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美国

证券交易委员会

华盛顿特区20549

形式 10-Q

根据第13条或第15（d）条的季度报告

1934年证券交易法

截至季度

委员会档案

2024年9月30日

number

1-5805

JPMorgan Chase & Co.

（章程中规定的注册人的确切名称）

德拉瓦									13-2624428
（州或其他司法管辖区 成立或组织）									（国税局雇主 识别号）
麦迪逊大道383号
纽约，			纽约						10179
（主要行政办公室地址）									(Zip代码）

注册人的电话号码，包括地区代码：（212) 270-6000

根据该法第12（b）条登记的证券：

每个班级的标题			交易符号			注册的每个交易所的名称
普通股			JPM			纽约证券交易所
存托股份，每股代表DD系列5.75%非累积优先股股份的四百分之一权益			JPM PR D			纽约证券交易所
存托股份，每股代表EE系列6.00%非累积优先股股份的四百分之一权益			JPM PR C			纽约证券交易所
存托股份，每股代表GG系列4.75%非累积优先股股份的四百分之一权益			JPM PR J			纽约证券交易所
存托股份，每股代表JJ系列4.55%非累积优先股股份的四百分之一权益			JPM PR K			纽约证券交易所
存托股份，每股代表LL系列4.625%非累积优先股股份的四百分之一权益			JPM PR L			纽约证券交易所
存托股份，每股代表MM系列4.20%非累积优先股股份的四百分之一权益			JPM PR M			纽约证券交易所
摩根大通金融有限责任公司2032年6月10日到期的可赎回固定利率票据担保			JPM/32			纽约证券交易所
摩根大通金融有限责任公司于2044年1月28日到期的Alerian MLP指数ETN担保			AMJB			NYSE Arca，Inc.

通过勾选注册人（1）是否已提交所有报告 根据《证券交易法》第13或15（d）条的要求提交 1934年在过去12个月内（或较短的时期 注册人被要求提交此类报告），并且（2）已受到此类报告的约束 过去90天的归档要求。 ☒ 是的 ☐ 没有

通过勾选标记检查注册人是否已在过去12个月内（或在注册人被要求提交此类文件的较短期限内）以电子方式提交了根据S-t法规第405条（本章第232.405条）要求提交的所有交互数据文件。 ☒ 是的 ☐ 没有

通过复选标记来确定注册人是大型加速申报人、加速申报人、非加速申报人、小型报告公司还是新兴成长型公司。请参阅《交易法》第120条第2条中「大型加速申报人」、「加速申报人」、「小型报告公司」和「新兴成长型公司」的定义。

大型加速文件夹			☒			加速编报公司			☐
非加速归档			☐			小型上市公司			☐
						新兴成长型公司			☐
如果是新兴成长型公司，请通过勾选标记表明注册人是否选择不利用延长的过渡期来遵守根据《交易法》第13（a）条规定的任何新的或修订的财务会计准则。 ☐

通过勾选标记检查注册人是否是空壳公司（定义见《交易法》第120条第2款）。 ☐ 是的 ☒ 没有

截至2024年9月30日已发行普通股股数： 2,815,340,422

---

10-Q表

目录

第一部分-财务信息									页面
项目1.			财务报表。
			合并财务报表-摩根大通公司：
			这三者的合并损益计算书（未经审计） 九 截至 九月 2024年和2023年30日						89
			截至2024年和2023年9月30日的三个月和九个月的合并全面收益表（未经审计）						90
			合并资产负债表（未经审计） 九月 2024年30日和2023年12月31日						91
			c的合并报表股东的枷锁s'股权 （未经审计）对于 三 截至2024年9月30日和2023年9月30日的九个月						92
			合并现金流量表（未经审计） 九 截至 九月 2024年和2023年30日						93
			合并财务报表附注（未经审计）						94
			独立特许会计师事务所报告						189
			截至三个月的综合平均资产负债表、利率和利率（未经审计） 九月 2024年和2023年30日						190
			术语表和首字母缩略词以及业务范围表						192
项目2.			管理层对财务状况和经营结果的讨论和分析。
			合并财务要点						3
			居间						4
			执行概览						5
			综合经营运绩						9
			合并资产负债表和现金流分析						15
			公司使用非GAAP财务指标的解释和对帐						18
			业务部门业绩						20
			全公司风险管理						43
			资本风险管理						44
			流动性风险管理						50
			消费信贷组合						60
			批发信贷投资组合						64
			投资组合风险管理						76
			市场风险管理						77
			国别风险管理						83
			公司使用的关键会计估计						84
			会计和报告发展						87
			前瞻性陈述						88
项目3.			关于市场风险的定量和定性披露。						200
项目4.			控制和程式。						200
第二部分-其他信息
项目1.			法律诉讼。						200
项目1A.			危险因素						200
项目2.			未登记的股权证券销售和收益的使用。						200
项目3.			适用于高级证券。						201
项目4.			矿山安全披露。						201
项目5.			其他信息.						201
项目6.			展品						202

2

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JPMorgan Chase & Co.

合并财务摘要（未经审计）

截至期末（以百万计，每股、比率、员工数据和另有注明除外）																														截至9月30日的九个月，
						3Q24						2Q24						1Q24			4Q23			3Q23						2024						2023
精选利润表数据
总净营收						$	42,654					$	50,200		(f)			$	41,934		$	38,574		$	39,874					$	134,788					$	119,530
非利息费用总额						22,565						23,713			(f)			22,757			24,486			21,757						69,035			(f)			62,686
拨备前利润(a)						20,089						26,487						19,177			14,088			18,117						65,753						56,844
信贷损失准备金						3,111						3,052						1,884			2,762			1,384						8,047						6,558
所得税费用前收入						16,978						23,435						17,293			11,326			16,733						57,706						50,286
所得税开支						4,080						5,286						3,874			2,019			3,582						13,240						10,041
净收入						$	12,898					$	18,149					$	13,419		$	9,307		$	13,151					$	44,466					$	40,245
每股收益数据
净利润： 基本						$	4.38					$	6.13					$	4.45		$	3.04		$	4.33					$	14.97					$	13.20
稀释						4.37						6.12						4.44			3.04			4.33						14.94						13.18
平均份额：基本						2,860.6						2,889.8						2,908.3			2,914.4			2,927.5						2,886.2						2,946.6
稀释						2,865.9						2,894.9						2,912.8			2,919.1			2,932.1						2,891.2						2,951.0
市场和每股普通股数据
市值						593,643						575,463						575,195			489,320			419,254						593,643						419,254
期末普通股						2,815.3						2,845.1						2,871.6			2,876.6			2,891.0						2,815.3						2,891.0
每股帐面价值						115.15						111.29						106.81			104.45			100.30						115.15						100.30
每股有形净现值（「TBVPS」）(a)						96.42						92.77						88.43			86.08			82.04						96.42						82.04
每股宣布现金股息						1.25						1.15						1.15			1.05			1.05						3.55						3.05
选定的比率和指标
普通股回报率（「ROE」）(b)						16			%			23		%				17		%	12		%	18		%				19			%			19		%
有形普通股回报率（「ROTCE」）（a）（b）						19						28						21			15			22						23						23
资产回报率(b)						1.23						1.79						1.36			0.95			1.36						1.46						1.42
开销比率						53						47						54			63			55						51						52
贷款存款比						55						55						54			55			55						55						55
公司流动性覆盖率（「MCR」）（平均）(c)						114						112						112			113			112						114						112
摩根大通银行，不适用MCR（平均）(c)						121						125						129			129			123						121						123
普通股一级（「CET 1」）资本比率（d）（e）						15.3						15.3						15.0			15.0			14.3						15.3						14.3
一级资本充足率（d）（e）						16.4						16.7						16.4			16.6			15.9						16.4						15.9
总资本比率（d）（e）						18.2						18.5						18.2			18.5			17.8						18.2						17.8
一级杠杆率(d)						7.1						7.2						7.2			7.2			7.1						7.1						7.1
补充杠杆率（「SLR」）(d)						6.0						6.1						6.1			6.1			6.0						6.0						6.0
选定的资产负债表数据（期末）
交易资产						$	787,489					$	733,882					$	754,409		$	540,607		$	601,993					$	787,489					$	601,993
投资证券，扣除信用损失拨备						634,502						589,998						570,679			571,552			585,380						634,502						585,380
贷款						1,340,011						1,320,700						1,309,616			1,323,706			1,310,059						1,340,011						1,310,059
总资产						4,210,048						4,143,003						4,090,727			3,875,393			3,898,333						4,210,048						3,898,333
存款						2,430,772						2,396,530						2,428,409			2,400,688			2,379,526						2,430,772						2,379,526
长期债务						410,157						394,028						395,872			391,825			362,793						410,157						362,793
普通股股东权益						324,186						316,652						306,737			300,474			289,967						324,186						289,967
股东权益总额						345,836						340,552						336,637			327,878			317,371						345,836						317,371
员工						316,043						313,206						311,921			309,926			308,669						316,043						308,669
信用质量指标
信用损失备抵						$	26,543					$	25,514					$	24,695		$	24,765		$	24,155					$	26,543					$	24,155
保留贷款总额的贷款损失备抵						1.86			%			1.81		%				1.77		%	1.75		%	1.73		%				1.86			%			1.73		%
不良资产						$	8,628					$	8,423					$	8,265		$	7,597		$	8,131					$	8,628					$	8,131
净冲销						2,087						2,231						1,956			2,164			1,497						6,274						4,045
净冲销率						0.65			%			0.71		%				0.62		%	0.68		%	0.47		%				0.66			%			0.46		%

(a)拨备前利润、TBVPS和ROTCE均为非GAAP财务指标。有形普通股（“TCE”）也是一种非GAAP财务指标。有关这些措施的进一步讨论，请参阅第18-19页对公司使用非GAAP财务措施的解释与对账。

(b)比率基于年化金额。

(c)截至2024年9月30日和2023年9月30日止九个月，该百分比代表截至2024年和2023年9月30日止三个月的平均比率。

(d)该比率反映了当前预期信用损失（“CESL”）资本过渡条款。有关更多信息，请参阅本表格10-Q的注释21和摩根大通2023年表格10-k的注释27。

(e)反映了公司在《巴塞尔协议III》标准化方法下的比率。有关更多信息，请参阅第44-49页的资本风险管理。

(f)总净收入包括与Visa股票相关的79亿美元净收益，总非利息费用包括向摩根大通基金会捐赠的10亿美元Visa股票。有关Visa b-1类普通股交易所报价的更多信息，请参阅本表格10-Q第9-14页的合并经营业绩以及公司截至2024年6月30日季度期间的10-Q表格季度报告的注释2和5。

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引言

以下是管理层对摩根大通(“摩根大通”或“公司”)2024年第三季度财务状况和经营业绩(“MD&A”)的讨论和分析。

本2024年第三季Form 10-Q季报(“Form 10-Q”)应与摩根大通截至2023年12月31日止年度的Form 10-K年度报告(“Form 10-K”)一并阅读。有关本表格10-Q中使用的术语和缩略语的定义，请参阅第192-199页的术语和缩略语词汇表以及业务线指标。

本10-Q表格包含符合1995年《私人证券诉讼改革法》的前瞻性陈述。这些前瞻性陈述是基于摩根大通管理层目前的信念和预期，仅在本10-Q表日发表，并受到重大风险和不确定性的影响。请参阅第88页的前瞻性陈述 在本表格10-Q和第一部分第1A项中，请参阅2023年财务报告第9-33页上的风险因素表格10-K，以讨论其中某些风险和不确定性，以及可能导致摩根大通实际业绩因这些风险和不确定性而大不相同的因素。不能保证实际结果与本文所述的任何展望信息一致，公司也不承诺更新任何前瞻性陈述。

摩根大通(纽约证券交易所代码：JPM)是一家金融控股公司，1968年根据特拉华州法律成立，是一家总部设在美国的领先金融服务公司，业务遍及全球。截至2024年9月30日，摩根大通的资产为4.2美元万亿，股东权益为3,458美元亿。该公司在投资银行、面向消费者和小企业的金融服务、商业银行、金融交易处理和资产管理领域处于领先地位。在摩根大通和大通的品牌下，该公司为数百万客户提供服务，主要是在美国，以及全球许多最著名的企业、机构和政府客户。

摩根大通的主要银行子公司是摩根大通银行全国协会(JPMorgan Chase Bank，N.A.)，这是一个全国性的银行协会，在美国48个州和华盛顿特区设有分支机构。摩根大通的主要非银行子公司是美国经纪自营商摩根大通证券有限责任公司(J.P.Morgan Securities LLC)。摩根大通的银行和非银行子公司在全国范围内运营，并通过海外分行和子公司、代表处和附属外国银行开展业务。该公司在美国以外的主要运营子公司是摩根大通证券公司和摩根大通证券公司(“JPMSE”)，这两家公司是摩根大通银行的子公司，总部设在英国。和德国。

业务细分重组：自2024年第二季度起，该公司重组了其可报告业务部门，将以前的公司和投资银行业务部门与商业银行业务部门合并为一个应报告部门，即商业投资银行(“CIB”)。作为重组的结果，该公司有三个可报告的业务部门，以及一个公司部门。该公司的消费者业务是消费者和社区银行(“建行”)部门。该公司的批发业务是商业投资银行(“CIB”)和资产与财富管理(“AWM”)部门。有关重组的其他信息，请参阅本10-Q表第20-21页的业务部门业绩和2023年10-K表第52页的最新事件，以及2023年10-Q表的附注25和2023年10-K表的附注32，以描述公司的业务部门及其向各自客户群提供的产品和服务。

第一共和国：2023年5月1日，摩根大通从联邦存款保险公司(FDIC)手中收购了First Republic Bank的某些资产和承担了First Republic Bank的某些债务(“First Republic收购”)。本表格10-Q中提及的“与第一共和有关”、“第一共和的影响”或类似表述指的是第一共和收购的相关影响，以及随后的相关业务和活动(视情况而定)。有关其他信息，请参阅附注26。

该公司的网站是www.jpmganche e.com。摩根大通根据1934年证券交易法第13(A)或15(D)节的规定，在合理可行的范围内尽快以电子方式将这些材料存档或提交给美国证券交易委员会(“美国证券交易委员会”)，并在合理可行的情况下尽快在其网站上免费提供Form 10-k年度报告、Form 10-Q季度报告和当前Form 8-k报告。摩根大通在其网站https://www.jpmorganchase.com，上提供了有关该公司的新的重要信息，包括在其网站https://www.jpmorganchase.com/ir.的投资者关系部分公司网站上的信息，包括本10-Q表格中引用的文件，不会通过引用的方式并入本10-Q表格或公司提交给美国证券交易委员会的其他文件中。

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高管概述

这份MD & A的执行概述强调了选定的信息，并不包含对本表格10-Q的读者重要的所有信息。为了完整描述趋势和不确定性以及影响公司的风险和关键会计估计，应将本表格10-Q和2023年表格10-k一并阅读。

摩根大通的财务表现
(未经审计) 截至该期间或截至该期间为止， (单位：百万，不包括每股数据和比率)			截至9月30日的三个月，																		截至9月30日的9个月，
			2024						2023						变化						2024						2023						变化
精选利润表数据
非利息收入			$	19,249					$	17,148					12		%				$	65,555					$	54,314					21		%
净利息收入			23,405						22,726						3						69,233						65,216						6
净收入合计			42,654						39,874						7						134,788						119,530						13
总非利息支出			22,565						21,757						4						69,035						62,686						10
拨备前利润			20,089						18,117						11						65,753						56,844						16
信贷损失准备金			3,111						1,384						125						8,047						6,558						23
净收入			12,898						13,151						(2)						44,466						40,245						10
稀释后每股收益			4.37						4.33						1						14.94						13.18						13
选定的比率和指标
普通股权益回报率			16		%				18		%										19		%				19		%
有形普通股权益回报率			19						22												23						23
每股账面价值			$	115.15					$	100.30					15						$	115.15					$	100.30					15
每股有形账面价值			96.42						82.04						18						96.42						82.04						18
资本比率(A)(B)
CET1资本			15.3		%				14.3		%										15.3		%				14.3		%
一级资本			16.4						15.9												16.4						15.9
总资本			18.2						17.8												18.2						17.8
备注：
NII不包括市场(c)			$	23,447					$	23,173					1						$	69,405					$	66,479					4
NIR(不包括市场)(c)			12,716						10,896						17						44,492						33,827						32
市场(c)			7,152						6,617						8						22,958						22,117						4
净收入合计--管理基础			$	43,315					$	40,686					6						$	136,855					$	122,423					12

(a)这些比率反映了CECL的资本过渡拨备。有关更多信息，请参阅本Form 10-Q的附注21和摩根大通2023年Form 10-k的附注27。

(b)反映了公司在《巴塞尔协议III》标准化方法下的比率。有关更多信息，请参阅第44-49页的资本风险管理。

(c)NII和NIR分别指净利息收入和非利息收入。Markets由CIB的固定收益市场和股票市场业务组成。

除非另有说明，以下各节中的比较是2024年第三季度与2023年第三季度的比较。

固件范围概述

2024年第三季度，摩根大通公布的净利润为129亿美元，亿下降了2%，每股收益为4.37亿美元，净资产收益率为16%，净资产收益率为19%。

•净收入合计为427美元亿，上涨7%，反映：

–净利息收入(“NII”)为234亿，上升3%，主要受资产负债表组合及投资证券组合的再投资、信用卡服务循环结余增加、市场净利息收入增加及批发存款结余增加所带动，但大部分因建行平均存款结余减少及各行业存款保证金压缩所抵销。不包括市场的NII为234美元亿，上涨1%.

–非利息收入净资产收益率(亿)为192美元，上升12%，主要是由于财政部和首席信息官的投资证券净亏损减少，AWM和建行的资产管理费增加，以及投资银行费用增加。

•非利息支出亿为226亿美元，增长4%，原因是薪酬支出增加，包括与收入相关的薪酬增加和员工数量的增长，但法律费用的下降部分抵消了这一增长。

•这个信贷损失准备金为31亿，反映了21亿的净冲销和信贷损失准备金10亿的净增加。净冲销增加了59000美元万，主要是由较新年份的调味和信用卡服务的持续信用正常化推动的。信贷损失准备金的净增加包括#年的88200美元万 消费者，由信用卡服务推动，14400美元的万批发.

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上一年的拨备为14亿美元，反映了15亿美元的净冲销和11300万美元的信用损失拨备净减少。

•总 信贷损失准备 为265亿美元 2024年9月30日.该公司的贷款损失拨备与保留贷款覆盖率为1.86%，而上一年为1.73%。

•该公司的不良资产 总计86亿美元 2024年9月30日增长6%，受批发非应计贷款增加的推动，这反映了房地产（集中在办公室）评级下调，部分被消费者非应计贷款的净销售所抵消。 有关更多信息，请分别参阅第64-72页和第60-63页的批发信贷投资组合和消费信贷投资组合。

•全固件平均贷款 受各业务领域贷款增加的推动，1.3万亿美元增长了1%。

•全固件平均存款 2.4万亿美元增长1%，反映出：

–支付和证券服务净流入，

–AWm中新产品和现有产品的影响，以及

–与公司国际消费者计划相关的企业余额较高，

基本上抵消了

–现有账户中的CCb下降主要是由于客户支出增加。

有关更多信息，请参阅第50-57页的流动性风险管理。

选定的资本和其他指标

•CET1资本 为2730亿美元，标准化和高级CET 1比率分别为15.3%和15.5%。

•单反 为6.0%。

•TBVPS 增长18%，2024年第三季度结束时为96.42美元。

•自.起2024年9月30日，该公司具有符合条件的期末 优质流动资产 （“HQLA”）约8，680亿美元， 未支配有价证券 公允价值约为6，080亿美元，产生约1.5万亿美元的流动性来源。有关更多信息，请参阅第50-57页的流动性风险管理。

请分别参阅第9-14页和第15-16页的合并经营业绩和合并资产负债表分析，以进一步讨论公司业绩， 包括信贷损失准备金.

拨备前利润、ROTCE、TCE、TBVPS、NII和NIR不包括市场，以及管理基础上的总净收入是非GAAP财务指标。有关这些措施的进一步讨论，请参阅第18-19页《公司使用非公认会计准则财务措施的解释和对账》。

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业务细分市场亮点

下文列出了该公司2024年第三季度各业务线（“LCC”）的选定业务指标。

建行 ROE 29%						•平均存款同比下降8%（“YoY”），环比下降2%（“QoQ”）;客户投资资产增长21% •平均贷款同比增长1%，环比持平;卡服务净冲销率为3.24% •借记卡和信用卡销售量(a)上涨6% •之活跃流动电讯客户(b) 上涨7%
CIB ROE 17%						•投资银行费用同比增长31%，环比下降4%;全球投资银行费用排名第一，年初至今钱包份额为9.1% •市场收入增长8%，固定收益市场持平，股票市场增长27% •银行和支付平均贷款同比下降2%，环比下降1%;客户平均存款(c) 同比增长7%，环比增长3%
AWM ROE 34%						•管理资产（“AUM”）3.9万亿美元，增长23% •平均贷款同比和季度增长2%;平均存款同比增长17%，包括23年第四季度第一共和国存款分配给AWm(d)环比上涨4%

(a)不包括商业卡。

(b)过去90天内登录过的所有移动平台用户。

(c)代表与支付和证券服务业务相关的客户存款和其他第三方负债。

(d)2023年第四季度，CCb将与第一共和国相关的部分存款转移至AWm和Cib。

有关按业务部门对业绩的详细讨论，请参阅第20-42页的业务部门业绩。

提供的信贷和筹集的资本

摩根大通继续支持全球消费者、企业和社区。该公司在2024年前9个月为批发和消费客户提供了新的和更新的信贷并筹集了资金，其中大约包括：

$2.0 万亿						提供的信贷总额和筹集的资本(包括贷款和承诺)
$185 十亿						为消费者提供信贷
$30 十亿						为美国小企业提供信贷
$1.9 万亿						公司和非美国政府实体的信贷和资本(a)
$50 1000亿美元						非营利组织和美国政府实体的信贷和资本(b)

(a)包括主要由AWm内的全球私人银行客户组成的个人和个人实体。

(b)包括各州、市政当局、医院和大学。

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最近的事件

•2024年10月17日，摩根大通宣布Brad D. 60岁的史密斯当选为该公司董事，自2025年1月21日起生效。史密斯先生是马歇尔大学校长，并于2008年至2018年担任Intuit首席执行官。

展望

这些当前预期是1995年《私人证券诉讼改革法案》含义内的前瞻性陈述。此类前瞻性陈述基于摩根大通管理层当前的信念和预期，仅限于本表格10-Q日期，并且存在重大风险和不确定性。请参阅第88页的前瞻性陈述 在本表格10-Q和第一部分第1A项中，请参阅2023年财务报告第9-33页上的风险因素表格10-K，以进一步讨论其中某些风险和不确定性，以及可能因这些风险和不确定性而导致摩根大通实际业绩大相径庭的其他因素。不能保证2024年的实际结果与下文所述的展望信息一致，公司也不承诺更新任何前瞻性陈述。

摩根大通目前对2024年全年的展望应该放在全球和美国经济的背景下来看待， 金融市场活动、地缘政治环境、竞争环境、客户和客户活动水平，以及公司在美国和其他开展业务的国家的监管和立法发展。这些因素中的每一个都会影响公司的业绩。该公司将继续对其业务和运营进行适当的调整，以应对其运营所在的商业、经济、监管和法律环境的持续发展。

2024年全年

•管理层预计净利息收入约为925亿美元，不包括市场的净利息收入约为915亿美元，具体取决于市场。

•管理层预计调整后的费用约为915亿美元，具体取决于市场。

•管理层预计信用卡服务的净冲销率约为3.40%。

不包括市场的净利息收入和调整后的费用是非公认会计准则财务指标。请参阅第18-19页《公司使用非公认会计准则财务措施的解释和对账》。

业务发展

First Republic收购

2023年5月1日，摩根大通从作为接管人的联邦存款保险公司手中收购了First Republic Bank的某些资产，并承担了First Republic Bank的某些债务(“First Republic收购”)。

该公司继续在业务转换以及客户、产品和服务的整合方面取得进展，这与第一次共和收购相关，以与公司的业务和运营保持一致。该公司预计，这些行动将在2024年底基本完成。

有关第一共和国的更多信息，请参阅注26。

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综合经营成果

除非另有说明，本节对摩根大通截至2024年9月30日和2023年9月30日的三个月和九个月按报告方式进行了比较讨论。主要与单个业务部门相关的因素将在该业务部门的结果中进行更详细的讨论。请参阅本表格10-Q第84-86页和摩根大通2023年表格10-k第155-158页，了解公司使用的影响合并经营业绩的关键会计估计的讨论。

Visa股票：2024年4月8日，Visa Inc.开始对其B-1类普通股进行初始交换要约。2024年5月6日，该公司宣布，Visa3,720VisaB-1类普通股已接受公司的投标，以换取VisaB-2类普通股和万C类普通股(“VisaC股”)的组合，2024年第二季度录得的换股净收益为79美元亿。截至2024年9月30日，该公司已通过出售和向该公司基金会捐赠的方式出售了所有Visa C股票。有关更多信息，请参阅第77-82页的市场风险管理以及注释2和5。

第一共和国：摩根大通于2023年5月1日从FDIC手中收购了第一共和国银行的某些资产，并承担了某些债务。因此，今年迄今的结果包括第一共和国九个月的影响，而去年同期为五个月。在对结果有意义的情况下，这在本表格10-Q中被称为First Republic的“时间影响”。有关更多信息，请参阅附注5和26。

收入
			截至9月30日的三个月，																		截至9月30日的9个月，
(单位：百万)			2024						2023						变化						2024						2023						变化
投资银行手续费			$	2,231					$	1,722					30		%				$	6,489					$	4,884					33		%
主要交易记录			5,988						6,210						(4)						19,592						20,735						(6)
与贷款和存款相关的费用			1,924						2,039						(6)						5,654						5,487						3
资产管理费			4,479						3,904						15						12,927						11,143						16
佣金及其他费用			1,936						1,705						14						5,665						5,139						10
投资证券损失			(16)						(669)						98						(929)						(2,437)						62
按揭费用及相关收入			402						414						(3)						1,025						913						12
信用卡收入			1,345						1,209						11						3,895						3,537						10
其他收入(A)(B)			960						614						56						11,237			(c)			4,913			(d)			129
非利息收入			19,249						17,148						12						65,555						54,314						21
净利息收入			23,405						22,726						3						69,233						65,216						6
净收入合计			$	42,654					$	39,874					7		%				$	134,788					$	119,530					13		%

（a） 包括截至2024年9月30日和2023年9月30日止三个月的营业租赁收入分别为70600万美元和69500万美元，以及截至2024年9月30日和2023年9月30日止九个月的营业租赁收入分别为21亿美元和22亿美元。有关更多信息，请参阅注释5。

（b） 自2024年1月1日起，由于采用了税收抵免结构投资会计指南的更新，该公司某些替代能源税收导向投资的摊销以前在其他收入中确认，现在将在所得税支出中确认。 有关更多信息，请参阅注释1、5和13。

（c） 包括2024年第二季度与Visa股票相关的净收益79亿美元。有关更多信息，请参阅注释2和5。

（d） 包括截至2023年9月30日的九个月内与第一共和国收购相关的估计廉价购买收益28亿美元。有关更多信息，请参阅注释5和26。

季度业绩

投资银行手续费 在折痕，反映在CIB中：

•更高的债务承销费 主要由高等级、高收益债券的全行业发行推动nds以及投资级贷款的钱包份额收益，

•咨询费上涨主要是由几笔大型交易的完成推动的，以及

•后续发行的全行业费用增加和可转换证券发行的钱包份额收益推动了股票承销费上涨。

有关更多信息，请参阅第27-34页的Cib分部业绩和注释5。

本金交易收入减少的原因是：

•大多数企业的固定收益市场收入下降，并且

•Cib中的信贷调整和其他亏损10900万美元，而上一年亏损6100万美元，

主要偏移量为

•优质金融和股票衍生品的股票市场收入更高。

主要交易收入的下降还包括财政部和首席信息官收入的下降。

Cib中的主要交易收入通常会在其他收入项目中抵消，包括净利息收入。

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该公司在总净收入的基础上评估其市场业务的表现。

请参阅CIB和企业部门业绩分别在第27-34页和第40-42页，以及附注5，以了解更多信息。

与贷款和存款相关的费用减少的原因是：

•AWM中与First Republic相关的某些收购贷款相关承诺的公允价值折价摊销下降，CIB的下降幅度较小，

部分偏移量

•更高的其他镜头联昌国际银行的定额及存款相关费用。

有关更多信息，请分别参阅第27-34页和第35-39页的CIB和AWM分部结果，以及注5。

资产管理费 由于AWM和建行的平均市场水平较高，以及AWM的净流入，导致增长。有关更多信息，请分别参阅第22-26页和第35-39页的CCB和AWM分段结果，以及附注5。

佣金及其他费用主要由于经纪佣金及手续费增加、托管费用增加，以及建行年金销售佣金增加所致。有关更多信息，请分别参阅第22-26页、第27-34页和第35-39页的建行、CIB和AWM分部结果，以及附注5。

投资证券损失减少，反映与重新定位财政部和首席信息官的投资证券组合相关的净亏损减少。R有关更多信息，请参阅第40-42页和附注9中的公司分部结果。

有关以下方面的信息，请参阅第22-26页和附注14中的建行部门结果按揭费用及相关收入.

信用卡收入建行增加，反映年费增加，以及借记卡和信用卡销售量增加而净互换增加，但因与新账户创建成本相关的摊销。参考建行分部结果，第22-26页和注5了解更多信息。

其他收入增加已定址，反映：

•与公司其他股权投资相关的增长，主要是由于与上一年与Visa股票相关的净亏损相比的净收益，以及

•2024年1月1日通过《税收抵免结构投资会计指南》更新的影响，导致该公司某些以前在其他收入中确认的替代能源税收导向投资被摊销，现在在所得税支出中确认，

部分偏移量

•没有对与First Republic收购公司相关的估计讨价还价购买收益进行上一年的调整。

这两个时期都包括与CIB的某些股权投资相关的减值损失。

请参阅注释1、5和13 关于通过《税务抵免结构投资会计指南》更新的更多信息；附注2 和 有关Visa股票的更多信息，以及有关First Republic收购的更多信息，请参阅注5和注26。

净利息收入增加，由资产负债表组合和对投资证券组合的再投资的影响；信用卡服务的循环余额增加；市场净利息收入增加；批发存款余额增加。建行的平均存款余额下降，以及各行各业的存款保证金减少，在很大程度上抵销了这些因素。

该公司平均可赚取利息的资产为3.6万亿美元万亿，增加了2900美元亿，收益率为5.55%，增加了23个基点。在FTE的基础上，这些资产的净收益率为2.58%，下降了14个基点。不包括市场的净收益率为3.86%，下降3个基点。

有关进一步资料，请参阅第190页的综合平均资产负债表、利率及利率表。不包括市场的净收益率是一项非公认会计准则的财务指标。有关不包括市场的净收益的进一步讨论，请参阅第18-19页《公司使用非公认会计准则财务措施的解释和对账》。

年初至今的业绩

投资银行手续费 在折痕，反映在CIB中：

•更高的债务承销费主要是由杠杆贷款、高等级和高收益债券的全行业发行量增加推动的。

•更高的股票承销费，由更多的IPO、后续和可转换证券发行推动，以及

•更高的咨询费主要是由并购活动增加推动的。

本金交易收入De折痕驱动者:

•固定收益市场收入下降，反映宏观业务下滑和证券化产品收入增加的净影响，

主要偏移量为

•优质金融和股票衍生品的股票市场收入更高。

主要交易收入的下降还包括财政部和首席信息官收入的下降。

与贷款和存款相关的费用 incr放松，反映在Cib中， 更高的镜头与存款相关的费用，包括贷款承诺费，以及更高的与存款相关的费用，包括支付中的现金管理费，交易量更大。这些因素在很大程度上被公允价值折扣摊销（主要是AWm）的下降所抵消，因为某些收购的第一共和国贷款相关承诺已经到期。

资产管理费 在受AWm和CCb平均市场水平上升以及第一共和国对CCb的时机影响的推动，上涨。

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佣金及其他费用增长，主要是由于CIB和AWM的经纪佣金和手续费以及托管费增加，以及建行的年金销售佣金增加。

投资证券损失下降，反映了出售美国国债和美国政府证券交易所以及政府机构MBS的损失减少，这与重新定位财政部和首席信息官的投资证券组合有关。

按揭费用及相关收入住房贷款增加，反映出更高的生产收入，其中包括《第一共和国》的时机影响。

信用卡收入建行增加，反映借记卡和信用卡销售量增加，净互换增加h较高的年费，部分被与新账户发起成本相关的摊销增加所抵消。

其他收入 在折痕，反映：

•在企业中

–2024年第二季度与Visa股相关的79美元亿净收益，

部分偏移量

–没有与First Republic收购相关的前一年28美元的亿估计便宜货购买收益，以及

•2024年1月1日通过的《税收抵免结构投资会计指南》更新的影响，导致该公司某些以前在其他收入中确认的替代能源税收导向投资被摊销，现在在所得税支出中确认。

这两个时期都包括与CIB的某些股权投资相关的减值损失。

上一年包括AWM中中国国际基金管理公司（“CIFM”）最初少数股权的收益33900万美元.

请参阅AWm分部结果 第35-39页 有关CIFm的更多信息。

净利息收入增加，由资产负债表组合、投资证券组合的再投资以及更高利率的影响;卡服务中的循环余额较高; 第一共和国的时机影响; 市场净利息收入增加;批发存款余额增加。这些因素在很大程度上被各业务领域的存款保证金压缩和建设银行平均存款余额下降所抵消.

该公司平均生息资产为3.5万亿美元，增长2280亿美元，收益率为5.56%，增长55个基点。按FTE计算，这些资产的净收益率为2.64%，下降了2个基点。不包括市场的净收益率为3.85%，与上年相比相对持平。

11

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信贷损失准备金
			截至9月30日的三个月，																		截至9月30日的9个月，
(单位：百万)			2024						2023						变化						2024						2023						变化
消费者，不包括信用卡			$	145					$	(75)					NM						$	366					$	728					(50)		%
信用卡			2,666						1,527						75		%				6,932						4,073						70
总消费额			2,811						1,452						94						7,298						4,801						52
批发			302						(81)						NM						702						1,730						(59)
投资证券			(2)						13						NM						47						27						74
信贷损失准备金总额			$	3,111					$	1,384					125		%				$	8,047					$	6,558					23		%

Q季度业绩

的信贷损失准备金为31美元亿，反映21亿净冲销和信贷损失准备金净增加10亿。

净冲销包括19美元的亿消费者，主要由信用卡服务推动，反映出较新年份的调味和持续的信贷正常化，以及15800美元的万批发.

信贷损失准备金的净增加额包括：

•88200美元的万In消费者在信用卡服务的推动下，由于循环余额的增长和某些宏观经济变量的变化，

•14400美元的万In批发这反映了贷款和与贷款有关的承诺组合的变化以及主要是房地产的净降级活动的影响，但部分被某些宏观经济变量的变化所抵消。

前一年的拨备为14亿，反映净冲销15亿，信贷损失准备净减少11300万。

有关信贷组合及信贷损失准备的额外资料，请参阅建行分部业绩(第22-26页)、CIB(第27-34页)、AWM(第35-39页)及公司(第40-42页)；信贷损失准备(73-75页)；公司使用的关键会计估计(84-86页)；以及附注11及12。

年初至今的业绩

的信贷损失准备金为80美元亿，反映63亿净冲销和信贷损失准备金净增加18亿。

净冲销包括58美元的亿消费者，主要由信用卡服务推动，反映出较新年份的调味和持续的信贷正常化，以及51100美元的万批发，包括房地产，集中在写字楼。

信贷损失准备金的净增加额包括：

•$15亿In消费者，反映：

–信用卡服务净增加17美元，原因是贷款增长，反映循环余额增加，包括较新年份的调味，以及某些宏观经济变量的变化，

部分偏移量

–2024年第一季度住房贷款净减少12500美元，以及

•19100美元的万In批发，反映：

–净降级活动，主要是房地产，以及将First Republic投资组合纳入该公司2024年第二季度建模信贷损失估计的影响。

部分偏移量

–某些宏观经济变量的变化以及贷款和与贷款有关的承诺组合变化的影响。

上一年的拨备为66亿美元，反映了净冲销40美元亿和信贷损失准备金净增加25美元亿，其中包括12亿美元，用于在2023年第二季度为第一共和国贷款和与贷款有关的承付款建立准备金。

12

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非利息支出
(单位：百万)			截至9月30日的三个月，																		截至9月30日的9个月，
			2024						2023						变化						2024						2023						变化
补偿费用			$	12,817					$	11,726					9		%				$	38,888					$	34,618					12		%
非补偿费用：
入住率			1,258						1,197						5						3,717						3,382						10
技术、通信和设备(a)			2,447						2,386						3						7,315						6,837						7
专业和外部服务			2,780						2,620						6						8,050						7,629						6
营销			1,258						1,126						12						3,639						3,293						11
其他费用			2,005						2,702						(26)						7,426			(d)			6,927						7
非补偿费用总额			9,748						10,031						(3)						30,147						28,068						7
总非利息支出			$	22,565					$	21,757					4		%				$	69,035					$	62,686					10		%
其他费用的某些组成部分(b)
律师费			$	259					$	665											$	504					$	1,261
FDIC相关费用			312						342												1,576						997
营业亏损(c)			397						310												1,019						913

(a)包括与汽车经营租赁资产相关的折旧费用。有关更多信息，请参阅注16。

(b)有关更多信息，请参阅注释5。

(c)主要是与客户存款账户、信用卡和借记卡相关的CCb欺诈损失。

(d)包括2024年第二季度向摩根大通基金会捐赠的10亿美元Visa股票。有关更多信息，请参阅注释5。

季度业绩

补偿费用 增长的驱动因素是：

•更高的收入相关补偿，特别是Cib和AWm，以及

•员工数量的增长，主要是前台和技术部门。

非补偿费用 由于:

•法律费用较低，反映了Cib的下降，但部分被AWm的增加所抵消，

•较低的间接税费用 在Cib中，并且

•与第一共和国相关的重组成本较低，

部分偏移量

•增加对业务的投资，包括CCb和技术的营销，以及

•营业损失增加，主要是CCb。

参考注意 5有关其他费用的更多信息和 关于第一共和国收购的更多信息注释26。

年初至今的业绩

补偿费用 增长由以下因素推动：

•更高的业务量和收入相关薪酬，

•员工数量的增长，主要是在前台和技术部门，以及

•First Republic的影响，主要是在建行和公司，反映了上一年费用的时间和分类，这在公司的其他费用中确认，因为与First Republic有关联的个人直到2023年7月才是公司的员工。

非补偿费用由于以下原因而增加:

•2024年第二季度，公司记录了Visa股票对摩根大通基金会的10美元亿贡献，

•2024年第一季度确认的公司对联邦存款保险公司特别评估的72500美元万增加，

•在技术和营销方面的投资增加，主要是对建行的投资，

•较高的占用费用，其中包括公司物业净增加的影响，

•与First Republic有关的时间影响，如上所述，部分被费用与补偿费用一致所抵消，以及

•AWM中更高的分销费用，

部分偏移量

•较低的法律费用，主要反映了CIB和公司下降以及AWM增加的净影响。

参考附注2 和 5了解有关Visa股票的更多信息。

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所得税费用
(in数百万）			截至9月30日的三个月里，																		截至9月30日的9个月，
			2024						2023						变化						2024						2023						变化
所得税前收入支出			$	16,978					$	16,733					1		%				$	57,706					$	50,286					15		%
所得税费用			4,080			(a)			3,582						14						13,240			(a)			10,041						32
实际税率			24.0			%			21.4		%										22.9			%			20.0		%

(a)自2024年1月1日起，由于采用了税收抵免结构投资会计指南的更新，该公司某些替代能源税收导向投资的摊销现已在所得税费用中确认。有关更多信息，请参阅注释1、5和13。

季度业绩

这个实际税率 增长主要是由于2024年1月1日采用了税收抵免结构投资会计指南的更新，以及缴纳美国联邦、州和地方税的收入和费用水平和组合的变化。

年初至今的业绩

这个实际税率 增长主要是由于：

•2024年1月1日采用税收抵免结构投资会计指南的更新，以及

•缴纳美国联邦、州和地方税的收入和支出水平和组合的变化，其中包括Visa股票净收益的影响以及Visa股票对摩根大通基金会的贡献在2024年第二季度记录。

上一年包括与第一共和国收购相关的所得税费用的影响，该影响反映在估计的讨价还价购买收益中，导致公司的实际税率下降。

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合并资产负债表和现金流量分析

合并资产负债表分析

以下是对2024年9月30日至2023年12月31日期间重大变化的讨论。有关公司使用的影响合并资产负债表的关键会计估计的讨论，请参阅第155-158页。

精选合并资产负债表数据
(单位：百万)			9月30日， 2024						十二月三十一日， 2023			变化
资产
现金和银行到期款项			$	22,896					$	29,066		(21)		%
在银行的存款			411,364						595,085			(31)
根据转售协议出售的联邦基金和购买的证券			390,821						276,152			42
借入的证券			252,434						200,436			26
交易资产			787,489						540,607			46
可供出售证券			334,548						201,704			66
持有至到期证券			299,954						369,848			(19)
投资证券，扣除信用损失拨备			634,502						571,552			11
贷款			1,340,011						1,323,706			1
贷款损失准备			(23,949)						(22,420)			7
贷款，扣除贷款损失准备后的净额			1,316,062						1,301,286			1
应计利息和应收账款			122,565						107,363			14
房舍和设备			31,525						30,157			5
善意、MSRS和其他无形资产			64,455						64,381			—
其他资产			175,935						159,308			10
总资产			$	4,210,048					$	3,875,393		9		%

银行的现金和应付款项以及银行存款下降的原因是CIB的市场活动以及现金部署，包括投资证券、财政部和首席信息官。

根据转售协议出售的联邦基金和购买的证券在市场的推动下增加，反映客户驱动的做市活动增加，以及对证券的需求增加，以回补空头头寸，与年底季节性较低的水平相比也是如此。

借入的证券 在市场的推动下增加，反映出对证券的需求增加以回补空头，以及客户驱动的活动增加。

有关根据转售协议购买的证券的其他信息，请参阅附注10 所借用证券.

交易资产增加的原因是与客户驱动的做市活动相关的市场中的股权和债务工具水平较高，以及与年末季节性较低的水平相比；在较小程度上，财政部和首席信息官的短期现金部署增加。有关更多信息，请参阅附注2和4。

投资证券增加的原因是：

•较高的可供出售证券(AFS)，反映净买入，主要是美国国债和非美国政府债务证券，部分被到期和偿还所抵消，以及

•HTM证券走低主要是由到期日和支付金额推动的。

请参阅第40-42页的公司分类结果，投资组合风险管理，网址：第76页，和备注2和9以获取更多信息。

贷款增加，反映:

•CIB批发贷款较高，

•AWM中基于证券的贷款增加，以及

•信用卡服务贷款增加是由新账户的增长和循环余额的继续正常化，

部分偏移量

•由于还款和贷款销售超过了原始贷款，住房贷款的下降。

这个贷款损失准备增加，反映#年贷款损失准备金净增加15美元亿消费者主要是信用卡服务，原因是贷款增长，反映循环余额增加，包括较新年份葡萄酒的调味，以及某些宏观经济变量的变化，但被2024年第一季度住房贷款净减少部分抵消。

这个批发津贴持平，因为净增加，包括净降级活动，主要是房地产，以及将First Republic投资组合纳入公司2024年第二季度模拟信贷损失估计的影响被净减少所抵消，这主要是由于贷款组合变化和某些宏观经济变量变化的影响。

在综合资产负债表的其他负债中确认的与贷款有关的承付款准备金中也增加了16800美元的万净额。

分别参阅第9-14页和第58-76页的运营和信用与投资风险管理的综合结果，第84-86页的公司使用的关键会计估计，以及附注2、3、11和12

15

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有关贷款和信贷损失总备抵的更多信息。

应计利息和应收账款 增长主要是由市场客户活动增加推动的。

R请参阅注14以了解有关以下内容的更多信息 善意、MSRS和其他无形资产.

其他资产增加并包括向市场中央对手方（“CPC”）投放的现金抵押品增加，以及2024年1月1日采用税收抵免结构投资会计指南更新的影响。

精选合并资产负债表数据（续）
(in数百万）			9月30日， 2024						12月31日， 2023			变化
负债
存款			$	2,430,772					$	2,400,688		1		%
根据回购协议购买的联邦基金和借出或出售的证券			389,337						216,535			80
短期借款			50,638						44,712			13
贸易负债			243,258						180,428			35
应付帐款和其他负债			314,356						290,307			8
合并可变利益实体（“VIE”）发行的受益权益			25,694						23,020			12
长期债务			410,157						391,825			5
总负债			3,864,212						3,547,515			9
股东权益			345,836						327,878			5
总负债和股东权益			$	4,210,048					$	3,875,393		9		%

存款 在折痕，反映了以下因素的净影响：

•支付和证券服务净流入导致的CIB增加，但部分被市场结构性票据的净到期日所抵消，

•由新产品和现有产品推动的AWM增长，

•2024年第二季度推出的某些高收益计划导致公司余额增加，与公司的国际消费者计划相关，以及

•建行现有账户的减少主要是由于客户支出增加和转向更高收益的投资，但新账户基本上抵消了这一影响。

根据回购协议购买的联邦基金和借出或出售的证券 在在市场的推动下出现下降，反映客户驱动的做市活动和交易资产的担保融资增加，与年末季节性较低的水平相比也是如此。

短期借款 增长主要是由于市场客户需求导致结构性票据净发行量增加所致。

请参阅上的流动性风险管理第50-57页是关于存款、购买的联邦基金和根据回购协议借出或出售的证券和短期借款的补充信息；关于存款的附注2和15；以及关于根据回购协议购买的联邦基金和借出或出售的证券的附注10。

贸易负债 增加的原因是客户驱动的做市活动，主要是在固定收益市场，这导致债务工具的空头头寸水平较高，与年底季节性较低的水平相比。有关更多信息，请参阅附注2和4。

应付帐款和其他负债增加的主要原因是客户在市场上的活动增加，以及2024年1月1日通过的《税收抵免结构投资会计指南》更新的影响。

合并VIE发行的实益权益在财政部和首席信息官发行信用卡证券化的推动下增加。

新增内容请参阅第50-57页的流动性风险管理以及附注13和22国际信息，特别是公司赞助的VIE和贷款证券化信托基金。

长期债务增长，主要是由以下因素推动：

•因客户需求而在联昌国际发行结构性票据的净额，以及

•长期债务的净发行，部分被财政部和首席信息官较低的FHLB预付款所抵消。

有关First Republic收购的更多信息，请参阅第50-57页的流动性风险管理；以及附注26。

股东权益AOCI的净收入增加和未实现亏损减少，主要是由于利率下降对AFS投资组合和财政部和首席信息官的现金流对冲的影响，但主要被资本行动的影响所抵消，包括回购普通股、支付普通股和优先股股息以及净赎回优先股。请参阅以下日期的股东权益变动表第92页， 第48页的死刑诉讼，及附注19其他信息。

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合并现金流量分析

以下是对截至2024年9月30日和2023年9月30日的9个月期间现金流活动的讨论。

(in数百万）												截至9月30日的9个月，
																		2024						2023
提供的现金净额/(用于)
经营活动																		$	(189,770)					$	(47,257)
投资活动																		(181,023)						(12,239)
融资活动																		179,152						10,326
汇率变动对现金的影响																		1,750						(6,695)
现金和银行应付款项及银行存款净减少																		$	(189,891)					$	(55,865)

经营活动

•2024年，由于交易资产增加、借入证券增加、应计利息和应收账款增加以及持有待售贷款的净产生和购买，所使用的现金被较高的交易负债和较高的应付账款及其他负债部分抵销。

•2023年，使用的现金来自较高的交易资产和较低的应付账款及其他负债，但被较低的其他资产和较高的交易负债部分抵消。

投资活动

•2024年，使用的现金来自根据转售协议购买的较高证券、投资证券的净购买和贷款的净发放。

•2023年，使用的现金来自根据转售协议购买的较高证券、较高的净贷款来源以及在First Republic收购中使用的净现金，主要被投资证券的偿还和到期日收益以及为投资而持有的贷款的销售和证券化所抵消。

融资活动

•2024年，提供的现金反映了根据回购协议借出或出售的证券增加、存款增加以及长期和短期借款的净收益，但部分被优先股净赎回所抵消。

•2023年，提供的现金反映了根据回购协议借出或出售的更高证券以及合并VIE发行的更高利益，但存款净流出在很大程度上抵消了这一影响，其中包括作为First Republic收购的一部分的美国大型银行财团向First Republic Bank提供的存款偿还的影响。

•在这两个时期，现金用于回购普通股，现金用于普通股和优先股的现金股息。

* * *

有关影响公司现金流的活动的进一步讨论，请参阅第15-16页的综合资产负债表分析，第44-49页的资本风险管理，第50-57页的流动性风险管理，以及本表格10-Q第93页的综合现金流量表，以及摩根大通2023表格10-k的第102-109页。

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对公司使用非公认会计准则财务措施的解释和重新考虑

该公司根据美国公认会计原则编制合并财务报表，这一陈述被称为“已报告”基础；这些财务报表见第89-93页。

除了在报告的基础上分析公司的业绩外，该公司还在Firmwide和部门层面审查和使用某些非GAAP财务衡量标准。这些非GAAP衡量标准包括：

•全公司的“管理”基准结果，包括间接费用比率，其中包括某些重新分类，以在与应税投资和证券相当的基础上显示来自获得税收抵免和免税证券的投资的净收入总额(“全时当量”)。与免税项目相关的相应所得税影响计入所得税费用。这些调整对公司整体或LOB报告的净收入没有影响；

•拨备前利润，即净收入总额减去非利息支出总额；

•净利息收入、净收益和不包括市场的非利息收入；

•TCE、ROTCE和TBVPS；以及

•调整后的费用，代表不包括Firmwide法律费用的非利息费用。

有关管理层使用非公认会计准则财务指标的进一步讨论，请参阅摩根大通2023年10-k报表第62-页《公司使用非公认会计准则财务指标和关键业绩衡量指标的解释和对账》。

以下汇总表提供了公司报告的美国GAAP业绩与托管基础的对账。

			截至9月30日的三个月里，
			2024																								2023
(单位：百万，比率除外)			已报告									完全应税等值调整(b)									受管 基础						已报告						完全应税等值调整(b)									受管 基础
其他收入			$	960		(a)						$	541		(a)						$	1,501					$	614					$	682								$	1,296
非利息收入总额			19,249									541									19,790						17,148						682									17,830
净利息收入			23,405									120									23,525						22,726						130									22,856
净收入合计			42,654									661									43,315						39,874						812									40,686
总非利息支出			22,565									NA									22,565						21,757						NA									21,757
拨备前利润			20,089									661									20,750						18,117						812									18,929
信贷损失准备金			3,111									NA									3,111						1,384						NA									1,384
所得税前收入支出			16,978									661									17,639						16,733						812									17,545
所得税费用			4,080			(a)						661			(a)						4,741						3,582						812									4,394
净收入			$	12,898								NA									$	12,898					$	13,151					NA									$	13,151
开销比率			53		%							NM									52		%				55		%				NM									53		%
			截至9月30日的9个月，
			2024																								2023
(单位：百万，比率除外)			已报告									完全应税等值调整(b)									受管 基础						已报告						完全应税等值调整(b)									受管 基础
其他收入			$	11,237		(a)						$	1,711		(a)						$	12,948					$	4,913					$	2,539								$	7,452
非利息收入总额			65,555									1,711									67,266						54,314						2,539									56,853
净利息收入			69,233									356									69,589						65,216						354									65,570
净收入合计			134,788									2,067									136,855						119,530						2,893									122,423
总非利息支出			69,035									NA									69,035						62,686						NA									62,686
拨备前利润			65,753									2,067									67,820						56,844						2,893									59,737
信贷损失准备金			8,047									NA									8,047						6,558						NA									6,558
所得税前收入支出			57,706									2,067									59,773						50,286						2,893									53,179
所得税费用			13,240			(a)						2,067			(a)						15,307						10,041						2,893									12,934
净收入			$	44,466								NA									$	44,466					$	40,245					NA									$	40,245
开销比率			51		%							NM									50		%				52		%				NM									51		%

(a)自2024年1月1日起，该公司根据修改后的追溯法采用了税收抵免结构投资会计指南的更新。 有关更多信息，请参阅注释1、5和13。

(b)在CIB和企业中享有盛誉。

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下表提供了有关净利息收入、净收益率和非利息收入（不包括市场）的信息。

(in数百万，费率除外）			截至9月30日的三个月里，															截至9月30日的9个月，
			2024			2023						变化						2024			2023						变化
净利息收入-报告			$	23,405		$	22,726					3		%				$	69,233		$	65,216					6		%
完全应税等值调整			120			130						(8)						356			354						1
净利息收入-管理基础(a)			$	23,525		$	22,856					3						$	69,589		$	65,570					6
减：市场净利息收入(b)			78			(317)						NM						184			(909)						NM
净利息收入不包括市场(a)			$	23,447		$	23,173					1						$	69,405		$	66,479					4
平均生息资产			$	3,621,766		$	3,331,728					9						$	3,526,019		$	3,297,843					7
减：平均市场生息资产(b)			1,206,085			970,789						24						1,118,326			985,703						13
平均生息资产（不包括市场）			$	2,415,681		$	2,360,939					2						$	2,407,693		$	2,312,140					4
平均生息资产净收益率-管理基础			2.58		%	2.72		%										2.64		%	2.66		%
平均净收益率市场生息资产(b)			0.03			(0.13)												0.02			(0.12)
平均生息资产净收益率（不包括市场）			3.86		%	3.89		%										3.85		%	3.84		%
非利息收入-报告(c)			$	19,249		$	17,148					12						$	65,555		$	54,314					21
完全应税等值调整(c)			541			682						(21)						1,711			2,539						(33)
非利息收入-管理基础			$	19,790		$	17,830					11						$	67,266		$	56,853					18
减：市场非利息收入（b）（d）			7,074			6,934						2						22,774			23,026						(1)
非利息收入不包括市场			$	12,716		$	10,896					17						$	44,492		$	33,827					32
备忘录：市场净收入总额(b)			$	7,152		$	6,617					8						$	22,958		$	22,117					4

(a)利息包括相关对冲的影响。在适用的情况下使用应纳税等值金额。

(b)有关市场的更多信息，请参阅第33页。

(c)自2024年1月1日起，该公司根据修改后的追溯法采用了税收抵免结构投资会计指南的更新。 有关更多信息，请参阅注释1、5和13。

(d)包括前商业银行业务部门的市场相关收入。前期金额已进行修订，以符合当前列报方式。

以下汇总表提供了公司普通股股东权益与TCE的对账。

			期末									平均
(in百万，每股和比例数据除外）			9月30日， 2024			十二月三十一日， 2023						截至9月30日的三个月里，									截至9月30日的9个月，
												2024			2023						2024			2023
普通股股东权益			$	324,186		$	300,474					$	321,894		$	284,798					$	310,353		$	278,010
减值：商誉			52,711			52,634						52,658			52,427						52,630			52,164
减：其他无形资产			2,991			3,225						3,007			3,511						3,083			2,342
加：某些递延所得税负债(a)			2,962			2,996						2,963			3,080						2,976			2,846
有形普通股权益			$	271,446		$	247,611					$	269,192		$	231,940					$	257,616		$	226,350
有形普通股权益回报率			NA			NA						19		%	22		%				23		%	23		%
每股有形账面价值			$	96.42		$	86.08					NA			NA						NA			NA

(a)代表与可扣税的善意和非应税交易中创建的可识别无形资产相关的递延所得税负债，在计算TCE时将其扣除善意和其他无形资产。

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业务部分结果

该公司以LOb为基础进行管理。自2024年第二季度起，该公司重组了其可报告业务部门，将前企业与投资银行业务部门和商业银行业务部门合并，形成了一个可报告业务部门，即商业与投资银行（“CIB”）。重组后，该公司拥有三个可报告业务部门：消费者与社区银行业务、商业与投资银行业务以及资产与财富管理业务。此外，还有企业部门。

业务分部是根据所提供的产品和服务或服务的客户类型确定的，它们反映了公司运营委员会目前评估财务信息的方式。分部业绩以受管理的方式呈列。有关托管基础的定义，请参阅第18-19页对公司使用非GAAP财务指标的解释与对账。

下表描述了该公司的可报告业务部门。

业务分类报告方法说明

业务细分的结果旨在将每个细分市场视为独立的业务。得出业务分部结果的管理报告流程包括分配某些收入和费用项目。该公司定期评估用于分部报告的假设、方法和报告分类，因此未来可能会实施进一步的改进。该公司还至少每年评估每一笔LOB所需的资本水平。该公司的LOB还提供各种业务指标，供公司及其投资者和分析师在评估业绩时使用。

收入分享

当业务部门或每个部门内的企业共同努力向公司的客户和客户销售产品和服务时，参与的企业可能同意分享这些交易的收入。收入一般在负责相关产品或服务的部门确认，并分配给参与交易的其他部门/业务。该部门和业务业绩反映了这些收入分享协议。

资金转移定价

资金转移定价是公司将利息收入和费用分配给LOB和其他公司，并将主要利率风险和流动性风险转移给财政部和首席信息官的过程。

资金转移定价过程考虑了资产负债和表外产品的利率和流动性风险特征。定期调整ftp过程中使用的方法和假设，以反映经济状况和其他因素，这些因素可能会影响净利息收入分配给各分部。

外汇风险

外汇风险从LOB和其他公司转移到财政部和CIO，用于某些收入和支出。财政部和首席信息官集中管理这些风险，并在其结果中报告与转移风险相关的汇率变动的影响。有关更多信息，请参阅第77-82页的市场风险管理。

资本配置

分配给每个业务部门的资本额称为权益。至少每年都会重新评估用于分配资本的假设、判断和方法，因此，分配给LOB的资本可能会发生变化。有关资本分配的其他信息，请参阅第47页的业务线权益和摩根大通2023年10-k表的第98页。

有关这些方法的进一步讨论，请参阅摩根大通2023年10-k表格第65-85页和附注32中的业务部门业绩-业务部门报告方法说明。

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分部结果-管理基础

下表总结了公司在所示期间按部门划分的业绩。

截至9月30日的三个月，			消费者和社区银行业务															商业与投资银行															资产与财富管理
(单位：百万，比率除外)			2024						2023			变化						2024						2023			变化						2024			2023			变化
净收入合计			$	17,791					$	18,362		(3)		%				$	17,015					$	15,761		8		%				$	5,439		$	5,005		9		%
总非利息支出			9,586						9,105			5						8,751						8,818			(1)						3,639			3,138			16
拨备前利润/（亏损）			8,205						9,257			(11)						8,264						6,943			19						1,800			1,867			(4)
信贷损失准备金			2,795						1,446			93						316						(95)			NM						4			(13)			NM
净收益/(亏损)			4,046						5,895			(31)						5,691						5,027			13						1,351			1,417			(5)
股本回报率（“ROE”）			29		%				41		%							17		%				14		%							34		%	32		%

截至9月30日的三个月里，						企业															总
(单位：百万，比率除外)															2024						2023			变化						2024						2023			变化
净收入合计															$	3,070					$	1,558		97		%				$	43,315					$	40,686		6		%
总非利息支出															589						696			(15)						22,565						21,757			4
拨备前利润/（亏损）															2,481						862			188						20,750						18,929			10
信贷损失准备金															(4)						46			NM						3,111						1,384			125
净收益/(亏损)															1,810						812			123						12,898						13,151			(2)
罗															NM						NM									16		%				18		%

截至9月30日的9个月，			消费者和社区银行业务															商业与投资银行															资产与财富管理
(单位：百万，比率除外)			2024						2023						变化						2024						2023			变化						2024			2023			变化
净收入合计			$	53,145					$	52,051					2		%				$	52,516					$	49,379		6		%				$	15,800		$	14,732		7		%
总非利息支出			28,308						25,483						11						26,641						25,803			3						10,642			9,392			13
拨备前利润/（亏损）			24,837						26,568						(7)						25,875						23,576			10						5,158			5,340			(3)
信贷损失准备金			7,351						4,710						56						701						1,515			(54)						(33)			160			NM
净收益/(亏损)			13,087						16,444						(20)						18,210						16,095			13						3,904			4,010			(3)
罗			31		%				40		%										18		%				15		%							33		%	32		%

截至9月30日的9个月，						企业															总
(单位：百万，比率除外)															2024						2023			变化						2024						2023			变化
净收入合计															$	15,394		(a)			$	6,261		146		%				$	136,855		(a)			$	122,423		12		%
总非利息支出															3,444			(b)			2,008			72						69,035			(b)			62,686			10
拨备前利润/（亏损）															11,950						4,253			181						67,820						59,737			14
信贷损失准备金															28						173			(84)						8,047						6,558			23
净收益/(亏损)															9,265						3,696			151						44,466						40,245			10
罗															NM						NM									19		%				19		%

(a)包括2024年第二季度与Visa股票相关的79亿美元净收益。有关更多信息，请参阅注释2和5。

(b)包括2024年第二季度向摩根大通基金会捐赠的10亿美元Visa股票。有关更多信息，请参阅注释5。

除非另有说明，以下部分按分部对公司截至2024年9月30日和2023年9月30日或截至2023年9月30日的三个月和九个月的业绩进行了比较讨论。

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消费者和社区银行业务

有关CCb业务概况的进一步讨论，请参阅摩根大通2023年10-k表格第68-71页和第198页的业务范围。

精选利润表数据
			截至9月30日的三个月里，																		截至9月30日的9个月，
(单位：百万，比率除外)			2024						2023						变化						2024						2023						变化
收入
与贷款和存款相关的费用			$	863					$	836					3		%				$	2,515					$	2,500					1		%
资产管理费			1,022						891						15						2,947						2,383						24
按揭费用及相关收入			390						417						(6)						1,010						914						11
信用卡收入			743						626						19						2,166						1,848						17
所有其他收入(a)			1,196						1,212						(1)						3,517						3,503						—
非利息收入			4,214						3,982						6						12,155						11,148						9
净利息收入			13,577						14,380						(6)						40,990						40,903						—
净收入合计			17,791						18,362						(3)						53,145						52,051						2
信贷损失准备金			2,795						1,446						93						7,351						4,710						56
非利息支出
补偿费用			4,275						3,975						8						12,744						11,148						14
非补偿费用(b)			5,311						5,130						4						15,564						14,335						9
总非利息支出			9,586						9,105						5						28,308			(d)			25,483						11
所得税前收入支出			5,410						7,811						(31)						17,486						21,858						(20)
所得税费用			1,364						1,916						(29)						4,399						5,414						(19)
净收入			$	4,046					$	5,895					(31)						$	13,087					$	16,444					(20)
按业务划分的收入
银行与财富管理			$	10,090					$	11,345					(11)						$	30,789					$	32,322					(5)
房屋贷款			1,295						1,252						3						3,800						2,979						28
卡服务和汽车			6,406						5,765						11						18,556						16,750						11
抵押费用和相关收入详情：
生产收入			154						162						(5)						441						339						30
抵押贷款服务收入净额(c)			236						255						(7)						569						575						(1)
按揭费用及相关收入			$	390					$	417					(6)		%				$	1,010					$	914					11		%
财务比率
股本回报率			29			%			41			%									31			%			40			%
开销比率			54						50												53						49

(a)主要包括经营租赁收入以及佣金和其他费用。截至2024年9月30日和2023年9月30日的三个月的经营租赁收入分别为69900万美元和68500万美元，截至2024年和2023年9月30日的九个月分别为20亿美元和21亿美元。

(b)包括截至2024年9月30日和2023年9月30日止三个月的租赁资产折旧费用分别为38700万美元和45800万美元，以及截至2024年9月30日和2023年9月30日止九个月的租赁资产折旧费用分别为12亿美元和13亿美元。

(c)包括截至2024年9月30日和2023年9月30日止三个月的MSR风险管理结果分别为10000万美元和11100万美元，以及截至2024年和2023年9月30日止九个月的MSR风险管理结果分别为13800万美元和12400万美元。

(d)2023年第二季度，与第一共和国相关的几乎所有费用都在公司中报告。从2023年第三季度开始，费用已与适当的业务线保持一致。

22

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季度业绩

净利润为40美元亿，下降了31%。

净营收为178亿美元亿，下降3%.

净利息收入为136亿美元亿，下降 6%，由以下因素推动：

•银行和财富管理(“BWM”)的较低NII，反映存款保证金压缩和平均存款较低，

部分偏移量

•循环余额较高的信用卡服务NII较高。

非利息收入为42美元亿，增长6%，原因是：

•更高的资产管理费反映了更高的平均市场水平，以及

•信用卡收入增加，反映年费增加以及借记卡和信用卡销售量增加带来的净交换增加，但与新账户创建成本相关的摊销增加部分抵消了这一影响。

有关信用卡收入、资产管理费、佣金和其他费用的更多信息，请参阅附注5；有关信用卡奖励负债的更多信息，请参阅第84-86页的关键会计估计。

非利息支出为96美元亿，增长5%，反映：

•更高的薪酬支出，主要由顾问、银行家和技术员工推动，以及

•更高的非补偿费用，由持续的营销投资和更高的运营亏损推动，部分被较低的汽车租赁折旧所抵消。

信贷损失准备金为28亿美元，反映：

•净冲销19美元亿，增加52000美元万，受信用卡服务54100美元万的推动，主要是由于较新年份的调味和持续的信贷正常化，以及

•在循环余额增长和某些宏观经济变量变化的推动下，信贷损失准备金净增加87600美元，主要是信用卡服务方面的损失。

上一年的拨备为14亿美元，反映了14亿美元的净冲销和信贷损失准备金的净增加4 700万。

有关信贷组合和信贷损失准备的进一步讨论，请参阅第58-76页的信贷和投资风险管理以及73-75页的信贷损失准备。

年初至今的业绩

净利润为131亿美元亿，下降20%.

净收入为531美元亿，增长2%.

