| Segment results and reconciliation |
The following table provides a summary of the Firm’s segment results as of or for the three and six months ended June 30, 2022 and 2021, on a managed basis. The Firm’s definition of managed basis starts 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. Refer to Note 32 of JPMorgan Chase’s 2021 Form 10-K for additional information on the Firm’s managed basis. Capital allocation The amount of capital assigned to each business segment is referred to as equity. Periodically, the assumptions and methodologies used to allocate capital are reassessed and as a result, the capital allocated to the LOBs may change. Refer to Line of business equity on page 93 of JPMorgan Chase’s 2021 Form 10-K for additional information on capital allocation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segment results and reconciliation(a) | | As of or for the three months
ended June 30,
(in millions, except ratios) | Consumer &
Community Banking | | Corporate &
Investment Bank | | Commercial Banking | | Asset & Wealth Management | | | 2022 | 2021 | | 2022 | 2021 | | 2022 | 2021 | | 2022 | 2021 | | | Noninterest revenue | $ | 3,906 | $ | 4,726 | | $ | 8,749 | $ | 9,912 | | $ | 904 | $ | 950 | | $ | 3,084 | $ | 3,165 | | | Net interest income | 8,708 | 8,034 | | 3,198 | 3,302 | | 1,779 | 1,533 | | 1,222 | 942 | | | Total net revenue | 12,614 | 12,760 | | 11,947 | 13,214 | | 2,683 | 2,483 | | 4,306 | 4,107 | | Provision for credit losses | 761 | (1,868) | | 59 | (79) | | 209 | (377) | | 44 | (10) | | | Noninterest expense | 7,723 | 7,062 | | 6,745 | 6,523 | | 1,156 | 981 | | 2,919 | 2,586 | | Income/(loss) before income tax expense/(benefit) | 4,130 | 7,566 | | 5,143 | 6,770 | | 1,318 | 1,879 | | 1,343 | 1,531 | | | Income tax expense/(benefit) | 1,030 | 1,921 | (b) | 1,418 | 1,750 | (b) | 324 | 457 | (b) | 339 | 375 | (b) | | Net income/(loss) | $ | 3,100 | $ | 5,645 | (b) | $ | 3,725 | $ | 5,020 | (b) | $ | 994 | $ | 1,422 | (b) | $ | 1,004 | $ | 1,156 | (b) | Average equity | $ | 50,000 | $ | 50,000 | | $ | 103,000 | $ | 83,000 | | $ | 25,000 | $ | 24,000 | | $ | 17,000 | $ | 14,000 | | | Total assets | 500,219 | 494,305 | | 1,403,558 | 1,363,992 | | 242,456 | 226,022 | | 235,553 | 217,284 | | | ROE | 24 | % | 44 | % | | 14 | % | 23 | % | | 15 | % | 23 | % | | 23 | % | 32 | % | | | Overhead ratio | 61 | 55 | | | 56 | | 49 | | | 43 | | 40 | | | 68 | | 63 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of or for the three months
ended June 30,
(in millions, except ratios) | Corporate | | Reconciling Items(a) | | Total | | | 2022 | 2021 | | 2022 | 2021 | | 2022 | 2021 | | | Noninterest revenue | $ | (244) | $ | (208) | | $ | (812) | $ | (807) | | $ | 15,587 | $ | 17,738 | | | Net interest income | 324 | (961) | | (103) | (109) | | 15,128 | 12,741 | | | Total net revenue | 80 | (1,169) | | (915) | (916) | | 30,715 | 30,479 | | Provision for credit losses | 28 | 49 | | — | — | | 1,101 | (2,285) | | | Noninterest expense | 206 | 515 | | — | — | | 18,749 | 17,667 | | | Income/(loss) before income tax expense/(benefit) | (154) | (1,733) | | (915) | (916) | | 10,865 | 15,097 | | | Income tax expense/(benefit) | 20 | (438) | (b) | (915) | (916) | | 2,216 | 3,149 | | | Net income/(loss) | $ | (174) | $ | (1,295) | (b) | $ | — | $ | — | | $ | 8,649 | $ | 11,948 | | Average equity | $ | 52,986 | $ | 79,849 | | $ | — | $ | — | | $ | 247,986 | $ | 250,849 | | | Total assets | 1,459,528 | 1,382,653 | | NA | NA | | 3,841,314 | 3,684,256 | | | ROE | NM | NM | | NM | NM | | 13 | % | 18 | % | | | Overhead ratio | NM | NM | | NM | NM | | 61 | | 58 | | |
