SEC Filing | JPMorgan Chase & Co.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): April 12, 2019

JPMorgan Chase & Co.

(Exact name of registrant as specified in its charter)



Delaware	1-5805	13-2624428
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. employer identification no.)

383 Madison Avenue, New York, New York		10179
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 270-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On April 12, 2019, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) reported 2019 first quarter net income of $9.2 billion, or $2.65 per share, compared with net income of $8.7 billion, or $2.37 per share, in the first quarter of 2018. A copy of the 2019 first quarter earnings release is attached hereto as Exhibit 99.1, and a copy of the earnings release financial supplement is attached hereto as Exhibit 99.2.

Each of the Exhibits provided with this Form 8-K shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934.

This Current Report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2018, which has been filed with the Securities and Exchange Commission and is available on JPMorgan Chase’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase does not undertake to update any forward-looking statements.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits




Exhibit No.		Description of Exhibit

99.1		JPMorgan Chase & Co. Earnings Release - First Quarter 2019 Results
99.2		JPMorgan Chase & Co. Earnings Release Financial Supplement - First Quarter 2019

SIGNATURE

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

JPMorgan Chase & Co.

(Registrant)



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



Dated:	April 12, 2019

Exhibit



JPMorgan Chase & Co. 383 Madison Avenue, New York, NY 10179-0001 NYSE symbol: JPM www.jpmorganchase.com

JPMORGAN CHASE REPORTS RECORD NET INCOME OF

$9.2 BILLION, OR $2.65 PER SHARE, FOR THE FIRST QUARTER OF 2019

FIRST QUARTER 2019 RESULTS¹



ROE 16% ROTCE²19%	Common equity Tier 1³ 12.1%	Net payout LTM^4,5 93%



Firmwide Metrics	n	Record reported revenue of $29.1 billion; managed revenue of $29.9 billion²
Firmwide Metrics	n	Average core loans^2,6 ex-CIB,up 5% YoY and flat QoQ

CCB ROE 30%	n	Average core loans²up 4%; average deposits up 3%
	n	Client investment assets of $312 billion, up 13%
	n	Credit card sales volume⁷ up 10%; merchant processing volume up 13%

CIB ROE 16%	n	Maintained #1 ranking for Global Investment Banking fees with 9.6% wallet share in 1Q19
	n	Debt underwriting revenue of $935 million, up 21%; Advisory revenue of $644 million, up 12%
	n	Total Markets revenue of $5.5 billion, down 17%, or down 10% adjusted⁸

CB ROE 19%	n	Record gross Investment Banking revenue of $818 million, up 44%
CB ROE 19%	n	Strong credit performance with net charge-offs of 2 bps

AWM ROE 25%	n	Average loan balances up 10%
AWM ROE 25%	n	Assets under management (“AUM”) of $2.1 trillion, up 4%

Jamie Dimon, Chairman and CEO, commented on the financial results: “In the first quarter of 2019, we had record revenue and net income, strong performance across each of our major businesses and a more constructive environment. Even amid some global geopolitical uncertainty, the U.S. economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy and consumer and business confidence remains strong.”

Dimon added: “In Consumer & Community Banking, client investment assets topped $300 billion, with record new money driven by our physical and digital channels. Consumer spending remains robust with credit card sales and merchant processing volume up double digits. We continued to execute on our expansion plans, announcing 90 branches this year in new markets, and creating tremendous opportunities for each of our businesses to better serve our clients. Investment Banking results were strong – particularly in debt underwriting and advisory – as the Firm maintained its #1 rank in Global IB fees and Commercial Banking generated record gross IB revenue. As the environment stabilized, the Markets business performed solidly, although down from a particularly strong prior-year quarter. And Asset & Wealth Management grew AUM 4% with continued net long- term inflows.”

Dimon concluded: “JPMorgan Chase will continue to use its capital, people and expertise to drive great outcomes for our communities. This quarter alone, we announced two important programs that we believe will make a difference in the long run – first, a $350 million New Skills at Work commitment focused on preparing people to succeed in our transformed workplaces and in the changing global economy. And second, Advancing Black Pathways, which expands existing Firm commitments to help create economic opportunity for more black families, students, businesses, employees and communities, with the ultimate goal of bridging the racial wealth divide and making the Firm and the country better. Businesses, governments and communities need to work as partners and solve problems that help strengthen the economy for everyone’s benefit. We are dedicated to doing our part.”

FORTRESS PRINCIPLES


n	Book value per share of $71.78, up 6%; tangible book value per share²of $57.62, up 7%


n	Basel III common equity Tier 1 capital³of $186 billion and ratio³ of 12.1%


n	Firm supplementary leverage ratio of 6.4%

OPERATING LEVERAGE


n	1Q19 reported expense of $16.4 billion; reported overhead ratio of 56%; managed overhead ratio²of 55%

CAPITAL DISTRIBUTED


n	$7.4 billion⁵ distributed to shareholders in 1Q19

n $4.7 billion of net repurchases and common dividend of $0.80 per share

SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES


n	$529 billion of credit and capital⁹ raised in 1Q19


n	$55 billion of credit for consumers


n	$7 billion of credit for U.S. small businesses


n	$196 billion of credit for corporations


n	$256 billion of capital raised for corporate clients and non-U.S. government entities


n	$15 billion of credit and capital raised for nonprofit and U.S. government entities, including states, municipalities, hospitals and universities



Investor Contact: Jason Scott (212) 270-2479 ¹Percentage comparisons noted in the bullet points are for the first quarter of 2019 versus the prior-year first quarter, unless otherwise specified. ²For notes on non-GAAP financial measures, including managed basis reporting, and key performance measures, see page 6. For additional notes see page 7.	Media Contact: Joseph Evangelisti (212) 270-7438

JPMorgan Chase & Co.

News Release

In the discussion below of Firmwide results of JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), information is presented on a managed basis, which is a non-GAAP financial measure, unless otherwise specified. The discussion below of the Firm’s business segments is also presented on a managed basis. For more information about managed basis, and non-GAAP financial measures and key performance measures used by management to evaluate the performance of each line of business, refer to page 6.

Comparisons noted in the sections below are for the first quarter of 2019 versus the prior-year first quarter, unless otherwise specified.



JPMORGAN CHASE (JPM)

Net revenue on a reported basis was $29.1 billion, $26.1 billion, and $27.9 billion for the first quarter of 2019, fourth quarter of 2018, and first quarter of 2018, respectively.



Results for JPM										4Q18					1Q18
($ millions, except per share data)	1Q19			4Q18			1Q18			$ O/(U)			O/(U) %		$ O/(U)		O/(U) %
Net revenue - managed	$	29,851		$	26,804		$	28,520		$	3,047		11	%	$	1,331	5	%
Noninterest expense	16,395			15,720			16,080			675			4		315		2
Provision for credit losses	1,495			1,548			1,165			(53		)	(3	)	330		28
Net income	$	9,179		$	7,066		$	8,712		$	2,113		30	%	$	467	5	%
Earnings per share	$	2.65		$	1.98		$	2.37		$	0.67		34	%	$	0.28	12	%
Return on common equity	16		%	12		%	15		%
Return on tangible common equity	19			14			19

Discussion of Results:

Net income was a record $9.2 billion, up 5%.

Net revenue of $29.9 billion was also a record, up 5%. Net interest income was $14.6 billion, up 8%, predominantly driven by the impact of higher rates, as well as balance sheet growth and mix. Noninterest revenue was $15.3 billion, up 1%. The prior year included $505 million of fair value gains related to the adoption of the recognition and measurement accounting guidance. Excluding these gains, noninterest revenue was up 5%, driven by higher auto lease income and investment banking fees, as well as the absence of net losses on investment securities and certain legacy private equity investments in the prior year, with lower Markets revenue more than offset by lower funding spreads on derivatives.

Noninterest expense was $16.4 billion, up 2%, driven by investments in the business, including technology, marketing, real estate and front office hires, as well as higher auto lease depreciation, partially offset by the absence of the prior-year FDIC surcharge and lower performance-based compensation.

The provision for credit losses was $1.5 billion, an increase of $330 million from the prior year. The increase was driven by the Wholesale portfolio, reflecting a net reserve build of $135 million on select Commercial & Industrial (C&I)¹⁰ client downgrades. This compares to a net reserve release of $170 million in the prior year driven by a single name in the Oil & Gas Portfolio.

JPMorgan Chase & Co.

News Release



CONSUMER & COMMUNITY BANKING (CCB)



Results for CCB							4Q18					1Q18
($ millions)	1Q19		4Q18		1Q18		$ O/(U)			O/(U) %		$ O/(U)			O/(U) %
Net revenue	$	13,751	$	13,695	$	12,597	$	56		—		$	1,154		9	%
Consumer & Business Banking	6,568		6,567		5,722		1			—		846			15
Home Lending	1,346		1,322		1,509		24			2		(163		)	(11	)
Card, Merchant Services & Auto	5,837		5,806		5,366		31			1		471			9
Noninterest expense	7,211		7,065		6,909		146			2		302			4
Provision for credit losses	1,314		1,348		1,317		(34		)	(3	)	(3		)	—
Net income	$	3,963	$	4,028	$	3,326	$	(65	)	(2	)%	$	637		19	%

Discussion of Results:

Net income was $4.0 billion, an increase of 19%. Net revenue was $13.8 billion, an increase of 9%.

Consumer & Business Banking net revenue was $6.6 billion, up 15%, predominantly driven by higher net interest income as a result of higher deposit margins and balance growth. Home Lending net revenue was $1.3 billion, down 11%, driven by lower net servicing revenue. Card, Merchant Services & Auto net revenue was $5.8 billion, up 9%, driven by higher Card net interest income on loan growth and margin expansion, and higher auto lease volumes.

Noninterest expense was $7.2 billion, up 4%, driven by technology, marketing and other investments in the business, as well as higher auto lease depreciation, partially offset by expense efficiencies and the absence of the prior-year FDIC surcharge.

The provision for credit losses was $1.3 billion, flat compared with the prior year, as lower net charge-offs in Home Lending and Auto were offset by higher net charge-offs in Card, driven by loan growth.

JPMorgan Chase & Co.

News Release



CORPORATE & INVESTMENT BANK (CIB)



Results for CIB								4Q18					1Q18
($ millions)	1Q19		4Q18		1Q18			$ O/(U)			O/(U) %		$ O/(U)			O/(U) %
Net revenue	$	9,848	$	7,237	$	10,483		$	2,611		36	%	$	(635	)	(6	)%
Banking	3,232		3,281		3,005			(49		)	(1	)	227			8
Markets & Investor Services	6,616		3,956		7,478			2,660			67		(862		)	(12	)
Noninterest expense	5,453		4,681		5,659			772			16		(206		)	(4	)
Provision for credit losses	87		82		(158		)	5			6		245			NM
Net income	$	3,251	$	1,975	$	3,974		$	1,276		65	%	$	(723	)	(18	)%

Discussion of Results:

Net income was $3.3 billion, a decrease of 18%. Net revenue was $9.8 billion, a decrease of 6%.

Banking revenue was $3.2 billion, up 8%. Investment Banking revenue was $1.7 billion, up 10%, with overall share gains, predominantly reflecting higher debt underwriting and advisory fees, partially offset by lower equity underwriting fees. Treasury Services revenue was $1.1 billion, up 3%, driven by balance and fee growth, partially offset by deposit margin compression. Lending revenue was $340 million, up 13%, driven by higher net interest income.

Markets & Investor Services revenue was $6.6 billion, down 12%. Markets revenue of $5.5 billion was down 17%, on lower Fixed Income and Equities Markets revenue. The prior year included approximately $500 million of fair value gains related to the adoption of the recognition and measurement accounting guidance. Excluding these gains, total Markets revenue was down 10%, Fixed Income Markets revenue was down 8%, and Equity Markets revenue was down 13%. Fixed Income Markets revenue of $3.7 billion reflected lower revenue in Currencies & Emerging Markets and Rates, driven by lower client activity compared to the prior year, which benefited from strong performance. This decline was partially offset by improved performance in Credit Trading and Commodities from higher client flows. Compared to a strong prior year, Equity Markets revenue of $1.7 billion, reflected lower client activity, predominantly in derivatives. Securities Services revenue was $1.0 billion, down 4%, predominantly driven by fee and deposit margin compression, lower market levels and the impact of a business exit, largely offset by increased client activity. Credit Adjustments & Other was a gain of $136 million, reflecting lower funding spreads on derivatives.

Noninterest expense was $5.5 billion, down 4% driven by lower performance-based compensation and the absence of the prior-year FDIC surcharge, partially offset by higher investments in technology.

The provision for credit losses was an expense of $87 million, largely driven by reserve builds related to select C&I¹⁰ client downgrades, compared with a benefit of $158 million in the prior year driven by a reserve release in the Oil & Gas portfolio related to a single name.



