financial institution violates law business activity investigation regulators governmental agencies JPMorgan Chase.


initiatives. non. authorities subject JPMorgan Chase to judgments settlements fines penalties sanctions restructure operations cease products. outcomes harm reputation higher costs profitability collateral consequences. exposure legal regulatory matters exceed reserves.


Operational Risk Management pages cybersecurity.


JPMorgan headquarters 383 Madison Avenue 47-story. demolition 270 Park Avenue 2021 new continues.


Firm owned leased facilities December 31, 2023. footage New York City Madison Avenue. locations. locations Columbus/Westerville Ohio. Chicago Illinois. Dallas/Plano/Fort Texas. Wilmington/Newark Delaware. Houston Texas. Jersey City New Jersey. Phoenix/Tempe Arizona. locations. Europe Middle East Africa 25 Bank Street London. locations. Asia-Pacific Latin America Canada India. Philippines.


2023 4,897 branches 48 states Washington.


premises facilities JPMorgan Chase used business segments corporate purposes. space requirements determine properties facilities


necessary operations. no assurance Firm dispose excess properties incur costs. costs material results. Consolidated Results Operations pages 54–57 occupancy expense.


Note 30 proceedings.


Equity Stockholder Purchases Securities


JPMorgan stock New York Stock Exchange.-year stock performance page 47 S&P 500 KBW Bank Index S&P Financials Index 2023.


Capital 99 dividend. 21 26 restrictions dividend. January 31, 2024 204,357 holders JPMorgan Chase stock. Part III 12 39 securities incentive plans.


Capital actions Risk Management page 99 common share program.


May 1 2022 Firm purchase $30 billion share repurchase April.


Shares repurchased 2023. December 31, 2023 price share price value repurchase First quarter,995,253.,940 Second quarter,711,299.,293,400 Third quarter,608,838. October.,242 November,173,068.,474 December,383.,735 Fourth quarter,233,869.,735 Full year,549,259.,735


commissions. Inflation Reduction Act 1% excise tax 2023.


$30 billion.


Discussion Financial Operations


discussion analysis financial results pages 48–161. Consolidated Financial Statements Notes pages 166–309.


Market Risk Management pages 135–143 quantitative disclosures.


Consolidated Financial Statements Notes report February 16 PricewaterhouseCoopers pages 163–309.


Terms pages 315-321.


Disagreements Financial Disclosure


internal control framework Sponsoring Organizations Treadway Commission designing implementing assessing effectiveness. Firm used framework financial reporting December 31, 2023. report control page 162.


end period evaluation Firm’s management Chairman Chief Financial Officer disclosure controls procedures Rule 13a-15(e) Securities Exchange Act 1934. Chairman Financial Officer concluded controls effective. Exhibits 31. 1 31. 2 Certifications Chairman.


Firm committed maintaining standards internal control financial reporting. limitations prevent all misstatements. Deficiencies occur no assurance weaknesses consequences. Refer “Management’s report internal control page 162 information.


May 1, 2023 Firm assumed liabilities First Republic Bank FDIC. controls


disclosure controls procedures. no change control financial reporting Rule 13a-15 Securities Exchange Act 1934 months December 31, 2023.


table Rule 10b5-1 arrangements Item 408 Securities Exchange Act 1934 adopted fourth quarter 2023 officer Section 16 Securities Exchange Act 1934. Rule 10b5-1(c). directors officers participate stock purchase 401(k) dividend reinvestment Rule 10b5-1. No non-Rule 10b5-1 arrangements adopted 2023. no arrangements terminated. Name date shares sold Lori Beer Information Officer 13, 2023 May 2024 James Dimon CEO 26, August 2024 Stacey Friedman Counsel 7


trusts. Dimon indirect interest.


trading arrangement commence cooling off period Rule 10b5-1. duration cease earlier final date shares sold.


219 Iran Syria Rights 2012, 13


Securities Exchange Act 1934 issuer disclose annual reports affiliates engaged activities transactions dealings Iran Executive Orders. Disclosure required compliance law. Firm aware other activity transaction affiliates quarter December 31, 2023 disclosure Section 219.


client fund invested USD 1,400 non-US September 2023 Office Foreign Assets Control Specially Designated National 31 C. F. R Part 544. redeemed October 2023 1,400. transaction fee management fee less than USD 0. 01.


December 2023 James Dimon 2006 Chief Executive Officer 2005. Ashley Bacon Risk Officer 2013. Jeremy Barnum Financial Officer 2021 Head Global Research Corporate Bank. Lori. Beer Information Officer 2017. Mary Callahan Erdoes Asset Wealth Management 2009. Stacey Friedman Counsel 2016. Marianne Lake Consumer Community Banking. Robin Leopold Human Resources 2018. Douglas. Petno Commercial Banking 2012. Jennifer. Piepszak-Chief Banking. Daniel. Pinto Operating Officer January 2022 Corporate Investment Bank March 2014, Co-President 2018. Peter L. Scher Chairman March 2021. Chairman Mid-Atlantic Region Head Corporate 2021.


five fiscal years 2023 JPMorgan officers senior-level positions. no family relationships. Items 10 11 12 13 14 2023 Form 10-K Proxy Statement 2024 Annual Meeting May filed SEC 120 days fiscal year 2023.


January 25 2024 Firm executives. Piepszak Troy Rohrbaugh Co-Chief Commercial Investment Bank. Pinto President longer Chief Bank. Lake Chief Consumer Community Banking. Recent events page 52.


Item.


Ownership Stockholder Matters


Item 10 security beneficial.


table shares JPMorgan employee incentive plans non-employee directors. Firm authorized grant incentive awards non-employees. December 31, 2023 shares issued options exercise price future Plan category Employee incentive plans approved,250,000.,807,804 Total.


restricted performance Long-Term Incentive Plan May 18 2021. Note 9.


shares future issuance.


shares future-approved LTIP. Note 9.


statements Consolidated Financial Statements Notes report Independent Accounting Firm Item 8 page 156. statement schedules. Certificate Incorporation JPMorgan Chase. April 5 2006 Exhibit 3. Current Report Form 8-K. Certificate. June 7 2013 Appendix F Proxy Statement Schedule 14A. April Designations Fixed-to-Floating Rate Non-Cumulative Preferred Stock Series Q Exhibit. Form 8-K. April Designations Fixed-to-Floating Rate Non Preferred Stock Series R Exhibit. Report Form 8-K. July 29,. Designations Fixed Stock Series Exhibit 3. Form January 22,. Designations Fixed-to-Floating Rate Non-Cumulative Preferred Stock Series U Exhibit. Form 8-K JPMorgan.. 1-5805) March 10. Designations Fixed-to-Floating Rate Non-Cumulative Stock Series X Exhibit 3. Form 8-K JPMorgan Chase. September 23,. Designations Fixed-to-Floating Rate Stock Series CC Exhibit 3. October 20. Designations 75% Non-Cumulative Preferred Stock Series Exhibit 3. September 21, 2018). Designations% Non-Cumulative Preferred Stock Series EE Exhibit. January 24 2019. Designations Fixed-to-Floating Rate Stock Series FF Exhibit. July 31, 2019. Designations. 75% Non-Cumulative Preferred Stock Series GG Exhibit. 8-K November 7 2019. Designations Fixed-to-Floating Rate Non-Cumulative Preferred Stock Series Exhibit.Current Report Form 8-K JPMorgan Chase. 1-5805) January 23, 2020. 14 Designations Fixed-Floating Rate Non-Cumulative Preferred Stock Series II Exhibit. February 24 2020. Designations. 55% Non-Cumulative Preferred Stock Series Exhibit 3. March 17, 2021. Designations 65% Fixed-Rate Reset Non Preferred Stock Series KK Exhibit. May 12 2021. Designations. 625% Non-Cumulative Preferred Stock Series LL Exhibit. May 20 2021. Designations. 20% Non-Cumulative Preferred Stock Series MM Exhibit 3. July 29, 2021.-laws JPMorgan Chase. January 17, 2023 Exhibit 3. 2 October 21, 2010, JPMorgan Chase.Deutsche Bank Trust Company Americas Trustee Exhibit 4. Form 8-K JPMorgan Chase. October 21,. Supplemental Indenture January 13, 2017 JPMorgan Chase. Deutsche Bank Trust Exhibit 4. Form 8-K. January Indenture March 14 2014, JPMorgan Chase. Bank Trust National Association Exhibit 4. Supplemental Indenture 13, JPMorgan Chase. Bank Trust National Association Trustee Exhibit 4. 8-K. May 25, 2001, JPMorgan Chase. Bankers Trust Company Deutsche Bank Trust Trustee Exhibit 4(a)(1) Registration Statement Form S-3 JPMorgan. June 13, 2001. Supplemental Indenture January 13, 2017 JPMorgan Chase.Bankers Trust Company Deutsche Bank Trust Trustee May 25 2001 Exhibit 4. Form 8-K JPMorgan Chase. January 13,. February 19, 2016, JPMorgan Chase Financial Company JPMorgan Chase. Deutsche Bank Trustee Exhibit 4 JPMorgan Chase. February 24 2016). Deposit Agreement Exhibit 4. 333-191692) October 11 2013). Securities JPMorgan Chase. Securities Exchange Act 1934. securities JPMorgan. Regulation. SEC. Compensation Plan Non-Employee Directors JPMorgan Chase. July 2001 December 31, 2004 Exhibit 10. Annual Report Form 10-K. December 31, 2007. Deferred Compensation Plan Non-Employee Directors JPMorgan.January 1 2005 Exhibit 10. Annual Report Form 10-K JPMorgan Chase. December 31, 2007. Deferred Compensation Program JPMorgan Chase. December 31, 2008 Exhibit 10. Annual Report Form December 31,. Long-Term Incentive Plan May 18 2021 Appendix Schedule 14A. April 7 2021. Executive Performance Plan. January 1 2014 Appendix G Schedule 14A. April 10.


. Retirement Plan JPMorgan Chase. December 31, 2008, Exhibit 10. 7 Annual Report Form 10-K. December 31,. Retirement Plan JPMorgan Chase. December 31, 2008 Exhibit 10. 9. One Corporation Supplemental Savings Investment Plan amended December 31, 2008 Exhibit 10. 13 Annual Report. December JPMorgan Chase. Long-Term Incentive Plan Conditions performance share units restricted stock units Committee members. January 17, 2017 Exhibit 10. 23. December 31,. JPMorgan Chase. Long-Term Incentive Plan Conditions share units stock. January 16, 2018 Exhibit 10. 19. year December 31,. JPMorgan Chase. Long-Term Incentive Plan Terms Conditions stock units Committee members.. January 15 2019 Exhibit. 18 Annual Report Form 10-K JPMorgan Chase. year December 31,. JPMorgan Chase. Incentive Plan Performance Share Unit Award Committee. Exhibit. 8-K March 15 2019. Incentive Plan Conditions stock units performance share awards Committee members. January 21, 2020 Exhibit. December 31, 2019. 14 Incentive Plan stock units share awards Committee. January 19, 2021 Exhibit. 17. year December 31, 2020. JPMorgan Chase. Incentive Plan Terms Conditions stock appreciation rights Chairman Executive Officer July 20 2021 Exhibit 99 Report Form 8-K. July 20 2021. 16 JPMorgan Chase.Incentive Plan stock rights President Chief Operating Officer December 14 2021 Exhibit 99 Report Form 8-K JPMorgan Chase. December 15 2021. Plan stock units performance share awards Operating Committee members. January 18 2022 Exhibit. Annual Report Form 10-K. year December 31, 2021. awards Committee members. January 17, 2023. stock units performance share awards Operating Committee members. January 16 2024. Stock Purchase Plan JPMorgan Chase. January 1 2019 Exhibit. Quarterly Report Form 10-Q. quarter September 30 2019. Performance-Based Incentive Compensation Plan January 1 2021 Exhibit. 23 Annual Report Form 10-K. December 31, 2021.subsidiaries JPMorgan Chase. Report Form 11-K JPMorgan Chase 401(k) Savings Plan December 2023 Rule 15d-21 Securities Exchange Act 1934. Guarantors Issuers Guaranteed Securities. accounting firm. Section 906 Sarbanes-Oxley Act 2002. Recovery Erroneously Awarded Incentive Compensation. document XBRL tags Inline XBRL document. Taxonomy Extension Schema. Calculation. Presentation. Page Interactive Data File XBRL Exhibit 101.


management contract compensatory.


