JPMORGAN CHASE & CO

The Firm is managed on an LOB basis. There are three reportable business segments – Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management – with the remaining activities in Corporate.

The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is evaluated by the Firm’s Operating Committee, whose members act collectively as the Firm’s chief operating decision maker. Segment results are presented on a managed basis. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16 for a definition of managed basis.

Description of business segment reporting methodology

Results of the reportable business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and therefore further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.

Revenue sharing

When business segments or businesses within each segment join efforts to sell products and services to the Firm’s clients and customers, the participating businesses may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segments or businesses involved in the transaction. The segment and business results reflect these revenue-sharing agreements.

Funds transfer pricing

Funds transfer pricing (“FTP”) is the process by which the Firm allocates interest income and expense to the LOBs and Other Corporate and transfers the primary interest rate risk and liquidity risk to Treasury and CIO.

The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically, the methodology and assumptions utilized in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the segments. Effective in the fourth quarter of 2024, the Firm updated its FTP with respect to consumer deposits, which resulted in an increase in the funding benefit reflected within CCB’s net interest income that is fully offset in Corporate, with no effect on the Firm’s net interest income.

As a result of lower average interest rates in the current period, the cost of funding for assets and the funding benefit earned for liabilities generally decreased compared with the prior year.

Foreign exchange risk

Foreign exchange risk is transferred from the LOBs and Other Corporate to Treasury and CIO for certain revenues and expenses. Treasury and CIO manages these risks centrally and reports the impact of foreign exchange rate movements related to the transferred risk in its results. Refer to Market Risk Management on pages 65-70 for additional information.

Capital allocation

The amount of capital assigned to each LOB and Corporate is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs and Corporate may change. Refer to Line of business and Corporate equity on page 36, and page 104 of JPMorganChase’s 2024 Form 10-K for additional information on capital allocation.

Refer to Business Segment & Corporate Results – Description of business segment reporting methodology on pages 70–90 and Note 32 of JPMorganChase’s 2024 Form 10-K for a further discussion of those methodologies.

Segment & Corporate Results – Managed basis

The following tables summarize the Firm’s results by business segments and Corporate for the periods indicated.

Refer to Note 25 for further details on total net revenue and total noninterest expense.

The following sections provide a comparative discussion of the Firm’s results by business segments and Corporate as of or for the three months ended March 31, 2025 and 2024, unless otherwise specified.

CONSUMER & COMMUNITY BANKING

Refer to pages 73–76 of JPMorganChase's 2024 Form 10-K and Line of Business Metrics on page 179 for a discussion of the business profile of CCB.

(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $824 million and $665 million for the three months ended March 31, 2025 and 2024, respectively.

(b)Included depreciation expense on leased assets of $499 million and $427 million for the three months ended March 31, 2025 and 2024, respectively.

(c)Included MSR risk management results of $9 million and $(1) million for the three months ended March 31, 2025 and 2024, respectively.

Net income was $4.4 billion, down 8%.

Net revenue was $18.3 billion, up 4%.

Net interest income was $14.1 billion, up 3%, driven by:

•higher Card Services NII, predominantly driven by higher revolving balances,

•lower NII in Banking & Wealth Management ("BWM"), driven by lower average deposit balances.

Noninterest revenue was $4.2 billion, up 6%, driven by:

•higher auto operating lease income as a result of higher lease origination volume, and

•higher asset management fees reflecting higher average market levels,

•in BWM, the absence of other service fees associated with First Republic recorded in the prior year, as well as

•lower card income, driven by lower net interchange and an increase in amortization related to new account origination costs, largely offset by higher annual fees. The net interchange decreased as the impact of increased debit and credit card sales volume was more than offset by higher rewards costs and partner payments.

Refer to Note 5 for additional information on card income, asset management fees and commissions and other fees; and Critical Accounting Estimates on pages 72–75 for additional information on the credit card rewards liability.