COMMERCIAL BANKING (CB)



Results for CB								4Q18					1Q18
($ millions)	1Q19		4Q18		1Q18			$ O/(U)			O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	2,338	$	2,306	$	2,166		$	32		1	%	$	172	8	%
Noninterest expense	873		845		844			28			3		29		3
Provision for credit losses	90		106		(5		)	(16		)	(15	)	95		NM
Net income	$	1,053	$	1,036	$	1,025		$	17		2	%	$	28	3	%

Discussion of Results:

Net income was $1.1 billion, an increase of 3%.

Net revenue was $2.3 billion, up 8%, driven by a number of large investment banking transactions and higher deposit margins, which were partially offset by lower deposit balances.

Noninterest expense was $873 million, up 3%, driven by investments in banker coverage and technology.

The provision for credit losses was $90 million, predominantly driven by reserve builds related to select C&I¹⁰ client downgrades.

JPMorgan Chase & Co.

News Release



ASSET & WEALTH MANAGEMENT (AWM)



Results for AWM							4Q18					1Q18
($ millions)	1Q19		4Q18		1Q18		$ O/(U)			O/(U) %		$ O/(U)			O/(U) %
Net revenue	$	3,489	$	3,439	$	3,506	$	50		1	%	$	(17	)	—	%
Noninterest expense	2,647		2,621		2,581		26			1		66			3
Provision for credit losses	2		13		15		(11		)	(85	)	(13		)	(87	)
Net income	$	661	$	604	$	770	$	57		9	%	$	(109	)	(14	)%

Discussion of Results:

Net income was $661 million, a decrease of 14%.

Net revenue of $3.5 billion was flat, with lower management fees due to lower average market levels, and lower brokerage activity, offset by higher investment valuation gains.

Noninterest expense was $2.6 billion, an increase of 3%, predominantly driven by continued investments in the business, and other headcount related costs, partially offset by lower external fees.

Assets under management were $2.1 trillion, up 4%, predominantly driven by net inflows into liquidity and long-term products.



CORPORATE



Results for Corporate									4Q18					1Q18
($ millions)	1Q19		4Q18			1Q18			$ O/(U)			O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	425	$	127		$	(232	)	$	298		235	%	$	657	NM
Noninterest expense	211		508			87			(297		)	(58	)	124		143
Provision for credit losses	2		(1		)	(4		)	3			NM		6		NM
Net income/(loss)	$	251	$	(577	)	$	(383	)	$	828		NM		$	634	NM

Discussion of Results:

Net income was $251 million, compared with a net loss of $383 million in the prior year.

Net revenue was $425 million, compared with a net loss of $232 million in the prior year. This increase was driven by higher net interest income on higher rates, as well as the absence of net losses on investment securities.

Noninterest expense of $211 million included a contribution to the JPMorgan Chase Foundation of $100 million.

JPMorgan Chase & Co.

News Release

2. Notes on non-GAAP financial measures and key performance measures:

Notes on non-GAAP financial measures

In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm and each of the reportable business segments on a fully taxable-equivalent (“FTE”) basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business. For a reconciliation of the Firm’s results from a reported to managed basis, see page 7 of the Earnings Release Financial Supplement.

Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”), are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. For a reconciliation from common stockholders’ equity to TCE, see page 9 of the Earnings Release Financial Supplement. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. Book value per share was $71.78, $70.35 and $67.59 at March 31, 2019, December 31, 2018, and March 31, 2018, respectively. TCE, ROTCE, and TBVPS are meaningful to the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

Notes on key performance measures


c.	Core loans represent loans considered central to the Firm’s ongoing businesses; core loans exclude loans classified as trading assets, runoff portfolios, discontinued portfolios and portfolios the Firm has an intent to exit.

JPMorgan Chase & Co.

News Release

Additional notes:

The Basel III regulatory capital, risk-weighted assets and capital ratios became fully phased-in (“FPI”) effective January 1, 2019. The capital adequacy of the Firm is evaluated against the FPI measures under Basel III and represents the lower of the Standardized or Advanced approaches. For additional information on these measures, see Capital Risk Management on pages 85-94 of the Firm’s 2018 Form 10-K.


4.	Last twelve months (“LTM”).


5.	Net of stock issued to employees.


6.	Firmwide average core loans across all businesses, up 6% YoY and 1% QoQ.


7.	Excludes Commercial Card.


8.	Effective January 1, 2018, the Firm adopted several new accounting standards, including the recognition and measurement of financial assets. The adoption of the recognition and measurement guidance resulted in approximately $500 million of fair value gains on certain equity investments previously held at cost. Adjusted Markets revenue for 2018 excludes these fair value gains.

Credit provided to clients represents new and renewed credit, including loans and commitments. Credit provided to small businesses reflects loans and increased lines of credit provided by Consumer & Business Banking; Card, Merchant Services & Auto; and Commercial Banking. Credit provided to nonprofit and U.S. and non-U.S. government entities, including U.S. states, municipalities, hospitals and universities, represents credit provided by the Corporate & Investment Bank and Commercial Banking.


10.	Commercial and Industrial groupings are generally based on client segments and do not align with regulatory definitions.

JPMorgan Chase & Co.

News Release

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

JPMorgan Chase & Co. will host a conference call today, April 12, 2019, at 8:30 a.m. (Eastern) to present first quarter 2019 financial results. The general public can access the call by dialing (866) 541-2724 in the U.S. and Canada, or (706) 634-7246 for international participants. Please dial in 10 minutes prior to the start of the call. The live audio webcast and presentation slides will be available on the Firm’s website, www.jpmorganchase.com, under Investor Relations, Events & Presentations.

A replay of the conference call will be available beginning at approximately 12:30 p.m. on April 12, 2019, through midnight, April 26, 2019, by telephone at (800) 585-8367 (U.S. and Canada) or (404) 537-3406 (international); use Conference ID # 7894237. The replay will also be available via webcast on www.jpmorganchase.com under Investor Relations, Events & Presentations. Additional detailed financial, statistical and business-related information is included in a financial supplement. The earnings release and the financial supplement are available at www.jpmorganchase.com.

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2018, which has been filed with the Securities and Exchange Commission and is available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.

Exhibit

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2019



JPMORGAN CHASE & CO.
TABLE OF CONTENTS

							Page(s)
Consolidated Results
Consolidated Financial Highlights							2–3
Consolidated Statements of Income							4
Consolidated Balance Sheets							5
Condensed Average Balance Sheets and Annualized Yields							6
Reconciliation from Reported to Managed Basis							7
Segment Results - Managed Basis							8
Capital and Other Selected Balance Sheet Items							9
Earnings Per Share and Related Information							10

Business Segment Results
Consumer & Community Banking							11–14
Corporate & Investment Bank							15–17
Commercial Banking							18–19
Asset & Wealth Management							20–22
Corporate							23

Credit-Related Information							24–27

Non-GAAP Financial Measures and Key Performance Measures							28


Glossary of Terms and Acronyms (a)


(a)	Refer to the Glossary of Terms and Acronyms on pages 293–299 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Form 10-K”).



JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)

	QUARTERLY TRENDS
																	1Q19 Change
SELECTED INCOME STATEMENT DATA	1Q19				4Q18			3Q18			2Q18			1Q18			4Q18		1Q18
Reported Basis
Total net revenue	$	29,123			$	26,109		$	27,260		$	27,753		$	27,907		12	%	4	%
Total noninterest expense	16,395				15,720			15,623			15,971			16,080			4		2
Pre-provision profit	12,728				10,389			11,637			11,782			11,827			23		8
Provision for credit losses	1,495				1,548			948			1,210			1,165			(3	)	28
NET INCOME	9,179				7,066			8,380			8,316			8,712			30		5

Managed Basis (a)
Total net revenue	29,851				26,804			27,822			28,388			28,520			11		5
Total noninterest expense	16,395				15,720			15,623			15,971			16,080			4		2
Pre-provision profit	13,456				11,084			12,199			12,417			12,440			21		8
Provision for credit losses	1,495				1,548			948			1,210			1,165			(3	)	28
NET INCOME	9,179				7,066			8,380			8,316			8,712			30		5

EARNINGS PER SHARE DATA
Net income: Basic	$	2.65			$	1.99		$	2.35		$	2.31		$	2.38		33		11
Diluted	2.65				1.98			2.34			2.29			2.37			34		12
Average shares: Basic	3,298.0				3,335.8			3,376.1			3,415.2			3,458.3			(1	)	(5	)
Diluted	3,308.2				3,347.3			3,394.3			3,434.7			3,479.5			(1	)	(5	)

MARKET AND PER COMMON SHARE DATA
Market capitalization	$	328,387			$	319,780		$	375,239		$	350,204		$	374,423		3		(12	)
Common shares at period-end	3,244.0				3,275.8			3,325.4			3,360.9			3,404.8			(1	)	(5	)
Book value per share	71.78				70.35			69.52			68.85			67.59			2		6
Tangible book value per share (“TBVPS”) (b)	57.62				56.33			55.68			55.14			54.05			2		7
Cash dividends declared per share	0.80				0.80			0.80			0.56			0.56			—		43

FINANCIAL RATIOS (c)
Return on common equity (“ROE”)	16		%		12		%	14		%	14		%	15		%
Return on tangible common equity (“ROTCE”) (b)	19				14			17			17			19
Return on assets	1.39				1.06			1.28			1.28			1.37

CAPITAL RATIOS
Common equity Tier 1 (“CET1”) capital ratio (d)	12.1		%	(e)	12.0		%	12.0		%	12.0		%	11.8		%
Tier 1 capital ratio (d)	13.8			(e)	13.7			13.6			13.6			13.5
Total capital ratio (d)	15.7			(e)	15.5			15.4			15.5			15.3
Tier 1 leverage ratio (d)	8.1			(e)	8.1			8.2			8.2			8.2
Supplementary leverage ratio (“SLR”)	6.4			(e)	6.4			6.5			6.5			6.5


(a)	For a further discussion of managed basis, refer to Reconciliation from Reported to Managed Basis on page 7.

(b)

TBVPS and ROTCE are each non-GAAP financial measures. TBVPS represents tangible common equity (“TCE”) divided by common shares at period-end. ROTCE measures the Firm’s annualized earnings as a percentage of average TCE. TCE is also a non-GAAP financial measure; for a reconciliation of common stockholders’ equity to TCE, refer to page 9. For a further discussion of these measures, refer to page 28.


(c)	Quarterly ratios are based upon annualized amounts.

(d)

The Basel III capital rules became fully phased-in (“FPI”) effective January 1, 2019. The capital adequacy of the Firm is now evaluated against the FPI measures under Basel III and represents the lower of the Standardized or Advanced approaches. During 2018 the required capital measures were subject to the transitional rules and as of December 31, 2018 and September 30, 2018, were the same on a FPI and on a transitional basis. For additional information on these measures, refer to Capital Risk Management on pages 85-94 of the 2018 Form 10-K.


(e)	Estimated.

Page 2



JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)

	QUARTERLY TRENDS
																1Q19 Change
	1Q19			4Q18			3Q18			2Q18			1Q18			4Q18		1Q18
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	2,737,188		$	2,622,532		$	2,615,183		$	2,590,050		$	2,609,785		4	%	5	%
Loans:
Consumer, excluding credit card loans	363,914			373,732			376,062			374,697			373,395			(3	)	(3	)
Credit card loans	150,527			156,632			147,881			145,255			140,414			(4	)	7
Wholesale loans	441,804			454,190			430,375			428,462			420,615			(3	)	5
Total Loans	956,245			984,554			954,318			948,414			934,424			(3	)	2
Core loans (a)	905,943			931,856			899,006			889,433			870,536			(3	)	4
Core loans (average) (a)	916,567			907,271			894,279			877,640			861,089			1		6

Deposits:
U.S. offices:
Noninterest-bearing	363,332			369,505			374,603			385,741			397,856			(2	)	(9	)
Interest-bearing	851,963			831,085			814,988			819,454			825,223			3		3
Non-U.S. offices:
Noninterest-bearing	18,495			19,092			19,127			16,602			17,019			(3	)	9
Interest-bearing	259,651			250,984			250,044			230,325			246,863			3		5
Total deposits	1,493,441			1,470,666			1,458,762			1,452,122			1,486,961			2		—

Long-term debt	290,893			282,031			270,124			273,114			274,449			3		6
Common stockholders’ equity	232,844			230,447			231,192			231,390			230,133			1		1
Total stockholders’ equity	259,837			256,515			258,956			257,458			256,201			1		1

Loans-to-deposits ratio	64		%	67		%	65		%	65		%	63		%

Headcount	255,998			256,105			255,313			252,942			253,707			—		1

95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR	$	52		$	51		$	35		$	35		$	43		2		21

LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking	$	13,751		$	13,695		$	13,290		$	12,497		$	12,597		—		9
Corporate & Investment Bank	9,848			7,237			8,805			9,923			10,483			36		(6	)
Commercial Banking	2,338			2,306			2,271			2,316			2,166			1		8
Asset & Wealth Management	3,489			3,439			3,559			3,572			3,506			1		—
Corporate	425			127			(103		)	80			(232		)	235		NM
TOTAL NET REVENUE	$	29,851		$	26,804		$	27,822		$	28,388		$	28,520		11		5

LINE OF BUSINESS NET INCOME
Consumer & Community Banking	$	3,963		$	4,028		$	4,086		$	3,412		$	3,326		(2	)	19
Corporate & Investment Bank	3,251			1,975			2,626			3,198			3,974			65		(18	)
Commercial Banking	1,053			1,036			1,089			1,087			1,025			2		3
Asset & Wealth Management	661			604			724			755			770			9		(14	)
Corporate	251			(577		)	(145		)	(136		)	(383		)	NM		NM
NET INCOME	$	9,179		$	7,066		$	8,380		$	8,316		$	8,712		30		5


(a)	Loans considered central to the Firm’s ongoing businesses. For further discussion of core loans, refer to page 28.


