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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): October 13, 2020
JPMorgan Chase & Co.
(Exact name of registrant as specified in its charter)
Delaware1-580513-2624428
(State or other jurisdiction of
incorporation or organization)		(Commission File Number)(I.R.S. employer
identification no.)
383 Madison Avenue,
New York,New York10179
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 270-6000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stockJPMThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.10% Non-Cumulative Preferred Stock, Series AA
JPM PR GThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.15% Non-Cumulative Preferred Stock, Series BB
JPM PR HThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD
JPM PR DThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE
JPM PR CThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG
JPM PR JThe New York Stock Exchange
Alerian MLP Index ETNs due May 24, 2024AMJNYSE Arca, Inc.
Guarantee of Callable Step-Up Fixed Rate Notes due April 26, 2028 of JPMorgan Chase Financial Company LLC
JPM/28The New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition
On October 13, 2020, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) reported 2020 third quarter net income of $9.4 billion, or $2.92 per share, compared with net income of $9.1 billion, or $2.68 per share, in the third quarter of 2019. A copy of the 2020 third quarter earnings release is attached hereto as Exhibit 99.1, and a copy of the earnings release financial supplement is attached hereto as Exhibit 99.2.
Each of the Exhibits provided with this Form 8-K shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934.
This Current Report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2019, and Quarterly Report on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase does not undertake to update any forward-looking statements.











Item 9.01 Financial Statements and Exhibits

(d)    Exhibits
Exhibit No. Description of Exhibit
   
99.1
99.2
101Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).
104Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

2


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
JPMorgan Chase & Co.
(Registrant)

By:/s/ Nicole Giles
Nicole Giles
Managing Director and Firmwide Controller
(Principal Accounting Officer)

Dated:October 13, 2020



3
Document
Exhibit 99.1
JPMorgan Chase & Co.
383 Madison Avenue, New York, NY 10179-0001
NYSE symbol: JPM
www.jpmorganchase.com
https://cdn.kscope.io/573ea315161f20b2729cdc0b68bb2427-jpmclogoa181.gif
JPMORGAN CHASE REPORTS THIRD-QUARTER 2020 NET INCOME OF $9.4 BILLION, OR $2.92 PER SHARE
THIRD-QUARTER 2020 RESULTS1
ROE 15%
ROTCE2 19%
CET1 Capital Ratios3
Std. 13.0%; Adv. 13.8%
Net payout LTM4,5
97%
Firmwide Metricsn
Reported revenue of $29.1 billion; managed revenue of $29.9 billion2
nCredit costs of $611 million included $569 million of net reserve releases
n
Average loans6 up 1%; average deposits up 30%
n
$1.3 trillion liquidity sources, including HQLA and unencumbered marketable securities7
CCB

ROE 29%


nAverage deposits up 28%; client investment assets up 11%
n
Average loans6 down 7%; credit card sales volume8 down 8%
nActive mobile customers up 10%
CIB

ROE 21%
 
n$2.2 billion of Global Investment Banking fees, up 9%
n#1 ranking for Global Investment Banking fees with 9.4% wallet share year-to-date
nTotal Markets revenue of $6.6 billion, up 30%, with Fixed Income Markets up 29% and Equity Markets up 32%
CB

ROE 19%

nGross Investment Banking revenue of $840 million, up 20%
nAverage loans up 5%; average deposits up 44%
AWM

ROE 32%
nAssets under management (AUM) of $2.6 trillion, up 16%
nAverage loans up 13%; average deposits up 23%
Jamie Dimon, Chairman and CEO, commented on the financial results: “JPMorgan Chase earned $9.4 billion of net income on nearly $30 billion of revenue and we maintained our credit reserves at $34 billion given significant economic uncertainty and a broad range of potential outcomes. We further strengthened our capital and liquidity position, increasing CET1 capital to $198 billion (13.0% CET1 ratio, up 60 basis points after paying the dividend) and liquidity sources to $1.3 trillion. The Corporate & Investment Bank continues to be a big driver of Firm performance with Markets revenue up 30% and Global IB fees up 9%. CIB and Commercial Banking continue to attract and retain deposits given our strong client franchise as our clients remain liquid. Asset & Wealth Management generated record revenue and net income and saw strong net inflows into long-term products.”

Dimon added: “In Consumer & Community Banking, we continue to add deposits, up 28% versus last year – and based on the most recent FDIC data we ranked #1 in U.S. retail deposits for the first time ever as we are investing in the business to better serve our customers’ needs. The Firm recently received approval to open branches in 10 additional states which would allow us to operate branches in all of the lower 48 U.S. states. Home Lending benefited from strong production margins, and combined debit and credit card spend showed positive year-over-year growth in September for the first time since the widespread shutdowns.”

Dimon concluded: “I want to thank our employees around the world for their tireless work in helping our clients and communities impacted by the COVID-19 pandemic over the past several months. Despite significant uncertainty in the environment, the Firm is unwavering in its commitment to drive an inclusive economic recovery, advance sustainable solutions to address climate change and improve the lives of our customers, especially those in underserved communities.”
SIGNIFICANT ITEMS
n    3Q20 results included $524 million of firmwide legal expense ($0.17 decrease in earnings per share (EPS))
OPERATING LEVERAGE
n    3Q20 reported expense of $16.9 billion; reported overhead ratio of 58%; managed overhead ratio2 of 56%
CAPITAL DISTRIBUTED
n    Common dividend of $2.8 billion, or $0.90 per share
n    Extended suspension of repurchases at least through the end of 4Q209
FORTRESS PRINCIPLES
n    Book value per share of $79.08, up 5%; tangible book value per share2 of $63.93, up 6%
n    Basel III common equity Tier 1 capital3 of $198 billion and Standardized ratio3 of 13.0%; Advanced ratio3 of 13.8%
n    Firm supplementary leverage ratio of 7.0%3

SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES
n    $1.8 trillion of credit and capital10 raised YTD
n    $164 billion of credit for consumers
n    $14 billion of credit for U.S. small businesses
n    $611 billion of credit for corporations
n    $885 billion of capital raised for corporate clients and non-U.S. government entities
n    $82 billion of credit and capital raised for nonprofit and U.S. government entities, including states, municipalities, hospitals and universities
n    $28 billion of loans under the Small Business Administration’s Paycheck Protection Program
Investor Contact: Jason Scott (212) 270-2479
1Percentage comparisons noted in the bullet points are for the third quarter of 2020 versus the prior-year third quarter, unless otherwise specified. 2For notes on non-GAAP financial measures, including managed basis reporting, see page 6.
 For additional notes see page 7.
Media Contact: Joseph Evangelisti (212) 270-7438
JPMorgan Chase & Co.
News Release
In the discussion below of Firmwide results of JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), information is presented on a managed basis, which is a non-GAAP financial measure, unless otherwise specified. The discussion below of the Firm’s business segments is also presented on a managed basis. For more information about managed basis, and non-GAAP financial measures used by management to evaluate the performance of each line of business, refer to page 6.
Comparisons noted in the sections below are for the third quarter of 2020 versus the prior-year third quarter, unless otherwise specified.
JPMORGAN CHASE (JPM)
Net revenue on a reported basis was $29.1 billion, $33.0 billion, and $29.3 billion for the third quarter of 2020, second quarter of 2020, and third quarter of 2019, respectively.
Results for JPM2Q203Q19
($ millions, except per share data)3Q202Q203Q19$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue - managed$29,941 $33,817 $30,014 $(3,876)(11)%$(73)— %
Noninterest expense16,875 16,942 16,372 (67)— 503 3 
Provision for credit losses611 10,473 1,514 (9,862)(94)(903)(60)
Net income$9,443 $4,687 $9,080 $4,756 101 %$363 4 %
Earnings per share$2.92 $1.38 $2.68 $1.54 112 %$0.24 9 %
Return on common equity
15 %7 %15 %
Return on tangible common equity
19 9 18 
Discussion of Results11:
Net income was $9.4 billion, up 4%.
Net revenue of $29.9 billion was flat. Net interest income was $13.1 billion, down 9%, predominantly driven by the impact of lower rates largely offset by higher net interest income in CIB Markets as well as balance sheet growth. Noninterest revenue was $16.8 billion, up 7%, predominantly driven by higher Investment Banking fees, Markets revenue, and Credit Adjustments & Other in the Corporate & Investment Bank, and higher net investment securities gains in Corporate.
Noninterest expense of $16.9 billion, up 3%, driven by higher legal expense.
The provision for credit losses was $611 million, down $903 million from the prior year. Net charge-offs of $1.2 billion were down $191 million from the prior year, predominantly driven by Card. The current quarter included a net reserve release that was largely driven by the run-off in the Home Lending portfolio and changes in wholesale loan balances, partially offset by a build in the investment securities portfolio due to the transfer of certain securities from available-for-sale to held-to-maturity. The prior year included net reserve builds across both the Consumer and Wholesale portfolios.
2
JPMorgan Chase & Co.
News Release
CONSUMER & COMMUNITY BANKING (CCB)
Results for CCB2Q203Q19
($ millions)3Q202Q203Q19$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$12,755 $12,217 $13,958 $538 4 %$(1,203)(9)%
Consumer & Business Banking5,557 5,107 6,782 450 9 (1,225)(18)
Home Lending1,714 1,687 1,465 27 2 249 17 
Card & Auto5,484 5,423 5,711 61 1 (227)(4)
Noninterest expense6,770 6,626 7,025 144 2 (255)(4)
Provision for credit losses794 5,828 1,311 (5,034)(86)(517)(39)
Net income/(loss)$3,873 $(176)$4,245 $4,049 NM$(372)(9)%
Discussion of Results11,12:
Net income was $3.9 billion, down 9%. Net revenue was $12.8 billion, down 9%.
Consumer & Business Banking net revenue was $5.6 billion, down 18%, predominantly driven by the impact of deposit margin compression, partially offset by growth in deposit balances. Home Lending net revenue was $1.7 billion, up 17%, driven by higher production margins. Card & Auto net revenue was $5.5 billion, down 4%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card annual fees.
Noninterest expense was $6.8 billion, down 4%, predominantly driven by lower marketing investments.
The provision for credit losses was $794 million, down $517 million and included a $300 million reserve release in Home Lending due to portfolio run-off, compared to a net reserve build for CCB of $50 million in the prior year. Net charge-offs were $1.1 billion, down $167 million versus the prior year, predominantly driven by Card.
3
JPMorgan Chase & Co.
News Release
CORPORATE & INVESTMENT BANK (CIB)
Results for CIB2Q203Q19
($ millions)3Q202Q203Q19$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$11,503 $16,352 $9,522 $(4,849)(30)%$1,981 21 %
Banking3,709 5,027 3,485 (1,318)(26)224 6 
Markets & Securities Services7,794 11,325 6,037 (3,531)(31)1,757 29 
Noninterest expense5,797 6,764 5,504 (967)(14)293 5 
Provision for credit losses(81)1,987 92 (2,068)NM(173)NM
Net income$4,304 $5,464 $2,831 $(1,160)(21)%$1,473 52 %
Discussion of Results12:
Net income was $4.3 billion, up 52%. Net revenue was $11.5 billion, up 21%.
Banking revenue was $3.7 billion, up 6%. Investment Banking revenue was $2.1 billion, up 12%, predominantly driven by higher Investment Banking fees, up 9%, reflecting higher equity and debt underwriting fees which were partially offset by lower advisory fees. Wholesale Payments revenue was $1.3 billion, down 5%, predominantly driven by deposit margin compression and a reporting re-classification in Merchant Services12, largely offset by the impact of higher deposit balances. Lending revenue was $333 million, up 32%, predominantly driven by higher net interest income reflecting overall spread widening and higher loan balances.
Markets & Securities Services revenue was $7.8 billion, up 29%. Markets revenue was $6.6 billion, up 30%. Fixed Income Markets revenue was $4.6 billion, up 29%, driven by strong performance across products, particularly in Commodities, Credit and Securitized Products. Equity Markets revenue was $2.0 billion, up 32%, driven by strong performance across products. Securities Services revenue was $1.0 billion, flat to the prior year, as deposit margin compression was offset by balance growth. Credit Adjustments & Other was a gain of $169 million largely driven by funding and credit spread tightening on derivatives.
Noninterest expense was $5.8 billion, up 5%, predominantly driven by higher legal expense, partially offset by lower structural expense as well as lower volume- and revenue-related expense.
The provision for credit losses was a net benefit of $81 million, driven by reserve releases across multiple sectors. Net charge-offs were $23 million.
COMMERCIAL BANKING (CB)
Results for CB2Q203Q19
($ millions)3Q202Q203Q19$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$2,285 $2,392 $2,274 $(107)(4)%$11 — %
Noninterest expense966 899 940 67 7 26 3 
Provision for credit losses(147)2,431 67 (2,578)NM(214)NM
Net income/(loss)$1,088 $(691)$943 $1,779 NM$145 15 %
Discussion of Results12:
Net income was $1.1 billion, up 15%.
Net revenue of $2.3 billion was flat, with lower deposit margin offset by higher deposit balances and fees, higher lending revenue due to increased portfolio spreads and balances, and higher investment banking revenue.
Noninterest expense was $966 million, up 3%, driven by higher compensation.
The provision for credit losses was a net benefit of $147 million, driven by reserve releases across multiple sectors. Net charge-offs were $60 million.
4
JPMorgan Chase & Co.
News Release
ASSET & WEALTH MANAGEMENT (AWM)
Results for AWM2Q203Q19
($ millions)3Q202Q203Q19$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$3,737 $3,610 $3,568 $127 4 %$169 5 %
Noninterest expense2,623 2,506 2,622 117 5 1 — 
Provision for credit losses(51)223 44 (274)NM(95)NM
Net income$877 $658 $668 $219 33 %$209 31 %
Discussion of Results:     
Net income was $877 million, up 31%.
Net revenue was $3.7 billion, up 5%, predominantly driven by higher deposit and loan balances, along with higher management fees and brokerage activity, largely offset by deposit margin compression.
Noninterest expense of $2.6 billion was flat to the prior year.
The provision for credit losses was a net benefit of $51 million, driven by reserve releases.
Assets under management were $2.6 trillion, up 16%, driven by cumulative net inflows into liquidity and long-term products as well as higher market levels.
CORPORATE
Results for Corporate2Q203Q19
($ millions)3Q202Q203Q19$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$(339)$(754)$692 $415 55 %$(1,031)NM
Noninterest expense719 147 281 572 389 438 156 
Provision for credit losses96 4 — 92 NM96 NM
Net income/(loss)$(699)$(568)$393 $(131)(23)%$(1,092)NM
Discussion of Results:
Net loss was $699 million, compared with net income of $393 million in the prior year.
Net revenue was a loss of $339 million, compared with net revenue of $692 million in the prior year. Net revenue was down $1.0 billion, driven by lower net interest income, largely on lower rates, including the impact of faster prepayments on mortgage-backed securities. The current quarter included net investment securities gains of $466 million. The prior year included approximately $330 million of income related to loan sales in Home Lending.
Noninterest expense was $719 million, up $438 million predominantly driven by an impairment on a legacy investment.
The provision for credit losses was $96 million, driven by a build in the investment securities portfolio due to the transfer of certain securities from available-for-sale to held-to-maturity.








