JPMORGAN CHASE & CO
For the period ended Mar 31, 2025. Filed May 1, 2025.
View on SEC.govAbout this filing
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, 2025 · Filed May 1, 2025
JPM$334.49-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-10-30.
0000019617-24-000611
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsIntroductionExecutive OverviewConsolidated Results of OperationsConsolidated Balance Sheets and Cash Flows AnalysisExplanation and Reconciliation of the Firm’s Use of Non-GAAP Financial MeasuresBusiness Segment ResultsFirmwide Risk ManagementCapital Risk ManagementLiquidity Risk ManagementConsumer Credit PortfolioWholesale Credit PortfolioInvestment Portfolio Risk ManagementMarket Risk ManagementCountry Risk ManagementCritical Accounting Estimates Used by the FirmAccounting and Reporting DevelopmentsForward-Looking StatementsConsolidated balance sheets (unaudited) at September 30, 2024 and December 31, 2023Consolidated statements of cash flows (unaudited) for the nine months ended September 30, 2024 and 2023Notes to Consolidated Financial Statements (unaudited)Current report: 10-Q
Period ended 2025-03-31; filed 2025-05-01.
0000019617-25-000421
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsIntroductionExecutive OverviewConsolidated Results of OperationsConsolidated Balance Sheets and Cash Flows AnalysisExplanation and Reconciliation of the Firm’s Use of Non-GAAP Financial MeasuresBusiness Segment & Corporate ResultsFirmwide Risk ManagementCapital Risk ManagementLiquidity Risk ManagementConsumer Credit PortfolioWholesale Credit PortfolioAllowance for Credit LossesInvestment Portfolio Risk ManagementMarket Risk ManagementCountry Risk ManagementCritical Accounting Estimates Used by the FirmAccounting and Reporting DevelopmentsForward-Looking StatementsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 1723 previous paragraphs and 805 current paragraphs.
350 unchanged; 309 reworded; 131 added; 1016 removed; 48 previous and 15 current paragraphs rearranged.
Tables are not compared: 238 previous and 91 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (131)
Current report
First Republic-related gain: On January 17, 2025, the Firm reached an agreement with the FDIC with respect to certain outstanding items related to the First Republic acquisition. As a result of the agreement, the Firm made a payment of $609 million to the FDIC on January 31, 2025 and reduced its additional payable to the FDIC, which resulted in a gain of $588 million recorded in other income in the first quarter of 2025. Refer to Note 5 of this Form 10-Q and Note 34 on pages 319-321 of the Firm’s 2024 Form 10-K for additional information.
Current report
For the first quarter of 2025, JPMorganChase reported net income of $14.6 billion, up 9%, earnings per share of $5.07, ROE of 18% and ROTCE of 21%. The Firm's results included a $588 million First Republic-related gain in Corporate.
Current report
•Total net revenue was $45.3 billion, up 8%, reflecting:
Current report
In the prior year, the provision was $1.9 billion, net charge-offs were $2.0 billion and the net reduction in the allowance for credit losses was $72 million.
Current report
–growth in balances in new and existing client accounts in AWM,
Current report
–a decline in CCB primarily driven by a decrease in balances in existing accounts due to migration into higher-yielding investments and increased customer spending.
Current report
Refer to Liquidity Risk Management on pages 40-46 for additional information.
Current report
•TBVPS grew 13%, ending the first quarter of 2025 at $100.36.
Current report
(c)On January 1, 2025, $5.6 billion of loans were realigned from Global Corporate Banking to Fixed Income Markets.
Current report
In April 2025, a Texas federal district court granted a joint request by the Consumer Financial Protection Bureau ("CFPB") and trade organizations to vacate the CFPB Late Fee Rule. Also in April 2025, Congress passed a resolution of disapproval overturning the CFPB Overdraft Rule that is expected to be signed into law by the President.
Current report
Refer to the Supervision and regulation section on pages 2–7 of JPMorganChase’s 2024 Form 10-K for additional information on the CFPB Late Fee Rule and the CFPB Overdraft Rule.
Current report
•higher debt underwriting fees predominantly driven by elevated refinancing activity, particularly in leveraged finance, and
Current report
•lower equity underwriting fees as challenging market conditions resulted in lower fees.
Current report
Principal transactions revenue increased, reflecting in CIB:
Current report
•higher Equity Markets revenue, particularly in Equity Derivatives, and
Current report
•higher Fixed Income Markets revenue, reflecting higher revenue in Rates, predominantly offset by lower revenue in Currencies & Emerging Markets, and Securitized Products.
Current report
Lending- and deposit-related fees increased due to:
Current report
•a reduction in client credits applied to deposit-related fees as well as increased volumes resulting in higher cash management fees in Payments,
Current report
Refer to CIB and AWM segment results on pages 22-26 and pages 27-29, respectively, and Note 5 for additional information.
