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

March 31, 2022

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 5.75% 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
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG			JPM PR J			The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ			JPM PR K			The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL			JPM PR L			The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM			JPM PR M			The New York Stock Exchange
Alerian MLP Index ETNs due May 24, 2024			AMJ			NYSE Arca, Inc.
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC			JPM/32			The New York Stock Exchange

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 March 31, 2022: 2,937,050,466

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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 months ended March 31, 2022 and 2021						80
			Consolidated statements of comprehensive income (unaudited) for the three months ended March 31, 2022 and 2021						81
			Consolidated balance sheets (unaudited) at March 31, 2022 and December 31, 2021						82
			Consolidated statements of changes in stockholders’ equity (unaudited) for the three months ended March 31, 2022 and 2021						83
			Consolidated statements of cash flows (unaudited) for the three months ended March 31, 2022 and 2021						84
			Notes to Consolidated Financial Statements (unaudited)						85
			Report of Independent Registered Public Accounting Firm						164
			Consolidated Average Balance Sheets, Interest and Rates (unaudited) for the three months ended March 31, 2022 and 2021						165
			Glossary of Terms and Acronyms and Line of Business Metrics						166
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						9
			Consolidated Balance Sheets and Cash Flows Analysis						12
			Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures						15
			Business Segment Results						17
			Firmwide Risk Management						34
			Capital Risk Management						35
			Liquidity Risk Management						41
			Consumer Credit Portfolio						49
			Wholesale Credit Portfolio						54
			Investment Portfolio Risk Management						66
			Market Risk Management						67
			Country Risk Management						72
			Operational Risk Management						74
			Critical Accounting Estimates Used by the Firm						75
			Accounting and Reporting Developments						78
			Forward-Looking Statements						79
Item 3.			Quantitative and Qualitative Disclosures About Market Risk.						175
Item 4.			Controls and Procedures.						175
Part II – Other information
Item 1.			Legal Proceedings.						175
Item 1A.			Risk Factors.						175
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds.						175
Item 3.			Defaults Upon Senior Securities.						176
Item 4.			Mine Safety Disclosures.						176
Item 5.			Other Information.						176
Item 6.			Exhibits.						176

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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)
						1Q22			4Q21			3Q21			2Q21			1Q21
Selected income statement data
Total net revenue						$	30,717		$	29,257		$	29,647		$	30,479		$	32,266
Total noninterest expense						19,191			17,888			17,063			17,667			18,725
Pre-provision profit(a)						11,526			11,369			12,584			12,812			13,541
Provision for credit losses						1,463			(1,288)			(1,527)			(2,285)			(4,156)
Income before income tax expense						10,063			12,657			14,111			15,097			17,697
Income tax expense						1,781			2,258			2,424			3,149			3,397
Net income						$	8,282		$	10,399		$	11,687		$	11,948		$	14,300
Earnings per share data
Net income:     Basic						$	2.64		$	3.33		$	3.74		$	3.79		$	4.51
Diluted						2.63			3.33			3.74			3.78			4.50
Average shares: Basic						2,977.0			2,977.3			2,999.9			3,036.6			3,073.5
Diluted						2,981.0			2,981.8			3,005.1			3,041.9			3,078.9
Market and per common share data
Market capitalization						400,379			466,206			483,748			464,778			460,820
Common shares at period-end						2,937.1			2,944.1			2,955.3			2,988.2			3,027.1
Book value per share						86.16			88.07			86.36			84.85			82.31
Tangible book value per share (“TBVPS”)(a)						69.58			71.53			69.87			68.91			66.56
Cash dividends declared per share						1.00			1.00			1.00			0.90			0.90
Selected ratios and metrics
Return on common equity (“ROE”)(b)						13		%	16		%	18		%	18		%	23		%
Return on tangible common equity (“ROTCE”)(a)(b)						16			19			22			23			29
Return on assets(b)						0.86			1.08			1.24			1.29			1.61
Overhead ratio						62			61			58			58			58
Loans-to-deposits ratio						42			44			43			45			44
Firm Liquidity coverage ratio (“LCR”) (average)						110			111			112			111			110
JPMorgan Chase Bank, N.A. LCR (average)						181			178			174			171			166
Common equity Tier 1 (“CET1”) capital ratio(c)						11.9			13.1			12.9			13.0			13.1
Tier 1 capital ratio(c)						13.7			15.0			15.0			15.1			15.0
Total capital ratio(c)						15.4			16.8			16.9			17.1			17.2
Tier 1 leverage ratio(c)						6.2			6.5			6.6			6.6			6.7
Supplementary leverage ratio (“SLR”)(c)						5.2			5.4			5.5			5.4			6.7
Selected balance sheet data (period-end)
Trading assets						$	511,528		$	433,575		$	515,901		$	520,588		$	544,052
Investment securities, net of allowance for credit losses						679,460			672,232			595,132			573,637			597,394
Loans						1,073,285			1,077,714			1,044,615			1,040,954			1,011,307
Total assets						3,954,687			3,743,567			3,757,576			3,684,256			3,689,336
Deposits						2,561,207			2,462,303			2,402,353			2,305,217			2,278,112
Long-term debt						293,239			301,005			298,465			299,926			279,427
Common stockholders’ equity						253,061			259,289			255,203			253,548			249,151
Total stockholders’ equity						285,899			294,127			290,041			286,386			280,714
Headcount						273,948			271,025			265,790			260,110			259,350
Credit quality metrics
Allowances for loan losses and lending-related commitments						$	19,591		$	18,689		$	20,528		$	22,585		$	25,611
Allowance for loan losses to total retained loans						1.69		%	1.62		%	1.86		%	2.02		%	2.42		%
Nonperforming assets						$	8,605		$	8,346		$	8,882		$	9,802		$	10,257
Net charge-offs						582			550			524			734			1,057
Net charge-off rate						0.24		%	0.22		%	0.21		%	0.31		%	0.45		%

(a)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16 for a further discussion of these measures.

(b)Quarterly ratios are based upon annualized amounts.

(c)The capital metrics reflect the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the Current Expected Credit Losses ("CECL") capital transition provisions. For the period ended March 31, 2021, the SLR reflected the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks. Refer to Capital Risk Management on pages 35-40 of this Form 10-Q and pages 86-96 of JPMorgan Chase’s 2021 Form 10-K for additional information.

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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 first quarter of 2022.

This Quarterly Report on Form 10-Q for the first quarter of 2022 (“Form 10-Q”) should be read together with JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”). Refer to the Glossary of terms and acronyms and line of business (“LOB”) metrics on pages 166-174 for definitions of terms and acronyms used throughout this Form 10-Q.

This Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current beliefs and expectations of JPMorgan Chase’s management, speak only as of the date of this Form 10-Q 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 9-33 of the 2021 Form 10-K for a 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. There is no assurance that actual results will be in line with any outlook information set forth herein, and the Firm does not undertake to update any forward-looking statements.

JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $4.0 trillion in assets and $285.9 billion in stockholders’ equity as of March 31, 2022. 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 predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally.

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 48 states and Washington, D.C. as of March 31, 2022. JPMorgan Chase’s principal non-bank 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 subsidiaries outside the U.S. are J.P. Morgan Securities plc and J.P. Morgan SE ("JPMSE"), which are subsidiaries of JPMorgan Chase Bank, N.A. and are based in the United Kingdom ("U.K.") and Germany, respectively.

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 the Corporate & Investment Bank (“CIB”), Commercial Banking (“CB”), and Asset & Wealth Management (“AWM”). Refer to Note 25 of this Form 10-Q and Note 32 of JPMorgan Chase’s 2021 Form 10-K for a description of the Firm’s business segments and the products and services they provide to their respective client bases.

The Firm's website is www.jpmorganchase.com. JPMorgan Chase makes available on its website, free of charge, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after it electronically files or furnishes such material to the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov. JPMorgan Chase makes new and important information about the Firm available on its website at https://www.jpmorganchase.com, including on the Investor Relations section of its website at https://www.jpmorganchase.com/ir. Information on the Firm's website is not incorporated by reference into this Form 10-Q or the Firm’s other filings with the SEC.

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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, this Form 10-Q and the 2021 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 March 31,
			2022						2021						Change
Selected income statement data
Noninterest revenue			$	16,845					$	19,377					(13)		%
Net interest income			13,872						12,889						8
Total net revenue			30,717						32,266						(5)
Total noninterest expense			19,191						18,725						2
Pre-provision profit			11,526						13,541						(15)
Provision for credit losses			1,463						(4,156)						NM
Net income			8,282						14,300						(42)
Diluted earnings per share			$	2.63					$	4.50					(42)
Selected ratios and metrics
Return on common equity			13%						23%
Return on tangible common equity			16						29
Book value per share			$	86.16					$	82.31					5
Tangible book value per share			69.58						66.56						5
Capital ratios(a)
CET1 capital			11.9%						13.1%
Tier 1 capital			13.7						15.0
Total capital			15.4						17.2
Memo:
NII excluding Markets(b)			$	11,752					$	10,775					9		%
NIR excluding Markets(b)			11,085						13,294						(17)
Markets(b)			8,753						9,050						(3)
Total net revenue - managed basis			$	31,590					$	33,119					(5)

(a)The capital metrics reflect the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the CECL capital transition provisions. For the period ended March 31, 2021, the SLR reflected the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks. Refer to Capital Risk Management on pages 35-40 of this Form 10-Q and pages 86-96 of JPMorgan Chase’s 2021 Form 10-K for additional information.

(b)NII and NIR refer to net interest income and noninterest revenue, respectively. Markets consists of CIB's Fixed Income Markets and Equity Markets businesses.

Comparisons noted in the sections below are for the first quarter of 2022 versus the first quarter of 2021, unless otherwise specified.

Firmwide overview

JPMorgan Chase reported net income of $8.3 billion for the first quarter of 2022, or $2.63 per share, on net revenue of $30.7 billion. The Firm reported ROE of 13% and ROTCE of 16%. The Firm's results for the first quarter of 2022 included a net increase in the allowance for credit losses of $902 million and a loss of $524 million in Credit Adjustments & Other in CIB.

•The Firm had net income of $8.3 billion, down 42%.

•Total net revenue was down 5%.

–Noninterest revenue was $16.8 billion, down 13%, driven by lower Investment Banking fees, lower net production revenue in Home Lending, and losses on legacy equity investments compared to gains in the prior year in Corporate. The decrease also reflected the loss in Credit Adjustments & Other in CIB.

–Net interest income was $13.9 billion, up 8%. Net interest income excluding Markets was $11.8 billion, up 9%, predominantly driven by balance sheet growth and higher rates, partially offset by lower NII from Paycheck Protection Program ("PPP") loans.

•Noninterest expense was $19.2 billion, up 2%, predominantly driven by investments and structural expense across the LOBs, largely offset by lower volume- and revenue-related expense, including revenue-related compensation in CIB. The prior-year expense included a $550 million contribution to the Firm’s Foundation.

•The provision for credit losses was $1.5 billion, driven by;

–a net addition of $902 million to the allowance for credit losses, which largely reflects an increased weight placed on the adverse scenarios, from the more balanced weighting placed on the adverse and upside scenarios at December 31, 2021, due to the potential effects associated with higher inflation, changes in monetary policy, as well as geopolitical risks, including the war in Ukraine. The increase in the allowance also included client-specific Russia and Russia-associated downgrades in CIB and AWM, and

–$582 million of net charge-offs, down $475 million, driven by Card.

The prior year provision was a net benefit of $4.2 billion, reflecting a net reduction in the allowance for credit losses of $5.2 billion.

•The total allowance for credit losses was $19.6 billion at March 31, 2022. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.69%, compared with 2.42% in the prior year.

•The Firm’s nonperforming assets totaled $8.6 billion at March 31, 2022, a net decrease of $1.7 billion from the prior year, driven by lower nonaccrual loans, reflecting improved credit performance in consumer; and in wholesale, net portfolio activity as well as client-specific upgrades, largely offset by client-specific downgrades, including Russia and Russia-associated clients.

•Firmwide average loans of $1.1 trillion were up 5%, driven by higher loans in AWM and CIB.

•Firmwide average deposits of $2.5 trillion were up 13%, reflecting inflows across the LOBs primarily driven by the ongoing effect of certain government actions. In CCB, the increase was also driven by growth from new and existing

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accounts across both consumer and small business customers.

Selected capital-related metrics

•The Firm’s CET1 capital was $208 billion, and the Standardized and Advanced CET1 ratios were 11.9% and 12.7%, respectively.

•The Firm’s SLR was 5.2%.

•The Firm grew TBVPS, ending the first quarter of 2022 at $69.58, up 5% versus the prior year.

Pre-provision profit, ROTCE, TCE, TBVPS, NII and NIR excluding Markets, and total net revenue on a managed basis are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16 for a further discussion of each of these measures.

Business segment highlights

Selected business metrics for each of the Firm’s four LOBs are presented below for the first quarter of 2022.

CCB ROE 23%						•Average deposits up 18%; client investment assets up 9% •Average loans down 1% year-over-year ("YoY") and down 2% quarter-over-quarter ("QoQ"); Card net charge-off rate of 1.37% •Debit and credit card sales volume(a) up 21% •Active mobile customers(b) up 11%
CIB ROE 17%						•#1 ranking for Global Investment Banking fees with 8.0% wallet share in 1Q22 •Total Markets revenue of $8.8 billion, down 3%, with Fixed Income Markets down 1% and Equity Markets down 7%
CB ROE 13%						•Gross Investment Banking revenue of $729 million, down 35% •Average loans up 2% YoY and up 2% QoQ; average deposits up 9%
AWM ROE 23%						•Assets under management (AUM) of $3.0 trillion, up 4% •Average loans up 14% YoY and 3% QoQ; average deposits up 39%

(a)Excludes Commercial Card.

(b)Users of all mobile platforms who have logged in within the past 90 days.

Refer to the Business Segment Results on pages 17-33 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 three months of 2022, consisting of:

$640 billion									Total credit provided and capital raised (including loans and commitments)(a)
			$69 billion						Credit for consumers
			$8 billion						Credit for U.S. small businesses
			$265 billion						Credit for corporations
			$282 billion						Capital raised for corporate clients and non-U.S. government entities
			$16  billion						Credit and capital raised for nonprofit and U.S. government entities(a)

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

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Recent events

•On May 2, 2022, JPMorgan Chase acquired Frosch Travel Group, LLC, a global travel management company.

•On April 13, 2022, JPMorgan Chase announced that its Board of Directors had authorized a new $30 billion common share repurchase program, effective May 1, 2022.

•On March 15, 2022, JPMorgan Chase announced that it had entered into an agreement to acquire Global Shares, a cloud-based provider of share-based plan administration software, subject to regulatory approvals.

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, speak only as of the date of this Form 10-Q, and are subject to significant risks and uncertainties. Refer to Forward-Looking Statements on page 79 and page 155 of JPMorgan Chase’s 2021 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 will be in line with the outlook information set forth below, and the Firm does not undertake to update any forward-looking statements.

JPMorgan Chase’s current outlook for 2022 should be viewed against the backdrop of the global and U.S. economies, the COVID-19 pandemic, 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. The Firm 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.

Full-year 2022

•Management expects net interest income excluding Markets to be in excess of $53 billion, market dependent.

•Management expects adjusted expense to be approximately $77 billion, which includes increased investments in technology, distribution and marketing, and higher structural expense.

Net interest income excluding Markets and adjusted expense are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16.

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Business Developments

War in Ukraine

Since the outbreak of the war in Ukraine, the Firm’s business activities related to Russia have generally been limited to assisting clients with fulfilling or terminating pre-existing obligations and managing their Russia-associated risks, as well as providing payment services and acting as a custodian for global clients who hold Russia and Russia-associated financial instruments.

The Firm increased its allowance for credit losses in the first quarter due in part to client-specific Russia and Russia-associated downgrades. However, the Firm's exposure to Russia and Russia-associated clients and counterparties is not material to its financial condition or results of operations.

The Firm continues to assess the ongoing secondary impacts of the war in Ukraine, including: increased market volatility, effects on global energy and commodities markets, client demand for credit and liquidity, distress in certain industries or economic sectors, heightened counterparty credit risk, potential recessionary and inflationary pressures, impacts on global supply chains and government actions, including the imposition of financial and economic sanctions.

Refer to Wholesale Credit Portfolio on pages 54-62, Allowance for Credit Losses on pages 63-65, Market Risk Management on pages 67-71 and Country Risk Management on pages 72-73 for additional information.

Complying with global sanctions

The Firm has engaged and continues to engage with government authorities, regulators, and industry groups in connection with analyzing and implementing procedures reasonably designed to comply with financial and economic sanctions imposed on Russia and Russia-associated entities and individuals by various governments around the world.

Managing key operational risks

The Firm faces increased operational risk in its efforts to comply with the various financial and economic sanctions that have been imposed as a result of the war in Ukraine, as the requirements are highly complex and continue to evolve.

The Firm is also focused on risks related to the increased potential for cyber attacks that may be conducted in retaliation for the sanctions imposed.

Refer to Operational Risk Management on page 74 for additional information.

Supporting employees

The Firm has provided additional benefits and support to employees who have been affected by the war.

Providing humanitarian assistance

In support of the relief efforts, the Firm has made a $10 million commitment to help address the Ukrainian humanitarian crisis.

Refer to Part I, Item 1A, Risk Factors, on pages 9-33 of the JPMorgan Chase's 2021 Form 10-K for a discussion of risk factors affecting the Firm.

For purposes of this Form 10-Q, "Russia" refers to exposure to clients and counterparties of the Firm for which the largest proportion of their assets is located, or the largest proportion of their revenue is derived, in Russia, based on the Firm’s internal country risk management framework; "Russia-associated" refers to exposure to clients and counterparties of the Firm with respect to which economic or financial sanctions relating to the war in Ukraine have been imposed or which have close association with Russia.

Interbank Offered Rate (“IBOR”) transition

JPMorgan Chase and other market participants continue to make progress with respect to the transition from the use of the London Interbank Offered Rate ("LIBOR") and other IBORs to comply with the International Organization of Securities Commission's standards for transaction-based benchmark rates. The cessation of the publication of the principal tenors of the U.S. dollar LIBOR (i.e., overnight, one-month, three-month, six-month and 12-month LIBOR) is scheduled for June 30, 2023.

The Firm continues to engage with and support clients as they move to replacement rates. In connection with the transition, as of March 31, 2022 the Firm had remediated 96% of the notional amount of its bilateral derivatives contracts linked to U.S. dollar LIBOR by virtue of counterparty adherence to, or the contracts otherwise being subject to, the International Swaps and Derivatives Association, Inc.'s ("ISDA") IBOR Fallbacks Protocol, and continues its client outreach with respect to U.S. dollar LIBOR-linked loans.

The Firm continues to monitor and evaluate client, industry, market, regulatory and legislative developments. Refer to Business Developments on pages 50-51 of JPMorgan Chase's 2021 Form 10-K for additional information.

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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 months ended March 31, 2022 and 2021, unless otherwise specified. Factors that relate primarily to a single business segment are discussed in more detail within that business segment's results. Refer to pages 75-77 of this Form 10-Q and pages 150-153 of JPMorgan Chase’s 2021 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 March 31,
(in millions)			2022						2021						Change
Investment banking fees			$	2,008					$	2,970					(32)		%
Principal transactions			5,105						6,500						(21)
Lending- and deposit-related fees			1,839						1,687						9
Asset management, administration and commissions			5,362						5,029						7
Investment securities gains/(losses)			(394)						14						NM
Mortgage fees and related income			460						704						(35)
Card income			975						1,350						(28)
Other income(a)			1,490						1,123						33
Noninterest revenue			16,845						19,377						(13)
Net interest income			13,872						12,889						8
Total net revenue			$	30,717					$	32,266					(5)		%

(a) Included operating lease income of $1.0 billion and $1.3 billion for the three months ended March 31, 2022 and 2021, respectively.

Investment banking fees decreased in CIB, reflecting:

•lower equity underwriting fees primarily driven by lower issuance activity, particularly in North America and EMEA,

•lower debt underwriting fees predominantly driven by high-yield bonds as a result of reduced issuances in a volatile market,

partially offset by

•higher advisory fees benefiting from the closing of deals announced in 2021.

Refer to CIB segment results on pages 22-26 and Note 5 for additional information.

Principal transactions revenue decreased largely in CIB, reflecting:

•a loss of $524 million in Credit Adjustments & Other, predominantly driven by funding spread widening, and credit valuation adjustments related to increases in commodities exposures and markdowns of derivative receivables from Russia-associated counterparties,

•lower revenue in Equity Markets, particularly in derivatives and Cash Equities, compared to a strong prior year, and

•lower revenue in Fixed Income Markets, particularly in Securitized Products largely due to the rising rate environment, which slowed down the pace of mortgage production, predominantly offset by higher revenue in Currencies & Emerging Markets on elevated client activity in a volatile market.

The decrease in Principal transactions revenue also reflects net losses on certain legacy private equity investments in Corporate, compared with net gains in the prior year.

Refer to CIB and Corporate segment results on pages 22-26 and pages 32-33, and Note 5 for additional information.

Lending- and deposit-related fees increased as a result of:

•higher cash management fees in CIB and CB driven by growth in transaction volume, and

•higher deposit-related fees in CCB.

Refer to CCB, CIB and CB segment results on pages 19-21, pages 22-26 and pages 27-28, respectively, and Note 5 for additional information.

Asset management, administration and commissions revenue increased predominantly driven by:

•strong cumulative net inflows into long-term products, as well as higher performance fees, in AWM, and

•higher net inflows and average market levels in CCB.

Refer to CCB and AWM segment results on pages 19-21, pages 29-31, respectively, and Note 5 for additional information.

Investment securities gains/(losses) reflected net investment securities losses on sales of U.S. Treasuries and U.S. GSE and government agency MBS, compared with net gains in the prior year, associated with repositioning the investment securities portfolios in both periods in Treasury and CIO. Refer to Corporate segment results on pages 32-33 and Note 9 for additional information.

Mortgage fees and related income decreased due to lower production revenue from lower margins and volume, largely offset by higher net mortgage servicing revenue on an increase in MSR risk management results primarily driven by changes in prepayment expectations. Refer to CCB segment results on pages 19-21, Note 5 and 14 for additional information.

Card income decreased due to higher amortization related to new account origination costs in Card. Refer to CCB, CIB and CB segment results on pages 19-21, pages 22-26 and pages 27-28, respectively, and Note 5 for additional information.

Other income increased reflecting:

•net gains on equity investments in CIB,

•proceeds from an insurance settlement in Corporate, and

•the absence of weather-related write-downs recorded in the prior year on certain renewable energy investments in CIB,

partially offset by

•lower auto operating lease income in CCB as a result of a decline in volume, and

•lower net investment valuation gains in AWM.

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Net interest income increased driven by balance sheet growth and higher rates, partially offset by lower NII from PPP loans.

The Firm’s average interest-earning assets were $3.4 trillion, up $275 billion, predominantly driven by higher deposits with banks and investment securities, and the yield was 1.86%, down 1 basis point (“bp”). The net yield on these assets, on an FTE basis, was 1.67%, a decrease of 2 bps. The net yield excluding Markets was 1.95%, up 2 bps.

Net yield excluding Markets is a non-GAAP financial measure. Refer to the Consolidated average balance sheets, interest and rates schedule on page 165 for further details; and the Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 15-16 for a further discussion of Net interest yield excluding Markets.

Provision for credit losses
			Three months ended March 31,
(in millions)			2022						2021						Change
Consumer, excluding credit card			$	173					$	(984)					NM
Credit card			506						(2,517)						NM
Total consumer			679						(3,501)						NM
Wholesale			785						(671)						NM
Investment securities			(1)						16						NM
Total provision for credit losses			$	1,463					$	(4,156)					NM

The provision for credit losses increased driven by:

•a net addition of $902 million to the allowance for credit losses, consisting of $776 million in wholesale and $127 million in consumer. The addition largely reflects an increased weight placed on the adverse scenarios, from the more balanced weighting placed on the adverse and upside scenarios at December 31, 2021, due to the potential effects associated with higher inflation, changes in monetary policy, as well as geopolitical risks, including the war in Ukraine. The increase in the allowance also included client-specific Russia and Russia-associated downgrades in CIB and AWM,

partially offset by

•lower net charge-offs of $475 million driven by Card, as consumer cash balances remained elevated.

The prior year included a $5.2 billion net reduction in the allowance for credit losses.

Refer to CCB segment results on pages 19-21, CIB on pages 22-26, CB on pages 27-28, AWM on pages 29-31, the Allowance for Credit Losses on pages 63-65, and Notes 9 and 12 for additional information on the credit portfolio and the allowance for credit losses.

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Noninterest expense
(in millions)			Three months ended March 31,
			2022						2021						Change
Compensation expense			$	10,787					$	10,601					2		%
Noncompensation expense:
Occupancy			1,134						1,115						2
Technology, communications and equipment(a)			2,360						2,519						(6)
Professional and outside services			2,572						2,203						17
Marketing			920						751						23
Other expense(b)			1,418						1,536						(8)
Total noncompensation expense			8,404						8,124						3
Total noninterest expense			$	19,191					$	18,725					2		%

(a)Includes depreciation expense associated with auto operating lease assets.

(b)Included Firmwide legal expense of $119 million and $28 million for the three months ended March 31, 2022 and 2021, respectively.

Compensation expense increased driven by investments and higher structural expense across the LOBs, partially offset by lower revenue-related compensation in CIB.

Noncompensation expense increased as a result of:

•higher structural expense, including professional fees,

•higher investments, including technology expense across the LOBs and marketing expense in CCB,

•higher brokerage expense in CIB, as well as other outside services expense, and

•higher legal expense predominantly in CIB,

partially offset by

•lower depreciation expense in CCB due to lower auto lease assets and the impact of higher vehicle collateral values.

The prior year included a $550 million contribution to the Firm's Foundation.

Income tax expense
(in millions)			Three months ended March 31,
			2022						2021						Change
Income before income tax expense			$	10,063					$	17,697					(43)		%
Income tax expense			1,781						3,397						(48)
Effective tax rate			17.7		%				19.2		%

The effective tax rate decreased driven by the lower level of pre-tax income that also increased the relative net impact of certain tax benefits and expenses. The prior year included expenses related to tax audit settlements.

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CONSOLIDATED BALANCE SHEETS AND CASH FLOWS ANALYSIS

Consolidated balance sheets analysis

The following is a discussion of the significant changes between March 31, 2022, and December 31, 2021.

Selected Consolidated balance sheets data
(in millions)			March 31, 2022						December 31, 2021			Change
Assets
Cash and due from banks			$	26,165					$	26,438		(1)		%
Deposits with banks			728,367						714,396			2
Federal funds sold and securities purchased under resale agreements			301,875						261,698			15
Securities borrowed			224,852						206,071			9
Trading assets			511,528						433,575			18
Available-for-sale securities			312,875						308,525			1
Held-to-maturity securities, net of allowance for credit losses			366,585						363,707			1
Investment securities, net of allowance for credit losses			679,460						672,232			1
Loans			1,073,285						1,077,714			—
Allowance for loan losses			(17,192)						(16,386)			5
Loans, net of allowance for loan losses			1,056,093						1,061,328			—
Accrued interest and accounts receivable			152,207						102,570			48
Premises and equipment			26,916						27,070			(1)
Goodwill, MSRs and other intangible assets			58,485						56,691			3
Other assets			188,739						181,498			4
Total assets			$	3,954,687					$	3,743,567		6		%

Cash and due from banks and deposits with banks increased primarily as a result of growth in deposits. 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 increased driven by Markets, reflecting:

•higher demand for securities to cover short positions,

•higher collateral requirements, and

•the impact of client-driven market-making activities.

Securities borrowed increased driven by Markets, resulting from higher client-driven activities and an increase in demand for securities to cover short positions. Refer to Note 10 for additional information on securities purchased under resale agreements and securities borrowed.

Trading assets increased driven by Markets, due to:

•higher securities related to client-driven market-making activities, and

•higher derivative receivables, largely commodities, predominantly oil and gas, as a result of market movements.

Refer to Notes 2 and 4 for additional information.

Investment securities increased resulting from net purchases of securities, largely offset by paydowns, and unrealized losses on AFS securities which are recognized in accumulated other comprehensive income ("AOCI"). Refer to Corporate segment results on pages 32-33, Investment Portfolio Risk Management on page 66, and Notes 2 and 9 for additional information.

Loans were relatively flat, and reflected:

•lower residential real estate loans at fair value in Home Lending as sales outpaced originations due to higher interest rates, and

•a decline in AWM due to paydowns and lower securities-based lending,

offset by

•higher wholesale loans in CB and CIB.

The allowance for loan losses increased as a result of a net addition of $806 million to the allowance for credit losses, consisting of $677 million in wholesale and $129 million in consumer. The addition largely reflects an increased weight placed on the adverse scenarios, from the more balanced weighting placed on the adverse and upside scenarios at December 31, 2021, due to the potential effects associated with higher inflation, changes in monetary policy, as well as geopolitical risks, including the war in Ukraine. The increase in the allowance also included client-specific Russia and Russia-associated downgrades in CIB and AWM.

There was a $97 million addition to allowance for lending-related commitments. This allowance is included in other liabilities on the Consolidated balance sheets.

Refer to Credit and Investment Risk Management on pages 46-66, and Notes 2, 3, 11 and 12 for a more detailed discussion of loans and the allowance for loan losses.

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Accrued interest and accounts receivable increased due to higher client receivables related to client-driven activities in Markets, including prime brokerage, during a period of heightened market volatility.

Goodwill, MSRs and other intangibles increased, reflecting higher MSRs driven by purchases and originations, as well as the impact of changes in market interest rates. Refer to Note 14 for additional information.

Selected Consolidated balance sheets data (continued)
(in millions)			March 31, 2022						December 31, 2021			Change
Liabilities
Deposits			$	2,561,207					$	2,462,303		4		%
Federal funds purchased and securities loaned or sold under repurchase agreements			223,858						194,340			15
Short-term borrowings			57,586						53,594			7
Trading liabilities			202,083						164,693			23
Accounts payable and other liabilities			320,671						262,755			22
Beneficial interests issued by consolidated variable interest entities (“VIEs”)			10,144						10,750			(6)
Long-term debt			293,239						301,005			(3)
Total liabilities			3,668,788						3,449,440			6
Stockholders’ equity			285,899						294,127			(3)
Total liabilities and stockholders’ equity			$	3,954,687					$	3,743,567		6		%

Deposits increased in CIB, CCB and AWM, driven by:

•higher deposits in CIB's Payments and Securities Services primarily driven by client activities, and

•growth in new and existing accounts in CCB across consumer and small business customers,

partially offset by

•a decline in CB, principally due to seasonality.

Refer to Liquidity Risk Management on pages 41-45 and Notes 2 and 15 for additional information.

Federal funds purchased and securities loaned or sold under repurchase agreements increased due to the impact of client activities and higher secured financing of trading assets in Markets. Refer to Liquidity Risk Management on pages 41-45 and Note 10 for additional information.

Short-term borrowings increased as a result of higher net issuance of commercial paper primarily for short-term liquidity management in Treasury and CIO. Refer to Liquidity Risk Management on pages 41-45 for additional information.

Trading liabilities increased due to client-driven market-making activities in Fixed Income Markets, which resulted in higher levels of short positions in debt instruments, as well as higher derivative payables associated with market movements. Refer to Notes 2 and 4 for additional information.

Accounts payable and other liabilities increased reflecting higher client payables related to client-driven activities primarily in Markets, including prime brokerage, during a period of heightened market volatility. Refer to Note 10 for additional information on securities financing transactions.

Beneficial interests issued by consolidated VIEs decreased driven by maturities of credit card securitizations in Treasury and CIO. Refer to Liquidity Risk Management on pages 41-45 and Notes 13 and 22 for additional information on Firm-sponsored VIEs and loan securitization trusts.

Long-term debt decreased driven by fair value hedge accounting adjustments related to higher rates, partially offset by net issuances in Treasury and CIO, as well as a decline in the fair value of structured notes in CIB. Refer to Liquidity Risk Management on pages 41-45 for additional information.

Stockholders’ equity decreased as a result of a net unrealized loss in AOCI, which was primarily driven by the impact of higher rates on the AFS portfolio and cash flow hedges in Treasury and CIO. Refer to page 83 for information on changes in stockholders’ equity, Capital actions on page 39, and Note 19 for additional information.

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Consolidated cash flows analysis

The following is a discussion of cash flow activities during the three months ended March 31, 2022 and 2021.

(in millions)												Three months ended March 31,
																		2022						2021
Net cash provided by/(used in)
Operating activities																		$	(41,917)					$	(43,872)
Investing activities																		(72,608)						15,391
Financing activities																		132,772						218,911
Effect of exchange rate changes on cash																		(4,549)						(6,967)
Net increase in cash and due from banks and deposits with banks																		$	13,698					$	183,463

Operating activities

•In 2022, cash used resulted from higher trading assets, and accrued interest and accounts receivable, largely offset by higher accounts payable and other liabilities and trading liabilities.

•In 2021, cash used resulted from higher trading assets, accrued interest and accounts receivable, and securities borrowed, partially offset by higher accounts payable and other liabilities and lower other assets.

Investing activities

•In 2022, cash used resulted from higher securities purchased under resale agreements, net purchases of investment securities, and higher net originations of loans.

•In 2021, cash provided reflected lower securities purchased under resale agreements and net proceeds from sales and securitizations of loans held-for-investment, partially offset by net purchases of investment securities.

Financing activities

•In 2022, cash provided reflected higher deposits and securities loaned or sold under repurchase agreements, and net proceeds from long- and short-term borrowings.

•In 2021, cash provided reflected higher deposits and securities loaned or sold under repurchase agreements, and net proceeds from long- and short-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 12-13, Capital Risk Management on pages 35-40, and Liquidity Risk Management on pages 41-45 of this Form 10-Q, and pages 97-104 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of the activities affecting the Firm’s cash flows.

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EXPLANATION AND RECONCILIATION OF THE FIRM’S USE OF NON-GAAP FINANCIAL 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);

•Pre-provision profit, which represents total net revenue less total noninterest expense;

•Net interest income, net yield, and noninterest revenue excluding Markets;

•TCE, ROTCE, and TBVPS;

•Adjusted expense, which represents noninterest expense excluding Firmwide legal expense; and

•Allowance for loan losses to period-end loans retained, excluding trade finance and conduits.

Refer to Explanation and Reconciliation of the Firm’s Use Of Non-GAAP Financial Measures and Key Performance Measures on pages 58-60 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of management’s use of non-GAAP financial measures.

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

			Three months ended March 31,
			2022																					2021
(in millions, except ratios)			Reported						Fully taxable-equivalent adjustments(a)									Managed basis						Reported						Fully taxable-equivalent adjustments(a)									Managed basis
Other income			$	1,490					$	775								$	2,265					$	1,123					$	744								$	1,867
Total noninterest revenue			16,845						775									17,620						19,377						744									20,121
Net interest income			13,872						98									13,970						12,889						109									12,998
Total net revenue			30,717						873									31,590						32,266						853									33,119
Total noninterest expense			19,191						NA									19,191						18,725						NA									18,725
Pre-provision profit			11,526						873									12,399						13,541						853									14,394
Provision for credit losses			1,463						NA									1,463						(4,156)						NA									(4,156)
Income before income tax expense			10,063						873									10,936						17,697						853									18,550
Income tax expense			1,781						873									2,654						3,397						853									4,250
Net income			$	8,282					NA									$	8,282					$	14,300					NA									$	14,300
Overhead ratio			62		%				NM									61		%				58		%				NM									57		%

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

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The following table provides information on net interest income, net yield, and noninterest revenue excluding Markets.

(in millions, except rates)			Three months ended March 31,
			2022			2021						Change
Net interest income – reported			$	13,872		$	12,889					8		%
Fully taxable-equivalent adjustments			98			109						(10)
Net interest income – managed basis(a)			$	13,970		$	12,998					7
Less: Markets net interest income(b)			2,218			2,223						—
Net interest income excluding Markets(a)			$	11,752		$	10,775					9
Average interest-earning assets			$	3,401,951		$	3,126,569					9
Less: Average Markets interest-earning assets(b)			963,845			866,591						11
Average interest-earning assets excluding Markets			$	2,438,106		$	2,259,978					8		%
Net yield on average interest-earning assets – managed basis			1.67		%	1.69		%
Net yield on average Markets interest-earning assets(b)			0.93			1.04
Net yield on average interest-earning assets excluding Markets			1.95		%	1.93		%

Noninterest revenue – reported			$	16,845		$	19,377					(13)		%
Fully taxable-equivalent adjustments			775			744						4
Noninterest revenue – managed basis			$	17,620		$	20,121					(12)
Less: Markets noninterest revenue(b)			6,535			6,827						(4)
Noninterest revenue excluding Markets			$	11,085		$	13,294					(17)
Memo: Total Markets net revenue(b)			$	8,753		$	9,050					(3)

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

(b)Refer to page 25 for further information on Markets.

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)			Mar 31, 2022			Dec 31, 2021						Three months ended March 31,
												2022			2021
Common stockholders’ equity			$	253,061		$	259,289					$	252,506		$	245,542
Less: Goodwill			50,298			50,315						50,307			49,249
Less: Other intangible assets			893			882						896			891
Add: Certain deferred tax liabilities(a)			2,496			2,499						2,498			2,455
Tangible common equity			$	204,366		$	210,591					$	203,801		$	197,857
Return on tangible common equity			NA			NA						16		%	29		%
Tangible book value per share			$	69.58		$	71.53					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.

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BUSINESS SEGMENT RESULTS

The Firm is managed on an LOB 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 on pages 15-16 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 a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.

Revenue sharing

When business segments join efforts to sell products and services to the Firm’s clients, the participating business segments may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segment(s) involved in the transaction. The segment results reflect these revenue-sharing agreements.

Funds transfer pricing

Funds transfer pricing ("FTP") is the process by which the Firm allocates interest income and expense to each business segment and transfers the primary interest rate risk and liquidity risk to Treasury and CIO within Corporate.

The funds transfer pricing process considers the interest rate risk and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically the methodology and assumptions utilized in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the business segments.

Capital allocation

The amount of capital assigned to each segment is referred to as equity. Periodically, the assumptions and methodologies used to allocate capital are reassessed and as a result, the capital allocated to the LOBs may change. Refer to Line of business equity on page 38, and page 93 of JPMorgan Chase’s 2021 Form 10-K for additional information on capital allocation.

Refer to Business Segment Results – Description of business segment reporting methodology on pages 61-62 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of those methodologies.

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Segment results – managed basis

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

Three months ended March 31,			Consumer & Community Banking															Corporate & Investment Bank															Commercial Banking
(in millions, except ratios)			2022			2021						Change						2022			2021						Change						2022			2021						Change
Total net revenue			$	12,229		$	12,517					(2)%						$	13,529		$	14,605					(7)%						$	2,398		$	2,393					—%
Total noninterest expense			7,720			7,202						7						7,298			7,104						3						1,129			969						17
Pre-provision profit/(loss)			4,509			5,315						(15)						6,231			7,501						(17)						1,269			1,424						(11)
Provision for credit losses			678			(3,602)						NM						445			(331)						NM						157			(118)						NM
Net income/(loss)			2,895			6,787			(a)			(57)						4,385			5,924			(a)			(26)						850			1,181			(a)			(28)
Return on equity (“ROE”)			23%			54%												17		%	28%			(a)									13		%	19%

Three months ended March 31,			Asset & Wealth Management															Corporate															Total
(in millions, except ratios)			2022			2021						Change						2022			2021						Change						2022			2021						Change
Total net revenue			$	4,315		$	4,077					6%						$	(881)		$	(473)					(86)%						$	31,590		$	33,119					(5)%
Total noninterest expense			2,860			2,574						11						184			876						(79)						19,191			18,725						2
Pre-provision profit/(loss)			1,455			1,503						(3)						(1,065)			(1,349)						21						12,399			14,394						(14)
Provision for credit losses			154			(121)						NM						29			16						81						1,463			(4,156)						NM
Net income/(loss)			1,008			1,260			(a)			(20)						(856)			(852)			(a)			—						8,282			14,300						(42)
ROE			23		%	36%			(a)									NM			NM												13		%	23%

(a)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

The following sections provide a comparative discussion of the Firm’s results by segment as of or for the three months ended March 31, 2022 versus the corresponding period in the prior year, unless otherwise specified.

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CONSUMER & COMMUNITY BANKING

Refer to pages 63-66 of JPMorgan Chase's 2021 Form 10-K and Line of Business Metrics on page 172 for a further discussion of the business profile of CCB.

Selected income statement data
			Three months ended March 31,
(in millions, except ratios)			2022						2021						Change
Revenue
Lending- and deposit-related fees			$	805					$	742					8%
Asset management, administration and commissions			929						805						15
Mortgage fees and related income			456						703						(35)
Card income			590						999						(41)
All other income			1,122						1,339						(16)
Noninterest revenue			3,902						4,588						(15)
Net interest income			8,327						7,929						5
Total net revenue			12,229						12,517						(2)
Provision for credit losses			678						(3,602)						NM
Noninterest expense
Compensation expense			3,171						2,976						7
Noncompensation expense(a)			4,549						4,226						8
Total noninterest expense			7,720						7,202						7
Income before income tax expense			3,831						8,917						(57)
Income tax expense			936						2,130			(b)			(56)
Net income			$	2,895					$	6,787		(b)			(57)
Revenue by line of business
Consumer & Business Banking			$	6,062					$	5,635					8
Home Lending			1,169						1,458						(20)
Card & Auto			4,998						5,424						(8)
Mortgage fees and related income details:
Production revenue			211						757						(72)
Net mortgage servicing revenue(c)			245						(54)						NM
Mortgage fees and related income			$	456					$	703					(35)%
Financial ratios
Return on equity			23		%				54			%
Overhead ratio			63						58

(a)Included depreciation expense on leased assets of $694 million and $916 million for the three months ended March 31, 2022 and 2021, respectively.

(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

(c)Included MSR risk management results of $109 million and $(115) million for the three months ended March 31, 2022 and 2021, respectively.

Quarterly results

Net income was $2.9 billion, down 57%, reflecting an increase in the provision for credit losses compared with a net benefit in the prior year.

Net revenue was $12.2 billion, a decrease of 2%.

