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Published: 2024-01-12 06:47:22 ET
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EX-99.2 3 a4q23erfex992supplement.htm JPMORGAN CHASE & CO. EARNINGS RELEASE FINANCIAL SUPPLEMENT - FOURTH QUARTER 2023 Document
                                                                    
Exhibit 99.2




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EARNINGS RELEASE FINANCIAL SUPPLEMENT

FOURTH 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”) and
the Glossary of Terms and Acronyms and Line of Business Metrics on pages 200-205 and pages 206-208 respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023.



                                                                    

JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q23 Change2023 Change
SELECTED INCOME STATEMENT DATA 4Q233Q232Q231Q234Q223Q234Q22202320222022
Reported Basis
Total net revenue$38,574 $39,874 $41,307 $38,349 $34,547 (3)%12 %$158,104 $128,695 23 %
Total noninterest expense24,486 
(f)
21,757 20,822 20,107 19,022 13 29 87,172 
(f)
76,140 14 
Pre-provision profit (a)14,088 18,117 20,485 18,242 15,525 (22)(9)70,932 52,555 35 
Provision for credit losses2,762 1,384 2,899 2,275 2,288 100 21 9,320 6,389 46 
NET INCOME9,307 13,151 14,472 12,622 11,008 (29)(15)49,552 37,676 32 
Managed Basis (b)
Total net revenue39,943 40,686 42,401 39,336 35,566 (2)12 162,366 132,277 23 
Total noninterest expense24,486 
(f)
21,757 20,822 20,107 19,022 13 29 87,172 
(f)
76,140 14 
Pre-provision profit (a)15,457 18,929 21,579 19,229 16,544 (18)(7)75,194 56,137 34 
Provision for credit losses2,762 1,384 2,899 2,275 2,288 100 21 9,320 6,389 46 
NET INCOME9,307 13,151 14,472 12,622 11,008 (29)(15)49,552 37,676 32 
EARNINGS PER SHARE DATA
Net income: Basic$3.04 $4.33 $4.76 $4.11 $3.58 (30)(15)$16.25 $12.10 34 
Diluted3.04 4.33 4.75 4.10 3.57 (30)(15)16.23 12.09 34 
Average shares: Basic2,914.4 2,927.5 2,943.8 2,968.5 2,962.9 — (2)2,938.6 2,965.8 (1)
Diluted2,919.1 2,932.1 2,948.3 2,972.7 2,967.1 — (2)2,943.1 2,970.0 (1)
MARKET AND PER COMMON SHARE DATA
Market capitalization$489,320 $419,254 $422,661 $380,803 $393,484 17 24 $489,320 $393,484 24 
Common shares at period-end2,876.7 2,891.0 2,906.1 2,922.3 2,934.3 — (2)2,876.7 2,934.3 (2)
Book value per share104.45 100.30 98.11 94.34 90.29 4 16 104.45 90.29 16 
Tangible book value per share (“TBVPS”) (a)86.08 82.04 79.90 76.69 73.12 5 18 86.08 73.12 18 
Cash dividends declared per share1.05 1.05 1.00 1.00 1.00 — 5 4.10 4.00 2 
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)12 %18 %20 %18 %16 %17 %14 %
Return on tangible common equity (“ROTCE”) (a)15 22 25 23 20 21 18 
Return on assets0.95 1.36 1.51 1.38 1.16 1.30 0.98 
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio (e)
15.0 %
(g)
14.3 %13.8 %13.8 %13.2 %15.0 %
(g)
13.2 %
Tier 1 capital ratio (e)
16.6 
(g)
15.9 15.4 15.4 14.9 16.6 
(g)
14.9 
Total capital ratio (e)
18.4 
(g)
17.8 17.3 17.4 16.8 18.4 
(g)
16.8 
Tier 1 leverage ratio7.2 
(g)
7.1 6.9 6.9 6.6 7.2 
(g)
6.6 
Supplementary leverage ratio (“SLR”)6.1 
(g)
6.0 5.8 5.9 5.6 6.1 
(g)
5.6 
 
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 December 31, 2023, 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, 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 September 30, 2023, and pages 86-96 of the Firm’s 2022 Form 10-K for additional information.
(e)Reflect the Firm’s ratios under the Basel III Standardized approach. Refer to page 9 for further information on the Firm’s capital metrics.
(f)Included a $2.9 billion special assessment from the FDIC on certain banks to recover losses to the Deposit Insurance Fund (“DIF”) arising from the protection of uninsured depositors resulting from bank resolutions in 2023.
(g)Estimated.