Noninterest expense was $9.9 billion, up 6%, reflecting:

•higher noncompensation expense, predominantly driven by marketing, higher auto lease depreciation on higher auto lease assets, and higher operating losses, as well as

•higher compensation expense, predominantly driven by an increase in the number of employees, primarily bankers and advisors and employees in technology, as well as higher revenue-related compensation for advisors.

The provision for credit losses was $2.6 billion. Net charge-offs were $2.2 billion, up $275 million, predominantly in Card Services, reflecting the seasoning of vintages originated in recent years. The net addition to the allowance for credit losses of $475 million was predominantly driven by changes in the weighted-average macroeconomic outlook.

In the prior year, the provision was $1.9 billion, net charge-offs were $1.9 billion and the net addition to the allowance for credit losses was $34 million.

Refer to Credit and Investment Risk Management on pages 47-64 and Allowance for Credit Losses on pages 61-63 for a further discussion of the credit portfolios and the allowance for credit losses.

(a)At March 31, 2025 and 2024, Home Lending loans held-for-sale and loans at fair value were $6.4 billion and $4.8 billion, respectively.

(b)Average Home Lending loans held-for sale and loans at fair value were $7.5 billion and $4.7 billion for the three months ended March 31, 2025 and 2024, respectively.

(c)In the first quarter of 2025, 419 employees were transferred to Corporate as a result of the centralization of certain functions.

(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2025 and 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $81 million and $107 million, respectively. 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 March 31, 2025 and 2024, excluded mortgage loans insured by U.S. government agencies of $114 million and $147 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(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)Total payments transaction volume includes debit and credit card sales volume and gross outflows of ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person and checks.

(d)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 27-29 for additional information.

(e)Firmwide mortgage origination volume was $11.2 billion and $7.6 billion for the three months ended March 31, 2025 and 2024, respectively.

COMMERCIAL & INVESTMENT BANK

Refer to pages 77–83 of JPMorganChase’s 2024 Form 10-K and Line of Business Metrics on page 179 for a discussion of the business profile of CIB.

(a)Included tax equivalent adjustments primarily from income tax credits from investments in alternative energy, affordable housing and new markets, income from tax-exempt securities and loans, and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of $658 million and $557 million for the three months ended March 31, 2025 and 2024, respectively.

(a)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, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets. Refer to Notes 2, 3 and 19 for additional information.

(a)Refer to Line of Business Metrics on page 179 for a description of each of the client coverage segments.

Net income was $6.9 billion, up 5%.

Net revenue was $19.7 billion, up 12%.

Banking & Payments revenue was $8.8 billion, up 4%.

•Investment Banking revenue was $2.3 billion, up 2%. Investment Banking fees were up 12%, driven by higher debt underwriting and advisory fees, partially offset by lower equity underwriting fees. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.

–Advisory fees were $694 million, up 16%, predominantly driven by the closing of deals announced in 2024.

–Debt underwriting fees were $1.2 billion, up 16%, predominantly driven by elevated refinancing activity, particularly in leveraged finance.

–Equity underwriting fees were $324 million, down 9%, as challenging market conditions resulted in lower fees.

•Payments revenue was $4.6 billion, up 2%. Excluding the net impact of equity investments, revenue was up 3%, driven by higher average deposits and fee growth, predominantly offset by deposit margin compression.

•Lending revenue was $1.9 billion, up 11%, driven by lower fair value losses on credit protection purchased against certain retained loans and lending-related commitments, partially offset by lower loan balances.

Markets & Securities Services revenue was $10.9 billion, up 19%. Markets revenue was $9.7 billion, up 21%.

•Equity Markets revenue was $3.8 billion, up 48%, driven by higher revenue across products, with a particularly strong performance in Equity Derivatives amid elevated levels of volatility.

•Fixed Income Markets revenue was $5.8 billion, up 8%, predominantly driven by higher revenue in Rates and Commodities.

•Securities Services revenue was $1.3 billion, up 7%, driven by fee growth on higher client activity and market levels as well as higher average deposits, partially offset by deposit margin compression.

•Credit Adjustments & Other was a loss of $20 million, compared with a loss of $15 million in the prior year.

