SEC Filing | JPMorgan Chase & Co.

View:

Download DOC

Download PDF

Download XLS

Download XBRL

jpm-20220714

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 14, 2022

JPMorgan Chase & Co.

(Exact name of registrant as specified in its charter)

Delaware

1-5805

13-2624428

(State or other jurisdiction of
incorporation or organization)

(Commission File Number)

(I.R.S. employer
identification no.)

383 Madison Avenue,

New York,

New York

10179

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 270-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐						Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐						Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐						Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐						Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	JPM	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD	JPM PR D	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE	JPM PR C	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG	JPM PR J	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ	JPM PR K	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL	JPM PR L	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM	JPM PR M	The New York Stock Exchange
Alerian MLP Index ETNs due May 24, 2024	AMJ	NYSE Arca, Inc.
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC	JPM/32	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On July 14, 2022, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) reported 2022 second quarter net income of $8.6 billion, or $2.76 per share, compared with net income of $11.9 billion, or $3.78 per share, in the second quarter of 2021. A copy of the 2022 second quarter earnings release is attached hereto as Exhibit 99.1, and a copy of the earnings release financial supplement is attached hereto as Exhibit 99.2.

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

This Current Report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2021, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase does not undertake to update any forward-looking statements.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits



Exhibit No.						Description of Exhibit

99.1						JPMorgan Chase & Co. Earnings Release - Second Quarter 2022 Results
99.2						JPMorgan Chase & Co. Earnings Release Financial Supplement - Second Quarter 2022
101						Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).
104						Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

SIGNATURE

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


JPMorgan Chase & Co.
(Registrant)


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


Dated:			July 14, 2022

Document

Exhibit 99.1


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

JPMORGAN CHASE REPORTS SECOND-QUARTER 2022 NET INCOME OF $8.6 BILLION ($2.76 PER SHARE)

SECOND-QUARTER 2022 RESULTS1

ROE 13%

ROTCE2 17%

CET1 Capital Ratios3

Std. 12.2% | Adv. 12.8%

Net payout LTM4,5

55%


Firmwide Metrics	n	Reported revenue of $30.7 billion; managed revenue of $31.6 billion2
	n	Credit costs of $1.1 billion included a $428 million net reserve build and $657 million of net charge-offs
	n	Average loans up 7%; average deposits up 9%
	n	$1.6 trillion of liquidity sources, including HQLA and unencumbered marketable securities6

CCB ROE 24%	n	Average deposits up 13%; client investment assets down 7%
	n	Average loans up 2% YoY and up 2% QoQ; Card net charge-off rate of 1.47%
	n	Debit and credit card sales volume7 up 15%
	n	Active mobile customers8 up 11%

CIB ROE 14%	n	#1 ranking for Global Investment Banking fees with 8.1% wallet share YTD
	n	Total Markets revenue of $7.8 billion, up 15%, with Fixed Income Markets up 15% and Equity Markets up 15%

CB ROE 15%	n	Gross Investment Banking revenue of $788 million, down 32%
	n	Average loans up 7% YoY and up 4% QoQ; average deposits up 4%

AWM ROE 23%	n	Assets under management (AUM) of $2.7 trillion, down 8%
	n	Average loans up 11% YoY and up 1% QoQ; average deposits up 22%


Jamie Dimon, Chairman and CEO, commented on the financial results: “JPMorgan Chase performed well in the second quarter as we earned $8.6 billion in net income on revenue of $30.7 billion and an ROTCE of 17%, with growth across the lines of business, while maintaining credit discipline and a fortress balance sheet.” Dimon added: “In Consumer & Community Banking, combined debit and credit card spend was up 15% with travel and dining spend remaining robust. Card loans were up 16% with continued strong new account originations. In the Corporate & Investment Bank, we generated strong Markets revenue, up 15% as we helped clients navigate volatile market conditions. Global IB fees were down 54% compared to a record last year, in a challenging macro environment. Commercial Banking loans were up 7% on strong new loan originations and higher revolver utilization. Asset & Wealth Management delivered solid results as the impact of higher rates and loan and deposit balances more than offset the decline in market levels.” “In our global economy, we are dealing with two conflicting factors, operating on different timetables. The U.S. economy continues to grow and both the job market and consumer spending, and their ability to spend, remain healthy. But geopolitical tension, high inflation, waning consumer confidence, the uncertainty about how high rates have to go and the never-before-seen quantitative tightening and their effects on global liquidity, combined with the war in Ukraine and its harmful effect on global energy and food prices are very likely to have negative consequences on the global economy sometime down the road. We are prepared for whatever happens and will continue to serve clients even in the toughest of times.” “In the first half of 2022, we extended credit and raised $1.4 trillion in capital for large and small businesses, governments and U.S. consumers. We continue to invest in strengthening the Firm by adding products, people and technology to better serve our customers, as well as expand into new markets. We will continue to use our capital to invest in and grow our market-leading businesses to support our clients, customers and communities and pay a sustainable dividend.” Dimon concluded: “As a result of the recent stress tests and the already scheduled G-SIB increase, we will build capital and continue to effectively and actively manage our RWA. In order to quickly meet the higher requirements, we have temporarily suspended share buybacks which will allow us maximum flexibility to best serve our customers, clients and community through a broad range of economic environments.”

CAPITAL DISTRIBUTED

n Common dividend of $3.0 billion, or $1 per share

n $224 million of common stock net repurchases in 2Q225

FORTRESS PRINCIPLES

n Book value per share of $86.38, up 2%; tangible book value per share2 of $69.53,

up 1%

n Basel III common equity Tier 1 capital3 of $207 billion and Standardized ratio3 of 12.2%; Advanced ratio3 of 12.8%

n Firm supplementary leverage ratio of 5.3%

OPERATING LEVERAGE

n 2Q22 expense of $18.7 billion; reported overhead ratio of 61%; managed overhead ratio2 of 59%

SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES

n $1.4 trillion of credit and capital9 raised YTD

n $138 billion of credit for consumers

n $16 billion of credit for U.S. small businesses

n $553 billion of credit for corporations

n $609 billion of capital raised for corporate clients and non-U.S. government

entities

n $36 billion of credit and capital raised for nonprofit and U.S. government

entities, including states, municipalities, hospitals and universities


Investor Contact: Mikael Grubb (212) 270-2479 Note: Totals may not sum due to rounding 1Percentage comparisons noted in the bullet points are for the second quarter of 2022 versus the prior-year second quarter, unless otherwise specified. 2For notes on non-GAAP financial measures, including managed basis reporting, see page 6. For additional notes see page 7.			Media Contact: Joseph Evangelisti (212) 270-7438

JPMorgan Chase & Co.

News Release

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

Comparisons noted in the sections below are for the second quarter of 2022 versus the prior-year second quarter, unless otherwise specified.

JPMORGAN CHASE (JPM)


Results for JPM										1Q22				2Q21
($ millions, except per share data)	2Q22			1Q22			2Q21			$ O/(U)		O/(U) %		$ O/(U)		O/(U) %

Net revenue - reported	$	30,715		$	30,717		$	30,479		$	(2)	—	%	$	236	1	%
Net revenue - managed	31,630			31,590			31,395			40		—		235		1
Noninterest expense	18,749			19,191			17,667			(442)		(2)		1,082		6
Provision for credit losses	1,101			1,463			(2,285)			(362)		(25)		3,386		NM
Net income	$	8,649		$	8,282		$	11,948		$	367	4	%	$	(3,299)	(28)	%
Earnings per share - diluted	$	2.76		$	2.63		$	3.78		$	0.13	5	%	$	(1.02)	(27)	%
Return on common equity	13		%	13		%	18		%
Return on tangible common equity	17			16			23

Discussion of Results:

Net income was $8.6 billion, down 28%, predominantly driven by a net credit reserve build of $428 million compared to a net release of $3.0 billion in the prior year.

Net revenue was $31.6 billion, up 1%. Net interest income (NII) was $15.2 billion, up 19%. NII excluding Markets2 was $13.7 billion, up 26%, driven by higher rates and balance sheet growth. Noninterest revenue was $16.4 billion, down 12%, predominantly driven by lower Investment Banking fees and lower Card income in CCB, partially offset by higher CIB Markets revenue. The decrease also reflects a loss in Credit Adjustments & Other in CIB compared to a gain in the prior year, $337 million of markdowns on held-for-sale positions in the bridge book10, and net losses on equity investments.

Noninterest expense was $18.7 billion, up 6%, driven by continued investments in the business, including technology and marketing, and higher structural expense, primarily compensation, partially offset by lower revenue-related compensation.

The provision for credit losses was $1.1 billion, including $657 million of net charge-offs and a net reserve build of $428 million, primarily reflecting loan growth as well as a modest deterioration in the economic outlook. Net charge-offs of $657 million were down $77 million driven by Card. The net reserve build in the current quarter included $238 million in Wholesale, and $184 million in Consumer. The prior year provision was a net benefit of $2.3 billion, reflecting a net reserve release of $3.0 billion and $734 million of net charge-offs.

JPMorgan Chase & Co.

News Release

CONSUMER & COMMUNITY BANKING (CCB)


Results for CCB							1Q22				2Q21
($ millions)	2Q22		1Q22		2Q21		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	12,614	$	12,229	$	12,760	$	385	3	%	$	(146)	(1)	%
Consumer & Business Banking	6,558		6,062		6,016		496		8		542		9
Home Lending	1,001		1,169		1,349		(168)		(14)		(348)		(26)
Card & Auto	5,055		4,998		5,395		57		1		(340)		(6)
Noninterest expense	7,723		7,720		7,062		3		—		661		9
Provision for credit losses	761		678		(1,868)		83		12		2,629		NM
Net income	$	3,100	$	2,895	$	5,645	$	205	7	%	$	(2,545)	(45)	%

Discussion of Results11:

Net income was $3.1 billion, down 45%, reflecting the absence of the credit reserve release recorded in the prior year. Net revenue was $12.6 billion, down 1%.

Consumer & Business Banking net revenue was $6.6 billion, up 9%, predominantly driven by growth in deposits. Home Lending net revenue was $1.0 billion, down 26%, predominantly driven by lower production revenue from lower margins and volume, and lower net interest income from tighter loan spreads, partially offset by higher net mortgage servicing revenue. Card & Auto net revenue was $5.1 billion, down 6%, predominantly driven by strong new Card account originations leading to higher acquisition costs, and lower auto operating lease income, largely offset by higher Card net interest income on higher revolving balances.

Noninterest expense was $7.7 billion, up 9%, reflecting higher investments in the business and structural expense, predominantly driven by compensation, technology, and marketing, partially offset by lower volume- and revenue-related expense, primarily due to auto lease depreciation.

The provision for credit losses was $761 million, reflecting net charge-offs of $611 million, and a $150 million reserve build in Card driven by loan growth. Net charge-offs were down $121 million driven by Card. The prior year provision reflected a $2.6 billion reserve release across CCB.

JPMorgan Chase & Co.

News Release

CORPORATE & INVESTMENT BANK (CIB)


Results for CIB							1Q22				2Q21
($ millions)	2Q22		1Q22		2Q21		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	11,947	$	13,529	$	13,214	$	(1,582)	(12)	%	$	(1,267)	(10)	%
Banking	3,224		4,232		5,106		(1,008)		(24)		(1,882)		(37)
Markets & Securities Services	8,723		9,297		8,108		(574)		(6)		615		8
Noninterest expense	6,745		7,298		6,523		(553)		(8)		222		3
Provision for credit losses	59		445		(79)		(386)		(87)		138		NM
Net income	$	3,725	$	4,385	$	5,020	$	(660)	(15)	%	$	(1,295)	(26)	%

Discussion of Results11:

Net income was $3.7 billion, down 26%, with net revenue of $11.9 billion, down 10%.

Banking revenue was $3.2 billion, down 37%. Investment Banking revenue was $1.4 billion, down 61%, predominantly driven by lower Investment Banking fees, down 54%, driven by lower fees across all products. The decrease also reflects $257 million of markdowns on held-for-sale positions in the bridge book10. Payments revenue was $1.5 billion, up 1% and included markdowns on equity investments. Excluding these markdowns, revenue was up 25%, predominantly driven by higher rates and fees. Lending revenue was $410 million, up 79%, driven by mark-to-market gains on hedges of accrual loans and higher net interest income.

Markets & Securities Services revenue was $8.7 billion, up 8%. Markets revenue was $7.8 billion, up 15%. Fixed Income Markets revenue was $4.7 billion, up 15%, driven by strong results in macro businesses, partially offset by lower revenue in Credit and Securitized Products. Equity Markets revenue was $3.1 billion, up 15%, driven by a strong performance in derivatives. Securities Services revenue was $1.2 billion, up 6%, predominantly driven by growth in fees and to a lesser extent higher rates, partially offset by lower market levels. Credit Adjustments & Other was a loss of $218 million, largely driven by funding spread widening.

Noninterest expense was $6.7 billion, up 3%, reflecting higher structural expense and investments in the business, largely offset by lower revenue-related compensation.

The provision for credit losses was $59 million.

COMMERCIAL BANKING (CB)


Results for CB							1Q22				2Q21
($ millions)	2Q22		1Q22		2Q21		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	2,683	$	2,398	$	2,483	$	285	12	%	$	200	8	%
Noninterest expense	1,156		1,129		981		27		2		175		18
Provision for credit losses	209		157		(377)		52		33		586		NM
Net income	$	994	$	850	$	1,422	$	144	17	%	$	(428)	(30)	%

Discussion of Results11:

Net income was $1.0 billion, down 30%, driven by a net credit reserve build compared to a net release in the prior year.

Net revenue was $2.7 billion, up 8%, driven by higher deposit margins, partially offset by lower investment banking revenue.

Noninterest expense was $1.2 billion, up 18%, predominantly driven by higher structural and volume- and revenue-related expense.

The provision for credit losses was $209 million, reflecting a net reserve build, driven by loan growth as well as a modest deterioration in the economic outlook.

JPMorgan Chase & Co.