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JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratios, employee data and where otherwise noted)
QUARTERLY TRENDSFULL YEAR
4Q23 Change2023 Change
4Q233Q232Q231Q234Q223Q234Q22202320222022
SELECTED BALANCE SHEET DATA (period-end)
Total assets$3,875,393 $3,898,333 $3,868,240 $3,744,305 $3,665,743 (1)%6 %$3,875,393 $3,665,743 6 %
Loans:
Consumer, excluding credit card loans410,093 408,769 408,204 311,433 311,375 — 32 410,093 311,375 32 
Credit card loans211,123 196,935 191,348 180,079 185,175 7 14 211,123 185,175 14 
Wholesale loans702,490 704,355 700,517 637,384 639,097 — 10 702,490 639,097 10 
Total loans1,323,706 1,310,059 1,300,069 1,128,896 1,135,647 1 17 1,323,706 1,135,647 17 
Deposits:
U.S. offices:
Noninterest-bearing643,748 651,240 656,778 663,772 644,902 (1)— 643,748 644,902 — 
Interest-bearing1,303,100 1,295,609 1,311,893 1,290,614 1,276,346 1 2 1,303,100 1,276,346 2 
Non-U.S. offices:
Noninterest-bearing23,097 22,410 24,268 25,071 27,005 3 (14)23,097 27,005 (14)
Interest-bearing430,743 410,267 406,023 397,796 391,926 5 10 430,743 391,926 10 
Total deposits2,400,688 2,379,526 2,398,962 2,377,253 2,340,179 1 3 2,400,688 2,340,179 3 
Long-term debt391,825 
(f)
362,793 
(f)
364,078 
(f)
295,489 295,865 8 32 391,825 
(f)
295,865 32 
Common stockholders’ equity300,474 289,967 285,112 275,678 264,928 4 13 300,474 264,928 13 
Total stockholders’ equity327,878 317,371 312,516 303,082 292,332 3 12 327,878 292,332 12 
Loans-to-deposits ratio55 %55 %54 %47 %49 %55 %49 %
Employees (a)309,926 308,669 
(h)
300,066 296,877 293,723 — 6 309,926 293,723 6 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (b)
$35 $41 $47 $47 $61 (15)(43)
LINE OF BUSINESS NET REVENUE (c)
Consumer & Community Banking$18,097 $18,362 $17,233 $16,456 $15,793 
(i)
(1)15 $70,148 $54,814 
(i)
28 
Corporate & Investment Bank10,958 11,730 12,519 13,600 10,598 
(i)
(7)3 48,807 48,102 
(i)
1 
Commercial Banking4,016 4,031 3,988 3,511 3,404 — 18 15,546 11,533 35 
Asset & Wealth Management 5,095 5,005 4,943 4,784 4,588 2 11 19,827 17,748 12 
Corporate1,777 1,558 3,718 985 1,183 14 50 8,038 80 NM
TOTAL NET REVENUE$39,943 $40,686 $42,401 $39,336 $35,566 (2)12 $162,366 $132,277 23 
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking$4,788 $5,895 $5,306 $5,243 $4,556 (19)5 $21,232 $14,916 42 
Corporate & Investment Bank2,524 3,092 4,092 4,421 3,314 (18)(24)14,129 14,925 (5)
Commercial Banking 1,653 1,935 1,208 1,347 1,423 (15)16 6,143 4,213 46 
Asset & Wealth Management 1,217 1,417 1,226 1,367 1,134 (14)7 5,227 4,365 20 
Corporate(875)812 2,640 244 581 NMNM2,821 (743)NM
NET INCOME$9,307 $13,151 $14,472 $12,622 $11,008 (29)(15)$49,552 $37,676 32 
MEMO: SELECTED FIRMWIDE METRICS
Wealth Management (d)
Client assets (in billions)$3,177 
(g)
$2,929 
(g)
$2,862 
(g)
$2,594 $2,438 8 30 $3,177 
(g)
$2,438 30 
Number of client advisors8,971 8,867 8,367 8,314 8,166 1 10 8,971 8,166 10 
J.P.Morgan Payments (e)
Total net revenue4,557 4,504 4,729 4,458 4,423 1 3 18,248 13,909 31 
Merchant processing volume (in billions)
639 610 600 559 583 5 10 2,408 2,158 12 
Average deposits (in billions)730 702 720 707 732 4 — 715 779 (8)
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)This metric, which was formerly Headcount, has been renamed Employees but otherwise unchanged.
(b)Refer to Corporate & Investment Bank VaR on page 18 for further information.
(c)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(d)Consists of Global Private Bank in AWM and client investment assets in J.P.Morgan Wealth Management in CCB.
(e)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.
(f)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.
(g)At December 31, 2023, September 30, 2023, and June 30, 2023, included $144.6 billion, $140.6 billion, and $150.9 billion of client investment assets associated with First Republic, respectively.
(h)Included 4,774 individuals associated with First Republic who became employees effective July 2, 2023.
(i)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 TRENDSFULL YEAR
4Q23 Change2023 Change
REVENUE4Q233Q232Q231Q234Q223Q234Q22202320222022
Investment banking fees $1,635 $1,722 $1,513 $1,649 $1,418 (5)%15 %$6,519 $6,686 (2)%
Principal transactions3,725 6,210 6,910 7,615 4,434 (40)(16)24,460 19,912 23 
Lending- and deposit-related fees1,926 2,039 1,828 1,620 1,655 (6)16 7,413 7,098 4 
Asset management fees4,077 3,904 3,774 3,465 3,432 4 19 15,220 14,096 8 
Commissions and other fees1,697 1,705 1,739 1,695 1,574 — 8 6,836 6,581 4 
Investment securities losses(743)(669)(900)(868)(874)(11)15 (3,180)(2,380)(34)
Mortgage fees and related income263 414 278 221 98 (36)168 1,176 1,250 (6)
Card income1,247 1,209 1,094 1,234 1,226 3 2 4,784 4,420 8 
Other income696 614 3,292 1,007 1,392 13 (50)5,609 4,322 30 
Noninterest revenue14,523 17,148 19,528 17,638 14,355 (15)1 68,837 61,985 11 
Interest income47,384 44,556 41,644 37,004 33,054 6 43 170,588 92,807 84 
Interest expense23,333 21,830 19,865 16,293 12,862 7 81 81,321 26,097 212 
Net interest income24,051 22,726 21,779 20,711 20,192 6 19 89,267 66,710 34 
TOTAL NET REVENUE38,574 39,874 41,307 38,349 34,547 (3)12 158,104 128,695 23 
Provision for credit losses2,762 1,384 2,899 2,275 2,288 100 21 9,320 6,389 46 
NONINTEREST EXPENSE
Compensation expense 11,847 11,726 11,216 11,676 10,009 1 18 46,465 41,636 12 
Occupancy expense1,208 1,197 1,070 1,115 1,271 1 (5)4,590 4,696 (2)
Technology, communications and equipment expense 2,409 2,386 2,267 2,184 2,256 1 7 9,246 9,358 (1)
Professional and outside services 2,606 2,620 2,561 2,448 2,652 (1)(2)10,235 10,174 1 
Marketing1,298 1,126 1,122 1,045 1,093 15 19 4,591 3,911 17 
Other expense (a)5,118 
(d)
2,702 2,586 1,639 1,741 89 194 12,045 
(d)
6,365 89 
TOTAL NONINTEREST EXPENSE24,486 21,757 20,822 20,107 19,022 13 29 87,172 76,140 14 
Income before income tax expense11,326 16,733 17,586 15,967 13,237 (32)(14)61,612 46,166 33 
Income tax expense2,019 
(e)
3,582 3,114 
(f)
3,345 2,229 (44)(9)12,060 
(e)(f)
8,490 42 
NET INCOME$9,307 $13,151 $14,472 $12,622 $11,008 (29)(15)$49,552 $37,676 32 
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$3.04 $4.33 $4.76 $4.11 $3.58 (30)(15)$16.25 $12.10 34 
Diluted earnings per share3.04 4.33 4.75 4.10 3.57 (30)(15)16.23 12.09 34 
FINANCIAL RATIOS
Return on common equity (b)12 %18 %20 %18 %16 %17 %14 %
Return on tangible common equity (b)(c)15 22 25 23 20 21 18 
Return on assets (b)0.95 1.36 1.51 1.38 1.16 1.30 0.98 
Effective income tax rate17.8 
(e)
21.4 17.7 
(f)
20.9 16.8 19.6 18.4 
Overhead ratio63 55 50 52 55 55 59 
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 $175 million, $665 million, $420 million, $176 million and $27 million for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively, and $1.4 billion and $266 million for the full year 2023 and 2022, respectively.
(b)Ratios are based upon annualized amounts.
(c)Refer to page 29 for further discussion of ROTCE.
(d)Included a $2.9 billion special assessment from the FDIC on certain banks to recover losses to the DIF arising from the protection of uninsured depositors resulting from bank resolutions in 2023.
(e)Included an income tax benefit of $463 million and $428 million for the three months and full year ended December 31, 2023, respectively, related to the finalization of certain income tax regulations. The benefit resulted in a reduction in the Firm’s effective tax rate of 4.1 percentage points in the fourth quarter of 2023.
(f)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)
Dec 31, 2023
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2023202320232023202220232022
ASSETS
Cash and due from banks $29,066 $24,921 $26,064 $25,098 $27,697 17 %5 %
Deposits with banks 595,085 486,448 469,059 520,902 539,537 22 10 
Federal funds sold and securities purchased under
resale agreements276,152 350,059 325,628 317,111 315,592 (21)(12)
Securities borrowed200,436 188,279 163,563 195,917 185,369 6 8 
Trading assets:
Debt and equity instruments485,743 534,923 572,779 519,618 382,919 (9)27 
Derivative receivables54,864 67,070 64,217 59,274 70,880 (18)(23)
Available-for-sale (“AFS”) securities201,704 197,119 203,262 197,248 205,857 2 (2)
Held-to-maturity (”HTM”) securities369,848 388,261 408,941 412,827 425,305 (5)(13)
Investment securities, net of allowance for credit losses571,552 585,380 612,203 610,075 631,162 (2)(9)
Loans1,323,706 1,310,059 1,300,069 1,128,896 1,135,647 1 17 
Less: Allowance for loan losses22,420 21,946 21,980 
(b)
20,053 19,726 2 14 
Loans, net of allowance for loan losses1,301,286 1,288,113 1,278,089 1,108,843 1,115,921 1 17 
Accrued interest and accounts receivable
107,363 127,752 111,561 115,316 125,189 (16)(14)
Premises and equipment30,157 29,677 29,493 28,266 27,734 2 9 
Goodwill, MSRs and other intangible assets64,381 64,910 64,238 62,090 60,859 (1)6 
Other assets159,308 150,801 151,346 181,795 182,884 6 (13)
TOTAL ASSETS$3,875,393 $3,898,333 $3,868,240 $3,744,305 $3,665,743 (1)6 
LIABILITIES
Deposits$2,400,688 $2,379,526 $2,398,962 $2,377,253 $2,340,179 1 3 
Federal funds purchased and securities loaned or sold
under repurchase agreements216,535 268,750 266,272 246,396 202,613 (19)7 
Short-term borrowings44,712 45,470 41,022 42,241 44,027 (2)2 
Trading liabilities:
Debt and equity instruments139,581 165,494 132,264 145,153 126,835 (16)10 
Derivative payables40,847 41,963 46,545 44,711 51,141 (3)(20)
Accounts payable and other liabilities 290,307 292,070 286,934 275,077 300,141 (1)(3)
Beneficial interests issued by consolidated VIEs23,020 24,896 19,647 14,903 12,610 (8)83 
Long-term debt391,825 
(a)
362,793 
(a)
364,078 
(a)
295,489 295,865 8 32 
TOTAL LIABILITIES3,547,515 3,580,962 3,555,724 3,441,223 3,373,411 (1)5 
STOCKHOLDERS’ EQUITY
Preferred stock27,404 27,404 27,404 27,404 27,404 — — 
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital90,128 89,899 89,578 89,155 89,044 — 1 
Retained earnings332,901 327,044 317,359 306,208 296,456 2 12 
Accumulated other comprehensive income/(loss) (“AOCI”)(10,443)(17,104)(14,290)(14,418)(17,341)39 40 
Treasury stock, at cost(116,217)(113,977)(111,640)(109,372)(107,336)(2)(8)
TOTAL STOCKHOLDERS’ EQUITY327,878 317,371 312,516 303,082 292,332 3 12 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,875,393 $3,898,333 $3,868,240 $3,744,305 $3,665,743 (1)6 
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 a five-year $50 billion Purchase Money Note issued to the FDIC, as well as FHLB advances associated with the First Republic acquisition.
(b)Included an addition to the allowance for loan losses of $1.1 billion 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 TRENDSFULL YEAR
4Q23 Change2023 Change
AVERAGE BALANCES4Q233Q232Q231Q234Q223Q234Q22202320222022
ASSETS
Deposits with banks $540,040 $456,954 $495,018 $505,662 $595,631 18 %(9)%$499,396 $670,773 (26)%
Federal funds sold and securities purchased under resale agreements319,056 309,848 326,563 313,187 306,173 3 4 317,159 307,150 3 
Securities borrowed200,369 188,279 191,393 192,843 192,412 6 4 193,228 205,516 (6)
Trading assets - debt instruments 374,254 383,576 391,945 357,682 302,825 (2)24 376,928 283,108 33 
Investment securities579,450 606,593 611,552 622,050 625,388 (4)(7)604,800 653,985 (8)
Loans1,315,439 1,306,322 1,238,237 1,129,624 1,126,002 1 17 1,248,076 1,100,318 13 
All other interest-earning assets (a)79,787 80,156 89,072 95,709 116,640 — (32)86,121 128,229 (33)
Total interest-earning assets 3,408,395 3,331,728 3,343,780 3,216,757 3,265,071 2 4 3,325,708 3,349,079 (1)
Trading assets - equity and other instruments144,642 173,998 169,558 152,081 126,138 (17)15 160,087 140,778 14 
Trading assets - derivative receivables62,069 66,972 63,339 64,526 78,476 (7)(21)64,227 78,606 (18)
All other noninterest-earning assets 270,526 267,079 274,711 276,613 285,586 1 (5)272,202 285,077 (5)
TOTAL ASSETS$3,885,632 $3,839,777 $3,851,388 $3,709,977 $3,755,271 1 3 $3,822,224 $3,853,540 (1)
LIABILITIES
Interest-bearing deposits $1,713,189 $1,694,758 $1,715,699 $1,670,036 $1,695,233 1 1 $1,698,529 $1,748,666 (3)
Federal funds purchased and securities loaned or
