CVA adjustment benchmark interest rate counterparty nonperformance risk. Firm estimates CVA scenario analysis positive credit exposure positions counterparty estimates losses probability default recovery rate counterparty credit event factors. inputs probability default CDS spreads estimated recovery rates CDS spreads differences senior unsecured creditor risk.


FVA adjustment impact funding recognized market participant transfer instrument. Firm’s FVA framework uncollateralized-counter derivatives incorporates expected funding requirements positions


counterparty collateral arrangements estimated market funding cost credit risk. collateralized derivatives fair value future cash flows swap rate separate FVA.


table impact credit funding adjustments transactions revenue excluding hedging activities. FVA includes credit quality liabilities changes. Year December 31, millions Credit funding adjustments CVA#362 FVA


valuation Firm’s liabilities value option requires credit risk. DVA reflects probability default LGD estimated credit spread. Realized/losses DVA reported principal transactions revenue. Unrealized/losses OCI. page 190 Note 24 information.


Assets liabilities nonrecurring


tables present assets liabilities December 31, 2023 2022 nonrecurring fair value adjustments recorded product category fair value hierarchy. millions value hierarchy Loans#599,156 Other assets,334 assets nonrecurring#651#2,490 Accounts payable liabilities liabilities December 31, 2022 millions value hierarchy Loans#643#627 Other assets,352 assets#1,979 Accounts payable liabilities liabilities


Included impairments equity investments securities values adjusted price changes issuer. $1. 3 billion level 3 assets December 31, 2023 $412 million equity securities adjusted alternative. infrequency prices restrictions shares.


table presents change value assets liabilities adjustments recognized 2023 2022 2021. millions Loans(72) Other assets Accounts payable liabilities(83) nonrecurring value gains(1,065)


$(232) $(338) $379 million 2023 2022 2021 gains. impairments equity investments.


Note 12 loans.


Firm measures equity securities values cost less impairment price changes investment. recognized income.


new carrying values price changes Firm prices fair values. adjustments rights obligations securities valuation techniques private equity investments.


table presents value equity securities values December 31, 2023 2022 measured alternative adjustments recorded price changes. securities included nonrecurring fair value tables price changes observable. December 31, Carrying value,096


period-end values reflect purchases sales changes.


cumulative carrying changes 2023. billion.


downward January December 31, 2023. billion.


Firm’s interest in 37 million Visa Class B shares. subject transfer restrictions convertible into Visa Class A shares conversion rate litigation matters. conversion rate 1. 5875 at December 31, 2023 adjusted. outcome conversion rate unknown. December 31, 2023 uncertainty transfer restrictions final conversion rate. Visa B shares not similar Visa A held at nominal carrying value.


sales Visa B Firm entered derivative instruments retains risk conversion rate. payments conversion rate interest payments. payments continue shares transfer restrictions. instruments accounted fair value discounted cash flow methodology estimate resolution. recorded trading liabilities changes fair value recognized income. December 31, 2023 held derivative instruments 23 million Visa B shares subject similar terms conditions.


January 24, 2024 Visa filed Report Form 8-K SEC stockholders approved amendments Certificate Incorporation Visa B shares Class B-1 shares exchange offers transfer restrictions Visa B-1 shares Class C shares. Firm exchange Visa B-1 shares B-2 shares C shares. Visa B-2 shares transfer restrictions. Firm sell Visa C shares lock-up extend offers future exchanges release additional Visa B shares conditions. actions Visa factors.


disclosures financial instruments Consolidated balance sheets


. GAAP requires estimated value financial instruments table. nonfinancial intangible financial instruments customer relationships. add value JPMorgan Chase.


financial instruments carried balance sheets


approximate fair value short-term negligible credit risk. include cash deposits federal funds receivables borrowings federal funds loaned accounts payable accrued liabilities. GAAP requires fair value deposit liabilities maturity. carrying value funding value.


table presents value hierarchy carrying estimated values December 31, 2023 2022 financial assets liabilities excluding instruments carried recurring classification. 31, 2023 2022 fair value hierarchy billions value 1 2 estimated fair value Financial assets Cash due from banks. Deposits with banks. Accrued interest accounts receivable. Federal funds sold securities purchased under resale agreements. Securities borrowed. Investment securities held-to-maturity.####160.####182.####425.####189####199 Loans loan losses####1,262.####964.####1,073####194.####853.####1,047####76####74 4####76####101.####99####101. Financial liabilities Deposits#2,322. Federal funds securities loaned sold repurchase agreements####47.####47 Short-term borrowings####24.####24 Accounts payable liabilities####241.####233.####8####241. 4####257.####251.####5####256. Beneficial interests consolidated. Long-term debt####303.####252.####51####303.####223 8####219.


value estimated discounted cash flow model characteristics underlying loans principal contractual interest rate fees credit losses interest rates prepayment rates market spreads. certain value measured underlying collateral. Carrying value losses expected credit losses. difference market interest rates credit spreads liquidity premiums.


FHLB 2 borrowings Purchase Money Note 3 Republic. Notes 20 34.


Firm’s lending commitments not carried fair value Consolidated balance sheets. carrying estimated fair value periods. 31, 2023 31, 2022 fair value hierarchy billions) value 1 2 estimated fair value Wholesale lending commitments.


guarantee liability offsetting asset recognized inception guarantees.


wholesale lending.


December 31, 2023 adjustments First Republic unfunded $1. 1 billion. Notes 28 34.


Firm estimate consumer lending commitments. reduce cancel commitments notice without notice. Refer page 177 valuation lending commitments.


fair value option assets liabilities firm loan.


Firm elected measure instruments fair value mitigate income statement volatility differences measurement basis instruments. risk management arrangements fair reflect instruments managed fair value.


election fair value includes securitization bifurcation accounting lending commitments securities financing agreements interests securitized assets credit derivatives notes hybrid instruments derivatives issued client activities long interests consolidated securitization trusts assets fair value


table presents changes fair value statements income years 2023 2022 2021 option elected. profit loss includes financial instruments elected risk management instruments not.December 31, millions changes fair value changes value Federal funds sold securities purchased resale Securities borrowed(200 Trading assets Debt equity instruments excluding loans,656(1,703),171) Loans trading assets Changes instrument credit risk changes fair value####5####(59) Loans Changes instrument-specific credit risk(242)(7) changes fair value####216####643(1,421)(794),215)####2,056 assets(26)(14) Deposits(2,582) Federal funds securities loaned Short-term borrowings Trading liabilities(24) Beneficial interests Other liabilities(16)(11)(17) Long-term debt(5,875)(78)(5,953)####8,990####98####9,088(980)(976)


gains credit risk fair value option recorded OCI realized gains principal transactions revenue. gains transactions years 2023 2022 2021.


-term debt relates structured notes. risk managed gains include income statement impact risk management instruments.


mortgage income.


income.


fair value exclude contractual interest included income expense instruments CIB. Note 7.


credit risk fair value option


describes gains losses instrument credit risk. commitments floating-rate instruments changes attributed credit risk. fixed-rate allocation interest rate credit. Allocations based borrower-specific credit spread recovery


benchmarking similar entities.-term debt Changes value instrument-specific credit risk Firm’s credit spread bond market. financing agreements collateral market value equal principal loaned no adjustment instrument-specific credit risk.


value contractual balance


table fair value balance 2023 2022 loans debt interests fair value option elected.December 31, millions principal value Loans Nonaccrual loans trading assets,987(2,399),149 Loans Subtotal,320,197,287) 90 days past due government guaranteed Loans loans trading assets,135 Loans,060,135 Subtotal,467,270,141 Total loans,385(4,978),019,437 Long-term debt Principal-protected debt,768,882(8,886,341,105,236) Nonprincipal-protecteddebt,042,176 long-term debt,281-term interests Nonprincipal-protected debt long-term interests


balances excluded loans insured guaranteed.


no loans ninety December 2023 2022.


contractual principal not applicable nonprincipal-protected notes long beneficial interests. Unlike principal-protected principal maturity nonprincipal-protected obligate principal return based performance underlying variable. investors exposed credit risk Firm nonprincipal-protected principal notes.


Firm issues-protected zero-coupon discount notes balance maturity next call.


December 2023 2022 $9. 7 billion. 6 billion $97 million $24 million. Note 28 off-balance sheet.


table presents value structured notes balance sheet classification risk type. 31, 2023 31, millions-term debt-term borrowings Risk exposure Interest rate,604,784,973,888 Credit,444,105,275 Foreign exchange,733 Equity,685,905,073,681 Commodity Total structured notes,200,258,271,029


deposits metals value $627 million $602 million 2023 2022.


credit risk arise clients counterparties customers similar business activities same region economic features obligations economic conditions.


JPMorgan Chase monitors credit portfolios risk collateral. Senior management involved credit approval risk levels adjusted risk appetite.


consumer portfolio concentrations managed product U. S. region focus trends level credit risk underwriting policies portfolio guidelines. Note 12. wholesale portfolio credit risk evaluated industry monitored portfolio individual.


sales securitizations derivatives agreements collateral risk-reduction techniques. Note 12.


Firm believe exposure loan product credit risk.


loan products collateral coverage extending credit allowance losses. Note 13.


table consumer wholesale credit exposure portfolio segments December 2023 2022. wholesale risk business activity.exposure-balance-balance sheet December 31, millions Consumer excluding credit card,496,403,375 Credit card,126,781 Total consumer,277,351,352 Wholesale Real Estate,261,469,857 Individuals Entities,849,785,815 Asset Managers,574,471,656 Consumer Retail,086,799,555 Technology Media Telecommunications,296,395,286 Industrials,092,209,483 Healthcare,025Banks Companies,177,338,246 Utilities,396,598,218,269 Govt,986,847 Oil Gas,290,668 Automotive,977,090,287 Chemicals Plastics,773,874,030 Insurance,501,138,828 Govt,704,669,095,955 Transportation,060,425,009 Metals Mining,508,579 Securities Firms,689,285 Financial Markets Infrastructure,251,155,777,032,711,307,075,264,122,864,786,146,530,880 Loans-sale fair value,018,427 Receivables,257 wholesale,341,765,864,786,880 exposure,924,042,323,706,864,566,135,647,880


commercial card CB CIB.


industry rankings December 31, 2022 based December 31, 2023 not 2022.


Global Private Bank clients AWM. Morgan Wealth Management companies trusts.


risk governments. 2022 Firm $5. 9 $6. 6 billion trading assets $21. 4. 8 AFS securities $9. $19. 7 billion HTM securities. Note 2 10.


SPEs organizations 94% 6% December 2023 95% 5% 31, 2022. Note 14.


reflect loans clients CIB CCB AWM collateralized assets accounts cash liquid debt securities.


cash $614. $556. 6 billion December 2023 2022 Federal Reserve.


exposure net risk excludes derivatives management receivables loans securities cash collateral.