Filed.


. exhibit not Section 18 Securities Exchange Act 1934 liability. incorporated filing Securities Act 1933 1934.


Rule 405 Regulation S-T includes financial information Firm’s Form 10-K year ended December 31, 2023 XBRL Language) interactive data files Consolidated statements income 2023 2022 2021 comprehensive income balance sheets December 2023 2022 changes stockholders’ equity cash flows Notes Financial Statements.


46-Year 47-Year Stock Performance discussion analysis Overview 54 Results 58 Balance Sheets Cash Flows 62 Non-GAAP Financial Measures Results Investment 135 144 155 Accounting Estimates 159 Reporting Developments 161-Looking Statements


year ended December 31, millions share ratio employee data income net revenue,695,649 noninterest expense,172,343 Pre profit,932,306 Provision credit losses,320 Income before tax,060,228 Net income,676,334 Earnings per share income. Average shares. Market common share data capitalization,320,206 Common shares period-end. Book value per share. Tangible book value per share. Cash dividends declared per share.. Selected ratios metrics Return common equity Return tangible common equity Return assets. Overhead ratio Loans-to-deposits ratio Firm Liquidity coverage ratio JPMorgan Chase Bank. Common equity Tier 1 capital ratio. Total capital ratio. Tier 1 leverage ratio. Supplementary leverage ratio.balance sheet data Trading assets,799 Investment securities credit losses,552,232 Loans,323,706,135,077,714 Total assets,875,393 Deposits,400,688,303 Long debt stockholders’ equity,474,289 equity,127 Employees Credit quality metrics credit losses,204,689 loans. Nonperforming assets,247 Net charge-offs,209 charge-off rate.


December 2023 results First Republic. Business Segment Results 67 Note 34.


-provision profit TBVPS ROTCE non-GAAP. Tangible common equity non-GAAP. Non-GAAP Measures pages.


years 2023 2022 2021 percentage ratios three months.


ratios reflect Credit Losses. Note 27.


ratios Basel III. Capital Risk Management 91.


Headcount Employees unchanged. Part I Business 2-3 Form 10-K Human Capital.


4,500 Republic July 2023.


table compare five-year return JPMorgan Chase & Co. stock S&P 500 Index KBW Bank Index S&P Financials Index. S&P 500 Index equity benchmark. KBW Bank Index banks traded. S&P Financials Index financial companies components S&P 500. Firm three industry indices.


table investments $100 December 31, 2018 JPMorgan Chase stock indices. comparison dividends reinvested. December 31, dollars JPMorgan Chase. KBW Bank Index. S&P Financials Index. S&P 500 Index. 65 29


analysis financial condition results operations JPMorgan Chase December 31, 2023. JPMorgan Chase’s Annual Report Form 10-K Securities Exchange Commission. Glossary terms acronyms pages 315-321 definitions Annual Report 2023 Form 10-K.


Form 10-K statements Private Securities Litigation Reform Act 1995. based beliefs expectations JPMorgan management subject risks uncertainties. Forward Statements page 161 Part 1 Item 1A Risk factors Form 10-K pages 9-33 JPMorgan results. no assurance results Firm update statements.


JPMorgan Chase. Delaware 1968 leading financial. operations worldwide. $3. 9 trillion assets $327. 9 billion equity December 2023. leader investment banking financial services commercial banking processing management. Morgan Chase brands serves millions. clients


JPMorgan subsidiary. national banking association. branches 48 states Washington. non-bank subsidiary J. P Morgan Securities LLC. U S broker-dealer. bank non subsidiaries operate nationally overseas branches subsidiaries foreign banks. subsidiaries outside. Morgan Securities. United Kingdom. Germany.


activities four business segments Corporate segment. consumer business Community Banking. wholesale businesses Corporate Investment Bank Commercial Banking Asset Wealth Management. Business Segment Results pages 65–85 Note 32 segments products services. May 1, 2023 JPMorgan Chase acquired assets assumed liabilities First Republic Bank Federal Deposit Insurance Corporation. references Form 10-K acquisition. Note 34.


Firm’s website. jpmorganchase. com. annual Form 10-K quarterly Form 10-Q current Form 8-K Section 13 15(d Securities Exchange Act 1934 U. S. Securities Exchange Commission. sec Chase new information. Investor Relations section. Information Form 10-K not incorporated 2023 Form 10-K other filings SEC.


executive overview MD&A 2023 Form 10-K. trends uncertainties risks accounting estimates 2023 Form 10-K. performance JPMorgan Chase December 31, Noninterest revenue,837 Net interest income net revenue,695 noninterest expense,140 Pre-provision profit,555 Provision credit losses Net income,676 Diluted earnings per share. ratios metrics Return common equity Book value share. Tangible value. Capital ratios capital. Tier 1. Total.NII excluding Markets,355 NIR Markets,938 Markets net revenue,366,277


ended 2023 results First Republic. page 67 Note 34.


reflect CECL. Note 27.


NII NIR noninterest revenue. CIB Fixed Equity.


Comparisons 2023 versus 2022 unless specified.


Chase $49. billion 2023. 17% 21%. revenue $158. billion 23%


interest $89. billion 34% higher rates Republic balances Markets deposit balances. $90. billion 44%.


revenue $68. 8 billion 11% First Republic $2. billion gain management fees Visa securities losses lower auto lease income. expense $87. 2 billion 14% compensation wage inflation. $2. 9 billion FDIC First Republic. credit losses $9. 3 billion $6. 2 billion charge-offs $3. 1 billion.-offs increased $3. billion Card Services single name exposures.


$1. 3 billion CCB. 4 billion revolving balances reduction $200 million Home Lending


net addition $657 million wholesale commercial real estate.


addition $1. billion First Republic loans 2023.


$3. 5 billion charge-offs $2. 9 billion. losses $24. 8 billion December 31, 2023. 75%. 81% nonperforming assets $7. 6 billion 2023 5% wholesale loans. Wholesale Consumer Credit Portfolio 120–130 114–119.


loans $1. 2 trillion 13%. deposits $2. 4 trillion down 4%


migration AWM spending CCB deposit attrition net decline CIB deposits


increase deposits First Republic initiatives.


Liquidity Management pages.


capital $251 billion Advanced ratios 15. 0%. 1%. 18% $86. Assets $798 billion securities $649 billion $1. 4 trillion liquidity. Liquidity Risk Management.


Consolidated Results Balance Sheets 58–60 credit losses Business Segment Results 67 34 First Republic acquisition.


Pre-provision profit ROTCE TCE TBVPS NII NIR net revenue non-GAAP.-GAAP pages 62–64.


business metrics lines 2023 First Republic. ROE 38% deposits 3% assets 47% loans Card Services charge-off. card sales 8% mobile 8% ROE 13% Investment Banking. revenue $27. 8 billion 4% Fixed Income 1% Equity 13% 20% $3. 4 billion 14% loans 20% deposits ROE 31% $3. 4 trillion 24% loans deposits 17%


Card.


platforms logged 90 days. excludes First Republic.


Business Segment Results pages 65–85.


JPMorgan Chase communities. capital 2023. 3 trillion credit $239 billion consumers $36 billion. businesses $1. trillion corporations $915 billion non. $47 billion nonprofit. entities


states hospitals.


JPMorgan Chase 500 branches renovate 1,700 hire 3,500 three years. January 25 executives


Piepszak Troy Rohrbaugh Co Markets Co-CEOs Commercial Investment Bank Global Commercial Corporate Banking Markets Securities Services Global Payments.


Lake former Co-CEO CEO.


Dimon Chairman Daniel Pinto President manage company. Pinto LOB priorities.


Firm business segments. second quarter 2024. January 16, 2024 JPMorgan Chase Mark Weinberger 62 elected Board Directors. Audit Committee. Global Chairman Chief Ernst & Young 2013 2019.


current expectations Private Securities Litigation Reform Act 1995. based beliefs JPMorgan management Form 10-K subject risks uncertainties. Forward-Looking Statements page 161 Part I Item 1A Risk Factors pages 9-33 Form 10-K JPMorgan results. no assurance results 2024 Firm update statements.


JPMorgan 2024 global U. S. economies financial markets geopolitical competitive client customer activity regulatory legislative developments. countries. affect performance. adjustments businesses operations business economic regulatory legal environments.


$90 billion. $88 billion. adjusted expense $90 billion. charge-off rate Card Services less. 50%.


income Markets expense non-GAAP. Explanation Non-GAAP Measures pages.


1 2023 JPMorgan Chase liabilities First Republic Bank Federal Deposit.


JPMorgan Chase’s Financial Statements December 31, 2023 reflect impact First Republic. acquisition business activities disclosed Form 10-K. Firm operations clients products services First Republic.


34 67 First Republic.


publication tenors U. dollar LIBOR. ceased June 30, 2023. one three six-month tenors. continue rates LIBOR-linked contracts through September 30, 2024.


Firm’s transition 2023 completed conversion remaining. dollar LIBOR Secured Overnight Financing Rate LIBOR Cessation. dollar LIBOR-linked products Cessation remediated contractual fallback provisions Adjustable Interest Rate (LIBOR) Act. expects contracts. dollar LIBOR remediated September 30, 2024.


JPMorgan Consolidated Results Operations two-year December 2023. pages 51-54 Annual Report Form 10-K December 2022 2022 2021 results. business segment. pages 155–158 Critical Accounting Estimates Consolidated Results. Revenue Year December millions Investment banking fees,216 Principal transactions Lending deposit fees Asset management fees Commissions fees Investment securities losses Mortgage fees Card income Noninterest revenue Net interest income Total net revenue,104,695,649


lease income $2. billion 2022 2021. losses tax investments. Note 6.


gain $2. 8 billion 2023 First Republic. Results 67 Notes 6 34.


banking fees decreased advisory fees transactions debt underwriting fees market conditions lower issuance activity leveraged investment-grade high-grade bonds. offset higher issuance high-yield bonds issuance


equity underwriting fees follow-on volatility convertible securities offset lower activity private placements environment.


CIB pages Note 6.


Equity Markets Prime Finance Equity Derivatives Fixed Income Securitized Products


revenue Rates Currencies Markets


increase revenue offset income funding costs $280 million Credit Adjustments $836 million year.


year markdowns unfunded bridge financing CIB.


increase principal transactions cash Treasury CIO interest rate.


transactions CIB offsets. Firm assesses Markets net revenue.


CIB Corporate pages 84–85 Note 6.


Lending fees revenue purchase discount commitments First Republic AWM CB


deposit fees CB CIB client credits.


CIB CB AWM pages 81–83 Note 6.


