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Published: 2023-10-13 06:47:21 ET
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EX-99.2 3 a3q23erfex992supplement.htm JPMORGAN CHASE & CO. EARNINGS RELEASE FINANCIAL SUPPLEMENT - THIRD QUARTER 2023 Document
                                                                    
Exhibit 99.2




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EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD 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
Supplemental Information on First Republic
30
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 TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
SELECTED INCOME STATEMENT DATA 3Q232Q231Q234Q223Q222Q233Q22202320222022
Reported Basis
Total net revenue$39,874 $41,307 $38,349 $34,547 $32,716 (3)%22 %$119,530 $94,148 27 %
Total noninterest expense21,757 20,822 20,107 19,022 19,178 4 13 62,686 57,118 10 
Pre-provision profit (a)18,117 20,485 18,242 15,525 13,538 (12)34 56,844 37,030 54 
Provision for credit losses1,384 2,899 2,275 2,288 1,537 (52)(10)6,558 4,101 60 
NET INCOME13,151 14,472 12,622 11,008 9,737 (9)35 40,245 26,668 51 
Managed Basis (b)
Total net revenue40,686 42,401 39,336 35,566 33,491 (4)21 122,423 96,711 27 
Total noninterest expense21,757 20,822 20,107 19,022 19,178 4 13 62,686 57,118 10 
Pre-provision profit (a)18,929 21,579 19,229 16,544 14,313 (12)32 59,737 39,593 51 
Provision for credit losses1,384 2,899 2,275 2,288 1,537 (52)(10)6,558 4,101 60 
NET INCOME13,151 14,472 12,622 11,008 9,737 (9)35 40,245 26,668 51 
EARNINGS PER SHARE DATA
Net income: Basic$4.33 $4.76 $4.11 $3.58 $3.13 (9)38 $13.20 $8.53 55 
Diluted4.33 4.75 4.10 3.57 3.12 (9)39 13.18 8.51 55 
Average shares: Basic2,927.5 2,943.8 2,968.5 2,962.9 2,961.2 (1)(1)2,946.6 2,966.8 (1)
Diluted2,932.1 2,948.3 2,972.7 2,967.1 2,965.4 (1)(1)2,951.0 2,970.9 (1)
MARKET AND PER COMMON SHARE DATA
Market capitalization$419,254 $422,661 $380,803 $393,484 $306,520 (1)37 $419,254 $306,520 37 
Common shares at period-end2,891.0 2,906.1 2,922.3 2,934.3 2,933.2 (1)(1)2,891.0 2,933.2 (1)
Book value per share100.30 98.11 94.34 90.29 87.00 2 15 100.30 87.00 15 
Tangible book value per share (“TBVPS”) (a)82.04 79.90 76.69 73.12 69.90 3 17 82.04 69.90 17 
Cash dividends declared per share1.05 1.00 1.00 1.00 1.00 5 5 3.05 3.00 2 
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)18 %20 %18 %16 %15 %19 %14 %
Return on tangible common equity (“ROTCE”) (a)22 25 23 20 18 23 17 
Return on assets1.36 1.51 1.38 1.16 1.01 1.42 0.92 
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio14.3 %
(e)
13.8 %13.8 %13.2 %12.5 %14.3 %
(e)
12.5 %
Tier 1 capital ratio15.9 
(e)
15.4 15.4 14.9 14.1 15.9 
(e)
14.1 
Total capital ratio17.8 
(e)
17.3 17.4 16.8 16.0 17.8 
(e)
16.0 
Tier 1 leverage ratio7.1 
(e)
6.9 6.9 6.6 6.2 7.1 
(e)
6.2 
Supplementary leverage ratio (“SLR”)6.0 
(e)
5.8 5.9 5.6 5.3 6.0 
(e)
5.3 
 
On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (the “First Republic acquisition") from the Federal Deposit Insurance Corporation (“FDIC”). Refer to page 30 for additional information.
(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 further discussion of these measures.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for further discussion of managed basis.
(c)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 September 30, 2023, June 30, 2023 and March 31, 2023, CET1 capital reflected the remaining $1.4 billion CECL benefit; as of December 31, 2022 and September 30, 2022 CET1 capital reflected a $2.2 billion benefit. Refer to Capital Risk Management on pages 48-53 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023, and 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 TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
SELECTED BALANCE SHEET DATA (period-end)
Total assets$3,898,333 $3,868,240 $3,744,305 $3,665,743 $3,773,884 1 %3 %$3,898,333 $3,773,884 3 %
Loans:
Consumer, excluding credit card loans408,769 408,204 311,433 311,375 313,796 — 30 408,769 313,796 30 
Credit card loans196,935 191,348 180,079 185,175 170,462 3 16 196,935 170,462 16 
Wholesale loans704,355 700,517 637,384 639,097 628,375 1 12 704,355 628,375 12 
Total loans1,310,059 1,300,069 1,128,896 1,135,647 1,112,633 1 18 1,310,059 1,112,633 18 
Deposits:
U.S. offices:
Noninterest-bearing651,240 656,778 663,772 644,902 688,292 (1)(5)651,240 688,292 (5)
Interest-bearing1,295,609 1,311,893 1,290,614 1,276,346 1,304,012 (1)(1)1,295,609 1,304,012 (1)
Non-U.S. offices:
Noninterest-bearing22,410 24,268 25,071 27,005 26,629 (8)(16)22,410 26,629 (16)
Interest-bearing410,267 406,023 397,796 391,926 389,682 1 5 410,267 389,682 5 
Total deposits2,379,526 2,398,962 2,377,253 2,340,179 2,408,615 (1)(1)2,379,526 2,408,615 (1)
Long-term debt362,793 
(e)
364,078 
(e)
295,489 295,865 287,473 — 26 362,793 
(e)
287,473 26 
Common stockholders’ equity289,967 285,112 275,678 264,928 255,180 2 14 289,967 255,180 14 
Total stockholders’ equity317,371 312,516 303,082 292,332 288,018 2 10 317,371 288,018 10 
Loans-to-deposits ratio55 %54 %47 %49 %46 %55 %46 %
Headcount308,669 
(f)
300,066 296,877 293,723 288,474 3 7 308,669 
(f)
288,474 7 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)$41 $47 $47 $61 $54 (13)(24)
LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking$18,362 $17,233 $16,456 $15,793 
(h)
$14,281 
(h)
7 29 $52,051 $39,021 
(h)
33 
Corporate & Investment Bank11,730 12,519 13,600 10,598 
(h)
11,925 
(h)
(6)(2)37,849 37,504 
(h)
1 
Commercial Banking4,031 3,988 3,511 3,404 3,048 1 32 11,530 8,129 42 
Asset & Wealth Management 5,005 4,943 4,784 4,588 4,539 1 10 14,732 13,160 12 
Corporate1,558 3,718 985 1,183 (302)(58)NM6,261 (1,103)NM
TOTAL NET REVENUE$40,686 $42,401 $39,336 $35,566 $33,491 (4)21 $122,423 $96,711 27 
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking$5,895 $5,306 $5,243 $4,556 $4,344 11 36 $16,444 $10,360 59 
Corporate & Investment Bank3,092 4,092 4,421 3,314 3,522 (24)(12)11,605 11,611 — 
Commercial Banking 1,935 1,208 1,347 1,423 946 60 105 4,490 2,790 61 
Asset & Wealth Management 1,417 1,226 1,367 1,134 1,219 16 16 4,010 3,231 24 
Corporate812 2,640 244 581 (294)(69)NM3,696 (1,324)NM
NET INCOME$13,151 $14,472 $12,622 $11,008 $9,737 (9)35 $40,245 $26,668 51 
MEMO: SELECTED FIRMWIDE METRICS
Wealth Management (c)
Client assets (in billions)$2,929 
(g)
$2,862 
(g)
$2,594 $2,438 $2,302 2 27 $2,929 
(g)
$2,302 27 
Number of client advisors8,867 8,367 8,314 8,166 8,127 6 9 8,867 8,127 9 
J.P.Morgan Payments (d)
Total net revenue4,504 4,729 4,458 4,423 3,762 (5)20 13,691 9,487 44 
Merchant processing volume (in billions)610.1 600.1 558.8 583.2 545.4 2 12 1,769.0 1,575.2 12 
Average deposits (in billions)702 720 707 732 748 (3)(6)710 794 (11)
On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC. Refer to page 30 for additional information.
(a)Refer to Corporate & Investment Bank VaR on page 18 for 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 includes certain revenues that are reported as investment banking product revenue in CB, excludes the net impact of equity investments.
(e)Included a five-year $50 billion Purchase Money Note issued to the FDIC, as well as Federal Home Loan Bank (“FHLB”) advances associated with the First Republic acquisition.
(f)Includes 4,774 individuals associated with First Republic who became employees effective July 2, 2023.
(g) At September 30, 2023 and June 30, 2023, included $140.6 billion and $150.9 billion of client investment assets associated with First Republic, respectively.
(h)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 TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
REVENUE3Q232Q231Q234Q223Q222Q233Q22202320222022
Investment banking fees $1,722 $1,513 $1,649 $1,418 $1,674 14 %3 %$4,884 $5,268 (7)%
Principal transactions6,210 6,910 7,615 4,434 5,383 (10)15 20,735 15,478 34 
Lending- and deposit-related fees2,039 1,828 1,620 1,655 1,731 12 18 5,487 5,443 1 
Asset management fees3,904 3,774 3,465 3,432 3,495 3 12 11,143 10,664 4 
Commissions and other fees1,705 1,739 1,695 1,574 1,574 (2)8 5,139 5,007 3 
Investment securities losses(669)(900)(868)(874)(959)26 30 (2,437)(1,506)(62)
Mortgage fees and related income414 278 221 98 314 49 32 913 1,152 (21)
Card income1,209 1,094 1,234 1,226 1,086 11 11 3,537 3,194 11 
Other income614 3,292 1,007 1,392 900 (81)(32)4,913 2,930 68 
Noninterest revenue17,148 19,528 17,638 14,355 15,198 (12)13 54,314 47,630 14 
Interest income44,556 41,644 37,004 33,054 25,611 7 74 123,204 59,753 106 
Interest expense21,830 19,865 16,293 12,862 8,093 10 170 57,988 13,235 338 
Net interest income22,726 21,779 20,711 20,192 17,518 4 30 65,216 46,518 40 
TOTAL NET REVENUE39,874 41,307 38,349 34,547 32,716 (3)22 119,530 94,148 27 
Provision for credit losses1,384 2,899 2,275 2,288 1,537 (52)(10)6,558 4,101 60 
NONINTEREST EXPENSE
Compensation expense 11,726 11,216 11,676 10,009 10,539 5 11 34,618 31,627 9 
Occupancy expense1,197 1,070 1,115 1,271 1,162 12 3 3,382 3,425 (1)
Technology, communications and equipment expense 2,386 2,267 2,184 2,256 2,366 5 1 6,837 7,102 (4)
Professional and outside services 2,620 2,561 2,448 2,652 2,481 2 6 7,629 7,522 1 
Marketing1,126 1,122 1,045 1,093 1,017 — 11 3,293 2,818 17 
Other expense (a)2,702 2,586 1,639 1,741 1,613 4 68 6,927 4,624 50 
TOTAL NONINTEREST EXPENSE21,757 20,822 20,107 19,022 19,178 4 13 62,686 57,118 10 
Income before income tax expense16,733 17,586 15,967 13,237 12,001 (5)39 50,286 32,929 53 
Income tax expense3,582 3,114 
(d)
3,345 2,229 2,264 15 58 10,041 
(d)
6,261 60 
NET INCOME$13,151 $14,472 $12,622 $11,008 $9,737 (9)35 $40,245 $26,668 51 
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$4.33 $4.76 $4.11 $3.58 $3.13 (9)38 $13.20 $8.53 55 
Diluted earnings per share4.33 4.75 4.10 3.57 3.12 (9)39 13.18 8.51 55 
FINANCIAL RATIOS
Return on common equity (b)18 %20 %18 %16 %15 %19 %14 %
Return on tangible common equity (b)(c)22 25 23 20 18 23 17 
Return on assets (b)1.36 1.51 1.38 1.16 1.01 1.42 0.92 
Effective income tax rate21.4 17.7 
(d)
20.9 16.8 18.9 20.0 19.0 
Overhead ratio55 50 52 55 59 52 61 
On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC. Refer to page 30 for additional information.
(a)Included Firmwide legal expense of $665 million, $420 million, $176 million, $27 million and $47 million for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $1,261 million and $239 million for the nine months ended September 30, 2023 and September 30, 2022 respectively.
(b)Ratios are based upon annualized amounts.
(c)Refer to page 29 for further discussion of ROTCE.
(d)Income taxes associated with the First Republic acquisition are reflected in the estimated bargain purchase gain, resulting in a reduction in the Firm’s effective tax rate of 3.4 percentage points in the second quarter of 2023.




