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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): October 13, 2021
JPMorgan Chase & Co.
(Exact name of registrant as specified in its charter)
Delaware1-580513-2624428
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)(I.R.S. employer
identification no.)
383 Madison Avenue,
New York,New York10179
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212270-6000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stockJPMThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD
JPM PR DThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE
JPM PR CThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG
JPM PR JThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJJPM PR KThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL
JPM PR L
The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MMJPM PR MThe New York Stock Exchange
Alerian MLP Index ETNs due May 24, 2024AMJNYSE Arca, Inc.
Guarantee of Callable Step-Up Fixed Rate Notes due April 26, 2028 of JPMorgan Chase Financial Company LLC
JPM/28The New York Stock Exchange
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC
JPM/32The New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02 Results of Operations and Financial Condition
On 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
99.2
101Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).
104Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

2



SIGNATURE

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

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

Dated:October 13, 2021



3
Document
Exhibit 99.1
JPMorgan Chase & Co.
383 Madison Avenue, New York, NY 10179-0001
NYSE symbol: JPM
www.jpmorganchase.com
https://cdn.kscope.io/0df6307832b0e465218f048b908ddf81-jpmclogoa181.gif
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 Metricsn
Reported revenue of $29.6 billion; managed revenue of $30.4 billion2
nCredit 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%
nAverage deposits up 20%; client investment assets up 29%
nAverage 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
nTotal Markets revenue of $6.3 billion, down 5%, with Fixed Income Markets down 20% and Equity Markets up 30%
CB

ROE 22%
nGross Investment Banking revenue of $1.3 billion, up 60%
nAverage loans down 7% YoY and 1% QoQ; average deposits up 21%
AWM

 ROE 33%
nAssets under management (AUM) of $3.0 trillion, up 17%
nAverage 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 JPM2Q213Q20
($ millions, except per share data)3Q212Q213Q20$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue - reported10
$29,647 $30,479 $29,255 $(832)(3)%$392 %
Net revenue - managed30,441 31,395 29,941 (954)(3)500 
Noninterest expense17,063 17,667 16,875 (604)(3)188 
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.

2

JPMorgan Chase & Co.
News Release
CONSUMER & COMMUNITY BANKING (CCB)
Results for CCB2Q213Q20
($ millions)3Q212Q213Q20$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$12,521 $12,760 $12,895 $(239)(2)%$(374)(3)%
Consumer & Business Banking6,157 6,016 5,697 141 460 
Home Lending1,400 1,349 1,714 51 (314)(18)
Card & Auto4,964 5,395 5,484 (431)(8)(520)(9)
Noninterest expense7,238 7,062 6,912 176 326 
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.
3

JPMorgan Chase & Co.
News Release
CORPORATE & INVESTMENT BANK (CIB)
Results for CIB2Q213Q20
($ millions)3Q212Q213Q20$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$12,396 $13,214 $11,546 $(818)(6)%$850 %
Banking4,893 5,106 3,752 (213)(4)1,141 30 
Markets & Securities Services7,503 8,108 7,794 (605)(7)(291)(4)
Noninterest expense5,871 6,523 5,832 (652)(10)39 
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 $638 million, driven by a net reserve release.
COMMERCIAL BANKING (CB)
Results for CB2Q213Q20
($ millions)3Q212Q213Q20$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$2,520 $2,483 $2,285 $37 %$235 10 %
Noninterest expense1,032 981 969 51 63 
Provision for credit losses(363)(377)(147)14 (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.
4

JPMorgan Chase & Co.
News Release
ASSET & WEALTH MANAGEMENT (AWM)
Results for AWM2Q213Q20
($ millions)3Q212Q213Q20$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$4,300 $4,107 $3,554 $193 %$746 21 %
Noninterest expense2,762 2,586 2,443 176 319 13 
Provision for credit losses(60)(10)(52)(50)(500)(8)(15)
Net income$1,194 $1,153 $876 $41 %$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 $3.0 trillion, up 17%, driven by higher market levels, as well as cumulative net inflows.
CORPORATE
Results for Corporate2Q213Q20
($ millions)3Q212Q213Q20$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$(1,296)$(1,169)$(339)$(127)(11)%$(957)(282)%
Noninterest expense160 515 719 (355)(69)(559)(78)
Provision for credit losses(7)49 96 (56)NM(103)NM
Net income/(loss)$(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.





