SEC Filing | JPMorgan Chase & Co.

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jpm-20211013

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): October 13, 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
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM	JPM PR M	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 October 13, 2021, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) reported 2021 third quarter net income of $11.7 billion, or $3.74 per share, compared with net income of $9.4 billion, or $2.92 per share, in the third quarter of 2020. A copy of the 2021 third quarter earnings release is attached hereto as Exhibit 99.1, and a copy of the earnings release financial supplement is attached hereto as Exhibit 99.2.

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

This Current Report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2020, and Quarterly Report on Form 10-Q for the quarters ended March 31, 2021 and June 30, 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 - Third Quarter 2021 Results
99.2						JPMorgan Chase & Co. Earnings Release Financial Supplement - Third 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:			October 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 THIRD-QUARTER 2021 NET INCOME OF $11.7 BILLION ($3.74 PER SHARE)

THIRD-QUARTER 2021 RESULTS1

ROE 18%

ROTCE2 22%

CET1 Capital Ratios3

Std. 12.9% | Adv. 13.6%

Net payout LTM4,5

54%


Firmwide Metrics	n	Reported revenue of $29.6 billion; managed revenue of $30.4 billion2
	n	Credit costs net benefit of $1.5 billion included $2.1 billion of net reserve release and $524 million of net charge-offs
	n	Average loans up 5%; average deposits up 19%
	n	$1.6 trillion of liquidity sources, including HQLA and unencumbered marketable securities6

CCB ROE 34%	n	Average deposits up 20%; client investment assets up 29%
	n	Average loans down 2% YoY and up 1% QoQ; Card net charge-off rate of 1.39%
	n	Debit and credit card sales volume7 up 26%
	n	Active mobile customers8 up 10%

CIB ROE 26%	n	#1 ranking for Global Investment Banking fees with 9.4% wallet share YTD
	n	Total Markets revenue of $6.3 billion, down 5%, with Fixed Income Markets down 20% and Equity Markets up 30%

CB ROE 22%	n	Gross Investment Banking revenue of $1.3 billion, up 60%
	n	Average loans down 7% YoY and 1% QoQ; average deposits up 21%

AWM ROE 33%	n	Assets under management (AUM) of $3.0 trillion, up 17%
	n	Average loans up 20% YoY and 3% QoQ; average deposits up 41%


Jamie Dimon, Chairman and CEO, commented on the financial results: “JPMorgan Chase delivered strong results as the economy continues to show good growth - despite the dampening effect of the Delta variant and supply chain disruptions. We released credit reserves of $2.1 billion, as the economic outlook continues to improve and our scenarios have improved accordingly. As we have said before, however, we do not consider these scenario-driven releases core or recurring profits. These reserve calculations, while done extremely diligently and carefully, involve multiple, multi-year hypothetical probability-adjusted scenarios, which may or may not occur and which may continue to introduce quarterly volatility in our reserves. Our earnings, not including the net reserve release and an income tax benefit, were $9.6 billion.” Dimon continued: “In Consumer & Community Banking, combined debit and credit card spend was up 26%, and Card payment rates have stabilized contributing to modest Card loan growth. Originations in Home Lending remain strong, up 43% to $42 billion, and remain at historically high levels in Auto, of over $11 billion. However, CCB loans were down 2% reflecting continued elevated prepayments in mortgage and the impact of PPP forgiveness primarily offset by growth in Auto, up 12%, and Card, up 1%. In the Corporate & Investment Bank, Global IB fees were up 52% driven by a surge in M&A activity and our strong performance in IPOs. Markets revenue was very strong overall and down just 5% compared to a third quarter record last year, as continued normalization in Fixed Income offset a strong performance in Equities. Commercial Banking earned a record $1.3 billion of gross IB revenue reflecting the strength of the M&A market. CB loans were down 7%, however, we are seeing early signs of Commercial Real Estate loan growth on modestly higher new loan originations in Commercial Term Lending. In Asset & Wealth Management, AUM of $3.0 trillion grew 17% driven by higher asset values and strong net inflows, and loans continue to be strong, up 20% primarily driven by securities-based lending.” Dimon concluded: “We are making important investments, including strategic, add-on acquisitions that will drive our firm’s future prospects and position it to grow and prosper for decades. This quarter, we became the first bank to have branches in all of the lower 48 states, allowing us to serve more households, businesses and communities across the country. We are more than halfway through our plan to open 400 branches in new markets by the end of 2022, with approximately 30% of these branches in low-to-moderate income communities. We are also expanding our retail presence internationally, most recently launching our digital retail bank in the U.K. We remain committed to using our resources to drive inclusive solutions to support our employees, customers, clients and the communities we serve.”

SIGNIFICANT ITEMS

n 3Q21 results included:

n $2.1 billion net credit reserve release Firmwide ($0.52 increase in earnings per share (EPS))

n $566 million Firmwide income tax benefit related to finalizing the Firm’s 2020 U.S. federal tax return ($0.19 increase in EPS)

n Excluding significant items2: 3Q21 net income of $9.6 billion, EPS of $3.03

and ROTCE of 18%

CAPITAL DISTRIBUTED

n Common dividend of $3.0 billion, or $1.00 per share

n $5.0 billion of common stock net repurchases in 3Q215

FORTRESS PRINCIPLES

n Book value per share of $86.36, up 9%; tangible book value per share2 of $69.87,

up 9%

n Basel III common equity Tier 1 capital3 of $210 billion and Standardized ratio3 of 12.9%; Advanced ratio3 of 13.6%

n Firm supplementary leverage ratio of 5.5%

OPERATING LEVERAGE

n 3Q21 expense of $17.1 billion; reported overhead ratio of 58%; managed overhead ratio2 of 56%

SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES

n $2.4 trillion of credit and capital9 raised YTD

n $238 billion of credit for consumers

n $15 billion of credit for U.S. small businesses

n $957 billion of credit for corporations

n $1.2 trillion of capital raised for corporate clients and non-U.S. government

entities

n $46 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 third quarter of 2021 versus the prior-year third quarter, unless otherwise specified. 2For notes on non-GAAP financial measures, including managed basis reporting, see page 6. For additional notes see page 7.			Media Contact: Trish Wexler (212) 270-5883

JPMorgan Chase & Co.

News Release

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

Comparisons noted in the sections below are for the third quarter of 2021 versus the prior-year third quarter, unless otherwise specified.

JPMORGAN CHASE (JPM)


Results for JPM										2Q21				3Q20
($ millions, except per share data)	3Q21			2Q21			3Q20			$ O/(U)		O/(U) %		$ O/(U)		O/(U) %

Net revenue - reported10	$	29,647		$	30,479		$	29,255		$	(832)	(3)	%	$	392	1	%
Net revenue - managed	30,441			31,395			29,941			(954)		(3)		500		2
Noninterest expense	17,063			17,667			16,875			(604)		(3)		188		1
Provision for credit losses	(1,527)			(2,285)			611			758		33		(2,138)		NM
Net income	$	11,687		$	11,948		$	9,443		$	(261)	(2)	%	$	2,244	24	%
Earnings per share - diluted	$	3.74		$	3.78		$	2.92		$	(0.04)	(1)	%	$	0.82	28	%
Return on common equity	18		%	18		%	15		%
Return on tangible common equity	22			23			19

Discussion of Results:

Net income was $11.7 billion, up $2.2 billion, largely driven by credit reserve releases of $2.1 billion compared to credit reserve releases of $569 million in the prior year. The current quarter included an income tax benefit of $566 million related to finalizing the Firm’s 2020 U.S. federal tax return.

Net revenue was $30.4 billion, up 2%. Noninterest revenue was $17.3 billion, up 3%, predominantly driven by higher Investment Banking fees in CIB and management fees in AWM, predominantly offset by net investment securities losses in Corporate compared to net gains in the prior year and lower revenue in Home Lending. Net interest income was $13.2 billion, up 1%, driven by balance sheet growth and higher rates, primarily offset by change in balance sheet mix and lower net interest income in CIB Markets.

Noninterest expense was $17.1 billion, up 1%, driven by continued investments in the business including marketing and technology, and higher volume- and revenue-related expense, predominantly offset by lower legal expense and structural expense. The prior year included an impairment on a legacy investment.

The provision for credit losses was a net benefit of $1.5 billion, reflecting a net reserve release of $2.1 billion driven by improvements in the Firm’s economic outlook and $524 million of net charge-offs. The prior year provision was an expense of $611 million, reflecting $1.2 billion of net charge-offs and a net reserve release of $569 million. The net reserve release in the current year comprised of $1.2 billion in Wholesale and $874 million in Consumer driven by $850 million in Card. Net charge-offs of $524 million were down $656 million, predominantly driven by Card.

JPMorgan Chase & Co.

News Release

CONSUMER & COMMUNITY BANKING (CCB)


Results for CCB							2Q21				3Q20
($ millions)	3Q21		2Q21		3Q20		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	12,521	$	12,760	$	12,895	$	(239)	(2)	%	$	(374)	(3)	%
Consumer & Business Banking	6,157		6,016		5,697		141		2		460		8
Home Lending	1,400		1,349		1,714		51		4		(314)		(18)
Card & Auto	4,964		5,395		5,484		(431)		(8)		(520)		(9)
Noninterest expense	7,238		7,062		6,912		176		2		326		5
Provision for credit losses	(459)		(1,868)		795		1,409		75		(1,254)		NM
Net income	$	4,341	$	5,634	$	3,871	$	(1,293)	(23)	%	$	470	12	%

Discussion of Results 11,12:

Net income was $4.3 billion, up 12%. Net revenue was $12.5 billion, down 3%.

Consumer & Business Banking net revenue was $6.2 billion, up 8%, driven by growth in deposit balances and client investment assets as well as increased debit transactions, partially offset by deposit margin compression. Home Lending net revenue was $1.4 billion, down 18%, driven by lower net servicing revenue and lower production margins, partially offset by higher net interest income and higher production volumes. Card & Auto net revenue was $5.0 billion, down 9%, driven by lower operating lease income in Auto, and in Card, higher acquisition costs and lower net interest income on lower revolving balances, partially offset by lower funding costs.

Noninterest expense was $7.2 billion, up 5%, driven by continued investments in the business including marketing.

The provision for credit losses was a net benefit of $459 million, reflecting a $950 million reserve release driven by improvements in the Firm’s economic outlook compared to a $300 million reserve release in the prior year. Net charge-offs were $491 million, down $604 million, predominantly driven by Card.

JPMorgan Chase & Co.

News Release

CORPORATE & INVESTMENT BANK (CIB)


Results for CIB							2Q21				3Q20
($ millions)	3Q21		2Q21		3Q20		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	12,396	$	13,214	$	11,546	$	(818)	(6)	%	$	850	7	%
Banking	4,893		5,106		3,752		(213)		(4)		1,141		30
Markets & Securities Services	7,503		8,108		7,794		(605)		(7)		(291)		(4)
Noninterest expense	5,871		6,523		5,832		(652)		(10)		39		1
Provision for credit losses	(638)		(79)		(81)		(559)		NM		(557)		NM
Net income	$	5,562	$	4,985	$	4,309	$	577	12	%	$	1,253	29	%

Discussion of Results11:

Net income was $5.6 billion, up 29%, with revenue of $12.4 billion, up 7%.

Banking revenue was $4.9 billion, up 30%. Investment Banking revenue was $3.0 billion, up 45%, driven by higher Investment Banking fees, up 52%, reflecting higher advisory and equity underwriting fees. Wholesale Payments revenue was $1.6 billion, up 22% and included gains on strategic equity investments. Excluding these gains, revenue was up 10%, driven by higher deposit balances and fees, partially offset by deposit margin compression. Lending revenue was $244 million, down 27%, driven by lower net interest income.

Markets & Securities Services revenue was $7.5 billion, down 4%. Markets revenue was $6.3 billion, down 5%. Fixed Income Markets revenue was $3.7 billion, down 20%, predominantly driven by lower revenue in Commodities, Rates and Spread products as compared with a favorable performance in the prior year. The current quarter also included an adjustment to liquidity assumptions in the derivatives portfolio. Equity Markets revenue was $2.6 billion, up 30%, driven by strong performance across products. Securities Services revenue was $1.1 billion, up 9%, largely driven by fee growth.

Noninterest expense was $5.9 billion, relatively flat to the prior year, as higher structural expense, volume- and revenue-related expense and investments, including technology and front office hires, were offset by lower legal expense.

The provision for credit losses was a net benefit of $638 million, driven by a net reserve release.

COMMERCIAL BANKING (CB)


Results for CB							2Q21				3Q20
($ millions)	3Q21		2Q21		3Q20		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	2,520	$	2,483	$	2,285	$	37	1	%	$	235	10	%
Noninterest expense	1,032		981		969		51		5		63		7
Provision for credit losses	(363)		(377)		(147)		14		4		(216)		(147)
Net income	$	1,407	$	1,420	$	1,086	$	(13)	(1)	%	$	321	30	%

Discussion of Results11:

Net income was $1.4 billion, up 30%.

Net revenue was $2.5 billion, up 10%, driven by higher revenue from investment banking and wholesale payments.

