|
|
|
|
Delaware
|
1-5805
|
13-2624428
|
(State or other jurisdiction of
incorporation or organization)
|
(Commission File Number)
|
(I.R.S. employer
identification no.)
|
|
|
|
270 Park Avenue, New York, New York
|
|
10017
|
(Address of principal executive offices)
|
|
(Zip Code)
|
o
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
|
|
Exhibit No.
|
|
Description of Exhibit
|
|
|
|
99.1
|
|
|
99.2
|
|
JPMorgan Chase & Co.
|
(Registrant)
|
By:
|
/s/ Nicole Giles
|
|
Nicole Giles
|
|
Managing Director and Corporate Controller
|
|
(Principal Accounting Officer)
|
Dated:
|
January 15, 2019
|
JPMorgan Chase & Co.
270 Park Avenue, New York, NY 10017-2070
NYSE symbol: JPM
www.jpmorganchase.com
|
|
|
ROE 13%
ROTCE
1
17%
|
|
Common equity Tier 1
1
12.0%
|
|
Net payout LTM
2,3
92%
|
Firmwide Metrics
|
n
|
Reported revenue of $26.1 billion; managed revenue of $26.8 billion
1
|
n
|
ROE of 12%; ROTCE
1
of 14%
|
|
n
|
Average core loans
1
ex-CIB, up 6% YoY and 1% QoQ
|
|
|
|
|
CCB
4Q18 ROE 30% 2018 ROE 28%
|
n
|
Average core loans
1
up 5%; average deposits up 3%
|
n
|
Client investment assets of $282.5 billion, up 3%
|
|
n
|
Credit card sales volume
5
up 10%; debit sales volume up 11%; merchant processing volume up 17%
|
|
|
|
|
CIB
4Q18 ROE 10% 2018 ROE 16%
|
n
|
#1 Global Investment Banking fees with 8.7% wallet share for the year, up 60 bps
|
n
|
Total Markets revenue of $3.2 billion, down 6%; Equity Markets revenue of $1.3 billion, up 15%
|
|
n
|
Treasury Services revenue up 13% and Security Services revenue up 1%
|
|
|
|
|
CB
4Q18 ROE 20% 2018 ROE 20%
|
n
|
Average loan balances up 2%
|
n
|
Strong credit quality with net charge-offs of 7 bps
|
|
|
|
|
AWM
4Q18 ROE 26% 2018 ROE 31%
|
n
|
Average loan balances up 13%
|
n
|
Assets under management (“AUM”) of $2.0 trillion, down 2%
|
Jamie Dimon, Chairman and CEO, commented on the financial results:
“2018 was another strong year for JPMorgan Chase, with the Firm generating record revenue and net income, even without the impact of tax reform. Each line of business grew revenue and net income for the year, while continuing to make significant investments in products, people and technology, demonstrating the power of the platform. We grew core loans 7%, in-line with our expectations, while maintaining credit discipline and a fortress balance sheet with significant capital and liquidity.”
Dimon added:
“Our customer-centric business model has benefited from a healthy and engaged U.S. consumer that is spending, saving and investing. We continue to outpace the industry in consumer deposit growth, albeit slower, and client investment assets increased for the year on record net new money flows. Credit and debit sales volume, as well as merchant processing volume, were all up double digits. Despite a challenging quarter, we grew Markets revenue in the Investment Bank for the year with record performance in Equities and solid performance in Fixed Income. Investment Banking fees were a record for the year, driven by strength in both CIB and Commercial Banking. Asset & Wealth Management delivered strong banking results and continued its string of annual net long-term inflows, even as volatility and lower market levels impacted fourth quarter results.”
Dimon concluded:
“In 2018 we accelerated investments in products, services and technology to help our employees, customers and communities. In the fourth quarter we opened Chase branches in new states for the first time in nearly a decade. While it is early days, we’re seeing terrific results so far – and this is only the start as we continue to open branches in several new markets in the months and years to come. Our AdvancingCities initiative is supporting job and wage growth in communities that need capital the most. We extended credit and raised capital of $2.5 trillion for U.S. consumers, businesses and institutional clients. As we head into 2019, we urge our country’s leaders to strike a collaborative, constructive tone, which would reinforce already-strong consumer and business sentiment. Businesses, government and communities need to work together to solve problems and help strengthen the economy for the benefit of everyone.”
|
|
n
|
Book value per share of $70.35, up 5%; tangible book value per share
1
of $56.33, up 5%
|
n
|
Basel III common equity Tier 1 capital
1
of $184 billion and ratio
1
of 12.0%
|
n
|
Firm SLR
1
of 6.4%
|
n
|
4Q18 reported expense of $15.7 billion; reported overhead ratio of 60%; managed overhead ratio
1
of 59%
|
n
|
$8.3 billion
3
distributed to shareholders in 4Q18
|
n
|
$2.5
trillion
of credit and capital
6
raised in 2018
|
n
|
$227 billion
of credit for consumers
|
n
|
$24 billion
of credit for U.S. small businesses
|
n
|
$937 billion
of credit for corporations
|
n
|
$1.3 trillion
of capital raised for corporate clients and non-U.S. government entities
|
n
|
$57 billion
of credit and capital raised for nonprofit and U.S. government entities, including states, municipalities, hospitals and universities
|
Investor Contact: Jason Scott (212) 270-2479
1
For notes on non-GAAP financial measures, including managed basis reporting, and key performance measures, see page 6.
For additional notes see page 7.
|
Media Contact: Joseph Evangelisti (212) 270-7438
|
JPMORGAN CHASE (JPM)
|
Results for JPM
|
|
|
|
|
|
|
3Q18
|
|
4Q17
|
||||||||||||||
($ millions, except per share data)
|
4Q18
|
|
3Q18
|
|
4Q17
|
|
$ O/(U)
|
O/(U) %
|
|
$ O/(U)
|
O/(U) %
|
||||||||||||
Net revenue - managed
|
$
|
26,804
|
|
|
$
|
27,822
|
|
|
$
|
25,754
|
|
|
$
|
(1,018
|
)
|
(4
|
)%
|
|
$
|
1,050
|
|
4
|
%
|
Noninterest expense
|
15,720
|
|
|
15,623
|
|
|
14,895
|
|
|
97
|
|
1
|
|
|
825
|
|
6
|
|
|||||
Provision for credit losses
|
1,548
|
|
|
948
|
|
|
1,308
|
|
|
600
|
|
63
|
|
|
240
|
|
18
|
|
|||||
Net income
|
$
|
7,066
|
|
|
$
|
8,380
|
|
|
$
|
4,232
|
|
|
$
|
(1,314
|
)
|
(16
|
)%
|
|
$
|
2,834
|
|
67
|
%
|
Earnings per share
|
$
|
1.98
|
|
|
$
|
2.34
|
|
|
$
|
1.07
|
|
|
$
|
(0.36
|
)
|
(15
|
)%
|
|
$
|
0.91
|
|
85
|
%
|
Return on common equity
|
12
|
%
|
|
14
|
%
|
|
7
|
%
|
|
|
|
|
|
|
|||||||||
Return on tangible common equity
|
14
|
|
|
17
|
|
|
8
|
|
|
|
|
|
|
|
CONSUMER & COMMUNITY BANKING (CCB)
|
Results for CCB
|
|
|
|
|
|
|
3Q18
|
|
4Q17
|
||||||||||||||
($ millions)
|
4Q18
|
|
3Q18
|
|
4Q17
|
|
$ O/(U)
|
O/(U) %
|
|
$ O/(U)
|
O/(U) %
|
||||||||||||
Net revenue
|
$
|
13,695
|
|
|
$
|
13,290
|
|
|
$
|
12,070
|
|
|
$
|
405
|
|
3
|
%
|
|
$
|
1,625
|
|
13
|
%
|
Consumer & Business Banking
|
6,567
|
|
|
6,385
|
|
|
5,557
|
|
|
182
|
|
3
|
|
|
1,010
|
|
18
|
|
|||||
Home Lending
|
1,322
|
|
|
1,306
|
|
|
1,442
|
|
|
16
|
|
1
|
|
|
(120
|
)
|
(8
|
)
|
|||||
Card, Merchant Services & Auto
|
5,806
|
|
|
5,599
|
|
|
5,071
|
|
|
207
|
|
4
|
|
|
735
|
|
14
|
|
|||||
Noninterest expense
|
7,065
|
|
|
6,982
|
|
|
6,672
|
|
|
83
|
|
1
|
|
|
393
|
|
6
|
|
|||||
Provision for credit losses
|
1,348
|
|
|
980
|
|
|
1,231
|
|
|
368
|
|
38
|
|
|
117
|
|
10
|
|
|||||
Net income
|
$
|
4,028
|
|
|
$
|
4,086
|
|
|
$
|
2,631
|
|
|
$
|
(58
|
)
|
(1
|
)%
|
|
$
|
1,397
|
|
53
|
%
|
CORPORATE & INVESTMENT BANK (CIB)
|
Results for CIB
|
|
|
|
|
|
|
3Q18
|
|
4Q17
|
||||||||||||||
($ millions)
|
4Q18
|
|
3Q18
|
|
4Q17
|
|
$ O/(U)
|
O/(U) %
|
|
$ O/(U)
|
O/(U) %
|
||||||||||||
Net revenue
|
$
|
7,237
|
|
|
$
|
8,805
|
|
|
$
|
7,518
|
|
|
$
|
(1,568
|
)
|
(18
|
)%
|
|
$
|
(281
|
)
|
(4
|
)%
|
Banking
|
3,281
|
|
|
3,245
|
|
|
3,091
|
|
|
36
|
|
1
|
|
|
190
|
|
6
|
|
|||||
Markets & Investor Services
|
3,956
|
|
|
5,560
|
|
|
4,427
|
|
|
(1,604
|
)
|
(29
|
)
|
|
(471
|
)
|
(11
|
)
|
|||||
Noninterest expense
|
4,681
|
|
|
5,175
|
|
|
4,553
|
|
|
(494
|
)
|
(10
|
)
|
|
128
|
|
3
|
|
|||||
Provision for credit losses
|
82
|
|
|
(42
|
)
|
|
130
|
|
|
124
|
|
NM
|
|
|
(48
|
)
|
(37
|
)
|
|||||
Net income
|
$
|
1,975
|
|
|
$
|
2,626
|
|
|
$
|
2,316
|
|
|
$
|
(651
|
)
|
(25
|
)%
|
|
$
|
(341
|
)
|
(15
|
)%
|
COMMERCIAL BANKING (CB)
|
Results for CB
|
|
|
|
|
|
|
3Q18
|
|
4Q17
|
||||||||||||||
($ millions)
|
4Q18
|
|
3Q18
|
|
4Q17
|
|
$ O/(U)
|
O/(U) %
|
|
$ O/(U)
|
O/(U) %
|
||||||||||||
Net revenue
|
$
|
2,306
|
|
|
$
|
2,271
|
|
|
$
|
2,353
|
|
|
$
|
35
|
|
2
|
%
|
|
$
|
(47
|
)
|
(2
|
)%
|
Noninterest expense
|
845
|
|
|
853
|
|
|
912
|
|
|
(8
|
)
|
(1
|
)
|
|
(67
|
)
|
(7
|
)
|
|||||
Provision for credit losses
|
106
|
|
|
(15
|
)
|
|
(62
|
)
|
|
121
|
|
NM
|
|
|
168
|
|
NM
|
|
|||||
Net income
|
$
|
1,036
|
|
|
$
|
1,089
|
|
|
$
|
957
|
|
|
$
|
(53
|
)
|
(5
|
)%
|
|
$
|
79
|
|
8
|
%
|
ASSET & WEALTH MANAGEMENT (AWM)
|
Results for AWM
|
|
|
|
|
|
|
3Q18
|
|
4Q17
|
||||||||||||||
($ millions)
|
4Q18
|
|
3Q18
|
|
4Q17
|
|
$ O/(U)
|
O/(U) %
|
|
$ O/(U)
|
O/(U) %
|
||||||||||||
Net revenue
|
$
|
3,439
|
|
|
$
|
3,559
|
|
|
$
|
3,638
|
|
|
$
|
(120
|
)
|
(3
|
)%
|
|
$
|
(199
|
)
|
(5
|
)%
|
Noninterest expense
|
2,621
|
|
|
2,585
|
|
|
2,612
|
|
|
36
|
|
1
|
|
|
9
|
|
—
|
|
|||||
Provision for credit losses
|
13
|
|
|
23
|
|
|
9
|
|
|
(10
|
)
|
(43
|
)
|
|
4
|
|
44
|
|
|||||
Net income
|
$
|
604
|
|
|
$
|
724
|
|
|
$
|
654
|
|
|
$
|
(120
|
)
|
(17
|
)%
|
|
$
|
(50
|
)
|
(8
|
)%
|
CORPORATE
|
Results for Corporate
|
|
|
|
|
|
|
3Q18
|
|
4Q17
|
||||||||||||||
($ millions)
|
4Q18
|
|
3Q18
|
|
4Q17
|
|
$ O/(U)
|
O/(U) %
|
|
$ O/(U)
|
O/(U) %
|
||||||||||||
Net revenue
|
$
|
127
|
|
|
$
|
(103
|
)
|
|
$
|
175
|
|
|
$
|
230
|
|
NM
|
|
|
$
|
(48
|
)
|
(27
|
)%
|
Noninterest expense
|
508
|
|
|
28
|
|
|
146
|
|
|
480
|
|
NM
|
|
|
362
|
|
248
|
|
|||||
Provision for credit losses
|
(1
|
)
|
|
2
|
|
|
—
|
|
|
(3
|
)
|
NM
|
|
|
(1
|
)
|
NM
|
|
|||||
Net income/(loss)
|
$
|
(577
|
)
|
|
$
|
(145
|
)
|
|
$
|
(2,326
|
)
|
|
$
|
(432
|
)
|
(298
|
)%
|
|
$
|
1,749
|
|
75
|
%
|
a.
|
In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, 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 a fully taxable-equivalent (“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. These financial measures allow management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business. For a reconciliation of the Firm’s results from a reported to managed basis, see page 7 of the Earnings Release Financial Supplement.
|
b.
|
Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”), are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. For a reconciliation from common stockholders’ equity to TCE, see page 9 of the Earnings Release Financial Supplement. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. Book value per share was $
70.35
, $
69.52
and $
67.04
at December 31, 2018, September 30, 2018, and December 31, 2017, respectively. TCE, ROTCE, and TBVPS are meaningful to the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.
|
c.
|
Adjusted expense and adjusted overhead ratio are each non-GAAP financial measures. Adjusted expense excluded Firmwide legal expense of
$(18) million
,
$20 million
and
$(207) million
for the three months ended
December 31, 2018
,
September 30, 2018
and
December 31, 2017
, respectively. The adjusted overhead ratio measures the Firm’s adjusted expense as a percentage of adjusted managed net revenue. Management believes this information helps investors understand the effect of these items on reported results and provides an alternate presentation of the Firm’s performance.
|
d.
|
Estimated as of December 31, 2018. The Basel III regulatory capital, risk-weighted assets and capital ratios (which became fully phased-in effective January 1, 2019), and the Basel III supplementary leverage ratio (“SLR”) (which was fully phased-in effective January 1, 2018), are all considered key regulatory capital measures. The capital adequacy of the Firm is evaluated against the Basel III approach (Standardized or Advanced) which, for each quarter, results in the lower ratio. These measures are used by management, bank regulators, investors and analysts to assess and monitor the Firm’s capital position. For additional information on these measures, see Capital Risk Management on pages 82-91 of the Firm’s Annual Report on Form 10-K for the year ended December 31, 2017, and pages 44-48 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018.
|
e.
|
Core loans represent loans considered central to the Firm’s ongoing businesses; core loans exclude loans classified as trading assets, runoff portfolios, discontinued portfolios and portfolios the Firm has an intent to exit.
|
3.
|
Net of stock issued to employees.
|
4.
|
Percentage comparisons noted in the bullet points are for the fourth quarter of 2018 versus the prior-year fourth quarter, unless otherwise specified.
|
5.
|
Excludes Commercial Card.
|
6.
|
Credit provided to clients represents new and renewed credit, including loans and commitments. Credit provided to small businesses reflects loans and increased lines of credit provided by Consumer & Business Banking; Card, Merchant Services & Auto; and Commercial Banking. Credit provided to nonprofit and U.S. and non-U.S. government entities, including U.S. states, municipalities, hospitals and universities, represents credit provided by the Corporate & Investment Bank and Commercial Banking.
|
7.
|
As a result of the TCJA, the three months ended December 31, 2018 reflects a reduction of approximately $163 million in FTE adjustments compared with the prior year, which included the estimated impact of $259 million from the enactment of the TCJA.
|
8.
