EX-99.2 3 a2q24erfex992supplement.htm JPMORGAN CHASE & CO. EARNINGS RELEASE FINANCIAL SUPPLEMENT - SECOND QUARTER 2024 Document

Exhibit 99.2




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EARNINGS RELEASE FINANCIAL SUPPLEMENT

SECOND QUARTER 2024








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
Commercial & Investment Bank (“CIB”)16–19
Asset & Wealth Management (“AWM”)
20–22
Corporate23
Credit-Related Information24-27
Non-GAAP Financial Measures28
Business Segment Reorganization
29
Glossary of Terms and Acronyms (a)
(a)    Refer to the Glossary of Terms and Acronyms on pages 315–321 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”).




JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
SELECTED INCOME STATEMENT DATA 2Q241Q244Q233Q232Q231Q242Q23202420232023
Reported Basis
Total net revenue$50,200 
(f)
$41,934 $38,574 $39,874 $41,307 20 %22 %$92,134 $79,656 16 %
Total noninterest expense23,713 22,757 
(h)
24,486 
(h)
21,757 20,822 4 14 46,470 40,929 14 
Pre-provision profit (a)26,487 19,177 14,088 18,117 20,485 38 29 45,664 38,727 18 
Provision for credit losses3,052 1,884 2,762 1,384 2,899 62 5 4,936 5,174 (5)
NET INCOME18,149 13,419 9,307 13,151 14,472 35 25 31,568 27,094 17 
Managed Basis (b)
Total net revenue50,992 
(f)
42,548 39,943 40,686 42,401 20 20 93,540 81,737 14 
Total noninterest expense23,713 22,757 
(h)
24,486 
(h)
21,757 20,822 4 14 46,470 40,929 14 
Pre-provision profit (a)27,279 19,791 15,457 18,929 21,579 38 26 47,070 40,808 15 
Provision for credit losses3,052 1,884 2,762 1,384 2,899 62 5 4,936 5,174 (5)
NET INCOME18,149 13,419 9,307 13,151 14,472 35 25 31,568 27,094 17 
EARNINGS PER SHARE DATA
Net income: Basic$6.13 $4.45 $3.04 $4.33 $4.76 38 29 $10.58 $8.86 19 
Diluted6.12 4.44 3.04 4.33 4.75 38 29 10.56 8.85 19 
Average shares: Basic2,889.8 2,908.3 2,914.4 2,927.5 2,943.8 (1)(2)2,899.1 2,956.1 (2)
Diluted2,894.9 2,912.8 2,919.1 2,932.1 2,948.3 (1)(2)2,903.9 2,960.5 (2)
MARKET AND PER COMMON SHARE DATA
Market capitalization$575,463 $575,195 $489,320 $419,254 $422,661 — 36 $575,463 $422,661 36 
Common shares at period-end2,845.1 2,871.6 2,876.6 2,891.0 2,906.1 (1)(2)2,845.1 2,906.1 (2)
Book value per share111.29 106.81 104.45 100.30 98.11 4 13 111.29 98.11 13 
Tangible book value per share (“TBVPS”) (a)92.77 88.43 86.08 82.04 79.90 5 16 92.77 79.90 16 
Cash dividends declared per share1.15 1.15 1.05 1.05 1.00 — 15 2.30 2.00 15 
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)23 %17 %12 %18 %20 %20 %19 %
Return on tangible common equity (“ROTCE”) (a)28 21 15 22 25 25 24 
Return on assets1.79 1.36 0.95 1.36 1.51 1.58 1.45 
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio (e)
15.3 %
(g)
15.0 %15.0 %14.3 %13.8 %15.3 %
(g)
13.8 %
Tier 1 capital ratio (e)
16.7 
(g)
16.4 16.6 15.9 15.4 16.7 
(g)
15.4 
Total capital ratio (e)
18.5 
(g)
18.2 18.5 17.8 17.3 18.5 
(g)
17.3 
Tier 1 leverage ratio7.2 
(g)
7.2 7.2 7.1 6.9 7.2 
(g)
6.9 
Supplementary leverage ratio (“SLR”)6.1 
(g)
6.1 6.1 6.0 5.8 6.1 
(g)
5.8 
 
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”).
(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 28 for a further discussion of these measures.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Ratios are based upon annualized amounts.
(d)The capital metrics reflect the Current Expected Credit Losses ("CECL") capital transition provisions. As of June 30, 2024 and March 31, 2024, CET1 capital reflected the remaining CECL benefit of $720 million; as of December 31, 2023, September 30, 2023, and June 30, 2023, CET1 capital reflected the benefit of $1.4 billion. Refer to Note 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024, and Note 27 of the Firm’s 2023 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 $7.9 billion net gain related to Visa shares. On April 8, 2024, Visa Inc. announced the commencement of an exchange offer for Visa Class B-1 common stock. On May 6, 2024, the Firm announced that Visa accepted the Firm’s tender of its 37.2 million shares of Visa Class B-1 common stock in exchange for a combination of Visa Class B-2 common stock and Visa Class C common stock. Visa’s acceptance resulted in a gain for the Firm relating to the Visa Class C common stock, which is held at fair value. Refer to pages 8 and 100 of JPMorgan Chase’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 for further information.
(g)Estimated.
(h)Included the FDIC special assessment to recover estimated losses to the Deposit Insurance Fund of $725 million for the three months ended March 31, 2024, which reflects an adjustment to the $2.9 billion estimate recorded in the three months ended December 31, 2023. Refer to Note 6 on page 220 of the Firm’s 2023 Form 10-K for additional information.


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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 TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
SELECTED BALANCE SHEET DATA (period-end)
Total assets$4,143,003 $4,090,727 $3,875,393 $3,898,333 $3,868,240 1 %7 %$4,143,003 $3,868,240 7 %
Loans:
Consumer, excluding credit card loans396,955 403,404 410,093 408,769 408,204 (2)(3)396,955 408,204 (3)
Credit card loans216,100 206,740 211,123 196,935 191,348 5 13 216,100 191,348 13 
Wholesale loans707,645 699,472 702,490 704,355 700,517 1 1 707,645 700,517 1 
Total loans1,320,700 1,309,616 1,323,706 1,310,059 1,300,069 1 2 1,320,700 1,300,069 2 
Deposits:
U.S. offices:
Noninterest-bearing632,316 657,651 643,748 651,240 656,778 (4)(4)632,316 656,778 (4)
Interest-bearing1,291,737 1,311,857 1,303,100 1,295,609 1,311,893 (2)(2)1,291,737 1,311,893 (2)
Non-U.S. offices:
Noninterest-bearing26,362 24,109 23,097 22,410 24,268 9 9 26,362 24,268 9 
Interest-bearing446,115 434,792 430,743 410,267 406,023 3 10 446,115 406,023 10 
Total deposits2,396,530 2,428,409 2,400,688 2,379,526 2,398,962 (1)— 2,396,530 2,398,962 — 
Long-term debt394,028 395,872 391,825 362,793 364,078 — 8 394,028 364,078 8 
Common stockholders’ equity316,652 306,737 300,474 289,967 285,112 3 11 316,652 285,112 11 
Total stockholders’ equity340,552 336,637 327,878 317,371 312,516 1 9 340,552 312,516 9 
Loans-to-deposits ratio55 %54 %55 %55 %54 %55 %54 %
Employees
313,206 311,921 309,926 308,669 300,066 — 4 313,206 300,066 4 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)
$56 $48 $35 $41 $47 17 19 
LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking$17,701 $17,653 $18,097 $18,362 $17,233 — 3 $35,354 $33,689 5 
Commercial & Investment Bank (c)17,917 17,584 14,974 15,761 16,507 2 9 35,501 33,618 6 
Asset & Wealth Management 5,252 5,109 5,095 5,005 4,943 3 6 10,361 9,727 7 
Corporate10,122 2,202 1,777 1,558 3,718 360 172 12,324 4,703 162 
TOTAL NET REVENUE$50,992 $42,548 $39,943 $40,686 $42,401 20 20 $93,540 $81,737 14 
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking$4,210 $4,831 $4,788 $5,895 $5,306 (13)(21)$9,041 $10,549 (14)
Commercial & Investment Bank (c)5,897 6,622 4,177 5,027 5,300 (11)11 12,519 11,068 13 
Asset & Wealth Management 1,263 1,290 1,217 1,417 1,226 (2)3 2,553 2,593 (2)
Corporate6,779 676 (875)812 2,640 NM157 7,455 2,884 158 
NET INCOME$18,149 $13,419 $9,307 $13,151 $14,472 35 25 $31,568 $27,094 17 
On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC.
(a)Refer to Commercial & Investment Bank VaR on page 18 for further information.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Effective in the second quarter of 2024, the Firm reorganized its reportable business segments by combining the former Corporate & Investment Bank and Commercial Banking business segments to form one segment, the Commercial & Investment Bank ("CIB"). Refer to Business Segment Reorganization on page 29 for further information.