净利息收入为410亿美元，与上一年持平，反映：

•循环余额较高的信用卡服务NII较高，以及

•First Republic在住房贷款中的时机影响，

偏移量

•BWM中较低的NII，反映了存款边际压缩和平均存款较低。

非利息收入为122亿美元亿，上升9%，主要由以下因素推动：

•较高的资产管理费反映了较高的平均市场水平，包括First Republic的时机影响，以及较小程度的净流入，以及BWM年金销售带来的更高佣金。

•信用卡收入增加，原因是借记卡和信用卡销售量增加带来的净互换增加，以及年费增加，但与新账户创建成本有关的摊销增加部分抵消了这一影响；以及

•Home Lending的更高制作收入，包括First Republic的时机影响。

请参阅以下日期的综合运营结果第9-14页和附注26，了解有关First Republic的更多信息。

非利息支出为283亿，上升11%反映了从2023年第三季度开始从公司与建行结盟的First Republic相关支出，影响了薪酬和非薪酬支出。

费用的增加还反映了：

•薪酬支出增加，主要是由于与收入相关的薪酬增加，主要是顾问和银行家的薪酬，以及员工数量的增加，包括技术员工的增加，以及

•非薪酬费用增加，这主要是由于营销和技术的持续投资以及运营损失增加所致。

信用损失拨备为74亿美元，反映出：

•净冲销59亿美元，增加22亿美元，其中卡服务20亿美元，反映了新年份葡萄酒的调味和持续的信贷正常化，以及汽车9800万美元，受二手车估值下降的推动，以及

•信用损失备抵净增加15亿美元，包括：

–卡服务17亿美元，受贷款增长的推动，反映了循环余额增加，包括较新葡萄酒的调味以及某些宏观经济变量的变化，

部分偏移量

23

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–住房贷款净减少12500万美元，主要是由于2024年第一季度房价前景改善。

上一年的拨备为47亿美元，反映了37亿美元的净冲销、信贷损失备抵净增加10亿美元（主要由卡服务推动）以及信贷损失备抵净增加40800万美元，以建立2023年第二季度第一共和国贷款和贷款相关承诺的备抵。

选定的指标
			截至三个月 截至9月30日，															截至九个月 截至9月30日，
(in数百万人，员工除外）			2024						2023			变化						2024						2023						变化
选定的资产负债表数据（期末）
总资产			$	633,038					$	626,196		1		%				$	633,038					$	626,196					1		%
贷款：
银行与财富管理			31,614						30,574			3						31,614						30,574						3
房屋贷款(a)			247,663						261,858			(5)						247,663						261,858						(5)
卡服务			219,671						196,955			12						219,671						196,955						12
汽车			73,215						74,831			(2)						73,215						74,831						(2)
贷款总额			572,163						564,218			1						572,163						564,218						1
存款(b)			1,054,027						1,136,884			(7)						1,054,027						1,136,884						(7)
股权			54,500						55,500			(2)						54,500						55,500						(2)
选定的资产负债表数据（平均值）
总资产			$	631,117					$	622,760		1						$	629,252					$	569,076					11
贷款：
银行与财富管理			30,910						30,686			1						31,189						29,947						4
房屋贷款(c)			250,581						264,041			(5)						254,264						222,248						14
卡服务			217,327						195,245			11						210,740						187,629						12
汽车			73,675						74,358			(1)						75,575						71,416						6
贷款总额			572,493						564,330			1						571,768						511,240						12
存款(b)			1,053,701						1,143,539			(8)						1,068,774						1,138,050						(6)
股权			54,500						55,500			(2)						54,500						53,962						1
员工			143,964						141,125			2		%				143,964						141,125						2		%

(a)截至2024年9月30日和2023年9月30日，持作出售的住房贷款和公允价值贷款分别为69亿美元和41亿美元。

(b)2023年第四季度，CCb将与第一共和国相关的约1，880亿美元存款转移至AWm和Cib。有关更多信息，请参阅公司2023年表格10-k第67页。

(c)截至2024年9月30日和2023年9月30日的三个月，平均持作出售的住房贷款和公允价值贷款分别为84亿美元和57亿美元，截至2024年9月30日和2023年9月30日的九个月分别为69亿美元和48亿美元。

24

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选定的指标
			截至三个月 截至9月30日，																		截至九个月 截至9月30日，
(in数百万，比例数据除外）			2024						2023						变化						2024						2023						变化
信用数据和质量统计
非权责发生制贷款(a)			$	3,252					$	3,690					(12)		%				$	3,252					$	3,690					(12)		%
净冲销/（收回）
银行与财富管理			82						88						(7)						337						259						30
住房贷款			(44)						(16)						(175)						(91)						(62)						(47)
卡服务			1,768						1,227						44						5,286						3,273						62
自动			113						100						13						330						232						42
净冲销总额/（收回）			$	1,919					$	1,399					37						$	5,862					$	3,702					58
净冲销/（回收）率
银行与财富管理			1.06			%			1.14			%									1.44			%			1.16			%
房屋贷款			(0.07)						(0.02)												(0.05)						(0.04)
卡服务			3.24						2.49												3.35						2.33
自动			0.62						0.53												0.59						0.43
总净冲销/（回收）率			1.35			%			0.99			%									1.39			%			0.98			%
30天以上拖欠率
住房贷款(b)			0.77			%			0.59			%									0.77			%			0.59			%
卡服务			2.20						1.94												2.20						1.94
汽车			1.23						1.13												1.23						1.13
90天以上拖欠率-卡服务			1.10			%			0.94			%									1.10			%			0.94			%
贷款损失准备
银行与财富管理			$	709					$	686					3						$	709					$	686					3
房屋贷款			447						573						(22)						447						573						(22)
卡服务			14,106						11,901						19						14,106						11,901						19
汽车			692						742						(7)						692						742						(7)
贷款损失准备总额			$	15,954					$	13,902					15		%				$	15,954					$	13,902					15		%

(a)不包括由美国政府机构承保的逾期抵押贷款，这些贷款主要逾期90天或以上。基于政府担保，这些贷款已被排除在外。截至2024年9月30日和2023年9月30日，逾期90天或以上并由美国政府机构承保的抵押贷款分别为8800万美元和12300万美元。 此外，该公司的政策通常是在监管指南允许的情况下，将信用卡贷款豁免为非应计状态。

(b)截至2024年9月30日和2023年9月30日，不包括由美国政府机构承保的已逾期30天或以上的抵押贷款12600万美元和17500万美元。根据政府担保，这些金额已被排除在外。

25

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选定的指标
			截至三个月 截至9月30日，																		截至九个月 截至9月30日，
(in数十亿美元，比例和另有说明除外）			2024						2023						变化						2024						2023						变化
业务指标
分支机构数量			4,906						4,863						1		%				4,906						4,863						1		%
活跃数字客户（以千计）(a)			70,063						66,765						5						70,063						66,765						5
活跃移动客户（以千计）(b)			56,985						53,221						7						56,985						53,221						7
借记卡和信用卡销售量			$	453.4					$	426.3					6						$	1,327.8					$	1,237.6					7
支付交易总额（万亿）(c)			1.7						1.5						13						4.8						4.4						9
银行与财富管理
平均存款			$	1,038.0					$	1,127.8					(8)						$	1,054.1					$	1,123.1					(6)
存款保证金			2.60			%			2.92			%									2.68			%			2.84			%
商业银行平均贷款			$	19.5					$	19.5					—						$	19.5					$	19.7					(1)
商业银行业务发起量			1.1						1.3						(17)						3.5						3.6						(2)
客户投资资产(d)			1,067.9						882.3						21						1,067.9						882.3						21
客户顾问数量			5,775						5,424						6						5,775						5,424						6
房屋贷款
按渠道分类的抵押贷款发行量
零售			$	6.5					$	6.8					(4)						$	17.8					$	17.7					1
通讯员			4.9						4.2						17						10.9						10.2						7
抵押贷款发行总额(e)			$	11.4					$	11.0					4						$	28.7					$	27.9					3
已服务的第三方抵押贷款（期末）			$	656.1					$	637.8					3						656.1						$	637.8					3
MSR公允价值（期末）			8.7						9.1						(4)						8.7						9.1						(4)
卡服务
销量，不含商业卡			$	316.6					$	296.2					7						$	924.2					$	856.4					8
净收益率			9.91			%			9.60			%									9.87			%			9.69			%
平均贷款净收益率			9.71						9.54												9.69						9.58
自动
贷款和租赁发起量			$	10.0					$	10.2					(2)						$	29.7					$	31.4					(5)
平均汽车经营租赁资产			11.2						10.7						5		%				10.8						11.1						(3)		%

(a)过去90天内登录的所有网络和/或移动平台的用户。

(b)过去90天内登录过的所有移动平台用户。

(c)支付交易总额包括借记卡和信用卡销售额以及ACH、ATM、ATM、电汇、BillPay、PayChase、Zelle、个人对个人和支票的总流出。

(d)包括投资于托管账户和摩根大通共同基金的资产，其中AWm是投资经理。有关更多信息，请参阅第35-39页的AWm分部结果。

(e)截至2024年9月30日和2023年9月30日的三个月，Firmwide抵押贷款发放量分别为133亿美元和130亿美元，截至2024年和2023年9月30日的九个月分别为332亿美元和328亿美元。

26

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商业与投资银行(a)

商业投资银行由银行和支付以及市场和证券服务业务组成。这些业务为全球范围内的企业和机构客户提供投资银行、贷款、支付、做市、融资、托管和证券产品和服务。Bank&Payments在所有主要资本市场提供产品和服务，包括就公司战略和结构、股权和债务市场融资以及贷款发起和银团提供建议。Bank&Payments还提供服务，使客户能够通过流动性和账户解决方案、商务解决方案、清算、贸易和营运资本在全球范围内管理支付。Markets&Securities Services包括Markets，它是一家涵盖现金和衍生工具等各种产品的全球做市商，还提供复杂的风险管理解决方案、贷款、大宗经纪、清算和研究。市场和证券服务公司还包括证券服务公司，这是一家领先的全球托管机构，提供托管、基金服务、流动性和交易服务以及数据解决方案产品。

(a)反映了公司2024年第二季度业务部门的重组。有关更多信息，请参阅第20-21页的业务分部业绩。

有关Cib业务概况的进一步讨论，请参阅第198页的业务线收件箱。

精选利润表数据
			截至9月30日的三个月里，																		截至9月30日的9个月，
(单位：百万，比率除外)			2024						2023						变化						2024						2023						变化
收入
投资银行手续费			$	2,267					$	1,729					31		%				$	6,637					$	4,964					34		%
主要交易记录			5,899						5,971						(1)						19,224						20,145						(5)
与贷款和存款相关的费用			997						966						3						2,894						2,514						15
佣金及其他费用			1,349						1,184						14						3,958						3,671						8
信用卡收入			589						572						3						1,693						1,661						2
所有其他收入			521						420						24						2,121						1,828						16
非利息收入			11,622						10,842						7						36,527						34,783						5
净利息收入			5,393						4,919						10						15,989						14,596						10
净收入合计(a)			17,015						15,761						8						52,516						49,379						6
信贷损失准备金			316						(95)						NM						701						1,515						(54)
非利息支出
补偿费用			4,510						4,155						9						14,158						12,998						9
非补偿费用			4,241						4,663						(9)						12,483						12,805						(3)
总非利息支出			8,751						8,818						(1)						26,641						25,803						3
所得税前收入支出			7,948						7,038						13						25,174						22,061						14
所得税费用			2,257						2,011						12						6,964						5,966						17
净收入			$	5,691					$	5,027					13		%				$	18,210					$	16,095					13		%
财务比率
股本回报率			17		%				14		%										18		%				15		%
开销比率			51						56												51						52
薪酬费用占总净收入的百分比			27						26												27						26

    

(a)包括主要来自替代能源、经济适用房和新市场投资的所得税抵免、免税证券和贷款的收入以及替代能源和经济适用房投资的相关摊销和其他税收优惠的税收等值调整，截至2024年9月30日和2023年9月30日的三个月分别为60700万美元和74600万美元，截至2024年9月30日和2023年9月30日的九个月分别为19亿美元和27亿美元。自2024年1月1日起，该公司根据修改后的追溯法采用了使用比例摊销法指导的税收抵免结构投资会计的更新。参阅附注 1、5和13了解更多信息。

27

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精选利润表数据
			截至9月30日的三个月里，																		截至9月30日的9个月，
(in数百万）			2024						2023						变化						2024						2023						变化
按业务划分的收入
投资银行业务			$	2,354					$	1,818					29		%				$	7,034					$	5,293					33		%
付款			4,370						4,217						4						13,382						13,362						—
借贷			1,894						1,934						(2)						5,554						5,133						8
其他			28						24						17						29						71						(59)
银行业务和支付总额			8,646						7,993						8						25,999						23,859						9
固定收益市场			4,530						4,548						—						14,679						14,909						(2)
股票市场			2,622						2,069						27						8,279						7,208						15
证券服务			1,326						1,212						9						3,770						3,581						5
信用调整及其他(a)			(109)						(61)						(79)						(211)						(178)						(19)
市场和证券服务总额			8,369						7,768						8						26,517						25,520						4
净收入合计			$	17,015					$	15,761					8		%				$	52,516					$	49,379					6		%

(a)主要包括中央管理的信用估值调整（“CVA”）、衍生品的融资估值调整（“FVA”）、其他估值调整以及公允价值选择权选择负债的某些组成部分，主要在主要交易收入中报告。结果已扣除相关对冲活动以及分配给固定收益市场和股票市场的CVA和FVA金额后呈列。有关更多信息，请参阅注释2、3和19。

按客户覆盖细分的银行和支付收入： (a) 全球企业银行和全球投资银行 一般为大公司、金融机构和商户提供银行产品和服务。 商业银行业务 一般为中型市场客户（包括初创企业、中小公司、地方政府、市政府和非营利组织以及商业房地产客户）提供银行产品和服务。 其他 包括与针对某些保留贷款购买的信用保护相关的金额和Lending中的贷款相关承诺、付款中股权投资的影响以及与主要客户覆盖部门不一致的收入。 (a)全球银行业务是银行和支付业务中的客户覆盖视图，由全球企业银行业务、全球投资银行业务和商业银行业务客户覆盖部门组成。

精选利润表数据
			截至9月30日的三个月，																		截至9月30日的9个月，
(单位：百万)			2024						2023						变化						2024						2023						变化
按客户覆盖部门划分的银行和支付收入
全球企业银行和全球投资银行			$	6,139					$	5,469					12		%				$	18,100					$	16,285					11		%
商业银行业务			2,891						2,874						1						8,588						8,101						6
中间市场银行业务			1,931						1,949						(1)						5,794						5,730						1
商业房地产银行			960						925						4						2,794						2,371						18
其他			(384)						(350)						(10)						(689)						(527)						(31)
银行和支付总收入			$	8,646					$	7,993					8		%				$	25,999					$	23,859					9		%

28

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季刊 结果

净利润为57美元亿，增长13%。

净营收为170亿美元亿，增长8%.

银行和支付业务收入为86美元亿，增长8%。

•投资银行业务营收为24美元亿，增长29%，原因是投资银行业务手续费上涨31%，反映出各产品的手续费上涨。根据Dealogic的数据，该公司在全球投资银行手续费方面排名第一。

–债券承销费是11亿美元，上涨56%，主要是由于高等级和高收益债券的全行业发行量增加，以及投资级贷款的钱包份额增加。

–股票承销费为34400美元万，上涨26%, 由于后续发行的全行业费用增加以及可转换证券发行的钱包份额增加。

–咨询费为84700美元万，上涨10%，主要是受几笔大型交易完成的推动。

•支付收入为44美元亿，增长4%，这是由于交易量和平均存款增加带来的手续费增长，但存款保证金压缩在很大程度上抵消了这一增长，反映出支付的利率较高，以及与存款相关的客户信贷增加。

•贷款收入为19美元亿，下降2%，原因是：

–对上一年记录的与First Republic有关的某些收购贷款相关承诺的公允价值折扣进行额外摊销；以及

–针对某些留存贷款和与贷款相关的承诺而购买的信用保护的公允价值较高的损失

基本上抵消了

–更高利率的影响。

市场和证券服务营收为84美元亿，增长8%.市场营收为72美元亿，增长8%.

•股票市场营收为26美元亿，增长27%，反映出各地区的强劲表现，这主要是受美国有利的交易环境和亚洲季末活动增加的推动。

•固定收益市场收入为45美元亿，与上一年持平，其中包括货币和新兴市场的强劲表现以及利率收入的下降。

•证券服务收入为13美元亿，增长9%，主要受市场水平和交易量增加带来的手续费增长推动。

•信贷调整和其他万亏损10900美元，而损失了前一年6,100美元的万。

非利息支出为88美元亿，下降1%，原因是法律费用下降，但被较高的薪酬(包括与收入相关的薪酬和员工人数增加)以及较高的技术支出所抵消。

信贷损失准备金为31600万，反映如下：

•信贷损失准备净增加16000美元，原因是贷款和与贷款有关的承诺组合的变化，包括市场，以及主要是房地产的净降级活动的影响，但被某些宏观经济变量的变化部分抵消，以及

•净冲销15600美元万。

前一年的经费净收益为9,500美元万，反映信贷损失准备净减少19300美元，万净冲销9,800美元。

有关信贷组合和信贷损失准备的进一步讨论，请参阅第58-76页的信贷和投资风险管理、73-75页的信贷损失准备和84-86页的关键会计估计。

年初至今的业绩

净收益为182亿美元亿，上涨13%。

净营收为525美元亿，增长6%.

银行及支付业务营收为260亿美元亿，增长9%.

•投资银行业务收入为70美元亿，增长33%。由于各产品的手续费上涨，投资银行手续费上涨了34%。根据Dealogic的数据，该公司在全球投资银行手续费方面排名第一。

–债务承销费为32美元亿，增长55%，主要是由于杠杆贷款、高评级和高收益债券的全行业发行量增加所致。

–股票承销费为12美元亿，上涨44%，主要受IPO、增发和可转换证券发行增加的推动。

–咨询费为22美元亿，上涨8%，主要是受并购活动增加的推动。

•支付收入为134亿美元与上一年持平，这是由于交易量增加和平均存款增加带来的费用增长，但被存款利润率压缩所抵消，反映出支付的利率较高，以及与存款相关的客户信贷增加。

•贷款收入为56亿美元，增长8%，主要受First Republic收购的影响和更高利率的影响，部分被针对某些留存贷款和与贷款相关的承诺而购买的信用保护的公允价值损失所抵消。

市场和证券服务收入为265美元亿，增长4%。亿市场营收为230亿美元，增长4%.

•股票市场营收为83美元亿，增长15%，主要受股票衍生品和优质金融业务营收增加的推动。

•固定收益市场的收入为147亿美元亿，下降了2%，主要是由于利率收入下降，但证券化产品收入的增加在很大程度上抵消了这一影响。

•证券服务收入为38美元亿，增长5%，主要是由于交易量和市场水平的提高。

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•信贷调整及其他亏损21100万美元，而上一年亏损17800万美元。

非利息费用为266亿美元，增长3%， 受薪酬费用增加的推动，包括与收入相关的薪酬和员工增加，但这在很大程度上被法律费用下降所抵消。

信用损失准备为70100万美元， 反映：

•净冲销38900万美元，包括房地产，集中在办公室，以及

•信贷损失备抵净增加31200万美元，原因是

–净下调活动（主要是房地产）以及将第一共和国投资组合纳入的影响

该公司对2024年第二季度信用损失的建模估计，

部分偏移量

–某些宏观经济变量的变化以及贷款和与贷款有关的承诺组合变化的影响。

上一年拨备为15亿美元，反映出信用损失备抵净增加12亿美元，其中包括60800万美元用于在2023年第二季度为第一共和国贷款和贷款相关承诺设立备抵，以及净冲销34100万美元。

选定的指标
(in数百万人，员工除外）			截至三个月 截至9月30日，																		截至九个月 截至9月30日，
			2024						2023						变化						2024						2023						变化
选定的资产负债表数据（期末）
总资产			$	2,047,022					$	1,746,598					17		%				$	2,047,022					$	1,746,598					17		%
贷款：
保留的贷款			483,915						475,644						2						483,915						475,644						2
持作出售贷款和公允价值贷款(a)			47,728						39,984						19						47,728						39,984						19
贷款总额			531,643						515,628						3						531,643						515,628						3
股权			132,000						138,000						(4)						132,000						138,000						(4)
按客户覆盖部门划分的银行和支付贷款 （期末）(b)
全球企业银行和全球投资银行			$	134,487					$	130,133					3		%				$	134,487					$	130,133					3		%
商业银行业务			218,733						222,368						(2)						218,733						222,368						(2)
中间市场银行业务			73,782						78,955						(7)						73,782						78,955						(7)
商业房地产银行			144,951						143,413						1						144,951						143,413						1
其他			263						291						(10)						263						291						(10)
银行和支付贷款总额			353,483						352,792						—						353,483						352,792						—
选定的资产负债表数据（平均值）
总资产			$	2,008,127					$	1,725,146					16						$	1,906,414					$	1,721,149					11
交易资产-债务和股权工具			663,302						522,843						27						627,689						515,036						22
交易资产-衍生品应收账款			54,133						65,800						(18)						56,741						64,327						(12)
贷款：
保留的贷款			$	476,256					$	475,285					—						$	473,113					$	452,497					5
持作出售贷款和公允价值贷款(a)			44,868						40,605						10						43,762						41,051						7
贷款总额			$	521,124					$	515,890					1						$	516,875					$	493,548					5
存款(c)			1,064,402						988,765						8						1,052,438						984,187						7
股权			132,000						138,000						(4)						132,000						137,341						(4)
按客户覆盖部门划分的银行和支付贷款 （平均）(b)
全球企业银行和全球投资银行			$	128,747					$	132,394					(3)		%				$	128,824					$	131,548					(2)		%
商业银行业务			219,406						221,729						(1)						220,826						204,926						8
中间市场银行业务			74,660						78,774						(5)						76,411						76,634						—
商业房地产银行			144,746						142,955						1						144,415						128,292						13
其他			277						435						(36)						408						291						40
银行和支付贷款总额			$	348,430					$	354,558					(2)						$	350,058					$	336,765					4
员工			93,754						92,181						2		%				93,754						92,181						2		%

(a)持作出售的贷款和按公允价值计算的贷款主要反映在Markets中发起和购买的贷款相关头寸，包括持作证券化的贷款。

(b)请参阅第28页，了解每个客户覆盖部分的描述。

(c)2023年第四季度，与第一共和国相关的部分存款从CCb转移至Cib。

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选定度量
			截至三个月 截至9月30日，																		截至九个月 截至9月30日，
(单位：百万，比率除外)			2024						2023						变化						2024						2023						变化
信用数据和质量统计
净冲销/（收回）			$	156					$	98					59		%				$	389					$	341					14		%
不良资产：
非权责发生制贷款：
保留的非应计贷款(a)			$	2,857					$	1,867					53						$	2,857					$	1,867					53
非权责发生制贷款 持作出售和按公允价值计算的贷款(b)			1,187						825						44						1,187						825						44
非权责发生制贷款总额			4,044						2,692						50						4,044						2,692						50
衍生工具应收款项			210						293						(28)						210						293						(28)
在贷款中获得的资产			216						173						25						216						173						25
不良资产总额			$	4,470					$	3,158					42						$	4,470					$	3,158					42
信贷损失准备：
贷款损失准备			$	7,427					$	7,135					4						$	7,427					$	7,135					4
与贷款有关的承付款的免税额			2,013						1,940						4						2,013						1,940						4
信贷损失准备总额			$	9,440					$	9,075					4		%				$	9,440					$	9,075					4		%
净冲销/（回收）率(c)			0.13		%				0.08		%										0.11		%				0.10		%
保留的期末贷款的贷款损失备抵			1.53						1.50												1.53						1.50
保留的非应计贷款的贷款损失备抵(a)			260						382												260						382
非应计贷款占期末贷款总额			0.76		%				0.52		%										0.76		%				0.52		%

(a)于2024年9月30日和2023年9月30日，这些非应计贷款分别为36600万美元和34600万美元的贷款损失拨备。

(b)不包括由美国政府机构承保的逾期抵押贷款，这些贷款主要逾期90天或以上。基于政府担保，这些贷款已被排除在外。在 2024年9月30日和2023年9月30日，逾期90天或以上并由美国政府机构承保的抵押贷款分别为3800万美元和6500万美元。

(c)计算净冲销/（回收）率时，不包括持作出售贷款和公允价值贷款。

投资银行手续费
			截至9月30日的三个月里，																		截至9月30日的9个月，
(in数百万）			2024						2023						变化						2024						2023						变化
咨询			$	847					$	767					10		%				$	2,230					$	2,063					8		%
股权承销			344						274						26						1,194						827						44
债承销(a)			1,076						688						56						3,213						2,074						55
投资银行手续费总额			$	2,267					$	1,729					31		%				$	6,637					$	4,964					34		%

(a)代表长期债务和贷款辛迪加。

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联赛积分榜结果-钱包份额
			截至9月30日的三个月里，																								截至9月30日的9个月，																								2023年全年
			2024												2023												2024												2023
			职级						分享						职级						分享						职级						分享						职级						分享						职级						分享
根据费用(a)
并购重组(b)
全球			#	2					8.8		%				#	2					10.1		%				#	2					9.2		%				#	2					9.3		%				#	2					9.0		%
美国			2						9.8						2						11.6						2						10.9						2						11.4						2						11.0
股权及股权相关(c)
全球			2						10.0						2						7.5						1						10.9						1						7.2						1						7.7
美国			1						14.3						2						11.5						1						14.4						1						13.3						1						14.4
长期债务(d)
全球			1						7.4						1						7.1						1						7.7						1						6.7						1						7.0
美国			1						11.7						1						11.5						1						11.5						1						10.5						1						10.9
联合和
全球			1						9.6						1						12.3						1						10.8						1						12.4						1						11.9
美国			2						10.5						1						14.3						1						12.6						1						15.8						1						15.1
全球投资银行费用(e)			#	1					8.6		%				#	1					9.2		%				#	1					9.1		%				#	1					8.5		%				#	1					8.6		%

(a)资料来源：Dealogic截至2024年10月1日。反映收入钱包和市场份额的排名。

(b)全球并购不包括任何撤回的交易。美国并购收入钱包代表美国客户父母的钱包

(c)全球股票和股票相关排名包括配股和中国A股。

(d)长期债务排名包括投资级、高收益、超国家债券、主权债务、机构债券、资产支持证券（“ABS”）和抵押贷款支持证券（“MBS”）;不包括货币市场、短期债务和美国市政证券。

(e)全球投资银行费用不包括货币市场、短期债务和货架证券。

32

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市场收入

下表总结了市场业务的选定损益表数据。市场包括固定收益市场和股票市场。市场收入包括主要交易、费用、佣金和其他收入以及净利息收入。该公司根据总收入评估其市场业务绩效，因为抵消通常发生在收入项目中。例如，产生净利息收入的证券可能会通过衍生品进行风险管理，

按公允价值反映在主要交易收入中。有关这些利润表细目的组成的描述，请参阅附注5和6。请参阅摩根大通2023年10-k表格第75页的市场收入了解更多信息。

在下文列出的期间，主要交易收入的主要来源是执行新交易时确认的金额。

			截至9月30日的三个月里，												截至9月30日的三个月里，
			2024												2023
(in数百万）			固定收益市场			股权 市场			总 市场						固定收益市场			股权 市场			总 市场
主要交易记录			$	1,745		$	4,120		$	5,865					$	2,985		$	2,921		$	5,906
与贷款和存款相关的费用			79			31			110						81			10			91
佣金及其他费用			166			518			684						147			454			601
所有其他收入			408			7			415						353			(17)			336
非利息收入			2,398			4,676			7,074						3,566			3,368			6,934
净利息收入(a)			2,132			(2,054)			78						982			(1,299)			(317)
净收入合计			$	4,530		$	2,622		$	7,152					$	4,548		$	2,069		$	6,617
			截至9月30日的9个月，												截至9月30日的9个月，
			2024												2023
(in数百万）			固定收益市场			股权 市场			总 市场						固定收益市场			股权 市场			总 市场
主要交易记录			$	6,569		$	12,505		$	19,074					$	10,503		$	9,300		$	19,803
与贷款和存款相关的费用			282			71			353						227			24			251
佣金及其他费用			475			1,554			2,029						442			1,448			1,890
所有其他收入			1,363			(45)			1,318						1,148			(66)			1,082
非利息收入			8,689			14,085			22,774						12,320			10,706			23,026
净利息收入(a)			5,990			(5,806)			184						2,589			(3,498)			(909)
净收入合计			$	14,679		$	8,279		$	22,958					$	14,909		$	7,208		$	22,117

(a)股票市场净利息收入下降是由融资成本上升推动的。

选定的指标
(in百万，除非另有说明）			截至三个月 截至9月30日，																		截至九个月 截至9月30日，
			2024						2023						变化						2024						2023						变化
按资产类别分类的托管资产（“AU”）（期末） (in数十亿）：
固定收益			$	16,696					$	14,397					16		%				$	16,696					$	14,397					16		%
股权			15,000						11,633						29						15,000						11,633						29
其他(a)			4,136						3,695						12						4,136						3,695						12
总AUC			$	35,832					$	29,725					21						$	35,832					$	29,725					21
客户存款和其他第三方负债（平均）(b)			$	966,025					$	900,292					7		%				$	944,862					$	907,567					4		%

(a)由共同基金、单位投资信托、货币、年金、保险合同、期权和其他合同组成。

(b)客户存款和其他第三方负债与支付和证券服务业务有关。

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国际指标
(in百万，除非另有说明）			截至三个月 截至9月30日，																		截至九个月 截至9月30日，
			2024						2023						变化						2024						2023						变化
净收入合计(a)
欧洲/中东/非洲			$	3,260					$	3,343					(2)		%				$	11,701					$	11,756					—		%
亚太			2,439						1,902						28						6,742						6,057						11
拉丁美洲/加勒比			615						573						7						1,889						1,711						10
国际净收入总额			6,314						5,818						9						20,332						19,524						4
北美			10,701						9,943						8						32,184						29,855						8
净收入合计			$	17,015					$	15,761					8						$	52,516					$	49,379					6
保留贷款（期末）(a)
欧洲/中东/非洲			$	47,900					$	41,975					14						$	47,900					$	41,975					14
亚太			16,066						15,548						3						16,066						15,548						3
拉丁美洲/加勒比			8,932						8,948						—						8,932						8,948						—
国际贷款总额			72,898						66,471						10						72,898						66,471						10
北美			411,017						409,173						—						411,017						409,173						—
保留贷款总额			$	483,915					$	475,644					2						$	483,915					$	475,644					2
客户存款和其他第三方负债（平均）(b)
欧洲/中东/非洲			$	266,066					$	243,247					9						$	262,328					$	245,867					7
亚太			139,563						133,819						4						137,707						134,675						2
拉丁美洲/加勒比			43,517						39,075						11						42,418						39,365						8
国际合计			$	449,146					$	416,141					8						$	442,453					$	419,907					5
北美			516,879						484,151						7						502,409						487,660						3
客户存款和其他第三方负债总额			$	966,025					$	900,292					7						$	944,862					$	907,567					4
曲线下面积（期末）(b) (以十亿计)
北美			$	23,960					$	20,049					20						$	23,960					$	20,049					20
所有其他地区			11,872						9,676						23						11,872						9,676						23
总AUC			$	35,832					$	29,725					21		%				$	35,832					$	29,725					21		%

(a)净收入和保留贷款总额（不包括持作出售的贷款和按公允价值计算的贷款）基于交易柜台所在地、预订地点或客户住所（如适用）。

(b)与支付和证券服务业务以及AU相关的客户存款和其他第三方负债基于客户的住所或预订地点（如适用）。

34

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资产与财富管理

有关AWm业务概况的讨论，请参阅摩根大通2023年10-k表格第81-83页和第199页的业务范围。

精选利润表数据
(单位：百万，比率除外)			截至9月30日的三个月里，																		截至9月30日的9个月，
			2024						2023						变化						2024						2023						变化
收入
资产管理费			$	3,427					$	2,975		(a)			15		%				$	9,901					$	8,689		(a)			14		%
佣金及其他费用			224						190			(a)			18						649						544			(a)			19
所有其他收入			148						266						(44)						396						889						(55)
非利息收入			3,799						3,431						11						10,946						10,122						8
净利息收入			1,640						1,574						4						4,854						4,610						5
净收入合计			5,439						5,005						9						15,800						14,732						7
信贷损失准备金			4						(13)						NM						(33)						160						NM
非利息支出
补偿费用			1,994						1,777						12						5,926						5,258						13
非补偿费用			1,645						1,361						21						4,716						4,134						14
总非利息支出			3,639						3,138						16						10,642						9,392						13
所得税前收入支出			1,796						1,880						(4)						5,191						5,180						—
所得税费用			445						463						(4)						1,287						1,170						10
净收入			$	1,351					$	1,417					(5)						$	3,904					$	4,010					(3)
按业务线划分的收入
资产管理			$	2,525					$	2,164					17						$	7,288					$	6,726					8
环球私人银行			2,914						2,841						3						8,512						8,006						6
净收入合计			$	5,439					$	5,005					9		%				$	15,800					$	14,732					7		%
财务比率
股本回报率			34		%				32		%										33		%				32		%
开销比率			67						63												67						64
税前保证金率：
资产管理			32						29												30						31
环球私人银行			34						44												35						38
资产与财富管理			33						38												33						35

(a)前期金额已进行修订，以符合当前的列报方式。

季度业绩

净利润为14美元亿，下降了5%。

净营收为54美元亿，增长9%.净利息收入为16美元亿，增长4%.非利息收入为38美元亿，增长11%。

来自资产管理公司的收入为25美元亿，增长17%，主要由以下因素推动：

•较高的资产管理费反映了较高的平均市场水平和强劲的净流入，以及

•与上一年的亏损相比，投资估值收益。

来自全球私人银行的收入为29美元亿，增长3%，原因是：

•净利息收入增加，主要是与First Republic相关的平均存款增加，这些存款在2023年第四季度从建行转移到AWM，但主要被反映出更高利率的存款保证金压缩以及贷款利差收窄所抵消。

非利息收入相对持平，反映出平均市场水平较高和强劲的净流入导致管理费增加，以及经纪费用增加，但与First Republic相关的某些收购贷款相关承诺已到期的购买折扣的摊销抵消了这一影响。

非利息支出为36美元亿，增长16%，主要原因是：

•更高的报酬，主要是与收入相关的薪酬和私人银行顾问团队的持续增长，以及

•更高的法律费用和经销费。

信贷损失准备金为4,000美元万。

前一年的拨备为净收益1,300美元万。

有关贷款相关费用的其他信息，请参阅附注5。

请参阅第58-76页的信用和投资风险管理以及第73-75页的信用损失准备

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进一步讨论信贷组合和信贷损失拨备。

年初至今的业绩

净利润为39美元亿，下降了3%.

净营收为158亿美元亿，增长7%.净利息收入为49美元亿，增长5%.非利息收入为109亿美元亿，增长8%.

来自资产管理的收入为73美元亿，增长8%，原因是：

•较高的资产管理费反映了较高的平均市场水平和强劲的净流入，以及

•更高的绩效费用。

上一年度包括因公司收购CIFM余下的51%权益而获得的原始少数股权的33900美元万收益。

来自全球私人银行的收入为85美元亿，增长6%，原因是：

•非利息收入增加，反映：

–由于强劲的净流入和更高的市场平均水平，以及更高的经纪费用，管理费增加，

基本上抵消了

–已到期的与first Republic有关的某些已购入贷款相关承诺的购买折扣摊销，以及

•净利息收入增加，主要是由于与First Republic相关的贷款增加和贷款利差扩大所致。

存款收入相对持平，这是因为2023年第四季度从建行转移到AWM的与First Republic相关的较高平均存款被反映出较高利率的保证金压缩所抵消。

非利息支出为106美元亿，增长13%，主要原因是：

•更高的薪酬，主要是与收入相关的薪酬，以及私人银行顾问团队的持续增长，以及

•更高的法律费用和经销费。

信贷损失准备金为净收益3,300美元万。

前一年的拨备为16000万，反映信贷损失准备金净增14600美元，以确定2023年第二季度第一共和国贷款和与贷款有关的承诺的准备金。

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选定的指标
			截至三个月 截至9月30日，															截至九个月 截至9月30日，
(in数百万，排名数据、比率和员工除外）			2024						2023			变化						2024						2023			变化
被评为4星或5星的JPM共同基金资产和ETF的百分比(a)			70		%				70		%							70		%				70		%
摩根大通共同基金资产和ETF排名第一的百分比St 或2nd 四分之一：(b)
1年			70						39									70						39
3年			75						67									75						67
5年			73						81									73						81
选定的资产负债表数据（期末）(c)
总资产			$	253,750					$	249,866		2		%				$	253,750					$	249,866		2		%
贷款			233,903						228,114			3						233,903						228,114			3
存款(d)			248,984						215,152			16						248,984						215,152			16
股权			15,500						17,000			(9)						15,500						17,000			(9)
选定的资产负债表数据（平均值）(c)
总资产			$	247,768					$	245,616		1						$	243,784					$	237,870		2
贷款			229,299						223,760			2						225,630						218,278			3
存款(d)			236,470						201,975			17						230,560						212,652			8
股权			15,500						17,000			(9)						15,500						16,560			(6)
员工			29,112						28,083			4						29,112						28,083			4
全球私人银行客户顾问数量			3,753						3,443			9						3,753						3,443			9
信用数据和质量统计(c)
净冲销/（收回）			$	12					$	1		NM						$	23					$	1		NM
非权责发生制贷款			764						621			23						764						621			23
信贷损失准备：
贷款损失准备			$	566					$	642		(12)						$	566					$	642		(12)
与贷款有关的承付款的免税额			38						32			19						38						32			19
信贷损失准备总额			$	604					$	674		(10)						$	604					$	674		(10)
净冲销/（回收）率			0.02		%				—		%							0.01		%				—		%
期末贷款的贷款损失备抵			0.24						0.28									0.24						0.28
非权责发生贷款的贷款损失准备			74						103									74						103
非应计贷款到期末贷款			0.33						0.27									0.33						0.27

(a)代表所有附属基金的晨星评级，但使用野村证券的日本附属基金除外。仅包括资产管理零售主动开放式共同基金和具有评级的主动ETF。不包括货币市场基金、Undiscovered Manager Fund和巴西本地基金。

(b)四分位排名来自Morningstar、Lipper和Nomura，基于居住国。仅包括上述来源排名的资产管理零售活跃开放式共同基金和主动ETF。不包括货币市场基金、Undiscovered Manager Fund和巴西本地基金。前期金额已进行修订，以符合当前列报方式。

(c)贷款、存款和相关信贷数据和质量统计与全球私人银行业务相关。

(d)2023年第四季度，与第一共和国相关的某些存款从CCb转移至AWm。

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客户资产

受市场水平上升和持续净流入的推动，管理资产3.9万亿美元和客户资产5.7万亿美元各增长23%。

客户资产
			截至9月30日，
(以十亿计)			2024						2023			变化
按资产类别分类的资产
流动性			$	983					$	867		13		%
固定收益			854						707			21
股权			1,094						780			40
多资产			763						626			22
替代方案			210						206			2
管理的总资产			3,904						3,186			23
托管/经纪/管理/存款			1,817						1,458			25
客户总资产(a)			$	5,721					$	4,644		23
按客户细分的资产
私人银行业务			$	1,182					$	888		33
全球机构			1,622						1,424			14
全球基金			1,100						874			26
管理的总资产			$	3,904					$	3,186		23
私人银行业务			$	2,873					$	2,249		28
全球机构			1,739						1,514			15
全球基金			1,109						881			26
客户总资产(a)			$	5,721					$	4,644		23		%

(a)包括投资于托管账户和摩根大通共同基金的CCb客户投资资产，其中AWm是投资经理。

客户资产（续）
			截至9月30日的三个月里，									截至9月30日的9个月，
(以十亿计)			2024			2023						2024			2023
管理资产结转
期初余额			$	3,682		$	3,188					$	3,422		$	2,766
净资产流量：
流动性			34			40						46			193
固定收益			37			1						73			64
股权			21			16						73			58
多资产			10			1						5			2
替代方案			4			2						7			4
市场/业绩/其他影响			116			(62)						278			99
期末余额，9月30日			$	3,904		$	3,186					$	3,904		$	3,186
客户资产结转
期初余额			$	5,387		$	4,558					$	5,012		$	4,048
净资产流量			140			132						262			396
市场/业绩/其他影响			194			(46)						447			200
期末余额，9月30日			$	5,721		$	4,644					$	5,721		$	4,644

选定的公司范围内的工作人员-财富管理
			截至9月30日，
			2024						2023			变化
客户资产（以亿美元计）(a)			$	3,648					$	2,929		25		%
客户顾问数量			9,528						8,867			7

（a） 由AWm中的全球私人银行和CCb中的摩根大通财富管理中的客户投资资产组成。

38

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国际
			截至9月30日的三个月里，												截至9月30日的9个月，
(in数百万）			2024			2023			变化						2024			2023			变化
净收入合计(a)
欧洲/中东/非洲			$	882		$	807		9		%				$	2,587		$	2,507		3		%
亚太			505			451			12						1,488			1,425			4
拉丁美洲/加勒比			267			260			3						798			747			7
国际净收入总额			1,654			1,518			9						4,873			4,679			4
北美			3,785			3,487			9						10,927			10,053			9
净收入合计(a)			$	5,439		$	5,005		9		%				$	15,800		$	14,732		7		%

(a)地区收入基于客户的住所。

			截至9月30日，												截至9月30日，
(以十亿计)			2024			2023			变化						2024			2023			变化
管理的资产
欧洲/中东/非洲			$	597		$	510		17		%				$	597		$	510		17		%
亚太			293			242			21						293			242			21
拉丁美洲/加勒比			106			80			33						106			80			33
管理的国际资产总额			996			832			20						996			832			20
北美			2,908			2,354			24						2,908			2,354			24
管理的总资产			$	3,904		$	3,186		23						$	3,904		$	3,186		23
客户资产
欧洲/中东/非洲			$	838		$	681		23						$	838		$	681		23
亚太			462			379			22						462			379			22
拉丁美洲/加勒比			257			218			18						257			218			18
国际客户资产总额			1,557			1,278			22						1,557			1,278			22
北美			4,164			3,366			24						4,164			3,366			24
客户总资产			$	5,721		$	4,644		23		%				$	5,721		$	4,644		23		%

39

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公司

有关公司的讨论，请参阅摩根大通2023年表格10-k的第84-85页。

精选利润表和资产负债表数据
			截至三个月 截至9月30日，																		截至九个月 截至9月30日，
(in数百万人，员工除外）			2024						2023						变化						2024						2023						变化
收入
主要交易记录			$	(1)					$	128					NM						$	124					$	323					(62)		%
投资证券损失			(16)						(669)						98		%				(928)						(2,437)						62
所有其他收入			172						116						48						8,442			(c)			2,914			(f)			190
非利息收入			155						(425)						NM						7,638						800						NM
净利息收入			2,915						1,983						47						7,756						5,461						42
净收入合计(a)			3,070						1,558						97						15,394						6,261						146
信贷损失准备金			(4)						46						NM						28						173						(84)
非利息支出			589						696						(15)						3,444			(D)(E)			2,008			(g)			72
所得税费用前收入/（损失）/（福利）			2,485						816						205						11,922						4,080						192
所得税支出/(福利)			675						4						NM						2,657						384			(h)			NM
净收益/(亏损)			$	1,810					$	812					123						$	9,265					$	3,696					151
净收入合计
财务部和首席信息官			$	3,154					$	1,640					92						$	7,555					$	4,007					89
其他企业			(84)						(82)						(2)						7,839						2,254						248
净收入合计			$	3,070					$	1,558					97						$	15,394					$	6,261					146
净收益/(亏损)
财务部和首席信息官			$	2,291					$	1,129					103						$	5,445					$	2,810					94
其他企业			(481)						(317)						(52)						3,820			(e)			886						331
净利润总额/（亏损）			$	1,810					$	812					123						$	9,265					$	3,696					151
总资产(期末)			$	1,276,238					$	1,275,673					—						$	1,276,238					$	1,275,673					—
贷款(期末)			2,302						2,099						10						2,302						2,099						10
存款（期末）(b)			30,170						20,363						48						30,170						20,363						48
员工			49,213						47,280						4		%				49,213						47,280						4		%

(a)包括主要由市政债券免税收入推动的税收等值调整，截至2024年和2023年9月30日的三个月分别为4400万美元和5700万美元，截至2024年和2023年9月30日的九个月分别为13800万美元和15800万美元。

(b)主要与公司的国际消费者计划相关。

(c)包括2024年第二季度与Visa股票相关的净收益79亿美元。有关更多信息，请参阅注释2和5。

(d)包括2024年第二季度向摩根大通基金会捐赠的10亿美元Visa股票。有关更多信息，请参阅注释5。

(e)包括FDIC特别评估的增加。有关更多信息，请参阅注释5。

(f)包括截至2023年9月30日的九个月内与第一共和国收购相关的估计廉价购买收益28亿美元。有关更多信息，请参阅注释5和26。

(g)2023年第二季度，与第一共和国相关的几乎所有费用都在公司中报告。从2023年第三季度开始，费用已与适当的业务线保持一致。

(h)与第一共和国收购相关的所得税反映在估计的讨价还价收购收益中。

季度业绩

净收入为18美元亿，而上年为81200美元万。

净收入为31美元亿，而上年为16美元亿。

净利息收入为29亿，增长47%，主要受资产负债表组合和投资证券组合再投资的影响。

非利息收入为15500美元万，而上一年亏损42500美元万，原因是：

•投资证券净亏损较低与财政部和首席信息官的投资证券组合重新定位相关， 和

•与其他股权投资相关的增长，主要是由于与Visa股票相关的前一年净收益和净亏损相比，

部分偏移量

•没有对与First Republic收购相关的估计廉价购买收益进行前一年的调整。

非利息支出为58900美元万，下降了15%，这主要是由于与First Republic相关的重组成本较低所致。

本期所得税支出是由收入和费用的水平和组合的变化所驱动的。

40

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受美国联邦、州和地方税的影响，这也影响了公司的税收储备。

有关投资证券组合的其他资料，请参阅附注9。

年初至今的业绩

净收入为93美元亿，而上一年为37亿。

净收入为154亿美元亿，而上一年为63.0亿美元亿。

净利息收入为78亿美元，增长42%，主要是由于资产负债表组合、投资证券组合的再投资和较高利率的影响。

非利息收入为76美元亿，而前一年为80000美元万。不包括2024年第二季度与Visa股相关的79美元亿净收益和上一年与First Republic收购相关的28美元亿估计便宜货购买收益，收入增长了17美元亿，原因是：

•降低投资证券销售损失美国国债 和 美国GSE和政府机构MBS，与重新定位财政部和首席信息官的投资证券组合有关，以及

•与该公司的国际消费者计划相关的更高收入，

部分偏移量

•财政部和首席信息官的本金交易收入减少。

非利息支出为34美元亿，增长72%，原因是：

•2024年第二季度，Visa股票对摩根大通基金会的10美元亿贡献，

•2024年第一季度确认的联邦存款保险公司特别摊款的72500美元万增加额，以及

•与该公司的国际消费者计划相关的更高成本，

部分偏移量

•l与First Republic收购相关的电源费用作为几乎所有费用在2023年第二季度在公司中报告，随后从2023年第三季度开始与适当的LOB保持一致，以及

•更低的法律费用。

有关FDIC特别评估的其他信息，请参阅附注5。

信贷损失准备金为2800万美元.

上一年的拨备为17300美元万，反映了与单一名称风险敞口有关的信贷损失准备金的增加。

有关投资证券组合的额外资料，请参阅附注9；有关信贷损失拨备的额外资料，请参阅附注12。

本期所得税支出主要是由于缴纳美国联邦、州和地方税的收入和支出的水平和组合发生变化，包括2024年第二季度录得的Visa股票净收益和Visa股票对摩根大通基金会的贡献的影响。

上一年的税收支出受益于与第一共和收购相关的所得税支出，反映在估计的便宜货购买收益中。

其他公司也反映了该公司的国际消费者倡议，其中包括大通英国银行、肉豆蔻公司和C6银行的所有权股份。

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财务部和首席信息官概述

截至2024年9月30日，构成下表投资组合的财政部和首席信息官投资证券的平均信用评级为AA+（根据可用的外部评级，在不可用的情况下，主要根据内部风险评级）。有关公司投资证券组合和内部风险评级的更多信息，请参阅注9。

有关流动性和融资风险的更多信息，请参阅第50-57页的流动性风险管理。有关利率和外汇风险的信息，请参阅第77-82页的市场风险管理。

精选利润表和资产负债表数据
			截至三个月 截至9月30日，															截至九个月 截至9月30日，
(in数百万）			2024						2023						变化			2024						2023						变化
投资证券损失			$	(16)					$	(669)					98		%	$	(928)					$	(2,437)					62		%
可供出售证券（平均）			$	306,244					$	201,875					52			$	259,003					$	201,087					29
持有至到期证券（平均）			313,898						402,816						(22)			332,932						410,200						(19)
投资证券投资组合（平均）			$	620,142					$	604,691					3			$	591,935					$	611,287					(3)
可供出售证券（期末）			$	331,715					$	195,200					70			$	331,715					$	195,200					70
持有至到期证券（期末）			299,954						388,261						(23)			299,954						388,261						(23)
投资证券投资组合，扣除信用损失拨备（期末）(a)			$	631,669					$	583,461					8		%	$	631,669					$	583,461					8		%

(a)截至2024年9月30日和2023年9月30日，投资证券的信用损失拨备分别为12300万美元和8700万美元。

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FIRMWIDE风险警告

风险是摩根大通业务活动固有的一部分。当公司发放消费者或批发贷款，就客户和客户的投资决策提供建议，进行证券市场交易，或提供其他产品或服务时，公司将承担一定程度的风险。该公司的总体目标是以一种平衡的方式管理其业务和相关风险，以服务于其客户、客户和投资者的利益，并保护公司的安全和稳健。

该公司认为，有效的风险管理除其他外还需要：

•承担责任，包括公司内部所有个人对风险的识别和升级；

•在每个LOB和公司内拥有风险识别、评估、数据和管理的所有权；以及

•一个Firmwide风险治理和监督结构。

该公司遵循纪律严明和平衡的薪酬框架，拥有强有力的内部治理和董事会(“董事会”)的独立监督。风险和控制问题的影响在公司的绩效评估和激励性薪酬流程中得到了仔细的考虑。

风险治理框架

该公司的风险治理框架涉及了解风险的驱动因素、风险类型和风险的影响。

有关Firmwide风险管理、治理和监管的进一步讨论，请参阅摩根大通2023年Form 10-k表的第86-89页。

风险治理和监督职能

本表格10-Q和2023年表格10-K的以下部分讨论了为管理公司业务活动中固有的风险而实施的风险治理和监督职能。

风险治理和监督职能			表格10-Q页参考			表格10-k页参考
战略风险						90
资本风险			44–49			91–101
流动性风险			50–57			102-109
声誉风险						110
消费信贷风险			60–63			114-119
批发信贷风险			64–72			120-130
投资组合风险			76			134
市场风险			77–82			135-143
国家风险			83			144-145
气候风险						146
操作风险						147-150
合规风险						151
进行风险						152
法律风险						153
估计和模型风险						154

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资本风险管理

资本风险是指在正常的经济环境和压力条件下，企业没有足够的资本水平或资本构成来支持企业的业务活动的风险以及相关的风险。

有关公司资本风险的进一步讨论，请参阅摩根大通2023年10-K表格第91-101页、本表格10-Q附注21和公司网站上的第三支柱监管资本披露报告。

巴塞尔协议III概述

《巴塞尔协议III》下的资本规则为国际上活跃的大型美国银行控股公司和银行(包括该公司和北卡罗来纳州摩根大通银行)建立了最低资本比率和整体资本充足率标准。这些公司和银行必须持有的最低监管资本额是通过计算风险加权资产(RWA)来确定的，风险加权资产是根据风险加权的资产负债表内资产和表外敞口。根据目前生效的规则，规定了两种计算RWA的综合方法：标准化方法(“巴塞尔协议III标准化”)和高级方法(“巴塞尔协议III高级”)。

对于这些基于风险的资本比率中的每一个，公司的资本充足率都是根据标准化方法或高级方法中低于各自监管资本比率要求的较低方法来评估的。

截至2024年9月30日，该公司在巴塞尔III基于风险的比率中最具约束力的约束是高级总资本比率。关于CET1和第1级基于风险的比率，标准化比率比高级比率更具约束力。

此外，巴塞尔协议III要求包括公司在内的高级方法银行组织计算其SLR。

有关SLR的其他信息，请参阅本Form 10-Q的第47页和摩根大通2023年Form 10-k的第98页。

2023年7月，美国联邦储备委员会(美联储)、货币监理署(OCC)和联邦存款保险公司发布了一份关于修改基于风险的资本框架的提案，题为《监管资本规则：适用于大型银行组织和有大量交易活动的银行组织的修正案》，在本表格10-Q中被称为《美国巴塞尔协议III提案》。根据该提案，对框架的修改将包括用扩展的基于风险的方法取代高级方法，这将不允许使用内部模型来计算RWA，但市场风险除外。此外，压力缓冲资本要求将适用于扩大的基于风险的办法和标准化办法。这个

该提案将大幅修改所有资产在1,000亿或以上的银行基于风险的资本金要求，包括该公司和其他美国全球具有系统重要性的银行(“GSIB”)。拟议的生效日期为2025年7月1日，三年过渡期适用于扩大的基于风险的方法。然而，美联储监管副主席2024年9月的一次演讲表明，修订后的提案可能会推迟实施日期。

根据美国巴塞尔协议III的要求，新的扩展的基于风险的方法在完全分阶段实施时，将成为该公司的约束性约束。该公司正在管理其CET1资本，以期待美国巴塞尔III提案的最终敲定。

有关美国巴塞尔III提案的更多信息，请参阅摩根大通2023年Form 10-k的第92页。

有关其他关键监管发展的信息，请参阅摩根大通2023年Form 10-k的第93页。

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精选资本和RWA数据

下表列出了公司在巴塞尔协议III标准化和高级方法以及基于百分比的资本指标下的基于风险的资本指标。有关这些资本指标的进一步讨论，请参阅摩根大通2023年10-k表格第91-101页的资本风险管理。请参阅摩根大通银行（不适用）的注释21 '基于风险和基于利润的资本指标。

			标准化																		进阶
(单位：百万，比率除外)			2024年9月30日						2023年12月31日						资本比率要求(b)						2024年9月30日						2023年12月31日						资本比率要求(b)
基于风险的资本指标：(a)
CET1资本			$	272,964					$	250,585											$	272,964					$	250,585
一级资本			292,333						277,306												292,333						277,306
总资本			324,585						308,497												310,764			(c)			295,417			(c)
风险加权资产			1,782,722						1,671,995												1,762,991			(c)			1,669,156			(c)
CET1资本比率			15.3		%				15.0		%				11.9		%				15.5		%				15.0		%				11.5		%
一级资本充足率			16.4						16.6						13.4						16.6						16.6						13.0
总资本比率			18.2						18.5						15.4						17.6						17.7						15.0

(a)资本指标反映了CESL资本过渡条款。截至2024年9月30日，CET 1资本反映了剩余7.2亿美元的CESL福利，并将于2025年1月1日完全分阶段投入;截至2023年12月31日，CET 1资本反映了14亿美元的福利。有关更多信息，请参阅注21。

(b)代表截至2024年9月30日期间适用于该公司的最低要求和监管缓冲。截至2023年12月31日止期间，适用于该公司的巴塞尔协议III标准化CET 1、一级和总资本比率要求分别为11.4%、12.9%和14.9%;适用于该公司的巴塞尔协议III高级CET 1、一级和总资本比率要求分别为11.0%、12.5%和14.5%。有关更多信息，请参阅注21。

(c)包括与第一共和国相关的某些资产的影响，根据美国资本规则过渡条款的允许，已对其应用了标准化方法。有关第一共和国的更多信息，请参阅本表格10-Q的注释26和摩根大通2023年表格10-k的第96页。

止三个月 (单位：百万，比率除外)			2024年9月30日			2023年12月31日						资本比率要求(c)
基于杠杆的资本指标：(a)
调整后平均资产(b)			$	4,122,332		$	3,831,200
第1级杠杆率			7.1		%	7.2		%				4.0		%
总杠杆敞口			$	4,893,662		$	4,540,465
单反			6.0		%	6.1		%				5.0		%

(a)资本指标反映了CESL资本过渡条款。有关更多信息，请参阅注21。

(b)为了计算杠杆率，调整后的平均资产包括针对表内资产进行调整的季度平均资产，这些资产须从一级资本中扣除，主要是善意，包括估计的权益法善意和其他无形资产。

(c)代表适用于公司的最低要求和监管缓冲。有关更多信息，请参阅注21。

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资本成分

下表列出了截至2024年9月30日和2023年12月31日的总股东权益与巴塞尔协议III CET 1资本、一级资本和总资本的对账。

(in数百万）			9月30日， 2024						12月31日， 2023
股东权益总额			$	345,836					$	327,878
减去：优先股			21,650						27,404
普通股股东权益			324,186						300,474
添加：
若干递延税项负债(a)			2,962						2,996
其他CET 1资本调整(b)			2,872						4,717
减：
商誉(c)			54,065						54,377
其他无形资产			2,991						3,225
标准化/高级CET 1资本			$	272,964					$	250,585
新增：优先股			21,650						27,404
减：其他一级调整			2,281			(g)			683
标准化/高级一级资本			$	292,333					$	277,306
长期债务和其他符合二级资本资格的工具			$	11,626					$	11,779
符合条件的信贷损失准备(d)			21,190						20,102
其他			(564)						(690)
标准化第2级资本			$	32,252					$	31,191
标准化总资本			$	324,585					$	308,497
高级二级资本信贷损失拨备的调整(E)(F)			(13,821)						(13,080)
高级第2级资本			$	18,431					$	18,111
预付总资本			$	310,764					$	295,417

(a)指与可扣税商誉和在非应税交易中产生的可识别无形资产有关的递延税项负债，在计算CET1资本时从商誉和其他无形资产中扣除。

(b)截至2024年9月30日和2023年12月31日，包括与Aoci中记录的结构性票据相关的现金流对冲和借记估值调整相关的净收益32亿和43亿，以及分别来自CECL资本过渡拨备72000美元万和14亿的收益。

(c)从资本中扣除的商誉包括根据监管要求对非合并金融机构进行权益法投资所产生的商誉。有关本金投资风险的其他信息，请参阅第76页。

(d)代表有资格计入二级资本的信贷损失拨备，最高可达信用风险RWA的1.25%，包括CECL资本过渡拨备的影响，任何从RWA中扣除的超额部分。有关CECL资本转移的其他信息，请参阅附注21。

(e)代表对合资格信贷准备金超过预期信贷损失的合格信贷损失拨备的调整，最高可达信用风险RWA的0.6%，包括CECL资本过渡拨备的影响，任何超出的部分从RWA中扣除。

(f)截至2024年9月30日和2023年12月31日，在美国资本规则中的过渡条款允许的情况下，分别就与First Republic相关的某些资产计入了56500美元的万和65500美元的万信贷损失准备金。

(g)截至2024年9月30日，出于资本目的，包括16美元的亿优先股，这些优先股在第三季度发布了赎回通知，并在第四季度赎回。有关其他信息，请参阅附注17。

资本前滚

下表列出了截至2024年9月30日的九个月巴塞尔III CET1资本、一级资本和二级资本的变化。

截至9月30日的9个月， (in数百万）			2024
截至2023年12月31日的标准化/高级CET1资本			$	250,585
适用于普通股权益的净收益			43,466
普通股的股息宣布			(10,240)
库藏股净购买量			(13,522)
追加实缴资本变动			510
适用于资本的AOCI相关变更：
投资证券未实现收益/（损失）			2,546
扣除对冲后的汇率调整(a)			29
公允价值对冲			(33)
固定福利养老金和其他退休后员工福利（“OPB”）计划			(5)
与其他CET 1资本调整相关的变更(b)			(372)
标准化/高级CET 1资本变更			22,379
2024年9月30日标准化/高级CET 1资本			$	272,964
2023年12月31日标准化/高级一级资本			$	277,306
CET 1资本变更(b)			22,379
非累积永久优先股净赎回(c)			(7,354)
其他			2
标准化/高级一级资本的变化			15,027
截至2024年9月30日的标准化/高级一级资本			$	292,333
2023年12月31日标准化二级资本			$	31,191
长期债务和其他符合二级资格的工具的变化			(153)
信用损失合格备抵的变化(b)			1,088
其他			126
标准化二级资本的变化			1,061
标准化二级资本，截至2024年9月30日			$	32,252
截至2024年9月30日的标准化总资本			$	324,585
2023年12月31日的高级二级资本			$	18,111
符合第二级资格的长期债务和其他工具的变化			(153)
更改符合资格的信贷损失拨备（b）（d）			347
其他			126
高级二级资本的变化			320
2024年9月30日的高级二级资本			$	18,431
截至2024年9月30日的预付总资本			$	310,764

(a)包括外币换算调整和相关衍生品的影响。

(b)包括CECL资本过渡条款的影响和会计原则变化的累积影响。有关会计原则变更的更多信息，请参阅附注1；有关CECL资本转移的更多信息，请参阅附注21。

(c)截至2024年9月30日，出于资本目的，包括16美元的亿优先股，这些优先股在第三季度发布了赎回通知，并在第四季度赎回。有关其他信息，请参阅附注17。

(d)截至2024年9月30日和2023年12月31日，在美国资本规则中的过渡条款允许的情况下，分别就与First Republic相关的某些资产计入了56500美元的万和65500美元的万信贷损失准备金。

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RWA前滚

下表列出了截至2024年9月30日的九个月内，根据《巴塞尔协议III》标准化和高级方法，RWA组成部分的变化。前滚类别中的金额是根据变化的主要驱动因素估计的。

			标准化												进阶
九个月结束 2024年9月30日 (in数百万）			信用风险RWA(c)			市场风险RWA			总RWA						信用风险RWA(C)(D)			市场风险RWA			操作风险 RWA			总RWA
2023年12月31日			$	1,603,851		$	68,144		$	1,671,995					$	1,155,261		$	68,603		$	445,292		$	1,669,156
模型和数据更改(a)			7,619			501			8,120						7,860			501			—			8,361
投资组合水平的变化(b)			78,196			24,411			102,607						68,431			24,361			(7,318)			85,474
RWA的变化			85,815			24,912			110,727						76,291			24,862			(7,318)			93,835
2024年9月30日			$	1,689,666		$	93,056		$	1,782,722					$	1,231,552		$	93,465		$	437,974		$	1,762,991

(a)模型和数据变更是指由于根据监管指南（不包括规则变更）修改方法和/或处理而导致RWA水平的重大变化。

(b)投资组合水平的变化（包括规则变更）是指：对于信用风险RWA，账簿规模的变化、构成和信用质量的变化、市场走势以及不符合资格纳入二级资本的信用损失超额合格备抵的扣除;对于市场风险RWA，头寸的变化、市场走势以及公司监管乘数的变化监管VAR回测例外情况;对于操作风险RWA，更新累积损失和宏观经济模型输入。

(c)截至2024年9月30日和2023年12月31日，巴塞尔协议III标准化信用风险RWA包括批发和零售资产负债表外RWA，分别为2，109亿美元和2，085亿美元;巴塞尔协议III高级信用风险RWA包括批发和零售资产负债表外RWA，分别为1，945亿美元和1，885亿美元。

(d)截至2024年9月30日和2023年12月31日，信用风险RWA分别反映了根据美国资本规则过渡条款允许的与第一共和国相关的某些资产的标准化方法计算的RWA约为452亿美元和524亿美元。

有关信用风险RWA、市场风险RWA和操作风险RWA的更多信息，请参阅公司网站上提供的公司支柱3监管资本披露报告。

补充杠杆率

有关更多信息，请参阅摩根大通2023年10-k表格第98页的补充杠杆率。

下表列出了该公司单反的组成部分。

止三个月 (单位：百万，比率除外)			9月30日， 2024			12月31日， 2023
一级资本			$	292,333		$	277,306
总平均资产			4,177,008			3,885,632
减去：监管资本调整(a)			54,676			54,432
调整后平均资产总额(b)			4,122,332			3,831,200
新增：表外风险敞口(c)			771,330			709,265
总杠杆敞口			$	4,893,662		$	4,540,465
单反			6.0		%	6.1		%

(a)就计算特别提款权而言，包括经资产负债表内资产调整而须从一级资本扣除的季度平均资产，主要为商誉，包括估计权益法商誉、其他无形资产及对CECL资本转移拨备的调整。有关CECL资本转移的其他信息，请参阅附注21。

(b)用于计算第1级杠杆率的调整后平均资产。

(c)表外风险敞口按报告季度内适用监管风险敞口的三个月末现货余额的平均值计算。有关更多信息，请参阅该公司的第三支柱监管资本披露报告。

业务部门权益

每个业务部门的资本分配都会考虑到各种因素，包括评级类似的同行的资本水平和适用的监管资本要求。公司为满足美国巴塞尔协议III提案增加的要求而积累的资本通常保留在公司。有关资本分配的其他信息，请参阅摩根大通2023年10-K表格第98页的业务领域股权。

下表列出了分配给每个业务部门的资本。

业务股权（分配资本）
(以十亿计)			9月30日， 2024									12月31日， 2023
消费者和社区银行业务			$	54.5								$	55.5
商业与投资银行			132.0									138.0
资产与财富管理			15.5									17.0
企业			122.2									90.0
普通股股东权益总额			$	324.2								$	300.5

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资本诉讼

普通股分红

公司的普通股红利计划作为资本管理治理框架的一部分，与公司的资本管理目标保持一致。

2024年9月17日，该公司宣布，董事会已宣布季度普通股股息为每股1.25美元，将于2024年10月31日支付，高于之前每股1.15美元的股息。该公司的分红须经董事会每季度批准一次。

普通股

2024年6月28日，该公司宣布，其董事会已批准一项新的300亿美元亿普通股回购计划，从2024年7月1日起生效。到2024年6月30日，根据2022年4月13日宣布的先前批准的普通股回购计划，该公司被授权购买至多300亿美元的普通股。

下表列出了该公司在截至2024年9月30日和2023年9月30日的三个月和九个月内回购普通股的情况。

			截至9月30日的三个月里，						截至9月30日的9个月，
(in数百万）			2024			2023			2024			2023
回购的普通股股份总数			30.3			15.6			73.2			54.3
普通股回购合计收购价(a)			$	6,361		$	2,364		$	14,528		$	7,597

(a)不包括消费税和佣金。作为2022年《降低通胀法案》的一部分，自2023年1月1日起，对股票净回购征收1%的消费税。

董事会对回购普通股的授权由管理层自行决定。董事会批准的300亿美元亿普通股回购计划没有设定具体的价格目标或时间表。管理层根据各种因素决定普通股回购的金额和时间，包括市场状况；影响回购活动金额和时间的法律和监管考虑因素；公司的资本状况(考虑商誉和无形资产)；内部资本产生；当前和拟议的未来资本要求；以及其他投资机会。公司在任何时期回购的普通股数量可能大大多于或少于之前时期的估计或实际回购金额，反映了决策过程的动态性质。

有关更多信息，请参阅摩根大通2023年10-K表格第99页的资本行动。

参阅第II部分，第2项：股权证券的未登记销售和收益的使用；第II部分，第5项：注册人普通股的市场、相关股东事项和发行人购买股权证券

表格10-Q的200-201页和摩根大通2023年表格10-K的第35页，以获取有关回购公司股权证券的其他信息。

优先股

截至2024年和2023年9月30日的三个月和九个月，优先股股息分别为28600美元万和38600美元万，以及10美元亿和11美元亿。

在截至2024年9月30日及之后的9个月内，该公司发行和赎回了某些系列的非累积优先股。有关公司优先股的其他信息，包括优先股的发行和赎回，请参阅本10-Q表的附注17和摩根大通2023年10-K表的附注21。

次级债务

有关公司次级债务的更多信息，请参阅本表格10-Q第56页和摩根大通2023年表格10-K的附注20。

资本规划和压力测试

全面的资本分析和审查

2024年6月28日，该公司宣布，美联储提供的初步压力资本缓冲(SCB)要求为3.3%(高于2.9%)，该公司的标准化CET1资本比率要求(包括监管缓冲)为12.3%(高于11.9%)。2024年8月28日，美联储确认了这些要求。渣打银行的要求于2024年10月1日生效，有效期至2025年9月30日。

有关CCAR的其他信息，请参阅摩根大通2023年Form 10-k第91-92页的资本规划和压力测试。

其他资本要求

总吸收损耗能力

美联储的总吸收亏损能力(TLAC)规则要求包括该公司在内的美国GSIB顶级控股公司保持最低水平的外部TLAC和合格的长期债务(“合格有限公司”)。

下表列出了符合条件的外部TLAC和符合条件的LTD金额，以及这些金额占公司总RWA和总杠杆敞口的百分比，适用于截至2024年9月30日和2023年12月31日的CECL资本过渡条款的影响。