Current report
Card income was flat, reflecting, primarily in CCB, lower net interchange income and an increase in amortization related to new account origination costs, offset by higher annual fees. Refer to CCB segment results on pages 19-21 and Note 5 for additional information.
Current report
•a $588 million First Republic-related gain in Corporate, and
Current report
•higher auto operating lease income due to an increase in origination volume in CCB.
Current report
Refer to CCB and Corporate results on pages 19-21 and pages 30-31, respectively, for additional information; and Note 5 for additional information on the First Republic-related gain.
Current report
The provision for credit losses was $3.3 billion. Net charge-offs were $2.3 billion and the net addition to the allowance for credit losses was $973 million.
Current report
The net addition to the allowance for credit losses was largely driven by changes in the weighted-average macroeconomic outlook, and consisted of:
Current report
•$549 million inwholesale, which also reflected changes in credit quality on client-specific exposures and the impact of new lending-related commitments, and
Current report
In the prior year, the provision was $1.9 billion, net charge-offs were $2.0 billion and the net reduction in the allowance for credit losses was $72 million.
Current report
•higher legal expense, particularly in CIB, largely due to the absence of a legal benefit from the prior year,
Current report
•higher brokerage expense in CIB and higher distribution fees in AWM,
Current report
•higher occupancy expense, higher operating losses, largely in CCB, and higher depreciation expense on higher auto lease assets.
Current report
•higher wholesale loans, predominantly in Markets, associated with higher client demand,
Current report
•a reduction in Card Services due to the impact of seasonality, and
Current report
Theallowance for loan losses increased, reflecting a net addition to the allowance for loan losses of $863 million, largely driven by changes in the weighted-average macroeconomic outlook, and consisted of:
Current report
•$451 million inconsumer, predominantly driven by Card Services, and
Current report
•$412 million inwholesale, which also reflected changes in credit quality on client-specific exposures.
Current report
Goodwill, MSRs and other intangible assets: refer to Note 14 for additional information.
Current report
•an increase in CIB predominantly due to net inflows related to client-driven activities in Securities Services and Payments,
Current report
•an increase in CCB primarily driven by new accounts, and
Showing the first 40 of 131 passages. Open the source sections for the rest.
Removed paragraphs (1016)
Previous report
First Republic: On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (the “First Republic acquisition”) from the Federal Deposit Insurance Corporation (“FDIC”). References in this Form 10-Q to "associated with First Republic," "impact of First Republic" or similar expressions refer to the relevant effects of the First Republic acquisition, as well as subsequent related business and activities, as applicable. Refer to Note 26 for additional information.
Previous report
(a)The ratios reflect the CECL capital transition provisions. Refer to Note 21 of this Form 10-Q and Note 27 of JPMorgan Chase’s 2023 Form 10-K for additional information.
Previous report
For the third quarter of 2024, JPMorgan Chase reported net income of $12.9 billion, down 2%, earnings per share of $4.37, ROE of 16% and ROTCE of 19%.
Previous report
•Total net revenue was $42.7 billion, up 7%, reflecting:
Previous report
•Theprovision for credit losses was $3.1 billion, reflecting $2.1 billion of net charge-offs and a net addition to the allowance for credit losses of $1.0 billion. Net charge-offs increased by $590 million, predominantly driven by the seasoning of newer vintages and continued credit normalization in Card Services. The net addition to the allowance for credit losses included $882 million in consumer, driven by Card Services, and $144 million inwholesale.
Previous report
The provision in the prior year was $1.4 billion, reflecting $1.5 billion of net charge-offs and a $113 million net reduction in the allowance for credit losses.
Previous report
–the impact of new and existing product offerings in AWM, and
Previous report
–higher balances in Corporate related to the Firm's international consumer initiatives,
Previous report
–a decline in CCB in existing accounts primarily due to increased customer spending.
Previous report
Refer to Liquidity Risk Management on pages 50-57 for additional information.
Previous report
•TBVPS grew 18%, ending the third quarter of 2024 at $96.42.
Previous report
(d)In the fourth quarter of 2023, CCB transferred certain deposits associated with First Republic to AWM and CIB.
Previous report
•On October 17, 2024, JPMorgan Chase announced that Brad D. Smith, 60, had been elected as a director of the Firm, effective January 21, 2025. Mr. Smith is the President of Marshall University and served as Chief Executive Officer of Intuit from 2008 to 2018.
Previous report
On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (the "First Republic acquisition") from the FDIC, as receiver.
Previous report
The Firm continues to progress in the conversion of operations, and the integration of clients, products and services, associated with the First Republic acquisition to align with the Firm’s businesses and operations. The Firm expects that these actions will be substantially complete by the end of 2024.
