JPMORGAN CHASE & CO (Form: 10-Q, Received: 11/04/2019 16:31:13)

September 30, 2019

(in millions)

Net Capital

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jpm:segment

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Quarterly report pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934



For the quarterly period ended	Commission file
September 30, 2019	number	1-5805

JPMorgan Chase & Co.

(Exact name of registrant as specified in its charter)



Delaware		13-2624428
(State or other jurisdiction of incorporation or organization)		(I.R.S. employer identification no.)

383 Madison Avenue,
New York,	New York	10179
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 270-6000

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	JPM	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.45% Non-Cumulative Preferred Stock, Series P	JPM PR A	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.125% Non-Cumulative Preferred Stock, Series Y	JPM PR F	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.10% Non-Cumulative Preferred Stock, Series AA	JPM PR G	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.15% Non-Cumulative Preferred Stock, Series BB	JPM PR H	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD	JPM PR D	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE	JPM PR C	The New York Stock Exchange
Alerian MLP Index ETNs due May 24, 2024	AMJ	NYSE Arca, Inc.
Guarantee of Callable Step-Up Fixed Rate Notes due April 26, 2028 of JPMorgan Chase Financial Company LLC	JPM/28	The New York Stock Exchange
Guarantee of Cushing 30 MLP Index ETNs due June 15, 2037 of JPMorgan Chase Financial Company LLC	PPLN	NYSE Arca, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Number of shares of common stock outstanding as of September 30, 2019: 3,136,484,924

FORM 10-Q

TABLE OF CONTENTS



Part I – Financial information		Page
Item 1.	Financial Statements.
	Consolidated Financial Statements – JPMorgan Chase & Co.:
	Consolidated statements of income (unaudited) for the three and nine months ended September 30, 2019 and 2018	80
	Consolidated statements of comprehensive income (unaudited) for the three and nine months ended September 30, 2019 and 2018	81
	Consolidated balance sheets (unaudited) at September 30, 2019 and December 31, 2018	82
	Consolidated statements of changes in stockholders’ equity (unaudited) for the three and nine months ended September 30, 2019 and 2018	83
	Consolidated statements of cash flows (unaudited) for the nine months ended September 30, 2019 and 2018	84
	Notes to Consolidated Financial Statements (unaudited)	85
	Report of Independent Registered Public Accounting Firm	165
	Consolidated Average Balance Sheets, Interest and Rates (unaudited) for the three and nine months ended September 30, 2019 and 2018	166
	Glossary of Terms and Acronyms and Line of Business Metrics	168
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.
	Consolidated Financial Highlights	3
	Introduction	4
	Executive Overview	5
	Consolidated Results of Operations	10
	Consolidated Balance Sheets and Cash Flows Analysis	15
	Off-Balance Sheet Arrangements	18
	Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures and Key Performance Measures	19
	Business Segment Results	21
	Enterprise-Wide Risk Management	44
	Capital Risk Management	45
	Liquidity Risk Management	50
	Consumer Credit Portfolio	56
	Wholesale Credit Portfolio	60
	Investment Portfolio Risk Management	69
	Market Risk Management	70
	Country Risk Management	75
	Critical Accounting Estimates Used by the Firm	76
	Accounting and Reporting Developments	78
	Forward-Looking Statements	79
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	176
Item 4.	Controls and Procedures.	176
Part II – Other information
Item 1.	Legal Proceedings.	176
Item 1A.	Risk Factors.	176
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	176
Item 3.	Defaults Upon Senior Securities.	177
Item 4.	Mine Safety Disclosures.	177
Item 5.	Other Information.	177
Item 6.	Exhibits.	177

JPMorgan Chase & Co.

Consolidated financial highlights (unaudited)



As of or for the period ended, (in millions, except per share, ratio, headcount data and where otherwise noted)																Nine months ended Sept. 30,
	3Q19			2Q19			1Q19			4Q18			3Q18			2019			2018
Selected income statement data
Total net revenue	$	29,341		$	28,832		$	29,123		$	26,109		$	27,260		$	87,296		$	82,920
Total noninterest expense	16,422			16,341			16,395			15,720			15,623			49,158			47,674
Pre-provision profit	12,919			12,491			12,728			10,389			11,637			38,138			35,246
Provision for credit losses	1,514			1,149			1,495			1,548			948			4,158			3,323
Income before income tax expense	11,405			11,342			11,233			8,841			10,689			33,980			31,923
Income tax expense	2,325			1,690			2,054			1,775			2,309			6,069			6,515
Net income	$	9,080		$	9,652		$	9,179		$	7,066		$	8,380		$	27,911		$	25,408
Earnings per share data
Net income: Basic	$	2.69		$	2.83		$	2.65		$	1.99		$	2.35		$	8.17		$	7.04
Diluted	2.68			2.82			2.65			1.98			2.34			8.15			7.00
Average shares: Basic	3,198.5			3,250.6			3,298.0			3,335.8			3,376.1			3,248.7			3,416.5
Diluted	3,207.2			3,259.7			3,308.2			3,347.3			3,394.3			3,258.0			3,436.2
Market and per common share data
Market capitalization	369,133			357,479			328,387			319,780			375,239			369,133			375,239
Common shares at period-end	3,136.5			3,197.5			3,244.0			3,275.8			3,325.4			3,136.5			3,325.4
Book value per share	75.24			73.88			71.78			70.35			69.52			75.24			69.52
Tangible book value per share (“TBVPS”)^(a)	60.48			59.52			57.62			56.33			55.68			60.48			55.68
Cash dividends declared per share	0.90			0.80			0.80			0.80			0.80			2.50			1.92
Selected ratios and metrics
Return on common equity (“ROE”)^(b)	15		%	16		%	16		%	12		%	14		%	15		%	14		%
Return on tangible common equity (“ROTCE”)^(a)(b)	18			20			19			14			17			19			18
Return on assets^(b)	1.30			1.41			1.39			1.06			1.28			1.37			1.31
Overhead ratio	56			57			56			60			57			56			57
Loans-to-deposits ratio	62			63			64			67			65			62			65
Liquidity coverage ratio (“LCR”) (average)	115			113			111			113			115			115			115
Common equity Tier 1 (“CET1”) capital ratio^(c)	12.3			12.2			12.1			12.0			12.0			12.3			12.0
Tier 1 capital ratio^(c)	14.1			14.0			13.8			13.7			13.6			14.1			13.6
Total capital ratio^(c)	15.9			15.8			15.7			15.5			15.4			15.9			15.4
Tier 1 leverage ratio^(c)	7.9			8.0			8.1			8.1			8.2			7.9			8.2
Supplementary leverage ratio (“SLR”)	6.3			6.4			6.4			6.4			6.5			6.3			6.5
Selected balance sheet data (period-end)
Trading assets	$	495,875		$	523,373		$	533,402		$	413,714		$	419,827		$	495,875		$	419,827
Investment securities	394,251			307,264			267,365			261,828			231,398			394,251			231,398
Loans	945,218			956,889			956,245			984,554			954,318			945,218			954,318
Core loans	899,572			908,971			905,943			931,856			899,006			899,572			899,006
Average core loans	900,567			905,786			916,567			907,271			894,279			907,581			877,774
Total assets	2,764,661			2,727,379			2,737,188			2,622,532			2,615,183			2,764,661			2,615,183
Deposits	1,525,261			1,524,361			1,493,441			1,470,666			1,458,762			1,525,261			1,458,762
Long-term debt	296,472			288,869			290,893			282,031			270,124			296,472			270,124
Common stockholders’ equity	235,985			236,222			232,844			230,447			231,192			235,985			231,192
Total stockholders’ equity	264,348			263,215			259,837			256,515			258,956			264,348			258,956
Headcount	257,444			254,983			255,998			256,105			255,313			257,444			255,313
Credit quality metrics
Allowance for credit losses	$	14,400		$	14,295		$	14,591		$	14,500		$	14,225		$	14,400		$	14,225
Allowance for loan losses to total retained loans	1.42		%	1.39		%	1.43		%	1.39		%	1.39		%	1.42		%	1.39		%
Allowance for loan losses to retained loans excluding purchased credit-impaired loans^(d)	1.32			1.28			1.28			1.23			1.23			1.32			1.23
Nonperforming assets	$	5,343		$	5,260		$	5,616		$	5,190		$	5,034		$	5,343		$	5,034
Net charge-offs	1,371			1,403			1,361			1,236			1,033			4,135			3,620
Net charge-off rate	0.58		%	0.60		%	0.58		%	0.52		%	0.43		%	0.59		%	0.52		%


(a)	TBVPS and ROTCE are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures and Key Performance Measures on pages 19–20 for a further discussion of these measures.


(b)	Quarterly ratios are based upon annualized amounts.

(c)

The Basel III capital rules became fully phased-in effective January 1, 2019. During 2018, the required capital measures were subject to the transitional rules and as of December 31, 2018 and September 30, 2018, were the same on a fully phased-in and on a transitional basis. Refer to Key performance measures on page 59 and Capital Risk Management on pages 85-94 of JPMorgan Chase’s 2018 Form 10-K and pages 45–49 of this Form 10-Q for additional information on these measures.


(d)	Excludes the impact of residential real estate purchased credit-impaired (“PCI”) loans, a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures and Key Performance Measures on pages 19–20, and the Allowance for credit losses on pages 67–68 for a further discussion of these measures.



INTRODUCTION

The following is Management’s discussion and analysis of the financial condition and results of operations (“MD&A”) of JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) for the third quarter of 2019.

This Quarterly Report on Form 10-Q for the third quarter of 2019 (“Form 10-Q”) should be read together with JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2018 (“2018 Form 10-K”). Refer to the Glossary of terms and acronyms and line of business metrics on pages 168–175 for definitions of terms and acronyms used throughout this Form 10-Q.

This document contains statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and uncertainties. Refer to Forward-looking Statements on page 79 of this Form 10-Q and Part I, Item 1A, Risk factors, on pages 7–28 of the 2018 Form 10-K for a further discussion of certain of those risks and uncertainties and the factors that could cause JPMorgan Chase’s actual results to differ materially because of those risks and uncertainties.

JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading global financial services firm and one of the largest banking institutions in the United States of America (“U.S.”), with operations worldwide; JPMorgan Chase had $2.8 trillion in assets and $264.3 billion in stockholders’ equity as of September 30, 2019. The Firm is a leader in investment banking, financial services for consumers and

small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S. and many of the world’s most prominent corporate, institutional and government clients.

JPMorgan Chase’s principal bank subsidiary is JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank, N.A.”), a national banking association with U.S. branches in 32 states and Washington, D.C. as of September 30, 2019. JPMorgan Chase’s principal nonbank subsidiary is J.P. Morgan Securities LLC (“J.P. Morgan Securities”), a U.S. broker-dealer. The bank and non-bank subsidiaries of JPMorgan Chase operate nationally as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Firm’s principal operating subsidiary in the United Kingdom (“U.K.”) is J.P. Morgan Securities plc, a subsidiary of JPMorgan Chase Bank, N.A.

For management reporting purposes, the Firm’s activities are organized into four major reportable business segments, as well as a Corporate segment. The Firm’s consumer business segment is Consumer & Community Banking (“CCB”). The Firm’s wholesale business segments are Corporate & Investment Bank (“CIB”), Commercial Banking (“CB”), and Asset & Wealth Management (“AWM”). Refer to Note 31 of JPMorgan Chase’s 2018 Form 10-K for a description of the Firm’s business segments and the products and services they provide to their respective

client bases.



EXECUTIVE OVERVIEW

This executive overview of the MD&A highlights selected information and does not contain all of the information that is important to readers of this Form 10-Q. For a complete description of the trends and uncertainties, as well as the risks and critical accounting estimates affecting the Firm and its various lines of business, this Form 10-Q and the 2018 Form 10-K should be read together and in their entirety.



Financial performance of JPMorgan Chase
(unaudited) As of or for the period ended, (in millions, except per share data and ratios)	Three months ended September 30,								Nine months ended September 30,
	2019			2018			Change		2019			2018			Change
Selected income statement data
Total net revenue	$	29,341		$	27,260		8	%	$	87,296		$	82,920		5	%
Total noninterest expense	16,422			15,623			5		49,158			47,674			3
Pre-provision profit	12,919			11,637			11		38,138			35,246			8
Provision for credit losses	1,514			948			60		4,158			3,323			25
Net income	9,080			8,380			8		27,911			25,408			10
Diluted earnings per share	$	2.68		$	2.34		15		$	8.15		$	7.00		16
Selected ratios and metrics
Return on common equity	15		%	14		%			15		%	14		%
Return on tangible common equity	18			17					19			18
Book value per share	$	75.24		$	69.52		8		$	75.24		$	69.52		8
Tangible book value per share	60.48			55.68			9		60.48			55.68			9
Capital ratios^(a)
CET1	12.3		%	12.0		%			12.3		%	12.0		%
Tier 1 capital	14.1			13.6					14.1			13.6
Total capital	15.9			15.4					15.9			15.4

(a)

The Basel III capital rules became fully phased-in effective January 1, 2019. During 2018, the required capital measures were subject to the transitional rules and as of September 30, 2018, was the same on a fully phased-in and on a transitional basis. Refer to Key performance measures on page 59 and Capital Risk Management on pages 85-94 of JPMorgan Chase’s 2018 Form 10-K and pages 45–49 of this Form 10-Q for additional information on these measures.

Comparisons noted in the sections below are for the third quarter of 2019 versus the third quarter of 2018, unless otherwise specified.

Firmwide overview

JPMorgan Chase reported strong results in the third quarter of 2019, with net income of $9.1 billion, or $2.68 per share, on record net revenue of $29.3 billion. The Firm reported ROE of 15% and ROTCE of 18%.


•	The Firm had net income of $9.1 billion, up 8%.

•

Total net revenue increased 8%. Net interest income was $14.2 billion, up 2%, driven by continued balance sheet growth and mix, largely offset by the impact of rates. Noninterest revenue was $15.1 billion, up 13%, and included approximately $350 million of gains related to certain loan sales in Home Lending. Excluding these gains, the increase in noninterest revenue was largely driven by results in Fixed Income Markets in the CIB, as well as Home Lending and Auto in CCB.


•	Noninterest expense was $16.4 billion, up 5%, driven by higher volume- and revenue-related expenses and investments, including compensation and auto lease depreciation, partially offset by lower FDIC charges.


•	The provision for credit losses was $1.5 billion, up $566 million, largely as a result of net reductions in the allowance for credit losses and net recoveries in the prior year.

•

The total allowance for credit losses was $14.4 billion at September 30, 2019, and the Firm had a loan loss coverage ratio of 1.42%, compared with 1.39% in the prior year; excluding the PCI portfolio, the equivalent ratio was 1.32%, compared with 1.23% in the prior year. The Firm’s nonperforming assets totaled $5.3 billion at September 30, 2019, an increase from $5.0 billion in the prior year, reflecting increases in the wholesale portfolio related to select client downgrades, largely offset by improved credit performance in the consumer portfolio.


•	Firmwide average total loans were flat at $947 billion, or up 3% excluding the impact of certain loan sales in Home Lending.

Selected capital-related metrics


•	The Firm’s CET1 capital was $188 billion, and the Standardized and Advanced CET1 ratios were 12.3% and 13.1%, respectively.


•	The Firm’s supplementary leverage ratio (“SLR”) was 6.3% at September 30, 2019.


•	The Firm continued to grow tangible book value per share (“TBVPS”), ending the third quarter of 2019 at $60.48, up 9%.

ROTCE and TBVPS are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures and Key Performance Measures on pages 19–20 for a further discussion of each of these measures.

Business segment highlights

Selected business metrics for each of the Firm’s four lines of business are presented below for the third quarter of 2019.



CCB ROE 32%		• Average loans down 4%; Home Lending loans down 12% impacted by loan sales; credit card loans up 8% • Client investment assets up 13%; average deposits up 3% • Credit card sales volume up 10% and merchant processing volume up 11%
CIB ROE 13%		• Maintained #1 ranking for Global Investment Banking fees with 9.3% wallet share YTD • Total Markets revenue of $5.1 billion, up 14%
CB ROE 16%		• Gross Investment Banking revenue of $700 million, up 20% • Average client deposits of $173 billion, up 3%
AWM ROE 24%		• Average loan balances up 7% • Assets under management (AUM) of $2.2 trillion, up 8%

Refer to the Business Segment Results on pages 21–43 for a detailed discussion of results by business segment.

Credit provided and capital raised

JPMorgan Chase continues to support consumers, businesses and communities around the globe. The Firm provided new and renewed credit and raised capital for wholesale and consumer clients during the first nine months of 2019, consisting of:



$1.7 trillion		Total credit provided and capital raised

$188 billion		Credit for consumers

$25 billion		Credit for U.S. small businesses

$630 billion		Credit for corporations

$785 billion		Capital raised for corporate clients and non-U.S. government entities

$53 billion		Credit and capital raised for nonprofit and U.S. government entities^(a)


(a)	Includes states, municipalities, hospitals and universities.

2019 outlook

These current expectations are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and uncertainties. Refer to Forward-Looking Statements on page 79 of this Form 10-Q and Risk Factors on pages 7–28 of JPMorgan Chase’s 2018 Form 10-K for a further discussion of certain of those risks and uncertainties and the other factors that could cause JPMorgan Chase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results in the full year of 2019 will be in line with the outlook set forth below, and the Firm does not undertake to update any forward-looking statements.

JPMorgan Chase’s current outlook for the remainder of 2019 should be viewed against the backdrop of the global and U.S. economies, financial markets activity, the geopolitical environment, the competitive environment, client and customer activity levels, and regulatory and legislative developments in the U.S. and other countries where the Firm does business. Each of these factors will affect the performance of the Firm and its lines of business. The Firm expects that it will continue to make appropriate adjustments to its businesses and operations in response to ongoing developments in the business, economic, regulatory and legal environments in which it operates.

Firmwide


•	Management expects full-year 2019 net interest income, on a managed basis, to be less than $57.5 billion, market dependent. This estimate is based on stable long-end rates and assumes no more federal funds rate cuts in 2019.


•	Management expects Firmwide adjusted expense for the full-year 2019 to be approximately $65.5 billion.


•	Management expects full-year 2019 net charge-offs to be approximately $5.5 billion.

Business Developments

Expected departure of the U.K. from the EU

The U.K.’s expected departure from the EU, which is commonly referred to as “Brexit,” is scheduled to occur not later than January 31, 2020.

The Firm continues to execute the relevant elements of its Firmwide Brexit Implementation program with the objective of delivering the Firm’s capabilities to its EU clients on “day one” of any departure by the U.K. from the EU, whether or not an agreement has been reached to allow an orderly withdrawal.

The principal operational risks associated with Brexit continue to be the potential for disruption caused by insufficient preparations by individual market participants or in the overall market ecosystem, and risks related to potential disruptions of connectivity among market participants. Although legislative and regulatory actions taken by the EU and the U.K. have mitigated some of the significant market-wide risks, there continues to be regulatory and legal uncertainty with respect to various matters including contract continuity and access by market participants to liquidity in certain products, such as products subject to potentially conflicting U.K. and EU regulatory requirements in relation to eligible trading venues, including certain cross-border derivative contracts and equities that are listed on both U.K. and EU exchanges.

As discussed in Business Developments on page 46 of the 2018 Form 10-K, the Firm is focused on the following key areas to ensure continuation of service to its EU clients: regulatory and legal entity readiness; client readiness; and business and operational readiness. Following are the significant updates from the matters discussed in the 2018 Form 10-K.

Regulatory and legal entity readiness

The Firm’s legal entities in Germany, Luxembourg and Ireland are now prepared and licensed to provide services to the Firm’s EU clients, including after any departure by the U.K. from the EU.

Client readiness

The agreements covering a significant proportion of the Firm’s EU client activity have been re-documented to other EU legal entities to help facilitate continuation of service. The Firm continues to actively engage with clients that have not completed re-documentation to ensure preparedness both in terms of documentation and any operational changes that may be required. The Firm may be negatively impacted by any operational disruption stemming from delays of or lapses in the readiness of other market participants or market infrastructures.

Business and operational readiness

The Firm relocated certain employees during the first quarter of 2019. During the second quarter of 2019, the Firm added specific employees to certain EU legal entities, where appropriate, to support the level of client activity that has been migrated. However, the Firm’s final staffing plan will depend upon the timing and terms of any withdrawal by the U.K. from the EU.

If Brexit is further delayed due to a transition deal or another mechanism, the Firm will continue to review the timing and extent of any further expansion of activities in its EU legal entities, as appropriate. The Firm continues to closely monitor legislative developments, and its implementation plan allows for flexibility given the continued uncertainties.

LIBOR transition

The Firm continues to develop and implement plans to appropriately mitigate the risks associated with the expected discontinuation of certain unsecured benchmark interest rates, including the London Interbank Offered Rate (“LIBOR”) and other Interbank Offered Rates (“IBORs”). In particular, the Firm:


•	has implemented or is in the process of implementing fallback language for LIBOR-linked syndicated loans, securitizations, floating rate notes and bi-lateral business loans based on the recommendations of the Alternative Reference Rates Committee, and has started to introduce the Secured Overnight Financing Rate as a replacement benchmark rate for certain of these products;


•	continues to monitor the transition relief being considered by the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) concerning the accounting for contract modifications and hedge accounting; and


•	continues to engage with regulators and clients as the transition from IBORs progresses.

Refer to Business Developments on page 47 of the 2018 Form 10-K for a discussion of the Firm’s initiatives to address the expected discontinuation of LIBOR and other IBORs.



CONSOLIDATED RESULTS OF OPERATIONS

This section provides a comparative discussion of JPMorgan Chase’s Consolidated Results of Operations on a reported basis for the three and nine months ended September 30, 2019 and 2018, unless otherwise specified. Factors that relate primarily to a single business segment are discussed in more detail within that business segment. Refer to pages 76–77 of this Form 10-Q and pages 141-143 of JPMorgan Chase’s 2018 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.



Revenue
	Three months ended September 30,							Nine months ended September 30,
(in millions)	2019		2018			Change		2019		2018			Change
Investment banking fees	$	1,967	$	1,832		7	%	$	5,658	$	5,736		(1	)%
Principal transactions	3,449		2,964			16		11,239		10,698			5
Lending- and deposit-related fees	1,626		1,542			5		4,643		4,514			3
Asset management, administration and commissions	4,351		4,310			1		12,818		12,923			(1	)
Investment securities gains/(losses)	78		(46		)	NM		135		(371		)	NM
Mortgage fees and related income	887		262			239		1,562		1,051			49
Card income	1,283		1,328			(3	)	3,923		3,623			8
Other income^(a)	1,472		1,160			27		4,239		4,041			5
Noninterest revenue	15,113		13,352			13		44,217		42,215			5
Net interest income	14,228		13,908			2		43,079		40,705			6
Total net revenue	$	29,341	$	27,260		8	%	$	87,296	$	82,920		5	%


(a)	Included operating lease income of $1.4 billion and $1.2 billion for the three months ended September 30, 2019 and 2018, respectively and $4.0 billion and $3.3 billion for the nine months ended September 30, 2019 and 2018, respectively.

Quarterly results

Investment banking fees increased reflecting:


•	higher debt underwriting fees, on wallet share gains despite a decline in industry-wide fees, driven by participation in large acquisition financing deals and increased activity in investment-grade bonds


•	higher equity underwriting fees driven by wallet share gains primarily in the IPO and convertible markets,

partially offset by


•	lower advisory fees driven by a decline in industry-wide fees compared with a strong prior year.

Refer to CIB segment results on pages 28–33 and Note 5 for additional information.

Principal transactions revenue increased reflecting:


•	higher revenue in CIB, primarily driven by


–	strong performance across products in Fixed Income Markets, primarily in Rates, agency mortgage trading within Securitized Products, and Commodities, compared with the prior year, which was impacted by less favorable market conditions,

partially offset by


–	lower revenue in Equity Markets, primarily in derivatives, driven by lower client activity and less favorable market conditions, compared with a strong prior year, and


•	in Corporate, net gains on certain legacy private equity investments compared with net losses in the prior year.

Principal transactions revenue in CIB may have offsets across other revenue lines, including net interest income. The Firm assesses its Markets business performance on a total revenue basis.

Refer to CIB, AWM and Corporate segment results on pages 28–33, pages 38–41 and pages 42–43, and Note 5 for additional information.

Lending- and deposit-related fees increased primarily due to higher deposit-related fees in CCB, reflecting growth in customer accounts and transactions.

Refer to CCB segment results on pages 22–27, CIB on pages 28–33 and CB on pages 34–37, respectively, and Note 5 for additional information.

Asset management, administration and commissions revenue increased driven by higher asset management fees in CCB from growth in client investment assets.

Refer to CCB and AWM segment results on pages 22–27 and pages 38–41 , respectively, and Note 5 for additional information.

Investment securities gains/(losses) primarily reflect the impact of repositioning the investment securities portfolio. Refer to Corporate segment results on pages 42–43 and Note 9 for additional information.

Mortgage fees and related income increased driven by:


•	higher net mortgage production revenue reflecting approximately $350 million of gains on the sale of certain loans, as well as higher production volumes and margins


•	net mortgage servicing revenue, which remained relatively flat, reflecting lower operating revenue driven by the impact of reclassifying certain loans to held-for-sale and faster prepayment speeds on lower rates, offset by favorable MSR risk management results.

Refer to CCB segment results on pages 22–27, Note 5 and 14 for further information.

Card income decreased reflecting higher rewards costs and partner payments, predominantly offset by higher interchange income and merchant processing fees on higher volumes.

Refer to CCB segment results on pages 22–27 and Note 5 for further information.

Other income increased reflecting:


•	higher operating lease income from growth in auto operating lease volume in CCB


•	losses in the prior year on certain investments in CIB and Corporate,

partially offset by


•	lower other income in CIB associated with increased amortization on a higher level of alternative energy investments. The increased amortization was more than offset by the lower income tax expense from the associated tax credits.

Refer to Note 5 for further information.

Net interest income increased driven by continued balance sheet growth and changes in mix, largely offset by the net impact of rates. The Firm’s average interest-earning assets were $2.4 trillion, up $162 billion, and the net interest yield on these assets, on a fully taxable-equivalent (“FTE”) basis, was 2.41%, a decrease of 12 basis points. The net interest yield excluding CIB Markets was 3.23%, a decrease of 7 basis points. Net interest yield excluding CIB markets is a non-GAAP financial measure. Refer to the Consolidated average balance sheets, interest and rates schedule on pages 166–167 for further details; and the Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures and Key Performance Measures on pages 19–20 for a further discussion of Net interest yield excluding CIB markets.

Year-to-date results

Investment banking fees were relatively flat reflecting:


•	lower advisory and equity underwriting fees driven by a decline in industry-wide fees despite wallet share gains,

offset by


•	higher debt underwriting fees on wallet share gains despite a decline in industry-wide fees, driven by participation in large acquisition financing deals

Principal transactions revenue increased reflecting:


•	higher revenue in CIB, which included a gain on the IPO of Tradeweb. Excluding this gain, the increase in CIB’s revenue was driven by:


–	higher revenue in Fixed Income Markets, primarily in agency mortgage trading within Securitized Products, and Commodities, partially offset by Currencies & Emerging Markets


–	favorable changes in funding spreads on derivatives in Credit Adjustments & Other,

partially offset by


–	lower revenue in Equity Markets driven by lower client activity in derivatives

the net increase in CIB was partially offset by


•	lower revenue in AWM, related to hedges on certain investments, which was more than offset by higher valuation gains on the related investments reflected in other income,


•	Corporate was relatively flat, reflecting


–	losses on cash deployment transactions in Treasury and CIO, which were more than offset by the related net interest income earned on those transactions, and


–	lower net valuation losses on certain legacy private equity investments.

Principal transactions revenue in CIB may have offsets across other revenue lines, including net interest income. The Firm assesses its Markets business performance on a total revenue basis.

Lending- and deposit-related fees increased primarily due to higher deposit-related fees in CCB, reflecting growth in customer accounts and transactions.

Asset management, administration and commissions revenue was relatively flat reflecting:


•	lower asset management fees in AWM driven by a shift in the mix toward lower fee products,

largely offset by


•	higher asset management fees in CCB from growth in client investment assets.

Investment securities gains/(losses) primarily reflect the impact of repositioning the investment securities portfolio.

Mortgage fees and related income increased driven by:


•	higher net mortgage production revenue reflecting gains on sales of certain loans, as well as higher mortgage production margins and volumes,

partially offset by


•	lower net mortgage servicing revenue driven by


–	lower operating revenue reflecting faster prepayment speeds on lower rates and the impact of reclassifying certain loans to held-for-sale, as well as


–	lower MSR risk management results reflecting updates to model inputs.

Card income increased reflecting the absence of the prior-year adjustment of approximately $330 million to the credit card rewards liability.

Other income increased reflecting:


•	higher operating lease income from growth in auto operating lease volume in CCB, and


•	higher investment valuation gains in AWM, which were largely offset by the impact of the related hedges reflected in principal transactions revenue,

partially offset by


•	lower other income in CIB associated with increased amortization on a higher level of alternative energy investments. The increased amortization was more than offset by the lower income tax expense from the associated tax credits.

The prior year 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 in the first quarter of 2018, and


•	losses on certain investments in CIB and Corporate.

Net interest income increased driven by continued balance sheet growth and changes in mix. The Firm’s average interest-earning assets were $2.3 trillion, up $136 billion, and the net interest yield on these assets, on an FTE basis, was 2.49%, a decrease of 1 basis point. The net interest yield excluding CIB Markets was 3.34%, an increase of 13 basis points. Net interest yield excluding CIB markets is a non-GAAP financial measure.



Provision for credit losses
	Three months ended September 30,								Nine months ended September 30,
(in millions)	2019			2018			Change		2019			2018			Change
Consumer, excluding credit card	$	(61	)	$	(242	)	75	%	$	(265	)	$	(152	)	(74	)%
Credit card	1,375			1,223			12		4,017			3,557			13
Total consumer	1,314			981			34		3,752			3,405			10
Wholesale	200			(33		)	NM		406			(82		)	NM
Total provision for credit losses	$	1,514		$	948		60	%	$	4,158		$	3,323		25	%

Quarterly results

The provision for credit losses increased driven by consumer and wholesale.

The total consumer provision reflects:


•	an increase in credit card due to


–	higher net charge-offs on loan growth, in line with expectations, and


–	a $200 million addition to the allowance for loan losses reflecting higher loss rates, as newer vintages season and become a larger part of the portfolio, compared to a $150 million addition in the prior year


•	an increase in consumer, excluding credit card in CCB due to


–	a $100 million reduction in the allowance for loan losses in the non credit-impaired residential real estate portfolio, compared to a $250 million reduction in the PCI residential real estate portfolio in the prior year, and


–	lower net recoveries in the residential real estate portfolio as the prior year benefited from a larger recovery on a loan sale

partially offset by


–	a $50 million reduction in the allowance for loan losses in the business banking portfolio.

The wholesale provision was largely driven by select Commercial & Industrial (“C&I”) client downgrades. The prior year was a net benefit which included net recoveries predominantly related to a loan sale in CIB.

Refer to CCB segment results on pages 22–27, CIB on pages 28–33, CB on pages 34–37, AWM on pages 38–41, the Allowance for Credit Losses on pages 67–68, and Note 12 for additional information on the credit portfolio and the allowance for credit losses.

Year-to-date results

The provision for credit losses increased driven by wholesale and consumer.

The wholesale provision was largely driven by select C&I client downgrades. The prior year was a net benefit primarily driven by loan sales and other activity related to a single name in the Oil & Gas portfolio, partially offset by other net portfolio activity.

The total consumer provision reflects:


•	an increase in credit card due to


–	a $400 million addition to the allowance for loan losses reflecting higher loss rates, as newer vintages season and become a larger part of the portfolio and loan growth, compared to a $150 million addition in the prior year, and


–	higher net charge-offs on loan growth, in line with expectations

partially offset by


•	a decrease in consumer, excluding credit card in CCB due to


–	a $400 million reduction in the allowance for loan losses in the PCI residential real estate portfolio, reflecting continued improvement in home prices and delinquencies, and a $100 million reduction in the allowance for loan losses in the non credit-impaired residential real estate portfolio, compared to a $250 million reduction in the PCI residential real estate portfolio in the prior year, and


–	a $50 million reduction in the allowance for loan losses in the business banking portfolio

largely offset by


–	lower net recoveries in the residential real estate portfolio as the prior year benefited from larger recoveries on loan sales.



Noninterest expense
	Three months ended September 30,						Nine months ended September 30,
(in millions)	2019		2018		Change		2019		2018		Change
Compensation expense	$	8,583	$	8,108	6	%	$	26,067	$	25,308	3	%
Noncompensation expense:
Occupancy	1,110		1,014		9		3,238		2,883		12
Technology, communications and equipment	2,494		2,219		12		7,236		6,441		12
Professional and outside services	2,056		2,086		(1	)	6,307		6,333		—
Marketing	945		798		18		2,686		2,396		12
Other expense^(a)(b)	1,234		1,398		(12	)	3,624		4,313		(16	)
Total noncompensation expense	7,839		7,515		4		23,091		22,366		3
Total noninterest expense	$	16,422	$	15,623	5	%	$	49,158	$	47,674	3	%


(a)	Included Firmwide legal expense/(benefit) of $10 million and $20 million for the three months ended September 30, 2019 and 2018, respectively and $(2) million and $90 million for the nine months ended September 30, 2019 and 2018, respectively.


(b)	Included FDIC-related expense of $114 million and $349 million for the three months ended September 30, 2019 and 2018, respectively and $378 million and $1.1 billion for the nine months ended September 30, 2019 and 2018, respectively.

Quarterly results

Compensation expense increased driven by higher revenue-related expense in CIB and investments across the businesses, including front office hires, as well as technology staff.

Noncompensation expense increased as a result of:


•	higher investments across the businesses, including technology, real estate and marketing, and


•	higher volume-related expense, including depreciation from growth in auto operating lease assets in CCB, and brokerage expense in certain businesses in CIB,

partially offset by


•	lower FDIC charges as a result of the elimination of the surcharge at the end of the third quarter of 2018, and


•	lower other regulatory-related charges in CIB.

Year-to-date results

Compensation expense increased driven by investments across the businesses, including front office hires, as well as technology staff, partially offset by lower revenue-related expense in CIB.

Noncompensation expense increased as a result of:


•	higher investments across the businesses, including, technology, real estate and marketing


•	higher volume-related expense, including depreciation from growth in auto operating lease assets in CCB, and brokerage expense in certain businesses in CIB


•	contributions to the Firm’s Foundation, whereas all prior-year contributions were made in the fourth quarter, and


•	higher pension costs due to changes to actuarial assumptions and estimates,

partially offset by


•	lower FDIC charges as a result of the elimination of the surcharge at the end of the third quarter of 2018


•	lower other regulatory-related charges in CIB


•	lower legal expense, and


•	lower distribution fees in AWM.

The prior year included a loss of $174 million on the liquidation of a legal entity in Corporate recorded in other expense.

Refer to Note 19 for additional information on the liquidation of a legal entity.



Income tax expense
	Three months ended September 30,								Nine months ended September 30,
(in millions)	2019			2018			Change		2019			2018			Change
Income before income tax expense	$	11,405		$	10,689		7	%	$	33,980		$	31,923		6	%
Income tax expense	2,325			2,309			1		6,069			6,515			(7	)
Effective tax rate	20.4		%	21.6		%			17.9		%	20.4		%

Quarterly results

The effective tax rate decreased due to the recognition of tax benefits related to the resolution of certain tax audits and changes in the mix of income and expense subject to U.S. federal, and state and local taxes. In addition, the prior year included a $132 million net tax benefit resulting from changes in the estimates under the Tax Cuts and Jobs Act (“TCJA”) related to the remeasurement of certain deferred taxes and the deemed repatriation tax on non-U.S. earnings.

Year-to-date results

The effective tax rate decreased due to the recognition of $1.0 billion of tax benefits related to the resolution of certain tax audits and changes in the mix of income and expense subject to U.S. federal, and state and local taxes. The decrease was partially offset by lower tax benefits related to the vesting of employee stock-based awards. In addition, the prior year included a $305 million net tax benefit resulting from changes in the estimates under the TCJA related to the remeasurement of certain deferred taxes and the deemed repatriation tax on non-U.S. earnings. Refer to Note 1 for additional information on the 2019 tax benefits.



CONSOLIDATED BALANCE SHEETS AND CASH FLOWS ANALYSIS

Consolidated balance sheets analysis

The following is a discussion of the significant changes between September 30, 2019, and December 31, 2018.



Selected Consolidated balance sheets data
(in millions)	September 30, 2019			December 31, 2018			Change
Assets
Cash and due from banks	$	21,215		$	22,324		(5	)%
Deposits with banks	235,382			256,469			(8	)
Federal funds sold and securities purchased under resale agreements	257,391			321,588			(20	)
Securities borrowed	138,336			111,995			24
Trading assets	495,875			413,714			20
Investment securities	394,251			261,828			51
Loans	945,218			984,554			(4	)
Allowance for loan losses	(13,235		)	(13,445		)	(2	)
Loans, net of allowance for loan losses	931,983			971,109			(4	)
Accrued interest and accounts receivable	88,988			73,200			22
Premises and equipment	25,117			14,934			68
Goodwill, MSRs and other intangible assets	53,078			54,349			(2	)
Other assets	123,045			121,022			2
Total assets	$	2,764,661		$	2,622,532		5	%

Cash and due from banks and deposits with banks decreased primarily as a result of a shift in the deployment of cash in Treasury and CIO to investment securities. Deposits with banks reflect the Firm’s placements of its excess cash with various central banks, including the Federal Reserve Banks.

Federal funds sold and securities purchased under resale agreements decreased largely as a result of a shift in the deployment of cash in Treasury and CIO. Refer to Liquidity Risk Management on pages 50–54 and Note 10 for additional information.

Securities borrowed increased in CIB driven by higher demand for securities related to client-driven market-making activities in Fixed Income Markets, and to cover customer short positions in prime brokerage. Refer to Liquidity Risk Management on pages 50–54 and Note 10 for additional information.

Trading assets increased due to:


•	growth in client-driven market-making activities in CIB, primarily debt instruments in Fixed Income Markets, and equity instruments in Equity Markets, including prime brokerage, and when compared with lower levels at year-end, and


•	in CCB, an increase in U.S. GSE MBS acquired as part of the proceeds of warehouse loan sales, and growth related to originations of mortgage warehouse loans, resulting from the favorable rate environment,

partially offset by


•	a reduction in short-term instruments associated with cash deployment activities in Treasury and CIO.

Refer to Notes 2 and 4 for additional information.

Investment securities increased primarily reflecting net purchases of U.S. Treasuries and U.S. GSE and government agency MBS in Treasury and CIO driven by interest rate risk management and broader balance sheet management. Refer to Corporate segment results on pages 42–43, Investment Portfolio Risk Management on page 69, and Notes 2 and 9 for additional information on Investment securities.

Loans decreased reflecting loan sales in Home Lending, and lower loans in CIB, primarily driven by a loan syndication and net pay downs, partially offset by increases in CB and AWM.

The allowance for loan losses decreased driven by:


•	a $550 million reduction in the CCB allowance for loan losses, which includes $400 million in the PCI residential real estate portfolio, reflecting continued improvement in home prices and delinquencies; $100 million in the non credit-impaired residential real estate portfolio; and $50 million in the business banking portfolio; as well as


•	a $132 million reduction for write-offs of PCI loans,

largely offset by


•	a $400 million addition to the allowance for loan losses in the credit card portfolio reflecting higher loss rates, as newer vintages season and become a larger part of the portfolio and loan growth.

Refer to Credit and Investment Risk Management on pages 55–69, and Notes 2, 3, 11 and 12 for a more detailed discussion of loans and the allowance for loan losses.

Accrued interest and accounts receivable increased reflecting higher client receivables related to client-driven activities in CIB.

Premises and equipment increased due to the adoption of the new lease accounting guidance effective January 1, 2019. Refer to Note 16 for additional information.

Goodwill, MSRs and other intangibles decreased reflecting lower MSRs as a result of faster prepayment speeds on lower rates, partially offset by an increase in goodwill associated with the acquisition of InstaMed. Refer to Note 14 for additional information.



Selected Consolidated balance sheets data (continued)
(in millions)	September 30, 2019		December 31, 2018		Change
Liabilities
Deposits	$	1,525,261	$	1,470,666	4	%
Federal funds purchased and securities loaned or sold under repurchase agreements	247,766		182,320		36
Short-term borrowings	48,893		69,276		(29	)
Trading liabilities	138,343		144,773		(4	)
Accounts payable and other liabilities	225,063		196,710		14
Beneficial interests issued by consolidated variable interest entities (“VIEs”)	18,515		20,241		(9	)
Long-term debt	296,472		282,031		5
Total liabilities	2,500,313		2,366,017		6
Stockholders’ equity	264,348		256,515		3
Total liabilities and stockholders’ equity	$	2,764,661	$	2,622,532	5	%

Deposits increased reflecting:


•	growth in operating deposits in CIB driven by client activity in Treasury Services and Securities Services, and an increase in net issuances of structured notes in Markets, and


•	in CCB, predominantly due to continued growth in new accounts, and in CB, growth from existing clients.

Refer to Liquidity Risk Management on pages 50–54 and Notes 2 and 15 for additional information.

Federal funds purchased and securities loaned or sold under repurchase agreements increased driven by CIB and includes the Firm’s participation in the Federal Reserve’s open market operations, as well as higher secured financing of trading assets-debt instruments and client-driven activities. Refer to Liquidity Risk Management on pages 50–54 and Note 10 for additional information.

Short-term borrowings decreased reflecting lower commercial paper and short-term advances from Federal Home Loan Banks (“FHLB”) in Treasury and CIO, primarily driven by liquidity management. Refer to Liquidity Risk Management on pages 50–54 for additional information.

Trading liabilities decreased as a result of client-driven market-making activities in CIB, which resulted in lower levels of short positions primarily in equity instruments in Equity Markets. Refer to Notes 2 and 4 for additional information.

Accounts payable and other liabilities increased reflecting:


•	higher client payables related to client-driven activities in CIB, and


•	the impact of the adoption of the new lease accounting guidance effective January 1, 2019.

Refer to Note 16 for additional information on Leases.

Beneficial interests issued by consolidated VIEs decreased due to:


•	maturities of credit card securitizations,

predominantly offset by


•	higher levels of Firm-administered multi-seller conduit commercial paper issued to third parties.

Refer to Off-Balance Sheet Arrangements on page 18 and Notes 13 and 22 for further information on Firm-sponsored VIEs and loan securitization trusts.

Long-term debt increased as a result of client-driven net issuances of structured notes in CIB’s Markets business.

Refer to Liquidity Risk Management on pages 50–54 for additional information on the Firm’s long-term debt activities.

Refer to page 83 for information on changes in stockholders’ equity and Capital actions on pages 47–48.

Consolidated cash flows analysis

The following is a discussion of cash flow activities during the nine months ended September 30, 2019 and 2018.



(in millions)	Nine months ended September 30,
(in millions)	2019			2018
Net cash provided by/(used in)
Operating activities	$	(77,039	)	$	13,765
Investing activities	(38,181		)	(39,782		)
Financing activities	96,006			16,319
Effect of exchange rate changes on cash	(2,982		)	(2,509		)
Net decrease in cash and due from banks and deposits with banks	$	(22,196	)	$	(12,207	)

Operating activities


•	In 2019, cash used primarily resulted from higher trading assets, securities borrowed, other assets and accrued interest and accounts receivable, partially offset by higher accounts payable and other liabilities, trading liabilities, and net proceeds from loans originated for sale.


•	In 2018, cash provided primarily resulted from net income, higher accounts payable and other liabilities, and trading liabilities, partially offset by higher trading assets and securities borrowed.

Investing activities


•	In 2019, cash used primarily resulted from net purchases of investment securities and net loan originations, predominantly offset by lower securities purchased under resale agreements, and proceeds from the sale of loans held-for-investment.


•	In 2018, cash used resulted from higher net loan originations and an increase in securities purchased under resale agreements, partially offset by net proceeds from investment securities and sales of loans held-for- investment.

Financing activities


•	In 2019, cash provided resulted from higher deposits, and securities loaned or sold under repurchase agreements, partially offset by lower short-term and long-term borrowings.


•	In 2018, cash provided resulted from higher securities loaned or sold under repurchase agreements, deposits and short-term borrowings, partially offset by a decrease in long-term borrowings.


•	For both periods, cash was used for repurchases of common stock and cash dividends on common and preferred stock.

* * *

Refer to Consolidated Balance Sheets Analysis on pages 15-16, Capital Risk Management on pages 45–49, and Liquidity Risk Management on pages 50–54 of this Form 10-Q, and pages 95–100 of JPMorgan Chase’s 2018 Form 10-K for a further discussion of the activities affecting the Firm’s cash flows.



OFF-BALANCE SHEET ARRANGEMENTS

In the normal course of business, the Firm enters into various off-balance sheet arrangements and contractual obligations that may require future cash payments. Certain obligations are recognized on-balance sheet, while others are disclosed off-balance sheet under accounting principles generally accepted in the U.S. (“U.S. GAAP”).

Special-purpose entities

The Firm has several types of off–balance sheet arrangements, including through nonconsolidated special-purpose entities (“SPEs”), which are a type of VIE, and through lending-related financial instruments (e.g., commitments and guarantees).

The Firm holds capital, as appropriate, against all SPE-related transactions and related exposures, such as derivative contracts and lending-related commitments and guarantees.

The Firm has no commitments to issue its own stock to support any SPE transaction, and its policies require that transactions with SPEs be conducted at arm’s length and reflect market pricing. Consistent with this policy, no JPMorgan Chase employee is permitted to invest in SPEs with which the Firm is involved where such investment would violate the Firm’s Code of Conduct.

The table below provides an index of where in this Form 10-Q a discussion of the Firm’s various off-balance sheet arrangements can be found. In addition, refer to Note 1 for information about the Firm’s consolidation policies.



Type of off-balance sheet arrangement	Location of disclosure	Page references
Special-purpose entities: variable interests and other obligations, including contingent obligations, arising from variable interests in nonconsolidated VIEs	Refer to Note 13	139-144
Off-balance sheet lending-related financial instruments, guarantees, and other commitments	Refer to Note 22	156-159

EXPLANATION AND RECONCILIATION OF THE FIRM’S USE OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES

The Firm prepares its Consolidated Financial Statements in accordance with U.S. GAAP and this presentation is referred to as “reported” basis; these financial statements appear on pages 80–84.

In addition to analyzing the Firm’s results on a reported basis, the Firm also reviews and uses certain non-GAAP financial measures at the Firmwide and segment level. These non-GAAP measures include:


•	Firmwide “managed” basis results, including the overhead ratio, which include certain reclassifications to present total net revenue from investments that receive tax credits and tax-exempt securities on a basis comparable to taxable investments and securities (“FTE” basis)


•	Net interest income and net yield excluding CIB’s Markets businesses


•	Certain credit metrics and ratios, which exclude PCI loans


•	Tangible common equity (“TCE”), ROTCE, and TBVPS.

In addition, core loans is a key performance measure utilized by the Firm and its investors and analysts in assessing actual growth in the loan portfolio.

Refer to Explanation and Reconciliation of the Firm’s Use Of Non-GAAP Financial Measures and Key Performance Measures on pages 57-59 of JPMorgan Chase’s 2018 Form 10-K for a further discussion of management’s use of non-GAAP financial measures and key performance measures.

The following summary table provides a reconciliation from the Firm’s reported U.S. GAAP results to managed basis.



	Three months ended September 30,
	2019								2018
(in millions, except ratios)	Reported results			Fully taxable-equivalent adjustments^(a)		Managed basis			Reported results			Fully taxable-equivalent adjustments^(a)		Managed basis
Other income	$	1,472		$	596	$	2,068		$	1,160		$	408	$	1,568
Total noninterest revenue	15,113			596		15,709			13,352			408		13,760
Net interest income	14,228			127		14,355			13,908			154		14,062
Total net revenue	29,341			723		30,064			27,260			562		27,822
Pre-provision profit	12,919			723		13,642			11,637			562		12,199
Income before income tax expense	11,405			723		12,128			10,689			562		11,251
Income tax expense	$	2,325		$	723	$	3,048		$	2,309		$	562	$	2,871
Overhead ratio	56		%	NM		55		%	57		%	NM		56		%

	Nine months ended September 30,
	2019								2018
(in millions, except ratios)	Reported results			Fully taxable-equivalent adjustments^(a)		Managed basis			Reported results			Fully taxable-equivalent adjustments^(a)		Managed basis
Other income	$	4,239		$	1,777	$	6,016		$	4,041		$	1,337	$	5,378
Total noninterest revenue	44,217			1,777		45,994			42,215			1,337		43,552
Net interest income	43,079			408		43,487			40,705			473		41,178
Total net revenue	87,296			2,185		89,481			82,920			1,810		84,730
Pre-provision profit	38,138			2,185		40,323			35,246			1,810		37,056
Income before income tax expense	33,980			2,185		36,165			31,923			1,810		33,733
Income tax expense	$	6,069		$	2,185	$	8,254		$	6,515		$	1,810	$	8,325
Overhead ratio	56		%	NM		55		%	57		%	NM		56		%


(a)	Predominantly recognized in CIB, CB and Corporate.

The following table provides information on net interest income and net yield excluding CIB’s Markets businesses.



(in millions, except rates)	Three months ended September 30,								Nine months ended September 30,
(in millions, except rates)	2019			2018			Change		2019			2018			Change
Net interest income – reported	$	14,228		$	13,908		2	%	$	43,079		$	40,705		6	%
Fully taxable-equivalent adjustments	127			154			(18	)	408			473			(14	)
Net interest income – managed basis^(a)	$	14,355		$	14,062		2		$	43,487		$	41,178		6
Less: CIB Markets net interest income^(b)	723			704			3		1,971			2,488			(21	)
Net interest income excluding CIB Markets^(a)	$	13,632		$	13,358		2		$	41,516		$	38,690		7

Average interest-earning assets^(c)	$	2,365,154		$	2,203,305		7		$	2,334,623		$	2,198,909		6
Less: Average CIB Markets interest-earning assets^(b)(c)	690,593			596,784			16		671,236			589,185			14
Average interest-earning assets excluding CIB Markets	$	1,674,561		$	1,606,521		4	%	$	1,663,387		$	1,609,724		3	%
Net interest yield on average interest-earning assets – managed basis^(c)	2.41		%	2.53		%			2.49		%	2.50		%
Net interest yield on average CIB Markets interest-earning assets^(b)(c)	0.42			0.47					0.39			0.56
Net interest yield on average interest-earning assets excluding CIB Markets	3.23		%	3.30		%			3.34		%	3.21		%


(a)	Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.


(b)	Refer to page 32 for further information on CIB’s Markets businesses.


(c)	In the second quarter of 2019, the Firm reclassified balances related to certain instruments from interest-earning to noninterest-earning assets, as the associated returns are recorded in principal transactions revenue and not in net interest income. These changes were applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation.

The following summary table provides a reconciliation from the Firm’s common stockholders’ equity to TCE.



	Period-end				Average
(in millions, except per share and ratio data)	Sep 30, 2019		Dec 31, 2018		Three months ended September 30,						Nine months ended September 30,
(in millions, except per share and ratio data)	Sep 30, 2019		Dec 31, 2018		2019			2018			2019			2018
Common stockholders’ equity	$	235,985	$	230,447	$	235,613		$	230,439		$	232,917		$	228,995
Less: Goodwill	47,818		47,471		47,707			47,490			47,552			47,496
Less: Other intangible assets	841		748		842			795			776			820
Add: Certain Deferred tax liabilities^(a)	2,371		2,280		2,344			2,233			2,311			2,221
Tangible common equity	$	189,697	$	184,508	$	189,408		$	184,387		$	186,900		$	182,900

Return on tangible common equity	NA		NA		18		%	17		%	19		%	18		%
Tangible book value per share	$	60.48	$	56.33	NA			NA			NA			NA


(a)	Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.



BUSINESS SEGMENT RESULTS

The Firm is managed on a line of business basis. There are four major reportable business segments – Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset & Wealth Management. In addition, there is a Corporate segment.

The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is currently evaluated by the Firm’s Operating Committee. Segment results are presented on a managed basis. Refer to Explanation and Reconciliation of the Firm’s use of Non-GAAP Financial Measures and Key Performance Measures on pages 19–20 for a definition of managed basis.

Description of business segment reporting methodology

Results of the business segments are intended to present each segment as if it were essentially a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain

income and expense items. Refer to Line of business equity on page 47 for further information about line of business capital. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and further refinements may be implemented in future periods.

Business segment capital allocation

The amount of capital assigned to each business is referred to as equity. On at least an annual basis, the assumptions and methodologies used in capital allocation are assessed and as a result, the capital allocated to lines of business may change. Refer to Line of business equity on page 91 of JPMorgan Chase’s 2018 Form 10-K for additional information on business segment capital allocation.

Refer to Business Segment Results – Description of business segment reporting methodology on pages 60–61 of JPMorgan Chase’s 2018 Form 10-K for a further discussion of those methodologies.

Segment results – managed basis

The following tables summarize the Firm’s results by segment for the periods indicated.



Three months ended September 30,	Consumer & Community Banking							Corporate & Investment Bank							Commercial Banking
(in millions, except ratios)	2019			2018			Change	2019			2018			Change	2019			2018			Change
Total net revenue	$	14,259		$	13,290		7	$	9,338		$	8,805		6	$	2,207		$	2,271		(3	)%
Total noninterest expense	7,290			6,982			4	5,348			5,175			3	881			853			3
Pre-provision profit/(loss)	6,969			6,308			10	3,990			3,630			10	1,326			1,418			(6	)
Provision for credit losses	1,311			980			34	92			(42		)	NM	67			(15		)	NM
Net income/(loss)	4,273			4,086			5	2,809			2,626			7	937			1,089			(14	)
Return on equity (“ROE”)	32		%	31		%		13		%	14		%		16		%	21		%



Three months ended September 30,	Asset & Wealth Management								Corporate						Total
(in millions, except ratios)	2019			2018			Change		2019		2018			Change	2019			2018			Change
Total net revenue	$	3,568		$	3,559		—		$	692	$	(103	)	NM	$	30,064		$	27,822		8
Total noninterest expense	2,622			2,585			1		281		28			NM	16,422			15,623			5
Pre-provision profit/(loss)	946			974			(3	)	411		(131		)	NM	13,642			12,199			12
Provision for credit losses	44			23			91		—		2			NM	1,514			948			60
Net income/(loss)	668			724			(8	)	393		(145		)	NM	9,080			8,380			8
ROE	24		%	31		%			NM		NM				15		%	14		%



Nine months ended September 30,	Consumer & Community Banking							Corporate & Investment Bank								Commercial Banking
(in millions, except ratios)	2019			2018			Change	2019			2018			Change		2019			2018			Change
Total net revenue	$	41,843		$	38,384		9	$	28,827		$	29,211		(1	)%	$	6,756		$	6,753		—
Total noninterest expense	21,663			20,770			4	16,288			16,237			—		2,618			2,541			3
Pre-provision profit/(loss)	20,180			17,614			15	12,539			12,974			(3	)	4,138			4,212			(2	)
Provision for credit losses	3,745			3,405			10	179			(142		)	NM		186			23			NM
Net income/(loss)	12,410			10,824			15	8,995			9,798			(8	)	2,986			3,201			(7	)
ROE	31		%	27		%		14		%	18		%			17		%	20		%



Nine months ended September 30,	Asset & Wealth Management								Corporate						Total
(in millions, except ratios)	2019			2018			Change		2019		2018			Change	2019			2018			Change
Total net revenue	$	10,616		$	10,637		—		$	1,439	$	(255	)	NM	$	89,481		$	84,730		6	%
Total noninterest expense	7,865			7,732			2		724		394			84	49,158			47,674			3
Pre-provision profit/(loss)	2,751			2,905			(5	)	715		(649		)	NM	40,323			37,056			9
Provision for credit losses	48			40			20		—		(3		)	NM	4,158			3,323			25
Net income/(loss)	2,048			2,249			(9	)	1,472		(664		)	NM	27,911			25,408			10
ROE	25		%	32		%			NM		NM				15		%	14		%

The following sections provide a comparative discussion of the Firm’s results by segment as of or for the three and nine months ended September 30, 2019 versus the corresponding periods in the prior year, unless otherwise specified.



CONSUMER & COMMUNITY BANKING

Refer to pages 62–65 of JPMorgan Chase’s 2018 Form 10-K and Line of Business Metrics on page 173 for a discussion of the business profile of CCB.