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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Sep 30, 2023
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2023202320232022202220232022
ASSETS
Cash and due from banks $24,921 $26,064 $25,098 $27,697 $24,654 (4)%1 %
Deposits with banks 486,448 469,059 520,902 539,537 619,533 4 (21)
Federal funds sold and securities purchased under
resale agreements350,059 325,628 317,111 315,592 301,878 8 16 
Securities borrowed188,279 163,563 195,917 185,369 193,216 15 (3)
Trading assets:
Debt and equity instruments534,923 572,779 519,618 382,919 413,953 (7)29 
Derivative receivables67,070 64,217 59,274 70,880 92,534 4 (28)
Available-for-sale (“AFS”) securities197,119 203,262 197,248 205,857 188,140 (3)5 
Held-to-maturity (”HTM”) securities388,261 408,941 412,827 425,305 430,106 (5)(10)
Investment securities, net of allowance for credit losses585,380 612,203 610,075 631,162 618,246 (4)(5)
Loans1,310,059 1,300,069 1,128,896 1,135,647 1,112,633 1 18 
Less: Allowance for loan losses21,946 
(a)
21,980 
(a)
20,053 19,726 18,185 — 21 
Loans, net of allowance for loan losses1,288,113 1,278,089 1,108,843 1,115,921 1,094,448 1 18 
Accrued interest and accounts receivable127,752 111,561 115,316 125,189 143,905 15 (11)
Premises and equipment29,677 29,493 28,266 27,734 27,199 1 9 
Goodwill, MSRs and other intangible assets64,910 64,238 62,090 60,859 60,806 1 7 
Other assets150,801 151,346 181,795 182,884 183,512 — (18)
TOTAL ASSETS$3,898,333 $3,868,240 $3,744,305 $3,665,743 $3,773,884 1 3 
LIABILITIES
Deposits$2,379,526 $2,398,962 $2,377,253 $2,340,179 $2,408,615 (1)(1)
Federal funds purchased and securities loaned or sold
under repurchase agreements268,750 266,272 246,396 202,613 239,939 1 12 
Short-term borrowings45,470 41,022 42,241 44,027 47,866 11 (5)
Trading liabilities:
Debt and equity instruments165,494 132,264 145,153 126,835 133,175 25 24 
Derivative payables41,963 46,545 44,711 51,141 56,703 (10)(26)
Accounts payable and other liabilities 292,070 286,934 275,077 300,141 300,016 2 (3)
Beneficial interests issued by consolidated VIEs24,896 19,647 14,903 12,610 12,079 27 106 
Long-term debt362,793 
(b)
364,078 
(b)
295,489 295,865 287,473 — 26 
TOTAL LIABILITIES3,580,962 3,555,724 3,441,223 3,373,411 3,485,866 1 3 
STOCKHOLDERS’ EQUITY
Preferred stock27,404 27,404 27,404 27,404 32,838 — (17)
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital89,899 89,578 89,155 89,044 88,865 — 1 
Retained earnings327,044 317,359 306,208 296,456 288,776 3 13 
Accumulated other comprehensive income/(loss) (“AOCI”)(17,104)(14,290)(14,418)(17,341)(19,134)(20)11 
Treasury stock, at cost(113,977)(111,640)(109,372)(107,336)(107,432)(2)(6)
TOTAL STOCKHOLDERS’ EQUITY317,371 312,516 303,082 292,332 288,018 2 10 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,898,333 $3,868,240 $3,744,305 $3,665,743 $3,773,884 1 3 
On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC. Refer to page 30 for additional information.
(a)Includes an addition to the allowance for loan losses of $1.1 billion associated with the First Republic acquisition.
(b)Includes a five-year $50 billion Purchase Money Note issued to the FDIC, as well as FHLB advances associated with the First Republic acquisition.

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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
AVERAGE BALANCES3Q232Q231Q234Q223Q222Q233Q22202320222022
ASSETS
Deposits with banks $456,954 $495,018 $505,662 $595,631 $652,321 (8)%(30)%$485,700 $696,096 (30)%
Federal funds sold and securities purchased under resale agreements309,848 326,563 313,187 306,173 322,053 (5)(4)316,520 307,478 3 
Securities borrowed188,279 191,393 192,843 192,412 204,479 (2)(8)190,822 209,932 (9)
Trading assets - debt instruments 383,576 391,945 357,682 302,825 283,414 (2)35 377,829 276,464 37 
Investment securities606,593 611,552 622,050 625,388 647,165 (1)(6)613,342 663,622 (8)
Loans1,306,322 1,238,237 1,129,624 1,126,002 1,112,761 5 17 1,225,375 1,091,663 12 
All other interest-earning assets (a)80,156 89,072 95,709 116,640 122,756 (10)(35)88,255 132,135 (33)
Total interest-earning assets 3,331,728 3,343,780 3,216,757 3,265,071 3,344,949 — — 3,297,843 3,377,390 (2)
Trading assets - equity and other instruments173,998 169,558 152,081 126,138 129,221 3 35 165,292 145,712 13 
Trading assets - derivative receivables66,972 63,339 64,526 78,476 83,950 6 (20)64,955 78,650 (17)
All other noninterest-earning assets 267,079 274,711 276,613 285,586 284,127 (3)(6)272,766 284,904 (4)
TOTAL ASSETS$3,839,777 $3,851,388 $3,709,977 $3,755,271 $3,842,247 — — $3,800,856 $3,886,656 (2)
LIABILITIES
Interest-bearing deposits $1,694,758 $1,715,699 $1,670,036 $1,695,233 $1,728,852 (1)(2)$1,693,588 $1,766,672 (4)
Federal funds purchased and securities loaned or
sold under repurchase agreements254,105 263,718 252,310 247,934 239,582 (4)6 256,717 241,019 7 
Short-term borrowings (b)37,837 35,335 38,763 39,843 45,797 7 (17)37,308 48,159 (23)
Trading liabilities - debt and all other interest-bearing liabilities (c)288,007 293,269 277,576 256,533 278,049 (2)4 286,324 271,891 5 
Beneficial interests issued by consolidated VIEs21,890 15,947 13,483 12,312 11,039 37 98 17,137 10,836 58 
Long-term debt 315,267 294,239 249,336 246,978 253,012 7 25 286,522 251,125 14 
Total interest-bearing liabilities 2,611,864 2,618,207 2,501,504 2,498,833 2,556,331 — 2 2,577,596 2,589,702 — 
Noninterest-bearing deposits 660,983 671,715 650,443 684,921 716,518 (2)(8)661,086 730,816 (10)
Trading liabilities - equity and other instruments 29,508 28,513 29,769 35,415 36,985 3 (20)29,262 40,415 (28)
Trading liabilities - derivative payables46,754 46,934 49,357 56,988 56,994 — (18)47,672 57,523 (17)
All other noninterest-bearing liabilities 178,466 180,730 180,303 191,929 189,637 (1)(6)179,826 183,988 (2)
TOTAL LIABILITIES3,527,575 3,546,099 3,411,376 3,468,086 3,556,465 (1)(1)3,495,442 3,602,444 (3)
Preferred stock27,404 27,404 27,404 28,415 32,838 — (17)27,404 33,065 (17)
Common stockholders’ equity284,798 277,885 271,197 258,770 252,944 2 13 278,010 251,147 11 
TOTAL STOCKHOLDERS’ EQUITY312,202 305,289 298,601 287,185 285,782 2 9 305,414 284,212 7 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,839,777 $3,851,388 $3,709,977 $3,755,271 $3,842,247 — — $3,800,856 $3,886,656 (2)
AVERAGE RATES (d)
INTEREST-EARNING ASSETS
Deposits with banks 4.58 %4.20 %3.87 %3.14 %1.83 %4.21 %0.83 %
Federal funds sold and securities purchased under resale agreements5.06 4.63 4.06 2.95 1.74 4.58 1.02 
Securities borrowed4.39 3.91 3.61 2.84 1.50 3.97 0.55 
Trading assets - debt instruments 4.32 4.12 4.15 3.75 3.36 4.20 3.01 
Investment securities3.23 3.01 2.79 2.36 1.84 3.01 1.59 
Loans 6.79 6.59 6.37 5.83 5.00 6.60 4.45 
All other interest-earning assets (a)9.42 8.85 7.50 5.76 3.57 8.54 2.09 
Total interest-earning assets 5.32 5.01 4.68 4.03 3.05 5.01 2.38 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 2.53 2.24 1.85 1.37 0.73 2.21 0.32 
Federal funds purchased and securities loaned or
sold under repurchase agreements5.50 5.17 4.51 3.15 1.98 5.07 0.97 
Short-term borrowings (b)5.38 4.87 4.40 3.60 1.98 4.88 1.07 
Trading liabilities - debt and all other interest-bearing liabilities (c)3.39 3.25 2.88 2.38 1.49 3.18 0.84 
Beneficial interests issued by consolidated VIEs5.38 4.95 4.43 3.74 2.24 5.00 1.36 
Long-term debt 5.33 5.28 5.39 4.87 3.77 5.33 2.68 
Total interest-bearing liabilities 3.32 3.04 2.64 2.04 1.26 3.01 0.68 
INTEREST RATE SPREAD2.00 1.97 2.04 1.99 1.79 2.00 1.70 
NET YIELD ON INTEREST-EARNING ASSETS2.72 2.62 2.63 2.47 2.09 2.66 1.85 
Memo: Net yield on interest-earning assets excluding Markets (e)3.89 3.83 3.80 3.41 2.81 3.84 2.34 
(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)    Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 29 for further discussion of this measure.