Net interest income was $8.3 billion, up 5%, driven by:

•growth in deposits net of margin compression partially offset by lower PPP loan forgiveness, in CBB, and

•higher revolving loans in Card.

Noninterest revenue was $3.9 billion, down 15%, driven by:

•lower production revenue from lower margins and volume in Home Lending,

•higher amortization related to new account origination costs in Card, and

•lower auto operating lease income as a result of a decline in volume,

partially offset by

•higher net mortgage servicing revenue on an increase in MSR risk management results primarily driven by changes in prepayment expectations,

•higher asset management fees as a result of higher net inflows and average market levels, and

•higher deposit-related fees.

Refer to Note 14 for further information regarding changes in the value of the MSR asset and related hedges, and mortgage fees and related income. Refer to Note 5 for additional information on card income.

Noninterest expense was $7.7 billion, up 7%, reflecting:

•investments in the business and increased structural expenses, predominantly driven by compensation, technology and marketing,

partially offset by

•lower volume- and revenue- related expenses primarily depreciation expense due to lower auto lease assets and the impact of higher vehicle collateral values.

The provision for credit losses was $678 million, reflecting:

•net charge-offs of $553 million, down $470 million, driven by Card, as consumer cash balances remained elevated, and

•a $125 million addition to the allowance for credit losses in Home Lending.

The prior year included a $4.6 billion reduction in the allowance for credit losses.

Refer to Credit and Investment Risk Management on pages 46-66 and Allowance for Credit Losses on pages 63-65 for a further discussion of the credit portfolios and the allowance for credit losses.

19

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Selected metrics
			As of or for the three months ended March 31,
(in millions, except headcount)			2022						2021						Change
Selected balance sheet data (period-end)
Total assets			$	486,183					$	487,978					—%
Loans:
Consumer & Business Banking(a)			32,772						52,654						(38)
Home Lending(b)			172,025						178,776						(4)
Card			152,283						132,493						15
Auto			69,251						67,662						2
Total loans			426,331						431,585						(1)
Deposits			1,189,308						1,037,903						15
Equity			50,000						50,000						—
Selected balance sheet data (average)
Total assets			$	488,967					$	484,524					1
Loans:
Consumer & Business Banking			33,742						49,868						(32)
Home Lending(c)			176,488						182,247						(3)
Card			149,398						134,884						11
Auto			69,250						66,960						3
Total loans			428,878						433,959						(1)
Deposits			1,153,513						979,686						18
Equity			50,000						50,000						—
Headcount			129,268						126,084						3%

(a)At March 31, 2022 and 2021, included $2.9 billion and $23.4 billion of loans, respectively, in Business Banking under the PPP. Refer to Credit Portfolio on page 48 for a further discussion of the PPP.

(b)At March 31, 2022 and 2021, Home Lending loans held-for-sale and loans at fair value were $5.8 billion and $13.2 billion, respectively.

(c)Average Home Lending loans held-for sale and loans at fair value were $10.8 billion and $12.5 billion for the three months ended March 31, 2022 and 2021, respectively.

Selected metrics
			As of or for the three months ended March 31,
(in millions, except ratio data)			2022			2021			Change
Credit data and quality statistics
Nonaccrual loans(a)(b)(c)(d)			$	4,531		$	5,507		(18)%
Net charge-offs/(recoveries)
Consumer & Business Banking			89			65			37
Home Lending			(69)			(51)			(35)
Card			506			983			(49)
Auto			27			26			4
Total net charge-offs/(recoveries)			$	553		$	1,023		(46)
Net charge-off/(recovery) rate
Consumer & Business Banking(e)			1.07		%	0.53		%
Home Lending			(0.17)			(0.12)
Card			1.37			2.97
Auto			0.16			0.16
Total net charge-off/(recovery) rate			0.54		%	0.99		%
30+ day delinquency rate(f)
Home Lending(g)			1.03		%	1.07		%
Card			1.09			1.40
Auto			0.57			0.42
90+ day delinquency rate - Card(f)			0.54		%	0.80		%
Allowance for loan losses
Consumer & Business Banking			$	697		$	1,022		(32)
Home Lending			785			1,238			(37)
Card			10,250			14,300			(28)
Auto			738			892			(17)
Total allowance for loan losses			$	12,470		$	17,452		(29)%

(a)At March 31, 2022 and 2021, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $315 million and $458 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.

(b)At March 31, 2022 and 2021, generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic. Refer to Consumer Credit Portfolio on pages 49-53 for further information on consumer payment assistance activity. Includes loans to customers that have exited COVID-19 related payment deferral programs and are 90 or more days past due, predominantly all of which were considered collateral-dependent at time of exit.

(c)At March 31, 2022 nonaccrual loans excluded $179 million of PPP loans 90 or more days past due and guaranteed by the SBA.

(d)Prior-period amount has been revised to conform with the current presentation.

(e)At March 31, 2022 and 2021, included $2.9 billion and $23.4 billion of loans, respectively, in Business Banking under the PPP. The Firm does not expect to realize material credit losses on PPP loans because the loans are guaranteed by the SBA. Refer to Credit Portfolio on page 48 for a further discussion of the PPP.

(f)At March 31, 2022 and 2021, the principal balance of loans in Home Lending, Card and Auto under payment deferral programs offered in response to the COVID-19 pandemic were as follows: (1) $728 million and $8.1 billion in Home Lending, respectively; (2) $15 million and $105 million in Card, respectively; and (3) $45 million and $127 million in Auto, respectively. Loans that are performing according to their modified terms are generally not considered delinquent. Refer to Consumer Credit Portfolio on pages 49-53 for further information on consumer payment assistance activity.

(g)At March 31, 2022 and 2021, excluded mortgage loans insured by U.S. government agencies of $370 million and $557 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

20

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Selected metrics
			As of or for the three months ended March 31,
(in billions, except ratios and where otherwise noted)			2022						2021						Change
Business Metrics
Number of branches			4,810						4,872						(1)%
Active digital customers (in thousands)(a)			60,286						56,671						6
Active mobile customers (in thousands)(b)			46,527						41,872						11
Debit and credit card sales volume			$	351.5					$	290.3					21
Consumer & Business Banking
Average deposits			$	1,136.1					$	960.7					18
Deposit margin			1.22		%				1.29		%
Business banking origination volume(c)			$	1.0					$	10.0					(90)
Client investment assets(d)			696.3						637.0						9
Number of client advisors			4,816						4,500						7
Home Lending
Mortgage origination volume by channel
Retail			$	15.1					$	23.0					(34)
Correspondent			9.6						16.3						(41)
Total mortgage origination volume(e)			$	24.7					$	39.3					(37)
Third-party mortgage loans serviced (period-end)			$	575.4					$	443.2					30
MSR carrying value (period-end)			7.3						4.5						62
Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end)			1.27		%				1.02		%
MSR revenue multiple(f)			4.70		x				3.78		x
Credit Card
Credit card sales volume, excluding commercial card			$	236.4					$	183.7					29
Net revenue rate			9.87		%				11.53		%
Auto
Loan and lease origination volume			$	8.4					$	11.2					(25)
Average auto operating lease assets			16.4						20.3						(19)%

(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)Included origination volume under the PPP of $9.3 billion for the three months ended March 31, 2021. The program ended on May 31, 2021 for new applications. Refer to Credit Portfolio on page 48 for a further discussion of the PPP.

(d)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 29-31 for additional information.

(e)Firmwide mortgage origination volume was $30.2 billion and $43.2 billion for the three months ended March 31, 2022 and 2021, respectively.

(f)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).

21

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CORPORATE & INVESTMENT BANK

Refer to pages 67-72 of JPMorgan Chase’s 2021 Form 10-K and Line of Business Metrics on page 172 for a further discussion of the business profile of CIB.

Selected income statement data
			Three months ended March 31,
(in millions, except ratios)			2022						2021						Change
Revenue
Investment banking fees			$	2,050					$	2,988					(31)		%
Principal transactions			5,223						6,045						(14)
Lending- and deposit-related fees			641						593						8
Asset management, administration and commissions			1,339						1,286						4
All other income			704						176						300
Noninterest revenue			9,957						11,088						(10)
Net interest income			3,572						3,517						2
Total net revenue(a)			13,529						14,605						(7)
Provision for credit losses			445						(331)						NM
Noninterest expense
Compensation expense			4,006						4,329						(7)
Noncompensation expense			3,292						2,775						19
Total noninterest expense			7,298						7,104						3
Income before income tax expense			5,786						7,832						(26)
Income tax expense			1,401						1,908			(b)			(27)
Net income			$	4,385					$	5,924		(b)			(26)		%
Financial ratios
Return on equity			17		%				28			%(b)
Overhead ratio			54						49
Compensation expense as percentage of total net revenue			30						30

(a)Includes tax-equivalent adjustments, predominantly due to income tax credits and other tax benefits 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 $737 million and $703 million for the three months ended March 31, 2022 and 2021, respectively.

(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

Selected income statement data
			Three months ended March 31,
(in millions)			2022						2021						Change
Revenue by business
Investment Banking			$	2,057					$	2,851					(28)		%
Payments			1,854						1,392						33
Lending			321						265						21
Total Banking			4,232						4,508						(6)
Fixed Income Markets			5,698						5,761						(1)
Equity Markets			3,055						3,289						(7)
Securities Services			1,068						1,050						2
Credit Adjustments & Other(a)			(524)						(3)						NM
Total Markets & Securities Services			9,297						10,097						(8)
Total net revenue			$	13,529					$	14,605					(7)		%

(a)Consists primarily of centrally managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which 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 $4.4 billion, down 26%.

Net revenue was $13.5 billion, down 7%.

Banking revenue was $4.2 billion, down 6%.

•Investment Banking revenue was $2.1 billion, down 28%, driven by lower Investment Banking fees, down 31%, reflecting lower equity and debt underwriting fees. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.

–Equity underwriting fees were $249 million, down 76%, primarily driven by lower issuance activity, particularly in North America and EMEA.

–Debt underwriting fees were $1.0 billion, down 20%, predominantly driven by high-yield bonds as a result of reduced issuances in a volatile market.

–Advisory fees were $801 million, up 18%, benefiting from the closing of deals announced in 2021.

•Payments revenue was $1.9 billion, up 33%, and included net gains on equity investments. Excluding these net gains, revenue was $1.5 billion, up 9%, predominantly driven by higher fees, deposits and improved deposit margins.

•Lending revenue was $321 million, up 21%, predominantly driven by fair value gains on hedges of accrual loans, compared to losses in the prior year.

Markets & Securities Services revenue was $9.3 billion, down 8%. Markets revenue was $8.8 billion, down 3%.

•Fixed Income Markets revenue was $5.7 billion, down 1%, particularly in Securitized Products, largely due to the rising rate environment, which slowed down the pace of mortgage production, predominantly offset by higher revenue in Currencies & Emerging Markets on elevated client activity in a volatile market.

22

---

•Equity Markets revenue was $3.1 billion, down 7%, driven by lower revenue in derivatives and Cash Equities, compared to a strong prior year.

•Securities Services revenue was $1.1 billion, up 2%, driven by improved deposit margins and growth in fees.

•Credit Adjustments & Other was a loss of $524 million, driven by funding spread widening as well as credit valuation adjustments relating to both increases in commodities exposures and markdowns of derivative receivables from Russia-associated counterparties.

Noninterest expense was $7.3 billion, up 3%, driven by higher structural expense, investments in the business and legal expense, largely offset by lower volume- and revenue-related expense including revenue-related compensation.

The provision for credit losses of $445 million was driven by a net addition to the allowance for credit losses, compared with a net benefit of $331 million in the prior year.

Refer to Credit and Investment Risk Management on pages 46-66 and Allowance for Credit Losses on pages 63-65 for further discussions of the credit portfolios and the allowance for credit losses.

Selected metrics
			As of or for the three months ended March 31,
(in millions, except headcount)			2022						2021						Change
Selected balance sheet data (period-end)
Total assets			$	1,460,463					$	1,355,123					8		%
Loans:
Loans retained(a)			167,791						134,134						25
Loans held-for-sale and loans at fair value(b)			47,260						45,846						3
Total loans			215,051						179,980						19
Equity			103,000						83,000						24
Selected balance sheet data (average)
Total assets			$	1,407,835					$	1,293,864					9
Trading assets-debt and equity instruments			419,346						468,976						(11)
Trading assets-derivative receivables			66,692						73,452						(9)
Loans:
Loans retained(a)			$	160,976					$	136,794					18
Loans held-for-sale and loans at fair value(b)			51,398						45,671						13
Total loans			$	212,374					$	182,465					16
Equity			103,000						83,000						24
Headcount			68,292						62,772						9		%

(a)Includes secured lending-related positions, credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.

(b)Primarily reflects lending-related positions originated and purchased in CIB Markets, including loans held for securitization.

23

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Selected metrics
			As of or for the three months ended March 31,
(in millions, except ratios)			2022						2021						Change
Credit data and quality statistics
Net charge-offs/(recoveries)			$	20					$	(7)					NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained(a)			$	871					$	842					3
Nonaccrual loans held-for-sale and loans at fair value(b)			949						1,266						(25)
Total nonaccrual loans			1,820						2,108						(14)
Derivative receivables			597						284						110
Assets acquired in loan satisfactions			91						97						(6)
Total nonperforming assets			$	2,508					$	2,489					1
Allowance for credit losses:
Allowance for loan losses			$	1,687					$	1,982					(15)
Allowance for lending-related commitments			1,459						1,602						(9)
Total allowance for credit losses			$	3,146					$	3,584					(12)		%
Net charge-off/(recovery) rate(c)			0.05		%				(0.02)		%
Allowance for loan losses to period-end loans retained			1.01						1.48
Allowance for loan losses to period-end loans retained, excluding trade finance and conduits(d)			1.31						2.06
Allowance for loan losses to nonaccrual loans retained(a)			194						235
Nonaccrual loans to total period-end loans			0.85		%				1.17		%

(a)Allowance for loan losses of $226 million and $174 million were held against these nonaccrual loans at March 31, 2022 and 2021, respectively.

(b)At March 31, 2022 and 2021, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $283 million and $340 million, respectively. These amounts have been excluded based upon the government guarantee.

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

(d)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 March 31,
(in millions)			2022						2021						Change
Advisory			$	801					$	680					18		%
Equity underwriting			249						1,056						(76)
Debt underwriting(a)			1,000						1,252						(20)
Total investment banking fees			$	2,050					$	2,988					(31)		%

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

24

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League table results – wallet share
			Three months ended March 31,																														Full-year 2021
			2022												2021
			Rank						Share						Rank						Share																														Rank						Share
Based on fees(a)
M&A(b)
Global			#	3					7.6		%				#	2					8.0		%																												#	2					9.7		%
U.S.			3						9.1						2						8.6																														2						10.8
Equity and equity-related(c)
Global			1						5.6						3						8.1																														2						8.8
U.S.			1						11.6						3						9.7																														2						11.7
Long-term debt(d)
Global			1						8.0						1						9.2																														1						8.4
U.S.			1						11.8						1						12.6																														1						12.2
Loan syndications
Global			1						10.9						1						13.3																														1						10.7
U.S.			2						9.9						1						15.7																														1						12.4
Global investment banking fees(e)			#	1					8.0		%				#	1					9.0		%																												#	1					9.3		%

(a)Source: Dealogic as of April 1, 2022. 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 securities.

Markets revenue

The following table summarizes selected income statement data for the Markets businesses. Markets includes both Fixed Income Markets and Equity Markets. Markets revenue consists of 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

reflected at fair value 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 70 of JPMorgan Chase’s 2021 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 March 31,												Three months ended March 31,
			2022												2021
(in millions)			Fixed Income Markets			Equity Markets			Total Markets						Fixed Income Markets			Equity Markets			Total Markets
Principal transactions			$	3,389		$	2,284		$	5,673					$	3,564		$	2,482		$	6,046
Lending- and deposit-related fees			78			4			82						69			4			73
Asset management, administration and commissions			156			551			707						129			544			673
All other income			117			(44)			73						66			(31)			35
Noninterest revenue			3,740			2,795			6,535						3,828			2,999			6,827
Net interest income			1,958			260			2,218						1,933			290			2,223
Total net revenue			$	5,698		$	3,055		$	8,753					$	5,761		$	3,289		$	9,050

25

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Selected metrics
			As of or for the three months ended March 31,
(in millions, except where otherwise noted)			2022						2021						Change
Assets under custody (“AUC”) by asset class (period-end) (in billions):
Fixed Income			$	15,489					$	15,552					—		%
Equity			12,156						12,006						1
Other(a)			3,926						3,693						6
Total AUC			$	31,571					$	31,251					1
Merchant processing volume (in billions)(b)			$	490.2					$	425.7					15
Client deposits and other third-party liabilities (average)(c)			$	709,121					$	705,764					—		%

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

(b)Represents total merchant processing volume across CIB, CCB and CB.

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

International metrics
			As of or for the three months ended March 31,
(in millions, except where  otherwise noted)			2022						2021						Change
Total net revenue(a)
Europe/Middle East/Africa			$	4,692					$	4,060					16		%
Asia-Pacific			1,985						2,261						(12)
Latin America/Caribbean			677						494						37
Total international net revenue			7,354						6,815						8
North America			6,175						7,790						(21)
Total net revenue			$	13,529					$	14,605					(7)
Loans retained (period-end)(a)
Europe/Middle East/Africa			$	38,393					$	28,624					34
Asia-Pacific			17,926						13,944						29
Latin America/Caribbean			8,098						5,518						47
Total international loans			64,417						48,086						34
North America			103,374						86,048						20
Total loans retained			$	167,791					$	134,134					25
Client deposits and other third-party liabilities (average)(b)
Europe/Middle East/Africa			$	246,497					$	234,795					5
Asia-Pacific			134,767						131,761						2
Latin America/Caribbean			43,666						43,927						(1)
Total international			$	424,930					$	410,483					4
North America			284,191						295,281						(4)
Total client deposits and other third-party liabilities			$	709,121					$	705,764					—
AUC (period-end)(b) (in billions)
North America			$	20,723					$	20,244					2
All other regions			10,848						11,007						(1)
Total AUC			$	31,571					$	31,251					1		%

(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 Payments and Securities Services businesses, and AUC, are based on the domicile of the client.

26

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COMMERCIAL BANKING

Refer to pages 73-75 of JPMorgan Chase’s 2021 Form 10-K and Line of Business Metrics on page 173 for a discussion of the business profile of CB.

Selected income statement data
			Three months ended March 31,
(in millions)			2022						2021									Change
Revenue
Lending- and deposit-related fees			$	364					$	331								10		%
All other income			503						586									(14)
Noninterest revenue			867						917									(5)
Net interest income			1,531						1,476									4
Total net revenue(a)			2,398						2,393									—
Provision for credit losses			157						(118)									NM
Noninterest expense
Compensation expense			553						482									15
Noncompensation expense			576						487									18
Total noninterest expense			1,129						969									17
Income before income tax expense			1,112						1,542									(28)
Income tax expense			262						361						(b)			(27)
Net income			$	850					$	1,181					(b)			(28)		%

(a)Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities and in entities established for rehabilitation of historic properties, as well as tax-exempt income related to municipal financing activities of $69 million and $73 million for the three months ended March 31, 2022 and 2021, respectively.

(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

Selected income statement data (continued)
			Three months ended March 31,
(in millions, except ratios)			2022						2021						Change
Revenue by product
Lending			$	1,105					$	1,168					(5)		%
Payments			981						843						16
Investment banking(a)			260						350						(26)
Other			52						32						63
Total net revenue			$	2,398					$	2,393					—
Investment banking revenue, gross(b)			$	729					$	1,129					(35)
Revenue by client segments
Middle Market Banking			$	980					$	916					7
Corporate Client Banking			830						851						(2)
Commercial Real Estate Banking			581						604						(4)
Other			7						22						(68)
Total net revenue			$	2,398					$	2,393					—		%
Financial ratios
Return on equity			13		%				19		%
Overhead ratio			47						40

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

(b)Refer to Business Segment Results on page 17 for discussion of revenue sharing.

Quarterly results

Net income was $850 million, down 28%, largely driven by a net increase in the provision for credit losses compared with a net benefit in the prior year.

Net revenue was $2.4 billion, flat compared to the prior year. Net interest income was $1.5 billion, up 4%, driven by the impact of higher deposits. Noninterest revenue was $867 million, down 5%, driven by lower investment banking revenue, predominantly offset by higher payments revenue.

Noninterest expense was $1.1 billion, up 17%, largely driven by investments in the business and higher volume- and revenue- related expense, including compensation.

The provision for credit losses was $157 million, driven by a net addition to the allowance for credit losses, compared with a net benefit of $118 million in the prior year.

Refer to Credit and Investment Risk Management on pages 46-66 and Allowance for Credit Losses on pages 63-65 for further discussions of the credit portfolios and the allowance for credit losses.

27

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Selected metrics
			As of or for the three months ended March 31,
(in millions, except headcount)			2022						2021			Change
Selected balance sheet data (period-end)
Total assets			$	235,127					$	223,583		5		%
Loans:
Loans retained			213,073						202,975			5
Loans held-for-sale and loans at fair value			1,743						2,884			(40)
Total loans			$	214,816					$	205,859		4
Equity			25,000						24,000			4
Period-end loans by client segment
Middle Market Banking(a)			$	64,306					$	59,983		7
Corporate Client Banking			46,720						45,540			3
Commercial Real Estate Banking			103,685						100,035			4
Other			105						301			(65)
Total loans(a)			$	214,816					$	205,859		4
Selected balance sheet data (average)
Total assets			$	233,474					$	225,574		4
Loans:
Loans retained			208,540						204,164			2
Loans held-for-sale and loans at fair value			2,147						2,578			(17)
Total loans			$	210,687					$	206,742		2
Average loans by client segment
Middle Market Banking			$	62,437					$	60,011		4
Corporate Client Banking			45,595						45,719			—
Commercial Real Estate Banking			102,498						100,661			2
Other			157						351			(55)
Total loans			$	210,687					$	206,742		2
Client deposits and other third-party liabilities			$	316,921					$	290,992		9
Equity			25,000						24,000			4
Headcount			13,220						11,748			13		%

(a)At March 31, 2022 and 2021, total loans included $640 million and $7.4 billion of loans, respectively, under the PPP, of which $604 million and $7.2 billion were in Middle Market Banking, respectively. Refer to Credit Portfolio on page 48 for a further discussion of the PPP.

Selected metrics (continued)
			As of or for the three months ended March 31,
(in millions, except ratios)			2022						2021			Change
Credit data and quality statistics
Net charge-offs/(recoveries)			$	6					$	29		(79)		%
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained(a)			$	751		(c)			$	1,134		(34)		%
Nonaccrual loans held-for-sale and loans at fair value			—						—			—
Total nonaccrual loans			$	751					$	1,134		(34)
Assets acquired in loan satisfactions			17						24			(29)
Total nonperforming assets			$	768					$	1,158		(34)
Allowance for credit losses:
Allowance for loan losses			$	2,357					$	3,086		(24)
Allowance for lending-related commitments			762						753			1
Total allowance for credit losses			$	3,119					$	3,839		(19)		%
Net charge-off/(recovery) rate(b)			0.01			%			0.06		%
Allowance for loan losses to period-end loans retained			1.11						1.52
Allowance for loan losses to nonaccrual loans retained(a)			314						272
Nonaccrual loans to period-end total loans			0.35						0.55

(a)Allowance for loan losses of $104 million and $227 million was held against nonaccrual loans retained at March 31, 2022 and 2021, respectively.

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

(c)At March 31, 2022, nonaccrual loans excluded $50 million of PPP loans 90 or more days past due and guaranteed by the SBA.

28

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ASSET & WEALTH MANAGEMENT

Refer to pages 76-78 of JPMorgan Chase’s 2021 Form 10-K and Line of Business Metrics on pages 173-174 for a discussion of the business profile of AWM.

Selected income statement data
(in millions, except ratios)			Three months ended March 31,
			2022			2021						Change
Revenue
Asset management, administration and commissions			$	3,115		$	2,888					8		%
All other income			124			258						(52)
Noninterest revenue			3,239			3,146						3
Net interest income			1,076			931						16
Total net revenue			4,315			4,077						6
Provision for credit losses			154			(121)						NM
Noninterest expense
Compensation expense			1,530			1,389						10
Noncompensation expense			1,330			1,185						12
Total noninterest expense			2,860			2,574						11
Income before income tax expense			1,301			1,624						(20)
Income tax expense			293			364			(a)			(20)
Net income			$	1,008		$	1,260		(a)			(20)
Revenue by line of business
Asset Management			$	2,314		$	2,185					6
Global Private Bank			2,001			1,892						6
Total net revenue			$	4,315		$	4,077					6		%
Financial ratios
Return on equity			23		%	36			% (a)
Overhead ratio			66			63
Pre-tax margin ratio:
Asset Management			33			35
Global Private Bank			27			45
Asset & Wealth Management			30			40

(a)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

Quarterly results

Net income was $1.0 billion, down 20%.

Net revenue was $4.3 billion, up 6%. Net interest income was $1.1 billion, up 16%. Noninterest revenue was $3.2 billion, up 3%.

Revenue from Asset Management was $2.3 billion, up 6% driven by:

•higher asset management fees, net of liquidity fee waivers, on strong cumulative net inflows into long-term products, and higher performance fees,

partially offset by

•lower net investment valuation gains.

Revenue from Global Private Bank was $2.0 billion, up 6% driven by:

•higher loans including the impact of lower funding costs, and

•growth in deposits, net of margin compression,

partially offset by

•lower brokerage fees on reduced volume.

Noninterest expense was $2.9 billion, up 11% predominantly driven by higher structural expense and investments in the business, largely driven by compensation, and higher volume- and revenue-related expense, including distribution fees.

The provision for credit losses was $154 million, driven by an addition to the allowance for credit losses, compared with a net benefit of $121 million in the prior year.

Refer to Credit and Investment Risk Management on pages 46-66 and Allowance for Credit Losses on pages 63-65 for further discussions of the credit portfolios and the allowance for credit losses.

29

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Selected metrics
			As of or for the three months ended March 31,
(in millions, except ranking data, headcount and ratios)			2022			2021						Change
% of JPM mutual fund assets rated as 4- or 5-star(a)			73		%	66			%
% of JPM mutual fund assets ranked in 1st or 2nd quartile:(b)
1 year			62			62
3 years			73			73
5 years			81			78
Selected balance sheet data (period-end)(c)
Total assets			$	233,070		$	213,088					9		%
Loans			215,130			192,256						12
Deposits			287,293			217,460						32
Equity			17,000			14,000						21
Selected balance sheet data (average)(c)
Total assets			$	232,310		$	207,505					12
Loans			214,611			188,726						14
Deposits			287,756			206,562						39
Equity			17,000			14,000						21
Headcount			23,366			20,578						14
Number of Global Private Bank client advisors			2,798			2,462						14
Credit data and quality statistics(c)
Net charge-offs/(recoveries)			$	(1)		$	11					NM
Nonaccrual loans			626			917			(d)			(32)
Allowance for credit losses:
Allowance for loan losses			$	516		$	479					8
Allowance for lending-related commitments			19			25						(24)
Total allowance for credit losses			$	535		$	504					6%
Net charge-off/(recovery) rate			—		%	0.02			%
Allowance for loan losses to period-end loans			0.24			0.25
Allowance for loan losses to nonaccrual loans			82			52			(d)
Nonaccrual loans to period-end loans			0.29			0.48			(d)

(a)Represents the Morningstar Rating for all domiciled funds except for Japan domiciled funds which use Nomura. Includes only Asset Management retail open-ended mutual funds that have a rating. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds. Prior-period amounts were revised to conform with the current period presentation.

(b)Quartile ranking sourced from Morningstar, Lipper and Nomura based on country of domicile. 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 domiciled funds. Prior-period amounts were revised to conform with the current period presentation.

(c)Loans, deposits and related credit data and quality statistics relate to the Global Private Bank business.

(d)Prior-period amounts have been revised to conform with the current presentation.

Client assets

Client assets of $4.1 trillion and assets under management of $3.0 trillion were up 8% and 4%, respectively, predominantly driven by cumulative net inflows.

Client assets
			As of March 31,
(in billions)			2022			2021			Change
Assets by asset class
Liquidity			$	657		$	686		(4)		%
Fixed income			657			662			(1)
Equity			739			661			12
Multi-asset			699			669			4
Alternatives			208			155			34
Total assets under management			2,960			2,833			4
Custody/brokerage/administration/deposits			1,156			995			16
Total client assets(a)			$	4,116		$	3,828		8
Assets by client segment
Private Banking			$	777		$	718		8
Global Institutional			1,355			1,320			3
Global Funds			828			795			4
Total assets under management			$	2,960		$	2,833		4
Private Banking			$	1,880		$	1,664		13
Global Institutional			1,402			1,362			3
Global Funds			834			802			4
Total client assets(a)			$	4,116		$	3,828		8		%

(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.

Client assets (continued)
			Three months ended March 31,
(in billions)			2022			2021
Assets under management rollforward
Beginning balance			$	3,113		$	2,716
Net asset flows:
Liquidity			(52)			44
Fixed income			(3)			8
Equity			11			31
Multi-asset			6			6
Alternatives			5			3
Market/performance/other impacts			(120)			25
Ending balance, March 31			$	2,960		$	2,833
Client assets rollforward
Beginning balance			$	4,295		$	3,652
Net asset flows			(5)			130
Market/performance/other impacts			(174)			46
Ending balance, March 31			$	4,116		$	3,828

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International
			Three months ended March 31,
(in millions)			2022			2021			Change
Total net revenue (a)
Europe/Middle East/Africa			$	770		$	834		(8)		%
Asia-Pacific			460			514			(11)
Latin America/Caribbean			251			214			17
Total international net revenue			1,481			1,562			(5)
North America			2,834			2,515			13
Total net revenue(a)			$	4,315		$	4,077		6		%

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

			As of March 31,
(in billions)			2022			2021			Change
Assets under management
Europe/Middle East/Africa			$	532		$	521		2		%
Asia-Pacific			237			228			4
Latin America/Caribbean			75			71			6
Total international assets under management			844			820			3
North America			2,116			2,013			5
Total assets under management			$	2,960		$	2,833		4
Client assets
Europe/Middle East/Africa			$	653		$	629		4
Asia-Pacific			354			338			5
Latin America/Caribbean			190			168			13
Total international client assets			1,197			1,135			5
North America			2,919			2,693			8
Total client assets			$	4,116		$	3,828		8		%

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CORPORATE

Refer to pages 79-80 of JPMorgan Chase’s 2021 Form 10-K for a discussion of Corporate.

Selected income statement and balance sheet data
			As of or for the three months ended March 31,
(in millions, except headcount)			2022						2021									Change
Revenue
Principal transactions			$	(161)					$	272								NM
Investment securities gains/(losses)			(394)						14									NM
All other income			210						96									119		%
Noninterest revenue			(345)						382									NM
Net interest income			(536)						(855)									37
Total net revenue(a)			(881)						(473)									(86)
Provision for credit losses			29						16									81
Noninterest expense			184						876									(79)
Income/(loss) before income tax expense/(benefit)			(1,094)						(1,365)									20
Income tax expense/(benefit)			(238)						(513)						(b)			54
Net income/(loss)			$	(856)					$	(852)					(b)			—
Total net revenue
Treasury and CIO			$	(944)					$	(705)								(34)
Other Corporate			63						232									(73)
Total net revenue			$	(881)					$	(473)								(86)
Net income/(loss)
Treasury and CIO			$	(748)					$	(675)								(11)
Other Corporate			(108)						(177)						(b)			39
Total net income/(loss)			$	(856)					$	(852)					(b)			—
Total assets (period-end)			$	1,539,844					$	1,409,564								9
Loans (period-end)			1,957						1,627									20
Headcount			39,802						38,168									4		%

(a)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $58 million and $67 million for the three months ended March 31, 2022 and 2021, respectively.

(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

Quarterly results

Net loss was $856 million compared with a net loss of $852 million in the prior year.

Net revenue was a loss of $881 million, compared with a loss of $473 million in the prior year.

Noninterest revenue decreased primarily due to:

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

•net investment securities losses on sales of U.S. Treasuries and U.S. GSE and government agency MBS, compared with net gains in the prior year, associated with repositioning the investment securities portfolios in both periods,

partially offset by

•proceeds from an insurance settlement.

Net interest income increased primarily driven by higher rates, which resulted in slower prepayments.

Noninterest expense of $184 million was down $691 million primarily driven by the absence of the contribution to the Firm's Foundation recorded in the prior year.

The current period tax benefit was predominantly driven by the change in the level and mix of income and expenses subject to U.S. federal and state and local taxes.

Other Corporate also reflects the Firm's International Consumer activity, which includes Chase U.K., the Firm's digital retail bank in the U.K.; Nutmeg, a digital wealth manager in the U.K.; and a 40% ownership stake in C6 Bank, a digital bank in Brazil, which closed in the current quarter.

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Treasury and CIO overview

At March 31, 2022, 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 risk ratings). Refer to Note 9 for further information on the Firm’s investment securities portfolio and internal risk ratings.

Refer to Liquidity Risk Management on pages 41-45 for further information on liquidity and funding risk. Refer to Market Risk Management on pages 67-71 for information on interest rate and foreign exchange risks.

Selected income statement and balance sheet data
			As of or for the three months ended March 31,
(in millions)			2022						2021						Change
Investment securities gains/(losses)			$	(394)					$	14					NM
Available-for-sale securities (average)			$	304,314					$	372,443					(18)		%
Held-to-maturity securities (average)(a)			364,814						207,957						75
Investment securities portfolio (average)			$	669,128					$	580,400					15
Available-for-sale securities (period-end)			$	310,909					$	377,911					(18)
Held-to-maturity securities, net of allowance for credit losses (period-end)(a)			366,585						217,452						69
Investment securities portfolio, net of allowance for credit losses (period-end)(b)			$	677,494					$	595,363					14		%

(a)During 2021, the Firm transferred $104.5 billion of investment securities from AFS to HTM for capital management purposes.

(b)At March 31, 2022 and 2021, the allowance for credit losses on investment securities was $41 million and $94 million, respectively.

In April 2022, the Firm transferred $65.9 billion of investment securities from AFS to HTM for capital management purposes. AOCI included pretax unrealized losses of $4.7 billion on the securities at the date of transfer.

33

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FIRMWIDE RISK MANAGEMENT

Risk is an inherent part of JPMorgan Chase’s business activities. When the Firm extends a consumer or wholesale loan, advises customers and clients 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, among other things:

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

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

•Firmwide structures for risk governance.

The Firm follows a disciplined and balanced compensation framework with strong internal governance and independent oversight by the Board of Directors (the “Board”). The impact of risk and control issues is carefully considered in the Firm’s performance evaluation and incentive compensation processes.

Risk governance and oversight framework

The Firm’s risk management governance and oversight framework involves understanding drivers of risks, types of risks, and impacts of risks.

Refer to pages 81-84 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of Firmwide risk management governance and oversight.

Risk governance and oversight functions

The following sections of this Form 10-Q and the 2021 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						85
Capital risk			35-40			86-96
Liquidity risk			41-45			97-104
Reputation risk						105
Consumer credit risk			49-53			110-116
Wholesale credit risk			54-62			117-128
Investment portfolio risk			66			132
Market risk			67-71			133-140
Country risk			72-73			141-142
Operational risk			74			143-149
Compliance risk						146
Conduct risk						147
Legal risk						148
Estimations and Model risk						149

34

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CAPITAL RISK MANAGEMENT

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

Refer to pages 86-96 of JPMorgan Chase’s 2021 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.

Basel III Overview

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 ("BHCs") and banks, including the Firm and its insured depository institution (“IDI”) subsidiaries, including JPMorgan Chase Bank, N.A. The minimum amount of regulatory capital that must be held by BHCs and banks is determined by calculating risk-weighted assets (“RWA”), which are on-balance sheet assets and off-balance sheet exposures, weighted according to risk. Two comprehensive approaches are prescribed for calculating RWA: a standardized approach (“Basel III Standardized”), and an advanced approach (“Basel III Advanced”). For each of the risk-based capital ratios, the capital adequacy of the Firm is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Firm’s Basel III Standardized-risk-based ratios are currently more binding than the Basel III Advanced-risk-based ratios.

Basel III also includes a requirement for Advanced Approaches banking organizations, including the Firm, to calculate the SLR. The Firm’s SLR is currently more binding than the Basel III Standardized-risk-based ratios. Refer to SLR on page 38 for additional information.

Key Regulatory Developments

CECL regulatory capital transition. On December 31, 2021, the CECL capital transition provisions, which delayed the effects of CECL on regulatory capital for two years, expired. Beginning January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021, will be phased out at 25% per year over a three-year period. As of March 31, 2022, CET1 capital reflected the remaining 75%, or $2.2 billion, benefit associated with the CECL capital transition provisions.

Additionally, effective January 1, 2022, the Firm phased out 25% of the other relevant CECL capital transition provisions recognized as of December 31, 2021, from Tier 2 capital, adjusted average assets, and total leverage exposure.

Refer to Capital Risk Management on pages 86-96 and Note 1 of JPMorgan Chase’s 2021 Form 10-K for further information on CECL capital transition provisions and the CECL accounting guidance.

PPP. As of March 31, 2022, the Firm had $3.6 billion of loans remaining under the PPP program, which receive a zero percent risk weight under the federal banking agencies’ regulatory capital rule. The Firm does not expect to realize material credit losses on PPP loans because the loans are guaranteed by the SBA.

Total leverage exposure for purposes of calculating the SLR includes PPP loans as the Firm did not participate in the Federal Reserve’s Paycheck Protection Program Lending Facility, which would have allowed the Firm to exclude them under the final rule.

Standardized Approach for Counterparty Credit Risk. On January 1, 2022, the Firm adopted “Standardized Approach for Counterparty Credit Risk” (“SA-CCR”), which replaced the Current Exposure Method used to measure derivatives counterparty exposure under Standardized approach RWA and Advanced approach RWA where internal models are not used, as well as leverage exposure used to calculate the SLR in the regulatory capital framework. The rule issued by the U.S. banking regulators in November 2019 applies to Basel III Advanced Approaches banking organizations, such as the Firm and JPMorgan Chase Bank, N.A.

Based on the derivatives exposure as of December 31, 2021, the adoption of SA-CCR increased the Firm’s Standardized RWA by approximately $40 billion, a decrease of approximately 30 bps to the Firm's CET1 capital ratio at March 31, 2022, and resulted in a modest decrease in its total leverage exposure. In addition, the adoption of SA-CCR increased the Firm's Advanced RWA at March 31, 2022, but to a lesser extent than Standardized.

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The following tables present the Firm’s risk-based capital metrics under both the Basel III Standardized and Advanced approaches and leverage-based capital metrics. Refer to Capital Risk Management on pages 86-96 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of these capital metrics.

			Standardized																		Advanced
(in millions, except ratios)			March 31, 2022						December 31, 2021						Capital ratio requirements(b)						March 31, 2022			December 31, 2021						Capital ratio requirements(b)
Risk-based capital metrics:(a)
CET1 capital			$	207,903					$	213,942											$	207,903		$	213,942
Tier 1 capital			240,076						246,162												240,076			246,162
Total capital			269,536						274,900												258,989			265,796
Risk-weighted assets			1,750,678						1,638,900												1,643,453			1,547,920
CET1 capital ratio			11.9		%				13.1		%				11.2		%				12.7		%	13.8		%				10.5		%
Tier 1 capital ratio			13.7						15.0						12.7						14.6			15.9						12.0
Total capital ratio			15.4						16.8						14.7						15.8			17.2						14.0

(a)The capital metrics reflect the CECL capital transition provisions. Additionally, loans originated under the PPP receive a zero percent risk weight.

(b)Represents minimum requirements and regulatory buffers applicable to the Firm. Refer to Note 21 for additional information.

Three months ended (in millions, except ratios)			March 31, 2022			December 31, 2021						Capital ratio requirements(c)
Leverage-based capital metrics:(a)
Adjusted average assets(b)			$	3,857,783		$	3,782,035
Tier 1 leverage ratio			6.2		%	6.5		%				4.0		%
Total leverage exposure			$	4,586,537		$	4,571,789
SLR			5.2		%	5.4		%				5.0		%

(a)The capital metrics reflect the CECL capital transition provisions.

(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.

(c)Represents minimum requirements and regulatory buffers applicable to the Firm. Refer to Note 21 for additional information.

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Capital components

The following table presents reconciliations of total stockholders’ equity to Basel III CET1 capital, Tier 1 capital and Total capital as of March 31, 2022 and December 31, 2021.

(in millions)			March 31, 2022						December 31, 2021
Total stockholders’ equity			$	285,899					$	294,127
Less: Preferred stock			32,838						34,838
Common stockholders’ equity			253,061						259,289
Add:
Certain deferred tax liabilities(a)			2,496						2,499
Other CET1 capital adjustments(b)			4,637						3,351
Less:
Goodwill			51,398			(e)			50,315
Other intangible assets			893						882
Standardized/Advanced CET1 capital			$	207,903					$	213,942
Preferred stock			32,838						34,838
Less: Other Tier 1 adjustments			665						2,618			(f)
Standardized/Advanced Tier 1 capital			$	240,076					$	246,162
Long-term debt and other instruments qualifying as Tier 2 capital			$	13,258					$	14,106
Qualifying allowance for credit losses(c)			16,668						15,012
Other			(466)						(380)
Standardized Tier 2 capital			$	29,460					$	28,738
Standardized Total capital			$	269,536					$	274,900
Adjustment in qualifying allowance for credit losses for Advanced Tier 2 capital(d)			(10,547)						(9,104)
Advanced Tier 2 capital			$	18,913					$	19,634
Advanced Total capital			$	258,989					$	265,796

(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 CET1 capital.

(b)As of March 31, 2022 and December 31, 2021, the impact of the CECL capital transition provision was a benefit to CET1 capital of $2.2 billion and $2.9 billion, respectively.

(c)Represents the allowance for credit losses eligible for inclusion in Tier 2 capital up to 1.25% of credit risk RWA, including the impact of the CECL capital transition provision with any excess deducted from RWA.