Asset management fees inflows waivers First Republic higher market levels inflows. CCB AWM results pages 68–71 81–83 Note 6.


fees annuity travel CCB. results pages 68–71 Note 6.


securities losses. Treasuries. GSE MBS repositioning portfolio. Corporate results pages 84–85 Note 10 information.


Mortgage fees CCB pages 6 15.


Card income CIB CB. Morgan Payments CCB interchange income debit. Business Segment CIB 65–85 68–71 72–77 78–80 Note 6.


income increased $2. 8 billion gain First Republic acquisition hedges Treasury gain $339 million quarter 2023 minority China Fund Management 51%


auto income CCB volume net gains equity investments CIB impairment losses 2023


prior year gain $914 million Visa shares insurance settlement equity investment loan.


Business Segment 67 Note 34 First Republic 5 investment hedges 6.


interest income increased rates First Republic balances offset lower deposit balances.


assets $3. 3 trillion $23 billion yield. 14% 236. net yield. 70% 70. 85% 125.


Consolidated balance interest rates pages 310-314. Net yield Markets non-GAAP. Explanation Non Measures 62–64.


credit losses December millions Consumer excluding card Credit card,353 consumer,859 Wholesale,299 Investment securities credit losses,320,389,256


credit losses $9. billion $6. charge-offs $3. billion.


charge-offs. billion $2. billion Card Services $698 million wholesale.


addition credit losses $1. 9 billion$1. 3 billion consumer CCB $1. 4 billion Card Services reduction $200 million Home Lending. loan growth revolving balances reduced borrower uncertainty. reduction Lending home prices$657 million wholesale downgrade macroeconomic commercial real estate loan lending.


$1. 2 billion First Republic loans 2023.


year $3. 5 billion credit losses $2. 3 billion wholesale $1. 2 billion consumer loan growth borrower pandemic charge-offs $2. 9 billion.


CCB CIB CB AWM 81–83 Allowance Credit Losses 131–133 Notes 1 10 13 credit portfolio.


expense December millions,465,636,567 Noncompensation Occupancy Technology communications equipment,246,358 Professional services,235 Marketing,045,365 noncompensation expense,707,776 noninterest,172,140,343


depreciation lease.


. billion $266 million million FDIC. billion $860 $730 million 2022 2021. Note 6.


First Republic $1. 5 billion expenses second quarter 2023 July 2 2023. Business Segment Results 67.


Compensation expense employees wage inflation First Republic 2023 CCB volume revenue compensation AWM CCB.


Noncompensation expense increased FDIC expense $2. 9 billion special assessment impact First Republic legal expense investments expenses indirect tax travel entertainment


Business Segment Results 67 Note 34 First Republic Note 6 Income tax Year December 31, millions Income tax,166 tax,228 tax rate.


tax rate increased higher pre-tax income. benefits tax audit settlements vesting employee stock awards


income tax expense First Republic acquisition bargain purchase gain tax rate income tax benefit regulations.


Note 25.


changes December 2023 2022. pages 155–158 Critical Accounting Estimates Consolidated Balance Sheets. December 31, Assets Cash,066,697 Deposits,537 Federal funds securities purchased Securities borrowed,369 Trading assets,799-sale securities Held-to-maturity securities,305 Investment securities credit losses,162 Loans,323,135,647 Accrued interest accounts receivable,189 Premises equipment,734 Goodwill MSRs intangible assets,859 Other assets Total assets,875,393


deposits increased excess Federal Reserve Banks. excess cash long-term debt maturities paydowns securities


impacts First Republic 2023.


funds sold securities purchased offset cash Treasury CIO.


borrowed Markets demand positions client activities.


Note 11 resale borrowed.


assets increased debt equity offset receivables market movements. Notes 2 5.


securities securities maturities paydowns offset First Republic net purchases transfer held-maturity


maturities paydowns AFS.


Corporate Investment Risk Management 134 Notes 2 10.


Loans$146 billion First Republic Card Services higher revolving balances Auto loans originations.


allowance loan losses increased addition. billion


. 3 billion CCB. 4 billion revolving balances reduction $176 million Home Lending


$930 million wholesale downgrade Firm outlook. billion First Republic loans quarter 2023.


loan losses $587 million January 1 2023 Financial Instruments Losses Debt.


Form 10-K TDR Firm adoption.


$408 million reduction lending commitments balance.


Results Risk Management 111–134 Notes 2 13 loans credit losses Business Segment Results 67 34 First Republic.


Accrued interest accounts client receivables.


Premises equipment headquarters First Republic acquisition capitalized software. Note 16 18.


Goodwill MSRs intangibles increased 51% interest CIFM intangibles First Republic acquisition MSRs purchases higher interest rates cash flows.


15 34.


assets decreased collateral cash securities. balance sheets December 31, Liabilities Deposits,400,688,179 Federal funds securities loaned sold Short borrowings,027 Trading liabilities Accounts payable liabilities,141 Beneficial interests,610 Long-term debt liabilities,373,411 Stockholders’ equity,875,393,665,743


Deposits increased balances CIB structured notes Payments Securities Services offset deposit attrition Corporate international consumer initiatives balances CCB higher customer spending decline AWM higher-yielding investments offset growth new product offerings decrease CB deposit attrition investments offset retention inflows disruptions quarter 2023.


increase $61 billion First Republic AWM.


funds purchased securities loaned increased repurchase activity.


Liquidity Risk Management deposits federal funds securities short-term borrowings Notes 2 11 funds securities Business Results 67 34 First Republic.


liabilities Fixed Income Markets short positions debt offset derivative payables. Notes 2 5.


liabilities decreased client payables higher liabilities $2. 9 billion FDIC assessment. Note 19.


interests VIEs CIB Firm paper liquidity. Liquidity Risk Management pages 102–109 Notes 14 28 VIEs trusts.


debt increased First Republic Purchase Money Note FHLB advances net issuance. notes fair value. Liquidity Risk Management pages 102–109 Note 34 First Republic.


Consolidated Statements 169 Capital Actions 99 Note 24.


cash flow 2023 2022. Consolidated cash flows analysis page 57 2022 Form 10-K 2021 activities. cash Operating,974,119 Investing(137,819) Financing,257) exchange rate changes increase cash deposits(173,600


JPMorgan assets liabilities support lending capital markets. vary cash. cash liquidity needs. 2023 cash net income assets interest offset higher trading assets lower liabilities higher securities borrowed. 2022 cash higher accounts payable liabilities lower securities borrowed proceeds sales securitizations paydowns loans offset higher trading assets.


investing activities loans securities short-term instruments. 2023 cash proceeds sales securitizations securities offset originations loans First Republic Bank acquisition. 2022 cash originations loans securities offset proceeds.


financing acquiring deposits issuing long debt preferred stock. 2023 cash lower deposits repayment First Republic Bank. offset securities net proceeds borrowings. 2022 cash lower deposits net proceeds. cash repurchases common stock dividends.


Balance Sheets 58–60 Capital 91-101 Liquidity 102–109 Statements Cash Flows 170 cash flows.


NON-GAAP FINANCIAL MEASURES


Firm prepares Consolidated Financial Statements U. S. GAAP pages 166–170. “reported” basis provides understanding results comparison performance. GAAP.


analyzing Firm’s results management reviews Firmwide results including overhead ratio non-GAAP. reviews results LOBs. definition starts U. GAAP results includes reclassifications net revenue FTE. revenue from investments tax credits tax-exempt securities results taxable. measures


revenue taxable tax-exempt sources. income tax impact recorded expense. adjustments impact net income Firm LOBs.


Management uses non-GAAP financial measures Firm business-segment level provide information operational performance trends facilitate comparison competitors. Business Segment Results pages 65–85 information non-GAAP measures. Firm not comparable other companies.


summary reconciliation. GAAP results basis.Year ended December 31, millions except ratios taxable-equivalent adjustments Other income,782,391,322,148,225 Total noninterest revenue,782,148,225 Net interest income,741 Total net revenue,262,655,304 Total noninterest expense Pre-provision profit,262,555######3,582,655 Provision for credit losses Income before income tax expense,262,655,217 Income tax expense,060######4,262,322######8,490######3,582,072######11,655,883 Net income Overhead ratio####


recognized CIB.


net interest income yield noninterest revenue management reviews metrics excluding Markets. Fixed Income Equity Markets. non-GAAP. investing deposit-raising volatility Markets. assesses Markets business performance total revenue. measures provide alternative revenue trends. Year ended December 31, millions Net interest income,267 taxable-equivalent adjustments Net interest income,747,144,741 Markets net interest income,243 excluding Markets,355,498 Average interest-earning assets,325,708,349,079,215,942 Markets interest-earning assets,238,884 Net yield interest-earning assets managed.Net yield Markets assets. Markets. 85. Noninterest revenue,837,985,338 taxable-equivalent adjustments,782,148,225 Noninterest,133 Markets noninterest revenue,195,151 excluding Markets,938 Total Markets net revenue,792,394


hedges. Taxable-equivalent amounts.


pages 75-76.


. GAAP non-GAAP measures


value share equity period-end shares


TBVPS equity-end shares


Firm reviews non-GAAP expense-provision profit revenue less noninterest expense.


believes measures understand effect results alternative performance.


Firm reviews loan losses loans excluding trade finance non-GAAP coverage.


TCE ROTCE TBVPS non-GAAP measures. TCE stockholders’ equity. preferred goodwill assets deferred tax liabilities. ROTCE net income common equity. TBVPS TCE divided shares. utilized use equity.


summary table reconciliation equity TCE. 31, 2023 2022 December millions share ratio stockholders’ equity,474,968 Less Goodwill,634,662 Less intangible assets,225 deferred tax liabilities,996,474 Tangible common equity#247,611,109,982 Return common equity book value per share.


deferred tax liabilities-deductible goodwill intangibles nontaxable netted.


Firm managed. four segments Consumer Corporate Commercial Asset Wealth Management. Corporate segment.


business segments determined products services financial information Operating Committee. results presented. Non-GAAP Financial Measures pages. Chase Investment Lending Services Securities Middle Market Consumer. Wealth Business Banking Home Lending Real Estate Portfolios Investment Banking Payments Lending Fixed Income Corporate Banking Equity Markets Securities Credit Adjustments Commercial Real Estate Banking


organizational changes announced January 25 2024 Firm business segments. reorganization effective second quarter 2024. Recent events page 52.


business segments present stand-alone. management reporting includes allocation income expense items. Firm assesses assumptions methodologies reporting classifications segment reporting refinements. assesses capital each LOB. LOBs provide business metrics performance.


business segments sell products clients share revenue. Revenue recognized segment allocations other segment. segment results reflect revenue-sharing agreements.


business segments use services corporate units costs allocated. expense


allocated cost use services. costs investments corporate support units technology operations not utilized not allocated segments retained Corporate. includes costs not aligned segment.


Funds pricing Firm allocates expense LOBs interest liquidity Treasury CIO.


funds transfer interest liquidity risk assets liabilities off-balance sheet products. methodology assumptions economic interest income.


higher interest rate cost funds credits liabilities increased income. December 31, 2023 higher cost loans


margin expansion.


exchange risk transferred LOBs Treasury CIO revenues expenses. manages reports rate. Market Risk Management page 143.


funds transfer credit spread unsecured-term debt preferred stock dividends allocated reportable business segments balance retained Corporate. aligned regulatory capital requirements funding needs LOBs.


cost unsecured debt interest income reduced stock dividends income common equity.


