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1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549FORM 10-QQuarterly report pursuant to Section 13 or 15(d)ofthe Securities Exchange Act of 1934For the quarterly period endedCommission fileJune 30,2024number 1-5805JPMorgan Chase&Co.(Exact name of registrant as specified in its chart
2、er)Delaware13-2624428(State or other jurisdiction ofincorporation or organization)(I.R.S.employeridentification no.)383 Madison Avenue,New York,New York10179(Address of principal executive offices)(Zip Code)Registrants telephone number,including area code:(212)270-6000Securities registered pursuant
3、to Section 12(b)of the Act:Title of each classTrading Symbol(s)Name of each exchange on whichregisteredCommon stockJPMThe New York Stock ExchangeDepositary Shares,each representing a one-four hundredth interest in a share of 5.75%Non-CumulativePreferred Stock,Series DDJPM PR DThe New York Stock Exch
4、angeDepositary Shares,each representing a one-four hundredth interest in a share of 6.00%Non-CumulativePreferred Stock,Series EEJPM PR CThe New York Stock ExchangeDepositary Shares,each representing a one-four hundredth interest in a share of 4.75%Non-CumulativePreferred Stock,Series GGJPM PR JThe N
5、ew York Stock ExchangeDepositary Shares,each representing a one-four hundredth interest in a share of 4.55%Non-CumulativePreferred Stock,Series JJJPM PR KThe New York Stock ExchangeDepositary Shares,each representing a one-four hundredth interest in a share of 4.625%Non-CumulativePreferred Stock,Ser
6、ies LLJPM PR LThe New York Stock ExchangeDepositary Shares,each representing a one-four hundredth interest in a share of 4.20%Non-CumulativePreferred Stock,Series MMJPM PR MThe New York Stock ExchangeGuarantee of Callable Fixed Rate Notes due June 10,2032 of JPMorgan Chase Financial Company LLCJPM/3
7、2The New York Stock ExchangeGuarantee of Alerian MLP Index ETNs due January 28,2044 of JPMorgan Chase Financial Company LLCAMJBNYSE Arca,Inc.Indicate by check mark whether the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during
8、the preceding 12 months(or for such shorterperiod that the registrant was required to file such reports),and(2)has been subject to such filing requirements for the past 90 days.Yes NoIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be
9、 submitted pursuant to Rule 405 of Regulation S-T(232.405 of this chapter)during thepreceding 12 months(or for such shorter period that the registrant was required to submit such files).Yes NoIndicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accele
10、rated filer,a smaller reporting company,or an emerging growth company.See the definitions of“large accelerated filer,”“accelerated filer,”“smaller reporting company,”and“emerging growth company”in Rule 12b-2 of the Exchange Act.Large accelerated filerAccelerated filerNon-accelerated filerSmaller rep
11、orting companyEmerging growth companyIf an emerging growth company,indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accountingstandards provided pursuant to Section 13(a)of the Exchange Act.Indicate by chec
12、k mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act).Yes NoNumber of shares of common stock outstanding as of June 30,2024:2,845,164,727FORM 10-QTABLE OF CONTENTSPart I Financial informationPageItem 1.Financial Statements.Consolidated Financial Statements JP
13、Morgan Chase&Co.:Consolidated statements of income(unaudited)for the three and six months ended June 30,2024 and 202391Consolidated statements of comprehensive income(unaudited)for the three and six months ended June 30,2024 and 202392Consolidated balance sheets(unaudited)at June 30,2024 and Decembe
14、r 31,202393Consolidated statements of changes in stockholders equity(unaudited)for the three and six months ended June 30,2024 and202394Consolidated statements of cash flows(unaudited)for the six months ended June 30,2024 and 202395Notes to Consolidated Financial Statements(unaudited)96Report of Ind
15、ependent Registered Public Accounting Firm191Consolidated Average Balance Sheets,Interest and Rates(unaudited)for the three months ended June 30,2024 and 2023192Glossary of Terms and Acronyms and Line of Business Metrics194Item 2.Managements Discussion and Analysis of Financial Condition and Results
16、 of Operations.Consolidated Financial Highlights3Introduction4Executive Overview5Consolidated Results of Operations9Consolidated Balance Sheets and Cash Flows Analysis15Explanation and Reconciliation of the Firms Use of Non-GAAP Financial Measures18Business Segment Results20Firmwide Risk Management4
17、4Capital Risk Management45Liquidity Risk Management51Consumer Credit Portfolio61Wholesale Credit Portfolio66Investment Portfolio Risk Management78Market Risk Management79Country Risk Management85Critical Accounting Estimates Used by the Firm86Accounting and Reporting Developments89Forward-Looking St
18、atements90Item 3.Quantitative and Qualitative Disclosures About Market Risk.202Item 4.Controls and Procedures.202Part II Other informationItem 1.Legal Proceedings.202Item 1A.Risk Factors.202Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.202Item 3.Defaults Upon Senior Securities.2
19、03Item 4.Mine Safety Disclosures.203Item 5.Other Information.203Item 6.Exhibits.2042JPMorgan Chase&Co.Consolidated financial highlights(unaudited)As of or for the period ended,(in millions,except per share,ratio,employee data and where otherwise noted)Six months ended June 30,2Q241Q244Q233Q232Q23202
20、42023Selected income statement dataTotal net revenue$50,200$41,934$38,574$39,874$41,307$92,134$79,656 Total noninterest expense23,713 22,757 24,486 21,757 20,822 46,470 40,929 Pre-provision profit26,487 19,177 14,088 18,117 20,485 45,664 38,727 Provision for credit losses3,052 1,884 2,762 1,384 2,89
21、9 4,936 5,174 Income before income tax expense23,435 17,293 11,326 16,733 17,586 40,728 33,553 Income tax expense5,286 3,874 2,019 3,582 3,114 9,160 6,459 Net income$18,149$13,419$9,307$13,151$14,472$31,568$27,094 Earnings per share dataNet income:Basic$6.13$4.45$3.04$4.33$4.76$10.58$8.86 Diluted6.1
22、2 4.44 3.04 4.33 4.75 10.56 8.85 Average shares:Basic2,889.8 2,908.3 2,914.4 2,927.5 2,943.8 2,899.1 2,956.1 Diluted2,894.9 2,912.8 2,919.1 2,932.1 2,948.3 2,903.9 2,960.5 Market and per common share dataMarket capitalization575,463 575,195 489,320 419,254 422,661 575,463 422,661 Common shares at pe
23、riod-end2,845.1 2,871.6 2,876.6 2,891.0 2,906.1 2,845.1 2,906.1 Book value per share111.29 106.81 104.45 100.30 98.11 111.29 98.11 Tangible book value per share(“TBVPS”)92.77 88.43 86.08 82.04 79.90 92.77 79.90 Cash dividends declared per share1.15 1.15 1.05 1.05 1.00 2.30 2.00 Selected ratios and m
24、etricsReturn on common equity(“ROE”)23%17%12%18%20%20%19%Return on tangible common equity(“ROTCE”)28 21 15 22 25 25 24 Return on assets1.79 1.36 0.95 1.36 1.51 1.58 1.45 Overhead ratio47 54 63 55 50 50 51 Loans-to-deposits ratio55 54 55 55 54 55 54 Firm Liquidity coverage ratio(“LCR”)(average)112 11
25、2 113 112 112 112 112 JPMorgan Chase Bank,N.A.LCR(average)125 129 129 123 129 125 129 Common equity Tier 1(“CET1”)capital ratio15.3 15.0 15.0 14.3 13.8 15.3 13.8 Tier 1 capital ratio16.7 16.4 16.6 15.9 15.4 16.7 15.4 Total capital ratio18.5 18.2 18.5 17.8 17.3 18.5 17.3 Tier 1 leverage ratio7.2 7.2
26、7.2 7.1 6.9 7.2 6.9 Supplementary leverage ratio(“SLR”)6.1 6.1 6.1 6.0 5.8 6.1 5.8 Selected balance sheet data(period-end)Trading assets$733,882$754,409$540,607$601,993$636,996$733,882$636,996 Investment securities,net of allowance for credit losses589,998 570,679 571,552 585,380 612,203 589,998 612
27、,203 Loans1,320,700 1,309,616 1,323,706 1,310,059 1,300,069 1,320,700 1,300,069 Total assets4,143,003 4,090,727 3,875,393 3,898,333 3,868,240 4,143,003 3,868,240 Deposits2,396,530 2,428,409 2,400,688 2,379,526 2,398,962 2,396,530 2,398,962 Long-term debt394,028 395,872 391,825 362,793 364,078 394,02
28、8 364,078 Common stockholders equity316,652 306,737 300,474 289,967 285,112 316,652 285,112 Total stockholders equity340,552 336,637 327,878 317,371 312,516 340,552 312,516 Employees313,206 311,921 309,926 308,669 300,066 313,206 300,066 Credit quality metricsAllowances for credit losses$25,514$24,6
29、95$24,765$24,155$24,288$25,514$24,288 Allowance for loan losses to total retained loans1.81%1.77%1.75%1.73%1.75%1.81%1.75%Nonperforming assets$8,423$8,265$7,597$8,131$7,838$8,423$7,838 Net charge-offs2,231 1,956 2,164 1,497 1,411 4,187 2,548 Net charge-off rate0.71%0.62%0.68%0.47%0.47%0.67%0.45%(a)P
30、re-provision profit,TBVPS and ROTCE are each non-GAAP financial measures.Tangible common equity(“TCE”)is also a non-GAAP financial measure.Refer to Explanation and Reconciliation of the Firms Use ofNon-GAAP Financial Measures on pages 18-19 for a further discussion of these measures.(b)Ratios are ba
31、sed upon annualized amounts.(c)The ratios reflect the Current Expected Credit Losses(“CECL”)capital transition provisions.Refer to Note 21 of this Form 10-Q and Note 27 of JPMorgan Chases 2023 Form 10-K for additional information.(d)Reflects the Firms ratios under the Basel III Standardized approach
32、.Refer to Capital Risk Management on pages 45-50 for additional information.(e)Total net revenue included a$7.9 billion net gain related to Visa shares,and total noninterest expense included a$1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation.Refer to Executive Overviewon page
33、s 5-8,and Notes 2 and 5 of this Form 10-Q,as well as pages 8 and 100 of JPMorgan Chases Quarterly Report on Form 10-Q for the quarter ended March 31,2024 for further information.(e)(e)(e)(e)(a)(a)(b)(a)(b)(b)(c)(d)(c)(d)(c)(d)(c)(c)3INTRODUCTIONThe following is Managements discussion and analysis of
34、 the financialcondition and results of operations(“MD&A”)of JPMorgan Chase&Co.(“JPMorgan Chase”or the“Firm”)for the second quarter of 2024.This Quarterly Report on Form 10-Q for the second quarter of 2024(“Form 10-Q”)should be read together with JPMorgan Chases AnnualReport on Form 10-K for the year
35、 ended December 31,2023(“2023Form 10-K”).Refer to the Glossary of terms and acronyms and line ofbusiness metrics on pages 194-201 for definitions of terms andacronyms used throughout this Form 10-Q.This Form 10-Q contains forward-looking statements within the meaningof the Private Securities Litigat
36、ion Reform Act of 1995.These forward-looking statements are based on the current beliefs and expectations ofJPMorgan Chases management,speak only as of the date of this Form10-Q and are subject to significant risks and uncertainties.Refer toForward-looking Statements on page 90 of this Form 10-Q and
37、 Part I,Item 1A,Risk Factors on pages 9-33 of the 2023 Form 10-K for adiscussion of certain of those risks and uncertainties and the factors thatcould cause JPMorgan Chases actual results to differ materiallybecause of those risks and uncertainties.There is no assurance thatactual results will be in
38、 line with any outlook information set forth herein,and the Firm does not undertake to update any forward-lookingstatements.JPMorgan Chase&Co.(NYSE:JPM),a financial holding companyincorporated under Delaware law in 1968,is a leading financial servicesfirm based in the United States of America(“U.S.”