(d)Represents an adjustment to qualifying allowance for credit losses for the excess of eligible credit reserves over expected credit losses up to 0.6% of credit risk RWA, including the impact of the CECL capital transition provision with any excess deducted from RWA.

(e)Includes estimated equity method goodwill related to the Firm's investment in C6 Bank.

(f)Other Tier 1 Capital adjustments included $2.0 billion of Series Z preferred stock called for redemption on December 31, 2021 and subsequently redeemed on February 1, 2022.

Capital rollforward

The following table presents the changes in Basel III CET1 capital, Tier 1 capital and Tier 2 capital for the three months ended March 31, 2022.

Three months ended March 31, (in millions)			2022
Standardized/Advanced CET1 capital at December 31, 2021			$	213,942
Net income applicable to common equity			7,885
Dividends declared on common stock			(2,976)
Net purchase of treasury stock			(1,499)
Changes in additional paid-in capital			(155)
Changes related to AOCI			(9,483)
Adjustment related to AOCI(a)			2,145
Changes related to other CET1 capital adjustments(b)			(1,956)
Change in Standardized/Advanced CET1 capital			(6,039)
Standardized/Advanced CET1 capital at March 31, 2022			$	207,903
Standardized/Advanced Tier 1 capital at December 31, 2021			$	246,162
Change in CET1 capital(b)			(6,039)
Net issuance of noncumulative perpetual preferred stock			—
Other			(47)
Change in Standardized/Advanced Tier 1 capital			(6,086)
Standardized/Advanced Tier 1 capital at March 31, 2022			$	240,076
Standardized Tier 2 capital at December 31, 2021			$	28,738
Change in long-term debt and other instruments qualifying as Tier 2			(848)
Change in qualifying allowance for credit losses(b)			1,656
Other			(86)
Change in Standardized Tier 2 capital			722
Standardized Tier 2 capital at March 31, 2022			$	29,460
Standardized Total capital at March 31, 2022			$	269,536
Advanced Tier 2 capital at December 31, 2021			$	19,634
Change in long-term debt and other instruments qualifying as Tier 2			(848)
Change in qualifying allowance for credit losses(b)			213
Other			(86)
Change in Advanced Tier 2 capital			(721)
Advanced Tier 2 capital at March 31, 2022			$	18,913
Advanced Total capital at March 31, 2022			$	258,989

(a)Includes cash flow hedges and debit valuation adjustment ("DVA") related to structured notes recorded in AOCI.

(b)Includes the impact of the CECL capital transition provisions.

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RWA rollforward

The following table presents changes in the components of RWA under Basel III Standardized and Advanced approaches for the three months ended March 31, 2022. The amounts in the rollforward categories are estimates, based on the predominant driver of the change. The increase in both Standardized and Advanced Market risk RWA at March 31, 2022 is largely due to the effects of nickel price increases and the associated volatility in the nickel market.

			Standardized												Advanced
Three months ended March 31, 2022 (in millions)			Credit risk RWA(c)			Market risk RWA			Total RWA						Credit risk RWA(c)			Market risk RWA			Operational risk RWA			Total RWA
December 31, 2021			$	1,543,452		$	95,448		$	1,638,900					$	1,047,042		$	95,506		$	405,372		$	1,547,920
Model & data changes(a)			—			564			564						—			564			—			564
Movement in portfolio levels(b)			76,441			34,773			111,214						46,523			34,672			13,774			94,969
Changes in RWA			76,441			35,337			111,778						46,523			35,236			13,774			95,533
March 31, 2022			$	1,619,893		$	130,785		$	1,750,678					$	1,093,565		$	130,742		$	419,146		$	1,643,453

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

(b)Movement in portfolio levels (inclusive of rule changes) refers to: for Credit risk RWA, impact of SA-CCR adoption on January 1, 2022, changes in book size including position rolloffs in legacy portfolios in Home Lending, changes in composition and credit quality, market movements, and deductions for excess eligible credit reserves not eligible for inclusion in Tier 2 capital; for Market risk RWA, changes in position and market movements; and for Operational risk RWA, updates to cumulative losses and macroeconomic model inputs.

(c)As of March 31, 2022 and December 31, 2021, the Basel III Standardized Credit risk RWA included wholesale and retail off balance-sheet RWA of $214.9 billion and $218.5 billion, respectively; and the Basel III Advanced Credit risk RWA included wholesale and retail off balance-sheet RWA of $187.3 billion and $188.5 billion, respectively.

Refer to the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for further information on Credit risk RWA, Market risk RWA and Operational risk RWA.

Supplementary leverage ratio

Refer to Supplementary Leverage Ratio on page 90 of JPMorgan Chase’s 2021 Form 10-K for additional information.

The following table presents the components of the Firm’s SLR.

Three months ended (in millions, except ratio)			March 31, 2022			December 31, 2021
Tier 1 capital			$	240,076		$	246,162
Total average assets			3,906,788			3,831,655
Less: Regulatory capital adjustments(a)			49,005			49,620
Total adjusted average assets(b)			3,857,783			3,782,035
Add: Off-balance sheet exposures(c)			728,754			789,754
Total leverage exposure			$	4,586,537		$	4,571,789
SLR			5.2		%	5.4		%

(a)For purposes of calculating the SLR, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, other intangible assets and adjustments for the CECL capital transition provisions.

(b)Adjusted average assets used for the calculation of Tier 1 leverage ratio.

(c)Off-balance sheet exposures are calculated as the average of the three month-end spot balances on applicable regulatory exposures during the reporting quarter. Effective January 1, 2022, includes the impact of the SA-CCR adoption. Refer to the Firm’s Pillar 3 Regulatory Capital Disclosures reports for additional information.

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

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. Refer to line of business equity on page 93 of JPMorgan Chase’s 2021 Form 10-K for additional information on capital allocation.

The following table presents the capital allocated to each business segment.

Line of business equity (Allocated capital)
(in billions)			March 31, 2022						December 31, 2021
Consumer & Community Banking			$	50.0					$	50.0
Corporate & Investment Bank			103.0						83.0
Commercial Banking			25.0						24.0
Asset & Wealth Management			17.0						14.0
Corporate			58.1						88.3
Total common stockholders’ equity			$	253.1					$	259.3

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Capital actions

Common stock dividends

The Firm’s quarterly common stock dividend is currently $1.00 per share. The Firm’s dividends are subject to approval by the Board of Directors on a quarterly basis.

Common stock

On April 13, 2022, the Firm announced that its Board of Directors had authorized a new $30 billion common share repurchase program, effective May 1, 2022.

Through April 30, 2022, the Firm was authorized to repurchase up to $30 billion of common shares under its previously approved common share repurchase program, that was announced on December 18, 2020.

Refer to Capital actions on page 94 of JPMorgan Chase’s 2021 Form 10-K for additional information.

The following table sets forth the Firm’s repurchases of common stock for the three months ended March 31, 2022 and 2021.

			Three months ended March 31,
(in millions)			2022			2021(a)
Total number of shares of common stock repurchased			18.1			34.7
Aggregate purchase price of common stock repurchases			$	2,500		$	4,999

(a) As directed by the Federal Reserve, total net repurchases and common stock dividends in the first and second quarter of 2021 were restricted and could not exceed the average of the Firm’s net income for the four preceding calendar quarters.

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 175-176 of this Form 10-Q and page 35 of JPMorgan Chase’s 2021 Form 10-K, respectively, for additional information regarding repurchases of the Firm’s equity securities.

Preferred stock

Preferred stock dividends declared were $397 million for the three months ended March 31, 2022.

On February 1, 2022, the Firm redeemed $2.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series Z. Refer to Note 17 of this Form 10-Q and Note 21 of JPMorgan Chase’s 2021 Form 10-K for additional information on the Firm’s preferred stock, including the issuance and redemption of preferred stock.

Capital planning and stress testing

Comprehensive Capital Analysis and Review

On April 5, 2022, the Firm submitted its 2022 Capital Plan to the Federal Reserve under the Federal Reserve’s Comprehensive Capital Analysis and Review ("CCAR") process. The Firm anticipates that the Federal Reserve will disclose the Firm’s indicative Stress Capital Buffer ("SCB") requirement which will become effective October 1, 2022, and summary information regarding the Firm’s stress test results by June 30, 2022. The Firm's SCB is currently 3.2%.

Refer to Capital planning and stress testing on pages 86-87 of JPMorgan Chase’s 2021 Form 10-K for additional information on CCAR.

Other capital requirements

Total Loss-Absorbing Capacity

The Federal Reserve’s TLAC rule requires the U.S. global systemically important bank (“GSIB”) top-tier holding companies, including the Firm, to maintain minimum levels of external TLAC and eligible long-term debt (“eligible LTD”).

Refer to other capital requirements on page 95 of JPMorgan Chase’s 2021 Form 10-K for additional information on TLAC.

The following table presents the eligible external TLAC and eligible LTD amounts, as well as a representation of the amounts as a percentage of the Firm’s total RWA and total leverage exposure applying the impact of the CECL capital transition provisions as of March 31, 2022 and December 31, 2021.

			March 31, 2022						December 31, 2021
(in billions, except ratio)			External TLAC			LTD			External TLAC			LTD
Total eligible amount			$	462.7		$	214.1		$	464.6		$	210.4
% of RWA			26.4		%	12.2		%	28.4		%	12.8		%
Regulatory requirements			22.5			9.5			22.5			9.5
Surplus/(shortfall)			$	68.8		$	47.8		$	95.9		$	54.7
% of total leverage exposure			10.1		%	4.7		%	10.2		%	4.6		%
Regulatory requirements			9.5			4.5			9.5			4.5
Surplus/(shortfall)			$	27.0		$	7.7		$	30.3		$	4.6

Refer to Liquidity Risk Management on pages 41-45 for further information on long-term debt issued by the Parent Company.

Refer to Part I, Item 1A: Risk Factors on pages 9-33 of JPMorgan Chase’s 2021 Form 10-K for information on the financial consequences to holders of the Firm’s debt and equity securities in a resolution scenario.

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U.S. 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 is subject to regulatory capital requirements, including those imposed by the SEC, Commodity Futures Trading Commission (“CFTC”), Financial Industry Regulatory Authority (“FINRA”) and the National Futures Association (“NFA”).

Refer to Broker-dealer regulatory capital on page 96 of JPMorgan Chase’s 2021 Form 10-K for a discussion on J.P. Morgan Securities’ capital requirements.

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

March 31, 2022
(in millions)			Actual			Minimum
Net Capital			$	21,975		$	6,364

Non-U.S. subsidiary regulatory 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”). J.P. Morgan Securities plc is subject to the European Union ("EU") Capital Requirements Regulation ("CRR"), as adopted in the U.K., and the PRA capital rules, each of which have implemented Basel III and thereby subject J.P. Morgan Securities plc to its requirements.

Refer to Broker-dealer regulatory capital on page 96 of JPMorgan Chase’s 2021 Form 10-K for a further discussion on J.P. Morgan Securities plc.

The Bank of England requires that U.K. banks, including U.K. regulated subsidiaries of overseas groups, maintain minimum requirements for own funds and eligible liabilities ("MREL"). As of March 31, 2022, J.P. Morgan Securities plc was compliant with the MREL requirements, that became fully phased-in on January 1, 2022.

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

March 31, 2022						Regulatory Minimum ratios(a)
(in millions, except ratios)			Estimated
Total capital			$	53,540
CET1 ratio			18.5		%	4.5		%
Total capital ratio			23.8		%	8.0		%

(a)Represents minimum Pillar 1 requirements specified by the PRA. J.P. Morgan Securities plc's capital ratios as of March 31, 2022 exceeded the minimum requirements, including the additional capital requirements specified by the PRA.

J.P. Morgan SE

JPMSE is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and markets activities. JPMSE is regulated by the European Central Bank as well as the banking regulators in Germany and Luxembourg and it is subject to EU capital requirements under Basel III.

JPMSE is required by the EU Single Resolution Board to maintain MREL. As of March 31, 2022, JPMSE was compliant with the MREL requirements.

The following table presents JPMSE’s capital metrics:

March 31, 2022						Regulatory Minimum ratios(a)
(in millions, except ratios)			Estimated
Total capital			$	37,279
CET1 ratio			18.6		%	4.5		%
Total capital ratio			29.6		%	8.0		%

(a)Represents minimum Pillar 1 requirements specified by the EU CRR. J.P. Morgan SE’s capital ratios as of March 31, 2022 exceeded the minimum requirements, including the additional capital requirements specified by the European Banking Authority.

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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 97-104 of JPMorgan Chase’s 2021 Form 10-K and the Firm’s U.S. 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 that the Firm and JPMorgan Chase Bank, N.A. maintain an amount of eligible HQLA that is sufficient to meet their respective estimated total net cash outflows over a prospective 30 calendar-day period of significant stress. Under the LCR rule, the amount of eligible HQLA held by JPMorgan Chase Bank, N.A. that is in excess of its stand-alone 100% minimum LCR requirement, and that is not transferable to non-bank affiliates, must be excluded from the Firm’s reported eligible HQLA. The LCR for both the Firm and JPMorgan Chase Bank, N.A. is required to be a minimum of 100%. Refer to page 98 of JPMorgan Chase’s 2021 Form 10-K and the Firm’s U.S. LCR Disclosure reports for additional information on HQLA and net cash outflows.

The following table summarizes the Firm and JPMorgan Chase Bank, N.A.’s average LCR for the three months ended March 31, 2022, December 31, 2021 and March 31, 2021 based on the Firm’s interpretation of the LCR framework.

			Three months ended
Average amount (in millions)			March 31, 2022			December 31, 2021			March 31, 2021
JPMorgan Chase & Co.:
HQLA
Eligible cash(a)			$	680,003		$	703,384		$	578,029
Eligible securities(b)(c)			42,512			34,738			118,542
Total HQLA(d)			$	722,515		$	738,122		$	696,571
Net cash outflows			$	658,998		$	664,801		$	634,221
LCR			110		%	111		%	110		%
Net excess eligible HQLA(d)			$	63,517		$	73,321		$	62,350
JPMorgan Chase Bank N.A.:
LCR			181		%	178		%	166		%
Net excess eligible HQLA			$	560,987		$	555,300		$	442,617

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

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

(c)Eligible HQLA 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 eligible HQLA at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates.

JPMorgan Chase Bank, N.A.’s average LCR increased during the three months ended March 31, 2022 compared with both the three month periods ended December 31, 2021 and March 31, 2021 primarily due to growth in deposits. The increase in excess liquidity in JPMorgan Chase Bank,

N.A. is excluded from the Firm’s reported LCR under the LCR rule.

The Firm and JPMorgan Chase Bank, N.A.'s average LCR fluctuates from period to period, due to changes in its eligible HQLA and estimated net cash outflows as a result of ongoing business activity.

Other liquidity sources

In addition to the assets reported in the Firm’s eligible HQLA discussed above, the Firm had unencumbered marketable securities, such as equity and debt securities, that the Firm believes would be available to raise liquidity. This includes excess eligible HQLA securities at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates. The fair value of these securities was approximately $939 billion and $914 billion as of March 31, 2022 and December 31, 2021, respectively, although the amount of liquidity that could be raised at any particular time would be dependent on prevailing market conditions. The fair value increased compared to December 31, 2021, primarily due to an increase in CIB trading assets.

The Firm also had available borrowing capacity at the Federal Home Loan Banks ("FHLBs") and the discount window at the Federal Reserve Bank as a result of collateral pledged by the Firm to such banks of approximately $298 billion and $308 billion as of March 31, 2022 and December 31, 2021, respectively. This borrowing capacity excludes the benefit of cash and securities reported in the Firm’s eligible HQLA or other unencumbered securities that are currently pledged at the Federal Reserve Bank discount window and other central banks. 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.

NSFR

The net stable funding ratio (“NSFR”) rule requires that the Firm and JPMorgan Chase Bank, N.A. maintain an amount of “available” stable funding that is sufficient to meet their “required” amounts of stable funding over a one-year horizon.

As of March 31, 2022, the Firm and JPMorgan Chase Bank, N.A. were compliant with the 100% minimum NSFR requirement, based on the Firm's current understanding of the final rule. The Firm will be required to publicly disclose its quarterly average NSFR semi annually beginning in 2023.

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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, which includes both short- and long-term cash requirements.

The Firm funds its global balance sheet through diverse sources of funding including stable deposits, secured and unsecured funding in the capital markets and stockholders’ equity. Deposits are the primary funding source for JPMorgan Chase Bank, N.A. Additionally, JPMorgan Chase Bank, N.A. may access funding through short- or long-term secured borrowings, through the issuance of unsecured

long-term debt, or from borrowings from the Intermediate Holding Company (“IHC”). The Firm’s non-bank subsidiaries are primarily funded from long-term unsecured borrowings and short-term secured borrowings, primarily securities loaned or sold under repurchase agreements. Excess funding is 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.

Refer to Note 22 for additional information on off-balance sheet obligations.

Deposits

The table below summarizes, by LOB and Corporate, the period-end deposit balances as of March 31, 2022, and December 31, 2021, and the average deposit balances for the three months ended March 31, 2022 and 2021, respectively.

			March 31, 2022			December 31, 2021									Three months ended March 31,
Deposits															Average
(in millions)															2022			2021
Consumer & Community Banking			$	1,189,308		$	1,148,110								$	1,153,513		$	979,686
Corporate & Investment Bank			775,278			707,791									756,643			747,087
Commercial Banking			307,894			323,954									316,787			290,818
Asset & Wealth Management			287,293			282,052									287,756			206,562
Corporate			1,434			396									854			479
Total Firm			$	2,561,207		$	2,462,303								$	2,515,553		$	2,224,632

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 deposits 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 ratio, and deposits as a percentage of total liabilities, as of March 31, 2022 and December 31, 2021.

(in billions except ratios)			March 31, 2022						December 31, 2021
Deposits			$	2,561.2					$	2,462.3
Deposits as a % of total liabilities			70		%				71		%
Loans			$	1,073.3					$	1,077.7
Loans-to-deposits ratio			42		%				44		%

The Firm believes that average deposit balances are generally more representative of deposit trends than period-end deposit balances. However, during periods of market disruption those trends could be affected.

Average deposits increased for the three months ended March 31, 2022 compared to the three months ended March 31, 2021, reflecting inflows across the LOBs primarily driven by the ongoing effect of certain government actions. In CCB, the increase was also driven by growth from new and existing accounts across both consumer and small business customers.

Refer to the discussion of the Firm’s Business Segment Results and the Consolidated Balance Sheets Analysis on pages 17-33 and pages 12-13, respectively, for further information on deposit and liability balance trends.

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The following table summarizes short-term and long-term funding, excluding deposits, as of March 31, 2022, and December 31, 2021, and average balances for the three months ended March 31, 2022 and 2021, respectively. Refer to the Consolidated Balance Sheets Analysis on pages 12-13 and Note 10 for additional information.

			March 31, 2022			December 31, 2021						Three months ended March 31,
Sources of funds (excluding deposits)												Average
(in millions)												2022						2021
Commercial paper			$	18,654		$	15,108					$	14,577					$	12,853
Other borrowed funds			12,010			9,999						13,595						11,246
Federal Funds purchased			619			1,769						1,697						2,419
Total short-term unsecured funding			$	31,283		$	26,876					$	29,869					$	26,518
Securities sold under agreements to repurchase(a)			$	217,652		$	189,806					$	243,615					$	291,405
Securities loaned(a)			5,587			2,765						4,903						7,562
Other borrowed funds			26,922			28,487						27,936						25,959
Obligations of Firm-administered multi-seller conduits(b)			6,250			6,198						6,470						10,211
Total short-term secured funding			$	256,411		$	227,256					$	282,924					$	335,137
Senior notes			$	188,931		$	191,488					$	190,434					$	167,453
Subordinated debt			19,500			20,531						20,244						21,251
Structured notes(c)			69,775			73,956						71,173						75,039
Total long-term unsecured funding			$	278,206		$	285,975					$	281,851					$	263,743
Credit card securitization(b)			$	1,748		$	2,397					$	2,275					$	4,825
FHLB advances			11,108			11,110						11,109						13,733
Other long-term secured funding(d)			3,925			3,920						3,908						4,626
Total long-term secured funding			$	16,781		$	17,427					$	17,292					$	23,184
Preferred stock(e)			$	32,838		$	34,838					$	33,526					$	30,312
Common stockholders’ equity(e)			$	253,061		$	259,289					$	252,506					$	245,542

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

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

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

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

(e)Refer to Capital Risk Management on pages 35-40 and Consolidated statements of changes in stockholders’ equity on page 83 of this Form 10-Q, and Note 21 and Note 22 of JPMorgan Chase’s 2021 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 and U.S. GSE and government agency MBS. Securities sold under agreements to repurchase increased at March 31, 2022, compared with December 31, 2021, due to the impact of client activities and higher secured financing of trading assets in Markets.

The balances associated with securities loaned or sold under agreements to repurchase fluctuate over time due to investment and financing activities of clients, 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 issuances of wholesale commercial paper and other borrowed funds. The increase in commercial paper at March 31, 2022, from December 31, 2021, and for the average three months ended March 31, 2022 compared to the prior year period, was due to higher net issuance primarily for short-term liquidity management.

The increase in unsecured other borrowed funds at March 31, 2022, from December 31, 2021, and for the average three months ended March 31, 2022 compared to the prior year period, was primarily due to higher overdrafts in CIB.

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Long-term funding and issuance

Long-term funding provides an additional source 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 flexibility in support of both bank and non-bank subsidiary funding needs. The Parent Company advances substantially all net funding proceeds to its subsidiary, the 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 months ended March 31, 2022 and 2021. Refer to Liquidity Risk Management on pages 97-104 and Note 20 of JPMorgan Chase’s 2021 Form 10-K for additional information on the IHC and long-term debt.

Long-term unsecured funding
			Three months ended March 31,															Three months ended March 31,
			2022			2021															2022			2021
(Notional in millions)			Parent Company												Subsidiaries
Issuance
Senior notes issued in the U.S. market			$	8,100		$	9,250														$	—		$	—
Senior notes issued in non-U.S. markets			2,752			2,792															—			—
Total senior notes			10,852			12,042															—			—
Structured notes(a)			1,156			1,496															8,449			10,495
Total long-term unsecured funding – issuance			$	12,008		$	13,538														$	8,449		$	10,495
Maturities/redemptions
Senior notes			$	3,693		$	2,700														$	64		$	66
Structured notes			977			1,970															7,647			8,514
Total long-term unsecured funding – maturities/redemptions			$	4,670		$	4,670														$	7,711		$	8,580

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

The Firm can also raise secured long-term funding through securitization of consumer credit card loans and FHLB advances. The following table summarizes the securitization issuance and FHLB advances and their respective maturities or redemptions for the three months ended March 31, 2022 and 2021, respectively.

Long-term secured funding
			Three months ended March 31,
			Issuance									Maturities/Redemptions
(in millions)			2022			2021						2022			2021
Credit card securitization			$	—		$	—					$	650		$	625
FHLB advances			—			—						2			1,001
Other long-term secured funding(a)			202			138						61			108
Total long-term secured funding			$	202		$	138					$	713		$	1,734

(a)Includes long-term structured notes that 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 2021 Form 10-K for further description of the client-driven loan securitizations.

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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 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 March 31, 2022, were as follows:

JPMorgan Chase & Co.

JPMorgan Chase Bank, N.A.

J.P. Morgan Securities LLC  J.P. Morgan Securities plc  J.P. Morgan SE (b)

March 31, 2022

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 (a)

A2

P-1

Positive/Stable

Aa2

P-1

Stable

Aa3

P-1

Stable

Standard & Poor’s

A-

A-2

Positive

A+

A-1

Positive

A+

A-1

Positive

Fitch Ratings

AA-

F1+

Stable

AA

F1+

Stable

AA

F1+

Stable

(a) Moody’s outlook for the Parent Company’s long-term and short-term issuer rating is positive and stable, respectively.

(b) In January 2022, the three rating agencies affirmed the credit ratings of J.P. Morgan SE, which are equivalent to the ratings previously assigned to J.P. Morgan SE's predecessors, J.P. Morgan Bank Luxembourg S.A. and J.P. Morgan AG.

Refer to page 104 of JPMorgan Chase’s 2021 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.

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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 Consumer Credit Portfolio, Wholesale Credit Portfolio and

Allowance for Credit Losses on pages 49-65 for a further discussion of Credit Risk.

Refer to page 66 for a further discussion of Investment Portfolio Risk. Refer to Credit and Investment Risk Management on pages 106-132 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of the Firm’s Credit and Investment Risk Management framework.

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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 total 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.

Refer to Note 9 for information regarding the credit risk inherent in the Firm’s investment securities portfolio; and refer to Note 10 for information regarding the credit risk inherent in the securities financing portfolio. Refer to Consumer Credit Portfolio on pages 49-53 and Note 11 for further discussions of the consumer credit environment and consumer loans. Refer to Wholesale Credit Portfolio on pages 54-62 and Note 11 for further discussions of the wholesale credit environment and wholesale loans.

Total credit portfolio
			Credit exposure									Nonperforming(c)(d)
(in millions)			Mar 31, 2022			Dec 31, 2021						Mar 31, 2022			Dec 31, 2021
Loans retained			$	1,018,397		$	1,010,206					$	6,774		$	6,932
Loans held-for-sale			6,425			8,688						70			48
Loans at fair value			48,463			58,820						914			815
Total loans			1,073,285			1,077,714						7,758			7,795
Derivative receivables			73,636			57,081						597			316
Receivables from customers(a)			68,473			59,645						—			—
Total credit-related assets			1,215,394			1,194,440						8,355			8,111
Assets acquired in loan satisfactions
Real estate owned			NA			NA						226			213
Other			NA			NA						24			22
Total assets acquired in loan satisfactions			NA			NA						250			235
Lending-related commitments			1,301,618			1,262,313						767			764
Total credit portfolio			$	2,517,012		$	2,456,753					$	9,372		$	9,110
Credit derivatives and credit-related notes used in credit portfolio management activities(b)			$	(19,736)		$	(22,218)					$	—		$	—
Liquid securities and other cash collateral held against derivatives			(15,166)			(10,102)						NA			NA

(a)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.

(b)Represents the net notional amount of protection purchased and sold through credit derivatives and credit-related notes used to manage credit exposures.

(c)At March 31, 2022, and December 31, 2021, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $598 million and $623 million, respectively, and real estate owned (“REO”) insured by U.S. government agencies of $6 million and $5 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.

(d)At March 31, 2022 and December 31, 2021, nonaccrual loans excluded $236 million and $633 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA.

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The following table provides information about the Firm’s net charge-offs and recoveries.

(in millions, except ratios)			Three months ended March 31,
			2022			2021
Net charge-offs			$	582		$	1,057
Average retained loans			1,004,253			952,068
Net charge-off rates			0.24		%	0.45		%

Customer and client assistance

The Firm provided assistance to customers impacted by the COVID-19 pandemic in the form of payment deferrals. Refer to Consumer Credit Portfolio on pages 49-53 for additional information. Refer to Consumer Credit Portfolio on pages 110-116 and Wholesale Credit Portfolio on pages 117-128 of JPMorgan Chase's 2021 Form 10-K for information on customer and client assistance provided during 2021.

Paycheck Protection Program

At March 31, 2022 and December 31, 2021, the Firm had $3.6 billion and $6.7 billion, respectively, of PPP loans, including $2.9 billion and $5.4 billion, respectively, in consumer, and $704 million and $1.3 billion, respectively, in wholesale.

The PPP ended on May 31, 2021 for new applications. As of March 31, 2022, approximately $36 billion of PPP loans have been repaid through forgiveness payments to the Firm from the SBA.

At March 31, 2022, $236 million of PPP loans 90 or

more days past due have been excluded from the Firm’s

nonaccrual loans as they are guaranteed by the SBA.

Refer to Credit Portfolio on page 109 of JPMorgan Chase's 2021 Form 10-K for a further discussion on the PPP.

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CONSUMER CREDIT PORTFOLIO

The Firm’s retained consumer portfolio consists primarily of residential real estate loans, credit card loans, scored auto 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 110-116 and Note 12 of JPMorgan Chase's 2021 Form 10-K for further information on consumer loans, as well as the Firm’s nonaccrual and charge-off accounting policies. Refer to Note 22 of this Form 10-Q and Note 28 of JPMorgan Chase's 2021 Form 10-K for further information on lending-related commitments.

The following tables present consumer credit-related information with respect to the scored credit portfolios held in CCB, AWM, CIB and Corporate.

Consumer credit portfolio
(in millions)			Credit exposure									Nonaccrual loans(j)(k)(l)
			Mar 31, 2022			Dec 31, 2021						Mar 31, 2022			Dec 31, 2021
Consumer, excluding credit card
Residential real estate(a)			$	227,926		$	224,795					$	4,375		$	4,759
Auto and other(b)(c)(d)			68,235			70,761						110			119
Total loans – retained			296,161			295,556						4,485			4,878
Loans held-for-sale			808			1,287						23			—
Loans at fair value(e)			15,520			26,463						502			472
Total consumer, excluding credit card loans			312,489			323,306						5,010			5,350
Lending-related commitments(f)			47,103			45,334
Total consumer exposure, excluding credit card			359,592			368,640
Credit card
Loans retained(g)			152,283			154,296						NA			NA
Loans held-for-sale			—			—						NA			NA
Total credit card loans			152,283			154,296						NA			NA
Lending-related commitments(f)(h)			757,283			730,534
Total credit card exposure(h)			909,566			884,830
Total consumer credit portfolio(h)			$	1,269,158		$	1,253,470					$	5,010		$	5,350
Credit-related notes used in credit portfolio management activities(i)			$	(1,781)		$	(2,028)

			Three months ended March 31,
(in millions, except ratios)			Net charge-offs/(recoveries)									Average loans - retained									Net charge-off/(recovery) rate(m)
			2022			2021						2022			2021						2022			2021
Consumer, excluding credit card
Residential real estate			$	(67)		$	(51)					$	225,932		$	222,972					(0.12)		%	(0.09)		%
Auto and other			113			72						69,528			79,083						0.66			0.37
Total consumer, excluding credit card - retained			46			21						295,460			302,055						0.06			0.03
Credit card - retained			506			983						149,398			134,155						1.37			2.97
Total consumer - retained			$	552		$	1,004					$	444,858		$	436,210					0.50		%	0.93		%

(a)Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in Corporate.

(b)At March 31, 2022 and December 31, 2021, excluded operating lease assets of $15.8 billion and $17.1 billion, respectively. These operating lease assets are included in other assets on the Firm’s Consolidated balance sheets. Refer to Note 16 for further information.

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

(d)At March 31, 2022 and December 31, 2021, included $2.9 billion and $5.4 billion of loans, respectively, in Business Banking under the PPP. The Firm does not expect to realize material credit losses on PPP loans because the loans are guaranteed by the SBA. Refer to Credit Portfolio on page 48 for a further discussion of the PPP.

(e)Includes scored mortgage loans held in CCB and CIB.

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

(g)Includes billed interest and fees.

(h)Also includes commercial card lending-related commitments primarily in CB and CIB.

(i)Represents the notional amount of protection obtained through the issuance of credit-related notes that reference certain pools of residential real estate and auto loans in the retained consumer portfolio.

(j)At March 31, 2022 and December 31, 2021, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $598 million and $623 million, 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.

(k)Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic.

(l)At March 31, 2022 and December 31, 2021, nonaccrual loans excluded $179 million and $506 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA.

(m)Average consumer loans held-for-sale and loans at fair value were $23.9 billion and $21.3 billion for the three months ended March 31, 2022 and 2021, respectively. These amounts were excluded when calculating net charge-off/(recovery) rates.

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Consumer assistance

In March 2020, the Firm began providing assistance to customers in response to the COVID-19 pandemic, predominantly in the form of payment deferrals. In the first quarter of 2022, the COVID-19 consumer payment deferral programs ended for new enrollments, except for loans collateralized by residential real estate, as that program remains in effect due to the U.S. government's extension of its declaration of a national emergency with respect to the COVID-19 pandemic.

As of March 31, 2022, the Firm had approximately $825 million of retained consumer loans under payment deferral programs, predominantly in residential real estate. Predominantly all borrowers that exited payment deferral programs are current. During the first quarter of 2022, there were approximately $385 million of new enrollments in consumer payment deferral programs. Refer to Note 12 of JPMorgan Chase's 2021 Form 10-K for additional information.

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Consumer, excluding credit card

Portfolio analysis

Loans decreased from December 31, 2021 driven by residential real estate loans at fair value and auto and other loans, partially offset by higher retained residential real estate loans.

Residential real estate: The residential real estate portfolio, including loans held-for-sale and loans at fair value, predominantly consists of prime mortgage loans and home equity lines of credit.

Retained loans increased compared to December 31, 2021 in AWM, on slower prepayments. Retained nonaccrual loans decreased from December 31, 2021 reflecting improved credit performance. Net recoveries for the three months ended March 31, 2022 were higher when compared with the same period in the prior year as the current year benefited from the recovery on a loan sale as well as further improvement in Home Price Index ("HPI").

Loans at fair value decreased from December 31, 2021, as sales outpaced originations in Home Lending due to higher interest rates and lower loan purchase activity in CIB. Nonaccrual loans at fair value increased from December 31, 2021 driven by CIB.

The carrying value of home equity lines of credit outstanding was $17.6 billion at March 31, 2022. This amount included $5.9 billion of HELOCs that have recast from interest-only to fully amortizing payments or have been modified and $5.7 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.

At March 31, 2022 and December 31, 2021, the carrying value of interest-only residential mortgage loans were $32.1 billion and $30.0 billion, respectively. 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. The interest-only residential mortgage loan portfolio reflected net recoveries for the three months ended March 31, 2022, in line with the performance of the broader prime mortgage portfolio.

The following table provides a summary of the Firm’s residential mortgage portfolio insured and/or guaranteed by U.S. government agencies, predominantly loans held-for-sale and loans at fair value. 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)			March 31, 2022			December 31, 2021
Current			$	604		$	689
30-89 days past due			113			135
90 or more days past due			598			623
Total government guaranteed loans			$	1,315		$	1,447

Geographic composition and current estimated loan-to-value ratio of residential real estate loans

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

Modified residential real estate loans

The following table presents information relating to modified retained residential real estate loans for which concessions have been granted to borrowers experiencing financial difficulty, which include both TDRs and modified PCD loans not accounted for as TDRs. The following table does not include loans with short-term or other insignificant modifications that are not considered concessions and, therefore, are not TDRs. Refer to Note 11 for further information on modifications for the three months ended March 31, 2022 and 2021.

(in millions)			March 31, 2022						December 31, 2021
Retained loans			$	12,680					$	13,251
Nonaccrual retained loans(a)			$	3,748					$	3,938

(a)At March 31, 2022 and December 31, 2021, nonaccrual loans included $2.8 billion and $2.7 billion, respectively, of TDRs for which the borrowers were less than 90 days past due. Refer to Note 12 of JPMorgan Chase’s 2021 Form 10-K for additional information about loans modified in a TDR that are on nonaccrual status.

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Auto and other: The auto and other loan portfolio, including loans at fair value, predominantly consists of prime-quality scored auto and business banking loans, as well as overdrafts. The portfolio decreased when compared with December 31, 2021 due to a decrease in business banking loans driven by PPP loan forgiveness. Scored auto portfolio loans were relatively flat as paydowns were offset by loan originations. Net charge-offs for the three months ended March 31, 2022 increased when compared to the same period in the prior year due to higher overdraft and scored auto charge-offs partially offset by lower scored business banking charge-offs. The scored auto portfolio net charge-off rates were 0.18% and 0.13% for the three months ended March 31, 2022 and 2021, respectively.

Nonperforming assets

The following table presents information as of March 31, 2022 and December 31, 2021, about consumer, excluding credit card, nonperforming assets.

Nonperforming assets(a)
(in millions)			March 31, 2022						December 31, 2021
Nonaccrual loans
Residential real estate(b)			$	4,900					$	5,231
Auto and other(c)			110						119
Total nonaccrual loans			5,010						5,350
Assets acquired in loan satisfactions
Real estate owned			124						112
Other			24						22
Total assets acquired in loan satisfactions			148						134
Total nonperforming assets			$	5,158					$	5,484

(a)At March 31, 2022 and December 31, 2021, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $598 million and $623 million, respectively, and REO insured by U.S. government agencies of $6 million and $5 million, respectively. These amounts have been excluded based upon the government guarantee.

(b)Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic.

(c)At March 31, 2022 and December 31, 2021, nonaccrual loans excluded $179 million and $506 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA.

Nonaccrual loans

The following table presents changes in consumer, excluding credit card, nonaccrual loans for the three months ended March 31, 2022 and 2021.

Nonaccrual loan activity
Three months ended March 31, (in millions)			2022			2021
Beginning balance			$	5,350		$	6,467
Additions			638			673
Reductions:
Principal payments and other(a)			363			598
Charge-offs			66			73
Returned to performing status			495			459
Foreclosures and other liquidations			54			20
Total reductions			978			1,150
Net changes			(340)			(477)
Ending balance			$	5,010		$	5,990

(a)Other reductions includes loan sales.

Refer to Note 11 for further information about the consumer credit portfolio, including information about delinquencies, other credit quality indicators, loan modifications and loans that were in the process of active or suspended foreclosure.

Purchased credit deteriorated (“PCD”) loans

The following tables provide credit-related information for PCD loans which are reported in residential real estate.

(in millions, except ratios)			March 31, 2022			December 31, 2021
Loan delinquency(a)
Current			$	12,186		$	12,746
30-149 days past due			325			331
150 or more days past due			492			664
Total PCD loans			$	13,003		$	13,741
% of 30+ days past due to total retained PCD loans			6.28		%	7.24		%
Nonaccrual loans			$	1,455		$	1,616

(in millions, except ratios)			Three months ended March 31,
			2022			2021
Net charge-offs/(recoveries)			$	(1)		$	13
Net charge-off/(recovery) rate			(0.03)		%	0.32		%

(a)At March 31, 2022 and December 31, 2021, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.

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Credit card

Total credit card loans decreased from December 31, 2021 reflecting the impact of seasonality. The March 31, 2022 30+ and 90+ day delinquency rates of 1.09% and 0.54%, respectively, increased compared to the December 31, 2021 30+ and 90+ day delinquency rates of 1.04% and 0.50%, also reflecting the impact of seasonality. Net charge-offs decreased for the three months ended March 31, 2022 compared with the same period in the prior year. Delinquency and net charge-off rates continue to benefit from elevated consumer cash balances.

Consistent with the Firm’s policy, all credit card loans typically remain on accrual status until charged off. However, the Firm’s allowance for loan losses includes the estimated uncollectible portion of accrued and billed interest and fee income. Refer to Note 11 for further information about this portfolio, including information about delinquencies.

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 March 31, 2022, the Firm had $901 million of credit card loans outstanding that have been modified in TDRs, which does not include loans with short-term or other insignificant modifications that are not considered TDRs, compared to $1.0 billion at December 31, 2021. Refer to Note 11 for additional information about loan modification programs to borrowers.

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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 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. Refer to the industry discussion on pages 56-59 for further information.

The Firm’s wholesale credit portfolio includes exposure held in CIB, CB, AWM and Corporate, as well as risk-rated exposures held in CCB, including business banking and auto dealer exposure for which the wholesale methodology is applied when determining the allowance for credit losses.

In the three months ended March 31, 2022, credit continued to perform well with charge-offs at historically low levels, however, nonperforming exposure increased driven by client-specific Russia and Russia-associated downgrades. Refer to Business Developments on page 8 and Country Risk on pages 72-73 for additional information.

As of March 31, 2022, retained loans increased $9.6 billion driven by CIB and CB partially offset by decreases in AWM. Lending-related commitments increased $10.8 billion, driven by net portfolio activity in CIB.

As of March 31, 2022, the net increase in nonperforming loans of $303 million was driven by client-specific Russia and Russia-associated downgrades. Nonperforming derivatives increased $281 million largely driven by client-specific downgrades in commodities.

Wholesale credit portfolio
			Credit exposure									Nonperforming
(in millions)			Mar 31, 2022			Dec 31, 2021						Mar 31, 2022			Dec 31, 2021
Loans retained			$	569,953		$	560,354					$	2,289		$	2,054
Loans held-for-sale			5,617			7,401						47			48
Loans at fair value			32,943			32,357						412			343
Loans			608,513			600,112						2,748			2,445
Derivative receivables			73,636			57,081						597			316
Receivables from customers(a)			68,473			59,645						—			—
Total wholesale credit-related assets			750,622			716,838						3,345			2,761
Assets acquired in loan satisfactions
Real estate owned			NA			NA						102			101
Other			NA			NA						—			—
Total assets acquired in loan satisfactions			NA			NA						102			101
Lending-related commitments			497,232			486,445						767			764
Total wholesale credit portfolio			$	1,247,854		$	1,203,283					$	4,214		$	3,626
Credit derivatives and credit-related notes used in credit portfolio management activities(b)			$	(17,955)		$	(20,190)					$	—		$	—
Liquid securities and other cash collateral held against derivatives			(15,166)			(10,102)						NA			NA

(a)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.

(b)Represents the net notional amount of protection purchased and sold through credit derivatives and credit-related notes 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 62 and Note 4 for additional information.

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Wholesale credit exposure – maturity and ratings profile

The following tables present the maturity and internal risk ratings profiles of the wholesale credit portfolio as of March 31, 2022, and December 31, 2021. The Firm generally considers internal ratings with qualitative characteristics equivalent to BBB-/Baa3 or higher as investment grade, and takes into consideration collateral and structural support when determining the internal risk rating for each credit facility. Refer to Note 12 of JPMorgan Chase's 2021 Form 10-K for further information on internal risk ratings.

