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Published: 2023-04-14 00:00:00 ET
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EX-99.2 3 a1q23erfex992supplement.htm JPMORGAN CHASE & CO. EARNINGS RELEASE FINANCIAL SUPPLEMENT - FIRST QUARTER 2023 Document
                                                                    
Exhibit 99.2




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EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2023











                                                                    
JPMORGAN CHASE & CO.
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TABLE OF CONTENTS
Page(s)
Consolidated Results
Consolidated Financial Highlights2–3
Consolidated Statements of Income4
Consolidated Balance Sheets5
Condensed Average Balance Sheets and Annualized Yields6
Reconciliation from Reported to Managed Basis7
Segment Results - Managed Basis8
Capital and Other Selected Balance Sheet Items9–10
Earnings Per Share and Related Information11
Business Segment Results
Consumer & Community Banking (“CCB”)12–15
Corporate & Investment Bank (“CIB”)16–18
Commercial Banking (“CB”)19–20
Asset & Wealth Management (“AWM”)21–23
Corporate24
Credit-Related Information25–28
Non-GAAP Financial Measures29
Glossary of Terms and Acronyms (a)
(a)    Refer to the Glossary of Terms and Acronyms on pages 297–303 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”).

                                                                    

JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDS
1Q23 Change
SELECTED INCOME STATEMENT DATA 1Q234Q223Q222Q221Q224Q221Q22
Reported Basis
Total net revenue$38,349 $34,547 $32,716 $30,715 $30,717 11 %25 %
Total noninterest expense20,107 19,022 19,178 18,749 19,191 6 5 
Pre-provision profit (a)18,242 15,525 13,538 11,966 11,526 18 58 
Provision for credit losses2,275 2,288 1,537 1,101 1,463 (1)56 
NET INCOME12,622 11,008 9,737 8,649 8,282 15 52 
Managed Basis (b)
Total net revenue39,336 35,566 33,491 31,630 31,590 11 25 
Total noninterest expense20,107 19,022 19,178 18,749 19,191 6 5 
Pre-provision profit (a)19,229 16,544 14,313 12,881 12,399 16 55 
Provision for credit losses2,275 2,288 1,537 1,101 1,463 (1)56 
NET INCOME12,622 11,008 9,737 8,649 8,282 15 52 
EARNINGS PER SHARE DATA
Net income: Basic$4.11 $3.58 $3.13 $2.77 $2.64 15 56 
Diluted4.10 3.57 3.12 2.76 2.63 15 56 
Average shares: Basic2,968.5 2,962.9 2,961.2 2,962.2 2,977.0 — — 
Diluted2,972.7 2,967.1 2,965.4 2,966.3 2,981.0 — — 
MARKET AND PER COMMON SHARE DATA
Market capitalization$380,803 $393,484 $306,520 $330,237 $400,379 (3)(5)
Common shares at period-end2,922.3 2,934.3 2,933.2 2,932.6 2,937.1 — (1)
Book value per share94.34 90.29 87.00 86.38 86.16 4 9 
Tangible book value per share (“TBVPS”) (a)76.69 73.12 69.90 69.53 69.58 5 10 
Cash dividends declared per share1.00 1.00 1.00 1.00 1.00 — — 
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)18 %16 %15 %13 %13 %
Return on tangible common equity (“ROTCE”) (a)23 20 18 17 16 
Return on assets1.38 1.16 1.01 0.89 0.86 
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio13.8 %(e)13.2 %12.5 %12.2 %11.9 %
Tier 1 capital ratio15.4 (e)14.9 14.1 14.1 13.7 
Total capital ratio17.4 (e)16.8 16.0 15.7 15.4 
Tier 1 leverage ratio6.9 (e)6.6 6.2 6.2 6.2 
Supplementary leverage ratio (“SLR”)5.9 (e)5.6 5.3 5.3 5.2 
(a)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 10 for a reconciliation of common stockholders’ equity to TCE. Refer to page 29 for a further discussion of these measures.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Quarterly ratios are based upon annualized amounts.
(d)The capital metrics reflect the Current Expected Credit Losses ("CECL") capital transition provisions. Beginning January 1, 2022, the $2.9 billion CECL capital benefit is being phased out at 25% per year over a three-year period. As of March 31, 2023, CET1 capital reflected the remaining $1.4 billion CECL benefit; as of December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, CET1 capital reflected a $2.2 billion benefit. Refer to Capital Risk Management on pages 86-96 of the Firm’s 2022 Form 10-K for additional information.
(e)Estimated.
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JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, headcount and where otherwise noted)
QUARTERLY TRENDS
1Q23 Change
1Q234Q223Q222Q221Q224Q221Q22
SELECTED BALANCE SHEET DATA (period-end)
Total assets$3,744,305 $3,665,743 $3,773,884 $3,841,314 $3,954,687 2 %(5)%
Loans:
Consumer, excluding credit card loans311,433 311,375 313,796 317,212 312,489 — — 
Credit card loans180,079 185,175 170,462 165,494 152,283 (3)18 
Wholesale loans637,384 639,097 628,375 621,449 608,513 — 5 
Total Loans1,128,896 1,135,647 1,112,633 1,104,155 1,073,285 (1)5 
Deposits:
U.S. offices:
Noninterest-bearing655,766 644,902 688,292 714,478 721,401 2 (9)
Interest-bearing1,298,620 1,276,346 1,304,012 1,343,802 1,412,589 2 (8)
Non-U.S. offices:
Noninterest-bearing25,071 27,005 26,629 26,983 27,542 (7)(9)
Interest-bearing397,796 391,926 389,682 386,281 399,675 1 — 
Total deposits2,377,253 2,340,179 2,408,615 2,471,544 2,561,207 2 (7)
Long-term debt 295,489 295,865 287,473 288,212 293,239 — 1 
Common stockholders’ equity275,678 264,928 255,180 253,305 253,061 4 9 
Total stockholders’ equity303,082 292,332 288,018 286,143 285,899 4 6 
Loans-to-deposits ratio47 %49 %46 %45 %42 %
Headcount296,877 293,723 288,474 278,494 273,948 1 8 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)$47 $61 $54 $54 $63 (23)(25)
LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking$16,456 $15,793 (e)$14,281 (e)$12,558 (e)$12,182 (e)4 35 
Corporate & Investment Bank13,600 10,598 (e)11,925 (e)12,003 (e)13,576 (e)28 — 
Commercial Banking3,511 3,404 3,048 2,683 2,398 3 46 
Asset & Wealth Management 4,784 4,588 4,539 4,306 4,315 4 11 
Corporate985 1,183 (302)80 (881)(17)NM
TOTAL NET REVENUE$39,336 $35,566 $33,491 $31,630 $31,590 11 25 
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking$5,243 $4,556 (e)$4,344 (e)$3,108 (e)$2,908 (e)15 80 
Corporate & Investment Bank4,421 3,314 (e)3,522 (e)3,717 (e)4,372 (e)33 1 
Commercial Banking 1,347 1,423 946 994 850 (5)58 
Asset & Wealth Management 1,367 1,134 1,219 1,004 1,008 21 36 
Corporate244 581 (294)(174)(856)(58)NM
NET INCOME$12,622 $11,008 $9,737 $8,649 $8,282 15 52 
MEMO: SELECTED FIRMWIDE METRICS
Wealth Management (c)
Client assets (in billions)$2,594 $2,438 $2,302 $2,177 $2,389 6 9 
Number of client advisors8,314 8,166 8,127 7,756 7,614 2 9 
J.P.Morgan Payments (d)
Total net revenue4,458 4,423 3,762 3,130 2,595 1 72 
Merchant processing volume (in billions)558.8 583.2 545.4 539.6 490.2 (4)14 
Average deposits (in billions)707 732 748 816 821 (3)(14)
(a)Refer to Corporate & Investment Bank VaR on page 18 for a further information.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Consists of Global Private Bank in AWM and client investment assets in J.P.Morgan Wealth Management in CCB.
(d)Predominantly in CIB and CB; total net revenue excludes the net impact of equity investments.
(e) In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation.

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JPMORGAN CHASE & CO.
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CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDS
1Q23 Change
REVENUE1Q234Q223Q222Q221Q224Q221Q22
Investment banking fees $1,649 $1,418 $1,674 $1,586 $2,008 16 %(18)%
Principal transactions7,615 4,434 5,383 4,990 5,105 72 49 
Lending- and deposit-related fees1,620 1,655 1,731 1,873 1,839 (2)(12)
Asset management fees3,465 3,432 3,495 3,517 3,652 1 (5)
Commissions and other fees1,695 1,574 1,574 1,723 1,710 8 (1)
Investment securities losses(868)(874)(959)(153)(394)1 (120)
Mortgage fees and related income221 98 314 378 460 126 (52)
Card income1,234 1,226 1,086 1,133 975 1 27 
Other income 1,007 1,392 900 540 1,490 (28)(32)
Noninterest revenue17,638 14,355 15,198 15,587 16,845 23 5 
Interest income37,004 33,054 25,611 18,646 15,496 12 139 
Interest expense16,293 12,862 8,093 3,518 1,624 27 NM
Net interest income20,711 20,192 17,518 15,128 13,872 3 49 
TOTAL NET REVENUE38,349 34,547 32,716 30,715 30,717 11 25 
Provision for credit losses2,275 2,288 1,537 1,101 1,463 (1)56 
NONINTEREST EXPENSE
Compensation expense 11,676 10,009 10,539 10,301 10,787 17 8 
Occupancy expense1,115 1,271 1,162 1,129 1,134 (12)(2)
Technology, communications and equipment expense 2,184 2,256 2,366 2,376 2,360 (3)(7)
Professional and outside services 2,448 2,652 2,481 2,469 2,572 (8)(5)
Marketing1,045 1,093 1,017 881 920 (4)14 
Other expense (a)1,639 1,741 1,613 1,593 1,418 (6)16 
TOTAL NONINTEREST EXPENSE20,107 19,022 19,178 18,749 19,191 6 5 
Income before income tax expense15,967 13,237 12,001 10,865 10,063 21 59 
Income tax expense 3,345 2,229 2,264 2,216 1,781 50 88 
NET INCOME$12,622 $11,008 $9,737 $8,649 $8,282 15 52 
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$4.11 $3.58 $3.13 $2.77 $2.64 15 56 
Diluted earnings per share4.10 3.57 3.12 2.76 2.63 15 56 
FINANCIAL RATIOS
Return on common equity (b)18 %16 %15 %13 %13 %
Return on tangible common equity (b)(c)23 20 18 17 16 
Return on assets (b)1.38 1.16 1.01 0.89 0.86 
Effective income tax rate 20.9 16.8 18.9 20.4 17.7 
Overhead ratio52 55 59 61 62 
(a)Included Firmwide legal expense of $176 million, $27 million, $47 million, $73 million and $119 million for the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.
(b)Quarterly ratios are based upon annualized amounts.
(c)Refer to page 29 for further discussion of ROTCE.