|
The three months ended December 31, 2017 included a loss of $143mm on a margin loan to a single client.
|
JPMORGAN CHASE & CO.
|
|
|
|
|||||
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page(s)
|
|
Consolidated Results
|
|
|
|
|
|
|
|
|
Consolidated Financial Highlights
|
|
|
|
|
|
|
2–3
|
|
Consolidated Statements of Income
|
|
|
|
|
|
|
4
|
|
Consolidated Balance Sheets
|
|
|
|
|
|
|
5
|
|
Condensed Average Balance Sheets and Annualized Yields
|
|
|
|
|
|
|
6
|
|
Reconciliation from Reported to Managed Basis
|
|
|
|
|
|
|
7
|
|
Segment Results - Managed Basis
|
|
|
|
|
|
|
8
|
|
Capital and Other Selected Balance Sheet Items
|
|
|
|
|
|
|
9
|
|
Earnings Per Share and Related Information
|
|
|
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
Business Segment Results
|
|
|
|
|
|
|
|
|
Consumer & Community Banking
|
|
|
|
|
|
|
11–14
|
|
Corporate & Investment Bank
|
|
|
|
|
|
|
15–17
|
|
Commercial Banking
|
|
|
|
|
|
|
18–19
|
|
Asset & Wealth Management
|
|
|
|
|
|
|
20–22
|
|
Corporate
|
|
|
|
|
|
|
23
|
|
|
|
|
|
|
|
|
|
|
Credit-Related Information
|
|
|
|
|
|
|
24–27
|
|
|
|
|
|
|
|
|
|
|
Notes Including Non-GAAP Financial Measures and Key Performance Measures
|
|
|
|
|
|
|
28–29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Glossary of Terms and Acronyms (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Refer to the Glossary of Terms and Acronyms on pages 283–289 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 Form 10-K”) and the Glossary of Terms and Acronyms and Line of Business Metrics on Pages 175–179 and pages 180–182, respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018.
|
(a)
|
For a further discussion of managed basis, refer to Reconciliation from Reported to Managed Basis on page
7
.
|
(b)
|
TBVPS and ROTCE are each non-GAAP financial measures. TBVPS represents tangible common equity (“TCE”) divided by common shares at period-end. ROTCE measures the Firm’s annualized earnings as a percentage of average TCE. TCE is also a non-GAAP financial measure; for a reconciliation of common stockholders’ equity to TCE, refer to page
9
. For a further discussion of these measures, refer to pages
28–29
.
|
(c)
|
Quarterly ratios are based upon annualized amounts.
|
(d)
|
Ratios presented are calculated under the Basel III Transitional capital rules and for the capital ratios represent the lower of Standardized or Advanced approach. As of December 31, 2018, and September 30, 2018, the Firm’s capital ratios were equivalent whether calculated on a transitional basis or on a fully phased-in basis. Refer to footnote (a) on page
9
for additional information on Basel III.
|
(e)
|
Effective January 1, 2018, the SLR was fully phased-in under Basel III. The SLR is defined as Tier 1 capital divided by the Firm’s total leverage exposure. Ratios prior to March 31, 2018 were calculated under the Basel III Transitional rules.
|
(f)
|
Estimated.
|
JPMORGAN CHASE & CO.
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
|
|
|
|
|||||||||||||||||||||||||||||||||||
(in millions, except ratio and headcount data)
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
QUARTERLY TRENDS
|
|
|
FULL YEAR
|
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
4Q18 Change
|
|
|
|
|
|
|
2018 Change
|
|
|||||||||||||||||||
|
4Q18
|
|
3Q18
|
|
2Q18
|
|
1Q18
|
|
4Q17
|
|
3Q18
|
|
4Q17
|
|
|
2018
|
|
2017
|
|
2017
|
|
|||||||||||||||||
SELECTED BALANCE SHEET DATA (period-end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total assets
|
$
|
2,622,532
|
|
|
$
|
2,615,183
|
|
|
$
|
2,590,050
|
|
|
$
|
2,609,785
|
|
|
$
|
2,533,600
|
|
|
—
|
%
|
|
4
|
%
|
|
|
$
|
2,622,532
|
|
|
$
|
2,533,600
|
|
|
4
|
%
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Consumer, excluding credit card loans
|
373,732
|
|
|
376,062
|
|
|
374,697
|
|
|
373,395
|
|
|
372,681
|
|
|
(1
|
)
|
|
—
|
|
|
|
373,732
|
|
|
372,681
|
|
|
—
|
|
|
|||||||
Credit card loans
|
156,632
|
|
|
147,881
|
|
|
145,255
|
|
|
140,414
|
|
|
149,511
|
|
|
6
|
|
|
5
|
|
|
|
156,632
|
|
|
149,511
|
|
|
5
|
|
|
|||||||
Wholesale loans
|
454,190
|
|
|
430,375
|
|
|
428,462
|
|
|
420,615
|
|
|
408,505
|
|
|
6
|
|
|
11
|
|
|
|
454,190
|
|
|
408,505
|
|
|
11
|
|
|
|||||||
Total Loans
|
984,554
|
|
|
954,318
|
|
|
948,414
|
|
|
934,424
|
|
|
930,697
|
|
|
3
|
|
|
6
|
|
|
|
984,554
|
|
|
930,697
|
|
|
6
|
|
|
|||||||
Core loans (a)
|
931,856
|
|
|
899,006
|
|
|
889,433
|
|
|
870,536
|
|
|
863,683
|
|
|
4
|
|
|
8
|
|
|
|
931,856
|
|
|
863,683
|
|
|
8
|
|
|
|||||||
Core loans (average) (a)
|
907,271
|
|
|
894,279
|
|
|
877,640
|
|
|
861,089
|
|
|
850,166
|
|
|
1
|
|
|
7
|
|
|
|
885,221
|
|
|
829,558
|
|
|
7
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
U.S. offices:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Noninterest-bearing
|
369,505
|
|
|
374,603
|
|
|
385,741
|
|
|
397,856
|
|
|
393,645
|
|
|
(1
|
)
|
|
(6
|
)
|
|
|
369,505
|
|
|
393,645
|
|
|
(6
|
)
|
|
|||||||
Interest-bearing
|
831,085
|
|
|
814,988
|
|
|
819,454
|
|
|
825,223
|
|
|
793,618
|
|
|
2
|
|
|
5
|
|
|
|
831,085
|
|
|
793,618
|
|
|
5
|
|
|
|||||||
Non-U.S. offices:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Noninterest-bearing
|
19,092
|
|
|
19,127
|
|
|
16,602
|
|
|
17,019
|
|
|
15,576
|
|
|
—
|
|
|
23
|
|
|
|
19,092
|
|
|
15,576
|
|
|
23
|
|
|
|||||||
Interest-bearing
|
250,984
|
|
|
250,044
|
|
|
230,325
|
|
|
246,863
|
|
|
241,143
|
|
|
—
|
|
|
4
|
|
|
|
250,984
|
|
|
241,143
|
|
|
4
|
|
|
|||||||
Total deposits
|
1,470,666
|
|
|
1,458,762
|
|
|
1,452,122
|
|
|
1,486,961
|
|
|
1,443,982
|
|
|
1
|
|
|
2
|
|
|
|
1,470,666
|
|
|
1,443,982
|
|
|
2
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Long-term debt
|
282,031
|
|
|
270,124
|
|
|
273,114
|
|
|
274,449
|
|
|
284,080
|
|
|
4
|
|
|
(1
|
)
|
|
|
282,031
|
|
|
284,080
|
|
|
(1
|
)
|
|
|||||||
Common stockholders’ equity
|
230,447
|
|
|
231,192
|
|
|
231,390
|
|
|
230,133
|
|
|
229,625
|
|
|
—
|
|
|
—
|
|
|
|
230,447
|
|
|
229,625
|
|
|
—
|
|
|
|||||||
Total stockholders’ equity
|
256,515
|
|
|
258,956
|
|
|
257,458
|
|
|
256,201
|
|
|
255,693
|
|
|
(1
|
)
|
|
—
|
|
|
|
256,515
|
|
|
255,693
|
|
|
—
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Loans-to-deposits ratio
|
67
|
%
|
|
65
|
%
|
|
65
|
%
|
|
63
|
%
|
|
64
|
%
|
|
|
|
|
|
|
67
|
%
|
|
64
|
%
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Headcount
|
256,105
|
|
|
255,313
|
|
|
252,942
|
|
|
253,707
|
|
|
252,539
|
|
|
—
|
|
|
1
|
|
|
|
256,105
|
|
|
252,539
|
|
|
1
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
95% CONFIDENCE LEVEL - TOTAL VaR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Average VaR
|
$
|
51
|
|
|
$
|
35
|
|
|
$
|
35
|
|
|
$
|
43
|
|
|
$
|
34
|
|
|
46
|
|
|
50
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LINE OF BUSINESS NET REVENUE (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Consumer & Community Banking
|
$
|
13,695
|
|
|
$
|
13,290
|
|
|
$
|
12,497
|
|
|
$
|
12,597
|
|
|
$
|
12,070
|
|
|
3
|
|
|
13
|
|
|
|
$
|
52,079
|
|
|
$
|
46,485
|
|
|
12
|
|
|
Corporate & Investment Bank
|
7,237
|
|
|
8,805
|
|
|
9,923
|
|
|
10,483
|
|
|
7,518
|
|
|
(18
|
)
|
|
(4
|
)
|
|
|
36,448
|
|
|
34,657
|
|
|
5
|
|
|
|||||||
Commercial Banking
|
2,306
|
|
|
2,271
|
|
|
2,316
|
|
|
2,166
|
|
|
2,353
|
|
|
2
|
|
|
(2
|
)
|
|
|
9,059
|
|
|
8,605
|
|
|
5
|
|
|
|||||||
Asset & Wealth Management
|
3,439
|
|
|
3,559
|
|
|
3,572
|
|
|
3,506
|
|
|
3,638
|
|
|
(3
|
)
|
|
(5
|
)
|
|
|
14,076
|
|
|
13,835
|
|
|
2
|
|
|
|||||||
Corporate
|
127
|
|
|
(103
|
)
|
|
80
|
|
|
(232
|
)
|
|
175
|
|
|
NM
|
|
|
(27
|
)
|
|
|
(128
|
)
|
|
1,140
|
|
|
NM
|
|
|
|||||||
TOTAL NET REVENUE
|
$
|
26,804
|
|
|
$
|
27,822
|
|
|
$
|
28,388
|
|
|
$
|
28,520
|
|
|
$
|
25,754
|
|
|
(4
|
)
|
|
4
|
|
|
|
$
|
111,534
|
|
|
$
|
104,722
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LINE OF BUSINESS NET INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Consumer & Community Banking
|
$
|
4,028
|
|
|
$
|
4,086
|
|
|
$
|
3,412
|
|
|
$
|
3,326
|
|
|
$
|
2,631
|
|
|
(1
|
)
|
|
53
|
|
|
|
$
|
14,852
|
|
|
$
|
9,395
|
|
|
58
|
|
|
Corporate & Investment Bank
|
1,975
|
|
|
2,626
|
|
|
3,198
|
|
|
3,974
|
|
|
2,316
|
|
|
(25
|
)
|
|
(15
|
)
|
|
|
11,773
|
|
|
10,813
|
|
|
9
|
|
|
|||||||
Commercial Banking
|
1,036
|
|
|
1,089
|
|
|
1,087
|
|
|
1,025
|
|
|
957
|
|
|
(5
|
)
|
|
8
|
|
|
|
4,237
|
|
|
3,539
|
|
|
20
|
|
|
|||||||
Asset & Wealth Management
|
604
|
|
|
724
|
|
|
755
|
|
|
770
|
|
|
654
|
|
|
(17
|
)
|
|
(8
|
)
|
|
|
2,853
|
|
|
2,337
|
|
|
22
|
|
|
|||||||
Corporate
|
(577
|
)
|
|
(145
|
)
|
|
(136
|
)
|
|
(383
|
)
|
|
(2,326
|
)
|
|
(298
|
)
|
|
75
|
|
|
|
(1,241
|
)
|
|
(1,643
|
)
|
|
24
|
|
|
|||||||
NET INCOME
|
$
|
7,066
|
|
|
$
|
8,380
|
|
|
$
|
8,316
|
|
|
$
|
8,712
|
|
|
$
|
4,232
|
|
|
(16
|
)
|
|
67
|
|
|
|
$
|
32,474
|
|
|
$
|
24,441
|
|
|
33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Loans considered central to the Firm’s ongoing businesses. For further discussion of core loans, refer to pages
28–29
.
|
(b)
|
For a further discussion of managed basis, refer to Reconciliation from Reported to Managed Basis on page
7
.
|
(a)
|
Included Firmwide legal expense/(benefit) of
$(18) million
,
$20 million
, $0 million, $70 million and
$(207) million
for the three months ended
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
, and
December 31, 2017
, respectively; and $72 million and $(35) million for the full year 2018 and 2017, respectively.
|
(b)
|
Quarterly ratios are based upon annualized amounts.
|
(c)
|
For further discussion of ROTCE, refer to pages
28–29
.
|
(d)
|
The three months and full year ended December 31, 2017 included a $1.9 billion tax expense as a result of the estimated impact of the enactment of the Tax Cuts & Jobs Act (“TCJA”).
|
JPMORGAN CHASE & CO.
