SEC Filing | JPMorgan Chase & Co.

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jpm-20210713

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)

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:


☐						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 class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	JPM	The 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 D	The 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 C	The 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 J	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ	JPM PR K	The 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, 2024	AMJ	NYSE Arca, Inc.
Guarantee of Callable Step-Up Fixed Rate Notes due April 26, 2028 of JPMorgan Chase Financial Company LLC	JPM/28	The New York Stock Exchange
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC	JPM/32	The 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						JPMorgan Chase & Co. Earnings Release - Second Quarter 2021 Results
99.2						JPMorgan Chase & Co. Earnings Release Financial Supplement - Second Quarter 2021
101						Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).
104						Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

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

Document

Exhibit 99.1


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

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 Metrics	n	Reported revenue of $30.5 billion; managed revenue of $31.4 billion2
	n	Credit 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%	n	Average deposits up 25%; client investment assets up 36%
	n	Average loans6 down 3%; debit and credit card sales volume8 up 45%
	n	Active mobile customers up 10%

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

CB ROE 23%	n	Gross Investment Banking revenue of $1.2 billion, up 37%
	n	Average loans down 12%; average deposits up 22%

AWM ROE 32%	n	Assets under management (AUM) of $3.0 trillion, up 21%
	n	Average 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 JPM										1Q21				2Q20
($ millions, except per share data)	2Q21			1Q21			2Q20			$ O/(U)		O/(U) %		$ O/(U)		O/(U) %

Net revenue - managed	$	31,395		$	33,119		$	33,817		$	(1,724)	(5)	%	$	(2,422)	(7)	%
Noninterest expense	17,667			18,725			16,942			(1,058)		(6)		725		4
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		%	7		%
Return on tangible common equity	23			29			9

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.

JPMorgan Chase & Co.

News Release

CONSUMER & COMMUNITY BANKING (CCB)


Results for CCB							1Q21				2Q20
($ millions)	2Q21		1Q21		2Q20		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	12,760	$	12,517	$	12,358	$	243	2	%	$	402	3	%
Consumer & Business Banking	6,016		5,635		5,248		381		7		768		15
Home Lending	1,349		1,458		1,687		(109)		(7)		(338)		(20)
Card & Auto	5,395		5,424		5,423		(29)		(1)		(28)		(1)
Noninterest expense	7,062		7,202		6,767		(140)		(2)		295		4
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.

JPMorgan Chase & Co.

News Release

CORPORATE & INVESTMENT BANK (CIB)


Results for CIB							1Q21				2Q20
($ millions)	2Q21		1Q21		2Q20		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	13,214	$	14,605	$	16,383	$	(1,391)	(10)	%	$	(3,169)	(19)	%
Banking	5,106		4,508		5,058		598		13		48		1
Markets & Securities Services	8,108		10,097		11,325		(1,989)		(20)		(3,217)		(28)
Noninterest expense	6,523		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 CB							1Q21				2Q20
($ millions)	2Q21		1Q21		2Q20		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	2,483	$	2,393	$	2,400	$	90	4	%	$	83	3	%
Noninterest expense	981		969		893		12		1		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.

JPMorgan Chase & Co.

News Release

ASSET & WEALTH MANAGEMENT (AWM)


Results for AWM							1Q21				2Q20
($ millions)	2Q21		1Q21		2Q20		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	4,107	$	4,077	$	3,430	$	30	1	%	$	677	20	%
Noninterest expense	2,586		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 Corporate							1Q21				2Q20
($ millions)	2Q21		1Q21		2Q20		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	(1,169)	$	(473)	$	(754)	$	(696)	(147)	%	$	(415)	(55)	%
Noninterest expense	515		876		147		(361)		(41)		368		250
Provision for credit losses	49		16		4		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.

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.

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.

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.

Document

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

SECOND QUARTER 2021

JPMORGAN CHASE & CO.

TABLE OF CONTENTS

Page(s)

Consolidated Results

Consolidated Financial Highlights

2–3

Consolidated Statements of Income

Consolidated Balance Sheets

Condensed Average Balance Sheets and Annualized Yields

Reconciliation from Reported to Managed Basis

Segment Results - Managed Basis

Capital and Other Selected Balance Sheet Items

Earnings Per Share and Related Information

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

Corporate

Credit-Related Information

24–27

Non-GAAP Financial Measures

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.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)

	QUARTERLY TRENDS																				SIX MONTHS ENDED JUNE 30,
																	2Q21 Change											2021 Change
SELECTED INCOME STATEMENT DATA	2Q21				1Q21			4Q20			3Q20			2Q20			1Q21		2Q20		2021				2020			2020
Reported Basis
Total net revenue (a)	$	30,479			$	32,266		$	29,335		$	29,255		$	33,075		(6)	%	(8)	%	$	62,745			$	61,361		2	%
Total noninterest expense	17,667				18,725			16,048			16,875			16,942			(6)		4		36,392				33,733			8
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 INCOME	11,948				14,300			12,136			9,443			4,687			(16)		155		26,248				7,552			248

Managed Basis (c)
Total net revenue	31,395				33,119			30,161			29,941			33,817			(5)		(7)		64,514				62,827			3
Total noninterest expense	17,667				18,725			16,048			16,875			16,942			(6)		4		36,392				33,733			8
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 INCOME	11,948				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
Diluted	3.78				4.50			3.79			2.92			1.38			(16)		174		8.28				2.17			282
Average shares: Basic	3,036.6				3,073.5			3,079.7			3,077.8			3,076.3			(1)		(1)		3,054.9				3,086.1			(1)
Diluted	3,041.9				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		1		62		$	464,778			$	286,658		62
Common shares at period-end	2,988.2				3,027.1			3,049.4			3,048.2			3,047.6			(1)		(2)		2,988.2				3,047.6			(2)
Book value per share	84.85				82.31			81.75			79.08			76.91			3		10		84.85				76.91			10
Tangible book value per share (“TBVPS”) (b)	68.91				66.56			66.11			63.93			61.76			4		12		68.91				61.76			12
Cash dividends declared per share	0.90				0.90			0.90			0.90			0.90			—		—		1.80				1.80			—

FINANCIAL RATIOS (d)
Return on common equity (“ROE”)	18		%		23		%	19		%	15		%	7		%					21		%		6		%
Return on tangible common equity (“ROTCE”) (b)	23				29			24			19			9							26				7
Return on assets	1.29				1.61			1.42			1.14			0.58							1.44				0.50

CAPITAL RATIOS (e)
Common equity Tier 1 (“CET1”) capital ratio	13.0		%	(f)	13.1		%	13.1		%	13.1		%	12.4		%					13.0		%	(f)	12.4		%
Tier 1 capital ratio	15.1			(f)	15.0			15.0			15.0			14.3							15.1			(f)	14.3
Total capital ratio	17.1			(f)	17.2			17.3			17.3			16.7							17.1			(f)	16.7
Tier 1 leverage ratio	6.6			(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.

Page 2


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

	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q21 Change										2021 Change
	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21		2Q20		2021			2020			2020
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			1		2		329,685			323,198			2
Credit card loans	141,802			132,493			144,216			140,377			141,656			7		—		141,802			141,656			—
Wholesale loans (b)	569,467			553,906			550,058			527,265			544,528			3		5		569,467			544,528			5
Total Loans	1,040,954			1,011,307			1,012,853			989,740			1,009,382			3		3		1,040,954			1,009,382			3

Deposits:
U.S. offices:
Noninterest-bearing	639,114			629,139			572,711			540,116			529,729			2		21		639,114			529,729			21
Interest-bearing	1,281,432			1,266,856			1,197,032			1,117,149			1,061,093			1		21		1,281,432			1,061,093			21
Non-U.S. offices:
Noninterest-bearing	24,723			22,661			23,435			21,406			22,752			9		9		24,723			22,752			9
Interest-bearing	359,948			359,456			351,079			322,745			317,455			—		13		359,948			317,455			13
Total deposits	2,305,217			2,278,112			2,144,257			2,001,416			1,931,029			1		19		2,305,217			1,931,029			19

Long-term debt	299,926			279,427			281,685			279,175			317,003			7		(5)		299,926			317,003			(5)
Common stockholders’ equity	253,548			249,151			249,291			241,050			234,403			2		8		253,548			234,403			8
Total stockholders’ equity	286,386			280,714			279,354			271,113			264,466			2		8		286,386			264,466			8

Loans-to-deposits ratio (b)	45		%	44		%	47		%	49		%	52		%					45		%	52		%

Headcount	260,110			259,350			255,351			256,358			256,710			—		1		260,110			256,710			1

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		2		3		$	25,277		$	25,645		(1)
Corporate & Investment Bank	13,214			14,605			11,352			11,546			16,383			(10)		(19)		27,819			26,386			5
Commercial Banking	2,483			2,393			2,463			2,285			2,400			4		3		4,876			4,565			7
Asset & Wealth Management	4,107			4,077			3,867			3,554			3,430			1		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		3

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 Bank	4,985			5,740			5,349			4,309			5,451			(13)		(9)		10,725			7,436			44
Commercial Banking	1,420			1,168			2,034			1,086			(681)			22		NM		2,588			(542)			NM
Asset & Wealth Management	1,153			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.

(d)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.

Page 3


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

	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q21 Change										2021 Change
REVENUE	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21		2Q20		2021			2020			2020
Investment banking fees	$	3,470		$	2,970		$	2,583		$	2,187		$	2,850		17	%	22	%	$	6,440		$	4,716		37	%
Principal transactions	4,076			6,500			3,321			4,142			7,621			(37)		(47)		10,576			10,558			—
Lending- and deposit-related fees	1,760			1,687			1,727			1,647			1,431			4		23		3,447			3,137			10
Asset management, administration and commissions	5,194			5,029			4,901			4,470			4,266			3		22		10,223			8,806			16
Investment securities gains/(losses)	(155)			14			70			473			26			NM		NM		(141)			259			NM
Mortgage fees and related income	551			704			767			1,087			917			(22)		(40)		1,255			1,237			1
Card income	1,647			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			6		5		2,318			2,387			(3)
Noninterest revenue	17,738			19,377			16,077			16,242			19,222			(8)		(8)		37,115			33,069			12
Interest income	14,094			14,271			14,550			14,700			16,112			(1)		(13)		28,365			35,273			(20)
Interest expense	1,353			1,382			1,292			1,687			2,259			(2)		(40)		2,735			6,981			(61)
Net interest income	12,741			12,889			13,258			13,013			13,853			(1)		(8)		25,630			28,292			(9)
TOTAL NET REVENUE	30,479			32,266			29,335			29,255			33,075			(6)		(8)		62,745			61,361			2

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)		3		20,415			18,404			11
Occupancy expense	1,090			1,115			1,161			1,142			1,080			(2)		1		2,205			2,146			3
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			8		19		4,588			4,027			14
Marketing	626			751			725			470			481			(17)		30		1,377			1,281			7


Other expense (b)	1,264			1,536			1,343			1,891			1,283			(18)		(1)		2,800			2,707			3
TOTAL NONINTEREST EXPENSE	17,667			18,725			16,048			16,875			16,942			(6)		4		36,392			33,733			8
Income before income tax expense	15,097			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 share	3.78			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		%	7		%					21		%	6		%
Return on tangible common equity (c)(d)	23			29			24			19			9							26			7
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 ratio	58			58			55			58			51							58			55

(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.