5
JPMorgan Chase & Co.
News Release
2. Notes on non-GAAP financial measures:

a.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. 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 a fully taxable-equivalent (“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 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. For a reconciliation of the Firm’s results from a reported to managed basis, see page 7 of the Earnings Release Financial Supplement.

b.Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“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 mortgage servicing rights), net of related deferred tax liabilities. For a reconciliation from common stockholders’ equity to TCE, see page 9 of the Earnings Release Financial Supplement. 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. Book value per share was $79.08, $76.91 and $75.24 at September 30, 2020, June 30, 2020, and September 30, 2019, respectively. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

6
JPMorgan Chase & Co.
News Release
Additional notes:

3.Reflects the relief provided by the Federal Reserve Board (the “Federal Reserve”) in response to the COVID-19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020. For the period ended September 30, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $6.4 billion. The SLR reflects the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 11-12 and Capital Risk Management on pages 49-54 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for additional information. Refer to Capital Risk Management on pages 85-92 of the Firm’s 2019 Form 10-K for additional information on the Firm’s capital metrics.
4.Last twelve months (“LTM”).
5.Net of stock issued to employees.
6.In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.
7.High-quality liquid assets (“HQLA”) represent the average amount of unencumbered liquid assets that qualify for inclusion in the liquidity coverage ratio (“LCR”), and excludes excess HQLA at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates. Unencumbered marketable securities, such as equity securities and fixed income debt securities, include HQLA-eligible securities which are included as part of the excess liquidity at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates. Does not include borrowing capacity at Federal Home Loan Banks (“FHLB”) and the discount window at the Federal Reserve Bank. Refer to Liquidity Risk Management on pages 55-59 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for additional information.
8.Excludes Commercial Card.
9.On September 30, 2020, the Federal Reserve extended its requirement for large banks to suspend net share repurchases through the end of the fourth quarter of 2020. For further information, see page 10 of the Earnings Release Financial Supplement.
10.Credit provided to clients represents new and renewed credit, including loans and commitments.
11.In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.
12.In the first quarter of 2020, the Firm began reporting a Wholesale Payments business unit within CIB following a realignment of the Firm’s wholesale payments businesses. The Wholesale Payments business comprises:
◦Merchant Services, which was realigned from CCB to CIB
◦Treasury Services and Trade Finance in CIB. Trade Finance was previously reported in Lending in CIB.
In connection with the alignment of Wholesale Payments, the assets, liabilities and headcount associated with the Merchant Services business were realigned to CIB from CCB, and the revenue and expenses of the Merchant Services business is reported across CCB, CIB and CB based primarily on client relationships. Prior periods have been revised to reflect this realignment and revised allocation methodology.




7
JPMorgan Chase & Co.
News Release

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.2 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

JPMorgan Chase & Co. will host a conference call today, October 13, 2020, at 8:30 a.m. (Eastern) to present third quarter 2020 financial results. The general public can access the call by dialing (866) 541-2724 in the U.S. and Canada, or (706) 634-7246 for international participants. Please dial in 10 minutes prior to the start of the call. The live audio webcast and presentation slides will be available on the Firm’s website, www.jpmorganchase.com, under Investor Relations, Events & Presentations.

A replay of the conference call will be available beginning at approximately 12:30 p.m. on October 13, 2020, through midnight, October 27, 2020, by telephone at (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (international); use Conference ID # 5852509. The replay will also be available via webcast on www.jpmorganchase.com under Investor Relations, Events & Presentations. Additional detailed financial, statistical and business-related information is included in a financial supplement. The earnings release and the financial supplement are available at www.jpmorganchase.com.

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2019, and Quarterly Report on Form 10-Q for the quarterly periods ended June 30, 2020 and March 31, 2020, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.


8
Document
                                                                    
Exhibit 99.2





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EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2020














                                                                    
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
Earnings Per Share and Related Information10
Business Segment Results
Consumer & Community Banking (“CCB”)11–14
Corporate & Investment Bank (“CIB”)15–17
Commercial Banking (“CB”)18–19
Asset & Wealth Management (“AWM”)20–22
Corporate23
Credit-Related Information24–27
Non-GAAP Financial Measures28
Glossary of Terms and Acronyms (a)
(a)    Refer to the Glossary of Terms and Acronyms on pages 293–299 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”) and the Glossary of Terms and Acronyms and Line of Business Metrics on pages 191-196 and pages 197-199, respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020.

                                                                    

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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
SELECTED INCOME STATEMENT DATA 3Q202Q201Q204Q193Q192Q203Q19202020192019
Reported Basis
Total net revenue (a)$29,147 $32,980 $28,192 $28,285 $29,291 (12)%— %$90,319 $87,114 4 %
Total noninterest expense (a)16,875 16,942 16,791 16,293 16,372 — 3 50,608 48,976 3 
Pre-provision profit (b)12,272 16,038 11,401 11,992 12,919 (23)(5)39,711 38,138 4 
Provision for credit losses611 10,473 8,285 1,427 1,514 (94)(60)19,369 4,158 366 
NET INCOME9,443 4,687 2,865 8,520 9,080 101 4 16,995 27,911 (39)
Managed Basis (c)
Total net revenue (a)29,941 33,817 29,010 29,165 30,014 (11)— 92,768 89,299 4 
Total noninterest expense (a)16,875 16,942 16,791 16,293 16,372 — 3 50,608 48,976 3 
Pre-provision profit (b)13,066 16,875 12,219 12,872 13,642 (23)(4)42,160 40,323 5 
Provision for credit losses611 10,473 8,285 1,427 1,514 (94)(60)19,369 4,158 366 
NET INCOME9,443 4,687 2,865 8,520 9,080 101 4 16,995 27,911 (39)
EARNINGS PER SHARE DATA
Net income: Basic$2.93 $1.39 $0.79 $2.58 $2.69 111 9 $5.10 $8.17 (38)
Diluted2.92 1.38 0.78 2.57 2.68 112 9 5.09 8.15 (38)
Average shares: Basic3,077.8 3,076.3 3,095.8 3,140.7 3,198.5 — (4)3,083.3 3,248.7 (5)
Diluted3,082.8 3,081.0 3,100.7 3,148.5 3,207.2 — (4)3,088.1 3,258.0 (5)
MARKET AND PER COMMON SHARE DATA
Market capitalization$293,451 $286,658 $274,323 $429,913 $369,133 2 (21)$293,451 $369,133 (21)
Common shares at period-end3,048.2 3,047.6 3,047.0 3,084.0 3,136.5 — (3)3,048.2 3,136.5 (3)
Book value per share79.08 76.91 75.88 75.98 75.24 3 5 79.08 75.24 5 
Tangible book value per share (“TBVPS”) (b)63.93 61.76 60.71 60.98 60.48 4 6 63.93 60.48 6 
Cash dividends declared per share0.90 0.90 0.90 0.90 0.90 — — 2.70 2.50 8 
FINANCIAL RATIOS (d)
Return on common equity (“ROE”)15 %7 %4 %14 %15 %9 %15 %
Return on tangible common equity (“ROTCE”) (b)19 9 5 17 18 11 19 
Return on assets1.14 0.58 0.40 1.22 1.30 0.72 1.37 
CAPITAL RATIOS (e)
Common equity Tier 1 (“CET1”) capital ratio13.0 %(f)12.4 %11.5 %12.4 %12.3 %13.0 %(f)12.3 %
Tier 1 capital ratio15.0 (f)14.3 13.3 14.1 14.1 15.0 (f)14.1 
Total capital ratio17.3 (f)16.7 15.5 16.0 15.9 17.3 (f)15.9 
Tier 1 leverage ratio7.0 (f)6.9 7.5 7.9 7.9 7.0 (f)7.9 
Supplementary leverage ratio (“SLR”)7.0 (f)6.8 6.0 6.3 6.3 7.0 (f)6.3 
 
Effective January 1, 2020, the Firm adopted the Financial Instruments – Credit Losses (“CECL”) accounting guidance, which resulted in a net increase to the allowance for credit losses of $4.3 billion and a decrease to retained earnings of $2.7 billion. Refer to Note 1 – Basis of Presentation on pages 85-86 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.
(a)In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.
(b)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 9 for a reconciliation of common stockholders’ equity to TCE. Refer to page 28 for a further discussion of these measures.
(c)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(d)Quarterly ratios are based upon annualized amounts.
(e)Reflects the relief provided by the Federal Reserve Board (the “Federal Reserve”) in response to the COVID-19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020. For the periods ended September 30, 2020, June 30, 2020 and March 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $6.4 billion, $6.5 billion and $4.3 billion, respectively. Effective June 30, 2020, the SLR reflects the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 11-12 and Capital Risk Management on pages 49-54 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for additional information. Refer to Capital Risk Management on pages 85-92 of the Firm’s 2019 Form 10-K for additional information on the Firm’s capital metrics.
(f)Estimated.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
3Q202Q201Q204Q193Q192Q203Q19202020192019
SELECTED BALANCE SHEET DATA (period-end)
Total assets$3,246,076 $3,213,616 (f)$3,139,431 $2,687,379 $2,764,661 1 %17 %$3,246,076 $2,764,661 17 %
Loans:
Consumer, excluding credit card loans (a)(b)322,098 323,198 311,508 317,817 316,473 — 2 322,098 316,473 2 
Credit card loans140,377 141,656 154,021 168,924 159,571 (1)(12)140,377 159,571 (12)
Wholesale loans (a)(b)527,265 544,528 584,081 510,879 503,975 (3)5 527,265 503,975 5 
Total Loans989,740 1,009,382 1,049,610 997,620 980,019 (2)1 989,740 980,019 1 
Deposits:
U.S. offices:
Noninterest-bearing540,116 529,729 448,195 395,667 393,522 2 37 540,116 393,522 37 
Interest-bearing1,117,149 1,061,093 1,026,603 876,156 844,137 5 32 1,117,149 844,137 32 
Non-U.S. offices:
Noninterest-bearing21,406 22,752 22,192 20,087 21,455 (6)— 21,406 21,455 — 
Interest-bearing322,745 317,455 339,019 270,521 266,147 2 21 322,745 266,147 21 
Total deposits2,001,416 1,931,029 1,836,009 1,562,431 1,525,261 4 31 2,001,416 1,525,261 31 
Long-term debt 279,175 317,003 299,344 291,498 296,472 (12)(6)279,175 296,472 (6)
Common stockholders’ equity241,050 234,403 231,199 234,337 235,985 3 2 241,050 235,985 2 
Total stockholders’ equity271,113 264,466 261,262 261,330 264,348 3 3 271,113 264,348 3 
Loans-to-deposits ratio (b)49 %52 %57 %64 %64 %49 %64 %
Headcount256,358 256,710 256,720 256,981 257,444 — — 256,358 257,444 — 
95% CONFIDENCE LEVEL - TOTAL VaR (c)
Average VaR$90 $130 $59 $37 $39 (31)131 
LINE OF BUSINESS NET REVENUE (d)
Consumer & Community Banking (e)$12,755 $12,217 $13,112 $13,749 $13,958 4 (9)$38,084 $40,885 (7)
Corporate & Investment Bank11,503 16,352 9,948 9,647 9,522 (30)21 37,803 29,387 29 
Commercial Banking2,285 2,392 2,178 2,297 2,274 (4)— 6,855 6,972 (2)
Asset & Wealth Management 3,737 3,610 3,606 3,700 3,568 4 5 10,953 10,616 3 
Corporate(339)(754)166 (228)692 55 NM(927)1,439 NM
TOTAL NET REVENUE$29,941 $33,817 $29,010 $29,165 $30,014 (11)— $92,768 $89,299 4 
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking$3,873 $(176)$191 $4,214 $4,245 NM(9)$3,888 $12,349 (69)
Corporate & Investment Bank4,304 5,464 1,988 2,938 2,831 (21)52 11,756 9,037 30 
Commercial Banking1,088 (691)147 944 943 NM15 544 3,005 (82)
Asset & Wealth Management877 658 664 785 668 33 31 2,199 2,048 7 
Corporate(699)(568)(125)(361)393 (23)NM(1,392)1,472 NM
NET INCOME$9,443 $4,687 $2,865 $8,520 $9,080 101 4 $16,995 $27,911 (39)
In the first quarter of 2020, the Merchant Services business was realigned from CCB to CIB as part of the Firm’s Wholesale Payments business. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.
(a)In conjunction with the adoption of CECL on January 1, 2020, the Firm reclassified risk-rated business banking and auto dealer loans held in CCB from the consumer, excluding credit card portfolio segment to the wholesale portfolio segment. Prior periods have been revised to conform with the current presentation.
(b)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.
(c)Effective January 1, 2020, the Firm refined the scope of VaR to exclude positions related to the risk management of interest rate exposure from changes in the Firm’s own credit spread on fair value option elected liabilities, and included these positions in other sensitivity-based measures. Additionally, effective July 1, 2020, the Firm refined the scope of VaR to exclude certain asset-backed fair value option elected loans, and included them in other sensitivity-based measures to more effectively measure the risk from these loans. In the absence of these refinements, the average Total VaR for the three months ended September 30, 2020, June 30, 2020 and March 31, 2020 would have been different by $11 million, $(8) million and $6 million, respectively.
(d)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(e)In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.
(f)Prior-period amounts have been revised to conform with the current presentation.