sold under repurchase agreements254,211 254,105 263,718 252,310 247,934 — 3 256,086 242,762 5 
Short-term borrowings
37,941 37,837 35,335 38,763 39,843 — (5)37,468 46,063 (19)
Trading liabilities - debt and all other interest-bearing liabilities (b)
287,443 288,007 293,269 277,576 256,533 — 12 286,605 268,019 7 
Beneficial interests issued by consolidated VIEs23,133 21,890 15,947 13,483 12,312 6 88 18,648 11,208 66 
Long-term debt 325,843 315,267 294,239 249,336 246,978 3 32 296,433 250,080 19 
Total interest-bearing liabilities 2,641,760 2,611,864 2,618,207 2,501,504 2,498,833 1 6 2,593,769 2,566,798 1 
Noninterest-bearing deposits 658,912 660,983 671,715 650,443 684,921 — (4)660,538 719,249 (8)
Trading liabilities - equity and other instruments 34,176 29,508 28,513 29,769 35,415 16 (3)30,501 39,155 (22)
Trading liabilities - derivative payables42,447 46,754 46,934 49,357 56,988 (9)(26)46,355 57,388 (19)
All other noninterest-bearing liabilities 186,871 178,466 180,730 180,303 191,929 5 (3)181,601 185,989 (2)
TOTAL LIABILITIES3,564,166 3,527,575 3,546,099 3,411,376 3,468,086 1 3 3,512,764 3,568,579 (2)
Preferred stock27,404 27,404 27,404 27,404 28,415 — (4)27,404 31,893 (14)
Common stockholders’ equity294,062 284,798 277,885 271,197 258,770 3 14 282,056 253,068 11 
TOTAL STOCKHOLDERS’ EQUITY321,466 312,202 305,289 298,601 287,185 3 12 309,460 284,961 9 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,885,632 $3,839,777 $3,851,388 $3,709,977 $3,755,271 1 3 $3,822,224 $3,853,540 (1)
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks 4.79 %4.58 %4.20 %3.87 %3.14 %4.36 %1.35 %
Federal funds sold and securities purchased under resale agreements5.26 5.06 4.63 4.06 2.95 4.75 1.51 
Securities borrowed4.59 4.39 3.91 3.61 2.84 4.13 1.09 
Trading assets - debt instruments 4.39 4.32 4.12 4.15 3.75 4.25 3.21 
Investment securities3.53 3.23 3.01 2.79 2.36 3.13 1.77 
Loans 6.97 6.79 6.59 6.37 5.83 6.70 4.81 
All other interest-earning assets (a)10.10 9.42 8.85 7.50 5.76 8.90 2.93 
Total interest-earning assets 5.53 5.32 5.01 4.68 4.03 5.14 2.78 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 2.78 2.53 2.24 1.85 1.37 2.36 0.58 
Federal funds purchased and securities loaned or
sold under repurchase agreements5.51 5.50 5.17 4.51 3.15 5.18 1.53 
Short-term borrowings
5.55 5.38 4.87 4.40 3.60 5.05 1.62 
Trading liabilities - debt and all other interest-bearing liabilities (b)
3.58 3.39 3.25 2.88 2.38 3.28 1.21 
Beneficial interests issued by consolidated VIEs5.36 5.38 4.95 4.43 3.74 5.11 2.02 
Long-term debt 5.33 5.33 5.28 5.39 4.87 5.33 3.23 
Total interest-bearing liabilities 3.50 3.32 3.04 2.64 2.04 3.14 1.02 
INTEREST RATE SPREAD2.03 2.00 1.97 2.04 1.99 2.00 1.76 
NET YIELD ON INTEREST-EARNING ASSETS2.81 2.72 2.62 2.63 2.47 2.70 2.00 
Memo: Net yield on interest-earning assets excluding Markets (d)
3.86 3.89 3.83 3.80 3.41 3.85 2.60 
(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)    All other interest-bearing liabilities include brokerage-related customer payables.
(c)    Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.
(d)    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 TRENDSFULL YEAR
4Q23 Change2023 Change
4Q233Q232Q231Q234Q223Q234Q22202320222022
OTHER INCOME
Other income - reported$696 $614 $3,292 $1,007 $1,392 13 %(50)%$5,609 $4,322 30 %
Fully taxable-equivalent adjustments (a)1,243 682 990 867 898 82 38 3,782 3,148 20 
Other income - managed$1,939 $1,296 $4,282 $1,874 $2,290 50 (15)$9,391 $7,470 26 
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported$14,523 $17,148 $19,528 $17,638 $14,355 (15)1 $68,837 $61,985 11 
Fully taxable-equivalent adjustments1,243 682 990 867 898 82 38 3,782 3,148 20 
Total noninterest revenue - managed$15,766 $17,830 $20,518 $18,505 $15,253 (12)3 $72,619 $65,133 11 
NET INTEREST INCOME
Net interest income - reported$24,051 $22,726 $21,779 $20,711 $20,192 6 19 $89,267 $66,710 34 
Fully taxable-equivalent adjustments (a)126 130 104 120 121 (3)4 480 434 11 
Net interest income - managed$24,177 $22,856 $21,883 $20,831 $20,313 6 19 $89,747 $67,144 34 
TOTAL NET REVENUE
Total net revenue - reported$38,574 $39,874 $41,307 $38,349 $34,547 (3)12 $158,104 $128,695 23 
Fully taxable-equivalent adjustments1,369 812 1,094 987 1,019 69 34 4,262 3,582 19 
Total net revenue - managed$39,943 $40,686 $42,401 $39,336 $35,566 (2)12 $162,366 $132,277 23 
PRE-PROVISION PROFIT
Pre-provision profit - reported$14,088 $18,117 $20,485 $18,242 $15,525 (22)(9)$70,932 $52,555 35 
Fully taxable-equivalent adjustments1,369 812 1,094 987 1,019 69 34 4,262 3,582 19 
Pre-provision profit - managed$15,457 $18,929 $21,579 $19,229 $16,544 (18)(7)$75,194 $56,137 34 
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$11,326 $16,733 $17,586 $15,967 $13,237 (32)(14)$61,612 $46,166 33 
Fully taxable-equivalent adjustments1,369 812 1,094 987 1,019 69 34 4,262 3,582 19 
Income before income tax expense - managed$12,695 $17,545 $18,680 $16,954 $14,256 (28)(11)$65,874 $49,748 32 
INCOME TAX EXPENSE
Income tax expense - reported$2,019 $3,582 $3,114 $3,345 $2,229 (44)(9)$12,060 $8,490 42 
Fully taxable-equivalent adjustments 1,369 812 1,094 987 1,019 69 34 4,262 3,582 19 
Income tax expense - managed$3,388 $4,394 $4,208 $4,332 $3,248 (23)4 $16,322 $12,072 35 
OVERHEAD RATIO
Overhead ratio - reported63 %55 %50 %52 %55 %55 %59 %
Overhead ratio - managed61 53 49 51 53 54 58 
(a)Predominantly recognized in CIB, CB and Corporate.
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SEGMENT RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDSFULL YEAR
4Q23 Change2023 Change
4Q233Q232Q231Q234Q223Q234Q22202320222022
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$18,097 $18,362 $17,233 $16,456 $15,793 (a)(1)%15 %$70,148 $54,814 (a)28 %
Corporate & Investment Bank10,958 11,730 12,519 13,600 10,598 (a)(7)3 48,807 48,102 (a)1 
Commercial Banking4,016 4,031 3,988 3,511 3,404 — 18 15,546 11,533 35 
Asset & Wealth Management 5,095 5,005 4,943 4,784 4,588 2 11 19,827 17,748 12 
Corporate1,777 1,558 3,718 985 1,183 14 50 8,038 80 NM
TOTAL NET REVENUE$39,943 $40,686 $42,401 $39,336 $35,566 (2)12 $162,366 $132,277 23 
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking$9,336 $9,105 $8,313 $8,065 $7,912 (a)3 18 $34,819 $31,208 (a)12 
Corporate & Investment Bank6,774 7,443 6,894 7,483 6,495 (a)(9)4 28,594 27,350 (a)5 
Commercial Banking1,395 1,375 1,300 1,308 1,254 1 11 5,378 4,719 14 
Asset & Wealth Management3,388 3,138 3,163 3,091 3,022 8 12 12,780 11,829 8 
Corporate3,593 696 1,152 160 339 416 NM5,601 1,034 442 
TOTAL NONINTEREST EXPENSE$24,486 $21,757 $20,822 $20,107 $19,022 13 29 $87,172 $76,140 14 
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking$8,761 $9,257 $8,920 $8,391 $7,881 (5)11 $35,329 $23,606 50 
Corporate & Investment Bank4,184 4,287 5,625 6,117 4,103 (2)2 20,213 20,752 (3)
Commercial Banking2,621 2,656 2,688 2,203 2,150 (1)22 10,168 6,814 49 
Asset & Wealth Management1,707 1,867 1,780 1,693 1,566 (9)9 7,047 5,919 19 
Corporate(1,816)862 2,566 825 844 NMNM2,437 (954)NM
PRE-PROVISION PROFIT$15,457 $18,929 $21,579 $19,229 $16,544 (18)(7)$75,194 $56,137 34 
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$2,189 $1,446 $1,862 $1,402 $1,845 51 19 $6,899 $3,813 81 
Corporate & Investment Bank210 (185)38 58 141 NM49 121 1,158 (90)
Commercial Banking366 90 1,097 417 284 307 29 1,970 1,268 55 
Asset & Wealth Management(1)(13)145 28 32 92 NM159 128 24 
Corporate(2)46 (243)370 (14)NM86 171 22 NM
PROVISION FOR CREDIT LOSSES$2,762 $1,384 $2,899 $2,275 $2,288 100 21 $9,320 $6,389 46 
NET INCOME/(LOSS)
Consumer & Community Banking $4,788 $5,895 $5,306 $5,243 $4,556 (19)5 $21,232 $14,916 42 
Corporate & Investment Bank2,524 3,092 4,092 4,421 3,314 (18)(24)14,129 14,925 (5)
Commercial Banking 1,653 1,935 1,208 1,347 1,423 (15)16 6,143 4,213 46 
Asset & Wealth Management 1,217 1,417 1,226 1,367 1,134 (14)7 5,227 4,365 20 
Corporate (875)812 2,640 244 581 NMNM2,821 (743)NM
TOTAL NET INCOME$9,307 $13,151 $14,472 $12,622 $11,008 (29)(15)$49,552 $37,676 32 
(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)
Dec 31, 2023
ChangeFULL YEAR
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,2023 Change
2023202320232023202220232022202320222022
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital$250,606 (c)$241,825 $235,827 $227,144 $218,934 4 %14 %
Tier 1 capital277,354 (c)268,579 262,585 253,837 245,631 3 13 
Total capital308,558 (c)300,859 295,281 286,398 277,769 3 11 
Risk-weighted assets 1,675,641 (c)1,692,219 1,706,927 1,647,363 1,653,538 (1)1 
CET1 capital ratio15.0 %(c)14.3 %13.8 %13.8 %13.2 %
Tier 1 capital ratio16.6 (c)15.9 15.4 15.4 14.9 
Total capital ratio18.4 (c)17.8 17.3 17.4 16.8 
Advanced
CET1 capital$250,606 (c)$241,825 $235,827 $227,144 $218,934 4 14 
Tier 1 capital 277,354 (c)268,579 262,585 253,837 245,631 3 13 
Total capital295,444 (c)287,560 281,953 273,122 264,583 3 12 
Risk-weighted assets1,672,649 (c)1,671,593 1,694,714 1,633,774 1,609,773 — 4 
CET1 capital ratio15.0 %(c)14.5 %13.9 %13.9 %13.6 %
Tier 1 capital ratio16.6 (c)16.1 15.5 15.5 15.3 
Total capital ratio17.7 (c)17.2 16.6 16.7 16.4 
Leverage-based capital metrics
Adjusted average assets (b)$3,831,248 (c)$3,785,641 $3,796,579 $3,656,598 $3,703,873 1 3 
Tier 1 leverage ratio7.2 %(c)7.1 %6.9 %6.9 %6.6 %
Total leverage exposure$4,540,849 (c)$4,500,253 $4,492,761 $4,327,863 $4,367,092 1 4 
SLR6.1 %(c)6.0 %5.8 %5.9 %5.6 %
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC$514,180 (c)$496,183 $493,760 $488,245 $486,044 4 6 
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance$241,825 $235,827 $227,144 $218,934 $209,661 3 15 $218,934 $213,942 2 %
Net income applicable to common equity8,921 12,765 14,099 12,266 10,652 (30)(16)48,051 36,081 33 
Dividends declared on common stock(3,064)(3,080)(2,948)(2,963)(2,972)1 (3)(12,055)(11,893)(1)
Net purchase of treasury stock(2,240)(2,337)(2,268)(2,036)96 4 NM(8,881)(1,921)(362)
Changes in additional paid-in capital229 321 423 111 179 (29)28 1,084 629 72 
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities4,362 (1,950)757 2,212 1,865 NM134 5,381 (11,764)NM
Translation adjustments, net of hedges402 (340)70 197 711 NM(43)329 (611)NM
Fair value hedges(86)(5)11 (21)(101)NM15 (101)98 NM
Defined benefit pension and other postretirement employee benefit plans455 (21)(6)(55)(324)NMNM373 (1,241)NM
Changes related to other CET1 capital adjustments(198)(c)645 (1,455)(1,501)(833)NM76 (2,509)(c)(4,386)43 
Change in Standardized/Advanced CET1 capital8,781 (c)5,998 8,683 8,210 9,273 46 (5)31,672 (c)4,992 NM
Standardized/Advanced CET1 capital, ending balance$250,606 (c)$241,825 $235,827 $227,144 $218,934 4 14 $250,606 (c)$218,934 14 
(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 December 31, 2023, 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, 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 September 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)
Dec 31, 2023
ChangeFULL YEAR
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,2023 Change
2023202320232023202220232022202320222022
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity$300,474 $289,967 $285,112 $275,678 $264,928 4 %13 %
Less: Goodwill52,634 52,492 52,380 52,144 51,662 — 2 
Less: Other intangible assets3,225 3,309 3,629 2,191 1,224 (3)163 
Add: Certain deferred tax liabilities (b)2,996 3,025 3,097 2,754 2,510 (1)19 
Total tangible common equity$247,611 $237,191 $232,200 $224,097 $214,552 4 15 
TANGIBLE COMMON EQUITY (average) (a) 
Common stockholders’ equity$294,062 $284,798 $277,885 $271,197 $258,770 3 14 $282,056 $253,068 11 %
Less: Goodwill52,538 52,427 52,342 51,716 51,586 — 2 52,258 50,952 3 
Less: Other intangible assets3,254 3,511 2,191 1,296 1,217 (7)167 2,572 1,112 131 
Add: Certain deferred tax liabilities (b)2,992 3,080 2,902 2,549 2,508 (3)19 2,883 2,505 15 
Total tangible common equity$241,262 $231,940 $226,254 $220,734 $208,475 4 16 $230,109 $203,509 13 
INTANGIBLE ASSETS (period-end)
Goodwill$52,634 $52,492 $52,380 $52,144 $51,662 — 2 
Mortgage servicing rights8,522 9,109 8,229 7,755 7,973 (6)7 
Other intangible assets3,225 3,309 3,629 2,191 1,224 (3)163 
Total intangible assets$64,381 $64,910 $64,238 $62,090 $60,859 (1)6 
    