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			2024年9月30日						2023年12月31日
(单位：十亿，比率除外)			外部TLAC			有限公司			外部TLAC			有限公司
符合条件的总金额			$	543.6		$	237.7		$	513.8		$	222.6
RWA的百分比			30.5		%	13.3		%	30.7		%	13.3		%
监管要求			23.0			10.5			23.0			10.0
盈余/(缺口)			$	133.6		$	50.5		$	129.2		$	55.4
总杠杆敞口的百分比			11.1		%	4.9		%	11.3		%	4.9		%
监管要求			9.5			4.5			9.5			4.5
盈余/(缺口)			$	78.7		$	17.5		$	82.5		$	18.3

自2024年1月1日起，由于公司的GSIB方法2要求增加，该公司对其合格LTD与RWA比率的监管要求增加了50个基点至10.5%。该公司对其TLAC与RWA比率的监管要求保持在23.0%。有关GSIB附加费的更多信息，请参阅摩根大通2023年Form 10-k第94-95页的基于风险的资本监管要求。

关于母公司发行的长期债务的更多信息，请参阅第50-57页的流动性风险管理。

有关清盘方案对公司债务和股权证券持有者的财务后果的信息，请参阅摩根大通2023年10-K表格第9-33页的第一部分，第1A项：风险因素。

有关TLAC的其他信息，请参阅摩根大通2023年Form 10-k第100页的其他资本要求。

美国经纪自营商监管资本

J.P. Morgan Securities

摩根大通在美国的主要经纪自营商子公司是摩根大通证券。摩根大通证券须遵守1934年证券交易法规则15c3-1的监管资本要求(“净资本规则”)。摩根大通证券也注册为期货佣金商人，并受监管资本要求的约束，包括美国证券交易委员会、商品期货交易委员会、金融业监管局和美国国家期货协会实施的要求。

下表显示了摩根大通证券的净资本。

2024年9月30日
(in数百万）			实际			最低要求
净资本			$	23,932		$	5,981

非美国子公司监管资本

摩根大通证券公司

摩根大通证券公司是摩根大通银行的全资子公司，有权从事银行、投资银行和经纪自营商活动。

摩根大通证券公司在英国受到联合监管。由审慎监管局(“PRA”)和金融市场行为监管局(“FCA”)。J.P.Morgan Securities plc须遵守英国通过的欧洲联盟(“EU”)资本要求规例(“CRR”)及PRA资本规则，上述两项规则均已实施“巴塞尔协议III”，因此使J.P.Morgan Securities plc须遵守其规定。

英格兰银行要求英国。银行，包括英国。海外集团的受监管子公司，维持对自有资金和合格负债(“MREL”)的最低要求。截至2024年9月30日，摩根大通证券公司符合其MREL要求。

下表列出了摩根大通证券公司基于风险和基于杠杆的资本指标。

2024年9月30日			估计						监管最低比率(a)
(单位：百万，比率除外)
总资本			$	52,859
CET1资本比率			15.4			%			4.5			%
一级资本充足率			19.9						6.0
总资本比率			24.2						8.0
第1级杠杆率			5.8						3.3			(b)

(a)代表PRA指定的最低支柱1要求。截至2024年9月30日，摩根大通证券公司的资本充足率超过了最低要求，包括PRA规定的额外资本要求。

(b)至少75%的第1级杠杆率必须满足CET1资本。

摩根大通SE

JPMSE是JPMorgan Chase Bank，N.A.的全资子公司，有权从事银行、投资银行和市场活动。JPMSE受到欧洲央行以及其业务所在国家的当地监管机构的监管，并受巴塞尔协议III规定的欧盟资本金要求的约束。

欧盟单一决议委员会要求JPMSE维持MREL。截至2024年9月30日，JPMSE符合其MREL要求。

下表列出了JPMSE基于风险和基于杠杆的资本指标。

2024年9月30日			估计			监管最低比率(a)
(单位：百万，比率除外)
总资本			$	46,550
CET1资本比率			19.0		%	4.5		%
一级资本充足率			19.0			6.0
总资本比率			32.8			8.0
第1级杠杆率			6.1			3.0

(a)表示欧盟CRR指定的最低支柱1要求。截至2024年9月30日，摩根大通SE的资本和杠杆率超过了最低要求，包括欧盟监管机构规定的额外资本要求。

有关更多信息，请参阅摩根大通2023年10-k表格第101页的美国经纪自营商和非美国子公司监管资本。

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流动性风险管理

流动性风险是指公司在现金和抵押品需求出现时无法满足它们的风险，或者公司没有适当的资金和流动性的数量、组成和期限来支持其资产和负债。有关公司流动性风险的进一步讨论，请参阅摩根大通2023年10-K表格第102-109页和公司的美国LCR披露报告，这些报告可以在公司网站上找到。

LCR和HQLA

LCR规则要求该公司和摩根大通银行(JPMorgan Chase Bank，N.A.)维持一定数量的合格HQLA，足以满足他们在预期的30个日历日的重大压力期间各自估计的现金净流出总额。

根据LCR规则，JPMorgan Chase Bank，N.A.持有的合格HQLA金额超过其独立的100%最低LCR要求，且不能转移到非银行附属公司，必须从该公司报告的合格HQLA中剔除。该公司和JPMorgan Chase Bank，N.A.的LCR都被要求至少为100%。

下表汇总了该公司和摩根大通银行S根据该公司对LCR框架的解释，在截至2024年9月30日、2024年6月30日和2023年9月30日的三个月的平均LCR。

			止三个月
平均金额 (in数百万）			9月30日， 2024			2024年6月30日			9月30日， 2023
摩根大通：
HQLA
符合条件的现金(a)			$	412,389		$	461,392		$	402,663
符合条件的证券(B)(C)			453,899			356,815			378,702
HQLA总数(d)			$	866,288		$	818,207		$	781,365
现金净流出			$	762,072		$	732,179		$	696,668
LCR			114		%	112		%	112		%
净超额合格HQLA(d)			$	104,216		$	86,028		$	84,697
摩根大通银行：
LCR			121		%	125		%	123		%
净超额合格HQLA			$	168,137		$	189,124		$	167,096

(a)代表存放在中央银行的现金，主要是联邦储备银行。

(b)符合条件的HQLA证券可以在根据转售协议借入或购买的证券、交易资产或公司综合资产负债表上的投资证券中报告。为了计算LCR，HQLA证券按公允价值计入，这可能与美国公认会计原则下的会计处理不同。

(c)主要是美国国债、美国GSE和政府机构MBS，以及根据LCR规则进行的监管减记后的主权债券。

(d)不包括JPMorgan Chase Bank，N.A.的平均超额合格HQLA，这些HQLA不能转让给非银行附属公司。

在截至2024年9月30日的三个月中，该公司的平均LCR比截至2024年6月30日的三个月有所增加，这是由于摩根大通银行向母公司支付的股息和长期债务发行，部分被普通股回购和支付的普通股股息所抵消。

在截至2024年9月30日的三个月里，该公司的平均LCR比截至2023年9月30日的三个月有所增加，原因是摩根大通银行向母公司支付的股息和长期债务发行，基本上被普通股回购和支付的普通股股息所抵消。

截至2024年9月30日的三个月，S的平均LCR较2024年6月30日的三个月有所下降，这主要是由于向母公司支付股息、贷款增长和存款下降，但部分被符合HQLA资格的投资证券市值上升所抵消。

摩根大通银行(JPMorgan Chase Bank，N.A.)截至2024年9月30日的三个月的平均LCR较截至2023年9月30日的三个月有所下降，主要原因是向母公司支付的存款和股息减少，被债务发行和FHLB预付款、未担保的非HQLA AFS证券减少以及符合HQLA资格的投资证券的市值上升所抵消。

该公司和摩根大通银行S的平均LCR可能会因各自合资格HQLA的变化以及持续业务活动和美联储行动以及其他因素的影响而估计净现金流出。

有关HQLA和现金净流出的更多信息，请参阅摩根大通2023年Form 10-k第103页和该公司的美国LCR披露报告。

内部应力测试

该公司进行内部流动性压力测试，以监测公司及其重要法人实体在各种不利情况下的流动性状况，包括作为公司解决和恢复计划的一部分进行分析的情况。内部压力测试是定期进行的，其他压力测试是针对特定的市场事件或担忧进行的。在制定公司的融资计划和评估其流动性状况时，会考虑压力测试的结果。

本公司将母公司、中间控股公司(“IHC”)及营运附属公司的流动资金维持在足以符合流动资金风险容忍度及最低流动资金要求的水平，并在正常资金来源可能受阻的情况下应付压力时期。

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流动资金来源

除了上文讨论的该公司的合格HQLA中报告的资产外，该公司还有未担保的有价证券，如股权和债务证券，该公司认为这些证券将可用于筹集流动性。这包括摩根大通银行(JPMorgan Chase Bank，N.A.)多余的合格HQLA证券，这些证券不得转让给非银行附属公司。截至2024年9月30日和2023年12月31日，这些证券的公允价值分别约为6,080美元亿和6,490美元亿，尽管在任何特定时间可以筹集的流动性金额将取决于当时的市场状况。与2023年12月31日相比，下降的原因是摩根大通银行(JPMorgan Chase Bank，N.A.)符合条件的超额HQLA证券和未担保的AFS证券减少，但CIB交易资产的增加在很大程度上抵消了这一下降。

截至2024年9月30日和2023年12月31日，该公司分别约有1.5HQLA和1.4HQLA可用现金和证券，其中包括合格的期末HQLA，分别约为8,680美元和7,980美元亿，以及公允价值分别约为6,080美元和6,490美元的未担保可交易证券，其中包括约8,680美元亿和6,980美元亿。

由于截至2024年9月30日和2023年12月31日，该公司向此类银行承诺的抵押品分别约为3,860美元亿和3,400美元亿，因此该公司还在联邦住房金融局和联邦储备银行的贴现窗口拥有可用借款能力。这一借款能力不包括该公司合格的HQLA中报告的现金和证券的好处，或目前在联邦储备银行贴现窗口和其他中央银行质押的其他未担保证券。可用借款能力自2023年12月31日以来有所增加，主要是由于在联邦储备银行质押的商业贷款和信用卡应收账款金额增加。尽管可以获得，但该公司并不认为美联储银行贴现窗口和其他央行的这种借款能力是流动性的主要来源。

NSFR

净稳定资金比率(“NSFR”)是大型银行机构的一项流动资金要求，旨在衡量“可用”稳定资金的充分性，足以满足它们在一年内的“所需”稳定资金数额。

根据公司对NSFR最终规则的解释，在截至2024年9月30日的三个月里，该公司和摩根大通银行(JPMorgan Chase Bank，N.A.)都遵守了100%的最低NSFR要求。有关更多信息，请参阅公司网站上的截至2024年6月30日和2024年3月31日的季度美国NSFR披露报告。

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资金来源

资金来源

管理层认为，该公司的无担保和担保融资能力足以满足其表内和表外债务，其中包括短期和长期现金需求。

该公司通过不同的资金来源为其全球资产负债表提供资金，包括稳定的存款、资本市场的担保和无担保融资以及股东权益。存款是摩根大通银行的主要资金来源。此外，摩根大通银行可能通过短期或长期担保借款、发行无担保长期贷款来获得资金。

债务，或来自IHC的借款。该公司的非银行子公司的资金主要来自长期无担保借款和短期担保借款，这些借款主要是根据回购协议借出或出售的证券。超额资金由财政部和首席信息官根据其利率和流动性风险特征，投资于公司的投资证券组合，或以现金或其他短期流动投资的形式部署。

有关表外债务的其他信息，请参阅附注22。

存款

下表按LOb和Corporate总结了截至2024年9月30日和2023年12月31日的期末存款余额，以及分别截至2024年9月30日和2023年9月30日的三个月和九个月的平均存款余额。

			2024年9月30日			2023年12月31日									平均
															截至9月30日的三个月里，									截至9月30日的9个月，
(in数百万）															2024			2023						2024			2023
消费者和社区银行业务(a)			$	1,054,027		$	1,094,738								$	1,053,701		$	1,143,539					$	1,068,774		$	1,138,050
商业与投资银行(a)			1,097,591			1,050,892									1,064,402			988,765						1,052,438			984,187
资产与财富管理(a)			248,984			233,232									236,470			201,975						230,560			212,652
企业			30,170			21,826									28,737			21,462						24,680			19,785
公司总数			$	2,430,772		$	2,400,688								$	2,383,310		$	2,355,741					$	2,376,452		$	2,354,674

(a)2023年第四季度，CCb将与第一共和国相关的部分存款转移至AWm和Cib。有关更多信息，请参阅摩根大通2023年10-k表格第67页。

该公司认为，存款提供了稳定的资金来源，并减少了公司对批发融资市场的依赖。该公司很大一部分存款是消费者存款和批发经营性存款，这两种存款都被认为是稳定的流动性来源。批发营业存款通常被认为是稳定的流动性来源，因为它们是从与公司保持经营服务关系的客户那里产生的。

该公司认为，平均存款余额通常比期末存款余额更能代表存款趋势。然而，在市场动荡期间，平均存款趋势可能会受到影响。

以下讨论排除了2023年第四季度某些First Republic存款从建行转移到其他LOB的影响，因为这些转移对Firmwide存款没有净影响。

平均存款截至2024年9月30日的三个月与截至2023年9月30日的三个月相比有所增加，反映了以下净影响：

•由于支付净流入，CIB增加 和证券服务，以及由于客户对市场的需求而净发行结构性票据，但被存款流失部分抵消，其中包括为减少某些存款而采取的行动，

•AWM的增长 由新的和现有的产品推动，大部分被持续迁移到

收益更高的投资，

•2024年第二季度推出的某些高收益计划导致公司余额增加，与公司的国际消费者计划相关，以及

•建行现有账户的下降主要是由于客户支出增加，但被新账户部分抵消。

平均存款截至2024年9月30日的9个月与截至2023年9月30日的9个月相比有所增加，反映了以下净影响：

•CIB的增长 由于客户在市场上的需求，主要是支付和结构性票据净发行的净流入，部分被存款流失所抵消，其中包括为减少某些存款而采取的行动，

•《第一共和国》的时机影响，

•2024年第二季度推出的某些高收益项目导致公司余额增加，这与该公司的国际消费者计划有关，

•AWM的增长主要是由新的和现有的产品产品推动的，主要是被继续迁移到更高收益的投资所抵消，以及

•建行现有账户的下降主要是由于客户支出增加，但被新账户部分抵消。

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期末存款自2023年12月31日起增加，反映了以下净影响：

•支付和证券服务净流入导致的CIB增加，但部分被市场结构性票据的净到期日所抵消，

•由新产品和现有产品推动的AWM增长，

•2024年第二季度推出的某些高收益计划导致公司余额增加，与公司的国际消费者计划相关，以及

•建行现有账户的减少主要是由于客户支出增加和转向更高收益的投资，但新账户基本上抵消了这一影响。

有关存款和负债余额趋势的进一步信息，以及第9-14页和注26页的综合经营业绩，请分别参阅第15-16页和第20-42页的公司综合资产负债表分析和业务部门业绩，了解有关First Republic收购的其他信息。有关结构化笔记的进一步信息，请参阅附注3。

某些存款受到保险保护，从而提供额外的资金稳定性，并使LCR受益。存款所在国家的储户可以获得存款保险保护。例如，联邦存款保险公司(“FDIC”)为存放在美国存款机构的存款提供存款保险保护。R请参阅摩根大通2023年10-K表格第105-106页，了解有关该公司未投保存款总额的更多信息。

下表列出了未投保的美国和非美国定期存款及其剩余期限的估计数。该公司对其未投保的美国定期存款的估计是基于该公司根据适用的FDIC法规定期计算的数据。就本演示而言，所有非美国定期存款均被视为未投保。

(in数百万）			9月30日， 2024												12月31日， 2023
			美国						非美国						美国						非美国
三个月或更短时间			$	119,054					$	85,138					$	98,606		(a)			$	77,466
超过3个月但在6个月内			16,034						5,936						17,736						5,358
超过6个月但在12个月内			8,437						3,826						10,294						4,820
超过12个月			864						2,015						710						2,543
总			$	144,389					$	96,915					$	127,346		(a)			$	90,187

(a)前期金额已进行修订，以包括某些衍生品的现金抵押品，以与无保险美国定期存款计算方法的变化保持一致。

下表显示了截至2024年9月30日和2023年12月31日的贷款和存款余额、贷款存款比以及存款占总负债的百分比。

(in除比例外，数十亿美元）			2024年9月30日						2023年12月31日
存款			$	2,430.8					$	2,400.7
存款占总负债的百分比			63		%				68		%
贷款			$	1,340.0					$	1,323.7
贷款存款比			55		%				55		%

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下表概述了摩根大通截至2024年9月30日和2023年9月30日的三个月和九个月存款的平均余额和平均利率。

（未经审计） (in百万美元，利率除外）			平均余额
			止三个月																					九个月结束
			2024年9月30日						2023年9月30日																		2024年9月30日						2023年9月30日
美国办事处
不计息			$	605,498					$	636,730																	$	617,539					$	636,079
计息
需求(a)			279,852						274,951																		278,940						280,635
储蓄(b)			789,805						855,846																		798,176						876,671
时间			230,656						158,112																		220,353						132,155
有息存款总额			1,300,313						1,288,909																		1,297,469						1,289,461
美国办事处存款总额			1,905,811						1,925,639																		1,915,008						1,925,540
非美国办事处
不计息			28,459						24,253																		26,069						25,007
计息
需求			351,368						317,003																		342,477						319,339
时间			97,672						88,846																		92,898						84,788
有息存款总额			449,040						405,849																		435,375						404,127
非美国办事处的存款总额			477,499						430,102																		461,444						429,134
总存款			$	2,383,310					$	2,355,741																	$	2,376,452					$	2,354,674

（未经审计）			平均利率
			止三个月															九个月结束
			2024年9月30日						2023年9月30日									2024年9月30日						2023年9月30日
美国办事处
不计息			NA						NA									NA						NA
计息
需求(a)			4.06		%				3.85		%							3.98		%				3.34		%
储蓄(b)			1.47						1.19									1.40						1.04
时间			4.97						4.68									5.08						4.59
有息存款总额			2.67						2.18									2.58						1.90
美国办事处存款总额			1.79						1.47									1.75						1.27
非美国办事处
不计息			NA						NA									NA						NA
计息
需求			3.18						2.90									3.23						2.55
时间			5.85						6.23									6.05						5.64
有息存款总额			3.78						3.61									3.83						3.20
非美国办事处的存款总额			3.54						3.41									3.62						3.01
总存款			2.15		%				1.83		%							2.11		%				1.59		%

(a)包括可转让提款令账户和某些信托账户。

(b)包括货币市场存款账户。

参阅附注15 有关存款的更多信息。

54

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下表总结了截至2024年9月30日和2023年12月31日的短期和长期融资（不包括存款），以及分别截至2024年9月30日和2023年9月30日的三个月和九个月的平均余额。更多信息请参阅第15-16页的合并资产负债表分析和注释10。

资金来源（不包括存款）

			2024年9月30日						2023年12月31日									平均
															截至9月30日的三个月里，															截至9月30日的9个月，
(in数百万）															2024									2023									2024						2023
商业票据			$	9,691					$	14,737								$	9,903								$	13,004								$	11,577					$	12,292
其他借入资金			12,335						8,200									13,026									9,250									11,606						9,701
购买的联邦基金			675						787									1,443									1,799									1,548						1,753
短期无担保融资总额			$	22,701					$	23,724								$	24,372								$	24,053								$	24,731					$	23,746
根据回购协议出售的证券(a)			$	384,140					$	212,804								$	418,622								$	246,761								$	359,233					$	250,447
借出证券(a)			4,522						2,944									5,730									5,545									4,823						4,517
其他借入资金			28,612						21,775									27,847									22,110									24,788						22,071
公司管理的多卖方渠道的义务(b)			17,173						17,781									18,356									18,353									19,170						13,890
短期担保资金总额			$	434,447					$	255,304								$	470,555								$	292,769								$	408,014					$	290,925
高级笔记			$	207,606					$	191,202								$	202,600								$	178,395								$	196,986					$	181,336
次级债务			16,643						19,708									18,922									19,695									19,380						20,681
结构化笔记(c)			100,325						86,056									96,379									77,182									91,489						75,347
长期无担保资金总额			$	324,574					$	296,966								$	317,901								$	275,272								$	307,855					$	277,364
信用卡证券化(b)			$	5,361					$	2,998								$	5,337								$	1,347								$	5,070					$	1,175
联邦住房金融局取得进展			32,042						41,246									34,063									36,040									37,357			(g)			25,275
购货款票据(d)			49,152						48,989									49,116									48,901									49,062						27,394
其他长期有保障的资金(e)			4,389						4,624									4,579									4,627									4,726						4,485
长期有保障资金总额			$	90,944					$	97,857								$	93,095								$	90,915								$	96,215					$	58,329
优先股(f)			$	21,650					$	27,404								$	22,408								$	27,404								$	25,398					$	27,404
普通股股东权益(f)			$	324,186					$	300,474								$	321,894								$	284,798								$	310,353					$	278,010

(a)主要包括根据回购协议借出或出售的短期证券。

(b)包括在公司合并资产负债表上合并可变利益实体发行的受益权益中。

(c)包括母公司发行的某些符合TLAC资格的长期无担保债务。

(d)反映了2023年5月1日与第一共和国收购相关的购买钞票。有关更多信息，请参阅注26。

(e)包括有担保的长期结构性票据。

(f)有关优先股和普通股股东权益的更多信息，请参阅本表格10-Q第44-49页的资本风险管理和第92页的合并股东权益变动表，以及摩根大通2023年表格10-k的注释21和注释22。

(g)包括第一共和国的时机影响。有关更多信息，请参阅本表格10-Q第9-14页和注释26页的合并经营业绩以及摩根大通2023年表格10-k第102-109页。

短期资金

该公司的短期担保资金的主要来源是根据以下协议出售的证券回购。这些工具主要由高质量的证券抵押品担保，包括政府发行的债券和美国政府证券交易所(GSE)和政府机构MBS。在市场的推动下，根据回购协议出售的证券在2024年9月30日与2023年12月31日相比有所增加，反映出客户驱动的做市活动和交易资产的担保融资增加，与年底的季节性较低水平相比也是如此。

2024年9月30日有担保的其他借款资金比2023年12月31日有所增加，这主要是由于市场的融资要求更高。截至以下日期的平均三个月2024年9月30日与去年同期相比，这一增长是由于市场的融资需求增加，但被财政部和首席信息官的到期日部分抵消。

与根据回购协议借出或出售的证券相关的余额随时间波动，原因是

客户的投资和融资活动、公司对融资的需求、对公司负债组合的持续管理，包括其担保和无担保融资(投资证券和做市组合)，以及其他市场和投资组合因素。

该公司的短期无担保资金来源主要是发行批发商业票据和其他借款资金。

2024年9月30日的商业票据从2023年12月31日，与去年同期相比，截至2024年9月30日的平均三个月，主要由于短期流动资金管理导致发行量较低。

2024年9月30日的无担保其他借款资金比2023年12月31日，与去年同期相比，截至2024年9月30日的平均三个月，由于客户需求，加拿大帝国商业银行结构性票据的净发行量增加。

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长期供资

长期融资为公司提供了稳定资金和流动性的额外来源。该公司的长期融资计划主要由预期客户活动、流动性考虑和监管要求（包括TLAC）驱动。长期融资目标包括保持多元化、最大限度地扩大市场准入和优化融资成本。该公司评估各种融资市场、期限和货币，以制定最佳长期融资计划。

无担保融资和发行

该公司未偿长期债务总额的绝大部分由母公司发行，以提供灵活性，支持银行和非银行子公司的融资需求。母公司将几乎所有净融资收益预付给其子公司IHS。IHS不向外部交易对手发行债务。结构性票据的增加 2024年9月30日从2023年12月31日开始，以及平均值的增加 与上年同期相比，截至2024年9月30日的三个月和九个月主要由客户需求导致的市场净发行推动。

下表总结了长期无担保发行和到期或赎回 在结束的三个月和九个月里 2024年9月30日和2023年。有关IHS和长期债务的更多信息，请参阅摩根大通2023年10-k表格第102-109页的流动性风险管理和注释20。

长期无担保融资
			截至9月30日的三个月里，									截至9月30日的9个月，									截至9月30日的三个月里，									截至9月30日的9个月，
			2024			2023						2024			2023						2024			2023						2024			2023
（名义单位：百万）			母公司																		附属公司
发行
美国市场发行的优先票据			$	9,000		$	4,500					$	26,500		$	7,000					$	—		$	—					$	—		$	—
在非美国市场发行的优先票据			—			—						4,079			—						—			—						—			—
高级票据总数			9,000			4,500						30,579			7,000						—			—						—			—
结构化笔记(a)			1,126			755						2,728			2,199						14,339			10,028						42,207			25,693
长期无担保融资总额-发行			$	10,126		$	5,255					$	33,307		$	9,199					$	14,339		$	10,028					$	42,207		$	25,693
到期/赎回
高级笔记			$	1,320		$	4,535					$	17,989		$	17,968					$	—		$	—					$	65		$	67
次级债务			3,062			41						3,097			2,068						—			—						—			—
结构化笔记			197			499						707			1,270						12,060			7,282						35,468			21,263
长期无担保融资总额-到期/赎回			$	4,579		$	5,075					$	21,793		$	21,306					$	12,060		$	7,282					$	35,533		$	21,330

(a)包括母公司发行的某些符合TLAC资格的长期无担保债务。

有保障的融资和发行

该公司还可以通过消费者信用卡贷款和FHLb预付款证券化筹集有担保的长期资金。下表总结了截至2024年9月30日和2023年9月30日的三个月和九个月的证券化发行、FHLb预付款及其各自的到期或赎回。

长期有保障的资金
			截至9月30日的三个月里，																								截至9月30日的9个月，
			2024						2023						2024						2023						2024						2023						2024						2023
(in数百万）			发行												到期/赎回												发行												到期/赎回
信用卡证券化			$	—					$	1,998					$	—					$	—					$	2,348					$	1,998					$	—					$	1,000
联邦住房金融局取得进展			—						6,000						3,601			(c)			4,230						—						31,775						9,249			(c)			4,834
购货款票据(a)			—						—						—						—						—						50,000						—						—
其他长期有保障的资金(b)			386						177						427						164						1,106						919						797						276
长期有保障资金总额			$	386					$	8,175					$	4,028					$	4,394					$	3,454					$	84,692					$	10,046					$	6,110

(a)反映了与第一共和国收购相关的购买钞票。 有关更多信息，请参阅注26。

(b)包括有担保的长期结构性票据。

(c)包括与2023年5月1日第一共和国收购相关的FHLb预付款。有关更多信息，请参阅注26。

该公司的批发业务还将贷款证券化，用于客户驱动的交易;这些客户驱动的贷款证券化不被视为该公司的资金来源，也不包括在上表中。有关客户驱动的贷款证券化的进一步描述，请参阅摩根大通2023年10-k表格注14。

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信用评级

融资的成本和可用性受到信用评级的影响。降低这些评级可能会对公司获得流动性来源产生不利影响，增加资金成本，引发额外的抵押品或融资要求，并减少愿意向公司贷款的投资者和交易对手的数量。评级下调影响的性质和幅度取决于众多合同和行为因素，该公司认为这些因素包含在其流动性风险中

和压力测试指标。该公司相信，它保持了足够的流动性，以抵御评级下调导致的融资能力潜在下降。

此外，该公司对VIE和其他第三方承诺的融资要求可能会受到信用评级下降的不利影响。有关更多信息，请参阅注释4和13。

截至2024年9月30日，母公司及其主要银行和非银行子公司的信用评级如下：

摩根大通。

摩根大通银行，N.A.

摩根大通证券有限责任公司 摩根大通证券有限公司 摩根大通SE

2024年9月30日

长期发行人

短期发行人

观

长期发行人

短期发行人

观

长期发行人

短期发行人

观

穆迪投资者服务公司

A1

P-1

稳定

AA2

P-1

负性

AA3

P-1

稳定

Standard & Poor's (a)

A-

A-2

正性

A+

A-1

正性

A+

A-1

正性

惠誉评级

AA-

F1+

稳定

AA型

F1+

稳定

AA型

F1+

稳定

(a)2024年4月1日，标准普尔确认了母公司及其主要银行和非银行子公司的信用评级，并将上述实体的前景从稳定修订为积极。

请参阅摩根大通2023年10-k表格第109页，了解可能影响母公司以及公司主要银行和非银行子公司信用评级的因素。

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信贷和投资风险管理

信用和投资风险是与客户、交易对手或客户违约或信用状况变化相关的风险;或本金损失或投资预期回报率下降，包括消费者信用风险，

批发信用风险和投资组合风险。指消费信贷投资组合、批发信贷投资组合和

第60-75页的信用损失备抵，进一步讨论信用风险。

有关投资组合风险的进一步讨论，请参阅第76页。请参阅摩根大通2023年10-k表格第111-134页的信贷和投资风险管理，以进一步讨论公司的信贷和投资风险管理框架。

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信贷组合

信用风险是指与客户、交易对手或客户的违约或信用状况变化相关的风险。

在下表中，贷款总额包括留存贷款(即为投资而持有的贷款)、为出售而持有的贷款以及按公允价值计入的某些贷款。下表不包括公司按公允价值核算并归类为交易资产的贷款；有关这些贷款的进一步信息，请参阅附注2和3。请参阅附注11、22和4，以了解有关公司贷款、贷款相关承诺和衍生应收账款的更多信息。

有关公司投资证券组合固有信用风险的资料，请参阅附注9；有关证券融资组合固有信用风险的资料，请参阅附注10。有关消费信贷环境、消费贷款和不良风险敞口的进一步讨论，请参阅第60-63页和注释11中的消费信贷组合。有关批发信贷环境、批发贷款和不良风险的进一步讨论，请参阅-72页和附注11页的批发信贷组合。

总信贷组合
			信用风险敞口									不良资产(c)
(in数百万）			9月30日， 2024			十二月三十一日， 2023						9月30日， 2024			十二月三十一日， 2023
保留的贷款			$	1,285,370		$	1,280,870					$	6,833		$	5,989
持有待售贷款			12,504			3,985						126			184
公允价值贷款			42,137			38,851						1,116			744
贷款总额			1,340,011			1,323,706						8,075			6,917
衍生工具应收款项			52,561			54,864						210			364
客户应收账款(a)			53,270			47,625						—			—
与信贷相关的总资产			1,445,842			1,426,195						8,285			7,281
在贷款中获得的资产
自有房地产			NA			NA						292			274
其他			NA			NA						51			42
总 在贷款中获得的资产			NA			NA						343			316
与贷款有关的承诺			1,576,476			1,497,847						619			464
总信贷组合			$	3,022,318		$	2,924,042					$	9,247		$	8,061
用于信贷组合管理活动的信贷衍生品和与信贷有关的票据(b)			$	(40,841)		$	(37,779)					$	—		$	—
针对衍生工具持有的流动证券和其他现金抵押品			(23,082)			(22,461)						NA			NA

(a)来自客户的应收账款反映对CIB、CCB和AWM经纪客户的持有投资保证金贷款；这些贷款在综合资产负债表的应计利息和应收账款中列报。

(b)代表通过用于管理信用风险的信用衍生品和与信用相关的票据买卖的净名义保护金额。

(c)不包括逾期和由美国政府机构担保的抵押贷款，这些贷款主要是逾期90天或更长时间。基于政府担保，这些贷款已被排除在外。截至2024年9月30日和2023年12月31日，由美国政府机构承保的逾期90天或以上的抵押贷款分别为12600美元万和18200美元万。此外，该公司的政策通常是免除信用卡贷款被置于监管指导允许的非应计项目状态。

下表提供了有关公司净冲销和收回的信息。

(单位：百万， 比例除外）			截至9月30日的三个月里，						截至9月30日的9个月，
			2024			2023			2024			2023
净冲销			$	2,087		$	1,497		$	6,274		$	4,045
平均保留贷款			1,271,602			1,259,845			1,265,652			1,179,419
净冲销率			0.65		%	0.47		%	0.66		%	0.46		%

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消费者信贷组合

该公司保留的消费者投资组合主要包括住宅房地产、信用卡以及评分汽车和商业银行的贷款和贷款相关承诺。消费信贷组合还包括公允价值贷款，主要是住宅房地产。该公司的重点是主要服务于消费信贷市场的主要细分市场。有关消费贷款以及公司非应计和冲销会计政策的更多信息，请参阅本表格10-Q的注释11;和摩根大通2023年表格10-k的第114-119页的消费信贷投资组合和注释12。有关贷款相关承诺的更多信息，请参阅本表格10-Q的注22和摩根大通2023年表格10-k的注28。

下表列出了有关CCb、AWm、CIb和Corporate持有的评分信用投资组合的消费者信贷相关信息。

消费信贷组合
(in数百万）			信用风险敞口												非权责发生制贷款(i)
			9月30日， 2024						十二月三十一日， 2023						9月30日， 2024			十二月三十一日， 2023
消费者，不包括信用卡
住宅房地产(a)			$	311,338					$	326,409					$	3,083		$	3,466
汽车和其他(B)(C)			66,600						70,866						233			177
贷款总额-保留			377,938						397,275						3,316			3,643
持有待售贷款			1,101						487						50			95
公允价值贷款(d)			15,906						12,331						347			465
消费者总数，不包括信用卡贷款			394,945						410,093						3,713			4,203
与贷款有关的承诺(e)			45,322						45,403
消费者总风险敞口，不包括信用卡			440,267						455,496
信用卡
保留的贷款(f)			219,542						211,123						NA			NA
信用卡贷款总额			219,542						211,123						NA			NA
与贷款有关的承诺（e）（g）			989,594						915,658
信用卡风险敞口总额			1,209,136						1,126,781
消费信贷组合总额			$	1,649,403					$	1,582,277					$	3,713		$	4,203
信贷投资组合管理活动中使用的信贷相关票据(h)			$	(544)					$	(790)

			截至9月30日的三个月里，
(单位：百万，比率除外)			净冲销/（收回）									平均贷款-保留									净冲销/（回收）率(j)
			2024			2023						2024			2023						2024			2023
消费者，不包括信用卡
住宅房地产			$	(40)		$	(16)					$	312,953		$	327,826					(0.05)		%	(0.02)		%
汽车和其他			203			183						66,506			68,962						1.21			1.05
消费者总数，不包括信用卡-保留			163			167						379,459			396,788						0.17			0.17
信用卡-保留			1,766			1,227						217,204			195,232						3.23			2.49
消费者总数-保留			$	1,929		$	1,394					$	596,663		$	592,020					1.29		%	0.93		%

			截至9月30日的9个月，
(单位：百万，比率除外)			净冲销/（收回）									平均贷款-保留									净冲销/（回收）率(j)
			2024			2023						2024			2023						2024			2023
消费者，不包括信用卡
住宅房地产			$	(83)		$	(61)					$	317,944		$	286,239					(0.03)		%	(0.03)		%
汽车和其他			564			482						68,415			66,431						1.10			0.97
消费者总数，不包括信用卡-保留			481			421						386,359			352,670						0.17			0.16
信用卡-保留			5,282			3,273						210,645			187,624						3.35			2.33
消费者总数-保留			$	5,763		$	3,694					$	597,004		$	540,294					1.29		%	0.91		%

(a)包括以CCb和AWm持有的评分抵押贷款和房屋净值贷款。

(b)At September 30, 2024 and December 31, 2023, excluded operating lease assets of $11.5 billion and $10.4 billion, respectively. These operating lease assets are included in other assets on the Firm’s Consolidated balance sheets. Refer to Note 16 for further information.

(c)Includes scored auto and business banking loans, and overdrafts.

(d)Includes scored mortgage loans held in CCB and CIB, and other consumer unsecured loans in CIB.

(e)Credit card, home equity and certain business banking lending-related commitments represent the total available lines of credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit would be used at the same time. For credit card commitments, and if certain conditions are met, home equity commitments and certain business banking commitments, the Firm can reduce or cancel these lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. Refer to Note 22 for further information.

(f)Includes billed interest and fees.

(g)Also includes commercial card lending-related commitments primarily in CIB.

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(h)代表通过发行信贷相关票据获得的名义保护金额，该票据参考了保留消费者投资组合中的某些住宅房地产和汽车贷款池。

(i)不包括由美国政府机构承保的逾期抵押贷款，这些贷款主要逾期90天或以上。基于政府担保，这些贷款已被排除在外。截至2024年9月30日和2023年12月31日，逾期90天或以上并由美国政府机构承保的抵押贷款分别为12600万美元和18200万美元。此外，该公司的政策通常是在监管指南允许的情况下，将信用卡贷款豁免为非应计状态。

(j)截至2024年9月30日和2023年9月30日的三个月，持作出售的平均消费者贷款和公允价值贷款分别为187亿美元和144亿美元，截至2024年和2023年9月30日的九个月分别为170亿美元和129亿美元。在计算净冲销/（回收）率时，这些金额被排除在外。

消费者，不包括信用卡

投资组合分析

在留存住宅房地产贷款的推动下，贷款较2023年12月31日有所下降。

住宅房地产：住宅房地产投资组合，包括持有待售贷款和公允价值贷款，主要由优质抵押贷款和房屋净值信用额度组成。

与2023年12月31日相比，留存贷款有所下降，主要是由于还款和贷款销售(扣除贷款)。R与2023年12月31日相比，重新获得的非应计贷款有所下降，这主要是由贷款销售推动的。在贷款销售的推动下，截至2024年9月30日的三个月和九个月的净回收率高于去年同期。

自2023年12月31日以来，持有待售贷款有所增加，主要是由于预期证券化而转移了某些留存贷款。在贷款销售的推动下，持有待售的非应计贷款与2023年12月31日相比有所下降。

按公允价值计算的贷款较2023年12月31日，由于住房贷款的增加超过了仓库贷款的销售，以及CIB贷款的增加，因为购买超过了销售。在CIB净销售额的推动下，公允价值非权责发生贷款较2023年12月31日有所下降。

截至2024年9月30日和2023年12月31日，仅带息住宅抵押贷款的账面价值分别为894亿美元亿和906亿美元亿。这些贷款有一个只收利息的付款期，通常之后是一个可调利率或固定利率的全额摊销付款期，直至到期，通常是作为向高收入借款人发放的较高余额贷款。这一投资组合的信用表现可与更广泛的优质抵押贷款组合的表现相媲美。

截至2024年9月30日，未偿还房屋净值信贷额度的账面价值为145亿美元亿。未偿还房屋净值信贷额度的账面价值包括39亿的HELOC，它们已从只计利息重塑为全额摊销付款或已被修改，以及38亿的纯利息气球HELOC，它们主要在2030年后到期。当借款人的信用风险状况出现实质性恶化时，该公司通过在法律允许的范围内关闭或减少未绘制的线来管理HELOC在循环期间的风险。

下表提供了该公司由美国政府机构担保和/或担保的住宅抵押贷款组合的摘要，主要是持有供出售的贷款和公允价值贷款。该公司监测其与政府担保贷款相关的某些潜在的无法收回的索赔付款的风险，并在估计贷款损失准备金时考虑这种风险敞口。

(in数百万）			9月30日， 2024			12月31日， 2023
电流			$	600		$	446
逾期30-89天			72			102
逾期90天或以上			126			182
政府担保贷款总额			$	798		$	730

住宅房地产贷款的地理构成和当前估计贷款价值比

有关公司住宅房地产贷款的地理构成和当前估计LTV的信息，请参阅注11。

修改后的住宅房地产贷款

截至2024年9月30日的三个月和九个月，住宅房地产财务困难调整（“DM”）分别为7400万美元和18800万美元，截至2023年9月30日的三个月和九个月分别为4300万美元和11000万美元。截至2024年9月30日和2023年9月30日的三个月和九个月内，贷款条款尚未永久修改，以及根据第7章破产程序需要解除的贷款（“第7章贷款”）并不重大。有关更多信息，请参阅摩根大通2023年10-k表格的注释1和本10-Q表格的注释11。

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汽车和其他：汽车和其他贷款组合，包括公允价值贷款，通常由优质评分的汽车和商业银行贷款、其他消费者无担保贷款和透支组成。与2023年12月31日相比，投资组合减少，主要是由于贷款证券化。与去年同期相比，截至2024年9月30日的9个月的净冲销有所增加，主要是由于计分较高的汽车净冲销10000美元万，反映了二手车估值的下降。有关证券化活动的进一步信息，请参阅附注13。

不良资产

下表显示了截至2024年9月30日和2023年12月31日关于消费者(不包括信用卡)不良资产的信息。

不良资产(a)
(单位：百万)			9月30日， 2024						十二月三十一日， 2023
非权责发生制贷款
住宅房地产			$	3,464					$	4,015
汽车和其他			249						188
非权责发生制贷款总额			3,713						4,203
在贷款中获得的资产
自有房地产			81						120
其他			51						42
在贷款满足中获得的总资产			132						162
不良资产总额			$	3,845					$	4,365

(a)不包括逾期和由美国政府机构担保的抵押贷款，这些贷款主要是逾期90天或更长时间。基于政府担保，这些贷款已被排除在外。截至2024年9月30日和2023年12月31日，由美国政府机构承保的逾期90天或以上的抵押贷款分别为12600美元万和18200美元万。

非权责发生制贷款

下表显示了截至2024年9月30日和2023年9月30日的9个月消费者贷款(不包括信用卡)和非应计贷款的变化。

非应计贷款活动
截至9月30日的9个月， (单位：百万)			2024			2023
期初余额			$	4,203		$	4,325
添加			2,245			2,038
削减：
本金付款和其他			697			755
销售			716			179
冲销			453			329
返回到正在执行状态			724			795
止赎和其他清算			145			131
总减排量			2,735			2,189
净变动量			(490)			(151)
期末余额			$	3,713		$	4,174

有关消费信贷组合的更多信息，请参阅注11，包括有关拖欠、其他信用质量指标、贷款修改和处于主动或暂停止赎过程中的贷款的信息。

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信用卡

信用卡贷款总额自2023年12月31日以来有所增加，反映出新账户和循环余额的增长。2024年9月30日、30天以上和90天以上的拖欠率分别为2.20%和1.10%，与2023年12月31日、2023年30天以上和90天以上的拖欠率分别为2.14%和1.05%相比有所上升，符合预期。与去年同期相比，截至2024年9月30日的三个月和九个月的净冲销增加，反映出较新年份的调味和持续的信贷正常化。

与该公司的政策一致，所有信用卡贷款通常都保持应计状态，直到注销。然而，公司的贷款损失准备包括应计和开具帐单的利息和手续费收入中估计无法收回的部分。请参阅附注11，以了解有关此投资组合的更多信息，包括有关违约的信息。

信用卡贷款的地域和FICO构成

有关公司信用卡贷款的地域和FICO构成的信息，请参阅附注11。

修改后的信用卡贷款

截至2024年9月30日的三个月和九个月，信用卡FDM分别为27200美元万和71400美元万，截至2023年9月30日的三个月和九个月分别为19700美元万和48900美元万。由于违约率上升，截至2024年9月30日的三个月和九个月的FDM与去年同期相比有所增加，反映了投资组合的增长。

有关详细信息，请参阅摩根大通2023年Form 10-k的附注1和本Form 10-Q的附注11。

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批发信贷组合

在其批发业务中，该公司主要通过其与客户和交易对手的承销、贷款、做市和对冲活动，以及通过各种经营服务(如现金管理和结算活动)、证券融资活动和存放在银行的现金，而面临信贷风险。公司批发业务产生或获得的贷款的一部分通常保留在资产负债表上。该公司将相当大比例的贷款分配给市场，作为其银团贷款业务的一部分，并管理投资组合集中度和信用风险。批发投资组合得到积极管理，部分是通过对客户信用质量和交易结构(包括适用情况下的抵押品)以及行业、产品和客户集中度进行持续、深入的审查。有关更多信息，请参阅第66-69页上的行业讨论。

该公司的批发信贷组合包括在CIB、AWM和Corporation持有的敞口，以及在建行持有的风险评级敞口，在确定贷款损失拨备时采用批发方法。该公司继续转换某些业务，并整合与First Republic相关的客户、产品和服务。因此，批发投资组合中的报告分类和内部风险评级概况可能会在未来一段时间内发生变化。请参阅上的业务发展第8页 了解更多信息。

截至2024年9月30日，在加拿大帝国商业银行贷款增加和AWM基于证券的贷款增加的推动下，贷款增加了2,300美元亿。在科技、媒体和电信以及消费者和零售的推动下，与贷款相关的承诺增加了48美元亿，包括持有供出售的承诺，但大部分被资产经理和个人的减少所抵消。

截至2024年9月30日，不良敞口增加了17美元亿，主要是由房地产推动的，集中在办公室，以及由于评级下调而导致的科技、媒体和电信。在截至2024年9月30日的9个月里，批发净冲销为51100美元万，主要是房地产，集中在写字楼、个人、消费和零售以及工业。

批发信贷组合
			信用风险敞口									不良资产
(in数百万）			9月30日， 2024			十二月三十一日， 2023						9月30日， 2024			十二月三十一日， 2023
保留的贷款			$	687,890		$	672,472					$	3,517		$	2,346
持有待售贷款			11,403			3,498						76			89
公允价值贷款			26,231			26,520						769			279
贷款			725,524			702,490						4,362			2,714
衍生工具应收款项			52,561			54,864						210			364
客户应收账款(a)			53,270			47,625						—			—
批发信贷相关资产总额			831,355			804,979						4,572			3,078
在贷款中获得的资产
自有房地产			NA			NA						211			154
其他			NA			NA						—			—
在贷款满足中获得的总资产			NA			NA						211			154
与贷款有关的承诺			541,560			536,786						619			464
批发信贷组合总额			$	1,372,915		$	1,341,765					$	5,402		$	3,696
用于信贷组合管理活动的信贷衍生品和与信贷有关的票据(b)			$	(40,297)		$	(36,989)					$	—		$	—
针对衍生工具持有的流动证券和其他现金抵押品			(23,082)			(22,461)						NA			NA

(a)来自客户的应收账款反映对CIB、CCB和AWM经纪客户的持有投资保证金贷款；这些贷款在综合资产负债表的应计利息和应收账款中列报。

(b)代表通过用于管理绩效和不良批发信贷风险的信用衍生品和信贷相关票据购买和出售的净名义保护金额;这些衍生品不符合美国公认会计原则下的对冲会计资格。有关更多信息，请参阅第72页的信贷衍生品和注释4。

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批发信贷风险-到期日和评级概况

下表列出了截至2024年9月30日和2023年12月31日批发信贷组合的到期日和内部风险评级概况。该公司通常将定性特征相当于BBb-/Baa 3或更高的内部评级视为投资级别，并在确定每项信贷工具的内部风险评级时考虑抵押品和结构性支持。有关内部风险评级的更多信息，请参阅摩根大通2023年10-k表格注释12。

			到期情况(d)															评级概况
			1年或1年以下			一年到五年后			5年后			总						投资级						非投资级			总			IG总百分比
2024年9月30日 (单位：百万，比率除外)
保留的贷款			$	226,137		$	285,469		$	176,284		$	687,890					$	467,006					$	220,884		$	687,890		68		%
衍生工具应收款项												52,561															52,561
减：针对衍生品持有的流动证券和其他现金抵押品												(23,082)															(23,082)
衍生品应收账款总额，扣除抵押品			7,765			7,396			14,318			29,479						20,782						8,697			29,479			70
与贷款有关的承诺			127,476			389,014			25,070			541,560						356,950						184,610			541,560			66
小计			361,378			681,879			215,672			1,258,929						844,738						414,191			1,258,929			67
持作出售贷款和公允价值贷款(a)												37,634															37,634
应收客户												53,270															53,270
总风险敞口-扣除针对衍生品持有的流动证券和其他现金抵押品												$	1,349,833														$	1,349,833
用于信贷组合管理活动的信贷衍生品和与信贷有关的票据(B)(C)			$	(5,066)		$	(29,087)		$	(6,144)		$	(40,297)					$	(32,444)					$	(7,853)		$	(40,297)		81		%

			到期情况(d)															评级概况
			1年或1年以下			一年到五年后			5年后			总						投资级						非投资级			总						IG总百分比
2023年12月31日 (单位：百万，比率除外)
保留的贷款			$	211,104		$	280,821		$	180,547		$	672,472					$	458,838					$	213,634		$	672,472					68		%
衍生工具应收款项												54,864															54,864
减：针对衍生品持有的流动证券和其他现金抵押品												(22,461)															(22,461)
衍生品应收账款总额，扣除抵押品			8,007			8,970			15,426			32,403						24,919						7,484			32,403						77
与贷款有关的承诺			143,337			368,646			24,803			536,786						341,611						195,175			536,786						64
小计			362,448			658,437			220,776			1,241,661						825,368						416,293			1,241,661						66
持作出售贷款和公允价值贷款(a)												30,018															30,018
应收客户												47,625															47,625
总风险敞口-扣除针对衍生品持有的流动证券和其他现金抵押品												$	1,319,304														$	1,319,304
用于信贷组合管理活动的信贷衍生品和与信贷有关的票据(B)(C)			$	(3,311)		$	(28,353)		$	(5,325)		$	(36,989)					$	(28,869)					$	(8,120)		$	(36,989)					78		%

(a)持作出售贷款主要与银团贷款和从保留投资组合转移的贷款有关。

(b)根据美国公认会计原则，这些衍生品不符合对冲会计准则。

(c)名义金额按基础参考实体按净值呈列，所显示的评级概况基于已购买保护的参考实体的评级。公司购买了信用投资组合管理活动中使用的保护而签订的所有信用衍生品主要是与投资级交易对手方执行的。此外，该公司通过发行信贷相关票据获得针对保留贷款组合中某些贷款的信用保护。

(d)保留贷款、贷款相关承诺和衍生应收账款的到期日概况通常基于剩余合同到期日。根据其现金流状况或市场状况的变化，于2024年9月30日处于应收状态的衍生品合同可能会在到期前支付。

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批发信贷风险-行业风险

该公司专注于行业风险的管理和多元化，并特别关注存在实际或潜在信用问题的行业。

被视为受到批评的风险敞口与美国银行监管机构对受到批评的风险敞口的定义一致，其中包括特别提及、不合格和可疑类别。截至2024年9月30日和2023年12月31日，受批评的风险敞口总额（不包括持作出售贷款和公允价值贷款）分别为471亿美元和414亿美元，分别约占批发信贷风险敞口总额的3.7%和3.3%; 的 471亿美元、427亿美元的表现。受到批评的风险敞口的增加主要是由房地产推动的，主要集中在多家庭和办公室，反映了技术和媒体的净评级下调以及持作出售承诺，但部分被消费品和零售品的下降所抵消。

下表按行业总结了公司截至2024年9月30日和2023年12月31日的风险敞口。风险类别的行业通常基于客户或交易对手的主要业务活动。有关行业集中度的更多信息，请参阅摩根大通2023年10-k表格的注释4。

批发信贷风险-行业(a)
																		选定的指标
																		逾期30天或以上并应计贷款			网络 冲销/ （恢复）			信贷衍生品和信贷相关票据(h)			流动证券 和其他针对衍生品持有的现金抵押品 应收账款
									非投资级
截至九个月结束时			信用风险敞口(F)(G)			投资级			无批评			受到批评的表演			被批评表现不佳
2024年9月30日
(in数百万）
房地产			$	208,590		$	143,833		$	51,794		$	11,666		$	1,297		$	660		$	141		$	(606)		$	—
个人和个人实体(b)			140,526			114,207			25,536			261			522			975			114			—			—
消费者和零售业			135,082			66,456			61,790			6,271			565			276			89			(4,362)			—
资产管理公司			129,475			90,452			38,928			91			4			87			2			—			(7,485)
技术、媒体和电信			85,714			46,578			26,629			11,862			645			133			37			(4,860)			—
工业类股			71,677			36,451			31,239			3,701			286			162			76			(2,357)			—
医疗保健			63,259			42,734			17,228			2,690			607			47			39			(3,346)			—
银行和金融公司			62,358			38,251			23,962			139			6			13			—			(813)			(351)
公用事业			38,147			26,322			10,544			1,160			121			2			—			(2,704)			—
州和市政府(c)			36,060			34,185			1,850			15			10			188			—			(4)			(10)
汽车			34,147			22,462			10,888			775			22			53			1			(1,023)			—
Oil & Gas			30,699			18,968			11,521			204			6			—			(2)			(1,835)			(3)
保险			21,449			14,596			6,635			193			25			8			—			(1,118)			(6,951)
化学品和塑料			21,065			10,849			8,810			1,295			111			12			14			(1,208)			—
交通运输			16,851			9,662			6,710			442			37			20			(7)			(558)			—
金属与矿业			16,656			8,174			7,139			1,299			44			—			—			(220)			(7)
中央政府			14,762			14,398			230			134			—			—			—			(1,674)			(1,545)
券商			10,202			4,943			5,255			4			—			93			—			(14)			(2,606)
金融市场基础设施			5,206			4,711			495			—			—			—			—			—			—
所有其他(d)			140,086			118,262			21,248			538			38			98			7			(13,595)			(4,124)
小计			$	1,282,011		$	866,494		$	368,431		$	42,740		$	4,346		$	2,827		$	511		$	(40,297)		$	(23,082)
持作出售贷款和公允价值贷款			37,634
应收客户			53,270
总(e)			$	1,372,915

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(续上一页)
																								选定的指标
																								逾期和应计30天或以上 贷款			网络 冲销/ （恢复）			信贷衍生品和信贷相关票据(h)						流动证券 和其他针对衍生品持有的现金抵押品 应收账款
												非投资级
截至或截至该年度			信用风险敞口(F)(G)						投资级			无批评						受到批评的表演			被批评表现不佳
2023年12月31日
(in数百万）
房地产			$	208,261					$	148,866		$	50,190					$	8,558		$	647		$	717		$	275		$	(574)					$	—
个人和个人实体(b)			145,849						110,673			34,261						334			581			861			10			—						—
消费者和零售业			127,086						60,168			58,606						7,863			449			318			161			(4,204)						—
资产管理公司			129,574						83,857			45,623						90			4			201			1			—						(7,209)
技术、媒体和电信			77,296						40,468			27,094						9,388			346			36			81			(4,287)						—
工业类股			75,092						40,951			30,586						3,419			136			213			31			(2,949)						—
医疗保健			65,025						43,163			18,396						3,005			461			130			17			(3,070)						—
银行和金融公司			57,177						33,881			22,744						545			7			9			277			(511)						(412)
公用事业			36,061						25,242			9,929						765			125			1			(3)			(2,373)						—
州和市政府(c)			35,986						33,561			2,390						27			8			31			—			(4)						—
汽车			33,977						23,152			10,060						640			125			59			—			(653)						—
Oil & Gas			34,475						18,276			16,076						111			12			45			11			(1,927)						(5)
保险			20,501						14,503			5,700						298			—			2			—			(961)						(6,898)
化学品和塑料			20,773						11,353			8,352						916			152			106			2			(1,045)						—
交通运输			16,060						8,865			5,943						1,196			56			23			(26)			(574)						—
金属与矿业			15,508						8,403			6,514						536			55			12			44			(229)						—
中央政府			17,704						17,264			312						127			1			—			—			(3,490)						(2,085)
券商			8,689						4,570			4,118						1			—			—			—			(14)						(2,765)
金融市场基础设施			4,251						4,052			199						—			—			—			—			—						—
所有其他(d)			134,777						115,711			18,618						439			9			21			(2)			(10,124)						(3,087)
小计			$	1,264,122					$	846,979		$	375,711					$	38,258		$	3,174		$	2,785		$	879		$	(36,989)					$	(22,461)
持作出售贷款和公允价值贷款			30,018
应收客户			47,625
总(e)			$	1,341,765

(a)表中列出的截至2023年12月31日的行业排名基于截至2024年9月30日相应风险敞口的行业排名，而不是截至2023年12月31日此类风险敞口的实际排名。

(b)个人和个人实体主要由AWm旗下的全球私人银行客户和CCb旗下的摩根大通财富管理公司组成，并包括对个人投资公司以及个人和遗嘱信托的投资。

(c)除了州和市政府（美国和非美国）的信用风险敞口如上所述，截至2024年9月30日和2023年12月31日，该公司分别持有：57亿美元和59亿美元的交易资产;分别持有182亿美元和214亿美元的ATF证券;以及分别持有94亿美元和99亿美元的美国州和市政府发行的HTm证券。有关更多信息，请参阅注释2和9。

(d)所有其他包括：截至2024年9月30日和2023年12月31日，SPP以及私立教育和民间组织分别约占94%和6%。 有关MBE暴露的更多信息，请参阅注13。

(e)不包括存放在银行的4，260亿美元现金 截至2024年9月30日和2023年12月31日，分别为6，141亿美元，主要存放在各央行，主要是联邦储备银行。

(f)信贷风险敞口扣除风险参与，并不包括信贷投资组合管理活动中使用的信贷衍生品和信贷相关票据的利益，这些票据针对衍生品应收账款或贷款以及流动证券和其他现金抵押品针对衍生品应收账款持有。

(g)信贷风险包括持作出售和公允价值期权选定的贷款相关承诺。

(h)代表通过用于管理信用风险的信用衍生品和信贷相关票据购买和出售的净名义保护金额;这些衍生品不符合美国公认会计原则下的对冲会计资格。所有其他类别包括对某些信用指数购买的信用保护。

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以下是有关该公司某些行业风险的更多详细信息。

房地产

截至2024年9月30日，房地产风险敞口为2086亿美元。受到批评的风险敞口增加了38亿美元，从2023年12月31日的92亿美元增加到2024年9月30日的130亿美元， 主要 由Multifamily和Office驱动，由于降级。

			2024年9月30日
(单位：百万，比率除外)			贷款和贷款相关承诺						衍生工具应收款项						信用风险敞口						投资级%						抽取%(d)
多个家庭(a)			$	125,368					$	42					$	125,410					77		%				91		%
工业			19,252						30						19,282						66						74
办公室			16,875						51						16,926						48						81
其他创收房产(b)			14,750						261						15,011						51						67
服务业和非收入来源			14,484						73						14,557						58						51
零售			12,788						53						12,841						72						69
住宿			4,538						25						4,563						27						55
房地产总风险敞口(c)			$	208,055					$	535					$	208,590					69		%				82		%
			2023年12月31日
(单位：百万，比率除外)			贷款和贷款相关承诺						导数 应收款项						信用风险敞口						投资%- 等级						抽取%(d)
多个家庭(a)			$	121,946					$	21					$	121,967					79		%				90		%
工业			20,254						18						20,272						70						72
办公室			16,462						32						16,494						51						81
其他创收房产(b)			15,542						208						15,750						55						63
服务业和非收入来源			16,145						74						16,219						62						46
零售			12,763						48						12,811						75						73
住宿			4,729						19						4,748						30						48
房地产总风险敞口			$	207,841					$	420					$	208,261					71		%				80		%

(a)多家庭暴露主要发生在加利福尼亚州。

(b)其他创收房产由拥有多元化房产类型或上表所列类别以外的其他房产类型的客户组成。

(c)房地产风险约83%是有担保的;无担保风险主要是投资级，主要针对基础资产普遍多元化的房地产投资信托基金（“REIT”）和房地产运营公司（“REOC”）。

(d)代表提取的风险占信用风险的百分比。

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消费者和零售业

截至2024年9月30日，消费者和零售业风险敞口为1，351亿美元。受净投资组合活动的推动，受批评的风险敞口从2023年12月31日的83亿美元减少到2024年9月30日的68亿美元，部分被净评级下调所抵消。

			2024年9月30日
(单位：百万，比率除外)			贷款和贷款相关承诺						衍生工具应收款项						信用风险敞口						投资级%						抽取%(d)
餐饮服务			$	37,706					$	586					$	38,292					64		%				32		%
企业和消费者服务			36,180						445						36,625						41						38
零售(a)			35,593						475						36,068						51						32
消费品硬品			13,902						228						14,130						45						32
休闲(b)			9,850						117						9,967						22						45
消费者和零售总额(c)			$	133,231					$	1,851					$	135,082					49		%				34		%
			2023年12月31日
(单位：百万，比率除外)			贷款和贷款相关承诺						导数 应收款项						信用风险敞口						投资%- 等级						抽取%(d)
餐饮服务			$	32,256					$	930					$	33,186					57		%				36		%
企业和消费者服务			34,822						392						35,214						42						42
零售(a)			36,042						334						36,376						51						30
消费品硬品			13,169						197						13,366						43						33
休闲(b)			8,784						160						8,944						25						47
消费者和零售总额			$	125,073					$	2,013					$	127,086					47		%				36		%

(a)零售业包括家居装修和专业零售商、餐馆、超市、折扣店和药店、专业服装和百货商店。

(b)休闲活动包括游戏、艺术与文化、旅行服务以及体育与娱乐。截至2024年9月30日，约89%的非投资级Leisure投资组合已获得担保。

(c)消费者和零售风险约为56%;无担保风险约为81%投资级。

(d)代表提取的风险占信用风险的百分比。

Oil & Gas

截至2024年9月30日，石油和天然气风险敞口为307亿美元。受到批评的暴露是 21000万美元 于2024年9月30日和 12300万美元 于2023年12月31日。

			2024年9月30日
(单位：百万，比率除外)			贷款和贷款相关承诺						衍生工具应收款项						信用风险敞口						投资级%						抽取%(c)
勘探与生产（“E & P”）和油田服务			$	14,788					$	387					$	15,175					60		%				28		%
其他石油和天然气(a)			15,378						146						15,524						64						21
石油和天然气总计(b)			$	30,166					$	533					$	30,699					62		%				25		%
			2023年12月31日
(单位：百万，比率除外)			贷款和贷款相关承诺						导数 应收款项						信用风险敞口						投资%- 等级						抽取%(c)
勘探与生产（“E & P”）和油田服务			$	18,121					$	536					$	18,657					51		%				26		%
其他石油和天然气(a)			15,649						169						15,818						55						22
石油和天然气总计			$	33,770					$	705					$	34,475					53		%				25		%

(a)其他石油和天然气包括综合石油和天然气公司、中游/石油管道公司和炼油厂。

(b)石油和天然气风险约34%为有担保，其中约一半是向勘探和生产子行业提供的储备贷款;无担保风险约为72%为投资级。

(c)代表提取的风险占信用风险的百分比。

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贷款

在批发业务中，该公司向各种客户提供贷款，从大型企业和机构客户到高净值个人。有关贷款的进一步讨论，请参阅附注11，包括拖欠、贷款修改和其他信用质量指标的信息。

下表列出了截至2024年9月30日、2024年9月和2023年9月的9个月的非权责发生贷款组合的变化。自2023年9月30日以来，在房地产的推动下，非应计贷款敞口增加了10美元亿，集中在办公、科技、媒体和电信和医疗保健领域，这是评级下调导致的，部分被银行和金融公司的一个名字抵消。

批发非应计项目贷款活动
截至9月30日的9个月， (in数百万）						2024			2023
期初余额						$	2,714		$	2,395
添加						3,937			2,843
削减：
付款和其他						1,381			783
总冲销						640			414
返回到正在执行状态						208			550
销售						60			145
总减排量						2,289			1,892
净变动量						1,648			951
期末余额						$	4,362		$	3,346

下表列出了以下项目的净冲销/回收情况，即总冲销减去回收三个月和九个月结束2024年和2023年9月30日。下表中的数额不包括在非利息收入中确认的非应计贷款的销售损益。

批发净撇账/(回收)
(单位：百万，比率除外)			截至9月30日的三个月里，									截至9月30日的9个月，
			2024			2023						2024			2023
贷款
平均保留贷款			$	674,939		$	667,825					$	668,648		$	639,125
总冲销			211			141						659			435
收集的毛回收额			(53)			(38)						(148)			(84)
净冲销/（收回）			158			103						511			351
净冲销/（回收）率			0.09		%	0.06		%				0.10		%	0.07		%

修改后的批发贷款

截至2024年9月30日的三个月和九个月，批发FD的摊销成本分别为12亿美元和20亿美元，其中分别为32500万美元和57200万美元为非应计贷款风险。截至三个月和九个月的批发FD的摊销成本 2023年9月30日 分别为14亿美元和20亿美元，其中75200万美元 和88400万美元分别为非应计贷款风险。参见备注1 摩根大通2023年10-k表格 和附注11 该表格10-Q 以获取更多信息。

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与贷款有关的承诺

该公司使用与贷款相关的金融工具，如承诺(包括循环信贷安排)和担保，以满足客户的融资需求。这些金融工具的合同金额代表在客户提取这些承诺或当公司履行其在这些担保下的义务，而客户随后未能按照这些合同的条款履行时，可能产生的最大信用风险。历史上，这些承诺和担保中的大多数都是在没有动用或违约的情况下进行再融资、延期、取消或到期的。因此，该公司不认为这些与批发贷款相关的承诺的合同总额代表公司未来预期的信贷敞口或资金需求。有关与批发贷款有关的承诺的进一步信息，请参阅附注22。

客户应收账款

来自客户的应收账款反映向CIB、CCB和AWM的经纪客户提供的为投资而持有的保证金贷款，这些贷款以客户经纪账户中的资产(包括存款现金，以及主要是流动和可随时出售的债务或股权证券)为抵押。为了管理其信用风险，该公司建立了保证金要求，并持续监测所需的保证金水平，并要求客户在适当的时候存入额外的现金或其他抵押品，或减少头寸。受抵押品维持规定规限的贷款活动所产生的信贷风险，一般会因活动的短期性质、所持抵押品的公允价值、公司要求额外保证金的权利，以及当抵押品的公允价值下降时借款人提供额外保证金的义务等因素而减轻。由于这些减轻因素，这些应收款一般不需要信贷损失准备金。然而，如果根据管理层的判断，需要为信贷损失拨备，公司将根据抵押品的价值和借款人违约的可能性来估计预期的信贷损失。这些应收账款在公司综合资产负债表的应计利息和应收账款中报告。

请参阅备注13 摩根大通2023年Form 10-k有关公司信贷损失准备的会计政策的进一步信息。

衍生工具合约

衍生品使客户和交易对手能够管理风险，包括信用风险和利率、外汇、股票和大宗商品价格波动引起的风险。该公司为满足这些需求而进行衍生品交易，并利用衍生品管理与其做市活动的净未平仓风险头寸相关的某些风险，包括衍生工具应收账款产生的交易对手信用风险。该公司还使用衍生品工具来管理自己的信用风险和其他市场风险敞口。对手方的性质和和解机制

衍生工具会影响公司面临的信用风险。对于场外(“场外”)衍生品，公司面临衍生品交易对手的信用风险。对于交易所交易的衍生品(“ETD”)，如期货和期权，以及场外清算(“场外清算”)的衍生品，商行也可以承担相关CCP的信用风险。在可能的情况下，该公司寻求通过使用法律上可强制执行的总净额结算安排和抵押品协议来降低其因衍生品合同而产生的信用风险敞口。该公司受抵押品协议约束的场外衍生品交易(不包括外汇现货交易，由于期限较短，通常不包括在抵押品协议中，以及每日结算的中央清算交易)的百分比约为 2024年9月30日和2023年12月31日均为87%。有关公司使用抵押品协议的更多信息，以及有关衍生品合同、交易对手和结算类型的进一步讨论，请参阅附注4。

截至2024年9月30日和2023年12月31日，综合资产负债表中报告的衍生应收账款的公允价值分别为526亿和549亿。这主要是由於市场波动所致。衍生工具应收账款指衍生工具合约在法律上可强制执行的总净额结算协议及公司持有的相关现金抵押品生效后的公允价值。

此外，公司持有流动证券和其他现金抵押品，当客户的风险敞口的公允价值对公司有利时，这些证券和现金抵押品可以用作证券。就这些目的而言，流动证券的定义与LCR规则中定义的优质流动资产的定义是一致的。

管理层认为，对当前信用风险的适当衡量还应考虑到其他抵押品，这些抵押品通常代表根据LCR规则不符合优质流动资产资格的证券。该等额外抵押品金额对各交易对手的利益须受法律上可强制执行的总净额结算协议所规限，并限于各交易对手的衍生应收账款净额。

该公司还持有客户在交易启动时交付的额外抵押品（主要是现金、G7政府证券、其他流动性政府机构和担保证券以及公司债务和股权证券），以及与非每日通话频率的合同相关的抵押品和公司已同意返还但截至报告日期尚未结算的抵押品。尽管该抵押品不会减少应收账款余额并且未包含在下表中，但它可以作为针对客户衍生品合同的公允价值对公司有利时可能出现的潜在风险的担保。有关公司使用抵押品协议进行衍生品交易的更多信息，请参阅注4。

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下表总结了所示期间的衍生品应收账款净额和内部评级概况。

衍生工具应收款项
(in数百万）			9月30日， 2024			12月31日， 2023
总计，扣除现金抵押品			$	52,561		$	54,864
针对衍生品应收账款持有的流动证券和其他现金抵押品			(23,082)			(22,461)
总计，扣除流动证券和其他现金抵押品			$	29,479		$	32,403
针对衍生品应收账款持有的其他抵押品			(1,258)			(993)
总计，扣除抵押品			$	28,221		$	31,410

衍生品应收账款的评级概况
			2024年9月30日									2023年12月31日
(单位：百万，比率除外)			扣除抵押品后的风险敞口			扣除抵押品后的风险敞口百分比						扣除抵押品后的风险敞口						扣除抵押品后的风险敞口百分比
投资级			$	19,621		70		%				$	24,004					76		%
非投资级			8,600			30						7,406			(a)			24
总			$	28,221		100		%				$	31,410					100		%

信贷组合管理活动

该公司使用信用衍生品有两个主要目的：第一，作为做市商的身份；第二，作为最终用户，管理公司自身与传统贷款活动(贷款和与贷款相关的承诺)相关的信用风险，以及公司批发业务中的衍生品交易对手风险敞口。此外，该公司通过发行与信贷有关的票据，获得对保留的批发投资组合中某些贷款的信用保护。下表提供了有关信贷组合管理活动的信息。

用于信贷组合管理活动的信贷衍生品和与信贷有关的票据
			名义保护额 购买和出售(a)
(in数百万）			9月30日， 2024						12月31日， 2023
用于管理的信用衍生工具和与信用相关的票据：
贷款和与贷款有关的承诺			$	26,214					$	24,157
衍生工具应收款项			14,083						12,832
用于信贷组合管理活动的信贷衍生品和与信贷有关的票据			$	40,297					$	36,989

(a)考虑到公司针对每个标的参考实体或指数买入或卖出的净保护，金额是净额列报的。

请参阅本10-Q表附注4和摩根大通2023年10-K表附注5中的信用衍生品，以了解有关信用衍生品和用于信贷组合管理活动的衍生品的更多信息。

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信贷损失准备

公司的信贷损失准备是管理层对公司金融资产剩余预期寿命内预期信贷损失的估计，以摊销成本和某些与表外贷款有关的承诺衡量。该公司的信贷损失准备金一般包括:

•贷款损失准备，包括公司的留存贷款组合(已评分和风险评级)，并在综合资产负债表中单独列报，

•与贷款有关的承担准备，反映在综合资产负债表上的应付账款和其他负债中；以及

•投资证券的信贷损失准备，反映在综合资产负债表的投资证券中。

关于免税额变化的探讨

截至2024年9月30日的信贷损失拨备为$265亿，反映出净增加了18亿美元自2023年12月31日起。

信贷损失准备金的净增加额包括：

•15亿美元在……里面消费者，反映：

–信用卡服务净增加17美元，原因是贷款增长，反映循环余额增加，包括较新年份的调味，以及某些宏观经济变量的变化，

部分偏移量

–2024年第一季度住房贷款净减少12500美元，以及

•19600美元万在……里面批发，反映：

–净降级活动，主要是房地产，以及将First Republic投资组合纳入该公司2024年第二季度建模信贷损失估计的影响。

部分偏移量

–某些宏观经济的变化贷款和与贷款有关的承付款组合变化的变数和影响.