First Republic. billion Consumer $90. billion Wholesale Real Estate Asset Managers.


December 2023 2022 $94 million $350 million loans. guaranteed SBA. Firm recognize charge-offs loan losses.


instruments.


Derivative contracts from prices indices reference rates inputs expose counterparties to risks rewards without. JPMorgan Chase makes markets derivatives uses risk. derivatives market-making risk management.


Firm’s derivatives market-making. Clients use interest credit foreign exchange equity commodity risks. Firm manages risks contracts purchasing instruments.


Firm manages market credit risk instruments hedge accounting assets liabilities.


Firm uses interest rate derivatives risk. Fixed-rate assets liabilities depreciate rates. interest income expense increase variable-rate resetting repayment origination issuance-rate. Gains losses derivative instruments offset variability.


currency derivatives exchange risk. non-U. dollar assets liabilities transactions Firm’s investments non-U. subsidiaries branches. dollar fluctuations currencies. dollar–equivalent assets revenues expenses increase decrease. Gains losses derivative instruments offset variability.


Commodities derivatives manage price risk inventories. Gains offset inventory.


derivatives counterparty credit risk loans lending commitments. compensate purchaser credit event bankruptcy failure. CDS. derivatives pages 214–216 discussion.


risk management derivatives losses page 214 hedge accounting 211–213.


Firm enters OTC derivatives negotiated settled counterparty. ETD futures options OTC-cleared contracts CCPs. cleared CCP counterparty. derivatives traded novated CCP clearing.


Firm provides services member exchanges houses. reflect derivative contracts Consolidated Financial Statements. Note 28.


derivatives Firm Consolidated balance sheets fair value.


permitted. GAAP Firm nets derivative assets liabilities cash collateral receivables netting agreement counterparty. Note 1 offsetting. accounting derivative hedge accounting. not fair value earnings. tabular disclosures pages 207–214 derivative assets liabilities gains losses. Notes 2 3 derivatives.


Firm applies hedge accounting derivatives interest rate foreign exchange commodity. JPMorgan Chase hedge all derivatives. apply CDS credit risk difficulties qualifying. apply hedge accounting interest rate foreign exchange commodity derivatives.


for hedge accounting derivative effective risk hedged. derivative risk management objective strategy documented. documentation derivative hedging instrument asset transaction risk hedged effectiveness retrospectively. Firm uses statistical regression analysis nonstatistical methods dollar-value comparisons qualitative comparisons of critical terms evaluation changes. derivative offsetting changes fair value cash flows assessed documented quarterly. If derivative not effective hedge accounting discontinued.


three hedge fair value cash flow net investment. JPMorgan Chase fair value hedges debt AFS securities commodities inventories. changes hedged recognized earnings. amounts excluded recorded OCI recognized earnings. hedge terminated adjustment amortized yield adjustment. Derivative amounts earnings recognized net interest income principal transactions revenue.


January 1, 2023 Firm adopted portfolio layer method hedge expanded hedge fixed-rate assets more.


Firm employs Portfolio Layer Method interest rate risk fixed-rate assets. adjustments maintained portfolio allocated assets. hedged voluntary de-designation.


JPMorgan Chase uses cash flow hedges variability cash floating-rate assets liabilities foreign revenue expense. changes value derivative recorded OCI recognized earnings. affecting earnings recognized noninterest revenue income compensation expense. hedge relationship terminated change value recognized. hedge relationships discontinued related derivative values recognized earnings.


JPMorgan Chase hedges non-U. S. subsidiaries branches. dollar. changes exchange rates recorded OCI translation adjustments. Amounts excluded recorded earnings.


table outlines Firm’s uses derivatives hedge accounting designation category. Type Derivative disclosure segment unit reference risk exposures hedge accounting relationships rate fixed rate assets liabilities floating-rate assets liabilities exchange foreign currency-denominated assets liabilities forecasted revenue expense investments non-U. dollar currency entities •Commodity commodity inventory hedge risk exposures not risk mortgage commitments warehouse loans MSRs •Credit risk wholesale rate foreign exchange risk assets liabilities-making derivatives other activities risk management


table derivative contracts 2023 2022. amounts Interest rate contracts Swaps,491 Futures forwards contracts,166 Credit derivatives,132 Foreign exchange contracts Cross swaps,196 futures forwards,017 exchange contracts,747 Equity contracts Swaps Futures forwards equity contracts Commodity contracts Swaps futures commodity contracts derivative amounts,476


Credit derivatives pages volumes contracts.


long short third-party contracts.


notional amounts volume Firm’s derivatives activity exceed possible losses. contracts notional amount not exchanged reference payments.


table summarizes derivative receivables payables Firm’s balance sheets December 2023 2022 accounting designation. contract type.-standing derivative receivables payables derivative receivables December 31, 2023 millions designated hedges receivables(b Trading assets liabilities Interest rate,689,691,324,482 Credit Foreign exchange,010,775,623,263,620 Equity,689 Commodity,228 Total fair value trading assets liabilities,270,248,864,240,847 derivative receivables December 31, 2022 millions designated hedges receivables receivablesdesignated hedges derivative payables Trading assets liabilities Interest rate,411,415,419,291,970 Credit,329 Foreign exchange,365,856 Equity,139,461,804 Commodity,652,357,867,758,269 Total value trading assets liabilities,251,342,880,392,121,141


exclude notes fair value. Note 3.


permitted. GAAP Firm net receivables payables collateral netting agreement.


tables present December 31, 2023 2022 gross net derivative receivables payables by contract settlement type. cash collateral netted Consolidated balance sheets legal opinion. amounts not eligible netting separately tables.


cash collateral transferred Firm receives transfers additional collateral (financial instruments cash. mitigate credit risk not eligible net presentation liquid securities cash third-party custodians "Collateral not nettable Consolidated balance sheets up to fair value exposure. liquid securities high quality liquid assets LCR rule collateral exceeds fair value exposure level excluded from tables derivative receivables payables legal opinion not sought obtained excluded tables. December 31, millions derivative netted.GAAP derivative Interest rate contracts OTC,901(152,703),198,261),661,800 Exchange-traded interest rate contracts,722,367,281,285 Credit contracts OTC(7,474,877 credit contracts(9,103 Foreign exchange contracts OTC,624(187,145 Exchange-traded foreign exchange contracts,099,417 Equity contracts OTC,001(23,677,323 Exchange-traded,467,109,358 equity contracts,463,790,774 Commodity contracts OTC–cleared Exchange-traded,214,190,103 commodity contracts,396,397,653,163 Derivative receivables legal opinion(484,384,837,361,648 Derivative receivables legal opinion,232 receivables balance sheets,248,864,880 Collateral not nettable(22,461 Net,403,866


December 31, millions derivative netted Consolidated balance sheets derivative.GAAP derivative Interest rate contracts OTC,901,467,434,108,890,218,007,126 Exchange-traded interest rate contracts,344(228,586,321 Credit contracts OTC,332(9(7,572 credit contracts,971,949 Foreign exchange contracts OTC,386(199,173 Exchange-traded foreign exchange contracts,965,665 Equity contracts OTC,999(27,360,279 Exchange-traded,137,291(27,103,188 equity contracts,136,124,657 Commodity contracts,954(7,642,312 Exchange-traded,376,021 commodity contracts,284 Derivative payables legal opinion,679,125,554(586,372,384 Derivative payables legal opinion,293,757,757 payables balance sheets,847,141 Collateral not nettable(4,547),318) Net,300


-traded balances contracts settled.


securities cash collateral third-party custodians derivative instruments legal opinion obtained. collateral exceed receivables payables balances. receivables balances.


collateral OTC instruments.


derivatives receivable $48. $51. 5 billion December 2023 2022. payable $70. $69. billion. OTC instruments.


market risks derivative contract expose JPMorgan Chase credit risk counterparties meet payment obligations. policy JPMorgan Chase legally enforceable master netting arrangements collateral agreements mitigate credit risk.


derivative receivables credit payables liquidity risk require post cash securities collateral downgrades credit ratings. contracts provide termination downgrade fair value. table shows fair value derivative payables OTC-cleared derivatives contingent collateral termination ratings downgrade collateral December 31, 2023 2022. derivative payables downgrade triggers millions 31, 2022 fair value payables,655 Collateral posted,505


table shows impact single two downgrade ratings JPMorgan Chase & Co. subsidiaries Chase Bank. December 31, 2023 2022 OTC-cleared derivative contracts contingent collateral termination features triggered ratings downgrade. require additional collateral terminations rating threshold breached. downgrade additional collateral termination payment requirements. liquidity impact calculated downgrade below lowest rating. impact downgrade triggers OTC-cleared derivatives 31, 2023 2022 millions-notch-notch additional collateral contracts termination triggers downgrade


collateral initial margin.


derivative payables reflect collateral.


executed sale asset


Firm assets maintains economic exposure counterparty. accounts transfers collateralized financing Note 11 limited sale derivative U. S. GAAP. transfers accounted sale derivative outstanding not material December 31, 2023 2022.


tables gains losses derivatives hedge


tables derivative instruments hedge accounting pre-tax gains items years 2023 2022 2021. Firm includes gains hedging derivative hedged item.income excluded components impact December 31, 2023 millions approach value OCI Contract Interest rate(a)(b#1,554(1,248)#306 Foreign exchange Commodity(d)(706) Total#3,503,437)#1,066#921 income excluded components impact December 31, 2022 millions approach value Gains OCI(f Contract Interest rate(a)(b(14,352),047#(305)(262) Foreign exchange(c,317) Commodity(d(70) Total,400#130income excluded components impact Year December 2021 millions items approach fair value Gains OCI Contract Interest rate,323),765 Foreign exchange,317),349 Commodity(d(9,609),710 Total(15,249)#14,824


hedges. fixed-rate debt AFS securities. Gains losses net interest income.


amortization income adjustment. Excludes accrual interest swaps items.


hedges foreign currency risk-term debt AFS securities rates. Gains losses hedged income recorded transactions revenue interest income.


value hedges commodities cost net realizable value. Gains losses recorded transactions.


hedge effectiveness excludes values forward points contracts time values cross-currency spreads. Excluded impact earnings amortization fair value changes.


change excluded amortization approach cross-currency spreads. excluded recognized earnings derivative.


December 31, 2023 2022 amounts recorded balance sheets cumulative value hedge adjustments reverse yield. hedged items hedging adjustments December 31, 2023 millions Investment securities AFS#151,752(2,010),461) Long-term debt,455,042)(9,727) amount hedged items hedging adjustments December 31, 2022 millions Investment securities AFS,073,149,542(5,691) Long-term debt,257,313)(15,192)


commodities $5. 6 billion $26. 0 billion December 2023 2022 hedge accounting. inventories unrealized gains losses. exits no impact income future.


hedged items currency. 2023 2022 AFS securities $19. 3 billion $20. 3 billion long-term debt zero $221 million.


amortized cost allowance. Firm adopted portfolio hedge accounting. December 31, 2023 amortized cost $83. 9 billion $68. billion hedged. cumulative adjustments $(165) million $73 million $(238) million hedging relationships. Note 1 10.