(a)Refer to page 29 for further discussion of TCE.
(b)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.

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EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data) 
QUARTERLY TRENDSFULL YEAR
4Q23 Change2023 Change
4Q233Q232Q231Q234Q223Q234Q22202320222022
EARNINGS PER SHARE
Basic earnings per share
Net income$9,307 $13,151 $14,472 $12,622 $11,008 (29)%(15)%$49,552 $37,676 32 %
Less: Preferred stock dividends386 386 373 356 356 — 8 1,501 1,595 (6)
Net income applicable to common equity8,921 12,765 14,099 12,266 10,652 (30)(16)48,051 36,081 33 
Less: Dividends and undistributed earnings allocated to
participating securities51 80 88 73 54 (36)(6)291 189 54 
Net income applicable to common stockholders$8,870 $12,685 $14,011 $12,193 $10,598 (30)(16)$47,760 $35,892 33 
Total weighted-average basic shares outstanding2,914.4 2,927.5 2,943.8 2,968.5 2,962.9 — (2)2,938.6 2,965.8 (1)
Net income per share$3.04 $4.33 $4.76 $4.11 $3.58 (30)(15)$16.25 $12.10 34 
Diluted earnings per share
Net income applicable to common stockholders$8,870 $12,685 $14,011 $12,193 $10,598 (30)(16)$47,760 $35,892 33 
Total weighted-average basic shares outstanding2,914.4 2,927.5 2,943.8 2,968.5 2,962.9 — (2)2,938.6 2,965.8 (1)
Add: Dilutive impact of unvested performance share units
    (“PSUs”), nondividend-earning restricted stock units
    (“RSUs”) and stock appreciation rights (“SARs”)		4.7 4.6 4.5 4.2 4.2 2 12 4.5 4.2 7 
Total weighted-average diluted shares outstanding2,919.1 2,932.1 2,948.3 2,972.7 2,967.1 — (2)2,943.1 2,970.0 (1)
Net income per share$3.04 $4.33 $4.75 $4.10 $3.57 (30)(15)$16.23 $12.09 34 
COMMON DIVIDENDS
Cash dividends declared per share$1.05 $1.05 (c)$1.00 $1.00 $1.00 — 5 $4.10 $4.00 2 
Dividend payout ratio34 %24 %21 %24 %28 %25 %33 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased15.2 15.6 16.7 22.0 — (3)NM69.5 23.1 201 
Average price paid per share of common stock$151.02 $151.46 $137.20 $133.67 $— — NM$142.31 $135.20 5 
Aggregate repurchases of common stock2,301 2,364 2,293 2,940 — (3)NM9,898 3,122 217 
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans0.8 0.6 0.5 10.0 1.2 33 (33)11.9 13.3 (11)
Net impact of employee issuances on stockholders’ equity (b)$308 $368 $467 $1,028 $273 (16)13 $2,171 $1,818 19 
(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.


















Page 11
                                                                    
JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q23 Change2023 Change
4Q233Q232Q231Q234Q223Q234Q22202320222022
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$856 $836 $841 $823 $834 2 %3 %$3,356 $3,316 1 %
Asset management fees899 (d)891 (d)816 (d)676 662 1 36 3,282 (d)2,734 20 
Mortgage fees and related income261 417 274 223 90 (37)190 1,175 1,236 (5)
Card income684 626 483 739 694 (f)9 (1)2,532 2,469 (f)3 
All other income (a)1,270 (d)1,212 (d)1,129 (d)1,162 1,189 (f)5 7 4,773 (d)5,131 (f)(7)
Noninterest revenue3,970 3,982 3,543 3,623 3,469 — 14 15,118 14,886 2 
Net interest income14,127 (d)14,380 (d)13,690 (d)12,833 12,324 (2)15 55,030 (d)39,928 38 
TOTAL NET REVENUE18,097 18,362 17,233 16,456 15,793 (1)15 70,148 54,814 28 
Provision for credit losses2,189 (d)1,446 (d)1,862 (d)1,402 1,845 51 19 6,899 (d)3,813 81 
NONINTEREST EXPENSE
Compensation expense4,023 3,975 3,628 3,545 3,339 1 20 15,171 13,092 16 
Noncompensation expense (b)5,313 5,130 4,685 4,520 4,573 (f)4 16 19,648 18,116 (f)8 
TOTAL NONINTEREST EXPENSE9,336 (d)9,105 (d)8,313 (d)8,065 7,912 3 18 34,819 (d)31,208 12 
Income before income tax expense6,572 7,811 7,058 6,989 6,036 (16)9 28,430 19,793 44 
Income tax expense 1,784 1,916 1,752 1,746 1,480 (f)(7)21 7,198 4,877 (f)48 
NET INCOME$4,788 $5,895 $5,306 $5,243 $4,556 (19)5 $21,232 $14,916 42 
REVENUE BY LINE OF BUSINESS
Banking & Wealth Management $10,877 (e)$11,345 (e)$10,936 (e)$10,041 $9,582 (f)(4)14 $43,199 (e)$30,059 (f)44 
Home Lending1,161 (e)1,252 (e)1,007 (e)720 584 (7)99 4,140 (e)3,674 13 
Card Services & Auto 6,059 5,765 5,290 5,695 5,627 5 8 22,809 21,081 8 
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue82 162 102 75 43 (49)91 421 497 (15)
Net mortgage servicing revenue (c)179 255 172 148 47 (30)281 754 739 2 
Mortgage fees and related income$261 $417 $274 $223 $90 (37)190 $1,175 $1,236 (5)
FINANCIAL RATIOS
ROE33 %41 %38 %40 %35 %38 %29 %
Overhead ratio 52 50 48 49 50 50 57 
(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $666 million, $685 million, $704 million, $741 million and $777 million for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively, and $2.8 billion and $3.6 billion for the full year 2023 and 2022, respectively.
(b)Included depreciation expense on leased assets of $425 million, $458 million, $445 million, $407 million and $463 million for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively, and $1.7 billion and $2.4 billion for the full year 2023 and 2022, respectively.
(c)Included MSR risk management results of $7 million, $111 million, $25 million, $(12) million and $(98) million for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively, and $131 million and $93 million for the full year 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 $745 million and $346 million, respectively, for the three months ended December 31, 2023, $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 $2.3 billion and $932 million, respectively, for the full year 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 employee data)
QUARTERLY TRENDSFULL YEAR
4Q23 Change2023 Change
4Q233Q232Q231Q234Q223Q234Q22202320222022
SELECTED BALANCE SHEET DATA (period-end)
Total assets$642,951 $626,196 $620,193 $506,382 $514,085 3 %25 %$642,951 $514,085 25 %
Loans:
Banking & Wealth Management (a)31,142 (d)30,574 (d)30,959 (d)28,038 29,008 2 7 31,142 (d)29,008 7 
Home Lending (b)259,181 (d)261,858 (d)262,432 (d)172,058 172,554 (1)50 259,181 (d)172,554 50 
Card Services211,175 196,955 191,353 180,079 185,175 7 14 211,175 185,175 14 
Auto 77,705 74,831 73,587 69,556 68,191 4 14 77,705 68,191 14 
Total loans 579,203 564,218 558,331 449,731 454,928 3 27 579,203 454,928 27 
Deposits1,094,738 (e)1,136,884 (e)1,173,514 (e)1,147,474 1,131,611 (4)(3)1,094,738 (e)1,131,611 (3)
Equity55,500 55,500 55,500 52,000 50,000 — 11 55,500 50,000 11 
SELECTED BALANCE SHEET DATA (average)
Total assets$629,744 $622,760 $576,417 $506,775 $504,859 1 25 $584,367 $497,263 18 
Loans:
Banking & Wealth Management30,718 (f)30,686 (f)30,628 (f)28,504 29,412 — 4 30,142 (f)31,545 (4)
Home Lending (c)261,394 (f)264,041 (f)229,569 (f)172,124 174,487 (1)50 232,115 (f)176,285 32 
Card Services202,685 195,245 187,028 180,451 177,026 4 14 191,424 163,335 17 
Auto 76,409 74,358 71,083 68,744 67,623 3 13 72,674 68,098 7 
Total loans571,206 564,330 518,308 449,823 448,548 1 27 526,355 439,263 20 
Deposits1,092,432 (g)1,143,539 (g)1,157,309 (g)1,112,967 1,142,523 (4)(4)1,126,552 (g)1,162,680 (3)
Equity55,500 55,500 54,346 52,000 50,000 — 11 54,349 50,000 9 
Employees
141,640 141,125 137,087 135,983 135,347 — 5 141,640 135,347 5 
(a)At December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022 included $94 million, $129 million, $163 million, $205 million and $350 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 December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, Home Lending loans held-for-sale and loans at fair value were $3.4 billion, $4.1 billion, $3.9 billion, $4.2 billion and $3.0 billion, respectively.
(c)Average Home Lending loans held-for sale and loans at fair value were $4.7 billion, $5.7 billion, $5.3 billion, $3.5 billion and $4.5 billion for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively, and $4.8 billion and $7.3 billion for the full year 2023 and 2022, respectively.
(d)At December 31, 2023, included $4.0 billion and $90.7 billion for Banking & Wealth Management and Home Lending, respectively, $3.1 billion and $91.2 billion, respectively, at September 30, 2023, and $3.4 billion and $91.3 billion, respectively, at June 30, 2023, associated with First Republic.
(e)Includes First Republic. In the fourth quarter of 2023, CCB transferred certain deposits associated with First Republic to AWM, CB, and CIB. Refer to page 30 for additional information.
(f)Average Banking & Wealth Management and Home Lending loans associated with First Republic were $3.4 billion and $91.1 billion, respectively, for the three months ended December 31, 2023, $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 $2.4 billion and $60.2 billion, respectively, for the full year 2023.
(g)Average deposits associated with First Republic were $42.9 billion, $66.7 billion and $47.2 billion for the three months ended December 31, 2023, September 30, 2023, and June 30, 2023, respectively, and $39.4 billion for the full year 2023.


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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)QUARTERLY TRENDSFULL YEAR
4Q23 Change2023 Change
4Q233Q232Q231Q234Q223Q234Q22202320222022
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)$3,740 $3,690 $3,823 $3,835 $3,899 1 %(4)%$3,740 $3,899 (4)%
Net charge-offs/(recoveries)
Banking & Wealth Management81 88 92 79 95 (8)(15)340 370 (8)
Home Lending6 (16)(28)(18)(33)NMNM(56)(229)76 
Card Services1,426 1,227 1,124 922 725 16 97 4,699 2,403 96 
Auto125 100 63 69 58 25 116 357 144 148 
Total net charge-offs/(recoveries)$1,638 $1,399 $1,251 $1,052 $845 17 94 $5,340 $2,688 99 
Net charge-off/(recovery) rate
Banking & Wealth Management (c)1.05 %1.14 %1.20 %1.12 %1.28 %1.13 %1.17 %
Home Lending0.01 (0.02)(0.05)(0.04)(0.08)(0.02)(0.14)
Card Services2.79 2.49 2.41 2.07 1.62 2.45 1.47 
Auto 0.65 0.53 0.36 0.41 0.34 0.49 0.21 
Total net charge-off/(recovery) rate1.15 0.99 0.98 0.96 0.75 1.02 0.62 
30+ day delinquency rate
Home Lending (d)(e)0.66 %0.59 %0.58 %0.81 %0.83 %0.66 %0.83 %
Card Services2.14 1.94 1.70 1.68 1.45 2.14 1.45 
Auto1.19 1.13 0.92 0.90 1.01 1.19 1.01 
90+ day delinquency rate - Card Services1.05 0.94 0.84 0.83 0.68 1.05 0.68 
Allowance for loan losses
Banking & Wealth Management $685 $686 $731 $720 $722 — (5)$685 $722 (5)
Home Lending578 (f)573 (f)777 (f)427 867 1 (33)578 (f)867 (33)
Card Services12,453 11,901 11,600 11,400 11,200 5 11 12,453 11,200 11 
Auto 742 742 717 716 715 — 4 742 715 4 
Total allowance for loan losses$14,458 $13,902 $13,825 $13,263 (g)$13,504 4 7 $14,458 $13,504 7 
(a)At December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $123 million, $123 million, $139 million, $164 million and $187 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 December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, included $94 million, $129 million, $163 million, $205 million and $350 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 December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic was $29 million, $89 million, $177 million, $353 million and $449 million in Home Lending, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.
(e)At December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $176 million, $175 million, $195 million, $219 million and $258 million, respectively. These amounts have been excluded based upon the government guarantee.
(f)At December 31, 2023, September 30, 2023, and June 30, 2023, included $396 million, $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.



