lawsuit Company Superior Court California San Diego violations Consumer Legal Remedies Act JOHNSON’S Baby Powder. Company violated Proposition 65 warnings. July 2019 Company filed notice removal filed second complaint. October 2019 claim relief. third. December 2019. April 2020 Court granted motion dismiss leave amend. May 2020 Fourth Amended Complaint fifth. Fifth August 2020. Company failure. January 2021 Court issued Order favor motion dismiss prejudice. February 2021 Notice Appeal. opening brief July 2021. responsive brief October 2021. Notice Suggestion Bankruptcy stay imposed Court held reply deadline. September 2023 stay lifted. briefing Court schedule oral argument issue decision.


2014, Mississippi Attorney General complaint Johnson & Johnson Consumer Companies. Mississippi Consumer Protection Act health risks talc JOHNSON’S Baby Powder Shower seeks relief. trial court 2023. October 2022 LTL bankruptcy. March 2023 Third Circuit April 2023 New Jersey Bankruptcy Court dismissed. State requested new trial. April 2024. Company filed summary judgment Daubert motions. State limited Daubert motion. agreed mediation. pretrial conference February 2024 trial April 2024. Company resolution.


January 2020 New Mexico case Company marketed talcum powder products misrepresentations safety carcinogens asbestos. March 2022 court denied motion discovery appeal. filed Petition Superintending Control Request Stay discovery obligations. April 2022 LTL Bankruptcy Case Company State agreed 60-day stay except writ expired June 2022. Company prosecution. October 2022 court order. December 2022 State appeal Third Circuit. September 2022 Supreme Court granted stay briefing discovery. March 2023 Third Circuit dismiss LTL Bankruptcy Case April 2023 New Jersey Bankruptcy Court dismissed lifting stay. State notified Court stay April 2023 Court remains effect.


Forty-two states Mississippi Mexico investigation talcum powder. claims. Five states issued Investigative Demands. Company produced documents Arizona North Carolina Texas Washington confidentiality agreements. follow up requests. March 2022-two states agreed mediation LTL Bankruptcy. July New Mexico Mississippi state. March 2023 mediation terminated. January 2024 Company agreement non-monetary terms. procedural history New Mexico Mississippi.


Company received inquiries subpoenas requests talc LTL Bankruptcy Case. produced responded inquiries.


2014 Janssen Pharmaceuticals. named 3,500 lawsuits opioids DURAGESIC NUCYNTA ER. majority filed state local governments. private plaintiffs Neonatal Abstinence Syndrome hospitals health insurers.


Company JPI litigated two cases prevailed trial.


October 2019 Company agreement state Attorneys General settle government opioid claims nationwide. final agreement July 2021 Company agreed pay $5. billion states cities counties school districts tribal governments credits. July 2021 finalized 60% settlement paid 2023. $0. 7 billion paid 2024. agreement admission liability wrongdoing release opioid claims Company JPI affiliates Tasmanian Alkaloids. Noramco. January 2024 JPI settled opioid claims government claimants City Baltimore school districts.


Company JPI defend government private NAS claimants hospitals health insurers. 35 opioid cases JPI state 430 Ohio MDL 4 federal courts. Some dismissed appealed trial 2024 or 2025.


Province British Columbia filed Company Janssen. industry members class. class actions filed Company Janssen. opioids municipalities First Nations. allege opioid false advertising unfair competition nuisance consumer fraud deceptive acts false claims unjust enrichment. adverse judgment penalties damages punitive damages cost abatement fines equitable remedies.


June 2017 December 2019 Board Directors received shareholder letters breaches fiduciary duties marketing opioids. retained counsel April 2020 reject demands secure dismissal litigation. Board adopted recommendations.


November 2019 filed complaint Company directors officers Superior Court New Jersey. alleges breaches fiduciary duties marketing opioids Company damages. additional complaints filed New Jersey 2019 2020. 2022 two cases dismissed. February 2022 court granted motion dismiss second filed notice dismissal. dismissed filed reconsideration. May 2022 court denied. appealed dismissal.


Company subsidiaries involved in product liability claims. Claimants seek compensatory punitive damages. defenses not predict ultimate outcome litigation. considers isolated settlements. accrued adjust accruals new information ASC 450-20-25 Contingencies. accrues legal defense costs. accrued additional costs settlements damages losses. Product liability accruals represent projected liability different environments fact patterns. Changes accruals may additional information.


table plaintiffs December 31, 2023 powders talc JOHNSON’S Baby Powder,140 DePuy ASR XL PINNACLE Acetabular Pelvic meshes ETHICON PHYSIOMESH Composite Mesh RISPERDAL ELMIRON,150


pending lawsuits fluctuate settled additional filed. additional claims filed.


August 2010, DePuy Orthopaedics. recall ASR XL Acetabular System ASR Hip Resurfacing System hip replacement surgery. Claims personal injury against DePuy. multi-district litigation Northern District Ohio. Kingdom Canada Australia Ireland Germany India Italy. November 2013, DePuy Hip claims Hip patients. agreements February 2015 March 2017 extended settlement program August 2013. settlement program resolved 10,000 claims ASR Hip litigation. lawsuits remain address outside. Australia class action settlement resolved majority ASR Hip patients. Canada agreements class actions. potential additional costs recall. established accruals costs settlement program ASR Hip liability litigation.


Claims personal injury DePuy Orthopaedics. PINNACLE Acetabular Cup System hip replacement surgery. Product liability lawsuits Company costs cases. multi-district litigation


Northern District Texas. June 1 2022 Judicial Panel Multidistrict Litigation ceased federal. filed state countries. 2019 DePuy settlement program. adverse verdicts settled. accrual product liability PINNACLE Acetabular Cup System.


Claims personal injury against Ethicon, Inc. pelvic mesh devices incontinence. potential costs additional cases. Cases multi-district) Southern District West Virginia. March 2021 MDL Court. remanded cases additional mesh lawsuits filed outside MDL. Company majority United States cases estimated costs reflected in accruals. class actions injury cases commenced countries Kingdom Netherlands Belgium France Ireland Italy Spain Slovenia Israel Australia Canada South Africa. November 2019 Federal Court Australia judgment liability three Lead Applicants design manufacture assessments supply promotion devices. September 2022 Company agreement two class actions Australia March 2023 Federal Court approved settlement. class actions Canada discontinued 2020 Israeli class action May 2021. parties finalizing terms settlement. motion approve settlement filed.established accruals pelvic mesh.


June 2016 withdrawal Ethicon Physiomesh Flexible Composite Mesh claims personal injury Ethicon. multi litigation Northern District Georgia. multi-county litigation New Jersey Atlantic County. additional lawsuits Southern District Ohio polypropylene mesh devices C. R. Bard. New Jersey MCLs Ventral Patch Prolene Hernia systems outside. May 2021 Ethicon counsel term sheet 3,600 Physiomesh cases 4,300 plaintiffs. settlement agreement September 2021 3,729 cases. stayed pending completion settlement. 3,390 dismissed prejudice. Ethicon releases 3,584 plaintiffs.-settlement cases subject docket control orders expert reports discovery. May 2023 Ethicon additional settlement 292 Physiomesh claimants. releases returned.2023 5 Physiomesh cases MDL 3 New Jersey MCL docket.


Claims filed Ethicon Company injuries PROCEED Mesh Ventral Patch. 2019 New Jersey Supreme Court cases Atlantic County Superior Court. cases filed courts.


Ethicon Company PROLENE Hernia System. New Jersey Supreme Court MCL Atlantic County. Cases filed state courts.


October 2022 agreement cases Proceed Ventral Patch Prolene Hernia System mesh products unfiled claims. litigation New Jersey MCLs stayed settlement. Future cases reports discovery.


Ethicon Physiomesh Mesh PROCEED Patch PROLENE Hernia System.


Claims personal injury Janssen Pharmaceuticals. RISPERDAL treatment schizophrenia bipolar disorder autism. Lawsuits filed Pennsylvania California Missouri. actions United States Canada. Product liability lawsuits Company potential costs cases. defended cases verdicts against October 2019 $8. 0 billion punitive damages reduced $6. 8 million January 2020. September 2021 settlement counsel. costs reflected accruals.


Claims personal injury Johnson & Johnson Janssen Pharmaceuticals. ELMIRON medication bladder interstitial cystitis. lawsuits ELMIRON retinal injury vision loss filed state federal courts. December 2020 lawsuits multi-district litigation District Court New Jersey. activity stayed. cases filed state courts New Jersey granted mass tort designation. No activity New Jersey state court three bellwether trials Philadelphia March April May 2024. three class action lawsuits filed Canada. Product liability lawsuits costs cases. accruals defense indemnity costs ELMIRON.


subsidiaries Company subject legal proceedings claims patent trademark intellectual property matters. matters involve challenges validity patents allegations products infringe patents third parties. subsidiaries believe defenses no assurance outcome. loss affect sell sales market exclusivity damages future royalties non-cash impairment charge.


Innovative Medicine litigation


subsidiaries brought lawsuits against generic companies U. FDA generic versions products prior expiration patents. lawsuits include allegations non-infringement invalidity of patents FDA’s “Approved Drug Products Orange Book. subsidiaries order enjoining marketing generic product before expiration patents. subsidiaries not successful stay expires before court rulings generic companies introduce generic versions potential market share revenue losses non-cash impairment charge. subsidiaries may settle actions


settlements involve generic versions products expiration patents.


Inter Partes Review Patent Trademark Office 2011 Invents Act generic companies challenge patents.


March 2021 Janssen Pharmaceuticals. Bayer Pharma Intellectual Property patent lawsuits manufacturers Orange Patents. Reddy’s Laboratories. Lupin. Taro Industries. Teva Pharmaceuticals. Mylan Pharmaceuticals. Mankind Pharma Apotex. Auson. Macleods Pharmaceuticals. Indoco Remedies FPP Holding Company Umedica Laboratories. Aurobindo. Cipla. InvaGen Pharmaceuticals. patents 9,539,218 10,828,310.


. Patent. 10,828,310 USPTO IPR. July 2023 invalid. September 2023 Bayer Pharma. Federal Circuit.


January 2023 Actelion Pharmaceuticals. filed patent lawsuits generic manufacturers OPSUMIT expiration Orange Patents. Sun Pharmaceutical Industries. MSN Laboratories Pharmaceuticals. Mylan Pharmaceuticals. patents 7,094,781 10,946,015. November 2023 settlement MSN Laboratories MSN Pharmaceuticals. December 2023 Sun.