)Positive amounts assets net interest income future periods. Positive liabilities increase net interest income future.


adjustments balance sheet hedged items de-designated relationships.


tables derivative instruments cash flow hedge accounting pre-tax gains years 2023 2022 2021. Firm includes gains hedging derivative cash item.gains December 2023 millions reclassified AOCI to income change Interest rate(1,839),113 Foreign exchange(1,775),258 Year December 31, 2022 millions reclassified AOCI income change Interest rate(7,131(6,978) Foreign exchange(342(7,473)(7,053) gains Year ended December 31, 2021 millions reclassified AOCI to income change Interest rate(2,370)(3,402) Foreign exchange(2,303)(3,525)


SOFR. Gains losses net income.


currency risk non. revenue expense. income hedged item noninterest revenue expense.


Firm transactions 2023 2022 2021.


Firm expects $(1. 6) billion net losses December 31, 2023 cash flow hedges recognized income. hedges terminated results earnings six years hedged. open cash flow hedges seven years. longer-dated transactions borrowing activities.


table presents hedging instruments investment hedge accounting pre-tax gains years December 31, 2023 2022 2021. Year December millions income Foreign exchange derivatives$384(1,732)$3,591$2,452


components hedging derivatives hedge effectiveness forward points contracts. Firm changes value income.


reclassified AOCI sale liquidation hedged entities. 2023 reclassified pre-tax loss $(35) million acquisition CIFM. reclassified-tax gains $38 million liquidation 2022. reclassified 2021. Note 24.


losses derivatives risk


table presents pre-tax gains derivatives hedge risks assets liabilities mortgage warehouse loans MSRs wholesale foreign currency assets. gains Year December 31, millions Contract Interest rate(827) Credit Foreign exchange Total(824)


represents interest derivatives risk mortgage warehouse loans. Gains losses mortgage fees income.


credit derivatives risk Firm’s wholesale businesses. counterparty credit risk receivables gains losses market. Gains losses recorded transactions.


derivatives exchange risk assets liabilities. Gains losses transactions.


Gains losses derivatives


Firm makes markets derivatives risks counterparty credit risk receivables. derivatives not hedge accounting risk management. Gains losses recorded principal transactions revenue. Note 6.


Credit derivatives financial instruments from credit risk debt third-party issuer transfer risk to protection seller. expose purchaser to creditworthiness seller payments when entity credit event bankruptcy failure restructuring. seller receives premium risk underlying instrument credit event.


Firm purchaser seller protection credit derivatives uses purposes. market-maker manages portfolio credit derivatives purchasing selling credit protection corporate debt obligations. end-user uses derivatives manage risk wholesale consumer credit risk financial instruments businesses. summary credit derivatives.


Credit derivatives reference single entity index portfolio. Firm purchases sells protection single index obligations. Single-name index CDS contracts OTC-cleared. Single-name CDS default risk entity index CDS credit risk. S&P 500 CDS index portfolio CDS. CDS indices credit. credit event removed. CDS referenced against portfolios customized exposure levels $1 million losses $10 million portfolio. tranche CDS.


single-name index CDS credit event neither party reference entity. protection purchaser seller difference face value fair value reference obligation settlement recovery value. purchaser hold debt instrument reference entity receive amounts due.


credit-related note funded derivative credit risk issuer purchases credit protection reference entity index. investor pays issuer par value inception issuer periodic payments based credit risk entity. repays par value at maturity unless entity credit event. If pays difference between value fair value defaulted obligation settlement. Neither party recourse to defaulting entity.


tables credit derivatives notes Firm sold purchased December 31, 2023 2022. credit event Firm seller percentage full protection sold recovery value obligation settlement. manages credit risk purchasing reference entities. purchased protection includes credit derivatives positions protection purchased CIB notes. protection against loans retained portfolio credit derivatives notes.


Firm use notional amounts credit derivatives risk management probability credit event recovery value reference obligation cash instruments economic hedges risks.


credit derivatives options swaps.


represents CIB.


)Represents total notional protection purchased instrument identical each identical instrument greater or lower than sold.


(d fair value reference obligation settlement seller pays buyer settlement value.


protection purchased Firm instruments sold protection identical instrument.


tables summarize ratings maturity fair value credit derivatives December 2023 2022 JPMorgan Chase seller. maturity profile contractual maturity. ratings reference entity. JPMorgan Chase purchaser comparable.credit derivatives ratings December 31, 2023 millions years amount receivables payables Risk rating Investment-grade(89,981,834,470)(383,285,659,144 Noninvestment-grade(121,400)(333,349(34,269)(489,018,398 December 31, 2022 millions years amount receivables payables Risk rating Investment-grade(90,484)(294,791),822)(416,097) Noninvestment-grade(33,244),011(123,728)(381,802)(37,192)(542,722(4,704),113


ratings scale S&P Moody’s.


gross before netting agreements cash collateral.


Firm records noninterest revenue contracts investment banking deposit asset management commissions card income. contracts terminable no obligation future services. fixed term services. Revenue depends future events asset values recognized until.


revenue debt equity underwriting advisory fees. capital placement debt instruments. issuance price quantity recognized revenue execution. manages syndicates loan arrangements. recorded revenue retention timing yield criteria.


Firm provides services mergers divestitures transactions. fees recognized revenue.


table banking fees. 31, millions Equity,149 Debt,732 underwriting,759,707,822 Advisory,760,979,394 fees,216


earned CIB.


transactions revenue driven by factors bid-offer spread difference between instrument unrealized gains losses on financial instruments commodities transactions including fair value option client-driven market-making activities.


gains losses sale interim cash payments.


gains losses.


Firm transacts debt equity derivatives commodities instruments.


revenue includes gains losses commodity foreign exchange risk risk management credit foreign exchange interest rate risks.


Note 5 income gains losses.


financial markets Firm transacts OTC derivatives. forwards ETD. physical commodity markets purchases sells precious metals commodities.


table presents gains losses transactions. excludes expense trading assets liabilities market-making CIB fund deployment Treasury. Note 7 interest income expense.


Trading revenue by instrument type. Firm’s businesses utilize instrument types trading revenue not total revenue.


December millions Trading revenue instrument Interest rate Credit Foreign exchange Equity Commodity trading revenue,554,325 Private equity losses Principal transactions,460,304


funding valuation adjustments.


credit valuation derivatives hedging activities.


markdowns unfunded bridge financing.


Lending fees loan commitments standby letters credit financial guarantees loan-servicing. Deposit cash management overdraft services. recognized. Note 28.


table presents lending deposit fees. Year December 31, millions Lending fees,365 Deposit fees,098,032


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


Lending deposit AWM.


Investment management fees assets Firm investors funds owners accounts. based value assets collected recognized end period. receives performance-based fees earned exceeding benchmarks performance targets accrued recognized reversal remote end billing period.


asset management fees commissions sales mutual funds. recorded revenue asset value investor redemption activity.


table asset management fees. Year December 31, millions Investment fees,765,027 fees fees,220,096,405


First Republic. Note 34.


AWM CCB.


revenue commissions fees custody.


Brokerage commissions Firm purchases sales securities instruments. revenue transaction. reports costs clearing houses exchanges revenue.


fees custody funds securities lending clearance. recorded revenue.


table presents commissions fees. Year December 31, millions Commissions Brokerage commissions Administration fees commissions Total commissions fees


travel annuity commissions fees recognized revenue rendered.


CIB CCB AWM.


Home Lending mortgage.


Production revenue includes fees income mortgage loans risk management. gains losses sales value adjustments loans held-for-sale. changes fair value financial instruments. mortgage servicing revenue includes revenue third-party loans fair value MSRs risk management gains securitization excess servicing. includes gains losses sales cost value adjustments repurchased loans.


Note 15 risk MSRs.


interest mortgage loans.


revenue category credit debit card fees processing card transactions recognized net costs. income origination annual fees deferred recognized 12-month period.


credit card products points activity for cash non-cash rewards. cost Firm rewards programs varies terms conditions


activity redemption rates selections. liability rewards reports cost card income.


Firm has agreements with co-brand partners rights issue card products market. partners endorse programs provide lists. conduct marketing provide rewards loyalty programs. agreements five to ten years.


Firm makes co-brand credit card partners marketing activities loyalty rewards new account originations sales volumes. Payments marketing efforts expensed expense. loyalty rewards income. new originations loan costs deferred recognized reduction income 12-month. sales volumes reduction income income earned.


table card income December 31, millions Interchange merchant income,592 Reward costs partner payments,162) Total card income,102


amortization account costs fees deferred recognized 12-month.


income earned CCB.


revenue lease income losses tax investments alternative energy CIB. losses offset income tax expense.


table income Year December 31, millions lease income,654 Losses tax investments gain First Republic acquisition,775 CIFM sale Visa B shares


Note 34 First Republic.


Gain minority CIFM acquisition 51%.


Note 2 18 Visa leases.


expense statements Year December 31, millions Legal expense FDIC,203 First Republic


. billion FDIC.


payments FDIC 2023 First Republic July 2 $360 million restructuring costs. Note 34 First Republic.


FDIC losses Fund uninsured depositors. assessment quarterly 3. 36 points institutions uninsured deposits over $5. billion December 31, 2022. quarter 2023 recognized assessment expense $2. 9 billion-tax.


Note 32 noninterest expense.


Interest income expense Consolidated statements classified asset.


Interest income expense accruals financial instruments measured fair value except. GAAP fair value option changes fair value reported transactions revenue. not fair value related interest included income expense.


Interest income loans securities premiums discounts deferred fees costs. deferred recognized level-yield.


Notes 10 11 12 20 accounting expense investment financing activities. purchased borrowed loans long-term debt.


table interest income expense December income Loans,384,736,537 Taxable securities,372 Non securities investment securities,347 Trading assets,053 Federal funds securities purchased Securities borrowed Deposits banks interest-earning assets,763 interest income,588,864 expense deposits,016 Federal funds purchased securities loaned sold Short-term borrowings Trading liabilities interest-bearing liabilities Long-term debt interest expense,321 income,267 Provision credit losses9,389 interest credit losses,321,567


securities tax-exempt. tax.


interest rates fees securities borrowed transactions.


interest receivables classified accrued interest interest-earning assets Consolidated balance sheets.


liabilities brokerage payables.


discount loans securities First Republic. Note 34.


Firm pension OPEB. non. closed new participants. principal pension plan. employees closed frozen January 1, 2020 January 1, 2019 December 2 2017). Interest credits accrue accounts accumulated balances.