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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Mar 31, 2023
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2023202220222022202220222022
ASSETS
Cash and due from banks $25,098 $27,697 $24,654 $27,215 $26,165 (9)%(4)%
Deposits with banks 520,902 539,537 619,533 642,045 728,367 (3)(28)
Federal funds sold and securities purchased under
resale agreements317,111 315,592 301,878 322,156 301,875 — 5 
Securities borrowed195,917 185,369 193,216 202,393 224,852 6 (13)
Trading assets:
Debt and equity instruments519,618 382,919 413,953 384,260 437,892 36 19 
Derivative receivables59,274 70,880 92,534 81,317 73,636 (16)(20)
Available-for-sale (“AFS”) securities197,248 205,857 188,140 222,069 312,875 (4)(37)
Held-to-maturity (”HTM”) securities412,827 425,305 430,106 441,649 366,585 (3)13 
Investment securities, net of allowance for credit losses610,075 631,162 618,246 663,718 679,460 (3)(10)
Loans1,128,896 1,135,647 1,112,633 1,104,155 1,073,285 (1)5 
Less: Allowance for loan losses20,053 19,726 18,185 17,750 17,192 2 17 
Loans, net of allowance for loan losses1,108,843 1,115,921 1,094,448 1,086,405 1,056,093 (1)5 
Accrued interest and accounts receivable115,316 125,189 143,905 145,442 152,207 (8)(24)
Premises and equipment28,266 27,734 27,199 26,770 26,916 2 5 
Goodwill, MSRs and other intangible assets62,090 60,859 60,806 59,360 58,485 2 6 
Other assets181,795 182,884 183,512 200,233 188,739 (1)(4)
TOTAL ASSETS$3,744,305 $3,665,743 $3,773,884 $3,841,314 $3,954,687 2 (5)
LIABILITIES
Deposits$2,377,253 $2,340,179 $2,408,615 $2,471,544 $2,561,207 2 (7)
Federal funds purchased and securities loaned or sold
under repurchase agreements246,396 202,613 239,939 222,719 223,858 22 10 
Short-term borrowings42,241 44,027 47,866 58,422 57,586 (4)(27)
Trading liabilities:
Debt and equity instruments145,153 126,835 133,175 137,891 144,280 14 1 
Derivative payables44,711 51,141 56,703 52,417 57,803 (13)(23)
Accounts payable and other liabilities 275,077 300,141 300,016 313,326 320,671 (8)(14)
Beneficial interests issued by consolidated VIEs14,903 12,610 12,079 10,640 10,144 18 47 
Long-term debt295,489 295,865 287,473 288,212 293,239 — 1 
TOTAL LIABILITIES3,441,223 3,373,411 3,485,866 3,555,171 3,668,788 2 (6)
STOCKHOLDERS’ EQUITY
Preferred stock27,404 27,404 32,838 32,838 32,838 — (17)
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital89,155 89,044 88,865 88,614 88,260 — 1 
Retained earnings306,208 296,456 288,776 282,445 277,177 3 10 
Accumulated other comprehensive income/(loss) (“AOCI”)(14,418)(17,341)(19,134)(14,369)(9,567)17 (51)
Treasury stock, at cost(109,372)(107,336)(107,432)(107,490)(106,914)(2)(2)
TOTAL STOCKHOLDERS’ EQUITY303,082 292,332 288,018 286,143 285,899 4 6 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,744,305 $3,665,743 $3,773,884 $3,841,314 $3,954,687 2 (5)

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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDS
1Q23 Change
AVERAGE BALANCES 1Q234Q223Q222Q221Q224Q221Q22
ASSETS
Deposits with banks $505,662 $595,631 $652,321 $694,644 $742,311 (15)%(32)%
Federal funds sold and securities purchased under resale agreements313,187 306,173 322,053 305,132 294,951 2 6 
Securities borrowed192,843 192,412 204,479 207,437 218,030 — (12)
Trading assets - debt instruments 357,682 302,825 283,414 273,736 272,116 18 31 
Investment securities622,050 625,388 647,165 672,799 671,165 (1)(7)
Loans1,129,624 1,126,002 1,112,761 1,093,106 1,068,637 — 6 
All other interest-earning assets (a)95,709 116,640 122,756 139,040 134,741 (18)(29)
Total interest-earning assets 3,216,757 3,265,071 3,344,949 3,385,894 3,401,951 (1)(5)
Trading assets - equity and other instruments152,081 126,138 129,221 151,309 156,908 21 (3)
Trading assets - derivative receivables64,526 78,476 83,950 84,483 67,334 (18)(4)
All other noninterest-earning assets 276,613 285,586 284,127 289,957 280,595 (3)(1)
TOTAL ASSETS$3,709,977 $3,755,271 $3,842,247 $3,911,643 $3,906,788 (1)(5)
LIABILITIES
Interest-bearing deposits $1,670,036 $1,695,233 $1,728,852 $1,790,421 $1,781,320 (1)(6)
Federal funds purchased and securities loaned or
sold under repurchase agreements252,310 247,934 239,582 233,376 250,215 2 1 
Short-term borrowings (b)38,763 39,843 45,797 50,833 47,871 (3)(19)
Trading liabilities - debt and all other interest-bearing liabilities (c)277,576 256,533 278,049 274,435 263,025 8 6 
Beneficial interests issued by consolidated VIEs13,483 12,312 11,039 10,577 10,891 10 24 
Long-term debt 249,336 246,978 253,012 246,195 254,180 1 (2)
Total interest-bearing liabilities 2,501,504 2,498,833 2,556,331 2,605,837 2,607,502 — (4)
Noninterest-bearing deposits 650,443 684,921 716,518 741,891 734,233 (5)(11)
Trading liabilities - equity and other instruments 29,769 35,415 36,985 40,937 43,394 (16)(31)
Trading liabilities - derivative payables49,357 56,988 56,994 61,026 54,522 (13)(9)
All other noninterest-bearing liabilities 180,303 191,929 189,637 181,128 181,105 (6)— 
TOTAL LIABILITIES3,411,376 3,468,086 3,556,465 3,630,819 3,620,756 (2)(6)
Preferred stock27,404 28,415 32,838 32,838 33,526 (4)(18)
Common stockholders’ equity271,197 258,770 252,944 247,986 252,506 5 7 
TOTAL STOCKHOLDERS’ EQUITY298,601 287,185 285,782 280,824 286,032 4 4 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,709,977 $3,755,271 $3,842,247 $3,911,643 $3,906,788 (1)(5)
AVERAGE RATES (d)
INTEREST-EARNING ASSETS
Deposits with banks 3.87 %3.14 %1.83 %0.62 %0.13 %
Federal funds sold and securities purchased under resale agreements4.06 2.95 1.74 0.71 0.55 
Securities borrowed (e)3.61 2.84 1.50 0.33 (0.16)
Trading assets - debt instruments 4.15 3.75 3.36 3.02 2.65 
Investment securities2.79 2.36 1.84 1.55 1.38 
Loans 6.37 5.83 5.00 4.28 4.05 
All other interest-earning assets (a)7.50 5.76 3.57 1.85 0.97 
Total interest-earning assets 4.68 4.03 3.05 2.22 1.86 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 1.85 1.37 0.73 0.20 0.04 
Federal funds purchased and securities loaned or
sold under repurchase agreements4.51 3.15 1.98 0.76 0.18 
Short-term borrowings (b)4.40 3.60 1.98 0.91 0.36 
Trading liabilities - debt and all other interest-bearing liabilities (c)2.88 2.38 1.49 0.69 0.30 
Beneficial interests issued by consolidated VIEs4.43 3.74 2.24 1.11 0.69 
Long-term debt 5.39 4.87 3.77 2.54 1.72 
Total interest-bearing liabilities 2.64 2.04 1.26 0.54 0.25 
INTEREST RATE SPREAD2.04 1.99 1.79 1.68 1.61 
NET YIELD ON INTEREST-EARNING ASSETS2.63 2.47 2.09 1.80 1.67 
Memo: Net yield on interest-earning assets excluding Markets (f)3.80 3.41 2.81 2.26 1.95 
(a)    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.
(b)    Includes commercial paper.
(c)    All other interest-bearing liabilities include brokerage-related customer payables.
(d)    Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.
(e)    Negative interest and rates reflect the net impact of interest earned offset by fees paid on client-driven prime brokerage securities borrowed transactions.
(f)    Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 29 for a further discussion of this measure.