2018 Janssen Pharmaceutica. manufacturers INVEGA SUSTENNA Orange Patent. Teva Pharmaceuticals. Mylan Laboratories Pharmascience. Mallinckrodt Specgx Tolmar. Accord Healthcare. patent 9,439,906.


February 2018 Janssen. Pharmaceutica Statement Claim Patented Medicines manufacturers INVEGA SUSTENNA expiration. Pharmascience. Apotex. Canadian patent 2,655,335.


September 2020 Janssen Pharmaceuticals. Research Development infringement manufacturers INVEGA TRINZA Orange Patent. Mylan Laboratories Mylan Pharmaceuticals. Mylan Institutional LLC. patent 10,143,693. May 2023 District Court infringes not invalid. appealed.


November 2021 Janssen Products. Sciences Gilead Sciences. patent infringement manufacturers SYMTUZA Orange Patents. Lupin Lupin Pharmaceuticals. MSN Laboratories


. Life Sciences. Pharmaceuticals. Apotex. patents 10,039,718 10,786,518.


2022 Aragon Pharmaceuticals. Janssen Biotech. Sloan Kettering Institute Regents University California manufacturers ERLEADA Patents. Lupin Pharmaceuticals. Zydus. Sandoz. Eugia Pharma Aurobindo Pharma. Auromedics Hetero Labs Hetero. patents 9,481,663 9,884,054 10,052,314,702,508,849,888 8,445,507,802,689,388,159,987,261,353. 2023 Janssen dismissed Lupin.


November 2022 Actelion Pharmaceuticals. Nippon Shinyaku. filed patent infringement lawsuits generic manufacturers UPTRAVI intravenous Orange Patents. Alembic Pharmaceuticals. Lupin. Cipla. MSN Laboratories. MSN Pharmaceuticals. patents,122 9,284,280. November 2023 settlement Alembic.


May 2023 Janssen Pharmaceuticals. patent manufacturers SPRAVATO Orange Patents. Sandoz. Hikma Pharmaceuticals. Alkem Laboratories. patents 10,869,844 11,173,134 11,311,500 11,446,260.


2023 Biocon. Petition USPTO. 10,961,307 colitis ustekinumab.


2016, Abiomed. filed Maquet Cardiovascular. Massachusetts Maquet patents. 7,022,100 8,888,728 9,327,068,468 9,561,314 9,597,437. Maquet counterclaimed infringement. alleged ’100. September 2021 granted non September 2023 judgment. Maquet appealed.


companies pharmaceutical medical Company subsidiaries regulation national state countries. regulation investigations litigations. significant listed below. possible criminal charges fines civil penalties damages result from investigations.


July 2018 Public Prosecution Rio Janeiro CADE inspected 30 companies Johnson & Johnson Brasil. anti-competitive behavior improper payments medical device industry. Company


Practices States Securities Exchange Commission.


July 2023. Justice issued Demands Johnson & Johnson Surgical Vision. Johnson Johnson Vision Care. False Claims Act intraocular lenses eye surgery phacoemulsification. J&J Vision producing documents. DOJ.


2016, Company Janssen Products complaint False Claims Act Jersey off-label promotion HIV PREZISTA INTELENCE anti-kickback violations. filed December 2012. federal state prosecuted relators. denied 2021. motions granted denied January 2022 trial. May 2024.


2017 Janssen Biotech. Demand False Claims Act rheumatology REMICADE SIMPONI ARIA. August 2019 closing investigation. District Court Massachusetts unsealed False Claims Act complaint. Department declined intervene 2019. Company motion dismiss granted denied. Discovery underway.


Company received requests Congressional Committees produce information inquiries. policy Johnson & Johnson requested.


Company subsidiaries parties proceedings Comprehensive Environmental Response Compensation Liability Act Superfund laws relief agreement remediation hazardous waste sites reimburse costs.


October 2017 service members pharmaceutical Johnson & Johnson subsidiaries District violated Anti-Terrorism Act. funding terrorist Iraqi Ministry Health. July 2020 District Court dismissed complaint. January 2022 Court Appeals reversed decision. June 2023 defendants writ certiorari Supreme Court.


February 2024 class action filed Company Pension Benefits Committee Johnson & Johnson officers employees New Jersey. prescription-drug benefits. seeks damages relief.


October 2020 Fortis Advisors Auris Health. filed complaint Ethicon. officers employees Chancery Delaware. breach contract fraud acquisition Auris 2019. seeks damages relief. December 2021 Court denied dismiss. claims dismissed. trial January 2024 decision.


June 2019 Commission issued Civil Investigative Demand Janssen Biotech. REMICADE contracting antitrust laws. Company produced documents information. Janssen FTC.


February 2022 issued Investigative Demands Johnson & Johnson Janssen Biotech. advertising REMICADE law. Janssen produced documents Demands. FTC.


2022 Genmab Notice Arbitration Janssen Biotech. Darzalex. April 2023 Panel Janssen dismissed claims. January 2024 denied.


October 2018 class actions filed Actelion Pharmaceutical. Clinical Research. Maryland Columbia. complaints Actelion antitrust unfair competition laws refusing samples TRACLEER. Risk Evaluation Mitigation Strategy. Food Drug Administration restrictions distribution. January 2019 plaintiffs dismissed filed consolidated complaint Maryland.


December 2023 class action lawsuit filed Janssen Biotech. District Court Eastern District Virginia. violated delaying competition STELARA. seeks damages relief.


Janssen Pharmaceuticals. Arbitration Emergent Biosolutions. breached COVID-19 vaccine. July Emergent statement counterclaims. hearing July 2024.


2023 Company restructuring Innovative Medicine MedTech. programs.


2023 Company Innovative Medicine promising medicines benefit. programs. exits infectious diseases vaccines vaccine hepatitis HIV. Pre-tax Restructuring expenses $479 million termination partnered non-partnered costs asset impairments. estimated $500 million - $600 million 2024.


2023 Company restructuring Orthopaedics franchise markets product lines. pre-tax restructuring expense $319 million inventory instrument charges. estimated costs $700 million - $800 million 2025.


table restructuring expenses 2023-tax Innovative Medicine MedTech Programs


$449 million Restructuring $30 million Cost


$40 million Restructuring $279 million Cost


reserves December January insignificant.


May 8 2023 Kenvue 198,734,444 shares $0. 01 share $22. 00 share proceeds $4. 2 billion. excess Johnson Johnson $2. 5 billion paid capital. Johnson Johnson 89. 6% shares Kenvue July 2, 2023 non-controlling interest $1. 3 billion second quarter 2023.


August 23, 2023 Johnson Johnson. 1% Kenvue Common Stock 190,955,436 1,533,830,450. $31. 4 billion Treasury. owns 9. 5% shares Kenvue $4. 3 billion August 23, 2023. changes $0. 4 billion December 31, 2023.


Johnson & Johnson divested $11. 6 billion August 2023 loss Consumer Health $4. 3 billion. decreased non-controlling interest $1. 2 billion deconsolidation Kenvue. non-cash gain $21. billion third quarter 2023. $2. 8 billion Kenvue Common Stock. tax-free.


Johnson & Johnson Kenvue entered separation agreement agreements assets liabilities Consumer Health business to Kenvue interim relationships Kenvue IPO transition services manufacturing trademark intellectual property employee tax. Johnson & Johnson Kenvue Kenvue Johnson & Johnson. terminate 24 months Kenvue IPO. Johnson & Johnson Kenvue entered TMAs Kenvue Kenvue. 3 months to 5 years.


TSAs TMAs immaterial 2023. due Kenvue not material December 31, 2023.


Consumer Health business gain reflected discontinued Net. periods. separation Kenvue Johnson & Johnson incurred costs $986 million $1,089 million $67 million 2023 2022 2021 included earnings. advisory legal accounting contractor costs separation. 2022 recognized $0. 5 billion net tax costs. January 1, 2023 assets liabilities classified discontinued operations balance sheets.


Net Earnings Discontinued Operations taxes Millions Sales$10,036,953,035 Cost,369 profit#8,459#8,583 Selling marketing administrative expenses#4,519#4,542 Research development#437 Interest Kenvue,984) Restructuring Earnings,134#2,366#3,598 taxes#795#521 Net earnings$21,827#1,571#3,077


Company ceased consolidating Consumer Health August 23, 2023 separation costs fourth quarter.


table depreciation expenditures discontinued operations Kenvue Depreciation Amortization expenditures


liabilities discontinued operations 1 2023 Cash$1,238,121 Inventories,215 expenses assets Property Intangible assets Goodwill,184 Deferred taxes noncurrent assets$21,407 Loans Accounts Accrued liabilities rebates returns promotions compensation obligations liabilities debt Deferred taxes Employee obligations Other liabilities noncurrent liabilities$2,901


quarterly financial data discontinued operations 2023 2022 summarized Millions Share Segment sales Innovative Medicine$13,413,731,893,722,869,317,214,163 MedTech Total sales,894#21,519,351,395,215,996 Gross profit,207,057,745,597,822,893,824,855 Earnings taxes(1,287),306,217,203,144,172,840 earnings continuing operations,376,309,132,262,310,227 discontinued operations tax#578#293,144,049,149 net earnings per shareBasic net earnings (loss continuing operations. 19. 07. 71. 74. 62 24 discontinued operations. 16. 09. 61. 21 11 earnings (loss share. 98. 83 net earnings (loss share continuing operations. 19. 62 discontinued operations. 16. 09. 52. 22 11 net earnings (loss share. 96. 21. 67. 93


quarter 2023. billion talc.


fiscal quarter 2023 non-cash gain exchange $21. billion Net earnings discontinued operations taxes. billion Kenvue. billion Idorsia debt equity securities.


fourth quarter 2023. 4 billion


2022 Company recorded intangible asset impairment. 6 billion bermekimab.


fourth quarter 2022 COVID-19.


Board Shareholders Johnson


financial statements reporting


audited balance sheets Johnson & Johnson subsidiaries December 31, January 1, 2023 statements earnings income equity cash flows three fiscal years December 31, 2023 notes financial. audited control financial reporting Internal Control - Integrated Framework.


consolidated financial statements present financial position December January 1, 2023 results operations cash flows three fiscal years accounting principles. Company maintained internal control financial reporting Internal Control - Integrated Framework (2013) COSO.