5

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

a.The Firm prepares its Consolidated Financial Statements in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with the U.S. GAAP financial statements of other companies. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm and each of the reportable business segments on a fully taxable-equivalent 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.


6

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.





7

JPMorgan Chase & Co.
News Release

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.8 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.


8
Document
                                                                    
Exhibit 99.2





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EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2021
















                                                                    
JPMORGAN CHASE & CO.
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TABLE OF CONTENTS
Page(s)
Consolidated Results
Consolidated Financial Highlights2–3
Consolidated Statements of Income4
Consolidated Balance Sheets5
Condensed Average Balance Sheets and Annualized Yields6
Reconciliation from Reported to Managed Basis7
Segment Results - Managed Basis8
Capital and Other Selected Balance Sheet Items9
Earnings Per Share and Related Information10
Business Segment Results
Consumer & Community Banking (“CCB”)11–14
Corporate & Investment Bank (“CIB”)15–17
Commercial Banking (“CB”)18–19
Asset & Wealth Management (“AWM”)20–22
Corporate23
Credit-Related Information24–27
Non-GAAP Financial Measures28
Glossary of Terms and Acronyms (a)
(a)    Refer to the Glossary of Terms and Acronyms on pages 305–311 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”) and
the Glossary of Terms and Acronyms and Line of Business Metrics on pages 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.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q21 Change2021 Change
SELECTED INCOME STATEMENT DATA 3Q212Q211Q214Q203Q202Q213Q20202120202020
Reported Basis
Total net revenue (a)$29,647 $30,479 $32,266 $29,335 $29,255 (3)%%$92,392 $90,616 %
Total noninterest expense17,063 17,667 18,725 16,048 16,875 (3)53,455 50,608 
Pre-provision profit (b)12,584 12,812 13,541 13,287 12,380 (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 INCOME11,687 11,948 14,300 12,136 9,443 (2)24 37,935 16,995 123 
Managed Basis (c)
Total net revenue30,441 31,395 33,119 30,161 29,941 (3)94,955 92,768 
Total noninterest expense17,063 17,667 18,725 16,048 16,875 (3)53,455 50,608 
Pre-provision profit (b)13,378 13,728 14,394 14,113 13,066 (3)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 INCOME11,687 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 
Diluted3.74 3.78 4.50 3.79 2.92 (1)28 12.02 5.09 136 
Average shares: Basic2,999.9 3,036.6 3,073.5 3,079.7 3,077.8 (1)(3)3,036.4 3,083.3 (2)
Diluted3,005.1 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 65 $483,748 $293,451 65 
Common shares at period-end2,955.3 2,988.2 3,027.1 3,049.4 3,048.2 (1)(3)2,955.3 3,048.2 (3)
Book value per share86.36 84.85 82.31 81.75 79.08 86.36 79.08 
Tangible book value per share (“TBVPS”) (b)69.87 68.91 66.56 66.11 63.93 69.87 63.93 
Cash dividends declared per share1.00 (f)0.90 0.90 0.90 0.90 11 11 2.80 2.70 
FINANCIAL RATIOS (d)
Return on common equity (“ROE”)18 %18 %23 %19 %15 %20 %%
Return on tangible common equity (“ROTCE”) (b)22 23 29 24 19 24 11 
Return on assets1.24 1.29 1.61 1.42 1.14 1.37 0.72 
CAPITAL RATIOS (e)
Common equity Tier 1 (“CET1”) capital ratio12.9 %(g)13.0 %13.1 %13.1 %13.1 %12.9 %(g)13.1 %
Tier 1 capital ratio15.0 (g)15.1 15.0 15.0 15.0 15.0 (g)15.0 
Total capital ratio16.9 (g)17.1 17.2 17.3 17.3 16.9 (g)17.3 
Tier 1 leverage ratio6.6 (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.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q21 Change2021 Change
