jpm-20210713
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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): July 13, 2021
JPMorgan Chase & Co.
(Exact name of registrant as specified in its charter)
Delaware1-580513-2624428
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)(I.R.S. employer
identification no.)
383 Madison Avenue,
New York,New York10179
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212270-6000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stockJPMThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD
JPM PR DThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE
JPM PR CThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG
JPM PR JThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJJPM PR KThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL
JPM PR L
The New York Stock Exchange
Alerian MLP Index ETNs due May 24, 2024AMJNYSE Arca, Inc.
Guarantee of Callable Step-Up Fixed Rate Notes due April 26, 2028 of JPMorgan Chase Financial Company LLC
JPM/28The New York Stock Exchange
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC
JPM/32The New York Stock Exchange
Indicate by check mark whether the registrant 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 July 13, 2021, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) reported 2021 second quarter net income of $11.9 billion, or $3.78 per share, compared with net income of $4.7 billion, or $1.38 per share, in the second quarter of 2020. A copy of the 2021 second 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, 2020, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase does not undertake to update any forward-looking statements.











Item 9.01 Financial Statements and Exhibits

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

2



SIGNATURE

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

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

Dated:July 13, 2021



3
Document
Exhibit 99.1
JPMorgan Chase & Co.
383 Madison Avenue, New York, NY 10179-0001
NYSE symbol: JPM
www.jpmorganchase.com
https://cdn.kscope.io/1c231674cfc0fd1f0c300bbbe5fc4c3a-jpmclogoa18a.gif
JPMORGAN CHASE REPORTS SECOND-QUARTER 2021 NET INCOME OF $11.9 BILLION ($3.78 PER SHARE)
SECOND-QUARTER 2021 RESULTS1
ROE 18%
ROTCE2 23%
CET1 Capital Ratios3
Std. 13.0% | Adv. 13.8%
Net payout LTM4,5
45%
Firmwide Metricsn
Reported revenue of $30.5 billion; managed revenue of $31.4 billion2
nCredit costs net benefit of $2.3 billion included $3.0 billion of net reserve releases and $734 million of net charge-offs
n
Average loans6 flat; average deposits up 23%
n
$1.6 trillion of liquidity sources, including HQLA and unencumbered marketable securities7
CCB

ROE 44%
nAverage deposits up 25%; client investment assets up 36%
n
Average loans6 down 3%; debit and credit card sales volume8 up 45%
nActive mobile customers up 10%
CIB

 ROE 23%
n#1 ranking for Global Investment Banking fees with 9.4% wallet share YTD
nTotal Markets revenue of $6.8 billion, down 30%, with Fixed Income Markets down 44% and Equity Markets up 13%
CB

ROE 23%
nGross Investment Banking revenue of $1.2 billion, up 37%
nAverage loans down 12%; average deposits up 22%
AWM

 ROE 32%
nAssets under management (AUM) of $3.0 trillion, up 21%
nAverage loans up 21%; average deposits up 37%
Jamie Dimon, Chairman and CEO, commented on the financial results: “JPMorgan Chase delivered solid performance across our businesses as we generated over $30 billion in revenue while continuing to make significant investments in technology, people and market expansion. This quarter we once again benefited from a significant reserve release as the environment continues to improve, but as we have said before, we do not consider these core or recurring profits. Our earnings, not including the reserve release, were $9.6 billion. Consumer and wholesale balance sheets remain exceptionally strong as the economic outlook continues to improve. In particular, net charge-offs, down 53%, were better than expected, reflecting the increasingly healthy condition of our customers and clients.”

Dimon continued: “In Consumer & Community Banking, combined debit and credit card spend was up 45%, or up 22% versus the more normal, pre-pandemic second quarter of 2019. We saw accelerating growth across categories including in travel and entertainment, which returned to growth in June, up 13% vs. 2019. Originations in Home Lending, up 64% to $40 billion, and Auto, up 61% to $12 billion, remained very strong. However, CCB loans were down 3% reflecting elevated prepayments in mortgage and lower Card balances. Deposits were up 25%, and investment assets were up 36%, driven by market appreciation and positive net flows. In the Corporate & Investment Bank, Global IB fees are at an all-time high of $3.6 billion, up 25%, driven by an active M&A market as well as acquisition financing in DCM. Markets revenue, down 30% compared to a record last year, was up 25% versus 2019 on strong client activity. Similarly, Commercial Banking earned gross IB revenue of $1.2 billion, up 37%. In Asset & Wealth Management, AUM of $3 trillion grew 21% driven by higher asset values and strong net inflows, and loans were up 21% primarily driven by securities-based lending.”

Dimon continued:We are constantly investing, innovating and making strategic, add-on acquisitions to better serve our employees, customers and communities. In the first half of 2021, we extended credit and raised $1.7 trillion in capital for businesses, institutional clients, and U.S. customers. We are executing on our commitments to advance economic opportunity and racial equity and launched a new initiative focused on improving healthcare for our employees and the communities we serve.”