Capital pages 91-101.


capital business segment equity. allocation methodology incorporates Basel III risk-weighted assets global important banks surcharge simulation stress. annually assumptions judgments methodologies capital may change.


equity 98 capital allocation.


tables results segment periods.ended December 31, Community Investment Bank Banking millions except ratios Total net revenue,148,879,807,102,546,008 Total noninterest expense,028,553,041 Pre-provision profit/(loss,329######23,606,851,752,390 Provision credit losses,813(6,989),158 Net income/(loss),957,107,246 Return on equity (“ROE”)Year ended December 31, Wealth millions except ratios) Total net revenue(3,483),366,277,304 Total noninterest expense,780######11,829######10,140######71,343 Pre-provision profit/(loss),285,137######53,961 Provision credit losses(9,256) Net income/(loss),227######4,334 Return on equity


quarter 2023 allocations expense CCB Merchant Services discontinued retained CIB. amounts revised.


tables metrics Wealth Management Bank AWM J. P. Morgan CCB revenue metrics J. P. Morgan Payments CIB CB. information Wealth Management. Morgan Payments LOBs.


ended December 31, Client assets,177,438,456 client advisors


Global Bank AWM. Morgan Wealth.


December 31, 2023. First Republic.


millions Year December net revenue,248 Merchant processing volume billions,408,158,887 deposits


revenues investment banking impact equity investments.


table presents impacts CCB CB AWM Corporate First Republic May 1 2023. December 31, millions Community Banking Banking Wealth Income Statement Data Revenue Asset management fees income Noninterest revenue Net interest income Total net revenue Provision credit losses Noninterest expense Net income Balance Sheet Data-end Loans Deposits


2023 deposits Republic AWM CIB.


bargain purchase gain $2. 7 billion. adjustments $63 million gain $2. 8 billion. Note 34.


$360 million.


. loans $508 million deposits.


sections comparative results years ended December 2023 2022.


Consumer Community Banking businesses branches ATMs digital telephone banking. Banking Wealth Management. Home Lending Card Services Auto. deposit investment cash payments. Home Lending mortgage origination residential mortgages home equity loans. Card Services travel. loans leases.income statement data December millions Lending deposit fees,356 Asset management fees,282 Mortgage fees,159 Card income,469,364 other income Noninterest revenue,092 Net interest income,030,787 Total net revenue,879 Provision credit losses Noninterest,116,886 noninterest expense,028 Income before tax expense tax expense Net income,232,957 Revenue line Banking Wealth Management,199,786 Home Lending,140,291 Card Services Auto,802 Mortgage Production revenue,215 mortgage revenue Mortgage,175,159 Financial Return equity Overhead ratio


operating lease income commissions fees. income. $3. $4. 2022 2021.


depreciation leased. $2. 4. 3 2023 2022 2021.


MSR $131 $93 million 2023 2022 2021.


First Republic. 67.


Wealth Home Lending Republic. 3 billion $932 million.


$21. 42%.


$70. 28%.


interest income $55. billion 38% margin expansion loan forgiveness Card Services revolving balances First Republic Home Lending.


Noninterest revenue $15. 1 billion 2% asset fees market inflows commissions annuity fees interchange income debit card


Card Services higher fees net interchange income offset amortization account costs growth. income reduction rewards costs partner payments first tax refund increase rewards liability second quarter travel commissions


auto income volume mortgage fees Home Lending.


management commissions Accounting credit card rewards.


Note 15 MSR hedges mortgage fees income.


34 First Republic.


Noninterest expense $34. 8 billion up 12% compensation First Republic bankers advisors technology wage inflation revenue compensation noncompensation First Republic marketing technology FDIC legal expense lease depreciation.


credit losses. 9 billion charge-offs $5. 3 billion $2. 6 billion Card Services $1. 2 billion addition. 4 billion reduction $200 million Home Lending. loan growth borrower uncertainty. reduction home prices$408 million First Republic loans quarter 2023.


$3. billion charge-offs $2. 7 billion. billion credit losses.


Credit Investment Risk Management Allowance Credit Losses 131–133 losses.


metrics December balance sheet data assets,951,085,370 Loans Banking Wealth Management,142 Home Lending,181 Card Services,175 loans,203,058 Deposits,738,110 Equity balance sheet data assets,367,263,771 Loans Banking Wealth Management,142 Home Lending,115 Card Services Total loans,355 Deposits,552 Equity Employees,640,863


$94 $350 million $5. billion loans Banking.


December 31, 2023 2022 2021 Lending loans. 9 billion.


Home Lending loans $4. $7. 3. billion 2022 2021.


2023 $4. Banking Wealth Management Home Lending.


First Republic. 2023 deposits AWM CB CIB. 67.


Banking loans First Republic $2. billion. 2 billion.


$39. 4 billion First Republic December 31, 2023. metrics year December millions Credit data quality Nonaccrual loans,740,899 Net charge Banking Management Home Lending Card Services Total net charge-offs(recoveries,340,688,761 Banking Wealth Management. Home Lending. Card Services. Total net charge-off(recovery rate. 30+ day delinquency Home Lending. Card Services. 90+ day delinquency rate Card Services.loan Banking Wealth Management Home Lending Card Services,250 Auto loan losses#14,458,504,340


December 2023 2022 2021 nonaccrual loans excluded 90 insured. $123 million $187 million $342 million. credit card loans nonaccrual.


December 31, 2021 excludes loans COVID-19.


December 31, 2023 2022 2021 $94 million $350 million $5. billion. losses SBA.


December 2023 2022 2021 COVID-19 $29 million $449 million $1. billion Home Lending. delinquent.


December 2023 2022 2021 excluded loans. $176 million $258 million $405 million 30.


Republic.


January 2023 TDR accounting. loan losses $591 million residential real estate credit. Note 1.


metrics year ended December billions except ratios Business CCB Consumer customers. CCB Small business customers. Number branches Active digital customers,857 mobile customers,828,710######45,452 Debit credit card sales volume. Total payments transaction volume. Wealth Management Average deposits,111. Deposit margin. Business Banking average loans. Business Bankingorigination volume. Client investment assets. client advisors,029######4,725 Home Mortgage origination volume Retail..#91. Total mortgage origination volume.#162. Third-party mortgage loans serviced#631.#584. MSR carrying value. Sales volume excluding commercial card,163. Net revenue rate. Net yield average loans. New credit card accounts. Loan lease origination volume. Average auto operating lease assets.


Consumer Small business metrics include individuals businesses entities financial ownership exclude customers under 18. customer identifier Small included metrics. Households metric Glossary pages 315-321.


platforms logged past 90 days.


platforms logged 90 days.


ACH teller wires BillPay PayChase Zelle-person checks.


accounts. Morgan funds AWM. 81–83. December 31, 2023 $144. billion First Republic.


mortgage $41. $81. $182. 4 2022 2021.


. billion 2023 First Republic.


$10. 6 billion 2021. program May applications.


Corporate Investment Bank Markets Securities Services investment banking market-making brokerage lending treasury securities global corporations investors financial institutions merchants government entities. markets capital-raising loan origination syndication. Payments liquidity commerce clearing trade. Markets Securities Services market-maker risk management brokerage clearing research. custodian custody fund accounting securities lending asset managers insurance companies investment funds.income statement Year December millions Investment banking fees,359 Principal transactions,764 Lending deposit fees Commissions fees Card income other income Noninterest revenue,403 Net interest income Total net revenue Provision credit losses Noninterest Compensation Total noninterest expense,553 Income before tax expense,564 tax Net income,129,107


CB revenue banking products subject revenue sharing arrangement reduction income.


tax adjustments tax credits alternative energy amortization affordable housing tax-exempt income


municipal bonds $3. December 2023 2022 2021.


first quarter 2023 allocations revenue expense CCB Merchant Services discontinued retained CIB. amounts revised current presentation. income statement data December Financial Return equity Overhead ratio Compensation expense net revenue Revenue Investment Banking,243 Payments,273 Lending,377 Total Banking Fixed Income Markets Equity Markets Securities Services Credit Adjustments,284 Total net revenue


credit funding derivatives fair value option liabilities reported revenue. net hedging activities CVA FVA Fixed Income Equity Markets. Notes 2 3 24.


quarter 2023 allocations expense CCB Merchant Services discontinued retained CIB. amounts revised.


$14. 5%.


. billion 1%.


Banking revenue $16. 5 billion 7%. Banking $6. 2 billion 4%. $257 million markdowns 8%. fees 5% equity. #1 Global Banking fees Dealogic.


fees $2. 8 billion down 8% lower transactions challenging environment.


underwriting fees $2. 6 billion down 8% market lower issuance leveraged. offset higher high-yield bonds.


fees $1. 2 billion up 11% follow-on convertible securities lower private placements. revenue $9. 3 billion up 22% deposit margin expansion rates client credits. impact equity flat. revenue $1. 0 billion down 27%, $494 million losses hedges hedging $27 million gains offset higher interest income.


Markets Securities $32. billion 1%. $27. billion 4%. Income Markets $18. billion 1% finance Securitized Products Credit Trading Currencies Emerging Markets. Markets $9. billion 13% Equity Derivatives Cash Equities. Services $4. billion 6% margin expansion deposits fees. Adjustments $280 million $836 million.


Noninterest $28. billion 5% legal wage tax.


losses $121 million charge-offs $272 million $190 single name $151 million.


reduction allowance driven loan lending portfolios outlook offset addition accounts receivable downgrade activity.


provision year $1. billion addition credit.


metrics December 31, millions balance sheet data assets,338,168,334,296,259,896 Loans retained,642,786,304,386,172 Equity balance sheet data assets,250,334,518 Trading assets equity receivables,836,802,203 Loans retained,601,137 fair value,072 Total loans,432,473,209 Deposits,700 Equity Employees,452,546


retained credit portfolio multi-seller trade finance-investment overdrafts.


held-for-sale fair value reflect positions CIB Markets including securitization. year ended December 31, millions Credit data quality Net charge-offs(recoveries Nonperforming assets Nonaccrual loans retained fair value Total loans Derivative receivables Assets acquired loan satisfactions Total nonperforming assets Allowance credit losses,348-related commitments,372,720 Net charge-off/(recovery rate. Allowance loan losses period-end loans. excluding trade finance.Allowance losses nonaccrual Nonaccrual period-end loans.


losses $95 $104 $58 million 2023 2022 2021.


December 2023 2022 2021 nonaccrual loans excluded insured. $59 million $115 $281 million.


fair value excluded charge-off rate.


uses allowance loan losses loans non-GAAP assessment coverage ratio. Non-GAAP Financial Measures pages 62–64.


banking December millions Advisory,381 Equity underwriting,151 Debt underwriting,025 banking fees,359


)Represents long-term debt loan syndications. table results wallet share Year ended December 31, Based on fees M&A Global####9. 3 9 6 7 Equity-related Global####7.####5####8 8 Long-term debt Global####7.####6 4. Loan Global. 6 Global investment banking fees####8. 8####9 3


Dealogic January 2024. market.


M&A withdrawn transactions. wallet client parents.


equity rights Chinese-Shares.


-term debt rankings high supranationals sovereigns bonds exclude short-term. securities.


fees debt securities.


table summarizes income Markets businesses. Fixed Income Equity Markets. revenue transactions fees commissions net interest income. Firm assesses performance offsets. securities income risk-managed derivatives. Notes 6 7 income.


