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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly report pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the quarterly period endedCommission file
June 30, 2022number1-5805
JPMorgan Chase & Co.
(Exact name of registrant as specified in its charter)
Delaware13-2624428
(State or other jurisdiction of
incorporation or organization)
(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
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 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
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJJPM PR KThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL
JPM PR L
The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MMJPM PR MThe New York Stock Exchange
Alerian MLP Index ETNs due May 24, 2024AMJNYSE Arca, Inc.
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC
JPM/32The New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Number of shares of common stock outstanding as of June 30, 2022: 2,932,572,390



FORM 10-Q
TABLE OF CONTENTS
Page
Item 1.
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179
180
182
Item 2.
3
4
5
10
15
18
20
43
44
50
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62
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Item 3.191
Item 4.191
Item 1.191
Item 1A.191
Item 2.191
Item 3.192
Item 4.192
Item 5.192
Item 6.192
2


JPMorgan Chase & Co.
Consolidated financial highlights (unaudited)
As of or for the period ended, (in millions, except per share, ratio, headcount data and where otherwise noted)

Six months ended June 30,
2Q221Q224Q213Q212Q2120222021
Selected income statement data
Total net revenue$30,715 $30,717 $29,257 $29,647 $30,479 $61,432 $62,745 
Total noninterest expense18,749 19,191 17,888 17,063 17,667 37,940 36,392 
Pre-provision profit(a)
11,966 11,526 11,369 12,584 12,812 23,492 26,353 
Provision for credit losses1,101 1,463 (1,288)(1,527)(2,285)2,564 (6,441)
Income before income tax expense10,865 10,063 12,657 14,111 15,097 20,928 32,794 
Income tax expense2,216 1,781 2,258 2,424 3,149 3,997 6,546 
Net income
$8,649 $8,282 $10,399 $11,687 $11,948 $16,931 $26,248 
Earnings per share data
Net income:     Basic
$2.77 $2.64 $3.33 $3.74 $3.79 $5.40 $8.30 
         Diluted2.76 2.63 3.33 3.74 3.78 5.39 8.28 
Average shares: Basic2,962.2 2,977.0 2,977.3 2,999.9 3,036.6 2,969.6 3,054.9 
         Diluted2,966.3 2,981.0 2,981.8 3,005.1 3,041.9 2,973.7 3,060.3 
Market and per common share data
Market capitalization330,237 400,379 466,206 483,748 464,778 330,237 464,778 
Common shares at period-end2,932.6 2,937.1 2,944.1 2,955.3 2,988.2 2,932.6 2,988.2 
Book value per share86.38 86.16 88.07 86.36 84.85 86.38 84.85 
Tangible book value per share (“TBVPS”)(a)
69.53 69.58 71.53 69.87 68.91 69.53 68.91 
Cash dividends declared per share1.00 1.00 1.00 1.00 0.90 2.00 1.80 
Selected ratios and metrics
Return on common equity (“ROE”)(b)
13 %13 %16 %18 %18 %13 %21 %
Return on tangible common equity (“ROTCE”)(a)(b)
17 16 19 22 23 16 26 
Return on assets(b)
0.89 0.86 1.08 1.24 1.29 0.87 1.44 
Overhead ratio61 62 61 58 58 62 58 
Loans-to-deposits ratio45 42 44 43 45 45 45 
Firm Liquidity coverage ratio (“LCR”) (average)(c)
110 110 111 112 111 110 111 
JPMorgan Chase Bank, N.A. LCR (average)(c)
169 181 178 174 171 169 171 
Common equity Tier 1 (“CET1”) capital ratio(d)
12.2 11.9 13.1 12.9 13.0 12.2 13.0 
Tier 1 capital ratio(d)
14.1 13.7 15.0 15.0 15.1 14.1 15.1 
Total capital ratio(d)
15.7 15.4 16.8 16.9 17.1 15.7 17.1 
Tier 1 leverage ratio(c)(d)
6.2 6.2 6.5 6.6 6.6 6.2 6.6 
Supplementary leverage ratio (“SLR”)(c)(d)
5.3 5.2 5.4 5.5 5.4 5.3 5.4 
Selected balance sheet data (period-end)
Trading assets$465,577 $511,528 $433,575 $515,901 $520,588 $465,577 $520,588 
Investment securities, net of allowance for credit losses663,718 679,460 672,232 595,132 573,637 663,718 573,637 
Loans1,104,155 1,073,285 1,077,714 1,044,615 1,040,954 1,104,155 1,040,954 
Total assets3,841,314 3,954,687 3,743,567 3,757,576 3,684,256 3,841,314 3,684,256 
Deposits2,471,544 2,561,207 2,462,303 2,402,353 2,305,217 2,471,544 2,305,217 
Long-term debt288,212 293,239 301,005 298,465 299,926 288,212 299,926 
Common stockholders’ equity253,305 253,061 259,289 255,203 253,548 253,305 253,548 
Total stockholders’ equity286,143 285,899 294,127 290,041 286,386 286,143 286,386 
Headcount278,494 273,948 271,025 265,790 260,110 278,494 260,110 
Credit quality metrics
Allowances for credit losses$20,019 $19,591 $18,689 $20,528 $22,585 $20,019 $22,585 
Allowance for loan losses to total retained loans1.69 %1.69 %1.62 %1.86 %2.02 %1.69 %2.02 %
Nonperforming assets$7,845 $8,605 $8,346 $8,882 $9,802 $7,845 $9,802 
Net charge-offs657 582 550 524 734 1,239 1,791 
Net charge-off rate0.25 %0.24 %0.22 %0.21 %0.31 %0.24 %0.38 %
(a)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19 for a further discussion of these measures.
(b)Quarterly ratios are based upon annualized amounts.
(c)For the six months ended June 30, 2022 and 2021, the percentage represents average ratios for the three months ended June 30, 2022 and 2021.
(d)The capital metrics reflect the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the Current Expected Credit Losses (“CECL”) capital transition provisions. Refer to Capital Risk Management on pages 44-49 of this Form 10-Q and pages 86-96 of JPMorgan Chase’s 2021 Form 10-K for additional information.
3


INTRODUCTION
The following is Management’s discussion and analysis of the financial condition and results of operations (“MD&A”) of JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) for the second quarter of 2022.
This Quarterly Report on Form 10-Q for the second quarter of 2022 (“Form 10-Q”) should be read together with JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”). Refer to the Glossary of terms and acronyms and line of business (“LOB”) metrics on pages 182-190 for definitions of terms and acronyms used throughout this Form 10-Q.
This Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current beliefs and expectations of JPMorgan Chase’s management, speak only as of the date of this Form 10-Q and are subject to significant risks and uncertainties. Refer to Forward-looking Statements on page 87 of this Form 10-Q and Part I, Item 1A, Risk Factors, on pages 9-33 of the 2021 Form 10-K for a discussion of certain of those risks and uncertainties and the factors that could cause JPMorgan Chase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results will be in line with any outlook information set forth herein, and the Firm does not undertake to update any forward-looking statements.
JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.8 trillion in assets and $286.1 billion in stockholders’ equity as of June 30, 2022. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally.
JPMorgan Chase’s principal bank subsidiary is JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank, N.A.”), a national banking association with U.S. branches in 48 states and Washington, D.C. as of June 30, 2022. JPMorgan Chase’s principal non-bank subsidiary is J.P. Morgan Securities LLC (“J.P. Morgan Securities”), a U.S. broker-dealer. The bank and non-bank subsidiaries of JPMorgan Chase operate nationally as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Firm’s principal operating subsidiaries outside the U.S. are J.P. Morgan Securities plc and J.P. Morgan SE (“JPMSE”), which are subsidiaries of JPMorgan Chase Bank, N.A. and are based in the United Kingdom (“U.K.”) and Germany, respectively.
For management reporting purposes, the Firm’s activities are organized into four major reportable business segments, as well as a Corporate segment. The Firm’s consumer business segment is Consumer & Community Banking (“CCB”). The Firm’s wholesale business segments are the Corporate & Investment Bank (“CIB”), Commercial Banking (“CB”), and Asset & Wealth Management (“AWM”). Refer to Note 25 of this Form 10-Q and Note 32 of JPMorgan Chase’s 2021 Form 10-K for a description of the Firm’s business segments and the products and services they provide to their respective client bases.
The Firm's website is www.jpmorganchase.com. JPMorgan Chase makes available on its website, free of charge, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after it electronically files or furnishes such material to the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov. JPMorgan Chase makes new and important information about the Firm available on its website at https://www.jpmorganchase.com, including on the Investor Relations section of its website at https://www.jpmorganchase.com/ir. Information on the Firm's website is not incorporated by reference into this Form 10-Q or the Firm’s other filings with the SEC.
4


EXECUTIVE OVERVIEW
This executive overview of the MD&A highlights selected information and does not contain all of the information that is important to readers of this Form 10-Q. For a complete description of the trends and uncertainties, as well as the risks and critical accounting estimates affecting the Firm, this Form 10-Q and the 2021 Form 10-K should be read together and in their entirety.
Financial performance of JPMorgan Chase
(unaudited)
As of or for the period ended,
(in millions, except per share data and ratios)
Three months ended June 30,Six months ended June 30,
20222021Change20222021Change
Selected income statement data
Noninterest revenue$15,587$17,738(12)%$32,432$37,115(13)%
Net interest income15,12812,74119 29,00025,63013 
Total net revenue$30,715$30,479$61,432$62,745(2)
Total noninterest expense18,74917,66737,94036,392
Pre-provision profit11,96612,812(7)23,49226,353(11)
Provision for credit losses1,101(2,285)NM2,564(6,441)NM
Net income8,64911,948(28)16,93126,248(35)
Diluted earnings per share$2.76$3.78(27)$5.39$8.28(35)
Selected ratios and metrics
Return on common equity13%18%13%21%
Return on tangible common equity
17231626
Book value per share$86.38$84.85$86.38$84.85
Tangible book value per share69.5368.9169.5368.91
Capital ratios(a)
CET1 capital12.2%13.0%12.2%13.0%
Tier 1 capital14.115.114.115.1
Total capital15.717.115.717.1
Memo:
NII excluding Markets(b)
$13,682 $10,863 26 $25,434 $21,638 18 
NIR excluding Markets(b)
10,158 13,745 (26)21,243 27,039 (21)
Markets(b)
7,790 6,787 15 16,543 15,837 
Total net revenue - managed basis$31,630 $31,395 $63,220 $64,514 (2)
(a)The capital metrics reflect the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the CECL capital transition provisions. Refer to Capital Risk Management on pages 44-49 of this Form 10-Q and pages 86-96 of JPMorgan Chase’s 2021 Form 10-K for additional information.
(b)NII and NIR refer to net interest income and noninterest revenue, respectively. Markets consists of CIB's Fixed Income Markets and Equity Markets businesses.
Comparisons noted in the sections below are for the second quarter of 2022 versus the second quarter of 2021, unless otherwise specified.
Firmwide overview
For the second quarter of 2022, JPMorgan Chase reported net income of $8.6 billion, down 28%, earnings per share of $2.76, an ROE of 13% and ROTCE of 17%.
Total net revenue was up 1%, and reflected:
Net interest income of $15.1 billion, up 19%. Net interest income excluding Markets was $13.7 billion, up 26%, driven by higher rates and balance sheet growth.
Noninterest revenue was $15.6 billion, down 12%, predominantly driven by:
lower Investment Banking fees, a loss in Credit Adjustments & Other compared to a gain in the prior year, and net losses on equity investments in CIB
lower Card income in CCB, and
$337 million of markdowns on held-for-sale positions, primarily unfunded commitments, in the bridge financing portfolio in CIB and CB,
partially offset by
higher CIB Markets revenue.
Noninterest expense was up 6%, driven by continued investments in the business, including technology and marketing, and higher structural expense, primarily compensation, partially offset by lower revenue-related compensation.
The provision for credit losses was $1.1 billion, driven by:
a net addition of $428 million to the allowance for credit losses, primarily reflecting loan growth, as well as a modest deterioration in the Firm's macroeconomic forecast, and
5


$657 million of net charge-offs, down $77 million, driven by Card.
The prior year provision was a net benefit of $2.3 billion, reflecting a net reduction in the allowance for credit losses of $3.0 billion.
The total allowance for credit losses was $20.0 billion at June 30, 2022. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.69%, compared with 2.02% in the prior year.
The Firm’s nonperforming assets totaled $7.8 billion at June 30, 2022, a net decrease of $2.0 billion from the prior year, driven by lower nonaccrual loans, reflecting improved credit performance in consumer and net portfolio activity in wholesale.
Firmwide average loans of $1.1 trillion were up 7%, driven by higher loans across the LOBs.
Firmwide average deposits of $2.5 trillion were up 9%, reflecting the residual impact associated with government actions in the prior year. In CCB, the increase was also driven by growth from new and existing accounts across both consumer and small business customers. However, during the second quarter of 2022, there was a decline in deposits, including in CB due to migration of non-operating deposits into higher-yielding alternatives, and in CCB as consumer spending continued to grow.
Selected capital-related metrics
The Firm’s CET1 capital was $207 billion, and the Standardized and Advanced CET1 ratios were 12.2% and 12.9%, respectively.
The Firm’s SLR was 5.3%.
The Firm grew TBVPS, ending the second quarter of 2022 at $69.53, up 1% versus the prior year.
Pre-provision profit, ROTCE, TCE, TBVPS, NII and NIR excluding Markets, and total net revenue on a managed basis are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19 for a further discussion of each of these measures.

6


Business segment highlights
Selected business metrics for each of the Firm’s four LOBs are presented below for the second quarter of 2022.
CCB
ROE
24%
Average deposits up 13%; client investment assets down 7%
Average loans up 2% year-over-year ("YoY") and up 2% quarter-over-quarter ("QoQ"); Card net charge-off rate of 1.47%
Debit and credit card sales volume(a) up 15%
Active mobile customers(b) up 11%
CIB
ROE
14%
#1 ranking for Global Investment Banking fees with 8.1% wallet share year-to-date
Total Markets revenue of $7.8 billion, up 15%, with Fixed Income Markets up 15% and Equity Markets up 15%
CB
ROE
15%
Gross Investment Banking revenue of $788 million, down 32%
Average loans up 7% YoY and up 4% QoQ; average deposits up 4%
AWM
ROE
23%
Assets under management ("AUM") of $2.7 trillion, down 8%
Average loans up 11% YoY and 1% QoQ; average deposits up 22%
(a)Excludes Commercial Card.
(b)Users of all mobile platforms who have logged in within the past 90 days.
Refer to the Business Segment Results on pages 20-42 for a detailed discussion of results by business segment.
Credit provided and capital raised
JPMorgan Chase continues to support consumers, businesses and communities around the globe. The Firm provided new and renewed credit and raised capital for wholesale and consumer clients during the first six months of 2022, consisting of:
$1.4 trillion
Total credit provided and capital raised (including loans and commitments)(a)
$138
billion
Credit for consumers
$16
billion
Credit for U.S. small businesses
$553 billion
Credit for corporations
$609 billion
Capital raised for corporate clients and non-U.S. government entities
$36
 billion
Credit and capital raised for nonprofit and U.S. government entities(a)
(a)Includes states, municipalities, hospitals and universities.

7


Recent events
On July 19, 2022, JPMorgan Chase announced that Alex Gorsky had been elected as a member of the Firm's Board of Directors, effective immediately. Mr. Gorsky serves as the Executive Chairman of Johnson & Johnson.
Outlook
These current expectations are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs and expectations of JPMorgan Chase’s management, speak only as of the date of this Form 10-Q, and are subject to significant risks and uncertainties. Refer to Forward-Looking Statements on page 87 and page 155 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of certain of those risks and uncertainties and the other factors that could cause JPMorgan Chase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results will be in line with the outlook information set forth below, and the Firm does not undertake to update any forward-looking statements.
JPMorgan Chase’s current outlook for 2022 should be viewed against the backdrop of the global and U.S. economies, financial markets activity, the geopolitical environment, the competitive environment, client and customer activity levels, and regulatory and legislative developments in the U.S. and other countries where the Firm does business. Each of these factors will affect the performance of the Firm. The Firm will continue to make appropriate adjustments to its businesses and operations in response to ongoing developments in the business, economic, regulatory and legal environments in which it operates.
Full-year 2022
Management expects net interest income excluding Markets to be in excess of $58 billion, market dependent.
Management expects adjusted expense to be approximately $77 billion, which includes increased investments in technology, distribution and marketing, and higher structural expense.
Management expects the net charge-off rate in Card to be less than 2%.
Net interest income excluding Markets and adjusted expense are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19.
8


Business Developments
War in Ukraine
The duration and potential outcomes of the war in Ukraine remain uncertain. The Firm has taken steps to close positions and reduce exposures connected with the war, and continues to assist clients with fulfilling or terminating pre-existing obligations and managing their Russia-related risks.
The Firm’s exposure to Russia and Russia-associated clients and counterparties is not material to its financial condition or results of operations. However, the secondary impacts of the war in Ukraine, including increased market volatility, inflationary pressures and the effects of financial and economic sanctions imposed by various governments, could have adverse effects on the Firm’s businesses.
The Firm also continues to monitor and manage the operational risks associated with the war, including compliance with the financial and economic sanctions and the increased risk of cyber attacks.
Refer to Wholesale Credit Portfolio on pages 62-70, Allowance for Credit Losses on pages 71-73, Market Risk Management on pages 75-79, Country Risk Management on pages 80-81 and Operational Risk Management on page 82 for additional information.
For purposes of this Form 10-Q, “Russia” refers to exposure to clients and counterparties of the Firm for which the largest proportion of their assets is located, or the largest proportion of their revenue is derived, in Russia, based on the Firm’s internal country risk management framework; and “Russia-associated” refers to exposure to clients and counterparties of the Firm with respect to which economic or financial sanctions relating to the war in Ukraine have been imposed or which have close association with Russia.
Interbank Offered Rate (“IBOR”) transition
JPMorgan Chase and other market participants continue to make progress with respect to the transition from the use of the London Interbank Offered Rate (“LIBOR”) and other IBORs to comply with the International Organization of Securities Commission's standards for transaction-based benchmark rates. The cessation of the publication of the principal tenors of the U.S. dollar LIBOR (i.e., overnight, one-month, three-month, six-month and 12-month LIBOR) is scheduled for June 30, 2023.
The Firm continues its client outreach with respect to U.S. dollar LIBOR-linked loans and continues to monitor and evaluate client, industry, market, regulatory and legislative developments. Refer to Business Developments on pages 50-51 of JPMorgan Chase's 2021 Form 10-K for additional information.

9


CONSOLIDATED RESULTS OF OPERATIONS
This section provides a comparative discussion of JPMorgan Chase’s Consolidated Results of Operations on a reported basis for the three and six months ended June 30, 2022 and 2021, unless otherwise specified. Factors that relate primarily to a single business segment are discussed in more detail within that business segment's results. Refer to pages 83-85 of this Form 10-Q and pages 150-153 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.
Revenue
Three months ended June 30,Six months ended June 30,
(in millions)20222021Change20222021Change
Investment banking fees$1,586 $3,470 (54)%$3,594 $6,440 (44)%
Principal transactions4,990 4,076 22 10,095 10,576 (5)
Lending- and deposit-related fees1,873 1,760 3,712 3,447 
Asset management, administration and commissions5,240 5,194 10,602 10,223 
Investment securities losses(153)(155)(547)(141)(288)
Mortgage fees and related income378 551 (31)838 1,255 (33)
Card income1,133 1,647 (31)2,108 2,997 (30)
Other income(a)
540 1,195 (55)2,030 2,318 (12)
Noninterest revenue15,587 17,738 (12)32,432 37,115 (13)
Net interest income15,128 12,741 19 29,000 25,630 13 
Total net revenue$30,715 $30,479 %$61,432 $62,745 (2)%
(a) Included operating lease income of $945 million and $1.3 billion for the three months ended June 30, 2022 and 2021, respectively and $2.0 billion and $2.6 billion for the six months ended June 30, 2022 and 2021, respectively.
Quarterly results
Investment banking fees decreased in CIB, reflecting:
lower debt and equity underwriting fees as volatile market conditions resulted in lower issuance activity, and
lower advisory fees driven by a lower level of announced deals, starting in the first quarter of 2022.
Refer to CIB segment results on pages 27-32 and Note 5 for additional information.
Principal transactions revenue increased primarily in CIB, reflecting:
higher revenue in Fixed Income Markets, driven by a strong performance in macro businesses amid a volatile market, particularly in Currencies & Emerging Markets, partially offset by lower revenue in Credit and Securitized Products, and
higher revenue in Equity Markets predominantly driven by a strong performance in derivatives amid a volatile market,
partially offset by
a $218 million loss in Credit Adjustments & Other, largely driven by funding spread widening, compared with a gain of $233 million in the prior year, and
$337 million of markdowns on held-for-sale positions, primarily unfunded commitments, in the bridge financing portfolio in CIB and CB.
The increase in Principal transactions revenue also reflected net gains on certain legacy private equity investments in Corporate, compared with net losses in the prior year.
Principal transactions revenue in CIB may in certain cases have offsets across other revenue lines, including net
interest income. The Firm assesses the performance of its CIB Markets business on a total revenue basis.
Refer to CIB, CB and Corporate segment results on pages 27-32, pages 33-36 and pages 41-42, and Note 5 for additional information.
Lending- and deposit-related fees increased as a result of higher deposit-related fees in CCB.
Refer to CCB segment results on pages 22-26 and Note 5 for additional information.
Asset management, administration and commissions revenue was relatively flat, reflecting higher asset management fees in AWM resulting from the removal of most money market fund fee waivers, offset by lower market levels and performance fees. Refer to AWM segment results on pages 22-26 and Note 5 for additional information.
Investment securities losses were relatively flat, and reflected losses in both periods from repositioning the investment securities portfolios in Treasury and CIO. Refer to Corporate segment results on pages 41-42 and Note 9 for additional information.
Mortgage fees and related income decreased due to:
lower production revenue from lower margins and volume,
largely offset by
higher net mortgage servicing revenue resulting from
an increase in MSR risk management results primarily driven by changes in prepayment expectations, and
higher operating revenue on a higher level of third-party loans serviced.
10


Refer to CCB segment results on pages 22-26 Note 5 and 14 for additional information.
Card income decreased reflecting:
higher amortization related to new account origination costs in Card, and
lower net interchange income due to the impact from the renegotiation of a co-brand partner contract in Card in the fourth quarter of 2021.
Refer to CCB segment results on pages 22-26 and Note 5 for additional information.
Other income decreased reflecting:
net losses on equity investments in CIB compared with net gains in the prior year, and
lower auto operating lease income in CCB as a result of a decline in volume,
partially offset by
a gain on an equity-method investment received in partial satisfaction of a loan in CB, and
higher net gains related to certain other Corporate investments.
Net interest income increased driven by higher rates and balance sheet growth, partially offset by lower Markets NII, as well as lower NII from PPP loans.
The Firm’s average interest-earning assets were $3.4 trillion, up $209 billion, and the yield was 2.22%, up 43 basis points (“bps”). The net yield on these assets, on an FTE basis, was 1.80%, an increase of 18 bps. The net yield excluding Markets was 2.26%, up 36 bps.
Refer to the Consolidated average balance sheets, interest and rates schedule on page 180 for further details. Net yield excluding Markets is a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19 for a further discussion of Net interest yield excluding Markets.
Year-to-date results
Investment banking fees decreased in CIB, reflecting:
lower equity and debt underwriting fees as volatile market conditions resulted in lower issuance activity, and
lower advisory fees driven by a lower level of announced deals.
Principal transactions revenue decreased reflecting:
a loss of $742 million in Credit Adjustments & Other in CIB, largely driven by funding spread widening and, to a lesser extent, losses on exposures relating to commodities and Russia and Russia-associated counterparties, compared with a gain of $230 million in the prior year,
$337 million of markdowns in the second quarter of 2022 on held-for-sale positions, primarily unfunded commitments, in the bridge financing portfolio in CIB and CB, and
net losses on certain legacy private equity investments in Corporate compared with net gains in the prior year,
partially offset by
an increase in Markets, reflecting
higher revenue in Fixed Income Markets, predominantly driven by higher revenue in the macro businesses, particularly in Currencies & Emerging Markets, partially offset by lower revenue in Securitized Products and Credit, and
higher revenue in Equity Markets, driven by a strong performance in prime brokerage and derivatives, partially offset by lower revenue in Cash Equities.
Lending- and deposit-related fees increased as a result of:
higher deposit-related fees in CCB, and
higher cash management fees in CIB and CB driven by growth in transaction volume.
Refer to CCB, CIB and CB segment results on pages 22-26, pages 27-32 and pages 33-36, respectively, and Note 5 for additional information.
Asset management, administration and commissions revenue increased, predominantly driven by higher asset management fees in AWM, reflecting strong cumulative net inflows into long-term products, and the removal of most money market fund fee waivers in the second quarter of 2022, and net inflows in CCB. Refer to CCB and AWM segment results on pages 22-26, pages 37-40, respectively, and Note 5 for additional information.
Investment securities losses reflected higher net losses on sales of U.S. Treasuries and U.S. GSE and government agency MBS, associated with repositioning the investment securities portfolios in both periods in Treasury and CIO.
Mortgage fees and related income decreased due to:
lower production revenue from lower margins and volume,
largely offset by
higher net mortgage servicing revenue resulting from
an increase in MSR risk management results primarily driven by changes in prepayment expectations, and
higher operating revenue on a higher level of third-party loans serviced.
Card income decreased due to higher amortization related to new account origination costs in Card.
Other income decreased reflecting:
lower auto operating lease income in CCB as a result of a decline in volume,
net losses on several investments in AWM and CIB compared with net gains in the prior year,
partially offset by
proceeds from an insurance settlement in the first quarter of 2022 in Corporate,
higher net gains related to certain other Corporate investments in,
a gain on an equity-method investment received in partial satisfaction of a loan in CB, and
11


the absence of weather-related write-downs recorded in the prior year on certain renewable energy investments in CIB.
Net interest income increased driven by higher rates and balance sheet growth, partially offset by lower NII from PPP loans, as well as lower Markets NII.
The Firm’s average interest-earning assets were $3.4 trillion, up $242 billion, and the yield was 2.04%, up 21 basis points (“bps”). The net yield on these assets, on an FTE basis, was 1.74%, an increase of 9 bps. The net yield excluding Markets was 2.11%, up 19 bps.
12


Provision for credit losses
Three months ended June 30,Six months ended June 30,
(in millions)20222021Change20222021Change
Consumer, excluding credit card$62 $(808)NM$235 $(1,792)NM
Credit card730 (1,045)NM1,236 (3,562)NM
Total consumer792 (1,853)NM1,471 (5,354)NM
Wholesale303 (425)NM1,088 (1,096)NM
Investment securities6 (7)NM5 NM
Total provision for credit losses$1,101 $(2,285)NM$2,564 $(6,441)NM
Quarterly results
The provision for credit losses was $1.1 billion, reflecting $657 million of net charge-offs and a net addition of $428 million to the allowance for credit losses, consisting of:
$238 million in wholesale driven by a modest deterioration in the Firm's macroeconomic forecast, and loan growth largely in CB, partially offset by client-specific reductions in the allowance for credit losses, and
$184 million in consumer predominantly driven by loan growth in Card.
Net charge-offs decreased $77 million driven by Card, reflecting the financial strength of U.S. consumers.
The prior year included a $3.0 billion net reduction in the allowance for credit losses and net charge-offs of $734 million.
Refer to CCB segment results on pages 22-26, CIB on pages 27-32, CB on pages 33-36, AWM on pages 37-40, the Allowance for Credit Losses on pages 71-73, and Notes 9 and 12 for additional information on the credit portfolio and the allowance for credit losses.




Year-to-date results
The provision for credit losses was $2.6 billion, reflecting a net addition of $1.3 billion to the allowance for credit losses and $1.2 billion of net charge-offs. The addition to the allowance primarily consisted of:
$1.0 billion in wholesale reflecting the increased weight placed on the adverse scenarios in the current year due to the ongoing effects associated with higher inflation, changes in monetary policy, and geopolitical risks, including the war in Ukraine, and a modest deterioration in the Firm's macroeconomic forecast. The increase in the allowance was also driven by loan growth in CB in the second quarter of 2022, and client-specific Russia and Russia-associated downgrades in CIB and AWM in the first quarter of 2022, and
$311 million in consumer primarily driven by Card, related to loan growth, and Home Lending due to the increased weight placed on the adverse scenarios in the first quarter of 2022.
Net charge-offs decreased $552 million driven by Card, reflecting the financial strength of U.S. consumers.
The prior year included an $8.2 billion net reduction in the allowance for credit losses and net charge-offs of $1.8 billion.

13


Noninterest expense
(in millions)Three months ended June 30,Six months ended June 30,
20222021Change20222021Change
Compensation expense$10,301 $9,814 %$21,088 $20,415 %
Noncompensation expense:
Occupancy1,129 1,090 2,263 2,205 
Technology, communications and equipment(a)
2,376 2,488 (5)4,736 5,007 (5)
Professional and outside services2,469 2,385 5,041 4,588 10 
Marketing881 626 41 1,801 1,377 31 
Other expense(b)
1,593 1,264 26 3,011 2,800 
Total noncompensation expense8,448 7,853 16,852 15,977 
Total noninterest expense$18,749 $17,667 %$37,940 $36,392 %
(a)Includes depreciation expense associated with auto operating lease assets.
(b)Included Firmwide legal expense of $73 million and $185 million for the three months ended June 30, 2022 and 2021, respectively and $192 million and $213 million for the six months ended June 30, 2022 and 2021, respectively.
Quarterly results
Compensation expense increased driven by investments and higher structural expense across the LOBs, partially offset by lower revenue-related compensation in CIB.
Noncompensation expense increased as a result of:
higher investments across the Firm, including marketing and technology, and
higher structural expense, including travel and entertainment,
partially offset by
lower volume-related expense, primarily depreciation expense in CCB on lower auto lease assets, and
lower legal expense.
Year-to-date results
Compensation expense increased driven by investments and higher structural expense across the LOBs, largely offset by lower revenue-related compensation in CIB.
Noncompensation expense increased as a result of:
higher investments across the Firm, including marketing and technology, and
higher structural expense, including travel and entertainment and regulatory assessments. The prior year included a $550 million contribution to the Firm's Foundation,
partially offset by
lower volume-related expense, reflecting a net decrease related to lower depreciation expense on lower auto lease assets and higher operating losses, both in CCB.
Income tax expense
(in millions)Three months ended June 30,Six months ended June 30,
20222021Change20222021Change
Income before income tax expense$10,865 $15,097 (28)%$20,928 $32,794 (36)%
Income tax expense2,216 3,149 (30)3,997 6,546 (39)
Effective tax rate20.4 %20.9 %19.1 %20.0 %

Quarterly results
The effective tax rate decreased driven by the impact of benefits related to tax audit settlements, partially offset by the change in the level and mix of income and expenses subject to U.S. federal and state and local taxes. The prior year included expenses related to tax audit settlements.

Year-to-date results
The effective tax rate decreased for the six months ended June 30, 2022, driven by benefits from tax audit settlements, as well as the relative net impact of certain tax benefits and expenses on a lower level of pretax income, partially offset by the change in the level and mix of income and expenses subject to U.S. federal and state and local taxes. The prior year included expenses related to tax audit settlements.
14


CONSOLIDATED BALANCE SHEETS AND CASH FLOWS ANALYSIS
Consolidated balance sheets analysis
The following is a discussion of the significant changes between June 30, 2022, and December 31, 2021.
Selected Consolidated balance sheets data
(in millions)June 30,
2022
December 31,
2021
Change
Assets
Cash and due from banks$27,215 $26,438 %
Deposits with banks642,045 714,396 (10)
Federal funds sold and securities purchased under resale agreements322,156 261,698 23 
Securities borrowed202,393 206,071 (2)
Trading assets465,577 433,575 
Available-for-sale securities222,069 308,525 (28)
Held-to-maturity securities, net of allowance for credit losses441,649 363,707 21 
Investment securities, net of allowance for credit losses663,718 672,232 (1)
Loans1,104,155 1,077,714 
Allowance for loan losses(17,750)(16,386)
Loans, net of allowance for loan losses1,086,405 1,061,328 
Accrued interest and accounts receivable145,442 102,570 42 
Premises and equipment26,770 27,070 (1)
Goodwill, MSRs and other intangible assets59,360 56,691 
Other assets200,233 181,498 10 
Total assets$3,841,314 $3,743,567 %
Cash and due from banks and deposits with banks decreased primarily as a result of Markets activities and loan growth. Deposits with banks reflect the Firm’s placements of its excess cash with various central banks, including the Federal Reserve Banks.
Federal funds sold and securities purchased under resale agreements increased driven by Markets, reflecting:
higher collateral requirements, higher demand for securities to cover short positions, and
the impact of netting on client-driven market-making activities.
Refer to Note 10 for additional information on securities purchased under resale agreements.
Trading assets increased driven by:
higher foreign exchange and commodity derivative receivables as a result of market movements, as well as higher levels of debt instruments, partially offset by lower equity instruments, related to client-driven market-making activities in Markets, and
higher deployment of funds in Treasury and CIO.
Refer to Notes 2 and 4 for additional information.
Investment securities included the transfer of $73.2 billion of securities from the available-for-sale (“AFS”) to the held-to-maturity (“HTM”) portfolio.
The decrease in AFS securities was also due to paydowns, and unrealized losses, recognized in accumulated other comprehensive income (AOCI), predominantly offset by net purchases.
The increase in HTM securities was also due to purchases predominantly offset by paydowns.

Refer to Corporate segment results on pages 41-42, Investment Portfolio Risk Management on page 74, and Notes 2 and 9 for additional information.
Loans increased, reflecting:
higher loans in CB as a result of higher revolver utilization and originations,
higher retained residential real estate loans in AWM and Home Lending as a result of originations, net of paydowns,
higher balances in Card on higher consumer spending, and
higher wholesale loans in CIB,
partially offset by
lower mortgage warehouse loans in Home Lending as sales outpaced originations due to higher interest rates, and
a decline in CBB due to the impact of PPP loan forgiveness.
The allowance for loan losses increased as a result of a net addition of $1.4 billion to the allowance for loan losses, consisting of $1.1 billion in wholesale and $314 million in consumer. The addition reflects the increased weight placed on the adverse scenarios in the current year, due to the ongoing effects associated with higher inflation, changes in monetary policy, and geopolitical risks, including the war in Ukraine, and a modest deterioration in the Firm's macroeconomic forecast. The increase in the allowance for loan losses was also driven by loan growth in Card and CB in the second quarter of 2022, and client-specific Russia and Russia-associated downgrades in CIB and AWM in the first quarter of 2022.
15


There was a $39 million reduction in the allowance for lending-related commitments recognized in other liabilities on the Consolidated balance sheets.
Refer to Credit and Investment Risk Management on pages 55-74, and Notes 2, 3, 11 and 12 for a more detailed discussion of loans and the allowance for loan losses.
Accrued interest and accounts receivable increased due to higher client receivables related to client-driven activities in Markets, including prime brokerage.

Goodwill, MSRs and other intangibles increased, reflecting:
higher MSRs as a result of changes in market interest rates and net additions, partially offset by the realization of expected cash flows, and
higher goodwill associated with the acquisitions of Frosch Travel Group, LLC in CCB and Volkswagen Payments S.A. in CIB.
Refer to Note 14 for additional information.
Other assets increased largely due to the higher cash collateral placed with counterparties, as well as higher securities financing transactions in Markets.
Selected Consolidated balance sheets data (continued)
(in millions)June 30,
2022
December 31,
2021
Change
Liabilities
Deposits$2,471,544 $2,462,303 — %
Federal funds purchased and securities loaned or sold under repurchase agreements222,719 194,340 15 
Short-term borrowings58,422 53,594 
Trading liabilities190,308 164,693 16 
Accounts payable and other liabilities313,326 262,755 19 
Beneficial interests issued by consolidated variable interest entities (“VIEs”)10,640 10,750 (1)
Long-term debt288,212 301,005 (4)
Total liabilities3,555,171 3,449,440 
Stockholders’ equity286,143 294,127 (3)
Total liabilities and stockholders’ equity$3,841,314 $3,743,567 %
Deposits were relatively flat, reflecting:
growth in new accounts in CCB that more than offset the decline in deposits in existing accounts across consumer and small business customers, as consumer spending continued to grow, and
higher deposits in Securities Services and Payments primarily driven by client activities,
offset by
a decline in CB due to the migration of non-operating deposits into higher-yielding alternatives; and additionally, in AWM and CB reflecting seasonality.
Refer to Liquidity Risk Management on pages 50-54 and Notes 2 and 15 for additional information.
Federal funds purchased and securities loaned or sold under repurchase agreements increased due to:
higher secured financing of trading assets and the impact of netting on client-driven market-making activities in Markets,
partially offset by
lower secured financing of AFS investment securities in Treasury and CIO. Refer to Liquidity Risk Management on pages 50-54 and Note 10 for additional information.
Short-term borrowings increased as a result of higher net issuance of commercial paper primarily for short-term liquidity management in Treasury and CIO. Refer to Liquidity Risk Management on pages 50-54 for additional information.

Trading liabilities increased due to client-driven market-making activities in Fixed Income Markets, which resulted in higher levels of short positions in debt instruments. Refer to Notes 2 and 4 for additional information.
Accounts payable and other liabilities increased due to higher client payables related to client-driven activities primarily in Markets, including prime brokerage. Refer to Note 10 for additional information on securities financing transactions.
Refer to Liquidity Risk Management on pages 50-54 and Notes 13 and 22 for additional information on Beneficial interests issued by consolidated VIEs, specifically Firm-sponsored VIEs and loan securitization trusts.
Long-term debt decreased driven by fair value hedge accounting adjustments in Treasury and CIO related to higher rates, and a decline in the fair value of structured notes in CIB. These were largely offset by net issuances in Treasury and CIO and CIB. Refer to Liquidity Risk Management on pages 50-54 for additional information.
Stockholders’ equity decreased as a result of a net unrealized loss in AOCI, which was predominantly driven by the impact of higher rates on the AFS portfolio and cash flow hedges in Treasury and CIO. Refer to Capital actions on page 48, Consolidated statements of changes in stockholders’ equity on page 91, and Note 19 for additional information.

16


Consolidated cash flows analysis
The following is a discussion of cash flow activities during the six months ended June 30, 2022 and 2021.
(in millions)Six months ended June 30,
20222021
Net cash provided by/(used in)
Operating activities$24,101 $(30,342)
Investing activities(125,811)33,089 
Financing activities
48,970 180,968 
Effect of exchange rate changes on cash(18,834)(5,903)
Net increase/(decrease) in cash and due from banks and deposits with banks$(71,574)$177,812 
Operating activities
In 2022, cash provided reflected higher accounts payable and other liabilities, trading liabilities, and net proceeds from loans held-for-sale, predominantly offset by higher trading assets and accrued interest and accounts receivable.
In 2021, cash used resulted from higher accrued interest and accounts receivable and securities borrowed, partially offset by higher accounts payable and other liabilities.
Investing activities
In 2022, cash used resulted from higher securities purchased under resale agreements, net originations of loans, and net purchases of investment securities.
In 2021, cash provided reflected lower securities purchased under resale agreements, partially offset by net originations of loans.
Financing activities
In 2022, cash provided reflected higher securities loaned or sold under repurchase agreements and net proceeds from long- and short-term borrowings.
In 2021, cash provided reflected higher deposits and securities loaned or sold under repurchase agreements, and net proceeds from long- and short-term borrowings.
For both periods, cash was used for repurchases of common stock and cash dividends on common and preferred stock.
* * *
Refer to Consolidated Balance Sheets Analysis on pages 15-16, Capital Risk Management on pages 44-49, and Liquidity Risk Management on pages 50-54 of this Form 10-Q, and pages 97-104 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of the activities affecting the Firm’s cash flows.

17


EXPLANATION AND RECONCILIATION OF THE FIRM’S USE OF NON-GAAP FINANCIAL MEASURES
The Firm prepares its Consolidated Financial Statements in accordance with U.S. GAAP and this presentation is referred to as “reported” basis; these financial statements appear on page 88-92.
In addition to analyzing the Firm’s results on a reported basis, the Firm also reviews and uses certain non-GAAP financial measures at the Firmwide and segment level. These non-GAAP measures include:
Firmwide “managed” basis results, including the overhead ratio, which include certain reclassifications to present total net revenue from investments that receive tax credits and tax-exempt securities on a basis comparable to taxable investments and securities (“FTE” basis);

Pre-provision profit, which represents total net revenue less total noninterest expense;
Net interest income, net yield, and noninterest revenue excluding Markets;
TCE, ROTCE, and TBVPS;
Adjusted expense, which represents noninterest expense excluding Firmwide legal expense; and
Allowance for loan losses to period-end loans retained, excluding trade finance and conduits.
Refer to Explanation and Reconciliation of the Firm’s Use Of Non-GAAP Financial Measures and Key Performance Measures on pages 58-60 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of management’s use of non-GAAP financial measures.
The following summary tables provide a reconciliation from the Firm’s reported U.S. GAAP results to managed basis.
Three months ended June 30,
20222021
(in millions, except ratios)Reported
Fully taxable-equivalent adjustments(a)
Managed
basis
Reported
Fully taxable-equivalent adjustments(a)
Managed
basis
Other income$540 $812 $1,352 $1,195 $807 $2,002 
Total noninterest revenue15,587 812 16,399 17,738 807 18,545 
Net interest income15,128 103 15,231 12,741 109 12,850 
Total net revenue30,715 915 31,630 30,479 916 31,395 
Total noninterest expense18,749 NA18,749 17,667 NA17,667 
Pre-provision profit11,966 915 12,881 12,812 916 13,728 
Provision for credit losses1,101 NA1,101 (2,285)NA(2,285)
Income before income tax expense10,865 915 11,780 15,097 916 16,013 
Income tax expense2,216 915 3,131 3,149 916 4,065 
Net income$8,649 NA$8,649 $11,948 NA$11,948 
Overhead ratio61 %NM59 %58 %NM56 %
Six months ended June 30,
20222021
(in millions, except ratios)Reported
Fully taxable-equivalent adjustments(a)
Managed
basis
Reported
Fully taxable-equivalent adjustments(a)
Managed
basis
Other income$2,030 $1,587 $3,617 $2,318 $1,551 $3,869 
Total noninterest revenue32,432 1,587 34,019 37,115 1,551 38,666 
Net interest income29,000 201 29,201 25,630 218 25,848 
Total net revenue61,432 1,788 63,220 62,745 1,769 64,514 
Total noninterest expense37,940 NA37,940 36,392 NA36,392 
Pre-provision profit23,492 1,788 25,280 26,353 1,769 28,122 
Provision for credit losses2,564 NA2,564 (6,441)NA(6,441)
Income before income tax expense20,928 1,788 22,716 32,794 1,769 34,563 
Income tax expense3,997 1,788 5,785 6,546 1,769 8,315 
Net Income$16,931 NA$16,931 $26,248 NA$26,248 
Overhead ratio62 %NM60 %58 %NM56 %
(a)Predominantly recognized in CIB, CB and Corporate.



18


The following table provides information on net interest income, net yield, and noninterest revenue excluding Markets.

(in millions, except rates)
Three months ended June 30,Six months ended June 30,
20222021Change20222021Change
Net interest income – reported
$15,128 $12,741 19 %$29,000 $25,630 13 %
Fully taxable-equivalent adjustments
103 109 (6)201 218 (8)
Net interest income – managed basis(a)
$15,231 $12,850 19 $29,201 $25,848 13 
Less: Markets net interest income(b)
1,549 1,987 (22)3,767 4,210 (11)
Net interest income excluding Markets(a)
$13,682 $10,863 26 $25,434 $21,638 18 
Average interest-earning assets$3,385,894 $3,177,195 $3,393,879 $3,152,022 
Less: Average Markets interest-earning assets(b)
957,304 882,848 960,556 874,764 10 
Average interest-earning assets excluding Markets$2,428,590 $2,294,347 %$2,433,323 $2,277,258 %
Net yield on average interest-earning assets – managed basis
1.80 %1.62 %1.74 %1.65 %
Net yield on average Markets interest-earning assets(b)
0.65 0.90 0.79 0.97 
Net yield on average interest-earning assets excluding Markets2.26 %1.90 %2.11 %1.92 %
Noninterest revenue – reported$15,587 $17,738 (12)%$32,432 $37,115 (13)%
Fully taxable-equivalent adjustments812 807 1,587 1,551 
Noninterest revenue – managed basis$16,399 $18,545 (12)$34,019 $38,666 (12)
Less: Markets noninterest revenue(b)
6,241 4,800 30 12,776 11,627 10 
Noninterest revenue excluding Markets$10,158 $13,745 (26)$21,243 $27,039 (21)
Memo: Total Markets net revenue(b)
$7,790 $6,787 15 $16,543 $15,837 
(a)Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.
(b)Refer to page 31 for further information on Markets.
The following summary table provides a reconciliation from the Firm’s common stockholders’ equity to TCE.
Period-endAverage
(in millions, except per share and ratio data)Jun 30,
2022
Dec 31,
2021
Three months ended June 30,Six months ended June 30,
2022202120222021
Common stockholders’ equity
$253,305 $259,289 $247,986 $250,849 $250,234 $248,209 
Less: Goodwill50,697 50,315 50,575 49,260 50,442 49,254 
Less: Other intangible assets
1,224 882 1,119 864 1,007 877 
Add: Certain deferred tax liabilities(a)
2,509 2,499 2,503 2,459 2,500 2,457 
Tangible common equity$203,893 $210,591 $198,795 $203,184 $201,285 $200,535 
Return on tangible common equityNANA17 %23 %16 %26 %
Tangible book value per share$69.53 $71.53 NANANANA
(a)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.
19


BUSINESS SEGMENT RESULTS
The Firm is managed on an LOB basis. There are four major reportable business segments – Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset & Wealth Management. In addition, there is a Corporate segment.
The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is currently evaluated by the Firm’s Operating Committee. Segment results are presented on a managed basis. Refer to Explanation and Reconciliation of the Firm’s use of Non-GAAP Financial Measures on pages 18-19 for a definition of managed basis.
Description of business segment reporting methodology
Results of the business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.
Revenue sharing
When business segments join efforts to sell products and services to the Firm’s clients, the participating business segments may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segment(s) involved in the transaction. The segment results reflect these revenue-sharing agreements.
Funds transfer pricing
Funds transfer pricing (“FTP”) is the process by which the Firm allocates interest income and expense to the LOBs and Other Corporate and transfers the primary interest rate risk and liquidity risk to Treasury and CIO.
The funds transfer pricing process considers the interest rate risk and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically the methodology and assumptions utilized in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the segments.
Foreign exchange risk
Foreign exchange risk is transferred from the LOBs and Other Corporate to Treasury and CIO for certain revenues and expenses. Treasury and CIO manages these risks centrally and reports the impact of foreign exchange rate movements related to the transferred risk in its results.
Capital allocation
The amount of capital assigned to each business segment is referred to as equity. Periodically, the assumptions and methodologies used to allocate capital are reassessed and as a result, the capital allocated to the LOBs may change. Refer to Line of business equity on page 47, and page 93 of JPMorgan Chase’s 2021 Form 10-K for additional information on capital allocation.
Refer to Business Segment Results – Description of business segment reporting methodology on pages 61-62 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of those methodologies.

20


Segment results – managed basis
The following tables summarize the Firm’s results by segment for the periods indicated.
Three months ended June 30,Consumer & Community BankingCorporate & Investment BankCommercial Banking
(in millions, except ratios)20222021Change20222021Change20222021Change
Total net revenue$12,614 $12,760(1)%$11,947 $13,214(10)%$2,683 $2,4838%
Total noninterest expense7,723 7,06296,745 6,52331,156 98118
Pre-provision profit/(loss)4,891 5,698(14)5,202 6,691(22)1,527 1,5022
Provision for credit losses761 (1,868)NM59 (79)NM209 (377)NM
Net income/(loss)3,100 5,645
(a)
(45)3,725 5,020
(a)
(26)994 1,422
(a)
(30)
Return on equity (“ROE”)24%44%

14 %23%15 %23%
Three months ended June 30,Asset & Wealth ManagementCorporateTotal
(in millions, except ratios)20222021Change20222021Change20222021Change
Total net revenue$4,306 $4,1075%$80 $(1,169)NM$31,630 $31,3951%
Total noninterest expense2,919 2,58613206 515(60)18,749 17,6676
Pre-provision profit/(loss)1,387 1,521(9)(126)(1,684)9312,881 13,728(6)
Provision for credit losses44 (10)NM28 49(43)1,101 (2,285)NM
Net income/(loss)1,004 1,156
(a)
(13)(174)(1,295)
(a)
878,649 11,948(28)
ROE23 %32%NMNM13 %18%
Six months ended June 30,Consumer & Community BankingCorporate & Investment BankCommercial Banking
(in millions, except ratios)20222021Change20222021Change20222021Change
Total net revenue$24,843 $25,277(2)%$25,476 $27,819(8)%$5,081 $4,8764%
Total noninterest expense15,443 14,264814,043 13,62732,285 1,95017
Pre-provision profit/(loss)9,400 11,013(15)11,433 14,192(19)2,796 2,926(4)
Provision for credit losses1,439 (5,470)NM504 (410)NM366 (495)NM
Net income/(loss)5,995 12,432
(a)
(52)8,110 10,944
(a)
(26)1,844 2,603
(a)
(29)
ROE23%49%15 %26%
(a)
14 %21%
Six months ended June 30,Asset & Wealth ManagementCorporateTotal
(in millions, except ratios)20222021Change20222021Change20222021Change
Total net revenue$8,621 $8,1845%$(801)$(1,642)51%$63,220 $64,514(2)%
Total noninterest expense5,779 5,16012390 1,391(72)37,940 36,3924
Pre-provision profit/(loss)2,842 3,024(6)(1,191)(3,033)6125,280 28,122(10)
Provision for credit losses198 (131)NM57 65(12)2,564 (6,441)NM
Net income/(loss)2,012 2,416
(a)
(17)(1,030)(2,147)
(a)
5216,931 26,248(35)
ROE23 %34%

NMNM13 %21%
(a)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

The following sections provide a comparative discussion of the Firm’s results by segment as of or for the three and six months ended June 30, 2022 versus the corresponding period in the prior year, unless otherwise specified.
21


CONSUMER & COMMUNITY BANKING
Refer to pages 63-66 of JPMorgan Chase's 2021 Form 10-K and Line of Business Metrics on page 188 for a further discussion of the business profile of CCB.
Selected income statement data
Three months ended June 30,Six months ended June 30,
(in millions, except ratios)
20222021Change20222021Change
Revenue
Lending- and deposit-related fees$855 $753 14%$1,660 $1,495 11 %
Asset management, administration and commissions947 866 91,876 1,671 12 
Mortgage fees and related income377 548 (31)833 1,251 (33)
Card income678 1,238 (45)1,268 2,237 (43)
All other income1,049 1,321 (21)2,171 2,660 (18)
Noninterest revenue3,906 4,726 (17)7,808 9,314 (16)
Net interest income8,708 8,034 817,035 15,963 
Total net revenue12,614 12,760 (1)24,843 25,277 (2)
Provision for credit losses761 (1,868)NM1,439 (5,470)NM
Noninterest expense
Compensation expense3,237 2,977 96,408 5,953 
Noncompensation expense(a)
4,486 4,085 109,035 8,311 
Total noninterest expense7,723 7,062 915,443 14,264 
Income before income tax expense4,130 7,566 (45)7,961 16,483 (52)
Income tax expense1,030 1,921 
(c)
(46)1,966 4,051 
(c)
(51)
Net income$3,100 $5,645 
(c)
(45)$5,995 $12,432 
(c)
(52)
Revenue by line of business
Consumer & Business Banking $6,558 $6,016 9$12,620 $11,651 
Home Lending1,001 1,349 (26)2,170 2,807 (23)
Card & Auto5,055 5,395 (6)10,053 10,819 (7)
Mortgage fees and related income details:
Production revenue150 517 (71)361 1,274 (72)
Net mortgage servicing revenue(b)
227 31 NM472 (23)NM
Mortgage fees and related income
$377 $548 (31)%$833 $1,251 (33)%
Financial ratios
Return on equity24 %44 %23 %49 %
Overhead ratio61 55 62 56 
(a)Included depreciation expense on leased assets of $652 million and $856 million for the three months ended June 30, 2022 and 2021, respectively, and $1.3 billion and $1.8 billion for the six months ended June 30, 2022 and 2021, respectively.
(b)Included MSR risk management results of $28 million and $(103) million for the three months ended June 30, 2022 and 2021, respectively, and $137 million and $(218) million for the six months ended June 30, 2022 and 2021, respectively.
(c)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

22


Quarterly results
Net income was $3.1 billion, down 45%, reflecting an increase in the provision for credit losses compared with a net benefit in the prior year.
Net revenue was $12.6 billion, a decrease of 1%.
Net interest income was $8.7 billion, up 8%, driven by:
growth in deposits in CBB, and higher revolving loans in Card,
partially offset by
a reduction associated with PPP loan forgiveness in CBB, and lower NII in Home Lending primarily due to tighter loan spreads.
Noninterest revenue was $3.9 billion, down 17%, driven by:
lower card income reflecting higher amortization related to new account origination costs and lower net interchange income due to the impact from the renegotiation of a co-brand partner contract in the fourth quarter of 2021,
lower production revenue from lower margins and volume in Home Lending, and
lower auto operating lease income as a result of a decline in volume,
partially offset by
higher net mortgage servicing revenue from an increase in MSR risk management results primarily driven by changes in prepayment expectations, and higher operating revenue on a higher level of third-party loans serviced, and
higher deposit-related fees.
Refer to Note 14 for further information regarding changes in the value of the MSR asset and related hedges, and mortgage fees and related income. Refer to Note 5 for additional information on card income.
Noninterest expense was $7.7 billion, up 9%, reflecting:
investments in the business and increased structural expenses, predominantly driven by compensation, technology and marketing,
partially offset by
lower volume- and revenue-related expenses primarily due to depreciation expense on lower auto lease assets.
The provision for credit losses was $761 million, reflecting:
net charge-offs of $611 million, down $121 million, driven by Card reflecting the financial strength of U.S. consumers, and
a $150 million addition to the allowance for credit losses in Card driven by loan growth.
The prior year included a $2.6 billion reduction in the allowance for credit losses across CCB.
Refer to Credit and Investment Risk Management on pages 55-74 and Allowance for Credit Losses on pages 71-73 for a further discussion of the credit portfolios and the allowance for credit losses.
Year-to-date results
Net income was $6.0 billion, down 52%, reflecting an increase in the provision for credit losses compared with a net benefit in the prior year.
Net revenue was $24.8 billion, a decrease of 2%.
Net interest income was $17.0 billion, up 7%, driven by:
growth in deposits net of margin compression in CBB, and higher revolving loans in Card,
partially offset by
a reduction associated with PPP loan forgiveness in CBB, and lower NII in Home Lending primarily due to tighter loan spreads.
Noninterest revenue was $7.8 billion, down 16%, driven by:
lower production revenue from lower margins and volume in Home Lending,
higher amortization related to new account origination costs in Card, and
lower auto operating lease income as a result of a decline in volume,
partially offset by
higher net mortgage servicing revenue from an increase in MSR risk management results primarily driven by changes in prepayment expectations, and higher operating revenue on a higher level of third-party loans serviced,
higher commissions largely on travel, and higher asset management fees as a result of net inflows, and
higher deposit-related fees.
Noninterest expense was $15.4 billion, up 8%, reflecting:
investments in the business and increased structural expenses, predominantly driven by compensation, technology and marketing,
partially offset by
lower volume- and revenue-related expenses, reflecting a net decrease related to lower depreciation expense on lower auto lease assets and higher operating losses.
The provision for credit losses was $1.4 billion, reflecting:
net charge-offs of $1.2 billion, down $591 million, driven by Card reflecting the financial strength of U.S. consumers, and
a $275 million addition to the allowance for credit losses in Card and Home Lending.
The prior year included a $7.2 billion reduction in the allowance for credit losses across CCB.