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JPMORGAN CHASE & CO.
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CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
REVENUE2Q241Q244Q233Q232Q231Q242Q23202420232023
Investment banking fees $2,304 $1,954 $1,635 $1,722 $1,513 18 %52 %$4,258 $3,162 35 %
Principal transactions6,814 6,790 3,725 6,210 6,910 — (1)13,604 14,525 (6)
Lending- and deposit-related fees1,828 1,902 1,926 2,039 1,828 (4)— 3,730 3,448 8 
Asset management fees4,302 4,146 4,077 3,904 3,774 4 14 8,448 7,239 17 
Commissions and other fees1,924 1,805 1,697 1,705 1,739 7 11 3,729 3,434 9 
Investment securities losses(547)(366)(743)(669)(900)(49)39 (913)(1,768)48 
Mortgage fees and related income348 275 263 414 278 27 25 623 499 25 
Card income1,332 1,218 1,247 1,209 1,094 9 22 2,550 2,328 10 
Other income (a)9,149 
(e)
1,128 696 614 3,292 NM178 10,277 
(e)
4,299 139 
Noninterest revenue27,454 18,852 14,523 17,148 19,528 46 41 46,306 37,166 25 
Interest income48,513 47,438 47,384 44,556 41,644 2 16 95,951 78,648 22 
Interest expense25,767 24,356 23,333 21,830 19,865 6 30 50,123 36,158 39 
Net interest income22,746 23,082 24,051 22,726 21,779 (1)4 45,828 42,490 8 
TOTAL NET REVENUE50,200 41,934 38,574 39,874 41,307 20 22 92,134 79,656 16 
Provision for credit losses3,052 1,884 2,762 1,384 2,899 62 5 4,936 5,174 (5)
NONINTEREST EXPENSE
Compensation expense 12,953 13,118 11,847 11,726 11,216 (1)15 26,071 22,892 14 
Occupancy expense1,248 1,211 1,208 1,197 1,070 3 17 2,459 2,185 13 
Technology, communications and equipment expense 2,447 2,421 2,409 2,386 2,267 1 8 4,868 4,451 9 
Professional and outside services 2,722 2,548 2,606 2,620 2,561 7 6 5,270 5,009 5 
Marketing1,221 1,160 1,298 1,126 1,122 5 9 2,381 2,167 10 
Other expense (b)
3,122 
(f)
2,299 (g)5,118 (g)2,702 2,586 36 21 5,421 (f)(g)4,225 28 
TOTAL NONINTEREST EXPENSE23,713 22,757 24,486 21,757 20,822 4 14 46,470 40,929 14 
Income before income tax expense23,435 17,293 11,326 16,733 17,586 36 33 40,728 33,553 21 
Income tax expense (a)5,286 3,874 2,019 (h)3,582 3,114 36 70 9,160 6,459 42 
NET INCOME$18,149 $13,419 $9,307 $13,151 $14,472 35 25 $31,568 $27,094 17 
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$6.13 $4.45 $3.04 $4.33 $4.76 38 29 $10.58 $8.86 19 
Diluted earnings per share6.12 4.44 3.04 4.33 4.75 38 29 10.56 8.85 19 
FINANCIAL RATIOS
Return on common equity (c)
23 %17 %12 %18 %20 %20 %19 %
Return on tangible common equity (c)(d)
28 21 15 22 25 25 24 
Return on assets (c)
1.79 1.36 0.95 1.36 1.51 1.58 1.45 
Effective income tax rate22.6 22.4 17.8 (h)21.4 17.7 22.5 19.3 
Overhead ratio47 54 63 55 50 50 51 
On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC.
(a)Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. The adoption of this guidance resulted in a change to the classification and timing of the amortization associated with certain of the Firm’s alternative energy tax-oriented investments. The amortization of these investments that was previously recognized in other income is now recognized in income tax expense, which aligns with the associated tax credits and other tax benefits. The change in accounting increased the Firm’s income tax expense for the three months ended March, 31, 2024, by approximately $450 million, with no material impact to net income.
(b)Included Firmwide legal expense of $317 million, $(72) million, $175 million, $665 million and $420 million for the three months ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, respectively, and $245 million and $596 million for the six months ended June 30, 2024 and June 30, 2023 respectively.
(c)Ratios are based upon annualized amounts.
(d)Refer to page 28 for a further discussion of ROTCE.
(e)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (f) on page 2 for further information.
(f)Included a $1.0 billion donation of Visa shares to pre-fund contributions to the JPMorgan Chase Foundation.
(g)Included an FDIC special assessment to recover estimated losses to the Deposit Insurance Fund of $725 million for the three months ended March 31, 2024, which was an adjustment to the $2.9 billion estimate recorded in the three months ended December 31, 2023. Refer to Note 6 on page 220 of the Firm’s 2023 Form 10-K for additional information.
(h)Included an income tax benefit of $463 million for the three months ended December 31, 2023, 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.



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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Jun 30, 2024
Change
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,
2024202420232023202320242023
ASSETS
Cash and due from banks $27,265 $22,750 $29,066 $24,921 $26,064 20 %5 %
Deposits with banks 503,554 539,366 595,085 486,448 469,059 (7)7 
Federal funds sold and securities purchased under
resale agreements392,763 330,559 276,152 350,059 325,628 19 21 
Securities borrowed199,062 198,336 200,436 188,279 163,563 — 22 
Trading assets:
Debt and equity instruments679,209 697,788 485,743 534,923 572,779 (3)19 
Derivative receivables54,673 56,621 54,864 67,070 64,217 (3)(15)
Available-for-sale (“AFS”) securities266,252 236,152 201,704 197,119 203,262 13 31 
Held-to-maturity (”HTM”) securities323,746 334,527 369,848 388,261 408,941 (3)(21)
Investment securities, net of allowance for credit losses589,998 570,679 571,552 585,380 612,203 3 (4)
Loans1,320,700 1,309,616 1,323,706 1,310,059 1,300,069 1 2 
Less: Allowance for loan losses22,991 22,351 22,420 21,946 21,980 3 5 
Loans, net of allowance for loan losses1,297,709 1,287,265 1,301,286 1,288,113 1,278,089 1 2 
Accrued interest and accounts receivable
135,692 129,823 107,363 127,752 111,561 5 22 
Premises and equipment30,582 30,279 30,157 29,677 29,493 1 4 
Goodwill, MSRs and other intangible assets64,525 64,374 64,381 64,910 64,238 — — 
Other assets167,971 162,887 159,308 150,801 151,346 3 11 
TOTAL ASSETS$4,143,003 $4,090,727 $3,875,393 $3,898,333 $3,868,240 1 7 
LIABILITIES
Deposits$2,396,530 $2,428,409 $2,400,688 $2,379,526 $2,398,962 (1)— 
Federal funds purchased and securities loaned or sold
under repurchase agreements400,832 325,670 216,535 268,750 266,272 23 51 
Short-term borrowings47,308 46,268 44,712 45,470 41,022 2 15 
Trading liabilities:
Debt and equity instruments206,018 192,324 139,581 165,494 132,264 7 56 
Derivative payables34,818 36,003 40,847 41,963 46,545 (3)(25)
Accounts payable and other liabilities 295,813 301,469 290,307 292,070 286,934 (2)3 
Beneficial interests issued by consolidated VIEs27,104 28,075 23,020 24,896 19,647 (3)38 
Long-term debt394,028 395,872 391,825 362,793 364,078 — 8 
TOTAL LIABILITIES3,802,451 3,754,090 3,547,515 3,580,962 3,555,724 1 7 
STOCKHOLDERS’ EQUITY
Preferred stock23,900 29,900 27,404 27,404 27,404 (20)(13)
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital90,328 89,903 90,128 89,899 89,578 — 1 
Retained earnings356,924 342,414 332,901 327,044 317,359 4 12 
Accumulated other comprehensive income/(loss) (“AOCI”)(11,338)(11,639)(10,443)(17,104)(14,290)3 21 
Treasury stock, at cost(123,367)(118,046)(116,217)(113,977)(111,640)(5)(11)
TOTAL STOCKHOLDERS’ EQUITY340,552 336,637 327,878 317,371 312,516 1 9 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,143,003 $4,090,727 $3,875,393 $3,898,333 $3,868,240 1 7 
On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC.
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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
AVERAGE BALANCES2Q241Q244Q233Q232Q231Q242Q23202420232023
ASSETS
Deposits with banks $512,150 $535,708 $540,040 $456,954 $495,018 (4)%3 %$523,929 $500,311 5 %
Federal funds sold and securities purchased under resale agreements370,817 323,988 319,056 309,848 326,563 14 14 347,402 319,911 9 
Securities borrowed195,877 192,545 200,369 188,279 191,393 2 2 194,211 192,114 1 
Trading assets - debt instruments 452,933 422,516 374,254 383,576 391,945 7 16 437,725 374,908 17 
Investment securities580,044 580,046 579,450 606,593 611,552 — (5)580,045 616,772 (6)
Loans1,313,085 1,311,578 1,315,439 1,306,322 1,238,237 — 6 1,312,332 1,184,231 11 
All other interest-earning assets (a)84,819 79,134 79,787 80,156 89,072 7 (5)81,976 92,372 (11)
Total interest-earning assets 3,509,725 3,445,515 3,408,395 3,331,728 3,343,780 2 5 3,477,620 3,280,619 6 
Trading assets - equity and other instruments221,382 190,783 144,642 173,998 169,558 16 31 206,082 160,868 28 
Trading assets - derivative receivables57,175 57,635 62,069 66,972 63,339 (1)(10)57,405 63,929 (10)
All other noninterest-earning assets 283,161 274,704 270,526 267,079 274,711 3 3 278,933 275,657 1 
TOTAL ASSETS$4,071,443 $3,968,637 $3,885,632 $3,839,777 $3,851,388 3 6 $4,020,040 $3,781,073 6 
LIABILITIES
Interest-bearing deposits $1,722,856 $1,726,142 $1,713,189 $1,694,758 $1,715,699 — — $1,724,499 $1,692,993 2 
Federal funds purchased and securities loaned or
sold under repurchase agreements375,371 294,983 254,211 254,105 263,718 27 42 335,177 258,045 30 
Short-term borrowings
38,234 38,529 37,941 37,837 35,335 (1)8 38,381 37,039 4 
Trading liabilities - debt and all other interest-bearing liabilities (b)
318,703 302,997 287,443 288,007 293,269 5 9 310,849 285,467 9 
Beneficial interests issued by consolidated VIEs26,222 27,407 23,133 21,890 15,947 (4)64 26,815 14,722 82 
Long-term debt 342,516 340,411 325,843 315,267 294,239 1 16 341,464 271,912 26 
Total interest-bearing liabilities 2,823,902 2,730,469 2,641,760 2,611,864 2,618,207 3 8 2,777,185 2,560,178 8 
Noninterest-bearing deposits 648,327 648,644 658,912 660,983 671,715 — (3)648,486 661,138 (2)
Trading liabilities - equity and other instruments 30,456 28,622 34,176 29,508 28,513 6 7 29,539 29,137 1 
Trading liabilities - derivative payables37,538 39,877 42,447 46,754 46,934 (6)(20)38,707 48,139 (20)
All other noninterest-bearing liabilities 196,590 192,796 186,871 178,466 180,730 2 9 194,694 180,517 8 
TOTAL LIABILITIES3,736,813 3,640,408 3,564,166 3,527,575 3,546,099 3 5 3,688,611 3,479,109 6 
Preferred stock25,867 27,952 27,404 27,404 27,404 (7)(6)26,910 27,404 (2)
Common stockholders’ equity308,763 300,277 294,062 284,798 277,885 3 11 304,519 274,560 11 
TOTAL STOCKHOLDERS’ EQUITY334,630 328,229 321,466 312,202 305,289 2 10 331,429 301,964 10 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$4,071,443 $3,968,637 $3,885,632 $3,839,777 $3,851,388 3 6 $4,020,040 $3,781,073 6 
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks 4.76 %4.79 %4.79 %4.58 %4.20 %4.78 %4.03 %
Federal funds sold and securities purchased under resale agreements5.23 5.23 5.26 5.06 4.63 5.23 4.35 
Securities borrowed4.47 4.52 4.59 4.39 3.91 4.50 3.76 
Trading assets - debt instruments 4.44 4.38 4.39 4.32 4.12 4.41 4.13 
Investment securities3.80 3.64 3.53 3.23 3.01 3.72 2.90 
Loans 7.03 7.03 6.97 6.79 6.59 7.03 6.49 
All other interest-earning assets (a)(d)10.14 10.22 10.10 9.42 8.85 10.18 8.15 
Total interest-earning assets 5.57 5.55 5.53 5.32 5.01 5.56 4.85 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 2.90 2.85 2.78 2.53 2.24 2.88 2.05 
Federal funds purchased and securities loaned or
sold under repurchase agreements5.47 5.41 5.51 5.50 5.17 5.45 4.85 
Short-term borrowings
5.27 5.57 5.55 5.38 4.87 5.42 4.63 
Trading liabilities - debt and all other interest-bearing liabilities (b)3.29 3.50 3.58 3.39 3.25 3.39 3.07 
Beneficial interests issued by consolidated VIEs5.40 5.34 5.36 5.38 4.95 5.37 4.71 
Long-term debt 5.61 5.46 5.33 5.33 5.28 5.53 5.33 
Total interest-bearing liabilities 3.67 3.59 3.50 3.32 3.04 3.63 2.85 
INTEREST RATE SPREAD1.90 1.96 2.03 2.00 1.97 1.93 2.00 
NET YIELD ON INTEREST-EARNING ASSETS2.62 2.71 2.81 2.72 2.62 2.66 2.63 
Memo: Net yield on interest-earning assets excluding Markets (e)3.86 3.83 3.86 3.89 3.83 3.85 3.82 
(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) The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.
(e)    Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.