(a)Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. (b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segment results and reconciliation(a) | | As of or for the six months
ended June 30,
(in millions, except ratios) | Consumer &
Community Banking | | Corporate &
Investment Bank | | Commercial Banking | | Asset & Wealth Management | | | 2022 | 2021 | | 2022 | 2021 | | 2022 | 2021 | | 2022 | 2021 | | | Noninterest revenue | $ | 7,808 | $ | 9,314 | | $ | 18,706 | $ | 21,000 | | $ | 1,771 | $ | 1,867 | | $ | 6,323 | $ | 6,311 | | | Net interest income | 17,035 | 15,963 | | 6,770 | 6,819 | | 3,310 | 3,009 | | 2,298 | 1,873 | | | Total net revenue | 24,843 | 25,277 | | 25,476 | 27,819 | | 5,081 | 4,876 | | 8,621 | 8,184 | | Provision for credit losses | 1,439 | (5,470) | | 504 | (410) | | 366 | (495) | | 198 | (131) | | | Noninterest expense | 15,443 | 14,264 | | 14,043 | 13,627 | | 2,285 | 1,950 | | 5,779 | 5,160 | | Income/(loss) before income tax expense/(benefit) | 7,961 | 16,483 | | 10,929 | 14,602 | | 2,430 | 3,421 | | 2,644 | 3,155 | | | Income tax expense/(benefit) | 1,966 | 4,051 | (b) | 2,819 | 3,658 | (b) | 586 | 818 | (b) | 632 | 739 | (b) | | Net income/(loss) | $ | 5,995 | $ | 12,432 | (b) | $ | 8,110 | $ | 10,944 | (b) | $ | 1,844 | $ | 2,603 | (b) | $ | 2,012 | $ | 2,416 | (b) | Average equity | $ | 50,000 | $ | 50,000 | | $ | 103,000 | $ | 83,000 | | $ | 25,000 | $ | 24,000 | | $ | 17,000 | $ | 14,000 | | | Total assets | 500,219 | 494,305 | | 1,403,558 | 1,363,992 | | 242,456 | 226,022 | | 235,553 | 217,284 | | | ROE | 23 | % | 49 | % | | 15 | % | 26 | % | (b) | 14 | % | 21 | % | | 23 | % | 34 | % | | | Overhead ratio | 62 | 56 | | | 55 | | 49 | | | 45 | | 40 | | | 67 | | 63 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of or for the six months
ended June 30,
(in millions, except ratios) | Corporate | | Reconciling Items(a) | | Total | | | 2022 | 2021 | | 2022 | 2021 | | 2022 | 2021 | | | Noninterest revenue | $ | (589) | $ | 174 | | $ | (1,587) | $ | (1,551) | | $ | 32,432 | $ | 37,115 | | | Net interest income | (212) | (1,816) | | (201) | (218) | | 29,000 | 25,630 | | | Total net revenue | (801) | (1,642) | | (1,788) | (1,769) | | 61,432 | 62,745 | | Provision for credit losses | 57 | 65 | | — | — | | 2,564 | (6,441) | | | Noninterest expense | 390 | 1,391 | | — | — | | 37,940 | 36,392 | | | Income/(loss) before income tax expense/(benefit) | (1,248) | (3,098) | | (1,788) | (1,769) | | 20,928 | 32,794 | | | Income tax expense/(benefit) | (218) | (951) | (b) | (1,788) | (1,769) | | 3,997 | 6,546 | | | Net income/(loss) | $ | (1,030) | $ | (2,147) | (b) | $ | — | $ | — | | $ | 16,931 | $ | 26,248 | | Average equity | $ | 55,234 | $ | 77,209 | | $ | — | $ | — | | $ | 250,234 | $ | 248,209 | | | Total assets | 1,459,528 | 1,382,653 | | NA | NA | | 3,841,314 | 3,684,256 | | | ROE | NM | NM | | NM | NM | | 13 | % | 21 | % | | | Overhead ratio | NM | NM | | NM | NM | | 62 | | 58 | | |
(a)Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. (b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
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