Page 14
                                                                    
JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDSFULL YEAR
4Q23 Change2023 Change
4Q233Q232Q231Q234Q223Q234Q22202320222022
BUSINESS METRICS
Number of:
Branches4,897 4,863 4,874 4,784 4,787 1 %2 %4,897 4,787 2 %
Active digital customers (in thousands) (a) 66,983 (f)66,765 (f)65,559 (f)64,998 63,136 — 6 66,983 (f)63,136 6 
Active mobile customers (in thousands) (b) 53,828 (f)53,221 (f)51,963 (f)50,933 49,710 1 8 53,828 (f)49,710 8 
Debit and credit card sales volume (in billions)$441.0 $426.3 $424.0 $387.3 $411.1 3 7 $1,678.6 $1,555.4 8 
Total payments transaction volume (in trillions) (c)1.5 (f)1.5 (f)1.5 (f)1.4 1.4 — 7 5.9 (f)5.6 5 
Banking & Wealth Management
Average deposits $1,077,725 (g)$1,127,807 (g)$1,142,755 (g)$1,098,494 $1,126,420 (4)(4)$1,111,682 (g)$1,145,727 (3)
Deposit margin 2.82 %2.92 %2.83 %2.78 %2.48 %2.84 %1.71 %
Business Banking average loans$19,511 $19,520 $19,628 $19,884 $20,467 — (5)$19,634 $22,314 (12)
Business Banking origination volume 1,130 1,321 1,275 1,027 1,081 (14)5 4,753 4,282 11 
Client investment assets (d)951,115 882,253 892,897 690,819 647,120 8 47 951,115 647,120 47 
Number of client advisors5,456 5,424 5,153 5,125 5,029 1 8 5,456 5,029 8 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $4.7 (h)$6.8 (h)$7.3 (h)$3.6 $4.6 (31)2 $22.4 (h)$38.5 (42)
Correspondent 2.5 4.2 3.9 2.1 2.1 (40)19 12.7 26.9 (53)
Total mortgage origination volume (e)$7.2 $11.0 $11.2 $5.7 $6.7 (35)7 $35.1 $65.4 (46)
Third-party mortgage loans serviced (period-end)631.2 637.8 604.5 575.9 584.3 (1)8 631.2 584.3 8 
MSR carrying value (period-end)8.5 9.1 8.2 7.7 8.0 (7)6 8.5 8.0 6 
Card Services
Sales volume, excluding commercial card (in billions)$307.2 $296.2 $294.0 $266.2 $284.8 4 8 1,163.6 1,064.7 9 
Net revenue rate9.82 %9.60 %9.11 %10.38 %10.06 %9.72 %9.87 %
Net yield on average loans9.70 9.54 9.31 9.89 9.789.61 9.77 
Auto
Loan and lease origination volume (in billions)$9.9 $10.2 $12.0 $9.2 $7.5 (3)32 $41.3 $30.4 36 
Average auto operating lease assets10,440 10,701 11,015 11,538 12,333 (2)(15)10,920 14,259 (23)
(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 December 31, 2023, September 30, 2023, and June 30, 2023, included $144.6 billion, $140.6 billion and $150.9 billion of client investment assets associated with First Republic, respectively.
(e)Firmwide mortgage origination volume was $8.6 billion, $13.0 billion, $13.0 billion, $6.8 billion and $8.5 billion for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively, and $41.4 billion and $81.8 billion for the full year 2023 and 2022, respectively.
(f)Excludes First Republic.
(g)Included $42.9 billion, $66.7 billion, and $47.2 billion for the three months ended December 31, 2023 September 30, 2023, and June 30, 2023, respectively, and $39.4 billion for the full year 2023, associated with First Republic.
(h)Included $410 million, $730 million, and $1.1 billion for the three months ended December 31, 2023 September 30, 2023, and June 30, 2023, respectively, and $2.3 billion for the full year 2023, associated with First Republic.

Page 15
                                                                    
JPMORGAN CHASE & CO.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q23 Change2023 Change
4Q233Q232Q231Q234Q223Q234Q22202320222022
INCOME STATEMENT
REVENUE
Investment banking fees (a)$1,654 $1,717 $1,557 $1,654 $1,467 (4)%13 %$6,582 $6,929 (5)%
Principal transactions3,648 5,918 6,697 7,408 4,397 (38)(17)23,671 19,926 19 
Lending- and deposit-related fees585 556 533 539 548 5 7 2,213 2,419 (9)
Commissions and other fees1,194 1,174 1,219 1,234 1,200 2 (1)4,821 5,058 (5)
Card income361 374 400 315 353 (d)(3)2 1,450 1,249 (d)16 
All other income678 131 396 373 147 (d)418 361 1,578 621 (d)154 
Noninterest revenue8,120 9,870 10,802 11,523 8,112 (18)— 40,315 36,202 11 
Net interest income2,838 1,860 1,717 2,077 2,486 53 14 8,492 11,900 (29)
TOTAL NET REVENUE (b)10,958 11,730 12,519 13,600 10,598 (7)3 48,807 48,102 1 
Provision for credit losses210 (185)38 58 141 NM49 121 1,158 (90)
NONINTEREST EXPENSE
Compensation expense3,374 3,425 3,461 4,085 3,091 (1)9 14,345 13,918 3 
Noncompensation expense3,400 4,018 3,433 3,398 3,404 (d)(15)— 14,249 13,432 (d)6 
TOTAL NONINTEREST EXPENSE6,774 7,443 6,894 7,483 6,495 (9)4 28,594 27,350 5 
Income before income tax expense3,974 4,472 5,587 6,059 3,962 (11)— 20,092 19,594 3 
Income tax expense 1,450 1,380 1,495 1,638 648 (d)5 124 5,963 4,669 (d)28 
NET INCOME$2,524 $3,092 $4,092 $4,421 $3,314 (18)(24)$14,129 $14,925 (5)
FINANCIAL RATIOS
ROE9 %11 %15 %16 %12 %13 %14 %
Overhead ratio62 63 55 55 61 59 57 
Compensation expense as percentage of total net revenue31 29 28 30 29 29 29 
REVENUE BY BUSINESS
Investment Banking$1,576 $1,613 $1,494 $1,560 $1,389 (2)13 $6,243 $6,510 (4)
Payments 2,332 2,094 2,451 2,396 2,120 (d)11 10 9,273 7,579 (d)22 
Lending150 291 299 267 323 (48)(54)1,007 1,377 (27)
Total Banking4,058 3,998 4,244 4,223 3,832 2 6 16,523 15,466 7 
Fixed Income Markets4,033 4,514 4,567 5,699 3,739 (11)8 18,813 18,617 1 
Equity Markets1,778 2,067 2,451 2,683 1,931 (14)(8)8,979 10,367 (13)
Securities Services 1,191 1,212 1,221 1,148 1,159 (2)3 4,772 4,488 6 
Credit Adjustments & Other (c)(102)(61)36 (153)(63)(67)(62)(280)(836)67 
Total Markets & Securities Services6,900 7,732 8,275 9,377 6,766 (11)2 32,284 32,636 (1)
TOTAL NET REVENUE$10,958 $11,730 $12,519 $13,600 $10,598 (7)3 $48,807 $48,102 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 $1.2 billion, $643 million, $953 million, $839 million and $854 million for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively, and $3.6 billion and $3.0 billion for the full year 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 employee data)
QUARTERLY TRENDSFULL YEAR
4Q23 Change2023 Change
4Q233Q232Q231Q234Q223Q234Q22202320222022
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,338,168 $1,446,231 $1,432,054 $1,436,237 $1,334,296 (7)%— %$1,338,168 $1,334,296 — %
Loans:
Loans retained (a)197,523 194,255 194,450 187,133 187,642 2 5 197,523 187,642 5 
Loans held-for-sale and loans at fair value (b)38,919 39,069 38,959 38,335 42,304 — (8)38,919 42,304 (8)
Total loans 236,442 233,324 233,409 225,468 229,946 1 3 236,442 229,946 3 
Equity108,000 108,000 108,000 108,000 103,000 — 5 108,000 103,000 5 
SELECTED BALANCE SHEET DATA (average)
Total assets$1,401,288 $1,423,182 $1,461,857 $1,429,662 $1,384,255 (2)1 $1,428,904 $1,406,250 2 
Trading assets - debt and equity instruments 490,329 522,845 533,082 488,767 406,692 (6)21 508,799 405,916 25 
Trading assets - derivative receivables 62,454 65,774 63,094 64,016 77,669 (5)(20)63,836 77,802 (18)
Loans:
Loans retained (a)193,870 193,683 189,153 185,572 182,873 — 6 190,601 172,627 10 
Loans held-for-sale and loans at fair value (b)39,438 39,227 38,132 42,569 42,895 1 (8)39,831 46,846 (15)
Total loans233,308 232,910 227,285 228,141 225,768 — 3 230,432 219,473 5 
Deposits764,438 726,617 722,818 699,586 707,541 5 8 728,537 739,700 (2)
Equity108,000 108,000 108,000 108,000 103,000 — 5 108,000 103,000 5 
Employees
74,404 74,900 74,822 74,352 73,452 (1)1 74,404 73,452 1 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$121 $45 $56 $50 $7 169 NM$272 $82 232 
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)866 978 924 832 718 (11)21 866 718 21 
Nonaccrual loans held-for-sale and loans at fair value (d)828 801 818 808 848 3 (2)828 848 (2)
Total nonaccrual loans 1,694 1,779 1,742 1,640 1,566 (5)8 1,694 1,566 8 
Derivative receivables364 293 286 291 296 24 23 364 296 23 
Assets acquired in loan satisfactions115 126 133 86 87 (9)32 115 87 32 
Total nonperforming assets 2,173 2,198 2,161 2,017 1,949 (1)11 2,173 1,949 11 
Allowance for credit losses:
Allowance for loan losses2,321 2,414 2,531 2,454 2,292 (4)1 2,321 2,292 1 
Allowance for lending-related commitments1,048 1,095 1,207 1,301 1,448 (4)(28)1,048 1,448 (28)
Total allowance for credit losses3,369 3,509 3,738 3,755 3,740 (4)(10)3,369 3,740 (10)
Net charge-off/(recovery) rate (a)(e)0.25 %0.09 %0.12 %0.11 %0.02 %0.14 %0.05 %
Allowance for loan losses to period-end loans retained (a)1.18 1.24 1.30 1.31 1.22 1.18 1.22 
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (f)1.64 1.74 1.86 1.81 1.67 1.64 1.67 
Allowance for loan losses to nonaccrual loans retained (a)(c)268 247 274 295 319 268 319 
Nonaccrual loans to total period-end loans0.72 0.76 0.75 0.73 0.68 0.72 0.68 
(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 $95 million, $182 million, $145 million, $153 million and $104 million were held against these nonaccrual loans at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively.
(d)At December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $59 million, $65 million, $76 million, $99 million and $115 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 TRENDSFULL YEAR
4Q23 Change2023 Change
4Q233Q232Q231Q234Q223Q234Q22202320222022
BUSINESS METRICS
Advisory$751 $767 $540 $756 $738 (2)%2 %$2,814 $3,051 (8)%
Equity underwriting324 274 318 235 250 18 30 1,151 1,034 11 
Debt underwriting579 676 699 663 479 (14)21 2,617 2,844 (8)
Total investment banking fees$1,654 $1,717 $1,557 $1,654 $1,467 (4)13 $6,582 $6,929 (5)
Client deposits and other third-party liabilities (average) (a)660,750 638,119 647,479 633,729 649,694 4 2 645,074 687,391 (6)
Merchant processing volume (in billions) (b)
639 610 600 559 583 5 10 2,408 2,158 12 
Assets under custody (“AUC”) (period-end) (in billions)$32,392 $29,725 $30,424 $29,725 $28,635 9 13 $32,392 $28,635 13 
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (c)
Fixed income$35 $49 $57 $56 $66 (29)(47)
Foreign exchange 10 17 12 10 11 (41)(9)
Equities5 7 8 7 13 (29)(62)
Commodities and other8 10 12 15 18 (20)(56)
Diversification benefit to CIB trading VaR (d) (29)(48)(48)(44)(50)40 42 
CIB trading VaR (c)29 35 41 44 58 (17)(50)
Credit Portfolio VaR (e)16 15 14 11 10 7 60 
Diversification benefit to CIB VaR (d)(13)(12)(11)(10)(8)(8)(63)
CIB VaR$32 $38 $44 $45 $60 (16)(47)
(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 September 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 TRENDSFULL YEAR
4Q23 Change2023 Change
4Q233Q232Q231Q234Q223Q234Q22202320222022
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees $324 (e)$410 (e)$249 $227 $243 (21)%33 %$1,210 (e)$1,243 (3)%
Card income191 198 201 173 171 (4)12 763 685 11 %
All other income 391 364 385 381 315 7 24 1,521 1,408 8 
Noninterest revenue 906 972 835 781 729 (7)24 3,494 3,336 5 
Net interest income3,110 (e)3,059 (e)3,153 (e)2,730 2,675 2 16 12,052 (e)8,197 47 
TOTAL NET REVENUE (a)4,016 4,031 3,988 3,511 3,404 — 18 15,546 11,533 35 
Provision for credit losses366 (e)90 (e)1,097 (e)417 284 307 29 1,970 (e)1,268 55 
NONINTEREST EXPENSE
Compensation expense 733 (e)730 (e)656 641 607 — 21 2,760 (e)2,296 20 
Noncompensation expense662 645 644 667 647 3 2 2,618 2,423 8 
TOTAL NONINTEREST EXPENSE1,395 1,375 1,300 1,308 1,254 1 11 5,378 4,719 14 
Income before income tax expense2,255 2,566 1,591 1,786 1,866 (12)21 8,198 5,546 48 
Income tax expense 602 631 383 439 443 (5)36 2,055 1,333 54 
NET INCOME
$1,653 $1,935 $1,208 $1,347 $1,423 (15)16 $6,143 $4,213 46 
REVENUE BY PRODUCT
Lending$1,629 (e)$1,662 (e)$1,480 (e)$1,222 $1,185 (2)37 $5,993 (e)$4,524 32 
Payments (b)2,045 2,045 2,188 1,972 1,937 — 6 8,250 5,691 45 
Investment banking (b)(c)298 290 273 306 248 3 20 1,167 1,064 10 
Other44 34 47 11 34 29 29 136 254 (46)
TOTAL NET REVENUE (a)$4,016 $4,031 $3,988 $3,511 $3,404 — 18 $15,546 $11,533 35 
Investment Banking and Markets revenue, gross (d)$924 $821 $767 $881 $700 13 32 $3,393 $2,978 14 
REVENUE BY CLIENT SEGMENT
Middle Market Banking $1,898 (f)$1,876 (f)$1,916 (f)$1,681 $1,619 1 17 $7,371 (f)$5,134 44 
Corporate Client Banking 1,164 1,208 1,229 1,176 1,109 (4)5 4,777 3,918 22 
Commercial Real Estate Banking939 (f)921 (f)806 (f)642 666 2 41 3,308 (f)2,461 34 
Other15 26 37 12 10 (42)50 90 20 350 
TOTAL NET REVENUE (a)$4,016 $4,031 $3,988 $3,511 $3,404 — 18 $15,546 $11,533 35 
FINANCIAL RATIOS
ROE21 %25 %16 %18 %22 %20 %16 %
Overhead ratio35 34 33 37 37 35 41 
(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 $108 million, $103 million, $89 million, $82 million and $100 million for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively, and $382 million and $322 million for the full year 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 $75 million and $284 million, respectively, for the three months ended December 31, 2023, $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 $216 million and $687 million, respectively, for the full year 2023, associated with First Republic.