Company management responsible for consolidated financial statements internal control assessment Report Internal Control. opinions consolidated financial statements internal control audits. public accounting firm Accounting Oversight Board independent. federal securities laws rules Securities and Exchange Commission PCAOB.


conducted audits PCAOB. standards require plan assurance consolidated financial statements free misstatement error fraud internal control.


audits of consolidated financial statements included risks misstatement error or fraud. examining evidence amounts disclosures. accounting principles estimates management presentation. audit of internal control over financial reporting included understanding risk material weakness testing design effectiveness control risk. other procedures necessary. audits provide reasonable basis for opinions.


internal control over financial reporting assurance reliability financial reporting preparation financial statements for accounting principles. includes policies procedures maintenance of records transactions dispositions assets assurance transactions recorded necessary preparation financial statements receipts expenditures with authorizations management directors prevention of unauthorized acquisition use disposition assets financial statements.


limitations internal control financial reporting prevent misstatements. projections effectiveness future risk controls compliance policies deteriorate.


critical audit matters from current period audit of consolidated financial statements communicated to audit committee relate to accounts disclosures material challenging complex judgments. communication alter our opinion on financial statements not providing separate opinions.


Note 1 Company recognizes revenue product sales obligations. Rebates discounts variable reduction sales. liability Accrued Rebates Returns Promotions balance sheet. liability sale goods. Managed Care Medicare Medicaid programs $11. 5 billion December 31, 2023. contractual terms historical experience patient outcomes trend analysis market conditions. pharmaceutical.


considerations U. S. pharmaceutical rebate reserves critical judgment measurement uncertainty auditor judgment subjectivity audit effort contractual terms historical experience patient outcomes trend analysis market conditions.


audit evidence opinion financial statements. procedures controls. pharmaceutical rebate reserves Care Medicare Medicaid assumptions. procedures developing independent estimate party information price market. pharmaceutical market rebate programs historical experience analysis rebate claims testing rebate claims consistency arrangements comparing estimates estimates.


Notes 1 19 Company records accruals for loss contingencies including talc probable liability loss estimated. adverse record accrual until loss probable estimated. unable estimate possible loss beyond amounts accrued. Amounts accrued contingencies result from complex judgments estimates. affected by factors damages unsubstantiated discovery legal uncertainties facts procedural jurisdictional issues claims complexity numerous parties. Management legal grounds to contest talc verdicts. safety talc products settled cases. recognized provision approximately $9 billion one-third current liability settlements. recorded amount best estimate probable loss after dismissal. full resolution of all talc matters unable to estimate possible loss beyond remaining amount accrued.


principal considerations talc litigation critical audit significant judgment management likelihood loss reasonable estimate loss future talc claims timing settlement payments led to high auditor judgment subjectivity effort loss contingencies.


matter involved evaluating audit evidence forming opinion on consolidated financial statements. procedures included controls evaluation talc litigation loss financial statement disclosures. procedures included understanding process accounting reporting talc litigation evaluating settlement agreements discussing status settlements with-house legal counsel external counsel obtaining letters audit inquiry litigation evaluating assessment unfavorable outcome evaluating litigation contingencies disclosures.


served Company’s auditor since 1920. determine specific year.


Section 404 Sarbanes-Oxley Act 2002 management assess control financial reporting fiscal year report.


Management responsible establishing internal control financial reporting. assurance reliability preparation external financial statements accounting principles.


Internal controls over financial reporting have limitations. reasonable assurance preparation not prevent all misstatements. projections of effectiveness to future risk controls compliance with deteriorate.


management assessed control financial reporting December 31, 2023. used criteria Sponsoring Treadway Control-Integrated Framework (2013). environment risk assessment activities information communication monitoring. documenting testing controls.


processes concluded December 31, 2023 control financial reporting.


financial reporting December 2023 audited PricewaterhouseCoopers. Duato. Wolk. Wolk Chairman Board Directors Vice President Chief Financial Officer


graphs shareholder return Common Stock five ten years ending 2023 Standard & Poor’s 500 Stock Index Pharmaceutical Index Healthcare Equipment Index. $100 invested December 2018 2013 Common Stock 500 Index dividends reinvested.


CAGR. S&P 500. Pharm. S&P H/C Equip. Johnson Johnson.$116.$128.$143.$152. S&P 500 Index.$155.$200$207. S&P Pharmaceutical Index.$168.$169. S&P Healthcare Equipment Index.$181.$147.


-year CAGR. S&P 500. S Pharm. S H/C Equip. Johnson Johnson$100.$118.$136$161.$187.$208.$231.$245.$224 S&P 500 Index.$157$197.$300.$246.$311. S&P Pharmaceutical Index.$122.$127.$154.$178$191.$261.$262. S&P Healthcare Equipment Index.$126.$133.$142.$186.$216.$280$329.$393.$319.$348.


disagreements disclosure


Disclosure controls procedures. end period Report Company evaluated effectiveness disclosure controls procedures. ensure information reports Exchange Act recorded processed summarized reported within SEC’s rules forms. controls procedures information accumulated to management principal executive financial officers timely decisions disclosure. Joaquin Duato Chairman Chief Joseph J. Wolk Executive Vice President reviewed participated evaluation. Wolk concluded end disclosure controls procedures effective.


Reports control financial reporting. information incorporated Management’s report attestation report independent accounting firm Item 8.


Changes control financial reporting. fiscal quarter December 31, 2023 no changes control financial reporting evaluation Rules 13a-15 15d-15 Exchange Act. disclosure controls procedures.


Company implementing multi-year initiative integrate standardize processes human resources information technology procurement supply chain finance. growth financial standardize systems. not deficiency control financial reporting. financial control environment.


Securities plans Directors Officers. quarter 2023 directors Exchange Act informed termination 10b5-1-Rule 10b5-1 Item 408 Regulation.


information incorporated Audit Committee 1. Election Directors Board committees. Election Delinquent Section 16(a) Proxy Statement “Executive Officers Part I Report.


Company’s Code of Business Conduct covers employees Chief Executive Financial Officer meets SEC rules Section 406 Sarbanes-Oxley Act 2002. available website. copies available to shareholders request Secretary offices. amendment waiver Controller posted. within five business days retained one year.


Company adopted Code of Business Conduct & Ethics for Board Directors Executive Officers. available on website. copies available to shareholders without upon request Secretary at principal executive offices. amendment or waiver posted on website. within five business days retained for one year.


information 1. Election Directors compensation 2. Compensation Executive compensation tables Proxy Statement.


material incorporated Compensation Committee report Proxy Statement furnished not filed incorporated filing Securities Act 1933 Securities Exchange Act 1934 except Company incorporates.


Security ownership owners stockholder


incorporated 1. Stock ownership Proxy Statement 16 Common stock option compensation agreements Financial Statements 8.


table information December 31, 2023 shares Common Stock equity compensation plans. Plan Category Securities Options Exercise Price Securities Future Issuance Plans Approved,211,785.,112,007 Plans Not Approved Total,211,785.,112,007


category equity compensation plans approved shareholders 2012 2022.


column excludes shares Securities Options Rights.


2012-Term Incentive Plan expired. options shares Plan.


information incorporated captions. Election Directors transactions independence Proxy Statement.


information item incorporated 3. Ratification accounting firm Proxy Statement.


documents filed. Financial Statements


sheets 2023 2022


statements 2023 2022


statements equity 2022


2023 2022 2021


schedules omitted required information financial statements.


. Exhibits filed regulation


information incorporated Exhibit Index Report.


Registrants include Form 10-K Item 16. Company.


Section 13 Securities Exchange Act 1934 registrant Report signed undersigned.


Securities Exchange Act 1934 report signed persons dates. Signature. Duato#Chairman Board 16, 2024. Executive Officer. Wolk Financial Officer 16 2024. Decker. Chief Accounting Officer 16 2024. Decker Accounting Officer. Adamczyk 16, 2024. Beckerle 16, 2024. Davis 16 2024. Doudna 16 2024. Signature. Hewson 16, 2024. Johnson 16, 2024. Joly 16, 2024. McClellan 16, 2024. Mulcahy#Director 16, 2024. Weinberger#February 16, 2024.West 16 2024. West. Woods. Woods


. Exhibit


Merger October 31, 2022 Johnson & Johnson Athos Merger Sub. ABIOMED. Exhibit 2. Form 8-K Report November 2022. Certificate Incorporation February 19, 2016 Exhibit 3 10-K Report. Amendment Johnson Johnson April 30, 2020 Exhibit 3.-Laws Company June 9 2020 Exhibit 3. Securities Exchange Commission Registrant instruments long-term debt. Securities Securities Exchange Act 1934 Exhibit 4. 8-K August 12 2020. Long-Term Incentive Plan Appendix A Proxy Statement March 15 2012. Stock Option Certificate 2012 Long-Term Incentive Plan Exhibit 10. Form Quarterly Report April 1.10(c Restricted Share Unit Certificate 2012 Incentive Plan Exhibit 10. 3 April 1 2012.(d Performance Share Unit Certificate Exhibit 10. 4.(e NonQualified Stock Option Award Agreement Exhibit 10. 1 April 1.(f Restricted Share Unit Award Agreement Exhibit 10. 2. Performance Share Unit Award Agreement Exhibit 10. 3.(h Restricted Share Unit Award Agreement John Reed May 1 2023 2022 Long-Term Incentive Plan.(i Deferred Compensation Compensation Plan Exhibit 10(g) 10-K Annual Report December 28, 2003.(j Certificate Extra Compensation Plan January 1, 2009 Exhibit 10(j 10-K Annual Report December 28, 2008.10 Performance Plan Exhibit 10. 10-Q Quarterly Report September 27,. 10 Deferred Fee Plan Directors January 17, 2012) Exhibit 10 10-K January. Exhibit Table


Johnson & Johnson Executive Income Deferral Plan January 1 2010 Exhibit 10. 10-Q Quarterly Report September 30, 2012. Johnson & Johnson Excess Savings Plan restated January 1, 2022 Exhibit 10 January 1 2023. Benefit Plan Johnson & Johnson Companies restated January 1, 2020 January 2021. Life Plan Agreement 10 January 3, 1993. Agreement Closure Letter. March 29, 2015. Long-Term Incentive Plan Appendix Proxy Statement March 16, 2022. Pay Plan Johnson & Johnson. Companies Amended Restated October 1, 2014 Exhibit 10. Amendment Severance Pay Plan Johnson. October 1, 2014) Exhibit 10. June 28, 2015.10 Amendment Severance Pay Plan Johnson & Johnson U. S. Affiliated Companies October 1 2014) Exhibit 10 Registrant's Form 10-K Annual Report year January 3 2016. Value Rights Agreement December 22, 2022 Johnson & Johnson American Stock Transfer Trust Company Exhibit 10. Registrant’s Form 8-K Report. Agreement May 3 2023 Johnson & Johnson Kenvue. Matters Agreement. Matters Agreement. Property Agreement. Phase-Out License Agreement 3 2023 Johnson Johnson. Services Agreement Kenvue. Manufacturing Agreement. Rights Agreement. Johnson Deferred Compensation Plan Performance Share Unit Award Agreement


Restricted Share Unit Award Agreement Nonqualified Stock Option Agreement Johnson & Johnson Excess Savings Plan January 1, 2022 Exhibit 10. Form 10-Q Quarterly Report October 1 2023. & Johnson Executive Incentive Plan September 7, 2023 Exhibit 10. 2 10-Q Report October 1 2023. & Johnson Stock Trading Policy Directors Executive Officers Insiders April 27, 2023. Independent Public Accounting Firm. Chief Executive Officer Section 302 Sarbanes-Oxley Act. Chief Financial Officer. Section 906 Act. & Johnson Clawback Policy August 8, 2023. Exhibit 101. Document Interactive Data File XBRL tags XBRL document.XBRL Taxonomy Extension Label EX-101. Presentation-101. Definition Exhibit 104 Page Interactive Data XBRL tags embedded document.


compensatory.


exhibits schedules omitted 601 Regulation S-K.