|
|
|
|
|
|
|||||||||||||||||||||
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
||||||||||||||||||||||
(in millions)
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Dec 31, 2018
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Change
|
|
||||||||||||||
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
||||||||||||
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and due from banks
|
$
|
22,324
|
|
|
$
|
23,225
|
|
|
$
|
23,680
|
|
|
$
|
24,834
|
|
|
$
|
25,898
|
|
|
(4
|
)%
|
|
(14
|
)%
|
|
Deposits with banks
|
256,469
|
|
|
395,872
|
|
|
381,500
|
|
|
389,978
|
|
|
405,406
|
|
|
(35
|
)
|
|
(37
|
)
|
|
|||||
Federal funds sold and securities purchased under
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
resale agreements
|
321,588
|
|
|
217,632
|
|
|
226,505
|
|
|
247,608
|
|
|
198,422
|
|
|
48
|
|
|
62
|
|
|
|||||
Securities borrowed
|
111,995
|
|
|
122,434
|
|
|
108,246
|
|
|
116,132
|
|
|
105,112
|
|
|
(9
|
)
|
|
7
|
|
|
|||||
Trading assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Debt and equity instruments
|
359,501
|
|
|
359,765
|
|
|
360,289
|
|
|
355,368
|
|
|
325,321
|
|
|
—
|
|
|
11
|
|
|
|||||
Derivative receivables
|
54,213
|
|
|
60,062
|
|
|
58,510
|
|
|
56,914
|
|
|
56,523
|
|
|
(10
|
)
|
|
(4
|
)
|
|
|||||
Investment securities
|
261,828
|
|
|
231,398
|
|
|
233,015
|
|
|
238,188
|
|
|
249,958
|
|
|
13
|
|
|
5
|
|
|
|||||
Loans
|
984,554
|
|
|
954,318
|
|
|
948,414
|
|
|
934,424
|
|
|
930,697
|
|
|
3
|
|
|
6
|
|
|
|||||
Less: Allowance for loan losses
|
13,445
|
|
|
13,128
|
|
|
13,250
|
|
|
13,375
|
|
|
13,604
|
|
|
2
|
|
|
(1
|
)
|
|
|||||
Loans, net of allowance for loan losses
|
971,109
|
|
|
941,190
|
|
|
935,164
|
|
|
921,049
|
|
|
917,093
|
|
|
3
|
|
|
6
|
|
|
|||||
Accrued interest and accounts receivable
|
73,200
|
|
|
78,792
|
|
|
75,669
|
|
|
72,659
|
|
|
67,729
|
|
|
(7
|
)
|
|
8
|
|
|
|||||
Premises and equipment
|
14,934
|
|
|
14,180
|
|
|
14,132
|
|
|
14,382
|
|
|
14,159
|
|
|
5
|
|
|
5
|
|
|
|||||
Goodwill, MSRs and other intangible assets
|
54,349
|
|
|
54,697
|
|
|
54,535
|
|
|
54,533
|
|
|
54,392
|
|
|
(1
|
)
|
|
—
|
|
|
|||||
Other assets
|
121,022
|
|
|
115,936
|
|
|
118,805
|
|
|
118,140
|
|
|
113,587
|
|
|
4
|
|
|
7
|
|
|
|||||
TOTAL ASSETS
|
$
|
2,622,532
|
|
|
$
|
2,615,183
|
|
|
$
|
2,590,050
|
|
|
$
|
2,609,785
|
|
|
$
|
2,533,600
|
|
|
—
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deposits
|
$
|
1,470,666
|
|
|
$
|
1,458,762
|
|
|
$
|
1,452,122
|
|
|
$
|
1,486,961
|
|
|
$
|
1,443,982
|
|
|
1
|
|
|
2
|
|
|
Federal funds purchased and securities loaned or sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
under repurchase agreements
|
182,320
|
|
|
181,608
|
|
|
175,293
|
|
|
179,091
|
|
|
158,916
|
|
|
—
|
|
|
15
|
|
|
|||||
Short-term borrowings
|
69,276
|
|
|
64,635
|
|
|
63,918
|
|
|
62,667
|
|
|
51,802
|
|
|
7
|
|
|
34
|
|
|
|||||
Trading liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Debt and equity instruments
|
103,004
|
|
|
109,457
|
|
|
107,327
|
|
|
99,588
|
|
|
85,886
|
|
|
(6
|
)
|
|
20
|
|
|
|||||
Derivative payables
|
41,769
|
|
|
41,693
|
|
|
42,511
|
|
|
36,949
|
|
|
37,777
|
|
|
—
|
|
|
11
|
|
|
|||||
Accounts payable and other liabilities
|
196,710
|
|
|
209,707
|
|
|
196,984
|
|
|
192,295
|
|
|
189,383
|
|
|
(6
|
)
|
|
4
|
|
|
|||||
Beneficial interests issued by consolidated VIEs
|
20,241
|
|
|
20,241
|
|
|
21,323
|
|
|
21,584
|
|
|
26,081
|
|
|
—
|
|
|
(22
|
)
|
|
|||||
Long-term debt
|
282,031
|
|
|
270,124
|
|
|
273,114
|
|
|
274,449
|
|
|
284,080
|
|
|
4
|
|
|
(1
|
)
|
|
|||||
TOTAL LIABILITIES
|
2,366,017
|
|
|
2,356,227
|
|
|
2,332,592
|
|
|
2,353,584
|
|
|
2,277,907
|
|
|
—
|
|
|
4
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Preferred stock
|
26,068
|
|
|
27,764
|
|
(a)
|
26,068
|
|
|
26,068
|
|
|
26,068
|
|
|
(6
|
)
|
|
—
|
|
|
|||||
Common stock
|
4,105
|
|
|
4,105
|
|
|
4,105
|
|
|
4,105
|
|
|
4,105
|
|
|
—
|
|
|
—
|
|
|
|||||
Additional paid-in capital
|
89,162
|
|
|
89,333
|
|
|
89,392
|
|
|
89,211
|
|
|
90,579
|
|
|
—
|
|
|
(2
|
)
|
|
|||||
Retained earnings
|
199,202
|
|
|
195,180
|
|
|
189,881
|
|
|
183,855
|
|
|
177,676
|
|
|
2
|
|
|
12
|
|
|
|||||
Accumulated other comprehensive income/(loss)
|
(1,507
|
)
|
|
(2,425
|
)
|
|
(1,138
|
)
|
|
(1,063
|
)
|
|
(119
|
)
|
|
38
|
|
|
NM
|
|
|
|||||
Shares held in RSU Trust, at cost
|
(21
|
)
|
|
(21
|
)
|
|
(21
|
)
|
|
(21
|
)
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
|||||
Treasury stock, at cost
|
(60,494
|
)
|
|
(54,980
|
)
|
|
(50,829
|
)
|
|
(45,954
|
)
|
|
(42,595
|
)
|
|
(10
|
)
|
|
(42
|
)
|
|
|||||
TOTAL STOCKHOLDERS’ EQUITY
|
256,515
|
|
|
258,956
|
|
|
257,458
|
|
|
256,201
|
|
|
255,693
|
|
|
(1
|
)
|
|
—
|
|
|
|||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
2,622,532
|
|
|
$
|
2,615,183
|
|
|
$
|
2,590,050
|
|
|
$
|
2,609,785
|
|
|
$
|
2,533,600
|
|
|
—
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Included $1.7 billion, which was redeemed on October 30, 2018, as previously announced on September 17, 2018.
|
(a)
|
Includes held-for-investment margin loans, 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.
|
(b)
|
Includes commercial paper.
|
(c)
|
Other interest-bearing liabilities include brokerage customer payables.
|
(d)
|
Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.
|
(e)
|
Net yield on interest-earning assets excluding CIB Markets is a non-GAAP financial measure. For further discussion of the net yield on interest-earning assets excluding CIB Markets, refer to page 28.
|
(f)
|
Negative yield is related to client-driven demand for certain securities combined with the impact of low interest rates; this is matched book activity and the negative interest expense on the corresponding securities loaned is recognized in interest expense and reported within trading liabilities – debt and other interest-bearing liabilities.
|
JPMORGAN CHASE & CO.
|
|
|
|
|
|
||||||||||
RECONCILIATION FROM REPORTED TO MANAGED BASIS
|
|
||||||||||||||
(in millions, except ratios)
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPMORGAN CHASE & CO.
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
SEGMENT RESULTS - MANAGED BASIS
|
|
|
|
|
||||||||||||||||||||||||||||||||||
(in millions)
|
|
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
QUARTERLY TRENDS
|
|
|
FULL YEAR
|
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
4Q18 Change
|
|
|
|
|
|
|
2018 Change
|
|
|||||||||||||||||||
|
4Q18
|
|
3Q18
|
|
2Q18
|
|
1Q18
|
|
4Q17
|
|
3Q18
|
|
4Q17
|
|
|
2018
|
|
2017
|
|
2017
|
|
|||||||||||||||||
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Consumer & Community Banking
|
$
|
13,695
|
|
|
$
|
13,290
|
|
|
$
|
12,497
|
|
|
$
|
12,597
|
|
|
$
|
12,070
|
|
|
3
|
%
|
|
13
|
%
|
|
|
$
|
52,079
|
|
|
$
|
46,485
|
|
|
12
|
%
|
|
Corporate & Investment Bank
|
7,237
|
|
|
8,805
|
|
|
9,923
|
|
|
10,483
|
|
|
7,518
|
|
|
(18
|
)
|
|
(4
|
)
|
|
|
36,448
|
|
|
34,657
|
|
|
5
|
|
|
|||||||
Commercial Banking
|
2,306
|
|
|
2,271
|
|
|
2,316
|
|
|
2,166
|
|
|
2,353
|
|
|
2
|
|
|
(2
|
)
|
|
|
9,059
|
|
|
8,605
|
|
|
5
|
|
|
|||||||
Asset & Wealth Management
|
3,439
|
|
|
3,559
|
|
|
3,572
|
|
|
3,506
|
|
|
3,638
|
|
|
(3
|
)
|
|
(5
|
)
|
|
|
14,076
|
|
|
13,835
|
|
|
2
|
|
|
|||||||
Corporate
|
127
|
|
|
(103
|
)
|
|
80
|
|
|
(232
|
)
|
|
175
|
|
|
NM
|
|
|
(27
|
)
|
|
|
(128
|
)
|
|
1,140
|
|
|
NM
|
|
|
|||||||
TOTAL NET REVENUE
|
$
|
26,804
|
|
|
$
|
27,822
|
|
|
$
|
28,388
|
|
|
$
|
28,520
|
|
|
$
|
25,754
|
|
|
(4
|
)
|
|
4
|
|
|
|
$
|
111,534
|
|
|
$
|
104,722
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOTAL NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Consumer & Community Banking
|
$
|
7,065
|
|
|
$
|
6,982
|
|
|
$
|
6,879
|
|
|
$
|
6,909
|
|
|
$
|
6,672
|
|
|
1
|
|
|
6
|
|
|
|
$
|
27,835
|
|
|
$
|
26,062
|
|
|
7
|
|
|
Corporate & Investment Bank
|
4,681
|
|
|
5,175
|
|
|
5,403
|
|
|
5,659
|
|
|
4,553
|
|
|
(10
|
)
|
|
3
|
|
|
|
20,918
|
|
|
19,407
|
|
|
8
|
|
|
|||||||
Commercial Banking
|
845
|
|
|
853
|
|
|
844
|
|
|
844
|
|
|
912
|
|
|
(1
|
)
|
|
(7
|
)
|
|
|
3,386
|
|
|
3,327
|
|
|
2
|
|
|
|||||||
Asset & Wealth Management
|
2,621
|
|
|
2,585
|
|
|
2,566
|
|
|
2,581
|
|
|
2,612
|
|
|
1
|
|
|
—
|
|
|
|
10,353
|
|
|
10,218
|
|
|
1
|
|
|
|||||||
Corporate
|
508
|
|
|
28
|
|
|
279
|
|
|
87
|
|
|
146
|
|
|
NM
|
|
|
248
|
|
|
|
902
|
|
|
501
|
|
|
80
|
|
|
|||||||
TOTAL NONINTEREST EXPENSE
|
$
|
15,720
|
|
|
$
|
15,623
|
|
|
$
|
15,971
|
|
|
$
|
16,080
|
|
|
$
|
14,895
|
|
|
1
|
|
|
6
|
|
|
|
$
|
63,394
|
|
|
$
|
59,515
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
PRE-PROVISION PROFIT/(LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Consumer & Community Banking
|
$
|
6,630
|
|
|
$
|
6,308
|
|
|
$
|
5,618
|
|
|
$
|
5,688
|
|
|
$
|
5,398
|
|
|
5
|
|
|
23
|
|
|
|
$
|
24,244
|
|
|
$
|
20,423
|
|
|
19
|
|
|
Corporate & Investment Bank
|
2,556
|
|
|
3,630
|
|
|
4,520
|
|
|
4,824
|
|
|
2,965
|
|
|
(30
|
)
|
|
(14
|
)
|
|
|
15,530
|
|
|
15,250
|
|
|
2
|
|
|
|||||||
Commercial Banking
|
1,461
|
|
|
1,418
|
|
|
1,472
|
|
|
1,322
|
|
|
1,441
|
|
|
3
|
|
|
1
|
|
|
|
5,673
|
|
|
5,278
|
|
|
7
|
|
|
|||||||
Asset & Wealth Management
|
818
|
|
|
974
|
|
|
1,006
|
|
|
925
|
|
|
1,026
|
|
|
(16
|
)
|
|
(20
|
)
|
|
|
3,723
|
|
|
3,617
|
|
|
3
|
|
|
|||||||
Corporate
|
(381
|
)
|
|
(131
|
)
|
|
(199
|
)
|
|
(319
|
)
|
|
29
|
|
|
(191
|
)
|
|
NM
|
|
|
|
(1,030
|
)
|
|
639
|
|
|
NM
|
|
|
|||||||
PRE-PROVISION PROFIT
|
$
|
11,084
|
|
|
$
|
12,199
|
|
|
$
|
12,417
|
|
|
$
|
12,440
|
|
|
$
|
10,859
|
|
|
(9
|
)
|
|
2
|
|
|
|
$
|
48,140
|
|
|
$
|
45,207
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
PROVISION FOR CREDIT LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Consumer & Community Banking
|
$
|
1,348
|
|
|
$
|
980
|
|
|
$
|
1,108
|
|
|
$
|
1,317
|
|
|
$
|
1,231
|
|
|
38
|
|
|
10
|
|
|
|
$
|
4,753
|
|
|
$
|
5,572
|
|
|
(15
|
)
|
|
Corporate & Investment Bank
|
82
|
|
|
(42
|
)
|
|
58
|
|
|
(158
|
)
|
|
130
|
|
|
NM
|
|
|
(37
|
)
|
|
|
(60
|
)
|
|
(45
|
)
|
|
(33
|
)
|
|
|||||||
Commercial Banking
|
106
|
|
|
(15
|
)
|
|
43
|
|
|
(5
|
)
|
|
(62
|
)
|
|
NM
|
|
|
NM
|
|
|
|
129
|
|
|
(276
|
)
|
|
NM
|
|
|
|||||||
Asset & Wealth Management
|
13
|
|
|
23
|
|
|
2
|
|
|
15
|
|
|
9
|
|
|
(43
|
)
|
|
44
|
|
|
|
53
|
|
|
39
|
|
|
36
|
|
|
|||||||
Corporate
|
(1
|
)
|
|
2
|
|
|
(1
|
)
|
|
(4
|
)
|
|
—
|
|
|
NM
|
|
|
NM
|
|
|
|
(4
|
)
|
|
—
|
|
|
NM
|
|
|
|||||||
PROVISION FOR CREDIT LOSSES
|
$
|
1,548
|
|
|
$
|
948
|
|
|
$
|
1,210
|
|
|
$
|
1,165
|
|
|
$
|
1,308
|
|
|
63
|
|
|
18
|
|
|
|
$
|
4,871
|
|
|
$
|
5,290
|
|
|
(8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
NET INCOME/(LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Consumer & Community Banking
|
$
|
4,028
|
|
|
$
|
4,086
|
|
|
$
|
3,412
|
|
|
$
|
3,326
|
|
|
$
|
2,631
|
|
|
(1
|
)
|
|
53
|
|
|
|
$
|
14,852
|
|
|
$
|
9,395
|
|
|
58
|
|
|
Corporate & Investment Bank
|
1,975
|
|
|
2,626
|
|
|
3,198
|
|
|
3,974
|
|
|
2,316
|
|
|
(25
|
)
|
|
(15
|
)
|
|
|
11,773
|
|
|
10,813
|
|
|
9
|
|
|
|||||||
Commercial Banking
|
1,036
|
|
|
1,089
|
|
|
1,087
|
|
|
1,025
|
|
|
957
|
|
|
(5
|
)
|
|
8
|
|
|
|
4,237
|
|
|
3,539
|
|
|
20
|
|
|
|||||||
Asset & Wealth Management
|
604
|
|
|
724
|
|
|
755
|
|
|
770
|
|
|
654
|
|
|
(17
|
)
|
|
(8
|
)
|
|
|
2,853
|
|
|
2,337
|
|
|
22
|
|
|
|||||||
Corporate
|
(577
|
)
|
|
(145
|
)
|
|
(136
|
)
|
|
(383
|
)
|
|
(2,326
|
)
|
|
(298
|
)
|
|
75
|
|
|
|
(1,241
|
)
|
|
(1,643
|
)
|
|
24
|
|
|
|||||||
TOTAL NET INCOME
|
$
|
7,066
|
|
|
$
|
8,380
|
|
|
$
|
8,316
|
|
|
$
|
8,712
|
|
|
$
|
4,232
|
|
|
(16
|
)
|
|
67
|
|
|
|
$
|
32,474
|
|
|
$
|
24,441
|
|
|
33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPMORGAN CHASE & CO.