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JPMORGAN CHASE & CO.
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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 29 for additional information on managed basis.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.
QUARTERLY TRENDS
1Q23 Change
1Q234Q223Q222Q221Q224Q221Q22
OTHER INCOME
Other income - reported$1,007 $1,392 $900 $540 $1,490 (28)%(32)%
Fully taxable-equivalent adjustments (a)867 898 663 812 775 (3)12 
Other income - managed$1,874 $2,290 $1,563 $1,352 $2,265 (18)(17)
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported$17,638 $14,355 $15,198 $15,587 $16,845 23 5 
Fully taxable-equivalent adjustments867 898 663 812 775 (3)12 
Total noninterest revenue - managed$18,505 $15,253 $15,861 $16,399 $17,620 21 5 
NET INTEREST INCOME
Net interest income - reported$20,711 $20,192 $17,518 $15,128 $13,872 3 49 
Fully taxable-equivalent adjustments (a)120 121 112 103 98 (1)22 
Net interest income - managed$20,831 $20,313 $17,630 $15,231 $13,970 3 49 
TOTAL NET REVENUE
Total net revenue - reported$38,349 $34,547 $32,716 $30,715 $30,717 11 25 
Fully taxable-equivalent adjustments987 1,019 775 915 873 (3)13 
Total net revenue - managed$39,336 $35,566 $33,491 $31,630 $31,590 11 25 
PRE-PROVISION PROFIT
Pre-provision profit - reported$18,242 $15,525 $13,538 $11,966 $11,526 18 58 
Fully taxable-equivalent adjustments987 1,019 775 915 873 (3)13 
Pre-provision profit - managed$19,229 $16,544 $14,313 $12,881 $12,399 16 55 
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$15,967 $13,237 $12,001 $10,865 $10,063 21 59 
Fully taxable-equivalent adjustments987 1,019 775 915 873 (3)13 
Income before income tax expense - managed$16,954 $14,256 $12,776 $11,780 $10,936 19 55 
INCOME TAX EXPENSE
Income tax expense - reported$3,345 $2,229 $2,264 $2,216 $1,781 50 88 
Fully taxable-equivalent adjustments 987 1,019 775 915 873 (3)13 
Income tax expense - managed$4,332 $3,248 $3,039 $3,131 $2,654 33 63 
OVERHEAD RATIO
Overhead ratio - reported52 %55 %59 %61 %62 %
Overhead ratio - managed51 53 57 59 61 
(a)Predominantly recognized in CIB, CB and Corporate.
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SEGMENT RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDS
1Q23 Change
1Q234Q223Q222Q221Q224Q221Q22
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$16,456 $15,793 (a)$14,281 (a)$12,558 (a)$12,182 (a)4 %35 %
Corporate & Investment Bank13,600 10,598 (a)11,925 (a)12,003 (a)13,576 (a)28 — 
Commercial Banking3,511 3,404 3,048 2,683 2,398 3 46 
Asset & Wealth Management 4,784 4,588 4,539 4,306 4,315 4 11 
Corporate985 1,183 (302)80 (881)(17)NM
TOTAL NET REVENUE$39,336 $35,566 $33,491 $31,630 $31,590 11 25 
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking$8,065 $7,912 (a)$7,983 (a)$7,658 (a)$7,655 (a)2 5 
Corporate & Investment Bank7,483 6,495 (a)6,682 (a)6,810 (a)7,363 (a)15 2 
Commercial Banking1,308 1,254 1,180 1,156 1,129 4 16 
Asset & Wealth Management3,091 3,022 3,028 2,919 2,860 2 8 
Corporate160 339 305 206 184 (53)(13)
TOTAL NONINTEREST EXPENSE$20,107 $19,022 $19,178 $18,749 $19,191 6 5 
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking$8,391 $7,881 $6,298 $4,900 $4,527 6 85 
Corporate & Investment Bank6,117 4,103 5,243 5,193 6,213 49 (2)
Commercial Banking2,203 2,150 1,868 1,527 1,269 2 74 
Asset & Wealth Management1,693 1,566 1,511 1,387 1,455 8 16 
Corporate825 844 (607)(126)(1,065)(2)NM
PRE-PROVISION PROFIT$19,229 $16,544 $14,313 $12,881 $12,399 16 55 
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$1,402 $1,845 $529 $761 $678 (24)107 
Corporate & Investment Bank58 141 513 59 445 (59)(87)
Commercial Banking417 284 618 209 157 47 166 
Asset & Wealth Management28 32 (102)44 154 (13)(82)
Corporate370 (14)(21)28 29 NMNM
PROVISION FOR CREDIT LOSSES$2,275 $2,288 $1,537 $1,101 $1,463 (1)56 
NET INCOME/(LOSS)
Consumer & Community Banking $5,243 $4,556 $4,344 $3,108 $2,908 15 80 
Corporate & Investment Bank4,421 3,314 3,522 3,717 4,372 33 1 
Commercial Banking 1,347 1,423 946 994 850 (5)58 
Asset & Wealth Management 1,367 1,134 1,219 1,004 1,008 21 36 
Corporate 244 581 (294)(174)(856)(58)NM
TOTAL NET INCOME$12,622 $11,008 $9,737 $8,649 $8,282 15 52 
(a) In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Mar 31, 2023
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2023202220222022202220222022
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital$227,142 (c)$218,934 $209,661 $207,436 $207,903 4 %9 %
Tier 1 capital253,824 (c)245,631 236,363 239,705 240,076 3 6 
Total capital286,414 (c)277,769 268,076 268,339 269,536 3 6 
Risk-weighted assets 1,650,014 (c)1,653,538 1,678,498 1,704,893 1,750,678 — (6)
CET1 capital ratio13.8 %(c)13.2 %12.5 %12.2 %11.9 %
Tier 1 capital ratio15.4 (c)14.9 14.1 14.1 13.7 
Total capital ratio17.4 (c)16.8 16.0 15.7 15.4 
Advanced
CET1 capital$227,142 (c)$218,934 $209,661 $207,436 $207,903 4 9 
Tier 1 capital 253,824 (c)245,631 236,363 239,705 240,076 3 6 
Total capital273,111 (c)264,583 256,157 257,329 258,989 3 5 
Risk-weighted assets1,634,230 (c)1,609,773 1,609,968 1,613,210 1,643,453 2 (1)
CET1 capital ratio13.9 %(c)13.6 %13.0 %12.9 %12.7 %
Tier 1 capital ratio15.5 (c)15.3 14.7 14.9 14.6 
Total capital ratio16.7 (c)16.4 15.9 16.0 15.8 
Leverage-based capital metrics
Adjusted average assets (b)$3,656,585 (c)$3,703,873 $3,791,804 $3,861,979 $3,857,783 (1)(5)
Tier 1 leverage ratio6.9 %(c)6.6 %6.2 %6.2 %6.2 %
Total leverage exposure$4,327,687 (c)$4,367,092 $4,460,636 $4,563,099 $4,586,537 (1)(6)
SLR5.9 %(c)5.6 %5.3 %5.3 %5.2 %
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC$488,246 (c)$486,044 $473,241 $466,715 $462,690 — 6 
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance$218,934 $209,661 $207,436 $207,903 $213,942 4 2 
Net income applicable to common equity12,266 10,652 9,305 8,239 7,885 15 56 
Dividends declared on common stock(2,963)(2,972)(2,974)(2,971)(2,976)— — 
Net purchase of treasury stock(2,036)96 58 (576)(1,499)NM(36)
Changes in additional paid-in capital111 179 251 354 (155)(38)NM
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities2,212 1,865 (2,145)(4,031)(7,453)19 NM
Translation adjustments, net of hedges197 711 (581)(679)(62)(72)NM
Fair value hedges(21)(101)38 51 110 79 NM
Defined benefit pension and other postretirement employee benefit plans(55)(324)(1,004)20 67 83 NM
Changes related to other CET1 capital adjustments(1,503)(c)(833)(723)(874)(1,956)(80)23 
Change in Standardized/Advanced CET1 capital8,208 (c)9,273 2,225 (467)(6,039)(11)NM
Standardized/Advanced CET1 capital, ending balance$227,142 (c)$218,934 $209,661 $207,436 $207,903 4 9 
(a)The capital metrics reflect the CECL capital transition provisions. Beginning January 1, 2022, the $2.9 billion CECL capital benefit is being phased out at 25% per year over a three-year period. As of March 31, 2023, CET1 capital reflected the remaining $1.4 billion CECL benefit; as of December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, CET1 capital reflected a $2.2 billion benefit. Refer to Capital Risk Management on pages 86-96 of the Firm’s 2022 Form 10-K for additional information.
(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.
(c)Estimated.