Selected income statement data
	Three months ended September 30,								Nine months ended September 30,
(in millions, except ratios)	2019			2018			Change		2019			2018			Change
Revenue
Lending- and deposit-related fees	$	1,026		$	936		10	%	$	2,827		$	2,668		6	%
Asset management, administration and commissions	608			626			(3	)	1,890			1,792			5
Mortgage fees and related income	886			260			241		1,561			1,049			49
Card income	1,176			1,219			(4	)	3,601			3,299			9
All other income	1,399			1,135			23		3,989			3,255			23
Noninterest revenue	5,095			4,176			22		13,868			12,063			15
Net interest income	9,164			9,114			1		27,975			26,321			6
Total net revenue	14,259			13,290			7		41,843			38,384			9

Provision for credit losses	1,311			980			34		3,745			3,405			10

Noninterest expense
Compensation expense	2,683			2,635			2		8,063			7,916			2
Noncompensation expense^(a)	4,607			4,347			6		13,600			12,854			6
Total noninterest expense	7,290			6,982			4		21,663			20,770			4
Income before income tax expense	5,658			5,328			6		16,435			14,209			16
Income tax expense	1,385			1,242			12		4,025			3,385			19
Net income	$	4,273		$	4,086		5		$	12,410		$	10,824		15

Revenue by line of business
Consumer & Business Banking	$	6,688		$	6,385		5		$	20,053		$	18,238		10
Home Lending	1,465			1,306			12		3,929			4,162			(6	)
Card, Merchant Services & Auto	6,106			5,599			9		17,861			15,984			12

Mortgage fees and related income details:
Net production revenue	738			108			NM		1,291			296			336
Net mortgage servicing revenue^(b)	148			152			(3	)	270			753			(64	)
Mortgage fees and related income	$	886		$	260		241	%	$	1,561		$	1,049		49	%

Financial ratios
Return on equity	32		%	31		%			31		%	27		%
Overhead ratio	51			53					52			54

Note: In the discussion and the tables which follow, CCB presents certain financial measures which exclude the impact of PCI loans; these are non-GAAP financial measures.


(a)	Included operating lease depreciation expense of $1.0 billion and $862 million for the three months ended September 30, 2019 and 2018, respectively, and $3.0 billion and $2.5 billion for nine months ended September 30, 2019 and 2018, respectively.


(b)	Included MSR risk management results of $53 million and $(88) million for the three months ended September 30, 2019 and 2018, respectively and $(200) million and $(94) million for nine months ended September 30, 2019 and 2018, respectively.

Quarterly results

Net income was $4.3 billion, an increase of 5%.

Net revenue was $14.3 billion, an increase of 7%. Net production revenue included approximately $350 million of gains on the sale of certain mortgage loans that were predominantly offset by a charge in net interest income for the unwind of the related internal funding from Treasury and Chief Investment Office (“CIO”) associated with these loans. The charge reflects the net present value of that funding and is recognized as interest income in Treasury and CIO. Refer to Corporate on pages 42–43 of this Form 10-Q and Funds Transfer Pricing (“FTP”) on page 60 of the Firm’s 2018 Form 10-K for further information.

Net interest income was $9.2 billion, up 1% and includes the charge from the loan sales mentioned above. Excluding this charge, net interest income increased, driven by:


•	higher loan balances and margin expansion in Card, as well as growth in deposit balances and higher deposit margins in CBB,

partially offset by


•	lower loan balances due to loan sales, as well as loan spread compression in Home Lending.

Noninterest revenue was $5.1 billion, up 22% and includes the gain from the loan sales mentioned above. Excluding this gain, noninterest revenue increased, driven by:


•	higher net mortgage production revenue reflecting higher production volumes and margins, and


•	higher auto lease volume


•	net mortgage servicing revenue, which remained relatively flat, reflecting lower operating revenue driven by the impact of reclassifying certain loans to held-for-sale and faster prepayment speeds on lower rates, offset by favorable MSR risk management results.

Refer to Note 14 for further information regarding changes in value of the MSR asset and related hedges, and mortgage fees and related income.

Noninterest expense was $7.3 billion, up 4%, predominantly driven by:


•	technology, marketing and other investments in the business, as well as higher auto lease depreciation,

partially offset by


•	expense efficiencies and lower FDIC charges.

The provision for credit losses was $1.3 billion, an increase of 34%, reflecting:


•	an increase in credit card due to


–	higher net charge-offs on loan growth, in line with expectations, and


–	a $200 million addition to the allowance for loan losses reflecting higher loss rates, as newer vintages season and become a larger part of the portfolio, compared to a $150 million addition in the prior year


•	an increase in consumer, excluding credit card due to


–	a $100 million reduction in the allowance for loan losses in the non credit-impaired residential real estate portfolio, compared to a $250 million reduction in the PCI residential real estate portfolio in the prior year, and


–	lower net recoveries in the residential real estate portfolio as the prior year benefited from a larger recovery on a loan sale

partially offset by


–	a $50 million reduction in the allowance for loan losses in the business banking portfolio.

Year-to-date results

Net income was $12.4 billion, an increase of 15%.

Net revenue was $41.8 billion, an increase of 9%. Net production revenue included gains on sales of certain mortgage loans that were predominantly offset by charges in net interest income for the unwind of the related internal funding from Treasury and CIO associated with these loans.

Net interest income was $28.0 billion, up 6%, and includes charges from the loan sales mentioned above. Excluding these charges, net interest income increased, driven by:


•	higher deposit margins and growth in deposit balances in CBB, as well as higher loan balances and margin expansion in Card,

partially offset by


•	lower loan balances due to loan sales, as well as loan spread compression in Home Lending.

Noninterest revenue was $13.9 billion, up 15%, and includes gains from the loan sales mentioned above. Excluding these gains, noninterest revenue increased, driven by:


•	higher auto lease volume,


•	higher net mortgage production revenue reflecting higher production margins and volumes, and


•	the impact of the prior-year adjustment of approximately $330 million to the credit card rewards liability,

partially offset by


•	lower net mortgage servicing revenue driven by


–	lower operating revenue reflecting faster prepayment speeds on lower rates and the impact of reclassifying certain loans to held-for-sale, as well as


–	lower MSR risk management results reflecting updates to model inputs.

Noninterest expense was $21.7 billion, up 4%, driven by:


•	technology, marketing and other investments in the business, as well as higher auto lease depreciation,

partially offset by


•	expense efficiencies and lower FDIC charges.

The provision for credit losses was $3.7 billion, an increase of 10%, reflecting:


•	an increase in credit card due to


–	a $400 million addition to the allowance for loan losses reflecting higher loss rates, as newer vintages season and become a larger part of the portfolio and loan growth, compared to a $150 million addition in the prior year, and


–	higher net charge-offs on loan growth, in line with expectations

partially offset by


•	a decrease in consumer, excluding credit card due to


–	a $400 million reduction in the allowance for loan losses in the PCI residential real estate portfolio, reflecting continued improvement in home prices and delinquencies, and a $100 million reduction in the allowance for loan losses in the non credit-impaired residential real estate portfolio, compared to a $250 million reduction in the PCI residential real estate portfolio in the prior year, and


–	a $50 million reduction in the allowance for loan losses in the business banking portfolio

largely offset by


–	lower net recoveries in the residential real estate portfolio as the prior year benefited from larger recoveries on loan sales.



Selected metrics
	As of or for the three months ended September 30,						As of or for the nine months ended September 30,
(in millions, except headcount)	2019		2018		Change		2019		2018		Change
Selected balance sheet data (period-end)
Total assets	$	532,487	$	560,432	(5	)%	$	532,487	$	560,432	(5	)%
Loans:
Consumer & Business Banking	26,699		26,451		1		26,699		26,451		1
Home equity	31,552		37,461		(16	)	31,552		37,461		(16	)
Residential mortgage	171,787		205,389		(16	)	171,787		205,389		(16	)
Home Lending	203,339		242,850		(16	)	203,339		242,850		(16	)
Card	159,571		147,881		8		159,571		147,881		8
Auto	61,410		63,619		(3	)	61,410		63,619		(3	)
Total loans	451,019		480,801		(6	)	451,019		480,801		(6	)
Core loans	405,662		425,917		(5	)	405,662		425,917		(5	)
Deposits	701,170		677,260		4		701,170		677,260		4
Equity	52,000		51,000		2		52,000		51,000		2
Selected balance sheet data (average)
Total assets	$	538,500	$	551,080	(2	)	$	544,833	$	544,931	—
Loans:
Consumer & Business Banking	26,550		26,351		1		26,537		26,104		2
Home equity	32,215		38,211		(16	)	33,694		39,951		(16	)
Residential mortgage	181,157		204,689		(11	)	191,881		201,665		(5	)
Home Lending	213,372		242,900		(12	)	225,575		241,616		(7	)
Card	158,168		146,272		8		154,375		143,986		7
Auto	61,371		64,060		(4	)	62,118		65,096		(5	)
Total loans	459,461		479,583		(4	)	468,605		476,802		(2	)
Core loans	413,036		422,582		(2	)	419,851		415,662		1
Deposits	693,980		674,211		3		688,676		669,244		3
Equity	52,000		51,000		2		52,000		51,000		2

Headcount	127,687		129,891		(2	)%	127,687		129,891		(2	)%



Selected metrics
	As of or for the three months ended September 30,								As of or for the nine months ended September 30,
(in millions, except ratio data)	2019			2018			Change		2019			2018			Change
Credit data and quality statistics
Nonaccrual loans^(a)(b)	$	3,099		$	3,520		(12	)%	$	3,099		$	3,520		(12	)%

Net charge-offs/(recoveries)^(c)
Consumer & Business Banking	79			68			16		204			171			19
Home equity	(25		)	(12		)	(108	)	(41		)	(3		)	NM
Residential mortgage	(17		)	(105		)	84		(34		)	(252		)	87
Home Lending	(42		)	(117		)	64		(75		)	(255		)	71
Card	1,175			1,073			10		3,617			3,407			6
Auto	49			56			(13	)	149			182			(18	)
Total net charge-offs/(recoveries)	$	1,261		$	1,080		17		$	3,895		$	3,505		11

Net charge-off/(recovery) rate^(c)
Consumer & Business Banking	1.18		%	1.02		%			1.03		%	0.88		%
Home equity^(d)	(0.41		)	(0.17		)			(0.22		)	(0.01		)
Residential mortgage^(d)	(0.04		)	(0.22		)			(0.03		)	(0.18		)
Home Lending^(d)	(0.09		)	(0.21		)			(0.05		)	(0.16		)
Card	2.95			2.91					3.13			3.16
Auto	0.32			0.35					0.32			0.37
Total net charge-off/(recovery) rate^(d)	1.16			0.95					1.17			1.05

30+ day delinquency rate
Home Lending^(e)(f)	0.78		%	0.81		%			0.78		%	0.81		%
Card	1.84			1.75					1.84			1.75
Auto	0.88			0.82					0.88			0.82

90+ day delinquency rate — Card	0.90			0.85					0.90			0.85

Allowance for loan losses
Consumer & Business Banking	$	746		$	796		(6	)	$	746		$	796		(6	)
Home Lending, excluding PCI loans	903			1,003			(10	)	903			1,003			(10	)
Home Lending — PCI loans^(c)	1,256			1,824			(31	)	1,256			1,824			(31	)
Card	5,583			5,034			11		5,583			5,034			11
Auto	465			464			—		465			464			—
Total allowance for loan losses^(c)	$	8,953		$	9,121		(2	)%	$	8,953		$	9,121		(2	)%


(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 September 30, 2019 and 2018, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $1.6 billion and $2.9 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 September 30, 2019 and 2018, excluded $43 million and $58 million, respectively, and for nine months ended September 30, 2019 and 2018, excluded $132 million and $151 million, respectively, of write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans. Refer to Summary of changes in the allowance for credit losses on page 68 for further information on PCI write-offs.

(d)

Excludes the impact of PCI loans. For the three months ended September 30, 2019 and 2018, the net charge-off/(recovery) rates including the impact of PCI loans were as follows: (1) home equity of (0.31)% and (0.12)%, respectively; (2) residential mortgage of (0.04)% and (0.20)%, respectively; (3) Home Lending of (0.08)% and (0.19)%, respectively; and (4) total CCB of 1.10% and 0.89%, respectively. For nine months ended September 30, 2019 and 2018, the net charge-off/(recovery) rates included impact of PCI loans were as follows: (1) home equity of (0.16)% and (0.01)%, respectively; (2) residential mortgage of (0.02)% and (0.17)%, respectively; (3) Home Lending of (0.04)% and (0.14)%, respectively; and (4) total CCB of 1.12% and 0.98%, respectively.


(e)	At September 30, 2019 and 2018, excluded mortgage loans insured by U.S. government agencies of $2.7 billion and $4.5 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 8.56% and 9.39% at September 30, 2019 and 2018, respectively.



Selected metrics
	As of or for the three months ended September 30,								As of or for the nine months ended September 30,
(in billions, except ratios and where otherwise noted)	2019			2018			Change		2019			2018			Change
Business Metrics
Number of branches	4,949			5,066			(2	)%	4,949			5,066			(2	)%
Active digital customers (in thousands)^(a)	51,843			48,664			7		51,843			48,664			7
Active mobile customers (in thousands)^(b)	36,510			32,538			12		36,510			32,538			12
Debit and credit card sales volume	$	282.2		$	259.0		9		$	818.8		$	746.4		10

Consumer & Business Banking
Average deposits	$	678.3		$	659.5		3		$	674.5		$	655.3		3
Deposit margin	2.47		%	2.43		%			2.56		%	2.33		%
Business banking origination volume	$	1.6		$	1.6		(5	)	$	4.8		$	5.2		(8	)
Client investment assets	337.9			298.4			13		337.9			298.4			13

Home Lending
Mortgage origination volume by channel
Retail	$	14.2		$	10.6		34		$	34.6		$	29.3		18
Correspondent	18.2			11.9			53		37.3			32.9			13
Total mortgage origination volume^(c)	$	32.4		$	22.5		44		$	71.9		$	62.2		16

Total loans serviced (period-end)	$	774.8		$	798.6		(3	)	$	774.8		$	798.6		(3	)
Third-party mortgage loans serviced (period-end)	535.8			526.5			2		535.8			526.5			2
MSR carrying value (period-end)	4.4			6.4			(31	)	4.4			6.4			(31	)
Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end)	0.82		%	1.22		%			0.82		%	1.22		%

MSR revenue multiple^(d)	2.41		x	3.49		x			2.34		x	3.49		x

Card, excluding Commercial Card
Credit card sales volume	$	193.6		$	176.0		10		$	558.6		$	507.1		10

Card Services
Net revenue rate	11.40		%	11.50		%			11.50		%	11.17		%

Merchant Services
Merchant processing volume	$	380.5		$	343.8		11		$	1,108.6		$	990.9		12

Auto
Loan and lease origination volume	$	9.1		$	8.1		12		$	25.5		$	24.8		3
Average auto operating lease assets	21.8			19.2			14	%	21.3			18.4			16	%


(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 $35.8 billion and $24.5 billion for the three months ended September 30, 2019 and 2018, respectively, and $78.5 billion and $68.2 billion for nine months ended September 30, 2019 and 2018, 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).



CORPORATE & INVESTMENT BANK

Refer to pages 66–70 of JPMorgan Chase’s 2018 Form 10-K and Line of Business Metrics on page 173 for a discussion of the business profile of CIB.



Selected income statement data
	Three months ended September 30,								Nine months ended September 30,
(in millions, except ratios)	2019			2018			Change		2019			2018			Change
Revenue
Investment banking fees	$	1,981		$	1,823		9	%	$	5,671		$	5,658		—
Principal transactions	3,418			3,091			11		11,466			10,786			6
Lending- and deposit-related fees	360			373			(3	)	1,095			1,136			(4	)
Asset management, administration and commissions	1,197			1,130			6		3,447			3,416			1
All other income	226			88			157		649			958			(32	)
Noninterest revenue	7,182			6,505			10		22,328			21,954			2
Net interest income	2,156			2,300			(6	)	6,499			7,257			(10	)
Total net revenue^(a)	9,338			8,805			6		28,827			29,211			(1	)

Provision for credit losses	92			(42		)	NM		179			(142		)	NM

Noninterest expense
Compensation expense	2,734			2,402			14		8,381			8,158			3
Noncompensation expense	2,614			2,773			(6	)	7,907			8,079			(2	)
Total noninterest expense	5,348			5,175			3		16,288			16,237			—
Income before income tax expense	3,898			3,672			6		12,360			13,116			(6	)
Income tax expense	1,089			1,046			4		3,365			3,318			1
Net income	$	2,809		$	2,626		7	%	$	8,995		$	9,798		(8	)%
Financial ratios
Return on equity	13		%	14		%			14		%	18		%
Overhead ratio	57			59					57			56
Compensation expense as percentage of total net revenue	29			27					29			28

(a)

Includes 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; and tax-exempt income from municipal bonds of $527 million and $354 million for the three months ended September 30, 2019 and 2018, respectively, and $1.6 billion and $1.2 billion for the nine months ended September 30, 2019 and 2018, respectively.



Selected income statement data
	Three months ended September 30,							Nine months ended September 30,
(in millions)	2019			2018		Change		2019			2018			Change
Revenue by business
Investment Banking	$	1,871		$	1,731	8	%	$	5,392		$	5,267		2	%
Treasury Services	1,101			1,183		(7	)	3,383			3,480			(3	)
Lending	329			331		(1	)	1,006			954			5
Total Banking	3,301			3,245		2		9,781			9,701			1
Fixed Income Markets	3,557			2,844		25		10,972			10,850			1
Equity Markets	1,517			1,595		(5	)	4,986			5,571			(11	)
Securities Services	1,034			1,057		(2	)	3,093			3,219			(4	)
Credit Adjustments & Other^(a)	(71		)	64		NM		(5		)	(130		)	96
Total Markets & Securities Services	6,037			5,560		9		19,046			19,510			(2	)
Total net revenue	$	9,338		$	8,805	6	%	$	28,827		$	29,211		(1	)%


(a)	Consists primarily of credit valuation adjustments (“CVA”) managed centrally within CIB and funding valuation adjustments (“FVA”) on derivatives. Results are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts

allocated to Fixed Income Markets and Equity Markets.

Quarterly results

Net income was $2.8 billion, up 7%.

Net revenue was $9.3 billion, up 6%.

Banking revenue was $3.3 billion, up 2%.


•	Investment Banking revenue was $1.9 billion, up 8%, driven by higher debt and equity underwriting fees, partially offset by lower advisory fees. The Firm maintained its #1 ranking for Global Investment Banking fees with overall share gains, according to Dealogic.


–	Debt underwriting fees were $961 million, up 17%, reflecting wallet share gains despite a decline in industry-wide fees, driven by participation in large acquisition financing deals and increased activity in investment-grade bonds.


–	Equity underwriting fees were $514 million, up 22%, driven by wallet share gains primarily in the IPO and convertible markets.


–	Advisory fees were $506 million, down 13%, driven by a decline in industry-wide fees compared to a strong prior year.


•	Treasury Services revenue was $1.1 billion, down 7%, driven by deposit margin compression partially offset by fee growth and higher balances.


•	Lending revenue was $329 million, down 1%.

Markets & Securities Services revenue was $6.0 billion, up 9%. Markets revenue was $5.1 billion, up 14%.


•	Fixed Income Markets revenue was $3.6 billion, up 25% compared to the prior year which reflected less favorable market conditions. The current quarter results were driven by strong client activity across products primarily in Rates, agency mortgage trading within Securitized Products and Commodities.


•	Equity Markets revenue was $1.5 billion, down 5% compared to a strong prior year. The current quarter results were driven by lower revenue in derivatives reflecting lower client activity and less favorable market conditions which were partially offset by higher revenue in Cash Equities.


•	Securities Services revenue was $1.0 billion, down 2%, with deposit margin compression largely offset by organic growth.

The provision for credit losses was $92 million, largely driven by a net addition to the allowance for credit losses related to select emerging market client downgrades. The prior year was a benefit of $42 million reflecting a net recovery related to a loan sale.

Noninterest expense was $5.3 billion, up 3%, driven by higher volume- and revenue-related expenses and investments, including compensation expense, largely offset

by lower legal expenses and FDIC charges.

Year-to-date results

Net income was $9.0 billion, down 8%.

Net revenue was $28.8 billion, down 1%.

Banking revenue was $9.8 billion, up 1% compared to the prior year.


•	Investment Banking revenue was $5.4 billion, up 2%, with higher debt underwriting, predominantly offset by lower advisory and equity underwriting fees. The Firm maintained its #1 ranking for Global Investment Banking fees with overall share gains, according to Dealogic.


–	Debt underwriting fees were $2.7 billion, up 7%, reflecting wallet share gains despite a decline in industry-wide fees, driven by participation in large acquisition financing deals.


–	Advisory fees were $1.7 billion, down 6%, and Equity underwriting fees were $1.3 billion, down 4%, driven by a decline in industry-wide fees despite wallet share gains.


•	Treasury Services revenue was $3.4 billion, down 3%, with deposit margin compression predominantly offset by fee growth and higher balances.


•	Lending revenue was $1.0 billion, up 5%, predominantly driven by higher net interest income reflecting growth in loan balances.

Markets & Securities Services revenue was $19.0 billion, down 2%. Markets revenue was $16.0 billion, down 3% which included a gain from the IPO of Tradeweb. In addition, prior year results included approximately $500 million of fair value gains related to the adoption of the recognition and measurement accounting guidance for certain equity investments previously held at cost.


•	Fixed Income Markets revenue was $11.0 billion, up 1% reflecting higher revenue in agency mortgage trading within Securitized Products and Commodities partially offset by lower revenue in Currencies & Emerging Markets.


•	Equity Markets revenue was $5.0 billion, down 11% compared to a strong prior year, predominantly driven by lower client activity in derivatives.


•	Securities Services revenue was $3.1 billion, down 4%, driven by deposit margin compression and the impact of a business exit partially offset by organic growth.


•	Credit Adjustments & Other was a loss of $5 million, compared with a loss of $130 million in the prior year.

The provision for credit losses was $179 million reflecting select C&I client downgrades including those in an emerging market. The prior year was a benefit of $142 million, primarily driven by loan sales and other activity related to a single name in the Oil & Gas portfolio, partially offset by other net portfolio activity.

Noninterest expense was $16.3 billion, flat compared to the prior year reflecting higher volume-related expenses and investments, including front office hires, as well as technology staff, predominantly offset by lower FDIC charges and revenue-related compensation expense.



Selected metrics
	As of or for the three months ended September 30,						As of or for the nine months ended September 30,
(in millions, except headcount)	2019		2018		Change		2019		2018		Change
Selected balance sheet data (period-end)
Assets	$	1,023,132	$	928,148	10	%	$	1,023,132	$	928,148	10	%
Loans:
Loans retained^(a)	118,290		117,084		1		118,290		117,084		1
Loans held-for-sale and loans at fair value	8,324		6,133		36		8,324		6,133		36
Total loans	126,614		123,217		3		126,614		123,217		3
Core loans	126,445		122,953		3		126,445		122,953		3
Equity	80,000		70,000		14		80,000		70,000		14
Selected balance sheet data (average)
Assets	$	1,003,395	$	924,909	8		$	985,503	$	924,145	7
Trading assets-debt and equity instruments	415,450		349,390		19		406,304		354,270		15
Trading assets-derivative receivables	48,266		62,025		(22	)	49,221		60,943		(19	)
Loans:
Loans retained^(a)	$	119,007	$	115,390	3		$	123,368	$	112,921	9
Loans held-for-sale and loans at fair value	8,344		7,328		14		8,239		6,263		32
Total loans	$	127,351	$	122,718	4		$	131,607	$	119,184	10
Core loans	127,187		122,442		4		131,436		118,877		11
Equity	80,000		70,000		14		80,000		70,000		14
Headcount	55,873		54,052		3	%	55,873		54,052		3	%


(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.



Selected metrics
	As of or for the three months ended September 30,								As of or for the nine months ended September 30,
(in millions, except ratios)	2019			2018			Change		2019			2018			Change
Credit data and quality statistics
Net charge-offs/(recoveries)	$	38		$	(40	)	NM		$	140		$	94		49	%
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained^(a)	$	712		$	318		124	%	$	712		$	318		124
Nonaccrual loansheld-for-sale and loans at fair value	262			9			NM		262			9			NM
Total nonaccrual loans	974			327			198		974			327			198
Derivative receivables	26			90			(71	)	26			90			(71	)
Assets acquired in loan satisfactions	75			61			23		75			61			23
Total nonperforming assets	$	1,075		$	478		125		$	1,075		$	478		125
Allowance for credit losses:
Allowance for loan losses	$	1,171		$	1,068		10		$	1,171		$	1,068		10
Allowance for lending-related commitments	824			802			3		824			802			3
Total allowance for credit losses	$	1,995		$	1,870		7	%	$	1,995		$	1,870		7	%
Net charge-off/(recovery) rate^(b)	0.13		%	(0.14		)%			0.15		%	0.11		%
Allowance for loan losses to period-end loans retained	0.99			0.91					0.99			0.91
Allowance for loan losses to period-end loans retained, excluding trade finance and conduits^(c)	1.33			1.27					1.33			1.27
Allowance for loan losses to nonaccrual loans retained^(a)	164			336					164			336
Nonaccrual loans to total period-end loans	0.77		%	0.27		%			0.77		%	0.27		%


(a)	Allowance for loan losses of $207 million and $145 million were held against these nonaccrual loans at September 30, 2019 and 2018, respectively.


(b)	Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.


(c)	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.



Investment banking fees
	Three months ended September 30,						Nine months ended September 30,
(in millions)	2019		2018		Change		2019		2018		Change
Advisory	$	506	$	581	(13	)%	$	1,675	$	1,782	(6	)%
Equity underwriting	514		420		22		1,284		1,336		(4	)
Debt underwriting^(a)	961		822		17		2,712		2,540		7
Total investment banking fees	$	1,981	$	1,823	9	%	$	5,671	$	5,658	—


(a)	Represents long-term debt and loan syndications.



League table results – wallet share
	Three months ended September 30,						Nine months ended September 30,						Full-year 2018
	2019			2018			2019			2018			Full-year 2018
	Rank		Share	Rank		Share	Rank		Share	Rank		Share	Rank		Share
Based on fees^(a)
M&A^(b)
Global	#	2	8.6	#	2	8.4	#	2	9.3	#	2	8.8	#	2	8.7	%
U.S.	4		8.7	3		7.0	2		9.4	2		9.3	2		8.9
Equity and equity-related^(c)
Global	1		11.9	1		9.7	1		10.3	3		9.1	1		9.0
U.S.	1		17.3	1		13.2	1		13.8	1		12.5	1		12.3
Long-term debt^(d)
Global	1		8.8	1		7.8	1		8.0	1		7.4	1		7.2
U.S.	1		13.7	1		12.9	1		12.2	1		11.4	1		11.2
Loan syndications
Global	1		10.1	1		10.8	1		10.6	1		9.9	1		9.7
U.S.	1		13.0	1		14.4	1		13.2	1		12.6	1		12.3
Global investment banking fees^(e)	#	1	9.6	#	1	9.0	#	1	9.3	#	1	8.7	#	1	8.6	%


(a)	Source: Dealogic as of October 1, 2019. Reflects the ranking of revenue wallet and market share.


(b)	Global M&A excludes any withdrawn transactions. U.S. M&A revenue wallet represents wallet from client parents based in the U.S.


(c)	Global equity and equity-related ranking includes rights offerings and Chinese A-Shares.


(d)	Long-term debt rankings include investment-grade, high-yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”); and exclude money market, short-term debt, and U.S. municipal securities.


(e)	Global investment banking fees exclude money market, short-term debt and shelf deals.

Markets revenue

The following table summarizes select income statement data for the Markets businesses. Markets includes both Fixed Income Markets and Equity Markets. Markets revenue comprises principal transactions, fees, commissions and other income, as well as net interest income. The Firm assesses its Markets business performance on a total revenue basis, as offsets may occur across revenue line items. For example, securities that generate net interest income may be risk-managed by derivatives that are

recorded in principal transactions revenue. Refer to Notes 5 and 6 for a description of the composition of these income statement line items. Refer to Markets revenue on page 69 of JPMorgan Chase’s 2018 Form 10-K for further information.

For the periods presented below, the predominant source of principal transactions revenue was the amount recognized

upon executing new transactions.



	Three months ended September 30,							Three months ended September 30,
	2019							2018
(in millions)	Fixed Income Markets		Equity Markets			Total Markets		Fixed Income Markets		Equity Markets			Total Markets
Principal transactions	$	2,292	$	1,263		$	3,555	$	1,849	$	1,252		$	3,101
Lending- and deposit-related fees	51		1			52		51		1			52
Asset management, administration and commissions	110		472			582		96		446			542
All other income	108		54			162		33		7			40
Noninterest revenue	2,561		1,790			4,351		2,029		1,706			3,735
Net interest income	996		(273		)	723		815		(111		)	704
Total net revenue	$	3,557	$	1,517		$	5,074	$	2,844	$	1,595		$	4,439



	Nine months ended September 30,							Nine months ended September 30,
	2019							2018
(in millions)	Fixed Income Markets		Equity Markets			Total Markets		Fixed Income Markets		Equity Markets			Total Markets
Principal transactions	$	7,205	$	4,428		$	11,633	$	6,795	$	4,528		$	11,323
Lending- and deposit-related fees	149		5			154		147		4			151
Asset management, administration and commissions	310		1,359			1,669		313		1,364			1,677
All other income	500		31			531		764		18			782
Noninterest revenue	8,164		5,823			13,987		8,019		5,914			13,933
Net interest income^(a)	2,808		(837		)	1,971		2,831		(343		)	2,488
Total net revenue	$	10,972	$	4,986		$	15,958	$	10,850	$	5,571		$	16,421


(a)	Declines in Markets net interest income were driven by higher funding costs.



Selected metrics
	As of or for the three months ended September 30,						As of or for the nine months ended September 30,
(in millions, except where otherwise noted)	2019		2018		Change		2019		2018		Change
Assets under custody (“AUC”) by asset class (period-end) (in billions):
Fixed Income	$	13,349	$	12,339	8	%	$	13,349	$	12,339	8	%
Equity	9,301		9,174		1		9,301		9,174		1
Other^(a)	3,045		2,890		5		3,045		2,890		5
Total AUC	$	25,695	$	24,403	5		$	25,695	$	24,403	5
Client deposits and other third-party liabilities (average)^(b)	$	471,291	$	434,847	8	%	$	457,961	$	430,640	6	%


(a)	Consists of mutual funds, unit investment trusts, currencies, annuities, insurance contracts, options and other contracts.


(b)	Client deposits and other third-party liabilities pertain to the Treasury Services and Securities Services businesses.



International metrics
	As of or for the three months ended September 30,						As of or for the nine months ended September 30,
(in millions, except where otherwise noted)	2019		2018^(c)		Change		2019		2018^(c)		Change
Total net revenue^(a)
Europe/Middle East/Africa	$	2,892	$	2,773	4	%	$	8,955	$	9,936	(10	)%
Asia/Pacific	1,428		1,234		16		4,143		3,997		4
Latin America/Caribbean	404		318		27		1,205		1,123		7
Total international net revenue	4,724		4,325		9		14,303		15,056		(5	)
North America	4,614		4,480		3		14,524		14,155		3
Total net revenue	$	9,338	$	8,805	6		$	28,827	$	29,211	(1	)

Loans retained (period-end)^(a)
Europe/Middle East/Africa	$	23,807	$	25,341	(6	)	$	23,807	$	25,341	(6	)
Asia/Pacific	14,402		16,907		(15	)	14,402		16,907		(15	)
Latin America/Caribbean	5,782		6,097		(5	)	5,782		6,097		(5	)
Total international loans	43,991		48,345		(9	)	43,991		48,345		(9	)
North America	74,299		68,739		8		74,299		68,739		8
Total loans retained	$	118,290	$	117,084	1		$	118,290	$	117,084	1

Client deposits and other third-party liabilities (average)^(b)
Europe/Middle East/Africa	$	175,354	$	162,060	8		$	171,601	$	162,102	6
Asia/Pacific	91,556		81,771		12		87,866		82,272		7
Latin America/Caribbean	30,165		26,196		15		28,849		26,477		9
Total international	$	297,075	$	270,027	10		$	288,316	$	270,851	6
North America	174,216		164,820		6		169,645		159,789		6
Total client deposits and other third-party liabilities	$	471,291	$	434,847	8		$	457,961	$	430,640	6

AUC (period-end)^(b) (in billions)
North America	$	16,146	$	15,148	7		$	16,146	$	15,148	7
All other regions	9,549		9,255		3		9,549		9,255		3
Total AUC	$	25,695	$	24,403	5	%	$	25,695	$	24,403	5	%


(a)	Total net revenue and loans retained (excluding loans held-for-sale and loans at fair value) are based on the location of the trading desk, booking location, or domicile of the client, as applicable.


(b)	Client deposits and other third-party liabilities pertaining to the Treasury Services and Securities Services businesses, and AUC, are based on the domicile of the client.


(c)	The prior period amounts have been revised to conform with the current period presentation.



COMMERCIAL BANKING

Refer to pages 71-73 of JPMorgan Chase’s 2018 Form 10-K and Line of Business Metrics on page 174 for a discussion of the business profile of CB.



Selected income statement data
	Three months ended September 30,							Nine months ended September 30,
(in millions)	2019		2018			Change		2019		2018		Change
Revenue
Lending- and deposit-related fees	$	221	$	216		2	%	$	664	$	666	—	%
All other income^(a)	378		360			5		1,142		1,092		5
Noninterest revenue	599		576			4		1,806		1,758		3
Net interest income	1,608		1,695			(5	)	4,950		4,995		(1	)
Total net revenue^(b)	2,207		2,271			(3	)	6,756		6,753		—

Provision for credit losses	67		(15		)	NM		186		23		NM

Noninterest expense
Compensation expense	454		432			5		1,341		1,268		6
Noncompensation expense	427		421			1		1,277		1,273		—
Total noninterest expense	881		853			3		2,618		2,541		3

Income before income tax expense	1,259		1,433			(12	)	3,952		4,189		(6	)
Income tax expense	322		344			(6	)	966		988		(2	)
Net income	$	937	$	1,089		(14	)%	$	2,986	$	3,201	(7	)%


(a)	Effective in the first quarter of 2019, includes revenue from investment banking products, commercial card transactions and asset management fees. The prior period amounts have been revised to conform with the current period presentation.


(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 $114 million and $107 million for the three months ended September 30, 2019 and 2018, respectively and $308 million and $316 million for the nine months ended September 30, 2019 and 2018, respectively.

Quarterly results

Net income was $937 million, a decrease of 14%.

Net revenue was $2.2 billion, down 3%. Net interest income was $1.6 billion, down 5%, driven by lower deposit margins, partially offset by higher deposit balances. Noninterest revenue was $599 million, an increase of 4%, predominantly driven by strong investment banking performance due to increased equity underwriting and M&A activity.

Noninterest expense was $881 million, up 3%, predominantly driven by investments in the business, largely offset by lower FDIC charges.

The provision for credit losses was $67 million, compared with a benefit of $15 million in the prior year.

Year-to-date results

Net income was $3.0 billion, a decrease of 7%.

Net revenue of $6.8 billion was flat. Net interest income was $5.0 billion, a decrease of 1%, driven by lower loan spreads and lower deposit balances, largely offset by higher deposit margins. Noninterest revenue was $1.8 billion, up 3% driven by higher investment banking revenue, predominantly due to increased equity underwriting and M&A activity.

Noninterest expense was $2.6 billion, an increase of 3%, predominantly driven by continued investments in the business, largely offset by lower FDIC charges.

The provision for credit losses was $186 million, largely driven by a net addition to the allowance for credit losses related to select C&I client downgrades.



Selected income statement data (continued)
	Three months ended September 30,								Nine months ended September 30,
(in millions, except ratios)	2019			2018			Change		2019			2018			Change
Revenue by product
Lending	$	1,006		$	1,027		(2	)%	$	3,030		$	3,052		(1	)%
Treasury services	950			1,021			(7	)	2,968			3,019			(2	)
Investment banking^(a)	226			206			10		708			644			10
Other	25			17			47		50			38			32
Total Commercial Banking net revenue	$	2,207		$	2,271		(3	)	$	6,756		$	6,753		—

Investment banking revenue, gross^(b)	$	700		$	581		20		$	2,110		$	1,889		12

Revenue by client segments
Middle Market Banking	$	903		$	935		(3	)	$	2,793		$	2,749		2
Corporate Client Banking	739			749			(1	)	2,264			2,243			1
Commercial Real Estate Banking^(c)	547			562			(3	)	1,632			1,681			(3	)
Other^(c)	18			25			(28	)	67			80			(16	)
Total Commercial Banking net revenue	$	2,207		$	2,271		(3	)%	$	6,756		$	6,753		—	%

Financial ratios
Return on equity	16		%	21		%			17		%	20		%
Overhead ratio	40			38					39			38


(a)	Includes CB’s share of revenue from investment banking products sold to CB clients through the CIB.


(b)	Refer to page 60 of the 2018 Form 10-K for discussion of revenue sharing.


(c)	Effective in the first quarter of 2019, client segment data includes Commercial Real Estate Banking which comprises the former Commercial Term Lending and Real Estate Banking client segments, and Community Development Banking (previously part of Other). The prior period amounts have been revised to conform with the current period presentation.



Selected metrics
	As of or for the three months ended September 30,						As of or for the nine months ended September 30,
(in millions, except headcount)	2019		2018		Change		2019		2018		Change
Selected balance sheet data (period-end)
Total assets	$	222,483	$	217,194	2	%	$	222,483	$	217,194	2	%
Loans:
Loans retained	209,448		205,177		2		209,448		205,177		2
Loans held-for-sale and loans at fair value	3,187		405		NM		3,187		405		NM
Total loans	$	212,635	$	205,582	3		$	212,635	$	205,582	3
Core loans	212,514		205,418		3		212,514		205,418		3
Equity	22,000		20,000		10		22,000		20,000		10

Period-end loans by client segment
Middle Market Banking	$	54,298	$	57,324	(5	)	$	54,298	$	57,324	(5	)
Corporate Client Banking	55,976		46,890		19		55,976		46,890		19
Commercial Real Estate Banking^(a)	101,326		100,072		1		101,326		100,072		1
Other^(a)	1,035		1,296		(20	)	1,035		1,296		(20	)
Total Commercial Banking loans	$	212,635	$	205,582	3		$	212,635	$	205,582	3

Selected balance sheet data (average)
Total assets	$	218,620	$	219,232	—		$	218,560	$	218,270	—
Loans:
Loans retained	207,286		205,603		1		206,183		203,950		1
Loans held-for-sale and loans at fair value	963		1,617		(40	)	1,097		1,139		(4	)
Total loans	$	208,249	$	207,220	—		$	207,280	$	205,089	1
Core loans	208,125		207,052		1		207,145		204,902		1

Average loans by client segment
Middle Market Banking	$	54,806	$	57,258	(4	)	$	56,221	$	57,121	(2	)
Corporate Client Banking	51,389		49,004		5		49,407		47,650		4
Commercial Real Estate Banking^(a)	101,044		99,627		1		100,663		98,880		2
Other^(a)	1,010		1,331		(24	)	989		1,438		(31	)
Total Commercial Banking loans	$	208,249	$	207,220	—		$	207,280	$	205,089	1

Client deposits and other third-party liabilities	$	172,714	$	168,169	3		$	169,427	$	171,483	(1	)
Equity	22,000		20,000		10		22,000		20,000		10

Headcount	11,501		10,937		5	%	11,501		10,937		5	%


(a)	Effective in the first quarter of 2019, client segment data includes Commercial Real Estate Banking which comprises the former Commercial Term Lending and Real Estate Banking client segments, and Community Development Banking (previously part of Other). The prior period amounts have been revised to conform with the current period presentation.



Selected metrics (continued)
	As of or for the three months ended September 30,								As of or for the nine months ended September 30,
(in millions, except ratios)	2019			2018			Change		2019			2018			Change
Credit data and quality statistics
Net charge-offs/(recoveries)	$	45		$	(18	)	NM		$	71		$	16		344	%
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained^(a)	$	659		$	452		46	%	$	659		$	452		46	%
Nonaccrual loans held-for-sale and loans at fair value	—			5			NM		—			5			NM
Total nonaccrual loans	$	659		$	457		44		$	659		$	457		44
Assets acquired in loan satisfactions	19			2			NM		19			2			NM
Total nonperforming assets	$	678		$	459		48		$	678		$	459		48
Allowance for credit losses:
Allowance for loan losses	$	2,759		$	2,619		5		$	2,759		$	2,619		5
Allowance for lending-related commitments	293			249			18		293			249			18
Total allowance for credit losses	$	3,052		$	2,868		6	%	$	3,052		$	2,868		6	%
Net charge-off/(recovery) rate^(b)	0.09		%	(0.03		)%			0.05		%	0.01		%
Allowance for loan losses to period-end loansretained	1.32			1.28					1.32			1.28
Allowance for loan losses to nonaccrual loans retained^(a)	419			579					419			579
Nonaccrual loans to period-end total loans	0.31			0.22					0.31			0.22


(a)	Allowance for loan losses of $119 million and $105 million was held against nonaccrual loans retained at September 30, 2019 and 2018, respectively.


(b)	Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.



ASSET & WEALTH MANAGEMENT

Refer to pages 74–76 of JPMorgan Chase’s 2018 Form 10-K and Line of Business Metrics on pages 174–175 for a discussion of the business profile of AWM.



Selected income statement data
(in millions, except ratios)	Three months ended September 30,								Nine months ended September 30,
	2019			2018			Change		2019			2018			Change
Revenue
Asset management, administration and commissions	$	2,574		$	2,563		—	%	$	7,558		$	7,623		(1	)%
All other income	139			117			19		431			374			15
Noninterest revenue	2,713			2,680			1		7,989			7,997			—
Net interest income	855			879			(3	)	2,627			2,640			—
Total net revenue	3,568			3,559			—		10,616			10,637			—

Provision for credit losses	44			23			91		48			40			20

Noninterest expense
Compensation expense	1,391			1,391			—		4,259			4,112			4
Noncompensation expense	1,231			1,194			3		3,606			3,620			—
Total noninterest expense	2,622			2,585			1		7,865			7,732			2

Income before income tax expense	902			951			(5	)	2,703			2,865			(6	)
Income tax expense	234			227			3		655			616			6
Net income	$	668		$	724		(8	)	$	2,048		$	2,249		(9	)

Revenue by line of business
Asset Management	$	1,816		$	1,827		(1	)	$	5,362		$	5,440		(1	)
Wealth Management	1,752			1,732			1		5,254			5,197			1
Total net revenue	$	3,568		$	3,559		—	%	$	10,616		$	10,637		—	%

Financial ratios
Return on equity	24		%	31		%			25		%	32		%
Overhead ratio	73			73					74			73
Pre-tax margin ratio:
Asset Management	25			27					25			27
Wealth Management	25			26					26			27
Asset & Wealth Management	25			27					25			27

Quarterly results

Net income was $668 million, a decrease of 8%.

Net revenue of $3.6 billion was flat. Net interest income was $855 million, down 3%, driven by deposit margin compression, largely offset by deposit and loan growth. Noninterest revenue was $2.7 billion, up 1%, driven by higher average market levels.

The provision for credit losses was $44 million, driven by net charge-offs, as well as net additions to the allowance for loan losses predominantly due to loan growth.

Noninterest expense was $2.6 billion, an increase of 1%, predominantly driven by continued investments in technology and advisors, partially offset by lower distribution and legal fees.

Year-to-date results

Net income was $2.0 billion, a decrease of 9%.

Net revenue of $10.6 billion was flat. Net interest income of $2.6 billion was flat, reflecting loan growth, offset by deposit margin compression. Noninterest revenue of $8.0 billion was flat, reflecting a shift in the mix toward lower fee products and lower brokerage activity, offset by higher net investment valuation gains.

The provision for credit losses was $48 million, driven by net charge-offs, as well as net additions to the allowance for loan losses predominantly due to loan growth.

Noninterest expense was $7.9 billion, an increase of 2%, predominantly driven by continued investments in technology and advisors, partially offset by lower distribution fees.



Selected metrics
	As of or for the three months ended September 30,								As of or for the nine months ended September 30,
(in millions, except ranking data, headcount and ratios)	2019			2018			Change		2019			2018			Change
% of JPM mutual fund assets rated as 4- or 5-star^(a)	65		%	64		%			65		%	64		%
% of JPM mutual fund assets ranked in 1^st or 2^nd quartile:^(b)
1 year	74			65					74			65
3 years	80			64					80			64
5 years	86			83					86			83

Selected balance sheet data (period-end)
Total assets	$	174,226		$	166,716		5	%	$	174,226		$	166,716		5	%
Loans	153,245			143,162			7		153,245			143,162			7
Core loans	153,245			143,162			7		153,245			143,162			7
Deposits	138,439			130,497			6		138,439			130,497			6
Equity	10,500			9,000			17		10,500			9,000			17

Selected balance sheet data (average)
Total assets	$	171,121		$	161,982		6		$	168,688		$	158,218		7
Loans	150,486			140,558			7		147,481			136,663			8
Core loans	150,486			140,558			7		147,481			136,663			8
Deposits	138,822			133,021			4		139,127			138,885			—
Equity	10,500			9,000			17		10,500			9,000			17

Headcount	24,228			23,747			2		24,228			23,747			2

Number of Wealth Management client advisors	2,872			2,808			2		2,872			2,808			2

Credit data and quality statistics
Net charge-offs	$	26		$	11		136		$	27		$	7		286
Nonaccrual loans	176			285			(38	)	176			285			(38	)
Allowance for credit losses:
Allowance for loan losses	$	350		$	317		10		$	350		$	317		10
Allowance for lending-related commitments	16			15			7		16			15			7
Total allowance for credit losses	$	366		$	332		10	%	$	366		$	332		10	%
Net charge-off rate	0.07		%	0.03		%			0.02		%	0.01		%
Allowance for loan losses to period-end loans	0.23			0.22					0.23			0.22
Allowance for loan losses to nonaccrual loans	199			111					199			111
Nonaccrual loans to period-end loans	0.11			0.20					0.11			0.20


(a)	Represents the “overall star rating” derived from Morningstar for the U.S., the U.K., Luxembourg, Hong Kong and Taiwan domiciled funds; and Nomura “star rating” for Japan domiciled funds. Includes only Asset Management retail open-ended mutual funds that have a rating. Excludes money market funds, Undiscovered Managers Fund, and Brazil and India domiciled funds.

(b)

Quartile ranking sourced from: Lipper for the U.S. and Taiwan domiciled funds; Morningstar for the U.K., Luxembourg and Hong Kong domiciled funds; Nomura for Japan domiciled funds and Fund Doctor for South Korea domiciled funds. Includes only Asset Management retail open-ended mutual funds that are ranked by the aforementioned sources. Excludes money market funds, Undiscovered Managers Fund, and Brazil and India domiciled funds.

Client assets

Client assets of $3.1 trillion and assets under management of $2.2 trillion were up 7% and 8% respectively, predominantly driven by net inflows into long-term and liquidity products as well as higher market levels globally.



Client assets
	September 30,
(in billions)	2019		2018		Change
Assets by asset class
Liquidity	$	505	$	463	9	%
Fixed income	590		457		29
Equity	437		452		(3	)
Multi-asset and alternatives	714		705		1
Total assets under management	2,246		2,077		8
Custody/brokerage/administration/deposits	815		790		3
Total client assets	$	3,061	$	2,867	7

Memo:
Alternatives client assets ^(a)	$	183	$	172	6

Assets by client segment
Private Banking	$	636	$	576	10
Institutional	1,029		945		9
Retail	581		556		4
Total assets under management	$	2,246	$	2,077	8

Private Banking	$	1,424	$	1,339	6
Institutional	1,051		967		9
Retail	586		561		4
Total client assets	$	3,061	$	2,867	7	%


(a)	Represents assets under management, as well as client balances in brokerage accounts



Client assets (continued)
	Three months ended September 30,					Nine months ended September 30,
(in billions)	2019			2018		2019			2018
Assets under management rollforward
Beginning balance	$	2,178		$	2,028	$	1,987		$	2,034
Net asset flows:
Liquidity	24			14		23			10
Fixed income	41			3		97			(9		)
Equity	(2		)	1		(9		)	8
Multi-asset and alternatives	1			4		(2		)	29
Market/performance/other impacts	4			27		150			5
Ending balance, September 30	$	2,246		$	2,077	$	2,246		$	2,077

Client assets rollforward
Beginning balance	$	2,998		$	2,799	$	2,733		$	2,789
Net asset flows	59			33		120			58
Market/performance/other impacts	4			35		208			20
Ending balance, September 30	$	3,061		$	2,867	$	3,061		$	2,867



International metrics
	As of or for the three months ended September 30,						As of or for the nine months ended September 30,
(in millions)	2019		2018		Change		2019		2018		Change
Total net revenue ^(a)
Europe/Middle East/Africa	$	672	$	677	(1	)%	$	2,014	$	2,095	(4	)%
Asia/Pacific	376		377		—		1,104		1,161		(5	)
Latin America/Caribbean	218		228		(4	)	658		689		(4	)
Total international net revenue	1,266		1,282		(1	)	3,776		3,945		(4	)
North America	2,302		2,277		1		6,840		6,692		2
Total net revenue^(a)	$	3,568	$	3,559	—		$	10,616	$	10,637	—	%


(a)	Regional revenue is based on the domicile of the client.



	As of or for the three months ended September 30,						As of or for the nine months ended September 30,
(in billions)	2019		2018		Change		2019		2018		Change
Assets under management
Europe/Middle East/Africa	$	387	$	375	3	%	$	387	$	375	3	%
Asia/Pacific	183		164		12		183		164		12
Latin America/Caribbean	70		65		8		70		65		8
Total international assets under management	640		604		6		640		604		6
North America	1,606		1,473		9		1,606		1,473		9
Total assets under management	$	2,246	$	2,077	8		$	2,246	$	2,077	8

Client assets
Europe/Middle East/Africa	$	455	$	435	5		$	455	$	435	5
Asia/Pacific	253		228		11		253		228		11
Latin America/Caribbean	172		162		6		172		162		6
Total international client assets	880		825		7		880		825		7
North America	2,181		2,042		7		2,181		2,042		7
Total client assets	$	3,061	$	2,867	7	%	$	3,061	$	2,867	7	%



CORPORATE

Refer to pages 77–78 of JPMorgan Chase’s 2018 Form 10-K for a discussion of Corporate.



Selected income statement and balance sheet data
	As of or for the three months ended September 30,								As of or for the nine months ended September 30,
(in millions, except headcount)	2019			2018			Change		2019			2018			Change
Revenue
Principal transactions	$	10		$	(161	)	NM		$	(227	)	$	(222	)	(2	)%
Investment securities gains/(losses)	78			(46		)	NM		135			(371		)	NM
All other income	32			30			7	%	95			373			(75)
Noninterest revenue	120			(177		)	NM		3			(220		)	NM
Net interest income	572			74			NM		1,436			(35		)	NM
Total net revenue^(a)	692			(103		)	NM		1,439			(255		)	NM

Provision for credit losses	—			2			NM		—			(3		)	NM

Noninterest expense^(b)	281			28			NM		724			394			84
Income/(loss) before income tax expense/(benefit)	411			(133		)	NM		715			(646		)	NM
Income tax expense/(benefit)	18			12			50		(757		)	18			NM
Net income/(loss)	$	393		$	(145	)	NM		$	1,472		$	(664	)	NM
Total net revenue
Treasury and CIO	$	801		$	186		331		$	1,930		$	235		NM
Other Corporate	(109		)	(289		)	62		(491		)	(490		)	—
Total net revenue	$	692		$	(103	)	NM		$	1,439		$	(255	)	NM
Net income/(loss)
Treasury and CIO	$	576		$	96		500		$	1,372		$	(244	)	NM
Other Corporate	(183		)	(241		)	24		100			(420		)	NM
Total net income/(loss)	$	393		$	(145	)	NM		$	1,472		$	(664	)	NM
Total assets (period-end)	$	812,333		$	742,693		9		$	812,333		$	742,693		9
Loans (period-end)	1,705			1,556			10		1,705			1,556			10
Core loans^(c)	1,706			1,556			10		1,706			1,556			10
Headcount	38,155			36,686			4	%	38,155			36,686			4	%


(a)	Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $74 million and $94 million for the three months ended September 30, 2019 and 2018, respectively, and $241 million and $287 million for the nine months ended September 30, 2019 and 2018, respectively.


(b)	Included a net legal benefit of $(32) million and $(175) million for the three months ended September 30, 2019 and 2018, respectively, and $(189) million and $(225) million for the nine months ended September 30, 2019 and 2018, respectively.


(c)	Average core loans were $1.7 billion and $1.6 billion for the three months ended September 30, 2019 and 2018, respectively, and $1.7 billion for both the nine months ended September 30, 2019 and 2018.

Quarterly results

Net income was $393 million, compared with a net loss of $145 million in the prior year.

Net revenue was $692 million, compared with a net loss of $103 million in the prior year, driven by higher net interest income and noninterest revenue. Net interest income was driven by balance sheet growth and changes in mix, partially offset by lower rates. Net interest income also includes income related to the unwind of the internal funding provided to CCB upon the sale of certain mortgage loans. The income reflects the net present value of that funding and is recognized as a charge to net interest income in CCB. Refer to CCB on pages 23–24 of this Form 10-Q and Funds Transfer Pricing (“FTP”) on page 60 of the Firm’s 2018 Form 10-K for further information.

Noninterest revenue increased reflecting small net gains on certain legacy private equity investments compared to net losses in the prior year.

Noninterest expense of $281 million was up $253 million due to higher investments in technology and a lower net legal benefit compared with the prior year.

The current period included tax benefits related to the resolution of certain tax audits as well as other tax adjustments, which were partially offset by changes to certain tax reserves. The prior year reflected a net benefit of $132 million resulting from changes in estimates under the TCJA related to the remeasurement of certain deferred taxes and the deemed repatriation tax on non-U.S. earnings, which was more than offset by changes to certain tax reserves and other tax adjustments.

Year-to-date results

Net income was $1.5 billion, compared with a net loss of $664 million in the prior year.

Net revenue was $1.4 billion, compared with a net loss of $255 million in the prior year driven by higher net interest income and noninterest revenue. Net interest income was

driven by balance sheet growth and changes in mix and includes the income related to the unwind of the internal funding, as mentioned above.

Noninterest revenue increased reflecting:


•	investment securities gains compared with losses in the prior year due to the repositioning of the investment securities portfolio


•	lower net valuation losses on certain legacy private equity investments,

partially offset by


•	losses on cash deployment transactions which were more than offset by the related net interest income earned on those transactions.

Noninterest expense of $724 million, was up $330 million reflecting:


•	higher investments in technology and real estate,


•	contributions to the Firm’s Foundation, whereas all prior-year contributions were made in the fourth quarter, and


•	higher pension costs due to changes to actuarial assumptions and estimates.

The prior year included a $174 million loss on the liquidation of a legal entity.

The current period included tax benefits of $957 million related to the resolution of certain tax audits, as well as other tax adjustments partially offset by changes in certain tax reserves. The prior year expense reflected changes to certain tax reserves, largely offset by a net benefit of $305 million resulting from changes in estimates under the TCJA related to the remeasurement of certain deferred taxes and the deemed repatriation tax on non-U.S. earnings as well as other tax adjustments.

Treasury and CIO overview

At September 30, 2019, the average credit rating of the Treasury and CIO investment securities comprising the portfolio in the table below was AA+ (based upon external ratings where available and, where not available, based primarily upon internal ratings that correspond to ratings as defined by S&P and Moody’s). Refer to Note 9 for further information on the Firm’s investment securities portfolio.

Refer to Liquidity Risk Management on pages 50–54 for further information on liquidity and funding risk. Refer to Market Risk Management on pages 70–74 for information on interest rate, foreign exchange and other risks.



Selected income statement and balance sheet data
	As of or for the three months ended September 30,						As of or for the nine months ended September 30,
(in millions)	2019		2018			Change	2019		2018			Change
Investment securities gains/(losses)	$	78	$	(46	)	NM	$	135	$	(371	)	NM
Available-for-sale (“AFS”) investment securities (average)	$	305,894	$	197,230		55	$	260,661	$	200,569		30
Held-to-maturity (“HTM”) investment securities (average)	35,494		31,232			14	32,518		31,842			2
Investment securities portfolio (average)	$	341,388	$	228,462		49	$	293,179	$	232,411		26
AFS investment securities (period-end)	$	351,599	$	198,523		77	$	351,599	$	198,523		77
HTM investment securities (period-end)	40,830		31,368			30	40,830		31,368			30
Investment securities portfolio (period-end)	$	392,429	$	229,891		71	$	392,429	$	229,891		71



ENTERPRISE-WIDE RISK MANAGEMENT

Risk is an inherent part of JPMorgan Chase’s business activities. When the Firm extends a consumer or wholesale loan, advises customers on their investment decisions, makes markets in securities, or offers other products or services, the Firm takes on some degree of risk. The Firm’s overall objective is to manage its businesses and the associated risks in a manner that balances serving the interests of its clients, customers and investors and protects the safety and soundness of the Firm.

The Firm believes that effective risk management requires:


•	Acceptance of responsibility, including identification and escalation of risk issues, by all individuals within the Firm;


•	Ownership of risk identification, assessment, data and management within each of the lines of business and Corporate; and


•	Firmwide structures for risk governance.