Principal transactions reflects revenue financial instruments commodities client-driven market-making activity. revenue includes amounts recognized new transactions “inventory-related gains losses derivatives instruments changes fair value instruments risk. revenue affected by client activity bid-offer spread


price market participant instrument market liquidity volatility. factors interrelated inventory-related revenue market conditions interest rates foreign exchange rates credit spreads equity commodity prices macroeconomic conditions.


periods source revenue recognized new transactions.Year ended December 31, millions Income Markets Markets Principal transactions,064#11,514,578,682,846,430 Lending deposit-related fees####325 Commissions fees####1,908,493 income Noninterest revenue,375,451,744,195,749,402,151 Net interest income,102,396),166(377,116,127,243 Total net revenue,813#8,979,792,617,367,865,529,394 Loss days


decline Markets costs.


days represent Equity losses net revenue. differ backtesting gains losses. backtesting gains losses include positions Firm’s Risk Management exclude net revenue gains losses. VaR pages 137–139. year December 31, millions Assets custody class Fixed Income,543,361,098 Equity,927,748,962 Other,161 Total AUC,392,635,221 Merchant processing volume,408,158,887 Client deposits third party liabilities,074,391


funds currencies annuities insurance.


merchant processing.


deposits liabilities Payments Securities.


metrics December 31, millions net revenue Europe East,725,303 Asia-Pacific Latin America revenue,426 North America,381 net revenue,807,102 Loans retained Europe East,792,424 Asia-Pacific,333 Latin America/Caribbean international loans,466,561 North America,225 loans retained,642,786 Client deposits third-party liabilities Europe East,225,203,867 Asia-Pacific Latin America/Caribbean,134,277,254,153 North America,757 client deposits liabilities,074,391 AUC North America,792,219 regions,600,566 AUC,392,635,221


revenue loans retained fair value trading desk booking domicile client.


deposits liabilities Payments Securities Services based domicile.


quarter 2023 allocations expense CCB Merchant Services discontinued retained CIB. amounts revised.


Commercial Banking financial solutions payments investment banking management Middle Market Corporate Real Estate Banking. Middle Market Banking midsized companies governments nonprofit. Corporate large corporations. Real Estate investors developers multifamily office retail industrial affordable housing. income Year December 31, Lending deposit fees Card income income Noninterest revenue Net interest income net revenue Provision credit losses Noninterest expense Compensation tax


revenue adjustments equity community rehabilitation-exempt income municipal financing $382 $322 $330 million 2023 2022 2021.


First Republic. 67.


. billion 46%.


. billion 35%.


interest income $12. billion 47% margin expansion loans First Republic.


Noninterest revenue $3. 5 billion up 5% lending revenue purchase discount markups-sale bridge financing investment banking revenue card income


deposit fees client credits absence gain equity investment partial loan.


Noninterest expense $5. 4 billion 14% compensation volume client acquisitions.


provision credit losses $2. billion $1. billion addition macroeconomic outlook deterioration commercial real estate loan lending$608 million First Republic loans second quarter 2023 charge-offs $316 million $232 million Real Estate Office.


provision prior year. billion credit losses.


CB revenue Lending financing collateral receivables inventory equipment real estate assets. Products term loans revolving lines credit financing asset structures leases standby letters credit. Payments. Investment banking capital-raising balance risk management. fixed income equity markets. revenue tax adjustments Community Development Banking principal transactions.income Year December 31, millions Revenue product Lending Payments Investment banking net revenue Investment Banking Markets revenue,978,092 Revenue client segment Middle Market Banking,371 Corporate Client Banking Commercial Real Estate Banking net revenue Financial ratios Return equity Overhead ratio


third quarter 2023 CIB Markets banking. amounts revised.


revenue Banking Markets products clients reported income.


revenues sharing CB CIB Banking products. fixed income equity markets. Business Segment Results 65 revenue sharing.


Market Commercial $216 $687 million 2023 First Republic.December 31, millions balance data assets,325,106,776 Loans retained,879,220-sale fair value,223,208,443 loans client Middle Market Banking,043,159 Corporate Client Banking Commercial Real Estate Banking,507,999 Total loans,208,443 balance data assets,108,548 Loans retained,285,388-sale fair value Total loans,345,738,042 Deposits,180,343 Average loans client segment Middle Market Banking,130,128 Banking,281,361 Commercial Banking,114,459,331 loans,345,738,042 Employees,687,902


December $36 million $132 $1. 2 billion $32 $123. billion Middle Market Banking.


December 2023. $32. 6 billion Middle First Republic.


loans First Republic $26. billion.


2023 deposits Republic CCB. page 67.


loans First Republic $4. 2 billion $22. 5 billion.


year December 31, millions ratios Credit data quality statistics Net charge-offs Nonperforming assets Nonaccrual loans retained held-for-sale fair value Total loans Assets acquired loan satisfactions Total nonperforming assets Allowance credit losses,324,219-related commitments losses,154,968 Net charge-off(recovery rate. Allowance loan losses period-end loans retained. nonaccrual loans period-end.


losses $156 $153 loans 2023 2022 2021.


fair value excluded charge-off rate.


$729 million First Republic.


Asset Wealth Management $5. trillion leader. multi-asset equities fixed income alternatives funds. Private Bank retirement brokerage custody estate deposits investment management high. assets portfolios.income statement Year December millions Revenue Asset management fees Commissions fees income Noninterest revenue,560 Net interest income,267 Total net revenue Provision credit losses Noninterest expense Compensation,115 noninterest expense,780 Income tax expense Net income,365 Revenue line business Asset Management Global Private Bank,698 Total net revenue Financial ratios Return equity Overhead ratioPre-tax margin Private Bank Asset Wealth Management


purchase discount lending commitments First Republic. discount deferred liabilities recognized current year short term. Note 34.


gain minority CIFM acquisition remaining 51%.


. 2 20%.


$19. 12%. $6. 20%. $13 8%.


Revenue Asset Management $9. 1 billion up 4% gain $339 million CIFM 51% asset management fees inflows foreign exchange removal fee waivers


fees NII funding.


Global Private Bank $10. 7 billion up 20% interest income loans First deposit margin expansion noninterest revenue amortization purchase discount losses.


Noninterest expense $12. billion 8% compensation banking Global Shares. Asset Management.


credit losses $159 million $146 million First Republic loans second quarter 2023.


provision $128 million credit losses.


Asset Management measures fund performance. Percentage active mutual fund ETF assets funds 4- or 5-star rank funds risk performance. 5-star best top 10%. 4-star. 5%. 3-star 35%. 2-star 22. 5%. 1-star bottom 10%. Morningstar rating three five ten- year metrics. -domiciled funds separate star ratings share class level. Nomura three-year risk performance. Funds fewer three years not rated excluded. ratings asset values sourced from fund rating provider. redenominate asset values into. dollars. percentage AUM based on star ratings class. Japan. Past performance not indicative future results. Percentage active mutual fund ETF assets funds ranked 1st 2nd quartile rankings values sourced. based net-of-fee return.fund rating providers redenominate values. dollars. percentage AUM based fund performance peer rankings share class. Luxembourg Kong funds other funds. performance. Past performance not future results.


share C European Acc Hong Kong Taiwan funds. If available oldest primary.metrics year December 31, millions ranking ratios employees % JPM assets 4- 5-star 1st 2nd quartile 1 year 3 years 5 years balance sheet data assets Loans Deposits,232 Equity balance data assets,438,187 Loans,487 Deposits,178,296 Equity Employees,485,762 Global Private Bank client advisors,738 Credit data quality statistics Net charge-offs Nonaccrual loansAllowance credit losses-related commitments Total credit losses#661#514#383 Net charge-off(recovery rate. Allowance loan losses period-end loans. losses nonaccrual loans period-end. 29.


Morningstar Rating except Japan. Includes Asset Management mutual funds ETFs. Excludes funds Undiscovered Managers Fund Brazil. updated ETFs revised.


ranking Morningstar Lipper Nomura domicile. Includes Asset Management funds ETFs. Excludes market Undiscovered Managers Fund Brazil. updated ETFs revised.


deposits credit statistics Global Bank.


First Republic. 67.


2023 deposits Republic CCB. page 67.


. billion 2023 First Republic.


Republic.


management $3. 4 trillion client $5. 0 trillion up 24%, net inflows market levels acquisition Global Shares. assets December Liquidity Fixed income Equity Multi-asset Alternatives assets,766 Custody administration,182 assets,012,048,295 client Private Banking Institutional Funds,766,113 Private Banking,452 Institutional,314 Funds assets,012,048,295


CCB accounts. Morgan funds AWM manager.assets Year December billions Assets management balance,766,113,716 Net flows Liquidity Fixed income Equity Multi-asset Alternatives Market impacts balance December,766,113 assets balance,048,295,652 Net flows Market impacts balance,012,048,295 Year December 31, billions net revenue Europe East,377 Asia-Pacific Latin America/Caribbean international net revenue North America net revenue Assets Europe East Asia-PacificLatin America international assets North America,219,766,113 Europe East Asia-Pacific Latin America international client assets,378,130 North America,634,918 assets,012,048,295


revenue based client.


Corporate Treasury Chief Investment Office. liquidity funding capital foreign exchange risks. staff expense initiatives. functions Real Estate Technology Legal Finance Human Internal Audit Risk Management Compliance Control Management Corporate groups.income balance sheet data Year December 31, millions Revenue Principal transactions Investment securities gains,180 income Noninterest revenue Net interest income net revenue Provision credit losses Noninterest expense Income tax expense Income tax expense(1,653) Net income(loss,713) Total net revenue Treasury Corporate net revenue Net income Treasury(3,057) Corporate Total net income(loss Total assets,348,437,100 LoansDeposits,203 Employees,196


adjustments bonds $211 $235 $257 million 2023 2022 2021.


Firm initiatives.


First Republic. Notes 6 34.


FDIC. Note 6.


taxes First Republic bargain.


income. billion loss $743 million.


revenue $8. billion $80 million higher interest offset lower deposit balances.


Noninterest revenue $132 million loss $1. 8 billion $2. 8 billion gain First Republic acquisition losses foreign exchange short-term cash interest rate


losses. Treasuries. GSE MBS repositioning portfolio net gains Corporate investments.


year Visa shares insurance settlement.


Noninterest expense $5. 6 billion $4. 6 billion $2. 9 billion FDIC assessment$1. billion First Republic integration restructuring expenses quarter 2023 July 2 2023 benefit foreign exchange legal expenses growth initiatives


benefits.


impact exchange rates transferred Treasury CIO not income. Foreign Exchange Risk page 66.


Note 10 13 securities credit losses.


provision credit losses $171 million single name charged restructuring loan.


tax benefit finalization regulations adjustments benefits settlements


impact changes income expenses. taxes Firm's tax reserves.


First Republic estimated bargain gain.


prior income tax benefit driven settlements adjustments offset income expenses. taxes Firm tax reserves.


Corporate international initiatives Chase. bank. Nutmeg wealth manager. 46% C6 Bank digital bank Brazil.


Treasury and CIO liquidity funding capital structural interest rate foreign exchange risks. risks from four business segments-balance assets liabilities.


Treasury CIO-liability high securities. derivatives. Note 5. manages cash position deposits investments short-term instruments. Liquidity Risk Management pages 102–109 liquidity funding. Market Risk Management pages 135–143 interest rate foreign exchange risks.


investment securities portfolio. securities. securities collateralized loan obligations. states municipalities. December 2023 Treasury portfolio losses $569. billion


average credit rating AA+ external internal risk ratings. Note 10 investment securities portfolio internal risk ratings. income balance sheet December 31, millions Investment securities losses,180(2,380)-sale securities,708 Held-to-maturity securities,180,086 Investment securities portfolio,718,104-sale securities,354,981,352,305,707 Investment securities credit losses,202,286


2023 Firm hedge accounting. $7. billion HTM securities AFS. 2022 2021 $78. 3 billion $104. 5 billion. Note 1 10.


2021 credit losses $94 $67 $42 million.