Dimon concluded: “Our longstanding capital hierarchy remains the same – first and foremost, to invest in and grow our market-leading businesses to support our clients, customers and communities – even in the most difficult of times, second, to pay a sustainable dividend which we have already announced we are increasing, and third, to return any remaining excess capital to shareholders through share buybacks which we plan to continue under our existing authorization.”
SIGNIFICANT ITEM
n    2Q21 results included:
n    $3.0 billion of credit reserve releases Firmwide ($0.75 increase in earnings per share (EPS))
n    Excluding credit reserve releases2: 2Q21 net income of $9.6 billion, EPS of $3.03
and ROTCE of 18%
CAPITAL DISTRIBUTED
n    Common dividend of $2.7 billion, or $0.90 per share
n    $5.9 billion of common stock net repurchases in 2Q215, 9
FORTRESS PRINCIPLES
n    Book value per share of $84.85, up 10%; tangible book value per share2 of $68.91,
up 12%
n    Basel III common equity Tier 1 capital3 of $209 billion and Standardized ratio3 of 13.0%; Advanced ratio3 of 13.8%
n    Firm supplementary leverage ratio of 5.4%
OPERATING LEVERAGE
n    2Q21 reported expense of $17.7 billion; reported overhead ratio of 58%; managed overhead ratio2 of 56%

SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES
n    $1.7 trillion of credit and capital10 raised YTD
n    $151 billion of credit for consumers
n    $10 billion of credit for U.S. small businesses
n    $656 billion of credit for corporations
n    $879 billion of capital raised for corporate clients and non-U.S. government
entities
n    $32 billion of credit and capital raised for nonprofit and U.S. government
entities, including states, municipalities, hospitals and universities
n    $11 billion of loans under the Small Business Administration’s Paycheck
Protection Program (PPP) YTD
Investor Contact: Reggie Chambers (212) 270-2479
Note: Totals may not sum due to rounding
1Percentage comparisons noted in the bullet points are for the second quarter of 2021 versus the prior-year second quarter, unless otherwise specified
 2For notes on non-GAAP financial measures, including managed basis reporting, see page 6.
For additional notes see page 7.
Media Contact: Joseph Evangelisti (212) 270-7438

JPMorgan Chase & Co.
News Release
In the discussion below of Firmwide results of JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), information is presented on a managed basis, which is a non-GAAP financial measure, unless otherwise specified. The discussion below of the Firm’s business segments is also presented on a managed basis. For more information about managed basis, and non-GAAP financial measures used by management to evaluate the performance of each line of business, refer to page 6.
Comparisons noted in the sections below are for the second quarter of 2021 versus the prior-year second quarter, unless otherwise specified.
JPMORGAN CHASE (JPM)
Net revenue on a reported basis was $30.5 billion, $32.3 billion, and $33.1 billion for the second quarter of 2021, first quarter of 2021, and second quarter of 2020, respectively.11
Results for JPM1Q212Q20
($ millions, except per share data)2Q211Q212Q20$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue - managed$31,395 $33,119 $33,817 $(1,724)(5)%$(2,422)(7)%
Noninterest expense17,667 18,725 16,942 (1,058)(6)725 
Provision for credit losses(2,285)(4,156)10,473 1,871 45 (12,758)NM
Net income$11,948 $14,300 $4,687 $(2,352)(16)%$7,261 155 %
Earnings per share - diluted$3.78 $4.50 $1.38 $(0.72)(16)%$2.40 174 %
Return on common equity
18 %23 %%
Return on tangible common equity
23 29 
Discussion of Results:
Net income was $11.9 billion, up $7.3 billion, driven by credit reserve releases of $3.0 billion compared to credit reserve builds of $8.9 billion in the prior year.
Net revenue of $31.4 billion was down 7%. Noninterest revenue was $18.5 billion, down 7%, driven by lower CIB Markets revenue and $678 million of markups on held-for-sale positions in the bridge book12 recorded in the prior year, largely offset by higher Investment Banking fees in CIB, higher Card income and higher AWM management fees. Net interest income was $12.9 billion, down 8%, predominantly driven by lower net interest income in CIB Markets and lower loans in Card.
Noninterest expense was $17.7 billion, up 4%, largely driven by continued investments in the business including technology and front office hiring.
The provision for credit losses was a net benefit of $2.3 billion driven by net reserve releases of $3.0 billion and $734 million of net charge-offs, compared to an expense of $10.5 billion in the prior year predominantly driven by net reserve builds of $8.9 billion. The net reserve release was driven by improvements in the Firm’s economic outlook. The net reserve release comprised of $2.6 billion in Consumer – predominantly driven by $1.8 billion in Card and $600 million in Home Lending – and $442 million in Wholesale. Net charge-offs of $734 million were down $826 million on decreases in both Consumer, predominantly in Card, and in Wholesale.
2

JPMorgan Chase & Co.
News Release
CONSUMER & COMMUNITY BANKING (CCB)
Results for CCB1Q212Q20
($ millions)2Q211Q212Q20$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$12,760 $12,517 $12,358 $243 %$402 %
Consumer & Business Banking6,016 5,635 5,248 381 768 15 
Home Lending1,349 1,458 1,687 (109)(7)(338)(20)
Card & Auto5,395 5,424 5,423 (29)(1)(28)(1)
Noninterest expense7,062 7,202 6,767 (140)(2)295 
Provision for credit losses(1,868)(3,602)5,828 1,734 48 (7,696)NM
Net income/(loss)$5,634 $6,728 $(176)$(1,094)(16)%$5,810 NM
Discussion of Results 13,14:
Net income was $5.6 billion, up $5.8 billion, predominantly driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.8 billion, up 3%.
Consumer & Business Banking net revenue was $6.0 billion, up 15%, predominantly driven by growth in deposit balances, increased debit transactions, the impact of PPP loans and growth in client investment assets, partially offset by deposit margin compression. Home Lending net revenue was $1.3 billion, down 20%, driven by lower production margins and lower net servicing revenue, partially offset by higher production volumes. Card & Auto net revenue was $5.4 billion, flat versus the prior year.
Noninterest expense was $7.1 billion, up 4%, driven by continued investments and higher volume- and revenue-related expense.
The provision for credit losses was a net benefit of $1.9 billion, reflecting a $2.6 billion reserve release driven by improvements in the Firm’s economic outlook compared to a $4.6 billion reserve build in the prior year. Net charge-offs were $732 million, down $546 million, predominantly driven by Card.
3