T该公司保持了对2023年第一季度不利情景的额外重视，以反映与地缘政治和宏观经济环境相关的持续不确定性和下行风险。

该公司的信贷损失拨备是使用五个内部制定的宏观经济情景的加权平均值来估计的。不利情景包含的惩罚性宏观经济因素比下表中提供的核心案例假设更多，导致美国加权平均失业率在2025年第三季度达到5.6%的峰值，美国加权平均实际GDP水平比2025年第四季度末的核心案例低1.9%。

下表列出了该公司在所述期间的核心案例假设：

			中心案例假设 2024年9月30日
			4Q24			2Q25			4Q25
美国失业率(a)			4.5		%	4.6		%	4.4		%
美国实际GDP同比增长(b)			1.6		%	1.6		%	1.9		%
			中心案例假设 2023年12月31日
			2Q24			4Q24			2Q25
美国失业率(a)			4.1		%	4.4		%	4.1		%
美国实际GDP同比增长(b)			1.8		%	0.7		%	1.0		%

(a)反映了预测的美国失业率的季度平均值。

(b)在中央情景的预测期内，美国实际GDP的同比增长是根据美国实际GDP水平与前一年相比的百分比变化来计算的。

该预测和相关估计的后续变化将反映在未来期间的信用损失拨备中。

参考摩根大通2023年表格10-k的注释13和注释10描述了用于确定公司贷款、贷款相关承诺和投资证券信用损失拨备的政策、方法和判断.

有关消费者和批发信贷投资组合的更多信息，请参阅第60-63页的消费信贷投资组合、第64-72页的批发信贷投资组合和注释11。

有关信用损失拨备和相关管理层判断的更多信息，请参阅第84-86页公司使用的关键会计估计。

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信用损失备抵和相关信息
			2024															2023
截至9月30日的九个月里，			消费者，不包括 信用卡			信用卡			批发			总						消费者，不包括 信用卡			信用卡			批发			总
(单位：百万，比率除外)
贷款损失准备
从1月1日开始结存，			$	1,856		$	12,450		$	8,114		$	22,420					$	2,040		$	11,200		$	6,486		$	19,726
会计原则变更的累积影响(a)			—			—			—			—						(489)			(100)			2			(587)
总冲销			971			6,044			659			7,674						809			3,852			435			5,096
收集的毛回收额			(490)			(762)			(148)			(1,400)						(388)			(579)			(84)			(1,051)
净冲销			481			5,282			511			6,274						421			3,273			351			4,045
贷款损失准备金			360			6,932			506			7,798						723			4,073			2,047			6,843
其他			—			—			5			5						1			—			8			9
9月30日结束余额，			$	1,735		$	14,100		$	8,114		$	23,949					$	1,854		$	11,900		$	8,192		$	21,946
与贷款有关的承付款的免税额
从1月1日开始结存，			$	75		$	—		$	1,899		$	1,974					$	76		$	—		$	2,306		$	2,382
贷款相关承诺拨备			6			—			162			168						5			—			(313)			(308)
其他			—			—			—			—						—			—			1			1
9月30日结束余额，			$	81		$	—		$	2,061		$	2,142					$	81		$	—		$	1,994		$	2,075
减值方法
特定资产(b)			$	(756)		$	—		$	499		$	(257)					$	(942)		$	—		$	732		$	(210)
基于投资组合的			2,491			14,100			7,615			24,206						2,796			11,900			7,460			22,156
贷款损失准备总额			$	1,735		$	14,100		$	8,114		$	23,949					$	1,854		$	11,900		$	8,192		$	21,946
减值方法
特定资产			$	—		$	—		$	93		$	93					$	—		$	—		$	61		$	61
基于投资组合的			81			—			1,968			2,049						81			—			1,933			2,014
贷款相关承诺的总备抵			$	81		$	—		$	2,061		$	2,142					$	81		$	—		$	1,994		$	2,075
投资证券备抵总额			NA			NA			NA			$	175					NA			NA			NA			$	117
信贷损失准备总额(c)			$	1,816		$	14,100		$	10,175		$	26,266					$	1,935		$	11,900		$	10,186		$	24,138
备注：
留存贷款，期末			$	377,938		$	219,542		$	687,890		$	1,285,370					$	397,054		$	196,935		$	671,952		$	1,265,941
保留贷款，平均			386,359			210,645			668,648			1,265,652						352,670			187,624			639,125			1,179,419
信用比率
保留贷款的贷款损失备抵			0.46		%	6.42		%	1.18		%	1.86		%				0.47		%	6.04		%	1.22		%	1.73		%
保留非应计贷款的贷款损失备抵(d)			52			NA			231			350						49			NA			282			329
保留的非应计贷款（不包括信用卡）的贷款损失备抵			52			NA			231			144						49			NA			282			151
净冲销/（回收）率			0.17			3.35			0.10			0.66						0.16			2.33			0.07			0.46

(a)代表公司于2023年1月1日采用TLR会计指南变更后对贷款损失拨备的影响。有关更多信息，请参阅摩根大通2023年10-k表格的注释1。

(b)包括抵押品依赖贷款，包括被认为可能丧失抵押品赎回权的贷款，以及非应计风险评级贷款。

(c)截至2024年9月30日和2023年9月30日，除了上表中的信用损失拨备外，该公司还分别为与Cib中的某些应收账款相关的信用损失拨备2.77亿美元和1700万美元。

(d)该公司的政策通常是在监管指南允许的情况下，将信用卡贷款豁免为非应计状态。

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贷款损失备抵的分配

下表按贷款类别列出了贷款损失备抵的细目。有关贷款类别的更多信息，请参阅注11。

			2024年9月30日									2023年12月31日
(单位：百万，比率除外)			贷款损失准备			保留贷款占保留贷款总额的百分比						贷款损失准备			保留贷款占保留贷款总额的百分比
住宅房地产			$	656		24		%				$	817		25		%
汽车和其他			1,079			5						1,039			6
消费者，不包括信用卡			1,735			29						1,856			31
信用卡			14,100			17						12,450			16
总消费额			15,835			46						14,306			47
以房地产为抵押			3,027			13						2,997			13
工商业			3,285			13						3,519			13
其他			1,802			27						1,598			27
总批发			8,114			54						8,114			53
总			$	23,949		100		%				$	22,420		100		%

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投资组合风险管理

投资组合风险是指与投资证券组合或本金投资产生的投资本金损失或预期收益减少有关的风险。投资证券组合主要由财政部和首席信息官持有，与公司的资产负债表和资产负债管理目标有关。本金投资主要是私人持有的金融工具，由LOB和公司管理。投资通常是长期持有的，因此，公司对这些投资的短期实现收益没有预期。

投资证券风险

投资证券风险包括与本金和利息支付违约相关的风险。鉴于财政部和首席信息官持有的投资证券组合主要由高质量证券组成，这种风险得到了缓解。截至2024年9月30日，财政部和首席信息官的投资证券组合，扣除信贷损失准备后，为6,317亿美元，投资组合中证券的平均信用评级为AA+(根据外部评级，如有，则主要基于内部风险评级)。有关投资证券组合及内部风险评级的进一步资料，请参阅第40-42页及附注9的公司分部业绩。有关相关流动性风险的进一步信息，请参阅第50-57页的流动性风险管理。有关投资组合中固有的市场风险的进一步信息，请参阅第77-82页的市场风险管理。

本金投资风险

本金投资通常是代表所有权利益或其他形式的初级资本的私人持有的金融工具。一般来说，本金投资包括以税收为导向的投资，以及为加强或加速公司的业务战略而进行的投资，但不包括那些整合在公司资产负债表上的投资。这些投资是由专门的投资企业进行的，或者是作为更广泛的商业战略的一部分。该公司的主要投资由LOB和公司管理，并反映在各自的财务业绩中。该公司的投资将继续根据市场情况并与其战略举措保持一致，包括公司的环境和社会目标。

下表列出了截至2024年9月30日和2023年12月31日的本金投资组合账面价值合计。

(以十亿计)			2024年9月30日						2023年12月31日
以税收为导向的投资，主要是在替代能源和经济适用房方面(a)			$	33.2					$	28.8
私募股权、各种债务和股权工具以及不动产			9.2						10.5
总账面价值			$	42.4					$	39.3

(a)自2024年1月1日起，该公司通过了对税收抵免结构投资会计指南的更新。有关其他信息，请参阅附注13。

有关该公司投资组合风险管理治理和监督的讨论，请参阅摩根大通2023年10-K表格第134页。

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市场风险管理

市场风险是指与市场因素的变化有关的风险，如利率和外汇汇率、股票和大宗商品价格、信贷利差或隐含波动率，这些因素对短期和长期持有的资产和负债的价值都有影响。有关公司的市场风险管理组织、市场风险衡量、风险监测和控制以及导致市场风险的主要业务活动的讨论，请参阅摩根大通2023年10-K表第135-143页的市场风险管理。

用于衡量市场风险的模型本质上是不精确的，在衡量某些风险或预测损失方面能力有限。当市场状况发生突然或严重的变化时，这种不精确性可能会加剧。有关模型不确定性的更多讨论，请参阅摩根大通2023年10-k表格第154页的估计和模型风险管理。

市场风险管理定期审查公司现有的市场风险衡量标准，以确定增强的机会，并在适当的程度上，随着时间的推移相应地校准这些衡量标准。

风险价值

摩根大通利用风险价值(VaR)这一统计风险衡量指标来估计当前市场环境下不利市场走势可能造成的损失。该公司有一个单一的VaR框架，用作计算风险管理VaR和监管VaR的基础。

该公司的风险管理VaR是在假设一天的持有期和大约95%的置信度的预期尾部损失方法的情况下计算的。出于风险管理的目的，该公司认为，这种方法提供了与LOB和公司做出的风险管理决策密切一致的每日风险衡量标准，并与其他市场风险衡量标准一起，提供了应对风险事件所需的适当信息。该公司根据监管规则(“监管VaR”)单独计算每日合计VaR，用于推导公司根据巴塞尔协议III基于监管VaR的资本要求。

公司的VaR模型计算会根据公司投资组合的变化、市场状况的变化、公司建模技术和测量的改进以及其他因素进行定期评估和改进。这样的变化可能会影响VaR结果的历史比较。有关模型审查和批准的信息，请参阅摩根大通2023年10-k表格第154页的估计和模型风险管理。

有关VaR的进一步信息，包括风险管理VaR和监管VaR之间的主要区别，请参阅JPMorgan Chase 2023 Form 10-k的第137页。请参考摩根大通的巴塞尔III支柱3监管资本披露报告，该报告可在摩根大通的网站上获得， f或关于监管VaR和公司市场风险监管资本的其他组成部分的其他信息(例如，基于VaR的衡量标准、强调的基于VaR的衡量标准和各自的回测)。请参阅上的其他风险措施第140-143页 的 摩根大通2023年10-K表格有关该公司使用的非统计市场风险衡量标准的进一步信息。

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The table below shows the results of the Firm’s Risk Management VaR measure using a 95% confidence level. VaR can vary significantly as positions change, market volatility fluctuates, and diversification benefits change.

Total VaR
						Three months ended
						September 30, 2024																					June 30, 2024																					September 30, 2023
(in millions)						Avg.						Min						Max									Avg.						Min						Max									Avg.						Min						Max
CIB trading VaR by risk type(a)
Fixed income						$	37					$	28					$	53								$	31					$	26					$	37								$	49					$	34					$	63
Foreign exchange						15						12						21									18						15						23									17						9						26
Equities						8						5						15									7						5						11									7						5						11
Commodities and other						8						6						9									9						7						11									10						8						13
Diversification benefit to CIB trading VaR(b)						(33)						NM						NM									(32)						NM						NM									(48)						NM						NM
CIB trading VaR						35						31						42									33						28						37									35						27						44
Credit Portfolio VaR(c)						21						18						23									21						18						25									15						12						18
Diversification benefit to CIB VaR(b)						(14)						NM						NM									(16)						NM						NM									(12)						NM						NM
CIB VaR						42						34						51									38						33						43									38						30						47
CCB VaR						4						2						6									2						1						4									5						2						9
AWM VaR(d)						9						8						9									8						7						9									NM						NM						NM
Corporate VaR(d)(e)						25						9						43									48						7						102									11						9						13
Diversification benefit to other VaR(b)						(13)						NM						NM									(9)						NM						NM									(4)						NM						NM
Other VaR						25						10						42									49						10						101									12						9						15
Diversification benefit to CIB and other VaR(b)						(22)						NM						NM									(31)						NM						NM									(9)						NM						NM
Total VaR						$	45					$	38					$	56								$	56					$	39					$	91								$	41					$	32					$	52

(a)The impact of the business segment reorganization in the second quarter of 2024 was not material to Total CIB VaR. Prior periods have not been revised. Refer to Business Segment Results on pages 20-21 for additional information.

(b)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across LOBs, Corporate, and risk types. For maximum and minimum VaR, diversification benefit is not meaningful as the maximum and minimum VaR for each portfolio may have occurred on different trading days than the components.

(c)Includes the derivative CVA, hedges of the CVA and credit protection purchased against certain retained loans and lending-related commitments, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value. In line with the Firm's internal model governance, the credit risk component of CVA related to certain counterparties was removed from Credit Portfolio VaR due to the widening of the credit spreads for those counterparties to elevated levels. The related hedges were also removed to maintain consistency. This exposure is now reflected in other sensitivity-based measures.

(d)In the second quarter of 2024, the presentation of Corporate and other LOB VaR was updated to disaggregate AWM VaR due to the increase associated with credit protection purchased against certain retained loans and lending-related commitments. The VaR does not include the retained loan portfolio, which is not reported at fair value.

(e)Includes a legacy private equity position which is publicly traded, as well as Visa C shares which the Firm disposed of in the second and third quarters of 2024. Refer to Consolidated Results of Operations on pages 9–14 for additional information.

Quarter over quarter results

Average total VaR for the three months ended September 30, 2024 decreased by $11 million, when compared with June 30, 2024, driven by decreases in Visa C share exposure in Corporate VaR, partially offset by increased risk exposure in fixed income.

Year over year results

Average total VaR for the three months ended September 30, 2024 increased by $4 million, compared with the same period in the prior year primarily due to increases associated with credit protection purchased against certain retained loans and lending-related commitments within Credit Portfolio VaR and AWM VaR, as well as the impact of Visa C shares to Corporate VaR, largely offset by volatility rolling out of the one-year historical look-back period impacting fixed income.

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The following graph presents daily Risk Management VaR for the five trailing quarters. The increase in VaR and subsequent decline observed in the second quarter of 2024 was primarily driven by changes in Visa C share exposure in the Firm's Corporate VaR.

Daily Risk Management VaR

Third Quarter 2023

Fourth Quarter 2023

First Quarter 2023

Second Quarter 2024

Third Quarter 2024

VaR backtesting

The Firm performs daily VaR model backtesting, which compares the daily Risk Management VaR results with the daily gains and losses that are utilized for VaR backtesting purposes. The gains and losses depicted in the chart below do not reflect the Firm’s reported revenue as they exclude certain components of total net revenue, such as those associated with the execution of new transactions (i.e., intraday client-driven trading and intraday risk management activities), fees, commissions, other valuation adjustments and net interest income. These excluded components of total net revenue may more than offset the backtesting gain or loss on a particular day. The definition of backtesting gains and losses above is consistent with the requirements for backtesting under Basel III capital rules.

A backtesting exception occurs when the daily backtesting loss exceeds the daily Risk Management VaR for the prior day. Under the Firm’s Risk Management VaR methodology, assuming current changes in market values are consistent with the historical changes used in the simulation, the Firm would expect to incur VaR backtesting exceptions five times every 100 trading days on average. The number of VaR backtesting exceptions observed can differ from the statistically expected number of backtesting exceptions if the current level of market volatility is materially different from the level of market volatility during the 12 months of historical data used in the VaR calculation.

For the 12 months ended September 30, 2024, the Firm posted backtesting gains on 162 of the 259 days, and observed 13 VaR backtesting exceptions. For the three months ended September 30, 2024, the Firm posted backtesting gains on 46 of the 66 days, and did not observe any VaR backtesting exceptions.

The following chart presents the distribution of Firmwide daily backtesting gains and losses for the trailing 12 months and three months ended September 30, 2024. The daily backtesting losses are displayed as a percentage of the corresponding daily Risk Management VaR. The count of days with backtesting losses are shown in aggregate, in fifty percentage point intervals. Backtesting exceptions are displayed within the intervals that are greater than one hundred percent. The results in the chart below differ from the results of backtesting disclosed in the Market Risk section of the Firm’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are based on Regulatory VaR applied to the Firm’s covered positions.

Distribution of Daily Backtesting Gains and Losses

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Structural interest rate risk management

The effect of interest rate exposure on the Firm’s reported net income is important as interest rate risk represents one of the Firm’s significant market risks. Interest rate risk arises not only from trading activities which are included in VaR, but also from the Firm’s traditional banking activities, which include extension of loans and credit facilities, taking deposits, issuing debt, as well as the investment securities portfolio, and associated derivative instruments.

Refer to the table on page 136 of JPMorgan Chase’s 2023 Form 10-K for a summary by LOB and Corporate identifying positions included in earnings-at-risk.

Earnings-at-Risk

One way that the Firm evaluates its structural interest rate risk is through earnings-at-risk. Earnings-at-risk estimates the Firm’s interest rate exposure for a given interest rate scenario. It is presented as a sensitivity to a baseline, which includes net interest income and certain interest rate sensitive fees. The baseline uses market interest rates and, in the case of deposits, pricing assumptions. The Firm conducts simulations of changes to this baseline for interest rate-sensitive assets and liabilities denominated in U.S. dollars and other currencies (“non-U.S. dollar” currencies). These simulations primarily include retained loans, deposits, deposits with banks, investment securities, long-term debt and any related interest rate hedges, and funds transfer pricing of other positions in risk management VaR and other sensitivity-based measures as described on page 136 of JPMorgan Chase’s 2023 Form 10-K. These simulations exclude hedges of exposure from non-U.S. dollar foreign exchange risk arising from the Firm’s capital investments. The inclusion of the hedges in these simulations would increase U.S. dollar sensitivities and decrease non-U.S. dollar sensitivities. Refer to non-U.S. dollar foreign exchange risk on page 143 of JPMorgan Chase’s 2023 Form 10-K for more information.

Earnings-at-risk scenarios estimate the potential change to a net interest income baseline, over the following 12 months utilizing multiple assumptions. These scenarios include a parallel shift involving changes to both short-term and long-term rates by an equal amount; a steeper yield curve involving holding short-term rates constant and increasing long-term rates; and a flatter yield curve involving increasing short-term rates and holding long-term rates constant or holding short-term rates constant and decreasing long-term rates. These scenarios consider many different factors, including:

•The impact on exposures as a result of instantaneous changes in interest rates from baseline rates.

•Forecasted balance sheet, as well as modeled prepayment and reinvestment behavior, but excluding assumptions about actions that could be taken by the Firm or its clients and customers in response to instantaneous rate changes. Mortgage prepayment assumptions are based on the interest rates used in the scenarios compared with underlying contractual rates, the time since origination, and other factors which are updated periodically based on historical experience. Deposit forecasts are a key assumption in the Firm's earnings-at-risk. The baseline reflects certain assumptions relating to the reversal of Quantitative Easing that are highly uncertain and require management judgment. Therefore, the actual amount of deposits held by the Firm, at any particular time, could be impacted by actions the Federal Reserve may take as part of monetary policy, including through the use of the Reverse Repurchase Facility. In addition, there are other factors that impact the amount of deposits held at the Firm such as the level of loans across the industry and competition for deposits.

•The pricing sensitivity of deposits, known as deposit betas, represent the amount by which deposit rates paid could change upon a given change in market interest rates. Actual deposit rates paid may differ from the modeled assumptions, primarily due to customer behavior and competition for deposits.

The Firm performs sensitivity analyses of the assumptions used in earnings-at-risk scenarios, including with respect to deposit betas and forecasts of deposit balances, both of which are especially significant in the case of consumer deposits. The results of these sensitivity analyses are reported to the CTC Risk Committee and the Board Risk Committee.

The Firm’s earnings-at-risk scenarios are periodically evaluated and enhanced in response to changes in the composition of the Firm’s balance sheet, changes in market conditions, improvements in the Firm’s simulation and other factors. In the second quarter of 2024, the Firm updated certain deposit rates paid assumptions which take into account observed pricing and client and customer behavior during the most recent economic cycle. These updated deposit rates paid assumptions impacted the U.S. dollar scenarios, resulting in an increase in positive sensitivity in higher interest rate scenarios, and an increase in negative sensitivity in lower interest rate scenarios. While a relevant measure of the Firm’s interest rate exposure, the earnings-at-risk analysis does not represent a forecast of the Firm’s net interest income (Refer to Outlook on page 8 for additional information).

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The Firm’s U.S. dollar and non-U.S. dollar sensitivities are presented in the table below.

(In billions)			September 30, 2024						December 31, 2023
U.S. dollar:
Parallel shift: (a)
+100 bps shift in rates			$	2.1					$	2.4
-100 bps shift in rates			(2.1)						(2.1)
+200 bps shift in rates			4.5						4.8
-200 bps shift in rates			(4.8)						(4.6)
Steeper yield curve:
+100 bps shift in long-term rates			1.5						0.6
-100 bps shift in short-term rates			(0.7)						(1.5)
Flatter yield curve:
+100 bps shift in short-term rates			0.6						1.8
-100 bps shift in long-term rates			(1.4)						(0.5)
Non-U.S. dollar:
Parallel shift: (a)
+100 bps shift in rates			$	0.7					$	0.7
-100 bps shift in rates			(0.8)						(0.7)

(a)Reflects the simultaneous shift of U.S. dollar and non-U.S. dollar rates.

The change in the Firm’s U.S. dollar sensitivities as of September 30, 2024 compared to December 31, 2023, reflected the impact of changes in the Firm’s actual and forecasted balance sheet and the update in the second quarter of 2024 of the deposit rates paid assumptions for certain consumer and wholesale deposit products based upon observed pricing and client and customer behavior during the most recent economic cycle. In the absence of this update, the Firm’s U.S. dollar sensitivities as of September 30, 2024, would have been lower by approximately $1.0 billion and $1.9 billion to the +100 basis points and +200 basis points shifts, respectively, in short-term and parallel rate scenarios and higher by approximately $900 million and $1.5 billion to the -100 basis points and -200 basis points shifts, respectively, in short-term and parallel rate scenarios.

Economic Value Sensitivity

In addition to earnings-at-risk, which is measured as a sensitivity to a baseline of earnings over the next 12 months, the Firm also measures Economic Value Sensitivity (“EVS”). EVS stress tests the longer-term economic value of equity by measuring the sensitivity of the Firm’s current balance sheet, primarily retained loans, deposits, debt and investment securities as well as related hedges, under various interest rate scenarios. The Firm's pricing and cash flow assumptions associated with deposits, as well as prepayment assumptions for loans and securities, are significant factors in the EVS measure. In accordance with the CTC interest rate risk management policy, the Firm has established limits on EVS as a percentage of TCE.

Certain assumptions used in the EVS measure may differ from those required in the fair value disclosure. For example, certain assets and liabilities with no stated maturity, such as credit card receivables and deposits, have longer assumed durations in the EVS measure. Additional information on long-term debt and held to maturity investment securities is disclosed on page 110 in Note 2 financial instruments that are not carried at fair value on the Consolidated balance sheets.

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Other sensitivity-based measures

The Firm quantifies the market risk of certain debt and equity and credit and funding-related exposures by assessing the potential impact on net revenue, other comprehensive income (“OCI”) and noninterest expense due to changes in relevant market variables. Refer to the predominant business activities that give rise to market risk on page 136 of JPMorgan Chase’s 2023 Form 10-K for additional information on the positions captured in other sensitivity-based measures.

The table below represents the potential impact to net revenue, OCI or noninterest expense for market risk-sensitive instruments that are not included in VaR or earnings-at-risk. Where appropriate, instruments used for hedging purposes are reported net of the positions being hedged. The sensitivities disclosed in the table below may not be representative of the actual gain or loss that would have been realized at September 30, 2024 and December 31, 2023, as the movement in market parameters across maturities may vary and are not intended to imply management’s expectation of future changes in these sensitivities.

Gain/(loss) (in millions)

September 30, 2024

December 31, 2023

Activity

Description

Sensitivity measure

Debt and equity(a)

Asset Management activities

Consists of seed capital and related hedges; fund co-investments(c); and certain deferred compensation and related hedges(d)

10% decline in market value

$

(60)

$

(61)

Other debt and equity

Consists of certain real estate-related fair value option elected loans, privately held equity and other investments held at fair value(c)

10% decline in market value

(1,007)

(1,044)

Credit- and funding-related exposures

Non-USD LTD cross-currency basis

Represents the basis risk on derivatives used to hedge the foreign exchange risk on the non-USD LTD(e)

1 basis point parallel tightening of cross currency basis

(12)

(12)

Non-USD LTD hedges foreign currency (“FX”) exposure

Primarily represents the foreign exchange revaluation on the fair value of the derivative hedges(e)

10% depreciation of currency

21

16

Derivatives – funding spread risk

Impact of changes in the spread related to derivatives FVA(c)

1 basis point parallel increase in spread

(2)

(3)

CVA - counterparty credit risk(b)

Credit risk component of CVA and associated hedges

10% credit spread widening

—

—

Fair value option elected liabilities – funding spread risk

Impact of changes in the spread related to fair value option elected liabilities DVA(e)

1 basis point parallel increase in spread

47

46

Fair value option elected liabilities – interest rate sensitivity

Interest rate sensitivity on fair value option elected liabilities resulting from a change in the Firm’s own credit spread(e)

1 basis point parallel increase in spread

—

—

Interest rate sensitivity related to risk management of changes in the Firm’s own credit spread on the fair value option elected liabilities noted above(c)

1 basis point parallel increase in spread

—

—

(a)Excludes equity securities without readily determinable fair values that are measured under the measurement alternative. Refer to Note 2 for additional information.

(b)In line with the Firm's internal model governance, the credit risk component of CVA related to certain counterparties was removed from Credit Portfolio VaR due to the widening of the credit spreads for those counterparties to elevated levels. The related hedges were also removed to maintain consistency. This exposure is now reflected in other sensitivity-based measures.

(c)Impact recognized through net revenue.

(d)Impact recognized through noninterest expense.

(e)Impact recognized through OCI.

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COUNTRY RISK MANAGEMENT

The Firm, through its LOBs and Corporate, may be exposed to country risk resulting from financial, economic, political or other significant developments which adversely affect the value of the Firm’s exposures related to a particular country or set of countries. The Country Risk Management group actively monitors the various portfolios which may be impacted by these developments and measures the extent to which the Firm’s exposures are diversified given the Firm’s strategy and risk tolerance relative to a country.

Refer to pages 144–145 of JPMorgan Chase’s 2023 Form 10-K for a further discussion of the Firm’s country risk management.

Risk Reporting

The following table presents the Firm’s top 20 exposures by country (excluding the U.S.) as of September 30, 2024 and their comparative exposures as of December 31, 2023. The top 20 country exposures represent the Firm’s largest total exposures by individual country. Country exposures may fluctuate from period to period due to a variety of factors, including client activity, market flows and liquidity management activities undertaken by the Firm.

The increase in exposure to Germany when compared to December 31, 2023, was predominantly driven by an increase in cash placed with the central bank of Germany due to higher client deposits and client-driven market-making activities.

The Firm continues to monitor its exposure to Russia, which corresponds to cash placed with the central bank, but which excludes deposits placed on behalf of clients at the Deposit Insurance Agency of Russia. The Firm currently believes that its remaining exposure to Russia is not material. Refer to Note 24 on pages 181–182 for information concerning Russian litigation.

Top 20 country exposures (excluding the U.S.)(a)
(in billions)			September 30, 2024																		December 31, 2023(f)
			Deposits with banks(b)			Lending(c)			Trading and investing(d)			Other(e)			Total exposure						Total exposure
Germany			$	92.0		$	12.4		$	6.7		$	0.9		$	112.0					$	84.8
United Kingdom			26.8			22.8			34.5			2.0			86.1						77.1
Japan			35.1			3.1			6.6			0.5			45.3						36.0
Australia			9.1			7.6			3.6			—			20.3						18.3
France			0.5			12.3			4.5			0.8			18.1						10.1
Canada			2.3			10.9			4.1			0.2			17.5						16.0
Brazil			5.2			4.2			7.4			—			16.8						16.7
Switzerland			6.3			4.4			0.9			2.8			14.4						10.9
China			3.7			5.7			4.1			—			13.5						14.0
India			1.1			5.2			5.8			1.2			13.3						9.7
South Korea			1.1			3.4			8.3			0.3			13.1						7.8
Saudi Arabia			0.9			5.4			3.2			—			9.5						7.7
Italy			0.1			8.6			0.1			0.3			9.1						6.0
Singapore			1.4			1.9			4.7			0.6			8.6						9.8
Spain			0.3			5.6			2.3			—			8.2						6.3
Belgium			5.0			2.5			(0.4)			—			7.1						8.0
Mexico			0.8			3.7			1.5			—			6.0						8.2
Netherlands			0.1			5.4			(0.8)			0.2			4.9						5.6
Hong Kong SAR			2.7			0.7			0.9			0.2			4.5						3.6
Luxembourg			1.0			2.4			0.9			—			4.3						4.0

(a)Country exposures presented in the table reflect 90% and 88% of total Firmwide non-U.S. exposure, where exposure is attributed to an individual country based on the Firm’s internal country risk management approach, at September 30, 2024 and December 31, 2023, respectively.

(b)Predominantly represents cash placed with central banks.

(c)Includes loans and accrued interest receivable, lending-related commitments (net of eligible collateral and the allowance for credit losses). Excludes intra-day and operating exposures, such as those from settlement and clearing activities.

(d)Includes market-making positions and hedging, investment securities, and counterparty exposure on derivative and securities financings net of eligible collateral. Market-making positions and hedging includes exposure from single reference entity (“single-name”), index and other multiple reference entity transactions for which one or more of the underlying reference entities is in a country listed in the above table.

(e)Includes physical commodities inventory and clearing house guarantee funds.

(f)The country rankings presented in the table as of December 31, 2023, are based on the country rankings of the corresponding exposures at September 30, 2024, not actual rankings of such exposures at December 31, 2023.

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CRITICAL ACCOUNTING ESTIMATES USED BY THE FIRM

JPMorgan Chase’s accounting policies and use of estimates are integral to understanding its reported results. The Firm’s most complex accounting estimates require management’s judgment to ascertain the appropriate carrying value of assets and liabilities. The Firm has established policies and control procedures intended to ensure that estimation methods, including any judgments made as part of such methods, are well-controlled, independently reviewed and applied consistently from period to period. The methods used and judgments made reflect, among other factors, the nature of the assets or liabilities and the related business and risk management strategies, which may vary across the Firm’s businesses and portfolios. In addition, the policies and procedures are intended to ensure that the process for changing methodologies occurs in an appropriate manner. The Firm believes its estimates for determining the carrying value of its assets and liabilities are appropriate. The following is a brief description of the Firm’s critical accounting estimates involving significant judgments.

Allowance for credit losses

The Firm’s allowance for credit losses represents management’s estimate of expected credit losses over the remaining expected life of the Firm’s financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The allowance for credit losses generally comprises:

•The allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated),

•The allowance for lending-related commitments, and

•The allowance for credit losses on investment securities.

The allowance for credit losses involves significant judgment on a number of matters including development and weighting of macroeconomic forecasts, incorporation of historical loss experience, assessment of risk characteristics, assignment of risk ratings, valuation of collateral, and the determination of remaining expected life. Refer to Note 10 and Note 13 of JPMorgan Chase's 2023 Form 10-K for further information on these judgments as well as the Firm’s policies and methodologies used to determine the Firm’s allowance for credit losses, and Allowance for credit losses on pages 73-75 and Note 12 of this Form 10-Q for further information.

One of the most significant judgments involved in estimating the Firm’s allowance for credit losses relates to the macroeconomic forecasts used to estimate credit losses over the eight-quarter forecast period within the Firm’s methodology. The eight-quarter forecast incorporates hundreds of macroeconomic variables ("MEVs") that are relevant for exposures across the Firm, with modeled credit losses being driven primarily by a subset of less than twenty variables. The specific variables that have the greatest effect on the modeled losses vary by portfolio and geography.

•Key MEVs for the consumer portfolio include regional U.S. unemployment rates and U.S. HPI.

•Key MEVs for the wholesale portfolio include U.S. unemployment, U.S. real GDP, U.S. equity prices, U.S. interest rates, U.S. corporate credit spreads, oil prices, U.S. commercial real estate prices and U.S. HPI.

Changes in the Firm’s assumptions and forecasts of economic conditions could significantly affect its estimate of expected credit losses in the portfolio at the balance sheet date or lead to significant changes in the estimate from one reporting period to the next.

As a result of the First Republic acquisition, the Firm recorded an allowance for credit losses for the loans acquired and lending-related commitments assumed as of May 1, 2023. Due to differences in risk rating methodologies for the First Republic portfolio and the ongoing integration of products and systems, the allowance for credit losses for the acquired wholesale portfolio was initially measured based on similar risk characteristics from other facilities underwritten by the Firm. Starting in the second quarter of 2024, the acquired portfolio was incorporated into the Firm's modeled credit loss estimates and is now reflected in the wholesale sensitivity analysis below. Refer to Note 26 for additional information on the First Republic acquisition.

It is difficult to estimate how potential changes in any one factor or input might affect the overall allowance for credit losses because management considers a wide variety of factors and inputs in estimating the allowance for credit losses. Changes in the factors and inputs considered may not occur at the same rate and may not be consistent across all geographies or product types, and changes in factors and inputs may be directionally inconsistent, such that improvement in one factor or input may offset deterioration in others.

To consider the impact of a hypothetical alternate macroeconomic forecast, the Firm compared the modeled credit losses determined using its central and relative adverse macroeconomic scenarios, which are two of the five scenarios considered in estimating the allowances for loan losses and lending-related commitments. The central and relative adverse scenarios each included a full suite of MEVs, but differed in the levels, paths and peaks/troughs of those variables over the eight-quarter forecast period.

For example, compared to the Firm’s central scenario shown on page 73 and in Note 12, the Firm’s relative adverse scenario assumes an elevated U.S. unemployment rate, averaging approximately 1.9% higher over the eight-quarter forecast, with a peak difference of approximately 2.7% in the third quarter of 2025.

This analysis is not intended to estimate expected future changes in the allowance for credit losses, for a number of reasons, including:

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•The allowance as of September 30, 2024, reflects credit losses beyond those estimated under the central scenario due to the weight placed on the adverse scenarios.

•The impacts of changes in many MEVs are both interrelated and nonlinear, so the results of this analysis cannot be simply extrapolated for more severe changes in macroeconomic variables.

•Expectations of future changes in portfolio composition and borrower behavior can significantly affect the allowance for credit losses.

To demonstrate the sensitivity of credit loss estimates to macroeconomic forecasts as of September 30, 2024, the Firm compared the modeled estimates under its relative adverse scenario to its central scenario. Without considering offsetting or correlated effects in other qualitative components of the Firm’s allowance for credit losses, the comparison between these two scenarios for the exposures below reflect the following differences:

•An increase of approximately $850 million for residential real estate loans and lending-related commitments

•An increase of approximately $3.6 billion for credit card loans

▪An increase of approximately $4.2 billion for wholesale loans and lending-related commitments

This analysis relates only to the modeled credit loss estimates and is not intended to estimate changes in the overall allowance for credit losses as it does not reflect any potential changes in other adjustments to the quantitative calculation, which would also be influenced by the judgment management applies to the modeled lifetime loss estimates to reflect the uncertainty and imprecision of these modeled lifetime loss estimates based on then-current circumstances and conditions.

Recognizing that forecasts of macroeconomic conditions are inherently uncertain, the Firm believes that its process to consider the available information and associated risks and uncertainties is appropriately governed and that its estimates of expected credit losses were reasonable and appropriate for the period ended September 30, 2024.

Fair value

JPMorgan Chase carries a portion of its assets and liabilities at fair value. The majority of such assets and liabilities are measured at fair value on a recurring basis, including derivatives, structured note products and certain securities financing agreements. Certain assets and liabilities are measured at fair value on a nonrecurring basis, including certain mortgage, home equity and other loans, where the carrying value is based on the fair value of the underlying collateral.

Assets measured at fair value

The following table includes the Firm’s assets measured at fair value and the portion of such assets that are classified within level 3 of the fair value hierarchy. Refer to Note 2 for further information.

September 30, 2024 (in millions, except ratios)			Total assets at fair value									Total level 3 assets
Federal funds sold and securities purchased under resale agreements			$	368,964								$	—
Securities borrowed			107,599									—
Trading assets:
Trading–debt and equity instruments			734,928									2,437
Derivative receivables(a)			52,561									10,710
Total trading assets			787,489									13,147
AFS securities			334,548									—
Loans			42,137									2,487
MSRs			8,753									8,753
Other			13,367									1,186
Total assets measured at fair value on a recurring basis			1,662,857									25,573
Total assets measured at fair value on a nonrecurring basis			2,512									1,841
Total assets measured at fair value			$	1,665,369								$	27,414
Total Firm assets			$	4,210,048
Level 3 assets at fair value as a percentage of total Firm assets(a)												1		%
Level 3 assets at fair value as a percentage of total Firm assets at fair value(a)												2		%

(a)For purposes of the table above, the derivative receivables total reflects the impact of netting adjustments; however, the $10.7 billion of derivative receivables classified as level 3 does not reflect the netting adjustment as such netting is not relevant to a presentation based on the transparency of inputs to the valuation of an asset. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.

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估值

估计公允价值需要运用判断。所需判断的类型和水平在很大程度上取决于公司可获得的可观察市场信息的数量。对于使用内部开发的估值模型和其他估值技术进行估值的工具，这些工具使用重大不可观察的投入，因此被归类为公允价值等级的第三级，用于估计公允价值的判断比在估计归类为第一级和第二级的工具的公允价值时所要求的判断更重要。

在对第3级以内的工具作出公允价值估计时，管理层必须首先确定要使用的适当估值模型或其他估值技术。其次，由于某些重大投入缺乏可观察性，管理层在得出估值投入时需要评估相关的经验数据，例如，交易细节、收益率曲线、利率、提前还款速度、违约率、波动性、相关性、价格(如商品、股票或债务价格)、可比工具的估值、汇率和信用曲线。请参阅附注2，进一步讨论3级工具的估值，包括所使用的不可观察到的投入。

对于分类为2级和3级的工具，必须应用管理判断来评估适当的估值调整水平，以反映交易对手的信用质量、公司的信誉、市场融资利率、流动性考虑因素、不可观察到的参数，以及对于符合特定标准的投资组合，即净未平仓风险头寸的大小。作出的判断通常受产品类型及其具体合同条款以及产品或整个市场的流动性水平的影响。在市场波动和不确定性加剧的时期，合理估值估计的更大差异进一步影响了判断，特别是对流动性较差的头寸。有关公司所作估值调整的进一步讨论，请参阅附注2。

估计不可观察到的市场投入或其他因素的不准确可能会影响特定头寸的损益。此外，尽管该公司认为其估值方法是适当的，并与其他市场参与者的估值方法一致，但所使用的方法和假设反映了管理层的判断，可能会因公司的业务和投资组合而异。

该公司在确定公允价值时使用了各种方法和假设。使用与公司使用的方法或假设不同的方法或假设可能会导致在报告日期对公允价值的不同估计。请参阅附注2，以详细讨论公司的估值程序和等级，以及为个别金融工具厘定公允价值。

信用卡奖励责任

截至2024年9月30日和2023年12月31日，信用卡奖励负债分别为143亿和132亿，并记入综合资产负债表上的应付账款和其他负债。有关与摩根大通信用卡奖励责任相关的重大假设和敏感性的描述，请参阅摩根大通2023年10-K表格的第157-158页。

所得税

有关与所得税会计相关的重要假设、判断和解释的说明，请参阅摩根大通2023年10-K报表第158页的所得税。

商誉减值

管理层在测试商誉减值时适用重大判断。有关与商誉减值相关的重大估值判断的说明，请参阅摩根大通2023年10-k表格第157页的商誉减值。

有关商誉的其他资料，包括截至2024年9月30日的商誉减值评估，请参阅附注14。

诉讼准备金

请参阅本表格10-Q的附注24，并注明30有关与建立诉讼准备金相关的重大估计和判决的说明，请参阅摩根大通2023年的Form 10-k。

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会计和报告学生

自2024年1月1日起采用的财务会计准则
标准			指导意见摘要						对财务报表的影响
公允价值计量：受合同销售限制的股权证券的公允价值计量 2022年6月发布			•澄清合同销售限制不被视为股权担保会计单位的一部分，因此在计量公允价值时不考虑。 •要求披露受合同销售限制的股权证券投资，包括：1)这些投资的公允价值，2)限制的性质和剩余期限(S)，3)可能导致限制失效的情况(S)。						•于2024年1月1日前瞻性采用，不影响公司的合并财务报表。
投资-权益法和合资企业：使用比例摊销法核算税收抵免结构中的投资 2023年3月发布			•扩展了在逐个计划的基础上选择按比例摊销的能力，用于其他类型的税收导向型投资(超出负担得起的住房税收抵免投资)。 •可采用完全追溯法或修正追溯法，其中采用的效果反映为对生效日期留存收益的调整。						•根据修改后的追溯法于2024年1月1日通过。 •有关详细信息，请参阅注1。
已发布但尚未采用的财务会计准则
标准			指导意见摘要						对财务报表的影响
分部报告：对可报告分部披露的改进 2023年11月发布			•要求披露随时提供给首席运营决策者(“CODM”)并计入分部损益的重大分部支出。 •要求披露其他分部项目的构成和总额，代表损益和分部收入之间的差额，分部费用较少。 •要求披露CODM的名称和职位，并解释CODM如何使用报告的分部衡量标准来评估分部业绩和决定如何分配资源。						•要求的生效日期：截至2024年12月31日的年度财务报表和此后的中期财务报表。(a) •该公司目前正在评估对其部门披露的潜在影响。
所得税：所得税披露的改进 2023年12月发布			•要求披露已缴纳的所得税，按1)联邦、州和外国税收分类，以及2)根据等于或大于已缴纳所得税总额5%(扣除退款后的净额)的数量门槛对个人管辖范围进行分类。 •要求至少按特定类别披露有效税率调节，并附带定性披露，并根据数量阈值单独披露调节项目。 •如果达到数量门槛，则需要进一步细分有效税率调节中的类别。						•规定生效日期：截至2025年12月31日的年度财务报表。(a) •该指南可以在前瞻性的基础上应用，并可以选择追溯适用该标准。 •该公司正在评估对合并财务报表披露的潜在影响，以及公司计划采用的日期。

(a) Early adoption is permitted.

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FORWARD-LOOKING STATEMENTS

From time to time, the Firm has made and will make forward-looking statements. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipate,” “target,” “expect,” “estimate,” “intend,” “plan,” “goal,” “believe,” or other words of similar meaning. Forward-looking statements provide JPMorgan Chase’s current expectations or forecasts of future events, circumstances, results or aspirations. JPMorgan Chase’s disclosures in this Form 10-Q contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Firm also may make forward-looking statements in its other documents filed or furnished with the SEC. In addition, the Firm’s senior management may make forward-looking statements orally to investors, analysts, representatives of the media and others.

All forward-looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Firm’s control. JPMorgan Chase’s actual future results may differ materially from those set forth in its forward-looking statements. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ from those in the forward-looking statements:

•Local, regional and global business, economic and political conditions and geopolitical events, including geopolitical tensions and hostilities;

•Changes in laws, rules and regulatory requirements, including capital and liquidity requirements affecting the Firm’s businesses, and the ability of the Firm to address those requirements;

•Heightened regulatory and governmental oversight and scrutiny of JPMorgan Chase’s business practices, including dealings with retail customers;

•Changes in trade, monetary and fiscal policies and laws;

•Changes in the level of inflation;

•Changes in income tax laws, rules and regulations;

•Changes in FDIC assessments;

•Securities and capital markets behavior, including changes in market liquidity and volatility;

•Changes in investor sentiment or consumer spending or savings behavior;

•Ability of the Firm to manage effectively its capital and liquidity;

•Changes in credit ratings assigned to the Firm or its subsidiaries;

•Damage to the Firm’s reputation;

•Ability of the Firm to appropriately address social, environmental and sustainability concerns that may arise, including from its business activities;

•Ability of the Firm to deal effectively with an economic slowdown or other economic or market disruption, including, but not limited to, in the interest rate environment;

•Technology changes instituted by the Firm, its counterparties or competitors;

•The effectiveness of the Firm’s control agenda;

•Ability of the Firm to develop or discontinue products and services, and the extent to which products or services previously sold by the Firm require the Firm to incur liabilities or absorb losses not contemplated at their initiation or origination;

•Acceptance of the Firm’s new and existing products and services by the marketplace and the ability of the Firm to innovate and to increase market share;

•Ability of the Firm to attract and retain qualified and diverse employees;

•Ability of the Firm to control expenses;

•Competitive pressures;

•Changes in the credit quality of the Firm’s clients, customers and counterparties;

•Adequacy of the Firm’s risk management framework, disclosure controls and procedures and internal control over financial reporting;

•Adverse judicial or regulatory proceedings;

•Ability of the Firm to determine accurate values of certain assets and liabilities;

•Occurrence of natural or man-made disasters or calamities, including health emergencies, the spread of infectious diseases, epidemics or pandemics, an outbreak or escalation of hostilities or other geopolitical instabilities, the effects of climate change or extraordinary events beyond the Firm's control, and the Firm’s ability to deal effectively with disruptions caused by the foregoing;

•Ability of the Firm to maintain the security of its financial, accounting, technology, data processing and other operational systems and facilities;

•Ability of the Firm to withstand disruptions that may be caused by any failure of its operational systems or those of third parties;

•Ability of the Firm to effectively defend itself against cyber attacks and other attempts by unauthorized parties to access information of the Firm or its customers or to disrupt the Firm’s systems; and

•The other risks and uncertainties detailed in Part I, Item 1A: Risk Factors in JPMorgan Chase’s 2023 Form 10-K.

Any forward-looking statements made by or on behalf of the Firm speak only as of the date they are made, and JPMorgan Chase does not undertake to update any forward-looking statements. The reader should, however, consult any further disclosures of a forward-looking nature the Firm may make in any subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

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Consolidated statements of income (unaudited)

			Three months ended September 30,												Nine months ended September 30,
(in millions, except per share data)			2024						2023						2024						2023
Revenue
Investment banking fees			$	2,231					$	1,722					$	6,489					$	4,884
Principal transactions			5,988						6,210						19,592						20,735
Lending- and deposit-related fees			1,924						2,039						5,654						5,487
Asset management fees			4,479						3,904						12,927						11,143
Commissions and other fees			1,936						1,705						5,665						5,139
Investment securities losses			(16)						(669)						(929)						(2,437)
Mortgage fees and related income			402						414						1,025						913
Card income			1,345						1,209						3,895						3,537
Other income			960						614						11,237						4,913
Noninterest revenue			19,249						17,148						65,555						54,314
Interest income			50,416						44,556						146,367						123,204
Interest expense			27,011						21,830						77,134						57,988
Net interest income			23,405						22,726						69,233						65,216
Total net revenue			42,654						39,874						134,788						119,530
Provision for credit losses			3,111						1,384						8,047						6,558
Noninterest expense
Compensation expense			12,817						11,726						38,888						34,618
Occupancy expense			1,258						1,197						3,717						3,382
Technology, communications and equipment expense			2,447						2,386						7,315						6,837
Professional and outside services			2,780						2,620						8,050						7,629
Marketing			1,258						1,126						3,639						3,293
Other expense			2,005						2,702						7,426						6,927
Total noninterest expense			22,565						21,757						69,035						62,686
Income before income tax expense			16,978						16,733						57,706						50,286
Income tax expense			4,080						3,582						13,240						10,041
Net income			$	12,898					$	13,151					$	44,466					$	40,245
Net income applicable to common stockholders			$	12,537					$	12,685					$	43,199					$	38,889
Net income per common share data
Basic earnings per share			$	4.38					$	4.33					$	14.97					$	13.20
Diluted earnings per share			4.37						4.33						14.94						13.18
Weighted-average basic shares			2,860.6						2,927.5						2,886.2						2,946.6
Weighted-average diluted shares			2,865.9						2,932.1						2,891.2						2,951.0

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

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JPMorgan Chase & Co.

Consolidated statements of comprehensive income (unaudited)

						Three months ended September 30,												Nine months ended September 30,
(in millions)						2024						2023						2024						2023
Net income						$	12,898					$	13,151					$	44,466					$	40,245
Other comprehensive income/(loss), after–tax
Unrealized gains/(losses) on investment securities						2,297						(1,950)						2,546						1,019
Translation adjustments, net of hedges						389						(340)						29						(73)
Fair value hedges						(20)						(5)						(33)						(15)
Cash flow hedges						2,265						(583)						1,354						(282)
Defined benefit pension and OPEB plans						(28)						(21)						(5)						(82)
DVA on fair value option elected liabilities						(349)						85						(232)						(330)
Total other comprehensive income/(loss), after–tax						4,554						(2,814)						3,659						237
Comprehensive income						$	17,452					$	10,337					$	48,125					$	40,482

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

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Consolidated balance sheets (unaudited)

(in millions, except share data)			September 30, 2024						December 31, 2023
Assets
Cash and due from banks			$	22,896					$	29,066
Deposits with banks			411,364						595,085
Federal funds sold and securities purchased under resale agreements (included $368,964 and $259,813 at fair value)			390,821						276,152
Securities borrowed (included $107,599 and $70,086 at fair value)			252,434						200,436
Trading assets (included assets pledged of $163,427 and $128,994)			787,489						540,607
Available-for-sale securities (amortized cost of $335,251 and $205,456; included assets pledged of $11,084 and $9,219)			334,548						201,704
Held-to-maturity securities			299,954						369,848
Investment securities, net of allowance for credit losses			634,502						571,552
Loans (included $42,137 and $38,851 at fair value)			1,340,011						1,323,706
Allowance for loan losses			(23,949)						(22,420)
Loans, net of allowance for loan losses			1,316,062						1,301,286
Accrued interest and accounts receivable			122,565						107,363
Premises and equipment			31,525						30,157
Goodwill, MSRs and other intangible assets			64,455						64,381
Other assets (included $14,169 and $12,306 at fair value and assets pledged of $6,994 and $6,764)			175,935						159,308
Total assets(a)			$	4,210,048					$	3,875,393
Liabilities
Deposits (included $51,284 and $78,384 at fair value)			$	2,430,772					$	2,400,688
Federal funds purchased and securities loaned or sold under repurchase agreements (included $320,406 and $169,003 at fair value)			389,337						216,535
Short-term borrowings (included $28,307 and $20,042 at fair value)			50,638						44,712
Trading liabilities			243,258						180,428
Accounts payable and other liabilities (included $5,865 and $5,637 at fair value)			314,356						290,307
Beneficial interests issued by consolidated VIEs (included $1 and $1 at fair value)			25,694						23,020
Long-term debt (included $102,129 and $87,924 at fair value)			410,157						391,825
Total liabilities(a)			3,864,212						3,547,515
Commitments and contingencies (refer to Notes 22, 23 and 24)
Stockholders’ equity
Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,165,375 and 2,740,375 shares)			21,650						27,404
Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)			4,105						4,105
Additional paid-in capital			90,638						90,128
Retained earnings			365,966						332,901
Accumulated other comprehensive losses			(6,784)						(10,443)
Treasury stock, at cost (1,289,593,473 and 1,228,275,301 shares)			(129,739)						(116,217)
Total stockholders’ equity			345,836						327,878
Total liabilities and stockholders’ equity			$	4,210,048					$	3,875,393

(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at September 30, 2024 and December 31, 2023. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.

(in millions)			September 30, 2024						December 31, 2023
Assets
Trading assets			$	3,443					$	2,170
Loans			35,028						37,611
All other assets			647						591
Total assets			$	39,118					$	40,372
Liabilities
Beneficial interests issued by consolidated VIEs			$	25,694					$	23,020
All other liabilities			421						263
Total liabilities			$	26,115					$	23,283

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

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JPMorgan Chase & Co.

Consolidated statements of changes in stockholders’ equity (unaudited)

						Three months ended September 30,												Nine months ended September 30,
(in millions, except per share data)						2024						2023						2024						2023
Preferred stock
Balance at the beginning of the period						$	23,900					$	27,404					$	27,404					$	27,404
Issuance						—						—						2,496						—
Redemption						(2,250)						—						(8,250)						—
Balance at September 30						21,650						27,404						21,650						27,404
Common stock
Balance at the beginning and end of the period						4,105						4,105						4,105						4,105
Additional paid-in capital
Balance at the beginning of the period						90,328						89,578						90,128						89,044
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects						307						321						496						855
Other						3						—						14						—
Balance at September 30						90,638						89,899						90,638						89,899
Retained earnings
Balance at the beginning of the period						356,924						317,359						332,901						296,456
Cumulative effect of change in accounting principles						—						—						(161)						449
Net income						12,898						13,151						44,466						40,245
Preferred stock dividends						(286)						(386)						(1,000)						(1,115)
Common stock dividends ($1.25 and $1.05 per share and $3.55 and $3.05 per share, respectively)						(3,570)						(3,080)						(10,240)						(8,991)
Balance at September 30						365,966						327,044						365,966						327,044
Accumulated other comprehensive income/(loss)
Balance at the beginning of the period						(11,338)						(14,290)						(10,443)						(17,341)
Other comprehensive income/(loss), after-tax						4,554						(2,814)						3,659						237
Balance at September 30						(6,784)						(17,104)						(6,784)						(17,104)
Treasury stock, at cost
Balance at the beginning of the period						(123,367)						(111,640)						(116,217)						(107,336)
Repurchase						(6,423)						(2,387)						(14,652)						(7,658)
Reissuance						51						50						1,130						1,017
Balance at September 30						(129,739)						(113,977)						(129,739)						(113,977)
Total stockholders’ equity						$	345,836					$	317,371					$	345,836					$	317,371

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

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Consolidated statements of cash flows (unaudited)

			Nine months ended September 30,
(in millions)			2024						2023
Operating activities
Net income			$	44,466					$	40,245
Adjustments to reconcile net income to net cash used in operating activities:
Provision for credit losses			8,047						6,558
Depreciation and amortization			5,973						4,175
Deferred tax benefit			(243)						(4,544)
Estimated bargain purchase gain associated with the First Republic acquisition			(103)						(2,812)
Initial gain on the Visa share exchange			(7,990)						—
Other			1,716						3,611
Originations and purchases of loans held-for-sale			(160,573)						(83,534)
Proceeds from sales, securitizations and paydowns of loans held-for-sale			148,287						83,169
Net change in:
Trading assets			(237,756)						(151,151)
Securities borrowed			(51,688)						(2,852)
Accrued interest and accounts receivable			(15,491)						(166)
Other assets			(1,470)						39,371
Trading liabilities			53,495						30,787
Accounts payable and other liabilities			17,399						(11,955)
Other operating adjustments			6,161						1,841
Net cash (used in) operating activities			(189,770)						(47,257)
Investing activities
Net change in:
Federal funds sold and securities purchased under resale agreements			(114,402)						(34,101)
Held-to-maturity securities:
Proceeds from paydowns and maturities			72,354						34,152
Purchases			(2,358)						(4,141)
Available-for-sale securities:
Proceeds from paydowns and maturities			22,409						39,160
Proceeds from sales			84,394						82,922
Purchases			(233,063)						(82,075)
Proceeds from sales and securitizations of loans held-for-investment			43,793						34,541
Other changes in loans, net			(52,997)						(60,094)
Net cash used in the First Republic acquisition			(2,362)						(9,920)
All other investing activities, net			1,209						(12,683)
Net cash (used in) investing activities			(181,023)						(12,239)
Financing activities
Net change in:
Deposits			22,266						(43,083)
Federal funds purchased and securities loaned or sold under repurchase agreements			172,755						66,050
Short-term borrowings			5,355						1,303
Beneficial interests issued by consolidated VIEs			(3)						10,823
Proceeds from long-term borrowings			78,949						42,817
Payments of long-term borrowings			(67,380)						(48,757)
Proceeds from issuance of preferred stock			2,500						—
Redemption of preferred stock			(8,250)						—
Treasury stock repurchased			(14,529)						(7,549)
Dividends paid			(10,925)						(10,037)
All other financing activities, net			(1,586)						(1,241)
Net cash provided by financing activities			179,152						10,326
Effect of exchange rate changes on cash and due from banks and deposits with banks			1,750						(6,695)
Net decrease in cash and due from banks and deposits with banks			(189,891)						(55,865)
Cash and due from banks and deposits with banks at the beginning of the period			624,151						567,234
Cash and due from banks and deposits with banks at the end of the period			$	434,260					$	511,369
Cash interest paid			$	74,794					$	55,775
Cash income taxes paid, net			8,870						5,541

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

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Refer to the Glossary of Terms and Acronyms on pages 192–197 for definitions of terms and acronyms used throughout the Notes to Consolidated Financial Statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Note 1 – Basis of presentation

JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the U.S., with operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Refer to Note 25 for further discussion of the Firm's business segments.

On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (the “First Republic acquisition”) from the FDIC. The Firm continues to convert certain operations, and to integrate clients, products and services associated with the First Republic acquisition, to align with the Firm’s businesses and operations. Accordingly, reporting classification and internal risk rating profiles in the wholesale portfolio may change in future periods. Refer to Note 26 for additional information on the First Republic acquisition.

The accounting and financial reporting policies of JPMorgan Chase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities.

The unaudited Consolidated Financial Statements prepared in conformity with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and the disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included such that this interim financial information is fairly stated.

These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, included in JPMorgan Chase’s 2023 Form 10-K.

Consolidation

The Consolidated Financial Statements include the accounts of JPMorgan Chase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated.

Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorgan Chase and are not included on the Consolidated balance sheets.

The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity.

Refer to Notes 1 and 14 of JPMorgan Chase’s 2023 Form 10-K for a further description of JPMorgan Chase’s accounting policies regarding consolidation.

Offsetting assets and liabilities

U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities financing balances to be presented on a net basis when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances where it has determined that the specified conditions are met. Refer to Note 1 of JPMorgan Chase’s 2023 Form 10-K for further information on offsetting assets and liabilities.

Accounting standard adopted January 1, 2024

Equity Method and Joint Ventures: Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

The guidance expanded the types of tax-oriented investments, beyond affordable housing tax credit investments, that the Firm can elect on a program by program basis, to be accounted for using the proportional amortization method. This method requires the cost of eligible investments, within an elected program, to be amortized in proportion to the tax benefits received with the resulting amortization reported directly in income tax expense, which aligns with the associated tax credits and other tax benefits. Eligible investments must meet certain criteria, including that substantially all of the return is from income tax credits and other income tax benefits.

This guidance was adopted on January 1, 2024 under the modified retrospective method. The adoption of this guidance resulted in a change to the classification and timing of the amortization associated with certain of the Firm's alternative energy tax-oriented investments. As a result of the adoption, the amortization of these investments that was previously recognized in other income is now being recognized in income tax expense. The change in accounting resulted in a decrease to retained earnings of $161 million and increased the Firm’s income tax expense and the effective tax rate by approximately $450 million and two percentage points, respectively, in the first quarter of 2024, with no material impact to net income.

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The guidance requires additional disclosure for all investments that generate income tax credits and other income tax benefits from a tax-oriented investment program for which the Firm has elected to apply the proportional amortization method. The guidance also requires a reevaluation of eligible investments when significant modifications or events occur that result in a change in the nature of the investment or a change in the Firm's relationship with the underlying project.

Refer to Notes 5 and 13 for additional information.

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Note 2 – Fair value measurement

Refer to Note 2 of JPMorgan Chase’s 2023 Form 10-K for a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy.

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The following table presents the assets and liabilities reported at fair value as of September 30, 2024 and December 31, 2023, by major product category and fair value hierarchy.