39、),with operationsworldwide.JPMorgan Chase had$4.1 trillion in assets and$340.6 billionin stockholders equity as of June 30,2024.The Firm is a leader ininvestment banking,financial services for consumers and smallbusinesses,commercial banking,financial transaction processing andasset management.Under
40、 the J.P.Morgan and Chase brands,the Firmserves millions of customers,predominantly in the U.S.,and many of theworlds most prominent corporate,institutional and government clientsglobally.JPMorgan Chases principal bank subsidiary is JPMorgan Chase Bank,National Association(“JPMorgan Chase Bank,N.A.”
41、),a national bankingassociation with U.S.branches in 48 states and Washington,D.C.JPMorgan Chases principal non-bank subsidiary is J.P.MorganSecurities LLC(“J.P.Morgan Securities”),a U.S.broker-dealer.Thebank and non-bank subsidiaries of JPMorgan Chase operate nationallyas well as through overseas b
42、ranches and subsidiaries,representativeoffices and subsidiary foreign banks.The Firms principal operatingsubsidiaries outside the U.S.are J.P.Morgan Securities plc and J.P.Morgan SE(“JPMSE”),which are subsidiaries of JPMorgan ChaseBank,N.A.and are based in the United Kingdom(“U.K.”)and Germany,respe
43、ctively.Business Segment Reorganization:Effective in the second quarter of2024,the Firm reorganized its reportable business segments bycombining the former Corporate&Investment Bank and CommercialBanking business segments to form one reportable segment,theCommercial&Investment Bank(“CIB”).As a resul
44、t of the reorganization,the Firm now has three reportable business segments,as well as aCorporate segment.The Firms consumer business is the Consumer&Community Banking(“CCB”)segment.The Firms wholesale businessesare the Commercial&Investment Bank(“CIB”)and Asset&WealthManagement(“AWM”)segments.Refer
45、 to Business Segment Resultson pages 20-22 of this Form 10-Q and Recent events on page 52 of the2023 Form 10-K for additional information on the reorganization,as wellas Note 25 of this Form 10-Q and Note 32 of the 2023 Form 10-K,for adescription of the Firms business segments and the products andse
46、rvices they provide to their respective client bases.First Republic:On May 1,2023,JPMorgan Chase acquired certainassets and assumed certain liabilities of First Republic Bank(the“FirstRepublic acquisition”)from the Federal Deposit Insurance Corporation(“FDIC”).References in this Form 10-Q to associa
47、ted with FirstRepublic,related to First Republic,impact of First Republic or similarexpressions 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.The Firms website is .JPMorg
48、an Chasemakes available on its website,free of charge,annual reports on Form10-K,quarterly reports on Form 10-Q and current reports on Form 8-Kpursuant to Section 13(a)or Section 15(d)of the Securities ExchangeAct of 1934,as soon as reasonably practicable after it electronically filesor furnishes su
49、ch material to the U.S.Securities and ExchangeCommission(the“SEC”)at www.sec.gov.JPMorgan Chase makes newand important information about the Firm available on its website athttps:/,including on the Investor Relationssection of its website at https:/ the Firms website,including documents on the websi
50、te that arereferenced in this Form 10-Q,is not incorporated by reference into thisForm 10-Q or the Firms other filings with the SEC.4EXECUTIVE OVERVIEWThis executive overview of the MD&A highlights selected information and does not contain all of the information that is important to readers of this
51、Form10-Q.For a complete description of the trends and uncertainties,as well as the risks and critical accounting estimates affecting the Firm,this Form 10-Qand the 2023 Form 10-K should be read together and in their entirety.Financial performance of JPMorgan Chase(unaudited)As of or for the period e
52、nded,(in millions,except per share data and ratios)Three months ended June 30,Six months ended June 30,20242023Change20242023ChangeSelected income statement dataNoninterest revenue$27,454$19,528 41%$46,306$37,166 25%Net interest income22,746 21,779 4 45,828 42,490 8 Total net revenue50,200 41,307 22
53、 92,134 79,656 16 Total noninterest expense23,713 20,822 14 46,470 40,929 14 Pre-provision profit26,487 20,485 29 45,664 38,727 18 Provision for credit losses3,052 2,899 5 4,936 5,174(5)Net income18,149 14,472 25 31,568 27,094 17 Diluted earnings per share6.12 4.75 29 10.56 8.85 19 Selected ratios a
54、nd metricsReturn on common equity23%20%20%19%Return on tangible common equity28 25 25 24 Book value per share$111.29$98.11 13$111.29$98.11 13 Tangible book value per share92.77 79.90 16 92.77 79.90 16 Capital ratiosCET1 capital15.3%13.8%15.3%13.8%Tier 1 capital16.7 15.4 16.7 15.4 Total capital18.5 1
55、7.3 18.5 17.3 Memo:NII excluding Markets$22,938$22,370 3$45,958$43,306 6 NIR excluding Markets20,261 12,969 56 31,776 22,931 39 Markets7,793 7,062 10 15,806 15,500 2 Total net revenue-managed basis$50,992$42,401 20$93,540$81,737 14(a)The ratios reflect the CECL capital transition provisions.Refer to
56、 Note 21 of this Form 10-Q and Note 27 of JPMorgan Chases 2023 Form 10-K for additional information.(b)Reflects the Firms ratios under the Basel III Standardized approach.Refer to Capital Risk Management on pages 45-50 for additional information.(c)NII and NIR refer to net interest income and nonint
57、erest revenue,respectively.Markets consists of CIBs Fixed Income Markets and Equity Markets businesses.First Republic:JPMorgan Chase acquired certain assets and assumedcertain liabilities of First Republic Bank from the FDIC on May 1,2023.As a result,the current-quarter and year-to-date results incl
58、ude thethree-and six-month impact of First Republic,respectively,comparedwith two months in the prior-year periods.Where meaningful to theresults,this is referred to in this Form 10-Q as the timing impact of FirstRepublic.Visa shares:On April 8,2024,Visa Imenced an initial exchangeoffer for Visa Cla
59、ss B-1 common shares.On May 6,2024,the Firmannounced that Visa had accepted the Firms tender of its 37.2 millionVisa Class B-1 common shares in exchange for a combination of VisaClass B-2 common shares and Visa Class C common shares(“Visa Cshares”),resulting in a$7.9 billion net gain for the period
60、ended June30,2024.In addition,the Firm contributed$1.0 billion of Visa shares to theJPMorgan Chase Foundation.Refer to Principal Investment Risk andMarket Risk Management on page 78 and pages 79-84,respectively,and Notes 2 and 5 for additional information.Comparisons noted in the sections below are
61、for the second quarter of2024 versus the second quarter of 2023,unless otherwise specified.Firmwide overviewFor the second quarter of 2024,JPMorgan Chase reported net income of$18.1 billion,up 25%,earnings per share of$6.12,ROE of 23%andROTCE of 28%.The Firms results included the following in Corpor
62、ate:a$7.9 billion net gain related to Visa shares,a$1.0 billion contribution ofVisa shares to the JPMorgan Chase Foundation,and$546 million of netinvestment securities losses.(a)(b)(c)(c)(c)5 Total net revenue was$50.2 billion,up 22%,reflecting:Net interest income(NII)of$22.7 billion,up 4%,driven by
63、 theimpact of balance sheet mix and higher rates;higher revolvingbalances in Card Services;the timing impact of First Republic;andhigher Markets net interest income,largely offset by deposit margincompression across the LOBs and lower average deposit balancesin CCB.NII excluding Markets was$22.9 bil
64、lion,up 3%.Noninterest revenue(NIR)was$27.5 billion,up 41%,driven bythe$7.9 billion net gain related to Visa shares,higher investmentbanking fees,higher asset management fees,lower net investmentsecurities losses in Treasury and CIO,and higher Marketsnoninterest revenue.The prior year included the p
65、reliminaryestimated bargain purchase gain of$2.7 billion associated with FirstRepublic.Noninterest expense was$23.7 billion,up 14%,predominantly drivenby higher compensation expense,including higher revenue-relatedcompensation and growth in employees,as well as the$1.0 billioncontribution of Visa sh
66、ares to the JPMorgan Chase Foundation.The provision for credit losses was$3.1 billion,reflecting$2.2 billionof net charge-offs and a net addition to the allowance for credit lossesof$821 million.Net charge-offs increased by$820 million,predominantly driven by the seasoning of newer vintages andconti
67、nued credit normalization in Card Services.The net addition tothe allowance for credit losses included$609 million in consumer,primarily in Card Services,and$189 million in wholesale.The provision in the prior year was$2.9 billion,reflecting a$1.5 billionnet addition to the allowance for credit loss
68、es,including$1.2 billion toestablish the allowance for the First Republic loans and lending-related commitments,and$1.4 billion of net charge-offs.The total allowance for credit losses was$25.5 billion at June 30,2024.The Firm had an allowance for loan losses to retained loanscoverage ratio of 1.81%
69、,compared with 1.75%in the prior year.The Firms nonperforming assets totaled$8.4 billion at June 30,2024,up 7%,driven by wholesale nonaccrual loans,which reflectdowngrades in Real Estate,concentrated in Office,partially offset bynet sales of consumer nonaccrual loans.Refer to Wholesale CreditPortfol
70、io and Consumer Credit Portfolio on pages 65-74 and pages 61-64,respectively,for additional information.Firmwide average loans of$1.3 trillion were up 6%,predominantlydriven by higher loans in CCB and CIB,including the timing impact ofFirst Republic.Firmwide average deposits of$2.4 trillion were dow
71、n 1%,reflecting:a decline in CCB in existing accounts primarily due to increasedcustomer spending,predominantly offset by net issuances of structured notes in CIB as a result of client demandin Markets,and net inflows in Payments,the timing impact of First Republic,and an increase in Corporate relat
72、ed to the Firms internationalconsumer initiatives.Refer to Liquidity Risk Management on pages 51-58 for additionalinformation.Selected capital and other metrics CET1 capital was$267 billion,and the Standardized and AdvancedCET1 ratios were 15.3%and 15.5%,respectively.SLR was 6.1%.TBVPS grew 16%,endi
73、ng the second quarter of 2024 at$92.77.As of June 30,2024,the Firm had eligible end-of-period High QualityLiquid Assets(“HQLA”)of approximately$841 billion andunencumbered marketable securities with a fair value ofapproximately$623 billion,resulting in approximately$1.5 trillion ofliquidity sources.