JPMorgan Chase & Co.
News Release
CORPORATE & INVESTMENT BANK (CIB)
Results for CIB1Q212Q20
($ millions)2Q211Q212Q20$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$13,214 $14,605 $16,383 $(1,391)(10)%$(3,169)(19)%
Banking5,106 4,508 5,058 598 13 48 
Markets & Securities Services8,108 10,097 11,325 (1,989)(20)(3,217)(28)
Noninterest expense6,523 7,104 6,812 (581)(8)(289)(4)
Provision for credit losses(79)(331)1,987 252 76 (2,066)NM
Net income$4,985 $5,740 $5,451 $(755)(13)%$(466)(9)%
Discussion of Results13:
Net income was $5.0 billion, down 9%, with revenue of $13.2 billion, down 19%.
Banking revenue was $5.1 billion, up 1%. Investment Banking revenue was $3.4 billion, up 1%, driven by higher Investment Banking fees, up 25%, reflecting higher fees across products. The prior year included $659 million of markups on held-for-sale positions in the bridge book12. Wholesale Payments revenue was $1.5 billion, up 5%, driven by higher deposit balances and fees, predominantly offset by deposit margin compression. Lending revenue was $229 million, down 15%, driven by lower net interest income, largely offset by lower mark-to-market losses on hedges of accrual loans compared to the prior year.
Markets & Securities Services revenue was $8.1 billion, down 28%. Markets revenue was $6.8 billion, down 30%. Fixed Income Markets revenue was $4.1 billion, down 44%, driven by lower revenue across products as compared with a favorable performance in the prior year. Equity Markets revenue was $2.7 billion, up 13%, driven by strong performance across products. Securities Services revenue was $1.1 billion, down 1%, driven by deposit margin compression, predominantly offset by growth in deposits and fees. Credit Adjustments & Other was a gain of $233 million largely driven by valuation adjustments in the current year. The prior year gain of $510 million was driven by funding spread tightening on derivatives.
Noninterest expense was $6.5 billion, down 4%, driven by lower revenue-related expense, primarily performance-related compensation, partially offset by higher volume-related expense.
The provision for credit losses was a net benefit of $79 million, driven by net reserve releases.
COMMERCIAL BANKING (CB)
Results for CB1Q212Q20
($ millions)2Q211Q212Q20$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$2,483 $2,393 $2,400 $90 %$83 %
Noninterest expense981 969 893 12 88 10 
Provision for credit losses(377)(118)2,431 (259)(219)(2,808)NM
Net income/(loss)$1,420 $1,168 $(681)$252 22 %$2,101 NM
Discussion of Results13:
Net income was $1.4 billion, up $2.1 billion, primarily reflecting the absence of credit reserve builds in the prior year.
Net revenue of $2.5 billion was up 3%, driven by higher revenue from investment banking, lending and wholesale payments, largely offset by the absence of a gain on a strategic investment in the prior year and lower deposit revenue.
Noninterest expense was $981 million, up 10%, predominantly driven by higher volume- and revenue-related expense and investments in the business.
The provision for credit losses was a net benefit of $377 million, driven by net reserve releases. Net charge-offs were $3 million.
4

JPMorgan Chase & Co.
News Release

ASSET & WEALTH MANAGEMENT (AWM)
Results for AWM1Q212Q20
($ millions)2Q211Q212Q20$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$4,107 $4,077 $3,430 $30 %$677 20 %
Noninterest expense2,586 2,574 2,323 12 — 263 11 
Provision for credit losses(10)(121)223 111 92 (233)NM
Net income$1,153 $1,244 $661 $(91)(7)%$492 74 %
Discussion of Results14:     
Net income was $1.2 billion, up 74%.
Net revenue was $4.1 billion, up 20%, largely driven by higher management fees and growth in deposit and loan balances, partially offset by deposit margin compression.
Noninterest expense was $2.6 billion, up 11%, driven by higher volume- and revenue-related expense, primarily performance-related compensation and distribution expense.
Assets under management were $3.0 trillion, up 21%, driven by higher market levels, as well as cumulative net inflows into long-term products.
CORPORATE
Results for Corporate1Q212Q20
($ millions)2Q211Q212Q20$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$(1,169)$(473)$(754)$(696)(147)%$(415)(55)%
Noninterest expense515 876 147 (361)(41)368 250 
Provision for credit losses49 16 33 206 45 NM
Net income/(loss)$(1,244)$(580)$(568)$(664)(114)%$(676)(119)%
Discussion of Results:
Net loss was $1.2 billion, compared with a net loss of $568 million in the prior year.
Net revenue was a loss of $1.2 billion compared with a loss of $754 million in the prior year. Net interest income was a loss of $961 million, down $274 million, primarily on limited deployment opportunities as deposit growth continued. The current quarter included net investment securities losses of $155 million.
Noninterest expense was $515 million, up $368 million compared to the prior year, predominantly driven by higher legal and technology expense.