23


Selected metrics
As of or for the three months
ended June 30,
As of or for the six months
ended June 30,
(in millions, except headcount)20222021Change20222021Change
Selected balance sheet data (period-end)
Total assets$500,219 $494,305 1%$500,219 $494,305 %
Loans:
Consumer & Business Banking(a)
31,494 46,228 (32)31,494 46,228 (32)
Home Lending(b)
176,939 179,371 (1)176,939 179,371 (1)
Card165,494 141,802 17165,494 141,802 17 
Auto 67,842 67,598 67,842 67,598 — 
Total loans441,769 434,999 2441,769 434,999 
Deposits1,178,825 1,056,507 121,178,825 1,056,507 12 
Equity50,000 50,000 50,000 50,000 — 
Selected balance sheet data (average)
Total assets$496,177 $485,209 2$492,592 $484,868 
Loans:
Consumer & Business Banking
32,294 49,356 (35)33,014 49,611 (33)
Home Lending(c)
177,330 177,444 176,911 179,832 (2)
Card158,434 136,149 16153,941 135,520 14 
Auto 68,569 67,183 268,908 67,072 
Total loans436,627 430,132 2432,774 432,035 — 
Deposits1,180,453 1,047,771 131,167,057 1,013,917 15 
Equity50,000 50,000 50,000 50,000 — 
Headcount130,907 125,300 4%130,907 125,300 %
(a)At June 30, 2022 and 2021, included $1.5 billion and $16.7 billion of loans, respectively, in Business Banking under the PPP. Refer to Credit Portfolio on page 109 of JPMorgan Chase's 2021 Form 10-K for a further discussion on the PPP.
(b)At June 30, 2022 and 2021, Home Lending loans held-for-sale and loans at fair value were $5.2 billion and $16.5 billion, respectively.
(c)Average Home Lending loans held-for sale and loans at fair value were $8.1 billion and $14.2 billion for the three months ended June 30, 2022 and 2021, respectively, and $9.5 billion and $13.3 billion for the six months ended June 30, 2022 and 2021, respectively.





































































24


Selected metrics
As of or for the three months
ended June 30,
As of or for the six months
ended June 30,
(in millions, except ratio data)20222021Change20222021Change
Credit data and quality statistics
Nonaccrual loans(a)(b)(c)
$4,217 $5,256 (20)%$4,217 $5,256 (20)%
Net charge-offs/(recoveries)
Consumer & Business Banking 81 72 13170 137 24 
Home Lending(68)(79)14(137)(130)(5)
Card580 755 (23)1,086 1,738 (38)
Auto18 (16)NM45 10 350 
Total net charge-offs/(recoveries)$611 $732 (17)$1,164 $1,755 (34)
Net charge-off/(recovery) rate
Consumer & Business Banking(d)
1.01 %0.59 %1.04 %0.56 %
Home Lending(0.16)(0.19)(0.16)(0.16)
Card1.47 2.241.42 2.60
Auto0.11 (0.10)0.13 0.03
Total net charge-off/(recovery) rate0.57 %0.71 %0.55 %0.85 %
30+ day delinquency rate
Home Lending(e)(f)
0.85 %1.08 %0.85 %1.08 %
Card1.05 1.01 1.05 1.01 
Auto 0.69 0.42 0.69 0.42 
90+ day delinquency rate - Card0.51 %0.54 %0.51 %0.54 %
Allowance for loan losses
Consumer & Business Banking $697 $897 (22)$697 $897 (22)
Home Lending785 630 25785 630 25 
Card10,400 12,500 (17)10,400 12,500 (17)
Auto 740 817 (9)740 817 (9)
Total allowance for loan losses$12,622 $14,844 (15)%$12,622 $14,844 (15)%
(a)At June 30, 2022 and 2021, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $257 million and $397 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
(b)At June 30, 2022 and 2021, generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic. Refer to Consumer Credit Portfolio on pages 110-116 of JPMorgan Chase's 2021 Form 10-K for further information on consumer payment assistance activity. Includes loans to customers that have exited COVID-19 related payment deferral programs and are 90 or more days past due, predominantly all of which were considered collateral-dependent at time of exit.
(c)At June 30, 2022, nonaccrual loans excluded $86 million of PPP loans 90 or more days past due and guaranteed by the SBA.
(d)At June 30, 2022 and 2021, included $1.5 billion and $16.7 billion of loans, respectively, in Business Banking under the PPP. The Firm does not expect to realize material credit losses on PPP loans because the loans are guaranteed by the SBA. Refer to Credit Portfolio on page 109 of JPMorgan Chase's 2021 Form 10-K for a further discussion of the PPP.
(e)At June 30, 2022 and 2021, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic was $513 million and $5.2 billion in Home Lending, respectively. Loans that are performing according to their modified terms are generally not considered delinquent. Refer to Consumer Credit Portfolio on pages 110-116 of JPMorgan Chase's 2021 Form 10-K for further information on consumer payment assistance activity.
(f)At June 30, 2022 and 2021, excluded mortgage loans insured by U.S. government agencies of $315 million and $483 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.
25


Selected metrics
As of or for the three months
ended June 30,
As of or for the six months
ended June 30,
(in billions, except ratios and where otherwise noted)
20222021Change20222021Change
Business Metrics
Number of branches4,822 4,869 (1)%4,822 4,869 (1)%
Active digital customers (in thousands)(a)
60,735 56,915 760,735 56,915 
Active mobile customers (in thousands)(b)
47,436 42,896 1147,436 42,896 11 
Debit and credit card sales volume
$397.0 $344.3 15$748.5 $634.6 18 
Consumer & Business Banking
Average deposits
$1,163.4 $1,028.5 13$1,149.8 $994.7 16 
Deposit margin
1.31 %1.28 %1.27 %1.29 %
Business banking origination volume(c)
$1.2 $2.2 (45)$2.2 $12.2 (82)
Client investment assets(d)
628.5 673.7 (7)628.5 673.7 (7)
Number of client advisors4,8904,57174,8904,571
Home Lending
Mortgage origination volume by channel
Retail
$11.0 $22.7 (52)$26.1 $45.7 (43)
Correspondent
10.9 16.9 (36)20.5 33.2 (38)
Total mortgage origination volume(e)
$21.9 $39.6 (45)$46.6 $78.9 (41)
Third-party mortgage loans serviced (period-end)
$575.6 $463.9 24575.6 $463.9 24 
MSR carrying value (period-end)
7.4 4.5 647.4 4.5 64 
Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end)
1.29 %0.97 %1.29 %0.97 %
MSR revenue multiple(f)
4.45 x3.59 x4.61 x3.59 x
Credit Card
Credit card sales volume, excluding commercial card$271.2 $223.7 21$507.6 $407.4 25 
Net revenue rate9.59 %11.32 %9.72 %11.43 %
Auto
Loan and lease origination volume
$7.0 $12.4 (44)$15.4 $23.6 (35)
Average auto operating lease assets
14.9 19.6 (24)%15.6 20.0 (22)%
(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)Included origination volume under the PPP of $1.3 billion and $10.6 billion for the three and six months ended June 30, 2021, respectively. The program ended on May 31, 2021 for new applications.
(d)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 37-40 for additional information.
(e)Firmwide mortgage origination volume was $27.9 billion and $44.9 billion for the three months ended June 30, 2022 and 2021, respectively, and $58.1 billion and $88.1 billion for the six months ended June 30, 2022 and 2021, respectively.
(f)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).
26


CORPORATE & INVESTMENT BANK
Refer to pages 67-72 of JPMorgan Chase’s 2021 Form 10-K and Line of Business Metrics on page 188 for a further discussion of the business profile of CIB.
Selected income statement data
Three months ended June 30,Six months ended June 30,
(in millions, except ratios)20222021Change20222021Change
Revenue
Investment banking fees$1,650 $3,572 (54)%$3,700 $6,560 (44)%
Principal transactions5,048 4,026 25 10,271 10,071 
Lending- and deposit-related fees641 633 1,282 1,226 
Asset management, administration and commissions1,330 1,246 2,669 2,532 
All other income80 435 (82)784 611 28 
Noninterest revenue8,749 9,912 (12)18,706 21,000 (11)
Net interest income3,198 3,302 (3)6,770 6,819 (1)
Total net revenue(a)
11,947 13,214 (10)25,476 27,819 (8)
Provision for credit losses59 (79)NM504 (410)NM
Noninterest expense
Compensation expense3,510 3,582 (2)7,516 7,911 (5)
Noncompensation expense3,235 2,941 10 6,527 5,716 14 
Total noninterest expense6,745 6,523 14,043 13,627 
Income before income tax expense
5,143 6,770 (24)10,929 14,602 (25)
Income tax expense1,418 1,750 
(b)
(19)2,819 3,658 
(b)
(23)
Net income$3,725 $5,020 
(b)
(26)%$8,110 $10,944 
(b)
(26)%
Financial ratios
Return on equity14 %23 %15 %26 %
(b)
Overhead ratio56 49 55 49 
Compensation expense as percentage of total net revenue
29 27 30 28 
(a)Includes tax-equivalent adjustments, predominantly due to income tax credits and other tax benefits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; and tax-exempt income from municipal bonds of $772 million and $763 million for the three months ended June 30, 2022 and 2021, respectively, and $1.5 billion for both the six months ended June 30, 2022 and 2021.
(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
Selected income statement data
Three months ended June 30,Six months ended June 30,
(in millions)20222021Change20222021Change
Revenue by business
Investment Banking
$1,351 $3,424 (61)%$3,408 $6,275 (46)%
Payments1,463 1,453 3,317 2,845 17 
Lending410 229 79 731 494 48 
Total Banking3,224 5,106 (37)7,456 9,614 (22)
Fixed Income Markets4,711 4,098 15 10,409 9,859 
Equity Markets3,079 2,689 15 6,134 5,978 
Securities Services1,151 1,088 2,219 2,138 
Credit Adjustments & Other(a)
(218)233 NM(742)230 NM
Total Markets & Securities Services
8,723 8,108 18,020 18,205 (1)
Total net revenue$11,947 $13,214 (10)%$25,476 $27,819 (8)%
(a)Consists primarily of centrally managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.






27


Quarterly results
Net income was $3.7 billion, down 26%.
Net revenue was $11.9 billion, down 10%.
Banking revenue was $3.2 billion, down 37%.
Investment Banking revenue was $1.4 billion, down 61%, driven by lower Investment Banking fees, down 54%, reflecting lower fees across products, and $257 million of markdowns on held-for-sale positions, primarily unfunded commitments, in the bridge financing portfolio.
Debt underwriting fees were $741 million, down 53%, and Equity underwriting fees were $245 million, down 77%, as volatile market conditions resulted in lower issuance activity.
Advisory fees were $664 million, down 28%, driven by a lower level of announced deals starting in the first quarter of 2022.
Payments revenue was $1.5 billion, up 1%, and included markdowns on equity investments. Excluding these markdowns, revenue was $1.8 billion, up 25%, predominantly driven by improved deposit margins and fees.
Lending revenue was $410 million, up 79%, driven by fair value gains on hedges of accrual loans, compared to losses in the prior year, and higher net interest income on higher loans.
Markets & Securities Services revenue was $8.7 billion, up 8%. Markets revenue was $7.8 billion, up 15%.
Fixed Income Markets revenue was $4.7 billion, up 15%, driven by a strong performance in macro businesses amid a volatile market, particularly in Currencies & Emerging Markets, partially offset by lower revenue in Credit and Securitized Products.
Equity Markets revenue was $3.1 billion, up 15%, driven by a strong performance in derivatives amid a volatile market.
Securities Services revenue was $1.2 billion, up 6%, predominantly driven by growth in fees, and to a lesser extent improved deposit margins, partially offset by lower market levels.
Credit Adjustments & Other was a loss of $218 million, largely driven by funding spread widening, compared with a gain of $233 million in the prior year.
Noninterest expense was $6.7 billion, up 3%, reflecting higher structural expense and investments in the business, largely offset by lower revenue-related compensation.
The provision for credit losses was $59 million, driven by an addition to the allowance for credit losses, associated with a modest deterioration in the Firm’s macroeconomic forecast, predominantly offset by client-specific reductions in the allowance for credit losses.
The prior year was a net benefit of $79 million.
Refer to Credit and Investment Risk Management on pages 55-74 and Allowance for Credit Losses on pages 71-73 for further discussions of the credit portfolios and the allowance for credit losses.


Year-to-date results
Net income was $8.1 billion, down 26%.
Net revenue was $25.5 billion, down 8%.
Banking revenue was $7.5 billion, down 22%.
Investment Banking revenue was $3.4 billion, down 46%, driven by lower Investment Banking fees, down 44%, reflecting lower fees across products, and $257 million of markdowns on held-for-sale positions, primarily unfunded commitments, in the bridge financing portfolio in the second quarter of 2022. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.
Equity underwriting fees were $494 million, down 77%, and Debt underwriting fees were $1.7 billion, down 39%, as volatile market conditions resulted in lower issuance activity.
Advisory fees were $1.5 billion, down 8%, driven by a lower level of announced deals.
Payments revenue was $3.3 billion, up 17%, driven by improved deposit margins, as well as higher fees and deposits.
Lending revenue was $731 million, up 48%, driven by fair value gains on hedges of accrual loans, compared to losses in the prior year, and higher net interest income on higher loans.
Markets & Securities Services revenue was $18.0 billion, down 1%. Markets revenue was $16.5 billion, up 4%.
Fixed Income Markets revenue was $10.4 billion, up 6%, driven by higher revenue in macro businesses particularly in Currencies & Emerging Markets, largely offset by lower revenue in Securitized Products and Credit.
Equity Markets revenue was $6.1 billion, up 3%, predominantly driven by a strong performance in derivatives and prime brokerage, partially offset by lower revenue in Cash Equities.
Securities Services revenue was $2.2 billion, up 4%, predominantly driven by growth in fees and improved deposit margins, partially offset by lower market levels.
Credit Adjustments & Other was a loss of $742 million, predominantly driven by funding spread widening, and to a lesser extent losses on exposure relating to commodities and Russia and Russia-associated counterparties, compared with a gain of $230 million in the prior year.
Noninterest expense was $14.0 billion, up 3%, predominantly driven by higher structural expense, investments in the business and legal expense, largely offset by lower volume- and revenue-related expense including revenue-related compensation.
The provision for credit losses was $504 million, predominantly driven by a net addition to the allowance for credit losses, reflecting the increased weight placed on the adverse scenarios and a modest deterioration in the Firm’s macroeconomic forecast. The increase in the allowance also included client-specific Russia and Russia-associated downgrades in the first quarter of 2022.
The prior year was a net benefit of $410 million, driven by a net reduction in the allowance for credit losses.
28


Selected metrics
As of or for the three months
ended June 30,
As of or for the six months
ended June 30,
(in millions, except headcount)
20222021Change20222021Change
Selected balance sheet data (period-end)
Total assets$1,403,558 $1,363,992 %$1,403,558 $1,363,992 %
Loans:
Loans retained(a)
171,219 144,764 18 171,219 144,764 18 
Loans held-for-sale and loans at fair value(b)
46,032 56,668 (19)46,032 56,668 (19)
Total loans217,251 201,432 217,251 201,432 
Equity103,000 83,000 24 103,000 83,000 24 
Selected balance sheet data (average)
Total assets$1,429,953 $1,371,218 $1,418,955 $1,332,755 
Trading assets-debt and equity instruments411,079 473,875 (13)415,190 471,439 (12)
Trading assets-derivative receivables83,582 69,392 20 75,184 71,411 
Loans:
Loans retained(a)
$169,909 $140,096 21 $165,467 $138,454 20 
Loans held-for-sale and loans at fair value(b)
48,048 52,376 (8)49,714 49,042 
Total loans$217,957 $192,472 13 $215,181 $187,496 15 
Equity103,000 83,000 24 103,000 83,000 24 
Headcount69,447 64,261 %69,447 64,261 %
(a)Loans retained includes credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.
(b)Loans held-for-sale and loans at fair value primarily reflect lending related positions originated and purchased in CIB Markets, including loans held for securitization.
Selected metrics
As of or for the three months
ended June 30,
As of or for the six months
ended June 30,
(in millions, except ratios)
20222021Change20222021Change
Credit data and quality statistics
Net charge-offs/(recoveries)
$38 $(12)NM$58 $(19)NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained(a)
$697 $783 (11)$697 $783 (11)
Nonaccrual loans held-for-sale and loans at fair value(b)
840 1,187 (29)840 1,187 (29)
Total nonaccrual loans1,537 1,970 (22)1,537 1,970 (22)
Derivative receivables447 481 (7)447 481 (7)
Assets acquired in loan satisfactions
84 95 (12)84 95 (12)
Total nonperforming assets$2,068 $2,546 (19)$2,068 $2,546 (19)
Allowance for credit losses:
Allowance for loan losses$1,809 $1,607 13 $1,809 $1,607 13 
Allowance for lending-related commitments1,358 1,902 (29)1,358 1,902 (29)
Total allowance for credit losses
$3,167 $3,509 (10)%$3,167 $3,509 (10)%
Net charge-off/(recovery) rate(c)
0.09 %(0.03)%0.07 %(0.03)%
Allowance for loan losses to period-end loans retained1.06 1.11 1.06 1.11 
Allowance for loan losses to period-end loans retained, excluding trade finance and conduits(d)
1.38 1.53 1.38 1.53 
Allowance for loan losses to nonaccrual loans retained(a)
260 205 260 205 
Nonaccrual loans to total period-end loans0.71 %0.98 %0.71 %0.98 %
(a)Allowance for loan losses of $130 million and $180 million were held against these nonaccrual loans at June 30, 2022 and 2021, respectively.
(b)At June 30, 2022 and 2021, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $196 million and $316 million, respectively. These amounts have been excluded based upon the government guarantee.
(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
(d)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.
29


Investment banking fees
Three months ended June 30,Six months ended June 30,
(in millions)
20222021Change20222021Change
Advisory
$664 $916 (28)%$1,465 $1,596 (8)%
Equity underwriting
245 1,063 (77)494 2,119 (77)
Debt underwriting(a)
741 1,593 (53)1,741 2,845 (39)
Total investment banking fees
$1,650 $3,572 (54)%$3,700 $6,560 (44)%
(a)Represents long-term debt and loan syndications.
League table results – wallet share
Three months ended June 30,Six months ended June 30,Full-year 2021
2022202120222021
RankShareRankShareRankShareRankShareRankShare
Based on fees(a)
M&A(b)
Global#2 8.3 %#9.5 %#2 8.0 %#8.8 %#9.6 %
U.S.2 8.9 10.2 2 8.8 9.5 10.8 
Equity and equity-related(c)
Global1 6.2 10.6 1 5.8 9.2 8.8 
U.S.1 15.1 14.3 1 13.1 11.4 11.7 
Long-term debt(d)
Global1 7.8 9.3 1 8.0 9.2 8.4 
U.S.1 12.8 14.0 1 12.5 13.3 12.1 
Loan syndications
Global1 11.2 11.8 1 10.8 12.5 10.7 
U.S.1 12.0 13.6 2 10.6 14.5 12.4 
Global investment banking fees(e)
#2 8.4 %#10.1 %#1 8.1 %#9.6 %#9.3 %
(a)Source: Dealogic as of July 1, 2022. Reflects the ranking of revenue wallet and market share.
(b)Global M&A excludes any withdrawn transactions. U.S. M&A revenue wallet represents wallet from client parents based in the U.S.
(c)Global equity and equity-related ranking includes rights offerings and Chinese A-Shares.
(d)Long-term debt rankings include investment-grade, high-yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”); and exclude money market, short-term debt, and U.S. municipal securities.
(e)Global investment banking fees exclude money market, short-term debt and shelf securities.
























30


Markets revenue
The following table summarizes selected income statement data for the Markets businesses. Markets includes both Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. The Firm assesses its Markets business performance on a total revenue basis, as offsets may occur across revenue line items. For example, securities that generate net interest income may be risk-managed by derivatives that are
reflected at fair value in principal transactions revenue. Refer to Notes 5 and 6 for a description of the composition of these income statement line items. Refer to Markets revenue on page 70 of JPMorgan Chase’s 2021 Form 10-K for further information.
For the periods presented below, the predominant source of principal transactions revenue was the amount recognized upon executing new transactions.
Three months ended June 30,Three months ended June 30,
20222021

(in millions)
Fixed Income MarketsEquity
Markets
Total
Markets
Fixed Income MarketsEquity
Markets
Total
Markets
Principal transactions
$2,934 $2,448 $5,382 $1,925 $1,879 $3,804 
Lending- and deposit-related fees
76 4 80 82 86 
Asset management, administration and commissions
128 526 654 121 485 606 
All other income166 (41)125 293 11 304 
Noninterest revenue3,304 2,937 6,241 2,421 2,379 4,800 
Net interest income
1,407 142 1,549 1,677 310 1,987 
Total net revenue$4,711 $3,079 $7,790 $4,098 $2,689 $6,787 
Six months ended June 30,Six months ended June 30,
20222021

(in millions)
Fixed Income MarketsEquity
Markets
Total
Markets
Fixed Income MarketsEquity
Markets
Total
Markets
Principal transactions
$6,323 $4,732 $11,055 $5,489 $4,361 $9,850 
Lending- and deposit-related fees
154 8 162 151 159 
Asset management, administration and commissions
284 1,077 1,361 250 1,029 1,279 
All other income283 (85)198 359 (20)339 
Noninterest revenue7,044 5,732 12,776 6,249 5,378 11,627 
Net interest income
3,365 402 3,767 3,610 600 4,210 
Total net revenue$10,409 $6,134 $16,543 $9,859 $5,978 $15,837 
Selected metrics
As of or for the three months
ended June 30,
As of or for the six months
ended June 30,
(in millions, except where otherwise noted)
20222021Change20222021Change
Assets under custody (“AUC”) by asset class (period-end)
(in billions):
Fixed Income$14,720 $15,720 (6)%$14,720 $15,720 (6)%
Equity10,359 12,505 (17)10,359 12,505 (17)
Other(a)
3,500 3,897 (10)3,500 3,897 (10)
Total AUC$28,579 $32,122 (11)$28,579 $32,122 (11)
Merchant processing volume (in billions)(b)
$539.6 $475.2 14 $1,029.8 $900.9 14 
Client deposits and other third-party liabilities (average)(c)
$722,388 $721,882 — %$715,791 $713,868 — %
(a)Consists of mutual funds, unit investment trusts, currencies, annuities, insurance contracts, options and other contracts.
(b)Represents total merchant processing volume across CIB, CCB and CB.
(c)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
31


International metrics
As of or for the three months
ended June 30,
As of or for the six months
ended June 30,
(in millions, except where
 otherwise noted)
20222021Change20222021Change
Total net revenue(a)
Europe/Middle East/Africa$4,280 $3,784 13 %$8,972 $7,844 14 %
Asia-Pacific2,023 1,792 13 4,008 4,053 (1)
Latin America/Caribbean464 460 1,141 954 20 
Total international net revenue
6,767 6,036 12 14,121 12,851 10 
North America5,180 7,178 (28)11,355 14,968 (24)
Total net revenue$11,947 $13,214 (10)$25,476 $27,819 (8)
Loans retained (period-end)(a)
Europe/Middle East/Africa$35,524 $31,534 13 $35,524 $31,534 13 
Asia-Pacific16,427 14,262 15 16,427 14,262 15 
Latin America/Caribbean7,961 5,456 46 7,961 5,456 46 
Total international loans59,912 51,252 17 59,912 51,252 17 
North America111,307 93,512 19 111,307 93,512 19 
Total loans retained$171,219 $144,764 18 $171,219 $144,764 18 
Client deposits and other third-party liabilities (average)(b)
Europe/Middle East/Africa$272,919 $246,949 11 $259,781 $241,593 
Asia-Pacific129,514 132,438 (2)132,126 132,284 — 
Latin America/Caribbean41,785 47,502 (12)42,720 45,891 (7)
Total international$444,218 $426,889 $434,627 $419,768 
North America278,170 294,993 (6)281,164 294,100 (4)
Total client deposits and other third-party liabilities
$722,388 $721,882 — $715,791 $713,868 — 
AUC (period-end)(b)
(in billions)
North America$18,816 $20,864 (10)$18,816 $20,864 (10)
All other regions9,763 11,258 (13)9,763 11,258 (13)
Total AUC$28,579 $32,122 (11)%$28,579 $32,122 (11)%
(a)Total net revenue and loans retained (excluding loans held-for-sale and loans at fair value) are based on the location of the trading desk, booking location, or domicile of the client, as applicable.
(b)Client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses, and AUC, are based on the domicile of the client.
32


COMMERCIAL BANKING
Refer to pages 73-75 of JPMorgan Chase’s 2021 Form 10-K and Line of Business Metrics on page 189 for a discussion of the business profile of CB.
Selected income statement data
Three months ended June 30,Six months ended June 30,
(in millions)20222021Change20222021Change
Revenue
Lending- and deposit-related fees$348 $350 (1)%$712 $681 %
All other income556 600 (7)1,059 1,186 (11)
Noninterest revenue904 950 (5)1,771 1,867 (5)
Net interest income1,779 1,533 16 3,310 3,009 10 
Total net revenue(a)
2,683 2,483 5,081 4,876 
Provision for credit losses
209 (377)NM366 (495)NM
Noninterest expense
Compensation expense
559 484 15 1,112 966 15 
Noncompensation expense597 497 20 1,173 984 19 
Total noninterest expense1,156 981 18 2,285 1,950 17 
Income before income tax expense1,318 1,879 (30)2,430 3,421 (29)
Income tax expense324 457 
(b)
(29)586 818 
(b)
(28)
Net income$994 $1,422 
(b)
(30)%$1,844 $2,603 
(b)
(29)%
(a)Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities and in entities established for rehabilitation of historic properties, as well as tax-exempt income related to municipal financing activities of $73 million and $78 million for the three months ended June 30, 2022 and 2021, respectively and $142 million and $151 million for the six months ended June 30, 2022 and 2021, respectively.
(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
Selected income statement data (continued)
Three months ended June 30,Six months ended June 30,
(in millions, except ratios)20222021Change20222021Change
Revenue by product
Lending$1,058 $1,172 (10)%$2,163 $2,340 (8)%
Payments1,205 914 32 2,186 1,757 24 
Investment banking(a)
282 370 (24)542 720 (25)
Other138 27 411 190 59 222 
Total net revenue$2,683 $2,483 $5,081 $4,876 
Investment banking revenue, gross(b)
$788 $1,164 (32)$1,517 $2,293 (34)
Revenue by client segments
Middle Market Banking$1,169 $1,009 16 $2,149 $1,925 12 
Corporate Client Banking927 851 1,757 1,702 
Commercial Real Estate Banking590 599 (2)1,171 1,203 (3)
Other(3)24 NM4 46 (91)
Total net revenue$2,683 $2,483 %$5,081 $4,876 %
Financial ratios
Return on equity15 %23 %14 %21 %
Overhead ratio43 40 45 40 
(a)Includes CB’s share of revenue from investment banking products sold to CB clients through the CIB.
(b)Refer to Business Segment Results on page 20 for discussion of revenue sharing.



33


Quarterly results
Net income was $994 million, down 30%, reflecting a net increase in the provision for credit losses compared with a net benefit in the prior year.
Net revenue was $2.7 billion, up 8% compared to the prior year. Net interest income was $1.8 billion, up 16%, driven by the impact of higher deposit margins and growth in loans, largely offset by the impact of higher funding costs.
Noninterest revenue was $904 million, down 5%, driven by:
lower investment banking revenue and markdowns on held-for-sale positions, primarily unfunded commitments, in the bridge financing portfolio,
predominantly offset by
a gain on an equity method investment received in partial satisfaction of a loan and higher payments revenue.
Noninterest expense was $1.2 billion, up 18%, predominantly driven by higher structural and volume- and revenue-related expense.
The provision for credit losses was $209 million, reflecting a net addition to the allowance for credit losses, largely driven by loan growth, compared with a net benefit of $377 million in the prior year.
Refer to Credit and Investment Risk Management on pages 55-74 and Allowance for Credit Losses on pages 71-73 for further discussions of the credit portfolios and the allowance for credit losses.
Year-to-date results
Net income was $1.8 billion, down 29%, reflecting a net increase in the provision for credit losses compared with a net benefit in the prior year.
Net revenue was $5.1 billion, up 4% compared to the prior year. Net interest income was $3.3 billion, up 10%, driven by the impact of higher deposit margins and growth in loans, partially offset by the impact of higher funding costs.
Noninterest revenue was $1.8 billion, down 5%, driven by:
lower investment banking revenue and markdowns on held-for-sale positions, primarily unfunded commitments, in the bridge financing portfolio,
predominantly offset by
a gain on an equity method investment received in partial satisfaction of a loan and higher payments revenue.
Noninterest expense was $2.3 billion, up 17%, predominantly driven by higher structural and volume- and revenue-related expense.
The provision for credit losses was $366 million, reflecting a net addition to the allowance for credit losses, predominantly driven by loan growth, compared with a net benefit of $495 million in the prior year.

34


Selected metrics
As of or for the three months
ended June 30,
As of or for the six months
ended June 30,
(in millions, except headcount)20222021Change20222021Change
Selected balance sheet data (period-end)
Total assets$242,456 $226,022 %$242,456 $226,022 %
Loans:
Loans retained223,541 200,929 11 223,541 200,929 11 
Loans held-for-sale and loans at fair value
566 3,381 (83)566 3,381 (83)
Total loans$224,107 $204,310 10 $224,107 $204,310 10 
Equity25,000 24,000 25,000 24,000 
Period-end loans by client segment
Middle Market Banking(a)
$68,535 
 
$59,314 16 $68,535 

$59,314 16 
Corporate Client Banking49,503 44,866 10 49,503 44,866 10 
Commercial Real Estate Banking
105,982 99,858 105,982 99,858 
Other87 272 (68)87 272 (68)
Total loans(a)
$224,107 
 
$204,310 10 $224,107 
 
$204,310 10 
Selected balance sheet data (average)
Total assets$239,381 $226,562 $236,444 $226,071 
Loans:
Loans retained218,478 202,102 213,536 203,127 
Loans held-for-sale and loans at fair value
1,004 3,150 (68)1,572 2,866 (45)
Total loans$219,482 $205,252 $215,108 $205,993 
Average loans by client segment
Middle Market Banking$66,640 $61,698 $64,550 $60,859 
Corporate Client Banking47,832 43,440 10 46,720 44,573 
Commercial Real Estate Banking
104,890 99,864 103,701 100,260 
Other120 250 (52)137 301 (54)
Total loans$219,482 $205,252 $215,108 $205,993 
Client deposits and other third-party liabilities
$300,425 $290,250 $308,627 $290,619 
Equity25,000 24,000 25,000 24,000 
Headcount13,811 12,163 14 %13,811 12,163 14 %
(a)At June 30, 2022 and 2021, total loans included $335 million and $5.0 billion of loans, respectively, under the PPP, of which $306 million and $4.9 billion were in Middle Market Banking, respectively. Refer to Credit Portfolio on page 109 of JPMorgan Chase's 2021 Form 10-K for a further discussion of the PPP.
35


Selected metrics (continued)
As of or for the three months
ended June 30,
As of or for the six months
ended June 30,
(in millions, except ratios)20222021Change20222021Change
Credit data and quality statistics
Net charge-offs/(recoveries)$1 $(67)%$7 $32 (78)%
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained(a)
$761 
(c)
$1,006 (24)%$761 $1,006 (24)%
Nonaccrual loans held-for-sale and loans at fair value NM NM
Total nonaccrual loans$761 $1,008 (25)$761 $1,008 (25)
Assets acquired in loan satisfactions
8 17 (53)8 17 (53)
Total nonperforming assets$769 $1,025 (25)$769 $1,025 (25)
Allowance for credit losses:
Allowance for loan losses$2,602 $2,589 $2,602 $2,589 
Allowance for lending-related commitments725 870 (17)725 870 (17)
Total allowance for credit losses
$3,327 $3,459 (4)%$3,327 $3,459 (4)%
Net charge-off/(recovery) rate(b)
 %0.01 %0.01 %0.03 %
Allowance for loan losses to period-end loans retained1.16 1.29 1.16 1.29 
Allowance for loan losses to nonaccrual loans retained(a)
342 257 342 257 
Nonaccrual loans to period-end total loans
0.34 0.49 0.34 0.49 
(a)Allowance for loan losses of $74 million and $188 million was held against nonaccrual loans retained at June 30, 2022 and 2021, respectively.
(b)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
(c)At June 30, 2022, nonaccrual loans excluded $32 million of PPP loans 90 or more days past due and guaranteed by the SBA.
36


ASSET & WEALTH MANAGEMENT
Refer to pages 76-78 of JPMorgan Chase’s 2021 Form 10-K and Line of Business Metrics on pages 189-190 for a discussion of the business profile of AWM.
Selected income statement data
(in millions, except ratios)
Three months ended June 30,Six months ended June 30,
20222021Change20222021Change
Revenue
Asset management, administration and commissions
$3,037 $3,019 %$6,152 $5,907 %
All other income47 146 (68)171 404 (58)
Noninterest revenue3,084 3,165 (3)6,323 6,311 — 
Net interest income1,222 942 30 2,298 1,873 23 
Total net revenue4,306 4,107 8,621 8,184 
Provision for credit losses44 (10)NM198 (131)NM
Noninterest expense
Compensation expense1,508 1,356 11 3,038 2,745 11 
Noncompensation expense1,411 1,230 15 2,741 2,415 13 
Total noninterest expense2,919 2,586 13 5,779 5,160 12 
Income before income tax expense1,343 1,531 (12)2,644 3,155 (16)
Income tax expense339 375 
(a)
(10)632 739 
(a)
(14)
Net income$1,004 $1,156 
(a)
(13)$2,012 $2,416 
(a)
(17)
Revenue by line of business
Asset Management$2,137 $2,236 (4)$4,451 $4,421 
Global Private Bank2,169 1,871 16 4,170 3,763 11 
Total net revenue$4,306 $4,107 %$8,621 $8,184 %
Financial ratios
Return on equity23 %32 %23 %34 %
Overhead ratio68 63 

67 63 
Pre-tax margin ratio:
Asset Management29 37 31 36 
Global Private Bank33 38 30 41 
Asset & Wealth Management31 37 31 39 
(a)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
Quarterly results
Net income was $1.0 billion, down 13%.
Net revenue was $4.3 billion, up 5%. Net interest income was $1.2 billion, up 30%. Noninterest revenue was $3.1 billion, down 3%.
Revenue from Asset Management was $2.1 billion, down 4% predominantly driven by:
investment valuation net losses compared to net gains in the prior year and lower performance fees,
partially offset by
higher asset management fees reflecting the removal of most money market fund fee waivers, partially offset by the decline in market levels.
Revenue from Global Private Bank was $2.2 billion, up 16% predominantly driven by:
growth in deposits and loans as well as improved margins,
partially offset by
lower placement fees.
Noninterest expense was $2.9 billion, up 13%, driven by higher structural expense and investments in the business, including compensation, and higher volume- and revenue-related expense.
The provision for credit losses was $44 million.
Refer to Credit and Investment Risk Management on pages 55-74 and Allowance for Credit Losses on pages 71-73 for further discussions of the credit portfolios and the allowance for credit losses.
Year-to-date results
Net income was $2.0 billion, down 17%.
Net revenue was $8.6 billion, up 5%. Net interest income was $2.3 billion, up 23%. Noninterest revenue was flat at $6.3 billion.
Revenue from Asset Management was $4.5 billion, up 1%, driven by:
higher asset management fees reflecting the removal of most money market fund fee waivers in the second quarter of 2022, and strong cumulative net inflows into
37


long-term products, partially offset by the decline in market levels, and
higher performance fees,
predominantly offset by
investment valuation net losses compared to net gains in the prior year.
Revenue from Global Private Bank was $4.2 billion, up 11%, driven by:
higher loans and wider spreads, and
growth in deposits, net of margin compression,
partially offset by
lower brokerage fees on reduced volume, and
lower performance fees.
Noninterest expense was $5.8 billion, up 12%, driven by higher structural expense and investments in the business, including compensation, and higher volume- and revenue-related expense.
The provision for credit losses was $198 million, driven by a net addition to the allowance for credit losses, compared with a net benefit of $131 million in the prior year.

Selected metrics
As of or for the three months
ended June 30,
As of or for the six months
ended June 30,
(in millions, except ranking data, headcount and ratios)
20222021Change20222021Change
% of JPM mutual fund assets rated as 4- or 5-star(a)
72 %68 %72 %68 %
% of JPM mutual fund assets ranked in 1st or 2nd quartile:(b)
1 year64 69 64 69 
3 years73 78 73 78 
5 years79 79 79 79 
Selected balance sheet data (period-end)(c)
Total assets$235,553 $217,284 %$235,553 $217,284 %
Loans218,841 198,683 10 218,841 198,683 10 
Deposits257,437 217,488 18 257,437 217,488 18 
Equity17,000 14,000 21 17,000 14,000 21 
Selected balance sheet data (average)(c)
Total assets$234,565 $214,384 $233,444 $210,963 11 
Loans216,846 195,171 11 215,735 191,966 12 
Deposits268,861 219,699 22 278,256 213,167 31 
Equity17,000 14,000 21 17,000 14,000 21 
Headcount23,981 20,866 15 23,981 20,866 15 
Number of Global Private Bank client advisors2,866 2,435 18 2,866 2,435 18 
Credit data and quality statistics(c)
Net charge-offs/(recoveries)$9 $12 (25)$8 $23 (65)
Nonaccrual loans620 792 (22)620 792 (22)
Allowance for credit losses:
Allowance for loan losses$547 $458 19$547 $458 19 
Allowance for lending-related commitments
22 25 (12)22 25 (12)
Total allowance for credit losses
$569 $483 18%$569 $483 18 %
Net charge-off/(recovery) rate0.02 %0.02 %0.01 %0.02 %
Allowance for loan losses to period-end loans
0.25 0.23 0.25 0.23 
Allowance for loan losses to nonaccrual loans
88 58 88 58 
Nonaccrual loans to period-end loans
0.28 0.40 0.28 0.40 
(a)Represents the Morningstar Rating for all domiciled funds except for Japan domiciled funds which use Nomura. Includes only Asset Management retail open-ended mutual funds that have a rating. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds. Prior-period amounts were revised to conform with the current period presentation.
(b)Quartile ranking sourced from Morningstar, Lipper and Nomura based on country of domicile. Includes only Asset Management retail open-ended mutual funds that are ranked by the aforementioned sources. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds. Prior-period amounts were revised to conform with the current period presentation.
(c)Loans, deposits and related credit data and quality statistics relate to the Global Private Bank business.


38


Client assets
Client assets of $3.8 trillion and assets under management of $2.7 trillion were down 6% and 8%, respectively, driven by lower market levels, partially offset by cumulative net inflows.
Client assets
As of June 30,
(in billions)20222021Change
Assets by asset class
Liquidity$654 $698 (6)%
Fixed income624 688 (9)
Equity641 725 (12)
Multi-asset615 702 (12)
Alternatives209 174 20 
Total assets under management2,743 2,987 (8)
Custody/brokerage/administration/deposits
1,055 1,057 — 
Total client assets(a)
$3,798 $4,044 (6)
Assets by client segment
Private Banking$712 $752 (5)
Global Institutional1,294 1,383 (6)
Global Funds737 852 (13)
Total assets under management$2,743 $2,987 (8)
Private Banking
$1,715 $1,755 (2)
Global Institutional1,339 1,430 (6)
Global Funds744 859 (13)
Total client assets(a)
$3,798 $4,044 (6)%
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
Client assets (continued)

Three months ended June 30,Six months ended June 30,
(in billions)2022202120222021
Assets under management rollforward
Beginning balance$2,960 $2,833 $3,113 $2,716 
Net asset flows:
Liquidity 15 (52)59 
Fixed income(1)17 (4)25 
Equity
9 20 20 51 
Multi-asset(3)3 
Alternatives1 10 6 13 
Market/performance/other impacts
(223)90 (343)115 
Ending balance, June 30$2,743 $2,987 $2,743 $2,987 
Client assets rollforward
Beginning balance$4,116 $3,828 $4,295 $3,652 
Net asset flows(1)75 (6)205 
Market/performance/other impacts
(317)141 (491)187 
Ending balance, June 30$3,798 $4,044 $3,798 $4,044 








39


International
Three months ended June 30,Six months ended June 30,
(in millions)
20222021Change20222021Change
Total net revenue (a)
Europe/Middle East/Africa$719 $888 (19)%$1,489 $1,722 (14)%
Asia-Pacific452 496 (9)912 1,010 (10)
Latin America/Caribbean248 216 15 499 430 16 
Total international net revenue
1,419 1,600 (11)2,900 3,162 (8)
North America2,887 2,507 15 5,721 5,022 14 
Total net revenue(a)
$4,306 $4,107 %$8,621 $8,184 %
(a)Regional revenue is based on the domicile of the client.
As of June 30,As of June 30,
(in billions)
20222021Change20222021Change
Assets under management
Europe/Middle East/Africa$481 $558 (14)%$481 $558 (14)%
Asia-Pacific214 245 (13)214 245 (13)
Latin America/Caribbean68 75 (9)68 75 (9)
Total international assets under management
763 878 (13)763 878 (13)
North America1,980 2,109 (6)1,980 2,109 (6)
Total assets under management
$2,743 $2,987 (8)$2,743 $2,987 (8)
Client assets
Europe/Middle East/Africa$595 $674 (12)$595 $674 (12)
Asia-Pacific324 363 (11)324 363 (11)
Latin America/Caribbean184 176 184 176 
Total international client assets
1,103 1,213 (9)1,103 1,213 (9)
North America2,695 2,831 (5)2,695 2,831 (5)
Total client assets$3,798 $4,044 (6)%$3,798 $4,044 (6)%

40


CORPORATE
Refer to pages 79-80 of JPMorgan Chase’s 2021 Form 10-K for a discussion of Corporate.
Selected income statement and balance sheet data
As of or for the three months
ended June 30,
As of or for the six months
ended June 30,
(in millions, except headcount)20222021Change20222021Change
Revenue
Principal transactions$17 $(8)NM$(144)$264 NM
Investment securities losses(153)(155)%(547)(141)(288)%
All other income(108)(45)(140)102 51 100 
Noninterest revenue(244)(208)(17)(589)174 NM
Net interest income324 (961)NM(212)(1,816)88 
Total net revenue(a)
80 (1,169)NM(801)(1,642)51 
Provision for credit losses28 49 (43)57 65 (12)
Noninterest expense206 515 (60)390 1,391 (72)
Income/(loss) before income tax expense/(benefit)
(154)(1,733)91 (1,248)(3,098)60 
Income tax expense/(benefit)20 (438)
(c)
NM(218)(951)
(c)
77 
Net income/(loss)$(174)$(1,295)
(c)
87 $(1,030)$(2,147)
(c)
52 
Total net revenue
Treasury and CIO$82 $(1,081)NM$(862)$(1,786)52 
Other Corporate(2)(88)98 61 144 (58)
Total net revenue$80 $(1,169)NM$(801)$(1,642)51 
Net income/(loss)
Treasury and CIO$88 $(956)NM$(660)$(1,631)60 
Other Corporate(262)(339)
(c)
23 (370)(516)
(c)
28 
Total net income/(loss)$(174)$(1,295)
(c)
87 $(1,030)$(2,147)
(c)
52 
Total assets (period-end)$1,459,528 $1,382,653 $1,459,528 $1,382,653 
Loans (period-end)2,187 1,530 43 2,187 1,530 43 
Deposits (period-end)13,191 
(b)
372 NM13,191 
(b)
372 NM
Headcount
40,348 37,520 %40,348 

37,520 %
(a)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $60 million and $66 million for the three months ended June 30, 2022 and 2021, respectively, and $118 million and $133 million for the six months ended June 30, 2022 and 2021, respectively.
(b)Predominantly relates to the Firm's international consumer growth initiatives.
(c)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
Quarterly results
Net loss was $174 million, compared with a net loss of $1.3 billion in the prior year.
Net revenue was $80 million, compared with a loss of $1.2 billion in the prior year, driven by higher net interest income predominantly due to higher rates, including the impact of slower prepayments.
Noninterest revenue decreased driven by:
the impact of movements in foreign exchange rates on certain revenues, primarily as a result of the U.S. dollar strengthening, and
net losses, including hedging costs on an equity method investment related to the Firm's international consumer growth initiatives,
largely offset by
net gains on certain legacy private equity investments, compared with net losses in the prior year, and
higher net gains related to certain other Corporate investments.
Noninterest expense of $206 million was down $309 million driven by:
lower structural expense, including the impact of movements in foreign exchange rates on certain expenses, primarily as a result of the U.S. dollar strengthening, as well as lower technology expense, and
lower legal expense,
partially offset by
higher investments, including the costs associated with the Firm's international consumer growth initiatives.
The net impact of movements in foreign exchange rates associated with the foreign exchange risk that is transferred to Treasury and CIO on certain revenues and expenses was not material to net income.
41


The current period income tax expense was driven by the change in the level and mix of income and expenses subject to U.S. federal and state and local taxes that also impacted the Firm's tax reserves, largely offset by the resolution of tax audits.
Year-to-date results
Net loss was $1.0 billion, compared with a net loss of $2.1 billion in the prior year.
Net revenue was a loss of $801 million, compared with a loss of $1.6 billion in the prior year, driven by higher net interest income due to higher rates, including the impact of slower prepayments.
Noninterest revenue decreased driven by:
higher net investment securities losses related to the sales of U.S. Treasuries and U.S. GSE and government agency MBS, associated with repositioning the investment securities portfolios in both periods,
the impact of movements in foreign exchange on certain revenues, primarily as result of the U.S. dollar strengthening,
net losses on certain legacy private equity investments compared with net gains in prior year, and
net losses, including hedging costs on an equity method investment related to the Firm's international consumer growth initiatives,
partially offset by
proceeds from an insurance settlement in the first quarter of 2022, and
higher net gains related to certain other Corporate investments.
Noninterest expense of $390 million was down $1.0 billion driven by:
lower structural expense reflecting the absence of the contribution to the Firm's Foundation recorded in the prior year, the impact of movements in foreign exchange on certain expenses primarily as a result of the U.S. dollar strengthening, as well as lower technology expense, and
lower legal expense,
partially offset by
higher investments, including the costs associated with the Firm's international consumer growth initiatives.
The net impact of movements in foreign exchange rates associated with the foreign exchange risk that is transferred to Treasury and CIO on certain revenues and expenses was not material to net income.
The current period income tax benefit was driven by the change in the level and mix of income and expenses subject to U.S. federal and state and local taxes and the resolution of tax audits.
Other Corporate also reflects the Firm's international consumer growth initiatives, which includes Chase U.K., the Firm's digital retail bank in the U.K.; Nutmeg, a digital wealth manager in the U.K.; and a 40% ownership stake in C6 Bank, a digital bank in Brazil, which closed in the first quarter of 2022.
Treasury and CIO overview
At June 30, 2022, the average credit rating of the Treasury and CIO investment securities comprising the portfolio in the table below was AA+ (based upon external ratings where available and, where not available, based primarily upon internal risk ratings). Refer to Note 9 for further information on the Firm’s investment securities portfolio and internal risk ratings.
Refer to Liquidity Risk Management on pages 50-54 for further information on liquidity and funding risk. Refer to Market Risk Management on pages 75-79 for information on interest rate and foreign exchange risks.
Selected income statement and balance sheet data
As of or for the three months
ended June 30,
As of or for the six months
ended June 30,
(in millions)20222021Change20222021Change
Investment securities losses$(153)$(155)%$(547)$(141)(288)%
Available-for-sale securities (average)
$252,121 $342,338 (26)$278,073 $357,307 (22)
Held-to-maturity securities (average)(a)
418,843 240,696 74 391,978 224,417 75 
Investment securities portfolio (average)$670,964 $583,034 15 $670,051 $581,724 15 
Available-for-sale securities (period-end)
$220,213 $230,127 (4)$220,213 $230,127 (4)
Held-to-maturity securities, net of allowance for credit losses (period-end)(a)
441,649 341,476 29 441,649 341,476 29 
Investment securities portfolio, net of allowance for credit losses (period-end)(b)
$661,862 $571,603 16 %$661,862 $571,603 16 %
(a)During the second quarter of 2022 and 2021, the Firm transferred $73.2 billion and $104.5 billion of investment securities, respectively, from AFS to HTM for capital management purposes.
(b)At June 30, 2022 and 2021, the allowance for credit losses on investment securities was $47 million and $87 million, respectively.


42


FIRMWIDE RISK MANAGEMENT
Risk is an inherent part of JPMorgan Chase’s business activities. When the Firm extends a consumer or wholesale loan, advises customers and clients on their investment decisions, makes markets in securities, or offers other products or services, the Firm takes on some degree of risk. The Firm’s overall objective is to manage its businesses, and the associated risks, in a manner that balances serving the interests of its clients, customers and investors and protects the safety and soundness of the Firm.
The Firm believes that effective risk management requires, among other things:
Acceptance of responsibility, including identification and escalation of risks by all individuals within the Firm;
Ownership of risk identification, assessment, data and management within each of the LOBs and Corporate; and
Firmwide structures for risk governance.
The Firm follows a disciplined and balanced compensation framework with strong internal governance and independent oversight by the Board of Directors (the “Board”). The impact of risk and control issues is carefully considered in the Firm’s performance evaluation and incentive compensation processes.
Risk governance and oversight framework
The Firm’s risk management governance and oversight framework involves understanding drivers of risks, types of risks, and impacts of risks.
https://cdn.kscope.io/17a556608ac4594dbb3c1882aeec2184-jpm-20220630_g1.jpg
Refer to pages 81-84 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of Firmwide risk management governance and oversight.
Risk governance and oversight functions
The following sections of this Form 10-Q and the 2021 Form 10-K discuss the risk governance and oversight functions in place to manage the risks inherent in the Firm’s business activities.
Risk governance and oversight functions Form 10-Q page referenceForm 10-K page reference
Strategic risk85
Capital risk44-4986-96
Liquidity risk50-5497-104
Reputation risk105
Consumer credit risk57-61110-116
Wholesale credit risk62-70117-128
Investment portfolio risk74132
Market risk75-79133-140
Country risk80-81141-142
Operational risk 82143-149
Compliance risk146
Conduct risk147
Legal risk148
Estimations and Model risk149

43


CAPITAL RISK MANAGEMENT
Capital risk is the risk the Firm has an insufficient level or composition of capital to support the Firm’s business activities and associated risks during normal economic environments and under stressed conditions.
Refer to pages 86-96 of JPMorgan Chase’s 2021 Form 10-K, Note 21 of this Form 10-Q and the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for a further discussion of the Firm’s capital risk.
Basel III Overview
The capital rules under Basel III establish minimum capital ratios and overall capital adequacy standards for large and internationally active U.S. Bank Holding Companies (“BHCs”) and banks, including the Firm and its insured depository institution (“IDI”) subsidiaries, including JPMorgan Chase Bank, N.A. The minimum amount of regulatory capital that must be held by BHCs and banks is determined by calculating risk-weighted assets (“RWA”), which are on-balance sheet assets and off-balance sheet exposures, weighted according to risk. Two comprehensive approaches are prescribed for calculating RWA: a standardized approach (“Basel III Standardized”), and an advanced approach (“Basel III Advanced”). For each of the risk-based capital ratios, the capital adequacy of the Firm is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Firm’s Basel III Standardized-risk-based ratios are currently more binding than the Basel III Advanced-risk-based ratios.
Basel III also includes a requirement for Advanced Approaches banking organizations, including the Firm, to calculate the SLR. The Firm’s SLR is currently more binding than the Basel III Standardized-risk-based ratios. Refer to SLR on page 47 for additional information.
Key Regulatory Developments
CECL regulatory capital transition. On December 31, 2021, the CECL capital transition provisions, which delayed the effects of CECL on regulatory capital for two years, expired. Beginning January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021, is being phased out at 25% per year over a three-year period. As of June 30, 2022, CET1 capital reflected the remaining $2.2 billion, benefit associated with the CECL capital transition provisions.
Additionally, effective January 1, 2022, the Firm phased out 25% of the other relevant CECL capital transition provisions recognized as of December 31, 2021, from Tier 2 capital, adjusted average assets, and total leverage exposure.
Refer to Capital Risk Management on pages 86-96 and Note 1 of JPMorgan Chase’s 2021 Form 10-K for further information on CECL capital transition provisions and the CECL accounting guidance.
Standardized Approach for Counterparty Credit Risk. On January 1, 2022, the Firm adopted “Standardized Approach for Counterparty Credit Risk” (“SA-CCR”), which replaced the Current Exposure Method used to measure derivatives counterparty exposure under the Standardized and Advanced approach RWA where internal models are not used, as well as leverage exposure used to calculate the SLR in the regulatory capital framework. The rule issued by the U.S. banking regulators in November 2019 applies to Basel III Advanced Approaches banking organizations, such as the Firm and JPMorgan Chase Bank, N.A.
The adoption of SA-CCR on January 1, 2022 increased the Firm’s Standardized RWA by approximately $40 billion based on the Firm's derivatives exposure as of December 31, 2021, which resulted in a decrease of approximately 30 bps to the Firm's CET1 capital ratio and a modest decrease in its total leverage exposure. In addition, the adoption of SA-CCR increased the Firm's Advanced RWA, but to a lesser extent than Standardized.
Risk-based Capital Regulatory Requirements
The Firm's current target for its Basel III Standardized CET1 capital ratio is 12.5% by the end of the fourth quarter of 2022. This target is based on the Basel III capital rules currently in effect, and taking into account the expected increase in the Firm's Stress Capital Buffer (“SCB”) requirement.


44


The following tables present the Firm’s risk-based capital metrics under both the Basel III Standardized and Advanced approaches and leverage-based capital metrics. Refer to Capital Risk Management on pages 86-96 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of these capital metrics. Refer to Note 21 for JPMorgan Chase Bank, N.A.’s risk-based and leverage-based capital metrics.
StandardizedAdvanced
(in millions, except ratios)
June 30, 2022
December 31, 2021
Capital ratio requirements(b)
June 30, 2022
December 31, 2021
Capital ratio requirements(b)
Risk-based capital metrics:(a)
CET1 capital$207,436 $213,942 $207,436 $213,942 
Tier 1 capital239,705 246,162 239,705 246,162 
Total capital268,339 274,900 257,329 265,796 
Risk-weighted assets1,704,893 1,638,900 1,613,210 1,547,920 
CET1 capital ratio12.2 %13.1 %11.2 %12.9 %13.8 %10.5 %
Tier 1 capital ratio14.1 15.0 12.7 14.9 15.9 12.0 
Total capital ratio15.7 16.8 14.7 16.0 17.2 14.0 
(a)The capital metrics reflect the CECL capital transition provisions. Additionally, loans originated under the PPP receive a zero percent risk weight.
(b)Represents minimum requirements and regulatory buffers applicable to the Firm. Refer to Note 21 for additional information.
Three months ended
(in millions, except ratios)
June 30, 2022
December 31, 2021
Capital ratio requirements(c)
Leverage-based capital metrics:(a)
Adjusted average assets(b)
$3,861,979 $3,782,035 
Tier 1 leverage ratio6.2 %6.5 %4.0 %
Total leverage exposure$4,563,099 $4,571,789 
SLR5.3 %5.4 %5.0 %
(a)The capital metrics reflect the CECL capital transition provisions.
(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.
(c)Represents minimum requirements and regulatory buffers applicable to the Firm. Refer to Note 21 for additional information.


45


Capital components
The following table presents reconciliations of total stockholders’ equity to Basel III CET1 capital, Tier 1 capital and Total capital as of June 30, 2022 and December 31, 2021.
(in millions)June 30,
2022
December 31, 2021
Total stockholders’ equity$286,143 $294,127 
Less: Preferred stock32,838 34,838 
Common stockholders’ equity253,305 259,289 
Add:
Certain deferred tax liabilities(a)
2,509 2,499 
Other CET1 capital adjustments(b)
4,702 3,351 
Less:
Goodwill51,856 
(e)
50,315 
Other intangible assets
1,224 882 
Standardized/Advanced CET1 capital
$207,436 $213,942 
Preferred stock32,838 34,838 
Less: Other Tier 1 adjustments569 2,618 
(f)
Standardized/Advanced Tier 1 capital
$239,705 $246,162 
Long-term debt and other instruments qualifying as Tier 2 capital
$12,176 $14,106 
Qualifying allowance for credit losses(c)
17,093 15,012 
Other
(635)(380)
Standardized Tier 2 capital
$28,634 $28,738 
Standardized Total capital
$268,339 $274,900 
Adjustment in qualifying allowance for credit losses for Advanced Tier 2 capital(d)
(11,010)(9,104)
Advanced Tier 2 capital
$17,624 $19,634 
Advanced Total capital
$257,329 $265,796 
(a)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 CET1 capital.
(b)As of June 30, 2022 and December 31, 2021, the impact of the CECL capital transition provision was a benefit to CET1 capital of $2.2 billion and $2.9 billion, respectively.
(c)Represents the allowance for credit losses eligible for inclusion in Tier 2 capital up to 1.25% of credit risk RWA, including the impact of the CECL capital transition provision with any excess deducted from RWA.
(d)Represents an adjustment to qualifying allowance for credit losses for the excess of eligible credit reserves over expected credit losses up to 0.6% of credit risk RWA, including the impact of the CECL capital transition provision with any excess deducted from RWA.
(e)Includes estimated equity method goodwill related to the Firm's investment in C6 Bank.
(f)Other Tier 1 Capital adjustments included $2.0 billion of Series Z preferred stock called for redemption on December 31, 2021 and subsequently redeemed on February 1, 2022.
Capital rollforward
The following table presents the changes in Basel III CET1 capital, Tier 1 capital and Tier 2 capital for the six months ended June 30, 2022.
Six months ended June 30,
(in millions)
2022
Standardized/Advanced CET1 capital at December 31, 2021$213,942 
Net income applicable to common equity16,124 
Dividends declared on common stock(5,947)
Net purchase of treasury stock
(2,075)
Changes in additional paid-in capital
199 
Changes related to AOCI
(14,285)
Adjustment related to AOCI(a)
2,308 
Changes related to other CET1 capital adjustments(b)
(2,830)
Change in Standardized/Advanced CET1 capital(6,506)
Standardized/Advanced CET1 capital at June 30, 2022$207,436 
Standardized/Advanced Tier 1 capital at December 31, 2021$246,162 
Change in CET1 capital(b)
(6,506)
Net issuance of noncumulative perpetual preferred stock— 
Other49 
Change in Standardized/Advanced Tier 1 capital(6,457)
Standardized/Advanced Tier 1 capital at June 30, 2022$239,705 
Standardized Tier 2 capital at December 31, 2021$28,738 
Change in long-term debt and other instruments qualifying as Tier 2
(1,930)
Change in qualifying allowance for credit losses(b)
2,081 
Other
(255)
Change in Standardized Tier 2 capital
(104)
Standardized Tier 2 capital at June 30, 2022$28,634 
Standardized Total capital at June 30, 2022$268,339 
Advanced Tier 2 capital at December 31, 2021$19,634 
Change in long-term debt and other instruments qualifying as Tier 2
(1,930)
Change in qualifying allowance for credit losses(b)
175 
Other
(255)
Change in Advanced Tier 2 capital
(2,010)
Advanced Tier 2 capital at June 30, 2022$17,624 
Advanced Total capital at June 30, 2022$257,329 
(a)Includes cash flow hedges and debit valuation adjustment (“DVA”) related to structured notes recorded in AOCI.
(b)Includes the impact of the CECL capital transition provisions.
46


RWA rollforward
The following table presents changes in the components of RWA under Basel III Standardized and Advanced approaches for the six months ended June 30, 2022. The amounts in the rollforward categories are estimates, based on the predominant driver of the change.
StandardizedAdvanced
Six months ended June 30, 2022
(in millions)
Credit risk RWA(c)
Market risk RWATotal RWA
Credit risk RWA(c)
Market risk RWAOperational risk
RWA
Total RWA
December 31, 2021$1,543,452 $95,448 $1,638,900 $1,047,042 $95,506 $405,372 $1,547,920 
Model & data changes(a)
(9,114)(1,382)(10,496)(603)(1,382)— (1,985)
Movement in portfolio levels(b)
62,440 14,049 76,489 33,354 14,168 19,753 67,275 
Changes in RWA53,326 12,667 65,993 32,751 12,786 19,753 65,290 
June 30, 2022$1,596,778 $108,115 $1,704,893 $1,079,793 $108,292 $425,125 $1,613,210 
(a)Model & data changes refer to material movements in levels of RWA as a result of revised methodologies and/or treatment per regulatory guidance (exclusive of rule changes).
(b)Movement in portfolio levels (inclusive of rule changes) refers to: for Credit risk RWA, impact of SA-CCR adoption on January 1, 2022, changes in book size including position rolloffs in legacy portfolios in Home Lending, changes in composition and credit quality, market movements, and deductions for excess eligible credit reserves not eligible for inclusion in Tier 2 capital; for Market risk RWA, changes in position and market movements; and for Operational risk RWA, updates to cumulative losses and macroeconomic model inputs.
(c)As of June 30, 2022 and December 31, 2021, the Basel III Standardized Credit risk RWA included wholesale and retail off balance-sheet RWA of $212.4 billion and $218.5 billion, respectively; and the Basel III Advanced Credit risk RWA included wholesale and retail off balance-sheet RWA of $181.6 billion and $188.5 billion, respectively.