News Release

ASSET & WEALTH MANAGEMENT (AWM)


Results for AWM							1Q22				2Q21
($ millions)	2Q22		1Q22		2Q21		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	4,306	$	4,315	$	4,107	$	(9)	—	%	$	199	5	%
Noninterest expense	2,919		2,860		2,586		59		2		333		13
Provision for credit losses	44		154		(10)		(110)		(71)		54		NM
Net income	$	1,004	$	1,008	$	1,156	$	(4)	—	%	$	(152)	(13)	%

Discussion of Results11:

Net income was $1.0 billion, down 13%.

Net revenue was $4.3 billion, up 5%, predominantly driven by growth in deposits and loans on higher balances and margins, partially offset by investment valuation losses compared to gains in the prior year and lower performance fees.

Noninterest expense was $2.9 billion, up 13%, driven by higher structural expense and investments in the business, including compensation, and higher volume- and revenue-related expense, including distribution fees.

The provision for credit losses was $44 million.

Assets under management were $2.7 trillion, down 8%, driven by lower market levels.

CORPORATE


Results for Corporate							1Q22				2Q21
($ millions)	2Q22		1Q22		2Q21		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	80	$	(881)	$	(1,169)	$	961	NM		$	1,249	NM
Noninterest expense	206		184		515		22		12		(309)		(60)
Provision for credit losses	28		29		49		(1)		(3)		(21)		(43)
Net income/(loss)	$	(174)	$	(856)	$	(1,295)	$	682	80	%	$	1,121	87	%

Discussion of Results11:

Net loss was $174 million, compared with a net loss of $1.3 billion in the prior year.

Net revenue was $80 million compared with a loss of $1.2 billion in the prior year. Net interest income was $324 million compared with a loss of $961 million in the prior year, predominantly due to the impact of higher rates.

Noninterest expense was $206 million, down $309 million.

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, refer to 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, refer to 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 $86.38, $86.16 and $84.85 at June 30, 2022, March 31, 2022, and June 30, 2021, 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.In addition to reviewing net interest income (“NII”) and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding CIB Markets (“Markets”, which is composed of Fixed Income Markets and Equity Markets). Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For a reconciliation of NII and NIR from reported to excluding Markets, refer to page 28 of the Earnings Release Financial Supplement. For additional information on Markets revenue, refer to page 70 of the Firm’s 2021 Form 10-K.

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 Current Expected Credit Losses (“CECL”) capital transition provisions. Beginning January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021, is being phased out at 25% per year over a three-year period. As of June 30, 2022, CET1 capital reflected the remaining $2.2 billion CECL benefit. Refer to Capital Risk Management on pages 35-40 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022 and on pages 86-96 of the Firm’s 2021 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 41-45 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022 and on pages 97-104 of the Firm’s 2021 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.The bridge book consists of certain held-for-sale positions, including unfunded commitments, in CIB and CB

11.In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior period amounts have been revised to conform with the current presentation.

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 $286.1 billion in stockholders’ equity as of June 30, 2022. 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 predominantly 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, July 14, 2022, at 8:30 a.m. (Eastern) to present second quarter 2022 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 July 14, 2022, through 11:59 p.m. on July 28, 2022, by telephone at (888) 286-8010 (U.S. and Canada) or (617) 801-6888 (international); use passcode 62502737#. 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, 2021 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.

Document

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

SECOND QUARTER 2022

JPMORGAN CHASE & CO.

TABLE OF CONTENTS

Page(s)

Consolidated Results

Consolidated Financial Highlights

2–3

Consolidated Statements of Income

Consolidated Balance Sheets

Condensed Average Balance Sheets and Annualized Yields

Reconciliation from Reported to Managed Basis

Segment Results - Managed Basis

Capital and Other Selected Balance Sheet Items

Earnings Per Share and Related Information

Business Segment Results

Consumer & Community Banking (“CCB”)

11–14

Corporate & Investment Bank (“CIB”)

15–17

Commercial Banking (“CB”)

18–19

Asset & Wealth Management (“AWM”)

20–22

Corporate

Credit-Related Information

24–27

Non-GAAP Financial Measures

Glossary of Terms and Acronyms (a)

(a) Refer to the Glossary of Terms and Acronyms on pages 305–311 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”) and

the Glossary of Terms and Acronyms and Line of Business Metrics on pages 166-171 and pages 172-174, respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31,

2022.


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

	QUARTERLY TRENDS																					SIX MONTHS ENDED JUNE 30,
																		2Q22 Change											2022 Change
SELECTED INCOME STATEMENT DATA	2Q22				1Q22			4Q21			3Q21				2Q21			1Q22		2Q21		2022				2021			2021
Reported Basis
Total net revenue	$	30,715			$	30,717		$	29,257		$	29,647			$	30,479		—	%	1	%	$	61,432			$	62,745		(2)	%
Total noninterest expense	18,749				19,191			17,888			17,063				17,667			(2)		6		37,940				36,392			4
Pre-provision profit (a)	11,966				11,526			11,369			12,584				12,812			4		(7)		23,492				26,353			(11)
Provision for credit losses	1,101				1,463			(1,288)			(1,527)				(2,285)			(25)		NM		2,564				(6,441)			NM
NET INCOME	8,649				8,282			10,399			11,687				11,948			4		(28)		16,931				26,248			(35)

Managed Basis (b)
Total net revenue	31,630				31,590			30,349			30,441				31,395			—		1		63,220				64,514			(2)
Total noninterest expense	18,749				19,191			17,888			17,063				17,667			(2)		6		37,940				36,392			4
Pre-provision profit (a)	12,881				12,399			12,461			13,378				13,728			4		(6)		25,280				28,122			(10)
Provision for credit losses	1,101				1,463			(1,288)			(1,527)				(2,285)			(25)		NM		2,564				(6,441)			NM
NET INCOME	8,649				8,282			10,399			11,687				11,948			4		(28)		16,931				26,248			(35)

EARNINGS PER SHARE DATA
Net income: Basic	$	2.77			$	2.64		$	3.33		$	3.74			$	3.79		5		(27)		$	5.40			$	8.30		(35)
Diluted	2.76				2.63			3.33			3.74				3.78			5		(27)		5.39				8.28			(35)
Average shares: Basic	2,962.2				2,977.0			2,977.3			2,999.9				3,036.6			—		(2)		2,969.6				3,054.9			(3)
Diluted	2,966.3				2,981.0			2,981.8			3,005.1				3,041.9			—		(2)		2,973.7				3,060.3			(3)

MARKET AND PER COMMON SHARE DATA
Market capitalization	$	330,237			$	400,379		$	466,206		$	483,748			$	464,778		(18)		(29)		$	330,237			$	464,778		(29)
Common shares at period-end	2,932.6				2,937.1			2,944.1			2,955.3				2,988.2			—		(2)		2,932.6				2,988.2			(2)
Book value per share	86.38				86.16			88.07			86.36				84.85			—		2		86.38				84.85			2
Tangible book value per share (“TBVPS”) (a)	69.53				69.58			71.53			69.87				68.91			—		1		69.53				68.91			1
Cash dividends declared per share	1.00				1.00			1.00			1.00			(f)	0.90			—		11		2.00				1.80			11

FINANCIAL RATIOS (c)
Return on common equity (“ROE”)	13		%		13		%	16		%	18		%		18		%					13		%		21		%
Return on tangible common equity (“ROTCE”) (a)	17				16			19			22				23							16				26
Return on assets	0.89				0.86			1.08			1.24				1.29							0.87				1.44

CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio	12.2		%	(e)	11.9		%	13.1		%	12.9		%		13.0		%					12.2		%	(e)	13.0		%
Tier 1 capital ratio	14.0			(e)	13.7			15.0			15.0				15.1							14.0			(e)	15.1
Total capital ratio	15.7			(e)	15.4			16.8			16.9				17.1							15.7			(e)	17.1
Tier 1 leverage ratio	6.2			(e)	6.2			6.5			6.6				6.6							6.2			(e)	6.6
Supplementary leverage ratio (“SLR”)	5.3			(e)	5.2			5.4			5.5				5.4							5.3			(e)	5.4

(a)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.

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

(c)Quarterly ratios are based upon annualized amounts.

(d)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. Beginning January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021, is being phased out at 25% per year over a three-year period. As of June 30, 2022 and March 31, 2022, CET1 capital reflected the remaining $2.2 billion CECL benefit. For the periods ended December 31, 2021, September 30, 2021 and June 30, 2021, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion, $3.3 billion and $3.8 billion, respectively. Refer to Capital Risk Management on pages 35-40 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022 and pages 86-96 of the Firm’s 2021 Form 10-K for additional information.

(e)Estimated.

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

Page 2


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

	QUARTERLY TRENDS																						SIX MONTHS ENDED JUNE 30,
																			2Q22 Change										2022 Change
	2Q22			1Q22				4Q21				3Q21				2Q21			1Q22		2Q21		2022			2021			2021
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	3,841,314		$	3,954,687			$	3,743,567			$	3,757,576			$	3,684,256		(3)	%	4	%	$	3,841,314		$	3,684,256		4	%
Loans:
Consumer, excluding credit card loans	317,212			312,489				323,306				328,164				329,685			2		(4)		317,212			329,685			(4)
Credit card loans	165,494			152,283				154,296				143,166				141,802			9		17		165,494			141,802			17
Wholesale loans	621,449			608,513				600,112				573,285				569,467			2		9		621,449			569,467			9
Total Loans	1,104,155			1,073,285				1,077,714				1,044,615				1,040,954			3		6		1,104,155			1,040,954			6

Deposits:
U.S. offices:
Noninterest-bearing	714,478			721,401				711,525			(d)	686,457			(d)	639,114			(1)		12		714,478			639,114			12
Interest-bearing	1,343,802			1,412,589				1,359,932			(d)	1,314,073			(d)	1,281,432			(5)		5		1,343,802			1,281,432			5
Non-U.S. offices:
Noninterest-bearing	26,983			27,542				26,229				28,589				24,723			(2)		9		26,983			24,723			9
Interest-bearing	386,281			399,675				364,617				373,234				359,948			(3)		7		386,281			359,948			7
Total deposits	2,471,544			2,561,207				2,462,303				2,402,353				2,305,217			(4)		7		2,471,544			2,305,217			7

Long-term debt	288,212			293,239				301,005				298,465				299,926			(2)		(4)		288,212			299,926			(4)
Common stockholders’ equity	253,305			253,061				259,289				255,203				253,548			—		—		253,305			253,548			—
Total stockholders’ equity	286,143			285,899				294,127				290,041				286,386			—		—		286,143			286,386			—

Loans-to-deposits ratio	45		%	42		%		44		%		43		%		45		%					45		%	45		%

Headcount	278,494			273,948				271,025				265,790				260,110			2		7		278,494			260,110			7

95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR	$	54		$	63		(c)	$	37			$	36		(d)	$	43		(14)		26

LINE OF BUSINESS NET REVENUE (a)
Consumer & Community Banking	$	12,614		$	12,229			$	12,275			$	12,521			$	12,760		3		(1)		$	24,843		$	25,277		(2)
Corporate & Investment Bank	11,947			13,529				11,534				12,396				13,214			(12)		(10)		25,476			27,819			(8)
Commercial Banking	2,683			2,398				2,612				2,520				2,483			12		8		5,081			4,876			4
Asset & Wealth Management	4,306			4,315				4,473				4,300				4,107			—		5		8,621			8,184			5
Corporate	80			(881)				(545)				(1,296)				(1,169)			NM		NM		(801)			(1,642)			51
TOTAL NET REVENUE	$	31,630		$	31,590			$	30,349			$	30,441			$	31,395		—		1		$	63,220		$	64,514		(2)

LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking (b)	$	3,100		$	2,895			$	4,147			$	4,351			$	5,645		7		(45)		$	5,995		$	12,432		(52)
Corporate & Investment Bank (b)	3,725			4,385				4,543				5,647				5,020			(15)		(26)		8,110			10,944			(26)
Commercial Banking (b)	994			850				1,234				1,409				1,422			17		(30)		1,844			2,603			(29)
Asset & Wealth Management (b)	1,004			1,008				1,125				1,196				1,156			—		(13)		2,012			2,416			(17)
Corporate (b)	(174)			(856)				(650)				(916)				(1,295)			80		87		(1,030)			(2,147)			52
NET INCOME	$	8,649		$	8,282			$	10,399			$	11,687			$	11,948		4		(28)		$	16,931		$	26,248		(35)

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

(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

(c)Refer to Corporate & Investment Bank credit portfolio VaR on page 17 for a further discussion of VaR.