5

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

a.The Firm prepares its Consolidated Financial Statements in accordance with 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 the U.S. GAAP financial statements of other companies. 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 from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business. For a reconciliation of the Firm’s results from a reported to managed basis, see page 7 of the Earnings Release Financial Supplement.

b.Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”), are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than mortgage servicing rights), net of related deferred tax liabilities. For a reconciliation from common stockholders’ equity to TCE, see page 9 of the Earnings Release Financial Supplement. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. Book value per share was $84.85, $82.31 and $76.91 at June 30, 2021, March 31, 2021, and June 30, 2020, respectively. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

c.Second-quarter 2021 net income, earnings per share and ROTCE excluding credit reserve releases (“significant item”) are non-GAAP financial measures. The credit reserve releases represent the portion of the provision for credit losses attributable to the change in allowance for credit losses. Excluding credit reserve releases resulted in a decrease of $2.3 billion (after tax) to reported net income from $11.9 billion to $9.6 billion; a decrease of $0.75 per share to reported EPS from $3.78 to $3.03; and a decrease of 5% to ROTCE from 23% to 18%. Management believes these measures provide useful information to investors and analysts in assessing the Firm’s results.


6

JPMorgan Chase & Co.
News Release
Additional notes:

3. Estimated. Reflects the relief provided by the Federal Reserve Board (the “Federal Reserve”) in response to the COVID-19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020. For the period ended June 30, 2021, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $3.8 billion. Refer to Capital Risk Management on pages 36-41 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021 for additional information on the Firm’s capital metrics. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 52-53 and Capital Risk Management on pages 91-101 of the Firm’s 2020 Form 10-K for additional information.
4.Last twelve months (“LTM”).
5.Includes the net impact of employee issuances.
6.In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.
7.Estimated. High-quality liquid assets (“HQLA”) and unencumbered marketable securities, includes the Firm’s average eligible HQLA, other end-of-period HQLA-eligible securities which are included as part of the excess liquidity at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates and thus excluded from the Firm’s liquidity coverage ratio (“LCR”) under the LCR rule, and other end-of-period unencumbered marketable securities, such as equity and debt securities. Does not include borrowing capacity at Federal Home Loan Banks and the discount window at the Federal Reserve Bank. Refer to Liquidity Risk Management on pages 42-46 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021 and on pages 102-108 of the Firm’s 2020 Form 10-K for additional information.
8.Excludes Commercial Card.
9.On December 18, 2020, the Federal Reserve announced that all large banks, including the Firm, could resume share repurchases commencing in the first quarter of 2021, subject to certain restrictions; the restrictions were extended and expired at the end of the second quarter of 2021. Refer to page 10 of the Earnings Release Financial Supplement for further information.
10.Credit provided to clients represents new and renewed credit, including loans and commitments.
11.In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits from accounts payable and other liabilities to other assets to be a reduction to the carrying value of certain tax-oriented investments. The reclassification also resulted in an increase in income tax expense and a corresponding increase in other income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation, including the Firm’s effective income tax rate. The reclassification did not change the Firm’s results of operations on a managed basis. Refer to page 2 of the Earnings Release Financial Supplement for further information.
12.The bridge book consisted of certain held-for-sale positions, including unfunded commitments, in CIB and CB.
13.In the fourth quarter of 2020, payment processing-only clients along with the associated revenue and expenses were realigned to CIB’s Wholesale Payments business from CCB and CB. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 65 of the Firm’s 2020 Form 10-K for further information.
14.In the fourth quarter of 2020, the Firm realigned certain wealth management clients from AWM to CCB. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 65 of the Firm’s 2020 Form 10-K for further information.





7

JPMorgan Chase & Co.
News Release

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.7 trillion in assets and $286.4 billion in stockholders’ equity as of June 30, 2021. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S. and globally many of the world’s most prominent corporate, institutional and government clients. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

JPMorgan Chase & Co. will host a conference call today, July 13, 2021, at 8:30 a.m. (Eastern) to present second quarter 2021 financial results. The general public can access the call by dialing (866) 659-9159 in the U.S. and Canada, or (617) 399-5172 for international participants; use passcode 26483228#. Please dial in 15 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 July 13, 2021, through 11:59pm on July 27, 2021, by telephone at (888) 286-8010 (U.S. and Canada) or (617) 801-6888 (international); use passcode 84587422#. 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, 2020 and Quarterly Report for the quarterly period ended March 31, 2021 which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.


8
Document
                                                                    
Exhibit 99.2





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EARNINGS RELEASE FINANCIAL SUPPLEMENT

SECOND QUARTER 2021
















                                                                    
JPMORGAN CHASE & CO.
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TABLE OF CONTENTS
Page(s)
Consolidated Results
Consolidated Financial Highlights2–3
Consolidated Statements of Income4
Consolidated Balance Sheets5
Condensed Average Balance Sheets and Annualized Yields6
Reconciliation from Reported to Managed Basis7
Segment Results - Managed Basis8
Capital and Other Selected Balance Sheet Items9
Earnings Per Share and Related Information10
Business Segment Results
Consumer & Community Banking (“CCB”)11–14
Corporate & Investment Bank (“CIB”)15–17
Commercial Banking (“CB”)18–19
Asset & Wealth Management (“AWM”)20–22
Corporate23
Credit-Related Information24–27
Non-GAAP Financial Measures28
Glossary of Terms and Acronyms (a)
(a)    Refer to the Glossary of Terms and Acronyms on pages 305–311 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”) and
the Glossary of Terms and Acronyms and Line of Business Metrics on pages 163-168 and pages 169-171, respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31,
2021.