Page 4


JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
											Jun 30, 2021
											Change
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Jun 30,
	2021		2021		2020		2020		2020		2021		2020
ASSETS
Cash and due from banks	$	26,592	$	25,397	$	24,874	$	20,816	$	20,544	5	%	29	%
Deposits with banks	678,829		685,675		502,735		466,706		473,185		(1)		43

Federal funds sold and securities purchased under
resale agreements	260,987		272,481		296,284		319,849		256,980		(4)		2
Securities borrowed	186,376		179,516		160,635		142,441		142,704		4		31
Trading assets:
Debt and equity instruments (a)	449,877		470,933		423,496		429,196		416,870		(4)		8
Derivative receivables	70,711		73,119		79,630		76,626		74,846		(3)		(6)
Available-for-sale (“AFS”) securities	232,161		379,942		388,178		389,583		485,883		(39)		(52)
Held-to-maturity (”HTM”) securities, net of allowance for credit losses	341,476		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)		3
Loans (a)	1,040,954		1,011,307		1,012,853		989,740		1,009,382		3		3
Less: Allowance for loan losses	19,500		23,001		28,328		30,814		31,591		(15)		(38)
Loans, net of allowance for loan losses	1,021,454		988,306		984,525		958,926		977,791		3		4
Accrued interest and accounts receivable	125,253		114,754		90,503		76,945		72,260		9		73
Premises and equipment	26,631		26,926		27,109		26,672		26,301		(1)		1



Goodwill, MSRs and other intangible assets	54,655		54,588		53,428		51,594		51,669		—		6
Other assets (a)(c)	209,254		200,247		151,539		144,154		140,702		4		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	1		19
Federal funds purchased and securities loaned or sold
under repurchase agreements	245,437		304,019		215,209		236,440		235,647		(19)		4


Short-term borrowings	51,938		54,978		45,208		41,992		48,014		(6)		8
Trading liabilities:
Debt and equity instruments	127,822		130,909		99,558		104,835		107,735		(2)		19
Derivative payables	56,045		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		4		29
Beneficial interests issued by consolidated VIEs	14,403		15,671		17,578		19,191		20,828		(8)		(31)
Long-term debt	299,926		279,427		281,685		279,175		317,003		7		(5)
TOTAL LIABILITIES	3,397,870		3,408,622		3,105,403		2,973,948		2,948,177		—		15

STOCKHOLDERS’ EQUITY
Preferred stock	32,838		31,563		30,063		30,063		30,063		4		9
Common stock	4,105		4,105		4,105		4,105		4,105		—		—
Additional paid-in capital	88,194		88,005		88,394		88,289		88,125		—		—
Retained earnings	256,983		248,151		236,990		228,014		221,732		4		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’ EQUITY	286,386		280,714		279,354		271,113		264,466		2		8
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.

Page 5


JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q21 Change										2021 Change
AVERAGE BALANCES	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21		2Q20		2021			2020			2020
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 agreements	255,831			289,763			327,504			277,899			244,306			(12)		5		272,704			248,855			10
Securities borrowed	190,785			175,019			149,146			147,184			141,328			9		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 securities	585,084			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		—		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			2		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 receivables	74,462			79,013			79,300			81,300			79,298			(6)		(6)		76,725			72,803			5
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		3		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		4		21		$	1,640,085		$	1,295,884		27
Federal funds purchased and securities loaned or
sold under repurchase agreements	261,343			301,386			247,276			253,779			276,815			(13)		(6)		281,254			260,368			8
Short-term borrowings (d)	46,185			42,031			36,183			36,697			45,297			10		2		44,120			41,292			7
Trading liabilities - debt and all other interest-bearing liabilities (e)	246,666			230,922			213,989			206,643			207,322			7		19		238,836			200,138			19
Beneficial interests issued by consolidated VIEs	15,117			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			4		(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			2		13		2,464,440			2,073,537			19
Noninterest-bearing deposits	654,419			614,165			582,517			551,565			515,304			7		27		634,403			467,467			36
Trading liabilities - equity and other instruments	35,397			35,029			33,732			32,256			33,797			1		5		35,214			32,259			9
Trading liabilities - derivative payables	62,533			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 LIABILITIES	3,445,172			3,336,987			3,126,978			3,022,258			2,963,858			3		16		3,391,379			2,794,623			21
Preferred stock	32,666			30,312			30,063			30,063			30,063			8		9		31,496			29,734			6
Common stockholders’ equity	250,849			245,542			241,672			236,797			234,408			2		7		248,209			234,469			6
TOTAL STOCKHOLDERS’ EQUITY	283,515			275,854			271,735			266,860			264,471			3		7		279,705			264,203			6
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,728,687		$	3,612,841		$	3,398,713		$	3,289,118		$	3,228,329		3		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 agreements	0.27			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 securities	1.31			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 agreements	0.09			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 VIEs	0.55			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 SPREAD	1.57		%	1.64		%	1.74		%	1.75		%	1.90		%					1.61		%	2.02		%
NET YIELD ON INTEREST-EARNING ASSETS	1.62		%	1.69		%	1.80		%	1.82		%	1.99		%					1.65		%	2.17		%
Memo: Net yield on interest-earning assets excluding CIB Markets (h)	1.90		%	1.93		%	2.01		%	2.05		%	2.27		%					1.92		%	2.61		%

(a) In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.

(b) Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets.

(c) 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.

(d) Includes commercial paper.

(e) All other interest-bearing liabilities include brokerage-related customer payables.

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

(g) Negative interest income and yields are related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other liabilities.

(h) Net yield on interest-earning assets excluding CIB Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.

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. Refer to the notes on Non-GAAP Financial Measures on page 28 for additional information on managed basis.

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








	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q21 Change										2021 Change
	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21		2Q20		2021			2020			2020
OTHER INCOME
Other income - reported (a)	$	1,195		$	1,123		$	1,411		$	1,067		$	1,137		6	%	5	%	$	2,318		$	2,387		(3)	%
Fully taxable-equivalent adjustments (a)(b)	807			744			729			582			635			8		27		1,551			1,249			24
Other income - managed	$	2,002		$	1,867		$	2,140		$	1,649		$	1,772		7		13		$	3,869		$	3,636		6

TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	17,738		$	19,377		$	16,077		$	16,242		$	19,222		(8)		(8)		$	37,115		$	33,069		12
Fully taxable-equivalent adjustments	807			744			729			582			635			8		27		1,551			1,249			24
Total noninterest revenue - managed	$	18,545		$	20,121		$	16,806		$	16,824		$	19,857		(8)		(7)		$	38,666		$	34,318		13

NET INTEREST INCOME
Net interest income - reported	$	12,741		$	12,889		$	13,258		$	13,013		$	13,853		(1)		(8)		$	25,630		$	28,292		(9)
Fully taxable-equivalent adjustments (b)	109			109			97			104			107			—		2		218			217			—
Net interest income - managed	$	12,850		$	12,998		$	13,355		$	13,117		$	13,960		(1)		(8)		$	25,848		$	28,509		(9)

TOTAL NET REVENUE
Total net revenue - reported	$	30,479		$	32,266		$	29,335		$	29,255		$	33,075		(6)		(8)		$	62,745		$	61,361		2
Fully taxable-equivalent adjustments	916			853			826			686			742			7		23		1,769			1,466			21
Total net revenue - managed	$	31,395		$	33,119		$	30,161		$	29,941		$	33,817		(5)		(7)		$	64,514		$	62,827		3

PRE-PROVISION PROFIT
Pre-provision profit - reported	$	12,812		$	13,541		$	13,287		$	12,380		$	16,133		(5)		(21)		$	26,353		$	27,628		(5)
Fully taxable-equivalent adjustments	916			853			826			686			742			7		23		1,769			1,466			21
Pre-provision profit - managed	$	13,728		$	14,394		$	14,113		$	13,066		$	16,875		(5)		(19)		$	28,122		$	29,094		(3)

INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	15,097		$	17,697		$	15,176		$	11,769		$	5,660		(15)		167		$	32,794		$	8,870		270
Fully taxable-equivalent adjustments	916			853			826			686			742			7		23		1,769			1,466			21
Income before income tax expense - managed	$	16,013		$	18,550		$	16,002		$	12,455		$	6,402		(14)		150		$	34,563		$	10,336		234

INCOME TAX EXPENSE
Income tax expense - reported (a)	$	3,149		$	3,397		$	3,040		$	2,326		$	973		(7)		224		$	6,546		$	1,318		397
Fully taxable-equivalent adjustments (a)(b)	916			853			826			686			742			7		23		1,769			1,466			21
Income tax expense - managed	$	4,065		$	4,250		$	3,866		$	3,012		$	1,715		(4)		137		$	8,315		$	2,784		199

OVERHEAD RATIO
Overhead ratio - reported	58		%	58		%	55		%	58		%	51		%					58		%	55		%
Overhead ratio - managed	56			57			53			56			50							56			54

(b)Predominantly recognized in CIB, CB and Corporate.

Page 7


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


	QUARTERLY TRENDS														SIX MONTHS ENDED JUNE 30,
											2Q21 Change								2021 Change
	2Q21		1Q21		4Q20		3Q20		2Q20		1Q21		2Q20		2021		2020		2020
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	12,760	$	12,517	$	12,728	$	12,895	$	12,358	2	%	3	%	$	25,277	$	25,645	(1)	%
Corporate & Investment Bank	13,214		14,605		11,352		11,546		16,383		(10)		(19)		27,819		26,386		5
Commercial Banking	2,483		2,393		2,463		2,285		2,400		4		3		4,876		4,565		7
Asset & Wealth Management	4,107		4,077		3,867		3,554		3,430		1		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	3

TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	7,062	$	7,202	$	7,042	$	6,912	$	6,767	(2)		4		$	14,264	$	14,036	2
Corporate & Investment Bank	6,523		7,104		4,939		5,832		6,812		(8)		(4)		13,627		12,767		7
Commercial Banking	981		969		950		969		893		1		10		1,950		1,879		4
Asset & Wealth Management	2,586		2,574		2,756		2,443		2,323		—		11		5,160		4,758		8
Corporate	515		876		361		719		147		(41)		250		1,391		293		375
TOTAL NONINTEREST EXPENSE	$	17,667	$	18,725	$	16,048	$	16,875	$	16,942	(6)		4		$	36,392	$	33,733	8

PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	5,698	$	5,315	$	5,686	$	5,983	$	5,591	7		2		$	11,013	$	11,609	(5)
Corporate & Investment Bank	6,691		7,501		6,413		5,714		9,571		(11)		(30)		14,192		13,619		4
Commercial Banking	1,502		1,424		1,513		1,316		1,507		5		—		2,926		2,686		9
Asset & Wealth Management	1,521		1,503		1,111		1,111		1,107		1		37		3,024		2,061		47
Corporate	(1,684)		(1,349)		(610)		(1,058)		(901)		(25)		(87)		(3,033)		(881)		(244)
PRE-PROVISION PROFIT	$	13,728	$	14,394	$	14,113	$	13,066	$	16,875	(5)		(19)		$	28,122	$	29,094	(3)

PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	(1,868)	$	(3,602)	$	(83)	$	795	$	5,828	48		NM		$	(5,470)	$	11,600	NM
Corporate & Investment Bank	(79)		(331)		(581)		(81)		1,987		76		NM		(410)		3,388		NM
Commercial Banking	(377)		(118)		(1,181)		(147)		2,431		(219)		NM		(495)		3,441		NM
Asset & Wealth Management	(10)		(121)		(2)		(52)		223		92		NM		(131)		317		NM
Corporate	49		16		(42)		96		4		206		NM		65		12		442
PROVISION FOR CREDIT LOSSES	$	(2,285)	$	(4,156)	$	(1,889)	$	611	$	10,473	45		NM		$	(6,441)	$	18,758	NM

NET INCOME/(LOSS)
Consumer & Community Banking	$	5,634	$	6,728	$	4,325	$	3,871	$	(176)	(16)		NM		$	12,362	$	21	NM
Corporate & Investment Bank	4,985		5,740		5,349		4,309		5,451		(13)		(9)		10,725		7,436		44
Commercial Banking	1,420		1,168		2,034		1,086		(681)		22		NM		2,588		(542)		NM
Asset & Wealth Management	1,153		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)
TOTAL NET INCOME	$	11,948	$	14,300	$	12,136	$	9,443	$	4,687	(16)		155		$	26,248	$	7,552	248

Page 8


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

																	Jun 30, 2021
																	Change				SIX MONTHS ENDED JUNE 30,
	Jun 30,				Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,		Jun 30,						2021 Change
	2021				2021			2020			2020			2020			2021		2020		2021		2020		2020
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	209,030		(e)	$	206,078		$	205,078		$	197,719		$	190,867		1	%	10	%
Tier 1 capital	241,379			(e)	237,333			234,844			227,486			220,674			2		9
Total capital	274,468			(e)	271,407			269,923			262,397			256,667			1		7
Risk-weighted assets	1,602,908			(e)	1,577,007			1,560,609			1,514,509			1,541,365			2		4
CET1 capital ratio	13.0		%	(e)	13.1		%	13.1		%	13.1		%	12.4		%
Tier 1 capital ratio	15.1			(e)	15.0			15.0			15.0			14.3
Total capital ratio	17.1			(e)	17.2			17.3			17.3			16.7

Advanced
CET1 capital	$	209,030		(e)	$	206,078		$	205,078		$	197,719		$	190,867		1		10
Tier 1 capital	241,379			(e)	237,333			234,844			227,486			220,674			2		9
Total capital	262,389			(e)	258,635			257,228			249,947			244,112			1		7
Risk-weighted assets	1,514,801			(e)	1,503,828			1,484,431			1,429,334			1,450,587			1		4
CET1 capital ratio	13.8		%	(e)	13.7		%	13.8		%	13.8		%	13.2		%
Tier 1 capital ratio	15.9			(e)	15.8			15.8			15.9			15.2
Total capital ratio	17.3			(e)	17.2			17.3			17.5			16.8

Leverage-based capital metrics
Adjusted average assets (b)	$	3,680,851		(e)	$	3,565,545		$	3,353,319		$	3,243,290		$	3,176,729		3		16
Tier 1 leverage ratio	6.6		%	(e)	6.7		%	7.0		%	7.0		%	6.9		%

Total leverage exposure	4,456,413			(e)	3,522,629			3,401,542			3,247,392			3,228,424			27		38
SLR	5.4		%	(e)	6.7		%	6.9		%	7.0		%	6.8		%

TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders’ equity	$	253,548			$	249,151		$	249,291		$	241,050		$	234,403		2		8
Less: Goodwill	49,256				49,243			49,248			47,819			47,811			—		3
Less: Other intangible assets	850				875			904			759			778			(3)		9
Add: Certain deferred tax liabilities (d)	2,461				2,457			2,453			2,405			2,397			—		3
Total tangible common equity	$	205,903			$	201,490		$	201,592		$	194,877		$	188,211		2		9

TANGIBLE COMMON EQUITY (average) (c)
Common stockholders’ equity	$	250,849			$	245,542		$	241,672		$	236,797		$	234,408		2		7		$	248,209	$	234,469	6	%
Less: Goodwill	49,260				49,249			47,842			47,820			47,805			—		3		49,254		47,808		3
Less: Other intangible assets	864				891			752			769			791			(3)		9		877		802		9
Add: Certain deferred tax liabilities (d)	2,459				2,455			2,416			2,401			2,393			—		3		2,457		2,388		3
Total tangible common equity	$	203,184			$	197,857		$	195,494		$	190,609		$	188,205		3		8		$	200,535	$	188,247	7

INTANGIBLE ASSETS (period-end)
Goodwill	$	49,256			$	49,243		$	49,248		$	47,819		$	47,811		—		3
Mortgage servicing rights	4,549				4,470			3,276			3,016			3,080			2		48
Other intangible assets	850				875			904			759			778			(3)		9
Total intangible assets	$	54,655			$	54,588		$	53,428		$	51,594		$	51,669		—		6

(a)The capital metrics reflect the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the CECL capital transition provisions 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.

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

(c)Refer to page 28 for further discussion of TCE.

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

(e)Estimated.

Page 9


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

	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q21 Change										2021 Change
	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21		2Q20		2021			2020			2020
EARNINGS PER SHARE
Basic earnings per share
Net income	$	11,948		$	14,300		$	12,136		$	9,443		$	4,687		(16)	%	155	%	$	26,248		$	7,552		248	%
Less: Preferred stock dividends	393			379			380			381			401			4		(2)		772			822			(6)
Net income applicable to common equity	11,555			13,921			11,756			9,062			4,286			(17)		170		25,476			6,730			279
Less: Dividends and undistributed earnings allocated to
participating securities	59			70			57			47			21			(16)		181		130			32			306
Net income applicable to common stockholders	$	11,496		$	13,851		$	11,699		$	9,015		$	4,265		(17)		170		$	25,346		$	6,698		278

Total weighted-average basic shares outstanding	3,036.6			3,073.5			3,079.7			3,077.8			3,076.3			(1)		(1)		3,054.9			3,086.1			(1)
Net income per share	$	3.79		$	4.51		$	3.80		$	2.93		$	1.39		(16)		173		$	8.30		$	2.17		282

Diluted earnings per share
Net income applicable to common stockholders	$	11,496		$	13,851		$	11,699		$	9,015		$	4,265		(17)		170		$	25,346		$	6,698		278
Total weighted-average basic shares outstanding	3,036.6			3,073.5			3,079.7			3,077.8			3,076.3			(1)		(1)		3,054.9			3,086.1			(1)
Add: Dilutive impact of stock appreciation rights (“SARs”) and employee stock options, unvested performance share units (“PSUs”) and nondividend-earning restricted stock units (“RSUs”)	5.3			5.4			5.4			5.0			4.7			(2)		13		5.4			4.7			15
Total weighted-average diluted shares outstanding	3,041.9			3,078.9			3,085.1			3,082.8			3,081.0			(1)		(1)		3,060.3			3,090.8			(1)
Net income per share	$	3.78		$	4.50		$	3.79		$	2.92		$	1.38		(16)		174		$	8.28		$	2.17		282

COMMON DIVIDENDS
Cash dividends declared per share	$	0.90		$	0.90		$	0.90		$	0.90		$	0.90		—		—		$	1.80		$	1.80		—
Dividend payout ratio	24		%	20		%	24		%	31		%	65		%					22		%	83		%

COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	39.5			34.7			—			—			—			14		NM		74.2			50.0			48
Average price paid per share of common stock	$	156.83		$	144.25		$	—		$	—		$	—		9		NM		$	150.95		$	127.92		18

Aggregate repurchases of common stock	6,201			4,999			—			—			—			24		NM		11,200			6,397			75


EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	0.6			12.3			1.5			0.6			0.8			(95)		(25)		12.9			13.8			(7)
Net impact of employee issuances on stockholders’ equity (b)	$	276		$	667		$	217		$	263		$	325		(59)		(15)		$	943		$	723		30

(a)On March 15, 2020, in response to the economic disruptions caused by the COVID-19 pandemic, the Firm temporarily suspended repurchases of its common stock. Subsequently, the Federal Reserve directed all large banks, including the Firm, to discontinue net share repurchases through the end of 2020. 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. The Firm’s Board of Directors authorized a new common share repurchase program for up to $30 billion.

(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																			SIX MONTHS ENDED JUNE 30,
																2Q21 Change										2021 Change
	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21		2Q20		2021			2020			2020
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	753		$	742		$	806		$	771		$	617		1	%	22	%	$	1,495		$	1,589		(6)	%
Asset management, administration and commissions	866			805			735			703			634			8		37		1,671			1,342			25
Mortgage fees and related income	548			703			766			1,076			917			(22)		(40)		1,251			1,237			1
Card income	1,238			999			923			826			667			24		86		2,237			1,319			70
All other income	1,321			1,339			1,328			1,487			1,387			(1)		(5)		2,660			2,832			(6)
Noninterest revenue	4,726			4,588			4,558			4,863			4,222			3		12		9,314			8,319			12
Net interest income	8,034			7,929			8,170			8,032			8,136			1		(1)		15,963			17,326			(8)
TOTAL NET REVENUE	12,760			12,517			12,728			12,895			12,358			2		3		25,277			25,645			(1)

Provision for credit losses	(1,868)			(3,602)			(83)			795			5,828			48		NM		(5,470)			11,600			NM

NONINTEREST EXPENSE
Compensation expense	2,977			2,976			2,734			2,804			2,694			—		11		5,953			5,476			9
Noncompensation expense (a)	4,085			4,226			4,308			4,108			4,073			(3)		—		8,311			8,560			(3)
TOTAL NONINTEREST EXPENSE	7,062			7,202			7,042			6,912			6,767			(2)		4		14,264			14,036			2

Income/(loss) before income tax expense/(benefit)	7,566			8,917			5,769			5,188			(237)			(15)		NM		16,483			9			NM
Income tax expense/(benefit)	1,932			2,189			1,444			1,317			(61)			(12)		NM		4,121			(12)			NM
NET INCOME/(LOSS)	$	5,634		$	6,728		$	4,325		$	3,871		$	(176)		(16)		NM		$	12,362		$	21		NM

REVENUE BY LINE OF BUSINESS
Consumer & Business Banking	$	6,016		$	5,635		$	5,744		$	5,697		$	5,248		7		15		$	11,651		$	11,514		1
Home Lending	1,349			1,458			1,456			1,714			1,687			(7)		(20)		2,807			2,848			(1)
Card & Auto	5,395			5,424			5,528			5,484			5,423			(1)		(1)		10,819			11,283			(4)

MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue	517			757			803			765			742			(32)		(30)		1,274			1,061			20
Net mortgage servicing revenue (b)	31			(54)			(37)			311			175			NM		(82)		(23)			176			NM
Mortgage fees and related income	$	548		$	703		$	766		$	1,076		$	917		(22)		(40)		$	1,251		$	1,237		1

FINANCIAL RATIOS
ROE	44		%	54		%	32		%	29		%	(2)		%					49		%	(1)		%
Overhead ratio	55			58			55			54			55							56			55

(a)Included depreciation expense on leased assets of $856 million, $916 million, $975 million, $1.0 billion and $1.1 billion for the three months ended June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively, and $1.8 billion and $2.2 billion for the six months ended June 30, 2021 and 2020, respectively.