74、Refer to Liquidity Risk Management on pages 51-58for additional information.Refer to Consolidated Results of Operations and Consolidated BalanceSheets Analysis on pages 9-14 and pages 15-16,respectively,for afurther discussion of the Firms results,including the provision for creditlosses;and Notes 5
75、 and 26 for additional information on First Republic.Pre-provision profit,ROTCE,TCE,TBVPS,NII and NIR excludingMarkets,and total net revenue on a managed basis are non-GAAPfinancial measures.Refer to Explanation and Reconciliation of the FirmsUse of Non-GAAP Financial Measures on pages 18-19 for a f
76、urtherdiscussion of each of these measures.6Business segment highlightsSelected business metrics for each of the Firms lines of business(LOB)are presented below for the second quarter of 2024.CCBROE 30%Average deposits down 7%year-over-year(YoY),down 1%quarter-over-quarter(QoQ);clientinvestment asse
77、ts up 14%Average loans up 10%YoY including First Republic,flat QoQ;Card Services net charge-off rate of 3.50%Debit and credit card sales volume up 7%Active mobile customers up 7%CIBROE 17%#1 ranking for Global Investment Banking fees with9.5%wallet share YTD Markets revenue up 10%,with Fixed IncomeM
78、arkets up 5%and Equity Markets up 21%Average Banking&Payments loans up 2%YoY,flatQoQ;average client deposits up 2%YoY,up 1%QoQAWMROE 32%Assets under management(AUM)of$3.7 trillion,up 15%Average loans up 2%YoY,flat QoQ;averagedeposits up 7%YoY due to the allocation of FirstRepublic deposits to AWM in
79、 4Q23,flat QoQ(a)Excludes Commercial Card.(b)Users of all mobile platforms who have logged in within the past 90 days.(c)Represents client deposits and other third-party liabilities pertaining to thePayments and Securities Services businesses.Refer to the Business Segment Results on pages 20-43 for
80、a detaileddiscussion of results by business segment.Credit provided and capital raisedJPMorgan Chase continues to support consumers,businesses andcommunities around the globe.The Firm provided new and renewedcredit and raised capital for wholesale and consumer clients during thefirst six months of 2
81、024,consisting of approximately:$1.4trillionTotal credit provided and capital raised(includingloans and commitments)$120billionCredit for consumers$20billionCredit for U.S.small businesses$1.3trillionCredit and capital for corporations and non-U.S.government entities$30 billionCredit and capital for
82、 nonprofit and U.S.government entities(a)Credit and capital for corporations and non-U.S.government entities includeIndividuals and Individual Entities primarily consisting of Global Private Bankclients within AWM.(b)Includes states,municipalities,hospitals and universities.(a)(b)(c)(a)(b)7OutlookTh
83、ese current expectations are forward-looking statements within themeaning of the Private Securities Litigation Reform Act of 1995.Suchforward-looking statements are based on the current beliefs andexpectations of JPMorgan Chases management,speak only as of thedate of this Form 10-Q,and are subject t
84、o significant risks anduncertainties.Refer to Forward-Looking Statements on page 90 of thisForm 10-Q and Part I,Item 1A,Risk Factors on pages 9-33 of the 2023Form 10-K for a further discussion of certain of those risks anduncertainties and the other factors that could cause JPMorgan Chasesactual res
85、ults to differ materially because of those risks anduncertainties.There is no assurance that actual results in 2024 will be inline with the outlook information set forth below,and the Firm does notundertake to update any forward-looking statements.JPMorgan Chases current outlook for full-year 2024 s
86、hould be viewedagainst the backdrop of the global and U.S.economies,financialmarkets activity,the geopolitical environment,the competitiveenvironment,client and customer activity levels,and regulatory andlegislative developments in the U.S.and other countries where the Firmdoes business.Each of thes
87、e factors will affect the performance of theFirm.The Firm will continue to make appropriate adjustments to itsbusinesses and operations in response to ongoing developments in thebusiness,economic,regulatory and legal environments in which itoperates.Full-year 2024 Management expects net interest inc
88、ome,and net interest incomeexcluding Markets,to be approximately$91 billion,market dependent.Management expects adjusted expense to be approximately$92billion,market dependent.Management expects the net charge-off rate in Card Services to beapproximately 3.40%.Net interest income excluding Markets a
89、nd adjusted expense are non-GAAP financial measures.Refer to Explanation and Reconciliation of theFirms Use of Non-GAAP Financial Measures on pages 18-19.Business DevelopmentsFirst Republic acquisitionOn May 1,2023,JPMorgan Chase acquired certain assets and assumedcertain liabilities of First Republ
90、ic Bank(the First Republic acquisition)from the FDIC,as receiver.The Firm continues to progress in the conversion of operations,and theintegration of clients,products and services,associated with the FirstRepublic acquisition to align with the Firms businesses and operations.The Firm expects that th
91、ese actions will be substantially complete by theend of 2024.Refer to Note 26 for additional information related to First Republic.Regulatory developmentsOn June 21,2024,the Federal Reserve and the FDIC announced jointdeterminations on the Firms 2023 resolution plan,which identified nodeficiencies a
92、nd one shortcoming that must be satisfactorily addressedin the Firms next resolution plan due on July 1,2025.Refer to Supervision and regulation on pages 4-8 of JPMorgan Chases2023 Form 10-K for additional information on the Firms resolution plan.8CONSOLIDATED RESULTS OF OPERATIONSThis section provi
93、des a comparative discussion of JPMorgan Chases Consolidated Results of Operations on a reported basis for the three and sixmonths ended June 30,2024 and 2023,unless otherwise specified.Factors that relate primarily to a single business segment are discussed in moredetail within that business segmen
94、ts results.Refer to pages 86-88 of this Form 10-Q and pages 155158 of JPMorgan Chases 2023 Form 10-K for adiscussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.RevenueThree months ended June 30,Six months ended June 30,(in millions)202420
95、23Change20242023ChangeInvestment banking fees$2,304$1,513 52%$4,258$3,162 35%Principal transactions6,814 6,910(1)13,604 14,525(6)Lending-and deposit-related fees1,828 1,828 3,730 3,448 8 Asset management fees4,302 3,774 14 8,448 7,239 17 Commissions and other fees1,924 1,739 11 3,729 3,434 9 Investm
96、ent securities losses(547)(900)39(913)(1,768)48 Mortgage fees and related income348 278 25 623 499 25 Card income1,332 1,094 22 2,550 2,328 10 Other income9,149 3,292 178 10,277 4,299 139 Noninterest revenue27,454 19,528 41 46,306 37,166 25 Net interest income22,746 21,779 4 45,828 42,490 8 Total ne
97、t revenue$50,200$41,307 22%$92,134$79,656 16%(a)Included operating lease income of$689 million and$716 million for the three months ended June 30,2024 and 2023,respectively,and$1.4 billion and$1.5 billion for the sixmonths ended June 30,2024 and 2023,respectively.Refer to Note 5 for additional infor
98、mation.(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 Firmsalternative energy tax-oriented investments that was previously recognized in other income is now being recognized in income
99、tax expense.Refer to Notes 1,5 and 13 foradditional information.(c)Included the net gain related to Visa shares of$7.9 billion for the three and six months ended June 30,2024.Refer to Notes 2 and 5 for additional information.(d)Included the preliminary estimated bargain purchase gain of$2.7 billion
100、for the three and six months ended June 30,2023,associated with the First Republic acquisition.Referto Notes 5 and 26 for additional information.Quarterly resultsInvestment banking fees increased in CIB reflecting:higher debt underwriting fees predominantly driven by higher industry-wide issuance in
101、 leveraged loans,high-yield bonds and high-gradebonds,higher equity underwriting fees driven by follow-on offerings,IPOs andprivate placements,reflecting wallet share gains amid favorablemarket conditions,and higher advisory fees driven by a higher number of large completedtransactions compared with
102、 a challenging prior-year quarter.Refer to CIB segment results on pages 28-35 and Note 5 for additionalinformation.Principal transactions revenue decreased,reflecting in CIB:lower Fixed Income Markets revenue in Rates,Currencies andEmerging Markets,and Commodities,partially offset by higherrevenue i
103、n Securitized Products,a loss of$87 million in Credit Adjustments&Other in CIB,comparedwith a gain of$36 million in the prior year,and higher Equity Markets revenue in Prime Finance and EquityDerivatives.The decrease in principal transactions revenue also included lowerrevenue in Treasury and CIO.Pr
104、incipal transactions revenue in CIB generally has offsets across otherrevenue lines,including net interest income.The Firm assesses theperformance of its Markets business on a total net revenue basis.Refer to CIB and Corporate segment results on pages 28-35 and pages41-43,respectively,and Note 5 for
105、 additional information.Lending-and deposit-related fees was flat as higher other lending-and deposit-related fees in CIB were offset by lower amortization in thecurrent quarter associated with the purchase discount on certain short-dated First Republic lending-related commitments,predominantly inAW
106、M.Refer to CCB,CIB and AWM segment results on pages 23-27,pages 28-35 and pages 36-40,respectively,and Note 5 for additionalinformation.Asset management fees increased driven by higher average marketlevels and net inflows in AWM and CCB.Refer to CCB and AWMsegment results on pages 23-27 and pages 36
107、-40,respectively,andNote 5 for additional information.Commissions and other fees increased and included higher brokeragecommissions and fees in CIB and AWM,and higher annuity salescommissions in CCB.Refer to CCB,CIB and AWM segment results onpages 23-27,pages 28-35 and pages 36-40,respectively,and N
108、ote 5 foradditional information.(a)(b)(c)(d)(c)(d)9Investment securities losses decreased related to sales of U.S.Treasuries and U.S.GSE and government agency MBS,associated withrepositioning the investment securities portfolio in Treasury and CIO.Refer to Corporate segment results on pages 41-43 an
109、d Note 9 foradditional information.Mortgage fees and related income increased in Home Lending,predominantly reflecting higher production revenue.Refer to CCBsegment results on pages 23-27 and Note 14 for additional information.Card income increased in CCB,reflecting higher net interchange onincrease
110、d debit and credit card sales volume,and higher annual fees,partially offset by an increase in amortization of new account originationcosts,reflecting continued growth in Card Services.The prior-year net interchange included an increase to the rewardsliability due to adjustments to the terms of cert
111、ain reward programs.Refer to CCB segment results on pages 23-27 and Note 5 for additionalinformation.Other income increased,reflecting:in Corporate the$7.9 billion net gain related to Visa shares;the prior year included the preliminary estimated bargain purchasegain of$2.7 billion associated with th
112、e First Republic acquisition,and the impact of the adoption of updates to the Accounting forInvestments in Tax Credit Structures guidance on January 1,2024,resulting in the amortization of certain of the Firms alternative energytax-oriented investments previously recognized in other income nowbeing
113、recognized in income tax expense.Refer to Notes 1,5 and 13 for additional information on the adoption ofupdates to the Accounting for Investments in Tax Credit Structuresguidance;Notes 2 and 5 for additional information on Visa shares and;Note 26 for additional information on the First Republic acqu
114、isition.Net interest income increased,driven by the impact of balance sheetmix and higher rates;higher revolving balances in Card Services;thetiming impact of First Republic;and higher Markets net interest income,largely offset by deposit margin compression across the LOBs and loweraverage deposit b
115、alances in CCB.The Firms average interest-earning assets were$3.5 trillion,up$166billion,and the yield was 5.57%,up 56 basis points(“bps”).The net yieldon these assets,on an FTE basis,was 2.62%,flat when compared tothe prior year.The net yield excluding Markets was 3.86%,up 3 bps.Refer to the Consol
116、idated average balance sheets,interest and ratesschedule on page 192 for further information.Net yield excludingMarkets is a non-GAAP financial measure.Refer to Explanation andReconciliation of the Firms Use of Non-GAAP Financial Measures onpages 18-19 for a further discussion of net yield excluding
