JPMORGAN CHASE & CO
For the period ended Jun 30, 2025. Filed Aug 5, 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.
Jun 30, 2025 · Filed Aug 5, 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 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 StatementsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0000019617-25-000615
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 805 previous paragraphs and 923 current paragraphs.
510 unchanged; 211 reworded; 169 added; 77 removed; 7 previous and 33 current paragraphs rearranged.
Tables are not compared: 91 previous and 97 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 (169)
Current report
•Total net revenue was $44.9 billion, down 11%, reflecting:
Current report
–Net interest income ("NII") was $23.2 billion, up 2%, driven by higher Markets net interest income, higher wholesale deposit balances, higher revolving balances in Card Services, and the
Current report
impact of investment securities activity including from prior quarters. These factors were predominantly offset by the impact of lower rates and deposit margin compression. NII excluding Markets was $22.8 billion, down 1%.
Current report
–Noninterest revenue ("NIR") was $21.7 billion, down 21%, primarily reflecting the absence of the $7.9 billion net gain related to Visa shares recorded in the prior year. Excluding this net gain, NIR would have been up 11% driven by higher Markets noninterest revenue, lower net investment securities losses in Treasury and CIO, and increases in asset management fees in AWM and CCB, auto operating lease income, investment banking fees, and Payments fees.
Current report
•Theprovision for credit losses was $2.8 billion. Net charge-offs of $2.4 billion, predominantly in Card Services, were up $179 million. The net addition to the allowance for credit losses of $439 million, primarily in wholesale, was driven by the impact of net lending activity, largely offset by the impact of changes in the Firm’s weighted-average macroeconomic outlook, including a decrease in the weight placed on the adverse scenarios.
Current report
In the prior year, the provision was $3.1 billion, net charge-offs were $2.2 billion and the net addition to the allowance for credit losses was $821 million.
Current report
•The Firm’snonperforming assets totaled $10.5 billion at June 30, 2025, up 24%, driven by:
Current report
–higher wholesale nonaccrual loans, largely related to certain exposures in Technology, Media & Telecommunications, Utilities, and Real Estate, reflecting downgrades, and
Current report
–higher consumer nonaccrual loans, predominantly due to the impact of the wildfires in California in January 2025, as well as higher loans at fair value in CIB.
Current report
–a decrease in CCB in existing account balances primarily driven by increased customer spending and migration into higher-yielding investments.
Current report
Refer to Liquidity Risk Management on pages 50-57 for additional information.
Current report
•TBVPS grew 11%, ending the second quarter of 2025 at $103.40.
Current report
•In the second quarter of 2025, leadership changes were announced for certain of JPMorganChase’s senior executives:
Current report
–Sanoke Viswanathan, head of the Firm’s international consumer initiatives, will be leaving the Firm in the third quarter of 2025.
Current report
–Marianne Lake, CEO of Consumer & Community Banking, has assumed oversight of international consumer initiatives.
Current report
(b) Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
Current report
•higher debt underwriting fees primarily driven by several large deals, and
Current report
•higher advisory fees predominantly benefiting from increased sponsor activity,
Current report
•higher Fixed Income Markets revenue driven by higher revenue in Rates, Commodities and Currencies & Emerging Markets, largely offset by lower revenue in Securitized Products and Fixed Income Financing,
Current report
Card income: refer to CCB segment results on pages 21-25 and Note 5 for additional information.
Current report
•the absence in Corporate of several items recorded in the prior year, particularly the $7.9 billion net gain related to Visa shares,
Current report
•higher auto operating lease income in CCB due to growth in volume.
Current report
Net interest income increased driven by higher Markets net interest income, higher wholesale deposit balances, higher revolving balances in Card Services, and the impact of investment securities activity including from prior quarters. These factors were predominantly offset by the impact of lower rates and deposit margin compression.
Current report
•higher debt underwriting fees driven by several large deals, and
Current report
•higher advisory fees, predominantly reflecting the closing of a higher number of large transactions,
Current report
•lower equity underwriting fees driven by lower convertible securities offerings and IPOs, largely offset by higher follow-on offerings.
Current report
The increase in CIB was partially offset by lower revenue in Treasury and CIO.
Current report
Refer to Corporate results on pages 39-41 for additional information.