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

Page 3


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

	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q22 Change										2022 Change
REVENUE	2Q22			1Q22			4Q21			3Q21			2Q21			1Q22		2Q21		2022			2021			2021
Investment banking fees	$	1,586		$	2,008		$	3,494		$	3,282		$	3,470		(21)	%	(54)	%	$	3,594		$	6,440		(44)	%
Principal transactions	4,990			5,105			2,182			3,546			4,076			(2)		22		10,095			10,576			(5)
Lending- and deposit-related fees	1,873			1,839			1,784			1,801			1,760			2		6		3,712			3,447			8
Asset management, administration and commissions	5,240			5,362			5,549			5,257			5,194			(2)		1		10,602			10,223			4
Investment securities gains/(losses)	(153)			(394)			52			(256)			(155)			61		1		(547)			(141)			(288)
Mortgage fees and related income	378			460			315			600			551			(18)		(31)		838			1,255			(33)
Card income	1,133			975			1,100			1,005			1,647			16		(31)		2,108			2,997			(30)
Other income	540			1,490			1,180			1,332			1,195			(64)		(55)		2,030			2,318			(12)
Noninterest revenue	15,587			16,845			15,656			16,567			17,738			(7)		(12)		32,432			37,115			(13)
Interest income	18,646			15,496			15,019			14,480			14,094			20		32		34,142			28,365			20
Interest expense	3,518			1,624			1,418			1,400			1,353			117		160		5,142			2,735			88
Net interest income	15,128			13,872			13,601			13,080			12,741			9		19		29,000			25,630			13
TOTAL NET REVENUE	30,715			30,717			29,257			29,647			30,479			—		1		61,432			62,745			(2)

Provision for credit losses	1,101			1,463			(1,288)			(1,527)			(2,285)			(25)		NM		2,564			(6,441)			NM

NONINTEREST EXPENSE
Compensation expense	10,301			10,787			9,065			9,087			9,814			(5)		5		21,088			20,415			3
Occupancy expense	1,129			1,134			1,202			1,109			1,090			—		4		2,263			2,205			3
Technology, communications and equipment expense	2,376			2,360			2,461			2,473			2,488			1		(5)		4,736			5,007			(5)
Professional and outside services	2,469			2,572			2,703			2,523			2,385			(4)		4		5,041			4,588			10
Marketing	881			920			947			712			626			(4)		41		1,801			1,377			31


Other expense (a)	1,593			1,418			1,510			1,159			1,264			12		26		3,011			2,800			8
TOTAL NONINTEREST EXPENSE	18,749			19,191			17,888			17,063			17,667			(2)		6		37,940			36,392			4
Income before income tax expense	10,865			10,063			12,657			14,111			15,097			8		(28)		20,928			32,794			(36)
Income tax expense	2,216			1,781			2,258			2,424			3,149			24		(30)		3,997			6,546			(39)
NET INCOME	$	8,649		$	8,282		$	10,399		$	11,687		$	11,948		4		(28)		$	16,931		$	26,248		(35)


NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	2.77		$	2.64		$	3.33		$	3.74		$	3.79		5		(27)		$	5.40		$	8.30		(35)
Diluted earnings per share	2.76			2.63			3.33			3.74			3.78			5		(27)		5.39			8.28			(35)

FINANCIAL RATIOS
Return on common equity (b)	13		%	13		%	16		%	18		%	18		%					13		%	21		%
Return on tangible common equity (b)(c)	17			16			19			22			23							16			26
Return on assets (b)	0.89			0.86			1.08			1.24			1.29							0.87			1.44
Effective income tax rate	20.4			17.7			17.8			17.2			20.9							19.1			20.0
Overhead ratio	61			62			61			58			58							62			58

(a)Included Firmwide legal expense of $73 million, $119 million, $137 million, $76 million and $185 million for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively, and $192 million and $213 million for the six months ended June 30, 2022 and June 30, 2021 respectively.

(b)Quarterly ratios are based upon annualized amounts.

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

Page 4


JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
												Jun 30, 2022
												Change
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,			Mar 31,		Jun 30,
	2022		2022		2021		2021		2021			2022		2021
ASSETS
Cash and due from banks	$	27,215	$	26,165	$	26,438	$	25,857	$	26,592		4	%	2	%
Deposits with banks	642,045		728,367		714,396		734,012		678,829			(12)		(5)

Federal funds sold and securities purchased under
resale agreements	322,156		301,875		261,698		282,161		260,987			7		23
Securities borrowed	202,393		224,852		206,071		202,987		186,376			(10)		9
Trading assets:
Debt and equity instruments	384,260		437,892		376,494		447,993		454,268		(a)	(12)		(15)
Derivative receivables	81,317		73,636		57,081		67,908		66,320		(a)	10		23
Available-for-sale (“AFS”) securities	222,069		312,875		308,525		251,590		232,161			(29)		(4)
Held-to-maturity (”HTM”) securities, net of allowance for credit losses	441,649		366,585		363,707		343,542		341,476			20		29
Investment securities, net of allowance for credit losses	663,718		679,460		672,232		595,132		573,637			(2)		16
Loans	1,104,155		1,073,285		1,077,714		1,044,615		1,040,954			3		6
Less: Allowance for loan losses	17,750		17,192		16,386		18,150		19,500			3		(9)
Loans, net of allowance for loan losses	1,086,405		1,056,093		1,061,328		1,026,465		1,021,454			3		6
Accrued interest and accounts receivable	145,442		152,207		102,570		116,395		125,253			(4)		16
Premises and equipment	26,770		26,916		27,070		26,996		26,631			(1)		1



Goodwill, MSRs and other intangible assets	59,360		58,485		56,691		56,566		54,655			1		9
Other assets	200,233		188,739		181,498		175,104		209,254			6		(4)
TOTAL ASSETS	$	3,841,314	$	3,954,687	$	3,743,567	$	3,757,576	$	3,684,256		(3)		4

LIABILITIES
Deposits	$	2,471,544	$	2,561,207	$	2,462,303	$	2,402,353	$	2,305,217		(4)		7
Federal funds purchased and securities loaned or sold
under repurchase agreements	222,719		223,858		194,340		254,920		245,437			(1)		(9)


Short-term borrowings	58,422		57,586		53,594		50,393		51,938			1		12
Trading liabilities:
Debt and equity instruments	137,891		144,280		114,577		126,058		127,822			(4)		8
Derivative payables	52,417		57,803		50,116		53,485		56,045			(9)		(6)
Accounts payable and other liabilities	313,326		320,671		262,755		268,604		297,082			(2)		5
Beneficial interests issued by consolidated VIEs	10,640		10,144		10,750		13,257		14,403			5		(26)
Long-term debt	288,212		293,239		301,005		298,465		299,926			(2)		(4)
TOTAL LIABILITIES	3,555,171		3,668,788		3,449,440		3,467,535		3,397,870			(3)		5

STOCKHOLDERS’ EQUITY
Preferred stock	32,838		32,838		34,838		34,838		32,838			—		—
Common stock	4,105		4,105		4,105		4,105		4,105			—		—
Additional paid-in capital	88,614		88,260		88,415		88,357		88,194			—		—
Retained earnings	282,445		277,177		272,268		265,276		256,983			2		10
Accumulated other comprehensive income/(loss)	(14,369)		(9,567)		(84)		963		2,570			(50)		NM

Treasury stock, at cost	(107,490)		(106,914)		(105,415)		(103,498)		(98,304)			(1)		(9)
TOTAL STOCKHOLDERS’ EQUITY	286,143		285,899		294,127		290,041		286,386			—		—
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,841,314	$	3,954,687	$	3,743,567	$	3,757,576	$	3,684,256		(3)		4

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

Page 5


JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q22 Change										2022 Change
AVERAGE BALANCES	2Q22			1Q22			4Q21			3Q21			2Q21			1Q22		2Q21		2022			2021			2021
ASSETS
Deposits with banks	$	694,644		$	742,311		$	767,713		$	756,653		$	721,214		(6)	%	(4)	%	$	718,346		$	676,658		6	%
Federal funds sold and securities purchased under resale agreements	305,132			294,951			268,953			262,679			255,831			3		19		300,070			272,704			10
Securities borrowed	207,437			218,030			207,059			189,418			190,785			(5)		9		212,704			182,945			16
Trading assets - debt instruments	273,736			272,116			260,555			275,860			277,024			1		(1)		272,931			299,710			(9)
Investment securities	672,799			671,165			642,675			565,344			585,084			—		15		671,987			583,779			15
Loans	1,093,106			1,068,637			1,060,254			1,042,591			1,024,633			2		7		1,080,939			1,019,109			6
All other interest-earning assets (a)	139,040			134,741			130,646			127,241			122,624			3		13		136,902			117,117			17
Total interest-earning assets	3,385,894			3,401,951			3,337,855			3,219,786			3,177,195			—		7		3,393,879			3,152,022			8
Trading assets - equity and other instruments	151,309			156,908			150,770			177,315			199,288		(g)	(4)		(24)		154,093			181,746			(15)
Trading assets - derivative receivables	84,483			67,334			66,024			65,574			70,212		(g)	25		20		75,956			72,459			5
All other noninterest-earning assets	289,957			280,595			277,006			262,544			281,992			3		3		285,301			264,857			8
TOTAL ASSETS	$	3,911,643		$	3,906,788		$	3,831,655		$	3,725,219		$	3,728,687		—		5		$	3,909,229		$	3,671,084		6
LIABILITIES
Interest-bearing deposits	$	1,790,421		$	1,781,320		$	1,731,609	(g)	$	1,677,837	(g)	$	1,669,376		1		7		$	1,785,896		$	1,640,085		9
Federal funds purchased and securities loaned or
sold under repurchase agreements	233,376			250,215			234,504			240,912			261,343			(7)		(11)		241,749			281,254			(14)
Short-term borrowings (b)	50,833			47,871			46,456			43,759			46,185			6		10		49,360			44,120			12
Trading liabilities - debt and all other interest-bearing liabilities (c)	274,435			263,025			246,675			241,297			246,666			4		11		268,762			238,836			13
Beneficial interests issued by consolidated VIEs	10,577			10,891			11,906			14,232			15,117			(3)		(30)		10,733			16,145			(34)
Long-term debt	246,195			254,180			255,710			257,593			248,552			(3)		(1)		250,165			244,000			3
Total interest-bearing liabilities	2,605,837			2,607,502			2,526,860			2,475,630			2,487,239			—		5		2,606,665			2,464,440			6
Noninterest-bearing deposits	741,891			734,233			736,203		(g)	691,622		(g)	654,419			1		13		738,083			634,403			16
Trading liabilities - equity and other instruments	40,937			43,394			40,645			35,505			35,397			(6)		16		42,159			35,214			20
Trading liabilities - derivative payables	61,026			54,522			55,063			55,907			62,533			12		(2)		57,792			65,231			(11)
All other noninterest-bearing liabilities	181,128			181,105			184,241			178,770			205,584			—		(12)		181,116			192,091			(6)
TOTAL LIABILITIES	3,630,819			3,620,756			3,543,012			3,437,434			3,445,172			—		5		3,625,815			3,391,379			7
Preferred stock	32,838			33,526			34,838			34,229			32,666			(2)		1		33,180			31,496			5
Common stockholders’ equity	247,986			252,506			253,805			253,556			250,849			(2)		(1)		250,234			248,209			1
TOTAL STOCKHOLDERS’ EQUITY	280,824			286,032			288,643			287,785			283,515			(2)		(1)		283,414			279,705			1
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,911,643		$	3,906,788		$	3,831,655		$	3,725,219		$	3,728,687		—		5		$	3,909,229		$	3,671,084		6

AVERAGE RATES (d)
INTEREST-EARNING ASSETS
Deposits with banks	0.62		%	0.13		%	0.09		%	0.09		%	0.06		%					0.37		%	0.05		%
Federal funds sold and securities purchased under resale agreements	0.71			0.55			0.47			0.35			0.27							0.63			0.30
Securities borrowed (e)	0.33			(0.16)			(0.28)			(0.15)			(0.19)							0.08			(0.18)
Trading assets - debt instruments	3.02			2.65			2.52			2.43			2.49							2.83			2.36
Investment securities	1.55			1.38			1.26			1.32			1.31							1.47			1.34
Loans	4.28			4.05			4.04			3.99			3.98							4.16			4.04
All other interest-earning assets (a)	1.85			0.97			0.87			0.64			0.66							1.42			0.69
Total interest-earning assets	2.22			1.86			1.80			1.80			1.79							2.04			1.83

INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.20			0.04			0.03			0.03			0.03							0.12			0.03
Federal funds purchased and securities loaned or
sold under repurchase agreements	0.80			0.19			0.13			0.20			0.09							0.49			0.05
Short-term borrowings (b)	0.73			0.32			0.26			0.26			0.30							0.53			0.31
Trading liabilities - debt and all other interest-bearing liabilities (c)(e)	0.69			0.30			0.20			0.09			0.08							0.50			0.07
Beneficial interests issued by consolidated VIEs	1.11			0.69			0.56			0.50			0.55							0.90			0.60
Long-term debt	2.54			1.72			1.61			1.62			1.70							2.13			1.81
Total interest-bearing liabilities	0.54			0.25			0.22			0.22			0.22							0.40			0.22

INTEREST RATE SPREAD	1.68			1.61			1.58			1.58			1.57							1.64			1.61
NET YIELD ON INTEREST-EARNING ASSETS	1.80			1.67			1.63			1.62			1.62							1.74			1.65
Memo: Net yield on interest-earning assets excluding Markets (f)	2.26			1.95			1.90			1.91			1.90							2.11			1.92

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

(b) Includes commercial paper.

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

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

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

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

Page 6

JPMORGAN CHASE & CO.

RECONCILIATION FROM REPORTED TO MANAGED BASIS

(in millions, except ratios)

The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. Refer to the notes on Non-GAAP Financial Measures on page 28 for additional information on managed basis.