Previous report
Visa shares: On April 8, 2024, Visa Inc. commenced an initial exchange offer for its Class B-1 common shares. On May 6, 2024, the Firm announced that Visa had accepted the Firm’s tender of its 37.2 million Visa Class B-1 common shares in exchange for a combination of Visa Class B-2 common shares and Visa Class C common shares (“Visa C shares”), resulting in a $7.9 billion net gain on the share exchange recorded in the second quarter of 2024. As of September 30, 2024, the Firm had disposed of all of its Visa C shares through sales and through a donation to the Firm’s Foundation. Refer to Market Risk Management on pages 77-82, and Notes 2 and 5 for additional information.
Previous report
First Republic: JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC on May 1, 2023. As a result, the year-to-date results include the nine-month impact of First Republic compared with five months in the prior-year period. Where meaningful to the results, this is referred to in this Form 10-Q as the "timing impact" of First Republic. Refer to Notes 5 and 26 for additional information.
Previous report
(b)Effective January 1, 2024, as a result of adopting updates to the Accounting for Investments in Tax Credit Structures guidance, the amortization of certain of the Firm’s alternative energy tax-oriented investments that was previously recognized in other income is now being recognized in income tax expense. Refer to Notes 1, 5 and 13 for additional information.
Previous report
(c) Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Notes 2 and 5 for additional information.
Previous report
(d) Included the estimated bargain purchase gain of $2.8 billion for the nine months ended September 30, 2023 associated with the First Republic acquisition. Refer to Notes 5 and 26 for additional information.
Previous report
•higher debt underwriting fees predominantly driven by higher industry-wide issuances in high-grade and high-yield bonds, as well as wallet share gains in investment-grade loans,
Previous report
•higher equity underwriting fees driven by increased industry-wide fees in follow-on offerings and wallet share gains in convertible securities offerings.
Previous report
Principal transactions revenue decreased driven by:
Previous report
•lower Fixed Income Markets revenue across most businesses, and
Previous report
•a loss of $109 million in Credit Adjustments & Other in CIB, compared with a loss of $61 million in the prior year,
Previous report
•higher Equity Markets revenue in Prime Finance and Equity Derivatives.
Previous report
The decrease in principal transactions revenue also included lower revenue in Treasury and CIO.
Previous report
Refer to CIBand Corporate segment results on pages 27-34 and pages 40-42, respectively, and Note 5 for additional information.
Previous report
Lending- and deposit-related fees decreased driven by:
Previous report
•a decline in the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic in AWM, and to a lesser extent in CIB,
Previous report
•higher other lending- and deposit-related fees in CIB.
Previous report
Refer to CIB and AWM segment results on pages 27-34 and pages 35-39, respectively, and Note 5 for additional information.
Previous report
Refer to CCB segment results on pages 22-26 and Note 14 for information onmortgage fees and related income.
Previous report
Card income increased in CCB, reflecting higher annual fees, and higher net interchange on increased debit and credit card sales volume, partially offset by an increase inamortization related to new account origination costs. Refer to CCB segment results on pages 22-26 and Note 5 for additional information.
Previous report
Other income incre ased, reflecting:
Previous report
•an increase associated with other equity investments in Corporate, primarily driven by a net gain compared to a net loss in the prior year related to Visa shares, and
Previous report
•the impact of the adoption of updates to the Accounting for Investments in Tax Credit Structures guidance on January 1, 2024, resulting in the amortization of certain of the Firm's alternative energy tax-oriented investments previously recognized in other income now being recognized in income tax expense,
Showing the first 40 of 1016 passages. Open the source sections for the rest.
Reworded paragraphs (309)
Previous wording
The following is Management’s discussion and analysis of the financial condition and results of operations (“MD&A”) of JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) for the third quarter of 2024.
Current wording
The following is Management’s discussion and analysis of the financial condition and results of operations (“MD&A”) of JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”) for the first quarter of 2025.
Previous wording
This Quarterly Report on Form 10-Q for the third quarter of 2024 (“Form 10-Q”) should be read together with JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). Refer to the Glossary of terms and acronyms and line of business metrics on pages 192–199 for definitions of terms and acronyms used throughout this Form 10-Q.
Current wording
This Quarterly Report on Form 10-Q for the first quarter of 2025 (“Form 10-Q”) should be read together with JPMorganChase’s Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”). Refer to the Glossary of terms and acronyms and line of business metrics on pages 172–180 for definitions of terms and acronyms used throughout this Form 10-Q.
Previous wording
This Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current beliefs and expectations of JPMorgan Chase’s management, speak only as of the date of this Form 10-Q and are subject to significant risks and uncertainties. Refer to Forward-looking Statements on page 88 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 9-33 of the 2023 Form 10-K for a discussion of certain of those risks and uncertainties and the factors that could cause JPMorgan Chase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results will be in line with any outlook information set forth herein, and the Firm does not undertake to update any forward-looking statements.
