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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 fileSeptember 30,2024number 1-5805JPMorgan Chase&Co.(Exact name of registrant as specified in its
2、charter)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 purs
3、uant 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
4、 ExchangeDepositary 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 J
5、The New 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 Stoc
6、k,Series 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 LLC
7、JPM/32The 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 du
8、ring 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
9、to be 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-a
10、ccelerated 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 filerSmalle
11、r reporting 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
12、 check 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 September 30,2024:2,815,340,422FORM 10-QTABLE OF CONTENTSPart I Financial informationPageItem 1.Financial Statements.Consolidated Financial Sta
13、tements JPMorgan Chase&Co.:Consolidated statements of income(unaudited)for the three and nine months ended September 30,2024 and 202389Consolidated statements of comprehensive income(unaudited)for the three and nine months ended September 30,2024 and202390Consolidated balance sheets(unaudited)at Sep
14、tember 30,2024 and December 31,202391Consolidated statements of changes in stockholders equity(unaudited)for the three and nine months ended September 30,2024and 202392Consolidated statements of cash flows(unaudited)for the nine months ended September 30,2024 and 202393Notes to Consolidated Financia
15、l Statements(unaudited)94Report of Independent Registered Public Accounting Firm189Consolidated Average Balance Sheets,Interest and Rates(unaudited)for the three months ended September 30,2024 and 2023190Glossary of Terms and Acronyms and Line of Business Metrics192Item 2.Managements Discussion and
16、Analysis of Financial Condition and Results 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
17、 Segment Results20Firmwide Risk Management43Capital Risk Management44Liquidity Risk Management50Consumer Credit Portfolio60Wholesale Credit Portfolio64Investment Portfolio Risk Management76Market Risk Management77Country Risk Management83Critical Accounting Estimates Used by the Firm84Accounting and
18、 Reporting Developments87Forward-Looking Statements88Item 3.Quantitative and Qualitative Disclosures About Market Risk.200Item 4.Controls and Procedures.200Part II Other informationItem 1.Legal Proceedings.200Item 1A.Risk Factors.200Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.
19、200Item 3.Defaults Upon Senior Securities.201Item 4.Mine Safety Disclosures.201Item 5.Other Information.201Item 6.Exhibits.2022JPMorgan 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)Nine
20、months ended Sep 30,3Q242Q241Q244Q233Q2320242023Selected income statement dataTotal net revenue$42,654$50,200$41,934$38,574$39,874$134,788$119,530 Total noninterest expense22,565 23,713 22,757 24,486 21,757 69,035 62,686 Pre-provision profit20,089 26,487 19,177 14,088 18,117 65,753 56,844 Provision
21、for credit losses3,111 3,052 1,884 2,762 1,384 8,047 6,558 Income before income tax expense16,978 23,435 17,293 11,326 16,733 57,706 50,286 Income tax expense4,080 5,286 3,874 2,019 3,582 13,240 10,041 Net income$12,898$18,149$13,419$9,307$13,151$44,466$40,245 Earnings per share dataNet income:Basic
22、$4.38$6.13$4.45$3.04$4.33$14.97$13.20 Diluted4.37 6.12 4.44 3.04 4.33 14.94 13.18 Average shares:Basic2,860.6 2,889.8 2,908.3 2,914.4 2,927.5 2,886.2 2,946.6 Diluted2,865.9 2,894.9 2,912.8 2,919.1 2,932.1 2,891.2 2,951.0 Market and per common share dataMarket capitalization593,643 575,463 575,195 48
23、9,320 419,254 593,643 419,254 Common shares at period-end2,815.3 2,845.1 2,871.6 2,876.6 2,891.0 2,815.3 2,891.0 Book value per share115.15 111.29 106.81 104.45 100.30 115.15 100.30 Tangible book value per share(“TBVPS”)96.42 92.77 88.43 86.08 82.04 96.42 82.04 Cash dividends declared per share1.25
24、1.15 1.15 1.05 1.05 3.55 3.05 Selected ratios and metricsReturn on common equity(“ROE”)16%23%17%12%18%19%19%Return on tangible common equity(“ROTCE”)19 28 21 15 22 23 23 Return on assets1.23 1.79 1.36 0.95 1.36 1.46 1.42 Overhead ratio53 47 54 63 55 51 52 Loans-to-deposits ratio55 55 54 55 55 55 55
25、Firm Liquidity coverage ratio(“LCR”)(average)114 112 112 113 112 114 112 JPMorgan Chase Bank,N.A.LCR(average)121 125 129 129 123 121 123 Common equity Tier 1(“CET1”)capital ratio15.3 15.3 15.0 15.0 14.3 15.3 14.3 Tier 1 capital ratio16.4 16.7 16.4 16.6 15.9 16.4 15.9 Total capital ratio18.2 18.5 18.
26、2 18.5 17.8 18.2 17.8 Tier 1 leverage ratio7.1 7.2 7.2 7.2 7.1 7.1 7.1 Supplementary leverage ratio(“SLR”)6.0 6.1 6.1 6.1 6.0 6.0 6.0 Selected balance sheet data(period-end)Trading assets$787,489$733,882$754,409$540,607$601,993$787,489$601,993 Investment securities,net of allowance for credit losses
27、634,502 589,998 570,679 571,552 585,380 634,502 585,380 Loans1,340,011 1,320,700 1,309,616 1,323,706 1,310,059 1,340,011 1,310,059 Total assets4,210,048 4,143,003 4,090,727 3,875,393 3,898,333 4,210,048 3,898,333 Deposits2,430,772 2,396,530 2,428,409 2,400,688 2,379,526 2,430,772 2,379,526 Long-term
28、 debt410,157 394,028 395,872 391,825 362,793 410,157 362,793 Common stockholders equity324,186 316,652 306,737 300,474 289,967 324,186 289,967 Total stockholders equity345,836 340,552 336,637 327,878 317,371 345,836 317,371 Employees316,043 313,206 311,921 309,926 308,669 316,043 308,669 Credit qual
29、ity metricsAllowances for credit losses$26,543$25,514$24,695$24,765$24,155$26,543$24,155 Allowance for loan losses to total retained loans1.86%1.81%1.77%1.75%1.73%1.86%1.73%Nonperforming assets$8,628$8,423$8,265$7,597$8,131$8,628$8,131 Net charge-offs2,087 2,231 1,956 2,164 1,497 6,274 4,045 Net cha
30、rge-off rate0.65%0.71%0.62%0.68%0.47%0.66%0.46%(a)Pre-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 fu
31、rther discussion of these measures.(b)Ratios are based upon annualized amounts.(c)For the nine months ended September 30,2024 and 2023,the percentage represents average ratios for the three months ended September 30,2024 and 2023.(d)The ratios reflect the Current Expected Credit Losses(“CECL”)capita
32、l transition provisions.Refer to Note 21 of this Form 10-Q and Note 27 of JPMorgan Chases 2023 Form 10-K for additional information.(e)Reflects the Firms ratios under the Basel III Standardized approach.Refer to Capital Risk Management on pages 44-49 for additional information.(f)Total net revenue i
33、ncluded 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 ConsolidatedResults of Operations on pages 914 of this Form 10-Q,and Notes 2 and 5 of the Firms Quarterly Report on Form 10
34、-Q for the quarterly period ended June 30,2024 for additional information on the exchange offer forVisa Class B-1 common stock.(f)(f)(f)(a)(a)(b)(a)(b)(b)(c)(c)(d)(e)(d)(e)(d)(e)(d)(d)3INTRODUCTIONThe following is Managements discussion and analysis of the financialcondition and results of operation
35、s(“MD&A”)of JPMorgan Chase&Co.(“JPMorgan Chase”or the“Firm”)for the third quarter of 2024.This Quarterly Report on Form 10-Q for the third quarter of 2024(“Form10-Q”)should be read together with JPMorgan Chases Annual Reporton Form 10-K for the year ended December 31,2023(“2023 Form 10-K”).Refer to
36、the Glossary of terms and acronyms and line of businessmetrics on pages 192199 for definitions of terms and acronyms usedthroughout this Form 10-Q.This Form 10-Q contains forward-looking statements within the meaningof the Private Securities Litigation Reform Act of 1995.These forward-looking statem
37、ents 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 88 of this Form 10-Q and Part I,Item 1A,Risk Factors on pages 9-33 of the 2
38、023 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 line with any outlook information set forth herein
39、,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.”),with operationsworldwide.JPMorgan Chase had$4.2 t
40、rillion in assets and$345.8 billionin stockholders equity as of September 30,2024.The Firm is a leader ininvestment banking,financial services for consumers and smallbusinesses,commercial banking,financial transaction processing andasset management.Under the J.P.Morgan and Chase brands,the Firmserve
41、s 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.”),a national bankingassociation with U.S.branc
42、hes 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 branches and subsidiaries,representativeoffices
43、 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,respectively.Business Segment Reorganization:Effect
44、ive 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 result of the reorganization,the Firm has three rep
45、ortable 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 to Business Segment Resultson pages 20-21 of this
46、 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 andservices they provide to their respective client bas
47、es.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 associated with FirstRepublic,impact of First Republic or
48、 similar expressions refer to therelevant effects of the First Republic acquisition,as well as subsequentrelated business and activities,as applicable.Refer to Note 26 foradditional information.The Firms website is .JPMorgan Chasemakes available on its website,free of charge,annual reports on Form10
49、-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 such material to the U.S.Securities and ExchangeCommission(the“SEC”)at www.sec.g
50、ov.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 website that arereferenced in this Form 10-Q,is not incorporated by reference into
51、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 Form10-Q.For a complete description of the trends and uncertainties,as well as
52、 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 ended,(in millions,except per share data and ratios)Three months ended Septembe
53、r 30,Nine months ended September 30,20242023Change20242023ChangeSelected income statement dataNoninterest revenue$19,249$17,148 12%$65,555$54,314 21%Net interest income23,405 22,726 3 69,233 65,216 6 Total net revenue42,654 39,874 7 134,788 119,530 13 Total noninterest expense22,565 21,757 4 69,035
54、62,686 10 Pre-provision profit20,089 18,117 11 65,753 56,844 16 Provision for credit losses3,111 1,384 125 8,047 6,558 23 Net income12,898 13,151(2)44,466 40,245 10 Diluted earnings per share4.37 4.33 1 14.94 13.18 13 Selected ratios and metricsReturn on common equity16%18%19%19%Return on tangible c
55、ommon equity19 22 23 23 Book value per share$115.15$100.30 15$115.15$100.30 15 Tangible book value per share96.42 82.04 18 96.42 82.04 18 Capital ratiosCET1 capital15.3%14.3%15.3%14.3%Tier 1 capital16.4 15.9 16.4 15.9 Total capital18.2 17.8 18.2 17.8 Memo:NII excluding Markets$23,447$23,173 1$69,405