Noninterest expense was $1.0 billion, up 7%, predominantly driven by investments in the business, including front office hires and technology, and higher volume- and revenue-related expense.

The provision for credit losses was a net benefit of $363 million, driven by a net reserve release. Net charge-offs were $31 million.

JPMorgan Chase & Co.

News Release

ASSET & WEALTH MANAGEMENT (AWM)


Results for AWM							2Q21				3Q20
($ millions)	3Q21		2Q21		3Q20		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	4,300	$	4,107	$	3,554	$	193	5	%	$	746	21	%
Noninterest expense	2,762		2,586		2,443		176		7		319		13
Provision for credit losses	(60)		(10)		(52)		(50)		(500)		(8)		(15)
Net income	$	1,194	$	1,153	$	876	$	41	4	%	$	318	36	%

Discussion of Results12:

Net income was $1.2 billion, up 36%.

Net revenue was $4.3 billion, up 21%, largely driven by higher management fees and growth in deposit and loan balances, partially offset by deposit margin compression.

Noninterest expense was $2.8 billion, up 13%, predominantly driven by higher performance-related compensation, distribution fees, and structural expense.

Assets under management were $3.0 trillion, up 17%, driven by higher market levels, as well as cumulative net inflows.

CORPORATE


Results for Corporate							2Q21				3Q20
($ millions)	3Q21		2Q21		3Q20		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	(1,296)	$	(1,169)	$	(339)	$	(127)	(11)	%	$	(957)	(282)	%
Noninterest expense	160		515		719		(355)		(69)		(559)		(78)
Provision for credit losses	(7)		49		96		(56)		NM		(103)		NM
Net income/(loss)	$	(817)	$	(1,244)	$	(699)	$	427	34	%	$	(118)	(17)	%

Discussion of Results:

Net loss was $817 million, compared with a net loss of $699 million in the prior year. The current quarter included $383 million of the $566 million Firmwide income tax benefit related to finalizing the Firm’s 2020 U.S. federal tax return.

Net revenue was a loss of $1.3 billion compared with a loss of $339 million in the prior year. Net interest income was a loss of $1.1 billion, down $372 million, primarily on limited deployment opportunities as deposit growth continued. The current quarter included net investment securities losses of $256 million compared to net gains of $466 million in the prior year.

Noninterest expense was $160 million, down $559 million, primarily driven by the absence of an impairment on a legacy investment in the prior year.

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 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 $86.36, $84.85 and $79.08 at September 30, 2021, June 30, 2021, and September 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.Third-quarter 2021 net income, earnings per share and ROTCE excluding the Firmwide net credit reserve release and income tax benefit (collectively, “significant items”) are non-GAAP financial measures. The net credit reserve release represents the portion of the provision for credit losses attributable to the change in allowance for credit losses. The income tax benefit is related to finalizing the Firm’s 2020 U.S. federal tax return. Excluding these significant items resulted in a decrease of $2.1 billion (after tax) to reported net income from $11.7 billion to $9.6 billion; a decrease of $0.71 per share to reported EPS from $3.74 to $3.03; and a decrease of 4% to ROTCE from 22% 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 in response to the COVID-19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020. For the period ended September 30, 2021, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $3.3 billion. Refer to Capital Risk Management on pages 45-50 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 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.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 51-55 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021 and on pages 102-108 of the Firm’s 2020 Form 10-K for additional information.

7.Excludes Commercial Card.

8.Users of all mobile platforms who have logged in within the past 90 days.

9.Credit provided to clients represents new and renewed credit, including loans and commitments.

10.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.

11.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.

12.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 $3.8 trillion in assets and $290.0 billion in stockholders’ equity as of September 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, October 13, 2021, at 8:30 a.m. (Eastern) to present third 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 October 13, 2021, through 11:59pm on October 27, 2021, by telephone at (888) 286-8010 (U.S. and Canada) or (617) 801-6888 (international); use passcode 96848677#. 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 periods ended June 30, 2021 and 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

THIRD 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 181-186 and pages 187-189, respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30,

2021.


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

	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q21 Change											2021 Change
SELECTED INCOME STATEMENT DATA	3Q21				2Q21			1Q21			4Q20			3Q20			2Q21		3Q20		2021				2020			2020
Reported Basis
Total net revenue (a)	$	29,647			$	30,479		$	32,266		$	29,335		$	29,255		(3)	%	1	%	$	92,392			$	90,616		2	%
Total noninterest expense	17,063				17,667			18,725			16,048			16,875			(3)		1		53,455				50,608			6
Pre-provision profit (b)	12,584				12,812			13,541			13,287			12,380			(2)		2		38,937				40,008			(3)
Provision for credit losses	(1,527)				(2,285)			(4,156)			(1,889)			611			33		NM		(7,968)				19,369			NM
NET INCOME	11,687				11,948			14,300			12,136			9,443			(2)		24		37,935				16,995			123

Managed Basis (c)
Total net revenue	30,441				31,395			33,119			30,161			29,941			(3)		2		94,955				92,768			2
Total noninterest expense	17,063				17,667			18,725			16,048			16,875			(3)		1		53,455				50,608			6
Pre-provision profit (b)	13,378				13,728			14,394			14,113			13,066			(3)		2		41,500				42,160			(2)
Provision for credit losses	(1,527)				(2,285)			(4,156)			(1,889)			611			33		NM		(7,968)				19,369			NM
NET INCOME	11,687				11,948			14,300			12,136			9,443			(2)		24		37,935				16,995			123

EARNINGS PER SHARE DATA
Net income: Basic	$	3.74			$	3.79		$	4.51		$	3.80		$	2.93		(1)		28		$	12.05			$	5.10		136
Diluted	3.74				3.78			4.50			3.79			2.92			(1)		28		12.02				5.09			136
Average shares: Basic	2,999.9				3,036.6			3,073.5			3,079.7			3,077.8			(1)		(3)		3,036.4				3,083.3			(2)
Diluted	3,005.1				3,041.9			3,078.9			3,085.1			3,082.8			(1)		(3)		3,041.7				3,088.1			(2)

MARKET AND PER COMMON SHARE DATA
Market capitalization	$	483,748			$	464,778		$	460,820		$	387,492		$	293,451		4		65		$	483,748			$	293,451		65
Common shares at period-end	2,955.3				2,988.2			3,027.1			3,049.4			3,048.2			(1)		(3)		2,955.3				3,048.2			(3)
Book value per share	86.36				84.85			82.31			81.75			79.08			2		9		86.36				79.08			9
Tangible book value per share (“TBVPS”) (b)	69.87				68.91			66.56			66.11			63.93			1		9		69.87				63.93			9
Cash dividends declared per share	1.00			(f)	0.90			0.90			0.90			0.90			11		11		2.80				2.70			4

FINANCIAL RATIOS (d)
Return on common equity (“ROE”)	18		%		18		%	23		%	19		%	15		%					20		%		9		%
Return on tangible common equity (“ROTCE”) (b)	22				23			29			24			19							24				11
Return on assets	1.24				1.29			1.61			1.42			1.14							1.37				0.72

CAPITAL RATIOS (e)
Common equity Tier 1 (“CET1”) capital ratio	12.9		%	(g)	13.0		%	13.1		%	13.1		%	13.1		%					12.9		%	(g)	13.1		%
Tier 1 capital ratio	15.0			(g)	15.1			15.0			15.0			15.0							15.0			(g)	15.0
Total capital ratio	16.9			(g)	17.1			17.2			17.3			17.3							16.9			(g)	17.3
Tier 1 leverage ratio	6.6			(g)	6.6			6.7			7.0			7.0							6.6			(g)	7.0
Supplementary leverage ratio (“SLR”)	5.5			(g)	5.4			6.7			6.9			7.0							5.5			(g)	7.0

(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 September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020, and September 30, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $3.3 billion, $3.8 billion, $4.5 billion, $5.7 billion and $6.4 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 45-50 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 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)On September 21, 2021, the Board of Directors declared a quarterly common stock dividend of $1.00 per share.

(g)Estimated.

Page 2


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

	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q21 Change										2021 Change
	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21		3Q20		2021			2020			2020
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)	$	3,757,576		$	3,684,256		$	3,689,336		$	3,384,757		$	3,245,061		2	%	16	%	$	3,757,576		$	3,245,061		16	%
Loans:
Consumer, excluding credit card loans	328,164			329,685			324,908			318,579			322,098			—		2		328,164			322,098			2
Credit card loans	143,166			141,802			132,493			144,216			140,377			1		2		143,166			140,377			2
Wholesale loans	573,285			569,467			553,906			550,058			527,265			1		9		573,285			527,265			9
Total Loans	1,044,615			1,040,954			1,011,307			1,012,853			989,740			—		6		1,044,615			989,740			6

Deposits:
U.S. offices:
Noninterest-bearing	656,438			639,114			629,139			572,711			540,116			3		22		656,438			540,116			22
Interest-bearing	1,344,092			1,281,432			1,266,856			1,197,032			1,117,149			5		20		1,344,092			1,117,149			20
Non-U.S. offices:
Noninterest-bearing	28,589			24,723			22,661			23,435			21,406			16		34		28,589			21,406			34
Interest-bearing	373,234			359,948			359,456			351,079			322,745			4		16		373,234			322,745			16
Total deposits	2,402,353			2,305,217			2,278,112			2,144,257			2,001,416			4		20		2,402,353			2,001,416			20

Long-term debt	298,465			299,926			279,427			281,685			279,175			—		7		298,465			279,175			7
Common stockholders’ equity	255,203			253,548			249,151			249,291			241,050			1		6		255,203			241,050			6
Total stockholders’ equity	290,041			286,386			280,714			279,354			271,113			1		7		290,041			271,113			7

Loans-to-deposits ratio	43		%	45		%	44		%	47		%	49		%					43		%	49		%

Headcount	265,790			260,110			259,350			255,351			256,358			2		4		265,790			256,358			4

95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR	$	35		$	43		$	106		$	96		$	90		(19)		(61)

LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking	$	12,521		$	12,760		$	12,517		$	12,728		$	12,895		(2)		(3)		$	37,798		$	38,540		(2)
Corporate & Investment Bank	12,396			13,214			14,605			11,352			11,546			(6)		7		40,215			37,932			6
Commercial Banking	2,520			2,483			2,393			2,463			2,285			1		10		7,396			6,850			8
Asset & Wealth Management	4,300			4,107			4,077			3,867			3,554			5		21		12,484			10,373			20
Corporate	(1,296)			(1,169)			(473)			(249)			(339)			(11)		(282)		(2,938)			(927)			(217)
TOTAL NET REVENUE	$	30,441		$	31,395		$	33,119		$	30,161		$	29,941		(3)		2		$	94,955		$	92,768		2

LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking	$	4,341		$	5,634		$	6,728		$	4,325		$	3,871		(23)		12		$	16,703		$	3,892		329
Corporate & Investment Bank	5,562			4,985			5,740			5,349			4,309			12		29		16,287			11,745			39
Commercial Banking	1,407			1,420			1,168			2,034			1,086			(1)		30		3,995			544			NM
Asset & Wealth Management	1,194			1,153			1,244			786			876			4		36		3,591			2,206			63
Corporate	(817)			(1,244)			(580)			(358)			(699)			34		(17)		(2,641)			(1,392)			(90)
NET INCOME	$	11,687		$	11,948		$	14,300		$	12,136		$	9,443		(2)		24		$	37,935		$	16,995		123

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)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																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q21 Change										2021 Change
REVENUE	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21		3Q20		2021			2020			2020
Investment banking fees	$	3,282		$	3,470		$	2,970		$	2,583		$	2,187		(5)	%	50	%	$	9,722		$	6,903		41	%
Principal transactions	3,546			4,076			6,500			3,321			4,142			(13)		(14)		14,122			14,700			(4)
Lending- and deposit-related fees	1,801			1,760			1,687			1,727			1,647			2		9		5,248			4,784			10
Asset management, administration and commissions	5,257			5,194			5,029			4,901			4,470			1		18		15,480			13,276			17
Investment securities gains/(losses)	(256)			(155)			14			70			473			(65)		NM		(397)			732			NM
Mortgage fees and related income	600			551			704			767			1,087			9		(45)		1,855			2,324			(20)
Card income	1,005			1,647			1,350			1,297			1,169			(39)		(14)		4,002			3,138			28
Other income (a)	1,332			1,195			1,123			1,411			1,067			11		25		3,650			3,454			6
Noninterest revenue	16,567			17,738			19,377			16,077			16,242			(7)		2		53,682			49,311			9
Interest income	14,480			14,094			14,271			14,550			14,700			3		(1)		42,845			49,973			(14)
Interest expense	1,400			1,353			1,382			1,292			1,687			3		(17)		4,135			8,668			(52)
Net interest income	13,080			12,741			12,889			13,258			13,013			3		1		38,710			41,305			(6)
TOTAL NET REVENUE	29,647			30,479			32,266			29,335			29,255			(3)		1		92,392			90,616			2

Provision for credit losses	(1,527)			(2,285)			(4,156)			(1,889)			611			33		NM		(7,968)			19,369			NM