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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
Mar 31, 2023
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2023202220222022202220222022
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity$275,678 $264,928 $255,180 $253,305 $253,061 4 9 
Less: Goodwill52,144 51,662 51,461 50,697 50,298 1 4 
Less: Other intangible assets2,191 1,224 1,205 1,224 893 79 145 
Add: Certain deferred tax liabilities (b)2,754 2,510 2,509 2,509 2,496 10 10 
Total tangible common equity$224,097 $214,552 $205,023 $203,893 $204,366 4 10 
TANGIBLE COMMON EQUITY (average) (a)
Common stockholders’ equity$271,197 $258,770 $252,944 $247,986 $252,506 5 7 
Less: Goodwill51,716 51,586 51,323 50,575 50,307 — 3 
Less: Other intangible assets1,296 1,217 1,208 1,119 896 6 45 
Add: Certain deferred tax liabilities (b)2,549 2,508 2,512 2,503 2,498 2 2 
Total tangible common equity$220,734 $208,475 $202,925 $198,795 $203,801 6 8 
INTANGIBLE ASSETS (period-end)
Goodwill$52,144 $51,662 $51,461 $50,697 $50,298 1 4 
Mortgage servicing rights7,755 7,973 8,140 7,439 7,294 (3)6 
Other intangible assets2,191 1,224 1,205 1,224 893 79 145 
Total intangible assets$62,090 $60,859 $60,806 $59,360 $58,485 2 6 
    
(a)Refer to page 29 for further discussion of TCE.
(b)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.

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EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data) 
QUARTERLY TRENDS
1Q23 Change
1Q234Q223Q222Q221Q224Q221Q22
EARNINGS PER SHARE
Basic earnings per share
Net income$12,622 $11,008 $9,737 $8,649 $8,282 15 %52 %
Less: Preferred stock dividends356 356 432 410 397 — (10)
Net income applicable to common equity12,266 10,652 9,305 8,239 7,885 15 56 
Less: Dividends and undistributed earnings allocated to
participating securities73 54 50 44 40 35 83 
Net income applicable to common stockholders$12,193 $10,598 $9,255 $8,195 $7,845 15 55 
Total weighted-average basic shares outstanding2,968.5 2,962.9 2,961.2 2,962.2 2,977.0 — — 
Net income per share$4.11 $3.58 $3.13 $2.77 $2.64 15 56 
Diluted earnings per share
Net income applicable to common stockholders$12,193 $10,598 $9,255 $8,195 $7,845 15 55 
Total weighted-average basic shares outstanding2,968.5 2,962.9 2,961.2 2,962.2 2,977.0 — — 
Add: Dilutive impact of stock appreciation rights (“SARs”) and
    employee stock options, unvested performance share units
    (“PSUs”) and nondividend-earning restricted stock units
    (“RSUs”)		4.2 4.2 4.2 4.1 4.0 — 5 
Total weighted-average diluted shares outstanding2,972.7 2,967.1 2,965.4 2,966.3 2,981.0 — — 
Net income per share$4.10 $3.57 $3.12 $2.76 $2.63 15 56 
COMMON DIVIDENDS
Cash dividends declared per share$1.00 $1.00 $1.00 $1.00 $1.00 — — 
Dividend payout ratio24 %28 %32 %36 %38 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased22.0 — — 5.0 18.1 NM22 
Average price paid per share of common stock$133.67 $— $— $124.88 $138.04 NM(3)
Aggregate repurchases of common stock2,940 — — 622 2,500 NM18 
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans10.0 1.2 0.6 0.5 11.0 NM(9)
Net impact of employee issuances on stockholders’ equity (b)$1,028 $273 $304 $398 $843 277 22 
(a)The Firm is authorized to purchase up to $30 billion of common shares under its current repurchase program. In the second half of 2022, as a result of the expected increases in regulatory capital requirements, the Firm temporarily suspended share repurchases. In the first quarter of 2023, the Firm resumed repurchasing shares under its common share repurchase program.
(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.


















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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q23 Change
1Q234Q223Q222Q221Q224Q221Q22
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$823 $834 $822 $855 $805 (1)%2 %
Asset management fees676 662 662 684 726 2 %(7)%
Mortgage fees and related income223 90 313 377 456 148 (51)
Card income739 694 (d)613 (d)621 (d)541 (d)6 37 
All other income (a)1,162 1,189 (d)1,302 (d)1,313 (d)1,327 (d)(2)(12)
Noninterest revenue3,623 3,469 3,712 3,850 3,855 4 (6)
Net interest income12,833 12,324 10,569 8,708 8,327 4 54 
TOTAL NET REVENUE16,456 15,793 14,281 12,558 12,182 4 35 
Provision for credit losses1,402 1,845 529 761 678 (24)107 
NONINTEREST EXPENSE
Compensation expense3,545 3,339 3,345 3,237 3,171 6 12 
Noncompensation expense (b)4,520 4,573 (d)4,638 (d)4,421 (d)4,484 (d)(1)1 
TOTAL NONINTEREST EXPENSE8,065 7,912 7,983 7,658 7,655 2 5 
Income before income tax expense6,989 6,036 5,769 4,139 3,849 16 82 
Income tax expense 1,746 1,480 1,425 1,031 941 18 86 
NET INCOME$5,243 $4,556 $4,344 $3,108 $2,908 15 80 
REVENUE BY LINE OF BUSINESS
Banking & Wealth Management $10,041 $9,582 (d)$7,960 (d)$6,502 (d)$6,015 (d)5 67 
Home Lending720 584 920 1,001 1,169 23 (38)
Card Services & Auto 5,695 5,627 5,401 5,055 4,998 1 14 
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue75 43 93 150 211 74 (64)
Net mortgage servicing revenue (c)148 47 220 227 245 215 (40)
Mortgage fees and related income$223 $90 $313 $377 $456 148 (51)
FINANCIAL RATIOS
ROE40 %35 %34 %(d)24 %23 %
Overhead ratio 49 50 56 61 63 
(a)Includes operating lease income and commissions and other fees. For the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, included operating lease income of $741 million, $777 million, $854 million, $929 million and $1.0 billion, respectively.
(b)Included depreciation expense on leased assets of $407 million, $463 million, $605 million, $652 million and $694 million for the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.
(c)Included MSR risk management results of $(12) million, $(98) million, $54 million, $28 million and $109 million for the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.
(d)In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation.

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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)
QUARTERLY TRENDS
1Q23 Change
1Q234Q223Q222Q221Q224Q221Q22
SELECTED BALANCE SHEET DATA (period-end)
Total assets$506,382 $514,085 $500,752 $500,219 $486,183 (1)%4 %
Loans:
Banking & Wealth Management (a)28,038 29,008 30,230 31,494 32,772 (3)(14)
Home Lending (b)172,058 172,554 174,618 176,939 172,025 — — 
Card Services180,079 185,175 170,462 165,494 152,283 (3)18 
Auto 69,556 68,191 67,201 67,842 69,251 2 — 
Total loans 449,731 454,928 442,511 441,769 426,331 (1)5 
Deposits1,147,474 1,131,611 1,173,241 1,178,825 1,189,308 1 (4)
Equity52,000 50,000 50,000 50,000 50,000 4 4 
SELECTED BALANCE SHEET DATA (average)
Total assets$506,775 $504,859 $498,858 $496,177 $488,967 — 4 
Loans:
Banking & Wealth Management28,504 29,412 30,788 32,294 33,742 (3)(16)
Home Lending (c)172,124 174,487 176,852 177,330 176,488 (1)(2)
Card Services180,451 177,026 168,125 158,434 149,398 2 21 
Auto 68,744 67,623 66,979 68,569 69,250 2 (1)
Total loans449,823 448,548 442,744 436,627 428,878 — 5 
Deposits1,112,967 1,142,523 1,174,227 1,180,453 1,153,513 (3)(4)
Equity52,000 50,000 50,000 50,000 50,000 4 4 
Headcount135,983 135,347 133,803 130,907 129,268 — 5 
(a)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022 included $205 million, $350 million, $791 million, $1.5 billion and $2.9 billion of loans, respectively, in Business Banking under the Paycheck Protection Program (“PPP”). Refer to pages 108-109 of the Firm’s 2022 Form 10-K for further information on the PPP.
(b)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, Home Lending loans held-for-sale and loans at fair value were $4.2 billion, $3.0 billion, $4.1 billion, $5.2 billion and $5.8 billion, respectively.
(c)Average Home Lending loans held-for sale and loans at fair value were $3.5 billion, $4.5 billion, $5.9 billion, $8.1 billion and $10.8 billion for the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)QUARTERLY TRENDS
1Q23 Change
1Q234Q223Q222Q221Q224Q221Q22
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)$3,835 $3,899 $3,936 $4,217 $4,531 (2)%(15)%
Net charge-offs/(recoveries)
Banking & Wealth Management79 95 105 81 89 (17)(11)
Home Lending(18)(33)(59)(68)(69)45 74 
Card Services922 725 592 580 506 27 82 
Auto69 58 41 18 27 19 156 
Total net charge-offs/(recoveries)$1,052 $845 $679 $611 $553 24 90 
Net charge-off/(recovery) rate
Banking & Wealth Management (c)1.12 %1.28 %1.35 %1.01 %1.07 %
Home Lending(0.04)(0.08)(0.14)(0.16)(0.17)
Card Services2.07 1.62 1.40 1.47 1.37 
Auto 0.41 0.34 0.24 0.11 0.16 
Total net charge-off/(recovery) rate0.96 0.75 0.62 0.57 0.54 
30+ day delinquency rate
Home Lending (d)(e)0.81 %0.83 %0.78 %0.85 %1.03 %
Card Services1.68 1.45 1.23 1.05 1.09 
Auto0.90 1.01 0.75 0.69 0.57 
90+ day delinquency rate - Card Services0.83 0.68 0.57 0.51 0.54 
Allowance for loan losses
Banking & Wealth Management $720 $722 $722 $697 $697 — 3 
Home Lending427 867 667 785 785 (51)(46)
Card Services11,400 11,200 10,400 10,400 10,250 2 11 
Auto 716 715 715 740 738 — (3)
Total allowance for loan losses$13,263 (f)$13,504 $12,504 $12,622 $12,470 (2)6 
(a)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $164 million, $187 million, $219 million, $257 million and $315 million, respectively. 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.
(b)Generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic.
(c)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022 included $205 million, $350 million, $791 million, $1.5 billion and $2.9 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 pages 108-109 of the Firm’s 2022 Form 10-K for further information on the PPP.
(d)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic was $353 million, $449 million, $454 million, $513 million and $728 million in Home Lending, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.
(e)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $219 million, $258 million, $284 million, $315 million and $370 million, respectively. These amounts have been excluded based upon the government guarantee.
(f)On January 1, 2023, the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance. The adoption of this guidance resulted in a net decrease in the allowance for loan losses of $591 million in CCB, driven by residential real estate and credit card. Refer to Credit-related information on pages 27-28, and Note 1 of the Firm’s 2022 Form 10-K for further information.