56、$66,479 4 NIR excluding Markets12,716 10,896 17 44,492 33,827 32 Markets7,152 6,617 8 22,958 22,117 4 Total net revenue-managed basis$43,315$40,686 6$136,855$122,423 12(a)The ratios reflect the CECL capital transition provisions.Refer to Note 21 of this Form 10-Q and Note 27 of JPMorgan Chases 2023
57、Form 10-K for additional information.(b)Reflects the Firms ratios under the Basel III Standardized approach.Refer to Capital Risk Management on pages 44-49 for additional information.(c)NII and NIR refer to net interest income and noninterest revenue,respectively.Markets consists of CIBs Fixed Incom
58、e Markets and Equity Markets businesses.Comparisons noted in the sections below are for the third quarter of2024 versus the third quarter of 2023,unless otherwise specified.Firmwide overviewFor the third quarter of 2024,JPMorgan Chase reported net income of$12.9 billion,down 2%,earnings per share of
59、$4.37,ROE of 16%andROTCE of 19%.Total net revenue was$42.7 billion,up 7%,reflecting:Net interest income(NII)of$23.4 billion,up 3%,driven by theimpact of balance sheet mix and reinvestments in the investmentsecurities portfolio,higher revolving balances in Card Services,higher Markets net interest in
60、come,and higher wholesale depositbalances,largely offset by lower average deposit balances in CCBand deposit margin compression across the lines of business.NIIexcluding Markets was$23.4 billion,up 1%.Noninterest revenue(NIR)was$19.2 billion,up 12%,predominantly driven by lower net investment securi
61、ties losses inTreasury and CIO,higher asset management fees in AWM andCCB,and higher investment banking fees.Noninterest expense was$22.6 billion,up 4%,driven by highercompensation expense,including higher revenue-relatedcompensation and growth in the number of employees,partially offsetby lower leg
62、al expense.The provision for credit losses was$3.1 billion,reflecting$2.1billion of net charge-offs and a net addition to the allowance for creditlosses of$1.0 billion.Net charge-offs increased by$590 million,predominantly driven by the seasoning of newer vintages andcontinued credit normalization i
63、n Card Services.The net addition tothe allowance for credit losses included$882 million in consumer,driven by Card Services,and$144 million in wholesale.(a)(b)(c)(c)(c)5The provision in the prior year was$1.4 billion,reflecting$1.5 billion ofnet charge-offs and a$113 million net reduction in the all
64、owance forcredit losses.The total allowance for credit losses was$26.5 billion atSeptember 30,2024.The Firm had an allowance for loan losses toretained loans coverage ratio of 1.86%,compared with 1.73%in theprior year.The Firms nonperforming assets totaled$8.6 billion atSeptember 30,2024,up 6%,drive
65、n by higher wholesale nonaccrualloans,which reflected downgrades in Real Estate,concentrated inOffice,partially offset by net sales of consumer nonaccrual loans.Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio onpages 64-72 and pages 60-63,respectively,for additional information.Fir
66、mwide average loans of$1.3 trillion were up 1%,driven by higherloans across the lines of business.Firmwide average deposits of$2.4 trillion were up 1%,reflecting:net inflows in Payments and Securities Services,the impact of new and existing product offerings in AWM,and higher balances in Corporate r
67、elated to the Firms internationalconsumer initiatives,largely offset by a decline in CCB in existing accounts primarily due to increasedcustomer spending.Refer to Liquidity Risk Management on pages 50-57 for additionalinformation.Selected capital and other metrics CET1 capital was$273 billion,and th
68、e Standardized and AdvancedCET1 ratios were 15.3%and 15.5%,respectively.SLR was 6.0%.TBVPS grew 18%,ending the third quarter of 2024 at$96.42.As of September 30,2024,the Firm had eligible end-of-period HighQuality Liquid Assets(“HQLA”)of approximately$868 billion andunencumbered marketable securitie
69、s with a fair value ofapproximately$608 billion,resulting in approximately$1.5 trillion ofliquidity sources.Refer to Liquidity Risk Management on pages 50-57for additional information.Refer to Consolidated Results of Operations and Consolidated BalanceSheets Analysis on pages 914 and pages 1516,resp
70、ectively,for afurther discussion of the Firms results,including the provision for creditlosses.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
71、 Financial Measures on pages 18-19 for a furtherdiscussion of each of these measures.6Business segment highlightsSelected business metrics for each of the Firms lines of business(LOB)are presented below for the third quarter of 2024.CCBROE 29%Average deposits down 8%year-over-year(YoY),down 2%quarte
72、r-over-quarter(QoQ);clientinvestment assets up 21%Average loans up 1%YoY,flat QoQ;Card Servicesnet charge-off rate of 3.24%Debit and credit card sales volume up 6%Active mobile customers up 7%CIBROE 17%Investment Banking fees up 31%YoY,down 4%QoQ;#1 ranking for Global Investment Banking feeswith 9.1
73、%wallet share YTD Markets revenue up 8%,with Fixed Income Marketsflat and Equity Markets up 27%Average Banking&Payments loans down 2%YoY,down 1%QoQ;average client deposits up 7%YoY,up 3%QoQAWMROE 34%Assets under management(AUM)of$3.9 trillion,up 23%Average loans up 2%YoY and QoQ;averagedeposits up 1
74、7%YoY including the allocation of FirstRepublic deposits to AWM in 4Q23,up 4%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 bu
75、sinesses.(d)In the fourth quarter of 2023,CCB transferred certain deposits associated withFirst Republic to AWM and CIB.Refer to the Business Segment Results on pages 20-42 for a detaileddiscussion of results by business segment.Credit provided and capital raisedJPMorgan Chase continues to support c
76、onsumers,businesses andcommunities around the globe.The Firm provided new and renewedcredit and raised capital for wholesale and consumer clients during thefirst nine months of 2024,consisting of approximately:$2.0trillionTotal credit provided and capital raised(includingloans and commitments)$185bi
77、llionCredit for consumers$30billionCredit for U.S.small businesses$1.9trillionCredit and capital for corporations and non-U.S.government entities$50 billionCredit and capital for nonprofit and U.S.government entities(a)Includes Individuals and Individual Entities primarily consisting of Global Priva
78、teBank clients within AWM.(b)Includes states,municipalities,hospitals and universities.(a)(b)(c)(d)(a)(b)7Recent events On October 17,2024,JPMorgan Chase announced that Brad D.Smith,60,had been elected as a director of the Firm,effectiveJanuary 21,2025.Mr.Smith is the President of Marshall Universit
79、yand served as Chief Executive Officer of Intuit from 2008 to 2018.OutlookThese 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 Ch
80、ases management,speak only as of thedate of this Form 10-Q,and are subject to significant risks anduncertainties.Refer to Forward-Looking Statements on page 88 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 andun
81、certainties and the other factors that could cause JPMorgan Chasesactual results 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 for
82、ward-looking statements.JPMorgan Chases current outlook for full-year 2024 should 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 developm
83、ents in the U.S.and other countries where the Firmdoes business.Each of these 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 environ
84、ments in which itoperates.Full-year 2024 Management expects net interest income to be approximately$92.5billion and net interest income excluding Markets to be approximately$91.5 billion,market dependent.Management expects adjusted expense to be approximately$91.5billion,market dependent.Management
85、expects the net charge-off rate in Card Services to beapproximately 3.40%.Net interest income excluding Markets and 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 Republ
86、ic acquisitionOn May 1,2023,JPMorgan Chase acquired certain assets and assumedcertain liabilities of First Republic 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,associa
87、ted with the FirstRepublic acquisition to align with the Firms businesses and operations.The Firm expects that these actions will be substantially complete by theend of 2024.Refer to Note 26 for additional information on First Republic.8CONSOLIDATED RESULTS OF OPERATIONSThis section provides a compa
88、rative discussion of JPMorgan Chases Consolidated Results of Operations on a reported basis for the three and ninemonths ended September 30,2024 and 2023,unless otherwise specified.Factors that relate primarily to a single business segment are discussed inmore detail within that business segments re
89、sults.Refer to pages 84-86 of this Form 10-Q and pages 155158 of JPMorgan Chases 2023 Form 10-K fora discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.Visa shares:On April 8,2024,Visa Imenced an initial exchangeoffer for its Class B-1
90、 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 on the share exchange
91、recorded in the second quarter of 2024.As of September 30,2024,theFirm had disposed of all of its Visa C shares through sales and througha donation to the Firms Foundation.Refer to Market Risk Managementon pages 77-82,and Notes 2 and 5 for additional information.First Republic:JPMorgan Chase acquire
92、d certain assets and assumedcertain liabilities of First Republic Bank from the FDIC on May 1,2023.As a result,the year-to-date results include the nine-month impact ofFirst Republic compared with five months in the prior-year period.Where meaningful to the results,this is referred to in this Form 1
93、0-Q asthe timing impact of First Republic.Refer to Notes 5 and 26 foradditional information.RevenueThree months ended September 30,Nine months ended September 30,(in millions)20242023Change20242023ChangeInvestment banking fees$2,231$1,722 30%$6,489$4,884 33%Principal transactions5,988 6,210(4)19,592
94、 20,735(6)Lending-and deposit-related fees1,924 2,039(6)5,654 5,487 3 Asset management fees4,479 3,904 15 12,927 11,143 16 Commissions and other fees1,936 1,705 14 5,665 5,139 10 Investment securities losses(16)(669)98(929)(2,437)62 Mortgage fees and related income402 414(3)1,025 913 12 Card income1
95、,345 1,209 11 3,895 3,537 10 Other income960 614 56 11,237 4,913 129 Noninterest revenue19,249 17,148 12 65,555 54,314 21 Net interest income23,405 22,726 3 69,233 65,216 6 Total net revenue$42,654$39,874 7%$134,788$119,530 13%(a)Included operating lease income of$706 million and$695 million for the
96、 three months ended September 30,2024 and 2023,respectively,and$2.1 billion and$2.2 billion for thenine months ended September 30,2024 and 2023,respectively.Refer to Note 5 for additional information.(b)Effective January 1,2024,as a result of adopting updates to the Accounting for Investments in Tax
97、 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 tax expense.Refer to Notes 1,5 and 13 foradditional information.(c)Included the net gain related to Visa sh
98、ares of$7.9 billion recorded in the second quarter of 2024.Refer to Notes 2 and 5 for additional information.(d)Included the estimated bargain purchase gain of$2.8 billion for the nine months ended September 30,2023 associated with the First Republic acquisition.Refer to Notes 5 and26 for additional