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

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
OTHER INCOME
Other income - reported (a)$9,149 $1,128 $696 $614 $3,292 NM178 %$10,277 $4,299 139 %
Fully taxable-equivalent adjustments (a)(b)677 493 1,243 682 990 37 (32)1,170 1,857 (37)
Other income - managed$9,826 $1,621 $1,939 $1,296 $4,282 NM129 $11,447 $6,156 86 
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported$27,454 $18,852 $14,523 $17,148 $19,528 46 41 $46,306 $37,166 25 
Fully taxable-equivalent adjustments677 493 1,243 682 990 37 (32)1,170 1,857 (37)
Total noninterest revenue - managed$28,131 $19,345 $15,766 $17,830 $20,518 45 37 $47,476 $39,023 22 
NET INTEREST INCOME
Net interest income - reported$22,746 $23,082 $24,051 $22,726 $21,779 (1)4 $45,828 $42,490 8 
Fully taxable-equivalent adjustments (b)
115 121 126 130 104 (5)11 236 224 5 
Net interest income - managed$22,861 $23,203 $24,177 $22,856 $21,883 (1)4 $46,064 $42,714 8 
TOTAL NET REVENUE
Total net revenue - reported$50,200 $41,934 $38,574 $39,874 $41,307 20 22 $92,134 $79,656 16 
Fully taxable-equivalent adjustments792 614 1,369 812 1,094 29 (28)1,406 2,081 (32)
Total net revenue - managed$50,992 $42,548 $39,943 $40,686 $42,401 20 20 $93,540 $81,737 14 
PRE-PROVISION PROFIT
Pre-provision profit - reported$26,487 $19,177 $14,088 $18,117 $20,485 38 29 $45,664 $38,727 18 
Fully taxable-equivalent adjustments792 614 1,369 812 1,094 29 (28)1,406 2,081 (32)
Pre-provision profit - managed$27,279 $19,791 $15,457 $18,929 $21,579 38 26 $47,070 $40,808 15 
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$23,435 $17,293 $11,326 $16,733 $17,586 36 33 $40,728 $33,553 21 
Fully taxable-equivalent adjustments792 614 1,369 812 1,094 29 (28)1,406 2,081 (32)
Income before income tax expense - managed$24,227 $17,907 $12,695 $17,545 $18,680 35 30 $42,134 $35,634 18 
INCOME TAX EXPENSE
Income tax expense - reported (a)$5,286 $3,874 $2,019 $3,582 $3,114 36 70 $9,160 $6,459 42 
Fully taxable-equivalent adjustments (a)792 614 1,369 812 1,094 29 (28)1,406 2,081 (32)
Income tax expense - managed$6,078 $4,488 $3,388 $4,394 $4,208 35 44 $10,566 $8,540 24 
OVERHEAD RATIO
Overhead ratio - reported47 %54 %63 %55 %50 %50 %51 %
Overhead ratio - managed47 53 61 53 49 50 50 
(a)Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. Refer to page 4 for additional information.
(b)Predominantly recognized in CIB and Corporate.

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JPMORGAN CHASE & CO.
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SEGMENT RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$17,701 $17,653 $18,097 $18,362 $17,233 — %3 %$35,354 $33,689 5 %
Commercial & Investment Bank (a)17,917 17,584 14,974 15,761 16,507 2 9 35,501 33,618 6 
Asset & Wealth Management 5,252 5,109 5,095 5,005 4,943 3 6 10,361 9,727 7 
Corporate10,122 2,202 1,777 1,558 3,718 360 172 12,324 4,703 162 
TOTAL NET REVENUE$50,992 $42,548 $39,943 $40,686 $42,401 20 20 $93,540 $81,737 14 
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking$9,425 $9,297 $9,336 $9,105 $8,313 1 13 $18,722 $16,378 14 
Commercial & Investment Bank (a)9,166 8,724 8,169 8,818 8,194 5 12 17,890 16,985 5 
Asset & Wealth Management3,543 3,460 3,388 3,138 3,163 2 12 7,003 6,254 12 
Corporate1,579 1,276 3,593 696 1,152 24 37 2,855 1,312 118 
TOTAL NONINTEREST EXPENSE$23,713 $22,757 $24,486 $21,757 $20,822 4 14 $46,470 $40,929 14 
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking$8,276 $8,356 $8,761 $9,257 $8,920 (1)(7)$16,632 $17,311 (4)
Commercial & Investment Bank (a)8,751 8,860 6,805 6,943 8,313 (1)5 17,611 16,633 6 
Asset & Wealth Management1,709 1,649 1,707 1,867 1,780 4 (4)3,358 3,473 (3)
Corporate8,543 926 (1,816)862 2,566 NM233 9,469 3,391 179 
PRE-PROVISION PROFIT$27,279 $19,791 $15,457 $18,929 $21,579 38 26 $47,070 $40,808 15 
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$2,643 $1,913 $2,189 $1,446 $1,862 38 42 $4,556 $3,264 40 
Commercial & Investment Bank (a)384 1 576 (95)1,135 NM(66)385 1,610 (76)
Asset & Wealth Management20 (57)(1)(13)145 NM(86)(37)173 NM
Corporate5 27 (2)46 (243)(81)NM32 127 (75)
PROVISION FOR CREDIT LOSSES$3,052 $1,884 $2,762 $1,384 $2,899 62 5 $4,936 $5,174 (5)
NET INCOME/(LOSS)
Consumer & Community Banking $4,210 $4,831 $4,788 $5,895 $5,306 (13)(21)$9,041 $10,549 (14)
Commercial & Investment Bank (a)5,897 6,622 4,177 5,027 5,300 (11)11 12,519 11,068 13 
Asset & Wealth Management 1,263 1,290 1,217 1,417 1,226 (2)3 2,553 2,593 (2)
Corporate 6,779 676 (875)812 2,640 NM157 7,455 2,884 158 
TOTAL NET INCOME$18,149 $13,419 $9,307 $13,151 $14,472 35 25 $31,568 $27,094 17 
(a)Effective in the second quarter of 2024, the Firm reorganized its reportable business segments by combining the former Corporate & Investment Bank and Commercial Banking business segments to form one segment, the Commercial & Investment Bank ("CIB"). Refer to Business Segment Reorganization on page 29 for further information.
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JPMORGAN CHASE & CO.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Jun 30, 2024
ChangeSIX MONTHS ENDED JUNE 30,
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,2024 Change
2024202420232023202320242023202420232023
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital$267,195 (c)$257,569 $250,585 $241,825 $235,827 4 %13 %
Tier 1 capital290,465 (c)280,771 277,306 268,579 262,585 3 11 
Total capital322,191 (c)312,149 308,497 300,859 295,281 3 9 
Risk-weighted assets 1,742,525 (c)1,712,081 1,671,995 1,692,219 1,706,927 2 2 
CET1 capital ratio15.3 %(c)15.0 %15.0 %14.3 %13.8 %
Tier 1 capital ratio16.7 (c)16.4 16.6 15.9 15.4 
Total capital ratio18.5 (c)18.2 18.5 17.8 17.3 
Advanced
CET1 capital$267,195 (c)$257,569 $250,585 $241,825 $235,827 4 13 
Tier 1 capital 290,465 (c)280,771 277,306 268,579 262,585 3 11 
Total capital308,673 (c)298,766 295,417 287,560 281,953 3 9 
Risk-weighted assets1,727,559 (c)1,681,317 1,669,156 1,671,593 1,694,714 3 2 
CET1 capital ratio15.5 %(c)15.3 %15.0 %14.5 %13.9 %
Tier 1 capital ratio16.8 (c)16.7 16.6 16.1 15.5 
Total capital ratio17.9 (c)17.8 17.7 17.2 16.6 
Leverage-based capital metrics
Adjusted average assets (b)$4,016,677 (c)$3,913,677 $3,831,200 $3,785,641 $3,796,579 3 6 
Tier 1 leverage ratio7.2 %(c)7.2 %7.2 %7.1 %6.9 %
Total leverage exposure$4,768,572 (c)$4,634,634 $4,540,465 $4,500,253 $4,492,761 3 6 
SLR6.1 %(c)6.1 %6.1 %6.0 %5.8 %
Total Loss-Absorbing Capacity (“TLAC”)
Eligible external TLAC$534,027 (c)$520,386 $513,799 $496,183 $493,760 3 8 
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance$257,569 $250,585 $241,825 $235,827 $227,144 3 13 $250,585 $218,934 14 %
Net income applicable to common equity17,832 13,022 8,921 12,765 14,099 37 26 30,854 26,365 17 
Dividends declared on common stock(3,322)(3,348)(3,064)(3,080)(2,948)1 (13)(6,670)(5,911)(13)
Net purchase of treasury stock(5,321)(1,829)(2,240)(2,337)(2,268)(191)(135)(7,150)(4,304)(66)
Changes in additional paid-in capital425 (225)229 321 423 NM— 200 534 (63)
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities108 141 4,362 (1,950)757 (23)(86)249 2,969 (92)
Translation adjustments, net of hedges(156)(204)402 (340)70 24 NM(360)267 NM
Fair value hedges8 (21)(86)(5)11 NM(27)(13)(10)(30)
Defined benefit pension and other postretirement employee benefit plans(3)26 455 (21)(6)NM50 23 (61)NM
Changes related to other CET1 capital adjustments55 (c)(578)(219)645 (1,455)NMNM(523)(c)(2,956)82 
Change in Standardized/Advanced CET1 capital9,626 (c)6,984 8,760 5,998 8,683 38 11 16,610 (c)16,893 (2)
Standardized/Advanced CET1 capital, ending balance$267,195 (c)$257,569 $250,585 $241,825 $235,827 4 13 $267,195 (c)$235,827 13 
(a)The capital metrics reflect the CECL capital transition provisions. As of June 30, 2024 and March 31, 2024, CET1 capital reflected the remaining CECL benefit of $720 million; as of December 31, 2023, September 30, 2023, and June 30, 2023, CET1 capital reflected the benefit of $1.4 billion. Refer to Note 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024, and Note 27 of the Firm’s 2023 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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JPMORGAN CHASE & CO.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
Jun 30, 2024
ChangeSIX MONTHS ENDED JUNE 30,
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,2024 Change
2024202420232023202320242023202420232023
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity$316,652 $306,737 $300,474 $289,967 $285,112 3 %11 %
Less: Goodwill52,620 52,636 52,634 52,492 52,380 — — 
Less: Other intangible assets3,058 3,133 3,225 3,309 3,629 (2)(16)
Add: Certain deferred tax liabilities (b)2,969 2,981 2,996 3,025 3,097 — (4)
Total tangible common equity$263,943 $253,949 $247,611 $237,191 $232,200 4 14 
TANGIBLE COMMON EQUITY (average) (a) 
Common stockholders’ equity$308,763 $300,277 $294,062 $284,798 $277,885 3 11 $304,519 $274,560 11 %
Less: Goodwill52,618 52,614 52,538 52,427 52,342 — 1 52,616 52,031 1 
Less: Other intangible assets3,086 3,157 3,254 3,511 2,191 (2)41 3,122 1,746 79 
Add: Certain deferred tax liabilities (b)2,975 2,988 2,992 3,080 2,902 — 3 2,982 2,727 9 
Total tangible common equity$256,034 $247,494 $241,262 $231,940 $226,254 3 13 $251,763 $223,510 13 
INTANGIBLE ASSETS (period-end)
Goodwill$52,620 $52,636 $52,634 $52,492 $52,380 — — 
Mortgage servicing rights8,847 8,605 8,522 9,109 8,229 3 8 
Other intangible assets3,058 3,133 3,225 3,309 3,629 (2)(16)
Total intangible assets$64,525 $64,374 $64,381 $64,910 $64,238 — — 
    