                                                                    

JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q21 Change2021 Change
SELECTED INCOME STATEMENT DATA 2Q211Q214Q203Q202Q201Q212Q20202120202020
Reported Basis
Total net revenue (a)$30,479 $32,266 $29,335 $29,255 $33,075 (6)%(8)%$62,745 $61,361 %
Total noninterest expense17,667 18,725 16,048 16,875 16,942 (6)36,392 33,733 
Pre-provision profit (b)12,812 13,541 13,287 12,380 16,133 (5)(21)26,353 27,628 (5)
Provision for credit losses(2,285)(4,156)(1,889)611 10,473 45 NM(6,441)18,758 NM
NET INCOME11,948 14,300 12,136 9,443 4,687 (16)155 26,248 7,552 248 
Managed Basis (c)
Total net revenue31,395 33,119 30,161 29,941 33,817 (5)(7)64,514 62,827 
Total noninterest expense17,667 18,725 16,048 16,875 16,942 (6)36,392 33,733 
Pre-provision profit (b)13,728 14,394 14,113 13,066 16,875 (5)(19)28,122 29,094 (3)
Provision for credit losses(2,285)(4,156)(1,889)611 10,473 45 NM(6,441)18,758 NM
NET INCOME11,948 14,300 12,136 9,443 4,687 (16)155 26,248 7,552 248 
EARNINGS PER SHARE DATA
Net income: Basic$3.79 $4.51 $3.80 $2.93 $1.39 (16)173 $8.30 $2.17 282 
Diluted3.78 4.50 3.79 2.92 1.38 (16)174 8.28 2.17 282 
Average shares: Basic3,036.6 3,073.5 3,079.7 3,077.8 3,076.3 (1)(1)3,054.9 3,086.1 (1)
Diluted3,041.9 3,078.9 3,085.1 3,082.8 3,081.0 (1)(1)3,060.3 3,090.8 (1)
MARKET AND PER COMMON SHARE DATA
Market capitalization$464,778 $460,820 $387,492 $293,451 $286,658 62 $464,778 $286,658 62 
Common shares at period-end2,988.2 3,027.1 3,049.4 3,048.2 3,047.6 (1)(2)2,988.2 3,047.6 (2)
Book value per share84.85 82.31 81.75 79.08 76.91 10 84.85 76.91 10 
Tangible book value per share (“TBVPS”) (b)68.91 66.56 66.11 63.93 61.76 12 68.91 61.76 12 
Cash dividends declared per share0.90 0.90 0.90 0.90 0.90 — — 1.80 1.80 — 
FINANCIAL RATIOS (d)
Return on common equity (“ROE”)18 %23 %19 %15 %%21 %%
Return on tangible common equity (“ROTCE”) (b)23 29 24 19 26 
Return on assets1.29 1.61 1.42 1.14 0.58 1.44 0.50 
CAPITAL RATIOS (e)
Common equity Tier 1 (“CET1”) capital ratio13.0 %(f)13.1 %13.1 %13.1 %12.4 %13.0 %(f)12.4 %
Tier 1 capital ratio15.1 (f)15.0 15.0 15.0 14.3 15.1 (f)14.3 
Total capital ratio17.1 (f)17.2 17.3 17.3 16.7 17.1 (f)16.7 
Tier 1 leverage ratio6.6 (f)6.7 7.0 7.0 6.9 6.6 (f)6.9 
Supplementary leverage ratio (“SLR”)5.4 (f)6.7 6.9 7.0 6.8 5.4 (f)6.8 
 