99、 information.Quarterly resultsInvestment banking fees increased,reflecting in CIB:higher debt underwriting fees predominantly driven by higher industry-wide issuances in high-grade and high-yield bonds,as well as walletshare gains in investment-grade loans,higher advisory fees predominantly driven b
100、y the closing of severallarge transactions,and higher equity underwriting fees driven by increased industry-wide feesin follow-on offerings and wallet share gains in convertible securitiesofferings.Refer to CIB segment results on pages 27-34 and Note 5 for additionalinformation.Principal transaction
101、s revenue decreased driven by:lower Fixed Income Markets revenue across most businesses,and a loss of$109 million in Credit Adjustments&Other in CIB,comparedwith a loss of$61 million in the prior year,predominantly offset by higher Equity Markets revenue in Prime Finance and EquityDerivatives.The de
102、crease in principal transactions revenue also included lowerrevenue in Treasury and CIO.Principal transactions revenue in CIB generally has offsets across otherrevenue lines,including net interest income.(a)(b)(c)(d)9The Firm assesses the performance of its Markets business on a totalnet revenue bas
103、is.Refer to CIB and Corporate segment results on pages 27-34 and pages40-42,respectively,and Note 5 for additional information.Lending-and deposit-related fees decreased driven by:a decline in the amortization of the fair value discount on certainacquired lending-related commitments associated with
104、First Republicin AWM,and to a lesser extent in CIB,partially offset by higher other lending-and deposit-related fees in CIB.Refer to CIB and AWM segment results on pages 27-34 and pages 35-39,respectively,and Note 5 for additional information.Asset management fees increased driven by higher average
105、marketlevels in AWM and CCB,and net inflows in AWM.Refer to CCB andAWM segment results on pages 22-26 and pages 35-39,respectively,and Note 5 for additional information.Commissions and other fees increased,predominantly due to higherbrokerage commissions and fees,higher custody fees primarily in CIB
106、,as well as higher annuity sales commissions in CCB.Refer to CCB,CIBand AWM segment results on pages 22-26,pages 27-34 and pages 35-39,respectively,and Note 5 for additional information.Investment securities losses decreased,reflecting lower net lossesassociated with repositioning the investment sec
107、urities portfolio inTreasury and CIO.Refer to Corporate segment results on pages 40-42and Note 9 for additional information.Refer to CCB segment results on pages 22-26 and Note 14 forinformation on mortgage fees and related income.Card income increased in CCB,reflecting higher annual fees,andhigher
108、net interchange on increased debit and credit card sales volume,partially offset by an increase in amortization related to new accountorigination costs.Refer to CCB segment results on pages 22-26 andNote 5 for additional information.Other income increased,reflecting:an increase associated with other
109、 equity investments in Corporate,primarily driven by a net gain compared to a net loss in the prior yearrelated to Visa shares,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 th
110、e Firms alternative energytax-oriented investments previously recognized in other income nowbeing recognized in income tax expense,partially offset by the absence of the prior-year adjustment to the estimated bargainpurchase gain associated with the First Republic acquisition inCorporate.Both period
111、s included impairment losses related to certain equityinvestments in CIB.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 andNotes 5 and 26 for add
112、itional information on the First Republicacquisition.Net interest income increased,driven by the impact of balance sheetmix and reinvestments in the investment securities portfolio;higherrevolving balances in Card Services;higher Markets net interestincome;and higher wholesale deposit balances.These
113、 factors werelargely offset by lower average deposit balances in CCB and depositmargin compression across the lines of business.The Firms average interest-earning assets were$3.6 trillion,up$290billion,and the yield was 5.55%,up 23 basis points(“bps”).The net yieldon these assets,on an FTE basis,was
114、 2.58%,a decrease of 14 bps.The net yield excluding Markets was 3.86%,down 3 bps.Refer to the Consolidated average balance sheets,interest and ratesschedule on page 190 for further information.Net yield excludingMarkets is a non-GAAP financial measure.Refer to Explanation andReconciliation of the Fi
115、rms Use of Non-GAAP Financial Measures onpages 18-19 for a further discussion of net yield excluding Markets.Year-to-date resultsInvestment banking fees increased,reflecting in CIB:higher debt underwriting fees predominantly driven by higher industry-wide issuances in leveraged loans,high-grade and
116、high-yield bonds,higher equity underwriting fees driven by higher IPOs,follow-on,andconvertible securities offerings,and higher advisory fees predominantly driven by increased M&A activity.Principal transactions revenue decreased driven by:lower Fixed Income Markets revenue,reflecting the net impact
117、 ofdeclines across macro businesses and higher revenue in SecuritizedProducts,predominantly offset by higher Equity Markets revenue in Prime Finance and EquityDerivatives.The decrease in principal transactions revenue also included lowerrevenue in Treasury and CIO.Lending-and deposit-related fees in
118、creased,reflecting in CIB,higherlending-related fees,including loan commitment fees,and higherdeposit-related fees,including cash management fees in Payments,onhigher volume.These factors were largely offset by a decline in theamortization of the fair value discount,primarily in AWM,as certain ofthe
119、 acquired First Republic lending-related commitments have expired.Asset management fees increased driven by higher average marketlevels and net inflows in AWM and CCB,as well as the timing impact ofFirst Republic in CCB.10Commissions and other fees increased,predominantly due to higherbrokerage comm
120、issions and fees,and custody fees,in both CIB andAWM,as well as higher annuity sales commissions in CCB.Investment securities losses decreased,reflecting lower losses onsales of U.S.Treasuries and U.S.GSE and government agency MBS,associated with repositioning the investment securities portfolio inT
121、reasury and CIO.Mortgage fees and related income increased in Home Lending,reflecting higher production revenue,which included the timing impact ofFirst Republic.Card income increased in CCB,reflecting higher net interchange onincreased debit and credit card sales volume,as well as higher annualfees
122、,partially offset by an increase in amortization related to newaccount origination costs.Other income increased,reflecting:in Corporate the$7.9 billion net gain related to Visa shares recorded in thesecond quarter of 2024,partially offset by the absence of the prior-year$2.8 billion estimated bargai
123、npurchase gain associated with the 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 rec
124、ognized in other income nowbeing recognized in income tax expense.Both periods included impairment losses related to certain equityinvestments in CIB.The prior year included a gain of$339 million on the original minorityinterest in China International Fund Management(CIFM)in AWM.Refer to AWM segment
125、 results on pages 35-39 for additional informationon CIFM.Net interest income increased,driven by the impact of balance sheetmix,reinvestments in the investment securities portfolio,and higherrates;higher revolving balances in Card Services;the timing impact ofFirst Republic;higher Markets net inter
126、est income;and higher wholesaledeposit balances.These factors were largely offset by deposit margincompression across the lines of business and lower average depositbalances in CCB.The Firms average interest-earning assets were$3.5 trillion,up$228billion,and the yield was 5.56%,up 55 bps.The net yie
127、ld on theseassets,on an FTE basis,was 2.64%,a decrease of 2 bps.The net yieldexcluding Markets was 3.85%,relatively flat when compared to the prioryear.11Provision for credit lossesThree months ended September 30,Nine months ended September 30,(in millions)20242023Change20242023ChangeConsumer,exclud
128、ing credit card$145$(75)NM$366$728(50)%Credit card2,666 1,527 75%6,932 4,073 70 Total consumer2,811 1,452 94 7,298 4,801 52 Wholesale302(81)NM702 1,730(59)Investment securities(2)13 NM47 27 74 Total provision for credit losses$3,111$1,384 125%$8,047$6,558 23%Quarterly resultsThe provision for credit
129、 losses was$3.1 billion,reflecting$2.1 billionof net charge-offs and a$1.0 billion net addition to the allowance forcredit losses.Net charge-offs included$1.9 billion in consumer,predominantly drivenby Card Services,reflecting the seasoning of newer vintages andcontinued credit normalization,and$158
130、 million in wholesale.The net addition to the allowance for credit losses consisted of:$882 million in consumer,driven by Card Services,due to growth inrevolving balances and changes in certain macroeconomic variables,and$144 million in wholesale,reflecting the impact of changes in the loanand lendi
131、ng-related commitment portfolios,and net downgradeactivity,primarily in Real Estate,partially offset by changes in certainmacroeconomic variables.The provision in the prior year was$1.4 billion,reflecting net charge-offsof$1.5 billion and a$113 million net reduction in the allowance for creditlosses
132、.Refer to CCB segment results on pages 22-26,CIB on pages 27-34,AWM on pages 35-39,and Corporate on pages 40-42;Allowance forCredit Losses on pages 73-75;Critical Accounting Estimates Used bythe Firm on pages 84-86;and Notes 11 and 12 for additional informationon the credit portfolio and the allowan
133、ce for credit losses.Year-to-date resultsThe provision for credit losses was$8.0 billion,reflecting$6.3 billionof net charge-offs and a$1.8 billion net addition to the allowance forcredit losses.Net charge-offs included$5.8 billion in consumer,predominantly drivenby Card Services,reflecting the seas
134、oning of newer vintages andcontinued credit normalization,and$511 million in wholesale,includingin Real Estate,concentrated in Office.The net addition to the allowance for credit losses consisted of:$1.5 billion in consumer,reflecting:a$1.7 billion net addition in Card Services,due to loan growth,re
135、flecting higher revolving balances,including the seasoning ofnewer vintages,and changes in certain macroeconomic variables,partially offset by a$125 million net reduction in Home Lending in the first quarter of2024,and$191 million in wholesale,reflecting:net downgrade activity,primarily in Real Esta
136、te,and the impact ofincorporating the First Republic portfolio into the Firms modeledcredit loss estimates in the second quarter of 2024,partially offset by changes in certain macroeconomic variables and the impact ofchanges in the loan and lending-related commitment portfolios.The provision in the