Current report
•the absence in Corporate of several items recorded in the prior year, particularly the $7.9 billion net gain related to Visa shares,
Current report
•the $588 million First Republic-related gain recorded in the first quarter of 2025, and
Current report
•higher auto operating lease income in CCB due to growth in volume.
Current report
The provision for credit losses was $2.8 billion. Net charge-offs were $2.4 billion and the net addition to the allowance for credit losses was $439 million.
Current report
The net addition to the allowance for credit losses consisted of:
Current report
•$446 million inwholesale, driven by the impact of new lending-related commitments and changes in credit quality of client-specific exposures, partially offset by a decrease in the weight placed on the adverse scenarios, and
Current report
•$3 million inconsumer, as loan growth in Card Services was offset by the impact of changes in the Firm's weighted-average macroeconomic outlook.
Current report
In the prior year, the provision was $3.1 billion, net charge-offs were $2.2 billion and the net addition to the allowance for credit losses was $821 million.
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Removed paragraphs (77)
Previous report
•Total net revenue was $45.3 billion, up 8%, reflecting:
Previous report
–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 report
•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 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.
Previous report
–net inflows in Payments and Securities Services, and
Previous 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.
Previous report
Refer to Liquidity Risk Management on pages 40-46 for additional information.
Previous report
•TBVPS grew 13%, ending the first quarter of 2025 at $100.36.
Previous 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.
Previous 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.
Previous report
•higher advisory fees predominantly driven by the closing of deals announced in 2024,
Previous report
•lower equity underwriting fees as challenging market conditions resulted in lower fees.
Previous report
Refer to CIB segment results on pages 22-26 and Note 5 for additional information.
Previous report
Refer to CIB segment results on pages 22-26 and Note 5 for additional information.
Previous report
•a decline in the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic, primarily in AWM, as certain of the commitments have expired.
Previous report
Refer to CIB and AWM segment results on pages 22-26 and pages 27-29, respectively, and Note 5 for additional information.
Previous report
Mortgage fees and related income: refer to Note 14 for additional information.
Previous report
Other income increased, reflecting:
Previous report
•a $588 million First Republic-related gain in Corporate, and
Previous report
•higher auto operating lease income due to an increase in origination volume in CCB.
Previous 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.
Previous report
The net addition to the allowance for credit losses was largely driven by changes in the weighted-average macroeconomic outlook, and consisted of:
Previous report
•$549 million inwholesale, which also reflected changes in credit quality on client-specific exposures and the impact of new lending-related commitments, and
Previous 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.
Previous report
Noncompensation expense decreased as a result of:
Previous report
Securities borrowed increased driven by Markets, reflecting higher client-driven activities.
Previous report
•a reduction in Card Services due to the impact of seasonality, and
Previous report
•$451 million inconsumer, predominantly driven by Card Services, and
Previous report
•$412 million inwholesale, which also reflected changes in credit quality on client-specific exposures.
Previous report
Trading liabilities: refer to Notes 2 and 4 for additional information.
Previous report
Long-term debt: refer to Liquidity Risk Management on pages 40-46 for additional information.
Previous report
(c)Includes the market-related revenues of the former Commercial Banking business segment. Prior-period amounts have been revised to conform with the current presentation. Refer to Business Segment & Corporate Results on page 70 of the Firm’s 2024 Form 10-K for additional information.
Previous report
Net income was $4.4 billion, down 8%.
Previous report
Net revenue was $18.3 billion, up 4%.
Previous report
•lower NII in Banking & Wealth Management ("BWM"), driven by lower average deposit balances.
Previous report
Noninterest revenue was $4.2 billion, up 6%, driven by:
Showing the first 40 of 77 passages. Open the source sections for the rest.
Reworded paragraphs (211)
Previous 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.
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 second quarter of 2025.
Previous 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.
Current wording
This Quarterly Report on Form 10-Q for the second 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 192-200 for definitions of terms and acronyms used throughout this Form 10-Q.
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. 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.
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 $4.6 trillion in assets and $356.9 billion in stockholders’ equity as of June 30, 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
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.
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 19-41 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
(b)Reflects the Firm’s ratios under the Basel III Standardized approach. Refer to Capital Risk Management on pages 33-39 for additional information.
Current wording
(b)Reflects the Firm’s ratios under the Basel III Standardized approach. Refer to Capital Risk Management on pages 43-49 for additional information.