(b)	For a further discussion of managed basis, refer to Reconciliation from Reported to Managed Basis on page 7.

Page 3



JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)

	QUARTERLY TRENDS
																1Q19 Change
REVENUE	1Q19			4Q18			3Q18			2Q18			1Q18			4Q18		1Q18
Investment banking fees	$	1,840		$	1,814		$	1,832		$	2,168		$	1,736		1	%	6	%
Principal transactions	4,076			1,361			2,964			3,782			3,952			199		3
Lending- and deposit-related fees	1,482			1,538			1,542			1,495			1,477			(4	)	—
Asset management, administration and commissions	4,114			4,195			4,310			4,304			4,309			(2	)	(5	)
Investment securities gains/(losses)	13			(24		)	(46		)	(80		)	(245		)	NM		NM
Mortgage fees and related income	396			203			262			324			465			95		(15	)
Card income	1,274			1,366			1,328			1,020			1,275			(7	)	—
Other income	1,475			1,302			1,160			1,255			1,626			13		(9	)
Noninterest revenue	14,670			11,755			13,352			14,268			14,595			25		1
Interest income	21,894			21,038			19,840			18,869			17,695			4		24
Interest expense	7,441			6,684			5,932			5,384			4,383			11		70
Net interest income	14,453			14,354			13,908			13,485			13,312			1		9
TOTAL NET REVENUE	29,123			26,109			27,260			27,753			27,907			12		4

Provision for credit losses	1,495			1,548			948			1,210			1,165			(3	)	28

NONINTEREST EXPENSE
Compensation expense	8,937			7,809			8,108			8,338			8,862			14		1
Occupancy expense	1,068			1,069			1,014			981			888			—		20
Technology, communications and equipment expense	2,364			2,361			2,219			2,168			2,054			—		15
Professional and outside services	2,039			2,169			2,086			2,126			2,121			(6	)	(4	)
Marketing	879			894			798			798			800			(2	)	10
Other expense (a)	1,108			1,418			1,398			1,560			1,355			(22	)	(18	)
TOTAL NONINTEREST EXPENSE	16,395			15,720			15,623			15,971			16,080			4		2
Income before income tax expense	11,233			8,841			10,689			10,572			10,662			27		5
Income tax expense	2,054			1,775			2,309			2,256			1,950			16		5
NET INCOME	$	9,179		$	7,066		$	8,380		$	8,316		$	8,712		30		5

NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	2.65		$	1.99		$	2.35		$	2.31		$	2.38		33		11
Diluted earnings per share	2.65			1.98			2.34			2.29			2.37			34		12

FINANCIAL RATIOS
Return on common equity (b)	16		%	12		%	14		%	14		%	15		%
Return on tangible common equity (b)(c)	19			14			17			17			19
Return on assets (b)	1.39			1.06			1.28			1.28			1.37
Effective income tax rate	18.3			20.1			21.6			21.3			18.3
Overhead ratio	56			60			57			58			58


(a)	Included Firmwide legal expense/(benefit) of $(81) million, $(18) million, $20 million, $0 million and $70 million for the three months ended March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018, and March 31, 2018, respectively.


(b)	Quarterly ratios are based upon annualized amounts.


(c)	For further discussion of ROTCE, refer to page 28.

Page 4



JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
																		Mar 31, 2019
																		Change
	Mar 31,				Dec 31,			Sep 30,				Jun 30,			Mar 31,			Dec 31,		Mar 31,
	2019				2018			2018				2018			2018			2018		2018
ASSETS
Cash and due from banks	$	21,946			$	22,324		$	23,225			$	23,680		$	24,834		(2	)%	(12	)%
Deposits with banks	280,658				256,469			395,872				381,500			389,978			9		(28	)
Federal funds sold and securities purchased under
resale agreements	299,140				321,588			217,632				226,505			247,608			(7	)	21
Securities borrowed	123,186				111,995			122,434				108,246			116,132			10		6
Trading assets:
Debt and equity instruments	483,069				359,501			359,765				360,289			355,368			34		36
Derivative receivables	50,333				54,213			60,062				58,510			56,914			(7	)	(12	)
Investment securities	267,365				261,828			231,398				233,015			238,188			2		12
Loans	956,245				984,554			954,318				948,414			934,424			(3	)	2
Less: Allowance for loan losses	13,533				13,445			13,128				13,250			13,375			1		1
Loans, net of allowance for loan losses	942,712				971,109			941,190				935,164			921,049			(3	)	2
Accrued interest and accounts receivable	72,240				73,200			78,792				75,669			72,659			(1	)	(1	)
Premises and equipment	24,160			(a)	14,934			14,180				14,132			14,382			62		68
Goodwill, MSRs and other intangible assets	54,168				54,349			54,697				54,535			54,533			—		(1	)
Other assets	118,211				121,022			115,936				118,805			118,140			(2	)	—
TOTAL ASSETS	$	2,737,188			$	2,622,532		$	2,615,183			$	2,590,050		$	2,609,785		4		5

LIABILITIES
Deposits	$	1,493,441			$	1,470,666		$	1,458,762			$	1,452,122		$	1,486,961		2		—
Federal funds purchased and securities loaned or sold
under repurchase agreements	222,677				182,320			181,608				175,293			179,091			22		24
Short-term borrowings	71,305				69,276			64,635				63,918			62,667			3		14
Trading liabilities:
Debt and equity instruments	117,904				103,004			109,457				107,327			99,588			14		18
Derivative payables	39,003				41,769			41,693				42,511			36,949			(7	)	6
Accounts payable and other liabilities	216,173			(a)	196,710			209,707				196,984			192,295			10		12
Beneficial interests issued by consolidated VIEs	25,955				20,241			20,241				21,323			21,584			28		20
Long-term debt	290,893				282,031			270,124				273,114			274,449			3		6
TOTAL LIABILITIES	2,477,351				2,366,017			2,356,227				2,332,592			2,353,584			5		5

STOCKHOLDERS’ EQUITY
Preferred stock	26,993				26,068			27,764			(b)	26,068			26,068			4		4
Common stock	4,105				4,105			4,105				4,105			4,105			—		—
Additional paid-in capital	88,170				89,162			89,333				89,392			89,211			(1	)	(1	)
Retained earnings	205,437				199,202			195,180				189,881			183,855			3		12
Accumulated other comprehensive income/(loss)	(558		)		(1,507		)	(2,425		)		(1,138		)	(1,063		)	63		48
Shares held in RSU Trust, at cost	(21		)		(21		)	(21		)		(21		)	(21		)	—		—
Treasury stock, at cost	(64,289		)		(60,494		)	(54,980		)		(50,829		)	(45,954		)	(6	)	(40	)
TOTAL STOCKHOLDERS’ EQUITY	259,837				256,515			258,956				257,458			256,201			1		1
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,737,188			$	2,622,532		$	2,615,183			$	2,590,050		$	2,609,785		4		5

(a)

Effective January 1, 2019, the Firm adopted new accounting guidance that requires lessees to recognize on the Consolidated balance sheets all leases with lease terms greater than twelve months as a lease liability with a corresponding right-of-use (“ROU”) asset. Accordingly, the Firm recognized operating lease liabilities in Accounts payable and other liabilities and ROU assets in Premises and equipment of $8.2 billion and $8.1 billion, respectively, predominantly in Corporate and CCB.


(b)	Included $1.7 billion, which was redeemed on October 30, 2018, as previously announced on September 17, 2018.

Page 5



JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS
																1Q19 Change
AVERAGE BALANCES	1Q19			4Q18			3Q18			2Q18			1Q18			4Q18		1Q18
ASSETS
Deposits with banks	$	290,281		$	364,332		$	408,595		$	425,942		$	423,807		(20	)%	(32	)%
Federal funds sold and securities purchased under
resale agreements	288,478			256,258			208,439			205,001			198,362			13		45
Securities borrowed	123,467			120,930			117,057			112,464			109,733			2		13
Trading assets - debt instruments	336,750			273,454			258,027			256,526			256,040			23		32
Investment securities	259,400			245,020			229,987			232,007			239,754			6		8
Loans	968,019			961,138			951,724			939,675			926,548			1		4
All other interest-earning assets (a)	46,708			49,038			46,429			50,662			49,169			(5	)	(5	)
Total interest-earning assets	2,313,103			2,270,170			2,220,258			2,222,277			2,203,413			2		5
Trading assets - equity instruments	94,389			84,934			102,962			112,142			107,688			11		(12	)
Trading assets - derivative receivables	52,522			59,386			62,075			60,978			60,492			(12	)	(13	)
All other noninterest-earning assets	224,700			222,015			214,326			217,572			214,450			1		5
TOTAL ASSETS	$	2,684,714		$	2,636,505		$	2,599,621		$	2,612,969		$	2,586,043		2		4
LIABILITIES
Interest-bearing deposits	$	1,104,032		$	1,078,959		$	1,057,262		$	1,059,357		$	1,046,521		2		5
Federal funds purchased and securities loaned or
sold under repurchase agreements	209,065			184,684			184,377			192,136			196,112			13		7
Short-term borrowings (b)	74,562			72,967			61,042			62,339			57,603			2		29
Trading liabilities - debt and other interest-bearing liabilities (c)	183,702			183,069			177,091			180,879			171,488			—		7
Beneficial interests issued by consolidated VIEs	22,829			19,982			19,921			20,906			23,561			14		(3	)
Long-term debt	285,925			275,072			275,979			275,645			279,005			4		2
Total interest-bearing liabilities	1,880,115			1,814,733			1,775,672			1,791,262			1,774,290			4		6
Noninterest-bearing deposits	375,710			387,334			395,600			401,138			399,487			(3	)	(6	)
Trading liabilities - equity instruments	34,510			37,527			36,309			34,593			28,631			(8	)	21
Trading liabilities - derivative payables	39,567			43,538			44,810			42,168			41,745			(9	)	(5	)
All other noninterest-bearing liabilities	97,635			96,875			90,539			88,839			88,207			1		11
TOTAL LIABILITIES	2,427,537			2,380,007			2,342,930			2,358,000			2,332,360			2		4
Preferred stock	27,126			26,602			26,252			26,068			26,068			2		4
Common stockholders’ equity	230,051			229,896			230,439			228,901			227,615			—		1
TOTAL STOCKHOLDERS’ EQUITY	257,177			256,498			256,691			254,969			253,683			—		1
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,684,714		$	2,636,505		$	2,599,621		$	2,612,969		$	2,586,043		2		4

AVERAGE RATES (d)
INTEREST-EARNING ASSETS
Deposits with banks	1.64		%	1.59		%	1.54		%	1.45		%	1.26		%
Federal funds sold and securities purchased under
resale agreements	2.32			2.06			1.81			1.58			1.49
Securities borrowed	1.17			1.04			0.68			0.53			0.23
Trading assets - debt instruments	3.35			3.41			3.34			3.33			3.35
Investment securities	3.37			3.32			3.26			3.24			3.08
Loans	5.41			5.26			5.11			4.99			4.87
All other interest-earning assets (a)	8.72			7.63			8.07			6.72			5.61
Total interest-earning assets	3.86			3.70			3.57			3.43			3.29

INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.80			0.72			0.61			0.51			0.41
Federal funds purchased and securities loaned or
sold under repurchase agreements	2.15			1.94			1.78			1.58			1.20
Short-term borrowings (b)	2.33			2.11			1.87			1.67			1.47
Trading liabilities - debt and other interest-bearing liabilities (c)	2.70			2.49			2.28			2.00			1.56
Beneficial interests issued by consolidated VIEs	2.66			2.53			2.41			2.33			2.11
Long-term debt	3.32			3.12			2.96			2.91			2.55
Total interest-bearing liabilities	1.61			1.46			1.33			1.21			1.00

INTEREST RATE SPREAD	2.25		%	2.24		%	2.24		%	2.22		%	2.29		%
NET YIELD ON INTEREST-EARNING ASSETS	2.56		%	2.54		%	2.51		%	2.46		%	2.48		%
Memo: Net yield on interest-earning assets excluding CIB Markets (e)	3.43		%	3.35		%	3.30		%	3.21		%	3.13		%


(a)	Includes held-for-investment margin loans, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets.