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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 TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
OTHER INCOME
Other income - reported$614 $3,292 $1,007 $1,392 $900 (81)%(32)%$4,913 $2,930 68 %
Fully taxable-equivalent adjustments (a)682 990 867 898 663 (31)3 2,539 2,250 13 
Other income - managed$1,296 $4,282 $1,874 $2,290 $1,563 (70)(17)$7,452 $5,180 44 
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported$17,148 $19,528 $17,638 $14,355 $15,198 (12)13 $54,314 $47,630 14 
Fully taxable-equivalent adjustments682 990 867 898 663 (31)3 2,539 2,250 13 
Total noninterest revenue - managed$17,830 $20,518 $18,505 $15,253 $15,861 (13)12 $56,853 $49,880 14 
NET INTEREST INCOME
Net interest income - reported$22,726 $21,779 $20,711 $20,192 $17,518 4 30 $65,216 $46,518 40 
Fully taxable-equivalent adjustments (a)130 104 120 121 112 25 16 354 313 13 
Net interest income - managed$22,856 $21,883 $20,831 $20,313 $17,630 4 30 $65,570 $46,831 40 
TOTAL NET REVENUE
Total net revenue - reported$39,874 $41,307 $38,349 $34,547 $32,716 (3)22 $119,530 $94,148 27 
Fully taxable-equivalent adjustments812 1,094 987 1,019 775 (26)5 2,893 2,563 13 
Total net revenue - managed$40,686 $42,401 $39,336 $35,566 $33,491 (4)21 $122,423 $96,711 27 
PRE-PROVISION PROFIT
Pre-provision profit - reported$18,117 $20,485 $18,242 $15,525 $13,538 (12)34 $56,844 $37,030 54 
Fully taxable-equivalent adjustments812 1,094 987 1,019 775 (26)5 2,893 2,563 13 
Pre-provision profit - managed$18,929 $21,579 $19,229 $16,544 $14,313 (12)32 $59,737 $39,593 51 
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$16,733 $17,586 $15,967 $13,237 $12,001 (5)39 $50,286 $32,929 53 
Fully taxable-equivalent adjustments812 1,094 987 1,019 775 (26)5 2,893 2,563 13 
Income before income tax expense - managed$17,545 $18,680 $16,954 $14,256 $12,776 (6)37 $53,179 $35,492 50 
INCOME TAX EXPENSE
Income tax expense - reported$3,582 $3,114 $3,345 $2,229 $2,264 15 58 $10,041 $6,261 60 
Fully taxable-equivalent adjustments 812 1,094 987 1,019 775 (26)5 2,893 2,563 13 
Income tax expense - managed$4,394 $4,208 $4,332 $3,248 $3,039 4 45 $12,934 $8,824 47 
OVERHEAD RATIO
Overhead ratio - reported55 %50 %52 %55 %59 %52 %61 %
Overhead ratio - managed53 49 51 53 57 51 59 
(a)Predominantly recognized in CIB, CB and Corporate.
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SEGMENT RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$18,362 $17,233 $16,456 $15,793 (a)$14,281 (a)7 %29 %$52,051 $39,021 (a)33 %
Corporate & Investment Bank11,730 12,519 13,600 10,598 (a)11,925 (a)(6)(2)37,849 37,504 (a)1 
Commercial Banking4,031 3,988 3,511 3,404 3,048 1 32 11,530 8,129 42 
Asset & Wealth Management 5,005 4,943 4,784 4,588 4,539 1 10 14,732 13,160 12 
Corporate1,558 3,718 985 1,183 (302)(58)NM6,261 (1,103)NM
TOTAL NET REVENUE$40,686 $42,401 $39,336 $35,566 $33,491 (4)21 $122,423 $96,711 27 
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking$9,105 $8,313 $8,065 $7,912 (a)$7,983 (a)10 14 $25,483 $23,296 (a)9 
Corporate & Investment Bank7,443 6,894 7,483 6,495 (a)6,682 (a)8 11 21,820 20,855 (a)5 
Commercial Banking1,375 1,300 1,308 1,254 1,180 6 17 3,983 3,465 15 
Asset & Wealth Management3,138 3,163 3,091 3,022 3,028 (1)4 9,392 8,807 7 
Corporate696 1,152 160 339 305 (40)128 2,008 695 189 
TOTAL NONINTEREST EXPENSE$21,757 $20,822 $20,107 $19,022 $19,178 4 13 $62,686 $57,118 10 
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking$9,257 $8,920 $8,391 $7,881 $6,298 4 47 $26,568 $15,725 69 
Corporate & Investment Bank4,287 5,625 6,117 4,103 5,243 (24)(18)16,029 16,649 (4)
Commercial Banking2,656 2,688 2,203 2,150 1,868 (1)42 7,547 4,664 62 
Asset & Wealth Management1,867 1,780 1,693 1,566 1,511 5 24 5,340 4,353 23 
Corporate862 2,566 825 844 (607)(66)NM4,253 (1,798)NM
PRE-PROVISION PROFIT$18,929 $21,579 $19,229 $16,544 $14,313 (12)32 $59,737 $39,593 51 
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$1,446 $1,862 $1,402 $1,845 $529 (22)173 $4,710 $1,968 139 
Corporate & Investment Bank(185)38 58 141 513 NMNM(89)1,017 NM
Commercial Banking90 1,097 417 284 618 (92)(85)1,604 984 63 
Asset & Wealth Management(13)145 28 32 (102)NM87 160 96 67 
Corporate46 (243)370 (14)(21)NMNM173 36 381 
PROVISION FOR CREDIT LOSSES$1,384 $2,899 $2,275 $2,288 $1,537 (52)(10)$6,558 $4,101 60 
NET INCOME/(LOSS)
Consumer & Community Banking $5,895 $5,306 $5,243 $4,556 $4,344 11 36 $16,444 $10,360 59 
Corporate & Investment Bank3,092 4,092 4,421 3,314 3,522 (24)(12)11,605 11,611 — 
Commercial Banking 1,935 1,208 1,347 1,423 946 60 105 4,490 2,790 61 
Asset & Wealth Management 1,417 1,226 1,367 1,134 1,219 16 16 4,010 3,231 24 
Corporate 812 2,640 244 581 (294)(69)NM3,696 (1,324)NM
TOTAL NET INCOME$13,151 $14,472 $12,622 $11,008 $9,737 (9)35 $40,245 $26,668 51 
(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)
Sep 30, 2023
ChangeNINE MONTHS ENDED SEPTEMBER 30,
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,2023 Change
2023202320232022202220232022202320222022
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital$241,825 (c)$235,827 $227,144 $218,934 $209,661 3 %15 %
Tier 1 capital268,573 (c)262,585 253,837 245,631 236,363 2 14 
Total capital300,855 (c)295,281 286,398 277,769 268,076 2 12 
Risk-weighted assets 1,693,420 (c)1,706,927 1,647,363 1,653,538 1,678,498 (1)1 
CET1 capital ratio14.3 %(c)13.8 %13.8 %13.2 %12.5 %
Tier 1 capital ratio15.9 (c)15.4 15.4 14.9 14.1 
Total capital ratio17.8 (c)17.3 17.4 16.8 16.0 
Advanced
CET1 capital$241,825 (c)$235,827 $227,144 $218,934 $209,661 3 15 
Tier 1 capital 268,573 (c)262,585 253,837 245,631 236,363 2 14 
Total capital287,548 (c)281,953 273,122 264,583 256,157 2 12 
Risk-weighted assets1,671,770 (c)1,694,714 1,633,774 1,609,773 1,609,968 (1)4 
CET1 capital ratio14.5 %(c)13.9 %13.9 %13.6 %13.0 %
Tier 1 capital ratio16.1 (c)15.5 15.5 15.3 14.7 
Total capital ratio17.2 (c)16.6 16.7 16.4 15.9 
Leverage-based capital metrics
Adjusted average assets (b)$3,785,634 (c)$3,796,579 $3,656,598 $3,703,873 $3,791,804 — — 
Tier 1 leverage ratio7.1 %(c)6.9 %6.9 %6.6 %6.2 %
Total leverage exposure$4,498,879 (c)$4,492,761 $4,327,863 $4,367,092 $4,460,636 — 1 
SLR6.0 %(c)5.8 %5.9 %5.6 %5.3 %
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC$496,174 (c)$493,760 $488,245 $486,044 $473,241 — 5 
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance$235,827 $227,144 $218,934 $209,661 $207,436 4 14 $218,934 $213,942 2 %
Net income applicable to common equity12,765 14,099 12,266 10,652 9,305 (9)37 39,130 25,429 54 
Dividends declared on common stock(3,080)(2,948)(2,963)(2,972)(2,974)(4)(4)(8,991)(8,921)(1)
Net purchase of treasury stock(2,337)(2,268)(2,036)96 58 (3)NM(6,641)(2,017)(229)
Changes in additional paid-in capital321 423 111 179 251 (24)28 855 450 90 
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities(1,950)757 2,212 1,865 (2,145)NM9 1,019 (13,629)NM
Translation adjustments, net of hedges(340)70 197 711 (581)NM41 (73)(1,322)94 
Fair value hedges(5)11 (21)(101)38 NMNM(15)199 NM
Defined benefit pension and other postretirement employee benefit plans(21)(6)(55)(324)(1,004)(250)98 (82)(917)91 
Changes related to other CET1 capital adjustments645 (c)(1,455)(1,501)(833)(723)NMNM(2,311)(c)(3,553)35 
Change in Standardized/Advanced CET1 capital5,998 (c)8,683 8,210 9,273 2,225 (31)170 22,891 (c)(4,281)NM
Standardized/Advanced CET1 capital, ending balance$241,825 (c)$235,827 $227,144 $218,934 $209,661 3 15 $241,825 (c)$209,661 15 
(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 September 30, 2023, June 30, 2023 and March 31, 2023, CET1 capital reflected the remaining $1.4 billion CECL benefit; as of December 31, 2022 and September 30, 2022, CET1 capital reflected a $2.2 billion benefit. Refer to Capital Risk Management on pages 48-53 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023 and 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)
Sep 30, 2023
ChangeNINE MONTHS ENDED SEPTEMBER 30,
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,2023 Change
2023202320232022202220232022202320222022
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity$289,967 $285,112 $275,678 $264,928 $255,180 2 %14 %
Less: Goodwill52,492 52,380 52,144 51,662 51,461 — 2 
Less: Other intangible assets3,309 3,629 2,191 1,224 1,205 (9)175 
Add: Certain deferred tax liabilities (b)3,025 3,097 2,754 2,510 2,509 (2)21 
Total tangible common equity$237,191 $232,200 $224,097 $214,552 $205,023 2 16 
TANGIBLE COMMON EQUITY (average) (a) 
Common stockholders’ equity$284,798 $277,885 $271,197 $258,770 $252,944 2 13 $278,010 $251,147 11 %
Less: Goodwill52,427 52,342 51,716 51,586 51,323 — 2 52,164 50,739 3 
Less: Other intangible assets3,511 2,191 1,296 1,217 1,208 60 191 2,342 1,076 118 
Add: Certain deferred tax liabilities (b)3,080 2,902 2,549 2,508 2,512 6 23 2,846 2,504 14 
Total tangible common equity$231,940 $226,254 $220,734 $208,475 $202,925 3 14 $226,350 $201,836 12 
INTANGIBLE ASSETS (period-end)
Goodwill$52,492 $52,380 $52,144 $51,662 $51,461 — 2 
Mortgage servicing rights9,109 8,229 7,755 7,973 8,140 11 12 
Other intangible assets3,309 3,629 2,191 1,224 1,205 (9)175 
Total intangible assets$64,910 $64,238 $62,090 $60,859 $60,806 1 7 
    
