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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): January 14, 2022
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 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 January 14, 2022, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) reported 2021 fourth quarter net income of $10.4 billion, or $3.33 per share, compared with net income of $12.1 billion, or $3.79 per share, in the fourth quarter of 2020. A copy of the 2021 fourth 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, June 30, 2021 and September 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:January 14, 2022



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/5a0404734f50235d6e1ba546f47e0429-jpmclogoa18a.gif
JPMORGAN CHASE REPORTS FOURTH-QUARTER 2021 NET INCOME OF $10.4 BILLION ($3.33 PER SHARE), OR $9.0 BILLION EXCLUDING CREDIT RESERVE RELEASES OF $1.8 BILLION ($2.86 PER SHARE)1
FULL-YEAR 2021 NET INCOME OF $48.3 BILLION ($15.36 PER SHARE)
FULL-YEAR 2021 RESULTS
ROE 19%
ROTCE1 23%
ROTCE ex. reserve release1 18%
CET1 Capital Ratios2
Std. 13.0% | Adv. 13.8%
Net payout LTM3,4
61%
FOURTH-QUARTER 2021 RESULTS5
Firmwide Metrics

ROE 16%
ROTCE 19%
n
Reported revenue of $29.3 billion; managed revenue of $30.3 billion1
nCredit costs net benefit of $1.3 billion included a $1.8 billion net reserve release and $550 million of net charge-offs
n
Average loans up 6%; average deposits up 17%
n
$1.7 trillion of liquidity sources, including HQLA and unencumbered marketable securities6
CCB

4Q21 ROE 33%
2021 ROE 41%
nAverage deposits up 20%; client investment assets up 22%
nAverage loans down 1% YoY and up 1% QoQ; Card net charge-off rate of 1.28%
n
Debit and credit card sales volume7 up 26%
n
Active mobile customers8 up 11%
CIB

4Q21 ROE 22%
2021 ROE 25%
n#1 ranking for Global Investment Banking fees with 9.5% wallet share for the year
nTotal Markets revenue of $5.3 billion, down 11%, with Fixed Income Markets down 16% and Equity Markets down 2%
CB

4Q21 ROE 20%
2021 ROE 21%
nGross Investment Banking revenue of $1.5 billion, up 50%
nAverage loans down 3% YoY and up 2% QoQ; average deposits up 17%
AWM

4Q21 ROE 32%
2021 ROE 33%
nAssets under management (AUM) of $3.1 trillion, up 15%
nAverage loans up 18% YoY and 4% QoQ; average deposits up 47%
Jamie Dimon, Chairman and CEO, commented on the financial results: “JPMorgan Chase reported solid results across our businesses benefiting from elevated capital markets activity and a pick up in lending activity as firmwide average loans were up 6%. The economy continues to do quite well despite headwinds related to the Omicron variant, inflation and supply chain bottlenecks. Credit continues to be healthy with exceptionally low net charge-offs, and we remain optimistic on U.S. economic growth as business sentiment is upbeat and consumers are benefiting from job and wage growth.”

Dimon continued: “Global IB fees were up 37%, driven by both the Corporate & Investment Bank and Commercial Banking, due to unprecedented M&A activity, an active acquisition financing market and strong performance in IPOs. Markets revenue was down 11%, compared to a record fourth quarter last year, but up 7% versus the 2019 quarter driven by a strong performance in Equities. Asset & Wealth Management delivered robust results as we saw positive inflows into long-term products of $34 billion across all channels and regions, as well as continued strong loan growth, up 18%, primarily driven by securities-based lending. In Consumer & Community Banking, client investment assets were up 22%, with growth from higher market levels and positive net flows. Combined debit and credit card spend was up 26%, supporting accelerating Card loan growth, up 5%. Auto loans remain elevated, up 7%, although a lack of vehicle supply slowed originations to $8.5 billion, down 23%. Home lending had another strong quarter with originations at $42 billion, up 30%.”