			Maturity profile(d)															Ratings profile
			1 year or less			1 year through 5 years			After 5 years			Total						Investment-grade						Noninvestment-grade			Total			Total % of IG
March 31, 2022 (in millions, except ratios)
Loans retained			$	214,091		$	224,152		$	131,710		$	569,953					$	411,187					$	158,766		$	569,953		72		%
Derivative receivables												73,636															73,636
Less: Liquid securities and other cash collateral held against derivatives												(15,166)															(15,166)
Total derivative receivables, net of collateral			27,765			14,761			15,944			58,470						38,640						19,830			58,470			66
Lending-related commitments			139,482			332,563			25,187			497,232						339,092						158,140			497,232			68
Subtotal			381,338			571,476			172,841			1,125,655						788,919						336,736			1,125,655			70
Loans held-for-sale and loans at fair value(a)												38,560															38,560
Receivables from customers												68,473															68,473
Total exposure – net of liquid securities and other cash collateral held against derivatives												$	1,232,688														$	1,232,688
Credit derivatives and credit-related notes used in credit portfolio management activities(b)(c)			$	(3,221)		$	(10,093)		$	(4,641)		$	(17,955)					$	(14,769)					$	(3,186)		$	(17,955)		82		%

			Maturity profile(d)															Ratings profile
			1 year or less			1 year through 5 years			After 5 years			Total						Investment-grade						Noninvestment-grade			Total						Total % of IG
December 31, 2021 (in millions, except ratios)
Loans retained			$	214,064		$	218,176		$	128,114		$	560,354					$	410,011					$	150,343		$	560,354					73		%
Derivative receivables												57,081															57,081
Less: Liquid securities and other cash collateral held against derivatives												(10,102)															(10,102)
Total derivative receivables, net of collateral			13,648			12,814			20,517			46,979						31,934						15,045			46,979						68
Lending-related commitments			120,929			340,308			25,208			486,445						331,116						155,329			486,445						68
Subtotal			348,641			571,298			173,839			1,093,778						773,061						320,717			1,093,778						71
Loans held-for-sale and loans at fair value(a)												39,758															39,758
Receivables from customers												59,645															59,645
Total exposure – net of liquid securities and other cash collateral held against derivatives												$	1,193,181														$	1,193,181
Credit derivatives and credit-related notes used in credit portfolio management activities(b)(c)			$	(7,509)		$	(10,414)		$	(2,267)		$	(20,190)					$	(15,559)					$	(4,631)		$	(20,190)					77		%

(a)Loans held-for-sale are primarily related to syndicated loans and loans transferred from the retained portfolio.

(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. In addition, the Firm obtains credit protection against certain loans in the retained loan portfolio through the issuance of credit-related notes.

(d)The maturity profile of retained loans, lending-related commitments and derivative receivables is generally based on remaining contractual maturity. Derivative contracts that are in a receivable position at March 31, 2022, may become payable prior to maturity based on their cash flow profile or changes in market conditions.

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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. Total criticized exposure, excluding loans held-for-sale and loans at fair value, was $36.9 billion and $38.2 billion at March 31, 2022 and December 31, 2021, representing approximately 3.2% and 3.5% of total wholesale credit exposure, respectively. The decrease in criticized exposure was driven by client-specific upgrades and net portfolio activity, largely offset by client-specific downgrades. The $36.9 billion of criticized exposure at March 31, 2022 was largely undrawn and $33.2 billion was performing.

The table below summarizes by industry the Firm’s exposures as of March 31, 2022, and December 31, 2021. 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 2021 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 and credit-related notes(h)			Liquid securities and other cash collateral held against derivative receivables
									Noninvestment-grade
As of or for the three months ended			Credit exposure(f)(g)			Investment- grade			Noncriticized			Criticized performing			Criticized nonperforming
March 31, 2022
(in millions)
Real Estate			$	160,376		$	123,203		$	32,237		$	4,404		$	532		$	216		$	6		$	(314)		$	—
Individuals and Individual Entities(b)			137,486			119,509			17,098			433			446			1,800			—			—			—
Consumer & Retail			121,051			59,851			53,929			6,828			443			345			1			(495)			—
Asset Managers			90,092			75,238			14,843			—			11			59			—			—			(5,852)
Technology, Media & Telecommunications			76,522			43,595			26,231			6,314			382			133			—			(922)			(9)
Industrials			70,319			38,179			29,155			2,825			160			225			—			(556)			(116)
Healthcare			59,582			43,323			14,508			1,683			68			129			1			(565)			(150)
Banks & Finance Cos			56,654			31,829			23,845			937			43			—			—			(389)			(722)
Oil & Gas			52,023			25,613			25,486			750			174			36			5			(556)			(1)
Automotive			36,903			24,793			9,661			2,327			122			19			—			(456)			—
Utilities			34,717			26,158			7,394			901			264			—			28			(405)			(1)
State & Municipal Govt(c)			33,840			33,139			586			102			13			75			—			—			(12)
Chemicals & Plastics			18,676			11,993			6,112			455			116			15			—			(127)			—
Insurance			18,221			13,646			4,484			91			—			—			—			(25)			(3,511)
Metals & Mining			17,081			7,977			8,445			458			201			32			—			(15)			(6)
Transportation			16,816			5,754			6,249			4,516			297			55			—			(110)			—
Central Govt			11,657			11,297			348			—			12			—			—			(6,694)			(98)
Securities Firms			7,438			3,629			3,809			—			—			—			(13)			(46)			(1,535)
Financial Markets Infrastructure			5,725			5,314			411			—			—			—			—			—			—
All other(d)			115,642			98,992			16,064			217			369			96			2			(6,280)			(3,153)
Subtotal			$	1,140,821		$	803,032		$	300,895		$	33,241		$	3,653		$	3,235		$	30		$	(17,955)		$	(15,166)
Loans held-for-sale and loans at fair value			38,560
Receivables from customers			68,473
Total(e)			$	1,247,854

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(continued from previous page)
																								Selected metrics
																								30 days or more past due and accruing loans			Net charge-offs/ (recoveries)			Credit derivative hedges and credit-related notes(h)			Liquid securities and other cash collateral held against derivative receivables
												Noninvestment-grade
As of or for the year ended			Credit exposure(f)(g)						Investment- grade			Noncriticized						Criticized performing			Criticized nonperforming
December 31, 2021
(in millions)
Real Estate			$	155,069					$	120,174		$	29,642					$	4,636		$	617		$	394		$	6		$	(190)		$	—
Individuals and Individual Entities(b)			141,973						122,606			18,797						99			471			1,450			32			—			(1)
Consumer & Retail			122,789						59,622			53,317						9,445			405			288			2			(357)			—
Asset Managers			81,228						68,593			12,630						—			5			8			—			—			(3,900)
Technology, Media & Telecommunications			84,070						49,610			25,540						8,595			325			58			(1)			(935)			(12)
Industrials			66,974						36,953			26,957						2,895			169			428			13			(608)			(1)
Healthcare			59,014						42,133			15,136						1,686			59			204			(4)			(490)			(174)
Banks & Finance Cos			54,684						29,732			23,809						1,138			5			9			9			(553)			(810)
Oil & Gas			42,606						20,698			20,222						1,558			128			4			60			(582)			—
Automotive			34,573						24,606			9,446						399			122			95			(3)			(463)			—
Utilities			33,203						25,069			7,011						914			209			11			6			(382)			(4)
State & Municipal Govt(c)			33,216						32,522			586						101			7			74			—			—			(14)
Chemicals & Plastics			17,660						11,319			5,817						518			6			7			—			(67)			—
Insurance			13,926						9,943			3,887						96			—			—			—			(25)			(2,366)
Metals & Mining			16,696						7,848			8,491						294			63			27			7			(15)			(4)
Transportation			14,635						6,010			5,983						2,470			172			21			20			(110)			(24)
Central Govt			11,317						11,067			250						—			—			—			—			(7,053)			(72)
Securities Firms			4,180						2,599			1,578						—			3			—			—			(47)			(217)
Financial Markets Infrastructure			4,377						3,987			390						—			—			—			—			—			—
All other(d)			111,690						97,537			13,580						205			368			242			(5)			(8,313)			(2,503)
Subtotal			$	1,103,880					$	782,628		$	283,069					$	35,049		$	3,134		$	3,320		$	142		$	(20,190)		$	(10,102)
Loans held-for-sale and loans at fair value			39,758
Receivables from customers			59,645
Total(e)			$	1,203,283

(a)The industry rankings presented in the table as of December 31, 2021, are based on the industry rankings of the corresponding exposures at March 31, 2022, not actual rankings of such exposures at December 31, 2021.

(b)Individuals and Individual Entities predominantly consists of Global Private Bank 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.) noted above, the Firm held: $7.1 billion of trading assets at both March 31, 2022, and December 31, 2021; $14.8 billion and $15.9 billion, respectively, of AFS securities; and $14.8 billion and $14.0 billion, respectively, of 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 94% and 6% at both March 31, 2022 and December 31, 2021.

(e)Excludes cash placed with banks of $744.0 billion and $729.6 billion, at March 31, 2022, and December 31, 2021, 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 and credit-related notes used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables.

(g)Credit exposure includes held-for-sale and fair value option elected lending-related commitments.

(h)Represents the net notional amounts of protection purchased and sold through credit derivatives and credit-related notes 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.

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Presented below is additional detail on certain of the Firm’s industry exposures.

Real Estate

Real Estate exposure was $160.4 billion as of March 31, 2022, of which $91.1 billion was multifamily lending as shown in the table below. Criticized exposure decreased by $317 million from $5.3 billion at December 31, 2021 to $4.9 billion at March 31, 2022, driven by client-specific upgrades and net portfolio activity largely offset by client-specific downgrades.

			March 31, 2022
(in millions, except ratios)			Loans and Lending-related Commitments						Derivative Receivables						Credit exposure						% Investment-grade						% Drawn(d)
Multifamily(a)			$	91,057					$	72					$	91,129					84		%				89		%
Office			15,776						70						15,846						76						73
Other Income Producing Properties(b)			14,351						241						14,592						77						50
Industrial			13,363						23						13,386						69						58
Services and Non Income Producing			12,162						21						12,183						63						50
Retail			10,076						56						10,132						64						68
Lodging			3,071						37						3,108						4						30
Total Real Estate Exposure(c)			$	159,856					$	520					$	160,376					77		%				76		%
			December 31, 2021
(in millions, except ratios)			Loans and Lending-related Commitments						Derivative Receivables						Credit exposure						% Investment- grade						% Drawn(d)
Multifamily(a)			$	89,032					$	122					$	89,154					84		%				89		%
Office			16,409						234						16,643						75						71
Other Income Producing Properties(b)			13,018						498						13,516						77						55
Industrial			11,546						66						11,612						75						64
Services and Non Income Producing			11,512						24						11,536						63						50
Retail			9,580						106						9,686						61						69
Lodging			2,859						63						2,922						5						33
Total Real Estate Exposure			$	153,956					$	1,113					$	155,069					77		%				77		%

(a)Multifamily exposure is largely in California.

(b)Other Income Producing Properties consists of clients with diversified property types or other property types outside of categories listed in the table above.

(c)Real Estate exposure is approximately 77% secured; unsecured exposure is approximately 73% investment-grade.

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

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Consumer & Retail

Consumer & Retail exposure was $121.1 billion as of March 31, 2022, and predominantly included Retail, Food and Beverage, and Business and Consumer Services as shown in the table below. Criticized exposure decreased by $2.6 billion from $9.9 billion at December 31, 2021 to $7.3 billion at March 31, 2022, driven by net portfolio activity and client-specific upgrades partially offset by client-specific downgrades.

			March 31, 2022
(in millions, except ratios)			Loans and Lending-related Commitments						Derivative Receivables						Credit exposure						% Investment-grade						% Drawn(d)
Retail(a)			$	33,609					$	985					$	34,594					49		%				33		%
Food and Beverage			33,115						789						33,904						56						35
Business and Consumer Services			29,790						325						30,115						48						39
Consumer Hard Goods			14,453						163						14,616						54						37
Leisure(b)			7,790						32						7,822						18						37
Total Consumer & Retail(c)			$	118,757					$	2,294					$	121,051					49		%				36		%
			December 31, 2021
(in millions, except ratios)			Loans and Lending-related Commitments						Derivative Receivables						Credit exposure						% Investment- grade						% Drawn(d)
Retail(a)			$	32,872					$	1,152					$	34,024					50		%				31		%
Food and Beverage			30,434						957						31,391						59						33
Business and Consumer Services			32,159						347						32,506						46						33
Consumer Hard Goods			17,035						111						17,146						46						30
Leisure(b)			7,620						102						7,722						17						34
Total Consumer & Retail			$	120,120					$	2,669					$	122,789					49		%				32		%

(a)Retail consists of Home Improvement & Specialty Retailers, Restaurants, Supermarkets, Discount & Drug Stores, Specialty Apparel and Department Stores.

(b)Leisure consists of Gaming, Arts & Culture, Travel Services and Sports & Recreation. As of March 31, 2022 approximately 81% of the noninvestment-grade Leisure portfolio is secured.

(c)Consumer & Retail exposure is approximately 55% secured; unsecured exposure is approximately 75% investment-grade.

(d)Represents drawn exposure as a percent of credit exposure.

Oil & Gas

Oil & Gas exposure was $52.0 billion as of March 31, 2022, including $30.8 billion of Exploration & Production and Oil field Services as shown in the table below. The increase in derivative receivables reflects market movements related to Oil & Gas prices. Criticized exposure decreased by $762 million from $1.7 billion at December 31, 2021 to $924 million at March 31, 2022, predominantly driven by client-specific upgrades.

			March 31, 2022
(in millions, except ratios)			Loans and Lending-related Commitments						Derivative Receivables						Credit exposure						% Investment-grade						% Drawn(c)
Exploration & Production ("E&P") and Oil field Services			$	18,850					$	11,900					$	30,750					42		%				20		%
Other Oil & Gas(a)			19,416						1,857						21,273						59						24
Total Oil & Gas(b)			$	38,266					$	13,757					$	52,023					49		%				22		%
			December 31, 2021
(in millions, except ratios)			Loans and Lending-related Commitments						Derivative Receivables						Credit exposure						% Investment- grade						% Drawn(c)
Exploration & Production ("E&P") and Oil field Services			$	17,631					$	5,452					$	23,083					39		%				26		%
Other Oil & Gas(a)			18,941						582						19,523						60						26
Total Oil & Gas			$	36,572					$	6,034					$	42,606					49		%				26		%

(a)Other Oil & Gas includes Integrated Oil & Gas companies, Midstream/Oil Pipeline companies and refineries.

(b)Oil & Gas exposure is approximately 46% secured, over half of which is reserve-based lending to the Exploration & Production sub-sector; unsecured exposure is approximately 60% investment-grade.

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

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Loans

In its wholesale businesses, 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 about delinquencies, loan modifications and other credit quality indicators.

The following table presents the change in the nonaccrual loan portfolio for the three months ended March 31, 2022 and 2021. Since March 31, 2021, nonaccrual loan exposure decreased $968 million, largely in Oil & Gas and Consumer & Retail, with net portfolio activity and client-specific upgrades being largely offset by client-specific downgrades including Russia and Russia-associated clients.

Wholesale nonaccrual loan activity
Three months ended March 31, (in millions)						2022			2021
Beginning balance						$	2,445		$	4,106
Additions						866			847
Reductions:
Paydowns and other						357			819
Gross charge-offs						17			88
Returned to performing status						186			209
Sales						3			121
Total reductions						563			1,237
Net changes						303			(390)
Ending balance						$	2,748		$	3,716

The following table presents net charge-offs/recoveries, which are defined as gross charge-offs less recoveries, for the three months ended March 31, 2022 and 2021. The amounts in the table below do not include gains or losses from sales of nonaccrual loans recognized in noninterest revenue.

Wholesale net charge-offs/(recoveries)
(in millions, except ratios)			Three months ended March 31,
			2022			2021
Loans
Average loans retained			$	559,395		$	515,858
Gross charge-offs			52			88
Gross recoveries collected			(22)			(35)
Net charge-offs/(recoveries)			30			53
Net charge-off/(recovery) rate			0.02		%	0.04		%

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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 when the Firm fulfills 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 have historically been refinanced, extended, cancelled, or expired without being drawn upon or a default occurring. As a result, the Firm does not believe that the total contractual amount of these wholesale lending-related commitments is representative of the Firm’s expected future credit exposure or funding requirements. Refer to Note 22 for further information on wholesale lending-related commitments.

Receivables from customers

Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM that are collateralized by assets maintained in the clients’ brokerage accounts (e.g., cash on deposit, and liquid and readily marketable debt or equity securities). Because of this collateralization, no allowance for credit losses is generally held against these receivables. To manage its credit risk the Firm establishes margin requirements and monitors the required margin levels on an ongoing basis, and requires clients to deposit additional cash or other collateral, or to reduce positions, when appropriate. These receivables are reported within accrued interest and accounts receivable on the Firm’s Consolidated balance sheets.

Derivative contracts

Derivatives enable clients and counterparties to manage risk including credit risk and risks arising from fluctuations in interest rates, foreign exchange and equities and commodities prices. 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 risk and other market risk exposure. The nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the Firm is exposed. For OTC derivatives the Firm is exposed to the credit risk of the derivative counterparty. For exchange-traded derivatives (“ETD”), such as futures and options, and cleared over-the-counter (“OTC-cleared”) derivatives, the Firm can also be exposed to the credit risk of the relevant central counterparty clearing house ("CCP"). Where possible, the Firm seeks to mitigate its credit risk exposures arising from derivative contracts through the use of legally enforceable master netting arrangements and collateral agreements.

The percentage of the Firm’s over-the-counter derivative transactions 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 88% at both March 31, 2022 and December 31, 2021. Refer to Note 4 for additional information on the Firm’s use of collateral agreements. Refer to Note 4 for a further discussion of derivative contracts, counterparties and settlement types.

The fair value of derivative receivables reported on the Consolidated balance sheets were $73.6 billion and $57.1 billion at March 31, 2022, and December 31, 2021, respectively. The increase was largely commodities, predominantly oil and gas, as a result of market movements. Derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and the related cash collateral held by the Firm.

In addition, the Firm held liquid securities and other cash collateral that may be used as security when the fair value of the client’s exposure is in the Firm’s favor. For these purposes, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule.

In management’s view, the appropriate measure of current credit risk should also take into consideration other collateral, which generally represents securities that do not qualify as high quality liquid assets under the LCR rule.

The benefits of these additional collateral amounts for each counterparty are subject to a legally enforceable master netting agreement and limited to the net amount of the derivative receivables for each counterparty.

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 tables below, 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. Refer to Note 4 for additional information on the Firm’s use of collateral agreements.

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The following tables summarize the net derivative receivables and the internal ratings profile for the periods presented.

Derivative receivables
(in millions)			March 31, 2022			December 31, 2021
Total, net of cash collateral			$	73,636		$	57,081
Liquid securities and other cash collateral held against derivative receivables			(15,166)			(10,102)
Total, net of liquid securities and other cash collateral			$	58,470		$	46,979
Other collateral held against derivative receivables			(1,616)			(1,544)
Total, net of collateral			$	56,854		$	45,435

Ratings profile of derivative receivables
			March 31, 2022									December 31, 2021
(in millions, except ratios)			Exposure net of collateral			% of exposure net of collateral						Exposure net of collateral						% of exposure net of collateral
Investment-grade			$	37,272		66		%				$	30,278					67		%
Noninvestment-grade			19,582			34						15,157			(a)			33
Total			$	56,854		100		%				$	45,435					100		%

Credit portfolio management activities

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 traditional lending activities (loans and lending-related commitments) and derivatives counterparty exposure in the Firm’s wholesale businesses. In addition, the Firm obtains credit protection against certain loans in the retained wholesale portfolio through the issuance of credit-related notes. Information on credit portfolio management activities is provided in the table below.

Credit derivatives and credit-related notes used in credit portfolio management activities
			Notional amount of protection purchased and sold(a)
(in millions)			March 31, 2022						December 31, 2021
Credit derivatives and credit-related notes used to manage:
Loans and lending-related commitments			$	3,740					$	4,138
Derivative receivables			14,215						16,052
Credit derivatives and credit-related notes used in credit portfolio management activities			$	17,955					$	20,190

(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 2021 Form 10-K for further information on credit derivatives and derivatives used in credit portfolio management activities.

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ALLOWANCE FOR CREDIT LOSSES

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

•the allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated) and is presented separately on the Consolidated balance sheets,

•the allowance for lending-related commitments, which is presented on the Consolidated balance sheets in accounts payable and other liabilities, and

•the allowance for credit losses on investment securities, which is reflected in investment securities on the Consolidated balance sheets.

Discussion of changes in the allowance

The allowance for credit losses as of March 31, 2022 was $19.6 billion, an increase from $18.7 billion at December 31, 2021, consisting of: $776 million in wholesale, across the LOBs, and $127 million in consumer, driven by the residential real estate portfolio.

The change in the allowance largely reflects an increased weight placed on the adverse scenarios, from the more balanced weighting placed on the adverse and upside scenarios at December 31, 2021, due to the potential effects associated with higher inflation, changes in monetary policy, as well as geopolitical risks, including the war in Ukraine. The increase in the allowance also included client-specific Russia and Russia-associated downgrades in CIB and AWM.

The Firm's allowance for credit losses is estimated using a weighted average of five internally developed macroeconomic scenarios. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions provided in the table below, resulting in weighted average U.S. unemployment rates above 4% through the second quarter of 2023 and year over year growth in U.S. real GDP of 2.5% in the second quarter of 2023.

The Firm’s central case assumptions reflected U.S. unemployment rates and U.S. real GDP as follows:

			Assumptions at March 31, 2022
			2Q22			4Q22			2Q23
U.S. unemployment rate(a)			3.6		%	3.3		%	3.3		%
YoY growth in U.S. real GDP(b)			3.7		%	2.9		%	2.6		%
			Assumptions at December 31, 2021
			2Q22			4Q22			2Q23
U.S. unemployment rate(a)			4.2		%	4.0		%	3.9		%
YoY growth in U.S. real GDP(b)			3.1		%	2.8		%	2.1		%

(a)Reflects quarterly average of forecasted U.S. unemployment rate.

(b)As of March 31, 2022, the year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percent change in U.S. real GDP levels from the prior year.

Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.

Refer to Note 13 and Note 10 of JPMorgan Chase's 2021 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowances for credit losses on loans, lending-related commitments, and investment securities.

Refer to Critical Accounting Estimates Used by the Firm on pages 75-77 for further information on the allowance for credit losses and related management judgments.

Refer to Consumer Credit Portfolio on pages 49-53, Wholesale Credit Portfolio on pages 54-62 and Note 11 for additional information on the consumer and wholesale credit portfolios.

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Allowance for credit losses and related information
			2022															2021
Three months ended March 31,			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,			$	1,765		$	10,250		$	4,371		$	16,386					$	3,636		$	17,800		$	6,892		$	28,328
Gross charge-offs			204			720			52			976						166			1,214			88			1,468
Gross recoveries collected			(158)			(214)			(22)			(394)						(145)			(231)			(35)			(411)
Net charge-offs/(recoveries)			46			506			30			582						21			983			53			1,057
Provision for loan losses			175			506			687			1,368						(932)			(2,517)			(830)			(4,279)
Other						—			20			20						(1)			—			10			9
Ending balance at March 31,			$	1,894		$	10,250		$	5,048		$	17,192					$	2,682		$	14,300		$	6,019		$	23,001
Allowance for lending-related commitments
Beginning balance at January 1,			$	113		$	—		$	2,148		$	2,261					$	187		$	—		$	2,222		$	2,409
Provision for lending-related commitments			(2)			—			98			96						(52)			—			159			107
Other			—			—			1			1						—			—			—			—
Ending balance at March 31,			$	111		$	—		$	2,247		$	2,358					$	135		$	—		$	2,381		$	2,516
Impairment methodology
Asset-specific(a)			$	(644)		$	262		$	485		$	103					$	(348)		$	522		$	529		$	703
Portfolio-based			2,538			9,988			4,563			17,089						3,030			13,778			5,490			22,298
Total allowance for loan losses			$	1,894		$	10,250		$	5,048		$	17,192					$	2,682		$	14,300		$	6,019		$	23,001
Impairment methodology
Asset-specific			$	—		$	—		$	139		$	139					$	—		$	—		$	144		$	144
Portfolio-based			111			—			2,108			2,219						135			—			2,237			2,372
Total allowance for lending-related commitments			$	111		$	—		$	2,247		$	2,358					$	135		$	—		$	2,381		$	2,516
Total allowance for investment securities			NA			NA			NA			$	41					NA			NA			NA			$	94
Total allowance for credit losses			$	2,005		$	10,250		$	7,295		$	19,591					$	2,817		$	14,300		$	8,400		$	25,611
Memo:
Retained loans, end of period			$	296,161		$	152,283		$	569,953		$	1,018,397					$	302,392		$	131,772		$	514,478		$	948,642
Retained loans, average			295,460			149,398			559,395			1,004,253						302,055			134,155			515,858			952,068
Credit ratios
Allowance for loan losses to retained loans			0.64		%	6.73		%	0.89		%	1.69		%				0.89		%	10.85		%	1.17		%	2.42		%
Allowance for loan losses to retained nonaccrual loans(b)			42			NM			221			254						50			NM			200			274
Allowance for loan losses to retained nonaccrual loans excluding credit card			42			NM			221			102						50			NM			200			104
Net charge-off/(recovery) rates			0.06			1.37			0.02			0.24						0.03			2.97			0.04			0.45

(a)Includes collateral dependent loans, including those considered TDRs and those for which foreclosure is deemed probable, modified PCD loans, and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a TDR. Also includes risk-rated loans that have been placed on nonaccrual status for the wholesale portfolio segment. The asset-specific allowance for credit card loans modified, or reasonably expected to be modified, in a TDR is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.

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

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Allocation of allowance for loan losses

The table below presents a breakdown of the allowance for loan losses by loan class. Refer to Note 11 for further information on loan classes.

			March 31, 2022									December 31, 2021
(in millions, except ratios)			Allowance for loan losses			Percent of retained loans to total retained loans						Allowance for loan losses			Percent of retained loans to total retained loans
Residential real estate			$	944		22		%				$	817		22		%
Auto and other			950			7						948			7
Consumer, excluding credit card			1,894			29						1,765			29
Credit card			10,250			15						10,250			15
Total consumer			12,144			44						12,015			45
Secured by real estate			1,494			12						1,495			12
Commercial and industrial			2,369			15						1,881			14
Other			1,185			29						995			29
Total wholesale			5,048			56						4,371			55
Total			$	17,192		100		%				$	16,386		100		%

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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 or from principal investments. The investment securities portfolio is predominantly held by Treasury and CIO in connection with the Firm’s balance sheet and asset-liability management objectives. Principal investments are predominantly privately-held financial instruments and are managed in the LOBs and Corporate. 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 the investment securities portfolio held by Treasury and CIO predominantly consists of high-quality securities. At March 31, 2022, the Treasury and CIO investment securities portfolio, net of allowance for credit losses, was $677.5 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 risk ratings). Refer to Corporate segment results on pages 32-33 and Note 9 for further information on the investment securities portfolio and internal risk ratings. Refer to Market Risk Management on pages 67-71 for further information on the market risk inherent in the portfolio. Refer to Liquidity Risk Management on pages 41-45 for further information on related liquidity risk.

Principal investment risk

Principal investments are typically privately-held financial instruments representing ownership interests or other forms of junior capital. In general, principal investments include tax-oriented investments and investments made to enhance or accelerate the Firm’s business strategies and exclude those that are consolidated on the Firm's balance sheets. These investments are made by dedicated investing businesses or as part of a broader business strategy. The Firm’s principal investments are managed by the LOBs and Corporate and are reflected within their respective financial results. The Firm’s investments will continue to evolve in line with its strategies, including the Firm’s commitment to support underserved communities and minority-owned businesses.

The table below presents the aggregate carrying values of the principal investment portfolios as March 31, 2022 and December 31, 2021.

(in billions)			March 31, 2022						December 31, 2021
Tax-oriented investments, primarily in alternative energy and affordable housing			$	23.2					$	23.2
Private equity, various debt and equity instruments, and real assets			9.6			(a)			7.3
Total carrying value			$	32.8					$	30.5

(a)Includes the Firm's 40% ownership stake in C6 Bank.

Refer to page 132 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the Firm’s Investment Portfolio Risk Management governance and oversight.

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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 133-140 of JPMorgan Chase’s 2021 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.

Models used to measure market risk are inherently imprecise and are limited in their ability to measure certain risks or to predict losses. This imprecision may be heightened when sudden or severe shifts in market conditions occur. For additional discussion on model uncertainty refer to Estimations and Model Risk Management on page 149 of JPMorgan Chase’s 2021 Form 10-K.

Market Risk Management periodically reviews the Firm’s existing market risk measures to identify opportunities for enhancement, and to the extent appropriate, will calibrate those measures accordingly over time.

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 LOBs 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 149 of JPMorgan Chase’s 2021 Form 10-K for information regarding model reviews and approvals.

Refer to page 135 of JPMorgan Chase’s 2021 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, 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 138-140 of JPMorgan Chase’s 2021 Form 10-K for further information regarding nonstatistical market risk measures used by the Firm.

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

Total VaR
						Three months ended
						March 31, 2022																					December 31, 2021																					March 31, 2021
(in millions)						Avg.						Min						Max									Avg.						Min						Max									Avg.						Min						Max
CIB trading VaR by risk type
Fixed income						$	47					$	33					$	64								$	39					$	32					$	53								$	125					$	34					$	153
Foreign exchange						4						3						7									4						2						6									11						5						27
Equities						12						9						18									12						9						20									22						19						38
Commodities and other						15						10						23									12						10						13									33						22						43
Diversification benefit to CIB trading VaR						(33)			(a)			NM			(d)			NM			(d)						(31)			(a)			NM			(d)			NM			(d)						(90)			(a)			NM			(d)			NM			(d)
CIB trading VaR						45						34						59									36						30						52									101						40						134
Credit portfolio VaR						29			(b)(c)			4			(b)			235			(b)(c)						5						4						5									8						5						12
Diversification benefit to CIB VaR						(10)			(a)			NM			(d)			NM			(d)						(4)			(a)			NM			(d)			NM			(d)						(10)			(a)			NM			(d)			NM			(d)
CIB VaR						64						35						240									37						30						54									99						39						133
CCB VaR						4						2						5									5						3						7									6						4						11
Corporate and other LOB VaR						13						10						16									15						14						16									45			(e)			20						94			(e)
Diversification benefit to other VaR						(4)			(a)			NM			(d)			NM			(d)						(4)			(a)			NM			(d)			NM			(d)						(6)			(a)			NM			(d)			NM			(d)
Other VaR						13						10						17									16						14						18									45						21						94
Diversification benefit to CIB and other VaR						(14)			(a)			NM			(d)			NM			(d)						(16)			(a)			NM			(d)			NM			(d)						(38)			(a)			NM			(d)			NM			(d)
Total VaR						$	63					$	34					$	242								$	37					$	30					$	54								$	106					$	40					$	153

(a)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across LOBs, Corporate, and risk types.

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

(c)During the period ended March 31, 2022, the effects of nickel price increases and the associated volatility in the nickel market resulted in elevated Average and Maximum Credit portfolio VaR.

(d)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.

(e)Average and Maximum Corporate and other LOB VaR were driven by a private equity position that became publicly traded at the end of the third quarter of 2020. As of March 31, 2021 the Firm no longer held this position.

Quarter over quarter results

Average total VaR increased by $26 million for the three months ended March 31, 2022 when compared with December 31, 2021. This increase was driven by Credit portfolio VaR, predominantly due to the effects of nickel price increases and the associated volatility in the nickel market, as well as increased volatility in fixed income and commodities impacting CIB trading VaR.

Year over year results

Average total VaR was $63 million for the three months ended March 31, 2022, reflecting the effects of nickel price increases and the associated volatility in the nickel market impacting Credit portfolio VaR, as well as increased volatility in fixed income and commodities impacting CIB trading VaR. Average total VaR decreased by $43 million for the three months ended March 31, 2022, compared with the same period in the prior year. This decrease was driven by volatility which occurred at the onset of the COVID-19 pandemic rolling out of the one-year historical look-back period in the first half of 2021, predominantly impacting exposures in fixed income and commodities.

The following graph presents daily Risk Management VaR for the five trailing quarters. The movement in VaR in March 2022 was driven by changes in nickel-related counterparty exposure in the Firm's Credit portfolio.

Daily Risk Management VaR

First Quarter 2021

Second Quarter 2021

Third Quarter 2021

Fourth Quarter 2021

First Quarter 2022

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VaR backtesting

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

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

For the 12 months ended March 31, 2022, the Firm posted backtesting gains on 141 of the 261 days, and observed 23 VaR backtesting exceptions. For the three months ended March 31, 2022, the Firm posted backtesting gains on 43 of the 64 days, and observed three VaR backtesting exceptions.

The following chart presents the distribution of Firmwide daily backtesting gains and losses for the trailing 12 months and three months ended March 31, 2022. The daily backtesting losses are displayed as a percentage of the corresponding daily Risk Management VaR. The count of days with backtesting losses are shown in aggregate, in fifty percentage point intervals. Backtesting exceptions are displayed within the intervals that are greater than one hundred percent. The results in the chart below differ from the results of backtesting disclosed in the Market Risk section of the Firm’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are based on Regulatory VaR applied to the Firm’s covered positions.

Distribution of Daily Backtesting Gains and Losses

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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, issuing debt and the investment securities portfolio. Refer to the table on page 134 of JPMorgan Chase’s 2021 Form 10-K for a summary by LOB 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 funds transfer pricing of other positions in risk management VaR and other sensitivity-based measures as described on page 134 of JPMorgan Chase’s 2021 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; and a flatter yield curve involving increasing short-term rates and holding long-term rates constant or holding short-term rates constant and decreasing long-term rates. These scenarios consider many different factors, including:

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

•Forecasted balance sheet, as well as modeled prepayment and reinvestment behavior, but excluding assumptions about actions that could be taken by the Firm or its clients and customers in response to 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. Deposit forecasts used in the baseline and scenarios include certain assumptions relating to the reversal of Quantitative Easing.

•The pricing sensitivity of deposits, known as deposit betas, represent the amount by which deposit rates paid could change upon a given change in market interest rates. The deposit rates paid in these scenarios differ from actual deposit rates paid, 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 Outlook on page 7 for additional information).

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

(in billions)			March 31, 2022						December 31, 2021
Parallel shift:
+100 bps shift in rates			$	0.9					$	5.0
Steeper yield curve:
+100 bps shift in long-term rates			1.4						1.8
Flatter yield curve:
+100 bps shift in short-term rates			(0.5)						3.2
-100 bps shift in long-term rates			(1.7)						NM			(a)

(a)Given the level of market interest rates, this scenario is not considered to be meaningful.

The change in the Firm’s U.S. dollar sensitivities as of March 31, 2022 compared to December 31, 2021 reflected updates to the Firm’s baseline for higher rates as well as the impact of changes in the Firm’s balance sheet.

As of March 31, 2022, the Firm’s sensitivity to the parallel and long-term shift in rates is primarily the result of a greater impact from assets repricing compared to the impact of liabilities repricing, while the shift in short-term rates is primarily the result of a greater impact from liabilities repricing compared to the impact of assets repricing.

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

(in billions)			March 31, 2022						December 31, 2021
Parallel shift:
+100 bps shift in rates			$	0.9					$	0.8
Flatter yield curve:
+100 bps shift in short-term rates			0.9						0.8

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 March 31, 2022 and December 31, 2021.

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Other sensitivity-based measures

The Firm quantifies the market risk of certain debt and equity and credit and funding-related exposures by assessing the potential impact on net revenue, other comprehensive income (“OCI”) and noninterest expense due to changes in relevant market variables. Refer to the predominant business activities that give rise to market risk on page 140 of JPMorgan Chase’s 2021 Form 10-K for additional information on the positions captured in other sensitivity-based measures.

The table below represents the potential impact to net revenue, OCI or noninterest expense for market risk-sensitive instruments that are not included in VaR or earnings-at-risk. Where appropriate, instruments used for hedging purposes are reported net of the positions being hedged. The sensitivities disclosed in the table below may not be representative of the actual gain or loss that would have been realized at March 31, 2022 and December 31, 2021, as the movement in market parameters across maturities may vary and are not intended to imply management’s expectation of future changes in these sensitivities.

Gain/(loss) (in millions)

March 31, 2022

December 31, 2021

Activity

Description

Sensitivity measure

Debt and equity(a)

Asset Management activities

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

10% decline in market value

$

(60)

$

(69)

Other debt and equity

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

10% decline in market value

(1,014)

(971)

Credit- and funding-related exposures

Non-USD LTD cross-currency basis

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

1 basis point parallel tightening of cross currency basis

(16)

(16)

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

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

10% depreciation of currency

3

15

Derivatives – funding spread risk

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

1 basis point parallel increase in spread

(6)

(7)

CVA - counterparty credit risk(b)

Credit risk component of CVA and associated hedges

10% credit spread widening

(8)

N/A

Fair value option elected liabilities – funding spread risk

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

1 basis point parallel increase in spread

44

41

Fair value option elected liabilities – interest rate sensitivity

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

1 basis point parallel increase in spread

—

(3)

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

1 basis point parallel increase in spread

—

3

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

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

(c)Impact recognized through net revenue.

(d)Impact recognized through noninterest expense.

(e)Impact recognized through OCI.

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COUNTRY RISK MANAGEMENT

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

Refer to pages 141-142 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of the Firm’s country risk management.

Sources and measurement

The Firm is exposed to country risk through its lending and deposits, investing, and market-making activities, whether cross-border or locally funded. Country exposure includes activity with both government and private-sector entities in a country.

Under the Firm’s internal country risk management approach, attribution of exposure to an individual country is based on the country where the largest proportion of the assets of the counterparty, issuer, obligor or guarantor are located or where the largest proportion of its revenue is derived, which may be different than the domicile (i.e. legal residence) or country of incorporation.

Individual country exposures reflect an aggregation of the Firm’s risk to an immediate default, with zero recovery, of the counterparties, issuers, obligors or guarantors attributed to that country. Activities which result in contingent or indirect exposure to a country are not included in the country exposure measure (for example, providing clearing services or secondary exposure to collateral on securities financing receivables).

Assumptions are sometimes required in determining the measurement and allocation of country exposure, particularly in the case of certain non-linear or index products, or where the nature of the counterparty, issuer, obligor or guarantor is not suitable for attribution to an individual country. The use of different measurement approaches or assumptions could affect the amount of reported country exposure.

Under the Firm’s internal country risk measurement framework:

•Lending exposures are measured at the total committed amount (funded and unfunded), net of the allowance for credit losses and eligible cash and marketable securities collateral received

•Deposits are measured as the cash balances placed with central and commercial banks

•Securities financing exposures are measured at their receivable balance, net of eligible collateral received

•Debt and equity securities are measured at the fair value of all positions, including both long and short positions

•Counterparty exposure on derivative receivables is measured at the derivative’s fair value, net of the fair value of the eligible collateral received

•Credit derivatives exposure is measured at the net notional amount of protection purchased or sold for the same underlying reference entity, inclusive of the fair value of the derivative receivable or payable; reflecting the manner in which the Firm manages these exposures

The Firm’s internal country risk reporting differs from the reporting provided under the FFIEC bank regulatory requirements.

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Risk Reporting

The following table presents the Firm’s top 20 exposures by country (excluding the U.S.) as of March 31, 2022 and their comparative exposures as of December 31, 2021. The selection of countries represents the Firm’s largest total exposures by individual country, based on the Firm’s internal country risk management approach, and does not represent the Firm’s view of any existing or potentially adverse credit conditions. Country exposures may fluctuate from period to period due to client activity and market flows.

The increase in exposure to Germany and the decrease in exposure to the U.K. were primarily due to changes in cash placements with the central banks of those countries driven by balance sheet and liquidity management activities.

As of March 31, 2022, exposure to Russia, based on the Firm's internal country risk measurement framework, was approximately $650 million. This largely reflects cross-border lending activity, net of the allowance for credit losses, to Russian corporate clients.

Top 20 country exposures (excluding the U.S.)(a)
(in billions)			March 31, 2022															December 31, 2021(e)
						Lending and deposits(b)			Trading and investing(c)			Other(d)			Total exposure						Total exposure
Germany						$	95.5		$	6.6		$	0.5		$	102.6					$	61.7
United Kingdom						59.4			11.1			3.3			73.8						96.4
Japan						31.0			11.5			0.3			42.8						45.5
Australia						28.2			10.4			—			38.6						39.1
Switzerland						15.5			1.3			5.1			21.9						20.9
China						10.6			7.6			1.4			19.6						18.6
France						12.7			1.3			4.1			18.1						14.0
Canada						12.8			3.2			0.3			16.3						16.9
Brazil						5.3			8.2			—			13.5						12.0
Singapore						7.0			4.2			1.6			12.8						12.3
Luxembourg						11.5			1.3			—			12.8						11.5
India						5.9			4.3			1.3			11.5						14.7
Spain						10.0			0.1			—			10.1						10.1
Netherlands						7.6			0.9			0.9			9.4						6.8
Saudi Arabia						6.8			2.5			—			9.3						9.1
South Korea						4.7			3.0			0.3			8.0						8.7
Hong Kong SAR						4.7			2.1			0.6			7.4						5.9
Belgium						5.8			1.4			—			7.2						6.8
Chile						5.0			0.2			—			5.2						1.5
Mexico						4.4			0.1			—			4.5						4.9

(a)Country exposures presented in the table reflect 89% and 87% of total Firmwide non-U.S. exposure, where exposure is attributed to an individual country, at March 31, 2022 and December 31, 2021, respectively.

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

(c)Includes market-making inventory, investment 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, 2021, are based on the country rankings of the corresponding exposures at March 31, 2022, not actual rankings of such exposures at December 31, 2021.

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OPERATIONAL RISK MANAGEMENT

Operational risk is the risk of an adverse outcome resulting from inadequate or failed internal processes or systems, human factors, or external events impacting the Firm’s processes or systems. Operational Risk includes compliance, conduct, legal, and estimations and model risk. Operational risk is inherent in the Firm’s activities and can manifest itself in various ways, including fraudulent acts, business disruptions (including those caused by extraordinary events beyond the Firm's control), cyberattacks, inappropriate employee behavior, failure to comply with applicable laws, rules and regulations or failure of vendors or other third party providers to perform in accordance with their agreements. Operational Risk Management attempts to manage operational risk at appropriate levels in light of the Firm’s financial position, the characteristics of its businesses, and the markets and regulatory environments in which it operates. Refer to Operational Risk Management on pages 143-149 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the Firm’s Operational Risk Management. Details on other select examples of operational risks are provided below.