Current wording
This Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current beliefs and expectations of JPMorganChase’s management, speak only as of the date of this Form 10-Q and are subject to significant risks and uncertainties. Refer to Forward-looking Statements on page 77 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 10–37 of the 2024 Form 10-K for a discussion of certain of those risks and uncertainties and the factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results will be in line with any outlook information set forth herein, and the Firm does not undertake to update any forward-looking statements.
Previous wording
JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $4.2 trillion in assets and $345.8 billion in stockholders’ equity as of September 30, 2024. 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.
Current wording
JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.4 trillion in assets and $351.4 billion in stockholders’ equity as of March 31, 2025. 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.
Previous wording
JPMorgan Chase’s principal bank subsidiary is JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank, N.A.”), a national banking association with U.S. branches in 48 states and Washington, D.C. JPMorgan Chase’s principal non-bank subsidiary is J.P. Morgan Securities LLC (“J.P. Morgan Securities”), a U.S. broker-dealer. The bank and non-bank subsidiaries of JPMorgan Chase operate nationally as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Firm’s principal operating subsidiaries outside the U.S. are J.P. Morgan Securities plc and J.P. Morgan SE (“JPMSE”), which are subsidiaries of JPMorgan Chase Bank, N.A. and are based in the United Kingdom (“U.K.”) and Germany, respectively.
Current wording
JPMorganChase’s principal bank subsidiary is JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank, N.A.”), a national banking association with U.S. branches in 48 states and Washington, D.C. JPMorganChase’s principal non-bank subsidiary is J.P. Morgan Securities LLC (“J.P. Morgan Securities”), a U.S. broker-dealer. The bank and non-bank subsidiaries of JPMorganChase operate nationally as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Firm’s principal operating subsidiaries outside the U.S. are J.P. Morgan Securities
Previous wording
Business Segment Reorganization: Effective in the second quarter of 2024, the Firm reorganized its reportable business segments by combining the former Corporate & Investment Bank and Commercial Banking business segments to form one reportable segment, the Commercial & Investment Bank (“CIB”). As a result of the reorganization, the Firm has three reportable business segments, as well as a Corporate segment. The Firm’s consumer business is the Consumer & Community Banking (“CCB”) segment. The Firm’s wholesale businesses are the Commercial & Investment Bank (“CIB”) and Asset & Wealth Management (“AWM”) segments. Refer to Business Segment Results on pages 20-21 of this Form 10-Q and Recent events on page 52 of the 2023 Form 10-K for additional information on the reorganization, as well as Note 25 of this Form 10-Q and Note 32 of the 2023 Form 10-K, for a description of the Firm’s business segments and the products and services they provide to their respective client bases.
Current wording
For management reporting purposes, the Firm has three reportable business segments – Consumer & Community Banking (“CCB”), Commercial & Investment Bank (“CIB”) and Asset & Wealth Management (“AWM”) – with the remaining activities in Corporate. The Firm's consumer business segment is CCB, and the Firm's wholesale business segments are CIB and AWM. Refer to Business Segment & Corporate Results on pages 17-31 and Note 25 of this Form 10-Q, and Note 32 of JPMorganChase's 2024 Form 10-K, for a description of the Firm’s reportable business segments and the products and services they provide to their respective client bases, as well as a description of Corporate activities.
Previous wording
The Firm's website is www.jpmorganchase.com. JPMorgan Chase makes available on its website, free of charge, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after it electronically files or furnishes such material to the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov. JPMorgan Chase makes new and important information about the Firm available on its website at https://www.jpmorganchase.com, including on the Investor Relations section of its website at https://www.jpmorganchase.com/ir. Information on the Firm's website, including documents on the website that are referenced in this Form 10-Q, is not incorporated by reference into this Form 10-Q or the Firm’s other filings with the SEC.
Current wording
The Firm's website is www.jpmorganchase.com. JPMorganChase makes available on its website, free of charge, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after it electronically files or furnishes such material to the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov. JPMorganChase makes new and important information about the Firm available on its website at https://www.jpmorganchase.com, including on the Investor Relations section of its website at https://www.jpmorganchase.com/ir. Information on the Firm's website, including documents on the website that are referenced in this Form 10-Q, is not incorporated by reference into this Form 10-Q or the Firm’s other filings with the SEC.
Previous wording
Refer to Note 26 for additional information on First Republic.
Current wording
(a)As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. For the period ended March 31, 2024, the ratios reflected the CECL capital transition provisions. Refer to Note 21 of this Form 10-Q and Note 27 of JPMorganChase’s 2024 Form 10-K for additional information.
Previous wording
(b)Reflects the Firm’s ratios under the Basel III Standardized approach. Refer to Capital Risk Management on pages 44-49 for additional information.