NONINTEREST EXPENSE
Compensation expense	9,087			9,814			10,601			7,954			8,630			(7)		5		29,502			27,034			9
Occupancy expense	1,109			1,090			1,115			1,161			1,142			2		(3)		3,314			3,288			1
Technology, communications and equipment expense	2,473			2,488			2,519			2,606			2,564			(1)		(4)		7,480			7,732			(3)
Professional and outside services	2,523			2,385			2,203			2,259			2,178			6		16		7,111			6,205			15
Marketing	712			626			751			725			470			14		51		2,089			1,751			19


Other expense (b)	1,159			1,264			1,536			1,343			1,891			(8)		(39)		3,959			4,598			(14)
TOTAL NONINTEREST EXPENSE	17,063			17,667			18,725			16,048			16,875			(3)		1		53,455			50,608			6
Income before income tax expense	14,111			15,097			17,697			15,176			11,769			(7)		20		46,905			20,639			127
Income tax expense (a)	2,424			3,149			3,397			3,040			2,326			(23)		4		8,970			3,644			146
NET INCOME	$	11,687		$	11,948		$	14,300		$	12,136		$	9,443		(2)		24		$	37,935		$	16,995		123


NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	3.74		$	3.79		$	4.51		$	3.80		$	2.93		(1)		28		$	12.05		$	5.10		136
Diluted earnings per share	3.74			3.78			4.50			3.79			2.92			(1)		28		12.02			5.09			136

FINANCIAL RATIOS
Return on common equity (c)	18		%	18		%	23		%	19		%	15		%					20		%	9		%
Return on tangible common equity (c)(d)	22			23			29			24			19							24			11
Return on assets (c)	1.24			1.29			1.61			1.42			1.14							1.37			0.72
Effective income tax rate (a)	17.2			20.9			19.2			20.0			19.8							19.1			17.7
Overhead ratio	58			58			58			55			58							58			56

(b)Included Firmwide legal expense of $76 million, $185 million, $28 million, $276 million and $524 million for the three months ended September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively, and $289 million and $839 million for the nine months ended September 30, 2021 and September 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)
															Sep 30, 2021
															Change
	Sep 30,		Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,
	2021		2021			2021			2020			2020			2021		2020
ASSETS
Cash and due from banks	$	25,857	$	26,592		$	25,397		$	24,874		$	20,816		(3)	%	24	%
Deposits with banks	734,012		678,829			685,675			502,735			466,706			8		57

Federal funds sold and securities purchased under
resale agreements	282,161		260,987			272,481			296,284			319,849			8		(12)
Securities borrowed	202,987		186,376			179,516			160,635			142,441			9		43
Trading assets:
Debt and equity instruments	447,993		454,268		(b)	475,156		(b)	427,682		(b)	433,893		(b)	(1)		3
Derivative receivables	67,908		66,320		(b)	68,896		(b)	75,444		(b)	71,929		(b)	2		(6)
Available-for-sale (“AFS”) securities	251,590		232,161			379,942			388,178			389,583			8		(35)
Held-to-maturity (”HTM”) securities, net of allowance for credit losses	343,542		341,476			217,452			201,821			141,553			1		143
Investment securities, net of allowance for credit losses	595,132		573,637			597,394			589,999			531,136			4		12
Loans	1,044,615		1,040,954			1,011,307			1,012,853			989,740			—		6
Less: Allowance for loan losses	18,150		19,500			23,001			28,328			30,814			(7)		(41)
Loans, net of allowance for loan losses	1,026,465		1,021,454			988,306			984,525			958,926			—		7
Accrued interest and accounts receivable	116,395		125,253			114,754			90,503			76,945			(7)		51
Premises and equipment	26,996		26,631			26,926			27,109			26,672			1		1



Goodwill, MSRs and other intangible assets	56,566		54,655			54,588			53,428			51,594			3		10
Other assets (a)	175,104		209,254			200,247			151,539			144,154			(16)		21
TOTAL ASSETS	$	3,757,576	$	3,684,256		$	3,689,336		$	3,384,757		$	3,245,061		2		16

LIABILITIES
Deposits	$	2,402,353	$	2,305,217		$	2,278,112		$	2,144,257		$	2,001,416		4		20
Federal funds purchased and securities loaned or sold
under repurchase agreements	254,920		245,437			304,019			215,209			236,440			4		8


Short-term borrowings	50,393		51,938			54,978			45,208			41,992			(3)		20
Trading liabilities:
Debt and equity instruments	126,058		127,822			130,909			99,558			104,835			(1)		20
Derivative payables	53,485		56,045			60,440			70,623			57,658			(5)		(7)
Accounts payable and other liabilities (a)	268,604		297,082			285,066			231,285			233,241			(10)		15
Beneficial interests issued by consolidated VIEs	13,257		14,403			15,671			17,578			19,191			(8)		(31)
Long-term debt	298,465		299,926			279,427			281,685			279,175			—		7
TOTAL LIABILITIES	3,467,535		3,397,870			3,408,622			3,105,403			2,973,948			2		17

STOCKHOLDERS’ EQUITY
Preferred stock	34,838		32,838			31,563			30,063			30,063			6		16
Common stock	4,105		4,105			4,105			4,105			4,105			—		—
Additional paid-in capital	88,357		88,194			88,005			88,394			88,289			—		—
Retained earnings	265,276		256,983			248,151			236,990			228,014			3		16
Accumulated other comprehensive income/(loss)	963		2,570			1,041			7,986			8,940			(63)		(89)
Shares held in RSU Trust, at cost	—		—			—			—			(11)			—		NM
Treasury stock, at cost	(103,498)		(98,304)			(92,151)			(88,184)			(88,287)			(5)		(17)
TOTAL STOCKHOLDERS’ EQUITY	290,041		286,386			280,714			279,354			271,113			1		7
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,757,576	$	3,684,256		$	3,689,336		$	3,384,757		$	3,245,061		2		16

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

Page 5


JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q21 Change										2021 Change
AVERAGE BALANCES	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21		3Q20		2021			2020			2020
ASSETS
Deposits with banks	$	756,653		$	721,214		$	631,606		$	507,194		$	509,979		5	%	48	%	$	703,616		$	422,860		66	%
Federal funds sold and securities purchased under resale agreements	262,679			255,831			289,763			327,504			277,899			3		(5)		269,324			258,607			4
Securities borrowed	189,418			190,785			175,019			149,146			147,184			(1)		29		185,127			141,567			31
Trading assets - debt instruments	275,860			277,024			322,648			319,585			322,321			—		(14)		291,673			324,061			(10)
Investment securities	565,344			585,084			582,460			568,354			548,544			(3)		3		577,566			490,322			18
Loans	1,042,591			1,024,633			1,013,524			996,367			991,241			2		5		1,027,023			1,007,360			2
All other interest-earning assets (a)	127,241			122,624			111,549			87,496			77,806			4		64		120,529			75,859			59
Total interest-earning assets	3,219,786			3,177,195			3,126,569			2,955,646			2,874,974			1		12		3,174,858			2,720,636			17
Trading assets - equity and other instruments	177,315			199,288		(h)	164,010		(h)	143,056		(h)	124,266		(h)	(11)		43		180,253			113,431		(h)	59
Trading assets - derivative receivables	65,574			70,212		(h)	74,730		(h)	74,721		(h)	76,939		(h)	(7)		(15)		70,139			73,423		(h)	(4)
All other noninterest-earning assets (b)	262,544			281,992			247,532			225,290			212,939			(7)		23		264,077			228,660			15
TOTAL ASSETS	$	3,725,219		$	3,728,687		$	3,612,841		$	3,398,713		$	3,289,118		—		13		$	3,689,327		$	3,136,150		18
LIABILITIES
Interest-bearing deposits	$	1,696,850		$	1,669,376		$	1,610,467		$	1,529,066		$	1,434,034		2		18		$	1,659,214		$	1,342,270		24
Federal funds purchased and securities loaned or
sold under repurchase agreements	240,912			261,343			301,386			247,276			253,779			(8)		(5)		267,659			258,156			4
Short-term borrowings (c)	43,759			46,185			42,031			36,183			36,697			(5)		19		43,998			39,749			11
Trading liabilities - debt and all other interest-bearing liabilities (d)	241,297			246,666			230,922			213,989			206,643			(2)		17		239,666			202,322			18
Beneficial interests issued by consolidated VIEs	14,232			15,117			17,185			18,647			19,838			(6)		(28)		15,501			19,407			(20)
Long-term debt	257,593			248,552			239,398			237,144			267,175			4		(4)		248,581			260,194			(4)
Total interest-bearing liabilities	2,494,643			2,487,239			2,441,389			2,282,305			2,218,166			—		12		2,474,619			2,122,098			17
Noninterest-bearing deposits	672,609			654,419			614,165			582,517			551,565			3		22		647,278			495,704			31
Trading liabilities - equity and other instruments	35,505			35,397			35,029			33,732			32,256			—		10		35,312			32,258			9
Trading liabilities - derivative payables	55,907			62,533			67,960			63,551			64,599			(11)		(13)		62,089			60,936			2
All other noninterest-bearing liabilities (b)	178,770			205,584			178,444			164,873			155,672			(13)		15		187,601			160,059			17
TOTAL LIABILITIES	3,437,434			3,445,172			3,336,987			3,126,978			3,022,258			—		14		3,406,899			2,871,055			19
Preferred stock	34,229			32,666			30,312			30,063			30,063			5		14		32,417			29,844			9
Common stockholders’ equity	253,556			250,849			245,542			241,672			236,797			1		7		250,011			235,251			6
TOTAL STOCKHOLDERS’ EQUITY	287,785			283,515			275,854			271,735			266,860			2		8		282,428			265,095			7
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,725,219		$	3,728,687		$	3,612,841		$	3,398,713		$	3,289,118		—		13		$	3,689,327		$	3,136,150		18

AVERAGE RATES (e)
INTEREST-EARNING ASSETS
Deposits with banks	0.09		%	0.06		%	0.04		%	0.03		%	0.05		%					0.06		%	0.22		%
Federal funds sold and securities purchased under resale agreements	0.35			0.27			0.33			0.41			0.57							0.32			1.08
Securities borrowed (f)	(0.15)			(0.19)			(0.18)			(0.40)			(0.35)							(0.17)			(0.14)
Trading assets - debt instruments	2.43			2.49			2.25			2.32			2.29							2.38			2.48
Investment securities	1.32			1.31			1.36			1.39			1.58							1.33			1.99
Loans	3.99			3.98			4.09			4.14			4.11							4.02			4.44
All other interest-earning assets (a)	0.64			0.66			0.72			0.89			0.94							0.67			1.46
Total interest-earning assets	1.80			1.79			1.87			1.97			2.05							1.82			2.47

INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.03			0.03			0.04			0.05			0.07							0.03			0.22
Federal funds purchased and securities loaned or
sold under repurchase agreements	0.20			0.09			0.02			0.06			0.17							0.10			0.53
Short-term borrowings (c)	0.26			0.30			0.31			0.40			0.65							0.29			1.13
Trading liabilities - debt and all other interest-bearing liabilities (d)(f)	0.09			0.08			0.05			(0.15)			(0.10)							0.07			0.18
Beneficial interests issued by consolidated VIEs	0.50			0.55			0.64			0.65			0.71							0.57			1.27
Long-term debt	1.62			1.70			1.92			1.82			1.93							1.74			2.40
Total interest-bearing liabilities	0.22			0.22			0.23			0.23			0.30							0.22			0.55

INTEREST RATE SPREAD	1.58		%	1.57		%	1.64		%	1.74		%	1.75		%					1.60		%	1.92		%
NET YIELD ON INTEREST-EARNING ASSETS	1.62		%	1.62		%	1.69		%	1.80		%	1.82		%					1.64		%	2.04		%
Memo: Net yield on interest-earning assets excluding CIB Markets (g)	1.91		%	1.90		%	1.93		%	2.01		%	2.05		%					1.92		%	2.41		%

(a) 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.