Firm postretirement plans life insurance employees retirees


programs. impact Firm’s Financial Statements.


Firm provides contribution plan U. maintains arrangements non. locations. JPMorgan Chase 401(k) Savings Plan covers. employees. contribute 401(k after-tax. Firm makes annual contributions.


table presents pretax benefit obligations assets net funded status amounts AOCI Firm’s pension OPEB plans. December millions obligations assets,890 Net funded status,345 income


weighted-average discount rate obligations 2022. 16%.


Gains losses benefit obligation value assets recorded OCI. Amortization gains benefit cost exceeds 10% projected benefit obligation fair value. Amortization over lifetime frozen status. December 2023 net gain increases fair value offset discount rate


interest. December 2022 remeasurement Firm’s. benefit plan pension settlement. fair value. assets projected benefit obligation $4. billion $2. 6 billion net decrease $1. 4 billion pre-tax.


table presents net benefit costs Firm’s defined pension contribution OPEB plans. OPEB plans Year ended December 31, millions Total defined benefit plan cost defined contribution plans,333 pension OPEB cost noninterest expense,132/loss,129)


service cost reported compensation expense other components reported Consolidated statements income.


pension losses $92 $33 million 2021.


table presents weighted-average assumptions benefit costs defined pension OPEB plans. December Discount rate. Expected long-term rate return plan assets.


Firm’s expected long-term return blended weighted average asset allocation market conditions allocation. Returns developed not historical current market conditions portfolio mix.


discount rates benefit obligations Firm’s actuaries defined benefit pension plan yields bonds projected cash flows.


pension plans trusts equity income cash alternative investments. reviews asset allocations managers. December 31, 2023 asset allocation 42-100% debt 0-40% equity 0-2% real estate 0-10% alternatives.


Assets Firm’s pension OPEB plans securities JPMorgan Chase. hold investments JPMorgan Chase $1. 8 billion $1. 7 billion December 31, 2023 2022.


Note 2 fair value measurements 1 2 3 hierarchy valuation methods Firm. plan assets liabilities measured fair benefit pension OPEB plans December 31, millions 1 2 3 Assets hierarchy,713,124,358,308,538 Assets defined benefit pension plan payables Total fair value assets,890


equity securities. debt securities cash equivalents.


Consists corporate debt securities. state local.


corporate-owned life insurance investments annuity contracts 2023 2022.


level 3 inputs


2023 $3. billion $400 gains $173 $59. decline 2022 $501 losses $54 million settlements.


table payments pension OPEB plans. millions 2024,142 2025,125 2026 2027 2028 2029–2033,143


2023 2022 2021 JPMorgan Chase granted share awards employees LTIP May 15 2018 May 18 2021. December 31, 2023 54 million shares common stock May 2025. LTIP awards. LTIP Plans share-based incentive plans.


RSUs awarded no cost. granted annually vest 50% two 50% three years converted shares common stock vesting date. include full-career eligibility voluntary termination post-employment restrictions. awards subject forfeiture vested clawback cancellation. cash payments dividends common stock.


Performance share units granted annually approved members Operating Committee variable compensation program. subject performance criteria three-year. awards zero to 150% grant. dividends reinvested units. converted common stock after.


PSUs dividend units vested shares common stock delivered tax retained additional holding five to eight years grant.


LTI Plans stock rights price JPMorgan stock. expire ten years. 2021 awarded Chairman. 5 million 750,000 SARs. no grants 2023 2022.


Firm recognizes compensation expense each tranche net forfeitures. tranche grant until vesting date full-career eligible vesting. full-career eligibility no future service requirement Firm accrues estimated value awards without post-employment restrictions. each tranche granted full eligible compensation expense recognized grant until full-career eligibility date vesting date.


policy awards new or treasury. 2023 2022 2021 settled awards treasury shares.


Note 23 share awards calculating earnings.


compensation expense RSUs PSUs measured units granted stock price SARs Black-Scholes valuation model. recognized net income. table JPMorgan Chase’s RSUs PSUs SARs activity 2023. December 2023 units grant date value awards exercise price January 1. Granted,758. Exercised vested. Forfeited. Canceled December 31,243. December 31


value PSUs $2. 5 billion $3. 2 $2. 9 billion. options $24 million $75 million $232 million.


Firm recognized noncash compensation expense incentive plans. prior grants RSUs PSUs SARs amortized vesting periods,161 estimated costs share-based awards full employees,768 noncash compensation expense plans,117,794,929


December 31, 2023 $1. billion compensation expense unvested awards charged net income. 7 years. capitalize share.


tax benefits share incentive arrangements 2023 2022 2021 $836 million $901 $957 million.


Investment AFS HTM. trading Note 2. AFS HTM securities Treasury CIO asset-liability.


AFS securities carried fair value balance sheets. Unrealized gains losses reported AOCI. method gains losses AFS securities. HTM securities hold until maturity amortized cost credit losses.


AFS HTM discounts premiums amortized interest. premiums amortized earliest call date.


2023 portfolio HTM securities AFS. transferred obligations. states municipalities $7. billion $38 million losses AOCI. Note 1 24.


Firm securities $78. 3 billion AFS HTM. losses $4. 8 billion.


Unrealized gains losses transfer reported AOCI amortized into interest income remaining. interest income premium discount transfer value.


AFS HTM-cash.


amortized costs estimated values investment securities. December 31, millions cost gains losses Available-for-sale Mortgage securities U. S. GSEs government agencies,377#870,077,170,194,170 Residential. Non-U.,176,154 Commercial,930 mortgage-backed securities,001,285,059,081. Treasury government agencies,051,217,060 Obligations. states municipalities,243,103 Non-U.debt,387,360,696 Corporate debt Asset securities Collateralized loan obligations,152 Unallocated portfolio adjustments available-for-sale securities,456,188 Held-to-maturity securities-backed securities. GSEs government agencies,643,492,818. Residential,709,503 Commercial,534,361 mortgage-backed securities,194,356. Treasury government agencies,666,074,100 Obligations.. states municipalities,747,720 Asset-backed securities Collateralized loan obligations,565,215 held-maturity securities,848,272,305,648 investment securities credit losses#575,304#1,940,786


portfolio adjustments AFS securities hedged closed portfolio. adjustments not allocated impact unrealized gains losses hedged. Note 1 5.


$4. $33. billion HTM securities 2022 2021.


amortized losses $128 $96 million 2023 2022.


$2. 8 billion $2. 5 billion accrued interest December 31, 2023 2022 balance sheets. Firm credit losses interest write 90 days. reverse December 2023 2022.


December 2023. AFS securities. Note 34.


December 31, 2023 portfolio debt securities average credit rating AA+ external internal risk ratings. ratings identify credit quality differentiate risk. ratings characteristics. capacity economic S&P Moody’s


quantitative characteristics. probability loss differ reflect historical experiences assumptions. Risk ratings assigned at acquisition reviewed Credit Risk Management adjusted.


tables present value unrealized losses AFS securities December 2023 2022. exclude. Treasury securities. GSE MBS unrealized losses $4. 6 billion $9. 6 billion December 2023 2022 driven interest rates credit profile.-for-sale securities unrealized losses 12 Year December 31, 2023 millions unrealized losses Mortgage-backed securities Residential. Commercial Total mortgage-backed securities Obligations. states municipalities.government debt,132 Corporate Asset-backed securities Collateralized loan obligations,744-sale securities unrealized losses,737,033,770 securities unrealized than 12 months Year December 31, 2022 millions unrealized losses Mortgage securities Residential.,187 Non.,918 Commercial,131 mortgage-backed securities,166,143,309 Obligations U. S. states municipalities Non.government debt,848,789 Corporate debt Asset-backed securities Collateralized loan obligations,701-sale securities unrealized losses,904,423


First Republic obligations. states Note 34.


securities impaired value less.


Firm recognizes impairment losses earnings before recovery amortized cost. impairment loss recognized securities gains Consolidated Statements Income equal difference amortized cost fair value security.


impaired debt securities Firm evaluated credit loss. recognized credit losses Consolidated Statements Income limited impairment. impairment securities not due credit losses recorded in OCI.


Factors credit losses adverse conditions industry financial collateral payment structure.


assessing securities for credit losses Firm estimates cash flows market economic data loan-level data structural features overcollateralization compares losses collateral against credit enhancement losses loss.


beneficial interests rated below “AA” prepaid settled investment evaluates impairment credit losses adverse change cash flows.


allowance credit losses HTM securities.


allowance credit losses HTM obligations. states securities calculated credit loss factors amortized cost. derived average five eight-quarter scenarios single year-line interpolation information. Note 13-quarter.


credit losses HTM. securities


calculated amortized cost present value cash flows discounted interest rate. cash estimates collateral performance eight-quarter forecast interpolation structural features.


application inputs allowance credit losses management judgment emphasizing affect estimate credit losses HTM securities.


credit risk rating. December 2023 2022 securities investment grade current accruing 99% AA+.


credit losses $128 million $96 million $42 million December 2023 2022 2021 adjustment HTM AFS.


impacts investment securities income December 31, millions gains#595 losses,802)(2,578) losses,180(2,380) credit losses


table presents amortized cost estimated value December 31, 2023 JPMorgan Chase’s investment securities portfolio contractual maturity. millions year five 10 Available-for-sale securities Mortgage securities Amortized cost,166 Fair value Average yield. Treasury government agencies Amortized cost,884 Fair value Average yield. Obligations. states municipalities Amortized cost,243 Fair value Average yield.. 51. Non-U. government debt securities Amortized cost,841,658,335,387 Fair value Average yield. 68. debt securities Amortized cost Fair value Average yield. 37. 25. Asset-backed securities Amortized cost,175 Fair value Average yield. 72.available-sale securities Amortized cost,140,253,417 Fair value Average yield. 79. Held-to-maturity securities Mortgage-backed securities Amortized cost,382,649,899 Fair value,719 Average yield. Treasury government agencies Amortized cost,763,666 Fair value,592 Average yield. 63. Obligations.states municipalities Amortized cost,714 Fair value,428 Average yield. 21. Asset-backed securities Amortized cost,345,380 Fair value Average yield. 86. Total held-to-maturity securities Amortized cost,647,382 Fair value,754 Average yield. 74.


yield computed yield amortized cost. considers contractual coupon amortization premiums accretion discounts hedging derivatives. Taxable-equivalent amounts. excludes unscheduled principal prepayments differ. callable debt securities calculated earliest call date.


securities credit losses $34 million portfolio adjustments $73 million December 31, 2023. held-maturity securities $94 million.


Firm’s. residential MBS collateralized mortgage obligations due 10 years maturity. seven years MBS collateralized mortgage six nonagency.


AFS First Republic 10. Note 34.