Previous wording
Comparisons noted in the sections below are for the first quarter of 2025 versus the first quarter of 2024, unless otherwise specified.
Current wording
Comparisons noted in the sections below are for the second quarter of 2025 versus the second quarter of 2024, unless otherwise specified.
Previous wording
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 wording
For the second quarter of 2025, JPMorganChase reported net income of $15.0 billion, down 17%, with earnings per share of $5.24, ROE of 18% and ROTCE of 21%. The Firm's results included a $774 million income tax benefit in Corporate.
Previous 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.
Current wording
•Noninterest expense was $23.8 billion, flat when compared with the prior year, driven by higher compensation expense, including higher revenue-related compensation and growth in the number of employees, as well as higher brokerage expense and distribution fees, higher auto lease depreciation, and continued investments in technology. These factors were offset by the absence of the $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the prior year, as well as lower legal expense.
Previous 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.
Current wording
•The total allowance for credit losses was $28.3 billion at June 30, 2025. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.85%, compared with 1.81% in the prior year.
Previous 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.
Current wording
Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 9-13 and pages 14-15, 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 15-16 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 17-18 for a further discussion of each of these measures.
Previous 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.
Current wording
Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio on pages 64-72 and pages 60-63, respectively, for additional information.
Previous wording
•Firmwide average loans of $1.3 trillion were up 2%, predominantly driven by higher loans in CIB and AWM.
Current wording
•Firmwide average loans of $1.4 trillion were up 5%, predominantly driven by higher loans in CIB and AWM.
Previous wording
•Firmwide average deposits of $2.4 trillion were up 2%, reflecting:
Current wording
•Firmwide average deposits of $2.5 trillion were up 6%, reflecting:
Previous wording
•CET1 capital was $280 billion, and the Standardized and Advanced CET1 ratios were 15.4% and 15.6%, respectively.
Current wording
•CET1 capital was $284 billion, and the Standardized and Advanced CET1 ratios were 15.1% and 15.2%, respectively.
Previous 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.
Current wording
•As of June 30, 2025, the Firm had eligible end-of-period High Quality Liquid Assets (“HQLA”) of approximately $970 billion and unencumbered marketable securities with a fair value of approximately $573 billion, resulting in approximately $1.5 trillion of liquidity sources. Refer to Liquidity Risk Management on pages 50-57 for additional information.
Previous wording
Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the first quarter of 2025.
Current wording
Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the second quarter of 2025.
Previous wording
Refer to the Business Segment & Corporate Results on pages 17-31 for a detailed discussion of results by business segment.
Current wording
Refer to the Business Segment & Corporate Results on pages 19-41 for a detailed discussion of results by business segment.
Previous 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:
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 six months of 2025, consisting of approximately:
Previous 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.
Current wording
•Management expects net interest income to be approximately $95.5 billion and net interest income excluding Markets to be approximately $92.0 billion, market dependent.
Previous wording
•Management expects adjusted expense to be approximately $95.0 billion, market dependent.
Current wording
•Management expects adjusted expense to be approximately $95.5 billion, market dependent.
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 15-16.
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 17-18.
Previous 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.
Current wording
This section provides a comparative discussion of JPMorganChase’s Consolidated Results of Operations on a reported basis for the three and six months ended June 30, 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 85-88 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 $829 million and $672 million for the three months ended March 31, 2025 and 2024. Refer to Note 5 for additional information.
Current wording
(a) Included operating lease income of $901 million and $689 million for the three months ended June 30, 2025 and 2024, respectively, and $1.7 billion and $1.4 billion for the six months ended June 30, 2025 and 2024, respectively. Refer to Note 5 for additional information.
Previous wording
•higher debt underwriting fees predominantly driven by elevated refinancing activity, particularly in leveraged finance, and
Current wording
•lower equity underwriting fees predominantly driven by lower IPOs.
Previous wording
•a reduction in client credits applied to deposit-related fees as well as increased volumes resulting in higher cash management fees in Payments,
Current wording
Lending- and deposit-related fees increased, reflecting in CIB, a reduction in client credits applied to deposit-related fees, as well as growth in volumes resulting in higher cash management fees in Payments.