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








	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q22 Change										2022 Change
	2Q22			1Q22			4Q21			3Q21			2Q21			1Q22		2Q21		2022			2021			2021
OTHER INCOME
Other income - reported	$	540		$	1,490		$	1,180		$	1,332		$	1,195		(64)	%	(55)	%	$	2,030		$	2,318		(12)	%
Fully taxable-equivalent adjustments (a)	812			775			984			690			807			5		1		1,587			1,551			2
Other income - managed	$	1,352		$	2,265		$	2,164		$	2,022		$	2,002		(40)		(32)		$	3,617		$	3,869		(7)

TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	15,587		$	16,845		$	15,656		$	16,567		$	17,738		(7)		(12)		$	32,432		$	37,115		(13)
Fully taxable-equivalent adjustments	812			775			984			690			807			5		1		1,587			1,551			2
Total noninterest revenue - managed	$	16,399		$	17,620		$	16,640		$	17,257		$	18,545		(7)		(12)		$	34,019		$	38,666		(12)

NET INTEREST INCOME
Net interest income - reported	$	15,128		$	13,872		$	13,601		$	13,080		$	12,741		9		19		$	29,000		$	25,630		13
Fully taxable-equivalent adjustments (a)	103			98			108			104			109			5		(6)		201			218			(8)
Net interest income - managed	$	15,231		$	13,970		$	13,709		$	13,184		$	12,850		9		19		$	29,201		$	25,848		13

TOTAL NET REVENUE
Total net revenue - reported	$	30,715		$	30,717		$	29,257		$	29,647		$	30,479		—		1		$	61,432		$	62,745		(2)
Fully taxable-equivalent adjustments	915			873			1,092			794			916			5		—		1,788			1,769			1
Total net revenue - managed	$	31,630		$	31,590		$	30,349		$	30,441		$	31,395		—		1		$	63,220		$	64,514		(2)

PRE-PROVISION PROFIT
Pre-provision profit - reported	$	11,966		$	11,526		$	11,369		$	12,584		$	12,812		4		(7)		$	23,492		$	26,353		(11)
Fully taxable-equivalent adjustments	915			873			1,092			794			916			5		—		1,788			1,769			1
Pre-provision profit - managed	$	12,881		$	12,399		$	12,461		$	13,378		$	13,728		4		(6)		$	25,280		$	28,122		(10)

INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	10,865		$	10,063		$	12,657		$	14,111		$	15,097		8		(28)		$	20,928		$	32,794		(36)
Fully taxable-equivalent adjustments	915			873			1,092			794			916			5		—		1,788			1,769			1
Income before income tax expense - managed	$	11,780		$	10,936		$	13,749		$	14,905		$	16,013		8		(26)		$	22,716		$	34,563		(34)

INCOME TAX EXPENSE
Income tax expense - reported	$	2,216		$	1,781		$	2,258		$	2,424		$	3,149		24		(30)		$	3,997		$	6,546		(39)
Fully taxable-equivalent adjustments	915			873			1,092			794			916			5		—		1,788			1,769			1
Income tax expense - managed	$	3,131		$	2,654		$	3,350		$	3,218		$	4,065		18		(23)		$	5,785		$	8,315		(30)

OVERHEAD RATIO
Overhead ratio - reported	61		%	62		%	61		%	58		%	58		%					62		%	58		%
Overhead ratio - managed	59			61			59			56			56							60			56

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

Page 7


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


	QUARTERLY TRENDS														SIX MONTHS ENDED JUNE 30,
											2Q22 Change								2022 Change
	2Q22		1Q22		4Q21		3Q21		2Q21		1Q22		2Q21		2022		2021		2021
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	12,614	$	12,229	$	12,275	$	12,521	$	12,760	3	%	(1)	%	$	24,843	$	25,277	(2)	%
Corporate & Investment Bank	11,947		13,529		11,534		12,396		13,214		(12)		(10)		25,476		27,819		(8)
Commercial Banking	2,683		2,398		2,612		2,520		2,483		12		8		5,081		4,876		4
Asset & Wealth Management	4,306		4,315		4,473		4,300		4,107		—		5		8,621		8,184		5
Corporate	80		(881)		(545)		(1,296)		(1,169)		NM		NM		(801)		(1,642)		51
TOTAL NET REVENUE	$	31,630	$	31,590	$	30,349	$	30,441	$	31,395	—		1		$	63,220	$	64,514	(2)

TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	7,723	$	7,720	$	7,754	$	7,238	$	7,062	—		9		$	15,443	$	14,264	8
Corporate & Investment Bank	6,745		7,298		5,827		5,871		6,523		(8)		3		14,043		13,627		3
Commercial Banking	1,156		1,129		1,059		1,032		981		2		18		2,285		1,950		17
Asset & Wealth Management	2,919		2,860		2,997		2,762		2,586		2		13		5,779		5,160		12
Corporate	206		184		251		160		515		12		(60)		390		1,391		(72)
TOTAL NONINTEREST EXPENSE	$	18,749	$	19,191	$	17,888	$	17,063	$	17,667	(2)		6		$	37,940	$	36,392	4

PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	4,891	$	4,509	$	4,521	$	5,283	$	5,698	8		(14)		$	9,400	$	11,013	(15)
Corporate & Investment Bank	5,202		6,231		5,707		6,525		6,691		(17)		(22)		11,433		14,192		(19)
Commercial Banking	1,527		1,269		1,553		1,488		1,502		20		2		2,796		2,926		(4)
Asset & Wealth Management	1,387		1,455		1,476		1,538		1,521		(5)		(9)		2,842		3,024		(6)
Corporate	(126)		(1,065)		(796)		(1,456)		(1,684)		88		93		(1,191)		(3,033)		61
PRE-PROVISION PROFIT	$	12,881	$	12,399	$	12,461	$	13,378	$	13,728	4		(6)		$	25,280	$	28,122	(10)

PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	761	$	678	$	(1,060)	$	(459)	$	(1,868)	12		NM		$	1,439	$	(5,470)	NM
Corporate & Investment Bank	59		445		(126)		(638)		(79)		(87)		NM		504		(410)		NM
Commercial Banking	209		157		(89)		(363)		(377)		33		NM		366		(495)		NM
Asset & Wealth Management	44		154		(36)		(60)		(10)		(71)		NM		198		(131)		NM
Corporate	28		29		23		(7)		49		(3)		(43)		57		65		(12)
PROVISION FOR CREDIT LOSSES	$	1,101	$	1,463	$	(1,288)	$	(1,527)	$	(2,285)	(25)		NM		$	2,564	$	(6,441)	NM

NET INCOME/(LOSS)
Consumer & Community Banking (a)	$	3,100	$	2,895	$	4,147	$	4,351	$	5,645	7		(45)		$	5,995	$	12,432	(52)
Corporate & Investment Bank (a)	3,725		4,385		4,543		5,647		5,020		(15)		(26)		8,110		10,944		(26)
Commercial Banking (a)	994		850		1,234		1,409		1,422		17		(30)		1,844		2,603		(29)
Asset & Wealth Management (a)	1,004		1,008		1,125		1,196		1,156		—		(13)		2,012		2,416		(17)
Corporate (a)	(174)		(856)		(650)		(916)		(1,295)		80		87		(1,030)		(2,147)		52
TOTAL NET INCOME	$	8,649	$	8,282	$	10,399	$	11,687	$	11,948	4		(28)		$	16,931	$	26,248	(35)

(a)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

Page 8


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

																	Jun 30, 2022
																	Change				SIX MONTHS ENDED JUNE 30,
	Jun 30,				Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,		Jun 30,						2022 Change
	2022				2022			2021			2021			2021			2022		2021		2022		2021		2021
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	207,449		(e)	$	207,903		$	213,942		$	209,917		$	209,010		—	%	(1)	%
Tier 1 capital	239,725			(e)	240,076			246,162			244,207			241,356			—		(1)
Total capital	268,379			(e)	269,536			274,900			274,994			274,443			—		(2)
Risk-weighted assets	1,707,090			(e)	1,750,678			1,638,900			1,628,406			1,601,631			(2)		7
CET1 capital ratio	12.2		%	(e)	11.9		%	13.1		%	12.9		%	13.0		%
Tier 1 capital ratio	14.0			(e)	13.7			15.0			15.0			15.1
Total capital ratio	15.7			(e)	15.4			16.8			16.9			17.1

Advanced
CET1 capital	$	207,449		(e)	$	207,903		$	213,942		$	209,917		$	209,010		—		(1)
Tier 1 capital	239,725			(e)	240,076			246,162			244,207			241,356			—		(1)
Total capital	257,386			(e)	258,989			265,796			264,469			262,364			(1)		(2)
Risk-weighted assets	1,617,545			(e)	1,643,453			1,547,920			1,544,512			1,514,386			(2)		7
CET1 capital ratio	12.8		%	(e)	12.7		%	13.8		%	13.6		%	13.8		%
Tier 1 capital ratio	14.8			(e)	14.6			15.9			15.8			15.9
Total capital ratio	15.9			(e)	15.8			17.2			17.1			17.3

Leverage-based capital metrics
Adjusted average assets (b)	$	3,861,951		(e)	$	3,857,783		$	3,782,035		$	3,675,803		$	3,680,830		—		5
Tier 1 leverage ratio	6.2		%	(e)	6.2		%	6.5		%	6.6		%	6.6		%

Total leverage exposure	$	4,562,790		(e)	$	4,586,537		$	4,571,789		$	4,463,904		$	4,456,557		(1)		2
SLR	5.3		%	(e)	5.2		%	5.4		%	5.5		%	5.4		%

TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders’ equity	$	253,305			$	253,061		$	259,289		$	255,203		$	253,548		—		—
Less: Goodwill	50,697				50,298			50,315			50,313			49,256			1		3
Less: Other intangible assets	1,224				893			882			902			850			37		44
Add: Certain deferred tax liabilities (d)	2,509				2,496			2,499			2,500			2,461			1		2
Total tangible common equity	$	203,893			$	204,366		$	210,591		$	206,488		$	205,903		—		(1)

TANGIBLE COMMON EQUITY (average) (c)
Common stockholders’ equity	$	247,986			$	252,506		$	253,805		$	253,556		$	250,849		(2)		(1)		$	250,234	$	248,209	1	%
Less: Goodwill	50,575				50,307			50,362			49,457			49,260			1		3		50,442		49,254		2
Less: Other intangible assets	1,119				896			896			849			864			25		30		1,007		877		15
Add: Certain deferred tax liabilities (d)	2,503				2,498			2,502			2,480			2,459			—		2		2,500		2,457		2
Total tangible common equity	$	198,795			$	203,801		$	205,049		$	205,730		$	203,184		(2)		(2)		$	201,285	$	200,535	—

INTANGIBLE ASSETS (period-end)
Goodwill	$	50,697			$	50,298		$	50,315		$	50,313		$	49,256		1		3
Mortgage servicing rights	7,439				7,294			5,494			5,351			4,549			2		64
Other intangible assets	1,224				893			882			902			850			37		44
Total intangible assets	$	59,360			$	58,485		$	56,691		$	56,566		$	54,655		1		9

(a)The capital metrics reflect the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the CECL capital transition provisions. Beginning January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021, is being phased out at 25% per year over a three-year period. As of June 30, 2022 and March 31, 2022, CET1 capital reflected the remaining $2.2 billion CECL benefit. For the periods ended December 31, 2021, September 30, 2021 and June 30, 2021, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion, $3.3 billion and $3.8 billion, respectively. Refer to Capital Risk Management on pages 35-40 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022 and pages 86-96 of the Firm’s 2021 Form 10-K for additional information.

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

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

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

(e)Estimated.

Page 9


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

	QUARTERLY TRENDS																				SIX MONTHS ENDED JUNE 30,
																	2Q22 Change										2022 Change
	2Q22			1Q22			4Q21			3Q21				2Q21			1Q22		2Q21		2022			2021			2021
EARNINGS PER SHARE
Basic earnings per share
Net income	$	8,649		$	8,282		$	10,399		$	11,687			$	11,948		4	%	(28)	%	$	16,931		$	26,248		(35)	%
Less: Preferred stock dividends	410			397			426			402				393			3		4		807			772			5
Net income applicable to common equity	8,239			7,885			9,973			11,285				11,555			4		(29)		16,124			25,476			(37)
Less: Dividends and undistributed earnings allocated to
participating securities	44			40			46			56				59			10		(25)		85			130			(35)
Net income applicable to common stockholders	$	8,195		$	7,845		$	9,927		$	11,229			$	11,496		4		(29)		$	16,039		$	25,346		(37)

Total weighted-average basic shares outstanding	2,962.2			2,977.0			2,977.3			2,999.9				3,036.6			—		(2)		2,969.6			3,054.9			(3)
Net income per share	$	2.77		$	2.64		$	3.33		$	3.74			$	3.79		5		(27)		$	5.40		$	8.30		(35)

Diluted earnings per share
Net income applicable to common stockholders	$	8,195		$	7,845		$	9,927		$	11,229			$	11,496		4		(29)		$	16,039		$	25,346		(37)
Total weighted-average basic shares outstanding	2,962.2			2,977.0			2,977.3			2,999.9				3,036.6			—		(2)		2,969.6			3,054.9			(3)
Add: Dilutive impact of stock appreciation rights (“SARs”) and employee stock options, unvested performance share units (“PSUs”) and nondividend-earning restricted stock units (“RSUs”)	4.1			4.0			4.5			5.2				5.3			2		(23)		4.1			5.4			(24)
Total weighted-average diluted shares outstanding	2,966.3			2,981.0			2,981.8			3,005.1				3,041.9			—		(2)		2,973.7			3,060.3			(3)
Net income per share	$	2.76		$	2.63		$	3.33		$	3.74			$	3.78		5		(27)		$	5.39		$	8.28		(35)

COMMON DIVIDENDS
Cash dividends declared per share	$	1.00		$	1.00		$	1.00		$	1.00		(c)	$	0.90		—		11		$	2.00		$	1.80		11
Dividend payout ratio	36		%	38		%	30		%	27		%		24		%					37		%	22		%

COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	5.0			18.1			12.1			33.4				39.5			(72)		(87)		23.1			74.2			(69)
Average price paid per share of common stock	$	124.88		$	138.04		$	165.47		$	156.87			$	156.83		(10)		(20)		$	135.20		$	150.95		(10)

Aggregate repurchases of common stock	622			2,500			2,008			5,240				6,201			(75)		(90)		3,122			11,200			(72)


EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	0.5			11.0			1.1			0.5				0.6			(95)		(17)		11.5			12.9			(11)
Net impact of employee issuances on stockholders’ equity (b)	$	398		$	843		$	147		$	271			$	276		(53)		44		$	1,241		$	943		32

(a)Effective May 1, 2022, the Firm replaced its previously approved program and is authorized to purchase up to $30 billion of common shares under a new equity repurchase program. As a result of the recent stress test results and anticipated increases in regulatory capital requirements, share repurchases have been temporarily suspended.