(b)	Includes commercial paper.


(c)	Other interest-bearing liabilities include brokerage customer payables.


(d)	Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.


(e)	Net yield on interest-earning assets excluding CIB Markets is a non-GAAP financial measure. For further discussion of the net yield on interest-earning assets excluding CIB Markets, refer to page 28.

Page 6

JPMORGAN CHASE & CO.

RECONCILIATION FROM REPORTED TO MANAGED BASIS

(in millions, except ratios)

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

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.



	QUARTERLY TRENDS
																1Q19 Change
	1Q19			4Q18			3Q18			2Q18			1Q18			4Q18		1Q18
OTHER INCOME
Other income - reported	$	1,475		$	1,302		$	1,160		$	1,255		$	1,626		13	%	(9	)%
Fully taxable-equivalent adjustments (a)	585			540			408			474			455			8		29
Other income - managed	$	2,060		$	1,842		$	1,568		$	1,729		$	2,081		12		(1	)

TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	14,670		$	11,755		$	13,352		$	14,268		$	14,595		25		1
Fully taxable-equivalent adjustments (a)	585			540			408			474			455			8		29
Total noninterest revenue - managed	$	15,255		$	12,295		$	13,760		$	14,742		$	15,050		24		1

NET INTEREST INCOME
Net interest income - reported	$	14,453		$	14,354		$	13,908		$	13,485		$	13,312		1		9
Fully taxable-equivalent adjustments (a)	143			155			154			161			158			(8	)	(9	)
Net interest income - managed	$	14,596		$	14,509		$	14,062		$	13,646		$	13,470		1		8

TOTAL NET REVENUE
Total net revenue - reported	$	29,123		$	26,109		$	27,260		$	27,753		$	27,907		12		4
Fully taxable-equivalent adjustments (a)	728			695			562			635			613			5		19
Total net revenue - managed	$	29,851		$	26,804		$	27,822		$	28,388		$	28,520		11		5

PRE-PROVISION PROFIT
Pre-provision profit - reported	$	12,728		$	10,389		$	11,637		$	11,782		$	11,827		23		8
Fully taxable-equivalent adjustments (a)	728			695			562			635			613			5		19
Pre-provision profit - managed	$	13,456		$	11,084		$	12,199		$	12,417		$	12,440		21		8

INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	11,233		$	8,841		$	10,689		$	10,572		$	10,662		27		5
Fully taxable-equivalent adjustments (a)	728			695			562			635			613			5		19
Income before income tax expense - managed	$	11,961		$	9,536		$	11,251		$	11,207		$	11,275		25		6

INCOME TAX EXPENSE
Income tax expense - reported	$	2,054		$	1,775		$	2,309		$	2,256		$	1,950		16		5
Fully taxable-equivalent adjustments (a)	728			695			562			635			613			5		19
Income tax expense - managed	$	2,782		$	2,470		$	2,871		$	2,891		$	2,563		13		9

OVERHEAD RATIO
Overhead ratio - reported	56		%	60		%	57		%	58		%	58		%
Overhead ratio - managed	55			59			56			56			56

(a) Predominantly recognized in the Corporate & Investment Bank (“CIB”) and Commercial Banking (“CB”) business segments and Corporate.

Page 7



JPMORGAN CHASE & CO.
SEGMENT RESULTS - MANAGED BASIS
(in millions)


	QUARTERLY TRENDS
															1Q19 Change
	1Q19		4Q18			3Q18			2Q18			1Q18			4Q18		1Q18
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	13,751	$	13,695		$	13,290		$	12,497		$	12,597		—	%	9	%
Corporate & Investment Bank	9,848		7,237			8,805			9,923			10,483			36		(6	)
Commercial Banking	2,338		2,306			2,271			2,316			2,166			1		8
Asset & Wealth Management	3,489		3,439			3,559			3,572			3,506			1		—
Corporate	425		127			(103		)	80			(232		)	235		NM
TOTAL NET REVENUE	$	29,851	$	26,804		$	27,822		$	28,388		$	28,520		11		5

TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	7,211	$	7,065		$	6,982		$	6,879		$	6,909		2		4
Corporate & Investment Bank	5,453		4,681			5,175			5,403			5,659			16		(4	)
Commercial Banking	873		845			853			844			844			3		3
Asset & Wealth Management	2,647		2,621			2,585			2,566			2,581			1		3
Corporate	211		508			28			279			87			(58	)	143
TOTAL NONINTEREST EXPENSE	$	16,395	$	15,720		$	15,623		$	15,971		$	16,080		4		2

PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	6,540	$	6,630		$	6,308		$	5,618		$	5,688		(1	)	15
Corporate & Investment Bank	4,395		2,556			3,630			4,520			4,824			72		(9	)
Commercial Banking	1,465		1,461			1,418			1,472			1,322			—		11
Asset & Wealth Management	842		818			974			1,006			925			3		(9	)
Corporate	214		(381		)	(131		)	(199		)	(319		)	NM		NM
PRE-PROVISION PROFIT	$	13,456	$	11,084		$	12,199		$	12,417		$	12,440		21		8

PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	1,314	$	1,348		$	980		$	1,108		$	1,317		(3	)	—
Corporate & Investment Bank	87		82			(42		)	58			(158		)	6		NM
Commercial Banking	90		106			(15		)	43			(5		)	(15	)	NM
Asset & Wealth Management	2		13			23			2			15			(85	)	(87	)
Corporate	2		(1		)	2			(1		)	(4		)	NM		NM
PROVISION FOR CREDIT LOSSES	$	1,495	$	1,548		$	948		$	1,210		$	1,165		(3	)	28

NET INCOME/(LOSS)
Consumer & Community Banking	$	3,963	$	4,028		$	4,086		$	3,412		$	3,326		(2	)	19
Corporate & Investment Bank	3,251		1,975			2,626			3,198			3,974			65		(18	)
Commercial Banking	1,053		1,036			1,089			1,087			1,025			2		3
Asset & Wealth Management	661		604			724			755			770			9		(14	)
Corporate	251		(577		)	(145		)	(136		)	(383		)	NM		NM
TOTAL NET INCOME	$	9,179	$	7,066		$	8,380		$	8,316		$	8,712		30		5

Page 8



JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)

																	Mar 31, 2019
																	Change
	Mar 31,				Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,		Mar 31,
	2019				2018			2018			2018			2018			2018		2018
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	186,105		(e)	$	183,474		$	184,972		$	184,708		$	183,655		1	%	1	%
Tier 1 capital	212,633			(e)	209,093			210,589			210,321			209,296			2		2
Total capital	241,460			(e)	237,511			238,303			238,630			238,326			2		1
Risk-weighted assets	1,542,681			(e)	1,528,916			1,545,326			1,543,370			1,552,952			1		(1	)
CET1 capital ratio	12.1		%	(e)	12.0		%	12.0		%	12.0		%	11.8		%
Tier 1 capital ratio	13.8			(e)	13.7			13.6			13.6			13.5
Total capital ratio	15.7			(e)	15.5			15.4			15.5			15.3

Advanced
CET1 capital	$	186,105		(e)	$	183,474		$	184,972		$	184,708		$	183,655		1		1
Tier 1 capital	212,633			(e)	209,093			210,589			210,321			209,296			2		2
Total capital	231,072			(e)	227,435			228,574			229,027			228,320			2		1
Risk-weighted assets	1,433,848			(e)	1,421,205			1,438,529			1,438,747			1,466,095			1		(2	)
CET1 capital ratio	13.0		%	(e)	12.9		%	12.9		%	12.8		%	12.5		%
Tier 1 capital ratio	14.8			(e)	14.7			14.6			14.6			14.3
Total capital ratio	16.1			(e)	16.0			15.9			15.9			15.6

Leverage-based capital metrics
Adjusted average assets (b)	$	2,637,730		(e)	$	2,589,887		$	2,552,612		$	2,566,013		$	2,539,183		2		4
Tier 1 leverage ratio	8.1		%	(e)	8.1		%	8.2		%	8.2		%	8.2		%

Total leverage exposure	3,309,886			(e)	3,269,988			3,235,518			3,255,296			3,234,103			1		2
SLR	6.4		%	(e)	6.4		%	6.5		%	6.5		%	6.5		%

TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders’ equity	$	232,844			$	230,447		$	231,192		$	231,390		$	230,133		1		1
Less: Goodwill	47,474				47,471			47,483			47,488			47,499			—		—
Less: Other intangible assets	737				748			781			806			832			(1	)	(11	)
Add: Deferred tax liabilities (d)	2,293				2,280			2,239			2,227			2,216			1		3
Total tangible common equity	$	186,926			$	184,508		$	185,167		$	185,323		$	184,018		1		2

TANGIBLE COMMON EQUITY (average) (c)
Common stockholders’ equity	$	230,051			$	229,896		$	230,439		$	228,901		$	227,615		—		1
Less: Goodwill	47,475				47,478			47,490			47,494			47,504			—		—
Less: Other intangible assets	744				765			795			822			845			(3	)	(12	)
Add: Deferred tax liabilities (d)	2,287				2,260			2,233			2,221			2,210			1		3
Total tangible common equity	$	184,119			$	183,913		$	184,387		$	182,806		$	181,476		—		1

INTANGIBLE ASSETS (period-end)
Goodwill	$	47,474			$	47,471		$	47,483		$	47,488		$	47,499		—		—
Mortgage servicing rights	5,957				6,130			6,433			6,241			6,202			(3	)	(4	)
Other intangible assets	737				748			781			806			832			(1	)	(11	)
Total intangible assets	$	54,168			$	54,349		$	54,697		$	54,535		$	54,533		—		(1	)

(a)

The Basel III capital rules became fully phased-in (“FPI”) effective January 1, 2019. The capital adequacy of the Firm is now evaluated against the FPI measures under Basel III and represents the lower of the Standardized or Advanced approach. During 2018 the required capital measures were subject to the transitional rules and as of December 31, 2018 and September 30, 2018, were the same on a FPI and on a transitional basis. For additional information on these measures, refer to Capital Risk Management on pages 85-94 of the 2018 Form 10-K.


(b)	Adjusted average assets, for purposes of calculating leverage ratios, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill and other intangible assets.


(c)	For further discussion of TCE, refer to page 28.


(d)	Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in non-taxable transactions, which are netted against goodwill and other intangibles when calculating TCE.


(e)	Estimated.

Page 9



JPMORGAN CHASE & CO.
EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)

	QUARTERLY TRENDS
																1Q19 Change
	1Q19			4Q18			3Q18			2Q18			1Q18			4Q18		1Q18
EARNINGS PER SHARE
Basic earnings per share
Net income	$	9,179		$	7,066		$	8,380		$	8,316		$	8,712		30	%	5	%
Less: Preferred stock dividends	374			384			379			379			409			(3	)	(9	)
Net income applicable to common equity	8,805			6,682			8,001			7,937			8,303			32		6
Less: Dividends and undistributed earnings allocated to
participating securities	52			41			53			57			65			27		(20	)
Net income applicable to common stockholders	$	8,753		$	6,641		$	7,948		$	7,880		$	8,238		32		6

Total weighted-average basic shares outstanding	3,298.0			3,335.8			3,376.1			3,415.2			3,458.3			(1	)	(5	)
Net income per share	$	2.65		$	1.99		$	2.35		$	2.31		$	2.38		33		11

Diluted earnings per share
Net income applicable to common stockholders	$	8,753		$	6,641		$	7,948		$	7,880		$	8,238		32		6
Total weighted-average basic shares outstanding	3,298.0			3,335.8			3,376.1			3,415.2			3,458.3			(1	)	(5	)
Add: Employee stock options, stock appreciation rights (“SARs”), warrants and unvested performance share units (“PSUs”)	10.2			11.5			18.2			19.5			21.2			(11	)	(52	)
Total weighted-average diluted shares outstanding	3,308.2			3,347.3			3,394.3			3,434.7			3,479.5			(1	)	(5	)
Net income per share	$	2.65		$	1.98		$	2.34		$	2.29		$	2.37		34		12

COMMON DIVIDENDS
Cash dividends declared per share	$	0.80		$	0.80		$	0.80		$	0.56		$	0.56		—		43
Dividend payout ratio	30		%	40		%	34		%	24		%	23		%

COMMON EQUITY REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	49.5			55.5			39.3			45.3			41.4			(11	)	20
Average price paid per share of common stock	$	102.78		$	106.80		$	112.41		$	109.67		$	112.78		(4	)	(9	)
Aggregate repurchases of common equity	5,091			5,928			4,416			4,968			4,671			(14	)	9

EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	17.7			1.2			1.0			0.6			19.8			NM		(11	)
Net impact of employee issuances on stockholders’ equity (b)	$	348		$	240		$	244		$	272		$	(69	)	45		NM


(a)	On June 28, 2018, the Firm announced that it is authorized to repurchase up to $20.7 billion of common equity between July 1, 2018 and June 30, 2019, under a new equity repurchase program.