JPMorgan Chase repurchase borrowed loaned inventory short sales financing settle obligations deploy excess cash.


Securities financing agreements collateralized balance sheets. counterparty reported net. Note 1 offsetting assets liabilities. Fees received paid recorded income expense Consolidated statements income.


Firm elected fair value option securities financing agreements. Note 3. agreements reported purchased loaned borrowed. agreements fair value interest accruals recorded income expense changes fair value principal transactions revenue. instruments derivatives changes fair value reported principal transactions revenue.


financing measured amortized cost. credit risk mitigation credit losses resale securities borrowed December 2023 2022.


financing agreements expose Firm credit liquidity risk. monitors underlying securities high-quality debt U. GSEs agencies cash proceeds exchanged collateral requests returns. Margin levels established counterparty permissible collateral monitored.


resale borrowed Firm exposed credit risk securities less cash principal collateral exchanged. repurchase securities loaned risk securities cash principal collateral.


Firm master netting counterparties right liquidate securities collateral default. policy possession resale borrowed agreements. Note 29 assets pledged collateral financing agreements.


table summarizes gross net Firm’s securities financing agreements December 31, 2023 2022. obtained legal opinion netting criteria. GAAP met nets balances agreements. exchanges securities cash collateral counterparty reduce economic exposure collateral not eligible for net balance presentation. collateral


financing balances netting criteria U. S. GAAP not nettable balance sheets reduces. legal opinion not sought obtained balances gross. Firm lending receives securities collateral recognizes securities fair value obligation return accounts liabilities balance sheets.31, 2023 millions amounts amounts Assets Securities resale,308(247,181),127(267,582) borrowed,046(43,610),436(144,543 Liabilities Securities repurchase agreements,985(247,181),793 Securities loaned,142(43,610) 31, 2022 millions amounts amounts Assets Securities purchased resale agreements,411)(304,120,381 borrowed,279(42,910),369,791 Liabilities Securities repurchase agreements,793,411),382,955 Securities loaned,443,910)


agreements $5. $7. billion December 2023 2022 Firm lender.


collateral exceeds net asset balance. amounts reported column limited net asset liability.


financing agreements collateral rights legal opinion obtained. December 2023 2022 $7. $6. billion purchased resale $50. $49. billion borrowed $30. $29. billion sold repurchase loaned.


tables December 2023 2022 financial assets securities agreements maturity. liability balance December millions sold loaned Mortgage securities U. GSEs government agencies,050 Residential Commercial. Treasury GSEs government agencies Obligations U. states municipalities Non.government debt Corporate Asset-backed securities Equity securities,254,985,142,793 maturity December 31, 2023 90 days 30 securities sold repurchase agreements,048,941,960,036,985 securities loaned,142 maturity December 31, 2022 90 days 30 90 securities sold repurchase agreements,235,696,120,742,793 securities loaned,138,443


December 2023 2022 Firm held $505 million $692 million transferred sale. GAAP. collateralized financing. assets trading loans liabilities short-term borrowings long-term debt balance.


accounting loan strategy. Firm accounts loans categories •Originated loans-investment.-sale fair value


accounting discussion loans category-investment


loans recorded amortized cost fees costs premiums discounts charge-offs foreign exchange. loans charges fees.


income loans accrued recognized rate. Purchase discounts premiums deferred fees costs recognized adjustment yield.


Firm classifies accrued interest Consolidated balance sheets. credit card loans interest recognized balances credit losses. Changes recognized charge-offs recognized reversing interest income. other loans allowance losses receivables write off 90 days past due reversing interest income.


Nonaccrual loans accrual interest suspended. consumer. government nonperforming full payment principal interest not expected delinquency default 90 days or more unless well-secured collection. loan past due minimum payment not received due date. monthly payment unpaid 30 days or more.


collateral loans.


loan nonaccrual interest accrued reversed against income. amortization deferred amounts suspended. Interest income nonaccrual loans recognized cash. loan balance collectible doubt interest receipts reduce carrying value. recognizing interest income nonaccrual loans cash.


loan returned accrual repayment assured demonstrated performance restructured loan.


permitted credit card loans exempt nonaccrual status interest fees charged paid.


allowance loan losses estimated credit losses loan portfolio recognized contra asset amortized cost net carrying value. Changes recorded credit losses statements. Note 13 accounting policies.


Consumer loans charged amortized cost net value collateral. losses stages delinquency. Residential real estate unmodified credit card business banking loans charged 180 days past due. auto closed-end consumer loans 120 days past due.


consumer loans charged net value earlier FFIEC standards modified borrowers collateral-dependent.


borrowers loss accelerated charge-off standards. residential estate auto loans charged 60 days bankruptcy filing. loans repossession.


Firm charge-offs government-guaranteed loans.


Wholesale loans charged loss realized.-off factors Firm’s claim bankruptcy expectations valuation borrower’s equity collateral.


loan charged amortized cost value collateral fair value type. real estate. liquid securities fair value based quoted market prices broker quotes. illiquid securities estimated discounted cash flow model.


residential real estate loans collateral values external valuation sources. borrower unable or unwilling pay Firm utilizes broker’s price opinion appraisal automated valuation model updated 12 months depending market factors. Firm receives property. obtains appraisal inspection interior. appraisals discounted experience liquidation values state-specific factors.


commercial real estate loans collateral values. updated six twelve months new appraisal internal analysis. considers borrower market factors updates broker price opinions.


Loans-sale measured lower cost valuation changes noninterest revenue. consumer portfolio. wholesale individual.


loans accrued recognized contractual.


Loan origination fees purchase discounts deferred contra loan until related sold. deferred basis loan included cost value adjustments gain loss sale.


loans recognized lower cost losses charge-off policies. loans-sale nonaccrual policies.


Loans measured changes recorded noninterest revenue.


Interest income accrued recognized contractual rate. Changes value recognized. fees recognized. costs expense.


loans recognized fair value losses charge-off policies apply. nonaccrual policies.


Note 3 elections fair value. Note 2 3 loans value trading assets.


Loans-investment transferred-sale lower cost value. Credit-related losses charged against loan losses non-credit losses recognized noninterest revenue.


management loan-sale transferred amortized cost. loans assessed impairment Firm’s allowance methodology. Note 13 Firm’s allowance loan losses.


Firm loans. JPMorgan Chase concessions loss avoid foreclosure payments. concessions interest rate reductions term extensions delays principal forgiveness. January 1 2023 Financial Instruments Credit Losses Troubled Debt Restructurings Vintage Disclosure loan modifications TDRs FDMs. Note 1.


FDMs nonaccrual status modification. returned to performing status accrual interest resumed if criteria met borrower performed modified terms six months payments Firm repayment assured debt capacity future earnings collateral values LTV ratios market considerations. limited circumstances modification not nonaccrual modification.


allowance credit losses FDMs re-default rates loans. Note 13.


January 2023 modifications loans concessions borrower accounted


TDRs. concessions interest reductions term extensions delays principal forgiveness equity. insignificant modifications not TDRs.


Loans modified in TDRs measured impairment asset-specific allowance methodology redefault rates. loan modified TDR subject asset-specific accrual. Note 13.


Firm acquires property borrowers restructurings foreclosures. land buildings commercial. automobiles ships.


Firm recognizes foreclosed property receiving loan. loans collateralized property recognizes foreclosure sale execution deed. Foreclosed assets reported balance recognized fair value less costs. quarter fair value reviewed adjusted. adjustments charged noninterest revenue. Operating expense taxes charged expense.


Firm’s loan portfolio divided three segments losses Consumer Wholesale. monitors credit risk loans. Consumer Residential real estate Auto other Credit card loans Secured real estate Commercial industrial Other


equity loans CCB AWM CIB.


auto banking loans overdrafts.


loans CIB CB AWM CCB wholesale methodology losses.


wholesale portfolio align loan classifications collateral purpose borrower.


loans SPEs institutions companies trusts Global Bank. Morgan Wealth states subdivisions nonprofits. Note 14.


tables loan balances portfolio. December 31, 2023 credit millions,275,123,472,870-for-sale fair value,331,851 Total#410,093,123,490,323,706 December 31, 2022 excluding credit millions Retained,753,175,670,598-for-sale fair value Total,375,175,097,135,647


First Republic $90. 7 billion. billion excluding $53. 9 billion wholesale.


$6. billion $5. billion accrued interest 2023 2022. $49 million $39 million.


fair value unamortized discounts premiums deferred fees. not December 2023 2022.


tables value loans purchased sold reclassified-sale. Loans reclassified sold excluded sales line. Year ended December 31, millions excluding credit Purchases,205,300 Sales,151 loans reclassified held-for-sale Year ended December 31, millions excluding credit Purchases,713 Sales loans reclassified held-for-sale


Year December 31, millions excluding credit Purchases,122 Sales Retained loans held-for-sale,178


loans non-cash.


purchases real estate loans repurchases delinquent loans Mortgage Association years 2023 2022 2021. Firm loans foreclosure Ginnie Mae FHA RHS VA.


purchases loans $5. $12. 4 $25. 8 billion 2023 2022 2021 sourced underwritten.


Republic $91. billion Consumer. billion Wholesale. Note 34.


gains sales loans adjustments cost value $56 million December 2023 $62 million loans. $(186) million December 2022 $(48) million loans. $261 million December 31, 2021 $253 million related loans. sale loans write downs recoveries changes allowance credit losses.


Consumer loans mortgages home equity lines credit auto banking prime credit market. junior liens prime mortgage interest-only negative amortization.


table consumer loans class. December 31, Residential real estate Auto,192 loans,275,753


. 7 billion.


Delinquency rates primary credit quality indicator consumer loans. Loans more than 30 days past due warning borrowers financial difficulties unable unwilling repay. loan clear borrower unable. residential estate late-stage delinquencies than 150 days past due loans foreclosure. delinquency rates other credit quality indicators vary class loan residential real estate loans current estimated LTV ratio indicator potential loss severity default. ratios borrower’s willingness to pay delinquency rate high-LTV loans greater collateral. geographic distribution loan collateral credit quality. borrower’s current FICO score secondary credit quality indicator. low FICO score higher risk. high LTV ratio low FICO score greater risk default. scored auto business banking loans geographic distribution credit performance.loans geographic distribution portfolio performance regional.


Delinquency credit indicator residential real estate loans. tables delinquency charge-offs December 31, 2023. 31, 2023 loans origination year loans revolving term loans Loan delinquency Current,216,366 30–149 days past due 150 more days past due Total retained loans,250,450 % 30+ days past due retained loans.53 Gross charge-offs millions except ratios 31, 2022 loans origination year loans revolving term loans Loan delinquency#39,934,072,315,397,339,632 30–149 days past due 150 more days past due Total retained loans#39,964,335,427,366,709 % 30+ days past due retained loans.


delinquency classifications mortgage loans. December 2023.