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CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
REVENUE3Q202Q201Q204Q193Q192Q203Q19202020192019
Investment banking fees $2,187 $2,850 $1,866 $1,843 $1,967 (23)%11 %$6,903 $5,658 22 %
Principal transactions4,142 7,621 2,937 2,779 3,449 (46)20 14,700 11,239 31 
Lending- and deposit-related fees (a)1,647 1,431 1,706 1,772 1,671 15 (1)4,784 4,854 (1)
Asset management, administration and commissions (a)4,470 4,266 4,540 4,301 4,306 5 4 13,276 12,607 5 
Investment securities gains473 26 233 123 78 NMNM732 135 442 
Mortgage fees and related income1,087 917 320 474 887 19 23 2,324 1,562 49 
Card income (b)1,169 974 995 1,335 1,233 20 (5)3,138 3,741 (16)
Other income 959 1,042 1,156 1,492 1,472 (8)(35)3,157 4,239 (26)
Noninterest revenue16,134 19,127 13,753 14,119 15,063 (16)7 49,014 44,035 11 
Interest income14,700 16,112 19,161 19,927 21,121 (9)(30)49,973 64,113 (22)
Interest expense1,687 2,259 4,722 5,761 6,893 (25)(76)8,668 21,034 (59)
Net interest income13,013 13,853 14,439 14,166 14,228 (6)(9)41,305 43,079 (4)
TOTAL NET REVENUE29,147 32,980 28,192 28,285 29,291 (12)— 90,319 87,114 4 
Provision for credit losses611 10,473 8,285 1,427 1,514 (94)(60)19,369 4,158 366 
NONINTEREST EXPENSE
Compensation expense 8,630 9,509 8,895 8,088 8,583 (9)1 27,034 26,067 4 
Occupancy expense1,142 1,080 1,066 1,084 1,110 6 3 3,288 3,238 2 
Technology, communications and equipment expense 2,564 2,590 2,578 2,585 2,494 (1)3 7,732 7,236 7 
Professional and outside services 2,178 1,999 2,028 2,226 2,056 9 6 6,205 6,307 (2)
Marketing (b)470 481 800 847 895 (2)(47)1,751 2,504 (30)
Other expense (c)1,891 1,283 1,424 1,463 1,234 47 53 4,598 3,624 27 
TOTAL NONINTEREST EXPENSE16,875 16,942 16,791 16,293 16,372 — 3 50,608 48,976 3 
Income before income tax expense11,661 5,565 3,116 10,565 11,405 110 2 20,342 33,980 (40)
Income tax expense2,218 878 251 2,045 2,325 153 (5)3,347 6,069 (f)(45)
NET INCOME$9,443 $4,687 $2,865 $8,520 $9,080 101 4 $16,995 $27,911 (39)
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$2.93 $1.39 $0.79 $2.58 $2.69 111 9 $5.10 $8.17 (38)
Diluted earnings per share2.92 1.38 0.78 2.57 2.68 112 9 5.09 8.15 (38)
FINANCIAL RATIOS
Return on common equity (d)15 %7 %4 %14 %15 %9 %15 %
Return on tangible common equity (d)(e)19 9 5 17 18 11 19 
Return on assets (d)1.14 0.58 0.40 1.22 1.30 0.72 1.37 
Effective income tax rate19.0 15.8 8.1 19.4 20.4 16.5 17.9 (f)
Overhead ratio58 51 60 58 56 56 56 

(a)In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.
(b)In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.
(c)Included Firmwide legal expense/(benefit) of $524 million, $118 million, $197 million, $241 million and $10 million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively, and $839 million and $(2) million for the nine months ended September 30, 2020 and September 30, 2019 respectively.
(d)Quarterly ratios are based upon annualized amounts.
(e)Refer to page 28 for further discussion of ROTCE.
(f)The nine months ended September 30, 2019 included income tax benefits of $1.0 billion due to the resolution of certain tax audits.


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CONSOLIDATED BALANCE SHEETS
(in millions)
Sep 30, 2020
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2020202020202019201920202019
ASSETS
Cash and due from banks $20,816 $20,544 $24,001 $21,704 $21,215 1 %(2)%
Deposits with banks 466,706 473,185 343,533 241,927 235,382 (1)98 
Federal funds sold and securities purchased under
resale agreements319,849 256,980 248,580 249,157 257,391 24 24 
Securities borrowed142,441 142,704 139,839 139,758 138,336 — 3 
Trading assets:
Debt and equity instruments (a)429,196 416,870 429,275 319,921 401,697 3 7 
Derivative receivables76,626 74,846 81,648 49,766 55,577 2 38 
Available-for-sale (“AFS”) securities389,583 485,883 399,944 350,699 353,421 (20)10 
Held-to-maturity (”HTM”) securities, net of allowance for credit losses (b)141,553 72,908 71,200 47,540 40,830 94 247 
Investment securities, net of allowance for credit losses (b)531,136 558,791 471,144 398,239 394,251 (5)35 
Loans (a)989,740 1,009,382 1,049,610 997,620 980,019 (2)1 
Less: Allowance for loan losses30,814 31,591 (c)23,244 13,123 13,235 (2)133 
Loans, net of allowance for loan losses958,926 977,791 1,026,366 984,497 966,784 (2)(1)
Accrued interest and accounts receivable76,945 72,260 122,064 72,861 88,988 6 (14)
Premises and equipment26,672 26,301 25,882 25,813 25,117 1 6 
Goodwill, MSRs and other intangible assets51,594 51,669 51,867 53,341 53,078 — (3)
Other assets (a)145,169 141,675 175,232 130,395 126,845 2 14 
TOTAL ASSETS$3,246,076 $3,213,616 $3,139,431 $2,687,379 $2,764,661 1 17 
LIABILITIES
Deposits$2,001,416 $1,931,029 $1,836,009 $1,562,431 $1,525,261 4 31 
Federal funds purchased and securities loaned or sold
under repurchase agreements236,440 235,647 233,207 183,675 247,766 — (5)
Short-term borrowings41,992 48,014 51,909 40,920 48,893 (13)(14)
Trading liabilities:
Debt and equity instruments104,835 107,735 119,109 75,569 90,553 (3)16 
Derivative payables57,658 57,477 65,087 43,708 47,790 — 21 
Accounts payable and other liabilities234,256 231,417 (c)253,874 210,407 225,063 1 4 
Beneficial interests issued by consolidated VIEs19,191 20,828 19,630 17,841 18,515 (8)4 
Long-term debt279,175 317,003 299,344 291,498 296,472 (12)(6)
TOTAL LIABILITIES2,974,963 2,949,150 2,878,169 2,426,049 2,500,313 1 19 
STOCKHOLDERS’ EQUITY
Preferred stock30,063 30,063 30,063 26,993 28,363 (d)— 6 
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital88,289 88,125 87,857 88,522 88,512 — — 
Retained earnings228,014 221,732 220,226 223,211 217,888 3 5 
Accumulated other comprehensive income/(loss)8,940 8,789 7,418 1,569 1,800 2 397 
Shares held in RSU Trust, at cost(11)(11)(21)(21)(21)— 48 
Treasury stock, at cost(88,287)(88,337)(88,386)(83,049)(76,299)— (16)
TOTAL STOCKHOLDERS’ EQUITY271,113 264,466 261,262 261,330 264,348 3 3 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,246,076 $3,213,616 $3,139,431 $2,687,379 $2,764,661 1 17 

(a)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.
(b)Upon adoption of the CECL accounting guidance, HTM securities are presented net of an allowance for credit losses. At September 30, 2020, June 30, 2020, and March 31, 2020 the allowance for credit losses on HTM securities was $120 million, $23 million and $19 million, respectively.
(c)Prior-period amounts have been revised to conform with the current presentation.
(d)Included $1.4 billion, which was redeemed on October 30, 2019, as previously announced on September 26, 2019.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
AVERAGE BALANCES 3Q202Q201Q204Q193Q192Q203Q19202020192019
ASSETS
Deposits with banks $509,979 $477,895 $279,748 $272,648 $267,578 7 %91 %$422,860 $282,483 50 %
Federal funds sold and securities purchased under resale agreements277,899 244,306 253,403 248,170 276,721 14 — 258,607 284,616 (9)
Securities borrowed147,184 141,328 136,127 135,374 139,939 4 5 141,567 129,915 9 
Trading assets - debt instruments (a)322,321 345,073 304,808 280,487 298,358 (7)8 324,061 299,834 8 
Investment securities548,544 500,254 421,529 394,002 343,134 10 60 490,322 294,896 66 
Loans (a)991,241 1,029,513 1,001,504 987,606 984,248 (4)1 1,007,360 990,731 2 
All other interest-earning assets (a)(b)77,806 81,320 68,430 59,257 54,973 (4)42 75,859 51,931 46 
Total interest-earning assets 2,874,974 2,819,689 2,465,549 2,377,544 2,364,951 2 22 2,720,636 2,334,406 17 
Trading assets - equity and other instruments 119,905 99,115 114,479 114,112 113,980 21 5 111,198 114,394 (3)
Trading assets - derivative receivables81,300 79,298 66,309 52,860 57,062 3 42 75,656 54,098 40 
All other noninterest-earning assets (a)213,978 231,166 243,895 232,754 229,059 (7)(7)229,623 227,003 1 
TOTAL ASSETS$3,290,157 $3,229,268 $2,890,232 $2,777,270 $2,765,052 2 19 $3,137,113 $2,729,901 15 
LIABILITIES
Interest-bearing deposits $1,434,034 $1,375,213 $1,216,555 $1,154,716 $1,123,452 4 28 $1,342,270 $1,102,751 22 
Federal funds purchased and securities loaned or
sold under repurchase agreements253,779 276,815 243,922 235,481 239,698 (8)6 258,156 225,471 14 
Short-term borrowings (c)36,697 45,297 37,288 39,936 44,814 (19)(18)39,749 56,635 (30)
Trading liabilities - debt and other interest-bearing liabilities (d)206,643 207,322 192,950 170,049 183,369 — 13 202,322 186,167 9 
Beneficial interests issued by consolidated VIEs19,838 20,331 18,048 19,390 21,123 (2)(6)19,407 23,549 (18)
Long-term debt 267,175 269,336 243,996 248,521 248,985 (1)7 260,194 247,782 5 
Total interest-bearing liabilities 2,218,166 2,194,314 1,952,759 1,868,093 1,861,441 1 19 2,122,098 1,842,355 15 
Noninterest-bearing deposits 551,565 515,304 419,631 413,582 407,428 7 35 495,704 405,075 22 
Trading liabilities - equity and other instruments 32,256 33,797 30,721 28,197 31,310 (5)3 32,258 32,059 1 
Trading liabilities - derivative payables64,599 63,178 54,990 44,361 45,987 2 40 60,936 41,952 45 
All other noninterest-bearing liabilities 156,711 158,204 168,195 162,490 155,032 (1)1 161,022 148,086 9 
TOTAL LIABILITIES3,023,297 2,964,797 2,626,296 2,516,723 2,501,198 2 21 2,872,018 2,469,527 16 
Preferred stock30,063 30,063 29,406 27,669 28,241 — 6 29,844 27,457 9 
Common stockholders’ equity236,797 234,408 234,530 232,878 235,613 1 1 235,251 232,917 1 
TOTAL STOCKHOLDERS’ EQUITY266,860 264,471 263,936 260,547 263,854 1 1 265,095 260,374 2 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,290,157 $3,229,268 $2,890,232 $2,777,270 $2,765,052 2 19 $3,137,113 $2,729,901 15 
AVERAGE RATES (e)
INTEREST-EARNING ASSETS
Deposits with banks 0.05 %0.06 %0.82 %1.00 %1.33 %0.22 %1.51 %
Federal funds sold and securities purchased under resale agreements0.57 0.99 1.74 2.05 2.21 1.08 2.29 
Securities borrowed (f)(0.35)(0.50)0.45 0.81 1.23 (0.14)1.34 
Trading assets - debt instruments (a)2.29 2.42 2.74 2.87 2.96 2.48 3.19 
Investment securities1.58 2.03 2.48 2.65 2.92 1.99 3.17 
Loans (a)4.11 4.27 4.96 5.07 5.25 4.44 5.32 
All other interest-earning assets (a)(b)0.94 0.99 2.60 3.49 4.36 1.46 4.18 
Total interest-earning assets 2.05 2.31 3.14 3.35 3.56 2.47 3.70 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 0.07 0.10 0.52 0.67 0.85 0.22 0.85 
Federal funds purchased and securities loaned or
sold under repurchase agreements0.17 0.19 1.30 1.77 2.05 0.53 2.12 
Short-term borrowings (c)0.65 1.11 1.63 1.97 2.31 1.13 2.48 
Trading liabilities - debt and other interest-bearing liabilities (d)(f)(0.10)(0.08)0.77 1.04 1.43 0.18 1.54 
Beneficial interests issued by consolidated VIEs0.71 1.15 2.02 2.22 2.53 1.27 2.61 
Long-term debt 1.93 2.45 2.88 3.21 3.49 2.40 3.67 
Total interest-bearing liabilities 0.30 0.41 0.97 1.22 1.47 0.55 1.53 
INTEREST RATE SPREAD1.75 %1.90 %2.17 %2.13 %2.09 %1.92 %2.17 %
NET YIELD ON INTEREST-EARNING ASSETS1.82 %1.99 %2.37 %2.38 %2.41 %2.04 %2.49 %
Memo: Net yield on interest-earning assets excluding CIB Markets (g)2.05 %2.27 %3.01 %3.06 %3.23 %2.41 %3.34 %
(a)    In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.
(b)    Includes prime 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.
(c)    Includes commercial paper.
(d)    All other interest-bearing liabilities include prime brokerage-related customer payables.
(e)    Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.
(f)    Negative interest income and yields are related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other liabilities.
(g)    Net yield on interest-earning assets excluding CIB Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.

