273		1,245		1,228		1,107		4		19
Global Funds (a)	795		754		665		617		526		5		51
TOTAL ASSETS UNDER MANAGEMENT	$	2,833	$	2,716	$	2,560	$	2,476	$	2,210	4		28

Private Banking	$	1,664	$	1,581	$	1,422	$	1,360	$	1,233	5		35
Global Institutional (a)	1,362		1,311		1,278		1,259		1,128		4		21
Global Funds (a)	802		760		670		622		530		6		51
TOTAL CLIENT ASSETS	$	3,828	$	3,652	$	3,370	$	3,241	$	2,891	5		32

Assets under management rollforward
Beginning balance	$	2,716	$	2,560	$	2,476	$	2,210	$	2,328
Net asset flows:
Liquidity	44		(36)		(30)		93		77
Fixed income	8		8		22		18		—
Equity	31		14		9		11		(1)
Multi-asset	6		10		(1)		(2)		(2)
Alternatives	3		1		2		3		—
Market/performance/other impacts	25		159		82		143		(192)
Ending balance	$	2,833	$	2,716	$	2,560	$	2,476	$	2,210

Client assets rollforward
Beginning balance	$	3,652	$	3,370	$	3,241	$	2,891	$	3,089
Net asset flows	130		39		11		135		91
Market/performance/other impacts	46		243		118		215		(289)
Ending balance	$	3,828	$	3,652	$	3,370	$	3,241	$	2,891

(a)In the first quarter of 2021, Institutional and Retail client segments were renamed to Global Institutional and Global Funds, respectively.

Page 22


JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)

	QUARTERLY TRENDS
											1Q21 Change
	1Q21		4Q20		3Q20		2Q20		1Q20		4Q20		1Q20
INCOME STATEMENT
REVENUE
Principal transactions	$	272	$	273	$	87	$	(2)	$	(113)	—	%	NM
Investment securities gains	14		70		466		26		233		(80)		(94)	%
All other income	96		249		(210)		(91)		211		(61)		(55)
Noninterest revenue	382		592		343		(67)		331		(35)		15
Net interest income	(855)		(841)		(682)		(687)		(165)		(2)		(418)
TOTAL NET REVENUE (a)	(473)		(249)		(339)		(754)		166		(90)		NM

Provision for credit losses	16		(42)		96		4		8		NM		100

NONINTEREST EXPENSE	876		361		719		147		146		143		500
Income/(loss) before income tax expense/(benefit)	(1,365)		(568)		(1,154)		(905)		12		(140)		NM
Income tax expense/(benefit)	(785)		(210)		(455)		(337)		137		(274)		NM
NET INCOME/(LOSS)	$	(580)	$	(358)	$	(699)	$	(568)	$	(125)	(62)		(364)

MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	(705)		(623)		(243)		(671)		169		(13)		NM

Other Corporate	232		374		(96)		(83)		(3)		(38)		NM
TOTAL NET REVENUE	$	(473)	$	(249)	$	(339)	$	(754)	$	166	(90)		NM

NET INCOME/(LOSS)
Treasury and CIO	(675)		(587)		(349)		(550)		83		(15)		NM

Other Corporate	95		229		(350)		(18)		(208)		(59)		NM
TOTAL NET INCOME/(LOSS)	$	(580)	$	(358)	$	(699)	$	(568)	$	(125)	(62)		(364)

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,409,564	$	1,359,831	$	1,253,275	$	1,221,980	$	981,937	4		44
Loans	1,627		1,657		1,569		1,670		1,650		(2)		(1)


Headcount	38,168		38,366		38,861		38,920		38,785		(1)		(2)

SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains	$	14	$	70	$	466	$	26	$	233	(80)		(94)
Available-for-sale securities (average)	372,443		410,803		442,943		426,470		372,954		(9)		—
Held-to-maturity securities (average)	207,957		155,525		103,596		71,713		46,673		34		346
Investment securities portfolio (average)	$	580,400	$	566,328	$	546,539	$	498,183	$	419,627	2		38
Available-for-sale securities (period-end)	377,911		386,065		387,663		483,752		397,891		(2)		(5)
Held-to-maturity securities, net of allowance for credit losses (period-end) (b)(c)	217,452		201,821		141,553		72,908		71,200		8		205
Investment securities portfolio, net of allowance for credit losses (period-end) (b)	$	595,363	$	587,886	$	529,216	$	556,660	$	469,091	1		27

(a)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $67 million, $55 million, $62 million, $63 million and $61 million for the three months ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.