The Firm strives for continual improvement through efforts to enhance controls, ongoing employee training and development, talent retention, and other measures. The Firm follows a disciplined and balanced compensation framework with strong internal governance and independent Board oversight. The impact of risk and control issues are carefully considered in the Firm’s performance evaluation and incentive compensation processes.

Firmwide Risk Management is overseen and managed on an enterprise-wide basis. The Firm’s risk management governance and oversight framework involves understanding drivers of risks, types of risks, and impacts of risks.

Refer to pages 79-83 of JPMorgan Chase’s 2018 Form 10-K for a further discussion of Enterprise-wide risk management governance and oversight.

Effective July 2019, the Board of Directors’ Risk Policy Committee (“DRPC”) was renamed the Risk Committee. The committee’s responsibilities were not changed. Refer to page 81 of JPMorgan Chase’s 2018 Form 10-K for a further discussion of the committee.

Governance and Oversight Functions

The following sections of this Form 10-Q and the 2018 Form 10-K discuss the risk governance and oversight functions in place to manage the risks inherent in the Firm’s business activities.



Risk governance and oversight functions	Form 10-Q page reference	Form 10-K page reference
Strategic risk		84
Capital risk	45–49	85–94
Liquidity risk	50–54	95–100
Reputation risk		101
Consumer credit risk	56–59	106-111
Wholesale credit risk	60–66	112-119
Investment portfolio risk	69	123
Market risk	70–74	124-131
Country risk	75	132–133
Operational risk		134-136
Compliance risk		137
Conduct risk		138
Legal risk		139
Estimations and Model risk		140



CAPITAL RISK MANAGEMENT

Capital risk is the risk the Firm has an insufficient level and composition of capital to support the Firm’s business activities and associated risks during normal economic environments and under stressed conditions.

Refer to pages 85-94 of JPMorgan Chase’s 2018 Form

10-K, Note 21 of this Form 10-Q and the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website for a further discussion of the Firm’s Capital Risk Management, including capital planning and stress testing.

The capital rules under Basel III establish minimum capital ratios and overall capital adequacy standards for large and internationally active U.S. bank holding companies (“BHC”) and banks, including the Firm and its insured depository institution (“IDI”) subsidiaries, including JPMorgan Chase Bank, N.A. Two comprehensive approaches are prescribed for calculating RWA: a standardized approach (“Basel III

Standardized”), and an advanced approach (“Basel III Advanced”). Effective January 1, 2019, the capital adequacy of the Firm is evaluated against the fully phased-in measures under Basel III and represents the lower of the Standardized or Advanced approaches. During 2018, the required capital measures were subject to the transitional rules and as of December 31, 2018 the calculations were the same on a fully phased-in and on a transitional basis. The Firm’s Basel III Standardized risk-based ratios are currently more binding than the Basel III Advanced risk-based ratios, and the Firm expects that this will remain the case for the foreseeable future.

Basel III also includes a requirement for Advanced Approach banking organizations, including the Firm, to calculate the SLR. Refer to page 91 of JPMorgan Chase’s 2018 Form 10-K for additional information on SLR.

The following tables present the Firm’s risk-based and leverage-based capital measures under both the Basel III Standardized and Advanced Approaches. The Firm’s Basel III ratios exceeded regulatory minimums as of September 30, 2019 and December 31, 2018. Refer to Capital Risk Management on pages 85-94 of JPMorgan Chase’s 2018 Form 10-K for a further discussion of these capital metrics.



	September 30, 2019								December 31, 2018
(in millions)	Standardized			Advanced			Minimum capital ratios		Standardized^(b)			Advanced^(b)			Minimum capital ratios
Risk-based capital metrics:
CET1 capital	$	188,151		$	188,151				$	183,474		$	183,474
Tier 1 capital	214,831			214,831					209,093			209,093
Total capital	243,500			233,203					237,511			227,435
Risk-weighted assets	1,527,762			1,435,693					1,528,916			1,421,205
CET1 capital ratio	12.3		%	13.1		%	10.5	%	12.0		%	12.9		%	9.0	%
Tier 1 capital ratio	14.1			15.0			12.0		13.7			14.7			10.5
Total capital ratio	15.9			16.2			14.0		15.5			16.0			12.5
Leverage-based capital metrics:
Adjusted average assets^(a)	$	2,717,852		$	2,717,852				$	2,589,887		$	2,589,887
Tier 1 leverage ratio	7.9		%	7.9		%	4.0	%	8.1		%	8.1		%	4.0	%
Total leverage exposure	NA			$	3,404,535				NA			$	3,269,988
SLR	NA			6.3		%	5.0	%	NA			6.4		%	5.0	%


(a)	Adjusted average assets, for purposes of calculating the Tier 1 leverage ratio, 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.


(b)	The Firm’s capital ratios as of December 31, 2018 were equivalent whether calculated on a transitional or fully phased-in basis.

Capital components

The following table presents reconciliations of total stockholders’ equity to Basel III CET1 capital, Tier 1 capital and Total capital as of September 30, 2019 and December 31, 2018.



(in millions)	September 30, 2019			December 31, 2018
Total stockholders’ equity	$	264,348		$	256,515
Less: Preferred stock^(a)	28,363			26,068
Common stockholders’ equity	235,985			230,447
Less:
Goodwill	47,818			47,471
Other intangible assets	841			748
Other CET1 capital adjustments	1,546			1,034
Add:
Deferred tax liabilities^(b)	2,371			2,280
Standardized/Advanced CET1 capital	188,151			183,474
Preferred stock^(a)	28,363			26,068
Less: Other Tier 1 adjustments^(a)	1,683			449
Standardized/Advanced Tier 1 capital	$	214,831		$	209,093
Long-term debt and other instruments qualifying as Tier 2 capital	$	14,145		$	13,772
Qualifying allowance for credit losses	14,400			14,500
Other	124			146
Standardized Tier 2 capital	$	28,669		$	28,418
Standardized Total capital	$	243,500		$	237,511
Adjustment in qualifying allowance for credit losses for Advanced Tier 2 capital	(10,297		)	(10,076		)
Advanced Tier 2 capital	$	18,372		$	18,342
Advanced Total capital	$	233,203		$	227,435

(a)

As of September 30, 2019, preferred stock reflects the issuance of $2.25 billion of Series FF preferred stock and redemption of $880 million of Series W preferred stock. Other Tier 1 adjustments includes $1.37 billion of Series I preferred stock called for partial redemption on September 26, 2019 and subsequently redeemed on October 30, 2019. Tier 1 capital as of September 30, 2019 reflects the issuance and redemptions.


(b)	Represents certain deferred tax liabilities related to tax-deductible goodwill and identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating CET1 capital.

Capital rollforward

The following table presents the changes in Basel III CET1 capital, Tier 1 capital and Tier 2 capital for the nine months ended September 30, 2019.



Nine months ended September 30, (in millions)	2019
Standardized/Advanced CET1 capital at December 31, 2018	$	183,474
Net income applicable to common equity	26,710
Dividends declared on common stock	(8,086		)
Net purchase of treasury stock	(15,805		)
Changes in additional paid-in capital	(650		)
Changes related to AOCI	2,877
Adjustment related to DVA^(a)	287
Changes related to other CET1 capital adjustments	(656		)
Change in Standardized/Advanced CET1 capital	4,677
Standardized/Advanced CET1 capital at September 30, 2019	$	188,151

Standardized/Advanced Tier 1 capital at December 31, 2018	$	209,093
Change in CET1 capital	4,677
Net issuance of noncumulative perpetual preferred stock^(b)	925
Other	136
Change in Standardized/Advanced Tier 1 capital	5,738
Standardized/Advanced Tier 1 capital at September 30, 2019	$	214,831

Standardized Tier 2 capital at December 31, 2018	$	28,418
Change in long-term debt and other instruments qualifying as Tier 2	373
Change in qualifying allowance for credit losses	(101		)
Other	(21		)
Change in Standardized Tier 2 capital	251
Standardized Tier 2 capital at September 30, 2019	$	28,669
Standardized Total capital at September 30, 2019	$	243,500

Advanced Tier 2 capital at December 31, 2018	$	18,342
Change in long-term debt and other instruments qualifying as Tier 2	373
Change in qualifying allowance for credit losses	(322		)
Other	(21		)
Change in Advanced Tier 2 capital	30
Advanced Tier 2 capital at September 30, 2019	$	18,372
Advanced Total capital at September 30, 2019	$	233,203


(a)	Includes DVA related to structured notes recorded in AOCI.

(b)

Includes the net effect of $2.25 billion and $1.85 billion of non-cumulative preferred stock issued on July 31, 2019 and January 24, 2019, respectively, and redemptions of non-cumulative preferred stock of $925 million and $880 million on March 1, 2019 and September 1, 2019, respectively, as well as $1.37 billion of non-cumulative preferred stock that was called for partial redemption on September 26, 2019 and subsequently redeemed on October 30, 2019.

RWA rollforward

The following table presents changes in the components of RWA under Basel III Standardized and Advanced for the nine months ended September 30, 2019. The amounts in the rollforward categories are estimates, based on the predominant driver of the change.



	Standardized									Advanced
Nine months ended September 30, 2019 (in millions)	Credit risk RWA			Market risk RWA			Total RWA			Credit risk RWA			Market risk RWA			Operational risk RWA			Total RWA
December 31, 2018	$	1,423,053		$	105,863		$	1,528,916		$	926,647		$	105,976		$	388,582		$	1,421,205
Model & data changes^(a)	(3,406		)	(17,076		)	(20,482		)	(4,542		)	(17,076		)	—			(21,618		)
Portfolio runoff^(b)	(4,400		)	—			(4,400		)	(4,300		)	—			—			(4,300		)
Movement in portfolio levels^(c)	24,711			(983		)	23,728			44,408			(1,136		)	(2,866		)	40,406
Changes in RWA	16,905			(18,059		)	(1,154		)	35,566			(18,212		)	(2,866		)	14,488
September 30, 2019	$	1,439,958		$	87,804		$	1,527,762		$	962,213		$	87,764		$	385,716		$	1,435,693


(a)	Model & data changes refer to movements in levels of RWA as a result of revised methodologies and/or treatment per regulatory guidance (exclusive of rule changes).


(b)	Portfolio runoff for credit risk RWA primarily reflects reduced risk from position rolloffs in legacy portfolios in Home Lending.


(c)	Movement in portfolio levels (inclusive of rule changes) refers to: changes in book size, composition, credit quality, and market movements for credit risk RWA; changes in position and market movements for market risk RWA; and updates to cumulative losses for operational risk RWA.

Supplementary leverage ratio

Refer to Capital Risk Management on page 88 of JPMorgan Chase’s 2018 Form 10-K for additional information.

The following table presents the components of the Firm’s SLR as of September 30, 2019 and December 31, 2018.



(in millions, except ratio)	September 30, 2019			December 31, 2018
Tier 1 capital	$	214,831		$	209,093
Total average assets	2,765,052			2,636,505
Less: Adjustments for deductions from Tier 1 capital	47,200			46,618
Total adjusted average assets^(a)	2,717,852			2,589,887
Off-balance sheet exposures^(b)	686,683			680,101
Total leverage exposure	$	3,404,535		$	3,269,988
SLR	6.3		%	6.4		%


(a)	Adjusted average assets, for purposes of calculating the SLR, 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.


(b)	Off-balance sheet exposures are calculated as the average of the three month-end spot balances during the quarter.

Refer to Note 21 for JPMorgan Chase Bank, N.A.’s SLR ratios.

Line of business equity

Each business segment is allocated capital by taking into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. Effective January 1, 2019, line of business capital allocations have increased due to a combination of changes in the relative weights, with greater emphasis on Standardized RWA and stress, a higher capitalization rate, updated stress simulations, and general business growth. Refer to page 91 of JPMorgan Chase’s 2018 Form 10-K for additional information.

The following table represents the capital allocated to each business segment:



(in billions)	September 30, 2019		December 31, 2018
Consumer & Community Banking	$	52.0	$	51.0
Corporate & Investment Bank	80.0		70.0
Commercial Banking	22.0		20.0
Asset & Wealth Management	10.5		9.0
Corporate	71.5		80.4
Total common stockholders’ equity	$	236.0	$	230.4

Planning and stress testing

Comprehensive Capital Analysis and Review (“CCAR”)

On June 27, 2019, the Federal Reserve informed the Firm that it did not object to the Firm’s 2019 capital plan.

Capital actions

Preferred stock

Preferred stock dividends declared were $423 million and $1.2 billion for the three and nine months ended September 30, 2019.

On October 31, 2019, the Firm announced and priced an offering of depositary shares representing $900 million of 4.75% non-cumulative preferred stock, Series GG. This issuance is expected to close on November 7, 2019. On November 1, 2019, the Firm announced that it will redeem all $900 million of its 5.45% non-cumulative preferred stock, Series P on December 1, 2019.

On October 30, 2019, the Firm redeemed $1.37 billion of its Series I fixed-to-floating rate non-cumulative perpetual preferred stock.

On September 1, 2019, the Firm redeemed all $880 million of its 6.30% non-cumulative preferred stock, Series W.

On July 31, 2019, the Firm issued $2.25 billion of fixed-to-floating rate non-cumulative preferred stock, Series FF.

Refer to Note 17 of this Form 10-Q and Note 20 of JPMorgan Chase’s 2018 Form 10-K for additional information on the Firm’s preferred stock.

Common stock dividends

On September 17, 2019, the Firm announced that its Board of Directors had declared a quarterly common stock dividend, which increased to $0.90 per share, from $0.80 per share effective with the dividend paid on October 31, 2019. The Firm’s dividends are subject to the Board of Directors’ approval on a quarterly basis.

Common equity

The Firm’s Board of Directors has authorized the repurchase of up to $29.4 billion of gross common equity between July 1, 2019 and June 30, 2020 as part of the Firm’s annual capital plan.

The following table sets forth the Firm’s repurchases of common equity, on a settlement-date basis, for the three and nine months ended September 30, 2019 and 2018.



	Three months ended September 30,				Nine months ended September 30,
(in millions)	2019		2018		2019		2018
Total shares of common stock repurchased	62.0		39.3		159.0		126.0
Aggregate common stock repurchases	$	6,949	$	4,416	$	17,250	$	14,055

Refer to Part II, Item 2: Unregistered Sales of Equity Securities and Use of Proceeds and Part II, Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities on pages 176-177 of this Form 10-Q and page 30 of JPMorgan Chase’s 2018 Form 10-K, respectively, for additional information regarding repurchases of the Firm’s equity securities.

Other capital requirements

TLAC

The Federal Reserve’s TLAC rule requires the top-tier U.S. GSIB holding companies, including the Firm, to maintain minimum levels of external TLAC and eligible LTD effective January 1, 2019.

Refer to page 93 of JPMorgan Chase’s 2018 Form 10-K for additional information.

The following table presents the eligible external TLAC and LTD amounts, as well as a representation of the amounts as a percentage of the Firm’s total RWA and total leverage exposure.



September 30, 2019
(in billions, except ratio)	Eligible external TLAC^(a)			Eligible LTD
Total eligible TLAC & LTD	$	387.8		$	159.9
% of RWA	25.4		%	10.5		%
Minimum requirement	23.0			9.5
Surplus/(shortfall)	$	36.4		$	14.8

% of total leverage exposure	11.4		%	4.7		%
Minimum requirement	9.5			4.5
Surplus/(shortfall)	$	64.3		$	6.7


(a)	As of September 30, 2019, total eligible external TLAC reflects the issuance of $2.25 billion of Series FF non-cumulative preferred stock, redemption of $880 million of Series W non-cumulative preferred stock, and redemption of $1.37 billion of Series I non-cumulative preferred stock called for partial redemption on September 26, 2019 and subsequently redeemed on October 30, 2019.

Refer to Part I, Item 1A: Risk Factors on pages 7-28 of JPMorgan Chase’s 2018 Form 10-K for information on the financial consequences to holders of the Firm’s debt and equity securities in a resolution scenario.

Broker-dealer regulatory capital

J.P. Morgan Securities

JPMorgan Chase’s principal U.S. broker-dealer subsidiary is J.P. Morgan Securities. J.P. Morgan Securities is subject to Rule 15c3-1 under the Securities Exchange Act of 1934 (the “Net Capital Rule”). J.P. Morgan Securities is also registered as a futures commission merchant and subject to Rule 1.17 of the Commodity Futures Trading Commission (“CFTC”).

Refer to Capital risk management on pages 85-94 of JPMorgan Chase’s 2018 Form 10-K for a discussion on J.P. Morgan Securities’ capital requirements.

The following table presents J.P. Morgan Securities’ net capital:

J.P. Morgan Securities plc

J.P. Morgan Securities plc is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and broker-dealer activities. J.P. Morgan Securities plc is jointly regulated by the U.K. Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”).

Refer to Capital risk management on pages 85-94 of JPMorgan Chase’s 2018 Form 10-K for a further discussion on J.P. Morgan Securities plc.

Effective January 1, 2019, the Bank of England requires, on a transitional basis, that U.K. banks, including U.K. regulated subsidiaries of overseas groups, maintain a minimum requirement for own funds and eligible liabilities (“MREL”). As of September 30, 2019, J.P. Morgan Securities plc was compliant with the requirements of the MREL rule. Refer to Supervision and Regulation on pages 1-6 of JPMorgan Chase’s 2018 Form 10-K for additional information on MREL.

The following table presents J.P. Morgan Securities plc’s capital metrics:



September 30, 2019
(in millions, except ratios)	Estimated			Minimum ratios
Total capital	$	55,614
CET1 ratio	16.9		%	4.5	%
Total capital ratio	21.5		%	8.0	%



LIQUIDITY RISK MANAGEMENT

Liquidity risk is the risk that the Firm will be unable to meet its contractual and contingent financial obligations as they arise or that it does not have the appropriate amount, composition and tenor of funding and liquidity to support its assets and liabilities. Refer to pages 95–100 of JPMorgan Chase’s 2018 Form 10-K and the Firm’s US LCR Disclosure reports, which are available on the Firm’s website for a further discussion of the Firm’s Liquidity Risk Management.

LCR and HQLA

The LCR rule requires the Firm to maintain an amount of unencumbered HQLA that is sufficient to meet its estimated total net cash outflows over a prospective 30 calendar-day period of significant stress. HQLA is the amount of liquid assets that qualify for inclusion in the LCR. HQLA primarily consist of unencumbered cash and certain high-quality liquid securities as defined in the LCR rule. The LCR is required to be a minimum of 100%.

Under the LCR rule, the amount of HQLA held by JPMorgan Chase Bank N.A. that is in excess of its standalone 100% minimum LCR requirement, and that is not transferable to non-bank affiliates, must be excluded from the Firm’s reported HQLA.

The following table summarizes the Firm’s average LCR for the three months ended September 30, 2019, June 30, 2019 and September 30, 2018 based on the Firm’s interpretation of the finalized LCR framework.



	Three months ended
Average amount (in millions)	September 30, 2019			June 30, 2019			September 30, 2018
HQLA
Eligible cash^(a)	$	199,757		$	219,838		$	344,660
Eligible securities^(b)(c)	337,704			317,439			190,349
Total HQLA^(d)	$	537,461		$	537,277		$	535,009
Net cash outflows	$	468,452		$	477,442		$	466,803
LCR	115		%	113		%	115		%
Net excess HQLA^(d)	$	69,009		$	59,835		$	68,206


(a)	Represents cash on deposit at central banks, primarily the Federal Reserve Banks.


(b)	Predominantly U.S. Treasuries, U.S. GSE and U.S. government agency MBS, and sovereign bonds net of applicable haircuts under the LCR rules.


(c)	HQLA eligible securities may be reported in securities borrowed or purchased under resale agreements, trading assets, or investment securities on the Firm’s Consolidated balance sheets.


(d)	Excludes average excess HQLA at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates.

The Firm’s average LCR increased during the three months ended September 30, 2019, compared with the three-month period ended June 30, 2019, primarily due to a decline in the net cash outflows from CIB activities.

The Firm’s average LCR fluctuates from period to period, due to changes in its HQLA and estimated net cash outflows as a result of ongoing business activity.

Other liquidity sources

As of September 30, 2019, in addition to assets reported in the Firm’s HQLA, the Firm had approximately $312 billion of unencumbered marketable securities, such as equity securities and fixed income debt securities, available to raise liquidity. This includes HQLA-eligible securities included as part of the excess liquidity at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates.

As of September 30, 2019, the Firm also had approximately $313 billion of available borrowing capacity at FHLBs, the discount window at the Federal Reserve Bank, and other central banks as a result of collateral pledged by the Firm to such banks. This borrowing capacity excludes the benefit of securities reported in the Firm’s HQLA or other unencumbered securities that are currently pledged at the Federal Reserve Bank discount window. Although available, the Firm does not view this borrowing capacity at the Federal Reserve Bank discount window and the other central banks as a primary source of liquidity.

Funding

Sources of funds

Management believes that the Firm’s unsecured and secured funding capacity is sufficient to meet its on- and off-balance sheet obligations.

The Firm funds its global balance sheet through diverse sources of funding including stable deposits as well as secured and unsecured funding in the capital markets. The Firm’s loan portfolio is funded with a portion of the Firm’s deposits, through securitizations and, with respect to a portion of the Firm’s real estate-related loans, with secured borrowings from the FHLBs. Deposits in excess of the amount utilized to fund loans are primarily invested by Treasury and CIO in the Firm’s investment securities portfolio or deployed in cash or other short-term liquid investments based on their interest rate and liquidity risk

characteristics. Securities borrowed or purchased under resale agreements and trading assets-debt and equity instruments are primarily funded by the Firm’s securities loaned or sold under agreements to repurchase, trading liabilities-debt and equity instruments, and a portion of the Firm’s long-term debt and stockholders’ equity. In addition to funding securities borrowed or purchased under resale agreements and trading assets-debt and equity instruments, proceeds from the Firm’s debt and equity issuances are used to fund certain loans and other financial and non-financial assets, or may be invested in the Firm’s investment securities portfolio. Refer to the discussion below for additional information relating to Deposits, Short-term funding, and Long-term funding and issuance.

Deposits

The table below summarizes, by line of business, the deposit balances as of September 30, 2019, and December 31, 2018, and the average deposit balances for the three and nine months ended September 30, 2019 and 2018, respectively.



	September 30, 2019		December 31, 2018		Three months ended September 30,				Nine months ended September 30,
Deposits					Average				Average
(in millions)					2019		2018		2019		2018
Consumer & Community Banking	$	701,170	$	678,854	$	693,980	$	674,211	$	688,676	$	669,244
Corporate & Investment Bank	510,403		482,084		524,521		476,995		509,775		472,879
Commercial Banking	174,903		170,859		172,653		168,102		169,361		171,403
Asset & Wealth Management	138,439		138,546		138,822		133,021		139,127		138,885
Corporate	346		323		904		533		887		736
Total Firm	$	1,525,261	$	1,470,666	$	1,530,880	$	1,452,862	$	1,507,826	$	1,453,147

Deposits provide a stable source of funding and reduce the Firm’s reliance on the wholesale funding markets. A significant portion of the Firm’s deposits are consumer and wholesale operating deposits, which are both considered to be stable sources of liquidity. Wholesale operating deposits are considered to be stable sources of liquidity because they are generated from customers that maintain operating service relationships with the Firm.

The table below shows the loan and deposit balances, the loans-to-deposits ratios, and deposits as a percentage of total liabilities, as of September 30, 2019 and December 31, 2018.



(in billions except ratios)	September 30, 2019			December 31, 2018
Deposits	$	1,525.3		$	1,470.7
Deposits as a % of total liabilities	61		%	62		%
Loans	$	945.2		$	984.6
Loans-to-deposits ratio	62		%	67		%

The Firm believes that average deposit balances are generally more representative of deposit trends than period-end deposit balances.

Average deposits increased for the three months ended September 30, 2019.


•	The increase in CIB reflects an increase in operating deposits predominantly in Treasury Services driven by

growth in client activity, and an increase in the net issuances of structured notes in Markets. The increase in CCB was driven by growth in new accounts. The increase in AWM was driven by growth in interest-bearing deposits on new client activity. The increase in CB was primarily driven by growth from existing clients.

Average deposits increased for the nine months ended September 30, 2019 in CIB and CCB, partially offset by a decline in CB. Balances in AWM were relatively flat.


•	The increase in CIB reflects an increase in operating deposits predominantly in Treasury Services driven by growth in client activity, and an increase in the net issuances of structured notes in Markets. The increase in CCB was driven by growth in new accounts.


•	The decrease in CB was primarily driven by lower non operating deposits.


•	AWM balances were relatively flat with growth in interest-bearing deposits offset by migration predominantly into the Firm’s investment-related products.

Refer to the discussion of the Firm’s Business Segment Results and the Consolidated Balance Sheets Analysis on pages 21–43 and pages 15-16, respectively, for further information on deposit and liability balance trends.

The following table summarizes short-term and long-term funding, excluding deposits, as of September 30, 2019, and December 31, 2018, and average balances for the three and nine months ended September 30, 2019 and 2018, respectively. Refer to the Consolidated Balance Sheets Analysis on pages 15–17 and Note 10 for additional information.



	September 30, 2019		December 31, 2018		Three months ended September 30,				Nine months ended September 30,
Sources of funds (excluding deposits)					Average				Average
(in millions)					2019		2018		2019		2018
Commercial paper	$	19,620	$	30,059	$	19,607	$	28,702	$	24,756	$	27,289
Other borrowed funds	8,826		8,789		10,537		11,172		10,869		11,716
Total short-term unsecured funding	$	28,446	$	38,848	$	30,144	$	39,874	$	35,625	$	39,005
Securities sold under agreements to repurchase^(a)	$	235,968	$	171,975	$	229,581	$	174,436	$	215,148	$	178,929
Securities loaned^(a)	9,739		9,481		8,505		9,131		9,117		10,900
Other borrowed funds^(b)	20,447		30,428		21,758		21,169		28,343		21,336
Obligations of Firm-administered multi-seller conduits^(c)	$	10,514	$	4,843	$	12,167	$	3,102	$	10,987	$	3,070
Total short-term secured funding	$	276,668	$	216,727	$	272,011	$	207,838	$	263,595	$	214,235

Senior notes	$	173,550	$	162,733	$	172,059	$	154,820	$	167,495	$	152,046
Trust preferred securities	—		—		—		517		—		629
Subordinated debt	18,043		16,743		17,797		16,079		17,196		16,106
Structured notes^(d)	70,687		53,090		69,144		50,905		62,984		48,874
Total long-term unsecured funding	$	262,280	$	232,566	$	259,000	$	222,321	$	247,675	$	217,655

Credit card securitization^(c)	$	6,457	$	13,404	$	7,394	$	15,052	$	10,802	$	16,620
FHLB advances	29,642		44,455		29,646		48,645		35,998		54,378
Other long-term secured funding^(e)	4,550		5,010		4,558		5,013		4,708		4,832
Total long-term secured funding	$	40,649	$	62,869	$	41,598	$	68,710	$	51,508	$	75,830

Preferred stock^(f)	$	28,363	$	26,068	$	28,241	$	26,252	$	27,457	$	26,130
Common stockholders’ equity^(f)	$	235,985	$	230,447	$	235,613	$	230,439	$	232,917	$	228,995


(a)	Primarily consists of short-term securities loaned or sold under agreements to repurchase.


(b)	Includes FHLB advances with original maturities of less than one year of $2.6 billion and $11.4 billion as of September 30, 2019 and December 31, 2018, respectively.


(c)	Included in beneficial interests issued by consolidated variable interest entities on the Firm’s Consolidated balance sheets.


(d)	Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.


(e)	Includes long-term structured notes which are secured.


(f)	Refer to Capital Risk Management on pages 45–49, Consolidated statements of changes in stockholders’ equity on page 83 of this Form 10-Q and Note 20 and Note 21 of JPMorgan Chase’s 2018 Form 10-K for additional information on preferred stock and common stockholders’ equity.

Short-term funding

The Firm’s sources of short-term secured funding primarily consist of securities loaned or sold under agreements to repurchase. These instruments are secured predominantly by high-quality securities collateral, including government-issued debt, U.S. GSE and government agency MBS, and constitute a significant portion of the federal funds purchased and securities loaned or sold under repurchase agreements on the Consolidated balance sheets. The increase at September 30, 2019, from December 31, 2018, was driven by CIB and includes the Firm’s participation in the Federal Reserve’s open market operations, as well as higher secured financing of trading assets-debt instruments

and client-driven activities.

The balances associated with securities loaned or sold under agreements to repurchase fluctuate over time due to customers’ investment and financing activities, the Firm’s demand for financing, the ongoing management of the mix of the Firm’s liabilities, including its secured and unsecured financing (for both the investment securities and market-making portfolios), and other market and portfolio factors.

The Firm’s sources of short-term unsecured funding primarily consist of issuance of wholesale commercial paper. The decrease in commercial paper at September 30, 2019, from December 31, 2018, was due to lower net issuance primarily for short-term liquidity management.

Long-term funding and issuance

Long-term funding provides additional sources of stable funding and liquidity for the Firm. The Firm’s long-term funding plan is driven primarily by expected client activity, liquidity considerations, and regulatory requirements, including TLAC. Long-term funding objectives include maintaining diversification, maximizing market access and optimizing funding costs. The Firm evaluates various funding markets, tenors and currencies in creating its optimal long-term funding plan.

The significant majority of the Firm’s long-term unsecured funding is issued by the Parent Company to provide maximum flexibility in support of both bank and nonbank subsidiary funding needs. The Parent Company advances substantially all net funding proceeds to its subsidiary, the Intermediate Holding Company (“IHC”). The IHC does not issue debt to external counterparties. The following table summarizes long-term unsecured issuance and maturities or redemptions for the three and nine months ended September 30, 2019 and 2018. Refer to Liquidity Risk Management on pages 95-100 and Note 19 of JPMorgan Chase’s 2018 Form 10-K for additional information on the IHC and long-term debt.



Long-term unsecured funding
	Three months ended September 30,				Nine months ended September 30,				Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018		2019		2018		2019		2018
(Notional in millions)	Parent Company								Subsidiaries
Issuance
Senior notes issued in the U.S. market	$	5,000	$	6,000	$	13,250	$	17,000	$	—	$	1,250	$	1,750	$	8,761
Senior notes issued in non-U.S. markets	1,672		—		3,920		1,175		—		—		—		—
Total senior notes	6,672		6,000		17,170		18,175		—		1,250		1,750		8,761
Structured notes^(a)	780		387		2,596		2,047		8,511		5,934		23,643		20,159
Total long-term unsecured funding – issuance	$	7,452	$	6,387	$	19,766	$	20,222	$	8,511	$	7,184	$	25,393	$	28,920

Maturities/redemptions
Senior notes	$	2,700	$	646	$	10,607	$	18,633	$	2,751	$	1,503	$	4,567	$	4,466
Subordinated debt	37		15		183		15		—		—		—		—
Structured notes	477		582		1,436		2,465		4,540		3,474		12,700		12,104
Total long-term unsecured funding – maturities/redemptions	$	3,214	$	1,243	$	12,226	$	21,113	$	7,291	$	4,977	$	17,267	$	16,570


(a)	Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.

The Firm raises secured long-term funding through securitization of consumer credit card loans and advances from the FHLBs. The following table summarizes the securitization issuance and FHLB advances and their respective maturities or redemptions for the three and nine months ended September 30, 2019 and 2018, respectively.



Long-term secured funding
	Three months ended September 30,								Nine months ended September 30,
	Issuance				Maturities/Redemptions				Issuance				Maturities/Redemptions
(in millions)	2019		2018		2019		2018		2019		2018		2019		2018
Credit card securitization	$	—	$	—	$	2,850	$	2,375	$	—	$	1,396	$	6,975	$	8,500
FHLB advances	—		—		5		10,704		—		4,000		14,810		23,157
Other long-term secured funding^(a)	62		117		180		139		115		312		633		161
Total long-term secured funding	$	62	$	117	$	3,035	$	13,218	$	115	$	5,708	$	22,418	$	31,818


(a)	Includes long-term structured notes which are secured.

The Firm’s wholesale businesses also securitize loans for client-driven transactions; those client-driven loan securitizations are not considered to be a source of funding for the Firm and are not included in the table above. Refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K for further description of the client-driven loan securitizations.

Credit ratings

The cost and availability of financing are influenced by credit ratings. Reductions in these ratings could have an adverse effect on the Firm’s access to liquidity sources, increase the cost of funds, trigger additional collateral or funding requirements and decrease the number of investors and counterparties willing to lend to the Firm. The nature and magnitude of the impact of ratings downgrades depends on numerous contractual and behavioral factors, which the Firm believes are incorporated in its liquidity risk and stress testing metrics. The Firm believes that it maintains sufficient liquidity to withstand a potential decrease in funding capacity due to ratings downgrades.

Additionally, the Firm’s funding requirements for VIEs and other third-party commitments may be adversely affected by a decline in credit ratings. Refer to SPEs on page 18, and liquidity risk and credit-related contingent features in Note 4 for additional information on the impact of a credit ratings downgrade on the funding requirements for VIEs, and on derivatives and collateral agreements.

The credit ratings of the Parent Company and the Firm’s principal bank and non-bank subsidiaries as of September 30, 2019, were as follows.



	JPMorgan Chase & Co.			JPMorgan Chase Bank, N.A.^(a)			J.P. Morgan Securities LLC J.P. Morgan Securities plc
September 30, 2019	Long-term issuer	Short-term issuer	Outlook	Long-term issuer	Short-term issuer	Outlook	Long-term issuer	Short-term issuer	Outlook
Moody’s Investors Service	A2	P-1	Stable	Aa2	P-1	Stable	Aa3	P-1	Stable
Standard & Poor’s	A-	A-2	Stable	A+	A-1	Stable	A+	A-1	Stable
Fitch Ratings	AA-	F1+	Stable	AA	F1+	Stable	AA	F1+	Stable


(a)	On May 18, 2019, the Firm merged Chase Bank USA, N.A. with and into JPMorgan Chase Bank, N.A., with JPMorgan Chase Bank, N.A. as the surviving bank. The credit rating for JPMorgan Chase Bank, N.A. reflects the credit rating of the merged entity.

Refer to page 100 of JPMorgan Chase’s 2018 Form 10-K for a discussion of the factors that could affect credit ratings of the Parent Company and the Firm’s principal bank and non-bank subsidiaries.



CREDIT AND INVESTMENT RISK MANAGEMENT

Credit and investment risk is the risk associated with the default or change in credit profile of a client, counterparty or customer; or loss of principal or a reduction in expected returns on investments, including consumer credit risk,

wholesale credit risk, and investment portfolio risk. Refer to pages 55-68 for a further discussion of Credit Risk.

Refer to page 69 for a further discussion of Investment Portfolio Risk. Refer to Credit and Investment Risk Management on pages 102-123 of JPMorgan Chase’s 2018 Form 10-K for a further discussion of the Firm’s Credit and Investment Risk Management framework and organization, and the identification, monitoring and management.



CREDIT PORTFOLIO

Credit risk is the risk associated with the default or change in credit profile of a client, counterparty or customer.

In the following tables, reported loans include loans retained (i.e., held-for-investment); loans held-for-sale; and certain loans accounted for at fair value. The following tables do not include loans which the Firm accounts for at fair value and classifies as trading assets; refer to Notes 2 and 3 for further information regarding these loans. Refer to Notes 11, 22, and 4 for additional information on the Firm’s loans, lending-related commitments and derivative receivables, including the Firm’s accounting policies.

Refer to Wholesale credit exposure – industry exposures on pages 62–64 for further information regarding the credit risk inherent in the Firm’s cash placed with banks; refer to Note 9 of this Form 10-Q and Note 10 of JPMorgan Chase’s 2018 Form 10-K for information regarding the credit risk inherent in the Firm’s investment securities portfolio; and refer to Note 10 of this Form 10-Q and Note 11 of JPMorgan Chase’s 2018 Form 10-K for information regarding the credit risk inherent in the securities financing portfolio.

Refer to Consumer Credit Portfolio on pages 106–111 of JPMorgan Chase’s 2018 Form 10-K and Note 11 of this Form 10-Q for a further discussion of the consumer credit environment and consumer loans. Refer to Wholesale Credit Portfolio on pages 112–119 of JPMorgan Chase’s 2018 Form 10-K and Note 11 of this Form 10-Q for a further discussion of the wholesale credit environment and wholesale loans.



Total credit portfolio
	Credit exposure						Nonperforming^(d)(e)
(in millions)	Sep 30, 2019			Dec 31, 2018			Sep 30, 2019		Dec 31, 2018
Loans retained	$	928,887		$	969,415		$	4,687	$	4,611
Loans held-for-sale	10,571			11,988			88		—
Loans at fair value	5,760			3,151			176		220
Total loans–reported	945,218			984,554			4,951		4,831
Derivative receivables	55,577			54,213			26		60
Receivables from customers and other^(a)	32,236			30,217			—		—
Total credit-related assets	1,033,031			1,068,984			4,977		4,891
Assets acquired in loan satisfactions
Real estate owned	NA			NA			340		269
Other	NA			NA			26		30
Total assets acquired in loan satisfactions	NA			NA			366		299
Lending-related commitments	1,095,090			1,039,258			446		469
Total credit portfolio	$	2,128,121		$	2,108,242		$	5,789	$	5,659
Credit derivatives used in credit portfolio management activities^(b)	$	(15,031	)	$	(12,682	)	$	—	$	—
Liquid securities and other cash collateral held against derivatives^(c)	(15,482		)	(15,322		)	NA		NA



(in millions, except ratios)	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Net charge-offs	$	1,371		$	1,033		$	4,135		$	3,620
Average retained loans
Loans	932,493			942,583			944,666			931,766
Loans – reported, excluding residential real estate PCI loans	910,753			916,205			921,978			903,377
Net charge-off rates
Loans	0.58		%	0.43		%	0.59		%	0.52		%
Loans – excluding PCI	0.60			0.45			0.60			0.54


(a)	Receivables from customers and other primarily represents prime brokerage-related held-for-investment customer receivables.


(b)	Represents the net notional amount of protection purchased and sold through credit derivatives used to manage both performing and nonperforming wholesale credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. Refer to Credit derivatives on page 66 and Note 4 for additional information.


(c)	Includes collateral related to derivative instruments where an appropriate legal opinion has not been either sought or obtained.


(d)	Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as each of the pools is performing.

(e)

At September 30, 2019, and December 31, 2018, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $1.6 billion and $2.6 billion, respectively, and real estate owned (“REO”) insured by U.S. government agencies of $50 million and $75 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”).



CONSUMER CREDIT PORTFOLIO

The Firm’s retained consumer portfolio consists primarily of residential real estate loans, credit card loans, auto loans, and business banking loans, as well as associated lending-related commitments. The Firm’s focus is on serving primarily the prime segment of the consumer credit market. Refer to Note 11 of this Form 10-Q and Consumer Credit Portfolio on pages 106–111 and Note 12 of JPMorgan Chase’s 2018 Form 10-K for further information on consumer loans. Refer to Note 22 of this Form 10-Q and Note 27 of JPMorgan Chase’s 2018 Form 10-K for further information on lending-related commitments.

The following table presents consumer credit-related information with respect to the credit portfolio held by CCB, scored prime mortgage and scored home equity loans held by AWM, and prime mortgage loans held by Corporate. Refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K for further information about the Firm’s nonaccrual and charge-off accounting policies.



Consumer credit portfolio
									Three months ended September 30,										Nine months ended September 30,
(in millions, except ratios)	Credit exposure				Nonaccrual loans^(f)(g)				Net charge-offs/(recoveries)^(h)						Net charge-off/(recovery) rate^(h)(i)				Net charge-offs/(recoveries)^(h)						Net charge-off/(recovery) rate^(h)(i)
	Sep 30, 2019		Dec 31, 2018		Sep 30, 2019		Dec 31, 2018		2019			2018			2019		2018		2019			2018			2019		2018
Consumer, excluding credit card
Loans, excluding PCI loans and loans held-for-sale
Residential mortgage	$	197,456	$	231,078	$	1,629	$	1,765	$	(15	)	$	(105	)	(0.03	)%	(0.18	)%	$	(31	)	$	(256	)	(0.02	)%	(0.15	)%
Home equity	24,954		28,340		1,208		1,323		(25		)	(12		)	(0.39	)	(0.16	)	(40		)	(2		)	(0.20	)	(0.01	)
Auto^(a)(b)	61,410		63,573		112		128		49			56			0.32		0.35		149			182			0.32		0.37
Consumer & Business Banking^(b)(c)	26,699		26,612		268		245		79			68			1.18		1.02		204			171			1.03		0.88
Total loans, excluding PCI loans and loans held-for-sale	310,519		349,603		3,217		3,461		88			7			0.11		0.01		282			95			0.11		0.04
Loans – PCI
Home equity	7,753		8,963		NA		NA		NA			NA			NA		NA		NA			NA			NA		NA
Prime mortgage	4,164		4,690		NA		NA		NA			NA			NA		NA		NA			NA			NA		NA
Subprime mortgage	1,797		1,945		NA		NA		NA			NA			NA		NA		NA			NA			NA		NA
Option ARMs	7,576		8,436		NA		NA		NA			NA			NA		NA		NA			NA			NA		NA
Total loans – PCI	21,290		24,034		NA		NA		NA			NA			NA		NA		NA			NA			NA		NA
Total loans – retained	331,809		373,637		3,217		3,461		88			7			0.10		0.01		282			95			0.11		0.03
Loans held-for-sale	4,821		95		2		—		NA			NA			NA		NA		NA			NA			NA		NA
Total consumer, excluding credit card loans	336,630		373,732		3,219		3,461		88			7			0.10		0.01		282			95			0.11		0.03
Lending-related commitments^(d)	53,591		46,066
Receivables from customers	18		154
Total consumer exposure, excluding credit card	390,239		419,952
Credit card
Loans retained^(e)	159,571		156,616		—		—		1,175			1,073			2.95		2.91		3,617			3,407			3.13		3.16
Loans held-for-sale	—		16		—		—		NA			NA			NA		NA		NA			NA			NA		NA
Total credit card loans	159,571		156,632		—		—		1,175			1,073			2.95		2.91		3,617			3,407			3.13		3.16
Lending-related commitments^(d)	645,880		605,379
Total credit card exposure	805,451		762,011
Total consumer credit portfolio	$	1,195,690	$	1,181,963	$	3,219	$	3,461	$	1,263		$	1,080		1.00	%	0.82	%	$	3,899		$	3,502		1.02	%	0.90	%
Memo: Total consumer credit portfolio, excluding PCI	$	1,174,400	$	1,157,929	$	3,219	$	3,461	$	1,263		$	1,080		1.05	%	0.86	%	$	3,899		$	3,502		1.07	%	0.96	%


(a)	At September 30, 2019, and December 31, 2018, excluded operating lease assets of $22.1 billion and $20.5 billion, respectively. These operating lease assets are included in other assets on the Firm’s Consolidated balance sheets. Refer to Note 16 for further information.


(b)	Includes certain business banking and auto dealer risk-rated loans that apply the wholesale methodology for determining the allowance for loan losses; these loans are managed by CCB, and therefore, for consistency in presentation, are included within the consumer portfolio.


(c)	Predominantly includes Business Banking loans.

(d)

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


(e)	Includes billed interest and fees net of an allowance for uncollectible interest and fees.

(f)

At September 30, 2019 and December 31, 2018, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $1.6 billion and $2.6 billion, respectively. These amounts have been excluded from nonaccrual loans 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 FFIEC.


(g)	Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as each of the pools is performing.

(h)

Net charge-offs/(recoveries) and the net charge-off/(recovery) rates excluded write-offs in the PCI portfolio of $43 million and $58 million for the three months ended September 30, 2019 and 2018, respectively, and $132 million and $151 million for the nine months ended September 30, 2019 and 2018, respectively. These write-offs decreased the allowance for loan losses for PCI loans. Refer to Allowance for Credit Losses on pages 67–68 for further information.


(i)	Average consumer loans held-for-sale were $5.5 billion and $196 million for the three months ended September 30, 2019 and 2018, respectively, and $2.6 billion and $240 million for the nine months ended September 30, 2019 and 2018, respectively. These amounts were excluded when calculating net charge-off/(recovery) rates.

Consumer, excluding credit card

Portfolio analysis

Loan balances decreased from December 31, 2018 due to lower residential real estate loans, predominantly driven by loan sales. The credit performance of the portfolio continues to benefit from a strong labor market and improvement in home prices.

The following discussions provide information concerning individual loan products, excluding PCI loans which are addressed separately. Refer to Note 11 of this Form 10-Q for further information about this portfolio, including information about delinquencies, loan modifications and other credit quality indicators.

Residential mortgage: The residential mortgage portfolio, including loans held-for-sale, predominantly consists of prime mortgage loans. The portfolio decreased from December 31, 2018 driven by loan sales in Home Lending as well as paydowns, largely offset by originations of prime mortgage loans that have been retained on the balance sheet. Net recoveries for the three and nine months ended September 30, 2019 were lower when compared with the same periods in the prior year as the prior year benefited from larger recoveries on loan sales.

At September 30, 2019, and December 31, 2018, the Firm’s residential mortgage portfolio included $21.8 billion and $21.6 billion, respectively, of interest-only loans. These loans have an interest-only payment period generally followed by an adjustable-rate or fixed-rate fully amortizing payment period to maturity and are typically originated as higher-balance loans to higher-income borrowers, predominantly in AWM. Performance of this portfolio for the three and nine months ended September 30, 2019 was in line with the performance of the broader residential mortgage portfolio for the same period.

The following table provides a summary of the Firm’s residential mortgage portfolio insured and/or guaranteed by U.S. government agencies, including loans held-for-sale. The Firm monitors its exposure to certain potential unrecoverable claim payments related to government-insured loans and considers this exposure in estimating the allowance for loan losses.



(in millions)	September 30, 2019		December 31, 2018
Current	$	2,100	$	2,884
30-89 days past due	1,054		1,528
90 or more days past due	1,602		2,600
Total government guaranteed loans	$	4,756	$	7,012

Home equity: The home equity portfolio declined from December 31, 2018 primarily reflecting loan paydowns.

At September 30, 2019, approximately 90% of the Firm’s home equity portfolio consisted of home equity lines of credit (“HELOCs”) and the remainder consisted of home equity loans (“HELOANs”). The carrying value of HELOCs outstanding was $23 billion at September 30, 2019. This amount included $10 billion of HELOCs that have recast from interest-only to fully amortizing payments or have been modified and $4 billion of interest-only balloon HELOCs, which primarily mature after 2030. The Firm manages the risk of HELOCs during their revolving period by closing or reducing the undrawn line to the extent permitted by law when borrowers are exhibiting a material deterioration in their credit risk profile.

Refer to Note 11 of this Form 10-Q and Consumer Credit Portfolio on pages 106–111 of JPMorgan Chase’s 2018 Form 10-K for further information on the Firm’s home equity portfolio.

Auto: The auto loan portfolio predominantly consists of prime-quality loans. The portfolio declined when compared with December 31, 2018, as paydowns and charge-offs or liquidation of delinquent loans were predominantly offset by new originations.

Consumer & Business Banking: Consumer & Business Banking loans were flat when compared with December 31, 2018 as loan originations were offset by paydowns and charge-offs of delinquent loans. Net charge-offs for the three and nine months ended September 30, 2019 increased when compared with the same period in the prior year due primarily to higher deposit overdraft losses.

Purchased credit-impaired loans: PCI loans represent certain loans that were acquired and deemed to be credit-impaired on the acquisition date. PCI loans decreased from December 31, 2018 due to portfolio run off. As of September 30, 2019, approximately 9% of the option ARM PCI loans were delinquent and approximately 71% of the portfolio had been modified into fixed-rate, fully amortizing loans. The borrowers for substantially all of the remaining option ARM loans are making amortizing payments, although such payments are not necessarily fully amortizing. This latter group of loans is subject to the risk of payment shock due to future payment recast. Default rates generally increase on option ARM loans when payment recast results in a payment increase. The expected increase in default rates is considered in the Firm’s quarterly impairment assessment.

The following table provides a summary of lifetime principal loss estimates included in either the nonaccretable difference or the allowance for loan losses.



Summary of PCI loans lifetime principal loss estimates
	Lifetime loss estimates^(a)				Life-to-date liquidation losses^(b)
(in billions)	Sep 30, 2019		Dec 31, 2018		Sep 30, 2019		Dec 31, 2018
Home equity	$	13.9	$	14.1	$	13.0	$	13.0
Prime mortgage	4.1		4.1		3.9		3.9
Subprime mortgage	3.3		3.3		3.2		3.2
Option ARMs	10.3		10.3		10.0		9.9
Total	$	31.6	$	31.8	$	30.1	$	30.0


(a)	Includes the original nonaccretable difference established in purchase accounting of $30.5 billion for principal losses plus additional principal losses recognized subsequent to acquisition through the provision and allowance for loan losses. The remaining nonaccretable difference for principal losses was $476 million and $512 million at September 30, 2019, and December 31, 2018, respectively.


(b)	Represents both realization of loss upon loan resolution and any principal forgiven upon modification.

Geographic composition of residential real estate loans

Refer to Note 11 for information on the geographic composition of the Firm’s residential real estate loans.

Current estimated loan-to-value ratio of residential real estate loans

Average current estimated loan-to-value (“LTV”) ratios have declined consistent with recent improvements in home prices, customer paydowns, and charge-offs or liquidations of higher LTV loans. Refer to Note 11 for information on current estimated LTVs of the Firm’s residential real estate loans.

Loan modification activities for residential real estate loans

The performance of modified loans generally differs by product type due to differences in both the credit quality and the types of modifications provided. Performance metrics for modifications to the residential real estate portfolios as measured through redefault rates, were not materially different from December 31, 2018. Refer to Consumer Credit Portfolio on pages 106–111 of JPMorgan Chase’s 2018 Form 10-K for further information on the Firm’s redefault rates.

Certain modified loans have interest rate reset provisions (“step-rate modifications”) where the interest rates on these loans generally began to increase commencing in 2014 by 1% per year, and will continue to do so, until the rate reaches a specified cap. The cap on these loans is typically at a prevailing market interest rate for a fixed-rate mortgage loan as of the modification date. At September 30, 2019, the carrying value of non-PCI loans and the unpaid principal balance of PCI loans modified in step-rate modifications, which have not yet met their specified caps, were $1.3 billion and $2.4 billion, respectively. The Firm continues to monitor this risk exposure and the impact of these potential interest rate increases is considered in the Firm’s allowance for loan losses.

The following table presents information as of September 30, 2019, and December 31, 2018, relating to modified retained residential real estate loans for which concessions have been granted to borrowers experiencing financial difficulty. Refer to Note 11 for further information on modifications for the three and nine months ended September 30, 2019 and 2018.



Modified residential real estate loans
	September 30, 2019				December 31, 2018
(in millions)	Retained loans		Non-accrual retained loans^(d)		Retained loans		Non-accrual retained loans^(d)
Modified residential real estate loans, excluding PCI loans^(a)(b)
Residential mortgage	$	4,118	$	1,376	$	4,565	$	1,459
Home equity	1,961		981		2,012		955
Total modified residential real estate loans, excluding PCI loans	$	6,079	$	2,357	$	6,577	$	2,414
Modified PCI loans^(c)
Home equity	$	2,003	NA		$	2,086	NA
Prime mortgage	2,929		NA		3,179		NA
Subprime mortgage	1,919		NA		2,041		NA
Option ARMs	5,879		NA		6,410		NA
Total modified PCI loans	$	12,730	NA		$	13,716	NA


(a)	Amounts represent the carrying value of modified residential real estate loans.

(b)

At September 30, 2019, and December 31, 2018, $16 million and $4.1 billion, respectively, of loans modified subsequent to repurchase from Ginnie Mae in accordance with the standards of the appropriate government agency (i.e., Federal Housing Administration (“FHA”), U.S. Department of Veterans Affairs (“VA”), Rural Housing Service of the U.S. Department of Agriculture (“RHS”)) are not included in the table above. When such loans perform subsequent to modification in accordance with Ginnie Mae guidelines, they are generally sold back into Ginnie Mae loan pools. Modified loans that do not re-perform become subject to foreclosure. Refer to Note 13 for additional information about sales of loans in securitization transactions with Ginnie Mae.


(c)	Amounts represent the unpaid principal balance of modified PCI loans.


(d)	At September 30, 2019, and December 31, 2018, nonaccrual loans included $1.9 billion and $2.0 billion, respectively, of troubled debt restructurings (“TDRs”) for which the borrowers were less than 90 days past due. Refer to Note 11 for additional information about loans modified in a TDR that are on nonaccrual status.

Nonperforming assets

The following table presents information as of September 30, 2019, and December 31, 2018, about consumer, excluding credit card, nonperforming assets.



Nonperforming assets^(a)
(in millions)	September 30, 2019		December 31, 2018
Nonaccrual loans^(b)
Residential real estate	$	2,839	$	3,088
Other consumer	380		373
Total nonaccrual loans	3,219		3,461
Assets acquired in loan satisfactions
Real estate owned^(c)	209		196
Other	26		30
Total assets acquired in loan satisfactions	235		226
Total nonperforming assets	$	3,454	$	3,687


(a)	At September 30, 2019, and December 31, 2018, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $1.6 billion and $2.6 billion, respectively, and REO insured by U.S. government agencies of $50 million and $75 million, respectively. These amounts have been excluded based upon the government guarantee.


(b)	Excludes PCI loans, which are accounted for on a pool basis. Since each pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, the past-due status of the pools, or that of individual loans within the pools, is not meaningful. The Firm is recognizing interest income on each pool of loans as each of the pools is performing.


(c)	The prior period amount has been revised to conform with the current period presentation.

Nonaccrual loans in the residential real estate portfolio at September 30, 2019 decreased to $2.8 billion from $3.1 billion at December 31, 2018, of which 20% and 24% were greater than 150 days past due, respectively. In the aggregate, the unpaid principal balance of residential real estate loans greater than 150 days past due was charged down by approximately 31% and 32% to the estimated net realizable value of the collateral at September 30, 2019, and December 31, 2018, respectively.

Nonaccrual loans: The following table presents changes in consumer, excluding credit card, nonaccrual loans for the nine months ended September 30, 2019 and 2018.



Nonaccrual loan activity
Nine months ended September 30, (in millions)	2019			2018
Beginning balance	$	3,461		$	4,209
Additions	1,674			2,174
Reductions:
Principal payments and other^(a)	766			1,119
Charge-offs	301			354
Returned to performing status	657			1,057
Foreclosures and other liquidations	192			217
Total reductions	1,916			2,747
Net changes	(242		)	(573		)
Ending balance	$	3,219		$	3,636


(a)	Other reductions includes loan sales.

Active and suspended foreclosure: Refer to Note 11 for information on loans that were in the process of active or suspended foreclosure.

Credit card

Total credit card loans increased from December 31, 2018 reflecting increased sales volumes from existing customers and new account growth, partially offset by the impact of seasonality. The September 30, 2019 30+ and 90+ day delinquency rates of 1.84% and 0.90%, respectively, were relatively flat compared to the December 31, 2018 30+ and 90+ day delinquency rates of 1.83% and 0.92%, respectively. Net charge-offs increased for the three and nine months ended September 30, 2019 when compared with the same period in the prior year due to loan growth, in line with expectations.

Consistent with the Firm’s policy, all credit card loans typically remain on accrual status until charged off. However, the Firm establishes an allowance, which is offset against loans and reduces interest income, for the estimated uncollectible portion of accrued and billed interest and fee income.

Geographic and FICO composition of credit card loans

Refer to Note 11 for information on the geographic and FICO composition of the Firm’s credit card loans.

Modifications of credit card loans

At September 30, 2019 and December 31, 2018, the Firm had $1.4 billion and $1.3 billion, respectively, of credit card loans outstanding that have been modified in TDRs. Refer to Note 11 for additional information about loan modification programs to borrowers.



WHOLESALE CREDIT PORTFOLIO

In its wholesale businesses, the Firm is exposed to credit risk primarily through its underwriting, lending, market-making, and hedging activities with and for clients and counterparties, as well as through various operating services (such as cash management and clearing activities), securities financing activities and cash placed with banks. A portion of the loans originated or acquired by the Firm’s wholesale businesses is generally retained on the balance sheet. The Firm distributes a significant percentage of the loans that it originates into the market as part of its syndicated loan business and to manage portfolio concentrations and credit risk.

The credit performance of the wholesale portfolio remained favorable for the nine months ended September 30, 2019, characterized by continued low levels of criticized exposure, nonaccrual loans and charge-offs. Refer to the industry discussion on pages 62–64 for further information. Loans held-for-sale decreased, driven by a loan syndication in CIB. The wholesale portfolio is actively managed, in part by conducting ongoing, in-depth reviews of client credit quality and transaction structure inclusive of collateral where applicable, and of industry, product and client concentrations.

In the following tables, the Firm’s wholesale credit portfolio includes exposure held in CIB, CB, AWM and Corporate. It excludes all exposure managed by CCB, scored prime mortgage and scored home equity loans held in AWM and prime mortgage loans held in Corporate.