137、prior year was$6.6 billion,reflecting net charge-offsof$4.0 billion and a$2.5 billion net addition to the allowance for creditlosses,which included$1.2 billion to establish the allowance for theFirst Republic loans and lending-related commitments in the secondquarter of 2023.12Noninterest expense(in
138、 millions)Three months ended September 30,Nine months ended September 30,20242023Change20242023ChangeCompensation expense$12,817$11,726 9%$38,888$34,618 12%Noncompensation expense:Occupancy1,258 1,197 5 3,717 3,382 10 Technology,communications and equipment2,447 2,386 3 7,315 6,837 7 Professional an
139、d outside services2,780 2,620 6 8,050 7,629 6 Marketing1,258 1,126 12 3,639 3,293 11 Other expense2,005 2,702(26)7,426 6,927 7 Total noncompensation expense9,748 10,031(3)30,147 28,068 7 Total noninterest expense$22,565$21,757 4%$69,035$62,686 10%Certain components of other expenseLegal expense$259$
140、665$504$1,261 FDIC-related expense312 342 1,576 997 Operating losses397 310 1,019 913(a)Includes 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
141、with customer deposit accounts,credit and debit cards.(d)Included a$1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024.Refer to Note 5 for additional information.Quarterly resultsCompensation expense increased driven by:higher revenue-rela
142、ted compensation particularly in CIB and AWM,and growth in the number of employees,primarily in front office andtechnology.Noncompensation expense decreased as a result of:lower legal expense,reflecting a decline in CIB,partially offset by anincrease in AWM,lower indirect tax expense in CIB,and lowe
143、r restructuring costs associated with First Republic,partially offset by higher investments in the business,including marketing in CCB aswell as in technology,and higher operating losses,predominantly in CCB.Refer to Note 5 for additional information on other expense and Note 26for additional inform
144、ation on the First Republic acquisition.Year-to-date resultsCompensation expense increased driven by:higher volume-and revenue-related compensation across the LOBs,growth in the number of employees,primarily in front office andtechnology,and the impact of First Republic,predominantly in CCB and Corp
145、orate,reflecting timing and the classification of the prior-year expense,whichwas recognized in other expense in Corporate as the individualsassociated with First Republic were not employees of the Firm untilJuly 2023.Noncompensation expense increased as a result of:the$1.0 billion contribution of V
146、isa shares to the JPMorgan ChaseFoundation recorded in the second quarter of 2024 in Corporate,the$725 million increase to the FDIC special assessment recognizedin the first quarter of 2024 in Corporate,higher investments in technology,as well as marketing,predominantlyin CCB,higher occupancy expens
147、e,which included the impact of net additionsto the Firms properties,the timing impact associated with First Republic,partially offset by thealignment of expense to compensation expense,as noted above,and higher distribution fees in AWM,partially offset by lower legal expense,primarily reflecting the
148、 net impact of declines inCIB and Corporate,and an increase in AWM.Refer to Notes 2 and 5 for additional information on Visa shares.(a)(d)(b)(c)13Income tax expense(in millions)Three months ended September 30,Nine months ended September 30,20242023Change20242023ChangeIncome before income tax expense
149、$16,978$16,733 1%$57,706$50,286 15%Income tax expense4,080 3,582 14 13,240 10,041 32 Effective tax rate24.0%21.4%22.9%20.0%(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 alternat
150、iveenergy tax-oriented 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 predominantly driven by the adoptionof updates to the Accounting for Investments in Tax Credit Structuresguidance on
151、 January 1,2024,and changes in the level and mix ofincome and expenses subject to U.S.federal,state and local taxes.Year-to-date resultsThe effective tax rate increased predominantly driven by:the adoption of updates to the Accounting for Investments in TaxCredit Structures guidance on January 1,202
152、4,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 recorded in the second quarter of 2024.The prior year included the impact
153、 of the income tax expenseassociated with the First Republic acquisition that was reflected in theestimated bargain purchase gain,which resulted in a reduction in theFirms effective tax rate.(a)(a)14CONSOLIDATED BALANCE SHEETS AND CASH FLOWS ANALYSISConsolidated balance sheets analysisThe following
154、is a discussion of the significant changes between September 30,2024 and December 31,2023.Refer to pages 155158 for a discussionof the Critical Accounting Estimates Used by the Firm that affect the Consolidated Balance Sheets.Selected Consolidated balance sheets data(in millions)September 30,2024Dec
155、ember 31,2023ChangeAssetsCash and due from banks$22,896$29,066(21)%Deposits with banks411,364 595,085(31)Federal funds sold and securities purchased under resale agreements390,821 276,152 42 Securities borrowed252,434 200,436 26 Trading assets787,489 540,607 46 Available-for-sale securities334,548 2
156、01,704 66 Held-to-maturity securities299,954 369,848(19)Investment securities,net of allowance for credit losses634,502 571,552 11 Loans1,340,011 1,323,706 1 Allowance for loan losses(23,949)(22,420)7 Loans,net of allowance for loan losses1,316,062 1,301,286 1 Accrued interest and accounts receivabl
157、e122,565 107,363 14 Premises and equipment31,525 30,157 5 Goodwill,MSRs and other intangible assets64,455 64,381 Other assets175,935 159,308 10 Total assets$4,210,048$3,875,393 9%Cash and due from banks and deposits with banks decreaseddriven by Markets activities in CIB,and cash deployment,includin
158、g ininvestment securities,in Treasury and CIO.Federal funds sold 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
159、 levels atyear-end.Securities borrowed increased driven by Markets,reflecting higherdemand for securities to cover short positions,and higher client-drivenactivities.Refer to Note 10 for additional information on securities purchasedunder resale agreements and securities borrowed.Trading assets incr
160、eased due to higher levels of equity and debtinstruments in Markets related to client-driven market-making activities,as well as when compared with seasonally lower levels at year-end;andto a lesser extent,an increase in short-term cash deployment inTreasury and CIO.Refer to Notes 2 and 4 for additi
161、onal information.Investment securities increased due to: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.R
162、efer to Corporate segment results on pages 40-42,Investment PortfolioRisk Management on page 76,and Notes 2 and 9 for additionalinformation.Loans increased,reflecting:higher wholesale loans in CIB,higher securities-based lending in AWM,and higher loans in Card Services driven by growth in new accoun
163、ts andcontinued normalization of revolving balances,partially offset by a decline in Home Lending as paydowns and loan sales outpacedoriginations.The allowance for loan losses increased,reflecting a net addition tothe allowance for loan losses of$1.5 billion in consumer,primarily inCard Services,due
164、 to loan growth,reflecting higher revolving balances,including the seasoning of newer vintages,and changes in certainmacroeconomic variables,partially offset by a net reduction in HomeLending in the first quarter of 2024.The wholesale allowance was flat as the net addition,including netdowngrade act
165、ivity,primarily in Real Estate,and the impact ofincorporating the First Republic portfolio into the Firms modeled creditloss estimates in the second quarter of 2024,was offset by a netreduction,primarily due to the impact of changes in the loan portfolioand changes in certain macroeconomic variables
166、.There was also a$168 million net addition to the allowance for lending-related commitments recognized in other liabilities on the Consolidatedbalance sheets.Refer to Consolidated Results of Operations and Credit and InvestmentRisk Management on pages 914 and pages 58-76,respectively,CriticalAccount
167、ing Estimates Used by the Firm on pages 84-86,and Notes 2,3,11 and 12 for15additional information on loans and the total allowance for credit losses.Accrued interest and accounts receivable increased primarily drivenby higher client activities in Markets.Refer to Note 14 for additional information o
168、n goodwill,MSRs andother intangible assets.Other assets increased and included higher cash collateral placed withcentral counterparties(CCP)in Markets,and the impact of theadoption of updates to the Accounting for Investments in Tax CreditStructures guidance on January 1,2024.Selected Consolidated b
169、alance sheets data(continued)(in millions)September 30,2024December 31,2023ChangeLiabilitiesDeposits$2,430,772$2,400,688 1%Federal funds purchased and securities loaned or sold under repurchase agreements389,337 216,535 80 Short-term borrowings50,638 44,712 13 Trading liabilities243,258 180,428 35 A
170、ccounts payable and other liabilities314,356 290,307 8 Beneficial interests issued by consolidated variable interest entities(“VIEs”)25,694 23,020 12 Long-term debt410,157 391,825 5 Total liabilities3,864,212 3,547,515 9 Stockholders equity345,836 327,878 5 Total liabilities and stockholders equity$
171、4,210,048$3,875,393 9%Deposits increased,reflecting the net impact of:an increase in CIB due to net inflows in Payments and SecuritiesServices,partially offset by net maturities of structured notes inMarkets,an increase in AWM driven by new and existing product offerings,higher balances in Corporate
172、 as a result of certain higher-yieldingprograms that were launched in the second quarter of 2024,associated with the Firms international consumer initiatives,and a decline in CCB in existing accounts primarily due to increasedcustomer spending and migration into higher-yielding investments,largely o
173、ffset by new accounts.Federal funds purchased and securities loaned or sold underrepurchase agreements increased driven by Markets,reflecting higherclient-driven market-making activities and higher secured financing oftrading assets,as well as when compared with seasonally lower levelsat year-end.Sh
174、ort-term borrowings increased primarily driven by higher netissuance of structured notes due to client demand in Markets.Refer to Liquidity Risk Management on pages 50-57 for additionalinformation on deposits,federal funds purchased and securities loanedor sold under repurchase agreements,and short-
175、term borrowings;andNotes 2 and 15 for deposits;and Note 10 for federal funds purchasedand securities loaned or sold under repurchase agreements.Trading liabilities increased due to client-driven market-makingactivities primarily in Fixed Income Markets,which resulted in higherlevels of short positio