(b)Included MSR risk management results of $(103) million, $(115) million, $(152) million, $145 million and $79 million for the three months ended June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively, and $(218) million and $(11) million for the six months ended June 30, 2021 and 2020, respectively.

Page 11


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

	QUARTERLY TRENDS																	SIX MONTHS ENDED JUNE 30,
														2Q21 Change									2021 Change
	2Q21		1Q21		4Q20			3Q20			2Q20			1Q21		2Q20		2021		2020			2020
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	494,305	$	487,978	$	496,705	(e)	$	487,063	(e)	$	498,658	(e)	1	%	(1)	%	$	494,305	$	498,658	(e)	(1)	%

Loans:
Consumer & Business Banking (a)	46,228		52,654		48,810			49,646			49,305			(12)		(6)		46,228		49,305			(6)
Home Lending (b)(c)	179,371		178,776		182,121			188,561			195,664			—		(8)		179,371		195,664			(8)
Card	141,802		132,493		144,216			140,377			141,656			7		—		141,802		141,656			—
Auto	67,598		67,662		66,432			62,304			59,287			—		14		67,598		59,287			14
Total loans	434,999		431,585		441,579			440,888			445,912			1		(2)		434,999		445,912			(2)

Deposits	1,056,507		1,037,903		958,706			909,198			885,535			2		19		1,056,507		885,535			19
Equity	50,000		50,000		52,000			52,000			52,000			—		(4)		50,000		52,000			(4)

SELECTED BALANCE SHEET DATA (average)
Total assets	$	485,209	$	484,524	$	486,272	(e)	$	490,094	(e)	$	504,571	(e)	—		(4)		$	484,868	$	515,133	(e)	(6)

Loans:
Consumer & Business Banking	49,356		49,868		49,506			49,596			43,442			(1)		14		49,611		36,506			36
Home Lending (b)(d)	177,444		182,247		185,733			192,172			199,532			(3)		(11)		179,832		205,434			(12)
Card	136,149		134,884		141,236			140,386			142,377			1		(4)		135,520		152,518			(11)
Auto	67,183		66,960		64,342			60,345			60,306			—		11		67,072		60,599			11
Total loans	430,132		433,959		440,817			442,499			445,657			(1)		(3)		432,035		455,057			(5)

Deposits	1,047,771		979,686		928,518			895,535			840,467			7		25		1,013,917		790,088			28
Equity	50,000		50,000		52,000			52,000			52,000			—		(4)		50,000		52,000			(4)

Headcount	125,300		126,084		122,894			122,905			123,765			(1)		1		125,300		123,765			1

(a)At June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020 included $16.7 billion, $23.4 billion, $19.2 billion, $20.3 billion and $19.9 billion of loans, respectively, in Business Banking under the Paycheck Protection Program (“PPP”). Refer to page 113 of the Firm’s 2020 Form 10-K for further information on the PPP.

(c)At June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, Home Lending loans held-for-sale and loans at fair value were $16.5 billion, $13.2 billion, $9.7 billion, $10.0 billion and $8.6 billion, respectively.

(d)Average Home Lending loans held-for sale and loans at fair value were $14.2 billion, $12.5 billion, $10.7 billion, $9.2 billion and $8.7 billion for the three months ended June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively, and $13.3 billion and $12.2 billion for the six months ended June 30, 2021 and 2020, respectively.

(e)Prior-period amounts have been revised to conform with the current presentation.

Page 12


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED


(in millions, except ratio data)	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q21 Change										2021 Change
	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21		2Q20		2021			2020			2020
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)(c)(d)	$	5,256		$	5,507		$	5,492		$	5,144		$	4,422		(5)	%	19	%	$	5,256		$	4,422		19	%
Net charge-offs/(recoveries)
Consumer & Business Banking	72			65			75			54			60			11		20		137			134			2
Home Lending	(79)			(51)			(50)			8			(5)			(55)		NM		(130)			(127)			(2)
Card	755			983			767			1,028			1,178			(23)		(36)		1,738			2,491			(30)
Auto	(16)			26			25			5			45			NM		NM		10			93			(89)
Total net charge-offs/(recoveries)	$	732		$	1,023		$	817		$	1,095		$	1,278		(28)		(43)		$	1,755		$	2,591		(32)
Net charge-off/(recovery) rate
Consumer & Business Banking (e)	0.59		%	0.53		%	0.60		%	0.43		%	0.56		%					0.56		%	0.74		%
Home Lending	(0.19)			(0.12)			(0.11)			0.02			(0.01)							(0.16)			(0.13)
Card	2.24			2.97			2.17			2.92			3.33							2.60			3.28
Auto	(0.10)			0.16			0.15			0.03			0.30							0.03			0.31
Total net charge-off/(recovery) rate	0.71			0.99			0.76			1.01			1.18							0.85			1.18

30+ day delinquency rate (f)
Home Lending (g)	1.08		%	1.07		%	1.15		%	1.62		%	1.30		%					1.08		%	1.30		%
Card	1.01			1.40			1.68			1.57			1.71							1.01			1.71
Auto	0.42			0.42			0.69			0.54			0.54							0.42			0.54

90+ day delinquency rate - Card (f)	0.54			0.80			0.92			0.69			0.93							0.54			0.93

Allowance for loan losses
Consumer & Business Banking	$	897		$	1,022		$	1,372		$	1,372		$	1,372		(12)		(35)		$	897		$	1,372		(35)
Home Lending	630			1,238			1,813			2,685			2,957			(49)		(79)		630			2,957			(79)
Card	12,500			14,300			17,800			17,800			17,800			(13)		(30)		12,500			17,800			(30)
Auto	817			892			1,042			1,044			1,044			(8)		(22)		817			1,044			(22)
Total allowance for loan losses	$	14,844		$	17,452		$	22,027		$	22,901		$	23,173		(15)		(36)		$	14,844		$	23,173		(36)

(a)At June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $661 million, $458 million, $558 million, $851 million and $561 million, respectively. These amounts have been excluded based upon the government guarantee.

(c)Generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic. Beginning in the third quarter of 2020, includes loans to customers that have exited COVID-19 payment deferral programs and are 90 or more days past due, predominantly all of which were considered collateral-dependent at time of exit from COVID-19 payment deferral programs and charged down to the lower of amortized cost or fair value of the underlying collateral less costs to sell.

(d)Prior-period amounts have been revised to conform with the current presentation.

(e)At June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020 included $16.7 billion, $23.4 billion, $19.2 billion, $20.3 billion and $19.9 billion of loans, respectively, under the PPP. Given that PPP loans are guaranteed by the SBA, the Firm does not expect to realize material credit losses on these loans. Refer to page 113 of the Firm’s 2020 Form 10-K for further information on the PPP.

(f)At June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic were as follows: (1) $5.2 billion, $8.1 billion, $9.1 billion, $10.2 billion and $18.2 billion in Home Lending, respectively; (2) $55 million, $105 million, $264 million, $368 million and $4.4 billion in Card, respectively; and (3) $89 million, $127 million, $376 million, $411 million and $12.3 billion in Auto, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.

(g)At June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $755 million, $557 million, $744 million, $1.1 billion and $826 million, respectively. These amounts have been excluded based upon the government guarantee.

Page 13


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

	QUARTERLY TRENDS																								SIX MONTHS ENDED JUNE 30,
																					2Q21 Change												2021 Change
	2Q21				1Q21				4Q20				3Q20				2Q20				1Q21		2Q20		2021				2020				2020
BUSINESS METRICS
Number of:
Branches	4,869				4,872				4,908				4,960				4,923				—	%	(1)	%	4,869				4,923				(1)	%
Active digital customers (in thousands) (a)	56,915				56,671				55,274				54,779				54,505				—		4		56,915				54,505				4
Active mobile customers (in thousands) (b)	42,896				41,872				40,899				40,164				39,044				2		10		42,896				39,044				10

Debit and credit card sales volume (in billions)	$	344.3			$	290.3			$	299.4			$	278.2			$	237.6			19		45		$	634.6			$	503.6			26

Consumer & Business Banking
Average deposits	$	1,028,459			$	960,662			$	907,884			$	874,325			$	821,624			7		25		$	994,748			$	773,297			29
Deposit margin	1.28			%	1.29			%	1.41			%	1.43			%	1.52			%					1.29			%	1.77			%
Business banking origination volume (c)	$	2,180			$	10,035			$	722			$	1,352			$	23,042			(78)		(91)		$	12,215			$	24,533			(50)
Client investment assets (d)	673,675				636,962				590,206			(g)	529,196				494,390				6		36		673,675				494,390				36
Number of client advisors	4,571				4,500				4,417				4,290				4,259				2		7		4,571				4,259				7

Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	22.7			$	23.0			$	20.1			$	20.7			$	18.0			(1)		26		$	45.7			$	32.1			42
Correspondent	16.9				16.3				12.4				8.3				6.2				4		173		33.2				20.2				64
Total mortgage origination volume (e)	$	39.6			$	39.3			$	32.5			$	29.0			$	24.2			1		64		$	78.9			$	52.3			51
Third-party mortgage loans serviced (period-end)	463.9				443.2				447.3				454.8				482.4				5		(4)		463.9				482.4				(4)
MSR carrying value (period-end)	4.5				4.5				3.3				3.0				3.1				—		45		4.5				3.1				45
Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end)	0.97			%	1.02			%	0.74			%	0.66			%	0.64			%					0.97			%	0.64			%
MSR revenue multiple (f)	3.59		x		3.78		x		2.64		x		2.28		x		2.29		x						3.59		x		2.21		x

Credit Card
Credit card sales volume, excluding Commercial Card (in billions)	$	223.7			$	183.7			$	197.0			$	178.1			$	148.5			22		51		407.4				327.6				24
Net revenue rate	11.32			%	11.53			%	11.22			%	10.96			%	11.02			%					11.43			%	10.76			%

Auto
Loan and lease origination volume (in billions)	$	12.4			$	11.2			$	11.0			$	11.4			$	7.7			11		61		$	23.6			$	16.0			48
Average auto operating lease assets	19,608				20,300				20,810				21,684				22,579				(3)		(13)		19,952				22,830				(13)

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

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

(c)Included $1.3 billion, $9.3 billion, $396 million and $21.5 billion of origination volume under the PPP for the three months ended June 30, 2021, March 31, 2021, September 30, 2020 and June 30, 2020, respectively, and $10.6 billion and $21.5 billion for the six months ended June 30, 2021 and 2020, respectively. There were no originations under the PPP for the three months ended December 31, 2020. Refer to page 113 of the Firm’s 2020 Form 10-K for further information on the PPP.

(d)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 20-22 for additional information.

(e)Firmwide mortgage origination volume was $44.9 billion, $43.2 billion, $37.0 billion, $36.2 billion and $28.3 billion for the three months ended June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively, and $88.1 billion and $60.2 billion for the six months ended June 30, 2021 and 2020, respectively.