Assets and liabilities measured at fair value on a recurring basis
			Fair value hierarchy																		Derivative netting adjustments(f)
September 30, 2024 (in millions)			Level 1						Level 2						Level 3									Total fair value
Federal funds sold and securities purchased under resale agreements			$	—					$	368,964					$	—					$	—		$	368,964
Securities borrowed			—						107,599						—						—			107,599
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)			—						136,594						691						—			137,285
Residential – nonagency			—						2,051						5						—			2,056
Commercial – nonagency			—						1,268						11						—			1,279
Total mortgage-backed securities			—						139,913						707						—			140,620
U.S. Treasury, GSEs and government agencies(a)			148,160						13,781						—						—			161,941
Obligations of U.S. states and municipalities			—						5,645						7						—			5,652
Certificates of deposit, bankers’ acceptances and commercial paper			—						2,851						—						—			2,851
Non-U.S. government debt securities			50,041						69,339						173						—			119,553
Corporate debt securities			—						43,744						435						—			44,179
Loans			—						9,203						819						—			10,022
Asset-backed securities			—						2,814						2						—			2,816
Total debt instruments			198,201						287,290						2,143						—			487,634
Equity securities			223,651						1,436						101						—			225,188
Physical commodities(b)			2,171						1,008						10						—			3,189
Other			—						18,734						183						—			18,917
Total debt and equity instruments(c)			424,023						308,468						2,437						—			734,928
Derivative receivables:
Interest rate			2,073						298,544						5,635						(282,118)			24,134
Credit			—						9,567						955						(9,913)			609
Foreign exchange			326						195,081						1,066						(179,484)			16,989
Equity			—						96,107						2,738						(93,494)			5,351
Commodity			—						21,328						316						(16,166)			5,478
Total derivative receivables			2,399						620,627						10,710						(581,175)			52,561
Total trading assets(d)			426,422						929,095						13,147						(581,175)			787,489
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)			—						81,863						—						—			81,863
Residential – nonagency			—						4,057						—						—			4,057
Commercial – nonagency			—						3,609						—						—			3,609
Total mortgage-backed securities			—						89,529						—						—			89,529
U.S. Treasury and government agencies			171,878						304						—						—			172,182
Obligations of U.S. states and municipalities			—						18,205						—						—			18,205
Non-U.S. government debt securities			19,925						22,628						—						—			42,553
Corporate debt securities			—						61						—						—			61
Asset-backed securities:
Collateralized loan obligations			—						9,682						—						—			9,682
Other(a)			—						2,336						—						—			2,336
Total available-for-sale securities			191,803						142,745						—						—			334,548
Loans(e)			—						39,650						2,487						—			42,137
Mortgage servicing rights			—						—						8,753						—			8,753
Other assets(d)			7,178						5,003						1,186						—			13,367
Total assets measured at fair value on a recurring basis			$	625,403					$	1,593,056					$	25,573					$	(581,175)		$	1,662,857
Deposits			$	—					$	49,065					$	2,219					$	—		$	51,284
Federal funds purchased and securities loaned or sold under repurchase agreements			—						320,406						—						—			320,406
Short-term borrowings			—						24,660						3,647						—			28,307
Trading liabilities:
Debt and equity instruments(c)			166,655						37,866						72						—			204,593
Derivative payables:
Interest rate			2,873						283,166						2,806						(280,237)			8,608
Credit			—						12,919						1,054						(12,247)			1,726
Foreign exchange			335						198,635						1,026						(187,348)			12,648
Equity			—						105,111						6,548						(101,049)			10,610
Commodity			—						18,724						688						(14,339)			5,073
Total derivative payables			3,208						618,555						12,122						(595,220)			38,665
Total trading liabilities			169,863						656,421						12,194						(595,220)			243,258
Accounts payable and other liabilities			4,256						1,567						42						—			5,865
Beneficial interests issued by consolidated VIEs			—						1						—						—			1
Long-term debt			—						68,656						33,473						—			102,129
Total liabilities measured at fair value on a recurring basis			$	174,119					$	1,120,776					$	51,575					$	(595,220)		$	751,250

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			Fair value hierarchy																		Derivative netting adjustments(f)
December 31, 2023 (in millions)			Level 1						Level 2						Level 3												Total fair value
Federal funds sold and securities purchased under resale agreements			$	—					$	259,813					$	—					$	—					$	259,813
Securities borrowed			—						70,086						—						—						70,086
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)			—						73,840						758						—						74,598
Residential – nonagency			—						1,921						5						—						1,926
Commercial – nonagency			—						1,362						12						—						1,374
Total mortgage-backed securities			—						77,123						775						—						77,898
U.S. Treasury, GSEs and government agencies(a)			133,997						9,998						—						—						143,995
Obligations of U.S. states and municipalities			—						5,858						10						—						5,868
Certificates of deposit, bankers’ acceptances and commercial paper			—						756						—						—						756
Non-U.S. government debt securities			24,846						55,557						179						—						80,582
Corporate debt securities			—						32,854						484						—						33,338
Loans			—						7,872						684						—						8,556
Asset-backed securities			—						2,199						6						—						2,205
Total debt instruments			158,843						192,217						2,138						—						353,198
Equity securities			107,926						679						127						—						108,732
Physical commodities(b)			2,479						3,305						7						—						5,791
Other			—						17,879						101						—						17,980
Total debt and equity instruments(c)			269,248						214,080						2,373						—						485,701
Derivative receivables:
Interest rate			2,815						243,578						4,298						(224,367)						26,324
Credit			—						8,644						1,010						(9,103)						551
Foreign exchange			149						204,737						889						(187,756)						18,019
Equity			—						55,167						2,522						(52,761)						4,928
Commodity			—						15,234						205						(10,397)						5,042
Total derivative receivables			2,964						527,360						8,924						(484,384)						54,864
Total trading assets(d)			272,212						741,440						11,297						(484,384)						540,565
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)			—						85,170						—						—						85,170
Residential – nonagency			—						3,639						—						—						3,639
Commercial – nonagency			—						2,803						—						—						2,803
Total mortgage-backed securities			—						91,612						—						—						91,612
U.S. Treasury and government agencies			57,683						122						—						—						57,805
Obligations of U.S. states and municipalities			—						21,367						—						—						21,367
Non-U.S. government debt securities			13,095						8,187						—						—						21,282
Corporate debt securities			—						100						—						—						100
Asset-backed securities:
Collateralized loan obligations			—						6,752						—						—						6,752
Other(a)			—						2,786						—						—						2,786
Total available-for-sale securities			70,778						130,926						—						—						201,704
Loans(e)			—						35,772						3,079						—						38,851
Mortgage servicing rights			—						—						8,522						—						8,522
Other assets(d)			6,635						3,929						758						—						11,322
Total assets measured at fair value on a recurring basis			$	349,625					$	1,241,966					$	23,656					$	(484,384)					$	1,130,863
Deposits			$	—					$	76,551					$	1,833					$	—					$	78,384
Federal funds purchased and securities loaned or sold under repurchase agreements			—						169,003						—						—						169,003
Short-term borrowings			—						18,284						1,758						—						20,042
Trading liabilities:
Debt and equity instruments(c)			107,292						32,252						37						—						139,581
Derivative payables:
Interest rate			4,409						232,277						3,796						(228,586)						11,896
Credit			—						11,293						745						(10,949)						1,089
Foreign exchange			147						211,289						827						(199,643)						12,620
Equity			—						60,887						4,924						(56,443)						9,368
Commodity			—						15,894						484						(10,504)						5,874
Total derivative payables			4,556						531,640						10,776						(506,125)						40,847
Total trading liabilities			111,848						563,892						10,813						(506,125)						180,428
Accounts payable and other liabilities			3,968						1,617						52						—						5,637
Beneficial interests issued by consolidated VIEs			—						1						—						—						1
Long-term debt			—						60,198						27,726						—						87,924
Total liabilities measured at fair value on a recurring basis			$	115,816					$	889,546					$	42,182					$	(506,125)					$	541,419

(a)At September 30, 2024 and December 31, 2023, included total U.S. GSE obligations of $144.2 billion and $78.5 billion, respectively, which were mortgage-related.

(b)Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. Refer to Note 4 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.

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(c)Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).

(d)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At September 30, 2024 and December 31, 2023, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $802 million and $1.0 billion, respectively, primarily reported in other assets.

(e)At September 30, 2024 and December 31, 2023, included $13.3 billion and $10.2 billion, respectively, of residential first-lien mortgages, and $6.0 billion of commercial first-lien mortgages at both periods. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. GSEs and government agencies of $5.8 billion and $2.9 billion, respectively.

(f)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.

Level 3 valuations

Refer to Note 2 of JPMorgan Chase’s 2023 Form 10-K for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments.

The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy.

The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value.

In the Firm’s view, the input range, weighted and arithmetic average values do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of the various instruments held by the Firm and the relative distribution of instruments within the range

of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted and arithmetic average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date.

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Level 3 inputs(a)
September 30, 2024
Product/Instrument			Fair value (in millions)						Principal valuation technique			Unobservable inputs(g)			Range of input values									Average(i)
Residential mortgage-backed securities and loans(b)			$	1,078					Discounted cash flows			Yield			0%						89%						7%
												Prepayment speed			3%						14%						8%
												Conditional default rate			0%						6%						0%
												Loss severity			0%						110%						5%
Commercial mortgage-backed securities and loans(c)			1,495						Market comparables			Price			$0						$90						$82
Corporate debt securities			435						Market comparables			Price			$0						$175						$85
Loans(d)			1,440						Market comparables			Price			$0						$115						$80
Non-U.S. government debt securities			173						Market comparables			Price			$0						$104						$96
Net interest rate derivatives			2,821						Option pricing			Interest rate volatility			7bps						555bps						111bps
												Interest rate spread volatility			37bps						77bps						65bps
												Bermudan switch value			0%						52%						17%
												Interest rate correlation			(85)%						97%						63%
												IR-FX correlation			(35)%						60%						5%
			8						Discounted cash flows			Prepayment speed			0%						21%						7%
Net credit derivatives			(130)						Discounted cash flows			Credit correlation			30%						69%						48%
												Credit spread			0bps						2,999bps						341bps
												Recovery rate			10%						90%						57%
			31						Market comparables			Price			$0						$115						$73
Net foreign exchange derivatives			89						Option pricing			IR-FX correlation			(40)%						60%						21%
			(49)						Discounted cash flows			Prepayment speed			11%												11%
												Interest rate curve			2%						49%						8%
Net equity derivatives			(3,810)						Option pricing			Forward equity price(h)			80%						144%						101%
												Equity volatility			4%						143%						32%
												Equity correlation			17%						100%						56%
												Equity-FX correlation			(80)%						65%						(32)%
												Equity-IR correlation			10%						18%						14%
Net commodity derivatives			(372)						Option pricing			Oil commodity forward			$82 / BBL						$266 / BBL						$150 / BBL
												Natural gas commodity forward			$1 / MMBTU						$7 / MMBTU						$3 / MMBTU
												Commodity volatility			2%						47%						5%
												Commodity correlation			(35)%						98%						(8)%
MSRs			8,753						Discounted cash flows			Refer to Note 14
Long-term debt, short-term borrowings, and deposits(e)			38,445						Option pricing			Interest rate volatility			7bps						555bps						111bps
												Bermudan switch value			0%						52%						17%
												Interest rate correlation			(85)%						97%						63%
												IR-FX correlation			(35)%						60%						5%
												Equity volatility			2%						140%						28%
												Equity correlation			17%						100%						56%
												Equity-FX correlation			(80)%						65%						(32)%
												Equity-IR correlation			10%						18%						14%
			894						Discounted cash flows			Credit correlation			30%						69%						48%
												Credit spread			1bps						270bps						81bps
												Recovery rate			20%						40%						37%
												Yield			5%						20%						10%
												Loss severity			0%						100%						50%
Other level 3 assets and liabilities, net(f)			1,375

(a)The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ.

(b)Comprises U.S. GSE and government agency securities of $691 million, nonagency securities of $5 million and non-trading loans of $382 million.

(c)Comprises nonagency securities of $11 million, trading loans of $65 million and non-trading loans of $1.4 billion.

(d)Comprises trading loans of $754 million and non-trading loans of $686 million.

(e)Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables.

(f)Includes equity securities of $737 million including $636 million in Other assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate.

(g)Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100.

(h)Forward equity price is expressed as a percentage of the current equity price.

(i)Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used.

100

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Changes in and ranges of unobservable inputs

Refer to Note 2 of JPMorgan Chase’s 2023 Form 10-K for a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions.

Changes in level 3 recurring fair value measurements

The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three and nine months ended September 30, 2024 and 2023. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. The Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments.

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			Fair value measurements using significant unobservable inputs
Three months ended September 30, 2024 (in millions)			Fair value at   July 1, 2024						Total realized/unrealized gains/(losses)																		Transfers into level 3			Transfers (out of) level 3			Fair value at September 30, 2024									Change in unrealized gains/(losses) related to financial instruments held at September 30, 2024
															Purchases(g)			Sales						Settlements(h)
Assets:(a)
Federal funds sold and securities purchased under resale agreements			$	—					$	—					$	—		$	—					$	—		$	—		$	—					$	—					$	—
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies			708						3						—			—						(20)			—			—						691						3
Residential – nonagency			5						1						—			—						(1)			—			—						5						—
Commercial – nonagency			11						—						—			—						—			—			—						11						—
Total mortgage-backed securities			724						4						—			—						(21)			—			—						707						3
Obligations of U.S. states and municipalities			7						—						—			—						—			—			—						7						—
Non-U.S. government debt securities			193						(4)						53			(65)						—			7			(11)						173						(2)
Corporate debt securities			408						21						86			(62)						—			5			(23)						435						20
Loans			691						12						125			(108)						(22)			321			(200)						819						12
Asset-backed securities			2						—						—			—						—			—			—						2						—
Total debt instruments			2,025						33						264			(235)						(43)			333			(234)						2,143						33
Equity securities			122						(4)						16			(18)						(1)			31			(45)						101						—
Physical commodities			10						—						—			—						—			—			—						10						—
Other			144						20						4			—						(9)			24			—						183						23
Total trading assets – debt and equity instruments			2,301						49			(c)			284			(253)						(53)			388			(279)						2,437						56			(c)
Net derivative receivables:(b)
Interest rate			1,301						1,528						90			(38)						98			(106)			(44)						2,829						1,373
Credit			180						(209)						—			—						(114)			25			19						(99)						(198)
Foreign exchange			168						(31)						59			(105)						71			3			(125)						40						(5)
Equity			(2,991)						(21)						112			(821)						24			(285)			172						(3,810)						(215)
Commodity			(472)						(74)						4			(35)						201			7			(3)						(372)						(107)
Total net derivative receivables			(1,814)						1,193			(c)			265			(999)						280			(356)			19						(1,412)						848			(c)
Available-for-sale securities:
Corporate debt securities			—						—						—			—						—			—			—						—						—
Total available-for-sale securities			—						—			(d)			—			—						—			—			—						—						—			(d)
Loans			2,993						157			(c)			95			(479)						(210)			61			(130)						2,487						114			(c)
Mortgage servicing rights			8,847						(181)			(e)			357			2						(272)			—			—						8,753						(181)			(e)
Other assets			1,202						34			(c)			24			(32)						(20)			—			(22)						1,186						34			(c)
			Fair value measurements using significant unobservable inputs
Three months ended September 30, 2024 (in millions)			Fair value at   July 1, 2024						Total realized/unrealized (gains)/losses																		Transfers into level 3			Transfers (out of) level 3			Fair value at September 30, 2024									Change in unrealized (gains)/losses related to financial instruments held at September 30, 2024
															Purchases			Sales			Issuances			Settlements(h)
Liabilities:(a)
Deposits			$	1,923					$	105		(c)(f)			$	—		$	—		$	512		$	(299)		$	—		$	(22)					$	2,219					$	104		(c)(f)
Short-term borrowings			2,726						74			(c)(f)			—			—			2,283			(1,435)			1			(2)						3,647						56			(c)(f)
Trading liabilities – debt and equity instruments			68						(1)			(c)			(20)			5			—			—			25			(5)						72						(1)			(c)
Accounts payable and other liabilities			70						5			(c)			(30)			—			—			—			—			(3)						42						5			(c)
Long-term debt			31,286						1,632			(c)(f)			—			—			6,073			(5,258)			23			(283)						33,473						1,783			(c)(f)

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			Fair value measurements using significant unobservable inputs
Three months ended September 30, 2023 (in millions)			Fair value at   July 1, 2023						Total realized/unrealized gains/(losses)																								Transfers into level 3			Transfers (out of) level 3			Fair value at September 30, 2023									Change in unrealized gains/(losses) related to financial instruments held at September 30, 2023
															Purchases(g)			Sales									Settlements(h)
Assets:(a)
Federal funds sold and securities purchased under resale agreements			$	—					$	—					$	—		$	—								$	—					$	—		$	—					$	—					$	—
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies			706						(4)						118			(20)									(21)						—			—						779						(4)
Residential – nonagency			5						—						—			—									—						—			—						5						—
Commercial – nonagency			6						6						1			—									—						—			—						13						7
Total mortgage-backed securities			717						2						119			(20)									(21)						—			—						797						3
Obligations of U.S. states and municipalities			6						—						—			—									—						3			—						9						—
Non-U.S. government debt securities			199						9						16			(53)									—						—			(20)						151						18
Corporate debt securities			522						15						191			(56)									(1)						8			(27)						652						4
Loans			1,105						(56)						161			(172)									(12)						108			(86)						1,048						(56)
Asset-backed securities			14						1						—			(8)									—						—			(1)						6						1
Total debt instruments			2,563						(29)						487			(309)									(34)						119			(134)						2,663						(30)
Equity securities			631						2						26			(100)									(442)						41			(7)						151						7
Physical commodities			6						(2)						1			—									—						—			—						5						(2)
Other			113						(3)						9			—									(15)						—			(1)						103						(2)
Total trading assets – debt and equity instruments			3,313						(32)			(c)			523			(409)									(491)						160			(142)						2,922						(27)			(c)
Net derivative receivables:(b)
Interest rate			(1,122)						(162)						79			(127)									349						(56)			(72)						(1,111)						(267)
Credit			689						11						2			—									(150)						(4)			3						551						11
Foreign exchange			389						88						55			(18)									(5)						7			(3)						513						51
Equity			(1,881)						1,013						145			(222)									(385)						70			(39)						(1,299)						1,060
Commodity			(353)						113						3			(101)									31						—			184						(123)						104
Total net derivative receivables			(2,278)						1,063			(c)			284			(468)									(160)						17			73						(1,469)						959			(c)
Available-for-sale securities:
Corporate debt securities			267						(4)						—			(165)									—						—			(38)						60						(3)
Total available-for-sale securities			267						(4)			(d)			—			(165)									—						—			(38)						60						(3)			(d)
Loans			3,808						110			(c)			24			(34)									(442)						276			(59)						3,683						25			(c)
Mortgage servicing rights			8,229						596			(e)			650			(101)									(265)						—			—						9,109						596			(e)
Other assets			417						(1)			(c)			498			(11)									(14)						—			(1)						888						(1)			(c)
			Fair value measurements using significant unobservable inputs
Three months ended September 30, 2023 (in millions)			Fair value at   July 1, 2023						Total realized/unrealized (gains)/losses																								Transfers into level 3			Transfers (out of) level 3			Fair value at September 30, 2023									Change in unrealized (gains)/losses related to financial instruments held at September 30, 2023
															Purchases			Sales						Issuances			Settlements(h)
Liabilities:(a)
Deposits			$	2,053					$	(34)		(c)(f)			$	—		$	—					$	341		$	(468)					$	—		$	(40)					$	1,852					$	(34)		(c)(f)
Short-term borrowings			1,704						22			(c)(f)			—			—						1,371			(1,150)						—			(2)						1,945						2			(c)(f)
Trading liabilities – debt and equity instruments			63						(5)			(c)			(2)			2						—			(2)						—			(15)						41						—
Accounts payable and other liabilities			68						(7)			(c)			(11)			13						—			—						—			—						63						(7)			(c)
Long-term debt			25,425						(764)			(c)(f)			—			—						3,380			(3,130)						18			(82)						24,847						(774)			(c)(f)

103

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			Fair value measurements using significant unobservable inputs
Nine months ended September 30, 2024 (in millions)			Fair value at Jan 1, 2024						Total realized/unrealized gains/(losses)																								Transfers into level 3			Transfers (out of) level 3			Fair value at September 30, 2024									Change in unrealized gains/(losses) related to financial instruments held at September 30, 2024
															Purchases(g)			Sales									Settlements(h)
Assets:(a)
Federal funds sold and securities purchased under resale agreements			$	—					$	—					$	—		$	—								$	—					$	—		$	—					$	—					$	—
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies			758						3						45			(61)									(61)						7			—						691						3
Residential – nonagency			5						1						—			—									(1)						4			(4)						5						(1)
Commercial – nonagency			12						(2)						1			—									—						—			—						11						(1)
Total mortgage-backed securities			775						2						46			(61)									(62)						11			(4)						707						1
Obligations of U.S. states and municipalities			10						—						—			—									(2)						—			(1)						7						—
Non-U.S. government debt securities			179						(2)						145			(137)									—						14			(26)						173						4
Corporate debt securities			484						28						386			(229)									(181)						13			(66)						435						27
Loans			684						20						446			(438)									(67)						645			(471)						819						8
Asset-backed securities			6						—						1			(5)									(7)						7			—						2						—
Total debt instruments			2,138						48						1,024			(870)									(319)						690			(568)						2,143						40
Equity securities			127						(23)						130			(99)									(1)						74			(107)						101						(33)
Physical Commodities			7						2						4			—									(3)						—			—						10						2
Other			101						64						46			—									(52)						25			(1)						183						71
Total trading assets – debt and equity instruments			2,373						91			(c)			1,204			(969)									(375)						789			(676)						2,437						80			(c)
Net derivative receivables:(b)
Interest rate			502						1,246						282			(122)									981						81			(141)						2,829						892
Credit			265						(143)						—			(16)									(253)						(13)			61						(99)						(68)
Foreign exchange			62						100						136			(230)									(16)						(26)			14						40						105
Equity			(2,402)						(545)						680			(2,020)									246						(296)			527						(3,810)						104
Commodity			(279)						(196)						22			(155)									228						6			2						(372)						(182)
Total net derivative receivables			(1,852)						462			(c)			1,120			(2,543)									1,186						(248)			463						(1,412)						851			(c)
Available-for-sale securities:
Corporate debt securities			—						—						—			—									—						—			—						—						—
Total available-for-sale securities			—						—			(d)			—			—									—						—			—						—						—			(d)
Loans			3,079						266			(c)			304			(684)									(855)						730			(353)						2,487						207			(c)
Mortgage servicing rights			8,522						216			(e)			835			(25)									(795)						—			—						8,753						216			(e)
Other assets			758						100			(c)			444			(54)									(45)						5			(22)						1,186						94			(c)
			Fair value measurements using significant unobservable inputs
Nine months ended September 30, 2024 (in millions)			Fair value at Jan 1, 2024						Total realized/unrealized (gains)/losses																								Transfers into level 3			Transfers (out of) level 3			Fair value at September 30, 2024									Change in unrealized (gains)/losses related to financial instruments held at September 30, 2024
															Purchases			Sales						Issuances			Settlements(h)
Liabilities:(a)
Deposits			$	1,833					$	90		(c)(f)			$	—		$	—					$	1,304		$	(909)					$	34		$	(133)					$	2,219					$	78		(c)(f)
Short-term borrowings			1,758						143			(c)(f)			—			—						5,742			(3,992)						2			(6)						3,647						78			(c)(f)
Trading liabilities – debt and equity instruments			37						(41)			(c)			(26)			62						—			—						46			(6)						72						(3)			(c)
Accounts payable and other liabilities			52						(7)			(c)			(36)			31						—			—						5			(3)						42						(7)			(c)
Long-term debt			27,726						2,147			(c)(f)			—			—						17,049			(13,230)						466			(685)						33,473						1,895			(c)(f)

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			Fair value measurements using significant unobservable inputs
Nine months ended September 30, 2023 (in millions)			Fair value at Jan 1, 2023						Total realized/unrealized gains/(losses)																								Transfers into level 3			Transfers (out of) level 3			Fair value at September 30, 2023									Change in unrealized gains/(losses) related to financial instruments held at September 30, 2023
															Purchases(g)			Sales									Settlements(h)
Assets:(a)
Federal funds sold and securities purchased under resale agreements			$	—					$	—					$	—		$	—								$	—					$	—		$	—					$	—					$	—
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies			759						3						249			(133)									(85)						—			(14)						779						3
Residential – nonagency			5						7						—			(6)									(2)						1			—						5						—
Commercial – nonagency			7						6						1			—									(1)						8			(8)						13						5
Total mortgage-backed securities			771						16						250			(139)									(88)						9			(22)						797						8
Obligations of U.S. states and municipalities			7						—						—			(1)									—						3			—						9						—
Non-U.S. government debt securities			155						49						116			(149)									—						—			(20)						151						86
Corporate debt securities			463						39						301			(116)									(3)						38			(70)						652						34
Loans			759						(54)						843			(299)									(125)						233			(309)						1,048						(28)
Asset-backed securities			23						1						5			(11)									(1)						5			(16)						6						(1)
Total debt instruments			2,178						51						1,515			(715)									(217)						288			(437)						2,663						99
Equity securities			665						(45)						134			(207)									(442)						181			(135)						151						(28)
Physical commodities			2						(2)						7			—									(2)						—			—						5						5
Other			64						(43)						105			—									(19)						1			(5)						103						(25)
Total trading assets – debt and equity instruments			2,909						(39)			(c)			1,761			(922)									(680)						470			(577)						2,922						51			(c)
Net derivative receivables:(b)
Interest rate			701						(859)						174			(219)									376						(1,135)			(149)						(1,111)						(789)
Credit			13						485						5			(4)									52						22			(22)						551						487
Foreign exchange			489						140						134			(126)									(206)						126			(44)						513						114
Equity			(384)						1,036						758			(1,584)									(1,111)						530			(544)						(1,299)						936
Commodity			(146)						71						42			(219)									(80)						(11)			220						(123)						57
Total net derivative receivables			673						873			(c)			1,113			(2,152)									(969)						(468)			(539)						(1,469)						805			(c)
Available-for-sale securities:
Corporate debt securities			239						24						—			(165)									—						—			(38)						60						22
Total available-for-sale securities			239						24			(d)			—			(165)									—						—			(38)						60						22			(d)
Loans			1,418						133			(c)			2,309			(107)									(1,027)						1,193			(236)						3,683						29			(c)
Mortgage servicing rights			7,973						860			(e)			1,227			(191)									(760)						—			—						9,109						860			(e)
Other assets			405						20			(c)			515			(13)									(44)						8			(3)						888						56			(c)
			Fair value measurements using significant unobservable inputs
Nine months ended September 30, 2023 (in millions)			Fair value at Jan 1, 2023						Total realized/unrealized (gains)/losses																								Transfers into level 3			Transfers (out of) level 3			Fair value at September 30, 2023									Change in unrealized (gains)/losses related to financial instruments held at September 30, 2023
															Purchases			Sales						Issuances			Settlements(h)
Liabilities:(a)
Deposits			$	2,162					$	(37)		(c)(f)			$	—		$	—					$	608		$	(716)					$	—		$	(165)					$	1,852					$	(41)		(c)(f)
Short-term borrowings			1,401						162			(c)(f)			—			—						3,613			(3,209)						2			(24)						1,945						12			(c)(f)
Trading liabilities – debt and equity instruments			84						(18)			(c)			(29)			8						—			(4)						18			(18)						41						3			(c)
Accounts payable and other liabilities			53						(3)			(c)			(13)			20						—			—						8			(2)						63						(3)			(c)
Long-term debt			24,092						917			(c)(f)			—			—						8,780			(8,655)						222			(509)						24,847						667			(c)(f)

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(a)Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 2% at both September 30, 2024 and December 31, 2023. Level 3 liabilities at fair value as a percentage of total Firm liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were 7% and 8% at September 30, 2024 and December 31, 2023, respectively.

(b)All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty.

(c)Predominantly reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income.

(d)Realized gains/(losses) on AFS securities are reported in investment securities gains/(losses). Unrealized gains/(losses) are reported in OCI. Realized and unrealized gains/(losses) recorded on level 3 AFS securities were not material both for the three and nine months ended September 30, 2024 and 2023.

(e)Changes in fair value for MSRs are reported in mortgage fees and related income.

(f)Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material both for the three and nine months ended September 30, 2024 and 2023. Unrealized (gains)/losses are reported in OCI, and were not material for the three months ended September 30, 2024 and 2023, and were $(37) million and $(277) million for the nine months ended September 30, 2024 and 2023, respectively.

(g)Loan originations are included in purchases.

(h)Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items.

Level 3 analysis

Consolidated balance sheets changes

The following describes significant changes to level 3 assets since December 31, 2023, for those items measured at fair value on a recurring basis. Refer to Assets and liabilities measured at fair value on a nonrecurring basis on page 108 for further information on changes impacting items measured at fair value on a nonrecurring basis.

Three and nine months ended September 30, 2024

Level 3 assets were $25.6 billion at September 30, 2024, flat when compared to June 30, 2024, and reflecting an increase of $1.9 billion from December 31, 2023.

The increase for the nine months ended September 30, 2024 was predominantly driven by higher:

•Gross derivative receivables of $1.8 billion due to gains, purchases and net transfers largely offset by settlements.

Refer to the sections below for additional information.

Transfers between levels for instruments carried at fair value on a recurring basis

For the three months ended September 30, 2024, there were no significant transfers from level 2 into level 3 or from level 3 into level 2.

For the nine months ended September 30, 2024, significant transfers from level 2 into level 3 included the following:

•$841 million and $1.1 billion of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of a decrease in observability and an increase in the significance of unobservable inputs.

For the nine months ended September 30, 2024, significant transfers from level 3 into level 2 included the following:

•$765 million and $1.3 billion of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of an increase in observability and a decrease in the significance of unobservable inputs.

For the three months ended September 30, 2023, there were no significant transfers from level 2 into level 3 or from level 3 into level 2.

For the nine months ended September 30, 2023, significant transfers from level 2 into level 3 included the following:

•$1.8 billion of gross interest rate derivative payables as a result of transition to term SOFR for certain interest rate options.

•$1.2 billion of gross equity derivative receivables as a result of a decrease in observability and an increase in the significance of unobservable inputs.

•$1.2 billion of non-trading loans driven by a decrease in observability.

For the nine months ended September 30, 2023, significant transfers from level 3 into level 2 included the following:

•$1.7 billion and $1.2 billion of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of an increase in observability and a decrease in the significance of unobservable inputs.

All transfers are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur.

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Gains and losses

The following describes significant components of total realized/unrealized gains/(losses) for instruments measured at fair value on a recurring basis for the periods indicated. These amounts exclude any effects of the Firm’s risk management activities where the financial instruments are classified as level 1 and 2 of the fair value hierarchy. Refer to Changes in level 3 recurring fair value measurements rollforward tables on pages 101–106 for further information on these instruments.

Three months ended September 30, 2024

•$1.3 billion of net gains on assets, predominantly driven by gains in net derivative receivables due to market movements.

•$1.8 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.

Three months ended September 30, 2023

•$1.7 billion of net gains on assets, predominantly driven by gains in net equity derivative receivables due to market movements and gains in MSRs reflecting lower prepayment speeds on higher rates.

•$788 million of net gains on liabilities, driven by gains in long-term debt due to market movements.

Nine months ended September 30, 2024

•$1.1 billion of net gains on assets, predominantly driven by gains in net derivative receivables and loans due to market movements as well as MSRs reflecting lower prepayment speeds on higher rates.

•$2.3 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.

Nine months ended September 30, 2023

•$1.9 billion of net gains on assets, driven by gains in net equity derivative receivables due to market movements and gains in MSRs reflecting lower prepayment speeds on higher rates.

•$1.0 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.

Refer to Note 14 for information on MSRs.

Credit and funding adjustments — derivatives

The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time.

			Three months ended September 30,												Nine months ended September 30,
(in millions)			2024						2023						2024						2023
Credit and funding adjustments:
Derivatives CVA			$	(17)					$	90					$	3					$	211
Derivatives FVA			(5)						56						32						111

Refer to Note 2 of JPMorgan Chase’s 2023 Form 10-K for further information about both credit and funding adjustments, as well as information about valuation adjustments on fair value option elected liabilities.

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Assets and liabilities measured at fair value on a nonrecurring basis

The following tables present the assets and liabilities held as of September 30, 2024 and 2023, for which nonrecurring fair value adjustments were recorded during the nine months ended September 30, 2024 and 2023, by major product category and fair value hierarchy.

			Fair value hierarchy															Total fair value
September 30, 2024 (in millions)			Level 1			Level 2						Level 3
Loans			$	—		$	663					$	896					$	1,559
Other assets(a)			—			8						945						953
Total assets measured at fair value on a nonrecurring basis			$	—		$	671					$	1,841					$	2,512
Accounts payable and other liabilities			—			—						—						—
Total liabilities measured at fair value on a nonrecurring basis			$	—		$	—					$	—					$	—

			Fair value hierarchy															Total fair value
September 30, 2023 (in millions)			Level 1			Level 2						Level 3
Loans			$	—		$	666					$	1,014					$	1,680
Other assets			—			37						1,276						1,313
Total assets measured at fair value on a nonrecurring basis			$	—		$	703					$	2,290					$	2,993
Accounts payable and other liabilities			—			—						—						—
Total liabilities measured at fair value on a nonrecurring basis			$	—		$	—					$	—					$	—

(a)Included equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $945 million in level 3 assets measured at fair value on a nonrecurring basis as of September 30, 2024, $590 million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. Also, included impairments on certain equity method investments.

Nonrecurring fair value changes

The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three and nine months ended September 30, 2024 and 2023, related to assets and liabilities held at those dates.

			Three months ended September 30,												Nine months ended September 30,
(in millions)			2024						2023						2024						2023
Loans			$	(32)					$	(75)					$	(98)					$	(200)
Other assets(a)			(323)						(376)						(529)						(536)
Accounts payable and other liabilities			—						—						—						—
Total nonrecurring fair value gains/(losses)			$	(355)					$	(451)					$	(627)					$	(736)

(a)Included $(30) million and $33 million for the three months ended September 30, 2024 and 2023, respectively, and $(176) million and $(60) million for the nine months ended September 30, 2024 and 2023, respectively, of net gains/(losses) as a result of the measurement alternative. The current period also included impairments on certain equity method investments.

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Equity securities without readily determinable fair values

The Firm measures certain equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer (i.e., measurement alternative), with such changes recognized in other income.

In its determination of the new carrying values upon observable price changes, the Firm may adjust the prices if deemed necessary to arrive at the Firm’s estimated fair values. Such adjustments may include adjustments to reflect the different rights and obligations of similar securities, and other adjustments that are consistent with the Firm’s valuation techniques for private equity direct investments.

The following table presents the carrying value of equity securities without readily determinable fair values held as of September 30, 2024 and 2023, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.

			Three months ended September 30,												Nine months ended September 30,
As of or for the period ended, (in millions)			2024						2023						2024						2023
Other assets
Carrying value(a)			$	3,660					$	4,499					$	3,660					$	4,499
Upward carrying value changes(b)			42						50						72						90
Downward carrying value changes/impairment(c)			(72)						(17)						(248)						(150)

(a)The carrying value as of December 31, 2023 was $4.5 billion. The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.

(b)The cumulative upward carrying value changes between January 1, 2018 and September 30, 2024 were $1.1 billion.

(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and September 30, 2024 were $(1.5) billion.

Included in other assets above is the Firm’s interest in approximately 18.6 million Visa Class B-2 common shares ("Visa B-2 shares") and 37.2 million Visa Class B common shares reflected in the Firm's principal investment portfolio as of September 30, 2024 and September 30, 2023, respectively.

The Visa Class B common shares were redenominated to Visa Class B-1 common shares (“Visa B-1 shares”) on January 24, 2024. On April 8, 2024, Visa commenced an initial exchange offer for any and all outstanding Visa B-1 shares. On May 6, 2024, the Firm announced that Visa had accepted the Firm’s tender of its 37.2 million Visa B-1 shares in exchange for a combination of Visa B-2 shares and Visa Class C common shares (“Visa C shares”). As of September 30, 2024, the Firm had disposed of all of its Visa C shares through sales and through a donation to the Firm's Foundation.

The Visa B-2 shares are subject to certain transfer restrictions and are convertible into Visa Class A common shares (“Visa A shares”) at a specified conversion rate upon final resolution of certain litigation matters involving Visa. On October 11, 2024 Visa filed a Current Report on Form 8-K with the SEC indicating that the conversion rate of Visa B-2 shares to Visa A shares decreased from 1.5875 to 1.5430 effective September 26, 2024 and may be adjusted by Visa depending on developments related to the litigation matters. The outcome of those litigation matters, and the effect that the resolution of those matters may have on the conversion rate, is unknown. Accordingly, as of September 30, 2024, there is significant uncertainty regarding when the transfer restrictions on Visa B-2 shares may be terminated and what the final conversion rate for the Visa B-2 shares will be. As a result of these considerations, as well as differences in voting rights, Visa B-2 shares are not considered to be similar to Visa A shares, and are held at their nominal carryover basis.

In connection with prior sales of Visa Class B common shares prior to the redenomination to Visa B-1 shares, the Firm has entered into derivative instruments with the purchasers of the shares under which the Firm retains the risk associated with changes in the conversion rate. The notional amount of shares associated with those derivative instruments has been adjusted as a result of the Visa exchange offer. Refer to page 194 of JPMorgan Chase’s 2023 Form 10-K for further information.

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Additional disclosures about the fair value of financial instruments that are not carried on the Consolidated balance sheets at fair value

The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at September 30, 2024 and December 31, 2023, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy.

			September 30, 2024																					December 31, 2023
						Estimated fair value hierarchy																					Estimated fair value hierarchy
(in billions)			Carrying value			Level 1			Level 2			Level 3						Total estimated fair value						Carrying value			Level 1			Level 2			Level 3			Total estimated fair value
Financial assets
Cash and due from banks			$	22.9		$	22.9		$	—		$	—					$	22.9					$	29.1		$	29.1		$	—		$	—		$	29.1
Deposits with banks			411.4			411.3			0.1			—						411.4						595.1			594.6			0.5			—			595.1
Accrued interest and accounts receivable			122.3			—			122.2			0.1						122.3						107.1			—			107.0			0.1			107.1
Federal funds sold and securities purchased under resale agreements			21.9			—			21.9			—						21.9						16.3			—			16.3			—			16.3
Securities borrowed			144.8			—			144.8			—						144.8						130.3			—			130.3			—			130.3
Investment securities, held-to-maturity			300.0			114.2			165.4			—						279.6						369.8			160.6			182.2			—			342.8
Loans, net of allowance for loan losses(a)			1,273.9			—			284.4			995.2						1,279.6						1,262.5			—			285.6			964.6			1,250.2
Other			85.2			—			83.8			1.6						85.4						76.1			—			74.9			1.4			76.3
Financial liabilities
Deposits			$	2,379.5		$	—		$	2,380.0		$	—					$	2,380.0					$	2,322.3		$	—		$	2,322.6		$	—		$	2,322.6
Federal funds purchased and securities loaned or sold under repurchase agreements			68.9			—			68.9			—						68.9						47.5			—			47.5			—			47.5
Short-term borrowings			22.3			—			22.4			—						22.4						24.7			—			24.7			—			24.7
Accounts payable and other liabilities(b)			268.3			—			255.0			12.4						267.4						241.8			—			233.3			8.1			241.4
Beneficial interests issued by consolidated VIEs			25.7			—			25.8			—						25.8						23.0			—			23.0			—			23.0
Long-term debt			308.0			—			259.8			51.9						311.7						303.9			—			252.2			51.3			303.5

(a)Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value.

(b)Excludes lending-related commitments disclosed in the table below.

The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.

			September 30, 2024																		December 31, 2023
						Estimated fair value hierarchy																		Estimated fair value hierarchy
(in billions)			Carrying value(a)(b)(c)			Level 1			Level 2			Level 3			Total estimated fair value						Carrying value(a)(b)(c)			Level 1			Level 2			Level 3			Total estimated fair value
Wholesale lending-related commitments			$	2.8		$	—		$	—		$	4.5		$	4.5					$	3.0		$	—		$	—		$	4.8		$	4.8

(a)Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.

(b)Includes the wholesale allowance for lending-related commitments.

(c)As of September 30, 2024 and December 31, 2023, includes fair value adjustments associated with First Republic for other unfunded commitments to extend credit totaling $769 million and $1.1 billion, respectively, recorded in accounts payable and other liabilities on the Consolidated balance sheets. Refer to Notes 22 and 26 for additional information.

The Firm does not estimate the fair value of consumer off-balance sheet lending-related commitments. In many cases, the Firm can reduce or cancel these commitments by providing the borrower notice or, in some cases as permitted by law, without notice. Refer to page 177 of JPMorgan Chase’s 2023 Form 10-K for a further discussion of the valuation of lending-related commitments.

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Note 3 – Fair value option

The fair value option provides an option to elect fair value for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments.

The Firm has elected to measure certain instruments at fair value for several reasons including to mitigate income statement volatility caused by the differences between the measurement basis of elected instruments (e.g., certain instruments that otherwise would be accounted for on an accrual basis) and the associated risk management arrangements that are accounted for on a fair value basis, as well as to better reflect those instruments that are managed on a fair value basis.

The Firm’s election of fair value includes the following instruments:

•Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis, including lending-related commitments

•Certain securities financing agreements

•Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument

•Structured notes and other hybrid instruments, which are predominantly financial instruments that contain embedded derivatives, that are issued or transacted as part of client-driven activities

•Certain long-term beneficial interests issued by CIB’s consolidated securitization trusts where the underlying assets are carried at fair value

Changes in fair value under the fair value option election

The following table presents the changes in fair value included in the Consolidated statements of income for the three and nine months ended September 30, 2024 and 2023, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table.

			Three months ended September 30,
			2024																					2023
(in millions)			Principal transactions						All other income						Total changes in fair value recorded (e)									Principal transactions						All other income						Total changes in fair value recorded (e)
Federal funds sold and securities purchased under resale agreements			$	219					$	—					$	219								$	146					$	—					$	146
Securities borrowed			95						—						95									29						—						29
Trading assets:
Debt and equity instruments, excluding loans			1,576						—						1,576									200						—						200
Loans reported as trading assets:
Changes in instrument-specific credit risk			75						—						75									17						—						17
Other changes in fair value			(1)						3			(c)			2									4						—						4
Loans:
Changes in instrument-specific credit risk			238						—						238									31						4			(c)			35
Other changes in fair value			190						284			(c)			474									(74)						(78)			(c)			(152)
Other assets			75						—						75									32						(1)			(d)			31
Deposits(a)			(1,209)						—						(1,209)									(454)						—						(454)
Federal funds purchased and securities loaned or sold under repurchase agreements			(57)						—						(57)									(17)						—						(17)
Short-term borrowings(a)			(301)						—						(301)									(130)						—						(130)
Trading liabilities			3						—						3									4						—						4
Beneficial interests issued by consolidated VIEs			—						—						—									—						—						—
Other liabilities			(4)						—						(4)									(2)						—						(2)
Long-term debt(a)(b)			(3,308)						2			(c)(d)			(3,306)									2,606						(14)			(c)(d)			2,592

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			Nine months ended September 30,
			2024																					2023
(in millions)			Principal transactions						All other income						Total changes in fair value recorded (e)									Principal transactions						All other income						Total changes in fair value recorded (e)
Federal funds sold and securities purchased under resale agreements			$	268					$	—					$	268								$	366					$	—					$	366
Securities borrowed			309						—						309									57						—						57
Trading assets:
Debt and equity instruments, excluding loans			4,385						—						4,385									2,955						—						2,955
Loans reported as trading assets:
Changes in instrument-specific credit risk			273						—						273									248						—						248
Other changes in fair value			18						4			(c)			22									9						2			(c)			11
Loans:
Changes in instrument-specific credit risk			508						(5)			(c)			503									102						—						102
Other changes in fair value			172						439			(c)			611									45						26			(c)			71
Other assets			93						—						93									46						(2)			(d)			44
Deposits(a)			(3,167)						—						(3,167)									(1,322)						—						(1,322)
Federal funds purchased and securities loaned or sold under repurchase agreements			(47)						—						(47)									(86)						—						(86)
Short-term borrowings(a)			(751)						—						(751)									(399)						—						(399)
Trading liabilities			1						—						1									(26)						—						(26)
Beneficial interests issued by consolidated VIEs			—						—						—									—						—						—
Other liabilities			(6)						—						(6)									(3)						—						(3)
Long-term debt(a)(b)			(4,244)						(8)			(c)(d)			(4,252)									(855)						(42)			(c)(d)			(897)

(a)Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected are recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were not material both for the three and nine months ended September 30, 2024 and 2023.

(b)Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk.

(c)Reported in mortgage fees and related income.

(d)Reported in other income.

(e)Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than certain hybrid financial instruments in CIB. Refer to Note 6 for further information regarding interest income and interest expense.

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Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding

The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of September 30, 2024 and December 31, 2023, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected.

			September 30, 2024															December 31, 2023
(in millions)			Contractual principal outstanding						Fair value			Fair value over/(under) contractual principal outstanding						Contractual principal outstanding						Fair value			Fair value over/(under) contractual principal outstanding
Loans
Nonaccrual loans
Loans reported as trading assets			$	3,521					$	471		$	(3,050)					$	2,987					$	588		$	(2,399)
Loans			1,267						1,072			(195)						838						732			(106)
Subtotal			4,788						1,543			(3,245)						3,825						1,320			(2,505)
90 or more days past due and government guaranteed
Loans(a)			42						38			(4)						65						59			(6)
All other performing loans(b)
Loans reported as trading assets			10,522						9,551			(971)						9,547						7,968			(1,579)
Loans			41,577						41,027			(550)						38,948						38,060			(888)
Subtotal			52,099						50,578			(1,521)						48,495						46,028			(2,467)
Total loans			$	56,929					$	52,159		$	(4,770)					$	52,385					$	47,407		$	(4,978)
Long-term debt
Principal-protected debt			$	56,592		(d)			$	48,246		$	(8,346)					$	47,768		(d)			$	38,882		$	(8,886)
Nonprincipal-protected debt(c)			NA						53,883			NA						NA						49,042			NA
Total long-term debt			NA						$	102,129		NA						NA						$	87,924		NA
Long-term beneficial interests
Nonprincipal-protected debt(c)			NA						$	1		NA						NA						$	1		NA
Total long-term beneficial interests			NA						$	1		NA						NA						$	1		NA

    

(a)These balances are excluded from nonaccrual loans as the loans are insured and/or guaranteed by U.S. government agencies.

(b)There were no performing loans that were ninety days or more past due as of September 30, 2024 and December 31, 2023.

(c)Remaining contractual principal is not applicable to nonprincipal-protected structured notes and long-term beneficial interests. Unlike principal-protected structured notes and long-term beneficial interests, for which the Firm is obligated to return a stated amount of principal at maturity, nonprincipal-protected structured notes and long-term beneficial interests do not obligate the Firm to return a stated amount of principal at maturity, but for structured notes to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal-protected notes.

(d)Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date.

At September 30, 2024 and December 31, 2023, the contractual amount of lending-related commitments for which the fair value option was elected was $10.2 billion and $9.7 billion, respectively, with a corresponding fair value of $37 million and $97 million, respectively. Refer to Note 28 of JPMorgan Chase’s 2023 Form 10-K, and Note 22 of this Form 10-Q for further information regarding off-balance sheet lending-related financial instruments.

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Structured note products by balance sheet classification and risk component

The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type.

			September 30, 2024																		December 31, 2023
(in millions)			Long-term debt			Short-term borrowings			Deposits						Total						Long-term debt			Short-term borrowings			Deposits						Total
Risk exposure
Interest rate			$	47,231		$	844		$	47,593					$	95,668					$	38,604		$	654		$	74,526					$	113,784
Credit			5,726			987			—						6,713						5,444			350			—						5,794
Foreign exchange			2,504			917			341						3,762						2,605			941			187						3,733
Equity			44,632			8,038			3,064						55,734						38,685			5,483			2,905						47,073
Commodity			1,421			64			1			(a)			1,486						1,862			11			1			(a)			1,874
Total structured notes			$	101,514		$	10,850		$	50,999					$	163,363					$	87,200		$	7,439		$	77,619					$	172,258

(a)Excludes deposits linked to precious metals for which the fair value option has not been elected of $859 million and $627 million for the periods ended September 30, 2024 and December 31, 2023, respectively.

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Note 4 – Derivative instruments

JPMorgan Chase makes markets in derivatives for clients and also uses derivatives to hedge or manage its own risk exposures. Refer to Note 5 of JPMorgan Chase’s 2023 Form 10-K for a further discussion of the Firm’s use of and accounting policies regarding derivative instruments.

The Firm’s disclosures are based on the accounting treatment and purpose of these derivatives. A limited number of the Firm’s derivatives are designated in hedge

accounting relationships and are disclosed according to the type of hedge (fair value hedge, cash flow hedge, or net investment hedge). Derivatives not designated in hedge accounting relationships include certain derivatives that are used to manage risks associated with specified assets and liabilities (“specified risk management” positions) as well as derivatives used in the Firm’s market-making businesses or for other purposes.

The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category.

Type of Derivative

Use of Derivative

Designation and disclosure

Affected segment or unit

10-Q page reference

Manage specifically identified risk exposures in qualifying hedge accounting relationships:

•Interest rate

Hedge fixed rate assets and liabilities

Fair value hedge

Corporate

121-122

•Interest rate

Hedge floating-rate assets and liabilities

Cash flow hedge

Corporate

123

•Foreign exchange

Hedge foreign currency-denominated assets and liabilities

Fair value hedge

Corporate

121-122

•Foreign exchange

Hedge foreign currency-denominated forecasted revenue and expense

Cash flow hedge

Corporate

123

•Foreign exchange

Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities

Net investment hedge

Corporate

124

•Commodity

Hedge commodity inventory

Fair value hedge

CIB, AWM

121-122

Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships:

•Interest rate

Manage the risk associated with mortgage commitments, warehouse loans and MSRs

Specified risk management

CCB

125

•Credit

Manage the credit risk associated with wholesale lending exposures

Specified risk management

CIB, AWM

125

•Interest rate and foreign exchange

Manage the risk associated with certain other specified assets and liabilities

Specified risk management

Corporate, CIB

125

Market-making derivatives and other activities:

•Various

Market-making and related risk management

Market-making and other

CIB

125

•Various

Other derivatives

Market-making and other

CIB, AWM, Corporate

125

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Notional amount of derivative contracts

The following table summarizes the notional amount of free-standing derivative contracts outstanding as of September 30, 2024 and December 31, 2023.

			Notional amounts(b)
(in billions)			September 30, 2024			December 31, 2023
Interest rate contracts
Swaps			$	27,623		$	23,251
Futures and forwards			4,439			2,690
Written options			3,439			3,370
Purchased options			3,455			3,362
Total interest rate contracts			38,956			32,673
Credit derivatives(a)			1,523			1,045
Foreign exchange contracts
Cross-currency swaps			5,002			4,721
Spot, futures and forwards			9,495			6,957
Written options			1,047			830
Purchased options			1,027			798
Total foreign exchange contracts			16,571			13,306
Equity contracts
Swaps			856			639
Futures and forwards			187			157
Written options			1,016			778
Purchased options			888			698
Total equity contracts			2,947			2,272
Commodity contracts
Swaps			134			115
Spot, futures and forwards			211			157
Written options			159			130
Purchased options			135			115
Total commodity contracts			639			517
Total derivative notional amounts			$	60,636		$	49,813

(a)Refer to the Credit derivatives discussion on page 126 for more information on volumes and types of credit derivative contracts.

(b)Represents the sum of gross long and gross short third-party notional derivative contracts.

While the notional amounts disclosed above give an indication of the volume of the Firm’s derivatives activity, the notional amounts significantly exceed, in the Firm’s view, the possible losses that could arise from such transactions. For most derivative contracts, the notional amount is not exchanged; it is simply a reference amount used to calculate payments.

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Impact of derivatives on the Consolidated balance sheets

The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of September 30, 2024 and December 31, 2023, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type.

Free-standing derivative receivables and payables(a)
			Gross derivative receivables																								Gross derivative payables
September 30, 2024 (in millions)			Not designated as hedges						Designated as hedges						Total derivative receivables						Net derivative receivables(b)						Not designated as hedges						Designated as hedges						Total derivative payables						Net derivative payables(b)
Trading assets and liabilities
Interest rate			$	306,252					$	—					$	306,252					$	24,134					$	288,844					$	1					$	288,845					$	8,608
Credit			10,522						—						10,522						609						13,973						—						13,973						1,726
Foreign exchange			195,917						556						196,473						16,989						198,116						1,880						199,996						12,648
Equity			98,845						—						98,845						5,351						111,659						—						111,659						10,610
Commodity			21,619						25						21,644						5,478						19,327						85						19,412						5,073
Total fair value of trading assets and liabilities			$	633,155					$	581					$	633,736					$	52,561					$	631,919					$	1,966					$	633,885					$	38,665
			Gross derivative receivables																								Gross derivative payables
December 31, 2023 (in millions)			Not designated as hedges						Designated as hedges						Total derivative receivables						Net derivative receivables(b)						Not designated as hedges						Designated as hedges						Total derivative payables						Net derivative payables(b)
Trading assets and liabilities
Interest rate			$	250,689					$	2					$	250,691					$	26,324					$	240,482					$	—					$	240,482					$	11,896
Credit			9,654						—						9,654						551						12,038						—						12,038						1,089
Foreign exchange			205,010						765						205,775						18,019						210,623						1,640						212,263						12,620
Equity			57,689						—						57,689						4,928						65,811						—						65,811						9,368
Commodity			15,228						211						15,439						5,042						16,286						92						16,378						5,874
Total fair value of trading assets and liabilities			$	538,270					$	978					$	539,248					$	54,864					$	545,240					$	1,732					$	546,972					$	40,847

(a)Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information.

(b)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists.

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Derivatives netting

The following tables present, as of September 30, 2024 and December 31, 2023, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty, have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables below.

In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation:

•collateral that consists of liquid securities and other cash collateral held at third-party custodians, which are shown separately as “Collateral not nettable on the Consolidated balance sheets” in the tables below, up to the fair value exposure amount. For the purpose of this disclosure, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule;

•the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables below; and

•collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables below.

						September 30, 2024															December 31, 2023
(in millions)						Gross derivative receivables			Amounts netted on the Consolidated balance sheets						Net derivative receivables						Gross derivative receivables						Amounts netted on the Consolidated balance sheets						Net derivative receivables
U.S. GAAP nettable derivative receivables
Interest rate contracts:
Over-the-counter (“OTC”)						$	166,047		$	(143,724)					$	22,323					$	176,901					$	(152,703)					$	24,198
OTC–cleared						138,294			(138,158)						136						71,419						(71,275)						144
Exchange-traded(a)						241			(236)						5						402						(389)						13
Total interest rate contracts						304,582			(282,118)						22,464						248,722						(224,367)						24,355
Credit contracts:
OTC						7,735			(7,393)						342						7,637						(7,226)						411
OTC–cleared						2,684			(2,520)						164						1,904						(1,877)						27
Total credit contracts						10,419			(9,913)						506						9,541						(9,103)						438
Foreign exchange contracts:
OTC						194,493			(179,201)						15,292						203,624						(187,295)						16,329
OTC–cleared						314			(283)						31						469						(459)						10
Exchange-traded(a)						21			—						21						6						(2)						4
Total foreign exchange contracts						194,828			(179,484)						15,344						204,099						(187,756)						16,343
Equity contracts:
OTC						38,268			(35,837)						2,431						25,001						(23,677)						1,324
Exchange-traded(a)						59,463			(57,657)						1,806						30,462						(29,084)						1,378
Total equity contracts						97,731			(93,494)						4,237						55,463						(52,761)						2,702
Commodity contracts:
OTC						11,045			(8,206)						2,839						8,049						(5,084)						2,965
OTC–cleared						106			(80)						26						133						(123)						10
Exchange-traded(a)						8,296			(7,880)						416						5,214						(5,190)						24
Total commodity contracts						19,447			(16,166)						3,281						13,396						(10,397)						2,999
Derivative receivables with appropriate legal opinion						627,007			(581,175)						45,832			(d)			531,221						(484,384)						46,837			(d)
Derivative receivables where an appropriate legal opinion has not been either sought or obtained						6,729									6,729						8,027												8,027
Total derivative receivables recognized on the Consolidated balance sheets						$	633,736								$	52,561					$	539,248											$	54,864
Collateral not nettable on the Consolidated balance sheets(b)(c)															(23,082)																		(22,461)
Net amounts															$	29,479																	$	32,403

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						September 30, 2024															December 31, 2023
(in millions)						Gross derivative payables			Amounts netted on the Consolidated balance sheets						Net derivative payables						Gross derivative payables						Amounts netted on the Consolidated balance sheets						Net derivative payables
U.S. GAAP nettable derivative payables
Interest rate contracts:
OTC						$	144,408		$	(137,394)					$	7,014					$	161,901					$	(152,467)					$	9,434
OTC–cleared						142,941			(142,409)						532						76,007						(75,729)						278
Exchange-traded(a)						436			(434)						2						436						(390)						46
Total interest rate contracts						287,785			(280,237)						7,548						238,344						(228,586)						9,758
Credit contracts:
OTC						11,419			(10,083)						1,336						10,332						(9,313)						1,019
OTC–cleared						2,334			(2,164)						170						1,639						(1,636)						3
Total credit contracts						13,753			(12,247)						1,506						11,971						(10,949)						1,022
Foreign exchange contracts:
OTC						197,375			(187,064)						10,311						209,386						(199,173)						10,213
OTC–cleared						306			(284)						22						552						(470)						82
Exchange-traded(a)						17			—						17						6						—						6
Total foreign exchange contracts						197,698			(187,348)						10,350						209,944						(199,643)						10,301
Equity contracts:
OTC						51,106			(43,393)						7,713						29,999						(27,360)						2,639
Exchange-traded(a)						58,200			(57,656)						544						33,137						(29,083)						4,054
Total equity contracts						109,306			(101,049)						8,257						63,136						(56,443)						6,693
Commodity contracts:
OTC						9,066			(6,577)						2,489						8,788						(5,192)						3,596
OTC–cleared						80			(80)						—						120						(120)						—
Exchange-traded(a)						7,682			(7,682)						—						5,376						(5,192)						184
Total commodity contracts						16,828			(14,339)						2,489						14,284						(10,504)						3,780
Derivative payables with appropriate legal opinion						625,370			(595,220)						30,150			(d)			537,679						(506,125)						31,554			(d)
Derivative payables where an appropriate legal opinion has not been either sought or obtained						8,515									8,515						9,293												9,293
Total derivative payables recognized on the Consolidated balance sheets						$	633,885								$	38,665					$	546,972											$	40,847
Collateral not nettable on the Consolidated balance sheets(b)(c)															(9,522)																		(4,547)
Net amounts															$	29,143																	$	36,300

(a)Exchange-traded derivative balances that relate to futures contracts are settled daily.

(b)Includes liquid securities and other cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty.

(c)Derivative collateral relates only to OTC and OTC-cleared derivative instruments.

(d)Net derivatives receivable included cash collateral netted of $44.7 billion and $48.3 billion at September 30, 2024 and December 31, 2023. Net derivatives payable included cash collateral netted of $58.8 billion and $70.0 billion at September 30, 2024 and December 31, 2023, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments.

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Liquidity risk and credit-related contingent features

Refer to Note 5 of JPMorgan Chase’s 2023 Form 10-K for a more detailed discussion of liquidity risk and credit-related contingent features related to the Firm’s derivative contracts.

The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at September 30, 2024 and December 31, 2023.

OTC and OTC-cleared derivative payables containing downgrade triggers
(in millions)			September 30, 2024									December 31, 2023
Aggregate fair value of net derivative payables						$	15,954								$	14,655
Collateral posted						15,871									14,673

The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, N.A., at September 30, 2024 and December 31, 2023, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined rating threshold is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payment requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract.

Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives
			September 30, 2024									December 31, 2023
(in millions)			Single-notch downgrade			Two-notch downgrade						Single-notch downgrade			Two-notch downgrade
Amount of additional collateral to be posted upon downgrade(a)			$	65		$	1,056					$	75		$	1,153
Amount required to settle contracts with termination triggers upon downgrade(b)			85			576						93			592

(a)Includes the additional collateral to be posted for initial margin.

(b)Amounts represent fair values of derivative payables, and do not reflect collateral posted.

Derivatives executed in contemplation of a sale of the underlying financial asset

In certain instances the Firm enters into transactions in which it transfers financial assets but maintains the economic exposure to the transferred assets by entering into a derivative with the same counterparty in contemplation of the initial transfer. The Firm generally accounts for such transfers as collateralized financing transactions as described in Note 10, but in limited circumstances they may qualify to be accounted for as a sale and a derivative under U.S. GAAP. The amount of such transfers accounted for as a sale where the associated derivative was outstanding was not material at September 30, 2024 and December 31, 2023.

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Impact of derivatives on the Consolidated statements of income

The following tables provide information related to gains and losses recorded on derivatives based on their hedge accounting designation or purpose.

Fair value hedge gains and losses

The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three and nine months ended September 30, 2024 and 2023, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item.

			Gains/(losses) recorded in income																		Income statement impact of excluded components(e)									OCI impact
Three months ended September 30, 2024 (in millions)			Derivatives						Hedged items						Income statement impact						Amortization approach			Changes in fair value						Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)			$	353					$	(91)					$	262					$	—		$	195					$	—
Foreign exchange(c)			(668)						744						76						(147)			76						(27)
Commodity(d)			(37)						84						47						—			47						—
Total			$	(352)					$	737					$	385					$	(147)		$	318					$	(27)

			Gains/(losses) recorded in income																		Income statement impact of excluded components(e)									OCI impact
Three months ended September 30, 2023 (in millions)			Derivatives						Hedged items						Income statement impact						Amortization approach			Changes in fair value						Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)			$	620					$	(577)					$	43					$	—		$	61					$	—
Foreign exchange(c)			(18)						71						53						(145)			53						(7)
Commodity(d)			938						(799)						139						—			145						—
Total			$	1,540					$	(1,305)					$	235					$	(145)		$	259					$	(7)

			Gains/(losses) recorded in income																		Income statement impact of excluded components(e)									OCI impact
Nine months ended September 30, 2024 (in millions)			Derivatives						Hedged items						Income statement impact						Amortization approach			Changes in fair value						Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)			$	831					$	(353)					$	478					$	—		$	428					$	—
Foreign exchange(c)			(863)						1,044						181						(394)			181						(43)
Commodity(d)			165						(63)						102						—			99						—
Total			$	133					$	628					$	761					$	(394)		$	708					$	(43)

			Gains/(losses) recorded in income																		Income statement impact of excluded components(e)									OCI impact
Nine months ended September 30, 2023 (in millions)			Derivatives						Hedged items						Income statement impact						Amortization approach			Changes in fair value						Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)			$	1,641					$	(1,516)					$	125					$	—		$	75					$	—
Foreign exchange(c)			394						(211)						183						(474)			183						(20)
Commodity(d)			(180)						536						356						—			362						—
Total			$	1,855					$	(1,191)					$	664					$	(474)		$	620					$	(20)

(a)Primarily consists of hedges of the benchmark (e.g., Secured Overnight Financing Rate (“SOFR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income.

(b)Includes the amortization of income/expense associated with the inception hedge accounting adjustment applied to the hedged item. Excludes the accrual of interest on interest rate swaps and the related hedged items.

(c)Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income.

(d)Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue.

(e)The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative, or through fair value changes recognized in the current period.

(f)Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative.

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As of September 30, 2024 and December 31, 2023, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield.

						Carrying amount of the hedged items(a)(b)						Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
September 30, 2024 (in millions)												Active hedging relationships(d)			Discontinued hedging relationships(d)(e)			Total
Assets
Investment securities - AFS						$	179,277		(c)			$	3,001		$	(1,815)		$	1,186
Liabilities
Long-term debt						215,891						1,204			(9,493)			(8,289)
Beneficial interests issued by consolidated VIEs						2,363						20			(6)			14
						Carrying amount of the hedged items(a)(b)						Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
December 31, 2023 (in millions)												Active hedging relationships(d)			Discontinued hedging relationships(d)(e)			Total
Assets
Investment securities - AFS						$	151,752		(c)			$	549		$	(2,010)		$	(1,461)
Liabilities
Long-term debt						195,455						(2,042)			(9,727)			(11,769)
Beneficial interests issued by consolidated VIEs						—						—			—			—

(a)Excludes physical commodities with a carrying value of $3.1 billion and $5.6 billion at September 30, 2024 and December 31, 2023, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Since the Firm exits these positions at fair value, there is no incremental impact to net income in future periods.

(b)Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At September 30, 2024 and December 31, 2023, the carrying amount excluded for AFS securities was $34.5 billion and $19.3 billion, respectively. At September 30, 2024 and December 31, 2023, the carrying amount excluded for long-term debt was $556 million and zero, respectively.

(c)Carrying amount represents the amortized cost, net of allowance if applicable. At September 30, 2024 and December 31, 2023, the amortized cost of the portfolio layer method closed portfolios was $61.3 billion and $83.9 billion, of which $56.2 billion and $68.0 billion was designated as hedged, respectively. The amount designated as hedged is the sum of the notional amounts of all outstanding layers in each portfolio, which includes both spot starting and forward starting layers. At September 30, 2024 and December 31, 2023, the cumulative amount of basis adjustments was $328 million and $(165) million, which is comprised of $694 million and $73 million for active hedging relationships, and $(366) million and $(238) million for discontinued hedging relationships, respectively. Refer to Note 9 for additional information.

(d)Positive (negative) amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce (increase) net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods.

(e)Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships.

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Cash flow hedge gains and losses

The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three and nine months ended September 30, 2024 and 2023, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item.

			Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended September 30, 2024 (in millions)			Amounts reclassified from AOCI to income						Amounts recorded in OCI			Total change in OCI for period
Contract type
Interest rate(a)			$	(716)					$	2,071		$	2,787
Foreign exchange(b)			43						242			199
Total			$	(673)					$	2,313		$	2,986
			Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended September 30, 2023 (in millions)			Amounts reclassified from AOCI to income						Amounts recorded in OCI			Total change in OCI for period
Contract type
Interest rate(a)			$	(514)					$	(1,087)		$	(573)
Foreign exchange(b)			71						(122)			(193)
Total			$	(443)					$	(1,209)		$	(766)
			Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Nine months ended September 30, 2024 (in millions)			Amounts reclassified from AOCI to income						Amounts recorded in OCI			Total change in OCI for period
Contract type
Interest rate(a)			$	(1,998)					$	(330)		$	1,668
Foreign exchange(b)			81						198			117
Total			$	(1,917)					$	(132)		$	1,785
			Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Nine months ended September 30, 2023 (in millions)			Amounts reclassified from AOCI to income						Amounts recorded in OCI			Total change in OCI for period
Contract type
Interest rate(a)			$	(1,416)					$	(1,825)		$	(409)
Foreign exchange(b)			25						64			39
Total			$	(1,391)					$	(1,761)		$	(370)

(a)Primarily consists of hedges of SOFR-indexed floating-rate assets. Gains and losses were recorded in net interest income.

(b)Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense.

The Firm did not experience any forecasted transactions that failed to occur for the three and nine months ended September 30, 2024 and 2023.

Over the next 12 months, the Firm expects that approximately $(1.2) billion (after-tax) of net losses recorded in AOCI at September 30, 2024, related to cash flow hedges will be recognized in income. For cash flow hedges that have been terminated, the maximum length of time over which the derivative results recorded in AOCI will be recognized in earnings is approximately six years, corresponding to the timing of the originally hedged forecasted cash flows. For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately seven years. The Firm’s longer-dated forecasted transactions relate to core lending and borrowing activities.

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Net investment hedge gains and losses

The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the three and nine months ended September 30, 2024 and 2023.

			Gains/(losses) recorded in income and other comprehensive income/(loss)
			2024															2023
Three months ended September 30, (in millions)			Amounts recorded in income(a)(b)									Amounts recorded in OCI						Amounts recorded in income(a)(b)									Amounts recorded in OCI
Foreign exchange derivatives						$	151					$	(2,487)								$	26					$	1,650
			Gains/(losses) recorded in income and other comprehensive income/(loss)
			2024															2023
Nine months ended September 30, (in millions)			Amounts recorded in income(a)(b)									Amounts recorded in OCI						Amounts recorded in income(a)(b)									Amounts recorded in OCI
Foreign exchange derivatives						$	344					$	(83)								$	231					$	558

(a)Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The Firm elects to record changes in fair value of these amounts directly in other income.

(b)Excludes amounts reclassified from AOCI to income associated with net investment hedges. The Firm reclassified a net pre-tax gain of $36 million and $46 million to other income/expense during the three and nine months ended September 30, 2024, respectively. During the nine months ended September 30, 2023, the Firm reclassified a pre-tax loss of $(38) million to other income/expense predominantly related to the acquisition of CIFM. The amounts reclassified for the three months ended September 30, 2023 were not material. Refer to Note 19 for further information.

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Gains and losses on derivatives used for specified risk management purposes

The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from mortgage commitments, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities.

			Derivatives gains/(losses) recorded in income
			Three months ended September 30,									Nine months ended September 30,
(in millions)			2024			2023						2024			2023
Contract type
Interest rate(a)			$	122		$	(259)					$	(123)		$	(385)
Credit(b)			(143)			(39)						(424)			(202)
Foreign exchange(c)			4			(22)						32			21
Total			$	(17)		$	(320)					$	(515)		$	(566)

(a)Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in mortgage commitments, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income.

(b)Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue.

(c)Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue.

Gains and losses on derivatives related to market-making activities and other derivatives

The Firm makes markets in derivatives in order to meet the needs of customers and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. All derivatives not included in the hedge accounting or specified risk management categories above are included in this category. Gains and losses on these derivatives are primarily recorded in principal transactions revenue. Refer to Note 5 for information on principal transactions revenue.

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Credit derivatives

Refer to Note 5 of JPMorgan Chase’s 2023 Form 10-K for a more detailed discussion of credit derivatives. The following tables present a summary of the notional amounts of credit derivatives and credit-related notes the Firm sold and purchased as of September 30, 2024 and December 31, 2023. The Firm does not use notional amounts of credit derivatives as the primary measure of risk management for such derivatives, because the notional amount does not take into account the probability of the occurrence of a credit event, the recovery value of the reference obligation, or related cash instruments and economic hedges, each of which reduces, in the Firm’s view, the risks associated with such derivatives.