(b)	The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares and the exercise of employee stock options and SARs.

Page 10



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)


	QUARTERLY TRENDS
																	1Q19 Change
	1Q19			4Q18				3Q18			2Q18			1Q18			4Q18		1Q18
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	873		$	956			$	936		$	875		$	857		(9	)%	2	%
Asset management, administration and commissions	618			610				626			591			575			1		7
Mortgage fees and related income	396			203				260			324			465			95		(15	)
Card income	1,168			1,255				1,219			910			1,170			(7	)	—
All other income	1,278			1,173				1,135			1,048			1,072			9		19
Noninterest revenue	4,333			4,197				4,176			3,748			4,139			3		5
Net interest income	9,418			9,498				9,114			8,749			8,458			(1	)	11
TOTAL NET REVENUE	13,751			13,695				13,290			12,497			12,597			—		9

Provision for credit losses	1,314			1,348				980			1,108			1,317			(3	)	—

NONINTEREST EXPENSE
Compensation expense	2,708			2,618				2,635			2,621			2,660			3		2
Noncompensation expense (a)	4,503			4,447				4,347			4,258			4,249			1		6
TOTAL NONINTEREST EXPENSE	7,211			7,065				6,982			6,879			6,909			2		4

Income before income tax expense	5,226			5,282				5,328			4,510			4,371			(1	)	20
Income tax expense	1,263			1,254				1,242			1,098			1,045			1		21
NET INCOME	$	3,963		$	4,028			$	4,086		$	3,412		$	3,326		(2	)	19

REVENUE BY LINE OF BUSINESS
Consumer & Business Banking	$	6,568		$	6,567			$	6,385		$	6,131		$	5,722		—		15
Home Lending	1,346			1,322				1,306			1,347			1,509			2		(11	)
Card, Merchant Services & Auto	5,837			5,806				5,599			5,019			5,366			1		9

MORTGAGE FEES AND RELATED INCOME DETAILS:
Net production revenue	200			(28		)		108			93			95			NM		111
Net mortgage servicing revenue (b)	196			231				152			231			370			(15	)	(47	)
Mortgage fees and related income	$	396		$	203			$	260		$	324		$	465		95		(15	)

FINANCIAL RATIOS
ROE	30		%	30			%	31		%	26		%	25		%
Overhead ratio	52			52				53			55			55


(a)	Included operating lease depreciation expense of $969 million, $927 million, $862 million, $827 million and $777 million for the three months ended March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018, and March 31, 2018, respectively.


(b)	Included MSR risk management results of $(9) million, $(17) million, $(88) million, $(23) million and $17 million for the three months ended March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018, and March 31, 2018, respectively.

Page 11



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)

	QUARTERLY TRENDS
											1Q19 Change
	1Q19		4Q18		3Q18		2Q18		1Q18		4Q18		1Q18
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	552,486	$	557,441	$	560,432	$	552,674	$	540,659	(1	)%	2	%

Loans:
Consumer & Business Banking	26,492		26,612		26,451		26,272		25,856		—		2
Home equity	34,417		36,013		37,461		39,033		40,777		(4	)	(16	)
Residential mortgage	196,182		203,859		205,389		202,205		199,548		(4	)	(2	)
Home Lending	230,599		239,872		242,850		241,238		240,325		(4	)	(4	)
Card	150,527		156,632		147,881		145,255		140,414		(4	)	7
Auto	62,786		63,573		63,619		65,014		66,042		(1	)	(5	)
Total loans	470,404		486,689		480,801		477,779		472,637		(3	)	—
Core loans	420,417		434,466		425,917		419,295		409,296		(3	)	3

Deposits	702,587		678,854		677,260		679,154		685,170		3		3
Equity	52,000		51,000		51,000		51,000		51,000		2		2

SELECTED BALANCE SHEET DATA (average)
Total assets	$	553,832	$	554,600	$	551,080	$	544,642	$	538,938	—		3

Loans:
Consumer & Business Banking	26,488		26,474		26,351		26,110		25,845		—		2
Home equity	35,224		36,703		38,211		39,898		41,786		(4	)	(16	)
Residential mortgage	203,725		205,471		204,689		201,587		198,653		(1	)	3
Home Lending	238,949		242,174		242,900		241,485		240,439		(1	)	(1	)
Card	151,134		150,594		146,272		142,724		142,927		—		6
Auto	62,763		63,426		64,060		65,383		65,863		(1	)	(5	)
Total loans	479,334		482,668		479,583		475,702		475,074		(1	)	1
Core loans	428,215		429,167		422,582		414,120		410,147		—		4

Deposits	681,013		673,782		674,211		673,761		659,599		1		3
Equity	52,000		51,000		51,000		51,000		51,000		2		2

Headcount (a)	128,419		129,518		129,891		131,945		133,408		(1	)	(4	)


(a)	During the third quarter of 2018 approximately 1,200 employees transferred from CCB to CIB as part of the reorganization of the Commercial Card business.

Page 12



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)	QUARTERLY TRENDS
																				1Q19 Change
	1Q19				4Q18				3Q18				2Q18				1Q18			4Q18		1Q18
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)	$	3,265			$	3,339			$	3,520			$	3,854			$	4,104		(2	)%	(20	)%
Net charge-offs/(recoveries) (c)
Consumer & Business Banking	59				65				68				50				53			(9	)	11
Home equity	—				(4		)		(12		)		(7		)		16			NM		NM
Residential mortgage	(5		)		(35		)		(105		)		(149		)		2			86		NM
Home Lending	(5		)		(39		)		(117		)		(156		)		18			87		NM
Card	1,202				1,111				1,073				1,164				1,170			8		3
Auto	58				61				56				50				76			(5	)	(24	)
Total net charge-offs/(recoveries)	$	1,314			$	1,198			$	1,080			$	1,108			$	1,317		10		—
Net charge-off/(recovery) rate (c)
Consumer & Business Banking	0.90			%	0.97			%	1.02			%	0.77			%	0.83		%
Home equity (d)	—				(0.06		)		(0.17		)		(0.09		)		0.21
Residential mortgage (d)	(0.01		)		(0.07		)		(0.22		)		(0.33		)		—
Home Lending (d)	(0.01		)		(0.07		)		(0.21		)		(0.29		)		0.03
Card	3.23				2.93				2.91				3.27				3.32
Auto	0.37				0.38				0.35				0.31				0.47
Total net charge-off/(recovery) rate (d)	1.17				1.04				0.95				1.00				1.20

30+ day delinquency rate
Home Lending (e)(f)	0.77			%	0.77			%	0.81			%	0.86			%	0.98		%
Card	1.85				1.83				1.75				1.65				1.82
Auto	0.63				0.93				0.82				0.77				0.71
90+ day delinquency rate - Card	0.97				0.92				0.85				0.85				0.95

Allowance for loan losses
Consumer & Business Banking	$	796			$	796			$	796			$	796			$	796		—		—
Home Lending, excluding PCI loans	1,003				1,003				1,003				1,003				1,003			—		—
Home Lending - PCI loans (c)	1,738				1,788				1,824				2,132				2,205			(3	)	(21	)
Card	5,183				5,184				5,034				4,884				4,884			—		6
Auto	465				464				464				464				464			—		—
Total allowance for loan losses (c)	$	9,185			$	9,235			$	9,121			$	9,279			$	9,352		(1	)	(2	)

Note : CCB provides several non-GAAP financial measures which exclude the impact of PCI loans. For further discussion of these measures, refer to page 28.


(a)	Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as each of the pools is performing.


(b)	At March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $2.2 billion, $2.6 billion, $2.9 billion, $3.3 billion and $4.0 billion, respectively. These amounts have been excluded based upon the government guarantee.

(c)

Net charge-offs/(recoveries) and the net charge-off/(recovery) rates for the three months ended March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, excluded write-offs in the PCI portfolio of $50 million, $36 million, $58 million, $73 million and $20 million, respectively. These write-offs decreased the allowance for loan losses for PCI loans. For further information on PCI write-offs, refer to Summary of Changes in the Allowances on page 26.

(d)

Excludes the impact of PCI loans. For the three months ended March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, the net charge-off/(recovery) rates including the impact of PCI loans were as follows: (1) home equity of –%, (0.04)%, (0.12)%, (0.07)% and 0.16%, respectively; (2) residential mortgage of (0.01)%, (0.07)%, (0.20)%, (0.30)% and –%, respectively; (3) Home Lending of (0.01)%, (0.06)%, (0.19)%, (0.26)% and 0.03%, respectively; and (4) total CCB of 1.11%, 0.99%, 0.89%, 0.93% and 1.12%, respectively.


(e)	At March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, excluded mortgage loans insured by U.S. government agencies of $3.2 billion, $4.1 billion, $4.5 billion, $5.0 billion and $5.7 billion, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.


(f)	Excludes PCI loans. The 30+ day delinquency rate for PCI loans was 8.90%, 9.16%, 9.39%, 9.40% and 9.49% at March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, respectively.

Page 13



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)

	QUARTERLY TRENDS
																					1Q19 Change
	1Q19				4Q18				3Q18				2Q18				1Q18				4Q18		1Q18
BUSINESS METRICS
Number of:
Branches	5,028				5,036				5,066				5,091				5,106				—	%	(2	)%
Active digital customers (in thousands) (a)	50,651				49,254				48,664				47,952				47,911				3		6
Active mobile customers (in thousands) (b)	34,371				33,260				32,538				31,651				30,924				3		11

Debit and credit card sales volume (in billions)	$	255.1			$	270.5			$	259.0			$	255.0			$	232.4			(6	)	10

Consumer & Business Banking
Average deposits	$	668,526			$	660,279			$	659,513			$	659,772			$	646,400			1		3
Deposit margin	2.62			%	2.55			%	2.43			%	2.36			%	2.20			%
Business banking origination volume	$	1,480			$	1,477			$	1,629			$	1,921			$	1,656			—		(11	)
Client investment assets	312,310				282,463				298,405				283,731				276,183				11		13

Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	7.9			$	9.0			$	10.6			$	10.4			$	8.3			(12	)	(5	)
Correspondent	7.1				8.2				11.9				11.1				9.9				(13	)	(28	)
Total mortgage origination volume (c)	$	15.0			$	17.2			$	22.5			$	21.5			$	18.2			(13	)	(18	)
Total loans serviced (period-end)	$	791.5			$	789.8			$	798.6			$	802.6			$	804.9			—		(2	)
Third-party mortgage loans serviced (period-end)	529.6				519.6				526.5				533.0				539.0				2		(2	)
MSR carrying value (period-end)	6.0				6.1				6.4				6.2				6.2				(2	)	(3	)
Ratio of MSR carrying value (period-end) to third-party
mortgage loans serviced (period-end)	1.13			%	1.17			%	1.22			%	1.16			%	1.15			%
MSR revenue multiple (d)	3.32		x		3.34		x		3.49		x		3.31		x		3.19		x

Card, excluding Commercial Card
Credit card sales volume (in billions)	$	172.5			$	185.3			$	176.0			$	174.0			$	157.1			(7	)	10

Card Services
Net revenue rate	11.63			%	11.57			%	11.50			%	10.38			%	11.61			%

Merchant Services
Merchant processing volume (in billions)	$	356.5			$	375.2			$	343.8			$	330.8			$	316.3			(5	)	13

Auto
Loan and lease origination volume (in billions)	$	7.9			$	7.0			$	8.1			$	8.3			$	8.4			13		(6	)
Average auto operating lease assets	20,831				20,041				19,176				18,407				17,582				4		18


(a)	Users of all web and/or mobile platforms who have logged in within the past 90 days.


(b)	Users of all mobile platforms who have logged in within the past 90 days.


(c)	Firmwide mortgage origination volume was $16.4 billion, $18.7 billion, $24.5 billion, $23.7 billion and $20.0 billion for the three months ended March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, respectively.


(d)	Represents the ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) divided by the ratio of annualized loan servicing-related revenue to third-party mortgage loans serviced (average).