Previous wording
Asset management fees increased as a result of net inflows in AWM and higher average market levels in AWM and CCB. Refer to CCB and AWM segment results on pages 19-21 and pages 27-29, respectively, and Note 5 for additional information.
Current wording
Asset management fees increased in AWM and CCB, as a result of net inflows and higher average market levels. Refer to CCB and AWM segment results on pages 21-25 and pages 34-38, respectively, and Note 5 for additional information.
Previous wording
Commissions and other fees increased, largely due to higher brokerage commissions and fees on higher volume, in both CIB and AWM. Refer to CIB and AWM segment results on pages 22-26 and pages 27-29, respectively, and Note 5 for additional information.
Current wording
Commissions and other fees increased in CIB and AWM, predominantly due to higher brokerage commissions and fees on higher volume, and to a lesser extent, higher custody fees as a result of higher client activity and market levels. Refer to CIB and AWM segment results on pages 26-33 and pages 34-38, respectively, and Note 5 for additional information.
Previous wording
Investment securities losses decreased, reflecting lower net 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 Corporate results on pages 30-31 and Note 9 for additional information.
Current wording
Investment securities losses decreased driven by lower net losses in Treasury and CIO. Refer to Corporate results on pages 39-41 and Note 9 for additional information.
Previous wording
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 wording
Refer to CCB and Corporate results on pages 21-25 and pages 39-41, respectively, for additional information.
Previous wording
The Firm’s average interest-earning assets were $3.7 trillion, up $223 billion, and the yield was 5.19%, down 36 basis points (“bps”). The net yield on these assets, on an FTE basis, was 2.58%, a decrease of 13 bps. The net yield excluding Markets was 3.80%, down 3 bps.
Current wording
The Firm’s average interest-earning assets were $3.8 trillion, up $336 billion, and the yield was 5.04%, down 53 basis points (“bps”). The net yield on these assets, on an FTE basis, was 2.43%, a decrease of 19 bps. The net yield excluding Markets was 3.71%, down 15 bps.
Previous wording
Refer to the Consolidated average balance sheets, interest and rates schedule on page 171 for additional information. Net yield excluding Markets is a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16 for an additional discussion of net yield excluding Markets.
Current wording
Refer to the Consolidated average balance sheets, interest and rates schedule on pages 190-191 for additional information. Net yield excluding Markets is a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 17-18 for an additional discussion of net yield excluding Markets.
Previous wording
•higher Fixed Income Markets revenue, reflecting higher revenue in Rates, predominantly offset by lower revenue in Currencies & Emerging Markets, and Securitized Products.
Current wording
•higher Fixed Income Markets revenue driven by higher revenue in Rates and Commodities, predominantly offset by lower revenue in Securitized Products, Fixed Income Financing and Currencies & Emerging Markets, and
Previous wording
•higher Equity Markets revenue, particularly in Equity Derivatives, and
Current wording
•higher Equity Markets revenue, particularly in Equity Derivatives.
Previous wording
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 wording
Card income was flat, and included in CCB, higher amortization related to new account origination costs and lower net interchange, largely offset by higher annual fees.
Previous wording
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 wording
Refer to Note 5, and Note 34 on pages 319-321 of the Firm’s 2024 Form 10-K, for additional information on the First Republic-related gain.
Previous wording
Net interest income increased 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.
Current wording
Net interest income increased driven by higher Markets net interest income, higher revolving balances in Card Services, higher wholesale deposit balances, and the impact of investment securities activity including from prior quarters. These factors were predominantly offset by the impact of lower rates and deposit margin compression, as well as lower average deposit balances in CCB.
Previous wording
Net charge-offs included $2.1 billion inconsumer, predominantly driven by Card Services, reflecting the seasoning of vintages originated in recent years, and $187 million inwholesale.
Current wording
Net charge-offs included $2.1 billion inconsumer, predominantly driven by Card Services, reflecting loan growth, and $345 million inwholesale.
Previous wording
Refer to CCB, CIB and AWM segment and Corporate results on pages 19-21, pages 22-26, pages 27-29, and pages 30-31, respectively; Allowance for Credit Losses on pages 61-63; Critical Accounting Estimates Used by the Firm on pages 72–75; and Notes 11 and 12 for additional information on the credit portfolio and the allowance for credit losses.