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

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

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

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

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

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																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q21 Change										2021 Change
	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21		3Q20		2021			2020			2020
OTHER INCOME
Other income - reported (a)	$	1,332		$	1,195		$	1,123		$	1,411		$	1,067		11	%	25	%	$	3,650		$	3,454		6	%
Fully taxable-equivalent adjustments (a)(b)	690			807			744			729			582			(14)		19		2,241			1,831			22
Other income - managed	$	2,022		$	2,002		$	1,867		$	2,140		$	1,649		1		23		$	5,891		$	5,285		11

TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	16,567		$	17,738		$	19,377		$	16,077		$	16,242		(7)		2		$	53,682		$	49,311		9
Fully taxable-equivalent adjustments	690			807			744			729			582			(14)		19		2,241			1,831			22
Total noninterest revenue - managed	$	17,257		$	18,545		$	20,121		$	16,806		$	16,824		(7)		3		$	55,923		$	51,142		9

NET INTEREST INCOME
Net interest income - reported	$	13,080		$	12,741		$	12,889		$	13,258		$	13,013		3		1		$	38,710		$	41,305		(6)
Fully taxable-equivalent adjustments (b)	104			109			109			97			104			(5)		—		322			321			—
Net interest income - managed	$	13,184		$	12,850		$	12,998		$	13,355		$	13,117		3		1		$	39,032		$	41,626		(6)

TOTAL NET REVENUE
Total net revenue - reported	$	29,647		$	30,479		$	32,266		$	29,335		$	29,255		(3)		1		$	92,392		$	90,616		2
Fully taxable-equivalent adjustments	794			916			853			826			686			(13)		16		2,563			2,152			19
Total net revenue - managed	$	30,441		$	31,395		$	33,119		$	30,161		$	29,941		(3)		2		$	94,955		$	92,768		2

PRE-PROVISION PROFIT
Pre-provision profit - reported	$	12,584		$	12,812		$	13,541		$	13,287		$	12,380		(2)		2		$	38,937		$	40,008		(3)
Fully taxable-equivalent adjustments	794			916			853			826			686			(13)		16		2,563			2,152			19
Pre-provision profit - managed	$	13,378		$	13,728		$	14,394		$	14,113		$	13,066		(3)		2		$	41,500		$	42,160		(2)

INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	14,111		$	15,097		$	17,697		$	15,176		$	11,769		(7)		20		$	46,905		$	20,639		127
Fully taxable-equivalent adjustments	794			916			853			826			686			(13)		16		2,563			2,152			19
Income before income tax expense - managed	$	14,905		$	16,013		$	18,550		$	16,002		$	12,455		(7)		20		$	49,468		$	22,791		117

INCOME TAX EXPENSE
Income tax expense - reported (a)	$	2,424		$	3,149		$	3,397		$	3,040		$	2,326		(23)		4		$	8,970		$	3,644		146
Fully taxable-equivalent adjustments (a)(b)	794			916			853			826			686			(13)		16		2,563			2,152			19
Income tax expense - managed	$	3,218		$	4,065		$	4,250		$	3,866		$	3,012		(21)		7		$	11,533		$	5,796		99

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

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

Page 7


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


	QUARTERLY TRENDS														NINE MONTHS ENDED SEPTEMBER 30,
											3Q21 Change								2021 Change
	3Q21		2Q21		1Q21		4Q20		3Q20		2Q21		3Q20		2021		2020		2020
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	12,521	$	12,760	$	12,517	$	12,728	$	12,895	(2)	%	(3)	%	$	37,798	$	38,540	(2)	%
Corporate & Investment Bank	12,396		13,214		14,605		11,352		11,546		(6)		7		40,215		37,932		6
Commercial Banking	2,520		2,483		2,393		2,463		2,285		1		10		7,396		6,850		8
Asset & Wealth Management	4,300		4,107		4,077		3,867		3,554		5		21		12,484		10,373		20
Corporate	(1,296)		(1,169)		(473)		(249)		(339)		(11)		(282)		(2,938)		(927)		(217)
TOTAL NET REVENUE	$	30,441	$	31,395	$	33,119	$	30,161	$	29,941	(3)		2		$	94,955	$	92,768	2

TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	7,238	$	7,062	$	7,202	$	7,042	$	6,912	2		5		$	21,502	$	20,948	3
Corporate & Investment Bank	5,871		6,523		7,104		4,939		5,832		(10)		1		19,498		18,599		5
Commercial Banking	1,032		981		969		950		969		5		7		2,982		2,848		5
Asset & Wealth Management	2,762		2,586		2,574		2,756		2,443		7		13		7,922		7,201		10
Corporate	160		515		876		361		719		(69)		(78)		1,551		1,012		53
TOTAL NONINTEREST EXPENSE	$	17,063	$	17,667	$	18,725	$	16,048	$	16,875	(3)		1		$	53,455	$	50,608	6

PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	5,283	$	5,698	$	5,315	$	5,686	$	5,983	(7)		(12)		$	16,296	$	17,592	(7)
Corporate & Investment Bank	6,525		6,691		7,501		6,413		5,714		(2)		14		20,717		19,333		7
Commercial Banking	1,488		1,502		1,424		1,513		1,316		(1)		13		4,414		4,002		10
Asset & Wealth Management	1,538		1,521		1,503		1,111		1,111		1		38		4,562		3,172		44
Corporate	(1,456)		(1,684)		(1,349)		(610)		(1,058)		14		(38)		(4,489)		(1,939)		(132)
PRE-PROVISION PROFIT	$	13,378	$	13,728	$	14,394	$	14,113	$	13,066	(3)		2		$	41,500	$	42,160	(2)

PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	(459)	$	(1,868)	$	(3,602)	$	(83)	$	795	75		NM		$	(5,929)	$	12,395	NM
Corporate & Investment Bank	(638)		(79)		(331)		(581)		(81)		NM		NM		(1,048)		3,307		NM
Commercial Banking	(363)		(377)		(118)		(1,181)		(147)		4		(147)		(858)		3,294		NM
Asset & Wealth Management	(60)		(10)		(121)		(2)		(52)		(500)		(15)		(191)		265		NM
Corporate	(7)		49		16		(42)		96		NM		NM		58		108		(46)
PROVISION FOR CREDIT LOSSES	$	(1,527)	$	(2,285)	$	(4,156)	$	(1,889)	$	611	33		NM		$	(7,968)	$	19,369	NM

NET INCOME/(LOSS)
Consumer & Community Banking	$	4,341	$	5,634	$	6,728	$	4,325	$	3,871	(23)		12		$	16,703	$	3,892	329
Corporate & Investment Bank	5,562		4,985		5,740		5,349		4,309		12		29		16,287		11,745		39
Commercial Banking	1,407		1,420		1,168		2,034		1,086		(1)		30		3,995		544		NM
Asset & Wealth Management	1,194		1,153		1,244		786		876		4		36		3,591		2,206		63
Corporate	(817)		(1,244)		(580)		(358)		(699)		34		(17)		(2,641)		(1,392)		(90)
TOTAL NET INCOME	$	11,687	$	11,948	$	14,300	$	12,136	$	9,443	(2)		24		$	37,935	$	16,995	123

Page 8


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

																	Sep 30, 2021
																	Change				NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,				Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,						2021 Change
	2021				2021			2021			2020			2020			2021		2020		2021		2020		2020
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	209,933		(e)	$	209,010		$	206,078		$	205,078		$	197,719		—	%	6	%
Tier 1 capital	244,240			(e)	241,356			237,333			234,844			227,486			1		7
Total capital	275,027			(e)	274,443			271,407			269,923			262,397			—		5
Risk-weighted assets	1,627,726			(e)	1,601,631			1,577,007			1,560,609			1,514,509			2		7
CET1 capital ratio	12.9		%	(e)	13.0		%	13.1		%	13.1		%	13.1		%
Tier 1 capital ratio	15.0			(e)	15.1			15.0			15.0			15.0
Total capital ratio	16.9			(e)	17.1			17.2			17.3			17.3

Advanced
CET1 capital	$	209,933		(e)	$	209,010		$	206,078		$	205,078		$	197,719		—		6
Tier 1 capital	244,240			(e)	241,356			237,333			234,844			227,486			1		7
Total capital	264,510			(e)	262,364			258,635			257,228			249,947			1		6
Risk-weighted assets	1,547,554			(e)	1,514,386			1,503,828			1,484,431			1,429,334			2		8
CET1 capital ratio	13.6		%	(e)	13.8		%	13.7		%	13.8		%	13.8		%
Tier 1 capital ratio	15.8			(e)	15.9			15.8			15.8			15.9
Total capital ratio	17.1			(e)	17.3			17.2			17.3			17.5

Leverage-based capital metrics
Adjusted average assets (b)	$	3,675,837		(e)	$	3,680,830		$	3,565,545		$	3,353,319		$	3,243,290		—		13
Tier 1 leverage ratio	6.6		%	(e)	6.6		%	6.7		%	7.0		%	7.0		%

Total leverage exposure	4,464,358			(e)	4,456,557			3,522,629			3,401,542			3,247,392			—		37
SLR	5.5		%	(e)	5.4		%	6.7		%	6.9		%	7.0		%

TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders’ equity	$	255,203			$	253,548		$	249,151		$	249,291		$	241,050		1		6
Less: Goodwill	50,313				49,256			49,243			49,248			47,819			2		5
Less: Other intangible assets	902				850			875			904			759			6		19
Add: Certain deferred tax liabilities (d)	2,500				2,461			2,457			2,453			2,405			2		4
Total tangible common equity	$	206,488			$	205,903		$	201,490		$	201,592		$	194,877		—		6

TANGIBLE COMMON EQUITY (average) (c)
Common stockholders’ equity	$	253,556			$	250,849		$	245,542		$	241,672		$	236,797		1		7		$	250,011	$	235,251	6	%
Less: Goodwill	49,457				49,260			49,249			47,842			47,820			—		3		49,323		47,812		3
Less: Other intangible assets	849				864			891			752			769			(2)		10		868		791		10
Add: Certain deferred tax liabilities (d)	2,480				2,459			2,455			2,416			2,401			1		3		2,465		2,393		3
Total tangible common equity	$	205,730			$	203,184		$	197,857		$	195,494		$	190,609		1		8		$	202,285	$	189,041	7

INTANGIBLE ASSETS (period-end)
Goodwill	$	50,313			$	49,256		$	49,243		$	49,248		$	47,819		2		5
Mortgage servicing rights	5,351				4,549			4,470			3,276			3,016			18		77
Other intangible assets	902				850			875			904			759			6		19
Total intangible assets	$	56,566			$	54,655		$	54,588		$	53,428		$	51,594		3		10

(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 September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $3.3 billion, $3.8 billion, $4.5 billion, $5.7 billion and $6.4 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 45-50 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 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																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q21 Change										2021 Change
	3Q21				2Q21			1Q21			4Q20			3Q20			2Q21		3Q20		2021			2020			2020
EARNINGS PER SHARE
Basic earnings per share
Net income	$	11,687			$	11,948		$	14,300		$	12,136		$	9,443		(2)	%	24	%	$	37,935		$	16,995		123	%
Less: Preferred stock dividends	402				393			379			380			381			2		6		1,174			1,203			(2)
Net income applicable to common equity	11,285				11,555			13,921			11,756			9,062			(2)		25		36,761			15,792			133
Less: Dividends and undistributed earnings allocated to
participating securities	56				59			70			57			47			(5)		19		185			80			131
Net income applicable to common stockholders	$	11,229			$	11,496		$	13,851		$	11,699		$	9,015		(2)		25		$	36,576		$	15,712		133

Total weighted-average basic shares outstanding	2,999.9				3,036.6			3,073.5			3,079.7			3,077.8			(1)		(3)		3,036.4			3,083.3			(2)
Net income per share	$	3.74			$	3.79		$	4.51		$	3.80		$	2.93		(1)		28		$	12.05		$	5.10		136

Diluted earnings per share
Net income applicable to common stockholders	$	11,229			$	11,496		$	13,851		$	11,699		$	9,015		(2)		25		$	36,576		$	15,712		133
Total weighted-average basic shares outstanding	2,999.9				3,036.6			3,073.5			3,079.7			3,077.8			(1)		(3)		3,036.4			3,083.3			(2)
Add: Dilutive impact of stock appreciation rights (“SARs”) and employee stock options, unvested performance share units (“PSUs”) and nondividend-earning restricted stock units (“RSUs”)	5.2				5.3			5.4			5.4			5.0			(2)		4		5.3			4.8			10
Total weighted-average diluted shares outstanding	3,005.1				3,041.9			3,078.9			3,085.1			3,082.8			(1)		(3)		3,041.7			3,088.1			(2)
Net income per share	$	3.74			$	3.78		$	4.50		$	3.79		$	2.92		(1)		28		$	12.02		$	5.09		136

COMMON DIVIDENDS
Cash dividends declared per share	$	1.00		(c)	$	0.90		$	0.90		$	0.90		$	0.90		11		11		$	2.80		$	2.70		4
Dividend payout ratio	27		%		24		%	20		%	24		%	31		%					23		%	53		%

COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	33.4				39.5			34.7			—			—			(15)		NM		107.6			50.0			115
Average price paid per share of common stock	$	156.87			$	156.83		$	144.25		$	—		$	—		—		NM		$	152.79		$	127.92		19

Aggregate repurchases of common stock	5,240				6,201			4,999			—			—			(15)		NM		16,440			6,397			157


EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	0.5				0.6			12.3			1.5			0.6			(17)		(17)		13.4			14.4			(7)
Net impact of employee issuances on stockholders’ equity (b)	$	271			$	276		$	667		$	217		$	263		(2)		3		$	1,214		$	986		23

(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 is authorized to purchase up to $30 billion of common shares under the current repurchase program.

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

(c)On September 21, 2021, the Board of Directors declared a quarterly common stock dividend of $1.00 per share.