December 2023. AFS securities. Note 34.


Risk JPMorgan Chase’s business activities. Firm extends loan advises investment markets offers products services risk. objective manage business risks serving clients protecting safety Firm.


Firm believes risk management responsibility risk identification management LOBs Corporate Firmwide risk governance oversight structure.


Firm follows compensation framework governance oversight Board Directors. risk control performance compensation.


risk governance drivers types impacts.


Drivers risks. economic policy evolution business decisions error wrongdoing dysfunctional markets natural disasters.


risks. Firm’s risks categorized four types •Strategic risk earnings capital liquidity reputation poorly business plans inadequate response. investment risk default credit loss principal reduction returns consumer wholesale. risk market factors interest rates prices credit spreads value assets liabilities. risk adverse outcome inadequate processes human factors external events. includes cybersecurity compliance conduct legal estimations model risk.


quantitative qualitative. reduction earnings capital liquidity outflows fines penalties damage reputation loss clients regulatory enforcement actions.


Firm’s risk governance framework Firmwide. Independent Risk Management function Management Compliance. Chief Executive Officer Chief Risk Officer IRM risk governance. approval Board Risk Committee Risk Governance Oversight Policy.


CRO Firmwide Risk Executives Chief Risk Officers Chief Compliance Officer establish Risk Management Compliance organizations develop risk policies standards oversee framework. LOB CROs oversee risks LOBs Corporate FREs LOBs Corporate functions regions. IRM function risk control standards management.


Firm’s lines


first line defense LOB Treasury CIO Corporate initiatives Operations Technology Control Management. identification risks design execution controls. laws rules implementation


policies standards limits controls.


second line defense IRM function separate first measuring risk assessing challenging risk management practices first. identification risks laws rules development implementation policies standards.


third Internal Audit Firmwide processes controls governance risk management. General Auditor Audit Committee CEO.


other functions contribute control not defense Finance Human Resources Legal. identification risks adherence laws rules risk governance framework IRM.


LOBs Corporate own identification risks design execution controls IRM. Firm has risk identification framework identify risks. IRM function reviews challenges risks maintains repository provides Firmwide results to Firmwide Risk Committee Board Risk Committee.


Firm’s appetite risk governed by frameworks. approved by senior management Board Risk Committee. risks assessed capacity. results reported to Board Risk Committee.


independent IRM supported risk governance oversight senior management FRC Board Directors.


chart illustrates committees Board Directors risk governance oversight structure. committees forums channels oversight not Form 10-K.


Firm’s Operating Committee CEO CRO Chief Financial Officer General Counsel CEOs senior executives accountable refer matters Board Directors. Board information.


Firm’s Board Directors oversees business affairs. financial performance reviewing strategic objectives plans. oversight through committees independent members. Risk Committee risk. Audit Committee control Compensation Management Development Committee. oversees reputation conduct environmental social governance.


JPMorgan Chase Bank. Board Directors oversight management discharges acting committees. oversight JPMorgan


Chase Bank. Board Risk Audit Committee Compensation Management Development Committee.


Board Risk Committee assists global risk management framework risks. responsibilities include approval risk policies review frameworks analysis reporting. Breaches risk parameters adverse impact capital liquidity issues matters Committee.


Audit Committee assists Board responsibility effective controls assets income financial statements compliance ethical standards policies plans procedures laws rules regulations. qualifications independence performance accounting firm Internal Audit function.


Compensation Management Development Committee assists Board compensation principles practices. reviews compensation benefits programs. reviews performance Operating Committee members approves compensation awards. CEO’s award directors. reviews succession executives. oversees culture updates conduct issues actions compensation actions.


Public Responsibility Committee reviews Firm positions community investment fair lending sustainability consumer practices values reputation. provides guidance management Board.


Corporate Governance Nominating Committee Board Directors. reviews qualifications recommends nominees election. evaluates corporate governance practices. performance self-evaluation.


senior committees risk functions


Firmwide Risk Committee highest management-level. oversees risks business provides forum discussion members.


Firmwide Control Committee escalation senior management compliance risk issues metrics events.


Line Business Regional Risk Committees governance limits controls activities. review businesses adverse outcomes focus identifying accepting escalating requiring remediation matters.


Business Corporate Function Control Committees oversee risk control Operational Compliance Conduct Risks. risks compliance operational risk addressing issues emphasis processes control concerns remediation.


Asset Liability Committee asset management balance sheet liquidity interest rate capital risk.


Firmwide Valuation Governance Forum finance risk executives risks valuation.


Firm manages risk governance oversight. include drivers types impacts risk. Country Risk Management oversees risk driver multiple risk types.


sections discuss risk governance oversight. Strategic Capital Liquidity-109 Reputation Consumer-119 Wholesale-130 Investment Portfolio Market-143 Country Climate Operational Compliance Conduct Legal Estimations Model


Strategic risk earnings capital liquidity reputation failed plans.


Operating Committee senior leadership LOB strategic risks. IRM engages reviews meetings risk control committees acquisitions. Board Directors decisions Board Risk Committee IRM risk governance.


plans initiatives LOB Corporate risks Firmwide Risk Identification appetite.


IRM LOB Corporate initiatives risk profile Firm.


Firm’s strategic planning initiatives risk. plan outlines framework initiatives includes budget risk appetite capital earnings-liability objectives. Business Principles Operating Committee senior management update strategic plan performance environment new strategies.


Firm’s strategic plan IRM’s assessment provided to Board reflected in budget.


Firm’s balance sheet strategy-adjusted returns capital liquidity strategic risk. Capital Risk Management 91-101. Liquidity 102–109. Reputation Risk 110.


Capital risk Firm insufficient capital business activities normal stressed conditions.


strong capital essential business strategy competitive position. balance sheet imperative Board Directors CEO Operating Committee. balance risk-adjusted returns strong capital robust liquidity. capital risk management strategy long stability businesses. Senior management considers implications capital decisions. evaluates sources capital capital strength.


Firm Capital Risk Management independent oversight.


Capital Risk responsibilities metrics limits indicators appetite processes breaches assessments capital management activities Contingency Capital Plan assessments regulatory capital framework compliance rules.


Treasury CIO.


objectives capital management capital build invest businesses economic cycles stressed environments flexibility future investment opportunities Parent strength subsidiaries above minimum capital ratios maintain “well-capitalized” status JPMorgan Chase Bank.


capital distribution objectives capital resources resolution period strategy.


Firm objectives capital requirements capital governance framework. consider regulatory capital requirements assessment capital adequacy cycles stress events flexibility events monitoring capital position escalation protocols.


Committees Governance Firmwide ALCO CIO Risk Committee. Board Risk Committee reviews capital risk tolerance. Firmwide Risk Management 86–89.


Federal Reserve requires Firm submit annually capital plan reviewed approved Board. uses Comprehensive Capital Analysis Review stress testing BHCs sufficient capital economic stress capital assessment planning processes risks losses stress. evaluates capital adequacy plans capital distributions dividend payments stock repurchases. uses results adverse Stress Capital Buffer requirement year.


SCB 2. 9% September 30 2024. CET1. 4% December 2023.


Capital actions 99 Board Directors.


Firm prepares ICAAP informs Board managing capital compliance planning adequacy. ICAAP integrates stress testing capital planning. Audit Committee planning.


Stress testing impact economic business scenarios earnings capital. scenarios defined across businesses. macroeconomic factors results market shocks losses operational risk events. capture vulnerabilities risks. management considers tailored stress scenarios sensitivity analyses.


Firm’s Contingency Capital Plan management framework principles stressed environments. defines targeted capital levels minimum capital requirements monitors capital distributions sets capital contingency actions capital depletion stress.


Federal Reserve capital requirements Firm. Office Comptroller Currency JPMorgan Chase Bank. U. S. capital requirements follow Capital Accord Basel Committee.


capital rules Basel III establish capital ratios standards. BHCs banks Firm JPMorgan Chase Bank. minimum regulatory capital determined RWA off exposures weighted risk. two approaches RWA standardized advanced.


risk-based capital ratios adequacy Standardized Advanced approaches regulatory requirements.


July 2023 Federal Reserve OCC FDIC proposal amend risk-based capital framework capital rule Amendments large banking trading activity. S. Basel III. changes Advanced approach expanded risk-based approach internal models RWA market risk. stress capital buffer requirement applicable expanded Standardized approach. capital requirements banks assets $100 billion more Firm U. S. GSIBs. effective date July 1, 2025 three-year transition expanded. estimated impact RWA 30% 25% increase CET1 capital ratio requirement. estimates reflect actions mitigate impact rule.


U. S. Basel III proposal Firm capital above levels CET1 target 13. 5% meaningful. quarterly capital ratios vary market conditions. Basel III new expanded risk approach constraint.


Basel III rules capital requirements credit market risk Advanced operational risk RWA. differences Standardized Advanced risk-sensitive approaches internal credit models Standardized supervisory risk-weightings counterparty type class. Market risk RWA calculated Basel III Standardized Advanced. Firm supplement amounts


management regulators.


December 31, 2023 Advanced Total Capital ratio binding Basel III ratios Stress Capital Buffer. Standardized ratios binding Advanced.


Basel III Advanced Approaches Firm SLR. fourth quarter 2023 SLR binding Basel III Stress Capital Buffer requirement. GSIB surcharge 2024 expects ratios.


95 GSIB surcharge 98 SLR.


July 2023 Federal Reserve GSIB surcharge. Firm quarterly daily averaging. Surcharge increments reduced 50 10 bps amendments Method 2 calculation. amendments risk capital requirements Firm. GSIBs effective two quarters rule. Risk-based Capital Regulatory Requirements pages 94-95 GSIB surcharge.


August 2023 Federal Reserve FDIC OCC proposal long-term debt clean holding company requirements non-GSIB banks $100 billion assets. GSIBs proposal LTD maturities less two years. TLAC requirement. capital deduction framework non-GSIB banks.


chart presents Basel III CET1.


CET1 ratio. 5% risk assets.


banking organizations Firm additional conservation. GSIB surcharge countercyclical fixed 2. 5% Advanced variable SCB requirement 2. 5% Standardized.


Federal GSIB rule Firm GSIB surcharge two methods subject higher. reflects GSIB surcharge Basel calculated Financial Stability Board size activity interconnectedness complexity substitutability. modifies short-term wholesale funding introduces GSIB score “multiplication.


table presents Firm’s GSIB surcharge years 2024 2023 2022. Method 1. 2.


November 2023 FSB list December 31, 2022 Firm’s Method 1 GSIB surcharge 2. 5% effective January 1, 2025.


Method 2 surcharge December 2021 4. 5%. effective January 1 2024. December 31, 2022 4. 5%. 5% January 1 2024.


U. capital standards countercyclical capital buffer banks. December 31, 2023. capital buffer 0%. Federal Reserve annually. if Federal Reserve FDIC OCC risks above normal. 5% RWA 12-month.


maintain capital equal risk-based minimum conservation buffer GSIB surcharge countercyclical buffer Firm dividends common share repurchases bonus payments.


Federal rule requires. GSIB maintain TLAC LTD. TLAC page 100.


Banking organizations Basel III minimum SLR 3. 0%. 2. 0% leverage buffer. Tier 1 capital Basel III divided total leverage exposure. calculated assets off-balance sheet exposures. SLR page 98.