Noninterest expense was $9.8 billion, up 13%, predominantly driven by higher compensation, including higher revenue-related compensation and an increase in the number of employees, as well as higher brokerage expense and higher legal expense, largely due to the absence of a legal benefit from the prior year.

The provision for credit losses was $705 million, predominantly driven by changes in credit quality on client-specific exposures, changes in the weighted-average macroeconomic outlook, and the impact of new lending-related commitments. The net addition to the allowance for credit losses was $528 million and net charge-offs were $177 million.

In the prior year, the provision was $1 million, net charge-offs were $69 million and the net reduction in the allowance for credit losses was $68 million.

Refer to Credit and Investment Risk Management on pages 47-64, Allowance for Credit Losses on pages 61-63, and Critical Accounting Estimates on pages 72–75 for a further discussion of the credit portfolios and the allowance for credit losses.

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

(b)Refer to Line of Business Metrics on page 179 for a description of each of the client coverage segments.

(c)On January 1, 2025, $5.6 billion of loans were realigned from Global Corporate Banking to Fixed Income Markets.

(d)In the first quarter of 2025, 219 employees were transferred to Corporate as a result of the centralization of certain functions.

(a)Allowance for loan losses of $566 million and $375 million were held against these nonaccrual loans at March 31, 2025 and 2024, respectively.

(b)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At March 31, 2025 and 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $36 million and $50 million, respectively.

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

(a)Represents long-term debt and loan syndications.

(a)Source: Dealogic as of April 1, 2025. Reflects the ranking of revenue wallet and market share.

(b)Global M&A excludes any withdrawn transactions. U.S. M&A revenue wallet represents wallet from client parents based in the U.S.

(c)Global equity and equity-related ranking includes rights offerings and Chinese A-Shares.

(d)Long-term debt rankings include investment-grade, high-yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”); and exclude money market, short-term debt and U.S. municipal securities.

(e)Global investment banking fees exclude money market, short-term debt and shelf securities.

Markets revenue

The following table summarizes selected income statement data for the Markets businesses. Markets includes both Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. The Firm assesses its Markets business performance on a total revenue basis, as offsets generally occur across revenue line items. For example, securities that generate net interest income may be risk-managed by derivatives

that are reflected at fair value in principal transactions revenue. Refer to Notes 5 and 6 for a description of the composition of these income statement line items. Refer to Markets revenue on page 81 of JPMorganChase’s 2024 Form 10-K for further information.

For the periods presented below, the primary source of principal transactions revenue was the amount recognized upon executing new transactions.

(a)Consists of mutual funds, unit investment trusts, currencies, annuities, insurance contracts, options and other contracts.

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

(a)Total net revenue and loans retained (excluding loans held-for-sale and loans at fair value) are based on the location of the trading desk, booking location, or domicile of the client, as applicable.

(b)Client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses, and AUC, are based on the domicile of the client or booking location, as applicable.

ASSET & WEALTH MANAGEMENT

Refer to pages 84–87 of JPMorganChase’s 2024 Form 10-K and Line of Business Metrics on page 180 for a discussion of the business profile of AWM.

(a)Includes the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic. The discount, which is deferred in other liabilities and recognized on a straight-line basis over the commitment period, continues to decline as commitments expire.

Net income was $1.6 billion, up 23%.

Net revenue was $5.7 billion, up 12%. Net interest income was $1.7 billion, up 9%. Noninterest revenue was $4.0 billion, up 14%.

Revenue from Asset Management was $2.7 billion, up 15%, predominantly driven by higher asset management fees reflecting strong net inflows and higher average market levels.

Revenue from Global Private Bank was $3.1 billion, up 10%, driven by:

•higher noninterest revenue as a result of:

–higher management fees due to strong net inflows and higher brokerage fees,

–a decline in the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic that have expired, and

•higher net interest income, largely driven by higher average deposits.

Noninterest expense was $3.7 billion, up 7%, largely driven by:

•higher compensation, primarily revenue-related compensation and continued growth in private banking advisor teams, as well as

•higher distribution fees.

The provision for credit losses was a net benefit of $10 million, compared with a net benefit of $57 million in the prior year.