Page 14



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS
																	1Q19 Change
	1Q19			4Q18			3Q18			2Q18			1Q18				4Q18		1Q18
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,844		$	1,815		$	1,823		$	2,139		$	1,696			2	%	9	%
Principal transactions	4,163			1,485			3,091			3,666			4,029				180		3
Lending- and deposit-related fees	361			361			373			382			381				—		(5	)
Asset management, administration and commissions	1,101			1,072			1,130			1,155			1,131				3		(3	)
All other income	194			281			88			190			680			(c)	(31	)	(71	)
Noninterest revenue	7,663			5,014			6,505			7,532			7,917				53		(3	)
Net interest income	2,185			2,223			2,300			2,391			2,566				(2	)	(15	)
TOTAL NET REVENUE (a)	9,848			7,237			8,805			9,923			10,483				36		(6	)

Provision for credit losses	87			82			(42		)	58			(158		)		6		NM

NONINTEREST EXPENSE
Compensation expense	2,949			2,057			2,402			2,720			3,036				43		(3	)
Noncompensation expense	2,504			2,624			2,773			2,683			2,623				(5	)	(5	)
TOTAL NONINTEREST EXPENSE	5,453			4,681			5,175			5,403			5,659				16		(4	)

Income before income tax expense	4,308			2,474			3,672			4,462			4,982				74		(14	)
Income tax expense	1,057			499			1,046			1,264			1,008				112		5
NET INCOME	$	3,251		$	1,975		$	2,626		$	3,198		$	3,974			65		(18	)

FINANCIAL RATIOS
ROE	16		%	10		%	14		%	17		%	22		%
Overhead ratio	55			65			59			54			54
Compensation expense as percentage of total net revenue	30			28			27			27			29

REVENUE BY BUSINESS
Investment Banking	$	1,745		$	1,720		$	1,731		$	1,949		$	1,587			1		10
Treasury Services	1,147			1,217			1,183			1,181			1,116				(6	)	3
Lending	340			344			331			321			302				(1	)	13
Total Banking	3,232			3,281			3,245			3,451			3,005				(1	)	8
Fixed Income Markets	3,725			1,856			2,844			3,453			4,553				101		(18	)
Equity Markets	1,741			1,317			1,595			1,959			2,017				32		(14	)
Securities Services	1,014			1,026			1,057			1,103			1,059				(1	)	(4	)
Credit Adjustments & Other (b)	136			(243		)	64			(43		)	(151		)		NM		NM
Total Markets & Investor Services	6,616			3,956			5,560			6,472			7,478			(c)	67		(12	)
TOTAL NET REVENUE	$	9,848		$	7,237		$	8,805		$	9,923		$	10,483			36		(6	)

(a)

Includes tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; as well as tax-exempt income from municipal bonds of $539 million, $465 million, $354 million, $428 million and $405 million for the three months ended March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018, and March 31, 2018, respectively.


(b)	Consists primarily of credit valuation adjustments (“CVA”) managed centrally within CIB and funding valuation adjustments (“FVA”) on derivatives. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.


(c)	The three months ended March 31, 2018 included $505 million of fair value gains related to the adoption of the recognition and measurement accounting guidance for certain equity investments previously held at cost.

Page 15



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS
																1Q19 Change
	1Q19			4Q18			3Q18			2Q18			1Q18			4Q18		1Q18
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	1,006,111		$	903,051		$	928,148		$	908,954		$	909,845		11	%	11	%
Loans:
Loans retained (a)	127,086			129,389			117,084			116,645			112,626			(2	)	13
Loans held-for-sale and loans at fair value	7,783			13,050			6,133			6,254			6,122			(40	)	27
Total loans	134,869			142,439			123,217			122,899			118,748			(5	)	14
Core loans	134,692			142,122			122,953			122,574			118,434			(5	)	14

Equity	80,000			70,000			70,000			70,000			70,000			14		14

SELECTED BALANCE SHEET DATA (average)
Assets	$	959,842		$	918,643		$	924,909		$	937,217		$	910,146		4		5
Trading assets - debt and equity instruments	381,312			334,033			349,390			358,611			354,869			14		7
Trading assets - derivative receivables	50,609			59,393			62,025			60,623			60,161			(15	)	(16	)
Loans:
Loans retained (a)	126,990			118,857			115,390			113,950			109,355			7		16
Loans held-for-sale and loans at fair value	8,615			6,852			7,328			5,961			5,480			26		57
Total loans	135,605			125,709			122,718			119,911			114,835			8		18
Core loans	135,420			125,505			122,442			119,637			114,514			8		18

Equity	80,000			70,000			70,000			70,000			70,000			14		14

Headcount (b)	54,697			54,480			54,052			51,400			51,291			—		7

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	30		$	(1	)	$	(40	)	$	114		$	20		NM		50
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)	812			443			318			352			668			83		22
Nonaccrual loans held-for-sale and loans at fair value	313			220			9			175			29			42		NM
Total nonaccrual loans	1,125			663			327			527			697			70		61

Derivative receivables	44			60			90			112			132			(27	)	(67	)
Assets acquired in loan satisfactions	58			57			61			104			91			2		(36	)
Total nonperforming assets	1,227			780			478			743			920			57		33
Allowance for credit losses:
Allowance for loan losses	1,252			1,199			1,068			1,043			1,128			4		11
Allowance for lending-related commitments	758			754			802			828			800			1		(5	)
Total allowance for credit losses	2,010			1,953			1,870			1,871			1,928			3		4

Net charge-off/(recovery) rate (a)(d)	0.10		%	—		%	(0.14		)%	0.40		%	0.07		%
Allowance for loan losses to period-end loans retained (a)	0.99			0.93			0.91			0.89			1.00
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (e)	1.34			1.24			1.27			1.27			1.46
Allowance for loan losses to nonaccrual loans retained (a)(c)	154			271			336			296			169
Nonaccrual loans to total period-end loans	0.83			0.47			0.27			0.43			0.59


(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)	During the third quarter of 2018 approximately 1,200 employees transferred from CCB to CIB as part of the reorganization of the Commercial Card business.


(c)	Allowance for loan losses of $252 million, $174 million, $145 million, $141 million and $298 million were held against nonaccrual loans at March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018, and March 31, 2018, respectively.


(d)	Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.


(e)	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.

Page 16



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS
																1Q19 Change
	1Q19			4Q18			3Q18			2Q18			1Q18			4Q18		1Q18
BUSINESS METRICS
Advisory	$	644		$	727		$	581		$	626		$	575		(11	)%	12	%
Equity underwriting	265			348			420			570			346			(24	)	(23	)
Debt underwriting	935			740			822			943			775			26		21
Total investment banking fees	$	1,844		$	1,815		$	1,823		$	2,139		$	1,696		2		9

Assets under custody (“AUC”) (period-end) (in billions)	$	24,716		$	23,217		$	24,403		$	24,184		$	24,026		6		3

Client deposits and other third-party liabilities (average) (a)	444,055			445,642			434,847			433,646			423,301			—		5

95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (b)
Fixed income	$	44		$	37		$	30		$	31		$	34		19		29
Foreign exchange	9			6			5			6			9			50		—
Equities	16			20			16			15			17			(20	)	(6	)
Commodities and other	10			11			9			7			5			(9	)	100
Diversification benefit to CIB trading VaR (c)	(32		)	(25		)	(27		)	(27		)	(25		)	(28	)	(28	)
CIB trading VaR (b)	47			49			33			32			40			(4	)	18
Credit portfolio VaR (d)	5			4			3			4			3			25		67
Diversification benefit to CIB VaR (c)	(4		)	(4		)	(3		)	(3		)	(3		)	—		(33	)
CIB VaR	$	48		$	49		$	33		$	33		$	40		(2	)	20


(a)	Client deposits and other third-party liabilities pertain to the Treasury Services and Securities Services businesses.


(b)	CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. For further information, refer to VaR measurement on pages 126–128 of the 2018 Form 10-K.


(c)	Average portfolio VaR was less than the sum of the VaR of the components described above, which is due to portfolio diversification. The diversification effect reflects the fact that the risks were not perfectly correlated.


(d)	Credit portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.

Page 17



JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)


	QUARTERLY TRENDS
																		1Q19 Change
	1Q19			4Q18			3Q18				2Q18			1Q18				4Q18		1Q18
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	227		$	204		$	216			$	224		$	226			11	%	—	%
All other income (a)	431			381			360				409			323				13		33
Noninterest revenue	658			585			576				633			549				12		20
Net interest income	1,680			1,721			1,695				1,683			1,617				(2	)	4
TOTAL NET REVENUE (b)	2,338			2,306			2,271				2,316			2,166				1		8

Provision for credit losses	90			106			(15		)		43			(5		)		(15	)	NM

NONINTEREST EXPENSE
Compensation expense	449			426			432				415			421				5		7
Noncompensation expense	424			419			421				429			423				1		—
TOTAL NONINTEREST EXPENSE	873			845			853				844			844				3		3

Income before income tax expense	1,375			1,355			1,433				1,429			1,327				1		4
Income tax expense	322			319			344				342			302				1		7
NET INCOME	$	1,053		$	1,036		$	1,089			$	1,087		$	1,025			2		3

Revenue by product
Lending	$	1,012		$	997		$	1,027			$	1,026		$	999			2		1
Treasury services	1,029			1,055			1,021				1,026			972				(2	)	6
Investment banking (c)	289			208			206				254			184				39		57
Other	8			46			17				10			11				(83	)	(27	)
Total Commercial Banking net revenue (b)	$	2,338		$	2,306		$	2,271			$	2,316		$	2,166			1		8

Investment banking revenue, gross (d)	$	818		$	602		$	581			$	739		$	569			36		44

Revenue by client segment
Middle Market Banking	$	951		$	959		$	935			$	919		$	895			(1	)	6
Corporate Client Banking	816			741			749				807			687				10		19
Commercial Real Estate Banking (e)	547			568			562				559			560				(4	)	(2	)
Other (e)	24			38			25				31			24				(37	)	—
Total Commercial Banking net revenue (b)	$	2,338		$	2,306		$	2,271			$	2,316		$	2,166			1		8

FINANCIAL RATIOS
ROE	19		%	20		%	21			%	21		%	20			%
Overhead ratio	37			37			38				36			39


(a)	Includes revenue from investment banking products, commercial card transactions and asset management fees. The prior period amounts have been revised to conform with the current period presentation.

(b)

Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities that provide loans to qualified businesses in low-income communities, as well as tax-exempt income related to municipal financing activities of $94 million, $128 million, $107 million, $106 million and $103 million for the three months ended March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018, and March 31, 2018, respectively.


(c)	Includes CB’s share of revenue from investment banking products sold to CB clients through the CIB.


(d)	For discussion of revenue sharing, refer to page 60 of the 2018 Form 10-K.


(e)	Effective in the first quarter of 2019, client segment data includes Commercial Real Estate Banking which comprises the former Commercial Term Lending and Real Estate Banking client segments, and Community Development Banking (previously part of Other). The prior period amounts have been revised to conform with the current period presentation.

Page 18

Page 19



JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)	QUARTERLY TRENDS
												1Q19 Change
	1Q19		4Q18		3Q18			2Q18		1Q18		4Q18		1Q18
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	216,111	$	220,229	$	217,194		$	220,232	$	220,880	(2	)%	(2	)%
Loans:
Loans retained	204,927		204,219		205,177			205,834		202,812		—		1
Loans held-for-sale and loans at fair value	410		1,978		405			1,576		2,473		(79	)	(83	)
Total loans	$	205,337	$	206,197	$	205,582		$	207,410	$	205,285	—		—
Core loans	205,199		206,039		205,418			207,238		205,087		—		—
Equity	22,000		20,000		20,000			20,000		20,000		10		10

Period-end loans by client segment
Middle Market Banking	$	56,846	$	56,656	$	57,324		$	58,301	$	57,835	—		(2	)
Corporate Client Banking	46,897		48,343		46,890			48,885		47,562		(3	)	(1	)
Commercial Real Estate Banking (a)	100,622		100,088		100,072			98,808		98,395		1		2
Other (a)	972		1,110		1,296			1,416		1,493		(12	)	(35	)
Total Commercial Banking loans	$	205,337	$	206,197	$	205,582		$	207,410	$	205,285	—		—

SELECTED BALANCE SHEET DATA (average)
Total assets	$	218,297	$	218,227	$	219,232		$	218,396	$	217,159	—		1
Loans:
Loans retained	204,462		205,113		205,603			204,239		201,966		—		1
Loans held-for-sale and loans at fair value	1,634		1,610		1,617			1,381		406		1		302
Total loans	$	206,096	$	206,723	$	207,220		$	205,620	$	202,372	—		2
Core loans	205,949		206,561		207,052			205,440		202,161		—		2
Client deposits and other third-party liabilities	167,260		169,174		168,169			170,745		175,618		(1	)	(5	)
Equity	22,000		20,000		20,000			20,000		20,000		10		10

Average loans by client segment
Middle Market Banking	$	56,723	$	57,004	$	57,258		$	57,346	$	56,754	—		—
Corporate Client Banking	48,141		48,167		49,004			48,150		45,760		—		5
Commercial Real Estate Banking (a)	100,264		100,320		99,627			98,601		98,398		—		2
Other (a)	968		1,232		1,331			1,523		1,460		(21	)	(34	)
Total Commercial Banking loans	$	206,096	$	206,723	$	207,220		$	205,620	$	202,372	—		2

Headcount	11,033		11,042		10,937			10,579		10,372		—		6

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	11	$	37	$	(18	)	$	34	$	—	(70	)	NM

Page 20



Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (b)	544		511		452			546		666		6		(18	)
Nonaccrual loans held-for-sale and loans
at fair value	—		—		5			—		—		—		—
Total nonaccrual loans	544		511		457			546		666		6		(18	)

Assets acquired in loan satisfactions	—		2		2			2		1		NM		NM
Total nonperforming assets	544		513		459			548		667		6		(18	)
Allowance for credit losses:
Allowance for loan losses	2,766		2,682		2,619			2,622		2,591		3		7
Allowance for lending-related commitments	250		254		249			243		263		(2	)	(5	)
Total allowance for credit losses	3,016		2,936		2,868			2,865		2,854		3		6

Net charge-off/(recovery) rate (c)	0.02	%	0.07	%	(0.03	)	%	0.07	%	—	%
Allowance for loan losses to period-end loans retained	1.35		1.31		1.28			1.27		1.28
Allowance for loan losses to nonaccrual loans retained (b)	508		525		579			480		389
Nonaccrual loans to period-end total loans	0.26		0.25		0.22			0.26		0.32


(a)	Effective in the first quarter of 2019, client segment data includes Commercial Real Estate Banking which comprises the former Commercial Term Lending and Real Estate Banking client segments, and Community Development Banking (previously part of Other). The prior period amounts have been revised to conform with the current period presentation.