(a)In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits from accounts payable and other liabilities to other assets to be a reduction to the carrying value of certain tax-oriented investments. The reclassification also resulted in an increase in income tax expense and a corresponding increase in other income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation, including the Firm’s effective income tax rate. The reclassification did not change the Firm’s results of operations on a managed basis.
(b)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure; refer to page 9 for a reconciliation of common stockholders’ equity to TCE. Refer to page 28 for a further discussion of these measures.
(c)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(d)Quarterly ratios are based upon annualized amounts.
(e)The capital metrics reflect the relief provided by the Federal Reserve Board (the “Federal Reserve”) in response to the COVID-19 pandemic, including the Current Expected Credit Losses ("CECL") capital transition provisions that became effective in the first quarter of 2020. For the periods ended June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $3.8 billion, $4.5 billion, $5.7 billion, $6.4 billion and $6.5 billion, respectively. The SLR prior to the periods ended June 30, 2021 reflects the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks, which became effective April 1, 2020 and remained in effect through March 31, 2021. Refer to Capital Risk Management on pages 36-41 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021 for additional information on the Firm’s capital metrics. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 52-53 and Capital Risk Management on pages 91-101 of the Firm’s 2020 Form 10-K for additional information.
(f)Estimated.
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JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q21 Change2021 Change
2Q211Q214Q203Q202Q201Q212Q20202120202020
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)$3,684,256 $3,689,336 $3,384,757 $3,245,061 $3,212,643 — %15 %$3,684,256 $3,212,643 15 %
Loans:
Consumer, excluding credit card loans (b)329,685 324,908 318,579 322,098 323,198 329,685 323,198 
Credit card loans141,802 132,493 144,216 140,377 141,656 — 141,802 141,656 — 
Wholesale loans (b)569,467 553,906 550,058 527,265 544,528 569,467 544,528 
Total Loans1,040,954 1,011,307 1,012,853 989,740 1,009,382 1,040,954 1,009,382 
Deposits:
U.S. offices:
Noninterest-bearing639,114 629,139 572,711 540,116 529,729 21 639,114 529,729 21 
Interest-bearing1,281,432 1,266,856 1,197,032 1,117,149 1,061,093 21 1,281,432 1,061,093 21 
Non-U.S. offices:
Noninterest-bearing24,723 22,661 23,435 21,406 22,752 24,723 22,752 
Interest-bearing359,948 359,456 351,079 322,745 317,455 — 13 359,948 317,455 13 
Total deposits2,305,217 2,278,112 2,144,257 2,001,416 1,931,029 19 2,305,217 1,931,029 19 
Long-term debt 299,926 279,427 281,685 279,175 317,003 (5)299,926 317,003 (5)
Common stockholders’ equity253,548 249,151 249,291 241,050 234,403 253,548 234,403 
Total stockholders’ equity286,386 280,714 279,354 271,113 264,466 286,386 264,466 
Loans-to-deposits ratio (b)45 %44 %47 %49 %52 %45 %52 %
Headcount260,110 259,350 255,351 256,358 256,710 — 260,110 256,710 
95% CONFIDENCE LEVEL - TOTAL VaR (c)
Average VaR$43 $106 $96 $90 $130 (59)(67)
LINE OF BUSINESS NET REVENUE (d)
Consumer & Community Banking$12,760 $12,517 $12,728 $12,895 $12,358 $25,277 $25,645 (1)
Corporate & Investment Bank13,214 14,605 11,352 11,546 16,383 (10)(19)27,819 26,386 
Commercial Banking2,483 2,393 2,463 2,285 2,400 4,876 4,565 
Asset & Wealth Management 4,107 4,077 3,867 3,554 3,430 20 8,184 6,819 20 
Corporate(1,169)(473)(249)(339)(754)(147)(55)(1,642)(588)(179)
TOTAL NET REVENUE$31,395 $33,119 $30,161 $29,941 $33,817 (5)(7)$64,514 $62,827 
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking$5,634 $6,728 $4,325 $3,871 $(176)(16)NM$12,362 $21 NM
Corporate & Investment Bank4,985 5,740 5,349 4,309 5,451 (13)(9)10,725 7,436 44 
Commercial Banking1,420 1,168 2,034 1,086 (681)22 NM2,588 (542)NM
Asset & Wealth Management1,153 1,244 786 876 661 (7)74 2,397 1,330 80 
Corporate(1,244)(580)(358)(699)(568)(114)(119)(1,824)(693)(163)
NET INCOME$11,948 $14,300 $12,136 $9,443 $4,687 (16)155 $26,248 $7,552 248 
In the fourth quarter of 2020, payment processing-only clients along with the associated revenue and expenses were realigned to CIB’s Wholesale Payments business from CCB and CB. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 65 of the Firm’s 2020 Form 10-K for further information.
In the fourth quarter of 2020, the Firm realigned certain wealth management clients from AWM to CCB. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 65 of the Firm’s 2020 Form 10-K for further information.
(a)In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.
(b)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.
(c)Effective July 1, 2020, the Firm refined the scope of VaR to exclude certain asset-backed fair value option elected loans, and included them in other sensitivity-based measures to more effectively measure the risk from these loans. In the absence of this refinement, the average Total VaR for the three months ended June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020 would have been different by $(1) million, $18 million, $23 million and $12 million, respectively.
(d)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
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JPMORGAN CHASE & CO.
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CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q21 Change2021 Change
REVENUE2Q211Q214Q203Q202Q201Q212Q20202120202020
Investment banking fees $3,470 $2,970 $2,583 $2,187 $2,850 17 %22 %$6,440 $4,716 37 %
Principal transactions4,076 6,500 3,321 4,142 7,621 (37)(47)10,576 10,558 — 
Lending- and deposit-related fees1,760 1,687 1,727 1,647 1,431 23 3,447 3,137 10 
Asset management, administration and commissions5,194 5,029 4,901 4,470 4,266 22 10,223 8,806 16 
Investment securities gains/(losses)(155)14 70 473 26 NMNM(141)259 NM
Mortgage fees and related income551 704 767 1,087 917 (22)(40)1,255 1,237 
Card income1,647 1,350 1,297 1,169 974 22 69 2,997 1,969 52 
Other income (a)1,195 1,123 1,411 1,067 1,137 2,318 2,387 (3)
Noninterest revenue17,738 19,377 16,077 16,242 19,222 (8)(8)37,115 33,069 12 
Interest income14,094 14,271 14,550 14,700 16,112 (1)(13)28,365 35,273 (20)
Interest expense1,353 1,382 1,292 1,687 2,259 (2)(40)2,735 6,981 (61)
Net interest income12,741 12,889 13,258 13,013 13,853 (1)(8)25,630 28,292 (9)
TOTAL NET REVENUE30,479 32,266 29,335 29,255 33,075 (6)(8)62,745 61,361 
Provision for credit losses(2,285)(4,156)(1,889)611 10,473 45 NM(6,441)18,758 NM
NONINTEREST EXPENSE
Compensation expense 9,814 10,601 7,954 8,630 9,509 (7)20,415 18,404 11 
Occupancy expense1,090 1,115 1,161 1,142 1,080 (2)2,205 2,146 
Technology, communications and equipment expense 2,488 2,519 2,606 2,564 2,590 (1)(4)5,007 5,168 (3)
Professional and outside services 2,385 2,203 2,259 2,178 1,999 19 4,588 4,027 14 
Marketing626 751 725 470 481 (17)30 1,377 1,281 
Other expense (b)1,264 1,536 1,343 1,891 1,283 (18)(1)2,800 2,707 
TOTAL NONINTEREST EXPENSE17,667 18,725 16,048 16,875 16,942 (6)36,392 33,733 
Income before income tax expense15,097 17,697 15,176 11,769 5,660 (15)167 32,794 8,870 270 
Income tax expense (a)3,149 3,397 3,040 2,326 973 (7)224 6,546 1,318 397 
NET INCOME$11,948 $14,300 $12,136 $9,443 $4,687 (16)155 $26,248 $7,552 248 
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$3.79 $4.51 $3.80 $2.93 $1.39 (16)173 $8.30 $2.17 282 
Diluted earnings per share3.78 4.50 3.79 2.92 1.38 (16)174 8.28 2.17 282 
FINANCIAL RATIOS
Return on common equity (c)18 %23 %19 %15 %%21 %%
Return on tangible common equity (c)(d)23 29 24 19 26 
Return on assets (c)1.29 1.61 1.42 1.14 0.58 1.44 0.50 
Effective income tax rate (a)20.9 19.2 20.0 19.8 17.2 20.0 14.9 
Overhead ratio58 58 55 58 51 58 55 
(a)In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.
(b)Included Firmwide legal expense of $185 million, $28 million, $276 million, $524 million and $118 million for the three months ended June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively, and $213 million and $315 million for the six months ended June 30, 2021 and June 30, 2020 respectively.
(c)Quarterly ratios are based upon annualized amounts.
(d)Refer to page 28 for further discussion of ROTCE.