Dimon concluded: “In 2021, we extended credit and raised over $3 trillion in capital for our consumer and institutional clients around the world, which includes nonprofits and U.S. government entities, including states, municipalities, hospitals and universities. We also accelerated investments to expand our product distribution capabilities, both domestically and internationally, enhance our products and services and modernize our technology. We continue to find attractive opportunities to invest in our businesses across the firm. Our longstanding capital hierarchy remains the same – first and foremost, to invest in and grow our market-leading businesses to support our clients, customers and communities; second, to pay a sustainable competitive dividend; and then, return any remaining excess capital to shareholders.”
SIGNIFICANT ITEMS
n    4Q21 results included:
n    $1.8 billion net credit reserve release Firmwide ($0.47 increase in earnings per share (EPS))
n    Excluding net credit reserve release1: 4Q21 net income of $9.0 billion, EPS of $2.86
and ROTCE of 17%
CAPITAL DISTRIBUTED
n    Common dividend of $3.0 billion, or $1.00 per share
n    $1.9 billion of common stock net repurchases in 4Q214
FORTRESS PRINCIPLES
n    Book value per share of $88.07, up 8%; tangible book value per share1 of $71.53,
up 8%
n    Basel III common equity Tier 1 capital2 of $214 billion and Standardized ratio2 of 13.0%; Advanced ratio2 of 13.8%
n    Firm supplementary leverage ratio of 5.4%
OPERATING LEVERAGE
n    4Q21 expense of $17.9 billion; reported overhead ratio of 61%; managed overhead ratio1 of 59%
SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES
n    $3.2 trillion of credit and capital9 raised in 2021
n    $331 billion of credit for consumers
n    $22 billion of credit for U.S. small businesses
n    $1.3 trillion of credit for corporations
n    $1.5 trillion of capital raised for corporate clients and non-U.S. government
entities
n    $63 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) in 2021
Investor Contact: Mikael Grubb (212) 270-2479
Note: Totals may not sum due to rounding
1For notes on non-GAAP financial measures, including managed basis reporting, see page 6.
For additional notes see page 7.
Media Contact: Joseph Evangelisti (212) 270-7438

JPMorgan Chase & Co.
News Release
In the discussion below of Firmwide results of JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), information is presented on a managed basis, which is a non-GAAP financial measure, unless otherwise specified. The discussion below of the Firm’s business segments is also presented on a managed basis. For more information about managed basis, and non-GAAP financial measures used by management to evaluate the performance of each line of business, refer to page 6.
Comparisons noted in the sections below are for the fourth quarter of 2021 versus the prior-year fourth quarter, unless otherwise specified.
JPMORGAN CHASE (JPM)
Results for JPM3Q214Q20
($ millions, except per share data)4Q213Q214Q20$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue - reported10
$29,257 $29,647 $29,335 $(390)(1)%$(78)— %
Net revenue - managed30,349 30,441 30,161 (92)— 188 
Noninterest expense17,888 17,063 16,048 825 1,840 11 
Provision for credit losses(1,288)(1,527)(1,889)239 16 601 32 
Net income$10,399 $11,687 $12,136 $(1,288)(11)%$(1,737)(14)%
Earnings per share - diluted$3.33 $3.74 $3.79 $(0.41)(11)%$(0.46)(12)%
Return on common equity
16 %18 %19 %
Return on tangible common equity
19 22 24 
Discussion of Results:
Net income was $10.4 billion, down 14%, driven by higher noninterest expense.
Net revenue of $30.3 billion, up 1%. Net interest income was $13.7 billion, up 3%, driven by balance sheet growth, partially offset by lower net interest income in CIB Markets. Noninterest revenue was $16.6 billion, down 1%, largely driven by lower revenue in CIB Markets and Home Lending, predominantly offset by higher Investment Banking fees.
Noninterest expense was $17.9 billion, up 11%, largely on higher compensation.
The provision for credit losses was a net benefit of $1.3 billion, reflecting a net reserve release of $1.8 billion driven by a more balanced outlook due to the continued resilience in the macroeconomic environment and $550 million of net charge-offs. The prior year provision was a net benefit of $1.9 billion, reflecting a net reserve release of $2.9 billion and $1.1 billion of net charge-offs. The net reserve release in the current year was comprised of $1.5 billion in Consumer, including $1.4 billion in Card, and $270 million in Wholesale. Net charge-offs of $550 million were down $500 million, largely driven by Card.