Refer to the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for further information on Credit risk RWA, Market risk RWA and Operational risk RWA.
Supplementary leverage ratio
Refer to Supplementary Leverage Ratio on page 90 of JPMorgan Chase’s 2021 Form 10-K for additional information.
The following table presents the components of the Firm’s SLR.
Three months ended
(in millions, except ratio)
June 30,
2022
December 31, 2021
Tier 1 capital
$239,705 $246,162 
Total average assets3,911,643 3,831,655 
Less: Regulatory capital adjustments(a)
49,664 49,620 
Total adjusted average assets(b)
3,861,979 3,782,035 
Add: Off-balance sheet exposures(c)
701,120 789,754 
Total leverage exposure$4,563,099 $4,571,789 
SLR5.3 %5.4 %
(a)For purposes of calculating the SLR, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, other intangible assets and adjustments for the CECL capital transition provisions.
(b)Adjusted average assets used for the calculation of Tier 1 leverage ratio.
(c)Off-balance sheet exposures are calculated as the average of the three month-end spot balances on applicable regulatory exposures during the reporting quarter. Effective January 1, 2022, includes the impact of the SA-CCR adoption. Refer to the Firm’s Pillar 3 Regulatory Capital Disclosures reports for additional information.
Line of business equity
Each business segment is allocated capital by taking into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. Refer to line of business equity on page 93 of JPMorgan Chase’s 2021 Form 10-K for additional information on capital allocation.
The following table presents the capital allocated to each business segment.
Line of business equity (Allocated capital)

(in billions)
June 30,
2022
December 31,
2021
Consumer & Community Banking$50.0 $50.0 
Corporate & Investment Bank103.0 83.0 
Commercial Banking25.0 24.0 
Asset & Wealth Management17.0 14.0 
Corporate58.3 88.3 
Total common stockholders’ equity$253.3 $259.3 
47


Capital actions
Common stock dividends
The Firm’s quarterly common stock dividend is currently $1.00 per share. The Firm’s dividends are subject to approval by the Board of Directors on a quarterly basis.
Common stock
Through April 30, 2022, the Firm was authorized to repurchase up to $30 billion of common shares under its previously approved common share repurchase program, that was announced on December 18, 2020. Effective May 1, 2022, the Firm is authorized to purchase up to $30 billion of common shares under a new equity repurchase program.
As a result of the expected increase in the SCB in the fourth quarter of 2022 and GSIB surcharge in the first quarter of 2023, the Firm has temporarily suspended share repurchases.
The following table sets forth the Firm’s repurchases of common stock for the three and six months ended June 30, 2022 and 2021.
Three months ended June 30,Six months ended June 30,
(in millions)2022
2021(a)
2022
2021(a)
Total number of shares of common stock repurchased
5.0 39.5 23.1 74.2 
Aggregate purchase price of common stock repurchases
$622 $6,201 $3,122 $11,200 
(a) As directed by the Federal Reserve, total net repurchases and common stock dividends in the first and second quarter of 2021 were restricted and could not exceed the average of the Firm’s net income for the four preceding calendar quarters.
Refer to Capital actions on page 94 of JPMorgan Chase’s 2021 Form 10-K for additional information.
Refer to Part II, Item 2: Unregistered Sales of Equity Securities and Use of Proceeds and Part II, Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities on pages 191-192 of this Form 10-Q and page 35 of JPMorgan Chase’s 2021 Form 10-K, respectively, for additional information regarding repurchases of the Firm’s equity securities.
Preferred stock
Preferred stock dividends declared were $410 million and $393 million, and $807 million and $772 million for the three and six months ended June 30, 2022 and 2021, respectively.
Refer to Note 17 of this Form 10-Q and Note 21 of JPMorgan Chase’s 2021 Form 10-K for additional information on the Firm’s preferred stock, including the issuance and redemption of preferred stock.
Capital planning and stress testing
Comprehensive Capital Analysis and Review
On April 5, 2022, the Firm submitted its 2022 Capital Plan to the Federal Reserve. On June 27, 2022, the Firm announced that it had completed the Federal Reserve's 2022 Comprehensive Capital Analysis and Review (“CCAR”) stress test process. The Firm's indicative SCB requirement is 4.0% (up from the current 3.2%), which will result in a Standardized CET1 capital ratio requirement, including regulatory buffers, of 12.0% (up from the current 11.2%). The Federal Reserve will provide the Firm with its final SCB requirement by August 31, 2022, and that requirement will become effective on October 1, 2022, and will remain in effect until September 30, 2023.
Refer to Capital planning and stress testing on pages 86-87 of JPMorgan Chase’s 2021 Form 10-K for additional information on CCAR.
Other capital requirements
Total Loss-Absorbing Capacity
The Federal Reserve’s TLAC rule requires the U.S. global systemically important bank (“GSIB”) top-tier holding companies, including the Firm, to maintain minimum levels of external TLAC and eligible long-term debt (“eligible LTD”).
Refer to other capital requirements on page 95 of JPMorgan Chase’s 2021 Form 10-K for additional information on TLAC.
The following table presents the eligible external TLAC and eligible LTD amounts, as well as a representation of the amounts as a percentage of the Firm’s total RWA and total leverage exposure applying the impact of the CECL capital transition provisions as of June 30, 2022 and December 31, 2021.
June 30, 2022
December 31, 2021
(in billions, except ratio)External TLACLTDExternal TLACLTD
Total eligible amount$466.7 $218.9 $464.6 $210.4 
% of RWA27.4 %12.8 %28.4 %12.8 %
Regulatory requirements22.5 9.5 22.5 9.5 
Surplus/(shortfall)$83.1 $56.9 $95.9 $54.7 
% of total leverage exposure10.2 %4.8 %10.2 %4.6 %
Regulatory requirements9.5 4.5 9.5 4.5 
Surplus/(shortfall)$33.2 $13.5 $30.3 $4.6 
Refer to Liquidity Risk Management on pages 50-54 for further information on long-term debt issued by the Parent Company.
Refer to Part I, Item 1A: Risk Factors on pages 9-33 of JPMorgan Chase’s 2021 Form 10-K for information on the financial consequences to holders of the Firm’s debt and equity securities in a resolution scenario.
48


U.S. broker-dealer regulatory capital
J.P. Morgan Securities
JPMorgan Chase’s principal U.S. broker-dealer subsidiary is J.P. Morgan Securities. J.P. Morgan Securities is subject to Rule 15c3-1 under the Securities Exchange Act of 1934 (the “Net Capital Rule”). J.P. Morgan Securities is also registered as a futures commission merchant and is subject to regulatory capital requirements, including those imposed by the SEC, Commodity Futures Trading Commission (“CFTC”), Financial Industry Regulatory Authority (“FINRA”) and the National Futures Association (“NFA”).
Refer to Broker-dealer regulatory capital on page 96 of JPMorgan Chase’s 2021 Form 10-K for a discussion on J.P. Morgan Securities’ capital requirements.
The following table presents J.P. Morgan Securities’ net capital:
June 30, 2022
(in millions)ActualMinimum
Net Capital$20,481 $6,007 
Non-U.S. subsidiary regulatory capital
J.P. Morgan Securities plc
J.P. Morgan Securities plc is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and broker-dealer activities. J.P. Morgan Securities plc is jointly regulated by the U.K. Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”). J.P. Morgan Securities plc is subject to the European Union (“EU”) Capital Requirements Regulation (“CRR”), as adopted in the U.K., and the PRA capital rules, each of which have implemented Basel III and thereby subject J.P. Morgan Securities plc to its requirements.
Refer to Broker-dealer regulatory capital on page 96 of JPMorgan Chase’s 2021 Form 10-K for a further discussion on J.P. Morgan Securities plc.
The Bank of England requires that U.K. banks, including U.K. regulated subsidiaries of overseas groups, maintain minimum requirements for own funds and eligible liabilities (“MREL”). As of June 30, 2022, J.P. Morgan Securities plc was compliant with the MREL requirements, that became fully phased-in on January 1, 2022.
The following table presents J.P. Morgan Securities plc’s capital metrics:
June 30, 2022
Regulatory Minimum ratios(a)
(in millions, except ratios)Estimated
Total capital$53,979 
CET1 ratio21.9 %4.5 %
Total capital ratio28.1 %8.0 %
(a)Represents minimum Pillar 1 requirements specified by the PRA. J.P. Morgan Securities plc's capital ratios as of June 30, 2022 exceeded the minimum requirements, including the additional capital requirements specified by the PRA.
J.P. Morgan SE
JPMSE is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and markets activities. JPMSE is regulated by the European Central Bank as well as the local regulators in each of the countries in which it operates, and it is subject to EU capital requirements under Basel III.
JPMSE is required by the EU Single Resolution Board to maintain MREL. As of June 30, 2022, JPMSE was compliant with the MREL requirements.
The following table presents JPMSE’s capital metrics:
June 30, 2022
Regulatory Minimum ratios(a)
(in millions, except ratios)Estimated
Total capital$35,630 
CET1 ratio18.2 %4.5 %
Total capital ratio29.1 %8.0 %
(a)Represents minimum Pillar 1 requirements specified by the EU CRR. J.P. Morgan SE’s capital ratios as of June 30, 2022 exceeded the minimum requirements, including the additional capital requirements specified by the European Banking Authority.
49


LIQUIDITY RISK MANAGEMENT
Liquidity risk is the risk that the Firm will be unable to meet its contractual and contingent financial obligations as they arise or that it does not have the appropriate amount, composition and tenor of funding and liquidity to support its assets and liabilities. Refer to pages 97-104 of JPMorgan Chase’s 2021 Form 10-K and the Firm’s U.S. LCR Disclosure reports, which are available on the Firm’s website for a further discussion of the Firm’s liquidity risk.
LCR and HQLA
The LCR rule requires that the Firm and JPMorgan Chase Bank, N.A. maintain an amount of eligible HQLA that is sufficient to meet their respective estimated total net cash outflows over a prospective 30 calendar-day period of significant stress. Under the LCR rule, the amount of eligible HQLA held by JPMorgan Chase Bank, N.A. that is in excess of its stand-alone 100% minimum LCR requirement, and that is not transferable to non-bank affiliates, must be excluded from the Firm’s reported eligible HQLA. The LCR for both the Firm and JPMorgan Chase Bank, N.A. is required to be a minimum of 100%. Refer to page 98 of JPMorgan Chase’s 2021 Form 10-K and the Firm’s U.S. LCR Disclosure reports for additional information on HQLA and net cash outflows.
The following table summarizes the Firm and JPMorgan Chase Bank, N.A.’s average LCR for the three months ended June 30, 2022, March 31, 2022 and June 30, 2021 based on the Firm’s interpretation of the LCR framework.
Three months ended
Average amount
(in millions)
June 30,
2022
March 31, 2022June 30,
2021
JPMorgan Chase & Co.:
HQLA
Eligible cash(a)
$634,480 $680,003 $673,724 
Eligible securities(b)(c)
107,473 42,512 42,832 
Total HQLA(d)
$741,953 $722,515 $716,556 
Net cash outflows$676,234 $658,998 $647,757 
LCR110 %110 %111 %
Net excess eligible HQLA(d)
$65,719 $63,517 $68,799 
JPMorgan Chase Bank N.A.:
LCR169 %181 %171 %
Net excess eligible HQLA$487,867 $560,987 $489,311 
(a)Represents cash on deposit at central banks, primarily the Federal Reserve Banks.
(b)Predominantly U.S. Treasuries, U.S. GSE and government agency MBS, and sovereign bonds net of applicable haircuts under the LCR rule.
(c)Eligible HQLA securities may be reported in securities borrowed or purchased under resale agreements, trading assets, or investment securities on the Firm’s Consolidated balance sheets.
(d)Excludes average excess eligible HQLA at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates.
JPMorgan Chase Bank, N.A.'s average LCR decreased during the three months ended June 30, 2022, compared with the three-month period ended March 31, 2022 due to a decrease in JPMorgan Chase Bank, N.A.'s HQLA primarily from a reduction in cash from loan growth and a decline in the market value of HQLA-eligible investment securities in
Treasury and CIO. Refer to Note 9 for additional information regarding gross unrealized gains and losses on the investment securities portfolio.
The Firm and JPMorgan Chase Bank, N.A.'s average LCR fluctuates from period to period, due to changes in its eligible HQLA and estimated net cash outflows as a result of ongoing business activity.
Other liquidity sources
In addition to the assets reported in the Firm’s eligible HQLA discussed above, the Firm had unencumbered marketable securities, such as equity and debt securities, that the Firm believes would be available to raise liquidity. This includes excess eligible HQLA securities at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates. The fair value of these securities was approximately $826 billion and $914 billion as of June 30, 2022 and December 31, 2021, respectively, although the amount of liquidity that could be raised at any particular time would be dependent on prevailing market conditions. The fair value decreased compared to December 31, 2021, primarily due to a decrease in excess eligible HQLA at JPMorgan Chase Bank, N.A., as noted above.
The Firm also had available borrowing capacity at the Federal Home Loan Banks (“FHLBs”) and the discount window at the Federal Reserve Bank as a result of collateral pledged by the Firm to such banks of approximately $308 billion as of June 30, 2022 and December 31, 2021. This borrowing capacity excludes the benefit of cash and securities reported in the Firm’s eligible HQLA or other unencumbered securities that are currently pledged at the Federal Reserve Bank discount window and other central banks. Although available, the Firm does not view this borrowing capacity at the Federal Reserve Bank discount window and the other central banks as a primary source of liquidity.
NSFR
The net stable funding ratio (“NSFR”) rule requires that the Firm and JPMorgan Chase Bank, N.A. maintain an amount of “available” stable funding that is sufficient to meet their “required” amounts of stable funding over a one-year horizon.
As of June 30, 2022, the Firm and JPMorgan Chase Bank, N.A. were compliant with the 100% minimum NSFR requirement, based on the Firm's current understanding of the final rule. The Firm will be required to publicly disclose its quarterly average NSFR semi annually beginning in 2023.
50


Funding
Sources of funds
Management believes that the Firm’s unsecured and secured funding capacity is sufficient to meet its on- and off-balance sheet obligations, which includes both short- and long-term cash requirements.
The Firm funds its global balance sheet through diverse sources of funding including stable deposits, secured and unsecured funding in the capital markets and stockholders’ equity. Deposits are the primary funding source for JPMorgan Chase Bank, N.A. Additionally, JPMorgan Chase Bank, N.A. may access funding through short- or long-term secured borrowings, through the issuance of unsecured
long-term debt, or from borrowings from the Intermediate Holding Company (“IHC”). The Firm’s non-bank subsidiaries are primarily funded from long-term unsecured borrowings and short-term secured borrowings, primarily securities loaned or sold under repurchase agreements. Excess funding is invested by Treasury and CIO in the Firm’s investment securities portfolio or deployed in cash or other short-term liquid investments based on their interest rate and liquidity risk characteristics.
Refer to Note 22 for additional information on off-balance sheet obligations.
Deposits
The table below summarizes, by LOB and Corporate, the period-end deposit balances as of June 30, 2022, and December 31, 2021, and the average deposit balances for the three and six months ended June 30, 2022 and 2021, respectively.
June 30, 2022December 31, 2021Three months ended June 30,Six months ended June 30,
DepositsAverageAverage
(in millions)2022202120222021
Consumer & Community Banking
$1,178,825 $1,148,110 $1,180,453 $1,047,771 $1,167,057 $1,013,917 
Corporate & Investment Bank
738,795 707,791 773,664 765,807 765,200 756,499 
Commercial Banking
283,296 323,954 300,339 290,095 308,518 290,455 
Asset & Wealth Management
257,437 282,052 268,861 219,699 278,256 213,167 
Corporate
13,191 396 8,995 423 4,948 450 
Total Firm$2,471,544 $2,462,303 $2,532,312 $2,323,795 $2,523,979 $2,274,488 
Deposits provide a stable source of funding and reduce the Firm’s reliance on the wholesale funding markets. A significant portion of the Firm’s deposits are consumer deposits and wholesale operating deposits, which are both considered to be stable sources of liquidity. Wholesale operating deposits are considered to be stable sources of liquidity because they are generated from customers that maintain operating service relationships with the Firm.
The table below shows the loan and deposit balances, the loans-to-deposits ratio, and deposits as a percentage of total liabilities, as of June 30, 2022 and December 31, 2021.
(in billions except ratios)June 30, 2022December 31, 2021
Deposits
$2,471.5 $2,462.3 
Deposits as a % of total liabilities
70 %71 %
Loans
$1,104.2 $1,077.7 
Loans-to-deposits ratio
45 %44 %
The Firm believes that average deposit balances are generally more representative of deposit trends than period-end deposit balances. However, during periods of market disruption those trends could be affected.




Average deposits increased for the three months ended June 30, 2022 compared to the three months ended June 30, 2021, reflecting the residual impact associated with government actions in the prior year. In CCB, the increase was also driven by growth from new and existing accounts across both consumer and small business customers. However, during the second quarter of 2022, there was a decline in deposits, including in CB due to migration of non-operating deposits into higher-yielding alternatives, and in CCB as consumer spending continued to grow.
Average deposits increased for the six months ended June 30, 2022 compared to the six months ended June 30, 2021, reflecting inflows across the LOBs resulting from the residual effect of certain government actions in the prior year. In CCB, the increase was also driven by growth from new and existing accounts across both consumer and small business customers.
Increases in Corporate predominantly relate to the Firm's international consumer growth initiatives.
Refer to the discussion of the Firm’s Consolidated Balance Sheets Analysis and the Business Segment Results on pages 15-16 and pages 20-42, respectively, for further information on deposit and liability balance trends.



51


The following table summarizes short-term and long-term funding, excluding deposits, as of June 30, 2022, and December 31, 2021, and average balances for the three and six months ended June 30, 2022 and 2021, respectively. Refer to the Consolidated Balance Sheets Analysis on pages 15-16 and Note 10 for additional information.
June 30, 2022December 31, 2021Three months ended June 30,Six months ended June 30,
Sources of funds (excluding deposits)AverageAverage
(in millions)2022202120222021
Commercial paper
$21,670 $15,108 $19,589 $13,696 $17,097 $13,277 
Other borrowed funds
10,708 9,999 12,533 13,888 13,061 12,574 
Federal Funds purchased1,339 1,769 1,241 2,378 1,467 2,398 
Total short-term unsecured funding$33,717 $26,876 $33,363 $29,962 $31,625 $28,249 
Securities sold under agreements to repurchase(a)
$218,237 $189,806 $227,075 $251,455 $235,300 $271,320 
Securities loaned(a)
3,143 2,765 5,060 7,510 4,982 7,536 
Other borrowed funds26,044 28,487 26,376 28,291 27,152 27,131 
Obligations of Firm-administered multi-seller conduits(b)
6,993 6,198 6,779 9,863 6,625 $10,036 
Total short-term secured funding
$254,417 $227,256 $265,290 $297,119 $274,059 $316,023 
Senior notes$189,248 $191,488 $187,143 $179,838 $188,779 $173,680 
Subordinated debt18,848 20,531 19,139 20,659 19,688 20,953 
Structured notes(c)
65,288 73,956 66,025 75,351 68,584 75,196 
Total long-term unsecured funding$273,384 $285,975 $272,307 $275,848 $277,051 $269,829 
Credit card securitization(b)
$1,749 $2,397 $1,748 $3,043 $2,010 $3,929 
FHLB advances11,103 11,110 11,106 12,174 11,107 12,949 
Other long-term secured funding(d)
3,725 3,920 3,807 4,459 3,858 4,542 
Total long-term secured funding$16,577 $17,427 $16,661 $19,676 $16,975 $21,420 
Preferred stock(e)
$32,838 $34,838 $32,838 $32,666 $33,180 $31,496 
Common stockholders’ equity(e)
$253,305 $259,289 $247,986 $250,849 $250,234 $248,209 
(a)Primarily consists of short-term securities loaned or sold under agreements to repurchase.
(b)Included in beneficial interests issued by consolidated variable interest entities on the Firm’s Consolidated balance sheets.
(c)Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.
(d)Includes long-term structured notes which are secured.
(e)Refer to Capital Risk Management on pages 44-49 and Consolidated statements of changes in stockholders’ equity on page 91 of this Form 10-Q, and Note 21 and Note 22 of JPMorgan Chase’s 2021 Form 10-K for additional information on preferred stock and common stockholders’ equity.

Short-term funding
The Firm’s sources of short-term secured funding primarily consist of securities loaned or sold under agreements to repurchase. These instruments are secured predominantly by high-quality securities collateral, including government-issued debt and U.S. GSE and government agency MBS. Securities sold under agreements to repurchase increased at June 30, 2022, compared with December 31, 2021, due to higher secured financing of trading assets and the impact of netting on client-driven market-making activities in Markets, partially offset by lower secured financing of AFS investment securities in Treasury and CIO.
The balances associated with securities loaned or sold under agreements to repurchase fluctuate over time due to investment and financing activities of clients, the Firm’s demand for financing, the ongoing management of the mix of the Firm’s liabilities, including its secured and unsecured financing (for both the investment securities and market-making portfolios), and other market and portfolio factors.
The Firm’s sources of short-term unsecured funding primarily consist of issuances of wholesale commercial paper and other borrowed funds. The increase in commercial paper at June 30, 2022, from December 31, 2021, and for the average three and six months ended June 30, 2022 compared to the prior year period, was due to higher net issuance primarily for short-term liquidity management.



52


Long-term funding and issuance
Long-term funding provides an additional source of stable funding and liquidity for the Firm. The Firm’s long-term funding plan is driven primarily by expected client activity, liquidity considerations, and regulatory requirements, including TLAC. Long-term funding objectives include maintaining diversification, maximizing market access and optimizing funding costs. The Firm evaluates various funding markets, tenors and currencies in creating its optimal long-term funding plan.
The significant majority of the Firm’s long-term unsecured funding is issued by the Parent Company to provide flexibility in support of both bank and non-bank subsidiary funding needs. The Parent Company advances substantially all net funding proceeds to its subsidiary, the IHC. The IHC does not issue debt to external counterparties. The following table summarizes long-term unsecured issuance and maturities or redemptions for the three and six months ended June 30, 2022 and 2021. Refer to Liquidity Risk Management on pages 97-104 and Note 20 of JPMorgan Chase’s 2021 Form 10-K for additional information on the IHC and long-term debt.
Long-term unsecured funding
Three months ended June 30,Six months ended June 30,Three months ended June 30,Six months ended June 30,
20222021202220212022202120222021
(Notional in millions)
Parent Company
Subsidiaries
Issuance
Senior notes issued in the U.S. market$13,000 $20,000 $21,100 $29,250 $ $— $ $— 
Senior notes issued in non-U.S. markets
 2,789 2,752 5,581  —  — 
Total senior notes13,000 22,789 23,852 34,831  —  — 
Structured notes(a)
918 1,439 2,074 2,935 11,230 7,285 19,679 17,780 
Total long-term unsecured funding – issuance
$13,918 $24,228 $25,926 $37,766 $11,230 $7,285 $19,679 $17,780 
Maturities/redemptions
Senior notes$5,000 $4,617 $8,693 $7,317 $ $— $64 $66 
Structured notes415 1,191 1,392 3,161 7,428 9,659 15,075 18,173 
Total long-term unsecured funding – maturities/redemptions
$5,415 $5,808 $10,085 $10,478 $7,428 $9,659 $15,139 $18,239 
(a)Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.
The Firm can also raise secured long-term funding through securitization of consumer credit card loans and FHLB advances. The following table summarizes the securitization issuance and FHLB advances and their respective maturities or redemptions for the three and six months ended June 30, 2022 and 2021, respectively.
Long-term secured funding
Three months ended June 30,Six months ended June 30,
IssuanceMaturities/RedemptionsIssuanceMaturities/Redemptions
(in millions)20222021202220212022202120222021
Credit card securitization
$ $— $ $1,925 $ $— $650 $2,550 
FHLB advances — 4 1,005  — 6 2,006 
Other long-term secured funding(a)
82 103 31 84 284 241 92 192 
Total long-term secured funding
$82 $103 $35 $3,014 $284 $241 $748 $4,748 
(a)Includes long-term structured notes that are secured.
The Firm’s wholesale businesses also securitize loans for client-driven transactions; those client-driven loan securitizations are not considered to be a source of funding for the Firm and are not included in the table above. Refer to Note 14 of JPMorgan Chase’s 2021 Form 10-K for a further description of client-driven loan securitizations.
53


Credit ratings
The cost and availability of financing are influenced by credit ratings. Reductions in these ratings could have an adverse effect on the Firm’s access to liquidity sources, increase the cost of funds, trigger additional collateral or funding requirements and decrease the number of investors and counterparties willing to lend to the Firm. The nature and magnitude of the impact of ratings downgrades depends on numerous contractual and behavioral factors, which the Firm believes are incorporated in its liquidity risk and stress testing metrics. The Firm believes that it maintains sufficient liquidity to withstand a potential decrease in funding capacity due to ratings downgrades.
Additionally, the Firm’s funding requirements for VIEs and other third-party commitments may be adversely affected by a decline in credit ratings. Refer to liquidity risk and credit-related contingent features in Note 4 for additional information on the impact of a credit ratings downgrade on the funding requirements for VIEs, and on derivatives and collateral agreements.

The credit ratings of the Parent Company and the Firm’s principal bank and non-bank subsidiaries as of June 30, 2022, were as follows:
JPMorgan Chase & Co.JPMorgan Chase Bank, N.A.
J.P. Morgan Securities LLC
 J.P. Morgan Securities plc
 J.P. Morgan SE (b)
June 30, 2022Long-term issuerShort-term issuerOutlookLong-term issuerShort-term issuerOutlookLong-term issuerShort-term issuerOutlook
Moody’s Investors Service (a)
A2P-1Positive/StableAa2P-1StableAa3P-1Stable
Standard & Poor’sA-A-2PositiveA+A-1PositiveA+A-1Positive
Fitch RatingsAA-F1+StableAAF1+StableAAF1+Stable
(a) Moody’s outlook for the Parent Company’s long-term and short-term issuer rating is positive and stable, respectively.
(b) In January 2022, the three rating agencies affirmed the credit ratings of J.P. Morgan SE, which are equivalent to the ratings previously assigned to J.P. Morgan SE's predecessors, J.P. Morgan Bank Luxembourg S.A. and J.P. Morgan AG.
Refer to page 104 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the factors that could affect the credit ratings of the Parent Company and the Firm’s principal bank and non-bank subsidiaries.
54


CREDIT AND INVESTMENT RISK MANAGEMENT
Credit and investment risk is the risk associated with the default or change in credit profile of a client, counterparty or customer; or loss of principal or a reduction in expected returns on investments, including consumer credit risk,
wholesale credit risk, and investment portfolio risk. Refer to Consumer Credit Portfolio, Wholesale Credit Portfolio and
Allowance for Credit Losses on pages 57-73 for a further discussion of Credit Risk.
Refer to page 74 for a further discussion of Investment Portfolio Risk. Refer to Credit and Investment Risk Management on pages 106-132 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of the Firm’s Credit and Investment Risk Management framework.
55


CREDIT PORTFOLIO
Credit risk is the risk associated with the default or change in credit profile of a client, counterparty or customer.
In the following tables, reported total loans include loans retained (i.e., held-for-investment); loans held-for-sale; and certain loans accounted for at fair value. The following tables do not include loans which the Firm accounts for at fair value and classifies as trading assets; refer to Notes 2 and 3 for further information regarding these loans. Refer to Notes 11, 22 and 4 for additional information on the Firm’s loans, lending-related commitments and derivative receivables.
Refer to Note 9 for information regarding the credit risk inherent in the Firm’s investment securities portfolio; and refer to Note 10 for information regarding the credit risk inherent in the securities financing portfolio. Refer to Consumer Credit Portfolio on pages 57-61 and Note 11 for further discussions of the consumer credit environment and consumer loans. Refer to Wholesale Credit Portfolio on pages 62-70 and Note 11 for further discussions of the wholesale credit environment and wholesale loans.
Total credit portfolio
Credit exposure
Nonperforming(c)(d)
(in millions)Jun 30,
2022
Dec 31,
2021
Jun 30,
2022
Dec 31,
2021
Loans retained$1,052,390 $1,010,206 $6,269 $6,932 
Loans held-for-sale4,709 8,688 80 48 
Loans at fair value47,056 58,820 813 815 
Total loans1,104,155 1,077,714 7,162 7,795 
Derivative receivables81,317 57,081 

447 316 
Receivables from customers(a)
58,349 59,645  — 
Total credit-related assets1,243,821 1,194,440 7,609 8,111 
Assets acquired in loan satisfactions
Real estate ownedNANA211 213 
OtherNANA25 22 
Total assets acquired in loan satisfactions
NANA236 235 
Lending-related commitments1,302,005 1,262,313 397 764 
Total credit portfolio$2,545,826 $2,456,753 $8,242 $9,110 
Credit derivatives and credit-related notes used in credit portfolio management activities(b)
$(16,939)$(20,739)
(e)
$ $— 
Liquid securities and other cash collateral held against derivatives(19,801)(10,102)NANA
(a)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(b)Represents the net notional amount of protection purchased and sold through credit derivatives and credit-related notes used to manage credit exposures.
(c)At June 30, 2022, and December 31, 2021, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $453 million and $623 million, respectively, and real estate owned (“REO”) insured by U.S. government agencies of $8 million and $5 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.
(d)At June 30, 2022 and December 31, 2021, nonaccrual loans excluded $119 million and $633 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA.
(e)Prior-period amount has been revised to conform with the current presentation.
The following table provides information about the Firm’s net charge-offs and recoveries.
(in millions,
except ratios)
Three months ended June 30,Six months ended June 30,
2022202120222021
Net charge-offs$657 $734 $1,239 $1,791 
Average retained loans1,035,933 954,155 1,020,180 953,118 
Net charge-off rates0.25 %0.31 %0.24 %0.38 %


56


CONSUMER CREDIT PORTFOLIO
The Firm’s retained consumer portfolio consists primarily of residential real estate loans, credit card loans, scored auto and business banking loans, as well as associated lending-related commitments. The Firm’s focus is on serving primarily the prime segment of the consumer credit market. Refer to Note 11 of this Form 10-Q; and Consumer Credit Portfolio on pages 110-116 and Note 12 of JPMorgan Chase's 2021 Form 10-K for further information on consumer loans, as well as the Firm’s nonaccrual and charge-off accounting policies. Refer to Note 22 of this Form 10-Q and Note 28 of JPMorgan Chase's 2021 Form 10-K for further information on lending-related commitments.
The following tables present consumer credit-related information with respect to the scored credit portfolios held in CCB, AWM, CIB and Corporate.
Consumer credit portfolio
(in millions)Credit exposure
Nonaccrual loans(j)(k)(l)
Jun 30,
2022
Dec 31,
2021
Jun 30,
2022
Dec 31,
2021
Consumer, excluding credit card
Residential real estate(a)
$237,142 $224,795 $4,076 $4,759 
Auto and other(b)(c)(d)
65,489 70,761 110 119 
Total loans – retained302,631 295,556 4,186 4,878 
Loans held-for-sale740 1,287 44 — 
Loans at fair value(e)
13,841 26,463 442 472 
Total consumer, excluding credit card loans317,212 323,306 4,672 5,350 
Lending-related commitments(f)
40,484 45,334 
Total consumer exposure, excluding credit card357,696 368,640 
Credit card
Loans retained(g)
165,494 154,296 NANA
Total credit card loans165,494 154,296 NANA
Lending-related commitments(f)(h)
774,021 730,534 
Total credit card exposure(h)
939,515 884,830 
Total consumer credit portfolio(h)
$1,297,211 $1,253,470 $4,672 $5,350 
Credit-related notes used in credit portfolio management activities(i)
$(1,560)$(2,028)
Three months ended June 30,
(in millions, except ratios)Net charge-offs/(recoveries)Average loans - retained
Net charge-off/(recovery) rate(m)
202220212022202120222021
Consumer, excluding credit card
Residential real estate$(67)$(80)$232,770 $217,553 (0.12)%(0.15)%
Auto and other94 49 66,879 81,270 0.56 0.24 
Total consumer, excluding credit card - retained27 (31)299,649 298,823 0.04 (0.04)
Credit card - retained580 755 158,434 135,430 1.47 2.24 
Total consumer - retained$607 $724 $458,083 $434,253 0.53 %0.67 %

Six months ended June 30,
(in millions, except ratios)Net charge-offs/(recoveries)Average loans - retained
Net charge-off/(recovery) rate(m)
202220212022202120222021
Consumer, excluding credit card
Residential real estate$(134)$(131)$229,369 $220,247 (0.12)%(0.12)%
Auto and other207 121 68,197 80,183 0.61 0.30 
Total consumer, excluding credit card - retained73 (10)297,566 300,430 0.05 (0.01)
Credit card - retained1,086 1,738 153,941 134,796 1.42 2.60 
Total consumer - retained$1,159 $1,728 $451,507 $435,226 0.52 %0.80 %
(a)Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in Corporate.
(b)At June 30, 2022 and December 31, 2021, excluded operating lease assets of $14.2 billion and $17.1 billion, respectively. These operating lease assets are included in other assets on the Firm’s Consolidated balance sheets. Refer to Note 16 for further information.
(c)Includes scored auto and business banking loans and overdrafts.
(d)At June 30, 2022 and December 31, 2021, included $1.5 billion and $5.4 billion of loans, respectively, in Business Banking under the PPP. The Firm does not expect to realize material credit losses on PPP loans because the loans are guaranteed by the SBA. Refer to Credit Portfolio on page 109 of JPMorgan Chase's 2021 Form 10-K for a further discussion of the PPP.
(e)Includes scored mortgage loans held in CCB and CIB.
57


(f)Credit card, home equity and certain business banking lending-related commitments represent the total available lines of credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit would be used at the same time. For credit card commitments, and if certain conditions are met, home equity commitments and certain business banking commitments, the Firm can reduce or cancel these lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. Refer to Note 22 for further information.
(g)Includes billed interest and fees.
(h)Also includes commercial card lending-related commitments primarily in CB and CIB.
(i)Represents the notional amount of protection obtained through the issuance of credit-related notes that reference certain pools of residential real estate and auto loans in the retained consumer portfolio.
(j)At June 30, 2022 and December 31, 2021, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $453 million and $623 million, respectively. These amounts have been excluded from nonaccrual loans 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.
(k)Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic.
(l)At June 30, 2022 and December 31, 2021, nonaccrual loans excluded $86 million and $506 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA.
(m)Average consumer loans held-for-sale and loans at fair value were $18.2 billion and $27.0 billion for the three months ended June 30, 2022 and 2021, respectively, and were $21.0 billion and $24.2 billion for the six months ended June 30, 2022 and 2021, respectively. These amounts were excluded when calculating net charge-off/(recovery) rates.

58


Consumer, excluding credit card
Portfolio analysis
Loans decreased from December 31, 2021 driven by residential real estate loans at fair value and auto and other loans, largely offset by higher retained residential real estate loans.
Residential real estate: The residential real estate portfolio, including loans held-for-sale and loans at fair value, predominantly consists of prime mortgage loans and home equity lines of credit.
Retained loans increased compared to December 31, 2021, reflecting originations, net of paydowns. Retained nonaccrual loans decreased from December 31, 2021 reflecting improved credit performance. Net recoveries for the three months ended June 30, 2022 were lower when compared with the same period in the prior year as the current year recoveries were impacted by lower prepayments due to higher interest rates. Net recoveries for the six months ended June 30, 2022 were relatively flat compared with the same period in the prior year.
Loans at fair value decreased from December 31, 2021, as Home Lending warehouse loan sales outpaced originations due to higher interest rates and lower loan purchase activity in CIB. Nonaccrual loans at fair value decreased from December 31, 2021 driven by CIB.
The carrying value of home equity lines of credit outstanding was $16.9 billion at June 30, 2022. This amount included $5.5 billion of HELOCs that have recast from interest-only to fully amortizing payments or have been modified and $5.5 billion of interest-only balloon HELOCs, which primarily mature after 2030. The Firm manages the risk of HELOCs during their revolving period by closing or reducing the undrawn line to the extent permitted by law when borrowers are exhibiting a material deterioration in their credit risk profile.
At June 30, 2022 and December 31, 2021, the carrying value of interest-only residential mortgage loans were $34.4 billion and $30.0 billion, respectively. These loans have an interest-only payment period generally followed by an adjustable-rate or fixed-rate fully amortizing payment period to maturity and are typically originated as higher-balance loans to higher-income borrowers, predominantly in AWM. The interest-only residential mortgage loan portfolio reflected net charge-offs for the three months ended June 30, 2022 on a loan sale and net recoveries for the six months ended June 30, 2022. The credit performance of this portfolio is comparable with the performance of the broader prime mortgage portfolio.
The following table provides a summary of the Firm’s residential mortgage portfolio insured and/or guaranteed by U.S. government agencies, predominantly loans held-for-sale and loans at fair value. The Firm monitors its exposure to certain potential unrecoverable claim payments related to government-insured loans and considers this exposure in estimating the allowance for loan losses.
(in millions)June 30,
2022
December 31,
2021
Current$584 $689 
30-89 days past due121 135 
90 or more days past due453 623 
Total government guaranteed loans$1,158 $1,447 
Geographic composition and current estimated loan-to-value ratio of residential real estate loans
Refer to Note 11 for information on the geographic composition and current estimated LTVs of the Firm’s residential real estate loans.
Modified residential real estate loans
The following table presents information relating to modified retained residential real estate loans for which concessions have been granted to borrowers experiencing financial difficulty, which include both TDRs and modified purchased credit deteriorated (“PCD”) loans not accounted for as TDRs. The following table does not include loans with short-term or other insignificant modifications that are not considered concessions and, therefore, are not TDRs. Refer to Note 11 for further information on modifications for the three and six months ended June 30, 2022 and 2021.
(in millions)June 30, 2022December 31, 2021
Retained loans$12,185 $13,251 
Nonaccrual retained loans(a)
$3,543 $3,938 
(a)At June 30, 2022 and December 31, 2021, nonaccrual loans included $2.8 billion and $2.7 billion, respectively, of TDRs for which the borrowers were less than 90 days past due. Refer to Note 12 of JPMorgan Chase’s 2021 Form 10-K for additional information about loans modified in a TDR that are on nonaccrual status.
59


Auto and other: The auto and other loan portfolio, including loans at fair value, predominantly consists of prime-quality scored auto and business banking loans, as well as overdrafts. The portfolio decreased when compared with December 31, 2021 predominantly due to a decrease in business banking loans driven by PPP loan forgiveness. Scored auto portfolio loans decreased driven by paydowns predominantly offset by loan originations. Net charge-offs for the three and six months ended June 30, 2022 increased when compared to the same period in the prior year due to higher overdraft and scored auto charge-offs partially offset by lower scored business banking charge-offs. The scored auto portfolio net charge-off and net recovery rates were 0.12% and (0.11)% for the three months ended June 30, 2022 and 2021, respectively, and net charge-off rates of 0.15% and 0.00% for the six months ended June 30, 2022 and 2021, respectively, as the net recovery for the three months ended June 30, 2021 and net charge-offs for the six months ended June 30, 2021 benefited from government stimulus and payment assistance programs.
Nonperforming assets
The following table presents information as of June 30, 2022 and December 31, 2021, about consumer, excluding credit card, nonperforming assets.
Nonperforming assets(a)
(in millions)June 30,
2022
December 31,
2021
Nonaccrual loans
Residential real estate(b)
$4,562 $5,231 
Auto and other(c)
110 119 
Total nonaccrual loans4,672 5,350 
Assets acquired in loan satisfactions
Real estate owned129 112 
Other25 22 
Total assets acquired in loan satisfactions
154 134 
Total nonperforming assets$4,826 $5,484 
(a)At June 30, 2022 and December 31, 2021, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $453 million and $623 million, respectively, and REO insured by U.S. government agencies of $8 million and $5 million, respectively. These amounts have been excluded based upon the government guarantee.
(b)Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic.
(c)At June 30, 2022 and December 31, 2021, nonaccrual loans excluded $86 million and $506 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA.






Nonaccrual loans
The following table presents changes in consumer, excluding credit card, nonaccrual loans for the six months ended June 30, 2022 and 2021.
Nonaccrual loan activity
Six months ended June 30, (in millions)20222021
Beginning balance$5,350 $6,467 
Additions1,149 1,422 
Reductions:
Principal payments and other(a)
789 1,215 
Charge-offs117 122 
Returned to performing status824 853 
Foreclosures and other liquidations97 41 
Total reductions1,827 2,231 
Net changes(678)(809)
Ending balance$4,672 $5,658 
(a)Other reductions include loan sales.
Refer to Note 11 for further information about the consumer credit portfolio, including information about delinquencies, other credit quality indicators, loan modifications and loans that were in the process of active or suspended foreclosure.
Purchased credit deteriorated (“PCD”) loans
The following tables provide credit-related information for PCD loans which are reported in residential real estate.
(in millions, except ratios)June 30,
2022
December 31,
2021
Loan delinquency(a)
Current$11,664 $12,746 
30-149 days past due319 331 
150 or more days past due365 664 
Total PCD loans
$12,348 $13,741 
% of 30+ days past due to total retained PCD loans 5.54 %7.24 %
Nonaccrual loans$1,327 $1,616 
(in millions, except ratios)Three months ended June 30,Six months ended June 30,
2022202120222021
Net charge-offs/(recoveries)$(5)$$(6)$16 
Net charge-off/(recovery) rate(0.16)%0.08 %(0.09)%0.20 %
(a)At June 30, 2022 and December 31, 2021, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.

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Credit card
Total credit card loans increased from December 31, 2021 reflecting higher consumer spending. The June 30, 2022 30+ and 90+ day delinquency rates of 1.05% and 0.51%, respectively, were relatively flat compared to the December 31, 2021 30+ and 90+ day delinquency rates of 1.04% and 0.50%. Net charge-offs decreased for the three and six months ended June 30, 2022 compared with the same period in the prior year. Delinquency and net charge-off rates continue to benefit from the financial strength of U.S. consumers.
Consistent with the Firm’s policy, all credit card loans typically remain on accrual status until charged off. However, the Firm’s allowance for loan losses includes the estimated uncollectible portion of accrued and billed interest and fee income. Refer to Note 11 for further information about this portfolio, including information about delinquencies.
Geographic and FICO composition of credit card loans
Refer to Note 11 for information on the geographic and FICO composition of the Firm’s credit card loans.
Modifications of credit card loans
At June 30, 2022, the Firm had $827 million of credit card loans outstanding that have been modified in TDRs, which does not include loans with short-term or other insignificant modifications that are not considered TDRs, compared to $1.0 billion at December 31, 2021. Refer to Note 11 for additional information about loan modification programs to borrowers.
61


WHOLESALE CREDIT PORTFOLIO
In its wholesale businesses, the Firm is exposed to credit risk primarily through its underwriting, lending, market-making, and hedging activities with and for clients and counterparties, as well as through various operating services (such as cash management and clearing activities), securities financing activities and cash placed with banks. A portion of the loans originated or acquired by the Firm’s wholesale businesses is generally retained on the balance sheet. The Firm distributes a significant percentage of the loans that it originates into the market as part of its syndicated loan business and to manage portfolio concentrations and credit risk. The wholesale portfolio is actively managed, in part by conducting ongoing, in-depth reviews of client credit quality and transaction structure inclusive of collateral where applicable, and of industry, product and client concentrations. Refer to the industry discussion on pages 64-67 for further information.
The Firm’s wholesale credit portfolio includes exposure held in CIB, CB, AWM and Corporate, as well as risk-rated exposures held in CCB, including business banking and auto dealer exposure for which the wholesale methodology is applied when determining the allowance for credit losses.
In the six months ended June 30, 2022, credit continued to perform well with charge-offs at historically low levels. As of June 30, 2022, the decrease in nonperforming exposure was driven by a decline in lending related commitments as a result of net portfolio activity, predominantly in CIB, partially offset by an increase in nonperforming derivatives. Nonperforming loans were relatively flat and included paydowns on exposures to certain Russia and Russia-associated clients that were downgraded in the first quarter of 2022. Refer to Business Developments on page 9 and Country Risk on pages 80-81 for additional information.
As of June 30, 2022, retained loans increased $23.9 billion driven by CB and CIB, partially offset by decreases in AWM.
Wholesale credit portfolio
Credit exposureNonperforming
(in millions)Jun 30,
2022
Dec 31,
2021
Jun 30,
2022
Dec 31,
2021
Loans retained$584,265 $560,354 $2,083 $2,054 
Loans held-for-sale3,969 7,401 36 48 
Loans at fair value33,215 32,357 371 343 
Loans621,449 600,112 2,490 2,445 
Derivative receivables81,317 57,081 447 316 
Receivables from customers(a)
58,349 59,645  — 
Total wholesale credit-related assets761,115 716,838 2,937 2,761 
Assets acquired in loan satisfactions
Real estate ownedNANA82 101 
OtherNANA — 
Total assets acquired in loan satisfactions
NANA82 101 
Lending-related commitments487,500 486,445 397 764 
Total wholesale credit portfolio$1,248,615 $1,203,283 $3,416 $3,626 
Credit derivatives and credit-related notes used in credit portfolio management activities(b)
$(15,379)$(18,711)
(c)
$ $— 
Liquid securities and other cash collateral held against derivatives(19,801)(10,102)NANA
(a)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(b)Represents the net notional amount of protection purchased and sold through credit derivatives and credit-related notes used to manage both performing and nonperforming wholesale credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. Refer to Credit derivatives on page 70 and Note 4 for additional information.
(c)Prior-period amount has been revised to conform with the current presentation.


62


Wholesale credit exposure – maturity and ratings profile
The following tables present the maturity and internal risk ratings profiles of the wholesale credit portfolio as of June 30, 2022, and December 31, 2021. The Firm generally considers internal ratings with qualitative characteristics equivalent to BBB-/Baa3 or higher as investment grade, and takes into consideration collateral and structural support when determining the internal risk rating for each credit facility. Refer to Note 12 of JPMorgan Chase's 2021 Form 10-K for further information on internal risk ratings.
Maturity profile(e)
Ratings profile
1 year or less 1 year through 5 yearsAfter 5 yearsTotalInvestment-gradeNoninvestment-gradeTotalTotal % of IG
June 30, 2022
(in millions, except ratios)
Loans retained$215,425 $231,814 $137,026 $584,265 $419,945 $164,320 $584,265 72 %
Derivative receivables81,317 81,317 
Less: Liquid securities and other cash collateral held against derivatives(19,801)(19,801)
Total derivative receivables, net of collateral24,639 16,088 20,789 61,516 44,538 16,978 61,516 72 
Lending-related commitments130,180 332,947 24,373 487,500 332,471 155,029 487,500 68 
Subtotal370,244 580,849 182,188 1,133,281 796,954 336,327 1,133,281 70 
Loans held-for-sale and loans at fair value(a)
37,184 37,184 
Receivables from customers 58,349 58,349 
Total exposure – net of liquid securities and other cash collateral held against derivatives$1,228,814 $1,228,814 
Credit derivatives and credit-related notes used in credit portfolio management activities(b)(c)
$(3,586)$(10,032)$(1,761)$(15,379)$(12,698)$(2,681)$(15,379)83 %
Maturity profile(e)
Ratings profile
1 year or less 1 year through 5 yearsAfter 5 yearsTotalInvestment-gradeNoninvestment-gradeTotalTotal % of IG
December 31, 2021
(in millions, except ratios)
Loans retained $214,064 $218,176 $128,114 $560,354 $410,011 $150,343 $560,354 73 %
Derivative receivables57,081 57,081 
Less: Liquid securities and other cash collateral held against derivatives(10,102)(10,102)
Total derivative receivables, net of collateral13,648 12,814 20,517 46,979 31,934 15,045 46,979 68 
Lending-related commitments120,929 340,308 25,208 486,445 331,116 155,329 486,445 68 
Subtotal348,641 571,298 173,839 1,093,778 773,061 320,717 1,093,778 71 
Loans held-for-sale and loans at fair value(a)
39,758 39,758 
Receivables from customers 59,645 59,645 
Total exposure – net of liquid securities and other cash collateral held against derivatives$1,193,181 $1,193,181 
Credit derivatives and credit-related notes used in credit portfolio management activities(b)(c)(d)
$(7,472)$(9,750)$(1,489)$(18,711)$(15,012)$(3,699)$(18,711)80 %
(a)Loans held-for-sale are primarily related to syndicated loans and loans transferred from the retained portfolio.
(b)These derivatives do not qualify for hedge accounting under U.S. GAAP.
(c)The notional amounts are presented on a net basis by underlying reference entity and the ratings profile shown is based on the ratings of the reference entity on which protection has been purchased. Predominantly all of the credit derivatives entered into by the Firm where it has purchased protection used in credit portfolio management activities are executed with investment-grade counterparties. In addition, the Firm obtains credit protection against certain loans in the retained loan portfolio through the issuance of credit-related notes.
(d)Prior-period amounts have been revised to conform with the current presentation.
(e)The maturity profile of retained loans, lending-related commitments and derivative receivables is generally based on remaining contractual maturity. Derivative contracts that are in a receivable position at June 30, 2022, may become payable prior to maturity based on their cash flow profile or changes in market conditions.

63


Wholesale credit exposure – industry exposures
The Firm focuses on the management and diversification of its industry exposures, and pays particular attention to industries with actual or potential credit concerns.
Exposures deemed criticized align with the U.S. banking regulators’ definition of criticized exposures, which consist of the special mention, substandard and doubtful categories. Total criticized exposure, excluding loans held-for-sale and loans at fair value, was $31.3 billion and $38.2 billion at June 30, 2022 and December 31, 2021, representing approximately 2.7% and 3.5% of total wholesale credit exposure, respectively. The decrease in criticized exposure was driven by net portfolio activity and client-specific upgrades, partially offset by client-specific downgrades, with the largest decreases in Consumer & Retail and Technology, Media & Telecommunications. Of the $31.3 billion of criticized exposure at June 30, 2022, approximately half was undrawn and $28.3 billion was performing.
The table below summarizes by industry the Firm’s exposures as of June 30, 2022, and December 31, 2021. The industry of risk category is generally based on the client or counterparty’s primary business activity. Refer to Note 4 of JPMorgan Chase's 2021 Form 10-K for additional information on industry concentrations.
Wholesale credit exposure – industries(a)
Selected metrics
30 days or more past due and accruing
loans
Net
charge-offs/
(recoveries)
Credit derivative hedges and credit-related notes(h)
Liquid securities
and other cash collateral held against derivative
receivables
Noninvestment-grade
As of or for the six months ended
Credit exposure(f)(g)
Investment- gradeNoncriticizedCriticized performingCriticized nonperforming
June 30, 2022
(in millions)
Real Estate$165,475 $126,523 $34,612 $3,948 $392 $745 $6 $(550)$ 
Individuals and Individual Entities(b)
138,215 119,730 17,631 418 436 1,636 10   
Consumer & Retail119,319 60,466 51,947 6,566 340 243 2 (566) 
Asset Managers97,670 80,566 17,099  5 308 (1) (8,679)
Technology, Media & Telecommunications77,831 44,080 27,277 6,136 338 125 36 (1,068) 
Industrials71,675 38,366 30,336 2,782 191 227  (611) 
Healthcare57,690 41,127 14,896 1,591 76 189 14 (609)(92)
Banks & Finance Cos55,920 29,960 25,179 743 38 65  (323)(807)
Oil & Gas46,548 22,906 22,664 825 153 65 5 (656)(31)
Utilities35,781 26,128 8,607 876 170 6 28 (514) 
State & Municipal Govt(c)
34,729 33,901 702 124 2 14   (54)
Automotive34,246 24,881 8,932 311 122 45  (402) 
Chemicals & Plastics22,732 15,104 7,210 369 49 8 3 (141) 
Insurance19,348 14,568 4,641 139  6  (198)(5,685)
Metals & Mining16,655 8,763 7,216 603 73 14 (1)(67)(29)
Transportation15,650 5,541 7,229 2,709 171 20  (261) 
Central Govt14,167 13,913 243  11   (5,401)(179)
Securities Firms6,806 3,632 3,173 1   (13)(15)(1,573)
Financial Markets Infrastructure5,455 5,399 56      (8)
All other(d)
117,170 99,814 16,799 197 360 61 (9)(3,997)(2,664)
Subtotal$1,153,082 $815,368 $306,449 $28,338 $2,927 $3,777 $80 $(15,379)$(19,801)
Loans held-for-sale and loans at fair value37,184 
Receivables from customers 58,349 
Total(e)
$1,248,615 











64












(continued from previous page)
Selected metrics
30 days or more past due and accruing
loans
Net
charge-offs/
(recoveries)
Credit derivative hedges and credit-related notes(h)
Liquid securities
and other cash collateral held against derivative
receivables
Noninvestment-grade
As of or for the year ended
Credit exposure(f)(g)
Investment- gradeNoncriticizedCriticized performingCriticized nonperforming
December 31, 2021
(in millions)
Real Estate$155,069 $120,174 $29,642 $4,636 $617 $394 $$(185)
(i)
$— 
Individuals and Individual Entities(b)
141,973 122,606 18,797 99 471 1,450 32 — (1)
Consumer & Retail122,789 59,622 53,317 9,445 405 288 (352)
(i)
— 
Asset Managers81,228 68,593 12,630 — — — (3,900)
Technology, Media & Telecommunications84,070 49,610 25,540 8,595 325 58 (1)(900)
(i)
(12)
Industrials66,974 36,953 26,957 2,895 169 428 13 (586)
(i)
(1)
Healthcare59,014 42,133 15,136 1,686 59 204 (4)(490)(174)
Banks & Finance Cos54,684 29,732 23,809 1,138 (503)
(i)
(810)
Oil & Gas42,606 20,698 20,222 1,558 128 60 (564)
(i)
— 
Utilities33,203 25,069 7,011 914 209 11 (367)
(i)
(4)
State & Municipal Govt(c)
33,216 32,522 586 101 74 — — (14)
Automotive34,573 24,606 9,446 399 122 95 (3)(463)— 
Chemicals & Plastics17,660 11,319 5,817 518 — (89)
(i)
— 
Insurance13,926 9,943 3,887 96 — — — (25)(2,366)
Metals & Mining16,696 7,848 8,491 294 63 27 (15)(4)
Transportation14,635 6,010 5,983 2,470 172 21 20 (100)
(i)
(24)
Central Govt11,317 11,067 250 — — — — (6,961)
(i)
(72)
Securities Firms4,180 2,599 1,578 — — — (47)(217)
Financial Markets Infrastructure4,377 3,987 390 — — — — — — 
All other(d)
111,690 97,537 13,580 205 368 242 (5)(7,064)
(i)
(2,503)
Subtotal$1,103,880 $782,628 $283,069 $35,049 $3,134 $3,320 $142 $(18,711)$(10,102)
Loans held-for-sale and loans at fair value39,758 

Receivables from customers 59,645 
Total(e)
$1,203,283 
(a)The industry rankings presented in the table as of December 31, 2021, are based on the industry rankings of the corresponding exposures at June 30, 2022, not actual rankings of such exposures at December 31, 2021.
(b)Individuals and Individual Entities predominantly consists of Global Private Bank clients within AWM and includes exposure to personal investment companies and personal and testamentary trusts.
(c)In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) noted above, the Firm held $6.9 billion and $7.1 billion of trading assets at June 30, 2022, and December 31, 2021, respectively; $10.1 billion and $15.9 billion, respectively, of AFS securities; and $19.2 billion and $14.0 billion, respectively, of HTM securities, issued by U.S. state and municipal governments. Refer to Note 2 and Note 9 for further information.
(d)All other includes: SPEs, and Private education and civic organizations, representing approximately 94% and 6% at both June 30, 2022 and December 31, 2021.
(e)Excludes cash placed with banks of $658.6 billion and $729.6 billion, at June 30, 2022, and December 31, 2021, respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks.
(f)Credit exposure is net of risk participations and excludes the benefit of credit derivatives and credit-related notes used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables.
(g)Credit exposure includes held-for-sale and fair value option elected lending-related commitments.
(h)Represents the net notional amounts of protection purchased and sold through credit derivatives and credit-related notes used to manage the credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. The All other category includes purchased credit protection on certain credit indices.
(i)Prior-period amounts have been revised to conform with the current presentation.
65


Presented below is additional detail on certain of the Firm’s industry exposures.
Real Estate
Real Estate exposure was $165.5 billion as of June 30, 2022, of which $95.2 billion was multifamily lending as shown in the table below. Criticized exposure decreased by $913 million from $5.3 billion at December 31, 2021 to $4.3 billion at June 30, 2022, driven by client-specific upgrades and net portfolio activity largely offset by client-specific downgrades.
June 30, 2022
(in millions, except ratios)Loans and Lending-related CommitmentsDerivative ReceivablesCredit exposure% Investment-grade
% Drawn(d)
Multifamily(a)
$95,167 $27 $95,194 83 %88 %
Office15,794 20 15,815 76 73 
Industrial14,191 15 14,206 77 67 
Services and Non Income Producing13,356 15 13,371 64 50 
Other Income Producing Properties(b)
12,743 166 12,909 72 58 
Retail9,768 25 9,792 66 67 
Lodging4,175 13 4,188 3 23 
Total Real Estate Exposure(c)
$165,194 $281 $165,475 76 %77 %
December 31, 2021
(in millions, except ratios)Loans and Lending-related CommitmentsDerivative
Receivables
Credit exposure% Investment-
grade
% Drawn(d)
Multifamily(a)
$89,032 $122 $89,154 84 %89 %
Office16,409 234 16,643 75 71 
Industrial11,546 66 11,612 75 64 
Services and Non Income Producing11,512 24 11,536 63 50 
Other Income Producing Properties(b)
13,018 498 13,516 77 55 
Retail9,580 106 9,686 61 69 
Lodging2,859 63 2,922 33 
Total Real Estate Exposure
$153,956 $1,113 $155,069 77 %77 %
(a)Multifamily exposure is largely in California.
(b)Other Income Producing Properties consists of clients with diversified property types or other property types outside of categories listed in the table above.
(c)Real Estate exposure is approximately 78% secured; unsecured exposure is approximately 76% investment-grade.
(d)Represents drawn exposure as a percentage of credit exposure.

66


Consumer & Retail
Consumer & Retail exposure was $119.3 billion as of June 30, 2022, and predominantly included Food and Beverage, Retail, and Business and Consumer Services as shown in the table below. Criticized exposure decreased by $2.9 billion from $9.9 billion at December 31, 2021 to $6.9 billion at June 30, 2022, driven by net portfolio activity and client-specific upgrades partially offset by client-specific downgrades.
June 30, 2022
(in millions, except ratios)Loans and Lending-related CommitmentsDerivative ReceivablesCredit exposure% Investment-grade
% Drawn(d)
Food and Beverage$32,755 $678 $33,433 59 %36 %
Retail(a)
32,530 637 33,167 50 34 
Business and Consumer Services30,855 476 31,331 49 38 
Consumer Hard Goods13,331 146 13,477 55 40 
Leisure(b)
7,849 62 7,911 20 39 
Total Consumer & Retail(c)
$117,320 $1,999 $119,319 51 %37 %
December 31, 2021
(in millions, except ratios)Loans and Lending-related CommitmentsDerivative
Receivables
Credit exposure% Investment-
grade
% Drawn(d)
Food and Beverage$30,434 $957 $31,391 59 %33 %
Retail(a)
32,872 1,152 34,024 50 31 
Business and Consumer Services32,159 347 32,506 46 33 
Consumer Hard Goods17,035 111 17,146 46 30 
Leisure(b)
7,620 102 7,722 17 34 
Total Consumer & Retail
$120,120 $2,669 $122,789 49 %32 %
(a)Retail consists of Home Improvement & Specialty Retailers, Restaurants, Supermarkets, Discount & Drug Stores, Specialty Apparel and Department Stores.
(b)Leisure consists of Gaming, Arts & Culture, Travel Services and Sports & Recreation. As of June 30, 2022 approximately 86% of the noninvestment-grade Leisure portfolio is secured.
(c)Consumer & Retail exposure is approximately 56% secured; unsecured exposure is approximately 77% investment-grade.
(d)Represents drawn exposure as a percent of credit exposure.
Oil & Gas
Oil & Gas exposure was $46.5 billion as of June 30, 2022, including $27.4 billion of Exploration & Production and Oil field Services as shown in the table below. The increase in derivative receivables reflects market movements related to Oil & Gas prices. Criticized exposure decreased by $708 million from $1.7 billion at December 31, 2021 to $978 million at June 30, 2022, driven by net portfolio activity and client-specific upgrades partially offset by client-specific downgrades.
June 30, 2022
(in millions, except ratios)Loans and Lending-related CommitmentsDerivative ReceivablesCredit exposure% Investment-grade
% Drawn(c)
Exploration & Production (“E&P”) and Oil field Services$16,612 $10,837 $27,449 47 %19 %
Other Oil & Gas(a)
17,510 1,589 19,099 52 23 
Total Oil & Gas(b)
$34,122 $12,426 $46,548 49 %21 %
December 31, 2021
(in millions, except ratios)Loans and Lending-related CommitmentsDerivative
Receivables
Credit exposure% Investment-
grade
% Drawn(c)
Exploration & Production (“E&P”) and Oil field Services$17,631 $5,452 $23,083 39 %26 %
Other Oil & Gas(a)
18,941 582 19,523 60 26 
Total Oil & Gas$36,572 $6,034 $42,606 49 %26 %
(a)Other Oil & Gas includes Integrated Oil & Gas companies, Midstream/Oil Pipeline companies and refineries.
(b)Oil & Gas exposure is approximately 48% secured, over half of which is reserve-based lending to the Exploration & Production sub-sector; unsecured exposure is approximately 57% investment-grade.
(c)Represents drawn exposure as a percent of credit exposure.

67


Loans
In its wholesale businesses, the Firm provides loans to a variety of clients, ranging from large corporate and institutional clients to high-net-worth individuals. Refer to Note 11 for a further discussion on loans, including information about delinquencies, loan modifications and other credit quality indicators.
The following table presents the change in the nonaccrual loan portfolio for the six months ended June 30, 2022 and 2021. Since June 30, 2021, nonaccrual loan exposure decreased $924 million driven by net portfolio activity, largely in Real Estate and Oil & Gas, partially offset by client-specific downgrades, including downgrades to certain Russia and Russia-associated clients in the first quarter of 2022, some of which paid down their loans in the second quarter of 2022.
Wholesale nonaccrual loan activity
Six month ended June 30, 2022,
(in millions)
20222021
Beginning balance
$2,445 $4,106 
Additions
1,239 1,654 
Reductions:
Paydowns and other776 1,367 
Gross charge-offs83 129 
Returned to performing status326 605 
Sales9 245 
Total reductions1,194 2,346 
Net changes45 (692)
Ending balance$2,490 $3,414 

The following table presents net charge-offs/recoveries, which are defined as gross charge-offs less recoveries, for the three and six months ended June 30, 2022 and 2021. The amounts in the table below do not include gains or losses from sales of nonaccrual loans recognized in noninterest revenue.
Wholesale net charge-offs/(recoveries)
(in millions, except ratios)Three months ended June 30,Six months ended June 30,
2022202120222021
Loans
Average loans retained
$577,850 $519,902 $568,673 $517,892 
Gross charge-offs
71 47 123 135 
Gross recoveries collected
(21)(37)(43)(72)
Net charge-offs/(recoveries)
50 10 80 63 
Net charge-off/(recovery) rate
0.03 %0.01 %0.03 %0.02 %
68


Lending-related commitments
The Firm uses lending-related financial instruments, such as commitments (including revolving credit facilities) and guarantees, to address the financing needs of its clients. The contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or when the Firm fulfills its obligations under these guarantees, and the clients subsequently fail to perform according to the terms of these contracts. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn upon or a default occurring. As a result, the Firm does not believe that the total contractual amount of these wholesale lending-related commitments is representative of the Firm’s expected future credit exposure or funding requirements. Refer to Note 22 for further information on wholesale lending-related commitments.
Receivables from customers
Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM that are collateralized by assets maintained in the clients’ brokerage accounts (e.g., cash on deposit, and liquid and readily marketable debt or equity securities). Because of this collateralization, no allowance for credit losses is generally held against these receivables. To manage its credit risk the Firm establishes margin requirements and monitors the required margin levels on an ongoing basis, and requires clients to deposit additional cash or other collateral, or to reduce positions, when appropriate. These receivables are reported within accrued interest and accounts receivable on the Firm’s Consolidated balance sheets.
Derivative contracts
Derivatives enable clients and counterparties to manage risk including credit risk and risks arising from fluctuations in interest rates, foreign exchange and equities and commodities prices. The Firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. The Firm also uses derivative instruments to manage its own credit risk and other market risk exposure. The nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the Firm is exposed. For OTC derivatives the Firm is exposed to the credit risk of the derivative counterparty. For exchange-traded derivatives (“ETD”), such as futures and options, and cleared over-the-counter (“OTC-cleared”) derivatives, the Firm can also be exposed to the credit risk of the relevant central counterparty clearing house (“CCP”). Where possible, the Firm seeks to mitigate its credit risk exposures arising from derivative contracts through the use of legally enforceable master netting arrangements and collateral agreements.
The percentage of the Firm’s over-the-counter derivative transactions subject to collateral agreements — excluding foreign exchange spot trades, which are not typically covered by collateral agreements due to their short maturity, and centrally cleared trades that are settled daily — was approximately 87% and 88% at June 30, 2022, and December 31, 2021, respectively. Refer to Note 4 for additional information on the Firm’s use of collateral agreements and for a further discussion of derivative contracts, counterparties and settlement types.
The fair value of derivative receivables reported on the Consolidated balance sheets were $81.3 billion and $57.1 billion at June 30, 2022, and December 31, 2021, respectively. The increase was driven by higher foreign exchange and commodity derivative receivables as a result of market movements. Derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and the related cash collateral held by the Firm.
In addition, the Firm held liquid securities and other cash collateral that may be used as security when the fair value of the client’s exposure is in the Firm’s favor. For these purposes, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule.
In management’s view, the appropriate measure of current credit risk should also take into consideration other collateral, which generally represents securities that do not qualify as high quality liquid assets under the LCR rule.
The benefits of these additional collateral amounts for each counterparty are subject to a legally enforceable master netting agreement and limited to the net amount of the derivative receivables for each counterparty.
The Firm also holds additional collateral (primarily cash, G7 government securities, other liquid government agency and guaranteed securities, and corporate debt and equity securities) delivered by clients at the initiation of transactions, as well as collateral related to contracts that have a non-daily call frequency and collateral that the Firm has agreed to return but has not yet settled as of the reporting date. Although this collateral does not reduce the balances and is not included in the tables below, it is available as security against potential exposure that could arise should the fair value of the client’s derivative contracts move in the Firm’s favor. Refer to Note 4 for additional information on the Firm’s use of collateral agreements.