Page 10


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


	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q21 Change										2021 Change
	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21		3Q20		2021			2020			2020
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	786		$	753		$	742		$	806		$	771		4	%	2	%	$	2,281		$	2,360		(3)	%
Asset management, administration and commissions	893			866			805			735			703			3		27		2,564			2,045			25
Mortgage fees and related income	596			548			703			766			1,076			9		(45)		1,847			2,313			(20)
Card income	651			1,238			999			923			826			(47)		(21)		2,888			2,145			35
All other income	1,212			1,321			1,339			1,328			1,487			(8)		(18)		3,872			4,319			(10)
Noninterest revenue	4,138			4,726			4,588			4,558			4,863			(12)		(15)		13,452			13,182			2
Net interest income	8,383			8,034			7,929			8,170			8,032			4		4		24,346			25,358			(4)
TOTAL NET REVENUE	12,521			12,760			12,517			12,728			12,895			(2)		(3)		37,798			38,540			(2)

Provision for credit losses	(459)			(1,868)			(3,602)			(83)			795			75		NM		(5,929)			12,395			NM

NONINTEREST EXPENSE
Compensation expense	3,012			2,977			2,976			2,734			2,804			1		7		8,965			8,280			8
Noncompensation expense (a)	4,226			4,085			4,226			4,308			4,108			3		3		12,537			12,668			(1)
TOTAL NONINTEREST EXPENSE	7,238			7,062			7,202			7,042			6,912			2		5		21,502			20,948			3

Income/(loss) before income tax expense/(benefit)	5,742			7,566			8,917			5,769			5,188			(24)		11		22,225			5,197			328
Income tax expense/(benefit)	1,401			1,932			2,189			1,444			1,317			(27)		6		5,522			1,305			323
NET INCOME/(LOSS)	$	4,341		$	5,634		$	6,728		$	4,325		$	3,871		(23)		12		$	16,703		$	3,892		329

REVENUE BY LINE OF BUSINESS
Consumer & Business Banking	$	6,157		$	6,016		$	5,635		$	5,744		$	5,697		2		8		$	17,808		$	17,211		3
Home Lending	1,400			1,349			1,458			1,456			1,714			4		(18)		4,207			4,562			(8)
Card & Auto	4,964			5,395			5,424			5,528			5,484			(8)		(9)		15,783			16,767			(6)

MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue	614			517			757			803			765			19		(20)		1,888			1,826			3
Net mortgage servicing revenue (b)	(18)			31			(54)			(37)			311			NM		NM		(41)			487			NM
Mortgage fees and related income	$	596		$	548		$	703		$	766		$	1,076		9		(45)		$	1,847		$	2,313		(20)

FINANCIAL RATIOS
ROE	34		%	44		%	54		%	32		%	29		%					44		%	9		%
Overhead ratio	58			55			58			55			54							57			54

(a)Included depreciation expense on leased assets of $769 million, $856 million, $916 million, $975 million and $1.0 billion for the three months ended September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively, and $2.5 billion and $3.2 billion for the nine months ended September 30, 2021 and 2020, respectively.

(b)Included MSR risk management results of $(145) million, $(103) million, $(115) million, $(152) million and $145 million for the three months ended September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively, and $(363) million and $134 million for the nine months ended September 30, 2021 and 2020, respectively.

Page 11


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

	QUARTERLY TRENDS																NINE MONTHS ENDED SEPTEMBER 30,
													3Q21 Change									2021 Change
	3Q21		2Q21		1Q21		4Q20			3Q20			2Q21		3Q20		2021		2020			2020
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	493,169	$	494,305	$	487,978	$	496,705	(d)	$	487,063	(d)	—	%	1	%	$	493,169	$	487,063	(d)	1	%

Loans:
Consumer & Business Banking (a)	40,659		46,228		52,654		48,810			49,646			(12)		(18)		40,659		49,646			(18)
Home Lending (b)	179,489		179,371		178,776		182,121			188,561			—		(5)		179,489		188,561			(5)
Card	143,166		141,802		132,493		144,216			140,377			1		2		143,166		140,377			2
Auto	68,391		67,598		67,662		66,432			62,304			1		10		68,391		62,304			10
Total loans	431,705		434,999		431,585		441,579			440,888			(1)		(2)		431,705		440,888			(2)

Deposits	1,093,852		1,056,507		1,037,903		958,706			909,198			4		20		1,093,852		909,198			20
Equity	50,000		50,000		50,000		52,000			52,000			—		(4)		50,000		52,000			(4)

SELECTED BALANCE SHEET DATA (average)
Total assets	$	491,512	$	485,209	$	484,524	$	486,272	(d)	$	490,094	(d)	1		—		$	487,107	$	506,726	(d)	(4)

Loans:
Consumer & Business Banking	43,256		49,356		49,868		49,506			49,596			(12)		(13)		47,469		40,901			16
Home Lending (c)	181,150		177,444		182,247		185,733			192,172			2		(6)		180,276		200,980			(10)
Card	141,950		136,149		134,884		141,236			140,386			4		1		137,687		148,445			(7)
Auto	67,785		67,183		66,960		64,342			60,345			1		12		67,313		60,514			11
Total loans	434,141		430,132		433,959		440,817			442,499			1		(2)		432,745		450,840			(4)

Deposits	1,076,323		1,047,771		979,686		928,518			895,535			3		20		1,034,947		825,493			25
Equity	50,000		50,000		50,000		52,000			52,000			—		(4)		50,000		52,000			(4)

Headcount	126,586		125,300		126,084		122,894			122,905			1		3		126,586		122,905			3

(a)At September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020 included $11.1 billion, $16.7 billion, $23.4 billion, $19.2 billion and $20.3 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.

(b)At September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, Home Lending loans held-for-sale and loans at fair value were $14.5 billion, $16.5 billion, $13.2 billion, $9.7 billion and $10.0 billion, respectively.

(c)Average Home Lending loans held-for sale and loans at fair value were $17.1 billion, $14.2 billion, $12.5 billion, $10.7 billion and $9.2 billion for the three months ended September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively, and $14.6 billion and $11.2 billion for the nine months ended September 30, 2021 and 2020, respectively.

(d)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																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q21 Change										2021 Change
	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21		3Q20		2021			2020			2020
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a) (b)	$	5,000		$	5,256		$	5,507	(f)	$	5,492	(f)	$	5,144	(f)	(5)	%	(3)	%	$	5,000		$	5,144	(f)	(3)	%
Net charge-offs/(recoveries)
Consumer & Business Banking	66			72			65			75			54			(8)		22		203			188			8
Home Lending	(74)			(79)			(51)			(50)			8			6		NM		(204)			(119)			(71)
Card	495			755			983			767			1,028			(34)		(52)		2,233			3,519			(37)
Auto	4			(16)			26			25			5			NM		(20)		14			98			(86)
Total net charge-offs/(recoveries)	$	491		$	732		$	1,023		$	817		$	1,095		(33)		(55)		$	2,246		$	3,686		(39)
Net charge-off/(recovery) rate
Consumer & Business Banking (c)	0.61		%	0.59		%	0.53		%	0.60		%	0.43		%					0.57		%	0.61		%
Home Lending	(0.18)			(0.19)			(0.12)			(0.11)			0.02							(0.16)			(0.08)
Card	1.39			2.24			2.97			2.17			2.92							2.18			3.17
Auto	0.02			(0.10)			0.16			0.15			0.03							0.03			0.22
Total net charge-off/(recovery) rate	0.47			0.71			0.99			0.76			1.01							0.72			1.12

30+ day delinquency rate (d)
Home Lending (e)	1.06		%	1.08		%	1.07		%	1.15		%	1.62		%					1.06		%	1.62		%
Card	1.00			1.01			1.40			1.68			1.57							1.00			1.57
Auto	0.46			0.42			0.42			0.69			0.54							0.46			0.54

90+ day delinquency rate - Card (d)	0.49			0.54			0.80			0.92			0.69							0.49			0.69

Allowance for loan losses
Consumer & Business Banking	$	797		$	897		$	1,022		$	1,372		$	1,372		(11)		(42)		$	797		$	1,372		(42)
Home Lending	630			630			1,238			1,813			2,685			—		(77)		630			2,685			(77)
Card	11,650			12,500			14,300			17,800			17,800			(7)		(35)		11,650			17,800			(35)
Auto	813			817			892			1,042			1,044			—		(22)		813			1,044			(22)
Total allowance for loan losses	$	13,890		$	14,844		$	17,452		$	22,027		$	22,901		(6)		(39)		$	13,890		$	22,901		(39)

(a)At September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $355 million, $397 million, $458 million, $558 million and $851 million, respectively. These amounts have been excluded based upon the government guarantee. The amount of mortgage loans 90 or more days past due and insured by U.S. government agencies excluded at June 30, 2021 has been revised to conform with the current presentation.

(b)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.

(c)At September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020 included $11.1 billion, $16.7 billion, $23.4 billion, $19.2 billion and $20.3 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.

(d)At September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic were as follows: (1) $3.1 billion, $5.2 billion, $8.1 billion, $9.1 billion and $10.2 billion in Home Lending, respectively; (2) $53 million, $55 million, $105 million, $264 million and $368 million in Card, respectively; and (3) $112 million, $89 million, $127 million, $376 million and $411 million in Auto, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.

(e)At September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $432 million, $483 million, $557 million, $744 million and $1.1 billion, respectively. These amounts have been excluded based upon the government guarantee. The amount of mortgage loans 30 or more days past due and insured by U.S. government agencies excluded at June 30, 2021 has been revised to conform with the current presentation.

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

Page 13


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

	QUARTERLY TRENDS																								NINE MONTHS ENDED SEPTEMBER 30,
																					3Q21 Change												2021 Change
	3Q21				2Q21				1Q21				4Q20				3Q20				2Q21		3Q20		2021				2020				2020
BUSINESS METRICS
Number of:
Branches	4,854				4,869				4,872				4,908				4,960				—	%	(2)	%	4,854				4,960				(2)	%
Active digital customers (in thousands) (a)	57,961				56,915				56,671				55,274				54,779				2		6		57,961				54,779				6
Active mobile customers (in thousands) (b)	44,333				42,896				41,872				40,899				40,164				3		10		44,333				40,164				10

Debit and credit card sales volume (in billions)	$	349.9			$	344.3			$	290.3			$	299.4			$	278.2			2		26		$	984.5			$	781.8			26

Consumer & Business Banking
Average deposits	$	1,056,254			$	1,028,459			$	960,662			$	907,884			$	874,325			3		21		$	1,015,475			$	807,218			26
Deposit margin	1.29			%	1.28			%	1.29			%	1.41			%	1.43			%					1.29			%	1.64			%
Business banking origination volume (c)	$	835			$	2,180			$	10,035			$	722			$	1,352			(62)		(38)		$	13,050			$	25,885			(50)
Client investment assets (d)	681,491				673,675				636,962				590,206			(g)	529,196				1		29		681,491				529,196				29
Number of client advisors	4,689				4,571				4,500				4,417				4,290				3		9		4,689				4,290				9

Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	23.7			$	22.7			$	23.0			$	20.1			$	20.7			4		14		$	69.4			$	52.8			31
Correspondent	17.9				16.9				16.3				12.4				8.3				6		116		51.1				28.5				79
Total mortgage origination volume (e)	$	41.6			$	39.6			$	39.3			$	32.5			$	29.0			5		43		$	120.5			$	81.3			48
Third-party mortgage loans serviced (period-end)	509.3				463.9				443.2				447.3				454.8				10		12		509.3				454.8				12
MSR carrying value (period-end)	5.3				4.5				4.5				3.3				3.0				18		77		5.3				3.0				77
Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end)	1.04			%	0.97			%	1.02			%	0.74			%	0.66			%					1.04			%	0.66			%
MSR revenue multiple (f)	3.85		x		3.59		x		3.78		x		2.64		x		2.28		x						3.85		x		2.28		x

Credit Card
Credit card sales volume, excluding Commercial Card (in billions)	$	232.0			$	223.7			$	183.7			$	197.0			$	178.1			4		30		639.4				505.7				26
Net revenue rate	9.74			%	11.32			%	11.53			%	11.22			%	10.96			%					10.84			%	10.82			%

Auto
Loan and lease origination volume (in billions)	$	11.5			$	12.4			$	11.2			$	11.0			$	11.4			(7)		1		$	35.1			$	27.4			28
Average auto operating lease assets	18,753				19,608				20,300				20,810				21,684				(4)		(14)		19,548				22,445				(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 and $396 million of origination volume under the PPP for the three months ended June 30, 2021, March 31, 2021 and September 30, 2020, respectively, and $10.6 billion and $21.9 billion for the nine months ended September 30, 2021 and 2020, respectively. There were no originations under the PPP for the three months ended September 30, 2021 and December 31, 2020. The PPP ended on May 31, 2021 for new applications. 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 $46.1 billion, $44.9 billion, $43.2 billion, $37.0 billion and $36.2 billion for the three months ended September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively, and $134.2 billion and $96.4 billion for the nine months ended September 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																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q21 Change										2021 Change
	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21		3Q20		2021			2020			2020
INCOME STATEMENT
REVENUE
Investment banking fees	$	3,297		$	3,572		$	2,988		$	2,558		$	2,165		(8)	%	52	%	$	9,857		$	6,919		42	%
Principal transactions	3,577			4,026			6,045			2,982			3,990			(11)		(10)		13,648			14,578			(6)
Lending- and deposit-related fees	634			633			593			574			546			—		16		1,860			1,496			24
Asset management, administration and commissions	1,240			1,246			1,286			1,226			1,086			—		14		3,772			3,495			8
All other income	313			435			176			462			331			(28)		(5)		924			830			11
Noninterest revenue	9,061			9,912			11,088			7,802			8,118			(9)		12		30,061			27,318			10
Net interest income	3,335			3,302			3,517			3,550			3,428			1		(3)		10,154			10,614			(4)
TOTAL NET REVENUE (a)	12,396			13,214			14,605			11,352			11,546			(6)		7		40,215			37,932			6