(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 TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
EARNINGS PER SHARE
Basic earnings per share
Net income$13,151 $14,472 $12,622 $11,008 $9,737 (9)%35 %$40,245 $26,668 51 %
Less: Preferred stock dividends386 373 356 356 432 3 (11)1,115 1,239 (10)
Net income applicable to common equity12,765 14,099 12,266 10,652 9,305 (9)37 39,130 25,429 54 
Less: Dividends and undistributed earnings allocated to
participating securities80 88 73 54 50 (9)60 241 134 80 
Net income applicable to common stockholders$12,685 $14,011 $12,193 $10,598 $9,255 (9)37 $38,889 $25,295 54 
Total weighted-average basic shares outstanding2,927.5 2,943.8 2,968.5 2,962.9 2,961.2 (1)(1)2,946.6 2,966.8 (1)
Net income per share$4.33 $4.76 $4.11 $3.58 $3.13 (9)38 $13.20 $8.53 55 
Diluted earnings per share
Net income applicable to common stockholders$12,685 $14,011 $12,193 $10,598 $9,255 (9)37 $38,889 $25,295 54 
Total weighted-average basic shares outstanding2,927.5 2,943.8 2,968.5 2,962.9 2,961.2 (1)(1)2,946.6 2,966.8 (1)
Add: Dilutive impact of unvested performance share units
    (“PSUs”), nondividend-earning restricted stock units
    (“RSUs”) and stock appreciation rights (“SARs”)		4.6 4.5 4.2 4.2 4.2 2 10 4.4 4.1 7 
Total weighted-average diluted shares outstanding2,932.1 2,948.3 2,972.7 2,967.1 2,965.4 (1)(1)2,951.0 2,970.9 (1)
Net income per share$4.33 $4.75 $4.10 $3.57 $3.12 (9)39 $13.18 $8.51 55 
COMMON DIVIDENDS
Cash dividends declared per share$1.05 (c)$1.00 $1.00 $1.00 $1.00 5 5 $3.05 $3.00 2 
Dividend payout ratio24 %21 %24 %28 %32 %23 %35 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased15.6 16.7 22.0 — — (7)NM54.3 23.1 135 
Average price paid per share of common stock$151.46 $137.20 $133.67 $— $— 10 NM$139.87 $135.20 3 
Aggregate repurchases of common stock2,364 2,293 2,940 — — 3 NM7,597 3,122 143 
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans0.6 0.5 10.0 1.2 0.6 20 — 11.1 12.1 (8)
Net impact of employee issuances on stockholders’ equity (b)$368 $467 $1,028 $273 $304 (21)21 $1,863 $1,545 21 
(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 SARs.
(c)On September 19, 2023, the Board of Directors declared a quarterly common stock dividend of $1.05 per share.


















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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$836 $841 $823 $834 $822 (1)%2 %$2,500 $2,482 1 %
Asset management fees891 (d)816 (d)676 662 662 9 35 2,383 (d)2,072 15 
Mortgage fees and related income417 274 223 90 313 52 33 914 1,146 (20)
Card income626 483 739 694 (f)613 (f)30 2 1,848 1,775 (f)4 
All other income (a)1,212 (d)1,129 (d)1,162 1,189 (f)1,302 (f)7 (7)3,503 (d)3,942 (f)(11)
Noninterest revenue3,982 3,543 3,623 3,469 3,712 12 7 11,148 11,417 (2)
Net interest income14,380 (d)13,690 (d)12,833 12,324 10,569 5 36 40,903 (d)27,604 48 
TOTAL NET REVENUE18,362 17,233 16,456 15,793 14,281 7 29 52,051 39,021 33 
Provision for credit losses1,446 (d)1,862 (d)1,402 1,845 529 (22)173 4,710 (d)1,968 139 
NONINTEREST EXPENSE
Compensation expense3,975 3,628 3,545 3,339 3,345 10 19 11,148 9,753 14 
Noncompensation expense (b)5,130 4,685 4,520 4,573 (f)4,638 (f)9 11 14,335 13,543 (f)6 
TOTAL NONINTEREST EXPENSE9,105 (d)8,313 (d)8,065 7,912 7,983 10 14 25,483 (d)23,296 9 
Income before income tax expense7,811 7,058 6,989 6,036 5,769 11 35 21,858 13,757 59 
Income tax expense 1,916 1,752 1,746 1,480 (f)1,425 (f)9 34 5,414 3,397 (f)59 
NET INCOME$5,895 $5,306 $5,243 $4,556 $4,344 11 36 $16,444 $10,360 59 
REVENUE BY LINE OF BUSINESS
Banking & Wealth Management $11,345 (e)$10,936 (e)$10,041 $9,582 (f)$7,960 (f)4 43 $32,322 (e)$20,477 (f)58 
Home Lending1,252 (e)1,007 (e)720 584 920 24 36 2,979 (e)3,090 (4)
Card Services & Auto 5,765 5,290 5,695 5,627 5,401 9 7 16,750 15,454 8 
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue162 102 75 43 93 59 74 339 454 (25)
Net mortgage servicing revenue (c)255 172 148 47 220 48 16 575 692 (17)
Mortgage fees and related income$417 $274 $223 $90 $313 52 33 $914 $1,146 (20)
FINANCIAL RATIOS
ROE41 %38 %40 %35 %34 %(f)40 %27 %
Overhead ratio 50 48 49 50 56 49 60 
(a)Primarily includes operating lease income and commissions and other fees. For the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, operating lease income was $685 million, $704 million, $741 million, $777 million and $854 million, respectively, and $2.1 billion and $2.8 billion for the nine months ended September 30, 2023 and 2022 , respectively.
(b)Included depreciation expense on leased assets of $458 million, $445 million, $407 million, $463 million and $605 million for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $1.3 billion and $2.0 billion for the nine months ended September 30, 2023 and 2022, respectively.
(c)Included MSR risk management results of $111 million, $25 million, $(12) million, $(98) million and $54 million for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $124 million and $191 million for the nine months ended September 30, 2023 and 2022 , respectively.
(d)Includes First Republic. Refer to page 30 for additional information.
(e)Banking & Wealth Management and Home Lending included revenue associated with First Republic of $1.0 billion and $351 million, respectively, for the three months ended September 30, 2023, $596 million and $235 million, respectively, for the three months ended June 30, 2023, and $1.6 billion and $586 million, respectively, for the nine months ended September 30, 2023.
(f)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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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
SELECTED BALANCE SHEET DATA (period-end)
Total assets$626,196 $620,193 $506,382 $514,085 $500,752 1 %25 %$626,196 $500,752 25 %
Loans:
Banking & Wealth Management (a)30,574 (d)30,959 (d)28,038 29,008 30,230 (1)1 30,574 (d)30,230 1 
Home Lending (b)261,858 (d)262,432 (d)172,058 172,554 174,618 — 50 261,858 (d)174,618 50 
Card Services196,955 191,353 180,079 185,175 170,462 3 16 196,955 170,462 16 
Auto 74,831 73,587 69,556 68,191 67,201 2 11 74,831 67,201 11 
Total loans 564,218 558,331 449,731 454,928 442,511 1 28 564,218 442,511 28 
Deposits1,136,884 (e)1,173,514 (e)1,147,474 1,131,611 1,173,241 (3)(3)1,136,884 (e)1,173,241 (3)
Equity55,500 55,500 52,000 50,000 50,000 — 11 55,500 50,000 11 
SELECTED BALANCE SHEET DATA (average)
Total assets$622,760 $576,417 $506,775 $504,859 $498,858 8 25 $569,076 $494,704 15 
Loans:
Banking & Wealth Management30,686 (f)30,628 (f)28,504 29,412 30,788 — — 29,947 (f)32,264 (7)
Home Lending (c)264,041 (f)229,569 (f)172,124 174,487 176,852 15 49 222,248 (f)176,891 26 
Card Services195,245 187,028 180,451 177,026 168,125 4 16 187,629 158,721 18 
Auto 74,358 71,083 68,744 67,623 66,979 5 11 71,416 68,258 5 
Total loans564,330 518,308 449,823 448,548 442,744 9 27 511,240 436,134 17 
Deposits1,143,539 (g)1,157,309 (g)1,112,967 1,142,523 1,174,227 (1)(3)1,138,050 (g)1,169,474 (3)
Equity55,500 54,346 52,000 50,000 50,000 2 11 53,962 50,000 8 
Headcount141,125 137,087 135,983 135,347 133,803 3 5 141,125 133,803 5 
(a)At September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022 included $129 million, $163 million, $205 million, $350 million and $791 million 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 September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, Home Lending loans held-for-sale and loans at fair value were $4.1 billion, $3.9 billion, $4.2 billion, $3.0 billion and $4.1 billion, respectively.
(c)Average Home Lending loans held-for sale and loans at fair value were $5.7 billion, $5.3 billion, $3.5 billion, $4.5 billion and $5.9 billion for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $4.8 billion and $8.3 billion for the nine months ended September 30, 2023 and 2022, respectively.
(d)At September 30, 2023, included $3.1 billion and $91.2 billion for Banking & Wealth Management and Home Lending, respectively, and $3.4 billion and $91.3 billion at June 30, 2023, respectively, associated with First Republic.
(e)Includes First Republic. Refer to page 30 for additional information.
(f)Average Banking & Wealth Management and Home Lending loans associated with First Republic were $3.2 billion and $91.1 billion, respectively, for the three months ended September 30, 2023, $2.7 billion and $57.2 billion, respectively, for the three months ended June 30, 2023, and $2.0 billion and $49.8 billion, respectively, for the nine months ended September 30, 2023.
(g)Average deposits associated with First Republic were $66.7 billion and $47.2 billion for the three months ended September 30, 2023 and June 30, 2023, respectively, and $38.2 billion for the nine months ended September 30, 2023.


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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)$3,690 $3,823 $3,835 $3,899 $3,936 (3)%(6)%$3,690 $3,936 (6)%
Net charge-offs/(recoveries)
Banking & Wealth Management88 92 79 95 105 (4)(16)259 275 (6)
Home Lending(16)(28)(18)(33)(59)43 73 (62)(196)68 
Card Services1,227 1,124 922 725 592 9 107 3,273 1,678 95 
Auto100 63 69 58 41 59 144 232 86 170 
Total net charge-offs/(recoveries)$1,399 $1,251 $1,052 $845 $679 12 106 $3,702 $1,843 101 
Net charge-off/(recovery) rate
Banking & Wealth Management (c)1.14 %1.20 %1.12 %1.28 %1.35 %1.16 %1.14 %
Home Lending(0.02)(0.05)(0.04)(0.08)(0.14)(0.04)(0.16)
Card Services2.49 2.41 2.07 1.62 1.40 2.33 1.41 
Auto 0.53 0.36 0.41 0.34 0.24 0.43 0.17 
Total net charge-off/(recovery) rate0.99 0.98 0.96 0.75 0.62 0.98 0.58 
30+ day delinquency rate
Home Lending (d)(e)0.59 %0.58 %0.81 %0.83 %0.78 %0.59 %0.78 %
Card Services1.94 1.70 1.68 1.45 1.23 1.94 1.23 
Auto1.13 0.92 0.90 1.01 0.75 1.13 0.75 
90+ day delinquency rate - Card Services0.94 0.84 0.83 0.68 0.57 0.94 0.57 
Allowance for loan losses
Banking & Wealth Management $686 $731 $720 $722 $722 (6)(5)$686 $722 (5)
Home Lending573 (f)777 (f)427 867 667 (26)(14)573 (f)667 (14)
Card Services11,901 11,600 11,400 11,200 10,400 3 14 11,901 10,400 14 
Auto 742 717 716 715 715 4 4 742 715 4 
Total allowance for loan losses$13,902 $13,825 $13,263 (g)$13,504 $12,504 1 11 $13,902 $12,504 11 
(a)At September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $123 million, $139 million, $164 million, $187 million and $219 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 September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022 included $129 million, $163 million, $205 million, $350 million and $791 million 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 September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic was $89 million, $177 million, $353 million, $449 million and $454 million in Home Lending, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.
(e)At September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $175 million, $195 million, $219 million, $258 million and $284 million, respectively. These amounts have been excluded based upon the government guarantee.
(f)At September 30, 2023 and June 30, 2023, included $396 million and $377 million allowance, respectively, associated with First Republic.
(g)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, driven by residential real estate and credit card. Refer to Credit-related information on pages 27-28, and Note 1 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 for further information.