69


The following tables summarize the net derivative receivables and the internal ratings profile for the periods presented.
Derivative receivables
(in millions)June 30,
2022
December 31,
2021
Total, net of cash collateral$81,317 $57,081 
Liquid securities and other cash collateral held against derivative receivables(19,801)(10,102)
Total, net of liquid securities and other cash collateral$61,516 $46,979 
Other collateral held against derivative receivables(1,692)(1,544)
Total, net of collateral$59,824 $45,435 
Ratings profile of derivative receivables

June 30, 2022December 31, 2021

(in millions, except ratios)
Exposure net of collateral% of exposure net of collateralExposure net of collateral% of exposure net of collateral
Investment-grade$43,139 72 %$30,278 67 %
Noninvestment-grade16,685 28 15,157 (a)33 
Total$59,824 100 %$45,435 100 %
Credit portfolio management activities
The Firm uses credit derivatives for two primary purposes: first, in its capacity as a market-maker, and second, as an end-user, to manage the Firm’s own credit risk associated with traditional lending activities (loans and lending-related commitments) and derivatives counterparty exposure in the Firm’s wholesale businesses. In addition, the Firm obtains credit protection against certain loans in the retained wholesale portfolio through the issuance of credit-related notes. Information on credit portfolio management activities is provided in the table below.
Credit derivatives and credit-related notes used in credit portfolio management activities
Notional amount of protection
purchased and sold(a)
(in millions)June 30,
2022
December 31,
2021
Credit derivatives and credit-related notes used to manage:
Loans and lending-related commitments
$4,590 $4,138 
Derivative receivables10,789 14,573 
(b)
Credit derivatives and credit-related notes used in credit portfolio management activities$15,379 $18,711 
(a)Amounts are presented net, considering the Firm’s net protection purchased or sold with respect to each underlying reference entity or index.
(b)Prior-period amount has been revised to conform with the current presentation.
Refer to Credit derivatives in Note 4 of this Form 10-Q and Note 5 of JPMorgan Chase’s 2021 Form 10-K for further information on credit derivatives and derivatives used in credit portfolio management activities.
70


ALLOWANCE FOR CREDIT LOSSES
The Firm’s allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The allowance for credit losses comprises:
the allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated) and is presented separately on the Consolidated balance sheets,
the allowance for lending-related commitments, which is presented on the Consolidated balance sheets in accounts payable and other liabilities, and
the allowance for credit losses on investment securities, which is reflected in investment securities on the Consolidated balance sheets.
Discussion of changes in the allowance
The allowance for credit losses as of June 30, 2022 was $20.0 billion, an increase of $1.3 billion from December 31, 2021, consisting of: $1.0 billion in wholesale and $311 million in consumer.
The change in allowance reflects the increased weight placed on the adverse scenarios in the current year, due to the ongoing effects associated with higher inflation, changes in monetary policy, and geopolitical risks, including the war in Ukraine, and a modest deterioration in the Firm's macroeconomic forecast. The increase in the allowance was also driven by loan growth in Card and CB in the second quarter of 2022, and client-specific Russia and Russia-associated downgrades in CIB and AWM in the first quarter of 2022.
The Firm's allowance for credit losses is estimated using a weighted average of five internally developed macroeconomic scenarios. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions provided in the table below, resulting in weighted average U.S. unemployment rates above 4% through the fourth quarter of 2023, and a 1.1% lower U.S. real GDP level exiting the fourth quarter of 2023.
The Firm’s central case assumptions reflected U.S. unemployment rates and U.S. real GDP as follows:
Assumptions at June 30, 2022
4Q222Q234Q23
U.S. unemployment rate(a)
3.6 %3.6 %3.7 %
YoY growth in U.S. real GDP(b)
1.3 %1.7 %1.2 %
Assumptions at December 31, 2021
2Q224Q222Q23
U.S. unemployment rate(a)
4.2 %4.0 %3.9 %
YoY growth in U.S. real GDP(b)
3.1 %2.8 %2.1 %
(a)Reflects quarterly average of forecasted U.S. unemployment rate.
(b)As of June 30, 2022, the year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percent change in U.S. real GDP levels from the prior year.
Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.
Refer to Note 13 and Note 10 of JPMorgan Chase's 2021 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowances for credit losses on loans, lending-related commitments, and investment securities.
Refer to Consumer Credit Portfolio on pages 57-61, Wholesale Credit Portfolio on pages 62-70 and Note 11 for additional information on the consumer and wholesale credit portfolios.
Refer to Critical Accounting Estimates Used by the Firm on pages 83-85 for further information on the allowance for credit losses and related management judgments.
71


Allowance for credit losses and related information
20222021
Six months ended June 30,Consumer, excluding
credit card
Credit cardWholesaleTotalConsumer, excluding
credit card
Credit cardWholesaleTotal
(in millions, except ratios)
Allowance for loan losses
Beginning balance at January 1,$1,765 $10,250 $4,371 $16,386 $3,636 $17,800 $6,892 $28,328 
Gross charge-offs384 1,505 123 2,012 308 2,213 135 2,656 
Gross recoveries collected(311)(419)(43)(773)(318)(475)(72)(865)
Net charge-offs/(recoveries)73 1,086 80 1,239 (10)1,738 63 1,791 
Provision for loan losses237 1,236 1,125 2,598 (1,746)(3,562)(1,730)(7,038)
Other 5 5 (2)— 
Ending balance at June 30,$1,929 $10,400 $5,421 $17,750 $1,898 $12,500 $5,102 $19,500 
Allowance for lending-related commitments
Beginning balance at January 1,$113 $ $2,148 $2,261 $187 $— $2,222 $2,409 
Provision for lending-related commitments(2) (37)(39)(46)— 634 588 
Other(1) 1  — — 
Ending balance at June 30,$110 $ $2,112 $2,222 $142 $— $2,856 $2,998 
Impairment methodology
Asset-specific(a)
$(676)$227 $332 $(117)$(557)$443 $488 $374 
Portfolio-based2,605 10,173 5,089 17,867 2,455 12,057 4,614 19,126 
Total allowance for loan losses$1,929 $10,400 $5,421 $17,750 $1,898 $12,500 $5,102 $19,500 
Impairment methodology
Asset-specific$ $ $78 $78 $— $— $150 $150 
Portfolio-based110  2,034 2,144 142 — 2,706 2,848 
Total allowance for lending-related commitments
$110 $ $2,112 $2,222 $142 $— $2,856 $2,998 
Total allowance for investment securitiesNANANA$47 NANANA$87 
Total allowance for credit losses$2,039 $10,400 $7,533 $20,019 $2,040 $12,500 $7,958 $22,585 
Memo:
Retained loans, end of period
$302,631 $165,494 $584,265 $1,052,390 $297,731 $141,079 $524,855 $963,665 
Retained loans, average
297,566 153,941 568,673 1,020,180 300,430 134,796 517,892 953,118 
Credit ratios
Allowance for loan losses to retained loans
0.64 %6.28 %0.93 %1.69 %0.64 %8.86 %0.97 %2.02 %
Allowance for loan losses to retained nonaccrual loans(b)
46 NM260 283 37 NM189 247 
Allowance for loan losses to retained nonaccrual loans excluding credit card
46 NM260 117 37 NM189 89 
Net charge-off/(recovery) rates0.05 1.42 0.03 0.24 (0.01)2.60 0.02 0.38 
(a)Includes collateral dependent loans, including those considered TDRs and those for which foreclosure is deemed probable, modified PCD loans, and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a TDR. Also includes risk-rated loans that have been placed on nonaccrual status for the wholesale portfolio segment. The asset-specific allowance for credit card loans modified, or reasonably expected to be modified, in a TDR is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.
(b)The Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.





















72


Allocation of allowance for loan losses
The table below presents a breakdown of the allowance for loan losses by loan class. Refer to Note 11 for further information on loan classes.
June 30, 2022December 31, 2021

(in millions, except ratios)
Allowance for loan lossesPercent of retained loans to total retained loansAllowance for loan lossesPercent of retained loans to total retained loans
Residential real estate$974 23 %$817 22 %
Auto and other955 6 948 
Consumer, excluding credit card1,929 29 1,765 29 
Credit card10,400 16 10,250 15 
Total consumer12,329 44 12,015 45 
Secured by real estate1,531 12 1,495 12 
Commercial and industrial2,691 15 1,881 14 
Other1,199 29 995 29 
Total wholesale5,421 56 4,371 55 
Total$17,750 100 %$16,386 100 %







73


INVESTMENT PORTFOLIO RISK MANAGEMENT
Investment portfolio risk is the risk associated with the loss of principal or a reduction in expected returns on investments arising from the investment securities portfolio or from principal investments. The investment securities portfolio is predominantly held by Treasury and CIO in connection with the Firm’s balance sheet and asset-liability management objectives. Principal investments are predominantly privately-held financial instruments and are managed in the LOBs and Corporate. Investments are typically intended to be held over extended periods and, accordingly, the Firm has no expectation for short-term realized gains with respect to these investments.
Investment securities risk
Investment securities risk includes the exposure associated with a default in the payment of principal and interest. This risk is mitigated given that the investment securities portfolio held by Treasury and CIO predominantly consists of high-quality securities. At June 30, 2022, the Treasury and CIO investment securities portfolio, net of allowance for credit losses, was $661.9 billion, and the average credit rating of the securities comprising the portfolio was AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings). Refer to Corporate segment results on pages 41-42 and Note 9 for further information on the investment securities portfolio and internal risk ratings. Refer to Liquidity Risk Management on pages 50-54 for further information on related liquidity risk. Refer to Market Risk Management on pages 75-79 for further information on the market risk inherent in the portfolio.
Principal investment risk
Principal investments are typically privately-held financial instruments representing ownership interests or other forms of junior capital. In general, principal investments include tax-oriented investments and investments made to enhance or accelerate the Firm’s business strategies and exclude those that are consolidated on the Firm's balance sheets. These investments are made by dedicated investing businesses or as part of a broader business strategy. The Firm’s principal investments are managed by the LOBs and Corporate and are reflected within their respective financial results. The Firm’s investments will continue to evolve in line with its strategies, including the Firm’s commitment to support underserved communities and minority-owned businesses.
The table below presents the aggregate carrying values of the principal investment portfolios as June 30, 2022 and December 31, 2021.
(in billions)June 30, 2022December 31, 2021
Tax-oriented investments, primarily in alternative energy and affordable housing$23.7 $23.2 
Private equity, various debt and equity instruments, and real assets9.6 
(a)
7.3 
Total carrying value$33.3 $30.5 
(a)Includes the Firm's 40% ownership stake in C6 Bank.
Refer to page 132 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the Firm’s Investment Portfolio Risk Management governance and oversight.
74


MARKET RISK MANAGEMENT
Market risk is the risk associated with the effect of changes in market factors such as interest and foreign exchange rates, equity and commodity prices, credit spreads or implied volatilities, on the value of assets and liabilities held for both the short and long term. Refer to Market Risk Management on pages 133-140 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the Firm’s Market Risk Management organization, market risk measurement, risk monitoring and control, and predominant business activities that give rise to market risk.
Models used to measure market risk are inherently imprecise and are limited in their ability to measure certain risks or to predict losses. This imprecision may be heightened when sudden or severe shifts in market conditions occur. For additional discussion on model uncertainty refer to Estimations and Model Risk Management on page 149 of JPMorgan Chase’s 2021 Form 10-K.
Market Risk Management periodically reviews the Firm’s existing market risk measures to identify opportunities for enhancement, and to the extent appropriate, will calibrate those measures accordingly over time.
Value-at-risk
JPMorgan Chase utilizes value-at-risk (“VaR”), a statistical risk measure, to estimate the potential loss from adverse market moves in the current market environment. The Firm has a single VaR framework used as a basis for calculating Risk Management VaR and Regulatory VaR.
The Firm’s Risk Management VaR is calculated assuming a one-day holding period and an expected tail-loss methodology which approximates a 95% confidence level. For risk management purposes, the Firm believes this methodology provides a daily measure of risk that is closely aligned to risk management decisions made by the LOBs and Corporate and, along with other market risk measures, provides the appropriate information needed to respond to risk events. The Firm calculates separately a daily aggregated VaR in accordance with regulatory rules (“Regulatory VaR”), which is used to derive the Firm’s regulatory VaR-based capital requirements under Basel III.
The Firm’s VaR model calculations are periodically evaluated and enhanced in response to changes in the composition of the Firm’s portfolios, changes in market conditions, improvements in the Firm’s modeling techniques and measurements, and other factors. Such changes may affect historical comparisons of VaR results. Refer to Estimations and Model Risk Management on page 149 of JPMorgan Chase’s 2021 Form 10-K for information regarding model reviews and approvals.
Refer to page 135 of JPMorgan Chase’s 2021 Form 10-K for further information regarding VaR, including the inherent limitations, and the key differences between Risk Management VaR and Regulatory VaR. Refer to JPMorgan Chase’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for additional information on Regulatory VaR and the other components of market risk regulatory capital for the Firm (e.g., VaR-based measure, stressed VaR-based measure and the respective backtesting). Refer to Other risk measures on pages 138-140 of JPMorgan Chase’s 2021 Form 10-K for further information regarding nonstatistical market risk measures used by the Firm.

75


The table below shows the results of the Firm’s Risk Management VaR measure using a 95% confidence level. VaR can vary significantly as positions change, market volatility fluctuates, and diversification benefits change.
Total VaR
Three months ended
June 30, 2022March 31, 2022June 30, 2021
(in millions) Avg.MinMax Avg.MinMax Avg.MinMax
CIB trading VaR by risk type
Fixed income$60 $48 $79 $47 $33 $64 $39 $33 $44 
Foreign exchange8 4 13 
Equities11 7 15 12 18 18 11 23 
Commodities and other
14 12 17 15 10 23 22 12 35 
Diversification benefit to CIB trading VaR
(43)
(a)
 NM
(e)
 NM
(e)
(33)
(a)
NM
(e)
NM
(e)
(44)
(a)
NM
(e)
NM
(e)
CIB trading VaR50 38 

66 

45 34 59 41 34 51 
Credit Portfolio VaR17 
(b)(c)
6 
(b)
31 
(b)(c)
29 
(b)(c)
(b)
235 
(b)(c)
Diversification benefit to CIB VaR
(15)
(a)
 NM
(e)
 NM
(e)
(10)
(a)
NM
(e)
NM
(e)
(6)
(a)
NM
(e)
NM
(e)
CIB VaR
52 38 

70 

64 35 240 41 34 52 
CCB VaR
5 4 6 
Corporate and other LOB VaR
10 
(d)
9 

11 13 10 16 20 
(d)
18 22 
Diversification benefit to other VaR
(3)
(a)
 NM
(e)
 NM
(e)
(4)
(a)
NM
(e)
NM
(e)
(5)
(a)
NM
(e)
NM
(e)
Other VaR12 10 

14 

13 10 17 20 19 22 
Diversification benefit to CIB and other VaR
(10)
(a)
 NM
(e)
 NM
(e)
(14)
(a)
NM
(e)
NM
(e)
(18)
(a)
NM
(e)
NM
(e)
Total VaR$54 $41 

$71 

$63 $34 $242 $43 $35 $52 
(a)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across LOBs, Corporate, and risk types.
(b)In the first quarter of 2022, in line with the Firm's internal model governance, the credit risk component of CVA related to certain counterparties was removed from Credit Portfolio VaR due to the widening of the credit spreads for those counterparties to elevated levels. The related hedges were also removed to maintain consistency. This exposure is now reflected in other sensitivity-based measures.
(c)During the period ended March 31, 2022, the effects of nickel price increases and the associated volatility in the nickel market resulted in elevated average and maximum Credit Portfolio VaR. During the period ended June 30, 2022, average and maximum Credit Portfolio VaR decreased driven by a reduction in nickel-related exposure, although average and maximum Credit Portfolio VaR remained elevated when compared to the prior year period.
(d)The decrease in Corporate and other LOB VaR was driven by lower market values for a legacy private equity position which is publicly traded.
(e)The maximum and minimum VaR for each portfolio may have occurred on different trading days than the components and consequently diversification benefit is not meaningful.
Quarter over quarter results
Average total VaR decreased by $9 million for the three months ended June 30, 2022 when compared with March 31, 2022 due to decreases in Credit Portfolio VaR predominantly driven by changes in nickel-related counterparty exposure, largely offset by increased market volatility impacting Fixed income.
Year over year results
Average total VaR increased by $11 million for the three months ended June 30, 2022, compared with the same period in the prior year. This increase was largely driven by market volatility impacting Fixed income as well as increases in Credit Portfolio VaR due to the effects of nickel price increases and the associated volatility in the nickel market observed in March 2022.
The following graph presents daily Risk Management VaR for the five trailing quarters. The movement in VaR in March 2022 was driven by changes in nickel-related counterparty exposure in the Firm's Credit portfolio.
Daily Risk Management VaR
https://cdn.kscope.io/17a556608ac4594dbb3c1882aeec2184-jpm-20220630_g2.jpg
Second Quarter
2021
Third Quarter
2021
Fourth Quarter
2021
First Quarter
2022
Second Quarter
2022
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VaR backtesting
The Firm performs daily VaR model backtesting, which compares the daily Risk Management VaR results with the daily gains and losses that are utilized for VaR backtesting purposes. The gains and losses depicted in the chart below do not reflect the Firm’s reported revenue as they exclude select components of total net revenue, such as those associated with the execution of new transactions (i.e., intraday client-driven trading and intraday risk management activities), fees, commissions, certain valuation adjustments and net interest income. These excluded components of total net revenue may more than offset the backtesting gain or loss on a particular day. The definition of backtesting gains and losses above is consistent with the requirements for backtesting under Basel III capital rules.
A backtesting exception occurs when the daily backtesting loss exceeds the daily Risk Management VaR for the prior day. Under the Firm’s Risk Management VaR methodology, assuming current changes in market values are consistent with the historical changes used in the simulation, the Firm would expect to incur VaR backtesting exceptions on average five times every 100 trading days. The number of VaR backtesting exceptions observed can differ from the statistically expected number of backtesting exceptions if the current level of market volatility is materially different from the level of market volatility during the 12 months of historical data used in the VaR calculation.
For the 12 months ended June 30, 2022, the Firm posted backtesting gains on 148 of the 261 days, and observed 22 VaR backtesting exceptions. For the three months ended June 30, 2022, the Firm posted backtesting gains on 37 of the 65 days, and observed three VaR backtesting exceptions.
The following chart presents the distribution of Firmwide daily backtesting gains and losses for the trailing 12 months and three months ended June 30, 2022. The daily backtesting losses are displayed as a percentage of the corresponding daily Risk Management VaR. The count of days with backtesting losses are shown in aggregate, in fifty percentage point intervals. Backtesting exceptions are displayed within the intervals that are greater than one hundred percent. The results in the chart below differ from the results of backtesting disclosed in the Market Risk section of the Firm’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are based on Regulatory VaR applied to the Firm’s covered positions.
Distribution of Daily Backtesting Gains and Losses


https://cdn.kscope.io/17a556608ac4594dbb3c1882aeec2184-jpm-20220630_g3.jpg

77


Earnings-at-risk
The effect of interest rate exposure on the Firm’s reported net income is important as interest rate risk represents one of the Firm’s significant market risks. Interest rate risk arises not only from trading activities but also from the Firm’s traditional banking activities, which include extension of loans and credit facilities, taking deposits, issuing debt and the investment securities portfolio. Refer to the table on page 134 of JPMorgan Chase’s 2021 Form 10-K for a summary by LOB and Corporate, identifying positions included in earnings-at-risk.
One way the Firm evaluates its structural interest rate risk is through earnings-at-risk. Earnings-at-risk estimates the Firm’s interest rate exposure for a given interest rate scenario. It is presented as a sensitivity to a baseline, which includes net interest income and certain interest rate sensitive fees. The baseline uses market interest rates and in the case of deposits, pricing assumptions. The Firm conducts simulations of changes to this baseline for interest rate-sensitive assets and liabilities denominated in U.S. dollars and other currencies (“non-U.S. dollar” currencies). These simulations primarily include retained loans, deposits, deposits with banks, investment securities, long-term debt and any related interest rate hedges, and funds transfer pricing of other positions in risk management VaR and other sensitivity-based measures as described on page 134 of JPMorgan Chase’s 2021 Form 10-K.
Earnings-at-risk scenarios estimate the potential change to a net interest income baseline, over the following 12 months utilizing multiple assumptions. These scenarios include a parallel shift involving changes to both short-term and long-term rates by an equal amount; a steeper yield curve involving holding short-term rates constant and increasing long-term rates; and a flatter yield curve involving increasing short-term rates and holding long-term rates constant or holding short-term rates constant and decreasing long-term rates. These scenarios consider many different factors, including:
The impact on exposures as a result of instantaneous changes in interest rates from baseline rates.
Forecasted balance sheet, as well as modeled prepayment and reinvestment behavior, but excluding assumptions about actions that could be taken by the Firm or its clients and customers in response to any such instantaneous rate changes. Mortgage prepayment assumptions are based on the interest rates used in the scenarios compared with underlying contractual rates, the time since origination, and other factors which are updated periodically based on historical experience. Deposit forecasts used in the baseline and scenarios include certain assumptions relating to the reversal of Quantitative Easing.
The pricing sensitivity of deposits, known as deposit betas, represent the amount by which deposit rates paid could change upon a given change in market interest rates. The deposit rates paid in these scenarios differ from actual deposit rates paid, due to repricing lags and other factors.
The Firm’s earnings-at-risk scenarios are periodically evaluated and enhanced in response to changes in the composition of the Firm’s balance sheet, changes in market conditions, improvements in the Firm’s simulation and other factors. While a relevant measure of the Firm’s interest rate exposure, the earnings-at-risk analysis does not represent a forecast of the Firm’s net interest income (Refer to Outlook on page 8 for additional information).
The Firm’s U.S. dollar sensitivities are presented in the table below.
(in billions)June 30, 2022December 31, 2021
Parallel shift:
+100 bps shift in rates$(1.4)$5.0 
-100 bps shift in rates(1.0)NM
(a)
Steeper yield curve:
+100 bps shift in long-term rates0.5 1.8 
-100 bps shift in short-term rates(0.4)NM
(a)
Flatter yield curve:
+100 bps shift in short-term rates(1.8)3.2 
-100 bps shift in long-term rates(0.6)NM
(a)
(a)Given the level of market interest rates, these scenarios were not considered to be meaningful as of December 31, 2021.
The change in the Firm’s U.S. dollar sensitivities as of June 30, 2022 compared to December 31, 2021 reflected updates to the Firm’s baseline for higher rates as well as the impact of changes in the Firm’s balance sheet.
As of June 30, 2022, the Firm’s sensitivity to the +100 basis points parallel and short-term shift in rates is primarily the result of a greater impact from liabilities repricing compared to the impact of assets repricing, while a +100 basis points shift in long-term rates and the -100 basis points shift in rates are primarily the result of a greater impact from assets repricing compared to the impact of liabilities repricing.
The Firm’s non-U.S. dollar sensitivities are presented in the table below.
(in billions)June 30, 2022December 31, 2021
Parallel shift:
+100 bps shift in rates$0.9 $0.8 
-100 bps shift in rates(0.8)NM
(a)
Steeper yield curve:
-100 bps shift in short-term rates(0.8)NM
(a)
Flatter yield curve:
+100 bps shift in short-term rates0.8 0.8 
(a)Given the level of market interest rates, these scenarios were not considered to be meaningful as of December 31, 2021.
The results of the non-U.S. dollar interest rate scenario involving a steeper/flatter yield curve with long-term rates increasing/decreasing by 100 basis points and short-term rates staying at current levels were not material to the Firm’s earnings-at-risk at June 30, 2022 and December 31, 2021.
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Other sensitivity-based measures
The Firm quantifies the market risk of certain debt and equity and credit and funding-related exposures by assessing the potential impact on net revenue, other comprehensive income (“OCI”) and noninterest expense due to changes in relevant market variables. Refer to the predominant business activities that give rise to market risk on page 140 of JPMorgan Chase’s 2021 Form 10-K for additional information on the positions captured in other sensitivity-based measures.
The table below represents the potential impact to net revenue, OCI or noninterest expense for market risk-sensitive instruments that are not included in VaR or earnings-at-risk. Where appropriate, instruments used for hedging purposes are reported net of the positions being hedged. The sensitivities disclosed in the table below may not be representative of the actual gain or loss that would have been realized at June 30, 2022 and December 31, 2021, as the movement in market parameters across maturities may vary and are not intended to imply management’s expectation of future changes in these sensitivities.
Gain/(loss) (in millions)
June 30, 2022December 31, 2021
ActivityDescriptionSensitivity measure
Debt and equity(a)
Asset Management activities
Consists of seed capital and related hedges; fund co-investments(c); and certain deferred compensation and related hedges(d)
10% decline in market value$(50)$(69)
Other debt and equity
Consists of certain real estate-related fair value option elected loans, privately held equity and other investments held at fair value(c)
10% decline in market value(1,098)(971)
Credit- and funding-related exposures
Non-USD LTD cross-currency basis
Represents the basis risk on derivatives used to hedge the foreign exchange risk on the non-USD LTD(e)
1 basis point parallel tightening of cross currency basis(14)(16)
Non-USD LTD hedges foreign currency (“FX”) exposure
Primarily represents the foreign exchange revaluation on the fair value of the derivative hedges(e)
10% depreciation of currency(5)15 
Derivatives – funding spread risk
Impact of changes in the spread related to derivatives FVA(c)
1 basis point parallel increase in spread(5)(7)
CVA - counterparty credit risk(b)
Credit risk component of CVA and associated hedges
10% credit spread widening(1)N/A
Fair value option elected liabilities – funding spread risk
Impact of changes in the spread related to fair value option elected liabilities DVA(e)
1 basis point parallel increase in spread44 41 
Fair value option elected liabilities – interest rate sensitivity
Interest rate sensitivity on fair value option elected liabilities resulting from a change in the Firm’s own credit spread(e)
1 basis point parallel increase in spread (3)
Interest rate sensitivity related to risk management of changes in the Firm’s own credit spread on the fair value option elected liabilities noted above(c)
1 basis point parallel increase in spread 
(a)Excludes equity securities without readily determinable fair values that are measured under the measurement alternative. Refer to Note 2 for additional information.
(b)In the first quarter of 2022, in line with the Firm's internal model governance, the credit risk component of CVA related to certain counterparties was removed from Credit Portfolio VaR due to the widening of the credit spreads for those counterparties to elevated levels. The related hedges were also removed to maintain consistency. This exposure is now reflected in other sensitivity-based measures.
(c)Impact recognized through net revenue.
(d)Impact recognized through noninterest expense.
(e)Impact recognized through OCI.
79


COUNTRY RISK MANAGEMENT
The Firm, through its LOBs and Corporate, may be exposed to country risk resulting from financial, economic, political or other significant developments which adversely affect the value of the Firm’s exposures related to a particular country or set of countries. The Country Risk Management group actively monitors the various portfolios which may be impacted by these developments and measures the extent to which the Firm’s exposures are diversified given the Firm’s strategy and risk tolerance relative to a country.
Refer to pages 141-142 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of the Firm’s country risk management.
Sources and measurement
The Firm is exposed to country risk through its lending and deposits, investing, and market-making activities, whether cross-border or locally funded. Country exposure includes activity with both government and private-sector entities in a country.
Under the Firm’s internal country risk management approach, attribution of exposure to an individual country is based on the country where the largest proportion of the assets of the counterparty, issuer, obligor or guarantor are located or where the largest proportion of its revenue is derived, which may be different than the domicile (i.e. legal residence) or country of incorporation.
Individual country exposures reflect an aggregation of the Firm’s risk to an immediate default, with zero recovery, of the counterparties, issuers, obligors or guarantors attributed to that country. Activities which result in contingent or indirect exposure to a country are not included in the country exposure measure (for example, providing clearing services or secondary exposure to collateral on securities financing receivables).
Assumptions are sometimes required in determining the measurement and allocation of country exposure, particularly in the case of certain non-linear or index products, or where the nature of the counterparty, issuer, obligor or guarantor is not suitable for attribution to an individual country. The use of different measurement approaches or assumptions could affect the amount of reported country exposure.
Under the Firm’s internal country risk measurement framework:
Lending exposures are measured at the total committed amount (funded and unfunded), net of the allowance for credit losses and eligible cash and marketable securities collateral received
Deposits are measured as the cash balances placed with central and commercial banks
Securities financing exposures are measured at their receivable balance, net of eligible collateral received
Debt and equity securities are measured at the fair value of all positions, including both long and short positions
Counterparty exposure on derivative receivables is measured at the derivative’s fair value, net of the fair value of the eligible collateral received
Credit derivatives exposure is measured at the net notional amount of protection purchased or sold for the same underlying reference entity, inclusive of the fair value of the derivative receivable or payable; reflecting the manner in which the Firm manages these exposures
The Firm’s internal country risk reporting differs from the reporting provided under the FFIEC bank regulatory requirements.






















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Risk Reporting
The following table presents the Firm’s top 20 exposures by country (excluding the U.S.) as of June 30, 2022 and their comparative exposures as of December 31, 2021. The selection of countries represents the Firm’s largest total exposures by individual country, based on the Firm’s internal country risk management approach, and does not represent the Firm’s view of any existing or potentially adverse credit conditions. Country exposures may fluctuate from period to period due to client activity and market flows.
The increase in exposure to Germany and the decrease in exposure to the U.K. were primarily due to changes in cash placements with the central banks of those countries driven by balance sheet and liquidity management activities.
The decrease in exposure to Australia was driven by a reduction in cash placed with the central bank of Australia, largely due to client-driven market-making activities and lower client cash deposits following recent interest rate increases.
As of June 30, 2022, exposure to Russia, based on the Firm's internal country risk measurement framework, was approximately $600 million.

Top 20 country exposures (excluding the U.S.)(a)

(in billions)
June 30, 2022
December 31, 2021(e)
Lending and deposits(b)
Trading and investing(c)
Other(d)
Total exposureTotal exposure
Germany$95.0 $(0.2)$0.4 $95.2 $61.7 
United Kingdom63.1 9.8 2.3 75.2 96.4 
Japan39.1 9.7 0.3 49.1 45.5 
Australia12.0 7.2 0.1 19.3 39.1 
France12.3 0.8 5.8 18.9 14.0 
Switzerland10.7 1.3 5.1 17.1 20.9 
China9.8 6.4 0.8 17.0 18.6 
Canada13.9 2.3 0.2 16.4 16.9 
Brazil8.1 8.2  16.3 12.0 
Singapore7.3 3.6 0.7 11.6 12.3 
Luxembourg10.1 1.3  11.4 11.5 
Spain9.8 0.4  10.2 10.1 
Netherlands9.4  0.6 10.0 6.8 
Belgium8.8 1.2  10.0 6.8 
India5.3 3.8 0.2 9.3 14.7 
South Korea 4.8 4.1 0.3 9.2 8.7 
Saudi Arabia6.4 2.6  9.0 9.1 
Hong Kong SAR3.5 1.5 0.5 5.5 5.9 
Ireland4.2 0.9  5.1 2.7 
Mexico4.6 0.5  5.1 4.9 
(a)Country exposures presented in the table reflect 88% and 87% of total Firmwide non-U.S. exposure, where exposure is attributed to an individual country, at June 30, 2022 and December 31, 2021, respectively.
(b)Lending and deposits includes loans and accrued interest receivable, lending-related commitments (net of eligible collateral and the allowance for credit losses), deposits with banks (including central banks), acceptances, other monetary assets, and issued letters of credit net of risk participations. Excludes intra-day and operating exposures, such as those from settlement and clearing activities.
(c)Includes market-making inventory, investment securities, and counterparty exposure on derivative and securities financings net of eligible collateral and hedging. Includes exposure from single reference entity (“single-name”), index and other multiple reference entity transactions for which one or more of the underlying reference entities is in a country listed in the above table.
(d)Predominantly includes physical commodity inventory.
(e)The country rankings presented in the table as of December 31, 2021, are based on the country rankings of the corresponding exposures at June 30, 2022, not actual rankings of such exposures at December 31, 2021.
81


OPERATIONAL RISK MANAGEMENT
Operational risk is the risk of an adverse outcome resulting from inadequate or failed internal processes or systems, human factors, or external events impacting the Firm’s processes or systems. Operational Risk includes compliance, conduct, legal, and estimations and model risk. Operational risk is inherent in the Firm’s activities and can manifest itself in various ways, including fraudulent acts, business disruptions (including those caused by extraordinary events beyond the Firm's control), cyberattacks, inappropriate employee behavior, failure to comply with applicable laws, rules and regulations or failure of vendors or other third party providers to perform in accordance with their agreements. Operational Risk Management attempts to manage operational risk at appropriate levels in light of the Firm’s financial position, the characteristics of its businesses, and the markets and regulatory environments in which it operates. Refer to Operational Risk Management on pages 143-149 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the Firm’s Operational Risk Management. Details on other select examples of operational risks are provided below.
In response to the war in Ukraine, numerous sanctions have been imposed on Russia and Russia-associated entities and individuals by various governments around the world, including the authorities in the U.S., the U.K. and the EU. These sanctions are complex and continue to evolve. The Firm continues to face increased operational risk associated with interpreting and maintaining these complex compliance programs. To manage this increased risk, the Firm implemented additional controls reasonably designed to mitigate the risk of non-compliance and to prevent dealing with sanctioned persons or in property subject to sanctions, as well as to block or restrict payments as required by the applicable regulations.
Business and technology resiliency risk
Disruptions can occur due to forces beyond the Firm’s control such as the spread of infectious diseases or pandemics, severe weather, power or telecommunications loss, failure of a third party to provide expected services, cyberattacks and terrorism. The Firmwide Business Resiliency Program is designed to enable the Firm to prepare for, adapt to, withstand and recover from business disruptions including occurrence of an extraordinary event beyond its control that may impact critical business functions and supporting assets (i.e., staff, technology, facilities and third parties). The program includes governance, awareness training, planning and testing of recovery strategies, as well as strategic and tactical initiatives to identify, assess, and manage business interruption and public safety risks.
Cybersecurity Risk
The Firm continues to face increased risk of cyber attacks due to potential retaliation for the sanctions imposed as a result of the war in Ukraine. The Firm implemented additional precautionary measures and controls reasonably designed to address this increased risk, such as enhanced threat monitoring. There can be no assurance that the measures taken by the Firm to protect against cybersecurity breaches will provide absolute security against cyber attacks.

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CRITICAL ACCOUNTING ESTIMATES USED BY THE FIRM
JPMorgan Chase’s accounting policies and use of estimates are integral to understanding its reported results. The Firm’s most complex accounting estimates require management’s judgment to ascertain the appropriate carrying value of assets and liabilities. The Firm has established policies and control procedures intended to ensure that estimation methods, including any judgments made as part of such methods, are well-controlled, independently reviewed and applied consistently from period to period. The methods used and judgments made reflect, among other factors, the nature of the assets or liabilities and the related business and risk management strategies, which may vary across the Firm’s businesses and portfolios. In addition, the policies and procedures are intended to ensure that the process for changing methodologies occurs in an appropriate manner. The Firm believes its estimates for determining the carrying value of its assets and liabilities are appropriate. The following is a brief description of the Firm’s critical accounting estimates involving significant judgments.
Allowance for credit losses
The Firm’s allowance for credit losses represents management’s estimate of expected credit losses over the remaining expected life of the Firm’s financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The allowance for credit losses comprises:
The allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated),
The allowance for lending-related commitments, and
The allowance for credit losses on investment securities.
The allowance for credit losses involves significant judgment on a number of matters including development and weighting of macroeconomic forecasts, incorporation of historical loss experience, assessment of risk characteristics, assignment of risk ratings, valuation of collateral, and the determination of remaining expected life. Refer to Note 10 and Note 13 of JPMorgan Chase's 2021 Form 10-K for further information on these judgments as well as the Firm’s policies and methodologies used to determine the Firm’s allowance for credit losses; and refer to Allowance for credit losses on pages 71-73 and Note 12 of this Form 10-Q for further information.
One of the most significant judgments involved in estimating the Firm’s allowance for credit losses relates to the macroeconomic forecasts used to estimate credit losses over the eight-quarter forecast period within the Firm’s methodology. The eight-quarter forecast incorporates hundreds of MEVs that are relevant for exposures across the Firm, with modeled credit losses being driven primarily by a subset of less than twenty variables. The specific variables that have the greatest effect on the modeled losses of each portfolio vary by portfolio and geography.
Key MEVs for the consumer portfolio include U.S. unemployment, HPI and U.S. real GDP.
Key MEVs for the wholesale portfolio include U.S. real GDP, U.S. unemployment, U.S. equity prices, corporate credit spreads, oil prices, commercial real estate prices and HPI.
Changes in the Firm’s assumptions and forecasts of economic conditions could significantly affect its estimate of expected credit losses in the portfolio at the balance sheet date or lead to significant changes in the estimate from one reporting period to the next.
It is difficult to estimate how potential changes in any one factor or input might affect the overall allowance for credit losses because management considers a wide variety of factors and inputs in estimating the allowance for credit losses. Changes in the factors and inputs considered may not occur at the same rate and may not be consistent across all geographies or product types, and changes in factors and inputs may be directionally inconsistent, such that improvement in one factor or input may offset deterioration in others.
To consider the impact of a hypothetical alternate macroeconomic forecast, the Firm compared the modeled credit losses determined using its central and relative adverse macroeconomic scenarios, which are two of the five scenarios considered in estimating the allowances for loan losses and lending-related commitments. The central and relative adverse scenarios each included a full suite of MEVs, but differed in the levels, paths and peaks/troughs of those variables over the eight-quarter forecast period.
For example, compared to the Firm’s central scenario shown on page 71 and in Note 12, the Firm’s relative adverse scenario assumes an elevated U.S. unemployment rate, averaging approximately 2.2% higher
over the eight-quarter forecast, with a peak difference of
approximately 3.7% in the second quarter of 2023; lower
U.S. real GDP with a slower recovery, remaining nearly
2.9% lower at the end of the eight-quarter forecast, with a
peak difference of approximately 5.8% in the second
quarter of 2023; and lower national HPI with a peak
difference of 17.6% in the first quarter of 2024.
This analysis is not intended to estimate expected future changes in the allowance for credit losses, for a number of reasons, including:
The allowance as of June 30, 2022, reflects credit losses beyond those estimated under the central scenario due to the weight placed on the adverse scenarios.
The impacts of changes in many MEVs are both interrelated and nonlinear, so the results of this analysis cannot be simply extrapolated for more severe changes in macroeconomic variables.
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Expectations of future changes in portfolio composition and borrower behavior can significantly affect the allowance for credit losses.
To demonstrate the sensitivity of credit loss estimates to macroeconomic forecasts as of June 30, 2022, the Firm compared the modeled estimates under its relative adverse scenario to its central scenario. Without considering offsetting or correlated effects in other qualitative components of the Firm’s allowance for credit losses, the comparison between these two scenarios for the exposures below reflect the following differences:
An increase of approximately $600 million for residential real estate loans and lending-related commitments
An increase of approximately $2.0 billion for credit card loans
An increase of approximately $3.0 billion for wholesale loans and lending-related commitments
This analysis relates only to the modeled credit loss estimates and is not intended to estimate changes in the overall allowance for credit losses as it does not reflect any potential changes in other adjustments to the quantitative calculation, which would also be influenced by the judgment management applies to the modeled lifetime loss estimates to reflect the uncertainty and imprecision of these modeled lifetime loss estimates based on then-current circumstances and conditions.
Recognizing that forecasts of macroeconomic conditions are inherently uncertain, particularly in light of the recent economic conditions, the Firm believes that its process to consider the available information and associated risks and uncertainties is appropriately governed and that its estimates of expected credit losses were reasonable and appropriate for the period ended June 30, 2022.
Fair value
JPMorgan Chase carries a portion of its assets and liabilities at fair value. The majority of such assets and liabilities are measured at fair value on a recurring basis, including derivatives, structured note products and certain securities financing agreements. Certain assets and liabilities are measured at fair value on a nonrecurring basis, including certain mortgage, home equity and other loans, where the carrying value is based on the fair value of the underlying collateral.
Assets measured at fair value
The following table includes the Firm’s assets measured at fair value and the portion of such assets that are classified within level 3 of the fair value hierarchy. Refer to Note 2 for further information.
June 30, 2022
(in billions, except ratios)
Total assets at fair valueTotal level 3 assets
Federal funds sold and securities purchased under resale agreements$319.2 $— 
Securities borrowed74.0 — 
Trading assets:
Trading–debt and equity instruments384.2 3.3 
Derivative receivables(a)
81.3 8.9 
Total trading assets465.5 12.2 
AFS securities222.1 0.2 
Loans47.1 2.0 
MSRs7.4 7.4 
Other18.1 0.5 
Total assets measured at fair value on a recurring basis
1,153.4 22.3 
Total assets measured at fair value on a nonrecurring basis
3.3 1.7 
Total assets measured at fair value
$1,156.7 $24.0 
Total Firm assets$3,841.3 
Level 3 assets at fair value as a percentage of total Firm assets(a)
0.6 %
Level 3 assets at fair value as a percentage of total Firm assets at fair value(a)
2.1 %
(a)For purposes of the table above, the derivative receivables total reflects the impact of netting adjustments; however, the $8.9 billion of derivative receivables classified as level 3 does not reflect the netting adjustment as such netting is not relevant to a presentation based on the transparency of inputs to the valuation of an asset. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.

84


Valuation
Estimating fair value requires the application of judgment. The type and level of judgment required is largely dependent on the amount of observable market information available to the Firm. For instruments valued using internally developed valuation models and other valuation techniques that use significant unobservable inputs and are therefore classified within level 3 of the fair value hierarchy, judgments used to estimate fair value are more significant than those required when estimating the fair value of instruments classified within levels 1 and 2.
In arriving at an estimate of fair value for an instrument within level 3, management must first determine the appropriate valuation model or other valuation technique to use. Second, the lack of observability of certain significant inputs requires management to assess relevant empirical data in deriving valuation inputs including, for example, transaction details, yield curves, interest rates, prepayment speed, default rates, volatilities, correlations, prices (such as commodity, equity or debt prices), valuations of comparable instruments, foreign exchange rates and credit curves. Refer to Note 2 for a further discussion of the valuation of level 3 instruments, including unobservable inputs used.
For instruments classified in levels 2 and 3, management judgment must be applied to assess the appropriate level of valuation adjustments to reflect counterparty credit quality, the Firm’s creditworthiness, market funding rates, liquidity considerations, unobservable parameters, and for portfolios that meet specified criteria, the size of the net open risk position. The judgments made are typically affected by the type of product and its specific contractual terms, and the level of liquidity for the product or within the market as a whole. In periods of heightened market volatility and uncertainty judgments are further affected by the wider variation of reasonable valuation estimates, particularly for positions that are less liquid. Refer to Note 2 for a further discussion of valuation adjustments applied by the Firm.
Imprecision in estimating unobservable market inputs or other factors can affect the amount of gain or loss recorded for a particular position. Furthermore, while the Firm believes its valuation methods are appropriate and consistent with those of other market participants, the methods and assumptions used reflect management judgment and may vary across the Firm’s businesses and portfolios.
The Firm uses various methodologies and assumptions in the determination of fair value. The use of methodologies or assumptions different than those used by the Firm could result in a different estimate of fair value at the reporting date. Refer to Note 2 for a detailed discussion of the Firm’s valuation process and hierarchy, and its determination of fair value for individual financial instruments.
Credit card rewards liability
The credit card rewards liability was $10.6 billion and $9.8 billion at June 30, 2022 and December 31, 2021, respectively, and is recorded in accounts payable and other liabilities on the Consolidated balance sheets. Refer to page 152 of JPMorgan Chase’s 2021 Form 10-K for a description of the significant assumptions and sensitivities, associated with the Firm’s credit card rewards liability.
Income taxes
Refer to Income taxes on pages 152-153 of JPMorgan Chase’s 2021 Form 10-K for a description of the significant assumptions, judgments and interpretations associated with the accounting for income taxes.
Goodwill impairment
Management applies significant judgment when testing goodwill for impairment. Refer to Goodwill impairment on page 152 of JPMorgan Chase’s 2021 Form 10-K for a description of the significant valuation judgments associated with goodwill impairment.
Refer to Note 14 for additional information on goodwill, including the goodwill impairment assessment as of June 30, 2022.
Litigation reserves
Refer to Note 24 of this Form 10-Q, and Note 30 of JPMorgan Chase’s 2021 Form 10-K for a description of the significant estimates and judgments associated with establishing litigation reserves.
85


ACCOUNTING AND REPORTING DEVELOPMENTS
Financial Accounting Standards Board (“FASB”) Standards Adopted since January 1, 2021
Standard
Summary of guidance
Effects on financial statements
Reference Rate
Reform

Issued March
2020 and updated January 2021
Provides optional expedients and exceptions to current accounting guidance when financial instruments, hedge accounting relationships, and other transactions are amended due to reference rate reform.
Provides an election to account for certain contract amendments related to reference rate reform as modifications rather than extinguishments without the requirement to assess the significance of the amendments.
Allows for changes in critical terms of a hedge accounting relationship without automatic termination of that relationship. Provides various practical expedients and elections designed to allow hedge accounting to continue uninterrupted during the transition period.
Provides a one-time election to transfer securities out of the held-to-maturity classification if certain criteria are met.
The January 2021 update provides an election to account for derivatives modified to change the rate used for discounting, margining, or contract price alignment (collectively “discounting transition”) as modifications.
Issued and effective March 12, 2020. The January 7, 2021 update was effective when issued.
The Firm elected to apply certain of the practical expedients related to contract modifications and hedge accounting relationships, and discounting transition beginning in the third quarter of 2020. The discounting transition election was applied retrospectively. The main purpose of the practical expedients is to ease the administrative burden of accounting for contracts impacted by reference rate reform. These elections did not have a material impact on the Consolidated Financial Statements.
FASB Standards Issued but not yet Adopted
Standard
Summary of guidance
Effects on financial statements
Derivatives and Hedging: Fair Value Hedging – Portfolio Layer Method

Issued March 2022
Expands the current ability to hedge a portfolio of prepayable assets to allow more of the portfolio to be hedged. Non-prepayable assets can also be included in the same portfolio, thus increasing the size of the portfolio and the amount available to be hedged.
Clarifies the types of derivatives that can be used as hedges, and the balance sheet presentation and updates the disclosure guidance for the hedge accounting adjustments.
Required effective date: January 1, 2023. (a)
The Firm is currently evaluating the potential impact on the Consolidated Financial Statements, as well as the Firm's planned date of adoption.
Financial Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures

Issued March 2022

Eliminates existing accounting and disclosure requirements for Troubled Debt Restructurings, including the requirement to measure the allowance using a discounted cash flow methodology.
Requires disclosure of loan modifications for borrowers experiencing financial difficulty involving principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or a combination of these modifications.
Requires disclosure of current period loan charge-off information by origination year.
May be adopted prospectively, or by using a modified retrospective method wherein the effect of adoption is reflected as an adjustment to retained earnings at the effective date.
Required effective date: January 1, 2023. (a)
The Firm is currently evaluating the potential impact on the Consolidated Financial Statements.
The Firm plans to adopt the new guidance on January 1, 2023.
(a)Early adoption is permitted.
86


FORWARD-LOOKING STATEMENTS
From time to time, the Firm has made and will make forward-looking statements. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipate,” “target,” “expect,” “estimate,” “intend,” “plan,” “goal,” “believe,” or other words of similar meaning. Forward-looking statements provide JPMorgan Chase’s current expectations or forecasts of future events, circumstances, results or aspirations. JPMorgan Chase’s disclosures in this Form 10-Q contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Firm also may make forward-looking statements in its other documents filed or furnished with the SEC. In addition, the Firm’s senior management may make forward-looking statements orally to investors, analysts, representatives of the media and others.
All forward-looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Firm’s control. JPMorgan Chase’s actual future results may differ materially from those set forth in its forward-looking statements. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ from those in the forward-looking statements:
Local, regional and global business, economic and political conditions and geopolitical events, including the war in Ukraine;
Changes in laws, rules and regulatory requirements, including capital and liquidity requirements affecting the Firm’s businesses, and the ability of the Firm to address those requirements;
Heightened regulatory and governmental oversight and scrutiny of JPMorgan Chase’s business practices, including dealings with retail customers;
Changes in trade, monetary and fiscal policies and laws;
Changes in the level of inflation;
Changes in income tax laws, rules and regulations;
Securities and capital markets behavior, including changes in market liquidity and volatility;
Changes in investor sentiment or consumer spending or savings behavior;
Ability of the Firm to manage effectively its capital and liquidity;
Changes in credit ratings assigned to the Firm or its subsidiaries;
Damage to the Firm’s reputation;
Ability of the Firm to appropriately address social, environmental and sustainability concerns that may arise, including from its business activities;
Ability of the Firm to deal effectively with an economic slowdown or other economic or market disruption, including, but not limited to, in the interest rate environment;
Technology changes instituted by the Firm, its counterparties or competitors;
The effectiveness of the Firm’s control agenda;
Ability of the Firm to develop or discontinue products and services, and the extent to which products or services previously sold by the Firm require the Firm to incur liabilities or absorb losses not contemplated at their initiation or origination;
Acceptance of the Firm’s new and existing products and services by the marketplace and the ability of the Firm to innovate and to increase market share;
Ability of the Firm to attract and retain qualified and diverse employees;
Ability of the Firm to control expenses;
Competitive pressures;
Changes in the credit quality of the Firm’s clients, customers and counterparties;
Adequacy of the Firm’s risk management framework, disclosure controls and procedures and internal control over financial reporting;
Adverse judicial or regulatory proceedings;
Ability of the Firm to determine accurate values of certain assets and liabilities;
Occurrence of natural or man-made disasters or calamities, including health emergencies, the spread of infectious diseases, epidemics or pandemics, an outbreak or escalation of hostilities or other geopolitical instabilities, the effects of climate change or extraordinary events beyond the Firm's control, and the Firm’s ability to deal effectively with disruptions caused by the foregoing;
Ability of the Firm to maintain the security of its financial, accounting, technology, data processing and other operational systems and facilities;
Ability of the Firm to withstand disruptions that may be caused by any failure of its operational systems or those of third parties;
Ability of the Firm to effectively defend itself against cyberattacks and other attempts by unauthorized parties to access information of the Firm or its customers or to disrupt the Firm’s systems;
Economic, financial, reputational and other impacts of the COVID-19 pandemic; and
The other risks and uncertainties detailed in Part I, Item 1A: Risk Factors in JPMorgan Chase’s 2021 Form 10-K.
Any forward-looking statements made by or on behalf of the Firm speak only as of the date they are made, and JPMorgan Chase does not undertake to update any forward-looking statements. The reader should, however, consult any further disclosures of a forward-looking nature the Firm may make in any subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
87



JPMorgan Chase & Co.
Consolidated statements of income (unaudited)
Three months ended June 30,Six months ended June 30,
(in millions, except per share data)2022202120222021
Revenue
Investment banking fees$1,586 $3,470 $3,594 $6,440 
Principal transactions4,990 4,076 10,095 10,576 
Lending- and deposit-related fees1,873 1,760 3,712 3,447 
Asset management, administration and commissions5,240 5,194 10,602 10,223 
Investment securities losses(153)(155)(547)(141)
Mortgage fees and related income378 551 838 1,255 
Card income1,133 1,647 2,108 2,997 
Other income540 1,195 2,030 2,318 
Noninterest revenue15,587 17,738 32,432 37,115 
Interest income18,646 14,094 34,142 28,365 
Interest expense3,518 1,353 5,142 2,735 
Net interest income15,128 12,741 29,000 25,630 
Total net revenue30,715 30,479 61,432 62,745 
Provision for credit losses1,101 (2,285)2,564 (6,441)
Noninterest expense
Compensation expense10,301 9,814 21,088 20,415 
Occupancy expense1,129 1,090 2,263 2,205 
Technology, communications and equipment expense2,376 2,488 4,736 5,007 
Professional and outside services2,469 2,385 5,041 4,588 
Marketing881 626 1,801 1,377 
Other expense1,593 1,264 3,011 2,800 
Total noninterest expense18,749 17,667 37,940 36,392 
Income before income tax expense10,865 15,097 20,928 32,794 
Income tax expense2,216 3,149 3,997 6,546 
Net income$8,649 $11,948 $16,931 $26,248 
Net income applicable to common stockholders$8,195 $11,496 $16,039 $25,346 
Net income per common share data
Basic earnings per share$2.77 $3.79 $5.40 $8.30 
Diluted earnings per share2.76 3.78 5.39 8.28 
Weighted-average basic shares2,962.2 3,036.6 2,969.6 3,054.9 
Weighted-average diluted shares2,966.3 3,041.9 2,973.7 3,060.3 
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
88


JPMorgan Chase & Co.
Consolidated statements of comprehensive income (unaudited)
Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
Net income$8,649 $11,948 $16,931 $26,248 
Other comprehensive income/(loss), after–tax
Unrealized gains/(losses) on investment securities(4,031)674 (11,484)(3,665)
Translation adjustments, net of hedges(679)64 (741)(186)
Fair value hedges51 (23)161 (51)
Cash flow hedges(1,348)591 (4,139)(1,658)
Defined benefit pension and OPEB plans20 9 87 77 
DVA on fair value option elected liabilities1,185 214 1,831 67 
Total other comprehensive income/(loss), after–tax(4,802)1,529 (14,285)(5,416)
Comprehensive income$3,847 $13,477 $2,646 $20,832 
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

89


JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)
(in millions, except share data)June 30, 2022December 31, 2021
Assets
Cash and due from banks$27,215 $26,438 
Deposits with banks642,045 714,396 
Federal funds sold and securities purchased under resale agreements (included $319,188 and $252,720 at fair value)
322,156 261,698 
Securities borrowed (included $73,995 and $81,463 at fair value)
202,393 206,071 
Trading assets (included assets pledged of $98,070 and $102,710)
465,577 433,575 
Available-for-sale securities (amortized cost of $231,904 and $308,254, net of allowance for credit losses; included assets pledged of $15,162 and $18,268)
222,069 308,525 
Held-to-maturity securities (net of allowance for credit losses)441,649 363,707 
Investment securities, net of allowance for credit losses663,718 672,232 
Loans (included $47,056 and $58,820 at fair value)
1,104,155 1,077,714 
Allowance for loan losses(17,750)(16,386)
Loans, net of allowance for loan losses1,086,405 1,061,328 
Accrued interest and accounts receivable145,442 102,570 
Premises and equipment26,770 27,070 
Goodwill, MSRs and other intangible assets59,360 56,691 
Other assets (included $18,940 and $14,753 at fair value and assets pledged of $10,267 and $5,298)
200,233 181,498 
Total assets(a)
$3,841,314 $3,743,567 
Liabilities
Deposits (included $13,270 and $11,333 at fair value)
$2,471,544 $2,462,303 
Federal funds purchased and securities loaned or sold under repurchase agreements (included $156,340 and $126,435 at fair value)
222,719 194,340 
Short-term borrowings (included $16,879 and $20,015 at fair value)
58,422 53,594 
Trading liabilities190,308 164,693 
Accounts payable and other liabilities (included $9,753 and $5,651 at fair value)
313,326 262,755 
Beneficial interests issued by consolidated VIEs (included $5 and $12 at fair value)
10,640 10,750 
Long-term debt (included $66,062 and $74,934 at fair value)
288,212 301,005 
Total liabilities(a)
3,555,171 3,449,440 
Commitments and contingencies (refer to Notes 22, 23 and 24)
Stockholders’ equity
Preferred stock ($1 par value; authorized 200,000,000 shares; issued 3,283,750 and 3,483,750 shares)
32,838 34,838 
Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)
4,105 4,105 
Additional paid-in capital88,614 88,415 
Retained earnings282,445 272,268 
Accumulated other comprehensive income/(loss)(14,369)(84)
Treasury stock, at cost (1,172,361,505 and 1,160,784,750 shares)
(107,490)(105,415)
Total stockholders’ equity286,143 294,127 
Total liabilities and stockholders’ equity$3,841,314 $3,743,567 
(a) The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at June 30, 2022, and December 31, 2021. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.
(in millions)June 30, 2022December 31, 2021
Assets
Trading assets$2,012 $2,010 
Loans31,677 33,024 
All other assets567 490 
Total assets$34,256 $35,524 
Liabilities
Beneficial interests issued by consolidated VIEs$10,640 $10,750 
All other liabilities267 245 
Total liabilities$10,907 $10,995 
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
90


JPMorgan Chase & Co.
Consolidated statements of changes in stockholders’ equity (unaudited)
Three months ended June 30,Six months ended June 30,
(in millions, except per share data)2022202120222021
Preferred stock
Balance at the beginning of the period$32,838 $31,563 $34,838 $30,063 
Issuance 3,850  5,350 
Redemption (2,575)(2,000)(2,575)
Balance at June 3032,838 32,838 32,838 32,838 
Common stock
Balance at the beginning and end of the period4,105 4,105 4,105 4,105 
Additional paid-in capital
Balance at the beginning of the period88,260 88,005 88,415 88,394 
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects354 229 199 (134)
Other
 (40) (66)
Balance at June 3088,614 88,194 88,614 88,194 
Retained earnings
Balance at the beginning of the period277,177 248,151 272,268 236,990 
Net income8,649 11,948 16,931 26,248 
Dividends declared:
Preferred stock(410)(393)(807)(772)
Common stock ($1.00 and $0.90 per share and $2.00 and $1.80 per share, respectively)
(2,971)(2,723)(5,947)(5,483)
Balance at June 30282,445 256,983 282,445 256,983 
Accumulated other comprehensive income/(loss)
Balance at the beginning of the period(9,567)1,041 (84)7,986 
Other comprehensive income/(loss), after-tax(4,802)1,529 (14,285)(5,416)
Balance at June 30(14,369)2,570 (14,369)2,570 
Treasury stock, at cost
Balance at the beginning of the period(106,914)(92,151)(105,415)(88,184)
Repurchase(622)(6,201)(3,122)(11,200)
Reissuance46 48 1,047 1,080 
Balance at June 30(107,490)(98,304)(107,490)(98,304)
Total stockholders’ equity$286,143 $286,386 $286,143 $286,386 
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
91


JPMorgan Chase & Co.
Consolidated statements of cash flows (unaudited)
Six months ended June 30,
(in millions)20222021
Operating activities
Net income$16,931 $26,248 
Adjustments to reconcile net income to net cash used in operating activities:
Provision for credit losses2,564 (6,441)
Depreciation and amortization3,609 4,073 
Deferred tax (benefit)/expense(2,086)1,027 
Other2,172 1,788 
Originations and purchases of loans held-for-sale(102,857)(184,866)
Proceeds from sales, securitizations and paydowns of loans held-for-sale116,764 161,030 
Net change in:
Trading assets(53,816)(2,004)
Securities borrowed3,379 (25,838)
Accrued interest and accounts receivable(43,051)(34,929)
Other assets(14,930)2,709 
Trading liabilities23,646 (3,521)
Accounts payable and other liabilities70,976 30,772 
Other operating adjustments800 (390)
Net cash provided by/(used in) operating activities24,101 (30,342)
Investing activities
Net change in:
Federal funds sold and securities purchased under resale agreements(60,833)35,283 
Held-to-maturity securities:
Proceeds from paydowns and maturities20,952 26,224 
Purchases(27,490)(63,072)
Available-for-sale securities:
Proceeds from paydowns and maturities21,913 28,727 
Proceeds from sales36,217 125,192 
Purchases(66,200)(109,944)
Proceeds from sales and securitizations of loans held-for-investment22,185 16,165 
Other changes in loans, net(67,802)(21,980)
All other investing activities, net(4,753)(3,506)
Net cash provided by/(used in) investing activities(125,811)33,089 
Financing activities
Net change in:
Deposits5,841 138,578 
Federal funds purchased and securities loaned or sold under repurchase agreements28,586 30,260 
Short-term borrowings5,622 5,862 
Beneficial interests issued by consolidated VIEs552 (674)
Proceeds from long-term borrowings45,873 55,767 
Payments of long-term borrowings(25,991)(33,464)
Proceeds from issuance of preferred stock 5,350 
Redemption of preferred stock(2,000)(2,575)
Treasury stock repurchased(3,162)(11,000)
Dividends paid(6,774)(6,314)
All other financing activities, net423 (822)
Net cash provided by financing activities48,970 180,968 
Effect of exchange rate changes on cash and due from banks and deposits with banks(18,834)(5,903)
Net increase/(decrease) in cash and due from banks and deposits with banks(71,574)177,812 
Cash and due from banks and deposits with banks at the beginning of the period740,834 527,609 
Cash and due from banks and deposits with banks at the end of the period$669,260 $705,421 
Cash interest paid$4,457 $2,461 
Cash income taxes paid, net3,100 13,716 
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
92


Refer to the Glossary of Terms and Acronyms on pages 182-190 for definitions of terms and acronyms used throughout the Notes to Consolidated Financial Statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
Note 1 – Basis of presentation
JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the U.S., with 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. Refer to Note 25 for a further discussion of the Firm’s business segments.
The accounting and financial reporting policies of JPMorgan Chase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities.
The unaudited Consolidated Financial Statements prepared in conformity with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and the disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included such that this interim financial information is fairly stated.
These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, included in JPMorgan Chase’s 2021 Form 10-K.
Certain amounts reported in prior periods have been reclassified to conform with the current presentation.
Consolidation
The Consolidated Financial Statements include the accounts of JPMorgan Chase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated.
Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorgan Chase and are not included on the Consolidated balance sheets.
The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity.
Refer to Notes 1 and 14 of JPMorgan Chase’s 2021 Form 10-K for a further description of JPMorgan Chase’s accounting policies regarding consolidation.
Offsetting assets and liabilities
U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities financing activities to be presented on a net basis when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances where it has determined that the specified conditions are met. Refer to Note 1 of JPMorgan Chase’s 2021 Form 10-K for further information on offsetting assets and liabilities.
93


Note 2 – Fair value measurement
Refer to Note 2 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy.