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

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
3Q202Q201Q204Q193Q192Q203Q19202020192019
OTHER INCOME
Other income - reported $959 $1,042 $1,156 $1,492 $1,472 (8)%(35)%$3,157 $4,239 (26)%
Fully taxable-equivalent adjustments (a)690 730 708 757 596 (5)16 2,128 1,777 20 
Other income - managed$1,649 $1,772 $1,864 $2,249 $2,068 (7)(20)$5,285 $6,016 (12)
TOTAL NONINTEREST REVENUE (b)
Total noninterest revenue - reported$16,134 $19,127 $13,753 $14,119 $15,063 (16)7 $49,014 $44,035 11 
Fully taxable-equivalent adjustments (a)690 730 708 757 596 (5)16 2,128 1,777 20 
Total noninterest revenue - managed$16,824 $19,857 $14,461 $14,876 $15,659 (15)7 $51,142 $45,812 12 
NET INTEREST INCOME
Net interest income - reported$13,013 $13,853 $14,439 $14,166 $14,228 (6)(9)$41,305 $43,079 (4)
Fully taxable-equivalent adjustments (a)104 107 110 123 127 (3)(18)321 408 (21)
Net interest income - managed$13,117 $13,960 $14,549 $14,289 $14,355 (6)(9)$41,626 $43,487 (4)
TOTAL NET REVENUE (b)
Total net revenue - reported$29,147 $32,980 $28,192 $28,285 $29,291 (12)— $90,319 $87,114 4 
Fully taxable-equivalent adjustments (a)794 837 818 880 723 (5)10 2,449 2,185 12 
Total net revenue - managed$29,941 $33,817 $29,010 $29,165 $30,014 (11)— $92,768 $89,299 4 
PRE-PROVISION PROFIT
Pre-provision profit - reported$12,272 $16,038 $11,401 $11,992 $12,919 (23)(5)$39,711 $38,138 4 
Fully taxable-equivalent adjustments (a)794 837 818 880 723 (5)10 2,449 2,185 12 
Pre-provision profit - managed$13,066 $16,875 $12,219 $12,872 $13,642 (23)(4)$42,160 $40,323 5 
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$11,661 $5,565 $3,116 $10,565 $11,405 110 2 $20,342 $33,980 (40)
Fully taxable-equivalent adjustments (a)794 837 818 880 723 (5)10 2,449 2,185 12 
Income before income tax expense - managed$12,455 $6,402 $3,934 $11,445 $12,128 95 3 $22,791 $36,165 (37)
INCOME TAX EXPENSE
Income tax expense - reported$2,218 $878 $251 $2,045 $2,325 153 (5)$3,347 $6,069 (45)
Fully taxable-equivalent adjustments (a)794 837 818 880 723 (5)10 2,449 2,185 12 
Income tax expense - managed$3,012 $1,715 $1,069 $2,925 $3,048 76 (1)$5,796 $8,254 (30)
OVERHEAD RATIO
Overhead ratio - reported 58 %51 %60 %58 %56 %56 %56 %
Overhead ratio - managed56 50 58 56 55 55 55 
(a)Predominantly recognized in CIB, CB and Corporate.
(b)In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.
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SEGMENT RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
3Q202Q201Q204Q193Q192Q203Q19202020192019
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking (a)$12,755 $12,217 $13,112 $13,749 $13,958 4 %(9)%$38,084 $40,885 (7)%
Corporate & Investment Bank 11,503 16,352 9,948 9,647 9,522 (30)21 37,803 29,387 29 
Commercial Banking2,285 2,392 2,178 2,297 2,274 (4)— 6,855 6,972 (2)
Asset & Wealth Management 3,737 3,610 3,606 3,700 3,568 4 5 10,953 10,616 3 
Corporate(339)(754)166 (228)692 55 NM(927)1,439 NM
TOTAL NET REVENUE$29,941 $33,817 $29,010 $29,165 $30,014 (11)— $92,768 $89,299 4 
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking (a)$6,770 $6,626 $7,102 $6,965 $7,025 2 (4)$20,498 $20,784 (1)
Corporate & Investment Bank 5,797 6,764 5,896 5,392 5,504 (14)5 18,457 16,794 10 
Commercial Banking966 899 988 943 940 7 3 2,853 2,809 2 
Asset & Wealth Management 2,623 2,506 2,659 2,650 2,622 5 — 7,788 7,865 (1)
Corporate719 147 146 343 281 389 156 1,012 724 40 
TOTAL NONINTEREST EXPENSE$16,875 $16,942 $16,791 $16,293 $16,372 — 3 $50,608 $48,976 3 
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking$5,985 $5,591 $6,010 $6,784 $6,933 7 (14)$17,586 $20,101 (13)
Corporate & Investment Bank5,706 9,588 4,052 4,255 4,018 (40)42 19,346 12,593 54 
Commercial Banking1,319 1,493 1,190 1,354 1,334 (12)(1)4,002 4,163 (4)
Asset & Wealth Management1,114 1,104 947 1,050 946 1 18 3,165 2,751 15 
Corporate(1,058)(901)20 (571)411 (17)NM(1,939)715 NM
PRE-PROVISION PROFIT$13,066 $16,875 $12,219 $12,872 $13,642 (23)(4)$42,160 $40,323 5 
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$794 $5,828 $5,772 $1,207 $1,311 (86)(39)$12,394 $3,745 231 
Corporate & Investment Bank(81)1,987 1,401 98 92 NMNM3,307 179 NM
Commercial Banking(147)2,431 1,010 110 67 NMNM3,294 186 NM
Asset & Wealth Management(51)223 94 13 44 NMNM266 48 454 
Corporate96 4 8 (1)— NMNM108 — NM
PROVISION FOR CREDIT LOSSES$611 $10,473 $8,285 $1,427 $1,514 (94)(60)$19,369 $4,158 366 
NET INCOME/(LOSS)
Consumer & Community Banking$3,873 $(176)$191 $4,214 $4,245 NM(9)$3,888 $12,349 (69)
Corporate & Investment Bank4,304 5,464 1,988 2,938 2,831 (21)52 11,756 9,037 30 
Commercial Banking1,088 (691)147 944 943 NM15 544 3,005 (82)
Asset & Wealth Management877 658 664 785 668 33 31 2,199 2,048 7 
Corporate(699)(568)(125)(361)393 (23)NM(1,392)1,472 NM
TOTAL NET INCOME$9,443 $4,687 $2,865 $8,520 $9,080 101 4 $16,995 $27,911 (39)
In the first quarter of 2020, the Merchant Services business was realigned from CCB to CIB as part of the Firm’s Wholesale Payments business. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.
(a)In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.







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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Sep 30, 2020
ChangeNINE MONTHS ENDED SEPTEMBER 30,
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,2020 Change
2020202020202019201920202019202020192019
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital$197,728 (e)$190,867 $183,591 $187,753 $188,151 4 %5 %
Tier 1 capital227,499 (e)220,674 213,406 214,432 214,831 3 6 
Total capital262,441 (e)256,667 247,541 242,589 243,500 2 8 
Risk-weighted assets 1,517,248 (e)1,541,365 1,598,828 1,515,869 1,527,762 (2)(1)
CET1 capital ratio13.0 %(e)12.4 %11.5 %12.4 %12.3 %
Tier 1 capital ratio15.0 (e)14.3 13.3 14.1 14.1 
Total capital ratio17.3 (e)16.7 15.5 16.0 15.9 
Advanced
CET1 capital$197,728 (e)$190,867 $183,591 $187,753 $188,151 4 5 
Tier 1 capital 227,499 (e)220,674 213,406 214,432 214,831 3 6 
Total capital249,973 (e)244,112 234,434 232,112 233,203 2 7 
Risk-weighted assets1,431,218 (e)1,450,587 1,489,134 1,397,878 1,435,693 (1)— 
CET1 capital ratio13.8 %(e)13.2 %12.3 %13.4 %13.1 %
Tier 1 capital ratio15.9 (e)15.2 14.3 15.3 15.0 
Total capital ratio17.5 (e)16.8 15.7 16.6 16.2 
Leverage-based capital metrics
Adjusted average assets (b)$3,243,303 (e)$3,176,729 $2,842,244 $2,730,239 $2,717,852 2 19 
Tier 1 leverage ratio7.0 %(e)6.9 %7.5 %7.9 %7.9 %
Total leverage exposure3,247,377 (e)3,228,424 3,535,822 3,423,431 3,404,535 1 (5)
SLR7.0 %(e)6.8 %6.0 %6.3 %6.3 %
TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders’ equity$241,050 $234,403 $231,199 $234,337 $235,985 3 2 
Less: Goodwill47,819 47,811 47,800 47,823 47,818 — — 
Less: Other intangible assets759 778 800 819 841 (2)(10)
Add: Certain deferred tax liabilities (d)2,405 2,397 2,389 2,381 2,371 — 1 
Total tangible common equity$194,877 $188,211 $184,988 $188,076 $189,697 4 3 
TANGIBLE COMMON EQUITY (average) (c) 
Common stockholders’ equity$236,797 $234,408 $234,530 $232,878 $235,613 1 1 $235,251 $232,917 1 %
Less: Goodwill47,820 47,805 47,812 47,819 47,707 — — 47,812 47,552 1 
Less: Other intangible assets769 791 812 831 842 (3)(9)791 776 2 
Add: Certain deferred tax liabilities (d)2,401 2,393 2,385 2,375 2,344 — 2 2,393 2,311 4 
Total tangible common equity$190,609 $188,205 $188,291 $186,603 $189,408 1 1 $189,041 $186,900 1 
INTANGIBLE ASSETS (period-end)
Goodwill$47,819 $47,811 $47,800 $47,823 $47,818 — — 
Mortgage servicing rights3,016 3,080 3,267 4,699 4,419 (2)(32)
Other intangible assets759 778 800 819 841 (2)(10)
Total intangible assets$51,594 $51,669 $51,867 $53,341 $53,078 — (3)
(a)Reflects the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020. For the periods ended September 30, 2020, June 30, 2020 and March 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $6.4 billion, $6.5 billion and $4.3 billion, respectively. Effective June 30, 2020, the SLR reflects the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 11-12 and Capital Risk Management on pages 49-54 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for additional information. Refer to Capital Risk Management on pages 85-92 of the Firm’s 2019 Form 10-K for additional information on the Firm’s capital metrics.
(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill and other intangible assets.
(c)Refer to page 28 for further discussion of TCE.
(d)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.
(e)Estimated.


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EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data) 
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
3Q202Q201Q204Q193Q192Q203Q19202020192019
EARNINGS PER SHARE
Basic earnings per share
Net income$9,443 $4,687 $2,865 $8,520 $9,080 101 %4 %$16,995 $27,911 (39)%
Less: Preferred stock dividends381 401 421 386 423 (5)(10)1,203 1,201 — 
Net income applicable to common equity9,062 4,286 2,444 8,134 8,657 111 5 15,792 26,710 (41)
Less: Dividends and undistributed earnings allocated to
participating securities47 21 13 44 51 124 (8)80 159 (50)
Net income applicable to common stockholders$9,015 $4,265 $2,431 $8,090 $8,606 111 5 $15,712 $26,551 (41)
Total weighted-average basic shares outstanding3,077.8 3,076.3 3,095.8 3,140.7 3,198.5 — (4)3,083.3 3,248.7 (5)
Net income per share$2.93 $1.39 $0.79 $2.58 $2.69 111 9 $5.10 $8.17 (38)
Diluted earnings per share
Net income applicable to common stockholders$9,015 $4,265 $2,431 $8,090 $8,606 111 5 $15,712 $26,551 (41)
Total weighted-average basic shares outstanding3,077.8 3,076.3 3,095.8 3,140.7 3,198.5 — (4)3,083.3 3,248.7 (5)
Add: Dilutive impact of stock appreciation rights (“SARs”) and
employee stock options, unvested performance share units
(“PSUs”) and nondividend-earning restricted stock units
(“RSUs”)		5.0 4.7 4.9 7.8 8.7 6 (43)4.8 9.3 (48)
Total weighted-average diluted shares outstanding3,082.8 3,081.0 3,100.7 3,148.5 3,207.2 — (4)3,088.1 3,258.0 (5)
Net income per share$2.92 $1.38 $0.78 $2.57 $2.68 112 9 $5.09 $8.15 (38)
COMMON DIVIDENDS
Cash dividends declared per share$0.90 $0.90 $0.90 $0.90 $0.90 — — $2.70 $2.50 8 
Dividend payout ratio31 %65 %114 %35 %33 %53 %30 %
COMMON EQUITY REPURCHASE PROGRAM (a)
Total shares of common stock repurchased— — 50.0 54.0 62.0 — NM50.0 159.0 (69)
Average price paid per share of common stock$— $— $127.92 $127.24 $112.07 — NM$127.92 $108.51 18 
Aggregate repurchases of common equity— — 6,397 6,871 6,949 — NM6,397 17,250 (63)
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans0.6 0.8 13.0 1.5 1.0 (25)(40)14.4 19.7 (27)
Net impact of employee issuances on stockholders’ equity (b)$263 $325 $398 $132 $232 (19)13 $986 $838 18 
(a)On March 15, 2020, in response to the COVID-19 pandemic, the Firm temporarily suspended repurchases of its common equity. In June 2020, the Federal Reserve directed all large bank holding companies, including the Firm, to discontinue net share repurchases, at least through the end of the third quarter of 2020. On September 30, 2020, the Federal Reserve extended the suspension of net share repurchases through the end of the fourth quarter of 2020.
(b)The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares and the exercise of employee stock options and SARs.