Current wording
Refer to CCB, CIB and AWM segment and Corporate results on pages 21-25, pages 26-33, pages 34-38, and pages 39-41, respectively; Allowance for Credit Losses on pages 73-75; Critical Accounting Estimates Used by the Firm on pages 85-88; and Notes 11 and 12 for additional information on the credit portfolio and the allowance for credit losses.
Previous wording
•growth in the number of employees across the LOBs and Corporate, primarily in front office and technology.
Current wording
•growth in the number of employees, primarily front office and technology, and
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–net inflows related to client-driven activities in Payments and Securities Services, and
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•lower Equity Markets revenue, particularly in Prime Finance.
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Investment banking fees increased, reflecting in CIB:
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Principal transactions revenue increased, reflecting in CIB:
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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.
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Lending- and deposit-related fees increased, reflecting in CIB, a reduction in client credits applied to deposit-related fees, as well as growth in volumes resulting in higher cash management fees in Payments.
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Asset management fees increased in AWM and CCB, as a result of net inflows and higher average market levels.
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Commissions and other fees increased in CIB and AWM, predominantly due to higher brokerage commissions and fees on higher volume, and to a lesser extent, higher custody fees as a result of higher client activity and market levels.
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Investment securities losses decreased driven by lower net losses in Treasury and CIO.
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The Firm’s average interest-earning assets were $3.8 trillion, up $280 billion, and the yield was 5.11%, down 45 basis points (“bps”). The net yield on these assets, on an FTE basis, was 2.51%, a decrease of 15 bps. The net yield excluding Markets was 3.75%, down 10 bps.
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•higher investments in technology across the businesses.
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•higher revenue-related compensation, particularly in CIB and AWM.
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•lower FDIC-related expense, which included the impact of a release of an FDIC special assessment accrual of $323 million in Corporate recorded in the first quarter of 2025, compared with an accrual increase of $725 million in the first quarter of the prior year,
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•higher brokerage expense in CIB and higher distribution fees in AWM,
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•higher depreciation expense on higher auto operating lease assets in CCB,
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Theeffective tax rate decreased predominantly driven by:
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•higher tax benefits related to the vesting of employee share-based awards.
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•lower held to-maturity (“HTM”) securities driven by maturities and paydowns.
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Net interest income was $14.4 billion, up 5%, reflecting higher Card Services NII, predominantly driven by higher revolving balances.
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•lower card income, driven by an increase in amortization related to new account origination costs, partially offset by higher annual fees. Net interchange was relatively flat as the impact of increased debit and credit card sales volume was offset by higher rewards costs and partner payments.
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•higher noncompensation expense, predominantly driven by higher auto lease depreciation on higher auto operating lease assets, and continued investments in technology and marketing, as well as
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Net interest income was $28.5 billion, up 4%, driven by:
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•higher auto operating lease income as a result of an increase in volume, and
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•Investment Banking revenue was $5.0 billion, up 6%. Investment Banking fees were up 9%, 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.
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•Payments revenue was $9.3 billion, up 3%, driven by higher average deposits and fee growth, largely offset by deposit margin compression.
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Revenue from Asset Management was $5.4 billion, up 13%, predominantly driven by higher asset management fees, reflecting strong net inflows and higher average market levels.
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•higher compensation, primarily revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees,
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•lower net investment securities losses in Treasury and CIO, and
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Refer to Note 5 for additional information on the First Republic-related gain.
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–restructuring and integration costs associated with First Republic.
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•higher tax benefits related to the vesting of employee share-based awards,
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•an increase in CIB due to net inflows related to client-driven activities in Payments and Securities Services, partially offset by net maturities of structured notes in Markets,
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The carrying value of retained home equity lines of credit outstanding was $13.8 billion at June 30, 2025, including $3.6 billion of HELOCs that have recast from interest-only to fully amortizing payments or have been modified, and $3.4 billion of interest-only balloon
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Lending- and deposit-related fees increased due to:
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Refer to Note 10 for additional information on securities purchased under resale agreements and securities borrowed.
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Notes 2, 3, 11 and 12 for additional information on loans and the total allowance for credit losses.
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Net interest income was $14.1 billion, up 3%, driven by:
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•higher noninterest revenue as a result of:
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(b)Quartile ranking sourced from Morningstar, Lipper and Nomura based on country of domicile. Includes only Asset Management
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•an increase in CCB primarily driven by new accounts, and