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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
BUSINESS METRICS
Number of:
Branches4,863 4,874 4,784 4,787 4,802 — %1 %4,863 4,802 1 %
Active digital customers (in thousands) (a) 66,765 (f)65,559 (f)64,998 63,136 61,985 2 8 66,765 (f)61,985 8 
Active mobile customers (in thousands) (b) 53,221 (f)51,963 (f)50,933 49,710 48,904 2 9 53,221 (f)48,904 9 
Debit and credit card sales volume (in billions)$426.3 $424.0 $387.3 $411.1 $395.8 1 8 $1,237.6 $1,144.3 8 
Total payments transaction volume (in trillions) (c)1.5 (f)1.5 (f)1.4 1.4 1.4 — 7 4.4 (f)4.2 5 
Banking & Wealth Management
Average deposits $1,127,807 (g)$1,142,755 (g)$1,098,494 $1,126,420 $1,156,933 (1)(3)$1,123,126 (g)$1,152,233 (3)
Deposit margin 2.92 %2.83 %2.78 %2.48 %1.83 %2.84 %1.46 %
Business Banking average loans$19,520 $19,628 $19,884 $20,467 $21,263 (1)(8)$19,676 $22,936 (14)
Business Banking origination volume 1,321 1,275 1,027 1,081 977 4 35 3,623 3,201 13 
Client investment assets (d)882,253 892,897 690,819 647,120 615,048 (1)43 882,253 615,048 43 
Number of client advisors5,424 5,153 5,125 5,029 5,017 5 8 5,424 5,017 8 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $6.8 (h)$7.3 (h)$3.6 $4.6 $7.8 (7)(13)$17.7 (h)$33.9 (48)
Correspondent 4.2 3.9 2.1 2.1 4.3 8 (2)10.2 24.8 (59)
Total mortgage origination volume (e)$11.0 $11.2 $5.7 $6.7 $12.1 (2)(9)$27.9 $58.7 (52)
Third-party mortgage loans serviced (period-end)637.8 604.5 575.9 584.3 586.7 6 9 637.8 586.7 9 
MSR carrying value (period-end)9.1 8.2 7.7 8.0 8.1 11 12 9.1 8.1 12 
Card Services
Sales volume, excluding commercial card (in billions)$296.2 $294.0 $266.2 $284.8 $272.3 1 9 856.4 779.9 10 
Net revenue rate9.60 %9.11 %10.38 %10.06 %9.92 %9.69 %9.79 %
Net yield on average loans9.54 9.31 9.89 9.78 9.81 9.58 9.76 
Auto
Loan and lease origination volume (in billions)$10.2 $12.0 $9.2 $7.5 $7.5 (15)36 $31.4 $22.9 37 
Average auto operating lease assets10,701 11,015 11,538 12,333 13,466 (3)(21)11,081 14,908 (26)
(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. At September 30, 2023 and June 30, 2023, included $140.6 billion and $150.9 billion of client investment assets associated with First Republic, respectively.
(e)Firmwide mortgage origination volume was $13.0 billion, $13.0 billion, $6.8 billion, $8.5 billion and $15.2 billion for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $32.8 billion and $73.3 billion for the nine months ended September 30, 2023 and 2022, respectively.
(f)Excludes First Republic.
(g)Included $66.7 billion and $47.2 billion for the three months ended September 30, 2023 and June 30, 2023, respectively, and $38.2 billion for the nine months ended September 30, 2023, associated with First Republic.
(h)Included $730 million and $1.1 billion for the three months ended September 30, 2023 and June 30, 2023, respectively, and $1.9 billion for the nine months ended September 30, 2023, associated with First Republic.

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JPMORGAN CHASE & CO.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
INCOME STATEMENT
REVENUE
Investment banking fees (a)$1,717 $1,557 $1,654 $1,467 $1,762 10 %(3)%$4,928 $5,462 (10)%
Principal transactions5,918 6,697 7,408 4,397 5,258 (12)13 20,023 15,529 29 
Lending- and deposit-related fees556 533 539 548 589 4 (6)1,628 1,871 (13)
Commissions and other fees1,174 1,219 1,234 1,200 1,198 (4)(2)3,627 3,858 (6)
Card income374 400 315 353 (d)293 (d)(7)28 1,089 896 (d)22 
All other income131 396 373 147 (d)181 (d)(67)(28)900 474 (d)90 
Noninterest revenue9,870 10,802 11,523 8,112 9,281 (9)6 32,195 28,090 15 
Net interest income1,860 1,717 2,077 2,486 2,644 8 (30)5,654 9,414 (40)
TOTAL NET REVENUE (b)11,730 12,519 13,600 10,598 11,925 (6)(2)37,849 37,504 1 
Provision for credit losses(185)38 58 141 513 NMNM(89)1,017 NM
NONINTEREST EXPENSE
Compensation expense3,425 3,461 4,085 3,091 3,311 (1)3 10,971 10,827 1 
Noncompensation expense4,018 3,433 3,398 3,404 (d)3,371 (d)17 19 10,849 10,028 (d)8 
TOTAL NONINTEREST EXPENSE7,443 6,894 7,483 6,495 6,682 8 11 21,820 20,855 5 
Income before income tax expense4,472 5,587 6,059 3,962 4,730 (20)(5)16,118 15,632 3 
Income tax expense 1,380 1,495 1,638 648 (d)1,208 (d)(8)14 4,513 4,021 (d)12 
NET INCOME$3,092 $4,092 $4,421 $3,314 $3,522 (24)(12)$11,605 $11,611 — 
FINANCIAL RATIOS
ROE11 %15 %16 %12 %13 %14 %14 %
Overhead ratio63 55 55 61 56 58 56 (d)
Compensation expense as percentage of total net revenue29 28 30 29 28 29 29 
REVENUE BY BUSINESS
Investment Banking$1,613 $1,494 $1,560 $1,389 $1,713 8 (6)$4,667 $5,121 (9)
Payments 2,094 2,451 2,396 2,120 (d)2,039 (d)(15)3 6,941 5,459 (d)27 
Lending291 299 267 323 323 (3)(10)857 1,054 (19)
Total Banking3,998 4,244 4,223 3,832 4,075 (6)(2)12,465 11,634 7 
Fixed Income Markets4,514 4,567 5,699 3,739 4,469 (1)1 14,780 14,878 (1)
Equity Markets2,067 2,451 2,683 1,931 2,302 (16)(10)7,201 8,436 (15)
Securities Services 1,212 1,221 1,148 1,159 1,110 (1)9 3,581 3,329 8 
Credit Adjustments & Other (c)(61)36 (153)(63)(31)NM(97)(178)(773)77 
Total Markets & Securities Services7,732 8,275 9,377 6,766 7,850 (7)(2)25,384 25,870 (2)
TOTAL NET REVENUE$11,730 $12,519 $13,600 $10,598 $11,925 (6)(2)$37,849 $37,504 1 
(a)Includes CB's share of revenue from investment banking products sold to CB clients through the CIB that is subject to a revenue sharing arrangement which is reported as a reduction in All other income.
(b)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 $643 million, $953 million, $839 million, $854 million and $626 million for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $2.4 billion and $2.1 billion for the nine months ended September 30, 2023 and 2022, respectively.
(c)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.
(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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JPMORGAN CHASE & CO.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,446,231 $1,432,054 $1,436,237 $1,334,296 $1,384,618 1 %4 %$1,446,231 $1,384,618 4 %
Loans:
Loans retained (a)194,255 194,450 187,133 187,642 180,604 — 8 194,255 180,604 8 
Loans held-for-sale and loans at fair value (b)39,069 38,959 38,335 42,304 40,357 — (3)39,069 40,357 (3)
Total loans 233,324 233,409 225,468 229,946 220,961 — 6 233,324 220,961 6 
Equity108,000 108,000 108,000 103,000 103,000 — 5 108,000 103,000 5 
SELECTED BALANCE SHEET DATA (average)
Total assets$1,423,182 $1,461,857 $1,429,662 $1,384,255 $1,403,247 (3)1 $1,438,210 $1,413,662 2 
Trading assets - debt and equity instruments 522,845 533,082 488,767 406,692 386,895 (2)35 515,023 405,655 27 
Trading assets - derivative receivables 65,774 63,094 64,016 77,669 83,084 4 (21)64,301 77,846 (17)
Loans:
Loans retained (a)193,683 189,153 185,572 182,873 176,469 2 10 189,499 169,175 12 
Loans held-for-sale and loans at fair value (b)39,227 38,132 42,569 42,895 45,150 3 (13)39,964 48,176 (17)
Total loans232,910 227,285 228,141 225,768 221,619 2 5 229,463 217,351 6 
Deposits726,617 722,818 699,586 707,541 721,690 1 1 716,439 750,538 (5)
Equity108,000 108,000 108,000 103,000 103,000 — 5 108,000 103,000 5 
Headcount74,900 74,822 74,352 73,452 71,797 — 4 74,900 71,797 4 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$45 $56 $50 $7 $17 (20)165 $151 $75 101 
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)978 924 832 718 583 6 68 978 583 68 
Nonaccrual loans held-for-sale and loans at fair value (d)801 818 808 848 824 (2)(3)801 824 (3)
Total nonaccrual loans 1,779 1,742 1,640 1,566 1,407 2 26 1,779 1,407 26 
Derivative receivables293 286 291 296 339 2 (14)293 339 (14)
Assets acquired in loan satisfactions126 133 86 87 85 (5)48 126 85 48 
Total nonperforming assets 2,198 2,161 2,017 1,949 1,831 2 20 2,198 1,831 20 
Allowance for credit losses:
Allowance for loan losses2,414 2,531 2,454 2,292 2,032 (5)19 2,414 2,032 19 
Allowance for lending-related commitments1,095 1,207 1,301 1,448 1,582 (9)(31)1,095 1,582 (31)
Total allowance for credit losses3,509 3,738 3,755 3,740 3,614 (6)(3)3,509 3,614 (3)
Net charge-off/(recovery) rate (a)(e)0.09 %0.12 %0.11 %0.02 %0.04 %0.11 %0.06 %
Allowance for loan losses to period-end loans retained (a)1.24 1.30 1.31 1.22 1.13 1.24 1.13 
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (f)1.74 1.86 1.81 1.67 1.49 1.74 1.49 
Allowance for loan losses to nonaccrual loans retained (a)(c)247 274 295 319 349 247 349 
Nonaccrual loans to total period-end loans0.76 0.75 0.73 0.68 0.64 0.76 0.64 
(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 $182 million, $145 million, $153 million, $104 million and $111 million were held against these nonaccrual loans at September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.
(d)At September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $65 million, $76 million, $99 million, $115 million and $143 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 TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
BUSINESS METRICS
Advisory$767 $540 $756 $738 $848 42 %(10)%$2,063 $2,313 (11)%
Equity underwriting274 318 235 250 290 (14)(6)827 784 5 
Debt underwriting676 699 663 479 624 (3)8 2,038 2,365 (14)
Total investment banking fees$1,717 $1,557 $1,654 $1,467 $1,762 10 (3)$4,928 $5,462 (10)
Client deposits and other third-party liabilities (average) (a)638,119 647,479 633,729 649,694 669,215 (1)(5)639,792 700,095 (9)
Merchant processing volume (in billions) (b) 610.1 600.1 558.8 583.2 545.4 2 12 1,769.0 1,575.2 12 
Assets under custody (“AUC”) (period-end) (in billions)$29,725 $30,424 $29,725 $28,635 $27,157 (2)9 $29,725 $27,157 9 
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (c)
Fixed income$49 $57 $56 $66 $64 (14)(23)
Foreign exchange 17 12 10 11 9 42 89 
Equities7 8 7 13 11 (13)(36)
Commodities and other10 12 15 18 14 (17)(29)
Diversification benefit to CIB trading VaR (d) (48)(48)(44)(50)(47)— (2)
CIB trading VaR (c)35 41 44 58 51 (15)(31)
Credit Portfolio VaR (e)15 14 11 10 10 7 50 
Diversification benefit to CIB VaR (d)(12)(11)(10)(8)(8)(9)(50)
CIB VaR$38 $44 $45 $60 $53 (14)(28)
(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
(b)Represents Firmwide merchant processing volume.
(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, and pages 84–86 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023 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 TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees $410 (e)$249 $227 $243 $288 65 %42 %$886 (e)$1,000 (11)%
Card income198 201 173 171 177 (1)12 572 514 11 %
All other income 364 385 381 315 371 (5)(2)1,130 1,093 3 
Noninterest revenue 972 835 781 729 836 16 16 2,588 2,607 (1)
Net interest income3,059 (e)3,153 (e)2,730 2,675 2,212 (3)38 8,942 (e)5,522 62 
TOTAL NET REVENUE (a)4,031 3,988 3,511 3,404 3,048 1 32 11,530 8,129 42 
Provision for credit losses90 (e)1,097 (e)417 284 618 (92)(85)1,604 (e)984 63 
NONINTEREST EXPENSE
Compensation expense 730 (e)656 641 607 577 11 27 2,027 (e)1,689 20 
Noncompensation expense645 644 667 647 603 — 7 1,956 1,776 10 
TOTAL NONINTEREST EXPENSE1,375 1,300 1,308 1,254 1,180 6 17 3,983 3,465 15 
Income before income tax expense2,566 1,591 1,786 1,866 1,250 61 105 5,943 3,680 61 
Income tax expense 631 383 439 443 304 65 108 1,453 890 63 
NET INCOME
$1,935 $1,208 $1,347 $1,423 $946 60 105 $4,490 $2,790 61 
REVENUE BY PRODUCT
Lending$1,662 (e)$1,480 (e)$1,222 $1,185 $1,176 12 41 $4,364 (e)$3,339 31 
Payments (b)2,045 2,188 1,972 1,937 1,568 (7)30 6,205 3,754 65 
Investment banking (b)(c)290 273 306 248 274 6 6 869 816 6 
Other34 47 11 34 30 (28)13 92 220 (58)
TOTAL NET REVENUE (a)$4,031 $3,988 $3,511 $3,404 $3,048 1 32 $11,530 $8,129 42 
Investment Banking and Markets revenue, gross (d)$821 $767 $881 $700 $761 7 8 $2,469 $2,278 8 
REVENUE BY CLIENT SEGMENT
Middle Market Banking $1,876 (f)$1,916 (f)$1,681 $1,619 $1,366 (2)37 $5,473 (f)$3,515 56 
Corporate Client Banking 1,208 1,229 1,176 1,109 1,052 (2)15 3,613 2,809 29 
Commercial Real Estate Banking921 (f)806 (f)642 666 624 14 48 2,369 (f)1,795 32 
Other26 37 12 10 6 (30)333 75 10 NM
TOTAL NET REVENUE (a)$4,031 $3,988 $3,511 $3,404 $3,048 1 32 $11,530 $8,129 42 
FINANCIAL RATIOS
ROE25 %16 %18 %22 %14 %20 %14 %
Overhead ratio34 33 37 37 39 35 43 
(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 $103 million, $89 million, $82 million, $100 million and $80 million for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $274 million and $222 million for the nine months ended September 30, 2023 and 2022, respectively.
(b)In the third quarter of 2023, certain revenue from CIB Markets products was reclassified from payments to investment banking. Prior-period amounts have been revised to conform with the current presentation.
(c)Includes CB’s share of revenue from Investment Banking and Markets’ products sold to CB clients through the CIB which is reported in All other income.
(d)Includes gross revenues earned by the Firm that are subject to a revenue sharing arrangement between CB and the CIB for Investment Banking and Markets’ products sold to CB clients. 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.
(e)Includes First Republic. Refer to page 30 for additional information.
(f)Middle Market Banking and Commercial Real Estate Banking included $93 million and $273 million, respectively, for the three months ended September 30, 2023, $48 million and $130 million, respectively, for the three months ended June 30, 2023, and $141 million and $403 million, respectively, for the nine months ended September 30, 2023, associated with First Republic.