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

(g)Prior-period amount has been revised to conform with the current presentation.

Page 14


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q21 Change										2021 Change
	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21		2Q20		2021			2020			2020
INCOME STATEMENT
REVENUE
Investment banking fees	$	3,572		$	2,988		$	2,558		$	2,165		$	2,847		20	%	25	%	$	6,560		$	4,754		38	%
Principal transactions	4,026			6,045			2,982			3,990			7,400			(33)		(46)		10,071			10,588			(5)
Lending- and deposit-related fees	633			593			574			546			500			7		27		1,226			950			29
Asset management, administration and commissions	1,246			1,286			1,226			1,086			1,148			(3)		9		2,532			2,409			5
All other income	435			176			462			331			409			147		6		611			499			22
Noninterest revenue	9,912			11,088			7,802			8,118			12,304			(11)		(19)		21,000			19,200			9
Net interest income	3,302			3,517			3,550			3,428			4,079			(6)		(19)		6,819			7,186			(5)
TOTAL NET REVENUE (a)	13,214			14,605			11,352			11,546			16,383			(10)		(19)		27,819			26,386			5

Provision for credit losses	(79)			(331)			(581)			(81)			1,987			76		NM		(410)			3,388			NM

NONINTEREST EXPENSE
Compensation expense	3,582			4,329			1,958			2,651			3,997			(17)		(10)		7,911			7,003			13
Noncompensation expense	2,941			2,775			2,981			3,181			2,815			6		4		5,716			5,764			(1)
TOTAL NONINTEREST EXPENSE	6,523			7,104			4,939			5,832			6,812			(8)		(4)		13,627			12,767			7

Income before income tax expense	6,770			7,832			6,994			5,795			7,584			(14)		(11)		14,602			10,231			43
Income tax expense	1,785			2,092			1,645			1,486			2,133			(15)		(16)		3,877			2,795			39
NET INCOME	$	4,985		$	5,740		$	5,349		$	4,309		$	5,451		(13)		(9)		$	10,725		$	7,436		44

FINANCIAL RATIOS
ROE	23		%	27		%	26		%	21		%	27		%					25		%	18		%
Overhead ratio	49			49			44			51			42							49			48
Compensation expense as percentage of total net revenue	27			30			17			23			24							28			27

REVENUE BY BUSINESS
Investment Banking	$	3,424		$	2,851		$	2,497		$	2,087		$	3,401		20		1		$	6,275		$	4,287		46
Wholesale Payments	1,453			1,392			1,427			1,332			1,387			4		5		2,845			2,801			2
Lending	229			265			193			333			270			(14)		(15)		494			620			(20)
Total Banking	5,106			4,508			4,117			3,752			5,058			13		1		9,614			7,708			25
Fixed Income Markets	4,098			5,761			3,950			4,597			7,338			(29)		(44)		9,859			12,331			(20)
Equity Markets	2,689			3,289			1,989			1,999			2,380			(18)		13		5,978			4,617			29
Securities Services	1,088			1,050			1,053			1,029			1,097			4		(1)		2,138			2,171			(2)
Credit Adjustments & Other (b)	233			(3)			243			169			510			NM		(54)		230			(441)			NM
Total Markets & Securities Services	8,108			10,097			7,235			7,794			11,325			(20)		(28)		18,205			18,678			(3)
TOTAL NET REVENUE	$	13,214		$	14,605		$	11,352		$	11,546		$	16,383		(10)		(19)		$	27,819		$	26,386		5

(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 $763 million, $703 million, $655 million, $533 million and $591 million for the three months ended June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively, and $1.5 billion and $1.2 billion for the six months ended June 30, 2021 and 2020, respectively. In the first quarter of 2021, in relation to the reclassification of certain deferred investment tax credits, prior-period tax-equivalent adjustment amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.

(b)Consists primarily of centrally managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.

Page 15


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																				SIX MONTHS ENDED JUNE 30,
																	2Q21 Change											2021 Change
	2Q21			1Q21			4Q20			3Q20			2Q20				1Q21		2Q20		2021				2020			2020
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)	$	1,363,992		$	1,355,123		$	1,095,926		$	1,088,282		$	1,080,189			1	%	26	%	$	1,363,992			$	1,080,189		26	%
Loans:
Loans retained (b)	144,764			134,134			133,296			126,841			140,770				8		3		144,764				140,770			3
Loans held-for-sale and loans at fair value (c)(d)	56,668			45,846			39,588			33,046			34,017				24		67		56,668				34,017			67
Total loans	201,432			179,980			172,884			159,887			174,787				12		15		201,432				174,787			15


Equity	83,000			83,000			80,000			80,000			80,000				—		4		83,000				80,000			4

SELECTED BALANCE SHEET DATA (average)
Total assets (a)	$	1,371,218		$	1,293,864		$	1,139,424		$	1,099,618		$	1,166,867			6		18		1,332,755				$	1,124,389		19
Trading assets - debt and equity instruments (d)	469,625			464,692			442,443			425,789			421,953				1		11		467,172				410,229			14
Trading assets - derivative receivables	73,642			77,735			77,946			78,339			76,710				(5)		(4)		75,678				65,922			15
Loans:
Loans retained (b)	140,096			136,794			128,765			131,187			154,038				2		(9)		138,454				141,438			(2)
Loans held-for-sale and loans at fair value (c)(d)	52,376			45,671			36,228			30,205			33,538				15		56		49,042				34,374			43
Total loans	192,472			182,465			164,993			161,392			187,576				5		3		187,496				175,812			7


Equity	83,000			83,000			80,000			80,000			80,000				—		4		83,000				80,000			4

Headcount	64,261			62,772			61,733			61,830			60,950				2		5		64,261			(j)	60,950			5

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	(12)		$	(7)		$	88		$	23		$	204			(71)		NM		$	(19)			$	259		NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (e)	783			842			1,008			1,178			1,195				(7)		(34)		783				1,195			(34)
Nonaccrual loans held-for-sale and loans at fair value (d)(f)	1,187			1,266			1,662			2,111			1,510				(6)		(21)		1,187				1,510			(21)
Total nonaccrual loans	1,970			2,108			2,670			3,289			2,705				(7)		(27)		1,970				2,705			(27)

Derivative receivables	481			284			56			140			108				69		345		481				108			345
Assets acquired in loan satisfactions	95			97			85			88			35				(2)		171		95				35			171
Total nonperforming assets	2,546			2,489			2,811			3,517			2,848				2		(11)		2,546				2,848			(11)
Allowance for credit losses:
Allowance for loan losses	1,607			1,982			2,366			2,863			3,039			(i)	(19)		(47)		1,607				3,039			(47)
Allowance for lending-related commitments	1,902			1,602			1,534			1,706			1,634			(i)	19		16		1,902				1,634			16
Total allowance for credit losses	3,509			3,584			3,900			4,569			4,673				(2)		(25)		3,509				4,673			(25)

Net charge-off/(recovery) rate (b)(g)	(0.03)		%	(0.02)		%	0.27		%	0.07		%	0.53		%						(0.03)		%		0.37		%
Allowance for loan losses to period-end loans retained (b)	1.11			1.48			1.77			2.26			2.16			(i)					1.11				2.16
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (h)	1.53			2.06			2.54			3.15			2.87			(i)					1.53				2.87
Allowance for loan losses to nonaccrual loans retained (b)(e)	205			235			235			243			254			(i)					205				254
Nonaccrual loans to total period-end loans (d)	0.98			1.17			1.54			2.06			1.55								0.98				1.55

(b)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.

(c)Loans held-for-sale and loans at fair value primarily reflect lending related positions originated and purchased in CIB Markets, including loans held for securitization.

(d)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.

(e)Allowance for loan losses of $180 million, $174 million, $278 million, $320 million and $340 million were held against nonaccrual loans at June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively.

(f)At June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $316 million, $340 million, $316 million, $297 million and $135 million, respectively. These amounts have been excluded based upon the government guarantee.

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

(h)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.

(i)Prior-period amounts have been revised to conform with the current presentation.

(j)During the six months ended June 30, 2021, 1,155 technology and risk management employees transferred from Corporate to CIB.

Page 16


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS														SIX MONTHS ENDED JUNE 30,
											2Q21 Change								2021 Change
	2Q21		1Q21		4Q20		3Q20		2Q20		1Q21		2Q20		2021		2020		2020
BUSINESS METRICS
Advisory	$	916	$	680	$	835	$	428	$	602	35	%	52	%	$	1,596	$	1,105	44	%
Equity underwriting	1,063		1,056		718		732		977		1		9		2,119		1,308		62
Debt underwriting	1,593		1,252		1,005		1,005		1,268		27		26		2,845		2,341		22
Total investment banking fees	$	3,572	$	2,988	$	2,558	$	2,165	$	2,847	20		25		$	6,560	$	4,754	38

Client deposits and other third-party liabilities (average) (a)	721,882		705,764		683,818		634,961		607,902		2		19		713,868		561,183		27

Merchant processing volume (in billions) (b)	475.2		425.7		444.5		406.1		371.9		12		28		$	900.9	$	746.7	21

Assets under custody (“AUC”) (period-end) (in billions)	$	32,122	$	31,251	$	30,980	$	28,628	$	27,447	3		17		$	32,122	$	27,447	17

95% Confidence Level - Total CIB VaR (average) (c)
CIB trading VaR by risk type: (d)
Fixed income	$	39	$	125	$	106	$	93	$	129	(69)		(70)
Foreign exchange	6		11		12		13		9		(45)		(33)
Equities	18		22		23		26		27		(18)		(33)
Commodities and other	22		33		36		33		32		(33)		(31)
Diversification benefit to CIB trading VaR (e)	(44)		(90)		(85)		(76)		(69)		51		36
CIB trading VaR (d)	41		101		92		89		128		(59)		(68)
Credit portfolio VaR (f)	6		8		12		15		22		(25)		(73)
Diversification benefit to CIB VaR (e)	(6)		(10)		(13)		(14)		(23)		40		74
CIB VaR	$	41	$	99	$	91	$	90	$	127	(59)		(68)

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

(b)Represents total merchant processing volume across CIB, CCB and CB.

(c)Effective 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 VaR for each of the following reported components would have been different by the following amounts: CIB fixed income of $2 million, $21 million, $28 million and $15 million, CIB trading VaR of $(1) million, $19 million, $24 million and $11 million, and CIB VaR of zero, $20 million, $24 million and $12 million for the three months ended June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively.

(d)CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 137–139 of the Firm’s 2020 Form 10-K, and pages 66–68 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021 for further information.