JPMorgan Chase. NYSE Delaware 1968 leading financial services. operations worldwide. $3. 9 trillion assets $327. 9 billion equity December 31, 2023. leader investment banking financial services commercial banking processing management. Morgan Chase serves millions. clients


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


Firm’s website. jpmorganchase. com. annual Form 10-K quarterly 10-Q current Form 8-K Section 13 15(d Securities Exchange Act 1934 U. Securities Exchange Commission. information. Investor Relations section. Form 10-K not incorporated Annual Report 10-K December 31, 2023 filings SEC. adopted Code of Conduct employees Code of Ethics Chairman Chief Executive Officer Chief Financial Officer Principal Accounting Officer professionals finance accounting treasury tax investor relations. Code of Ethics available print Investor Relations team. amendment Code of Ethics waiver director executive officer.


JPMorgan activities four segments Corporate segment. consumer Community Banking. wholesale Corporate Investment Bank Commercial Banking Asset Wealth Management.


business segments products services segment Management’s financial page 48 Note 32. May 1, 2023 JPMorgan Chase acquired assets liabilities First Republic Bank Federal Deposit Insurance Corporation. Note 34.


JPMorgan Chase subsidiaries affiliates competitive. Competitors include banks brokerage investment merchant banks hedge funds commodity trading private equity insurance mutual fund investment managers credit card mortgage trust securities automobile financing leasing e-commerce financial technology. businesses compete quality transaction execution innovation reputation price. Competition varies clients customers industries geographies. JPMorgan Chase competes globally. competitors internet non banking.


JPMorgan Chase believes growth high-performing diverse workforce inclusion accessibility. information relates full part-time employees contractors.


December 31, 2023 JPMorgan Chase 309,926 employees increase 16,203. growth front office operations technology First Republic acquisition. employees 65 countries 60% U. S. distribution workforce region line business 2023 Breakdown North America,640 Asia-Pacific,406 Europe/Middle East/Africa,867 Latin America/Caribbean,186,485 Total


table presents information self-identifications Firm’s employees Board of Directors December 31, 2023. race/ethnicity Equal Employment Opportunity classifications U. S. gender global employees. race/ethnicity gender Operating Committee Board Directors reflects. LGBTQ+ veteran statuses U. S. employees. disability status U. S. employees Committee. December 31, 2023 employees level employees Committee of Directors Race/Ethnicity White Hispanic Asian Black Gender Men Women LGBTQ+ Military veterans People disabilities


EEO metrics. percentage self-identified race/ethnicity 96% 94% Firm’s. senior Operating Committee Board Directors. Operating Committee member outside U.


Alaskan Hawaiian Pacific Islander races.


self-identified gender 98% employees 99% senior employees members Operating Committee Board Directors.


percentage U. employees. senior employees members Operating Committee Board Directors.


level represents Managing Director.


. Weinberger elected Board January 2024.


Firm request Board-identify disability.


foundations JPMorgan Chase’s culture purpose values Principles. fundamental success represented tenets client service operational excellence integrity fairness responsibility team winning culture. inclusion respect Code of Conduct employee awareness education communication training. Business Resource Groups diversity equity inclusion strategies. global Diversity Equity Inclusion centers lead strategy equity impact inclusive culture.


JPMorgan recruitment hire talented roles career levels. external internal employees career opportunities. internship entry-level management executive careers. 2023 60% employment opportunities filled external candidates remainder existing employees. hybrid work models on-site remote.


diverse backgrounds recruitment. JPMorgan Chase sources talent inclusive work environment. Diversity Equity Inclusion centers support career coaching mentorship.


JPMorgan Chase fellowship program accomplished career break return workforce. hiring focus skills degrees.


JPMorgan Chase career growth. onboarding hires compliance Code Conduct policies standards cybersecurity. offers training resources leadership change management analytical thinking culture diversity equity inclusion risk. Leadership Edge Firmwide leadership culture.


Firm provides-competitive compensation benefits programs. JPMorgan principles pay-for-performance practices talent responsiveness shareholder interests culture Business Principles. disciplined compensation framework risk controls conduct. equitably competitively.


JPMorgan Chase offers benefits wellness packages healthcare retirement insurance health centers counseling vacation leave policies child care tuition financial coaching. 2023 enhanced health benefits. medical plan free mental health counseling.


Firm subject regulation U. S federal state laws jurisdictions outside.


company


. JPMorgan Chase & Co. bank financial. federal law subject to supervision Board Governors Federal Reserve System. operations. JPMorgan Chase’s subsidiaries regulated by authorities activities.


JPMorgan subsidiary Bank. supervised Office Comptroller Currency Federal Deposit Insurance Corporation.


JPMorgan Chase’s. broker-dealers Securities Exchange Commission Financial Industry Regulatory Authority. Subsidiaries Commodity Futures Commission. Morgan Securities banking license. Prudential Regulation. Financial Conduct Authority.


JPMSE Germany credit institution European Bank local regulators. non-U. S. subsidiaries banking securities prudential payments authorities.


business activities. Bank Holding Company Act restricts BHCs banking. FHCs broader financial activities. Federal Reserve FHC’s activities if eligibility requirements. impose corrective capital managerial requirements FHC divestiture institutions. If depository institution FHC satisfactory rating Community Reinvestment Act new activities


BHCs acquiring company.


. Federal Reserve JPMorgan Chase Basel III evaluates compliance. OCC requirements JPMorgan Chase Bank. non-U. subsidiaries branches local requirements.


Banking supervisors Basel III capital framework. July 2023. regulators proposal amend. capital framework Basel III. banks $100 billion. banks. effective date July 1, 2025 three-year transition.


. EU. regulators finalized Basel III. dates January 1 2025 July 1 2025. transitional arrangements 2030 2032.


Stress tests. large BHC JPMorgan Chase subject supervisory stress testing Federal Reserve. annual stress tests submit annual capital plan. uses results Stress Capital Buffer requirement. annual CCAR submission April 5, 2024. Federal Reserve SCB requirement June 30, 2024 final SCB requirement August 31, 2024. final SCB requirement effective October 1, 2024. OCC requires JPMorgan Chase Bank. stress tests annually. Firm publishes results stress tests.


Capital 91-101 Liquidity 102–109.


prudential standards. risks financial. large banking recommends prudential standards reporting Federal Reserve institutions JPMorgan Chase. Federal Reserve rules risk management corporate governance. JPMorgan Chase liquidity risk management standards oversight board.


Resolution recovery. Firm comprehensive recovery plan updated annually summarizes actions well-capitalized-funded avoid failure adverse event. JPMorgan Chase Bank. required prepare submit recovery plan OCC. Dodd-Frank Wall Street Reform Consumer Protection Act submit Federal Reserve FDIC plan resolution Bankruptcy Code distress failure. resolution plan submissions alternate “targeted” “full” plans. recent resolution plan filed June 30, 2023 next July 1, 2025. prepare submit separate resolution plan FDIC regulation. filed resolution plan December 1, 2023.


August 2023 FDIC proposal revise IDI Resolution Rule.-insured institutions $100 billion JPMorgan Chase Bank N. content increase frequency two years interim supplements non-submission years. credibility expectations bank engagement capabilities testing review enforcement compliance Rule.


non. subsidiaries branches local resolution.


liquidation authority. companies JPMorgan Chase subsidiaries resolution liquidation Bankruptcy Code. Treasury Secretary President determinations financial distress systemic risk recommended by FDIC Federal Reserve. Firm subject resolution Bankruptcy Code. FDIC policy “single point strategy for resolution SIFIs subsidiaries BHC open losses on shareholders creditors.


. JPMorgan Chase Co. financial strength depository subsidiaries commit support directed Federal Reserve.


Regulation acquisitions. by BHCs banks subject to requirements prohibitions by law Federal Reserve OCC. FHCs BHCs approval Federal Reserve before 5% voting shares unaffiliated bank. acquisitions by financial companies prohibited if liabilities exceed 10% Federal. Firm must provide notice Federal Reserve acquiring voting shares company over $10 billion assets. FHCs Federal Reserve acquisitions if eligibility requirements.


. Firm Deferred Prosecution Agreement Department Justice September 2020 precious metals. Treasuries cooperation CFTC.


banks


activities JPMorgan Chase Bank. subsidiary National Bank Act OCC. OCC JPMorgan Chase Bank.


unsafe banking practices limiting JPMorgan Chase Bank. imposing requirements.


FDIC deposit insurance. deposits funded assessments banks JPMorgan Chase Bank. FDIC minimum reserve ratio-insured deposits 1. 35%. ratio below minimum October 2022 FDIC assessments. restoration plan ratio 1. 35% by September 30, 2028 target reserve ratio 2%.


FDIC insolvency. JPMorgan Chase Bank. FDIC conservator Deposit Insurance Act. liabilities approval creditors.


. Federal Deposit Insurance Corporation Improvement Act 1991 depository institution capital adequacy standards. Federal Reserve BHC JPMorgan Chase. undercapitalized status. BHC capital restoration undercapitalized subsidiary.


Heightened Supervisory Standards. OCC established guidelines standards large banks minimum risk governance framework. bank’s risk governance framework risk profile parent BHC. bank’s board risk framework oversight risk management accountable.


Firm’s banking entities EU. ECB PRA strategy governance risk climate change operational resilience IT third-party services shocks. non-EU banking groups


intermediate parent undertaking EU two bank separation. Firm ECB May 2023 two IPUs EU banks broker-dealers.