Wholesale credit portfolio
	Credit exposure						Nonperforming^(c)
(in millions)	Sep 30, 2019			Dec 31, 2018			Sep 30, 2019		Dec 31, 2018
Loans retained	$	437,507		$	439,162		$	1,470	$	1,150
Loans held-for-sale	5,750			11,877			86		—
Loans at fair value	5,760			3,151			176		220
Loans – reported	449,017			454,190			1,732		1,370
Derivative receivables	55,577			54,213			26		60
Receivables from customers and other^(a)	32,218			30,063			—		—
Total wholesale credit-related assets	536,812			538,466			1,758		1,430
Lending-related commitments	395,619			387,813			446		469
Total wholesale credit exposure	$	932,431		$	926,279		$	2,204	$	1,899
Credit derivatives used in credit portfolio management activities^(b)	$	(15,031	)	$	(12,682	)	$	—	$	—
Liquid securities and other cash collateral held against derivatives	(15,482		)	(15,322		)	NA		NA


(a)	Receivables from customers and other include $32.2 billion and $30.1 billion of prime brokerage-related held-for-investment customer receivables at September 30, 2019, and December 31, 2018, respectively, to customers in CIB and AWM; these are classified in accrued interest and accounts receivable on the Consolidated balance sheets.


(b)	Represents the net notional amount of protection purchased and sold through credit derivatives used to manage both performing and nonperforming wholesale credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. Refer to Credit derivatives on page 66 and Note 4 for additional information.


(c)	Excludes assets acquired in loan satisfactions.

The following tables present the maturity and ratings profiles of the wholesale credit portfolio as of September 30, 2019, and December 31, 2018. The ratings scale is based on the Firm’s internal risk ratings, which generally correspond to the ratings assigned by S&P and Moody’s. Refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K for additional information on wholesale loan portfolio risk ratings.



Wholesale credit exposure – maturity and ratings profile
	Maturity profile^(d)												Ratings profile
	Due in 1 year or less			Due after 1 year through 5 years			Due after 5 years			Total			Investment-grade			Noninvestment-grade			Total			Total % of IG
September 30, 2019 (in millions, except ratios)													AAA/Aaa to BBB-/Baa3			BB+/Ba1 & below
Loans retained	$	132,888		$	199,877		$	104,742		$	437,507		$	337,298		$	100,209		$	437,507		77	%
Derivative receivables										55,577									55,577
Less: Liquid securities and other cash collateral held against derivatives										(15,482		)							(15,482		)
Total derivative receivables, net of all collateral	8,332			8,263			23,500			40,095			32,535			7,560			40,095			81
Lending-related commitments	75,484			307,093			13,042			395,619			291,144			104,475			395,619			74
Subtotal	216,704			515,233			141,284			873,221			660,977			212,244			873,221			76
Loans held-for-sale and loans at fair value^(a)										11,510									11,510
Receivables from customers and other										32,218									32,218
Total exposure – net of liquid securities and other cash collateral held against derivatives										$	916,949								$	916,949
Credit derivatives used in credit portfolio management activities^(b)(c)	$	(864	)	$	(8,013	)	$	(6,154	)	$	(15,031	)	$	(13,606	)	$	(1,425	)	$	(15,031	)	91	%



	Maturity profile^(d)												Ratings profile
	Due in 1 year or less			Due after 1 year through 5 years			Due after 5 years			Total			Investment-grade			Noninvestment-grade			Total			Total % of IG
December 31, 2018 (in millions, except ratios)													AAA/Aaa to BBB-/Baa3			BB+/Ba1 & below
Loans retained	$	138,458		$	196,974		$	103,730		$	439,162		$	339,729		$	99,433		$	439,162		77	%
Derivative receivables										54,213									54,213
Less: Liquid securities and other cash collateral held against derivatives										(15,322		)							(15,322		)
Total derivative receivables, net of all collateral	11,038			9,169			18,684			38,891			31,794			7,097			38,891			82
Lending-related commitments	79,400			294,855			13,558			387,813			288,724			99,089			387,813			74
Subtotal	228,896			500,998			135,972			865,866			660,247			205,619			865,866			76
Loans held-for-sale and loans at fair value^(a)										15,028									15,028
Receivables from customers and other										30,063									30,063
Total exposure – net of liquid securities and other cash collateral held against derivatives										$	910,957								$	910,957
Credit derivatives used in credit portfolio management activities^(b)(c)	$	(447	)	$	(9,318	)	$	(2,917	)	$	(12,682	)	$	(11,213	)	$	(1,469	)	$	(12,682	)	88	%


(a)	Represents loans held-for-sale, primarily related to syndicated loans and loans transferred from the retained portfolio, and loans at fair value.


(b)	These derivatives do not qualify for hedge accounting under U.S. GAAP.


(c)	The notional amounts are presented on a net basis by underlying reference entity and the ratings profile shown is based on the ratings of the reference entity on which protection has been purchased. Predominantly all of the credit derivatives entered into by the Firm where it has purchased protection used in credit portfolio management activities are executed with investment-grade counterparties.


(d)	The maturity profile of retained loans, lending-related commitments and derivative receivables is based on the remaining contractual maturity. Derivative contracts that are in a receivable position at September 30, 2019, may become payable prior to maturity based on their cash flow profile or changes in market conditions.

Wholesale credit exposure – industry exposures

The Firm focuses on the management and diversification of its industry exposures, and pays particular attention to industries with actual or potential credit concerns. Exposures deemed criticized align with the U.S. banking regulators’ definition of criticized exposures, which consist of the special mention, substandard and doubtful

categories. The total criticized component of the portfolio, excluding loans held-for-sale and loans at fair value, was $12.8 billion at September 30, 2019, compared with $12.1 billion at December 31, 2018. The increase was driven by select client downgrades across a number of sectors.

Below are summaries of the Firm’s exposures as of September 30, 2019, and December 31, 2018. The industry of risk category is generally based on the client or counterparty’s primary business activity. Refer to Note 4 of JPMorgan Chase’s 2018 Form 10-K for additional information on industry concentrations.



Wholesale credit exposure – industries^(a)
											Selected metrics
											30 days or more past due and accruing loans		Net charge-offs/ (recoveries)			Credit derivative hedges^(g)			Liquid securities and other cash collateral held against derivative receivables
					Noninvestment-grade
As of or for the nine months ended	Credit exposure^(f)		Investment- grade		Noncriticized		Criticized performing		Criticized nonperforming
September 30, 2019
(in millions)
Real Estate	$	147,455	$	121,699	$	24,479	$	1,210	$	67	$	28	$	12		$	(79	)	$	(2	)
Individuals and Individual Entities^(b)	99,653		88,477		10,815		269		92		548		27			—			(817		)
Consumer & Retail	98,445		56,815		39,387		2,086		157		45		48			(227		)	(5		)
Technology, Media & Telecommunications	57,127		33,754		20,723		2,509		141		9		23			(612		)	(17		)
Industrials	57,085		38,511		17,203		1,222		149		158		30			(551		)	(17		)
Banks & Finance Cos	53,185		36,764		15,979		378		64		27		—			(832		)	(2,683		)
Asset Managers	50,119		44,006		6,096		4		13		26		—			—			(5,201		)
Healthcare	48,041		36,641		10,422		891		87		40		6			(230		)	(177		)
Oil & Gas	44,007		23,882		18,615		635		875		9		43			(445		)	(12		)
Utilities	29,709		23,543		5,806		184		176		10		37			(387		)	(75		)
State & Municipal Govt^(c)	26,806		26,287		519		—		—		13		—			—			(51		)
Chemicals & Plastics	16,870		11,311		5,490		69		—		1		—			(10		)	—
Central Govt	16,685		16,264		421		—		—		1		—			(8,527		)	(2,836		)
Automotive	16,430		10,053		5,978		399		—		6		—			(172		)	—
Metals & Mining	15,049		8,396		6,280		359		14		—		(1		)	(204		)	(8		)
Transportation	14,969		9,196		5,356		317		100		37		4			(36		)	(38		)
Insurance	13,365		10,517		2,824		19		5		—		—			(36		)	(2,062		)
Financial Markets Infrastructure	5,775		5,640		135		—		—		—		—			—			(7		)
Securities Firms	4,418		2,789		1,605		24		—		—		—			(49		)	(387		)
All other^(d)	73,510		70,286		2,892		330		2		20		7			(2,634		)	(1,087		)
Subtotal	$	888,703	$	674,831	$	201,025	$	10,905	$	1,942	$	978	$	236		$	(15,031	)	$	(15,482	)
Loans held-for-sale and loans at fair value	11,510
Receivables from customers and other	32,218
Total^(e)	$	932,431



(continued from previous page)
											Selected metrics
											30 days or more past due and accruing loans		Net charge-offs/ (recoveries)			Credit derivative hedges^(g)			Liquid securities and other cash collateral held against derivative receivables
					Noninvestment-grade
As of or for the year ended	Credit exposure^(f)		Investment- grade		Noncriticized		Criticized performing		Criticized nonperforming
December 31, 2018
(in millions)
Real Estate	$	143,316	$	117,988	$	24,174	$	1,019	$	135	$	70	$	(20	)	$	(2	)	$	(1	)
Individuals and Individual Entities^(b)	97,077		86,581		10,164		174		158		703		12			—			(915		)
Consumer & Retail	94,815		60,678		31,901		2,033		203		43		55			(248		)	(14		)
Technology, Media & Telecommunications	72,646		46,334		24,081		2,170		61		8		12			(1,011		)	(12		)
Industrials	58,528		38,487		18,594		1,311		136		171		20			(207		)	(29		)
Banks & Finance Cos	49,920		34,120		15,496		299		5		11		—			(575		)	(2,290		)
Asset Managers	42,807		36,722		6,067		4		14		10		—			—			(5,829		)
Healthcare	48,142		36,687		10,625		761		69		23		(5		)	(150		)	(133		)
Oil & Gas	42,600		23,356		17,451		1,158		635		6		36			(248		)	—
Utilities	28,172		23,558		4,326		138		150		—		38			(142		)	(60		)
State & Municipal Govt^(c)	27,351		26,746		603		2		—		18		(1		)	—			(42		)
Chemicals & Plastics	16,035		11,490		4,427		118		—		4		—			—			—
Central Govt	18,456		18,251		124		81		—		4		—			(7,994		)	(2,130		)
Automotive	17,339		9,637		7,310		392		—		1		—			(125		)	—
Metals & Mining	15,359		8,188		6,767		385		19		1		—			(174		)	(22		)
Transportation	15,660		10,508		4,699		393		60		21		6			(31		)	(112		)
Insurance	12,639		9,777		2,830		—		32		—		—			(36		)	(2,080		)
Financial Markets Infrastructure	7,484		6,746		738		—		—		—		—			—			(26		)
Securities Firms	4,558		3,099		1,459		—		—		—		—			(158		)	(823		)
All other^(d)	68,284		64,664		3,606		12		2		2		2			(1,581		)	(804		)
Subtotal	$	881,188	$	673,617	$	195,442	$	10,450	$	1,679	$	1,096	$	155		$	(12,682	)	$	(15,322	)
Loans held-for-sale and loans at fair value	15,028
Receivables from customers and other	30,063
Total^(e)	$	926,279


(a)	The industry rankings presented in the table as of December 31, 2018, are based on the industry rankings of the corresponding exposures at September 30, 2019, not actual rankings of such exposures at December 31, 2018.


(b)	Individuals and Individual Entities predominantly consists of Wealth Management clients within AWM and includes exposure to personal investment companies and personal and testamentary trusts.

(c)

In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) at September 30, 2019, and December 31, 2018, noted above, the Firm held: $6.9 billion and $7.8 billion, respectively, of trading securities; $31.1 billion and $37.7 billion, respectively, of AFS securities; and $4.8 billion at both periods of held-to-maturity (“HTM”) securities, issued by U.S. state and municipal governments. Refer to Note 2 and Note 9 for further information.


(d)	All other includes: SPEs and Private education and civic organizations, representing approximately 91% and 9%, respectively, at September 30, 2019, and 92% and 8%, respectively, at December 31, 2018.


(e)	Excludes cash placed with banks of $248.8 billion and $268.1 billion, at September 30, 2019, and December 31, 2018, respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks.


(f)	Credit exposure is net of risk participations and excludes the benefit of credit derivatives used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables.


(g)	Represents the net notional amounts of protection purchased and sold through credit derivatives used to manage the credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. The All other category includes purchased credit protection on certain credit indices.

Real Estate

Presented below is additional information on the Real Estate industry, to which the Firm has significant exposure.

Real Estate exposure increased $4.1 billion to $147.5 billion for the nine months ended September 30, 2019, and the investment grade percentage of the portfolio remained relatively flat at 83%. Refer to Note 11 for further information on Real Estate loans.



	September 30, 2019
(in millions, except ratios)	Loans and Lending-related Commitments		Derivative Receivables		Credit exposure		% Investment-grade		% Drawn^(c)
Multifamily^(a)	$	85,666	$	86	$	85,752	91	%	92	%
Other	60,968		735		61,703		71		59
Total Real Estate Exposure^(b)	146,634		821		147,455		83		79

	December 31, 2018
(in millions, except ratios)	Loans and Lending-related Commitments		Derivative Receivables		Credit exposure		% Investment- grade		% Drawn^(c)
Multifamily^(a)	$	85,683	$	33	$	85,716	89	%	92	%
Other	57,469		131		57,600		72		63
Total Real Estate Exposure^(b)	143,152		164		143,316		82		81


(a)	Multifamily exposure is largely in California.


(b)	Real Estate exposure is predominantly secured; unsecured exposure is predominantly investment-grade.


(c)	Represents drawn exposure as a percentage of credit exposure.

Loans

In the normal course of its wholesale business, the Firm provides loans to a variety of clients, ranging from large corporate and institutional clients to high-net-worth individuals. Refer to Note 11 for a further discussion on loans, including information on credit quality indicators and sales of loans.

The following table presents the change in the nonaccrual loan portfolio for the nine months ended September 30, 2019 and 2018.



Wholesale nonaccrual loan activity
Nine months ended September 30, (in millions)	2019		2018
Beginning balance	$	1,370	$	1,734
Additions	1,907		570
Reductions:
Paydowns and other	1,097		541
Gross charge-offs	235		251
Returned to performing status	25		217
Sales	188		287
Total reductions	1,545		1,296
Net changes	362		(726		)
Ending balance	$	1,732	$	1,008

The following table presents net charge-offs/recoveries, which are defined as gross charge-offs less recoveries, for the three and nine months ended September 30, 2019 and 2018. The amounts in the table below do not include gains or losses from sales of nonaccrual loans.



Wholesale net charge-offs/(recoveries)
(in millions, except ratios)	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Loans – reported
Average loans retained	$	433,744		$	420,597		$	434,434		$	413,537
Gross charge-offs	120			23			270			264
Gross recoveries	(12		)	(70		)	(34		)	(146		)
Net charge-offs/(recoveries)	108			(47		)	236			118
Net charge-off/(recovery) rate	0.10		%	(0.04		)%	0.07		%	0.04		%

Lending-related commitments

The Firm uses lending-related financial instruments, such as commitments (including revolving credit facilities) and guarantees, to address the financing needs of its clients. The contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or the Firm fulfill its obligations under these guarantees, and the clients subsequently fail to perform according to the terms of these contracts. Most of these commitments and guarantees are refinanced, extended, cancelled, or expire without being drawn upon or a default occurring. In the Firm’s view, the total contractual amount of these wholesale lending-related commitments is not representative of the Firm’s expected future credit exposure or funding requirements. Refer to Note 22 for further information on wholesale lending-related commitments.

Derivative contracts

Derivatives enable clients and counterparties to manage risks including credit risk and risks arising from fluctuations in interest rates, foreign exchange, equities, and commodities. The Firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. The Firm also uses derivative instruments to manage its own credit and other market risk exposure. Refer to Note 4 for a further discussion of derivative contracts.

The following table summarizes the net derivative receivables for the periods presented.



Derivative receivables
(in millions)	September 30, 2019			December 31, 2018
Total, net of cash collateral	55,577			54,213
Liquid securities and other cash collateral held against derivative receivables^(a)	(15,482		)	(15,322		)
Total, net of collateral	$	40,095		$	38,891


(a)	Includes collateral related to derivative instruments where appropriate legal opinions have not been either sought or obtained with respect to master netting agreements.

The fair value of derivative receivables reported on the Consolidated balance sheets were $55.6 billion and $54.2 billion at September 30, 2019, and December 31, 2018, respectively. Derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and cash collateral held by the Firm. However, in management’s view, the appropriate measure of current credit risk should also take into consideration additional liquid securities (primarily U.S. government and agency securities and other group of seven nations (“G7”) government securities) and other cash collateral held by the Firm aggregating $15.5 billion and $15.3 billion at September 30, 2019, and December 31, 2018, respectively, that may be used as security when the fair value of the client’s exposure is in the Firm’s favor.

In addition to the collateral described in the preceding paragraph, the Firm also holds additional collateral (primarily cash, G7 government securities, other liquid government agency and guaranteed securities, and corporate debt and equity securities) delivered by clients at the initiation of transactions, as well as collateral related to contracts that have a non-daily call frequency and collateral that the Firm has agreed to return but has not yet settled as of the reporting date. Although this collateral does not reduce the balances and is not included in the table above, it is available as security against potential exposure that could arise should the fair value of the client’s derivative contracts move in the Firm’s favor. The derivative receivables fair value, net of all collateral, also does not include other credit enhancements, such as letters of credit. Refer to Note 4 for additional information on the Firm’s use of collateral agreements.

The following table summarizes the ratings profile of the Firm’s derivative receivables, including credit derivatives, net of all collateral, at the dates indicated. The ratings scale is based on the Firm’s internal ratings, which generally correspond to the ratings as assigned by S&P and Moody’s.



Ratings profile of derivative receivables
Rating equivalent	September 30, 2019				December 31, 2018
(in millions, except ratios)	Exposure net of all collateral		% of exposure net of all collateral		Exposure net of all collateral		% of exposure net of all collateral
AAA/Aaa to AA-/Aa3	$	10,663	27	%	$	11,831	31	%
A+/A1 to A-/A3	6,106		15		7,428		19
BBB+/Baa1 to BBB-/Baa3	15,766		39		12,536		32
BB+/Ba1 to B-/B3	7,116		18		6,373		16
CCC+/Caa1 and below	444		1		723		2
Total	$	40,095	100	%	$	38,891	100	%

As previously noted, the Firm uses collateral agreements to mitigate counterparty credit risk. The percentage of the Firm’s over-the-counter derivative contracts subject to collateral agreements — excluding foreign exchange spot trades, which are not typically covered by collateral agreements due to their short maturity and centrally cleared trades that are settled daily — was approximately 90% at both September 30, 2019, and December 31, 2018.

Credit derivatives

The Firm uses credit derivatives for two primary purposes: first, in its capacity as a market-maker, and second, as an end-user, to manage the Firm’s own credit risk associated with various exposures.

Credit portfolio management activities

Included in the Firm’s end-user activities are credit derivatives used to mitigate the credit risk associated with traditional lending activities (loans and unfunded commitments) and derivatives counterparty exposure in the Firm’s wholesale businesses (collectively, “credit portfolio management” activities). Information on credit portfolio management activities is provided in the table below.



Credit derivatives used in credit portfolio management activities
	Notional amount of protection purchased and sold^(a)
(in millions)	September 30, 2019		December 31, 2018
Credit derivatives used to manage:
Loans and lending-related commitments	$	1,726	$	1,272
Derivative receivables	13,305		11,410
Credit derivatives used in credit portfolio management activities	$	15,031	$	12,682


(a)	Amounts are presented net, considering the Firm’s net protection purchased or sold with respect to each underlying reference entity or index.

Refer to Credit derivatives in Note 4 of this Form 10-Q and Note 5 of JPMorgan Chase’s 2018 Form 10-K for further information on credit derivatives and derivatives used in credit portfolio management activities.



ALLOWANCE FOR CREDIT LOSSES

The Firm’s allowance for credit losses covers the retained consumer and wholesale loan portfolios, as well as the Firm’s wholesale and certain consumer lending-related commitments.

Refer to Critical Accounting Estimates Used by the Firm on pages 76–77 and Note 12 of this Form 10-Q, and Critical Accounting Estimates Used by the Firm on pages 141-143 and Note 13 of JPMorgan Chase’s 2018 Form 10-K for further information on the components of the allowance for credit losses and related management judgments.

At least quarterly, the allowance for credit losses is reviewed by the CRO, the CFO and the Controller of the Firm. As of September 30, 2019, JPMorgan Chase deemed the allowance for credit losses to be appropriate and sufficient to absorb probable credit losses inherent in the portfolio.

The allowance for credit losses decreased compared with December 31, 2018, driven by:


•	a $550 million reduction in the CCB allowance for loan losses, which includes $400 million in the PCI residential real estate portfolio, reflecting continued improvement in home prices and delinquencies; $100 million in the non credit-impaired residential real estate portfolio; and $50 million in the business banking portfolio; as well as


•	a $132 million reduction for write-offs of PCI loans,

predominantly offset by


•	a $400 million addition to the allowance for loan losses in the credit card portfolio reflecting higher loss rates, as newer vintages season and become a larger part of the portfolio and loan growth; as well as


•	a $170 million addition in the wholesale allowance for credit losses largely driven by select C&I client downgrades.

Refer to Consumer Credit Portfolio on pages 56–59, Wholesale Credit Portfolio on pages 60–66 and Note 11 for additional information on the consumer and wholesale credit portfolios.



Summary of changes in the allowance for credit losses
	2019												2018
Nine months ended September 30,	Consumer, excluding credit card			Credit card			Wholesale			Total			Consumer, excluding credit card			Credit card			Wholesale			Total
(in millions, except ratios)
Allowance for loan losses
Beginning balance at January 1,	$	4,146		$	5,184		$	4,115		$	13,445		$	4,579		$	4,884		$	4,141		$	13,604
Gross charge-offs	702			4,050			270			5,022			776			3,777			264			4,817
Gross recoveries	(420		)	(433		)	(34		)	(887		)	(681		)	(370		)	(146		)	(1,197		)
Net charge-offs	282			3,617			236			4,135			95			3,407			118			3,620
Write-offs of PCI loans^(a)	132			—			—			132			151			—			—			151
Provision for loan losses	(265		)	4,017			296			4,048			(152		)	3,557			(111		)	3,294
Other	—			(1		)	10			9			1			—			—			1
Ending balance at September 30,	$	3,467		$	5,583		$	4,185		$	13,235		$	4,182		$	5,034		$	3,912		$	13,128
Impairment methodology
Asset-specific^(b)	$	145		$	488		$	342		$	975		$	204		$	421		$	280		$	905
Formula-based	2,066			5,095			3,843			11,004			2,154			4,613			3,632			10,399
PCI	1,256			—			—			1,256			1,824			—			—			1,824
Total allowance for loan losses	$	3,467		$	5,583		$	4,185		$	13,235		$	4,182		$	5,034		$	3,912		$	13,128
Allowance for lending-related commitments
Beginning balance at January 1,	$	33		$	—		$	1,022		$	1,055		$	33		$	—		$	1,035		$	1,068
Provision for lending-related commitments	—			—			110			110			—			—			29			29
Other	—			—			—			—			—			—			—			—
Ending balance at September 30,	$	33		$	—		$	1,132		$	1,165		$	33		$	—		$	1,064		$	1,097
Impairment methodology
Asset-specific	$	—		$	—		$	135		$	135		$	—		$	—		$	71		$	71
Formula-based	33			—			997			1,030			33			—			993			1,026
Total allowance for lending-related commitments^(c)	$	33		$	—		$	1,132		$	1,165		$	33		$	—		$	1,064		$	1,097
Total allowance for credit losses	$	3,500		$	5,583		$	5,317		$	14,400		$	4,215		$	5,034		$	4,976		$	14,225
Memo:
Retained loans, end of period	$	331,809		$	159,571		$	437,507		$	928,887		$	375,958		$	147,856		$	423,837		$	947,651
Retained loans, average	355,865			154,367			434,434			944,666			374,298			143,931			413,537			931,766
PCI loans, end of period	21,290			—			—			21,290			25,209			—			3			25,212
Credit ratios
Allowance for loan losses to retained loans	1.04		%	3.50		%	0.96		%	1.42		%	1.11		%	3.40		%	0.92		%	1.39		%
Allowance for loan losses to retained nonaccrual loans^(d)	108			NM			285			282			115			NM			394			284
Allowance for loan losses to retained nonaccrual loans excluding credit card	108			NM			285			163			115			NM			394			175
Net charge-off rates	0.11			3.13			0.07			0.59			0.03			3.16			0.04			0.52
Credit ratios, excluding residential real estate PCI loans
Allowance for loan losses to retained loans	0.71			3.50			0.96			1.32			0.67			3.40			0.92			1.23
Allowance for loan losses to retained nonaccrual loans^(d)	69			NM			285			256			65			NM			394			244
Allowance for loan losses to retained nonaccrual loans excluding credit card	69			NM			285			136			65			NM			394			135
Net charge-off rates	0.11		%	3.13		%	0.07		%	0.60		%	0.04		%	3.16		%	0.04		%	0.54		%

Note: In the table above, the financial measures which exclude the impact of PCI loans are non-GAAP financial measures.


(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.


(b)	Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified in a TDR. The asset-specific credit card allowance for loan losses modified in a TDR is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.


(c)	The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets.


(d)


(d)	The Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.



INVESTMENT PORTFOLIO RISK MANAGEMENT

Investment portfolio risk is the risk associated with the loss of principal or a reduction in expected returns on investments arising from the investment securities portfolio held predominantly by Treasury and CIO in connection with the Firm’s balance sheet or asset-liability management objectives or from principal investments managed in the LOBs and Corporate in predominantly privately-held financial instruments. Investments are typically intended to be held over extended periods and, accordingly, the Firm has no expectation for short-term realized gains with respect to these investments.

Investment securities risk

Investment securities risk includes the exposure associated with a default in the payment of principal and interest. This risk is mitigated given that Treasury and CIO substantially invest in high-quality securities. At September 30, 2019, the Treasury and CIO investment securities portfolio was $392.4 billion, and the average credit rating of the securities comprising the portfolio was AA+ (based upon external ratings where available and where not available, based primarily upon internal ratings that correspond to ratings as defined by S&P and Moody’s). Refer to Corporate segment results on pages 42–43 and Note 9 for further information on the investment securities portfolio. Refer to Market Risk Management on pages 70–74 for further information on the market risk inherent in the portfolio. Refer to Liquidity Risk on pages 50–54 for further information on related liquidity risk.

Principal investment risk

Principal investments are typically private non-traded financial instruments representing ownership or other forms of junior capital. Principal investments span multiple asset classes and are made either in stand-alone investing businesses or as part of a broader business platform. In general, new principal investments include tax-oriented investments, as well as investments made to enhance or accelerate LOB and Corporate strategic business initiatives. The Firm’s principal investments are managed by the LOBs and Corporate and are reflected within their respective financial results.

As of September 30, 2019 and December 31, 2018, the aggregate carrying values of the principal investment portfolios were $23.3 billion and $22.2 billion, respectively, which included tax-oriented investments (e.g., affordable housing and alternative energy investments) of $16.7 billion and $16.6 billion, respectively, and private equity, various debt and equity instruments, and real assets of $6.6 billion and $5.6 billion, respectively.

Refer to page 123 of JPMorgan Chase’s 2018 Form 10-K for a discussion of the Firm’s Investment Portfolio Risk Management governance and oversight.



MARKET RISK MANAGEMENT

Market risk is the risk associated with the effect of changes in market factors such as interest and foreign exchange rates, equity and commodity prices, credit spreads or implied volatilities, on the value of assets and liabilities held for both the short and long term. Refer to Market Risk Management on pages 124–131 of JPMorgan Chase’s 2018 Form 10-K for a discussion of the Firm’s Market Risk Management organization, market risk measurement, risk monitoring and control, and predominant business activities that give rise to market risk.

Value-at-risk

JPMorgan Chase utilizes value-at-risk (“VaR”), a statistical risk measure, to estimate the potential loss from adverse market moves in the current market environment. The Firm has a single VaR framework used as a basis for calculating Risk Management VaR and Regulatory VaR.

The Firm’s Risk Management VaR is calculated assuming a one-day holding period and an expected tail-loss methodology which approximates a 95% confidence level. For risk management purposes, the Firm believes this methodology provides a daily measure of risk that is closely aligned to risk management decisions made by the lines of business and Corporate and, along with other market risk measures, provides the appropriate information needed to respond to risk events. The Firm calculates separately a daily aggregated VaR in accordance with regulatory rules (“Regulatory VaR”), which is used to derive the Firm’s regulatory VaR-based capital requirements under Basel III.

The Firm’s VaR model calculations are periodically evaluated and enhanced in response to changes in the composition of the Firm’s portfolios, changes in market conditions, improvements in the Firm’s modeling techniques and measurements, and other factors. Such changes may affect historical comparisons of VaR results. Refer to Estimations and Model Risk Management on page 140 of JPMorgan Chase’s 2018 Form 10-K for information regarding model reviews and approvals.

Refer to page 126 of JPMorgan Chase’s 2018 Form 10-K for further information regarding VaR, including the inherent limitations, and the key differences between Risk Management VaR and Regulatory VaR. Refer to JPMorgan Chase’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website at:

(http://investor.shareholder.com/jpmorganchase/basel.cfm) for additional information on Regulatory VaR and the other components of market risk regulatory capital for the Firm (e.g., VaR-based measure, stressed VaR-based measure and the respective backtesting). Refer to Other risk measures on pages 129-131 of JPMorgan Chase’s 2018 Form 10-K for further information regarding nonstatistical market risk measures used by the Firm.

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



Total VaR
	Three months ended
	September 30, 2019										June 30, 2019										September 30, 2018
(in millions)	Avg.				Min			Max			Avg.				Min			Max			Avg.				Min			Max
CIB trading VaR by risk type
Fixed income	$	37			$	31		$	46		$	39			$	33		$	45		$	30			$	25		$	37
Foreign exchange	6				4			8			7				5			12			5				3			11
Equities	22				19			27			25				14			31			16				13			19
Commodities and other	8				7			9			9				7			10			9				7			11
Diversification benefit to CIB trading VaR	(34		)	^(a)	NM		^(b)	NM		^(b)	(36		)	^(a)	NM		^(b)	NM		^(b)	(27		)	^(a)	NM		^(b)	NM		^(b)
CIB trading VaR	39				33		^(b)	47		^(b)	44				34		^(b)	55		^(b)	33				27		^(b)	41		^(b)
Credit portfolio VaR	5				4			7			5				4			7			3				3			4
Diversification benefit to CIB VaR	(6		)	^(a)	NM		^(b)	NM		^(b)	(5		)	^(a)	NM		^(b)	NM		^(b)	(3		)	^(a)	NM		^(b)	NM		^(b)
CIB VaR	38				33		^(b)	46		^(b)	44				35		^(b)	55		^(b)	33				28		^(b)	42		^(b)

CCB VaR	6				2			11			4				2			7			1				1			2
Corporate VaR	10				9			11			10				9			10			13				12			14
Diversification benefit to other VaR	(5		)	^(a)	NM		^(b)	NM		^(b)	(5		)	^(a)	NM		^(b)	NM		^(b)	(1		)	^(a)	NM		^(b)	NM		^(b)
Other VaR	11				9		^(b)	15		^(b)	9				8		^(b)	11		^(b)	13				12		^(b)	14		^(b)
Diversification benefit to CIB and other VaR	(10		)	^(a)	NM		^(b)	NM		^(b)	(7		)	^(a)	NM		^(b)	NM		^(b)	(11		)	^(a)	NM		^(b)	NM		^(b)
Total VaR	$	39			$	35	^(b)	$	46	^(b)	$	46			$	36	^(b)	$	57	^(b)	$	35			$	30	^(b)	$	43	^(b)


(a)	Average portfolio VaR is less than the sum of the VaR of the components described above, which is due to portfolio diversification. The diversification effect reflects that the risks are not perfectly correlated.

(b)

Diversification benefit represents the difference between the total VaR and each reported level and the sum of its individual components. Diversification benefit reflects the non-additive nature of VaR due to imperfect correlation across lines of business, Corporate, and risk types. The maximum and minimum VaR for each portfolio may have occurred on different trading days than the components and consequently diversification benefit is not meaningful.

Quarter over quarter results

Average total VaR decreased by $7 million for the three months ended September 30, 2019 as compared with the prior quarter. This reflects a reduction in risk across the Fixed Income and Foreign Exchange risk types, as well as a decrease in the Equities risk type driven by certain CIB investments, including Tradeweb.

Year over year results

Average total VaR increased by $4 million for the three months ended September 30, 2019, compared with the same period in the prior year. The increase in average total VaR is primarily due to increased exposure in the Fixed Income risk type, as well as an increase in the Equities risk type in CIB driven by the inclusion of Tradeweb following the IPO in the second quarter of 2019.

In addition, average CCB VaR has increased by $5 million, driven by mortgage servicing rights risk management activities.

VaR back-testing

The Firm performs daily VaR model back-testing, which compares the daily Risk Management VaR results with the daily gains and losses actually recognized on market-risk related revenue.

The Firm’s definition of market risk-related gains and losses is consistent with the definition used by the banking regulators under Basel III. Under this definition market risk-related gains and losses are defined as: gains and losses on the positions included in the Firm’s Risk Management VaR excluding fees, commissions, certain valuation adjustments, net interest income, and gains and losses arising from intraday trading.

The following chart compares actual daily market risk-related gains and losses with the Firm’s Risk Management VaR for the nine months ended September 30, 2019. As the chart presents market risk-related gains and losses related to those positions included in the Firm’s Risk Management VaR, the results in the table below differ from the results of back-testing disclosed in the Market Risk section of the Firm’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are based on Regulatory VaR applied to CIB’s covered positions. For the nine months ended September 30, 2019, the Firm observed five VaR back-testing exceptions and posted market risk-related gains on 116 of the 194 days. For the three months ended September 30, 2019, the Firm observed three VaR back-testing exceptions and posted market risk-related gains on 35 of the 66 days.

Daily Market Risk-Related Gains and Losses

vs. Risk Management VaR (1-day, 95% Confidence level)

Nine months ended September 30, 2019

Market Risk-Related Gains and Losses

Risk Management VaR



First Quarter 2019	Second Quarter 2019	Third Quarter 2019

Earnings-at-risk

The effect of interest rate exposure on the Firm’s reported net income is important as interest rate risk represents one of the Firm’s significant market risks. Interest rate risk arises not only from trading activities but also from the Firm’s traditional banking activities, which include extension of loans and credit facilities, taking deposits and issuing debt as well as from the investment securities portfolio. Refer to the table on page 125 of JPMorgan Chase’s 2018 Form 10-K for a summary by line of business and Corporate, identifying positions included in earnings-at-risk.

One way the Firm evaluates its structural interest rate risk is through earnings-at-risk. Earnings-at-risk estimates the Firm’s interest rate exposure for a given interest rate scenario. It is presented as a sensitivity to a baseline, which includes net interest income and certain interest rate sensitive fees. The baseline uses market interest rates and in the case of deposits, pricing assumptions. The Firm conducts simulations of changes to this baseline for interest rate-sensitive assets and liabilities denominated in U.S. dollars and other currencies (“non-U.S. dollar” currencies). These simulations primarily include retained loans, deposits, deposits with banks, investment securities, long term debt and any related interest rate hedges, and exclude other positions in risk management VaR and other sensitivity-based measures as described on page 125 of JPMorgan Chase’s 2018 Form 10-K.

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


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

•

Forecasted balance sheet, as well as modeled prepayment and reinvestment behavior, but do not include assumptions about actions that could be taken by the Firm in response to any such instantaneous rate changes. Mortgage prepayment assumptions are based on the interest rates used in the scenarios compared with underlying contractual rates, the time since origination, and other factors which are updated periodically based on historical experience.


•	The pricing sensitivity of deposits, using normalized deposit betas over the cycle. These normalized deposit betas represent the amount by which deposit rates paid could change upon a given change in market interest

rates. The deposit rates paid in these scenarios differ from actual deposit rates paid, particularly for retail deposits, due to repricing lags and other factors.

The Firm’s earnings-at-risk scenarios are periodically evaluated and enhanced in response to changes in the composition of the Firm’s balance sheet, changes in market conditions, improvements in the Firm’s simulation and other factors. While a relevant measure of the Firm’s interest rate exposure, the earnings at risk analysis does not represent a forecast of the Firm’s net interest income (Refer to 2019 Outlook on page 8 for additional information).

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



(in billions)	September 30, 2019			December 31, 2018
Parallel shift:
+100 bps shift in rates	$	0.7		$	0.9
-100 bps shift in rates	(2.6		)	(2.1		)
Steeper yield curve:
+100 bps shift in long-term rates	0.9			0.5
-100 bps shift in short-term rates	(0.9		)	(1.2		)
Flatter yield curve:
+100 bps shift in short-term rates	(0.2		)	0.4
-100 bps shift in long-term rates	(1.6		)	(0.9		)

The change in the Firm’s U.S. dollar sensitivities as of September 30, 2019 compared to December 31, 2018 reflected updating the Firm’s baseline for lower short-term and long-term rates as well as the impact of changes in the Firm’s balance sheet. The Firm’s sensitivity to short-term rates decreased as a result of changes in the Firm’s balance sheet primarily offset by updating the Firm’s baseline to reflect lower rates. The Firm’s sensitivity to long-term rates increased primarily as a result of updating the Firm’s baseline to reflect lower rates and is more impactful to the downward scenario due to the Firm’s sensitivity to mortgage prepayments.

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



(in billions)	September 30, 2019		December 31, 2018
Parallel shift:
+100 bps shift in rates	$	0.5	$	0.5
Flatter yield curve:
+100 bps shift in short-term rates	0.5		0.5

The results of the non-U.S. dollar interest rate scenario involving a steeper yield curve with long-term rates rising by 100 basis points and short-term rates staying at current levels were not material to the Firm’s earnings-at-risk at September 30, 2019 and December 31, 2018.

Other sensitivity-based measures

The Firm quantifies the market risk of certain investment and funding activities by assessing the potential impact on net revenue and OCI due to changes in relevant market variables. Refer to the table Predominant business activities

that give rise to market risk on page 125 of JPMorgan Chase’s 2018 Form 10-K for additional information on the positions captured in other sensitivity-based measures.

The table below represents the potential impact to net revenue or OCI for market risk-sensitive instruments that are not included in VaR or earnings-at-risk. Where appropriate, instruments used for hedging purposes are reported along with the positions being hedged. The sensitivities disclosed in the table below may not be representative of the actual gain or loss that would have been realized at September 30, 2019 and December 31, 2018, as the movement in market parameters across maturities may vary and are not intended to imply management’s expectation of future deterioration in these sensitivities.



Gain/(loss) (in millions)			September 30, 2019			December 31, 2018
Activity	Description	Sensitivity measure	September 30, 2019			December 31, 2018

Investment activities^(a)
Investment management activities	Consists of seed capital and related hedges; and fund co-investments	10% decline in market value	$	(79	)	$	(102	)
Other investments	Consists of privately held equity and other investments held at fair value	10% decline in market value	(202		)	(218		)

Funding activities
Non-USD LTD cross-currency basis	Represents the basis risk on derivatives used to hedge the foreign exchange risk on the non-USD LTD^(b)	1 basis point parallel tightening of cross currency basis	(15		)	(13		)
Non-USD LTD hedges foreign currency (“FX”) exposure	Primarily represents the foreign exchange revaluation on the fair value of the derivative hedges^(b)	10% depreciation of currency	7			17
Derivatives – funding spread risk	Impact of changes in the spread related to derivatives FVA	1 basis point parallel increase in spread	(5		)	(4		)
Fair value option elected liabilities – funding spread risk	Impact of changes in the spread related to fair value option elected liabilities DVA^(b)	1 basis point parallel increase in spread	28			30
Fair value option elected liabilities – interest rate sensitivity	Interest rate sensitivity on fair value option liabilities resulting from a change in the Firm’s own credit spread^(b)	1 basis point parallel increase in spread	1			1


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


(b)	Impact recognized through OCI.



COUNTRY RISK MANAGEMENT

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

Refer to pages 132–133 of JPMorgan Chase’s 2018 Form 10-K for a further discussion of the Firm’s country risk management.

The following table presents the Firm’s top 20 exposures by country (excluding the U.S.) as of September 30, 2019 and their comparative exposures as of December 31, 2018. The selection of countries represents the Firm’s largest total exposures by country, based on the Firm’s internal country risk management approach, and does not represent the Firm’s view of any actual or potentially adverse credit conditions. Country exposures may fluctuate from period to period due to client activity and market flows.



Top 20 country exposures (excluding the U.S.)^(a)
(in billions)	September 30, 2019								December 31, 2018^(e)
	Lending and deposits^(b)		Trading and investing^(c)		Other^(d)		Total exposure		Total exposure
Germany	$	58.1	$	6.2	$	0.4	$	64.7	$	62.1
United Kingdom	28.8		10.0		3.7		42.5		40.7
Japan	23.3		4.2		0.3		27.8		29.1
Switzerland	10.7		1.0		7.6		19.3		12.8
France	11.3		4.8		1.5		17.6		17.9
China	9.3		6.7		1.4		17.4		19.3
Canada	12.0		1.5		—		13.5		14.3
India	5.0		4.8		2.8		12.6		11.8
Luxembourg	11.6		0.7		—		12.3		11.0
Australia	7.1		5.0		—		12.1		13.0
Netherlands	6.0		1.2		3.0		10.2		5.8
Brazil	4.0		4.9		—		8.9		7.3
Singapore	4.3		1.6		2.6		8.5		6.8
Saudi Arabia	7.2		0.9		—		8.1		5.3
South Korea	4.0		3.6		0.1		7.7		7.6
Italy	2.2		4.7		0.1		7.0		6.4
Hong Kong	3.4		1.5		1.7		6.6		5.4
Spain	3.3		3.3		—		6.6		5.1
Mexico	4.2		0.9		—		5.1		5.5
Belgium	3.6		0.5		—		4.1		2.3


(a)	Top 20 country exposures reflect approximately 87% and 86% of total firmwide non-U.S. exposure, where exposure is attributed to a specific country, at September 30, 2019, and December 31, 2018 respectively.

(b)

Lending and deposits includes loans and accrued interest receivable (net of eligible collateral and the allowance for loan losses), deposits with banks (including central banks), acceptances, other monetary assets, issued letters of credit net of participations, and unused commitments to extend credit. Excludes intra-day and operating exposures, such as those from settlement and clearing activities.


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


(d)	Predominantly includes physical commodity inventory.


(e)	The country rankings presented in the table as of December 31, 2018, are based on the country rankings of the corresponding exposures at September 30, 2019, not actual rankings of such exposures at December 31, 2018.



CRITICAL ACCOUNTING ESTIMATES USED BY THE FIRM

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

Allowance for credit losses

The Firm’s allowance for credit losses covers the retained consumer and wholesale loan portfolios, as well as the Firm’s wholesale and certain consumer lending-related commitments. The allowance for loan losses is intended to adjust the carrying value of the Firm’s loan assets to reflect probable credit losses inherent in the loan portfolio as of the balance sheet date. Similarly, the allowance for lending-related commitments is established to cover probable credit losses inherent in the lending-related commitments portfolio as of the balance sheet date.

The allowance for credit losses includes a formula-based component, an asset-specific component, and a component related to PCI loans. The determination of each of these components involves significant judgment on a number of matters. Refer to pages 120–122, page 141 and Note 13 of JPMorgan Chase’s 2018 Form 10-K for further information on these components, areas of judgment and methodologies used in establishing the Firm’s allowance for credit losses; and refer to Allowance for credit losses on pages 67–68 and Note 12 of this Form 10-Q.

As noted in the discussion on page 141 of JPMorgan Chase’s 2018 Form 10-K, the Firm’s allowance for credit losses is sensitive to numerous factors, which may differ depending on the portfolio. Changes in economic conditions or in the Firm’s assumptions and estimates could affect its estimate of probable credit losses inherent in the portfolio at the balance sheet date. The Firm uses its best judgment to assess these economic conditions and loss data in estimating the allowance for credit losses and these estimates are subject to periodic refinement based on changes to underlying external or Firm-specific historical data. Refer to Note 12 for further information.

To illustrate the potential magnitude of certain alternate judgments, the Firm estimates that changes in the following inputs would have the following effects on the Firm’s modeled credit loss estimates as of September 30, 2019,

without consideration of any offsetting or correlated effects of other inputs in the Firm’s allowance for loan losses:


•	A combined 5% decline in housing prices and a 100 basis point increase in unemployment rates from expectations could imply:


◦	an increase to modeled credit loss estimates of approximately $250 million for PCI loans.


◦	an increase to modeled annual credit loss estimates of approximately $50 million for residential real estate loans, excluding PCI loans.


•	For credit card loans, a 100 basis point increase in unemployment rates from expectations could imply an increase to modeled annual credit loss estimates of approximately $800 million.


•	An increase in probability of default (“PD”) factors consistent with a one-notch downgrade in the Firm’s internal risk ratings for its entire wholesale loan portfolio could imply an increase in the Firm’s modeled credit loss estimates of approximately $1.7 billion.


•	A 100 basis point increase in estimated loss given default (“LGD”) for the Firm’s entire wholesale loan portfolio could imply an increase in the Firm’s modeled credit loss estimates of approximately $175 million.

The purpose of these sensitivity analyses is to provide an indication of the isolated impacts of hypothetical alternative assumptions on modeled loss estimates. The changes in the inputs presented above are not intended to imply management’s expectation of future deterioration of those risk factors. In addition, these analyses are not intended to estimate changes in the overall allowance for loan losses, which would also be influenced by the judgment management applies to the modeled loss estimates to reflect the uncertainty and imprecision of these modeled loss estimates based on then-current circumstances and conditions.

It is difficult to estimate how potential changes in specific factors might affect the overall allowance for credit losses because management considers a variety of factors and inputs in estimating the allowance for credit losses. Changes in these factors and inputs may not occur at the same rate and may not be consistent across all geographies or product types, and changes in factors may be directionally inconsistent, such that improvement in one factor may offset deterioration in other factors. In addition, it is difficult to predict how changes in specific economic conditions or assumptions could affect borrower behavior or other factors considered by management in estimating the allowance for credit losses. Given the process the Firm follows and the judgments made in evaluating the risk factors related to its loss estimates, management believes that its current estimate of the allowance for credit losses is appropriate.

Fair value

Assets measured at fair value

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



September 30, 2019 (in billions, except ratios)	Total assets at fair value		Total level 3 assets
Trading–debt and equity instruments	$	440.2	$	4.4
Derivative receivables^(a)	55.6		5.6
Trading assets	495.8		10.0
AFS securities	353.4		—
Loans	5.8		—
MSRs	4.4		4.4
Other	27.8		0.7
Total assets measured at fair value on a recurring basis	$	887.2	$	15.1
Total assets measured at fair value on a nonrecurring basis	6.4		1.0
Total assets measured at fair value	$	893.6	$	16.1
Total Firm assets	$	2,764.7
Level 3 assets as a percentage of total Firm assets^(a)			0.6		%
Level 3 assets as a percentage of total Firm assets at fair value^(a)			1.8		%

(a)

For purposes of the table above, the derivative receivables total reflects the impact of netting adjustments; however, the $5.6 billion of derivative receivables classified as level 3 does not reflect the netting adjustment as such netting is not relevant to a presentation based on the transparency of inputs to the valuation of an asset. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.

Valuation

Estimating fair value requires the application of judgment. The type and level of judgment required is largely dependent on the amount of observable market information available to the Firm. For instruments valued using internally developed valuation models and other valuation techniques that use significant unobservable inputs and are therefore classified within level 3 of the valuation hierarchy, judgments used to estimate fair value are more significant than those required when estimating the fair value of instruments classified within levels 1 and 2.

In arriving at an estimate of fair value for an instrument within level 3, management must first determine the appropriate valuation technique to use. Second, the lack of observability of certain significant inputs requires management to assess all relevant empirical data in deriving valuation inputs including, for example, transaction details, yield curves, interest rates, prepayment rates, default rates, volatilities, correlations, equity or debt prices, valuations of comparable instruments, foreign exchange rates and credit curves. Refer to Note 2 for a further discussion of the valuation of level 3 instruments, including unobservable inputs used.

For instruments classified in levels 2 and 3, management judgment must be applied to assess the appropriate level of valuation adjustments to reflect counterparty credit quality, the Firm’s creditworthiness, market funding rates, liquidity considerations, unobservable parameters, and for portfolios that meet specified criteria, the size of the net open risk position. The judgments made are typically affected by the type of product and its specific contractual terms, and the level of liquidity for the product or within the market as a whole. Refer to Note 2 for a further discussion of valuation adjustments applied by the Firm.

Imprecision in estimating unobservable market inputs or other factors can affect the amount of gain or loss recorded for a particular position. Furthermore, while the Firm believes its valuation methods are appropriate and consistent with those of other market participants, the methods and assumptions used reflect management judgment and may vary across the Firm’s businesses and portfolios.

The Firm uses various methodologies and assumptions in the determination of fair value. The use of methodologies or assumptions different than those used by the Firm could result in a different estimate of fair value at the reporting date. Refer to Note 2 for a detailed discussion of the Firm’s valuation process and hierarchy, and its determination of fair value for individual financial instruments.

Goodwill impairment

Management applies significant judgment when testing goodwill for impairment. The goodwill associated with each business combination is allocated to the related reporting units for goodwill impairment testing. Refer to Goodwill impairment on page 142 of JPMorgan Chase’s 2018 Form 10-K for a description of the significant valuation judgments associated with goodwill impairment.

Refer to Note 14 for additional information on goodwill, including the goodwill impairment assessment as of September 30, 2019.

Credit card rewards liability

The credit card rewards liability was $6.3 billion and $5.8 billion at September 30, 2019 and December 31, 2018, respectively, and is recorded in accounts payable and other liabilities on the Consolidated balance sheets. Refer to page 143 of JPMorgan Chase’s 2018 Form 10-K for a description of the significant assumptions and judgments associated with the Firm’s credit card rewards liability.

Income taxes

Refer to Income taxes on page 143 of JPMorgan Chase’s 2018 Form 10-K for a description of the significant assumptions, judgments and interpretations associated with the accounting for income taxes.

Litigation reserves

Refer to Note 24 of this Form 10-Q, and Note 29 of JPMorgan Chase’s 2018 Form 10-K for a description of the significant estimates and judgments associated with establishing litigation reserves.



ACCOUNTING AND REPORTING DEVELOPMENTS



Financial Accounting Standards Board (“FASB”) Standards Adopted January 1, 2019

Standard	Summary of guidance	Effects on financial statements

Leases Issued February 2016	• Requires lessees to recognize all leases longer than twelve months on the Consolidated balance sheets as a lease liability with a corresponding right-of-use asset. • Requires lessees and lessors to classify most leases using principles similar to existing lease accounting, but eliminates the “bright line” classification tests. • Expands qualitative and quantitative leasing disclosures.	• Adopted January 1, 2019. • The Firm elected the available practical expedient to not reassess whether existing contracts contain a lease or whether classification or unamortized initial lease costs would be different under the new lease guidance. The Firm elected the modified retrospective transition method, through a cumulative-effect adjustment to retained earnings without revising prior periods. • Refer to Note 16 for further information.



FASB Standards Issued but not yet Adopted

Standard	Summary of guidance	Effects on financial statements

Financial instruments – credit losses Issued June 2016	• Replaces existing incurred loss impairment guidance and establishes a single allowance framework for financial assets carried at amortized cost, which will reflect management’s estimate of credit losses over the full remaining expected life of the financial assets and will consider expected future changes in macroeconomic conditions. • Eliminates existing guidance for PCI loans, and requires recognition of the nonaccretable difference as an increase to the allowance for expected credit losses on financial assets purchased with more than insignificant credit deterioration since origination, with a corresponding increase in the recorded investment of the related loans. • Requires inclusion of expected recoveries, limited to the cumulative amount of prior write-offs, when estimating the allowance for credit losses for in scope financial assets (including collateral dependent assets). • Amends existing impairment guidance for AFS securities to incorporate an allowance, which will allow for reversals of credit impairments in the event that the credit of an issuer improves. • Requires a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption.	• Required effective date: January 1, 2020.^(a) • The Firm has established a Firmwide, cross-discipline governance structure, which provides implementation oversight. The Firm continues to test and refine its current expected credit loss models that satisfy the requirements of the new standard. Oversight and testing, as well as efforts to meet expanded disclosure requirements, will extend through the remainder of 2019. • The Firm expects that the allowance related to the Firm’s loans and commitments will increase as it will cover credit losses over the full remaining expected life of the portfolios. The Firm currently intends to estimate losses over a two-year forecast period using the weighted-average of a range of macroeconomic scenarios (established on a Firmwide basis), and then revert to longer term historical loss experience to estimate losses over more extended periods. • The Firm currently expects the increase in the allowance to be in the range of $4-6 billion, primarily driven by Card. This estimate is subject to further refinement based on continuing reviews and approvals of models, methodologies and judgments. The ultimate impact will depend upon the nature and characteristics of the Firm’s portfolio at the adoption date, the macroeconomic conditions and forecasts at that date, and other management judgments. • The Firm plans to adopt the new guidance on January 1, 2020.
Goodwill Issued January 2017	• Requires an impairment loss to be recognized when the estimated fair value of a reporting unit falls below its carrying value. • Eliminates the second condition in the current guidance that requires an impairment loss to be recognized only if the estimated implied fair value of the goodwill is below its carrying value.	• Required effective date: January 1, 2020.^(a) • Based on current impairment test results, the Firm does not expect a material effect on the Consolidated Financial Statements. However, the impact of the new accounting guidance will depend on the performance of the reporting units and the market conditions at the time of adoption. • After adoption, the guidance may result in more frequent goodwill impairment losses due to the removal of the second condition. • The Firm plans to adopt the new guidance on January 1, 2020.


(a)	Early adoption is permitted.



FORWARD-LOOKING STATEMENTS

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

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


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


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


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


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


•	Changes in income tax laws and regulations;


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


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


•	Ability of the Firm to manage effectively its capital and liquidity, including approval of its capital plans by banking regulators;


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


•	Damage to the Firm’s reputation;


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


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


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


•	The effectiveness of the Firm’s control agenda;


•	Ability of the Firm to develop or discontinue products and services, and the extent to which products or services previously sold by the Firm (including but not limited to mortgages and asset-backed securities) require the Firm to incur liabilities or absorb losses not contemplated at their initiation or origination;


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


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


•	Ability of the Firm to control expenses;


•	Competitive pressures;


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


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


•	Adverse judicial or regulatory proceedings;


•	Changes in applicable accounting policies, including the introduction of new accounting standards;


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


•	Occurrence of natural or man-made disasters or calamities or conflicts and the Firm’s ability to deal effectively with disruptions caused by the foregoing;


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


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


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


•	The other risks and uncertainties detailed in Part I,

Item 1A: Risk Factors in JPMorgan Chase’s 2018 Form 10-K.

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

JPMorgan Chase & Co.

Consolidated statements of income (unaudited)



	Three months ended September 30,					Nine months ended September 30,
(in millions, except per share data)	2019		2018			2019		2018
Revenue
Investment banking fees	$	1,967	$	1,832		$	5,658	$	5,736
Principal transactions	3,449		2,964			11,239		10,698
Lending- and deposit-related fees	1,626		1,542			4,643		4,514
Asset management, administration and commissions	4,351		4,310			12,818		12,923
Investment securities gains/(losses)	78		(46		)	135		(371		)
Mortgage fees and related income	887		262			1,562		1,051
Card income	1,283		1,328			3,923		3,623
Other income	1,472		1,160			4,239		4,041
Noninterest revenue	15,113		13,352			44,217		42,215
Interest income ^(a)	21,121		19,439			64,113		55,499
Interest expense ^(a)	6,893		5,531			21,034		14,794
Net interest income	14,228		13,908			43,079		40,705
Total net revenue	29,341		27,260			87,296		82,920

Provision for credit losses	1,514		948			4,158		3,323

Noninterest expense
Compensation expense	8,583		8,108			26,067		25,308
Occupancy expense	1,110		1,014			3,238		2,883
Technology, communications and equipment expense	2,494		2,219			7,236		6,441
Professional and outside services	2,056		2,086			6,307		6,333
Marketing	945		798			2,686		2,396
Other expense	1,234		1,398			3,624		4,313
Total noninterest expense	16,422		15,623			49,158		47,674
Income before income tax expense	11,405		10,689			33,980		31,923
Income tax expense	2,325		2,309			6,069		6,515
Net income	$	9,080	$	8,380		$	27,911	$	25,408
Net income applicable to common stockholders	$	8,606	$	7,948		$	26,551	$	24,067
Net income per common share data
Basic earnings per share	$	2.69	$	2.35		$	8.17	$	7.04
Diluted earnings per share	2.68		2.34			8.15		7.00

Weighted-average basic shares	3,198.5		3,376.1			3,248.7		3,416.5
Weighted-average diluted shares	3,207.2		3,394.3			3,258.0		3,436.2


(a)	In the second quarter of 2019, the Firm implemented certain presentation changes that impacted interest income and interest expense, but had no effect on net interest income. These changes were applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation. Refer to Note 6 for additional information.