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

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

Page 17


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


	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q21 Change										2021 Change
	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21		2Q20		2021			2020			2020
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	350		$	331		$	325		$	304		$	297		6	%	18	%	$	681		$	558		22	%

All other income	600			586			550			457			526			2		14		1,186			873			36
Noninterest revenue	950			917			875			761			823			4		15		1,867			1,431			30
Net interest income	1,533			1,476			1,588			1,524			1,577			4		(3)		3,009			3,134			(4)
TOTAL NET REVENUE (a)	2,483			2,393			2,463			2,285			2,400			4		3		4,876			4,565			7

Provision for credit losses	(377)			(118)			(1,181)			(147)			2,431			(219)		NM		(495)			3,441			NM

NONINTEREST EXPENSE
Compensation expense	484			482			460			492			430			—		13		966			902			7


Noncompensation expense	497			487			490			477			463			2		7		984			977			1
TOTAL NONINTEREST EXPENSE	981			969			950			969			893			1		10		1,950			1,879			4

Income/(loss) before income tax expense/(benefit)	1,879			1,542			2,694			1,463			(924)			22		NM		3,421			(755)			NM
Income tax expense/(benefit)	459			374			660			377			(243)			23		NM		833			(213)			NM
NET INCOME/(LOSS)	$	1,420		$	1,168		$	2,034		$	1,086		$	(681)		22		NM		$	2,588		$	(542)		NM

REVENUE BY PRODUCT
Lending	$	1,172		$	1,168		$	1,177		$	1,138		$	1,127		—		4		$	2,340		$	2,081		12
Wholesale payments	914			843			945			867			925			8		(1)		1,757			1,903			(8)
Investment banking (b)	370			350			318			260			256			6		45		720			491			47
Other	27			32			23			20			92			(16)		(71)		59			90			(34)
TOTAL NET REVENUE (a)	$	2,483		$	2,393		$	2,463		$	2,285		$	2,400		4		3		$	4,876		$	4,565		7

Investment banking revenue, gross (c)	$	1,164		$	1,129		$	971		$	840		$	851		3		37		$	2,293		$	1,537		49

REVENUE BY CLIENT SEGMENT
Middle Market Banking	$	1,009		$	916		$	947		$	880		$	870		10		16		$	1,925		$	1,813		6
Corporate Client Banking	851			851			856			808			866			—		(2)		1,702			1,539			11
Commercial Real Estate Banking	599			604			630			576			566			(1)		6		1,203			1,107			9


Other	24			22			30			21			98			9		(76)		46			106			(57)
TOTAL NET REVENUE (a)	$	2,483		$	2,393		$	2,463		$	2,285		$	2,400		4		3		$	4,876		$	4,565		7

FINANCIAL RATIOS
ROE	23		%	19		%	36		%	19		%	(13)		%					21		%	(6)		%
Overhead ratio	40			40			39			42			37							40			41

(a)Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities and in entities established for rehabilitation of historic properties, as well as tax-exempt income related to municipal financing activities of $78 million, $73 million, $107 million, $82 million and $80 million for the three months ended June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively, and $151 million and $161 million for the six months ended June 30, 2021 and 2020, respectively. In the first quarter of 2021, in relation to the reclassification of certain deferred investment tax credits, prior-period tax-equivalent adjustment amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.

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

(c)Refer to page 65 of the Firm’s 2020 Form 10-K for discussion of revenue sharing.

Page 18


JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q21 Change										2021 Change
	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21		2Q20		2021			2020			2020
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)	$	226,022		$	223,583		$	228,911		$	228,583		$	235,034		1	%	(4)	%	$	226,022		$	235,034		(4)	%
Loans:
Loans retained	200,929			202,975			207,880			214,352			223,192			(1)		(10)		200,929			223,192			(10)
Loans held-for-sale and loans at fair value	3,381			2,884			2,245			349			917			17		269		3,381			917			269
Total loans	$	204,310		$	205,859		$	210,125		$	214,701		$	224,109		(1)		(9)		$	204,310		$	224,109		(9)
Equity	24,000			24,000			22,000			22,000			22,000			—		9		24,000			22,000			9

Period-end loans by client segment
Middle Market Banking (b)	$	59,314		$	59,983		$	61,115		$	61,812		$	64,211		(1)		(8)		$	59,314		$	64,211		(8)
Corporate Client Banking	44,866			45,540			47,420			49,857			56,182			(1)		(20)		44,866			56,182			(20)
Commercial Real Estate Banking	99,858			100,035			101,146			102,484			103,117			—		(3)		99,858			103,117			(3)


Other	272			301			444			548			599			(10)		(55)		272			599			(55)
Total loans (b)	$	204,310		$	205,859		$	210,125		$	214,701		$	224,109		(1)		(9)		$	204,310		$	224,109		(9)

SELECTED BALANCE SHEET DATA (average)
Total assets (a)	$	226,562		$	225,574		$	227,431		$	231,691		$	247,512		—		(8)		$	226,071		$	236,792		(5)
Loans:
Loans retained	202,102			204,164			210,621			217,498			233,044			(1)		(13)		203,127			221,516			(8)
Loans held-for-sale and loans at fair value	3,150			2,578			1,554			629			502			22		NM		2,866			1,167			146
Total loans	$	205,252		$	206,742		$	212,175		$	218,127		$	233,546		(1)		(12)		$	205,993		$	222,683		(7)

Client deposits and other third-party liabilities	290,250			290,992			276,694			248,289			236,968			—		22		290,619			212,888			37
Equity	24,000			24,000			22,000			22,000			22,000			—		9		24,000			22,000			9

Average loans by client segment
Middle Market Banking	$	61,698		$	60,011		$	60,869		$	63,029		$	66,279		3		(7)		$	60,859		$	61,162		—
Corporate Client Banking	43,440			45,719			48,825			51,608			63,308			(5)		(31)		44,573			58,170			(23)
Commercial Real Estate Banking	99,864			100,661			101,969			102,905			103,516			(1)		(4)		100,260			102,521			(2)


Other	250			351			512			585			443			(29)		(44)		301			830			(64)
Total loans	$	205,252		$	206,742		$	212,175		$	218,127		$	233,546		(1)		(12)		$	205,993		$	222,683		(7)

Headcount	12,163			11,748			11,675			11,704			11,802			4		3		12,163			11,802			3

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	3		$	29		$	162		$	60		$	79		(90)		(96)		$	32		$	179		(82)
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (c)	1,006			1,134			1,286			1,468			1,252		(e)	(11)		(20)		1,006			1,252			(20)
Nonaccrual loans held-for-sale and loans
at fair value	2			—			120			85			125		(e)	NM		(98)		2			125			(98)
Total nonaccrual loans	1,008			1,134			1,406			1,553			1,377			(11)		(27)		1,008			1,377			(27)

Assets acquired in loan satisfactions	17			24			24			24			24			(29)		(29)		17			24			(29)
Total nonperforming assets	1,025			1,158			1,430			1,577			1,401			(11)		(27)		1,025			1,401			(27)
Allowance for credit losses:
Allowance for loan losses	2,589			3,086			3,335			4,466			4,730		(e)	(16)		(45)		2,589			4,730			(45)
Allowance for lending-related commitments	870			753			651			864			807		(e)	16		8		870			807			8
Total allowance for credit losses	3,459			3,839			3,986			5,330			5,537			(10)		(38)		3,459			5,537			(38)

Net charge-off/(recovery) rate (d)	0.01		%	0.06		%	0.31		%	0.11		%	0.14		%					0.03		%	0.16		%
Allowance for loan losses to period-end loans retained	1.29			1.52			1.60			2.08			2.12		(e)					1.29			2.12
Allowance for loan losses to nonaccrual loans retained (c)	257			272			259			304			378		(e)					257			378
Nonaccrual loans to period-end total loans	0.49			0.55			0.67			0.72			0.61							0.49			0.61

(b)At June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, total loans included $5.0 billion, $7.4 billion, $6.6 billion, $6.6 billion and $6.5 billion of loans, respectively, under the PPP, of which $4.9 billion, $7.2 billion, $6.4 billion, $6.4 billion and $6.3 billion was in Middle Market Banking. Refer to page 113 of the Firm’s 2020 Form 10-K for further information on the PPP.

(c)Allowance for loan losses of $188 million, $227 million, $273 million, $367 million and $287 million was held against nonaccrual loans retained at June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively.

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

(e)Prior-period amounts have been revised to conform with the current presentation.

Page 19


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


	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q21 Change										2021 Change
	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21		2Q20		2021			2020			2020
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	3,019		$	2,888		$	2,892		$	2,646		$	2,489		5	%	21	%	$	5,907		$	5,072		16	%
All other income	146			258			87			93			86			(43)		70		404			32			NM
Noninterest revenue	3,165			3,146			2,979			2,739			2,575			1		23		6,311			5,104			24
Net interest income	942			931			888			815			855			1		10		1,873			1,715			9
TOTAL NET REVENUE	4,107			4,077			3,867			3,554			3,430			1		20		8,184			6,819			20

Provision for credit losses	(10)			(121)			(2)			(52)			223			92		NM		(131)			317			NM

NONINTEREST EXPENSE
Compensation expense	1,356			1,389			1,323			1,232			1,178			(2)		15		2,745			2,404			14
Noncompensation expense	1,230			1,185			1,433			1,211			1,145			4		7		2,415			2,354			3
TOTAL NONINTEREST EXPENSE	2,586			2,574			2,756			2,443			2,323			—		11		5,160			4,758			8

Income before income tax expense	1,531			1,624			1,113			1,163			884			(6)		73		3,155			1,744			81
Income tax expense	378			380			327			287			223			(1)		70		758			414			83
NET INCOME	$	1,153		$	1,244		$	786		$	876		$	661		(7)		74		$	2,397		$	1,330		80

REVENUE BY LINE OF BUSINESS
Asset Management	$	2,236		$	2,185		$	2,210		$	1,924		$	1,780		2		26		$	4,421		$	3,520		26
Global Private Bank (a)	1,871			1,892			1,657			1,630			1,650			(1)		13		3,763			3,299			14
TOTAL NET REVENUE	$	4,107		$	4,077		$	3,867		$	3,554		$	3,430		1		20		$	8,184		$	6,819		20

FINANCIAL RATIOS
ROE	32		%	35		%	29		%	32		%	24		%					34		%	25		%
Overhead ratio	63			63			71			69			68							63			70
Pretax margin ratio:
Asset Management	37			35			31			30			30							36			27
Global Private Bank (a)	38			45			26			35			21							41			24
Asset & Wealth Management	37			40			29			33			26							39			26

Headcount	20,866			20,578			20,683			21,058			21,273			1		(2)		20,866			21,273			(2)

Number of Global Private Bank client advisors (a)	2,435			2,462			2,462			2,520			2,409			(1)		1		2,435			2,409			1

(a)In the first quarter of 2021, the Wealth Management business was renamed Global Private Bank.