117、 Markets.Year-to-date resultsInvestment banking fees increased,reflecting in CIB:higher debt underwriting fees predominantly driven by higher industry-wide issuance in leveraged loans,high-grade bonds and high-yieldbonds,and higher equity underwriting fees driven by higher IPOs,follow-on andconverti
118、ble securities offerings.Principal transactions revenue decreased predominantly in CIB,reflecting:lower Fixed Income Markets revenue in Rates,and Commodities,partially offset by higher revenue in Securitized Products,higher Equity Markets revenue in Prime Finance and EquityDerivatives,and losses of$
119、102 million in Credit Adjustments&Other in CIB comparedwith losses of$117 million in the prior year.Lending-and deposit-related fees increased,reflecting in CIB,higherlending-related fees,including loan commitment fees,and higherdeposit-related fees,including cash management fees in Payments.Asset m
120、anagement fees increased driven by higher average marketlevels and net inflows in AWM and CCB,as well as the timing impact ofFirst Republic in CCB.Commissions and other fees increased and included higher annuitysales commissions in CCB,as well as higher brokerage commissionsand fees,and custody fees
121、 in CIB and AWM.Investment securities losses decreased related to sales of U.S.GSEand government agency MBS and U.S.Treasuries,associated withrepositioning the investment securities portfolio in Treasury and CIO.Mortgage fees and related income increased in Home Lending,predominantly reflecting high
122、er production revenue,which included thetiming impact of First Republic.Card income increased in CCB,reflecting higher net interchange onincreased debit and credit card sales volume,as well as higher annualfees,largely offset by an increase in amortization of new accountorigination costs,reflecting
123、continued growth in Card Services.Other income increased,reflecting:in Corporate the$7.9 billion net gain related to Visa shares;the prior year included the preliminary estimated bargain purchasegain of$2.7 billion associated with the First Republic acquisition,and the impact of the adoption of upda
124、tes to the Accounting forInvestments in Tax Credit Structures guidance on January 1,2024,resulting in the amortization of certain of the Firms alternative energytax-oriented investments previously recognized in other income nowbeing recognized in income tax expense.10The prior year included a gain o
125、f$339 million on the original minorityinterest in China International Fund Management(CIFM)in AWM.Refer to AWM segment results on pages 36-40 for additional informationon CIFM.Net interest income increased driven by the impact of balance sheetmix and higher rates;the timing impact of First Republic;
126、higherrevolving balances in Card Services;and higher Markets net interestincome,partially offset by deposit margin compression across the LOBsand lower average deposit balances in CCB.The Firms average interest-earning assets were$3.5 trillion,up$197billion,and the yield was 5.56%,up 71 bps.The net
127、yield on theseassets,on an FTE basis,was 2.66%,an increase of 3 bps.The net yieldexcluding Markets was 3.85%,up 3 bps.Refer to Executive Overview on pages 5-8 for additional information onthe timing impact of First Republic.11Provision for credit lossesThree months ended June 30,Six months ended Jun
128、e 30,(in millions)20242023Change20242023ChangeConsumer,excluding credit card$144$555(74)%$221$803(72)%Credit card2,429 1,324 83 4,266 2,546 68 Total consumer2,573 1,879 37 4,487 3,349 34 Wholesale456 1,007(55)400 1,811(78)Investment securities23 13 77 49 14 250 Total provision for credit losses$3,05
129、2$2,899 5%$4,936$5,174(5)%Quarterly resultsThe provision for credit losses was$3.1 billion,reflecting$2.2 billionof net charge-offs and an$821 million net addition to the allowance forcredit losses.Net charge-offs included$2.0 billion in consumer,driven by CardServices,reflecting the seasoning of ne
130、wer vintages and continuedcredit normalization,and$267 million in wholesale.The net addition to the allowance for credit losses included:$609 million in consumer,driven by Card Services,predominantlydue to loan growth and updates to certain macroeconomic variables,and$189 million in wholesale,driven
131、 by the impact of incorporating theFirst Republic portfolio into the Firms modeled credit loss estimates,as well as net downgrade activity,primarily in Real Estate,largelyoffset by the impact of changes in the loan and lending-relatedcommitment portfolios.The provision in the prior year was$2.9 bill
132、ion,reflecting a$1.5 billionnet addition to the allowance for credit losses and net charge-offs of$1.4billion.The net addition included$1.2 billion to establish the allowancefor the First Republic loans and lending-related commitments.Refer to CCB segment results on pages 23-27,CIB on pages 28-35,AW
133、M on pages 36-40,Corporate on pages 41-43;Allowance for CreditLosses on pages 75-77;Critical Accounting Estimates Used by the Firmon pages 86-88;Notes 11 and 12 for additional information on the creditportfolio and the allowance for credit losses.Year-to-date resultsThe provision for credit losses w
134、as$4.9 billion,reflecting$4.2 billionof net charge-offs and a$749 million net addition to the allowance forcredit losses.Net charge-offs included$3.8 billion in consumer,predominantly drivenby Card Services,reflecting the seasoning of newer vintages andcontinued credit normalization,and$353 million
135、in wholesale,primarilyin Real Estate,concentrated in Office.The net addition to the allowance for credit losses included:$653 million in consumer,reflecting a$753 million net addition inCard Services,predominantly driven by the seasoning of newervintages,loan growth,and updates to certain macroecono
136、micvariables,and a$125 million net reduction in Home Lending,and$47 million in wholesale,driven by a net addition of$707 million,reflecting net downgrade activity,primarily in Real Estate,and the impact of incorporating the FirstRepublic portfolio into the Firms modeled credit loss estimates,predomi
137、nantly offset by a net reduction of$660 million,primarily due to the impact ofchanges in the loan and lending-related commitment portfolios andupdates to certain macroeconomic variables.The provision in the prior year was$5.2 billion,reflecting a$2.6 billionnet addition to the allowance for credit l
138、osses and net charge-offs of$2.5billion.The net addition included$1.2 billion to establish the allowancefor the First Republic loans and lending-related commitments in thesecond quarter of 2023.12Noninterest expense(in millions)Three months ended June 30,Six months ended June 30,20242023Change202420
139、23ChangeCompensation expense$12,953$11,216 15%$26,071$22,892 14%Noncompensation expense:Occupancy1,248 1,070 17 2,459 2,185 13 Technology,communications and equipment2,447 2,267 8 4,868 4,451 9 Professional and outside services2,722 2,561 6 5,270 5,009 5 Marketing1,221 1,122 9 2,381 2,167 10 Other e
140、xpense3,122 2,586 21 5,421 4,225 28 Total noncompensation expense10,760 9,606 12 20,399 18,037 13 Total noninterest expense$23,713$20,822 14%$46,470$40,929 14%Certain components of other expenseLegal expense$317$420$245$596 FDIC-related expense291 338 1,264 655 Operating losses323 304 622 603(a)Incl
141、udes depreciation expense associated with auto operating lease assets.Refer to Note 16 for additional information.(b)Refer to Note 5 for additional information.(c)Predominantly fraud losses in CCB associated with customer deposit accounts,credit and debit cards.(d)Included a$1.0 billion contribution
142、 of Visa shares to the JPMorgan Chase Foundation.Refer to Note 5 for additional information.Quarterly resultsCompensation expense increased driven by:higher volume-and revenue-related compensation across the LOBs,an increase in employees,primarily in front office and technology,and the impact of Fir
143、st Republic,predominantly in CCB and Corporate,asthe prior-year expense related to individuals associated with FirstRepublic who were not employees of the Firm until July 2023,wasrecognized in other expense in Corporate,Noncompensation expense increased as a result of:the$1.0 billion contribution of
144、 Visa shares to the JPMorgan ChaseFoundation in Corporate,higher investments in technology and marketing,predominantly inCCB,and higher occupancy expense,partially offset by lower legal expense,reflecting a decline in Corporate,largely offset byan increase in CIB,and the alignment of expense to comp
145、ensation expense,as noted above,partially offset by the timing impact associated with First Republic.Refer to Note 26 for additional information on the First Republicacquisition;Notes 2 and 5 for additional information on Visa shares andother expense.Year-to-date resultsCompensation expense increase
146、d driven by:higher volume-and revenue-related compensation across the LOBs,an increase in employees,primarily in front office and technology,and the impact of First Republic,predominantly in CCB and Corporate,asthe prior-year expense related to individuals associated with FirstRepublic who were not
147、employees of the Firm until July 2023,wasrecognized in other expense in Corporate.Noncompensation expense increased as a result of:the$1.0 billion contribution of Visa shares to the JPMorgan ChaseFoundation in Corporate,the$725 million increase to the FDIC special assessment recognizedin the first q
148、uarter of 2024 in Corporate,higher investments in technology and marketing,predominantly inCCB,the timing impact associated with First Republic,partially offset by thealignment of expense to compensation expense,as noted above,and higher occupancy expense,partially offset by lower legal expense in C
149、orporate and CIB.Refer to Executive Overview on pages 5-8 for additional information onthe timing impact of First Republic.(a)(d)(d)(b)(c)13Income tax expense(in millions)Three months ended June 30,Six months ended June 30,20242023Change20242023ChangeIncome before income tax expense$23,435$17,586 33
150、%$40,728$33,553 21%Income tax expense5,286 3,114 70 9,160 6,459 42 Effective tax rate22.6%17.7%22.5%19.3%(a)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 Firms alternativeenergy tax-orie
151、nted investments is now being recognized in income tax expense.Refer to Notes 1,5 and 13 for additional information.Quarterly resultsThe effective tax rate increased driven by:the adoption of updates to the Accounting for Investments in TaxCredit Structures guidance on January 1,2024,and changes in
152、the level and mix of income and expenses subject to U.S.federal,state and local taxes,which included the impact of the netgain on Visa shares and the contribution of Visa shares to theJPMorgan Chase Foundation.The prior year included the impact of the income tax expenseassociated with the First Repu
153、blic acquisition that was reflected in thepreliminary estimated bargain purchase gain,which resulted in areduction in the Firms effective tax rate.Year-to-date resultsThe effective tax rate increased driven by:the adoption of updates to the Accounting for Investments in TaxCredit Structures guidance
154、 on January 1,2024,and changes in the level and mix of income and expenses subject to U.S.federal,state and local taxes,which included the impact of the netgain on Visa shares and the contribution of Visa shares to theJPMorgan Chase Foundation.The prior year included the impact of the income tax exp
155、enseassociated with the First Republic acquisition that was reflected in thepreliminary estimated bargain purchase gain,which resulted in areduction in the Firms effective tax rate.(a)(a)14CONSOLIDATED BALANCE SHEETS AND CASH FLOWS ANALYSISConsolidated balance sheets analysisThe following is a discu
156、ssion of the significant changes between June 30,2024 and December 31,2023.Refer to pages 155158 for a discussion of theCritical Accounting Estimates Used by the Firm that affect the Consolidated Balance Sheets.Selected Consolidated balance sheets data(in millions)June 30,2024December 31,2023ChangeA
157、ssetsCash and due from banks$27,265$29,066(6)%Deposits with banks503,554 595,085(15)Federal funds sold and securities purchased under resale agreements392,763 276,152 42 Securities borrowed199,062 200,436(1)Trading assets733,882 540,607 36 Available-for-sale securities266,252 201,704 32 Held-to-matu
158、rity securities323,746 369,848(12)Investment securities,net of allowance for credit losses589,998 571,552 3 Loans1,320,700 1,323,706 Allowance for loan losses(22,991)(22,420)3 Loans,net of allowance for loan losses1,297,709 1,301,286 Accrued interest and accounts receivable135,692 107,363 26 Premise
159、s and equipment30,582 30,157 1 Goodwill,MSRs and other intangible assets64,525 64,381 Other assets167,971 159,308 5 Total assets$4,143,003$3,875,393 7%Cash and due from banks and deposits with banks decreased drivenby Markets activities in CIB and cash deployment in Treasury and CIO.Federal funds so