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

JPMorgan Chase & Co.

Consolidated statements of comprehensive income (unaudited)



	Three months ended September 30,						Nine months ended September 30,
(in millions)	2019			2018			2019			2018
Net income	$	9,080		$	8,380		$	27,911		$	25,408
Other comprehensive income/(loss), after–tax
Unrealized gains/(losses) on investment securities	479			(819		)	2,986			(2,280		)
Translation adjustments, net of hedges	(165		)	(31		)	(90		)	84
Fair value hedges	(1		)	34			87			(74		)
Cash flow hedges	195			(88		)	430			(327		)
Defined benefit pension and OPEB plans	46			19			123			78
DVA on fair value option elected liabilities	132			(402		)	(229		)	125
Total other comprehensive income/(loss), after–tax	686			(1,287		)	3,307			(2,394		)
Comprehensive income	$	9,766		$	7,093		$	31,218		$	23,014

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

JPMorgan Chase & Co.

Consolidated balance sheets (unaudited)



(in millions, except share data)	September 30, 2019			December 31, 2018
Assets
Cash and due from banks	$	21,215		$	22,324
Deposits with banks	235,382			256,469
Federal funds sold and securities purchased under resale agreements (included $13,705 and $13,235 at fair value)	257,391			321,588
Securities borrowed (included $5,784 and $5,105 at fair value)	138,336			111,995
Trading assets (included assets pledged of $138,827 and $89,073)	495,875			413,714
Investment securities (included $353,421 and $230,394 at fair value and assets pledged of $12,518 and $11,432)	394,251			261,828
Loans (included $5,760 and $3,151 at fair value)	945,218			984,554
Allowance for loan losses	(13,235		)	(13,445		)
Loans, net of allowance for loan losses	931,983			971,109
Accrued interest and accounts receivable	88,988			73,200
Premises and equipment	25,117			14,934
Goodwill, MSRs and other intangible assets	53,078			54,349
Other assets (included $8,916 and $9,630 at fair value and assets pledged of $2,834 and $3,457)	123,045			121,022
Total assets^(a)	$	2,764,661		$	2,622,532
Liabilities
Deposits (included $29,355 and $23,217 at fair value)	$	1,525,261		$	1,470,666
Federal funds purchased and securities loaned or sold under repurchase agreements (included $933 and $935 at fair value)	247,766			182,320
Short-term borrowings (included $6,497 and $7,130 at fair value)	48,893			69,276
Trading liabilities	138,343			144,773
Accounts payable and other liabilities (included $2,411 and $3,269 at fair value)	225,063			196,710
Beneficial interests issued by consolidated VIEs (included $39 and $28 at fair value)	18,515			20,241
Long-term debt (included $71,957 and $54,886 at fair value)	296,472			282,031
Total liabilities^(a)	2,500,313			2,366,017
Commitments and contingencies (refer to Notes 22, 23 and 24)
Stockholders’ equity
Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,836,250 and 2,606,750 shares)	28,363			26,068
Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)	4,105			4,105
Additional paid-in capital	88,512			89,162
Retained earnings	217,888			199,202
Accumulated other comprehensive income/(loss)	1,800			(1,507		)
Shares held in restricted stock units (“RSU”) Trust, at cost (472,953 shares)	(21		)	(21		)
Treasury stock, at cost (968,448,971 and 829,167,674 shares)	(76,299		)	(60,494		)
Total stockholders’ equity	264,348			256,515
Total liabilities and stockholders’ equity	$	2,764,661		$	2,622,532

(a)

The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at September 30, 2019, and December 31, 2018. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.



(in millions)	September 30, 2019		December 31, 2018
Assets
Trading assets	$	1,461	$	1,966
Loans	53,022		59,456
All other assets	974		1,013
Total assets	$	55,457	$	62,435
Liabilities
Beneficial interests issued by consolidated VIEs	$	18,515	$	20,241
All other liabilities	301		312
Total liabilities	$	18,816	$	20,553

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

JPMorgan Chase & Co.

Consolidated statements of changes in stockholders’ equity (unaudited)



	Three months ended September 30,						Nine months ended September 30,
(in millions, except per share data)	2019			2018			2019			2018
Preferred stock
Balance at the beginning of the period	$	26,993		$	26,068		$	26,068		$	26,068
Issuance	2,250			1,696			4,100			1,696
Redemption	(880		)	—			(1,805		)	—
Balance at September 30	28,363			27,764			28,363			27,764

Common stock
Balance at the beginning and end of the period	4,105			4,105			4,105			4,105

Additional paid-in capital
Balance at the beginning of the period	88,359			89,392			89,162			90,579
Shares issued and commitments to issue common stock for employee shared-based compensation awards, and related tax effects	156			179			(604		)	(897		)
Other	(3		)	(238		)	(46		)	(349		)
Balance at September 30	88,512			89,333			88,512			89,333

Retained earnings
Balance at the beginning of the period	212,093			189,881			199,202			177,676
Cumulative effect of changes in accounting principles	—			—			62			(183		)
Net income	9,080			8,380			27,911			25,408
Dividends declared:
Preferred stock	(423		)	(379		)	(1,201		)	(1,167		)
Common stock ($0.90 and $0.80 per share and $2.50 and $1.92 per share, respectively)	(2,862		)	(2,702		)	(8,086		)	(6,554		)
Balance at September 30	217,888			195,180			217,888			195,180

Accumulated other comprehensive income/(loss)
Balance at the beginning of the period	1,114			(1,138		)	(1,507		)	(119		)
Cumulative effect of changes in accounting principles	—			—			—			88
Other comprehensive income/(loss), after-tax	686			(1,287		)	3,307			(2,394		)
Balance at September 30	1,800			(2,425		)	1,800			(2,425		)

Shares held in RSU Trust, at cost
Balance at the beginning and end of the period	(21		)	(21		)	(21		)	(21		)

Treasury stock, at cost
Balance at the beginning of the period	(69,428		)	(50,829		)	(60,494		)	(42,595		)
Repurchase	(6,949		)	(4,416		)	(17,250		)	(14,055		)
Reissuance	78			265			1,445			1,670
Balance at September 30	(76,299		)	(54,980		)	(76,299		)	(54,980		)

Total stockholders’ equity	$	264,348		$	258,956		$	264,348		$	258,956

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

JPMorgan Chase & Co.

Consolidated statements of cash flows (unaudited)



	Nine months ended September 30,
(in millions)	2019			2018
Operating activities
Net income	$	27,911		$	25,408
Adjustments to reconcile net income to net cash used in operating activities:
Provision for credit losses	4,158			3,323
Depreciation and amortization	6,229			5,716
Deferred tax (benefit)/expense	(440		)	(323		)
Other	1,645			2,179
Originations and purchases of loans held-for-sale	(53,934		)	(68,235		)
Proceeds from sales, securitizations and paydowns of loans held-for-sale	60,510			68,214
Net change in:
Trading assets	(96,125		)	(44,427		)
Securities borrowed	(26,162		)	(17,344		)
Accrued interest and accounts receivable	(16,089		)	(11,335		)
Other assets	(21,181		)	2,909
Trading liabilities	12,774			21,580
Accounts payable and other liabilities	19,661			26,677
Other operating adjustments	4,004			(577		)
Net cash provided by/(used in) operating activities	(77,039		)	13,765
Investing activities
Net change in:
Federal funds sold and securities purchased under resale agreements	64,207			(19,259		)
Held-to-maturity securities:
Proceeds from paydowns and maturities	2,239			2,268
Purchases	(11,682		)	(8,613		)
Available-for-sale securities:
Proceeds from paydowns and maturities	41,378			29,618
Proceeds from sales	43,460			34,322
Purchases	(200,262		)	(46,530		)
Proceeds from sales and securitizations of loans held-for-investment	52,739			20,154
Other changes in loans, net	(25,977		)	(49,755		)
All other investing activities, net	(4,283		)	(1,987		)
Net cash (used in) investing activities	(38,181		)	(39,782		)
Financing activities
Net change in:
Deposits	77,147			15,274
Federal funds purchased and securities loaned or sold under repurchase agreements	65,428			22,719
Short-term borrowings	(20,577		)	12,974
Beneficial interests issued by consolidated VIEs	5,017			975
Proceeds from long-term borrowings	45,155			54,842
Payments of long-term borrowings	(51,936		)	(69,636		)
Proceeds from issuance of preferred stock	4,100			1,655
Redemption of preferred stock	(1,805		)	—
Treasury stock repurchased	(17,250		)	(14,055		)
Dividends paid	(9,056		)	(6,989		)
All other financing activities, net	(217		)	(1,440		)
Net cash provided by financing activities	96,006			16,319
Effect of exchange rate changes on cash and due from banks and deposits with banks	(2,982		)	(2,509		)
Net decrease in cash and due from banks and deposits with banks	(22,196		)	(12,207		)
Cash and due from banks and deposits with banks at the beginning of the period	278,793			431,304
Cash and due from banks and deposits with banks at the end of the period	$	256,597		$	419,097
Cash interest paid	$	20,790		$	15,144
Cash income taxes paid, net	3,478			2,197

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

Refer to the Glossary of Terms and Acronyms on pages 168–172 for definitions of terms and acronyms used throughout the Notes to Consolidated Financial Statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Note 1 – Basis of presentation

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

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

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

These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, included in JPMorgan Chase’s 2018 Form 10-K.

Certain amounts reported in prior periods have been reclassified to conform with the current presentation.

Consolidation

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

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

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

Refer to Notes 1 and 14 of JPMorgan Chase’s 2018 Form 10-K for a further description of JPMorgan Chase’s accounting policies regarding consolidation.

Offsetting assets and liabilities

U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net

basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities financing activities to be presented on a net basis when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances when the specified conditions are met. Refer to Note 1 of JPMorgan Chase’s 2018 Form 10-K for further information on offsetting assets and liabilities.

Income tax expense

The Firm’s effective tax rate was 20.4% and 17.9% in the three and nine months ended September 30, 2019, respectively, and 21.6% and 20.4% in the respective 2018 periods. For the nine months ended September 30, 2019, the effective tax rate reflected the recognition of $1.0 billion in tax benefits related to the resolution of certain tax audits, which reduced the Firm’s effective tax rate by 3.0%. Refer to Note 24 of JPMorgan Chase’s 2018 Form 10-K for further information.

Note 2 – Fair value measurement

Refer to Note 2 of JPMorgan Chase’s 2018 Form 10-K for a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy.

The following table presents the assets and liabilities reported at fair value as of September 30, 2019, and December 31, 2018, by major product category and fair value hierarchy.



Assets and liabilities measured at fair value on a recurring basis
	Fair value hierarchy						Derivative netting adjustments^(f)

September 30, 2019 (in millions)	Level 1		Level 2		Level 3					Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	13,705	$	—	$	—		$	13,705
Securities borrowed	—		5,784		—		—			5,784
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies^(a)	—		70,617		811		—			71,428
Residential – nonagency	—		2,253		24		—			2,277
Commercial – nonagency	—		1,613		5		—			1,618
Total mortgage-backed securities	—		74,483		840		—			75,323
U.S. Treasury, GSEs and government agencies^(a)	76,953		9,446		—		—			86,399
Obligations of U.S. states and municipalities	—		6,229		627		—			6,856
Certificates of deposit, bankers’ acceptances and commercial paper	—		2,180		—		—			2,180
Non-U.S. government debt securities	38,162		36,634		146		—			74,942
Corporate debt securities	—		20,461		484		—			20,945
Loans^(b)	—		43,308		1,746		—			45,054
Asset-backed securities	—		2,996		38		—			3,034
Total debt instruments	115,115		195,737		3,881		—			314,733
Equity securities	100,829		249		170		—			101,248
Physical commodities^(c)	7,690		3,075		—		—			10,765
Other	—		13,172		332		—			13,504
Total debt and equity instruments^(d)	223,634		212,233		4,383		—			440,250
Derivative receivables:
Interest rate	1,312		372,834		1,787		(347,426		)	28,507
Credit	—		15,072		645		(14,879		)	838
Foreign exchange	3,681		158,893		558		(150,451		)	12,681
Equity	—		44,064		2,314		(38,969		)	7,409
Commodity	—		20,969		269		(15,096		)	6,142
Total derivative receivables	4,993		611,832		5,573		(566,821		)	55,577
Total trading assets^(e)	228,627		824,065		9,956		(566,821		)	495,827
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies^(a)	—		105,581		—		—			105,581
Residential – nonagency	—		12,901		1		—			12,902
Commercial – nonagency	—		5,324		—		—			5,324
Total mortgage-backed securities	—		123,806		1		—			123,807
U.S. Treasury and government agencies	141,529		—		—		—			141,529
Obligations of U.S. states and municipalities	—		31,064		—		—			31,064
Certificates of deposit	—		74		—		—			74
Non-U.S. government debt securities	13,604		8,554		—		—			22,158
Corporate debt securities	—		1,634		—		—			1,634
Asset-backed securities:
Collateralized loan obligations	—		27,908		—		—			27,908
Other	—		5,247		—		—			5,247
Total available-for-sale securities	155,133		198,287		1		—			353,421
Loans	—		5,759		1		—			5,760
Mortgage servicing rights	—		—		4,419		—			4,419
Other assets^(e)	7,467		37		746		—			8,250
Total assets measured at fair value on a recurring basis	$	391,227	$	1,047,637	$	15,123	$	(566,821	)	$	887,166
Deposits	$	—	$	25,719	$	3,636	$	—		$	29,355
Federal funds purchased and securities loaned or sold under repurchase agreements	—		933		—		—			933
Short-term borrowings	—		4,496		2,001		—			6,497
Trading liabilities:
Debt and equity instruments^(d)	66,515		23,970		68		—			90,553
Derivative payables:
Interest rate	1,206		335,401		2,106		(328,490		)	10,223
Credit	—		16,100		962		(14,903		)	2,159
Foreign exchange	3,583		160,760		1,399		(150,726		)	15,016
Equity	—		45,109		5,782		(40,288		)	10,603
Commodity	—		25,495		316		(16,022		)	9,789
Total derivative payables	4,789		582,865		10,565		(550,429		)	47,790
Total trading liabilities	71,304		606,835		10,633		(550,429		)	138,343
Accounts payable and other liabilities	2,355		37		19		—			2,411
Beneficial interests issued by consolidated VIEs	—		39		—		—			39
Long-term debt	—		49,608		22,349		—			71,957
Total liabilities measured at fair value on a recurring basis	$	73,659	$	687,667	$	38,638	$	(550,429	)	$	249,535



	Fair value hierarchy						Derivative netting adjustments^(f)

December 31, 2018 (in millions)	Level 1		Level 2		Level 3					Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	13,235	$	—	$	—		$	13,235
Securities borrowed	—		5,105		—		—			5,105
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies^(a)	—		76,249		549		—			76,798
Residential – nonagency	—		1,798		64		—			1,862
Commercial – nonagency	—		1,501		11		—			1,512
Total mortgage-backed securities	—		79,548		624		—			80,172
U.S. Treasury, GSEs and government agencies^(a)	51,477		7,702		—		—			59,179
Obligations of U.S. states and municipalities	—		7,121		689		—			7,810
Certificates of deposit, bankers’ acceptances and commercial paper	—		1,214		—		—			1,214
Non-U.S. government debt securities	27,878		27,056		155		—			55,089
Corporate debt securities	—		18,655		334		—			18,989
Loans^(b)	—		40,047		1,706		—			41,753
Asset-backed securities	—		2,756		127		—			2,883
Total debt instruments	79,355		184,099		3,635		—			267,089
Equity securities	71,119		482		232		—			71,833
Physical commodities^(c)	5,182		1,855		—		—			7,037
Other	—		13,192		301		—			13,493
Total debt and equity instruments^(d)	155,656		199,628		4,168		—			359,452
Derivative receivables:
Interest rate	682		266,380		1,642		(245,490		)	23,214
Credit	—		19,235		860		(19,483		)	612
Foreign exchange	771		166,238		676		(154,235		)	13,450
Equity	—		46,777		2,508		(39,339		)	9,946
Commodity	—		20,339		131		(13,479		)	6,991
Total derivative receivables	1,453		518,969		5,817		(472,026		)	54,213
Total trading assets^(e)	157,109		718,597		9,985		(472,026		)	413,665
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies^(a)	—		68,646		—		—			68,646
Residential – nonagency	—		8,519		1		—			8,520
Commercial – nonagency	—		6,654		—		—			6,654
Total mortgage-backed securities	—		83,819		1		—			83,820
U.S. Treasury and government agencies	56,059		—		—		—			56,059
Obligations of U.S. states and municipalities	—		37,723		—		—			37,723
Certificates of deposit	—		75		—		—			75
Non-U.S. government debt securities	15,313		8,789		—		—			24,102
Corporate debt securities	—		1,918		—		—			1,918
Asset-backed securities:
Collateralized loan obligations	—		19,437		—		—			19,437
Other	—		7,260		—		—			7,260
Total available-for-sale securities	71,372		159,021		1		—			230,394
Loans	—		3,029		122		—			3,151
Mortgage servicing rights	—		—		6,130		—			6,130
Other assets^(e)	7,810		195		927		—			8,932
Total assets measured at fair value on a recurring basis	$	236,291	$	899,182	$	17,165	$	(472,026	)	$	680,612
Deposits	$	—	$	19,048	$	4,169	$	—		$	23,217
Federal funds purchased and securities loaned or sold under repurchase agreements	—		935		—		—			935
Short-term borrowings	—		5,607		1,523		—			7,130
Trading liabilities:
Debt and equity instruments^(d)	80,199		22,755		50		—			103,004
Derivative payables:
Interest rate	1,526		239,576		1,680		(234,998		)	7,784
Credit	—		19,309		967		(18,609		)	1,667
Foreign exchange	695		163,549		973		(152,432		)	12,785
Equity	—		46,462		4,733		(41,034		)	10,161
Commodity	—		21,158		1,260		(13,046		)	9,372
Total derivative payables	2,221		490,054		9,613		(460,119		)	41,769
Total trading liabilities	82,420		512,809		9,663		(460,119		)	144,773
Accounts payable and other liabilities	3,063		196		10		—			3,269
Beneficial interests issued by consolidated VIEs	—		27		1		—			28
Long-term debt	—		35,468		19,418		—			54,886
Total liabilities measured at fair value on a recurring basis	$	85,483	$	574,090	$	34,784	$	(460,119	)	$	234,238


(a)	At September 30, 2019, and December 31, 2018, included total U.S. GSE obligations of $133.6 billion and $92.3 billion, respectively, which were mortgage-related.

(b)

At September 30, 2019, and December 31, 2018, included within trading loans were $16.1 billion and $13.2 billion, respectively, of residential first-lien mortgages, and $4.2 billion and $2.3 billion, respectively, of commercial first-lien mortgages. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. GSEs and government agencies of $10.3 billion and $7.6 billion, respectively.

(c)

Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities

inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. Refer to Note 4 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.


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

(e)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At September 30, 2019, and December 31, 2018, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $714 million and $747 million, respectively. Included in these balances at September 30, 2019, and December 31, 2018, were trading assets of $48 million and $49 million, respectively, and other assets of $666 million and $698 million, respectively.


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

Level 3 valuations

Refer to Note 2 of JPMorgan Chase’s 2018 Form 10-K for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments.

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

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

In the Firm’s view, the input range and the weighted average value do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have

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

For the Firm’s derivatives and structured notes positions classified within level 3 at September 30, 2019, interest rate correlation inputs used in estimating fair value were concentrated towards the upper end of the range; equity correlation, equity-FX, and equity-IR correlation inputs were concentrated in the middle of the range; commodity correlation inputs were concentrated in the middle of the range; credit correlation inputs were concentrated towards the lower end of the range; and the interest rate-foreign exchange (“IR-FX”) correlation inputs were distributed across the range. In addition, the interest rate spread volatility inputs used in estimating fair value were distributed across the range; equity volatilities and commodity volatilities were concentrated towards the lower end of the range; and forward commodity prices used in estimating the fair value of commodity derivatives were concentrated towards the upper end of the range. Prepayment speed inputs used in estimating the fair value of interest rate derivatives were concentrated towards the lower end of the range. Recovery rate inputs used in estimating the fair value of credit derivatives were distributed across the range; credit spreads and conditional default rates were concentrated towards the lower end of the range; loss severity inputs were concentrated towards the upper end of the range and price inputs were concentrated towards the lower end of the range.



Level 3 inputs^(a)
September 30, 2019
Product/Instrument	Fair value (in millions)			Principal valuation technique	Unobservable inputs^(g)	Range of input values							Weighted average
Residential mortgage-backed securities and loans^(b)	$	1,132		Discounted cash flows	Yield	0		%	–	19		%			5		%
					Prepayment speed	0		%	–	22		%			14		%
					Conditional default rate	0		%	–	4		%			1		%
					Loss severity	0		%	–	100		%			2		%
Commercial mortgage-backed securities and loans^(c)	147			Market comparables	Price	$	0		–	$	102				$	80
Obligations of U.S. states and municipalities	627			Market comparables	Price	$	68		–	$	100				$	97
Corporate debt securities	484			Market comparables	Price	$	4		–	$	116				$	79
Loans^(d)	194			Discounted cash flows	Yield	5		%	–	22		%			7		%
	1,115			Market comparables	Price	$	12		–	$	101				$	78
Asset-backed securities	38			Market comparables	Price	$	1		–	$	100				$	53
Net interest rate derivatives	(388		)	Option pricing	Interest rate spread volatility	20		bps	–	30				bps
					Interest rate correlation	(28		)%	–	96		%
					IR-FX correlation	53		%	–	60		%
	69			Discounted cash flows	Prepayment speed	4		%	–	30		%
Net credit derivatives	(353		)	Discounted cash flows	Credit correlation	30		%	–	60		%
					Credit spread	4		bps	–	1,315		bps
					Recovery rate	15		%	–	70		%
					Conditional default rate	2		%	–	93		%
					Loss severity	100%
	36			Market comparables	Price	$	1		–	$	115
Net foreign exchange derivatives	(679		)	Option pricing	IR-FX correlation	(58		)%	–	60		%
	(162		)	Discounted cash flows	Prepayment speed	9%
Net equity derivatives	(3,468		)	Option pricing	Equity volatility	11		%	–	82		%
					Equity correlation	10		%	–	98		%
					Equity-FX correlation	(81		)%	–	59		%
					Equity-IR correlation	25		%	–	60		%
Net commodity derivatives	(47		)	Option pricing	Forward commodity price	$	30		–	$ 61 per barrel
					Commodity volatility	5		%	–	111		%
					Commodity correlation	(48		)%	–	95		%
MSRs	4,419			Discounted cash flows	Refer to Note 14
Other assets	303			Discounted cash flows	Credit spread	45						bps			45		bps
					Yield	12%									12		%
	775			Market comparables	Price	$	18		–	$	115				$	36
Long-term debt, short-term borrowings, and deposits^(e)	27,986			Option pricing	Interest rate spread volatility	20		bps	–	30				bps
					Interest rate correlation	(28		)%	–	96		%
					IR-FX correlation	(58		)%	–	60		%
					Equity correlation	10		%	–	98		%
					Equity-FX correlation	(81		)%	–	59		%
					Equity-IR correlation	25		%	–	60		%
Other level 3 assets and liabilities, net^(f)	229


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


(b)	Comprises U.S. GSEs and government agency securities of $811 million, nonagency securities of $24 million and trading loans of $297 million.


(c)	Comprises nonagency securities of $5 million, trading loans of $141 million and non-trading loans of $1 million.


(d)	Comprises trading loans.


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


(f)	Includes level 3 assets and liabilities that are insignificant both individually and in aggregate.


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

Changes in and ranges of unobservable inputs

Refer to Note 2 of JPMorgan Chase’s 2018 Form 10-K for a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions.

Changes in level 3 recurring fair value measurements

The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three and nine months ended September 30, 2019 and 2018. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall

fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Also, the Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments.



	Fair value measurements using significant unobservable inputs
Three months ended September 30, 2019 (in millions)	Fair value at July 1, 2019			Total realized/unrealized gains/(losses)															Transfers into level 3^(h)			Transfers (out of) level 3^(h)			Fair value at September 30, 2019				Change in unrealized gains/(losses) related to financial instruments held at September 30, 2019
								Purchases^(f)			Sales					Settlements^(g)
Assets:^(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	617		$	(71	)		$	424		$	(104	)			$	(45	)	$	—		$	(10	)		$	811		$	(70	)
Residential – nonagency	42			—				2			(3		)			—			—			(17		)		24			(1		)
Commercial – nonagency	9			—				3			(5		)			—			—			(2		)		5			—
Total mortgage-backed securities	668			(71		)		429			(112		)			(45		)	—			(29		)		840			(71		)
U.S. Treasury, GSEs and government agencies	—			—				—			—					—			—			—				—			—
Obligations of U.S. states and municipalities	680			(2		)		27			(77		)			(1		)	—			—				627			(2		)
Non-U.S. government debt securities	190			(1		)		40			(74		)			—			3			(12		)		146			(1		)
Corporate debt securities	562			45				56			(167		)			—			17			(29		)		484			3
Loans	1,778			(44		)		152			(82		)			(132		)	211			(137		)		1,746			(46		)
Asset-backed securities	33			—				11			(2		)			(2		)	3			(5		)		38			(2		)
Total debt instruments	3,911			(73		)		715			(514		)			(180		)	234			(212		)		3,881			(119		)
Equity securities	147			(14		)		10			(10		)			—			46			(9		)		170			(16		)
Other	311			18				35			(15		)			(15		)	—			(2		)		332			23
Total trading assets – debt and equity instruments	4,369			(69		)	^(c)	760			(539		)			(195		)	280			(223		)		4,383			(112		)	^(c)
Net derivative receivables:^(b)
Interest rate	(544		)	88				39			(15		)			53			10			50				(319		)	(15		)
Credit	(232		)	(65		)		3			(3		)			(23		)	3			—				(317		)	(68		)
Foreign exchange	(193		)	(653		)		2			(1		)			(1		)	6			(1		)		(841		)	(657		)
Equity	(2,560		)	(382		)		174			(118		)			(377		)	(203		)	(2		)		(3,468		)	(362		)
Commodity	(908		)	8				22			(69		)			6			18			876				(47		)	40
Total net derivative receivables	(4,437		)	(1,004		)	^(c)	240			(206		)			(342		)	(166		)	923				(4,992		)	(1,062		)	^(c)
Available-for-sale securities:
Mortgage-backed securities	—			—				1			—					—			—			—				1			—
Asset-backed securities	—			—				—			—					—			—			—				—			—
Total available-for-sale securities	—			—				1			—					—			—			—				1			—
Loans	5			—				—			—					(4		)	—			—				1			—
Mortgage servicing rights	5,093			(447		)	^(d)	388			(359		)			(256		)	—			—				4,419			(447		)	^(d)
Other assets	861			(56		)	^(c)	19			(72		)			(6		)	—			—				746			(56		)	^(c)

	Fair value measurements using significant unobservable inputs
Three months ended September 30, 2019 (in millions)	Fair value at July 1, 2019			Total realized/unrealized (gains)/losses															Transfers into level 3^(h)			Transfers (out of) level 3^(h)			Fair value at September 30, 2019				Change in unrealized (gains)/ losses related to financial instruments held at September 30, 2019
								Purchases			Sales			Issuances		Settlements^(g)
Liabilities:^(a)
Deposits	$	4,066		$	—			$	—		$	—		$	153	$	(188	)	$	12		$	(407	)		$	3,636		$	16		^(c)(e)
Short-term borrowings	2,052			24			^(c)(e)	—			—			949		(1,040		)	17			(1		)		2,001			28			^(c)(e)
Trading liabilities – debt and equity instruments	45			—				(5		)	25			—		1			2			—				68			—
Accounts payable and other liabilities	92			(6		)	^(c)	(71		)	4			—		—			—			—				19			(2		)	^(c)
Beneficial interests issued by consolidated VIEs	—			—				—			—			—		—			—			—				—			—
Long-term debt	21,863			187			^(c)(e)	—			—			2,230		(1,758		)	49			(222		)		22,349			89			^(c)(e)



	Fair value measurements using significant unobservable inputs
Three months ended September 30, 2018 (in millions)	Fair value at July 1, 2018				Total realized/unrealized gains/(losses)															Transfers into level 3^(h)			Transfers (out of) level 3^(h)			Fair value at September 30, 2018					Change in unrealized gains/(losses) related to financial instruments held at September 30, 2018
									Purchases^(f)			Sales					Settlements^(g)
Assets:^(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	478			$	2			$	14		$	(28	)			$	(17	)	$	83		$	(3	)		$	529			$	—
Residential – nonagency	87				1				—			(6		)			(3		)	18			(20		)		77				1
Commercial – nonagency	18				(1		)		—			—								9			(13		)		13				(1		)
Total mortgage-backed securities	583				2				14			(34		)			(20		)	110			(36		)		619				—
U.S. Treasury, GSEs and government agencies	—				—				—			—					—			—			—				—				—
Obligations of U.S. states and municipalities	736				8				26			(70		)			(1		)	—			—				699				7
Non-U.S. government debt securities	183				(9		)		44			(29		)			(2		)	1			(24		)		164				(9		)
Corporate debt securities	274				(2		)		156			(87		)			(4		)	82			(24		)		395				(3		)
Loans	1,986				17				188			(146		)			(199		)	48			(361		)		1,533				3
Asset-backed securities	87				6				5			(7		)			(13		)	5			(7		)		76				3
Total debt instruments	3,849				22				433			(373		)			(239		)	246			(452		)		3,486				1
Equity securities	288				20				6			(48		)						82			(19		)		329				(18		)
Other	406				30				13			—					(37		)	2			(1		)		413				10
Total trading assets – debt and equity instruments	4,543				72			^(c)	452			(421		)			(276		)	330			(472		)		4,228				(7		)	^(c)
Net derivative receivables:^(b)
Interest rate	489				236				28			(22		)			(101		)	68			(7		)		691				216
Credit	(24		)		(19		)		1			—					47			6			16				27				(15		)
Foreign exchange	(245		)		(56		)		29			(7		)			(49		)	(2		)	28				(302		)		(54		)
Equity	(2,578		)		(94		)		643			(635		)			622			(251		)	16				(2,277		)		(121		)
Commodity	(752		)		318				—			—					(113		)	15			7				(525		)		138
Total net derivative receivables	(3,110		)		385			^(c)	701			(664		)			406			(164		)	60				(2,386		)		164			^(c)
Available-for-sale securities:
Mortgage-backed securities	1				—				—			—					—			—			—				1				—
Asset-backed securities	147				—				—			—					(86		)	—			—				61				—
Total available-for-sale securities	148				—				—			—					(86		)	—			—				62				—
Loans	159				(1		)	^(c)	1			—					(19		)	—			—				140				(1		)	^(c)
Mortgage servicing rights	6,241				98			^(d)	291			(2		)			(195		)	—			—				6,433				98			^(d)
Other assets	1,225				(160		)	^(c)	2			—					(7		)	3			—				1,063				(160		)	^(c)

	Fair value measurements using significant unobservable inputs
Three months ended September 30, 2018 (in millions)	Fair value at July 1, 2018				Total realized/unrealized (gains)/losses															Transfers into level 3^(h)			Transfers (out of) level 3^(h)			Fair value at September 30, 2018					Change in unrealized (gains)/losses related to financial instruments held at September 30, 2018
									Purchases			Sales			Issuances		Settlements^(g)
Liabilities:^(a)
Deposits	$	4,305			$	(84	)	^(c)(e)	$	—		$	—		$	517	$	(170	)	$	1		$	(129	)		$	4,440			$	(82	)	^(c)(e)
Short-term borrowings	2,209				(47		)	^(c)(e)	—			—			713		(885		)	6			(25		)		1,971				(31		)	^(c)(e)
Trading liabilities – debt and equity instruments	43				36			^(c)	(6		)	19			—		(2		)	7			(1		)		96				36			^(c)
Accounts payable and other liabilities	8				1			^(c)	—			—			—		—			3			—				12				1			^(c)
Beneficial interests issued by consolidated VIEs	1				—				—			—			—		—			—			—				1				—
Long-term debt	17,632			⁽ⁱ⁾	194			^(c)(e)	—			—			3,551		(1,809		)	59			(219		)		19,408			⁽ⁱ⁾	192			^(c)(e)



	Fair value measurements using significant unobservable inputs
Nine months ended September 30, 2019 (in millions)	Fair value at January 1, 2019			Total realized/unrealized gains/(losses)																	Transfers into level 3^(h)			Transfers (out of) level 3^(h)			Fair value at September 30, 2019				Change in unrealized gains/(losses) related to financial instruments held at September 30, 2019
								Purchases^(f)			Sales						Settlements^(g)
Assets:^(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	549		$	(111	)		$	747		$	(272	)				$	(83	)		$	1		$	(20	)		$	811		$	(116	)
Residential – nonagency	64			25				83			(86		)				(20		)		15			(57		)		24			(1		)
Commercial – nonagency	11			2				19			(24		)				(14		)		15			(4		)		5			1
Total mortgage-backed securities	624			(84		)		849			(382		)				(117		)		31			(81		)		840			(116		)
U.S. Treasury, GSEs and government agencies	—			—				—			—						—				—			—				—			—
Obligations of U.S. states and municipalities	689			12				85			(152		)				(7		)		—			—				627			13
Non-U.S. government debt securities	155			(2		)		228			(231		)				—				14			(18		)		146			3
Corporate debt securities	334			74				340			(236		)				(53		)		96			(71		)		484			15
Loans	1,706			95				609			(416		)				(408		)		509			(349		)		1,746			44
Asset-backed securities	127			—				30			(81		)				(39		)		23			(22		)		38			(3		)
Total debt instruments	3,635			95				2,141			(1,498		)				(624		)		673			(541		)		3,881			(44		)
Equity securities	232			(28		)		33			(92		)				(22		)		142			(95		)		170			(21		)
Other	301			42				50			(16		)				(41		)		1			(5		)		332			55
Total trading assets – debt and equity instruments	4,168			109			^(c)	2,224			(1,606		)				(687		)		816			(641		)		4,383			(10		)	^(c)
Net derivative receivables:^(b)
Interest rate	(38		)	(575		)		86			(102		)	⁽ⁱ⁾			174			⁽ⁱ⁾	22			114				(319		)	(694		)
Credit	(107		)	(209		)		16			(5		)				(13		)		7			(6		)		(317		)	(169		)
Foreign exchange	(297		)	(840		)		13			(18		)				294				(19		)	26				(841		)	(815		)
Equity	(2,225		)	328				335			(573		)				(1,062		)		(418		)	147				(3,468		)	(1,193		)
Commodity	(1,129		)	370				32			(240		)				51				2			867				(47		)	634
Total net derivative receivables	(3,796		)	(926		)	^(c)	482			(938		)				(556		)		(406		)	1,148				(4,992		)	(2,237		)	^(c)
Available-for-sale securities:
Mortgage-backed securities	1			—				1			—						(1		)		—			—				1			—
Asset-backed securities	—			—				—			—						—				—			—				—			—
Total available-for-sale securities	1			—				1			—						(1		)		—			—				1			—
Loans	122			4			^(c)	—			—						(125		)		—			—				1			—
Mortgage servicing rights	6,130			(1,572		)	^(d)	1,250			(687		)				(702		)		—			—				4,419			(1,572		)	^(d)
Other assets	927			(152		)	^(c)	170			(160		)				(33		)		1			(7		)		746			(145		)	^(c)

	Fair value measurements using significant unobservable inputs
Nine months ended September 30, 2019 (in millions)	Fair value at January 1, 2019			Total realized/unrealized (gains)/losses																	Transfers into level 3^(h)			Transfers (out of) level 3^(h)			Fair value at September 30, 2019				Change in unrealized (gains)/ losses related to financial instruments held at September 30, 2019
								Purchases			Sales				Issuances		Settlements^(g)
Liabilities:^(a)
Deposits	$	4,169		$	241		^(c)(e)	$	—		$	—			$	580	$	(504	)		$	12		$	(862	)		$	3,636		$	250		^(c)(e)
Short-term borrowings	1,523			142			^(c)(e)	—			—				2,637		(2,265		)		85			(121		)		2,001			74			^(c)(e)
Trading liabilities – debt and equity instruments	50			—				(12		)	41				—		1				9			(21		)		68			(1		)	^(c)
Accounts payable and other liabilities	10			(7		)	^(c)	(79		)	94				—		—				1			—				19			4			^(c)
Beneficial interests issued by consolidated VIEs	1			(1		)	^(c)	—			—				—		—				—			—				—			—
Long-term debt	19,418			1,915			^(c)(e)	—			—				6,929		(5,675		)		522			(760		)		22,349			2,010			^(c)(e)



	Fair value measurements using significant unobservable inputs
Nine months ended September 30, 2018 (in millions)	Fair value at January 1, 2018			Total realized/unrealized gains/(losses)																	Transfers into level 3^(h)			Transfers (out of) level 3^(h)			Fair value at September 30, 2018					Change in unrealized gains/(losses) related to financial instruments held at September 30, 2018
								Purchases^(f)			Sales						Settlements^(g)
Assets:^(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies	$	307		$	5			$	348		$	(126	)				$	(56	)		$	92		$	(41	)		$	529			$	3
Residential – nonagency	60			1				45			(19		)				(6		)		58			(62		)		77				4
Commercial – nonagency	11			2				7			(8		)				(13		)		30			(16		)		13				(1		)
Total mortgage-backed securities	378			8				400			(153		)				(75		)		180			(119		)		619				6
U.S. Treasury, GSEs and government agencies	1			—				—			—						—				—			(1		)		—				—
Obligations of U.S. states and municipalities	744			(3		)		107			(70		)				(79		)		—			—				699				(3		)
Non-U.S. government debt securities	78			(19		)		395			(213		)				(2		)		18			(93		)		164				(18		)
Corporate debt securities	312			(6		)		297			(227		)				(15		)		249			(215		)		395				(1		)
Loans	2,719			58				1,223			(1,680		)				(528		)		422			(681		)		1,533				(22		)
Asset-backed securities	153			15				64			(29		)				(53		)		18			(92		)		76				8
Total debt instruments	4,385			53				2,486			(2,372		)				(752		)		887			(1,201		)		3,486				(30		)
Equity securities	295			(1		)		99			(108		)				(1		)		86			(41		)		329				11
Other	690			(209		)		47			(40		)				(75		)		3			(3		)		413				(250		)
Total trading assets – debt and equity instruments	5,370			(157		)	^(c)	2,632			(2,520		)				(828		)		976			(1,245		)		4,228				(269		)	^(c)
Net derivative receivables:^(b)
Interest rate	264			576				83			(77		)				(234		)		40			39				691				498
Credit	(35		)	19				3			(7		)				22				5			20				27				7
Foreign exchange	(396		)	184				42			(15		)				(46		)		(114		)	43				(302		)		42
Equity	(3,409		)	688				1,467			(1,919		)				1,043				(324		)	177				(2,277		)		31
Commodity	(674		)	468				—			—						(287		)		7			(39		)		(525		)		158
Total net derivative receivables	(4,250		)	1,935			^(c)	1,595			(2,018		)				498				(386		)	240				(2,386		)		736			^(c)
Available-for-sale securities:
Mortgage-backed securities	1			—				—			—						—				—			—				1				—
Asset-backed securities	276			1				—			—						(216		)		—			—				61				1
Total available-for-sale securities	277			1			^(j)	—			—						(216		)		—			—				62				1			^(j)
Loans	276			(5		)	^(c)	123			—						(180		)		—			(74		)		140				(5		)	^(c)
Mortgage servicing rights	6,030			576			^(d)	770			(401		)				(542		)		—			—				6,433				576			^(d)
Other assets	1,265			(210		)	^(c)	49			(16		)				(28		)		4			(1		)		1,063				(217		)	^(c)

	Fair value measurements using significant unobservable inputs
Nine months ended September 30, 2018 (in millions)	Fair value at January 1, 2018			Total realized/unrealized (gains)/losses																	Transfers into level 3^(h)			Transfers (out of) level 3^(h)			Fair value at September 30, 2018					Change in unrealized (gains)/losses related to financial instruments held at September 30, 2018
								Purchases			Sales			Issuances			Settlements^(g)
Liabilities:^(a)
Deposits	$	4,142		$	(125	)	^(c)(e)	$	—		$	—		$	1,272		$	(425	)		$	2		$	(426	)		$	4,440			$	(115	)	^(c)(e)
Short-term borrowings	1,665			(229		)	^(c)(e)	—			—			2,783			(2,245		)		61			(64		)		1,971				26			^(c)(e)
Trading liabilities – debt and equity instruments	39			28			^(c)	(68		)	95			—			(1		)		9			(6		)		96				11			^(c)
Accounts payable and other liabilities	13			—				(6		)	1			—			—				4			—				12				—
Beneficial interests issued by consolidated VIEs	39			—				—			—			—			(38		)		—			—				1				—
Long-term debt	16,125			(396		)	^(c)(e)	—			—			9,792		⁽ⁱ⁾	(6,195		)	⁽ⁱ⁾	653			(571		)		19,408			⁽ⁱ⁾	(576		)	^(c)(e)

(a)

Level 3 assets as a percentage of total Firm assets accounted for at fair value (including assets measured at fair value on a nonrecurring basis) were 2% and 3% at September 30, 2019 and December 31, 2018, respectively. Level 3 liabilities as a percentage of total Firm liabilities accounted for at fair value (including liabilities measured at fair value on a nonrecurring basis) were 15% at both September 30, 2019 and December 31, 2018, respectively.


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


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


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

(e)

Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and they were not material for the three and nine months ended September 30, 2019 and 2018, respectively. Unrealized (gains)/losses are reported in OCI, and they were $(62) million and $123 million for the three months ended September 30, 2019 and 2018, respectively and $108 million for the nine months ended September 30, 2019 and were not material for the nine months ended September 30, 2018.


(f)	Loan originations are included in purchases.


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


(h)	All transfers into and/or out of level 3 are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur.


(i)	The prior period amounts have been revised to conform with the current period presentation.

(j)

Realized gains/(losses) on AFS securities, as well as other-than-temporary impairment (“OTTI”) losses that are recorded in earnings, are reported in investment securities gains/(losses). Unrealized gains/(losses) are reported in OCI. There were no realized gains/(losses) recorded in income on AFS securities for the three and nine months ended September 30, 2019 and 2018, respectively. Unrealized gains/(losses) recorded on AFS securities in OCI were zero for both the three months ended September 30, 2019 and 2018, respectively and zero and $1 million for the nine months ended September 30, 2019 and 2018, respectively.

Level 3 analysis

Consolidated balance sheets changes

Level 3 assets, including assets measured at fair value on a nonrecurring basis, were 0.6% of total Firm assets at September 30, 2019. The following describes significant changes to level 3 assets since December 31, 2018, for those items measured at fair value on a recurring basis. Refer to Assets and liabilities measured at fair value on a nonrecurring basis on page 97 for further information on changes impacting items measured at fair value on a nonrecurring basis.

Three and nine months ended September 30, 2019

Level 3 assets were $15.1 billion at September 30, 2019, reflecting a decrease of $1.4 billion and $2.0 billion from June 30, 2019 and December 31, 2018, respectively.

The decrease for the three months ended September 30, 2019 was predominantly driven by a reduction of $674 million in MSRs and a reduction of $619 million in gross equity derivative receivables due to settlements.

The decrease for the nine months ended September 30, 2019 was predominantly driven by a reduction of approximately $1.7 billion in MSRs. Refer to the Gains and losses section below for additional information.

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

For both the three and nine months ended September 30, 2019, there were no individually significant transfers from level 2 to level 3.

For the three and nine months ended September 30, 2019, individually significant transfers from level 3 to level 2 included $906 million and $927 million, respectively of gross commodities derivative payables as a result of an increase in observability.

For the three months ended September 30, 2018, there were no individually significant transfers from level 2 to level 3.

For the nine months ended September 30, 2018, significant transfers from level 2 to level 3 included the following:


•	$1.0 billion of gross equity derivative payables as a result of a decrease in observability and an increase in the significance of unobservable inputs.

For the three months ended September 30, 2018, there were no individually significant transfers from level 3 to level 2.

For the nine months ended September 30, 2018, significant transfers from level 3 to level 2 included the following:


•	$1.2 billion of total debt and equity instruments, the majority of which were trading loans, driven by an increase in observability.


•	$1.0 billion of gross equity derivative receivables and $1.2 billion of gross equity derivative payables as a result of an increase in observability and a decrease in the significance of unobservable inputs.

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

Gains and losses

The following describes significant components of total realized/unrealized gains/(losses) for instruments measured at fair value on a recurring basis for the periods indicated. These amounts exclude any effects of the Firm’s risk management activities where the financial instruments are classified as level 1 and 2 of the fair value hierarchy. Refer to Changes in level 3 recurring fair value measurements rollforward tables on pages 90–95 for further information on these instruments.

Three months ended September 30, 2019


•	$1.6 billion of net losses on assets, predominantly driven by net derivative receivables due to market movements and MSRs largely reflecting faster prepayment speeds on lower rates. Refer to Note 14 for information on MSRs.


•	$205 million of net losses on liabilities, none of which were individually significant.

Three months ended September 30, 2018


•	$394 million of net gains on assets and $100 million of net gains on liabilities, none of which were individually significant.

Nine months ended September 30, 2019


•	$2.5 billion of net losses on assets, driven by net derivative receivables due to market movements and MSRs reflecting faster prepayment speeds on lower rates. Refer to Note 14 for information on MSRs.


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

Nine months ended September 30, 2018


•	$2.1 billion of net gains on assets predominantly driven by market movements in derivative receivables.


•	$722 million of net gains on liabilities, none of which were individually significant.

Credit and funding adjustments — derivatives

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



	Three months ended September 30,					Nine months ended September 30,
(in millions)	2019			2018		2019			2018
Credit and funding adjustments:
Derivatives CVA	$	55		$	66	$	71		$	223
Derivatives FVA	(83		)	88		(20		)	102

Refer to Note 2 of JPMorgan Chase’s 2018 Form 10-K for further information about both credit and funding adjustments, as well as information about valuation adjustments on fair value option elected liabilities.

Assets and liabilities measured at fair value on a nonrecurring basis

The following tables present the assets held as of September 30, 2019 and 2018, respectively, for which a nonrecurring fair value adjustment was recorded during the nine months ended September 30, 2019 and 2018, respectively, by major product category and fair value hierarchy.



	Fair value hierarchy								Total fair value
September 30, 2019 (in millions)	Level 1		Level 2			Level 3			Total fair value
Loans	$	—	$	5,338	^(b)	$	246	^(c)	$	5,584
Other assets^(a)	—		18			775			793
Total assets measured at fair value on a nonrecurring basis	$	—	$	5,356		$	1,021		$	6,377



	Fair value hierarchy						Total fair value
September 30, 2018 (in millions)	Level 1		Level 2		Level 3		Total fair value
Loans	$	—	$	492	$	243	$	735
Other assets	—		216		826		1,042
Total assets measured at fair value on a nonrecurring basis	$	—	$	708	$	1,069	$	1,777

(a)

Primarily includes equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $775 million in level 3 assets measured at fair value on a nonrecurring basis as of September 30, 2019, $638 million related to such equity securities. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.


(b)	Primarily includes certain mortgage loans that were reclassified to held-for-sale.

(c)

Of the $246 million in level 3 assets measured at fair value on a nonrecurring basis as of September 30, 2019, $200 million related to residential real estate loans carried at the net realizable value of the underlying collateral (e.g., collateral-dependent loans and other loans charged off in accordance with regulatory guidance). These amounts are classified as level 3 as they are valued using information from broker’s price opinions, appraisals and automated valuation models and discounted based upon the Firm’s experience with actual liquidation values. These discounts ranged from 14% to 49% with a weighted average of 29%.

There were no material liabilities measured at fair value on a nonrecurring basis at September 30, 2019 and 2018.

Nonrecurring fair value changes

The following table presents the total change in value of assets for which a fair value adjustment has been recognized for the three and nine months ended September 30, 2019 and 2018, related to assets held at those dates.



	Three months ended September 30,							Nine months ended September 30,
(in millions)	2019				2018			2019				2018
Loans	$	(142	)	^(b)	$	(22	)	$	(232	)	^(b)	$	(36	)
Other assets^(a)	23				(117		)	123				383
Total nonrecurring fair value gains/(losses)	$	(119	)		$	(139	)	$	(109	)		$	347


(a)	Included $34 million and $(113) million for the three months ended September 30, 2019 and 2018, respectively and $132 million and $384 million for the nine months ended September 30, 2019 and 2018, respectively, of net gains as a result of the measurement alternative.


(b)	Primarily includes the impact of certain mortgage loans that were reclassified to held-for-sale.

Refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K for further information about the measurement of impaired collateral-dependent loans, and other loans where the carrying value is based on the fair value of the underlying collateral (e.g., residential mortgage loans charged off in accordance with regulatory guidance).

Equity securities without readily determinable fair values

The Firm measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer, with such changes recognized in earnings.

In its determination of the new carrying values upon observable price changes, the Firm may adjust the prices if deemed necessary to arrive at the Firm’s estimated fair values. Such adjustments may include adjustments to reflect the different rights and obligations of similar securities, and other adjustments that are consistent with the Firm’s valuation techniques for private equity direct investments.

The following table presents the carrying value of equity securities without readily determinable fair values still held as of September 30, 2019 and 2018, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.



	Three months ended					Nine months ended
	September 30,					September 30,
As of or for the period ended,
(in millions)	2019		2018			2019			2018
Other assets
Carrying value^(a)	$	2,771	$	1,801		$	2,771		$	1,801
Upward carrying value changes^(b)	34		14			169			540
Downward carrying value changes/impairment^(c)	—		(127		)	(37		)	(156		)


(a)	The carrying value as of December 31, 2018 was $1.5 billion.


(b)	The cumulative upward carrying value changes between January 1, 2018 and September 30, 2019 were $479 million.


(c)	The cumulative downward carrying value changes/impairment between January 1, 2018 and September 30, 2019 were $(197) million.

Included in other assets above is the Firm’s interest in approximately 40 million Visa Class B shares, recorded at a nominal carrying value. These shares are subject to certain transfer restrictions currently and will be convertible into Visa Class A shares upon final resolution of certain litigation matters involving Visa. The conversion rate of Visa Class B shares into Visa Class A shares is 1.6228 at September 30, 2019, and may be adjusted by Visa depending on developments related to the litigation matters.

Additional disclosures about the fair value of financial instruments that are not carried on the Consolidated balance sheets at fair value

The following table presents by fair value hierarchy classification the carrying values and estimated fair values at September 30, 2019, and December 31, 2018, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy.



	September 30, 2019										December 31, 2018
			Estimated fair value hierarchy										Estimated fair value hierarchy
(in billions)	Carrying value		Level 1		Level 2		Level 3		Total estimated fair value		Carrying value		Level 1		Level 2		Level 3		Total estimated fair value
Financial assets
Cash and due from banks	$	21.2	$	21.2	$	—	$	—	$	21.2	$	22.3	$	22.3	$	—	$	—	$	22.3
Deposits with banks	235.4		235.4		—		—		235.4		256.5		256.5		—		—		256.5
Accrued interest and accounts receivable	87.9		—		87.9		—		87.9		72.0		—		71.9		0.1		72.0
Federal funds sold and securities purchased under resale agreements	243.7		—		243.7		—		243.7		308.4		—		308.4		—		308.4
Securities borrowed	132.6		—		132.6		—		132.6		106.9		—		106.9		—		106.9
Investment securities, held-to-maturity	40.8		—		42.4		—		42.4		31.4		—		31.5		—		31.5
Loans, net of allowance for loan losses^(a)	926.2		—		218.9		720.7		939.6		968.0		—		241.5		728.5		970.0
Other	60.6		—		59.8		0.9		60.7		60.5		—		59.6		1.0		60.6
Financial liabilities
Deposits	$	1,495.9	$	—	$	1,496.3	$	—	$	1,496.3	$	1,447.4	$	—	$	1,447.5	$	—	$	1,447.5
Federal funds purchased and securities loaned or sold under repurchase agreements	246.8		—		246.8		—		246.8		181.4		—		181.4		—		181.4
Short-term borrowings	42.4		—		42.4		—		42.4		62.1		—		62.1		—		62.1
Accounts payable and other liabilities	181.5		0.7		177.0		3.4		181.1		160.6		0.2		157.0		3.0		160.2
Beneficial interests issued by consolidated VIEs	18.5		—		18.5		—		18.5		20.2		—		20.2		—		20.2
Long-term debt and junior subordinated deferrable interest debentures	224.3		—		223.5		3.4		226.9		227.1		—		224.6		3.3		227.9

(a)

Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. The difference between the estimated fair value and carrying value of a financial asset or liability is the result of the different methodologies used to determine fair value as compared with carrying value. For example, credit losses are estimated for a financial asset’s remaining life in a fair value calculation but are estimated for a loss emergence period in the allowance for loan loss calculation; future loan income (interest and fees) is incorporated in a fair value calculation but is generally not considered in the allowance for loan losses.

The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value of the wholesale allowance for lending-related commitments and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.



	September 30, 2019										December 31, 2018
			Estimated fair value hierarchy										Estimated fair value hierarchy
(in billions)	Carrying value^(a)		Level 1		Level 2		Level 3		Total estimated fair value		Carrying value^(a)		Level 1		Level 2		Level 3		Total estimated fair value^(b)
Wholesale lending-related commitments	$	1.1	$	—	$	—	$	1.9	$	1.9	$	1.0	$	—	$	—	$	1.9	$	1.9


(a)	Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.


(b)	The prior period amounts have been revised to conform with the current period presentation.

The Firm does not estimate the fair value of consumer lending-related commitments. In many cases, the Firm can reduce or cancel these commitments by providing the borrower notice or, in some cases as permitted by law, without notice. Refer to page 161 of JPMorgan Chase’s 2018 Form 10-K for a further discussion of the valuation of lending-related commitments.

Note 3 – Fair value option

Refer to Note 3 of JPMorgan Chase’s 2018 Form 10-K for a discussion of the primary financial instruments for which the fair value option was elected, including the basis for those elections and the determination of instrument-specific credit risk, where relevant.

Changes in fair value under the fair value option election

The following table presents the changes in fair value included in the Consolidated statements of income for the three months ended September 30, 2019 and 2018, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table.



	Three months ended September 30,
	2019										2018
(in millions)	Principal transactions			All other income				Total changes in fair value recorded ^(e)			Principal transactions			All other income			Total changes in fair value recorded ^(e)
Federal funds sold and securities purchased under resale agreements	$	(23	)	$	—			$	(23	)	$	(23	)	$	—		$	(23	)
Securities borrowed	99			—				99			(24		)	—			(24		)
Trading assets:
Debt and equity instruments, excluding loans	546			—				546			(45		)	5		^(c)	(40		)
Loans reported as trading assets:
Changes in instrument-specific credit risk	111			(4		)	^(c)	107			122			1		^(c)	123
Other changes in fair value	74			320			^(c)	394			(6		)	49		^(c)	43
Loans:
Changes in instrument-specific credit risk	(4		)	—				(4		)	(1		)	—			(1		)
Other changes in fair value	—			—				—			1			—			1
Other assets	(6		)	—				(6		)	2			16		^(d)	18
Deposits^(a)	(397		)	—				(397		)	32			—			32
Federal funds purchased and securities loaned or sold under repurchase agreements	2			—				2			8			—			8
Short-term borrowings^(a)	173			—				173			(25		)	—			(25		)
Trading liabilities	—			—				—			2			—			2
Other liabilities	1			—				1			—			—			—
Long-term debt^(a)(b)	(614		)	—				(614		)	259			—			259

100



	Nine months ended September 30,
	2019									2018
(in millions)	Principal transactions			All other income			Total changes in fair value recorded ^(e)			Principal transactions			All other income			Total changes in fair value recorded ^(e)
Federal funds sold and securities purchased under resale agreements	$	10		$	—		$	10		$	(49	)	$	—		$	(49	)
Securities borrowed	179			—			179			(22		)	—			(22		)
Trading assets:
Debt and equity instruments, excluding loans	2,104			—			2,104			(490		)	6		^(c)	(484		)
Loans reported as trading assets:
Changes in instrument-specific credit risk	558			1		^(c)	559			458			5		^(c)	463
Other changes in fair value	274			885		^(c)	1,159			64			24		^(c)	88
Loans:
Changes in instrument-specific credit risk	(12		)	—			(12		)	(2		)	—			(2		)
Other changes in fair value	1			—			1			(1		)	—			(1		)
Other assets	(3		)	3		^(d)	—			4			6		^(d)	10
Deposits^(a)	(1,589		)	—			(1,589		)	371			—			371
Federal funds purchased and securities loaned or sold under repurchase agreements	(18		)	—			(18		)	27			—			27
Short-term borrowings^(a)	(601		)	—			(601		)	86			—			86
Trading liabilities	5			—			5			1			—			1
Other liabilities	(7		)	—			(7		)	—			—			—
Long-term debt^(a)(b)	(5,220		)	—			(5,220		)	1,486			—			1,486

(a)

Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected is recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were not material for the three and nine months ended September 30, 2019 and 2018, respectively.