94


The following table presents the assets and liabilities reported at fair value as of June 30, 2022, and December 31, 2021, by major product category and fair value hierarchy.
Assets and liabilities measured at fair value on a recurring basis
Fair value hierarchy
Derivative
netting
adjustments
(f)
June 30, 2022 (in millions)Level 1Level 2Level 3Total fair value
Federal funds sold and securities purchased under resale agreements$ $319,187 $1 $ $319,188 
Securities borrowed 73,995   73,995 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
 50,166 803  50,969 
Residential – nonagency 2,191 14  2,205 
Commercial – nonagency 1,646 10  1,656 
Total mortgage-backed securities 54,003 827  54,830 
U.S. Treasury, GSEs and government agencies(a)
64,403 10,013   74,416 
Obligations of U.S. states and municipalities 6,938 7  6,945 
Certificates of deposit, bankers’ acceptances and commercial paper
 677   677 
Non-U.S. government debt securities33,142 47,976 205  81,323 
Corporate debt securities 25,943 574  26,517 
Loans 6,900 898  7,798 
Asset-backed securities 2,711 20  2,731 
Total debt instruments97,545 155,161 2,531  255,237 
Equity securities84,045 2,429 661  87,135 
Physical commodities(b)
3,413 19,480 2  22,895 
Other 18,861 87  18,948 
Total debt and equity instruments(c)
185,003 195,931 3,281  384,215 
Derivative receivables:
Interest rate3,682 246,878 2,584 (231,214)21,930 
Credit 12,847 731 (11,971)1,607 
Foreign exchange254 260,425 1,175 (233,688)28,166 
Equity 72,297 3,884 (66,004)10,177 
Commodity 48,168 581 (29,312)19,437 
Total derivative receivables3,936 640,615 8,955 (572,189)81,317 
Total trading assets(d)
188,939 836,546 12,236 (572,189)465,532 
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
 63,689   63,689 
Residential – nonagency 5,475   5,475 
Commercial – nonagency 2,153   2,153 
Total mortgage-backed securities 71,317   71,317 
U.S. Treasury and government agencies109,984    109,984 
Obligations of U.S. states and municipalities 10,133   10,133 
Non-U.S. government debt securities6,597 9,211   15,808 
Corporate debt securities 133 186  319 
Asset-backed securities:
Collateralized loan obligations 10,972   10,972 
Other 3,536   3,536 
Total available-for-sale securities116,581 105,302 186  222,069 
Loans (e)
 45,036 2,020  47,056 
Mortgage servicing rights  7,439  7,439 
Other assets(d)
9,969 7,752 408  18,129 
Total assets measured at fair value on a recurring basis$315,489 $1,387,818 $22,290 $(572,189)$1,153,408 
Deposits$ $11,238 $2,032 $ $13,270 
Federal funds purchased and securities loaned or sold under repurchase agreements
 156,340   156,340 
Short-term borrowings 14,778 2,101  16,879 
Trading liabilities:
Debt and equity instruments(c)
104,871 32,964 56  137,891 
Derivative payables:
Interest rate2,706 232,342 2,164 (225,687)11,525 
Credit 10,841 482 (10,433)890 
Foreign exchange240 258,116 930 (240,045)19,241 
Equity 71,601 5,118 (66,555)10,164 
Commodity 42,434 555 (32,392)10,597 
Total derivative payables2,946 615,334 9,249 (575,112)52,417 
Total trading liabilities107,817 648,298 9,305 (575,112)190,308 
Accounts payable and other liabilities6,752 2,928 73  9,753 
Beneficial interests issued by consolidated VIEs 5   5 
Long-term debt 42,985 23,077  66,062 
Total liabilities measured at fair value on a recurring basis$114,569 $876,572 $36,588 $(575,112)$452,617 
95


Fair value hierarchy
Derivative
netting
adjustments
(f)
December 31, 2021 (in millions)Level 1Level 2Level 3Total fair value
Federal funds sold and securities purchased under resale agreements$ $252,720 $ $— $252,720 
Securities borrowed 81,463  — 81,463 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
 38,944 265 — 39,209 
Residential – nonagency 2,358 28 — 2,386 
Commercial – nonagency 1,506 10 — 1,516 
Total mortgage-backed securities 42,808 303 — 43,111 
U.S. Treasury, GSEs and government agencies(a)
68,527 9,181  — 77,708 
Obligations of U.S. states and municipalities 7,068 7 — 7,075 
Certificates of deposit, bankers’ acceptances and commercial paper
 852  — 852 
Non-U.S. government debt securities26,982 44,581 81 — 71,644 
Corporate debt securities 24,491 332 — 24,823 
Loans 7,366 708 — 8,074 
Asset-backed securities 2,668 26 — 2,694 
Total debt instruments95,509 139,015 1,457 — 235,981 
Equity securities86,904 1,741 662 — 89,307 
Physical commodities(b)
5,357 20,788  — 26,145 
Other 24,850 160 — 25,010 
Total debt and equity instruments(c)
187,770 186,394 2,279 — 376,443 
Derivative receivables:
Interest rate1,072 267,493 

2,020 (248,611)21,974 
Credit 9,321 518 (8,808)1,031 
Foreign exchange134 168,590 

855 (156,954)12,625 
Equity 65,139 3,492 (58,650)9,981 
Commodity 26,232 421 (15,183)11,470 
Total derivative receivables1,206 536,775 

7,306 (488,206)57,081 
Total trading assets(d)
188,976 723,169 

9,585 (488,206)433,524 
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
4 72,539  — 72,543 
Residential – nonagency 6,070  — 6,070 
Commercial – nonagency 4,949  — 4,949 
Total mortgage-backed securities4 83,558  — 83,562 
U.S. Treasury and government agencies177,463   — 177,463 
Obligations of U.S. states and municipalities 15,860  — 15,860 
Non-U.S. government debt securities5,430 10,779  — 16,209 
Corporate debt securities 160 161 — 321 
Asset-backed securities:
Collateralized loan obligations 9,662  — 9,662 
Other 5,448  — 5,448 
Total available-for-sale securities182,897 125,467 161 — 308,525 
Loans(e)
 56,887 1,933 — 58,820 
Mortgage servicing rights  5,494 — 5,494 
Other assets(d)
9,558 4,139 306 — 14,003 
Total assets measured at fair value on a recurring basis$381,431 $1,243,845 

$17,479 

$(488,206)$1,154,549 
Deposits$ $9,016 $2,317 $— $11,333 
Federal funds purchased and securities loaned or sold under repurchase agreements
 126,435  — 126,435 
Short-term borrowings 17,534 2,481 — 20,015 
Trading liabilities:
Debt and equity instruments(c)
87,831 26,716 30 — 114,577 
Derivative payables:
Interest rate981 237,714 

2,036 (232,537)8,194 
Credit 10,468 

444 (10,032)880 
Foreign exchange123 174,349 

1,274 (161,649)14,097 
Equity 72,609 

7,118 (62,494)17,233 
Commodity 26,600 

1,328 (18,216)9,712 
Total derivative payables1,104 521,740 

12,200 (484,928)50,116 
Total trading liabilities88,935 548,456 

12,230 (484,928)164,693 
Accounts payable and other liabilities5,115 467 

69 — 5,651 
Beneficial interests issued by consolidated VIEs 12 

 — 12 
Long-term debt 50,560 

24,374 — 74,934 
Total liabilities measured at fair value on a recurring basis$94,050 $752,480 

$41,471 $(484,928)$403,073 
(a)At June 30, 2022, and December 31, 2021, included total U.S. GSE obligations of $70.0 billion and $73.9 billion, respectively, which were mortgage-related.
(b)Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. Refer to Note 4 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.
96


(c)Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).
(d)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At June 30, 2022, and December 31, 2021, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $856 million and $801 million, respectively. Included in these balances at June 30, 2022, and December 31, 2021, were trading assets of $45 million and $51 million, respectively, and other assets of $811 million and $750 million, respectively.
(e)At June 30, 2022, and December 31, 2021, included $13.5 billion and $26.2 billion, respectively, of residential first-lien mortgages, and $7.7 billion and $8.2 billion, respectively, of commercial first-lien mortgages. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. GSEs and government agencies of $4.4 billion and $13.6 billion, respectively.
(f)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.
Level 3 valuations
Refer to Note 2 of JPMorgan Chase’s 2021 Form 10-K for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments.
The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy.
The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value.
In the Firm’s view, the input range, weighted and arithmetic average values do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date.

97


Level 3 inputs(a)
June 30, 2022
Product/Instrument
Fair value
(in millions)
Principal valuation technique
Unobservable inputs(g)
Range of input values
Average(i)
Residential mortgage-backed securities and loans(b)
$1,731 Discounted cash flowsYield3%18%6%
Prepayment speed2%12%9%
Conditional default rate0%5%0%
Loss severity0%110%3%
Commercial mortgage-backed securities and loans(c)
418 Market comparablesPrice$0$103$87
Corporate debt securities760 Market comparablesPrice$0$243$94
Loans(d)
1,596 Market comparablesPrice$0$356$89
Non-U.S. government debt securities205 Market comparablesPrice$6$109$94
Net interest rate derivatives415 Option pricingInterest rate volatility22 bps836 bps141 bps
Interest rate spread volatility11 bps23 bps15 bps
Interest rate correlation(82)%89%17%
IR-FX correlation(35)%65%6%
5 Discounted cash flowsPrepayment speed0%30%7%
Net credit derivatives227 Discounted cash flowsCredit correlation30%60%47%
Credit spread1 bps5,308 bps656 bps
Recovery rate12%67%45%
22 Market comparablesPrice$0$115$79
Net foreign exchange derivatives338 Option pricingIR-FX correlation(40)%65%18%
(93)Discounted cash flowsPrepayment speed9%9%
Interest rate curve2%42%11%
Net equity derivatives(1,234)Option pricing
Forward equity price(h)
80%138%100%
Equity volatility4%127%36%
Equity correlation17%98%55%
Equity-FX correlation(77)%59%(26)%
Equity-IR correlation15%50%28%
Net commodity derivatives26 Option pricingOil commodity forward$128 / BBL$347 / BBL$237 / BBL
Industrial metals commodity forward$1,854 / MT$3,313 / MT$2,583 / MT
Commodity volatility4%150%77%
Commodity correlation(30)%98%34%
MSRs7,439 Discounted cash flows
Refer to Note 14
Long-term debt, short-term borrowings, and deposits(e)
26,284 Option pricingInterest rate volatility22 bps836 bps141 bps
Interest rate correlation(82)%89%17%
IR-FX correlation(35)%65%6%
Equity correlation17%98%55%
Equity-FX correlation(77)%59%(26)%
Equity-IR correlation15%50%28%
926 Discounted cash flowsCredit correlation30%60%47%
Other level 3 assets and liabilities, net(f)
1,057 
(a)The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ.
(b)Comprises U.S. GSE and government agency securities of $803 million, nonagency securities of $14 million and non-trading loans of $914 million.
(c)Comprises nonagency securities of $10 million, trading loans of $40 million and non-trading loans of $368 million.
(d)Comprises trading loans of $858 million and non-trading loans of $738 million.
(e)Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables.
(f)Includes equity securities of $918 million including $257 million in Other Assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate.
(g)Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100.
(h)Forward equity price is expressed as a percentage of the current equity price.
(i)Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used.
98


Changes in and ranges of unobservable inputs
Refer to Note 2 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions.
Changes in level 3 recurring fair value measurements
The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three and six months ended June 30, 2022 and 2021. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Also, the Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments.




99


Fair value measurements using significant unobservable inputs
Three months ended June 30, 2022
(in millions)
Fair value at
  April 1,
2022
Total realized/unrealized gains/(losses)Transfers into
level 3
Transfers (out of) level 3Fair value at
June 30, 2022
Change in unrealized gains/(losses) related
to financial instruments held at June 30, 2022
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Federal funds sold and securities purchased under resale agreements$ $ $ $ $ $1 $ $1 $ 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$286 $(1)$643 $(118)$(7)$ $ $803 $(2)
Residential – nonagency10  5  (1)  14  
Commercial – nonagency
10       10  
Total mortgage-backed securities
306 (1)648 (118)(8)  827 (2)
Obligations of U.S. states and municipalities
7       7  
Non-U.S. government debt securities
133 (9)177 (86) 6 (16)205 (8)
Corporate debt securities293 (16)272 (12) 57 (20)574 (16)
Loans1,049 (33)122 (164)(152)254 (178)898 (32)
Asset-backed securities28  1 (10) 1  20  
Total debt instruments1,816 (59)1,220 (390)(160)318 (214)2,531 (58)
Equity securities663 (99)98 (61) 106 (46)661 (90)
Physical commodities  2     2  
Other175 66 6  (158) (2)87 60 
Total trading assets – debt and equity instruments
2,654 (92)
(c)
1,326 (451)(318)424 (262)3,281 (88)
(c)
Net derivative receivables:(b)
Interest rate367 160 99 (135)105 44 (220)420 204 
Credit44 264 4 (3)(65)1 4 249 255 
Foreign exchange76 193 15 (19)(38)24 (6)245 174 
Equity(2,583)1,838 162 (466)(140)(227)182 (1,234)1,788 
Commodity(414)382 18 (69)112 (1)(2)26 423 
Total net derivative receivables
(2,510)2,837 
(c)
298 (692)(26)(159)(42)(294)2,844 
(c)
Available-for-sale securities:
Mortgage-backed securities         
Corporate debt securities205 (19)     186 (19)
Total available-for-sale securities
205 (19)
(d)
     186 (19)
(d)
Loans2,072 (82)
(c)
273 (95)(250)226 (124)2,020 (80)
(c)
Mortgage servicing rights7,294 654 
(e)
341 (614)(236)  7,439 654 
(e)
Other assets341 116 
(c)
5 (28)(20) (6)408 116 
(c)
Fair value measurements using significant unobservable inputs
Three months ended
June 30, 2022
(in millions)
Fair value at
  April 1,
2022
Total realized/unrealized (gains)/lossesTransfers into
level 3
Transfers (out of) level 3Fair value at
June 30, 2022
Change in unrealized (gains)/losses related
to financial instruments held at June 30, 2022
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$2,121 $(160)
(c)(f)
$ $ $138 $(21)$ $(46)$2,032 $(160)
(c)(f)
Short-term borrowings2,146 14 
(c)(f)
  963 (1,036)14  2,101 93 
(c)(f)
Trading liabilities – debt and equity instruments
41 1 
(c)
(20)4   30  56 1 
(c)
Accounts payable and other liabilities
108 (2)
(c)
(28)1    (6)73 (2)
(c)
Beneficial interests issued by consolidated VIEs
  

        

Long-term debt24,394 (2,640)
(c)(f)
  3,470 (2,045)179 (281)23,077 (2,613)
(c)(f)
100


Fair value measurements using significant unobservable inputs
Three months ended
June 30, 2021
(in millions)
Fair value at
April 1,
2021
Total realized/unrealized gains/(losses)Transfers into
level 3
Transfers (out of) level 3Fair value at
June 30, 2021
Change in unrealized gains/(losses) related
to financial instruments held at June 30, 2021
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$397 $(33)$1 $(8)$(28)$1 $(1)$329 $(34)
Residential – nonagency32  6 (21)(1)  16  
Commercial – nonagency2  11  (3)  10 1 
Total mortgage-backed securities
431 (33)18 (29)(32)1 (1)355 (33)
Obligations of U.S. states and municipalities
8       8  
Non-U.S. government debt securities
177 1 84 (79)   183 (1)
Corporate debt securities370 30 228 (154) 28 (15)487 30 
Loans832 (1)294 (85)(125)85 (205)795 1 
Asset-backed securities54 8 10 (36)(1)  35 1 
Total debt instruments1,872 5 634 (383)(158)114 (221)1,863 (2)
Equity securities688 8 23 (27) 24 (26)690 15 
Other122 7 36  (26)3 (95)47 19 
Total trading assets – debt and equity instruments
2,682 20 
(c)
693 (410)(184)141 (342)2,600 32 
(c)
Net derivative receivables:(b)
Interest rate149 524 18 (9)(657)

(2)(45)(22)198 
Credit(4)(34)1 (2)17 (6)11 (17)(13)
Foreign exchange(539)2 37 (48)(12)1 (24)(583)(104)
Equity(3,834)(941)

281 (407)

600 

(91)(544)

(4,936)(942)
Commodity(911)(347)6 (81)165  1 (1,167)(198)
Total net derivative receivables
(5,139)(796)
(c)
343 (547)

113 

(98)(601)

(6,725)(1,059)
(c)
Available-for-sale securities:
Mortgage-backed securities  

  

 

  

  
Corporate debt securities         
Total available-for-sale securities
  
(d)
       
(d)
Loans1,823 7 
(c)
240 (135)(318)445 (328)1,734 (11)
(c)
Mortgage servicing rights4,470 (528)
(e)
814 (25)(182)  4,549 (528)
(e)
Other assets511 31 
(c)
4  (27) (1)518 35 
(c)
Fair value measurements using significant unobservable inputs
Three months ended
June 30, 2021
(in millions)
Fair value at
April 1,
2021
Total realized/unrealized (gains)/lossesTransfers into
level 3
Transfers (out of) level 3Fair value at
June 30, 2021
Change in unrealized (gains)/losses related
to financial instruments held at June 30, 2021
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$2,652 $47 
(c)(f)
$ $ $150 $(93)$1 $(73)$2,684 $47 
(c)(f)
Short-term borrowings3,664 (283)
(c)(f)
  1,395 (1,706)9 (4)3,075 35 
(c)(f)
Trading liabilities – debt and equity instruments
60 (1)
(c)
(27)13    (9)36  

Accounts payable and other liabilities
61 (9)
(c)
     (1)51 (8)
(c)
Beneficial interests issued by consolidated VIEs
  

        

Long-term debt22,575 714 
(c)(f)
  3,469 (3,089)

7 (149)23,527 

708 
(c)(f)

101


Fair value measurements using significant unobservable inputs
Six months ended June 30, 2022
(in millions)
Fair value at
Jan 1,
2022
Total realized/unrealized gains/(losses)Transfers into
level 3
Transfers (out of) level 3Fair value at
June 30, 2022
Change in unrealized gains/(losses) related
to financial instruments held at June 30, 2022
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Federal funds sold and securities purchased under resale agreements$ $ $ $ $ $1 $ $1 $ 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$265 $26 $665 $(125)$(28)$ $ $803 $24 
Residential – nonagency28  5  (12) (7)14 (1)
Commercial – nonagency10       10  
Total mortgage-backed securities
303 26 670 (125)(40) (7)827 23 
Obligations of U.S. states and municipalities
7       7  
Non-U.S. government debt securities
81 (42)405 (266) 43 (16)205 (106)
Corporate debt securities332 (35)333 (71)(37)98 (46)574 (44)
Loans708 (37)419 (262)(159)525 (296)898 (13)
Asset-backed securities26  2 (10) 5 (3)20  
Total debt instruments1,457 (88)1,829 (734)(236)671 (368)2,531 (140)
Equity securities662 (912)321 (301) 959 (68)661 (474)
Physical Commodities  2     2  
Other160 67 26  (163) (3)87 70 
Total trading assets – debt and equity instruments
2,279 (933)
(c)
2,178 (1,035)(399)1,630 (439)3,281 (544)
(c)
Net derivative receivables:(b)
Interest rate(16)393 225 (229)256 

17 (226)420 428 
Credit74 331 8 (7)(161)(2)6 249 330 
Foreign exchange(419)538 147 (43)32 18 (28)245 486 
Equity(3,626)2,568 

660 (1,025)

303 

(558)444 

(1,234)2,975 
Commodity(907)804 68 (206)268 (1) 26 469 
Total net derivative receivables
(4,894)4,634 
(c)
1,108 (1,510)

698 

(526)196 

(294)4,688 
(c)
Available-for-sale securities:
Mortgage-backed securities  

  

 

  

  
Corporate debt securities161 8 17     186 8 
Total available-for-sale securities
161 8 
(d)
17     186 8 
(d)
Loans1,933 16 
(c)
394 (100)(531)616 (308)2,020 (24)
(c)
Mortgage servicing rights5,494 1,613 
(e)
1,471 (671)(468)  7,439 1,613 
(e)
Other assets306 125 
(c)
46 (28)(37)2 (6)408 119 
(c)
Fair value measurements using significant unobservable inputs
Six months ended June 30, 2022
(in millions)
Fair value at
Jan 1,
2022
Total realized/unrealized (gains)/lossesTransfers into
level 3
Transfers (out of) level 3Fair value at
June 30, 2022
Change in unrealized (gains)/losses related
to financial instruments held at June 30, 2022
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$2,317 $(302)
(c)(f)
$ $ $246 $(69)$ $(160)$2,032 $(298)
(c)(f)
Short-term borrowings2,481 (387)
(c)(f)
  2,386 (2,383)15 (11)2,101 7 
(c)(f)
Trading liabilities – debt and equity instruments
30 (16)
(c)
(34)34   44 (2)56 15 
(c)
Accounts payable and other liabilities
69 (6)
(c)
(28)43   1 (6)73 (6)
(c)
Long-term debt24,374 (4,308)
(c)(f)
  7,520 (4,521)

442 (430)23,077 

(4,151)
(c)(f)
    
102


Fair value measurements using significant unobservable inputs
Six months ended
June 30, 2021
(in millions)
Fair value at
Jan 1,
2021
Total realized/unrealized gains/(losses)Transfers into
level 3
Transfers (out of) level 3Fair value at
June 30, 2021
Change in unrealized gains/(losses) related
to financial instruments held at June 30, 2021
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$449 $(10)$7 $(56)$(61)$1 $(1)$329 $(12)
Residential – nonagency28 1 15 (24)(3) (1)16  
Commercial – nonagency3  11 (1)(3)  10  
Total mortgage-backed securities
480 (9)33 (81)(67)1 (2)355 (12)
Obligations of U.S. states and municipalities
8       8  
Non-U.S. government debt securities
182 (8)202 (186)(7)  183 (7)
Corporate debt securities507 15 319 (300) 113 (167)487 14 
Loans893 6 566 (237)(126)175 (482)795 3 
Asset-backed securities28 7 38 (39)(1)2  35 7 
Total debt instruments2,098 11 1,158 (843)(201)291 (651)1,863 5 
Equity securities476 3 253 (70) 78 (50)690 13 
Other49 48 101  (55)3 (99)47 28 
Total trading assets – debt and equity instruments
2,623 62 
(c)
1,512 (913)(256)372 (800)2,600 46 
(c)
Net derivative receivables:(b)
Interest rate258 969 71 (102)(1,191)

55 (82)(22)233 
Credit(224)149 2 (4)44 (9)25 (17)134 
Foreign exchange(434)(198)39 (54)99 11 (46)(583)32 
Equity(3,862)(918)

475 (1,245)

726 

19 (131)

(4,936)(1,258)
Commodity(731)(593)10 (294)444 (1)(2)(1,167)(554)
Total net derivative receivables
(4,993)(591)
(c)
597 (1,699)

122 

75 (236)

(6,725)(1,413)
(c)
Available-for-sale securities:
Mortgage-backed securities  

  

 

  

  
Corporate debt securities         
Total available-for-sale securities
  
(d)
       
(d)
Loans2,305 (66)
(c)
307 (325)(519)600 (568)1,734 (72)
(c)
Mortgage servicing rights3,276 269 
(e)
1,397 (24)(369)  4,549 269 
(e)
Other assets538 44 
(c)
7 (18)(52) (1)518 63 
(c)
Fair value measurements using significant unobservable inputs
Six months ended
June 30, 2021
(in millions)
Fair value at
Jan 1,
2021
Total realized/unrealized (gains)/lossesTransfers into
level 3
Transfers (out of) level 3Fair value at
June 30, 2021
Change in unrealized (gains)/losses related
to financial instruments held at June 30, 2021
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$2,913 $(56)
(c)(f)
$ $ $219 $(188)$2 $(206)$2,684 $(56)
(c)(f)
Short-term borrowings2,420 (396)
(c)(f)
  4,313 (3,212)9 (59)3,075 18 
(c)(f)
Trading liabilities – debt and equity instruments
51 (4)
(c)
(92)34   59 (12)36 10 
(c)
Accounts payable and other liabilities
68 (10)
(c)
 1    (8)51 (10)
(c)
Long-term debt23,397 406 
(c)(f)
  6,934 (6,738)

18 (490)23,527 

305 
(c)(f)
(a)Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 2% at both June 30, 2022 and December 31, 2021. Level 3 liabilities at fair value as a percentage of total Firm liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were 8% and 10% at June 30, 2022 and December 31, 2021, respectively.
(b)All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty.
103


(c)Predominantly reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income.
(d)Realized gains/(losses) on AFS securities are reported in investment securities gains/(losses). Unrealized gains/(losses) are reported in OCI. There were no realized gains/(losses) recorded in income on AFS securities for the three and six months ended June 30, 2022 and 2021, respectively. Unrealized gains/(losses) recorded on AFS securities in OCI were $(19) million and zero for the three months ended June 30, 2022 and 2021, respectively and $8 million and zero for the six months ended June 30, 2022 and 2021, respectively.
(e)Changes in fair value for MSRs are reported in mortgage fees and related income.
(f)Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three and six months ended June 30, 2022 and 2021. Unrealized (gains)/losses are reported in OCI, and were $(344) million and $5 million for the three months ended June 30, 2022 and 2021, respectively and $(574) million and $(17) million for the six months ended June 30, 2022 and 2021, respectively.
(g)Loan originations are included in purchases.
(h)Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items.
Level 3 analysis
Consolidated balance sheets changes
The following describes significant changes to level 3 assets since December 31, 2021, for those items measured at fair value on a recurring basis. Refer to Assets and liabilities measured at fair value on a nonrecurring basis on page 106 for further information on changes impacting items measured at fair value on a nonrecurring basis.
Three and six months ended June 30, 2022
Level 3 assets were $22.3 billion at June 30, 2022, reflecting an increase of $329 million from March 31, 2022, and an increase of $4.8 billion from December 31, 2021.
The increase for the six months ended June 30, 2022 was largely driven by:
$1.6 billion increase in gross derivative receivables due to gains and purchases largely offset by net transfers.
$1.9 billion increase in MSRs.
Refer to Note 14 for information on MSRs.
Refer to the sections below for additional information.
Transfers between levels for instruments carried at fair value on a recurring basis
For the three months ended June 30, 2022, there were no significant transfers from level 2 into level 3.
For the three months ended June 30, 2022, significant transfers from level 3 into level 2 included the following:
$930 million of gross interest rate derivative receivables as a result of an increase in observability and a decrease in the significance of unobservable inputs.
For the six months ended June 30, 2022, significant transfers from level 2 into level 3 included the following:
$1.6 billion of total debt and equity instruments, largely due to equity securities of $959 million driven by a decrease in observability predominantly as a result of restricted access to certain markets.
$1.3 billion of gross equity derivative payables as a result of a decrease in observability and an increase in the significance of unobservable inputs.
For the six months ended June 30, 2022, significant transfers from level 3 into level 2 included the following:
$965 million of gross interest rate derivative receivables as a result of an increase in observability and a decrease in the significance of unobservable inputs.
$920 million and $1.4 billion of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of an increase in observability and a decrease in the significance of unobservable inputs.
For the three and six months ended June 30, 2021, there were no significant transfers from level 2 into level 3.
For the three months ended June 30, 2021, significant transfers from level 3 into level 2 included the following:
$1.0 billion of gross equity derivative receivables as a result of an increase in observability and a decrease in the significance of unobservable inputs.
For the six months ended June 30, 2021, significant transfers from level 3 into level 2 included the following:
$800 million of total debt and equity instruments, largely trading loans, driven by an increase in observability.
$1.3 billion and $1.1 billion of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of an increase in observability and a decrease in the significance of unobservable inputs.
All transfers are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur.
104


Gains and losses
The following describes significant components of total realized/unrealized gains/(losses) for instruments measured at fair value on a recurring basis for the periods indicated. These amounts exclude any effects of the Firm’s risk management activities where the financial instruments are classified as level 1 and 2 of the fair value hierarchy. Refer to Changes in level 3 recurring fair value measurements rollforward tables on pages 99-104 for further information on these instruments.
Three months ended June 30, 2022
$3.4 billion of net gains on assets, largely driven by gains in net equity derivative receivables due to market movements and MSRs reflecting lower prepayment speeds on higher rates.
$2.8 billion of net gains on liabilities, predominantly driven by gains in long-term debt due to market movements.
Three months ended June 30, 2021
$1.3 billion of net losses on assets, driven by losses in net equity derivative receivables due to market movements and losses in MSRs reflecting faster prepayment speeds on lower rates.
$468 million of net losses on liabilities, driven by losses in long-term debt partially offset by gains in short-term borrowings, due to market movements.
Six months ended June 30, 2022
$5.5 billion of net gains on assets, predominantly driven by gains in net equity derivative receivables due to market movements and MSRs reflecting lower prepayment speeds on higher rates.
$5.0 billion of net gains on liabilities, predominantly driven by gains in long-term debt due to market movements.
Six months ended June 30, 2021
$282 million of net losses on assets, driven by losses in net derivative receivables due to market movements largely offset by gains in MSRs reflecting lower prepayment speeds on higher rates.
Refer to Note 14 for information on MSRs.
Credit and funding adjustments — derivatives
The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time.
Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
Credit and funding adjustments:
Derivatives CVA$147 $43 $(165)$283 
Derivatives FVA
7 (45)(51)61 
Refer to Note 2 of JPMorgan Chase’s 2021 Form 10-K for further information about both credit and funding adjustments, as well as information about valuation adjustments on fair value option elected liabilities.

105


Assets and liabilities measured at fair value on a nonrecurring basis
The following tables present the assets and liabilities held as of June 30, 2022 and 2021, for which nonrecurring fair value adjustments were recorded during the six months ended June 30, 2022 and 2021, by major product category and fair value hierarchy.
Fair value hierarchyTotal fair value
June 30, 2022 (in millions)
Level 1
Level 2
Level 3
Loans$ $1,516 

$665 
(b)
$2,181 
Other assets(a)
 22 1,083 1,105 
Total assets measured at fair value on a nonrecurring basis$ $1,538 $1,748 $3,286 
Accounts payable and other liabilities   293 
 
293 
Total liabilities measured at fair value on a nonrecurring basis$ $ $293 $293 
Fair value hierarchyTotal fair value
June 30, 2021 (in millions)Level 1Level 2Level 3
Loans$ $2,048 

$329 $2,377 
Other assets 11 831 

842 
Total assets measured at fair value on a nonrecurring basis$ $2,059 $1,160 $3,219 
Accounts payable and other liabilities  5 

5 
Total liabilities measured at fair value on a nonrecurring basis$ $ $5 $5 
(a)Primarily includes equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $1.1 billion in level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2022, $985 million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.
(b)Of the $665 million in level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2022, $55 million related to residential real estate loans carried at the net realizable value of the underlying collateral (e.g., collateral-dependent loans). These amounts are classified as level 3 as they are valued using information from broker’s price opinions, appraisals and automated valuation models and discounted based upon the Firm’s experience with actual liquidation values. These discounts ranged from 12% to 56% with a weighted average of 23%.
Nonrecurring fair value changes
The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three and six months ended June 30, 2022 and 2021, related to assets and liabilities held at those dates.
Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
Loans$(80)
 
$(11)

$(91)

$(32)
Other assets(a)
(389)
 
92 

(45)93 
Accounts payable and other liabilities (269)
 
7 

(288)6 
Total nonrecurring fair value gains/(losses)
$(738)$88 $(424)$67 
(a)Included $(387) million and $102 million for the three months ended June 30, 2022 and 2021, respectively, and $(29) million and $107 million for the six months ended June 30, 2022 and 2021, respectively, of net gains/(losses) as a result of the measurement alternative.
Refer to Note 11 for further information about the measurement of collateral-dependent loans.

106


Equity securities without readily determinable fair values
The Firm measures certain equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer (i.e., measurement alternative), with such changes recognized in other income.
In its determination of the new carrying values upon observable price changes, the Firm may adjust the prices if deemed necessary to arrive at the Firm’s estimated fair values. Such adjustments may include adjustments to reflect the different rights and obligations of similar securities, and other adjustments that are consistent with the Firm’s valuation techniques for private equity direct investments.
The following table presents the carrying value of equity securities without readily determinable fair values held as of June 30, 2022 and 2021, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.
 Three months endedSix months ended
 June 30June 30
As of or for the period ended,
(in millions)2022202120222021
Other assets
Carrying value(a)
$4,196 $2,798 $4,196 $2,798 
Upward carrying value changes(b)
76 109 

445 116

Downward carrying value changes/impairment(c)
(463)(7)(474)(9)
(a)The carrying value as of December 31, 2021 was $3.6 billion. The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.
(b)The cumulative upward carrying value changes between January 1, 2018 and June 30, 2022 were $1.5 billion.
(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and June 30, 2022 were $(844) million.
Included in other assets above is the Firm’s interest in approximately 40 million Visa Class B common shares, recorded at a nominal carrying value. These shares are subject to certain transfer restrictions currently and will be convertible into Visa Class A common shares upon final resolution of certain litigation matters involving Visa. The conversion rate of Visa Class B common shares into Visa Class A common shares is 1.6059 at June 30, 2022, and may be adjusted by Visa depending on developments related to the litigation matters.
107


Additional disclosures about the fair value of financial instruments that are not carried on the Consolidated balance sheets at fair value
The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at June 30, 2022, and December 31, 2021, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy.
June 30, 2022December 31, 2021
Estimated fair value hierarchyEstimated fair value hierarchy
(in billions)Carrying
value
Level 1Level 2Level 3Total estimated
fair value
Carrying
value
Level 1Level 2Level 3Total estimated
fair value
Financial assets
Cash and due from banks$27.2 $27.2 $ $ $27.2 $26.4 $26.4 $ $ $26.4 
Deposits with banks642.0 642.0   642.0 714.4 714.4   714.4 
Accrued interest and accounts receivable
144.5  144.4 0.1 144.5 102.1  102.0 0.1 102.1 
Federal funds sold and securities purchased under resale agreements
3.0  3.0  3.0 9.0  9.0  9.0 
Securities borrowed
128.4  128.4  128.4 124.6  124.6  124.6 
Investment securities, held-to-maturity
441.6 212.9 202.7  415.6 363.7 183.3 179.3  362.6 
Loans, net of allowance for loan losses(a)
1,039.3  193.1 835.0 1,028.1 1,002.5  202.1 821.1 1,023.2 
Other113.2  111.8 1.6 113.4 98.7  97.4 1.4 98.8 
Financial liabilities
Deposits$2,458.3 $ $2,458.4 $ $2,458.4 $2,451.0 $ $2,451.0 $ $2,451.0 
Federal funds purchased and securities loaned or sold under repurchase agreements
66.4  66.4  66.4 67.9  67.9  67.9 
Short-term borrowings
41.5  41.5  41.5 33.6  33.6  33.6 
Accounts payable and other liabilities
272.7  266.7 5.3 272.0 217.6  212.1 4.9 217.0 
Beneficial interests issued by consolidated VIEs
10.6  10.6  10.6 10.7  10.8  10.8 
Long-term debt
222.1  214.9 3.1 218.0 226.0  229.5 3.1 232.6 
(a)Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value.
The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.
June 30, 2022December 31, 2021
Estimated fair value hierarchyEstimated fair value hierarchy
(in billions)
Carrying value(a) (b)
Level 1Level 2Level 3Total estimated fair value
Carrying value(a) (b)
Level 1Level 2Level 3Total estimated fair value
Wholesale lending-related commitments
$2.2 $ $ $3.4 $3.4 $2.1 $ $ $2.9 $2.9 
(a)Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.
(b)Includes the wholesale allowance for lending-related commitments.
The Firm does not estimate the fair value of consumer off-balance sheet lending-related commitments. In many cases, the Firm can reduce or cancel these commitments by providing the borrower notice or, in some cases as permitted by law, without notice. Refer to page 171 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of the valuation of lending-related commitments.
108


Note 3 – Fair value option
The fair value option provides an option to elect fair value for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments.
The Firm has elected to measure certain instruments at fair value for several reasons including to mitigate income statement volatility caused by the differences between the measurement basis of elected instruments (e.g., certain instruments that otherwise would be accounted for on an accrual basis) and the associated risk management arrangements that are accounted for on a fair value basis, as well as to better reflect those instruments that are managed on a fair value basis.
The Firm’s election of fair value includes the following instruments:
Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis, including lending-related commitments
Certain securities financing agreements
Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument
Structured notes and other hybrid instruments, which are predominantly financial instruments that contain embedded derivatives, that are issued or transacted as part of client-driven activities
Certain long-term beneficial interests issued by CIB’s consolidated securitization trusts where the underlying assets are carried at fair value
Changes in fair value under the fair value option election
The following table presents the changes in fair value included in the Consolidated statements of income for the three and six months ended June 30, 2022 and 2021, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table.
Three months ended June 30,
20222021
(in millions)Principal transactionsAll other income
Total changes in fair value recorded (e)
Principal transactionsAll other income
Total changes in fair value recorded (e)
Federal funds sold and securities purchased under resale agreements
$(145)$ $(145)$(2)$ $(2)
Securities borrowed(101) (101)(27) (27)
Trading assets:
Debt and equity instruments, excluding loans
(1,255) (1,255)444 
(f)
(1)
(c)
443 
Loans reported as trading assets:
Changes in instrument-specific credit risk37  
 
37 72  
 
72 
Other changes in fair value(11) 
 
(11)(7) 
 
(7)
Loans:
Changes in instrument-specific credit risk(83)11 
(c)
(72)184 (3)
(c)
181 
Other changes in fair value(501)(260)
(c)
(761)143 784 
(c)
927 
Other assets(2)4 
(d)
2 9 (4)
(d)
5 
Deposits(a)
382  382 (258) (258)
Federal funds purchased and securities loaned or sold under repurchase agreements
124  124 (3) (3)
Short-term borrowings(a)
471  471 (489) (489)
Trading liabilities54  54 (1) (1)
Beneficial interests issued by consolidated VIEs
      
Other liabilities(7) (7)1  1 
Long-term debt(a)(b)
5,405 14 
(c)(d)
5,419 (2,152) 

(2,152)






109


Six months ended June 30,
20222021
(in millions)Principal transactionsAll other income
Total changes in fair value recorded (e)
Principal transactionsAll other income
Total changes in fair value recorded (e)
Federal funds sold and securities purchased under resale agreements
$(375)$ $(375)$(14)$ $(14)
Securities borrowed(299) (299)(97) (97)
Trading assets:
Debt and equity instruments, excluding loans
(911) (911)1,067 
(f)
(1)
(c)
1,066 
Loans reported as trading assets:
 — 
Changes in instrument-specific credit risk31  31 276  276 
Other changes in fair value(22) (22)(8) (8)
Loans: — 
Changes in instrument-specific credit risk(77)23 
(c)
(54)421 (2)
(c)
419 
Other changes in fair value(1,220)(774)
(c)
(1,994)(107)1,124 
(c)
1,017 
Other assets9 1 
(d)
10 28 (23)
(d)
5 
Deposits(a)
784  784 (91) (91)
Federal funds purchased and securities loaned or sold under repurchase agreements
206  206 31  31 
Short-term borrowings(a)
773  773 (611) (611)
Trading liabilities(12) (12)(1) (1)
Beneficial interests issued by consolidated VIEs
(1) (1)   
Other liabilities(4) (4)2  2 
Long-term debt(a)(b)
9,365 33 
(c)(d)
9,398 (905)(5)
(c)(d)
(910)
(a)Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected are recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were not material for the three months ended June 30, 2022 and 2021, respectively, and $(9) million and $(2) million for the six months ended June 30, 2022 and 2021, respectively.
(b)Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk.
(c)Reported in mortgage fees and related income.
(d)Reported in other income.
(e)Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than certain hybrid financial instruments in CIB. Refer to Note 6 for further information regarding interest income and interest expense.
(f)Prior-period amounts have been revised to conform with the current presentation.
110


Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding
The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of June 30, 2022, and December 31, 2021, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected.
June 30, 2022December 31, 2021
(in millions)Contractual principal outstandingFair valueFair value over/(under) contractual principal outstandingContractual principal outstandingFair valueFair value over/(under) contractual principal outstanding
Loans
Nonaccrual loans
Loans reported as trading assets$2,912 $391 $(2,521)$3,263 $546 $(2,717)
Loans942 833 (109)918 797 (121)
Subtotal3,854 1,224 (2,630)4,181 1,343 (2,838)
90 or more days past due and government guaranteed
Loans(a)
220 209 (11)293 281 (12)
All other performing loans(b)
Loans reported as trading assets8,883 7,407 (1,476)8,594 7,528 (1,066)
Loans47,343 46,014 (1,329)57,695 57,742 47 
Subtotal56,226 53,421 (2,805)66,289 65,270 (1,019)
Total loans$60,300 $54,854 $(5,446)$70,763 $66,894 $(3,869)
Long-term debt
Principal-protected debt$35,906 
(d)
$27,591 $(8,315)$35,957 
(d)
$33,799 $(2,158)
Nonprincipal-protected debt(c)
NA38,471 NANA41,135 NA
Total long-term debtNA$66,062 NANA$74,934 NA
Long-term beneficial interests
Nonprincipal-protected debt(c)
NA$5 NANA$12 NA
Total long-term beneficial interestsNA$5 NANA$12 NA
(a)These balances are excluded from nonaccrual loans as the loans are insured and/or guaranteed by U.S. government agencies.
(b)There were no performing loans that were ninety days or more past due as of June 30, 2022, and December 31, 2021, respectively.
(c)Remaining contractual principal is not applicable to nonprincipal-protected structured notes and long-term beneficial interests. Unlike principal-protected structured notes and long-term beneficial interests, for which the Firm is obligated to return a stated amount of principal at maturity, nonprincipal-protected structured notes and long-term beneficial interests do not obligate the Firm to return a stated amount of principal at maturity, but for structured notes to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal-protected notes.
(d)Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date.
At June 30, 2022, and December 31, 2021, the contractual amount of lending-related commitments for which the fair value option was elected was $10.0 billion and $11.9 billion, respectively, with a corresponding fair value of $30 million and $10 million, respectively. Refer to Note 28 of JPMorgan Chase’s 2021 Form 10-K, and Note 22 of this Form 10-Q for further information regarding off-balance sheet lending-related financial instruments.
111


Structured note products by balance sheet classification and risk component
The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type.
June 30, 2022December 31, 2021
(in millions)Long-term debtShort-term borrowingsDepositsTotalLong-term debtShort-term borrowingsDepositsTotal
Risk exposure
Interest rate$29,428 $21 $8,929 $38,378 $34,127 $1 $4,860 $38,988 
Credit4,211 532  4,743 6,352 858  7,210 
Foreign exchange2,670 696  3,366 3,386 315 1,066 4,767 
Equity27,716 6,228 3,932 37,876 29,317 6,827 5,125 41,269 
Commodity779 13 3 
(a)
795 405  3 
(a)
408 
Total structured notes$64,804 $7,490 $12,864 $85,158 $73,587 $8,001 $11,054 $92,642 
(a)Excludes deposits linked to precious metals for which the fair value option has not been elected of $583 million and $692 million for the periods ended June 30, 2022 and December 31, 2021, respectively.
112


Note 4 – Derivative instruments
JPMorgan Chase makes markets in derivatives for clients and also uses derivatives to hedge or manage its own risk exposures. Refer to Note 5 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of the Firm’s use of and accounting policies regarding derivative instruments.
The Firm’s disclosures are based on the accounting treatment and purpose of these derivatives. A limited number of the Firm’s derivatives are designated in hedge
accounting relationships and are disclosed according to the type of hedge (fair value hedge, cash flow hedge, or net investment hedge). Derivatives not designated in hedge accounting relationships include certain derivatives that are used to manage risks associated with specified assets and liabilities (“specified risk management” positions) as well as derivatives used in the Firm’s market-making businesses or for other purposes.

The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category.
Type of DerivativeUse of DerivativeDesignation and disclosureAffected
segment or unit
10-Q page reference
Manage specifically identified risk exposures in qualifying hedge accounting relationships:
Interest rate
Hedge fixed rate assets and liabilitiesFair value hedge
Corporate
119-120
Interest rate
Hedge floating-rate assets and liabilitiesCash flow hedge
Corporate
121
Foreign exchange
Hedge foreign currency-denominated assets and liabilities
Fair value hedge
Corporate
119-120
Foreign exchange
Hedge foreign currency-denominated forecasted revenue and expense
Cash flow hedge
Corporate
121
Foreign exchange
Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities
Net investment hedge
Corporate
122
Commodity
Hedge commodity inventory
Fair value hedge
CIB, AWM
119-120
Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships:
Interest rate
Manage the risk associated with mortgage commitments, warehouse loans and MSRs
Specified risk managementCCB123
Credit
Manage the credit risk associated with wholesale lending exposures
Specified risk management
CIB123
Interest rate and foreign exchange
Manage the risk associated with certain other specified assets and liabilities
Specified risk management
Corporate
123
Market-making derivatives and other activities:
Various
Market-making and related risk management
Market-making and other
CIB123
Various
Other derivatives
Market-making and other
CIB, AWM, Corporate123
113


Notional amount of derivative contracts
The following table summarizes the notional amount of free-standing derivative contracts outstanding as of June 30, 2022, and December 31, 2021.
Notional amounts(b)
(in billions)June 30, 2022December 31, 2021
Interest rate contracts
Swaps
$29,009 $24,075 
Futures and forwards
3,631 2,520 
Written options
3,024 3,018 
Purchased options
2,959 3,188 
Total interest rate contracts
38,623 32,801 
Credit derivatives(a)
1,097 1,053 
Foreign exchange contracts
Cross-currency swaps
3,942 4,112 
Spot, futures and forwards
8,242 7,679 
Written options
874 741 
Purchased options
869 727 
Total foreign exchange contracts
13,927 13,259 
Equity contracts
Swaps
594 612 
Futures and forwards
147 139 
Written options
677 654 
Purchased options
623 598 
Total equity contracts2,041 2,003 
Commodity contracts
Swaps
193 185 
Spot, futures and forwards
197 188 
Written options
126 135 
Purchased options
115 111 
Total commodity contracts
631 619 
Total derivative notional amounts
$56,319 $49,735 
(a)Refer to the Credit derivatives discussion on page 124 for more information on volumes and types of credit derivative contracts.
(b)Represents the sum of gross long and gross short third-party notional derivative contracts.
While the notional amounts disclosed above give an indication of the volume of the Firm’s derivatives activity, the notional amounts significantly exceed, in the Firm’s view, the possible losses that could arise from such transactions. For most derivative contracts, the notional amount is not exchanged; it is simply a reference amount used to calculate payments.
114


Impact of derivatives on the Consolidated balance sheets
The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of June 30, 2022, and December 31, 2021, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type.
Free-standing derivative receivables and payables(a)
Gross derivative receivablesGross derivative payables
June 30, 2022
(in millions)
Not designated as hedgesDesignated as hedgesTotal derivative receivables
Net derivative receivables(b)
Not designated as hedgesDesignated
as hedges
Total derivative payables
Net derivative payables(b)
Trading assets and liabilities
Interest rate$253,143 $1 $253,144 $21,930 $237,212 $ $237,212 $11,525 
Credit13,578  13,578 1,607 11,323  11,323 890 
Foreign exchange260,546 1,308 261,854 28,166 258,320 966 259,286 19,241 
Equity76,181  76,181 10,177 76,719  76,719 10,164 
Commodity42,017 6,732 48,749 19,437 35,218 7,771 42,989 10,597 
Total fair value of trading assets and liabilities
$645,465 $8,041 $653,506 $81,317 $618,792 $8,737 $627,529 $52,417 
Gross derivative receivablesGross derivative payables
December 31, 2021
(in millions)
Not designated as hedgesDesignated as hedgesTotal derivative receivables
Net derivative receivables(b)
Not designated as hedgesDesignated
as hedges
Total derivative payables
Net derivative payables(b)
Trading assets and liabilities
Interest rate$270,562 

$23 $270,585 $21,974 $240,731 $ $240,731 $8,194 
Credit9,839  9,839 1,031 10,912  10,912 880 
Foreign exchange169,186 393 169,579 12,625 174,622 1,124 175,746 14,097 
Equity68,631  68,631 9,981 79,727  79,727 17,233 
Commodity21,233 5,420 26,653 11,470 20,837 7,091 27,928 9,712 
Total fair value of trading assets and liabilities
$539,451 $5,836 $545,287 $57,081 $526,829 $8,215 $535,044 $50,116 
(a)Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information.
(b)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists.
115


Derivatives netting
The following tables present, as of June 30, 2022, and December 31, 2021, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty, have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables below.
In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation:
collateral that consists of liquid securities and other cash collateral held at third-party custodians, which are shown separately as “Collateral not nettable on the Consolidated balance sheets” in the tables below, up to the fair value exposure amount. For the purpose of this disclosure, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule;
the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables below; and
collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables below.
June 30, 2022December 31, 2021
(in millions)Gross derivative receivablesAmounts netted on the Consolidated balance sheetsNet derivative receivablesGross derivative receivablesAmounts netted on the Consolidated balance sheetsNet
derivative receivables
U.S. GAAP nettable derivative receivables
Interest rate contracts:
Over-the-counter (“OTC”)$196,673 $(178,520)$18,153 $251,953 $(234,283)$17,670 
OTC–cleared52,486 (51,603)883 14,144 (13,839)305 
Exchange-traded(a)
1,124 (1,091)33 498 (489)9 
Total interest rate contracts250,283 (231,214)19,069 266,595 (248,611)17,984 
Credit contracts:
OTC11,731 (10,326)1,405 8,035 (7,177)858 
OTC–cleared1,720 (1,645)75 1,671 (1,631)40 
Total credit contracts13,451 (11,971)1,480 9,706 (8,808)898 
Foreign exchange contracts:
OTC256,164 (232,544)23,620 166,185 (156,251)9,934 
OTC–cleared1,144 (1,142)2 789 (703)86 
Exchange-traded(a)
9 (2)7 6  6 
Total foreign exchange contracts257,317 (233,688)23,629 166,980 (156,954)10,026 
Equity contracts:
OTC37,384 (33,060)4,324 25,704 (23,977)1,727 
Exchange-traded(a)
34,647 (32,944)1,703 36,095 (34,673)1,422 
Total equity contracts72,031 (66,004)6,027 61,799 (58,650)3,149 
Commodity contracts:
OTC28,208 (11,932)16,276 15,063 (6,868)8,195 
OTC–cleared121 (121) 49 (49) 
Exchange-traded(a)
17,291 (17,259)32 8,279 (8,266)13 
Total commodity contracts45,620 (29,312)16,308 23,391 (15,183)8,208 
Derivative receivables with appropriate legal opinion
638,702 (572,189)66,513 
(d)
528,471 (488,206)40,265 
(d)
Derivative receivables where an appropriate legal opinion has not been either sought or obtained
14,804 14,804 16,816 16,816 
Total derivative receivables recognized on the Consolidated balance sheets
$653,506 $81,317 $545,287 $57,081 
Collateral not nettable on the Consolidated balance sheets(b)(c)
(19,801)(10,102)
Net amounts
$61,516 $46,979 
116


June 30, 2022December 31, 2021
(in millions)Gross derivative payablesAmounts netted on the Consolidated balance sheetsNet derivative payablesGross derivative payablesAmounts netted on the Consolidated balance sheetsNet
derivative payables
U.S. GAAP nettable derivative payables
Interest rate contracts:
OTC$179,008 $(169,819)$9,189 $223,576 $(216,757)$6,819 
OTC–cleared55,401 (55,313)88 15,695 (15,492)203 
Exchange-traded(a)
564 (555)9 292 (288)4 
Total interest rate contracts234,973 (225,687)9,286 239,563 (232,537)7,026 
Credit contracts:
OTC9,320 (8,781)539 9,021 (8,421)600 
OTC–cleared1,748 (1,652)96 1,679 (1,611)68 
Total credit contracts11,068 (10,433)635 10,700 (10,032)668 
Foreign exchange contracts:
OTC252,909 (238,853)14,056 171,610 (160,946)10,664 
OTC–cleared1,245 (1,190)55 706 (703)3 
Exchange-traded(a)
14 (2)12 7  7 
Total foreign exchange contracts254,168 (240,045)14,123 172,323 (161,649)10,674 
Equity contracts:
OTC36,948 (33,598)3,350 31,379 (27,830)3,549 
Exchange-traded(a)
34,800 (32,957)1,843 40,621 (34,664)5,957 
Total equity contracts71,748 (66,555)5,193 72,000 (62,494)9,506 
Commodity contracts:
OTC20,702 (14,470)6,232 14,874 (9,667)5,207 
OTC–cleared140 (140) 73 (73) 
Exchange-traded(a)
18,848 (17,782)1,066 8,954 (8,476)478 
Total commodity contracts39,690 (32,392)7,298 23,901 (18,216)5,685 
Derivative payables with appropriate legal opinion
611,647 (575,112)36,535 
(d)
518,487 (484,928)33,559 
(d)
Derivative payables where an appropriate legal opinion has not been either sought or obtained
15,882 15,882 16,557 16,557 
Total derivative payables recognized on the Consolidated balance sheets
$627,529 $52,417 $535,044 $50,116 
Collateral not nettable on the Consolidated balance sheets(b)(c)
(2,921)(5,872)
Net amounts
$49,496 $44,244 
(a)Exchange-traded derivative balances that relate to futures contracts are settled daily.
(b)Includes liquid securities and other cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty.
(c)Derivative collateral relates only to OTC and OTC-cleared derivative instruments.
(d)Net derivatives receivable included cash collateral netted of $64.6 billion and $67.6 billion at June 30, 2022, and December 31, 2021, respectively. Net derivatives payable included cash collateral netted of $67.6 billion and $64.3 billion at June 30, 2022, and December 31, 2021, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments.
117


Liquidity risk and credit-related contingent features
Refer to Note 5 of JPMorgan Chase’s 2021 Form 10-K for a more detailed discussion of liquidity risk and credit-related contingent features related to the Firm’s derivative contracts.
The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at June 30, 2022, and December 31, 2021.
OTC and OTC-cleared derivative payables containing downgrade triggers
(in millions)June 30, 2022December 31, 2021
Aggregate fair value of net derivative payables
$16,037 $20,114 
Collateral posted14,926 19,402 
The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, N.A., at June 30, 2022, and December 31, 2021, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined threshold rating is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payments requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract.
Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives
June 30, 2022December 31, 2021
(in millions)Single-notch downgradeTwo-notch downgradeSingle-notch downgradeTwo-notch downgrade
Amount of additional collateral to be posted upon downgrade(a)
$273 $1,552 $219 $1,577 
Amount required to settle contracts with termination triggers upon downgrade(b)
85 700 98 787 
(a)Includes the additional collateral to be posted for initial margin.
(b)Amounts represent fair values of derivative payables, and do not reflect collateral posted.
Derivatives executed in contemplation of a sale of the underlying financial asset
In certain instances the Firm enters into transactions in which it transfers financial assets but maintains the economic exposure to the transferred assets by entering into a derivative with the same counterparty in contemplation of the initial transfer. The Firm generally accounts for such transfers as collateralized financing transactions as described in Note 10, but in limited circumstances they may qualify to be accounted for as a sale and a derivative under U.S. GAAP. The amount of such transfers accounted for as a sale where the associated derivative was outstanding was not material at June 30, 2022 and December 31, 2021.
118


Impact of derivatives on the Consolidated statements of income
The following tables provide information related to gains and losses recorded on derivatives based on their hedge accounting designation or purpose.
Fair value hedge gains and losses
The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three and six months ended June 30, 2022 and 2021, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item.
Gains/(losses) recorded in income
Income statement impact of
excluded components
(f)
OCI impact
Three months ended June 30, 2022
(in millions)
DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$(4,467)$4,367 $(100)$ $(79)$ 
Foreign exchange(c)
(818)830 12 (115)12 67 
Commodity(d)
(1,536)1,464 (72) (73) 
Total$(6,821)$6,661 $(160)$(115)$(140)$67 
Gains/(losses) recorded in income
Income statement impact of
excluded components(e)
OCI impact
Three months ended June 30, 2021
(in millions)
DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$2,184 $(2,265)$(81)$ $(90)$ 
Foreign exchange(c)
230 (221)9 (72)9 (31)
Commodity(d)
(3,126)3,155 29  20  
Total$(712)$669 $(43)$(72)$(61)$(31)
Gains/(losses) recorded in income
Income statement impact of
excluded components
(e)
OCI impact
Six months ended June 30, 2022
(in millions)
DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$(11,537)$11,348 $(189)$ $(145)$ 
Foreign exchange(c)
(1,508)1,518 10 (180)10 212 
Commodity(d)
(1,712)1,611 (101) (110) 
Total$(14,757)$14,477 $(280)$(180)$(245)$212 
Gains/(losses) recorded in income
Income statement impact of
excluded components(e)
OCI impact
Six months ended June 30, 2021
(in millions)
DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$(2,937)$2,571 $(366)$ $(264)$ 
Foreign exchange(c)
(552)
(g)
579 
(g)
27 (150)27 (68)
Commodity(d)
(4,387)4,443 56  32  
Total$(7,876)$7,593 $(283)$(150)$(205)$(68)
(a)Primarily consists of hedges of the benchmark (e.g., London Interbank Offered Rate (“LIBOR”), Secured Overnight Financing Rate (“SOFR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income.
(b)Effective January 1, 2022, the Firm updated its presentation in the table above to include the amortization of income/expense associated with the inception hedge accounting adjustment applied to the hedged item; prior-period amounts have been revised to conform with the current presentation. Excludes the accrual of interest on interest rate swaps and the related hedged items.
(c)Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income.
(d)Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue.
(e)The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative, or through fair value changes recognized in the current period.
(f)Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative.
(g)Prior-period amounts have been revised to conform with the current presentation.
119


As of June 30, 2022 and December 31, 2021, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield.
Carrying amount of the hedged items(a)(b)
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
June 30, 2022
(in millions)
Active hedging relationships(d)
Discontinued hedging relationships(d)(e)
Total
Assets
Investment securities - AFS$84,552 
(c)
$(3,650)$598 $(3,052)
Liabilities
Long-term debt$179,048 $(15,722)$6,182 $(9,540)
Beneficial interests issued by consolidated VIEs750    
Carrying amount of the hedged items(a)(b)
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
December 31, 2021
(in millions)
Active hedging relationships(d)
Discontinued hedging relationships(d)(e)
Total
Assets
Investment securities - AFS$65,746 
(c)
$417 $661 $1,078 
Liabilities
Long-term debt$195,642 $(1,999)$8,834 $6,835 
Beneficial interests issued by consolidated VIEs749  (1)(1)
(a)Excludes physical commodities with a carrying value of $22.2 billion and $25.7 billion at June 30, 2022 and December 31, 2021, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Since the Firm exits these positions at fair value, there is no incremental impact to net income in future periods.
(b)Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At June 30, 2022 and December 31, 2021, the carrying amount excluded for AFS securities is $15.7 billion and $14.0 billion, respectively, and for long-term debt is $224 million and $9.7 billion, respectively. Prior-period amount has been revised to conform with the current presentation.
(c)Carrying amount represents the amortized cost, net of allowance if applicable. Refer to Note 9 for additional information.
(d)Positive (negative) amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce (increase) net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods.
(e)Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships.
120


Cash flow hedge gains and losses
The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three and six months ended June 30, 2022 and 2021, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item.
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended June 30, 2022
(in millions)
Amounts reclassified
from AOCI to income
Amounts recorded
in OCI
Total change
in OCI for period
Contract type
Interest rate(a)
$86 $(1,509)$(1,595)
Foreign exchange(b)
(62)(241)(179)
Total$24 $(1,750)$(1,774)
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended June 30, 2021
(in millions)
Amounts reclassified
from AOCI to income
Amounts recorded
in OCI
Total change
in OCI for period
Contract type
Interest rate(a)
$262 $1,122 $860 
Foreign exchange(b)
78 (4)(82)
Total$340 $1,118 $778 
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Six months ended June 30, 2022
(in millions)
Amounts reclassified
from AOCI to income
Amounts recorded
in OCI
Total change
in OCI for period
Contract type
Interest rate(a)
$329 $(4,870)$(5,199)
Foreign exchange(b)
(68)(316)(248)
Total$261 $(5,186)$(5,447)
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Six months ended June 30, 2021
(in millions)
Amounts reclassified
from AOCI to income
Amounts recorded
in OCI
Total change
in OCI for period
Contract type
Interest rate(a)
$499 $(1,639)$(2,138)
Foreign exchange(b)
105 62 (43)
Total$604 $(1,577)$(2,181)
(a)Primarily consists of hedges of LIBOR-indexed and SOFR-indexed floating-rate assets. Gains and losses were recorded in net interest income.
(b)Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense.
The Firm did not experience any forecasted transactions that failed to occur for the three and six months ended June 30, 2022 and 2021.
Over the next 12 months, the Firm expects that approximately $(1.1) billion (after-tax) of net losses recorded in AOCI at June 30, 2022, related to cash flow hedges will be recognized in income. For cash flow hedges that have been terminated, the maximum length of time over which the derivative results recorded in AOCI will be recognized in earnings is approximately eight years, corresponding to the timing of the originally hedged forecasted cash flows. For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately six years. The Firm’s longer-dated forecasted transactions relate to core lending and borrowing activities.