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
|
|||||||||||||||||||||||||||||||||||||||||
(in millions, except ratio data)
|
|
|
|
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 31, 2018
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
|
|
FULL YEAR
|
|
|||||||||||||||||||||||||
|
Dec 31,
|
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
Dec 31,
|
|
|
Sep 30,
|
|
Dec 31,
|
|
|
|
|
|
|
|
2018 Change
|
|
|||||||||||||||||
|
2018
|
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|||||||||||||||||
CAPITAL (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Risk-based capital metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Standardized Transitional
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
CET1 capital
|
$
|
183,517
|
|
(f)
|
|
$
|
184,972
|
|
|
$
|
184,708
|
|
|
$
|
183,655
|
|
|
$
|
183,300
|
|
|
|
(1
|
)%
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|||||
Tier 1 capital
|
209,129
|
|
(f)
|
|
210,589
|
|
|
210,321
|
|
|
209,296
|
|
|
208,644
|
|
|
|
(1
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total capital
|
237,550
|
|
(f)
|
|
238,303
|
|
|
238,630
|
|
|
238,326
|
|
|
238,395
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Risk-weighted assets
|
1,528,930
|
|
(f)
|
|
1,545,326
|
|
|
1,543,370
|
|
|
1,552,952
|
|
|
1,499,506
|
|
|
|
(1
|
)
|
|
2
|
|
|
|
|
|
|
|
|
|
|
||||||||||
CET1 capital ratio
|
12.0
|
%
|
(f)
|
|
12.0
|
%
|
|
12.0
|
%
|
|
11.8
|
%
|
|
12.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Tier 1 capital ratio
|
13.7
|
|
(f)
|
|
13.6
|
|
|
13.6
|
|
|
13.5
|
|
|
13.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total capital ratio
|
15.5
|
|
(f)
|
|
15.4
|
|
|
15.5
|
|
|
15.3
|
|
|
15.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Advanced Transitional
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
CET1 capital
|
$
|
183,517
|
|
(f)
|
|
$
|
184,972
|
|
|
$
|
184,708
|
|
|
$
|
183,655
|
|
|
$
|
183,300
|
|
|
|
(1
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||||
Tier 1 capital
|
209,129
|
|
(f)
|
|
210,589
|
|
|
210,321
|
|
|
209,296
|
|
|
208,644
|
|
|
|
(1
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total capital
|
226,976
|
|
(f)
|
|
228,574
|
|
|
229,027
|
|
|
228,320
|
|
|
227,933
|
|
|
|
(1
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Risk-weighted assets
|
1,423,570
|
|
(f)
|
|
1,438,529
|
|
|
1,438,747
|
|
|
1,466,095
|
|
|
1,435,825
|
|
|
|
(1
|
)
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
||||||||||
CET1 capital ratio
|
12.9
|
%
|
(f)
|
|
12.9
|
%
|
|
12.8
|
%
|
|
12.5
|
%
|
|
12.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Tier 1 capital ratio
|
14.7
|
|
(f)
|
|
14.6
|
|
|
14.6
|
|
|
14.3
|
|
|
14.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total capital ratio
|
15.9
|
|
(f)
|
|
15.9
|
|
|
15.9
|
|
|
15.6
|
|
|
15.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Leverage-based capital metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted average assets (b)
|
$
|
2,589,923
|
|
(f)
|
|
$
|
2,552,612
|
|
|
$
|
2,566,013
|
|
|
$
|
2,539,183
|
|
|
$
|
2,514,270
|
|
|
|
1
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|||||
Tier 1 leverage ratio
|
8.1
|
%
|
(f)
|
|
8.2
|
%
|
|
8.2
|
%
|
|
8.2
|
%
|
|
8.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total leverage exposure (c)
|
3,270,081
|
|
(f)
|
|
3,235,518
|
|
|
3,255,296
|
|
|
3,234,103
|
|
|
3,204,463
|
|
|
|
1
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SLR (c)
|
6.4
|
%
|
(f)
|
|
6.5
|
%
|
|
6.5
|
%
|
|
6.5
|
%
|
|
6.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TANGIBLE COMMON EQUITY (period-end) (d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Common stockholders’ equity
|
$
|
230,447
|
|
|
|
$
|
231,192
|
|
|
$
|
231,390
|
|
|
$
|
230,133
|
|
|
$
|
229,625
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||||
Less: Goodwill
|
47,471
|
|
|
|
47,483
|
|
|
47,488
|
|
|
47,499
|
|
|
47,507
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Less: Other intangible assets
|
748
|
|
|
|
781
|
|
|
806
|
|
|
832
|
|
|
855
|
|
|
|
(4
|
)
|
|
(13
|
)
|
|
|
|
|
|
|
|
|
|
||||||||||
Add: Deferred tax liabilities (e)
|
2,280
|
|
|
|
2,239
|
|
|
2,227
|
|
|
2,216
|
|
|
2,204
|
|
|
|
2
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total tangible common equity
|
$
|
184,508
|
|
|
|
$
|
185,167
|
|
|
$
|
185,323
|
|
|
$
|
184,018
|
|
|
$
|
183,467
|
|
|
|
—
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TANGIBLE COMMON EQUITY (average) (d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common stockholders’ equity
|
$
|
229,896
|
|
|
|
$
|
230,439
|
|
|
$
|
228,901
|
|
|
$
|
227,615
|
|
|
$
|
231,573
|
|
|
|
—
|
|
|
(1
|
)
|
|
$
|
229,222
|
|
|
|
$
|
230,350
|
|
|
|
—
|
%
|
|
Less: Goodwill
|
47,478
|
|
|
|
47,490
|
|
|
47,494
|
|
|
47,504
|
|
|
47,376
|
|
|
|
—
|
|
|
—
|
|
|
47,491
|
|
|
|
47,317
|
|
|
|
—
|
|
|
|||||||
Less: Other intangible assets
|
765
|
|
|
|
795
|
|
|
822
|
|
|
845
|
|
|
820
|
|
|
|
(4
|
)
|
|
(7
|
)
|
|
807
|
|
|
|
832
|
|
|
|
(3
|
)
|
|
|||||||
Add: Deferred tax liabilities (e)
|
2,260
|
|
|
|
2,233
|
|
|
2,221
|
|
|
2,210
|
|
|
2,738
|
|
|
|
1
|
|
|
(17
|
)
|
|
2,231
|
|
|
|
3,116
|
|
|
|
(28
|
)
|
|
|||||||
Total tangible common equity
|
$
|
183,913
|
|
|
|
$
|
184,387
|
|
|
$
|
182,806
|
|
|
$
|
181,476
|
|
|
$
|
186,115
|
|
|
|
—
|
|
|
(1
|
)
|
|
$
|
183,155
|
|
|
|
$
|
185,317
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INTANGIBLE ASSETS (period-end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Goodwill
|
$
|
47,471
|
|
|
|
$
|
47,483
|
|
|
$
|
47,488
|
|
|
$
|
47,499
|
|
|
$
|
47,507
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||||
Mortgage servicing rights
|
6,130
|
|
|
|
6,433
|
|
|
6,241
|
|
|
6,202
|
|
|
6,030
|
|
|
|
(5
|
)
|
|
2
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other intangible assets
|
748
|
|
|
|
781
|
|
|
806
|
|
|
832
|
|
|
855
|
|
|
|
(4
|
)
|
|
(13
|
)
|
|
|
|
|
|
|
|
|
|
||||||||||
Total intangible assets
|
$
|
54,349
|
|
|
|
$
|
54,697
|
|
|
$
|
54,535
|
|
|
$
|
54,533
|
|
|
$
|
54,392
|
|
|
|
(1
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Basel III sets forth two comprehensive approaches for calculating risk-weighted assets: a Standardized approach and an Advanced approach. The capital adequacy of the Firm is evaluated against the Basel III approach (Standardized or Advanced) which, for each quarter, results in the lower ratio. As of December 31, 2018, and September 30, 2018, the Firm’s capital ratios were equivalent whether calculated on a transitional basis or on a fully phased-in basis. For further discussion of the implementation of Basel III, refer to Capital Risk Management on pages 82-91 of the 2017 Form 10-K, and on pages 44-48 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018.
|
(b)
|
Adjusted average assets, for purposes of calculating leverage ratios, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill and other intangible assets.
|
(c)
|
Effective January 1, 2018, the SLR was fully phased-in under Basel III. The SLR is defined as Tier 1 capital divided by the Firm’s total leverage exposure. Ratios prior to March 31, 2018 were calculated under the Basel III Transitional rules.
|
(d)
|
For further discussion of TCE, refer to pages
28–29
.
|
(e)
|
Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in non-taxable transactions, which are netted against goodwill and other intangibles when calculating TCE.
|
(f)
|
Estimated.
|
(a)
|
On June 28, 2018, the Firm announced that it is authorized to repurchase up to $20.7 billion of common equity between July 1, 2018 and June 30, 2019, under a new equity repurchase program.
|
(b)
|
The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares and the exercise of employee stock options and SARs.
|
(a)
|
Effective in the first quarter of 2018, certain operations staff were transferred from CCB to CB. The prior period amounts have been revised to conform with the current period presentation. For further discussion of this transfer, refer to page 18, footnote (c).
|
(b)
|
Included operating lease depreciation expense of
$927 million
,
$862 million
,
$827 million
,
$777 million
and
$726 million
for the three months ended
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
, and
December 31, 2017
, respectively, and
$3.4 billion
and
$2.7 billion
for the
full year 2018 and 2017, respectively
.
|
(c)
|
Included MSR risk management results of
$(17) million
,
$(88) million
,
$(23) million
,
$17 million
and
$(110) million
for the three months ended
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
, and
December 31, 2017
, respectively, and
$(111) million
and
$(242) million
for the
full year 2018 and 2017, respectively
.
|
(a)
|
Effective in the first quarter of 2018, certain operations staff were transferred from CCB to CB. The prior period amounts have been revised to conform with the current period presentation. For further discussion of this transfer, refer to page 18, footnote (c).
|
(b)
|
During the third quarter of 2018 approximately 1,200 employees transferred from CCB to CIB as part of the reorganization of the Commercial Card business.
|
JPMORGAN CHASE & CO.
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
CONSUMER & COMMUNITY BANKING
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS, CONTINUED
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
(in millions, except ratio data)
|
QUARTERLY TRENDS
|
|
|
FULL YEAR
|
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
4Q18 Change
|
|
|
|
|
|
|
2018 Change
|
|
|||||||||||||||||||
|
4Q18
|
|
3Q18
|
|
2Q18
|
|
1Q18
|
|
4Q17
|
|
3Q18
|
|
4Q17
|
|
|
2018
|
|
2017
|
|
2017
|
|
|||||||||||||||||
CREDIT DATA AND QUALITY STATISTICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Nonaccrual loans (a)(b)
|
$
|
3,339
|
|
|
$
|
3,520
|
|
|
$
|
3,854
|
|
|
$
|
4,104
|
|
|
$
|
4,084
|
|
|
(5
|
)%
|
|
(18
|
)%
|
|
|
$
|
3,339
|
|
|
$
|
4,084
|
|
|
(18
|
)%
|
|
Net charge-offs/(recoveries) (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Consumer & Business Banking
|
65
|
|
|
68
|
|
|
50
|
|
|
53
|
|
|
73
|
|
|
(4
|
)
|
|
(11
|
)
|
|
|
236
|
|
|
257
|
|
|
(8
|
)
|
|
|||||||
Home equity
|
(4
|
)
|
|
(12
|
)
|
|
(7
|
)
|
|
16
|
|
|
(4
|
)
|
|
67
|
|
|
—
|
|
|
|
(7
|
)
|
|
63
|
|
|
NM
|
|
|
|||||||
Residential mortgage
|
(35
|
)
|
|
(105
|
)
|
|
(149
|
)
|
|
2
|
|
|
(13
|
)
|
|
67
|
|
|
(169
|
)
|
|
|
(287
|
)
|
|
(16
|
)
|
|
NM
|
|
|
|||||||
Home Lending
|
(39
|
)
|
|
(117
|
)
|
|
(156
|
)
|
|
18
|
|
|
(17
|
)
|
|
67
|
|
|
(129
|
)
|
|
|
(294
|
)
|
|
47
|
|
|
NM
|
|
|
|||||||
Card
|
1,111
|
|
|
1,073
|
|
|
1,164
|
|
|
1,170
|
|
|
1,074
|
|
|
4
|
|
|
3
|
|
|
|
4,518
|
|
|
4,123
|
|
|
10
|
|
|
|||||||
Auto
|
61
|
|
|
56
|
|
|
50
|
|
|
76
|
|
|
86
|
|
|
9
|
|
|
(29
|
)
|
|
|
243
|
|
|
331
|
|
|
(27
|
)
|
|
|||||||
Student
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
498
|
|
(g)
|
NM
|
|
|
|||||||
Total net charge-offs/(recoveries)
|
$
|
1,198
|
|
|
$
|
1,080
|
|
|
$
|
1,108
|
|
|
$
|
1,317
|
|
|
$
|
1,216
|
|
|
11
|
|
|
(1
|
)
|
|
|
$
|
4,703
|
|
|
$
|
5,256
|
|
(g)
|
(11
|
)
|
|
Net charge-off/(recovery) rate (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Consumer & Business Banking
|
0.97
|
|
%
|
1.02
|
|
%
|
0.77
|
|
%
|
0.83
|
|
%
|
1.15
|
|
%
|
|
|
|
|
|
0.90
|
|
%
|
1.03
|
|
%
|
|
|
||||||||||
Home equity (d)
|
(0.06
|
)
|
|
(0.17
|
)
|
|
(0.09
|
)
|
|
0.21
|
|
|
(0.05
|
)
|
|
|
|
|
|
|
(0.02
|
)
|
|
0.18
|
|
|
|
|
||||||||||
Residential mortgage (d)
|
(0.07
|
)
|
|
(0.22
|
)
|
|
(0.33
|
)
|
|
—
|
|
|
(0.03
|
)
|
|
|
|
|
|
|
(0.16
|
)
|
|
(0.01
|
)
|
|
|
|
||||||||||
Home Lending (d)
|
(0.07
|
)
|
|
(0.21
|
)
|
|
(0.29
|
)
|
|
0.03
|
|
|
(0.03
|
)
|
|
|
|
|
|
|
(0.14
|
)
|
|
0.02
|
|
|
|
|
||||||||||
Card
|
2.93
|
|
|
2.91
|
|
|
3.27
|
|
|
3.32
|
|
|
2.97
|
|
|
|
|
|
|
|
3.10
|
|
|
2.95
|
|
|
|
|
||||||||||
Auto
|
0.38
|
|
|
0.35
|
|
|
0.31
|
|
|
0.47
|
|
|
0.52
|
|
|
|
|
|
|
|
0.38
|
|
|
0.51
|
|
|
|
|
||||||||||
Student
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
NM
|
|
|
|
|
||||||||||
Total net charge-off/(recovery) rate (d)
|
1.04
|
|
|
0.95
|
|
|
1.00
|
|
|
1.20
|
|
|
1.09
|
|
|
|
|
|
|
|
1.04
|
|
|
1.21
|
|
(g)
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
30+ day delinquency rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Home Lending (e)(f)
|
0.77
|
|
%
|
0.81
|
|
%
|
0.86
|
|
%
|
0.98
|
|
%
|
1.19
|
|
%
|
|
|
|
|
|
0.77
|
|
%
|
1.19
|
|
%
|
|
|
||||||||||
Card
|
1.83
|
|
|
1.75
|
|
|
1.65
|
|
|
1.82
|
|
|
1.80
|
|
|
|
|
|
|
|
1.83
|
|
|
1.80
|
|
|
|
|
||||||||||
Auto
|
0.93
|
|
|
0.82
|
|
|
0.77
|
|
|
0.71
|
|
|
0.89
|
|
|
|
|
|
|
|
0.93
|
|
|
0.89
|
|
|
|
|
||||||||||
90+ day delinquency rate - Card
|
0.92
|
|
|
0.85
|
|
|
0.85
|
|
|
0.95
|
|
|
0.92
|
|
|
|
|
|
|
|
0.92
|
|
|
0.92
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Allowance for loan losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Consumer & Business Banking
|
$
|
796
|
|
|
$
|
796
|
|
|
$
|
796
|
|
|
$
|
796
|
|
|
$
|
796
|
|
|
—
|
|
|
—
|
|
|
|
$
|
796
|
|
|
$
|
796
|
|
|
—
|
|
|
Home Lending, excluding PCI loans
|
1,003
|
|
|
1,003
|
|
|
1,003
|
|
|
1,003
|
|
|
1,003
|
|
|
—
|
|
|
—
|
|
|
|
1,003
|
|
|
1,003
|
|
|
—
|
|
|
|||||||
Home Lending - PCI loans (c)
|
1,788
|
|
|
1,824
|
|
|
2,132
|
|
|
2,205
|
|
|
2,225
|
|
|
(2
|
)
|
|
(20
|
)
|
|
|
1,788
|
|
|
2,225
|
|
|
(20
|
)
|
|
|||||||
Card
|
5,184
|
|
|
5,034
|
|
|
4,884
|
|
|
4,884
|
|
|
4,884
|
|
|
3
|
|
|
6
|
|
|
|
5,184
|
|
|
4,884
|
|
|
6
|
|
|
|||||||
Auto
|
464
|
|
|
464
|
|
|
464
|
|
|
464
|
|
|
464
|
|
|
—
|
|
|
—
|
|
|
|
464
|
|
|
464
|
|
|
—
|
|
|
|||||||
Total allowance for loan losses (c)
|
$
|
9,235
|
|
|
$
|
9,121
|
|
|
$
|
9,279
|
|
|
$
|
9,352
|
|
|
$
|
9,372
|
|
|
1
|
|
|
(1
|
)
|
|
|
$
|
9,235
|
|
|
$
|
9,372
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as each of the pools is performing.
|
(b)
|
At
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
and
December 31, 2017
, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of
$2.6 billion
,
$2.9 billion
,
$3.3 billion
,
$4.0 billion
and
$4.3 billion
, respectively. These amounts have been excluded based upon the government guarantee.
|
(c)
|
Net charge-offs/(recoveries) and the net charge-off/(recovery) rates for the three months ended
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
and
December 31, 2017
, excluded write-offs in the PCI portfolio of
$36 million
,
$58 million
,
$73 million
,
$20 million
and
$20 million
, respectively, and for the full year 2018 and 2017 excluded
$187 million
and
$86 million
, respectively. These write-offs decreased the allowance for loan losses for PCI loans. For further information on PCI write-offs, refer to Summary of Changes in the Allowances on page 26.
|
(d)
|
Excludes the impact of PCI loans. For the three months ended
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
and
December 31, 2017
, the net charge-off/(recovery) rates including the impact of PCI loans were as follows: (1) home equity of
(0.04)%
,
(0.12)%
,
(0.07)%
,
0.16%
and
(0.04)%
, respectively; (2) residential mortgage of
(0.07)%
,
(0.20)%
,
(0.30)%
, –% and
(0.03)%
, respectively; (3) Home Lending of
(0.06)%
,
(0.19)%
,
(0.26)%
,
0.03%
and
(0.03)%
, respectively; and (4) total CCB of
0.99%
,
0.89%
,
0.93%
,
1.12%
and
1.02%
, respectively. For the full year 2018 and 2017, the net charge-off/(recovery) rates including the impact of PCI loans were as follows: (1) home equity of
(0.02)%
and
0.14%
, respectively; (2) residential mortgage of
(0.14)%
and
(0.01)%
, respectively; (3) Home Lending of
(0.12)%
and
0.02%
, respectively; and (4) total CCB of
0.98%
and
1.12%
, respectively.
|
(e)
|
At
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
and
December 31, 2017
, excluded mortgage loans insured by U.S. government agencies of
$4.1 billion
,
$4.5 billion
,
$5.0 billion
,
$5.7 billion
and
$6.2 billion
, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.
|
(f)
|
Excludes PCI loans. The 30+ day delinquency rate for PCI loans was
9.16%
,
9.39%
,
9.40%
,
9.49%
and
10.13%
at
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
and
December 31, 2017
, respectively.
|
(g)
|
Excluding net charge-offs of $467 million related to the student loan portfolio sale, the total net charge-off rate for the full year 2017 would have been 1.10%.
|
JPMORGAN CHASE & CO.