(a)Refer to page 28 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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JPMORGAN CHASE & CO.
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EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data) 
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
EARNINGS PER SHARE
Basic earnings per share
Net income$18,149 $13,419 $9,307 $13,151 $14,472 35 %25 %$31,568 $27,094 17 %
Less: Preferred stock dividends
317 397 386 386 373 (20)(15)714 729 (2)
Net income applicable to common equity17,832 13,022 8,921 12,765 14,099 37 26 30,854 26,365 17 
Less: Dividends and undistributed earnings allocated to
participating securities114 80 51 80 88 43 30 193 161 20 
Net income applicable to common stockholders$17,718 $12,942 $8,870 $12,685 $14,011 37 26 $30,661 $26,204 17 
Total weighted-average basic shares outstanding2,889.8 2,908.3 2,914.4 2,927.5 2,943.8 (1)(2)2,899.1 2,956.1 (2)
Net income per share$6.13 $4.45 $3.04 $4.33 $4.76 38 29 $10.58 $8.86 19 
Diluted earnings per share
Net income applicable to common stockholders$17,718 $12,942 $8,870 $12,685 $14,011 37 26 $30,661 $26,204 17 
Total weighted-average basic shares outstanding2,889.8 2,908.3 2,914.4 2,927.5 2,943.8 (1)(2)2,899.1 2,956.1 (2)
Add: Dilutive impact of unvested performance share units
    (“PSUs”), nondividend-earning restricted stock units
    (“RSUs”) and stock appreciation rights (“SARs”)		5.1 4.5 4.7 4.6 4.5 13 13 4.8 4.4 9 
Total weighted-average diluted shares outstanding2,894.9 2,912.8 2,919.1 2,932.1 2,948.3 (1)(2)2,903.9 2,960.5 (2)
Net income per share$6.12 $4.44 $3.04 $4.33 $4.75 38 29 $10.56 $8.85 19 
COMMON DIVIDENDS
Cash dividends declared per share$1.15 $1.15 
(c)
$1.05 $1.05 $1.00 — 15 $2.30 $2.00 15 
Dividend payout ratio19 %26 %34 %24 %21 %22 %22 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased27.0 15.9 15.2 15.6 16.7 70 62 42.9 38.7 11 
Average price paid per share of common stock$196.83 $179.50 $151.02 $151.46 $137.20 10 43 $190.42 $135.19 41 
Aggregate repurchases of common stock5,318 2,849 2,301 2,364 2,293 87 132 8,167 5,233 56 
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans0.5 10.9 0.8 0.6 0.5 (95)— 11.4 10.5 9 
Net impact of employee issuances on stockholders’ equity (b)
$459 $801 $308 $368 $467 (43)(2)$1,260 $1,495 (16)
(a)The Firm was authorized to purchase up to $30 billion of common shares under its repurchase program announced on April 13, 2022. Effective July 1, 2024, the Firm’s Board of Directors have authorized a new common share repurchase program of $30 billion that replaced the previous 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 March 19, 2024, the Board of Directors declared a quarterly common stock dividend of $1.15 per share.
















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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$830 $822 $856 $836 $841 1 %(1)%$1,652 $1,664 (1)%
Asset management fees978 947 899 891 816 3 20 1,925 1,492 29 
Mortgage fees and related income346 274 261 417 274 26 26 620 497 25 
Card income741 682 684 626 483 9 53 1,423 1,222 16 
All other income (a)1,101 1,220 1,270 1,212 1,129 (10)(2)2,321 2,291 1 
Noninterest revenue3,996 3,945 3,970 3,982 3,543 1 13 7,941 7,166 11 
Net interest income13,705 13,708 14,127 14,380 13,690 — — 27,413 26,523 3 
TOTAL NET REVENUE17,701 17,653 18,097 18,362 17,233 — 3 35,354 33,689 5 
Provision for credit losses2,643 1,913 2,189 1,446 1,862 38 42 4,556 3,264 40 
NONINTEREST EXPENSE
Compensation expense4,240 4,229 4,023 3,975 3,628 — 17 8,469 7,173 18 
Noncompensation expense (b)5,185 5,068 5,313 5,130 4,685 2 11 10,253 9,205 11 
TOTAL NONINTEREST EXPENSE9,425 9,297 9,336 9,105 8,313 
(d)
1 13 18,722 16,378 
(d)
14 
Income before income tax expense5,633 6,443 6,572 7,811 7,058 (13)(20)12,076 14,047 (14)
Income tax expense 1,423 1,612 1,784 1,916 1,752 (12)(19)3,035 3,498 (13)
NET INCOME$4,210 $4,831 $4,788 $5,895 $5,306 (13)(21)$9,041 $10,549 (14)
REVENUE BY BUSINESS
Banking & Wealth Management $10,375 $10,324 $10,877 $11,345 $10,936 — (5)$20,699 $20,977 (1)
Home Lending1,319 1,186 1,161 1,252 1,007 11 31 2,505 1,727 45 
Card Services & Auto 6,007 6,143 6,059 5,765 5,290 (2)14 12,150 10,985 11 
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue157 130 82 162 102 21 54 287 177 62 
Net mortgage servicing revenue (c)189 144 179 255 172 31 10 333 320 4 
Mortgage fees and related income$346 $274 $261 $417 $274 26 26 $620 $497 25 
FINANCIAL RATIOS
ROE30 %35 %33 %41 %38 %33 %39 %
Overhead ratio 53 53 52 50 48 53 49 
(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $682 million, $665 million, $666 million, $685 million and $704 million for the three months ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, respectively, and $1.3 billion and $1.4 billion for the six months ended June 30, 2024 and 2023, respectively.
(b)Included depreciation expense on leased assets of $430 million, $427 million, $425 million, $458 million and $445 million for the three months ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, respectively, and $857 million and $852 million for the six months ended June 30, 2024 and 2023, respectively.
(c)Included MSR risk management results of $39 million, $(1) million, $7 million, $111 million and $25 million for the three months ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, respectively, and $38 million and $13 million for the six months ended June 30, 2024 and 2023, respectively.
(d)In the second quarter of 2023, substantially all of the expense associated with First Republic was reported in Corporate. Commencing in the third quarter of 2023, the expense is now being allocated to the respective LOB.

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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except employee data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
SELECTED BALANCE SHEET DATA (period-end)
Total assets$638,493 $629,122 $642,951 $626,196 $620,193 1 %3 %$638,493 $620,193 3 %
Loans:
Banking & Wealth Management
31,078 31,266 31,142 30,574 30,959 (1)— 31,078 30,959 — 
Home Lending (a)
250,032 254,243 259,181 261,858 262,432 (2)(5)250,032 262,432 (5)
Card Services216,213 206,823 211,175 196,955 191,353 5 13 216,213 191,353 13 
Auto 75,310 76,508 77,705 74,831 73,587 (2)2 75,310 73,587 2 
Total loans 572,633 568,840 579,203 564,218 558,331 1 3 572,633 558,331 3 
Deposits1,069,753 1,105,583 1,094,738 (c)1,136,884 1,173,514 (3)(9)1,069,753 1,173,514 (9)
Equity54,500 54,500 55,500 55,500 55,500 — (2)54,500 55,500 (2)
SELECTED BALANCE SHEET DATA (average)
Total assets$628,757 $627,862 $629,744 $622,760 $576,417 — 9 $628,309 $541,788 16 
Loans:
Banking & Wealth Management31,419 31,241 30,718 30,686 30,628 1 3 31,330 29,572 6 
Home Lending (b)
254,385 257,866 261,394 264,041 229,569 (1)11 256,126 201,005 27 
Card Services210,119 204,701 202,685 195,245 187,028 3 12 207,410 183,758 13 
Auto 75,804 77,268 76,409 74,358 71,083 (2)7 76,535 69,920 9 
Total loans571,727 571,076 571,206 564,330 518,308 — 10 571,401 484,255 18 
Deposits1,073,544 1,079,243 1,092,432 (c)1,143,539 1,157,309 (1)(7)1,076,393 1,135,261 (5)
Equity54,500 54,500 55,500 55,500 54,346 — — 54,500 53,180 2 
Employees
143,412 142,758 141,640 141,125 137,087 — 5 143,412 137,087 5 
(a)At June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, Home Lending loans held-for-sale and loans at fair value were $5.9 billion, $4.8 billion, $3.4 billion, $4.1 billion and $3.9 billion, respectively.
(b)Average Home Lending loans held-for sale and loans at fair value were $7.7 billion, $4.7 billion, $4.7 billion, $5.7 billion and $5.3 billion for the three months ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, respectively, and $6.2 billion and $4.4 billion for the six months ended June 30, 2024 and 2023, respectively.
(c)In the fourth quarter of 2023, CCB transferred certain deposits associated with First Republic to AWM and CIB. Refer to page 67 of the Firm’s 2023 Form 10-K for additional information.