3Q212Q211Q214Q203Q202Q213Q20202120202020
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)$3,757,576 $3,684,256 $3,689,336 $3,384,757 $3,245,061 %16 %$3,757,576 $3,245,061 16 %
Loans:
Consumer, excluding credit card loans328,164 329,685 324,908 318,579 322,098 — 328,164 322,098 
Credit card loans143,166 141,802 132,493 144,216 140,377 143,166 140,377 
Wholesale loans573,285 569,467 553,906 550,058 527,265 573,285 527,265 
Total Loans1,044,615 1,040,954 1,011,307 1,012,853 989,740 — 1,044,615 989,740 
Deposits:
U.S. offices:
Noninterest-bearing656,438 639,114 629,139 572,711 540,116 22 656,438 540,116 22 
Interest-bearing1,344,092 1,281,432 1,266,856 1,197,032 1,117,149 20 1,344,092 1,117,149 20 
Non-U.S. offices:
Noninterest-bearing28,589 24,723 22,661 23,435 21,406 16 34 28,589 21,406 34 
Interest-bearing373,234 359,948 359,456 351,079 322,745 16 373,234 322,745 16 
Total deposits2,402,353 2,305,217 2,278,112 2,144,257 2,001,416 20 2,402,353 2,001,416 20 
Long-term debt 298,465 299,926 279,427 281,685 279,175 — 298,465 279,175 
Common stockholders’ equity255,203 253,548 249,151 249,291 241,050 255,203 241,050 
Total stockholders’ equity290,041 286,386 280,714 279,354 271,113 290,041 271,113 
Loans-to-deposits ratio43 %45 %44 %47 %49 %43 %49 %
Headcount265,790 260,110 259,350 255,351 256,358 265,790 256,358 
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 Bank12,396 13,214 14,605 11,352 11,546 (6)40,215 37,932 
Commercial Banking2,520 2,483 2,393 2,463 2,285 10 7,396 6,850 
Asset & Wealth Management 4,300 4,107 4,077 3,867 3,554 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)$94,955 $92,768 
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 Bank5,562 4,985 5,740 5,349 4,309 12 29 16,287 11,745 39 
Commercial Banking1,407 1,420 1,168 2,034 1,086 (1)30 3,995 544 NM
Asset & Wealth Management1,194 1,153 1,244 786 876 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.
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JPMORGAN CHASE & CO.
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CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q21 Change2021 Change
REVENUE3Q212Q211Q214Q203Q202Q213Q20202120202020
Investment banking fees $3,282 $3,470 $2,970 $2,583 $2,187 (5)%50 %$9,722 $6,903 41 %
Principal transactions3,546 4,076 6,500 3,321 4,142 (13)(14)14,122 14,700 (4)
Lending- and deposit-related fees1,801 1,760 1,687 1,727 1,647 5,248 4,784 10 
Asset management, administration and commissions5,257 5,194 5,029 4,901 4,470 18 15,480 13,276 17 
Investment securities gains/(losses)(256)(155)14 70 473 (65)NM(397)732 NM
Mortgage fees and related income600 551 704 767 1,087 (45)1,855 2,324 (20)
Card income1,005 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 
Noninterest revenue16,567 17,738 19,377 16,077 16,242 (7)53,682 49,311 
Interest income14,480 14,094 14,271 14,550 14,700 (1)42,845 49,973 (14)
Interest expense1,400 1,353 1,382 1,292 1,687 (17)4,135 8,668 (52)
Net interest income13,080 12,741 12,889 13,258 13,013 38,710 41,305 (6)
TOTAL NET REVENUE29,647 30,479 32,266 29,335 29,255 (3)92,392 90,616 
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)29,502 27,034 
Occupancy expense1,109 1,090 1,115 1,161 1,142 (3)3,314 3,288 
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 16 7,111 6,205 15 
Marketing712 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 EXPENSE17,063 17,667 18,725 16,048 16,875 (3)53,455 50,608 
Income before income tax expense14,111 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)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 share3.74 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 %%
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 ratio58 58 58 55 58 58 56 
(a)In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.
(b)Included Firmwide legal expense of $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.