2

JPMorgan Chase & Co.
News Release
CONSUMER & COMMUNITY BANKING (CCB)
Results for CCB3Q214Q20
($ millions)4Q213Q214Q20$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$12,275 $12,521 $12,728 $(246)(2)%$(453)(4)%
Consumer & Business Banking6,172 6,157 5,744 15 — 428 
Home Lending1,084 1,400 1,456 (316)(23)(372)(26)
Card & Auto5,019 4,964 5,528 55 (509)(9)
Noninterest expense7,754 7,238 7,042 516 712 10 
Provision for credit losses(1,060)(459)(83)(601)(131)(977)NM
Net income$4,227 $4,341 $4,325 $(114)(3)%$(98)(2)%
Discussion of Results:
Net income was $4.2 billion, down 2%. Net revenue was $12.3 billion, down 4%.
Consumer & Business Banking net revenue was $6.2 billion, up 7%, driven by higher asset management fees on growth in client investment assets, the impact of PPP including the accelerated recognition of deferred processing fees due to loan forgiveness, and increased debit transactions. Home Lending net revenue was $1.1 billion, down 26%, predominantly driven by lower production margins, partially offset by higher net interest income on lower prepayments. Card & Auto net revenue was $5.0 billion, down 9%, driven by higher acquisition costs in Card and lower operating lease income in Auto.
Noninterest expense was $7.8 billion, up 10%, driven by increased compensation, technology and marketing expense as we continue to invest in and grow the business.
The provision for credit losses was a net benefit of $1.1 billion, reflecting a $1.6 billion reserve release, primarily in Card driven by continued resilience in the macroeconomic environment, compared to a $900 million reserve release in the prior year. Net charge-offs were $515 million, down $302 million, driven by Card.
3

JPMorgan Chase & Co.
News Release
CORPORATE & INVESTMENT BANK (CIB)
Results for CIB3Q214Q20
($ millions)4Q213Q214Q20$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$11,534 $12,396 $11,352 $(862)(7)%$182 %
Banking5,270 4,893 4,117 377 1,153 28 
Markets & Securities Services6,264 7,503 7,235 (1,239)(17)(971)(13)
Noninterest expense5,827 5,871 4,939 (44)(1)888 18 
Provision for credit losses(126)(638)(581)512 80 455 78 
Net income$4,847 $5,562 $5,349 $(715)(13)%$(502)(9)%
Discussion of Results:
Net income was $4.8 billion, down 9%, with net revenue of $11.5 billion, up 2%.
Banking revenue was $5.3 billion, up 28%. Investment Banking revenue was $3.2 billion, up 28%, driven by higher Investment Banking fees, up 37%, predominantly driven by higher advisory fees. Payments11 revenue was $1.8 billion, up 26%, and included net gains on equity investments. Excluding these net gains, revenue was up 7%, predominantly driven by higher fees and deposits, largely offset by deposit margin compression. Lending revenue was $263 million, up 36%, predominantly driven by lower mark-to-market losses on hedges of accrual loans compared to the prior year.
Markets & Securities Services revenue was $6.3 billion, down 13%. Markets revenue was $5.3 billion, down 11%. Fixed Income Markets revenue was $3.3 billion, down 16%, driven by a challenging trading environment in Rates, as well as lower revenues in Credit and Currencies & Emerging Markets compared to a strong prior year. Equity Markets revenue was $2.0 billion, down 2%, driven by lower revenue in derivatives, largely offset by higher revenue in Prime. Securities Services revenue was $1.1 billion, relatively flat to the prior year.
Noninterest expense was $5.8 billion, up 18%, predominantly driven by higher compensation expense, including investments, as well as higher volume-related brokerage expense and higher legal expense.
The provision for credit losses was a net benefit of $126 million, driven by a net reserve release.
COMMERCIAL BANKING (CB)
Results for CB3Q214Q20
($ millions)4Q213Q214Q20$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$2,612 $2,520 $2,463 $92 %$149 %
Noninterest expense1,059 1,032 950 27 109 11 
Provision for credit losses(89)(363)(1,181)274 75 1,092 92 
Net income$1,251 $1,407 $2,034 $(156)(11)%$(783)(38)%
Discussion of Results:
Net income was $1.3 billion, down 38%, driven by lower credit reserve releases compared to the prior year.
Net revenue was $2.6 billion, up 6%, driven by higher investment banking revenue.
Noninterest expense was $1.1 billion, up 11%, largely driven by investments in the business, including technology and front office hires, and higher volume- and revenue-related expense.
The provision for credit losses was a net benefit of $89 million, driven by a net reserve release. Net charge-offs were $8 million.
4