176、ns in debt instruments,as well as when comparedwith seasonally lower levels at year-end.Refer to Notes 2 and 4 foradditional information.Accounts payable and other liabilities increased predominantly due tohigher client activities in Markets,and the impact of the adoption ofupdates to the Accounting
177、 for Investments in Tax Credit Structuresguidance on January 1,2024.Beneficial interests issued by consolidated VIEs increased driven bythe issuance of credit card securitizations in Treasury and CIO.Refer to Liquidity Risk Management on pages 50-57 and Notes 13 and22 for additional information,spec
178、ifically Firm-sponsored VIEs and loansecuritization trusts.Long-term debt increased,primarily driven by:net issuances of structured notes in CIB due to client demand,and net issuances of long-term debt,partially offset by lower FHLBadvances in Treasury and CIO.Refer to Liquidity Risk Management on p
179、ages 50-57;and Note 26 foradditional information on the First Republic acquisition.Stockholders equity increased reflecting net income and lowerunrealized losses in AOCI,predominantly driven by the impact of lowerinterest rates on the AFS portfolio and cash flow hedges in Treasury andCIO,largely off
180、set by the impact of capital actions,includingrepurchases of common shares,common and preferred stock dividendpayments and net redemption of preferred stock.Refer to Consolidatedstatements of changes in stockholders equity on page 92,CapitalActions on page 48,and Note 19 for additional information.1
181、6Consolidated cash flows analysisThe following is a discussion of cash flow activities during the ninemonths ended September 30,2024 and 2023.(in millions)Nine months ended September30,20242023Net cash provided by/(used in)Operating activities$(189,770)$(47,257)Investing activities(181,023)(12,239)F
182、inancing activities179,152 10,326 Effect of exchange rate changes on cash1,750(6,695)Net decrease in cash and due from banks anddeposits with banks$(189,891)$(55,865)Operating activities In 2024,cash used resulted from higher trading assets,highersecurities borrowed,higher accrued interest and accou
183、nts receivable,and net originations and purchases of loans held-for-sale,partiallyoffset by higher trading liabilities and higher accounts payable andother liabilities.In 2023,cash used resulted from higher trading assets and loweraccounts payable and other liabilities,partially offset by lower othe
184、rassets and higher trading liabilities.Investing activities In 2024,cash used resulted from higher securities purchased underresale agreements,net purchases of investment securities and netoriginations of loans.In 2023,cash used resulted from higher securities purchased underresale agreements,higher
185、 net loan originations,and net cash used inthe First Republic acquisition,predominantly offset by proceeds frompaydowns and maturities of investment securities and from sales andsecuritizations of loans held-for-investment.Financing activities In 2024,cash provided reflected higher securities loaned
186、 or sold underrepurchase agreements,higher deposits,and net proceeds from long-and short-term borrowings,partially offset by net redemption ofpreferred stock.In 2023,cash provided reflected higher securities loaned or sold underrepurchase agreements and higher beneficial interests issued byconsolida
187、ted VIEs,largely offset by net outflows in deposits,whichincluded the impact of the repayment of the deposits provided to FirstRepublic Bank by the consortium of large U.S.banks that the Firmassumed as part of the First Republic acquisition.For both periods,cash was used for repurchases of common st
188、ockand cash dividends on common and preferred stock.*Refer to Consolidated Balance Sheets Analysis on pages 1516,CapitalRisk Management on pages 44-49,and Liquidity Risk Management onpages 50-57,and the Consolidated Statements of Cash Flows on page93 of this Form 10-Q,and pages 102109 of JPMorgan Ch
189、ases 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 Consolidated Financial Statements in accordancewith U.S.GAAP and this presentation is referred to as“repor
190、ted”basis;these financial statements appear on pages 89-93.In addition to analyzing the Firms results on a reported basis,the Firmalso reviews and uses certain non-GAAP financial measures at theFirmwide and segment level.These non-GAAP measures include:Firmwide“managed”basis results,including the ov
191、erhead 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 securities(“FTE”basis).The corresponding income tax impact related to tax-exempt items isrecorded within
192、 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 expense;Net interest income,net yield,and noninterest revenue excludingMarkets;TCE,ROTCE,and TBVPS;and Adju
193、sted 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 on pages 6264 ofJPMorgan Chases 2023 Form 10-K for a further discussion ofmanagements use of non-GAAP
194、financial measures.The following summary tables provide a reconciliation from the Firms reported U.S.GAAP results to managed basis.Three months ended September 30,20242023(in millions,except ratios)ReportedFully taxable-equivalentadjustmentsManagedbasisReportedFully taxable-equivalentadjustmentsMana
195、gedbasisOther income$960$541$1,501$614$682$1,296 Total noninterest revenue19,249 541 19,790 17,148 682 17,830 Net interest income23,405 120 23,525 22,726 130 22,856 Total net revenue42,654 661 43,315 39,874 812 40,686 Total noninterest expense22,565 NA22,565 21,757 NA21,757 Pre-provision profit20,08
196、9 661 20,750 18,117 812 18,929 Provision for credit losses3,111 NA3,111 1,384 NA1,384 Income before income tax expense16,978 661 17,639 16,733 812 17,545 Income tax expense4,080 661 4,741 3,582 812 4,394 Net income$12,898 NA$12,898$13,151 NA$13,151 Overhead ratio53%NM52%55%NM53%Nine months ended Sep
197、tember 30,20242023(in millions,except ratios)ReportedFully taxable-equivalentadjustmentsManagedbasisReportedFully taxable-equivalentadjustmentsManagedbasisOther income$11,237$1,711$12,948$4,913$2,539$7,452 Total noninterest revenue65,555 1,711 67,266 54,314 2,539 56,853 Net interest income69,233 356
198、 69,589 65,216 354 65,570 Total net revenue134,788 2,067 136,855 119,530 2,893 122,423 Total noninterest expense69,035 NA69,035 62,686 NA62,686 Pre-provision profit65,753 2,067 67,820 56,844 2,893 59,737 Provision for credit losses8,047 NA8,047 6,558 NA6,558 Income before income tax expense57,706 2,
199、067 59,773 50,286 2,893 53,179 Income tax expense13,240 2,067 15,307 10,041 2,893 12,934 Net Income$44,466 NA$44,466$40,245 NA$40,245 Overhead ratio51%NM50%52%NM51%(a)Effective January 1,2024,the Firm adopted updates to the Accounting for Investments in Tax Credit Structures guidance,under the modif
200、ied 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 on net interest income,net yield,and noninterest revenue excluding Markets.(in millions,except
201、rates)Three months ended September 30,Nine months ended September 30,20242023Change20242023ChangeNet interest income reported$23,405$22,726 3%$69,233$65,216 6%Fully taxable-equivalent adjustments120 130(8)356 354 1 Net interest income managed basis$23,525$22,856 3$69,589$65,570 6 Less:Markets net in
202、terest income78(317)NM184(909)NMNet interest income excluding Markets$23,447$23,173 1$69,405$66,479 4 Average interest-earning assets$3,621,766$3,331,728 9$3,526,019$3,297,843 7 Less:Average Markets interest-earning assets1,206,085 970,789 24 1,118,326 985,703 13 Average interest-earning assets excl
203、uding Markets$2,415,681$2,360,939 2$2,407,693$2,312,140 4 Net yield on average interest-earning assets managed basis2.58%2.72%2.64%2.66%Net yield on average Markets interest-earning assets0.03(0.13)0.02(0.12)Net yield on average interest-earning assets excluding Markets3.86%3.89%3.85%3.84%Noninteres
204、t revenue reported$19,249$17,148 12$65,555$54,314 21 Fully taxable-equivalent adjustments541 682(21)1,711 2,539(33)Noninterest revenue managed basis$19,790$17,830 11$67,266$56,853 18 Less:Markets noninterest revenue7,074 6,934 2 22,774 23,026(1)Noninterest revenue excluding Markets$12,716$10,896 17$
205、44,492$33,827 32 Memo:Total Markets net revenue$7,152$6,617 8$22,958$22,117 4(a)Interest includes the effect of related hedges.Taxable-equivalent amounts are used where applicable.(b)Refer to page 33 for further information on Markets.(c)Effective January 1,2024,the Firm adopted updates to the Accou
206、nting 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 Commercial Banking business segment.Prior-period amounts have been revised to conform with the cu
207、rrent 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)Sep 30,2024Dec 31,2023Three months ended September 30,Nine months ended September 30,2024202320242023Common stockhol
208、ders equity$324,186$300,474$321,894$284,798$310,353$278,010 Less:Goodwill52,711 52,634 52,658 52,427 52,630 52,164 Less:Other intangible assets2,991 3,225 3,007 3,511 3,083 2,342 Add:Certain deferred tax liabilities2,962 2,996 2,963 3,080 2,976 2,846 Tangible common equity$271,446$247,611$269,192$23
209、1,940$257,616$226,350 Return on tangible common equityNANA19%22%23%23%Tangible book value per share$96.42$86.08 NANANANA(a)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions,which are netted against goodwill and o
210、therintangibles 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 segments by combining theformer Corporate&Investment Bank and Commercial Banking bu
211、siness segments to form one reportable segment,the Commercial&Investment Bank(“CIB”).As a result of the reorganization,the Firm has three reportable business segments:Consumer&Community Banking,Commercial&InvestmentBank,and Asset&Wealth Management.In addition,there is a Corporate segment.The busines
212、s 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 Committee.Segment results are presented on a managed basis.Refer toExplanation and Reconciliati
213、on 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 methodologyResults of the business segments are intended to present each segmentas if it we
214、re 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,methodologies and reporting classifications used forsegment reporting,and therefore further refinem
215、ents 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 theFirm and its investors and analysts in assessing performance.Revenue sharingWhen business
216、 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 generally recognized in the segmentresponsible for the related product or service,with al
217、locations 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 which the Firm allocatesinterest income and expense to the LOBs and Other Corporate andt
218、ransfers 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-balance sheetproducts.Periodically the methodology and assumptions utilized in theFTP proce
219、ss 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 Other Corporateto Treasury and CIO for certain revenues and expenses.Treasury andCIO manag
220、es 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 77-82 for additionalinformation.Capital allocationThe amount of capital assigned to each business segment is referred toas equity.