(b)	Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk.


(c)	Reported in mortgage fees and related income.


(d)	Reported in other income.


(e)	Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than hybrid financial instruments. Refer to Note 6 for further information regarding interest income and interest expense.

101

Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding

The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of September 30, 2019, and December 31, 2018, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected.



	September 30, 2019								December 31, 2018
(in millions)	Contractual principal outstanding			Fair value		Fair value over/(under) contractual principal outstanding			Contractual principal outstanding			Fair value		Fair value over/(under) contractual principal outstanding
Loans^(a)
Nonaccrual loans
Loans reported as trading assets	$	3,884		$	1,151	$	(2,733	)	$	4,240		$	1,350	$	(2,890	)
Loans	181			151		(30		)	39			—		(39		)
Subtotal	4,065			1,302		(2,763		)	4,279			1,350		(2,929		)
All other performing loans
Loans reported as trading assets	45,315			43,903		(1,412		)	42,215			40,403		(1,812		)
Loans	5,686			5,609		(77		)	3,186			3,151		(35		)
Total loans	$	55,066		$	50,814	$	(4,252	)	$	49,680		$	44,904	$	(4,776	)
Long-term debt
Principal-protected debt	$	40,750	^(c)	$	37,635	$	(3,115	)	$	32,674	^(c)	$	28,718	$	(3,956	)
Nonprincipal-protected debt^(b)	NA			34,322		NA			NA			26,168		NA
Total long-term debt	NA			$	71,957	NA			NA			$	54,886	NA
Long-term beneficial interests
Nonprincipal-protected debt^(b)	NA			$	39	NA			NA			$	28	NA
Total long-term beneficial interests	NA			$	39	NA			NA			$	28	NA


(a)	There were no performing loans that were ninety days or more past due as of September 30, 2019, and December 31, 2018, respectively.

(b)

Remaining contractual principal is not applicable to nonprincipal-protected structured notes and long-term beneficial interests. Unlike principal-protected structured notes and long-term beneficial interests, for which the Firm is obligated to return a stated amount of principal at maturity, nonprincipal-protected structured notes and long-term beneficial interests do not obligate the Firm to return a stated amount of principal at maturity, but for structured notes to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal-protected notes.


(c)	Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date.

At September 30, 2019, and December 31, 2018, the contractual amount of lending-related commitments for which the fair value option was elected was $6.5 billion and $6.9 billion, respectively, with a corresponding fair value of $(91) million and $(82) million, respectively. Refer to Note 27 of JPMorgan Chase’s 2018 Form 10-K, and Note 22 of this Form 10-Q for further information regarding off-balance sheet lending-related financial instruments.

Structured note products by balance sheet classification and risk component

The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type.



	September 30, 2019								December 31, 2018
(in millions)	Long-term debt		Short-term borrowings		Deposits		Total		Long-term debt		Short-term borrowings		Deposits		Total
Risk exposure
Interest rate	$	33,402	$	54	$	17,547	$	51,003	$	24,137	$	62	$	12,372	$	36,571
Credit	5,207		817		—		6,024		4,009		995		—		5,004
Foreign exchange	3,570		45		8		3,623		3,169		157		38		3,364
Equity	27,644		5,565		8,190		41,399		21,382		5,422		7,368		34,172
Commodity	504		7		1,352		1,863		372		34		1,207		1,613
Total structured notes	$	70,327	$	6,488	$	27,097	$	103,912	$	53,069	$	6,670	$	20,985	$	80,724

102

Note 4 – Derivative instruments

JPMorgan Chase makes markets in derivatives for clients and also uses derivatives to hedge or manage its own risk exposures. Refer to Note 5 of JPMorgan Chase’s 2018 Form 10-K for a further discussion of the Firm’s use of and accounting policies regarding derivative instruments.

The Firm’s disclosures are based on the accounting treatment and purpose of these derivatives. A limited number of the Firm’s derivatives are designated in hedge

accounting relationships and are disclosed according to the type of hedge (fair value hedge, cash flow hedge, or net investment hedge). Derivatives not designated in hedge accounting relationships include certain derivatives that are used to manage certain risks associated with specified assets or liabilities (“specified risk management” positions) as well as derivatives used in the Firm’s market-making businesses or for other purposes.

The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category.



Type of Derivative	Use of Derivative	Designation and disclosure	Affected segment or unit	10-Q page reference
Manage specifically identified risk exposures in qualifying hedge accounting relationships:
• Interest rate	Hedge fixed rate assets and liabilities	Fair value hedge	Corporate	109-110
• Interest rate	Hedge floating-rate assets and liabilities	Cash flow hedge	Corporate	111
• Foreign exchange	Hedge foreign currency-denominated assets and liabilities	Fair value hedge	Corporate	109-110
• Foreign exchange	Hedge foreign currency-denominated forecasted revenue and expense	Cash flow hedge	Corporate	111
• Foreign exchange	Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities	Net investment hedge	Corporate	112
• Commodity	Hedge commodity inventory	Fair value hedge	CIB	109-110
Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships:
• Interest rate	Manage the risk of the mortgage pipeline, warehouse loans and MSRs	Specified risk management	CCB	112
• Credit	Manage the credit risk of wholesale lending exposures	Specified risk management	CIB	112
• Interest rate and foreign exchange	Manage the risk of certain other specified assets and liabilities	Specified risk management	Corporate	112
Market-making derivatives and other activities:
• Various	Market-making and related risk management	Market-making and other	CIB	112
• Various	Other derivatives	Market-making and other	CIB, AWM, Corporate	112

103

Notional amount of derivative contracts

The following table summarizes the notional amount of derivative contracts outstanding as of September 30, 2019, and December 31, 2018.



	Notional amounts^(b)
(in billions)	September 30, 2019		December 31, 2018
Interest rate contracts
Swaps	$	25,099	$	21,763
Futures and forwards	4,887		3,562
Written options	4,290		3,997
Purchased options	4,697		4,322
Total interest rate contracts	38,973		33,644
Credit derivatives^(a)	1,365		1,501
Foreign exchange contracts
Cross-currency swaps	3,886		3,548
Spot, futures and forwards	7,111		5,871
Written options	832		835
Purchased options	852		830
Total foreign exchange contracts	12,681		11,084
Equity contracts
Swaps	389		346
Futures and forwards	131		101
Written options	692		528
Purchased options	632		490
Total equity contracts	1,844		1,465
Commodity contracts
Swaps	148		134
Spot, futures and forwards	218		156
Written options	166		135
Purchased options	153		120
Total commodity contracts	685		545
Total derivative notional amounts	$	55,548	$	48,239


(a)	Refer to the Credit derivatives discussion on page 113 for more information on volumes and types of credit derivative contracts.


(b)	Represents the sum of gross long and gross short third-party notional derivative contracts.

While the notional amounts disclosed above give an indication of the volume of the Firm’s derivatives activity, the notional amounts significantly exceed, in the Firm’s view, the possible losses that could arise from such transactions. For most derivative contracts, the notional amount is not exchanged; it is used simply as a reference to calculate payments.

104

Impact of derivatives on the Consolidated balance sheets

The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of September 30, 2019, and December 31, 2018, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type.



Free-standing derivative receivables and payables^(a)
	Gross derivative receivables								Gross derivative payables
September 30, 2019 (in millions)	Not designated as hedges		Designated as hedges		Total derivative receivables		Net derivative receivables^(b)		Not designated as hedges		Designated as hedges		Total derivative payables		Net derivative payables^(b)
Trading assets and liabilities
Interest rate	$	375,082	$	851	$	375,933	$	28,507	$	338,711	$	2	$	338,713	$	10,223
Credit	15,717		—		15,717		838		17,062		—		17,062		2,159
Foreign exchange	162,364		768		163,132		12,681		164,583		1,159		165,742		15,016
Equity	46,378		—		46,378		7,409		50,891		—		50,891		10,603
Commodity	20,985		253		21,238		6,142		25,470		341		25,811		9,789
Total fair value of trading assets and liabilities	$	620,526	$	1,872	$	622,398	$	55,577	$	596,717	$	1,502	$	598,219	$	47,790

	Gross derivative receivables								Gross derivative payables
December 31, 2018 (in millions)	Not designated as hedges		Designated as hedges		Total derivative receivables		Net derivative receivables^(b)		Not designated as hedges		Designated as hedges		Total derivative payables		Net derivative payables^(b)
Trading assets and liabilities
Interest rate	$	267,871	$	833	$	268,704	$	23,214	$	242,782	$	—	$	242,782	$	7,784
Credit	20,095		—		20,095		612		20,276		—		20,276		1,667
Foreign exchange	167,057		628		167,685		13,450		164,392		825		165,217		12,785
Equity	49,285		—		49,285		9,946		51,195		—		51,195		10,161
Commodity	20,223		247		20,470		6,991		22,297		121		22,418		9,372
Total fair value of trading assets and liabilities	$	524,531	$	1,708	$	526,239	$	54,213	$	500,942	$	946	$	501,888	$	41,769


(a)	Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information.


(b)	As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists.

105

Derivatives netting

The following tables present, as of September 30, 2019, and December 31, 2018, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables below.

In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation:


•	collateral that consists of non-cash financial instruments (generally U.S. government and agency securities and other G7 government securities) and cash collateral held at third-party custodians, which are shown separately as “Collateral not nettable on the Consolidated balance sheets” in the tables below, up to the fair value exposure amount.


•	the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables below; and


•	collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables below.



	September 30, 2019									December 31, 2018
(in millions)	Gross derivative receivables		Amounts netted on the Consolidated balance sheets			Net derivative receivables				Gross derivative receivables		Amounts netted on the Consolidated balance sheets			Net derivative receivables
U.S. GAAP nettable derivative receivables
Interest rate contracts:
Over-the-counter (“OTC”)	$	356,075	$	(332,566	)	$	23,509			$	258,227	$	(239,498	)	$	18,729
OTC–cleared	14,438		(14,343		)	95				6,404		(5,856		)	548
Exchange-traded^(a)	577		(517		)	60				322		(136		)	186
Total interest rate contracts	371,090		(347,426		)	23,664				264,953		(245,490		)	19,463
Credit contracts:
OTC	11,168		(10,682		)	486				12,648		(12,261		)	387
OTC–cleared	4,321		(4,197		)	124				7,267		(7,222		)	45
Total credit contracts	15,489		(14,879		)	610				19,915		(19,483		)	432
Foreign exchange contracts:
OTC	160,181		(150,271		)	9,910				163,862		(153,988		)	9,874
OTC–cleared	176		(174		)	2				235		(226		)	9
Exchange-traded^(a)	20		(6		)	14				32		(21		)	11
Total foreign exchange contracts	160,377		(150,451		)	9,926				164,129		(154,235		)	9,894
Equity contracts:
OTC	22,195		(20,281		)	1,914				26,178		(23,879		)	2,299
Exchange-traded^(a)	21,678		(18,688		)	2,990				18,876		(15,460		)	3,416
Total equity contracts	43,873		(38,969		)	4,904				45,054		(39,339		)	5,715
Commodity contracts:
OTC	7,714		(5,954		)	1,760				7,448		(5,261		)	2,187
OTC–cleared	26		(25		)	1				—		—			—
Exchange-traded^(a)	9,151		(9,117		)	34				8,815		(8,218		)	597
Total commodity contracts	16,891		(15,096		)	1,795				16,263		(13,479		)	2,784
Derivative receivables with appropriate legal opinion	607,720		(566,821		)	40,899			^(d)	510,314		(472,026		)	38,288			^(d)
Derivative receivables where an appropriate legal opinion has not been either sought or obtained	14,678					14,678				15,925					15,925
Total derivative receivables recognized on the Consolidated balance sheets	$	622,398				$	55,577			$	526,239				$	54,213
Collateral not nettable on the Consolidated balance sheets^(b)(c)						(13,224		)							(13,046		)
Net amounts						$	42,353								$	41,167

106



	September 30, 2019									December 31, 2018
(in millions)	Gross derivative payables		Amounts netted on the Consolidated balance sheets			Net derivative payables				Gross derivative payables		Amounts netted on the Consolidated balance sheets			Net derivative payables
U.S. GAAP nettable derivative payables
Interest rate contracts:
OTC	$	321,553	$	(313,017	)	$	8,536			$	233,404	$	(228,369	)	$	5,035
OTC–cleared	15,176		(14,960		)	216				7,163		(6,494		)	669
Exchange-traded^(a)	585		(513		)	72				210		(135		)	75
Total interest rate contracts	337,314		(328,490		)	8,824				240,777		(234,998		)	5,779
Credit contracts:
OTC	13,130		(11,254		)	1,876				13,412		(11,895		)	1,517
OTC–cleared	3,797		(3,649		)	148				6,716		(6,714		)	2
Total credit contracts	16,927		(14,903		)	2,024				20,128		(18,609		)	1,519
Foreign exchange contracts:
OTC	162,336		(150,537		)	11,799				160,930		(152,161		)	8,769
OTC–cleared	190		(185		)	5				274		(268		)	6
Exchange-traded^(a)	14		(4		)	10				16		(3		)	13
Total foreign exchange contracts	162,540		(150,726		)	11,814				161,220		(152,432		)	8,788
Equity contracts:
OTC	27,010		(21,600		)	5,410				29,437		(25,544		)	3,893
Exchange-traded^(a)	20,365		(18,688		)	1,677				16,285		(15,490		)	795
Total equity contracts	47,375		(40,288		)	7,087				45,722		(41,034		)	4,688
Commodity contracts:
OTC	10,450		(6,874		)	3,576				8,930		(4,838		)	4,092
OTC–cleared	25		(25		)	—				—		—			—
Exchange-traded^(a)	10,004		(9,123		)	881				8,259		(8,208		)	51
Total commodity contracts	20,479		(16,022		)	4,457				17,189		(13,046		)	4,143
Derivative payables with appropriate legal opinion	584,635		(550,429		)	34,206			^(d)	485,036		(460,119		)	24,917			^(d)
Derivative payables where an appropriate legal opinion has not been either sought or obtained	13,584					13,584				16,852					16,852
Total derivative payables recognized on the Consolidated balance sheets	$	598,219				$	47,790			$	501,888				$	41,769
Collateral not nettable on the Consolidated balance sheets^(b)(c)						(9,236		)							(4,449		)
Net amounts						$	38,554								$	37,320


(a)	Exchange-traded derivative balances that relate to futures contracts are settled daily.

(b)

Represents liquid security collateral as well as cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty.


(c)	Derivative collateral relates only to OTC and OTC-cleared derivative instruments.


(d)	Net derivatives receivable included cash collateral netted of $78.8 billion and $55.2 billion at September 30, 2019, and December 31, 2018, respectively. Net derivatives payable included cash collateral netted of $62.4 billion and $43.3 billion at September 30, 2019, and December 31, 2018, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments.

107

Liquidity risk and credit-related contingent features

Refer to Note 5 of JPMorgan Chase’s 2018 Form 10-K for a more detailed discussion of liquidity risk and credit-related contingent features related to the Firm’s derivative contracts.

The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at September 30, 2019, and December 31, 2018.



OTC and OTC-cleared derivative payables containing downgrade triggers
(in millions)	September 30, 2019			December 31, 2018
Aggregate fair value of net derivative payables		$	15,466		$	9,396
Collateral posted		14,388			8,907

The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, N.A., at September 30, 2019, and December 31, 2018, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined threshold rating is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral, (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payments requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract.



Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives
	September 30, 2019				December 31, 2018
(in millions)	Single-notch downgrade		Two-notch downgrade		Single-notch downgrade		Two-notch downgrade
Amount of additional collateral to be posted upon downgrade^(a)	$	223	$	1,420	$	76	$	947
Amount required to settle contracts with termination triggers upon downgrade^(b)	184		1,475		172		764


(a)	Includes the additional collateral to be posted for initial margin.


(b)	Amounts represent fair values of derivative payables, and do not reflect collateral posted.

Derivatives executed in contemplation of a sale of the underlying financial asset

In certain instances the Firm enters into transactions in which it transfers financial assets but maintains the economic exposure to the transferred assets by entering into a derivative with the same counterparty in contemplation of the initial transfer. The Firm generally accounts for such transfers as collateralized financing transactions as described in Note 10, but in limited circumstances they may qualify to be accounted for as a sale and a derivative under U.S. GAAP. The amount of such transfers accounted for as a sale where the associated derivative was outstanding was not material at both September 30, 2019 and December 31, 2018.

108

Impact of derivatives on the Consolidated statements of income

The following tables provide information related to gains and losses recorded on derivatives based on their hedge accounting designation or purpose.

Fair value hedge gains and losses

The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three and nine months ended September 30, 2019 and 2018, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item.



	Gains/(losses) recorded in income								Income statement impact of excluded components^(e)					OCI impact
Three months ended September 30, 2019 (in millions)	Derivatives			Hedged items			Income statement impact		Amortization approach			Changes in fair value		Derivatives - Gains/(losses) recorded in OCI^(f)
Contract type
Interest rate^(a)(b)	$	1,770		$	(1,550	)	$	220	$	—		$	228	$	—
Foreign exchange^(c)	(167		)	293			126		(224		)	126		(1		)
Commodity^(d)	278			(232		)	46		—			49		—
Total	$	1,881		$	(1,489	)	$	392	$	(224	)	$	403	$	(1	)



	Gains/(losses) recorded in income									Income statement impact of excluded components^(e)						OCI impact
Three months ended September 30, 2018 (in millions)	Derivatives			Hedged items			Income statement impact			Amortization approach			Changes in fair value			Derivatives - Gains/(losses) recorded in OCI^(f)
Contract type
Interest rate^(a)(b)	$	(870	)	$	1,032		$	162		$	—		$	160		$	—
Foreign exchange^(c)	277			(165		)	112			(137		)	112			45
Commodity^(d)	454			(461		)	(7		)	—			(5		)	—
Total	$	(139	)	$	406		$	267		$	(137	)	$	267		$	45



	Gains/(losses) recorded in income								Income statement impact of excluded components^(e)					OCI impact
Nine months ended September 30, 2019 (in millions)	Derivatives			Hedged items			Income statement impact		Amortization approach			Changes in fair value		Derivatives - Gains/(losses) recorded in OCI^(f)
Contract type
Interest rate^(a)(b)	$	4,996		$	(4,399	)	$	597	$	—		$	596	$	—
Foreign exchange^(c)	(31		)	401			370		(675		)	370		114
Commodity^(d)	(164		)	237			73		—			67		—
Total	$	4,801		$	(3,761	)	$	1,040	$	(675	)	$	1,033	$	114



	Gains/(losses) recorded in income								Income statement impact of excluded components^(e)					OCI impact
Nine months ended September 30, 2018 (in millions)	Derivatives			Hedged items			Income statement impact		Amortization approach			Changes in fair value		Derivatives - Gains/(losses) recorded in OCI^(f)
Contract type
Interest rate^(a)(b)	$	(2,747	)	$	3,214		$	467	$	—		$	459	$	—
Foreign exchange^(c)	797			(452		)	345		(404		)	345		(96		)
Commodity^(d)	649			(626		)	23		—			29		—
Total	$	(1,301	)	$	2,136		$	835	$	(404	)	$	833	$	(96	)


(a)	Primarily consists of hedges of the benchmark (e.g., London Interbank Offered Rate (“LIBOR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income.


(b)	Excludes the amortization expense associated with the inception hedge accounting adjustment applied to the hedged item. This expense is recorded in net interest income and substantially offsets the income statement impact of the excluded components. Also excludes the accrual of interest on interest rate swaps and the related hedged items.


(c)	Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income.


(d)	Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue.

(e)

The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. The initial amount of the excluded components may be amortized into income over the life of the derivative, or changes in fair value may be recognized in current period earnings.


(f)	Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative.

109

As of September 30, 2019 and December 31, 2018, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield.



	Carrying amount of the hedged items^(a)(b)			Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
September 30, 2019 (in millions)	Carrying amount of the hedged items^(a)(b)			Active hedging relationships			Discontinued hedging relationships^(d)			Total
Assets
Investment securities - AFS	$	123,914	^(c)	$	3,664		$	261		$	3,925
Liabilities
Long-term debt	$	163,494		$	9,957		$	125		$	10,082
Beneficial interests issued by consolidated VIEs	2,362			—			(11		)	(11		)

	Carrying amount of the hedged items^(a)(b)			Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
December 31, 2018 (in millions)	Carrying amount of the hedged items^(a)(b)			Active hedging relationships			Discontinued hedging relationships^(d)			Total
Assets
Investment securities - AFS	$	55,313	^(c)	$	(1,105	)	$	381		$	(724	)
Liabilities
Long-term debt	$	139,915		$	141		$	8		$	149
Beneficial interests issued by consolidated VIEs	6,987			—			(33		)	(33		)

(a)

Excludes physical commodities with a carrying value of $10.3 billion and $6.8 billion at September 30, 2019 and December 31, 2018, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Given the Firm exits these positions at fair value, there is no incremental impact to net income in future periods.

(b)

Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At September 30, 2019 and December 31, 2018, the carrying amount excluded for available-for-sale securities is $15.3 billion and $14.6 billion, respectively, and for long-term debt is $4.1 billion and $7.3 billion, respectively.


(c)	Carrying amount represents the amortized cost.


(d)	Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date.

110

Cash flow hedge gains and losses

The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three and nine months ended September 30, 2019 and 2018, respectively. The Firm includes the gain/(loss) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item.



	Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended September 30, 2019 (in millions)	Amounts reclassified from AOCI to income			Amounts recorded in OCI			Total change in OCI for period
Contract type
Interest rate^(a)	$	(16	)	$	290		$	306
Foreign exchange^(b)	(21		)	(68		)	(47		)
Total	$	(37	)	$	222		$	259

	Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended September 30, 2018 (in millions)	Amounts reclassified from AOCI to income			Amounts recorded in OCI			Total change in OCI for period
Contract type
Interest rate^(a)	$	10		$	(30	)	$	(40	)
Foreign exchange^(b)	(19		)	(92		)	(73		)
Total	$	(9	)	$	(122	)	$	(113	)



	Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Nine months ended September 30, 2019 (in millions)	Amounts reclassified from AOCI to income			Amounts recorded in OCI			Total change in OCI for period
Contract type
Interest rate^(a)	$	(12	)	$	501		$	513
Foreign exchange^(b)	(90		)	(37		)	53
Total	$	(102	)	$	464		$	566



	Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Nine months ended September 30, 2018 (in millions)	Amounts reclassified from AOCI to income		Amounts recorded in OCI			Total change in OCI for period
Contract type
Interest rate^(a)	$	36	$	(141	)	$	(177	)
Foreign exchange^(b)	26		(224		)	(250		)
Total	$	62	$	(365	)	$	(427	)


(a)	Primarily consists of hedges of LIBOR-indexed floating-rate assets and floating-rate liabilities. Gains and losses were recorded in net interest income.


(b)	Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense.

The Firm did not experience any forecasted transactions that failed to occur for the three and nine months ended September 30, 2019 and 2018.

Over the next 12 months, the Firm expects that approximately $(130) million (after-tax) of net losses recorded in AOCI at September 30, 2019, related to cash flow hedges will be recognized in income. For cash flow hedges that have been terminated, the maximum length of time over which the derivative results recorded in AOCI will be recognized in earnings is approximately five years, corresponding to the timing of the originally hedged forecasted cash flows.

For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately seven years. The Firm’s longer-dated forecasted transactions relate to core lending and borrowing activities.

111

Net investment hedge gains and losses

The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the three and nine months ended September 30, 2019 and 2018.



	Gains/(losses) recorded in income and other comprehensive income/(loss)
	2019					2018
Three months ended September 30, (in millions)	Amounts recorded in income^(a)(b)			Amounts recorded in OCI		Amounts recorded in income^(a)(b)				Amounts recorded in OCI
Foreign exchange derivatives		$	17	$	866		$	2		$	311

	Gains/(losses) recorded in income and other comprehensive income/(loss)
	2019					2018
Nine months ended September 30, (in millions)	Amounts recorded in income^(a)(b)			Amounts recorded in OCI		Amounts recorded in income^(a)(b)(c)				Amounts recorded in OCI
Foreign exchange derivatives		$	65	$	705		$	(8	)	$	1,126


(a)	Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The Firm elects to record changes in fair value of these amounts directly in other income.

(b)

Excludes amounts reclassified from AOCI to income on the sale or liquidation of hedged entities. During the nine months ended September 30, 2019, the Firm reclassified net pre-tax gains of $5 million to other income related to the liquidation of certain legal entities. During the nine months ended September 30, 2018, the Firm reclassified net pre-tax losses of $23 million to other expense related to the liquidation of a legal entity.


(c)	The prior period amount has been revised to conform with the current period presentation.

Gains and losses on derivatives used for specified risk management purposes

The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from the mortgage pipeline, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities.



	Derivatives gains/(losses) recorded in income
	Three months ended September 30,						Nine months ended September 30,
(in millions)	2019			2018			2019			2018
Contract type
Interest rate^(a)	$	769		$	(42	)	$	1,718		$	(277	)
Credit^(b)	(21		)	(7		)	(33		)	(17		)
Foreign exchange^(c)	40			52			15			167			^(d)
Total	$	788		$	3		$	1,700		$	(127	)	^(d)


(a)	Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in the mortgage pipeline, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income.

(b)

Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue.


(c)	Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue.


(d)	The prior period amounts have been revised to conform with the current period presentation.

Gains and losses on derivatives related to market-making activities and other derivatives

The Firm makes markets in derivatives in order to meet the needs of customers and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. All derivatives not included in the hedge accounting or specified risk management categories above are included in this category. Gains and losses on these derivatives are primarily recorded in principal transactions revenue. Refer to Note 5 for information on principal transactions revenue.

112

Credit derivatives

Refer to Note 5 of JPMorgan Chase’s 2018 Form 10-K for a more detailed discussion of credit derivatives. The Firm does not use notional amounts of credit derivatives as the primary measure of risk management for such derivatives, because the notional amount does not take into account the probability of the occurrence of a credit event, the recovery value of the reference obligation, or related cash instruments and economic hedges, each of which reduces, in the Firm’s view, the risks associated with such derivatives.

Total credit derivatives and credit-related notes



	Maximum payout/Notional amount
September 30, 2019 (in millions)	Protection sold			Protection purchased with identical underlyings^(b)			Net protection (sold)/purchased^(c)		Other protection purchased^(d)
Credit derivatives
Credit default swaps	$	(610,946	)		$	623,709	$	12,763	$	3,630
Other credit derivatives^(a)	(55,919		)		61,847		5,928		8,503
Total credit derivatives	(666,865		)		685,556		18,691		12,133
Credit-related notes	—				—		—		9,297
Total	$	(666,865	)		$	685,556	$	18,691	$	21,430

	Maximum payout/Notional amount
December 31, 2018 (in millions)	Protection sold			Protection purchased with identical underlyings^(b)			Net protection (sold)/purchased^(c)		Other protection purchased^(d)
Credit derivatives
Credit default swaps	$	(697,220	)		$	707,282	$	10,062	$	4,053
Other credit derivatives^(a)	(41,244		)		42,484		1,240		8,488
Total credit derivatives	(738,464		)		749,766		11,302		12,541
Credit-related notes	—				—		—		8,425
Total	$	(738,464	)		$	749,766	$	11,302	$	20,966


(a)	Other credit derivatives predominantly consist of credit swap options and total return swaps.


(b)	Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold.


(c)	Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value.


(d)	Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument.

The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives and credit-related notes as of September 30, 2019, and December 31, 2018, where JPMorgan Chase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives and credit-related notes where JPMorgan Chase is the purchaser of protection are comparable to the profile reflected below.



Protection sold — credit derivatives and credit-related notes ratings^(a)/maturity profile
September 30, 2019 (in millions)	<1 year			1–5 years			>5 years			Total notional amount			Fair value of receivables^(b)		Fair value of payables^(b)			Net fair value
Risk rating of reference entity
Investment-grade	$	(106,698	)	$	(316,946	)	$	(75,615	)	$	(499,259	)	$	5,621	$	(1,260	)	$	4,361
Noninvestment-grade	(39,180		)	(103,249		)	(25,177		)	(167,606		)	4,699		(3,415		)	1,284
Total	$	(145,878	)	$	(420,195	)	$	(100,792	)	$	(666,865	)	$	10,320	$	(4,675	)	$	5,645



December 31, 2018 (in millions)	<1 year			1–5 years			>5 years			Total notional amount			Fair value of receivables^(b)		Fair value of payables^(b)			Net fair value
Risk rating of reference entity
Investment-grade	$	(115,443	)	$	(402,325	)	$	(43,611	)	$	(561,379	)	$	5,720	$	(2,791	)	$	2,929
Noninvestment-grade	(45,897		)	(119,348		)	(11,840		)	(177,085		)	4,719		(5,660		)	(941		)
Total	$	(161,340	)	$	(521,673	)	$	(55,451	)	$	(738,464	)	$	10,439	$	(8,451	)	$	1,988


(a)	The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s.


(b)	Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements and cash collateral received by the Firm.

113

Note 5 – Noninterest revenue and noninterest expense

Noninterest revenue

Refer to Note 6 of JPMorgan Chase’s 2018 Form 10-K for a discussion of the components of and accounting policies for the Firm’s noninterest revenue.

Investment banking fees

The following table presents the components of investment banking fees.



	Three months ended September 30,				Nine months ended September 30,
(in millions)	2019		2018		2019		2018
Underwriting
Equity	$	517	$	417	$	1,293	$	1,342
Debt	955		836		2,720		2,596
Total underwriting	1,472		1,253		4,013		3,938
Advisory	495		579		1,645		1,798
Total investment banking fees	$	1,967	$	1,832	$	5,658	$	5,736

Principal transactions

The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and cash deployment activities in Treasury and CIO. Refer to Note 6 for further information on interest income and interest expense.

Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual line of business.



	Three months ended September 30,					Nine months ended September 30,
(in millions)	2019		2018			2019			2018
Trading revenue by instrument type
Interest rate	$	835	$	338		$	1,901		$	1,784
Credit	328		202			1,375			1,230
Foreign exchange	892		937			2,509			2,706
Equity	1,003		1,363			4,530			4,376
Commodity	372		277			982			800
Total trading revenue	3,430		3,117			11,297			10,896
Private equity gains/(losses)^(a)	19		(153		)	(58		)	(198		)
Principal transactions	$	3,449	$	2,964		$	11,239		$	10,698


(a)	The third quarter of 2018 included markdowns of approximately $220 million on certain private equity investments in Corporate, with $170 million recorded within principal transactions revenue and $50 million in other income.

Lending- and deposit-related fees

The following table presents the components of lending- and deposit-related fees.



	Three months ended September 30,				Nine months ended September 30,
(in millions)	2019		2018		2019		2018
Lending-related fees	$	286	$	284	$	861	$	838
Deposit-related fees	1,340		1,258		3,782		3,676
Total lending- and deposit-related fees	$	1,626	$	1,542	$	4,643	$	4,514

Asset management, administration and commissions

The following table presents the components of Firmwide asset management, administration and commissions.



	Three months ended September 30,				Nine months ended September 30,
(in millions)	2019		2018		2019		2018
Asset management fees
Investment management fees^(a)	$	2,738	$	2,716	$	8,013	$	8,081
All other asset management fees^(b)	82		79		229		211
Total asset management fees	2,820		2,795		8,242		8,292

Total administration fees^(c)	567		533		1,646		1,651

Commissions and other fees
Brokerage commissions	634		604		1,861		1,887
All other commissions and fees	330		378		1,069		1,093
Total commissions and fees	964		982		2,930		2,980
Total asset management, administration and commissions	$	4,351	$	4,310	$	12,818	$	12,923


(a)	Represents fees earned from managing assets on behalf of the Firm’s clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts.


(b)	Represents fees for services that are ancillary to investment management services, such as commissions earned on the sales or distribution of mutual funds to clients.


(c)	Predominantly includes fees for custody, securities lending, funds services and securities clearance.

Card income

The following table presents the components of card income:



	Three months ended September 30,						Nine months ended September 30,
(in millions)	2019			2018			2019			2018
Interchange and merchant processing income	$	5,127		$	4,781		$	15,032		$	13,863
Rewards costs and partner payments^(a)	(3,669		)	(3,276		)	(10,515		)	(9,687		)
Other card income^(b)	(175		)	(177		)	(594		)	(553		)
Total card income	$	1,283		$	1,328		$	3,923		$	3,623


(a)	The three and nine months ended September 30, 2018, included an adjustment to the credit card rewards liability of approximately $330 million.


(b)	Predominantly represents annual fees and new account origination costs, which are deferred and recognized on a straight-line basis over a 12-month period.

114

Refer to Note 14 Goodwill and MSRs for information on mortgage fees and related income.

Refer to Note 16 Leases for information on operating lease income included within other income.

Noninterest expense

Other expense

Other expense on the Firm’s Consolidated statements of income included the following:



	Three months ended September 30,				Nine months ended September 30,
(in millions)	2019		2018		2019			2018
Legal expense/(benefit)	$	10	$	20	$	(2	)	$	90
FDIC-related expense	114		349		378			1,100

Note 6 – Interest income and Interest expense

Refer to Note 7 of JPMorgan Chase’s 2018 Form 10-K for a description of JPMorgan Chase’s accounting policies regarding interest income and interest expense.

The following table presents the components of interest income and interest expense.



	Three months ended September 30,				Nine months ended September 30,
(in millions)	2019		2018		2019		2018
Interest income
Loans^(a)	$	12,586	$	12,207	$	38,192	$	34,915
Taxable securities	2,132		1,402		5,712		4,098
Non-taxable securities^(b)	318		394		1,021		1,199
Total investment securities^(a)	2,450		1,796		6,733		5,297
Trading assets - debt instruments	2,659		2,155		8,343		6,369
Federal funds sold and securities purchased under resale agreements	1,542		952		4,865		2,490
Securities borrowed^(c)	434		248		1,298		549
Deposits with banks	898		1,585		3,200		4,449
All other interest-earning assets^(c)(d)	552		496		1,482		1,430
Total interest income^(c)	21,121		19,439		64,113		55,499
Interest expense
Interest-bearing deposits	2,409		1,621		7,010		4,021
Federal funds purchased and securities loaned or sold under repurchase agreements	1,241		827		3,577		2,164
Short-term borrowings^(e)	261		288		1,051		757
Trading liabilities – debt and all other interest-bearing liabilities^(c)(f)	660		617		2,141		1,674
Long-term debt	2,188		2,056		6,796		5,812
Beneficial interest issued by consolidated VIEs	134		122		459		366
Total interest expense^(c)	6,893		5,531		21,034		14,794
Net interest income	14,228		13,908		43,079		40,705
Provision for credit losses	1,514		948		4,158		3,323
Net interest income after provision for credit losses	$	12,714	$	12,960	$	38,921	$	37,382


(a)	Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts, net deferred fees/costs, etc.).


(b)	Represents securities which are tax-exempt for U.S. federal income tax purposes.

(c)


(d)	Includes prime brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets which are classified in other assets on the Consolidated balance sheets.


(e)	Includes commercial paper.


(f)	Other interest-bearing liabilities include prime brokerage-related customer payables.

115

Note 7 – Pension and other postretirement employee benefit plans

Refer to Note 8 of JPMorgan Chase’s 2018 Form 10-K for a discussion of JPMorgan Chase’s pension and OPEB plans.

The following table presents the components of net periodic benefit costs reported in the Consolidated statements of income for the Firm’s U.S. and non-U.S. defined benefit pension, defined contribution and OPEB plans.



(in millions)	Three months ended September 30,												Nine months ended September 30,
	2019			2018			2019			2018			2019			2018			2019			2018
	Pension plans						OPEB plans						Pension plans						OPEB plans
Components of net periodic benefit cost
Benefits earned during the period	$	88		$	88		$	—		$	—		$	266		$	267		$	—		$	—
Interest cost on benefit obligations	148			139			6			6			447			417			18			18
Expected return on plan assets	(227		)	(246		)	(28		)	(25		)	(686		)	(741		)	(84		)	(77		)
Amortization:
Net (gain)/loss	42			26			—			—			125			78			—			—
Prior service (credit)/cost	—			(7		)	—			—			2			(19		)	—			—
Net periodic defined benefit cost	51			—			(22		)	(19		)	154			2			(66		)	(59		)
Other defined benefit pension plans^(a)	7			6			NA			NA			20			21			NA			NA
Total defined benefit plans	58			6			(22		)	(19		)	174			23			(66		)	(59		)
Total defined contribution plans	255			229			NA			NA			718			661			NA			NA
Total pension and OPEB cost included in noninterest expense	$	313		$	235		$	(22	)	$	(19	)	$	892		$	684		$	(66	)	$	(59	)


(a)	Includes various defined benefit pension plans which are individually immaterial.

The following table presents the fair values of plan assets for the U.S. defined benefit pension and OPEB plans and for the material non-U.S. defined benefit pension plans.



(in billions)	September 30, 2019		December 31, 2018
Fair value of plan assets
Defined benefit pension plans	$	20.1	$	18.1
OPEB plans	2.9		2.6

There are no expected contributions to the U.S. defined benefit pension plan for 2019.

116

Note 8 – Employee share-based incentives

Refer to Note 9 of JPMorgan Chase’s 2018 Form 10-K for a discussion of the accounting policies and other information relating to employee share-based incentives.

The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income.



	Three months ended September 30,				Nine months ended September 30,
(in millions)	2019		2018		2019		2018
Cost of prior grants of RSUs, performance share units (“PSUs”) and stock appreciation rights (“SARs”) that are amortized over their applicable vesting periods	$	265	$	282	$	882	$	956
Accrual of estimated costs of share-based awards to be granted in future periods including those to full-career eligible employees	294		240		900		852
Total noncash compensation expense related to employee share-based incentive plans	$	559	$	522	$	1,782	$	1,808

In the first quarter of 2019, in connection with its annual incentive grant for the 2018 performance year, the Firm granted 21 million RSUs and 630 thousand PSUs with weighted-average grant date fair values of $98.98 per RSU and $98.96 per PSU.

117

Note 9 – Investment securities

Investment securities consist of debt securities that are classified as AFS or HTM. Debt securities classified as trading assets are discussed in Note 2. Predominantly all of the Firm’s AFS and HTM securities are held by Treasury and CIO in connection with its asset-liability management activities. At September 30, 2019, the investment securities portfolio consisted of debt securities with an average credit rating of AA+ (based upon external ratings where available,

and where not available, based primarily upon internal ratings which correspond to ratings as defined by S&P and Moody’s). Refer to Note 10 of JPMorgan Chase’s 2018 Form 10-K for additional information regarding the investment securities portfolio.

The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.



	September 30, 2019								December 31, 2018
(in millions)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value		Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies^(a)	$	103,086	$	2,556	$	61	$	105,581	$	69,026	$	594	$	974	$	68,646
Residential:
U.S.	10,083		273		6		10,350		5,877		79		31		5,925
Non-U.S.	2,490		64		2		2,552		2,529		72		6		2,595
Commercial	5,228		100		4		5,324		6,758		43		147		6,654
Total mortgage-backed securities	120,887		2,993		73		123,807		84,190		788		1,158		83,820
U.S. Treasury and government agencies	141,646		376		493		141,529		55,771		366		78		56,059
Obligations of U.S. states and municipalities	28,871		2,193		—		31,064		36,221		1,582		80		37,723
Certificates of deposit	74		—		—		74		75		—		—		75
Non-U.S. government debt securities	21,644		524		10		22,158		23,771		351		20		24,102
Corporate debt securities	1,596		39		1		1,634		1,904		23		9		1,918
Asset-backed securities:
Collateralized loan obligations	27,942		18		52		27,908		19,612		1		176		19,437
Other	5,199		57		9		5,247		7,225		57		22		7,260
Total available-for-sale securities	347,859		6,200		638		353,421		228,769		3,168		1,543		230,394
Held-to-maturity securities
Mortgage-backed securities:
U.S. GSEs and government agencies^(a)	35,976		1,250		20		37,206		26,610		134		200		26,544
Total mortgage-backed securities	35,976		1,250		20		37,206		26,610		134		200		26,544
U.S. Treasury and government agencies	51		—		—		51		—		—		—		—
Obligations of U.S. states and municipalities	4,803		317		—		5,120		4,824		105		15		4,914
Total held-to-maturity securities	40,830		1,567		20		42,377		31,434		239		215		31,458
Total investment securities	$	388,689	$	7,767	$	658	$	395,798	$	260,203	$	3,407	$	1,758	$	261,852

(a)

Includes AFS U.S. GSE obligations with fair values of $78.8 billion and $50.7 billion, and HTM U.S. GSE obligations with amortized cost of $30.8 billion and $20.9 billion, at September 30, 2019, and December 31, 2018, respectively. As of September 30, 2019, mortgage-backed securities issued by Fannie Mae and Freddie Mac each exceeded 10% of JPMorgan Chase’s total stockholders’ equity; the amortized cost and fair value of such securities was $69.8 billion and $72.0 billion, and $37.8 billion and $38.8 billion, respectively.

118

Investment securities impairment

The following tables present the fair value and gross unrealized losses for investment securities by aging category at September 30, 2019, and December 31, 2018.



	Investment securities with gross unrealized losses
	Less than 12 months				12 months or more
September 30, 2019 (in millions)	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Total fair value		Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies	$	8,505	$	37	$	2,952	$	24	$	11,457	$	61
Residential:
U.S.	—		—		558		6		558		6
Non-U.S.	47		—		472		2		519		2
Commercial	752		4		165		—		917		4
Total mortgage-backed securities	9,304		41		4,147		32		13,451		73
U.S. Treasury and government agencies	84,152		489		540		4		84,692		493
Obligations of U.S. states and municipalities	41		—		23		—		64		—
Certificates of deposit	74		—		—		—		74		—
Non-U.S. government debt securities	3,189		6		1,357		4		4,546		10
Corporate debt securities	83		—		36		1		119		1
Asset-backed securities:
Collateralized loan obligations	7,086		8		6,684		44		13,770		52
Other	506		3		1,598		6		2,104		9
Total available-for-sale securities	104,435		547		14,385		91		118,820		638
Held-to-maturity securities
Mortgage-backed securities
U.S. GSEs and government agencies	2,240		20		86		—		2,326		20
Total mortgage-backed securities	2,240		20		86		—		2,326		20
U.S. Treasury and government agencies	51		—		—		—		51		—
Obligations of U.S. states and municipalities	—		—		—		—		—		—
Total held-to-maturity securities	2,291		20		86		—		2,377		20
Total investment securities with gross unrealized losses	$	106,726	$	567	$	14,471	$	91	$	121,197	$	658

119



	Investment securities with gross unrealized losses
	Less than 12 months				12 months or more
December 31, 2018 (in millions)	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Total fair value		Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies	$	17,656	$	318	$	22,728	$	656	$	40,384	$	974
Residential:
U.S.	623		4		1,445		27		2,068		31
Non-U.S.	907		5		165		1		1,072		6
Commercial	974		6		3,172		141		4,146		147
Total mortgage-backed securities	20,160		333		27,510		825		47,670		1,158
U.S. Treasury and government agencies	4,792		7		2,391		71		7,183		78
Obligations of U.S. states and municipalities	1,808		15		2,477		65		4,285		80
Certificates of deposit	75		—		—		—		75		—
Non-U.S. government debt securities	3,123		5		1,937		15		5,060		20
Corporate debt securities	478		8		37		1		515		9
Asset-backed securities:
Collateralized loan obligations	18,681		176		—		—		18,681		176
Other	1,208		6		2,354		16		3,562		22
Total available-for-sale securities	50,325		550		36,706		993		87,031		1,543
Held-to-maturity securities
Mortgage-backed securities
U.S. GSEs and government agencies	4,385		23		7,082		177		11,467		200
Total mortgage-backed securities	4,385		23		7,082		177		11,467		200
U.S. Treasury and government agencies	—		—		—		—		—		—
Obligations of U.S. states and municipalities	12		—		1,114		15		1,126		15
Total held-to-maturity securities	4,397		23		8,196		192		12,593		215
Total investment securities with gross unrealized losses	$	54,722	$	573	$	44,902	$	1,185	$	99,624	$	1,758

Other-than-temporary impairment

The Firm recognizes unrealized losses on investment securities that it intends to sell as OTTI. The Firm does not intend to sell any of the remaining investment securities with an unrealized loss in AOCI as of September 30, 2019, and it is not likely that the Firm will be required to sell these securities before recovery of their amortized cost basis. Further, the Firm did not recognize any credit-related OTTI losses during the nine months ended September 30, 2019 and 2018. Accordingly, the Firm believes that the investment securities with an unrealized loss in AOCI as of September 30, 2019, are not other-than-temporarily impaired. Refer to Note 10 of JPMorgan Chase’s 2018 Form 10-K for additional information on other-than-temporary impairment.

Investment securities gains and losses

The following table presents realized gains and losses and OTTI from AFS securities that were recognized in income.



	Three months ended September 30,					Nine months ended September 30,
(in millions)	2019		2018			2019			2018
Realized gains	$	78	$	58		$	454		$	137
Realized losses	—		(103		)	(319		)	(507		)
OTTI losses^(a)	—		(1		)	—			(1		)
Net investment securities gains/(losses)	$	78	$	(46	)	$	135		$	(371	)

(a) Represents OTTI losses recognized in income on investment securities the Firm intends to sell. Excludes realized losses on securities sold of $21 million for the nine months ended September 30, 2018 that had been previously reported as an OTTI loss due to the intention to sell the securities.

Changes in the credit loss component of credit-impaired debt securities

The cumulative credit loss component, including any changes therein, of OTTI losses that have been recognized in income related to AFS securities was not material as of and during the nine month periods ended September 30, 2019 and 2018.

120

Contractual maturities and yields

The following table presents the amortized cost and estimated fair value at September 30, 2019, of JPMorgan Chase’s investment securities portfolio by contractual maturity.



By remaining maturity September 30, 2019 (in millions)	Due in one year or less			Due after one year through five years			Due after five years through 10 years			Due after 10 years^(b)			Total
Available-for-sale securities
Mortgage-backed securities
Amortized cost	$	14		$	59		$	10,230		$	110,584		$	120,887
Fair value	14			60			10,476			113,257			123,807
Average yield^(a)	3.59		%	2.73		%	2.92		%	3.45		%	3.40		%
U.S. Treasury and government agencies
Amortized cost	$	10,904		$	95,139		$	25,557		$	10,046		$	141,646
Fair value	10,901			95,231			25,659			9,738			141,529
Average yield^(a)	1.99		%	1.96		%	2.02		%	2.04		%	1.98		%
Obligations of U.S. states and municipalities
Amortized cost	$	170		$	228		$	1,089		$	27,384		$	28,871
Fair value	172			236			1,135			29,521			31,064
Average yield^(a)	3.32		%	4.00		%	5.60		%	4.94		%	4.95		%
Certificates of deposit
Amortized cost	$	74		$	—		$	—		$	—		$	74
Fair value	74			—			—			—			74
Average yield^(a)	0.49		%	—		%	—		%	—		%	0.49		%
Non-U.S. government debt securities
Amortized cost	$	6,342		$	11,580		$	3,416		$	306		$	21,644
Fair value	6,350			11,870			3,633			305			22,158
Average yield^(a)	2.23		%	1.99		%	1.34		%	1.67		%	1.95		%
Corporate debt securities
Amortized cost	$	216		$	718		$	662		$	—		$	1,596
Fair value	218			737			679			—			1,634
Average yield^(a)	4.83		%	3.91		%	3.78		%	—		%	3.98		%
Asset-backed securities
Amortized cost	$	—		$	1,873		$	9,411		$	21,857		$	33,141
Fair value	—			1,876			9,412			21,867			33,155
Average yield^(a)	—		%	2.94		%	3.17		%	3.03		%	3.06		%
Total available-for-sale securities
Amortized cost	$	17,720		$	109,597		$	50,365		$	170,177		$	347,859
Fair value	17,729			110,010			50,994			174,688			353,421
Average yield^(a)	2.12		%	2.00		%	2.47		%	3.55		%	2.83		%
Held-to-maturity securities
Mortgage-backed securities
Amortized cost	$	—		$	—		$	4,655		$	31,321		$	35,976
Fair value	—			—			5,049			32,157			37,206
Average yield^(a)	—		%	—		%	3.29		%	3.12		%	3.14		%
U.S. Treasury and government agencies
Amortized cost	$	—		$	51		$	—		$	—		$	51
Fair value	—			51			—			—			51
Average yield^(a)	—		%	1.47		%	—		%	—		%	1.47		%
Obligations of U.S. states and municipalities
Amortized cost	$	—		$	—		$	55		$	4,748		$	4,803
Fair value	—			—			58			5,062			5,120
Average yield^(a)	—		%	—		%	3.89		%	4.02		%	4.02		%
Total held-to-maturity securities
Amortized cost	$	—		$	51		$	4,710		$	36,069		$	40,830
Fair value	—			51			5,107			37,219			42,377
Average yield^(a)	—		%	1.47		%	3.30		%	3.24		%	3.24		%

(a)

Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid.

(b)

Substantially all of the Firm’s U.S. residential MBS and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately 5 years for agency residential MBS, 3 years for agency residential collateralized mortgage obligations and 3 years for nonagency residential collateralized mortgage obligations.

121

Note 10 – Securities financing activities

Refer to Note 11 of JPMorgan Chase’s 2018 Form 10-K for a discussion of accounting policies relating to securities financing activities. Refer to Note 3 for further information regarding securities borrowed and securities lending agreements for which the fair value option has been elected. Refer to Note 23 for further information regarding assets pledged and collateral received in securities financing agreements.

The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of September 30, 2019 and December 31, 2018. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the

balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below.



	September 30, 2019
(in millions)	Gross amounts		Amounts netted on the Consolidated balance sheets			Amounts presented on the Consolidated balance sheets^(b)		Amounts not nettable on the Consolidated balance sheets^(c)			Net amounts^(d)
Assets
Securities purchased under resale agreements	$	630,033	$	(372,650	)	$	257,383	$	(244,241	)		$	13,142
Securities borrowed	160,304		(21,968		)	138,336		(104,517		)		33,819
Liabilities
Securities sold under repurchase agreements	$	608,618	$	(372,650	)	$	235,968	$	(213,150	)		$	22,818
Securities loaned and other^(a)	34,104		(21,968		)	12,136		(11,878		)		258



	December 31, 2018
(in millions)	Gross amounts		Amounts netted on the Consolidated balance sheets			Amounts presented on the Consolidated balance sheets^(b)		Amounts not nettable on the Consolidated balance sheets^(c)			Net amounts^(d)
Assets
Securities purchased under resale agreements	$	691,116	$	(369,612	)	$	321,504	$	(308,854	)		$	12,650
Securities borrowed	132,955		(20,960		)	111,995		(79,747		)		32,248
Liabilities
Securities sold under repurchase agreements	$	541,587	$	(369,612	)	$	171,975	$	(149,125	)		$	22,850
Securities loaned and other^(a)	33,700		(20,960		)	12,740		(12,358		)		382

(a)

Includes securities-for-securities lending agreements of $2.4 billion and $3.3 billion at September 30, 2019 and December 31, 2018, respectively, accounted for at fair value, where the Firm is acting as lender. In the Consolidated balance sheets, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities.

(b)

Includes securities financing agreements accounted for at fair value. At September 30, 2019 and December 31, 2018, included securities purchased under resale agreements of $13.7 billion and $13.2 billion, respectively; securities sold under repurchase agreements of $933 million and $935 million, respectively; and securities borrowed of $5.8 billion and $5.1 billion, respectively. There were no securities loaned accounted for at fair value in either period.


(c)	In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty.

(d)

Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At September 30, 2019 and December 31, 2018, included $9.1 billion and $7.9 billion, respectively, of securities purchased under resale agreements; $30.6 billion and $30.3 billion, respectively, of securities borrowed; $21.9 billion and $21.5 billion, respectively, of securities sold under repurchase agreements; and $96 million and $25 million, respectively, of securities loaned and other.

122

The tables below present as of September 30, 2019, and December 31, 2018 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.



	Gross liability balance
	September 30, 2019				December 31, 2018
(in millions)	Securities sold under repurchase agreements		Securities loaned and other		Securities sold under repurchase agreements			Securities loaned and other
Mortgage-backed securities
U.S. GSEs and government agencies	$	33,399	$	—	$	34,311	^(a)	$	—
Residential - nonagency	1,804		—		2,165			—
Commercial - nonagency	1,778		—		1,390			—
U.S. Treasury, GSEs and government agencies	366,820		8		317,578		^(a)	69
Obligations of U.S. states and municipalities	1,400		—		1,150			—
Non-U.S. government debt	165,568		1,769		154,900			4,313
Corporate debt securities	13,067		1,361		13,898			428
Asset-backed securities	1,746		—		3,867			—
Equity securities	23,036		30,966		12,328			28,890
Total	$	608,618	$	34,104	$	541,587		$	33,700


(a)	The prior period amounts have been revised to conform with the current period presentation.



	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
September 30, 2019 (in millions)	Overnight and continuous		Up to 30 days		30 – 90 days		Greater than 90 days		Total
Total securities sold under repurchase agreements	$	336,082	$	132,662	$	53,504	$	86,370	$	608,618
Total securities loaned and other	30,172		231		748		2,953		34,104



	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
December 31, 2018 (in millions)	Overnight and continuous		Up to 30 days		30 – 90 days		Greater than 90 days		Total
Total securities sold under repurchase agreements	$	247,579	$	174,971	$	71,637	$	47,400	$	541,587
Total securities loaned and other	28,402		997		2,132		2,169		33,700

Transfers not qualifying for sale accounting

At September 30, 2019, and December 31, 2018, the Firm held $654 million and $2.1 billion, respectively, of financial assets for which the rights have been transferred to third parties; however, the transfers did not qualify as a sale in accordance with U.S. GAAP. These transfers have been recognized as collateralized financing transactions. The transferred assets are recorded in trading assets and loans, and the corresponding liabilities are recorded predominantly in short-term borrowings on the Consolidated balance sheets. The prior period amount has been revised to conform with the current period presentation.

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Note 11 – Loans

Loan accounting framework

The accounting for a loan depends on management’s strategy for the loan, and on whether the loan was credit-impaired at the date of acquisition. The Firm accounts for loans based on the following categories:


•	Originated or purchased loans held-for-investment (i.e., “retained”), other than PCI loans


•	Loans held-for-sale


•	Loans at fair value


•	PCI loans held-for-investment

Refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K for a detailed discussion of loans, including accounting policies. Refer to Note 3 of this Form 10-Q for further information on the Firm’s elections of fair value accounting under the fair value option. Refer to Note 2 of this Form 10-Q for information on loans carried at fair value and classified as trading assets.

Loan portfolio

The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class.



Consumer, excluding credit card^(a)	Credit card	Wholesale^(f)
Residential real estate – excluding PCI • Residential mortgage^(b) • Home equity^(c) Other consumer loans^(d) • Auto • Consumer & Business Banking^(e) Residential real estate – PCI • Home equity • Prime mortgage • Subprime mortgage • Option ARMs	• Credit card loans	• Commercial and industrial • Real estate • Financial institutions • Governments & Agencies • Other^(g)


(a)	Includes loans held in CCB, scored prime mortgage and scored home equity loans held in AWM and prime mortgage loans held in Corporate.


(b)	Predominantly includes prime loans (including option ARMs).


(c)	Includes senior and junior lien home equity loans.


(d)	Includes certain business banking and auto dealer risk-rated loans that apply the wholesale methodology for determining the allowance for loan losses; these loans are managed by CCB, and therefore, for consistency in presentation, are included with the other consumer loan classes.


(e)	Predominantly includes Business Banking loans.


(f)	Includes loans held in CIB, CB, AWM and Corporate. Excludes scored prime mortgage and scored home equity loans held in AWM and prime mortgage loans held in Corporate. Classes are internally defined and may not align with regulatory definitions.


(g)	Includes loans to: individuals and individual entities (predominantly consists of Wealth Management clients within AWM and includes exposure to personal investment companies and personal and testamentary trusts), SPEs and Private education and civic organizations. Refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K for more information on SPEs.

The following tables summarize the Firm’s loan balances by portfolio segment.



September 30, 2019	Consumer, excluding credit card		Credit card^(a)		Wholesale		Total
(in millions)	Consumer, excluding credit card		Credit card^(a)		Wholesale		Total
Retained	$	331,809	$	159,571	$	437,507	$	928,887	^(b)
Held-for-sale	4,821		—		5,750		10,571
At fair value	—		—		5,760		5,760
Total	$	336,630	$	159,571	$	449,017	$	945,218

December 31, 2018	Consumer, excluding credit card		Credit card^(a)		Wholesale		Total
(in millions)	Consumer, excluding credit card		Credit card^(a)		Wholesale		Total
Retained	$	373,637	$	156,616	$	439,162	$	969,415	^(b)
Held-for-sale	95		16		11,877		11,988
At fair value	—		—		3,151		3,151
Total	$	373,732	$	156,632	$	454,190	$	984,554


(a)	Includes accrued interest and fees net of an allowance for the uncollectible portion of accrued interest and fee income.