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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Sep 30, 2021
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2021202120212020202020212020
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 57 
Federal funds sold and securities purchased under
resale agreements282,161 260,987 272,481 296,284 319,849 (12)
Securities borrowed202,987 186,376 179,516 160,635 142,441 43 
Trading assets:
Debt and equity instruments447,993 454,268 (b)475,156 (b)427,682 (b)433,893 (b)(1)
Derivative receivables67,908 66,320 (b)68,896 (b)75,444 (b)71,929 (b)(6)
Available-for-sale (“AFS”) securities251,590 232,161 379,942 388,178 389,583 (35)
Held-to-maturity (”HTM”) securities, net of allowance for credit losses343,542 341,476 217,452 201,821 141,553 143 
Investment securities, net of allowance for credit losses595,132 573,637 597,394 589,999 531,136 12 
Loans1,044,615 1,040,954 1,011,307 1,012,853 989,740 — 
Less: Allowance for loan losses18,150 19,500 23,001 28,328 30,814 (7)(41)
Loans, net of allowance for loan losses1,026,465 1,021,454 988,306 984,525 958,926 — 
Accrued interest and accounts receivable116,395 125,253 114,754 90,503 76,945 (7)51 
Premises and equipment26,996 26,631 26,926 27,109 26,672 
Goodwill, MSRs and other intangible assets56,566 54,655 54,588 53,428 51,594 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 16 
LIABILITIES
Deposits$2,402,353 $2,305,217 $2,278,112 $2,144,257 $2,001,416 20 
Federal funds purchased and securities loaned or sold
under repurchase agreements254,920 245,437 304,019 215,209 236,440 
Short-term borrowings50,393 51,938 54,978 45,208 41,992 (3)20 
Trading liabilities:
Debt and equity instruments126,058 127,822 130,909 99,558 104,835 (1)20 
Derivative payables53,485 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 VIEs13,257 14,403 15,671 17,578 19,191 (8)(31)
Long-term debt298,465 299,926 279,427 281,685 279,175 — 
TOTAL LIABILITIES3,467,535 3,397,870 3,408,622 3,105,403 2,973,948 17 
STOCKHOLDERS’ EQUITY
Preferred stock34,838 32,838 31,563 30,063 30,063 16 
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital88,357 88,194 88,005 88,394 88,289 — — 
Retained earnings265,276 256,983 248,151 236,990 228,014 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’ EQUITY290,041 286,386 280,714 279,354 271,113 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,757,576 $3,684,256 $3,689,336 $3,384,757 $3,245,061 16 
(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)Prior-period amounts have been revised to conform with the current presentation.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q21 Change2021 Change
AVERAGE BALANCES 3Q212Q211Q214Q203Q202Q213Q20202120202020
ASSETS
Deposits with banks $756,653 $721,214 $631,606 $507,194 $509,979 %48 %$703,616 $422,860 66 %
Federal funds sold and securities purchased under resale agreements262,679 255,831 289,763 327,504 277,899 (5)269,324 258,607 
Securities borrowed189,418 190,785 175,019 149,146 147,184 (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 securities565,344 585,084 582,460 568,354 548,544 (3)577,566 490,322 18 
Loans 1,042,591 1,024,633 1,013,524 996,367 991,241 1,027,023 1,007,360 
All other interest-earning assets (a)127,241 122,624 111,549 87,496 77,806 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 12 3,174,858 2,720,636 17 
Trading assets - equity and other instruments177,315 199,288 (h)164,010 (h)143,056 (h)124,266 (h)(11)43 180,253 113,431 (h)59 
Trading assets - derivative receivables65,574 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 18 $1,659,214 $1,342,270 24 
Federal funds purchased and securities loaned or
sold under repurchase agreements240,912 261,343 301,386 247,276 253,779 (8)(5)267,659 258,156 
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 VIEs14,232 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)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 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 
Trading liabilities - derivative payables55,907 62,533 67,960 63,551 64,599 (11)(13)62,089 60,936 
All other noninterest-bearing liabilities (b)178,770 205,584 178,444 164,873 155,672 (13)15 187,601 160,059 17 
TOTAL LIABILITIES3,437,434 3,445,172 3,336,987 3,126,978 3,022,258 — 14 3,406,899 2,871,055 19 
Preferred stock34,229 32,666 30,312 30,063 30,063 14 32,417 29,844 
Common stockholders’ equity253,556 250,849 245,542 241,672 236,797 250,011 235,251 
TOTAL STOCKHOLDERS’ EQUITY287,785 283,515 275,854 271,735 266,860 282,428 265,095 
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 agreements0.35 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 securities1.32 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 agreements0.20 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 VIEs0.50 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