December 31, 2023 2022 loans deferral COVID-19 deferral period delinquent.


$6. $26. $21. $7. $10. loans 2023 2022 $2. 5 billion revolving loans First Republic.


mortgage loans 30 days. December 31, 2023 2022. excluded government.


$343 million First Republic.


loans year originated.


37% revolving loans senior junior. lien position Firm credit losses. Revolving loans converted term loans higher delinquency rates period. fully-amortizing payment higher minimum.


table credit indicators retained loans.millions weighted-average 31, 2023 31, 2022 Nonaccrual loans LTV ratios Greater 125% FICO scores Equal Less 101% to 125% FICO Less 80% to 100% FICO Equal,034 Less 660 Less 80% FICO scores Equal,251,096 Less,277,659 No FICO/LTV retained loans Weighted average LTV ratio FICO California,072 New York Florida,778 Texas Massachusetts,213,380 Illinois,856,296 Colorado,800 Washington New Jersey,108 Connecticut,163,432,233 loans


collateral-dependent loans charged less costs. Firm reports loans discharged Chapter 7 bankruptcy collateral-dependent delinquency. December 31, 2023 Chapter 7 loans 30 days past due.


loans insured. loans December 2023 2022.


consumer loans have allowance. regulatory collateral-dependent charged down lower amortized cost or less costs. If improves allowance negative.


income loans $180 million $175 million 2023 2022.


excludes loans COVID-19.


unpaid principal balance loans divided property value. estimated quarterly home index forecasted. LTV junior lien home equity loans lien positions unused lines property.


FICO scores credit obtained Firm quarterly.


loans LLCs AWM refreshed FICO score. included FICO band credit quality.


. loans December 2023.


FICO LTV.


regions ordered loan balances December 31, 2023.


$1. 1 billion FICO scores 80% 100% LTV $87. 9 billion. 80% First Republic.


. 7 billion.


$54. $14. $7. California Florida Massachusetts First Republic.


Firm grants modifications loans effective January 1, 2023 FDMs. government programs. GSE provide modifications interest rate reductions term extensions payment delay principal forgiveness FDMs.


2023 residential real estate FDMs $136 million. effects term extensions interest rate reductions life loans 20 years interest rate. 21%. 44%. no additional commitments borrowers.


Firm $69 million trial $9 million Chapter 7 2023. eliminated criteria. modifications Chapter 7 loans TDRs FDMs. Note 1.


year 2023 $29 million 30 days-defaulted $17 million.


January 1 2023 modifications loans concessions TDRs. modifications not TDRs. years December 2022 2021 new TDRs $362 million $866 million no additional commitments borrowers modified.


Firm’s government programs. GSE provide concessions troubled borrowers interest rate reductions extensions delays principal interest payments.


table residential loans TDRs


. excludes short modifications. Year ended December loans approved trial modification,246 loans modified,182 Concession granted Interest rate reduction extension Principal interest deferred forgiveness


concessions loans modified. sum exceeds 100% modifications include concession. trial modifications consistent permanent modifications.


variable modifications payment delays TDR.


table provides financial effects concessions modifications residential real estate loans redefaults. effects permanent modifications temporary concessions. excludes loans short-term modifications. Year ended December 31, millions average data-average interest rate loans before TDR. after TDR. contractual term loans extensions before TDR after TDR Charge-offs permanent modification Principal deferred Principal forgiven Balance loans redefaulted one year permanent modification


loans modified TDRs payment default one year. dollar amounts represent balance end reporting period defaulted.


December 31, 2023 2022 Firm loans. value $566 million $565 million not REO foreclosure.


Delinquency credit indicator retained auto loans. tables delinquency charge-offs December 31, 2023. 2023 millions ratios loans origination year loans revolving term Loan delinquency Current,328,777,984 30–119 days past due 120 more days past due Total retained loans,605,077,866 % 30+ days past due retained loans.Gross charge-offs 31, 2022 millions except loans origination year loans revolving term Loan delinquency Current#22,187,212#3,991#1,467,342,296 30–119 days past due 120 more days past due Total retained loans,450,573,059,500,356,192 % 30+ days past due total retained loans.. 18#


December 2023 2022 loans excluded $20 million $153 million loans SBA 30 due.


table nonaccrual credit indicators loans. 31, 2023 2022 Nonaccrual loans region California,959 Texas Florida New York Illinois New Jersey Georgia Pennsylvania Arizona North Carolina,722,475 loans,866,192


December 31, 2023 2022 nonaccrual loans excluded $15 $101 million loans 90 days guaranteed SBA $15 $76 million accruing interest. insured interest guaranteed. no loans 90 days past due accruing.


consumer loans have allowance. regulatory collateral-dependent charged down lower amortized cost or less costs. If improves allowance negative.


income loans cash years December 2023 2022.


regions ordered loan balances December 31, 2023.


Firm grants loans borrowers difficulty January 1 2023 FDMs. December 31, 2023 no additional commitments.


periods January 1 2023 modifications loans concessions TDRs. Loans modifications not TDRs. years December 2022 2021 TDRs not.


credit card portfolio includes loans originated purchased Firm. Delinquency rates credit indicator early warning difficulties (30 days past (90 days past. geographic distribution credit quality regional economy.


borrower’s credit score indicator credit quality Firm view primary lagging indicator. distribution scores indicator


quality trends score factors future credit performance. FICO score obtained quarterly credit credit quality indicators. industry benchmark scores.


Firm originates credit card accounts borrowers. FICO scores decrease performance.


tables delinquency charge-offs December 31, 2023. 31, 2023 term less 30 days past due accruing 30–89 days accruing 90 days accruing loans,117,123 delinquency % 30+ days loans. 90+ days. Gross charge-offs,325 31, 2022 term Current less than 30 days past due accruing#181,793,489 30–89 days past due accruing 90 days past accruing loans,379,175 Loan delinquency % 30+ days past due loans.####12. 56. 45 90+ days loans. 68


table credit quality indicators retained card loans. millions 31, 2022 California,652,154 Texas,171 New York,046 Florida,905 Illinois New Jersey Ohio Colorado,493 Pennsylvania Arizona,878 retained loans,123,175 Percentage portfolio value FICO Equal. Less. No FICO.


Firm grants modifications card loans financial effective January 1, 2023 FDMs. modifications account fixed payment plan 60 months interest rate. borrower payments loan charged-off charge-off policy. reinstate borrower line credit.


table credit card loan modifications. December 2023 millions loan modifications loans effect Term extension interest rate reduction. extension interest rate. 19%. 64%


extension includes loans modified long-term fixed payment plan.


interest enrollment.


2023 Firm $27 million loans trial modifications. TDR eliminated criteria. trial modifications not.


table payment status FDMs 2023. millions cost less 30 days due accruing 30-89 days 90 days accruing Total


$50 million FDMs extension interest rate reduction.


card loans FDMs default borrower misses two payments. Defaulted loans Firm charge-off policy.


January 1 2023 modifications credit card loans Firm concessions TDRs. Firm granted concessions long-term. concessions fixed payment plan 60 months interest rate. modifications long-term programs TDRs. Loans short-term modifications TDRs.


table financial effects concessions loans TDRs. new enrollments less 1% loans. Year ended December 31, Balance new TDRs#418#393 before TDR. 75 after TDR. Balance loans redefaulted year#34#57


balance modification.


loans modified TDRs payment default one year. amounts represent balance loans end quarter defaulted.


card loans modified TDRs default borrower missed two payments. Defaulted loans charge-off policy.


Wholesale loans include clients large high-net-worth.


credit quality indicator wholesale loans internal risk rating. ratings credit quality differentiate risk. consider PD LGD. PD likelihood. LGD estimated loss default collateral structural support.


Management considers factors internal risk rating debt capacity financial flexibility earnings repayment contingencies management strength industry geography. risk ratings with characteristics. S&P Moody’s quantitative characteristics. PD LGD differ experiences. considers ratings BBB-/Baa3 higher investment grade lower PD LGD non-investment grade.


Noninvestment-grade ratings noncriticized subdivided performing nonaccrual loans collectibility principal interest. Criticized loans higher PD. aligns U. banking doubtful. Note 1.


Risk ratings reviewed Credit Risk Management adjusted for obligations.


risk rating loan industry obligor. Firm focuses diversification industry client exposures industries credit concern. Note 4 industry concentrations.


risk rating credit wholesale loans. tables rating charge-offs 2023.December 31, millions except ratios real industrial retained Loans risk Investment-grade,405,552,275#249,585,412 Noninvestment grade Noncriticized,637,178 Criticized,684,232,742 Criticized noninvestment- grade,542,159,634,258 Total retained loans#162,338#126,732,660,278,670 % investment-grade total retained loans.17####78. 55 49. 50 70 23 47 criticized retained loans. 58. 51. 60 criticized retained loans. 73. 21 35.


December 2023 $33. billion $3. Commercial $17. billion First Republic.


SPEs institutions Bank. Morgan Wealth states subdivisions nonprofits. December 2023 $106. 9 billion $91. 2 billion $87. 5 billion institutions Note 14.real millions 31, loans origination year to 2019 to term loans Loans risk Investment-grade,687,874,784,677,108,405 Noninvestment-grade,579,840 Total retained loans,164,453,623,660,664,026,746 Gross charge-offs by real millions 31, loans origination year to 2018 revolving period to term loans Loans risk Investment-grade#24,134,407#14,773,666,277,289#1,006,552 Noninvestment-grade,180 retained loans,206#28,009,805,164#7,672,948#1,926#126,732


December 2023 $3. $11. $6. $2. $5. loans 2023 2022 $838 million revolving loans First Republic.


millions 31, loans origination year to 2019 to term loans Loans risk Investment-grade#14,875,642,276,291,115,394 Noninvestment-grade,890,444,299,989,144,696,542 retained loans,765,086,280,174,121,090,166 Gross charge-offs millions 31, loans origination year to 2018 revolving period to term loans Loans risk Investment-grade$#21,072,338#748#40,087,275 Noninvestment-grade,088,444,267,385 retained loans,160#20,782#6,504#4,501#2,003,354,660


December 31, 2023 $364 $568 $471 $212 $53 $121 loans $1. 2 billion revolving loans $12 million.millions 31, loans origination year 2019 revolving period to term loans Loans risk Investment-grade,338,034,033,721,194 Noninvestment-grade,054,169,172,801,159 Total retained loans#52,392,126,202,271,663,253,968 Gross charge-offs millions 31, loans origination year to 2018 revolving period to term loans Loans riskInvestment-grade,121,864#13,015,159,251#171,049#249,585 Noninvestment-grade,096,240 retained loans,950,960,836,228#2,610,289,679#309,278


loans SPEs institutions trusts Global Private Bank. Morgan Wealth states subdivisions nonprofits. Note 14.