121


Net investment hedge gains and losses
The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the three and six months ended June 30, 2022 and 2021.
Gains/(losses) recorded in income and other comprehensive income/(loss)
20222021
Three months ended June 30,
(in millions)
Amounts recorded in
income(a)(b)
Amounts recorded in OCI
Amounts recorded in
income(a)(b)
Amounts recorded in OCI
Foreign exchange derivatives$(116)$3,520 $(79)$(270)
Gains/(losses) recorded in income and other comprehensive income/(loss)
20222021
Six months ended June 30,
(in millions)
Amounts recorded in
income(a)(b)
Amounts recorded in OCI
Amounts recorded in
income(a)(b)
Amounts recorded in OCI
Foreign exchange derivatives$(247)$3,858 $(107)$930 
(a)Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The Firm elects to record changes in fair value of these amounts directly in other income.
(b)Excludes amounts reclassified from AOCI to income on the sale or liquidation of hedged entities. The amounts reclassified for the three and six months ended June 30, 2022 and 2021 were not material. Refer to Note 19 for further information.
122


Gains and losses on derivatives used for specified risk management purposes
The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from mortgage commitments, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities.
Derivatives gains/(losses)
recorded in income
Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
Contract type
Interest rate(a)
$(309)$644 $(538)$502 
Credit(b)
89 (27)122 (67)
Foreign exchange(c)
6 (30)(76)68 
Total$(214)$587 $(492)$503 
(a)Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in mortgage commitments, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income.
(b)Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue.
(c)Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue.
Gains and losses on derivatives related to market-making activities and other derivatives
The Firm makes markets in derivatives in order to meet the needs of customers and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. All derivatives not included in the hedge accounting or specified risk management categories above are included in this category. Gains and losses on these derivatives are primarily recorded in principal transactions revenue. Refer to Note 5 for information on principal transactions revenue.
123


Credit derivatives
Refer to Note 5 of JPMorgan Chase’s 2021 Form 10-K for a more detailed discussion of credit derivatives. The following tables present a summary of the notional amounts of credit derivatives and credit-related notes the Firm sold and purchased as of June 30, 2022 and December 31, 2021. The Firm does not use notional amounts of credit derivatives as the primary measure of risk management for such derivatives, because the notional amount does not take into account the probability of the occurrence of a credit event, the recovery value of the reference obligation, or related cash instruments and economic hedges, each of which reduces, in the Firm’s view, the risks associated with such derivatives.
Total credit derivatives and credit-related notes
Maximum payout/Notional amount
June 30, 2022 (in millions)Protection sold
Protection purchased with identical underlyings(c)
Net protection (sold)/purchased(d)
Other protection purchased(e)
Credit derivatives
Credit default swaps$(473,223)$482,758 $9,535 $3,290 
Other credit derivatives(a)
(52,837)68,842 16,005 16,088 
Total credit derivatives(526,060)551,600 25,540 19,378 
Credit-related notes(b)
   9,004 
Total$(526,060)$551,600 $25,540 $28,382 
Maximum payout/Notional amount
December 31, 2021 (in millions)Protection sold
Protection purchased with identical underlyings(c)
Net protection (sold)/purchased(d)
Other protection purchased(e)
Credit derivatives
Credit default swaps$(443,481)$458,180 $14,699 $2,269 
Other credit derivatives(a)
(56,130)79,586 23,456 

13,435 
Total credit derivatives(499,611)537,766 38,155 15,704 
Credit-related notes(b)
   9,437 
Total$(499,611)$537,766 $38,155 $25,141 
(a)Other credit derivatives predominantly consist of credit swap options and total return swaps.
(b)Represents Other protection purchased by CIB, primarily in its market-making businesses.
(c)Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold.
(d)Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value.
(e)Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument.
The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives as of June 30, 2022, and December 31, 2021, where JPMorgan Chase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives where JPMorgan Chase is the purchaser of protection are comparable to the profile reflected below.
Protection sold — credit derivatives ratings(a)/maturity profile
June 30, 2022
(in millions)
<1 year1–5 years>5 yearsTotal
notional amount
Fair value of receivables(b)
Fair value of payables(b)
Net fair value
Risk rating of reference entity
Investment-grade$(81,541)$(278,902)$(29,619)$(390,062)$1,749 $(2,470)$(721)
Noninvestment-grade(36,026)(92,132)(7,840)(135,998)867 (5,278)(4,411)
Total$(117,567)$(371,034)$(37,459)$(526,060)$2,616 $(7,748)$(5,132)
December 31, 2021
(in millions)
<1 year1–5 years>5 yearsTotal
notional amount
Fair value of receivables(b)
Fair value of payables(b)
Net fair value
Risk rating of reference entity
Investment-grade$(91,155)$(255,106)$(29,035)$(375,296)$3,645 $(623)$3,022 
Noninvestment-grade(32,175)(84,851)(7,289)(124,315)2,630 (2,003)627 
Total$(123,330)$(339,957)$(36,324)$(499,611)$6,275 $(2,626)$3,649 
(a)The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s.
(b)Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting.
124


Note 5 – Noninterest revenue and noninterest expense
Noninterest revenue
Refer to Note 6 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the components of and accounting policies for the Firm’s noninterest revenue.
Investment banking fees
The following table presents the components of investment banking fees.
Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
Underwriting
Equity$230 $1,073 $472 $2,135 
Debt711 1,473 1,685 2,694 
Total underwriting941 2,546 2,157 4,829 
Advisory645 924 1,437 1,611 
Total investment banking fees
$1,586 $3,470 $3,594 $6,440 
Principal transactions
The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and fund deployment activities in Treasury and CIO. Refer to Note 6 for further information on interest income and interest expense.
Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual LOB.
Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
Trading revenue by instrument type
Interest rate(a)
$376 $464 

$845 $1,387 
Credit(b)
279 (c)759 736 (c)2,029 
Foreign exchange1,425 641 2,749 1,639 
Equity2,303 1,929 4,558 4,586 
Commodity499 301 1,246 850 
Total trading revenue4,882 4,094 10,134 10,491 
Private equity gains/(losses)
108 (18)(39)85 
Principal transactions
$4,990 $4,076 $10,095 $10,576 
(a)Includes the impact of changes in funding valuation adjustments on derivatives.
(b)Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities.
(c)Includes markdowns on held-for-sale positions, primarily unfunded commitments, in the bridge financing portfolio.




Lending- and deposit-related fees
The following table presents the components of lending- and deposit-related fees.
Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
Lending-related fees$362 $370 $724 $728 
Deposit-related fees1,511 1,390 2,988 2,719 
Total lending- and deposit-related fees
$1,873 $1,760 $3,712 $3,447 
Asset management, administration and commissions
The following table presents the components of asset management, administration and commissions.
Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
Asset management fees
Investment management fees(a)
$3,425 $3,421 $6,987 $6,678 
All other asset management fees(b)
92 95 182 189 
Total asset management fees
3,517 3,516 7,169 6,867 
Total administration fees(c)
590 650 1,223 1,283 
Commissions and other fees
Brokerage commissions(d)
738 761 1,548 1,561 
All other commissions and fees395 267 662 512 
Total commissions and fees
1,133 1,028 2,210 2,073 
Total asset management, administration and commissions
$5,240 $5,194 $10,602 $10,223 
(a)Represents fees earned from managing assets on behalf of the Firm’s clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts.
(b)Represents fees for services that are ancillary to investment management services, such as commissions earned on the sales or distribution of mutual funds to clients.
(c)Predominantly includes fees for custody, securities lending, funds services and securities clearance.
(d)Represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments.
125


Card income
The following table presents the components of card income.
Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
Interchange and merchant processing income
$7,214 $5,974 $13,449 $10,842 
Rewards costs and partner payments(5,641)(4,282)(10,511)(7,816)
Other card income(a)
(440)(45)(830)(29)
Total card income
$1,133 $1,647 $2,108 $2,997 
(a)Predominantly represents the amortization of account origination costs and annual fees.
Refer to Note 14 for further information on mortgage fees and related income.
Refer to Note 16 for information on operating lease income included within other income.
Noninterest expense
Other expense
Other expense on the Firm’s Consolidated statements of income includes the following:
Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
Legal expense$73 $185 $192 $213 
Note 6 – Interest income and Interest expense
Refer to Note 7 of JPMorgan Chase’s 2021 Form 10-K for a description of JPMorgan Chase’s accounting policies regarding interest income and interest expense.
The following table presents the components of interest income and interest expense.
Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
Interest income
Loans(a)
$11,626 $10,145 $22,259 $20,332 
Taxable securities2,289 1,577 4,268 3,182 
Non-taxable securities(b)
245 270 490 547 
Total investment securities(a)
2,534 1,847 4,758 3,729 
Trading assets - debt instruments2,049 1,711 3,816 3,493 
Federal funds sold and securities purchased under resale agreements543 175 940 408 
Securities borrowed(c)
173 

(90)86 (167)
Deposits with banks1,079 103 1,317 168 
All other interest-earning assets(d)
642 203 966 402 
Total interest income$18,646 $14,094 $34,142 $28,365 
Interest expense
Interest-bearing deposits$898 $132 $1,080 $278 
Federal funds purchased and securities loaned or sold under repurchase agreements468 60 585 75 
Short-term borrowings(e)
90 33 130 66 
Trading liabilities – debt and all other interest-bearing liabilities(c)(f)
471 51 662 78 
Long-term debt1,561 1,056 2,637 2,190 
Beneficial interest issued by consolidated VIEs30 21 48 48 
Total interest expense$3,518 $1,353 $5,142 $2,735 
Net interest income$15,128 $12,741 $29,000 $25,630 
Provision for credit losses1,101 (2,285)2,564 (6,441)
Net interest income after provision for credit losses$14,027 $15,026 $26,436 $32,071 
(a)Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts and net deferred fees/costs).
(b)Represents securities which are tax-exempt for U.S. federal income tax purposes.
(c)Negative interest income is related to the impact of 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 interest-bearing liabilities.
(d)Includes interest earned on 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.
(e)Includes commercial paper.
(f)All other interest-bearing liabilities includes interest expense on brokerage-related customer payables.
126


Note 7 – Pension and other postretirement employee benefit plans
Refer to Note 8 of JPMorgan Chase’s 2021 Form 10-K for a discussion of JPMorgan Chase’s pension and OPEB plans.
The following table presents the net periodic benefit costs reported in the Consolidated statements of income for the Firm’s defined benefit pension, defined contribution and OPEB plans.
(in millions)Three months ended June 30,Six months ended June 30,
2022202120222021
Pension and OPEB plansPension and OPEB plans
Total net periodic defined benefit plan cost/(credit)$(75)$(60)$(139)$(119)
Total defined contribution plans
357 350 701 671 
Total pension and OPEB cost included in noninterest expense
$282 $290 $562 $552 
At June 30, 2022 and December 31, 2021, the fair values of plan assets for the Firm’s defined benefit pension and OPEB plans were $20.9 billion and $25.7 billion, respectively.
127


Note 8 – Employee share-based incentives
Refer to Note 9 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the accounting policies and other information relating to employee share-based incentives.
The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income.
Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
Cost of prior grants of restricted stock units (“RSUs”), performance share units (“PSUs”) and stock appreciation rights (“SARs”) that are amortized over their applicable vesting periods$378 $280 $649 $636 
Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees441 463 976 1,011 
Total noncash compensation expense related to employee share-based incentive plans$819 $743 $1,625 $1,647 
In the first quarter of 2022, in connection with its annual incentive grant for the 2021 performance year, the Firm granted 19 million RSUs and 720 thousand PSUs with weighted-average grant date fair values of $151.06 per RSU and $149.99 per PSU.
128


Note 9 – Investment securities
Investment securities consist of debt securities that are classified as AFS or HTM. Debt securities classified as trading assets are discussed in Note 2. Predominantly all of the Firm’s AFS and HTM securities are held by Treasury and CIO in connection with its asset-liability management activities. At June 30, 2022, the investment securities portfolio consisted of debt securities with an average credit rating of AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings).
During the second quarter of 2022, the Firm transferred $73.2 billion of investment securities from AFS to HTM for capital management purposes. AOCI included pretax unrealized losses of $4.6 billion on the securities at the date of transfer.
Refer to Note 10 of JPMorgan Chase’s 2021 Form 10-K for additional information regarding the investment securities portfolio.
The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.
June 30, 2022December 31, 2021
(in millions)
Amortized cost(b)(c)
Gross unrealized gainsGross unrealized lossesFair value
Amortized cost(b)(c)
Gross unrealized gainsGross unrealized lossesFair value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies$68,511 $252 $5,074 $63,689 $72,800 $736 $993 $72,543 
Residential:
U.S.1,764 1 55 1,710 2,128 38 2 2,164 
Non-U.S.3,776 9 20 3,765 3,882 25 1 3,906 
Commercial2,271  118 2,153 4,944 22 17 4,949 
Total mortgage-backed securities76,322 262 5,267 71,317 83,754 821 1,013 83,562 
U.S. Treasury and government agencies113,811 323 4,150 109,984 178,038 668 1,243 177,463 
Obligations of U.S. states and municipalities10,381 98 346 10,133 14,890 972 2 15,860 
Non-U.S. government debt securities16,223 36 451 15,808 16,163 92 46 16,209 
Corporate debt securities353  34 319 332 8 19 321 
Asset-backed securities:
Collateralized loan obligations11,268 1 297 10,972 9,674 6 18 9,662 
Other3,546 23 33 3,536 5,403 47 2 5,448 
Total available-for-sale securities231,904 743 10,578 222,069 308,254 2,614 2,343 308,525 
Held-to-maturity securities(a)
Mortgage-backed securities:
U.S. GSEs and government agencies117,088 7 8,734 108,361 102,556 1,400 853 103,103 
U.S. Residential11,206 1 834 10,373 7,316 1 106 7,211 
Commercial10,076 2 545 9,533 3,730 11 54 3,687 
Total mortgage-backed securities138,370 10 10,113 128,267 113,602 1,412 1,013 114,001 
U.S. Treasury and government agencies226,362  13,506 212,856 185,204 169 2,103 183,270 
Obligations of U.S. states and municipalities19,167 78 939 18,306 13,985 453 44 14,394 
Asset-backed securities:
Collateralized loan obligations55,121  1,521 53,600 48,869 75 22 48,922 
Other2,629  71 2,558 2,047 1 7 2,041 
Total held-to-maturity securities441,649 88 26,150 415,587 363,707 2,110 3,189 362,628 
Total investment securities, net of allowance for credit losses$673,553 $831 $36,728 $637,656 $671,961 $4,724 $5,532 $671,153 
(a)The Firm purchased $14.3 billion and $27.5 billion of HTM securities for the three and six months ended June 30, 2022, respectively, and $31.8 billion and $63.1 billion for the three and six months ended June 30, 2021, respectively.
(b)The amortized cost of investment securities is reported net of allowance for credit losses of $47 million and $42 million at June 30, 2022 and December 31, 2021, respectively.
(c)Excludes $2.0 billion and $1.9 billion of accrued interest receivables at June 30, 2022 and December 31, 2021, respectively. The Firm did not reverse through interest income any accrued interest receivables for the three and six months ended June 30, 2022 and 2021. Refer to Note 10 of JPMorgan Chase’s 2021 Form 10-K for further discussion of accounting policies for accrued interest receivables on investment securities.
129


AFS securities impairment
The following tables present the fair value and gross unrealized losses by aging category for AFS securities at June 30, 2022 and December 31, 2021. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $9.2 billion and $2.2 billion, at June 30, 2022 and December 31, 2021, respectively; changes in the value of these securities are generally driven by changes in interest rates rather than changes in their credit profile given the explicit or implicit guarantees provided by the U.S. government.
Available-for-sale securities with gross unrealized losses
Less than 12 months12 months or more
June 30, 2022 (in millions)Fair valueGross
unrealized losses
Fair valueGross
unrealized losses
Total fair valueTotal gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.
$1,603 $54 $30 $1 $1,633 $55 
Non-U.S.3,392 20   3,392 20 
Commercial1,827 93 326 25 2,153 118 
Total mortgage-backed securities6,822 167 356 26 7,178 193 
Obligations of U.S. states and municipalities4,258 341 13 5 4,271 346 
Non-U.S. government debt securities9,832 374 1,313 77 11,145 451 
Corporate debt securities249 4 37 30 286 34 
Asset-backed securities:
Collateralized loan obligations9,392 258 1,538 39 10,930 297 
Other2,606 30 149 3 2,755 33 
Total available-for-sale securities with gross unrealized losses$33,159 $1,174 $3,406 $180 $36,565 $1,354 
Available-for-sale securities with gross unrealized losses
Less than 12 months12 months or more
December 31, 2021 (in millions)Fair valueGross
unrealized losses
Fair valueGross
unrealized losses
Total fair valueTotal gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.$303 $1 $45 $1 $348 $2 
Non-U.S.133 1   133 1 
Commercial2,557 5 349 12 2,906 17 
Total mortgage-backed securities2,993 7 394 13 3,387 20 
Obligations of U.S. states and municipalities120 2   120 2 
Non-U.S. government debt securities5,060 37 510 9 5,570 46 
Corporate debt securities166 1 46 18 212 19 
Asset-backed securities:
Collateralized loan obligations8,110 18 208  8,318 18 
Other89  178 2 267 2 
Total available-for-sale securities with gross unrealized losses$16,538 $65 $1,336 $42 $17,874 $107 
130


HTM securities – credit risk
Credit quality indicator
The primary credit quality indicator for HTM securities is the risk rating assigned to each security. At both June 30, 2022 and December 31, 2021, all HTM securities were rated investment grade and were current and accruing, with approximately 98% rated at least AA+.
Allowance for credit losses on investment securities
The allowance for credit losses on investment securities was $47 million and $87 million as of June 30, 2022 and 2021, respectively.
Refer to Note 10 of JPMorgan Chase’s 2021 Form 10-K for further discussion of accounting policies for AFS and HTM securities.
Selected impacts of investment securities on the Consolidated statements of income
Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
Realized gains$69 $184 $82 $421 
Realized losses(222)(339)(629)(562)
Investment securities gains/(losses)$(153)$(155)$(547)$(141)
Provision for credit losses$6 $(7)$5 $9 
131


Contractual maturities and yields
The following table presents the amortized cost and estimated fair value at June 30, 2022, of JPMorgan Chase’s investment securities portfolio by contractual maturity.
By remaining maturity
June 30, 2022 (in millions)
Due in one
year or less
Due after one year through five yearsDue after five years through 10 years
Due after
10 years(b)
Total
Available-for-sale securities
Mortgage-backed securities
Amortized cost$2 $3,358 $4,197 $68,765 $76,322 
Fair value2 3,197 4,296 63,822 71,317 
Average yield(a)
0.23 %1.08 %2.56 %2.73 %2.64 %
U.S. Treasury and government agencies
Amortized cost$12,135 $84,714 $10,105 $6,857 $113,811 
Fair value12,106 81,398 9,460 7,020 109,984 
Average yield(a)
1.56 %0.54 %1.60 %1.89 %0.83 %
Obligations of U.S. states and municipalities
Amortized cost$17 $132 $801 $9,431 $10,381 
Fair value17 132 812 9,172 10,133 
Average yield(a)
5.75 %4.91 %4.71 %4.32 %4.36 %
Non-U.S. government debt securities
Amortized cost$6,924 $4,608 $3,530 $1,161 $16,223 
Fair value6,920 4,507 3,315 1,066 15,808 
Average yield(a)
1.94 %2.59 %1.30 %1.18 %1.93 %
Corporate debt securities
Amortized cost$ $339 $14 $ $353 
Fair value 306 13  319 
Average yield(a)
 %12.26 %2.33 % %11.86 %
Asset-backed securities
Amortized cost$112 $1,730 $3,697 $9,275 $14,814 
Fair value110 1,715 3,635 9,048 14,508 
Average yield(a)
1.88 %2.99 %2.09 %2.38 %2.37 %
Total available-for-sale securities
Amortized cost$19,190 $94,881 $22,344 $95,489 $231,904 
Fair value19,155 91,255 21,531 90,128 222,069 
Average yield(a)
1.70 %0.75 %1.93 %2.77 %1.78 %
Held-to-maturity securities
Mortgage-backed securities
Amortized cost$ $1,736 $11,890 $124,754 $138,380 
Fair value 1,652 10,975 115,640 128,267 
Average yield(a)
 %1.99 %2.44 %2.78 %2.74 %
U.S. Treasury and government agencies
Amortized cost$24,373 $132,070 $69,919 $ $226,362 
Fair value24,162 126,512 62,182  212,856 
Average yield(a)
0.63 %0.67 %1.25 % %0.84 %
Obligations of U.S. states and municipalities
Amortized cost$ $79 $2,014 $17,111 $19,204 
Fair value 75 2,000 16,231 18,306 
Average yield(a)
 %2.96 %3.96 %4.13 %4.10 %
Asset-backed securities
Amortized cost$ $ $15,143 $42,607 $57,750 
Fair value  14,928 41,230 56,158 
Average yield(a)
 % %2.01 %2.02 %2.02 %
Total held-to-maturity securities
Amortized cost$24,373 $133,885 $98,966 $184,472 $441,696 
Fair value24,162 128,239 90,085 173,101 415,587 
Average yield(a)
0.63 %0.69 %1.56 %2.73 %1.73 %
(a)Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid. However, for certain callable debt securities, the average yield is calculated to the earliest call date.
(b)Substantially all of the Firm’s U.S. residential MBS and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately eight years for agency residential MBS, seven years for agency residential collateralized mortgage obligations and six years for nonagency residential collateralized mortgage obligations.
132


Note 10 – Securities financing activities
Refer to Note 11 of JPMorgan Chase’s 2021 Form 10-K for a discussion of accounting policies relating to securities financing activities. Refer to Note 3 for further information regarding securities borrowed and securities lending agreements for which the fair value option has been elected. Refer to Note 23 for further information regarding assets pledged and collateral received in securities financing agreements.
The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of June 30, 2022 and December 31, 2021. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with the counterparty, but
such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below. In transactions where the Firm is acting as the lender in a securities-for-securities lending agreement and receives securities that can be pledged or sold as collateral, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities on the Consolidated balance sheets.
June 30, 2022
(in millions)Gross amountsAmounts netted on the Consolidated balance sheetsAmounts presented on the Consolidated balance sheets
Amounts not nettable on the Consolidated balance sheets(b)
Net
amounts(c)
Assets
Securities purchased under resale agreements
$615,597 $(293,460)$322,137 $(313,022)$9,115 
Securities borrowed
243,655 (41,262)202,393 (146,087)56,306 
Liabilities
Securities sold under repurchase agreements$511,697 $(293,460)$218,237 $(184,439)$33,798 
Securities loaned and other(a)
54,094 (41,262)12,832 (12,777)55 
December 31, 2021
(in millions)Gross amountsAmounts netted on the Consolidated balance sheetsAmounts presented on the Consolidated balance sheets
Amounts not nettable on the Consolidated balance sheets(b)
Net
amounts(c)
Assets
Securities purchased under resale agreements
$604,724 $(343,093)$261,631 $(245,588)$16,043 
Securities borrowed
250,333 (44,262)206,071 (154,599)51,472 
Liabilities
Securities sold under repurchase agreements$532,899 $(343,093)$189,806 $(166,456)$23,350 
Securities loaned and other(a)
52,610 (44,262)8,348 (8,133)215 
(a)Includes securities-for-securities lending agreements of $9.7 billion and $5.6 billion at June 30, 2022 and December 31, 2021, respectively, accounted for at fair value, where the Firm is acting as lender.
(b)In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty.
(c)Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At June 30, 2022 and December 31, 2021, included $5.5 billion and $13.9 billion, respectively, of securities purchased under resale agreements; $50.4 billion and $46.4 billion, respectively, of securities borrowed; $32.7 billion and $21.6 billion, respectively, of securities sold under repurchase agreements; and $41 million and $198 million, respectively, of securities loaned and other.
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The tables below present as of June 30, 2022, and December 31, 2021 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.
Gross liability balance
June 30, 2022December 31, 2021
 (in millions)Securities sold under repurchase agreementsSecurities loaned and otherSecurities sold under repurchase agreementsSecurities loaned and other
Mortgage-backed securities
U.S. GSEs and government agencies$33,382 $ $37,046 $ 
Residential - nonagency1,448  1,508  
Commercial - nonagency2,015  1,463  
U.S. Treasury, GSEs and government agencies234,147 1,783 241,578 358 
Obligations of U.S. states and municipalities2,103 4 1,916 7 
Non-U.S. government debt162,391 1,382 174,971 1,572 
Corporate debt securities38,157 2,283 38,180 1,619 
Asset-backed securities1,343  1,211  
Equity securities36,711 48,642 35,026 49,054 
Total
$511,697 $54,094 $532,899 $52,610 
Remaining contractual maturity of the agreements
Overnight and continuousGreater than
90 days
June 30, 2022 (in millions)Up to 30 days30 – 90 daysTotal
Total securities sold under repurchase agreements$202,779 $183,881 $40,649 $84,388 $511,697 
Total securities loaned and other52,865 127  1,102 54,094 
Remaining contractual maturity of the agreements
Overnight and continuousGreater than
90 days
December 31, 2021 (in millions)Up to 30 days30 – 90 daysTotal
Total securities sold under repurchase agreements$195,035 $231,171 $47,201 $59,492 $532,899 
Total securities loaned and other50,034 1,701  875 52,610 
Transfers not qualifying for sale accounting
At June 30, 2022, and December 31, 2021, the Firm held $342 million and $440 million, respectively, of financial assets for which the rights have been transferred to third parties; however, the transfers did not qualify as a sale in accordance with U.S. GAAP. These transfers have been recognized as collateralized financing transactions. The transferred assets are recorded in trading assets and loans, and the corresponding liabilities are recorded predominantly in short-term borrowings on the Consolidated balance sheets.
134


Note 11 – Loans
Loan accounting framework
The accounting for a loan depends on management’s strategy for the loan. The Firm accounts for loans based on the following categories:
Originated or purchased loans held-for-investment (i.e., “retained”)
Loans held-for-sale
Loans at fair value
Refer to Note 12 of JPMorgan Chase's 2021 Form 10-K for a detailed discussion of loans, including accounting policies. Refer to Note 3 of this Form 10-Q for further information on the Firm's elections of fair value accounting under the fair value option. Refer to Note 2 of this Form 10-Q for information on loans carried at fair value and classified as trading assets.
Loan portfolio
The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class.
Consumer, excluding
credit card
Credit card
Wholesale(c)(d)
• Residential real estate(a)
• Auto and other(b)
• Credit card loans
• Secured by real estate
• Commercial and industrial
• Other(e)
(a)Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in CIB and Corporate.
(b)Includes scored auto and business banking loans and overdrafts.
(c)Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses.
(d)The wholesale portfolio segment's classes align with loan classifications as defined by the bank regulatory agencies, based on the loan's collateral, purpose, and type of borrower.
(e)Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2021 Form 10-K for more information on SPEs.
The following tables summarize the Firm’s loan balances by portfolio segment.
June 30, 2022Consumer, excluding credit cardCredit cardWholesale
Total(a)(b)
(in millions)
Retained$302,631 $165,494 $584,265 $1,052,390 
Held-for-sale740  3,969 4,709 
At fair value13,841  33,215 47,056 
Total$317,212 $165,494 $621,449 $1,104,155 
December 31, 2021Consumer, excluding credit cardCredit cardWholesale
Total(a)(b)
(in millions)
Retained$295,556 $154,296 $560,354 $1,010,206 
Held-for-sale1,287  7,401 8,688 
At fair value26,463  32,357 58,820 
Total$323,306 $154,296 $600,112 $1,077,714 
(a)Excludes $3.2 billion and $2.7 billion of accrued interest receivables at June 30, 2022, and December 31, 2021, respectively. The Firm wrote off accrued interest receivables of $8 million for both the three months ended June 30, 2022 and 2021, and $20 million and $21 million for the six months ended June 30, 2022 and 2021, respectively. Prior-period amounts have been revised to conform with the current presentation.
(b)Loans (other than those for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs. These amounts were not material as of June 30, 2022, and December 31, 2021.


135


The following tables provide information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table.
20222021
Three months ended June 30,
(in millions)
Consumer, excluding
credit card
Credit cardWholesaleTotalConsumer, excluding
credit card
Credit cardWholesaleTotal
Purchases$973 
(b)(c)
$ $228 $1,201 $111 
(b)(c)
$ $301 $412 
Sales82  12,005 12,087   8,751 8,751 
Retained loans reclassified to held-for-sale(a)
66  415 481 87 

 892 979 
20222021
Six months ended June 30,
(in millions)
Consumer, excluding
credit card
Credit cardWholesaleTotalConsumer, excluding
credit card
Credit cardWholesaleTotal
Purchases$1,092 
(b)(c)
$ $394 $1,486 $302 
(b)(c)
$ $527 $829 
Sales129  21,712 21,841 181  14,481 14,662 
Retained loans reclassified to held-for-sale(a)
142  688 830 249  1,664 1,913 
(a)Reclassifications of loans to held-for-sale are non-cash transactions.
(b)Predominantly includes purchases of residential real estate loans, including the Firm’s voluntary repurchases of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines for the three and six months ended June 30, 2022 and 2021. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA.
(c)Excludes purchases of retained loans of $6.0 billion and $5.0 billion for the three months ended June 30, 2022 and 2021, respectively, and $9.2 billion and $12.0 billion for the six months ended June 30, 2022 and 2021, respectively, which are predominantly sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards.
Gains and losses on sales of loans
Net gains/(losses) on sales of loans and lending-related commitments (including adjustments to record loans and lending-related commitments held-for-sale at the lower of cost or fair value) recognized in noninterest revenue for the three and six months ended June 30, 2022 was $(352) million and $(314) million, respectively, of which $(67) million and $(32) million, respectively, related to loans. Net gains/(losses) on sales of loans and lending-related commitments for the three and six months ended June 30, 2021 was $62 million and $194 million, respectively, of which $47 million and $182 million, respectively, related to loans. In addition, the sale of loans may also result in write downs, recoveries or changes in the allowance recognized in the provision for credit losses.


136


Consumer, excluding credit card loan portfolio
Consumer loans, excluding credit card loans, consist primarily of scored residential mortgages, home equity loans and lines of credit, auto and business banking loans, with a focus on serving the prime consumer credit market. The portfolio also includes home equity loans secured by junior liens, prime mortgage loans with an interest-only payment period and certain payment-option loans that may result in negative amortization.
The following table provides information about retained consumer loans, excluding credit card, by class.
(in millions)June 30,
2022
December 31,
2021
Residential real estate$237,142 $224,795 
Auto and other(a)
65,489 70,761 
Total retained loans$302,631 $295,556 
(a)At June 30, 2022 and December 31, 2021, included $1.5 billion and $5.4 billion of loans, respectively, in Business Banking under the PPP.
Delinquency rates are the primary credit quality indicator for consumer loans. Refer to Note 12 of JPMorgan Chase's 2021 Form 10-K for further information on consumer credit quality indicators.



137


Residential real estate
The following tables provide information on delinquency, which is the primary credit quality indicator for retained residential real estate loans.
(in millions, except ratios)June 30, 2022
Term loans by origination year(d)
Revolving loansTotal
20222021202020192018Prior to 2018Within the revolving periodConverted to term loans
Loan delinquency(a)(b)
Current$30,550$67,493$44,816$16,118$6,750$53,243$5,906$10,616$235,492
30–149 days past due
7201114105459164780
150 or more days past due
311136335205870
Total retained loans
$30,557$67,513$44,830$16,143$6,773$54,421$5,920$10,985$237,142
% of 30+ days past due to total retained loans(c)
0.02 %0.03 %0.03 %0.15 %0.34 %2.11 %0.24 %3.36 %0.68 %
(in millions, except ratios)December 31, 2021
Term loans by origination year(d)
Revolving loansTotal
20212020201920182017Prior to 2017Within the revolving periodConverted to term loans
Loan delinquency(a)(b)
Current$68,742$48,334$18,428$7,929$11,684$49,147$6,392$11,807$222,463
30–149 days past due
132327272257811182883
150 or more days past due
112125331,06962841,449
Total retained loans
$68,755$48,368$18,476$7,981$11,739$50,794$6,409$12,273$224,795
% of 30+ days past due to total retained loans(c)
0.02 %0.07 %0.26 %0.65 %0.47 %3.18 %0.27 %3.80 %1.02 %
(a)At June 30, 2022 and December 31, 2021, individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $30 million and $35 million; 30–149 days past due included $11 million for both periods; and 150 or more days past due included $21 million and $20 million, respectively.
(b)At June 30, 2022 and December 31, 2021, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.
(c)At June 30, 2022 and December 31, 2021, residential real estate loans excluded mortgage loans insured by U.S. government agencies of $32 million and $31 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.
(d)Purchased loans are included in the year in which they were originated.
Approximately 37% of the total revolving loans are senior lien loans; the remaining balance are junior lien loans. The lien position the Firm holds is considered in the Firm’s allowance for credit losses. Revolving loans that have been converted to term loans have higher delinquency rates than those that are still within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options available for revolving loans within the revolving period.
138


Nonaccrual loans and other credit quality indicators
The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans.
(in millions, except weighted-average data)June 30, 2022December 31, 2021
Nonaccrual loans(a)(b)(c)(d)
$4,076 $4,759 
90 or more days past due and government guaranteed(e)
24 24 
Current estimated LTV ratios(f)(g)(h)
Greater than 125% and refreshed FICO scores:
Equal to or greater than 660$2 $2 
Less than 6601 2 
101% to 125% and refreshed FICO scores:
Equal to or greater than 66031 37 
Less than 6605 15 
80% to 100% and refreshed FICO scores:
Equal to or greater than 6602,718 2,701 
Less than 66051 89 
Less than 80% and refreshed FICO scores:
Equal to or greater than 660222,880 209,295 
Less than 6609,149 9,658 
No FICO/LTV available2,243 2,930 
U.S. government-guaranteed
62 66 
Total retained loans
$237,142 $224,795 
Weighted average LTV ratio(f)(i)
48 %50 %
Weighted average FICO(g)(i)
767 765 
Geographic region(j)
California$72,803 $71,383 
New York34,406 32,545 
Florida18,408 16,182 
Texas15,099 13,865 
Illinois11,572 11,565 
Colorado9,734 8,885 
Washington8,892 8,292 
New Jersey7,097 6,832 
Massachusetts6,378 6,105 
Connecticut5,409 5,242 
All other(k)
47,344 43,899 
Total retained loans
$237,142 $224,795 
(a)Includes collateral-dependent residential real estate loans that are charged down to the fair value of the underlying collateral less costs to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual TDRs, regardless of their delinquency status. At June 30, 2022, approximately 5% of Chapter 7 residential real estate loans were 30 days or more past due.
(b)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative.
(c)Interest income on nonaccrual loans recognized on a cash basis was $45 million and $41 million and $90 million and $86 million for the three and six months ended June 30, 2022 and 2021, respectively.
(d)Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic.
(e)These balances are excluded from nonaccrual loans as the loans are guaranteed by U.S government agencies. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. At June 30, 2022 and December 31, 2021, these balances were no longer accruing interest based on the agreed-upon servicing guidelines. There were no loans that were not guaranteed by U.S. government agencies that are 90 or more days past due and still accruing interest at June 30, 2022 and December 31, 2021.
(f)Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.
(g)Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.
(h)Includes residential real estate loans, primarily held in LLCs in AWM that did not have a refreshed FICO score. These loans have been included in a FICO band based on management’s estimation of the borrower’s credit quality.
(i)Excludes loans with no FICO and/or LTV data available.
(j)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at June 30, 2022.
(k)At June 30, 2022 and December 31, 2021, included mortgage loans insured by U.S. government agencies of $62 million and $66 million, respectively. These amounts have been excluded from the geographic regions presented based upon the government guarantee.
139


Loan modifications
Modifications of residential real estate loans where the Firm grants concessions to borrowers who are experiencing financial difficulty are generally accounted for and reported as TDRs. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs. The carrying value of new TDRs was $115 million and $307 million for the three months ended June 30, 2022 and 2021, respectively, and $233 million and $558 million for the six months ended June 30, 2022 and 2021, respectively. There were no additional commitments to lend to borrowers whose residential real estate loans have been modified in TDRs.
Nature and extent of modifications
The Firm’s proprietary modification programs as well as government programs, including U.S. GSE programs, generally provide various concessions to financially troubled borrowers including, but not limited to, interest rate reductions, term or payment extensions and delays of principal and/or interest payments that would otherwise have been required under the terms of the original agreement. The following table provides information about how residential real estate loans were modified in TDRs under the Firm’s loss mitigation programs described above during the periods presented. This table excludes Chapter 7 loans where the sole concession granted is the discharge of debt and loans with short-term or other insignificant modifications that are not considered concessions.
Three months ended June 30,Six months ended June 30,
2022202120222021
Number of loans approved for a trial modification
1,165 1,165 2,691 2,566 
Number of loans permanently modified
1,289 1,186 2,831 2,900 
Concession granted:(a)
Interest rate reduction
45 %78 %56 %74 %
Term or payment extension
54 51 67 45 
Principal and/or interest deferred
10 18 12 26 
Principal forgiveness1  1 2 
Other(b)
46 34 36 44 
(a)Represents concessions granted in permanent modifications as a percentage of the number of loans permanently modified. The sum of the percentages exceeds 100% because predominantly all of the modifications include more than one type of concession. Concessions offered on trial modifications are generally consistent with those granted on permanent modifications.
(b)Includes variable interest rate to fixed interest rate modifications and payment delays that meet the definition of a TDR.
















140


Financial effects of modifications and redefaults
The following table provides information about the financial effects of the various concessions granted in modifications of residential real estate loans under the loss mitigation programs described above and about redefaults of certain loans modified in TDRs for the periods presented. The following table presents only the financial effects of permanent modifications and do not include temporary concessions offered through trial modifications. This table also excludes Chapter 7 loans where the sole concession granted is the discharge of debt and loans with short-term or other insignificant modifications that are not considered concessions.
(in millions, except weighted-average data)Three months ended June 30,Six months ended June 30,
2022202120222021
Weighted-average interest rate of loans with interest rate reductions – before TDR
4.76 %4.39 %4.55 %4.51 %
Weighted-average interest rate of loans with interest rate reductions – after TDR
3.36 2.85 3.31 2.90 
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR
22222324
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR
38363938
Charge-offs recognized upon permanent modification
$1 $ $1 $ 
Principal deferred
4 6 11 18 
Principal forgiven
  1 1 
Balance of loans that redefaulted within one year of permanent modification(a)
$27 $21 $70 $45 
    
(a)Represents loans permanently modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The dollar amounts presented represent the balance of such loans at the end of the reporting period in which such loans defaulted. For residential real estate loans modified in TDRs, payment default is deemed to occur when the loan becomes two contractual payments past due. In the event that a modified loan redefaults, it will generally be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last twelve months may not be representative of ultimate redefault levels.
At June 30, 2022, the weighted-average estimated remaining lives of residential real estate loans permanently modified in TDRs were six years. The estimated remaining lives of these loans reflect estimated prepayments, both voluntary and involuntary (i.e., foreclosures and other forced liquidations).
Active and suspended foreclosure
At June 30, 2022 and December 31, 2021, the Firm had residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $696 million and $619 million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.
141


Auto and other
The following tables provide information on delinquency, which is the primary credit quality indicator for retained auto and other consumer loans.
June 30, 2022

(in millions, except ratios)
Term loans by origination yearRevolving loans
20222021202020192018Prior to 2018Within the revolving periodConverted to term loansTotal
Loan delinquency
Current
$12,488 $26,358 
(b)
$14,459
(b)
$5,507$2,412$1,269$2,241$116$64,850
30–119 days past due104 193 99693828115547
120 or more days past due  81114592
Total retained loans$12,592 $26,551 $14,639$5,577$2,450$1,298$2,256$126$65,489
% of 30+ days past due to total retained loans(a)
0.83 %0.72 %0.57 %1.26 %1.55 %2.23 %0.66 %7.94 %0.83 %
December 31, 2021

(in millions, except ratios)
Term loans by origination yearRevolving loans
20212020201920182017Prior to 2017Within the revolving periodConverted to term loansTotal
Loan delinquency
Current
$35,323
(c)
$18,324
(c)
$7,443$3,671$1,800$666$2,242$120$69,589
30–119 days past due192720885331211261,123
120 or more days past due35115749
Total retained loans$35,515$19,079$7,531$3,724$1,832$688$2,259$133$70,761
% of 30+ days past due to total retained loans(a)
0.54 %0.47 %1.17 %1.42 %1.75 %3.20 %0.75 %9.77 %0.71 %
(d)
(a)At June 30, 2022 and December 31, 2021, auto and other loans excluded $97 million and $667 million, respectively, of PPP loans guaranteed by the SBA that are 30 or more days past due. These amounts have been excluded based upon the SBA guarantee.
(b)Includes $1.3 billion of loans originated in 2021 and $197 million of loans originated in 2020 in Business Banking under the PPP. PPP loans are guaranteed by the SBA. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans.
(c)Includes $4.4 billion of loans originated in 2021 and $1.0 billion of loans originated in 2020 in Business Banking under the PPP.
(d)Prior-period amount has been revised to conform with the current presentation.

142


Nonaccrual and other credit quality indicators
The following table provides information on nonaccrual and other credit quality indicators for retained auto and other consumer loans.
(in millions)Total Auto and other
June 30, 2022December 31, 2021
Nonaccrual loans(a)(b)(c)
$110 $119 
Geographic region(d)
California$10,344 $11,163 
Texas7,446 7,859 
Florida4,845 4,901 
New York4,625 5,848 
Illinois2,718 2,930 
New Jersey2,232 2,355 
Pennsylvania1,869 2,004 
Georgia1,719 1,748 
Louisiana 1,693 1,801 
Arizona1,681 1,887 
All other26,317 28,265 
Total retained loans$65,489 $70,761 
(a)At June 30, 2022 and December 31, 2021, nonaccrual loans excluded $86 million and $506 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA, of which $81 million and $35 million, respectively, were no longer accruing interest based on the guidelines set by the SBA. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting the guidelines set by the SBA. There were no loans that were not guaranteed by the SBA that are 90 or more days past due and still accruing interest at June 30, 2022 and December 31, 2021.
(b)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to the charge down, the related allowance may be negative.
(c)Interest income on nonaccrual loans recognized on a cash basis was not material for the three and six months ended June 30, 2022 and 2021.
(d)The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at June 30, 2022.
Loan modifications
Certain auto and other loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs.
The impact of these modifications, as well as new TDRs, were not material to the Firm for the three and six months ended June 30, 2022 and 2021. Additional commitments to lend to borrowers whose loans have been modified in TDRs as of June 30, 2022 and December 31, 2021 were not material.


143


Credit card loan portfolio
The credit card portfolio segment includes credit card loans originated and purchased by the Firm. Delinquency rates are the primary credit quality indicator for credit card loans.
Refer to Note 12 of JPMorgan Chase's 2021 Form 10-K for further information on the credit card loan portfolio, including credit quality indicators.
The following tables provide information on delinquency, which is the primary credit quality indicator for retained credit card loans.

(in millions, except ratios)
June 30, 2022
Within the revolving period
Converted to term loans(a)
Total
Loan delinquency
Current and less than 30 days past due
and still accruing
$163,010 $750 $163,760 
30–89 days past due and still accruing
841 51 892 
90 or more days past due and still accruing
816 26 842 
Total retained loans$164,667 $827 $165,494 
Loan delinquency ratios
% of 30+ days past due to total retained loans
1.01 %9.31 %1.05 %
% of 90+ days past due to total retained loans
0.50 3.14 0.51 

(in millions, except ratios)
December 31, 2021
Within the revolving period
Converted to term loans(a)
Total
Loan delinquency
Current and less than 30 days past due
and still accruing
$151,798 $901 $152,699 
30–89 days past due and still accruing
770 59 829 
90 or more days past due and still accruing
741 27 768 
Total retained loans$153,309 $987 $154,296 
Loan delinquency ratios
% of 30+ days past due to total retained loans
0.99 %8.71 %1.04 %
% of 90+ days past due to total retained loans
0.48 2.74 0.50 
(a)Represents TDRs.
Other credit quality indicators
The following table provides information on other credit quality indicators for retained credit card loans.
(in millions, except ratios)June 30, 2022December 31, 2021
Geographic region(a)
California$24,954 $23,030 
Texas17,138 15,879 
New York13,616 12,652 
Florida11,205 10,412 
Illinois9,198 8,530 
New Jersey6,854 6,367 
Ohio5,231 4,923 
Colorado5,029 4,573 
Pennsylvania4,943 4,708 
Michigan3,988 3,773 
All other63,338 59,449 
Total retained loans$165,494 $154,296 
Percentage of portfolio based on carrying value with estimated refreshed FICO scores
Equal to or greater than 66088.2 %88.5 %
Less than 66011.6 11.3 
No FICO available0.2 0.2 
(a)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at June 30, 2022.
144


Loan modifications
The Firm may offer loan modification programs granting concessions to credit card borrowers who are experiencing financial difficulty. The Firm grants concessions for most of the credit card loans under long-term programs. These modifications involve placing the customer on a fixed payment plan, generally for 60 months, and typically include reducing the interest rate on the credit card. Substantially all modifications under the Firm’s long-term programs are considered to be TDRs. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs.
If the cardholder does not comply with the modified payment terms, then the credit card loan continues to age and will ultimately be charged-off in accordance with the Firm’s standard charge-off policy. In most cases, the Firm does not reinstate the borrower’s line of credit.
Financial effects of modifications and redefaults
The following table provides information about the financial effects of the concessions granted on credit card loans modified in TDRs and redefaults for the periods presented. For all periods disclosed, new enrollments were less than 1% of total retained credit card loans.
(in millions, except
weighted-average data)
Three months ended June 30,Six months ended June 30,
2022202120222021
Balance of new TDRs(a)
$81$90$163$233
Weighted-average interest rate of loans – before TDR
18.94 %17.92 %18.47 %17.81 %
Weighted-average interest rate of loans – after TDR
4.62 5.15 4.75 5.20 
Balance of loans that redefaulted within one year of modification(b)
$8$13$17$32
(a)Represents the outstanding balance prior to modification.
(b)Represents loans modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The amounts presented represent the balance of such loans as of the end of the quarter in which they defaulted.
For credit card loans modified in TDRs, payment default is deemed to have occurred when the borrower misses two consecutive contractual payments. Defaulted modified credit card loans remain in the modification program and continue to be charged off in accordance with the Firm’s standard charge-off policy.
145


Wholesale loan portfolio
Wholesale loans include loans made to a variety of clients, ranging from large corporate and institutional clients, to small businesses and high-net-worth individuals. The primary credit quality indicator for wholesale loans is the internal risk rating assigned to each loan. Refer to Note 12 of JPMorgan Chase’s 2021 Form 10-K for further information on these risk ratings.
The following tables provide information on internal risk rating, which is the primary credit quality indicator for retained wholesale loans.
Secured by real estateCommercial and industrial
Other(b)
Total retained loans
(in millions, except ratios)Jun 30,
2022
Dec 31,
2021
Jun 30,
2022
Dec 31,
2021
Jun 30,
2022
Dec 31,
2021
Jun 30,
2022
Dec 31,
2021
Loans by risk ratings
Investment-grade
$97,344 $92,369 $78,452 $75,783 $244,149 $241,859 $419,945 $410,011 
Noninvestment-grade:
Noncriticized
22,230 22,495 72,066 62,039 55,399 52,440 149,695 136,974 
Criticized performing
3,546 3,645 7,971 6,900 1,025 770 12,542 11,315 
Criticized nonaccrual(a)
328 326 986 969 769 759 2,083 2,054 
Total noninvestment-grade26,104 26,466 81,023 69,908 57,193 53,969 164,320 150,343 
Total retained loans
$123,448 $118,835 $159,475 $145,691 $301,342 $295,828 $584,265 $560,354 
% of investment-grade to total retained loans
78.85 %77.73 %49.19 %52.02 %81.02 %81.76 %71.88 %73.17 %
% of total criticized to total retained loans
3.14 3.34 5.62 5.40 0.60 0.52 2.50 2.39 
% of criticized nonaccrual to total retained loans
0.27 0.27 0.62 0.67 0.26 0.26 0.36 0.37 
(a)At June 30, 2022 and December 31, 2021 nonaccrual loans excluded $33 million and $127 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA, predominantly in commercial and industrial.
(b)Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2021 Form 10-K for more information on SPEs.
Secured by real estate

(in millions)
June 30, 2022
Term loans by origination yearRevolving loans
20222021202020192018Prior to 2018Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$15,386 $23,092 $15,162 $15,702 $6,329 $20,509 $1,156 $8 $97,344 
Noninvestment-grade3,146 5,203 3,464 3,823 2,919 6,831 717 1 26,104 
Total retained loans$18,532 $28,295 $18,626 $19,525 $9,248 $27,340 $1,873 $9 $123,448 
    
Secured by real estate

(in millions)
December 31, 2021
Term loans by origination year Revolving loans
20212020201920182017Prior to 2017Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$23,346 $16,030 $17,265 $8,103 $7,325 $19,066 $1,226 $8 $92,369 
Noninvestment-grade5,364 3,826 4,564 3,806 2,834 5,613 458 1 26,466 
Total retained loans$28,710 $19,856 $21,829 $11,909 $10,159 $24,679 $1,684 $9 $118,835 


146


Commercial and industrial

(in millions)
June 30, 2022
Term loans by origination yearRevolving loans
20222021202020192018Prior to 2018Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$15,298 $11,588 $4,517 $2,498 $898 $1,419 $42,169 $65 $78,452 
(a)
Noninvestment-grade12,384 14,389 4,665 3,363 1,245 968 43,930 79 81,023 
Total retained loans
$27,682 $25,977 $9,182 $5,861 $2,143 $2,387 $86,099 $144 $159,475 
Commercial and industrial

(in millions)
December 31, 2021
Term loans by origination year Revolving loans
20212020201920182017Prior to 2017Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$21,342 $6,268 $3,609 $1,269 $1,108 $819 $41,367 $1 $75,783 
(b)
Noninvestment-grade19,314 7,112 4,559 2,177 930 430 35,312 74 69,908 
Total retained loans
$40,656 $13,380 $8,168 $3,446 $2,038 $1,249 $76,679 $75 $145,691 
(a)At June 30, 2022, $311 million of the $368 million total PPP loans in the wholesale portfolio were commercial and industrial. Of the $311 million, $176 million were originated in 2021 and $135 million were originated in 2020. PPP loans are guaranteed by the SBA and considered investment-grade. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans.
(b)At December 31, 2021, $1.1 billion of the $1.3 billion total PPP loans in the wholesale portfolio were commercial and industrial. Of the $1.1 billion, $698 million were originated in 2021 and $396 million were originated in 2020.

Other(a)

(in millions)
June 30, 2022
Term loans by origination yearRevolving loans
20222021202020192018Prior to 2018Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$22,907 $17,185 $15,373 $4,978 $2,268 $8,932 $171,265 $1,241 $244,149 
Noninvestment-grade10,701 8,223 2,204 1,031 555 662 33,677 140 57,193 
Total retained loans
$33,608 $25,408 $17,577 $6,009 $2,823 $9,594 $204,942 $1,381 $301,342 
Other(a)

(in millions)
December 31, 2021
Term loans by origination yearRevolving loans
20212020201920182017Prior to 2017Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$26,782 $17,829 $6,125 $2,885 $3,868 $7,651 $176,118 $601 $241,859 
Noninvestment-grade16,905 2,399 1,455 935 218 467 31,585 5 53,969 
Total retained loans
$43,687 $20,228 $7,580 $3,820 $4,086 $8,118 $207,703 $606 $295,828 
(a)Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2021 Form 10-K for more information on SPEs.

147


The following table presents additional information on retained loans secured by real estate, which consists of loans secured wholly or substantially by a lien or liens on real property at origination.

(in millions, except ratios)
MultifamilyOther commercialTotal retained loans secured by real estate
Jun 30,
2022
Dec 31,
2021
Jun 30,
2022
Dec 31,
2021
Jun 30,
2022
Dec 31,
2021
Retained loans secured by real estate$77,370 $73,801 $46,078 $45,034 $123,448 $118,835 
Criticized 1,714 1,671 2,160 2,300 3,874 3,971 
% of criticized to total retained loans secured by real estate2.22 %2.26 %4.69 %5.11 %3.14 %3.34 %
Criticized nonaccrual$75 $91 $253 $235 $328 $326 
% of criticized nonaccrual loans to total retained loans secured by real estate
0.10 %0.12 %0.55 %0.52 %0.27 %0.27 %
Geographic distribution and delinquency
The following table provides information on the geographic distribution and delinquency for retained wholesale loans.
Secured by real estateCommercial
 and industrial
OtherTotal
 retained loans
(in millions)Jun 30,
2022
Dec 31,
2021
Jun 30,
2022
Dec 31,
2021
Jun 30,
2022
Dec 31,
2021
Jun 30,
2022
Dec 31,
2021
Loans by geographic distribution(a)
Total U.S.$120,309 $115,732 $119,337 $106,449 $218,334 $215,750 $457,980 $437,931 
Total non-U.S.3,139 3,103 40,138 39,242 83,008 80,078 126,285 122,423 
Total retained loans$123,448 $118,835 $159,475 $145,691 $301,342 $295,828 

$584,265 $560,354 
Loan delinquency
Current and less than 30 days past due and still accruing
$122,833 $118,163 $156,966 $143,459 $298,606 $293,358 

$578,405 $554,980 
30–89 days past due and still accruing
189 331 1,224 1,193 1,884 1,590 3,297 3,114 
90 or more days past due and still accruing(b)
98 15 299 70 83 121 480 206 
Criticized nonaccrual(c)
328 326 986 969 769 759 2,083 2,054 
Total retained loans$123,448 $118,835 $159,475 $145,691 $301,342 $295,828 

$584,265 $560,354 
(a)The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower.
(b)Represents loans that are considered well-collateralized and therefore still accruing interest.
(c)At June 30, 2022 and December 31, 2021 nonaccrual loans excluded $33 million and $127 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA, predominantly in commercial and industrial.
Nonaccrual loans
The following table provides information on retained wholesale nonaccrual loans.
 
(in millions)
Secured by real estateCommercial
and industrial
OtherTotal
retained loans
Jun 30,
2022
Dec 31,
2021
Jun 30,
2022
Dec 31,
2021
Jun 30,
2022
Dec 31,
2021
Jun 30,
2022
Dec 31,
2021
Nonaccrual loans
With an allowance$247 $254 $656 $604 $522 $286 $1,425 $1,144 
Without an allowance(a)
81 72 330 365 247 473 658 910 
Total nonaccrual loans(b)
$328 $326 $986 $969 $769 $759 $2,083 $2,054 
(a)When the discounted cash flows or collateral value equals or exceeds the amortized cost of the loan, the loan does not require an allowance. This typically occurs when the loans have been partially charged off and/or there have been interest payments received and applied to the loan balance.
(b)Interest income on nonaccrual loans recognized on a cash basis was not material for the three and six months ended June 30, 2022 and 2021.
Loan modifications
Certain loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs. New TDRs were $60 million and $224 million for the three months ended June 30, 2022, and 2021, respectively and $479 million and $652 million for the six months ended June 30, 2022 and 2021, respectively. New TDRs for the three months ended June 30, 2022 and 2021 reflected extending maturity dates and covenant waivers primarily in the Commercial and Industrial loan class. New TDRs for the six months ended June 30, 2022 and 2021 reflected modifications that included extending maturity dates and covenant waivers for both periods as well as the receipt of assets in partial satisfaction of the loan in 2021 predominantly in the Commercial and Industrial loan class . The impact of these modifications resulting in new TDRs was not material to the Firm for the three and six months ended June 30, 2022 and 2021.
The carrying value of TDRs was $852 million and $607 million as of June 30, 2022, and December 31, 2021, respectively.
148


Note 12 – Allowance for credit losses
The Firm's allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments.
Refer to Note 13 of JPMorgan Chase's 2021 Form 10-K for a detailed discussion of the allowance for credit losses and the related accounting policies.