Total credit derivatives and credit-related notes

			Maximum payout/Notional amount
September 30, 2024 (in millions)			Protection sold			Protection purchased with identical underlyings(c)									Net protection (sold)/purchased(d)						Other protection purchased(e)
Credit derivatives
Credit default swaps			$	(599,707)					$	611,107					$	11,400					$	5,328
Other credit derivatives(a)			(133,344)						162,202						28,858						10,972
Total credit derivatives			(733,051)						773,309						40,258						16,300
Credit-related notes(b)			—						—						—						11,481
Total			$	(733,051)					$	773,309					$	40,258					$	27,781
			Maximum payout/Notional amount
December 31, 2023 (in millions)			Protection sold			Protection purchased with identical underlyings(c)									Net protection (sold)/purchased(d)						Other protection purchased(e)
Credit derivatives
Credit default swaps			$	(450,172)					$	473,823					$	23,651					$	7,517
Other credit derivatives(a)			(38,846)						45,416						6,570						29,206
Total credit derivatives			(489,018)						519,239						30,221						36,723
Credit-related notes(b)			—						—						—						9,788
Total			$	(489,018)					$	519,239					$	30,221					$	46,511

(a)Other credit derivatives predominantly consist of credit swap options and total return swaps.

(b)Predominantly represents Other protection purchased by CIB.

(c)Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold.

(d)Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value.

(e)Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument. Also includes credit protection against certain loans and lending-related commitments in the retained lending portfolio through the issuance of credit derivatives and credit-related notes.

The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives as of September 30, 2024 and December 31, 2023, where JPMorgan Chase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives where JPMorgan Chase is the purchaser of protection are comparable to the profile reflected below.

Protection sold — credit derivatives ratings(a)/maturity profile
September 30, 2024 (in millions)			<1 year						1–5 years						>5 years						Total notional amount						Fair value of receivables(b)						Fair value of payables(b)						Net fair value
Risk rating of reference entity
Investment-grade			$	(180,831)					$	(300,486)					$	(101,657)					$	(582,974)					$	4,886					$	(1,709)					$	3,177
Noninvestment-grade			(41,966)						(84,700)						(23,411)						(150,077)						2,480						(1,211)						1,269
Total			$	(222,797)					$	(385,186)					$	(125,068)					$	(733,051)					$	7,366					$	(2,920)					$	4,446

December 31, 2023 (in millions)			<1 year						1–5 years						>5 years						Total notional amount						Fair value of receivables(b)						Fair value of payables(b)						Net fair value
Risk rating of reference entity
Investment-grade			$	(89,981)					$	(263,834)					$	(29,470)					$	(383,285)					$	3,659					$	(1,144)					$	2,515
Noninvestment-grade			(31,419)						(69,515)						(4,799)						(105,733)						2,466						(1,583)						883
Total			$	(121,400)					$	(333,349)					$	(34,269)					$	(489,018)					$	6,125					$	(2,727)					$	3,398

(a)The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s.

(b)Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting.

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Note 5 – Noninterest revenue and noninterest expense

Noninterest revenue

Refer to Note 6 of JPMorgan Chase’s 2023 Form 10-K for a discussion of the components of and accounting policies for the Firm’s noninterest revenue.

Investment banking fees

The following table presents the components of investment banking fees.

			Three months ended September 30,						Nine months ended September 30,
(in millions)			2024			2023			2024			2023
Underwriting
Equity			$	344		$	274		$	1,192		$	824
Debt			1,040			677			3,073			2,053
Total underwriting			1,384			951			4,265			2,877
Advisory			847			771			2,224			2,007
Total investment banking fees			$	2,231		$	1,722		$	6,489		$	4,884

Principal transactions

The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and fund deployment activities in Treasury and CIO. Refer to Note 6 for further information on interest income and interest expense.

Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual LOB.

			Three months ended September 30,						Nine months ended September 30,
(in millions)			2024						2023			2024						2023
Trading revenue by instrument type
Interest rate(a)			$	711					$	1,383		$	2,717					$	4,950
Credit(b)			319						487			1,457						1,540
Foreign exchange			1,259						1,219			3,872						4,205
Equity			3,342						2,677			10,720						8,311
Commodity			359						450			805						1,744
Total trading revenue			5,990						6,216			19,571						20,750
Private equity gains/(losses)			(2)						(6)			21						(15)
Principal transactions			$	5,988					$	6,210		$	19,592					$	20,735

(a)Includes the impact of changes in funding valuation adjustments on derivatives.

(b)Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities.

Lending- and deposit-related fees

The following table presents the components of lending- and deposit-related fees.

			Three months ended September 30,									Nine months ended September 30,
(in millions)			2024						2023			2024						2023
Lending-related fees(a)			$	542					$	777		$	1,663					$	1,736
Deposit-related fees			1,382						1,262			3,991						3,751
Total lending- and deposit-related fees			$	1,924					$	2,039		$	5,654					$	5,487

(a)Includes the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic, predominantly in AWM and CIB. The discount is deferred in other liabilities and recognized on a straight-line basis over the commitment period and was largely recognized in the prior year as the commitments are generally short term. Refer to Note 26 for additional information.

Deposit-related fees include the impact of credits earned by clients that reduce such fees.

Asset management fees

The following table presents the components of asset management fees.

			Three months ended September 30,									Nine months ended September 30,
(in millions)			2024						2023			2024						2023
Asset management fees
Investment management fees			$	4,381					$	3,825		$	12,650					$	10,910
All other asset management fees			98						79			277						233
Total asset management fees			$	4,479					$	3,904		$	12,927					$	11,143

Commissions and other fees

The following table presents the components of commissions and other fees.

			Three months ended September 30,									Nine months ended September 30,
(in millions)			2024			2023						2024						2023
Commissions and other fees
Brokerage commissions and fees			$	785		$	692					$	2,336					$	2,161
Administration fees			660			589						1,874						1,721
All other commissions and fees (a)			491			424						1,455						1,257
Total commissions and other fees			$	1,936		$	1,705					$	5,665					$	5,139

(a)Includes travel-related and annuity sales commissions, depositary receipt-related service fees, as well as other service fees, which are recognized as revenue when the services are rendered.

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Card income

The following table presents the components of card income.

			Three months ended September 30,									Nine months ended September 30,
(in millions)			2024						2023			2024						2023
Interchange and merchant processing income			$	8,543					$	7,914		$	24,894					$	22,938
Rewards costs and partner payments			(6,833)						(6,283)			(19,793)						(18,184)
Other card income(a)			(365)						(422)			(1,206)						(1,217)
Total card income			$	1,345					$	1,209		$	3,895					$	3,537

(a)Predominantly represents the amortization of account origination costs and annual fees, which are deferred and recognized on a straight-line basis over a 12-month period.

Refer to Note 14 for further information on mortgage fees and related income.

Other income

The following table presents certain components of other income.

			Three months ended September 30,												Nine months ended September 30,
(in millions)			2024						2023						2024						2023
Operating lease income			$	706					$	695					$	2,067					$	2,166
Losses on tax-oriented investments			(78)						(316)						(115)						(1,190)
Estimated bargain purchase gain associated with the First Republic acquisition			—						100						103						2,812
Gain related to the acquisition of CIFM(a)			—						—						—						339
Initial gain on the Visa share exchange			—						—						7,990			(b)			—

(a)Gain on the original minority interest in CIFM upon the Firm's acquisition of the remaining 51% of the entity.

(b)Relates to the initial gain recognized on May 6, 2024. Refer to Note 2 for additional information.

Refer to Note 16 for information on operating lease income included within other income.

Proportional Amortization Method: Effective January 1, 2024, as a result of adopting updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, the amortization of certain of the Firm's alternative energy tax-oriented investments that was previously recognized in other income is now being recognized in income tax expense, which aligns with the associated tax credits and other tax benefits. Refer to Notes 1 and 13 for additional information.

Noninterest expense

Other expense

Other expense on the Firm’s Consolidated statements of income includes the following:

			Three months ended September 30,												Nine months ended September 30,
(in millions)			2024						2023						2024						2023
Legal expense			$	259					$	665					$	504					$	1,261
FDIC-related expense			312						342						1,576			(d)			997
Operating losses(a)			397						310						1,019						913
Contribution of Visa shares(b)			—						—						1,000						—
First Republic-related expense(c)			142						244						615						843

(a)Predominantly fraud losses in CCB associated with customer deposit accounts, credit and debit cards.

(b)Represents the contribution of a portion of Visa C shares to the JPMorgan Chase Foundation. Refer to Note 2 for additional information.

(c)Reflects the expenses classified within other expense, including $78 million and $394 million of restructuring and integration costs associated with First Republic in the three and nine months ended September 30, 2024, respectively. Additionally, the second quarter of 2023 Included payments to the FDIC for the First Republic individuals who were not employees of the Firm until July 2, 2023. Refer to Note 26 for additional information on the First Republic acquisition.

(d)The first quarter of 2024 included an increase of $725 million to the FDIC special assessment reflecting the FDIC's revised estimate of Deposit Insurance Fund losses.

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Note 6 – Interest income and Interest expense

Refer to Note 7 of JPMorgan Chase’s 2023 Form 10-K for a description of JPMorgan Chase’s accounting policies regarding interest income and interest expense.

The following table presents the components of interest income and interest expense.

			Three months ended September 30,						Nine months ended September 30,
(in millions)			2024			2023			2024						2023
Interest income
Loans(a)			$	23,509		$	22,311		$	69,281					$	60,325
Taxable securities			5,849			4,513			15,844						12,674
Non-taxable securities(b)			298			360			923						951
Total investment securities(a)			6,147			4,873			16,767						13,625
Trading assets - debt instruments			5,613			4,164			15,198						11,823
Federal funds sold and securities purchased under resale agreements			5,226			3,951			14,262						10,849
Securities borrowed			2,478			2,085			6,821						5,667
Deposits with banks			5,366			5,270			17,811						15,278
All other interest-earning assets(c)			2,077			1,902			6,227						5,637
Total interest income			$	50,416		$	44,556		$	146,367					$	123,204
Interest expense
Interest-bearing deposits			$	12,914		$	10,796		$	37,569					$	28,024
Federal funds purchased and securities loaned or sold under repurchase agreements			5,733			3,523			14,810						9,727
Short-term borrowings			542			512			1,579						1,361
Trading liabilities – debt and all other interest-bearing liabilities(d)			2,632			2,463			7,872						6,807
Long-term debt			4,838			4,239			14,236						11,428
Beneficial interest issued by consolidated VIEs			352			297			1,068						641
Total interest expense			$	27,011		$	21,830		$	77,134					$	57,988
Net interest income			$	23,405		$	22,726		$	69,233					$	65,216
Provision for credit losses			3,111			1,384			8,047						6,558
Net interest income after provision for credit losses			$	20,294		$	21,342		$	61,186					$	58,658

(a)Includes the amortization and accretion of purchase premiums and discounts, as well as net deferred fees and costs on loans.

(b)Represents securities which are tax-exempt for U.S. federal income tax purposes.

(c)Includes interest earned on brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets which are classified in other assets on the Consolidated balance sheets.

(d)All other interest-bearing liabilities includes interest expense on brokerage-related customer payables.

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Note 7 – Pension and other postretirement employee benefit plans

Refer to Note 8 of JPMorgan Chase’s 2023 Form 10-K for a discussion of JPMorgan Chase’s pension and OPEB plans.

The following table presents the net periodic benefit costs reported in the Consolidated statements of income for the Firm’s defined benefit pension, defined contribution and OPEB plans.

			Three months ended September 30,															Nine months ended September 30,
(in millions)			2024						2023												2024						2023
Total net periodic defined benefit plan cost/(credit)			$	(114)					$	(104)											$	(342)					$	(292)
Total defined contribution plans			461						403												1,292						1,165
Total pension and OPEB cost included in noninterest expense			$	347					$	299											$	950					$	873

As of September 30, 2024 and December 31, 2023, the fair values of plan assets for the Firm’s significant defined benefit pension and OPEB plans were $23.2 billion and $22.0 billion, respectively.

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Note 8 – Employee share-based incentives

Refer to Note 9 of JPMorgan Chase’s 2023 Form 10-K for a discussion of the accounting policies and other information relating to employee share-based incentives.

The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income.

			Three months ended September 30,												Nine months ended September 30,
(in millions)			2024						2023						2024						2023
Cost of prior grants of restricted stock units (“RSUs”), performance share units (“PSUs”) and stock appreciation rights (“SARs”) that are amortized over their applicable vesting periods			$	359					$	363					$	1,224					$	1,169
Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees			490						419						1,507						1,317
Total noncash compensation expense related to employee share-based incentive plans			$	849					$	782					$	2,731					$	2,486

In the first quarter of 2024, in connection with its annual incentive grant for the 2023 performance year, the Firm granted 17 million RSUs and 726 thousand PSUs with weighted-average grant date fair values of $164.42 per RSU and $165.62 per PSU.

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Note 9 – Investment securities

Investment securities consist of debt securities that are classified as AFS or HTM. Debt securities classified as trading assets are discussed in Note 2. Predominantly all of the Firm’s AFS and HTM securities are held by Treasury and CIO in connection with its asset-liability management activities. At September 30, 2024, the investment securities portfolio consisted of debt securities with an

average credit rating of AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings).

Refer to Note 10 of JPMorgan Chase’s 2023 Form 10-K for additional information regarding the investment securities portfolio.

The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.

			September 30, 2024																		December 31, 2023
(in millions)			Amortized cost(d)(e)			Gross unrealized gains			Gross unrealized losses						Fair value						Amortized cost(d)(e)			Gross unrealized gains			Gross unrealized losses			Fair value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies			$	83,081		$	1,280		$	2,498					$	81,863					$	88,377		$	870		$	4,077		$	85,170
Residential:
U.S.			3,321			33			33						3,321						2,086			10			68			2,028
Non-U.S.			733			3			—						736						1,608			4			1			1,611
Commercial			3,651			32			74						3,609						2,930			12			139			2,803
Total mortgage-backed securities			90,786			1,348			2,605						89,529						95,001			896			4,285			91,612
U.S. Treasury and government agencies			170,989			1,433			240						172,182						58,051			276			522			57,805
Obligations of U.S. states and municipalities			18,112			340			247						18,205						21,243			390			266			21,367
Non-U.S. government debt securities			42,627			229			303						42,553						21,387			254			359			21,282
Corporate debt securities			70			—			9						61						128			—			28			100
Asset-backed securities:
Collateralized loan obligations			9,655			32			5						9,682						6,769			11			28			6,752
Other			2,318			26			8						2,336						2,804			8			26			2,786
Unallocated portfolio layer fair value      basis adjustments(a)			694			(694)			—						NA						73			(73)			—			NA
Total available-for-sale securities			335,251			2,714			3,417						334,548						205,456			1,762			5,514			201,704
Held-to-maturity securities(b)
Mortgage-backed securities:
U.S. GSEs and government agencies			99,328			94			9,641						89,781						105,614			39			11,643			94,010
U.S. Residential			8,874			11			688						8,197						9,709			4			970			8,743
Commercial			9,324			48			315						9,057						10,534			13			581			9,966
Total mortgage-backed securities			117,526			153			10,644						107,035						125,857			56			13,194			112,719
U.S. Treasury and government agencies			123,504			—			9,343						114,161						173,666			—			13,074			160,592
Obligations of U.S. states and municipalities			9,426			54			542						8,938						9,945			74			591			9,428
Asset-backed securities:
Collateralized loan obligations			47,999			68			24						48,043						58,565			47			352			58,260
Other			1,499			2			37						1,464						1,815			1			61			1,755
Total held-to-maturity securities(c)			299,954			277			20,590						279,641						369,848			178			27,272			342,754
Total investment securities, net of allowance for credit losses			$	635,205		$	2,991		$	24,007					$	614,189					$	575,304		$	1,940		$	32,786		$	544,458

(a)Represents the amount of portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Under U.S. GAAP portfolio layer method basis adjustments are not allocated to individual securities, however the amounts impact the unrealized gains or losses in the table for the types of securities being hedged. Refer to Note 4 for additional information.

(b)The Firm purchased $1.4 billion and $2.4 billion of HTM securities for the three and nine months ended September 30, 2024, respectively, and $4.1 billion for the nine months ended September 30, 2023; there were no purchases of HTM securities for the three months ended September 30, 2023.

(c)Effective January 1, 2023, the Firm adopted the portfolio layer method hedge accounting guidance which permitted a transfer of HTM securities to AFS upon adoption. The Firm transferred obligations of U.S. states and municipalities with a carrying value of $7.1 billion resulting in the recognition of $38 million net pre-tax unrealized losses in AOCI. This transfer was a non-cash transaction. Refer to Note 19 of this Form 10-Q and Note 1 of JPMorgan Chase’s 2023 Form 10-K for additional information.

(d)The amortized cost of investment securities is reported net of allowance for credit losses of $175 million and $128 million at September 30, 2024 and December 31, 2023, respectively.

(e)Excludes $3.7 billion and $2.8 billion of accrued interest receivable at September 30, 2024 and December 31, 2023, respectively. The Firm did not reverse through interest income any accrued interest receivable for the three and nine months ended September 30, 2024 and 2023. Refer to Note 10 of JPMorgan Chase’s 2023 Form 10-K for further discussion of accounting policies for accrued interest receivable on investment securities.

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AFS securities impairment

The following tables present the fair value and gross unrealized losses by aging category for AFS securities at September 30, 2024 and December 31, 2023. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $2.7 billion and $4.6 billion, at September 30, 2024 and December 31, 2023, respectively; changes in the value of these securities are generally driven by changes in interest rates rather than changes in their credit profile given the explicit or implicit guarantees provided by the U.S. government.

			Available-for-sale securities with gross unrealized losses
			Less than 12 months												12 months or more
September 30, 2024 (in millions)			Fair value						Gross unrealized losses						Fair value			Gross unrealized losses			Total fair value			Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.			$	110					$	—					$	975		$	33		$	1,085		$	33
Non-U.S.			—						—						—			—			—			—
Commercial			164						2						1,304			72			1,468			74
Total mortgage-backed securities			274						2						2,279			105			2,553			107
Obligations of U.S. states and municipalities			1,931						19						2,337			228			4,268			247
Non-U.S. government debt securities			6,510						41						4,500			262			11,010			303
Corporate debt securities			—						—						17			9			17			9
Asset-backed securities:
Collateralized loan obligations			395						—						516			5			911			5
Other			119						—						316			8			435			8
Total available-for-sale securities with gross unrealized losses			$	9,229					$	62					$	9,965		$	617		$	19,194		$	679

			Available-for-sale securities with gross unrealized losses
			Less than 12 months												12 months or more
December 31, 2023 (in millions)			Fair value						Gross unrealized losses						Fair value			Gross unrealized losses			Total fair value			Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.			$	81					$	—					$	1,160		$	68		$	1,241		$	68
Non-U.S.			—						—						722			1			722			1
Commercial			228						3						1,775			136			2,003			139
Total mortgage-backed securities			309						3						3,657			205			3,966			208
Obligations of U.S. states and municipalities			2,134						20						2,278			246			4,412			266
Non-U.S. government debt securities			7,145						23						4,987			336			12,132			359
Corporate debt securities			9						—						79			28			88			28
Asset-backed securities:
Collateralized loan obligations			932						2						3,744			26			4,676			28
Other			208						1						1,288			25			1,496			26
Total available-for-sale securities with gross unrealized losses			$	10,737					$	49					$	16,033		$	866		$	26,770		$	915

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HTM securities – credit risk

Credit quality indicator

The primary credit quality indicator for HTM securities is the risk rating assigned to each security. At both September 30, 2024 and December 31, 2023, all HTM securities were rated investment grade and were current and accruing, with approximately 99% rated at least AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings).

Allowance for credit losses on investment securities

The allowance for credit losses on investment securities was $175 million and $117 million as of September 30, 2024 and 2023, respectively, which included a cumulative-effect adjustment to retained earnings related to the transfer of HTM securities to AFS for the nine months ended September 30, 2023.

Refer to Note 10 of JPMorgan Chase’s 2023 Form 10-K for further discussion of accounting policies for AFS and HTM securities.

Selected impacts of investment securities on the Consolidated statements of income

			Three months ended September 30,												Nine months ended September 30,
(in millions)			2024			2023									2024			2023
Realized gains			$	298		$	16								$	535		$	345
Realized losses			(314)			(685)									(1,464)			(2,782)
Investment securities losses			$	(16)		$	(669)								$	(929)		$	(2,437)
Provision for credit losses			$	(2)		$	13								$	47		$	27

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Contractual maturities and yields

The following table presents the amortized cost and estimated fair value at September 30, 2024, of JPMorgan Chase’s investment securities portfolio by contractual maturity.

By remaining maturity September 30, 2024 (in millions)			Due in one year or less			Due after one year through five years			Due after five years through 10 years			Due after 10 years(c)						Total
Available-for-sale securities
Mortgage-backed securities
Amortized cost			$	3		$	6,666		$	4,501		$	79,616					$	90,786
Fair value			3			6,674			4,557			78,295						89,529
Average yield(a)			4.65		%	4.80		%	5.54		%	4.91		%				4.94		%
U.S. Treasury and government agencies
Amortized cost			$	—		$	124,332		$	39,682		$	6,975					$	170,989
Fair value			—			125,501			39,785			6,896						172,182
Average yield(a)			—		%	4.90		%	5.40		%	5.79		%				5.05		%
Obligations of U.S. states and municipalities
Amortized cost			$	9		$	14		$	66		$	18,023					$	18,112
Fair value			9			13			66			18,117						18,205
Average yield(a)			1.47		%	3.19		%	4.25		%	5.82		%				5.81		%
Non-U.S. government debt securities
Amortized cost			$	19,745		$	10,621		$	6,796		$	5,465					$	42,627
Fair value			19,753			10,615			6,685			5,500						42,553
Average yield(a)			4.64		%	4.45		%	2.85		%	3.86		%				4.21		%
Corporate debt securities
Amortized cost			$	108		$	9		$	5		$	—					$	122
Fair value			47			9			5			—						61
Average yield(a)			13.80		%	4.06		%	4.19		%	—		%				12.70		%
Asset-backed securities
Amortized cost			$	5		$	342		$	2,248		$	9,378					$	11,973
Fair value			5			343			2,259			9,411						12,018
Average yield(a)			6.16		%	5.91		%	6.36		%	6.51		%				6.47		%
Total available-for-sale securities
Amortized cost(b)			$	19,870		$	141,984		$	53,298		$	119,457					$	334,609
Fair value			19,817			143,155			53,357			118,219						334,548
Average yield(a)			4.69		%	4.86		%	5.12		%	5.18		%				5.02		%
Held-to-maturity securities
Mortgage-backed securities
Amortized cost			$	—		$	7,383		$	6,988		$	103,255					$	117,626
Fair value			—			7,034			6,387			93,614						107,035
Average yield(a)			—		%	2.63		%	2.61		%	2.99		%				2.94		%
U.S. Treasury and government agencies
Amortized cost			$	18,840		$	56,638		$	48,026		$	—					$	123,504
Fair value			18,652			53,670			41,839			—						114,161
Average yield(a)			0.84		%	0.99		%	1.25		%	—		%				1.07		%
Obligations of U.S. states and municipalities
Amortized cost			$	—		$	—		$	304		$	9,145					$	9,449
Fair value			—			—			278			8,660						8,938
Average yield(a)			—		%	—		%	3.29		%	3.94		%				3.92		%
Asset-backed securities
Amortized cost			$	—		$	125		$	20,626		$	28,747					$	49,498
Fair value			—			125			20,645			28,737						49,507
Average yield(a)			—		%	6.52		%	6.05		%	6.51		%				6.32		%
Total held-to-maturity securities
Amortized cost(b)			$	18,840		$	64,146		$	75,944		$	141,147					$	300,077
Fair value			18,652			60,829			69,149			131,011						279,641
Average yield(a)			0.84		%	1.19		%	2.69		%	3.77		%				2.76		%

(a)Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives, including closed portfolio hedges. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid. However, for certain callable debt securities, the average yield is calculated to the earliest call date.

(b)For purposes of this table, the amortized cost of available-for-sale securities excludes the allowance for credit losses of $52 million and the portfolio layer fair value hedge basis adjustments of $694 million at September 30, 2024. The amortized cost of held-to-maturity securities also excludes the allowance for credit losses of $123 million at September 30, 2024.

(c)Substantially all of the Firm’s U.S. residential MBS and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately seven years for agency residential MBS, six years for agency residential collateralized mortgage obligations, and five years for nonagency residential collateralized mortgage obligations.

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Note 10 – Securities financing activities

Refer to Note 11 of JPMorgan Chase’s 2023 Form 10-K for a discussion of accounting policies relating to securities financing activities. Refer to Note 3 for further information regarding securities financing agreements for which the fair value option has been elected. Refer to Note 23 for further information regarding assets pledged and collateral received in securities financing agreements.

The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of September 30, 2024 and December 31, 2023. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with the counterparty, but such collateral is not eligible for net

Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below. In transactions where the Firm is acting as the lender in a securities-for-securities lending agreement and receives securities that can be pledged or sold as collateral, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities on the Consolidated balance sheets.

			September 30, 2024
(in millions)			Gross amounts			Amounts netted on the Consolidated balance sheets			Amounts presented on the Consolidated balance sheets			Amounts not nettable on the Consolidated balance sheets(b)			Net amounts(c)
Assets
Securities purchased under resale agreements			$	695,230		$	(304,409)		$	390,821		$	(376,898)					$	13,923
Securities borrowed			305,198			(52,764)			252,434			(191,878)						60,556
Liabilities
Securities sold under repurchase agreements			$	688,549		$	(304,409)		$	384,140		$	(339,430)					$	44,710
Securities loaned and other(a)			63,109			(52,764)			10,345			(10,230)						115

			December 31, 2023
(in millions)			Gross amounts			Amounts netted on the Consolidated balance sheets			Amounts presented on the Consolidated balance sheets			Amounts not nettable on the Consolidated balance sheets(b)			Net amounts(c)
Assets
Securities purchased under resale agreements			$	523,308		$	(247,181)		$	276,127		$	(267,582)					$	8,545
Securities borrowed			244,046			(43,610)			200,436			(144,543)						55,893
Liabilities
Securities sold under repurchase agreements			$	459,985		$	(247,181)		$	212,804		$	(182,011)					$	30,793
Securities loaned and other(a)			52,142			(43,610)			8,532			(8,501)						31

(a)Includes securities-for-securities lending agreements of $5.8 billion and $5.6 billion at September 30, 2024 and December 31, 2023, respectively, accounted for at fair value, where the Firm is acting as lender.

(b)In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty.

(c)Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At September 30, 2024 and December 31, 2023, included $10.8 billion and $7.1 billion, respectively, of securities purchased under resale agreements; $53.3 billion and $50.7 billion, respectively, of securities borrowed; $43.9 billion and $30.0 billion, respectively, of securities sold under repurchase agreements; and securities loaned and other which were not material at both September 30, 2024 and December 31, 2023.

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The tables below present as of September 30, 2024 and December 31, 2023 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.

			Gross liability balance
			September 30, 2024												December 31, 2023
(in millions)			Securities sold under repurchase agreements						Securities loaned and other						Securities sold under repurchase agreements						Securities loaned and other
Mortgage-backed securities
U.S. GSEs and government agencies			$	85,012					$	—					$	71,064					$	—
Residential - nonagency			2,487						—						2,292						—
Commercial - nonagency			2,142						—						2,669						—
U.S. Treasury, GSEs and government agencies			343,191						651						216,467						1,034
Obligations of U.S. states and municipalities			2,061						—						2,323						—
Non-U.S. government debt			156,594						1,251						97,400						1,455
Corporate debt securities			49,049						1,785						39,247						2,025
Asset-backed securities			4,352						—						2,703						—
Equity securities			43,661						59,422						25,820						47,628
Total			$	688,549					$	63,109					$	459,985					$	52,142

			Remaining contractual maturity of the agreements
			Overnight and continuous																		Greater than 90 days
September 30, 2024 (in millions)									Up to 30 days						30 – 90 days												Total
Total securities sold under repurchase agreements			$	344,955					$	206,101					$	35,302					$	102,191					$	688,549
Total securities loaned and other			59,993						—						6						3,110						63,109

			Remaining contractual maturity of the agreements
			Overnight and continuous																		Greater than 90 days
December 31, 2023 (in millions)									Up to 30 days						30 – 90 days												Total
Total securities sold under repurchase agreements			$	259,048					$	102,941					$	20,960					$	77,036					$	459,985
Total securities loaned and other			49,610						1,544						—						988						52,142

Transfers not qualifying for sale accounting

At September 30, 2024 and December 31, 2023, the Firm held $617 million and $505 million, respectively, of financial assets for which the rights have been transferred to third parties; however, the transfers did not qualify as a sale in accordance with U.S. GAAP. These transfers have been recognized as collateralized financing transactions. The transferred assets are recorded in trading assets and loans, and the corresponding liabilities are recorded primarily in short-term borrowings and long-term debt on the Consolidated balance sheets.

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Note 11 – Loans

Loan accounting framework

The accounting for a loan depends on management’s strategy for the loan. The Firm accounts for loans based on the following categories:

•Originated or purchased loans held-for-investment (i.e., “retained”)

•Loans held-for-sale

•Loans at fair value

Refer to Note 12 of JPMorgan Chase's 2023 Form 10-K for a detailed discussion of loans, including accounting policies. Refer to Note 3 of this Form 10-Q for further information on the Firm's elections of fair value accounting under the fair value option. Refer to Note 2 of this Form 10-Q for information on loans carried at fair value and classified as trading assets.

Loan portfolio

The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class.

Consumer, excluding credit card

Credit card

Wholesale(c)(d)

• Residential real estate(a) • Auto and other(b)

• Credit card loans

• Secured by real estate • Commercial and industrial • Other(e)

(a)Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in CIB.

(b)Includes scored auto, business banking and consumer unsecured loans as well as overdrafts, primarily in CCB.

(c)Includes loans held in CIB, AWM, Corporate, and risk-rated exposure held in CCB, for which the wholesale methodology is applied when determining the allowance for loan losses.

(d)The wholesale portfolio segment's classes align with loan classifications as defined by the bank regulatory agencies, based on the loan's collateral, purpose, and type of borrower.

(e)Includes loans to SPEs, financial institutions, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, as well as loans to nonprofits. Refer to Note 14 of JPMorgan Chase’s 2023 Form 10-K for more information on SPEs.

The following tables summarize the Firm’s loan balances by portfolio segment.

September 30, 2024			Consumer, excluding credit card						Credit card						Wholesale						Total(a)(b)
(in millions)
Retained			$	377,938					$	219,542					$	687,890					$	1,285,370
Held-for-sale			1,101						—						11,403						12,504
At fair value			15,906						—						26,231						42,137
Total			$	394,945					$	219,542					$	725,524					$	1,340,011
December 31, 2023			Consumer, excluding credit card						Credit card						Wholesale						Total(a)(b)
(in millions)
Retained			$	397,275					$	211,123					$	672,472					$	1,280,870
Held-for-sale			487						—						3,498						3,985
At fair value			12,331						—						26,520						38,851
Total			$	410,093					$	211,123					$	702,490					$	1,323,706

(a)Excludes $6.7 billion and $6.8 billion of accrued interest receivables as of September 30, 2024 and December 31, 2023, respectively. Accrued interest receivables written off were not material for the three and nine months ended September 30, 2024 and 2023.

(b)Loans (other than those for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs. These amounts were not material as of September 30, 2024 and December 31, 2023. For the discount associated with First Republic loans, refer to Note 26 on pages 186–188.

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The following tables provide information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table.

			2024																		2023
Three months ended September 30, (in millions)			Consumer, excluding credit card						Credit card			Wholesale			Total						Consumer, excluding credit card						Credit card			Wholesale						Total
Purchases			$	180		(b)(c)			$	—		$	668		$	848					$	62		(b)(c)			$	—		$	539					$	601
Sales			2,474						—			10,488			12,962						1,318						—			13,076						14,394
Retained loans reclassified to held-for-sale(a)			330						—			131			461						33						—			194						227
			2024																		2023
Nine months ended September 30, (in millions)			Consumer, excluding credit card						Credit card			Wholesale			Total						Consumer, excluding credit card						Credit card			Wholesale						Total
Purchases			$	536		(b)(c)			$	—		$	1,022		$	1,558					$	92,143		(b)(c)(d)			$	—		$	59,100		(d)			$	151,243
Sales			10,440						—			31,024			41,464						1,756						—			31,956						33,712
Retained loans reclassified to held-for-sale(a)			1,499						—			679			2,178						157						—			1,279						1,436

(a)Reclassifications of loans to held-for-sale are non-cash transactions.

(b)Includes purchases of residential real estate loans, including the Firm’s voluntary repurchases of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines for the three and nine months ended September 30, 2024 and 2023. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA.

(c)Excludes purchases of retained loans of $181 million and $1.9 billion for the three months ended September 30, 2024 and 2023, respectively, and $465 million and $4.2 billion for the nine months ended September 30, 2024 and 2023, respectively, which are predominantly sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards.

(d)Includes loans acquired in the First Republic acquisition consisting of $91.9 billion in Consumer, excluding credit card and $58.4 billion in Wholesale.

Gains and losses on sales of loans

Net gains/(losses) on sales of loans and lending-related commitments (including adjustments to record loans and lending-related commitments held-for-sale at the lower of cost or fair value) recognized in noninterest revenue for the three and nine months ended September 30, 2024 were $65 million and $125 million, respectively, of which $47 million and $80 million, respectively, were related to loans. Net gains/(losses) on sales of loans and lending-related commitments for the three and nine months ended September 30, 2023 were $9 million and $46 million, respectively, of which $9 million and $52 million, respectively, were related to loans. In addition, the sale of loans may also result in write downs, recoveries or changes in the allowance recognized in the provision for credit losses.

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Consumer, excluding credit card loan portfolio

Consumer loans, excluding credit card loans, consist primarily of scored residential mortgages, home equity loans and lines of credit, auto and business banking loans, with a focus on serving the prime consumer credit market. These loans include home equity loans secured by junior liens, prime mortgage loans with an interest-only payment period, and certain payment-option loans that may result in negative amortization.

The following table provides information about retained consumer loans, excluding credit card, by class.

(in millions)			September 30, 2024						December 31, 2023
Residential real estate			$	311,338					$	326,409
Auto and other			66,600						70,866
Total retained loans			$	377,938					$	397,275

Delinquency rates are the primary credit quality indicator for consumer loans. Refer to Note 12 of JPMorgan Chase's 2023 Form 10-K for further information on consumer credit quality indicators.

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Residential real estate

Delinquency is the primary credit quality indicator for retained residential real estate loans. The following tables provide information on delinquency and gross charge-offs.

(in millions, except ratios)			September 30, 2024
			Term loans by origination year(c)																					Revolving loans									Total
			2024			2023			2022			2021			2020			Prior to 2020						Within the revolving period			Converted to term loans
Loan delinquency(a)
Current			$	8,330		$	18,007		$	62,087		$	80,903		$	53,025		$	72,660					$	6,776		$	7,331					$	309,119
30–149 days past due			2			18			155			114			53			749						59			199						1,349
150 or more days past due			—			5			62			56			43			551						8			145						870
Total retained loans			$	8,332		$	18,030		$	62,304		$	81,073		$	53,121		$	73,960					$	6,843		$	7,675					$	311,338
% of 30+ days past due to total retained loans(b)			0.02		%	0.13		%	0.35		%	0.21		%	0.18		%	1.74		%				0.98		%	4.48		%				0.71		%
Gross charge-offs			$	—		$	—		$	1		$	1		$	—		$	149					$	14		$	4					$	169

(in millions, except ratios)			December 31, 2023
			Term loans by origination year(c)																					Revolving loans									Total
			2023			2022			2021			2020			2019			Prior to 2019						Within the revolving period			Converted to term loans
Loan delinquency(a)
Current			$	23,216		$	64,366		$	84,496		$	55,546		$	21,530		$	59,563					$	7,479		$	8,151					$	324,347
30–149 days past due			33			74			89			70			41			801						49			223						1,380
150 or more days past due			1			10			17			8			21			456						5			164						682
Total retained loans			$	23,250		$	64,450		$	84,602		$	55,624		$	21,592		$	60,820					$	7,533		$	8,538					$	326,409
% of 30+ days past due to total retained loans(b)			0.15		%	0.13		%	0.13		%	0.14		%	0.29		%	2.04		%				0.72		%	4.53		%				0.63		%
Gross charge-offs			$	—		$	—		$	—		$	—		$	4		$	167					$	26		$	7					$	204

(a)Individual delinquency classifications include mortgage loans insured by U.S. government agencies which were not material at September 30, 2024 and December 31, 2023.

(b)Excludes mortgage loans that are 30 or more days past due insured by U.S. government agencies which were not material at September 30, 2024 and December 31, 2023. These amounts have been excluded based upon the government guarantee.

(c)Purchased loans are included in the year in which they were originated.

Approximately 37% of the total revolving loans are senior lien loans; the remaining balance are junior lien loans. The lien position the Firm holds is considered in the Firm’s allowance for credit losses. Revolving loans that have been converted to term loans have higher delinquency rates than those that are still within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options available for revolving loans within the revolving period.

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Nonaccrual loans and other credit quality indicators

The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans.

(in millions, except weighted-average data)			September 30, 2024						December 31, 2023
Nonaccrual loans(a)(b)(c)(d)			$	3,083					$	3,466
Current estimated LTV ratios(e)(f)(g)
Greater than 125% and refreshed FICO scores:
Equal to or greater than 660			$	72					$	72
Less than 660			—						—
101% to 125% and refreshed FICO scores:
Equal to or greater than 660			146						223
Less than 660			5						4
80% to 100% and refreshed FICO scores:
Equal to or greater than 660			4,949						6,491
Less than 660			75						102
Less than 80% and refreshed FICO scores:
Equal to or greater than 660			296,443						309,251
Less than 660			8,818						9,277
No FICO/LTV available(h)			830						989
Total retained loans			$	311,338					$	326,409
Weighted-average LTV ratio(e)(i)			47		%				49		%
Weighted-average FICO(f)(i)			774						770
Geographic region(h)(j)
California			$	121,688					$	127,072
New York			47,198						48,815
Florida			21,834						22,778
Texas			14,638						15,506
Massachusetts			13,619						14,213
Colorado			10,450						10,800
Illinois			10,033						10,856
Washington			9,415						9,923
New Jersey			7,609						8,050
Connecticut			6,879						7,163
All other			47,975						51,233
Total retained loans			$	311,338					$	326,409

(a)Includes collateral-dependent residential real estate loans that are charged down to the fair value of the underlying collateral less costs to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual loans, regardless of their delinquency status. At September 30, 2024, approximately 9% of Chapter 7 residential real estate loans were 30 days or more past due.

(b)Mortgage loans insured by U.S. government agencies excluded from nonaccrual loans were not material at September 30, 2024 and December 31, 2023.

(c)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative.

(d)Interest income on nonaccrual loans recognized on a cash basis was $38 million and $44 million and $123 million and $133 million for the three and nine months ended September 30, 2024 and 2023, respectively.

(e)Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.

(f)Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.

(g)Includes residential real estate loans, primarily held in LLCs in AWM that did not have a refreshed FICO score. These loans have been included in a FICO band based on management’s estimation of the borrower’s credit quality.

(h)Included U.S. government-guaranteed loans as of September 30, 2024 and December 31, 2023.

(i)Excludes loans with no FICO and/or LTV data available.

(j)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at September 30, 2024.

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Loan modifications

The Firm grants certain modifications of residential real estate loans to borrowers experiencing financial difficulty. The Firm's proprietary modification programs as well as government programs, including U.S. GSE programs, that generally provide various modifications to borrowers experiencing financial difficulty including, but not limited to, interest rate reductions, term extensions, other-than-insignificant payment deferral and principal forgiveness that would otherwise have been required under the terms of the original agreement, are considered FDMs. Refer to Note 12 of JPMorgan Chase's 2023 Form 10-K for further information.

Financial effects of FDMs

For the three and nine months ended September 30, 2024, residential real estate FDMs were $74 million and $188 million, respectively. The financial effects of the FDMs, which were predominantly in the form of term extensions and interest rate reductions, included extending the weighted-average life of the loans by 8 years for both periods, and reducing the weighted-average contractual interest rate from 7.78% to 5.78% and 7.81% to 5.37% for the three and nine months ended September 30, 2024, respectively.

For the three and nine months ended September 30, 2023, residential real estate FDMs were $43 million and $110 million, respectively. The financial effects of the FDMs, which were predominantly in the form of term extensions and interest rate reductions, included extending the weighted-average life of the loans by 22 years and 19 years, and reducing the weighted-average contractual interest rate from 7.22% to 4.63% and 7.04% to 4.24% for the three and nine months ended September 30, 2023, respectively.

As of September 30, 2024 and December 31, 2023, there were no additional commitments to lend to borrowers experiencing financial difficulty whose loans have been modified as FDMs.

For the three and nine months ended September 30, 2024 and 2023, loans subject to a trial modification, where the terms of the loans have not been permanently modified, and Chapter 7 loans were not material.

Payment status of FDMs

The following table provides information on the payment status of FDMs during the twelve months ended September 30, 2024 and the nine months ended September 30, 2023.

(in millions)			Amortized cost basis
			Twelve months ended Sep 30,			Nine months ended Sep 30,
			2024			2023
Current			$	143		$	90
30-149 days past due			45			13
150 or more days past due			23			7
Total			$	211		$	110

Defaults of FDMs

FDMs that defaulted in the three and nine months ended September 30, 2024 and were reported as FDMs in the twelve months prior to the default were $44 million and $74 million, respectively. FDMs that defaulted in the three and nine months ended September 30, 2023 and were reported as FDMs on or after January 1, 2023, the date that the Firm adopted the changes to the TDR accounting guidance were not material. Refer to Note 1 of JPMorgan Chase's 2023 Form 10-K for further information.

Active and suspended foreclosure

At September 30, 2024 and December 31, 2023, the Firm had retained residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $618 million and $566 million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.

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Auto and other

Delinquency is the primary credit quality indicator for retained auto and other loans. The following tables provide information on delinquency and gross charge-offs.

			September 30, 2024
(in millions, except ratios)			Term loans by origination year																					Revolving loans
			2024			2023			2022			2021			2020			Prior to 2020						Within the revolving period			Converted to term loans			Total
Loan delinquency
Current			$	20,542		$	17,877		$	10,524		$	8,347		$	3,703		$	903					$	3,531		$	131		$	65,558
30–119 days past due			151			258			250			187			55			29						33			34			997
120 or more days past due			1			1			—			4			7			1						1			30			45
Total retained loans			$	20,694		$	18,136		$	10,774		$	8,538		$	3,765		$	933					$	3,565		$	195		$	66,600
% of 30+ days past due to total retained loans			0.73		%	1.43		%	2.32		%	2.24		%	1.65		%	3.22		%				0.95		%	32.82		%	1.56		%
Gross charge-offs			$	169		$	268		$	171		$	96		$	30		$	64					$	—		$	4		$	802

			December 31, 2023
(in millions, except ratios)			Term loans by origination year																					Revolving loans
			2023			2022			2021			2020			2019			Prior to 2019						Within the revolving period			Converted to term loans			Total
Loan delinquency
Current			$	30,328		$	14,797		$	12,825		$	6,538		$	1,777		$	511					$	2,984		$	102		$	69,862
30–119 days past due			276			279			231			78			43			17						19			24			967
120 or more days past due			1			1			7			8			—			—						3			17			37
Total retained loans			$	30,605		$	15,077		$	13,063		$	6,624		$	1,820		$	528					$	3,006		$	143		$	70,866
% of 30+ days past due to total retained loans			0.91		%	1.86		%	1.75		%	1.15		%	2.36		%	3.22		%				0.73		%	28.67		%	1.39		%
Gross charge-offs			$	333		$	297		$	161		$	53		$	35		$	64					$	—		$	4		$	947

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Nonaccrual and other credit quality indicators

The following table provides information on nonaccrual and geographic region as a credit quality indicator for retained auto and other consumer loans.

(in millions)			Total Auto and other
			September 30, 2024			December 31, 2023
Nonaccrual loans(a)(b)			$	233		$	177
Geographic region(c)
California			$	10,281		$	10,959
Texas			7,738			8,502
Florida			5,391			5,684
New York			4,892			4,938
Illinois			2,903			3,147
New Jersey			2,475			2,609
Pennsylvania			1,983			1,900
Georgia			1,725			1,912
Arizona			1,635			1,779
North Carolina			1,593			1,714
All other			25,984			27,722
Total retained loans			$	66,600		$	70,866

(a)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative.

(b)Interest income on nonaccrual loans recognized on a cash basis was not material for the three and nine months ended September 30, 2024 and 2023.

(c)The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at September 30, 2024.

Loan modifications

The Firm grants certain modifications of auto and other loans to borrowers experiencing financial difficulty.

For the three and nine months ended September 30, 2024 and 2023, auto and other FDMs were not material.

As of September 30, 2024 and December 31, 2023, there were no additional commitments to lend to borrowers modified as FDMs.

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Credit card loan portfolio

The credit card portfolio segment includes credit card loans originated and purchased by the Firm. Delinquency rates are the primary credit quality indicator for credit card loans.

Refer to Note 12 of JPMorgan Chase's 2023 Form 10-K for further information on the credit card loan portfolio, including credit quality indicators.

The following tables provide information on delinquency and gross charge-offs.

(in millions, except ratios)			September 30, 2024
			Within the revolving period			Converted to term loans			Total
Loan delinquency
Current and less than 30 days past due and still accruing			$	213,537		$	1,181		$	214,718
30–89 days past due and still accruing			2,305			103			2,408
90 or more days past due and still accruing			2,364			52			2,416
Total retained loans			$	218,206		$	1,336		$	219,542
Loan delinquency ratios
% of 30+ days past due to total retained loans			2.14		%	11.60		%	2.20		%
% of 90+ days past due to total retained loans			1.08			3.89			1.10
Gross charge-offs			$	5,868		$	176		$	6,044

(in millions, except ratios)			December 31, 2023
			Within the revolving period			Converted to term loans			Total
Loan delinquency
Current and less than 30 days past due and still accruing			$	205,731		$	882		$	206,613
30–89 days past due and still accruing			2,217			84			2,301
90 or more days past due and still accruing			2,169			40			2,209
Total retained loans			$	210,117		$	1,006		$	211,123
Loan delinquency ratios
% of 30+ days past due to total retained loans			2.09		%	12.33		%	2.14		%
% of 90+ days past due to total retained loans			1.03			3.98			1.05
Gross charge-offs			$	5,325		$	166		$	5,491

Other credit quality indicators

The following table provides information on other credit quality indicators for retained credit card loans.

(in millions, except ratios)			September 30, 2024			December 31, 2023
Geographic region(a)
California			$	34,251		$	32,652
Texas			23,119			22,086
New York			17,751			16,915
Florida			16,029			15,103
Illinois			11,817			11,364
New Jersey			9,152			8,688
Colorado			6,673			6,307
Ohio			6,533			6,424
Pennsylvania			6,150			6,088
Arizona			5,469			5,209
All other			82,598			80,287
Total retained loans			$	219,542		$	211,123
Percentage of portfolio based on carrying value with estimated refreshed FICO scores
Equal to or greater than 660			85.1		%	85.8		%
Less than 660			14.7			14.0
No FICO available			0.2			0.2

(a)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at September 30, 2024.

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Loan modifications

The Firm grants certain modifications of credit card loans to borrowers experiencing financial difficulty. These modifications may involve placing the customer’s credit card account on a fixed payment plan, generally for 60 months, which typically includes reducing the interest rate on the credit card account. If the borrower does not make the contractual payments when due under the modified payment terms, the credit card loan continues to age and will be charged-off in accordance with the Firm's standard charge-off policy. In most cases, the Firm does not reinstate the borrower's line of credit.

Financial effects of FDMs

The following tables provide information on credit card loan modifications considered FDMs.

			Loan modifications
			Three months ended September 30,						Nine months ended September 30,
(in millions)			2024			2023			2024			2023
Term extension and interest rate reduction(a)(b)
Amortized cost basis			$	272		$	197		$	714		$	489
% of total modifications to total retained credit card loans			0.12		%	0.10		%	0.33		%	0.25		%
Financial effect of loan modifications			Term extension with a reduction in the weighted average contractual interest rate from 23.77% to 3.03%			Term extension with a reduction in the weighted average contractual interest rate from 23.48% to 3.67%			Term extension with a reduction in the weighted average contractual interest rate from 23.89% to 3.12%			Term extension with a reduction in the weighted average contractual interest rate from 23.15% to 3.58%

(a) Term extension includes credit card loans whose terms have been modified under long-term programs by placing the customer's credit card account on a fixed payment plan.

(b) Interest rates represents the weighted average at the time of modification.

Payment status of FDMs

The following table provides information on the payment status of FDMs during the twelve months ended September 30, 2024 and the nine months ended September 30, 2023.

(in millions)			Amortized cost basis
			Twelve months ended Sep 30,			Nine months ended Sep 30,
			2024			2023
Current and less than 30 days past due and still accruing			$	757		$	414
30-89 days past due and still accruing			70			47
90 or more days past due and still accruing			41			28
Total			$	868		$	489

Defaults of FDMs

FDMs that defaulted in the three and nine months ended September 30, 2024 and were reported as FDMs in the twelve months prior to the default were not material. FDMs that defaulted in the three and nine months ended September 30, 2023 and were reported as FDMs on or after January 1, 2023, the date that the Firm adopted the changes to the TDR accounting guidance were not material. Refer to Note 1 of JPMorgan Chase's 2023 Form 10-K for further information.

For credit card loans modified as FDMs, payment default is deemed to have occurred when the borrower misses two consecutive contractual payments. Defaulted modified credit card loans remain in the modification program and continue to be charged off in accordance with the Firm's standard charge-off policy.

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Wholesale loan portfolio

Wholesale loans include loans made to a variety of clients, ranging from large corporate and institutional clients, to small businesses and high-net-worth individuals. The primary credit quality indicator for wholesale loans is the internal risk rating assigned to each loan. Refer to Note 12 of JPMorgan Chase’s 2023 Form 10-K for further information on these risk ratings.

Internal risk rating is the primary credit quality indicator for retained wholesale loans. The following tables provide information on internal risk rating and gross charge-offs.

			Secured by real estate									Commercial and industrial									Other(a)									Total retained loans
(in millions, except ratios)			Sep 30, 2024			Dec 31, 2023						Sep 30, 2024						Dec 31, 2023						Sep 30, 2024			Dec 31, 2023						Sep 30, 2024						Dec 31, 2023
Loans by risk ratings
Investment-grade			$	115,015		$	120,405					$	67,984					$	72,624					$	284,007		$	265,809					$	467,006					$	458,838
Noninvestment-grade:
Noncriticized			37,383			34,241						83,494						80,637						73,998			75,178						194,875						190,056
Criticized performing			10,019			7,291						11,037						12,684						1,436			1,257						22,492						21,232
Criticized nonaccrual			974			401						1,733						1,221						810			724						3,517						2,346
Total noninvestment-grade			48,376			41,933						96,264						94,542						76,244			77,159						220,884						213,634
Total retained loans			$	163,391		$	162,338					$	164,248					$	167,166					$	360,251		$	342,968					$	687,890					$	672,472
% of investment-grade to total retained loans			70.39		%	74.17		%				41.39		%				43.44		%				78.84		%	77.50		%				67.89		%				68.23		%
% of total criticized to total retained loans			6.73			4.74						7.77						8.32						0.62			0.58						3.78						3.51
% of criticized nonaccrual to total retained loans			0.60			0.25						1.06						0.73						0.22			0.21						0.51						0.35

(a)Includes loans to SPEs, financial institutions, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, as well as loans to nonprofits. As of September 30, 2024 and December 31, 2023, predominantly consisted of $110.7 billion and $106.9 billion, respectively, to individuals and individual entities; $98.4 billion and $87.5 billion, respectively, to financial institutions; and $91.3 billion and $91.2 billion, respectively, to SPEs. Refer to Note 14 of JPMorgan Chase’s 2023 Form 10-K for more information on SPEs.

			Secured by real estate
(in millions)			September 30, 2024
			Term loans by origination year																					Revolving loans
			2024			2023			2022			2021			2020			Prior to 2020						Within the revolving period			Converted to term loans						Total
Loans by risk ratings
Investment-grade			$	6,541		$	10,199		$	26,053		$	23,430		$	15,870		$	31,522					$	1,400		$	—					$	115,015
Noninvestment-grade			3,500			5,049			14,562			8,866			3,679			11,260						1,459			1						48,376
Total retained loans			$	10,041		$	15,248		$	40,615		$	32,296		$	19,549		$	42,782					$	2,859		$	1					$	163,391
Gross charge-offs			$	—		$	18		$	37		$	—		$	33		$	51					$	—		$	—					$	139

    

			Secured by real estate
(in millions)			December 31, 2023
			Term loans by origination year																					Revolving loans
			2023			2022			2021			2020			2019			Prior to 2019						Within the revolving period			Converted to term loans						Total
Loans by risk ratings
Investment-grade			$	10,687		$	28,874		$	25,784		$	16,820		$	15,677		$	21,108					$	1,455		$	—					$	120,405
Noninvestment-grade			4,477			12,579			7,839			3,840			3,987			7,918						1,291			2						41,933
Total retained loans			$	15,164		$	41,453		$	33,623		$	20,660		$	19,664		$	29,026					$	2,746		$	2					$	162,338
Gross charge-offs			$	20		$	48		$	22		$	—		$	23		$	78					$	—		$	1					$	192

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			Commercial and industrial
(in millions)			September 30, 2024
			Term loans by origination year																					Revolving loans
			2024			2023			2022			2021			2020			Prior to 2020						Within the revolving period			Converted to term loans						Total
Loans by risk ratings
Investment-grade			$	9,200		$	6,762		$	7,165		$	3,066		$	1,362		$	1,480					$	38,948		$	1					$	67,984
Noninvestment-grade			15,595			12,733			12,467			6,776			895			1,240						46,491			67						96,264
Total retained loans			$	24,795		$	19,495		$	19,632		$	9,842		$	2,257		$	2,720					$	85,439		$	68					$	164,248
Gross charge-offs			$	19		$	4		$	116		$	24		$	1		$	5					$	190		$	3					$	362

			Commercial and industrial
(in millions)			December 31, 2023
			Term loans by origination year																					Revolving loans
			2023			2022			2021			2020			2019			Prior to 2019						Within the revolving period			Converted to term loans						Total
Loans by risk ratings
Investment-grade			$	14,875		$	10,642		$	4,276		$	2,291		$	1,030		$	1,115					$	38,394		$	1					$	72,624
Noninvestment-grade			18,890			16,444			9,299			1,989			1,144			1,006						45,696			74						94,542
Total retained loans			$	33,765		$	27,086		$	13,575		$	4,280		$	2,174		$	2,121					$	84,090		$	75					$	167,166
Gross charge-offs			$	25		$	8		$	110		$	55		$	2		$	12					$	259		$	8					$	479

			Other(a)
(in millions)			September 30, 2024
			Term loans by origination year																					Revolving loans
			2024			2023			2022			2021			2020			Prior to 2020						Within the revolving period			Converted to term loans						Total
Loans by risk ratings
Investment-grade			$	25,069		$	21,517		$	15,270		$	7,455		$	9,325		$	7,838					$	195,968		$	1,565					$	284,007
Noninvestment-grade			10,098			7,120			5,658			4,196			1,742			2,302						44,890			238						76,244
Total retained loans			$	35,167		$	28,637		$	20,928		$	11,651		$	11,067		$	10,140					$	240,858		$	1,803					$	360,251
Gross charge-offs			$	—		$	38		$	2		$	26		$	41		$	50					$	1		$	—					$	158

			Other(a)
(in millions)			December 31, 2023
			Term loans by origination year																					Revolving loans
			2023			2022			2021			2020			2019			Prior to 2019						Within the revolving period			Converted to term loans						Total
Loans by risk ratings
Investment-grade			$	38,338		$	18,034		$	10,033		$	10,099		$	3,721		$	6,662					$	176,728		$	2,194					$	265,809
Noninvestment-grade			14,054			8,092			6,169			2,172			811			2,001						43,801			59						77,159
Total retained loans			$	52,392		$	26,126		$	16,202		$	12,271		$	4,532		$	8,663					$	220,529		$	2,253					$	342,968
Gross charge-offs			$	5		$	298		$	8		$	8		$	—		$	8					$	13		$	—					$	340

(a)Includes loans to SPEs, financial institutions, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, as well as loans to nonprofits. Refer to Note 14 of JPMorgan Chase’s 2023 Form 10-K for more information on SPEs.

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The following table presents additional information on retained loans secured by real estate, which consists of loans secured wholly or substantially by a lien or liens on real property at origination.

(in millions, except ratios)			Multifamily									Other commercial									Total retained loans secured by real estate
			Sep 30, 2024			Dec 31, 2023						Sep 30, 2024			Dec 31, 2023						Sep 30, 2024			Dec 31, 2023
Retained loans secured by real estate			$	101,744		$	100,725					$	61,647		$	61,613					$	163,391		$	162,338
Criticized			4,589			3,596						6,404			4,096						10,993			7,692
% of criticized to total retained loans secured by real estate			4.51		%	3.57		%				10.39		%	6.65		%				6.73		%	4.74		%
Criticized nonaccrual			$	205		$	76					$	769		$	325					$	974		$	401
% of criticized nonaccrual loans to total retained loans secured by real estate			0.20		%	0.08		%				1.25		%	0.53		%				0.60		%	0.25		%

Geographic distribution and delinquency

The following table provides information on the geographic distribution and delinquency for retained wholesale loans.

			Secured by real estate									Commercial  and industrial									Other									Total  retained loans
(in millions)			Sep 30, 2024			Dec 31, 2023						Sep 30, 2024			Dec 31, 2023						Sep 30, 2024			Dec 31, 2023						Sep 30, 2024			Dec 31, 2023
Loans by geographic distribution(a)
Total U.S.			$	160,217		$	159,499					$	125,103		$	127,638					$	274,350		$	262,499					$	559,670		$	549,636
Total non-U.S.			3,174			2,839						39,145			39,528						85,901			80,469						128,220			122,836
Total retained loans			$	163,391		$	162,338					$	164,248		$	167,166					$	360,251		$	342,968					$	687,890		$	672,472
Loan delinquency
Current and less than 30 days past due and still accruing			$	161,784		$	161,314					$	161,815		$	164,899					$	357,947		$	341,128					$	681,546		$	667,341
30–89 days past due and still accruing			392			473						635			884						1,382			1,090						2,409			2,447
90 or more days past due and still accruing(b)			241			150						65			162						112			26						418			338
Criticized nonaccrual			974			401						1,733			1,221						810			724						3,517			2,346
Total retained loans			$	163,391		$	162,338					$	164,248		$	167,166					$	360,251		$	342,968					$	687,890		$	672,472

(a)The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower.

(b)Represents loans that are considered well-collateralized and therefore still accruing interest.

Nonaccrual loans

The following table provides information on retained wholesale nonaccrual loans.

(in millions)			Secured by real estate									Commercial and industrial									Other									Total retained loans
			Sep 30, 2024			Dec 31, 2023						Sep 30, 2024			Dec 31, 2023						Sep 30, 2024			Dec 31, 2023						Sep 30, 2024			Dec 31, 2023
Nonaccrual loans
With an allowance			$	128		$	129					$	1,317		$	776					$	477		$	492					$	1,922		$	1,397
Without an allowance(a)			846			272						416			445						333			232						1,595			949
Total nonaccrual loans(b)			$	974		$	401					$	1,733		$	1,221					$	810		$	724					$	3,517		$	2,346

(a)When the discounted cash flows or collateral value equals or exceeds the amortized cost of the loan, the loan does not require an allowance. This typically occurs when the loans have been partially charged off and/or there have been interest payments received and applied to the loan balance.

(b)Interest income on nonaccrual loans recognized on a cash basis was not material for the three and nine months ended September 30, 2024 and 2023.

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Loan modifications

The Firm grants certain modifications of wholesale loans to borrowers experiencing financial difficulty.

Financial effects of FDMs

The following tables provide information by loan class about modifications considered FDMs during the three and nine months ended September 30, 2024 and 2023.

			Secured by real estate
			Three months ended September 30, 2024												Nine months ended September 30, 2024
(in millions, except ratios)			Amortized cost basis			% of loan modifications to total retained Secured by real estate loans			Financial effect of loan modifications						Amortized cost basis			% of loan modifications to total retained Secured by real estate loans			Financial effect of loan modifications
Single modifications
Term extension			$	267		0.16		%	Extended loans by a weighted-average of 14 months						$	271		0.17		%	Extended loans by a weighted-average of 14 months
Multiple modifications
Other-than-insignificant payment deferral and interest rate reduction			—			—									47			0.03			Provided payment deferrals with delayed amounts recaptured at maturity and reduced weighted-average contractual interest by 162 bps
Other(a)			4			—			NM						9			0.01			NM
Total			$	271											$	327

(a)Includes loans with a single modification.

			Secured by real estate
			Three months ended September 30, 2023												Nine months ended September 30, 2023
(in millions, except ratios)			Amortized cost basis			% of loan modifications to total retained Secured by real estate loans			Financial effect of loan modifications						Amortized cost basis			% of loan modifications to total retained Secured by real estate loans			Financial effect of loan modifications
Single modifications
Term extension			$	60		0.04		%	Extended loans by a weighted-average of 14 months						$	112		0.07		%	Extended loans by a weighted-average of 13 months
Other(a)			—			—									13			—			NM
Total			$	60											$	125

(a)Includes loans with both single and multiple modifications.

			Commercial and industrial
			Three months ended September 30, 2024												Nine months ended September 30, 2024
(in millions, except ratios)			Amortized cost basis			% of loan modifications to total retained Commercial and industrial loans			Financial effect of loan modifications						Amortized cost basis			% of loan modifications to total retained Commercial and industrial loans			Financial effect of loan modifications
Single modifications
Term extension			$	443		0.27		%	Extended loans by a weighted-average of 15 months						$	880		0.54		%	Extended loans by a weighted-average of 17 months
Other-than-insignificant payment deferral			215			0.13			Provided payment deferrals with delayed amounts primarily re-amortized over the remaining tenor						315			0.19			Provided payment deferrals with delayed amounts primarily re-amortized over the remaining tenor
Multiple modifications
Other-than-insignificant payment deferral and term extension			1			—			Provided payment deferrals with delayed amounts primarily recaptured at maturity and extended loans by a weighted-average of 23 months						127			0.08			Provided payment deferrals with delayed amounts primarily recaptured at the end of the deferral period and extended loans by a weighted-average of 22 months
Other(a)			5			—			NM						26			0.02			NM
Total			$	664											$	1,348

(a)Includes loans with both single and multiple modifications.

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			Commercial and industrial
			Three months ended September 30, 2023												Nine months ended September 30, 2023
(in millions, except ratios)			Amortized cost basis			% of loan modifications to total retained Commercial and industrial loans			Financial effect of loan modifications						Amortized cost basis			% of loan modifications to total retained Commercial and industrial loans			Financial effect of loan modifications
Single modifications
Term extension			$	372		0.22		%	Extended loans by a weighted-average of 21 months						$	669		0.40		%	Extended loans by a weighted-average of 19 months
Other-than-insignificant payment deferral			309			0.19			Provided payment deferrals with delayed amounts primarily re-amortized over the remaining tenor						310			0.19			Provided payment deferrals with delayed amounts primarily re-amortized over the remaining tenor
Multiple modifications
Other-than-insignificant payment deferral and term extension			32			0.02			Provided payment deferrals with delayed amounts primarily recaptured at maturity and extended loans by a weighted-average of 6 months						32			0.02			Provided payment deferrals with delayed amounts primarily recaptured at maturity and extended loans by a weighted-average of 6 months
Other(a)			2			—			NM						17			0.01			NM
Total			$	715											$	1,028

(a)Includes loans with multiple modifications.

			Other
			Three months ended September 30, 2024												Nine months ended September 30, 2024
(in millions, except ratios)			Amortized cost basis			% of loan modifications to total retained Other loans			Financial effect of loan modifications						Amortized cost basis			% of loan modifications to total retained Other loans			Financial effect of loan modifications
Single modifications
Term extension			$	260		0.07		%	Extended loans by a weighted-average of 30 months						$	282		0.08		%	Extended loans by a weighted-average of 29 months
Other(a)			—			—									6			—			NM
Total			$	260											$	288

(a)Includes loans with both single and multiple modifications.

			Other
			Three months ended September 30, 2023												Nine months ended September 30, 2023
(in millions, except ratios)			Amortized cost basis			% of loan modifications to total retained Other loans			Financial effect of loan modifications						Amortized cost basis			% of loan modifications to total retained Other loans			Financial effect of loan modifications
Single modifications
Term extension			$	100		0.03		%	Extended loans by a weighted-average of 27 months						$	100		0.03		%	Extended loans by a weighted-average of 30 months
Multiple modifications
Interest rate reduction and term extension			495			0.14			Reduced weighted-average contractual interest by 1,708 bps and extended loans by a weighted-average of 7 months						495			0.14			Reduced weighted-average contractual interest by 1,708 bps and extended loans by a weighted-average of 7 months
Other-than-insignificant payment deferral and term extension			—			—									233			0.07			Provided payment deferrals with delayed amounts primarily recaptured at the end of the deferral period and extended loans by a weighted-average of 144 months
Other(a)			—			—									9			—			NM
Total			$	595											$	837

(a)Includes loans with single modification.

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Payment status of FDMs

The following table provides information on the payment status of FDMs during the twelve months ended September 30, 2024 and the nine months ended September 30, 2023.

			Amortized cost basis
			Twelve months ended September 30, 2024															Nine months ended September 30, 2023
(in millions)			Secured by real estate			Commercial and industrial			Other									Secured by real estate			Commercial and industrial			Other
Current and less than 30 days past due and still accruing			$	281		$	1,077		$	367								$	117		$	703		$	248
30-89 days past due and still accruing			1			21			9									—			—			28
90 or more days past due and still accruing			—			4			—									—			10			—
Criticized nonaccrual			64			507			167									8			315			561
Total			$	346		$	1,609		$	543								$	125		$	1,028		$	837

Defaults of FDMs

The following table provides information by loan class about FDMs that defaulted in the three and nine months ended September 30, 2024 that were reported as FDMs in the twelve months prior to the default, and FDMs that defaulted in the three and nine months ended September 30, 2023 that were reported as FDMs on or after January 1, 2023, the date that the Firm adopted the changes to the TDR accounting guidance.

			Amortized cost basis
			Three months ended September 30, 2024															Nine months ended September 30, 2024
(in millions)			Secured by real estate			Commercial and industrial			Other									Secured by real estate			Commercial and industrial			Other
Term extension			$	1		$	80		$	10								$	1		$	88		$	12
Other-than-insignificant payment deferral			—			123			—									—			124			—
Interest rate reduction and term extension			—			—			—									—			1			—
Total			$	1		$	203		$	10								$	1		$	213		$	12

			Amortized cost basis
			Three months ended September 30, 2023															Nine months ended September 30, 2023
(in millions)			Secured by real estate			Commercial and industrial			Other									Secured by real estate			Commercial and industrial			Other
Term extension			$	—		$	11		$	32								$	1		$	18		$	32
Interest rate reduction and term extension			—			—			—									1			—			—
Total			$	—		$	11		$	32								$	2		$	18		$	32

As of September 30, 2024 and December 31, 2023, additional unfunded commitments on modified loans to borrowers experiencing financial difficulty were $1.2 billion and $1.8 billion, respectively, in Commercial and industrial, and $75 million and $4 million, respectively, in Other loan class. There were no additional commitments to borrowers experiencing financial difficulty whose loans have been modified as FDMs in Secured by real estate for both periods.