Current wording
(b)Reflects the Firm’s ratios under the Basel III Standardized approach. Refer to Capital Risk Management on pages 33-39 for additional information.
Previous wording
(c)NII and NIR refer to net interest income and noninterest revenue, respectively. Markets consists of CIB's Fixed Income Markets and Equity Markets businesses.
Current wording
(c)NII and NIR refer to net interest income and noninterest revenue, respectively.
Previous wording
The Firm assesses the performance of its Markets business on a total net revenue basis.
Current wording
(d)Markets consists of CIB's Fixed Income Markets and Equity Markets businesses. The Firm assesses the performance of its Markets business on a total net revenue basis, as revenues in NII generally have offsets across other revenue lines, primarily Principal transactions revenue.
Previous wording
Comparisons noted in the sections below are for the third quarter of 2024 versus the third quarter of 2023, unless otherwise specified.
Current wording
Comparisons noted in the sections below are for the first quarter of 2025 versus the first quarter of 2024, unless otherwise specified.
Previous wording
–Net interest income ("NII") of $23.4 billion, up 3%, driven by the impact of balance sheet mix and reinvestments in the investment securities portfolio, higher revolving balances in Card Services, higher Markets net interest income, and higher wholesale deposit balances, largely offset by lower average deposit balances in CCB and deposit margin compression across the lines of business. NII excluding Markets was $23.4 billion, up 1%.
Current wording
–Net interest income ("NII") of $23.3 billion, up 1%, driven by higher Markets net interest income, higher revolving balances in Card Services, the impact of securities activity including from prior quarters, and higher wholesale deposit balances. These factors were predominantly offset by the impact of lower rates and deposit margin compression, as well as lower average deposit balances in CCB. NII excluding Markets was $22.6 billion, down 2%.
Previous wording
–Noninterest revenue ("NIR") was $19.2 billion, up 12%, predominantly driven by lower net investment securities losses in Treasury and CIO, higher asset management fees in AWM and CCB, and higher investment banking fees.
Current wording
–Noninterest revenue ("NIR") was $22.0 billion, up 17%, predominantly driven by higher Markets noninterest revenue, a $588 million First Republic-related gain, higher asset management fees in AWM and CCB, lower net investment securities losses in Treasury and CIO, and higher investment banking fees.
Previous wording
•Noninterest expense was $22.6 billion, up 4%, driven by higher compensation expense, including higher revenue-related compensation and growth in the number of employees, partially offset by lower legal expense.
Current wording
•Noninterest expense was $23.6 billion, up 4%, driven by higher compensation expense, including higher revenue-related compensation and growth in the number of employees. The increase in expense was also driven by higher brokerage expense and distribution fees, and continued investments in technology and marketing, as well as the absence of a legal benefit from the prior year. These factors were largely offset by the impact of an FDIC special assessment accrual release of $323 million compared with an accrual increase of $725 million in the prior year.
Previous wording
Allowance for credit losses on investment securities
Current wording
•Theprovision for credit losses was $3.3 billion. Net charge-offs were $2.3 billion, up $376 million, predominantly driven by Card Services, reflecting the seasoning of vintages originated in recent years. The net addition to the allowance for credit losses was $973 million and included $549 million inwholesale and $441 million inconsumer, and was largely driven by changes in the weighted-average macroeconomic outlook.
Previous wording
•The total allowance for credit losses was $26.5 billion at September 30, 2024. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.86%, compared with 1.73% in the prior year.
Current wording
•The total allowance for credit losses was $27.8 billion at March 31, 2025. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.94%, compared with 1.77% in the prior year.
Previous wording
Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 9–14 and pages 15–16, respectively, for a further discussion of the Firm's results, including the provision for credit losses.
Current wording
Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 9-11 and pages 12-13, respectively, for a further discussion of the Firm's results, including the provision for credit losses.
Previous wording
Pre-provision profit, ROTCE, TCE, TBVPS, NII and NIR excluding Markets, and total net revenue on a managed basis are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19 for a further discussion of each of these measures.
Current wording
Pre-provision profit, ROTCE, TCE, TBVPS, NII and NIR excluding Markets, and total net revenue on a managed basis are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16 for a further discussion of each of these measures.
Previous wording
•The Firm’snonperforming assets totaled $8.6 billion at September 30, 2024, up 6%, driven by higher wholesale nonaccrual loans, which reflected downgrades in Real Estate, concentrated in Office, partially offset by net sales of consumer nonaccrual loans. Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio on pages 64-72 and pages 60-63, respectively, for additional information.
Current wording
•The Firm’snonperforming assets totaled $9.1 billion at March 31, 2025, up 10%, driven by higher wholesale nonaccrual loans, largely in Real Estate, concentrated in Multifamily and Lodging, reflecting downgrades, partially offset by lower consumer nonaccrual loans, which included loan sales. Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio on pages 52-60 and pages 49-51, respectively, for additional information.