221、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 47,and page 98 of JPMorgan Chases 2023 Form 10-Kfor additional information on capital allocation.R
222、efer 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.20Segment results managed basisThe following tables summarize the Firms results by segment for the periods i
223、ndicated.Three months ended September30,Consumer&Community BankingCommercial&Investment BankAsset&Wealth Management(in millions,except ratios)20242023Change20242023Change20242023ChangeTotal net revenue$17,791$18,362(3)%$17,015$15,761 8%$5,439$5,005 9%Total noninterest expense9,586 9,105 58,751 8,818
224、(1)3,639 3,138 16 Pre-provision profit/(loss)8,205 9,257(11)8,264 6,943 19 1,800 1,867(4)Provision for credit losses2,795 1,446 93316(95)NM4(13)NMNet income/(loss)4,046 5,895(31)5,691 5,027 13 1,351 1,417(5)Return on equity(“ROE”)29%41%17%14%34%32%Three months ended September30,CorporateTotal(in mil
225、lions,except ratios)20242023Change20242023ChangeTotal net revenue$3,070$1,55897%$43,315$40,686 6%Total noninterest expense589696(15)22,565 21,757 4 Pre-provision profit/(loss)2,481862188 20,750 18,929 10 Provision for credit losses(4)46NM3,111 1,384 125 Net income/(loss)1,810812123 12,898 13,151(2)R
226、OENMNM16%18%Nine months ended September30,Consumer&Community BankingCommercial&Investment BankAsset&Wealth Management(in millions,except ratios)20242023Change20242023Change20242023ChangeTotal net revenue$53,145$52,051 2%$52,516$49,379 6%$15,800$14,732 7%Total noninterest expense28,308 25,483 11 26,6
227、41 25,803 3 10,642 9,392 13 Pre-provision profit/(loss)24,837 26,568(7)25,875 23,576 10 5,158 5,340(3)Provision for credit losses7,351 4,710 56 701 1,515(54)(33)160 NMNet income/(loss)13,087 16,444(20)18,210 16,095 13 3,904 4,010(3)ROE31%40%18%15%33%32%Nine months ended September30,CorporateTotal(in
228、 millions,except ratios)20242023Change20242023ChangeTotal net revenue$15,394$6,261146%$136,855$122,423 12%Total noninterest expense3,4442,00872 69,035 62,686 10 Pre-provision profit/(loss)11,9504,253181 67,820 59,737 14 Provision for credit losses28173(84)8,047 6,558 23 Net income/(loss)9,2653,69615
229、1 44,466 40,245 10 ROENMNM19%19%(a)Included a$7.9 billion net gain related to Visa shares recorded in the second quarter of 2024.Refer to Notes 2 and 5 for additional information.(b)Included a$1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of
230、2024.Refer 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 nine months ended September 30,2024 and 2023,unless otherwise specified.(a)(a)(b)(b)21CONSUMER&COMMUNITY BANKINGRefer to pages 68-71 of J
231、PMorgan Chases 2023 Form 10-K and Line of Business Metrics on page 198 for a further discussion of the business profile ofCCB.Selected income statement dataThree months ended September 30,Nine months ended September 30,(in millions,except ratios)20242023Change20242023ChangeRevenueLending-and deposit
232、-related fees$863$836 3%$2,515$2,500 1%Asset management fees1,022 891 15 2,947 2,383 24 Mortgage fees and related income390 417(6)1,010 914 11 Card income743 626 19 2,166 1,848 17 All other income1,196 1,212(1)3,517 3,503 Noninterest revenue4,214 3,982 6 12,155 11,148 9 Net interest income13,577 14,
233、380(6)40,990 40,903 Total net revenue17,791 18,362(3)53,145 52,051 2 Provision for credit losses2,795 1,446 93 7,351 4,710 56 Noninterest expenseCompensation expense4,275 3,975 8 12,744 11,148 14 Noncompensation expense5,311 5,130 4 15,564 14,335 9 Total noninterest expense9,586 9,105 5 28,308 25,48
234、3 11 Income before income tax expense5,410 7,811(31)17,486 21,858(20)Income tax expense1,364 1,916(29)4,399 5,414(19)Net income$4,046$5,895(31)$13,087$16,444(20)Revenue by businessBanking&Wealth Management$10,090$11,345(11)$30,789$32,322(5)Home Lending1,295 1,252 3 3,800 2,979 28 Card Services&Auto6
235、,406 5,765 11 18,556 16,750 11 Mortgage fees and related income details:Production revenue154 162(5)441 339 30 Net mortgage servicing revenue236 255(7)569 575(1)Mortgage fees and related income$390$417(6)%$1,010$914 11%Financial ratiosReturn on equity29%41%31%40%Overhead ratio54 50 53 49(a)Primarily
236、 includes operating lease income and commissions and other fees.Operating lease income was$699 million and$685 million for the three months ended September 30,2024 and 2023,respectively,and$2.0 billion and$2.1 billion for the nine months ended September 30,2024 and 2023,respectively.(b)Included depr
237、eciation expense on leased assets of$387 million and$458 million for the three months ended September 30,2024 and 2023,respectively,and$1.2 billion and$1.3billion for the nine months ended September 30,2024 and 2023,respectively.(c)Included MSR risk management results of$100 million and$111 million
238、for the three months ended September 30,2024 and 2023,respectively,and$138 million and$124 millionfor the nine months ended September 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
239、 the third quarter of 2023,the expensehas been aligned to the appropriate LOB.(a)(b)(d)(c)22Quarterly resultsNet income was$4.0 billion,down 31%.Net revenue was$17.8 billion,down 3%.Net interest income was$13.6 billion,down 6%,driven by:lower NII in Banking&Wealth Management(BWM),reflectingdeposit m
240、argin compression and lower average deposits,partially offset by higher Card Services NII on higher revolving balances.Noninterest revenue was$4.2 billion,up 6%,driven by:higher asset management fees reflecting higher average marketlevels,and higher card income,reflecting higher annual fees and high
241、er netinterchange on increased debit and credit card sales volume,partiallyoffset by an increase in amortization related to new account originationcosts.Refer to Note 5 for additional information on card income,assetmanagement fees,and commissions and other fees;and CriticalAccounting Estimates on p
242、ages 84-86 for additional information on thecredit card rewards liability.Noninterest expense was$9.6 billion,up 5%,reflecting:higher compensation expense,predominantly driven by advisors,bankers,and technology employees,and higher noncompensation expense,driven by continued investments inmarketing,
243、and higher operating losses,partially offset by lower autolease depreciation.The provision for credit losses was$2.8 billion,reflecting:net charge-offs of$1.9 billion,up$520 million,driven by$541 millionin Card Services,primarily due to the seasoning of newer vintagesand continued credit normalizati
244、on,and an$876 million net addition to the allowance for credit losses,primarilyin Card Services,driven by growth in revolving balances and changesin certain macroeconomic variables.The provision in the prior year was$1.4 billion,reflecting net charge-offsof$1.4 billion and a$47 million net addition
245、to the allowance for creditlosses.Refer to Credit and Investment Risk Management on pages 58-76 andAllowance for Credit Losses on pages 73-75 for a further discussion ofthe credit portfolios and the allowance for credit losses.Year-to-date resultsNet income was$13.1 billion,down 20%.Net revenue was$
246、53.1 billion,up 2%.Net interest income was$41.0 billion,flat when compared with the prioryear,reflecting:higher Card Services NII on higher revolving balances,and the timing impact of First Republic in Home Lending,offset by lower NII in BWM,reflecting deposit margin compression and loweraverage dep
247、osits.Noninterest revenue was$12.2 billion,up 9%,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 drive
248、n by higher net interchange on increaseddebit and credit card sales volume,as well as higher annual fees,partially offset by an increase in amortization related to new accountorigination costs,and higher production revenue in Home Lending,including the timingimpact of First Republic.Refer to Consoli
249、dated Results of Operations on pages 914 and Note 26for additional information on First Republic.Noninterest expense was$28.3 billion,up 11%,reflecting First Republic-related expense that was aligned to CCB from Corporate starting in thethird quarter of 2023,impacting both compensation andnoncompens
250、ation expense.The increase in expense also reflected:higher compensation expense,largely driven by higher revenue-related compensation predominantly for advisors and bankers,and anincrease in employees,including in technology,and higher noncompensation expense,largely driven by continuedinvestments
251、in marketing and technology,and higher operatinglosses.The provision for credit losses was$7.4 billion,reflecting:net charge-offs of$5.9 billion,up$2.2 billion,including$2.0 billion inCard Services,reflecting the seasoning of newer vintages andcontinued credit normalization,and$98 million in Auto,dr
252、iven by adecline in used vehicle valuations,and a$1.5 billion net addition to the allowance for credit losses,consistingof:$1.7 billion in Card Services,driven by loan growth,reflecting higherrevolving balances,including the seasoning of newer vintages,andchanges in certain macroeconomic variables,p
253、artially offset by23 a$125 million net reduction in Home Lending,primarily due toimprovements in the outlook for home prices in the first quarter of2024.The provision in the prior year was$4.7 billion,reflecting net charge-offsof$3.7 billion,a$1.0 billion net addition to the allowance for creditloss
254、es,predominantly driven by Card Services,and a$408 million netaddition 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 September 30,As of or for
255、the nine months ended September 30,(in millions,except employees)20242023Change20242023ChangeSelected balance sheet data(period-end)Total assets$633,038$626,196 1%$633,038$626,196 1%Loans:Banking&Wealth Management31,614 30,574 3 31,614 30,574 3 Home Lending247,663 261,858(5)247,663 261,858(5)Card Se
256、rvices219,671 196,955 12 219,671 196,955 12 Auto73,215 74,831(2)73,215 74,831(2)Total loans572,163 564,218 1 572,163 564,218 1 Deposits1,054,027 1,136,884(7)1,054,027 1,136,884(7)Equity54,500 55,500(2)54,500 55,500(2)Selected balance sheet data(average)Total assets$631,117$622,760 1$629,252$569,076
257、11 Loans:Banking&Wealth Management30,910 30,686 1 31,189 29,947 4 Home Lending250,581 264,041(5)254,264 222,248 14 Card Services217,327 195,245 11 210,740 187,629 12 Auto73,675 74,358(1)75,575 71,416 6 Total loans572,493 564,330 1 571,768 511,240 12 Deposits1,053,701 1,143,539(8)1,068,774 1,138,050(
258、6)Equity54,500 55,500(2)54,500 53,962 1 Employees143,964 141,125 2%143,964 141,125 2%(a)At September 30,2024 and 2023,Home Lending loans held-for-sale and loans at fair value were$6.9 billion and$4.1 billion,respectively.(b)In the fourth quarter of 2023,CCB transferred approximately$18.8 billion of
259、deposits associated with First Republic to AWM and CIB.Refer to page 67 of the Firms 2023 Form10-K for additional information.(c)Average Home Lending loans held-for sale and loans at fair value were$8.4 billion and$5.7 billion for the three months ended September 30,2024 and 2023,respectively,and$6.