Failure maintain SLR equal regulatory requirement limitations capital dividends repurchases bonus payments officers.


capital Basel III Firm JPMorgan Chase Bank. maintain capital leverage ratios Federal Reserve FDIC Improvement Act. Note 27.


capital ratios. federal capital standards Note 27. Pillar 3 Regulatory Capital Disclosures reports website capital measures.


tables present risk capital metrics Basel III Standardized Advanced approaches. Note 27 JPMorgan Chase Bank. First Republic Bank not subject Advanced regulatory capital requirements. exposures First Republic acquisition impact Total capital calculated Standardized approach U. S. capital rules. Note 34 information First Republic acquisition. millions 31, 2022 ratio requirements metrics capital Tier 1 capital Total capital,417 Risk-weighted assets,538 capital ratio. Tier 1 capital ratio. Total capital ratio.. 5


capital metrics CECL. Note 27.


regulatory buffers 2023. Basel III Standardized CET1 capital ratio 12. 13. 5% 15. 5% Basel III Advanced 10. 5% 12. 14. 0%. Note 27.


First Republic Standardized approach. capital rules. months 31, 31, 2022 ratio requirements Leverage capital metrics Adjusted assets,831,200,703 Tier 1 leverage ratio. Total leverage exposure,465,367.


assets leverage ratios quarterly deduction Tier 1 capital goodwill equity intangible assets.


requirements regulatory buffers. Note 27.


table stockholders’ equity Basel III CET1 Tier 1 capital December 2023 2022. 2022 equity Preferred stock equity deferred tax liabilities capital adjustments,221 Goodwill intangible assets capital Preferred stock Tier 1 adjustments Tier 1 capital,306 Long debt instruments Tier 2 capital,779,569 credit losses,353 Tier 2 capital,191 capital,497 Adjustment allowance credit losses Tier 2 capital,417


deferred tax liabilities goodwill intangibles nontaxable CET1 capital.


December 2023 2022 cash adjustments $4. billion $5. 2 billion CECL $1. $2. 2 billion.


deducted capital equity nonconsolidated. page 134 investment risk.


credit losses Tier 2 capital. 25% credit risk CECL capital transition excess. Note 27 CECL.


adjustment losses excess reserves. 6% risk impact CECL capital transition excess deducted.


$655 million credit losses First Republic Standardized permitted transition. capital rules.


table Basel III CET1 Tier 1 2023.December 31, millions CET1 capital 2022 Net income common equity,051 Dividends common stock,055) purchase treasury stock(8,881) paid-in capital AOCI Unrealized gains investment securities,381 Translation adjustments hedges Fair value hedges benefit pension postretirement benefit plans capital adjustments Standardized CET1 capital,651,651 Redemptions preferred stock Standardized Tier 1 capital,675,306 Tier 2,138 long debt instruments Tier 2 allowance credit losses Standardized Tier 2 capital(947),191,497 Advanced Tier 2 capital,952 long-term debt allowance credit losses Advanced Tier 2 capital,111,417


currency impact derivatives.


CECL capital transition accounting principles. Note 27 CECL.


$655 million credit losses First Republic Standardized approach permitted. capital rules.


table presents changes RWA Basel III December 2023. amounts categories estimates predominant driver. Year 2023 millions risk December 31, 2022,536,002,538,078,076,432,265,773 Model data changes(4,883),196) Movement portfolio levels,339,364,498,579 Changes RWA,315,457,185,383 December 31, 2023,851,144,995,155,261,603,292,156


changes material movements RWA revised methodologies rule changes.


portfolio Credit risk book size First Republic acquisition shared-loss agreements position roll-offs Home Lending credit quality market movements deductions losses Market risk position market regulatory multiplier Operational risk cumulative losses macroeconomic model inputs.


December 2023 2022 Basel III $208. 5 $210. billion Basel III $188. 5 $180. 8 billion.


December 31, 2023 Credit risk. 4 billion RWA First Republic. capital rules.


Firm’s Pillar 3 Capital Disclosures website Credit Market Operational.


table SLR. months 2022 Tier 1 capital,306 assets,885,755,271 Regulatory capital adjustments,398,831,703,873 Off-balance sheet exposures,219 leverage exposure,465,367,092.


SLR quarterly assets deduction Tier 1 capital goodwill equity intangible assets CECL capital transition. Note 27 CECL.


Tier 1 leverage ratio.


-balance exposures three-end balances exposures. Pillar 3 Regulatory Capital Disclosures.


business segment allocated capital peers regulatory capital requirements. ROE measured targets established performance.


Basel RWA GSIB surcharge


rules simulation capital severe stress. annually assumptions judgments methodologies capital LOBs change. January 1, 2024 changes capital allocations capital requirements changes RWA LOB. capital accumulated U. S. Basel III proposal retained Corporate.


table presents capital business segment. business equity 31, billions 1 Consumer Community Banking. Corporate Investment Bank. Commercial Banking. Asset Wealth Management. Corporate common stockholders’ equity.


First Republic.


Firm’s common stock dividends Capital Management.


quarterly dividend $1. 05 per share. Board Directors.


26 dividend restrictions.


table shows dividend payout ratio net income common equity. December


May 1 2022 Firm purchase $30 billion share repurchase April.


table Firm’s repurchases common stock 2023 2022 2021. millions Total shares repurchased. purchase price#9,898,122,448


commissions. Inflation Reduction Act 1% excise tax 2023.


2022 Firm suspended repurchases resumed first quarter 2023.


Federal Reserve repurchases dividends quarter 2021 restricted exceed income four quarters. July 1 2021 capital restrictions regulatory framework.


Board Directors’ authorization repurchase shares discretion timing amount subject to factors market conditions legal regulatory considerations Firm’s capital position internal capital generation future capital requirements alternative investment opportunities. $30 billion common share repurchase program price targets timetables. suspended executed through open market purchases privately negotiated transactions Rule 10b5-1 plans trading blackout periods.


Part II Item 5 Equity Purchases 35 2023 Form 10-K equity securities.


capital planning 91.


dividends $1. billion 2023. billion 2022 2021.


Note 21 preferred stock issuance redemption.


Long-term page 108 Note 20 debt.


Federal TLAC rule requires. GSIB TLAC long-term debt.


TLAC minimum long-term debt


Standardized Advanced regulatory capital ratio.


maintain TLAC equal regulatory minimum buffers limitations capital Firm dividends repurchases bonus payments officers.


table presents eligible TLAC LTD amounts percentage Firm’s total RWA leverage exposure CECL capital transition provisions December 31, 2023 2022. 31, 2022 billions except ratio Total eligible amount.#222. % RWA. Regulatory requirements. Surplus/(shortfall)#129. % total leverage exposure. Regulatory requirements. Surplus/(shortfall).#18.


January 1 2023 requirements TLAC LTD 50 23. GSIB. Risk-based Capital Regulatory Requirements 94–95 GSIB surcharge.


Liquidity Management pages long-term debt.


Part I Risk pages 9-33 2023 Form 10-K debt securities.


JPMorgan. J. P. Morgan Securities. Rule 15c3-1 Securities Exchange Act 1934. futures merchant SEC Commodity Futures Commission Financial Industry Regulatory Authority National Futures Association.


. Morgan Securities compute minimum capital requirements Capital Rule.


table. Morgan capital December 31, 2023,865,346


J. P. Morgan Securities registered SEC CFTC. SEC CFTC requirements. subject minimum capital net $5. billion. SEC CFTC net capital less $6. 0 billion. Tentative capital before credit risk charges Rule. December 31, 2023. maintained net capital minimum requirements.


J. P Morgan Securities subsidiary JPMorgan Chase Bank. banking investment broker-dealer activities. regulated. Prudential Regulation Authority Financial Conduct Authority. subject European Union Capital Requirements Regulation. PRA capital rules Basel III.


Bank England requires. banks. funds liabilities. December 2023. Morgan Securities compliant MREL.


2023. Morgan Securities Tier 1 leverage. 25% buffers.


table presents. Morgan Securities risk leverage capital metrics December 31, ratios Total capital. Tier 1. Tier 1 leverage ratio.


Pillar 1. Morgan Securities capital ratios December 31, 2023 additional.


75% Tier 1 CET1.


JPMSE subsidiary JPMorgan Chase Bank. European Central Bank local regulators subject EU capital requirements Basel III.


JPMSE Resolution MREL. 2023 compliant MREL.


table risk leverage capital metrics December 31, millions Total capital,158. Tier 1. leverage ratio.


Pillar 1. Morgan capital leverage ratios December 31, 2023 additional.


Liquidity risk Firm meet cash collateral needs appropriate funding liquidity assets liabilities.


Firm Liquidity Risk Management function oversight liquidity risk. responsibilities monitoring risk metrics establishing limits indicators process breaches review processes liquidity stress tests regulatory metrics liquidity positions balance sheet variances funding activities liquidity stress assumptions.


Treasury CIO.


objectives liquidity management businesses entities client needs meet financial obligations cycles stress events optimal funding liquidity sources.


Firm objectives liquidity assets liabilities entities currencies operational restrictions liquidity stress testing assumptions liquidity strategies policies funding plans liquidity risk compliance regulatory requirements funding liquidity FTP liquidity balance liabilities off-balance sheet items.


liquidity management strategy manages liquidity funding liquidity sources uses exposures constraints transfer entities surplus liquidity Firmwide legal entity.


Committees liquidity Firmwide regional Treasurer CTC Risk Committee. Board Risk Committee liquidity risk strategy policy. Firmwide Risk Management pages 86–89.


Firm conducts internal liquidity stress testing entities liquidity adverse scenarios resolution recovery planning. Internal stress tests market events. assume contractual financial obligations access unsecured secured funding markets non cash outflows rating downgrades haircuts impediments liquidity regulatory legal restrictions.


Liquidity outflows idiosyncratic stresses.


stress tests funding plan liquidity position. Parent Company funding equity debt JPMorgan Chase Holdings LLC provides operations. Firm maintains liquidity Parent Company IHC subsidiaries risk tolerances minimum requirements


periods stress disrupted.


Firm’s Contingency Funding Plan strategies liquidity stress risk limits appetite tolerances. identifies alternative funding liquidity resources.


LCR rule requires Firm JPMorgan Chase Bank. maintain eligible HQLA cash outflows 30 period stress. Eligible HQLA unencumbered operational considerations. cash-quality liquid securities.


LCR rule HQLA JPMorgan Chase Bank. 100% LCR requirement not transferable HQLA.


net cash outflows rates LCR rule applied assets obligations. LCR Firm JPMorgan Chase Bank. 100%.


table summarizes Firm JPMorgan Chase Bank. average LCR December 31, 2023 2022 LCR framework. Average amount millions 31, 2022 JPMorgan Chase. Eligible cash,263 Eligible securities,201 Total,628,365 Net cash outflows,668 Net excess,771,697,468 Chase Bank. Net excess HQLA,190,096


cash central Federal Reserve.


securities borrowed purchased resale balance sheets. calculating LCR securities included fair value differ accounting. GAAP.


. Treasuries. sovereign bonds haircuts LCR.


HQLA JPMorgan Chase Bank. non-bank.


JPMorgan Chase Bank. LCR December 2023 September CIB loan growth.


JPMorgan Chase Bank. average LCR 2023 decreased 2022. reduction cash decline deposits loan growth impact First Republic lower values securities. offset CIB markets activities.


Note 10 34 First Republic acquisition.