December 31, 2023 $610 million. $820. $244 million. 4 billion loans $11. billion revolving $56 million First Republic.


table presents information retained loans secured real estate Wholesale portfolio property. Multifamily lending includes acquisition leasing construction apartment buildings. commercial includes acquisition leasing construction office retail industrial real estate. secured real estate loans $10. 2 billion $6. 4 billion December 31, 2023 2022 construction development loans development construction commercial industrial residential farm buildings. millions retained loans secured real Retained loans secured,725 Criticized % retained loans. nonaccrual loans loans.


$20. 1 Multifamily loans First Republic.


table geographic distribution delinquency wholesale loans. real estate industrial loans December millions Loans geographic distribution.,499,740,638,324,499,636,589 non.,992,469,753,836,081 loans#162,338#126,732,166,660,968,278,472,670 delinquency less 30 days due accruing,314#126,083,899,415,128,341 30–89 days due accruing,127,447 90 days due accruing####162 nonaccrual retained loans#126,732,166,660,968,278,472,670


U. non-U distribution domicile borrower.


First Republic domiciled.


loans-collateralized accruing.


table nonaccrual loans. December 31, millions real estate industrial loans Nonaccrual loans allowance#129,397,345 Without allowance Total nonaccrual loans#401#246#1,221#724#699


discounted cash collateral amortized cost loan allowance. occurs loans partially charged interest payments balance.


income loans years December 2023 2022.


Firm grants wholesale loans 2023 FDMs.


tables loan class modifications. ended December 2023 Single Term extension-insignificant payment Multiple Interest rate reduction term Total millions December 2023 Single Term extension#916-insignificant Multiple extension interest rate reduction term Term extension principal Interest rate reduction term,363


millions 2023 cost Loan Interest rate reduction Term payment deferral term


loans nonprofits institutions.


table loan class payment status FDMs 2023. cost real industrial millions 30 days past due accruing 30-89 days past due accruing Total,363


table loan class FDMs-defaulted 2023. millions cost real industrial Loan modification Term extension payment deferral Interest rate reduction term extension


FDMs 30 days.


December 31, 2023 unfunded commitments Commercial industrial $1. 8 billion $4 million. no real estate.


January 1, 2023 loan modifications TDRs. concessions financial difficulty. short-term modifications not TDRs TDR accounting CARES Act.


December 31, 2022 2021 new TDRs $801 million $881 million. extended maturity dates covenant waivers Commercial Industrial loan class. impact material.


elimination requirement assess modification concession population FDMs greater TDRs.


Firm’s allowance for credit losses estimate expected credit losses financial assets amortized cost off-balance sheet lending commitments. comprises loan losses loan portfolios-related commitments accounts payable liabilities losses investment securities.


income statement changes credit recognized provision.


appropriateness allowance credit losses complex requires judgment management uncertain. quarterly reviewed by CRO CFO Controller. evaluations credit macroeconomic conditions may result changes future.


Firm’s policies loan losses lending commitments. Note 10 credit losses investment securities.


allowance loan losses lending-related commitments credit losses. Firm future draws cancellable commitments. credit cards. losses interest credit card loans. allowance other accrued interest receivables write off 90 days due interest income.


expected life instrument determined contractual term prepayments cancellation features extension call options. life funded credit card loans estimated future payments repayments activity. allocation


approach Credit Card Accountability Act 2009, rate balances.


estimate expected credit losses includes recoveries charged negative allowance.


loan losses commitments Firm assesses risk. estimates credit losses. management judgment. allowance. consumer portfolio product type delinquency status FICO scores geographic distribution LTV ratios. wholesale portfolio rating delinquency tenor collateral LOB geography industry credit enhancement product type facility purpose payment terms.


credit exposures risk assessed impairment. consumer loans risk-rated loans lending commitments.


risk Firm estimates credit losses repayment conditions-specific. covers collateral-dependent risk-rated loans nonaccrual status.


portfolio begins calculation borrower changing delinquency risk rating. covers credit losses estimated factors exposure default. factors probability default loss severity. derived average five scenarios eight-quarter single year straight-line interpolation


revert long information beyond eight-quarter. five macroeconomic scenarios central extreme updated forecasting team. outlook perspectives market consensus feedback senior management LOBs Corporate Finance Risk Management.


quantitative calculation adjusted model imprecision risk assessments trends subjective factors. adjustments historical loss experience product. Management applies judgment economic political conditions underwriting standards borrower behavior credit concentrations factors credit quality. interrelationships create uncertainties.


application inputs quantitative calculation assumptions subject to management judgment emphasizing affect estimate loan losses lending-related commitments.


asset-specific allowance collateral-dependent foreclosure risk-rated wholesale evaluated individually.


January 1 2023 Instruments Losses Debt Note.


adoption guidance eliminated requirement TDRs discounted flow allowed non-DCF approach loans borrowers difficulty. DCF applied discount rate post-modification.


Firm asset non-DCF portfolio-based loans borrowers portfolios except collateral-dependent


-rated loans asset-specific. adoption impact collateral-dependent.


adopted retrospective credit losses $587 million earnings $446 million residential real estate credit.


collateral-dependent loans fair value collateral less costs sell charge-off declines value amortized cost negative allowance recoveries charge-offs improvements.


non-collateral loans Firm measures asset allowance difference amortized cost present cash flows discounted interest rate. changes impairment allowance losses. asset-specific incorporates modification cash flows interest rates principal forgiveness concessions expectation.


Estimating future cash flows judgmental rely loss severities valuations interest principal payments factors market conditions. estimates economic conditions industry portfolio borrower-specific factors insolvency proceedings other economic factors. require management judgment subjective.


loans securities Firm holds assets amortized cost credit exposures lending collateral. estimates assets losses conditions.


Credit risk lending activities collateral mitigated by-term


value collateral Firm’s right call borrower’s obligation provide margin declines. exposures require credit losses. management consider collateral margin collateral issuer securities risk. If allowance losses Firm estimates losses value collateral probability borrower default.


table allowances credit losses loans commitments impairment methodology. Note 10 securities.next page Year December 31, millions excluding credit card Allowance loan balance January 1,200,726 change accounting principle charge-offs,151 recoveries collected charge-offs,209 Provision loan losses,484,468 Ending balance December 31,#1,856,450,420 Allowance-related balance January 1 change accounting principle Provision-related commitments Ending balance December 31,#1,899 investment securities credit losses,450 Allowance loan losses impairment Asset(876)(484) Portfolio-based,732,904 loan losses#1,856,450,420 Loans Asset-specific,287 Portfolio-based,988,134,245 retained loans,275,123,472,870 Collateral-dependent Net charge-offs#180#186 Loans value collateral cost sell,216,228-related commitments impairment Asset-specific Portfolio-based-related commitments#1,899#1,974 Lending commitments impairment-specific Portfolio-based,248,577 lending-related commitments,248,041,289


impact loan losses Financial Instruments Debt Restructurings. Note 1.


December 31, 2023 2022 Firm $243 million $21 million accounts receivable CIB.


2023 losses First Republic.


collateral loans foreclosure risk-rated loans periods. collateral-dependent modified PCD loans.


lending commitments accounts balance sheets.


December 2023 2022 2021 excluded $17. $13. $15. billion consumer $915. $821. billion $730. billion $19. $9. $32. billion wholesale.


credit losses December 2023 $24. billion. billion.


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$675 million wholesale downgrade macroeconomic commercial real estate accounts receivable loan lending.


$1. 2 billion First Republic loans 2023.


Firm outlook third quarter 2023 lower unemployment higher growth adverse scenarios first quarter 2023 recession risks high inflation financial conditions.


credit losses $587 million TDR January 1 2023. Note 1.


Firm's allowance credit losses estimated five scenarios. adverse scenarios punitive. unemployment 5. 5% fourth quarter 2024. GDP 1. 5% lower second quarter 2025.


table presents Firm’s central case assumptions December 31, U. S. unemployment rate. YoY growth U. GDP. assumptions December 31,. unemployment rate. YoY growth U. S. GDP.


quarterly average. unemployment


year over growth. GDP forecast calculated percentage change. prior year.


reflected credit losses


Accounting Estimates 155–158 credit losses judgments.


Consumer Credit pages 114–119 Wholesale 120–130.


Note 1 171 policies consolidation VIEs.


table summarizes Firm-sponsored VIEs business segment. considers VIE JPMorgan Chase primary beneficiary assets issues instruments JPMorgan Chase name JPMorgan Chase–administered asset-backed commercial paper conduit. Business Form 10-K card securitization trusts receivables 261–262 securitization trusts mortgages 262–264 securitization trusts consumer loans-seller conduits financial markets transactions bond vehicles investments


Firm’s business segments involved with VIEs lesser •Asset & Wealth Management sponsors manages funds VIEs. earns fee based assets fee varies investment competitively priced. VIEs interests significant consolidation financial results. •Commercial Banking provides financing services clients third-sponsored entities VIE. control consolidate. maximum loss exposure limited to loans commitments. •Corporate involved with entities VIEs subject to specialized investment accounting consolidation. Treasury CIO invest in securities issued third parties VIEs. Firm direct activities consolidate. Note 10 investment securities portfolio.


CIB invests provides financing services VIEs. page 266 VIEs.


CCB’s Card Services credit card loans Chase Issuance Trust. receivables seller’s interest securities escrow accounts.


Firm consolidates assets liabilities sponsored credit card trusts primary beneficiary securitization activities servicing decisions receivables transferred related modifications workouts. Firm’s involvement


trusts Firm absorb losses right receive benefits VIEs.


securitized credit card receivables assets available for beneficial interests not obligations claims creditors.


agreements Firm interest 5%. December 2023 2022 Firm held interests $4. 9 billion $6. 1 billion. average interest receivables 65%


62% 2023 2022. Firm senior retained $1. 5 billion credit card 2023 2022. interests eliminated consolidation.


Firm securitizes residential commercial consumer loans CCB CIB businesses. act servicer retain interests securitization trusts.


tables present unpaid principal Firm-sponsored securitization entities involvement consolidated. involvement includes servicing loans senior recourse derivative contracts. servicing loans. maximum loss from retained purchased interests carrying value.amount Chase interest securitized assets nonconsolidated VIEs December 31, 2023 millions assets assets securities interests-related Residential mortgage Prime/Alt-A option ARMs#58,570,319 Subprime,881 Commercial other,262,354 Total#235,493,893,462 amount Chase interest securitized assets nonconsolidated VIEs December 31, 2022 millions assets VIEs nonconsolidated securities assets interests-related Residential mortgage Prime/Alt-A option ARMs,36$#754,058#1,918 Subprime,709 Commercial other,037,373 Total#229,986#754,838#1,642#7,291#670#9,603


. S GSEs not Firm-sponsored.


loans non-mortgage receivables.


retained servicing securities loan. GSEs government agencies interest foreign exchange derivatives senior securities $52 million $134 million December 31, 2023 2022 subordinated securities purchased.


interests-securitization.