Previous wording
•Firmwide average loans of $1.3 trillion were up 1%, driven by higher loans across the lines of business.
Current wording
•Firmwide average loans of $1.3 trillion were up 2%, predominantly driven by higher loans in CIB and AWM.
Previous wording
•Firmwide average deposits of $2.4 trillion were up 1%, reflecting:
Current wording
•Firmwide average deposits of $2.4 trillion were up 2%, reflecting:
Current wording
–net inflows in Payments and Securities Services, and
Previous wording
•CET1 capital was $273 billion, and the Standardized and Advanced CET1 ratios were 15.3% and 15.5%, respectively.
Current wording
•CET1 capital was $280 billion, and the Standardized and Advanced CET1 ratios were 15.4% and 15.6%, respectively.
Previous wording
•As of September 30, 2024, the Firm had eligible end-of-period High Quality Liquid Assets (“HQLA”) of approximately $868 billion and unencumbered marketable securities with a fair value of approximately $608 billion, resulting in approximately $1.5 trillion of liquidity sources. Refer to Liquidity Risk Management on pages 50-57 for additional information.
Current wording
•As of March 31, 2025, the Firm had eligible end-of-period High Quality Liquid Assets (“HQLA”) of approximately $881 billion and unencumbered marketable securities with a fair value of approximately $635 billion, resulting in approximately $1.5 trillion of liquidity sources. Refer to Liquidity Risk Management on pages 40-46 for additional information.
Previous wording
Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the third quarter of 2024.
Current wording
Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the first quarter of 2025.
Previous wording
(c)Represents client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses.
Current wording
(d)Represents client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses.
Previous wording
Refer to the Business Segment Results on pages 20-42 for a detailed discussion of results by business segment.
Current wording
Refer to the Business Segment & Corporate Results on pages 17-31 for a detailed discussion of results by business segment.
Previous wording
JPMorgan Chase continues to support consumers, businesses and communities around the globe. The Firm provided new and renewed credit and raised capital for wholesale and consumer clients during the first nine months of 2024, consisting of approximately:
Current wording
JPMorganChase continues to support consumers, businesses and communities around the globe. The Firm provided new and renewed credit and raised capital for wholesale and consumer clients during the first three months of 2025, consisting of approximately:
Previous wording
These current expectations are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs and expectations of JPMorgan Chase’s management, speak only as of the date of this Form 10-Q, and are subject to significant risks and uncertainties. Refer to Forward-Looking Statements on page 88 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 9-33 of the 2023 Form 10-K for a further discussion of certain of those risks and uncertainties and the other factors that could cause JPMorgan Chase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results in 2024 will be in line with the outlook information set forth below, and the Firm does not undertake to update any forward-looking statements.
Current wording
These current expectations are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs and expectations of JPMorganChase’s management, speak only as of the date of this Form 10-Q, and are subject to significant risks and uncertainties. Refer to Forward-Looking Statements on page 77 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 10–37 of the 2024 Form 10-K for a further discussion of certain of those risks and uncertainties and the other factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results in 2025 will be in line with the outlook information set forth below, and the Firm does not undertake to update any forward-looking statements.
Previous wording
JPMorgan Chase’s current outlook for full-year 2024 should be viewed against the backdrop of the global and U.S. economies, financial markets activity, the geopolitical environment, the competitive environment, client and customer activity levels, and regulatory and legislative developments in the U.S. and other countries where the Firm does business. Each of these factors will affect the performance of the Firm. The Firm will continue to make appropriate adjustments to its businesses and operations in response to ongoing developments in the business, economic, regulatory and legal environments in which it operates.
Current wording
JPMorganChase’s current outlook for full-year 2025 should be viewed against the backdrop of the global and U.S. economies, financial markets activity, the geopolitical environment, the competitive environment, client and customer activity levels, and regulatory and legislative developments in the U.S. and other countries where the Firm does business. Each of these factors will affect the performance of the Firm. The Firm will continue to make appropriate adjustments to its businesses and operations in response to ongoing developments in the business, economic, regulatory and legal environments in which it operates.
Previous wording
•Management expects net interest income to be approximately $92.5 billion and net interest income excluding Markets to be approximately $91.5 billion, market dependent.
Current wording
•Management expects net interest income to be approximately $94.5 billion and net interest income excluding Markets to be approximately $90.0 billion, market dependent.
Previous wording
•Management expects adjusted expense to be approximately $91.5 billion, market dependent.
Current wording
•Management expects adjusted expense to be approximately $95.0 billion, market dependent.
Previous wording
•Management expects the net charge-off rate in Card Services to be approximately 3.40%.
Current wording
•Management expects the net charge-off rate in Card Services to be approximately 3.60%.