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
CONSUMER & COMMUNITY BANKING
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS, CONTINUED
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
(in millions, except ratio data and where otherwise noted)
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
QUARTERLY TRENDS
|
|
|
FULL YEAR
|
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
4Q18 Change
|
|
|
|
|
|
|
2018 Change
|
|
|||||||||||||||||||
|
4Q18
|
|
3Q18
|
|
2Q18
|
|
1Q18
|
|
4Q17
|
|
3Q18
|
|
4Q17
|
|
|
2018
|
|
2017
|
|
2017
|
|
|||||||||||||||||
BUSINESS METRICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Number of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Branches
|
5,036
|
|
|
5,066
|
|
|
5,091
|
|
|
5,106
|
|
|
5,130
|
|
|
(1
|
)%
|
|
(2
|
)%
|
|
|
5,036
|
|
|
5,130
|
|
|
(2
|
)%
|
|
|||||||
Active digital customers (in thousands) (a)
|
49,254
|
|
|
48,664
|
|
|
47,952
|
|
|
47,911
|
|
|
46,694
|
|
|
1
|
|
|
5
|
|
|
|
49,254
|
|
|
46,694
|
|
|
5
|
|
|
|||||||
Active mobile customers (in thousands) (b)
|
33,260
|
|
|
32,538
|
|
|
31,651
|
|
|
30,924
|
|
|
30,056
|
|
|
2
|
|
|
11
|
|
|
|
33,260
|
|
|
30,056
|
|
|
11
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Debit and credit card sales volume (in billions)
|
$
|
270.5
|
|
|
$
|
259.0
|
|
|
$
|
255.0
|
|
|
$
|
232.4
|
|
|
$
|
245.1
|
|
|
4
|
|
|
10
|
|
|
|
$
|
1,016.9
|
|
|
$
|
916.9
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Consumer & Business Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Average deposits
|
$
|
660,279
|
|
|
$
|
659,513
|
|
|
$
|
659,772
|
|
|
$
|
646,400
|
|
|
$
|
637,160
|
|
|
—
|
|
|
4
|
|
|
|
$
|
656,537
|
|
|
$
|
625,572
|
|
|
5
|
|
|
Deposit margin
|
2.55
|
|
%
|
2.43
|
|
%
|
2.36
|
|
%
|
2.20
|
|
%
|
2.06
|
|
%
|
|
|
|
|
|
2.38
|
|
%
|
1.98
|
|
%
|
|
|
||||||||||
Business banking origination volume
|
$
|
1,477
|
|
|
$
|
1,629
|
|
|
$
|
1,921
|
|
|
$
|
1,656
|
|
|
$
|
1,798
|
|
|
(9
|
)
|
|
(18
|
)
|
|
|
$
|
6,683
|
|
|
$
|
7,348
|
|
|
(9
|
)
|
|
Client investment assets
|
282,463
|
|
|
298,405
|
|
|
283,731
|
|
|
276,183
|
|
|
273,325
|
|
|
(5
|
)
|
|
3
|
|
|
|
282,463
|
|
|
273,325
|
|
|
3
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Home Lending (in billions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Mortgage origination volume by channel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Retail
|
$
|
9.0
|
|
|
$
|
10.6
|
|
|
$
|
10.4
|
|
|
$
|
8.3
|
|
|
$
|
11.0
|
|
|
(15
|
)
|
|
(18
|
)
|
|
|
$
|
38.3
|
|
|
$
|
40.3
|
|
|
(5
|
)
|
|
Correspondent
|
8.2
|
|
|
11.9
|
|
|
11.1
|
|
|
9.9
|
|
|
13.4
|
|
|
(31
|
)
|
|
(39
|
)
|
|
|
41.1
|
|
|
57.3
|
|
|
(28
|
)
|
|
|||||||
Total mortgage origination volume (c)
|
$
|
17.2
|
|
|
$
|
22.5
|
|
|
$
|
21.5
|
|
|
$
|
18.2
|
|
|
$
|
24.4
|
|
|
(24
|
)
|
|
(30
|
)
|
|
|
$
|
79.4
|
|
|
$
|
97.6
|
|
|
(19
|
)
|
|
Total loans serviced (period-end)
|
$
|
789.8
|
|
|
$
|
798.6
|
|
|
$
|
802.6
|
|
|
$
|
804.9
|
|
|
$
|
816.1
|
|
|
(1
|
)
|
|
(3
|
)
|
|
|
$
|
789.8
|
|
|
$
|
816.1
|
|
|
(3
|
)
|
|
Third-party mortgage loans serviced (period-end)
|
519.6
|
|
|
526.5
|
|
|
533.0
|
|
|
539.0
|
|
|
553.5
|
|
|
(1
|
)
|
|
(6
|
)
|
|
|
519.6
|
|
|
553.5
|
|
|
(6
|
)
|
|
|||||||
MSR carrying value (period-end)
|
6.1
|
|
|
6.4
|
|
|
6.2
|
|
|
6.2
|
|
|
6.0
|
|
|
(5
|
)
|
|
2
|
|
|
|
6.1
|
|
|
6.0
|
|
|
2
|
|
|
|||||||
Ratio of MSR carrying value (period-end) to third-party
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
mortgage loans serviced (period-end)
|
1.17
|
|
%
|
1.22
|
|
%
|
1.16
|
|
%
|
1.15
|
|
%
|
1.08
|
|
%
|
|
|
|
|
|
1.17
|
|
%
|
1.08
|
|
%
|
|
|
||||||||||
MSR revenue multiple (d)
|
3.34
|
x
|
|
3.49
|
x
|
|
3.31
|
x
|
|
3.19
|
x
|
|
3.09
|
x
|
|
|
|
|
|
|
3.34
|
x
|
|
3.09
|
x
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Card, excluding Commercial Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Credit card sales volume (in billions)
|
$
|
185.3
|
|
|
$
|
176.0
|
|
|
$
|
174.0
|
|
|
$
|
157.1
|
|
|
$
|
168.0
|
|
|
5
|
|
|
10
|
|
|
|
$
|
692.4
|
|
|
$
|
622.2
|
|
|
11
|
|
|
New accounts opened
|
2.0
|
|
|
1.9
|
|
|
1.9
|
|
|
2.0
|
|
|
1.9
|
|
|
5
|
|
|
5
|
|
|
|
7.8
|
|
|
8.4
|
|
|
(7
|
)
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Card Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net revenue rate
|
11.57
|
|
%
|
11.50
|
|
%
|
10.38
|
|
%
|
11.61
|
|
%
|
10.64
|
|
%
|
|
|
|
|
|
11.27
|
|
%
|
10.57
|
|
%
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Merchant Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Merchant processing volume (in billions)
|
$
|
375.2
|
|
|
$
|
343.8
|
|
|
$
|
330.8
|
|
|
$
|
316.3
|
|
|
$
|
321.4
|
|
|
9
|
|
|
17
|
|
|
|
$
|
1,366.1
|
|
|
$
|
1,191.7
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Auto
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Loan and lease origination volume (in billions)
|
$
|
7.0
|
|
|
$
|
8.1
|
|
|
$
|
8.3
|
|
|
$
|
8.4
|
|
|
$
|
8.2
|
|
|
(14
|
)
|
|
(15
|
)
|
|
|
$
|
31.8
|
|
|
$
|
33.3
|
|
|
(5
|
)
|
|
Average auto operating lease assets
|
20,041
|
|
|
19,176
|
|
|
18,407
|
|
|
17,582
|
|
|
16,630
|
|
|
5
|
|
|
21
|
|
|
|
18,809
|
|
|
15,198
|
|
|
24
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Users of all web and/or mobile platforms who have logged in within the past 90 days.
|
(b)
|
Users of all mobile platforms who have logged in within the past 90 days.
|
(c)
|
Firmwide mortgage origination volume was
$18.7 billion
,
$24.5 billion
,
$23.7 billion
,
$20.0 billion
and
$26.6 billion
for the three months ended
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
and
December 31, 2017
, respectively, and
$86.9 billion
and
$107.6 billion
for the
full year 2018 and 2017, respectively
.
|
(d)
|
Represents the ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) divided by the ratio of annualized loan servicing-related revenue to third-party mortgage loans serviced (average).
|
JPMORGAN CHASE & CO.
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
CORPORATE & INVESTMENT BANK
|
|
|
|
|
||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS
|
|
|
|
|
||||||||||||||||||||||||||||||||||
(in millions, except ratio data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
QUARTERLY TRENDS
|
|
|
FULL YEAR
|
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
4Q18 Change
|
|
|
|
|
|
|
2018 Change
|
|
|||||||||||||||||||
|
4Q18
|
|
3Q18
|
|
2Q18
|
|
1Q18
|
|
4Q17
|
|
3Q18
|
|
4Q17
|
|
|
2018
|
|
2017
|
|
2017
|
|
|||||||||||||||||
INCOME STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Investment banking fees
|
$
|
1,815
|
|
|
$
|
1,823
|
|
|
$
|
2,139
|
|
|
$
|
1,696
|
|
|
$
|
1,798
|
|
|
—
|
%
|
|
1
|
%
|
|
|
$
|
7,473
|
|
|
$
|
7,356
|
|
|
2
|
%
|
|
Principal transactions
|
1,485
|
|
|
3,091
|
|
|
3,666
|
|
|
4,029
|
|
|
1,765
|
|
|
(52
|
)
|
|
(16
|
)
|
|
|
12,271
|
|
|
10,873
|
|
|
13
|
|
|
|||||||
Lending- and deposit-related fees
|
361
|
|
|
373
|
|
|
382
|
|
|
381
|
|
|
382
|
|
|
(3
|
)
|
|
(5
|
)
|
|
|
1,497
|
|
|
1,531
|
|
|
(2
|
)
|
|
|||||||
Asset management, administration and commissions
|
1,072
|
|
|
1,130
|
|
|
1,155
|
|
|
1,131
|
|
|
1,046
|
|
|
(5
|
)
|
|
2
|
|
|
|
4,488
|
|
|
4,207
|
|
|
7
|
|
|
|||||||
All other income
|
281
|
|
|
88
|
|
|
190
|
|
|
680
|
|
(c)
|
(50
|
)
|
|
219
|
|
|
NM
|
|
|
|
1,239
|
|
|
572
|
|
|
117
|
|
|
|||||||
Noninterest revenue
|
5,014
|
|
|
6,505
|
|
|
7,532
|
|
|
7,917
|
|
|
4,941
|
|
|
(23
|
)
|
|
1
|
|
|
|
26,968
|
|
|
24,539
|
|
|
10
|
|
|
|||||||
Net interest income
|
2,223
|
|
|
2,300
|
|
|
2,391
|
|
|
2,566
|
|
|
2,577
|
|
|
(3
|
)
|
|
(14
|
)
|
|
|
9,480
|
|
|
10,118
|
|
|
(6
|
)
|
|
|||||||
TOTAL NET REVENUE (a)
|
7,237
|
|
|
8,805
|
|
|
9,923
|
|
|
10,483
|
|
|
7,518
|
|
(d)
|
(18
|
)
|
|
(4
|
)
|
|
|
36,448
|
|
|
34,657
|
|
|
5
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Provision for credit losses
|
82
|
|
|
(42
|
)
|
|
58
|
|
|
(158
|
)
|
|
130
|
|
|
NM
|
|
|
(37
|
)
|
|
|
(60
|
)
|
|
(45
|
)
|
|
(33
|
)
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Compensation expense
|
2,057
|
|
|
2,402
|
|
|
2,720
|
|
|
3,036
|
|
|
1,997
|
|
|
(14
|
)
|
|
3
|
|
|
|
10,215
|
|
|
9,531
|
|
|
7
|
|
|
|||||||
Noncompensation expense
|
2,624
|
|
|
2,773
|
|
|
2,683
|
|
|
2,623
|
|
|
2,556
|
|
|
(5
|
)
|
|
3
|
|
|
|
10,703
|
|
|
9,876
|
|
|
8
|
|
|
|||||||
TOTAL NONINTEREST EXPENSE
|
4,681
|
|
|
5,175
|
|
|
5,403
|
|
|
5,659
|
|
|
4,553
|
|
|
(10
|
)
|
|
3
|
|
|
|
20,918
|
|
|
19,407
|
|
|
8
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income before income tax expense
|
2,474
|
|
|
3,672
|
|
|
4,462
|
|
|
4,982
|
|
|
2,835
|
|
|
(33
|
)
|
|
(13
|
)
|
|
|
15,590
|
|
|
15,295
|
|
|
2
|
|
|
|||||||
Income tax expense
|
499
|
|
|
1,046
|
|
|
1,264
|
|
|
1,008
|
|
|
519
|
|
|
(52
|
)
|
|
(4
|
)
|
|
|
3,817
|
|
|
4,482
|
|
|
(15
|
)
|
|
|||||||
NET INCOME
|
$
|
1,975
|
|
|
$
|
2,626
|
|
|
$
|
3,198
|
|
|
$
|
3,974
|
|
|
$
|
2,316
|
|
(d)
|
(25
|
)
|
|
(15
|
)
|
|
|
$
|
11,773
|
|
|
$
|
10,813
|
|
(d)
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
ROE
|
10
|
%
|
|
14
|
%
|
|
17
|
%
|
|
22
|
%
|
|
12
|
%
|
|
|
|
|
|
|
16
|
%
|
|
14
|
%
|
|
|
|
||||||||||
Overhead ratio
|
65
|
|
|
59
|
|
|
54
|
|
|
54
|
|
|
61
|
|
|
|
|
|
|
|
57
|
|
|
56
|
|
|
|
|
||||||||||
Compensation expense as percentage of total net revenue
|
28
|
|
|
27
|
|
|
27
|
|
|
29
|
|
|
27
|
|
|
|
|
|
|
|
28
|
|
|
28
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
REVENUE BY BUSINESS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Investment Banking
|
$
|
1,720
|
|
|
$
|
1,731
|
|
|
$
|
1,949
|
|
|
$
|
1,587
|
|
|
$
|
1,677
|
|
|
(1
|
)
|
|
3
|
|
|
|
$
|
6,987
|
|
|
$
|
6,852
|
|
|
2
|
|
|
Treasury Services
|
1,217
|
|
|
1,183
|
|
|
1,181
|
|
|
1,116
|
|
|
1,078
|
|
|
3
|
|
|
13
|
|
|
|
4,697
|
|
|
4,172
|
|
|
13
|
|
|
|||||||
Lending
|
344
|
|
|
331
|
|
|
321
|
|
|
302
|
|
|
336
|
|
|
4
|
|
|
2
|
|
|
|
1,298
|
|
|
1,429
|
|
|
(9
|
)
|
|
|||||||
Total Banking
|
3,281
|
|
|
3,245
|
|
|
3,451
|
|
|
3,005
|
|
|
3,091
|
|
|
1
|
|
|
6
|
|
|
|
12,982
|
|
|
12,453
|
|
|
4
|
|
|
|||||||
Fixed Income Markets
|
1,856
|
|
|
2,844
|
|
|
3,453
|
|
|
4,553
|
|
|
2,217
|
|
|
(35
|
)
|
|
(16
|
)
|
|
|
12,706
|
|
|
12,812
|
|
|
(1
|
)
|
|
|||||||
Equity Markets
|
1,317
|
|
|
1,595
|
|
|
1,959
|
|
|
2,017
|
|
|
1,148
|
|
|
(17
|
)
|
|
15
|
|
|
|
6,888
|
|
|
5,703
|
|
|
21
|
|
|
|||||||
Securities Services
|
1,026
|
|
|
1,057
|
|
|
1,103
|
|
|
1,059
|
|
|
1,012
|
|
|
(3
|
)
|
|
1
|
|
|
|
4,245
|
|
|
3,917
|
|
|
8
|
|
|
|||||||
Credit Adjustments & Other (b)
|
(243
|
)
|
|
64
|
|
|
(43
|
)
|
|
(151
|
)
|
|
50
|
|
|
NM
|
|
|
NM
|
|
|
|
(373
|
)
|
|
(228
|
)
|
|
(64
|
)
|
|
|||||||
Total Markets & Investor Services
|
3,956
|
|
|
5,560
|
|
|
6,472
|
|
|
7,478
|
|
(c)
|
4,427
|
|
|
(29
|
)
|
|
(11
|
)
|
|
|
23,466
|
|
|
22,204
|
|
|
6
|
|
|
|||||||
TOTAL NET REVENUE
|
$
|
7,237
|
|
|
$
|
8,805
|
|
|
$
|
9,923
|
|
|
$
|
10,483
|
|
|
$
|
7,518
|
|
(d)
|
(18
|
)
|
|
(4
|
)
|
|
|
$
|
36,448
|
|
|
$
|
34,657
|
|
(d)
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Included tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; as well as tax-exempt income from municipal bonds of
$465 million
,
$354 million
,
$428 million
,
$405 million
and
$756 million
for the
three months ended
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
, and
December 31, 2017
, respectively, and
$1.7 billion
and
$2.4 billion
for the
full year 2018 and 2017, respectively
.