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JPMORGAN CHASE & CO.
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COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
SELECTED BALANCE SHEET DATA (period-end)
Total assets$300,367 $305,280  $261,181 $257,106 $247,485 (2)%21 %$300,367 $247,485 21 %
Loans:
Loans retained281,389 (d)282,124 (d)238,752 233,879 231,829 — 21 281,389 (d)231,829 21 
Loans held-for-sale and loans at fair value915 1,540 1,538 707 137 (41)NM915 137 NM
Total loans$282,304 $283,664 $240,290 $234,586 $231,966 — 22 $282,304 $231,966 22 
Equity30,000 30,000 28,500 25,000 25,000 — 20 30,000 25,000 20 
Period-end loans by client segment
Middle Market Banking (a)$78,955 (e)$79,885 (e)$73,329 $72,625 $71,707 (1)10 $78,955 (e)$71,707 10 
Corporate Client Banking59,645 60,511 58,256 53,840 52,940 (1)13 59,645 52,940 13 
Commercial Real Estate Banking 143,413 (e)142,897 (e)108,582 107,999 107,241 — 34 143,413 (e)107,241 34 
Other291 371 123 122 78 (22)272 291 78 272 
Total loans (a)$282,304 $283,664 $240,290 $234,586 $231,966 — 22 $282,304 $231,966 22 
SELECTED BALANCE SHEET DATA (average)
Total assets$301,964 $290,875 $255,468 $253,007 $246,318 4 23 $282,939 $239,772 18 
Loans:
Loans retained281,602 
(f)
270,091 
(f)
236,808 234,654 227,539 4 24 262,998 
(f)
218,255 21 
Loans held-for-sale and loans at fair value1,378 726 1,155 673 1,589 90 (13)1,087 1,578 (31)
Total loans$282,980 $270,817 $237,963 $235,327 $229,128 4 24 $264,085 $219,833 20 
Deposits262,148 275,196 265,943 278,876 281,276 (5)(7)267,748 299,337 (11)
Equity30,000 29,505 28,500 25,000 25,000 2 20 29,341 25,000 17 
Average loans by client segment
Middle Market Banking $78,774 
(g)
$78,037 
(g)
$73,030 $72,109 $70,002 1 13 $76,635 
(g)
$66,387 15 
Corporate Client Banking 60,816 59,159 56,581 55,137 52,432 3 16 58,868 48,645 21 
Commercial Real Estate Banking 142,955 
(g)
133,394 
(g)
108,143 107,831 106,546 7 34 128,292 
(g)
104,659 23 
Other435 227 209 250 148 92 194 290 142 104 
Total loans$282,980 $270,817 $237,963 $235,327 $229,128 4 24 $264,085 $219,833 20 
Headcount17,281 15,991 15,026 14,687 14,299 8 21 17,281 14,299 21 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$53 $100 $37 $35 $42 (47)26 $190 $49 288 
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (b)889 1,068 918 766  836 (17)6 889 836 6 
Nonaccrual loans held-for-sale and loans
at fair value24 — — —  — NMNM24 — NM
Total nonaccrual loans913 1,068 918 766 836 (15)9 913 836 9 
Assets acquired in loan satisfactions47 — — — 7 NMNM47 7 NM
Total nonperforming assets960 1,068 918 766 843 (10)14 960 843 14 
Allowance for credit losses:
Allowance for loan losses4,721 4,729 3,566 3,324  3,050 — 55 4,721 3,050 55 
Allowance for lending-related commitments845 801 966 830  864 5 (2)845 864 (2)
Total allowance for credit losses5,566 
(h)
5,530 
(h)
4,532 4,154 3,914 1 42 5,566 
(h)
3,914 42 
Net charge-off/(recovery) rate (c)0.07 %0.15 %0.06 %0.06 %0.07 %0.10 %0.03 %
Allowance for loan losses to period-end loans retained1.68 1.68  1.49 1.42  1.32 1.68 1.32 
Allowance for loan losses to nonaccrual loans retained (b)531 443  388 434  365 531 365 
Nonaccrual loans to period-end total loans0.32 0.38 0.38 0.33 0.36 0.32 0.36 
    
(a)As of September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, total loans included $48 million, $65 million, $88 million, $132 million, and $205 million of loans, respectively, under the PPP, of which $43 million, $60 million, $80 million, $123 million, and $187 million, were in Middle Market Banking, respectively. 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 $164 million, $205 million, $170 million, $153 million and $150 million was held against nonaccrual loans retained at September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.
(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
(d)Includes First Republic. Refer to page 30 for additional information.
(e)As of September 30, 2023, included $6.1 billion and $32.7 billion for Middle Market Banking and Commercial Real Estate Banking, respectively, and as of June 30, 2023, included $6.2 billion and $33.3 billion, respectively, associated with First Republic.
(f)Average loans retained associated with First Republic were $39.0 billion and $28.6 billion for the three months ended September 30, 2023 and June 30, 2023, respectively, and $22.7 billion for the nine months ended September 30, 2023.
(g)Average Middle Market Banking and Commercial Real Estate Banking loans associated with First Republic were $6.2 billion and $32.8 billion respectively, for the three months ended September 30, 2023, $4.4 billion and $24.2 billion, respectively, for the three months ended June 30, 2023, and $3.5 billion and $19.1 billion, respectively, for the nine months ended September 30, 2023.
(h)As of September 30, 2023 and June 30, 2023, included $630 million and $608 million allowance, respectively, for First Republic.
Page 20
                                                                    
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
INCOME STATEMENT
REVENUE
Asset management fees$2,988 $2,930 $2,761 $2,742 $2,803 2 %7 %$8,679 $8,499 2 %
Commissions and other fees177 196 181 234 241 (10)(27)554 697 (21)
All other income 266 (a)232 (a)391 82 82 15 224 889 (a)253 251 
Noninterest revenue 3,431 3,358 3,333 3,058 3,126 2 10 10,122 9,449 7 
Net interest income1,574 (a)1,585 (a)1,451 1,530 1,413 (1)11 4,610 (a)3,711 24 
TOTAL NET REVENUE5,005 4,943 4,784 4,588 4,539 1 10 14,732 13,160 12 
Provision for credit losses (13)(a)145 (a)28 32 (102)NM87 160 (a)96 67 
NONINTEREST EXPENSE
Compensation expense 1,777 1,746 1,735 1,649 1,649 2 8 5,258 4,687 12 
Noncompensation expense 1,361 1,417 1,356 1,373 1,379 (4)(1)4,134 4,120 — 
TOTAL NONINTEREST EXPENSE3,138 (a)3,163 3,091 3,022 3,028 (1)4 9,392 8,807 7 
Income before income tax expense1,880 1,635 1,665 1,534 1,613 15 17 5,180 4,257 22 
Income tax expense 463 409 298 400 394 13 18 1,170 1,026 14 
NET INCOME $1,417 $1,226 $1,367 $1,134 $1,219 16 16 $4,010 $3,231 24 
REVENUE BY LINE OF BUSINESS
Asset Management $2,164 $2,128 $2,434 $2,158 $2,209 2 (2)$6,726 $6,660 1 
Global Private Bank2,841 (a)2,815 (a)2,350 2,430 2,330 1 22 8,006 (a)6,500 23 
TOTAL NET REVENUE $5,005 $4,943 $4,784 $4,588 $4,539 1 10 $14,732 $13,160 12 
FINANCIAL RATIOS
ROE32 %29 %34 %26 % 28 % 32 %25 %
Overhead ratio63 64 65 66 67 64 67 
Pretax margin ratio:
Asset Management29 27 37 27 31 31 31 
Global Private Bank44 37 33 39 40 38 34 
Asset & Wealth Management38 33 35 33 36 35 32 
Headcount28,083 26,931 26,773 26,041 25,769 4 9 28,083 25,769 9 
Number of Global Private Bank client advisors3,443 3,214 3,189 3,137 3,110 7 11 3,443 3,110 11 
(a) Includes First Republic. Refer to page 30 for additional information.