(c)During 2020, the Firm transferred $164.2 billion of investment securities from AFS to HTM for capital management purposes, comprised of $63.7 billion, $74.4 billion and $26.1 billion in the fourth, third and first quarters of 2020, respectively.

Page 23


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
												Mar 31, 2021
												Change
	Mar 31,		Dec 31,			Sep 30,		Jun 30,		Mar 31,		Dec 31,		Mar 31,
	2021		2020			2020		2020		2020		2020		2020
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained	$	302,392	$	302,127		$	305,106	$	307,005	$	293,779	—	%	3	%
Loans held-for-sale and loans at fair value (b)	22,516		16,452			16,992		16,193		17,729		37		27
Total consumer, excluding credit card loans	324,908		318,579			322,098		323,198		311,508		2		4

Credit card loans
Loans retained	131,772		143,432			139,590		141,656		154,021		(8)		(14)
Loans held-for-sale	721		784			787		—		—		(8)		NM
Total credit card loans	132,493		144,216			140,377		141,656		154,021		(8)		(14)
Total consumer loans	457,401		462,795			462,475		464,854		465,529		(1)		(2)

Wholesale loans (c)
Loans retained	514,478		514,947			500,841		516,787		555,289		—		(7)
Loans held-for-sale and loans at fair value (b)	39,428		35,111			26,424		27,741		28,792		12		37
Total wholesale loans	553,906		550,058			527,265		544,528		584,081		1		(5)

Total loans	1,011,307		1,012,853			989,740		1,009,382		1,049,610		—		(4)
Derivative receivables	73,119		79,630			76,626		74,846		81,648		(8)		(10)
Receivables from customers (d)	58,180		47,710			30,847		22,403		33,376		22		74
Total credit-related assets	1,142,606		1,140,193			1,097,213		1,106,631		1,164,634		—		(2)

Lending-related commitments
Consumer, excluding credit card	56,245		57,319		(h)	46,425		45,348		41,535		(2)		35
Credit card (e)	674,367		658,506			662,860		673,836		681,442		2		(1)
Wholesale (b)	481,244		449,863			441,235		413,357		363,245		7		32
Total lending-related commitments	1,211,856		1,165,688			1,150,520		1,132,541		1,086,222		4		12

Total credit exposure	$	2,354,462	$	2,305,881		$	2,247,733	$	2,239,172	$	2,250,856	2		5

Memo: Total by category
Consumer exposure (b)(f)	$	1,188,013	$	1,178,620		$	1,171,760	$	1,184,038	$	1,188,506	1		—
Wholesale exposures (b)(g)	1,166,449		1,127,261			1,075,973		1,055,134		1,062,350		3		10
Total credit exposure	$	2,354,462	$	2,305,881		$	2,247,733	$	2,239,172	$	2,250,856	2		5

(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.

(b)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans, which resulted in a corresponding reclassification of certain off-balance sheet commitments. Prior-period amounts have been revised to conform with the current presentation.

(c)Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated business banking and auto dealer loans held in CCB for which the wholesale methodology is applied when determining the allowance for loan losses.

(d)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.

(e)Also includes commercial card lending-related commitments primarily in CB and CIB.

(f)Represents total consumer loans and lending-related commitments.

(g)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.

(h)Prior-period amount has been revised to conform with the current presentation.

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JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

																				Mar 31, 2021
																				Change
	Mar 31,				Dec 31,				Sep 30,				Jun 30,				Mar 31,			Dec 31,		Mar 31,
	2021				2020				2020				2020				2020			2020		2020
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
Loans retained	$	5,382			$	5,464			$	5,047		(e)	$	4,246			$	3,877		(2)	%	39	%
Loans held-for-sale and loans at fair value (b)	608				1,003				1,358				1,001				522			(39)		16
Total consumer nonaccrual loans	5,990				6,467				6,405				5,247				4,399			(7)		36

Wholesale nonaccrual loans
Loans retained	3,015				3,318				3,745				3,423				1,957			(9)		54
Loans held-for-sale and loans at fair value (b)	701				788				852				649				257			(11)		173
Total wholesale nonaccrual loans	3,716				4,106				4,597				4,072				2,214			(9)		68

Total nonaccrual loans	9,706			(d)	10,573			(d)	11,002			(d)	9,319			(d)	6,613			(8)		47

Derivative receivables	284				56				140				108				85			407		234
Assets acquired in loan satisfactions	267				277				320				288				364			(4)		(27)
Total nonperforming assets	10,257				10,906				11,462				9,715				7,062			(6)		45
Wholesale lending-related commitments (b)(c)	800				577				607				765				619			39		29
Total nonperforming exposure	$	11,057			$	11,483			$	12,069			$	10,480			$	7,681		(4)		44