Restrictions transactions. JPMorgan Chase Bank. subsidiaries subject federal law extensions credit investments stock securities derivatives transactions JPMorgan. restrictions prevent. borrowing. unless loans secured comply requirements.


Dividend restrictions. Federal law payment dividends national banks JPMorgan Chase Bank. Note 26 dividends. January 1, 2024 without approval banking regulators. OCC Federal Reserve prohibit payment dividends unsafe financial condition.


Depositor preference. federal law receiver insured depositary institution administrative expense holders. deposit liabilities FDIC non. branches over unsecured creditors. public noteholders.


. JPMorgan Chase Bank. Consumer Financial Protection Bureau federal consumer protection laws fair lending prohibition unfair deceptive abusive acts financial products. jurisdiction small business lending fair lending Equal Credit Opportunity Act. actions firms practices unfair deceptive abusive. February 2023 proposed rule late payment fees credit card issuers. January 2024 bank overdraft fees insured depository institutions. requirements overdraft


protections credit cards unless overdraft fee benchmark CFPB. October 2023 Federal Reserve Board maximum interchange fee large debit card issuers Firm. publishing updated fee. Firm’s consumer activities state statutes enforced Attorney General.


. Firm operates retail bank J. P. Morgan Europe investment Nutmeg Saving Investment Limited. JPMEL regulated PRA FCA. fair treatment. JPMEL regulated U. K Payment Systems Regulator. businesses JPMEL Nutmeg. consumer-protection legislation. Consumer Duty. effective July 2023. financial providers requirements products services value pricing consumer understanding post-sale support.


Securities


Firm conducts securities brokerage. J. P. Morgan Securities non-bank subsidiaries SEC FINRA New York Stock Exchange. conducts outside. local. K. J. P. Morgan Securities EU JPMSE.-dealers laws regulations sales trading funds financing capital structure record-keeping retention directors officers employees. Broker-dealer regulatory capital J. P. Morgan Securities. Morgan. sales trading subsidiaries laws manipulative anti-competitive practices.


Investment


Firm’s wealth management businesses regulation assets funds marketing activities. subsidiaries registered SEC investment advisers broker-dealers. advisers. obligations Investment Advisers Act 1940 state federal law. bank fiduciary activities OCC.


Firm’s asset wealth management businesses subject regulations SEC. states standards conduct conflicts interest. October 2023 Department of Labor proposed rule investment advice fiduciaries retirement plans Employee Retirement Income Security Act 1974. impacts fee compensation practices financial institutions investment recommendations rollovers employer plan IRA.


Firm subject regulation derivatives businesses. JPMorgan Chase Bank. J. P. Morgan Securities LLC. registered CFTC “swap. JPMorgan Chase Bank. Morgan SEC-based swap. subject regulatory framework capital requirements collateralization uncleared segregation counterparty collateral business conduct documentation standards clearing derivatives regulated venues record-keeping reporting obligations anti-fraud-manipulation requirements. requirements European Union Directive U. K. jurisdictions.


. Morgan Securities CFTC National Futures Association.


cybersecurity


Firm subsidiaries subject laws rules regulations data consumer protection privacy cybersecurity. laws evolving subject interpretation focus regulators enforced businesses operations.


Bank Sanctions


Bank Secrecy Act requires financial institutions controls money laundering financing terrorism. BSA includes record-keeping reporting due diligence-customer. Firm subject regulations economic sanctions U. S. Office Foreign Assets Control EU U. K. authorities terrorism hostilities human rights violations. Firm subject economic sanctions laws jurisdictions JPMorgan Chase.


Firm subject laws payments. Foreign Corrupt Practices Act. K Bribery Act.


Firm’s compensation practices Federal Reserve other agencies. Federal Reserve issued guidance FDIC OCC compensation imprudent risk-taking. Financial Stability Board standards compensation. practices other jurisdictions Fifth Capital Requirements Directive EU U. K compensation. European Banking Authority guidelines compensation CRD V


local regulations. U. K. regulators instituted compensation policies from EU rules. Firm expects guidelines. affect compensation programs practices.


Policymakers U. EU sustainability initiatives requirements. Corporate Sustainability Reporting Directive EU ESG reporting 2024. December 2023 EU Corporate Sustainability Due Diligence Directive. due diligence obligations human rights violations environmental impacts climate transition plans. impact Firm’s EU non-EU entities.


discussion risk factors JPMorgan Chase’s financial operations. complete. factors affect JPMorgan Chase’s business financial condition capital position liquidity competitive position reputation increasing expenses decreasing revenues losses earnings.


risk factors JPMorgan Chase’s business financial condition capital position liquidity competitive position reputation include •Regulatory risks impact laws financial services changes business additional costs assessments levies governmental charges differences financial services regulation supervision jurisdictions penalties collateral consequences higher compliance operational costs regulatory investigation predictable legal regulatory frameworks operations financial results losses security holders if resolution. •Political risks effects economic uncertainty. risks effects economic events governmental policies interest rates credit spreads market fluctuations businesses investment market positions earnings liquidity capital levels. •Credit risks effects financial condition clients customers losses declines value collateral impacts credit risk.•Liquidity risks JPMorgan Chase’s liquidity by market illiquidity unforeseen capital requirements inability sell assets default outflows cash collateral lack market confidence dependence. on cash flows subsidiaries effects credit ratings on liquidity cost funding. •Capital risks failure maintain capital changes capital requirements limit capital business. risks dependence on operational systems workforces competence integrity health safety negative effects risks failure systems changes products new technologies legal regulatory risks personal information cyber attack extraordinary events risks acquisitions First Republic Bank risk management framework control environment models estimations stress testing financial controls over disclosure financial reporting adverse effects failing regulatory standards oversight vendors providers.•Strategic risks damage JPMorgan competitive standing results business strategies competition impacts climate change business operations clients customers. risks negative impact misconduct failure JPMorgan expectations policies practices. risks adverse effects relationships clients


shareholders regulators employee misconduct security breaches risk management compliance operational failures litigation regulatory investigations environmental social governance concerns conflicts interest fiduciary obligations reputation. risks impacts hostilities effects local economic political regulatory social factors revenues. risks attracting retaining employees travel policies. risks litigation regulatory investigations.


summary subject risk factors below.


JPMorgan Chase’s businesses regulated laws business operations.


JPMorgan Chase financial services firm operations worldwide. comply laws rules regulations jurisdictions extensive regulation supervision.


regulation JPMorgan Chase affects business operations changes supervisory expectations new laws rules regulations. developments additional costs reduction revenues reduce profitability. entry acquisition new business increase principal investments may require with additional laws rules regulations.


to laws rules regulations expanded supervision JPMorgan Chase required to •limit products services •reduce liquidity •refrain business opportunities •pay higher taxes assessments levies governmental charges •incur losses fraudulent transactions •dispose assets prices disadvantageous restrictions business •increase prices reduce demand.


failure JPMorgan Chase laws rules scrutiny enforcement actions fines penalties sanctions exposure litigation reputation.


financial services impact JPMorgan businesses results.


laws rules regulations affecting financial services firms vary size jurisdiction criteria. •larger firms JPMorgan Chase stringent supervision •financial technology companies non-traditional competitors banking regulation supervised by agency resources priorities regulatory framework jurisdiction favor financial institutions based.


differences regulatory JPMorgan Chase market share especially unregulated financial products.


differences regulatory initiatives financial services U. S. other countries JPMorgan Chase. rules global national regulator requirements competitive disadvantages for services firms JPMorgan Chase regulations.


national multi bodies agencies outside U. S. adopted laws rules JPMorgan Chase creating conflict law risk non-compliance.


regulatory initiatives outside U. require JPMorgan Chase operations legal structure. include laws rules regulations regulatory expectations establishment locally-based companies subsidiaries capital liquidity processes separation banking products from markets activities orderly resolution financial institutions settling transactions exchanges depositing funds settlement systems limits reporting rules derivatives accountability regimes business control requirements compensation.


differences conflicts in financial services regulation JPMorgan Chase to assets restructure operations higher capital liquidity absorb costs operational compliance costs prices products business opportunities to regulatory fines penalties sanctions higher costs legal frameworks.


factors harm JPMorgan Chase’s against firms laws oversight businesses results profitability.


investigations JPMorgan Chase penalties compliance restrictions.


JPMorgan Chase subject to oversight authorities. paid fines provided relief incurred penalties experienced repercussions investigations. could similar resolutions actions future higher operational compliance costs devoting resources remediation restrictions.


resolving regulatory investigations regulators required JPMorgan Chase financial institutions admit wrongdoing. admissions lead to exposure •damage reputation •disqualification adverse effects.


government officials U. countries criminal actions against financial institutions plead guilty admit wrongdoing investigations. Resolutions collateral consequences financial institution of clients customers business •restrictions products permission.


JPMorgan Chase expects financial services firms regulatory scrutiny governmental investigations authorities require financial institutions violations formal enforcement monetary sanctions informal actions likely pursue formal enforcement actions against JPMorgan Chase.


JPMorgan Chase fails meet requirements governmental investigation risk control processes required •enter resolutions •pay penalties judgments •accept regulatory restrictions changes management businesses.


JPMorgan Chase subject to sanctions prosecution civil litigation conduct investigation. to higher costs requests additional capital resolution investigations enforcement actions newly-acquired businesses joint ventures vendors.


JPMorgan operations financial results less frameworks.


JPMorgan Chase conducts business in countries states municipalities territories jurisdictions rule law inconsistent absence statutory regulatory basis guidance business ambiguous laws inconsistent •uncertainty intellectual property rights contractual obligations competing government economy graft threat regulatory investigations litigations prosecutions contrary legal principles termination licenses suspension business relationships governmental bodies.


application laws rules regulations inconsistent outcomes difficult environment JPMorgan Chase affect operations reduce earnings. conducting business JPMorgan Chase resources understanding local laws rules structuring operations implementing internal policies procedures.


no assurance JPMorgan Chase understand conduct business laws rules jurisdictions risk non-compliance greater less predictable frameworks.


resolution JPMorgan Chase businesses increase funding costs curtail businesses.


JPMorgan Chase required Federal Reserve FDIC rules prepare submit plan for rapid resolution bankruptcy without government support financial distress failure. evaluation resolution plan requirements. legal entity structure activities increase funding operational costs hamper clients.


Federal Reserve FDIC resolution plan JPMorgan Chase impose capital leverage liquidity restrictions growth activities operations. require restructure divest assets operations strategy.