160、ld and securities purchased under resaleagreements increased driven by Markets,reflecting higher client-drivenmarket-making activities and higher demand for securities to cover shortpositions,as well as when compared with seasonally lower levels atyear-end.Refer to Note 10 for additional information
161、 on securities purchased underresale agreements and securities borrowed.Securities borrowed decreased driven by Markets,reflecting lowerclient-driven activities,predominantly offset by higher demand forsecurities to cover short positions.Trading assets increased due to higher levels of equity and de
162、btinstruments in Markets related to client-driven market-making activities,and compared with seasonally lower levels at year-end;and to a lesserextent,an increase in short-term cash deployment in Treasury and CIO.Refer to Notes 2 and 4 for additional information.Investment securities increased due t
163、o:higher available-for-sale(AFS)securities,reflecting net purchases,primarily U.S.Treasuries and non-U.S.government debt securities,partially offset by maturities and paydowns,and lower HTM securities primarily driven by maturities and paydowns.Refer to Corporate segment results on pages 41-43,Inves
164、tment PortfolioRisk Management on page 78,and Notes 2 and 9 for additionalinformation.Loans were relatively flat,and included:a decline in Home Lending as paydowns and loan sales outpacedoriginations,and higher loans in Card Services driven by growth in new accounts andrevolving balances.The allowan
165、ce for loan losses increased,reflecting a net addition tothe allowance for loan losses of$571 million,consisting of:$636 million in consumer,primarily in Card Services,predominantlydriven by the seasoning of newer vintages,loan growth,and updatesto certain macroeconomic variables,and a$141 million n
166、et reductionin Home Lending,partially offset by a net reduction of$65 million in wholesale,driven by a net reduction of$763 million,primarily due to the impact ofchanges in the loan portfolio and updates to certain macroeconomicvariables,predominantly offset by a net addition of$698 million,includin
167、g net downgrade activity andthe impact of incorporating the First Republic portfolio into the Firmsmodeled credit loss estimates.Refer to Consolidated Results of Operations and Credit and InvestmentRisk Management on pages 9-14 and pages 59-78,respectively,CriticalAccounting Estimates Used by the Fi
168、rm on pages 86-88,and Notes 2,3,11 and 12 for additional information on loans and the total allowance forcredit losses;and Note 26 for additional information on the FirstRepublic acquisition.15Accrued interest and accounts receivable increased predominantlydriven by higher client activities in Marke
169、ts.Goodwill,MSRs and other intangible assets:refer to Note 14 foradditional information.Other assets increased predominantly as a result of higher deferred taxassets and the fair value of the Visa C shares.Refer to Notes 2 and 5for additional information on Visa shares.Selected Consolidated balance
170、sheets data(continued)(in millions)June 30,2024December 31,2023ChangeLiabilitiesDeposits$2,396,530$2,400,688%Federal funds purchased and securities loaned or sold under repurchase agreements400,832 216,535 85 Short-term borrowings47,308 44,712 6 Trading liabilities240,836 180,428 33 Accounts payable
171、 and other liabilities295,813 290,307 2 Beneficial interests issued by consolidated variable interest entities(“VIEs”)27,104 23,020 18 Long-term debt394,028 391,825 1 Total liabilities3,802,451 3,547,515 7 Stockholders equity340,552 327,878 4 Total liabilities and stockholders equity$4,143,003$3,875
172、,393 7%Deposits decreased,reflecting:a decline in CCB in existing accounts,primarily driven by seasonal taxoutflows and migration into higher-yielding investments,largely offsetby new accounts,predominantly offset by higher deposits in CIB due to net inflows in Securities Services andPayments,partia
173、lly offset by net maturities of structured notes inMarkets,higher deposits in Corporate predominantly driven by new productofferings related to the Firms international consumer initiatives,and higher balances in AWM driven by new product offerings,and anincrease in deposits in existing accounts due
174、to a change in productofferings associated with First Republic,predominantly offset bycontinued migration into higher-yielding investments.Federal funds purchased and securities loaned or sold underrepurchase agreements increased driven by Markets,reflecting higherclient-driven market-making activit
175、ies and higher secured financing oftrading assets,as well as when compared with seasonally lower levelsat year-end.Short-term borrowings increased driven by higher net issuance ofstructured notes in Markets.Refer to Liquidity Risk Management on pages 51-58 for additionalinformation on deposits,feder
176、al funds purchased and securities loanedor sold under repurchase agreements,and short-term borrowings;Notes2 and 15 for deposits and Note 10 for federal funds purchased andsecurities loaned or sold under repurchase agreements;Note 26 foradditional information on the First Republic acquisition.Tradin
177、g liabilities increased due to client-driven market-makingactivities in Fixed Income Markets,which resulted in higher levels ofshort positions in debt instruments,and compared with seasonally lowerlevels at year-end.Refer to Notes 2 and 4 for additional information.Accounts payable and other liabili
178、ties increased due to higher clientactivities in Payments and Markets.Beneficial interests issued by consolidated VIEs increased driven bythe issuance of credit card securitizations in Treasury and CIO,andhigher levels of Firm-administered multi-seller conduit commercial paperheld by third parties i
179、n CIB,in line with the Firms funding plans.Refer to Liquidity Risk Management on pages 51-58 and Notes 13 and22 for additional information,specifically Firm-sponsored VIEs and loansecuritization trusts.Long-term debt increased driven by net issuances of structured notes inCIB due to client demand,an
180、d net issuances of long-term debt inTreasury and CIO,largely offset by lower FHLB advances.Refer toLiquidity Risk Management on pages 51-58;and Note 26 for additionalinformation on the First Republic acquisition.Stockholders equity increased reflecting net income,largely offset bythe impact of capit
181、al actions,including repurchases of common shares,common and preferred stock dividend payments and net redemption ofpreferred stock.Refer to Consolidated statements of changes instockholders equity on page 94,Capital Actions on page 49,and Note19 for additional information.16Consolidated cash flows
182、analysisThe following is a discussion of cash flow activities during the six monthsended June 30,2024 and 2023.(in millions)Six months ended June 30,20242023Net cash provided by/(used in)Operating activities$(115,689)$(92,376)Investing activities(137,618)5,551 Financing activities168,406 14,642 Effe
183、ct of exchange rate changes on cash(8,431)72 Net decrease in cash and due from banks anddeposits with banks$(93,332)$(72,111)Operating activities In 2024,cash used resulted from higher trading assets and higheraccrued interest and accounts receivable,partially offset by highertrading liabilities and
184、 higher accounts payable and other liabilities.In 2023,cash used resulted from higher trading assets and loweraccounts payable and other liabilities,partially offset by lower otherassets,securities borrowed,and accrued interest and accountsreceivable.Investing activities In 2024,cash used resulted f
185、rom higher securities purchased underresale agreements and net purchases of investment securities.In 2023,cash provided reflected net proceeds from investmentsecurities,largely offset by higher net originations of loans,highersecurities purchased under resale agreements,and net cash used inthe First
186、 Republic acquisition.Financing activities In 2024,cash provided reflected higher securities loaned or sold underrepurchase agreements and net proceeds from long-and short-termborrowings,partially offset by lower deposits and net redemption ofpreferred stock.In 2023,cash provided reflected higher se
187、curities loaned or sold underrepurchase agreements,largely offset by net activity in deposits,which included the impact of the repayment of the deposits provided toFirst Republic Bank by the consortium of large U.S.banks that theFirm assumed as part of the First Republic acquisition,as well as netpa
188、yments on long-and short-term borrowings.For both periods,cash was used for repurchases of common stockand cash dividends on common and preferred stock.*Refer to Consolidated Balance Sheets Analysis on pages 15-16,CapitalRisk Management on pages 45-50,and Liquidity Risk Management onpages 51-58,and
189、the Consolidated Statements of Cash Flows on page95 of this Form 10-Q,and pages 102109 of JPMorgan Chases 2023Form 10-K for a further discussion of the activities affecting the Firmscash flows.17EXPLANATION AND RECONCILIATION OF THE FIRMS USE OF NON-GAAP FINANCIAL MEASURESThe Firm prepares its Conso
190、lidated Financial Statements in accordancewith U.S.GAAP and this presentation is referred to as“reported”basis;these financial statements appear on pages 91-95.In addition to analyzing the Firms results on a reported basis,the Firmalso reviews and uses certain non-GAAP financial measures at theFirmw
191、ide and segment level.These non-GAAP measures include:Firmwide“managed”basis results,including the overhead ratio,whichinclude certain reclassifications to present total net revenue frominvestments that receive tax credits and tax-exempt securities on abasis comparable to taxable investments and sec
192、urities(“FTE”basis).The corresponding income tax impact related to tax-exempt items isrecorded within income tax expense.These adjustments have noimpact on net income as reported by the Firm as a whole or by theLOBs;Pre-provision profit,which represents total net revenue less totalnoninterest expens
193、e;Net interest income,net yield,and noninterest revenue excludingMarkets;TCE,ROTCE,and TBVPS;and Adjusted expense,which represents noninterest expense excludingFirmwide legal expense.Refer to Explanation and Reconciliation of the Firms Use Of Non-GAAPFinancial Measures and Key Performance Measures o
194、n pages 6264 ofJPMorgan Chases 2023 Form 10-K for a further discussion ofmanagements use of non-GAAP financial measures.The following summary tables provide a reconciliation from the Firms reported U.S.GAAP results to managed basis.Three months ended June 30,20242023(in millions,except ratios)Report
195、edFully taxable-equivalentadjustmentsManagedbasisReportedFully taxable-equivalentadjustmentsManagedbasisOther income$9,149$677$9,826$3,292$990$4,282 Total noninterest revenue27,454 677 28,131 19,528 990 20,518 Net interest income22,746 115 22,861 21,779 104 21,883 Total net revenue50,200 792 50,992
196、41,307 1,094 42,401 Total noninterest expense23,713 NA23,713 20,822 NA20,822 Pre-provision profit26,487 792 27,279 20,485 1,094 21,579 Provision for credit losses3,052 NA3,052 2,899 NA2,899 Income before income tax expense23,435 792 24,227 17,586 1,094 18,680 Income tax expense5,286 792 6,078 3,114
197、1,094 4,208 Net income$18,149 NA$18,149$14,472 NA$14,472 Overhead ratio47%NM47%50%NM49%Six months ended June 30,20242023(in millions,except ratios)ReportedFully taxable-equivalentadjustmentsManagedbasisReportedFully taxable-equivalentadjustmentsManagedbasisOther income$10,277$1,170$11,447$4,299$1,85
198、7$6,156 Total noninterest revenue46,306 1,170 47,476 37,166 1,857 39,023 Net interest income45,828 236 46,064 42,490 224 42,714 Total net revenue92,134 1,406 93,540 79,656 2,081 81,737 Total noninterest expense46,470 NA46,470 40,929 NA40,929 Pre-provision profit45,664 1,406 47,070 38,727 2,081 40,80
199、8 Provision for credit losses4,936 NA4,936 5,174 NA5,174 Income before income tax expense40,728 1,406 42,134 33,553 2,081 35,634 Income tax expense9,160 1,406 10,566 6,459 2,081 8,540 Net Income$31,568 NA$31,568$27,094 NA$27,094 Overhead ratio50%NM50%51%NM50%(a)Effective January 1,2024,the Firm adop
200、ted updates to the Accounting for Investments in Tax Credit Structures guidance,under the modified retrospective method.Refer toNotes 1,5 and 13 for additional information.(b)Predominantly recognized in CIB and Corporate.(b)(b)(a)(a)(a)(a)(b)(b)(a)(a)(a)(a)18The following table provides information
201、on net interest income,net yield,and noninterest revenue excluding Markets.(in millions,except rates)Three months ended June 30,Six months ended June 30,20242023Change20242023ChangeNet interest income reported$22,746$21,779 4%$45,828$42,490 8%Fully taxable-equivalent adjustments115 104 11 236 224 5
202、Net interest income managed basis$22,861$21,883 4$46,064$42,714 8 Less:Markets net interest income(77)(487)84 106(592)NMNet interest income excluding Markets$22,938$22,370 3$45,958$43,306 6 Average interest-earning assets$3,509,725$3,343,780 5$3,477,620$3,280,619 6 Less:Average Markets interest-earn