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

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

Page 10


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


	QUARTERLY TRENDS																				SIX MONTHS ENDED JUNE 30,
																	2Q22 Change										2022 Change
	2Q22			1Q22			4Q21				3Q21			2Q21			1Q22		2Q21		2022			2021			2021
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	855		$	805		$	753			$	786		$	753		6	%	14	%	$	1,660		$	1,495		11	%
Asset management, administration and commissions	947			929			950				893			866			2		9		1,876			1,671			12
Mortgage fees and related income	377			456			312				596			548			(17)		(31)		833			1,251			(33)
Card income	678			590			675				651			1,238			15		(45)		1,268			2,237			(43)
All other income	1,049			1,122			1,144				1,212			1,321			(7)		(21)		2,171			2,660			(18)
Noninterest revenue	3,906			3,902			3,834				4,138			4,726			—		(17)		7,808			9,314			(16)
Net interest income	8,708			8,327			8,441				8,383			8,034			5		8		17,035			15,963			7
TOTAL NET REVENUE	12,614			12,229			12,275				12,521			12,760			3		(1)		24,843			25,277			(2)

Provision for credit losses	761			678			(1,060)				(459)			(1,868)			12		NM		1,439			(5,470)			NM

NONINTEREST EXPENSE
Compensation expense	3,237			3,171			3,177				3,012			2,977			2		9		6,408			5,953			8
Noncompensation expense (a)	4,486			4,549			4,577				4,226			4,085			(1)		10		9,035			8,311			9
TOTAL NONINTEREST EXPENSE	7,723			7,720			7,754				7,238			7,062			—		9		15,443			14,264			8

Income/(loss) before income tax expense/(benefit)	4,130			3,831			5,581				5,742			7,566			8		(45)		7,961			16,483			(52)
Income tax expense/(benefit) (b)	1,030			936			1,434				1,391			1,921			10		(46)		1,966			4,051			(51)
NET INCOME/(LOSS) (b)	$	3,100		$	2,895		$	4,147			$	4,351		$	5,645		7		(45)		$	5,995		$	12,432		(52)

REVENUE BY LINE OF BUSINESS
Consumer & Business Banking	$	6,558		$	6,062		$	6,172			$	6,157		$	6,016		8		9		$	12,620		$	11,651		8
Home Lending	1,001			1,169			1,084				1,400			1,349			(14)		(26)		2,170			2,807			(23)
Card & Auto	5,055			4,998			5,019				4,964			5,395			1		(6)		10,053			10,819			(7)

MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue	150			211			327				614			517			(29)		(71)		361			1,274			(72)
Net mortgage servicing revenue (c)	227			245			(15)				(18)			31			(7)		NM		472			(23)			NM
Mortgage fees and related income	$	377		$	456		$	312			$	596		$	548		(17)		(31)		$	833		$	1,251		(33)

FINANCIAL RATIOS
ROE	24		%	23		%	32		%	(b)	34		%	44		%					23		%	49		%
Overhead ratio	61			63			63				58			55							62			56

(a)Included depreciation expense on leased assets of $652 million, $694 million, $767 million, $769 million and $856 million for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively, and $1.3 billion and $1.8 billion for the six months ended June 30, 2022 and 2021, respectively.

(c)Included MSR risk management results of $28 million, $109 million, $(162) million, $(145) million and $(103) million for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively, and $137 million and $(218) million for the six months ended June 30, 2022 and 2021, respectively.

Page 11


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

	QUARTERLY TRENDS														SIX MONTHS ENDED JUNE 30,
											2Q22 Change								2022 Change
	2Q22		1Q22		4Q21		3Q21		2Q21		1Q22		2Q21		2022		2021		2021
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	500,219	$	486,183	$	500,370	$	493,169	$	494,305	3	%	1	%	$	500,219	$	494,305	1	%

Loans:
Consumer & Business Banking (a)	31,494		32,772		35,095		40,659		46,228		(4)		(32)		31,494		46,228		(32)
Home Lending (b)	176,939		172,025		180,529		179,489		179,371		3		(1)		176,939		179,371		(1)
Card	165,494		152,283		154,296		143,166		141,802		9		17		165,494		141,802		17
Auto	67,842		69,251		69,138		68,391		67,598		(2)		—		67,842		67,598		—
Total loans	441,769		426,331		439,058		431,705		434,999		4		2		441,769		434,999		2

Deposits	1,178,825		1,189,308		1,148,110		1,093,852		1,056,507		(1)		12		1,178,825		1,056,507		12
Equity	50,000		50,000		50,000		50,000		50,000		—		—		50,000		50,000		—

SELECTED BALANCE SHEET DATA (average)
Total assets	$	496,177	$	488,967	$	497,675	$	491,512	$	485,209	1		2		$	492,592	$	484,868	2

Loans:
Consumer & Business Banking	32,294		33,742		37,299		43,256		49,356		(4)		(35)		33,014		49,611		(33)
Home Lending (c)	177,330		176,488		183,343		181,150		177,444		—		—		176,911		179,832		(2)
Card	158,434		149,398		148,471		141,950		136,149		6		16		153,941		135,520		14
Auto	68,569		69,250		68,549		67,785		67,183		(1)		2		68,908		67,072		3
Total loans	436,627		428,878		437,662		434,141		430,132		2		2		432,774		432,035		—

Deposits	1,180,453		1,153,513		1,114,329		1,076,323		1,047,771		2		13		1,167,057		1,013,917		15
Equity	50,000		50,000		50,000		50,000		50,000		—		—		50,000		50,000		—

Headcount	130,907		129,268		128,863		126,586		125,300		1		4		130,907		125,300		4

(a)At June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021 included $1.5 billion, $2.9 billion, $5.4 billion, $11.1 billion and $16.7 billion of loans, respectively, in Business Banking under the Paycheck Protection Program (“PPP”). Refer to page 109 of the Firm’s 2021 Form 10-K for further information on the PPP.

(b)At June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, Home Lending loans held-for-sale and loans at fair value were $5.2 billion, $5.8 billion, $14.9 billion, $14.5 billion and $16.5 billion, respectively.

(c)Average Home Lending loans held-for sale and loans at fair value were $8.1 billion, $10.8 billion, $17.8 billion, $17.1 billion and $14.2 billion for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively, and $9.5 billion and $13.3 billion for the six months ended June 30, 2022 and 2021, respectively.

Page 12


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q22 Change										2022 Change
	2Q22			1Q22			4Q21			3Q21			2Q21			1Q22		2Q21		2022			2021			2021
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)(c)	$	4,217		$	4,531		$	4,875		$	5,000		$	5,256		(7)	%	(20)	%	$	4,217		$	5,256		(20)	%
Net charge-offs/(recoveries)
Consumer & Business Banking	81			89			86			66			72			(9)		13		170			137			24
Home Lending	(68)			(69)			(71)			(74)			(79)			1		14		(137)			(130)			(5)
Card	580			506			479			495			755			15		(23)		1,086			1,738			(38)
Auto	18			27			21			4			(16)			(33)		NM		45			10			350
Total net charge-offs/(recoveries)	$	611		$	553		$	515		$	491		$	732		10		(17)		$	1,164		$	1,755		(34)
Net charge-off/(recovery) rate
Consumer & Business Banking (d)	1.01		%	1.07		%	0.91		%	0.61		%	0.59		%					1.04		%	0.56		%
Home Lending	(0.16)			(0.17)			(0.17)			(0.18)			(0.19)							(0.16)			(0.16)
Card	1.47			1.37			1.28			1.39			2.24							1.42			2.60
Auto	0.11			0.16			0.12			0.02			(0.10)							0.13			0.03
Total net charge-off/(recovery) rate	0.57			0.54			0.49			0.47			0.71							0.55			0.85

30+ day delinquency rate
Home Lending (e)(f)	0.85		%	1.03		%	1.25		%	1.06		%	1.08		%					0.85		%	1.08		%
Card	1.05			1.09			1.04			1.00			1.01							1.05			1.01
Auto	0.69			0.57			0.64			0.46			0.42							0.69			0.42

90+ day delinquency rate - Card	0.51			0.54			0.50			0.49			0.54							0.51			0.54

Allowance for loan losses
Consumer & Business Banking	$	697		$	697		$	697		$	797		$	897		—		(22)		$	697		$	897		(22)
Home Lending	785			785			660			630			630			—		25		785			630			25
Card	10,400			10,250			10,250			11,650			12,500			1		(17)		10,400			12,500			(17)
Auto	740			738			733			813			817			—		(9)		740			817			(9)
Total allowance for loan losses	$	12,622		$	12,470		$	12,340		$	13,890		$	14,844		1		(15)		$	12,622		$	14,844		(15)

(a)At June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $257 million, $315 million, $342 million, $355 million and $397 million, respectively. These amounts have been excluded based upon the government guarantee. The amount of mortgage loans 90 or more days past due and insured by U.S. government agencies excluded at June 30, 2021 has been revised to conform with the current presentation. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.

(b)At June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, nonaccrual loans excluded $86 million, $179 million, $506 million and $5 million of PPP loans 90 or more days past due and guaranteed by the SBA, respectively. There were no PPP loans 90 or more days past due at June 30, 2021.

(c)Generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic. Includes loans to customers that have exited COVID-19 payment deferral programs and are 90 or more days past due, predominantly all of which were considered collateral-dependent at time of exit.

(d)At June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021 included $1.5 billion, $2.9 billion, $5.4 billion, $11.1 billion and $16.7 billion of loans, respectively, under the PPP. Given that PPP loans are guaranteed by the SBA, the Firm does not expect to realize material credit losses on these loans. Refer to page 109 of the Firm’s 2021 Form 10-K for further information on the PPP.

(e)At June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic was $513 million, $728 million, $1.1 billion, $3.1 billion and $5.2 billion in Home Lending, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.

(f)At June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $315 million, $370 million, $405 million, $432 million and $483 million, respectively. These amounts have been excluded based upon the government guarantee. The amount of mortgage loans 30 or more days past due and insured by U.S. government agencies excluded at June 30, 2021 has been revised to conform with the current presentation.

Page 13


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

	QUARTERLY TRENDS																									SIX MONTHS ENDED JUNE 30,
																						2Q22 Change												2022 Change
	2Q22				1Q22				4Q21					3Q21				2Q21				1Q22		2Q21		2022				2021				2021
BUSINESS METRICS
Number of:
Branches	4,822				4,810				4,790					4,854				4,869				—	%	(1)	%	4,822				4,869				(1)	%
Active digital customers (in thousands) (a)	60,735				60,286				58,857					57,961				56,915				1		7		60,735				56,915				7
Active mobile customers (in thousands) (b)	47,436				46,527				45,452					44,333				42,896				2		11		47,436				42,896				11

Debit and credit card sales volume (in billions)	$	397.0			$	351.5			$	376.2				$	349.9			$	344.3			13		15		$	748.5			$	634.6			18

Consumer & Business Banking
Average deposits	$	1,163,423			$	1,136,115			$	1,094,442				$	1,056,254			$	1,028,459			2		13		$	1,149,844			$	994,748			16
Deposit margin	1.31			%	1.22			%	1.22			%		1.29			%	1.28			%					1.27			%	1.29			%
Business banking origination volume	$	1,196			$	1,028			$	866				$	835			$	2,180		(g)	16		(45)		$	2,224			$	12,215		(g)	(82)
Client investment assets (c)	628,479				696,316				718,051					681,491				673,675				(10)		(7)		628,479				673,675				(7)
Number of client advisors	4,890				4,816				4,725					4,689				4,571				2		7		4,890				4,571				7

Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	11.0			$	15.1			$	22.4				$	23.7			$	22.7			(27)		(52)		$	26.1			$	45.7			(43)
Correspondent	10.9				9.6				19.8					17.9				16.9				14		(36)		20.5				33.2				(38)
Total mortgage origination volume (d)	$	21.9			$	24.7			$	42.2				$	41.6			$	39.6			(11)		(45)		$	46.6			$	78.9			(41)
Third-party mortgage loans serviced (period-end)	575.6				575.4				519.2			(f)		509.3				463.9				—		24		575.6				463.9				24
MSR carrying value (period-end)	7.4				7.3				5.5					5.3				4.5				1		64		7.4				4.5				64
Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end)	1.29			%	1.27			%	1.06			%	(f)	1.04			%	0.97			%					1.29			%	0.97			%
MSR revenue multiple (e)	4.45		x		4.70		x		3.79		x	(f)		3.85		x		3.59		x						4.61		x		3.59		x

Credit Card
Credit card sales volume, excluding Commercial Card (in billions)	$	271.2			$	236.4			$	254.1				$	232.0			$	223.7			15		21		507.6				407.4				25
Net revenue rate	9.59			%	9.87			%	9.61			%		9.74			%	11.32			%					9.72			%	11.43			%

Auto
Loan and lease origination volume (in billions)	$	7.0			$	8.4			$	8.5				$	11.5			$	12.4			(17)		(44)		$	15.4			$	23.6			(35)
Average auto operating lease assets	14,866				16,423				17,629					18,753				19,608				(9)		(24)		15,640				19,952				(22)

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

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

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

(d)Firmwide mortgage origination volume was $27.9 billion, $30.2 billion, $48.2 billion, $46.1 billion and $44.9 billion for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively, and $58.1 billion and $88.1 billion for the six months ended June 30, 2022 and 2021, respectively.

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

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

(g)Included $1.3 billion and $10.6 billion of origination volume under the PPP for the three and six months ended June 30, 2021, respectively. The program ended on May 31, 2021 for new applications.