Previous wording
Net interest income excluding Markets and adjusted expense are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19.
Current wording
Net interest income excluding Markets and adjusted expense are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16.
Previous wording
This section provides a comparative discussion of JPMorgan Chase’s Consolidated Results of Operations on a reported basis for the three and nine months ended September 30, 2024 and 2023, unless otherwise specified. Factors that relate primarily to a single business segment are discussed in more detail within that business segment's results. Refer to pages 84-86 of this Form 10-Q and pages 155–158 of JPMorgan Chase’s 2023 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.
Current wording
This section provides a comparative discussion of JPMorganChase’s Consolidated Results of Operations on a reported basis for the three months ended March 31, 2025 and 2024, unless otherwise specified. Factors that relate primarily to a single business segment or Corporate are discussed in more detail in the results of that segment or Corporate. Refer to pages 72–75 of this Form 10-Q and pages 161–164 of JPMorganChase’s 2024 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.
Previous wording
(a) Included operating lease income of $706 million and $695 million for the three months ended September 30, 2024 and 2023, respectively, and $2.1 billion and $2.2 billion for the nine months ended September 30, 2024 and 2023, respectively. Refer to Note 5 for additional information.
Current wording
(a) Included operating lease income of $829 million and $672 million for the three months ended March 31, 2025 and 2024. Refer to Note 5 for additional information.
Previous wording
•higher advisory fees predominantly driven by the closing of several large transactions, and
Current wording
•higher advisory fees predominantly driven by the closing of deals announced in 2024,
Previous wording
Refer to CIB segment results on pages 27-34 and Note 5 for additional information.
Current wording
Refer to CIB segment results on pages 22-26 and Note 5 for additional information.
Previous wording
Principal transactions revenue in CIB generally has offsets across other revenue lines, including net interest income.
Current wording
Principal transactions revenue in CIB generally has offsets across other revenue lines, including net interest income. The Firm assesses the performance of its Markets business on a total net revenue basis.
Showing the first 40 of 309 pairs. Open the source sections for the rest.
Rearranged current paragraphs (15)
Current report — wording carried from elsewhere
plc and J.P. Morgan SE (“JPMSE”), which are subsidiaries of JPMorgan Chase Bank, N.A. and are based in the United Kingdom (“U.K.”) and Germany, respectively.
Current report — wording carried from elsewhere
Refer to CIB segment results on pages 22-26 and Note 5 for additional information.
Current report — wording carried from elsewhere
Mortgage fees and related income: refer to Note 14 for additional information.
Current report — wording carried from elsewhere
Notes 2, 3, 11 and 12 for additional information on loans and the total allowance for credit losses.
Current report — wording carried from elsewhere
Short-term borrowings increased driven by higher financing requirements in Markets.
Current report — wording carried from elsewhere
•In 2024, cash provided reflected higher securities loaned or sold under repurchase agreements, higher deposits, net proceeds from long- and short-term borrowings and proceeds from the issuance of preferred stock.
Current report — wording carried from elsewhere
expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the LOBs;
Current report — wording carried from elsewhere
•higher asset management fees reflecting higher average market levels,
Current report — wording carried from elsewhere
(a)Refer to Line of Business Metrics on page 179 for a description of each of the client coverage segments.
Current report — wording carried from elsewhere
(b)Quartile ranking sourced from Morningstar, Lipper and Nomura based on country of domicile. Includes only Asset Management
Current report — wording carried from elsewhere
•the absence of restructuring and integration costs associated with First Republic recorded in the prior year.
Current report — wording carried from elsewhere
(b)Represents minimum requirements and regulatory buffers applicable to the Firm. Refer to Note 21 for additional information.
Current report — wording carried from elsewhere
•a weighted average U.S. unemployment rate peaking at 5.8% in the first quarter of 2026, and
Current report — wording carried from elsewhere
•a weighted average U.S. real GDP level that is 2.6% lower than the central case at the end of the second quarter of 2026.
Current report — wording carried from elsewhere
One of the most significant judgments involved in estimating the Firm’s allowance for credit losses relates to the macroeconomic forecasts used to estimate credit losses over the eight-quarter forecast period within the Firm’s methodology. The eight-
Rearranged previous paragraphs (48)
Previous report — wording carried elsewhere
Investment securities losses decreased, reflecting lower net losses associated with repositioning the investment securities portfolio in Treasury and CIO. Refer to Corporate segment results on pages 40-42 and Note 9 for additional information.
Previous report — wording carried elsewhere
Investment banking fees increased, reflecting in CIB:
Previous report — wording carried elsewhere
The Firm’s average interest-earning assets were $3.5 trillion, up $228 billion, and the yield was 5.56%, up 55 bps. The net yield on these assets, on an FTE basis, was 2.64%, a decrease of 2 bps. The net yield excluding Markets was 3.85%, relatively flat when compared to the prior year.