In response to the war in Ukraine, numerous sanctions have been imposed on Russia and Russia-associated entities and individuals by various governments around the world, including the authorities in the U.S., the U.K. and the EU. These sanctions are complex and evolving at a rapid pace in response to the war. The Firm faces increased operational risk associated with interpreting and maintaining these complex compliance programs. To manage this increased risk, the Firm has implemented additional controls reasonably designed to mitigate the risk of non-compliance and to prevent dealing with sanctioned persons or in property subject to sanctions, as well as to block or restrict payments as required by the applicable regulations.

Business and technology resiliency risk

Disruptions can occur due to forces beyond the Firm’s control such as the spread of infectious diseases or pandemics, severe weather, power or telecommunications loss, failure of a third party to provide expected services, cyberattacks and terrorism. The Firmwide Business Resiliency Program is designed to enable the Firm to prepare for, adapt to, withstand and recover from business disruptions including occurrence of an extraordinary event beyond its control that may impact critical business functions and supporting assets (i.e., staff, technology, facilities and third parties). The program includes governance, awareness training, planning and testing of recovery strategies, as well as strategic and tactical initiatives to identify, assess, and manage business interruption and public safety risks.

Cybersecurity Risk

The Firm faces increased risk of cyber attacks due to potential retaliation for the sanctions imposed as a result of the war in Ukraine. The Firm has implemented additional precautionary measures and controls reasonably designed to address this increased risk, such as enhanced threat monitoring. There can be no assurance that the measures taken by the Firm to protect against cybersecurity breaches will provide absolute security against cyber attacks.

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CRITICAL ACCOUNTING ESTIMATES USED BY THE FIRM

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

Allowance for credit losses

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

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

•The allowance for lending-related commitments, and

•The allowance for credit losses on investment securities.

The allowance for credit losses involves significant judgment on a number of matters including development and weighting of macroeconomic forecasts, incorporation of historical loss experience, assessment of risk characteristics, assignment of risk ratings, valuation of collateral, and the determination of remaining expected life. Refer to Note 10 and Note 13 of JPMorgan Chase's 2021 Form 10-K for further information on these judgments as well as the Firm’s policies and methodologies used to determine the Firm’s allowance for credit losses; and refer to Allowance for credit losses on pages 63-65 and Note 12 of this Form 10-Q for further information.

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

•Key MEVs for the consumer portfolio include U.S. unemployment, HPI and U.S. real GDP.

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

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

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

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

For example, compared to the Firm’s central scenario shown on page 63 and in Note 12, the Firm’s relative adverse scenario assumes a significantly elevated U.S. unemployment rate, averaging approximately 2.5% higher

over the eight-quarter forecast, with a peak difference of

approximately 4.5% in the fourth quarter of 2022; lower

U.S. real GDP with a slower recovery, remaining nearly

3.1% lower at the end of the eight-quarter forecast, with a

peak difference of approximately 7.0% in the fourth

quarter of 2022; and lower national HPI with a peak

difference of 20.0% in the fourth quarter of 2023.

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

•The Firm increased the weight placed on the adverse scenarios in estimating the allowance for credit losses as of March 31, 2022, and accordingly, the existing allowance reflects credit losses beyond those estimated under the central scenario.

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

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

To demonstrate the sensitivity of credit loss estimates to macroeconomic forecasts as of March 31, 2022, the Firm compared the modeled estimates under its relative adverse scenario to its central scenario. Without considering offsetting or correlated effects in other qualitative components of the Firm’s allowance for credit losses, the comparison between these two scenarios for the lending exposures below reflect the following differences:

•An increase of approximately $600 million for residential real estate loans and lending-related commitments

•An increase of approximately $2.4 billion for credit card loans

•An increase of approximately $2.8 billion for wholesale loans and lending-related commitments

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

Recognizing that forecasts of macroeconomic conditions are inherently uncertain, particularly in light of the recent economic conditions, the Firm believes that its process to consider the available information and associated risks and uncertainties is appropriately governed and that its estimates of expected credit losses were reasonable and appropriate for the period ended March 31, 2022.

Fair value

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

Assets measured at fair value

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

March,31, 2022 (in billions, except ratios)			Total assets at fair value									Total level 3 assets
Federal funds sold and securities purchased under resale agreements			$	298.3								$	—
Securities borrowed			87.3									—
Trading assets:
Trading–debt and equity instruments			437.9									2.6
Derivative receivables(a)			73.6									9.4
Total trading assets			511.5									12.0
AFS securities			312.9									0.2
Loans			48.5									2.1
MSRs			7.3									7.3
Other			15.7									0.4
Total assets measured at fair value on a recurring basis			1,281.5									22.0
Total assets measured at fair value on a nonrecurring basis			2.1									1.2
Total assets measured at fair value			$	1,283.6								$	23.2
Total Firm assets			$	3,954.7
Level 3 assets at fair value as a percentage of total Firm assets(a)												0.6		%
Level 3 assets at fair value 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 $9.4 billion of derivative receivables classified as level 3 does not reflect the netting adjustment as such netting is not relevant to a presentation based on the transparency of inputs to the valuation of an asset. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.

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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 fair value 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 model or other valuation technique to use. Second, the lack of observability of certain significant inputs requires management to assess relevant empirical data in deriving valuation inputs including, for example, transaction details, yield curves, interest rates, prepayment speed, default rates, volatilities, correlations, prices (such as commodity, 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. In periods of heightened market volatility and uncertainty judgments are further affected by the wider variation of reasonable valuation estimates, particularly for positions that are less liquid. 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. Refer to Goodwill impairment on page 152 of JPMorgan Chase’s 2021 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 March 31, 2022.

Credit card rewards liability

The credit card rewards liability was $10.1 billion and $9.8 billion at March 31, 2022 and December 31, 2021, respectively, and is recorded in accounts payable and other liabilities on the Consolidated balance sheets. Refer to page 152 of JPMorgan Chase’s 2021 Form 10-K for a description of the significant assumptions and sensitivities, associated with the Firm’s credit card rewards liability.

Income taxes

Refer to Income taxes on pages 152-153 of JPMorgan Chase’s 2021 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 30 of JPMorgan Chase’s 2021 Form 10-K for a description of the significant estimates and judgments associated with establishing litigation reserves.

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ACCOUNTING AND REPORTING DEVELOPMENTS

Financial Accounting Standards Board (“FASB”) Standards Adopted since January 1, 2021
Standard			Summary of guidance						Effects on financial statements
Reference Rate Reform Issued March 2020 and updated January 2021			•Provides optional expedients and exceptions to current accounting guidance when financial instruments, hedge accounting relationships, and other transactions are amended due to reference rate reform. •Provides an election to account for certain contract amendments related to reference rate reform as modifications rather than extinguishments without the requirement to assess the significance of the amendments. •Allows for changes in critical terms of a hedge accounting relationship without automatic termination of that relationship. Provides various practical expedients and elections designed to allow hedge accounting to continue uninterrupted during the transition period. •Provides a one-time election to transfer securities out of the held-to-maturity classification if certain criteria are met. •The January 2021 update provides an election to account for derivatives modified to change the rate used for discounting, margining, or contract price alignment (collectively “discounting transition”) as modifications.						•Issued and effective March 12, 2020. The January 7, 2021 update was effective when issued. •The Firm elected to apply certain of the practical expedients related to contract modifications and hedge accounting relationships, and discounting transition beginning in the third quarter of 2020. The discounting transition election was applied retrospectively. The main purpose of the practical expedients is to ease the administrative burden of accounting for contracts impacted by reference rate reform. These elections did not have a material impact on the Consolidated Financial Statements.
FASB Standards Issued but not yet Adopted
Standard			Summary of guidance						Effects on financial statements
Derivatives and Hedging: Fair Value Hedging – Portfolio Layer Method Issued March 2022			•Expands the current ability to hedge a portfolio of prepayable assets to allow more of the portfolio to be hedged. Non-prepayable assets can also be included in the same portfolio, thus increasing the size of the portfolio and the amount available to be hedged. •Clarifies the types of derivatives that can be used as hedges, and the balance sheet presentation and updates the disclosure guidance for the hedge accounting adjustments.						•Required effective date: January 1, 2023. (a) •The Firm is currently evaluating the potential impact on the Consolidated Financial Statements.
Financial Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures Issued March 2022			•Eliminates existing accounting and disclosure requirements for Troubled Debt Restructurings, including the requirement to measure the allowance using a discounted cash flow methodology. •Requires disclosure of loan modifications for borrowers experiencing financial difficulty involving principal forgiveness, interest rate concessions, term extensions or a combination of these types. •Requires disclosure of current period loan charge-off information by origination year. •May be adopted using a full retrospective method, or a modified retrospective method wherein the effect of adoption is reflected as an adjustment to retained earnings at the effective date.						•Required effective date: January 1, 2023. (a) •The Firm is currently evaluating the potential impact on the Consolidated Financial Statements. •The Firm plans to adopt the new guidance on January 1, 2023.

(a)Early adoption is permitted.

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FORWARD-LOOKING STATEMENTS

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

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

•Local, regional and global business, economic and political conditions and geopolitical events, including the war in Ukraine;

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

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

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

•Changes in the level of inflation;

•Changes in income tax laws, rules and regulations;

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

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

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

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

•Damage to the Firm’s reputation;

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

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

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

•The effectiveness of the Firm’s control agenda;

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

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

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

•Ability of the Firm to control expenses;

•Competitive pressures;

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

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

•Adverse judicial or regulatory proceedings;

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

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

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

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

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

•Economic, financial, reputational and other impacts of the COVID-19 pandemic; and

•The other risks and uncertainties detailed in Part I, Item 1A: Risk Factors in JPMorgan Chase’s 2021 Form 10-K.

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

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JPMorgan Chase & Co.

Consolidated statements of income (unaudited)

			Three months ended March 31,
(in millions, except per share data)			2022						2021
Revenue
Investment banking fees			$	2,008					$	2,970
Principal transactions			5,105						6,500
Lending- and deposit-related fees			1,839						1,687
Asset management, administration and commissions			5,362						5,029
Investment securities gains/(losses)			(394)						14
Mortgage fees and related income			460						704
Card income			975						1,350
Other income			1,490						1,123
Noninterest revenue			16,845						19,377
Interest income			15,496						14,271
Interest expense			1,624						1,382
Net interest income			13,872						12,889
Total net revenue			30,717						32,266
Provision for credit losses			1,463						(4,156)
Noninterest expense
Compensation expense			10,787						10,601
Occupancy expense			1,134						1,115
Technology, communications and equipment expense			2,360						2,519
Professional and outside services			2,572						2,203
Marketing			920						751
Other expense			1,418						1,536
Total noninterest expense			19,191						18,725
Income before income tax expense			10,063						17,697
Income tax expense			1,781						3,397
Net income			$	8,282					$	14,300
Net income applicable to common stockholders			$	7,845					$	13,851
Net income per common share data
Basic earnings per share			$	2.64					$	4.51
Diluted earnings per share			2.63						4.50
Weighted-average basic shares			2,977.0						3,073.5
Weighted-average diluted shares			2,981.0						3,078.9

.

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

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JPMorgan Chase & Co.

Consolidated statements of comprehensive income (unaudited)

						Three months ended March 31,
(in millions)						2022						2021
Net income						$	8,282					$	14,300
Other comprehensive income/(loss), after–tax
Unrealized gains/(losses) on investment securities						(7,453)						(4,339)
Translation adjustments, net of hedges						(62)						(250)
Fair value hedges						110						(28)
Cash flow hedges						(2,791)						(2,249)
Defined benefit pension and OPEB plans						67						68
DVA on fair value option elected liabilities						646						(147)
Total other comprehensive income/(loss), after–tax						(9,483)						(6,945)
Comprehensive income						$	(1,201)					$	7,355

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

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JPMorgan Chase & Co.

Consolidated balance sheets (unaudited)

(in millions, except share data)			March 31, 2022						December 31, 2021
Assets
Cash and due from banks			$	26,165					$	26,438
Deposits with banks			728,367						714,396
Federal funds sold and securities purchased under resale agreements (included $298,339 and $252,720 at fair value)			301,875						261,698
Securities borrowed (included $87,276 and $81,463 at fair value)			224,852						206,071
Trading assets (included assets pledged of $120,758 and $102,710)			511,528						433,575
Available-for-sale securities (amortized cost of $322,122 and $308,254, net of allowance for credit losses; included assets pledged of $20,119 and $18,268)			312,875						308,525
Held-to-maturity securities (net of allowance for credit losses)			366,585						363,707
Investment securities, net of allowance for credit losses			679,460						672,232
Loans (included $48,463 and $58,820 at fair value)			1,073,285						1,077,714
Allowance for loan losses			(17,192)						(16,386)
Loans, net of allowance for loan losses			1,056,093						1,061,328
Accrued interest and accounts receivable			152,207						102,570
Premises and equipment			26,916						27,070
Goodwill, MSRs and other intangible assets			58,485						56,691
Other assets (included $16,532 and $14,753 at fair value and assets pledged of $8,075 and $5,298)			188,739						181,498
Total assets(a)			$	3,954,687					$	3,743,567
Liabilities
Deposits (included $10,443 and $11,333 at fair value)			$	2,561,207					$	2,462,303
Federal funds purchased and securities loaned or sold under repurchase agreements (included $146,112 and $126,435 at fair value)			223,858						194,340
Short-term borrowings (included $19,198 and $20,015 at fair value)			57,586						53,594
Trading liabilities			202,083						164,693
Accounts payable and other liabilities (included $8,019 and $5,651 at fair value)			320,671						262,755
Beneficial interests issued by consolidated VIEs (included $11 and $12 at fair value)			10,144						10,750
Long-term debt (included $70,704 and $74,934 at fair value)			293,239						301,005
Total liabilities(a)			3,668,788						3,449,440
Commitments and contingencies (refer to Notes 22, 23 and 24)
Stockholders’ equity
Preferred stock ($1 par value; authorized 200,000,000 shares; issued 3,283,750 and 3,483,750 shares)			32,838						34,838
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			88,260						88,415
Retained earnings			277,177						272,268
Accumulated other comprehensive income			(9,567)						(84)
Treasury stock, at cost (1,167,883,429 and 1,160,784,750 shares)			(106,914)						(105,415)
Total stockholders’ equity			285,899						294,127
Total liabilities and stockholders’ equity			$	3,954,687					$	3,743,567

(a) The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2022, and December 31, 2021. 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)			March 31, 2022						December 31, 2021
Assets
Trading assets			$	2,020					$	2,010
Loans			31,966						33,024
All other assets			472						490
Total assets			$	34,458					$	35,524
Liabilities
Beneficial interests issued by consolidated VIEs			$	10,144					$	10,750
All other liabilities			253						245
Total liabilities			$	10,397					$	10,995

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

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JPMorgan Chase & Co.

Consolidated statements of changes in stockholders’ equity (unaudited)

						Three months ended March 31,
(in millions, except per share data)						2022						2021
Preferred stock
Balance at the beginning of the period						$	34,838					$	30,063
Issuance						—						1,500
Redemption						(2,000)						—
Balance at March 31						32,838						31,563
Common stock
Balance at the beginning and end of the period						4,105						4,105
Additional paid-in capital
Balance at the beginning of the period						88,415						88,394
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects						(155)						(363)
Other						—						(26)
Balance at March 31						88,260						88,005
Retained earnings
Balance at the beginning of the period						272,268						236,990
Net income						8,282						14,300
Dividends declared:
Preferred stock						(397)						(379)
Common stock ($1.00 and $0.90 per share)						(2,976)						(2,760)
Balance at March 31						277,177						248,151
Accumulated other comprehensive income/(loss)
Balance at the beginning of the period						(84)						7,986
Other comprehensive income/(loss), after-tax						(9,483)						(6,945)
Balance at March 31						(9,567)						1,041
Treasury stock, at cost
Balance at the beginning of the period						(105,415)						(88,184)
Repurchase						(2,500)						(4,999)
Reissuance						1,001						1,032
Balance at March 31						(106,914)						(92,151)
Total stockholders’ equity						$	285,899					$	280,714

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

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JPMorgan Chase & Co.

Consolidated statements of cash flows (unaudited)

			Three months ended March 31,
(in millions)			2022						2021
Operating activities
Net income			$	8,282					$	14,300
Adjustments to reconcile net income to net cash used in operating activities:
Provision for credit losses			1,463						(4,156)
Depreciation and amortization			1,820						2,070
Deferred tax (benefit)/expense			(730)						998
Other			1,200						890
Originations and purchases of loans held-for-sale			(66,262)						(85,457)
Proceeds from sales, securitizations and paydowns of loans held-for-sale			75,558						75,547
Net change in:
Trading assets			(91,213)						(34,262)
Securities borrowed			(18,979)						(18,951)
Accrued interest and accounts receivable			(49,719)						(24,323)
Other assets			1,319						7,131
Trading liabilities			29,993						(7)
Accounts payable and other liabilities			64,738						23,559
Other operating adjustments			613						(1,211)
Net cash (used in) operating activities			(41,917)						(43,872)
Investing activities
Net change in:
Federal funds sold and securities purchased under resale agreements			(40,407)						23,791
Held-to-maturity securities:
Proceeds from paydowns and maturities			9,512						14,700
Purchases			(13,223)						(31,348)
Available-for-sale securities:
Proceeds from paydowns and maturities			11,291						14,096
Proceeds from sales			16,971						80,823
Purchases			(45,357)						(95,958)
Proceeds from sales and securitizations of loans held-for-investment			9,987						6,619
Other changes in loans, net			(18,185)						3,321
All other investing activities, net			(3,197)						(653)
Net cash provided by/(used in) investing activities			(72,608)						15,391
Financing activities
Net change in:
Deposits			99,691						120,501
Federal funds purchased and securities loaned or sold under repurchase agreements			29,600						88,844
Short-term borrowings			4,300						9,387
Beneficial interests issued by consolidated VIEs			52						(1,439)
Proceeds from long-term borrowings			20,651						24,162
Payments of long-term borrowings			(13,094)						(14,983)
Proceeds from issuance of preferred stock			—						1,500
Redemption of preferred stock			(2,000)						—
Treasury stock repurchased			(2,455)						(4,806)
Dividends paid			(3,430)						(3,193)
All other financing activities, net			(543)						(1,062)
Net cash provided by financing activities			132,772						218,911
Effect of exchange rate changes on cash and due from banks and deposits with banks			(4,549)						(6,967)
Net increase in cash and due from banks and deposits with banks			13,698						183,463
Cash and due from banks and deposits with banks at the beginning of the period			740,834						527,609
Cash and due from banks and deposits with banks at the end of the period			$	754,532					$	711,072
Cash interest paid			$	1,088					$	1,127
Cash income taxes paid, net			705						707

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

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Refer to the Glossary of Terms and Acronyms on pages 166-174 for definitions of terms and acronyms used throughout the Notes to Consolidated Financial Statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Note 1 – Basis of presentation

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

These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, included in JPMorgan Chase’s 2021 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 2021 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 where it has determined that the specified conditions are met. Refer to Note 1 of JPMorgan Chase’s 2021 Form 10-K for further information on offsetting assets and liabilities.

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Note 2 – Fair value measurement

Refer to Note 2 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy.

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The following table presents the assets and liabilities reported at fair value as of March 31, 2022, and December 31, 2021, 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)
March 31, 2022 (in millions)			Level 1			Level 2						Level 3									Total fair value
Federal funds sold and securities purchased under resale agreements			$	—		$	298,339					$	—					$	—		$	298,339
Securities borrowed			—			87,276						—						—			87,276
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)			—			40,328						286						—			40,614
Residential – nonagency			—			2,301						10						—			2,311
Commercial – nonagency			—			1,695						10						—			1,705
Total mortgage-backed securities			—			44,324						306						—			44,630
U.S. Treasury, GSEs and government agencies(a)			70,115			9,120						—						—			79,235
Obligations of U.S. states and municipalities			—			7,067						7						—			7,074
Certificates of deposit, bankers’ acceptances and commercial paper			—			2,813						—						—			2,813
Non-U.S. government debt securities			39,150			48,129						133						—			87,412
Corporate debt securities			—			29,315						293						—			29,608
Loans			—			6,904						1,049						—			7,953
Asset-backed securities			—			3,117						28						—			3,145
Total debt instruments			109,265			150,789						1,816						—			261,870
Equity securities			125,057			1,248						663						—			126,968
Physical commodities(b)			7,574			17,815						—						—			25,389
Other			—			23,445						175						—			23,620
Total debt and equity instruments(c)			241,896			193,297						2,654						—			437,847
Derivative receivables:
Interest rate			7,352			251,399						3,058						(238,491)			23,318
Credit			—			12,027						578						(11,230)			1,375
Foreign exchange			268			209,463						1,114						(191,342)			19,503
Equity			—			68,876						3,994						(64,228)			8,642
Commodity			—			56,871						651						(36,724)			20,798
Total derivative receivables			7,620			598,636						9,395						(542,015)			73,636
Total trading assets(d)			249,516			791,933						12,049						(542,015)			511,483
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)			—			89,900						—						—			89,900
Residential – nonagency			—			5,515						—						—			5,515
Commercial – nonagency			—			4,905						—						—			4,905
Total mortgage-backed securities			—			100,320						—						—			100,320
U.S. Treasury and government agencies			165,962			—						—						—			165,962
Obligations of U.S. states and municipalities			—			14,786						—						—			14,786
Non-U.S. government debt securities			5,507			10,794						—						—			16,301
Corporate debt securities			—			151						205						—			356
Asset-backed securities:
Collateralized loan obligations			—			10,473						—						—			10,473
Other			—			4,677						—						—			4,677
Total available-for-sale securities			171,469			141,201						205						—			312,875
Loans (e)			—			46,391						2,072						—			48,463
Mortgage servicing rights			—			—						7,294						—			7,294
Other assets(d)			9,020			6,371						341						—			15,732
Total assets measured at fair value on a recurring basis			$	430,005		$	1,371,511					$	21,961					$	(542,015)		$	1,281,462
Deposits			$	—		$	8,322					$	2,121					$	—		$	10,443
Federal funds purchased and securities loaned or sold under repurchase agreements			—			146,112						—						—			146,112
Short-term borrowings			—			17,052						2,146						—			19,198
Trading liabilities:
Debt and equity instruments(c)			108,958			35,281						41						—			144,280
Derivative payables:
Interest rate			5,344			228,527						2,691						(225,032)			11,530
Credit			—			11,317						534						(11,052)			799
Foreign exchange			292			207,398						1,038						(193,067)			15,661
Equity			—			74,450						6,577						(65,210)			15,817
Commodity			—			52,611						1,065						(39,680)			13,996
Total derivative payables			5,636			574,303						11,905						(534,041)			57,803
Total trading liabilities			114,594			609,584						11,946						(534,041)			202,083
Accounts payable and other liabilities			4,903			3,008						108						—			8,019
Beneficial interests issued by consolidated VIEs			—			11						—						—			11
Long-term debt			—			46,310						24,394						—			70,704
Total liabilities measured at fair value on a recurring basis			$	119,497		$	830,399					$	40,715					$	(534,041)		$	456,570

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			Fair value hierarchy															Derivative netting adjustments(f)
December 31, 2021 (in millions)			Level 1			Level 2						Level 3												Total fair value
Federal funds sold and securities purchased under resale agreements			$	—		$	252,720					$	—					$	—					$	252,720
Securities borrowed			—			81,463						—						—						81,463
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)			—			38,944						265						—						39,209
Residential – nonagency			—			2,358						28						—						2,386
Commercial – nonagency			—			1,506						10						—						1,516
Total mortgage-backed securities			—			42,808						303						—						43,111
U.S. Treasury, GSEs and government agencies(a)			68,527			9,181						—						—						77,708
Obligations of U.S. states and municipalities			—			7,068						7						—						7,075
Certificates of deposit, bankers’ acceptances and commercial paper			—			852						—						—						852
Non-U.S. government debt securities			26,982			44,581						81						—						71,644
Corporate debt securities			—			24,491						332						—						24,823
Loans			—			7,366						708						—						8,074
Asset-backed securities			—			2,668						26						—						2,694
Total debt instruments			95,509			139,015						1,457						—						235,981
Equity securities			86,904			1,741						662						—						89,307
Physical commodities(b)			5,357			20,788						—						—						26,145
Other			—			24,850						160						—						25,010
Total debt and equity instruments(c)			187,770			186,394						2,279						—						376,443
Derivative receivables:
Interest rate			1,072			267,493						2,020						(248,611)						21,974
Credit			—			9,321						518						(8,808)						1,031
Foreign exchange			134			168,590						855						(156,954)						12,625
Equity			—			65,139						3,492						(58,650)						9,981
Commodity			—			26,232						421						(15,183)						11,470
Total derivative receivables			1,206			536,775						7,306						(488,206)						57,081
Total trading assets(d)			188,976			723,169						9,585						(488,206)						433,524
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)			4			72,539						—						—						72,543
Residential – nonagency			—			6,070						—						—						6,070
Commercial – nonagency			—			4,949						—						—						4,949
Total mortgage-backed securities			4			83,558						—						—						83,562
U.S. Treasury and government agencies			177,463			—						—						—						177,463
Obligations of U.S. states and municipalities			—			15,860						—						—						15,860
Non-U.S. government debt securities			5,430			10,779						—						—						16,209
Corporate debt securities			—			160						161						—						321
Asset-backed securities:
Collateralized loan obligations			—			9,662						—						—						9,662
Other			—			5,448						—						—						5,448
Total available-for-sale securities			182,897			125,467						161						—						308,525
Loans(e)			—			56,887						1,933						—						58,820
Mortgage servicing rights			—			—						5,494						—						5,494
Other assets(d)			9,558			4,139						306						—						14,003
Total assets measured at fair value on a recurring basis			$	381,431		$	1,243,845					$	17,479					$	(488,206)					$	1,154,549
Deposits			$	—		$	9,016					$	2,317					$	—					$	11,333
Federal funds purchased and securities loaned or sold under repurchase agreements			—			126,435						—						—						126,435
Short-term borrowings			—			17,534						2,481						—						20,015
Trading liabilities:
Debt and equity instruments(c)			87,831			26,716						30						—						114,577
Derivative payables:
Interest rate			981			237,714						2,036						(232,537)						8,194
Credit			—			10,468						444						(10,032)						880
Foreign exchange			123			174,349						1,274						(161,649)						14,097
Equity			—			72,609						7,118						(62,494)						17,233
Commodity			—			26,600						1,328						(18,216)						9,712
Total derivative payables			1,104			521,740						12,200						(484,928)						50,116
Total trading liabilities			88,935			548,456						12,230						(484,928)						164,693
Accounts payable and other liabilities			5,115			467						69						—						5,651
Beneficial interests issued by consolidated VIEs			—			12						—						—						12
Long-term debt			—			50,560						24,374						—						74,934
Total liabilities measured at fair value on a recurring basis			$	94,050		$	752,480					$	41,471					$	(484,928)					$	403,073

(a)At March 31, 2022, and December 31, 2021, included total U.S. GSE obligations of $72.8 billion and $73.9 billion, respectively, which were mortgage-related.

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

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

(d)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At March 31, 2022, and December 31, 2021, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $845 million and $801 million, respectively. Included in these balances at March 31, 2022, and December 31, 2021, were trading assets of $45 million and $51 million, respectively, and other assets of $800 million and $750 million, respectively.

(e)At March 31, 2022, and December 31, 2021, included $15.1 billion and $26.2 billion, respectively, of residential first-lien mortgages, and $9.3 billion and $8.2 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 $5.0 billion and $13.6 billion, respectively.

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

Level 3 valuations

Refer to Note 2 of JPMorgan Chase’s 2021 Form 10-K for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments.

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

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

In the Firm’s view, the input range, weighted and arithmetic average values do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date.

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Level 3 inputs(a)
March 31, 2022
Product/Instrument			Fair value (in millions)						Principal valuation technique			Unobservable inputs(g)			Range of input values									Average(i)
Residential mortgage-backed securities and loans(b)			$	1,283					Discounted cash flows			Yield			0%			–			27%						5%
												Prepayment speed			0%			–			15%						13%
												Conditional default rate			0%			–			2%						0%
												Loss severity			0%			–			107%						3%
Commercial mortgage-backed securities and loans(c)			395						Market comparables			Price			$0			–			$102						$86
Corporate debt securities			498						Market comparables			Price			$0			–			$233						$95
Loans(d)			1,749						Market comparables			Price			$0			–			$109						$85
Non-U.S. government debt securities			133						Market comparables			Price			$5			–			$101						$87
Net interest rate derivatives			360						Option pricing			Interest rate volatility			11 bps			–			573 bps						118 bps
												Interest rate spread volatility			11 bps			–			23 bps						15 bps
												Interest rate correlation			(91)%			–			99%						18%
												IR-FX correlation			(35)%			–			65%						4%
			7						Discounted cash flows			Prepayment speed			0%			–			30%						6%
Net credit derivatives			(4)						Discounted cash flows			Credit correlation			30%			–			65%						47%
												Credit spread			1 bps			–			3,827 bps						429 bps
												Recovery rate			25%			–			70%						49%
			48						Market comparables			Price			$0			–			$115						$80
Net foreign exchange derivatives			172						Option pricing			IR-FX correlation			(40)%			–			65%						17%
			(96)						Discounted cash flows			Prepayment speed			9%												9%
												Interest rate curve			1%			–			29%						10%
Net equity derivatives			(2,583)						Option pricing			Forward equity price(h)			67%			–			131%						99%
												Equity volatility			4%			–			131%						33%
												Equity correlation			17%			–			100%						55%
												Equity-FX correlation			(77)%			–			59%						(27)%
												Equity-IR correlation			15%			–			50%						29%
Net commodity derivatives			(414)						Option pricing			Oil Commodity Forward			$85 / BBL			–			$96 / BBL						$91 / BBL
												Industrial metals commodity forward			$3,363 / MT			–			$4,242 / MT						$3,803 / MT
												Commodity volatility			4%			–			320%						162%
												Commodity correlation			(50)%			–			98%						24%
MSRs			7,294						Discounted cash flows			Refer to Note 14
Long-term debt, short-term borrowings, and deposits(e)			27,612						Option pricing			Interest rate volatility			11 bps			–			573 bps						118 bps
												Interest rate correlation			(91)%			–			99%						18%
												IR-FX correlation			(35)%			–			65%						4%
												Equity correlation			17%			–			100%						55%
												Equity-FX correlation			(77)%			–			59%						(27)%
												Equity-IR correlation			15%			–			50%						29%
			1,049						Discounted cash flows			Credit correlation			30%			–			65%						47%
Other level 3 assets and liabilities, net(f)			1,065

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

(b)Comprises U.S. GSE and government agency securities of $286 million, nonagency securities of $10 million and non-trading loans of $987 million.

(c)Comprises nonagency securities of $10 million, trading loans of $40 million and non-trading loans of $345 million.

(d)Comprises trading loans of $1.0 billion and non-trading loans of $740 million.

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

(f)Includes equity securities of $850 million including $187 million in Other Assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate.

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

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

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

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Changes in and ranges of unobservable inputs

Refer to Note 2 of JPMorgan Chase’s 2021 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 months ended March 31, 2022 and 2021. 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.

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			Fair value measurements using significant unobservable inputs
Three months ended March 31, 2022 (in millions)			Fair value at   Jan 1, 2022						Total realized/unrealized gains/(losses)																		Transfers into level 3			Transfers (out of) level 3			Fair value at March 31, 2022									Change in unrealized gains/(losses) related to financial instruments held at March 31, 2022
															Purchases(g)			Sales						Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies			$	265					$	27					$	22		$	(7)					$	(21)		$	—		$	—					$	286					$	26
Residential – nonagency			28						—						—			—						(11)			—			(7)						10						—
Commercial – nonagency			10						—						—			—						—			—			—						10						—
Total mortgage-backed securities			303						27						22			(7)						(32)			—			(7)						306						26
Obligations of U.S. states and municipalities			7						—						—			—						—			—			—						7						—
Non-U.S. government debt securities			81						(33)						228			(180)						—			37			—						133						(33)
Corporate debt securities			332						(19)						61			(59)						(37)			41			(26)						293						(20)
Loans			708						(4)						297			(98)						(7)			271			(118)						1,049						(4)
Asset-backed securities			26						—						1			—						—			4			(3)						28						—
Total debt instruments			1,457						(29)						609			(344)						(76)			353			(154)						1,816						(31)
Equity securities			662						(813)						223			(240)						—			853			(22)						663						(760)
Other			160						1						20			—						(5)			—			(1)						175						16
Total trading assets – debt and equity instruments			2,279						(841)			(c)			852			(584)						(81)			1,206			(177)						2,654						(775)			(c)
Net derivative receivables:(b)
Interest rate			(16)						233						126			(94)						151			(27)			(6)						367						422
Credit			74						67						4			(4)						(96)			(3)			2						44						66
Foreign exchange			(419)						345						132			(24)						70			(6)			(22)						76						364
Equity			(3,626)						730						498			(559)						443			(331)			262						(2,583)						838
Commodity			(907)						422						50			(137)						156			—			2						(414)						467
Total net derivative receivables			(4,894)						1,797			(c)			810			(818)						724			(367)			238						(2,510)						2,157			(c)
Available-for-sale securities:
Mortgage-backed securities			—						—						—			—						—			—			—						—						—
Corporate debt securities			161						27						17			—						—			—			—						205						27
Total available-for-sale securities			161						27			(d)			17			—						—			—			—						205						27			(d)
Loans			1,933						98			(c)			121			(5)						(281)			390			(184)						2,072						156			(c)
Mortgage servicing rights			5,494						959			(e)			1,130			(57)						(232)			—			—						7,294						959			(e)
Other assets			306						9			(c)			41			—						(17)			2			—						341						9			(c)
			Fair value measurements using significant unobservable inputs
Three months ended March 31, 2022 (in millions)			Fair value at   Jan 1, 2022						Total realized/unrealized (gains)/losses																		Transfers into level 3			Transfers (out of) level 3			Fair value at March 31, 2022									Change in unrealized (gains)/losses related to financial instruments held at March 31, 2022
															Purchases			Sales			Issuances			Settlements(h)
Liabilities:(a)
Deposits			$	2,317					$	(142)		(c)(f)			$	—		$	—		$	108		$	(48)		$	—		$	(114)					$	2,121					$	(143)		(c)(f)
Short-term borrowings			2,481						(401)			(c)(f)			—			—			1,423			(1,347)			1			(11)						2,146						(153)			(c)(f)
Trading liabilities – debt and equity instruments			30						(17)			(c)			(14)			30			—			—			14			(2)						41						31			(c)
Accounts payable and other liabilities			69						(4)			(c)			—			42			—			—			1			—						108						(4)			(c)
Beneficial interests issued by consolidated VIEs			—						—						—			—			—			—			—			—						—						—
Long-term debt			24,374						(1,668)			(c)(f)			—			—			4,050			(2,476)			263			(149)						24,394						(1,575)			(c)(f)

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			Fair value measurements using significant unobservable inputs
Three months ended March 31, 2021 (in millions)			Fair value at Jan 1, 2021						Total realized/unrealized gains/(losses)																								Transfers into level 3			Transfers (out of) level 3			Fair value at March 31, 2021									Change in unrealized gains/(losses) related to financial instruments held at March 31, 2021
															Purchases(g)			Sales									Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies			$	449					$	23					$	6		$	(48)								$	(33)								$	—					$	397					$	22
Residential – nonagency			28						1						9			(3)									(2)									(1)						32						—
Commercial – nonagency			3						—						—			(1)									—									—						2						—
Total mortgage-backed securities			480						24						15			(52)									(35)						—			(1)						431						22
Obligations of U.S. states and municipalities			8						—						—			—									—						—			—						8						—
Non-U.S. government debt securities			182						(9)						118			(107)									(7)						—			—						177						(9)
Corporate debt securities			507						(15)						91			(146)									—						85			(152)						370						(14)
Loans			893						7						272			(152)									(1)						90			(277)						832						8
Asset-backed securities			28						(1)						28			(3)									—						2			—						54						(1)
Total debt instruments			2,098						6						524			(460)									(43)						177			(430)						1,872						6
Equity securities			476						(5)						230			(43)									—						54			(24)						688						3
Other			49						41						65			—									(29)						—			(4)						122						36
Total trading assets – debt and equity instruments			2,623						42			(c)			819			(503)									(72)						231			(458)						2,682						45			(c)
Net derivative receivables:(b)
Interest rate			258						445						53			(93)									(534)						57			(37)						149						313
Credit			(224)						183						1			(2)									27						(3)			14						(4)						168
Foreign exchange			(434)						(200)						2			(6)									111						10			(22)						(539)						(214)
Equity			(3,862)						23						194			(838)									126						110			413						(3,834)						(213)
Commodity			(731)						(246)						4			(213)									279						(1)			(3)						(911)						(145)
Total net derivative receivables			(4,993)						205			(c)			254			(1,152)									9						173			365						(5,139)						(91)			(c)
Available-for-sale securities:
Mortgage-backed securities			—						—						—			—									—						—			—						—						—
Corporate debt securities			—						—						—			—									—						—			—						—						—
Total available-for-sale securities			—						—			(d)			—			—									—						—			—						—						—			(d)
Loans			2,305						(73)			(c)			67			(190)									(201)						155			(240)						1,823						(112)			(c)
Mortgage servicing rights			3,276						797			(e)			583			1									(187)						—			—						4,470						797			(e)
Other assets			538						13			(c)			3			(18)									(25)						—			—						511						12			(c)
			Fair value measurements using significant unobservable inputs
Three months ended March 31, 2021 (in millions)			Fair value at Jan 1, 2021						Total realized/unrealized (gains)/losses																								Transfers into level 3			Transfers (out of) level 3			Fair value at March 31, 2021									Change in unrealized (gains)/losses related to financial instruments held at March 31, 2021
															Purchases			Sales						Issuances			Settlements(h)
Liabilities:(a)
Deposits			$	2,913					$	(103)		(c)(f)			$	—		$	—					$	69		$	(95)					$	1		$	(133)					$	2,652					$	(105)		(c)(f)
Short-term borrowings			2,420						(113)			(c)(f)			—			—						2,918			(1,506)						—			(55)						3,664						(27)			(c)(f)
Trading liabilities – debt and equity instruments			51						(3)			(c)			(65)			21						—			—						59			(3)						60						—
Accounts payable and other liabilities			68						(1)			(c)			—			1						—			—						—			(7)						61						(1)			(c)
Beneficial interests issued by consolidated VIEs			—						—						—			—						—			—						—			—						—						—
Long-term debt			23,397						(308)			(c)(f)			—			—						3,465			(3,649)						11			(341)						22,575						(324)			(c)(f)

(a)Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 2% and 2% at March 31, 2022 and December 31, 2021, respectively. Level 3 liabilities at fair value as a percentage of total Firm liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were 9% and 10% at March 31, 2022 and December 31, 2021, respectively.

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

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

(d)Realized gains/(losses) on AFS securities are reported in investment securities gains/(losses). Unrealized gains/(losses) are reported in OCI. There were no realized gains/(losses) recorded in income on AFS securities for the three months ended March 31, 2022 and 2021, respectively. Unrealized gains/(losses) recorded on AFS securities in OCI were $27 million and zero for the three months ended March 31, 2022 and 2021, respectively.

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

(f)Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three months ended March 31, 2022 and 2021. Unrealized (gains)/losses are reported in OCI, and were $(229) million and $(22) million for the three months ended March 31, 2022 and 2021, respectively.

(g)Loan originations are included in purchases.

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

Level 3 analysis

Consolidated balance sheets changes

The following describes significant changes to level 3 assets since December 31, 2021, 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 95 for further information on changes impacting items measured at fair value on a nonrecurring basis.

Three months ended March 31, 2022

Level 3 assets were $22.0 billion at March 31, 2022, reflecting an increase of $4.5 billion from December 31, 2021.

The increase for the three months ended March 31, 2022 was largely driven by:

•$1.0 billion increase in gross interest rate derivative receivables due to gains.

•$1.8 billion increase in MSRs.

Refer to Note 14 for information on MSRs.

Refer to the sections below for additional information.

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

For the three months ended March 31, 2022, significant transfers from level 2 into level 3 included the following:

•$1.2 billion of total debt and equity instruments, largely due to equity securities of $853 million driven by a decrease in observability as a result of restricted access to certain markets.

For the three months ended March 31, 2022, there were no significant transfers from level 3 into level 2.

For the three months ended March 31, 2021, there were no significant transfers from level 2 into level 3 or from level 3 into level 2.

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 91-94 for further information on these instruments.

Three months ended March 31, 2022

•$2.0 billion of net gains on assets, predominantly driven by gains in net equity derivative receivables due to market movements and MSRs reflecting lower prepayment speeds on higher rates.

•$2.2 billion of net gains on liabilities, largely driven by gains in long-term debt due to market movements.

Three months ended March 31, 2021

•$984 million of net gains on assets, driven by MSRs reflecting lower prepayment speeds on higher rates.

•$528 million of net gains on liabilities, largely driven by market movements in long-term debt.

Refer to Note 14 for additional information on MSRs.

Credit and funding adjustments — derivatives

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

			Three months ended March 31,
(in millions)			2022						2021
Credit and funding adjustments:
Derivatives CVA			$	(312)					$	240
Derivatives FVA			(58)						105

Refer to Note 2 of JPMorgan Chase’s 2021 Form 10-K for further information about both credit and funding adjustments, as well as information about valuation adjustments on fair value option elected liabilities.

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Assets and liabilities measured at fair value on a nonrecurring basis

The following tables present the assets and liabilities held as of March 31, 2022 and 2021, for which nonrecurring fair value adjustments were recorded during the three months ended March 31, 2022 and 2021, by major product category and fair value hierarchy.

			Fair value hierarchy															Total fair value
March 31, 2022 (in millions)			Level 1			Level 2						Level 3
Loans			$	—		$	874					$	417		(b)			$	1,291
Other assets(a)			—			15						802						817
Total assets measured at fair value on a nonrecurring basis			$	—		$	889					$	1,219					$	2,108
Accounts payable and other liabilities			—			—						28						28
Total liabilities measured at fair value on a nonrecurring basis			$	—		$	—					$	28					$	28

			Fair value hierarchy															Total fair value
March 31, 2021 (in millions)			Level 1			Level 2						Level 3
Loans			$	—		$	1,857					$	303					$	2,160
Other assets			—			12						370						382
Total assets measured at fair value on a nonrecurring basis			$	—		$	1,869					$	673					$	2,542
Accounts payable and other liabilities			—			—						14						14
Total liabilities measured at fair value on a nonrecurring basis			$	—		$	—					$	14					$	14

(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 $802 million in level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2022, $754 million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.