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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
3Q202Q201Q204Q193Q192Q203Q19202020192019
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees (a)$771 $617 $972 $1,032 $1,026 25 %(25)%$2,360 $2,906 (19)%
Asset management, administration and commissions (a)596 536 585 609 606 11 (2)1,717 1,807 (5)
Mortgage fees and related income (b)1,076 917 320 474 886 17 21 2,313 1,561 48 
Card income (c)890 733 709 983 905 21 (2)2,332 2,680 (13)
All other income1,425 1,313 1,373 1,396 1,383 9 3 4,111 3,994 3 
Noninterest revenue4,758 4,116 3,959 4,494 4,806 16 (1)12,833 12,948 (1)
Net interest income (b)7,997 8,101 9,153 9,255 9,152 (1)(13)25,251 27,937 (10)
TOTAL NET REVENUE12,755 12,217 13,112 13,749 13,958 4 (9)38,084 40,885 (7)
Provision for credit losses794 5,828 5,772 1,207 1,311 (86)(39)12,394 3,745 231 
NONINTEREST EXPENSE
Compensation expense2,679 2,557 2,597 2,497 2,544 5 5 7,833 7,641 3 
Noncompensation expense (c)(d)4,091 4,069 4,505 4,468 4,481 1 (9)12,665 13,143 (4)
TOTAL NONINTEREST EXPENSE6,770 6,626 7,102 6,965 7,025 2 (4)20,498 20,784 (1)
Income/(loss) before income tax expense/(benefit)5,191 (237)238 5,577 5,622 NM(8)5,192 16,356 (68)
Income tax expense/(benefit)1,318 (61)47 1,363 1,377 NM(4)1,304 4,007 (67)
NET INCOME/(LOSS)$3,873 $(176)$191 $4,214 $4,245 NM(9)$3,888 $12,349 (69)
REVENUE BY LINE OF BUSINESS
Consumer & Business Banking$5,557 $5,107 $6,091 $6,537 $6,782 9 (18)$16,755 $20,340 (18)
Home Lending (b)1,714 1,687 1,161 1,250 1,465 2 17 4,562 3,929 16 
Card & Auto (c)5,484 5,423 5,860 5,962 5,711 1 (4)16,767 16,616 1 
MORTGAGE FEES AND RELATED INCOME DETAILS:
Net production revenue (b)765 742 319 327 738 3 4 1,826 1,291 41 
Net mortgage servicing revenue (e) 311 175 1 147 148 78 110 487 270 80 
Mortgage fees and related income$1,076 $917 $320 $474 $886 17 21 $2,313 $1,561 48 
FINANCIAL RATIOS
ROE29 %(2)%1 %31 %31 %9 %31 %
Overhead ratio 53 54 54 51 50 54 51 
In the first quarter of 2020, the Merchant Services business was realigned from CCB to CIB as part of the Firm’s Wholesale Payments business. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.
(a)In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.
(b)Net production revenue in the third quarter of 2019 included approximately $350 million of gains on the sale of certain mortgage loans that were predominantly offset by a charge in net interest income for the unwind of the related internal funding from Treasury and Chief Investment Office (“CIO”) associated with these loans. The charge reflects the net present value of that funding and is recognized as interest income in Treasury and CIO. Refer to footnote (a) in Corporate on page 23 and Funds Transfer Pricing (“FTP”) on page 61 of the Firm’s 2019 Form 10-K for further information.
(c)In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.
(d)Included depreciation expense on leased assets of $1.0 billion for the three months ended September 30, 2020, $1.1 billion for the three months ended June 30, 2020, March 31, 2020 and December 31, 2019 and $1.0 billion for the three months ended September 30, 2019, respectively, and $3.2 billion and $2.9 billion for the nine months ended September 30, 2020 and 2019, respectively.
(e)Included MSR risk management results of $145 million, $79 million, $(90) million, $35 million and $53 million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively, and $134 million and $(200) million for the nine months ended September 30, 2020 and 2019, respectively.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
3Q202Q201Q204Q193Q192Q203Q19202020192019
SELECTED BALANCE SHEET DATA (period-end)
Total assets$480,325 $492,251 $506,147 $532,538 $525,223 (2)%(9)%$480,325 $525,223 (9)%
Loans:
Consumer & Business Banking47,077 (e)46,910 (e)27,709 27,199 26,699 — 76 47,077 (e)26,699 76 
Home Lending (a)(b)188,561 195,664 205,318 213,445 213,901 (4)(12)188,561 213,901 (12)
Card 140,377 141,656 154,021 168,924 159,571 (1)(12)140,377 159,571 (12)
Auto 62,304 59,287 61,468 61,522 61,410 5 1 62,304 61,410 1 
Total loans 438,319 443,517 448,516 471,090 461,581 (1)(5)438,319 461,581 (5)
Deposits900,920 876,991 775,068 718,354 701,111 3 28 900,920 701,111 28 
Equity52,000 52,000 52,000 52,000 52,000 — — 52,000 52,000 — 
SELECTED BALANCE SHEET DATA (average)
Total assets$483,478 $498,140 $517,213 $525,863 $530,649 (3)(9)$499,551 $537,044 (7)
Loans:
Consumer & Business Banking 47,102 41,198 27,261 26,820 26,550 14 77 38,552 26,537 45 
Home Lending (a)(c)192,172 199,532 211,333 216,921 226,139 (4)(15)200,980 235,292 (15)
Card 140,386 142,377 162,660 162,112 158,168 (1)(11)148,445 154,375 (4)
Auto 60,345 60,306 60,893 61,100 61,371 — (2)60,514 62,118 (3)
Total loans440,005 443,413 462,147 466,953 472,228 (1)(7)448,491 478,322 (6)
Deposits887,138 831,996 733,648 707,953 693,943 7 28 817,848 688,663 19 
Equity52,000 52,000 52,000 52,000 52,000 — — 52,000 52,000 — 
Headcount (d)121,959 122,089 122,081 123,115 123,532 — (1)121,959 123,532 (1)
In the first quarter of 2020, the Merchant Services business was realigned from CCB to CIB as part of the Firm’s Wholesale Payments business. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.
(a)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.
(b)At September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, Home Lending loans held-for-sale and loans at fair value were $10.0 billion, $8.6 billion, $10.8 billion, $16.6 billion, and $15.4 billion, respectively.
(c)Average Home Lending loans held-for sale and loans at fair value were $9.2 billion, $8.7 billion, $15.8 billion, $19.1 billion, and $18.2 billion for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, respectively, and were $11.2 billion and $12.3 billion for the nine months ended September 30, 2020 and 2019, respectively.
(d)During the second and third quarter of 2020, certain technology and support functions, comprising approximately 850 and 800 staff, respectively, were transferred from AWM to CCB as part of the ongoing reorganization of the U.S. Wealth Management business.
(e)At September 30, 2020 and June 30, 2020, included $20.3 billion and $19.9 billion of loans, respectively, under the Paycheck Protection Program (“PPP”). Refer to page 61 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for further information on the PPP.

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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
3Q202Q201Q204Q193Q192Q203Q19202020192019
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)(c)$5,142 (f)$4,422 (f)$4,021 $3,026 $3,109 16 %65 %$5,142 (f)$3,109 65 %
Net charge-offs/(recoveries)
Consumer & Business Banking53 60 74 92 79 (12)(33)187 204 (8)
Home Lending8 (5)(122)(23)(42)NMNM(119)(75)(59)
Card1,028 1,178 1,313 1,231 1,175 (13)(13)3,519 3,617 (3)
Auto5 45 48 57 49 (89)(90)98 149 (34)
Total net charge-offs/(recoveries)$1,094 $1,278 $1,313 $1,357 $1,261 (14)(13)$3,685 $3,895 (5)
Net charge-off/(recovery) rate
Consumer & Business Banking0.45 %0.59 %1.09 %1.36 %1.18 %0.65 %1.03 %
Home Lending0.02 (0.01)(0.25)(0.05)(0.08)(0.08)(0.04)
Card2.92 3.33 3.25 3.01 2.95 3.17 3.13 
Auto 0.03 0.30 0.32 0.37 0.32 0.22 0.32 
Total net charge-off/(recovery) rate1.01 1.18 1.18 1.20 1.10 1.13 1.12 
30+ day delinquency rate
Home Lending (d)(e)1.62 %(g)1.30 %(g)1.48 %1.58 %1.63 %1.62 %(g)1.63 %
Card1.57 (g)1.71 (g)1.96 1.87 1.84 1.57 (g)1.84 
Auto0.54 (g)0.54 (g)0.89 0.94 0.88 0.54 (g)0.88 
90+ day delinquency rate - Card0.69 (g)0.93 (g)1.02 0.95 0.90 0.69 (g)0.90 
Allowance for loan losses
Consumer & Business Banking $1,370 $1,370 $882 $746 $746 — 84 $1,370 $746 84 
Home Lending2,685 2,957 2,137 1,890 2,159 (9)24 2,685 2,159 24 
Card17,800 17,800 14,950 5,683 5,583 — 219 17,800 5,583 219 
Auto 1,044 1,044 732 465 465 — 125 1,044 465 125 
Total allowance for loan losses$22,899 $23,171 $18,701 $8,784 $8,953 (1)156 $22,899 $8,953 156 
(a)At September 30, 2020, June 30, 2020 and March 31, 2020, nonaccrual loans included $1.5 billion, $1.3 billion and $970 million of PCD loans, respectively. Prior to the adoption of CECL, nonaccrual loans excluded PCI loans as the Firm recognized interest income on each pool of PCI loans as each of the pools was performing.
(b)At September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $851 million, $561 million, $616 million, $963 million and $1.6 billion, respectively. These amounts have been excluded based upon the government guarantee. Prior-period amounts have been revised to conform with the current presentation.
(c)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.
(d)At September 30, 2020, June 30, 2020 and March 31, 2020, the 30+ day delinquency rates included PCD loans. The rates prior to January 1, 2020 were revised to include the impact of PCI loans.
(e)At September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, excluded mortgage loans insured by U.S. government agencies of $1.1 billion, $826 million, $1.0 billion, $1.7 billion and $2.7 billion, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee. Prior-period amounts have been revised to conform with the current presentation.
(f)Generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic.
(g)At September 30, 2020 and June 30, 2020, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic were as follows: (1) $10.2 billion and $18.2 billion in Home Lending, respectively; (2) $368 million and $4.4 billion in Card, respectively; and (3) $411 million and $12.3 billion in Auto, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.

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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
3Q202Q201Q204Q193Q192Q203Q19202020192019
BUSINESS METRICS
Number of:
Branches4,960 4,923 4,967 4,976 4,949 1 %— %4,960 4,949 — %
Active digital customers (in thousands) (a)54,745 54,471 53,799 52,421 51,843 1 6 54,745 51,843 6 
Active mobile customers (in thousands) (b)40,143 39,024 38,236 37,297 36,510 3 10 40,143 36,510 10 
Debit and credit card sales volume (in billions)$278.2 $237.6 $266.0 $295.6 $282.2 17 (1)$781.8 $818.8 (5)
Consumer & Business Banking
Average deposits $865,928 $813,153 $718,909 $691,696 $678,281 6 28 $799,573 $674,526 19 
Deposit margin 1.43 %1.52 %2.06 %2.28 %2.47 %1.65 %2.56 %
Business banking origination volume $1,352 (f)$23,042 (f)$1,491 $1,827 $1,550 (94)(13)$25,885 (f)$4,771 443 
Client investment assets376,068 356,143 322,999 358,036 337,915 6 11 376,068 337,915 11 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $20.7 $18.0 $14.1 $16.4 $14.2 15 46 $52.8 $34.6 53 
Correspondent 8.3 6.2 14.0 16.9 18.2 34 (54)28.5 37.3 (24)
Total mortgage origination volume (c)$29.0 $24.2 $28.1 $33.3 $32.4 20 (10)$81.3 $71.9 13 
Total loans serviced (period-end)$654.0 $683.7 $737.8 $761.4 $774.8 (4)(16)$654.0 $774.8 (16)
Third-party mortgage loans serviced (period-end)454.8 482.4 505.0 520.8 535.8 (6)(15)454.8 535.8 (15)
MSR carrying value (period-end)3.0 3.1 3.3 4.7 4.4 (3)(32)3.0 4.4 (32)
Ratio of MSR carrying value (period-end) to third-party
mortgage loans serviced (period-end)0.66 %0.64 %0.65 %0.90 %0.82 %0.66 %0.82 %
MSR revenue multiple (d)2.28 x2.29 x2.10 x2.73 x2.41 x2.28 x2.34 x
Credit Card
Credit card sales volume, excluding Commercial Card (in billions)$178.1 $148.5 $179.1 $204.2 $193.6 20 (8)505.7 558.6 (9)
Net revenue rate (e)
10.96 %11.02 %10.54 %10.65 %10.40 %10.82 %10.42 %
Auto
Loan and lease origination volume (in billions)$11.4 $7.7 $8.3 $8.5 $9.1 48 25 $27.4 $25.5 7 
Average auto operating lease assets21,684 22,579 23,081 22,427 21,765 (4)— 22,445 21,307 5 
(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.
(b)Users of all mobile platforms who have logged in within the past 90 days.
(c)Firmwide mortgage origination volume was $36.2 billion, $28.3 billion, $31.9 billion, $37.4 billion and $35.8 billion for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, respectively, and $96.4 billion and $78.5 billion for the nine months ended September 30, 2020 and 2019, respectively.
(d)Represents the ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) divided by the ratio of annualized loan servicing-related revenue to third-party mortgage loans serviced (average).
(e)In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.
(f)Included $396 million and $21.5 billion of origination volume under the PPP for the three months ended September 30, 2020 and June 30, 2020, respectively, and $21.9 billion for the nine months ended September 30, 2020. Refer to page 61 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for further information on the PPP.