260、9 billion and$4.8 billion for the nine months ended September 30,2024 and 2023,respectively.(a)(b)(c)(b)24Selected metricsAs of or for the three months ended September 30,As of or for the nine months ended September 30,(in millions,except ratio data)20242023Change20242023ChangeCredit data and qualit
261、y statisticsNonaccrual loans$3,252$3,690(12)%$3,252$3,690(12)%Net charge-offs/(recoveries)Banking&Wealth Management82 88(7)337 259 30 Home Lending(44)(16)(175)(91)(62)(47)Card Services1,768 1,227 44 5,286 3,273 62 Auto113 100 13 330 232 42 Total net charge-offs/(recoveries)$1,919$1,399 37$5,862$3,70
262、2 58 Net charge-off/(recovery)rateBanking&Wealth Management1.06%1.14%1.44%1.16%Home Lending(0.07)(0.02)(0.05)(0.04)Card Services3.24 2.49 3.35 2.33 Auto0.62 0.53 0.59 0.43 Total net charge-off/(recovery)rate1.35%0.99%1.39%0.98%30+day delinquency rateHome Lending0.77%0.59%0.77%0.59%Card Services2.20
263、1.94 2.20 1.94 Auto1.23 1.13 1.23 1.13 90+day delinquency rate-Card Services1.10%0.94%1.10%0.94%Allowance for loan lossesBanking&Wealth Management$709$686 3$709$686 3 Home Lending447 573(22)447 573(22)Card Services14,106 11,901 19 14,106 11,901 19 Auto692 742(7)692 742(7)Total allowance for loan los
264、ses$15,954$13,902 15%$15,954$13,902 15%(a)Excludes mortgage loans past due and insured by U.S.government agencies,which are primarily 90 or more days past due.These loans have been excluded based upon thegovernment guarantee.At September 30,2024 and 2023,mortgage loans 90 or more days past due and i
265、nsured by U.S.government agencies were$88 million and$123 million,respectively.In addition,the Firms policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.(b)At September 30,2024 and 2023,excluded mortgage loans insured by U.S.gove
266、rnment agencies of$126 million and$175 million,respectively,that are 30 or more days pastdue.These amounts have been excluded based upon the government guarantee.(a)(b)25Selected metricsAs of or for the three months ended September 30,As of or for the nine months ended September 30,(in billions,exce
267、pt ratios and where otherwise noted)20242023Change20242023ChangeBusiness MetricsNumber of branches4,906 4,863 1%4,906 4,863 1%Active digital customers(in thousands)70,063 66,765 5 70,063 66,765 5 Active mobile customers(in thousands)56,985 53,221 7 56,985 53,221 7 Debit and credit card sales volume$
268、453.4$426.3 6$1,327.8$1,237.6 7 Total payments transaction volume(in trillions)1.7 1.5 13 4.8 4.4 9 Banking&Wealth ManagementAverage deposits$1,038.0$1,127.8(8)$1,054.1$1,123.1(6)Deposit margin2.60%2.92%2.68%2.84%Business Banking average loans$19.5$19.5$19.5$19.7(1)Business banking origination volum
269、e1.1 1.3(17)3.5 3.6(2)Client investment assets1,067.9 882.3 21 1,067.9 882.3 21 Number of client advisors5,775 5,424 6 5,775 5,424 6 Home LendingMortgage origination volume by channelRetail$6.5$6.8(4)$17.8$17.7 1 Correspondent4.9 4.2 17 10.9 10.2 7 Total mortgage origination volume$11.4$11.0 4$28.7$
270、27.9 3 Third-party mortgage loans serviced(period-end)$656.1$637.8 3 656.1$637.8 3 MSR carrying value(period-end)8.7 9.1(4)8.7 9.1(4)Card ServicesSales volume,excluding commercial card$316.6$296.2 7$924.2$856.4 8 Net revenue rate9.91%9.60%9.87%9.69%Net yield on average loans9.71 9.54 9.69 9.58 AutoL
271、oan and lease origination volume$10.0$10.2(2)$29.7$31.4(5)Average auto operating lease assets11.2 10.7 5%10.8 11.1(3)%(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.(b)Users of all mobile platforms who have logged in within the past 90 days.(c)Total payments t
272、ransaction 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 where AWM is the investment manager.Refer to AWM segment results on p
273、ages 35-39 foradditional information.(e)Firmwide mortgage origination volume was$13.3 billion and$13.0 billion for the three months ended September 30,2024 and 2023,respectively,and$33.2 billion and$32.8billion for the nine months ended September 30,2024 and 2023,respectively.(a)(b)(c)(d)(e)26COMMER
274、CIAL&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 products and services to a globalbase of corporate and instituti
275、onal 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&Paymentsalso provides services that enable clients to manage payments
276、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 also offers sophisticated risk management solutions,lending,
277、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 reorganization of the Firms business segments in the second qua
278、rter of 2024.Refer to Business Segment Results on pages 20-21 for additional information.Refer to Line of Business Metrics on page 198 for a further discussion of the business profile of CIB.Selected income statement dataThree months ended September 30,Nine months ended September 30,(in millions,exc
279、ept ratios)20242023Change20242023ChangeRevenueInvestment banking fees$2,267$1,729 31%$6,637$4,964 34%Principal transactions5,899 5,971(1)19,224 20,145(5)Lending-and deposit-related fees997 966 3 2,894 2,514 15 Commissions and other fees1,349 1,184 14 3,958 3,671 8 Card income589 572 3 1,693 1,661 2
280、All other income521 420 24 2,121 1,828 16 Noninterest revenue11,622 10,842 7 36,527 34,783 5 Net interest income5,393 4,919 10 15,989 14,596 10 Total net revenue17,015 15,761 8 52,516 49,379 6 Provision for credit losses316(95)NM701 1,515(54)Noninterest expenseCompensation expense4,510 4,155 9 14,15
281、8 12,998 9 Noncompensation expense4,241 4,663(9)12,483 12,805(3)Total noninterest expense8,751 8,818(1)26,641 25,803 3 Income before income tax expense7,948 7,038 13 25,174 22,061 14 Income tax expense2,257 2,011 12 6,964 5,966 17 Net income$5,691$5,027 13%$18,210$16,095 13%Financial ratiosReturn on
282、 equity17%14%18%15%Overhead ratio51 56 51 52 Compensation expense as percentage of total net revenue27 26 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-exemptsecurities and loan
283、s,and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of$607 million and$746 million for thethree months ended September 30,2024 and 2023,respectively,and$1.9 billion and$2.7 billion for the nine months ended September 30,2024 and 2023,
284、respectively.EffectiveJanuary 1,2024,the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance,under the modifiedretrospective method.Refer to Notes 1,5 and 13 for additional information.(a)(a)27Selected income statement d
285、ataThree months ended September 30,Nine months ended September 30,(in millions)20242023Change20242023ChangeRevenue by businessInvestment Banking$2,354$1,818 29%$7,034$5,293 33%Payments4,370 4,217 4 13,382 13,362 Lending1,894 1,934(2)5,554 5,133 8 Other28 24 17 29 71(59)Total Banking&Payments8,646 7,
286、993 8 25,999 23,859 9 Fixed Income Markets4,530 4,548 14,679 14,909(2)Equity Markets2,622 2,069 27 8,279 7,208 15 Securities Services1,326 1,212 9 3,770 3,581 5 Credit Adjustments&Other(109)(61)(79)(211)(178)(19)Total Markets&Securities Services8,369 7,768 8 26,517 25,520 4 Total net revenue$17,015$
287、15,761 8%$52,516$49,379 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 transaction
288、s revenue.Results are presented net of associated hedging activities andnet of 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
289、Banking 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 nonprof
290、its,aswell 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
291、 Banking 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 statement dataThree months endedSeptember 30,Nine months endedSeptember 30,(in millions)202
292、42023Change20242023ChangeBanking&Paymentsrevenue by clientcoverage segmentGlobal CorporateBanking&GlobalInvestment Banking$6,139$5,469 12%$18,100$16,285 11%Commercial Banking2,891 2,874 1 8,588 8,101 6 Middle MarketBanking1,931 1,949(1)5,794 5,730 1 Commercial RealEstate Banking960 925 4 2,794 2,371
293、 18 Other(384)(350)(10)(689)(527)(31)Total Banking&Payments revenue$8,646$7,993 8%$25,999$23,859 9%(a)(a)28Quarterly resultsNet income was$5.7 billion,up 13%.Net revenue was$17.0 billion,up 8%.Banking&Payments revenue was$8.6 billion,up 8%.Investment Banking revenue was$2.4 billion,up 29%,driven byh
294、igher Investment Banking fees,up 31%,reflecting higher fees acrossproducts.The Firm ranked#1 for Global Investment Banking fees,according to Dealogic.Debt underwriting fees were$1.1 billion,up 56%,predominantlydriven by higher industry-wide issuances in high-grade and high-yield bonds,as well as wal
295、let share gains in investment-gradeloans.Equity underwriting fees were$344 million,up 26%,driven byincreased industry-wide fees in follow-on offerings and wallet sharegains in convertible securities offerings.Advisory fees were$847 million,up 10%,predominantly driven bythe closing of several large t
296、ransactions.Payments revenue was$4.4 billion,up 4%,driven by fee growth onhigher volumes and higher average deposits,largely offset by depositmargin compression,reflecting higher rates paid,and higher deposit-related client credits.Lending revenue was$1.9 billion,down 2%,driven by:additional amortiz
297、ation of the fair value discount on certain acquiredlending-related commitments associated with First Republicrecorded in the prior year,and higher fair value losses on credit protection purchased againstcertain retained loans and lending-related commitmentslargely offset by the impact of higher rat
298、es.Markets&Securities Services revenue was$8.4 billion,up 8%.Marketsrevenue was$7.2 billion,up 8%.Equity Markets revenue was$2.6 billion,up 27%,reflecting strongperformance across regions,largely driven by a favorable tradingenvironment in the U.S.and increased late-quarter activity in Asia.Fixed In
299、come Markets revenue was$4.5 billion,flat when comparedto the prior year,and included strong performance in Currencies andEmerging Markets and lower revenue in Rates.Securities Services revenue was$1.3 billion,up 9%,largely driven byfee growth on higher market levels and volumes.Credit Adjustments&O
300、ther was a loss of$109 million,compared witha loss of$61 million in the prior year.Noninterest expense was$8.8 billion,down 1%,driven by lower legalexpense,offset by higher compensation,including revenue-relatedcompensation and an increase in employees,as well as highertechnology expense.The provisi
301、on for credit losses was$316 million,reflecting:a$160 million net addition to the allowance for credit losses,driven bythe impact of changes in the loan and lending-related commitmentportfolios,including in Markets,as well as net downgrade activity,primarily in Real Estate,partially offset by change
302、s in certainmacroeconomic variables,and net charge-offs of$156 million.The provision in the prior year was a net benefit of$95 million,reflectinga$193 million net reduction in the allowance for credit losses and netcharge-offs of$98 million.Refer to Credit and Investment Risk Management on pages 58-
303、76,Allowance for Credit Losses on pages 73-75,and Critical AccountingEstimates on pages 84-86 for a further discussion of the credit portfoliosand the allowance for credit losses.Year-to-date resultsNet income of$18.2 billion,up 13%.Net revenue was$52.5 billion,up 6%.Banking&Payments revenue was$26.