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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)
$3,413 $3,647 $3,740 $3,690 $3,823 (6)%(11)%$3,413 $3,823 (11)%
Net charge-offs/(recoveries)
Banking & Wealth Management176 79 81 88 92 123 91 255 171 49 
Home Lending(40)(7)6 (16)(28)(471)(43)(47)(46)(2)
Card Services1,830 1,688 1,426 1,227 1,124 8 63 3,518 2,046 72 
Auto98 119 125 100 63 (18)56 217 132 64 
Total net charge-offs/(recoveries)$2,064 $1,879 $1,638 $1,399 $1,251 10 65 $3,943 $2,303 71 
Net charge-off/(recovery) rate
Banking & Wealth Management
2.25 %1.02 %1.05 %1.14 %1.20 %1.64 %1.17 %
Home Lending(0.07)(0.01)0.01 (0.02)(0.05)(0.04)(0.05)
Card Services3.50 3.32 2.79 2.49 2.41 3.41 2.25 
Auto 0.52 0.62 0.65 0.53 0.36 0.57 0.38 
Total net charge-off/(recovery) rate1.47 1.33 1.15 0.99 0.98 1.40 0.97 
30+ day delinquency rate
Home Lending (b)
0.70 %0.70 %0.66 %0.59 %0.58 %0.70 %0.58 %
Card Services2.08 2.23 2.14 1.94 1.70 2.08 1.70 
Auto1.12 1.03 1.19 1.13 0.92 1.12 0.92 
90+ day delinquency rate - Card Services1.07 1.16 1.05 0.94 0.84 1.07 0.84 
Allowance for loan losses
Banking & Wealth Management $685 $706 $685 $686 $731 (3)(6)$685 $731 (6)
Home Lending437 432 578 573 777 1 (44)437 777 (44)
Card Services13,206 12,606 12,453 11,901 11,600 5 14 13,206 11,600 14 
Auto 742 742 742 742 717 — 3 742 717 3 
Total allowance for loan losses$15,070 $14,486 $14,458 $13,902 $13,825 4 9 $15,070 $13,825 9 
(a)At June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $96 million, $107 million, $123 million, $123 million and $139 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)At June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $137 million, $147 million, $176 million, $175 million and $195 million, respectively. These amounts have been excluded based upon the government guarantee.




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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
BUSINESS METRICS
Number of:
Branches4,884 4,907 4,897 4,863 4,874 — %— %4,884 4,874 — %
Active digital customers (in thousands) (a) (b) 69,011 68,496 66,983 66,765 65,559 1 5 69,011 65,559 5 
Active mobile customers (in thousands) (b) (c) 55,564 54,674 53,828 53,221 51,963 2 7 55,564 51,963 7 
Debit and credit card sales volume (in billions)$453.7 $420.7 $441.0 $426.3 $424.0 8 7 $874.4 $811.3 8 
Total payments transaction volume (in trillions) (b) (d)1.6 1.5 1.5 1.5 1.5 7 7 3.1 2.9 7 
Banking & Wealth Management
Average deposits $1,058,914 $1,065,562 $1,077,725 $1,127,807 $1,142,755 (1)(7)$1,062,238 $1,120,746 (5)
Deposit margin 2.72 %2.71 %2.82 %2.92 %2.83 %2.71 %2.81 %
Business Banking average loans$19,461 $19,447 $19,511 $19,520 $19,628 — (1)$19,454 $19,755 (2)
Business Banking origination volume 1,312 1,130 1,130 1,321 1,275 16 3 2,442 2,302 6 
Client investment assets (e)1,013,680 1,010,315 951,115 882,253 892,897 — 14 1,013,680 892,897 14 
Number of client advisors5,672 5,571 5,456 5,424 5,153 2 10 5,672 5,153 10 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $6.9 $4.4 $4.7 $6.8 $7.3 57 (5)$11.3 $10.9 4 
Correspondent 3.8 2.2 2.5 4.2 3.9 73 (3)6.0 6.0 — 
Total mortgage origination volume (f)$10.7 $6.6 $7.2 $11.0 $11.2 62 (4)$17.3 $16.9 2 
Third-party mortgage loans serviced (period-end)642.8 626.2 631.2 637.8 604.5 3 6 642.8 604.5 6 
MSR carrying value (period-end)8.8 8.6 8.5 9.1 8.2 2 7 8.8 8.2 7 
Card Services
Sales volume, excluding commercial card (in billions)$316.6 $291.0 $307.2 $296.2 $294.0 9 8 607.6 560.2 8 
Net revenue rate9.61 %10.09 %9.82 %9.60 %9.11 %9.85 %9.73 %
Net yield on average loans9.46 9.90 9.70 9.54 9.31 9.67 9.60 
Auto
Loan and lease origination volume (in billions)$10.8 $8.9 $9.9 $10.2 $12.0 21 (10)$19.7 $21.2 (7)
Average auto operating lease assets10,693 10,435 10,440 10,701 11,015 2 (3)10,564 11,275 (6)
(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.
(b)Excludes First Republic accounts not yet converted to JPMorgan Chase platforms.
(c)Users of all mobile platforms who have logged in within the past 90 days.
(d)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.
(e)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 20-22 for additional information.
(f)Firmwide mortgage origination volume was $12.3 billion, $7.6 billion, $8.6 billion, $13.0 billion and $13.0 billion for the three months ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, respectively, and $19.9 billion and $19.8 billion for the six months ended June 30, 2024 and 2023, respectively.


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JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
INCOME STATEMENT
REVENUE
Investment banking fees$2,356 $2,014 $1,667 $1,729 $1,569 17 %50 %$4,370 $3,235 35 %
Principal transactions6,691 6,634 3,649 5,971 6,742 1 (1)13,325 14,174 (6)
Lending- and deposit-related fees924 973 909 966 782 (5)18 1,897 1,548 23 
Commissions and other fees1,337 1,272 1,208 1,184 1,238 5 8 2,609 2,487 5 
Card income579 525 552 572 601 10 (4)1,104 1,089 1 
All other income857 743 1,041 420 705 15 22 1,600 1,408 14 
Noninterest revenue12,744 12,161 9,026 10,842 11,637 5 10 24,905 23,941 4 
Net interest income5,173 5,423 5,948 4,919 4,870 (5)6 10,596 9,677 9 
TOTAL NET REVENUE (a)17,917 17,584 14,974 15,761 16,507 2 9 35,501 33,618 6 
Provision for credit losses384 1 576 (95)1,135 NM(66)385 1,610 (76)
NONINTEREST EXPENSE
Compensation expense4,752 4,896 4,107 4,155 4,117 (3)15 9,648 8,843 9 
Noncompensation expense4,414 3,828 4,062 4,663 4,077 15 8 8,242 8,142 1 
TOTAL NONINTEREST EXPENSE9,166 8,724 8,169 8,818 8,194 5 12 17,890 16,985 5 
Income before income tax expense8,367 8,859 6,229 7,038 7,178 (6)17 17,226 15,023 15 
Income tax expense 2,470 2,237 2,052 2,011 1,878 10 32 4,707 3,955 19 
NET INCOME$5,897 $6,622 $4,177 $5,027 $5,300 (11)11 $12,519 $11,068 13 
FINANCIAL RATIOS
ROE17 %20 %11 %14 %15 %18 %16 %
Overhead ratio51 50 55 56 50 50 51 
Compensation expense as percentage of total net revenue27 28 27 26 25 27 26 
REVENUE BY BUSINESS
Investment Banking$2,464 $2,216 $1,783 $1,818 $1,687 11 46 $4,680 $3,475 35 
Payments4,546 4,466 4,456 4,217 4,714 2 (4)9,012 9,145 (1)
Lending1,936 1,724 1,763 1,934 1,749 12 11 3,660 3,199 14 
Other4 (3)36 24 38 NM(89)1 47 (98)
Total Banking & Payments
8,950 8,403 8,038 7,993 8,188 7 9 17,353 15,866 9 
Fixed Income Markets4,822 5,327 4,068 4,548 4,608 (9)5 10,149 10,361 (2)
Equity Markets2,971 2,686 1,779 2,069 2,454 11 21 5,657 5,139 10 
Securities Services 1,261 1,183 1,191 1,212 1,221 7 3 2,444 2,369 3 
Credit Adjustments & Other (b)(87)(15)(102)(61)36 (480)NM(102)(117)13 
Total Markets & Securities Services8,967 9,181 6,936 7,768 8,319 (2)8 18,148 17,752 2 
TOTAL NET REVENUE$17,917 $17,584 $14,974 $15,761 $16,507 2 9 $35,501 $33,618 6 
Banking & Payments revenue by client coverage segment (c)
Global Corporate Banking & Global Investment Banking
$6,141 $5,820 $5,415 $5,469 $5,452 6 %13 %$11,961 $10,816 11 %
Commercial Banking
2,860 2,837 2,949 2,874 2,801 1 2 5,697 5,227 9 
Middle Market Banking1,936 1,927 2,010 1,949 1,996 — (3)3,863 3,781 2 
Commercial Real Estate Banking924 910 939 925 805 2 15 1,834 1,446 27 
Other
(51)(254)(326)(350)(65)80 22 (305)(177)(72)
Total Banking & Payments revenue
$8,950 $8,403 $8,038 $7,993 $8,188 7 9 $17,353 $15,866 9 
(a)Included tax equivalent adjustments primarily from income tax credits from investments in alternative energy, affordable housing and new markets, income from tax-exempt securities and loans, as well as the related amortization and other tax benefits of the investments in alternative energy and affordable housing of $737 million, $557 million, $1.3 billion, $746 million and $1.0 billion for the three months ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, respectively, and $1.3 billion and $2.0 billion for the six months ended June 30, 2024 and 2023, respectively. Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. Refer to page 4 for additional information.
(b)Consists primarily of centrally managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.
(c)Refer to page 29 for a description of each of the client coverage segments.