Refer to Note 5 for additional information on lending related fees.

Refer to Credit and Investment Risk Management on pages 47-64 and Allowance for Credit Losses on pages 61-63 for further discussions of the credit portfolios and the allowance for credit losses.

(a)Represents the Morningstar Rating for all domiciled funds except for Japan domiciled funds which use Nomura. Includes only Asset Management retail active open-ended mutual funds and active ETFs that have a rating. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.

(b)Quartile ranking sourced from Morningstar, Lipper and Nomura based on country of domicile. Includes only Asset Management

retail active open-ended mutual funds and active ETFs that are ranked by the aforementioned sources. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.

(c)Loans, deposits and related credit data and quality statistics relate to the Global Private Bank business.

(d)In the first quarter of 2025, 130 employees were transferred to Corporate as a result of the centralization of certain functions.

(e)Includes $107 million of nonaccrual loans held-for-sale at March 31, 2025, which are excluded from the allowance coverage ratio calculations.

Client assets

Assets under management of $4.1 trillion and client assets of $6.0 trillion were each up 15%, driven by continued net inflows and higher market levels.

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

(b)In the first quarter of 2025, the Firm realigned certain client assets from Private Banking to Global Funds to reflect them in the client segment where the assets are invested. Prior period amounts have been revised to conform with the current presentation.

(a) Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.

(b) Relates to an equity plan administration business which was acquired in 2022 with the Firm’s purchase of Global Shares. The increase in 2025 includes the impact of onboarding participants in the Firm’s employee stock plans during the fourth quarter of 2024.

(a)Regional revenue is based on the domicile of the client.

CORPORATE

Refer to pages 88–90 of JPMorganChase’s 2024 Form 10-K for a discussion of Corporate.

(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $36 million and $49 million for the three months ended March 31, 2025 and 2024, respectively.

(b)Predominantly relates to the Firm's international consumer initiatives.

(c)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025, and an accrual increase of $725 million for the three months ended March 31, 2024.

(d)In the first quarter of 2025, 768 employees were transferred from the LOBs to Corporate as a result of the centralization of certain functions.

Net income was $1.7 billion, compared with $676 million in the prior year.

Net revenue was $2.3 billion, compared with $2.2 billion in the prior year.

Net interest income was $1.7 billion, down 33%, driven by the impact of lower rates and changes in the FTP for consumer deposits, partially offset by the impact of securities activity including from prior quarters.

Refer to Business Segment & Corporate Results on page 17 for additional information on FTP.

Noninterest revenue was $653 million, compared with a loss of $275 million in the prior year, driven by:

•a $588 million First Republic-related gain, and

•lower net investment securities losses compared to the prior year, which included sales of securities, primarily U.S. GSE and government agency MBS and U.S. Treasuries, associated with repositioning the investment securities portfolio in Treasury and CIO.

Refer to Note 5 for additional information on the First Republic-related gain, and Note 9 and Note 12 for additional information on the investment securities portfolio and the allowance for credit losses.

Noninterest expense was $185 million, down 86%, predominantly driven 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, and

•the absence of restructuring and integration costs associated with First Republic recorded in the prior year.

The provision for credit losses was a net benefit of $19 million. In the prior year, the provision was $27 million.

The current period income tax expense was predominantly driven by changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes.

Other Corporate includes the Firm's international consumer initiatives, which primarily consists of Chase U.K., Nutmeg, and an ownership stake in C6 Bank.

Treasury and CIO overview

At March 31, 2025, the average credit rating of the Treasury and CIO investment securities comprising the portfolio in the table below was AA+ (based upon external ratings where available and, where not available, based primarily upon internal risk ratings). Refer to Note 9 for further information on the Firm’s investment securities portfolio and internal risk ratings.

Refer to Liquidity Risk Management on pages 40-46 for further information on liquidity and funding risk. Refer to Market Risk Management on pages 65-70 for information on interest rate and foreign exchange risks.

(a)As of March 31, 2025 and 2024, the allowance for credit losses on investment securities was $85 million and $120 million, respectively.