(b)	Allowance for loan losses of $132 million, $92 million, $105 million, $126 million and $116 million was held against nonaccrual loans retained at March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018, and March 31, 2018, respectively.


(c)	Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

Page 21



JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)


	QUARTERLY TRENDS
																	1Q19 Change
	1Q19			4Q18				3Q18			2Q18			1Q18			4Q18		1Q18
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,416		$	2,548			$	2,563		$	2,532		$	2,528		(5	)%	(4	)%
All other income	177			(6		)		117			155			102			NM		74
Noninterest revenue	2,593			2,542				2,680			2,687			2,630			2		(1	)
Net interest income	896			897				879			885			876			—		2
TOTAL NET REVENUE	3,489			3,439				3,559			3,572			3,506			1		—

Provision for credit losses	2			13				23			2			15			(85	)	(87	)

NONINTEREST EXPENSE
Compensation expense	1,462			1,383				1,391			1,329			1,392			6		5
Noncompensation expense	1,185			1,238				1,194			1,237			1,189			(4	)	—
TOTAL NONINTEREST EXPENSE	2,647			2,621				2,585			2,566			2,581			1		3

Income before income tax expense	840			805				951			1,004			910			4		(8	)
Income tax expense	179			201				227			249			140			(11	)	28
NET INCOME	$	661		$	604			$	724		$	755		$	770		9		(14	)

REVENUE BY LINE OF BUSINESS
Asset Management	$	1,761		$	1,723			$	1,827		$	1,826		$	1,787		2		(1	)
Wealth Management	1,728			1,716				1,732			1,746			1,719			1		1
TOTAL NET REVENUE	$	3,489		$	3,439			$	3,559		$	3,572		$	3,506		1		—

FINANCIAL RATIOS
ROE	25		%	26			%	31		%	33		%	34		%
Overhead ratio	76			76				73			72			74
Pretax margin ratio:
Asset Management	23			25				27			28			26
Wealth Management	25			22				26			28			26
Asset & Wealth Management	24			23				27			28			26

Headcount	24,347			23,920				23,747			23,141			23,268			2		5

Number of Wealth Management client advisors	2,877			2,865				2,808			2,644			2,640			—		9

Page 22



JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)

	QUARTERLY TRENDS
																	1Q19 Change
	1Q19			4Q18			3Q18			2Q18				1Q18			4Q18		1Q18
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	165,865		$	170,024		$	166,716		$	161,474			$	158,439		(2	)%	5	%
Loans	143,750			147,632			143,162			138,606				136,030			(3	)	6
Core loans	143,750			147,632			143,162			138,606				136,030			(3	)	6
Deposits	143,348			138,546			130,497			131,511				147,238			3		(3	)
Equity	10,500			9,000			9,000			9,000				9,000			17		17

SELECTED BALANCE SHEET DATA (average)
Total assets	$	167,358		$	166,353		$	161,982		$	158,244			$	154,345		1		8
Loans	145,406			144,434			140,558			136,710				132,634			1		10
Core loans	145,406			144,434			140,558			136,710				132,634			1		10
Deposits	138,235			132,486			133,021			139,557				144,199			4		(4	)
Equity	10,500			9,000			9,000			9,000				9,000			17		17

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	4		$	3		$	11		$	(5	)		$	1		33		300
Nonaccrual loans	285			263			285			323				359			8		(21	)
Allowance for credit losses:
Allowance for loan losses	325			326			317			304				301			—		8
Allowance for lending-related commitments	18			16			15			15				13			13		38
Total allowance for credit losses	343			342			332			319				314			—		9
Net charge-off/(recovery) rate	0.01		%	0.01		%	0.03		%	(0.01		)	%	—		%
Allowance for loan losses to period-end loans	0.23			0.22			0.22			0.22				0.22
Allowance for loan losses to nonaccrual loans	114			124			111			94				84
Nonaccrual loans to period-end loans	0.20			0.18			0.20			0.23				0.26

Page 23



JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)


															Mar 31, 2019
															Change
	Mar 31,			Dec 31,			Sep 30,		Jun 30,			Mar 31,			Dec 31,		Mar 31,
CLIENT ASSETS	2019			2018			2018		2018			2018			2018		2018
Assets by asset class
Liquidity	$	476		$	480		$	463	$	448		$	432		(1	)%	10	%
Fixed income	495			464			457		452			467			7		6
Equity	427			384			452		435			432			11		(1	)
Multi-asset and alternatives	698			659			705		693			685			6		2
TOTAL ASSETS UNDER MANAGEMENT	2,096			1,987			2,077		2,028			2,016			5		4
Custody/brokerage/administration/deposits	801			746			790		771			772			7		4
TOTAL CLIENT ASSETS	$	2,897		$	2,733		$	2,867	$	2,799		$	2,788		6		4

Memo:
Alternatives client assets (a)	$	172		$	171		$	172	$	172		$	169		1		2

Assets by client segment
Private Banking	$	597		$	552		$	576	$	551		$	537		8		11
Institutional	943			926			945		934			937			2		1
Retail	556			509			556		543			542			9		3
TOTAL ASSETS UNDER MANAGEMENT	$	2,096		$	1,987		$	2,077	$	2,028		$	2,016		5		4

Private Banking	$	1,371		$	1,274		$	1,339	$	1,298		$	1,285		8		7
Institutional	965			946			967		956			958			2		1
Retail	561			513			561		545			545			9		3
TOTAL CLIENT ASSETS	$	2,897		$	2,733		$	2,867	$	2,799		$	2,788		6		4

Assets under management rollforward
Beginning balance	$	1,987		$	2,077		$	2,028	$	2,016		$	2,034
Net asset flows:
Liquidity	(5		)	21			14		17			(21		)
Fixed income	19			8			3		(7		)	(5		)
Equity	(6		)	(6		)	1		2			5
Multi-asset and alternatives	(3		)	(5		)	4		9			16
Market/performance/other impacts	104			(108		)	27		(9		)	(13		)
Ending balance	$	2,096		$	1,987		$	2,077	$	2,028		$	2,016

Client assets rollforward
Beginning balance	$	2,733		$	2,867		$	2,799	$	2,788		$	2,789
Net asset flows	9			30			33		11			14
Market/performance/other impacts	155			(164		)	35		—			(15		)
Ending balance	$	2,897		$	2,733		$	2,867	$	2,799		$	2,788


(a)	Represents assets under management, as well as client balances in brokerage accounts.

Page 24



JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)

	QUARTERLY TRENDS
																1Q19 Change
	1Q19			4Q18			3Q18			2Q18			1Q18			4Q18		1Q18
INCOME STATEMENT
REVENUE
Principal transactions	$	(62	)	$	(204	)	$	(161	)	$	83		$	(144	)	70	%	57	%
Investment securities gains/(losses)	13			(24		)	(46		)	(80		)	(245		)	NM		NM
All other income	57			185			30			139			204			(69	)	(72	)
Noninterest revenue	8			(43		)	(177		)	142			(185		)	NM		NM
Net interest income	417			170			74			(62		)	(47		)	145		NM
TOTAL NET REVENUE (a)	425			127			(103		)	80			(232		)	235		NM

Provision for credit losses	2			(1		)	2			(1		)	(4		)	NM		NM

NONINTEREST EXPENSE (b)	211			508			28			279			87			(58	)	143
Income/(loss) before income tax expense/(benefit)	212			(380		)	(133		)	(198		)	(315		)	NM		NM
Income tax expense/(benefit)	(39		)	197			12			(62		)	68			NM		NM
NET INCOME/(LOSS)	$	251		$	(577	)	$	(145	)	$	(136	)	$	(383	)	NM		NM

MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	511			275			186			87			(38		)	86		NM
Other Corporate	(86		)	(148		)	(289		)	(7		)	(194		)	42		56
TOTAL NET REVENUE	$	425		$	127		$	(103	)	$	80		$	(232	)	235		NM

NET INCOME/(LOSS)
Treasury and CIO	334			175			96			(153		)	(187		)	91		NM
Other Corporate	(83		)	(752		)	(241		)	17			(196		)	89		58
TOTAL NET INCOME/(LOSS)	$	251		$	(577	)	$	(145	)	$	(136	)	$	(383	)	NM		NM

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	796,615		$	771,787		$	742,693		$	746,716		$	779,962		3		2
Loans	1,885			1,597			1,556			1,720			1,724			18		9
Core loans (c)	1,885			1,597			1,556			1,720			1,689			18		12

Headcount	37,502			37,145			36,686			35,877			35,368			1		6

SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains/(losses)	$	13		$	(24	)	$	(46	)	$	(80	)	$	(245	)	NM		NM
Available-for-sale (“AFS”) investment securities (average)	226,605			211,997			197,230			200,232			204,323			7		11
Held-to-maturity (“HTM”) investment securities (average)	31,082			31,466			31,232			30,304			34,020			(1	)	(9	)
Investment securities portfolio (average)	$	257,687		$	243,463		$	228,462		$	230,536		$	238,343		6		8
AFS investment securities (period-end)	234,832			228,681			198,523			200,434			207,703			3		13
HTM investment securities (period-end)	30,849			31,434			31,368			31,006			29,042			(2	)	6
Investment securities portfolio (period-end)	$	265,681		$	260,115		$	229,891		$	231,440		$	236,745		2		12


(a)	Included tax-equivalent adjustments, driven by tax-exempt income from municipal bond investments, of $86 million, $95 million, $94 million, $95 million and $98 million for the three months ended March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, respectively.


(b)	Included legal expense/(benefit) of $(90) million, $(16) million, $(175) million, $(8) million and $(42) million for the three months ended March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018, and March 31, 2018, respectively.


(c)	Average core loans were $1.6 billion for the three months ended March 31, 2019, December 31, 2018, September 30, 2018 and March 31, 2018, respectively, and $1.7 billion for the three months ended June 30, 2018.

Page 25



JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
												Mar 31, 2019
												Change
	Mar 31,		Dec 31,		Sep 30,			Jun 30,		Mar 31,		Dec 31,		Mar 31,
	2019		2018		2018			2018		2018		2018		2018
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained, excluding PCI loans	$	336,508	$	349,603	$	350,749		$	347,610	$	343,738	(4	)%	(2	)%
Loans - PCI	23,207		24,034		25,209			26,977		29,505		(3	)	(21	)
Total loans retained	359,715		373,637		375,958			374,587		373,243		(4	)	(4	)
Loans held-for-sale	4,199		95		104			110		152		NM		NM
Total consumer, excluding credit card loans	363,914		373,732		376,062			374,697		373,395		(3	)	(3	)

Credit card loans
Loans retained	150,515		156,616		147,856			145,221		140,348		(4	)	7
Loans held-for-sale	12		16		25			34		66		(25	)	(82	)
Total credit card loans	150,527		156,632		147,881			145,255		140,414		(4	)	7
Total consumer loans	514,441		530,364		523,943			519,952		513,809		(3	)	—

Wholesale loans (b)
Loans retained	433,611		439,162		423,837			420,632		412,020		(1	)	5
Loans held-for-sale and loans at fair value	8,193		15,028		6,538			7,830		8,595		(45	)	(5	)
Total wholesale loans	441,804		454,190		430,375			428,462		420,615		(3	)	5

Total loans	956,245		984,554		954,318			948,414		934,424		(3	)	2
Derivative receivables	50,333		54,213		60,062			58,510		56,914		(7	)	(12	)
Receivables from customers and other (c)	20,952		30,217		26,137			27,607		27,996		(31	)	(25	)
Total credit-related assets	1,027,530		1,068,984		1,040,517			1,034,531		1,019,334		(4	)	1

Lending-related commitments
Consumer, excluding credit card	48,922		46,066		50,630			51,784		49,516		6		(1	)
Credit card	626,922		605,379		600,728			592,452		588,232		4		7
Wholesale	384,957		387,813		397,316		(f)	401,757		384,275		(1	)	—
Total lending-related commitments	1,060,801		1,039,258		1,048,674			1,045,993		1,022,023		2		4

Total credit exposure	$	2,088,331	$	2,108,242	$	2,089,191		$	2,080,524	$	2,041,357	(1	)	2

Memo: Total by category
Consumer exposure (d)	$	1,190,305	$	1,181,963	$	1,175,456		$	1,164,341	$	1,151,698	1		3
Wholesale exposures (e)	898,026		926,279		913,735			916,183		889,659		(3	)	1
Total credit exposure	$	2,088,331	$	2,108,242	$	2,089,191		$	2,080,524	$	2,041,357	(1	)	2

Note: The Firm provides several non-GAAP financial measures which exclude the impact of PCI loans. For further discussion of these measures, refer to page 28.