JPMorgan Chase & Co.
News Release
ASSET & WEALTH MANAGEMENT (AWM)
Results for AWM3Q214Q20
($ millions)4Q213Q214Q20$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$4,473 $4,300 $3,867 $173 %$606 16 %
Noninterest expense2,997 2,762 2,756 235 241 
Provision for credit losses(36)(60)(2)24 40 (34)NM
Net income$1,146 $1,194 $786 $(48)(4)%$360 46 %
Discussion of Results:     
Net income was $1.1 billion, up 46%.
Net revenue was $4.5 billion, up 16%, predominantly driven by higher management fees and growth in deposits and loans, partially offset by deposit margin compression.
Noninterest expense was $3.0 billion, up 9%, driven by higher performance-related compensation and distribution fees, higher structural expense, as well as higher investments in the business, partially offset by lower legal expense compared to the prior year.
Assets under management were $3.1 trillion, up 15%, driven by cumulative net inflows, as well as higher market levels.
CORPORATE
Results for Corporate3Q214Q20
($ millions)4Q213Q214Q20$ O/(U)O/(U) %$ O/(U)O/(U) %
Net revenue$(545)$(1,296)$(249)$751 58 %$(296)(119)%
Noninterest expense251 160 361 91 57 (110)(30)
Provision for credit losses23 (7)(42)30 NM65 NM
Net income/(loss)$(1,072)$(817)$(358)$(255)(31)%$(714)(199)%
Discussion of Results:
Net loss was $1.1 billion, compared with a net loss of $358 million in the prior year. The current quarter included higher tax expense that reflects the impact of the Firm’s estimated full-year expected tax rate, and the reversal of state and local impacts of federal tax method changes.
Net revenue was a loss of $545 million compared with a loss of $249 million in the prior year. Net interest income was a loss of $681 million, up $160 million, primarily due to higher rates, mostly offset by continued deposit growth. Noninterest revenue was $136 million, down $456 million primarily due to lower net gains on legacy equity investments.
Noninterest expense was $251 million, down $110 million.





5

JPMorgan Chase & Co.
News Release
1. 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 $88.07, $86.36 and $81.75 at December 31, 2021, September 30, 2021, and December 31, 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.Net income, earnings per share and ROTCE excluding the Firmwide net credit reserve release 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. For fourth-quarter 2021, excluding the net credit reserve release resulted in a decrease of $1.4 billion (after tax) to reported net income from $10.4 billion to $9.0 billion; a decrease of $0.47 per share to reported EPS from $3.33 to $2.86; and a decrease of 2% to ROTCE from 19% to 17%. For full-year 2021, excluding the net credit reserve release at December 31, 2021 resulted in a decrease of 5% to ROTCE from 23% to 18%. Management believes these measures provide useful information to investors and analysts in assessing the Firm’s results.



6

JPMorgan Chase & Co.
News Release
Additional notes:

2. 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 and expired on December 31, 2021. For the period ended December 31, 2021, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion. The cumulative impact of $2.9 billion not recognized in CET1 capital at December 31, 2021 will be phased in at 25% per year beginning January 1, 2022. Refer to Capital Risk Management on pages 48-53 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 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.
3. Last twelve months (“LTM”).
4.Includes the net impact of employee issuances.
5.Percentage comparisons noted in the bullet points are for the fourth quarter of 2021 versus the prior-year fourth quarter, unless otherwise specified.
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 54-58 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 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 2021, the Wholesale Payments business was renamed Payments.





7

JPMorgan Chase & Co.
News Release

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.7 trillion in assets and $294.1 billion in stockholders’ equity as of December 31, 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 many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

JPMorgan Chase & Co. will host a conference call today, January 14, 2022, at 8:30 a.m. (Eastern) to present fourth 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 11:00 a.m. (Eastern) on January 14, 2022, through 11:59 p.m. on January 28, 2022, by telephone at (888) 286-8010 (U.S. and Canada) or (617) 801-6888 (international); use passcode 70127291#. 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 Reports for the quarterly periods ended September 30, 2021, 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

FOURTH 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 185-190 and pages 191-193, respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30,
2021.


                                                                    
    
JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
SELECTED INCOME STATEMENT DATA 4Q213Q212Q211Q214Q203Q214Q20202120202020
Reported Basis
Total net revenue (a)$29,257 $29,647 $30,479 $32,266 $29,335 (1)%— %$121,649 $119,951 %
Total noninterest expense17,888 17,063 17,667 18,725 16,048 11 71,343 66,656 
Pre-provision profit (b)11,369 12,584 12,812 13,541 13,287 (10)(14)50,306 53,295 (6)
Provision for credit losses(1,288)(1,527)(2,285)(4,156)(1,889)16 32 (9,256)17,480 NM
NET INCOME10,399 11,687 11,948 14,300 12,136 (11)(14)48,334 29,131 66 
Managed Basis (c)
Total net revenue30,349 30,441 31,395 33,119 30,161 — 125,304 122,929 
Total noninterest expense17,888 17,063 17,667 18,725 16,048 11 71,343 66,656 
Pre-provision profit (b)12,461 13,378 13,728 14,394 14,113 (7)(12)53,961 56,273 (4)
Provision for credit losses(1,288)(1,527)(2,285)(4,156)(1,889)16 32 (9,256)17,480 NM
NET INCOME10,399 11,687 11,948 14,300 12,136 (11)(14)48,334 29,131 66 
EARNINGS PER SHARE DATA
Net income: Basic$3.33 $3.74 $3.79 $4.51 $3.80 (11)(12)$15.39 $8.89 73 
Diluted3.33 3.74 3.78 4.50 3.79 (11)(12)15.36 8.88 73 
Average shares: Basic2,977.3 2,999.9 3,036.6 3,073.5 3,079.7 (1)(3)3,021.5 3,082.4 (2)
Diluted2,981.8 3,005.1 3,041.9 3,078.9 3,085.1 (1)(3)3,026.6 3,087.4 (2)
MARKET AND PER COMMON SHARE DATA
Market capitalization$466,206 $483,748 $464,778 $460,820 $387,492 (4)20 $466,206 $387,492 20 
Common shares at period-end2,944.1 2,955.3 2,988.2 3,027.1 3,049.4 — (3)2,944.1 3,049.4 (3)
Book value per share88.07 86.36 84.85 82.31 81.75 88.07 81.75 
Tangible book value per share (“TBVPS”) (b)71.53 69.87 68.91 66.56 66.11 71.53 66.11 
Cash dividends declared per share1.00 1.00 (f)0.90 0.90 0.90 — 11 3.80 3.60 
FINANCIAL RATIOS (d)
Return on common equity (“ROE”)16 %18 %18 %23 %19 %19 %12 %
Return on tangible common equity (“ROTCE”) (b)19 22 23 29 24 23 14 
Return on assets1.08 1.24 1.29 1.61 1.42 1.30 0.91 
CAPITAL RATIOS (e)
Common equity Tier 1 (“CET1”) capital ratio13.0 %(g)12.9 %13.0 %13.1 %13.1 %13.0 %(g)13.1 %
Tier 1 capital ratio15.0 (g)15.0 15.1 15.0 15.0 15.0 (g)15.0 
Total capital ratio16.8 (g)16.9 17.1 17.2 17.3 16.8 (g)17.3 
Tier 1 leverage ratio6.5 (g)6.6 6.6 6.7 7.0 6.5 (g)7.0 
Supplementary leverage ratio (“SLR”)5.4 (g)5.5 5.4 6.7 6.9 5.4 (g)6.9 
 