(b)	Loans (other than PCI loans and loans for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs. These amounts were not material as of September 30, 2019, and December 31, 2018.

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The following tables provide information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Reclassifications of loans to held-for sale are non-cash transactions. The Firm manages its exposure to credit risk on an ongoing basis. Selling loans is one way that the Firm reduces its credit exposures. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table.



	2019									2018
Three months ended September 30, (in millions)	Consumer, excluding credit card			Credit card		Wholesale		Total		Consumer, excluding credit card			Credit card		Wholesale		Total
Purchases	$	259	^(a)(b)	$	—	$	453	$	712	$	561	^(a)(b)	$	—	$	285	$	846
Sales	14,970			—		5,559		20,529		1,789			—		4,197		5,986
Retained loans reclassified to held-for-sale	3,889			—		359		4,248		—			—		666		666

	2019									2018
Nine months ended September 30, (in millions)	Consumer, excluding credit card			Credit card		Wholesale		Total		Consumer, excluding credit card			Credit card		Wholesale		Total
Purchases	$	1,044	^(a)(b)	$	—	$	1,041	$	2,085	$	2,164	^(a)(b)	$	—	$	1,915	$	4,079
Sales	30,484			—		16,404		46,888		4,661			—		12,829		17,490
Retained loans reclassified to held-for-sale	8,950			—		1,784		10,734		36			—		1,926		1,962

(a)

Purchases predominantly represent the Firm’s voluntary repurchase of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA.


(b)	Excludes purchases of retained loans sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards. Such purchases were $4.7 billion and $5.6 billion for the three months ended September 30, 2019 and 2018, respectively, and $12.2 billion and $14.5 billion for the nine months ended September 30, 2019 and 2018, respectively.

Gains and losses on sales of loans

Net gains on sales of loans (including adjustments to record loans held-for-sale at the lower of cost or fair value) recognized in noninterest revenue were $254 million and $433 million, for the three and nine months ended September 30, 2019, respectively. Gains and losses on sales of loans were not material for the three and nine months ended September 30, 2018. In addition, the sale of loans may also result in write downs, recoveries or changes in the allowance recognized in the provision for credit losses.

Consumer, excluding credit card loan portfolio

Consumer loans, excluding credit card loans, consist primarily of residential mortgages, home equity loans and lines of credit, auto loans and consumer and business banking loans, with a focus on serving the prime consumer credit market. The portfolio also includes home equity loans secured by junior liens, prime mortgage loans with an interest-only payment period and certain payment-option loans that may result in negative amortization.

The following table provides information about retained consumer loans, excluding credit card, by class.



(in millions)	September 30, 2019		December 31, 2018
Residential real estate – excluding PCI
Residential mortgage	$	197,456	$	231,078
Home equity	24,954		28,340
Other consumer loans
Auto	61,410		63,573
Consumer & Business Banking	26,699		26,612
Residential real estate – PCI
Home equity	7,753		8,963
Prime mortgage	4,164		4,690
Subprime mortgage	1,797		1,945
Option ARMs	7,576		8,436
Total retained loans	$	331,809	$	373,637

Refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K for further information on consumer credit quality indicators.

125

Residential real estate – excluding PCI loans

The following table provides information by class for retained residential real estate – excluding PCI loans.



Residential real estate – excluding PCI loans
(in millions, except ratios)	Residential mortgage						Home equity						Total residential real estate – excluding PCI
(in millions, except ratios)	Sep 30, 2019			Dec 31, 2018			Sep 30, 2019			Dec 31, 2018			Sep 30, 2019			Dec 31, 2018
Loan delinquency^(a)
Current	$	196,354		$	225,899		$	24,398		$	27,611		$	220,752		$	253,510
30–149 days past due	691			2,763			355			453			1,046			3,216
150 or more days past due	411			2,416			201			276			612			2,692
Total retained loans	$	197,456		$	231,078		$	24,954		$	28,340		$	222,410		$	259,418
% of 30+ days past due to total retained loans^(b)	0.53		%	0.48		%	2.23		%	2.57		%	0.72		%	0.71		%
90 or more days past due and government guaranteed^(c)	$	40		$	2,541		$	—		$	—		$	40		$	2,541
Nonaccrual loans	1,629			1,765			1,208			1,323			2,837			3,088
Current estimated LTV ratios^(d)(e)
Greater than 125% and refreshed FICO scores:
Equal to or greater than 660	$	25		$	25		$	4		$	6		$	29		$	31
Less than 660	20			13			2			1			22			14
101% to 125% and refreshed FICO scores:
Equal to or greater than 660	22			37			68			111			90			148
Less than 660	35			53			23			38			58			91
80% to 100% and refreshed FICO scores:
Equal to or greater than 660	4,650			3,977			697			986			5,347			4,963
Less than 660	212			281			214			326			426			607
Less than 80% and refreshed FICO scores:
Equal to or greater than 660	185,438			212,505			20,394			22,632			205,832			235,137
Less than 660	6,035			6,457			2,842			3,355			8,877			9,812
No FICO/LTV available	952			813			710			885			1,662			1,698
U.S. government-guaranteed	67			6,917			—			—			67			6,917
Total retained loans	$	197,456		$	231,078		$	24,954		$	28,340		$	222,410		$	259,418
Geographic region^(f)
California	$	66,166		$	74,759		$	5,074		$	5,695		$	71,240		$	80,454
New York	25,442			28,847			5,074			5,769			30,516			34,616
Illinois	13,304			15,249			1,868			2,131			15,172			17,380
Texas	12,345			13,769			1,640			1,819			13,985			15,588
Florida	10,195			10,704			1,366			1,575			11,561			12,279
Washington	7,638			8,304			762			869			8,400			9,173
Colorado	7,577			8,140			458			521			8,035			8,661
New Jersey	5,749			7,302			1,447			1,642			7,196			8,944
Massachusetts	5,610			6,574			208			236			5,818			6,810
Arizona	3,862			4,434			986			1,158			4,848			5,592
All other^(g)	39,568			52,996			6,071			6,925			45,639			59,921
Total retained loans	$	197,456		$	231,078		$	24,954		$	28,340		$	222,410		$	259,418


(a)	Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $20 million and $2.8 billion; 30–149 days past due included $16 million and $2.1 billion; and 150 or more days past due included $31 million and $2.0 billion at September 30, 2019, and December 31, 2018, respectively.


(b)	At September 30, 2019, and December 31, 2018, residential mortgage loans excluded mortgage loans insured by U.S. government agencies of $47 million and $4.1 billion, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(c)

These balances, which are 90 days or more past due, were excluded from nonaccrual loans as the loans are guaranteed by U.S government agencies. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. At September 30, 2019, and December 31, 2018, these balances included $38 million and $999 million, respectively, of loans that are no longer accruing interest based on the agreed-upon servicing guidelines. For the remaining balance, interest is being accrued at the guaranteed reimbursement rate. There were no loans that were not guaranteed by U.S. government agencies that are 90 or more days past due and still accruing interest at September 30, 2019, and December 31, 2018.

(d)

Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. These property values do not represent actual appraised loan level collateral values; as such, the resulting ratios are necessarily imprecise and should be viewed as estimates. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.


(e)	Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.


(f)	The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at September 30, 2019.


(g)	At September 30, 2019, and December 31, 2018, included mortgage loans insured by U.S. government agencies of $67 million and $6.9 billion, respectively. These amounts have been excluded from the geographic regions presented based upon the government guarantee.

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Approximately 37% of the home equity portfolio are senior lien loans; the remaining balance are junior lien HELOANs or HELOCs. The following table provides the Firm’s delinquency statistics for junior lien home equity loans and lines of credit as of September 30, 2019, and December 31, 2018.



	Total loans				Total 30+ day delinquency rate
(in millions, except ratios)	Sep 30, 2019		Dec 31, 2018		Sep 30, 2019		Dec 31, 2018
(in millions, except ratios)	Sep 30, 2019		Dec 31, 2018		Sep 30, 2019		Dec 31, 2018
HELOCs:^(a)
Within the revolving period^(b)	$	5,625	$	5,608	0.37	%	0.25	%
Beyond the revolving period	9,283		11,286		2.47		2.80
HELOANs	827		1,030		2.42		2.82
Total	$	15,735	$	17,924	1.72	%	2.00	%


(a)	These HELOCs are predominantly revolving loans for a 10-year period, after which time the HELOC converts to a loan with a 20-year amortization period, but also include HELOCs that allow interest-only payments beyond the revolving period.


(b)	The Firm manages the risk of HELOCs during their revolving period by closing or reducing the undrawn line to the extent permitted by law when borrowers are experiencing financial difficulty.

HELOCs beyond the revolving period and HELOANs have higher delinquency rates than HELOCs within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options available for HELOCs within the revolving period. The higher delinquency rates associated with amortizing HELOCs and HELOANs are factored into the Firm’s allowance for loan losses.

Impaired loans

The table below sets forth information about the Firm’s residential real estate impaired loans, excluding PCI loans. These loans are considered to be impaired as they have been modified in a TDR. All impaired loans are evaluated for an asset-specific allowance as described in Note 13 of JPMorgan Chase’s 2018 Form 10-K.



(in millions)	Residential mortgage				Home equity				Total residential real estate – excluding PCI
(in millions)	Sep 30, 2019		Dec 31, 2018		Sep 30, 2019		Dec 31, 2018		Sep 30, 2019		Dec 31, 2018
Impaired loans
With an allowance	$	2,958	$	3,381	$	1,062	$	1,142	$	4,020	$	4,523
Without an allowance^(a)	1,160		1,184		899		870		2,059		2,054
Total impaired loans^(b)(c)	$	4,118	$	4,565	$	1,961	$	2,012	$	6,079	$	6,577
Allowance for loan losses related to impaired loans	$	63	$	88	$	14	$	45	$	77	$	133
Unpaid principal balance of impaired loans^(d)	5,578		6,207		3,355		3,466		8,933		9,673
Impaired loans on nonaccrual status^(e)	1,376		1,459		981		955		2,357		2,414

(a)

Represents collateral-dependent residential real estate loans that are charged off to the fair value of the underlying collateral less cost to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual TDRs, regardless of their delinquency status. At September 30, 2019, Chapter 7 residential real estate loans included approximately 12% of residential mortgages and 7% of home equity that were 30 days or more past due.

(b)

At September 30, 2019, and December 31, 2018, $16 million and $4.1 billion, respectively, of loans modified subsequent to repurchase from Ginnie Mae in accordance with the standards of the appropriate government agency (i.e., FHA, VA, RHS) are not included in the table above. When such loans perform subsequent to modification in accordance with Ginnie Mae guidelines, they are generally sold back into Ginnie Mae loan pools. Modified loans that do not re-perform become subject to foreclosure.


(c)	Predominantly all impaired loans in the table above are in the U.S.


(d)	Represents the contractual amount of principal owed at September 30, 2019, and December 31, 2018. The unpaid principal balance differs from the impaired loan balances due to various factors including charge-offs, net deferred loan fees or costs, and unamortized discounts or premiums on purchased loans.


(e)	At September 30, 2019 and December 31, 2018, nonaccrual loans included $1.9 billion and $2.0 billion, respectively, of TDRs for which the borrowers were less than 90 days past due. Refer to the Loan accounting framework in Note 12 of JPMorgan Chase’s 2018 Form 10-K for additional information about loans modified in a TDR that are on nonaccrual status.

127

The following tables present average impaired loans and the related interest income reported by the Firm.



Three months ended September 30, (in millions)	Average impaired loans				Interest income on impaired loans^(a)				Interest income on impaired loans on a cash basis^(a)
Three months ended September 30, (in millions)	2019		2018		2019		2018		2019		2018
Residential mortgage	$	4,200	$	4,872	$	55	$	61	$	17	$	19
Home equity	1,938		2,065		33		33		21		21
Total residential real estate – excluding PCI	$	6,138	$	6,937	$	88	$	94	$	38	$	40

Nine months ended September 30, (in millions)	Average impaired loans				Interest income on impaired loans^(a)				Interest income on impaired loans on a cash basis^(a)
Nine months ended September 30, (in millions)	2019		2018		2019		2018		2019		2018
Residential mortgage	$	4,390	$	5,242	$	171	$	197	$	52	$	58
Home equity	1,973		2,092		99		98		62		63
Total residential real estate – excluding PCI	$	6,363	$	7,334	$	270	$	295	$	114	$	121


(a)	Generally, interest income on loans modified in TDRs is recognized on a cash basis until the borrower has made a minimum of six payments under the new terms, unless the loan is deemed to be collateral-dependent.

Loan modifications

Modifications of residential real estate loans, excluding PCI loans, are generally accounted for and reported as TDRs. There were no additional commitments to lend to borrowers whose residential real estate loans, excluding PCI loans, have been modified in TDRs.

The following table presents new TDRs reported by the Firm.



	Three months ended September 30,				Nine months ended September 30,
(in millions)	2019		2018		2019		2018
Residential mortgage	$	50	$	67	$	181	$	314
Home equity	100		55		214		241
Total residential real estate – excluding PCI	$	150	$	122	$	395	$	555

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Nature and extent of modifications

The U.S. Treasury’s Making Home Affordable programs, as well as the Firm’s proprietary modification programs, generally provide various concessions to financially troubled borrowers including, but not limited to, interest rate reductions, term or payment extensions and deferral of principal and/or interest payments that would otherwise have been required under the terms of the original agreement.

The following tables provide information about how residential real estate loans, excluding PCI loans, were modified under the Firm’s loss mitigation programs described above during the periods presented. These tables exclude Chapter 7 loans where the sole concession granted is the discharge of debt.



Three months ended September 30,									Total residential real estate – excluding PCI
	Residential mortgage				Home equity				Total residential real estate – excluding PCI
	2019		2018		2019		2018		2019		2018
Number of loans approved for a trial modification	365		513		854		586		1,219		1,099
Number of loans permanently modified	307		719		855		939		1,162		1,658
Concession granted:^(a)
Interest rate reduction	78	%	58	%	93	%	77	%	89	%	69	%
Term or payment extension	94		83		59		88		68		86
Principal and/or interest deferred	21		30		6		11		10		19
Principal forgiveness	7		9		4		7		5		8
Other^(b)	53		36		85		58		76		49

Nine months ended September 30,									Total residential real estate – excluding PCI
	Residential mortgage				Home equity				Total residential real estate – excluding PCI
	2019		2018		2019		2018		2019		2018
Number of loans approved for a trial modification	1,603		1,789		1,786		1,895		3,389		3,684
Number of loans permanently modified	1,178		2,374		2,778		4,005		3,956		6,379
Concession granted:^(a)
Interest rate reduction	65	%	36	%	83	%	57	%	78	%	49	%
Term or payment extension	91		49		64		62		72		57
Principal and/or interest deferred	26		47		7		22		13		31
Principal forgiveness	6		7		5		7		5		7
Other^(b)	44		40		71		58		63		52


(a)	Represents concessions granted in permanent modifications as a percentage of the number of loans permanently modified. The sum of the percentages exceeds 100% because predominantly all of the modifications include more than one type of concession. Concessions offered on trial modifications are generally consistent with those granted on permanent modifications.


(b)	Includes variable interest rate to fixed interest rate modifications and forbearances that meet the definition of a TDR for the three and nine months ended September 30, 2019 and 2018. Forbearances suspend or reduce monthly payments for a specific period of time to address a temporary hardship.

129

Financial effects of modifications and redefaults

The following tables provide information about the financial effects of the various concessions granted in modifications of residential real estate loans, excluding PCI loans, under the loss mitigation programs described above and about redefaults of certain loans modified in TDRs for the periods presented. The following tables present only the financial effects of permanent modifications and do not include temporary concessions offered through trial modifications. These tables also exclude Chapter 7 loans where the sole concession granted is the discharge of debt.



Three months ended September 30, (in millions, except weighted-average data)	Residential mortgage						Home equity						Total residential real estate – excluding PCI
	2019			2018			2019			2018			2019			2018
Weighted-average interest rate of loans with interest rate reductions – before TDR	5.68		%	6.13		%	5.50		%	5.69		%	5.57		%	5.89		%
Weighted-average interest rate of loans with interest rate reductions – after TDR	3.99			4.23			3.30			3.83			3.58			4.01
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR	21			22			19			18			20			21
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR	39			39			39			39			39			39
Charge-offs recognized upon permanent modification	$	—		$	—		$	—		$	—		$	—		$	—
Principal deferred	5			7			1			2			6			9
Principal forgiven	1			3			1			1			2			4
Balance of loans that redefaulted within one year of permanent modification^(a)	$	36		$	27		$	17		$	19		$	53		$	46

Nine months ended September 30, (in millions, except weighted-average data)	Residential mortgage						Home equity						Total residential real estate – excluding PCI
	2019			2018			2019			2018			2019			2018
Weighted-average interest rate of loans with interest rate reductions – before TDR	6.08		%	5.45		%	5.56		%	5.34		%	5.77		%	5.39		%
Weighted-average interest rate of loans with interest rate reductions – after TDR	4.36			3.64			3.60			3.39			3.90			3.49
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR	21			24			20			18			20			22
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR	39			38			40			39			39			38
Charge-offs recognized upon permanent modification	$	1		$	—		$	—		$	1		$	1		$	1
Principal deferred	13			17			4			7			17			24
Principal forgiven	3			9			3			5			6			14
Balance of loans that redefaulted within one year of permanent modification^(a)	$	87		$	69		$	45		$	49		$	132		$	118

(a)

Represents loans permanently modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The dollar amounts presented represent the balance of such loans at the end of the reporting period in which such loans defaulted. For residential real estate loans modified in TDRs, payment default is deemed to occur when the loan becomes two contractual payments past due. In the event that a modified loan redefaults, it is probable that the loan will ultimately be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last 12 months may not be representative of ultimate redefault levels.

At September 30, 2019, the weighted-average estimated remaining lives of residential real estate loans, excluding PCI loans, permanently modified in TDRs were 10 years for residential mortgage and 9 years for home equity. The estimated remaining lives of these loans reflect estimated prepayments, both voluntary and involuntary (i.e., foreclosures and other forced liquidations).

Active and suspended foreclosure

At September 30, 2019, and December 31, 2018, the Firm had non-PCI residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $546 million and $653 million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.

130

Other consumer loans

The table below provides information for other consumer retained loan classes, including auto and business banking loans.



(in millions, except ratios)	Auto						Consumer & Business Banking						Total other consumer
	Sep 30, 2019			Dec 31, 2018			Sep 30, 2019			Dec 31, 2018			Sep 30, 2019			Dec 31, 2018
Loan delinquency
Current	$	60,872		$	62,984		$	26,346		$	26,249		$	87,218		$	89,233
30–119 days past due	534			589			231			252			765			841
120 or more days past due	4			—			122			111			126			111
Total retained loans	$	61,410		$	63,573		$	26,699		$	26,612		$	88,109		$	90,185
% of 30+ days past due to total retained loans	0.88		%	0.93		%	1.32		%	1.36		%	1.01		%	1.06		%
Nonaccrual loans^(a)	112			128			268			245			380			373
Geographic region^(b)
California	$	8,016		$	8,330		$	5,744		$	5,520		$	13,760		$	13,850
Texas	6,644			6,531			3,042			2,993			9,686			9,524
New York	3,627			3,863			4,339			4,381			7,966			8,244
Illinois	3,438			3,716			1,737			2,046			5,175			5,762
Florida	3,280			3,256			1,565			1,502			4,845			4,758
Arizona	1,990			2,084			1,268			1,491			3,258			3,575
Ohio	1,900			1,973			1,189			1,305			3,089			3,278
New Jersey	1,920			1,981			805			723			2,725			2,704
Michigan	1,279			1,357			1,264			1,329			2,543			2,686
Louisiana	1,598			1,587			768			860			2,366			2,447
All other	27,718			28,895			4,978			4,462			32,696			33,357
Total retained loans	$	61,410		$	63,573		$	26,699		$	26,612		$	88,109		$	90,185
Loans by risk ratings^(c)
Noncriticized	$	13,823		$	15,749		$	18,738		$	18,743		$	32,561		$	34,492
Criticized performing	394			273			747			751			1,141			1,024
Criticized nonaccrual	—			—			218			191			218			191


(a)	There were no loans that were 90 or more days past due and still accruing interest at September 30, 2019, and December 31, 2018.


(b)	The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at September 30, 2019.


(c)	For risk-rated business banking and auto loans, the primary credit quality indicator is the risk rating of the loan, including whether the loans are considered to be criticized and/or nonaccrual.

131

Other consumer impaired loans and loan

modifications

The table below sets forth information about the Firm’s other consumer impaired loans, including risk-rated business banking and auto loans that have been placed on nonaccrual status, and loans that have been modified in TDRs.



(in millions)	September 30, 2019		December 31, 2018
Impaired loans
With an allowance	$	242	$	222
Without an allowance^(a)	20		29
Total impaired loans^(b)(c)	$	262	$	251
Allowance for loan losses related to impaired loans	$	68	$	63
Unpaid principal balance of impaired loans^(d)	357		355
Impaired loans on nonaccrual status	240		229


(a)	When discounted cash flows, collateral value or market price equals or exceeds the recorded investment in the loan, the loan does not require an allowance. This typically occurs when the impaired loans have been partially charged off and/or there have been interest payments received and applied to the loan balance.


(b)	Predominantly all other consumer impaired loans are in the U.S.

(c)

Other consumer average impaired loans were $254 million and $271 million for the three months ended September 30, 2019 and 2018, respectively, and $248 million and $281 million for the nine months ended September 30, 2019 and 2018, respectively. The related interest income on impaired loans, including those on a cash basis, was not material for the three and nine months ended September 30, 2019 and 2018.


(d)	Represents the contractual amount of principal owed at September 30, 2019, and December 31, 2018. The unpaid principal balance differs from the impaired loan balances due to various factors, including charge-offs, interest payments received and applied to the principal balance, net deferred loan fees or costs, and unamortized discounts or premiums on purchased loans.

Loan modifications

Certain other consumer loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. All of these TDRs are reported as impaired loans. Refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K for further information on other consumer loans modified in TDRs.

At September 30, 2019 and December 31, 2018, other consumer loans modified in TDRs were $77 million and $79 million, respectively. The impact of these modifications, as well as new TDRs, were not material to the Firm for the three and nine months ended September 30, 2019 and 2018. Additional commitments to lend to borrowers whose loans have been modified in TDRs as of September 30, 2019 and December 31, 2018 were not material. TDRs on nonaccrual status were $55 million and $57 million at September 30, 2019 and December 31, 2018, respectively.

132

Purchased credit-impaired loans

Refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K for a detailed discussion of PCI loans, including the related accounting policies.

Residential real estate – PCI loans

The table below sets forth information about the Firm’s consumer, excluding credit card, PCI loans.



(in millions, except ratios)	Home equity						Prime mortgage						Subprime mortgage						Option ARMs						Total PCI
(in millions, except ratios)	Sep 30, 2019			Dec 31, 2018			Sep 30, 2019			Dec 31, 2018			Sep 30, 2019			Dec 31, 2018			Sep 30, 2019			Dec 31, 2018			Sep 30, 2019			Dec 31, 2018
Carrying value^(a)	$	7,753		$	8,963		$	4,164		$	4,690		$	1,797		$	1,945		$	7,576		$	8,436		$	21,290		$	24,034
Loan delinquency (based on unpaid principal balance)
Current	$	7,543		$	8,624		$	3,759		$	4,226		$	1,915		$	2,033		$	6,876		$	7,592		$	20,093		$	22,475
30–149 days past due	234			278			241			259			247			286			362			398			1,084			1,221
150 or more days past due	165			242			183			223			99			123			350			457			797			1,045
Total loans	$	7,942		$	9,144		$	4,183		$	4,708		$	2,261		$	2,442		$	7,588		$	8,447		$	21,974		$	24,741
% of 30+ days past due to total loans	5.02		%	5.69		%	10.14		%	10.24		%	15.30		%	16.75		%	9.38		%	10.12		%	8.56		%	9.16		%
Current estimated LTV ratios (based on unpaid principal balance)^(b)(c)
Greater than 125% and refreshed FICO scores:
Equal to or greater than 660	$	13		$	17		$	2		$	1		$	—		$	—		$	3		$	3		$	18		$	21
Less than 660	10			13			6			7			7			9			5			7			28			36
101% to 125% and refreshed FICO scores:
Equal to or greater than 660	96			135			6			6			7			4			18			17			127			162
Less than 660	46			65			19			22			24			35			18			33			107			155
80% to 100% and refreshed FICO scores:
Equal to or greater than 660	643			805			58			75			52			54			102			119			855			1,053
Less than 660	271			388			71			112			109			161			128			190			579			851
Lower than 80% and refreshed FICO scores:
Equal to or greater than 660	5,031			5,548			2,559			2,689			809			739			4,932			5,111			13,331			14,087
Less than 660	1,613			1,908			1,283			1,568			1,155			1,327			2,093			2,622			6,144			7,425
No FICO/LTV available	219			265			179			228			98			113			289			345			785			951
Total unpaid principal balance	$	7,942		$	9,144		$	4,183		$	4,708		$	2,261		$	2,442		$	7,588		$	8,447		$	21,974		$	24,741
Geographic region (based on unpaid principal balance)^(d)
California	$	4,704		$	5,420		$	2,280		$	2,578		$	549		$	593		$	4,355		$	4,798		$	11,888		$	13,389
Florida	865			976			295			332			218			234			630			713			2,008			2,255
New York	469			525			338			365			249			268			452			502			1,508			1,660
Illinois	207			233			139			154			115			123			181			199			642			709
Washington	348			419			85			98			38			44			155			177			626			738
New Jersey	184			210			117			134			81			88			222			258			604			690
Massachusetts	56			65			103			113			69			73			216			240			444			491
Maryland	43			48			89			95			90			96			160			178			382			417
Virginia	47			54			82			91			35			37			190			211			354			393
Arizona	138			165			60			69			39			43			99			112			336			389
All other	881			1,029			595			679			778			843			928			1,059			3,182			3,610
Total unpaid principal balance	$	7,942		$	9,144		$	4,183		$	4,708		$	2,261		$	2,442		$	7,588		$	8,447		$	21,974		$	24,741


(a)	Carrying value includes the effect of fair value adjustments that were applied to the consumer PCI portfolio at the date of acquisition.

(b)


(c)	Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.


(d)	The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at September 30, 2019.

133

Approximately 26% of the PCI home equity portfolio are senior lien loans; the remaining balance are junior lien HELOANs or HELOCs. The following table represents the Firm’s delinquency statistics for PCI junior lien home equity loans and lines of credit based on the unpaid principal balance as of September 30, 2019, and December 31, 2018.



	Total loans				Total 30+ day delinquency rate
(in millions, except ratios)	Sep 30, 2019		Dec 31, 2018		Sep 30, 2019		Dec 31, 2018
(in millions, except ratios)	Sep 30, 2019		Dec 31, 2018		Sep 30, 2019		Dec 31, 2018
HELOCs^(a)(b)	5,623		6,531		3.66	%	4.00	%
HELOANs	234		280		2.99		3.57
Total	$	5,857	$	6,811	3.64	%	3.98	%


(a)	In general, these HELOCs are revolving loans for a 10-year period, after which time the HELOC converts to an interest-only loan with a balloon payment at the end of the loan’s term. Substantially all HELOCs are beyond the revolving period.


(b)	Includes loans modified into fixed rate amortizing loans.

The table below presents the accretable yield activity for the Firm’s PCI consumer loans for the three and nine months ended September 30, 2019 and 2018, and represents the Firm’s estimate of gross interest income expected to be earned over the remaining life of the PCI loan portfolios. The table excludes the cost to fund the PCI portfolios, and therefore the accretable yield does not represent net interest income expected to be earned on these portfolios.



	Total PCI
(in millions, except ratios)	Three months ended September 30,						Nine months ended September 30,
(in millions, except ratios)	2019			2018			2019			2018
Beginning balance	$	7,699		$	8,722		$	8,422		$	11,159
Accretion into interest income	(272		)	(303		)	(841		)	(958		)
Changes in interest rates on variable-rate loans	(308		)	37			(402		)	(231		)
Other changes in expected cash flows^(a)	255			46			195			(1,468		)
Balance at September 30	$	7,374		$	8,502		$	7,374		$	8,502
Accretable yield percentage	5.27		%	4.95		%	5.32		%	4.88		%


(a)	Other changes in expected cash flows may vary from period to period as the Firm continues to refine its cash flow model, for example cash flows expected to be collected due to the impact of modifications and changes in prepayment assumptions.

Active and suspended foreclosure

At September 30, 2019, and December 31, 2018, the Firm had PCI residential real estate loans with an unpaid principal balance of $776 million and $964 million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.

Credit card loan portfolio

Refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K for further information on the credit card loan portfolio, including credit quality indicators.

The table below sets forth information about the Firm’s credit card loans.



(in millions, except ratios)	September 30, 2019			December 31, 2018
Loan delinquency
Current and less than 30 days past due and still accruing	$	156,629		$	153,746
30–89 days past due and still accruing	1,500			1,426
90 or more days past due and still accruing	1,442			1,444
Total retained loans	$	159,571		$	156,616
Loan delinquency ratios
% of 30+ days past due to total retained loans	1.84		%	1.83		%
% of 90+ days past due to total retained loans	0.90			0.92
Geographic region^(a)
California	$	24,313		$	23,757
Texas	15,790			15,085
New York	13,940			13,601
Florida	10,101			9,770
Illinois	9,125			8,938
New Jersey	6,821			6,739
Ohio	5,093			5,094
Pennsylvania	4,918			4,996
Colorado	4,543			4,309
Michigan	3,942			3,912
All other	60,985			60,415
Total retained loans	$	159,571		$	156,616
Percentage of portfolio based on carrying value with estimated refreshed FICO scores
Equal to or greater than 660	83.6		%	84.2		%
Less than 660	15.6			15.0
No FICO available	0.8			0.8


(a)	The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at September 30, 2019.

134

Credit card impaired loans and loan modifications

Refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K for a detailed discussion of impaired credit card loans, including credit card loan modifications.

The table below sets forth information about the Firm’s impaired credit card loans. All of these loans are considered to be impaired as they have been modified in TDRs.



(in millions)	September 30, 2019		December 31, 2018
Impaired credit card loans with an allowance^(a)(b)(c)	$	1,423	$	1,319
Allowance for loan losses related to impaired credit card loans	488		440


(a)	The carrying value and the unpaid principal balance are the same for credit card impaired loans.


(b)	There were no impaired loans without an allowance.


(c)	Predominantly all impaired credit card loans are in the U.S.

The following table presents average balances of impaired credit card loans and interest income recognized on those loans.



	Three months ended September 30,				Nine months ended September 30,
(in millions)	2019		2018		2019		2018
Average impaired credit card loans	$	1,406	$	1,267	$	1,371	$	1,245
Interest income on impaired credit card loans	18		17		53		48

Loan modifications

The Firm may offer one of a number of loan modification programs to credit card borrowers who are experiencing financial difficulty. Most of the credit card loans have been modified under long-term programs for borrowers who are experiencing financial difficulties. These modifications involve placing the customer on a fixed payment plan, generally for 60 months, and typically include reducing the interest rate on the credit card. Substantially all modifications are considered to be TDRs. New enrollments in these loan modification programs were $242 million and $215 million for the three months ended September 30, 2019 and 2018, respectively, and $717 million and $640 million for the nine months ended September 30, 2019 and 2018, respectively. For all periods disclosed, new enrollments were less than 1% of total retained credit card loans.

Refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K for additional information about credit card loan modifications.

Financial effects of modifications and redefaults

The following table provides information about the financial effects of the concessions granted on credit card loans modified in TDRs and redefaults for the periods presented.



(in millions, except weighted-average data)	Three months ended September 30,						Nine months ended September 30,
(in millions, except weighted-average data)	2019			2018			2019			2018
Weighted-average interest rate of loans – before TDR	19.18		%	18.25		%	19.23		%	17.82		%
Weighted-average interest rate of loans – after TDR	4.65			5.10			4.80			5.12
Loans that redefaulted within one year of modification^(a)	$	42		$	31		$	108		$	82


(a)	Represents loans modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The amounts presented represent the balance of such loans as of the end of the quarter in which they defaulted.

For credit card loans modified in TDRs, payment default is deemed to have occurred when the borrower misses two consecutive contractual payments. A substantial portion of these loans are expected to be charged-off in accordance with the Firm’s standard charge-off policy. Based on historical experience, the estimated weighted-average default rate for modified credit card loans was expected to be 34.30% and 33.38% as of September 30, 2019, and December 31, 2018, respectively.

135

Wholesale loan portfolio

Wholesale loans include loans made to a variety of clients, ranging from large corporate and institutional clients to high-net-worth individuals. The primary credit quality indicator for wholesale loans is the risk rating assigned to

each loan. Refer to Note 12 and Note 13 of JPMorgan Chase’s 2018 Form 10-K for further information on these risk ratings.

The table below provides information by class of receivable for the retained loans in the Wholesale portfolio segment.



	Commercial and industrial						Real estate						Financial institutions						Governments & Agencies						Other^(d)						Total retained loans
(in millions, except ratios)	Sep 30, 2019			Dec 31, 2018			Sep 30, 2019			Dec 31, 2018			Sep 30, 2019			Dec 31, 2018			Sep 30, 2019			Dec 31, 2018			Sep 30, 2019			Dec 31, 2018			Sep 30, 2019			Dec 31, 2018
Loans by risk ratings
Investment-grade	$	61,709		$	73,497		$	101,379		$	100,107		$	39,492		$	32,178		$	12,905		$	13,984		$	121,813		$	119,963		$	337,298		$	339,729
Noninvestment-grade:
Noncriticized	52,484			51,720			13,574			14,876			16,123			15,316			206			201			11,059			11,478			93,446			93,591
Criticized performing	3,743			3,738			808			620			202			150			—			2			540			182			5,293			4,692
Criticized nonaccrual	1,291			851			65			134			22			4			—			—			92			161			1,470			1,150
Total noninvestment- grade	57,518			56,309			14,447			15,630			16,347			15,470			206			203			11,691			11,821			100,209			99,433
Total retained loans	$	119,227		$	129,806		$	115,826		$	115,737		$	55,839		$	47,648		$	13,111		$	14,187		$	133,504		$	131,784		$	437,507		$	439,162
% of total criticized exposure to total retained loans	4.22		%	3.54		%	0.75		%	0.65		%	0.40		%	0.32		%	—		%	0.01		%	0.47		%	0.26		%	1.55		%	1.33		%
% of criticized nonaccrual to total retained loans	1.08			0.66			0.06			0.12			0.04			0.01			—			—			0.07			0.12			0.34			0.26

Loans by geographic distribution^(a)
Total non-U.S.	$	28,850		$	29,572		$	3,202		$	2,967		$	17,112		$	18,524		$	2,699		$	3,150		$	48,394		$	48,433		$	100,257		$	102,646
Total U.S.	90,377			100,234			112,624			112,770			38,727			29,124			10,412			11,037			85,110			83,351			337,250			336,516
Total retained loans	$	119,227		$	129,806		$	115,826		$	115,737		$	55,839		$	47,648		$	13,111		$	14,187		$	133,504		$	131,784		$	437,507		$	439,162


Loan delinquency^(b)
Current and less than 30 days past due and still accruing	$	117,621		$	128,678		$	115,733		$	115,533		$	55,764		$	47,622		$	13,097		$	14,165		$	132,844		$	130,918		$	435,059		$	436,916
30–89 days past due and still accruing	279			109			22			67			51			12			13			18			568			702			933			908
90 or more days past due and still accruing^(c)	36			168			6			3			2			10			1			4			—			3			45			188
Criticized nonaccrual	1,291			851			65			134			22			4			—			—			92			161			1,470			1,150
Total retained loans	$	119,227		$	129,806		$	115,826		$	115,737		$	55,839		$	47,648		$	13,111		$	14,187		$	133,504		$	131,784		$	437,507		$	439,162


(a)	The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower.


(b)	The credit quality of wholesale loans is assessed primarily through ongoing review and monitoring of an obligor’s ability to meet contractual obligations rather than relying on the past due status, which is generally a lagging indicator of credit quality. Refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K for a further discussion.


(c)	Represents loans that are considered well-collateralized and therefore still accruing interest.


(d)	Other includes individuals and individual entities (predominantly consists of Wealth Management clients within AWM and includes exposure to personal investment companies and personal and testamentary trusts), SPEs and Private education and civic organizations. Refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K for more information on SPEs.

136

The following table presents additional information on the real estate class of loans within the Wholesale portfolio for the periods indicated. Refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K for further information on real estate loans.



(in millions, except ratios)	Multifamily						Other commercial						Total real estate loans
(in millions, except ratios)	Sep 30, 2019			Dec 31, 2018			Sep 30, 2019			Dec 31, 2018			Sep 30, 2019			Dec 31, 2018
Real estate retained loans	$	79,169		$	79,184		$	36,657		$	36,553		$	115,826		$	115,737
Criticized exposure	533			388			340			366			873			754
% of total criticized exposure to total real estate retained loans	0.67		%	0.49		%	0.93		%	1.00		%	0.75		%	0.65		%
Criticized nonaccrual	$	34		$	57		$	31		$	77		$	65		$	134
% of criticized nonaccrual loans to total real estate retained loans	0.04		%	0.07		%	0.08		%	0.21		%	0.06		%	0.12		%

Wholesale impaired retained loans and loan modifications

Wholesale impaired retained loans consist of loans that have been placed on nonaccrual status and/or that have been modified in a TDR. All impaired loans are evaluated for an asset-specific allowance as described in Note 13 of JPMorgan Chase’s 2018 Form 10-K.

The table below sets forth information about the Firm’s wholesale impaired retained loans.



(in millions)	Commercial and industrial				Real estate				Financial institutions				Governments & Agencies				Other				Total retained loans
(in millions)	Sep 30, 2019		Dec 31, 2018		Sep 30, 2019		Dec 31, 2018		Sep 30, 2019		Dec 31, 2018		Sep 30, 2019		Dec 31, 2018		Sep 30, 2019		Dec 31, 2018		Sep 30, 2019			Dec 31, 2018
Impaired loans
With an allowance	$	1,068	$	807	$	46	$	107	$	22	$	4	$	—	$	—	$	96	$	152	$	1,232		$	1,070
Without an allowance^(a)	279		140		21		27		—		—		—		—		4		13		304			180
Total impaired loans	$	1,347	$	947	$	67	$	134	$	22	$	4	$	—	$	—	$	100	$	165	$	1,536	^(c)	$	1,250	^(c)
Allowance for loan losses related to impaired loans	$	320	$	252	$	13	$	25	$	7	$	1	$	—	$	—	$	2	$	19	$	342		$	297
Unpaid principal balance of impaired loans^(b)	1,532		1,043		104		203		23		4		—		—		336		473		1,995			1,723


(a)	When the discounted cash flows, collateral value or market price equals or exceeds the recorded investment in the loan, the loan does not require an allowance. This typically occurs when the impaired loans have been partially charged-off and/or there have been interest payments received and applied to the loan balance.


(b)	Represents the contractual amount of principal owed at September 30, 2019, and December 31, 2018. The unpaid principal balance differs from the impaired loan balances due to various factors, including charge-offs; interest payments received and applied to the carrying value; net deferred loan fees or costs; and unamortized discount or premiums on purchased loans.


(c)	Based upon the domicile of the borrower, largely consists of loans in the U.S.

The following table presents the Firm’s average impaired retained loans for the periods indicated.



	Three months ended September 30,				Nine months ended September 30,
(in millions)	2019		2018		2019		2018
Commercial and industrial	$	1,073	$	838	$	1,082	$	1,095
Real estate	80		134		105		138
Financial institutions	9		45		11		76
Governments & Agencies	—		—		—		—
Other	123		202		207		214
Total^(a)	$	1,285	$	1,219	$	1,405	$	1,523


(a)	The related interest income on accruing impaired loans and interest income recognized on a cash basis were not material for the three and nine months ended September 30, 2019 and 2018.

Certain loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. All TDRs are reported as impaired loans in the tables above. TDRs were $498 million and $576 million as of September 30, 2019, and December 31, 2018, respectively. The impact of these modifications, as well as new TDRs, were not material to the Firm for the three and nine months ended September 30, 2019 and 2018.

137

Note 12 – Allowance for credit losses

Refer to Note 13 of JPMorgan Chase’s 2018 Form 10-K for a detailed discussion of the allowance for credit losses and the related accounting policies.

Allowance for credit losses and related information

The table below summarizes information about the allowances for loan losses and lending-related commitments, and includes a breakdown of loans and lending-related commitments by impairment methodology.



	2019													2018
Nine months ended September 30, (in millions)	Consumer, excluding credit card			Credit card				Wholesale			Total			Consumer, excluding credit card			Credit card				Wholesale			Total
Allowance for loan losses
Beginning balance at January 1,	$	4,146		$	5,184			$	4,115		$	13,445		$	4,579		$	4,884			$	4,141		$	13,604
Gross charge-offs	702			4,050				270			5,022			776			3,777				264			4,817
Gross recoveries	(420		)	(433		)		(34		)	(887		)	(681		)	(370		)		(146		)	(1,197		)
Net charge-offs	282			3,617				236			4,135			95			3,407				118			3,620
Write-offs of PCI loans^(a)	132			—				—			132			151			—				—			151
Provision for loan losses	(265		)	4,017				296			4,048			(152		)	3,557				(111		)	3,294
Other	—			(1		)		10			9			1			—				—			1
Ending balance at September 30,	$	3,467		$	5,583			$	4,185		$	13,235		$	4,182		$	5,034			$	3,912		$	13,128

Allowance for loan losses by impairment methodology
Asset-specific^(b)	$	145		$	488		^(c)	$	342		$	975		$	204		$	421		^(c)	$	280		$	905
Formula-based	2,066			5,095				3,843			11,004			2,154			4,613				3,632			10,399
PCI	1,256			—				—			1,256			1,824			—				—			1,824
Total allowance for loan losses	$	3,467		$	5,583			$	4,185		$	13,235		$	4,182		$	5,034			$	3,912		$	13,128

Loans by impairment methodology
Asset-specific	$	6,341		$	1,423			$	1,536		$	9,300		$	7,046		$	1,284			$	1,051		$	9,381
Formula-based	304,178			158,148				435,971			898,297			343,703			146,572				422,783			913,058
PCI	21,290			—				—			21,290			25,209			—				3			25,212
Total retained loans	$	331,809		$	159,571			$	437,507		$	928,887		$	375,958		$	147,856			$	423,837		$	947,651

Impaired collateral-dependent loans
Net charge-offs	$	28		$	—			$	23		$	51		$	15		$	—			$	—		$	15
Loans measured at fair value of collateral less cost to sell	2,083			—				113			2,196			2,077			—				258			2,335

Allowance for lending-related commitments
Beginning balance at January 1,	$	33		$	—			$	1,022		$	1,055		$	33		$	—			$	1,035		$	1,068
Provision for lending-related commitments	—			—				110			110			—			—				29			29
Other	—			—				—			—			—			—				—			—
Ending balance at September 30,	$	33		$	—			$	1,132		$	1,165		$	33		$	—			$	1,064		$	1,097

Allowance for lending-related commitments by impairment methodology
Asset-specific	$	—		$	—			$	135		$	135		$	—		$	—			$	71		$	71
Formula-based	33			—				997			1,030			33			—				993			1,026
Total allowance for lending-related commitments	$	33		$	—			$	1,132		$	1,165		$	33		$	—			$	1,064		$	1,097

Lending-related commitments by impairment methodology
Asset-specific	$	—		$	—			$	446		$	446		$	—		$	—			$	252		$	252
Formula-based	53,591			645,880				395,173			1,094,644			50,630			600,728				397,064			1,048,422
Total lending-related commitments	$	53,591		$	645,880			$	395,619		$	1,095,090		$	50,630		$	600,728			$	397,316		$	1,048,674


(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.


(b)	Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified in a TDR.


(c)	The asset-specific credit card allowance for loan losses is related to loans that have been modified in a TDR; such allowance is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.

138

Note 13 – Variable interest entities

Refer to Note 1 of JPMorgan Chase’s 2018 Form 10-K for a further description of JPMorgan Chase’s accounting policies regarding consolidation of VIEs.

The following table summarizes the most significant types of Firm-sponsored VIEs by business segment.



Line of Business	Transaction Type	Activity	Form 10-Q page reference
CCB	Credit card securitization trusts	Securitization of originated credit card receivables	139
	Mortgage securitization trusts	Servicing and securitization of both originated and purchased residential mortgages	139-141
CIB	Mortgage and other securitization trusts	Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans	139-141
	Multi-seller conduits	Assist clients in accessing the financial markets in a cost-efficient manner and structures transactions to meet investor needs	141
	Municipal bond vehicles	Financing of municipal bond investments	141

The Firm also invests in and provides financing and other services to VIEs sponsored by third parties. Refer to pages 142–143 of this Note for more information on the VIEs sponsored by third parties.

Significant Firm-sponsored VIEs

Credit card securitizations

Refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K for a more detailed discussion of JPMorgan Chase’s involvement with credit card securitizations.

As a result of the Firm’s continuing involvement, the Firm is considered to be the primary beneficiary of its Firm-sponsored credit card securitization trusts, including its primary vehicle, the Chase Issuance Trust. Refer to the table on page 142 of this Note for further information on consolidated VIE assets and liabilities.

Firm-sponsored mortgage and other securitization trusts

The Firm securitizes (or has securitized) originated and purchased residential mortgages, commercial mortgages and other consumer loans primarily in its CCB and CIB businesses. Depending on the particular transaction, as well as the respective business involved, the Firm may act as the servicer of the loans and/or retain certain beneficial interests in the securitization trusts.

Refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K for a detailed discussion of the Firm’s involvement with Firm-sponsored mortgage and other securitization trusts, as well as the accounting treatment relating to such trusts.

139

The following table presents the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules), recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. Refer to Securitization activity on page 143 of this Note for further information regarding the Firm’s cash flows associated with and interests retained in nonconsolidated VIEs, and pages 143–144 of this Note for information on the Firm’s loan sales and securitization activity related to U.S. GSEs and government agencies.



	Principal amount outstanding						JPMorgan Chase interest in securitized assets in nonconsolidated VIEs^(c)(d)(e)
September 30, 2019 (in millions)	Total assets held by securitization VIEs		Assets held in consolidated securitization VIEs		Assets held in nonconsolidated securitization VIEs with continuing involvement		Trading assets		Investment securities		Other financial assets		Total interests held by JPMorgan Chase
Securitization-related^(a)
Residential mortgage:
Prime/Alt-A and option ARMs	$	61,480	$	2,966	$	49,826	$	522	$	728	$	—	$	1,250
Subprime	15,156		—		14,085		16		—		—		16
Commercial and other^(b)	101,624		—		86,302		919		708		234		1,861
Total	$	178,260	$	2,966	$	150,213	$	1,457	$	1,436	$	234	$	3,127



	Principal amount outstanding						JPMorgan Chase interest in securitized assets in nonconsolidated VIEs^(c)(d)(e)
December 31, 2018 (in millions)	Total assets held by securitization VIEs		Assets held in consolidated securitization VIEs		Assets held in nonconsolidated securitization VIEs with continuing involvement		Trading assets		Investment securities		Other financial assets		Total interests held by JPMorgan Chase
Securitization-related^(a)
Residential mortgage:
Prime/Alt-A and option ARMs	$	63,350	$	3,237	$	50,679	$	623	$	647	$	—	$	1,270
Subprime	16,729		32		15,434		53		—		—		53
Commercial and other^(b)	102,961		—		79,387		783		801		210		1,794
Total	$	183,040	$	3,269	$	145,500	$	1,459	$	1,448	$	210	$	3,117


(a)	Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored. Refer to pages 143–144 of this Note for information on the Firm’s loan sales and securitization activity related to U.S. GSEs and government agencies.


(b)	Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables purchased from third parties.

(c)

Excludes the following: retained servicing (refer to Note 14 for a discussion of MSRs); securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities (Refer to Note 4 for further information on derivatives); senior and subordinated securities of $168 million and $69 million, respectively, at September 30, 2019, and $87 million and $28 million, respectively, at December 31, 2018, which the Firm purchased in connection with CIB’s secondary market-making activities.


(d)	Includes interests held in re-securitization transactions.

(e)

As of September 30, 2019, and December 31, 2018, 67% and 60%, respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $1.2 billion and $1.3 billion of investment-grade, and $55 million and $16 million of noninvestment-grade at September 30, 2019, and December 31, 2018, respectively. The retained interests in commercial and other securitizations trusts consisted of $1.3 billion and $1.2 billion of investment-grade retained interests at September 30, 2019 and December 31, 2018, and $567 million and $623 million of noninvestment-grade retained interests at September 30, 2019, and December 31, 2018, respectively.

140

Residential mortgage

The Firm securitizes residential mortgage loans originated by CCB, as well as residential mortgage loans purchased from third parties by either CCB or CIB. Refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K for a more detailed description of the Firm’s involvement with residential mortgage securitizations. Refer to the table on page 142 of this Note for more information on the consolidated residential mortgage securitizations, and the table on the previous page of this Note for further information on interests held in nonconsolidated residential mortgage securitizations.

Commercial mortgages and other consumer securitizations

CIB originates and securitizes commercial mortgage loans, and engages in underwriting and trading activities involving the securities issued by securitization trusts. Refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K for a more detailed description of the Firm’s involvement with commercial mortgage and other consumer securitizations. Refer to the table on page 142 of this Note for more information on the consolidated commercial mortgage securitizations, and the table on the previous page of this Note for further information on interests held in nonconsolidated securitizations.

Re-securitizations

Refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K for a more detailed description of JPMorgan Chase’s participation in certain re-securitization transactions.

The following table presents the principal amount of securities transferred to re-securitization VIEs.



	Three months ended September 30,				Nine months ended September 30,
(in millions)	2019		2018		2019		2018
Transfers of securities to VIEs
U.S. GSEs and government agencies	$	5,377	$	2,540	$	12,444	$	11,321

The following table presents information on nonconsolidated re-securitization VIEs.



	Nonconsolidated re-securitization VIEs
(in millions)	September 30, 2019		December 31, 2018
Firm-sponsored private-label
Assets held in VIEs with continuing involvement^(a)	$	21	$	118
Interest in VIEs	—		10
U.S. GSEs and government agencies
Interest in VIEs	2,097		3,058


(a)	Represents the principal amount and includes the notional amount of interest-only securities.

As of September 30, 2019, and December 31, 2018, the Firm did not consolidate any U.S. GSE and government agency re-securitization VIEs or any Firm-sponsored private-label re-securitization VIEs.

Multi-seller conduits

Refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K for a more detailed description of JPMorgan Chase’s principal involvement with Firm-administered multi-seller conduits.

In the normal course of business, JPMorgan Chase makes markets in and invests in commercial paper issued by the Firm-administered multi-seller conduits. The Firm held $12.6 billion and $20.1 billion of the commercial paper issued by the Firm-administered multi-seller conduits at September 30, 2019, and December 31, 2018, respectively, which have been eliminated in consolidation. The Firm’s investments reflect the Firm’s funding needs and capacity and were not driven by market illiquidity. Other than the amounts required to be held pursuant to credit risk retention rules, the Firm is not obligated under any agreement to purchase the commercial paper issued by the Firm-administered multi-seller conduits.

Deal-specific liquidity facilities, program-wide liquidity and credit enhancement provided by the Firm have been eliminated in consolidation. The Firm or the Firm-administered multi-seller conduits provide lending-related commitments to certain clients of the Firm-administered multi-seller conduits. The unfunded commitments were $8.5 billion and $8.0 billion at September 30, 2019, and December 31, 2018, respectively, and are reported as off-balance sheet lending-related commitments in other unfunded commitments to extend credit. Refer to Note 22 for more information on off-balance sheet lending-related commitments.

Municipal bond vehicles

Municipal bond vehicles or tender option bond (“TOB”) trusts allow institutions to finance their municipal bond investments at short-term rates. TOB transactions are known as customer TOB trusts and non-customer TOB trusts. Customer TOB trusts are sponsored by a third party, refer to pages 142–143 of this Note for further information.

The Firm serves as sponsor for all non-customer TOB transactions. Refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K for a more detailed description of JPMorgan Chase’s Municipal bond vehicles.

141

Consolidated VIE assets and liabilities

The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of September 30, 2019, and December 31, 2018.



	Assets								Liabilities
September 30, 2019 (in millions)	Trading assets		Loans		Other^(b)		Total assets^(c)		Beneficial interests in VIE assets^(d)		Other^(e)		Total liabilities
VIE program type
Firm-sponsored credit card trusts	$	—	$	27,377	$	370	$	27,747	$	6,457	$	6	$	6,463
Firm-administered multi-seller conduits	3		22,708		334		23,045		10,514		35		10,549
Municipal bond vehicles	1,280		—		3		1,283		1,249		2		1,251
Mortgage securitization entities^(a)	70		2,937		58		3,065		295		137		432
Other	108		—		209		317		—		121		121
Total	$	1,461	$	53,022	$	974	$	55,457	$	18,515	$	301	$	18,816

	Assets								Liabilities
December 31, 2018 (in millions)	Trading assets		Loans		Other^(b)		Total assets^(c)		Beneficial interests in VIE assets^(d)		Other^(e)		Total liabilities
VIE program type
Firm-sponsored credit card trusts	$	—	$	31,760	$	491	$	32,251	$	13,404	$	12	$	13,416
Firm-administered multi-seller conduits	—		24,411		300		24,711		4,842		33		4,875
Municipal bond vehicles	1,779		—		4		1,783		1,685		3		1,688
Mortgage securitization entities^(a)	53		3,285		40		3,378		308		161		469
Other	134		—		178		312		2		103		105
Total	$	1,966	$	59,456	$	1,013	$	62,435	$	20,241	$	312	$	20,553


(a)	Includes residential and commercial mortgage securitizations.


(b)	Includes assets classified as cash and other assets on the Consolidated balance sheets.


(c)	The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation.

(d)

The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item on the Consolidated balance sheets titled, “Beneficial interests issued by consolidated variable interest entities.” The holders of these beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. Refer to note 14 of JPMorgan Chase’s 2018 Form 10-K for conduits program-wide credit enhancements. Included in beneficial interests in VIE assets are long-term beneficial interests of $6.8 billion and $13.7 billion at September 30, 2019, and December 31, 2018.


(e)	Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets.

VIEs sponsored by third parties

The Firm enters into transactions with VIEs structured by other parties. These include, for example, acting as a derivative counterparty, liquidity provider, investor, underwriter, placement agent, remarketing agent, trustee or custodian. These transactions are conducted at arm’s-length, and individual credit decisions are based on the analysis of the specific VIE, taking into consideration the quality of the underlying assets. Where the Firm does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or a variable interest that could potentially be significant, the Firm generally does not consolidate the VIE, but it records and reports these positions on its Consolidated balance sheets in the same manner it would record and report positions in respect of any other third-party transaction.

Tax credit vehicles

The Firm holds investments in unconsolidated tax credit vehicles, which are limited partnerships and similar entities that construct, own and operate affordable housing, wind, solar and other alternative energy projects. These entities are primarily considered VIEs. A third party is typically the

general partner or managing member and has control over the significant activities of the tax credit vehicles, and accordingly the Firm does not consolidate tax credit vehicles. The Firm generally invests in these partnerships as a limited partner and earns a return primarily through the receipt of tax credits allocated to the projects. The maximum loss exposure, represented by equity investments and funding commitments, was $17.0 billion and $16.5 billion, of which $4.8 billion and $4.0 billion was unfunded at September 30, 2019 and December 31, 2018, respectively. In order to reduce the risk of loss, the Firm assesses each project and withholds varying amounts of its capital investment until the project qualifies for tax credits. Refer to Note 24 of JPMorgan Chase’s 2018 Form 10-K for further information on affordable housing tax credits. Refer to Note 22 of this Form 10-Q for more information on off-balance sheet lending-related commitments.

Customer municipal bond vehicles (TOB trusts)

The Firm may provide various services to Customer TOB trusts, including remarketing agent, liquidity or tender option provider. In certain Customer TOB transactions, the

142

Firm, as liquidity provider, has entered into a reimbursement agreement with the Residual holder.

In those transactions, upon the termination of the vehicle, the Firm has recourse to the third-party Residual holders for any shortfall. The Firm does not have any intent to protect Residual holders from potential losses on any of the underlying municipal bonds. The Firm does not consolidate Customer TOB trusts, since the Firm does not have the power to make decisions that significantly impact the economic performance of the municipal bond vehicle.

The Firm’s maximum exposure as a liquidity provider to Customer TOB trusts at September 30, 2019 and

December 31, 2018 was $5.3 billion and $4.8 billion, respectively. The fair value of assets held by such VIEs at September 30, 2019 and December 31, 2018, was $8.6 billion and $7.7 billion, respectively. Refer to Note 22 for more information on off-balance sheet lending-related commitments.