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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
SELECTED BALANCE SHEET DATA (period-end)
Total assets $249,866 $247,118 $232,516 $232,037 $232,303 1 %8 %$249,866 $232,303 8 %
Loans 228,114 (a)222,493 (a)211,140 214,006 214,989 3 6 228,114 (a)214,989 6 
Deposits215,152 199,763 225,831 233,130 242,315 8 (11)215,152 242,315 (11)
Equity17,000 17,000 16,000 17,000 17,000 — — 17,000 17,000 — 
SELECTED BALANCE SHEET DATA (average)
Total assets $245,616 $238,987 $228,823 $230,149 $232,748 3 6 $237,870 $233,209 2 
Loans 223,760 (b)219,469 (b)211,469 214,150 216,714 2 3 218,278 (b)216,065 1 
Deposits201,975 211,872 224,354 236,965 253,026 (5)(20)212,652 269,754 (21)
Equity17,000 16,670 16,000 17,000 17,000 2 — 16,560 17,000 (3)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$1 $2 $(2)$(2)$(13)(50)NM$1 $(5)NM
Nonaccrual loans621 615 477 459 467 1 33 621 467 33 
Allowance for credit losses:
Allowance for loan losses 642 649 526 494 461 (1)39 642 461 39 
Allowance for lending-related commitments32 39 19 20 21 (18)52 32 21 52 
Total allowance for credit losses674 (c)688 (c)545 514 482 (2)40 674 (c)482 40 
Net charge-off/(recovery) rate— %— %— %— %(0.02)%— %— %
Allowance for loan losses to period-end loans 0.28 0.29 0.25 0.23 0.21 0.28 0.21 
Allowance for loan losses to nonaccrual loans103 106 110 108 99 103 99 
Nonaccrual loans to period-end loans0.27 0.28 0.23 0.21 0.22 0.27 0.22 
(a)Includes First Republic. Refer to page 30 for additional information.
(b)Included $13.0 billion and $9.7 billion for the three months ended September 30, 2023 and June 30, 2023, respectively, and $7.6 billion for the nine months ended September 30, 2023, associated with First Republic.
(c)At September 30, 2023 and June 30, 2023, included $115 million and $146 million allowance, respectively, associated with First Republic.

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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
Sep 30, 2023
ChangeNINE MONTHS ENDED SEPTEMBER 30,
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,2023 Change
CLIENT ASSETS2023202320232022202220232022202320222022
Assets by asset class
Liquidity $867 $826 $761 $654 $615 5 %41 %$867 $615 41 %
Fixed income 707 718 682 638 612 (2)16 707 612 16 
Equity780 792 733 670 609 (2)28 780 609 28 
Multi-asset626 647 627 603 577 (3)8 626 577 8 
Alternatives206 205 203 201 203 — 1 206 203 1 
TOTAL ASSETS UNDER MANAGEMENT3,186 3,188 3,006 2,766 2,616 — 22 3,186 2,616 22 
Custody/brokerage/administration/deposits1,458 1,370 1,341 1,282 1,207 6 21 1,458 1,207 21 
TOTAL CLIENT ASSETS (a)$4,644 $4,558 $4,347 $4,048 $3,823 2 21 $4,644 $3,823 21 
Assets by client segment
Private Banking$888 $881 $826 $751 $698 1 27 $888 $698 27 
Global Institutional1,424 1,423 1,347 1,252 1,209 — 18 1,424 1,209 18 
Global Funds874 884 833 763 709 (1)23 874 709 23 
TOTAL ASSETS UNDER MANAGEMENT$3,186 $3,188 $3,006 $2,766 $2,616 — 22 $3,186 $2,616 22 
Private Banking$2,249 $2,170 $2,090 $1,964 $1,848 4 22 $2,249 $1,848 22 
Global Institutional1,514 1,497 1,417 1,314 1,261 1 20 1,514 1,261 20 
Global Funds881 891 840 770 714 (1)23 881 714 23 
TOTAL CLIENT ASSETS (a)$4,644 $4,558 $4,347 $4,048 $3,823 2 21 $4,644 $3,823 21 
Assets under management rollforward
Beginning balance$3,188 $3,006 $2,766 $2,616 $2,743 $2,766 $3,113 
Net asset flows:
Liquidity 40 60 93 33 (36)193 (88)
Fixed income 1 37 26 8 9 64 5 
Equity16 20 22 9 6 58 26 
Multi-asset1 3 (2)(7)(5)2 (2)
Alternatives2 1 1 — 2 4 8 
Market/performance/other impacts(62)61 100 107 (103)99 (446)
Ending balance$3,186 $3,188 $3,006 $2,766 $2,616 $3,186 $2,616 
Client assets rollforward
Beginning balance$4,558 $4,347 $4,048 $3,823 $3,798 $4,048 $4,295 
Net asset flows132 112 152 70 (15)396 (21)
Market/performance/other impacts(46)99 147 155 40 200 (451)
Ending balance$4,644 $4,558 $4,347 $4,048 $3,823 $4,644 $3,823 
(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 TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
INCOME STATEMENT
REVENUE
Principal transactions$128 $113 $82 $(7)$(76)13 %NM$323 $(220)NM
Investment securities losses(669)(900)(868)(874)(959)26 30 %(2,437)(1,506)(62)%
All other income 116 (e)2,767 (e)31 766 (h)(59)(96)NM2,914 (e)43 NM
Noninterest revenue(425)1,980 (755)(115)(1,094)NM61 800 (1,683)NM
Net interest income 1,983 (e)1,738 (e)1,740 1,298 792 14 150 5,461 (e)580 NM
TOTAL NET REVENUE (a)1,558 3,718 985 1,183 (302)(58)NM6,261 (1,103)NM
Provision for credit losses46 (243)370 (14)(21)NMNM173 36 381 
NONINTEREST EXPENSE696 (e)1,152 (e)160 339 305 (40)128 2,008 (e)695 189 
Income/(loss) before income tax expense/(benefit)816 2,809 455 858 (586)(71)NM4,080 (1,834)NM
Income tax expense/(benefit) 4 169 
(g)
211 277 (292)(98)NM384 
(g)
(510)NM
NET INCOME/(LOSS)
$812 $2,640 $244 $581 $(294)(69)NM$3,696 $(1,324)NM
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
1,640 1,261 1,106 603 (180)30 NM4,007 (1,042)NM
Other Corporate(82)(e)2,457 (e)(121)580 (122)NM33 2,254 (e)(61)NM
TOTAL NET REVENUE$1,558 $3,718 $985 $1,183 $(302)(58)NM$6,261 $(1,103)NM
NET INCOME/(LOSS)
Treasury and CIO1,129 1,057 624 531 (68)7 NM2,810 (728)NM
Other Corporate (317)(e)1,583 (e)(380)50 (226)NM(40)886 (e)(596)NM
TOTAL NET INCOME/(LOSS) $812 $2,640 $244 $581 $(294)(69)NM$3,696 $(1,324)NM
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,275,673 $1,263,595 $1,307,989 $1,328,219 $1,408,726 1 (9)$1,275,673 $1,408,726 (9)
Loans2,099 2,172 2,267 2,181 2,206 (3)(5)2,099 2,206 (5)
Deposits (b)20,363 21,083 19,458 14,203 14,449 (3)41 20,363 14,449 41 
Headcount47,280 45,235 44,743 44,196 42,806 5 10 47,280 42,806 10 
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities losses$(669)$(900)$(868)$(874)$(959)26 30 $(2,437)$(1,506)(62)
Available-for-sale securities (average) 201,875 198,620 202,776 195,788 209,008 2 (3)201,087 254,798 (21)
Held-to-maturity securities (average) (c)402,816 410,594 417,350 427,802 436,302 (2)(8)410,200 406,915 1 
Investment securities portfolio (average)$604,691 $609,214 $620,126 $623,590 $645,310 (1)(6)$611,287 $661,713 (8)
Available-for-sale securities (period-end)195,200 
(f)
201,211 
(f)
195,228 203,981 186,441 (3)5 195,200 
(f)
186,441 5 
Held-to-maturity securities (period-end) (c)388,261 408,941 412,827 425,305 430,106 (5)(10)388,261 430,106 (10)
Investment securities portfolio, net of allowance for credit losses (period-end) (d)$583,461 $610,152 $608,055 $629,286 $616,547 (4)(5)$583,461 $616,547 (5)
(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $57 million, $45 million, $56 million, $58 million and $59 million for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, and $158 million and $177 million for the nine months ended September 30, 2023 and 2022 respectively.
(b)Predominantly relates to the Firm's international consumer initiatives.
(c)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 September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, the estimated fair value of the HTM securities portfolio was $348.7 billion, $375.3 billion, $382.0 billion, $388.6 billion and $389.8 billion, respectively. Refer to Note 1 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023 for additional information on the portfolio layer method.
(d)At September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, the allowance for credit losses on investment securities was $87 million, $74 million, $61 million, $67 million and $52 million, respectively.
(e)Includes First Republic. Refer to page 30 for additional information.
(f)At September 30, 2023 and June 30, 2023, included AFS securities of $22.9 billion and $25.8 billion, respectively, associated with First Republic.
(g)Income taxes associated with the First Republic acquisition are reflected in the estimated bargain purchase gain.
(h)Included a $914 million gain on sale of Visa B shares.