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JPMORGAN CHASE & CO.
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COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q23 Change2023 Change
4Q233Q232Q231Q234Q223Q234Q22202320222022
SELECTED BALANCE SHEET DATA (period-end)
Total assets$300,325 $300,367  $305,280 $261,181 $257,106 — %17 %$300,325 $257,106 17 %
Loans:
Loans retained277,663 (d)281,389 (d)282,124 (d)238,752 233,879 (1)19 277,663 (d)233,879 19 
Loans held-for-sale and loans at fair value545 915 1,540 1,538 707 (40)(23)545 707 (23)
Total loans$278,208 $282,304 $283,664 $240,290 $234,586 (1)19 $278,208 $234,586 19 
Equity30,000 30,000 30,000 28,500 25,000 — 20 30,000 25,000 20 
Period-end loans by client segment
Middle Market Banking (a)$78,043 (e)$78,955 (e)$79,885 (e)$73,329 $72,625 (1)7 $78,043 (e)$72,625 7 
Corporate Client Banking56,132 59,645 60,511 58,256 53,840 (6)4 56,132 53,840 4 
Commercial Real Estate Banking 143,507 (e)143,413 (e)142,897 (e)108,582 107,999 — 33 143,507 (e)107,999 33 
Other526 291 371 123 122 81 331 526 122 331 
Total loans (a)$278,208 $282,304 $283,664 $240,290 $234,586 (1)19 $278,208 $234,586 19 
SELECTED BALANCE SHEET DATA (average)
Total assets$302,429 $301,964 $290,875 $255,468 $253,007 — 20 $287,851 $243,108 18 
Loans:
Loans retained280,009 
(f)
281,602 
(f)
270,091 
(f)
236,808 234,654 (1)19 267,285 
(f)
222,388 20 
Loans held-for-sale and loans at fair value977 1,378 726 1,155 673 (29)45 1,060 1,350 (21)
Total loans$280,986 $282,980 $270,817 $237,963 $235,327 (1)19 $268,345 $223,738 20 
Deposits267,788 
(g)
262,148 275,196 265,943 278,876 2 (4)267,758 
(g)
294,180 (9)
Equity30,000 30,000 29,505 28,500 25,000 — 20 29,507 25,000 18 
Average loans by client segment
Middle Market Banking $78,601 
(h)
$78,774 
(h)
$78,037 
(h)
$73,030 $72,109 — 9 $77,130 
(h)
$67,830 14 
Corporate Client Banking 58,480 60,816 59,159 56,581 55,137 (4)6 58,770 50,281 17 
Commercial Real Estate Banking 143,456 
(h)
142,955 
(h)
133,394 
(h)
108,143 107,831 — 33 132,114 
(h)
105,459 25 
Other449 435 227 209 250 3 80 331 168 97 
Total loans$280,986 $282,980 $270,817 $237,963 $235,327 (1)19 $268,345 $223,738 20 
Employees
17,867 17,281 15,991 15,026 14,687 3 22 17,867 14,687 22 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$126 $53 $100 $37 $35 138 260 $316 $84 276 
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (b)809 889 1,068 918  766 (9)6 809 766 6 
Nonaccrual loans held-for-sale and loans
at fair value— 24 — —  — NM— — — — 
Total nonaccrual loans809 913 1,068 918 766 (11)6 809 766 6 
Assets acquired in loan satisfactions54 47 — — — 15 NM54 — NM
Total nonperforming assets863 960 1,068 918 766 (10)13 863 766 13 
Allowance for credit losses:
Allowance for loan losses5,005 4,721 4,729 3,566  3,324 6 51 5,005 3,324 51 
Allowance for lending-related commitments801 845 801 966  830 (5)(3)801 830 (3)
Total allowance for credit losses5,806 
(i)
5,566 
(i)
5,530 
(i)
4,532 4,154 4 40 5,806 
(i)
4,154 40 
Net charge-off/(recovery) rate (c)0.18 %0.07 %0.15 %0.06 %0.06 %0.12 %0.04 %
Allowance for loan losses to period-end loans retained1.80 1.68  1.68 1.49  1.42 1.80 1.42 
Allowance for loan losses to nonaccrual loans retained (b)619 531  443 388  434 619 434 
Nonaccrual loans to period-end total loans0.29 0.32 0.38 0.38 0.33 0.29 0.33 
    
(a)As of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, total loans included $36 million, $48 million, $65 million, $88 million, and $132 million of loans, respectively, under the PPP, of which $32 million, $43 million, $60 million, $80 million, and $123 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 $156 million, $164 million, $205 million, $170 million and $153 million was held against nonaccrual loans retained at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 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 December 31, 2023, included $5.9 billion and $32.6 billion for Middle Market Banking and Commercial Real Estate Banking, respectively, as of September 30, 2023, included $6.1 billion and $32.7 billion, 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, $39.0 billion, and $28.6 billion for the three months ended December 31, 2023, September 30, 2023, and June 30, 2023 respectively, and $26.8 billion for the full year 2023.
(g)In the fourth quarter of 2023, certain deposits associated with First Republic were transferred from CCB. Refer to page 30 for additional information.
(h)Average Middle Market Banking and Commercial Real Estate Banking loans associated with First Republic were $6.3 billion and $32.7 billion respectively, for the three months ended December 31, 2023, $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 $4.2 billion and $22.5 billion, respectively, for the full year 2023.
(i)As of December 31, 2023, September 30, 2023, and June 30, 2023, included $729 million, $630 million, and $608 million allowance, respectively, for First Republic.
Page 20
                                                                    
JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and employee data)
QUARTERLY TRENDSFULL YEAR
4Q23 Change2023 Change
4Q233Q232Q231Q234Q223Q234Q22202320222022
INCOME STATEMENT
REVENUE
Asset management fees$3,137 $2,975 
(b)
$2,932 
(b)
$2,782 
(b)
$2,825 5 %11 %$11,826 $11,510 
(b)
3 %
Commissions and other fees153 190 
(b)
194 
(b)
160 
(b)
151 (19)1 697 662 
(b)
5 
All other income 148 
(a)
266 
(a)
232 
(a)
391 82 (44)80 1,037 
(a)
335 210 
Noninterest revenue 3,438 3,431 3,358 3,333 3,058 — 12 13,560 12,507 8 
Net interest income1,657 
(a)
1,574 
(a)
1,585 
(a)
1,451 1,530 5 8 6,267 
(a)
5,241 20 
TOTAL NET REVENUE5,095 5,005 4,943 4,784 4,588 2 11 19,827 17,748 12 
Provision for credit losses (1)
(a)
(13)
(a)
145 
(a)
28 32 92 NM159 
(a)
128 24 
NONINTEREST EXPENSE
Compensation expense 1,857 1,777 1,746 1,735 1,649 5 13 7,115 6,336 12 
Noncompensation expense 1,531 1,361 1,417 1,356 1,373 12 12 5,665 5,493 3 
TOTAL NONINTEREST EXPENSE3,388 
(a)
3,138 3,163 3,091 3,022 8 12 12,780 11,829 8 
Income before income tax expense1,708 1,880 1,635 1,665 1,534 (9)11 6,888 5,791 19 
Income tax expense 491 463 409 298 400 6 23 1,661 1,426 16 
NET INCOME $1,217 $1,417 $1,226 $1,367 $1,134 (14)7 $5,227 $4,365 20 
REVENUE BY LINE OF BUSINESS
Asset Management $2,403 $2,164 $2,128 $2,434 $2,158 11 11 $9,129 $8,818 4 
Global Private Bank2,692 
(a)
2,841 
(a)
2,815 
(a)
2,350 2,430 (5)11 10,698 
(a)
8,930 20 
TOTAL NET REVENUE $5,095 $5,005 $4,943 $4,784 $4,588 2 11 $19,827 $17,748 12 
FINANCIAL RATIOS
ROE28 %32 %29 %34 % 26 % 31 %25 %
Overhead ratio66 63 64 65 66 64 67 
Pretax margin ratio:
Asset Management29 29 27 37 27 31 30 
Global Private Bank37 44 37 33 39 38 35 
Asset & Wealth Management34 38 33 35 33 35 33 
Employees
28,485 28,083 26,931 26,773 26,041 1 9 28,485 26,041 9 
Number of Global Private Bank client advisors3,515 3,443 3,214 3,189 3,137 2 12 3,515 3,137 12 
(a)Includes First Republic. Refer to page 30 for additional information.
(b)Prior-period amounts have been revised to conform with the current presentation.