JPMorgan Chase. absorb losses resolution.


Federal Reserve rules require JPMorgan Chase. maintain unsecured debt loss-absorbing capacity recapitalizing subsidiaries bankruptcy Chapter 11. Bankruptcy Code receivership FDIC Dodd-Frank Act.


Parent Company resolution holders LTD debt equity securities absorb losses.


“single point strategy JPMorgan Chase’s Parent Company bankruptcy. subsidiaries recapitalized operations or divested. Parent Company’s losses imposed on equity securities unsecured creditors LTD debt securities. Claims junior position to creditors subsidiaries priority secured creditors Parent Company.


Parent Company bankruptcy holders LTD debt securities realize value shareholder JPMorgan Chase Bank. subsidiaries after priority creditors repaid.


FDIC indicated single point recapitalization model institution Parent Company Title II.


adopted single point.


Parent Company resolution Federal Reserve FDIC follow JPMorgan Chase’s resolution strategy losses holders LTD securities greater JPMorgan Chase’s strategy.


Economic JPMorgan Chase’s businesses.


Political developments U. countries uncertainty economic JPMorgan Chase businesses. governmental policy initiatives geopolitical tensions affect U. global economic growth volatility financial markets hostilities geopolitical instabilities policies Federal Reserve central banks large-scale purchases suspension reversal policies taxation spending health emergencies infectious diseases epidemics pandemics climate risk impact business foreign policies sanctions tariffs protectionist trade policies policies political social pressures.


political developments uncertainty investor confidence. economy financial markets undermine. dollar safe haven currency


retaliatory countermeasures heighten tensions regulatory enforcement diplomatic relations concerns about U. S. government debt withdrawal government support. Federal National Mortgage Association. Federal Home Loan Mortgage Corporation. shutdowns. investor reliance on Federal Reserve influence perceptions government support affect financial credit ratings JPMorgan Chase refrain business.


factors lead to growth rising inflation recession market volatility contraction credit widening spreads risk premium assets consumer confidence investments-scale sales government debt securities. commercial activity currency redenomination departure dissolution political economic alliance treaty expropriation nationalization assets market dislocations unfavorable economic conditions.


potential outcomes JPMorgan Chase losses reduce liquidity capital credit losses higher charge-offs


services weaken results financial credit rating.


JPMorgan Chase's business results may be affected by actions national state local authorities discourage institutions industries penalize •mandate business practices.


governmental policies in differ conflict JPMorgan Chase face negative consequences action •restrictions prohibitions business threat of enforcement actions antitrust •harm to reputation from public criticism.


JPMorgan Chase prohibited business activities jurisdictions governmental actions no assurance restrictions future.


JPMorgan Chase's relationships with clients customers governmental bodies in if decisions sensitive industries align political viewpoints. participation with environmental social groups by activists as discriminatory business behavior.


market JPMorgan businesses market-making positions.


JPMorgan consumer sentiment financial deflation recession unemployment labor market capital liquidity credit interest rates credit spreads prices currencies equities commodities economic effects hostilities terrorism cyber attacks climate change disasters health emergencies diseases epidemics pandemics events U. S. global economies.


affected political events regulatory restrictions.


JPMorgan Chase’s investment portfolio market-making businesses suffer losses due unanticipated market events declines values credit events inability hedge risks market risks development financial instrument.


JPMorgan Chase losses market reduce profitability liquidity capital constrain growth.


JPMorgan Chase’s policies.


JPMorgan Chase’s businesses affected by U. S. global economic conditions income distribution high interest rates value collateral housing prices inflation business confidence consumer spending debt.


unemployment reduced income affect credit debts. low growth interest rates inflationary recessionary conditions diminish demand JPMorgan Chase’s.


Adverse economic conditions delinquencies credit losses higher charge-offs reduce JPMorgan earnings. consequences worse geographies declining industrial activity higher unemployment high consumer debt obligations.


JPMorgan earnings consumer businesses affected policies medical insurance education employment housing financial services limitations late payment overdraft fees higher taxes increased regulation consumer disposable income.


JPMorgan wholesale businesses.


JPMorgan Chase’s wholesale businesses market economic factors affect volume transactions revenue. influence financial institutions investors capital markets transactions loan syndications securities underwriting. deterioration market conditions profitability Chase’s businesses capital markets activities loan leveraged less fee revenue lower transaction volumes


credit commitments loss hold positions favorable prices.


fees JPMorgan Chase managing assets by declining asset values adverse macroeconomic conditions. higher interest rates downturn financial markets affect valuation assets revenue from fees. adverse macroeconomic market conditions could prompt outflows cause invest in lower revenue. withdrawals fund hamper investment performance disadvantageous times lead to withdrawals.


adverse change in market conditions downturn oil gas commodity prices declines commercial real estate values changes consumer behavior clients JPMorgan Chase on market clients related businesses. Chase incur credit losses on loans commitments to clients sector economy stress.


economic downturn changes consumer behavior JPMorgan Chase’s wholesale clients diminish earnings. businesses JPMorgan clients dependent on rental income from commercial real estate properties owned. adverse economic conditions hybrid work models rental cash flows depress values borrowers loans foreclosures. JPMorgan Chase credit losses delinquencies defaults charge-offs loan portfolio


higher costs delinquent loans. foreclosures risk JPMorgan Chase inadequacy regulatory scrutiny reputational harm.


interest spreads JPMorgan earnings liquidity.


interest rates high JPMorgan Chase expected higher net interest income. higher interest rates lead originations commercial real estate loans •losses underwriting exposures downgrades credit losses charge-offs higher financing costs loss deposits incorrect assumptions behavior-sale securities net interest income banks interest rate increases liquidity funding costs.


outcomes affect JPMorgan earnings liquidity capital outcomes high interest rates. Higher interest rates affect payment performance loans linked variable interest rates. borrowers higher interest reduce stop payments losses costs delinquent.


low negative interest rate interest margins JPMorgan Chase higher-yielding instruments changes depositor behavior affect asset liability management strategy reduction value mortgage servicing rights decreasing revenues.


credit spreads widen expensive JPMorgan Chase borrow. spreads widen narrow economic geopolitical events. Changes spreads affect earnings liabilities derivatives recorded fair value.


JPMorgan results market financial instruments.


value of securities derivatives financial instruments JPMorgan Chase owns markets affected by market fluctuations. volatility illiquid conditions disruptions difficult to value instruments. valuations future changes value. disposition price JPMorgan Chase realizes on demand liquidity may lower than current fair value. factors decline value instruments results.


JPMorgan risk stress testing framework exposure extreme market moves. hedging risk strategies losses extreme market events.


JPMorgan Chase custodians CCPs.


JPMorgan Chase executes transactions corporations financial institutions managers hedge funds securities exchanges government entities outside. S. expose credit risk disputes. losses liability


appointed custodial services client assets insolvent fraud laws access assets JPMorgan Chase governmental actions.


default failure CCP JPMorgan Chase contracts replace operational costs losses. exposed to losses if member CCP defaults losses. JPMorgan Chase subject non-default losses CCP including losses from custodial settlement investment activities cyber security breaches.


JPMorgan Chase exposed risk nonperformance collateral. exposed intra-day credit risk cash management clearing custodial transaction services. If client bankrupt insolvent may incur losses disputes litigation with CCPs bankruptcy estate creditors regulatory investigations. increase operational costs suffer losses collateral insufficient.


Transactions with government entities JPMorgan Chase to sovereign credit operational reputation risks. entities claim actions beyond authority repudiate transactions previous government. actions JPMorgan Chase losses business.


local laws limit JPMorgan resolve disputes counterparty default unwillingness payments losses.


Disputes counterparties contracts terms settlement procedures collateral. disposition JPMorgan Chase costs credit losses.


impair JPMorgan manage credit risk harm reputation.


financial failure of significant market participant major financial institution concerns about creditworthiness obligations cause disruption financial markets coordinated action. JPMorgan Chase’s businesses could losses liquidity issues defaulting JPMorgan interrelationships with credit exposure participant.


JPMorgan Chase collateral market.


market stress illiquidity JPMorgan Chase’s credit risk realize estimated value collateral liquidated recover owed •counterparties post collateral.


disputes valuation collateral increase market stress illiquidity JPMorgan Chase losses fair value manage declines.


JPMorgan Chase losses market.


JPMorgan Chase exposed to greater credit market risk groupings clients obligors similar businesses industries same region business profiles models strategies economic conditions.


deterioration credit counterparty concerns creditworthiness in similar industries. interrelationship JPMorgan Chase’s credit liquidity market risk losses


value losses businesses portfolios. JPMorgan Chase increase credit losses establish reserves clients industries regulators.


challenging economic conditions industry concerns credit quality obligors industries. heighten concerns JPMorgan Chase’s meet obligations JPMorgan Chase. JPMorgan Chase monitors credit market risk exposures risks concentration contagion ability diversify hedge may limited.


JPMorgan Chase’s businesses harmed by excessive expansion credit competitors. Heightened competition for loans reductions pricing margins to less-creditworthy borrowers. consumers default loans higher charge-offs credit losses. defaults lead to recessionary. JPMorgan Chase’s businesses lower revenues.


JPMorgan Chase reduce positions market dislocation market credit risks risk-weighted-assets balance. affect capital position funding costs profitability.


JPMorgan operate liquidity constrained.


JPMorgan Chase’s liquidity-wide illiquidity liquidity capital requirements laws rules regulations •actions U. S. government Federal Reserve reduce balance sheet


sell assets CCP market outflows cash collateral loss deposits lending commitments confidence JPMorgan Chase financial institutions.


reduction JPMorgan liquidity. market stress low confidence illiquidity higher funding costs limit access traditional sources liquidity.


JPMorgan Chase raise funding alternative if access stable reduced. Alternative expensive limited. funding costs affected by actions liquidity funding ratio obligations resolution plan regulatory requirements outside U. S. pre-positioning liquidity subsidiaries.


JPMorgan Chase manage liquidity constrain fund invest businesses affect results.


JPMorgan Chase. holding depends cash securities.


JPMorgan Chase. JPMorgan Chase Bank. JPMorgan Chase Holdings LLC. IHC holds JPMorgan subsidiaries. owns assets provides Parent Company.


Parent Company contribute proceeds securities senior debt preferred common stock.


JPMorgan Chase. IHC Parent Company


. JPMorgan Chase Bank. subject restrictions dividend distributions capital liquidity Parent Company. prohibited dividends extending credit capital liquidity thresholds breached limits imposed management Board Directors.


arrangements Parent Company dividends JPMorgan Chase Bank. borrowings IHC. limitations affect interest debt dividends equity repurchase securities obligations.


arrangements Parent Company bankruptcy resolution capital liquidity thresholds JPMorgan Chase Bank N. A. IHC.