Page 20


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

	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q21 Change										2021 Change
	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21		2Q20		2021			2020			2020
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	217,284		$	213,088		$	203,384	(a)	$	187,858	(a)	$	176,782	(a)	2	%	23	%	$	217,284		$	176,782	(a)	23	%
Loans	198,683			192,256			186,608			172,695			162,904			3		22		198,683			162,904			22
Deposits	217,488			217,460			198,755			166,049			160,993			—		35		217,488			160,993			35
Equity	14,000			14,000			10,500			10,500			10,500			—		33		14,000			10,500			33

SELECTED BALANCE SHEET DATA (average)
Total assets	$	214,384		$	207,505		$	193,026	(a)	$	181,850	(a)	$	175,887	(a)	3		22		$	210,963		$	175,361	(a)	20
Loans	195,171			188,726			176,758			167,645			161,196			3		21		191,966			160,355			20
Deposits	219,699			206,562			180,348			162,589			160,102			6		37		213,167			152,336			40
Equity	14,000			14,000			10,500			10,500			10,500			—		33		14,000			10,500			33

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	12		$	11		$	(16)		$	2		$	(2)		9		NM		$	23		$	—		NM
Nonaccrual loans (a)	792			917			964			970			771			(14)		3		792			771			3
Allowance for credit losses:
Allowance for loan losses	458			479			598			580			646			(4)		(29)		458			646			(29)
Allowance for lending-related commitments	25			25			38			41			28			—		(11)		25			28			(11)
Total allowance for credit losses	483			504			636			621			674			(4)		(28)		483			674			(28)
Net charge-off/(recovery) rate	0.02		%	0.02		%	(0.04)		%	—		%	—		%					0.02		%	—		%
Allowance for loan losses to period-end loans	0.23			0.25			0.32			0.34			0.40							0.23			0.40
Allowance for loan losses to nonaccrual loans	58			52		(a)	62		(a)	60		(a)	84							58			84
Nonaccrual loans to period-end loans	0.40			0.48		(a)	0.52		(a)	0.56		(a)	0.47							0.40			0.47

(a)Prior-period amounts have been revised to conform with the current presentation.

Page 21


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


											Jun 30, 2021
											Change				SIX MONTHS ENDED JUNE 30,
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Jun 30,						2021 Change
CLIENT ASSETS	2021		2021		2020		2020		2020		2021		2020		2021		2020		2020
Assets by asset class
Liquidity	$	698	$	686	$	641	$	674	$	704	2	%	(1)	%	$	698	$	704	(1)	%
Fixed income	688		662		671		650		618		4		11		688		618		11
Equity	725		661		595		499		448		10		62		725		448		62
Multi-asset	702		669		656		593		566		5		24		702		566		24
Alternatives	174		155		153		144		140		12		24		174		140		24
TOTAL ASSETS UNDER MANAGEMENT	2,987		2,833		2,716		2,560		2,476		5		21		2,987		2,476		21
Custody/brokerage/administration/deposits	1,057		995		936		810		765		6		38		1,057		765		38
TOTAL CLIENT ASSETS (a)	$	4,044	$	3,828	$	3,652	$	3,370	$	3,241	6		25		$	4,044	$	3,241	25


Assets by client segment
Private Banking	$	752	$	718	$	689	$	650	$	631	5		19		$	752	$	631	19
Global Institutional (b)	1,383		1,320		1,273		1,245		1,228		5		13		1,383		1,228		13
Global Funds (b)	852		795		754		665		617		7		38		852		617		38
TOTAL ASSETS UNDER MANAGEMENT	$	2,987	$	2,833	$	2,716	$	2,560	$	2,476	5		21		$	2,987	$	2,476	21

Private Banking	$	1,755	$	1,664	$	1,581	$	1,422	$	1,360	5		29		$	1,755	$	1,360	29
Global Institutional (b)	1,430		1,362		1,311		1,278		1,259		5		14		1,430		1,259		14
Global Funds (b)	859		802		760		670		622		7		38		859		622		38
TOTAL CLIENT ASSETS (a)	$	4,044	$	3,828	$	3,652	$	3,370	$	3,241	6		25		$	4,044	$	3,241	25

Assets under management rollforward
Beginning balance	$	2,833	$	2,716	$	2,560	$	2,476	$	2,210					$	2,716	$	2,328
Net asset flows:
Liquidity	15		44		(36)		(30)		93						59		170
Fixed income	17		8		8		22		18						25		18
Equity	20		31		14		9		11						51		10
Multi-asset	2		6		10		(1)		(2)						8		(4)
Alternatives	10		3		1		2		3						13		3
Market/performance/other impacts	90		25		159		82		143						115		(49)
Ending balance	$	2,987	$	2,833	$	2,716	$	2,560	$	2,476					$	2,987	$	2,476

Client assets rollforward
Beginning balance	$	3,828	$	3,652	$	3,370	$	3,241	$	2,891					$	3,652	$	3,089
Net asset flows	75		130		39		11		135						205		226
Market/performance/other impacts	141		46		243		118		215						187		(74)
Ending balance	$	4,044	$	3,828	$	3,652	$	3,370	$	3,241					$	4,044	$	3,241

(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.

(b)In the first quarter of 2021, Institutional and Retail client segments were renamed to Global Institutional and Global Funds, respectively. This did not result in a change to the clients within either client segment.

Page 22


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

	QUARTERLY TRENDS													SIX MONTHS ENDED JUNE 30,
											2Q21 Change								2021 Change
	2Q21		1Q21		4Q20		3Q20		2Q20		1Q21	2Q20		2021			2020		2020
INCOME STATEMENT
REVENUE
Principal transactions	$	(8)	$	272	$	273	$	87	$	(2)	NM	(300)	%	$	264		$	(115)	NM
Investment securities gains/(losses)	(155)		14		70		466		26		NM	NM		(141)			259		NM
All other income	(45)		96		249		(210)		(91)		NM	51		51			120		(58)
Noninterest revenue	(208)		382		592		343		(67)		NM	(210)		174			264		(34)
Net interest income	(961)		(855)		(841)		(682)		(687)		(12)	(40)		(1,816)			(852)		(113)
TOTAL NET REVENUE (a)	(1,169)		(473)		(249)		(339)		(754)		(147)	(55)		(1,642)			(588)		(179)

Provision for credit losses	49		16		(42)		96		4		206	NM		65			12		442

NONINTEREST EXPENSE	515		876		361		719		147		(41)	250		1,391			293		375
Income/(loss) before income tax expense/(benefit)	(1,733)		(1,365)		(568)		(1,154)		(905)		(27)	(91)		(3,098)			(893)		(247)
Income tax expense/(benefit)	(489)		(785)		(210)		(455)		(337)		38	(45)		(1,274)			(200)		NM
NET INCOME/(LOSS)	$	(1,244)	$	(580)	$	(358)	$	(699)	$	(568)	(114)	(119)		$	(1,824)		$	(693)	(163)

MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	(1,081)		(705)		(623)		(243)		(671)		(53)	(61)		(1,786)			(502)		(256)

Other Corporate	(88)		232		374		(96)		(83)		NM	(6)		144			(86)		NM
TOTAL NET REVENUE	$	(1,169)	$	(473)	$	(249)	$	(339)	$	(754)	(147)	(55)		$	(1,642)		$	(588)	(179)

NET INCOME/(LOSS)
Treasury and CIO	(956)		(675)		(587)		(349)		(550)		(42)	(74)		(1,631)			(467)		(249)

Other Corporate	(288)		95		229		(350)		(18)		NM	NM		(193)			(226)		15
TOTAL NET INCOME/(LOSS)	$	(1,244)	$	(580)	$	(358)	$	(699)	$	(568)	(114)	(119)		$	(1,824)		$	(693)	(163)

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,382,653	$	1,409,564	$	1,359,831	$	1,253,275	$	1,221,980	(2)	13		$	1,382,653		$	1,221,980	13
Loans	1,530		1,627		1,657		1,569		1,670		(6)	(8)		1,530			1,670		(8)


Headcount	37,520		38,168		38,366		38,861		38,920		(2)	(4)		37,520		(d)	38,920		(4)

SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains/(losses)	$	(155)	$	14	$	70	$	466	$	26	NM	NM		$	(141)		$	259	NM
Available-for-sale securities (average)	342,338		372,443		410,803		442,943		426,470		(8)	(20)		357,307			399,712		(11)
Held-to-maturity securities (average) (b)	240,696		207,957		155,525		103,596		71,713		16	236		224,417			59,193		279
Investment securities portfolio (average)	$	583,034	$	580,400	$	566,328	$	546,539	$	498,183	—	17		$	581,724		$	458,905	27
Available-for-sale securities (period-end)	230,127		377,911		386,065		387,663		483,752		(39)	(52)		230,127			483,752		(52)
Held-to-maturity securities, net of allowance for credit losses (period-end) (b)	341,476		217,452		201,821		141,553		72,908		57	368		341,476			72,908		368
Investment securities portfolio, net of allowance for credit losses (period-end) (c)	$	571,603	$	595,363	$	587,886	$	529,216	$	556,660	(4)	3		$	571,603		$	556,660	3

(a)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $66 million, $67 million, $55 million, $62 million and $63 million for the three months ended June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively, and $133 million and $124 million for the six months ended June 30, 2021 and 2020, respectively.

(b)During the second quarter of 2021 and the full year 2020, the Firm transferred $104.5 billion and $164.2 billion of investment securities, respectively, from AFS to HTM for capital management purposes.

(c)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.

(d)During the six months ended June 30, 2021, 1,155 technology and risk management employees transferred from Corporate to CIB.

Page 23


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
												Jun 30, 2021
												Change
	Jun 30,		Mar 31,		Dec 31,			Sep 30,		Jun 30,		Mar 31,		Jun 30,
	2021		2021		2020			2020		2020		2021		2020
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained	$	297,731	$	302,392	$	302,127		$	305,106	$	307,005	(2)	%	(3)	%
Loans held-for-sale and loans at fair value (b)	31,954		22,516		16,452			16,992		16,193		42		97
Total consumer, excluding credit card loans	329,685		324,908		318,579			322,098		323,198		1		2

Credit card loans
Loans retained	141,079		131,772		143,432			139,590		141,656		7		—
Loans held-for-sale	723		721		784			787		—		—		NM
Total credit card loans	141,802		132,493		144,216			140,377		141,656		7		—
Total consumer loans	471,487		457,401		462,795			462,475		464,854		3		1

Wholesale loans (c)
Loans retained	524,855		514,478		514,947			500,841		516,787		2		2
Loans held-for-sale and loans at fair value (b)	44,612		39,428		35,111			26,424		27,741		13		61
Total wholesale loans	569,467		553,906		550,058			527,265		544,528		3		5

Total loans	1,040,954		1,011,307		1,012,853			989,740		1,009,382		3		3
Derivative receivables	70,711		73,119		79,630			76,626		74,846		(3)		(6)
Receivables from customers (d)	59,609		58,180		47,710			30,847		22,403		2		166
Total credit-related assets	1,171,274		1,142,606		1,140,193			1,097,213		1,106,631		3		6

Lending-related commitments
Consumer, excluding credit card	56,875		56,245		57,319		(h)	46,425		45,348		1		25
Credit card (e)	682,531		674,367		658,506			662,860		673,836		1		1
Wholesale (b)	502,616		481,244		449,863			441,235		413,357		4		22
Total lending-related commitments	1,242,022		1,211,856		1,165,688			1,150,520		1,132,541		2		10

Total credit exposure	$	2,413,296	$	2,354,462	$	2,305,881		$	2,247,733	$	2,239,172	2		8

Memo: Total by category
Consumer exposure (b)(f)	$	1,210,893	$	1,188,013	$	1,178,620		$	1,171,760	$	1,184,038	2		2
Wholesale exposures (b)(g)	1,202,403		1,166,449		1,127,261			1,075,973		1,055,134		3		14
Total credit exposure	$	2,413,296	$	2,354,462	$	2,305,881		$	2,247,733	$	2,239,172	2		8

(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.