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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS
1Q23 Change
1Q234Q223Q222Q221Q224Q221Q22
BUSINESS METRICS
Number of:
Branches4,784 4,787 4,802 4,822 4,810 — %(1)%
Active digital customers (in thousands) (a)64,998 63,136 61,985 60,735 60,286 3 8 
Active mobile customers (in thousands) (b)50,933 49,710 48,904 47,436 46,527 2 9 
Debit and credit card sales volume (in billions)$387.3 $411.1 $395.8 $397.0 $351.5 (6)10 
Total payments transaction volume (in trillions) (c)1.4 1.4 1.4 1.5 1.3 — 8 
Banking & Wealth Management
Average deposits $1,098,494 $1,126,420 $1,156,933 $1,163,423 $1,136,115 (2)(3)
Deposit margin 2.78 %2.48 %1.83 %1.31 %1.22 %
Business Banking average loans$19,884 $20,467 $21,263 $22,769 $24,816 (3)(20)
Business Banking origination volume 1,027 1,081 977 1,196 1,028 (5)— 
Client investment assets (d)690,819 647,120 615,048 628,479 696,316 7 (1)
Number of client advisors5,125 5,029 5,017 4,890 4,816 2 6 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $3.6 $4.6 $7.8 $11.0 $15.1 (22)(76)
Correspondent 2.1 2.1 4.3 10.9 9.6 — (78)
Total mortgage origination volume (e)$5.7 $6.7 $12.1 $21.9 $24.7 (15)(77)
Third-party mortgage loans serviced (period-end)575.9 584.3 586.7 575.6 575.4 (1)— 
MSR carrying value (period-end)7.7 8.0 8.1 7.4 7.3 (4)5 
Card Services
Sales volume, excluding commercial card (in billions)$266.2 $284.8 $272.3 $271.2 $236.4 (7)13 
Net revenue rate10.38 %10.06 %9.92 %9.59 %9.87 %
Net yield on average loans9.89 9.78 9.81 9.50 9.99 
Auto
Loan and lease origination volume (in billions)$9.2 $7.5 $7.5 $7.0 $8.4 23 10 
Average auto operating lease assets11,538 12,333 13,466 14,866 16,423 (6)(30)
(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)Total payments transaction volume includes debit and credit card sales volume and gross outflows of ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person and checks.
(d)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 21-23 for additional information.
(e)Firmwide mortgage origination volume was $6.8 billion, $8.5 billion, $15.2 billion, $27.9 billion and $30.2 billion for the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.

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JPMORGAN CHASE & CO.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q23 Change
1Q234Q223Q222Q221Q224Q221Q22
INCOME STATEMENT
REVENUE
Investment banking fees$1,654 $1,467 $1,762 $1,650 $2,050 13 %(19)%
Principal transactions7,408 4,397 5,258 5,048 5,223 68 42 
Lending- and deposit-related fees539 548 589 641 641 (2)(16)
Commissions and other fees1,234 1,200 1,198 1,328 1,332 3 (7)
Card income315 353 (c)293 (c)337 (c)266 (c)(11)18 
All other income373 147 (c)181 (c)(199)(c)492 (c)154 (24)
Noninterest revenue11,523 8,112 9,281 8,805 10,004 42 15 
Net interest income2,077 2,486 2,644 3,198 3,572 (16)(42)
TOTAL NET REVENUE (a)13,600 10,598 11,925 12,003 13,576 28 — 
Provision for credit losses58 141 513 59 445 (59)(87)
NONINTEREST EXPENSE
Compensation expense4,085 3,091 3,311 3,510 4,006 32 2 
Noncompensation expense3,398 3,404 (c)3,371 (c)3,300 (c)3,357 (c)— 1 
TOTAL NONINTEREST EXPENSE7,483 6,495 6,682 6,810 7,363 15 2 
Income before income tax expense6,059 3,962 4,730 5,134 5,768 53 5 
Income tax expense 1,638 648 1,208 1,417 1,396 153 17 
NET INCOME$4,421 $3,314 $3,522 $3,717 $4,372 33 1 
FINANCIAL RATIOS
ROE16 %12 %13 %14 %16 %(c)
Overhead ratio55 61 56 57 (c)54 
Compensation expense as percentage of total net revenue30 29 28 29 30 
REVENUE BY BUSINESS
Investment Banking$1,560 $1,389 $1,713 $1,351 $2,057 12 (24)
Payments 2,396 2,120 (c)2,039 (c)1,519 (c)1,901 (c)13 26 
Lending267 323 323 410 321 (17)(17)
Total Banking4,223 3,832 4,075 3,280 4,279 10 (1)
Fixed Income Markets5,699 3,739 4,469 4,711 5,698 52 — 
Equity Markets2,683 1,931 2,302 3,079 3,055 39 (12)
Securities Services 1,148 1,159 1,110 1,151 1,068 (1)7 
Credit Adjustments & Other (b)(153)(63)(31)(218)(524)(143)71 
Total Markets & Securities Services9,377 6,766 7,850 8,723 9,297 39 1 
TOTAL NET REVENUE$13,600 $10,598 $11,925 $12,003 $13,576 28 — 
(a)Includes tax-equivalent adjustments, predominantly due to income tax credits and other tax benefits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; and tax-exempt income from municipal bonds of $839 million, $854 million, $626 million, $772 million and $737 million for the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.
(b)Consists primarily of centrally managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.
(c)In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation.

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JPMORGAN CHASE & CO.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDS
1Q23 Change
1Q234Q223Q222Q221Q224Q221Q22
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,436,237 $1,334,296 $1,384,618 $1,403,558 $1,460,463 8 %(2)%
Loans:
Loans retained (a)187,133 187,642 180,604 171,219 167,791 — 12 
Loans held-for-sale and loans at fair value (b)38,335 42,304 40,357 46,032 47,260 (9)(19)
Total loans 225,468 229,946 220,961 217,251 215,051 (2)5 
Equity108,000 103,000 103,000 103,000 103,000 5 5 
SELECTED BALANCE SHEET DATA (average)
Total assets$1,429,662 $1,384,255 $1,403,247 $1,429,953 $1,407,835 3 2 
Trading assets - debt and equity instruments 488,767 406,692 386,895 411,079 419,346 20 17 
Trading assets - derivative receivables 64,016 77,669 83,084 83,582 66,692 (18)(4)
Loans:
Loans retained (a)185,572 182,873 176,469 169,909 160,976 1 15 
Loans held-for-sale and loans at fair value (b)42,569 42,895 45,150 48,048 51,398 (1)(17)
Total loans228,141 225,768 221,619 217,957 212,374 1 7 
Equity108,000 103,000 103,000 103,000 103,000 5 5 
Headcount74,352 73,452 71,797 69,447 68,292 1 9 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$50 $7 $17 $38 $20 NM150 
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)832 718 583 697 871 16 (4)
Nonaccrual loans held-for-sale and loans at fair value (d)808 848 824 840 949 (5)(15)
Total nonaccrual loans 1,640 1,566 1,407 1,537 1,820 5 (10)
Derivative receivables291 296 339 447 597 (2)(51)
Assets acquired in loan satisfactions86 87 85 84 91 (1)(5)
Total nonperforming assets 2,017 1,949 1,831 2,068 2,508 3 (20)
Allowance for credit losses:
Allowance for loan losses2,454 2,292 2,032 1,809 1,687 7 45 
Allowance for lending-related commitments1,301 1,448 1,582 1,358 1,459 (10)(11)
Total allowance for credit losses3,755 3,740 3,614 3,167 3,146 — 19 
Net charge-off/(recovery) rate (a)(e)0.11 %0.02 %0.04 %0.09 %0.05 %
Allowance for loan losses to period-end loans retained (a)1.31 1.22 1.13 1.06 1.01 
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (f)1.81 1.67 1.49 1.38 1.31 
Allowance for loan losses to nonaccrual loans retained (a)(c)295 319 349 260 194 
Nonaccrual loans to total period-end loans0.73 0.68 0.64 0.71 0.85 
(a)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.
(b)Loans held-for-sale and loans at fair value primarily reflect lending related positions originated and purchased in CIB Markets, including loans held for securitization.
(c)Allowance for loan losses of $153 million, $104 million, $111 million, $130 million and $226 million were held against these nonaccrual loans at March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.
(d)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $99 million, $115 million, $143 million, $196 million and $283 million, respectively. These amounts have been excluded based upon the government guarantee.
(e)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
(f)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.


