JPMORGAN CHASE & CO
For the period ended Mar 31, 2024. Filed May 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 1, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly report pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
| For the quarterly period ended | Commission file | |
|---|---|---|
| March 31, 2024 | number | 1-5805 |
(Exact name of registrant as specified in its charter)
| Delaware | 13-2624428 | ||
|---|---|---|---|
| (State or other jurisdiction ofincorporation or organization) | (I.R.S. employeridentification 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
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 |
| Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLC | AMJB | NYSE Arca, Inc. |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| 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. ☐ | |||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐ Yes ☒ No
Number of shares of common stock outstanding as of March 31, 2024:2,871,667,879
FORM 10-Q
TABLE OF CONTENTS
| Part I – Financial information | Page | |
|---|---|---|
| Item 1. · Financial Statements. | ||
| Consolidated Financial Statements – JPMorgan Chase & Co.: | ||
| Consolidated statements of income (unaudited) for the three months ended March 31, 2024 and 2023 | 83 | |
| Consolidated statements of comprehensive income (unaudited) for the three months ended March 31, 2024 and 2023 | 84 | |
| Consolidated balance sheets (unaudited) at March 31, 2024 and December 31, 2023 | 85 | |
| Consolidated statements of changes in stockholders’ equity (unaudited) for the three months ended March 31, 2024 and 2023 | 86 | |
| Consolidated statements of cash flows (unaudited) for the three months ended March 31, 2024 and 2023 | 87 | |
| Notes to Consolidated Financial Statements (unaudited) | 88 | |
| Report of Independent Registered Public Accounting Firm | 174 | |
| Consolidated Average Balance Sheets, Interest and Rates (unaudited) for the three months ended March 31, 2024 and 2023 | 175 | |
| Glossary of Terms and Acronyms and Line of Business Metrics | 176 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. | |
| Consolidated Financial Highlights | 3 | |
| Introduction | 4 | |
| Executive Overview | 5 | |
| Consolidated Results of Operations | 10 | |
| Consolidated Balance Sheets and Cash Flows Analysis | 13 | |
| Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures | 16 | |
| Business Segment Results | 18 | |
| Firmwide Risk Management | 37 | |
| Capital Risk Management | 38 | |
| Liquidity Risk Management | 44 | |
| Consumer Credit Portfolio | 54 | |
| Wholesale Credit Portfolio | 58 | |
| Investment Portfolio Risk Management | 70 | |
| Market Risk Management | 71 | |
| Country Risk Management | 77 | |
| Critical Accounting Estimates Used by the Firm | 78 | |
| Accounting and Reporting Developments | 81 | |
| Forward-Looking Statements | 82 | |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk. | 185 |
| Item 4. | Controls and Procedures. | 185 |
| Part II – Other information | ||
| Item 1. | Legal Proceedings. | 185 |
| Item 1A. | Risk Factors. | 185 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. | 185 |
| Item 3. | Defaults Upon Senior Securities. | 186 |
| Item 4. | Mine Safety Disclosures. | 186 |
| Item 5. | Other Information. | 186 |
| Item 6. | Exhibits. | 187 |
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