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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
3Q202Q201Q204Q193Q192Q203Q19202020192019
INCOME STATEMENT
REVENUE
Investment banking fees$2,165 $2,847 $1,907 $1,904 $1,981 (24)%9 %$6,919 $5,671 22 %
Principal transactions3,990 7,400 3,188 2,932 3,418 (46)17 14,578 11,467 27 
Lending- and deposit-related fees (a)546 500 450 462 398 9 37 1,496 1,206 24 
Asset management, administration and commissions (a)1,086 1,146 1,261 1,059 1,160 (5)(6)3,493 3,339 5 
All other income288 380 35 622 397 (24)(27)703 1,167 (40)
Noninterest revenue8,075 12,273 6,841 6,979 7,354 (34)10 27,189 22,850 19 
Net interest income3,428 4,079 3,107 2,668 2,168 (16)58 10,614 6,537 62 
TOTAL NET REVENUE (b)11,503 16,352 9,948 9,647 9,522 (30)21 37,803 29,387 29 
Provision for credit losses(81)1,987 1,401 98 92 NMNM3,307 179 NM
NONINTEREST EXPENSE
Compensation expense2,651 3,997 3,006 2,377 2,873 (34)(8)9,654 8,803 10 
Noncompensation expense3,146 2,767 2,890 3,015 2,631 14 20 8,803 7,991 10 
TOTAL NONINTEREST EXPENSE5,797 6,764 5,896 5,392 5,504 (14)5 18,457 16,794 10 
Income before income tax expense5,787 7,601 2,651 4,157 3,926 (24)47 16,039 12,414 29 
Income tax expense1,483 2,137 663 1,219 1,095 (31)35 4,283 3,377 27 
NET INCOME $4,304 $5,464 $1,988 $2,938 $2,831 (21)52 $11,756 $9,037 30 
FINANCIAL RATIOS
ROE21 %27 %9 %14 %13 %19 %14 %
Overhead ratio50 41 59 56 58 49 57 
Compensation expense as percentage of total net revenue23 24 30 25 30 26 30 
REVENUE BY BUSINESS
Investment Banking$2,087 $3,401 $886 $1,823 $1,871 (39)12 $6,374 $5,392 18 
Wholesale Payments1,289 1,356 1,359 1,433 1,361 (5)(5)4,004 4,178 (4)
Lending333 270 350 250 253 23 32 953 771 24 
Total Banking3,709 5,027 2,595 3,506 3,485 (26)6 11,331 10,341 10 
Fixed Income Markets4,597 7,338 4,993 3,446 3,557 (37)29 16,928 10,972 54 
Equity Markets1,999 2,380 2,237 1,508 1,517 (16)32 6,616 4,986 33 
Securities Services1,029 1,097 1,074 1,061 1,034 (6)— 3,200 3,093 3 
Credit Adjustments & Other (c)169 510 (951)126 (71)(67)NM(272)(5)NM
Total Markets & Securities Services7,794 11,325 7,353 6,141 6,037 (31)29 26,472 19,046 39 
TOTAL NET REVENUE$11,503 $16,352 $9,948 $9,647 $9,522 (30)21 $37,803 $29,387 29 
In the first quarter of 2020, the Merchant Services business was realigned from CCB to CIB as part of the Firm’s Wholesale Payments business. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.
(a)In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.
(b)Includes tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; as well as tax-exempt income from municipal bonds of $641 million, $686 million, $667 million, $646 million and $527 million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively and $2.0 billion and $1.6 billion for the nine months ended September 30, 2020 and 2019, respectively.
(c)Consists primarily of credit valuation adjustments (“CVA”) managed centrally within CIB and funding valuation adjustments (“FVA”) on derivatives and certain components of fair value option elected liabilities. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
3Q202Q201Q204Q193Q192Q203Q19202020192019
SELECTED BALANCE SHEET DATA (period-end)
Assets $1,089,293 $1,081,162 (g)$1,217,459 $914,705 $1,030,396 1 %6 %$1,089,293 $1,030,396 6 %
Loans:
Loans retained (a)126,841 140,770 165,376 121,733 118,290 (10)7 126,841 118,290 7 
Loans held-for-sale and loans at fair value (b)33,046 34,017 34,644 34,317 32,563 (3)1 33,046 32,563 1 
Total loans 159,887 174,787 200,020 156,050 150,853 (9)6 159,887 150,853 6 
Equity80,000 80,000 80,000 80,000 80,000 — — 80,000 80,000 — 
SELECTED BALANCE SHEET DATA (average)
Assets $1,100,657 $1,167,807 $1,082,820 $994,152 $1,011,246 (6)9 1,117,035 $993,292 12 
Trading assets - debt and equity instruments (b)425,789 421,953 398,504 370,859 387,377 1 10 415,453 377,976 10 
Trading assets - derivative receivables78,339 76,710 55,133 45,153 48,266 2 62 70,091 49,221 42 
Loans:
Loans retained (a)131,187 154,038 128,838 119,412 119,007 (15)10 137,996 123,368 12 
Loans held-for-sale and loans at fair value (b)30,205 33,538 35,211 33,694 32,545 (10)(7)32,974 32,611 1 
Total loans161,392 187,576 164,049 153,106 151,552 (14)6 170,970 155,979 10 
Equity80,000 80,000 80,000 80,000 80,000 — — 80,000 80,000 — 
Headcount 61,830 60,950 60,245 60,013 60,028 1 3 61,830 60,028 3 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$23 $204 $55 $43 $38 (89)(39)$282 $140 101 
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)1,178 1,195 689 308 712 (1)65 1,178 712 65 
Nonaccrual loans held-for-sale and loans at fair value (b)(d)2,111 1,510 766 644 902 40 134 2,111 902 134 
Total nonaccrual loans 3,289 2,705 1,455 952 1,614 22 104 3,289 1,614 104 
Derivative receivables140 108 85 30 26 30 438 140 26 438 
Assets acquired in loan satisfactions88 35 43 70 75 151 17 88 75 17 
Total nonperforming assets 3,517 2,848 1,583 1,052 1,715 23 105 3,517 1,715 105 
Allowance for credit losses:
Allowance for loan losses2,863 3,039 (g)1,422 1,202 1,171 (6)144 2,863 1,171 144 
Allowance for lending-related commitments1,706 1,634 (g)1,468 848 824 4 107 1,706 824 107 
Total allowance for credit losses4,569 4,673 2,890 2,050 1,995 (2)129 4,569 1,995 129 
Net charge-off/(recovery) rate (a)(e)0.07 %0.53 %0.17 %0.14 %0.13 %0.27 %0.15 %
Allowance for loan losses to period-end loans retained (a)2.26 2.16 (g)0.86 0.99 0.99 2.26 0.99 
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (f)3.15 2.87 (g)1.11 1.31 1.33 3.15 1.33 
Allowance for loan losses to nonaccrual loans retained (a)(c)243 254 (g)206 390 164 243 164 
Nonaccrual loans to total period-end loans (b)2.06 1.55 0.73 0.61 1.07 2.06 1.07 
In the first quarter of 2020, the Merchant Services business was realigned from CCB to CIB as part of the Firm’s Wholesale Payments business. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.
(a)Loans retained includes credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.
(b)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.
(c)Allowance for loan losses of $320 million, $340 million, $317 million, $110 million and $207 million were held against nonaccrual loans at September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively.
(d)At September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $297 million, $135 million, $124 million, $127 million and $116 million, respectively. These amounts have been excluded based upon the government guarantee.
(e)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
(f)Management uses allowance for loan losses to period-end loans retained, excluding trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of CIB’s allowance coverage ratio.
(g)Prior-period amounts have been revised to conform with the current presentation.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
3Q202Q201Q204Q193Q192Q203Q19202020192019
BUSINESS METRICS
Advisory$428 $602 $503 $702 $506 (29)%(15)%$1,533 $1,675 (8)%
Equity underwriting732 977 331 382 514 (25)42 2,040 1,284 59 
Debt underwriting1,005 1,268 1,073 820 961 (21)5 3,346 2,712 23 
Total investment banking fees$2,165 $2,847 $1,907 $1,904 $1,981 (24)9 $6,919 $5,671 22 
Client deposits and other third-party liabilities (average) (a)634,961 607,902 514,464 485,037 471,328 4 35 585,955 457,973 28 
Merchant processing volume (in billions) (b) 406.1 371.9 374.8 402.9 380.5 9 7 $1,152.8 $1,108.6 4 
Assets under custody (“AUC”) (period-end) (in billions)$28,628 $27,447 $24,409 $26,831 $25,695 4 11 $28,628 $25,695 11 
95% Confidence Level - Total CIB VaR (average) (c)
CIB trading VaR by risk type: (d)
Fixed income$93 $129 $60 $39 $37 (28)151 
Foreign exchange 13 9 7 5 6 44 117 
Equities26 27 20 18 22 (4)18 
Commodities and other33 32 10 7 8 3 313 
Diversification benefit to CIB trading VaR (e) (76)(69)(40)(32)(34)(10)(124)
CIB trading VaR (d)89 128 57 37 39 (30)128 
Credit portfolio VaR (f)15 22 9 5 5 (32)200 
Diversification benefit to CIB VaR (e)(14)(23)(8)(5)(6)39 (133)
CIB VaR$90 $127 $58 $37 $38 (29)137 
(a)Client deposits and other third-party liabilities pertain to the Wholesale Payments and Securities Services businesses.
(b)Represents total merchant processing volume across CIB, CCB and CB.
(c)Effective January 1, 2020, the Firm refined the scope of VaR to exclude positions related to the risk management of interest rate exposure from changes in the Firm’s own credit spread on fair value option elected liabilities, and included these positions in other sensitivity-based measures. Additionally, effective July 1, 2020, the Firm refined the scope of VaR to exclude certain asset-backed fair value option elected loans, and included them in other sensitivity-based measures to more effectively measure the risk from these loans. In the absence of these refinements, the average VaR for each of the following reported components would have been different by the following amounts: CIB fixed income of $15 million, $(11) million and $4 million, CIB Trading VaR $11 million, $(11) million and $5 million and CIB VaR $11 million, $(8) million and $6 million for the three months ended September 30, 2020, June 30, 2020 and March 31, 2020, respectively.
(d)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 121–123 of the Firm’s 2019 Form 10-K, and pages 80–82 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for further information.
(e)Average portfolio VaR was less than the sum of the VaR of the components described above, which is due to portfolio diversification. The diversification effect reflects the fact that the risks were not perfectly correlated.
(f)Credit portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.
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COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
3Q202Q201Q204Q193Q192Q203Q19202020192019
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees (a)$304 $297 $261 $256 $228 2 %33 %$862 $685 26 %
All other income (a)457 518 360 437 438 (12)4 1,335 1,337 — 
Noninterest revenue 761 815 621 693 666 (7)14 2,197 2,022 9 
Net interest income1,524 1,577 1,557 1,604 1,608 (3)(5)4,658 4,950 (6)
TOTAL NET REVENUE (b)2,285 2,392 2,178 2,297 2,274 (4)— 6,855 6,972 (2)
Provision for credit losses(147)2,431 1,010 110 67 NMNM3,294 186 NM
NONINTEREST EXPENSE
Compensation expense 492 430 472 444 454 14 8 1,394 1,341 4 
Noncompensation expense474 469 516 499 486 1 (2)1,459 1,468 (1)
TOTAL NONINTEREST EXPENSE966 899 988 943 940 7 3 2,853 2,809 2 
Income/(loss) before income tax expense/(benefit)1,466 (938)180 1,244 1,267 NM16 708 3,977 (82)
Income tax expense/(benefit)378 (247)33 300 324 NM17 164 972 (83)
NET INCOME/(LOSS)$1,088 $(691)$147 $944 $943 NM15 $544 $3,005 (82)
Revenue by product
Lending$1,138 $1,127 $954 $1,027 $1,006 1 13 $3,219 $3,030 6 
Wholesale payments 867 917 991 1,021 1,017 (5)(15)2,775 3,184 (13)
Investment banking (c)260 256 235 211 226 2 15 751 708 6 
Other20 92 (2)38 25 (78)(20)110 50 120 
Total Commercial Banking net revenue (b)$2,285 $2,392 $2,178 $2,297 $2,274 (4)— $6,855 $6,972 (2)
Investment banking revenue, gross (d)$840 $851 $686 $634 $700 (1)20 $2,377 $2,110 13 
Revenue by client segment
Middle Market Banking $877 $866 $946 $934 $925 1 (5)$2,689 $2,860 (6)
Corporate Client Banking 807 859 681 759 767 (6)5 2,347 2,362 (1)
Commercial Real Estate Banking576 566 541 537 547 2 5 1,683 1,632 3 
Other25 101 10 67 35 (75)(29)136 118 15 
Total Commercial Banking net revenue (b)$2,285 $2,392 $2,178 $2,297 $2,274 (4)— $6,855 $6,972 (2)
FINANCIAL RATIOS
ROE19 %(14)%2 %16 %16 %2 %17 %
Overhead ratio42 38 45 41 41 42 40 
In the first quarter of 2020, the Merchant Services business was realigned from CCB to CIB and the revenue and expense of the business is reported across CCB, CIB and CB based primarily on client relationship. In conjunction with this realignment, treasury services product revenue has been renamed wholesale payments. Prior period revenue and expense amounts were revised to conform with the current presentation. Refer to Business segment changes on page 21 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.

(a)In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions (which are included in all other income) to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.
(b)Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities and in entities established for rehabilitation of historic properties, as well as tax-exempt income related to municipal financing activities of $82 million, $80 million, $81 million, $152 million and $114 million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively, and $243 million and $308 million for the nine months ended September 30, 2020 and 2019, respectively.
(c)Includes CB’s share of revenue from investment banking products sold to CB clients through the CIB.
(d)Refer to page 60 of the Firm’s 2019 Form 10-K for discussion of revenue sharing.