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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q23 Change2023 Change
4Q233Q232Q231Q234Q223Q234Q22202320222022
SELECTED BALANCE SHEET DATA (period-end)
Total assets $245,512 $249,866 $247,118 $232,516 $232,037 (2)%6 %$245,512 $232,037 6 %
Loans 227,929 (a)228,114 (a)222,493 (a)211,140 214,006 — 7 227,929 (a)214,006 7 
Deposits233,232 (a)215,152 199,763 225,831 233,130 8 — 233,232 (a)233,130 — 
Equity17,000 17,000 17,000 16,000 17,000 — — 17,000 17,000 — 
SELECTED BALANCE SHEET DATA (average)
Total assets $247,202 $245,616 $238,987 $228,823 $230,149 1 7 $240,222 $232,438 3 
Loans 227,042 (b)223,760 (b)219,469 (b)211,469 214,150 1 6 220,487 (b)215,582 2 
Deposits226,640 
(a)
201,975 211,872 224,354 236,965 12 (4)216,178 
(a)
261,489 (17)
Equity17,000 17,000 16,670 16,000 17,000 — — 16,671 17,000 (2)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$12 $1 $2 $(2)$(2)NMNM$13 $(7)NM
Nonaccrual loans650 621 615 477 459 5 42 650 459 42 
Allowance for credit losses:
Allowance for loan losses 633 642 649 526 494 (1)28 633 494 28 
Allowance for lending-related commitments28 32 39 19 20 (13)40 28 20 40 
Total allowance for credit losses661 
(c)
674 
(c)
688 
(c)
545 514 (2)29 661 
(c)
514 29 
Net charge-off/(recovery) rate0.02 %— %— %— %— %0.01 %— %
Allowance for loan losses to period-end loans 0.28 0.28 0.29 0.25 0.23 0.28 0.23 
Allowance for loan losses to nonaccrual loans97 103 106 110 108 97 108 
Nonaccrual loans to period-end loans0.29 0.27 0.28 0.23 0.21 0.29 0.21 
(a)Includes First Republic. In the fourth quarter of 2023, certain deposits associated with First Republic were transferred from CCB. Refer to page 30 for additional information.
(b)Included $11.7 billion, $13.0 billion, and $9.7 billion for the three months ended December 31, 2023, September 30, 2023, and June 30, 2023, respectively, and $8.7 billion for the full year 2023, associated with First Republic.
(c)At December 31, 2023, September 30, 2023, and June 30, 2023, included $128 million, $115 million, and $146 million allowance, respectively, associated with First Republic.

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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
Dec 31, 2023
ChangeFULL YEAR
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,2023 Change
CLIENT ASSETS2023202320232023202220232022202320222022
Assets by asset class
Liquidity $926 $867 $826 $761 $654 7 %42 %$926 $654 42 %
Fixed income 751 707 718 682 638 6 18 751 638 18 
Equity868 780 792 733 670 11 30 868 670 30 
Multi-asset680 626 647 627 603 9 13 680 603 13 
Alternatives197 206 205 203 201 (4)(2)197 201 (2)
TOTAL ASSETS UNDER MANAGEMENT3,422 3,186 3,188 3,006 2,766 7 24 3,422 2,766 24 
Custody/brokerage/administration/deposits1,590 1,458 1,370 1,341 1,282 9 24 1,590 1,282 24 
TOTAL CLIENT ASSETS (a)$5,012 $4,644 $4,558 $4,347 $4,048 8 24 $5,012 $4,048 24 
Assets by client segment
Private Banking$974 $888 $881 $826 $751 10 30 $974 $751 30 
Global Institutional1,488 1,424 1,423 1,347 1,252 4 19 1,488 1,252 19 
Global Funds960 874 884 833 763 10 26 960 763 26 
TOTAL ASSETS UNDER MANAGEMENT$3,422 $3,186 $3,188 $3,006 $2,766 7 24 $3,422 $2,766 24 
Private Banking$2,452 $2,249 $2,170 $2,090 $1,964 9 25 $2,452 $1,964 25 
Global Institutional1,594 1,514 1,497 1,417 1,314 5 21 1,594 1,314 21 
Global Funds966 881 891 840 770 10 25 966 770 25 
TOTAL CLIENT ASSETS (a)$5,012 $4,644 $4,558 $4,347 $4,048 8 24 $5,012 $4,048 24 
Assets under management rollforward
Beginning balance$3,186 $3,188 $3,006 $2,766 $2,616 $2,766 $3,113 
Net asset flows:
Liquidity 49 40 60 93 33 242 (55)
Fixed income 6 1 37 26 8 70 13 
Equity12 16 20 22 9 70 35 
Multi-asset(1)1 3 (2)(7)1 (9)
Alternatives(5)2 1 1 — (1)8 
Market/performance/other impacts175 (62)61 100 107 274 (339)
Ending balance$3,422 $3,186 $3,188 $3,006 $2,766 $3,422 $2,766 
Client assets rollforward
Beginning balance$4,644 $4,558 $4,347 $4,048 $3,823 $4,048 $4,295 
Net asset flows94 132 112 152 70 490 49 
Market/performance/other impacts274 (46)99 147 155 474 (296)
Ending balance$5,012 $4,644 $4,558 $4,347 $4,048 $5,012 $4,048 
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
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CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except employee data)
QUARTERLY TRENDSFULL YEAR
4Q23 Change2023 Change
4Q233Q232Q231Q234Q223Q234Q22202320222022
INCOME STATEMENT
REVENUE
Principal transactions$(21)$128 $113 $82 $(7)NM(200)%$302 $(227)NM
Investment securities losses(743)(669)(900)(868)(874)(11)15 %(3,180)(2,380)(34)%
All other income 96 
(e)
116 (e)2,767 (e)31 766 
(j)
(17)(87)3,010 (e)809 272 %
Noninterest revenue(668)(425)1,980 (755)(115)(57)(481)132 (1,798)NM
Net interest income 2,445 
(e)
1,983 (e)1,738 (e)1,740 1,298 23 88 7,906 (e)1,878 321 
TOTAL NET REVENUE (a)1,777 1,558 3,718 985 1,183 14 50 8,038 80 NM
Provision for credit losses(2)46 (243)370 (14)NM86 171 22 NM
NONINTEREST EXPENSE3,593 
(e)(f)
696 (e)1,152 (e)160 339 416 NM5,601 
(e)(f)
1,034 442 
Income/(loss) before income tax expense/(benefit)(1,814)816 2,809 455 858 NMNM2,266 (976)NM
Income tax expense/(benefit) (939)
(g)
4 169 
(i)
211 277 NMNM(555)
(g)(i)
(233)(138)
NET INCOME/(LOSS)
$(875)$812 $2,640 $244 $581 NMNM$2,821 $(743)NM
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
2,065 1,640 1,261 1,106 603 26 242 6,072 (439)NM
Other Corporate(288)
(e)
(82)(e)2,457 (e)(121)580 (251)NM1,966 (e)519 279 
TOTAL NET REVENUE$1,777 $1,558 $3,718 $985 $1,183 14 50 $8,038 $80 NM
NET INCOME/(LOSS)
Treasury and CIO1,396 1,129 1,057 624 531 24 163 4,206 (197)NM
Other Corporate (2,271)
(e)
(317)(e)1,583 (e)(380)50 NMNM(1,385)(e)(546)(154)
TOTAL NET INCOME/(LOSS) $(875)$812 $2,640 $244 $581 NMNM$2,821 $(743)NM
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,348,437 $1,275,673 $1,263,595 $1,307,989 $1,328,219 6 2 $1,348,437 $1,328,219 2 
Loans1,924 2,099 2,172 2,267 2,181 (8)(12)1,924 2,181 (12)
Deposits (b)21,826 20,363 21,083 19,458 14,203 7 54 21,826 14,203 54 
Employees
47,530 47,280 45,235 44,743 44,196 1 8 47,530 44,196 8 
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities losses$(743)$(669)$(900)$(868)$(874)(11)15 $(3,180)$(2,380)(34)
Available-for-sale securities (average) 199,581 201,875 198,620 202,776 195,788 (1)2 200,708 239,924 (16)
Held-to-maturity securities (average) (c)377,709 402,816 410,594 417,350 427,802 (6)(12)402,010 412,180 (2)
Investment securities portfolio (average)$577,290 $604,691 $609,214 $620,126 $623,590 (5)(7)$602,718 $652,104 (8)
Available-for-sale securities (period-end)199,354 
(h)
195,200 
(h)
201,211 
(h)
195,228 203,981 2 (2)199,354 
(h)
203,981 (2)
Held-to-maturity securities (period-end) (c)369,848 388,261 408,941 412,827 425,305 (5)(13)369,848 425,305 (13)
Investment securities portfolio, net of allowance for credit losses (period-end) (d)$569,202 $583,461 $610,152 $608,055 $629,286 (2)(10)$569,202 $629,286 (10)
(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $53 million, $57 million, $45 million, $56 million and $58 million for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively, and $211 million and $235 million for the full year 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 December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, the estimated fair value of the HTM securities portfolio was $342.8 billion, $348.7 billion, $375.3 billion, $382.0 billion and $388.6 billion, respectively. Refer to Note 1 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 for additional information on the portfolio layer method.
(d)At December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, the allowance for credit losses on investment securities was $94 million, $87 million, $74 million, $61 million and $67 million, respectively.
(e)Includes First Republic. Refer to page 30 for additional information.
(f)Included a $2.9 billion special assessment from the FDIC on certain banks to recover losses to the DIF arising from the protection of uninsured depositors resulting from bank resolutions in 2023.
(g)Included an income tax benefit of $463 million and $428 million for the three months and full year ended December 31, 2023, respectively, related to the finalization of certain income tax regulations.
(h)At December 31, 2023, September 30, 2023 and June 30, 2023, included AFS securities of $24.2 billion, $22.9 billion and $25.8 billion, respectively, associated with First Republic.
(i)Income taxes associated with the First Republic acquisition are reflected in the estimated bargain purchase gain.
(j)Included a $914 million gain on sale of Visa B shares.
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CREDIT-RELATED INFORMATION
(in millions)
Dec 31, 2023
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2023202320232023202220232022
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained$397,275 $397,054 $396,195 $300,447 $300,753 — %32 %
Loans held-for-sale and loans at fair value 12,818 11,715 12,009 10,986 10,622 9 21 
Total consumer, excluding credit card loans410,093 408,769 408,204 311,433 311,375 — 32 
Credit card loans
Loans retained211,123 196,935 191,348 180,079 185,175 7 14 
Total credit card loans211,123 196,935 191,348 180,079 185,175 7 14 
Total consumer loans 621,216 605,704 599,552 491,512 496,550 3 25 
Wholesale loans (b)
Loans retained672,472 671,952 668,145 604,324 603,670 — 11 
Loans held-for-sale and loans at fair value 30,018 32,403 32,372 33,060 35,427 (7)(15)
Total wholesale loans 702,490 704,355 700,517 637,384 639,097 — 10 
Total loans 1,323,706 1,310,059 1,300,069 1,128,896 1,135,647 1 17 
Derivative receivables 54,864 67,070 64,217 59,274 70,880 (18)(23)
Receivables from customers (c)47,625 43,376 42,741 43,943 49,257 10 (3)
Total credit-related assets 1,426,195 1,420,505 1,407,027 1,232,113 1,255,784 — 14 
Lending-related commitments
Consumer, excluding credit card 45,403 48,313 50,846 37,568 33,518 (6)35 
Credit card (d)915,658 898,903 881,485 861,218 821,284 2 11 
Wholesale 536,786 531,568 541,089 484,539 471,980 (h)1 14 
Total lending-related commitments1,497,847 1,478,784 1,473,420 1,383,325 1,326,782 1 13 
Total credit exposure $2,924,042 (g)$2,899,289 (g)$2,880,447 (g)$2,615,438 $2,582,566 1 13 
Memo: Total by category
Consumer exposure (e)$1,582,277 $1,552,920 $1,531,883 $1,390,298 $1,351,352 2 17 
Wholesale exposure (f)1,341,765 1,346,369 1,348,564 1,225,140 1,231,214 — 9 
Total credit exposure$2,924,042 $2,899,289 $2,880,447 $2,615,438 $2,582,566 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 December 31, 2023, September 30, 2023 and June 30, 2023 includes credit exposure associated with First Republic consisting of $101.6 billion, $103.3 billion and $104.6 billion in the Consumer credit portfolio, respectively, and $90.6 billion, $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)
Dec 31, 2023
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2023202320232023202220232022
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
   Loans retained $3,643 $3,766 $3,784 $3,843 $3,874 (3)%(6)%
   Loans held-for-sale and loans at fair value 560 408 481 452 451 37 24 
Total consumer nonaccrual loans4,203 4,174 4,265 4,295 4,325 1 (3)
Wholesale nonaccrual loans
Loans retained2,346 2,907 2,593 2,211 1,963 (19)20 
Loans held-for-sale and loans at fair value 368 439 415 389 432 (16)(15)
Total wholesale nonaccrual loans 2,714 3,346 3,008 2,600 2,395 (19)13 
Total nonaccrual loans (b)6,917 7,520 7,273 6,895 6,720 (8)3 
Derivative receivables 364 293 286 291 296 24 23 
Assets acquired in loan satisfactions316 318 279 232 231 (1)37 
Total nonperforming assets 7,597 8,131 7,838 7,418 7,247 (7)5 
Wholesale lending-related commitments (c) 464 387 332 401 455 20 2 
Total nonperforming exposure$8,061 $8,518 $8,170 $7,819 $7,702 (5)5 
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans 0.52 %0.57 %0.56 %0.61 %0.59 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 1.02 1.02 1.04 1.38 1.39 
Total wholesale nonaccrual loans to total
wholesale loans 0.39 0.48 0.43 0.41 0.37 
(a)At December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $182 million, $188 million, $215 million, $263 million and $302 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 TRENDSFULL YEAR
4Q23 Change2023 Change
4Q233Q232Q231Q234Q223Q234Q22202320222022
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance$21,946 $21,980 $20,053 $19,139 (c)$18,185 — %21 %$19,139 $16,386 17 %
Net charge-offs:
Gross charge-offs2,557 1,869 1,776 1,451 1,210 37 111 7,653 4,326 77 
Gross recoveries collected(393)(372)(365)(314)(323)(6)(22)(1,444)(1,473)2 
Net charge-offs2,164 1,497 1,411 1,137 887 45 144 6,209 2,853 118 
Provision for loan losses 2,625 1,479 3,317 (b)2,047 2,426 77 8 9,468 (b)6,189 53 
Other13 (16)21 4 2 NMNM22 4 450 
Ending balance$22,420 $21,946 $21,980 $20,053 $19,726 2 14 $22,420 $19,726 14 
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance$2,075 $2,186 $2,370 $2,382 $2,551 (5)(19)$2,382 $2,261 5 
Provision for lending-related commitments (100)(107)(188)(b)(13)(169)7 41 (408)(b)120 NM
Other(1)(4)4 1 — 75 NM— 1 NM
Ending balance$1,974 $2,075 $2,186 $2,370 $2,382 (5)(17)$1,974 $2,382 (17)
ALLOWANCE FOR INVESTMENT SECURITIES$128 $117 $104 $90 $96 9 33 $128 $96 33 
Total allowance for credit losses (a)$24,522 $24,138 $24,270 $22,513 $22,204 2 10 $24,522 $22,204 10 
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.21 %0.17 %0.14 %0.18 %0.16 %0.17 %0.09 %
Credit card retained loans2.79 2.49 2.41 2.07 1.62 2.45 1.47 
Total consumer retained loans1.08 0.93 0.91 0.89 0.70 0.96 0.58 
Wholesale retained loans0.31 0.06 0.10 0.06 0.03 0.14 0.03 
Total retained loans 0.68 0.47 0.47 0.43 0.33 0.52 0.27 
Memo: Average retained loans
Consumer retained, excluding credit card loans$397,819 $396,788 $359,543 $300,585 $301,093 — 32 $364,061 $299,409 22 
Credit card retained loans202,652 195,232 187,027 180,451 177,026 4 14 191,412 163,335 17 
Total average retained consumer loans600,471 592,020 546,570 481,036 478,119 1 26 555,473 462,744 20 
Wholesale retained loans669,899 667,825 647,474 601,401 599,817 — 12 646,875 582,021 11 
Total average retained loans$1,270,370 $1,259,845 $1,194,044 $1,082,437 $1,077,936 1 18 $1,202,348 $1,044,765 15 
(a)At December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022 excludes an allowance for credit losses associated with certain accounts receivable in CIB of $243 million, $17 million, $18 million, $20 million and $21 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 the First Republic acquisition.
(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)
Dec 31, 2023
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2023202320232023202220232022
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)$(876)$(942)$(971)$(1,030)$(624)
(e)
7 %(40)%
Portfolio-based2,732 2,796 3,019 2,696 2,664 
(e)
(2)3 
Total consumer, excluding credit card1,856 (d)1,854 (d)2,048 (d)1,666 2,040 — (9)
Credit card
Asset-specific (a)— — — — 223 — NM
Portfolio-based12,450 11,900 11,600 11,400 10,977 5 13 
Total credit card12,450 11,900 11,600 11,400 11,200 5 11 
Total consumer14,306 13,754 13,648 13,066 13,240 4 8 
Wholesale
Asset-specific (a)392 732 478 437 467 (46)(16)
Portfolio-based7,722 7,460 7,854 6,550 6,019 4 28 
Total wholesale8,114 (d)8,192 (d)8,332 (d)6,987 6,486 (1)25 
Total allowance for loan losses 22,420 21,946 21,980 20,053 19,726 2 14 
Allowance for lending-related commitments1,974 2,075 2,186 2,370 2,382 (5)(17)
Allowance for investment securities128 117 104 90 96 9 33 
Total allowance for credit losses$24,522 $24,138 $24,270 $22,513 $22,204 2 10 
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans0.47 %0.47 %0.52 %0.55 %0.68 %
Credit card allowance to total credit card retained loans5.90 6.04 6.06 6.33 6.05 
Wholesale allowance to total wholesale retained loans1.21 1.22 1.25 1.16 1.07 
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (b)1.31 1.33 1.36 1.26 1.17 
Total allowance to total retained loans1.75 1.73 1.75 1.85 1.81 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (c)51 49 54 43 53 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (c)166 151 163 143 146 
Wholesale allowance to wholesale retained nonaccrual loans346 282 321 316 330 
Total allowance to total retained nonaccrual loans374 329 345 331 338 
(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 December 31, 2023, September 30, 2023 and June 30, 2023, included $396 million, $396 million and $377 million of Consumer, respectively, and $800 million, $667 million and $695 million of Wholesale, respectively, associated with First Republic.
(e)Prior-period amounts have been revised to conform with the current presentation.