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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Jun 30, 2021
Change
Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,Jun 30,
2021202120202020202020212020
ASSETS
Cash and due from banks $26,592 $25,397 $24,874 $20,816 $20,544 %29 %
Deposits with banks 678,829 685,675 502,735 466,706 473,185 (1)43 
Federal funds sold and securities purchased under
resale agreements260,987 272,481 296,284 319,849 256,980 (4)
Securities borrowed186,376 179,516 160,635 142,441 142,704 31 
Trading assets:
Debt and equity instruments (a)449,877 470,933 423,496 429,196 416,870 (4)
Derivative receivables70,711 73,119 79,630 76,626 74,846 (3)(6)
Available-for-sale (“AFS”) securities232,161 379,942 388,178 389,583 485,883 (39)(52)
Held-to-maturity (”HTM”) securities, net of allowance for credit losses341,476 217,452 201,821 141,553 72,908 57 368 
Investment securities, net of allowance for credit losses (b)573,637 597,394 589,999 531,136 558,791 (4)
Loans (a)1,040,954 1,011,307 1,012,853 989,740 1,009,382 
Less: Allowance for loan losses19,500 23,001 28,328 30,814 31,591 (15)(38)
Loans, net of allowance for loan losses1,021,454 988,306 984,525 958,926 977,791 
Accrued interest and accounts receivable125,253 114,754 90,503 76,945 72,260 73 
Premises and equipment26,631 26,926 27,109 26,672 26,301 (1)
Goodwill, MSRs and other intangible assets54,655 54,588 53,428 51,594 51,669 — 
Other assets (a)(c)209,254 200,247 151,539 144,154 140,702 49 
TOTAL ASSETS$3,684,256 $3,689,336 $3,384,757 $3,245,061 $3,212,643 — 15 
LIABILITIES
Deposits$2,305,217 $2,278,112 $2,144,257 $2,001,416 $1,931,029 19 
Federal funds purchased and securities loaned or sold
under repurchase agreements245,437 304,019 215,209 236,440 235,647 (19)
Short-term borrowings51,938 54,978 45,208 41,992 48,014 (6)
Trading liabilities:
Debt and equity instruments127,822 130,909 99,558 104,835 107,735 (2)19 
Derivative payables56,045 60,440 70,623 57,658 57,477 (7)(2)
Accounts payable and other liabilities (c)297,082 285,066 231,285 233,241 230,444 29 
Beneficial interests issued by consolidated VIEs14,403 15,671 17,578 19,191 20,828 (8)(31)
Long-term debt299,926 279,427 281,685 279,175 317,003 (5)
TOTAL LIABILITIES3,397,870 3,408,622 3,105,403 2,973,948 2,948,177 — 15 
STOCKHOLDERS’ EQUITY
Preferred stock32,838 31,563 30,063 30,063 30,063 
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital88,194 88,005 88,394 88,289 88,125 — — 
Retained earnings256,983 248,151 236,990 228,014 221,732 16 
Accumulated other comprehensive income/(loss)2,570 1,041 7,986 8,940 8,789 147 (71)
Shares held in RSU Trust, at cost— — — (11)(11)— NM
Treasury stock, at cost(98,304)(92,151)(88,184)(88,287)(88,337)(7)(11)
TOTAL STOCKHOLDERS’ EQUITY286,386 280,714 279,354 271,113 264,466 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,684,256 $3,689,336 $3,384,757 $3,245,061 $3,212,643 — 15 
(a)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.
(b)At June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, the allowance for credit losses on investment securities was $87 million, $94 million, $78 million, $120 million and $23 million, respectively.
(c)In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.