203、ing assets1,116,853 1,003,877 11 1,073,964 993,283 8 Average interest-earning assets excluding Markets$2,392,872$2,339,903 2$2,403,656$2,287,336 5 Net yield on average interest-earning assets managed basis2.62%2.62%2.66%2.63%Net yield on average Markets interest-earning assets(0.03)(0.19)0.02(0.12)N
204、et yield on average interest-earning assets excluding Markets3.86%3.83%3.85%3.82%Noninterest revenue reported$27,454$19,528 41$46,306$37,166 25 Fully taxable-equivalent adjustments677 990(32)1,170 1,857(37)Noninterest revenue managed basis$28,131$20,518 37$47,476$39,023 22 Less:Markets noninterest r
205、evenue7,870 7,549 4 15,700 16,092(2)Noninterest revenue excluding Markets$20,261$12,969 56$31,776$22,931 39 Memo:Total Markets net revenue$7,793$7,062 10$15,806$15,500 2(a)Interest includes the effect of related hedges.Taxable-equivalent amounts are used where applicable.(b)Refer to page 34 for furt
206、her information on Markets.(c)Effective January 1,2024,the Firm adopted updates to the Accounting for Investments in Tax Credit Structures guidance,under the modified retrospective method.Refer toNotes 1,5 and 13 for additional information.(d)Includes the markets-related revenues of the former Comme
207、rcial Banking business segment.Prior-period amounts have been revised to conform with the current presentation.The following summary table provides a reconciliation from the Firms common stockholders equity to TCE.Period-endAverage(in millions,except per share and ratio data)June 30,2024Dec 31,2023T
208、hree months ended June 30,Six months ended June 30,2024202320242023Common stockholders equity$316,652$300,474$308,763$277,885$304,519$274,560 Less:Goodwill52,620 52,634 52,618 52,342 52,616 52,031 Less:Other intangible assets3,058 3,225 3,086 2,191 3,122 1,746 Add:Certain deferred tax liabilities2,9
209、69 2,996 2,975 2,902 2,982 2,727 Tangible common equity$263,943$247,611$256,034$226,254$251,763$223,510 Return on tangible common equityNANA28%25%25%24%Tangible book value per share$92.77$86.08 NANANANA(a)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable inta
210、ngibles created in nontaxable transactions,which are netted against goodwill and otherintangibles when calculating TCE.(a)(b)(a)(b)(b)(c)(c)(b)(d)(b)(a)19BUSINESS SEGMENT RESULTSThe Firm is managed on an LOB basis.Effective in the second quarter of 2024,the Firm reorganized its reportable business s
211、egments by combining theformer 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 now has three reportable business segments:Consumer&Community Banking,Commercial&Investmen
212、t Bank,and Asset&Wealth Management.In addition,there is a Corporate segment.The business segments are determined based on the products and services provided,or the type of customer served,and they reflect the manner inwhich financial information is currently evaluated by the Firms Operating Committe
213、e.Segment results are presented on a managed basis.Refer toExplanation and Reconciliation of the Firms use of Non-GAAP Financial Measures on pages 18-19 for a definition of managed basis.The following table depicts the Firms reportable business segments.Description of business segment reporting meth
214、odologyResults of the business segments are intended to present each segmentas if it were a stand-alone business.The management reporting processthat derives business segment results includes the allocation of certainincome and expense items.The Firm periodically assesses theassumptions,methodologie
215、s and reporting classifications used forsegment reporting,and therefore further refinements may beimplemented in future periods.The Firm also assesses the level ofcapital required for each LOB on at least an annual basis.The FirmsLOBs also provide various business metrics which are utilized by theFi
216、rm and its investors and analysts in assessing performance.Revenue sharingWhen business segments or businesses within each segment joinefforts to sell products and services to the Firms clients and customers,the participating businesses may agree to share revenue from thosetransactions.Revenue is ge
217、nerally recognized in the segmentresponsible for the related product or service,with allocations to theother segments/businesses involved in the transaction.The segmentand business results reflect these revenue-sharing agreements.Funds transfer pricingFunds transfer pricing(“FTP”)is the process by w
218、hich the Firm allocatesinterest income and expense to the LOBs and Other Corporate andtransfers the primary interest rate risk and liquidity risk to Treasury andCIO.The funds transfer pricing process considers the interest rate andliquidity risk characteristics of assets and liabilities and off-bala
219、nce sheetproducts.Periodically the methodology and assumptions utilized in theFTP process are adjusted to reflect economic conditions and otherfactors,which may impact the allocation of net interest income to thesegments.Foreign exchange riskForeign exchange risk is transferred from the LOBs and Oth
220、er Corporateto Treasury and CIO for certain revenues and expenses.Treasury andCIO manages these risks centrally and reports the impact of foreignexchange rate movements related to the transferred risk in its results.Refer to Market Risk Management on pages 79-84 for additionalinformation.20Capital a
221、llocationThe amount of capital assigned to each business segment is referred toas equity.At least annually,the assumptions,judgments andmethodologies used to allocate capital are reassessed and,as a result,the capital allocated to the LOBs may change.Refer to Line of businessequity on page 48,and pa
222、ge 98 of JPMorgan Chases 2023 Form 10-Kfor additional information on capital allocation.Refer to Business Segment Results Description of business segmentreporting methodology on pages 6585 and Note 32 of JPMorganChases 2023 Form 10-K for a further discussion of thosemethodologies.21Segment results m
223、anaged basisThe following tables summarize the Firms results by segment for the periods indicated.Three months ended June 30,Consumer&Community BankingCommercial&Investment BankAsset&Wealth Management(in millions,except ratios)20242023Change20242023Change20242023ChangeTotal net revenue$17,701$17,233
224、 3%$17,917$16,507 9%$5,252$4,943 6%Total noninterest expense9,425 8,313 139,166 8,194 12 3,543 3,163 12 Pre-provision profit/(loss)8,276 8,920(7)8,751 8,313 5 1,709 1,780(4)Provision for credit losses2,643 1,862 42384 1,135(66)20 145(86)Net income/(loss)4,210 5,306(21)5,897 5,300 11 1,263 1,226 3 Re
225、turn on equity(“ROE”)30%38%17%15%32%29%Three months ended June 30,CorporateTotal(in millions,except ratios)20242023Change20242023ChangeTotal net revenue$10,122$3,718172%$50,992$42,401 20%Total noninterest expense1,5791,15237 23,713 20,822 14 Pre-provision profit/(loss)8,5432,566233 27,279 21,579 26
226、Provision for credit losses5(243)NM3,052 2,899 5 Net income/(loss)6,7792,640157 18,149 14,472 25 ROENMNM23%20%Six months ended June 30,Consumer&Community BankingCommercial&Investment BankAsset&Wealth Management(in millions,except ratios)20242023Change20242023Change20242023ChangeTotal net revenue$35,
227、354$33,689 5%$35,501$33,618 6%$10,361$9,727 7%Total noninterest expense18,722 16,378 14 17,890 16,985 5 7,003 6,254 12 Pre-provision profit/(loss)16,632 17,311(4)17,611 16,633 6 3,358 3,473(3)Provision for credit losses4,556 3,264 40 385 1,610(76)(37)173 NMNet income/(loss)9,041 10,549(14)12,519 11,
228、068 13 2,553 2,593(2)ROE33%39%18%16%32%31%Six months ended June 30,CorporateTotal(in millions,except ratios)20242023Change20242023ChangeTotal net revenue$12,324$4,703162%$93,540$81,737 14%Total noninterest expense2,8551,312118 46,470 40,929 14 Pre-provision profit/(loss)9,4693,391179 47,070 40,808 1
229、5 Provision for credit losses32127(75)4,936 5,174(5)Net income/(loss)7,4552,884158 31,568 27,094 17 ROENMNM20%19%(a)Included$7.9 billion net gain related to Visa shares.Refer to Note 2 for additional information.(b)Included$1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation.Ref
230、er to Note 5 for additional information.The following sections provide a comparative discussion of the Firms results by segment as of or for the three and six months ended June 30,2024 and2023,unless otherwise specified.(a)(a)(b)(b)(a)(a)(b)(b)22CONSUMER&COMMUNITY BANKINGRefer to pages 68-71 of JPMo
231、rgan Chases 2023 Form 10-K and Line of Business Metrics on page 200 for a further discussion of the business profile ofCCB.Selected income statement dataThree months ended June 30,Six months ended June 30,(in millions,except ratios)20242023Change20242023ChangeRevenueLending-and deposit-related fees$
232、830$841(1)%$1,652$1,664(1)%Asset management fees978 816 20 1,925 1,492 29 Mortgage fees and related income346 274 26 620 497 25 Card income741 483 53 1,423 1,222 16 All other income1,101 1,129(2)2,321 2,291 1 Noninterest revenue3,996 3,543 13 7,941 7,166 11 Net interest income13,705 13,690 27,413 26
233、,523 3 Total net revenue17,701 17,233 3 35,354 33,689 5 Provision for credit losses2,643 1,862 42 4,556 3,264 40 Noninterest expenseCompensation expense4,240 3,628 17 8,469 7,173 18 Noncompensation expense5,185 4,685 11 10,253 9,205 11 Total noninterest expense9,425 8,313 13 18,722 16,378 14 Income
234、before income tax expense5,633 7,058(20)12,076 14,047(14)Income tax expense1,423 1,752(19)3,035 3,498(13)Net income$4,210$5,306(21)$9,041$10,549(14)Revenue by businessBanking&Wealth Management$10,375$10,936(5)$20,699$20,977(1)Home Lending1,319 1,007 31 2,505 1,727 45 Card Services&Auto6,007 5,290 14
235、 12,150 10,985 11 Mortgage fees and related income details:Production revenue157 102 54 287 177 62 Net mortgage servicing revenue189 172 10 333 320 4 Mortgage fees and related income$346$274 26%$620$497 25%Financial ratiosReturn on equity30%38%33%39%Overhead ratio53 48 53 49(a)Primarily includes ope
236、rating lease income and commissions and other fees.Operating lease income was$682 million and$704 million for the three months ended June 30,2024and 2023,respectively,and$1.3 billion and$1.4 billion for the six months ended June 30,2024 and 2023,respectively.(b)Included depreciation expense on lease
237、d assets of$430 million and$445 million for the three months ended June 30,2024 and 2023,respectively,and$857 million and$852million for the six months ended June 30,2024 and 2023,respectively.(c)Included MSR risk management results of$39 million and$25 million for the three months ended June 30,202
238、4 and 2023,respectively,and$38 million and$13 million for the sixmonths ended June 30,2024 and 2023,respectively.(d)In the second quarter of 2023,substantially all of the expense associated with First Republic was reported in Corporate.Commencing in the third quarter of 2023,the expense isaligned to
239、 the appropriate LOB.(a)(b)(d)(d)(c)23Quarterly resultsNet income was$4.2 billion,down 21%.Net revenue was$17.7 billion,up 3%.Net interest income was$13.7 billion,flat when compared with the prioryear,reflecting:higher Card Services NII on higher revolving balances,and the timing impact of First Rep
240、ublic in Home Lending,offset by lower NII in Banking&Wealth Management(BWM),reflecting loweraverage deposits and deposit margin compression.Noninterest revenue was$4.0 billion,up 13%,predominantly driven by:higher card income reflecting higher net interchange on increaseddebit and credit card sales
241、volume,and higher annual fees,partiallyoffset by an increase in amortization related to new account originationcosts,reflecting continued growth in the portfolio.Prior-year netinterchange included an increase to the rewards liability due toadjustments to the terms of certain reward programs;and high
242、er asset management fees,predominantly driven by higheraverage market levels.Refer to Note 5 for additional information on card income,assetmanagement fees,and commissions and other fees;and CriticalAccounting Estimates on pages 86-88 for additional information on thecredit card rewards liability.No
243、ninterest expense was$9.4 billion,up 13%,reflecting First Republic-related expense that was aligned to CCB from Corporate starting in thethird quarter of 2023,impacting both compensation andnoncompensation expense.The increase in expense also reflected:higher compensation expense,largely driven by h
244、igher revenue-related compensation,primarily for advisors and bankers,and anincrease in employees,including in technology,and higher noncompensation expense,largely driven by continuedinvestments in technology and marketing.The provision for credit losses was$2.6 billion,reflecting:net charge-offs o
245、f$2.1 billion,up$813 million,predominantly driven by$706 million in Card Services,primarily due to the seasoning of newervintages and continued credit normalization,and a$579 million net addition to the allowance for credit losses,primarilyin Card Services,predominantly driven by loan growth and upd