(a)	Includes loans reported in CCB, prime mortgage and home equity loans reported in AWM, and prime mortgage loans reported in Corporate.


(b)	Includes loans reported in CIB, CB and AWM business segments and Corporate.


(c)	Predominantly includes receivables from customers, which represent held-for-investment margin loans to prime and retail brokerage customers; these are classified in accrued interest and accounts receivable on the Consolidated balance sheets.


(d)	Represents total consumer loans, lending-related commitments, and receivables from customers and other.


(e)	Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers and other.


(f)	The prior period amount has been revised to conform with the current period presentation.

Page 26



JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

																Mar 31, 2019
																Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,		Mar 31,
	2019			2018			2018			2018			2018			2018		2018
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans (b)(c)	$	3,389		$	3,461		$	3,636		$	3,979		$	4,260		(2	)	(20	)

Wholesale nonaccrual loans
Loans retained	1,570			1,150			994			1,156			1,594			37		(2	)
Loans held-for-sale and loans at fair value	313			220			14			175			29			42		NM
Total wholesale nonaccrual loans	1,883			1,370			1,008			1,331			1,623			37		16

Total nonaccrual loans	5,272			4,831			4,644			5,310			5,883			9		(10	)

Derivative receivables	44			60			90			112			132			(27	)	(67	)
Assets acquired in loan satisfactions	300			299			300			345			349			—		(14	)
Total nonperforming assets	5,616			5,190			5,034			5,767			6,364			8		(12	)
Wholesale lending-related commitments (d)	455			469			252			712			746			(3	)	(39	)
Total nonperforming exposure	$	6,071		$	5,659		$	5,286		$	6,479		$	7,110		7		(15	)

NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans	0.55		%	0.49		%	0.49		%	0.56		%	0.63		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	0.93			0.93			0.97			1.06			1.14
Total wholesale nonaccrual loans to total
wholesale loans	0.43			0.30			0.23			0.31			0.39

(a)

At March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018, and March 31, 2018, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $2.2 billion, $2.6 billion, $2.9 billion, $3.3 billion and $4.0 billion, respectively, that are 90 or more days past due; and (2) real estate owned (“REO”) insured by U.S. government agencies of $69 million, $75 million, $78 million, $84 million and $94 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance issued by the Federal Financial Institutions Examination Council (“FFIEC”). Under this guidance, non-modified credit card loans are charged off by the end of the month in which the account becomes 180 days past due, while modified credit card loans are charged off when the account becomes 120 days past due. Moreover, all credit card loans must be charged off within 60 days of receiving notification about certain specified events (e.g., bankruptcy of the borrower).


(b)	Included nonaccrual loans held-for-sale of $34 million at March 31, 2018. There were no nonaccrual loans held-for-sale in all other periods presented.


(c)	Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as they are all performing.


(d)	Represents commitments that are risk rated as nonaccrual.

Page 27



JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

	QUARTERLY TRENDS
																1Q19 Change
	1Q19			4Q18			3Q18			2Q18			1Q18			4Q18		1Q18
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	13,445		$	13,128		$	13,250		$	13,375		$	13,604		2	%	(1	)%
Net charge-offs:
Gross charge-offs	1,642			1,532			1,459			1,718			1,640			7		—
Gross recoveries	(281		)	(296		)	(426		)	(466		)	(305		)	5		8
Net charge-offs	1,361			1,236			1,033			1,252			1,335			10		2
Write-offs of PCI loans (a)	50			36			58			73			20			39		150
Provision for loan losses	1,492			1,591			968			1,199			1,127			(6	)	32
Other	7			(2		)	1			1			(1		)	NM		NM
Ending balance	$	13,533		$	13,445		$	13,128		$	13,250		$	13,375		1		1

ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	1,055		$	1,097		$	1,117		$	1,107		$	1,068		(4	)	(1	)
Provision for lending-related commitments	3			(43		)	(20		)	11			38			NM		(92	)
Other	—			1			—			(1		)	1			NM		NM
Ending balance	$	1,058		$	1,055		$	1,097		$	1,117		$	1,107		—		(4	)

Total allowance for credit losses	$	14,591		$	14,500		$	14,225		$	14,367		$	14,482		1		1

NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans (b)	0.13		%	0.09		%	0.01		%	(0.06		)%	0.16		%
Credit card retained loans	3.23			2.93			2.91			3.27			3.32
Total consumer retained loans	1.02			0.91			0.82			0.86			1.04
Wholesale retained loans	0.04			0.03			(0.04		)	0.14			0.02
Total retained loans	0.58			0.52			0.43			0.54			0.59
Consumer retained loans, excluding credit card and
PCI loans	0.13			0.10			0.01			(0.07		)	0.17
Consumer retained loans, excluding PCI loans	1.07			0.95			0.86			0.91			1.10
Total retained, excluding PCI loans	0.59			0.53			0.45			0.56			0.61

Memo: Average retained loans
Consumer retained, excluding credit card loans	$	370,777		$	374,686		$	375,742		$	374,377		$	372,739		(1	)	(1	)
Credit card retained loans	151,120			150,574			146,244			142,685			142,830			—		6
Total average retained consumer loans	521,897			525,260			521,986			517,062			515,569			(1	)	1
Wholesale retained loans	434,660			426,594			420,597			414,980			404,859			2		7
Total average retained loans	$	956,557		$	951,854		$	942,583		$	932,042		$	920,428		—		4

Consumer retained, excluding credit card and
PCI loans	$	347,145		$	350,053		$	349,367		$	345,601		$	342,690		(1	)	1
Consumer retained, excluding PCI loans	498,265			500,627			495,611			488,286			485,520			—		3
Total retained, excluding PCI loans	932,925			927,218			916,205			903,263			890,376			1		5


(a)	Write-offs of PCI loans are recorded against the allowance for loan losses when actual losses for a pool exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan is recognized when the underlying loan is removed from a pool.


(b)	The net charge-off rates exclude the write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans.

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JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

																Mar 31, 2019
																Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,		Mar 31,
	2019			2018			2018			2018			2018			2018		2018
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	151		$	196		$	204		$	226		$	266		(23	)%	(43	)%
Formula-based	2,208			2,162			2,154			2,130			2,089			2		6
PCI	1,738			1,788			1,824			2,132			2,205			(3	)	(21	)
Total consumer, excluding credit card	4,097			4,146			4,182			4,488			4,560			(1	)	(10	)
Credit card
Asset-specific (b)	461			440			421			402			393			5		17
Formula-based	4,722			4,744			4,613			4,482			4,491			—		5
Total credit card	5,183			5,184			5,034			4,884			4,884			—		6
Total consumer	9,280			9,330			9,216			9,372			9,444			(1	)	(2	)
Wholesale
Asset-specific (a)	417			297			280			318			474			40		(12	)
Formula-based	3,836			3,818			3,632			3,560			3,457			—		11
Total wholesale	4,253			4,115			3,912			3,878			3,931			3		8
Total allowance for loan losses	13,533			13,445			13,128			13,250			13,375			1		1
Allowance for lending-related commitments	1,058			1,055			1,097			1,117			1,107			—		(4	)
Total allowance for credit losses	$	14,591		$	14,500		$	14,225		$	14,367		$	14,482		1		1

CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	1.14		%	1.11		%	1.11		%	1.20		%	1.22		%
Credit card allowance to total credit card retained loans	3.44			3.31			3.40			3.36			3.48
Wholesale allowance to total wholesale retained loans	0.98			0.94			0.92			0.92			0.95
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (c)	1.06			1.01			0.99			1.00			1.04
Total allowance to total retained loans	1.43			1.39			1.39			1.41			1.44
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (d)	121			120			115			113			108
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (d)	168			179			175			163			146
Wholesale allowance to wholesale retained nonaccrual loans	271			358			394			335			247
Total allowance to total retained nonaccrual loans	273			292			284			258			230

CREDIT RATIOS, excluding PCI loans
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	0.70			0.67			0.67			0.68			0.69
Total allowance to total retained loans	1.28			1.23			1.23			1.22			1.25
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (d)	70			68			65			59			56
Allowance, excluding credit card allowance, to retained non-
accrual loans, excluding credit card nonaccrual loans (d)	133			140			135			121			108
Total allowance to total retained nonaccrual loans	238			253			244			217			192


(a)	Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified in a troubled debt restructuring (“TDR”).


(b)	The asset-specific credit card allowance for loan losses relates to loans that have been modified in a TDR; the Firm calculates such allowance based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.


(c)	Management uses allowance for loan losses to period-end loans retained, excluding CIB’s trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of the wholesale allowance coverage ratio.


(d)	For information on the Firm’s nonaccrual policy for credit card loans, refer to footnote (a) on page 25.

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JPMORGAN CHASE & CO.

NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES

Non-GAAP Financial Measures

(a)

In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm and each of the reportable business segments on a FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.

(b)

TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are meaningful to the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

(c)

The ratios of the allowance for loan losses to period-end loans retained, the allowance for loan losses to nonaccrual loans retained, and nonaccrual loans to total period-end loans excluding credit card and PCI loans, exclude the following: loans accounted for at fair value and loans held-for-sale; PCI loans; and the allowance for loan losses related to PCI loans. Additionally, net charge-offs and net charge-off rates exclude the impact of PCI loans. The ratio of the wholesale and CIB’s allowance for loan losses to period-end loans retained, excluding trade finance and conduits, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB’s trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the respective allowance coverage ratio.

(d)In addition to reviewing net interest income and the net interest yield on a managed basis, management also reviews these metrics excluding CIB’s Markets businesses to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities. The resulting metrics are referred to as non-markets related net interest income and net yield. CIB’s Markets businesses are Fixed Income Markets and Equity Markets. Management believes that disclosure of non-markets related net interest income and net yield provide investors and analysts with other measures by which to analyze the non-markets-related business trends of the Firm and provides a comparable measure to other financial institutions that are primarily focused on lending, investing and deposit-raising activities.



	QUARTERLY TRENDS
																1Q19 Change
	1Q19			4Q18			3Q18			2Q18			1Q18			4Q18		1Q18
NET INTEREST INCOME EXCLUDING CIB’s MARKETS
Net interest income - managed basis^(a)(b)	$	14,596		$	14,509		$	14,062		$	13,646		$	13,470		1	%	8	%
Less: CIB Markets net interest income	624			599			704			754			1,030			4		(39	)
Net interest income excluding CIB Markets^(a)	$	13,972		$	13,910		$	13,358		$	12,892		$	12,440		—		12

Average interest-earning assets	$	2,313,103		$	2,270,170		$	2,220,258		$	2,222,277		$	2,203,413		2	%	5	%
Less: Average CIB Markets interest-earning assets	663,389			621,451			613,737			611,432			591,547			7		12
Average interest-earning assets excluding CIB Markets	$	1,649,714		$	1,648,719		$	1,606,521		$	1,610,845		$	1,611,866		—		2

Net interest yield on average interest-earning assets - managed basis	2.56		%	2.54		%	2.51		%	2.46		%	2.48		%
Net interest yield on average CIB Markets interest-earning assets	0.38		%	0.38		%	0.46		%	0.49		%	0.71		%
Net interest yield on average interest-earning assets excluding CIB Markets	3.43		%	3.35		%	3.30		%	3.21		%	3.13		%

(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.

(b) For a reconciliation of net interest income on a reported and managed basis, refer to reconciliation from reported U.S. GAAP results to managed basis on page 7.

Key Performance Measures


(a)	Core loans represent loans considered central to the Firm’s ongoing businesses; core loans exclude loans classified as trading assets, runoff portfolios, discontinued portfolios and portfolios the Firm has an intent to exit.

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