Page 14


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																				SIX MONTHS ENDED JUNE 30,
																	2Q22 Change											2022 Change
	2Q22			1Q22			4Q21				3Q21			2Q21			1Q22		2Q21		2022			2021				2021
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,650		$	2,050		$	3,502			$	3,297		$	3,572		(20)	%	(54)	%	$	3,700		$	6,560			(44)	%
Principal transactions	5,048			5,223			2,116				3,577			4,026			(3)		25		10,271			10,071				2
Lending- and deposit-related fees	641			641			654				634			633			—		1		1,282			1,226				5
Asset management, administration and commissions	1,330			1,339			1,252				1,240			1,246			(1)		7		2,669			2,532				5
All other income	80			704			624				313			435			(89)		(82)		784			611				28
Noninterest revenue	8,749			9,957			8,148				9,061			9,912			(12)		(12)		18,706			21,000				(11)
Net interest income	3,198			3,572			3,386				3,335			3,302			(10)		(3)		6,770			6,819				(1)
TOTAL NET REVENUE (a)	11,947			13,529			11,534				12,396			13,214			(12)		(10)		25,476			27,819				(8)

Provision for credit losses	59			445			(126)				(638)			(79)			(87)		NM		504			(410)				NM

NONINTEREST EXPENSE
Compensation expense	3,510			4,006			2,358				2,827			3,582			(12)		(2)		7,516			7,911				(5)
Noncompensation expense	3,235			3,292			3,469				3,044			2,941			(2)		10		6,527			5,716				14
TOTAL NONINTEREST EXPENSE	6,745			7,298			5,827				5,871			6,523			(8)		3		14,043			13,627				3

Income before income tax expense	5,143			5,786			5,833				7,163			6,770			(11)		(24)		10,929			14,602				(25)
Income tax expense (b)	1,418			1,401			1,290				1,516			1,750			1		(19)		2,819			3,658				(23)
NET INCOME (b)	$	3,725		$	4,385		$	4,543			$	5,647		$	5,020		(15)		(26)		$	8,110		$	10,944			(26)

FINANCIAL RATIOS
ROE	14		%	17		%	21		%	(b)	26		%	23		%					15		%	26		%	(b)
Overhead ratio	56			54			51				47			49							55			49
Compensation expense as percentage of total net revenue	29			30			20				23			27							30			28

REVENUE BY BUSINESS
Investment Banking	$	1,351		$	2,057		$	3,206			$	3,025		$	3,424		(34)		(61)		$	3,408		$	6,275			(46)
Payments	1,463			1,854			1,801				1,624			1,453			(21)		1		3,317			2,845				17
Lending	410			321			263				244			229			28		79		731			494				48
Total Banking	3,224			4,232			5,270				4,893			5,106			(24)		(37)		7,456			9,614				(22)
Fixed Income Markets	4,711			5,698			3,334				3,672			4,098			(17)		15		10,409			9,859				6
Equity Markets	3,079			3,055			1,954				2,597			2,689			1		15		6,134			5,978				3
Securities Services	1,151			1,068			1,064				1,126			1,088			8		6		2,219			2,138				4
Credit Adjustments & Other (c)	(218)			(524)			(88)				108			233			58		NM		(742)			230				NM
Total Markets & Securities Services	8,723			9,297			6,264				7,503			8,108			(6)		8		18,020			18,205				(1)
TOTAL NET REVENUE	$	11,947		$	13,529		$	11,534			$	12,396		$	13,214		(12)		(10)		$	25,476		$	27,819			(8)

(a)Includes tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; as well as tax-exempt income from municipal bonds of $772 million, $737 million, $923 million, $641 million and $763 million for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively, and $1.5 billion for both the six months ended June 30, 2022 and 2021.

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

Page 15


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																				SIX MONTHS ENDED JUNE 30,
																	2Q22 Change											2022 Change
	2Q22			1Q22			4Q21			3Q21			2Q21				1Q22		2Q21		2022			2021				2021
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,403,558		$	1,460,463		$	1,259,896		$	1,355,752		$	1,363,992			(4)	%	3	%	$	1,403,558		$	1,363,992			3	%
Loans:
Loans retained (a)	171,219			167,791			159,786			151,211			144,764				2		18		171,219			144,764				18
Loans held-for-sale and loans at fair value (b)	46,032			47,260			50,386			52,436			56,668				(3)		(19)		46,032			56,668				(19)
Total loans	217,251			215,051			210,172			203,647			201,432				1		8		217,251			201,432				8


Equity	103,000			103,000			83,000			83,000			83,000				—		24		103,000			83,000				24

SELECTED BALANCE SHEET DATA (average)
Total assets	$	1,429,953		$	1,407,835		$	1,341,267		$	1,331,240		$	1,371,218			2		4		1,418,955			$	1,332,755			6
Trading assets - debt and equity instruments	411,079			419,346			407,656			442,623			473,875			(g)	(2)		(13)		415,190			471,439			(g)	(12)
Trading assets - derivative receivables	83,582			66,692			65,365			64,730			69,392			(g)	25		20		75,184			71,411			(g)	5
Loans:
Loans retained (a)	169,909			160,976			153,595			149,826			140,096				6		21		165,467			138,454				20
Loans held-for-sale and loans at fair value (b)	48,048			51,398			52,429			53,712			52,376				(7)		(8)		49,714			49,042				1
Total loans	217,957			212,374			206,024			203,538			192,472				3		13		215,181			187,496				15

Equity	103,000			103,000			83,000			83,000			83,000				—		24		103,000			83,000				24

Headcount	69,447			68,292			67,546			66,267			64,261				2		8		69,447			64,261				8

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	38		$	20		$	23		$	2		$	(12)			90		NM		$	58		$	(19)			NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)	697			871			584			547			783				(20)		(11)		697			783				(11)
Nonaccrual loans held-for-sale and loans at fair value (d)	840			949			844			1,234			1,187				(11)		(29)		840			1,187				(29)
Total nonaccrual loans	1,537			1,820			1,428			1,781			1,970				(16)		(22)		1,537			1,970				(22)

Derivative receivables	447			597			316			393			481				(25)		(7)		447			481				(7)
Assets acquired in loan satisfactions	84			91			91			95			95				(8)		(12)		84			95				(12)
Total nonperforming assets	2,068			2,508			1,835			2,269			2,546				(18)		(19)		2,068			2,546				(19)
Allowance for credit losses:
Allowance for loan losses	1,809			1,687			1,348			1,442			1,607				7		13		1,809			1,607				13
Allowance for lending-related commitments	1,358			1,459			1,372			1,426			1,902				(7)		(29)		1,358			1,902				(29)
Total allowance for credit losses	3,167			3,146			2,720			2,868			3,509				1		(10)		3,167			3,509				(10)

Net charge-off/(recovery) rate (a)(e)	0.09		%	0.05		%	0.06		%	0.01		%	(0.03)		%						0.07		%	(0.03)		%
Allowance for loan losses to period-end loans retained (a)	1.06			1.01			0.84			0.95			1.11								1.06			1.11
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (f)	1.38			1.31			1.12			1.29			1.53								1.38			1.53
Allowance for loan losses to nonaccrual loans retained (a)(c)	260			194			231			264			205								260			205
Nonaccrual loans to total period-end loans	0.71			0.85			0.68			0.87			0.98								0.71			0.98

(a)Loans retained includes credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.

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

(c)Allowance for loan losses of $130 million, $226 million, $58 million, $138 million and $180 million were held against nonaccrual loans at June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively.

(d)At June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $196 million, $283 million, $281 million, $289 million and $316 million, respectively. These amounts have been excluded based upon the government guarantee.

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

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

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

Page 16


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS														SIX MONTHS ENDED JUNE 30,
											2Q22 Change								2022 Change
	2Q22		1Q22		4Q21		3Q21		2Q21		1Q22		2Q21		2022		2021		2021
BUSINESS METRICS
Advisory	$	664	$	801	$	1,557	$	1,228	$	916	(17)	%	(28)	%	$	1,465	$	1,596	(8)	%
Equity underwriting	245		249		802		1,032		1,063		(2)		(77)		494		2,119		(77)
Debt underwriting	741		1,000		1,143		1,037		1,593		(26)		(53)		1,741		2,845		(39)
Total investment banking fees	$	1,650	$	2,050	$	3,502	$	3,297	$	3,572	(20)		(54)		$	3,700	$	6,560	(44)

Client deposits and other third-party liabilities (average) (a)	722,388		709,121		717,496		714,376		721,882		2		—		715,791		713,868		—

Merchant processing volume (in billions) (b)	539.6		490.2		514.9		470.9		475.2		10		14		$	1,029.8	$	900.9	14

Assets under custody (“AUC”) (period-end) (in billions)	$	28,579	$	31,571	$	33,221	$	31,962	$	32,122	(9)		(11)		28,579		$	32,122	(11)

95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (c)
Fixed income	$	60	$	47	$	39	$	38	$	39	28		54
Foreign exchange	8		4		4		5		6		100		33
Equities	11		12		12		11		18		(8)		(39)
Commodities and other	14		15		12		11		22		(7)		(36)
Diversification benefit to CIB trading VaR (d)	(43)		(33)		(31)		(33)		(44)		(30)		2
CIB trading VaR (c)	50		45		36		32		41		11		22
Credit Portfolio VaR (e)	17		29		5		5		6		(41)		183
Diversification benefit to CIB VaR (d)	(15)		(10)		(4)		(4)		(6)		(50)		(150)
CIB VaR	$	52	$	64	$	37	$	33	$	41	(19)		27

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

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

(c)CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 135–137 of the Firm’s 2021 Form 10-K, and pages 67–69 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021 for further information.

(d)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across CIB risks.

(e)Credit portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value. In the first quarter of 2022, in line with the Firm's internal model governance, the credit risk component of CVA related to certain counterparties was removed from Credit Portfolio VaR due to the widening of the credit spreads for those counterparties to elevated levels. The related hedges were also removed to maintain consistency. This exposure is now reflected in other sensitivity-based measures.

Page 17


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


	QUARTERLY TRENDS																				SIX MONTHS ENDED JUNE 30,
																	2Q22 Change										2022 Change
	2Q22			1Q22			4Q21				3Q21			2Q21			1Q22		2Q21		2022			2021			2021
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	348		$	364		$	356			$	355		$	350		(4)	%	(1)	%	$	712		$	681		5	%
All other income	556			503			718				633			600			11		(7)		1,059			1,186			(11)
Noninterest revenue	904			867			1,074				988			950			4		(5)		1,771			1,867			(5)
Net interest income	1,779			1,531			1,538				1,532			1,533			16		16		3,310			3,009			10
TOTAL NET REVENUE (a)	2,683			2,398			2,612				2,520			2,483			12		8		5,081			4,876			4

Provision for credit losses	209			157			(89)				(363)			(377)			33		NM		366			(495)			NM

NONINTEREST EXPENSE
Compensation expense	559			553			496				511			484			1		15		1,112			966			15
Noncompensation expense	597			576			563				521			497			4		20		1,173			984			19
TOTAL NONINTEREST EXPENSE	1,156			1,129			1,059				1,032			981			2		18		2,285			1,950			17

Income/(loss) before income tax expense/(benefit)	1,318			1,112			1,642				1,851			1,879			19		(30)		2,430			3,421			(29)
Income tax expense/(benefit) (b)	324			262			408				442			457			24		(29)		586			818			(28)
NET INCOME (b)	$	994		$	850		$	1,234			$	1,409		$	1,422		17		(30)		$	1,844		$	2,603		(29)

REVENUE BY PRODUCT
Lending	$	1,058		$	1,105		$	1,151			$	1,138		$	1,172		(4)		(10)		$	2,163		$	2,340		(8)
Payments	1,205			981			949				947			914			23		32		2,186			1,757			24
Investment banking (c)	282			260			475				416			370			8		(24)		542			720			(25)
Other	138			52			37				19			27			165		411		190			59			222
TOTAL NET REVENUE (a)	$	2,683		$	2,398		$	2,612			$	2,520		$	2,483		12		8		$	5,081		$	4,876		4

Investment banking revenue, gross (d)	$	788		$	729		$	1,456			$	1,343		$	1,164		8		(32)		$	1,517		$	2,293		(34)

REVENUE BY CLIENT SEGMENT
Middle Market Banking	$	1,169		$	980		$	1,062			$	1,017		$	1,009		19		16		$	2,149		$	1,925		12
Corporate Client Banking	927			830			928				878			851			12		9		1,757			1,702			3
Commercial Real Estate Banking	590			581			614				602			599			2		(2)		1,171			1,203			(3)
Other	(3)			7			8				23			24			NM		NM		4			46			(91)
TOTAL NET REVENUE (a)	$	2,683		$	2,398		$	2,612			$	2,520		$	2,483		12		8		$	5,081		$	4,876		4

FINANCIAL RATIOS
ROE	15		%	13		%	19		%	(b)	22		%	23		%					14		%	21		%
Overhead ratio	43			47			41				41			40							45			40

(a)Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities and in entities established for rehabilitation of historic properties, as well as tax-exempt income related to municipal financing activities of $73 million, $69 million, $99 million, $80 million and $78 million for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively, and $142 million and $151 million for the six months ended June 30, 2022 and 2021, respectively.

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

(d)Refer to page 61 of the Firm’s 2021 Form 10-K for discussion of revenue sharing.