149


Allowance for credit losses and related information
The table below summarizes information about the allowances for credit losses and includes a breakdown of loans and lending-related commitments by impairment methodology. Refer to Note 10 of JPMorgan Chase’s 2021 Form 10-K and Note 9 of this Form 10-Q for further information on the allowance for credit losses on investment securities.
2022
2021
Six month ended June 30,
(in millions)
Consumer, excluding
credit card
Credit cardWholesaleTotalConsumer, excluding credit cardCredit cardWholesaleTotal
Allowance for loan losses
Beginning balance at January 1,$1,765 $10,250 $4,371 $16,386 $3,636 $17,800 $6,892 $28,328 
Gross charge-offs384 1,505 123 2,012 308 2,213 135 2,656 
Gross recoveries collected(311)(419)(43)(773)(318)(475)(72)(865)
Net charge-offs/(recoveries)73 1,086 80 1,239 (10)1,738 63 1,791 
Provision for loan losses237 1,236 1,125 2,598 (1,746)(3,562)(1,730)(7,038)
Other
  5 5 (2) 3 1 
Ending balance at June 30$1,929 $10,400 $5,421 $17,750 $1,898 $12,500 $5,102 $19,500 
Allowance for lending-related commitments
Beginning balance at January 1,
$113 $ $2,148 $2,261 $187 $ $2,222 $2,409 
Provision for lending-related commitments
(2) (37)(39)(46) 634 588 
Other
(1) 1  1   1 
Ending balance at June 30$110 $ $2,112 $2,222 $142 $ $2,856 $2,998 
Total allowance for investment securitiesNANANA47 NANANA87 
Total allowance for credit losses
$2,039 $10,400 $7,533 $20,019 $2,040 $12,500 $7,958 $22,585 
Allowance for loan losses by impairment methodology
Asset-specific(a)
$(676)$227 $332 $(117)$(557)$443 $488 $374 
Portfolio-based2,605 10,173 5,089 17,867 2,455 12,057 4,614 19,126 
Total allowance for loan losses$1,929 $10,400 $5,421 $17,750 $1,898 $12,500 $5,102 $19,500 
Loans by impairment methodology
Asset-specific(a)
$12,683 $827 $2,408 $15,918 $15,187 $1,180 $3,010 $19,377 
Portfolio-based289,948 164,667 581,857 1,036,472 282,544 139,899 521,845 944,288 
Total retained loans$302,631 $165,494 $584,265 $1,052,390 $297,731 $141,079 $524,855 $963,665 
Collateral-dependent loans
Net charge-offs$(15)$ $8 $(7)$23 $ $6 $29 
Loans measured at fair value of collateral less cost to sell
3,935  607 4,542 4,689  341 5,030 
Allowance for lending-related commitments by impairment methodology
Asset-specific
$ $ $78 $78 $ $ $150 $150 
Portfolio-based
110  2,034 2,144 142  2,706 2,848 
Total allowance for lending-related commitments(b)
$110 $ $2,112 $2,222 $142 $ $2,856 $2,998 
Lending-related commitments by impairment methodology
Asset-specific
$ $ $397 $397 $ $ $851 $851 
Portfolio-based(c)
26,809  448,362 475,171 36,092  459,078 495,170 
Total lending-related commitments
$26,809 $ $448,759 $475,568 $36,092 $ $459,929 $496,021 
(a)Includes collateral dependent loans, including those considered TDRs and those for which foreclosure is deemed probable, modified PCD loans and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a TDR. Also includes risk-rated loans that have been placed on nonaccrual status for the wholesale portfolio segment. The asset-specific allowance for credit card loans modified, or reasonably expected to be modified, in a TDR is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.
(b)The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets.
(c)At June 30, 2022 and 2021, lending-related commitments excluded $13.7 billion and $20.8 billion, respectively, for the consumer, excluding credit card portfolio segment; $774.0 billion and $682.5 billion, respectively, for the credit card portfolio segment; and $38.7 billion and $42.7 billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments.

150


Discussion of changes in the allowance
The allowance for credit losses as of June 30, 2022 was $20.0 billion, an increase of $1.3 billion from December 31, 2021, consisting of: $1.0 billion in wholesale and $311 million in consumer.
The change in allowance reflects the increased weight placed on the adverse scenarios in the current year, due to the ongoing effects associated with higher inflation, changes in monetary policy, and geopolitical risks, including the war in Ukraine, and a modest deterioration in the Firm's macroeconomic forecast. The increase in the allowance was also driven by loan growth in Card and CB in the second quarter of 2022, and client-specific Russia and Russia-associated downgrades in CIB and AWM in the first quarter of 2022.
The Firm's allowance for credit losses is estimated using a weighted average of five internally developed macroeconomic scenarios. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions provided in the table below, resulting in weighted average U.S. unemployment rates above 4% through the fourth quarter of 2023, and a 1.1% lower U.S. real GDP level exiting the fourth quarter of 2023.
The Firm’s central case assumptions reflected U.S. unemployment rates and U.S. real GDP as follows:
Assumptions at June 30, 2022
4Q222Q234Q23
U.S. unemployment rate(a)
3.6 %3.6 %3.7 %
YoY growth in U.S. real GDP(b)
1.3 %1.7 %1.2 %
Assumptions at December 31, 2021
2Q224Q222Q23
U.S. unemployment rate(a)
4.2 %4.0 %3.9 %
YoY growth in U.S. real GDP(b)
3.1 %2.8 %2.1 %
(a)Reflects quarterly average of forecasted U.S. unemployment rate.
(b)As of June 30, 2022, the year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percent change in U.S. real GDP levels from the prior year.
Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.
Refer to Note 13 and Note 10 of JPMorgan Chase's 2021 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowances for credit losses on loans, lending-related commitments, and investment securities.
Refer to Consumer Credit Portfolio on pages 57-61, Wholesale Credit Portfolio on pages 62-70 and Note 11 for additional information on the consumer and wholesale credit portfolios.
Refer to Critical Accounting Estimates Used by the Firm on pages 83-85 for further information on the allowance for credit losses and related management judgments.


151


Note 13 – Variable interest entities
Refer to Note 1 of JPMorgan Chase’s 2021 Form 10-K for a further description of JPMorgan Chase’s accounting policies regarding consolidation of VIEs. Refer to Note 14 of JPMorgan Chase's 2021 Form 10-K for a detailed discussion of VIEs, including the Firm’s accounting policies regarding securitizations.
The following table summarizes the most significant types of Firm-sponsored VIEs by business segment. The Firm considers a “Firm-sponsored” VIE to include any entity where: (1) JPMorgan Chase is the primary beneficiary of the structure; (2) the VIE is used by JPMorgan Chase to securitize Firm assets; (3) the VIE issues financial instruments with the JPMorgan Chase name; or (4) the entity is a JPMorgan Chase–administered asset-backed commercial paper conduit.
Line of BusinessTransaction TypeActivityForm 10-Q page references
CCBCredit card securitization trustsSecuritization of originated credit card receivables152
Mortgage securitization trustsServicing and securitization of both originated and purchased residential mortgages152-154
CIBMortgage and other securitization trustsSecuritization of both originated and purchased residential and commercial mortgages, and other consumer loans152-154
Multi-seller conduitsAssisting clients in accessing the financial markets in a cost-efficient manner and structuring transactions to meet investor needs154
Municipal bond vehiclesFinancing of municipal bond investments154
The Firm also invests in and provides financing and other services to VIEs sponsored by third parties. Refer to pages 155-157 of this Note for more information on consolidated VIE assets and liabilities as well as the VIEs sponsored by third parties.
Significant Firm-sponsored VIEs
Credit card securitizations
As a result of the Firm’s continuing involvement, the Firm is considered to be the primary beneficiary of its Firm-sponsored credit card securitization trust, the Chase Issuance Trust.
Firm-sponsored mortgage and other securitization trusts
The Firm securitizes (or has securitized) originated and purchased residential mortgages, commercial mortgages and other consumer loans primarily in its CCB and CIB businesses. Depending on the particular transaction, as well as the respective business involved, the Firm may act as the servicer of the loans and/or retain certain beneficial interests in the securitization trusts.
152


The following tables present the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit
risk retention rules), recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. The Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests.
Principal amount outstanding
JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
June 30, 2022 (in millions)Total assets held by securitization VIEsAssets
held in consolidated securitization VIEs
Assets held in nonconsolidated securitization VIEs with continuing involvementTrading assets Investment securitiesOther financial assetsTotal interests held by JPMorgan
Chase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs$57,928 $811 $49,640 $683 $1,959 $26 $2,668 
Subprime10,170  9,446 4   4 
Commercial and other(b)
163,168  113,129 754 5,112 586 6,452 
Total$231,266 $811 $172,215 $1,441 $7,071 $612 $9,124 
Principal amount outstanding
JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
December 31, 2021 (in millions)Total assets held by securitization VIEsAssets
held in consolidated securitization VIEs
Assets held in nonconsolidated securitization VIEs with continuing involvementTrading assets Investment securitiesOther financial assetsTotal interests held by
JPMorgan
Chase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs$55,085 $942 $47,029 $974 $684 $95 $1,753 
Subprime10,966 27 10,115 2   2 
Commercial and other(b)
150,694  93,698 671 3,274 506 4,451 
Total$216,745 $969 $150,842 $1,647 $3,958 $601 $6,206 
(a)Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored.
(b)Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables purchased from third parties.
(c)Excludes the following: retained servicing; securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities; senior and subordinated securities of $202 million and $44 million, respectively, at June 30, 2022, and $145 million and $36 million, respectively, at December 31, 2021, which the Firm purchased in connection with CIB’s secondary market-making activities.
(d)Includes interests held in re-securitization transactions.
(e)As of June 30, 2022 and December 31, 2021, 86% and 79%, respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $2.6 billion and $1.6 billion of investment-grade retained interests, and $52 million and $131 million of noninvestment-grade retained interests at June 30, 2022, and December 31, 2021, respectively. The retained interests in commercial and other securitization trusts consisted of $5.4 billion and $3.5 billion of investment-grade retained interests, and $1.0 billion and $929 million of noninvestment-grade retained interests at June 30, 2022 and December 31, 2021, respectively.    
153


Residential mortgage
The Firm securitizes residential mortgage loans originated by CCB, as well as residential mortgage loans purchased from third parties by either CCB or CIB.
Commercial mortgages and other consumer securitizations
CIB originates and securitizes commercial mortgage loans, and engages in underwriting and trading activities involving the securities issued by securitization trusts.
Re-securitizations
The following table presents the principal amount of securities transferred to re-securitization VIEs.
Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
Transfers of securities to VIEs
U.S. GSEs and government agencies$7,373 $18,794 $13,449 $31,899 
The Firm did not transfer any private label securities to re-securitization VIEs during the three and six months ended June 30, 2022 and 2021, respectively and retained interests in any such Firm-sponsored VIEs as of June 30, 2022 and December 31, 2021 were not material.
The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs.
Nonconsolidated
re-securitization VIEs
(in millions)June 30, 2022December 31, 2021
U.S. GSEs and government agencies
Interest in VIEs
$2,470 $1,947 
As of June 30, 2022, and December 31, 2021, the Firm did not consolidate any U.S. GSE and government agency re-securitization VIEs or any Firm-sponsored private-label re-securitization VIEs.
Multi-seller conduits
In the normal course of business, JPMorgan Chase makes markets in and invests in commercial paper issued by the Firm-administered multi-seller conduits. The Firm held $12.1 billion and $13.7 billion of the commercial paper issued by the Firm-administered multi-seller conduits at June 30, 2022, and December 31, 2021, respectively, which have been eliminated in consolidation. The Firm’s investments reflect the Firm’s funding needs and capacity and were not driven by market illiquidity. Other than the amounts required to be held pursuant to credit risk retention rules, the Firm is not obligated under any agreement to purchase the commercial paper issued by the Firm-administered multi-seller conduits.
Deal-specific liquidity facilities, program-wide liquidity and credit enhancement provided by the Firm have been eliminated in consolidation. The Firm or the Firm-administered multi-seller conduits provide lending-related commitments to certain clients of the Firm-administered multi-seller conduits. The unfunded commitments were $13.1 billion and $13.4 billion at June 30, 2022, and December 31, 2021, respectively, and are reported as off-balance sheet lending-related commitments in other unfunded commitments to extend credit. Refer to Note 22 for more information on off-balance sheet lending-related commitments.
Municipal bond vehicles
Municipal bond vehicles or tender option bond (“TOB”) trusts allow institutions to finance their municipal bond investments at short-term rates. TOB transactions are known as customer TOB trusts and non-customer TOB trusts. Customer TOB trusts are sponsored by a third party.
The Firm serves as sponsor for all non-customer TOB transactions.
154


Consolidated VIE assets and liabilities
The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of June 30, 2022, and December 31, 2021.
AssetsLiabilities
June 30, 2022 (in millions)Trading assetsLoans
Other(c)
 Total
assets(d)
Beneficial interests in
VIE assets(e)
Other(f)
Total
liabilities
VIE program type
Firm-sponsored credit card trusts$$10,852$114$10,966$1,749$1$1,750
Firm-administered multi-seller conduits18,88611619,0026,993397,032
Municipal bond vehicles2,01242,0161,74431,747
Mortgage securitization entities(a)
8301784715472226
Other1,109
(b)
3161,425152152
Total$2,012$31,677$567$34,256$10,640$267$10,907
AssetsLiabilities
December 31, 2021 (in millions)Trading assetsLoans
Other(c)
 Total
assets(d)
Beneficial interests in
VIE assets(e)
Other(f)
Total
liabilities
VIE program type
Firm-sponsored credit card trusts$$11,108$102$11,210$2,397$1$2,398
Firm-administered multi-seller conduits119,8837119,9556,198416,239
Municipal bond vehicles2,00922,0111,9761,976
Mortgage securitization entities(a)
9553298717985264
Other1,078
(b)
2831,361118118
Total$2,010$33,024$490$35,524$10,750$245$10,995
(a)Includes residential and commercial mortgage securitizations.
(b)Primarily includes purchased supply chain finance receivables and purchased auto loan securitizations in CIB.
(c)Includes assets classified as cash and other assets on the Consolidated balance sheets.
(d)The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation.
(e)The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item on the Consolidated balance sheets titled, “Beneficial interests issued by consolidated VIEs”. The holders of these beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. Included in beneficial interests in VIE assets are long-term beneficial interests of $1.9 billion and $2.6 billion at June 30, 2022, and December 31, 2021, respectively.
(f)Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets.
VIEs sponsored by third parties
The Firm enters into transactions with VIEs structured by other parties. These include, for example, acting as a derivative counterparty, liquidity provider, investor, underwriter, placement agent, remarketing agent, trustee or custodian. These transactions are conducted at arm’s-length, and individual credit decisions are based on the analysis of the specific VIE, taking into consideration the quality of the underlying assets. Where the Firm does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or a variable interest that could potentially be significant, the Firm generally does not consolidate the VIE, but it records and reports these positions on its Consolidated balance sheets in the same manner it would record and report positions in respect of any other third-party transaction.
Tax credit vehicles
The Firm holds investments in unconsolidated tax credit vehicles, which are limited partnerships and similar entities that own and operate affordable housing, energy, and other projects. These entities are primarily considered VIEs. A third party is typically the general partner or managing
member and has control over the significant activities of the tax credit vehicles, and accordingly the Firm does not consolidate tax credit vehicles. The Firm generally invests in these partnerships as a limited partner and earns a return primarily through the receipt of tax credits allocated to the projects. The maximum loss exposure, represented by equity investments and funding commitments, was $27.5 billion and $26.8 billion, of which $9.8 billion and $9.4 billion was unfunded at June 30, 2022 and December 31, 2021, respectively. The Firm assesses each project and to reduce the risk of loss, may withhold varying amounts of its capital investment until the project qualifies for tax credits. Refer to Note 25 of JPMorgan Chase’s 2021 Form 10-K for further information on affordable housing tax credits and Note 22 of this Form 10-Q for more information on off-balance sheet lending-related commitments.
155


Customer municipal bond vehicles (TOB trusts)
The Firm may provide various services to customer TOB trusts, including remarketing agent, liquidity or tender option provider. In certain customer TOB transactions, the Firm, as liquidity provider, has entered into a reimbursement agreement with the Residual holder.
In those transactions, upon the termination of the vehicle, the Firm has recourse to the third-party Residual holders for any shortfall. The Firm does not have any intent to protect Residual holders from potential losses on any of the underlying municipal bonds. The Firm does not consolidate customer TOB trusts, since the Firm does not have the power to make decisions that significantly impact the economic performance of the municipal bond vehicle.
The Firm’s maximum exposure as a liquidity provider to customer TOB trusts at June 30, 2022 and December 31, 2021 was $6.9 billion and $6.8 billion, respectively. The fair value of assets held by such VIEs at June 30, 2022 and December 31, 2021 was $9.4 billion and $10.5 billion, respectively.
Loan securitizations
The Firm has securitized and sold a variety of loans, including residential mortgages, credit card receivables, and commercial mortgages.
Securitization activity
The following table provides information related to the Firm’s securitization activities for the three and six months ended June 30, 2022 and 2021, related to assets held in Firm-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization.
Three months ended June 30,Six months ended June 30,
2022202120222021
(in millions)
Residential mortgage(d)
Commercial and other(e)
Residential mortgage(d)
Commercial and other(e)
Residential mortgage(d)
Commercial and other(e)
Residential mortgage(d)
Commercial and other(e)
Principal securitized$3,028 $3,950 $4,115 $2,876 $9,523 $7,058 $8,192 $4,788 
All cash flows during the period:(a)
Proceeds received from loan sales as financial instruments(b)(c)
$2,754 $3,869 $4,218 $2,909 $9,129 $6,975 $8,452 $4,879 
Servicing fees collected20  41  44  82  
Cash flows received on interests
127 54 173 71 282 125 356 123 
(a)Excludes re-securitization transactions.
(b)Predominantly includes Level 2 assets.
(c)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.
(d)Represents prime mortgages. Excludes loan securitization activity related to U.S. GSEs and government agencies.
(e)Includes commercial mortgage and other consumer loans.
Loans and excess MSRs sold to U.S. government-sponsored
enterprises and loans in securitization transactions pursuant to
Ginnie Mae guidelines
In addition to the amounts reported in the securitization activity tables above, the Firm, in the normal course of business, sells originated and purchased mortgage loans and certain originated excess MSRs on a nonrecourse basis, predominantly to U.S. GSEs. These loans and excess MSRs are sold primarily for the purpose of securitization by the U.S. GSEs, who provide certain guarantee provisions (e.g., credit enhancement of the loans). The Firm also sells loans into securitization transactions pursuant to Ginnie Mae guidelines; these loans are typically insured or guaranteed by another U.S. government agency. The Firm does not consolidate the securitization vehicles underlying these transactions as it is not the primary beneficiary. For a limited number of loan sales, the Firm is obligated to share
a portion of the credit risk associated with the sold loans with the purchaser. Refer to Note 22 of this Form 10-Q for additional information about the Firm’s loan sales- and securitization-related indemnifications and Note 14 for additional information about the impact of the Firm’s sale of certain excess MSRs.
156


The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines.
Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
Carrying value of loans sold
$10,721 $24,459 $34,389 $47,606 
Proceeds received from loan sales as cash
4 24 13 40 
Proceeds from loan sales as securities(a)(b)
10,551 24,033 33,809 46,782 
Total proceeds received from loan sales(c)
$10,555 $24,057 $33,822 $46,822 
Gains/(losses) on loan sales(d)(e)
$ $ $ $4 
(a)Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s investment securities portfolio.
(b)Included in level 2 assets.
(c)Excludes the value of MSRs retained upon the sale of loans.
(d)Gains/(losses) on loan sales include the value of MSRs.
(e)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.
Options to repurchase delinquent loans
In addition to the Firm’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed in Note 22, the Firm also has the option to repurchase delinquent loans that it services for
Ginnie Mae loan pools, as well as for other U.S. government agencies under certain arrangements. The Firm typically elects to repurchase delinquent loans from Ginnie Mae loan pools as it continues to service them and/or manage the foreclosure process in accordance with the applicable requirements, and such loans continue to be insured or guaranteed. When the Firm’s repurchase option becomes exercisable, such loans must be reported on the Consolidated balance sheets as a loan with a corresponding liability. Refer to Note 11 for additional information.
The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of June 30, 2022 and December 31, 2021. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies.
(in millions)Jun 30,
2022
Dec 31,
2021
Loans repurchased or option to repurchase(a)
$826 $1,022 
Real estate owned
8 5 
Foreclosed government-guaranteed residential mortgage loans(b)
25 36 
(a)Predominantly all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools.
(b)Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable.

Loan delinquencies and liquidation losses
The table below includes information about components of and delinquencies related to nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement as of June 30, 2022, and December 31, 2021.
Net liquidation losses/(recoveries)
Securitized assets90 days past dueThree months ended June 30,Six months ended June 30,
(in millions)Jun 30,
2022
Dec 31,
2021
Jun 30,
2022
Dec 31,
2021
2022202120222021
Securitized loans
Residential mortgage:
Prime / Alt-A & option ARMs$49,640 $47,029 $1,732 $2,466 $(21)$2 $(27)$14 
Subprime9,446 10,115 1,397 1,609 (3) (3)18 
Commercial and other113,129 93,698 957 1,456 5  11 21 
Total loans securitized$172,215 $150,842 $4,086 $5,531 $(19)$2 $(19)$53 
157


Note 14 – Goodwill and Mortgage servicing rights
Refer to Note 15 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the accounting policies related to goodwill and mortgage servicing rights.
Goodwill
The following table presents goodwill attributed to the reportable business segments and Corporate.
(in millions)June 30,
2022
December 31,
2021
Consumer & Community Banking$31,907 $31,474 
Corporate & Investment Bank7,931 7,906 
Commercial Banking2,986 2,986 
Asset & Wealth Management7,223 7,222 
Corporate650 727 
Total goodwill$50,697 $50,315 
The following table presents changes in the carrying amount of goodwill.
Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
Balance at beginning
of period
$50,298 $49,243 $50,315 $49,248 
Changes during the period from:
Business combinations(a)
470  470  
Other(b)
(71)13 (88)8 
Balance at June 30,$50,697 $49,256 $50,697 $49,256 
(a)For the three and six months ended June 30, 2022, represents estimated goodwill associated with the acquisitions of Frosch Travel Group, LLC in CCB and Volkswagen Payments S.A. in CIB.
(b)Primarily foreign currency adjustments and, in 2021, adjustments to goodwill related to prior period acquisitions.
Goodwill impairment testing
Goodwill is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate that there may be an impairment. Refer to Note 15 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of the Firm’s goodwill impairment testing.
Unanticipated declines in business performance, increases in credit losses, increases in capital requirements, as well as deterioration in economic or market conditions, adverse regulatory or legislative changes or increases in the estimated market cost of equity, could cause the estimated fair values of the Firm’s reporting units to decline in the future, which could result in a material impairment charge to earnings in a future period related to some portion of the associated goodwill.
As of June 30, 2022, the Firm reviewed current economic conditions, estimated market cost of equity, as well as actual business results and projections of business performance. Based on such reviews, the Firm has concluded that goodwill was not impaired as of June 30, 2022, or December 31, 2021, nor was goodwill written off due to impairment during the six months ended June 30, 2022 or 2021.
158


Mortgage servicing rights
MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. Refer to Notes 2 and 15 of JPMorgan Chase’s 2021 Form 10-K for a further description of the MSR asset, interest rate risk management, and the valuation of MSRs.
The following table summarizes MSR activity for the three and six months ended June 30, 2022 and 2021.
As of or for the three months
ended June 30,
As of or for the six months
ended June 30,
(in millions, except where otherwise noted)2022202120222021
Fair value at beginning of period$7,294 $4,470 $5,494 $3,276 
MSR activity:
Originations of MSRs181 419 596 823 
Purchase of MSRs160 395 875 574 
Disposition of MSRs (a)
(614)(25)(671)(24)
Net additions/(dispositions)(273)789 800 1,373 
Changes due to collection/realization of expected cash flows
(236)(182)(468)(369)
Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other(b)
653 (500)1,547 336 
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service)
 1  (23)
Discount rates
    
Prepayment model changes and other(c)
1 (29)66 (44)
Total changes in valuation due to other inputs and assumptions1 (28)66 (67)
Total changes in valuation due to inputs and assumptions654 (528)1,613 269 
Fair value at June 30$7,439 $4,549 $7,439 $4,549 
Changes in unrealized gains/(losses) included in income related to MSRs held at June 30$654 $(528)$1,613 $269 
Contractual service fees, late fees and other ancillary fees included in income
395 307 765 598 
Third-party mortgage loans serviced at June 30, (in billions)576 465 576 465 
Servicer advances, net of an allowance for uncollectible amounts, at June 30, (in billions)(d)
1.2 1.7 1.2 1.7 
(a)Includes excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage backed securities (“SMBS”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired the remaining balance of those SMBS as trading securities.
(b)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.
(c)Represents changes in prepayments other than those attributable to changes in market interest rates.
(d)Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements.
159


The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three and six months ended June 30, 2022 and 2021.
Three months ended June 30,Six months ended June 30,
(in millions)2022202120222021
CCB mortgage fees and related income
Production revenue$150 $517 $361 $1,274 
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue435 316 803 564 
Changes in MSR asset fair value due to collection/realization of expected cash flows(236)(182)(468)(369)
Total operating revenue199 134 335 195 
Risk management:
Changes in MSR asset fair value due to market interest rates and other(a)
653 (500)1,547 336 
Other changes in MSR asset fair value due to other inputs and assumptions in model(b)
1 (28)66 (67)
Changes in derivative fair value and other(626)425 (1,476)(487)
Total risk management28 (103)137 (218)
Total net mortgage servicing revenue227 31 472 (23)
Total CCB mortgage fees and related income377 548 833 1,251 
All other1 3 5 4 
Mortgage fees and related income$378 $551 $838 $1,255 
(a)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.
(b)Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).
Changes in fair value based on variations in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In the following table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change.
The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at June 30, 2022, and December 31, 2021, and outlines hypothetical sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.
(in millions, except rates)Jun 30,
2022
Dec 31,
2021
Weighted-average prepayment speed assumption (constant prepayment rate)
6.72 %9.90 %
Impact on fair value of 10% adverse change
$(189)$(210)
Impact on fair value of 20% adverse change
(366)(404)
Weighted-average option adjusted spread(a)
5.79 %6.44 %
Impact on fair value of a 100 basis point adverse change
$(318)$(225)
Impact on fair value of a 200 basis point adverse change
(611)(433)
(a)Includes the impact of operational risk and regulatory capital.


160


Note 15 – Deposits
Refer to Note 17 of JPMorgan Chase’s 2021 Form 10-K for further information on deposits.
At June 30, 2022 and December 31, 2021, noninterest-bearing and interest-bearing deposits were as follows.
(in millions)June 30,
2022
December 31, 2021
U.S. offices
Noninterest-bearing (included $11,247 and $8,115 at fair value)(a)
$714,478 $711,525 
(b)
Interest-bearing (included $589 and $629 at fair value)(a)
1,343,802 1,359,932 
(b)
Total deposits in U.S. offices2,058,280 2,071,457 
Non-U.S. offices
Noninterest-bearing (included $1,135 and $2,420 at fair value)(a)
26,983 26,229 
Interest-bearing (included $299 and $169 at fair value)(a)
386,281 364,617 
Total deposits in non-U.S. offices413,264 390,846 
Total deposits$2,471,544 $2,462,303 
(a)Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further information.
(b)Prior-period amount has been revised to conform with the current presentation.
Note 16 – Leases
Refer to Note 18 of JPMorgan Chase’s 2021 Form 10-K for a further discussion on leases.
Firm as lessee
At June 30, 2022, JPMorgan Chase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes.
Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.
The following table provides information related to the Firm’s operating leases:
(in millions)June 30, 2022December 31, 2021
Right-of-use assets$7,965 $7,888 
Lease liabilities8,326 8,328 
The Firm’s net rental expense was $484 million and $483 million for the three months ended June 30, 2022 and 2021 and $976 million and $974 million for the six months ended June 30, 2022 and 2021, respectively.
Firm as lessor
The Firm’s lease financings are predominantly auto operating leases, and are included in other assets on the Firm’s Consolidated balance sheets.
The following table presents the Firm’s operating lease income, included within other income, and the related depreciation expense, included within technology, communications and equipment expense, on the Consolidated statements of income:
Three months ended June 30,Six months ended June 30,

(in millions)
2022202120222021
Operating lease income$945 $1,277 $1,993 $2,602 
Depreciation expense668 876 1,379 1,809 


161


Note 17 - Preferred stock
Refer to Note 21 of JPMorgan Chase’s 2021 Form 10-K for a further discussion on preferred stock.
The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of June 30, 2022 and December 31, 2021, and the quarterly dividend declarations for the three and six months ended June 30, 2022 and 2021.
Shares
Carrying value
 (in millions)
Contractual rate in effect at June 30, 2022Earliest redemption date
Floating annualized rate(a)
Dividend declared
per share
June 30, 2022December 31, 2021June 30, 2022December 31, 2021Issue dateThree months ended June 30,Six months ended June 30,
2022202120222021
Fixed-rate:
Series AA
  $ $ 6/4/2015 %9/1/2020NA$$152.50$$305.00
Series BB
    7/29/2015 9/1/2020NA153.75307.50
Series DD
169,625 169,625 1,696 1,696 9/21/20185.750 12/1/2023NA143.75143.75287.50287.50
Series EE
185,000 185,000 1,850 1,850 1/24/20196.000 3/1/2024NA150.00150.00300.00300.00
Series GG
90,000 90,000 900 900 11/7/20194.750 12/1/2024NA118.75118.75237.50237.50
Series JJ150,000 150,000 1,500 1,500 3/17/20214.550 6/1/2026NA113.7593.53227.5093.53
(b)
Series LL185,000 185,000 1,850 1,850 5/20/20214.625 6/1/2026NA115.63231.26
(c)
Series MM
200,000 200,000 2,000 2,000 7/29/20214.200 9/1/2026NA105.00NA210.00NA
Fixed-to-floating-rate:
Series I
293,375 293,375 $2,934 $2,934 4/23/2008
LIBOR + 3.47%
4/30/2018
LIBOR + 3.47%
$119.03$92.40$211.16$185.46
Series Q
150,000 150,000 1,500 1,500 4/23/20135.150 5/1/2023
LIBOR + 3.25
128.75128.75257.50257.50
Series R
150,000 150,000 1,500 1,500 7/29/20136.000 8/1/2023
LIBOR + 3.30
150.00150.00300.00300.00
Series S
200,000 200,000 2,000 2,000 1/22/20146.750 2/1/2024
LIBOR + 3.78
168.75168.75337.50337.50
Series U
100,000 100,000 1,000 1,000 3/10/20146.125 4/30/2024
LIBOR + 3.33
153.13153.13306.25306.25
Series V
250,000 250,000 2,500 2,500 6/9/2014
LIBOR + 3.32%
7/1/2019
LIBOR + 3.32
108.3689.02194.76174.99
Series X
160,000 160,000 1,600 1,600 9/23/20146.100 10/1/2024
LIBOR + 3.33
152.50152.50305.00305.00
Series Z
 200,000  2,000 4/21/2015 5/1/2020
LIBOR + 3.80
100.50201.74
Series CC
125,750 125,750 1,258 1,258 10/20/20174.625 11/1/2022
LIBOR + 2.58
115.63115.63231.25231.25
Series FF
225,000 225,000 2,250 2,250 7/31/20195.000 8/1/2024
SOFR + 3.38
125.00125.00250.00250.00
Series HH
300,000 300,000 3,000 3,000 1/23/20204.600 2/1/2025
SOFR + 3.125
115.00115.00230.00230.00
Series II
150,000 150,000 1,500 1,500 2/24/20204.000 4/1/2025
SOFR + 2.745
100.00100.00200.00200.00
Series KK200,000 200,000 2,000 2,000 5/12/20213.650 6/1/2026
CMT + 2.85
91.25182.50
(c)
Total preferred stock3,283,750 3,483,750 $32,838 $34,838 
(a)Floating annualized rate includes three-month LIBOR, three-month term SOFR or five-year Constant Maturity Treasury (“CMT”) rate, as applicable, plus the spreads noted above.
(b)The initial dividend declared is prorated based on the number of days outstanding for the period. Dividends were declared quarterly thereafter at the contractual rate.
(c)No dividends were declared from the original issue date through June 30, 2021.
Each series of preferred stock has a liquidation value and redemption price per share of $10,000, plus accrued but unpaid dividends. The aggregate liquidation value was $33.2 billion at June 30, 2022.
Redemptions
On February 1, 2022, the Firm redeemed all $2.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series Z.
On June 1, 2021, the Firm redeemed all $1.43 billion of its 6.10% non-cumulative preferred stock, Series AA and all $1.15 billion of its 6.15% non-cumulative preferred stock, Series BB.
162


Note 18 – Earnings per share
Refer to Note 23 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the computation of basic and diluted earnings per share (“EPS”). The following table presents the calculation of basic and diluted EPS for the three and six months ended June 30, 2022 and 2021.
(in millions, except per share amounts)Three months ended June 30,Six months ended June 30,
2022202120222021
Basic earnings per share
Net income$8,649 $11,948 $16,931 $26,248 
Less: Preferred stock dividends
410 393 807 772 
Net income applicable to common equity
8,239 11,555 16,124 25,476 
Less: Dividends and undistributed earnings allocated to participating securities
44 59 85 130 
Net income applicable to common stockholders
$8,195 $11,496 $16,039 $25,346 
Total weighted-average basic shares
  outstanding
2,962.2 3,036.6 2,969.6 3,054.9 
Net income per share
$2.77 $3.79 $5.40 $8.30 
Diluted earnings per share
Net income applicable to common stockholders
$8,195 $11,496 $16,039 $25,346 
Total weighted-average basic shares
  outstanding
2,962.2 3,036.6 2,969.6 3,054.9 
Add: Dilutive impact of SARs and employee stock options, unvested PSUs and nondividend-earning RSUs
4.1 5.3 4.1 5.4 
Total weighted-average diluted shares outstanding
2,966.3 3,041.9 2,973.7 3,060.3 
Net income per share
$2.76 $3.78 $5.39 $8.28 

163


Note 19 – Accumulated other comprehensive income/(loss)
AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net loss and prior service costs/(credit) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA).
As of or for the three months ended
June 30, 2022
(in millions)
Unrealized
gains/(losses)
on investment securities
Translation adjustments, net of hedgesFair value hedgesCash flow hedgesDefined benefit
pension and
OPEB plans
DVA on fair value option elected liabilitiesAccumulated other comprehensive income/(loss)
Balance at April 1, 2022$(4,813)$(996)$(21)$(3,087)$(143)$(507)$(9,567)
Net change(4,031)(679)51 (1,348)20 1,185 (4,802)
Balance at June 30, 2022$(8,844)
(a)
$(1,675)$30 $(4,435)$(123)$678 $(14,369)
As of or for the three months ended
June 30, 2021
(in millions)
Unrealized
gains/(losses)
on investment securities
Translation adjustments, net of hedgesFair value hedgesCash flow hedgesDefined benefit pension and
OPEB plans
DVA on fair value option elected liabilitiesAccumulated other comprehensive income/(loss)
Balance at April 1, 2021$3,841 $(723)$(140)$134 $(1,064)$(1,007)$1,041 
Net change674 64 (23)591 9 214 1,529 
Balance at June 30, 2021$4,515 
(a)
$(659)$(163)$725 $(1,055)$(793)$2,570 
As of or for the six month ended
June 30, 2022
(in millions)
Unrealized
gains/(losses)
on investment securities
Translation adjustments, net of hedgesFair value hedgesCash flow hedgesDefined benefit
pension and
OPEB plans
DVA on fair value option elected liabilitiesAccumulated other comprehensive income/(loss)
Balance at January 1, 2022$2,640 $(934)$(131)$(296)$(210)$(1,153)$(84)
Net change(11,484)(741)161 (4,139)87 1,831 (14,285)
Balance at June 30, 2022$(8,844)
(a)
$(1,675)$30 $(4,435)$(123)$678 $(14,369)
As of or for the six months ended
June 30, 2021
(in millions)
Unrealized
gains/(losses)
on investment securities
Translation adjustments, net of hedgesFair value hedgesCash flow hedgesDefined benefit pension and
OPEB plans
DVA on fair value option elected liabilitiesAccumulated other comprehensive income/(loss)
Balance at January 1, 2021$8,180 $(473)$(112)$2,383 $(1,132)$(860)$7,986 
Net change(3,665)(186)(51)(1,658)77 67 (5,416)
Balance at June 30, 2021$4,515 
(a)
$(659)$(163)$725 $(1,055)$(793)$2,570 
(a)As of June 30, 2022 and 2021 includes after-tax net unamortized unrealized gains/(losses) of $(1.4) billion and $3.0 billion, related to AFS securities that have been transferred to HTM, respectively. Refer to Note 10 of JPMorgan Chase's 2021 Form 10-K for further information.
















164


The following table presents the pre-tax and after-tax changes in the components of OCI.
20222021
Three months ended June 30,
(in millions)
Pre-taxTax effectAfter-taxPre-taxTax effectAfter-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period
$(5,456)$1,308 $(4,148)$727 $(171)$556 
Reclassification adjustment for realized (gains)/losses included in net income(a)
153 (36)117 155 (37)118 
Net change(5,303)1,272 (4,031)882 (208)674 
Translation adjustments(b):
Translation(3,550)193 (3,357)280 (10)270 
Hedges3,524 (846)2,678 (270)64 (206)
Net change(26)(653)(679)10 54 64 
Fair value hedges, net change(c):
67 (16)51 (31)8 (23)
Cash flow hedges:
Net unrealized gains/(losses) arising during the period
(1,750)420 (1,330)1,118 (269)849 
Reclassification adjustment for realized (gains)/losses included in net income(d)
(24)6 (18)(340)82 (258)
Net change(1,774)426 (1,348)778 (187)591 
Defined benefit pension and OPEB plans, net change:33 (13)20 2 7 9 
DVA on fair value option elected liabilities, net change:
1,558 (373)1,185 276 (62)214 
Total other comprehensive income/(loss)$(5,445)$643 $(4,802)$1,917 $(388)$1,529 
20222021
Six month ended June 30,
(in millions)
Pre-taxTax effectAfter-taxPre-taxTax effectAfter-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period
$(15,658)$3,758 $(11,900)$(4,966)$1,194 $(3,772)
Reclassification adjustment for realized (gains)/losses included in net income(a)
547 (131)416 141 (34)107 
Net change(15,111)3,627 (11,484)(4,825)1,160 (3,665)
Translation adjustments(b):
Translation(3,891)217 (3,674)(920)29 (891)
Hedges3,862 (929)2,933 930 (225)705 
Net change(29)(712)(741)10 (196)(186)
Fair value hedges, net change(c):
212 (51)161 (68)17 (51)
Cash flow hedges:
Net unrealized gains/(losses) arising during the period
(5,186)1,245 (3,941)(1,577)378 (1,199)
Reclassification adjustment for realized (gains)/losses included in net income(d)
(261)63 (198)(604)145 (459)
Net change(5,447)1,308 (4,139)(2,181)523 (1,658)
Defined benefit pension and OPEB plans, net change:123 (36)87 93 (16)77 
DVA on fair value option elected liabilities, net change:
2,417 (586)1,831 87 (20)67 
Total other comprehensive income/(loss)$(17,835)$3,550 $(14,285)$(6,884)$1,468 $(5,416)
(a)The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income.
(b)Reclassifications of pre-tax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. The amounts were not material for the three and six months ended June 30, 2022 and 2021.
(c)Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross currency swaps.
(d)The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income.

165


Note 20 – Restricted cash and other restricted
assets
Refer to Note 26 of JPMorgan Chase’s 2021 Form 10-K for a detailed discussion of the Firm’s restricted cash and other restricted assets.
Certain of the Firm’s cash and other assets are restricted as to withdrawal or usage. These restrictions are imposed by various regulatory authorities based on the particular activities of the Firm’s subsidiaries.
The Firm is also subject to rules and regulations established by other U.S. and non U.S. regulators. As part of its compliance with the respective regulatory requirements, the Firm’s broker-dealer activities are subject to certain restrictions on cash and other assets.
The following table presents the components of the Firm’s restricted cash:
(in billions)June 30,
2022
December 31, 2021
Segregated for the benefit of securities and cleared derivative customers
$19.8 $14.6 
Cash reserves at non-U.S. central banks and held for other general purposes
7.6 5.1 
Total restricted cash(a)
$27.4 $19.7 
(a)Comprises $26.1 billion and $18.4 billion in deposits with banks, and $1.3 billion and $1.3 billion in cash and due from banks on the Consolidated balance sheet as of June 30, 2022 and December 31, 2021, respectively.
Also, as of June 30, 2022 and December 31, 2021, the Firm had the following other restricted assets:
Cash and securities pledged with clearing organizations for the benefit of customers of $42.8 billion and $47.5 billion, respectively.
Securities with a fair value of $43.2 billion and $30.0 billion, respectively, were also restricted in relation to customer activity.


166


Note 21 – Regulatory capital
Refer to Note 27 of JPMorgan Chase’s 2021 Form 10-K for a detailed discussion on regulatory capital.
The Federal Reserve establishes capital requirements, including well-capitalized requirements, for the consolidated financial holding company. The OCC establishes similar minimum capital requirements and standards for the Firm’s principal IDI subsidiary, JPMorgan Chase Bank, N.A.
Under the risk-based capital and leverage-based guidelines of the Federal Reserve, JPMorgan Chase is required to maintain minimum ratios for CET1 capital, Tier 1 capital, Total capital, Tier 1 leverage and the SLR. Failure to meet these minimum requirements could cause the Federal Reserve to take action. IDI subsidiaries are also subject to these capital requirements established by their respective primary regulators.
The following table presents the risk-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and its IDI subsidiaries were subject as of June 30, 2022 and December 31, 2021.
Standardized capital ratio requirementsAdvanced
capital ratio requirements
Well-capitalized ratios
BHC(a)
IDI(b)
BHC(a)
IDI(b)
BHC(c)
IDI(d)
Risk-based capital ratios
CET1 capital11.2 %7.0 %10.5 %7.0 %NA6.5 %
Tier 1 capital12.7 8.5 12.0 8.5 6.0 %8.0 
Total capital14.7 10.5 14.0 10.5 10.0 10.0 
Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and its IDI subsidiaries are subject.
(a)Represents the regulatory capital ratio requirements applicable to the Firm. The CET1, Tier 1 and Total capital ratio requirements each include a respective minimum requirement plus a GSIB surcharge of 3.5% as calculated under Method 2; plus a 3.2% SCB for Basel III Standardized ratios and a fixed 2.5% capital conservation buffer for Basel III Advanced ratios. The countercyclical buffer is currently set to 0% by the federal banking agencies.
(b)Represents requirements for JPMorgan Chase’s IDI subsidiaries. The CET1, Tier 1 and Total capital ratio requirements include a fixed capital conservation buffer requirement of 2.5% that is applicable to the IDI subsidiaries. The IDI subsidiaries are not subject to the GSIB surcharge.
(c)Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve.
(d)Represents requirements for IDI subsidiaries pursuant to regulations issued under the FDIC Improvement Act.
The following table presents the leverage-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and its IDI subsidiaries were subject as of June 30, 2022 and December 31, 2021.
Capital ratio requirements(a)
Well-capitalized ratios
BHCIDI
BHC(b)
IDI
Leverage-based capital ratios
Tier 1 leverage4.0 %4.0 %NA5.0 %
SLR5.0 6.0 NA6.0 
Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and its IDI subsidiaries are subject.
(a)Represents minimum SLR requirement of 3.0%, as well as supplementary leverage buffer requirements of 2.0% and 3.0% for BHC and IDI subsidiaries, respectively.
(b)The Federal Reserve's regulations do not establish well-capitalized thresholds for these measures for BHCs.
CECL regulatory capital transition
On December 31, 2021, the CECL capital transition provisions, which delayed the effects of CECL on regulatory capital for two years, expired. Beginning January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021, is being phased out at 25% per year over a three-year period. As of June 30, 2022, CET1 capital reflected the remaining $2.2 billion, benefit associated with the CECL capital transition provisions.
Additionally, effective January 1, 2022, the Firm phased out 25% of the other relevant CECL capital transition provisions recognized as of December 31, 2021, from Tier 2 capital, adjusted average assets, and total leverage exposure.
Refer to Note 27 of JPMorgan Chase’s 2021 Form 10-K for further information on CECL capital transition provisions.
167


The following tables present risk-based capital metrics under both the Basel III Standardized and Basel III Advanced approaches and leverage-based capital metrics for JPMorgan Chase and JPMorgan Chase Bank, N.A. As of June 30, 2022 and December 31, 2021, JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject.
June 30, 2022
(in millions, except ratios)
Basel III StandardizedBasel III Advanced
JPMorgan
Chase & Co.
JPMorgan
Chase Bank, N.A.
JPMorgan
Chase & Co.
JPMorgan
Chase Bank, N.A.
Risk-based capital metrics:(a)
CET1 capital
$207,436 $263,041 $207,436 $263,041 
Tier 1 capital
239,705 263,044 239,705 263,044 
Total capital
268,339 279,857 257,329 268,368 
Risk-weighted assets1,704,893 1,631,555 1,613,210 1,461,684 
CET1 capital ratio12.2 %16.1 %12.9 %18.0 %
Tier 1 capital ratio14.1 16.1 14.9 18.0 
Total capital ratio15.7 17.2 16.0 18.4 
December 31, 2021
(in millions, except ratios)
Basel III StandardizedBasel III Advanced
JPMorgan
Chase & Co.
JPMorgan
Chase Bank, N.A.
JPMorgan
Chase & Co.
JPMorgan
Chase Bank, N.A.
Risk-based capital metrics:(a)
CET1 capital$213,942 $266,907 $213,942 $266,907 
Tier 1 capital246,162 266,910 246,162 266,910 
Total capital274,900 281,826 265,796 272,299 
Risk-weighted assets1,638,900 1,582,280 1,547,920 1,392,847 
CET1 capital ratio13.1 %16.9 %13.8 %19.2 %
Tier 1 capital ratio15.0 16.9 15.9 19.2 
Total capital ratio16.8 17.8 17.2 19.5 
(a)The capital metrics reflect the CECL capital transition provisions. Additionally, loans originated under the PPP receive a zero percent risk weight.

Three months ended
(in millions, except ratios)
June 30, 2022December 31, 2021
JPMorgan
Chase & Co.
JPMorgan
Chase Bank, N.A.
JPMorgan
Chase & Co.
JPMorgan
Chase Bank, N.A.
Leverage-based capital metrics:(a)
Adjusted average assets(b)
$3,861,979 $3,402,079 $3,782,035 $3,334,925 
Tier 1 leverage ratio
6.2 %7.7 %6.5 %8.0 %
Total leverage exposure$4,563,099 $4,104,529 $4,571,789 $4,119,286 
SLR5.3 %6.4 %5.4 %6.5 %
(a)The capital metrics reflect the CECL capital transition provisions.
(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.


168


Note 22 – Off–balance sheet lending-related
financial instruments, guarantees, and other
commitments
JPMorgan Chase provides lending-related financial instruments (e.g., commitments and guarantees) to address the financing needs of its customers and clients. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the customer or client draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the customer or client subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. Refer to Note 28 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies.
To provide for expected credit losses in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 12 for further information regarding the allowance for credit losses on lending-related commitments.
The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at June 30, 2022, and December 31, 2021. The amounts in the table below for credit card, home equity and certain scored business banking lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card and certain scored business banking lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close HELOCs when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower.
169


Off–balance sheet lending-related financial instruments, guarantees and other commitments
Contractual amount
Carrying value(h)
June 30, 2022Dec 31,
2021
Jun 30,
2022
Dec 31,
2021
By remaining maturity
(in millions)
Expires in 1 year or lessExpires after
1 year through
3 years
Expires after
3 years through
5 years
Expires after 5 yearsTotalTotal
Lending-related
Consumer, excluding credit card:
Residential real estate(a)
$11,475 $2,737 $6,475 $7,476 $28,163 $32,996 $125 $100 
Auto and other11,143   1,178 12,321 12,338  2 
Total consumer, excluding credit card22,618 2,737 6,475 8,654 40,484 45,334 125 102 
Credit card(b)
774,021    774,021 730,534   
Total consumer(c)
796,639 2,737 6,475 8,654 814,505 775,868 125 102 
Wholesale:
Other unfunded commitments to extend credit(d)
112,164 141,382 178,584 23,313 455,443 453,467 2,307 2,037 
Standby letters of credit and other financial guarantees(d)
14,512 7,863 4,616 1,060 28,051 28,530 417 476 
Other letters of credit(d)
3,504 424 78  4,006 4,448 19 9 
Total wholesale(c)
130,180 149,669 183,278 24,373 487,500 486,445 2,743 2,522 
Total lending-related$926,819 $152,406 $189,753 $33,027 $1,302,005 $1,262,313 $2,868 $2,624 
Other guarantees and commitments
Securities lending indemnification agreements and guarantees(e)
$337,049 $ $ $ $337,049 $337,770 $ $ 
Derivatives qualifying as guarantees3,372 146 12,791 37,874 54,183 55,730 842 475 
Unsettled resale and securities borrowed agreements193,602 1,728   195,330 103,681 

(11)1 
Unsettled repurchase and securities loaned agreements98,905 523   99,428 74,263 (4) 
Loan sale and securitization-related indemnifications:
Mortgage repurchase liabilityNANANANANANA54 61 
Loans sold with recourseNANANANA788 827 12 19 
Exchange & clearing house guarantees and commitments(f)
127,727    127,727 182,701   
Other guarantees and commitments(g)
7,916 915 288 2,204 11,323 10,490 

63 69 
(a)Includes certain commitments to purchase loans from correspondents.
(b)Also includes commercial card lending-related commitments primarily in CB and CIB.
(c)Predominantly all consumer and wholesale lending-related commitments are in the U.S.
(d)At June 30, 2022, and December 31, 2021, reflected the contractual amount net of risk participations totaling $44 million at both periods, for other unfunded commitments to extend credit; $8.2 billion and $7.9 billion, respectively, for standby letters of credit and other financial guarantees; and $899 million and $451 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.
(e)At June 30, 2022, and December 31, 2021, collateral held by the Firm in support of securities lending indemnification agreements was $355.2 billion and $357.4 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies.
(f)At June 30, 2022, and December 31, 2021, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses.
(g)At June 30, 2022, and December 31, 2021, primarily includes unfunded commitments to purchase secondary market loans, unfunded commitments related to certain tax-oriented equity investments, and other equity investment commitments.
(h)For lending-related products, the carrying value represents the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value. At June 30, 2022, includes net markdowns on held-for-sale positions related to unfunded commitments in the bridge financing portfolio.
















170


Other unfunded commitments to extend credit
Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in several forms, including the issuance of a standby letter of credit.
Standby letters of credit and other financial guarantees
Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade financings and similar transactions.
The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of June 30, 2022, and December 31, 2021.
Standby letters of credit, other financial guarantees and other letters of credit
June 30, 2022December 31, 2021
(in millions)Standby letters of
credit and other financial guarantees
Other letters
of credit
Standby letters of
credit and other financial guarantees
Other letters
of credit
Investment-grade(a)
$19,696 $2,763 $19,998 $3,087 
Noninvestment-grade(a)
8,355 1,243 8,532 1,361 
Total contractual amount$28,051 $4,006 $28,530 $4,448 
Allowance for lending-related commitments$97 $19 $123 $9 
Guarantee liability320  353  
Total carrying value$417 $19 $476 $9 
Commitments with collateral$15,314 $690 $14,511 $999 
(a)The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings.
Derivatives qualifying as guarantees
The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. Refer to Note 28 of JPMorgan Chase’s 2021 Form 10-K for further information on these derivatives.
The following table summarizes the derivatives qualifying as guarantees as of June 30, 2022, and December 31, 2021.
(in millions)June 30, 2022December 31, 2021
Notional amounts
Derivative guarantees$54,183 $55,730 
Stable value contracts with contractually limited exposure
28,480 29,778 
Maximum exposure of stable value contracts with contractually limited exposure
2,635 2,882 
Fair value
Derivative payables
842 475 
In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. Refer to Note 4 for a further discussion of credit derivatives.
Merchant charge-backs
Under the rules of payment networks, the Firm, in its role as a merchant acquirer, retains a contingent liability for disputed processed credit and debit card transactions that result in a charge-back to the merchant. If a dispute is resolved in the cardholder’s favor, Merchant Services will (through the cardholder’s issuing bank) credit or refund the amount to the cardholder and will charge back the transaction to the merchant. If Merchant Services is unable to collect the amount from the merchant, Merchant Services will bear the loss for the amount credited or refunded to the cardholder. Merchant Services mitigates this risk by withholding future settlements, retaining cash reserve accounts or obtaining other collateral. In addition, Merchant Services recognizes a valuation allowance that covers the payment or performance risk to the Firm related to charge-backs.
171