Federal Reserve impacted depositor behavior reductions deposits including Firm. JPMorgan Chase Bank. LCR fluctuate changes HQLA net cash outflows business activity Federal Reserve. Firm’s. LCR Disclosure reports.


HQLA unencumbered securities liquidity. excess HQLA securities JPMorgan Chase Bank. not transferable non-bank affiliates. value $649 billion $694 billion December 2023 2022 liquidity market conditions. decrease securities JPMorgan Chase Bank. offset increase unencumbered AFS securities.


2022 Firm $1. trillion cash securities $798. billion $735. billion unencumbered securities $649 $694 billion.


Firm had borrowing capacity Federal Home Loan Banks Reserve collateral pledged $340 billion $323 billion as December 31, 2023 2022. excludes cash securities pledged Federal Reserve. borrowing capacity increased December 31, 2022 wholesale loans Federal Reserve Banks. primary liquidity.


net stable funding ratio liquidity requirement large banking stable funding amounts one-year.


three months 2023 Firm JPMorgan Chase Bank. 100% NSFR. Firm NSFR Disclosure report December September 30, 2023.


believes unsecured secured funding capacity obligations cash requirements.


Firm funds deposits secured unsecured capital markets stockholders’ equity. Deposits primary JPMorgan Chase Bank. secured borrowings unsecured


IHC. non-bank subsidiaries funded unsecured secured securities loaned sold repurchase. Excess funding invested Treasury CIO deployed cash investments.


Note 28 obligations.


table summarizes deposit balances 2023 2022. millions Consumer Community Banking,738,131,611,552 Corporate Investment Bank,638,700 Commercial Banking,254,342,180 Asset Wealth Management,232,178 Corporate,203,042 Total,400,688,179,067,467,915


Firm believes deposits stable funding reduce reliance wholesale. deposits consumer wholesale stable sources liquidity. Wholesale deposits generated from customers relationships.


Firm believes average trends-end. market disruption trends impacted.


deposits lower 2023 2022 balances AWM migration higher-yielding investments higher interest rate offset growth product offerings First Republic decline CCB higher spending offset First Republic decrease CB deposit attrition higher offset inflows disruptions quarter 2023 decline CIB deposit attrition offset


issuances notes client demand Corporate initiatives.


-end deposits increased December 2022 balances CIB structured notes inflows Payments Securities Services offset deposit attrition Corporate international initiatives balances CCB higher customer spending decline AWM higher investments offset growth product offerings decrease CB deposit attrition investments offset retention inflows disruptions first quarter 2023.


increase $61 billion First Republic AWM.


Business Note 34 First Republic acquisition.


Balance Sheets Business Segment Results pages 65–85 deposit liability trends. Note 3.


deposits stability LCR. Federal U. S. depository institution. December 2023 2022 Firmwide uninsured deposits $1,331. 9 billion $1,383. 7 billion wholesale deposits.


uninsured deposits include time. table uninsured. non. time deposits remaining maturities. estimates. based FDIC regulations. non. time deposits uninsured. 31, 2023 31, 2022. Three months,719,466,765 three 6 months,736,358,658 six 12 months,294 12 months Total,459,187,005


table shows loan deposit balances-to ratios liabilities December 2023 2022. billions Deposits,400. % liabilities Loans,323.,135. Loans-to-deposits ratio


table average balances interest rates JPMorgan Chase’s deposits 2023 2022 2021. balances interest millions. Noninterest-bearing#691,206,170 Interest Demand,725####322,122. Savings,558####971,788####930,866.####62,022,628. Total interest-bearing deposits,110,358,322,301,616. deposits. offices,901,049,528####1,949,786. Non-U. Noninterest-bearing,747,043,315 Interest Demand####324,740####313,304.,443,604,749.interest-bearing deposits,419,344,053. 37. deposits non.,166,387,368. 18. deposits,359,067,467,915,154.


Negotiable Withdrawal trust.


Accounts.


Note 17.


table funding December 2023 2022 balances. Consolidated Balance Sheets Analysis 58–60 Note 11.Sources funds December 31, millions Commercial paper,737,557,675,151 borrowed funds Federal funds purchased short-term unsecured funding,724,659,141 Securities sold,382,192 Securities loaned borrowed funds,775,211 Obligations,387 short secured funding,304,217,793 Senior notes,047 debt,803 Structured notes,656 long-term unsecured funding,966,667 Credit card securitization,998,999 FHLB advances,093,103 Purchase Money Note long-term secured funding,105,837 funding#97,857,197,890 Preferred stock,404 stockholders’ equity,474#264,928


short-term securities loaned.


beneficial interests entities sheets.


TLAC unsecured debt.


Purchase First Republic 1 2023. Note 34.


long-term secured.


Capital Risk Management 91 equity 169 21 22 preferred stock equity.


December 2023 $500 million. billion First Republic. Note 34.


funding securities loaned sold repurchase. secured high-quality debt. GSE MBS. Securities sold increased December 31, 2023 lower netting repurchase.


balances securities loaned sold fluctuate due to investment financing activities Firm’s demand financing management liabilities financing factors.


unsecured wholesale paper borrowed funds.


increase commercial paper average balances December 2023 net issuance short-term liquidity management.


decrease secured funds December 2023 lower financing Markets.


Long-term funding liquidity Firm. driven client activity liquidity regulatory requirements. objectives diversification market access costs. markets tenors currencies.


majority Firm’s debt issued Parent Company-bank subsidiaries. Parent Company advances funding IHC. IHC issue debt external counterparties. December 2023 increase structured notes issuances client demand fair value.


table summarizes long-term unsecured issuance maturities 2023 2022. Note 20 IHC long-term debt. unsecured funding millions Senior notes U. S.,256 non-U. markets notes,397,352 Subordinated debt Structured notes,281 long-term unsecured funding,410,387,031 Maturities Senior notes,483 debt Structured notes unsecured funding maturities,105,294


Firm funding credit loans FHLB advances. table summarizes securitization FHLB advances maturities 2023 2022. FHLB advances Purchase Money Note First Republic. Note 34.-term secured funding December Credit card securitization FHLB advances,775 Purchase Money Note-term funding funding


Purchase Note First Republic. Note 34.


Firm’s wholesale businesses securitize loans client not funding included table. Note 14 securitizations.


cost availability financing influenced by credit ratings. Reductions access liquidity increase cost trigger collateral decrease investors. impact contractual behavioral factors


believes liquidity risk stress metrics.


liquidity decrease funding ratings.


funding VIEs third-party commitments credit ratings. Note 5 14.


credit ratings Parent Company principal bank non subsidiaries December 31, 2023 Chase Co. Chase Bank. P. Morgan Securities. Morgan Securities. December 31, 2023-term issuer-term Moody’s Investors Service Standard & Poor’s Fitch Ratings+


March 2023 Standard Poor's Parent Company subsidiaries revised outlook.


November 2023 revised subsidiary negative. sovereign outlook.


JPMorgan unsecured debt acceleration maturities limitations borrowings collateral credit ratings financial ratios earnings stock price.


credit ratings earnings capital liquidity credit quality risk diverse funding sources. agencies evaluate economic trends regulatory developments profitability risk methodologies. Changes ratings.


Reputation risk integrity reduce confidence competence clients counterparties customers investors regulators employees.


reputation risk introduced employees business strategies clients customers counterparties. financial losses regulatory fines penalties sanctions harm Firm.


Reputation Risk Management governance risk LOBs. challenging identify manage quantify.


Firm’s reputation risk management Firmwide Risk Governance policy standard consistent oversight identification escalation risk issues


Reputation Risk Governance policy principles managing risk Firm. responsibility LOB Corporate employees consider reputation new product jurisdiction business process. Environmental impacts social concerns risk governance.


Credit investment risk default credit profile loss principal reduction returns consumer wholesale investment portfolio.


Credit risk default credit profile client customer. Firm provides credit corporate consumers small businesses. consumer exposed risk home lending credit card auto business banking. wholesale businesses underwriting lending market-making hedging operating services securities financing. investment securities portfolio cash banks.


Credit Risk Management monitors manages risk defines policies procedures. policy framework managing risk portfolio segments industry geographic limits underwriting guidelines approval authorities criticized exposures delinquent loans losses capital management


credit risk Firm employs methodologies obligor counterparty default. vary factors type. consumer risk measurement parameters. delinquency status risk management collection processes. retail. risk based probability default loss severity exposure default.


factors methodology estimates Note 13 10 Firm estimates credit losses. loan losses consumer wholesale portfolios lending-related commitments investment securities. Note 13, 10 Critical Accounting Estimates pages 155–158.


potential credit losses risk capital volatility loan lending commitments. analyses include stress testing alternative scenarios.


Stress testing credit risk Firm’s portfolio. impact economic business scenarios credit losses. scenarios defined centrally macroeconomic applied businesses. results indicate credit migration delinquency potential losses. management considers additional industry country- specific. Firm stress testing risk impact stress counterparties.


Firm developed policies extending credit transaction portfolio. policy framework establishes approval authorities concentration limits risk-rating methodologies portfolio review distressed exposures. models assumptions inputs validated groups separate LOBs.


Consumer credit risk monitored delinquency trends portfolio policies guidelines. evaluates delinquency against business expectations economic conditions industry benchmarks. performance trends credit losses credit risk profile.


credit risk monitored portfolio industry client counterparty limits reviewed revised management. counterparty limits stress loss constraints.


wholesale credit risk underwriting syndications sales securitizations derivatives netting agreements risk-reduction techniques


Credit Risk independent Credit Review risk grades wholesale credit portfolio changes credit management processes LOBs Corporate credit analyses risk grading monitoring credit compliance grading policies underwriting guidelines.


Note 12 loans.


credit risk decision-making credit exposure forecasts concentration risk profile reported members Credit Risk Management. portfolio reporting credit losses reviewed quarterly. risk trends exceptions risk committees senior management Board Directors.


Credit risk default credit profile client.


tables loans include retained.-sale fair value. include Firm fair value trading assets Notes 2 3. Notes 12 28, 5 information loans commitments receivables accounting policies.


Note 10 risk investment securities 11 securities financing portfolio. Consumer Credit Portfolio pages 114–119 Note 12. Wholesale Credit Portfolio pages 120–130 Note 12.


January 1, 2023 Firm adopted TDR accounting guidance eliminated requirements. guidance requires loan modifications borrowers principal forgiveness interest rate reduction payment delay term extension. financial difficulty modifications ("FDMs"). elimination loans FDMs differs TDRs. Note 1 Note 12.credit portfolio December 31, millions exposure Loans retained,870,598 Loans-sale fair value Total loans,323,135,647 Derivative receivables,880 Receivables customers,257 credit assets,784,281,016 acquired loan Real estate assets loan Lending-related commitments,326,782 credit portfolio,924,042,566 Credit derivatives notes Liquid securities cash collateral derivatives,461


Receivables loans CIB CCB AWM interest receivable balance sheets.


Represents net protection purchased sold notes.


First Republic. billion Consumer $90. billion Wholesale.


December 2023 2022 nonperforming assets excluded mortgage loans 90 insured. $182 million $302 million. government guarantee. credit card loans.


table Firmwide nonaccrual loans. December 31, millions ratios loans,323,135,647 outstanding. 59


table charge-offs recoveries. December 31, millions charge-offs,209 Average retained loans,765 charge-off rates.


consumer portfolio loans residential real estate credit card auto business banking First Republic. loans fair value. prime segment consumer credit. mortgage loans retained securitized sold. government agencies. enterprises loans retained balance sheet. Note 12. Note 28 commitments.