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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDSSIX MONTHS ENDED JUNE 30,
2Q21 Change2021 Change
AVERAGE BALANCES 2Q211Q214Q203Q202Q201Q212Q20202120202020
ASSETS
Deposits with banks $721,214 $631,606 $507,194 $509,979 $477,895 14 %51 %$676,658 $378,821 79 %
Federal funds sold and securities purchased under resale agreements255,831 289,763 327,504 277,899 244,306 (12)272,704 248,855 10 
Securities borrowed190,785 175,019 149,146 147,184 141,328 35 182,945 138,728 32 
Trading assets - debt instruments (a)277,024 322,648 319,585 322,321 345,073 (14)(20)299,710 324,940 (8)
Investment securities585,084 582,460 568,354 548,544 500,254 — 17 583,779 460,891 27 
Loans (a)1,024,633 1,013,524 996,367 991,241 1,029,513 — 1,019,109 1,015,509 — 
All other interest-earning assets (a)(b)122,624 111,549 87,496 77,806 81,320 10 51 117,117 74,875 56 
Total interest-earning assets 3,177,195 3,126,569 2,955,646 2,874,974 2,819,689 13 3,152,022 2,642,619 19 
Trading assets - equity and other instruments 195,038 159,727 138,477 119,905 99,115 22 97 177,480 106,797 66 
Trading assets - derivative receivables74,462 79,013 79,300 81,300 79,298 (6)(6)76,725 72,803 
All other noninterest-earning assets (a)(c)281,992 247,532 225,290 212,939 230,227 14 22 264,857 236,607 12 
TOTAL ASSETS$3,728,687 $3,612,841 $3,398,713 $3,289,118 $3,228,329 15 $3,671,084 $3,058,826 20 
LIABILITIES
Interest-bearing deposits $1,669,376 $1,610,467 $1,529,066 $1,434,034 $1,375,213 21 $1,640,085 $1,295,884 27 
Federal funds purchased and securities loaned or
sold under repurchase agreements261,343 301,386 247,276 253,779 276,815 (13)(6)281,254 260,368 
Short-term borrowings (d)46,185 42,031 36,183 36,697 45,297 10 44,120 41,292 
Trading liabilities - debt and all other interest-bearing liabilities (e)246,666 230,922 213,989 206,643 207,322 19 238,836 200,138 19 
Beneficial interests issued by consolidated VIEs15,117 17,185 18,647 19,838 20,331 (12)(26)16,145 19,189 (16)
Long-term debt 248,552 239,398 237,144 267,175 269,336 (8)244,000 256,666 (5)
Total interest-bearing liabilities 2,487,239 2,441,389 2,282,305 2,218,166 2,194,314 13 2,464,440 2,073,537 19 
Noninterest-bearing deposits 654,419 614,165 582,517 551,565 515,304 27 634,403 467,467 36 
Trading liabilities - equity and other instruments 35,397 35,029 33,732 32,256 33,797 35,214 32,259 
Trading liabilities - derivative payables62,533 67,960 63,551 64,599 63,178 (8)(1)65,231 59,084 10 
All other noninterest-bearing liabilities (c)205,584 178,444 164,873 155,672 157,265 15 31 192,091 162,276 18 
TOTAL LIABILITIES3,445,172 3,336,987 3,126,978 3,022,258 2,963,858 16 3,391,379 2,794,623 21 
Preferred stock32,666 30,312 30,063 30,063 30,063 31,496 29,734 
Common stockholders’ equity250,849 245,542 241,672 236,797 234,408 248,209 234,469 
TOTAL STOCKHOLDERS’ EQUITY283,515 275,854 271,735 266,860 264,471 279,705 264,203 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,728,687 $3,612,841 $3,398,713 $3,289,118 $3,228,329 15 $3,671,084 $3,058,826 20 
AVERAGE RATES (f)
INTEREST-EARNING ASSETS
Deposits with banks 0.06 %0.04 %0.03 %0.05 %0.06 %0.05 %0.34 %
Federal funds sold and securities purchased under resale agreements0.27 0.33 0.41 0.57 0.99 0.30 1.37 
Securities borrowed (g)(0.19)(0.18)(0.40)(0.35)(0.50)(0.18)(0.03)
Trading assets - debt instruments (a)2.49 2.25 2.32 2.29 2.42 2.36 2.57 
Investment securities1.31 1.36 1.39 1.58 2.03 1.34 2.24 
Loans (a)3.98 4.09 4.14 4.11 4.27 4.04 4.61 
All other interest-earning assets (a)(b)0.66 0.72 0.89 0.94 0.99 0.69 1.73 
Total interest-earning assets 1.79 1.87 1.97 2.05 2.31 1.83 2.70 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 0.03 0.04 0.05 0.07 0.10 0.03 0.30 
Federal funds purchased and securities loaned or
sold under repurchase agreements0.09 0.02 0.06 0.17 0.19 0.05 0.71 
Short-term borrowings (d)0.30 0.31 0.40 0.65 1.11 0.31 1.34 
Trading liabilities - debt and all other interest-bearing liabilities (e)(g)0.08 0.05 (0.15)(0.10)(0.08)0.07 0.33 
Beneficial interests issued by consolidated VIEs0.55 0.64 0.65 0.71 1.15 0.60 1.56 
Long-term debt 1.70 1.92 1.82 1.93 2.45 1.81 2.65 
Total interest-bearing liabilities 0.22 0.23 0.23 0.30 0.41 0.22 0.68 
INTEREST RATE SPREAD1.57 %1.64 %1.74 %1.75 %1.90 %1.61