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Note 12 – Allowance for credit losses

The Firm's allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments.

Refer to Note 13 of JPMorgan Chase's 2023 Form 10-K for a detailed discussion of the allowance for credit losses and the related accounting policies.

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Allowance for credit losses and related information

The table below summarizes information about the allowances for credit losses and includes a breakdown of loans and lending-related commitments by impairment methodology. Refer to Note 10 of JPMorgan Chase’s 2023 Form 10-K and Note 9 of this Form 10-Q for further information on the allowance for credit losses on investment securities.

			2024															2023
Nine months ended September 30, (in millions)			Consumer, excluding credit card			Credit card			Wholesale						Total						Consumer, excluding credit card			Credit card			Wholesale			Total
Beginning balance at January 1,			$	1,856		$	12,450		$	8,114					$	22,420					$	2,040		$	11,200		$	6,486		$	19,726
Cumulative effect of a change in accounting principle(a)			NA			NA			NA						NA						(489)			(100)			2			(587)
Gross charge-offs			971			6,044			659						7,674						809			3,852			435			5,096
Gross recoveries collected			(490)			(762)			(148)						(1,400)						(388)			(579)			(84)			(1,051)
Net charge-offs/(recoveries)			481			5,282			511						6,274						421			3,273			351			4,045
Provision for loan losses			360			6,932			506						7,798						723			4,073			2,047			6,843
Other			—			—			5						5						1			—			8			9
Ending balance at September 30,			$	1,735		$	14,100		$	8,114					$	23,949					$	1,854		$	11,900		$	8,192		$	21,946
Allowance for lending-related commitments
Beginning balance at January 1,			$	75		$	—		$	1,899					$	1,974					$	76		$	—		$	2,306		$	2,382
Provision for lending-related commitments			6			—			162						168						5			—			(313)			(308)
Other			—			—			—						—						—			—			1			1
Ending balance at September 30,			$	81		$	—		$	2,061					$	2,142					$	81		$	—		$	1,994		$	2,075
Total allowance for investment securities			NA			NA			NA						175						NA			NA			NA			117
Total allowance for credit losses(b)			$	1,816		$	14,100		$	10,175					$	26,266					$	1,935		$	11,900		$	10,186		$	24,138
Allowance for loan losses by impairment methodology
Asset-specific(c)			$	(756)		$	—		$	499					$	(257)					$	(942)		$	—		$	732		$	(210)
Portfolio-based			2,491			14,100			7,615						24,206						2,796			11,900			7,460			22,156
Total allowance for loan losses			$	1,735		$	14,100		$	8,114					$	23,949					$	1,854		$	11,900		$	8,192		$	21,946
Loans by impairment methodology
Asset-specific(c)			$	2,784		$	—		$	3,510					$	6,294					$	3,321		$	—		$	2,402		$	5,723
Portfolio-based			375,154			219,542			684,380						1,279,076						393,733			196,935			669,550			1,260,218
Total retained loans			$	377,938		$	219,542		$	687,890					$	1,285,370					$	397,054		$	196,935		$	671,952		$	1,265,941
Collateral-dependent loans
Net charge-offs			$	1		$	—		$	150					$	151					$	4		$	—		$	127		$	131
Loans measured at fair value of collateral less cost to sell			2,805			—			1,524						4,329						3,384			—			1,074			4,458
Allowance for lending-related commitments by impairment methodology
Asset-specific			$	—		$	—		$	93					$	93					$	—		$	—		$	61		$	61
Portfolio-based			81			—			1,968						2,049						81			—			1,933			2,014
Total allowance for lending-related commitments(d)			$	81		$	—		$	2,061					$	2,142					$	81		$	—		$	1,994		$	2,075
Lending-related commitments by impairment methodology
Asset-specific			$	—		$	—		$	619					$	619					$	—		$	—		$	387		$	387
Portfolio-based(e)			26,764			—			514,313						541,077						30,245			—			514,937			545,182
Total lending-related commitments			$	26,764		$	—		$	514,932					$	541,696					$	30,245		$	—		$	515,324		$	545,569

(a)Represents the impact to the allowance for loan losses upon the adoption of the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance. Refer to Note 1 of JPMorgan Chase's 2023 Form 10-K for further information.

(b)At September 30, 2024 and 2023, in addition to the allowance for credit losses in the table above, the Firm also had an allowance for credit losses of $277 million and $17 million, respectively, associated with certain accounts receivable in CIB.

(c)Includes collateral-dependent loans, including those for which foreclosure is deemed probable, and nonaccrual risk-rated loans.

(d)The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets.

(e)At September 30, 2024 and 2023, lending-related commitments excluded $18.6 billion and $18.1 billion, respectively, for the consumer, excluding credit card portfolio segment; $989.6 billion and $898.9 billion, respectively, for the credit card portfolio segment; and $26.6 billion and $16.2 billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments.

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Discussion of changes in the allowance

The allowance for credit losses as of September 30, 2024 was $26.5 billion, reflecting a net addition of $1.8 billion from December 31, 2023.

The net addition to the allowance for credit losses included:

•$1.5 billion in consumer, reflecting:

–a $1.7 billion net addition in Card Services, due to loan growth, reflecting higher revolving balances, including the seasoning of newer vintages, and changes in certain macroeconomic variables,

partially offset by

–a $125 million net reduction in Home Lending in the first quarter of 2024, and

•$196 million in wholesale, reflecting:

–net downgrade activity, primarily in Real Estate, and the impact of incorporating the First Republic portfolio into the Firm’s modeled credit loss estimates in the second quarter of 2024,

partially offset by

–changes in certain macroeconomic variables and the impact of changes in the loan and lending-related commitment portfolios.

The Firm has maintained the additional weight placed on the adverse scenarios in the first quarter of 2023 to reflect ongoing uncertainties and downside risks related to the geopolitical and macroeconomic environment.

The Firm's allowance for credit losses is estimated using a weighted average of five internally developed macroeconomic scenarios. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions provided in the table below, resulting in a weighted average U.S. unemployment rate peaking at 5.6% in the third quarter of 2025, and a weighted average U.S. real GDP level that is 1.9% lower than the central case at the end of the fourth quarter of 2025.

The following table presents the Firm’s central case assumptions for the periods presented:

			Central case assumptions at September 30, 2024
			4Q24			2Q25			4Q25
U.S. unemployment rate(a)			4.5		%	4.6		%	4.4		%
YoY growth in U.S. real GDP(b)			1.6		%	1.6		%	1.9		%
			Central case assumptions at December 31, 2023
			2Q24			4Q24			2Q25
U.S. unemployment rate(a)			4.1		%	4.4		%	4.1		%
YoY growth in U.S. real GDP(b)			1.8		%	0.7		%	1.0		%

(a)Reflects quarterly average of forecasted U.S. unemployment rate.

(b)The year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percentage change in U.S. real GDP levels from the prior year.

Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.

Refer to Note 13 and Note 10 of JPMorgan Chase’s 2023 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowance for credit losses on loans, lending-related commitments, and investment securities.

Refer to Note 11 for additional information on the consumer and wholesale credit portfolios.

Refer to Critical Accounting Estimates Used by the Firm on pages 84-86 for further information on the allowance for credit losses and related management judgments.

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Note 13 – Variable interest entities

Refer to Note 1 and Note 14 of JPMorgan Chase’s 2023 Form 10-K for a further description of the Firm's accounting policies regarding consolidation of and involvement with VIEs.

The following table summarizes the most significant types of Firm-sponsored VIEs by business segment. The Firm considers a “Firm-sponsored” VIE to include any entity where: (1) JPMorgan Chase is the primary beneficiary of the structure; (2) the VIE is used by JPMorgan Chase to securitize Firm assets; (3) the VIE issues financial instruments with the JPMorgan Chase name; or (4) the entity is a JPMorgan Chase–administered asset-backed commercial paper conduit.

Line of Business			Transaction Type			Activity			Form 10-Q page references
CCB			Credit card securitization trusts			Securitization of originated credit card receivables			157
			Mortgage securitization trusts			Servicing and securitization of both originated and purchased residential mortgages			157–159
CIB			Mortgage and other securitization trusts			Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans			157–159
			Multi-seller conduits			Assisting clients in accessing the financial markets in a cost-efficient manner and structuring transactions to meet investor needs			159
			Municipal bond vehicles			Financing of municipal bond investments			159

In addition, CIB also invests in and provides financing, lending-related services and other services to VIEs sponsored by third parties. Refer to pages 160–161 of this Note for more information on the VIEs sponsored by third parties.

Significant Firm-sponsored VIEs

Credit card securitizations

As a result of the Firm’s continuing involvement, the Firm is considered to be the primary beneficiary of its Firm-sponsored credit card securitization trust, the Chase Issuance Trust.

Firm-sponsored mortgage and other securitization trusts

The Firm securitizes (or has securitized) originated and purchased residential mortgages, commercial mortgages and other consumer loans primarily in its CCB and CIB businesses. Depending on the particular transaction, as well as the respective business involved, the Firm may act as the servicer of the loans and/or retain certain beneficial interests in the securitization trusts.

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The following tables present the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules), recourse or guarantee arrangements,

and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. The Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests. Refer to page 163 of this Note for information on the securitization-related loan delinquencies and liquidation losses.

			Principal amount outstanding												JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
September 30, 2024 (in millions)			Total assets held by securitization VIEs			Assets held in consolidated securitization VIEs			Assets held in nonconsolidated securitization VIEs with continuing involvement						Trading assets			Investment securities			Other financial assets			Total interests held by JPMorgan Chase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs			$	68,246		$	627		$	48,312					$	576		$	1,827		$	617		$	3,020
Subprime			8,583			—			1,438						26			21			—			47
Commercial and other(b)			180,589			—			120,205						664			5,820			1,593			8,077
Total			$	257,418		$	627		$	169,955					$	1,266		$	7,668		$	2,210		$	11,144

			Principal amount outstanding												JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
December 31, 2023 (in millions)			Total assets held by securitization VIEs			Assets held in consolidated securitization VIEs			Assets held in nonconsolidated securitization VIEs with continuing involvement						Trading assets			Investment securities			Other financial assets			Total interests held by JPMorgan Chase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs			$	58,570		$	675		$	39,319					$	595		$	1,981		$	60		$	2,636
Subprime			8,881			—			1,312						3			—			—			3
Commercial and other(b)			168,042			—			120,262						831			5,638			1,354			7,823
Total			$	235,493		$	675		$	160,893					$	1,429		$	7,619		$	1,414		$	10,462

(a)Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored.

(b)Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables.

(c)Excludes the following: retained servicing; securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities; senior securities of $113 million and $52 million at September 30, 2024 and December 31, 2023, respectively, and subordinated securities of $69 million and $38 million at September 30, 2024 and December 31, 2023, respectively, which the Firm purchased in connection with CIB’s secondary market-making activities.

(d)Includes interests held in re-securitization transactions.

(e)As of September 30, 2024 and December 31, 2023, 72% and 77%, respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $2.8 billion and $2.5 billion of investment-grade retained interests at September 30, 2024 and December 31, 2023, respectively, and $172 million and $88 million of noninvestment-grade retained interests at September 30, 2024 and December 31, 2023, respectively. The retained interests in commercial and other securitization trusts consisted of $6.1 billion of investment-grade retained interests at both September 30, 2024 and December 31, 2023, and $1.9 billion and $1.7 billion of noninvestment-grade retained interests at September 30, 2024 and December 31, 2023, respectively.

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Residential mortgage

The Firm securitizes residential mortgage loans originated by CCB, as well as residential mortgage loans purchased from third parties by either CCB or CIB.

Commercial mortgages and other consumer securitizations

CIB originates and securitizes commercial mortgage loans, and engages in underwriting and trading activities involving the securities issued by securitization trusts.

Re-securitizations

The following table presents the principal amount of securities transferred to re-securitization VIEs.

			Three months ended September 30,												Nine months ended September 30,
(in millions)			2024						2023						2024						2023
Transfers of securities to VIEs
U.S. GSEs and government agencies			$	12,353					$	4,521					$	33,531					$	14,188

The Firm did not transfer any private label securities to re-securitization VIEs during the three and nine months ended September 30, 2024 and 2023, respectively and retained interests in any such Firm-sponsored VIEs as of September 30, 2024 and December 31, 2023 were not material.

The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs.

			Nonconsolidated re-securitization VIEs
(in millions)			September 30, 2024						December 31, 2023
U.S. GSEs and government agencies
Interest in VIEs			$	5,361					$	3,371

As of September 30, 2024 and December 31, 2023, the Firm did not consolidate any U.S. GSE and government agency re-securitization VIEs or any Firm-sponsored private-label re-securitization VIEs.

Multi-seller conduits

In the normal course of business, JPMorgan Chase makes markets in and invests in commercial paper issued by the Firm-administered multi-seller conduits. The Firm held $2.6 billion and $9.8 billion of the commercial paper issued by the Firm-administered multi-seller conduits at September 30, 2024 and December 31, 2023, respectively, which have been eliminated in consolidation. The Firm’s investments reflect the Firm’s funding needs and capacity and were not driven by market illiquidity. Other than the amounts required to be held pursuant to credit risk retention rules, the Firm is not obligated under any agreement to purchase the commercial paper issued by the Firm-administered multi-seller conduits.

Deal-specific liquidity facilities, program-wide liquidity and credit enhancement provided by the Firm have been eliminated in consolidation. The Firm or the Firm-administered multi-seller conduits provide lending-related commitments to certain clients of the Firm-administered multi-seller conduits. The unfunded commitments were $12.6 billion and $10.8 billion at September 30, 2024 and December 31, 2023, respectively, and are reported as off-balance sheet lending-related commitments in other unfunded commitments to extend credit. Refer to Note 22 for more information on off-balance sheet lending-related commitments.

Municipal bond vehicles

Municipal bond vehicles or tender option bond (“TOB”) trusts allow institutions to finance their municipal bond investments at short-term rates. TOB transactions are known as customer TOB trusts and non-customer TOB trusts. Customer TOB trusts are sponsored by a third party.

The Firm serves as sponsor for all non-customer TOB transactions.

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Consolidated VIE assets and liabilities

The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of September 30, 2024 and December 31, 2023.

			Assets																		Liabilities
September 30, 2024 (in millions)			Trading assets			Loans						Other(c)			Total assets(d)						Beneficial interests in VIE assets(e)			Other(f)			Total liabilities
VIE program type
Firm-sponsored credit card trusts			$	—		$	12,868					$	165		$	13,033					$	5,361		$	10		$	5,371
Firm-administered multi-seller conduits			3			19,683						144			19,830						17,173			30			17,203
Municipal bond vehicles			2,935			—						24			2,959						3,012			16			3,028
Mortgage securitization entities(a)			—			646						6			652						117			50			167
Other			505			1,831			(b)			308			2,644						31			315			346
Total			$	3,443		$	35,028					$	647		$	39,118					$	25,694		$	421		$	26,115
			Assets																		Liabilities
December 31, 2023 (in millions)			Trading assets			Loans						Other(c)			Total assets(d)						Beneficial interests in VIE assets(e)			Other(f)			Total liabilities
VIE program type
Firm-sponsored credit card trusts			$	—		$	9,460					$	117		$	9,577					$	2,998		$	6		$	3,004
Firm-administered multi-seller conduits			1			27,372						194			27,567						17,781			30			17,811
Municipal bond vehicles			2,056			—						22			2,078						2,116			11			2,127
Mortgage securitization entities(a)			—			693						8			701						125			57			182
Other			113			86						250			449						—			159			159
Total			$	2,170		$	37,611					$	591		$	40,372					$	23,020		$	263		$	23,283

(a)Includes residential mortgage securitizations.

(b)Primarily includes consumer loans in CIB.

(c)Includes assets classified as cash and other assets on the Consolidated balance sheets.

(d)The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation.

(e)The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified on the Consolidated balance sheets as “Beneficial interests issued by consolidated VIEs”. The holders of these beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. Included in beneficial interests in VIE assets are long-term beneficial interests of $5.5 billion and $3.1 billion at September 30, 2024 and December 31, 2023, respectively.

(f)Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets.

VIEs sponsored by third parties

The Firm enters into transactions with VIEs structured by other parties. These include, for example, acting as a derivative counterparty, liquidity provider, investor, underwriter, placement agent, remarketing agent, trustee or custodian. These transactions are conducted at arm’s-length, and individual credit decisions are based on the analysis of the specific VIE, taking into consideration the quality of the underlying assets. Where the Firm does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or a variable interest that could potentially be significant, the Firm generally does not consolidate the VIE, but it records and reports these positions on its Consolidated balance sheets in the same manner it would record and report positions in respect of any other third-party transaction.

Tax credit vehicles

The Firm holds investments in unconsolidated tax credit vehicles, which are limited partnerships and similar entities that own and operate affordable housing, alternative energy, and other projects. These entities are primarily considered VIEs. A third party is typically the general partner or managing member and has control over the significant activities of the tax credit vehicles, and

accordingly the Firm does not consolidate tax credit vehicles. The Firm generally invests in these partnerships as a limited partner and earns a return primarily through the receipt of tax credits allocated to the projects. The maximum loss exposure, represented by equity investments and funding commitments, was $34.9 billion and $35.1 billion at September 30, 2024 and December 31, 2023, of which $15.0 billion and $14.7 billion was unfunded at September 30, 2024 and December 31, 2023, respectively. The Firm assesses each project and to reduce the risk of loss, may withhold varying amounts of its capital investment until the project qualifies for tax credits. Refer to Note 25 of JPMorgan Chase’s 2023 Form 10-K for further information on affordable housing tax credits and Note 22 of this Form 10-Q for more information on off-balance sheet lending-related commitments.

Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance which expanded the types of tax-oriented investments, beyond affordable housing tax credit investments, that the Firm can elect on a program by program basis, to be accounted for using the proportional amortization method. Refer to Note 1 for further information.

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The proportional amortization method requires the cost of eligible investments, within an elected program, be amortized in proportion to the tax benefits received with the resulting amortization reported directly in income tax expense, which aligns with the associated tax credits and other tax benefits. Investments must meet certain criteria to be eligible, including that substantially all of the return is from income tax credits and other income tax benefits.

In addition, under this method deferred taxes are generally not recorded as the investment is now amortized in proportion to the income tax credits and other income tax benefits received. Delayed equity contributions that are unconditional and legally binding or conditional and probable of occurring are recorded in other liabilities with a corresponding increase in the carrying value of the investment. The guidance also requires a reevaluation of eligible investments when significant modifications or events occur that result in a change in the nature of the investment or a change in the Firm's relationship with the underlying project. During the period, there were no significant modifications or events that resulted in a change in the nature of an eligible investment or a change in the Firm's relationship with the underlying project.

The following table provides information on tax-oriented investments for which the Firm elected to apply the proportional amortization method.

As of or for the period ended, (in millions)			Alternative energy and affordable housing programs(d)
			Three months ended September 30,									Nine months ended September 30,
			2024			2023						2024			2023
Programs for which the Firm elected proportional amortization:
Carrying value(a)			$	31,778		$	13,800					$	31,778		$	13,800
Tax credits and other tax benefits(b)			1,280			532						4,067			1,478
Investments that qualify to be accounted for using proportional amortization:
Amortization losses recognized as a component of income tax expense			(1,006)			(417)						(3,157)			(1,161)
Non-income-tax-related gains and other returns received that are recognized outside of income tax expense(c)			28			—						96			(1)

(a)Recorded in Other assets on the Consolidated balance sheets. Excludes programs to which the Firm does not apply the proportional amortization method, such as historic tax credit and new market tax credit programs.

(b)Reflected in Income tax expense on the Consolidated statements of income and Operating activities on the Consolidated statements of cash flows.

(c)Recorded in Other income on the Consolidated statements of income and Operating activities on the Consolidated statements of cash flows.

(d)As of December 31, 2023, the carrying value of eligible affordable housing investments was $14.6 billion. Refer to Note 25 of JPMorgan Chase’s 2023 Form 10-K for further information on affordable housing tax credits.

Customer municipal bond vehicles (TOB trusts)

The Firm may provide various services to customer TOB trusts, including remarketing agent, liquidity or tender option provider. In certain customer TOB transactions, the Firm, as liquidity provider, has entered into a reimbursement agreement with the Residual holder.

In those transactions, upon the termination of the vehicle, the Firm has recourse to the third-party Residual holders for any shortfall. The Firm does not have any intent to protect Residual holders from potential losses on any of the underlying municipal bonds. The Firm does not consolidate customer TOB trusts, since the Firm does not have the power to make decisions that significantly impact the economic performance of the municipal bond vehicle.

The Firm’s maximum exposure as a liquidity provider to customer TOB trusts at September 30, 2024 and December 31, 2023 was $5.4 billion and $5.1 billion, respectively. The fair value of assets held by such VIEs at September 30, 2024 and December 31, 2023 was $7.8 billion and $7.3 billion, respectively.

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Loan securitizations

The Firm has securitized and sold a variety of loans, including residential mortgages, credit card receivables, commercial mortgages and other consumer loans.

Securitization activity

The following table provides information related to the Firm’s securitization activities for the three and nine months ended September 30, 2024 and 2023, related to assets held in Firm-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization.

			Three months ended September 30,																		Nine months ended September 30,
			2024									2023									2024									2023
(in millions)			Residential mortgage(d)			Commercial and other(e)						Residential mortgage(d)			Commercial and other(e)						Residential mortgage(d)			Commercial and other(e)						Residential mortgage(d)			Commercial and other(e)
Principal securitized			$	5,032		$	4,816					$	2,721		$	2,737					$	14,426		$	12,059					$	6,010		$	3,113
All cash flows during the period:(a)
Proceeds received from loan sales as financial instruments(b)(c)			$	5,035		$	4,646					$	2,585		$	2,726					$	14,176		$	11,754					$	5,738		$	3,106
Servicing fees collected			15			12						6			2						27			23						18			3
Cash flows received on interests			100			209						89			126						262			504						249			304

(a)Excludes re-securitization transactions.

(b)Primarily includes Level 2 assets.

(c)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.

(d)Represents prime mortgages. Excludes loan securitization activity related to U.S. GSEs and government agencies.

(e)Includes commercial mortgage and auto loans.

Loans and excess MSRs sold to U.S. government-sponsored enterprises and loans in securitization transactions pursuant to Ginnie Mae guidelines

In addition to the amounts reported in the securitization activity tables above, the Firm, in the normal course of business, sells originated and purchased mortgage loans and certain originated excess MSRs on a nonrecourse basis, predominantly to U.S. GSEs. These loans and excess MSRs are sold primarily for the purpose of securitization by the U.S. GSEs, who provide certain guarantee provisions (e.g., credit enhancement of the loans). The Firm also sells loans into securitization transactions pursuant to Ginnie Mae guidelines; these loans are typically insured or guaranteed by another U.S. government agency. The Firm does not consolidate the securitization vehicles underlying these transactions as it is not the primary beneficiary. For a limited number of loan sales, the Firm is obligated to share a portion of the credit risk associated with the sold loans with the purchaser. Refer to Note 22 of this Form 10-Q for additional information about the Firm’s loan sales- and securitization-related indemnifications and Note 14 for additional information about the impact of the Firm’s sale of certain excess MSRs.

The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines.

			Three months ended September 30,									Nine months ended September 30,
(in millions)			2024			2023						2024			2023
Carrying value of loans sold			$	7,132		$	5,582					$	18,298		$	14,603
Proceeds received from loan sales as cash			385			119						751			159
Proceeds from loan sales as securities(a)(b)			6,695			5,397						17,386			14,279
Total proceeds received from loan sales(c)			$	7,080		$	5,516					$	18,137		$	14,438
Gains/(losses) on loan sales(d)(e)			$	—		$	—					$	—		$	—

(a)Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s investment securities portfolio.

(b)Included in level 2 assets.

(c)Excludes the value of MSRs retained upon the sale of loans.

(d)Gains/(losses) on loan sales include the value of MSRs.

(e)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.

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Options to repurchase delinquent loans

In addition to the Firm’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed in Note 22, the Firm also has the option to repurchase delinquent loans that it services for Ginnie Mae loan pools, as well as for other U.S. government agencies under certain arrangements. The Firm typically elects to repurchase delinquent loans from Ginnie Mae loan pools as it continues to service them and/or manage the foreclosure process in accordance with the applicable requirements, and such loans continue to be insured or guaranteed. When the Firm’s repurchase option becomes exercisable, such loans must be reported on the Consolidated balance sheets as a loan with a corresponding liability. Refer to Note 11 for additional information.

The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of September 30, 2024 and December 31, 2023. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies.

(in millions)			September 30, 2024			December 31, 2023
Loans repurchased or option to repurchase(a)			$	715		$	597
Real estate owned			7			8
Foreclosed government-guaranteed residential mortgage loans(b)			7			22

(a)Primarily all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools.

(b)Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable.

Loan delinquencies and liquidation losses

The table below includes information about components of and delinquencies related to nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement as of September 30, 2024 and December 31, 2023. For loans sold or securitized where servicing is the Firm’s only form of continuing involvement, the Firm generally experiences a loss only if the Firm was required to repurchase a delinquent loan or foreclosed asset due to a breach in representations and warranties associated with its loan sale or servicing contracts.

																											Net liquidation losses/(recoveries)
			Securitized assets												90 days past due												Three months ended September 30,												Nine months ended September 30,
(in millions)			September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023						2024						2023						2024						2023
Securitized loans
Residential mortgage:
Prime / Alt-A & option ARMs			$	48,312					$	39,319					$	491					$	440					$	2					$	2					$	9					$	12
Subprime			1,438						1,312						105						131						1						1						2						5
Commercial and other			120,205						120,262						1,337						2,874						14						40						33						59
Total loans securitized			$	169,955					$	160,893					$	1,933					$	3,445					$	17					$	43					$	44					$	76

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Note 14 – Goodwill, mortgage servicing rights, and other intangible assets

Refer to Note 15 of JPMorgan Chase’s 2023 Form 10-K for a discussion of the accounting policies related to goodwill, mortgage servicing rights, and other intangible assets.

Goodwill

Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of the net assets acquired, and can be adjusted up to one year from the acquisition date as additional information pertaining to facts and circumstances that existed as of the acquisition date is obtained about the fair value of assets acquired and liabilities assumed.

The following table presents goodwill attributed to the reportable business segments and Corporate.

(in millions)			September 30, 2024			December 31, 2023
Consumer & Community Banking			$	32,116		$	32,116
Commercial & Investment Bank			11,259			11,251
Asset & Wealth Management			8,596			8,582
Corporate			740			685
Total goodwill			$	52,711		$	52,634

The following table presents changes in the carrying amount of goodwill.

			Three months ended September 30,						Nine months ended September 30,
(in millions)			2024			2023			2024			2023
Balance at beginning of period			$	52,620		$	52,380		$	52,634		$	51,662
Changes during the period from:
Business combinations(a)			—			166			29			853
Other(b)			91			(54)			48			(23)
Balance at September 30,			$	52,711		$	52,492		$	52,711		$	52,492

(a)For the nine months ended September 30, 2024, includes estimated goodwill associated with the acquisition of LayerOne Financial in CIB in the first quarter. For the three months ended September 30, 2023, represents an adjustment to goodwill related to the acquisition of CIFM in AWM. For the nine months ended September 30, 2023, represents estimated goodwill associated with the acquisition of Aumni Inc. in the second quarter, predominantly in CIB, and the acquisition of the remaining 51% interest in CIFM in AWM in the first quarter.

(b)Primarily foreign currency adjustments.

Goodwill impairment testing

Goodwill is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate that there may be an impairment. Refer to Note 15 of JPMorgan Chase’s 2023 Form 10-K for a further discussion of the Firm’s goodwill impairment testing.

Unanticipated declines in business performance, increases in credit losses, increases in capital requirements, as well as deterioration in economic or market conditions, adverse regulatory or legislative changes or increases in the estimated market cost of equity, could cause the estimated fair values of the Firm’s reporting units to decline in the future, which could result in a material impairment charge to earnings in a future period related to some portion of the associated goodwill.

As of September 30, 2024, the Firm reviewed current economic conditions, estimated market cost of equity, as well as actual business results and projections of business performance. Based on such reviews, the Firm has concluded that goodwill was not impaired as of September 30, 2024, or December 31, 2023, nor was goodwill written off due to impairment during the nine months ended September 30, 2024 or 2023.

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Mortgage servicing rights

MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. Refer to Notes 2 and 15 of JPMorgan Chase’s 2023 Form 10-K for a further description of the MSR asset, interest rate risk management, and the valuation of MSRs.

The following table summarizes MSR activity for the three and nine months ended September 30, 2024 and 2023.

			As of or for the three months ended September 30,												As of or for the nine months ended September 30,
(in millions, except where otherwise noted)			2024						2023						2024						2023
Fair value at beginning of period			$	8,847					$	8,229					$	8,522					$	7,973
MSR activity:
Originations of MSRs			75						81						228						191
Purchase of MSRs(a)			282						569						607						1,036
Disposition of MSRs			2						(101)			(e)			(25)			(e)			(191)			(e)
Net additions/(dispositions)			359						549						810						1,036
Changes due to collection/realization of expected cash flows			(272)						(265)						(795)						(760)
Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other(b)			(251)						555						134						816
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service)			95						(26)						102						(24)
Discount rates			14						14						14						14
Prepayment model changes and other(c)			(39)						53						(34)						54
Total changes in valuation due to other inputs and assumptions			70						41						82						44
Total changes in valuation due to inputs and assumptions			(181)						596						216						860
Fair value at September 30,			$	8,753					$	9,109					$	8,753					$	9,109
Changes in unrealized gains/(losses) included in income related to MSRs held at September 30,			$	(181)					$	596					$	216					$	860
Contractual service fees, late fees and other ancillary fees included in income			396						409						1,190						1,185
Third-party mortgage loans serviced at September 30, (in billions)			658						639						658						639
Servicer advances, net of an allowance for uncollectible amounts, at September 30(d)			501						557						501						557

(a)Includes purchase price adjustments associated with MSRs purchased in the prior quarter, primarily as a result of loans that prepaid within 90 days of settlement, allowing the Firm to recover the purchase price.

(b)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.

(c)Represents changes in prepayments other than those attributable to changes in market interest rates.

(d)Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements.

(e)Includes excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage-backed securities (“SMBS”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired the remaining balance of those SMBS as trading securities.

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The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three and nine months ended September 30, 2024 and 2023.

			Three months ended September 30,									Nine months ended September 30,
(in millions)			2024			2023						2024			2023
CCB mortgage fees and related income
Production revenue			$	154		$	162					$	441		$	339
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue			409			409						1,226			1,211
Changes in MSR asset fair value due to collection/realization of expected cash flows			(273)			(265)						(795)			(760)
Total operating revenue			136			144						431			451
Risk management:
Changes in MSR asset fair value due to market interest rates and other(a)			(251)			555						134			816
Other changes in MSR asset fair value due to other inputs and assumptions in model(b)			70			41						82			44
Changes in derivative fair value and other			281			(485)						(78)			(736)
Total risk management			100			111						138			124
Total net mortgage servicing revenue			236			255						569			575
Total CCB mortgage fees and related income			390			417						1,010			914
All other			12			(3)						15			(1)
Mortgage fees and related income			$	402		$	414					$	1,025		$	913

(a)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.

(b)Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).

Changes in fair value based on variations in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In the following table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change.

The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at September 30, 2024 and December 31, 2023, and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.

(in millions, except rates)						Sep 30, 2024						Dec 31, 2023
Weighted-average prepayment speed assumption (constant prepayment rate)						6.62		%				6.29		%
Impact on fair value of 10% adverse change						$	(216)					$	(206)
Impact on fair value of 20% adverse change						(420)						(401)
Weighted-average option adjusted spread(a)						6.20		%				6.10		%
Impact on fair value of a 100 basis point adverse change						$	(376)					$	(369)
Impact on fair value of a 200 basis point adverse change						(721)						(709)

(a)Includes the impact of operational risk and regulatory capital.

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Other intangible assets

The Firm’s finite-lived and indefinite-lived other intangible assets are initially recorded at their fair value primarily upon completion of a business combination. Finite-lived intangible assets, including core deposit intangibles, customer relationship intangibles, and certain other intangible assets, are amortized over their useful lives, estimated based on the expected future economic benefits. The Firm’s intangible assets with indefinite lives, such as asset management contracts, are not subject to amortization and are assessed periodically for impairment.

As of September 30, 2024 and December 31, 2023, other intangible assets consisted of finite-lived intangible assets of $1.8 billion and $2.0 billion, respectively, as well as indefinite-lived intangible assets, which are not subject to amortization, of $1.2 billion at both periods.

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Note 15 – Deposits

Refer to Note 17 of JPMorgan Chase’s 2023 Form 10-K for further information on deposits.

As of September 30, 2024 and December 31, 2023, noninterest-bearing and interest-bearing deposits were as follows:

(in millions)			September 30, 2024						December 31, 2023
U.S. offices
Noninterest-bearing (included $47,974 and $75,393 at fair value)(a)			$	611,334					$	643,748
Interest-bearing (included $747 and $573 at fair value)(a)			1,326,489						1,303,100
Total deposits in U.S. offices			1,937,823						1,946,848
Non-U.S. offices
Noninterest-bearing (included $2,272 and $1,737 at fair value)(a)			31,607						23,097
Interest-bearing (included $291 and $681 at fair value)(a)			461,342						430,743
Total deposits in non-U.S. offices			492,949						453,840
Total deposits			$	2,430,772					$	2,400,688

(a)Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further discussion.

As of September 30, 2024 and December 31, 2023, time deposits in denominations that met or exceeded the insured limit were as follows:

(in millions)						September 30, 2024						December 31, 2023
U.S. offices						$	157,672					$	132,654
Non-U.S. offices(a)						96,915						90,187
Total						$	254,587					$	222,841

(a)Represents all time deposits in non-U.S. offices as these deposits typically exceed the insured limit.

As of September 30, 2024, the remaining maturities of interest-bearing time deposits in each of the 12-month periods ending September 30 were as follows:

September 30, (in millions)
						U.S.						Non-U.S.						Total
2025						$	236,165					$	93,643					$	329,808
2026						679						125						804
2027						448						7						455
2028						120						19						139
2029						497						726						1,223
After 5 years						150						123						273
Total						$	238,059					$	94,643					$	332,702

Note 16 – Leases

Refer to Note 18 of JPMorgan Chase’s 2023 Form 10-K for a further discussion on leases.

Firm as lessee

At September 30, 2024, JPMorgan Chase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes.

Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.

The carrying values of the Firm’s operating leases were as follows:

(in millions)			September 30, 2024			December 31, 2023
Right-of-use assets			$	8,430		$	8,431
Lease liabilities			8,841			8,833

The Firm’s net rental expense was $553 million and $538 million for the three months ended September 30, 2024 and 2023 and $1.7 billion and $1.5 billion for the nine months ended September 30, 2024 and 2023, respectively.

Firm as lessor

The Firm’s lease financings are predominantly auto operating leases, and are included in other assets on the Firm’s Consolidated balance sheets.

The following table presents the Firm’s operating lease income, included within other income, and the related depreciation expense, included within technology, communications and equipment expense, on the Consolidated statements of income.

			Three months ended September 30,						Nine months ended September 30,
(in millions)			2024			2023			2024			2023
Operating lease income			$	706		$	695		$	2,067		$	2,166
Depreciation expense			394			468			1,268			1,344

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Note 17 – Preferred stock

Refer to Note 21 of JPMorgan Chase’s 2023 Form 10-K for a further discussion on preferred stock.

The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of September 30, 2024 and December 31, 2023, and the quarterly dividend declarations for the three and nine months ended September 30, 2024 and 2023.

			Shares(a)						Carrying value  (in millions)									Contractual rate in effect at September 30, 2024			Earliest redemption date(b)			Floating annualized rate(c)			Dividend declared per share
			September 30, 2024			December 31, 2023			September 30, 2024			December 31, 2023			Issue date												Three months ended September 30,						Nine months ended September 30,
																											2024			2023			2024			2023
Fixed-rate:
Series DD			169,625			169,625			$	1,696		$	1,696		9/21/2018			5.750		%	12/1/2023			NA			$	143.75		$	143.75		$431.25			$431.25
Series EE			185,000			185,000			1,850			1,850			1/24/2019			6.000			3/1/2024			NA			150.00			150.00			450.00			450.00
Series GG			90,000			90,000			900			900			11/7/2019			4.750			12/1/2024			NA			118.75			118.75			356.25			356.25
Series JJ			150,000			150,000			1,500			1,500			3/17/2021			4.550			6/1/2026			NA			113.75			113.75			341.25			341.25
Series LL			185,000			185,000			1,850			1,850			5/20/2021			4.625			6/1/2026			NA			115.63			115.63			346.89			346.89
Series MM			200,000			200,000			2,000			2,000			7/29/2021			4.200			9/1/2026			NA			105.00			105.00			315.00			315.00
Fixed-to-floating rate:
Series Q			—			150,000			—			1,500			4/23/2013			—			5/1/2023			SOFR + 3.25			—			227.02			220.45			574.25			(d)
Series R			—			150,000			—			1,500			7/29/2013			—			8/1/2023			SOFR + 3.30			—			228.30			221.70			528.30			(e)
Series S			—			200,000			—			2,000			1/22/2014			—			2/1/2024			SOFR + 3.78			—			168.75			233.70			506.25			(f)
Series U			—			100,000			—			1,000			3/10/2014			—			4/30/2024			SOFR + 3.33			—			153.13			153.13			459.38
Series X			160,000			160,000			1,600			1,600			9/23/2014			6.100			10/1/2024			SOFR + 3.33			152.50			152.50			457.50			457.50
Series CC			125,750			125,750			1,258			1,258			10/20/2017			SOFR + 2.58			11/1/2022			SOFR + 2.58			206.73			209.90			619.18			594.05
Series FF			—			225,000			—			2,250			7/31/2019			—			8/1/2024			SOFR + 3.38			—			125.00			250.00			375.00
Series HH			300,000			300,000			3,000			3,000			1/23/2020			4.600			2/1/2025			SOFR + 3.125			115.00			115.00			345.00			345.00
Series II			150,000			150,000			1,500			1,500			2/24/2020			4.000			4/1/2025			SOFR + 2.745			100.00			100.00			300.00			300.00
Series KK			200,000			200,000			2,000			2,000			5/12/2021			3.650			6/1/2026			CMT + 2.85			91.25			91.25			273.75			273.75
Series NN			250,000			NA			2,496			NA			3/12/2024			6.875			6/1/2029			CMT + 2.737			171.88			NA			322.75			NA			(g)
Total preferred stock			2,165,375			2,740,375			$	21,650		$	27,404

(a)Represented by depositary shares.

(b)Each series of fixed-to-floating rate preferred stock converts to a floating rate at the earliest redemption date.

(c)Effective June 30, 2023, CME Term SOFR became the replacement reference rate for fixed-to-floating rate preferred stock issued by the Firm that formerly referenced U.S. dollar LIBOR. References in the table to “SOFR” mean a floating annualized rate equal to three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spreads noted. The reference to “CMT” means a floating annualized rate equal to the five-year Constant Maturity Treasury (“CMT”) rate plus the spread noted.

(d)The dividend rate for Series Q preferred stock became floating and payable quarterly starting on May 1, 2023; prior to which the dividend rate was fixed at 5.15% or $257.50 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on August 1, 2023 is three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.25%.

(e)The dividend rate for Series R preferred stock became floating and payable quarterly starting on August 1, 2023; prior to which the dividend rate was fixed at 6.00% or $300.00 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on August 1, 2023 is three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.30%.

(f)The dividend rate for Series S preferred stock became floating and payable quarterly starting on February 1, 2024; prior to which the dividend rate was fixed at 6.75% or $337.50 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on February 1, 2024 is three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.78%.

(g)The initial dividend declared is prorated based on the number of days outstanding for the period. Dividends were declared quarterly thereafter at the contractual rate.

Each series of preferred stock has a liquidation value and redemption price per share of $10,000, plus accrued but unpaid dividends. The aggregate liquidation value was $21.8 billion at September 30, 2024.

On March 12, 2024, the Firm issued $2.5 billion of fixed-rate reset non-cumulative preferred stock, Series NN.

Redemptions

On October 1, 2024, the Firm redeemed all $1.6 billion of its fixed-to-floating rate non-cumulative preferred stock, Series X.

On August 1, 2024, the Firm redeemed all $2.3 billion of its fixed-to-floating rate non-cumulative preferred stock, Series FF.

On May 1, 2024, the Firm redeemed all $5.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series Q, Series R and Series S.

On April 30, 2024, the Firm redeemed all $1.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series U.

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Note 18 – Earnings per share

Refer to Note 23 of JPMorgan Chase’s 2023 Form 10-K for a discussion of the computation of basic and diluted earnings per share (“EPS”). The following table presents the calculation of basic and diluted EPS for the three and nine months ended September 30, 2024 and 2023.

(in millions, except per share amounts)			Three months ended September 30,									Nine months ended September 30,
			2024			2023						2024			2023
Basic earnings per share
Net income			$	12,898		$	13,151					$	44,466		$	40,245
Less: Preferred stock dividends			286			386						1,000			1,115
Net income applicable to common equity			12,612			12,765						43,466			39,130
Less: Dividends and undistributed earnings allocated to participating securities			75			80						267			241
Net income applicable to common stockholders			$	12,537		$	12,685					$	43,199		$	38,889
Total weighted-average basic shares   outstanding			2,860.6			2,927.5						2,886.2			2,946.6
Net income per share			$	4.38		$	4.33					$	14.97		$	13.20
Diluted earnings per share
Net income applicable to common stockholders			$	12,537		$	12,685					$	43,199		$	38,889
Total weighted-average basic shares   outstanding			2,860.6			2,927.5						2,886.2			2,946.6
Add: Dilutive impact of unvested PSUs, nondividend-earning RSUs and SARs			5.3			4.6						5.0			4.4
Total weighted-average diluted shares outstanding			2,865.9			2,932.1						2,891.2			2,951.0
Net income per share			$	4.37		$	4.33					$	14.94		$	13.18

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Note 19 – Accumulated other comprehensive income/(loss)

AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net gain/(loss) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA).

As of or for the three months ended September 30, 2024 (in millions)			Unrealized gains/(losses) on investment securities												Translation adjustments, net of hedges												Fair value hedges			Cash flow hedges												Defined benefit pension and OPEB plans									DVA on fair value option elected liabilities									Accumulated other comprehensive income/(loss)
Balance at July 1, 2024						$	(3,494)											$	(1,576)								$	(147)					$	(4,843)											$	(1,055)								$	(223)								$	(11,338)
Net change						2,297												389									(20)						2,265												(28)									(349)									4,554
Balance at September 30, 2024						$	(1,197)		(a)									$	(1,187)								$	(167)					$	(2,578)											$	(1,083)								$	(572)								$	(6,784)
As of or for the three months ended September 30, 2023 (in millions)			Unrealized gains/(losses) on investment securities												Translation adjustments, net of hedges												Fair value hedges			Cash flow hedges												Defined benefit pension and OPEB plans									DVA on fair value option elected liabilities									Accumulated other comprehensive income/(loss)
Balance at July 1, 2023						$	(6,155)											$	(1,278)								$	(43)					$	(5,355)											$	(1,512)								$	53								$	(14,290)
Net change						(1,950)												(340)									(5)						(583)												(21)									85									(2,814)
Balance at September 30, 2023						$	(8,105)		(a)									$	(1,618)								$	(48)					$	(5,938)											$	(1,533)								$	138								$	(17,104)
As of or for the nine months ended September 30, 2024 (in millions)			Unrealized gains/(losses) on investment securities												Translation adjustments, net of hedges												Fair value hedges			Cash flow hedges												Defined benefit pension and OPEB plans									DVA on fair value option elected liabilities									Accumulated other comprehensive income/(loss)
Balance at January 1, 2024						$	(3,743)											$	(1,216)								$	(134)					$	(3,932)											$	(1,078)								$	(340)								$	(10,443)
Net change						2,546												29									(33)						1,354												(5)									(232)									3,659
Balance at September 30, 2024						$	(1,197)		(a)									$	(1,187)								$	(167)					$	(2,578)											$	(1,083)								$	(572)								$	(6,784)
As of or for the nine months ended September 30, 2023 (in millions)			Unrealized gains/(losses) on investment securities												Translation adjustments, net of hedges												Fair value hedges			Cash flow hedges												Defined benefit pension and OPEB plans									DVA on fair value option elected liabilities									Accumulated other comprehensive income/(loss)
Balance at January 1, 2023						$	(9,124)											$	(1,545)								$	(33)					$	(5,656)											$	(1,451)								$	468								$	(17,341)
Net change						1,019												(73)									(15)						(282)												(82)									(330)									237
Balance at September 30, 2023						$	(8,105)		(a)									$	(1,618)								$	(48)					$	(5,938)											$	(1,533)								$	138								$	(17,104)

(a)As of September 30, 2024 and 2023 included after-tax net unamortized unrealized gains/(losses) of $(661) million and $(1.0) billion related to AFS securities that have been transferred to HTM, respectively. As of September 30, 2023 included after-tax net unamortized unrealized gains/(losses) of $(29) million related to HTM securities that have been transferred to AFS as permitted by the new hedge accounting guidance adopted on January 1, 2023. Refer to Note 9 for further information.

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The following table presents the pre-tax and after-tax changes in the components of OCI.

			2024																		2023
Three months ended September 30, (in millions)			Pre-tax						Tax effect						After-tax						Pre-tax						Tax effect						After-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period			$	3,014					$	(730)					$	2,284					$	(3,234)					$	775					$	(2,459)
Reclassification adjustment for realized (gains)/losses included in net income(a)			16						(3)						13						669						(160)						509
Net change			3,030						(733)						2,297						(2,565)						615						(1,950)
Translation adjustments(b):
Translation			2,411						(109)						2,302						(1,608)						18						(1,590)
Hedges			(2,523)						610						(1,913)						1,647						(397)						1,250
Net change			(112)						501						389						39						(379)						(340)
Fair value hedges, net change(c)			(27)						7						(20)						(7)						2						(5)
Cash flow hedges:
Net unrealized gains/(losses) arising during the period			2,313						(559)						1,754						(1,209)						290						(919)
Reclassification adjustment for realized (gains)/losses included in net income(d)			673						(162)						511						443						(107)						336
Net change			2,986						(721)						2,265						(766)						183						(583)
Defined benefit pension and OPEB plans, net change			(36)						8						(28)						(26)						5						(21)
DVA on fair value option elected liabilities, net change			(460)						111						(349)						111						(26)						85
Total other comprehensive income/(loss)			$	5,381					$	(827)					$	4,554					$	(3,214)					$	400					$	(2,814)
			2024																		2023
Nine months ended September 30, (in millions)			Pre-tax						Tax effect						After-tax						Pre-tax						Tax effect						After-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period			$	2,428					$	(587)					$	1,841					$	(1,097)					$	264					$	(833)
Reclassification adjustment for realized (gains)/losses included in net income(a)			929						(224)						705						2,437						(585)						1,852
Net change			3,357						(811)						2,546						1,340						(321)						1,019
Translation adjustments(b):
Translation			117						9						126						(509)						(13)						(522)
Hedges			(129)						32						(97)						596						(147)						449
Net change			(12)						41						29						87						(160)						(73)
Fair value hedges, net change(c)			(43)						10						(33)						(20)						5						(15)
Cash flow hedges:
Net unrealized gains/(losses) arising during the period			(132)						32						(100)						(1,761)						422						(1,339)
Reclassification adjustment for realized (gains)/losses included in net income(d)			1,917						(463)						1,454						1,391						(334)						1,057
Net change			1,785						(431)						1,354						(370)						88						(282)
Defined benefit pension and OPEB plans, net change			(2)						(3)						(5)						(105)						23						(82)
DVA on fair value option elected liabilities, net change			(302)						70						(232)						(436)						106						(330)
Total other comprehensive income/(loss)			$	4,783					$	(1,124)					$	3,659					$	496					$	(259)					$	237

    

(a)The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income.

(b)Reclassifications of pre-tax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. During the three months ended September 30, 2024, the Firm reclassified a net pre-tax loss of $(1) million to other income/expense, of which $36 million related to net investment hedges. The net amounts reclassified during the nine months ended September 30, 2024 and three months ended September 30, 2023 were not material. During the nine months ended September 30, 2023, the Firm reclassified a net pre-tax loss of $(4) million to other income/expense predominantly related to the acquisition of CIFM of which $(38) million related to net investment hedges.

(c)Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross-currency swaps.

(d)The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income.

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Note 20 – Restricted cash and other restricted

assets

Refer to Note 26 of JPMorgan Chase’s 2023 Form 10-K for a detailed discussion of the Firm’s restricted cash and other restricted assets.

Certain of the Firm’s cash and other assets are restricted as to withdrawal or usage. These restrictions are imposed by various regulatory authorities based on the particular activities of the Firm’s subsidiaries.

The Firm is also subject to rules and regulations established by other U.S. and non-U.S. regulators. As part of its compliance with the respective regulatory requirements, the Firm’s broker-dealer activities are subject to certain restrictions on cash and other assets.

The following table presents the components of the Firm’s restricted cash:

(in billions)			September 30, 2024			December 31, 2023
Segregated for the benefit of securities and cleared derivative customers			$	15.4		$	10.3
Cash reserves at non-U.S. central banks and held for other general purposes			9.7			9.3
Total restricted cash(a)			$	25.1		$	19.6

(a)Comprises $23.6 billion and $18.2 billion in deposits with banks, and $1.5 billion and $1.4 billion in cash and due from banks on the Consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively.

Also, as of September 30, 2024 and December 31, 2023, the Firm had the following other restricted assets:

•Cash and securities pledged with clearing organizations for the benefit of customers of $39.8 billion and $40.5 billion, respectively.

•Securities with a fair value of $20.9 billion and $20.5 billion, respectively, were also restricted in relation to customer activity.

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Note 21 – Regulatory capital

Refer to Note 27 of JPMorgan Chase’s 2023 Form 10-K for a detailed discussion on regulatory capital.

The Federal Reserve establishes capital requirements, including well-capitalized standards, for the Firm as a consolidated financial holding company. The OCC establishes similar minimum capital requirements and standards for the Firm’s principal insured depository institution ("IDI") subsidiary, JPMorgan Chase Bank, N.A.

Under the risk-based capital and leverage-based guidelines of the Federal Reserve, JPMorgan Chase is required to maintain minimum ratios for CET1 capital, Tier 1 capital, Total capital, Tier 1 leverage and the SLR. Failure to meet these minimum requirements could cause the Federal Reserve to take action. JPMorgan Chase Bank, N.A. is also subject to these capital requirements established by its primary regulators.

The following table presents the risk-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and JPMorgan Chase Bank, N.A. were subject as of September 30, 2024 and December 31, 2023.

			Standardized capital ratio requirements									Advanced capital ratio requirements									Well-capitalized ratios
			BHC(a)(b)			IDI(c)						BHC(a)(b)			IDI(c)						BHC(d)			IDI(e)
Risk-based capital ratios
CET1 capital			11.9		%	7.0		%				11.5		%	7.0		%				NA			6.5		%
Tier 1 capital			13.4			8.5						13.0			8.5						6.0		%	8.0
Total capital			15.4			10.5						15.0			10.5						10.0			10.0

Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and JPMorgan Chase Bank, N.A. are subject.

(a)Represents the regulatory capital ratio requirements applicable to the Firm. The CET1, Tier 1 and Total capital ratio requirements each include a respective minimum requirement plus a GSIB surcharge of 4.5% as calculated under Method 2; plus a 2.9% SCB for Basel III Standardized ratios and a fixed 2.5% capital conservation buffer for Basel III Advanced ratios. The countercyclical buffer is currently set to 0% by the federal banking agencies.

(b)For the period ended December 31, 2023, the CET1, Tier 1, and Total capital ratio requirements under Basel III Standardized applicable to the Firm were 11.4%, 12.9%, and 14.9%, respectively; the Basel III Advanced CET1, Tier 1, and Total capital ratio requirements applicable to the Firm were 11.0%, 12.5%, and 14.5%, respectively.

(c)Represents requirements for JPMorgan Chase Bank, N.A. The CET1, Tier 1 and Total capital ratio requirements include a fixed capital conservation buffer requirement of 2.5% that is applicable to JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. is not subject to the GSIB surcharge.

(d)Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve.

(e)Represents requirements for JPMorgan Chase Bank, N.A. pursuant to regulations issued under the FDIC Improvement Act.

The following table presents the leverage-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and JPMorgan Chase Bank, N.A. were subject as of September 30, 2024 and December 31, 2023.

						Capital ratio requirements(a)									Well-capitalized ratios
						BHC			IDI						BHC(b)			IDI
Leverage-based capital ratios
Tier 1 leverage						4.0		%	4.0		%				NA			5.0		%
SLR						5.0			6.0						NA			6.0

Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and JPMorgan Chase Bank, N.A. are subject.

(a)Represents minimum SLR requirement of 3.0%, as well as supplementary leverage buffer requirements of 2.0% and 3.0% for BHC and JPMorgan Chase Bank, N.A., respectively.

(b)The Federal Reserve's regulations do not establish well-capitalized thresholds for these measures for BHCs.

CECL Regulatory Capital Transition

Beginning January 1, 2022, the $2.9 billion CECL capital benefit, provided by the Federal Reserve in response to the COVID-19 pandemic, is being phased out at 25% per year over a three-year period. As of September 30, 2024 and December 31, 2023, the Firm's CET1 capital reflected the remaining benefit of $720 million and $1.4 billion, respectively, associated with the CECL capital transition provisions.

Similarly, as of January 1, 2024, the Firm has phased out 75% of the other CECL capital transition provisions which impacted Tier 2 capital, adjusted average assets, total leverage exposure and RWA, as applicable.

Refer to Note 27 of JPMorgan Chase’s 2023 Form 10-K for further information on CECL capital transition provisions.

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The following tables present risk-based capital metrics under both the Basel III Standardized and Basel III Advanced approaches and leverage-based capital metrics for JPMorgan Chase and JPMorgan Chase Bank, N.A. As of September 30, 2024 and December 31, 2023, JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject.

September 30, 2024 (in millions, except ratios)			Basel III Standardized															Basel III Advanced
			JPMorgan Chase & Co.						JPMorgan Chase Bank, N.A.									JPMorgan Chase & Co.						JPMorgan Chase Bank, N.A.
Risk-based capital metrics:(a)
CET1 capital			$	272,964					$	278,980								$	272,964					$	278,980
Tier 1 capital			292,333						278,985									292,333						278,985
Total capital			324,585						299,439									310,764			(b)			285,715			(b)
Risk-weighted assets			1,782,722						1,724,917									1,762,991			(b)			1,602,273			(b)
CET1 capital ratio			15.3		%				16.2		%							15.5		%				17.4		%
Tier 1 capital ratio			16.4						16.2									16.6						17.4
Total capital ratio			18.2						17.4									17.6						17.8

December 31, 2023 (in millions, except ratios)			Basel III Standardized															Basel III Advanced
			JPMorgan Chase & Co.						JPMorgan Chase Bank, N.A.									JPMorgan Chase & Co.						JPMorgan Chase Bank, N.A.
Risk-based capital metrics:(a)
CET1 capital			$	250,585					$	262,030								$	250,585					$	262,030
Tier 1 capital			277,306						262,032									277,306						262,032
Total capital			308,497						281,308									295,417			(b)			268,392			(b)
Risk-weighted assets			1,671,995						1,621,789									1,669,156			(b)			1,526,952			(b)
CET1 capital ratio			15.0		%				16.2		%							15.0		%				17.2		%
Tier 1 capital ratio			16.6						16.2									16.6						17.2
Total capital ratio			18.5						17.3									17.7						17.6

(a)The capital metrics reflect the CECL capital transition provisions.

(b)Includes the impacts of certain assets associated with First Republic to which the Standardized approach has been applied as permitted by the transition provisions in the U.S. capital rules.

Three months ended (in millions, except ratios)			September 30, 2024												December 31, 2023
			JPMorgan Chase & Co.			JPMorgan Chase Bank, N.A.									JPMorgan Chase & Co.			JPMorgan Chase Bank, N.A.
Leverage-based capital metrics:(a)
Adjusted average assets(b)			$	4,122,332		$	3,471,044								$	3,831,200		$	3,337,842
Tier 1 leverage ratio			7.1		%	8.0		%							7.2		%	7.9		%
Total leverage exposure			$	4,893,662		$	4,239,056								$	4,540,465		$	4,038,739
SLR			6.0		%	6.6		%							6.1		%	6.5		%

(a)The capital metrics reflect the CECL capital transition provisions.

(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.

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Note 22 – Off–balance sheet lending-related

financial instruments, guarantees, and other

commitments

JPMorgan Chase provides lending-related financial instruments (e.g., commitments and guarantees) to address the financing needs of its customers and clients. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the customer or client draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the customer or client subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. Refer to Note 28 of JPMorgan Chase’s 2023 Form 10-K for a further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies.

To provide for expected credit losses in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 12 for further information regarding the allowance for credit losses on lending-related commitments.

The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at September 30, 2024 and December 31, 2023. The amounts in the table below for credit card, home equity and certain scored business banking lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card and certain scored business banking lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close HELOCs when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower.

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Off–balance sheet lending-related financial instruments, guarantees and other commitments
			Contractual amount																								Carrying value(h)(i)
			September 30, 2024																					Dec 31, 2023						Sep 30, 2024						Dec 31, 2023
By remaining maturity (in millions)			Expires in 1 year or less			Expires after 1 year through 3 years			Expires after 3 years through 5 years			Expires after 5 years			Total									Total
Lending-related
Consumer, excluding credit card:
Residential Real Estate(a)			$	10,843		$	7,347		$	5,046		$	8,204		$	31,440								$	30,125					$	563		(j)			$	678		(j)
Auto and other			10,261			18			—			3,603			13,882									15,278						55			(j)			148			(j)
Total consumer, excluding credit card			21,104			7,365			5,046			11,807			45,322									45,403						618						826
Credit card(b)			989,594			—			—			—			989,594									915,658						—						—
Total consumer(c)			1,010,698			7,365			5,046			11,807			1,034,916									961,061						618						826
Wholesale:
Other unfunded commitments to extend credit(d)			107,885			202,960			172,960			24,492			508,297									503,526						2,695			(j)			2,797			(j)
Standby letters of credit and other financial guarantees(d)			15,995			9,386			3,367			477			29,225									28,872						484						479
Other letters of credit(d)			3,596			305			36			101			4,038									4,388						38						37
Total wholesale(c)			127,476			212,651			176,363			25,070			541,560									536,786						3,217						3,313
Total lending-related			$	1,138,174		$	220,016		$	181,409		$	36,877		$	1,576,476								$	1,497,847					$	3,835					$	4,139
Other guarantees and commitments
Securities lending indemnification agreements and guarantees(e)			$	334,224		$	—		$	—		$	—		$	334,224								$	283,664					$	—					$	—
Derivatives qualifying as guarantees			1,554			327			10,311			40,957			53,149									54,562						67						89
Unsettled resale and securities borrowed agreements			153,695			267			—			—			153,962									95,106						2						—
Unsettled repurchase and securities loaned agreements			94,694			568			—			—			95,262									60,724						(3)						—
Loan sale and securitization-related indemnifications:
Mortgage repurchase liability			NA			NA			NA			NA			NA									NA						45						76
Loans sold with recourse			NA			NA			NA			NA			961									803						21						24
Exchange & clearing house guarantees and commitments(f)			268,646			—			—			—			268,646									265,887						—						—
Other guarantees and commitments(g)			10,837			742			267			833			12,679									15,074						29						38

(a)Includes certain commitments to purchase loans from correspondents.

(b)Also includes commercial card lending-related commitments primarily in CIB.

(c)Predominantly all consumer and wholesale lending-related commitments are in the U.S.

(d)As of September 30, 2024 and December 31, 2023, reflected the contractual amount net of risk participations totaling $94 million and $88 million, respectively, for other unfunded commitments to extend credit; $9.6 billion and $8.2 billion, respectively, for standby letters of credit and other financial guarantees; $548 million and $589 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.

(e)As of September 30, 2024 and December 31, 2023, collateral held by the Firm in support of securities lending indemnification agreements was $355.7 billion and $300.3 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies.

(f)As of September 30, 2024 and December 31, 2023, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses.

(g)As of September 30, 2024 and December 31, 2023, primarily includes unfunded commitments to purchase secondary market loans, other equity investment commitments, and unfunded commitments related to certain tax-oriented equity investments, and reflects the impact of adopting updates to the Accounting for Investments in Tax Credit Structures guidance effective January 1, 2024.

(h)For lending-related products, the carrying value includes the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value.

(i)For lending-related commitments, the carrying value also includes fees and any purchase discounts or premiums that are deferred and recognized in accounts payable and other liabilities on the Consolidated balance sheets. Deferred amounts for revolving commitments and commitments not expected to fund, are amortized to lending- and deposit-related fees on a straight line basis over the commitment period. For all other commitments the deferred amounts remain deferred until the commitment funds or is sold.

(j)As of September 30, 2024 and December 31, 2023, includes fair value adjustments associated with First Republic for residential real estate lending-related commitments totaling $505 million and $630 million, respectively, for auto and other lending-related commitments totaling $55 million and $148 million, respectively, and for other unfunded commitments to extend credit totaling $769 million and $1.1 billion, respectively. Refer to Note 26 for additional information.

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Other unfunded commitments to extend credit

Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in several forms, including the issuance of a standby letter of credit.

Standby letters of credit and other financial guarantees

Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade financings and similar transactions.

The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of September 30, 2024 and December 31, 2023.

Standby letters of credit, other financial guarantees and other letters of credit

			September 30, 2024												December 31, 2023
(in millions)			Standby letters of credit and other financial guarantees						Other letters of credit						Standby letters of credit and other financial guarantees						Other letters of credit
Investment-grade(a)			$	20,602					$	3,128					$	19,694					$	3,552
Noninvestment-grade(a)			8,623						910						9,178						836
Total contractual amount			$	29,225					$	4,038					$	28,872					$	4,388
Allowance for lending-related commitments			$	102					$	38					$	110					$	37
Guarantee liability			382						—						369						—
Total carrying value			$	484					$	38					$	479					$	37
Commitments with collateral			$	16,305					$	384					$	16,861					$	539

(a)The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings.

Derivatives qualifying as guarantees

The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. Refer to Note 28 of JPMorgan Chase’s 2023 Form 10-K for further information on these derivatives.

The following table summarizes the derivatives qualifying as guarantees as of September 30, 2024 and December 31, 2023.

(in millions)			September 30, 2024						December 31, 2023
Notional amounts
Derivative guarantees			$	53,149					$	54,562
Stable value contracts with contractually limited exposure			32,548						32,488
Maximum exposure of stable value contracts with contractually limited exposure			1,660						1,652
Fair value
Derivative payables			67						89

In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. Refer to Note 4 for a further discussion of credit derivatives.

Loan sales- and securitization-related indemnifications

In connection with the Firm’s mortgage loan sale and securitization activities with U.S. GSEs the Firm has made representations and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm.

The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. Refer to Note 24 of this Form 10-Q and Note 30 of JPMorgan Chase’s 2023 Form 10-K for additional information regarding litigation.

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Merchant charge-backs

Under the rules of payment networks, in its role as a merchant acquirer, the Firm's Merchant Services business in CIB Payments, retains a contingent liability for disputed processed credit and debit card transactions that result in a charge-back to the merchant. If a dispute is resolved in the cardholder’s favor, the Firm will (through the cardholder’s issuing bank) credit or refund the amount to the cardholder and will charge back the transaction to the merchant. If the Firm is unable to collect the amount from the merchant, the Firm will bear the loss for the amount credited or refunded to the cardholder. The Firm mitigates this risk by withholding future settlements, retaining cash reserve accounts or obtaining other collateral. In addition, the Firm recognizes a valuation allowance that covers the payment or performance risk related to charge-backs.

Sponsored member repo program

The Firm acts as a sponsoring member to clear eligible overnight and term resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation (“FICC”) on behalf of clients that become sponsored members under the FICC’s rules. The Firm also guarantees to the FICC the prompt and full payment and performance of its sponsored member clients’ respective obligations under the FICC’s rules. The Firm minimizes its liability under these guarantees by obtaining a security interest in the cash or high-quality securities collateral that the clients place with the clearing house; therefore, the Firm expects the risk of loss to be remote. The Firm’s maximum possible exposure, without taking into consideration the associated collateral, is included in the Exchange & clearing house guarantees and commitments line on page 177. Refer to Note 11 of JPMorgan Chase’s 2023 Form 10-K for additional information on credit risk mitigation practices on resale agreements and the types of collateral pledged under repurchase agreements.

Guarantees of subsidiaries

The Parent Company has guaranteed certain long-term debt and structured notes of its subsidiaries, including JPMorgan Chase Financial Company LLC (“JPMFC”), a 100%-owned finance subsidiary. All securities issued by JPMFC are fully and unconditionally guaranteed by the Parent Company and no other subsidiary of the Parent Company guarantees these securities. These guarantees, which rank pari passu with the Firm’s unsecured and unsubordinated indebtedness, are not included in the table on page 177 of this Note. Refer to Note 20 of JPMorgan Chase’s 2023 Form 10-K for additional information.

Note 23 – Pledged assets and collateral

Refer to Note 29 of JPMorgan Chase’s 2023 Form 10-K for a discussion of the Firm’s pledged assets and collateral.

Pledged assets

The Firm pledges financial assets that it owns to maintain potential borrowing capacity at discount windows with Federal Reserve banks, various other central banks and FHLBs. Additionally, the Firm pledges assets for other purposes, including to collateralize repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits. Certain of these pledged assets may be sold or repledged or otherwise used by the secured parties and are parenthetically identified on the Consolidated balance sheets as assets pledged.

The following table presents the Firm’s pledged assets.

(in billions)			September 30, 2024						December 31, 2023
Assets that may be sold or repledged or otherwise used by secured parties			$	181.5					$	145.0
Assets that may not be sold or repledged or otherwise used by secured parties			307.9						244.2
Assets pledged at Federal Reserve banks and FHLBs			692.5						675.6
Total pledged assets			$	1,181.9					$	1,064.8

Total pledged assets do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. Refer to Note 13 for additional information on assets and liabilities of consolidated VIEs. Refer to Note 10 for additional information on the Firm’s securities financing activities. Refer to Note 20 of JPMorgan Chase’s 2023 Form 10-K for additional information on the Firm’s long-term debt.

Collateral

The Firm accepts financial assets as collateral that it is permitted to sell or repledge, deliver or otherwise use. This collateral is generally obtained under resale and other securities financing agreements, prime brokerage-related held-for-investment customer receivables and derivative contracts. Collateral is generally used under repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits.

The following table presents the fair value of collateral accepted.

(in billions)			September 30, 2024						December 31, 2023
Collateral permitted to be sold or repledged, delivered, or otherwise used			$	1,664.3					$	1,303.9
Collateral sold, repledged, delivered or otherwise used			1,274.2						982.8

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Note 24 – Litigation

Contingencies

As of September 30, 2024, the Firm and its subsidiaries and affiliates are defendants or respondents in numerous evolving legal proceedings, including private proceedings, public proceedings, government investigations, regulatory enforcement matters, and the matters described below. The litigations range from individual actions involving a single plaintiff to class action lawsuits with potentially millions of class members. Investigations and regulatory enforcement matters involve both formal and informal proceedings, by both governmental agencies and self-regulatory organizations. These legal proceedings are at varying stages of adjudication, arbitration or investigation, and involve each of the Firm’s lines of business and several geographies and a wide variety of claims (including common law tort and contract claims and statutory antitrust, securities and consumer protection claims), some of which present novel legal theories.