304、0 billion,up 9%.Investment Banking revenue was$7.0 billion,up 33%.InvestmentBanking fees were up 34%,driven by higher fees across products.The Firm ranked#1 for Global Investment Banking fees,according toDealogic.Debt underwriting fees were$3.2 billion,up 55%,predominantlydriven by higher industry-w
305、ide issuances in leveraged loans,high-grade and high-yield bonds.Equity underwriting fees were$1.2 billion,up 44%,driven by higherIPOs,follow-on and convertible securities offerings.Advisory fees were$2.2 billion,up 8%,predominantly driven byincreased M&A activity.Payments revenue was$13.4 billion,f
306、lat when compared to the prioryear,driven by fee growth on higher volumes and higher averagedeposits,offset by deposit margin compression,reflecting higher ratespaid,and higher deposit-related client credits.Lending revenue was$5.6 billion,up 8%,driven by the impact of theFirst Republic acquisition
307、and the impact of higher rates,partiallyoffset by fair value losses on credit protection purchased againstcertain retained loans and lending-related commitments.Markets&Securities Services revenue was$26.5 billion,up 4%.Markets revenue was$23.0 billion,up 4%.Equity Markets revenue was$8.3 billion,up
308、 15%,predominantlydriven by higher revenue in Equity Derivatives and Prime Finance.Fixed Income Markets revenue was$14.7 billion,down 2%,driven bylower revenues in Rates,largely offset by higher revenue inSecuritized Products.Securities Services revenue was$3.8 billion,up 5%,predominantlydriven by h
309、igher volumes and market levels.29 Credit Adjustments&Other was a loss of$211 million,compared witha loss of$178 million in the prior year.Noninterest expense was$26.6 billion,up 3%,driven by highercompensation expense,including revenue-related compensation and anincrease in employees,largely offset
310、 by lower legal expense.The provision for credit losses was$701 million,reflecting:net charge-offs of$389 million,including in Real Estate,concentratedin Office,and a$312 million net addition to the allowance for credit losses,driven by net downgrade activity,primarily in Real Estate,and the impact
311、ofincorporating the First Republic portfolio intothe Firms modeled credit loss estimates in the second quarter of2024,partially offset by changes in certain macroeconomic variables and the impact ofchanges in the loan and lending-related commitment portfolios.The provision in the prior year was$1.5
312、billion,reflecting a$1.2 billionnet addition to the allowance for credit losses,which included$608million to establish the allowance for the First Republic loans andlending-related commitments in the second quarter of 2023,and netcharge-offs of$341 million.Selected metrics(in millions,except employe
313、es)As of or for the three months ended September 30,As of or for the nine months ended September 30,20242023Change20242023ChangeSelected balance sheet data(period-end)Total assets$2,047,022$1,746,598 17%$2,047,022$1,746,598 17%Loans:Loans retained483,915 475,644 2 483,915 475,644 2 Loans held-for-sa
314、le and loans at fair value47,728 39,984 19 47,728 39,984 19 Total loans531,643 515,628 3 531,643 515,628 3 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$134,487$130,133 3%$134,487$130,133 3%Co
315、mmercial Banking218,733 222,368(2)218,733 222,368(2)Middle Market Banking73,782 78,955(7)73,782 78,955(7)Commercial Real Estate Banking144,951 143,413 1 144,951 143,413 1 Other263 291(10)263 291(10)Total Banking&Payments loans353,483 352,792 353,483 352,792 Selected balance sheet data(average)Total
316、assets$2,008,127$1,725,146 16$1,906,414$1,721,149 11 Trading assets-debt and equity instruments663,302 522,843 27 627,689 515,036 22 Trading assets-derivative receivables54,133 65,800(18)56,741 64,327(12)Loans:Loans retained$476,256$475,285$473,113$452,497 5 Loans held-for-sale and loans at fair val
317、ue44,868 40,605 10 43,762 41,051 7 Total loans$521,124$515,890 1$516,875$493,548 5 Deposits1,064,402 988,765 8 1,052,438 984,187 7 Equity132,000 138,000(4)132,000 137,341(4)Banking&Payments loans by client coverage segment(average)Global Corporate Banking&Global Investment Banking$128,747$132,394(3)
318、%$128,824$131,548(2)%Commercial Banking219,406 221,729(1)220,826 204,926 8 Middle Market Banking74,660 78,774(5)76,411 76,634 Commercial Real Estate Banking144,746 142,955 1 144,415 128,292 13 Other277 435(36)408 291 40 Total Banking&Payments loans$348,430$354,558(2)$350,058$336,765 4 Employees93,75
319、4 92,181 2%93,754 92,181 2%(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 28 for a description of each of the client coverage segments.(c)In the fourth quarter of
320、2023,certain deposits associated with First Republic were transferred to CIB from CCB.(a)(b)(a)(c)(b)30Selected metricsAs of or for the three months ended September 30,As of or for the nine months ended September 30,(in millions,except ratios)20242023Change20242023ChangeCredit data and quality stati
321、sticsNet charge-offs/(recoveries)$156$98 59%$389$341 14%Nonperforming assets:Nonaccrual loans:Nonaccrual loans retained$2,857$1,867 53$2,857$1,867 53 Nonaccrual loansheld-for-sale and loans at fair value1,187 825 44 1,187 825 44 Total nonaccrual loans4,044 2,692 50 4,044 2,692 50 Derivative receivab
322、les210 293(28)210 293(28)Assets acquired in loan satisfactions216 173 25 216 173 25 Total nonperforming assets$4,470$3,158 42$4,470$3,158 42 Allowance for credit losses:Allowance for loan losses$7,427$7,135 4$7,427$7,135 4 Allowance for lending-related commitments2,013 1,940 4 2,013 1,940 4 Total al
323、lowance for credit losses$9,440$9,075 4%$9,440$9,075 4%Net charge-off/(recovery)rate0.13%0.08%0.11%0.10%Allowance for loan losses to period-end loans retained1.53 1.50 1.53 1.50 Allowance for loan losses to nonaccrual loans retained260 382 260 382 Nonaccrual loans to total period-end loans0.76%0.52%
324、0.76%0.52%(a)Allowance for loan losses of$366 million and$346 million were held against these nonaccrual loans at September 30,2024 and 2023,respectively.(b)Excludes mortgage loans past due and insured by U.S.government agencies,which are primarily 90 or more days past due.These loans have been excl
325、uded based upon thegovernment guarantee.At September 30,2024 and 2023,mortgage loans 90 or more days past due and insured by U.S.government agencies were$38 million and$65 million,respectively.(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery)
326、rate.Investment banking feesThree months ended September 30,Nine months ended September 30,(in millions)20242023Change20242023ChangeAdvisory$847$767 10%$2,230$2,063 8%Equity underwriting344 274 26 1,194 827 44 Debt underwriting1,076 688 56 3,213 2,074 55 Total investment banking fees$2,267$1,729 31%
327、$6,637$4,964 34%(a)Represents long-term debt and loan syndications.(a)(b)(c)(a)(a)31League table results wallet shareThree months ended September 30,Nine months ended September 30,Full-year 20232024202320242023RankShareRankShareRankShareRankShareRankShareBased on feesM&AGlobal#2 8.8%#2 10.1%#2 9.2%#
328、2 9.3%#2 9.0%U.S.2 9.8 2 11.6 2 10.9 2 11.4 2 11.0 Equity and equity-relatedGlobal2 10.0 2 7.5 1 10.9 1 7.2 1 7.7 U.S.1 14.3 2 11.5 1 14.4 1 13.3 1 14.4 Long-term debtGlobal1 7.4 1 7.1 1 7.7 1 6.7 1 7.0 U.S.1 11.7 1 11.5 1 11.5 1 10.5 1 10.9 Loan syndicationsGlobal1 9.6 1 12.3 1 10.8 1 12.4 1 11.9 U
329、.S.2 10.5 1 14.3 1 12.6 1 15.8 1 15.1 Global investment banking fees#1 8.6%#1 9.2%#1 9.1%#1 8.5%#1 8.6%(a)Source:Dealogic as of October 1,2024.Reflects the ranking of revenue wallet and market share.(b)Global M&A excludes any withdrawn transactions.U.S.M&A revenue wallet represents wallet from clien
330、t parents based in the U.S.(c)Global equity and equity-related ranking includes rights offerings and Chinese A-Shares.(d)Long-term debt rankings include investment-grade,high-yield,supranationals,sovereigns,agencies,covered bonds,asset-backed securities(“ABS”)and mortgage-backedsecurities(“MBS”);and
331、 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)(e)32Markets revenueThe following table summarizes selected income statement data for theMarkets businesses.Markets includes both
332、 Fixed Income Markets andEquity Markets.Markets revenue consists of principal transactions,fees,commissions and other income,as well as net interest income.The Firmassesses its Markets business performance on a total revenue basis,asoffsets generally occur across revenue line items.For example,secur
333、ities 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 of JPMorganChases 2023 Form 10-K for further information.For the periods presented below,the primary source of principaltransacti