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JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,939,038 $1,898,251 $1,638,493 $1,746,598 $1,737,334 2 %12 %$1,939,038 $1,737,334 12 %
Loans:
Loans retained475,880 475,454 475,186 475,644 476,574 — — 475,880 476,574 — 
Loans held-for-sale and loans at fair value (a)41,737 40,746 39,464 39,984 40,499 2 3 41,737 40,499 3 
Total loans 517,617 516,200 514,650 515,628 517,073 — — 517,617 517,073 — 
Equity132,000 132,000 138,000 138,000 138,000 — (4)132,000 138,000 (4)
Banking & Payments loans by client coverage segment (period-end) (b)
Global Corporate Banking & Global Investment Banking$132,592 $129,179 $128,097 $130,133 $133,535 3 (1)$132,592 $133,535 (1)
Commercial Banking220,222 223,474 221,550 222,368 222,782 (1)(1)220,222 222,782 (1)
Middle Market Banking75,488 79,207 78,043 78,955 79,885 (5)(6)75,488 79,885 (6)
Commercial Real Estate Banking144,734 144,267 143,507 143,413 142,897 — 1 144,734 142,897 1 
Other266 588 526 291 371 (55)(28)266 371 (28)
Total Banking & Payments loans353,080 353,241 350,173 352,792 356,688 — (1)353,080 356,688 (1)
SELECTED BALANCE SHEET DATA (average)
Total assets$1,915,880 $1,794,118 $1,703,717 $1,725,146 $1,752,732 7 9 $1,854,999 $1,719,118 8 
Trading assets - debt and equity instruments 638,473 580,899 490,268 522,843 533,092 10 20 609,686 511,066 19 
Trading assets - derivative receivables 58,850 57,268 62,481 65,800 63,118 3 (7)58,059 63,578 (9)
Loans:
Loans retained471,861 471,187 473,879 475,285 459,244 — 3 471,524 440,914 7 
Loans held-for-sale and loans at fair value (a)42,868 43,537 40,415 40,605 38,858 (2)10 43,202 41,278 5 
Total loans514,729 514,724 514,294 515,890 498,102 — 3 514,726 482,192 7 
Deposits1,046,993 1,045,788 1,032,226 
(c)
988,765 998,014 — 5 1,046,391 981,861 7 
Equity132,000 132,000 138,000 138,000 137,505 — (4)132,000 137,005 (4)
Banking & Payments loans by client coverage segment (average) (b)
Global Corporate Banking & Global Investment Banking$130,320 $127,403 $130,287 $132,394 $131,852 2 (1)$128,861 $131,118 (2)
Commercial Banking220,767 222,323 222,057 221,729 211,431 (1)4 221,545 196,385 13 
Middle Market Banking76,229 78,364 78,601 78,774 78,037 (3)(2)77,296 75,547 2 
Commercial Real Estate Banking144,538 143,959 143,456 142,955 133,394 — 8 144,249 120,838 19 
Other360 590 449 435 227 (39)59 475 218 118 
Total Banking & Payments loans351,447 350,316 352,793 354,558 343,510 — 2 350,881 327,721 7 
Employees
93,387 92,478 92,271 92,181 90,813 1 3 93,387 90,813 3 
(a)Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.
(b)Refer to page 29 for a description of each of the client coverage segments.
(c)In the fourth quarter of 2023, certain deposits associated with First Republic were transferred from CCB. Refer to page 67 of the Firm’s 2023 Form 10-K for additional information.




Page 17

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JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and employee data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$164 $69 $247 $98 $156 138 5 $233 $243 (4)
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)2,631 2,146 1,675 1,867 1,992 23 32 2,631 1,992 32 
Nonaccrual loans held-for-sale and loans at fair value (b)988 1,093 828 825 818 (10)21 988 818 21 
Total nonaccrual loans 3,619 3,239 2,503 2,692 2,810 12 29 3,619 2,810 29 
Derivative receivables290 293 364 293 286 (1)1 290 286 1 
Assets acquired in loan satisfactions220 159 169 173 133 38 65 220 133 65 
Total nonperforming assets 4,129 3,691 3,036 3,158 3,229 12 28 4,129 3,229 28 
Allowance for credit losses:
Allowance for loan losses7,344 7,291 7,326 7,135 7,260 1 1 7,344 7,260 1
Allowance for lending-related commitments1,930 1,785 1,849 1,940 2,008 8 (4)1,930 2,008 (4)
Total allowance for credit losses9,274 9,076 9,175 9,075 9,268 2 — 9,274 9,268 —
Net charge-off/(recovery) rate (c)0.14 %0.06 %0.21 %0.08 %0.14 %0.10 %0.11 %
Allowance for loan losses to period-end loans retained1.54 1.53 1.54 1.50 1.52 1.54 1.52 
Allowance for loan losses to nonaccrual loans retained (a)279 340 437 382 364 279 364 
Nonaccrual loans to total period-end loans0.70 0.63 0.49 0.52 0.54 0.70 0.54 
.
(a)Allowance for loan losses of $452 million, $375 million, $251 million, $346 million and $350 million were held against these nonaccrual loans at June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, respectively.
(b)At June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $42 million, $50 million, $59 million, $65 million and $76 million, respectively. These amounts have been excluded based upon the government guarantee.
(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
.























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JPMORGAN CHASE & CO.
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COMMERCIAL & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
BUSINESS METRICS
Advisory$785 $598 $751 $767 $540 31 %45 %$1,383 $1,296 7 %
Equity underwriting495 355 324 274 318 39 56 850 553 54 
Debt underwriting1,076 1,061 592 688 711 1 51 2,137 1,386 54 
Total investment banking fees$2,356 $2,014 $1,667 $1,729 $1,569 17 50 $4,370 $3,235 35 
Client deposits and other third-party liabilities (average) (a)936,725 931,603 928,561 900,292 922,702 1 2 934,164 911,265 3 
Assets under custody (“AUC”) (period-end) (in billions)$34,024 $33,985 $32,392 $29,725 $30,424 — 12 $34,024 $30,424 12 
95% Confidence Level - Total CIB VaR (average) (b)
CIB trading VaR by risk type: (c)
Fixed income$31 $35 $35 $49 $57 (11)(46)
Foreign exchange18 13 10 17 12 38 50 
Equities7 6 5 7 8 17 (13)
Commodities and other9 7 8 10 12 29 (25)
Diversification benefit to CIB trading VaR (d)(32)(29)(29)(48)(48)(10)33 
CIB trading VaR (c)33 32 29 35 41 3 (20)
Credit Portfolio VaR (e)21 24 16 15 14 (13)50 
Diversification benefit to CIB VaR (d)(16)(15)(13)(12)(11)(7)(45)
CIB VaR$38 $41 $32 $38 $44 (7)(14)
(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
(b)The impact of the CIB business segment reorganization was not material to Total CIB VaR. Prior periods have not been revised.
(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 137–139 of the Firm’s 2023 Form 10-K for further information and pages 71–72 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024 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 credit protection purchased against certain retained loans and lending-related commitments, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value. 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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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and employee data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
INCOME STATEMENT
REVENUE
Asset management fees$3,304 $3,170 $3,137 $2,975 (a)$2,932 (a)4 %13 %$6,474 $5,714 (a)13 %
Commissions and other fees232 193 153 190 (a)194 (a)20 20 425 354 (a)20 
All other income 97 151 148 266 232 (36)(58)248 623 (60)
Noninterest revenue 3,633 3,514 3,438 3,431 3,358 3 8 7,147 6,691 7 
Net interest income1,619 1,595 1,657 1,574 1,585 2 2 3,214 3,036 6 
TOTAL NET REVENUE5,252 5,109 5,095 5,005 4,943 3 6 10,361 9,727 7 
Provision for credit losses 20 (57)(1)(13)145 NM(86)(37)173 NM
NONINTEREST EXPENSE
Compensation expense 1,960 1,972 1,857 1,777 1,746 (1)12 3,932 3,481 13 
Noncompensation expense 1,583 1,488 1,531 1,361 1,417 6 12 3,071 2,773 11 
TOTAL NONINTEREST EXPENSE3,543 3,460 3,388 3,138 3,163 2 12 7,003 6,254 12 
Income before income tax expense1,689 1,706 1,708 1,880 1,635 (1)3 3,395 3,300 3 
Income tax expense 426 416 491 463 409 2 4 842 707 19 
NET INCOME $1,263 $1,290 $1,217 $1,417 $1,226 (2)3 $2,553 $2,593 (2)
REVENUE BY LINE OF BUSINESS
Asset Management $2,437 $2,326 $2,403 $2,164 $2,128 5 15 $4,763 $4,562 4 
Global Private Bank2,815 2,783 2,692 2,841 2,815 1 — 5,598 5,165 8 
TOTAL NET REVENUE $5,252 $5,109 $5,095 $5,005 $4,943 3 6 $10,361 $9,727 7 
FINANCIAL RATIOS
ROE32 %33 %28 %32 % 29 % 32 %31 %
Overhead ratio67 68 66 63 64 68 64 
Pretax margin ratio:
Asset Management30 28 29 29 27 29 32 
Global Private Bank34 38 37 44 37 36 35 
Asset & Wealth Management32 33 34 38 33 33 34 
Employees
28,579 28,670 28,485 28,083 26,931 — 6 28,579 26,931 6 
Number of Global Private Bank client advisors3,509 3,536 3,515 3,443 3,214 (1)9 3,509 3,214 9 
(a)Prior-period amounts have been revised to conform with the current presentation.



Page 21

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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
SELECTED BALANCE SHEET DATA (period-end)
Total assets $247,353 $240,555 $245,512 $249,866 $247,118 3 %— %$247,353 $247,118 — %
Loans 228,042 222,472 227,929 228,114 222,493 3 2 228,042 222,493 2 
Deposits236,492 230,413 233,232 (a)215,152 199,763 3 18 236,492 199,763 18 
Equity15,500 15,500 17,000 17,000 17,000 — (9)15,500 17,000 (9)
SELECTED BALANCE SHEET DATA (average)
Total assets $242,155 $241,384 $247,202 $245,616 $238,987 — 1 $241,770 $233,933 3 
Loans 224,122 223,429 227,042 223,760 219,469 — 2 223,775 215,491 4 
Deposits227,423 227,723 226,640 (a)201,975 211,872 — 7 227,573 218,078 4 
Equity15,500 15,500 17,000 17,000 16,670 — (7)15,500 16,337 (5)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$3 $8 $12 $1 $2 (63)50 $11 $— NM
Nonaccrual loans745 769 650 621 615 (3)21 745 615 21 
Allowance for credit losses:
Allowance for loan losses 575 571 633 642 649 1 (11)575 649 (11)
Allowance for lending-related commitments40 27 28 32 39 48 3 40 39 3 
Total allowance for credit losses615 598 661 674 688 3 (11)615 688 (11)
Net charge-off/(recovery) rate0.01 %0.01 %0.02 %— %— %0.01 %— %
Allowance for loan losses to period-end loans 0.25 0.26 0.28 0.28 0.29 0.25 0.29 
Allowance for loan losses to nonaccrual loans77 74 97 103 106 77 106 
Nonaccrual loans to period-end loans0.33 0.35 0.29 0.27 0.28 0.33 0.28 
(a)In the fourth quarter of 2023, certain deposits associated with First Republic were transferred from CCB. Refer to page 67 of the Firm’s 2023 Form 10-K for additional information.