Provision for credit losses	(638)			(79)			(331)			(581)			(81)			NM		NM		(1,048)			3,307			NM

NONINTEREST EXPENSE
Compensation expense	2,827			3,582			4,329			1,958			2,651			(21)		7		10,738			9,654			11
Noncompensation expense	3,044			2,941			2,775			2,981			3,181			4		(4)		8,760			8,945			(2)
TOTAL NONINTEREST EXPENSE	5,871			6,523			7,104			4,939			5,832			(10)		1		19,498			18,599			5

Income before income tax expense	7,163			6,770			7,832			6,994			5,795			6		24		21,765			16,026			36
Income tax expense	1,601			1,785			2,092			1,645			1,486			(10)		8		5,478			4,281			28
NET INCOME	$	5,562		$	4,985		$	5,740		$	5,349		$	4,309		12		29		$	16,287		$	11,745		39

FINANCIAL RATIOS
ROE	26		%	23		%	27		%	26		%	21		%					25		%	19		%
Overhead ratio	47			49			49			44			51							48			49
Compensation expense as percentage of total net revenue	23			27			30			17			23							27			25

REVENUE BY BUSINESS
Investment Banking	$	3,025		$	3,424		$	2,851		$	2,497		$	2,087		(12)		45		$	9,300		$	6,374		46
Wholesale Payments	1,624			1,453			1,392			1,427			1,332			12		22		4,469			4,133			8
Lending	244			229			265			193			333			7		(27)		738			953			(23)
Total Banking	4,893			5,106			4,508			4,117			3,752			(4)		30		14,507			11,460			27
Fixed Income Markets	3,672			4,098			5,761			3,950			4,597			(10)		(20)		13,531			16,928			(20)
Equity Markets	2,597			2,689			3,289			1,989			1,999			(3)		30		8,575			6,616			30
Securities Services	1,126			1,088			1,050			1,053			1,029			3		9		3,264			3,200			2
Credit Adjustments & Other (b)	108			233			(3)			243			169			(54)		(36)		338			(272)			NM
Total Markets & Securities Services	7,503			8,108			10,097			7,235			7,794			(7)		(4)		25,708			26,472			(3)
TOTAL NET REVENUE	$	12,396		$	13,214		$	14,605		$	11,352		$	11,546		(6)		7		$	40,215		$	37,932		6

(a)Includes tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; as well as tax-exempt income from municipal bonds of $641 million, $763 million, $703 million, $655 million and $533 million for the three months ended September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively, and $2.1 billion and $1.7 billion for the nine months ended September 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																							NINE MONTHS ENDED SEPTEMBER 30,
																				3Q21 Change											2021 Change
	3Q21			2Q21				1Q21				4Q20				3Q20				2Q21		3Q20		2021			2020				2020
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)	$	1,355,752		$	1,363,992			$	1,355,123			$	1,095,926			$	1,088,282			(1)	%	25	%	$	1,355,752		$	1,088,282			25	%
Loans:
Loans retained (b)	151,211			144,764				134,134				133,296				126,841				4		19		151,211			126,841				19
Loans held-for-sale and loans at fair value (c)	52,436			56,668				45,846				39,588				33,046				(7)		59		52,436			33,046				59
Total loans	203,647			201,432				179,980				172,884				159,887				1		27		203,647			159,887				27


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

SELECTED BALANCE SHEET DATA (average)
Total assets (a)	$	1,331,240		$	1,371,218			$	1,293,864			$	1,139,424			$	1,099,618			(3)		21		1,332,244			$	1,116,072			19
Trading assets - debt and equity instruments	442,623			473,875			(i)	468,976			(i)	447,022			(i)	430,149			(i)	(7)		3		461,728			417,686			(i)	11
Trading assets - derivative receivables	64,730			69,392			(i)	73,452			(i)	73,366			(i)	73,978			(i)	(7)		(13)		69,159			67,858			(i)	2
Loans:
Loans retained (b)	149,826			140,096				136,794				128,765				131,187				7		14		142,286			137,996				3
Loans held-for-sale and loans at fair value (c)	53,712			52,376				45,671				36,228				30,205				3		78		50,616			32,974				54
Total loans	203,538			192,472				182,465				164,993				161,392				6		26		192,902			170,970				13


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

Headcount (d)	66,267			64,261				62,772				61,733				61,830				3		7		66,267			61,830				7

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	2		$	(12)			$	(7)			$	88			$	23			NM		(91)		$	(17)		$	282			NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (e)	547			783				842				1,008				1,178				(30)		(54)		547			1,178				(54)
Nonaccrual loans held-for-sale and loans at fair value (f)	1,234			1,187				1,266				1,662				2,111				4		(42)		1,234			2,111				(42)
Total nonaccrual loans	1,781			1,970				2,108				2,670				3,289				(10)		(46)		1,781			3,289				(46)

Derivative receivables	393			481				284				56				140				(18)		181		393			140				181
Assets acquired in loan satisfactions	95			95				97				85				88				—		8		95			88				8
Total nonperforming assets	2,269			2,546				2,489				2,811				3,517				(11)		(35)		2,269			3,517				(35)
Allowance for credit losses:
Allowance for loan losses	1,442			1,607				1,982				2,366				2,863				(10)		(50)		1,442			2,863				(50)
Allowance for lending-related commitments	1,426			1,902				1,602				1,534				1,706				(25)		(16)		1,426			1,706				(16)
Total allowance for credit losses	2,868			3,509				3,584				3,900				4,569				(18)		(37)		2,868			4,569				(37)

Net charge-off/(recovery) rate (b)(g)	0.01		%	(0.03)		%		(0.02)		%		0.27		%		0.07		%						(0.02)		%	0.27		%
Allowance for loan losses to period-end loans retained (b)	0.95			1.11				1.48				1.77				2.26								0.95			2.26
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (h)	1.29			1.53				2.06				2.54				3.15								1.29			3.15
Allowance for loan losses to nonaccrual loans retained (b)(e)	264			205				235				235				243								264			243
Nonaccrual loans to total period-end loans	0.87			0.98				1.17				1.54				2.06								0.87			2.06

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

(e)Allowance for loan losses of $138 million, $180 million, $174 million, $278 million and $320 million were held against nonaccrual loans at September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively.

(f)At September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $289 million, $316 million, $340 million, $316 million and $297 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.

Page 16


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS														NINE MONTHS ENDED SEPTEMBER 30,
											3Q21 Change								2021 Change
	3Q21		2Q21		1Q21		4Q20		3Q20		2Q21		3Q20		2021		2020		2020
BUSINESS METRICS
Advisory	$	1,228	$	916	$	680	$	835	$	428	34	%	187	%	$	2,824	$	1,533	84	%
Equity underwriting	1,032		1,063		1,056		718		732		(3)		41		3,151		2,040		54
Debt underwriting	1,037		1,593		1,252		1,005		1,005		(35)		3		3,882		3,346		16
Total investment banking fees	$	3,297	$	3,572	$	2,988	$	2,558	$	2,165	(8)		52		$	9,857	$	6,919	42

Client deposits and other third-party liabilities (average) (a)	714,376		721,882		705,764		683,818		634,961		(1)		13		714,039		585,955		22

Merchant processing volume (in billions) (b)	470.9		475.2		425.7		444.5		406.1		(1)		16		$	1,371.8	$	1,152.8	19

Assets under custody (“AUC”) (period-end) (in billions)	31,962		$	32,122	$	31,251	$	30,980	$	28,628	—		12		31,962		$	28,628	12

95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (c)
Fixed income	$	38	$	39	$	125	$	106	$	93	(3)		(59)
Foreign exchange	5		6		11		12		13		(17)		(62)
Equities	11		18		22		23		26		(39)		(58)
Commodities and other	11		22		33		36		33		(50)		(67)
Diversification benefit to CIB trading VaR (d)	(33)		(44)		(90)		(85)		(76)		25		57
CIB trading VaR (c)	32		41		101		92		89		(22)		(64)
Credit portfolio VaR (e)	5		6		8		12		15		(17)		(67)
Diversification benefit to CIB VaR (d)	(4)		(6)		(10)		(13)		(14)		33		71
CIB VaR	$	33	$	41	$	99	$	91	$	90	(20)		(63)

(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)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 76–78 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021 for further information.

(d)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.

(e)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																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q21 Change										2021 Change
	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21		3Q20		2021			2020			2020
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	355		$	350		$	331		$	325		$	304		1	%	17	%	$	1,036		$	862		20	%

All other income	633			600			586			550			457			5		39		1,819			1,330			37
Noninterest revenue	988			950			917			875			761			4		30		2,855			2,192			30
Net interest income	1,532			1,533			1,476			1,588			1,524			—		1		4,541			4,658			(3)
TOTAL NET REVENUE (a)	2,520			2,483			2,393			2,463			2,285			1		10		7,396			6,850			8

Provision for credit losses	(363)			(377)			(118)			(1,181)			(147)			4		(147)		(858)			3,294			NM

NONINTEREST EXPENSE
Compensation expense	511			484			482			460			492			6		4		1,477			1,394			6


Noncompensation expense	521			497			487			490			477			5		9		1,505			1,454			4
TOTAL NONINTEREST EXPENSE	1,032			981			969			950			969			5		7		2,982			2,848			5

Income/(loss) before income tax expense/(benefit)	1,851			1,879			1,542			2,694			1,463			(1)		27		5,272			708			NM
Income tax expense/(benefit)	444			459			374			660			377			(3)		18		1,277			164			NM
NET INCOME	$	1,407		$	1,420		$	1,168		$	2,034		$	1,086		(1)		30		$	3,995		$	544		NM

REVENUE BY PRODUCT
Lending	$	1,138		$	1,172		$	1,168		$	1,177		$	1,138		(3)		—		$	3,478		$	3,219		8
Wholesale payments	947			914			843			945			867			4		9		2,704			2,770			(2)
Investment banking (b)	416			370			350			318			260			12		60		1,136			751			51
Other	19			27			32			23			20			(30)		(5)		78			110			(29)
TOTAL NET REVENUE (a)	$	2,520		$	2,483		$	2,393		$	2,463		$	2,285		1		10		$	7,396		$	6,850		8

Investment banking revenue, gross (c)	$	1,343		$	1,164		$	1,129		$	971		$	840		15		60		$	3,636		$	2,377		53

REVENUE BY CLIENT SEGMENT
Middle Market Banking	$	1,017		$	1,009		$	916		$	947		$	880		1		16		$	2,942		$	2,693		9
Corporate Client Banking	878			851			851			856			808			3		9		2,580			2,347			10
Commercial Real Estate Banking	602			599			604			630			576			1		5		1,805			1,683			7


Other	23			24			22			30			21			(4)		10		69			127			(46)
TOTAL NET REVENUE (a)	$	2,520		$	2,483		$	2,393		$	2,463		$	2,285		1		10		$	7,396		$	6,850		8

FINANCIAL RATIOS
ROE	22		%	23		%	19		%	36		%	19		%					21		%	2		%
Overhead ratio	41			40			40			39			42							40			42

(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 $80 million, $78 million, $73 million, $107 million and $82 million for the three months ended September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively, and $231 million and $243 million for the nine months ended September 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																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q21 Change										2021 Change
	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21		3Q20		2021			2020			2020
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)	$	227,670		$	226,022		$	223,583		$	228,911		$	228,583		1	%	—	%	$	227,670		$	228,583		—	%
Loans:
Loans retained	201,283			200,929			202,975			207,880			214,352			—		(6)		201,283			214,352			(6)
Loans held-for-sale and loans at fair value	3,412			3,381			2,884			2,245			349			1		NM		3,412			349			NM
Total loans	$	204,695		$	204,310		$	205,859		$	210,125		$	214,701		—		(5)		$	204,695		$	214,701		(5)
Equity	24,000			24,000			24,000			22,000			22,000			—		9		24,000			22,000			9

Period-end loans by client segment
Middle Market Banking (b)	$	58,918		$	59,314		$	59,983		$	61,115		$	61,812		(1)		(5)		$	58,918		$	61,812		(5)
Corporate Client Banking	45,107			44,866			45,540			47,420			49,857			1		(10)		45,107			49,857			(10)
Commercial Real Estate Banking	100,458			99,858			100,035			101,146			102,484			1		(2)		100,458			102,484			(2)


Other	212			272			301			444			548			(22)		(61)		212			548			(61)
Total loans (b)	$	204,695		$	204,310		$	205,859		$	210,125		$	214,701		—		(5)		$	204,695		$	214,701		(5)