JPMorgan credit liquidity cost.


JPMorgan Chase & Co. subsidiaries rated credit agencies. evaluate factors future profitability management expenses developments government support geopolitical developments.


JPMorgan Chase monitors manages factors credit ratings. no assurance credit ratings. downgrade occur market instability options limited investor confidence low.


reduction JPMorgan credit ratings curtail business activities reduce profitability access capital markets cost issuing securities collateral funding requirements investors counterparties.


rating reduction credit spreads JPMorgan Chase Co. subsidiaries. debt obligations JPMorgan Chase.


level capital impact JPMorgan support requirements distribute capital.


JPMorgan Chase subject to regulatory capital requirements leverage- risk-based. Global Systemically Important Bank additional capital buffers GSIB surcharge Stress Capital Buffer countercyclical buffer reassessed annually. capital risk requirements could increase due to banking regulators laws rules balance sheet RWA market risk estimated stress losses Federal Reserve increase SCB.


failure JPMorgan Chase maintain required capital unfavorable changes capital requirements shareholders common stock •requiring issuance redemption capital instruments inconsistent with capital management strategy dividends •curtailing business activities.


regulators proposal amend Basel III capital framework revise capital requirements banks $100 billion including JPMorgan Chase. Uncertainty Chase impact decisions business activities capital distributions.


JPMorgan businesses internal systems.


JPMorgan Chase’s businesses rely on financial accounting transaction execution data processing operational systems process record monitor report transactions accurately quickly securely. design installation functioning depends on quality information inaccurate outdated incomplete data compromise maintain upgrade technological advancements security requirements manage changes security operational continuity adhere to legal regulatory requirements risk malicious activity.


JPMorgan Chase experienced failures disruptions degraded performance data processing quality network connectivity malfunctioning software systems third parties. incidents negative effects access account information transactions exfiltration personal data duplicative transactions extended delays


. no assurance operational failures occur future.


JPMorgan Chase’s operational systems infrastructure hindered by factors clients customers counterparties systems infrastructure challenging speed volume complexity transactions increase •attempts third parties to defraud increasing complex during market disruption economic uncertainty increase •errors by Chase cause system disruption •failure detect weaknesses errors compound migrate larger issues •disruptions caused by failures synchronization encryption software degraded performance microprocessors third parties block technology solutions intellectual property rights.


JPMorgan Chase depends on access operational systems third parties including custodians vendors market participants external operational systems or operational risk to. exposed to systems failure cyber attack vendor market infrastructure systems breakdown cyber attack another party. retailers payment systems processors data aggregators external parties can increase operational risk. particularly where activities beyond security control systems internet


cloud computing smart phones.


external party customer account data JPMorgan Chase’s systems misappropriates negative outcomes clients customers risk fraudulent transactions losses reputational harm perception systems.


JPMorgan interconnectivity with clients customers parties risk of operational failure cyber attacks. Security breaches systems breakdowns failures human error misconduct require systems safeguard confidential information access. increase operational costs diminish customer satisfaction confidence.


interconnectivity among financial institutions banks payments processors financial technology companies securities exchanges clearing houses infrastructures increases risk disruption cyber attack disruptions JPMorgan Chase’s. risks disruption third party services used market participants.


ineffectiveness failure disruption systems JPMorgan Chase malfunction incident unfavorable effects financial markets JPMorgan Chase clients customers disruptions services liquidity information execute transactions delays confirmation settlement access funds funds transfers capital markets trades transactions


losses loss-sharing payment systems market infrastructures restitution clients customers operational costs replacing services system failure JPMorgan Chase collect data confidence Chase protect disruptions •dissatisfaction clients customers exposure regulatory fines penalties reputation.


JPMorgan Chase’s operational systems acquired businesses external parties meet bank regulatory standards fail shortcomings could affected.


cyber attack JPMorgan Chase harm.


JPMorgan Chase experiences cyber attacks systems software networks technology daily from hostile countries cyber-criminals “hacktivists”. others. attacks viruses malicious code “malware into systems. unauthorized access confidential information •manipulate data services unavailable •disrupt sabotage degrade service money •extort money “ransomware.


JPMorgan Chase experiences denial-of-service attacks higher volume cyber attacks geopolitical tensions high disruptions services third parties.


JPMorgan Chase experienced security breaches additional breaches future. breach consequences clients customers.


JPMorgan Chase provide absolute security against cyber attacks anticipate detect threats implement preventive measures techniques cyber attacks evolve sophisticated recognized until undetected attacks can originate from sources employees cyber-criminals hacktivists groups terrorist hostile third parties Chase control over cybersecurity clients customers counterparties service providers third party gain access to other networks systems.


risk security breach cyber attack increase •JPMorgan Chase’s expansion mobile banking internet-based internal use internet products cloud artificial intelligence machine learning social engineering inability maintain security information quantum computing protections acquisition integration new businesses.


third party misappropriate intercepting JPMorgan employees.


dynamic cyber threat landscape necessitates enhancement cybersecurity controls. Failure discover vulnerabilities prioritize enhancements JPMorgan Chase vulnerable to cyber attacks data breaches financial losses reputational damage regulatory penalties enhancements unauthorized access misuse secure software development practices identity access management •detecting addressing vulnerabilities internally externally-provided software services detection attacks third-party vendors open-source software secure development maintenance internal systems controls technology management inventory systems vulnerabilities •upgrading coverage capabilities systems controls from denial-of-service attacks outages malware ransomware •strengthening network security reduce risk data loss assessing mitigating insider threat activities misuse systems information •integrating acquired businesses complex remediation.


penetration JPMorgan Chase’s vendor market participant could cause negative consequences disruption operations clients losing access •misappropriation of confidential information damage systems inability recover restore data stolen manipulated destroyed prevent fraudulent transactions •demands ransom to malicious actor violations privacy laws •financial loss •loss confidence in cybersecurity business resiliency measures •dissatisfaction among clients exposure to litigation fines penalties sanctions •harm to reputation.


extent cyber attack methods tools steps JPMorgan Chase investigate clear time before investigation completed. investigation JPMorgan Chase not know full extent harm damage may spread. factors inhibit provide rapid full reliable information to clients customers counterparties regulators public. clear contain remediate harm errors repeated before. increase costs consequences attack.


JPMorgan Chase identify risks changes products services platforms new technologies.


JPMorgan Chase launches product platform mobile connectivity electronic trading cloud acquires invests


delivery platform adopts new technology appreciate operational risks increased reliance providers fail implement controls risks. failure could JPMorgan Chase’s operate businesses liability compliance cost litigation costs reputation liquidity intervention •weaker competitive standing.


consequences affect JPMorgan businesses.


JPMorgan rely-staffed workforces competence trustworthiness health safety employees.


JPMorgan Chase’s operate businesses efficiently profitably offer products services expectations effective risk management on competence trustworthiness health safety employees. businesses rely on workforces third parties vendors custodians financial businesses. affected by ineffective business decisions failure to controls risks train •staffing shortages work illness quarantines shelter-in-place government actions restrictions health emergencies infectious diseases epidemics pandemics extraordinary events beyond hostilities operational breakdown theft fraud unlawful conduct negative outcomes human error misconduct.


JPMorgan Chase’s operations impaired if measures health safety employees ineffective or external party fails actions health.


JPMorgan Chase risks personal.


JPMorgan Chase’s businesses operations subject laws rules regulations U. privacy. Governmental authorities adopted initiatives privacy data protection security. Litigation enforcement


orders JPMorgan Chase change data practices harm business operations.


Implementing processes JPMorgan Chase’s collection use sharing storage personal information laws rules regulations jurisdictions can •increase compliance operating costs new curtail existing affect oversight •require structure businesses operations systems.


Not JPMorgan Chase’s clients customers vendors counterparties controls confidentiality integrity information particularly electronic. to fines penalties sanctions if personal information mishandled provided •intercepted compromised by unauthorized third parties.


Concerns JPMorgan Chase’s measures personal information cause lose clients customers employees reduce revenues. failure comply with privacy data protection laws access personal information subject to inquiries examinations investigations modify cease operations liabilities fines penalties sanctions. damage reputation affect businesses.


incidents inappropriate collection sharing storage personal information led expanded governmental scrutiny U. countries. scrutiny resulted could stricter laws rules regulations storage. laws can prohibit restrict JPMorgan Chase transferring information borders sharing affiliates increase compliance costs operational risk restrict use products services. countries legislation data protection local storage processing increase cost complexity. restrictions could inhibit development marketing products increase costs.


JPMorgan operations harmed extraordinary events.


JPMorgan Chase’s business systems disrupted reputation harmed by beyond control attacks breaches threats health safety telecommunications internet outages shutdowns mass transit loss technology systems loss critical data property assets injuries construction projects climate change disasters severe weather failures emergencies infectious diseases epidemics pandemics unrest hostilities terrorist acts.


JPMorgan Chase maintains resiliency program prepare adapt withstand recover from business disruptions critical business functions assets staff technology service providers facilities disruption extraordinary event beyond control. no resiliency plans mitigate business risks clients customers third parties or multiple business disruption events. respond disruption could hampered workforce physical assets infrastructure geographically dispersed or. extraordinary events become chronic disruptive effects on business operations clients customers employees could significant long-lasting.


significant failure disruption JPMorgan Chase’s operations extraordinary events beyond control could provide services transact counterparties •require expend resources incur losses revenue damage property injuries


infrastructure JPMorgan litigation fines penalties sanctions reputation.


extraordinary events impact financial JPMorgan Chase’s clients customers delinquencies credit losses higher charge-offs earnings.


JPMorgan acquisition First Republic Bank benefits.


May 1, 2023 JPMorgan Chase Bank. acquired assets assumed liabilities First Republic Bank FDIC. results differ purchase price cost integration time performance improved price JPMorgan common stock.


Integration acquired business complex costly involves accounting data systems management controls managing relationships employees clients suppliers partners. inconsistencies standards controls procedures policies JPMorgan relationships. loss employees First Republic business.


JPMorgan Chase incur unanticipated costs losses First Republic acquisition shared-loss agreements FDIC diminish coverage credit losses.


Enhanced standards vendors higher costs exposures.


JPMorgan Chase comply standards vendors providers


outsourcing banking functions by subsidiaries. JPMorgan Chase incurs costs expenses oversight service providers. failure to assess manage relationships banking functions affect. failure harm to clients customers liability fines penalties sanctions revenues •increased operational costs reputation.