246、ates tocertain macroeconomic variables.The provision in the prior year was$1.9 billion,reflecting net charge-offsof$1.3 billion and a$611 million net addition to the allowance for creditlosses,including$408 million to establish the allowance for the FirstRepublic loans and lending-related commitment
247、s,and$203 million inCard Services.Refer to Credit and Investment Risk Management on pages 59-78 andAllowance for Credit Losses on pages 75-77 for a further discussion ofthe credit portfolios and the allowance for credit losses.Year-to-date resultsNet income was$9.0 billion,down 14%.Net revenue was$3
248、5.4 billion,up 5%.Net interest income was$27.4 billion,up 3%,driven by:higher Card Services NII on higher revolving balances,and the timing impact of First Republic in Home Lending,largely offset by lower NII in BWM,reflecting lower average deposits and depositmargin compression.Noninterest revenue
249、was$7.9 billion,up 11%,predominantly driven by:higher asset management fees reflecting higher average marketlevels,including the timing impact of First Republic and,to a lesserextent,net inflows,as well as higher commissions from annuity salesin BWM,higher card income driven by higher net interchang
250、e on increaseddebit and credit card sales volume,as well as higher annual fees,largely offset by an increase in amortization related to new accountorigination costs,reflecting continued growth in the portfolio,and higher production revenue in Home Lending,including the timingimpact of First Republic
251、.Refer to Executive Overview on pages 5-8 and Note 26 for additionalinformation on First Republic.Noninterest expense was$18.7 billion,up 14%,reflecting First Republic-related expense that was aligned to CCB from Corporate starting in thethird quarter of 2023,impacting both compensation andnoncompen
252、sation expense.The increase in expense also reflected:higher compensation expense,largely driven by higher revenue-related compensation,primarily for advisors and bankers,and anincrease in employees,including in technology,and higher noncompensation expense,largely driven by continuedinvestments in
253、technology and marketing.The provision for credit losses was$4.6 billion,reflecting:net charge-offs of$3.9 billion,up$1.6 billion,including$1.5 billion inCard Services,reflecting the seasoning of newer vintages andcontinued credit normalization,and$85 million in Auto,driven by adecline in used vehic
254、le valuations,and a$613 million net addition to the allowance for credit losses,consistingof:$753 million in Card Services,predominantly due to the seasoningof newer vintages,loan growth,and updates to certainmacroeconomic variables,partially offset by24 a$125 million net reduction in Home Lending,p
255、rimarily due toimprovements in the outlook for home prices in the first quarter of2024.The provision in the prior year was$3.3 billion,reflecting net charge-offsof$2.3 billion,a$553 million net addition to the allowance for creditlosses,predominantly driven by Card Services,and a$408 million netaddi
256、tion to the allowance for credit losses to establish the allowance forthe First Republic loans and lending-related commitments in the secondquarter of 2023.Selected metricsAs of or for the three months ended June 30,As of or for the six months ended June 30,(in millions,except employees)20242023Chan
257、ge20242023ChangeSelected balance sheet data(period-end)Total assets$638,493$620,193 3%$638,493$620,193 3%Loans:Banking&Wealth Management31,078 30,959 31,078 30,959 Home Lending250,032 262,432(5)250,032 262,432(5)Card Services216,213 191,353 13 216,213 191,353 13 Auto75,310 73,587 2 75,310 73,587 2 T
258、otal loans572,633 558,331 3 572,633 558,331 3 Deposits1,069,753 1,173,514(9)1,069,753 1,173,514(9)Equity54,500 55,500(2)54,500 55,500(2)Selected balance sheet data(average)Total assets$628,757$576,417 9$628,309$541,788 16 Loans:Banking&Wealth Management31,419 30,628 3 31,330 29,572 6 Home Lending254
259、,385 229,569 11 256,126 201,005 27 Card Services210,119 187,028 12 207,410 183,758 13 Auto75,804 71,083 7 76,535 69,920 9 Total loans571,727 518,308 10 571,401 484,255 18 Deposits1,073,544 1,157,309(7)1,076,393 1,135,261(5)Equity54,500 54,346 54,500 53,180 2 Employees143,412 137,087 5%143,412 137,08
260、7 5%(a)At June 30,2024 and 2023,Home Lending loans held-for-sale and loans at fair value were$5.9 billion and$3.9 billion,respectively.(b)In the fourth quarter of 2023,CCB transferred approximately$18.8 billion of deposits associated with First Republic to AWM and CIB.Refer to page 67 of the Firms 2
261、023 Form10-K for additional information.(c)Average Home Lending loans held-for sale and loans at fair value were$7.7 billion and$5.3 billion for the three months ended June 30,2024 and 2023,respectively,and$6.2billion and$4.4 billion for the six months ended June 30,2024 and 2023,respectively.(a)(b)
262、(c)(b)25Selected metricsAs of or for the three months ended June 30,As of or for the six months ended June 30,(in millions,except ratio data)20242023Change20242023ChangeCredit data and quality statisticsNonaccrual loans$3,413$3,823(11)%$3,413$3,823(11)%Net charge-offs/(recoveries)Banking&Wealth Mana
263、gement176 92 91 255 171 49 Home Lending(40)(28)(43)(47)(46)(2)Card Services1,830 1,124 63 3,518 2,046 72 Auto98 63 56 217 132 64 Total net charge-offs/(recoveries)$2,064$1,251 65$3,943$2,303 71 Net charge-off/(recovery)rateBanking&Wealth Management2.25%1.20%1.64%1.17%Home Lending(0.07)(0.05)(0.04)(0
264、.05)Card Services3.50 2.41 3.41 2.25 Auto0.52 0.36 0.57 0.38 Total net charge-off/(recovery)rate1.47%0.98%1.40%0.97%30+day delinquency rateHome Lending0.70%0.58%0.70%0.58%Card Services2.08 1.70 2.08 1.70 Auto1.12 0.92 1.12 0.92 90+day delinquency rate-Card Services1.07%0.84%1.07%0.84%Allowance for l
265、oan lossesBanking&Wealth Management$685$731(6)$685$731(6)Home Lending437 777(44)437 777(44)Card Services13,206 11,600 14 13,206 11,600 14 Auto742 717 3 742 717 3 Total allowance for loan losses$15,070$13,825 9%$15,070$13,825 9%(a)At June 30,2024 and 2023,nonaccrual loans excluded mortgage loans 90 o
266、r more days past due and insured by U.S.government agencies of$96 million and$139 million,respectively.These amounts have been excluded based upon the government guarantee.In addition,the Firms policy is generally to exempt credit card loans from being placedon nonaccrual status as permitted by regu
267、latory guidance.(b)At June 30,2024 and 2023,excluded mortgage loans insured by U.S.government agencies of$137 million and$195 million,respectively,that are 30 or more days past due.These amounts have been excluded based upon the government guarantee.(a)(b)26Selected metricsAs of or for the three mon
268、ths ended June 30,As of or for the six months ended June 30,(in billions,except ratios and where otherwise noted)20242023Change20242023ChangeBusiness MetricsNumber of branches4,884 4,874%4,884 4,874%Active digital customers(in thousands)69,011 65,559 5 69,011 65,559 5 Active mobile customers(in thou
269、sands)55,564 51,963 7 55,564 51,963 7 Debit and credit card sales volume$453.7$424.0 7$874.4$811.3 8 Total payments transaction volume(in trillions)1.6 1.5 7 3.1 2.9 7 Banking&Wealth ManagementAverage deposits$1,058.9$1,142.8(7)$1,062.2$1,120.7(5)Deposit margin2.72%2.83%2.71%2.81%Business Banking av
270、erage loans$19.5$19.6(1)$19.5$19.8(2)Business banking origination volume1.3 1.3 3 2.4 2.3 6 Client investment assets1,013.7 892.9 14 1,013.7 892.9 14 Number of client advisors5,672 5,153 10 5,672 5,153 10 Home LendingMortgage origination volume by channelRetail$6.9$7.3(5)$11.3$10.9 4 Correspondent3.
271、8 3.9(3)6.0 6.0 Total mortgage origination volume$10.7$11.2(4)$17.3$16.9 2 Third-party mortgage loans serviced(period-end)$642.8$604.5 6 642.8$604.5 6 MSR carrying value(period-end)8.8 8.2 7 8.8 8.2 7 Card ServicesSales volume,excluding commercial card$316.6$294.0 8$607.6$560.2 8 Net revenue rate9.6
272、1%9.11%9.85%9.73%Net yield on average loans9.46 9.31 9.67 9.60 AutoLoan and lease origination volume$10.8$12.0(10)$19.7$21.2(7)Average auto operating lease assets10.7 11.0(3)%10.6 11.3(6)%(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.(b)Users of all mobile pl
273、atforms 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 andchecks.(d)Includes assets invested in managed accounts and J.P.Morgan mutual funds
274、 where AWM is the investment manager.Refer to AWM segment results on pages 36-40 foradditional information.(e)Firmwide mortgage origination volume was$12.3 billion and$13.0 billion for the three months ended June 30,2024 and 2023,respectively,and$19.9 billion and$19.8 billion forthe six months ended
275、 June 30,2024 and 2023,respectively.(a)(b)(c)(d)(e)27COMMERCIAL&INVESTMENT BANKThe Commercial&Investment Bank is comprised of the Banking&Payments and Markets&Securities Services businesses.Thesebusinesses offer investment banking,lending,payments,market-making,financing,custody and securities produ
276、cts and services to a globalbase of corporate and institutional clients.Banking&Payments offers products and services in all major capital markets,including advisingon corporate strategy and structure,capital-raising in equity and debt markets,and loan origination and syndication.Banking&Paymentsals
277、o provides services that enable clients to manage payments globally across liquidity and account solutions,commerce solutions,clearing,trade,and working capital.Markets&Securities Services includes Markets,which is a global market-maker across products,including cash and derivative instruments,and a
278、lso offers sophisticated risk management solutions,lending,prime brokerage,clearing andresearch.Markets&Securities Services also includes Securities Services,a leading global custodian that provides custody,fund services,liquidity and trading services,and data solutions products.(a)Reflects the reor
279、ganization of the Firms business segments.Refer to Business Segment Results on pages 20-22 for additional information.Refer to Line of Business Metrics on page 200 for a further discussion of the business profile of CIB.Selected income statement dataThree months ended June 30,Six months ended June 3
280、0,(in millions,except ratios)20242023Change20242023ChangeRevenueInvestment banking fees$2,356$1,569 50%$4,370$3,235 35%Principal transactions6,691 6,742(1)13,325 14,174(6)Lending-and deposit-related fees924 782 18 1,897 1,548 23 Commissions and other fees1,337 1,238 8 2,609 2,487 5 Card income579 60
281、1(4)1,104 1,089 1 All other income857 705 22 1,600 1,408 14 Noninterest revenue12,744 11,637 10 24,905 23,941 4 Net interest income5,173 4,870 6 10,596 9,677 9 Total net revenue17,917 16,507 9 35,501 33,618 6 Provision for credit losses384 1,135(66)385 1,610(76)Noninterest expenseCompensation expens
282、e4,752 4,117 15 9,648 8,843 9 Noncompensation expense4,414 4,077 8 8,242 8,142 1 Total noninterest expense9,166 8,194 12 17,890 16,985 5 Income before income tax expense8,367 7,178 17 17,226 15,023 15 Income tax expense2,470 1,878 32 4,707 3,955 19 Net income$5,897$5,300 11%$12,519$11,068 13%Financi
283、al ratiosReturn on equity17%15%18%16%Overhead ratio51 50 50 51 Compensation expense as percentage of total net revenue27 25 27 26 (a)Included tax equivalent adjustments primarily from income tax credits from investments in alternative energy,affordable housing and new markets,income from tax-exempts
284、ecurities and loans,and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of$737 million and$1.0 billion for thethree months ended June 30,2024 and 2023,respectively,and$1.3 billion and$2.0 billion for the six months ended June 30,2024 an
285、d 2023,respectively.Effective January 1,2024,the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance,under the modified retrospectivemethod.Refer to Notes 1,5 and 13 for additional information.(a)(a)28Selected income sta
286、tement dataThree months ended June 30,Six months ended June 30,(in millions)20242023Change20242023ChangeRevenue by businessInvestment Banking$2,464$1,687 46%$4,680$3,475 35%Payments4,546 4,714(4)9,012 9,145(1)Lending1,936 1,749 11 3,660 3,199 14 Other4 38(89)1 47(98)Total Banking&Payments8,950 8,188
287、 9 17,353 15,866 9 Fixed Income Markets4,822 4,608 5 10,149 10,361(2)Equity Markets2,971 2,454 21 5,657 5,139 10 Securities Services1,261 1,221 3 2,444 2,369 3 Credit Adjustments&Other(87)36 NM(102)(117)13 Total Markets&Securities Services8,967 8,319 8 18,148 17,752 2 Total net revenue$17,917$16,507
288、 9%$35,501$33,618 6%(a)Consists primarily of centrally managed credit valuation adjustments(“CVA”),funding valuation adjustments(“FVA”)on derivatives,other valuation adjustments,and certaincomponents of fair value option elected liabilities,which are primarily reported in principal transactions reve
289、nue.Results are presented net of associated hedging activities and netof CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.Refer to Notes 2,3 and 19 for additional information.Banking&Payments Revenue by Client Coverage Segment:Global Corporate Banking&Global Investment Bankin