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COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
3Q202Q201Q204Q193Q192Q203Q19202020192019
SELECTED BALANCE SHEET DATA (period-end)
Total assets$228,587 $235,034 (d)$247,786 $220,514 $222,483 (3)%3 %$228,587 $222,483 3 %
Loans:
Loans retained214,352 223,192 232,254 207,287 209,448 (4)2 214,352 209,448 2 
Loans held-for-sale and loans at fair value349 917 1,112 1,009 3,187 (62)(89)349 3,187 (89)
Total loans$214,701 $224,109 $233,366 $208,296 $212,635 (4)1 $214,701 $212,635 1 
Equity22,000 22,000 22,000 22,000 22,000 — — 22,000 22,000 — 
Period-end loans by client segment
Middle Market Banking $61,812 (c)$64,211 (c)$60,317 $54,188 $54,298 (4)14 $61,812 (c)$54,298 14 
Corporate Client Banking49,857 56,182 69,540 51,165 55,976 (11)(11)49,857 55,976 (11)
Commercial Real Estate Banking 102,484 103,117 102,799 101,951 101,326 (1)1 102,484 101,326 1 
Other548 599 710 992 1,035 (9)(47)548 1,035 (47)
Total Commercial Banking loans$214,701 (c)$224,109 (c)$233,366 $208,296 $212,635 (4)1 $214,701 (c)$212,635 1 
SELECTED BALANCE SHEET DATA (average)
Total assets$231,691 $247,512 $226,071 $219,891 $218,620 (6)6 $235,079 $218,560 8 
Loans:
Loans retained217,498 233,044 209,988 208,776 207,286 (7)5 220,167 206,183 7 
Loans held-for-sale and loans at fair value629 502 1,831 1,036 963 25 (35)986 1,097 (10)
Total loans$218,127 $233,546 $211,819 $209,812 $208,249 (7)5 $221,153 $207,280 7 
Client deposits and other third-party liabilities248,289 236,968 188,808 182,546 172,714 5 44 224,774 169,427 33 
Equity22,000 22,000 22,000 22,000 22,000 — — 22,000 22,000 — 
Average loans by client segment
Middle Market Banking $63,029 $66,279 $56,045 $54,114 $54,806 (5)15 $61,789 $56,221 10 
Corporate Client Banking 51,608 63,308 53,032 53,187 51,389 (18)— 55,967 49,407 13 
Commercial Real Estate Banking 102,905 103,516 101,526 101,542 101,044 (1)2 102,650 100,663 2 
Other585 443 1,216 969 1,010 32 (42)747 989 (24)
Total Commercial Banking loans$218,127 $233,546 $211,819 $209,812 $208,249 (7)5 $221,153 $207,280 7 
Headcount11,704 11,802 11,779 11,629 11,501 (1)2 11,704 11,501 2 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$60 $79 $100 $89 $45 (24)33 $239 $71 237 
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (a)1,468 1,252 (d)793 498 659 17 123 1,468 659 123 
Nonaccrual loans held-for-sale and loans
at fair value85 125 (d)— — — (32)NM85 — NM
Total nonaccrual loans1,553 1,377 793 498 659 13 136 1,553 659 136 
Assets acquired in loan satisfactions24 24 24 25 19 — 26 24 19 26 
Total nonperforming assets1,577 1,401 817 523 678 13 133 1,577 678 133 
Allowance for credit losses:
Allowance for loan losses4,466 4,730 (d)2,680 2,780 2,759 (6)62 4,466 2,759 62 
Allowance for lending-related commitments864 807 (d)505 293 293 7 195 864 293 195 
Total allowance for credit losses5,330 5,537 3,185 3,073 3,052 (4)75 5,330 3,052 75 
Net charge-off/(recovery) rate (b)0.11 %0.14 %0.19 %0.17 %0.09 %0.15 %0.05 %
Allowance for loan losses to period-end loans retained2.08 2.12 (d)1.15 1.34 1.32 2.08 1.32 
Allowance for loan losses to nonaccrual loans retained (a)304 378 (d)338 558 419 304 419 
Nonaccrual loans to period-end total loans0.72 0.61 0.34 0.24 0.31 0.72 0.31 
(a)Allowance for loan losses of $367 million, $287 million, $175 million, $114 million and $119 million was held against nonaccrual loans retained at September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively.
(b)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
(c)At September 30, 2020 and June 30, 2020, total loans included $6.6 billion and $6.5 billion of loans, respectively, under the PPP, of which $6.4 billion and $6.3 billion was in Middle Market Banking. Refer to page 61 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for further information on the PPP.
(d)Prior-period amounts have been revised to conform with the current presentation.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
3Q202Q201Q204Q193Q192Q203Q19202020192019
INCOME STATEMENT
REVENUE
Asset management, administration and commissions $2,753 $2,589 $2,706 $2,654 $2,574 6 %7 %$8,048 $7,558 6 %
All other income 134 131 3 173 139 2 (4)268 431 (38)
Noninterest revenue 2,887 2,720 2,709 2,827 2,713 6 6 8,316 7,989 4 
Net interest income850 890 897 873 855 (4)(1)2,637 2,627 — 
TOTAL NET REVENUE3,737 3,610 3,606 3,700 3,568 4 5 10,953 10,616 3 
Provision for credit losses(51)223 94 13 44 NMNM266 48 454 
NONINTEREST EXPENSE
Compensation expense 1,357 1,315 1,411 1,446 1,391 3 (2)4,083 4,259 (4)
Noncompensation expense 1,266 1,191 1,248 1,204 1,231 6 3 3,705 3,606 3 
TOTAL NONINTEREST EXPENSE2,623 2,506 2,659 2,650 2,622 5 — 7,788 7,865 (1)
Income before income tax expense1,165 881 853 1,037 902 32 29 2,899 2,703 7 
Income tax expense288 223 189 252 234 29 23 700 655 7 
NET INCOME$877 $658 $664 $785 $668 33 31 $2,199 $2,048 7 
REVENUE BY LINE OF BUSINESS
Asset Management $1,924 $1,780 $1,740 $1,892 $1,816 8 6 $5,444 $5,362 2 
Wealth Management1,813 1,830 1,866 1,808 1,752 (1)3 5,509 5,254 5 
TOTAL NET REVENUE $3,737 $3,610 $3,606 $3,700 $3,568 4 5 $10,953 $10,616 3 
FINANCIAL RATIOS
ROE32 %24 %25 %29 %24 %27 %25 %
Overhead ratio70 69 74 72 73 71 74 
Pretax margin ratio:
Asset Management30 30 24 30 25 27 25 
Wealth Management33 19 24 26 25 26 26 
Asset & Wealth Management31 24 24 28 25 26 25 
Headcount (a)22,004 22,949 23,830 24,191 24,228 (4)(9)22,004 24,228 (9)
Number of Wealth Management client advisors2,968 2,869 2,878 2,890 2,872 3 3 2,968 2,872 3 
(a)During the second and third quarter of 2020, certain technology and support functions, comprising approximately 850 and 800 staff, respectively, were transferred from AWM to CCB as part of the ongoing reorganization of the U.S. Wealth Management business.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
3Q202Q201Q204Q193Q192Q203Q19202020192019
SELECTED BALANCE SHEET DATA (period-end)
Total assets$194,596 $183,189 $186,102 $182,004 $174,226 6 %12 %$194,596 $174,226 12 %
Loans175,264 165,299 166,058 160,535 153,245 6 14 175,264 153,245 14 
Deposits174,327 169,537 168,561 147,804 138,439 3 26 174,327 138,439 26 
Equity10,500 10,500 10,500 10,500 10,500 — — 10,500 10,500 — 
SELECTED BALANCE SHEET DATA (average)
Total assets$188,466 $182,318 $183,316 $176,925 $171,121 3 10 $184,714 $168,688 10 
Loans170,139 163,440 161,823 156,106 150,486 4 13 165,152 147,481 12 
Deposits170,986 168,573 150,631 143,059 138,822 1 23 163,424 139,127 17 
Equity10,500 10,500 10,500 10,500 10,500 — — 10,500 10,500 — 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs2 $(2)$2 $4 $26 NM(92)$2 $27 (93)
Nonaccrual loans959 775 304 116 176 24 445 959 176 445 
Allowance for credit losses:
Allowance for loan losses582 648 438 354 350 (10)66 582 350 66 
Allowance for lending-related commitments41 28 14 19 16 46 156 41 16 156 
Total allowance for credit losses623 676 452 373 366 (8)70 623 366 70 
Net charge-off/(recovery) rate— %— %— %0.01 %0.07 %— %0.02 %
Allowance for loan losses to period-end loans0.33 0.39 0.26 0.22 0.23 0.33 0.23 
Allowance for loan losses to nonaccrual loans61 84 144 305 199 61 199 
Nonaccrual loans to period-end loans0.55 0.47 0.18 0.07 0.11 0.55 0.11 

