JPMORGAN CHASE & CO
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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Sep 30, 2026 · Filed Nov 3, 2026
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Country Risk Management
The Firm, through its LOBs and Corporate, may be exposed to country risk resulting from financial, economic, political or other significant developments which adversely affect the value of the Firm’s exposures related to a particular country or set of countries. The Country Risk Management group actively monitors the various portfolios which may be impacted by these developments and measures the extent to which the Firm’s exposures are diversified given the Firm’s strategy and risk tolerance relative to a country.
Refer to pages 143–144 of JPMorganChase’s 2025 Form 10-K for a further discussion of the Firm’s country risk management.
Risk reporting
The following table presents the Firm’s top 20 exposures by country (excluding the U.S.) as of September 30, 2026 and their comparative exposures as of December 31, 2025. The top 20 country exposures represent the Firm’s largest total exposures by individual country. Country exposures may fluctuate from period to period due to a variety of factors, including client activity, market flows and liquidity management activities undertaken by the Firm.
| Top 20 country exposures (excluding the U.S.)(a) | ||||||
|---|---|---|---|---|---|---|
| September 30, 2026 · December 31, 2025(f)(g) | ||||||
| (in billions) | Deposits with banks(b) | Lending(c) | Trading and investing(d) | Other(e) | Total exposure | Total exposure |
| Germany | $90.1 | $16.2 | $(3.8) | $1.0 | $103.5 | $101.7 |
| United Kingdom | 23.2 | 28.7 | 45.2 | 1.3 | 98.4 | 93.2 |
| Japan | 66.3 | 5.9 | 11.8 | 0.2 | 84.2 | 79.3 |
| France | 0.9 | 16.1 | 22.1 | 1.1 | 40.2 | 29.5 |
| Canada | 2.1 | 17.2 | 7.3 | 0.3 | 26.9 | 18.4 |
| Brazil | 6.4 | 6.1 | 8.1 | — | 20.6 | 20.9 |
| Australia | 5.1 | 11.1 | 3.1 | — | 19.3 | 17.6 |
| India | 1.9 | 10.5 | 6.3 | 0.5 | 19.2 | 13.0 |
| Mainland China | 3.1 | 9.7 | 4.7 | 0.1 | 17.6 | 13.2 |
| Switzerland | 6.3 | 5.5 | 1.5 | 2.1 | 15.4 | 15.0 |
| South Korea | 5.5 | 4.0 | 4.9 | 0.4 | 14.8 | 13.4 |
| Italy | 0.1 | 9.8 | 4.4 | 0.2 | 14.5 | 13.0 |
| Mexico | 2.3 | 8.1 | 3.7 | — | 14.1 | 13.6 |
| Saudi Arabia | 1.1 | 8.2 | 4.4 | — | 13.7 | 12.5 |
| Belgium | 5.1 | 1.9 | 3.9 | — | 10.9 | 6.8 |
| United Arab Emirates | — | 9.0 | 1.8 | — | 10.8 | 5.7 |
| Singapore | 1.7 | 2.8 | 5.3 | 0.8 | 10.6 | 9.3 |
| Netherlands | 0.3 | 6.7 | (0.3) | 0.2 | 6.9 | 6.5 |
| Spain | — | 4.4 | 2.3 | 0.1 | 6.8 | 5.0 |
| Norway | — | 2.4 | 3.6 | — | 6.0 | 3.7 |
(a)Country exposures presented in the table reflect 86% and 88% of total Firmwide non-U.S. exposure, where exposure is attributed to an individual country based on the Firm’s internal country risk management approach, at September 30, 2026 and December 31, 2025, respectively.
(b)Predominantly represents cash placed with central banks.
(c)Includes loans and accrued interest receivable, lending-related commitments (net of eligible collateral and the allowance for credit losses). Excludes intra-day and operating exposures, such as those from settlement and clearing activities.
(d)Includes market-making positions and hedging, investment securities, and counterparty exposure on derivative and securities financings net of eligible collateral. Market-making positions and hedging includes exposure from single reference entity (“single-name”), index and other multiple reference entity transactions for which one or more of the underlying reference entities is in a country listed in the above table.
(e)Includes physical commodities inventory and clearing house guarantee funds.
(f)The country rankings presented in the table as of December 31, 2025, are based on the country rankings of the corresponding exposures at September 30, 2026, not actual rankings of such exposures at December 31, 2025.
(g)Exposures for certain countries have been revised to correct understatements of certain securities positions held for collateral purposes.
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