Loan securitizations

The Firm has securitized and sold a variety of loans, including residential mortgage, credit card, and commercial mortgage. Refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K for a further description of the Firm’s accounting policies regarding securitizations.

Securitization activity

The following table provides information related to the Firm’s securitization activities for the three and nine months ended September 30, 2019 and 2018, related to assets held in Firm-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization.



	Three months ended September 30,								Nine months ended September 30,
	2019				2018				2019				2018
(in millions)	Residential mortgage^(e)		Commercial and other^(f)		Residential mortgage^(e)		Commercial and other^(f)		Residential mortgage^(e)		Commercial and other^(f)		Residential mortgage^(e)		Commercial and other^(f)
Principal securitized	$	3,225	$	1,477	$	1,513	$	3,533	$	7,132	$	4,215	$	5,972	$	8,705
All cash flows during the period^(a):
Proceeds received from loan sales as financial instruments^(b)(c)	$	3,327	$	1,506	$	1,524	$	3,558	$	7,337	$	4,329	$	5,984	$	8,745
Servicing fees collected^(d)	70		—		80		1		220		1		240		1
Cash flows received on interests	115		34		99		99		314		183		328		230


(a)	Excludes re-securitization transactions.


(b)	Predominantly includes Level 2 assets.


(c)	The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.


(d)	The prior period amounts have been revised to conform with the current period presentation.


(e)	Includes prime mortgages only. Excludes loan securitization activity related to U.S. GSEs and government agencies.


(f)	Includes commercial mortgage and other consumer loans.

Loans and excess MSRs sold to U.S. government-sponsored

enterprises, and loans in securitization transactions pursuant to

Ginnie Mae guidelines

In addition to the amounts reported in the securitization activity tables above, the Firm, in the normal course of business, sells originated and purchased mortgage loans and certain originated excess MSRs on a nonrecourse basis, predominantly to U.S. GSEs. These loans and excess MSRs are sold primarily for the purpose of securitization by the U.S. GSEs, who provide certain guarantee provisions (e.g., credit enhancement of the loans). The Firm also sells loans into securitization transactions pursuant to Ginnie Mae guidelines; these loans are typically insured or guaranteed by another U.S. government agency. The Firm does not consolidate the securitization vehicles underlying these transactions as it is not the primary beneficiary. For a limited number of loan sales, the Firm is obligated to share

a portion of the credit risk associated with the sold loans with the purchaser. Refer to Note 22 of this Form 10-Q, and Note 27 of JPMorgan Chase’s 2018 Form 10-K for additional information about the Firm’s loan sales- and securitization-related indemnifications. Refer to Note 14 for additional information about the impact of the Firm’s sale of certain excess MSRs.

143

The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines.



	Three months ended September 30,				Nine months ended September 30,
(in millions)	2019		2018		2019		2018
Carrying value of loans sold	$	35,556	$	11,968	$	73,873	$	28,804
Proceeds received from loan sales as cash	3		1		73		1
Proceeds from loan sales as securities^(a)(b)	35,512		11,713		73,172		28,291
Total proceeds received from loan sales^(c)	$	35,515	$	11,714	$	73,245	$	28,292
Gains on loan sales^(d)(e)	$	342	$	9	$	495	$	32


(a)	Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s Investment securities portfolio.


(b)	Included in level 2 assets.


(c)	Excludes the value of MSRs retained upon the sale of loans.


(d)	Gains on loan sales include the value of MSRs.


(e)	The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.

Options to repurchase delinquent loans

In addition to the Firm’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed in Note 22, the Firm also has the option to repurchase delinquent loans that it services for Ginnie Mae loan pools, as well as for other U.S. government

agencies under certain arrangements. The Firm typically elects to repurchase delinquent loans from Ginnie Mae loan pools as it continues to service them and/or manage the foreclosure process in accordance with the applicable requirements, and such loans continue to be insured or guaranteed. When the Firm’s repurchase option becomes exercisable, such loans must be reported on the Consolidated balance sheets as a loan with a corresponding liability. Refer to Note 11 for additional information.

The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of September 30, 2019 and December 31, 2018. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies.


(a)	Predominantly all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools.


(b)	Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable.

Loan delinquencies and liquidation losses

The table below includes information about components of nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement, and delinquencies as of September 30, 2019, and December 31, 2018.



									Net liquidation losses^(a)
	Securitized assets				90 days past due				Three months ended September 30,				Nine months ended September 30,
(in millions)	Sep 30, 2019		Dec 31, 2018		Sep 30, 2019		Dec 31, 2018		2019		2018		2019		2018
Securitized loans
Residential mortgage:
Prime / Alt-A & option ARMs	$	49,826	$	50,679	$	2,679	$	3,354	$	146	$	182	$	474	$	453
Subprime	14,085		15,434		1,962		2,478		145		155		456		(307		)
Commercial and other	86,302		79,387		153		225		118		71		283		119
Total loans securitized	$	150,213	$	145,500	$	4,794	$	6,057	$	409	$	408	$	1,213	$	265


(a)	Includes liquidation gains as a result of private label mortgage settlement payments during the first quarter of 2018, which were reflected as asset recoveries by trustees.

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Note 14 – Goodwill and Mortgage servicing rights

Refer to Note 15 of JPMorgan Chase’s 2018 Form 10-K for a discussion of the accounting policies related to goodwill and mortgage servicing rights.

Goodwill

The following table presents goodwill attributed to the business segments.



(in millions)	September 30, 2019		December 31, 2018
Consumer & Community Banking	$	31,038	$	30,984
Corporate & Investment Bank	6,941		6,770
Commercial Banking	2,982		2,860
Asset & Wealth Management	6,857		6,857
Total goodwill	$	47,818	$	47,471

The following table presents changes in the carrying amount of goodwill.



	Three months ended September 30,						Nine months ended September 30,
(in millions)	2019			2018			2019			2018
Balance at beginning of period	$	47,477		$	47,488		$	47,471		$	47,507
Changes during the period from:
Business combinations^(a)	348			—			348			—
Other^(b)	(7		)	(5		)	(1		)	(24		)
Balance at September 30,	$	47,818		$	47,483		$	47,818		$	47,483


(a)	For the three and nine months periods ended September 30, 2019, represents goodwill associated with the July 24, 2019 acquisition of InstaMed. This goodwill was allocated to CIB, CB and CCB.


(b)	Primarily relates to foreign currency adjustments.

Goodwill impairment testing

Refer to Impairment testing on pages 252–253 of JPMorgan Chase’s 2018 Form 10-K for a further description of the Firm’s goodwill impairment testing, including the primary method used to estimate the fair value of the reporting units, and the assumptions used in the goodwill impairment test.

The Firm reviewed current economic conditions, estimated market cost of equity, as well as actual and projections of business performance for all its businesses. Based upon such reviews, the Firm concluded that the goodwill allocated to its reporting units was not impaired as of September 30, 2019 or December 31, 2018, nor was goodwill written off due to impairment during the nine months ended September 30, 2019 or 2018.

Declines in business performance, increases in credit losses, increases in capital requirements, as well as deterioration in economic or market conditions, adverse regulatory or legislative changes or increases in the estimated market cost of equity, could cause the estimated fair values of the Firm’s reporting units or their associated goodwill to decline in the future, which could result in a material impairment charge to earnings in a future period related to some portion of the associated goodwill.

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Mortgage servicing rights

MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. Refer to Notes 2 and 15 of JPMorgan Chase’s 2018 Form 10-K for a further description of the MSR asset, interest rate risk management, and the valuation of MSRs.

The following table summarizes MSR activity for the three and nine months ended September 30, 2019 and 2018.



	As of or for the three months ended September 30,						As of or for the nine months ended September 30,
(in millions, except where otherwise noted)	2019			2018			2019				2018
Fair value at beginning of period	$	5,093		$	6,241		$	6,130			$	6,030
MSR activity:
Originations of MSRs	390			278			1,146				611
Purchase of MSRs	(2		)	13			104				159
Disposition of MSRs^(a)	(359		)	(2		)	(687		)		(401		)
Net additions/(dispositions)	29			289			563				369

Changes due to collection/realization of expected cash flows	(256		)	(195		)	(702		)		(542		)

Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other^(b)	(433		)	150			(1,274		)		635
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service)	17			14			(333		)	^(e)	14
Discount rates	—			—			153				24
Prepayment model changes and other^(c)	(31		)	(66		)	(118		)		(97		)
Total changes in valuation due to other inputs and assumptions	(14		)	(52		)	(298		)		(59		)
Total changes in valuation due to inputs and assumptions	(447		)	98			(1,572		)		576
Fair value at September 30,	$	4,419		$	6,433		$	4,419			$	6,433

Change in unrealized gains/(losses) included in income related to MSRs held at September 30,	$	(447	)	$	98		$	(1,572	)		$	576
Contractual service fees, late fees and other ancillary fees included in income	397			428			1,254				1,339
Third-party mortgage loans serviced at September 30, (in billions)	537			528			537				528
Servicer advances, net of an allowance for uncollectible amounts, at September 30, (in billions)^(d)	2.0			3.1			2.0				3.1


(a)	Includes excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage backed securities (“SMBS”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired the remaining balance of those SMBS as trading securities.


(b)	Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.


(c)	Represents changes in prepayments other than those attributable to changes in market interest rates.

(d)

Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements.


(e)	The decrease in projected cash flows was largely related to default servicing assumption updates.

146

The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three and nine months ended September 30, 2019 and 2018.



	Three months ended September 30,						Nine months ended September 30,
(in millions)	2019			2018			2019			2018
CCB mortgage fees and related income

Net production revenue	$	738		$	108		$	1,291		$	296

Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue	351			435			1,172			1,389
Changes in MSR asset fair value due to collection/realization of expected cash flows	(256		)	(195		)	(702		)	(542		)
Total operating revenue	95			240			470			847
Risk management:
Changes in MSR asset fair value due to market interest rates and other^(a)	(433		)	150			(1,274		)	636
Other changes in MSR asset fair value due to other inputs and assumptions in model^(b)	(14		)	(52		)	(298		)	(59		)
Change in derivative fair value and other	500			(186		)	1,372			(671		)
Total risk management	53			(88		)	(200		)	(94		)
Total net mortgage servicing revenue	148			152			270			753

Total CCB mortgage fees and related income	886			260			1,561			1,049

All other	1			2			1			2
Mortgage fees and related income	$	887		$	262		$	1,562		$	1,051


(a)	Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.


(b)	Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).

The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at September 30, 2019, and December 31, 2018, and outlines hypothetical sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.



(in millions, except rates)	Sep 30, 2019			Dec 31, 2018
Weighted-average prepayment speed assumption (constant prepayment rate)	13.81		%	8.78		%
Impact on fair value of 10% adverse change	$	(206	)	$	(205	)
Impact on fair value of 20% adverse change	(393		)	(397		)
Weighted-average option adjusted spread^(a)(b)	8.26		%	7.87		%
Impact on fair value of a 100 basis point adverse change	$	(150	)	$	(235	)
Impact on fair value of a 200 basis point adverse change	(289		)	(452		)


(a)	Includes the impact of operational risk and regulatory capital.


(b)	The prior period amount has been revised to conform with the current period presentation.

Changes in fair value based on variations in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In this table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change.

147

Note 15 – Deposits

Refer to Note 17 of JPMorgan Chase’s 2018 Form 10-K for further information on deposits.

At September 30, 2019, and December 31, 2018, noninterest-bearing and interest-bearing deposits were as follows.



(in millions)	September 30, 2019		December 31, 2018
U.S. offices
Noninterest-bearing (included $23,225 and $17,204 at fair value)^(a)(b)	$	393,522	$	386,709
Interest-bearing (included $2,523 and $2,487 at fair value)^(a)(b)	844,137		813,881
Total deposits in U.S. offices	1,237,659		1,200,590
Non-U.S. offices
Noninterest-bearing (included $2,289 and $2,367 at fair value)^(a)(b)	21,455		21,459
Interest-bearing (included $1,318 and $1,159 at fair value)^(a)(b)	266,147		248,617
Total deposits in non-U.S. offices	287,602		270,076
Total deposits	$	1,525,261	$	1,470,666


(a)	Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 of JPMorgan Chase’s 2018 Form 10-K for a further discussion.


(b)	In the second quarter of 2019, the Firm reclassified balances related to certain structured notes from interest-bearing to noninterest-bearing deposits as the associated returns are recorded in principal transactions revenue and not in net interest income. This change was applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation.

Note 16 – Leases

Lease commitments

Effective January 1, 2019, the Firm adopted new guidance that requires lessees to recognize on the Consolidated balance sheets all leases with lease terms greater than twelve months as a lease liability with a corresponding right-of-use (“ROU”) asset. Accordingly, the Firm recognized operating lease liabilities and ROU assets of $8.2 billion and $8.1 billion, respectively. The adoption of the new lease guidance did not have a material impact on the Firm’s Consolidated statements of income. The change in accounting due to the adoption of the new lease guidance did not result in a material change to the future net minimum rental payments/receivables or to the net rental expense when compared to December 31, 2018.

Firm as lessee

At September 30, 2019, JPMorgan Chase and its subsidiaries were obligated under a number of noncancelable leases, predominantly operating leases for premises and equipment used primarily for business purposes. These leases generally have terms of 20 years or less, determined based on the contractual maturity of the lease, and include periods covered by options to extend or terminate the lease when the Firm is reasonably certain that it will exercise those options. None of these lease agreements impose restrictions on the Firm’s ability to pay dividends, engage in debt or equity financing transactions or enter into further lease agreements. Certain of these leases contain escalation clauses that will increase rental payments based on maintenance, utility and tax increases, which are non-lease components. The Firm elected not to separate lease and non-lease components of a contract for its real estate leases. As such, real estate lease payments represent payments on both lease and non-lease components.

Operating lease liabilities and ROU assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The future lease payments are discounted at a rate that represents the Firm’s collateralized borrowing rate for financing instruments of a similar term and are included in accounts payable and other liabilities. The operating lease ROU asset, included in premises and equipment, also includes any lease prepayments made, plus initial direct costs incurred, less any lease incentives received. Rental expense associated with operating leases is recognized on a straight-line basis over the lease term, and generally included in occupancy expense in the Consolidated statements of income.

148

The following tables provide information related to the Firm’s operating leases:



As of September 30, (in millions, except where otherwise noted)
	2019
Right-of-use assets	$	8,160
Lease liabilities	8,425

Weighted average remaining lease term (in years)	8.7
Weighted average discount rate	3.73		%

Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows	$	1,177
Supplemental non-cash information
Right-of-use assets obtained in exchange for operating lease obligations	$	990



(in millions)	Three months ended September 30, 2019			Nine months ended September 30, 2019
Rental expense
Gross rental expense	$	517		$	1,537
Sublease rental income	(49		)	(137		)
Net rental expense	$	468		$	1,400

The following table presents future payments under operating leases as of September 30, 2019:



Year ended December 31, (in millions)
2019 (excluding nine months ended September 30, 2019)	$	394
2020	1,569
2021	1,394
2022	1,198
2023	1,027
After 2023	4,442
Total future minimum lease payments	10,024
Less: Imputed interest	(1,599		)
Total	$	8,425

In addition to the table above, as of September 30, 2019, the Firm had additional future operating lease commitments of $1.3 billion that were signed but had not yet commenced. These operating leases will commence between 2019 and 2022 with lease terms up to 25 years.

Firm as lessor

The Firm provides auto and equipment lease financing to its customers through lease arrangements with lease terms that may contain renewal, termination and/or purchase options. Generally, the Firm’s lease financings are operating leases. These assets are recognized in other assets on the Firm’s Consolidated balance sheets and are depreciated on a straight-line basis over the lease term to reduce the asset to its estimated residual value. Depreciation expense is included in technology, communications and equipment

expense in the Consolidated statements of income. The Firm’s lease income is generally recognized on a straight-line basis over the lease term and is included in other income in the Consolidated statements of income.

On a periodic basis, the Firm assesses leased assets for impairment, and if the carrying amount of the leased asset exceeds the undiscounted cash flows from the lease payments and the estimated residual value upon disposition of the leased asset, an impairment loss is recognized.

The risk of loss on auto and equipment leased assets relating to the residual value of the leased assets is monitored through projections of the asset residual values at lease origination and periodic review of residual values, and is mitigated through arrangements with certain manufacturers or lessees.

The following table presents the carrying value of assets subject to leases reported on the Consolidated balance sheets:



(in millions)	September 30, 2019		December 31, 2018
Carrying value of assets subject to operating leases, net of accumulated depreciation	$	22,953	$	21,428
Accumulated depreciation	5,848		5,303

The following table presents the Firm’s operating lease income and the related depreciation expense on the Consolidated statements of income:



	Three months ended September 30,				Nine months ended September 30,
(in millions)	2019		2018		2019		2018
Operating lease income	$	1,384	$	1,157	$	4,027	$	3,316
Depreciation expense	1,053		901		3,038		2,564

The following table presents future receipts under operating leases as of September 30, 2019:



Year ended December 31, (in millions)
2019 (excluding nine months ended September 30, 2019)	$	1,121
2020	3,785
2021	2,303
2022	660
2023	74
After 2023	137
Total future minimum lease payments	$	8,080

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Note 17 - Preferred stock

Refer to Note 20 of JPMorgan Chase’s 2018 Form 10-K for a further discussion on preferred stock.

The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of September 30, 2019 and December 31, 2018, and the quarterly dividend declarations for the three and nine months ended September 30, 2019 and 2018.



	Shares		Carrying value (in millions)					Contractual rate in effect at September 30, 2019		Earliest redemption date^(b)	Floating annualized rate of three-month LIBOR/Term SOFR plus:	Dividend declared per share^(c)
	September 30, 2019^(a)	December 31, 2018^(a)	September 30, 2019		December 31, 2018		Issue date					Three months ended September 30,			Nine months ended September 30,
	September 30, 2019^(a)	December 31, 2018^(a)	September 30, 2019		December 31, 2018		Issue date					2019		2018	2019		2018
Fixed-rate:
Series P	90,000	90,000	$	900	$	900	2/5/2013	5.450	%	3/1/2018	NA	$	136.25	$136.25	$	408.75	$408.75
Series T	—	92,500	—		925		1/30/2014	—		3/1/2019	NA	NA		167.50	167.50		502.50
Series W	—	88,000	—		880		6/23/2014	—		9/1/2019	NA	NA		157.50	472.50		472.50
Series Y	143,000	143,000	1,430		1,430		2/12/2015	6.125		3/1/2020	NA	153.13		153.13	459.39		459.39
Series AA	142,500	142,500	1,425		1,425		6/4/2015	6.100		9/1/2020	NA	152.50		152.50	457.50		457.50
Series BB	115,000	115,000	1,150		1,150		7/29/2015	6.150		9/1/2020	NA	153.75		153.75	461.25		461.25
Series DD	169,625	169,625	1,696		1,696		9/21/2018	5.750		12/1/2023	NA	143.75		NA	431.25		NA
Series EE	185,000	—	1,850		—		1/24/2019	6.000		3/1/2024	NA	150.00		NA	361.67		NA

Fixed-to-floating-rate:
Series I	430,375	430,375	$	4,304	$	4,304	4/23/2008	LIBOR + 3.47%		4/30/2018	LIBOR + 3.47%	$	146.58	$148.45	$	455.09	$493.29	^(d)
Series Q	150,000	150,000	1,500		1,500		4/23/2013	5.150		5/1/2023	LIBOR + 3.25	128.75		128.75	386.25		386.25
Series R	150,000	150,000	1,500		1,500		7/29/2013	6.000		8/1/2023	LIBOR + 3.30	150.00		150.00	450.00		450.00
Series S	200,000	200,000	2,000		2,000		1/22/2014	6.750		2/1/2024	LIBOR + 3.78	168.75		168.75	506.25		506.25
Series U	100,000	100,000	1,000		1,000		3/10/2014	6.125		4/30/2024	LIBOR + 3.33	153.13		153.13	459.38		459.38
Series V	250,000	250,000	2,500		2,500		6/9/2014	LIBOR + 3.32%		7/1/2019	LIBOR + 3.32	144.11		125.00	394.11		375.00	^(e)
Series X	160,000	160,000	1,600		1,600		9/23/2014	6.100		10/1/2024	LIBOR + 3.33	152.50		152.50	457.50		457.50
Series Z	200,000	200,000	2,000		2,000		4/21/2015	5.300		5/1/2020	LIBOR + 3.80	132.50		132.50	397.50		397.50
Series CC	125,750	125,750	1,258		1,258		10/20/2017	4.625		11/1/2022	LIBOR + 2.58	115.63		115.63	346.88		346.88
Series FF	225,000	—	2,250		—		7/31/2019	5.000		8/1/2024	SOFR + 3.38	126.39		NA	126.39		NA	^(f)
Total preferred stock	2,836,250	2,606,750	$	28,363	$	26,068


(a)	Represented by depositary shares.


(b)	Fixed-to-floating rate notes convert to a floating rate at the earliest redemption date.


(c)	Dividends are declared quarterly. Dividends are payable quarterly on fixed-rate preferred stock. Dividends are payable semiannually on fixed-to-floating-rate preferred stock while at a fixed rate, and payable quarterly after converting to a floating rate.


(d)	Prior to April 30, 2018, the dividend rate was fixed at 7.90%.


(e)	Prior to July 1, 2019, the dividend rate was fixed at 5%.


(f)	Dividends in the amount of $126.39 per share were declared on September 9, 2019 and include dividends from the original issue date of July 31, 2019 through October 31, 2019.

On October 30, 2019, the Firm redeemed $1.37 billion of its Series I fixed-to-floating rate non-cumulative perpetual preferred stock.

On September 1, 2019, the Firm redeemed all $880 million of its 6.3% non-cumulative preferred stock, series W.

On July 31, 2019, the Firm issued $2.25 billion of fixed-to-floating rate non-cumulative preferred stock, Series FF.

On January 24, 2019, the Firm issued $1.85 billion of 6.00% non-cumulative preferred stock, Series EE, and on March 1, 2019, the Firm redeemed all $925 million of its 6.70% non-cumulative preferred stock, Series T.

150

Note 18 – Earnings per share

Refer to Note 22 of JPMorgan Chase’s 2018 Form 10-K for a discussion of the computation of basic and diluted earnings per share (“EPS”). The following table presents the calculation of basic and diluted EPS for the three and nine months ended September 30, 2019 and 2018.



(in millions, except per share amounts)	Three months ended September 30,				Nine months ended September 30,
(in millions, except per share amounts)	2019		2018		2019		2018
Basic earnings per share
Net income	$	9,080	$	8,380	$	27,911	$	25,408
Less: Preferred stock dividends	423		379		1,201		1,167
Net income applicable to common equity	8,657		8,001		26,710		24,241
Less: Dividends and undistributed earnings allocated to participating securities	51		53		159		174
Net income applicable to common stockholders	$	8,606	$	7,948	$	26,551	$	24,067

Total weighted-average basic shares outstanding	3,198.5		3,376.1		3,248.7		3,416.5
Net income per share	$	2.69	$	2.35	$	8.17	$	7.04

Diluted earnings per share
Net income applicable to common stockholders	$	8,606	$	7,948	$	26,551	$	24,067
Total weighted-average basic shares outstanding	3,198.5		3,376.1		3,248.7		3,416.5
Add: Employee stock options, SARs, warrants and unvested PSUs	8.7		18.2		9.3		19.7
Total weighted-average diluted shares outstanding	3,207.2		3,394.3		3,258.0		3,436.2
Net income per share	$	2.68	$	2.34	$	8.15	$	7.00

151

Note 19 – Accumulated other comprehensive income/(loss)

AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net loss and prior service costs/(credit) related to the Firm’s defined benefit pension and OPEB plans, and on fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA).



As of or for the three months ended September 30, 2019 (in millions)	Unrealized gains/(losses) on investment securities				Translation adjustments, net of hedges				Fair value hedges			Cash flow hedges				Defined benefit pension and OPEB plans				DVA on fair value option elected liabilities				Accumulated other comprehensive income/(loss)
	Unrealized gains/(losses) on investment securities				Translation adjustments, net of hedges				Fair value hedges			Cash flow hedges				Defined benefit pension and OPEB plans				DVA on fair value option elected liabilities				Accumulated other comprehensive income/(loss)
Balance at July 1, 2019		$	3,709			$	(652	)	$	(73	)		$	126			$	(2,231	)		$	235			$	1,114
Net change		479				(165		)	(1		)		195				46				132				686
Balance at September 30, 2019		$	4,188			$	(817	)	$	(74	)		$	321			$	(2,185	)		$	367			$	1,800

As of or for the three months ended September 30, 2018 (in millions)	Unrealized gains/(losses) on investment securities				Translation adjustments, net of hedges				Fair value hedges			Cash flow hedges				Defined benefit pension and OPEB plans				DVA on fair value option elected liabilities				Accumulated other comprehensive income/(loss)
	Unrealized gains/(losses) on investment securities				Translation adjustments, net of hedges				Fair value hedges			Cash flow hedges				Defined benefit pension and OPEB plans				DVA on fair value option elected liabilities				Accumulated other comprehensive income/(loss)
Balance at July 1, 2018		$	1,599			$	(632	)	(162		)		$	(147	)		$	(1,876	)		$	80			$	(1,138	)
Net change		(819		)		(31		)	34				(88		)		19				(402		)		(1,287		)
Balance at September 30, 2018		$	780			$	(663	)	$	(128	)		$	(235	)		$	(1,857	)		$	(322	)		$	(2,425	)

As of or for the nine months ended September 30, 2019 (in millions)	Unrealized gains/(losses) on investment securities				Translation adjustments, net of hedges				Fair value hedges			Cash flow hedges				Defined benefit pension and OPEB plans				DVA on fair value option elected liabilities				Accumulated other comprehensive income/(loss)
	Unrealized gains/(losses) on investment securities				Translation adjustments, net of hedges				Fair value hedges			Cash flow hedges				Defined benefit pension and OPEB plans				DVA on fair value option elected liabilities				Accumulated other comprehensive income/(loss)
Balance at January 1, 2019		$	1,202			$	(727	)	$	(161	)		$	(109	)		$	(2,308	)		$	596			$	(1,507	)
Net change		2,986				(90		)	87				430				123				(229		)		3,307
Balance at September 30, 2019		$	4,188			$	(817	)	$	(74	)		$	321			$	(2,185	)		$	367			$	1,800

As of or for the nine months ended September 30, 2018 (in millions)	Unrealized gains/(losses) on investment securities				Translation adjustments, net of hedges				Fair value hedges			Cash flow hedges				Defined benefit pension and OPEB plans				DVA on fair value option elected liabilities				Accumulated other comprehensive income/(loss)
	Unrealized gains/(losses) on investment securities				Translation adjustments, net of hedges				Fair value hedges			Cash flow hedges				Defined benefit pension and OPEB plans				DVA on fair value option elected liabilities				Accumulated other comprehensive income/(loss)
Balance at January 1, 2018		$	2,164			$	(470	)	$	—			$	76			$	(1,521	)		$	(368	)		$	(119	)
Cumulative effect of changes in accounting principles^(a)		896				(277		)	$	(54	)		16				(414		)		(79		)		88
Net change		(2,280		)		84			(74		)		(327		)		78				125				(2,394		)
Balance at September 30, 2018		$	780			$	(663	)	$	(128	)		$	(235	)		$	(1,857	)		$	(322	)		$	(2,425	)


(a)	Represents the adjustment to AOCI as a result of the accounting standards adopted in the first quarter of 2018, refer to Note 1 of JPMorgan Chase’s 2018 Form 10-K.

152

The following table presents the pre-tax and after-tax changes in the components of OCI.



	2019									2018
Three months ended September 30, (in millions)	Pre-tax			Tax effect			After-tax			Pre-tax			Tax effect			After-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period	$	708		$	(169	)	$	539		$	(1,117	)	$	262		$	(855	)
Reclassification adjustment for realized (gains)/losses included in net income^(a)	(78		)	18			(60		)	46			(10		)	36
Net change	630			(151		)	479			(1,071		)	252			(819		)
Translation adjustments:
Translation	(861		)	40			(821		)	(314		)	45			(269		)
Hedges	866			(210		)	656			311			(73		)	238
Net change	5			(170		)	(165		)	(3		)	(28		)	(31		)
Fair value hedges, net change^(b):	(1		)	—			(1		)	45			(11		)	34
Cash flow hedges:
Net unrealized gains/(losses) arising during the period	222			(55		)	167			(122		)	27			(95		)
Reclassification adjustment for realized (gains)/losses included in net income^(c)	37			(9		)	28			9			(2		)	7
Net change	259			(64		)	195			(113		)	25			(88		)
Defined benefit pension and OPEB plans:
Net gain/(loss) arising during the period	—			—			—			—			—			—
Reclassification adjustments included in net income^(d):
Amortization of net loss	42			(10		)	32			26			(6		)	20
Amortization of prior service cost/(credit)	—			—			—			(7		)	2			(5		)
Foreign exchange and other	18			(4		)	14			7			(3		)	4
Net change	60			(14		)	46			26			(7		)	19
DVA on fair value option elected liabilities, net change:	173			(41		)	132			(527		)	125			(402		)
Total other comprehensive income/(loss)	$	1,126		$	(440	)	$	686		$	(1,643	)	$	356		$	(1,287	)

	2019									2018
Nine months ended September 30, (in millions)	Pre-tax			Tax effect			After-tax			Pre-tax			Tax effect			After-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period	$	4,074		$	(985	)	$	3,089		$	(3,351	)	$	787		$	(2,564	)
Reclassification adjustment for realized (gains)/losses included in net income^(a)	(135		)	32			(103		)	371			(87		)	284
Net change	3,939			(953		)	2,986			(2,980		)	700			(2,280		)
Translation adjustments^(e):
Translation	(697		)	76			(621		)	(981		)	188			(793		)
Hedges	700			(169		)	531			1,149			(272		)	877
Net change	3			(93		)	(90		)	168			(84		)	84
Fair value hedges, net change^(b):	114			(27		)	87			(96		)	22			(74		)
Cash flow hedges:
Net unrealized gains/(losses) arising during the period	464			(112		)	352			(365		)	85			(280		)
Reclassification adjustment for realized (gains)/losses included in net income^(c)	102			(24		)	78			(62		)	15			(47		)
Net change	566			(136		)	430			(427		)	100			(327		)
Defined benefit pension and OPEB plans:
Net gain/(loss) arising during the period	2			(2		)	—			25			(6		)	19
Reclassification adjustments included in net income^(d):
Amortization of net loss	125			(26		)	99			78			(18		)	60
Amortization of prior service cost/(credit)	2			(1		)	1			(19		)	5			(14		)
Settlement (gain)/loss	—			—			—			—			—			—
Foreign exchange and other	19			4			23			19			(6		)	13
Net change	148			(25		)	123			103			(25		)	78
DVA on fair value option elected liabilities, net change:	$	(296	)	$	67		$	(229	)	$	163		$	(38	)	$	125
Total other comprehensive income/(loss)	$	4,474		$	(1,167	)	$	3,307		$	(3,069	)	$	675		$	(2,394	)


(a)	The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income.


(b)	Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross currency swap.


(c)	The pre-tax amounts are predominantly recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income.


(d)	The pre-tax amount is reported in other expense in the Consolidated statements of income.

(e)

Reclassifications of pre-tax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. During the nine months ended September 30, 2019, the Firm reclassified net pre-tax gains of $6 million to other income and $1 million to other expense, respectively. These amounts, which related to the liquidation of certain legal entities, are comprised of $5 million related to net investment hedge gains and $2 million related to cumulative translation adjustments. During the nine months ended September 30, 2018, the Firm reclassified a net pre-tax loss of $174 million to other expense related to the liquidation of a legal entity, $23 million related to net investment hedge losses and $151 million related to cumulative translation adjustments.

153

Note 20 – Restricted cash and other restricted

assets

Refer to Note 25 of JPMorgan Chase’s 2018 Form 10-K for a detailed discussion of the Firm’s restricted cash and other restricted assets.

Certain of the Firm’s cash and other assets are restricted as to withdrawal or usage. These restrictions are imposed by various regulatory authorities based on the particular activities of the Firm’s subsidiaries.

The Firm is also subject to rules and regulations established by other U.S. and non U.S. regulators. As part of its compliance with the respective regulatory requirements, the Firm’s broker-dealer activities are subject to certain restrictions on cash and other assets.

The following table presents the components of the Firm’s restricted cash:



(in billions)	September 30, 2019		December 31, 2018
Cash reserves – Federal Reserve Banks	$	26.7	$	22.1
Segregated for the benefit of securities and futures brokerage customers	16.8		14.6
Cash reserves at non-U.S. central banks and held for other general purposes	3.6		4.1
Total restricted cash^(a)	$	47.1	$	40.8


(a)	Comprises $45.9 billion and $39.6 billion in deposits with banks as of September 30, 2019 and December 31, 2018, respectively, and $1.2 billion in cash and due from banks as of September 30, 2019 and December 31, 2018, on the Consolidated balance sheets.

Also, as of September 30, 2019 and December 31, 2018, the Firm had the following other restricted assets:


•	Cash and securities pledged with clearing organizations for the benefit of customers of $23.6 billion and $20.6 billion, respectively.


•	Securities with a fair value of $13.1 billion and $9.7 billion, respectively, were also restricted in relation to customer activity.

Note 21 – Regulatory capital

Refer to Note 26 of JPMorgan Chase’s 2018 Form 10-K for a detailed discussion on regulatory capital.

The Federal Reserve establishes capital requirements, including well-capitalized standards, for the consolidated financial holding company. The Office of the Comptroller of the Currency (“OCC”) establishes similar minimum capital requirements and standards for the Firm’s insured depository institutions (“IDI”), including JPMorgan Chase Bank, N.A.

Effective January 1, 2019, the capital adequacy of the Firm and JPMorgan Chase Bank, N.A. is evaluated against the fully phased-in measures under Basel III and represents the lower of the Standardized or Advanced approaches. During 2018, the required capital measures were subject to the transitional rules and as of December 31, 2018 were the same on a fully phased-in and on a transitional basis.

Under the risk-based capital and leverage-based guidelines of the Federal Reserve, JPMorgan Chase is required to maintain minimum ratios for CET1, Tier 1, Total, Tier 1 leverage and the SLR. Failure to meet these minimum requirements could cause the Federal Reserve to take action. IDI subsidiaries are also subject to these capital requirements by their respective primary regulators.

The following table represents the minimum and well-capitalized ratios to which the Firm and its IDI subsidiaries were subject as of September 30, 2019.



	Minimum capital ratios				Well-capitalized ratios
	BHC^(a)(e)(f)		IDI^(b)(e)(f)		BHC^(c)	IDI^(d)
Capital ratios
CET1	10.5	%	7.0	%	N/A	6.5	%
Tier 1	12.0		8.5		6.0	8.0
Total	14.0		10.5		10.0	10.0
Tier 1 leverage	4.0		4.0		N/A	5.0
SLR	5.0		6.0		N/A	6.0

Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and its IDI subsidiaries are subject.


(a)	Represents the minimum capital ratios applicable to the Firm under Basel III. The CET1 minimum capital ratio includes a capital conservation buffer of 2.5% and GSIB surcharge of 3.5% as calculated under Method 2.


(b)	Represents requirements for JPMorgan Chase’s IDI subsidiaries. The CET1 minimum capital ratio includes a capital conservation buffer of 2.5% that is applicable to the IDI subsidiaries. The IDI subsidiaries are not subject to the GSIB surcharge.


(c)	Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve.


(d)	Represents requirements for IDI subsidiaries pursuant to regulations issued under the FDIC Improvement Act.


(e)	For the period ended December 31, 2018, the CET1, Tier 1, Total and Tier 1 leverage minimum capital ratios applicable to the Firm were 9.0%, 10.5%, 12.5%, and 4.0% and the CET1, Tier 1, Total and Tier 1 leverage minimum capital ratios applicable to the Firm’s IDI subsidiaries were 6.375%, 7.875%, 9.875%, and 4.0%, respectively.


(f)	Represents minimum SLR requirement of 3.0%, as well as, supplementary leverage buffers of 2.0% and 3.0% for BHC and IDI, respectively.

154

The following tables present the risk-based and leverage-based capital metrics for JPMorgan Chase and JPMorgan Chase Bank, N.A. under both the Basel III Standardized and Basel III Advanced Approaches. As of September 30, 2019 and December 31, 2018, JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject.



September 30, 2019 (in millions, except ratios)	Basel III Standardized Fully Phased-In						Basel III Advanced Fully Phased-In
	JPMorgan Chase & Co.			JPMorgan Chase Bank, N.A.			JPMorgan Chase & Co.			JPMorgan Chase Bank, N.A.
Regulatory capital
CET1 capital	$	188,151		$	205,347		$	188,151		$	205,347
Tier 1 capital	214,831			205,347			214,831			205,347
Total capital	243,500			223,038			233,203			212,919

Assets
Risk-weighted	1,527,762			1,445,648			1,435,693			1,302,749
Adjusted average^(a)	2,717,852			2,339,858			2,717,852			2,339,858

Capital ratios^(b)
CET1	12.3		%	14.2		%	13.1		%	15.8		%
Tier 1	14.1			14.2			15.0			15.8
Total	15.9			15.4			16.2			16.3
Tier 1 leverage^(c)	7.9			8.8			7.9			8.8



December 31, 2018 (in millions, except ratios)	Basel III Standardized Transitional						Basel III Advanced Transitional
	JPMorgan Chase & Co.			JPMorgan Chase Bank, N.A.^(d)			JPMorgan Chase & Co.			JPMorgan Chase Bank, N.A.^(d)
Regulatory capital
CET1 capital	$	183,474		$	211,671		$	183,474		$	211,671
Tier 1 capital	209,093			211,671			209,093			211,671
Total capital	237,511			229,952			227,435			220,025

Assets
Risk-weighted	1,528,916			1,446,529			1,421,205			1,283,146
Adjusted average^(a)	2,589,887			2,250,480			2,589,887			2,250,480

Capital ratios^(b)
CET1	12.0		%	14.6		%	12.9		%	16.5		%
Tier 1	13.7			14.6			14.7			16.5
Total	15.5			15.9			16.0			17.1
Tier 1 leverage^(c)	8.1			9.4			8.1			9.4


(a)	Adjusted average assets, for purposes of calculating the Tier 1 leverage ratio, 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.


(b)	For each of the risk-based capital ratios, the capital adequacy of the Firm and JPMorgan Chase Bank, N.A. is evaluated against the lower of the two ratios as calculated under Basel III approaches (Standardized or Advanced).


(c)	The Tier 1 leverage ratio is not a risk-based measure of capital.


(d)	On May 18, 2019, Chase Bank USA, N.A. merged with and into JPMorgan Chase Bank, N.A., with JPMorgan Chase Bank, N.A as the surviving entity. The December 31, 2018 amounts reported for JPMorgan Chase Bank, N.A. retrospectively reflect the impact of the merger.



	September 30, 2019						December 31, 2018
	Basel III Advanced Fully Phased-In						Basel III Advanced Fully Phased-In
(in millions, except ratios)	JPMorgan Chase & Co.			JPMorgan Chase Bank, N.A.			JPMorgan Chase & Co.			JPMorgan Chase Bank, N.A.^(a)
Total leverage exposure	$	3,404,535		$	3,007,280		$	3,269,988		$	2,915,541
SLR	6.3		%	6.8		%	6.4		%	7.3		%


(a)	On May 18, 2019, Chase Bank USA, N.A. merged with and into JPMorgan Chase Bank, N.A., with JPMorgan Chase Bank, N.A as the surviving entity. The December 31, 2018 amounts reported for JPMorgan Chase Bank, N.A. retrospectively reflect the impact of the merger.

155

Note 22 – Off–balance sheet lending-related

financial instruments, guarantees, and other

commitments

JPMorgan Chase provides lending-related financial instruments (e.g., commitments and guarantees) to address the financing needs of its customers and clients. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the customer or client draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the customer or client subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees are refinanced, extended, cancelled, or expire without being drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. Refer to Note 27 of JPMorgan Chase’s 2018 Form 10-K for a further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies.

To provide for probable credit losses inherent in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 12 for further information regarding the allowance for credit losses on lending-related commitments. The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at September 30, 2019, and December 31, 2018. The amounts in the table below for credit card and home equity lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close HELOCs when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower.

156



Off–balance sheet lending-related financial instruments, guarantees and other commitments
	Contractual amount												Carrying value^(g)
	September 30, 2019										Dec 31, 2018		Sep 30, 2019			Dec 31, 2018
By remaining maturity (in millions)	Expires in 1 year or less		Expires after 1 year through 3 years		Expires after 3 years through 5 years		Expires after 5 years		Total		Total
Lending-related
Consumer, excluding credit card:
Home equity	$	597	$	1,156	$	2,353	$	17,077	$	21,183	$	20,901	$	12		$	12
Residential mortgage^(a)	10,904		—		—		12		10,916		5,481		—			—
Auto	8,062		1,238		118		49		9,467		8,011		2			2
Consumer & Business Banking	10,324		643		106		952		12,025		11,673		19			19
Total consumer, excluding credit card	29,887		3,037		2,577		18,090		53,591		46,066		33			33
Credit card	645,880		—		—		—		645,880		605,379		—			—
Total consumer^(b)	675,767		3,037		2,577		18,090		699,471		651,445		33			33
Wholesale:
Other unfunded commitments to extend credit^(c)	55,258		128,911		161,963		11,200		357,332		351,490		912			852
Standby letters of credit and other financial guarantees^(c)	16,373		10,525		5,349		1,842		34,089		33,498		605			521
Other letters of credit^(c)	3,853		305		40		—		4,198		2,825		5			3
Total wholesale^(b)	75,484		139,741		167,352		13,042		395,619		387,813		1,522			1,376
Total lending-related	$	751,251	$	142,778	$	169,929	$	31,132	$	1,095,090	$	1,039,258	$	1,555		$	1,409
Other guarantees and commitments
Securities lending indemnification agreements and guarantees^(d)	$	214,338	$	—	$	—	$	—	$	214,338	$	186,077	$	—		$	—
Derivatives qualifying as guarantees	1,772		196		12,081		40,369		54,418		55,271		231			367
Unsettled resale and securities borrowed agreements	122,946		1,125		66		—		124,137		102,008		—			—
Unsettled repurchase and securities loaned agreements	120,679		670		—		—		121,349		57,732		—			—
Loan sale and securitization-related indemnifications:
Mortgage repurchase liability	NA		NA		NA		NA		NA		NA		61			89
Loans sold with recourse	NA		NA		NA		NA		1,001		1,019		27			30
Exchange & clearing house guarantees and commitments^(e)	161,580		—		—		—		161,580		58,960		—			—
Other guarantees and commitments^(f)	4,098		590		260		2,832		7,780		8,183		(89		)	(73		)


(a)	Includes certain commitments to purchase loans from correspondents.


(b)	Predominantly all consumer and wholesale lending-related commitments are in the U.S.

(c)

At September 30, 2019, and December 31, 2018, reflected the contractual amount net of risk participations totaling $198 million and $282 million respectively, for other unfunded commitments to extend credit; $9.7 billion and $10.4 billion, respectively, for standby letters of credit and other financial guarantees; and $705 million and $385 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.


(d)	At September 30, 2019, and December 31, 2018, collateral held by the Firm in support of securities lending indemnification agreements was $226.5 billion and $195.6 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies.


(e)	At September 30, 2019, and December 31, 2018, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses.


(f)	At September 30, 2019, and December 31, 2018, primarily includes letters of credit hedged by derivative transactions and managed on a market risk basis, and unfunded commitments related to institutional lending. Additionally, includes unfunded commitments predominantly related to certain tax-oriented equity investments.


(g)	For lending-related products, the carrying value represents the allowance for lending-related commitments and the guarantee liability; for derivative-related products, the carrying value represents the fair value.

157

Other unfunded commitments to extend credit

Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in several forms, including the issuance of a standby letter of credit.

Standby letters of credit and other financial guarantees

Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade and similar transactions.

The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of September 30, 2019, and December 31, 2018.

Standby letters of credit, other financial guarantees and other letters of credit



	September 30, 2019				December 31, 2018
(in millions)	Standby letters of credit and other financial guarantees		Other letters of credit		Standby letters of credit and other financial guarantees		Other letters of credit
Investment-grade^(a)	$	27,131	$	3,249	$	26,420	$	2,079
Noninvestment-grade^(a)	6,958		949		7,078		746
Total contractual amount	$	34,089	$	4,198	$	33,498	$	2,825

Allowance for lending-related commitments	$	215	$	5	$	167	$	3
Guarantee liability	390		—		354		—
Total carrying value	$	605	$	5	$	521	$	3

Commitments with collateral	$	17,690	$	877	$	17,400	$	583


(a)	The ratings scale is based on the Firm’s internal ratings which generally correspond to ratings as defined by S&P and Moody’s.

Derivatives qualifying as guarantees

The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. Refer to Note 27 of JPMorgan Chase’s 2018 Form 10-K for further information on these derivatives.

The following table summarizes the derivatives qualifying as guarantees as of September 30, 2019, and December 31, 2018.



(in millions)	September 30, 2019		December 31, 2018
Notional amounts
Derivative guarantees	$	54,418	$	55,271
Stable value contracts with contractually limited exposure	28,886		28,637
Maximum exposure of stable value contracts with contractually limited exposure	2,960		2,963

Fair value
Derivative payables	231		367
Derivative receivables	—		—

In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. Refer to Note 4 for a further discussion of credit derivatives.

Loan sales- and securitization-related indemnifications

In connection with the Firm’s mortgage loan sale and securitization activities with GSEs the Firm has made representations and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm. Further, although the Firm’s securitizations are predominantly nonrecourse, the Firm does provide recourse servicing in certain limited cases where it agrees to share credit risk with the owner of the mortgage loans. Refer to Note 27 of JPMorgan Chase’s 2018 Form 10-K for additional information.

The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. Refer to Note 24 of this Form 10-Q and Note 29 of JPMorgan Chase’s 2018 Form 10-K for additional information regarding litigation.

158


•	the number, variety and varying stages of the proceedings, including the fact that many are in preliminary stages,


•	the existence in many such proceedings of multiple defendants, including the Firm, whose share of liability (if any) has yet to be determined,


•	the numerous yet-unresolved issues in many of the proceedings, including issues regarding class certification and the scope of many of the claims, and


•	the attendant uncertainty of the various potential outcomes of such proceedings, including where the Firm has made assumptions concerning future rulings by the court or other adjudicator, or about the behavior or incentives of adverse parties or regulatory authorities, and those assumptions prove to be incorrect.



Segment results and reconciliation^(a)
As of or for the three months ended September 30, (in millions, except ratios)	Consumer & Community Banking						Corporate & Investment Bank						Commercial Banking						Asset & Wealth Management
	2019			2018			2019			2018			2019			2018			2019			2018
Noninterest revenue	$	5,095		$	4,176		$	7,182		$	6,505		$	599		$	576		$	2,713		$	2,680
Net interest income	9,164			9,114			2,156			2,300			1,608			1,695			855			879
Total net revenue	14,259			13,290			9,338			8,805			2,207			2,271			3,568			3,559
Provision for credit losses	1,311			980			92			(42		)	67			(15		)	44			23
Noninterest expense	7,290			6,982			5,348			5,175			881			853			2,622			2,585
Income before income tax expense	5,658			5,328			3,898			3,672			1,259			1,433			902			951
Income tax expense	1,385			1,242			1,089			1,046			322			344			234			227
Net income	$	4,273		$	4,086		$	2,809		$	2,626		$	937		$	1,089		$	668		$	724
Average equity	$	52,000		$	51,000		$	80,000		$	70,000		$	22,000		$	20,000		$	10,500		$	9,000
Total assets	532,487			560,432			1,023,132			928,148			222,483			217,194			174,226			166,716
ROE	32		%	31		%	13		%	14		%	16		%	21		%	24		%	31		%
Overhead ratio	51			53			57			59			40			38			73			73



As of or for the three months ended September 30, (in millions, except ratios)	Corporate					Reconciling Items^(a)						Total
	2019		2018			2019			2018			2019			2018
Noninterest revenue	$	120	$	(177	)	$	(596	)	$	(408	)	$	15,113		$	13,352
Net interest income	572		74			(127		)	(154		)	14,228			13,908
Total net revenue	692		(103		)	(723		)	(562		)	29,341			27,260
Provision for credit losses	—		2			—			—			1,514			948
Noninterest expense	281		28			—			—			16,422			15,623
Income/(loss) before income tax expense/(benefit)	411		(133		)	(723		)	(562		)	11,405			10,689
Income tax expense/(benefit)	18		12			(723		)	(562		)	2,325			2,309
Net income/(loss)	$	393	$	(145	)	$	—		$	—		$	9,080		$	8,380
Average equity	$	71,113	$	80,439		$	—		$	—		$	235,613		$	230,439
Total assets	812,333		742,693			NA			NA			2,764,661			2,615,183
ROE	NM		NM			NM			NM			15		%	14		%
Overhead ratio	NM		NM			NM			NM			56			57


(a)	Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.



Segment results and reconciliation^(a)
As of or for the nine months ended September 30, (in millions, except ratios)	Consumer & Community Banking						Corporate & Investment Bank						Commercial Banking						Asset & Wealth Management
	2019			2018			2019			2018			2019			2018			2019			2018
Noninterest revenue	$	13,868		$	12,063		$	22,328		$	21,954		$	1,806		$	1,758		$	7,989		$	7,997
Net interest income	27,975			26,321			6,499			7,257			4,950			4,995			2,627			2,640
Total net revenue	41,843			38,384			28,827			29,211			6,756			6,753			10,616			10,637
Provision for credit losses	3,745			3,405			179			(142		)	186			23			48			40
Noninterest expense	21,663			20,770			16,288			16,237			2,618			2,541			7,865			7,732
Income before income tax expense	16,435			14,209			12,360			13,116			3,952			4,189			2,703			2,865
Income tax expense	4,025			3,385			3,365			3,318			966			988			655			616
Net income	$	12,410		$	10,824		$	8,995		$	9,798		$	2,986		$	3,201		$	2,048		$	2,249
Average equity	$	52,000		$	51,000		$	80,000		$	70,000		$	22,000		$	20,000		$	10,500		$	9,000
Total assets	532,487			560,432			1,023,132			928,148			222,483			217,194			174,226			166,716
Return on equity	31		%	27		%	14		%	18		%	17		%	20		%	25		%	32		%
Overhead ratio	52			54			57			56			39			38			74			73



JPMorgan Chase & Co.
Consolidated average balance sheets, interest and rates (unaudited)
(Taxable-equivalent interest and rates; in millions, except rates)

	Three months ended September 30, 2019								Three months ended September 30, 2018
	Average balance			Interest^(g)		Rate (annualized)			Average balance			Interest^(g)		Rate (annualized)
Assets
Deposits with banks	$	267,578		$	898	1.33	%		$	408,595		$	1,585	1.54
Federal funds sold and securities purchased under resale agreements	276,721			1,542		2.21			208,439			952		1.81
Securities borrowed^(a)	139,939			434		1.23			117,057			248		0.84
Trading assets – debt instruments^(a)	339,198			2,671		3.12			241,074			2,170		3.57
Taxable securities	308,619			2,132		2.74			187,942			1,402		2.96
Nontaxable securities^(b)	34,515			396		4.55			42,045			490		4.62
Total investment securities	343,134			2,528		2.92		^(h)	229,987			1,892		3.26	^(h)
Loans	947,280			12,623		5.29			951,724			12,250		5.11
All other interest-earning assets^(a)(c)	51,304			552		4.27			46,429			496		4.23
Total interest-earning assets^(a)	2,365,154			21,248		3.56			2,203,305			19,593		3.53
Allowance for loan losses	(13,142		)						(13,207		)
Cash and due from banks	20,375								21,101
Trading assets – equity and other instruments^(a)	113,980								119,915
Trading assets – derivative receivables	57,062								62,075
Goodwill, MSRs and other intangible assets	53,125								54,652
All other noninterest-earning assets	168,498								151,780
Total assets	$	2,765,052							$	2,599,621
Liabilities
Interest-bearing deposits^(a)	$	1,123,452		$	2,409	0.85	%		$	1,041,896		$	1,621	0.62
Federal funds purchased and securities loaned or sold under repurchase agreements	239,698			1,241		2.05			184,377			827		1.78
Short-term borrowings^(a)(d)	44,814			261		2.31			52,779			288		2.17
Trading liabilities – debt and all other interest-bearing liabilities^(a)(e)(f)	183,369			660		1.43			176,795			617		1.39
Beneficial interests issued by consolidated VIEs	21,123			134		2.53			19,921			122		2.41
Long-term debt^(a)	248,985			2,188		3.49			241,878			2,056		3.37
Total interest-bearing liabilities^(a)	1,861,441			6,893		1.47			1,717,646			5,531		1.28
Noninterest-bearing deposits^(a)	407,428								410,966
Trading liabilities – equity and other instruments^(a)(f)	31,310								36,605
Trading liabilities – derivative payables	45,987								44,810
All other liabilities, including the allowance for lending-related commitments^(a)	155,032								132,903
Total liabilities	2,501,198								2,342,930
Stockholders’ equity
Preferred stock	28,241								26,252
Common stockholders’ equity	235,613								230,439
Total stockholders’ equity	263,854								256,691
Total liabilities and stockholders’ equity	$	2,765,052							$	2,599,621
Interest rate spread^(a)						2.09	%							2.25
Net interest income and net yield on interest-earning assets^(a)				$	14,355	2.41						$	14,062	2.53


(f)	The combined balance of trading liabilities – debt and equity instruments were $102.3 billion and $106.4 billion for the three months ended September 30, 2019 and 2018, respectively.


(g)	Interest includes the effect of certain related hedging derivatives. Taxable-equivalent amounts are used where applicable.


(h)	The annualized rate for securities based on amortized cost was 2.97% and 3.29% for the three months ended September 30, 2019 and 2018, respectively, and does not give effect to changes in fair value that are reflected in AOCI.


•	All TDRs (both wholesale and consumer), including ones that have returned to accrual status


•	Interchange income: Fees earned by credit and debit card issuers on sales transactions.


•	Rewards costs: The cost to the Firm for points earned by cardholders enrolled in credit card rewards programs.


•	Partner payments: Payments to co-brand credit card partners based on the cost of loyalty program rewards earned by cardholders on credit card transactions.



Nine months ended September 30, 2019	Total shares of common stock repurchased	Average price paid per share of common stock^(a)		Aggregate repurchases of common equity (in millions)^(a)		Dollar value of remaining authorized repurchase (in millions)^(a)
First quarter	49,534,646	$	102.78	$	5,091	$	5,290
Second quarter	47,434,255	109.83		5,210		80		^(b)
July	16,285,176	114.39		1,863		27,537
August	29,005,310	108.78		3,155		24,382
September	16,720,914	115.53		1,931		22,451		^(c)
Third quarter	62,011,400	112.07		6,949		22,451		^(c)
Year-to-date	158,980,301	$	108.51	$	17,250	$	22,451	^(c)


(b)	The $80 million unused portion under the prior Board authorization was canceled when the $29.4 billion repurchase program was authorized by the Board of Directors on June 27, 2019.


(c)	Represents the amount remaining under the $29.4 billion repurchase program.



Exhibit No.		Description of Exhibit

10.1		Employee Stock Purchase Plan of JPMorgan Chase & Co., as amended and restated effective as of January 1, 2019. ^(a)

15		Letter re: Unaudited Interim Financial Information. ^(a)

31.1		Certification. ^(a)

31.2		Certification. ^(a)

32		Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. ^(b)

101.INS		The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.^(c)
101.SCH		XBRL Taxonomy Extension Schema Document.^(a)
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document.^(a)
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document.^(a)
101.LAB		XBRL Taxonomy Extension Label Linkbase Document.^(a)
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document.(a)
104		Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).


(b)	Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.



By:	/s/ Nicole Giles
	Nicole Giles
	Managing Director and Firmwide Controller
	(Principal Accounting Officer)


•	Employees who have employed less than 2 years by the Company or a Designated Subsidiary;


•	Employees whose customary employment is 20 hours or less per week;


•	Employees who are highly compensated employees within the meaning of Section 414(q) of the Code; and


•	Employees who are employed by the Company or a Designated Subsidiary outside of the United States.


(a)	Only Eligible Employees may be granted an Offer under the Plan.


(b)	No Eligible Employee may accept an Offer (nor may an Offer be made) if such Eligible


(b)	In the event that any Offer expires or is terminated for any reason, any shares of Common Stock that were the subject of such Offer but were not purchased may be subject to another Offer under this Plan.


(a)	The Committee may offer to Eligible Employees an option to purchase up to a certain number of shares of Common Stock as shall have an aggregate purchase price not in excess of (i) a specified percentage (not to exceed 100%) of each Eligible Employee’s Compensation or (ii) an aggregate purchase price expressed in U.S. dollars, in each case, as determined by the Committee.