290、g providesbanking products and services generally to large corporations,financialinstitutions and merchants.Commercial Banking provides banking products and servicesgenerally to middle market clients,including start-ups,small and mid-sized companies,local governments,municipalities,and nonprofits,as
291、well as to commercial real estate clients.Other includes amounts related to credit protection purchased againstcertain retained loans and lending-related commitments in Lending,the impact of equity investments in Payments and revenues notaligned with a primary client coverage segment.(a)Global Banki
292、ng is a client coverage view within the Banking&Paymentsbusiness and is comprised of the Global Corporate Banking,Global InvestmentBanking and Commercial Banking client coverage segments.Selected income statementdataThree months ended June 30,Six months ended June 30,(in millions)20242023 Change2024
293、2023 ChangeBanking&Paymentsrevenue byclient coveragesegmentGlobalCorporateBanking&GlobalInvestmentBanking$6,141$5,452 13%$11,961$10,816 11%CommercialBanking2,860 2,801 2 5,697 5,227 9 Middle MarketBanking1,936 1,996(3)3,863 3,781 2 CommercialReal EstateBanking924 805 15 1,834 1,446 27 Other(51)(65)2
294、2(305)(177)(72)Total Banking&Paymentsrevenue$8,950$8,188 9%$17,353$15,866 9%(a)(a)29Quarterly resultsNet income was$5.9 billion,up 11%.Net revenue was$17.9 billion,up 9%.Banking&Payments revenue was$9.0 billion,up 9%.Investment Banking revenue was$2.5 billion,up 46%,driven byhigher Investment Bankin
295、g fees,up 50%,reflecting higher fees acrossproducts.The Firm ranked#1 for Global Investment Banking fees,according to Dealogic.Debt underwriting fees were$1.1 billion,up 51%,predominantlydriven by higher industry-wide issuance in leveraged loans,high-yield bonds and high-grade bonds.Equity underwrit
296、ing fees were$495 million,up 56%,driven byfollow-on offerings,IPOs and private placements,reflecting walletshare gains amid favorable market conditions.Advisory fees were$785 million,up 45%,driven by a higher numberof large completed transactions compared with a challenging prior-year quarter.Paymen
297、ts revenue was$4.5 billion,down 4%,driven by depositmargin compression reflecting higher rates paid and higher deposit-related client credits,largely offset by fee growth due to highervolumes.Lending revenue was$1.9 billion,up 11%,predominantly driven bythe impact of the First Republic acquisition,l
298、ower fair value losses oncredit protection purchased against certain retained loans and lending-related commitments,and the impact of higher rates.Markets&Securities Services revenue was$9.0 billion,up 8%.Marketsrevenue was$7.8 billion,up 10%.Equity Markets revenue was$3.0 billion,up 21%,driven by s
299、trongperformance in Equity Derivatives and Prime Finance.Fixed Income Markets revenue was$4.8 billion,up 5%,largely drivenby Securitized Products.Securities Services revenue was$1.3 billion,up 3%,driven by highervolumes and market levels,largely offset by deposit margincompression.Credit Adjustments
300、&Other was a loss of$87 million,compared with again of$36 million in the prior year.Noninterest expense was$9.2 billion,up 12%,predominantly driven byhigher compensation,primarily revenue-related compensation,higherlegal expense and higher volume-related non-compensation expense.The provision for cr
301、edit losses was$384 million,reflecting:a$220 million net addition to the allowance for credit losses,driven bythe impact of incorporating the First Republic portfolio into the Firmsmodeled credit loss estimates,as well as net downgrade activity,primarily in Real Estate,largely offset by the impact o
302、f changes in theloan and lending-related commitment portfolios,and net charge-offs of$164 million,of which approximately half was inOffice.The provision in the prior year was$1.1 billion,reflecting an addition of$608 million to establish the allowance for the First Republic loans andlending-related
303、commitments.The net addition also reflected$389million driven by updates to certain assumptions related to office realestate,as well as net downgrade activity in Middle Market Banking.Refer to Credit and Investment Risk Management on pages 59-78,Allowance for Credit Losses on pages 75-77,and Critica
304、l AccountingEstimates on pages 86-88 for a further discussion of the credit portfoliosand the allowance for credit losses.Year-to-date resultsNet income of$12.5 billion,up 13%.Net revenue was$35.5 billion,up 6%.Banking&Payments revenue was$17.4 billion,up 9%.Investment Banking revenue was$4.7 billio
305、n,up 35%.InvestmentBanking fees were up 35%,driven by higher fees across products.The Firm ranked#1 for Global Investment Banking fees,according toDealogic.Debt underwriting fees were$2.1 billion,up 54%,predominantlydriven by higher industry-wide issuances in leveraged loans,high-grade bonds and hig
306、h-yield bonds.Equity underwriting fees were$850 million,up 54%,driven by higherIPOs,follow-on and convertible securities offerings.Advisory fees were$1.4 billion,up 7%.Payments revenue was$9.0 billion,down 1%,driven by depositmargin compression reflecting higher rates paid and higher deposit-related
307、 client credits,largely offset by fee growth.Lending revenue was$3.7 billion,up 14%,driven by the impact of theFirst Republic acquisition,and the impact of higher rates,partiallyoffset by fair value losses on credit protection purchased againstcertain retained loans and lending-related commitments.M
308、arkets&Securities Services revenue was$18.1 billion,up 2%.Markets revenue was$15.8 billion,up 2%.Equity Markets revenue was$5.7 billion,up 10%,driven by higherrevenue in Equity Derivatives,and Prime Finance.Fixed Income Markets revenue was$10.1 billion,down 2%,driven bylower revenues in Rates and Co
309、mmodities,largely offset by higherrevenue in Securitized Products.Securities Services revenue was$2.4 billion,up 3%,driven by highervolumes and market levels,largely offset by deposit margincompression.Credit Adjustments&Other was a loss of$102 million,compared witha loss of$117 million in the prior
310、 year.Noninterest expense was$17.9 billion,up 5%,predominantly driven byhigher compensation expense,primarily revenue-related compensation.30The provision for credit losses was$385 million,reflecting:net charge-offs of$233 million,of which approximately half was inOffice,and a$152 million net additi
311、on to the allowance for credit losses,driven by a net addition of$772 million,reflecting net downgrade activity,primarily in Real Estate,and included approximately$170 millionassociated with incorporating the First Republic portfolio into theFirms modeled credit loss estimates,predominantly offset b
312、y a net reduction of$620 million,primarily due to the impact ofchanges in the loan and lending-related commitment portfolios.The provision in the prior year was$1.6 billion,reflecting an addition of$608 million to establish the allowance for the First Republic loans andlending-related commitments,in
313、 the second quarter of 2023.The netaddition also reflected$768 million driven by a deterioration in the Firmsweighted-average economic outlook,including updates to certainassumptions related to office real estate,as well as net downgradeactivity.Selected metrics(in millions,except employees)As of or
314、 for the three months ended June 30,As of or for the six months ended June 30,20242023Change20242023ChangeSelected balance sheet data(period-end)Total assets$1,939,038$1,737,334 12%$1,939,038$1,737,334 12%Loans:Loans retained475,880 476,574 475,880 476,574 Loans held-for-sale and loans at fair value
315、41,737 40,499 3 41,737 40,499 3 Total loans517,617 517,073 517,617 517,073 Equity132,000 138,000(4)132,000 138,000(4)Banking&Payments loans by client coverage segment(period-end)Global Corporate Banking&Global Investment Banking$132,592$133,535(1)%$132,592$133,535(1)%Commercial Banking220,222 222,78
316、2(1)220,222 222,782(1)Middle Market Banking75,488 79,885(6)75,488 79,885(6)Commercial Real Estate Banking144,734 142,897 1 144,734 142,897 1 Other266 371(28)266 371(28)Total Banking&Payments loans353,080 356,688(1)353,080 356,688(1)Selected balance sheet data(average)Total assets$1,915,880$1,752,732
317、 9$1,854,999$1,719,118 8 Trading assets-debt and equity instruments638,473 533,092 20 609,686 511,066 19 Trading assets-derivative receivables58,850 63,118(7)58,059 63,578(9)Loans:Loans retained$471,861$459,244 3$471,524$440,914 7 Loans held-for-sale and loans at fair value42,868 38,858 10 43,202 41
318、,278 5 Total loans$514,729$498,102 3$514,726$482,192 7 Deposits1,046,993 998,014 5 1,046,391 981,861 7 Equity132,000 137,505(4)132,000 137,005(4)Banking&Payments loans by client coverage segment(average)Global Corporate Banking&Global Investment Banking$130,320$131,852(1)%$128,861$131,118(2)%Commerc
319、ial Banking220,767 211,431 4 221,545 196,385 13 Middle Market Banking76,229 78,037(2)77,296 75,547 2 Commercial Real Estate Banking144,538 133,394 8 144,249 120,838 19 Other360 227 59 475 218 118 Total Banking&Payments loans$351,447$343,510 2$350,881$327,721 7 Employees93,387 90,813 3%93,387 90,813
320、3%(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 page 29 for a description of each of the client coverage segments.(c)In the fourth quarter of 2023,certain deposits ass
321、ociated with First Republic were transferred to CIB from CCB.(a)(b)(a)(c)(b)31Selected metricsAs of or for the three months ended June 30,As of or for the six months ended June 30,(in millions,except ratios)20242023Change20242023ChangeCredit data and quality statisticsNet charge-offs/(recoveries)$16
322、4$156 5%$233$243(4)%Nonperforming assets:Nonaccrual loans:Nonaccrual loans retained$2,631$1,992 32$2,631$1,992 32 Nonaccrual loansheld-for-sale and loans at fair value988 818 21 988 818 21 Total nonaccrual loans3,619 2,810 29 3,619 2,810 29 Derivative receivables290 286 1 290 286 1 Assets acquired i
323、n loan satisfactions220 133 65 220 133 65 Total nonperforming assets$4,129$3,229 28$4,129$3,229 28 Allowance for credit losses:Allowance for loan losses$7,344$7,260 1$7,344$7,260 1 Allowance for lending-related commitments1,930 2,008(4)1,930 2,008(4)Total allowance for credit losses$9,274$9,268%$9,2
324、74$9,268%Net charge-off/(recovery)rate0.14%0.14%0.10%0.11%Allowance for loan losses to period-end loans retained1.54 1.52 1.54 1.52 Allowance for loan losses to nonaccrual loans retained279 364 279 364 Nonaccrual loans to total period-end loans0.70%0.54%0.70%0.54%(a)Allowance for loan losses of$452
325、million and$350 million were held against these nonaccrual loans at June 30,2024 and 2023,respectively.(b)At June 30,2024 and 2023,nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S.government agencies of$42 million and$76 million,respectively.These amounts have bee
326、n excluded based upon the government guarantee.(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery)rate.Investment banking feesThree months ended June 30,Six months ended June 30,(in millions)20242023Change20242023ChangeAdvisory$785$540 45%$1,38
327、3$1,296 7%Equity underwriting495 318 56 850 553 54 Debt underwriting1,076 711 51 2,137 1,386 54 Total investment banking fees$2,356$1,569 50%$4,370$3,235 35%(a)Represents long-term debt and loan syndications.(a)(b)(c)(a)(a)32League table results wallet shareThree months ended June 30,Six months ende
328、d June 30,Full-year 20232024202320242023RankShareRankShareRankShareRankShareRankShareBased on feesM&AGlobal#1 10.5%#1 8.1%#1 9.9%#1 8.8%#2 9.0%U.S.1 14.0 2 10.7 1 11.8 2 11.3 2 11.0 Equity and equity-relatedGlobal1 13.6 1 7.6 1 11.3 1 7.1 1 7.7 U.S.1 17.0 1 15.0 1 14.5 1 14.0 1 14.3 Long-term debtGl
329、obal1 7.2 1 6.6 1 7.5 1 6.5 1 7.0 U.S.1 10.3 1 10.7 1 11.0 1 10.2 1 10.9 Loan syndicationsGlobal1 11.0 1 12.8 1 11.5 1 12.5 1 11.9 U.S.1 13.1 1 16.7 1 13.9 1 16.9 1 15.1 Global investment banking fees#1 9.9%#1 8.1%#1 9.5%#1 8.2%#1 8.6%(a)Source:Dealogic as of July 1,2024.Reflects the ranking of reve
330、nue 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,h
331、igh-yield,supranationals,sovereigns,agencies,covered bonds,asset-backed securities(“ABS”)and mortgage-backedsecurities(“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.(a)(b)(c)(d)
332、(e)33Markets revenueThe following table summarizes selected income statement data for theMarkets businesses.Markets includes both Fixed Income Markets andEquity Markets.Markets revenue consists of principal transactions,fees,commissions and other income,as well as net interest income.The Firmassesse
333、s its Markets business performance on a total revenue basis,asoffsets generally occur across revenue line items.For example,securities that generate net interest income may be risk-managed byderivatives thatare reflected at fair value in principal transactions revenue.Refer toNotes 5 and 6 for a description of the composition of these incomestatement line items.Refer to Markets revenue on page 75