(b)Of the $417 million in level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2022, $34 million related to residential real estate loans carried at the net realizable value of the underlying collateral (e.g., collateral-dependent loans). 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 13% to 51% with a weighted average of 24%.

Nonrecurring fair value changes

The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three months ended March 31, 2022 and 2021, related to assets and liabilities held at those dates.

			Three months ended March 31,
(in millions)			2022						2021
Loans			$	(18)					$	(33)
Other assets(a)			360						2
Accounts payable and other liabilities			(24)						(3)
Total nonrecurring fair value gains/(losses)			$	318					$	(34)

(a)Included $376 million and $6 million for the three months ended March 31, 2022 and 2021, respectively, of net gains/(losses) as a result of the measurement alternative.

Refer to Note 11 for further information about the measurement of collateral-dependent loans.

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Equity securities without readily determinable fair values

The Firm measures certain equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer (i.e., measurement alternative), with such changes recognized in other income.

In its determination of the new carrying values upon observable price changes, the Firm may adjust the prices if deemed necessary to arrive at the Firm’s estimated fair values. Such adjustments may include adjustments to reflect the different rights and obligations of similar securities, and other adjustments that are consistent with the Firm’s valuation techniques for private equity direct investments.

The following table presents the carrying value of equity securities without readily determinable fair values held as of March 31, 2022 and 2021, 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
			March 31
As of or for the period ended,
(in millions)			2022						2021
Other assets
Carrying value(a)			$	4,131					$	2,302
Upward carrying value changes(b)			387						7
Downward carrying value changes/impairment(c)			(11)						(1)

(a)The carrying value as of December 31, 2021 was $3.6 billion. The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.

(b)The cumulative upward carrying value changes between January 1, 2018 and March 31, 2022 were $1.4 billion.

(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and March 31, 2022 were $(380) million.

Included in other assets above is the Firm’s interest in approximately 40 million Visa Class B common shares, recorded at a nominal carrying value. These shares are subject to certain transfer restrictions currently and will be convertible into Visa Class A common shares upon final resolution of certain litigation matters involving Visa. The conversion rate of Visa Class B common shares into Visa Class A common shares is 1.6181 at March 31, 2022, and may be adjusted by Visa depending on developments related to the litigation matters.

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Additional disclosures about the fair value of financial instruments that are not carried on the Consolidated balance sheets at fair value

The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at March 31, 2022, and December 31, 2021, 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.

			March 31, 2022																		December 31, 2021
						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			$	26.2		$	26.2		$	—		$	—		$	26.2					$	26.4		$	26.4		$	—		$	—		$	26.4
Deposits with banks			728.4			728.4			—			—			728.4						714.4			714.4			—			—			714.4
Accrued interest and accounts receivable			151.4			—			151.3			0.1			151.4						102.1			—			102.0			0.1			102.1
Federal funds sold and securities purchased under resale agreements			3.5			—			3.5			—			3.5						9.0			—			9.0			—			9.0
Securities borrowed			137.6			—			137.6			—			137.6						124.6			—			124.6			—			124.6
Investment securities, held-to-maturity			366.6			177.5			173.0			—			350.5						363.7			183.3			179.3			—			362.6
Loans, net of allowance for loan losses(a)			1,007.6			—			198.9			814.4			1,013.3						1,002.5			—			202.1			821.1			1,023.2
Other			104.2			—			102.0			2.3			104.3						98.7			—			97.4			1.4			98.8
Financial liabilities
Deposits			$	2,550.8		$	—		$	2,550.8		$	—		$	2,550.8					$	2,451.0		$	—		$	2,451.0		$	—		$	2,451.0
Federal funds purchased and securities loaned or sold under repurchase agreements			77.7			—			77.7			—			77.7						67.9			—			67.9			—			67.9
Short-term borrowings			38.4			—			38.4			—			38.4						33.6			—			33.6			—			33.6
Accounts payable and other liabilities			283.6			—			278.0			5.0			283.0						217.6			—			212.1			4.9			217.0
Beneficial interests issued by consolidated VIEs			10.1			—			10.1			—			10.1						10.7			—			10.8			—			10.8
Long-term debt			222.5			—			221.7			3.1			224.8						226.0			—			229.5			3.1			232.6

(a)Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value.

The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.

			March 31, 2022																		December 31, 2021
						Estimated fair value hierarchy																		Estimated fair value hierarchy
(in billions)			Carrying value(a) (b)			Level 1			Level 2			Level 3			Total estimated fair value						Carrying value(a) (b)			Level 1			Level 2			Level 3			Total estimated fair value
Wholesale lending-related commitments			$	2.3		$	—		$	—		$	2.9		$	2.9					$	2.1		$	—		$	—		$	2.9		$	2.9

(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)Includes the wholesale allowance for lending-related commitments.

The Firm does not estimate the fair value of consumer off-balance sheet lending-related commitments. In many cases, the Firm can reduce or cancel these commitments by providing the borrower notice or, in some cases as permitted by law, without notice. Refer to page 171 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of the valuation of lending-related commitments.

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Note 3 – Fair value option

The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments.

The Firm has elected to measure certain instruments at fair value for several reasons including to mitigate income statement volatility caused by the differences between the measurement basis of elected instruments (e.g., certain instruments that otherwise would be accounted for on an accrual basis) and the associated risk management arrangements that are accounted for on a fair value basis, as well as to better reflect those instruments that are managed on a fair value basis.

The Firm’s election of fair value includes the following instruments:

•Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis, including lending-related commitments

•Certain securities financing agreements

•Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument

•Structured notes and other hybrid instruments, which are predominantly financial instruments that contain embedded derivatives, that are issued or transacted as part of client-driven activities

•Certain long-term beneficial interests issued by CIB’s consolidated securitization trusts where the underlying assets are carried at fair value

Changes in fair value under the fair value option election

The following table presents the changes in fair value included in the Consolidated statements of income for the three months ended March 31, 2022 and 2021, 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 March 31,
			2022																					2021
(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			$	(230)					$	—					$	(230)								$	(12)					$	—					$	(12)
Securities borrowed			(198)						—						(198)									(70)						—						(70)
Trading assets:
Debt and equity instruments, excluding loans			344						—						344									623			(f)			—						623
Loans reported as trading assets:
Changes in instrument-specific credit risk			(6)						—						(6)									204						—						204
Other changes in fair value			(11)						—						(11)									(1)						—						(1)
Loans:
Changes in instrument-specific credit risk			6						12			(c)			18									237						1			(c)			238
Other changes in fair value			(719)						(514)			(c)			(1,233)									(250)						340			(c)			90
Other assets			11						(3)			(d)			8									19						(19)			(d)			—
Deposits(a)			402						—						402									167						—						167
Federal funds purchased and securities loaned or sold under repurchase agreements			82						—						82									34						—						34
Short-term borrowings(a)			302						—						302									(122)						—						(122)
Trading liabilities			(66)						—						(66)									—						—						—
Beneficial interests issued by consolidated VIEs			(1)						—						(1)									—						—						—
Other liabilities			3						—						3									1						—						1
Long-term debt(a)(b)			3,960						19			(c)(d)			3,979									1,247						(5)			(c)(d)			1,242

(a)Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected are recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were $(8) million and $(2) million for the three months ended March 31, 2022 and 2021, 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 certain hybrid financial instruments in CIB. Refer to Note 6 for further information regarding interest income and interest expense.

(f)Prior-period amounts have been revised to conform with the current presentation.

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Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding

The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of March 31, 2022, and December 31, 2021, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected.

			March 31, 2022															December 31, 2021
(in millions)			Contractual principal outstanding						Fair value			Fair value over/(under) contractual principal outstanding						Contractual principal outstanding						Fair value			Fair value over/(under) contractual principal outstanding
Loans
Nonaccrual loans
Loans reported as trading assets			$	2,988					$	493		$	(2,495)					$	3,263					$	546		$	(2,717)
Loans			1,024						915			(109)						918						797			(121)
Subtotal			4,012						1,408			(2,604)						4,181						1,343			(2,838)
90 or more days past due and government guaranteed
Loans(a)			292						284			(8)						293						281			(12)
All other performing loans(b)
Loans reported as trading assets			8,908						7,460			(1,448)						8,594						7,528			(1,066)
Loans			48,378						47,264			(1,114)						57,695						57,742			47
Subtotal			57,286						54,724			(2,562)						66,289						65,270			(1,019)
Total loans			$	61,590					$	56,416		$	(5,174)					$	70,763					$	66,894		$	(3,869)
Long-term debt
Principal-protected debt			$	35,336		(d)			$	30,307		$	(5,029)					$	35,957		(d)			$	33,799		$	(2,158)
Nonprincipal-protected debt(c)			NA						40,397			NA						NA						41,135			NA
Total long-term debt			NA						$	70,704		NA						NA						$	74,934		NA
Long-term beneficial interests
Nonprincipal-protected debt(c)			NA						$	11		NA						NA						$	12		NA
Total long-term beneficial interests			NA						$	11		NA						NA						$	12		NA

(a)These balances are excluded from nonaccrual loans as the loans are insured and/or guaranteed by U.S. government agencies.

(b)There were no performing loans that were ninety days or more past due as of March 31, 2022, and December 31, 2021, respectively.

(c)Remaining contractual principal is not applicable to nonprincipal-protected structured notes and long-term beneficial interests. Unlike principal-protected structured notes and long-term beneficial interests, for which the Firm is obligated to return a stated amount of principal at maturity, nonprincipal-protected structured notes and long-term beneficial interests do not obligate the Firm to return a stated amount of principal at maturity, but for structured notes to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal-protected notes.

(d)Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date.

At March 31, 2022, and December 31, 2021, the contractual amount of lending-related commitments for which the fair value option was elected was $11.7 billion and $11.9 billion, respectively, with a corresponding fair value of $56 million and $10 million, respectively. Refer to Note 28 of JPMorgan Chase’s 2021 Form 10-K, and Note 22 of this Form 10-Q for further information regarding off-balance sheet lending-related financial instruments.

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Structured note products by balance sheet classification and risk component

The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type.

			March 31, 2022																		December 31, 2021
(in millions)			Long-term debt			Short-term borrowings			Deposits						Total						Long-term debt			Short-term borrowings			Deposits						Total
Risk exposure
Interest rate			$	31,470		$	99		$	5,507					$	37,076					$	34,127		$	1		$	4,860					$	38,988
Credit			5,756			638			—						6,394						6,352			858			—						7,210
Foreign exchange			3,152			297			200						3,649						3,386			315			1,066						4,767
Equity			28,422			6,761			4,476						39,659						29,317			6,827			5,125						41,269
Commodity			556			—			3			(a)			559						405			—			3			(a)			408
Total structured notes			$	69,356		$	7,795		$	10,186					$	87,337					$	73,587		$	8,001		$	11,054					$	92,642

(a)Excludes deposits linked to precious metals for which the fair value option has not been elected of $629 million and $692 million for the periods ended March 31, 2022 and December 31, 2021, respectively.

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Note 4 – Derivative instruments

JPMorgan Chase makes markets in derivatives for clients and also uses derivatives to hedge or manage its own risk exposures. Refer to Note 5 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of the Firm’s use of and accounting policies regarding derivative instruments.

The Firm’s disclosures are based on the accounting treatment and purpose of these derivatives. A limited number of the Firm’s derivatives are designated in hedge

accounting relationships and are disclosed according to the type of hedge (fair value hedge, cash flow hedge, or net investment hedge). Derivatives not designated in hedge accounting relationships include certain derivatives that are used to manage risks associated with specified assets and liabilities (“specified risk management” positions) as well as derivatives used in the Firm’s market-making businesses or for other purposes.

The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category.

Type of Derivative

Use of Derivative

Designation and disclosure

Affected segment or unit

10-Q page reference

Manage specifically identified risk exposures in qualifying hedge accounting relationships:

•Interest rate

Hedge fixed rate assets and liabilities

Fair value hedge

Corporate

107-108

•Interest rate

Hedge floating-rate assets and liabilities

Cash flow hedge

Corporate

109

•Foreign exchange

Hedge foreign currency-denominated assets and liabilities

Fair value hedge

Corporate

107-108

•Foreign exchange

Hedge foreign currency-denominated forecasted revenue and expense

Cash flow hedge

Corporate

109

•Foreign exchange

Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities

Net investment hedge

Corporate

109

•Commodity

Hedge commodity inventory

Fair value hedge

CIB, AWM

107-108

Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships:

•Interest rate

Manage the risk associated with mortgage commitments, warehouse loans and MSRs

Specified risk management

CCB

110

•Credit

Manage the credit risk associated with wholesale lending exposures

Specified risk management

CIB

110

•Interest rate and foreign exchange

Manage the risk associated with certain other specified assets and liabilities

Specified risk management

Corporate

110

Market-making derivatives and other activities:

•Various

Market-making and related risk management

Market-making and other

CIB

110

•Various

Other derivatives

Market-making and other

CIB, AWM, Corporate

110

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Notional amount of derivative contracts

The following table summarizes the notional amount of free-standing derivative contracts outstanding as of March 31, 2022, and December 31, 2021.

			Notional amounts(b)
(in billions)			March 31, 2022			December 31, 2021
Interest rate contracts
Swaps			$	31,216		$	24,075
Futures and forwards			3,906			2,520
Written options			3,257			3,018
Purchased options			3,398			3,188
Total interest rate contracts			41,777			32,801
Credit derivatives(a)			1,504			1,053
Foreign exchange contracts
Cross-currency swaps			4,124			4,112
Spot, futures and forwards			8,649			7,679
Written options			841			741
Purchased options			823			727
Total foreign exchange contracts			14,437			13,259
Equity contracts
Swaps			656			612
Futures and forwards			149			139
Written options			705			654
Purchased options			657			598
Total equity contracts			2,167			2,003
Commodity contracts
Swaps			221			185
Spot, futures and forwards			260			188
Written options			137			135
Purchased options			108			111
Total commodity contracts			726			619
Total derivative notional amounts			$	60,611		$	49,735

(a)Refer to the Credit derivatives discussion on page 111 for more information on volumes and types of credit derivative contracts.

(b)Represents the sum of gross long and gross short third-party notional derivative contracts.

While the notional amounts disclosed above give an indication of the volume of the Firm’s derivatives activity, the notional amounts significantly exceed, in the Firm’s view, the possible losses that could arise from such transactions. For most derivative contracts, the notional amount is not exchanged; it is simply a reference amount used to calculate payments.

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Impact of derivatives on the Consolidated balance sheets

The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of March 31, 2022, and December 31, 2021, 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
March 31, 2022 (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			$	261,796					$	13					$	261,809					$	23,318					$	236,562					$	—					$	236,562					$	11,530
Credit			12,605						—						12,605						1,375						11,851						—						11,851						799
Foreign exchange			210,358						487						210,845						19,503						207,071						1,657						208,728						15,661
Equity			72,870						—						72,870						8,642						81,027						—						81,027						15,817
Commodity			53,042						4,480						57,522						20,798						47,621						6,055						53,676						13,996
Total fair value of trading assets and liabilities			$	610,671					$	4,980					$	615,651					$	73,636					$	584,132					$	7,712					$	591,844					$	57,803
			Gross derivative receivables																								Gross derivative payables
December 31, 2021 (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			$	270,562					$	23					$	270,585					$	21,974					$	240,731					$	—					$	240,731					$	8,194
Credit			9,839						—						9,839						1,031						10,912						—						10,912						880
Foreign exchange			169,186						393						169,579						12,625						174,622						1,124						175,746						14,097
Equity			68,631						—						68,631						9,981						79,727						—						79,727						17,233
Commodity			21,233						5,420						26,653						11,470						20,837						7,091						27,928						9,712
Total fair value of trading assets and liabilities			$	539,451					$	5,836					$	545,287					$	57,081					$	526,829					$	8,215					$	535,044					$	50,116

(a)Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information.

(b)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists.

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Derivatives netting

The following tables present, as of March 31, 2022, and December 31, 2021, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty, have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables below.

In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation:

•collateral that consists of liquid securities and other cash collateral held at third-party custodians, which are shown separately as "Collateral not nettable on the Consolidated balance sheets" in the tables below, up to the fair value exposure amount. For the purpose of this disclosure, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule;

•the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables below; and

•collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables below.

						March 31, 2022															December 31, 2021
(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”)						$	223,414		$	(205,472)					$	17,942					$	251,953					$	(234,283)					$	17,670
OTC–cleared						32,056			(31,362)						694						14,144						(13,839)						305
Exchange-traded(a)						1,884			(1,657)						227						498						(489)						9
Total interest rate contracts						257,354			(238,491)						18,863						266,595						(248,611)						17,984
Credit contracts:
OTC						9,881			(8,732)						1,149						8,035						(7,177)						858
OTC–cleared						2,559			(2,498)						61						1,671						(1,631)						40
Total credit contracts						12,440			(11,230)						1,210						9,706						(8,808)						898
Foreign exchange contracts:
OTC						206,538			(190,877)						15,661						166,185						(156,251)						9,934
OTC–cleared						470			(463)						7						789						(703)						86
Exchange-traded(a)						13			(2)						11						6						—						6
Total foreign exchange contracts						207,021			(191,342)						15,679						166,980						(156,954)						10,026
Equity contracts:
OTC						30,059			(28,272)						1,787						25,704						(23,977)						1,727
Exchange-traded(a)						37,223			(35,956)						1,267						36,095						(34,673)						1,422
Total equity contracts						67,282			(64,228)						3,054						61,799						(58,650)						3,149
Commodity contracts:
OTC						31,841			(14,741)						17,100						15,063						(6,868)						8,195
OTC–cleared						78			(78)						—						49						(49)						—
Exchange-traded(a)						21,958			(21,905)						53						8,279						(8,266)						13
Total commodity contracts						53,877			(36,724)						17,153						23,391						(15,183)						8,208
Derivative receivables with appropriate legal opinion						597,974			(542,015)						55,959			(d)			528,471						(488,206)						40,265			(d)
Derivative receivables where an appropriate legal opinion has not been either sought or obtained						17,677									17,677						16,816												16,816
Total derivative receivables recognized on the Consolidated balance sheets						$	615,651								$	73,636					$	545,287											$	57,081
Collateral not nettable on the Consolidated balance sheets(b)(c)															(15,166)																		(10,102)
Net amounts															$	58,470																	$	46,979

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						March 31, 2022															December 31, 2021
(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						$	199,222		$	(190,721)					$	8,501					$	223,576					$	(216,757)					$	6,819
OTC–cleared						34,473			(33,526)						947						15,695						(15,492)						203
Exchange-traded(a)						803			(785)						18						292						(288)						4
Total interest rate contracts						234,498			(225,032)						9,466						239,563						(232,537)						7,026
Credit contracts:
OTC						9,179			(8,741)						438						9,021						(8,421)						600
OTC–cleared						2,375			(2,311)						64						1,679						(1,611)						68
Total credit contracts						11,554			(11,052)						502						10,700						(10,032)						668
Foreign exchange contracts:
OTC						204,394			(192,598)						11,796						171,610						(160,946)						10,664
OTC–cleared						480			(468)						12						706						(703)						3
Exchange-traded(a)						13			(1)						12						7						—						7
Total foreign exchange contracts						204,887			(193,067)						11,820						172,323						(161,649)						10,674
Equity contracts:
OTC						33,490			(29,263)						4,227						31,379						(27,830)						3,549
Exchange-traded(a)						40,460			(35,947)						4,513						40,621						(34,664)						5,957
Total equity contracts						73,950			(65,210)						8,740						72,000						(62,494)						9,506
Commodity contracts:
OTC						24,898			(16,804)						8,094						14,874						(9,667)						5,207
OTC–cleared						89			(89)						—						73						(73)						—
Exchange-traded(a)						24,598			(22,787)						1,811						8,954						(8,476)						478
Total commodity contracts						49,585			(39,680)						9,905						23,901						(18,216)						5,685
Derivative payables with appropriate legal opinion						574,474			(534,041)						40,433			(d)			518,487						(484,928)						33,559			(d)
Derivative payables where an appropriate legal opinion has not been either sought or obtained						17,370									17,370						16,557												16,557
Total derivative payables recognized on the Consolidated balance sheets						$	591,844								$	57,803					$	535,044											$	50,116
Collateral not nettable on the Consolidated balance sheets(b)(c)															(4,627)																		(5,872)
Net amounts															$	53,176																	$	44,244

(a)Exchange-traded derivative balances that relate to futures contracts are settled daily.

(b)Includes liquid securities and other cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty.

(c)Derivative collateral relates only to OTC and OTC-cleared derivative instruments.

(d)Net derivatives receivable included cash collateral netted of $68.5 billion and $67.6 billion at March 31, 2022, and December 31, 2021, respectively. Net derivatives payable included cash collateral netted of $60.6 billion and $64.3 billion at March 31, 2022, and December 31, 2021, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments.

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Liquidity risk and credit-related contingent features

Refer to Note 5 of JPMorgan Chase’s 2021 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 March 31, 2022, and December 31, 2021.

OTC and OTC-cleared derivative payables containing downgrade triggers
(in millions)			March 31, 2022									December 31, 2021
Aggregate fair value of net derivative payables						$	19,101								$	20,114
Collateral posted						18,539									19,402

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 March 31, 2022, and December 31, 2021, 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
			March 31, 2022									December 31, 2021
(in millions)			Single-notch downgrade			Two-notch downgrade						Single-notch downgrade			Two-notch downgrade
Amount of additional collateral to be posted upon downgrade(a)			$	252		$	1,645					$	219		$	1,577
Amount required to settle contracts with termination triggers upon downgrade(b)			91			567						98			787

(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 March 31, 2022 and December 31, 2021.

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Impact of derivatives on the Consolidated statements of income

The following tables provide information related to gains and losses recorded on derivatives based on their hedge accounting designation or purpose.

Fair value hedge gains and losses

The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three months ended March 31, 2022 and 2021, 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(f)									OCI impact
Three months ended March 31, 2022 (in millions)			Derivatives						Hedged items						Income statement impact						Amortization approach			Changes in fair value						Derivatives - Gains/(losses) recorded in OCI(g)
Contract type
Interest rate(a)(b)			$	(7,070)					$	6,981					$	(89)					$	—		$	(66)					$	—
Foreign exchange(c)			(690)						688						(2)						(65)			(2)						145
Commodity(d)			(176)						147						(29)									(37)						—
Total			$	(7,936)					$	7,816					$	(120)					$	(65)		$	(105)					$	145

			Gains/(losses) recorded in income																		Income statement impact of excluded components(f)									OCI impact
Three months ended March 31, 2021 (in millions)			Derivatives						Hedged items						Income statement impact						Amortization approach			Changes in fair value						Derivatives - Gains/(losses) recorded in OCI(g)
Contract type
Interest rate(a)(b)			$	(5,121)					$	4,837					$	(284)					$	—		$	(173)					$	—
Foreign exchange(c)			(782)			(e)			800			(e)			18						(78)			18						(37)
Commodity(d)			(1,261)						1,288						27						—			12						—
Total			$	(7,164)					$	6,925					$	(239)					$	(78)		$	(143)					$	(37)

(a)Primarily consists of hedges of the benchmark (e.g., London Interbank Offered Rate ("LIBOR"), Secured Overnight Financing Rate (“SOFR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income.

(b)Effective January 1, 2022, the Firm updated its presentation in the table above to include the amortization of income/expense associated with the inception hedge accounting adjustment applied to the hedged item; prior-period amounts have been revised to conform with the current presentation. 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)Prior-period amounts have been revised to conform with the current presentation.

(f)The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative, or through fair value changes recognized in the current period.

(g)Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative.

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As of March 31, 2022 and December 31, 2021, 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:
March 31, 2022 (in millions)												Active hedging relationships(d)			Discontinued hedging relationships(d)(e)			Total
Assets
Investment securities - AFS						$	62,197		(c)			$	(2,239)		$	636		$	(1,603)
Liabilities
Long-term debt						$	191,109					$	(11,782)		$	8,706		$	(3,076)
Beneficial interests issued by consolidated VIEs						749						—			(1)			(1)
						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, 2021 (in millions)												Active hedging relationships(d)			Discontinued hedging relationships(d)(e)			Total
Assets
Investment securities - AFS						$	65,746		(c)			$	417		$	661		$	1,078
Liabilities
Long-term debt						$	195,642					$	(1,999)		$	8,834		$	6,835
Beneficial interests issued by consolidated VIEs						749						—			(1)			(1)

(a)Excludes physical commodities with a carrying value of $24.9 billion and $25.7 billion at March 31, 2022 and December 31, 2021, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Since the Firm exits these positions at fair value, there is no incremental impact to net income in future periods.

(b)Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At March 31, 2022 and December 31, 2021, the carrying amount excluded for AFS securities is $14.6 billion and $14.0 billion, respectively, and for long-term debt is $1.4 billion and $10.8 billion, respectively.

(c)Carrying amount represents the amortized cost, net of allowance if applicable. Refer to Note 9 for additional information.

(d)Positive amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods.

(e)Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships.

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Cash flow hedge gains and losses

The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three months ended March 31, 2022 and 2021, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item.

			Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended March 31, 2022 (in millions)			Amounts reclassified from AOCI to income						Amounts recorded in OCI			Total change in OCI for period
Contract type
Interest rate(a)			$	243					$	(3,361)		$	(3,604)
Foreign exchange(b)			(6)						(75)			(69)
Total			$	237					$	(3,436)		$	(3,673)
			Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended March 31, 2021 (in millions)			Amounts reclassified from AOCI to income						Amounts recorded in OCI			Total change in OCI for period
Contract type
Interest rate(a)			$	237					$	(2,761)		$	(2,998)
Foreign exchange(b)			27						66			39
Total			$	264					$	(2,695)		$	(2,959)

(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 months ended March 31, 2022 and 2021.

Over the next 12 months, the Firm expects that approximately $139 million (after-tax) of net gains recorded in AOCI at March 31, 2022, 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 eight 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 six years. The Firm’s longer-dated forecasted transactions relate to core lending and borrowing activities.

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 months ended March 31, 2022 and 2021.

			Gains/(losses) recorded in income and other comprehensive income/(loss)
			2022															2021
Three months ended March 31, (in millions)			Amounts recorded in income(a)									Amounts recorded in OCI						Amounts recorded in income(a)									Amounts recorded in OCI
Foreign exchange derivatives						$	(131)					$	338								$	(28)					$	1,200

(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.

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Gains and losses on derivatives used for specified risk management purposes

The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from mortgage commitments, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities.

			Derivatives gains/(losses) recorded in income
			Three months ended March 31,
(in millions)			2022			2021
Contract type
Interest rate(a)			$	(229)		$	(142)
Credit(b)			33			(40)
Foreign exchange(c)			(82)			98
Total			$	(278)		$	(84)

(a)Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in mortgage commitments, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income.

(b)Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue.

(c)Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue.

Gains and losses on derivatives related to market-making activities and other derivatives

The Firm makes markets in derivatives in order to meet the needs of customers and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. All derivatives not included in the hedge accounting or specified risk management categories above are included in this category. Gains and losses on these derivatives are primarily recorded in principal transactions revenue. Refer to Note 5 for information on principal transactions revenue.

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Credit derivatives

Refer to Note 5 of JPMorgan Chase’s 2021 Form 10-K for a more detailed discussion of credit derivatives. The following tables present a summary of the notional amounts of credit derivatives and credit-related notes the Firm sold and purchased as of March 31, 2022 and December 31, 2021. 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
March 31, 2022 (in millions)			Protection sold			Protection purchased with identical underlyings(c)									Net protection (sold)/purchased(d)						Other protection purchased(e)
Credit derivatives
Credit default swaps			$	(640,702)					$	650,858					$	10,156					$	1,710
Other credit derivatives(a)			(91,293)						104,184						12,891						14,885
Total credit derivatives			(731,995)						755,042						23,047						16,595
Credit-related notes(b)			—						—						—						8,844
Total			$	(731,995)					$	755,042					$	23,047					$	25,439
			Maximum payout/Notional amount
December 31, 2021 (in millions)			Protection sold			Protection purchased with identical underlyings(c)									Net protection (sold)/purchased(d)						Other protection purchased(e)
Credit derivatives
Credit default swaps			$	(443,481)					$	458,180					$	14,699					$	2,269
Other credit derivatives(a)			(56,130)						79,586						23,456						13,435
Total credit derivatives			(499,611)						537,766						38,155						15,704
Credit-related notes(b)			—						—						—						9,437
Total			$	(499,611)					$	537,766					$	38,155					$	25,141

(a)Other credit derivatives predominantly consist of credit swap options and total return swaps.

(b)Represents Other protection purchased by CIB, primarily in its market-making businesses.

(c)Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold.

(d)Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value.

(e)Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument.

The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives as of March 31, 2022, and December 31, 2021, where JPMorgan Chase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives where JPMorgan Chase is the purchaser of protection are comparable to the profile reflected below.

Protection sold — credit derivatives ratings(a)/maturity profile
March 31, 2022 (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			$	(127,594)					$	(321,381)					$	(97,701)					$	(546,676)					$	3,464					$	(871)					$	2,593
Noninvestment-grade			(32,074)						(116,254)						(36,991)						(185,319)						2,860						(3,337)						(477)
Total			$	(159,668)					$	(437,635)					$	(134,692)					$	(731,995)					$	6,324					$	(4,208)					$	2,116

December 31, 2021 (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			$	(91,155)					$	(255,106)					$	(29,035)					$	(375,296)					$	3,645					$	(623)					$	3,022
Noninvestment-grade			(32,175)						(84,851)						(7,289)						(124,315)						2,630						(2,003)						627
Total			$	(123,330)					$	(339,957)					$	(36,324)					$	(499,611)					$	6,275					$	(2,626)					$	3,649

(a)The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s.

(b)Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting.

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Note 5 – Noninterest revenue and noninterest expense

Noninterest revenue

Refer to Note 6 of JPMorgan Chase’s 2021 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 March 31,
(in millions)			2022						2021
Underwriting
Equity			$	242					$	1,062
Debt			974						1,221
Total underwriting			1,216						2,283
Advisory			792						687
Total investment banking fees			$	2,008					$	2,970

Principal transactions

The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and fund deployment activities in Treasury and CIO. Refer to Note 6 for further information on interest income and interest expense.

Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual LOB.

			Three months ended March 31,
(in millions)			2022						2021
Trading revenue by instrument type
Interest rate(a)			$	469					$	923
Credit(b)			457						1,270
Foreign exchange			1,324						998
Equity			2,255						2,657
Commodity			747						549
Total trading revenue			5,252						6,397
Private equity gains/(losses)			(147)						103
Principal transactions			$	5,105					$	6,500

(a)Includes the impact of changes in funding valuation adjustments on derivatives.

(b)Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities.

Lending- and deposit-related fees

The following table presents the components of lending- and deposit-related fees.

			Three months ended March 31,
(in millions)			2022						2021
Lending-related fees			$	362					$	358
Deposit-related fees			1,477						1,329
Total lending- and deposit-related fees			$	1,839					$	1,687

Asset management, administration and commissions

The following table presents the components of asset management, administration and commissions.

			Three months ended March 31,
(in millions)			2022						2021
Asset management fees
Investment management fees(a)			$	3,562					$	3,257
All other asset management fees(b)			90						94
Total asset management fees			3,652						3,351
Total administration fees(c)			633						633
Commissions and other fees
Brokerage commissions(d)			810						800
All other commissions and fees			267						245
Total commissions and fees			1,077						1,045
Total asset management, administration and commissions			$	5,362					$	5,029

(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.

(d)Represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments.

Card income

The following table presents the components of card income.

			Three months ended March 31,
(in millions)			2022						2021
Interchange and merchant processing income			$	6,235					$	4,868
Rewards costs and partner payments			(4,870)						(3,534)
Other card income(a)			(390)						16
Total card income			$	975					$	1,350

(a)Predominantly represents the amortization of account origination costs and annual fees.

Refer to Note 14 for further information on mortgage fees and related income.

Refer to Note 16 for information on operating lease income included within other income.

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Noninterest expense

Other expense

Other expense on the Firm’s Consolidated statements of income includes the following:

			Three months ended March 31,
(in millions)			2022						2021
Legal expense			$	119					$	28

Note 6 – Interest income and Interest expense

Refer to Note 7 of JPMorgan Chase’s 2021 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 March 31,
(in millions)			2022						2021
Interest income
Loans(a)			$	10,633					$	10,187
Taxable securities			1,979						1,605
Non-taxable securities(b)			245						277
Total investment securities(a)			2,224						1,882
Trading assets - debt instruments			1,767						1,782
Federal funds sold and securities purchased under resale agreements			397						233
Securities borrowed(c)			(87)						(77)
Deposits with banks			238						65
All other interest-earning assets(d)			324						199
Total interest income			$	15,496					$	14,271
Interest expense
Interest-bearing deposits			$	182					$	146
Federal funds purchased and securities loaned or sold under repurchase agreements			117						15
Short-term borrowings(e)			40						33
Trading liabilities – debt and all other interest-bearing liabilities(c)(f)			191						27
Long-term debt			1,076						1,134
Beneficial interest issued by consolidated VIEs			18						27
Total interest expense			$	1,624					$	1,382
Net interest income			$	13,872					$	12,889
Provision for credit losses			1,463						(4,156)
Net interest income after provision for credit losses			$	12,409					$	17,045

(a)Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts and net deferred fees/costs).

(b)Represents securities which are tax-exempt for U.S. federal income tax purposes.

(c)Negative interest income is related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other interest-bearing liabilities.

(d)Includes interest earned on brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets which are classified in other assets on the Consolidated balance sheets.

(e)Includes commercial paper.

(f)All other interest-bearing liabilities includes interest expense on brokerage-related customer payables.

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Note 7 – Pension and other postretirement employee benefit plans

Refer to Note 8 of JPMorgan Chase’s 2021 Form 10-K for a discussion of JPMorgan Chase’s pension and OPEB plans.

The following table presents the net periodic benefit costs reported in the Consolidated statements of income for the Firm’s defined benefit pension, defined contribution and OPEB plans.

(in millions)			Three months ended March 31,
			2022			2021
			Pension and OPEB plans
Total net periodic defined benefit plan cost/(credit)			(64)			(59)
Total defined contribution plans			344			321
Total pension and OPEB cost included in noninterest expense			$	280		$	262

At March 31, 2022 and December 31, 2021, the fair values of plan assets for the Firm’s defined benefit pension and OPEB plans were $23.7 billion and $25.7 billion, respectively.

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Note 8 – Employee share-based incentives

Refer to Note 9 of JPMorgan Chase’s 2021 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 March 31,
(in millions)			2022						2021
Cost of prior grants of restricted stock units ("RSUs"), performance share units (“PSUs”) and stock appreciation rights ("SARs") that are amortized over their applicable vesting periods			$	271					$	356
Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees			535						548
Total noncash compensation expense related to employee share-based incentive plans			$	806					$	904

In the first quarter of 2022, in connection with its annual incentive grant for the 2021 performance year, the Firm granted 19 million RSUs and 720 thousand PSUs with weighted-average grant date fair values of $151.06 per RSU and $149.99 per PSU.

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Note 9 – Investment securities

Investment securities consist of debt securities that are classified as AFS or HTM. Debt securities classified as trading assets are discussed in Note 2. Predominantly all of the Firm’s AFS and HTM securities are held by Treasury and CIO in connection with its asset-liability management activities. At March 31, 2022, the investment securities portfolio consisted of debt securities with an average credit rating of AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings).

In April 2022, the Firm transferred $65.9 billion of investment securities from AFS to HTM for capital management purposes. AOCI included pretax unrealized losses of $4.7 billion on the securities at the date of transfer.

Refer to Note 10 of JPMorgan Chase’s 2021 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.

			March 31, 2022																		December 31, 2021
(in millions)			Amortized cost(b)(c)			Gross unrealized gains			Gross unrealized losses						Fair value						Amortized cost(b)(c)			Gross unrealized gains			Gross unrealized losses						Fair value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies			$	94,270		$	311		$	4,681					$	89,900					$	72,800		$	736		$	993					$	72,543
Residential:
U.S.			1,970			3			39						1,934						2,128			38			2						2,164
Non-U.S.			3,572			15			6						3,581						3,882			25			1						3,906
Commercial			5,013			—			108						4,905						4,944			22			17						4,949
Total mortgage-backed securities			104,825			329			4,834						100,320						83,754			821			1,013						83,562
U.S. Treasury and government agencies			170,683			417			5,138						165,962						178,038			668			1,243						177,463
Obligations of U.S. states and municipalities			14,561			377			152						14,786						14,890			972			2						15,860
Non-U.S. government debt securities			16,463			58			220						16,301						16,163			92			46						16,209
Corporate debt securities			376			—			20						356						332			8			19						321
Asset-backed securities:
Collateralized loan obligations			10,554			4			85						10,473						9,674			6			18						9,662
Other			4,660			35			18						4,677						5,403			47			2						5,448
Total available-for-sale securities			322,122			1,220			10,467						312,875						308,254			2,614			2,343						308,525
Held-to-maturity securities(a)
Mortgage-backed securities:
U.S. GSEs and government agencies			98,079			258			5,117						93,220						102,556			1,400			853						103,103
U.S. Residential			9,377			1			462						8,916						7,316			1			106						7,211
Commercial			5,378			6			278						5,106						3,730			11			54						3,687
Total mortgage-backed securities			112,834			265			5,857						107,242						113,602			1,412			1,013						114,001
U.S. Treasury and government agencies			187,240			—			9,750						177,490						185,204			169			2,103						183,270
Obligations of U.S. states and municipalities			14,812			124			492						14,444						13,985			453			44						14,394
Asset-backed securities:
Collateralized loan obligations			49,569			25			375						49,219						48,869			75			22						48,922
Other			2,130			2			33						2,099						2,047			1			7						2,041
Total held-to-maturity securities			366,585			416			16,507						350,494						363,707			2,110			3,189						362,628
Total investment securities, net of allowance for credit losses			$	688,707		$	1,636		$	26,974					$	663,369					$	671,961		$	4,724		$	5,532					$	671,153

(a)The Firm purchased $13.2 billion and $31.3 billion of HTM securities for the three months ended March 31, 2022 and 2021, respectively.

(b)The amortized cost of investment securities is reported net of allowance for credit losses of $41 million and $42 million at March 31, 2022 and December 31, 2021, respectively.

(c)Excludes $2.0 billion and $1.9 billion of accrued interest receivables at March 31, 2022 and December 31, 2021, respectively. The Firm did not reverse through interest income any accrued interest receivables for the three months ended March 31, 2022 and 2021. Refer to Note 10 of JPMorgan Chase’s 2021 Form 10-K for further discussion of accounting policies for accrued interest receivables on investment securities.

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AFS securities impairment

The following tables present the fair value and gross unrealized losses by aging category for AFS securities at March 31, 2022 and December 31, 2021. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $9.8 billion and $2.2 billion, at March 31, 2022 and December 31, 2021, respectively; changes in the value of these securities are generally driven by changes in interest rates rather than changes in their credit profile given the explicit or implicit guarantees provided by the U.S. government.

			Available-for-sale securities with gross unrealized losses
			Less than 12 months									12 months or more
March 31, 2022 (in millions)			Fair value			Gross unrealized losses						Fair value			Gross unrealized losses			Total fair value			Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.			$	1,593		$	38					$	42		$	1		$	1,635		$	39
Non-U.S.			2,349			6						—			—			2,349			6
Commercial			4,406			86						336			22			4,742			108
Total mortgage-backed securities			8,348			130						378			23			8,726			153
Obligations of U.S. states and municipalities			1,456			152						—			—			1,456			152
Non-U.S. government debt securities			8,631			157						916			63			9,547			220
Corporate debt securities			264			3						45			17			309			20
Asset-backed securities:
Collateralized loan obligations			8,561			73						1,331			12			9,892			85
Other			2,900			15						156			3			3,056			18
Total available-for-sale securities with gross unrealized losses			$	30,160		$	530					$	2,826		$	118		$	32,986		$	648

			Available-for-sale securities with gross unrealized losses
			Less than 12 months									12 months or more
December 31, 2021 (in millions)			Fair value			Gross unrealized losses						Fair value			Gross unrealized losses			Total fair value			Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.			$	303		$	1					$	45		$	1		$	348		$	2
Non-U.S.			133			1						—			—			133			1
Commercial			2,557			5						349			12			2,906			17
Total mortgage-backed securities			2,993			7						394			13			3,387			20
Obligations of U.S. states and municipalities			120			2						—			—			120			2
Non-U.S. government debt securities			5,060			37						510			9			5,570			46
Corporate debt securities			166			1						46			18			212			19
Asset-backed securities:
Collateralized loan obligations			8,110			18						208			—			8,318			18
Other			89			—						178			2			267			2
Total available-for-sale securities with gross unrealized losses			$	16,538		$	65					$	1,336		$	42		$	17,874		$	107

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HTM securities – credit risk

Credit quality indicator

The primary credit quality indicator for HTM securities is the risk rating assigned to each security. At both March 31, 2022 and December 31, 2021, all HTM securities were rated investment grade and were current and accruing, with approximately 98% rated at least AA+.

Allowance for credit losses on investment securities

The allowance for credit losses on investment securities was $41 million and $94 million as of March 31, 2022 and 2021, respectively.

Refer to Note 10 of JPMorgan Chase’s 2021 Form 10-K for further discussion of accounting policies for AFS and HTM securities.

Selected impacts of investment securities on the Consolidated statements of income

			Three months ended March 31,
(in millions)			2022			2021
Realized gains			$	13		$	237
Realized losses			(407)			(223)
Investment securities gains/(losses)			$	(394)		$	14
Provision for credit losses			$	(1)		$	16

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Contractual maturities and yields

The following table presents the amortized cost and estimated fair value at March 31, 2022, of JPMorgan Chase’s investment securities portfolio by contractual maturity.