NONACCRUAL LOAN-RELATED RATIOS (d)
Total nonaccrual loans to total loans (b)	0.96		%		1.04		%		1.11		%		0.92		%		0.63		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans (b)	1.84				2.03				1.99			(e)	1.62				1.41
Total wholesale nonaccrual loans to total
wholesale loans (b)	0.67				0.75				0.87				0.75				0.38

(a)At March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, nonperforming assets excluded: (1) mortgage loans 90 or more days past due and insured by U.S. government agencies of $798 million, $874 million, $1.1 billion, $696 million and $740 million, respectively; and (2) real estate owned (“REO”) insured by U.S. government agencies of $8 million, $9 million, $10 million, $13 million and $29 million, respectively. Prior-period amounts of mortgage loans 90 or more days past due and insured by U.S. government agencies excluded from nonperforming assets have been revised to conform with the current presentation, refer to footnote (b) below for additional information. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance. Refer to Note 12 of the Firm’s 2020 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.

(c)Represents commitments that are risk rated as nonaccrual.

(d)Generally excludes loans that were under payment deferral or other assistance, including amendments or waivers of financial covenants, in response to the COVID-19 pandemic.

(e)Prior-period amounts have been revised to conform with the current presentation.

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JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

	QUARTERLY TRENDS
																	1Q21 Change
	1Q21			4Q20			3Q20			2Q20				1Q20			4Q20		1Q20
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	28,328		$	30,814		$	31,591		$	23,244			$	17,295		(8)	%	64	%
Net charge-offs:
Gross charge-offs	1,468			1,471			1,586			1,877				1,902			—		(23)
Gross recoveries collected	(411)			(421)			(406)			(317)				(433)			2		5
Net charge-offs	1,057			1,050			1,180			1,560				1,469			1		(28)

Provision for loan losses	(4,279)			(1,433)			400			9,906			(b)	7,418			(199)		NM
Other	9			(3)			3			1				—			NM		NM
Ending balance	$	23,001		$	28,328		$	30,814		$	31,591			$	23,244		(19)		(1)

ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	2,409		$	2,823		$	2,710		$	2,147			$	1,289		(15)		87
Provision for lending-related commitments	107			(414)			114			563			(b)	858			NM		(88)
Other	—			—			(1)			—				—			—		—
Ending balance	$	2,516		$	2,409		$	2,823		$	2,710			$	2,147		4		17

Total allowance for credit losses (a)	$	25,517		$	30,737		$	33,637		$	34,301			$	25,391		(17)		—

NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans	0.03		%	0.05		%	0.08		%	0.11		%		(0.01)		%
Credit card retained loans	2.97			2.17			2.92			3.33				3.25
Total consumer retained loans	0.93			0.72			0.97			1.14				1.15
Wholesale retained loans	0.04			0.19			0.07			0.22				0.13
Total retained loans	0.45			0.44			0.49			0.64				0.62

Memo: Average retained loans
Consumer retained, excluding credit card loans	$	302,055		$	303,421		$	306,201		$	304,179			$	294,156		—		3
Credit card retained loans	134,155			140,459			140,200			142,377				162,660			(4)		(18)
Total average retained consumer loans	436,210			443,880			446,401			446,556				456,816			(2)		(5)
Wholesale retained loans	515,858			503,249			504,449			540,248				491,819			3		5
Total average retained loans	$	952,068		$	947,129		$	950,850		$	986,804			$	948,635		1		—

(a)At March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020 excludes allowance for credit losses on HTM securities of $94 million, $78 million, $120 million, $23 million and $19 million, respectively; and provision for credit losses on HTM securities of $16 million, $(42) million, $97 million, $4 million and $9 million for the three months ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.

(b)Prior-period amounts have been revised to conform with the current presentation.

Page 26


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

																		Mar 31, 2021
																		Change
	Mar 31,			Dec 31,			Sep 30,				Jun 30,				Mar 31,			Dec 31,		Mar 31,
	2021			2020			2020				2020				2020			2020		2020
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	(348)		$	(7)		$	228			$	263			$	223		NM		NM
Portfolio-based	3,030			3,643			4,274				4,609				3,231			(17)	%	(6)	%