The Firm believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $1.7 billion at September 30, 2024. This estimated aggregate range of reasonably possible losses was based upon information available as of that date for those proceedings in which the Firm believes that an estimate of reasonably possible loss can be made. For certain matters, the Firm does not believe that such an estimate can be made, as of that date. The Firm’s estimate of the aggregate range of reasonably possible losses involves significant judgment, given:

•the number, variety and varying stages of the proceedings, including the fact that many are in preliminary stages,

•the existence in many such proceedings of multiple defendants, including the Firm, whose share of liability (if any) has yet to be determined,

•the numerous yet-unresolved issues in many of the proceedings, including issues regarding class certification and the scope of many of the claims, and

•the uncertainty of the various potential outcomes of such proceedings, including where the Firm has made assumptions concerning future rulings by the court or other adjudicator, or about the behavior or incentives of adverse parties or regulatory authorities, and those assumptions prove to be incorrect.

In addition, the outcome of a particular proceeding may be a result which the Firm did not take into account in its estimate because the Firm had deemed the likelihood of that outcome to be remote. Accordingly, the Firm’s estimate of the aggregate range of reasonably possible losses will change from time to time, and actual losses may vary significantly.

Set forth below are descriptions of the Firm’s material legal proceedings.

1MDB Litigation. J.P. Morgan (Suisse) SA was named as a defendant in a civil litigation filed in May 2021 in Malaysia by 1Malaysia Development Berhad (“1MDB”), a Malaysian state-owned and controlled investment fund. The claim alleges “dishonest assistance” against J.P. Morgan (Suisse) SA in relation to payments of $300 million and $500 million, from 2009 and 2010, respectively, received from 1MDB and paid into an account at J.P. Morgan (Suisse) SA held by 1MDB PetroSaudi Limited, a joint venture company between 1MDB and PetroSaudi Holdings (Cayman) Limited. In March 2024, the Court upheld the Firm's challenge to the validity of service and the Malaysian Court’s jurisdiction to hear the claim. That decision has been appealed by 1MDB. In August 2023, the Court denied an application by 1MDB to discontinue its claim with permission to re-file a new claim in the future. That decision was appealed by both 1MDB and the Firm, and an appeals court is scheduled to hear both appeals in December 2024. In its appeal, the Firm seeks to prevent any claim from continuing.

In addition, in November 2023, the Federal Office of the Attorney General (OAG) in Switzerland notified J.P. Morgan (Suisse) SA that it is conducting an investigation into possible criminal liability in connection with transactions arising from J.P. Morgan (Suisse) SA’s relationship with the 1MDB PetroSaudi joint venture and its related persons for the period September 2009 through August 2015. The OAG investigation is ongoing.

Amrapali. India’s Enforcement Directorate (“ED”) is investigating J.P. Morgan India Private Limited in connection with investments made in 2010 and 2012 by two offshore funds formerly managed by JPMorgan Chase entities into residential housing projects developed by the Amrapali Group (“Amrapali”) relating to delays in delivering or failure to deliver residential units. In August 2021, the ED issued an order fining J.P. Morgan India Private Limited approximately $31.5 million, and the Firm is appealing that order. Relatedly, in July 2019, the Supreme Court of India issued an order making preliminary findings that Amrapali and other parties, including unspecified JPMorgan Chase entities and the offshore funds that had invested in the projects, violated certain criminal currency control and money laundering provisions, and ordered the ED to conduct a further inquiry. The Firm is responding to and cooperating with the inquiry.

Foreign Exchange Investigations and Litigation. The Firm previously reported settlements with certain government authorities relating to its foreign exchange (“FX”) sales and trading activities and controls related to those activities. Among those resolutions, in May 2015, the Firm pleaded guilty to a single violation of federal antitrust law. The Department of Labor ("DOL") granted the Firm exemptions

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that permit the Firm and its affiliates to continue to rely on the Qualified Professional Asset Manager exemption under the Employee Retirement Income Security Act (“ERISA”) through the ten-year disqualification period following the antitrust plea. The only remaining FX-related governmental inquiry is a South Africa Competition Commission matter which is currently pending before the South Africa Competition Tribunal.

With respect to civil litigation matters, some FX-related individual and putative class actions filed outside the U.S., including in the U.K., Israel, the Netherlands, Brazil and Australia remain. In July 2023, the U.K. Court of Appeal overturned the Competition Appeal Tribunal's earlier denial of a request for class certification on an opt-out basis. In Israel, a settlement in principle has been reached on the putative class action, which remains subject to court approval.

Government Inquiries Related to the Zelle Network. The Firm is responding to inquiries from the Consumer Financial Protection Bureau (CFPB) regarding the transfers of funds through the Zelle Network. In connection with this, the CFPB Staff has informed the Firm that it is authorized to pursue a resolution of the inquiries or file an enforcement action. The Firm is evaluating next steps, including litigation.

Interchange Litigation. Groups of merchants and retail associations filed a series of class action complaints alleging that Visa and Mastercard, as well as certain banks, conspired to set the price of credit and debit card interchange fees and enacted related rules in violation of antitrust laws.

In September 2018, the parties settled the class action seeking monetary relief, with the defendants collectively contributing approximately $6.2 billion. The settlement has been approved by the United States District Court for the Eastern District of New York and affirmed on appeal. Based on the percentage of merchants that opted out of the settlement, $700 million has been returned to the defendants from the settlement escrow. A separate class action seeking injunctive relief continues, and in September 2021, the District Court granted plaintiffs’ motion for class certification in part, and denied the motion in part. In June 2024, the District Court denied preliminary approval of a settlement of the injunctive class action in which Visa and Mastercard agreed to certain changes to their respective network rules and system-wide reductions in interchange rates for U.S.-based merchants. The parties are considering next steps.

Of the merchants who opted out of the damages class settlement, certain merchants filed individual actions raising similar allegations against Visa and Mastercard, as well as against the Firm and other banks. While some of those actions remain pending, the defendants have reached settlements with the merchants who opted out representing over 70% of the combined Mastercard-branded and Visa-branded payment card sales volume.

LIBOR and Other Benchmark Rate Investigations and Litigation. JPMorgan Chase has responded to inquiries from various governmental agencies and entities around the world relating primarily to the British Bankers Association’s (“BBA”) London Interbank Offered Rate (“LIBOR”) for various currencies and the European Banking Federation’s Euro Interbank Offered Rate (“EURIBOR”). The Swiss Competition Commission’s investigation relating to EURIBOR, to which the Firm and one other bank remain subject, continues. The Firm appealed a December 2016 decision by the European Commission against the Firm and other banks finding an infringement of European antitrust rules relating to EURIBOR. In December 2023, the European General Court annulled the fine imposed by the European Commission, but exercised its discretion to re-impose a fine in an identical amount. In March 2024, the Firm filed an appeal of this decision with the Court of Justice of the European Union.

In addition, the Firm has been named as a defendant along with other banks in various individual and putative class actions related to benchmark rates, including U.S. dollar LIBOR. In actions related to U.S. dollar LIBOR during the period that it was administered by the BBA, the United States District Court for the Southern District of New York granted class certification of antitrust claims related to bonds and interest rate swaps sold directly by the defendants, including the Firm. The Firm has obtained dismissal of certain actions and resolved certain other actions, and as to all remaining actions has moved for summary judgment. In addition, a lawsuit filed by a group of individual plaintiffs asserting antitrust claims, alleging that the Firm and other defendants were engaged in an unlawful agreement to set U.S. dollar LIBOR and conspired to monopolize the market for LIBOR-based consumer loans and credit cards was dismissed in October 2023. Plaintiffs' appeal of the dismissal to the United States Court of Appeals for the Ninth Circuit filed in November 2023 remains pending. The Firm has resolved all non-U.S. dollar LIBOR actions.

Russian Litigation. The Firm is obligated to comply with international sanctions laws, which mandate the blocking of certain assets. These laws apply when assets associated with individuals, companies, products or services are within the scope of the sanctions. The Firm has faced actual and threatened litigation in Russia seeking payments that the Firm cannot make under, and is contractually excused from paying as a result of, relevant sanctions laws. In claims involving the Firm and claims filed against other financial institutions, Russian courts have disregarded the parties’ contractual agreements concerning forum selection and did not recognize foreign sanctions laws as a basis for not making payment. Russian courts have entered judgment against the Firm in five claims, including one for $439 million. The total amount of the judgments exceeds the total amount of available assets that the Firm holds in Russia. One judgment in the amount of $14 million was executed in July 2024 against assets held onshore by the Firm in Russia. The Firm continues to appeal the Russian

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courts' decisions, and judgments may not be executed while on appeal. Russian courts have also ordered interim freezes of Firm assets in Russia (including, among other things, funds in bank accounts, securities, shares in authorized capital, and certain trademarks, of the named defendants) pending a determination of certain underlying claims against the Firm. The Firm has challenged the freeze orders in the Russian courts and, in one claim, also in a New York federal court action, in response to which a Russian court then issued an order instructing the Firm to discontinue that New York action. If further claims are enforced despite the actions taken by the Firm to challenge the claims and orders and to seek the proper application of law, the Firm’s assets in Russia could be seized in full, and certain client assets could also be seized, or the Firm could be prevented from complying with its obligations.

SEC Inquiries. The Firm is responding to requests from the SEC regarding aspects of certain advisory programs within J.P. Morgan Securities LLC, including aggregation of accounts for billing, discounting advisory fees, and selecting portfolio managers. Separately, the Firm is responding to requests from the SEC in connection with the timing of the Firm’s liquidation of shares distributed in-kind to certain investment vehicles that invest in third-party managed private funds. The Firm continues to cooperate and is currently engaged in advanced resolution discussions with the SEC with respect to most matters. There is no assurance that such discussions will result in resolutions.

Securities Lending Antitrust Litigation. JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC, J.P. Morgan Prime, Inc., and J.P. Morgan Strategic Securities Lending Corp. are named as defendants in a putative class action filed in the United States District Court for the Southern District of New York. The complaint asserts violations of federal antitrust law and New York State common law in connection with an alleged conspiracy to prevent the emergence of anonymous exchange trading for securities lending transactions. The court has granted final approval of the settlement in this action.

Shareholder Litigation. Several shareholder putative class actions, as well as shareholder derivative actions purporting to act on behalf of the Firm, have been filed against the Firm, its Board of Directors and certain of its current and former officers.

Certain of these shareholder suits relate to historical trading practices by former employees in the precious metals and U.S. treasuries markets and related conduct which were the subject of the Firm’s resolutions with the DOJ, CFTC and SEC in September 2020, and fiduciary activities that were separately the subject of a resolution between JPMorgan Chase Bank, N.A. and the OCC in November 2020. One of these shareholder derivative suits was filed in the Supreme Court of the State of New York in May 2022, asserting breach of fiduciary duty and unjust enrichment claims relating to the historical trading practices and related conduct and fiduciary activities which were the subject of the resolutions described above. In

December 2022, the court granted defendants’ motion to dismiss this action in full, and in July 2023, the plaintiff filed an appeal, which remains pending.

A second shareholder derivative action relating to the historical trading practices and related conduct was filed in the United States District Court for the Eastern District of New York in December 2022. Defendants have moved to dismiss the complaint.

Trading Venues Investigations. The Firm responded to government inquiries regarding its processes to inventory trading venues and confirm the completeness of certain data fed to trade surveillance platforms. The Firm self-identified that certain trading and order data through the CIB was not feeding into its trade surveillance platforms. The Firm entered into resolutions with the OCC and the Board of Governors of the FRB in March 2024 and with the Commodity Futures Trading Commission in May 2024. The resolutions required the Firm to, among other things, pay aggregate civil penalties of $450 million, which the Firm has paid, and to complete the Firm’s ongoing remediation. The Firm also engaged an independent compliance consultant, which completed an assessment of the Firm's trade surveillance program as required by the resolutions. The Firm does not expect any disruption of service to clients as a result of these resolutions.

* * *

In addition to the various legal proceedings discussed above, JPMorgan Chase and its subsidiaries are named as defendants or are otherwise involved in a substantial number of other legal proceedings. The Firm believes it has meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and it intends to defend itself vigorously. Additional legal proceedings may be initiated from time to time in the future.

The Firm has established reserves for several hundred of its currently outstanding legal proceedings. In accordance with the provisions of U.S. GAAP for contingencies, the Firm accrues for a litigation-related liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. The Firm evaluates its outstanding legal proceedings each quarter to assess its litigation reserves, and makes adjustments in such reserves, upward or downward, as appropriate, based on management’s best judgment after consultation with counsel. The Firm’s legal expense was $259 million and $665 million for the three months ended September 30, 2024 and 2023, respectively. There is no assurance that the Firm’s litigation reserves will not need to be adjusted in the future.

In view of the inherent difficulty of predicting the outcome of legal proceedings, particularly where the claimants seek very large or indeterminate damages, or where the matters present novel legal theories, involve a large number of parties or are in early stages of discovery, the Firm cannot state with confidence what will be the eventual outcomes of the currently pending matters, the timing of their ultimate

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resolution or the eventual losses, fines, penalties or consequences related to those matters. JPMorgan Chase believes, based upon its current knowledge and after consultation with counsel, consideration of the material legal proceedings described above and after taking into account its current litigation reserves and its estimated aggregate range of possible losses, that the other legal proceedings currently pending against it should not have a material adverse effect on the Firm’s consolidated financial condition. The Firm notes, however, that in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves it has currently accrued or that a matter will not have material reputational consequences. As a result, the outcome of a particular matter may be material to JPMorgan Chase’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of JPMorgan Chase’s income for that period.

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Note 25 – Business segments

The Firm is managed on an LOB basis. Effective in the second quarter of 2024, the Firm reorganized its reportable business segments by combining the former Corporate & Investment Bank and Commercial Banking business segments to form one reportable segment, the Commercial & Investment Bank (“CIB”). As a result of the reorganization, the Firm has three reportable business segments: Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management. In addition, there is a Corporate segment.

The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is currently evaluated by the Firm’s Operating Committee. Segment results are presented on a managed basis. Refer to Explanation and Reconciliation of the Firm’s use of Non-GAAP Financial Measures on pages 18-19 for a definition of managed basis.

Refer to Note 32 of JPMorgan Chase’s 2023 Form 10-K for a further discussion of JPMorgan Chase’s business segments.

Segment results

The following table provides a summary of the Firm’s segment results as of or for the three and nine months ended September 30, 2024 and 2023, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 32 of JPMorgan Chase’s 2023 Form 10-K for additional information on the Firm’s managed basis.

Capital allocation

The amount of capital assigned to each business segment is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs may change. Refer to Note 32 of JPMorgan Chase’s 2023 Form 10-K for additional information on capital allocation.

Segment results and reconciliation(a)
As of or for the three months ended September 30, (in millions, except ratios)			Consumer & Community Banking												Commercial & Investment Bank									Asset & Wealth Management
			2024						2023						2024			2023						2024						2023
Noninterest revenue			$	4,214					$	3,982					$	11,622		$	10,842					$	3,799					$	3,431
Net interest income			13,577						14,380						5,393			4,919						1,640						1,574
Total net revenue			17,791						18,362						17,015			15,761						5,439						5,005
Provision for credit losses			2,795						1,446						316			(95)						4						(13)
Noninterest expense			9,586						9,105						8,751			8,818						3,639						3,138
Income/(loss) before income tax expense/(benefit)			5,410						7,811						7,948			7,038						1,796						1,880
Income tax expense/(benefit)			1,364						1,916						2,257			2,011						445						463
Net income/(loss)			$	4,046					$	5,895					$	5,691		$	5,027					$	1,351					$	1,417
Average equity			$	54,500					$	55,500					$	132,000		$	138,000					$	15,500					$	17,000
Total assets			633,038						626,196						2,047,022			1,746,598						253,750						249,866
ROE			29		%				41		%				17		%	14		%				34		%				32		%
Overhead ratio			54						50						51			56						67						63

As of or for the three months ended September 30, (in millions, except ratios)			Corporate												Reconciling Items(a)									Total
			2024						2023						2024			2023						2024						2023
Noninterest revenue			$	155					$	(425)					$	(541)		$	(682)					$	19,249					$	17,148
Net interest income			2,915						1,983						(120)			(130)						23,405						22,726
Total net revenue			3,070						1,558						(661)			(812)						42,654						39,874
Provision for credit losses			(4)						46						—			—						3,111						1,384
Noninterest expense			589						696						—			—						22,565						21,757
Income/(loss) before income tax expense/(benefit)			2,485						816						(661)			(812)						16,978						16,733
Income tax expense/(benefit)			675						4						(661)			(812)						4,080						3,582
Net income/(loss)			$	1,810					$	812					$	—		$	—					$	12,898					$	13,151
Average equity			$	119,894					$	74,298					$	—		$	—					$	321,894					$	284,798
Total assets			1,276,238						1,275,673						NA			NA						4,210,048						3,898,333
ROE			NM						NM						NM			NM						16		%				18		%
Overhead ratio			NM						NM						NM			NM						53						55

(a)Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.

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Segment results and reconciliation(a)
As of or for the nine months ended September 30, (in millions, except ratios)			Consumer & Community Banking												Commercial & Investment Bank									Asset & Wealth Management
			2024						2023						2024			2023						2024						2023
Noninterest revenue			$	12,155					$	11,148					$	36,527		$	34,783					$	10,946					$	10,122
Net interest income			40,990						40,903						15,989			14,596						4,854						4,610
Total net revenue			53,145						52,051						52,516			49,379						15,800						14,732
Provision for credit losses			7,351						4,710						701			1,515						(33)						160
Noninterest expense			28,308						25,483						26,641			25,803						10,642						9,392
Income/(loss) before income tax expense/(benefit)			17,486						21,858						25,174			22,061						5,191						5,180
Income tax expense/(benefit)			4,399						5,414						6,964			5,966						1,287						1,170
Net income/(loss)			$	13,087					$	16,444					$	18,210		$	16,095					$	3,904					$	4,010
Average equity			$	54,500					$	53,962					$	132,000		$	137,341					$	15,500					$	16,560
Total assets			633,038						626,196						2,047,022			1,746,598						253,750						249,866
ROE			31		%				40		%				18		%	15		%				33		%				32		%
Overhead ratio			53						49						51			52						67						64

As of or for the nine months ended September 30, (in millions, except ratios)			Corporate												Reconciling Items(a)									Total
			2024						2023						2024			2023						2024						2023
Noninterest revenue			$	7,638		(b)			$	800					$	(1,711)		$	(2,539)					$	65,555		(b)			$	54,314
Net interest income			7,756						5,461						(356)			(354)						69,233						65,216
Total net revenue			15,394						6,261						(2,067)			(2,893)						134,788						119,530
Provision for credit losses			28						173						—			—						8,047						6,558
Noninterest expense			3,444			(c)			2,008						—			—						69,035			(c)			62,686
Income/(loss) before income tax expense/(benefit)			11,922						4,080						(2,067)			(2,893)						57,706						50,286
Income tax expense/(benefit)			2,657						384						(2,067)			(2,893)						13,240						10,041
Net income/(loss)			$	9,265					$	3,696					$	—		$	—					$	44,466					$	40,245
Average equity			$	108,353					$	70,147					$	—		$	—					$	310,353					$	278,010
Total assets			1,276,238						1,275,673						NA			NA						4,210,048						3,898,333
ROE			NM						NM						NM			NM						19		%				19		%
Overhead ratio			NM						NM						NM			NM						51						52

(a)Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.

(b)Included a $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024. Refer to Notes 2 and 5 for additional information.

(c)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Note 5 for additional information.

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Note 26 – Business combinations

On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (the "First Republic acquisition") from the Federal Deposit Insurance Corporation (“FDIC”), as receiver. The acquisition resulted in a bargain purchase gain, which represents the excess of the estimated fair value of the net assets acquired above the purchase price.

The Firm has determined that this acquisition constitutes a business combination under U.S. GAAP. Accordingly, the initial recognition of the assets acquired and liabilities assumed were generally measured at their estimated fair values as of May 1, 2023. The determination of those fair values required management to make certain market-based assumptions about expected future cash flows, discount rates and other valuation inputs at the time of the acquisition. The Firm believes that the fair value estimates of the assets acquired and liabilities assumed provide a reasonable basis for determining the estimated bargain purchase gain.

The First Republic acquisition resulted in a preliminary estimated bargain purchase gain of $2.7 billion. The final bargain purchase gain of $2.9 billion reflects adjustments made during the one-year measurement period, as permitted by U.S. GAAP, to finalize management's fair value estimates for the assets acquired and liabilities assumed, including an increase of $103 million for the nine months ended September 30, 2024. Certain matters related to the final settlement remain outstanding between the Firm and the FDIC. Any subsequent adjustments will not impact the final bargain purchase gain and will be reflected in Other income.

Refer to Note 34 of JPMorgan Chase’s 2023 Form 10-K for further information on the First Republic acquisition.

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The computation of the purchase price, the fair values of the assets acquired and liabilities assumed as part of the First Republic acquisition and the related bargain purchase gain are presented below, and reflects adjustments made during the measurement period to the acquisition-date fair value of the net assets acquired.

			Fair value purchase price allocation as of May 1, 2023
(in millions)
Purchase price consideration
Amounts paid/due to the FDIC, net of cash acquired(a)			$	13,555
Purchase Money Note (at fair value)(b)			48,848
Settlement of First Republic deposit and other related party transactions(c)			5,447
Contingent consideration - Shared-loss agreements			15
Purchase price consideration			$	67,865
Assets
Securities			$	30,285
Loans			153,242
Core deposit and customer relationship intangibles			1,455
Indemnification assets - Shared-loss agreements			675
Accounts receivable and other assets(d)			6,740
Total assets acquired			$	192,397
Liabilities
Deposits			$	87,572
FHLB advances			27,919
Lending-related commitments			2,614
Accounts payable and other liabilities(d)			2,792
Deferred tax liabilities			757
Total liabilities assumed			$	121,654
Fair value of net assets acquired			$	70,743
Gain on acquisition, after income taxes			$	2,878

(a)Net of cash acquired of $680 million, and including disputed amounts.

(b)As part of the consideration paid, JPMorgan Chase issued a five-year, $50 billion secured note to the FDIC (the "Purchase Money Note").

(c)Includes $447 million of securities financing transactions with First Republic Bank that were effectively settled on the acquisition date.

(d)Other assets include $1.2 billion in tax-oriented investments and $683 million of lease right-of-use assets. Other liabilities include the related tax-oriented investment liabilities of $669 million and lease liabilities of $748 million. Refer to Note 14 and Note 18 of JPMorgan Chase's 2023 Form 10-K for additional information.

Refer to JPMorgan Chase’s 2023 Form 10-K for a discussion of the Firm’s accounting policies and valuation methodologies for securities, loans, core deposits and customer relationship intangibles, shared-loss agreements and the related indemnification assets, deposits, Purchase Money Note, FHLB advances and lending-related commitments.

Loans

The following table presents the unpaid principal balance ("UPB") and fair values of the loans acquired as of May 1, 2023, and reflects adjustments made during the measurement period to the acquisition-date fair value of the loans acquired.

			May 1, 2023
(in millions)			UPB						Fair value
Residential real estate			$	106,240					$	92,053
Auto and other			3,093						2,030
Total consumer			109,333						94,083
Secured by real estate			37,117						33,602
Commercial & industrial			4,332						3,932
Other			23,499						21,625
Total wholesale			64,948						59,159
Total loans			$	174,281					$	153,242

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Unaudited pro forma condensed combined financial information

The following table presents certain unaudited pro forma financial information for the three and nine months ended September 30, 2023 as if the First Republic acquisition had occurred on January 1, 2022, including recognition of the estimated bargain purchase gain of $2.8 billion and the provision for credit losses of $1.2 billion. Additional adjustments include the interest on the Purchase Money Note and the impact of amortizing and accreting certain estimated fair value adjustments related to intangible assets, loans and lending-related commitments.

The Firm expects to achieve operating cost savings and other business synergies resulting from the acquisition that are not reflected in the pro forma amounts. The pro forma information is not necessarily indicative of the historical results of operations had the acquisition occurred on January 1, 2022, nor is it indicative of the results of operations in future periods.

			Three months ended September 30,									Nine months ended September 30,
(in millions)						2023						2023
Noninterest revenue						$	16,820					$	51,480
Net interest income						22,726						66,808
Net income						12,902						39,500

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of JPMorgan Chase & Co.:

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheet of JPMorgan Chase & Co. and its subsidiaries (the “Firm”) as of September 30, 2024, and the related consolidated statements of income, comprehensive income and changes in stockholders’ equity for the three-month and nine-month periods ended September 30, 2024 and 2023 and the consolidated statements of cash flows for the nine-month periods ended September 30, 2024 and 2023, including the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of the Firm as of December 31, 2023, and the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and of cash flows for the year then ended (not presented herein), and in our report dated February 16, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet information as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These interim financial statements are the responsibility of the Firm’s management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Firm in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

October 30, 2024

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

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JPMorgan Chase & Co.
Consolidated average balance sheets, interest and rates (unaudited)
(Taxable-equivalent interest and rates; in millions, except rates)
			Three months ended September 30, 2024																		Three months ended September 30, 2023
			Average balance			Interest(f)						Rate (annualized)									Average balance			Interest(f)						Rate (annualized)
Assets
Deposits with banks			$	464,704		$	5,366					4.59		%							$	456,954		$	5,270					4.58		%
Federal funds sold and securities purchased under resale agreements			404,174			5,226						5.14									309,848			3,951						5.06
Securities borrowed			217,716			2,478						4.53									188,279			2,085						4.39
Trading assets – debt instruments			496,176			5,625						4.51									383,576			4,177						4.32
Taxable securities			595,772			5,849						3.91									575,028			4,513						3.11
Nontaxable securities(a)			27,063			346						5.09									31,565			421						5.29
Total investment securities			622,835			6,195						3.96			(g)						606,593			4,934						3.23			(g)
Loans			1,325,440			23,569						7.07									1,306,322			22,367						6.79
All other interest-earning assets(b)(c)			90,721			2,077						9.11									80,156			1,902						9.42
Total interest-earning assets			3,621,766			50,536						5.55									3,331,728			44,686						5.32
Allowance for loan losses			(22,946)																		(21,972)
Cash and due from banks			22,323																		24,232
Trading assets – equity and other instruments			217,790																		173,998
Trading assets – derivative receivables			54,575																		66,972
Goodwill, MSRs and other intangible Assets			64,185																		64,675
All other noninterest-earning assets			219,315																		200,144
Total assets			$	4,177,008																	$	3,839,777
Liabilities
Interest-bearing deposits			$	1,749,353		$	12,914					2.94		%							$	1,694,758		$	10,796					2.53		%
Federal funds purchased and securities loaned or sold under repurchase agreements			425,795			5,733						5.36									254,105			3,523						5.50
Short-term borrowings			40,234			542						5.38									37,837			512						5.38
Trading liabilities – debt and all other interest-bearing liabilities(d)(e)			329,850			2,632						3.17									288,007			2,463						3.39
Beneficial interests issued by consolidated VIEs			26,556			352						5.27									21,890			297						5.38
Long-term debt			347,910			4,838						5.53									315,267			4,239						5.33
Total interest-bearing liabilities			2,919,698			27,011						3.68									2,611,864			21,830						3.32
Noninterest-bearing deposits			633,957																		660,983
Trading liabilities – equity and other instruments(e)			32,739																		29,508
Trading liabilities – derivative payables			39,936																		46,754
All other liabilities, including the allowance for lending-related commitments			206,376																		178,466
Total liabilities			3,832,706																		3,527,575
Stockholders’ equity
Preferred stock			22,408																		27,404
Common stockholders’ equity			321,894																		284,798
Total stockholders’ equity			344,302																		312,202
Total liabilities and stockholders’ equity			$	4,177,008																	$	3,839,777
Interest rate spread												1.87		%																2.00		%
Net interest income and net yield on interest-earning assets						$	23,525					2.58												$	22,856					2.72

(a)Represents securities which are tax-exempt for U.S. federal income tax purposes.

(b)Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets.

(c)The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.

(d)All other interest-bearing liabilities include brokerage-related customer payables.

(e)The combined balance of trading liabilities – debt and equity instruments was $200.8 billion and $153.4 billion for the three months ended September 30, 2024 and 2023, respectively.

(f)Interest includes the effect of certain related hedging derivatives. Taxable-equivalent amounts are used where applicable.

(g)The annualized rate for securities based on amortized cost was 3.95% and 3.18% for the three months ended September 30, 2024 and 2023, respectively, and does not give effect to changes in fair value that are reflected in AOCI.

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JPMorgan Chase & Co.
Consolidated average balance sheets, interest and rates (unaudited)
(Taxable-equivalent interest and rates; in millions, except rates)
			Nine months ended September 30, 2024																		Nine months ended September 30, 2023
			Average balance			Interest(f)						Rate (annualized)									Average balance			Interest(f)						Rate (annualized)
Assets
Deposits with banks			$	504,043		$	17,811					4.72		%							$	485,700		$	15,278					4.21		%
Federal funds sold and securities purchased under resale agreements			366,464			14,262						5.20									316,520			10,849						4.58
Securities borrowed			202,103			6,821						4.51									190,822			5,667						3.97
Trading assets – debt instruments			457,351			15,233						4.45									377,829			11,862						4.20
Taxable securities			566,353			15,844						3.74									583,463			12,674						2.90
Nontaxable securities(a)			28,060			1,071						5.10									29,879			1,119						5.01
Total investment securities			594,413			16,915						3.80			(g)						613,342			13,793						3.01			(g)
Loans			1,316,733			69,454						7.05									1,225,375			60,472						6.60
All other interest-earning assets(b)(c)			84,912			6,227						9.80									88,255			5,637						8.54
Total interest-earning assets			3,526,019			146,723						5.56									3,297,843			123,558						5.01
Allowance for loan losses			(22,530)																		(20,395)
Cash and due from banks			22,694																		25,165
Trading assets – equity and other instruments			210,013																		165,292
Trading assets – derivative receivables			56,455																		64,955
Goodwill, MSRs and other intangible Assets			64,346																		62,701
All other noninterest-earning assets			215,748																		205,295
Total assets			$	4,072,745																	$	3,800,856
Liabilities
Interest-bearing deposits			$	1,732,844		$	37,569					2.90		%							$	1,693,588		$	28,024					2.21		%
Federal funds purchased and securities loaned or sold under repurchase agreements			365,604			14,810						5.41									256,717			9,727						5.07
Short-term borrowings			39,003			1,579						5.41									37,308			1,361						4.88
Trading liabilities – debt and all other interest-bearing liabilities(d)(e)			317,229			7,872						3.31									286,324			6,807						3.18
Beneficial interests issued by consolidated VIEs			26,728			1,068						5.34									17,137			641						5.00
Long-term debt			343,628			14,236						5.53									286,522			11,428						5.33
Total interest-bearing liabilities			2,825,036			77,134						3.65									2,577,596			57,988						3.01
Noninterest-bearing deposits			643,608																		661,086
Trading liabilities – equity and other instruments(e)			30,613																		29,262
Trading liabilities – derivative payables			39,120																		47,672
All other liabilities, including the allowance for lending-related commitments			198,617																		179,826
Total liabilities			3,736,994																		3,495,442
Stockholders’ equity
Preferred stock			25,398																		27,404
Common stockholders’ equity			310,353																		278,010
Total stockholders’ equity			335,751																		305,414
Total liabilities and stockholders’ equity			$	4,072,745																	$	3,800,856
Interest rate spread												1.91		%																2.00		%
Net interest income and net yield on interest-earning assets						$	69,589					2.64												$	65,570					2.66

(a)Represents securities which are tax-exempt for U.S. federal income tax purposes.

(b)Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets.

(c)The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.

(d)All other interest-bearing liabilities include brokerage-related customer payables.

(e)The combined balance of trading liabilities – debt and equity instruments was $189.1 billion and $150.2 billion for the nine months ended September 30, 2024 and 2023, respectively.

(f)Interest includes the effect of certain related hedging derivatives. Taxable-equivalent amounts are used where applicable.

(g)The annualized rate for securities based on amortized cost was 3.77% and 2.96% for the nine months ended September 30, 2024 and 2023, respectively, and does not give effect to changes in fair value that are reflected in AOCI.

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GLOSSARY OF TERMS AND ACRONYMS

2023 Form 10-K: Annual report on Form 10-K for year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission.

ABS: Asset-backed securities

Active foreclosures: Loans referred to foreclosure where formal foreclosure proceedings are ongoing. Includes both judicial and non-judicial states.

AFS: Available-for-sale

Allowance for loan losses to total retained loans: represents period-end allowance for loan losses divided by retained loans.

Amortized cost: Amount at which a financing receivable or investment is originated or acquired, adjusted for accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, charge-offs, foreign exchange, and fair value hedge accounting adjustments. For AFS securities, amortized cost is also reduced by any impairment losses recognized in earnings. Amortized cost is not reduced by the allowance for credit losses, except where explicitly presented net.

AOCI: Accumulated other comprehensive income/(loss)

ARM(s): Adjustable rate mortgage(s)

AUC: “Assets under custody”: Represents assets held directly or indirectly on behalf of clients under safekeeping, custody and servicing arrangements.

Auto loan and lease origination volume: Dollar amount of auto loans and leases originated.

AWM: Asset & Wealth Management

Beneficial interests issued by consolidated VIEs: represents the interest of third-party holders of debt, equity securities, or other obligations, issued by VIEs that JPMorgan Chase consolidates.

BHC: Bank holding company

BWM: Banking & Wealth Management

Bridge Financing Portfolio: A portfolio of held-for-sale unfunded loan commitments and funded loans. The unfunded commitments include both short-term bridge loan commitments that will ultimately be replaced by longer term financing as well as term loan commitments. The funded loans include term loans and funded revolver facilities.

CCAR: Comprehensive Capital Analysis and Review

CCB: Consumer & Community Banking

CCP: Central Counterparty

CDS: Credit default swaps

CECL: Current Expected Credit Losses

CEO: Chief Executive Officer

CET1 capital: Common equity Tier 1 capital

CFO: Chief Financial Officer

CFTC: Commodity Futures Trading Commission

CIB: Commercial & Investment Bank

CIO: Chief Investment Office

Client assets: Represent assets under management as well as custody, brokerage, administration and deposit accounts.

Client deposits and other third-party liabilities: Deposits, as well as deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements) as part of client cash management programs.

Client investment assets: Represent assets under management as well as custody, brokerage and annuity accounts, and deposits held in investment accounts.

CLTV: Combined loan-to-value

CMT: Constant Maturity Treasury

Collateral-dependent: A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty, including when foreclosure is deemed probable based on borrower delinquency.

Commercial Card: provides a wide range of payment services to corporate and public sector clients worldwide through the commercial card products. Services include procurement, corporate travel and entertainment, expense management services, and business-to-business payment solutions.

Credit derivatives: Financial instruments whose value is derived from the credit risk associated with the debt of a third-party issuer (the reference entity) which allow one party (the protection purchaser) to transfer that risk to another party (the protection seller). Upon the occurrence of a credit event by the reference entity, which may include, among other events, the bankruptcy or failure to pay its obligations, or certain restructurings of the debt of the reference entity, neither party has recourse to the reference entity. The protection purchaser has recourse to the protection seller for the difference between the face value of the CDS contract and the fair value at the time of settling the credit derivative contract. The determination as to whether a credit event has occurred is generally made by the relevant International Swaps and Derivatives Association (“ISDA”) Determinations Committee.

Criticized: Criticized loans, lending-related commitments and derivative receivables that are classified as special mention, substandard and doubtful categories for regulatory purposes and are generally consistent with a rating of CCC+/Caa1 and below, as defined by S&P and Moody’s.

CRR: Capital Requirements Regulation

CVA: Credit valuation adjustment

DVA: Debit valuation adjustment

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EC: European Commission

Eligible HQLA: Eligible high-quality liquid assets, for purposes of calculating the LCR, is the amount of unencumbered HQLA that satisfy certain operational considerations as defined in the LCR rule.

Eligible LTD: Long-term debt satisfying certain eligibility criteria

Embedded derivatives: are implicit or explicit terms or features of a financial instrument that affect some or all of the cash flows or the value of the instrument in a manner similar to a derivative. An instrument containing such terms or features is referred to as a “hybrid.” The component of the hybrid that is the non-derivative instrument is referred to as the “host.” For example, callable debt is a hybrid instrument that contains a plain vanilla debt instrument (i.e., the host) and an embedded option that allows the issuer to redeem the debt issue at a specified date for a specified amount (i.e., the embedded derivative). However, a floating rate instrument is not a hybrid composed of a fixed-rate instrument and an interest rate swap.

EPS: Earnings per share

ERISA: Employee Retirement Income Security Act of 1974

ESG: Environmental, Social and Governance

ETD: “Exchange-traded derivatives”: Derivative contracts that are executed on an exchange and settled via a central clearing house.

EU: European Union

Expense categories:

•Volume- and/or revenue-related expenses generally correlate with changes in the related business/transaction volume or revenue. Examples of volume- and revenue-related expenses include commissions and incentive compensation, depreciation expense related to operating lease assets, and brokerage expense related to equities trading transaction volume.

•Investments include expenses associated with supporting medium- to longer-term strategic plans of the Firm. Examples of investments include initiatives in technology (including related compensation), marketing, and compensation for new bankers and client advisors.

•Structural expenses are those associated with the day-to-day cost of running the bank and are expenses not covered by the above two categories. Examples of structural expenses include employee salaries and benefits, as well as noncompensation costs such as real estate and all other expenses.

Fannie Mae: Federal National Mortgage Association

FASB: Financial Accounting Standards Board

FCA: Financial Conduct Authority

FDIC: Federal Deposit Insurance Corporation

FDM: "Financial difficulty modification" applies to loan modifications effective January 1, 2023, and is deemed to occur when the Firm modifies specific terms of the original loan agreement. The following types of modifications are

considered FDMs: principal forgiveness, interest rate reduction, other-than-insignificant payment deferral, term extension or a combination of these modifications.

Federal Reserve: The Board of the Governors of the Federal Reserve System

FFIEC: Federal Financial Institutions Examination Council

FHA: Federal Housing Administration

FHLB: Federal Home Loan Bank

FICO score: A measure of consumer credit risk based on information in consumer credit reports produced by Fair Isaac Corporation. Because certain aged data is excluded from credit reports based on rules in the Fair Credit Reporting Act, FICO scores may not reflect all historical information about a consumer.

FICC: Fixed Income Clearing Corporation

FINRA: Financial Industry Regulatory Authority

Firm: JPMorgan Chase & Co.

Forward points: represents the interest rate differential between two currencies, which is either added to or subtracted from the current exchange rate (i.e., “spot rate”) to determine the forward exchange rate.

Freddie Mac: Federal Home Loan Mortgage Corporation

Free-standing derivatives: is a derivative contract entered into either separate and apart from any of the Firm’s other financial instruments or equity transactions. Or, in conjunction with some other transaction and is legally detachable and separately exercisable.

FTE: Fully taxable-equivalent

FVA: Funding valuation adjustment

FX: Foreign exchange

G7: “Group of Seven nations”: Countries in the G7 are Canada, France, Germany, Italy, Japan, the U.K. and the U.S.

G7 government securities: Securities issued by the government of one of the G7 nations.

Ginnie Mae: Government National Mortgage Association

GSIB: Global systemically important banks

HELOC: Home equity line of credit

Home equity – senior lien: represents loans and commitments where JPMorgan Chase holds the first security interest on the property.

Home equity – junior lien: represents loans and commitments where JPMorgan Chase holds a security interest that is subordinate in rank to other liens.

HQLA: High-quality liquid assets

HTM: Held-to-maturity

IBOR: Interbank Offered Rate

IDI: Insured depository institutions

IHC: JPMorgan Chase Holdings LLC, an intermediate holding company

Investment-grade: An indication of credit quality based on

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JPMorgan Chase’s internal risk assessment system. “Investment grade” generally represents a risk profile similar to a rating of a “BBB-”/“Baa3” or better, as defined by independent rating agencies.

IPO: Initial Public Offering

IR: Interest rate

ISDA: International Swaps and Derivatives Association

JPMorgan Chase: JPMorgan Chase & Co.

JPMorgan Chase Bank, N.A.: JPMorgan Chase Bank, National Association

JPMorgan Chase Foundation or Foundation: a not-for-profit organization that makes contributions for charitable and educational purposes.

J.P. Morgan Securities: J.P. Morgan Securities LLC

JPMSE: J.P. Morgan SE

LCR: Liquidity coverage ratio

LIBOR: London Interbank Offered Rate

LLC: Limited Liability Company

LOB: Line of business

LTV: “Loan-to-value ratio”: For residential real estate loans, the relationship, expressed as a percentage, between the principal amount of a loan and the appraised value of the collateral (i.e., residential real estate) securing the loan.

Origination date LTV ratio

The LTV ratio at the origination date of the loan. Origination date LTV ratios are calculated based on the actual appraised values of collateral (i.e., loan-level data) at the origination date.

Current estimated LTV ratio

An estimate of the LTV as of a certain date. The current estimated LTV ratios are calculated using estimated collateral values derived from a nationally recognized home price index measured at the metropolitan statistical area (“MSA”) level. These MSA-level home price indices consist of actual data to the extent available and forecasted data where actual data is not available. As a result, the estimated collateral values used to calculate these ratios do not represent actual appraised loan-level collateral values; as such, the resulting LTV ratios are necessarily imprecise and should therefore be viewed as estimates.

Combined LTV ratio

The LTV ratio considering all available lien positions, as well as unused lines, related to the property. Combined LTV ratios are used for junior lien home equity products.

Macro businesses: the macro businesses include Rates, Currencies and Emerging Markets, Fixed Income Financing and Commodities in CIB's Fixed Income Markets.

Managed basis: A non-GAAP presentation of Firmwide financial results that includes reclassifications to present revenue on a fully taxable-equivalent basis. Management also uses this financial measure at the segment level, because it believes this provides information to enable

investors to understand the underlying operational performance and trends of the particular business segment and facilitates a comparison of the business segment with the performance of competitors.

Markets: consists of CIB's Fixed Income Markets and Equity Markets businesses.

Master netting agreement: A single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due).

MBS: Mortgage-backed securities

MD&A: Management’s discussion and analysis

Measurement alternative: Measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer.

Merchant Services: offers merchants payment processing capabilities, fraud and risk management, data and analytics, and other payments services. Through Merchant Services, merchants of all sizes can accept payments via credit and debit cards and payments in multiple currencies.

MEV: Macroeconomic variable

Moody’s: Moody’s Investor Services

Mortgage product types:

Alt-A

Alt-A loans are generally higher in credit quality than subprime loans but have characteristics that would disqualify the borrower from a traditional prime loan. Alt-A lending characteristics may include one or more of the following: (i) limited documentation; (ii) a high CLTV ratio; (iii) loans secured by non-owner occupied properties; or (iv) a debt-to-income ratio above normal limits. A substantial proportion of the Firm’s Alt-A loans are those where a borrower does not provide complete documentation of his or her assets or the amount or source of his or her income.

Option ARMs

The option ARM real estate loan product is an adjustable-rate mortgage loan that provides the borrower with the option each month to make a fully amortizing, interest-only or minimum payment. The minimum payment on an option ARM loan is based on the interest rate charged during the introductory period. This introductory rate is usually significantly below the fully indexed rate. The fully indexed rate is calculated using an index rate plus a margin. Once the introductory period ends, the contractual interest rate charged on the loan increases to the fully indexed rate and adjusts monthly to reflect movements in the index. The minimum payment is typically insufficient to cover interest accrued in the prior month, and any unpaid interest is deferred and added to the principal balance of the loan. Option ARM loans are subject to payment recast, which

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converts the loan to a variable-rate fully amortizing loan upon meeting specified loan balance and anniversary date triggers.

Prime

Prime mortgage loans are made to borrowers with good credit records who meet specific underwriting requirements, including prescriptive requirements related to income and overall debt levels. New prime mortgage borrowers provide full documentation and generally have reliable payment histories.

Subprime

Subprime loans are loans that, prior to mid-2008, were offered to certain customers with one or more high risk characteristics, including but not limited to: (i) unreliable or poor payment histories; (ii) a high LTV ratio of greater than 80% (without borrower-paid mortgage insurance); (iii) a high debt-to-income ratio; (iv) an occupancy type for the loan is other than the borrower’s primary residence; or (v) a history of delinquencies or late payments on the loan.

MREL: Minimum requirements for own funds and eligible liabilities

MSR: Mortgage servicing rights

NA: Data is not applicable or available for the period presented.

Net Capital Rule: Rule 15c3-1 under the Securities Exchange Act of 1934.

Net charge-off/(recovery) rate: represents net charge-offs/(recoveries) (annualized) divided by average retained loans for the reporting period.

Net interchange income includes the following components:

•Interchange income: Fees earned by credit and debit card issuers on sales transactions.

•Rewards costs: The cost to the Firm for points earned by cardholders enrolled in credit card rewards programs generally tied to sales transactions.

•Partner payments: Payments to co-brand credit card partners based on the cost of loyalty program rewards earned by cardholders on credit card transactions.

Net yield on interest-earning assets: The average rate for interest-earning assets less the average rate paid for all sources of funds.

NFA: National Futures Association

NM: Not meaningful

Nonaccrual loans: Loans for which interest income is not recognized on an accrual basis. Loans (other than credit card loans and certain consumer loans insured by U.S. government agencies) are placed on nonaccrual status when full payment of principal and interest is not expected, regardless of delinquency status, or when principal and interest has been in default for a period of 90 days or more unless the loan is both well-secured and in the process of collection. Collateral-dependent loans are typically

maintained on nonaccrual status.

Nonperforming assets: Nonperforming assets include nonaccrual loans, nonperforming derivatives and certain assets acquired in loan satisfactions, predominantly real estate owned and other commercial and personal property.

NSFR: Net Stable Funding Ratio

OCC: Office of the Comptroller of the Currency

OCI: Other comprehensive income/(loss)

OPEB: Other postretirement employee benefit

OTC: “Over-the-counter derivatives”: Derivative contracts that are negotiated, executed and settled bilaterally between two derivative counterparties, where one or both counterparties is a derivatives dealer.

OTC cleared: “Over-the-counter cleared derivatives”: Derivative contracts that are negotiated and executed bilaterally, but subsequently settled via a central clearing house, such that each derivative counterparty is only exposed to the default of that clearing house.

Overhead ratio: Noninterest expense as a percentage of total net revenue.

Parent Company: JPMorgan Chase & Co.

Participating securities: represents unvested share-based compensation awards containing nonforfeitable rights to dividends or dividend equivalents (collectively, “dividends”), which are included in the earnings per share calculation using the two-class method. JPMorgan Chase grants restricted stock and RSUs to certain employees under its share-based compensation programs, which entitle the recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities. Under the two-class method, all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities, based on their respective rights to receive dividends.

PCD: “Purchased credit deteriorated” assets represent acquired financial assets that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Firm.

Pillar 1: The Basel framework consists of a three “Pillar” approach. Pillar 1 establishes minimum capital requirements, defines eligible capital instruments, and prescribes rules for calculating RWA.

Pillar 3: The Basel framework consists of a three “Pillar” approach. Pillar 3 encourages market discipline through disclosure requirements which allow market participants to assess the risk and capital profiles of banks.

PPP: Paycheck Protection Program under the Small Business Association (“SBA”)

PRA: Prudential Regulation Authority

Preferred stock dividends: reflects dividends declared and deemed dividends upon redemption of preferred stock

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Pre-provision profit/(loss): represents total net revenue less noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.

Principal transactions revenue: Principal transactions revenue is driven by many factors, including the bid-offer spread, which is the difference between the price at which the Firm is willing to buy a financial or other instrument and the price at which the Firm is willing to sell that instrument. It also consists of realized (as a result of closing out or termination of transactions, or interim cash payments) and unrealized (as a result of changes in valuation) gains and losses on financial and other instruments (including those accounted for under the fair value option) primarily used in client-driven market-making activities and on private equity investments. In connection with its client-driven market-making activities, the Firm transacts in debt and equity instruments, derivatives and commodities (including physical commodities inventories and financial instruments that reference commodities). Principal transactions revenue also includes certain realized and unrealized gains and losses related to hedge accounting and specified risk-management activities, including: (a) certain derivatives designated in qualifying hedge accounting relationships (primarily fair value hedges of commodity and foreign exchange risk), (b) certain derivatives used for specific risk management purposes, primarily to mitigate credit risk and foreign exchange risk, and (c) other derivatives.

PSU(s): Performance share units

Regulatory VaR: Daily aggregated VaR calculated in accordance with regulatory rules.

REO: Real estate owned

Reported basis: Financial statements prepared under U.S. GAAP, which excludes the impact of taxable-equivalent adjustments.

Retained loans: Loans that are held-for-investment (i.e. excludes loans held-for-sale and loans at fair value).

Revenue wallet: Total fee revenue based on estimates of investment banking fees generated across the industry (i.e., the revenue wallet) from investment banking transactions in M&A, equity and debt underwriting, and loan syndications. Source: Dealogic, a third-party provider of investment banking competitive analysis and volume based league tables for the above noted industry products.

RHS: Rural Housing Service of the U.S. Department of Agriculture

ROE: Return on equity

ROTCE: Return on tangible common equity

ROU assets: Right-of-use assets

RSU(s): Restricted stock units

RWA: “Risk-weighted assets”: Basel III establishes two comprehensive approaches for calculating RWA (a Standardized approach and an Advanced approach) which

include capital requirements for credit risk, market risk, and in the case of Basel III Advanced, also operational risk. Key differences in the calculation of credit risk RWA between the Standardized and Advanced approaches are that for Basel III Advanced, credit risk RWA is based on risk-sensitive approaches which largely rely on the use of internal credit models and parameters, whereas for Basel III Standardized, credit risk RWA is generally based on supervisory risk-weightings which vary primarily by counterparty type and asset class. Market risk RWA is calculated on a generally consistent basis between Basel III Standardized and Basel III Advanced.

S&P: Standard and Poors

SA-CCR: Standardized Approach for Counterparty Credit Risk

SAR as it pertains to Hong Kong: Special Administrative Region

SAR(s) as it pertains to employee stock awards: Stock appreciation rights

SCB: Stress capital buffer

Scored portfolios: Consumer loan portfolios that predominantly include residential real estate loans, credit card loans, auto loans to individuals and certain small business loans.

SEC: U.S. Securities and Exchange Commission

Securitized Products Group: Comprised of Securitized Products and tax-oriented investments.

Seed capital: Initial JPMorgan capital invested in products, such as mutual funds, with the intention of ensuring the fund is of sufficient size to represent a viable offering to clients, enabling pricing of its shares, and allowing the manager to develop a track record. After these goals are achieved, the intent is to remove the Firm’s capital from the investment.

Shelf securities: Securities registered with the SEC under a shelf registration statement that have not been issued, offered or sold. These securities are not included in league tables until they have actually been issued.

Single-name: Single reference-entities

SLR: Supplementary leverage ratio

SMBS: Stripped Mortgage-Backed Securities

SOFR: Secured Overnight Financing Rate

SPEs: Special purpose entities

Structural interest rate risk: represents interest rate risk of the non-trading assets and liabilities of the Firm.

Structured notes: Structured notes are financial instruments whose cash flows are linked to the movement in one or more indexes, interest rates, foreign exchange rates, commodities prices, prepayment rates, underlying reference pool of loans or other market variables. The notes typically contain embedded (but not separable or detachable) derivatives. Contractual cash flows for principal, interest, or both can vary in amount and timing

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throughout the life of the note based on non-traditional indexes or non-traditional uses of traditional interest rates or indexes.

Suspended foreclosures: Loans referred to foreclosure where formal foreclosure proceedings have started but are currently on hold, which could be due to bankruptcy or loss mitigation. Includes both judicial and non-judicial states.

Taxable-equivalent basis: In presenting managed results, the total net revenue for each of the business segments and the Firm is presented on a tax-equivalent basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities; the corresponding income tax impact related to tax-exempt items is recorded within income tax expense.

TBVPS: Tangible book value per share

TCE: Tangible common equity

TDR: “Troubled debt restructuring” applies to loan modifications granted prior to January 1, 2023 and is deemed to occur when the Firm modifies the original terms of a loan agreement by granting a concession to a borrower that is experiencing financial difficulty. Loans with short-term and other insignificant modifications that are not considered concessions are not TDRs.

TLAC: Total Loss Absorbing Capacity

U.K.: United Kingdom

U.S.: United States of America

U.S. GAAP: Accounting principles generally accepted in the United States of America.

U.S. government agencies: U.S. government agencies include, but are not limited to, agencies such as Ginnie Mae and FHA, and do not include Fannie Mae and Freddie Mac which are U.S. government-sponsored enterprises (“U.S. GSEs”). In general, obligations of U.S. government agencies are fully and explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government in the event of a default.

U.S. GSE(s): “U.S. government-sponsored enterprises” are quasi-governmental, privately-held entities established or chartered by the U.S. government to serve public purposes as specified by the U.S. Congress to improve the flow of credit to specific sectors of the economy and provide certain essential services to the public. U.S. GSEs include Fannie Mae and Freddie Mac, but do not include Ginnie Mae or FHA. U.S. GSE obligations are not explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government.

U.S. Treasury: U.S. Department of the Treasury

Unaudited: Financial statements and/or information that have not been subject to auditing procedures by an independent registered public accounting firm.

VA: U.S. Department of Veterans Affairs

VaR: “Value-at-risk” is a measure of the dollar amount of potential loss from adverse market moves in an ordinary market environment.

VIEs: Variable interest entities

Warehouse loans: consist of prime mortgages originated with the intent to sell that are accounted for at fair value and classified as loans.

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LINE OF BUSINESS METRICS

CONSUMER & COMMUNITY BANKING (“CCB”)

Debit and credit card sales volume: Dollar amount of card member purchases, net of returns.

Deposit margin: Represents net interest income expressed as a percentage of average deposits.

Home Lending Production and Home Lending Servicing revenue comprises the following:

Net mortgage servicing revenue: Includes operating revenue earned from servicing third-party mortgage loans, which is recognized over the period in which the service is provided; changes in the fair value of MSRs; the impact of risk management activities associated with MSRs; and gains and losses on securitization of excess mortgage servicing. Net mortgage servicing revenue also includes gains and losses on sales and lower of cost or fair value adjustments of certain repurchased loans insured by U.S. government agencies.

Production revenue: Includes fees and income recognized as earned on mortgage loans originated with the intent to sell, and the impact of risk management activities associated with the mortgage pipeline and warehouse loans. Production revenue also includes gains and losses on sales and lower of cost or fair value adjustments on mortgage loans held-for-sale (excluding certain repurchased loans insured by U.S. government agencies), and changes in the fair value of financial instruments measured under the fair value option.

Mortgage origination channels comprise the following:

Retail: Borrowers who buy or refinance a home through direct contact with a mortgage banker employed by the Firm using a branch office, the Internet or by phone. Borrowers are frequently referred to a mortgage banker by a banker in a Chase branch, real estate brokers, home builders or other third parties.

Correspondent: Banks, thrifts, other mortgage banks and other financial institutions that sell closed loans to the Firm.

Card Services: is a business that primarily issues credit cards to consumers and small businesses.

Net revenue rate: Represents Card Services net revenue (annualized) expressed as a percentage of average loans for the period.

Auto loan and lease origination volume: Dollar amount of auto loans and leases originated.

Commercial & Investment Bank (“CIB”)

Definition of selected CIB revenue:

Investment Banking: Includes investment banking fees as well as other revenues associated with investment banking activities and services including advising on corporate strategy and structure, and capital-raising in equity and debt markets.

Payments: reflects revenue from cash management solutions, including services that enable clients to manage payments globally across liquidity and account solutions, commerce solutions, clearing, trade and working capital.

Lending: includes revenue from a variety of financing alternatives, which includes on a secured basis.

Other: includes tax-equivalent adjustments generated from Community Development Banking and activity derived from principal transactions.

Fixed Income Markets: primarily includes revenue related to market-making and lending across global fixed income markets, including foreign exchange, interest rate, credit and commodities markets.

Equity Markets: primarily includes revenue related to market-making and lending across global equity markets, including cash, derivative and prime brokerage products.

Securities Services: revenues are primarily generated from net interest income, asset based fees, and transaction based fees. Our core product offering is organized into four key areas: custody, fund services, liquidity and trading services, and data solutions. These services are marketed primarily to institutional investors.

Description of certain business metrics:

Assets under custody (“AUC”): represents activities associated with the safekeeping and servicing of assets on which Securities Services earns fees.

Investment banking fees: represents advisory, equity underwriting, bond underwriting and loan syndication fees.

Description of CIB client coverage segment for Banking and Payments revenue:

Global Corporate Banking & Global Investment Banking: provides banking products and services generally to large corporations, financial institutions and merchants.

Commercial Banking: provides banking products and services generally to middle market clients, including start-ups, small and mid-sized companies, local governments, municipalities, and nonprofits, as well as to commercial real estate clients.

Other: includes amounts related to credit protection purchased against certain retained loans and lending-related commitments in Lending, the impact of equity investments in Payments and revenues not aligned with a primary client coverage segment.

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ASSET & WEALTH MANAGEMENT (“AWM”)

Assets under management (“AUM”): represent assets managed by AWM on behalf of its Private Banking, Global Institutional and Global Funds clients. Includes “Committed capital not Called.”

Client assets: represent assets under management, as well as custody, brokerage, administration and deposit accounts.

Multi-asset: Any fund or account that allocates assets under management to more than one asset class.

Alternative assets: The following types of assets constitute alternative investments – hedge funds, currency, real estate, private equity and other investment funds designed to focus on nontraditional strategies.

AWM’s lines of business consist of the following:

Asset Management: offers multi-asset investment management solutions across equities, fixed income, alternatives and money market funds to institutional and retail investors providing for a broad range of clients’ investment needs.

Global Private Bank: provides retirement products and services, brokerage, custody, trusts and estates, loans, mortgages, deposits and investment management to high net worth clients.

AWM’s client segments consist of the following:

Private Banking: clients include high- and ultra-high-net-worth individuals, families, money managers and business owners.

Global Institutional: clients include both corporate and public institutions, endowments, foundations, nonprofit organizations and governments worldwide.

Global Funds: clients include financial intermediaries and individual investors.

Asset Management has two high-level measures of its overall fund performance:

Percentage of active mutual fund and active ETF assets under management in funds rated 4- or 5-star: Mutual fund rating services rank funds based on their risk-adjusted performance over various periods. A 5-star rating is the best rating and represents the top 10% of industry-wide ranked funds. A 4-star rating represents the next 22.5% of industry-wide ranked funds. A 3-star rating represents the next 35% of industry-wide ranked funds. A 2-star rating represents the next 22.5% of industry-wide ranked funds. A 1-star rating is the worst rating and represents the bottom 10% of industry-wide ranked funds. An overall Morningstar rating is derived from a weighted average of the performance associated with a fund’s three-, five- and ten- year (if applicable) Morningstar Rating metrics. For U.S.-domiciled funds, separate star ratings are provided at the individual share class level. The Nomura “star rating” is based on three-year risk-adjusted performance only. Funds with fewer than three years of history are not rated and hence excluded from these rankings. All ratings, the

assigned peer categories and the asset values used to derive these rankings are sourced from the applicable fund rating provider. Where applicable, the fund rating providers redenominate asset values into U.S. dollars. The percentage of AUM is based on star ratings at the share class level for U.S.-domiciled funds, and at a “primary share class” level to represent the star rating of all other funds, except for Japan, for which Nomura provides ratings at the fund level. The performance data may have been different if all share classes had been included. Past performance is not indicative of future results.

Percentage of active mutual fund and active ETF assets under management in funds ranked in the 1st or 2nd quartile (one, three, and five years): All quartile rankings, the assigned peer categories and the asset values used to derive these rankings are sourced from the fund rating providers. Quartile rankings are based on the net-of-fee absolute return of each fund. Where applicable, the fund rating providers redenominate asset values into U.S. dollars. The percentage of AUM is based on fund performance and associated peer rankings at the share class level for U.S.-domiciled funds, at a “primary share class” level to represent the quartile ranking for U.K., Luxembourg and Hong Kong funds and at the fund level for all other funds. The performance data may have been different if all share classes had been included. Past performance is not indicative of future results.

“Primary share class” means the C share class for European funds and Acc share class for Hong Kong and Taiwan funds. If these share classes are not available, the oldest share class is used as the primary share class.

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Item 3.    Quantitative and Qualitative Disclosures About Market Risk.

Refer to the Market Risk Management section of Management’s discussion and analysis and pages 135–143 of JPMorgan Chase’s 2023 Form 10-K for a discussion of the quantitative and qualitative disclosures about market risk.

Item 4.    Controls and Procedures.

As of the end of the period covered by this report, an evaluation was carried out under the supervision and with the participation of the Firm’s management, including its Chairman and Chief Executive Officer and its Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based on that evaluation, the Chairman and Chief Executive Officer and the Chief Financial Officer concluded that these disclosure controls and procedures were effective. Refer to Exhibits 31.1 and 31.2 for the Certifications furnished by the Chairman and Chief Executive Officer and Chief Financial Officer, respectively.

The Firm is committed to maintaining high standards of internal control over financial reporting. Nevertheless, because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Deficiencies or lapses in internal controls may occur from time to time, and there can be no assurance that any such deficiencies will not result in significant deficiencies or material weaknesses in internal control in the future and collateral consequences therefrom. Refer to “Management’s report on internal control over financial reporting” on page 162 of JPMorgan Chase’s 2023 Form 10-K for further information. There was no change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) that occurred during the three months ended September 30, 2024, that has materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting.

Part II – Other Information

Item 1. Legal Proceedings.

Refer to the discussion of the Firm’s material legal proceedings in Note 24 of this Form 10-Q for information that updates the disclosures set forth under Part I, Item 3: Legal Proceedings, in JPMorgan Chase’s 2023 Form 10-K.

Item 1A. Risk Factors.

Refer to Part I, Item 1A: Risk Factors on pages 9-33 of JPMorgan Chase’s 2023 Form 10-K and Forward-Looking Statements on page 88 of this Form 10-Q for a discussion of certain risk factors affecting the Firm.

Supervision and regulation

Refer to the Supervision and regulation section on pages 4–8 of JPMorgan Chase’s 2023 Form 10-K for information on Supervision and Regulation.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.

Repurchases under the common share repurchase program

Refer to Capital Risk Management on pages 44-49 of this Form 10-Q and pages 91-101 of JPMorgan Chase’s 2023 Form 10-K for information regarding repurchases under the Firm’s common share repurchase program.

On June 28, 2024, the Firm announced that its Board of Directors had authorized a new $30 billion common share repurchase program, effective July 1, 2024. Through June 30, 2024, the Firm was authorized to purchase up to $30 billion of common shares under its previously-approved common share repurchase program that was announced on April 13, 2022.

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Shares repurchased pursuant to the common share repurchase program during the nine months ended September 30, 2024 were as follows:

Nine months ended September 30, 2024			Total number of shares of common stock repurchased						Average price paid per share of common stock(a)																		Aggregate purchase price of common stock repurchases  (in millions)(a)						Dollar value of remaining authorized repurchase (in millions)(a)
First quarter			15,869,936						$	179.50																	$	2,849					$	16,886
Second quarter			27,019,730						$	196.83																	$	5,318					$	11,568		(b)
July			5,348,998						210.33																		1,125						28,875
August			16,568,428						208.70																		3,458						25,417
September			8,426,507						210.96																		1,778						23,639			(c)
Third quarter			30,343,933						209.61																		6,361						23,639			(c)
Year-to-date			73,233,599						$	198.37																	$	14,528					$	23,639		(c)

(a)Excludes excise tax and commissions. As part of the Inflation Reduction Act of 2022, a 1% excise tax was imposed on net share repurchases effective January 1, 2023.

(b)The $11.6 billion under the prior Board authorization was canceled when the $30 billion repurchase program was authorized by the Board of Directors effective July 1, 2024.

(c)Represents the amount remaining under the $30 billion repurchase program.

Item 3.    Defaults Upon Senior Securities.

None.

Item 4.    Mine Safety Disclosures.

Not applicable.

Item 5.    Other Information.

Trading arrangements

The following table provides information concerning Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934) adopted in the third quarter of 2024, by any director or officer who is subject to the filing requirements of Section 16 of the Securities Exchange Act of 1934 ("Section 16 Director or Officer"). These trading arrangements are intended to satisfy the affirmative defense of Rule 10b5-1(c). Certain of the Firm's Section 16 Directors or Officers may participate in employee stock purchase plans, 401(k) plans or dividend reinvestment plans of the Firm that have been designed to comply with Rule 10b5-1(c). No non-Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934) were adopted by any Section 16 Director or Officer during the third quarter of 2024. Additionally, no Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were terminated by any Section 16 Director or Officer in the third quarter of 2024.

Name

Title

Adoption date

Duration(b)

Aggregate number of shares to be sold(c)

Ashley Bacon

Chief Risk Officer

August 7, 2024

August 7, 2024 – March 31, 2025

50% of the net issued shares received as a result of RSUs vesting on January 13, 2025

Mary Erdoes

CEO, AWM

August 1, 2024

August 1, 2024 – March 31, 2025

50% of the net issued shares received as a result of RSUs vesting on January 13, 2025

Stacey Friedman

General Counsel

August 6, 2024

August 6, 2024 – March 31, 2025

50% of the net issued shares received as a result of RSUs vesting on January 13, 2025

Marianne Lake(a)

CEO, CCB

July 31, 2024

July 31, 2024 – March 31, 2025

50% of the net issued shares received as a result of RSUs vesting on January 13, 2025

(a)Transaction by trust of which Ms. Lake has either a direct or indirect pecuniary interest.

(b)Sales under the trading arrangement will not commence until completion of the required cooling off period under Rule 10b5-1. Subject to compliance with Rule 10b5-1, duration could cease earlier than the final date shown above to the extent that the aggregate number of shares to be sold under the trading arrangement have been sold.

(c)The aggregate number of shares to be sold pursuant to each trading agreement is dependent on the terms and conditions of, and taxes on, the applicable RSUs, and therefore, is indeterminable at this time.

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Item 6.    Exhibits.

Exhibit No.						Description of Exhibit
15						Letter re: Unaudited Interim Financial Information.(a)
22						Subsidiary Guarantors and Issuers of Guaranteed Securities.(a)
31.1						Certification.(a)
31.2						Certification.(a)
32						Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(b)
101.INS						The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.(c)
101.SCH						XBRL Taxonomy Extension Schema Document.(a)
101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document.(a)
101.DEF						XBRL Taxonomy Extension Definition Linkbase Document.(a)
101.LAB						XBRL Taxonomy Extension Label Linkbase Document.(a)
101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document.(a)
104						Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

(a)Filed herewith.

(b)Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

(c)Pursuant to Rule 405 of Regulation S-T, includes the following financial information included in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, formatted in XBRL (eXtensible Business Reporting Language) interactive data files: (i) the Consolidated statements of income (unaudited) for the three and nine months ended September 30, 2024 and 2023, (ii) the Consolidated statements of comprehensive income (unaudited) for the three and nine months ended September 30, 2024 and 2023, (iii) the Consolidated balance sheets (unaudited) as of September 30, 2024 and December 31, 2023, (iv) the Consolidated statements of changes in stockholders’ equity (unaudited) for the three and nine months ended September 30, 2024 and 2023, (v) the Consolidated statements of cash flows (unaudited) for the nine months ended September 30, 2024 and 2023, and (vi) the Notes to Consolidated Financial Statements (unaudited).

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

JPMorgan Chase & Co.
(Registrant)

By:			/s/ Elena Korablina
			Elena Korablina
			Managing Director and Firmwide Controller
			(Principal Accounting Officer)

Date:			October 30, 2024

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