JPMorgan Chase’s risk management identifying risk.


inadequacy in JPMorgan Chase’s risk management governance practices models reporting systems control environment losses financial condition results. escalation risk to senior management Board decisions negative resources time non with laws regulatory scrutiny to investigations fines penalties sanctions harm customers reputation diminish confidence in.


JPMorgan Chase relies data risk. deficiencies accuracy ineffective risk management. inaccurate untimely risk reporting.


JPMorgan Chase’s risk management strategies consider historical market behavior based on subjective judgment assumptions. models historical correlations classes market indicators. market stress unforeseen uncorrelated indicators correlated. Sudden market unanticipated movements limit risk strategies losses.


JPMorgan Chase losses capital scrutiny models estimations judgments inadequate.


JPMorgan Chase developed uses models estimations controls market credit capital liquidity operational risks. uses internal models stress testing financial statements. principles.


models estimations based on assumptions historical trends reviewed modified. models JPMorgan Chase machine learning artificial quantum computing not effective risk •reliance on historical trends limitations forecasting uncertain economic financial outcomes trend information incomplete indicative negative market conditions illiquidity declines prices loans difficult value financial instruments •technology perform understood personnel contain erroneous data valuations formulas algorithms processes fail detect flaws.


JPMorgan Chase experience losses if models estimates judgments risk management financial statements inadequate incorrect. market prices available for financial instruments determinations models management estimates judgment. uncertainty if assets differ models unexpected losses.


JPMorgan Chase establishes allowance for credit losses requires judgments forecasts macroeconomic conditions clients repay loans. estimates judgments factors current forecasted environments different from historical models. increased uncertainty greater judgment adjustments model outputs.


models estimations by JPMorgan Chase risks approval regulators. reviews before for market credit operational risk under Basel III. If models approved to higher capital charges affect financial results limit businesses.


affect JPMorgan profitability reputation.


JPMorgan businesses laws rules. requiring enhancements financial statements regulatory reports.


no assurance JPMorgan Chase’s disclosure controls procedures effective weakness internal control financial reporting. lapses deficiencies inaccurate financial reporting affect business financial condition access capital markets resources fines penalties sanctions reputation diminish investor confidence.


JPMorgan management strategies anticipate changes standing results suffer.


JPMorgan Chase’s business strategies affect competitive standing operations. relate products services geographies clients businesses counterparties methods distribution channels third party service providers.


management incomplete fraudulent competitive industry trends regulatory market environments expectations clients customers investors stakeholders franchise growth JPMorgan suffer earnings decline.


JPMorgan Chase’s growth depend on business plans strategic priorities near longer. effectiveness develop resources control expenses return capital. by failure management to business plans strategies products services changing expectations •allocate capital long stability


capital imprecise judgments assess monitor investments Chase strategies due diligence acquisitions integrate businesses address concerns clients customers investors climate ESG matters market conditions operational technology risk financial managerial resources businesses.


JPMorgan Chase incur costs excess properties material operations.


JPMorgan Chase financial services.


JPMorgan Chase competitive financial regulation technological advances public scrutiny economic conditions. expects competition. financial services. Competitors include banks institutions companies companies non-bank firms products services.


JPMorgan Chase competition affect future results. aggressive lending non-bank competitors loss market share banks economic downturn instability impact JPMorgan Chase.


competitors financial services. technological advances growth e-commerce


institutions offer products banking. advances allowed financial institutions provide electronic internet-based financial solutions securities cryptocurrency trading extensions credit payments processing investment advice. financial institutions non-banking competitors face risk payments processing new technologies cryptocurrencies secure distributed ledgers intermediation. New technologies JPMorgan Chase spend more products attract match competitors. new technologies used customers breached third parties increase costs complying laws reduce income.


increased competition pricing JPMorgan Chase’s products services lose market share traditional banking products. competition based on quality products services transaction execution innovation reputation price. failure JPMorgan Chase’s meet expectations market conditions under-performance affect attract retain clients. impact reduce revenues. competition additional capital investments extend capital.


climate change affect JPMorgan Chase’s business clients.


JPMorgan Chase operates regions countries communities affected by climate change. change financial risk changes climate transitioning to low-carbon economy. physical transition risks financial


creditworthiness clients exposure.


risks include increased acute weather events floods wildfires chronic shifts climate precipitation sea levels temperature. adverse impacts climate include asset values cost insurance JPMorgan Chase business migration unemployment.


Transition risks adjustment to low economy public policy technologies consumer preferences low goods. climate. adverse impacts include devaluation assets write-downs operational compliance costs climate policy energy costs emission consequences business models JPMorgan Chase’s reputation business practices public policy preferences stakeholders.


Climate risks inconsistencies climate policy financial regulations JPMorgan Chase. internal models estimations uncertainty limited historical information standardized greenhouse gas emissions data inaccurate disclosures reporting.


JPMorgan Chase market reputation litigation regulatory.


JPMorgan employees interact clients customers market. demonstrate values behaviors Code of Conduct Business Principles first class business. risk management life cycle recruiting onboarding training development performance management. promotion compensation processes.


expectations policies employees improper conduct. misconduct resulted litigation resolutions investigations consent orders deferred non-prosecution agreements sanctions. no assurance further inappropriate actions resolutions detected deterred prevented.


JPMorgan Chase’s reputation collateral consequences from failure employees expectations policies practices clients customers market participants employees. examples include •improperly selling marketing products services insider trading market manipulation unauthorized trading improper behavior government relief programs •facilitating transaction tax accounting financial disclosure treatment treatment unclear •failing fulfill fiduciary obligations duties •violating antitrust anti-competition laws colluding electronic communications discriminatory behavior harassment contrary workplace risks compensation •misappropriating property information technology assets clients.


consequences failure employees JPMorgan Chase’s expectations policies practices include investigations enforcement actions. result in judgments settlements fines penalties sanctions losses operational compliance costs scrutiny restructure activities oversight clients customers reputation.


risks newly-acquired businesses JPMorgan Chase integrate employees Chase expectations policies practices.


JPMorgan businesses.


trust in JPMorgan Chase critical to clients customers investors employees. Damage to reputation business from •employee misconduct discriminatory behavior harassment contrary to breaches cyber attacks safeguard information manage risks transactions business activities commitments ESG initiatives-compliance with laws rules •operational failures •litigation fines penalties sanctions during health emergency infectious disease epidemic pandemic investigations enforcement actions resolutions to comply with laws rules regulations JPMorgan Chase clients customers counterparties newly businesses joint ventures vendors.


JPMorgan Chase’s reputation damaged by adverse publicity negative information published social media non-mainstream news services internet disseminated disinformation campaigns. risk speed information.


environmental activists JPMorgan Chase financial services firms business practices relationships clients sensitive industries products health activities environment workers’ rights communities.


Activists JPMorgan business practices ESG protests headquarters properties ESG proposals vote shareholders.


JPMorgan Chase other companies criticized by activists politicians public public policy. criticisms during election years attention on JPMorgan Chase debate policy.


criticism actions at JPMorgan Chase engender dissatisfaction among clients customers investors employees government officials stakeholders. Chase’s reputation business results harmed by scrutiny criticism public •unfavorable coverage media clients customers ceasing business with attract expand relationships hire retain employees investors from.


financial services industry affect JPMorgan Chase’s reputation. reputation damaged concerns treated unfairly financial institution acted inappropriately.


JPMorgan Chase behaviors reputation clients customers stakeholders.


manage conflicts satisfy fiduciary obligations JPMorgan reputation.


JPMorgan Chase’s conflicts of interest complex business activities transactions obligations interests with clients customers. subject to litigation enforcement regulatory scrutiny reputation address disclose conflicts of interest multiple products services same transaction •identify address conflict interest third party •deliver standards of service quality


clients fairly care data responsibly legal requirements regulatory expectations fiduciary products standards confidential information data protection privacy laws rules regulations.


address conflicts fiduciary obligations customer dissatisfaction fines penalties regulatory scrutiny lost revenue costs JPMorgan reputation.


outbreak hostilities countries effect global economy JPMorgan Chase’s businesses.


Aggressive actions hostile governments armed conflict cyber attacks war catastrophic consequences nuclear weapons. hostilities economic disruption volatility financial markets declines asset values sell-offs increases energy commodity markets safe haven currencies depreciation currencies defaults trade consumer business confidence.


consequences JPMorgan Chase’s operations earnings countries affected globally. if U. S. involved in conflict could operations JPMorgan Chase in affected countries nation aligned against. could experience cyber attacks


adversaries conflict.


JPMorgan Chase’s economic political regulatory.


countries JPMorgan Chase conducts business less developed volatile regulatory regimes less established. local economy business activities government influence. experienced economic disruptions currency fluctuations inflation growth •defaults sovereign debt fraud misrepresentation value.


governments restrictive policies business capital exchange controls punitive transfer convertibility restrictions forced currency exchange nationalization confiscation laws rules regulations.


impact actions markets smaller less liquid volatile. government actions affect JPMorgan Chase’s operations activities local multi-national clients.


emerging markets developed susceptible developments poor economic governmental actions demonstrations unrest safety issues hostilities geopolitical instabilities attacks internal discord.


economic political regulatory social developments JPMorgan Chase’s operations revenues growth profitability. events affect JPMorgan Chase’s operations investments including U. S.


JPMorgan attract employees critical.


JPMorgan Chase’s employees important financial services competition for intense. attract talented employees retain develop motivate existing employees. efforts hire by need more-skilled workers technology •targeted recruitment competitors.


JPMorgan Chase attract employees successors Chief Officer Operating Committee senior leaders performance position.


JPMorgan hybrid work models employee performance control environment business operations. discontinuing hybrid harm retain employees.


immigration travel affect JPMorgan.


JPMorgan Chase relies on skills knowledge expertise employees. Changes in travel policies U. countries employees work travel jurisdictions could inhibit attract retain employees dilute quality workforce prompt structural changes operations less efficient costly.


JPMorgan Chase risks litigation.


JPMorgan Chase defendant involved legal proceedings class actions derivative actions litigation criminal proceedings. Actions pending against judgments settlements fines penalties sanctions adverse. affect business financial condition reputational harm. likely high regulatory investigations.


Regulators agencies conduct JPMorgan Chase subsidiaries businesses operations heightened oversight. lead additional investigations actions. no assurance resolutions enforcement against JPMorgan Chase. single event potential violation law overlapping investigations federal agencies U. S. non-U. S. jurisdictions.