By remaining maturity March 31, 2022 (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			$	5		$	3,740		$	4,314		$	96,768					$	104,827
Fair value			5			3,599			4,467			92,249						100,320
Average yield(a)			0.27		%	1.61		%	1.93		%	2.49		%				2.43		%
U.S. Treasury and government agencies
Amortized cost			$	11,814		$	136,391		$	14,640		$	7,838					$	170,683
Fair value			11,803			132,200			13,921			8,038						165,962
Average yield(a)			0.83		%	0.59		%	1.20		%	0.85		%				0.67		%
Obligations of U.S. states and municipalities
Amortized cost			$	13		$	144		$	1,408		$	12,996					$	14,561
Fair value			13			145			1,439			13,189						14,786
Average yield(a)			4.09		%	4.58		%	4.84		%	4.90		%				4.89		%
Non-U.S. government debt securities
Amortized cost			$	6,901		$	5,305		$	3,453		$	804					$	16,463
Fair value			6,907			5,276			3,313			805						16,301
Average yield(a)			2.67		%	2.58		%	1.12		%	1.09		%				2.24		%
Corporate debt securities
Amortized cost			$	—		$	362		$	14		$	—					$	376
Fair value			—			342			14			—						356
Average yield(a)			—		%	11.08		%	1.25		%	—		%				10.71		%
Asset-backed securities
Amortized cost			$	2,000		$	881		$	3,155		$	9,178					$	15,214
Fair value			1,999			875			3,145			9,131						15,150
Average yield(a)			1.48		%	1.89		%	1.34		%	1.59		%				1.54		%
Total available-for-sale securities
Amortized cost			$	20,733		$	146,823		$	26,984		$	127,584					$	322,124
Fair value			20,727			142,437			26,299			123,412						312,875
Average yield(a)			1.51		%	0.73		%	1.51		%	2.56		%				1.57		%
Held-to-maturity securities
Mortgage-backed securities
Amortized cost			$	—		$	1,435		$	11,279		$	100,127					$	112,841
Fair value			—			1,379			10,774			95,089						107,242
Average yield(a)			—		%	1.88		%	2.38		%	2.82		%				2.77		%
U.S. Treasury and government agencies
Amortized cost			$	29,406		$	91,162		$	66,672		$	—					$	187,240
Fair value			29,221			86,797			61,472			—						177,490
Average yield(a)			0.58		%	0.74		%	1.26		%	—		%				0.90		%
Obligations of U.S. states and municipalities
Amortized cost			$	34		$	76		$	1,519		$	13,215					$	14,844
Fair value			34			72			1,526			12,812						14,444
Average yield(a)			3.75		%	2.78		%	3.79		%	3.82		%				3.81		%
Asset-backed securities
Amortized cost			$	—		$	—		$	13,503		$	38,196					$	51,699
Fair value			—			—			13,475			37,843						51,318
Average yield(a)			—		%	—		%	1.30		%	1.37		%				1.35		%
Total held-to-maturity securities
Amortized cost			$	29,440		$	92,673		$	92,973		$	151,538					$	366,624
Fair value			29,255			88,248			87,247			145,744						350,494
Average yield(a)			0.59		%	0.76		%	1.44		%	2.54		%				1.66		%

(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. However, for certain callable debt securities, the average yield is calculated to the earliest call date.

(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 7 years for agency residential MBS, 4 years for agency residential collateralized mortgage obligations and 5 years for nonagency residential collateralized mortgage obligations.

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Note 10 – Securities financing activities

Refer to Note 11 of JPMorgan Chase’s 2021 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 March 31, 2022 and December 31, 2021. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with the counterparty, but

such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below. In transactions where the Firm is acting as the lender in a securities-for-securities lending agreement and receives securities that can be pledged or sold as collateral, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities on the Consolidated balance sheets.

			March 31, 2022
(in millions)			Gross amounts			Amounts netted on the Consolidated balance sheets			Amounts presented on the Consolidated balance sheets			Amounts not nettable on the Consolidated balance sheets(b)			Net amounts(c)
Assets
Securities purchased under resale agreements			$	637,234		$	(335,359)		$	301,875		$	(289,272)					$	12,603
Securities borrowed			269,303			(44,451)			224,852			(168,087)						56,765
Liabilities
Securities sold under repurchase agreements			$	553,011		$	(335,359)		$	217,652		$	(189,969)					$	27,683
Securities loaned and other(a)			57,991			(44,451)			13,540			(13,209)						331

			December 31, 2021
(in millions)			Gross amounts			Amounts netted on the Consolidated balance sheets			Amounts presented on the Consolidated balance sheets			Amounts not nettable on the Consolidated balance sheets(b)			Net amounts(c)
Assets
Securities purchased under resale agreements			$	604,724		$	(343,093)		$	261,631		$	(245,588)					$	16,043
Securities borrowed			250,333			(44,262)			206,071			(154,599)						51,472
Liabilities
Securities sold under repurchase agreements			$	532,899		$	(343,093)		$	189,806		$	(166,456)					$	23,350
Securities loaned and other(a)			52,610			(44,262)			8,348			(8,133)						215

(a)Includes securities-for-securities lending agreements of $8.0 billion and $5.6 billion at March 31, 2022 and December 31, 2021, respectively, accounted for at fair value, where the Firm is acting as lender.

(b)In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty.

(c)Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At March 31, 2022 and December 31, 2021, included $8.6 billion and $13.9 billion, respectively, of securities purchased under resale agreements; $50.6 billion and $46.4 billion, respectively, of securities borrowed; $26.0 billion and $21.6 billion, respectively, of securities sold under repurchase agreements; and $185 million and $198 million, respectively, of securities loaned and other.

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The tables below present as of March 31, 2022, and December 31, 2021 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.

			Gross liability balance
			March 31, 2022												December 31, 2021
(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			$	33,274					$	—					$	37,046					$	—
Residential - nonagency			1,169						—						1,508						—
Commercial - nonagency			1,443						—						1,463						—
U.S. Treasury, GSEs and government agencies			240,145						2,193						241,578						358
Obligations of U.S. states and municipalities			2,274						7						1,916						7
Non-U.S. government debt			189,535						2,134						174,971						1,572
Corporate debt securities			46,671						2,783						38,180						1,619
Asset-backed securities			1,345						5						1,211						—
Equity securities			37,155						50,869						35,026						49,054
Total			$	553,011					$	57,991					$	532,899					$	52,610

			Remaining contractual maturity of the agreements
			Overnight and continuous																		Greater than 90 days
March 31, 2022 (in millions)									Up to 30 days						30 – 90 days												Total
Total securities sold under repurchase agreements			$	220,217					$	205,272					$	57,245					$	70,277					$	553,011
Total securities loaned and other			56,975						124						489						403						57,991

			Remaining contractual maturity of the agreements
			Overnight and continuous																		Greater than 90 days
December 31, 2021 (in millions)									Up to 30 days						30 – 90 days												Total
Total securities sold under repurchase agreements			$	195,035					$	231,171					$	47,201					$	59,492					$	532,899
Total securities loaned and other			50,034						1,701						—						875						52,610

Transfers not qualifying for sale accounting

At March 31, 2022, and December 31, 2021, the Firm held $415 million and $440 million, respectively, of financial assets for which the rights have been transferred to third parties; however, the transfers did not qualify as a sale in accordance with U.S. GAAP. These transfers have been recognized as collateralized financing transactions. The transferred assets are recorded in trading assets and loans, and the corresponding liabilities are recorded predominantly in short-term borrowings on the Consolidated balance sheets.

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Note 11 – Loans

Loan accounting framework

The accounting for a loan depends on management’s strategy for the loan. The Firm accounts for loans based on the following categories:

•Originated or purchased loans held-for-investment (i.e., “retained”)

•Loans held-for-sale

•Loans at fair value

Refer to Note 12 of JPMorgan Chase's 2021 Form 10-K for a detailed discussion of loans, including accounting policies. Refer to Note 3 of this Form 10-Q for further information on the Firm's elections of fair value accounting under the fair value option. Refer to Note 2 of this Form 10-Q for information on loans carried at fair value and classified as trading assets.

Loan portfolio

The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class.

Consumer, excluding credit card

Credit card

Wholesale(c)(d)

• Residential real estate(a) • Auto and other(b)

• Credit card loans

• Secured by real estate • Commercial and industrial • Other(e)

(a)Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in CIB and Corporate.

(b)Includes scored auto and business banking loans and overdrafts.

(c)Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses.

(d)The wholesale portfolio segment's classes align with loan classifications as defined by the bank regulatory agencies, based on the loan's collateral, purpose, and type of borrower.

(e)Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2021 Form 10-K for more information on SPEs.

The following tables summarize the Firm’s loan balances by portfolio segment.

March 31, 2022			Consumer, excluding credit card						Credit card						Wholesale						Total(a)(b)
(in millions)
Retained			$	296,161					$	152,283					$	569,953					$	1,018,397
Held-for-sale			808						—						5,617						6,425
At fair value			15,520						—						32,943						48,463
Total			$	312,489					$	152,283					$	608,513					$	1,073,285
December 31, 2021			Consumer, excluding credit card						Credit card						Wholesale						Total(a)(b)
(in millions)
Retained			$	295,556					$	154,296					$	560,354					$	1,010,206
Held-for-sale			1,287						—						7,401						8,688
At fair value			26,463						—						32,357						58,820
Total			$	323,306					$	154,296					$	600,112					$	1,077,714

(a)Excludes $2.8 billion and $2.7 billion of accrued interest receivables at March 31, 2022, and December 31, 2021, respectively. The Firm wrote off accrued interest receivables of $12 million and $13 million for the three months ended March 31, 2022 and 2021, respectively.

(b)Loans (other than those for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs. These amounts were not material as of March 31, 2022, and December 31, 2021.

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The following tables provide information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table.

			2022																		2021
Three months ended March 31, (in millions)			Consumer, excluding credit card						Credit card			Wholesale			Total						Consumer, excluding credit card						Credit card			Wholesale			Total
Purchases			$	119		(b)(c)			$	—		$	166		$	285					$	191		(b)(c)			$	—		$	226		$	417
Sales			47						—			9,707			9,754						181						—			5,730			5,911
Retained loans reclassified to held-for-sale(a)			76						—			273			349						162						—			772			934

(a)Reclassifications of loans to held-for-sale are non-cash transactions.

(b)Predominantly includes purchases of residential real estate loans, including the Firm’s voluntary repurchases of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines for the three months ended March 31, 2022 and 2021. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA.

(c)Excludes purchases of retained loans of $3.2 billion and $7.0 billion for the three months ended March 31, 2022 and 2021, respectively, which are predominantly sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards.

Gains and losses on sales of loans

Net gains/(losses) on sales of loans and lending-related commitments (including adjustments to record loans and lending-related commitments held-for-sale at the lower of cost or fair value) recognized in noninterest revenue for the three months ended March 31, 2022 was $38 million of which $34 million related to loans. Net gains on sales of loans and lending-related commitments was $132 million for the three months ended March 31, 2021 of which $135 million related to loans. In addition, the sale of loans may also result in write downs, recoveries or changes in the allowance recognized in the provision for credit losses.

Loan modifications

The majority of the Firm's COVID-19 related loan modifications were not considered TDRs. Refer to Note 12 of JPMorgan Chase's 2021 Form 10-K for further information on the Firm's accounting policies for loan modifications.

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Consumer, excluding credit card loan portfolio

Consumer loans, excluding credit card loans, consist primarily of scored residential mortgages, home equity loans and lines of credit, auto and business banking loans, with a focus on serving the prime consumer credit market. 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)			March 31, 2022			December 31, 2021
Residential real estate			$	227,926		$	224,795
Auto and other(a)			68,235			70,761
Total retained loans			$	296,161		$	295,556

(a)At March 31, 2022 and December 31, 2021, included $2.9 billion and $5.4 billion of loans, respectively, in Business Banking under the PPP.

Delinquency rates are the primary credit quality indicator for consumer loans. Refer to Note 12 of JPMorgan Chase's 2021 Form 10-K for further information on consumer credit quality indicators.

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Residential real estate

The following tables provide information on delinquency, which is the primary credit quality indicator for retained residential real estate loans.

(in millions, except ratios)			March 31, 2022
			Term loans by origination year(d)																					Revolving loans									Total
			2022			2021			2020			2019			2018			Prior to 2018						Within the revolving period			Converted to term loans
Loan delinquency(a)(b)
Current			$	12,972		$	69,009		$	46,191		$	17,016		$	7,207		$	56,403					$	5,981		$	11,186					$	225,965
30–149 days past due			—			13			9			13			23			630						12			164						864
150 or more days past due			—			1			9			17			15			812						8			235						1,097
Total retained loans			$	12,972		$	69,023		$	46,209		$	17,046		$	7,245		$	57,845					$	6,001		$	11,585					$	227,926
% of 30+ days past due to total retained loans(c)			—		%	0.02		%	0.04		%	0.18		%	0.52		%	2.43		%				0.33		%	3.44		%				0.85		%

(in millions, except ratios)			December 31, 2021
			Term loans by origination year(d)																					Revolving loans									Total
			2021			2020			2019			2018			2017			Prior to 2017						Within the revolving period			Converted to term loans
Loan delinquency(a)(b)
Current			$	68,742		$	48,334		$	18,428		$	7,929		$	11,684		$	49,147					$	6,392		$	11,807					$	222,463
30–149 days past due			13			23			27			27			22			578						11			182						883
150 or more days past due			—			11			21			25			33			1,069						6			284						1,449
Total retained loans			$	68,755		$	48,368		$	18,476		$	7,981		$	11,739		$	50,794					$	6,409		$	12,273					$	224,795
% of 30+ days past due to total retained loans(c)			0.02		%	0.07		%	0.26		%	0.65		%	0.47		%	3.18		%				0.27		%	3.80		%				1.02		%

(a)Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $30 million and $35 million; 30–149 days past due included $13 million and $11 million; and 150 or more days past due included $22 million and $20 million at March 31, 2022 and December 31, 2021, respectively.

(b)At March 31, 2022 and December 31, 2021, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.

(c)At March 31, 2022 and December 31, 2021, residential real estate loans excluded mortgage loans insured by U.S. government agencies of $35 million and $31 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(d)Purchased loans are included in the year in which they were originated.

Approximately 37% of the total revolving loans are senior lien loans; the remaining balance are junior lien loans. The lien position the Firm holds is considered in the Firm’s allowance for credit losses. Revolving loans that have been converted to term loans have higher delinquency rates than those that are still within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options available for revolving loans within the revolving period.

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Nonaccrual loans and other credit quality indicators

The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans.

(in millions, except weighted-average data)			March 31, 2022			December 31, 2021
Nonaccrual loans(a)(b)(c)(d)			$	4,375		$	4,759
90 or more days past due and government guaranteed(e)			27			24
Current estimated LTV ratios(f)(g)(h)
Greater than 125% and refreshed FICO scores:
Equal to or greater than 660			$	3		$	2
Less than 660			2			2
101% to 125% and refreshed FICO scores:
Equal to or greater than 660			24			37
Less than 660			9			15
80% to 100% and refreshed FICO scores:
Equal to or greater than 660			2,523			2,701
Less than 660			78			89
Less than 80% and refreshed FICO scores:
Equal to or greater than 660			214,298			209,295
Less than 660			9,201			9,658
No FICO/LTV available			1,723			2,930
U.S. government-guaranteed			65			66
Total retained loans			$	227,926		$	224,795
Weighted average LTV ratio(f)(i)			50		%	50		%
Weighted average FICO(g)(i)			767			765
Geographic region(j)
California			$	71,174		$	71,383
New York			33,218			32,545
Florida			17,021			16,182
Texas			14,273			13,865
Illinois			11,453			11,565
Colorado			9,159			8,885
Washington			8,392			8,292
New Jersey			6,887			6,832
Massachusetts			6,230			6,105
Connecticut			5,307			5,242
All other(k)			44,812			43,899
Total retained loans			$	227,926		$	224,795

(a)Includes collateral-dependent residential real estate loans that are charged down to the fair value of the underlying collateral less costs to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual TDRs, regardless of their delinquency status. At March 31, 2022, approximately 5% of Chapter 7 residential real estate loans were 30 days or more past due.

(b)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative.

(c)Interest income on nonaccrual loans recognized on a cash basis was $45 million for both the three months ended March 31, 2022 and 2021, respectively.

(d)Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic.

(e)These balances are 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 March 31, 2022 and December 31, 2021, these balances were no longer accruing interest based on the agreed-upon servicing guidelines. 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 March 31, 2022 and December 31, 2021.

(f)Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.

(g)Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.

(h)Includes residential real estate loans, primarily held in LLCs in AWM that did not have a refreshed FICO score. These loans have been included in a FICO band based on management’s estimation of the borrower’s credit quality.

(i)Excludes loans with no FICO and/or LTV data available.

(j)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2022.

(k)At March 31, 2022 and December 31, 2021, included mortgage loans insured by U.S. government agencies of $65 million and $66 million, respectively. These amounts have been excluded from the geographic regions presented based upon the government guarantee.

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Loan modifications

Modifications of residential real estate loans where the Firm grants concessions to borrowers who are experiencing financial difficulty are generally accounted for and reported as TDRs. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs. The carrying value of new TDRs was $118 million and $251 million for the three months ended March 31, 2022 and 2021, respectively. There were no additional commitments to lend to borrowers whose residential real estate loans have been modified in TDRs.

Nature and extent of modifications

The Firm’s proprietary modification programs as well as government programs, including U.S. GSE programs, generally provide various concessions to financially troubled borrowers including, but not limited to, interest rate reductions, term or payment extensions and delays of principal and/or interest payments that would otherwise have been required under the terms of the original agreement. The following table provides information about how residential real estate loans were modified in TDRs under the Firm’s loss mitigation programs described above during the periods presented. This table excludes Chapter 7 loans where the sole concession granted is the discharge of debt and loans with short-term or other insignificant modifications that are not considered concessions.

			Three months ended March 31,
			2022			2021
Number of loans approved for a trial modification			1,526			1,401
Number of loans permanently modified			1,542			1,714
Concession granted:(a)
Interest rate reduction			64		%	72		%
Term or payment extension			77			40
Principal and/or interest deferred			13			31
Principal forgiveness			1			4
Other(b)			27			51

(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 payment delays that meet the definition of a TDR.

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Financial effects of modifications and redefaults

The following table provides information about the financial effects of the various concessions granted in modifications of residential real estate loans under the loss mitigation programs described above and about redefaults of certain loans modified in TDRs for the periods presented. The following table presents only the financial effects of permanent modifications and do not include temporary concessions offered through trial modifications. This table also excludes Chapter 7 loans where the sole concession granted is the discharge of debt and loans with short-term or other insignificant modifications that are not considered concessions.

(in millions, except weighted-average data)			Three months ended March 31,
			2022			2021
Weighted-average interest rate of loans with interest rate reductions – before TDR			4.43		%	4.57		%
Weighted-average interest rate of loans with interest rate reductions – after TDR			3.31			2.91
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR			23			24
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR			39			39
Charge-offs recognized upon permanent modification			$	—		$	—
Principal deferred			7			12
Principal forgiven			1			1
Balance of loans that redefaulted within one year of permanent modification(a)			$	43		$	24

(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 will generally be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last twelve months may not be representative of ultimate redefault levels.

At March 31, 2022, the weighted-average estimated remaining lives of residential real estate loans permanently modified in TDRs were 5 years. 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 March 31, 2022 and December 31, 2021, the Firm had residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $767 million and $619 million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.

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Auto and other

The following tables provide information on delinquency, which is the primary credit quality indicator for retained auto and other consumer loans.

			March 31, 2022
(in millions, except ratios)			Term Loans by origination year																														Revolving loans
			2022						2021						2020						2019			2018			Prior to 2018						Within the revolving period			Converted to term loans			Total
Loan delinquency
Current			$	7,272					$	30,438		(b)			$	16,259		(b)			$	6,435		$	3,009		$	1,800					$	2,223		$	117		$	67,553
30–119 days past due			62						161						124						68			40			34						11			6			506
120 or more days past due			—						—						163						—			—			1						6			6			176
Total retained loans			$	7,334					$	30,599					$	16,546					$	6,503		$	3,049		$	1,835					$	2,240		$	129		$	68,235
% of 30+ days past due to total retained loans(a)			0.85		%				0.52		%				0.45		%				1.05		%	1.31		%	1.91		%				0.76		%	9.30		%	0.69		%

			December 31, 2021
(in millions, except ratios)			Term Loans by origination year																											Revolving loans
			2021						2020						2019			2018			2017			Prior to 2017						Within the revolving period			Converted to term loans			Total
Loan delinquency
Current			$	35,323		(c)			$	18,324		(c)			$	7,443		$	3,671		$	1,800		$	666					$	2,242		$	120		$	69,589
30–119 days past due			192						720						88			53			31			21						12			6			1,123
120 or more days past due			—						35						—			—			1			1						5			7			49
Total retained loans			$	35,515					$	19,079					$	7,531		$	3,724		$	1,832		$	688					$	2,259		$	133		$	70,761
% of 30+ days past due to total retained loans(a)			0.54		%				0.47		%				1.17		%	1.42		%	1.75		%	3.20		%				0.75		%	9.77		%	0.71		%	(d)

(a)At March 31, 2022 and December 31, 2021, auto and other loans excluded $213 million and $667 million, respectively, of PPP loans guaranteed by the SBA that are 30 or more days past due. These amounts have been excluded based upon the SBA guarantee.

(b)Includes $2.5 billion of loans originated in 2021 and $353 million of loans originated in 2020 in Business Banking under the PPP. PPP loans are guaranteed by the SBA. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans.

(c)Includes $4.4 billion of loans originated in 2021 and $1.0 billion of loans originated in 2020 in Business Banking under the PPP.

(d)Prior-period amount has been revised to conform with the current presentation.

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Nonaccrual and other credit quality indicators

The following table provides information on nonaccrual and other credit quality indicators for retained auto and other consumer loans.

(in millions, except ratios)			Total Auto and other
			March 31, 2022			December 31, 2021
Nonaccrual loans(a)(b)(c)			110			119
Geographic region(d)
California			$	10,794		$	11,163
Texas			7,725			7,859
New York			5,075			5,848
Florida			4,929			4,901
Illinois			2,785			2,930
New Jersey			2,274			2,355
Pennsylvania			1,936			2,004
Arizona			1,789			1,887
Louisiana			1,771			1,801
Georgia			1,760			1,748
All other			27,397			28,265
Total retained loans			$	68,235		$	70,761

(a)At March 31, 2022 and December 31, 2021, nonaccrual loans excluded $179 million and $506 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA, of which $163 million and $35 million, respectively, were no longer accruing interest based on the guidelines set by the SBA. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting the guidelines set by the SBA. There were no loans that were not guaranteed by the SBA that are 90 or more days past due and still accruing interest at March 31, 2022 and December 31, 2021.

(b)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to the charge down, the related allowance may be negative.

(c)Interest income on nonaccrual loans recognized on a cash basis was not material for the three months ended March 31, 2022 and 2021.

(d)The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at March 31, 2022.

Loan modifications

Certain auto and other loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs.

The impact of these modifications, as well as new TDRs, were not material to the Firm for the three months ended March 31, 2022 and 2021. Additional commitments to lend to borrowers whose loans have been modified in TDRs as of March 31, 2022 and December 31, 2021 were not material.

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Credit card loan portfolio

The credit card portfolio segment includes credit card loans originated and purchased by the Firm. Delinquency rates are the primary credit quality indicator for credit card loans.

Refer to Note 12 of JPMorgan Chase's 2021 Form 10-K for further information on the credit card loan portfolio, including credit quality indicators.

The following tables provide information on delinquency, which is the primary credit quality indicator for retained credit card loans.

(in millions, except ratios)			March 31, 2022
			Within the revolving period			Converted to term loans(a)			Total
Loan delinquency
Current and less than 30 days past due and still accruing			$	149,811		$	817		$	150,628
30–89 days past due and still accruing			780			55			835
90 or more days past due and still accruing			791			29			820
Total retained loans			$	151,382		$	901		$	152,283
Loan delinquency ratios
% of 30+ days past due to total retained loans			1.04		%	9.32		%	1.09		%
% of 90+ days past due to total retained loans			0.52			3.22			0.54

(in millions, except ratios)			December 31, 2021
			Within the revolving period			Converted to term loans(a)			Total
Loan delinquency
Current and less than 30 days past due and still accruing			$	151,798		$	901		$	152,699
30–89 days past due and still accruing			770			59			829
90 or more days past due and still accruing			741			27			768
Total retained loans			$	153,309		$	987		$	154,296
Loan delinquency ratios
% of 30+ days past due to total retained loans			0.99		%	8.71		%	1.04		%
% of 90+ days past due to total retained loans			0.48			2.74			0.50

(a)Represents TDRs.

Other credit quality indicators

The following table provides information on other credit quality indicators for retained credit card loans.

(in millions, except ratios)			March 31, 2022			December 31, 2021
Geographic region(a)
California			$	22,865		$	23,030
Texas			15,808			15,879
New York			12,539			12,652
Florida			10,388			10,412
Illinois			8,428			8,530
New Jersey			6,273			6,367
Ohio			4,807			4,923
Colorado			4,562			4,573
Pennsylvania			4,548			4,708
Michigan			3,682			3,773
All other			58,383			59,449
Total retained loans			$	152,283		$	154,296
Percentage of portfolio based on carrying value with estimated refreshed FICO scores
Equal to or greater than 660			87.9		%	88.5		%
Less than 660			11.9			11.3
No FICO available			0.2			0.2

(a)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2022.

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Loan modifications

The Firm may offer loan modification programs granting concessions to credit card borrowers who are experiencing financial difficulty. The Firm grants concessions for most of the credit card loans under long-term programs. 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 under the Firm’s long-term programs are considered to be TDRs. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs.

If the cardholder does not comply with the modified payment terms, then the credit card loan continues to age and will ultimately be charged-off in accordance with the Firm’s standard charge-off policy. In most cases, the Firm does not reinstate the borrower’s line of credit.

Financial effects of 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. For all periods disclosed, new enrollments were less than 1% of total retained credit card loans.

(in millions, except weighted-average data)			Three months ended March 31,
			2022			2021
Balance of new TDRs(a)			$	82		$	143
Weighted-average interest rate of loans – before TDR			18.00		%	17.74		%
Weighted-average interest rate of loans – after TDR			4.87			5.23
Balance of loans that redefaulted within one year of modification(b)			$	9		$	19

(a)Represents the outstanding balance prior to modification.

(b)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. Defaulted modified credit card loans remain in the modification program and continue to be charged off in accordance with the Firm’s standard charge-off policy.

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Wholesale loan portfolio

Wholesale loans include loans made to a variety of clients, ranging from large corporate and institutional clients, to small businesses and high-net-worth individuals. The primary credit quality indicator for wholesale loans is the internal risk rating assigned to each loan. Refer to Note 12 of JPMorgan Chase’s 2021 Form 10-K for further information on these risk ratings.

The following tables provide information on internal risk rating, which is the primary credit quality indicator for retained wholesale loans.

			Secured by real estate									Commercial and industrial												Other(b)									Total retained loans
(in millions, except ratios)			Mar 31, 2022			Dec 31, 2021						Mar 31, 2022						Dec 31, 2021						Mar 31, 2022			Dec 31, 2021						Mar 31, 2022						Dec 31, 2021
Loans by risk ratings
Investment-grade			$	94,158		$	92,369					$	77,254					$	75,783					$	239,775		$	241,859					$	411,187					$	410,011
Noninvestment-grade:
Noncriticized			21,982			22,495						68,923						62,039						52,679			52,440						143,584						136,974
Criticized performing			3,858			3,645						7,872						6,900						1,163			770						12,893						11,315
Criticized nonaccrual(a)			369			326						1,148						969						772			759						2,289						2,054
Total noninvestment-grade			26,209			26,466						77,943						69,908						54,614			53,969						158,766						150,343
Total retained loans			$	120,367		$	118,835					$	155,197					$	145,691					$	294,389		$	295,828					$	569,953					$	560,354
% of investment-grade to total retained loans			78.23		%	77.73		%				49.78		%				52.02		%				81.45		%	81.76		%				72.14		%				73.17		%
% of total criticized to total retained loans			3.51			3.34						5.81						5.40						0.66			0.52						2.66						2.39
% of criticized nonaccrual to total retained loans			0.31			0.27						0.74						0.67						0.26			0.26						0.40						0.37

(a)At March 31, 2022 and December 31, 2021 nonaccrual loans excluded $57 million and $127 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA, predominantly in commercial and industrial.

(b)Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2021 Form 10-K for more information on SPEs.

			Secured by real estate
(in millions)			March 31, 2022
			Term loans by origination year																					Revolving loans
			2022			2021			2020			2019			2018			Prior to 2018						Within the revolving period			Converted to term loans						Total
Loans by risk ratings
Investment-grade			$	6,743		$	23,613		$	15,729		$	16,493		$	7,171		$	23,201					$	1,200		$	8					$	94,158
Noninvestment-grade			1,527			5,149			3,534			4,299			3,250			7,973						476			1						26,209
Total retained loans			$	8,270		$	28,762		$	19,263		$	20,792		$	10,421		$	31,174					$	1,676		$	9					$	120,367

			Secured by real estate
(in millions)			December 31, 2021
			Term loans by origination year																					Revolving loans
			2021			2020			2019			2018			2017			Prior to 2017						Within the revolving period			Converted to term loans						Total
Loans by risk ratings
Investment-grade			$	23,346		$	16,030		$	17,265		$	8,103		$	7,325		$	19,066					$	1,226		$	8					$	92,369
Noninvestment-grade			5,364			3,826			4,564			3,806			2,834			5,613						458			1						26,466
Total retained loans			$	28,710		$	19,856		$	21,829		$	11,909		$	10,159		$	24,679					$	1,684		$	9					$	118,835

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			Commercial and industrial
(in millions)			March 31, 2022
			Term loans by origination year																					Revolving loans
			2022			2021			2020			2019			2018			Prior to 2018						Within the revolving period			Converted to term loans						Total
Loans by risk ratings
Investment-grade			$	9,027		$	13,819		$	5,909		$	3,107		$	1,125		$	1,612					$	42,654		$	1					$	77,254		(a)
Noninvestment-grade			7,209			17,555			6,003			3,819			1,707			1,069						40,505			76						77,943
Total retained loans			$	16,236		$	31,374		$	11,912		$	6,926		$	2,832		$	2,681					$	83,159		$	77					$	155,197

			Commercial and industrial
(in millions)			December 31, 2021
			Term loans by origination year																					Revolving loans
			2021			2020			2019			2018			2017			Prior to 2017						Within the revolving period			Converted to term loans						Total
Loans by risk ratings
Investment-grade			$	21,342		$	6,268		$	3,609		$	1,269		$	1,108		$	819					$	41,367		$	1					$	75,783		(b)
Noninvestment-grade			19,314			7,112			4,559			2,177			930			430						35,312			74						69,908
Total retained loans			$	40,656		$	13,380		$	8,168		$	3,446		$	2,038		$	1,249					$	76,679		$	75					$	145,691

(a)At March 31, 2022, $608 million of the $704 million total PPP loans in the wholesale portfolio were commercial and industrial. Of the $608 million, $411 million were originated in 2021 and $197 million were originated in 2020. PPP loans are guaranteed by the SBA and considered investment-grade. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans.

(b)At December 31, 2021, $1.1 billion of the $1.3 billion total PPP loans in the wholesale portfolio were commercial and industrial. Of the $1.1 billion, $698 million were originated in 2021 and $396 million were originated in 2020.

			Other(a)
(in millions)			March 31, 2022
			Term loans by origination year																					Revolving loans
			2022			2021			2020			2019			2018			Prior to 2018						Within the revolving period			Converted to term loans						Total
Loans by risk ratings
Investment-grade			$	14,015		$	19,822		$	16,545		$	5,423		$	2,723		$	9,698					$	168,991		$	2,558					$	239,775
Noninvestment-grade			6,264			11,273			2,559			1,519			847			649						31,498			5						54,614
Total retained loans			$	20,279		$	31,095		$	19,104		$	6,942		$	3,570		$	10,347					$	200,489		$	2,563					$	294,389

			Other(a)
(in millions)			December 31, 2021
			Term loans by origination year																					Revolving loans
			2021			2020			2019			2018			2017			Prior to 2017						Within the revolving period			Converted to term loans						Total
Loans by risk ratings
Investment-grade			$	26,782		$	17,829		$	6,125		$	2,885		$	3,868		$	7,651					$	176,118		$	601					$	241,859
Noninvestment-grade			16,905			2,399			1,455			935			218			467						31,585			5						53,969
Total retained loans			$	43,687		$	20,228		$	7,580		$	3,820		$	4,086		$	8,118					$	207,703		$	606					$	295,828

(a)Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2021 Form 10-K for more information on SPEs.

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The following table presents additional information on retained loans secured by real estate, which consists of loans secured wholly or substantially by a lien or liens on real property at origination.

(in millions, except ratios)			Multifamily									Other commercial									Total retained loans secured by real estate
			Mar 31, 2022			Dec 31, 2021						Mar 31, 2022			Dec 31, 2021						Mar 31, 2022			Dec 31, 2021
Retained loans secured by real estate			$	75,194		$	73,801					$	45,173		$	45,034					$	120,367		$	118,835
Criticized			1,850			1,671						2,377			2,300						4,227			3,971
% of criticized to total retained loans secured by real estate			2.46		%	2.26		%				5.26		%	5.11		%				3.51		%	3.34		%
Criticized nonaccrual			$	82		$	91					$	287		$	235					$	369		$	326
% of criticized nonaccrual loans to total retained loans secured by real estate			0.11		%	0.12		%				0.64		%	0.52		%				0.31		%	0.27		%

Geographic distribution and delinquency

The following table provides information on the geographic distribution and delinquency for retained wholesale loans.

			Secured by real estate									Commercial  and industrial									Other									Total  retained loans
(in millions,  except ratios)			Mar 31, 2022			Dec 31, 2021						Mar 31, 2022			Dec 31, 2021						Mar 31, 2022			Dec 31, 2021						Mar 31, 2022			Dec 31, 2021
Loans by geographic distribution(a)
Total U.S.			$	117,246		$	115,732					$	112,021		$	106,449					$	209,556		$	215,750					$	438,823		$	437,931
Total non-U.S.			3,121			3,103						43,176			39,242						84,833			80,078						131,130			122,423
Total retained loans			$	120,367		$	118,835					$	155,197		$	145,691					$	294,389		$	295,828					$	569,953		$	560,354
Loan delinquency
Current and less than 30 days past due and still accruing			$	119,596		$	118,163					$	152,687		$	143,459					$	292,146		$	293,358					$	564,429		$	554,980
30–89 days past due and still accruing			392			331						1,282			1,193						1,373			1,590						3,047			3,114
90 or more days past due and still accruing(b)			10			15						80			70						98			121						188			206
Criticized nonaccrual(c)			369			326						1,148			969						772			759						2,289			2,054
Total retained loans			$	120,367		$	118,835					$	155,197		$	145,691					$	294,389		$	295,828					$	569,953		$	560,354

(a)The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower.

(b)Represents loans that are considered well-collateralized and therefore still accruing interest.

(c)At March 31, 2022 and December 31, 2021 nonaccrual loans excluded $57 million and $127 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA, predominantly in commercial and industrial.

Nonaccrual loans

The following table provides information on retained wholesale nonaccrual loans.

(in millions)			Secured by real estate									Commercial and industrial									Other									Total retained loans
			Mar 31, 2022			Dec 31, 2021						Mar 31, 2022			Dec 31, 2021						Mar 31, 2022			Dec 31, 2021						Mar 31, 2022			Dec 31, 2021
Nonaccrual loans
With an allowance			$	290		$	254					$	699		$	604					$	554		$	286					$	1,543		$	1,144
Without an allowance(a)			79			72						449			365						218			473						746			910
Total nonaccrual loans(b)			$	369		$	326					$	1,148		$	969					$	772		$	759					$	2,289		$	2,054

(a)When the discounted cash flows or collateral value equals or exceeds the amortized cost of the loan, the loan does not require an allowance. This typically occurs when the loans have been partially charged off and/or there have been interest payments received and applied to the loan balance.

(b)Interest income on nonaccrual loans recognized on a cash basis was not material for the three months ended March 31, 2022 and 2021.

Loan modifications

Certain loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs. New TDRs were $418 million and $428 million as of March 31, 2022, and 2021, respectively. New TDRs for the three months ended March 31, 2022 and 2021 reflected extending maturity dates, covenant waivers and the receipt of assets in partial satisfaction of the loan predominantly in the Commercial and Industrial loan class. The impact of these modifications resulting in new TDRs was not material to the Firm for the three months ended March 31, 2022 and 2021.

The carrying value of TDRs was $906 million and $607 million as of March 31, 2022, and December 31, 2021, respectively.

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Note 12 – Allowance for credit losses

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

Refer to Note 13 of JPMorgan Chase's 2021 Form 10-K for a detailed discussion of the allowance for credit losses and the related accounting policies.

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Allowance for credit losses and related information

The table below summarizes information about the allowances for credit losses, and includes a breakdown of loans and lending-related commitments by impairment methodology. Refer to Note 10 of JPMorgan Chase’s 2021 Form 10-K and Note 9 of this Form 10-Q for further information on the allowance for credit losses on investment securities.

			2022															2021
Three months ended March 31, (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,			$	1,765		$	10,250		$	4,371					$	16,386					$	3,636		$	17,800		$	6,892					$	28,328
Gross charge-offs			204			720			52						976						166			1,214			88						1,468
Gross recoveries collected			(158)			(214)			(22)						(394)						(145)			(231)			(35)						(411)
Net charge-offs/(recoveries)			46			506			30						582						21			983			53						1,057
Provision for loan losses			175			506			687						1,368						(932)			(2,517)			(830)						(4,279)
Other			—			—			20						20						(1)			—			10						9
Ending balance at March 31,			$	1,894		$	10,250		$	5,048					$	17,192					$	2,682		$	14,300		$	6,019					$	23,001
Allowance for lending-related commitments
Beginning balance at January 1,			$	113		$	—		$	2,148					$	2,261					$	187		$	—		$	2,222					$	2,409
Provision for lending-related commitments			(2)			—			98						96						(52)			—			159						107
Other			—			—			1						1						—			—			—						—
Ending balance at March 31,			$	111		$	—		$	2,247					$	2,358					$	135		$	—		$	2,381					$	2,516
Total allowance for investment securities			NA			NA			NA						41						NA			NA			NA						94
Total allowance for credit losses			$	2,005		$	10,250		$	7,295					$	19,591					$	2,817		$	14,300		$	8,400					$	25,611
Allowance for loan losses by impairment methodology
Asset-specific(a)			$	(644)		$	262		$	485					$	103					$	(348)		$	522		$	529					$	703
Portfolio-based			2,538			9,988			4,563						17,089						3,030			13,778			5,490						22,298
Total allowance for loan losses			$	1,894		$	10,250		$	5,048					$	17,192					$	2,682		$	14,300		$	6,019					$	23,001
Loans by impairment methodology
Asset-specific(a)			$	13,186		$	901		$	2,823					$	16,910					$	16,008		$	1,291		$	3,394					$	20,693
Portfolio-based			282,975			151,382			567,130						1,001,487						286,384			130,481			511,084						927,949
Total retained loans			$	296,161		$	152,283		$	569,953					$	1,018,397					$	302,392		$	131,772		$	514,478					$	948,642
Collateral-dependent loans
Net charge-offs			$	(5)		$	—		$	7					$	2					$	20		$	—		$	2					$	22
Loans measured at fair value of collateral less cost to sell			4,144			—			665						4,809						4,790			—			354						5,144
Allowance for lending-related commitments by impairment methodology
Asset-specific			$	—		$	—		$	139					$	139					$	—		$	—		$	144					$	144
Portfolio-based			111			—			2,108						2,219						135			—			2,237						2,372
Total allowance for lending-related commitments(b)			$	111		$	—		$	2,247					$	2,358					$	135		$	—		$	2,381					$	2,516
Lending-related commitments by impairment methodology
Asset-specific			$	—		$	—		$	767					$	767					$	—		$	—		$	800					$	800
Portfolio-based(c)			31,847			—			463,570						495,417						34,468			—			440,830						475,298
Total lending-related commitments			$	31,847		$	—		$	464,337					$	496,184					$	34,468		$	—		$	441,630					$	476,098

(a)Includes collateral dependent loans, including those considered TDRs and those for which foreclosure is deemed probable, modified PCD loans and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a TDR. Also includes risk-rated loans that have been placed on nonaccrual status for the wholesale portfolio segment. The asset-specific allowance for credit card loans modified, or reasonably expected to be modified, in a TDR is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.

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

(c)At March 31, 2022 and 2021, lending-related commitments excluded $15.3 billion and $21.8 billion, respectively, for the consumer, excluding credit card portfolio segment; $757.3 billion and $674.4 billion, respectively, for the credit card portfolio segment; and $32.9 billion and $39.6 billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments.

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Discussion of changes in the allowance

The allowance for credit losses as of March 31, 2022 was $19.6 billion, an increase from $18.7 billion at December 31, 2021, consisting of: $776 million in wholesale, across the LOBs, and $127 million in consumer, driven by the residential real estate portfolio.

The change in the allowance largely reflects an increased weight placed on the adverse scenarios, from the more balanced weighting placed on the adverse and upside scenarios at December 31, 2021, due to the potential effects associated with higher inflation, changes in monetary policy, as well as geopolitical risks, including the war in Ukraine. The increase in the allowance also included client-specific Russia and Russia-associated downgrades in CIB and AWM.

The Firm's allowance for credit losses is estimated using a weighted average of five internally developed macroeconomic scenarios. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions provided in the table below, resulting in weighted average U.S. unemployment rates above 4% through the second quarter of 2023 and year over year growth in U.S. real GDP of 2.5% in the second quarter of 2023.

The Firm’s central case assumptions reflected U.S. unemployment rates and U.S. real GDP as follows:

			Assumptions at March 31, 2022
			2Q22			4Q22			2Q23
U.S. unemployment rate(a)			3.6		%	3.3		%	3.3		%
YoY growth in U.S. real GDP(b)			3.7		%	2.9		%	2.6		%
			Assumptions at December 31, 2021
			2Q22			4Q22			2Q23
U.S. unemployment rate(a)			4.2		%	4.0		%	3.9		%
YoY growth in U.S. real GDP(b)			3.1		%	2.8		%	2.1		%

(a)Reflects quarterly average of forecasted U.S. unemployment rate.