Page 18


JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q22 Change										2022 Change
	2Q22			1Q22			4Q21			3Q21			2Q21			1Q22		2Q21		2022			2021			2021
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	242,456		$	235,127		$	230,776		$	227,670		$	226,022		3	%	7	%	$	242,456		$	226,022		7	%
Loans:
Loans retained	223,541			213,073			206,220			201,283			200,929			5		11		223,541			200,929			11
Loans held-for-sale and loans at fair value	566			1,743			2,223			3,412			3,381			(68)		(83)		566			3,381			(83)
Total loans	$	224,107		$	214,816		$	208,443		$	204,695		$	204,310		4		10		$	224,107		$	204,310		10
Equity	25,000			25,000			24,000			24,000			24,000			—		4		25,000			24,000			4

Period-end loans by client segment
Middle Market Banking (a)	$	68,535		$	64,306		$	61,159		$	58,918		$	59,314		7		16		$	68,535		$	59,314		16
Corporate Client Banking	49,503			46,720			45,315			45,107			44,866			6		10		49,503			44,866			10
Commercial Real Estate Banking	105,982			103,685			101,751			100,458			99,858			2		6		105,982			99,858			6


Other	87			105			218			212			272			(17)		(68)		87			272			(68)
Total loans (a)	$	224,107		$	214,816		$	208,443		$	204,695		$	204,310		4		10		$	224,107		$	204,310		10

SELECTED BALANCE SHEET DATA (average)
Total assets	$	239,381		$	233,474		$	227,308		$	222,760		$	226,562		3		6		$	236,444		$	226,071		5
Loans:
Loans retained	218,478			208,540			201,676			199,789			202,102			5		8		213,536			203,127			5
Loans held-for-sale and loans at fair value	1,004			2,147			3,958			2,790			3,150			(53)		(68)		1,572			2,866			(45)
Total loans	$	219,482		$	210,687		$	205,634		$	202,579		$	205,252		4		7		$	215,108		$	205,993		4

Client deposits and other third-party liabilities	300,425			316,921			323,821			300,595			290,250			(5)		4		308,627			290,619			6
Equity	25,000			25,000			24,000			24,000			24,000			—		4		25,000			24,000			4

Average loans by client segment
Middle Market Banking	$	66,640		$	62,437		$	59,784		$	59,032		$	61,698		7		8		$	64,550		$	60,859		6
Corporate Client Banking	47,832			45,595			44,976			43,330			43,440			5		10		46,720			44,573			5
Commercial Real Estate Banking	104,890			102,498			100,682			100,120			99,864			2		5		103,701			100,260			3


Other	120			157			192			97			250			(24)		(52)		137			301			(54)
Total loans	$	219,482		$	210,687		$	205,634		$	202,579		$	205,252		4		7		$	215,108		$	205,993		4

Headcount	13,811			13,220			12,902			12,584			12,163			4		14		13,811			12,163			14

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	1		$	6		$	8		$	31		$	3		(83)		(67)		$	7		$	32		(78)
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (b)(c)	761			751			740			735			1,006			1		(24)		761			1,006			(24)
Nonaccrual loans held-for-sale and loans
at fair value	—			—			—			—			2			—		NM		—			2			NM
Total nonaccrual loans	761			751			740			735			1,008			1		(25)		761			1,008			(25)

Assets acquired in loan satisfactions	8			17			17			16			17			(53)		(53)		8			17			(53)
Total nonperforming assets	769			768			757			751			1,025			—		(25)		769			1,025			(25)
Allowance for credit losses:
Allowance for loan losses	2,602			2,357			2,219			2,354			2,589			10		1		2,602			2,589			1
Allowance for lending-related commitments	725			762			749			711			870			(5)		(17)		725			870			(17)
Total allowance for credit losses	3,327			3,119			2,968			3,065			3,459			7		(4)		3,327			3,459			(4)

Net charge-off/(recovery) rate (d)	—		%	0.01		%	0.02		%	0.06		%	0.01		%					0.01		%	0.03		%
Allowance for loan losses to period-end loans retained	1.16			1.11			1.08			1.17			1.29							1.16			1.29
Allowance for loan losses to nonaccrual loans retained (b)	342			314			300			320			257							342			257
Nonaccrual loans to period-end total loans	0.34			0.35			0.36			0.36			0.49							0.34			0.49

(a)At June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, total loans included $335 million, $640 million, $1.2 billion, $2.0 billion and $5.0 billion of loans, respectively, under the PPP, of which $306 million, $604 million, $1.1 billion, $1.9 billion and $4.9 billion were in Middle Market Banking. Refer to page 109 of the Firm’s 2021 Form 10-K for further information on the PPP.

(b)Allowance for loan losses of $74 million, $104 million, $124 million, $123 million and $188 million was held against nonaccrual loans retained at June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively.

(c)At June 30, 2022, March 31, 2022 and December 31, 2021, nonaccrual loans excluded PPP loans 90 or more days past due and insured by the SBA of $32 million, $50 million and $114 million, respectively. These amounts have been excluded based upon the SBA guarantee. There were no PPP loans 90 or more days past due in all other periods presented.

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

Page 19


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


	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q22 Change										2022 Change
	2Q22			1Q22			4Q21			3Q21			2Q21			1Q22		2Q21		2022			2021			2021
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	3,037		$	3,115		$	3,330		$	3,096		$	3,019		(3)	%	1	%	$	6,152		$	5,907		4	%
All other income	47			124			118			216			146			(62)		(68)		171			404			(58)
Noninterest revenue	3,084			3,239			3,448			3,312			3,165			(5)		(3)		6,323			6,311			—
Net interest income	1,222			1,076			1,025			988			942			14		30		2,298			1,873			23
TOTAL NET REVENUE	4,306			4,315			4,473			4,300			4,107			—		5		8,621			8,184			5

Provision for credit losses	44			154			(36)			(60)			(10)			(71)		NM		198			(131)			NM

NONINTEREST EXPENSE
Compensation expense	1,508			1,530			1,560			1,387			1,356			(1)		11		3,038			2,745			11
Noncompensation expense	1,411			1,330			1,437			1,375			1,230			6		15		2,741			2,415			13
TOTAL NONINTEREST EXPENSE	2,919			2,860			2,997			2,762			2,586			2		13		5,779			5,160			12

Income before income tax expense	1,343			1,301			1,512			1,598			1,531			3		(12)		2,644			3,155			(16)
Income tax expense (a)	339			293			387			402			375			16		(10)		632			739			(14)
NET INCOME (a)	$	1,004		$	1,008		$	1,125		$	1,196		$	1,156		—		(13)		$	2,012		$	2,416		(17)

REVENUE BY LINE OF BUSINESS
Asset Management	$	2,137		$	2,314		$	2,488		$	2,337		$	2,236		(8)		(4)		$	4,451		$	4,421		1
Global Private Bank	2,169			2,001			1,985			1,963			1,871			8		16		4,170			3,763			11
TOTAL NET REVENUE	$	4,306		$	4,315		$	4,473		$	4,300		$	4,107		—		5		$	8,621		$	8,184		5

FINANCIAL RATIOS
ROE	23		%	23		%	31		% (a)	33		%	32		%					23		%	34		%
Overhead ratio	68			66			67			64			63							67			63
Pretax margin ratio:
Asset Management	29			33			32			36			37							31			36
Global Private Bank	33			27			36			38			38							30			41
Asset & Wealth Management	31			30			34			37			37							31			39

Headcount	23,981			23,366			22,762			22,051			20,866			3		15		23,981			20,866			15

Number of Global Private Bank client advisors	2,866			2,798			2,738			2,646			2,435			2		18		2,866			2,435			18

Page 20


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

	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q22 Change										2022 Change
	2Q22			1Q22			4Q21			3Q21			2Q21			1Q22		2Q21		2022			2021			2021
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	235,553		$	233,070		$	234,425		$	221,702		$	217,284		1	%	8	%	$	235,553		$	217,284		8	%
Loans	218,841			215,130			218,271			202,871			198,683			2		10		218,841			198,683			10
Deposits	257,437			287,293			282,052			242,309			217,488			(10)		18		257,437			217,488			18
Equity	17,000			17,000			14,000			14,000			14,000			—		21		17,000			14,000			21

SELECTED BALANCE SHEET DATA (average)
Total assets	$	234,565		$	232,310		$	227,597		$	219,022		$	214,384		1		9		$	233,444		$	210,963		11
Loans	216,846			214,611			209,169			200,635			195,171			1		11		215,735			191,966			12
Deposits	268,861			287,756			264,580			229,710			219,699			(7)		22		278,256			213,167			31
Equity	17,000			17,000			14,000			14,000			14,000			—		21		17,000			14,000			21

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	9		$	(1)		$	4		$	(1)		$	12		NM		(25)		$	8		$	23		(65)
Nonaccrual loans	620			626			708			686			792			(1)		(22)		620			792			(22)
Allowance for credit losses:
Allowance for loan losses	547			516			365			402			458			6		19		547			458			19
Allowance for lending-related commitments	22			19			18			20			25			16		(12)		22			25			(12)
Total allowance for credit losses	569			535			383			422			483			6		18		569			483			18
Net charge-off/(recovery) rate	0.02		%	—		%	0.01		%	—		%	0.02		%					0.01		%	0.02		%
Allowance for loan losses to period-end loans	0.25			0.24			0.17			0.20			0.23							0.25			0.23
Allowance for loan losses to nonaccrual loans	88			82			52			59			58							88			58
Nonaccrual loans to period-end loans	0.28			0.29			0.32			0.34			0.40							0.28			0.40

Page 21


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


											Jun 30, 2022
											Change				SIX MONTHS ENDED JUNE 30,
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Jun 30,						2022 Change
CLIENT ASSETS	2022		2022		2021		2021		2021		2022		2021		2022		2021		2021
Assets by asset class
Liquidity	$	654	$	657	$	708	$	685	$	698	—	%	(6)	%	$	654	$	698	(6)	%
Fixed income	624		657		693		695		688		(5)		(9)		624		688		(9)
Equity	641		739		779		725		725		(13)		(12)		641		725		(12)
Multi-asset	615		699		732		702		702		(12)		(12)		615		702		(12)
Alternatives	209		208		201		189		174		—		20		209		174		20
TOTAL ASSETS UNDER MANAGEMENT	2,743		2,960		3,113		2,996		2,987		(7)		(8)		2,743		2,987		(8)
Custody/brokerage/administration/deposits	1,055		1,156		1,182		1,100		1,057		(9)		—		1,055		1,057		—
TOTAL CLIENT ASSETS (a)	$	3,798	$	4,116	$	4,295	$	4,096	$	4,044	(8)		(6)		$	3,798	$	4,044	(6)


Assets by client segment
Private Banking	$	712	$	777	$	805	$	773	$	752	(8)		(5)		$	712	$	752	(5)
Global Institutional	1,294		1,355		1,430		1,375		1,383		(5)		(6)		1,294		1,383		(6)
Global Funds	737		828		878		848		852		(11)		(13)		737		852		(13)
TOTAL ASSETS UNDER MANAGEMENT	$	2,743	$	2,960	$	3,113	$	2,996	$	2,987	(7)		(8)		$	2,743	$	2,987	(8)

Private Banking	$	1,715	$	1,880	$	1,931	$	1,817	$	1,755	(9)		(2)		$	1,715	$	1,755	(2)
Global Institutional	1,339		1,402		1,479		1,425		1,430		(4)		(6)		1,339		1,430		(6)
Global Funds	744		834		885		854		859		(11)		(13)		744		859		(13)
TOTAL CLIENT ASSETS (a)	$	3,798	$	4,116	$	4,295	$	4,096	$	4,044	(8)		(6)		$	3,798	$	4,044	(6)

Assets under management rollforward
Beginning balance	$	2,960	$	3,113	$	2,996	$	2,987	$	2,833					$	3,113	$	2,716
Net asset flows:
Liquidity	—		(52)		20		(11)		15						(52)		59
Fixed income	(1)		(3)		—		11		17						(4)		25
Equity	9		11		18		16		20						20		51
Multi-asset	(3)		6		6		3		2						3		8
Alternatives	1		5		10		3		10						6		13
Market/performance/other impacts	(223)		(120)		63		(13)		90						(343)		115
Ending balance	$	2,743	$	2,960	$	3,113	$	2,996	$	2,987					$	2,743	$	2,987

Client assets rollforward
Beginning balance	$	4,116	$	4,295	$	4,096	$	4,044	$	3,828					$	4,295	$	3,652
Net asset flows	(1)		(5)		109		75		75						(6)		205
Market/performance/other impacts	(317)		(174)		90		(23)		141						(491)		187
Ending balance	$	3,798	$	4,116	$	4,295	$	4,096	$	4,044					$	3,798	$	4,044

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

Page 22


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

	QUARTERLY TRENDS															SIX MONTHS ENDED JUNE 30,
												2Q22 Change									2022 Change
	2Q22			1Q22		4Q21		3Q21		2Q21		1Q22		2Q21		2022			2021		2021
INCOME STATEMENT
REVENUE
Principal transactions	$	17		$	(161)	$	26	$	(103)	$	(8)	NM		NM		$	(144)		$	264	NM
Investment securities gains/(losses)	(153)			(394)		52		(256)		(155)		61	%	1	%	(547)			(141)		(288)	%
All other income	(108)			210		58		117		(45)		NM		(140)		102			51		100
Noninterest revenue	(244)			(345)		136		(242)		(208)		29		(17)		(589)			174		NM
Net interest income	324			(536)		(681)		(1,054)		(961)		NM		NM		(212)			(1,816)		88
TOTAL NET REVENUE (a)	80			(881)		(545)		(1,296)		(1,169)		NM		NM		(801)			(1,642)		51

Provision for credit losses	28			29		23		(7)		49		(3)		(43)		57			65		(12)

NONINTEREST EXPENSE	206			184		251		160		515		12		(60)		390			1,391		(72)
Income/(loss) before income tax expense/(benefit)	(154)			(1,094)		(819)		(1,449)		(1,733)		86		91		(1,248)			(3,098)		60
Income tax expense/(benefit) (b)	20			(238)		(169)		(533)		(438)		NM		NM		(218)			(951)		77
NET INCOME/(LOSS) (b)	$	(174)		$	(856)	$	(650)	$	(916)	$	(1,295)	80		87		$	(1,030)		$	(2,147)	52

MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	82			(944)		(480)		(1,198)		(1,081)		NM		NM		(862)			(1,786)		52

Other Corporate	(2)			63		(65)		(98)		(88)		NM		98		61			144		(58)
TOTAL NET REVENUE	$	80		$	(881)	$	(545)	$	(1,296)	$	(1,169)	NM		NM		$	(801)		$	(1,642)	51

NET INCOME/(LOSS)
Treasury and CIO	88			(748)		(428)		(998)		(956)		NM		NM		(660)			(1,631)		60

Other Corporate (b)	(262)			(108)		(222)		82		(339)		(143)		23		(370)			(516)		28
TOTAL NET INCOME/(LOSS) (b)	$	(174)		$	(856)	$	(650)	$	(916)	$	(1,295)	80		87		$	(1,030)		$	(2,147)	52

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,459,528		$	1,539,844	$	1,518,100	$	1,459,283	$	1,382,653	(5)		6		$	1,459,528		$	1,382,653	6
Loans	2,187			1,957		1,770		1,697		1,530		12		43		2,187			1,530		43
Deposits	13,191		(e)	1,434		396		546		372		NM		NM		13,191		(e)	372		NM


Headcount	40,348			39,802		38,952		38,302		37,520		1		8		40,348			37,520		8

SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains/(losses)	$	(153)		$	(394)	$	52	$	(256)	$	(155)	61		1		$	(547)		$	(141)	(288)
Available-for-sale securities (average)	252,121			304,314		290,590		223,747		342,338		(17)		(26)		278,073			357,307		(22)
Held-to-maturity securities (average) (c)	418,843			364,814		349,989		339,544		240,696		15		74		391,978			224,417		75
Investment securities portfolio (average)	$	670,964		$	669,128	$	640,579	$	563,291	$	583,034	—		15		$	670,051		$	581,724	15
Available-for-sale securities (period-end)	220,213			310,909		306,352		249,484		230,127		(29)		(4)		220,213			230,127		(4)
Held-to-maturity securities, net of allowance for credit losses (period-end) (c)	441,649			366,585		363,707		343,542		341,476		20		29		441,649			341,476		29
Investment securities portfolio, net of allowance for credit losses (period-end) (d)	$	661,862		$	677,494	$	670,059	$	593,026	$	571,603	(2)		16		$	661,862		$	571,603	16

(a)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $60 million, $58 million, $60 million, $64 million and $66 million for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively, and $118 million and $133 million for the six months ended June 30, 2022 and 2021, respectively.