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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
Jun 30, 2024
ChangeSIX MONTHS ENDED JUNE 30,
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,2024 Change
CLIENT ASSETS2024202420232023202320242023202420232023
Assets by asset class
Liquidity $953 $927 $926 $867 $826 3 %15 %$953 $826 15 %
Fixed income 785 762 751 707 718 3 9 785 718 9 
Equity1,017 964 868 780 792 5 28 1,017 792 28 
Multi-asset719 711 680 626 647 1 11 719 647 11 
Alternatives208 200 197 206 205 4 1 208 205 1 
TOTAL ASSETS UNDER MANAGEMENT3,682 3,564 3,422 3,186 3,188 3 15 3,682 3,188 15 
Custody/brokerage/administration/deposits1,705 1,655 1,590 1,458 1,370 3 24 1,705 1,370 24 
TOTAL CLIENT ASSETS (a)$5,387 $5,219 $5,012 $4,644 $4,558 3 18 $5,387 $4,558 18 
Assets by client segment
Private Banking$1,097 $1,052 $974 $888 $881 4 25 $1,097 $881 25 
Global Institutional1,540 1,494 1,488 1,424 1,423 3 8 1,540 1,423 8 
Global Funds1,045 1,018 960 874 884 3 18 1,045 884 18 
TOTAL ASSETS UNDER MANAGEMENT$3,682 $3,564 $3,422 $3,186 $3,188 3 15 $3,682 $3,188 15 
Private Banking$2,681 $2,599 $2,452 $2,249 $2,170 3 24 $2,681 $2,170 24 
Global Institutional1,654 1,595 1,594 1,514 1,497 4 10 1,654 1,497 10 
Global Funds1,052 1,025 966 881 891 3 18 1,052 891 18 
TOTAL CLIENT ASSETS (a)$5,387 $5,219 $5,012 $4,644 $4,558 3 18 $5,387 $4,558 18 
Assets under management rollforward
Beginning balance$3,564 $3,422 $3,186 $3,188 $3,006 $3,422 $2,766 
Net asset flows:
Liquidity 16 (4)49 40 60 12 153 
Fixed income 22 14 6 1 37 36 63 
Equity31 21 12 16 20 52 42 
Multi-asset(3)(2)(1)1 3 (5)1 
Alternatives2 1 (5)2 1 3 2 
Market/performance/other impacts50 112 175 (62)61 162 161 
Ending balance$3,682 $3,564 $3,422 $3,186 $3,188 $3,682 $3,188 
Client assets rollforward
Beginning balance$5,219 $5,012 $4,644 $4,558 $4,347 $5,012 $4,048 
Net asset flows79 43 94 132 112 122 264 
Market/performance/other impacts89 164 274 (46)99 253 246 
Ending balance$5,387 $5,219 $5,012 $4,644 $4,558 $5,387 $4,558 
SELECTED FIRMWIDE METRICS
Wealth Management
Client assets (in billions) (b)$3,427 $3,360 $3,177 $2,929 $2,862 2 20 $3,427 $2,862 20 
Number of client advisors9,181 9,107 8,971 8,867 8,367 1 10 9,181 8,367 10 
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
(b)Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.
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JPMORGAN CHASE & CO.
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CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except employee data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
INCOME STATEMENT
REVENUE
Principal transactions$60 $65 $(21)$128 $113 (8)%(47)%$125 $195 (36)%
Investment securities losses(546)(366)(743)(669)(900)(49)%39 (912)(1,768)48 %
All other income 8,244 (e)26 96 116 2,767 
(i)
NM198 8,270 (e)2,798 196 %
Noninterest revenue7,758 (275)(668)(425)1,980 NM292 7,483 1,225 NM
Net interest income 2,364 2,477 2,445 1,983 1,738 (5)36 4,841 3,478 39 
TOTAL NET REVENUE (a)10,122 2,202 1,777 1,558 3,718 360 172 12,324 4,703 162 
Provision for credit losses5 27 (2)46 (243)(81)NM32 127 (75)
NONINTEREST EXPENSE1,579 (f)1,276 (g)3,593 (g)696 1,152 
(j)
24 37 2,855 (f)(g)1,312 
(j)
118 
Income/(loss) before income tax expense/(benefit)8,538 899 (1,814)816 2,809 NM204 9,437 3,264 189 
Income tax expense/(benefit) 1,759 223 (939)(h)4 169 
(k)
NMNM1,982 380 
(k)
422 
NET INCOME/(LOSS)
$6,779 $676 $(875)$812 $2,640 NM157 $7,455 $2,884 158 
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
2,084 2,317 2,065 1,640 1,261 (10)65 4,401 2,367 86 
Other Corporate8,038 (115)(288)(82)2,457 NM227 7,923 2,336 239 
TOTAL NET REVENUE$10,122 $2,202 $1,777 $1,558 $3,718 360 172 $12,324 $4,703 162 
NET INCOME/(LOSS)
Treasury and CIO1,513 1,641 1,396 1,129 1,057 (8)43 3,154 1,681 88 
Other Corporate 5,266 (965)(2,271)(317)1,583 NM233 4,301 1,203 258 
TOTAL NET INCOME/(LOSS) $6,779 $676 $(875)$812 $2,640 NM157 $7,455 $2,884 158 
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,318,119 $1,322,799 $1,348,437 $1,275,673 $1,263,595 — 4 $1,318,119 $1,263,595 4 
Loans2,408 2,104 1,924 2,099 2,172 14 11 2,408 2,172 11 
Deposits (b)26,073 22,515 21,826 20,363 21,083 16 24 26,073 21,083 24 
Employees
47,828 48,015 47,530 47,280 45,235 — 6 47,828 45,235 6 
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities losses$(546)$(366)$(743)$(669)$(900)(49)39 $(912)$(1,768)48 
Available-for-sale securities (average) 247,304 222,943 199,581 201,875 198,620 11 25 235,124 200,687 17 
Held-to-maturity securities (average) (c)330,347 354,759 377,709 402,816 410,594 (7)(20)342,553 413,953 (17)
Investment securities portfolio (average)$577,651 $577,702 $577,290 $604,691 $609,214 — (5)$577,677 $614,640 (6)
Available-for-sale securities (period-end)263,624 233,770 199,354 195,200 201,211 13 31 263,624 201,211 31 
Held-to-maturity securities (period-end) (c)323,746 334,527 369,848 388,261 408,941 (3)(21)323,746 408,941 (21)
Investment securities portfolio, net of allowance for credit losses (period-end) (d)$587,370 $568,297 $569,202 $583,461 $610,152 3 (4)$587,370 $610,152 (4)
(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $45 million, $49 million, $53 million, $57 million and $45 million for the three months ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, respectively and $94 million and $101 million for the six months ended June 30, 2024 and 2023, respectively.
(b)Predominantly relates to the Firm's international consumer initiatives.
(c)At June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, the estimated fair value of the HTM securities portfolio was $294.8 billion, $305.4 billion, $342.8 billion, $348.7 billion and $375.3 billion, respectively.
(d)At June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, the allowance for credit losses on investment securities was $125 million, $120 million, $94 million, $87 million and $74 million, respectively.
(e)Included a $7.9 billion net gain related to Visa shares. Refer to footnote (f) on page 2 for further information.
(f)Included a $1.0 billion donation of Visa shares to pre-fund contributions to the JPMorgan Chase Foundation.
(g)Included an FDIC special assessment to recover estimated losses to the Deposit Insurance Fund of $725 million for the three months ended March 31, 2024, which was an adjustment to the $2.9 billion estimate recorded in the three months ended December 31, 2023. Refer to Note 6 on page 220 of the Firm’s 2023 Form 10-K for additional information.
(h)Included an income tax benefit of $463 million for the three months ended December 31, 2023, related to the finalization of certain income tax regulations.
(i)Included preliminary estimated bargain purchase gain of $2.7 billion associated with First Republic.
(j)In the second quarter of 2023, substantially all of the expense associated with First Republic was reported in Corporate. Commencing in the third quarter of 2023, the expense is now being allocated to the respective LOB.
(k)Income taxes associated with the First Republic acquisition were reflected in the estimated bargain purchase gain.
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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION
(in millions)
Jun 30, 2024
Change
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,
2024202420232023202320242023
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained$382,795 $389,592 $397,275 $397,054 $396,195 (2)%(3)%
Loans held-for-sale and loans at fair value 14,160 13,812 12,818 11,715 12,009 3 18 
Total consumer, excluding credit card loans396,955 403,404 410,093 408,769 408,204 (2)(3)
Credit card loans
Loans retained216,100 206,740 211,123 196,935 191,348 5 13 
Total credit card loans216,100 206,740 211,123 196,935 191,348 5 13 
Total consumer loans 613,055 610,144 621,216 605,704 599,552 — 2 
Wholesale loans (b)
Loans retained674,152 667,761 672,472 671,952 668,145 1 1 
Loans held-for-sale and loans at fair value 33,493 31,711 30,018 32,403 32,372 6 3 
Total wholesale loans 707,645 699,472 702,490 704,355 700,517 1 1 
Total loans 1,320,700 1,309,616 1,323,706 1,310,059 1,300,069 1 2 
Derivative receivables 54,673 56,621 54,864 67,070 64,217 (3)(15)
Receivables from customers (c)56,018 52,036 47,625 43,376 42,741 8 31 
Total credit-related assets 1,431,391 1,418,273 1,426,195 1,420,505 1,407,027 1 2 
Lending-related commitments
Consumer, excluding credit card 47,215 46,660 45,403 48,313 50,846 1 (7)
Credit card (d)964,727 943,935 915,658 898,903 881,485 2 9 
Wholesale 545,020 532,514 536,786 531,568 541,089 2 1 
Total lending-related commitments1,556,962 1,523,109 1,497,847 1,478,784 1,473,420 2 6 
Total credit exposure $2,988,353 $2,941,382 $2,924,042 $2,899,289 $2,880,447 2 4 
Memo: Total by category
Consumer exposure (e)$1,624,997 $1,600,739 $1,582,277 $1,552,920 $1,531,883 2 6 
Wholesale exposure (f)1,363,356 1,340,643 1,341,765 1,346,369 1,348,564 2 1 
Total credit exposure$2,988,353 $2,941,382 $2,924,042 $2,899,289 $2,880,447 2 4 
    
(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.
(b)Includes loans held in CIB, 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 CIB.
(e)Represents total consumer loans and lending-related commitments.
(f)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.