(b)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans, which resulted in a corresponding reclassification of certain off-balance sheet commitments. Prior-period amounts have been revised to conform with the current presentation.

(c)Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated loans held in CCB including business banking and auto dealer for which the wholesale methodology is applied when determining the allowance for loan losses.

(d)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.

(e)Also includes commercial card lending-related commitments primarily in CB and CIB.

(f)Represents total consumer loans and lending-related commitments.

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

(h)Prior-period amount has been revised to conform with the current presentation.

Page 24


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

																	Jun 30, 2021
																	Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,				Jun 30,			Mar 31,		Jun 30,
	2021			2021			2020			2020				2020			2021		2020
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
Loans retained	$	5,183		$	5,382		$	5,464		$	5,047		(e)	$	4,246		(4)	%	22	%
Loans held-for-sale and loans at fair value (b)	475			608			1,003			1,358				1,001			(22)		(53)
Total consumer nonaccrual loans	5,658			5,990			6,467			6,405				5,247			(6)		8

Wholesale nonaccrual loans
Loans retained	2,698			3,015			3,318			3,745				3,423			(11)		(21)
Loans held-for-sale and loans at fair value (b)	716			701			788			852				649			2		10
Total wholesale nonaccrual loans	3,414			3,716			4,106			4,597				4,072			(8)		(16)

Total nonaccrual loans (c)	9,072			9,706			10,573			11,002				9,319			(7)		(3)

Derivative receivables	481			284			56			140				108			69		345
Assets acquired in loan satisfactions	249			267			277			320				288			(7)		(14)
Total nonperforming assets	9,802			10,257			10,906			11,462				9,715			(4)		1
Wholesale lending-related commitments (b)(d)	851			800			577			607				765			6		11
Total nonperforming exposure	$	10,653		$	11,057		$	11,483		$	12,069			$	10,480		(4)		2

NONACCRUAL LOAN-RELATED RATIOS (c)
Total nonaccrual loans to total loans (b)	0.87		%	0.96		%	1.04		%	1.11		%		0.92		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans (b)	1.72			1.84			2.03			1.99			(e)	1.62
Total wholesale nonaccrual loans to total
wholesale loans (b)	0.60			0.67			0.75			0.87				0.75

(a)At June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, nonperforming assets excluded: (1) mortgage loans 90 or more days past due and insured by U.S. government agencies of $977 million, $798 million, $874 million, $1.1 billion and $696 million, respectively; and (2) real estate owned (“REO”) insured by U.S. government agencies of $7 million, $8 million, $9 million, $10 million and $13 million, respectively. Prior-period amounts of mortgage loans 90 or more days past due and insured by U.S. government agencies excluded from nonperforming assets have been revised to conform with the current presentation, refer to footnote (b) below for additional information. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance. Refer to Note 12 of the Firm’s 2020 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.

(c)Generally excludes loans that were under payment deferral or other assistance, including amendments or waivers of financial covenants, in response to the COVID-19 pandemic.

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

(e)Prior-period amounts have been revised to conform with the current presentation.

Page 25


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

	QUARTERLY TRENDS																				SIX MONTHS ENDED JUNE 30,
																	2Q21 Change											2021 Change
	2Q21			1Q21			4Q20			3Q20			2Q20				1Q21		2Q20		2021			2020				2020
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	23,001		$	28,328		$	30,814		$	31,591		$	23,244			(19)	%	(1)	%	$	28,328		$	17,295			64	%
Net charge-offs:
Gross charge-offs	1,188			1,468			1,471			1,586			1,877				(19)		(37)		2,656			3,779				(30)
Gross recoveries collected	(454)			(411)			(421)			(406)			(317)				(10)		(43)		(865)			(750)				(15)
Net charge-offs	734			1,057			1,050			1,180			1,560				(31)		(53)		1,791			3,029				(41)
Provision for loan losses	(2,759)			(4,279)			(1,433)			400			9,906			(b)	36		NM		(7,038)			17,324			(b)	NM
Other	(8)			9			(3)			3			1				NM		NM		1			1				—
Ending balance	$	19,500		$	23,001		$	28,328		$	30,814		$	31,591			(15)		(38)		$	19,500		$	31,591			(38)

ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	2,516		$	2,409		$	2,823		$	2,710		$	2,147			4		17		$	2,409		$	1,289			87
Provision for lending-related commitments	481			107			(414)			114			563			(b)	350		(15)		588			1,421			(b)	(59)
Other	1			—			—			(1)			—				NM		NM		1			—				NM
Ending balance	$	2,998		$	2,516		$	2,409		$	2,823		$	2,710			19		11		$	2,998		$	2,710			11

Total allowance for credit losses (a)	$	22,498		$	25,517		$	30,737		$	33,637		$	34,301			(12)		(34)		$	22,498		$	34,301			(34)

NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans	(0.04)		%	0.03		%	0.05		%	0.08		%	0.11		%						(0.01)		%	0.05		%
Credit card retained loans	2.24			2.97			2.17			2.92			3.33								2.60			3.28
Total consumer retained loans	0.67			0.93			0.72			0.97			1.14								0.80			1.14
Wholesale retained loans	0.01			0.04			0.19			0.07			0.22								0.02			0.18
Total retained loans	0.31			0.45			0.44			0.49			0.64								0.38			0.63

Memo: Average retained loans
Consumer retained, excluding credit card loans	$	298,823		$	302,055		$	303,421		$	306,201		$	304,179			(1)		(2)		$	300,430		$	299,169			—
Credit card retained loans	135,430			134,155			140,459			140,200			142,377				1		(5)		134,796			152,518				(12)
Total average retained consumer loans	434,253			436,210			443,880			446,401			446,556				—		(3)		435,226			451,687				(4)
Wholesale retained loans	519,902			515,858			503,249			504,449			540,248				1		(4)		517,892			516,032				—
Total average retained loans	$	954,155		$	952,068		$	947,129		$	950,850		$	986,804			—		(3)		$	953,118		$	967,719			(2)

(a)At June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020 excludes allowance for credit losses on investment securities of $87 million, $94 million, $78 million, $120 million and $23 million, respectively.

(b)Prior-period amounts have been revised to conform with the current presentation.

Page 26


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

																		Jun 30, 2021
																		Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,				Jun 30,				Mar 31,		Jun 30,
	2021			2021			2020			2020				2020				2021		2020
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	(557)		$	(348)		$	(7)		$	228			$	263			(60)	%	NM
Portfolio-based	2,455			3,030			3,643			4,274				4,609				(19)		(47)	%
Total consumer, excluding credit card	1,898			2,682			3,636			4,502				4,872				(29)		(61)
Credit card
Asset-specific (b)	443			522			633			652				642				(15)		(31)
Portfolio-based	12,057			13,778			17,167			17,148				17,158				(12)		(30)
Total credit card	12,500			14,300			17,800			17,800				17,800				(13)		(30)
Total consumer	14,398			16,982			21,436			22,302				22,672				(15)		(36)
Wholesale
Asset-specific (c)	488			529			682			792				757				(8)		(36)
Portfolio-based	4,614			5,490			6,210			7,720				8,162			(g)	(16)		(43)
Total wholesale	5,102			6,019			6,892			8,512				8,919				(15)		(43)
Total allowance for loan losses	19,500			23,001			28,328			30,814				31,591				(15)		(38)
Allowance for lending-related commitments	2,998			2,516			2,409			2,823				2,710			(g)	19		11
Total allowance for credit losses (d)	$	22,498		$	25,517		$	30,737		$	33,637			$	34,301			(12)		(34)

CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	0.64		%	0.89		%	1.20		%	1.48		%		1.59		%
Credit card allowance to total credit card retained loans	8.86			10.85			12.41			12.75				12.57
Wholesale allowance to total wholesale retained loans	0.97			1.17			1.34			1.70				1.73			(g)
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (e)	1.05			1.26			1.45			1.83				1.84			(g)
Total allowance to total retained loans	2.02			2.42			2.95			3.26				3.27
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (f)	37			50			67			89			(g)	115
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (f)	89			104			120			148				180			(g)
Wholesale allowance to wholesale retained nonaccrual loans	189			200			208			227				261			(g)
Total allowance to total retained nonaccrual loans	247			274			323			350			(g)	412

(a)Includes collateral dependent loans, including those considered troubled debt restructurings (“TDRs”) and those for which foreclosure is deemed probable, modified PCD loans, and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a TDR.

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

(c)Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified or are reasonably expected to be modified in a TDR.

(d)At June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020 excludes allowance for credit losses on investment securities of $87 million, $94 million, $78 million, $120 million and $23 million, respectively.

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

(f)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.

(g)Prior-period amounts have been revised to conform with the current presentation.

Page 27

JPMORGAN CHASE & CO.

NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

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

(b)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less total noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.

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

(d)The ratio of the wholesale and CIB’s allowance for loan losses to period-end loans retained, excluding trade finance and conduits, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB’s trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the respective allowance coverage ratio.

(e)In addition to reviewing net interest income and the net yield on a managed basis, management also reviews these metrics excluding CIB Markets, as shown below; these metrics, which exclude CIB Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities. The resulting metrics that exclude CIB Markets are referred to as non-markets-related net interest income and net yield. CIB Markets consists of Fixed Income Markets and Equity Markets. Management believes that disclosure of non-markets-related net interest income and net yield provides 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																			SIX MONTHS ENDED JUNE 30,
																2Q21 Change										2021 Change
(in millions, except rates)	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21		2Q20		2021			2020			2020

Net interest income - reported	$	12,741		$	12,889		$	13,258		$	13,013		$	13,853		(1)	%	(8)	%	$	25,630		$	28,292		(9)	%
Fully taxable-equivalent adjustments	109			109			97			104			107			—		2		218			217			—
Net interest income - managed basis (a)	$	12,850		$	12,998		$	13,355		$	13,117		$	13,960		(1)		(8)		$	25,848		$	28,509		(9)
Less: CIB Markets net interest income	1,987			2,223			2,166			2,076			2,536			(11)		(22)		4,210			4,132			2
Net interest income excluding CIB Markets (a)	$	10,863		$	10,775		$	11,189		$	11,041		$	11,424		1		(5)		$	21,638		$	24,377		(11)

Average interest-earning assets (b)	$	3,177,195		$	3,126,569		$	2,955,646		$	2,874,974		$	2,819,689		2		13		$	3,152,022		$	2,642,619		19
Less: Average CIB Markets interest-earning assets (b)	882,848			866,591			743,337			730,141			795,511			2		11		874,764			765,681			14
Average interest-earning assets excluding CIB Markets	$	2,294,347		$	2,259,978		$	2,212,309		$	2,144,833		$	2,024,178		2		13		$	2,277,258		$	1,876,938		21

Net yield on average interest-earning assets - managed basis	1.62		%	1.69		%	1.80		%	1.82		%	1.99		%					1.65		%	2.17		%
Net yield on average CIB Markets interest-earning assets	0.90			1.04			1.16			1.13			1.28							0.97			1.09
Net yield on average interest-earning assets excluding CIB Markets	1.90			1.93			2.01			2.05			2.27							1.92			2.61

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

(b) In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.

Page 28