(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 and expired on December 31, 2021. For the periods ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion, $3.3 billion, $3.8 billion, $4.5 billion and $5.7 billion, respectively. The cumulative impact of $2.9 billion not recognized in CET1 capital at December 31, 2021 will be phased in at 25% per year beginning January 1, 2022. For the periods ended March 31, 2021 and December 31, 2020, the SLR reflected 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 48-53 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 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 TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)$3,743,567 $3,757,576 $3,684,256 $3,689,336 $3,384,757 — %11 %$3,743,567 $3,384,757 11 %
Loans:
Consumer, excluding credit card loans323,306 328,164 329,685 324,908 318,579 (1)323,306 318,579 
Credit card loans154,296 143,166 141,802 132,493 144,216 154,296 144,216 
Wholesale loans600,112 573,285 569,467 553,906 550,058 600,112 550,058 
Total Loans1,077,714 1,044,615 1,040,954 1,011,307 1,012,853 1,077,714 1,012,853 
Deposits:
U.S. offices:
Noninterest-bearing638,879 656,438 639,114 629,139 572,711 (3)12 638,879 572,711 12 
Interest-bearing1,432,578 1,344,092 1,281,432 1,266,856 1,197,032 20 1,432,578 1,197,032 20 
Non-U.S. offices:
Noninterest-bearing26,229 28,589 24,723 22,661 23,435 (8)12 26,229 23,435 12 
Interest-bearing364,617 373,234 359,948 359,456 351,079 (2)364,617 351,079 
Total deposits2,462,303 2,402,353 2,305,217 2,278,112 2,144,257 15 2,462,303 2,144,257 15 
Long-term debt 301,005 298,465 299,926 279,427 281,685 301,005 281,685 
Common stockholders’ equity259,289 255,203 253,548 249,151 249,291 259,289 249,291 
Total stockholders’ equity294,127 290,041 286,386 280,714 279,354 294,127 279,354 
Loans-to-deposits ratio44 %43 %45 %44 %47 %44 %47 %
Headcount271,025 265,790 260,110 259,350 255,351 271,025 255,351 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR$37 $36 
(c)
$43 $106 $96 (61)
LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking$12,275 $12,521 $12,760 $12,517 $12,728 (2)(4)$50,073 $51,268 (2)
Corporate & Investment Bank11,534 12,396 13,214 14,605 11,352 (7)51,749 49,284 
Commercial Banking2,612 2,520 2,483 2,393 2,463 10,008 9,313 
Asset & Wealth Management 4,473 4,300 4,107 4,077 3,867 16 16,957 14,240 19 
Corporate(545)(1,296)(1,169)(473)(249)58 (119)(3,483)(1,176)(196)
TOTAL NET REVENUE$30,349 $30,441 $31,395 $33,119 $30,161 — $125,304 $122,929 
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking$4,227 $4,341 $5,634 $6,728 $4,325 (3)(2)$20,930 $8,217 155 
Corporate & Investment Bank4,847 5,562 4,985 5,740 5,349 (13)(9)21,134 17,094 24 
Commercial Banking1,251 1,407 1,420 1,168 2,034 (11)(38)5,246 2,578 103 
Asset & Wealth Management1,146 1,194 1,153 1,244 786 (4)46 4,737 2,992 58 
Corporate(1,072)(817)(1,244)(580)(358)(31)(199)(3,713)(1,750)(112)
NET INCOME$10,399 $11,687 $11,948 $14,300 $12,136 (11)(14)$48,334 $29,131 66 
(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.
(c)Prior-period amount has been revised to conform with the current presentation.
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JPMORGAN CHASE & CO.
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CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
REVENUE4Q213Q212Q211Q214Q203Q214Q20202120202020
Investment banking fees $3,494 $3,282 $3,470 $2,970 $2,583 %35 %$13,216 $9,486 39 %
Principal transactions2,182 3,546 4,076 6,500 3,321 (38)(34)16,304 18,021 (10)
Lending- and deposit-related fees1,784 1,801 1,760 1,687 1,727 (1)7,032 6,511 
Asset management, administration and commissions5,549 5,257 5,194 5,029 4,901 13 21,029 18,177 16 
Investment securities gains/(losses)52 (256)(155)14 70 NM(26)(345)802 NM
Mortgage fees and related income315 600 551 704 767 (48)(59)2,170 3,091 (30)
Card income1,100 1,005 1,647 1,350 1,297 (15)5,102 4,435 15 
Other income (a)1,180 1,332 1,195 1,123 1,411 (11)(16)4,830 4,865 (1)
Noninterest revenue15,656 16,567 17,738 19,377 16,077 (5)(3)69,338 65,388 
Interest income15,019 14,480 14,094 14,271 14,550 57,864 64,523 (10)
Interest expense1,418 1,400 1,353 1,382 1,292 10 5,553 9,960 (44)
Net interest income13,601 13,080 12,741 12,889 13,258 52,311 54,563 (4)
TOTAL NET REVENUE29,257 29,647 30,479 32,266 29,335 (1)— 121,649 119,951 