|
(b)
|
Consists primarily of credit valuation adjustments (“CVA”) managed centrally within CIB and funding valuation adjustments (“FVA”) on derivatives. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.
|
(c)
|
The three months ended March 31, 2018 included $505 million of fair value gains related to the adoption of the recognition and measurement accounting guidance for certain equity investments previously held at cost.
|
(d)
|
The three months and full year ended December 31, 2017 results reflect the estimated impact of the enactment of the TCJA including a decrease to net revenue of $259 million and a benefit to net income of $141 million.
|
(a)
|
Loans retained includes credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.
|
(b)
|
During the third quarter of 2018 approximately 1,200 employees transferred from CCB to CIB as part of the reorganization of the commercial card business.
|
(c)
|
Allowance for loan losses of
$174 million
,
$145 million
,
$141 million
,
$298 million
and
$316 million
were held against nonaccrual loans at
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
, and
December 31, 2017
, respectively.
|
(d)
|
Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
|
(e)
|
Management uses allowance for loan losses to period-end loans retained, excluding trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of CIB’s allowance coverage ratio.
|
JPMORGAN CHASE & CO.
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
CORPORATE & INVESTMENT BANK
|
|
|
|
|
||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS, CONTINUED
|
|
|
|
|
||||||||||||||||||||||||||||||||||
(in millions, except where otherwise noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
QUARTERLY TRENDS
|
|
|
FULL YEAR
|
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
4Q18 Change
|
|
|
|
|
|
|
2018 Change
|
|
|||||||||||||||||||
|
4Q18
|
|
3Q18
|
|
2Q18
|
|
1Q18
|
|
4Q17
|
|
3Q18
|
|
4Q17
|
|
|
2018
|
|
2017
|
|
2017
|
|
|||||||||||||||||
BUSINESS METRICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Advisory
|
$
|
727
|
|
|
$
|
581
|
|
|
$
|
626
|
|
|
$
|
575
|
|
|
$
|
526
|
|
|
25
|
%
|
|
38
|
%
|
|
|
$
|
2,509
|
|
|
$
|
2,150
|
|
|
17
|
%
|
|
Equity underwriting
|
348
|
|
|
420
|
|
|
570
|
|
|
346
|
|
|
361
|
|
|
(17
|
)
|
|
(4
|
)
|
|
|
1,684
|
|
|
1,468
|
|
|
15
|
|
|
|||||||
Debt underwriting
|
740
|
|
|
822
|
|
|
943
|
|
|
775
|
|
|
911
|
|
|
(10
|
)
|
|
(19
|
)
|
|
|
3,280
|
|
|
3,738
|
|
|
(12
|
)
|
|
|||||||
Total investment banking fees
|
$
|
1,815
|
|
|
$
|
1,823
|
|
|
$
|
2,139
|
|
|
$
|
1,696
|
|
|
$
|
1,798
|
|
|
—
|
|
|
1
|
|
|
|
$
|
7,473
|
|
|
$
|
7,356
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Assets under custody (“AUC”) (period-end) (in billions)
|
$
|
23,217
|
|
|
$
|
24,403
|
|
|
$
|
24,184
|
|
|
$
|
24,026
|
|
|
$
|
23,469
|
|
|
(5
|
)
|
|
(1
|
)
|
|
|
$
|
23,217
|
|
|
$
|
23,469
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Client deposits and other third-party liabilities (average) (a)
|
445,642
|
|
|
434,847
|
|
|
433,646
|
|
|
423,301
|
|
|
417,003
|
|
|
2
|
|
|
7
|
|
|
|
434,422
|
|
|
408,911
|
|
|
6
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
95% Confidence Level - Total CIB VaR (average)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
CIB trading VaR by risk type: (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Fixed income
|
$
|
37
|
|
|
$
|
30
|
|
|
$
|
31
|
|
|
$
|
34
|
|
|
$
|
28
|
|
|
23
|
|
|
32
|
|
|
|
|
|
|
|
|
|
|||||
Foreign exchange
|
6
|
|
|
5
|
|
|
6
|
|
|
9
|
|
|
7
|
|
|
20
|
|
|
(14
|
)
|
|
|
|
|
|
|
|
|
||||||||||
Equities
|
20
|
|
|
16
|
|
|
15
|
|
|
17
|
|
|
14
|
|
|
25
|
|
|
43
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodities and other
|
11
|
|
|
9
|
|
|
7
|
|
|
5
|
|
|
6
|
|
|
22
|
|
|
83
|
|
|
|
|
|
|
|
|
|
||||||||||
Diversification benefit to CIB trading VaR (c)
|
(25
|
)
|
|
(27
|
)
|
|
(27
|
)
|
|
(25
|
)
|
|
(24
|
)
|
|
7
|
|
|
(4
|
)
|
|
|
|
|
|
|
|
|
||||||||||
CIB trading VaR (b)
|
49
|
|
|
33
|
|
|
32
|
|
|
40
|
|
|
31
|
|
|
48
|
|
|
58
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit portfolio VaR (d)
|
4
|
|
|
3
|
|
|
4
|
|
|
3
|
|
|
4
|
|
|
33
|
|
|
—
|
|
|
|
|
|
|
|
|
|
||||||||||
Diversification benefit to CIB VaR (c)
|
(4
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|
(33
|
)
|
|
(33
|
)
|
|
|
|
|
|
|
|
|
||||||||||
CIB VaR
|
$
|
49
|
|
|
$
|
33
|
|
|
$
|
33
|
|
|
$
|
40
|
|
|
$
|
32
|
|
|
48
|
|
|
53
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Client deposits and other third-party liabilities pertain to the Treasury Services and Securities Services businesses.
|
(b)
|
CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. For further information, refer to VaR measurement on pages 123–125 of the 2017 Form 10-K, and pages 73-75 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018.
|
(c)
|
Average portfolio VaR was less than the sum of the VaR of the components described above, which is due to portfolio diversification. The diversification effect reflects the fact that the risks were not perfectly correlated.
|
(d)
|
Credit portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.
|
JPMORGAN CHASE & CO.
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
COMMERCIAL BANKING
|
|
|
|
|
||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS
|
|
|
|
|
||||||||||||||||||||||||||||||||||
(in millions, except ratio data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
QUARTERLY TRENDS
|
|
|
FULL YEAR
|
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
4Q18 Change
|
|
|
|
|
|
|
2018 Change
|
|
|||||||||||||||||||
|
4Q18
|
|
3Q18
|
|
2Q18
|
|
1Q18
|
|
4Q17
|
|
3Q18
|
|
4Q17
|
|
|
2018
|
|
2017
|
|
2017
|
|
|||||||||||||||||
INCOME STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lending- and deposit-related fees
|
$
|
204
|
|
|
$
|
216
|
|
|
$
|
224
|
|
|
$
|
226
|
|
|
$
|
229
|
|
|
(6
|
)%
|
|
(11
|
)%
|
|
|
$
|
870
|
|
|
$
|
919
|
|
|
(5
|
)%
|
|
Asset management, administration and commissions
|
21
|
|
|
18
|
|
|
16
|
|
|
18
|
|
|
18
|
|
|
17
|
|
|
17
|
|
|
|
73
|
|
|
68
|
|
|
7
|
|
|
|||||||
All other income (a)
|
360
|
|
|
342
|
|
|
393
|
|
|
305
|
|
|
501
|
|
|
5
|
|
|
(28
|
)
|
|
|
1,400
|
|
|
1,535
|
|
|
(9
|
)
|
|
|||||||
Noninterest revenue
|
585
|
|
|
576
|
|
|
633
|
|
|
549
|
|
|
748
|
|
|
2
|
|
|
(22
|
)
|
|
|
2,343
|
|
|
2,522
|
|
|
(7
|
)
|
|
|||||||
Net interest income
|
1,721
|
|
|
1,695
|
|
|
1,683
|
|
|
1,617
|
|
|
1,605
|
|
|
2
|
|
|
7
|
|
|
|
6,716
|
|
|
6,083
|
|
|
10
|
|
|
|||||||
TOTAL NET REVENUE (b)
|
2,306
|
|
|
2,271
|
|
|
2,316
|
|
|
2,166
|
|
|
2,353
|
|
|
2
|
|
|
(2
|
)
|
|
|
9,059
|
|
|
8,605
|
|
|
5
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Provision for credit losses
|
106
|
|
|
(15
|
)
|
|
43
|
|
|
(5
|
)
|
|
(62
|
)
|
|
NM
|
|
|
NM
|
|
|
|
129
|
|
|
(276
|
)
|
|
NM
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Compensation expense (c)
|
426
|
|
|
432
|
|
|
415
|
|
|
421
|
|
|
378
|
|
|
(1
|
)
|
|
13
|
|
|
|
1,694
|
|
|
1,534
|
|
|
10
|
|
|
|||||||
Noncompensation expense (c)
|
419
|
|
|
421
|
|
|
429
|
|
|
423
|
|
|
534
|
|
|
—
|
|
|
(22
|
)
|
|
|
1,692
|
|
|
1,793
|
|
|
(6
|
)
|
|
|||||||
TOTAL NONINTEREST EXPENSE
|
845
|
|
|
853
|
|
|
844
|
|
|
844
|
|
|
912
|
|
|
(1
|
)
|
|
(7
|
)
|
|
|
3,386
|
|
|
3,327
|
|
|
2
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income before income tax expense
|
1,355
|
|
|
1,433
|
|
|
1,429
|
|
|
1,327
|
|
|
1,503
|
|
|
(5
|
)
|
|
(10
|
)
|
|
|
5,544
|
|
|
5,554
|
|
|
—
|
|
|
|||||||
Income tax expense
|
319
|
|
|
344
|
|
|
342
|
|
|
302
|
|
|
546
|
|
|
(7
|
)
|
|
(42
|
)
|
|
|
1,307
|
|
|
2,015
|
|
|
(35
|
)
|
|
|||||||
NET INCOME
|
$
|
1,036
|
|
|
$
|
1,089
|
|
|
$
|
1,087
|
|
|
$
|
1,025
|
|
|
$
|
957
|
|
|
(5
|
)
|
|
8
|
|
|
|
$
|
4,237
|
|
|
$
|
3,539
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Revenue by product
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lending
|
$
|
997
|
|
|
$
|
1,027
|
|
|
$
|
1,026
|
|
|
$
|
999
|
|
|
$
|
1,049
|
|
|
(3
|
)
|
|
(5
|
)
|
|
|
$
|
4,049
|
|
|
$
|
4,094
|
|
|
(1
|
)
|
|
Treasury services
|
1,055
|
|
|
1,021
|
|
|
1,026
|
|
|
972
|
|
|
921
|
|
|
3
|
|
|
15
|
|
|
|
4,074
|
|
|
3,444
|
|
|
18
|
|
|
|||||||
Investment banking (d)
|
208
|
|
|
206
|
|
|
254
|
|
|
184
|
|
|
204
|
|
|
1
|
|
|
2
|
|
|
|
852
|
|
|
805
|
|
|
6
|
|
|
|||||||
Other
|
46
|
|
|
17
|
|
|
10
|
|
|
11
|
|
|
179
|
|
|
171
|
|
|
(74
|
)
|
|
|
84
|
|
|
262
|
|
|
(68
|
)
|
|
|||||||
Total Commercial Banking net revenue (b)
|
$
|
2,306
|
|
|
$
|
2,271
|
|
|
$
|
2,316
|
|
|
$
|
2,166
|
|
|
$
|
2,353
|
|
|
2
|
|
|
(2
|
)
|
|
|
$
|
9,059
|
|
|
$
|
8,605
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Investment banking revenue, gross (e)
|
$
|
602
|
|
|
$
|
581
|
|
|
$
|
739
|
|
|
$
|
569
|
|
|
$
|
608
|
|
|
4
|
|
|
(1
|
)
|
|
|
$
|
2,491
|
|
|
$
|
2,385
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Revenue by client segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Middle Market Banking
|
$
|
959
|
|
|
$
|
935
|
|
|
$
|
919
|
|
|
$
|
895
|
|
|
$
|
870
|
|
|
3
|
|
|
10
|
|
|
|
$
|
3,708
|
|
|
$
|
3,341
|
|
|
11
|
|
|
Corporate Client Banking
|
741
|
|
|
749
|
|
|
807
|
|
|
687
|
|
|
711
|
|
|
(1
|
)
|
|
4
|
|
|
|
2,984
|
|
|
2,727
|
|
|
9
|
|
|
|||||||
Commercial Term Lending
|
331
|
|
|
339
|
|
|
344
|
|
|
352
|
|
|
356
|
|
|
(2
|
)
|
|
(7
|
)
|
|
|
1,366
|
|
|
1,454
|
|
|
(6
|
)
|
|
|||||||
Real Estate Banking
|
172
|
|
|
175
|
|
|
170
|
|
|
164
|
|
|
166
|
|
|
(2
|
)
|
|
4
|
|
|
|
681
|
|
|
604
|
|
|
13
|
|
|
|||||||
Other
|
103
|
|
|
73
|
|
|
76
|
|
|
68
|
|
|
250
|
|
|
41
|
|
|
(59
|
)
|
|
|
320
|
|
|
479
|
|
|
(33
|
)
|
|
|||||||
Total Commercial Banking net revenue (b)
|
$
|
2,306
|
|
|
$
|
2,271
|
|
|
$
|
2,316
|
|
|
$
|
2,166
|
|
|
$
|
2,353
|
|
|
2
|
|
|
(2
|
)
|
|
|
$
|
9,059
|
|
|
$
|
8,605
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
ROE
|
20
|
|
%
|
21
|
|
%
|
21
|
|
%
|
20
|
|
%
|
18
|
|
%
|
|
|
|
|
|
20
|
|
%
|
17
|
|
%
|
|
|
||||||||||
Overhead ratio
|
37
|
|
|
38
|
|
|
36
|
|
|
39
|
|
|
39
|
|
|
|
|
|
|
|
37
|
|
|
39
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes revenue from investment banking products and commercial card transactions.
|
(b)
|
Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities that provide loans to qualified businesses in low-income communities, as well as tax-exempt income related to municipal financing activities of
$128 million
,
$107 million
,
$106 million
,
$103 million
and
$304 million
for the three months ended
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
, and
December 31, 2017
, respectively, and
$444 million
and
$699 million
for the
full year 2018 and 2017, respectively
. The three months ended December 31, 2017 results reflect the estimated impact of the enactment of the TCJA including a benefit to other revenue of $115 million on certain investments in the Community Development Banking business.
|
(c)
|
Effective in the first quarter of 2018, certain operations and compliance staff were transferred from CCB and Corporate, respectively, to CB. As a result, expense for this staff is now reflected in CB’s compensation expense with a corresponding adjustment for expense allocations reflected in noncompensation expense. CB’s, Corporate’s and CCB’s previously reported headcount, compensation expense and noncompensation expense have been revised to reflect this transfer.
|
(d)
|
Includes total Firm revenue from investment banking products sold to CB clients, net of revenue sharing with the CIB.
|
(e)
|
Represents total Firm revenue from investment banking products sold to CB clients. As a result of the adoption of the revenue recognition guidance prior period amounts have been revised to conform with the current period presentation.
|
(a)
|
Effective in the first quarter of 2018, certain operations and compliance staff were transferred from CCB and Corporate, respectively, to CB. The prior period amounts have been revised to conform with the current period presentation. For further discussion of this transfer, refer to page 18, footnote (c).
|
(b)
|
Allowance for loan losses of
$92 million
,
$105 million
,
$126 million
,
$116 million
and
$92 million
was held against nonaccrual loans retained at
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
, and
December 31, 2017
, respectively.
|
(c)
|
Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
|
JPMORGAN CHASE & CO.