Previous report — wording carried elsewhere
•growth in the number of employees, primarily in front office and technology.
Previous report — wording carried elsewhere
The following table depicts the Firm’s reportable business segments.
Previous report — wording carried elsewhere
Refer to Line of Business Metrics on page 198 for a further discussion of the business profile of CIB.
Previous report — wording carried elsewhere
•Lending revenue was $1.9 billion, down 2%, driven by:
Previous report — wording carried elsewhere
–higher fair value losses on credit protection purchased against certain retained loans and lending-related commitments
Previous report — wording carried elsewhere
•higher legal expense and distribution fees.
Previous report — wording carried elsewhere
Revenue from Global Private Bank was $8.5 billion, up 6%, driven by:
Previous report — wording carried elsewhere
Noninterest expense was $10.6 billion, up 13%, predominantly driven by:
Previous report — wording carried elsewhere
•higher compensation, primarily revenue-related compensation, and continued growth in private banking advisor teams, and
Previous report — wording carried elsewhere
•higher legal expense and distribution fees.
Previous report — wording carried elsewhere
Refer to Note 9 for additional information on the investment securities portfolio.
Previous report — wording carried elsewhere
200–201 of this Form 10-Q and page 35 of JPMorgan Chase’s 2023 Form 10-K, respectively, for additional information regarding repurchases of the Firm’s equity securities.
Previous report — wording carried elsewhere
J.P. Morgan Securities plc is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and broker-dealer activities.
Previous report — wording carried elsewhere
The Firm’s average LCR increased during the three months ended September 30, 2024, compared with the three months ended June 30, 2024, driven by a dividend payment from JPMorgan Chase Bank, N.A. to the Parent Company and long-term debt issuances, partially offset by common stock repurchases and common stock dividends paid.
Previous report — wording carried elsewhere
•an increase in CIB due to net inflows in Payments and Securities Services, partially offset by net maturities of structured notes in Markets,
Previous report — wording carried elsewhere
The balances associated with securities loaned or sold under agreements to repurchase fluctuate over time due to
Previous report — wording carried elsewhere
(a)Reflects the Purchase Money Note associated with the First Republic acquisition. Refer to Note 26 for more information.
Previous report — wording carried elsewhere
wholesale credit risk, and investment portfolio risk. Refer to Consumer Credit Portfolio, Wholesale Credit Portfolio and
Previous report — wording carried elsewhere
Allowance for Credit Losses on pages 60-75 for a further discussion of Credit Risk.
Previous report — wording carried elsewhere
(c)Represents drawn exposure as a percent of credit exposure.
Previous report — wording carried elsewhere
(c)At September 30, 2024 and 2023, in addition to the allowance for credit losses in the table above, the Firm also had an allowance for credit losses of $277 million and $17 million, respectively, associated with certain accounts receivable in CIB.
Previous report — wording carried elsewhere
Refer to the Glossary of Terms and Acronyms on pages 192–197 for definitions of terms and acronyms used throughout the Notes to Consolidated Financial Statements.
Previous report — wording carried elsewhere
JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the U.S., with operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Refer to Note 25 for further discussion of the Firm's business segments.
Previous report — wording carried elsewhere
Refer to Notes 5 and 13 for additional information.
Previous report — wording carried elsewhere
(f)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.
Previous report — wording carried elsewhere
Refer to Note 2 of JPMorgan Chase’s 2023 Form 10-K for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments.
Previous report — wording carried elsewhere
Equity securities without readily determinable fair values
Previous report — wording carried elsewhere
(a)Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in CIB.
Previous report — wording carried elsewhere
The Firm's allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments.
Previous report — wording carried elsewhere
(c)Includes collateral-dependent loans, including those for which foreclosure is deemed probable, and nonaccrual risk-rated loans.
Previous report — wording carried elsewhere
Discussion of changes in the allowance
Previous report — wording carried elsewhere
The net addition to the allowance for credit losses included:
Previous report — wording carried elsewhere
The Firm's allowance for credit losses is estimated using a weighted average of five internally developed macroeconomic scenarios. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions provided in the table below, resulting in a weighted average U.S. unemployment rate peaking at 5.6% in the third quarter of 2025, and a weighted average U.S. real GDP level that is 1.9% lower than the central case at the end of the fourth quarter of 2025.
Previous report — wording carried elsewhere
The following table presents the Firm’s central case assumptions for the periods presented:
Previous report — wording carried elsewhere
(a)Reflects quarterly average of forecasted U.S. unemployment rate.
Previous report — wording carried elsewhere
(b)The year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percentage change in U.S. real GDP levels from the prior year.
Previous report — wording carried elsewhere
Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.
Showing the first 40 of 48 passages. Open the source sections for the rest.