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JPMORGAN CHASE & CO.
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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 TRENDSFULL YEAR
4Q23 Change2023 Change
(in millions, except rates)4Q233Q232Q231Q234Q223Q234Q22202320222022
Net interest income - reported$24,051 $22,726 $21,779 $20,711 $20,192 6 %19 %$89,267 $66,710 34 %
Fully taxable-equivalent adjustments126 130 104 120 121 (3)4 480 434 11 
Net interest income - managed basis (a)$24,177 $22,856 $21,883 $20,831 $20,313 6 19 $89,747 $67,144 34 
Less: Markets net interest income615 (317)(487)(105)315 NM95 (294)4,789 NM
Net interest income excluding Markets (a)$23,562 $23,173 $22,370 $20,936 $19,998 2 18 $90,041 $62,355 44 
Average interest-earning assets$3,408,395 $3,331,728 $3,343,780 $3,216,757 $3,265,071 2 4 $3,325,708 $3,349,079 (1)
Less: Average Markets interest-earning assets
985,997 970,789 1,003,877 982,572 939,420 2 5 985,777 953,195 3 
Average interest-earning assets excluding Markets$2,422,398 $2,360,939 $2,339,903 $2,234,185 $2,325,651 3 4 $2,339,931 $2,395,884 (2)
Net yield on average interest-earning assets - managed basis2.81 %2.72 %2.62 %2.63 %2.47 %2.70 %2.00 %
Net yield on average Markets interest-earning assets
0.25 (0.13)(0.19)(0.04)0.13 (0.03)0.50 
Net yield on average interest-earning assets excluding Markets3.86 3.89 3.83 3.80 3.41 3.85 2.60 
Noninterest revenue - reported$14,523 $17,148 $19,528 $17,638 $14,355 (15)1 $68,837 $61,985 11 
Fully taxable-equivalent adjustments1,243 682 990 867 898 82 38 3,782 3,148 20 
Noninterest revenue - managed basis$15,766 $17,830 $20,518 $18,505 $15,253 (12)3 $72,619 $65,133 11 
Less: Markets noninterest revenue5,196 6,898 7,505 8,487 5,355 (25)(3)28,086 24,195 16 
Noninterest revenue excluding Markets$10,570 $10,932 $13,013 $10,018 $9,898 (3)7 $44,533 $40,938 9 
Memo: Markets total net revenue$5,811 $6,581 $7,018 $8,382 $5,670 (12)2 $27,792 $28,984 (4)
(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 DECEMBER 31, 2023THREE MONTHS ENDED SEPTEMBER 30, 2023THREE MONTHS ENDED JUNE 30, 2023
CCBCBAWMCORPTotalCCBCBAWMCORPTotalCCBCBAWMCORPTotal
SELECTED INCOME STATEMENT DATA
REVENUE
Asset management fees$138 $— $— $— $138 $142 $— $— $— $142 $107 $— $— $— $107 
All other income193 57 126 19 
(b)
395 191 144 203 81 
(b)
619 105 — 174 2,762 
(b)
3,041 
Noninterest revenue331 57 126 19 533 333 144 203 81 761 212 — 174 2,762 3,148 
Net interest income760 304 306 (23)1,347 1,022 222 233 (3)1,474 619 178 129 (29)897 
TOTAL NET REVENUE1,091 361 432 (4)1,880 1,355 366 436 78 2,235 831 178 303 2,733 4,045 
Provision for credit losses15 97 13 — 125 (2)26 (31)— (7)408 608 146 — 1,162 
Noninterest expense599 27 33 231 890 583 18 17 240 858 37 — — 562 599 
NET INCOME362 180 292 (187)647 589 245 342 (99)1,077 293 (327)119 2,301 2,386 
SELECTED BALANCE SHEET DATA (period-end)
Loans$94,671 $38,495 $11,436 $— $144,602 
(c)
$94,333 $38,729 $12,026 $— $145,088 
(c)
$94,721 $39,500 $13,696 $— $147,917 
(c)
Deposits42,710 
(a)
6,163 12,098 — 60,971 
(c)
63,945 — — — 63,945 68,351 — — — 68,351 
FULL YEAR ENDED DECEMBER 31, 2023
CCBCBAWMCORPTotal
SELECTED INCOME STATEMENT DATA
REVENUE
Asset management fees$387 $— $— $— $387 
All other income489 201 503 2,862 
(b)
4,055 
Noninterest revenue876 201 503 2,862 4,442 
Net interest income2,401 704 668 (55)3,718 
TOTAL NET REVENUE3,277 905 1,171 2,807 8,160 
Provision for credit losses421 731 128 — 1,280 
Noninterest expense1,219 45 50 1,033 2,347 
NET INCOME1,244 98 753 2,015 4,110 
SELECTED BALANCE SHEET DATA (period-end)
Loans$94,671 $38,495 $11,436 $— $144,602 
(c)
Deposits42,710 
(a)
6,163 12,098 — 60,971 
(c)
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)In the fourth quarter of 2023, CCB transferred certain deposits associated with First Republic to AWM, CB and CIB.
(b)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 December 31, 2023 and September 30, 2023, measurement period adjustments of $37 million and $100 million, respectively, were recorded, resulting in an estimated bargain purchase gain of $2.8 billion for the full year 2023.
(c)Excludes $1.9 billion of loans and $508 million of deposits in CIB associated with First Republic.