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JPMORGAN CHASE & CO.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
QUARTERLY TRENDS
1Q23 Change
1Q234Q223Q222Q221Q224Q221Q22
BUSINESS METRICS
Advisory$756 $738 $848 $664 $801 2 %(6)%
Equity underwriting235 250 290 245 249 (6)(6)
Debt underwriting663 479 624 741 1,000 38 (34)
Total investment banking fees$1,654 $1,467 $1,762 $1,650 $2,050 13 (19)
Client deposits and other third-party liabilities (average) (a)633,729 649,694 669,215 722,388 709,121 (2)(11)
Merchant processing volume (in billions) (b) 558.8 583.2 545.4 539.6 490.2 (4)14 
Assets under custody (“AUC”) (period-end) (in billions)$29,725 $28,635 $27,157 $28,579 $31,571 4 (6)
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (c)
Fixed income$56 $66 $64 $60 $47 (15)19 
Foreign exchange 10 11 9 8 4 (9)150 
Equities7 13 11 11 12 (46)(42)
Commodities and other15 18 14 14 15 (17)— 
Diversification benefit to CIB trading VaR (d) (44)(50)(47)(43)(33)12 (33)
CIB trading VaR (c)44 58 51 50 45 (24)(2)
Credit Portfolio VaR (e)11 10 10 17 29 10 (62)
Diversification benefit to CIB VaR (d)(10)(8)(8)(15)(10)(25)— 
CIB VaR$45 $60 $53 $52 $64 (25)(30)
(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
(b)Represents total merchant processing volume across CIB, CCB and CB.
(c)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 133–135 of the Firm’s 2022 Form 10-K for further information.
(d)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across CIB risks.
(e)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. In the first quarter of 2022, in line with the Firm's internal model governance, the credit risk component of CVA related to certain counterparties was removed from Credit Portfolio VaR due to the widening of the credit spreads for those counterparties to elevated levels. The related hedges were also removed to maintain consistency. This exposure is now reflected in other sensitivity-based measures.
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JPMORGAN CHASE & CO.
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COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q23 Change
1Q234Q223Q222Q221Q224Q221Q22
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees $227 $243 $288 $348 $364 (7)%(38)%
Card income173 171 177 170 167 1 4 
All other income 381 315 371 386 336 21 13 
Noninterest revenue 781 729 836 904 867 7 (10)
Net interest income2,730 2,675 2,212 1,779 1,531 2 78 
TOTAL NET REVENUE (a)3,511 3,404 3,048 2,683 2,398 3 46 
Provision for credit losses417 284 618 209 157 47 166 
NONINTEREST EXPENSE
Compensation expense 641 607 577 559 553 6 16 
Noncompensation expense667 647 603 597 576 3 16 
TOTAL NONINTEREST EXPENSE1,308 1,254 1,180 1,156 1,129 4 16 
Income before income tax expense1,786 1,866 1,250 1,318 1,112 (4)61 
Income tax expense 439 443 304 324 262 (1)68 
NET INCOME
$1,347 $1,423 $946 $994 $850 (5)58 
REVENUE BY PRODUCT
Lending$1,222 $1,185 $1,176 $1,058 $1,105 3 11 
Payments (b)2,028 1,989 1,618 1,253 1,022 2 98 
Investment banking (b)(c)250 196 224 234 219 28 14 
Other11 34 30 138 52 (68)(79)
TOTAL NET REVENUE (a)$3,511 $3,404 $3,048 $2,683 $2,398 3 46 
Investment banking revenue, gross (d)$881 $700 $761 $788 $729 26 21 
REVENUE BY CLIENT SEGMENT
Middle Market Banking $1,681 $1,619 $1,366 $1,169 $980 4 72 
Corporate Client Banking 1,176 1,109 1,052 927 830 6 42 
Commercial Real Estate Banking642 666 624 590 581 (4)10 
Other12 10 6 (3)7 20 71 
TOTAL NET REVENUE (a)$3,511 $3,404 $3,048 $2,683 $2,398 3 46 
FINANCIAL RATIOS
ROE18 %22 %14 %15 %13 %
Overhead ratio37 37 39 43 47 
(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 $82 million, $100 million, $80 million, $73 million and $69 million for the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.
(b)In the fourth quarter of 2022, certain revenue from CIB Markets products was reclassified from investment banking to payments. Prior-period amounts have been revised to conform with the current presentation.
(c)Includes CB’s share of revenue from investment banking products sold to CB clients through the CIB.
(d)Includes gross revenues earned by the Firm, that are subject to a revenue sharing arrangement with the CIB, for products sold to CB clients through the Investment Banking, Markets or Payments businesses. This includes revenues related to fixed income and equity markets products. Refer to page 61 of the Firm’s 2022 Form 10-K for discussion of revenue sharing.

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JPMORGAN CHASE & CO.
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COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)QUARTERLY TRENDS
1Q23 Change
1Q234Q223Q222Q221Q224Q221Q22
SELECTED BALANCE SHEET DATA (period-end)
Total assets$261,181 $257,106  $247,485 $242,456 $235,127 2 %11 %
Loans:
Loans retained238,752 233,879 231,829 223,541 213,073 2 12 
Loans held-for-sale and loans at fair value1,538 707 137 566 1,743 118 (12)
Total loans$240,290 $234,586 $231,966 $224,107 $214,816 2 12 
Equity28,500 25,000 25,000 25,000 25,000 14 14 
Period-end loans by client segment
Middle Market Banking (a)$73,329 $72,625 $71,707 $68,535 $64,306 1 14 
Corporate Client Banking58,256 53,840 52,940 49,503 46,720 8 25 
Commercial Real Estate Banking 108,582 107,999 107,241 105,982 103,685 1 5 
Other123 122 78 87 105 1 17 
Total loans (a)$240,290 $234,586 $231,966 $224,107 $214,816 2 12 
SELECTED BALANCE SHEET DATA (average)
Total assets$255,468 $253,007 $246,318 $239,381 $233,474 1 9 
Loans:
Loans retained236,808 234,654 227,539 218,478 208,540 1 14 
Loans held-for-sale and loans at fair value1,155 673 1,589 1,004 2,147 72 (46)
Total loans$237,963 $235,327 $229,128 $219,482 $210,687 1 13 
Client deposits and other third-party liabilities265,971 278,924 281,336 300,425 316,921 (5)(16)
Equity28,500 25,000 25,000 25,000 25,000 14 14 
Average loans by client segment
Middle Market Banking $73,030 $72,109 $70,002 $66,640 $62,437 1 17 
Corporate Client Banking 56,581 55,137 52,432 47,832 45,595 3 24 
Commercial Real Estate Banking 108,143 107,831 106,546 104,890 102,498 — 6 
Other209 250 148 120 157 (16)33 
Total loans$237,963 $235,327 $229,128 $219,482 $210,687 1 13 
Headcount15,026 14,687 14,299 13,811 13,220 2 14 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$37 $35 $42 $1 $6 6 NM
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (b)918 766  836 761  751 20 22 
Nonaccrual loans held-for-sale and loans  
at fair value— —  — —  — — — 
Total nonaccrual loans918 766 836 761 751 20 22 
Assets acquired in loan satisfactions— — 7 8 17 — NM
Total nonperforming assets918 766 843 769 768 20 20 
Allowance for credit losses:
Allowance for loan losses3,566 3,324  3,050 2,602  2,357 7 51 
Allowance for lending-related commitments966 830  864 725  762 16 27 
Total allowance for credit losses4,532 4,154 3,914 3,327 3,119 9 45 
Net charge-off/(recovery) rate (c)0.06 %0.06 %0.07 %— %0.01 %
Allowance for loan losses to period-end loans retained1.49 1.42  1.32 1.16  1.11 
Allowance for loan losses to nonaccrual loans retained (b)388 434  365 342  314 
Nonaccrual loans to period-end total loans0.38 0.33 0.36 0.34 0.35 
    
(a)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, total loans included $88 million, $132 million, $205 million, $335 million, and $640 million of loans, respectively, under the PPP, of which $80 million, $123 million, $187 million, $306 million and $604 million, were in Middle Market Banking. Refer to pages 108-109 of the Firm’s 2022 Form 10-K for further information on the PPP.
(b)Allowance for loan losses of $170 million, $153 million, $150 million, $74 million and $104 million was held against nonaccrual loans retained at March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.
(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
QUARTERLY TRENDS
1Q23 Change
1Q234Q223Q222Q221Q224Q221Q22
INCOME STATEMENT
REVENUE
Asset management fees$2,761 $2,742 $2,803 $2,797 $2,899 1 %(5)%
Commissions and other fees181 234 241 240 216 (23)%(16)%
All other income 391 82 82 47 124 377 215 
Noninterest revenue 3,333 3,058 3,126 3,084 3,239 9 3 
Net interest income1,451 1,530 1,413 1,222 1,076 (5)35 
TOTAL NET REVENUE4,784 4,588 4,539 4,306 4,315 4 11 
Provision for credit losses28 32 (102)44 154 (13)(82)
NONINTEREST EXPENSE
Compensation expense 1,735 1,649 1,649 1,508 1,530 5 13 
Noncompensation expense 1,356 1,373 1,379 1,411 1,330 (1)2 
TOTAL NONINTEREST EXPENSE3,091 3,022 3,028 2,919 2,860 2 8 
Income before income tax expense1,665 1,534 1,613 1,343 1,301 9 28 
Income tax expense 298 400 394 339 293 (26)2 
NET INCOME $1,367 $1,134 $1,219 $1,004 $1,008 21 36 
REVENUE BY LINE OF BUSINESS
Asset Management $2,434 $2,158 $2,209 $2,137 $2,314 13 5 
Global Private Bank2,350 2,430 2,330 2,169 2,001 (3)17 
TOTAL NET REVENUE $4,784 $4,588 $4,539 $4,306 $4,315 4 11 
FINANCIAL RATIOS
ROE34 %26 %28 %23 % 23 %
Overhead ratio65 66 67 68 66 
Pretax margin ratio:
Asset Management37 27 31 29 33 
Global Private Bank33 39 40 33 27 
Asset & Wealth Management35 33 36 31 30 
Headcount26,773 26,041 25,769 23,981 23,366 3 15 
Number of Global Private Bank client advisors3,189 3,137 3,110 2,866 2,798 2 14 