SELECTED BALANCE SHEET DATA (average)
Total assets (a)	$	222,760		$	226,562		$	225,574		$	227,431		$	231,691		(2)		(4)		$	224,955		$	235,079		(4)
Loans:
Loans retained	199,789			202,102			204,164			210,621			217,498			(1)		(8)		202,002			220,167			(8)
Loans held-for-sale and loans at fair value	2,790			3,150			2,578			1,554			629			(11)		344		2,840			986			188
Total loans	$	202,579		$	205,252		$	206,742		$	212,175		$	218,127		(1)		(7)		$	204,842		$	221,153		(7)

Client deposits and other third-party liabilities	300,595			290,250			290,992			276,694			248,289			4		21		293,981			224,774			31
Equity	24,000			24,000			24,000			22,000			22,000			—		9		24,000			22,000			9

Average loans by client segment
Middle Market Banking	$	59,032		$	61,698		$	60,011		$	60,869		$	63,029		(4)		(6)		$	60,243		$	61,789		(3)
Corporate Client Banking	43,330			43,440			45,719			48,825			51,608			—		(16)		44,154			55,967			(21)
Commercial Real Estate Banking	100,120			99,864			100,661			101,969			102,905			—		(3)		100,213			102,650			(2)


Other	97			250			351			512			585			(61)		(83)		232			747			(69)
Total loans	$	202,579		$	205,252		$	206,742		$	212,175		$	218,127		(1)		(7)		$	204,842		$	221,153		(7)

Headcount	12,584			12,163			11,748			11,675			11,704			3		8		12,584			11,704			8

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	31		$	3		$	29		$	162		$	60		NM		(48)		$	63		$	239		(74)
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (c)	735			1,006			1,134			1,286			1,468			(27)		(50)		735			1,468			(50)
Nonaccrual loans held-for-sale and loans
at fair value	—			2			—			120			85			NM		NM		—			85			NM
Total nonaccrual loans	735			1,008			1,134			1,406			1,553			(27)		(53)		735			1,553			(53)

Assets acquired in loan satisfactions	16			17			24			24			24			(6)		(33)		16			24			(33)
Total nonperforming assets	751			1,025			1,158			1,430			1,577			(27)		(52)		751			1,577			(52)
Allowance for credit losses:
Allowance for loan losses	2,354			2,589			3,086			3,335			4,466			(9)		(47)		2,354			4,466			(47)
Allowance for lending-related commitments	711			870			753			651			864			(18)		(18)		711			864			(18)
Total allowance for credit losses	3,065			3,459			3,839			3,986			5,330			(11)		(42)		3,065			5,330			(42)

Net charge-off/(recovery) rate (d)	0.06		%	0.01		%	0.06		%	0.31		%	0.11		%					0.04		%	0.15		%
Allowance for loan losses to period-end loans retained	1.17			1.29			1.52			1.60			2.08							1.17			2.08
Allowance for loan losses to nonaccrual loans retained (c)	320			257			272			259			304							320			304
Nonaccrual loans to period-end total loans	0.36			0.49			0.55			0.67			0.72							0.36			0.72

(b)At September 30,2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, total loans included $2.0 billion, $5.0 billion, $7.4 billion, $6.6 billion and $6.6 billion of loans, respectively, under the PPP, of which $1.9 billion, $4.9 billion, $7.2 billion, $6.4 billion and $6.4 billion were 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 $123 million, $188 million, $227 million, $273 million and $367 million was held against nonaccrual loans retained at September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively.

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

Page 19


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


	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q21 Change										2021 Change
	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21		3Q20		2021			2020			2020
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	3,096		$	3,019		$	2,888		$	2,892		$	2,646		3	%	17	%	$	9,003		$	7,718		17	%
All other income	216			146			258			87			93			48		132		620			125			396
Noninterest revenue	3,312			3,165			3,146			2,979			2,739			5		21		9,623			7,843			23
Net interest income	988			942			931			888			815			5		21		2,861			2,530			13
TOTAL NET REVENUE	4,300			4,107			4,077			3,867			3,554			5		21		12,484			10,373			20

Provision for credit losses	(60)			(10)			(121)			(2)			(52)			(500)		(15)		(191)			265			NM

NONINTEREST EXPENSE
Compensation expense	1,387			1,356			1,389			1,323			1,232			2		13		4,132			3,636			14
Noncompensation expense	1,375			1,230			1,185			1,433			1,211			12		14		3,790			3,565			6
TOTAL NONINTEREST EXPENSE	2,762			2,586			2,574			2,756			2,443			7		13		7,922			7,201			10

Income before income tax expense	1,598			1,531			1,624			1,113			1,163			4		37		4,753			2,907			64
Income tax expense	404			378			380			327			287			7		41		1,162			701			66
NET INCOME	$	1,194		$	1,153		$	1,244		$	786		$	876		4		36		$	3,591		$	2,206		63

REVENUE BY LINE OF BUSINESS
Asset Management	$	2,337		$	2,236		$	2,185		$	2,210		$	1,924		5		21		$	6,758		$	5,444		24
Global Private Bank (a)	1,963			1,871			1,892			1,657			1,630			5		20		5,726			4,929			16
TOTAL NET REVENUE	$	4,300		$	4,107		$	4,077		$	3,867		$	3,554		5		21		$	12,484		$	10,373		20

FINANCIAL RATIOS
ROE	33		%	32		%	35		%	29		%	32		%					33		%	27		%
Overhead ratio	64			63			63			71			69							63			69
Pretax margin ratio:
Asset Management	36			37			35			31			30							36			27
Global Private Bank (a)	38			38			45			26			35							40			28
Asset & Wealth Management	37			37			40			29			33							38			28

Headcount	22,051			20,866			20,578			20,683			21,058			6		5		22,051			21,058			5

Number of Global Private Bank client advisors (a)	2,646			2,435			2,462			2,462			2,520			9		5		2,646			2,520			5

(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																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q21 Change										2021 Change
	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21		3Q20		2021			2020			2020
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	221,702		$	217,284		$	213,088		$	203,384	(a)	$	187,858	(a)	2	%	18	%	$	221,702		$	187,858	(a)	18	%
Loans	202,871			198,683			192,256			186,608			172,695			2		17		202,871			172,695			17
Deposits	242,309			217,488			217,460			198,755			166,049			11		46		242,309			166,049			46
Equity	14,000			14,000			14,000			10,500			10,500			—		33		14,000			10,500			33

SELECTED BALANCE SHEET DATA (average)
Total assets	$	219,022		$	214,384		$	207,505		$	193,026	(a)	$	181,850	(a)	2		20		$	213,679		$	177,539	(a)	20
Loans	200,635			195,171			188,726			176,758			167,645			3		20		194,888			162,803			20
Deposits	229,710			219,699			206,562			180,348			162,589			5		41		218,742			155,779			40
Equity	14,000			14,000			14,000			10,500			10,500			—		33		14,000			10,500			33

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	(1)		$	12		$	11		$	(16)		$	2		NM		NM		$	22		$	2		NM
Nonaccrual loans	686			792			917		(a)	964		(a)	970		(a)	(13)		(29)		686			970			(29)
Allowance for credit losses:
Allowance for loan losses	402			458			479			598			580			(12)		(31)		402			580			(31)
Allowance for lending-related commitments	20			25			25			38			41			(20)		(51)		20			41			(51)
Total allowance for credit losses	422			483			504			636			621			(13)		(32)		422			621			(32)
Net charge-off/(recovery) rate	—		%	0.02		%	0.02		%	(0.04)		%	—		%					0.02		%	—		%
Allowance for loan losses to period-end loans	0.20			0.23			0.25			0.32			0.34							0.20			0.34
Allowance for loan losses to nonaccrual loans	59			58			52		(a)	62		(a)	60		(a)					59			60
Nonaccrual loans to period-end loans	0.34			0.40			0.48		(a)	0.52		(a)	0.56		(a)					0.34			0.56

(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)


											Sep 30, 2021
											Change				NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Sep 30,						2021 Change
CLIENT ASSETS	2021		2021		2021		2020		2020		2021		2020		2021		2020		2020
Assets by asset class
Liquidity	$	685	$	698	$	686	$	641	$	674	(2)	%	2	%	$	685	$	674	2	%
Fixed income	695		688		662		671		650		1		7		695		650		7
Equity	725		725		661		595		499		—		45		725		499		45
Multi-asset	702		702		669		656		593		—		18		702		593		18
Alternatives	189		174		155		153		144		9		31		189		144		31
TOTAL ASSETS UNDER MANAGEMENT	2,996		2,987		2,833		2,716		2,560		—		17		2,996		2,560		17
Custody/brokerage/administration/deposits	1,100		1,057		995		936		810		4		36		1,100		810		36
TOTAL CLIENT ASSETS (a)	$	4,096	$	4,044	$	3,828	$	3,652	$	3,370	1		22		$	4,096	$	3,370	22


Assets by client segment
Private Banking	$	773	$	752	$	718	$	689	$	650	3		19		$	773	$	650	19
Global Institutional (b)	1,375		1,383		1,320		1,273		1,245		(1)		10		1,375		1,245		10
Global Funds (b)	848		852		795		754		665		—		28		848		665		28
TOTAL ASSETS UNDER MANAGEMENT	$	2,996	$	2,987	$	2,833	$	2,716	$	2,560	—		17		$	2,996	$	2,560	17

Private Banking	$	1,817	$	1,755	$	1,664	$	1,581	$	1,422	4		28		$	1,817	$	1,422	28
Global Institutional (b)	1,425		1,430		1,362		1,311		1,278		—		12		1,425		1,278		12
Global Funds (b)	854		859		802		760		670		(1)		27		854		670		27
TOTAL CLIENT ASSETS (a)	$	4,096	$	4,044	$	3,828	$	3,652	$	3,370	1		22		$	4,096	$	3,370	22

Assets under management rollforward
Beginning balance	$	2,987	$	2,833	$	2,716	$	2,560	$	2,476					$	2,716	$	2,328
Net asset flows:
Liquidity	(11)		15		44		(36)		(30)						48		140
Fixed income	11		17		8		8		22						36		40
Equity	16		20		31		14		9						67		19
Multi-asset	3		2		6		10		(1)						11		(5)
Alternatives	3		10		3		1		2						16		5
Market/performance/other impacts	(13)		90		25		159		82						102		33
Ending balance	$	2,996	$	2,987	$	2,833	$	2,716	$	2,560					$	2,996	$	2,560

Client assets rollforward
Beginning balance	$	4,044	$	3,828	$	3,652	$	3,370	$	3,241					$	3,652	$	3,089
Net asset flows	75		75		130		39		11						280		237
Market/performance/other impacts	(23)		141		46		243		118						164		44
Ending balance	$	4,096	$	4,044	$	3,828	$	3,652	$	3,370					$	4,096	$	3,370

(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												NINE MONTHS ENDED SEPTEMBER 30,
											3Q21 Change						2021 Change
	3Q21		2Q21		1Q21		4Q20		3Q20		2Q21	3Q20	2021		2020		2020
INCOME STATEMENT
REVENUE
Principal transactions	$	(103)	$	(8)	$	272	$	273	$	87	NM	NM	$	161	$	(28)	NM
Investment securities gains/(losses)	(256)		(155)		14		70		466		(65)	NM	(397)		725		NM
All other income	117		(45)		96		249		(210)		NM	NM	168		(90)		NM
Noninterest revenue	(242)		(208)		382		592		343		(16)	NM	(68)		607		NM
Net interest income	(1,054)		(961)		(855)		(841)		(682)		(10)	(55)	(2,870)		(1,534)		(87)
TOTAL NET REVENUE (a)	(1,296)		(1,169)		(473)		(249)		(339)		(11)	(282)	(2,938)		(927)		(217)

Provision for credit losses	(7)		49		16		(42)		96		NM	NM	58		108		(46)

NONINTEREST EXPENSE	160		515		876		361		719		(69)	(78)	1,551		1,012		53
Income/(loss) before income tax expense/(benefit)	(1,449)		(1,733)		(1,365)		(568)		(1,154)		16	(26)	(4,547)		(2,047)		(122)
Income tax expense/(benefit)	(632)		(489)		(785)		(210)		(455)		(29)	(39)	(1,906)		(655)		(191)
NET INCOME/(LOSS)	$	(817)	$	(1,244)	$	(580)	$	(358)	$	(699)	34	(17)	$	(2,641)	$	(1,392)	(90)

MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	(1,198)		(1,081)		(705)		(623)		(243)		(11)	(393)	(2,984)		(745)		(301)

Other Corporate	(98)		(88)		232		374		(96)		(11)	(2)	46		(182)		NM
TOTAL NET REVENUE	$	(1,296)	$	(1,169)	$	(473)	$	(249)	$	(339)	(11)	(282)	$	(2,938)	$	(927)	(217)

NET INCOME/(LOSS)
Treasury and CIO	(998)		(956)		(675)		(587)		(349)		(4)	(186)	(2,629)		(816)		(222)

Other Corporate	181		(288)		95		229		(350)		NM	NM	(12)		(576)		98
TOTAL NET INCOME/(LOSS)	$	(817)	$	(1,244)	$	(580)	$	(358)	$	(699)	34	(17)	$	(2,641)	$	(1,392)	(90)

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,459,283	$	1,382,653	$	1,409,564	$	1,359,831	$	1,253,275	6	16	$	1,459,283	$	1,253,275	16
Loans	1,697		1,530		1,627		1,657		1,569		11	8	1,697		1,569		8


Headcount (b)	38,302		37,520		38,168		38,366		38,861		2	(1)	38,302		38,861		(1)

SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains/(losses)	$	(256)	$	(155)	$	14	$	70	$	466	(65)	NM	$	(397)	$	725	NM
Available-for-sale securities (average)	223,747		342,338		372,443		410,803		442,943		(35)	(49)	312,298		414,228		(25)
Held-to-maturity securities (average) (c)	339,544		240,696		207,957		155,525		103,596		41	228	263,214		74,102		255
Investment securities portfolio (average)	$	563,291	$	583,034	$	580,400	$	566,328	$	546,539	(3)	3	$	575,512	$	488,330	18
Available-for-sale securities (period-end)	249,484		230,127		377,911		386,065		387,663		8	(36)	249,484		387,663		(36)
Held-to-maturity securities, net of allowance for credit losses (period-end) (c)	343,542		341,476		217,452		201,821		141,553		1	143	343,542		141,553		143
Investment securities portfolio, net of allowance for credit losses (period-end) (d)	$	593,026	$	571,603	$	595,363	$	587,886	$	529,216	4	12	$	593,026	$	529,216	12

(a)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $64 million, $66 million, $67 million, $55 million and $62 million for the three months ended September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively, and $197 million and $186 million for the nine months ended September 30, 2021 and 2020, respectively.