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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Jun 30, 2024
Change
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,
2024202420232023202320242023
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
   Loans retained $3,423 $3,630 $3,643 $3,766 $3,784 (6)%(10)%
   Loans held-for-sale and loans at fair value 382 481 560 408 481 (21)(21)
Total consumer nonaccrual loans3,805 4,111 4,203 4,174 4,265 (7)(11)
Wholesale nonaccrual loans
Loans retained3,289 2,927 2,346 2,907 2,593 12 27 
Loans held-for-sale and loans at fair value 697 639 368 439 415 9 68 
Total wholesale nonaccrual loans 3,986 3,566 2,714 3,346 3,008 12 33 
Total nonaccrual loans7,791 7,677 6,917 7,520 7,273 1 7 
Derivative receivables 290 293 364 293 286 (1)1 
Assets acquired in loan satisfactions342 295 316 318 279 16 23 
Total nonperforming assets 8,423 8,265 7,597 8,131 7,838 2 7 
Wholesale lending-related commitments (b) 541 390 464 387 332 39 63 
Total nonperforming exposure$8,964 $8,655 $8,061 $8,518 $8,170 4 10 
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans 0.59 %0.59 %0.52 %0.57 %0.56 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 0.96 1.02 1.02 1.02 1.04 
Total wholesale nonaccrual loans to total
wholesale loans 0.56 0.51 0.39 0.48 0.43 
(a)At June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $138 million, $157 million, $182 million, $188 million and $215 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 2023 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.
(b)Represents commitments that are risk rated as nonaccrual.


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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance$22,351 $22,420 $21,946 $21,980 $20,053 — %11 %$22,420 $19,139 17 %
Net charge-offs:
Gross charge-offs2,726 2,381 2,557 1,869 1,776 14 53 5,107 3,227 58 
Gross recoveries collected(495)(425)(393)(372)(365)(16)(36)(920)(679)(35)
Net charge-offs2,231 1,956 2,164 1,497 1,411 14 58 4,187 2,548 64 
Provision for loan losses 2,871 1,887 2,625 1,479 3,317 
(b)
52 (13)4,758 5,364 (11)
Other— — 13 (16)21 — NM— 25 NM
Ending balance$22,991 $22,351 $22,420 $21,946 $21,980 3 5 $22,991 $21,980 5 
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance$1,916 $1,974 $2,075 $2,186 $2,370 (3)(19)$1,974 $2,382 (17)
Provision for lending-related commitments 154 (60)(100)(107)(188)
(b)
NMNM94 (201)NM
Other(2)2 (1)(4)4 NMNM— 5 NM
Ending balance$2,068 $1,916 $1,974 $2,075 $2,186 8 (5)$2,068 $2,186 (5)
ALLOWANCE FOR INVESTMENT SECURITIES$177 $154 $128 $117 $104 15 70 $177 $104 70 
Total allowance for credit losses (a)$25,236 $24,421 $24,522 $24,138 $24,270 3 4 $25,236 $24,270 4 
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.14 %0.19 %0.21 %0.17 %0.14 %0.16 %0.16 %
Credit card retained loans3.50 3.32 2.79 2.49 2.41 3.41 2.25 
Total consumer retained loans1.33 1.26 1.08 0.93 0.91 1.29 0.90 
Wholesale retained loans0.16 0.05 0.31 0.06 0.10 0.11 0.08 
Total retained loans 0.71 0.62 0.68 0.47 0.47 0.67 0.45 
Memo: Average retained loans
Consumer retained, excluding credit card loans$385,662 $394,033 $397,819 $396,788 $359,543 (2)7 $389,847 $330,227 18 
Credit card retained loans210,020 204,637 202,652 195,232 187,027 3 12 207,329 183,757 13 
Total average retained consumer loans595,682 598,670 600,471 592,020 546,570 — 9 597,176 513,984 16 
Wholesale retained loans666,347 664,588 669,899 667,825 647,474 — 3 665,468 624,566 7 
Total average retained loans$1,262,029 $1,263,258 $1,270,370 $1,259,845 $1,194,044 — 6 $1,262,644 $1,138,550 11 
(a)At June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023 excludes an allowance for credit losses associated with certain accounts receivable in CIB of $278 million, $274 million, $243 million, $17 million and $18 million, respectively.
(b)Included a $1.2 billion provision for credit losses associated with the First Republic acquisition.




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JPMORGAN CHASE & CO.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Jun 30, 2024
Change
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,
2024202420232023202320242023
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific
$(856)$(873)$(876)$(942)$(971)2 %12 %
Portfolio-based2,599 2,603 2,732 2,796 3,019 — (14)
Total consumer, excluding credit card1,743 1,730 1,856 1,854 2,048 1 (15)
Credit card
Portfolio-based13,200 12,600 12,450 11,900 11,600 5 14 
Total credit card13,200 12,600 12,450 11,900 11,600 5 14 
Total consumer14,943 14,330 14,306 13,754 13,648 4 9 
Wholesale
Asset-specific
562 514 392 732 478 9 18 
Portfolio-based7,486 7,507 7,722 7,460 7,854 — (5)
Total wholesale8,048 8,021 8,114 8,192 8,332 — (3)
Total allowance for loan losses 22,991 22,351 22,420 21,946 21,980 3 5 
Allowance for lending-related commitments2,068 1,916 1,974 2,075 2,186 8 (5)
Allowance for investment securities177 154 128 117 104 15 70 
Total allowance for credit losses$25,236 $24,421 $24,522 $24,138 $24,270 3 4 
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans0.46 %0.44 %0.47 %0.47 %0.52 %
Credit card allowance to total credit card retained loans6.11 6.09 5.90 6.04 6.06 
Wholesale allowance to total wholesale retained loans1.19 1.20 1.21 1.22 1.25 
Total allowance to total retained loans1.81 1.77 1.75 1.73 1.75 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (a)
51 48 51 49 54 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (a)
146 149 166 151 163 
Wholesale allowance to wholesale retained nonaccrual loans245 274 346 282 321 
Total allowance to total retained nonaccrual loans343 341 374 329 345 
(a)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.



Page 29
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)In addition to reviewing net interest income (“NII”), net yield, and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding 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 75 of the Firm’s 2023 Form 10-K.
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
(in millions, except rates)2Q241Q244Q233Q232Q231Q242Q23202420232023
Net interest income - reported$22,746 $23,082 $24,051 $22,726 $21,779 (1)%4 %$45,828 $42,490 8 %
Fully taxable-equivalent adjustments115 121 126 130 104 (5)11 236 224 5 
Net interest income - managed basis (a)$22,861 $23,203 $24,177 $22,856 $21,883 (1)4 $46,064 $42,714 8 
Less: Markets net interest income(77)183 615 (317)(487)NM84 106 (592)NM
Net interest income excluding Markets (a)$22,938 $23,020 $23,562 $23,173 $22,370 — 3 $45,958 $43,306 6 
Average interest-earning assets$3,509,725 $3,445,515 $3,408,395 $3,331,728 $3,343,780 2 5 $3,477,620 $3,280,619 6 
Less: Average Markets interest-earning assets
1,116,853 1,031,075 985,997 970,789 1,003,877 8 11 1,073,964 993,283 8 
Average interest-earning assets excluding Markets$2,392,872 $2,414,440 $2,422,398 $2,360,939 $2,339,903 (1)2 $2,403,656 $2,287,336 5 
Net yield on average interest-earning assets - managed basis2.62 %2.71 %2.81 %2.72 %2.62 %2.66 %2.63 %
Net yield on average Markets interest-earning assets
(0.03)0.07 0.25 (0.13)(0.19)0.02 (0.12)
Net yield on average interest-earning assets excluding Markets3.86 3.83 3.86 3.89 3.83 3.85 3.82 
Noninterest revenue - reported (b)$27,454 $18,852 $14,523 $17,148 $19,528 46 41 $46,306 $37,166 25 
Fully taxable-equivalent adjustments (b)677 493 1,243 682 990 37 (32)1,170 1,857 (37)
Noninterest revenue - managed basis$28,131 $19,345 $15,766 $17,830 $20,518 45 37 $47,476 $39,023 22 
Less: Markets noninterest revenue (c)7,870 7,830 5,232 6,934 7,549 1 4 15,700 16,092 (2)
Noninterest revenue excluding Markets$20,261 $11,515 $10,534 $10,896 $12,969 76 56 $31,776 $22,931 39 
Memo: Markets total net revenue$7,793 $8,013 $5,847 $6,617 $7,062 (3)10 $15,806 $15,500 2 
(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.
(b) Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. Refer to page 4 for additional information.
(c) Includes the markets-related revenues of the former Commercial Banking business segment. Prior-period amounts have been revised to conform with the current presentation.

JPMORGAN CHASE & CO.
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BUSINESS SEGMENT REORGANIZATION
On May 15, 2024, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) furnished the U.S. Securities and Exchange Commission with a Current Report on Form 8-K to provide supplemental financial information reflecting the reorganization of the Firm's reportable business segments that became effective in the second quarter of 2024, resulting in:
•The combination of the former Corporate & Investment Bank and Commercial Banking business segments to form one segment, the Commercial & Investment Bank ("CIB"); and
•No impact to the Firm’s other segments.
The following table provides a summary of the Firm’s impacted business segments prior to and after the reorganization.
cibcbmergersimplifiedfor2qa.jpg
(a) Banking & Payments revenue by client coverage segment consists of the following:
Global Corporate Banking & Global Investment Banking provides banking products and services generally to large corporations, financial institutions and merchants.
Commercial Banking provides banking products and services generally to middle market clients, including start-ups, small and midsized companies, local governments, municipalities, and nonprofits, as well as to commercial real estate clients.
Other includes amounts related to credit protection purchased against certain retained loans and lending-related commitments in Lending, the impact of equity investments in Payments and balances not aligned with a primary client coverage segment.