Provision for credit losses(1,288)(1,527)(2,285)(4,156)(1,889)16 32 (9,256)17,480 NM
NONINTEREST EXPENSE
Compensation expense 9,065 9,087 9,814 10,601 7,954 — 14 38,567 34,988 10 
Occupancy expense1,202 1,109 1,090 1,115 1,161 4,516 4,449 
Technology, communications and equipment expense 2,461 2,473 2,488 2,519 2,606 — (6)9,941 10,338 (4)
Professional and outside services 2,703 2,523 2,385 2,203 2,259 20 9,814 8,464 16 
Marketing947 712 626 751 725 33 31 3,036 2,476 23 
Other expense (b)1,510 1,159 1,264 1,536 1,343 30 12 5,469 5,941 (8)
TOTAL NONINTEREST EXPENSE17,888 17,063 17,667 18,725 16,048 11 71,343 66,656 
Income before income tax expense12,657 14,111 15,097 17,697 15,176 (10)(17)59,562 35,815 66 
Income tax expense (a)2,258 2,424 3,149 3,397 3,040 (7)(26)11,228 6,684 68 
NET INCOME$10,399 $11,687 $11,948 $14,300 $12,136 (11)(14)$48,334 $29,131 66 
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$3.33 $3.74 $3.79 $4.51 $3.80 (11)(12)$15.39 $8.89 73 
Diluted earnings per share3.33 3.74 3.78 4.50 3.79 (11)(12)15.36 8.88 73 
FINANCIAL RATIOS
Return on common equity (c)16 %18 %18 %23 %19 %19 %12 %
Return on tangible common equity (c)(d)19 22 23 29 24 23 14 
Return on assets (c)1.08 1.24 1.29 1.61 1.42 1.30 0.91 
Effective income tax rate (a)17.8 17.2 20.9 19.2 20.0 18.9 18.7 
Overhead ratio61 58 58 58 55 59 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 $137 million, $76 million, $185 million, $28 million and $276 million for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $426 million and $1.1 billion for the full year 2021 and 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)
Dec 31, 2021
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2021202120212021202020212020
ASSETS
Cash and due from banks $26,438 $25,857 $26,592 $25,397 $24,874 %%
Deposits with banks 714,396 734,012 678,829 685,675 502,735 (3)42 
Federal funds sold and securities purchased under
resale agreements261,698 282,161 260,987 272,481 296,284 (7)(12)
Securities borrowed206,071 202,987 186,376 179,516 160,635 28 
Trading assets:
Debt and equity instruments376,494 447,993 454,268 (b)475,156 (b)427,682 (b)(16)(12)
Derivative receivables57,081 67,908 66,320 (b)68,896 (b)75,444 (b)(16)(24)
Available-for-sale (“AFS”) securities308,525 251,590 232,161 379,942 388,178 23 (21)
Held-to-maturity (”HTM”) securities, net of allowance for credit losses363,707 343,542 341,476 217,452 201,821 80 
Investment securities, net of allowance for credit losses672,232 595,132 573,637 597,394 589,999 13 14 
Loans1,077,714 1,044,615 1,040,954 1,011,307 1,012,853 
Less: Allowance for loan losses16,386 18,150 19,500 23,001 28,328 (10)(42)
Loans, net of allowance for loan losses1,061,328 1,026,465 1,021,454 988,306 984,525 
Accrued interest and accounts receivable102,570 116,395 125,253 114,754 90,503 (12)13 
Premises and equipment27,070 26,996 26,631 26,926 27,109 — — 
Goodwill, MSRs and other intangible assets56,691 56,566 54,655 54,588 53,428 — 
Other assets (a)181,498 175,104 209,254 200,247 151,539 20 
TOTAL ASSETS$3,743,567 $3,757,576 $3,684,256 $3,689,336 $3,384,757 — 11 
LIABILITIES
Deposits$2,462,303 $2,402,353 $2,305,217 $2,278,112 $2,144,257 15 
Federal funds purchased and securities loaned or sold
under repurchase agreements194,340 254,920 245,437 304,019 215,209 (24)(10)
Short-term borrowings53,594 50,393 51,938 54,978 45,208 19 
Trading liabilities:
Debt and equity instruments114,577 126,058 127,822 130,909 99,558 (9)15 
Derivative payables50,116 53,485 56,045 60,440 70,623 (6)(29)
Accounts payable and other liabilities (a)262,755 268,604 297,082 285,066 231,285 (2)14 
Beneficial interests issued by consolidated VIEs10,750 13,257 14,403 15,671 17,578 (19)(39)
Long-term debt301,005 298,465 299,926 279,427 281,685 
TOTAL LIABILITIES3,449,440 3,467,535 3,397,870 3,408,622 3,105,403 (1)11 
STOCKHOLDERS’ EQUITY
Preferred stock34,838 34,838 32,838 31,563 30,063 — 16 
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital88,415 88,357 88,194 88,005 88,394 — — 
Retained earnings272,268 265,276 256,983 248,151 236,990 15 
Accumulated other comprehensive income/(loss)(84)963 2,570 1,041 7,986 NMNM
Shares held in RSU Trust, at cost— — — — — — — 
Treasury stock, at cost(105,415)(103,498)(98,304)(92,151)(88,184)(2)(20)