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
ASSET & WEALTH MANAGEMENT
|
|
|
|
|
||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS, CONTINUED
|
|
|
|
|
||||||||||||||||||||||||||||||||||
(in billions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Dec 31, 2018
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Change
|
|
|
FULL YEAR
|
|
|||||||||||||||||||||||
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
|
|
|
|
|
2018 Change
|
|
|||||||||||||||||
CLIENT ASSETS
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
2017
|
|
|||||||||||||||||
Assets by asset class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Liquidity
|
$
|
480
|
|
|
$
|
463
|
|
|
$
|
448
|
|
|
$
|
432
|
|
|
$
|
459
|
|
|
4
|
%
|
|
5
|
%
|
|
|
$
|
480
|
|
|
$
|
459
|
|
|
5
|
%
|
|
Fixed income
|
464
|
|
|
457
|
|
|
452
|
|
|
467
|
|
|
474
|
|
|
2
|
|
|
(2
|
)
|
|
|
464
|
|
|
474
|
|
|
(2
|
)
|
|
|||||||
Equity
|
384
|
|
|
452
|
|
|
435
|
|
|
432
|
|
|
428
|
|
|
(15
|
)
|
|
(10
|
)
|
|
|
384
|
|
|
428
|
|
|
(10
|
)
|
|
|||||||
Multi-asset and alternatives
|
659
|
|
|
705
|
|
|
693
|
|
|
685
|
|
|
673
|
|
|
(7
|
)
|
|
(2
|
)
|
|
|
659
|
|
|
673
|
|
|
(2
|
)
|
|
|||||||
TOTAL ASSETS UNDER MANAGEMENT
|
1,987
|
|
|
2,077
|
|
|
2,028
|
|
|
2,016
|
|
|
2,034
|
|
|
(4
|
)
|
|
(2
|
)
|
|
|
1,987
|
|
|
2,034
|
|
|
(2
|
)
|
|
|||||||
Custody/brokerage/administration/deposits
|
746
|
|
|
790
|
|
|
771
|
|
|
772
|
|
|
755
|
|
|
(6
|
)
|
|
(1
|
)
|
|
|
746
|
|
|
755
|
|
|
(1
|
)
|
|
|||||||
TOTAL CLIENT ASSETS
|
$
|
2,733
|
|
|
$
|
2,867
|
|
|
$
|
2,799
|
|
|
$
|
2,788
|
|
|
$
|
2,789
|
|
|
(5
|
)
|
|
(2
|
)
|
|
|
$
|
2,733
|
|
|
$
|
2,789
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Memo:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Alternatives client assets (a)
|
$
|
171
|
|
|
$
|
172
|
|
|
$
|
172
|
|
|
$
|
169
|
|
|
$
|
166
|
|
|
(1
|
)
|
|
3
|
|
|
|
$
|
171
|
|
|
$
|
166
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Assets by client segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Private Banking
|
$
|
552
|
|
|
$
|
576
|
|
|
$
|
551
|
|
|
$
|
537
|
|
|
$
|
526
|
|
|
(4
|
)
|
|
5
|
|
|
|
$
|
552
|
|
|
$
|
526
|
|
|
5
|
|
|
Institutional
|
926
|
|
|
945
|
|
|
934
|
|
|
937
|
|
|
968
|
|
|
(2
|
)
|
|
(4
|
)
|
|
|
926
|
|
|
968
|
|
|
(4
|
)
|
|
|||||||
Retail
|
509
|
|
|
556
|
|
|
543
|
|
|
542
|
|
|
540
|
|
|
(8
|
)
|
|
(6
|
)
|
|
|
509
|
|
|
540
|
|
|
(6
|
)
|
|
|||||||
TOTAL ASSETS UNDER MANAGEMENT
|
$
|
1,987
|
|
|
$
|
2,077
|
|
|
$
|
2,028
|
|
|
$
|
2,016
|
|
|
$
|
2,034
|
|
|
(4
|
)
|
|
(2
|
)
|
|
|
$
|
1,987
|
|
|
$
|
2,034
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Private Banking
|
$
|
1,274
|
|
|
$
|
1,339
|
|
|
$
|
1,298
|
|
|
$
|
1,285
|
|
|
$
|
1,256
|
|
|
(5
|
)
|
|
1
|
|
|
|
$
|
1,274
|
|
|
$
|
1,256
|
|
|
1
|
|
|
Institutional
|
946
|
|
|
967
|
|
|
956
|
|
|
958
|
|
|
990
|
|
|
(2
|
)
|
|
(4
|
)
|
|
|
946
|
|
|
990
|
|
|
(4
|
)
|
|
|||||||
Retail
|
513
|
|
|
561
|
|
|
545
|
|
|
545
|
|
|
543
|
|
|
(9
|
)
|
|
(6
|
)
|
|
|
513
|
|
|
543
|
|
|
(6
|
)
|
|
|||||||
TOTAL CLIENT ASSETS
|
$
|
2,733
|
|
|
$
|
2,867
|
|
|
$
|
2,799
|
|
|
$
|
2,788
|
|
|
$
|
2,789
|
|
|
(5
|
)
|
|
(2
|
)
|
|
|
$
|
2,733
|
|
|
$
|
2,789
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Assets under management rollforward
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Beginning balance
|
$
|
2,077
|
|
|
$
|
2,028
|
|
|
$
|
2,016
|
|
|
$
|
2,034
|
|
|
$
|
1,945
|
|
|
|
|
|
|
|
$
|
2,034
|
|
|
$
|
1,771
|
|
|
|
|
|||
Net asset flows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Liquidity
|
21
|
|
|
14
|
|
|
17
|
|
|
(21
|
)
|
|
10
|
|
|
|
|
|
|
|
31
|
|
|
9
|
|
|
|
|
||||||||||
Fixed income
|
8
|
|
|
3
|
|
|
(7
|
)
|
|
(5
|
)
|
|
12
|
|
|
|
|
|
|
|
(1
|
)
|
|
36
|
|
|
|
|
||||||||||
Equity
|
(6
|
)
|
|
1
|
|
|
2
|
|
|
5
|
|
|
1
|
|
|
|
|
|
|
|
2
|
|
|
(11
|
)
|
|
|
|
||||||||||
Multi-asset and alternatives
|
(5
|
)
|
|
4
|
|
|
9
|
|
|
16
|
|
|
17
|
|
|
|
|
|
|
|
24
|
|
|
43
|
|
|
|
|
||||||||||
Market/performance/other impacts
|
(108
|
)
|
|
27
|
|
|
(9
|
)
|
|
(13
|
)
|
|
49
|
|
|
|
|
|
|
|
(103
|
)
|
|
186
|
|
|
|
|
||||||||||
Ending balance
|
$
|
1,987
|
|
|
$
|
2,077
|
|
|
$
|
2,028
|
|
|
$
|
2,016
|
|
|
$
|
2,034
|
|
|
|
|
|
|
|
$
|
1,987
|
|
|
$
|
2,034
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Client assets rollforward
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Beginning balance
|
$
|
2,867
|
|
|
$
|
2,799
|
|
|
$
|
2,788
|
|
|
$
|
2,789
|
|
|
$
|
2,678
|
|
|
|
|
|
|
|
$
|
2,789
|
|
|
$
|
2,453
|
|
|
|
|
|||
Net asset flows
|
30
|
|
|
33
|
|
|
11
|
|
|
14
|
|
|
56
|
|
|
|
|
|
|
|
88
|
|
|
93
|
|
|
|
|
||||||||||
Market/performance/other impacts
|
(164
|
)
|
|
35
|
|
|
—
|
|
|
(15
|
)
|
|
55
|
|
|
|
|
|
|
|
(144
|
)
|
|
243
|
|
|
|
|
||||||||||
Ending balance
|
$
|
2,733
|
|
|
$
|
2,867
|
|
|
$
|
2,799
|
|
|
$
|
2,788
|
|
|
$
|
2,789
|
|
|
|
|
|
|
|
$
|
2,733
|
|
|
$
|
2,789
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Represents assets under management, as well as client balances in brokerage accounts.
|
(a)
|
Included tax-equivalent adjustments, driven by tax-exempt income from municipal bond investments, of
$95 million
,
$94 million
,
$95 million
,
$98 million
and
$224 million
for the three months ended
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
and
December 31, 2017
, respectively, and
$382 million
and
$905 million
for the
full year 2018 and 2017, respectively
.
|
(b)
|
Included legal expense/(benefit) of
$(16) million
,
$(175) million
,
$(8) million
,
$(42) million
and
$(233) million
for the three months ended
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
, and
December 31, 2017
, respectively, and
$(241) million
and
$(593) million
for the
full year 2018 and 2017, respectively
.
|
(c)
|
Average core loans were
$1.6 billion
,
$1.6 billion
,
$1.7 billion
,
$1.6 billion
and
$1.7 billion
for the three months ended
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
, and
December 31, 2017
, respectively, and
$1.7 billion
and
$1.6 billion
for the
full year 2018 and 2017, respectively
.
|
(d)
|
Effective in the first quarter of 2018, certain compliance staff were transferred from Corporate to CB. The prior period amounts have been revised to conform with the current period presentation. For further discussion of this transfer, refer to page 18, footnote (c).
|
(e)
|
In accordance with the hedge accounting guidance adopted, the Firm elected to transfer certain securities from HTM to AFS during the first quarter of 2018. Refer to note on page 29 for additional information.
|
(f)
|
The three months and full year ended December 31, 2017 included a $2.7 billion increase to income tax expense reflecting the estimated impact of the enactment of the TCJA.
|
(g)
|
Included revenue related to a legal settlement of $645 million for the full year 2017.
|
JPMORGAN CHASE & CO.
|
|
|
|
|
|
|||||||||||||||||||||
CREDIT-RELATED INFORMATION
|
|
|
|
|
||||||||||||||||||||||
(in millions)
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Dec 31, 2018
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Change
|
|
||||||||||||||
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
||||||||||||
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||||||
CREDIT EXPOSURE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer, excluding credit card loans (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans retained, excluding PCI loans
|
$
|
349,603
|
|
|
$
|
350,749
|
|
|
$
|
347,610
|
|
|
$
|
343,738
|
|
|
$
|
341,977
|
|
|
—
|
%
|
|
2
|
%
|
|
Loans - PCI
|
24,034
|
|
|
25,209
|
|
|
26,977
|
|
|
29,505
|
|
|
30,576
|
|
|
(5
|
)
|
|
(21
|
)
|
|
|||||
Total loans retained
|
373,637
|
|
|
375,958
|
|
|
374,587
|
|
|
373,243
|
|
|
372,553
|
|
|
(1
|
)
|
|
—
|
|
|
|||||
Loans held-for-sale
|
95
|
|
|
104
|
|
|
110
|
|
|
152
|
|
|
128
|
|
|
(9
|
)
|
|
(26
|
)
|
|
|||||
Total consumer, excluding credit card loans
|
373,732
|
|
|
376,062
|
|
|
374,697
|
|
|
373,395
|
|
|
372,681
|
|
|
(1
|
)
|
|
—
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Credit card loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans retained
|
156,616
|
|
|
147,856
|
|
|
145,221
|
|
|
140,348
|
|
|
149,387
|
|
|
6
|
|
|
5
|
|
|
|||||
Loans held-for-sale
|
16
|
|
|
25
|
|
|
34
|
|
|
66
|
|
|
124
|
|
|
(36
|
)
|
|
(87
|
)
|
|
|||||
Total credit card loans
|
156,632
|
|
|
147,881
|
|
|
145,255
|
|
|
140,414
|
|
|
149,511
|
|
|
6
|
|
|
5
|
|
|
|||||
Total consumer loans
|
530,364
|
|
|
523,943
|
|
|
519,952
|
|
|
513,809
|
|
|
522,192
|
|
|
1
|
|
|
2
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Wholesale loans (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans retained
|
439,162
|
|
|
423,837
|
|
|
420,632
|
|
|
412,020
|
|
|
402,898
|
|
|
4
|
|
|
9
|
|
|
|||||
Loans held-for-sale and loans at fair value
|
15,028
|
|
|
6,538
|
|
|
7,830
|
|
|
8,595
|
|
|
5,607
|
|
|
130
|
|
|
168
|
|
|
|||||
Total wholesale loans
|
454,190
|
|
|
430,375
|
|
|
428,462
|
|
|
420,615
|
|
|
408,505
|
|
|
6
|
|
|
11
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans
|
984,554
|
|
|
954,318
|
|
|
948,414
|
|
|
934,424
|
|
|
930,697
|
|
|
3
|
|
|
6
|
|
|
|||||
Derivative receivables
|
54,213
|
|
|
60,062
|
|
|
58,510
|
|
|
56,914
|
|
|
56,523
|
|
|
(10
|
)
|
|
(4
|
)
|
|
|||||
Receivables from customers and other (c)
|
30,217
|
|
|
26,137
|
|
|
27,607
|
|
|
27,996
|
|
|
26,272
|
|
|
16
|
|
|
15
|
|
|
|||||
Total credit-related assets
|
1,068,984
|
|
|
1,040,517
|
|
|
1,034,531
|
|
|
1,019,334
|
|
|
1,013,492
|
|
|
3
|
|
|
5
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lending-related commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer, excluding credit card
|
46,066
|
|
|
50,630
|
|
|
51,784
|
|
|
49,516
|
|
|
48,553
|
|
(f)
|
(9
|
)
|
|
(5
|
)
|
|
|||||
Credit card
|
605,379
|
|
|
600,728
|
|
|
592,452
|
|
|
588,232
|
|
|
572,831
|
|
|
1
|
|
|
6
|
|
|
|||||
Wholesale
|
387,813
|
|
|
397,316
|
|
(f)
|
401,757
|
|
|
384,275
|
|
|
370,098
|
|
|
(2
|
)
|
|
5
|
|
|
|||||
Total lending-related commitments
|
1,039,258
|
|
|
1,048,674
|
|
|
1,045,993
|
|
|
1,022,023
|
|
|
991,482
|
|
|
(1
|
)
|
|
5
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total credit exposure
|
$
|
2,108,242
|
|
|
$
|
2,089,191
|
|
|
$
|
2,080,524
|
|
|
$
|
2,041,357
|
|
|
$
|
2,004,974
|
|
|
1
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Memo: Total by category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer exposure (d)
|
$
|
1,181,963
|
|
|
$
|
1,175,456
|
|
|
$
|
1,164,341
|
|
|
$
|
1,151,698
|
|
|
$
|
1,143,709
|
|
|
1
|
|
|
3
|
|
|
Wholesale exposures (e)
|
926,279
|
|
|
913,735
|
|
|
916,183
|
|
|
889,659
|
|
|
861,265
|
|
|
1
|
|
|
8
|
|
|
|||||
Total credit exposure
|
$
|
2,108,242
|
|
|
$
|
2,089,191
|
|
|
$
|
2,080,524
|
|
|
$
|
2,041,357
|
|
|
$
|
2,004,974
|
|
|
1
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes loans reported in CCB, prime mortgage and home equity loans reported in AWM, and prime mortgage loans reported in Corporate.
|
(b)
|
Includes loans reported in CIB, CB and AWM business segments and Corporate.
|
(c)
|
Predominantly includes receivables from customers, which represent held-for-investment margin loans to prime and retail brokerage customers; these are classified in accrued interest and accounts receivable on the Consolidated balance sheets.
|
(d)
|
Represents total consumer loans, lending-related commitments, and receivables from customers and other.
|
(e)
|
Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers and other.
|
(f)
|
The prior period amounts have been revised to conform with the current period presentation.
|
JPMORGAN CHASE & CO.