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

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

(d)At September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, the allowance for credit losses on investment securities was $73 million, $87 million, $94 million, $78 million and $120 million, respectively.

Page 23


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
															Sep 30, 2021
															Change
	Sep 30,		Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,
	2021		2021			2021			2020			2020			2021		2020
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained	$	298,308	$	297,731		$	302,392		$	302,127		$	305,106		—	%	(2)	%
Loans held-for-sale and loans at fair value	29,856		31,954			22,516			16,452			16,992			(7)		76
Total consumer, excluding credit card loans	328,164		329,685			324,908			318,579			322,098			—		2

Credit card loans
Loans retained	143,166		141,079			131,772			143,432			139,590			1		3
Loans held-for-sale	—		723			721			784			787			NM		NM
Total credit card loans	143,166		141,802			132,493			144,216			140,377			1		2
Total consumer loans	471,330		471,487			457,401			462,795			462,475			—		2

Wholesale loans (b)
Loans retained	532,786		524,855			514,478			514,947			500,841			2		6
Loans held-for-sale and loans at fair value	40,499		44,612			39,428			35,111			26,424			(9)		53
Total wholesale loans	573,285		569,467			553,906			550,058			527,265			1		9

Total loans	1,044,615		1,040,954			1,011,307			1,012,853			989,740			—		6
Derivative receivables	67,908		66,320		(g)	68,896		(g)	75,444		(g)	71,929		(g)	2		(6)
Receivables from customers (c)	58,752		59,609			58,180			47,710			30,847			(1)		90
Total credit-related assets	1,171,275		1,166,883			1,138,383			1,136,007			1,092,516			—		7

Lending-related commitments
Consumer, excluding credit card	56,684		56,875			56,245			57,319		(g)	46,425			—		22
Credit card (d)	710,610		682,531			674,367			658,506			662,860			4		7
Wholesale	498,896		502,616			481,244			449,863			441,235			(1)		13
Total lending-related commitments	1,266,190		1,242,022			1,211,856			1,165,688			1,150,520			2		10

Total credit exposure	$	2,437,465	$	2,408,905		$	2,350,239		$	2,301,695		$	2,243,036		1		9

Memo: Total by category
Consumer exposure (e)	$	1,238,624	$	1,210,893		$	1,188,013		$	1,178,620		$	1,171,760		2		6
Wholesale exposures (f)	1,198,841		1,198,012			1,162,226			1,123,075			1,071,276			—		12
Total credit exposure	$	2,437,465	$	2,408,905		$	2,350,239		$	2,301,695		$	2,243,036		1		9

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

(c)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.

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

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

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

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

Page 24


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

																	Sep 30, 2021
																	Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,				Jun 30,		Sep 30,
	2021			2021			2021			2020			2020				2021		2020
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
Loans retained	$	4,911		$	5,183		$	5,382		$	5,464		$	5,047		(d)	(5)	%	(3)	%
Loans held-for-sale and loans at fair value	440			475			608			1,003			1,358				(7)		(68)
Total consumer nonaccrual loans	5,351			5,658			5,990			6,467			6,405				(5)		(16)

Wholesale nonaccrual loans
Loans retained	2,084			2,698			3,015			3,318			3,745				(23)		(44)
Loans held-for-sale and loans at fair value	808			716			701			788			852				13		(5)
Total wholesale nonaccrual loans	2,892			3,414			3,716			4,106			4,597				(15)		(37)

Total nonaccrual loans (b)	8,243			9,072			9,706			10,573			11,002				(9)		(25)

Derivative receivables	393			481			284			56			140				(18)		181
Assets acquired in loan satisfactions	246			249			267			277			320				(1)		(23)
Total nonperforming assets	8,882			9,802			10,257			10,906			11,462				(9)		(23)
Wholesale lending-related commitments (c)	641			851			800			577			607				(25)		6
Total nonperforming exposure	$	9,523		$	10,653		$	11,057		$	11,483		$	12,069			(11)		(21)

NONACCRUAL LOAN-RELATED RATIOS (b)
Total nonaccrual loans to total loans	0.79		%	0.87		%	0.96		%	1.04		%	1.11		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	1.63			1.72			1.84			2.03			1.99			(d)
Total wholesale nonaccrual loans to total
wholesale loans	0.50			0.60			0.67			0.75			0.87

(a)At September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, nonperforming assets excluded: (1) mortgage loans 90 or more days past due and insured by U.S. government agencies of $644 million, $713 million, $798 million, $874 million and $1.1 billion, respectively; and (2) real estate owned (“REO”) insured by U.S. government agencies of $5 million, $7 million, $8 million, $9 million and $10 million, respectively. The amount of mortgage loans 90 or more days past due and insured by U.S. government agencies excluded at June 30, 2021 has been revised to conform with the current presentation. 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.

(b)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.

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

(d)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																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q21 Change										2021 Change
	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21		3Q20		2021			2020			2020
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	19,500		$	23,001		$	28,328		$	30,814		$	31,591		(15)	%	(38)	%	$	28,328		$	17,295		64	%
Net charge-offs:
Gross charge-offs	940			1,188			1,468			1,471			1,586			(21)		(41)		3,596			5,365			(33)
Gross recoveries collected	(416)			(454)			(411)			(421)			(406)			8		(2)		(1,281)			(1,156)			(11)
Net charge-offs	524			734			1,057			1,050			1,180			(29)		(56)		2,315			4,209			(45)
Provision for loan losses	(819)			(2,759)			(4,279)			(1,433)			400			70		NM		(7,857)			17,724			NM
Other	(7)			(8)			9			(3)			3			13		NM		(6)			4			NM
Ending balance	$	18,150		$	19,500		$	23,001		$	28,328		$	30,814		(7)		(41)		$	18,150		$	30,814		(41)

ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	2,998		$	2,516		$	2,409		$	2,823		$	2,710		19		11		$	2,409		$	1,289		87
Provision for lending-related commitments	(694)			481			107			(414)			114			NM		NM		(106)			1,535			NM
Other	1			1			—			—			(1)			—		NM		2			(1)			NM
Ending balance	$	2,305		$	2,998		$	2,516		$	2,409		$	2,823		(23)		(18)		$	2,305		$	2,823		(18)

Total allowance for credit losses (a)	$	20,455		$	22,498		$	25,517		$	30,737		$	33,637		(9)		(39)		$	20,455		$	33,637		(39)

NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans	(0.01)		%	(0.04)		%	0.03		%	0.05		%	0.08		%					(0.01)		%	0.06		%
Credit card retained loans	1.39			2.24			2.97			2.17			2.92							2.18			3.17
Total consumer retained loans	0.44			0.67			0.93			0.72			0.97							0.68			1.09
Wholesale retained loans	0.03			0.01			0.04			0.19			0.07							0.03			0.14
Total retained loans	0.21			0.31			0.45			0.44			0.49							0.32			0.58

Memo: Average retained loans
Consumer retained, excluding credit card loans	$	298,019		$	298,823		$	302,055		$	303,421		$	306,201		—		(3)		$	299,620		$	301,535		(1)
Credit card retained loans	141,371			135,430			134,155			140,459			140,200			4		1		137,012			148,382			(8)
Total average retained consumer loans	439,390			434,253			436,210			443,880			446,401			1		(2)		436,632			449,917			(3)
Wholesale retained loans	528,979			519,902			515,858			503,249			504,449			2		5		521,628			512,137			2
Total average retained loans	$	968,369		$	954,155		$	952,068		$	947,129		$	950,850		1		2		$	958,260		$	962,054		—

(a)At September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020 excludes allowance for credit losses on investment securities of $73 million, $87 million, $94 million, $78 million and $120 million, respectively.

Page 26


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

																	Sep 30, 2021
																	Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,				Jun 30,		Sep 30,
	2021			2021			2021			2020			2020				2021		2020
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	(571)		$	(557)		$	(348)		$	(7)		$	228			(3)	%	NM
Portfolio-based	2,445			2,455			3,030			3,643			4,274				—		(43)	%
Total consumer, excluding credit card	1,874			1,898			2,682			3,636			4,502				(1)		(58)
Credit card
Asset-specific (b)	383			443			522			633			652				(14)		(41)
Portfolio-based	11,267			12,057			13,778			17,167			17,148				(7)		(34)
Total credit card	11,650			12,500			14,300			17,800			17,800				(7)		(35)
Total consumer	13,524			14,398			16,982			21,436			22,302				(6)		(39)
Wholesale
Asset-specific (c)	357			488			529			682			792				(27)		(55)
Portfolio-based	4,269			4,614			5,490			6,210			7,720				(7)		(45)
Total wholesale	4,626			5,102			6,019			6,892			8,512				(9)		(46)
Total allowance for loan losses	18,150			19,500			23,001			28,328			30,814				(7)		(41)
Allowance for lending-related commitments	2,305			2,998			2,516			2,409			2,823				(23)		(18)
Total allowance for credit losses (d)	$	20,455		$	22,498		$	25,517		$	30,737		$	33,637			(9)		(39)

CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	0.63		%	0.64		%	0.89		%	1.20		%	1.48		%
Credit card allowance to total credit card retained loans	8.14			8.86			10.85			12.41			12.75
Wholesale allowance to total wholesale retained loans	0.87			0.97			1.17			1.34			1.70
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (e)	0.93			1.05			1.26			1.45			1.83
Total allowance to total retained loans	1.86			2.02			2.42			2.95			3.26
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (f)	38			37			50			67			89			(g)
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (f)	93			89			104			120			148
Wholesale allowance to wholesale retained nonaccrual loans	222			189			200			208			227
Total allowance to total retained nonaccrual loans	259			247			274			323			350			(g)

(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 September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020 excludes allowance for credit losses on investment securities of $73 million, $87 million, $94 million, $78 million and $120 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																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q21 Change										2021 Change
(in millions, except rates)	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21		3Q20		2021			2020			2020

Net interest income - reported	$	13,080		$	12,741		$	12,889		$	13,258		$	13,013		3	%	1	%	$	38,710		$	41,305		(6)	%
Fully taxable-equivalent adjustments	104			109			109			97			104			(5)		—		322			321			—
Net interest income - managed basis (a)	$	13,184		$	12,850		$	12,998		$	13,355		$	13,117		3		1		$	39,032		$	41,626		(6)
Less: CIB Markets net interest income	1,967			1,987			2,223			2,166			2,076			(1)		(5)		6,177			6,208			—
Net interest income excluding CIB Markets (a)	$	11,217		$	10,863		$	10,775		$	11,189		$	11,041		3		2		$	32,855		$	35,418		(7)

Average interest-earning assets	$	3,219,786		$	3,177,195		$	3,126,569		$	2,955,646		$	2,874,974		1		12		$	3,174,858		$	2,720,636		17
Less: Average CIB Markets interest-earning assets	894,892			882,848			866,591			743,337			730,141			1		23		881,547			753,748			17
Average interest-earning assets excluding CIB Markets	$	2,324,894		$	2,294,347		$	2,259,978		$	2,212,309		$	2,144,833		1		8		$	2,293,311		$	1,966,888		17

Net yield on average interest-earning assets - managed basis	1.62		%	1.62		%	1.69		%	1.80		%	1.82		%					1.64		%	2.04		%
Net yield on average CIB Markets interest-earning assets	0.87			0.90			1.04			1.16			1.13							0.94			1.10
Net yield on average interest-earning assets excluding CIB Markets	1.91			1.90			1.93			2.01			2.05							1.92			2.41

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

Page 28