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CREDIT-RELATED INFORMATION
(in millions)
Sep 30, 2023
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2023202320232022202220232022
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained$397,054 $396,195 $300,447 $300,753 $301,403 — %32 %
Loans held-for-sale and loans at fair value 11,715 12,009 10,986 10,622 12,393 (2)(5)
Total consumer, excluding credit card loans408,769 408,204 311,433 311,375 313,796 — 30 
Credit card loans
Loans retained196,935 191,348 180,079 185,175 170,462 3 16 
Total credit card loans196,935 191,348 180,079 185,175 170,462 3 16 
Total consumer loans 605,704 599,552 491,512 496,550 484,258 1 25 
Wholesale loans (b)
Loans retained671,952 668,145 604,324 603,670 596,208 1 13 
Loans held-for-sale and loans at fair value 32,403 32,372 33,060 35,427 32,167 — 1 
Total wholesale loans 704,355 700,517 637,384 639,097 628,375 1 12 
Total loans 1,310,059 1,300,069 1,128,896 1,135,647 1,112,633 1 18 
Derivative receivables 67,070 64,217 59,274 70,880 92,534 4 (28)
Receivables from customers (c)43,376 42,741 43,943 49,257 54,921 1 (21)
Total credit-related assets 1,420,505 1,407,027 1,232,113 1,255,784 1,260,088 1 13 
Lending-related commitments
Consumer, excluding credit card 48,313 50,846 37,568 33,518 34,868 (5)39 
Credit card (d)898,903 881,485 861,218 821,284 798,855 2 13 
Wholesale 531,568 541,089 484,539 471,980 (h)472,950 (2)12 
Total lending-related commitments1,478,784 1,473,420 1,383,325 1,326,782 1,306,673 — 13 
Total credit exposure $2,899,289 (g)$2,880,447 (g)$2,615,438 $2,582,566 $2,566,761 1 13 
Memo: Total by category
Consumer exposure (e)$1,552,920 $1,531,883 $1,390,298 $1,351,352 $1,317,981 1 18 
Wholesale exposure (f)1,346,369 1,348,564 1,225,140 1,231,214 1,248,780 — 8 
Total credit exposure$2,899,289 $2,880,447 $2,615,438 $2,582,566 $2,566,761 1 13 
(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)As of September 30, 2023 and June 30, 2023, includes credit exposure associated with First Republic consisting of $103.3 billion and $104.6 billion in the Consumer credit portfolio, respectively, and $95.2 billion and $98.2 billion in the Wholesale credit portfolio, respectively.
(h)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)
Sep 30, 2023
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2023202320232022202220232022
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
   Loans retained $3,766 $3,784 $3,843 $3,874 $3,917 — %(4)%
   Loans held-for-sale and loans at fair value 408 481 452 451 461 (15)(11)
Total consumer nonaccrual loans4,174 4,265 4,295 4,325 4,378 (2)(5)
Wholesale nonaccrual loans
Loans retained2,907 2,593 2,211 1,963 1,882 12 54 
Loans held-for-sale and loans at fair value 439 415 389 432 414 6 6 
Total wholesale nonaccrual loans 3,346 3,008 2,600 2,395 2,296 11 46 
Total nonaccrual loans (b)7,520 7,273 6,895 6,720 6,674 3 13 
Derivative receivables 293 286 291 296 339 2 (14)
Assets acquired in loan satisfactions318 279 232 231 230 14 38 
Total nonperforming assets 8,131 7,838 7,418 7,247 7,243 4 12 
Wholesale lending-related commitments (c) 387 332 401 455 470 17 (18)
Total nonperforming exposure$8,518 $8,170 $7,819 $7,702 $7,713 4 10 
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans 0.57 %0.56 %0.61 %0.59 %0.60 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 1.02 1.04 1.38 1.39 1.40 
Total wholesale nonaccrual loans to total
wholesale loans 0.48 0.43 0.41 0.37 0.37 
(a)At September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $188 million, $215 million, $263 million, $302 million and $362 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 TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance$21,980 $20,053 $19,139 (c)$18,185 $17,750 10 %24 %$19,139 $16,386 17 %
Net charge-offs:
Gross charge-offs1,869 1,776 1,451 1,210 1,104 5 69 5,096 3,116 64 
Gross recoveries collected(372)(365)(314)(323)(377)(2)1 (1,051)(1,150)9 
Net charge-offs1,497 1,411 1,137 887 727 6 106 4,045 1,966 106 
Provision for loan losses 1,479 3,317 (b)2,047 2,426 1,165 (55)27 6,843 (b)3,763 82 
Other(16)21 4 2 (3)NM(433)9 2 350 
Ending balance$21,946 $21,980 $20,053 $19,726 $18,185 — 21 $21,946 $18,185 21 
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance$2,186 $2,370 $2,382 $2,551 $2,222 (8)(2)$2,382 $2,261 5 
Provision for lending-related commitments (107)(188)(b)(13)(169)328 43 NM(308)(b)289 NM
Other(4)4 1 — 1 NMNM1 1 — 
Ending balance$2,075 $2,186 $2,370 $2,382 $2,551 (5)(19)$2,075 $2,551 (19)
ALLOWANCE FOR INVESTMENT SECURITIES$117 $104 $90 $96 $61 13 92 $117 $61 92 
Total allowance for credit losses (a)$24,138 $24,270 $22,513 $22,204 $20,797 (1)16 $24,138 $20,797 16 
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.17 %0.14 %0.18 %0.16 %0.10 %0.16 %0.07 %
Credit card retained loans2.49 2.41 2.07 1.62 1.40 2.33 1.41 
Total consumer retained loans0.93 0.91 0.89 0.70 0.56 0.91 0.53 
Wholesale retained loans0.06 0.10 0.06 0.03 0.04 0.07 0.03 
Total retained loans 0.47 0.47 0.43 0.33 0.27 0.46 0.25 
Memo: Average retained loans
Consumer retained, excluding credit card loans$396,788 $359,543 $300,585 $301,093 $301,347 10 32 $352,670 $298,840 18 
Credit card retained loans195,232 187,027 180,451 177,026 168,125 4 16 187,624 158,721 18 
Total average retained consumer loans592,020 546,570 481,036 478,119 469,472 8 26 540,294 457,561 18 
Wholesale retained loans667,825 647,474 601,401 599,817 590,490 3 13 639,125 576,025 11 
Total average retained loans$1,259,845 $1,194,044 $1,082,437 $1,077,936 $1,059,962 6 19 $1,179,419 $1,033,586 14 
(a)At September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022 excludes an allowance for credit losses associated with certain accounts receivable in CIB of $17 million, $18 million, $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)Included $1.2 billion of provision for credit losses associated with First Republic.
(c)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 Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 for further information.


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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Sep 30, 2023
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2023202320232022202220232022
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)$(942)$(971)$(1,030)$(624)
(e)
$(702)3 %(34)%
Portfolio-based2,796 3,019 2,696 2,664 
(e)
2,521 (7)11 
Total consumer, excluding credit card1,854 (d)2,048 (d)1,666 2,040 1,819 (9)2 
Credit card
Asset-specific (a)— — — 223 218 — NM
Portfolio-based11,900 11,600 11,400 10,977 10,182 3 17 
Total credit card11,900 11,600 11,400 11,200 10,400 3 14 
Total consumer13,754 13,648 13,066 13,240 12,219 1 13 
Wholesale
Asset-specific (a)732 478 437 467 450 53 63 
Portfolio-based7,460 7,854 6,550 6,019 5,516 (5)35 
Total wholesale8,192 (d)8,332 (d)6,987 6,486 5,966 (2)37 
Total allowance for loan losses 21,946 21,980 20,053 19,726 18,185 — 21 
Allowance for lending-related commitments2,075 2,186 2,370 2,382 2,551 (5)(19)
Allowance for investment securities117 104 90 96 61 13 92 
Total allowance for credit losses$24,138 $24,270 $22,513 $22,204 $20,797 (1)16 
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans0.47 %0.52 %0.55 %0.68 %0.60 %
Credit card allowance to total credit card retained loans6.04 6.06 6.33 6.05 6.10 
Wholesale allowance to total wholesale retained loans1.22 1.25 1.16 1.07 1.00 
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (b)1.33 1.36 1.26 1.17 1.08 
Total allowance to total retained loans1.73 1.75 1.85 1.81 1.70 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (c)49 54 43 53 46 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (c)151 163 143 146 134 
Wholesale allowance to wholesale retained nonaccrual loans282 321 316 330 317 
Total allowance to total retained nonaccrual loans329 345 331 338 314 
(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)At September 30, 2023 and June 30, 2023, included $396 million and $667 million and $377 million and $695 million of Consumer and Wholesale, respectively, associated with First Republic.
(e)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 TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
(in millions, except rates)3Q232Q231Q234Q223Q222Q233Q22202320222022
Net interest income - reported$22,726 $21,779 $20,711 $20,192 $17,518 4 %30 %$65,216 $46,518 40 %
Fully taxable-equivalent adjustments130 104 120 121 112 25 16 354 313 13 
Net interest income - managed basis (a)$22,856 $21,883 $20,831 $20,313 $17,630 4 30 $65,570 $46,831 40 
Less: Markets net interest income(317)(487)(105)315 707 35 NM(909)4,474 NM
Net interest income excluding Markets (a)$23,173 $22,370 $20,936 $19,998 $16,923 4 37 $66,479 $42,357 57 
Average interest-earning assets$3,331,728 $3,343,780 $3,216,757 $3,265,071 $3,344,949 — — $3,297,843 $3,377,390 (2)
Less: Average Markets interest-earning assets
970,789 1,003,877 982,572 939,420 952,488 (3)2 985,703 957,837 3 
Average interest-earning assets excluding Markets$2,360,939 $2,339,903 $2,234,185 $2,325,651 $2,392,461 1 (1)$2,312,140 $2,419,553 (4)
Net yield on average interest-earning assets - managed basis2.72 %2.62 %2.63 %2.47 %2.09 %2.66 %1.85 %
Net yield on average Markets interest-earning assets
(0.13)(0.19)(0.04)0.13 0.29 (0.12)0.62 
Net yield on average interest-earning assets excluding Markets3.89 3.83 3.80 3.41 2.81 3.84 2.34 
Noninterest revenue - reported$17,148 $19,528 $17,638 $14,355 $15,198 (12)13 $54,314 $47,630 14 
Fully taxable-equivalent adjustments682 990 867 898 663 (31)3 2,539 2,250 13 
Noninterest revenue - managed basis$17,830 $20,518 $18,505 $15,253 $15,861 (13)12 $56,853 $49,880 14 
Less: Markets noninterest revenue6,898 7,505 8,487 5,355 6,064 (8)14 22,890 18,840 21 
Noninterest revenue excluding Markets$10,932 $13,013 $10,018 $9,898 $9,797 (16)12 $33,963 $31,040 9 
Memo: Markets total net revenue$6,581 $7,018 $8,382 $5,670 $6,771 (6)(3)$21,981 $23,314 (6)
(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.
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JPMORGAN CHASE & CO.
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SUPPLEMENTAL INFORMATION ON FIRST REPUBLIC
(in millions)
THREE MONTHS ENDED SEPTEMBER 30, 2023
THREE MONTHS ENDED JUNE 30, 2023
NINE MONTHS ENDED SEPTEMBER 30, 2023
CCBCBAWMCORPTotalCCBCBAWMCORPTotalCCBCBAWMCORPTotal
SELECTED INCOME STATEMENT DATA
REVENUE
Asset management fees$142 $— $— $— $142 $107 $— $— $— $107 $249 $— $— $— $249 
All other income191 144 203 81 
(a)
619 105 — 174 2,762 
(a)
3,041 296 144 377 2,843 
(a)
3,660 
Noninterest revenue333 144 203 81 761 212 — 174 2,762 3,148 545 144 377 2,843 3,909 
Net interest income1,022 222 233 (3)1,474 619 178 129 (29)897 1,641 400 362 (32)2,371 
TOTAL NET REVENUE1,355 366 436 78 2,235 831 178 303 2,733 4,045 2,186 544 739 2,811 6,280 
Provision for credit losses(2)26 (31)— (7)408 608 146 — 1,162 406 634 115 — 1,155 
Noninterest expense583 18 17 240 858 37 — — 562 599 620 18 17 802 1,457 
NET INCOME589 245 342 (99)1,077 293 (327)119 2,301 2,386 882 (82)461 2,202 3,463 
SELECTED BALANCE SHEET DATA (period-end)
Loans$94,333 $38,729 $12,026 $— $145,088 (b)$94,721 $39,500 $13,696 $— $147,917 (b)$94,333 $38,729 $12,026 $— $145,088 (b)
Deposits63,945 — — — 63,945 68,351 — — — 68,351 63,945 — — — 63,945 
All references to “excludes First Republic”, “includes First Republic” or “associated with First Republic” refer to the effects of the First Republic acquisition, as well as subsequent related business and activities, as applicable.
(a)On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC, resulting in a preliminary estimated bargain purchase gain of $2.7 billion recorded in other income. The bargain purchase gain generally represents the excess of the estimated fair value of the net assets acquired over the purchase price and is subject to change for up to one year from the acquisition date, as permitted by U.S. GAAP, and as the settlement with the FDIC is finalized. For the three months ended September 30, 2023, measurement period adjustments of $100 million were recorded, resulting in an estimated bargain purchase gain of $2.8 billion for the nine months ended September 30, 2023.
(b)Excludes $1.9 billion of loans transferred to the CIB as part of the First Republic acquisition.