Loan sales- and securitization-related indemnifications
In connection with the Firm’s mortgage loan sale and securitization activities with GSEs the Firm has made representations and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm.
The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. Refer to Note 24 of this Form 10-Q and Note 30 of JPMorgan Chase’s 2021 Form 10-K for additional information regarding litigation.
Sponsored member repo program
The Firm acts as a sponsoring member to clear eligible overnight and term resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation (“FICC”) on behalf of clients that become sponsored members under the FICC’s rules. The Firm also guarantees to the FICC the prompt and full payment and performance of its sponsored member clients’ respective obligations under the FICC’s rules. The Firm minimizes its liability under these guarantees by obtaining a security interest in the cash or high-quality securities collateral that the clients place with the clearing house therefore the Firm expects the risk of loss to be remote. The Firm’s maximum possible exposure, without taking into consideration the associated collateral, is included in the Exchange & clearing house guarantees and commitments line on page 170. Refer to Note 11 of JPMorgan Chase’s 2021 Form 10-K for additional information on credit risk mitigation practices on resale agreements and the types of collateral pledged under repurchase agreements.
Guarantees of subsidiaries
The Parent Company has guaranteed certain long-term debt and structured notes of its subsidiaries, including JPMorgan Chase Financial Company LLC (“JPMFC”), a 100%-owned finance subsidiary. All securities issued by JPMFC are fully and unconditionally guaranteed by the Parent Company and no other subsidiary of the Parent Company guarantees these securities. These guarantees, which rank on a parity with the Firm’s unsecured and unsubordinated indebtedness, are not included in the table on page 170 of this Note. Refer to Note 20 of JPMorgan Chase’s 2021 Form 10-K for additional information.
Note 23 – Pledged assets and collateral
Refer to Note 29 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the Firm’s pledged assets and collateral.
Pledged assets
The Firm pledges financial assets that it owns to maintain potential borrowing capacity at discount windows with Federal Reserve banks, various other central banks and FHLBs. Additionally, the Firm pledges assets for other purposes, including to collateralize repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits. Certain of these pledged assets may be sold or repledged or otherwise used by the secured parties and are parenthetically identified on the Consolidated balance sheets as assets pledged.
The following table presents the Firm’s pledged assets.
(in billions)June 30, 2022December 31, 2021
Assets that may be sold or repledged or otherwise used by secured parties
$123.5 $126.3 
Assets that may not be sold or repledged or otherwise used by secured parties
86.1 112.0 
Assets pledged at Federal Reserve banks and FHLBs519.7 476.4 
Total pledged assets
$729.3 $714.7 
Total pledged assets do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. Refer to Note 13 for additional information on assets and liabilities of consolidated VIEs. Refer to Note 10 for additional information on the Firm’s securities financing activities. Refer to Note 20 of JPMorgan Chase’s 2021 Form 10-K for additional information on the Firm’s long-term debt.
Collateral
The Firm accepts financial assets as collateral that it is permitted to sell or repledge, deliver or otherwise use. This collateral is generally obtained under resale and other securities financing agreements, prime brokerage-related held-for-investment customer receivables and derivative contracts. Collateral is generally used under repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits.
The following table presents the fair value of collateral accepted.
(in billions)June 30, 2022December 31, 2021
Collateral permitted to be sold or repledged, delivered, or otherwise used
$1,424.2 $1,471.3 
Collateral sold, repledged, delivered or otherwise used1,122.3 1,111.0 
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Note 24 – Litigation
Contingencies
As of June 30, 2022, the Firm and its subsidiaries and affiliates are defendants or respondents in numerous legal proceedings, including private, civil litigations, government investigations or regulatory enforcement matters. The litigations range from individual actions involving a single plaintiff to class action lawsuits with potentially millions of class members. Investigations and regulatory enforcement matters involve both formal and informal proceedings, by both governmental agencies and self-regulatory organizations. These legal proceedings are at varying stages of adjudication, arbitration or investigation, and involve each of the Firm’s lines of business and several geographies and a wide variety of claims (including common law tort and contract claims and statutory antitrust, securities and consumer protection claims), some of which present novel legal theories.
The Firm believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $1.2 billion at June 30, 2022. This estimated aggregate range of reasonably possible losses was based upon information available as of that date for those proceedings in which the Firm believes that an estimate of reasonably possible loss can be made. For certain matters, the Firm does not believe that such an estimate can be made, as of that date. The Firm’s estimate of the aggregate range of reasonably possible losses involves significant judgment, given:
the number, variety and varying stages of the proceedings, including the fact that many are in preliminary stages,
the existence in many such proceedings of multiple defendants, including the Firm, whose share of liability (if any) has yet to be determined,
the numerous yet-unresolved issues in many of the proceedings, including issues regarding class certification and the scope of many of the claims, and
the attendant uncertainty of the various potential outcomes of such proceedings, including where the Firm has made assumptions concerning future rulings by the court or other adjudicator, or about the behavior or incentives of adverse parties or regulatory authorities, and those assumptions prove to be incorrect.
In addition, the outcome of a particular proceeding may be a result which the Firm did not take into account in its estimate because the Firm had deemed the likelihood of that outcome to be remote. Accordingly, the Firm’s estimate of the aggregate range of reasonably possible losses will change from time to time, and actual losses may vary significantly.
Set forth below are descriptions of the Firm’s material legal proceedings.
Amrapali. India’s Enforcement Directorate (“ED”) is investigating J.P. Morgan India Private Limited in connection with investments made in 2010 and 2012 by two offshore funds formerly managed by JPMorgan Chase entities into residential housing projects developed by the Amrapali Group (“Amrapali”). In 2017, numerous creditors filed civil claims against Amrapali, including petitions brought by home buyers relating to delays in delivering or failure to deliver residential units. The home buyers’ petitions have been overseen by the Supreme Court of India and are ongoing. In August 2021, the ED issued an order fining J.P. Morgan India Private Limited approximately $31.5 million. The Firm is appealing the order and the fine. Relatedly, in July 2019, the Supreme Court of India issued an order making preliminary findings that Amrapali and other parties, including unspecified JPMorgan Chase entities and the offshore funds that had invested in the projects, violated certain currency control and money laundering provisions, and ordering the ED to conduct a further inquiry under India’s Prevention of Money Laundering Act (“PMLA”) and Foreign Exchange Management Act (“FEMA”). In May 2020, the ED attached approximately $25 million from J.P. Morgan India Private Limited in connection with the criminal PMLA investigation. The Firm is responding to and cooperating with the PMLA investigation.
Federal Republic of Nigeria Litigation. JPMorgan Chase Bank, N.A. operated an escrow and depository account for the Federal Government of Nigeria (“FGN”) and two major international oil companies. The account held approximately $1.1 billion in connection with a dispute among the clients over rights to an oil field. Following the settlement of the dispute, JPMorgan Chase Bank, N.A. paid out the monies in the account in 2011 and 2013 in accordance with directions received from its clients. In November 2017, the Federal Republic of Nigeria (“FRN”) commenced a claim in the English High Court for approximately $875 million in payments made out of the accounts. The FRN alleged that the payments were instructed as part of a complex fraud not involving JPMorgan Chase Bank, N.A., but that JPMorgan Chase Bank, N.A. was or should have been on notice that the payments may be fraudulent. A trial was held between February and April 2022. In June 2022, the Court decided the case in favor of JPMorgan Chase Bank, N.A. and dismissed it in full. The FRN has requested permission to appeal the decision relating solely to the 2013 payment of approximately $75 million.
Foreign Exchange Investigations and Litigation. The Firm previously reported settlements with certain government authorities relating to its foreign exchange (“FX”) sales and trading activities and controls related to those activities. Among those resolutions, in May 2015, the Firm pleaded
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guilty to a single violation of federal antitrust law. The Department of Labor granted the Firm a five-year exemption of disqualification that allows the Firm and its affiliates to continue to rely on the Qualified Professional Asset Manager exemption under the Employee Retirement Income Security Act (“ERISA”) until January 2023. The Firm will need the Department of Labor to approve a further exemption to cover the remainder of the ten-year disqualification period following the antitrust plea. The only remaining FX-related governmental inquiry is a South Africa Competition Commission matter which is currently pending before the South Africa Competition Tribunal.
With respect to civil litigation matters, in August 2018, the United States District Court for the Southern District of New York granted final approval to the Firm’s settlement of a consolidated class action brought by U.S.-based plaintiffs, which principally alleged violations of federal antitrust laws based on an alleged conspiracy to manipulate foreign exchange rates and also sought damages on behalf of persons who transacted in FX futures and options on futures. Certain members of the settlement class filed requests to the Court to be excluded from the class, and certain of them filed a complaint against the Firm and other foreign exchange dealers in November 2018. A number of these actions remain pending. Further, a putative class action has been filed against the Firm and other foreign exchange dealers on behalf of certain consumers who purchased foreign currencies at allegedly inflated rates. Another putative class action was brought against the Firm and other foreign exchange dealers on behalf of purported indirect purchasers of FX instruments. In 2020, the Court approved a settlement by the Firm and 11 other defendants of that class action for a total of $10 million. In addition, some FX-related individual and putative class actions based on similar alleged underlying conduct have been filed outside the U.S., including in the U.K., Israel, the Netherlands, Brazil and Australia. In a putative class action pending before the U.K. Competition Appeal Tribunal, the tribunal has denied a request by the proposed class representatives for class certification on an opt-out basis.
Inquiries Concerning Preservation Requirements. In December 2021 certain of the Firm’s subsidiaries entered into resolutions with the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Commodity Futures Trading Commission (“CFTC”) to resolve their respective civil investigations of compliance with records preservation requirements applicable to broker-dealer firms, swap dealers and futures commission merchants. The SEC and CFTC found that J.P. Morgan Securities LLC did not maintain copies of certain communications required to be maintained under their respective record keeping rules, where such communications were sent or received by employees over electronic messaging channels that had not been approved for employee use by the Firm. The CFTC resolution also included JPMorgan Chase Bank, N.A. and J.P. Morgan Securities plc as swap dealers. The SEC and CFTC also found related supervision failures. Under these resolutions, J.P.
Morgan Securities LLC paid a $125 million civil monetary penalty to the SEC, and J.P. Morgan Securities LLC, JPMorgan Chase Bank, N.A. and J.P. Morgan Securities plc paid a total $75 million civil monetary penalty to the CFTC. The Firm continues to respond to requests for information and other material from certain authorities concerning its compliance with records preservation requirements in connection with business communications sent over electronic messaging channels that have not been approved by the Firm. The Firm is cooperating with these inquiries.
In March 2022, a shareholder derivative action was filed in the United States District Court for the Eastern District of New York against the Firm’s Board of Directors asserting breaches of fiduciary duty and violation of federal securities laws based on the Board’s alleged failure to exercise adequate oversight over compliance with records preservation requirements. The complaint seeks damages, restitution, disgorgement and corporate governance reforms. Defendants have moved to dismiss the complaint.
Interchange Litigation. Groups of merchants and retail associations filed a series of class action complaints alleging that Visa and Mastercard, as well as certain banks, conspired to set the price of credit and debit card interchange fees and enacted related rules in violation of antitrust laws. In 2012, the parties initially settled the cases for a cash payment, a temporary reduction of credit card interchange, and modifications to certain credit card network rules. In 2017, after the approval of that settlement was reversed on appeal, the case was remanded to the United States District Court for the Eastern District of New York for further proceedings consistent with the appellate decision.
The original class action was divided into two separate actions, one seeking primarily monetary relief and the other seeking primarily injunctive relief. In September 2018, the parties to the monetary class action finalized an agreement which amends and supersedes the prior settlement agreement. Pursuant to this settlement, the defendants collectively contributed an additional $900 million to the approximately $5.3 billion previously held in escrow from the original settlement. In December 2019, the amended settlement agreement was approved by the District Court. Certain merchants appealed the District Court’s approval order, and those appeals are pending. Based on the percentage of merchants that opted out of the amended class settlement, $700 million has been returned to the defendants from the settlement escrow in accordance with the settlement agreement. The injunctive class action continues separately, and in September 2021, the District Court granted plaintiffs’ motion for class certification in part, and denied the motion in part.
In addition, certain merchants have filed individual actions raising similar allegations against Visa and Mastercard, as well as against the Firm and other banks, and some of those actions remain pending.
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LIBOR and Other Benchmark Rate Investigations and Litigation. JPMorgan Chase has responded to inquiries from various governmental agencies and entities around the world relating primarily to the British Bankers Association’s (“BBA”) London Interbank Offered Rate (“LIBOR”) for various currencies and the European Banking Federation’s Euro Interbank Offered Rate (“EURIBOR”). The Swiss Competition Commission’s investigation relating to EURIBOR, to which the Firm and one other bank remain subject, continues. In December 2016, the European Commission issued a decision against the Firm and other banks finding an infringement of European antitrust rules relating to EURIBOR. The Firm has filed an appeal of that decision with the European General Court, and that appeal is pending.
In addition, the Firm has been named as a defendant along with other banks in various individual and putative class actions related to benchmark rates, including U.S. dollar LIBOR. In actions related to U.S. dollar LIBOR during the period that it was administered by the BBA, the Firm has obtained dismissal of certain actions and resolved certain other actions, and others are in various stages of litigation. The United States District Court for the Southern District of New York has granted class certification of antitrust claims related to bonds and interest rate swaps sold directly by the defendants, including the Firm. A consolidated putative class action related to the period that U.S. dollar LIBOR was administered by ICE Benchmark Administration has been dismissed. In addition, a group of individual plaintiffs filed a lawsuit asserting antitrust claims, alleging that the Firm and other defendants were engaged in an unlawful agreement to set U.S. dollar LIBOR and conspired to monopolize the market for LIBOR-based consumer loans and credit cards. Defendants moved to dismiss plaintiffs’ complaint. In December 2021, the court denied plaintiffs’ motions for a preliminary injunction seeking to enjoin defendants from setting U.S. dollar LIBOR and enforcing any financial instruments that rely on U.S. dollar LIBOR. The Firm’s settlements of putative class actions related to Swiss franc LIBOR, the Singapore Interbank Offered Rate and the Singapore Swap Offer Rate, and the Australian Bank Bill Swap Reference Rate remain subject to court approval.
Metals and U.S. Treasuries Investigations and Litigation and Related Inquiries. The Firm previously reported that it and/or certain of its subsidiaries had entered into resolutions with the U.S. Department of Justice (“DOJ”), the U.S. Commodity Futures Trading Commission (“CFTC”) and the U.S. Securities and Exchange Commission (“SEC”), which, collectively, resolved those agencies’ respective investigations relating to historical trading practices by former employees in the precious metals and U.S. treasuries markets and related conduct from 2008 to 2016.
The Firm entered into a Deferred Prosecution Agreement (“DPA”) with the DOJ in which it agreed to the filing of a criminal information charging JPMorgan Chase & Co. with two counts of wire fraud and agreed, along with JPMorgan
Chase Bank, N.A. and J.P. Morgan Securities LLC, to certain terms and obligations as set forth therein. Under the terms of the DPA, the criminal information will be dismissed after three years, provided that JPMorgan Chase & Co., JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC fully comply with all of their obligations.
Across the three resolutions with the DOJ, CFTC and SEC, JPMorgan Chase & Co., JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC agreed to pay a total monetary amount of approximately $920 million. A portion of the total monetary amount includes victim compensation payments.
Several putative class action complaints have been filed in the United States District Court for the Southern District of New York against the Firm and certain former employees, alleging a precious metals futures and options price manipulation scheme in violation of the Commodity Exchange Act. Some of the complaints also allege unjust enrichment and deceptive acts or practices under the General Business Law of the State of New York. The Court consolidated these putative class actions, and, in July 2022, the Court granted final approval of a settlement among the parties. In addition, several putative class actions were filed in the United States District Courts for the Northern District of Illinois and Southern District of New York against the Firm, alleging manipulation of U.S. Treasury futures and options, and bringing claims under the Commodity Exchange Act. The actions in the Northern District of Illinois were transferred to the Southern District of New York. The Court consolidated these putative class actions, and, in June 2022, the Court granted final approval of a settlement among the parties. In Canada, plaintiffs have commenced putative class action proceedings based on similar alleged underlying conduct related to precious metals.
In October 2020, two putative class action complaints were filed under the Securities Exchange Act of 1934 in the United States District Court for the Eastern District of New York against the Firm and certain individual defendants on behalf of shareholders who acquired shares during the putative class period alleging that certain SEC filings of the Firm were materially false or misleading in that they did not disclose certain information relating to the above-referenced investigations. The Court consolidated these putative class actions in January 2021. Plaintiffs filed their second amended complaint in May 2021, which additionally alleged that certain orders in precious metals futures contracts placed by precious metals futures traders during the putative class period were materially false and misleading. Defendants have moved to dismiss.
In May 2022, a shareholder derivative suit purporting to act on behalf of the Firm, was filed in the Supreme Court of the State of New York asserting breach of fiduciary duty and unjust enrichment claims against certain current and former officers and directors of the Firm. The complaint claims the Firm’s Board of Directors wrongfully rejected the shareholder’s demand to commence litigation and seeks
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damages, disgorgement and corporate governance reforms on the basis of alleged supervisory failures with regard to certain historical spoofing-related conduct that was the subject of the Firm’s resolutions with the DOJ, CFTC and SEC in September 2020, as well as certain fiduciary activities that were separately the subject of a resolution between JPMorgan Chase Bank, N.A. and the OCC in November 2020.
Securities Lending Antitrust Litigation. JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC, J.P. Morgan Prime, Inc., and J.P. Morgan Strategic Securities Lending Corp. are named as defendants in a putative class action filed in the United States District Court for the Southern District of New York. The complaint asserts violations of federal antitrust law and New York State common law in connection with an alleged conspiracy to prevent the emergence of anonymous exchange trading for securities lending transactions. Defendants’ motion to dismiss the complaint was denied. Plaintiffs have moved to certify a class in this action, which defendants are opposing.
* * *
In addition to the various legal proceedings discussed above, JPMorgan Chase and its subsidiaries are named as defendants or are otherwise involved in a substantial number of other legal proceedings. The Firm believes it has meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and it intends to defend itself vigorously. Additional legal proceedings may be initiated from time to time in the future.
The Firm has established reserves for several hundred of its currently outstanding legal proceedings. In accordance with the provisions of U.S. GAAP for contingencies, the Firm accrues for a litigation-related liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. The Firm evaluates its outstanding legal proceedings each quarter to assess its litigation reserves, and makes adjustments in such reserves, upward or downward, as appropriate, based on management’s best judgment after consultation with counsel. The Firm’s legal expense was $73 million and $185 million for the three months ended June 30, 2022 and 2021, respectively, and $192 million and $213 million for the six months ended June 30, 2022 and 2021, respectively. There is no assurance that the Firm’s litigation reserves will not need to be adjusted in the future.
In view of the inherent difficulty of predicting the outcome of legal proceedings, particularly where the claimants seek very large or indeterminate damages, or where the matters present novel legal theories, involve a large number of parties or are in early stages of discovery, the Firm cannot state with confidence what will be the eventual outcomes of the currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences related to those matters. JPMorgan Chase believes, based upon its current knowledge and after consultation with counsel, consideration of the material legal proceedings described above and after taking into
account its current litigation reserves and its estimated aggregate range of possible losses, that the other legal proceedings currently pending against it should not have a material adverse effect on the Firm’s consolidated financial condition. The Firm notes, however, that in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves it has currently accrued or that a matter will not have material reputational consequences. As a result, the outcome of a particular matter may be material to JPMorgan Chase’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of JPMorgan Chase’s income for that period.
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Note 25 – Business segments
The Firm is managed on an LOB basis. There are four major reportable business segments - Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset & Wealth Management. In addition, there is a Corporate segment. The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is currently evaluated by the Firm’s Operating Committee. Segment results are presented on a managed basis. Refer to Segment results below, and Note 32 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of JPMorgan Chase’s business segments.
Segment results
The following table provides a summary of the Firm’s segment results as of or for the three and six months ended June 30, 2022 and 2021, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the
reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 32 of JPMorgan Chase’s 2021 Form 10-K for additional information on the Firm’s managed basis.
Capital allocation
The amount of capital assigned to each business segment is referred to as equity. Periodically, the assumptions and methodologies used to allocate capital are reassessed and as a result, the capital allocated to the LOBs may change. Refer to Line of business equity on page 93 of JPMorgan Chase’s 2021 Form 10-K for additional information on capital allocation.


Segment results and reconciliation(a)
As of or for the three months
ended June 30,
(in millions, except ratios)
Consumer &
Community Banking
Corporate &
Investment Bank
Commercial BankingAsset & Wealth Management
20222021202220212022202120222021
Noninterest revenue$3,906$4,726$8,749$9,912$904$950$3,084$3,165
Net interest income8,7088,0343,1983,3021,7791,5331,222942
Total net revenue12,61412,76011,94713,2142,6832,4834,3064,107
Provision for credit losses
761(1,868)59(79)209(377)44(10)
Noninterest expense7,7237,0626,7456,5231,1569812,9192,586
Income/(loss) before income tax expense/(benefit)
4,1307,5665,1436,7701,3181,8791,3431,531
Income tax expense/(benefit)1,0301,921
(b)
1,4181,750
(b)
324457
(b)
339375
(b)
Net income/(loss)$3,100$5,645
(b)
$3,725$5,020
(b)
$994$1,422
(b)
$1,004$1,156
(b)
Average equity
$50,000$50,000$103,000$83,000$25,000$24,000$17,000$14,000
Total assets500,219494,3051,403,5581,363,992242,456226,022235,553217,284
ROE24 %44 %14 %23 %15 %23 %23 %32 %
Overhead ratio6155 56 49 43 40 68 63 
As of or for the three months
ended June 30,
(in millions, except ratios)
Corporate
Reconciling Items(a)
Total
202220212022202120222021
Noninterest revenue$(244)$(208)$(812)$(807)$15,587$17,738
Net interest income324(961)(103)(109)15,12812,741
Total net revenue80(1,169)(915)(916)30,71530,479
Provision for credit losses
28491,101(2,285)
Noninterest expense20651518,74917,667
Income/(loss) before income tax expense/(benefit)(154)(1,733)(915)(916)10,86515,097
Income tax expense/(benefit)20(438)
(b)
(915)(916)2,2163,149
Net income/(loss)$(174)$(1,295)
(b)
$$$8,649$11,948
Average equity
$52,986$79,849$$$247,986$250,849
Total assets1,459,5281,382,653NANA3,841,3143,684,256
ROENMNMNMNM13 %18 %
Overhead ratioNMNMNMNM61 58 
(a)Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.
(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.




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Segment results and reconciliation(a)
As of or for the six months
ended June 30,
(in millions, except ratios)
Consumer &
Community Banking
Corporate &
Investment Bank
Commercial BankingAsset & Wealth Management
20222021202220212022202120222021
Noninterest revenue$7,808$9,314$18,706$21,000$1,771$1,867$6,323$6,311
Net interest income17,03515,9636,7706,8193,3103,0092,2981,873
Total net revenue24,84325,27725,47627,8195,0814,8768,6218,184
Provision for credit losses
1,439(5,470)504(410)366(495)198(131)
Noninterest expense15,44314,26414,04313,6272,2851,9505,7795,160
Income/(loss) before income tax expense/(benefit)
7,96116,48310,92914,6022,4303,4212,6443,155
Income tax expense/(benefit)1,9664,051
(b)
2,8193,658
(b)
586818
(b)
632739
(b)
Net income/(loss)$5,995$12,432
(b)
$8,110$10,944
(b)
$1,844$2,603
(b)
$2,012$2,416
(b)
Average equity
$50,000$50,000$103,000$83,000$25,000$24,000$17,000$14,000
Total assets500,219494,3051,403,5581,363,992242,456226,022235,553217,284
ROE23 %49 %15 %26 %
(b)
14 %21 %23 %34 %
Overhead ratio6256 55 49 45 40 67 63 
As of or for the six months
ended June 30,
(in millions, except ratios)
Corporate
Reconciling Items(a)
Total
202220212022202120222021
Noninterest revenue$(589)$174$(1,587)$(1,551)$32,432$37,115
Net interest income(212)(1,816)(201)(218)29,00025,630
Total net revenue(801)(1,642)(1,788)(1,769)61,43262,745
Provision for credit losses
57652,564(6,441)
Noninterest expense3901,39137,94036,392
Income/(loss) before income tax expense/(benefit)(1,248)(3,098)(1,788)(1,769)20,92832,794
Income tax expense/(benefit)(218)(951)
(b)
(1,788)(1,769)3,9976,546
Net income/(loss)$(1,030)$(2,147)
(b)
$$$16,931$26,248
Average equity
$55,234$77,209$$$250,234$248,209
Total assets1,459,5281,382,653NANA3,841,3143,684,256
ROENMNMNMNM13 %21 %
Overhead ratioNMNMNMNM62 58 
(a)Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.
(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
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Report of Independent Registered Public Accounting Firm


To the Board of Directors and Shareholders of JPMorgan Chase & Co.:
Results of Review of Interim Financial Statements
We have reviewed the accompanying consolidated balance sheet of JPMorgan Chase & Co. and its subsidiaries (the “Firm”) as of June 30, 2022, and the related consolidated statements of income, comprehensive income and changes in stockholders’ equity for the three-month and six-month periods ended June 30, 2022 and 2021 and the consolidated statements of cash flows for the six-month periods ended June 30, 2022 and 2021, including the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of the Firm as of December 31, 2021, and the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and of cash flows for the year then ended (not presented herein), and in our report dated February 22, 2022, which included a paragraph describing a change in the manner of accounting for credit losses on certain financial instruments in 2020, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet information as of December 31, 2021, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.
Basis for Review Results
These interim financial statements are the responsibility of the Firm’s management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Firm in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

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August 3, 2022






















PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017
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JPMorgan Chase & Co.
Consolidated average balance sheets, interest and rates (unaudited)
(Taxable-equivalent interest and rates; in millions, except rates)
Three months ended June 30, 2022Three months ended June 30, 2021
Average
balance
Interest(f)
Rate
(annualized)
Average
balance
Interest(f)
Rate
(annualized)
Assets
Deposits with banks$694,644 $1,079 0.62 %$721,214 $103 0.06 
Federal funds sold and securities purchased under resale agreements
305,132 543 0.71 255,831 175 0.27 
Securities borrowed207,437 173 0.33 190,785 (90)

(0.19)
(h)
Trading assets – debt instruments273,736 2,058 3.02 277,024 1,719 2.49 
Taxable securities644,037 2,289 1.43 553,603 1,577 1.14 
Nontaxable securities(a)
28,762 309 4.31 31,481 339 4.32 
Total investment securities672,799 2,598 1.55 
(g)
585,084 1,916 1.31 
(g)
Loans1,093,106 11,656 4.28 1,024,633 10,177 3.98 
All other interest-earning assets(b)
139,040 642 1.85 122,624 203 0.66 
Total interest-earning assets3,385,894 18,749 2.22 3,177,195 14,203 1.79 
Allowance for loan losses(17,194)(22,965)
Cash and due from banks28,712 26,758 
Trading assets – equity and other instruments151,309 199,288 
Trading assets – derivative receivables84,483 70,212 
Goodwill, MSRs and other intangible Assets59,355 54,512 
All other noninterest-earning assets219,084 223,687 
Total assets$3,911,643 $3,728,687 
Liabilities
Interest-bearing deposits$1,790,421 $898 0.20 %$1,669,376 $132 0.03 %
Federal funds purchased and securities loaned or sold under repurchase agreements
233,376 468 0.80 261,343 60 0.09 
Short-term borrowings(c)
50,833 90 0.73 46,185 33 0.30 
Trading liabilities – debt and all other interest-bearing
liabilities(d)(e)
274,435 471 0.69 246,666 51 0.08 
(h)
Beneficial interests issued by consolidated VIEs10,577 30 1.11 15,117 21 0.55 
Long-term debt246,195 1,561 2.54 248,552 1,056 1.70 
Total interest-bearing liabilities2,605,837 3,518 0.54 2,487,239 1,353 0.22 
Noninterest-bearing deposits741,891 654,419 
Trading liabilities – equity and other instruments(e)
40,937 35,397 
Trading liabilities – derivative payables61,026 62,533 
All other liabilities, including the allowance for lending-related commitments181,128 205,584 
Total liabilities3,630,819 3,445,172 
Stockholders’ equity
Preferred stock32,838 32,666 
Common stockholders’ equity247,986 250,849 
Total stockholders’ equity280,824 283,515 
Total liabilities and stockholders’ equity$3,911,643 $3,728,687 
Interest rate spread1.68 %1.57 %
Net interest income and net yield on interest-earning assets$15,231 1.80 $12,850 1.62 
(a)Represents securities which are tax-exempt for U.S. federal income tax purposes.
(b)Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets.
(c)Includes commercial paper.
(d)All other interest-bearing liabilities include brokerage-related customer payables.
(e)The combined balance of trading liabilities – debt and equity instruments was $140.2 billion and $135.6 billion for the three months ended June 30, 2022 and 2021, respectively.
(f)Interest includes the effect of certain related hedging derivatives. Taxable-equivalent amounts are used where applicable.
(g)The annualized rate for securities based on amortized cost was 1.52% and 1.33% for the three months ended June 30, 2022 and 2021, respectively, and does not give effect to changes in fair value that are reflected in AOCI.
(h)Negative interest income and yield are related to the impact of 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 interest-bearing liabilities.

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JPMorgan Chase & Co.
Consolidated average balance sheets, interest and rates (unaudited)
(Taxable-equivalent interest and rates; in millions, except rates)
Six months ended June 30, 2022Six months ended June 30, 2021
Average
balance
Interest(f)
Rate
(annualized)
Average
balance
Interest(f)
Rate
(annualized)
Assets
Deposits with banks$718,346 $1,317 0.37 %$676,658 $168 0.05 %
Federal funds sold and securities purchased under resale agreements
300,070 940 0.63 272,704 408 0.30 
Securities borrowed212,704 86 0.08 182,945 (167)

(0.18)
(h)
Trading assets – debt instruments272,931 3,833 2.83 299,710 3,509 2.36 
Taxable securities643,340 4,268 1.34 552,097 3,182 1.16 
Nontaxable securities(a)
28,647 616 4.34 31,682 687 4.37 
Total investment securities671,987 4,884 1.47 
(g)
583,779 3,869 1.34 
(g)
Loans1,080,939 22,317 4.16 1,019,109 20,394 4.04 
All other interest-earning assets(b)
136,902 966 1.42 117,117 402 0.69 
Total interest-earning assets3,393,879 34,343 2.04 3,152,022 28,583 1.83 
Allowance for loan losses(16,807)(25,602)
Cash and due from banks28,340 25,968 
Trading assets – equity and other instruments154,093 181,746 
Trading assets – derivative receivables75,956 72,459 
Goodwill, MSRs and other intangible Assets58,455 54,223 
All other noninterest-earning assets215,313 210,268 
Total assets$3,909,229 $3,671,084 
Liabilities
Interest-bearing deposits$1,785,896 $1,080 0.12 %$1,640,085 $278 0.03 %
Federal funds purchased and securities loaned or sold under repurchase agreements
241,749 585 0.49 281,254 75 0.05 
Short-term borrowings(c)
49,360 130 0.53 44,120 66 0.31 
Trading liabilities – debt and all other interest-bearing
liabilities(d)(e)
268,762 662 0.50 238,836 78 0.07 
(h)
Beneficial interests issued by consolidated VIEs10,733 48 0.90 16,145 48 0.60 
Long-term debt250,165 2,637 2.13 244,000 2,190 1.81 
Total interest-bearing liabilities2,606,665 5,142 0.40 2,464,440 2,735 0.22 
Noninterest-bearing deposits738,083 634,403 
Trading liabilities – equity and other instruments(e)
42,159 35,214 
Trading liabilities – derivative payables57,792 65,231 
All other liabilities, including the allowance for lending-related commitments181,116 192,091 
Total liabilities3,625,815 3,391,379 
Stockholders’ equity
Preferred stock33,180 31,496 
Common stockholders’ equity250,234 248,209 
Total stockholders’ equity283,414 279,705 
Total liabilities and stockholders’ equity$3,909,229 $3,671,084 
Interest rate spread1.64 %1.61 %
Net interest income and net yield on interest-earning assets$29,201 1.74 $25,848 1.65 
(a)Represents securities which are tax-exempt for U.S. federal income tax purposes.
(b)Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets.
(c)Includes commercial paper.
(d)All other interest-bearing liabilities include brokerage-related customer payables.
(e)The combined balance of trading liabilities – debt and equity instruments was $140.2 billion and $131.0 billion for the six months ended June 30, 2022 and 2021, respectively.
(f)Interest includes the effect of certain related hedging derivatives. Taxable-equivalent amounts are used where applicable.
(g)The annualized rate for securities based on amortized cost was 1.45% and 1.35% for the six months ended June 30, 2022 and 2021, respectively, and does not give effect to changes in fair value that are reflected in AOCI.
(h)Negative interest income and yield are related to the impact of 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 interest-bearing liabilities.
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GLOSSARY OF TERMS AND ACRONYMS
2021 Form 10-K: Annual report on Form 10-K for year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission.
ABS: Asset-backed securities
Active foreclosures: Loans referred to foreclosure where formal foreclosure proceedings are ongoing. Includes both judicial and non-judicial states.
AFS: Available-for-sale
Allowance for loan losses to total retained loans: represents period-end allowance for loan losses divided by retained loans.
Amortized cost: Amount at which a financing receivable or investment is originated or acquired, adjusted for accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, charge-offs, foreign exchange, and fair value hedge accounting adjustments. For AFS securities, amortized cost is also reduced by any impairment losses recognized in earnings. Amortized cost is not reduced by the allowance for credit losses, except where explicitly presented net.
AOCI: Accumulated other comprehensive income/(loss)
ARM(s): Adjustable rate mortgage(s)
AUC: “Assets under custody”: Represents assets held directly or indirectly on behalf of clients under safekeeping, custody and servicing arrangements.
Auto loan and lease origination volume: Dollar amount of auto loans and leases originated.
AWM: Asset & Wealth Management
Beneficial interests issued by consolidated VIEs: represents the interest of third-party holders of debt, equity securities, or other obligations, issued by VIEs that JPMorgan Chase consolidates.
BHC: Bank holding company
Bridge Financing Portfolio: A portfolio of held-for-sale unfunded loan commitments and funded loans. The unfunded commitments include both short-term bridge loan commitments that will ultimately be replaced by longer term financing as well as term loan commitments. The funded loans include term loans and funded revolver facilities.
CB: Commercial Banking
CBB: Consumer & Business Banking
CCAR: Comprehensive Capital Analysis and Review
CCB: Consumer & Community Banking
CDS: Credit default swaps
CECL: Current Expected Credit Losses
CEO: Chief Executive Officer
CET1 capital: Common equity Tier 1 capital
CFO: Chief Financial Officer
CFTC: Commodity Futures Trading Commission
CIB: Corporate & Investment Bank
CIO: Chief Investment Office
Client assets: Represent assets under management as well as custody, brokerage, administration and deposit accounts.
Client deposits and other third-party liabilities: Deposits, as well as deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements) as part of client cash management programs.
CLTV: Combined loan-to-value
CMT: Constant Maturity Treasury
Collateral-dependent: A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty, including when foreclosure is deemed probable based on borrower delinquency.
Commercial Card: provides a wide range of payment services to corporate and public sector clients worldwide through the commercial card products. Services include procurement, corporate travel and entertainment, expense management services, and business-to-business payment solutions.
Credit derivatives: Financial instruments whose value is derived from the credit risk associated with the debt of a third-party issuer (the reference entity) which allow one party (the protection purchaser) to transfer that risk to another party (the protection seller). Upon the occurrence of a credit event by the reference entity, which may include, among other events, the bankruptcy or failure to pay its obligations, or certain restructurings of the debt of the reference entity, neither party has recourse to the reference entity. The protection purchaser has recourse to the protection seller for the difference between the face value of the CDS contract and the fair value at the time of settling the credit derivative contract. The determination as to whether a credit event has occurred is generally made by the relevant International Swaps and Derivatives Association (“ISDA”) Determinations Committee.
Criticized: Criticized loans, lending-related commitments and derivative receivables that are classified as special mention, substandard and doubtful categories for regulatory purposes and are generally consistent with a rating of CCC+/Caa1 and below, as defined by S&P and Moody’s.
CRR: Capital Requirements Regulation
CVA: Credit valuation adjustment
DVA: Debit valuation adjustment
EC: European Commission
Eligible HQLA: Eligible high-quality liquid assets, for purposes of calculating the LCR, is the amount of
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unencumbered HQLA that satisfy certain operational considerations as defined in the LCR rule.
Eligible LTD: Long-term debt satisfying certain eligibility criteria
Embedded derivatives: are implicit or explicit terms or features of a financial instrument that affect some or all of the cash flows or the value of the instrument in a manner similar to a derivative. An instrument containing such terms or features is referred to as a “hybrid.” The component of the hybrid that is the non-derivative instrument is referred to as the “host.” For example, callable debt is a hybrid instrument that contains a plain vanilla debt instrument (i.e., the host) and an embedded option that allows the issuer to redeem the debt issue at a specified date for a specified amount (i.e., the embedded derivative). However, a floating rate instrument is not a hybrid composed of a fixed-rate instrument and an interest rate swap.
EPS: Earnings per share
ERISA: Employee Retirement Income Security Act of 1974
ESG: Environmental, Social and Governance
ETD: “Exchange-traded derivatives”: Derivative contracts that are executed on an exchange and settled via a central clearing house.
EU: European Union
Expense categories:
Volume- and/or revenue-related expenses generally correlate with changes in the related business/transaction volume or revenue. Examples of volume- and revenue-related expenses include commissions and incentive compensation, depreciation expense related to operating lease assets, and brokerage expense related to equities trading transaction volume.
Investments include expenses associated with supporting medium- to longer-term strategic plans of the Firm. Examples of investments include initiatives in technology (including related compensation), marketing, and compensation for new bankers and client advisors.
Structural expenses are those associated with the day-to-day cost of running the bank and are expenses not covered by the above two categories. Examples of structural expenses include employee salaries and benefits, as well as noncompensation costs such as real estate and all other expenses.
Fannie Mae: Federal National Mortgage Association
FASB: Financial Accounting Standards Board
FCA: Financial Conduct Authority
FDIC: Federal Deposit Insurance Corporation
Federal Reserve: The Board of the Governors of the Federal Reserve System
FFIEC: Federal Financial Institutions Examination Council
FHA: Federal Housing Administration
FHLB: Federal Home Loan Bank
FICO score: A measure of consumer credit risk based on information in consumer credit reports produced by Fair Isaac Corporation. Because certain aged data is excluded from credit reports based on rules in the Fair Credit Reporting Act, FICO scores may not reflect all historical information about a consumer.
FICC: Fixed Income Clearing Corporation
FINRA: Financial Industry Regulatory Authority
Firm: JPMorgan Chase & Co.
Forward points: represents the interest rate differential between two currencies, which is either added to or subtracted from the current exchange rate (i.e., “spot rate”) to determine the forward exchange rate.
Freddie Mac: Federal Home Loan Mortgage Corporation
Free-standing derivatives: is a derivative contract entered into either separate and apart from any of the Firm’s other financial instruments or equity transactions. Or, in conjunction with some other transaction and is legally detachable and separately exercisable.
FTE: Fully taxable-equivalent
FVA: Funding valuation adjustment
FX: Foreign exchange
G7: “Group of Seven nations”: Countries in the G7 are Canada, France, Germany, Italy, Japan, the U.K. and the U.S.
G7 government securities: Securities issued by the government of one of the G7 nations.
Ginnie Mae: Government National Mortgage Association
GSIB: Global systemically important banks
HELOC: Home equity line of credit
Home equity – senior lien: represents loans and commitments where JPMorgan Chase holds the first security interest on the property.
Home equity – junior lien: represents loans and commitments where JPMorgan Chase holds a security interest that is subordinate in rank to other liens.
HQLA: High-quality liquid assets
HTM: Held-to-maturity
IBOR: Interbank Offered Rate
IDI: Insured depository institutions
IHC: JPMorgan Chase Holdings LLC, an intermediate holding company
Investment-grade: An indication of credit quality based on JPMorgan Chase’s internal risk assessment system. “Investment grade” generally represents a risk profile similar to a rating of a “BBB-”/“Baa3” or better, as defined by independent rating agencies.
IR: Interest rate
ISDA: International Swaps and Derivatives Association
JPMorgan Chase: JPMorgan Chase & Co.
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JPMorgan Chase Bank, N.A.: JPMorgan Chase Bank, National Association
JPMorgan Chase Foundation or Foundation: a not-for-profit organization that makes contributions for charitable and educational purposes.
J.P. Morgan Securities: J.P. Morgan Securities LLC
JPMSE: J.P. Morgan SE
LCR: Liquidity coverage ratio
LIBOR: London Interbank Offered Rate
LLC: Limited Liability Company
LOB: Line of business
LTV: “Loan-to-value ratio”: For residential real estate loans, the relationship, expressed as a percentage, between the principal amount of a loan and the appraised value of the collateral (i.e., residential real estate) securing the loan.
Origination date LTV ratio
The LTV ratio at the origination date of the loan. Origination date LTV ratios are calculated based on the actual appraised values of collateral (i.e., loan-level data) at the origination date.
Current estimated LTV ratio
An estimate of the LTV as of a certain date. The current estimated LTV ratios are calculated using estimated collateral values derived from a nationally recognized home price index measured at the metropolitan statistical area (“MSA”) level. These MSA-level home price indices consist of actual data to the extent available and forecasted data where actual data is not available. As a result, the estimated collateral values used to calculate these ratios do not represent actual appraised loan-level collateral values; as such, the resulting LTV ratios are necessarily imprecise and should therefore be viewed as estimates.
Combined LTV ratio
The LTV ratio considering all available lien positions, as well as unused lines, related to the property. Combined LTV ratios are used for junior lien home equity products.
Macro businesses: the macro businesses include Rates, Currencies and Emerging Markets, Fixed Income Financing and Commodities in CIB's Fixed Income Markets.
Managed basis: A non-GAAP presentation of Firmwide financial results that includes reclassifications to present revenue on a fully taxable-equivalent basis. Management also uses this financial measure at the segment level, because it believes this provides information to enable investors to understand the underlying operational performance and trends of the particular business segment and facilitates a comparison of the business segment with the performance of competitors.
Markets: consists of CIB's Fixed Income Markets and Equity Markets businesses.
Master netting agreement: A single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and
settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due).
MBS: Mortgage-backed securities
MD&A: Management’s discussion and analysis
Measurement alternative: Measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer.
Merchant Services: offers merchants payment processing capabilities, fraud and risk management, data and analytics, and other payments services. Through Merchant Services, merchants of all sizes can accept payments via credit and debit cards and payments in multiple currencies.
MEV: Macroeconomic variable
Moody’s: Moody’s Investor Services
Mortgage product types:
Alt-A
Alt-A loans are generally higher in credit quality than subprime loans but have characteristics that would disqualify the borrower from a traditional prime loan. Alt-A lending characteristics may include one or more of the following: (i) limited documentation; (ii) a high CLTV ratio; (iii) loans secured by non-owner occupied properties; or (iv) a debt-to-income ratio above normal limits. A substantial proportion of the Firm’s Alt-A loans are those where a borrower does not provide complete documentation of his or her assets or the amount or source of his or her income.
Option ARMs
The option ARM real estate loan product is an adjustable-rate mortgage loan that provides the borrower with the option each month to make a fully amortizing, interest-only or minimum payment. The minimum payment on an option ARM loan is based on the interest rate charged during the introductory period. This introductory rate is usually significantly below the fully indexed rate. The fully indexed rate is calculated using an index rate plus a margin. Once the introductory period ends, the contractual interest rate charged on the loan increases to the fully indexed rate and adjusts monthly to reflect movements in the index. The minimum payment is typically insufficient to cover interest accrued in the prior month, and any unpaid interest is deferred and added to the principal balance of the loan. Option ARM loans are subject to payment recast, which converts the loan to a variable-rate fully amortizing loan upon meeting specified loan balance and anniversary date triggers.
Prime
Prime mortgage loans are made to borrowers with good credit records who meet specific underwriting requirements, including prescriptive requirements related to income and overall debt levels. New prime mortgage borrowers provide full documentation and generally have reliable payment histories.
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Subprime
Subprime loans are loans that, prior to mid-2008, were offered to certain customers with one or more high risk characteristics, including but not limited to: (i) unreliable or poor payment histories; (ii) a high LTV ratio of greater than 80% (without borrower-paid mortgage insurance); (iii) a high debt-to-income ratio; (iv) an occupancy type for the loan is other than the borrower’s primary residence; or (v) a history of delinquencies or late payments on the loan.
MSR: Mortgage servicing rights
NA: Data is not applicable or available for the period presented.
Net Capital Rule: Rule 15c3-1 under the Securities Exchange Act of 1934.
Net charge-off/(recovery) rate: represents net charge-offs/(recoveries) (annualized) divided by average retained loans for the reporting period.
Net interchange income includes the following components:
Interchange income: Fees earned by credit and debit card issuers on sales transactions.
Rewards costs: The cost to the Firm for points earned by cardholders enrolled in credit card rewards programs generally tied to sales transactions.
Partner payments: Payments to co-brand credit card partners based on the cost of loyalty program rewards earned by cardholders on credit card transactions.
Net yield on interest-earning assets: The average rate for interest-earning assets less the average rate paid for all sources of funds.
NFA: National Futures Association
NM: Not meaningful
Nonaccrual loans: Loans for which interest income is not recognized on an accrual basis. Loans (other than credit card loans and certain consumer loans insured by U.S. government agencies) are placed on nonaccrual status when full payment of principal and interest is not expected, regardless of delinquency status, or when principal and interest has been in default for a period of 90 days or more unless the loan is both well-secured and in the process of collection. Collateral-dependent loans are typically maintained on nonaccrual status.
Nonperforming assets: Nonperforming assets include nonaccrual loans, nonperforming derivatives and certain assets acquired in loan satisfactions, predominantly real estate owned and other commercial and personal property.
NSFR: Net Stable Funding Ratio
OCC: Office of the Comptroller of the Currency
OCI: Other comprehensive income/(loss)
OPEB: Other postretirement employee benefit
OTC: “Over-the-counter derivatives”: Derivative contracts that are negotiated, executed and settled bilaterally
between two derivative counterparties, where one or both counterparties is a derivatives dealer.
OTC cleared: “Over-the-counter cleared derivatives”: Derivative contracts that are negotiated and executed bilaterally, but subsequently settled via a central clearing house, such that each derivative counterparty is only exposed to the default of that clearing house.
Overhead ratio: Noninterest expense as a percentage of total net revenue.
Parent Company: JPMorgan Chase & Co.
Participating securities: represents unvested share-based compensation awards containing nonforfeitable rights to dividends or dividend equivalents (collectively, “dividends”), which are included in the earnings per share calculation using the two-class method. JPMorgan Chase grants restricted stock and RSUs to certain employees under its share-based compensation programs, which entitle the recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities. Under the two-class method, all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities, based on their respective rights to receive dividends.
PCD: “Purchased credit deteriorated” assets represent acquired financial assets that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Firm.
Pillar 1: The Basel framework consists of a three “Pillar” approach. Pillar 1 establishes minimum capital requirements, defines eligible capital instruments, and prescribes rules for calculating RWA.
Pillar 3: The Basel framework consists of a three “Pillar” approach. Pillar 3 encourages market discipline through disclosure requirements which allow market participants to assess the risk and capital profiles of banks.
PPP: Paycheck Protection Program under the Small Business Association (“SBA”)
PRA: Prudential Regulation Authority
Pre-provision profit/(loss): 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.
Principal transactions revenue: Principal transactions revenue is driven by many factors, including the bid-offer spread, which is the difference between the price at which the Firm is willing to buy a financial or other instrument and the price at which the Firm is willing to sell that instrument. It also consists of realized (as a result of closing out or termination of transactions, or interim cash payments) and unrealized (as a result of changes in valuation) gains and losses on financial and other instruments (including those accounted for under the fair value option) primarily used in
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client-driven market-making activities and on private equity investments. In connection with its client-driven market-making activities, the Firm transacts in debt and equity instruments, derivatives and commodities (including physical commodities inventories and financial instruments that reference commodities). Principal transactions revenue also includes certain realized and unrealized gains and losses related to hedge accounting and specified risk-management activities, including: (a) certain derivatives designated in qualifying hedge accounting relationships (primarily fair value hedges of commodity and foreign exchange risk), (b) certain derivatives used for specific risk management purposes, primarily to mitigate credit risk and foreign exchange risk, and (c) other derivatives.
PSU(s): Performance share units
Regulatory VaR: Daily aggregated VaR calculated in accordance with regulatory rules.
REO: Real estate owned
Reported basis: Financial statements prepared under U.S. GAAP, which excludes the impact of taxable-equivalent adjustments.
Retained loans: Loans that are held-for-investment (i.e. excludes loans held-for-sale and loans at fair value).
Revenue wallet: Total fee revenue based on estimates of investment banking fees generated across the industry (i.e., the revenue wallet) from investment banking transactions in M&A, equity and debt underwriting, and loan syndications. Source: Dealogic, a third-party provider of investment banking competitive analysis and volume based league tables for the above noted industry products.
RHS: Rural Housing Service of the U.S. Department of Agriculture
ROE: Return on equity
ROTCE: Return on tangible common equity
ROU assets: Right-of-use assets
RSU(s): Restricted stock units
RWA: “Risk-weighted assets”: Basel III establishes two comprehensive approaches for calculating RWA (a Standardized approach and an Advanced approach) which include capital requirements for credit risk, market risk, and in the case of Basel III Advanced, also operational risk. Key differences in the calculation of credit risk RWA between the Standardized and Advanced approaches are that for Basel III Advanced, credit risk RWA is based on risk-sensitive approaches which largely rely on the use of internal credit models and parameters, whereas for Basel III Standardized, credit risk RWA is generally based on supervisory risk-weightings which vary primarily by counterparty type and asset class. Market risk RWA is calculated on a generally consistent basis between Basel III Standardized and Basel III Advanced.
S&P: Standard and Poors
SA-CCR: Standardized Approach for Counterparty Credit Risk
SAR as it pertains to Hong Kong: Special Administrative Region
SAR(s) as it pertains to employee stock awards: Stock appreciation rights
SCB: Stress capital buffer
Scored portfolios: Consumer loan portfolios that predominantly include residential real estate loans, credit card loans, auto loans to individuals and certain small business loans.
SEC: U.S. Securities and Exchange Commission
Seed capital: Initial JPMorgan capital invested in products, such as mutual funds, with the intention of ensuring the fund is of sufficient size to represent a viable offering to clients, enabling pricing of its shares, and allowing the manager to develop a track record. After these goals are achieved, the intent is to remove the Firm’s capital from the investment.
Shelf securities: Securities registered with the SEC under a shelf registration statement that have not been issued, offered or sold. These securities are not included in league tables until they have actually been issued.
Single-name: Single reference-entities
SLR: Supplementary leverage ratio
SOFR: Secured Overnight Financing Rate
SPEs: Special purpose entities
Structural interest rate risk: represents interest rate risk of the non-trading assets and liabilities of the Firm.
Structured notes: Structured notes are financial instruments whose cash flows are linked to the movement in one or more indexes, interest rates, foreign exchange rates, commodities prices, prepayment rates, underlying reference pool of loans or other market variables. The notes typically contain embedded (but not separable or detachable) derivatives. Contractual cash flows for principal, interest, or both can vary in amount and timing throughout the life of the note based on non-traditional indexes or non-traditional uses of traditional interest rates or indexes.
Suspended foreclosures: Loans referred to foreclosure where formal foreclosure proceedings have started but are currently on hold, which could be due to bankruptcy or loss mitigation. Includes both judicial and non-judicial states.
Taxable-equivalent basis: In presenting managed results, the total net revenue for each of the business segments and the Firm is presented on a tax-equivalent 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; the corresponding income tax impact related to tax-exempt items is recorded within income tax expense.
TBVPS: Tangible book value per share
TCE: Tangible common equity
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TDR: “Troubled debt restructuring” is deemed to occur when the Firm modifies the original terms of a loan agreement by granting a concession to a borrower that is experiencing financial difficulty. Loans with short-term and other insignificant modifications that are not considered concessions are not TDRs.
TLAC: Total Loss Absorbing Capacity
U.K.: United Kingdom
U.S.: United States of America
U.S. GAAP: Accounting principles generally accepted in the United States of America.
U.S. government agencies: U.S. government agencies include, but are not limited to, agencies such as Ginnie Mae and FHA, and do not include Fannie Mae and Freddie Mac which are U.S. government-sponsored enterprises (“U.S. GSEs”). In general, obligations of U.S. government agencies are fully and explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government in the event of a default.
U.S. GSE(s): “U.S. government-sponsored enterprises” are quasi-governmental, privately-held entities established or chartered by the U.S. government to serve public purposes as specified by the U.S. Congress to improve the flow of credit to specific sectors of the economy and provide certain essential services to the public. U.S. GSEs include Fannie Mae and Freddie Mac, but do not include Ginnie Mae or FHA. U.S. GSE obligations are not explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government.
U.S. Treasury: U.S. Department of the Treasury
Unaudited: Financial statements and/or information that have not been subject to auditing procedures by an independent registered public accounting firm.
VA: U.S. Department of Veterans Affairs
VaR: “Value-at-risk” is a measure of the dollar amount of potential loss from adverse market moves in an ordinary market environment.
VIEs: Variable interest entities
Warehouse loans: consist of prime mortgages originated with the intent to sell that are accounted for at fair value and classified as loans.
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LINE OF BUSINESS METRICS
CONSUMER & COMMUNITY BANKING (“CCB”)
Debit and credit card sales volume: Dollar amount of card member purchases, net of returns.
Deposit margin/deposit spread: Represents net interest income expressed as a percentage of average deposits.
Home Lending Production and Home Lending Servicing revenue comprises the following:
Net mortgage servicing revenue: Includes operating revenue earned from servicing third-party mortgage loans, which is recognized over the period in which the service is provided; changes in the fair value of MSRs; the impact of risk management activities associated with MSRs; and gains and losses on securitization of excess mortgage servicing. Net mortgage servicing revenue also includes gains and losses on sales and lower of cost or fair value adjustments of certain repurchased loans insured by U.S. government agencies.
Production revenue: Includes fees and income recognized as earned on mortgage loans originated with the intent to sell, and the impact of risk management activities associated with the mortgage pipeline and warehouse loans. Production revenue also includes gains and losses on sales and lower of cost or fair value adjustments on mortgage loans held-for-sale (excluding certain repurchased loans insured by U.S. government agencies), and changes in the fair value of financial instruments measured under the fair value option.
Mortgage origination channels comprise the following:
Retail: Borrowers who buy or refinance a home through direct contact with a mortgage banker employed by the Firm using a branch office, the Internet or by phone. Borrowers are frequently referred to a mortgage banker by a banker in a Chase branch, real estate brokers, home builders or other third parties.
Correspondent: Banks, thrifts, other mortgage banks and other financial institutions that sell closed loans to the Firm.
Credit Card: is a business that primarily issues credit cards to consumers and small businesses.
Net revenue rate: represents Credit Card net revenue (annualized) expressed as a percentage of average loans for the period.
Auto loan and lease origination volume: Dollar amount of auto loans and leases originated.
CORPORATE & INVESTMENT BANK (“CIB”)
Definition of selected CIB revenue:
Investment Banking: incorporates all revenue associated with investment banking activities, and is reported net of investment banking revenue shared with other LOBs.
Payments is a full service provider of cash management solutions, which primarily includes merchant acquiring, cross border and domestic payments, liquidity and account services, and global trade for multinational corporations, e-commerce and marketplace operators, and financial institutions.
Lending: includes net interest income, fees, gains or losses on loan sale activity, gains or losses on securities received as part of a loan restructuring, and the risk management results related to the credit portfolio.
Fixed Income Markets: primarily includes revenue related to market-making across global fixed income markets, including foreign exchange, interest rate, credit and commodities markets.
Equity Markets: primarily includes revenue related to market-making across global equity products, including cash instruments, derivatives, convertibles and prime brokerage.
Securities Services: primarily includes custody, fund accounting and administration, and securities lending products sold principally to asset managers, insurance companies and public and private investment funds. Also includes collateral management and depositary receipts businesses which provide collateral management products, and depositary bank services for American and global depositary receipt programs.
Description of certain business metrics:
Assets under custody (“AUC”): represents activities associated with the safekeeping and servicing of assets on which Securities Services earns fees.
Investment banking fees: represents advisory, equity underwriting, bond underwriting and loan syndication fees.
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COMMERCIAL BANKING (“CB”)
Commercial Banking provides comprehensive financial solutions, including lending, payments, investment banking and asset management products across three primary client segments: Middle Market Banking, Corporate Client Banking and Commercial Real Estate Banking. Other includes amounts not aligned with a primary client segment.
Middle Market Banking: covers small and midsized companies, local governments and nonprofit clients.
Corporate Client Banking: covers large corporations.
Commercial Real Estate Banking: covers investors, developers, and owners of multifamily, office, retail, industrial and affordable housing properties.
CB product revenue comprises the following:
Lending: includes a variety of financing alternatives, which are primarily provided on a secured basis; collateral includes receivables, inventory, equipment, real estate or other assets. Products include term loans, revolving lines of credit, bridge financing, asset-based structures, leases, and standby letters of credit.
Payments: includes revenue from a broad range of products and services that enable CB clients to manage payments and receipts, as well as invest and manage funds.
Investment banking: includes revenue from a range of products providing CB clients with sophisticated capital-raising alternatives, as well as balance sheet and risk management tools through advisory, equity underwriting, and loan syndications. Revenue from fixed income and equity market products used by CB clients is also included.
Other: revenue primarily includes tax-equivalent adjustments generated from Community Development Banking and activity derived from principal transactions.
ASSET & WEALTH MANAGEMENT (“AWM”)
Assets under management (“AUM”): represent assets managed by AWM on behalf of its Private Banking, Global Institutional and Global Funds clients. Includes “Committed capital not Called.”
Client assets: represent assets under management, as well as custody, brokerage, administration and deposit accounts.
Multi-asset: Any fund or account that allocates assets under management to more than one asset class.
Alternative assets: The following types of assets constitute alternative investments – hedge funds, currency, real estate, private equity and other investment funds designed to focus on nontraditional strategies.
AWM’s lines of business consist of the following:
Asset Management: offers multi-asset investment management solutions across equities, fixed income, alternatives and money market funds to institutional and retail investors providing for a broad range of clients’ investment needs.
Global Private Bank: provides retirement products and services, brokerage, custody, trusts and estates, loans, mortgages, deposits and investment management to high net worth clients.
AWM’s client segments consist of the following:
Private Banking: clients include high- and ultra-high-net-worth individuals, families, money managers and business owners.
Global Institutional: clients include both corporate and public institutions, endowments, foundations, nonprofit organizations and governments worldwide.
Global Funds: clients include financial intermediaries and individual investors.
Asset Management has two high-level measures of its overall fund performance:
Percentage of mutual fund assets under management in funds rated 4- or 5-star: Mutual fund rating services rank funds based on their risk-adjusted performance over various periods. A 5-star rating is the best rating and represents the top 10% of industry-wide ranked funds. A 4-star rating represents the next 22.5% of industry-wide ranked funds. A 3-star rating represents the next 35% of industry-wide ranked funds. A 2-star rating represents the next 22.5% of industry-wide ranked funds. A 1-star rating is the worst rating and represents the bottom 10% of industry-wide ranked funds. An overall Morningstar rating is derived from a weighted average of the performance associated with a fund’s three-, five- and ten- year (if applicable) Morningstar Rating metrics. For U.S.-domiciled funds, separate star ratings are provided at the individual share class level. The Nomura “star rating” is based on three-year risk-adjusted performance only. Funds with fewer than three years of history are not rated and hence excluded from these rankings. All ratings, the assigned peer
189


categories and the asset values used to derive these rankings are sourced from the applicable fund rating provider. Where applicable, the fund rating providers redenominate asset values into U.S. dollars. The percentage of AUM is based on star ratings at the share class level for U.S.-domiciled funds, and at a “primary share class” level to represent the star rating of all other funds, except for Japan, for which Nomura provides ratings at the fund level. The performance data may have been different if all share classes had been included. Past performance is not indicative of future results.
Percentage of mutual fund assets under management in funds ranked in the 1st or 2nd quartile (one, three, and five years): All quartile rankings, the assigned peer categories and the asset values used to derive these rankings are sourced from the fund rating providers. Quartile rankings are based on the net-of-fee absolute return of each fund. Where applicable, the fund rating providers redenominate asset values into U.S. dollars. The percentage of AUM is based on fund performance and associated peer rankings at the share class level for U.S.-domiciled funds, at a “primary share class” level to represent the quartile ranking for U.K., Luxembourg and Hong Kong funds and at the fund level for all other funds. The performance data may have been different if all share classes had been included. Past performance is not indicative of future results.
Primary share class” means the C share class for European funds and Acc share class for Hong Kong and Taiwan funds. If these share classes are not available, the oldest share class is used as the primary share class.
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Item 3.    Quantitative and Qualitative Disclosures About Market Risk.
Refer to the Market Risk Management section of Management’s discussion and analysis and pages 133-140 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the quantitative and qualitative disclosures about market risk.
Item 4.    Controls and Procedures.
As of the end of the period covered by this report, an evaluation was carried out under the supervision and with the participation of the Firm’s management, including its Chairman and Chief Executive Officer and its Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based on that evaluation, the Chairman and Chief Executive Officer and the Chief Financial Officer concluded that these disclosure controls and procedures were effective. Refer to Exhibits 31.1 and 31.2 for the Certifications furnished by the Chairman and Chief Executive Officer and Chief Financial Officer, respectively.
The Firm is committed to maintaining high standards of internal control over financial reporting. Nevertheless, because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Deficiencies or lapses in internal controls may occur from time to time, and there can be no assurance that any such deficiencies will not result in significant deficiencies or material weaknesses in internal control in the future and collateral consequences therefrom. Refer to “Management’s report on internal control over financial reporting” on page 156 of JPMorgan Chase’s 2021 Form 10-K for further information. There was no change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) that occurred during the three months ended June 30, 2022, that has materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting.
Part II – Other Information
Item 1. Legal Proceedings.
Refer to the discussion of the Firm’s material legal proceedings in Note 24 of this Form 10-Q for information that updates the disclosures set forth under Part I, Item 3: Legal Proceedings, in JPMorgan Chase’s 2021 Form 10-K.
Item 1A. Risk Factors.
Refer to Part I, Item 1A: Risk Factors on pages 9-33 of JPMorgan Chase’s 2021 Form 10-K and Forward-Looking Statements on page 87 of this Form 10-Q for a discussion of certain risk factors affecting the Firm.
Supervision and regulation
Refer to the Supervision and regulation section on pages 4–8 of JPMorgan Chase’s 2021 Form 10-K for information on Supervision and Regulation.
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.
The Firm did not have any unregistered sale of equity securities during the three months ended June 30, 2022.
Repurchases under the common share repurchase program
Refer to Capital Risk Management on pages 44-49 of this Form 10-Q and pages 86-96 of JPMorgan Chase’s 2021 Form 10-K for information regarding repurchases under the Firm’s common share repurchase program.
Through April 30, 2022, the Firm was authorized to repurchase up to $30 billion of common shares under its previously approved common share repurchase program, that was announced on December 18, 2020. Effective May 1, 2022, the Firm is authorized to purchase up to $30 billion of common shares under a new equity repurchase program.
As a result of the expected increase in the SCB in the fourth quarter of 2022 and GSIB surcharge in the first quarter of 2023, the Firm has temporarily suspended share repurchases.



191


Shares repurchased pursuant to the common share repurchase program during the six months ended June 30, 2022 were as follows.
Six months ended June 30, 2022Total number of shares of common stock repurchased
Average price paid per share of common stock(a)
Aggregate purchase price of common stock repurchases
 (in millions)(a)
Dollar value of remaining authorized repurchase
(in millions)(a)
First quarter18,106,991 $138.04 $2,500 $9,052 
April1,980,026 $128.77 $255 $8,797 
(b)
May2,437,519 122.65 299 29,701 
June563,502 120.85 68 29,633 
(c)
Second quarter4,981,047 $124.88 $622 $29,633 
(c)
Year-to-date23,088,038 $135.20 $3,122 $29,633 
(c)
(a)Excludes commissions cost.
(b)The $8.8 billion under the prior Board authorization was canceled when the $30 billion repurchase program was authorized by the Board of Directors effective May 1, 2022.
(c)Represents the amount remaining under the $30 billion repurchase program.
Item 3.    Defaults Upon Senior Securities.
None.
Item 4.    Mine Safety Disclosures.
Not applicable.
Item 5.    Other Information.
None.

Item 6.    Exhibits.
Exhibit No.Description of Exhibit
15
22
31.1
31.2
32
101.INS
The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.(c)
101.SCH
XBRL Taxonomy Extension Schema Document.(a)
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document.(a)
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document.(a)
101.LAB
XBRL Taxonomy Extension Label Linkbase Document.(a)
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document.(a)
104Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).
(a)Filed herewith.
(b)Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
(c)Pursuant to Rule 405 of Regulation S-T, includes the following financial information included in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, formatted in XBRL (eXtensible Business Reporting Language) interactive data files: (i) the Consolidated statements of income (unaudited) for the three and six months ended June 30, 2022 and 2021, (ii) the Consolidated statements of comprehensive income (unaudited) for the three and six months ended June 30, 2022 and 2021, (iii) the Consolidated balance sheets (unaudited) as of June 30, 2022, and December 31, 2021, (iv) the Consolidated statements of changes in stockholders’ equity (unaudited) for the three and six months ended June 30, 2022 and 2021, (v) the Consolidated statements of cash flows (unaudited) for the six months ended June 30, 2022 and 2021, and (vi) the Notes to Consolidated Financial Statements (unaudited).
192


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 thereunto duly authorized.
JPMorgan Chase & Co.
(Registrant)

By:/s/ Elena Korablina
Elena Korablina
Managing Director and Firmwide Controller
(Principal Accounting Officer)

Date:August 3, 2022





193
Document

Exhibit 15
https://cdn.kscope.io/17a556608ac4594dbb3c1882aeec2184-pwclogobwaa10.jpg
August 3, 2022

Securities and Exchange Commission 100 F Street, N.E.
Washington, DC 20549


Re:     JPMorgan Chase & Co.

    Registration Statements on Form S-3
    (No. 333-236659)
    (No. 333-236659-01)
    (No. 333-263304)


    Registration Statements on Form S-8
    (No. 333-219702)
    (No. 333-219701)
    (No. 333-219699)
    (No. 333-185584)
    (No. 333-185582)
    (No. 333-185581)
    (No. 333-175681)
    (No. 333-158325)
    (No. 333-142109)
    (No. 333-125827)
    (No. 333-112967)

Commissioners:


We are aware that our report dated August 3, 2022 on our review of interim financial information of JPMorgan Chase & Co. and its subsidiaries (the “Firm”), which appears in this Quarterly Report on Form 10-Q, is incorporated by reference in the Registration Statements of the Firm referred to above. Pursuant to Rule 436(c) under the Securities Act of 1933, such report should not be considered a part of such Registration Statements, and is not a report within the meaning of Sections 7 and 11 of that Act.


Very truly yours,
/s/ PricewaterhouseCoopers LLP




PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

Document

Exhibit 31.1
JPMorgan Chase & Co.

CERTIFICATION

I, James Dimon, certify that:
1.    I have reviewed this Quarterly Report on Form 10-Q of JPMorgan Chase & Co.;
2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)     Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)     Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)     Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)     Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):
(a)     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)     Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 3, 2022

/s/ James Dimon    
James Dimon
Chairman and Chief Executive Officer


Document

Exhibit 31.2
JPMorgan Chase & Co.

CERTIFICATION

I, Jeremy Barnum, certify that:
1.    I have reviewed this Quarterly Report on Form 10-Q of JPMorgan Chase & Co.;
2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)     Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)     Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)     Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)     Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):
(a)     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)     Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 3, 2022

/s/ Jeremy Barnum    
Jeremy Barnum
Executive Vice President and Chief Financial Officer


Document

Exhibit 32
JPMorgan Chase & Co.


CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of JPMorgan Chase & Co. on Form 10-Q for the period ended June 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of JPMorgan Chase & Co., certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1.    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of JPMorgan Chase & Co.
Date:August 3, 2022By:/s/James Dimon
James Dimon
Chairman and Chief Executive Officer
Date:August 3, 2022By:/s/Jeremy Barnum
Jeremy Barnum
Executive Vice President and Chief Financial Officer


This certification accompanies this Quarterly Report on Form 10-Q and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section.

A signed original of this written statement required by Section 906 has been provided to, and will be retained by, JPMorgan Chase & Co. and furnished to the Securities and Exchange Commission or its staff upon request.