Total consumer, excluding credit card	2,682			3,636			4,502				4,872				3,454			(26)		(22)
Credit card
Asset-specific (b)	522			633			652				642				530			(18)		(2)
Portfolio-based	13,778			17,167			17,148				17,158				14,420			(20)		(4)
Total credit card	14,300			17,800			17,800				17,800				14,950			(20)		(4)
Total consumer	16,982			21,436			22,302				22,672				18,404			(21)		(8)
Wholesale
Asset-specific (c)	529			682			792				757				556			(22)		(5)
Portfolio-based	5,490			6,210			7,720				8,162			(g)	4,284			(12)		28
Total wholesale	6,019			6,892			8,512				8,919				4,840			(13)		24
Total allowance for loan losses	23,001			28,328			30,814				31,591				23,244			(19)		(1)
Allowance for lending-related commitments	2,516			2,409			2,823				2,710			(g)	2,147			4		17
Total allowance for credit losses (d)	$	25,517		$	30,737		$	33,637			$	34,301			$	25,391		(17)		—

CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	0.89		%	1.20		%	1.48		%		1.59		%		1.18		%
Credit card allowance to total credit card retained loans	10.85			12.41			12.75				12.57				9.71
Wholesale allowance to total wholesale retained loans	1.17			1.34			1.70				1.73			(g)	0.87
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (e)	1.26			1.45			1.83				1.84			(g)	0.93
Total allowance to total retained loans	2.42			2.95			3.26				3.27				2.32
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (f)	50			67			89			(g)	115				89
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (f)	104			120			148				180			(g)	142
Wholesale allowance to wholesale retained nonaccrual loans	200			208			227				261			(g)	247
Total allowance to total retained nonaccrual loans	274			323			350			(g)	412				398

(a)Includes modified PCD loans and loans that have been modified or are reasonably expected to be modified in a troubled debt restructuring (“TDR”).

(b)The asset-specific credit card allowance for loan losses relates to loans that have been modified or are reasonably expected to be modified in a TDR; the Firm calculates this allowance based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.

(c)Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified or are reasonably expected to be modified in a TDR.

(d)At March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020 excludes allowance for credit losses on HTM securities of $94 million, $78 million, $120 million, $23 million and $19 million, respectively.

(e)Management uses allowance for loan losses to period-end loans retained, excluding CIB’s trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of the wholesale allowance coverage ratio.

(f)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.

(g)Prior-period amounts have been revised to conform with the current presentation.

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JPMORGAN CHASE & CO.

NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

(a)In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, 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. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.

(b)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less total noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.

(c)TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

(d)The ratio of the wholesale and CIB’s allowance for loan losses to period-end loans retained, excluding trade finance and conduits, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB’s trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the respective allowance coverage ratio.

(e)In addition to reviewing net interest income and the net yield on a managed basis, management also reviews these metrics excluding CIB Markets, as shown below; these metrics, which exclude CIB Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities. The resulting metrics that exclude CIB Markets are referred to as non-markets-related net interest income and net yield. CIB Markets consists of Fixed Income Markets and Equity Markets. Management believes that disclosure of non-markets-related net interest income and net yield provides investors and analysts with other measures by which to analyze the non-markets-related business trends of the Firm and provides a comparable measure to other financial institutions that are primarily focused on lending, investing and deposit-raising activities.


	QUARTERLY TRENDS
																1Q21 Change
(in millions, except rates)	1Q21			4Q20			3Q20			2Q20			1Q20			4Q20		1Q20

Net interest income - reported	$	12,889		$	13,258		$	13,013		$	13,853		$	14,439		(3)	%	(11)	%
Fully taxable-equivalent adjustments	109			97			104			107			110			12		(1)
Net interest income - managed basis (a)	$	12,998		$	13,355		$	13,117		$	13,960		$	14,549		(3)		(11)
Less: CIB Markets net interest income	2,223			2,166			2,076			2,536			1,596			3		39
Net interest income excluding CIB Markets (a)	$	10,775		$	11,189		$	11,041		$	11,424		$	12,953		(4)		(17)

Average interest-earning assets (b)	$	3,126,569		$	2,955,646		$	2,874,974		$	2,819,689		$	2,465,549		6		27
Less: Average CIB Markets interest-earning assets (b)	866,591			743,337			730,141			795,511			735,852			17		18
Average interest-earning assets excluding CIB Markets	$	2,259,978		$	2,212,309		$	2,144,833		$	2,024,178		$	1,729,697		2		31

Net yield on average interest-earning assets - managed basis	1.69		%	1.80		%	1.82		%	1.99		%	2.37		%
Net yield on average CIB Markets interest-earning assets	1.04			1.16			1.13			1.28			0.87
Net yield on average interest-earning assets excluding CIB Markets	1.93			2.01			2.05			2.27			3.01

(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.

(b) In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.

Page 28