December 31, 2023 2022 77% 84% interests risk-rated “A” S&P. residential mortgages $2. 5 billion $2. 6 billion-grade $88 million $27 million noninvestment. commercial trusts $6. 1 billion $5. 8 billion investment-grade $1. 7 billion $1. 1 billion noninvestment-grade.


Firm securitizes loans CCB purchased CCB or CIB. CCB retains servicing certain CIB. CCB Firm activities VIE for loan modifications. CCB retain interest securitization.


CIB underwriting trading securities Firm-sponsored securitization trusts. retains senior subordinated interests credit risk in residential mortgage securitizations reacquires positions secondary market. CIB Treasury CIO CCB Firm primary beneficiary of securitization trusts.


Firm consolidate residential mortgage securitizations not servicer power direct significant activities hold beneficial interest significant.


CIB originates securitizes mortgage loans underwriting trading trusts. retain unsold interests credit risk retention mortgage securitizations service commercial securitizations. Treasury CIO invest. direct activities VIE by servicer investors securities. Firm retain interest controlling class transactions.


Firm re-securitization transactions securities VIE interests. transfers U. S. GSEs VIEs backed residential mortgages. consolidation.


table securities VIEs. December 31, millions Transfers. GSEs government agencies,864,128


re-securitizations Firm involved are client-driven specific specific return risk profile. decision-making power shared between Firm clients considering joint effort trust assets economic interest consolidate re-securitization.


securities re-securitization 2023 2022 2021 retained interests VIEs 2022.


Firm may invest in interests third-party-sponsored re-securitizations purchases secondary market. direct significant activities re-securitization trust not involved initial design independent power consolidate re-securitization.


table Firm interests VIEs. December 31, millions. GSEs government agencies Interest,371


December 31, 2023 2022 consolidate U. GSE private-label.


Multi-seller conduit entities provide secured financing collateralized by receivables assets to customers Firm. fund rated commercial paper. repayment cash from assets. assets structured with deal-specific credit enhancements provided by customers. enhancements cover historical losses overcollateralization seller. mitigate losses agreements.


repayment commercial paper provide conduits asset pool financed 100% deal-specific liquidity JPMorgan Chase Bank. provides multi-seller conduit vehicles program-wide liquidity credit enhancement standby letters credit. credit enhancement paper issuance 10% outstanding balance.


Firm consolidates multi-seller conduits activities economic interest. makes decisions asset types credit quality manages commercial paper funding. interests VIEs include fees liquidity credit enhancement provider potential exposure liquidity credit enhancement facilities.


JPMorgan Chase invests paper conduits. held $9. 8 billion $13. 8 billion at December 31, 2023 2022 eliminated consolidation. investments reflect funding needs not driven market illiquidity. not obligated purchase paper.


Deal program credit enhancement eliminated consolidation.-seller lending clients. unfunded commitments $10. 8 billion $10. 6 billion December 31, 2023 2022 off-balance. Note 28.


trusts finance investments short-term rates. purchases bond) funds floating-rate certificates inverse floating-rate residual interests. floaters purchased funds short-term investors tendered TOB trust. residuals retained investor. residual held third-party customer TOB trusts non-customer trusts Residual retained Firm. trusts sponsored third party. Firm. services remarketing agent liquidity tender option provider.


J. P. Morgan Securities remarketing agent TOB trusts. variable rate initial placement floaters. markets. Floaters not material 2023 2022.


JPMorgan Chase Bank. Morgan Securities liquidity TOB trusts. conditional limited events


include bankruptcy failure pay bond issuer taxability downgrade investment. liquidity provider’s exposure limited high credit quality bonds excess collateralization reimbursement agreements Residual holders.


Holders floaters TOB trust. remarketing agent floaters investor


provider provides loan TOB purchase purchases floaters.


TOB trusts variable interest entities. Firm consolidates non-customer TOB trusts Residual economic performance receive benefits bear losses.


table liabilities VIEs consolidated 2023 2022.December 31, 2023 millions assets interests liabilities VIE program-sponsored credit card trusts,460,998 multi conduits,567,781 Municipal bond vehicles,116,127 Mortgage securitization entities Total,170,372,020,283 December 31, 2022 millions assets interests assets liabilities VIE program-sponsored credit card trusts-administered multi-seller conduits,989,275 Municipal bond vehicles Mortgage securitization entities,112####263 Total#2,151#34,411,112,610,889


mortgage.


cash Consolidated balance sheets.


assets consolidated VIEs settle liabilities. include third-party exclude intercompany balances consolidation.


-bearing liabilities consolidated VIEs. holders recourse credit JPMorgan Chase. long-term $3. 1 billion $2. 1 billion at December 31, 2023 2022.


payable Consolidated balance sheets.


receivables loan CIB.


Firm enters transactions with VIEs. derivative counterparty liquidity provider investor underwriter placement agent remarketing agent trustee custodian. transactions conducted at arm’s-length credit decisions based on analysis VIE underlying assets. Firm activities economic performance records reports positions on balance sheets.


Firm unconsolidated tax credit vehicles affordable housing energy. VIEs. third party consolidate. invests earns return tax credits. maximum loss $35. 1 billion $30. 2 billion $14. 7 billion $10. 6 billion unfunded December 31, 2023 2022. assesses withhold capital investment until tax credits. Note 25 housing Note 28 off-balance sheet commitments.


Firm services TOB trusts remarketing agent liquidity tender option provider. provider reimbursement agreement with Residual holder. termination to Residual holders for shortfall. protect from losses municipal bonds. consolidate trusts power economic performance.


liquidity trusts 2023 2022 $5. 1. 8 billion. $7. 3 billion $8. 2 billion.


Firm securitized sold loans receivables commercial loans. investor demand generate liquidity.


loan securitizations Firm not required consolidate trust records transfer loan receivable as sale when accounting criteria met transferred assets isolated from creditors transferee can pledge exchange Firm control over. repurchase before maturity cause return.


loan securitizations Firm recognizes gain loss proceeds assets sold. Gains losses reported noninterest revenue.


table provides securitization activities years 2023 2022 2021 assets entities not consolidated sale accounting achieved securitization. Year December 31, millions mortgage Principal securitized#7,678,218,036,876#14,917 cash flows Proceeds loan sales,251,896,783,450,044 Servicing fees collected Cash flows interests


-securitization.


Level 2.


carrying value loans proceeds loan.


mortgages. loan securitization. agencies


mortgage loans.


assumptions value retained interests table. Year ended December 31, mortgage interest Weighted-average life years. discount rate. mortgage interest Weighted-average life years. discount rate.


MSRs sold. securitization Ginnie Mae


securitization Firm sells mortgage loans excess MSRs to U. S. GSEs. sold for securitization. guarantee. Firm sells loans securitization transactions Ginnie Mae guidelines insured or guaranteed by U. S. government agency. consolidate securitization vehicles not primary beneficiary. credit risk purchaser. Note 28 indemnifications Note 15 impact sale excess MSRs.


table summarizes loans U. S. GSEs Ginnie Mae guidelines. Year December 31, millions value loans sold#19,906,891,035 cash securities,389,286 proceeds,689,118#103,447 Gains loan sales


securities. GSEs Ginnie Mae sold retained portfolio.


MSRs sale loans.


loan sales MSRs.


carrying value loans proceeds sale.


Firm’s obligation repurchase loans breaches Note 28, repurchase delinquent loans Ginnie Mae other. government agencies.


delinquent loans Ginnie Mae foreclosure loans insured guaranteed. repurchase option loans reported Consolidated balance sheets liability. Note 12 information.


table presents repurchased real estate foreclosed-guaranteed loans December 31, 2023 2022. loans real estate insured guaranteed. government. December Loans repurchased Real estate Foreclosed loans


amounts loans repurchased Ginnie Mae.


repurchases loans interest accounts.


table nonconsolidated securitized assets Firm-sponsored securitization entities December 31, 2023 2022. millions assets days past due liquidation losses Securitized Residential mortgage Prime Alt-A option ARMs,319,058 Subprime Commercial,262,037 Total loans securitized,893,838


Goodwill recorded business combination difference purchase price fair value net assets acquired adjusted one year acquisition date additional information liabilities. goodwill not amortized tested for impairment fourth quarter fiscal year business impairment.


goodwill business allocated units determined. table goodwill business segments. December 31, millions Consumer Community Banking,116,121,474 Corporate Investment Bank Commercial Banking Asset Wealth Management Corporate Total goodwill,634,662,315


table changes carrying goodwill. December 31, millions Balance,662,315,248 Changes Business combinations Other Balance December,634,662,315


2023 51% CIFM Aumni. CIB. 2022 Global Shares Frosch Travel Figg. Renovite Technologies. Volkswagen Payments. 2021 Nutmeg OpenInvest Campbell Global AWM Frank Infatuation CCB.


adjustments.


goodwill December 2022 2021.


goodwill impairment test fair value with carrying value. If fair value goodwill not impaired. If less than impairment recognized carrying value fair value goodwill allocated.


Firm uses capital goodwill assets equity goodwill impairment testing. equity determined allocation capital regulatory capital requirements. capital levels incorporated into annual budget reviewed Board Directors Operating Committee. capital reviewed annually updated.


Firm value reporting units income approach. projects cash flows perpetuity growth method terminal values. discounted appropriate discount rate. discount rate represents cost equity determined considering overall estimated cost equity adjusted for risk characteristics. discount rates management compares discount rate to cost equity publicly traded institutions similar. weighted average cost of equity compared with Firm’s overall estimated cost equity. valuations discounted compared with market-based trading transaction multiples competitors. Trading comparables indicators assess values conclusions differences institutions.


Firm comparison aggregate values reporting


units JPMorgan market capitalization. Firm considers factors control premium market execution risk Firmwide reporting unit short-term market volatility value reporting units.


declines business performance credit losses capital requirements deterioration economic market conditions adverse regulatory changes market cost equity values units decline earnings goodwill.


MSRs represent future cash flows servicing. fees revenue offset costs declines cash flows asset servicing income. purchased recognized sale securitization loans servicing retained.


permitted by. GAAP Firm MSRs fair value. treats MSRs market risk management. estimates option-adjusted spread model cash flows interest scenarios discounts risk-adjusted rates. considers portfolio characteristics fees prepayment assumptions delinquency rates costs late charges economic factors. compares estimates market data market activity portfolio experience.


value MSRs sensitive to interest rates effect prepayment speeds. decrease increase prepayments reduce life net servicing cash flows asset. securities. derivatives.


receives fixed-rate interest payments. JPMorgan Chase uses derivatives securities value MSRs. offset interest-rate changes risk instruments.