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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
1Q23 Change
1Q234Q223Q222Q221Q224Q221Q22
SELECTED BALANCE SHEET DATA (period-end)
Total assets$232,516 $232,037 $232,303 $235,553 $233,070 — %— %
Loans211,140 214,006 214,989 218,841 215,130 (1)(2)
Deposits225,831 233,130 242,315 257,437 287,293 (3)(21)
Equity16,000 17,000 17,000 17,000 17,000 (6)(6)
SELECTED BALANCE SHEET DATA (average)
Total assets$228,823 $230,149 $232,748 $234,565 $232,310 (1)(2)
Loans211,469 214,150 216,714 216,846 214,611 (1)(1)
Deposits224,354 236,965 253,026 268,861 287,756 (5)(22)
Equity16,000 17,000 17,000 17,000 17,000 (6)(6)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$(2)$(2)$(13)$9 $(1)— (100)
Nonaccrual loans477 459 467 620 626 4 (24)
Allowance for credit losses:
Allowance for loan losses526 494 461 547 516 6 2 
Allowance for lending-related commitments19 20 21 22 19 (5)— 
Total allowance for credit losses545 514 482 569 535 6 2 
Net charge-off/(recovery) rate— %— %(0.02)%0.02 %— %
Allowance for loan losses to period-end loans0.25 0.23 0.21 0.25 0.24 
Allowance for loan losses to nonaccrual loans110 108 99 88 82 
Nonaccrual loans to period-end loans0.23 0.21 0.22 0.28 0.29 
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
Mar 31, 2023
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
CLIENT ASSETS2023202220222022202220222022
Assets by asset class
Liquidity $761 $654 $615 $654 $657 16 %16 %
Fixed income 682 638 612 624 657 7 4 
Equity733 670 609 641 739 9 (1)
Multi-asset627 603 577 615 699 4 (10)
Alternatives203 201 203 209 208 1 (2)
TOTAL ASSETS UNDER MANAGEMENT3,006 2,766 2,616 2,743 2,960 9 2 
Custody/brokerage/administration/deposits1,341 1,282 1,207 1,055 1,156 5 16 
TOTAL CLIENT ASSETS (a)$4,347 $4,048 $3,823 $3,798 $4,116 7 6 
Assets by client segment
Private Banking$826 $751 $698 $712 $777 10 6 
Global Institutional1,347 1,252 1,209 1,294 1,355 8 (1)
Global Funds833 763 709 737 828 9 1 
TOTAL ASSETS UNDER MANAGEMENT$3,006 $2,766 $2,616 $2,743 $2,960 9 2 
Private Banking$2,090 $1,964 $1,848 $1,715 $1,880 6 11 
Global Institutional1,417 1,314 1,261 1,339 1,402 8 1 
Global Funds840 770 714 744 834 9 1 
TOTAL CLIENT ASSETS (a)$4,347 $4,048 $3,823 $3,798 $4,116 7 6 
Assets under management rollforward
Beginning balance$2,766 $2,616 $2,743 $2,960 $3,113 
Net asset flows:
Liquidity 93 33 (36)— (52)
Fixed income 26 8 9 (1)(3)
Equity22 9 6 9 11 
Multi-asset(2)(7)(5)(3)6 
Alternatives1 — 2 1 5 
Market/performance/other impacts100 107 (103)(223)(120)
Ending balance$3,006 $2,766 $2,616 $2,743 $2,960 
Client assets rollforward
Beginning balance$4,048 $3,823 $3,798 $4,116 $4,295 
Net asset flows152 70 (15)(1)(5)
Market/performance/other impacts147 155 40 (317)(174)
Ending balance$4,347 $4,048 $3,823 $3,798 $4,116 
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
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CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)
QUARTERLY TRENDS
1Q23 Change
1Q234Q223Q222Q221Q224Q221Q22
INCOME STATEMENT
REVENUE
Principal transactions$82 $(7)$(76)$17 $(161)NMNM
Investment securities losses(868)(874)(959)(153)(394)1 (120)%
All other income 31 766 (e)(59)(108)210 (96)(85)
Noninterest revenue(755)(115)(1,094)(244)(345)NM(119)
Net interest income 1,740 1,298 792 324 (536)34 NM
TOTAL NET REVENUE (a)985 1,183 (302)80 (881)(17)NM
Provision for credit losses370 (14)(21)28 29 NMNM
NONINTEREST EXPENSE160 339 305 206 184 (53)(13)
Income/(loss) before income tax expense/(benefit)455 858 (586)(154)(1,094)(47)NM
Income tax expense/(benefit) 211 277 (292)20 (238)(24)NM
NET INCOME/(LOSS)
$244 $581 $(294)$(174)$(856)(58)NM
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
1,106 603 (180)82 (944)83 NM
Other Corporate(121)580 (122)(2)63 NMNM
TOTAL NET REVENUE$985 $1,183 $(302)$80 $(881)(17)NM
NET INCOME/(LOSS)
Treasury and CIO624 531 (68)88 (748)18 NM
Other Corporate (380)50 (226)(262)(108)NM(252)
TOTAL NET INCOME/(LOSS) $244 $581 $(294)$(174)$(856)(58)NM
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,307,989 $1,328,219 $1,408,726 $1,459,528 $1,539,844 (2)(15)
Loans2,267 2,181 2,206 2,187 1,957 4 16 
Deposits 19,458 (d)14,203 (d)14,449 (d)13,191 (d)1,434 37 NM
Headcount44,743 44,196 42,806 40,348 39,802 1 12 
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities losses$(868)$(874)$(959)$(153)$(394)1 (120)
Available-for-sale securities (average) 202,776 195,788 209,008 252,121 304,314 4 (33)
Held-to-maturity securities (average) (b)417,350 427,802 436,302 418,843 364,814 (2)14 
Investment securities portfolio (average)$620,126 $623,590 $645,310 $670,964 $669,128 (1)(7)
Available-for-sale securities (period-end) 195,228 203,981 186,441 220,213 310,909 (4)(37)
Held-to-maturity securities (period-end) (b)412,827 425,305 430,106 441,649 366,585 (3)13 
Investment securities portfolio, net of allowance for credit losses (period-end) (c)$608,055 $629,286 $616,547 $661,862 $677,494 (3)(10)
(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $56 million, $58 million, $59 million, $60 million and $58 million for the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.
(b)In January 2023, upon adoption of the Derivatives and Hedging: Fair Value Hedging - Portfolio Layer Method accounting guidance, the Firm elected to transfer $7.1 billion of HTM securities to AFS. The transferred securities were placed in a closed AFS securities portfolio as part of a portfolio layer method hedge. During 2022, the Firm transferred $78.3 billion of investment securities from AFS to HTM for capital management purposes. At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, the estimated fair value of the HTM securities portfolio was $382.0 billion, $388.6 billion, $389.8 billion, $415.6 billion and $350.5 billion, respectively. Refer to Accounting and Reporting Developments on page 153 of the Firm’s 2022 Form 10-K for additional information on the portfolio layer method.
(c)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, the allowance for credit losses on investment securities was $61 million, $67 million, $52 million, $47 million and $41 million, respectively.
(d)Predominantly relates to international consumer growth initiatives.
(e)Included a $914 million gain on sale of Visa B shares.

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CREDIT-RELATED INFORMATION
(in millions)
Mar 31, 2023
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2023202220222022202220222022
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained$300,447 $300,753 $301,403 $302,631 $296,161 — %1 %
Loans held-for-sale and loans at fair value 10,986 10,622 12,393 14,581 16,328 3 (33)
Total consumer, excluding credit card loans311,433 311,375 313,796 317,212 312,489 — — 
Credit card loans
Loans retained180,079 185,175 170,462 165,494 152,283 (3)18 
Total credit card loans180,079 185,175 170,462 165,494 152,283 (3)18 
Total consumer loans 491,512 496,550 484,258 482,706 464,772 (1)6 
Wholesale loans (b)
Loans retained604,324 603,670 596,208 584,265 569,953 — 6 
Loans held-for-sale and loans at fair value 33,060 35,427 32,167 37,184 38,560 (7)(14)
Total wholesale loans 637,384 639,097 628,375 621,449 608,513 — 5 
Total loans 1,128,896 1,135,647 1,112,633 1,104,155 1,073,285 (1)5 
Derivative receivables 59,274 70,880 92,534 81,317 73,636 (16)(20)
Receivables from customers (c)43,943 49,257 54,921 58,349 68,473 (11)(36)
Total credit-related assets 1,232,113 1,255,784 1,260,088 1,243,821 1,215,394 (2)1 
Lending-related commitments
Consumer, excluding credit card 37,568 33,518 34,868 40,484 47,103 12 (20)
Credit card (d)861,218 821,284 798,855 774,021 757,283 5 14 
Wholesale 484,539 471,980 (g)472,950 487,500 497,232 3 (3)
Total lending-related commitments1,383,325 1,326,782 1,306,673 1,302,005 1,301,618 4 6 
Total credit exposure $2,615,438 $2,582,566 $2,566,761 $2,545,826 $2,517,012 1 4 
Memo: Total by category
Consumer exposure (e)$1,390,298 $1,351,352 $1,317,981 $1,297,211 $1,269,158 3 10 
Wholesale exposure (f)1,225,140 1,231,214 1,248,780 1,248,615 1,247,854 — (2)
Total credit exposure$2,615,438 $2,582,566 $2,566,761 $2,545,826 $2,517,012 1 4 
(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)Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and J.P. Morgan Wealth Management loans held in Banking & Wealth Management, and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses.
(c)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.
(d)Also includes commercial card lending-related commitments primarily in CB and CIB.
(e)Represents total consumer loans and lending-related commitments.
(f)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.
(g)Prior-period amount has been revised to conform with the current presentation.