TOTAL STOCKHOLDERS’ EQUITY294,127 290,041 286,386 280,714 279,354 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,743,567 $3,757,576 $3,684,256 $3,689,336 $3,384,757 — 11 
(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 TRENDSFULL YEAR
4Q21 Change2021 Change
AVERAGE BALANCES 4Q213Q212Q211Q214Q203Q214Q20202120202020
ASSETS
Deposits with banks $767,713 $756,653 $721,214 $631,606 $507,194 %51 %$719,772 $444,058 62 %
Federal funds sold and securities purchased under resale agreements268,953 262,679 255,831 289,763 327,504 (18)269,231 275,926 (2)
Securities borrowed207,059 189,418 190,785 175,019 149,146 39 190,655 143,472 33 
Trading assets - debt instruments 260,555 275,860 277,024 322,648 319,585 (6)(18)283,829 322,936 (12)
Investment securities642,675 565,344 585,084 582,460 568,354 14 13 593,977 509,937 16 
Loans 1,060,254 1,042,591 1,024,633 1,013,524 996,367 1,035,399 1,004,597 
All other interest-earning assets (a)130,646 127,241 122,624 111,549 87,496 49 123,079 78,784 56 
Total interest-earning assets 3,337,855 3,219,786 3,177,195 3,126,569 2,955,646 13 3,215,942 2,779,710 16 
Trading assets - equity and other instruments150,770 177,315 199,288 (h)164,010 (h)143,056 (h)(15)172,822 120,878 (h)43 
Trading assets - derivative receivables66,024 65,574 70,212 (h)74,730 (h)74,721 (h)(12)69,101 73,749 (h)(6)
All other noninterest-earning assets (b)277,006 262,544 281,992 247,532 225,290 23 267,337 227,813 17 
TOTAL ASSETS$3,831,655 $3,725,219 $3,728,687 $3,612,841 $3,398,713 13 $3,725,202 $3,202,150 16 
LIABILITIES
Interest-bearing deposits $1,800,654 $1,696,850 $1,669,376 $1,610,467 $1,529,066 18 $1,694,865 $1,389,224 22 
Federal funds purchased and securities loaned or
sold under repurchase agreements234,504 240,912 261,343 301,386 247,276 (3)(5)259,302 255,421 
Short-term borrowings (c)46,456 43,759 46,185 42,031 36,183 28 44,618 38,853 15 
Trading liabilities - debt and all other interest-bearing liabilities (d)246,675 241,297 246,666 230,922 213,989 15 241,431 205,255 18 
Beneficial interests issued by consolidated VIEs11,906 14,232 15,117 17,185 18,647 (16)(36)14,595 19,216 (24)
Long-term debt 255,710 257,593 248,552 239,398 237,144 (1)250,378 254,400 (2)
Total interest-bearing liabilities 2,595,905 2,494,643 2,487,239 2,441,389 2,282,305 14 2,505,189 2,162,369 16 
Noninterest-bearing deposits 667,158 672,609 654,419 614,165 582,517 (1)15 652,289 517,527 26 
Trading liabilities - equity and other instruments 40,645 35,505 35,397 35,029 33,732 14 20 36,656 32,628 12 
Trading liabilities - derivative payables55,063 55,907 62,533 67,960 63,551 (2)(13)60,318 61,593 (2)
All other noninterest-bearing liabilities (b)184,241 178,770 205,584 178,444 164,873 12 186,755 161,269 16 
TOTAL LIABILITIES3,543,012 3,437,434 3,445,172 3,336,987 3,126,978 13 3,441,207 2,935,386 17 
Preferred stock34,838 34,229 32,666 30,312 30,063 16 33,027 29,899 10 
Common stockholders’ equity253,805 253,556 250,849 245,542 241,672 — 250,968 236,865 
TOTAL STOCKHOLDERS’ EQUITY288,643 287,785 283,515 275,854 271,735 — 283,995 266,764 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,831,655 $3,725,219 $3,728,687 $3,612,841 $3,398,713 13 $3,725,202 $3,202,150 16 
AVERAGE RATES (e)
INTEREST-EARNING ASSETS
Deposits with banks 0.09 %0.09 %0.06 %0.04 %0.03 %0.07 %0.17 %
Federal funds sold and securities purchased under resale agreements0.47 0.35 0.27 0.33 0.41 0.36 0.88 
Securities borrowed (f)(0.28)(0.15)(0.19)(0.18)(0.40)(0.20)(0.21)
Trading assets - debt instruments 2.52 2.43 2.49 2.25 2.32 2.42 2.44 
Investment securities1.26 1.32 1.31 1.36 1.39 1.31 1.82 
Loans 4.04 3.99 3.98 4.09 4.14 4.02 4.37 
All other interest-earning assets (a)0.87 0.64 0.66 0.72 0.89 0.73 1.30 
Total interest-earning assets 1.80 1.80 1.79 1.87 1.97 1.81 2.34 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 0.03 0.03 0.03 0.04 0.05 0.03 0.17 
Federal funds purchased and securities loaned or
sold under repurchase agreements0.13 0.20 0.09 0.02 0.06 0.11 0.41 
Short-term borrowings (c)0.26 0.26 0.30 0.31 0.40 0.28 0.96 
Trading liabilities - debt and all other interest-bearing liabilities (d)(f)0.20 0.09 0.08 0.05 (0.15)0.11 0.10 
Beneficial interests issued by consolidated VIEs0.56 0.50 0.55 0.64 0.65 0.57 1.12 
Long-term debt 1.61 1.62 1.70 1.92 1.82 1.71 2.27 
Total interest-bearing liabilities 0.22 0.22 0.22 0.23 0.23 0.22 0.46 
INTEREST RATE SPREAD