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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
Sep 30, 2020
ChangeNINE MONTHS ENDED SEPTEMBER 30,
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,2020 Change
CLIENT ASSETS2020202020202019201920202019202020192019
Assets by asset class
Liquidity $674 $707 $618 $542 $505 (5)%33 %$674 $505 33 %
Fixed income 663 629 586 602 590 5 12 663 590 12 
Equity509 457 369 474 437 11 16 509 437 16 
Multi-asset and alternatives749 718 666 746 714 4 5 749 714 5 
TOTAL ASSETS UNDER MANAGEMENT2,595 2,511 2,239 2,364 2,246 3 16 2,595 2,246 16 
Custody/brokerage/administration/deposits917 859 763 862 815 7 13 917 815 13 
TOTAL CLIENT ASSETS$3,512 $3,370 $3,002 $3,226 $3,061 4 15 $3,512 $3,061 15 
Memo:
Alternatives client assets (a)$195 $188 $188 $185 $183 4 7 $195 $183 7 
Assets by client segment
Private Banking$698 $677 $617 $672 $636 3 10 $698 $636 10 
Institutional1,233 1,218 1,097 1,074 1,029 1 20 1,233 1,029 20 
Retail664 616 525 618 581 8 14 664 581 14 
TOTAL ASSETS UNDER MANAGEMENT$2,595 $2,511 $2,239 $2,364 $2,246 3 16 $2,595 $2,246 16 
Private Banking$1,577 $1,500 $1,355 $1,504 $1,424 5 11 $1,577 $1,424 11 
Institutional1,266 1,249 1,118 1,099 1,051 1 20 1,266 1,051 20 
Retail669 621 529 623 586 8 14 669 586 14 
TOTAL CLIENT ASSETS$3,512 $3,370 $3,002 $3,226 $3,061 4 15 $3,512 $3,061 15 
Assets under management rollforward
Beginning balance$2,511 $2,239 $2,364 $2,246 $2,178 $2,364 $1,987 
Net asset flows:
Liquidity (33)95 75 37 24 137 23 
Fixed income 24 17 1 9 41 42 97 
Equity9 11 (1)(1)(2)19 (9)
Multi-asset and alternatives1 1 (2)6 1 — (2)
Market/performance/other impacts83 148 (198)67 4 33 150 
Ending balance$2,595 $2,511 $2,239 $2,364 $2,246 $2,595 $2,246 
Client assets rollforward
Beginning balance$3,370 $3,002 $3,226 $3,061 $2,998 $3,226 $2,733 
Net asset flows17 138 85 58 59 240 120 
Market/performance/other impacts125 230 (309)107 4 46 208 
Ending balance$3,512 $3,370 $3,002 $3,226 $3,061 $3,512 $3,061 
(a)Represents assets under management, as well as client balances in brokerage accounts.
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CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
3Q202Q201Q204Q193Q192Q203Q19202020192019
INCOME STATEMENT
REVENUE
Principal transactions$87 $(2)$(113)$(234)$10 NMNM$(28)$(227)88 %
Investment securities gains466 26 233 123 78 NM497 725 135 437 
All other income (210)(91)211 (6)32 (131)NM(90)95 NM
Noninterest revenue343 (67)331 (117)120 NM186 607 3 NM
Net interest income (a)(682)(687)(165)(111)572 1 NM(1,534)1,436 NM
TOTAL NET REVENUE (b)(339)(754)166 (228)692 55 NM(927)1,439 NM
Provision for credit losses96 4 8 (1)— NMNM108 — NM
NONINTEREST EXPENSE (c)719 147 146 343 281 389 156 1,012 724 40 
Income/(loss) before income tax expense/(benefit)(1,154)(905)12 (570)411 (28)NM(2,047)715 NM
Income tax expense/(benefit)(455)(337)137 (209)18 (35)NM(655)(757)(f)13 
NET INCOME/(LOSS)$(699)$(568)$(125)$(361)$393 (23)NM$(1,392)$1,472 NM
MEMO:
TOTAL NET REVENUE
Treasury and CIO (a)(243)(671)169 102 801 64 NM(745)1,930 NM
Other Corporate(96)(83)(3)(330)(109)(16)12 (182)(491)63 
TOTAL NET REVENUE$(339)$(754)$166 $(228)$692 55 NM$(927)$1,439 NM
NET INCOME/(LOSS)
Treasury and CIO(349)(550)83 22 576 37 NM(816)1,372 NM
Other Corporate(350)(18)(208)(383)(183)NM(91)(576)100 NM
TOTAL NET INCOME/(LOSS)$(699)$(568)$(125)$(361)$393 (23)NM$(1,392)$1,472 NM
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,253,275 $1,221,980 $981,937 $837,618 $812,333 3 54 $1,253,275 $812,333 54 
Loans1,569 1,670 1,650 1,649 1,705 (6)(8)1,569 1,705 (8)
Headcount 38,861 38,920 38,785 38,033 38,155 — 2 38,861 38,155 2 
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains$466 $26 $233 $123 $78 NM497 %$725 $135 437 %
Available-for-sale securities (average) 442,943 426,470 372,954 350,100 305,894 4 45 414,228 260,661 59 
Held-to-maturity securities (average) 103,596 71,713 46,673 42,125 35,494 44 192 74,102 32,518 128 
Investment securities portfolio (average)$546,539 $498,183 $419,627 $392,225 $341,388 10 60 $488,330 $293,179 67 
Available-for-sale securities (period-end) 387,663 483,752 397,891 348,876 351,599 (20)10 387,663 351,599 10 
Held-to-maturity securities, net of allowance for credit losses (period-end) (d)(e)141,553 72,908 71,200 47,540 40,830 94 247 141,553 40,830 247 
Investment securities portfolio, net of allowance for credit losses (period-end) (d)$529,216 $556,660 $469,091 $396,416 $392,429 (5)35 $529,216 $392,429 35 
(a)Net interest income in the third quarter of 2019 included income related to the unwind of the internal funding provided by Treasury and CIO to CCB upon the sale of certain mortgage loans. Refer to footnote (b) in CCB on page 11 for further information.
(b)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $62 million, $63 million, $61 million, $73 million and $74 million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, respectively, and $186 million and $241 million for the nine months ended September 30, 2020 and 2019, respectively.
(c)Included legal expense/(benefit) of $(6) million, $(12) million, $(20) million, $(25) million and $(32) million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively, and $(38) million and $(189) million for the nine months ended September 30, 2020 and 2019, respectively.
(d)Upon adoption of the CECL accounting guidance, HTM securities are presented net of an allowance for credit losses. At September 30, 2020, June 30, 2020, and March 31, 2020, the allowance for credit losses on HTM securities was $120 million, $23 million and $19 million, respectively.
(e)In the third and first quarters of 2020, the Firm transferred $74.4 billion and $26.1 billion of investment securities, respectively, from AFS to HTM for capital management purposes.
(f)The nine months ended September 30, 2019 included income tax benefits of $957 million due to the resolution of certain tax audits.
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CREDIT-RELATED INFORMATION
(in millions)
Sep 30, 2020
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2020202020202019201920202019
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained$305,106 $307,005 $293,779 $294,999 $295,586 (1)3 
Loans held-for-sale and loans at fair value (b)16,992 16,193 17,729 22,818 20,887 5 (19)
Total consumer, excluding credit card loans322,098 323,198 311,508 317,817 316,473 — 2 
Credit card loans
Loans retained139,590 141,656 154,021 168,924 159,571 (1)(13)
Loans held-for-sale787 — — — — NMNM
Total credit card loans140,377 141,656 154,021 168,924 159,571 (1)(12)
Total consumer loans 462,475 464,854 465,529 486,741 476,044 (1)(3)
Wholesale loans (c)
Loans retained500,841 516,787 555,289 481,678 473,730 (3)6 
Loans held-for-sale and loans at fair value (b)26,424 27,741 28,792 29,201 30,245 (5)(13)
Total wholesale loans 527,265 544,528 584,081 510,879 503,975 (3)5 
Total loans 989,740 1,009,382 1,049,610 997,620 980,019 (2)1 
Derivative receivables76,626 74,846 81,648 49,766 55,577 2 38 
Receivables from customers and other (d)30,847 22,403 33,376 33,706 32,236 38 (4)
Total credit-related assets 1,097,213 1,106,631 1,164,634 1,081,092 1,067,832 (1)3 
Lending-related commitments
Consumer, excluding credit card 46,425 45,348 41,535 40,169 41,697 2 11 
Credit card (e)662,860 673,836 681,442 650,720 645,880 (2)3 
Wholesale (b)441,235 413,357 363,245 417,510 410,867 7 7 
Total lending-related commitments1,150,520 1,132,541 1,086,222 1,108,399 1,098,444 2 5 
Total credit exposure $2,247,733 $2,239,172 $2,250,856 $2,189,491 $2,166,276 — 4 
Memo: Total by category
Consumer exposure (b)(f)$1,171,760 $1,184,038 $1,188,506 $1,177,630 $1,163,639 (1)1 
Wholesale exposures (b)(g)1,075,973 1,055,134 1,062,350 1,011,861 1,002,637 2 7 
Total credit exposure$2,247,733 $2,239,172 $2,250,856 $2,189,491 $2,166,276 — 4 
Effective January 1, 2020, the Firm adopted the CECL accounting guidance. In conjunction with the adoption of CECL, the Firm reclassified risk-rated business banking and auto dealer loans and commitments held in CCB from the consumer, excluding credit card portfolio segment to the wholesale portfolio segment. Prior periods have been revised to conform with the current presentation.
(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)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.
(c)Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated business banking and auto dealer loans held in CCB for which the wholesale methodology is applied when determining the allowance for loan losses.
(d)Primarily represents brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable on the Consolidated balance sheets.
(e)Also includes commercial card lending-related commitments primarily in CB and CIB.
(f)Represents total consumer loans, lending-related commitments, and receivables from customers and other.
(g)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers and other.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Sep 30, 2020
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2020202020202019201920202019
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
   Loans retained (b)$5,030 $4,246 $3,877 $2,926 $2,984 18 %69 %
   Loans held-for-sale and loans at fair value (c)1,358 1,001 522 440 472 36 188 
Total consumer nonaccrual loans6,388 5,247 4,399 3,366 3,456 22 85 
Wholesale nonaccrual loans
Loans retained3,745 3,423 1,957 1,057 1,703 9 120 
Loans held-for-sale and loans at fair value (c)852 649 257 214 442 31 93 
Total wholesale nonaccrual loans 4,597 4,072 2,214 1,271 2,145 13 114 
Total nonaccrual loans 10,985 (e)9,319 (e)6,613 4,637 5,601 18 96 
Derivative receivables 140 108 85 30 26 30 438 
Assets acquired in loan satisfactions320 288 364 387 366 11 (13)
Total nonperforming assets 11,445 9,715 7,062 5,054 5,993 18 91 
Wholesale lending-related commitments (c)(d) 607 765 619 474 (f)446 (21)36 
Total nonperforming exposure $12,052 $10,480 $7,681 $5,528 $6,439 15 87 
NONACCRUAL LOAN-RELATED RATIOS (e)
Total nonaccrual loans to total loans (b)(c)1.11 %0.92 %0.63 %0.46 %0.57 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans (b)(c)1.98 1.62 1.41 1.06 1.09 
Total wholesale nonaccrual loans to total
wholesale loans (c)0.87 0.75 0.38 0.25 0.43 
(a)At September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, nonperforming assets excluded mortgage loans insured by U.S. government agencies of $1.1 billion, $696 million, $740 million, $1.1 billion and $1.7 billion, respectively, that are 90 or more days past due. Prior-period amounts have been revised to conform with the current presentation, refer to footnote (c) below for additional information. Nonperforming assets also excluded real estate owned (“REO”) insured by U.S. government agencies of $10 million, $13 million, $29 million, $41 million and $50 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 issued by the Federal Financial Institutions Examination Council (“FFIEC”). Refer to Note 12 of the Firm’s 2019 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.
(b)At September 30, 2020, June 30, 2020, and March 31, 2020, nonaccrual loans included $1.5 billion, $1.3 billion, and $970 million of PCD loans, respectively. Prior to the adoption of CECL, nonaccrual loans excluded PCI loans as the Firm recognized interest income on each pool of PCI loans as each of the pools was performing.
(c)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.
(d)Represents commitments that are risk rated as nonaccrual.
(e)Generally excludes loans that were under payment deferral or granted other assistance, including amendments or waivers of financial covenants in response to the COVID-19 pandemic.
(f)The prior-period amount has been revised to conform with the current period presentation.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
3Q202Q201Q204Q193Q192Q203Q19202020192019
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance$31,591 $23,244 $17,295 (c)$13,235 $13,166 36 %140 %$17,295 $13,445 29 %
Net charge-offs:
Gross charge-offs1,586 1,877 1,902 1,788 1,676 (16)(5)5,365 5,022 7 
Gross recoveries collected(406)(317)(433)(294)(305)(28)(33)(1,156)(887)(30)
Net charge-offs1,180 1,560 1,469 1,494 1,371 (24)(14)4,209 4,135 2 
Write-offs of PCI loansNANANA19 (d)43 (d)NMNMNA132 (d)NM
Provision for loan losses400 9,906 (b)7,418 1,401 1,479 (96)(73)17,724 4,048 338 
Other3 1 — — 4 200 (25)4 9 (56)
Ending balance$30,814 $31,591 $23,244 $13,123 $13,235 (2)133 $30,814 $13,235 133 
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance$2,710 $2,147 $1,289 (c)$1,165 $1,129 26 140 $1,289 $1,055 22 
Provision for lending-related commitments114 563 (b)858 26 35 (80)226 1,535 110 NM
Other(1)— — — 1 NMNM(1)— NM
Ending balance$2,823 $2,710 $2,147 $1,191 $1,165 4 142 $2,823 $1,165 142 
Total allowance for credit losses (a)$33,637 $34,301 $25,391 $14,314 $14,400 (2)134 $33,637 $14,400 134 
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.08 %0.11 %(0.01)%0.15 %0.11 %0.06 %0.11 %
Credit card retained loans2.92 3.33 3.25 3.01 2.95 3.17 3.13 
Total consumer retained loans0.97 1.14 1.15 1.16 1.08 1.09 1.09 
Wholesale retained loans0.07 0.22 0.13 0.13 0.10 0.14 0.07 
Total retained loans 0.49 0.64 0.62 0.63 0.58 0.58 0.59 
Memo: Average retained loans
Consumer retained, excluding credit card loans$306,201 $304,179 $294,156 $295,258 $304,385 1 1 $301,535 $318,967 (5)
Credit card retained loans140,200 142,377 162,660 162,112 158,166 (2)(11)148,382 154,367 (4)
Total average retained consumer loans446,401 446,556 456,816 457,370 462,551 — (3)449,917 473,334 (5)
Wholesale retained loans504,449 540,248 491,819 476,402 469,942 (7)7 512,137 471,332 9 
Total average retained loans$950,850 $986,804 $948,635 $933,772 $932,493 (4)2 $962,054 $944,666 2 
(a)At September 30, 2020, June 30, 2020, and March 31, 2020, excludes allowance for credit losses on HTM securities of $120 million, $23 million, and $19 million, respectively; and provision for credit losses on HTM securities of $97 million, $4 million, and $9 million for the three months ended September 30, 2020, June 30, 2020, and March 31, 2020, respectively, and $110 million for the nine months ended September 30, 2020.
(b)Prior-period amounts have been revised to conform with the current presentation.
(c)Upon the adoption of the CECL accounting guidance on January 1, 2020, the Firm recognized a net increase of $4.3 billion (“day 1 impact”) to the allowance for credit losses, of which $4.2 billion related to the allowance for loan losses and $98 million related to the allowance for lending-related commitments.
(d)Prior to the adoption of CECL, write-offs of PCI loans were recorded against the allowance for loan losses when actual losses for a pool exceeded estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan was recognized when the underlying loan was removed from a pool.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Sep 30, 2020
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2020202020202019201920202019
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)$228 $263 $223 $75 $88 (13)%159 %
Portfolio-based4,274 4,609 3,231 1,476 1,475 (7)190 
PCINANANA987 1,256 NMNM
Total consumer, excluding credit card4,502 4,872 3,454 2,538 2,819 (8)60 
Credit card
Asset-specific (b)652 642 530 477 488 2 34 
Portfolio-based17,148 17,158 14,420 5,206 5,095 — 237 
Total credit card17,800 17,800 14,950 5,683 5,583 — 219 
Total consumer22,302 22,672 18,404 8,221 8,402 (2)165 
Wholesale
Asset-specific (c)792 757 556 295 399 5 98 
Portfolio-based7,720 8,162 (g)4,284 4,607 4,434 (5)74 
Total wholesale8,512 8,919 4,840 4,902 4,833 (5)76 
Total allowance for loan losses30,814 31,591 23,244 13,123 13,235 (2)133 
Allowance for lending-related commitments2,823 2,710 (g)2,147 1,191 1,165 4 142 
Total allowance for credit losses (d)$33,637 $34,301 $25,391 $14,314 $14,400 (2)134 
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans1.48 %1.59 %1.18 %0.86 %0.95 %
Credit card allowance to total credit card retained loans12.75 12.57 9.71 3.36 3.50 
Wholesale allowance to total wholesale retained loans1.70 1.73 (g)0.87 1.02 1.02 
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (e)1.83 1.84 (g)0.93 1.08 1.08 
Total allowance to total retained loans3.26 3.27 2.32 1.39 1.42 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (f)90 115 89 87 94 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (f)148 180 (g)142 187 163 
Wholesale allowance to wholesale retained nonaccrual loans227 261 (g)247 464 284 
Total allowance to total retained nonaccrual loans351 412 398 329 282 
(a)Includes modified PCD loans and loans that have been modified or are reasonably expected to be modified in a troubled debt restructuring (“TDR”).
(b)The asset-specific credit card allowance for loan losses relates to loans that have been modified or are reasonably expected to be modified in a TDR; the Firm calculates this allowance based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.
(c)Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified or are reasonably expected to be modified in a TDR.
(d)At September 30, 2020, June 30, 2020, and March 31, 2020, excludes allowance for credit losses on HTM securities of $120 million, $23 million, and $19 million, respectively.
(e)Management uses allowance for loan losses to period-end loans retained, excluding CIB’s trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of the wholesale allowance coverage ratio.
(f)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.
(g)Prior-period amounts have been revised to conform with the current presentation.
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NON-GAAP FINANCIAL MEASURES
Non-GAAP Financial Measures
(a)In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm and each of the reportable business segments on a 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 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 noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
(c)TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.
(d)The ratio of the wholesale and CIB’s allowance for loan losses to period-end loans retained, excluding trade finance and conduits, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB’s trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the respective allowance coverage ratio.
(e)In addition to reviewing net interest income and the net yield on a managed basis, management also reviews these metrics excluding CIB’s Markets businesses to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities. The resulting metrics are referred to as non-markets related net interest income and net yield. CIB’s Markets businesses are Fixed Income Markets and Equity Markets. Management believes that disclosure of non-markets related net interest income and net yield provide investors and analysts with other measures by which to analyze the non-markets-related business trends of the Firm and provides a comparable measure to other financial institutions that are primarily focused on lending, investing and deposit-raising activities.
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q20 Change2020 Change
(in millions, except rates)3Q202Q201Q204Q193Q192Q203Q19202020192019
Net interest income - reported$13,013 $13,853 $14,439 $14,166 $14,228 (6)%(9)%$41,305 $43,079 (4)%
Fully taxable-equivalent adjustments104 107 110 123 127 (3)(18)321 408 (21)
Net interest income - managed basis (a)$13,117 $13,960 $14,549 $14,289 $14,355 (6)(9)$41,626 $43,487 (4)
Less: CIB Markets net interest income2,076 2,536 1,596 1,149 723 (18)187 6,208 1,971 215 
Net interest income excluding CIB Markets (a)$11,041 $11,424 $12,953 $13,140 $13,632 (3)(19)$35,418 $41,516 (15)
Average interest-earning assets (b)$2,874,974 $2,819,689 $2,465,549 $2,377,544 $2,364,951 2 22 $2,720,636 $2,334,406 17 
Less: Average CIB Markets interest-earning assets (b)730,141 795,511 735,852 676,566 690,390 (8)6 753,748 671,019 12 
Average interest-earning assets excluding CIB Markets$2,144,833 $2,024,178 $1,729,697 $1,700,978 $1,674,561 6 28 $1,966,888 $1,663,387 18 
Net yield on average interest-earning assets - managed basis1.82 %1.99 %2.37 %2.38 %2.41 %2.04 %2.49 %
Net yield on average CIB Markets interest-earning assets1.13 1.28 0.87 0.67 0.42 1.10 0.39 
Net yield on average interest-earning assets excluding CIB Markets2.05 2.27 3.01 3.06 3.23 2.41 3.34 
(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.
(b) In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.


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