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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Mar 31, 2023
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2023202220222022202220222022
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
   Loans retained $3,843 $3,874 $3,917 $4,186 $4,485 (1)%(14)%
   Loans held-for-sale and loans at fair value 452 451 461 486 525 — (14)
Total consumer nonaccrual loans4,295 4,325 4,378 4,672 5,010 (1)(14)
Wholesale nonaccrual loans
Loans retained2,211 1,963 1,882 2,083 2,289 13 (3)
Loans held-for-sale and loans at fair value 389 432 414 407 459 (10)(15)
Total wholesale nonaccrual loans 2,600 2,395 2,296 2,490 2,748 9 (5)
Total nonaccrual loans (b)6,895 6,720 6,674 7,162 7,758 3 (11)
Derivative receivables 291 296 339 447 597 (2)(51)
Assets acquired in loan satisfactions232 231 230 236 250 — (7)
Total nonperforming assets 7,418 7,247 7,243 7,845 8,605 2 (14)
Wholesale lending-related commitments (c) 401 455 470 397 767 (12)(48)
Total nonperforming exposure $7,819 $7,702 $7,713 $8,242 $9,372 2 (17)
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans 0.61 %0.59 %0.60 %0.65 %0.72 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 1.38 1.39 1.40 1.47 1.60 
Total wholesale nonaccrual loans to total
wholesale loans 0.41 0.37 0.37 0.40 0.45 
(a)At March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $263 million, $302 million, $362 million, $453 million and $598 million, respectively. 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 2022 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.
(b)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.
(c)Represents commitments that are risk rated as nonaccrual.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
1Q23 Change
1Q234Q223Q222Q221Q224Q221Q22
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance$19,139 (b)$18,185 $17,750 $17,192 $16,386 5 %17 %
Net charge-offs:
Gross charge-offs1,451 1,210 1,104 1,036 976 20 49 
Gross recoveries collected(314)(323)(377)(379)(394)3 20 
Net charge-offs1,137 887 727 657 582 28 95 
Provision for loan losses2,047 2,426 1,165 1,230 1,368 (16)50 
Other4 2 (3)(15)20 100 (80)
Ending balance$20,053 $19,726 $18,185 $17,750 $17,192 2 17 
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance$2,382 $2,551 $2,222 $2,358 $2,261 (7)5 
Provision for lending-related commitments(13)(169)328 (135)96 92 NM
Other1 — 1 (1)1 NM— 
Ending balance$2,370 $2,382 $2,551 $2,222 $2,358 (1)1 
ALLOWANCE FOR INVESTMENT SECURITIES$90 $96 $61 $47 $41 (6)120 
Total allowance for credit losses (a)$22,513 $22,204 $20,797 $20,019 $19,591 1 15 
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.18 %0.16 %0.10 %0.04 %0.06 %
Credit card retained loans2.07 1.62 1.40 1.47 1.37 
Total consumer retained loans0.89 0.70 0.56 0.53 0.50 
Wholesale retained loans0.06 0.03 0.04 0.03 0.02 
Total retained loans 0.43 0.33 0.27 0.25 0.24 
Memo: Average retained loans
Consumer retained, excluding credit card loans$300,585 $301,093 $301,347 $299,649 $295,460 — 2 
Credit card retained loans180,451 177,026 168,125 158,434 149,398 2 21 
Total average retained consumer loans481,036 478,119 469,472 458,083 444,858 1 8 
Wholesale retained loans601,401 599,817 590,490 577,850 559,395 — 8 
Total average retained loans$1,082,437 $1,077,936 $1,059,962 $1,035,933 $1,004,253 — 8 
(a)At March 31, 2023, December 31, 2022 and September 30, 2022 excludes an allowance for credit losses associated with certain accounts receivable in CIB of $20 million, $21 million and $30 million, respectively, and at March 31, 2023, excludes an allowance for credit losses associated with certain other assets in Corporate of $241 million.
(b)On January 1, 2023, the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance. The adoption of this guidance eliminated the existing accounting and disclosure requirements for trouble debt restructurings (“TDRs”), including the requirement to measure the allowance using a discounted cash flow (“DCF”) methodology. The Firm elected to apply its portfolio-based allowance approach to substantially all its non-collateral dependent modified loans to troubled borrowers, resulting in a net decrease in the beginning balance of the allowance for loan losses of $587 million, predominantly driven by residential real estate and credit card. Refer to Note 1 of the Firm’s 2022 Form 10-K for further information.

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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Mar 31, 2023
Change
Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Mar 31,
2023202220222022202220222022
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)$(1,030)$(624)(d)$(702)$(676)$(644)(65)%(60)%
Portfolio-based2,696 2,664 (d)2,521 2,605 2,538 1 6 
Total consumer, excluding credit card1,666 2,040 1,819 1,929 1,894 (18)(12)
Credit card
Asset-specific (a)— 223 218 227 262 NMNM
Portfolio-based11,400 10,977 10,182 10,173 9,988 4 14 
Total credit card11,400 11,200 10,400 10,400 10,250 2 11 
Total consumer13,066 13,240 12,219 12,329 12,144 (1)8 
Wholesale
Asset-specific (a)437 467 450 332 485 (6)(10)
Portfolio-based6,550 6,019 5,516 5,089 4,563 9 44 
Total wholesale6,987 6,486 5,966 5,421 5,048 8 38 
Total allowance for loan losses 20,053 19,726 18,185 17,750 17,192 2 17 
Allowance for lending-related commitments2,370 2,382 2,551 2,222 2,358 (1)1 
Allowance for investment securities90 96 61 47 41 (6)120 
Total allowance for credit losses$22,513 $22,204 $20,797 $20,019 $19,591 1 15 
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans0.55 %0.68 %0.60 %0.64 %0.64 %
Credit card allowance to total credit card retained loans6.33 6.05 6.10 6.28 6.73 
Wholesale allowance to total wholesale retained loans1.16 1.07 1.00 0.93 0.89 
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (b)1.26 1.17 1.08 0.99 0.95 
Total allowance to total retained loans1.85 1.81 1.70 1.69 1.69 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (c)43 53 46 46 42 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (c)143 146 134 117 102 
Wholesale allowance to wholesale retained nonaccrual loans316 330 317 260 221 
Total allowance to total retained nonaccrual loans331 338 314 283 254 
(a)On January 1, 2023, the Firm adopted the Financial Instruments – Credit Losses: Troubled Debt Restructurings accounting guidance under which it elected to change from an asset-specific allowance approach to its non-DCF, portfolio-based allowance approach for modified loans to troubled borrowers for all portfolios except collateral-dependent loans and nonaccrual risk-rated loans, for which the asset-specific allowance approach will continue to apply.
(b)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.
(c)Refer to footnote (a) on page 26 for information on the Firm’s nonaccrual policy for credit card loans.
(d)Prior-period amounts have been revised to conform with the current presentation.
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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 (“NII”), net yield, and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding CIB Markets (“Markets”, which is composed of Fixed Income Markets and Equity Markets), as shown below. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income.These metrics, which exclude 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, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For additional information on Markets revenue, refer to page 70 of the Firm’s 2022 Form 10-K.
QUARTERLY TRENDS
1Q23 Change
(in millions, except rates)1Q234Q223Q222Q221Q224Q221Q22
Net interest income - reported$20,711 $20,192 $17,518 $15,128 $13,872 3 %49 %
Fully taxable-equivalent adjustments120 121 112 103 98 (1)22 
Net interest income - managed basis (a)$20,831 $20,313 $17,630 $15,231 $13,970 3 49 
Less: Markets net interest income(105)315 707 1,549 2,218 NMNM
Net interest income excluding Markets (a)$20,936 $19,998 $16,923 $13,682 $11,752 5 78 
Average interest-earning assets$3,216,757 $3,265,071 $3,344,949 $3,385,894 $3,401,951 (1)(5)
Less: Average Markets interest-earning assets
982,572 939,420 952,488 957,304 963,845 5 2 
Average interest-earning assets excluding Markets$2,234,185 $2,325,651 $2,392,461 $2,428,590 $2,438,106 (4)(8)
Net yield on average interest-earning assets - managed basis2.63 %2.47 %2.09 %1.80 %1.67 %
Net yield on average Markets interest-earning assets
(0.04)0.13 0.29 0.65 0.93 
Net yield on average interest-earning assets excluding Markets3.80 3.41 2.81 2.26 1.95 
Noninterest revenue - reported$17,638 $14,355 $15,198 $15,587 $16,845 23 5 
Fully taxable-equivalent adjustments867 898 663 812 775 (3)12 
Noninterest revenue - managed basis$18,505 $15,253 $15,861 $16,399 $17,620 21 5 
Less: Markets noninterest revenue8,487 5,355 6,064 6,241 6,535 58 30 
Noninterest revenue excluding Markets$10,018 $9,898 $9,797 $10,158 $11,085 1 (10)
Memo: Markets total net revenue$8,382 $5,670 $6,771 $7,790 $8,753 48 (4)
(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.