(c)During 2022 and 2021, the Firm transferred $73.2 billion and $104.5 billion of investment securities, respectively, from AFS to HTM for capital management purposes.

(d)At June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, the allowance for credit losses on investment securities was $47 million, $41 million, $42 million, $73 million and $87 million, respectively.

(e)Predominantly relates to international consumer growth initiatives.

Page 23


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
														Jun 30, 2022
														Change
	Jun 30,		Mar 31,		Dec 31,			Sep 30,			Jun 30,			Mar 31,		Jun 30,
	2022		2022		2021			2021			2021			2022		2021
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained	$	302,631	$	296,161	$	295,556		$	298,308		$	297,731		2	%	2	%
Loans held-for-sale and loans at fair value	14,581		16,328		27,750			29,856			31,954			(11)		(54)
Total consumer, excluding credit card loans	317,212		312,489		323,306			328,164			329,685			2		(4)

Credit card loans
Loans retained	165,494		152,283		154,296			143,166			141,079			9		17
Loans held-for-sale	—		—		—			—			723			—		NM
Total credit card loans	165,494		152,283		154,296			143,166			141,802			9		17
Total consumer loans	482,706		464,772		477,602			471,330			471,487			4		2

Wholesale loans (b)
Loans retained	584,265		569,953		560,354			532,786			524,855			3		11
Loans held-for-sale and loans at fair value	37,184		38,560		39,758			40,499			44,612			(4)		(17)
Total wholesale loans	621,449		608,513		600,112			573,285			569,467			2		9

Total loans	1,104,155		1,073,285		1,077,714			1,044,615			1,040,954			3		6
Derivative receivables	81,317		73,636		57,081			67,908			66,320		(g)	10		23
Receivables from customers (c)	58,349		68,473		59,645			58,752			59,609			(15)		(2)
Total credit-related assets	1,243,821		1,215,394		1,194,440			1,171,275			1,166,883			2		7

Lending-related commitments
Consumer, excluding credit card	40,484		47,103		45,334			56,684			56,875			(14)		(29)
Credit card (d)	774,021		757,283		730,534			710,610			682,531			2		13
Wholesale	487,500		497,232		486,445		(g)	499,236		(g)	502,616			(2)		(3)
Total lending-related commitments	1,302,005		1,301,618		1,262,313			1,266,530			1,242,022			—		5

Total credit exposure	$	2,545,826	$	2,517,012	$	2,456,753		$	2,437,805		$	2,408,905		1		6

Memo: Total by category
Consumer exposure (e)	$	1,297,211	$	1,269,158	$	1,253,470		$	1,238,624		$	1,210,893		2		7
Wholesale exposure (f)	1,248,615		1,247,854		1,203,283			1,199,181			1,198,012			—		4
Total credit exposure	$	2,545,826	$	2,517,012	$	2,456,753		$	2,437,805		$	2,408,905		1		6

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

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

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

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

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

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

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

Page 24


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

																Jun 30, 2022
																Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,		Jun 30,
	2022			2022			2021			2021			2021			2022		2021
NONPERFORMING ASSETS (a)(b)
Consumer nonaccrual loans
Loans retained	$	4,186		$	4,485		$	4,878		$	4,911		$	5,183		(7)	%	(19)	%
Loans held-for-sale and loans at fair value	486			525			472			440			475			(7)		2
Total consumer nonaccrual loans	4,672			5,010			5,350			5,351			5,658			(7)		(17)

Wholesale nonaccrual loans
Loans retained	2,083			2,289			2,054			2,084			2,698			(9)		(23)
Loans held-for-sale and loans at fair value	407			459			391			808			716			(11)		(43)
Total wholesale nonaccrual loans	2,490			2,748			2,445			2,892			3,414			(9)		(27)

Total nonaccrual loans (c)	7,162			7,758			7,795			8,243			9,072			(8)		(21)

Derivative receivables	447			597			316			393			481			(25)		(7)
Assets acquired in loan satisfactions	236			250			235			246			249			(6)		(5)
Total nonperforming assets	7,845			8,605			8,346			8,882			9,802			(9)		(20)
Wholesale lending-related commitments (d)	397			767			764			641			851			(48)		(53)
Total nonperforming exposure	$	8,242		$	9,372		$	9,110		$	9,523		$	10,653		(12)		(23)

NONACCRUAL LOAN-RELATED RATIOS (b)
Total nonaccrual loans to total loans	0.65		%	0.72		%	0.72		%	0.79		%	0.87		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	1.47			1.60			1.65			1.63			1.72
Total wholesale nonaccrual loans to total
wholesale loans	0.40			0.45			0.41			0.50			0.60

(a)At June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, nonperforming assets excluded: (1) mortgage loans 90 or more days past due and insured by U.S. government agencies of $453 million, $598 million, $623 million, $644 million and $713 million, respectively; and (2) real estate owned (“REO”) insured by U.S. government agencies of $8 million, $6 million, $5 million, $5 million and $7 million, respectively. The amount of mortgage loans 90 or more days past due and insured by U.S. government agencies excluded at June 30, 2021 has been revised to conform with the current presentation. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance. Refer to Note 12 of the Firm’s 2021 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.

(b)At June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, nonperforming assets excluded PPP loans 90 or more days past due and insured by the SBA of $119 million, $236 million, $633 million and $5 million, respectively. These amounts have been excluded based upon the SBA guarantee. There were no PPP loans 90 or more days past due at June 30, 2021.

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

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

Page 25


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

	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q22 Change										2022 Change
	2Q22			1Q22			4Q21			3Q21			2Q21			1Q22		2Q21		2022			2021			2021
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	17,192		$	16,386		$	18,150		$	19,500		$	23,001		5	%	(25)	%	$	16,386		$	28,328		(42)	%
Net charge-offs:
Gross charge-offs	1,036			976			968			940			1,188			6		(13)		2,012			2,656			(24)
Gross recoveries collected	(379)			(394)			(418)			(416)			(454)			4		17		(773)			(865)			11
Net charge-offs	657			582			550			524			734			13		(10)		1,239			1,791			(31)
Provision for loan losses	1,230			1,368			(1,214)			(819)			(2,759)			(10)		NM		2,598			(7,038)			NM
Other	(15)			20			—			(7)			(8)			NM		(88)		5			1			400
Ending balance	$	17,750		$	17,192		$	16,386		$	18,150		$	19,500		3		(9)		$	17,750		$	19,500		(9)

ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	2,358		$	2,261		$	2,305		$	2,998		$	2,516		4		(6)		$	2,261		$	2,409		(6)
Provision for lending-related commitments	(135)			96			(43)			(694)			481			NM		NM		(39)			588			NM
Other	(1)			1			(1)			1			1			NM		NM		—			1			NM
Ending balance	$	2,222		$	2,358		$	2,261		$	2,305		$	2,998		(6)		(26)		$	2,222		$	2,998		(26)

ALLOWANCE FOR INVESTMENT SECURITIES	$	47		$	41		$	42		$	73		$	87		15		(46)		$	47		$	87		(46)

Total allowance for credit losses	$	20,019		$	19,591		$	18,689		$	20,528		$	22,585		2		(11)		$	20,019		$	22,585		(11)

NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans	0.04		%	0.06		%	0.04		%	(0.01)		%	(0.04)		%					0.05		%	(0.01)		%
Credit card retained loans	1.47			1.37			1.28			1.39			2.24							1.42			2.60
Total consumer retained loans	0.53			0.50			0.45			0.44			0.67							0.52			0.80
Wholesale retained loans	0.03			0.02			0.03			0.03			0.01							0.03			0.02
Total retained loans	0.25			0.24			0.22			0.21			0.31							0.24			0.38

Memo: Average retained loans
Consumer retained, excluding credit card loans	$	299,649		$	295,460		$	296,423		$	298,019		$	298,823		1		—		$	297,566		$	300,430		(1)
Credit card retained loans	158,434			149,398			148,471			141,371			135,430			6		17		153,941			134,796			14
Total average retained consumer loans	458,083			444,858			444,894			439,390			434,253			3		5		451,507			435,226			4
Wholesale retained loans	577,850			559,395			541,183			528,979			519,902			3		11		568,673			517,892			10
Total average retained loans	$	1,035,933		$	1,004,253		$	986,077		$	968,369		$	954,155		3		9		$	1,020,180		$	953,118		7

Page 26


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

																Jun 30, 2022
																Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,		Jun 30,
	2022			2022			2021			2021			2021			2022		2021
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	(676)		$	(644)		$	(665)		$	(571)		$	(557)		(5)	%	(21)	%
Portfolio-based	2,605			2,538			2,430			2,445			2,455			3		6
Total consumer, excluding credit card	1,929			1,894			1,765			1,874			1,898			2		2
Credit card
Asset-specific (b)	227			262			313			383			443			(13)		(49)
Portfolio-based	10,173			9,988			9,937			11,267			12,057			2		(16)
Total credit card	10,400			10,250			10,250			11,650			12,500			1		(17)
Total consumer	12,329			12,144			12,015			13,524			14,398			2		(14)
Wholesale
Asset-specific (c)	332			485			263			357			488			(32)		(32)
Portfolio-based	5,089			4,563			4,108			4,269			4,614			12		10
Total wholesale	5,421			5,048			4,371			4,626			5,102			7		6
Total allowance for loan losses	17,750			17,192			16,386			18,150			19,500			3		(9)
Allowance for lending-related commitments	2,222			2,358			2,261			2,305			2,998			(6)		(26)
Allowance for investment securities	47			41			42			73			87			15		(46)
Total allowance for credit losses	$	20,019		$	19,591		$	18,689		$	20,528		$	22,585		2		(11)

CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	0.64		%	0.64		%	0.60		%	0.63		%	0.64		%
Credit card allowance to total credit card retained loans	6.28			6.73			6.64			8.14			8.86
Wholesale allowance to total wholesale retained loans	0.93			0.89			0.78			0.87			0.97
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (d)	0.99			0.95			0.84			0.93			1.05
Total allowance to total retained loans	1.69			1.69			1.62			1.86			2.02
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (e)	46			42			36			38			37
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (e)	117			102			89			93			89
Wholesale allowance to wholesale retained nonaccrual loans	260			221			213			222			189
Total allowance to total retained nonaccrual loans	283			254			236			259			247

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

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

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

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

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

Page 27

JPMORGAN CHASE & CO.

NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

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

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

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

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

(e)In addition to reviewing net interest income (“NII”), net yield, and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding CIB Markets (“Markets”, which is composed of Fixed Income Markets and Equity Markets), as shown below. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income.These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For additional information on Markets revenue, refer to page 70 of the Firm’s 2021 Form 10-K.



	QUARTERLY TRENDS																			SIX MONTHS ENDED JUNE 30,
																2Q22 Change										2022 Change
(in millions, except rates)	2Q22			1Q22			4Q21			3Q21			2Q21			1Q22		2Q21		2022			2021			2021

Net interest income - reported	$	15,128		$	13,872		$	13,601		$	13,080		$	12,741		9	%	19	%	$	29,000		$	25,630		13	%
Fully taxable-equivalent adjustments	103			98			108			104			109			5		(6)		201			218			(8)
Net interest income - managed basis (a)	$	15,231		$	13,970		$	13,709		$	13,184		$	12,850		9		19		$	29,201		$	25,848		13
Less: Markets net interest income	1,549			2,218			2,066			1,967			1,987			(30)		(22)		3,767			4,210			(11)
Net interest income excluding Markets (a)	$	13,682		$	11,752		$	11,643		$	11,217		$	10,863		16		26		$	25,434		$	21,638		18

Average interest-earning assets	$	3,385,894		$	3,401,951		$	3,337,855		$	3,219,786		$	3,177,195		—		7		$	3,393,879		$	3,152,022		8
Less: Average Markets interest-earning assets	957,304			963,845			908,093			894,892			882,848			(1)		8		960,556			874,764			10
Average interest-earning assets excluding Markets	$	2,428,590		$	2,438,106		$	2,429,762		$	2,324,894		$	2,294,347		—		6		$	2,433,323		$	2,277,258		7

Net yield on average interest-earning assets - managed basis	1.80		%	1.67		%	1.63		%	1.62		%	1.62		%					1.74		%	1.65		%
Net yield on average Markets interest-earning assets	0.65			0.93			0.90			0.87			0.90							0.79			0.97
Net yield on average interest-earning assets excluding Markets	2.26			1.95			1.90			1.91			1.90							2.11			1.92

Noninterest revenue - reported	$	15,587		$	16,845		$	15,656		$	16,567		$	17,738		(7)		(12)		$	32,432		$	37,115		(13)
Fully taxable-equivalent adjustments	812			775			984			690			807			5		1		1,587			1,551			2
Noninterest revenue - managed basis	$	16,399		$	17,620		$	16,640		$	17,257		$	18,545		(7)		(12)		$	34,019		$	38,666		(12)
Less: Markets noninterest revenue	6,241			6,535			3,222			4,302			4,800			(4)		30		12,776			11,627			10
Noninterest revenue excluding Markets	$	10,158		$	11,085		$	13,418		$	12,955		$	13,745		(8)		(26)		$	21,243		$	27,039		(21)

Memo: Markets total net revenue	$	7,790		$	8,753		$	5,288		$	6,269		$	6,787		(11)		15		$	16,543		$	15,837		4

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

Page 28