|
|
|
|
|
|
|||||||||||||||||||||
CREDIT-RELATED INFORMATION, CONTINUED
|
|
|
|
|||||||||||||||||||||||
(in millions, except ratio data)
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Dec 31, 2018
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Change
|
|
||||||||||||||
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
||||||||||||
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||||||
NONPERFORMING ASSETS (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer nonaccrual loans (b)(c)
|
$
|
3,461
|
|
|
$
|
3,636
|
|
|
$
|
3,979
|
|
|
$
|
4,260
|
|
|
$
|
4,209
|
|
|
(5
|
)
|
|
(18
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Wholesale nonaccrual loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans retained
|
1,150
|
|
|
994
|
|
|
1,156
|
|
|
1,594
|
|
|
1,734
|
|
|
16
|
|
|
(34
|
)
|
|
|||||
Loans held-for-sale and loans at fair value
|
220
|
|
|
14
|
|
|
175
|
|
|
29
|
|
|
—
|
|
|
NM
|
|
|
NM
|
|
|
|||||
Total wholesale nonaccrual loans
|
1,370
|
|
|
1,008
|
|
|
1,331
|
|
|
1,623
|
|
|
1,734
|
|
|
36
|
|
|
(21
|
)
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total nonaccrual loans
|
4,831
|
|
|
4,644
|
|
|
5,310
|
|
|
5,883
|
|
|
5,943
|
|
|
4
|
|
|
(19
|
)
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative receivables
|
60
|
|
|
90
|
|
|
112
|
|
|
132
|
|
|
130
|
|
|
(33
|
)
|
|
(54
|
)
|
|
|||||
Assets acquired in loan satisfactions
|
299
|
|
|
300
|
|
|
345
|
|
|
349
|
|
|
353
|
|
|
—
|
|
|
(15
|
)
|
|
|||||
Total nonperforming assets
|
5,190
|
|
|
5,034
|
|
|
5,767
|
|
|
6,364
|
|
|
6,426
|
|
|
3
|
|
|
(19
|
)
|
|
|||||
Wholesale lending-related commitments (d)
|
469
|
|
|
252
|
|
|
712
|
|
|
746
|
|
|
731
|
|
|
86
|
|
|
(36
|
)
|
|
|||||
Total nonperforming exposure
|
$
|
5,659
|
|
|
$
|
5,286
|
|
|
$
|
6,479
|
|
|
$
|
7,110
|
|
|
$
|
7,157
|
|
|
7
|
|
|
(21
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NONACCRUAL LOAN-RELATED RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total nonaccrual loans to total loans
|
0.49
|
%
|
|
0.49
|
%
|
|
0.56
|
%
|
|
0.63
|
%
|
|
0.64
|
%
|
|
|
|
|
|
|||||||
Total consumer, excluding credit card nonaccrual loans to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
total consumer, excluding credit card loans
|
0.93
|
|
|
0.97
|
|
|
1.06
|
|
|
1.14
|
|
|
1.13
|
|
|
|
|
|
|
|||||||
Total wholesale nonaccrual loans to total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
wholesale loans
|
0.30
|
|
|
0.23
|
|
|
0.31
|
|
|
0.39
|
|
|
0.42
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
At
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
, and
December 31, 2017
, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of
$2.6 billion
,
$2.9 billion
,
$3.3 billion
,
$4.0 billion
and
$4.3 billion
, respectively, that are 90 or more days past due; and (2) real estate owned (“REO”) insured by U.S. government agencies of
$75 million
,
$78 million
,
$84 million
,
$94 million
and
$95 million
, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance issued by the Federal Financial Institutions Examination Council (“FFIEC”). Under this guidance, non-modified credit card loans are charged off by the end of the month in which the account becomes 180 days past due, while modified credit card loans are charged off when the account becomes 120 days past due. Moreover, all credit card loans must be charged off within 60 days of receiving notification about certain specified events (e.g., bankruptcy of the borrower).
|
(b)
|
Included nonaccrual loans held-for-sale of
$0 million
,
$0 million
,
$0 million
,
$34 million
and
$0 million
at
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
and
December 31, 2017
, respectively.
|
(c)
|
Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as they are all performing.
|
(d)
|
Represents commitments that are risk rated as nonaccrual.
|
(a)
|
Write-offs of PCI loans are recorded against the allowance for loan losses when actual losses for a pool exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan is recognized when the underlying loan is removed from a pool (e.g., upon liquidation).
|
(b)
|
The net charge-off rates exclude the write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans.
|
(c)
|
During the first quarter of 2017, the Firm transferred the student loan portfolio to held-for-sale, resulting in a write-down of the portfolio to the estimated fair value at the time of the transfer. For the year ended December 31, 2017, excluding net charge-offs of $467 million related to the transfer, the net charge-off rate for Consumer retained, excluding credit card loans, would have been 0.18%; Total consumer retained loans would have been 0.95%; Total retained loans would have been 0.55%; Consumer retained, excluding credit card loans and PCI loans would have been 0.20%; Total consumer retained loans excluding PCI loans would have been 1.01%; and Total retained, excluding PCI loans would have been 0.57%.
|
JPMORGAN CHASE & CO.
|
|
|
|
|
|
|||||||||||||||||||||
CREDIT-RELATED INFORMATION, CONTINUED
|
|
|
|
|||||||||||||||||||||||
(in millions, except ratio data)
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Dec 31, 2018
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Change
|
|
||||||||||||||
|
Dec 31,
|
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
|
Dec 31,
|
|
||||||||||||
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||||||
ALLOWANCE COMPONENTS AND RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
ALLOWANCE FOR LOAN LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer, excluding credit card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset-specific (a)
|
$
|
196
|
|
|
$
|
204
|
|
|
$
|
226
|
|
|
$
|
266
|
|
|
$
|
246
|
|
|
(4
|
)%
|
|
(20
|
)%
|
|
Formula-based
|
2,162
|
|
|
2,154
|
|
|
2,130
|
|
|
2,089
|
|
|
2,108
|
|
|
—
|
|
|
3
|
|
|
|||||
PCI
|
1,788
|
|
|
1,824
|
|
|
2,132
|
|
|
2,205
|
|
|
2,225
|
|
|
(2
|
)
|
|
(20
|
)
|
|
|||||
Total consumer, excluding credit card
|
4,146
|
|
|
4,182
|
|
|
4,488
|
|
|
4,560
|
|
|
4,579
|
|
|
(1
|
)
|
|
(9
|
)
|
|
|||||
Credit card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset-specific (b)
|
440
|
|
|
421
|
|
|
402
|
|
|
393
|
|
|
383
|
|
|
5
|
|
|
15
|
|
|
|||||
Formula-based
|
4,744
|
|
|
4,613
|
|
|
4,482
|
|
|
4,491
|
|
|
4,501
|
|
|
3
|
|
|
5
|
|
|
|||||
Total credit card
|
5,184
|
|
|
5,034
|
|
|
4,884
|
|
|
4,884
|
|
|
4,884
|
|
|
3
|
|
|
6
|
|
|
|||||
Total consumer
|
9,330
|
|
|
9,216
|
|
|
9,372
|
|
|
9,444
|
|
|
9,463
|
|
|
1
|
|
|
(1
|
)
|
|
|||||
Wholesale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset-specific (a)
|
297
|
|
|
280
|
|
|
318
|
|
|
474
|
|
|
461
|
|
|
6
|
|
|
(36
|
)
|
|
|||||
Formula-based
|
3,818
|
|
|
3,632
|
|
|
3,560
|
|
|
3,457
|
|
|
3,680
|
|
|
5
|
|
|
4
|
|
|
|||||
Total wholesale
|
4,115
|
|
|
3,912
|
|
|
3,878
|
|
|
3,931
|
|
|
4,141
|
|
|
5
|
|
|
(1
|
)
|
|
|||||
Total allowance for loan losses
|
13,445
|
|
|
13,128
|
|
|
13,250
|
|
|
13,375
|
|
|
13,604
|
|
|
2
|
|
|
(1
|
)
|
|
|||||
Allowance for lending-related commitments
|
1,055
|
|
|
1,097
|
|
|
1,117
|
|
|
1,107
|
|
|
1,068
|
|
|
(4
|
)
|
|
(1
|
)
|
|
|||||
Total allowance for credit losses
|
$
|
14,500
|
|
|
$
|
14,225
|
|
|
$
|
14,367
|
|
|
$
|
14,482
|
|
|
$
|
14,672
|
|
|
2
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
CREDIT RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer, excluding credit card allowance, to total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
consumer, excluding credit card retained loans
|
1.11
|
%
|
|
1.11
|
%
|
|
1.20
|
%
|
|
1.22
|
%
|
|
1.23
|
%
|
|
|
|
|
|
|||||||
Credit card allowance to total credit card retained loans
|
3.31
|
|
|
3.40
|
|
|
3.36
|
|
|
3.48
|
|
|
3.27
|
|
|
|
|
|
|
|||||||
Wholesale allowance to total wholesale retained loans
|
0.94
|
|
|
0.92
|
|
|
0.92
|
|
|
0.95
|
|
|
1.03
|
|
|
|
|
|
|
|||||||
Wholesale allowance to total wholesale retained loans,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
excluding trade finance and conduits (c)
|
1.01
|
|
|
0.99
|
|
|
1.00
|
|
|
1.04
|
|
|
1.12
|
|
|
|
|
|
|
|||||||
Total allowance to total retained loans
|
1.39
|
|
|
1.39
|
|
|
1.41
|
|
|
1.44
|
|
|
1.47
|
|
|
|
|
|
|
|||||||
Consumer, excluding credit card allowance, to consumer,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
excluding credit card retained nonaccrual loans (d)
|
120
|
|
|
115
|
|
|
113
|
|
|
108
|
|
|
109
|
|
|
|
|
|
|
|||||||
Total allowance, excluding credit card allowance, to retained
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
nonaccrual loans, excluding credit card nonaccrual loans (d)
|
179
|
|
|
175
|
|
|
163
|
|
|
146
|
|
|
147
|
|
|
|
|
|
|
|||||||
Wholesale allowance to wholesale retained nonaccrual loans
|
358
|
|
|
394
|
|
|
335
|
|
|
247
|
|
|
239
|
|
|
|
|
|
|
|||||||
Total allowance to total retained nonaccrual loans
|
292
|
|
|
284
|
|
|
258
|
|
|
230
|
|
|
229
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
CREDIT RATIOS, excluding PCI loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer, excluding credit card allowance, to total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
consumer, excluding credit card retained loans
|
0.67
|
|
|
0.67
|
|
|
0.68
|
|
|
0.69
|
|
|
0.69
|
|
|
|
|
|
|
|||||||
Total allowance to total retained loans
|
1.23
|
|
|
1.23
|
|
|
1.22
|
|
|
1.25
|
|
|
1.27
|
|
|
|
|
|
|
|||||||
Consumer, excluding credit card allowance, to consumer,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
excluding credit card retained nonaccrual loans (d)
|
68
|
|
|
65
|
|
|
59
|
|
|
56
|
|
|
56
|
|
|
|
|
|
|
|||||||
Allowance, excluding credit card allowance, to retained non-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
accrual loans, excluding credit card nonaccrual loans (d)
|
140
|
|
|
135
|
|
|
121
|
|
|
108
|
|
|
109
|
|
|
|
|
|
|
|||||||
Total allowance to total retained nonaccrual loans
|
253
|
|
|
244
|
|
|
217
|
|
|
192
|
|
|
191
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified in a troubled debt restructuring (“TDR”).
|
(b)
|
The asset-specific credit card allowance for loan losses relates to loans that have been modified in a TDR; the Firm calculates such allowance based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.
|
(c)
|
Management uses allowance for loan losses to period-end loans retained, excluding CIB’s trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of the wholesale allowance coverage ratio.
|
(d)
|
For information on the Firm’s nonaccrual policy for credit card loans, refer to footnote (a) on page 25.
|
JPMORGAN CHASE & CO.
|
|
|
|
|
|
||||||||
NOTES INCLUDING NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES
|
|||||||||||||
|
|
|
|
|
|
(a)
|
In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a
“managed” basis
; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, 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 a 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. These financial measures allow management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.
|
(b)
|
TCE, ROTCE, and TBVPS
are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are meaningful to the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.
|
(c)
|
The ratios of the
allowance for loan losses to period-end loans retained,
the
allowance for loan losses to nonaccrual loans retained
, and
nonaccrual loans to total period-end loans excluding credit card and PCI loans
, exclude the following: loans accounted for at fair value and loans held-for-sale; PCI loans; and the allowance for loan losses related to PCI loans. Additionally, net charge-offs and net charge-off rates exclude the impact of PCI loans. The ratio of the wholesale and CIB’s
allowance for loan losses to period-end loans retained, excluding trade finance and conduits
, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB’s trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the respective allowance coverage ratio.
|
|
QUARTERLY TRENDS
|
|
|
FULL YEAR
|
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
4Q18 Change
|
|
|
|
|
|
|
2018 Change
|
|
|||||||||||||||||||
|
4Q18
|
|
3Q18
|
|
2Q18
|
|
1Q18
|
|
4Q17
|
|
3Q18
|
|
4Q17
|
|
|
2018
|
|
2017
|
|
2017
|
|
|||||||||||||||||
NET INTEREST INCOME EXCLUDING CIB’s MARKETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net interest income - managed basis
(a)(b)
|
$
|
14,509
|
|
|
$
|
14,062
|
|
|
$
|
13,646
|
|
|
$
|
13,470
|
|
|
$
|
13,353
|
|
|
3
|
%
|
|
9
|
%
|
|
|
$
|
55,687
|
|
|
$
|
51,410
|
|
|
8
|
%
|
|
Less: CIB Markets net interest income
|
599
|
|
|
704
|
|
|
754
|
|
|
1,030
|
|
|
1,121
|
|
|
(15
|
)
|
|
(47
|
)
|
|
|
3,087
|
|
|
4,630
|
|
|
(33
|
)
|
|
|||||||
Net interest income excluding CIB Markets
(a)
|
$
|
13,910
|
|
|
$
|
13,358
|
|
|
$
|
12,892
|
|
|
$
|
12,440
|
|
|
$
|
12,232
|
|
|
4
|
|
|
14
|
|
|
|
$
|
52,600
|
|
|
$
|
46,780
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Average interest-earning assets
|
$
|
2,270,170
|
|
|
$
|
2,220,258
|
|
|
$
|
2,222,277
|
|
|
$
|
2,203,413
|
|
|
$
|
2,189,707
|
|
|
2
|
%
|
|
4
|
%
|
|
|
$
|
2,229,188
|
|
|
2,180,592
|
|
|
2
|
%
|
|
|
Less: Average CIB Markets interest-earning assets
|
621,451
|
|
|
613,737
|
|
|
611,432
|
|
|
591,547
|
|
|
558,021
|
|
|
1
|
|
|
11
|
|
|
|
609,635
|
|
|
$
|
540,835
|
|
|
13
|
|
|
||||||
Average interest-earning assets excluding CIB Markets
|
$
|
1,648,719
|
|
|
$
|
1,606,521
|
|
|
$
|
1,610,845
|
|
|
$
|
1,611,866
|
|
|
$
|
1,631,686
|
|
|
3
|
|
|
1
|
|
|
|
$
|
1,619,553
|
|
|
$
|
1,639,757
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net interest yield on average interest-earning assets - managed basis
|
2.54
|
%
|
|
2.51
|
%
|
|
2.46
|
%
|
|
2.48
|
%
|
|
2.42
|
%
|
|
|
|
|
|
|
2.50
|
%
|
|
2.36
|
%
|
|
|
|
||||||||||
Net interest yield on average CIB Markets interest-earning assets
|
0.38
|
%
|
|
0.46
|
%
|
|
0.49
|
%
|
|
0.71
|
%
|
|
0.80
|
%
|
|
|
|
|
|
|
0.51
|
%
|
|
0.86
|
%
|
|
|
|
||||||||||
Net interest yield on average interest-earning assets excluding CIB Markets
|
3.35
|
%
|
|
3.30
|
%
|
|
3.21
|
%
|
|
3.13
|
%
|
|
2.97
|
%
|
|
|
|
|
|
|
3.25
|
%
|
|
2.85
|
%
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPMORGAN CHASE & CO.
|
|
|
|
|
|
||||||||
NOTES INCLUDING NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES
|
|||||||||||||
|
|
|
|
|
|
(a)
|
Core loans
represent loans considered central to the Firm’s ongoing businesses; core loans exclude loans classified as trading assets, runoff portfolios, discontinued portfolios and portfolios the Firm has an intent to exit.
|
(a)
|
Effective January 1, 2018, the Firm adopted several new accounting standards. Certain of the new accounting standards were applied retrospectively and prior period amounts were revised accordingly; the most significant of which was revenue recognition. The revenue recognition guidance requires gross presentation of certain costs that were previously offset against revenue. This change was applied retrospectively and resulted in both noninterest revenue and noninterest expense increasing by $304 million for the three months ended December 31, 2017, and $1,081 million for the full year ended December 31, 2017, with no impact to net income. For additional information, including the impacts of each of the new accounting standards, refer to pages 29-30 of the Firm’s Earnings Release Financial Supplement for the quarterly period ended March 31, 2018.
|