(b)As of March 31, 2022, the year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percent change in U.S. real GDP levels from the prior year.

Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.

Refer to Note 13 and Note 10 of JPMorgan Chase's 2021 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowances for credit losses on loans, lending-related commitments, and investment securities.

Refer to Critical Accounting Estimates Used by the Firm on pages 75-77 for further information on the allowance for credit losses and related management judgments.

Refer to Consumer Credit Portfolio on pages 49-53, Wholesale Credit Portfolio on pages 54-62 and Note 11 for additional information on the consumer and wholesale credit portfolios.

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Note 13 – Variable interest entities

Refer to Note 1 of JPMorgan Chase’s 2021 Form 10-K for a further description of JPMorgan Chase’s accounting policies regarding consolidation of VIEs. Refer to Note 14 of JPMorgan Chase's 2021 Form 10-K for a detailed discussion of VIEs, including the Firm’s accounting policies regarding securitizations.

The following table summarizes the most significant types of Firm-sponsored VIEs by business segment. The Firm considers a “Firm-sponsored” VIE to include any entity where: (1) JPMorgan Chase is the primary beneficiary of the structure; (2) the VIE is used by JPMorgan Chase to securitize Firm assets; (3) the VIE issues financial instruments with the JPMorgan Chase name; or (4) the entity is a JPMorgan Chase–administered asset-backed commercial paper conduit.

Line of Business			Transaction Type			Activity			Form 10-Q page references
CCB			Credit card securitization trusts			Securitization of originated credit card receivables			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			Assisting clients in accessing the financial markets in a cost-efficient manner and structuring 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 142-144 of this Note for more information on consolidated VIE assets and liabilities as well as the VIEs sponsored by third parties.

Significant Firm-sponsored VIEs

Credit card securitizations

As a result of the Firm’s continuing involvement, the Firm is considered to be the primary beneficiary of its Firm-sponsored credit card securitization trust, the Chase Issuance Trust.

Firm-sponsored mortgage and other securitization trusts

The Firm securitizes (or has securitized) originated and purchased residential mortgages, commercial mortgages and other consumer loans primarily in its CCB and CIB businesses. Depending on the particular transaction, as well as the respective business involved, the Firm may act as the servicer of the loans and/or retain certain beneficial interests in the securitization trusts.

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The following tables present the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit

risk retention rules), recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. The Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests.

			Principal amount outstanding												JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
March 31, 2022 (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			$	57,739		$	862		$	50,727					$	708		$	1,263		$	41		$	2,012
Subprime			10,563			7			9,764						2			—			—			2
Commercial and other(b)			154,343			—			113,255						748			4,029			477			5,254
Total			$	222,645		$	869		$	173,746					$	1,458		$	5,292		$	518		$	7,268

			Principal amount outstanding												JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
December 31, 2021 (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			$	55,085		$	942		$	47,029					$	974		$	684		$	95		$	1,753
Subprime			10,966			27			10,115						2			—			—			2
Commercial and other(b)			150,694			—			93,698						671			3,274			506			4,451
Total			$	216,745		$	969		$	150,842					$	1,647		$	3,958		$	601		$	6,206

(a)Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored.

(b)Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables purchased from third parties.

(c)Excludes the following: retained servicing; securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities; senior and subordinated securities of $210 million and $91 million, respectively, at March 31, 2022, and $145 million and $36 million, respectively, at December 31, 2021, which the Firm purchased in connection with CIB’s secondary market-making activities.

(d)Includes interests held in re-securitization transactions.

(e)As of March 31, 2022 and December 31, 2021, 83% and 79%, 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 $1.9 billion and $1.6 billion of investment-grade retained interests, and $68 million and $131 million of noninvestment-grade retained interests at March 31, 2022, and December 31, 2021, respectively. The retained interests in commercial and other securitization trusts consisted of $4.3 billion and $3.5 billion of investment-grade retained interests, and $931 million and $929 million of noninvestment-grade retained interests at March 31, 2022 and December 31, 2021, respectively.

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Residential mortgage

The Firm securitizes residential mortgage loans originated by CCB, as well as residential mortgage loans purchased from third parties by either CCB or CIB.

Commercial mortgages and other consumer securitizations

CIB originates and securitizes commercial mortgage loans, and engages in underwriting and trading activities involving the securities issued by securitization trusts.

Re-securitizations

The following table presents the principal amount of securities transferred to re-securitization VIEs.

			Three months ended March 31,
(in millions)			2022						2021
Transfers of securities to VIEs
U.S. GSEs and government agencies			$	6,076					$	13,105

The Firm did not transfer any private label securities to re-securitization VIEs during the three months ended March 31, 2022 and 2021, respectively and retained interests in any such Firm-sponsored VIEs as of March 31, 2022 and December 31, 2021 were not material.

The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs.

			Nonconsolidated re-securitization VIEs
(in millions)			March 31, 2022						December 31, 2021
U.S. GSEs and government agencies
Interest in VIEs			$	2,295					$	1,947

As of March 31, 2022, and December 31, 2021, the Firm did not consolidate any U.S. GSE and government agency re-securitization VIEs or any Firm-sponsored private-label re-securitization VIEs.

Multi-seller conduits

In the normal course of business, JPMorgan Chase makes markets in and invests in commercial paper issued by the Firm-administered multi-seller conduits. The Firm held $13.3 billion and $13.7 billion of the commercial paper issued by the Firm-administered multi-seller conduits at March 31, 2022, and December 31, 2021, 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 $13.8 billion and $13.4 billion at March 31, 2022, and December 31, 2021, respectively, and are reported as off-balance sheet lending-related commitments in other unfunded commitments to extend credit. Refer to Note 22 for more information on off-balance sheet lending-related commitments.

Municipal bond vehicles

Municipal bond vehicles or tender option bond (“TOB”) trusts allow institutions to finance their municipal bond investments at short-term rates. TOB transactions are known as customer TOB trusts and non-customer TOB trusts. Customer TOB trusts are sponsored by a third party.

The Firm serves as sponsor for all non-customer TOB transactions.

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Consolidated VIE assets and liabilities

The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of March 31, 2022, and December 31, 2021.

			Assets																		Liabilities
March 31, 2022 (in millions)			Trading assets			Loans						Other(c)			Total assets(d)						Beneficial interests in VIE assets(e)			Other(f)			Total liabilities
VIE program type
Firm-sponsored credit card trusts			$	—		$	10,434					$	90		$	10,524					$	1,748		$	1		$	1,749
Firm-administered multi-seller conduits			9			19,478						118			19,605						6,250			36			6,286
Municipal bond vehicles			2,011			—						5			2,016						1,979			1			1,980
Mortgage securitization entities(a)			—			883						25			908						167			78			245
Other			—			1,171			(b)			234			1,405						—			137			137
Total			$	2,020		$	31,966					$	472		$	34,458					$	10,144		$	253		$	10,397
			Assets																		Liabilities
December 31, 2021 (in millions)			Trading assets			Loans						Other(c)			Total assets(d)						Beneficial interests in VIE assets(e)			Other(f)			Total liabilities
VIE program type
Firm-sponsored credit card trusts			$	—		$	11,108					$	102		$	11,210					$	2,397		$	1		$	2,398
Firm-administered multi-seller conduits			1			19,883						71			19,955						6,198			41			6,239
Municipal bond vehicles			2,009			—						2			2,011						1,976			—			1,976
Mortgage securitization entities(a)			—			955						32			987						179			85			264
Other			—			1,078			(b)			283			1,361						—			118			118
Total			$	2,010		$	33,024					$	490		$	35,524					$	10,750		$	245		$	10,995

(a)Includes residential and commercial mortgage securitizations.

(b)Primarily includes purchased supply chain finance receivables and purchased auto loan securitizations in CIB.

(c)Includes assets classified as cash and other assets on the Consolidated balance sheets.

(d)The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation.

(e)The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item on the Consolidated balance sheets titled, “Beneficial interests issued by consolidated VIEs”. The holders of these beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. Included in beneficial interests in VIE assets are long-term beneficial interests of $1.9 billion and $2.6 billion at March 31, 2022, and December 31, 2021, respectively.

(f)Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets.

VIEs sponsored by third parties

The Firm enters into transactions with VIEs structured by other parties. These include, for example, acting as a derivative counterparty, liquidity provider, investor, underwriter, placement agent, remarketing agent, trustee or custodian. These transactions are conducted at arm’s-length, and individual credit decisions are based on the analysis of the specific VIE, taking into consideration the quality of the underlying assets. Where the Firm does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or a variable interest that could potentially be significant, the Firm generally does not consolidate the VIE, but it records and reports these positions on its Consolidated balance sheets in the same manner it would record and report positions in respect of any other third-party transaction.

Tax credit vehicles

The Firm holds investments in unconsolidated tax credit vehicles, which are limited partnerships and similar entities that own and operate affordable housing, energy, and other projects. These entities are primarily considered VIEs. A third party is typically the general partner or managing

member and has control over the significant activities of the tax credit vehicles, and accordingly the Firm does not consolidate tax credit vehicles. The Firm generally invests in these partnerships as a limited partner and earns a return primarily through the receipt of tax credits allocated to the projects. The maximum loss exposure, represented by equity investments and funding commitments, was $26.5 billion and $26.8 billion, of which $9.0 billion and $9.4 billion was unfunded at March 31, 2022 and December 31, 2021, respectively. The Firm assesses each project and to reduce the risk of loss, may withhold varying amounts of its capital investment until the project qualifies for tax credits. Refer to Note 25 of JPMorgan Chase’s 2021 Form 10-K for further information on affordable housing tax credits and Note 22 of this Form 10-Q for more information on off-balance sheet lending-related commitments.

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Customer municipal bond vehicles (TOB trusts)

The Firm may provide various services to customer TOB trusts, including remarketing agent, liquidity or tender option provider. In certain customer TOB transactions, the Firm, as liquidity provider, has entered into a reimbursement agreement with the Residual holder.

In those transactions, upon the termination of the vehicle, the Firm has recourse to the third-party Residual holders for any shortfall. The Firm does not have any intent to protect Residual holders from potential losses on any of the underlying municipal bonds. The Firm does not consolidate customer TOB trusts, since the Firm does not have the power to make decisions that significantly impact the economic performance of the municipal bond vehicle.

The Firm’s maximum exposure as a liquidity provider to customer TOB trusts at March 31, 2022 and December 31, 2021 was $7.2 billion and $6.8 billion, respectively. The fair value of assets held by such VIEs at March 31, 2022 and December 31, 2021 was $10.3 billion and $10.5 billion, respectively.

Loan securitizations

The Firm has securitized and sold a variety of loans, including residential mortgages, credit card receivables, and commercial mortgages.

Securitization activity

The following table provides information related to the Firm’s securitization activities for the three months ended March 31, 2022 and 2021, 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 March 31,
			2022									2021
(in millions)			Residential mortgage(d)			Commercial and other(e)						Residential mortgage(d)			Commercial and other(e)
Principal securitized			$	6,495		$	3,108					$	4,077		$	1,912
All cash flows during the period:(a)
Proceeds received from loan sales as financial instruments(b)(c)			$	6,375		$	3,106					$	4,234		$	1,970
Servicing fees collected			24			—						41			—
Cash flows received on interests			155			71						183			52

(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)Represents prime mortgages. Excludes loan securitization activity related to U.S. GSEs and government agencies.

(e)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 for additional information about the Firm’s loan sales- and securitization-related indemnifications and Note 14 for additional information about the impact of the Firm’s sale of certain excess MSRs.

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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 March 31,
(in millions)			2022			2021
Carrying value of loans sold			$	23,668		$	23,147
Proceeds received from loan sales as cash			9			16
Proceeds from loan sales as securities(a)(b)			23,258			22,749
Total proceeds received from loan sales(c)			$	23,267		$	22,765
Gains/(losses) on loan sales(d)(e)			$	—		$	4

(a)Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s investment securities portfolio.

(b)Included in level 2 assets.

(c)Excludes the value of MSRs retained upon the sale of loans.

(d)Gains/(losses) on loan sales include the value of MSRs.

(e)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.

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 March 31, 2022 and December 31, 2021. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies.

(in millions)			Mar 31, 2022			Dec 31, 2021
Loans repurchased or option to repurchase(a)			$	896		$	1,022
Real estate owned			6			5
Foreclosed government-guaranteed residential mortgage loans(b)			31			36

(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 and delinquencies related to nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement as of March 31, 2022, and December 31, 2021.

																					Net liquidation losses/(recoveries)
			Securitized assets									90 days past due									Three months ended March 31,
(in millions)			Mar 31, 2022			Dec 31, 2021						Mar 31, 2022			Dec 31, 2021						2022			2021
Securitized loans
Residential mortgage:
Prime / Alt-A & option ARMs			$	50,727		$	47,029					$	2,236		$	2,466					$	(6)		$	12
Subprime			9,764			10,115						1,537			1,609						—			18
Commercial and other			113,255			93,698						1,320			1,456						6			21
Total loans securitized			$	173,746		$	150,842					$	5,093		$	5,531					$	—		$	51

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Note 14 – Goodwill and Mortgage servicing rights

Refer to Note 15 of JPMorgan Chase’s 2021 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 reportable business segments and Corporate.

(in millions)			March 31, 2022			December 31, 2021
Consumer & Community Banking			$	31,474		$	31,474
Corporate & Investment Bank			7,910			7,906
Commercial Banking			2,986			2,986
Asset & Wealth Management			7,224			7,222
Corporate			704			727
Total goodwill			$	50,298		$	50,315

The following table presents changes in the carrying amount of goodwill.

			Three months ended March 31,
(in millions)			2022						2021
Balance at beginning of period			$	50,315					$	49,248
Changes during the period from:
Other(a)			(17)						(5)
Balance at March 31,			$	50,298					$	49,243

(a)Primarily foreign currency adjustments and, in the first quarter of 2021, adjustments to goodwill related to prior period acquisitions.

Goodwill impairment testing

Goodwill is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate that there may be an impairment. Refer to Note 15 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of the Firm’s goodwill impairment testing.

Unanticipated declines in business performance, increases in credit losses, increases in capital requirements, as well as deterioration in economic or market conditions, adverse regulatory or legislative changes or increases in the estimated market cost of equity, could cause the estimated fair values of the Firm’s reporting units to decline in the future, which could result in a material impairment charge to earnings in a future period related to some portion of the associated goodwill.

As of March 31, 2022, the Firm reviewed current economic conditions, estimated market cost of equity, as well as actual business results and projections of business performance. Based on such reviews, the Firm has concluded that goodwill was not impaired as of March 31, 2022, or December 31, 2021, nor was goodwill written off due to impairment during the three months ended March 31, 2022 or 2021.

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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 2021 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 months ended March 31, 2022 and 2021.

			As of or for the three months ended March 31,
(in millions, except where otherwise noted)			2022			2021
Fair value at beginning of period			$	5,494		$	3,276
MSR activity:
Originations of MSRs			415			404
Purchase of MSRs			715			179
Disposition of MSRs			(57)			1
Net additions/(dispositions)			1,073			584
Changes due to collection/realization of expected cash flows			(232)			(187)
Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other(a)			894			836
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service)			—			(24)
Discount rates			—			—
Prepayment model changes and other(b)			65			(15)
Total changes in valuation due to other inputs and assumptions			65			(39)
Total changes in valuation due to inputs and assumptions			959			797
Fair value at March 31			$	7,294		$	4,470
Changes in unrealized gains/(losses) included in income related to MSRs held at March 31			$	959		$	797
Contractual service fees, late fees and other ancillary fees included in income			370			291
Third-party mortgage loans serviced at March 31, (in billions)			576			444
Servicer advances, net of an allowance for uncollectible amounts, at March 31, (in billions)(c)			1.4			1.8

(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 changes in prepayments other than those attributable to changes in market interest rates.

(c)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.

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The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three months ended March 31, 2022 and 2021.

			Three months ended March 31,
(in millions)			2022			2021
CCB mortgage fees and related income
Production revenue			$	211		$	757
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue			368			248
Changes in MSR asset fair value due to collection/realization of expected cash flows			(232)			(187)
Total operating revenue			136			61
Risk management:
Changes in MSR asset fair value due to market interest rates and other(a)			894			836
Other changes in MSR asset fair value due to other inputs and assumptions in model(b)			65			(39)
Changes in derivative fair value and other			(850)			(912)
Total risk management			109			(115)
Total net mortgage servicing revenue			245			(54)
Total CCB mortgage fees and related income			456			703
All other			4			1
Mortgage fees and related income			$	460		$	704

(a)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.

(b)Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).

Changes in fair value based on variations in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In the following table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change.

The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at March 31, 2022, and December 31, 2021, and outlines hypothetical sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.

(in millions, except rates)						Mar 31, 2022						Dec 31, 2021
Weighted-average prepayment speed assumption (constant prepayment rate)						7.68		%				9.90		%
Impact on fair value of 10% adverse change						$	(206)					$	(210)
Impact on fair value of 20% adverse change						(398)						(404)
Weighted-average option adjusted spread(a)						5.99		%				6.44		%
Impact on fair value of a 100 basis point adverse change						$	(300)					$	(225)
Impact on fair value of a 200 basis point adverse change						(577)						(433)

(a)Includes the impact of operational risk and regulatory capital.

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Note 15 – Deposits

Refer to Note 17 of JPMorgan Chase’s 2021 Form 10-K for further information on deposits.

At March 31, 2022 and December 31, 2021, noninterest-bearing and interest-bearing deposits were as follows.

(in millions)			March 31, 2022						December 31, 2021
U.S. offices
Noninterest-bearing (included $8,168 and $8,115 at fair value)(a)			$	721,401					$	711,525		(b)
Interest-bearing (included $645 and $629 at fair value)(a)			1,412,589						1,359,932			(b)
Total deposits in U.S. offices			2,133,990						2,071,457
Non-U.S. offices
Noninterest-bearing (included $1,475 and $2,420 at fair value)(a)			27,542						26,229
Interest-bearing (included $155 and $169 at fair value)(a)			399,675						364,617
Total deposits in non-U.S. offices			427,217						390,846
Total deposits			$	2,561,207					$	2,462,303

(a)Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further information.

(b)Prior-period amount has been revised to conform with the current presentation.

Note 16 – Leases

Refer to Note 18 of JPMorgan Chase’s 2021 Form 10-K for a further discussion on leases.

Firm as lessee

At March 31, 2022, JPMorgan Chase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes.

Operating lease liabilities and right-of-use ("ROU") assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.

The following table provides information related to the Firm’s operating leases:

(in millions)			March 31, 2022			December 31, 2021
Right-of-use assets			$	7,933		$	7,888
Lease liabilities			8,349			8,328

The Firm’s net rental expense was $495 million and $490 million for the three months ended March 31, 2022 and 2021, respectively.

Firm as lessor

The Firm’s lease financings are predominantly auto operating leases, and are included in other assets on the Firm’s Consolidated balance sheets.

The following table presents the Firm’s operating lease income, included within other income, and the related depreciation expense, included within technology, communications and equipment expense, on the Consolidated statements of income:

						Three months ended March 31,
(in millions)						2022			2021
Operating lease income						$	1,048		$	1,325
Depreciation expense						711			934

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Note 17 - Preferred stock

Refer to Note 21 of JPMorgan Chase’s 2021 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 March 31, 2022 and December 31, 2021, and the quarterly dividend declarations for the three months ended March 31, 2022 and 2021.

			Shares						Carrying value  (in millions)									Contractual rate in effect at March 31, 2022			Earliest redemption date			Floating annualized rate(a)			Dividend declared per share
			March 31, 2022			December 31, 2021			March 31, 2022			December 31, 2021			Issue date												Three months ended March 31,
																											2022			2021
Fixed-rate:
Series AA			—			—			$	—		$	—		6/4/2015			—		%	9/1/2020			NA			$—			$152.50
Series BB			—			—			—			—			7/29/2015			—			9/1/2020			NA			—			153.75
Series DD			169,625			169,625			1,696			1,696			9/21/2018			5.750			12/1/2023			NA			143.75			143.75
Series EE			185,000			185,000			1,850			1,850			1/24/2019			6.000			3/1/2024			NA			150.00			150.00
Series GG			90,000			90,000			900			900			11/7/2019			4.750			12/1/2024			NA			118.75			118.75
Series JJ			150,000			150,000			1,500			1,500			3/17/2021			4.550			6/1/2026			NA			113.75			NA
Series LL			185,000			185,000			1,850			1,850			5/20/2021			4.625			6/1/2026			NA			115.63			NA
Series MM			200,000			200,000			2,000			2,000			7/29/2021			4.200			9/1/2026			NA			105.00			NA
Fixed-to-floating-rate:
Series I			293,375			293,375			$	2,934		$	2,934		4/23/2008			LIBOR + 3.47%			4/30/2018			LIBOR + 3.47%			$92.13			$93.06
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
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
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
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
Series V			250,000			250,000			2,500			2,500			6/9/2014			LIBOR + 3.32%			7/1/2019			LIBOR + 3.32			86.40			85.97
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
Series Z			—			200,000			—			2,000			4/21/2015			—			5/1/2020			LIBOR + 3.80			—			101.24
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
Series FF			225,000			225,000			2,250			2,250			7/31/2019			5.000			8/1/2024			SOFR + 3.38			125.00			125.00
Series HH			300,000			300,000			3,000			3,000			1/23/2020			4.600			2/1/2025			SOFR + 3.125			115.00			115.00
Series II			150,000			150,000			1,500			1,500			2/24/2020			4.000			4/1/2025			SOFR + 2.745			100.00			100.00
Series KK			200,000			200,000			2,000			2,000			5/12/2021			3.650			6/1/2026			CMT + 2.85			91.25			NA
Total preferred stock			3,283,750			3,483,750			$	32,838		$	34,838

(a)Floating annualized rate includes three-month LIBOR, three-month term SOFR or five-year Constant Maturity Treasury ("CMT") rate, as applicable, plus the spreads noted above.

Each series of preferred stock has a liquidation value and redemption price per share of $10,000, plus accrued but unpaid dividends. The aggregate liquidation value was $33.2 billion at March 31, 2022.

Redemptions

On February 1, 2022, the Firm redeemed all $2.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series Z.

On June 1, 2021, the Firm redeemed all $1.43 billion of its 6.10% non-cumulative preferred stock, Series AA and all $1.15 billion of its 6.15% non-cumulative preferred stock, Series BB.

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Note 18 – Earnings per share

Refer to Note 23 of JPMorgan Chase’s 2021 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 months ended March 31, 2022 and 2021.

(in millions, except per share amounts)			Three months ended March 31,
			2022			2021
Basic earnings per share
Net income			$	8,282		$	14,300
Less: Preferred stock dividends			397			379
Net income applicable to common equity			7,885			13,921
Less: Dividends and undistributed earnings allocated to participating securities			40			70
Net income applicable to common stockholders			$	7,845		$	13,851
Total weighted-average basic shares   outstanding			2,977.0			3,073.5
Net income per share			$	2.64		$	4.51
Diluted earnings per share
Net income applicable to common stockholders			$	7,845		$	13,851
Total weighted-average basic shares   outstanding			2,977.0			3,073.5
Add: Dilutive impact of SARs and employee stock options, unvested PSUs and nondividend-earning RSUs			4.0			5.4
Total weighted-average diluted shares outstanding			2,981.0			3,078.9
Net income per share			$	2.63		$	4.50

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Note 19 – Accumulated other comprehensive income/(loss)

AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net loss and prior service costs/(credit) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA).

As of or for the three months ended March 31, 2022 (in millions)						Unrealized gains/(losses) on investment securities									Translation adjustments, net of hedges												Fair value hedges			Cash flow hedges												Defined benefit pension and OPEB plans									DVA on fair value option elected liabilities									Accumulated other comprehensive income/(loss)
Balance at January 1, 2022						$	2,640											$	(934)								$	(131)					$	(296)											$	(210)								$	(1,153)								$	(84)
Net change						(7,453)												(62)									110						(2,791)												67									646									(9,483)
Balance at March 31, 2022						$	(4,813)		(a)									$	(996)								$	(21)					$	(3,087)											$	(143)								$	(507)								$	(9,567)
As of or for the three months ended March 31, 2021 (in millions)						Unrealized gains/(losses) on investment securities									Translation adjustments, net of hedges												Fair value hedges			Cash flow hedges												Defined benefit pension and OPEB plans									DVA on fair value option elected liabilities									Accumulated other comprehensive income/(loss)
Balance at January 1, 2021						$	8,180											$	(473)								$	(112)					$	2,383											$	(1,132)								$	(860)								$	7,986
Net change						(4,339)												(250)									(28)						(2,249)												68									(147)									(6,945)
Balance at March 31, 2021						$	3,841		(a)									$	(723)								$	(140)					$	134											$	(1,064)								$	(1,007)								$	1,041

(a)As of March 31, 2022 and 2021 includes after-tax net unamortized unrealized gains of $2.2 billion and $2.9 billion, related to AFS securities that have been transferred to HTM, respectively. Refer to Note 10 of JPMorgan Chase's 2021 Form 10-K for further information.

The following table presents the pre-tax and after-tax changes in the components of OCI.

			2022																		2021
Three months ended March 31, (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			$	(10,202)					$	2,450					$	(7,752)					$	(5,693)					$	1,365					$	(4,328)
Reclassification adjustment for realized (gains)/losses included in net income(a)			394						(95)						299						(14)						3						(11)
Net change			(9,808)						2,355						(7,453)						(5,707)						1,368						(4,339)
Translation adjustments:
Translation			(341)						24						(317)						(1,200)						39						(1,161)
Hedges			338						(83)						255						1,200						(289)						911
Net change			(3)						(59)						(62)						—						(250)						(250)
Fair value hedges, net change(b):			145						(35)						110						(37)						9						(28)
Cash flow hedges:
Net unrealized gains/(losses) arising during the period			(3,436)						825						(2,611)						(2,695)						647						(2,048)
Reclassification adjustment for realized (gains)/losses included in net income(c)			(237)						57						(180)						(264)						63						(201)
Net change			(3,673)						882						(2,791)						(2,959)						710						(2,249)
Defined benefit pension and OPEB plans, net change:			90						(23)						67						91						(23)						68
DVA on fair value option elected liabilities, net change:			859						(213)						646						(189)						42						(147)
Total other comprehensive income/(loss)			$	(12,390)					$	2,907					$	(9,483)					$	(8,801)					$	1,856					$	(6,945)

(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 swaps.

(c)The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income.

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Note 20 – Restricted cash and other restricted

assets

Refer to Note 26 of JPMorgan Chase’s 2021 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)			March 31, 2022			December 31, 2021
Segregated for the benefit of securities and cleared derivative customers			23.4			14.6
Cash reserves at non-U.S. central banks and held for other general purposes			7.4			5.1
Total restricted cash(a)			$	30.8		$	19.7

(a)Comprises $29.6 billion and $18.4 billion in deposits with banks, and $1.2 billion and $1.3 billion in cash and due from banks on the Consolidated balance sheet as of March 31, 2022 and December 31, 2021, respectively.

Also, as of March 31, 2022 and December 31, 2021, the Firm had the following other restricted assets:

•Cash and securities pledged with clearing organizations for the benefit of customers of $41.5 billion and $47.5 billion, respectively.

•Securities with a fair value of $34.4 billion and $30.0 billion, respectively, were also restricted in relation to customer activity.

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Note 21 – Regulatory capital

Refer to Note 27 of JPMorgan Chase’s 2021 Form 10-K for a detailed discussion on regulatory capital.

The Federal Reserve establishes capital requirements, including well-capitalized requirements, for the consolidated financial holding company. The OCC establishes similar minimum capital requirements and standards for the Firm’s principal IDI subsidiary, JPMorgan Chase Bank, N.A.

Under the risk-based capital and leverage-based guidelines of the Federal Reserve, JPMorgan Chase is required to maintain minimum ratios for CET1 capital, Tier 1 capital, Total capital, Tier 1 leverage and the SLR. Failure to meet these minimum requirements could cause the Federal Reserve to take action. IDI subsidiaries are also subject to these capital requirements established by their respective primary regulators.

The following table presents the risk-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and its IDI subsidiaries were subject as of March 31, 2022 and December 31, 2021.

			Standardized capital ratio requirements									Advanced capital ratio requirements									Well-capitalized ratios
			BHC(a)			IDI(b)						BHC(a)			IDI(b)						BHC(c)			IDI(d)
Risk-based capital ratios
CET1 capital			11.2		%	7.0		%				10.5		%	7.0		%				NA			6.5		%
Tier 1 capital			12.7			8.5						12.0			8.5						6.0		%	8.0
Total capital			14.7			10.5						14.0			10.5						10.0			10.0

Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and its IDI subsidiaries are subject.

(a)Represents the regulatory capital ratio requirements applicable to the Firm. The CET1, Tier 1 and Total capital ratio requirements each include a respective minimum requirement plus a GSIB surcharge of 3.5% as calculated under Method 2; plus a 3.2% SCB for Basel III Standardized ratios and a fixed 2.5% capital conservation buffer for Basel III Advanced ratios. The countercyclical buffer is currently set to 0% by the federal banking agencies.

(b)Represents requirements for JPMorgan Chase’s IDI subsidiaries. The CET1, Tier 1 and Total capital ratio requirements include a fixed capital conservation buffer requirement 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.

The following table presents the leverage-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and its IDI subsidiaries were subject as of March 31, 2022 and December 31, 2021.

						Capital ratio requirements(a)									Well-capitalized ratios
						BHC			IDI						BHC(b)			IDI
Leverage-based capital ratios
Tier 1 leverage						4.0		%	4.0		%				NA			5.0		%
SLR						5.0			6.0						NA			6.0

Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and its IDI subsidiaries are subject.

(a)Represents minimum SLR requirement of 3.0%, as well as supplementary leverage buffer requirements of 2.0% and 3.0% for BHC and IDI subsidiaries, respectively.

(b)The Federal Reserve's regulations do not establish well-capitalized thresholds for these measures for BHCs.

CECL regulatory capital transition

On December 31, 2021, the CECL capital transition provisions, which delayed the effects of CECL on regulatory capital for two years, expired. Beginning January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021, will be phased out at 25% per year over a three-year period. As of March 31, 2022, CET1 capital reflected the remaining 75%, or $2.2 billion, benefit associated with the CECL capital transition provisions.

Additionally, effective January 1, 2022, the Firm phased out 25% of the other relevant CECL capital transition provisions recognized as of December 31, 2021, from Tier 2 capital, adjusted average assets, and total leverage exposure.

Refer to Note 27 of JPMorgan Chase’s 2021 Form 10-K for further information on CECL capital transition provisions.

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The following tables present risk-based capital metrics under both the Basel III Standardized and Basel III Advanced approaches and leverage-based capital metrics for JPMorgan Chase and JPMorgan Chase Bank, N.A. As of March 31, 2022 and December 31, 2021, JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject.

March 31, 2022 (in millions, except ratios)			Basel III Standardized												Basel III Advanced
			JPMorgan Chase & Co.			JPMorgan Chase Bank, N.A.									JPMorgan Chase & Co.			JPMorgan Chase Bank, N.A.
Risk-based capital metrics:(a)
CET1 capital			$	207,903		$	263,897								$	207,903		$	263,897
Tier 1 capital			240,076			263,900									240,076			263,900
Total capital			269,536			280,403									258,989			269,355
Risk-weighted assets			1,750,678			1,660,498									1,643,453			1,475,342
CET1 capital ratio			11.9		%	15.9		%							12.7		%	17.9		%
Tier 1 capital ratio			13.7			15.9									14.6			17.9
Total capital ratio			15.4			16.9									15.8			18.3

December 31, 2021 (in millions, except ratios)			Basel III Standardized												Basel III Advanced
			JPMorgan Chase & Co.			JPMorgan Chase Bank, N.A.									JPMorgan Chase & Co.			JPMorgan Chase Bank, N.A.
Risk-based capital metrics:(a)
CET1 capital			$	213,942		$	266,907								$	213,942		$	266,907
Tier 1 capital			246,162			266,910									246,162			266,910
Total capital			274,900			281,826									265,796			272,299
Risk-weighted assets			1,638,900			1,582,280									1,547,920			1,392,847
CET1 capital ratio			13.1		%	16.9		%							13.8		%	19.2		%
Tier 1 capital ratio			15.0			16.9									15.9			19.2
Total capital ratio			16.8			17.8									17.2			19.5

(a)The capital metrics reflect the CECL capital transition provisions. Additionally, loans originated under the PPP receive a zero percent risk weight.

Three months ended (in millions, except ratios)			March 31, 2022												December 31, 2021
			JPMorgan Chase & Co.			JPMorgan Chase Bank, N.A.									JPMorgan Chase & Co.			JPMorgan Chase Bank, N.A.
Leverage-based capital metrics:(a)
Adjusted average assets(b)			$	3,857,783		$	3,395,148								$	3,782,035		$	3,334,925
Tier 1 leverage ratio			6.2		%	7.8		%							6.5		%	8.0		%
Total leverage exposure			$	4,586,537		$	4,125,933								$	4,571,789		$	4,119,286
SLR			5.2		%	6.4		%							5.4		%	6.5		%

(a)The capital metrics reflect the CECL capital transition provisions.

(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.

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Note 22 – Off–balance sheet lending-related

financial instruments, guarantees, and other

commitments

JPMorgan Chase provides lending-related financial instruments (e.g., commitments and guarantees) to address the financing needs of its customers and clients. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the customer or client draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the customer or client subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. Refer to Note 28 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies.

To provide for expected credit losses in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 12 for further information regarding the allowance for credit losses on lending-related commitments.

The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at March 31, 2022, and December 31, 2021. The amounts in the table below for credit card, home equity and certain scored business banking lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card and certain scored business banking lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close HELOCs when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower.

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Off–balance sheet lending-related financial instruments, guarantees and other commitments
			Contractual amount																					Carrying value(h)
			March 31, 2022																		Dec 31, 2021						Mar 31, 2022			Dec 31, 2021
By remaining maturity (in millions)			Expires in 1 year or less			Expires after 1 year through 3 years			Expires after 3 years through 5 years			Expires after 5 years			Total						Total
Lending-related
Consumer, excluding credit card:
Residential real estate(a)			$	17,388		$	2,404		$	6,242		$	8,465		$	34,499					$	32,996					$	153		$	100
Auto and other			11,550			—			—			1,054			12,604						12,338						—			2
Total consumer, excluding credit card			28,938			2,404			6,242			9,519			47,103						45,334						153			102
Credit card(b)			757,283			—			—			—			757,283						730,534						—			—
Total consumer(b)(c)			786,221			2,404			6,242			9,519			804,386						775,868						153			102
Wholesale:
Other unfunded commitments to extend credit(d)			119,003			155,375			164,356			24,077			462,811						453,467						2,120			2,037
Standby letters of credit and other financial guarantees(d)			14,536			8,245			4,018			1,110			27,909						28,530						476			476
Other letters of credit(d)			5,943			491			78			—			6,512						4,448						11			9
Total wholesale(c)			139,482			164,111			168,452			25,187			497,232						486,445						2,607			2,522
Total lending-related			$	925,703		$	166,515		$	174,694		$	34,706		$	1,301,618					$	1,262,313					$	2,760		$	2,624
Other guarantees and commitments
Securities lending indemnification agreements and guarantees(e)			$	365,249		$	—		$	—		$	—		$	365,249					$	337,770					$	—		$	—
Derivatives qualifying as guarantees			3,012			292			12,491			41,779			57,574						55,730						486			475
Unsettled resale and securities borrowed agreements			216,026			2,121			50			—			218,197						103,681						(45)			1
Unsettled repurchase and securities loaned agreements			134,400			889			—			—			135,289						74,263						(2)			—
Loan sale and securitization-related indemnifications:
Mortgage repurchase liability			NA			NA			NA			NA			NA						NA						57			61
Loans sold with recourse			NA			NA			NA			NA			846						827						18			19
Exchange & clearing house guarantees and commitments(f)			141,956			—			—			—			141,956						182,701						—			—
Other guarantees and commitments(g)			11,080			949			282			1,902			14,213						10,490						65			69

(a)Includes certain commitments to purchase loans from correspondents.

(b)Also includes commercial card lending-related commitments primarily in CB and CIB.

(c)Predominantly all consumer and wholesale lending-related commitments are in the U.S.

(d)At March 31, 2022, and December 31, 2021, reflected the contractual amount net of risk participations totaling $51 million and $44 million, respectively, for other unfunded commitments to extend credit; $7.8 billion and $7.9 billion, respectively, for standby letters of credit and other financial guarantees; and $660 million and $451 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.

(e)At March 31, 2022, and December 31, 2021, collateral held by the Firm in support of securities lending indemnification agreements was $387.6 billion and $357.4 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies.

(f)At March 31, 2022, and December 31, 2021, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses.

(g)At March 31, 2022, and December 31, 2021, primarily includes unfunded commitments to purchase secondary market loans, unfunded commitments related to certain tax-oriented equity investments, and other equity investment commitments.

(h)For lending-related products, the carrying value represents the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value.

Other unfunded commitments to extend credit

Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in

several forms, including the issuance of a standby letter of credit.

Standby letters of credit and other financial guarantees

Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade financings and similar transactions.

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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 March 31, 2022, and December 31, 2021.

Standby letters of credit, other financial guarantees and other letters of credit

			March 31, 2022												December 31, 2021
(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)			$	19,186					$	4,771					$	19,998					$	3,087
Noninvestment-grade(a)			8,723						1,741						8,532						1,361
Total contractual amount			$	27,909					$	6,512					$	28,530					$	4,448
Allowance for lending-related commitments			$	136					$	11					$	123					$	9
Guarantee liability			340						—						353						—
Total carrying value			$	476					$	11					$	476					$	9
Commitments with collateral			$	14,921					$	782					$	14,511					$	999

(a)The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings.

Derivatives qualifying as guarantees

The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. Refer to Note 28 of JPMorgan Chase’s 2021 Form 10-K for further information on these derivatives.

The following table summarizes the derivatives qualifying as guarantees as of March 31, 2022, and December 31, 2021.

(in millions)			March 31, 2022						December 31, 2021
Notional amounts
Derivative guarantees			$	57,574					$	55,730
Stable value contracts with contractually limited exposure			31,632						29,778
Maximum exposure of stable value contracts with contractually limited exposure			2,888						2,882
Fair value
Derivative payables			486						475

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.

Merchant charge-backs

Under the rules of payment networks, the Firm, in its role as a merchant acquirer, retains a contingent liability for disputed processed credit and debit card transactions that result in a charge-back to the merchant. If a dispute is resolved in the cardholder’s favor, Merchant Services will (through the cardholder’s issuing bank) credit or refund the amount to the cardholder and will charge back the transaction to the merchant. If Merchant Services is unable to collect the amount from the merchant, Merchant Services will bear the loss for the amount credited or refunded to the cardholder. Merchant Services mitigates this risk by withholding future settlements, retaining cash reserve accounts or obtaining other collateral. In addition, Merchant Services recognizes a valuation allowance that covers the payment or performance risk to the Firm related to charge-backs.

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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.

The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. Refer to Note 24 of this Form 10-Q and Note 30 of JPMorgan Chase’s 2021 Form 10-K for additional information regarding litigation.

Sponsored member repo program

The Firm acts as a sponsoring member to clear eligible overnight and term resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation (“FICC”) on behalf of clients that become sponsored members under the FICC’s rules. The Firm also guarantees to the FICC the prompt and full payment and performance of its sponsored member clients’ respective obligations under the FICC’s rules. The Firm minimizes its liability under these guarantees by obtaining a security interest in the cash or high-quality securities collateral that the clients place with the clearing house therefore the Firm expects the risk of loss to be remote. The Firm’s maximum possible exposure, without taking into consideration the associated collateral, is included in the Exchange & clearing house guarantees and commitments line on page 156. Refer to Note 11 of JPMorgan Chase’s 2021 Form 10-K for additional information on credit risk mitigation practices on resale agreements and the types of collateral pledged under repurchase agreements.

Guarantees of subsidiaries

The Parent Company has guaranteed certain long-term debt and structured notes of its subsidiaries, including JPMorgan Chase Financial Company LLC (“JPMFC”), a 100%-owned finance subsidiary. All securities issued by JPMFC are fully and unconditionally guaranteed by the Parent Company and no other subsidiary of the Parent Company guarantees these securities. These guarantees, which rank on a parity with the Firm’s unsecured and unsubordinated indebtedness, are not included in the table on page 156 of this Note. Refer to Note 20 of JPMorgan Chase’s 2021 Form 10-K for additional information.

Note 23 – Pledged assets and collateral

Refer to Note 29 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the Firm’s pledged assets and collateral.

Pledged assets

The Firm pledges financial assets that it owns to maintain potential borrowing capacity at discount windows with Federal Reserve banks, various other central banks and FHLBs. Additionally, the Firm pledges assets for other purposes, including to collateralize repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits. Certain of these pledged assets may be sold or repledged or otherwise used by the secured parties and are parenthetically identified on the Consolidated balance sheets as assets pledged.

The following table presents the Firm’s pledged assets.

(in billions)			March 31, 2022						December 31, 2021
Assets that may be sold or repledged or otherwise used by secured parties			$	149.0					$	126.3
Assets that may not be sold or repledged or otherwise used by secured parties			91.0						112.0
Assets pledged at Federal Reserve banks and FHLBs			486.5						476.4
Total pledged assets			$	726.5					$	714.7

Total pledged assets do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. Refer to Note 13 for additional information on assets and liabilities of consolidated VIEs. Refer to Note 10 for additional information on the Firm’s securities financing activities. Refer to Note 20 of JPMorgan Chase’s 2021 Form 10-K for additional information on the Firm’s long-term debt.

Collateral

The Firm accepts financial assets as collateral that it is permitted to sell or repledge, deliver or otherwise use. This collateral is generally obtained under resale and other securities financing agreements, prime brokerage-related held-for-investment customer receivables and derivative contracts. Collateral is generally used under repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits.

The following table presents the fair value of collateral accepted.

(in billions)			March 31, 2022						December 31, 2021
Collateral permitted to be sold or repledged, delivered, or otherwise used			$	1,542.6					$	1,471.3
Collateral sold, repledged, delivered or otherwise used			1,183.2						1,111.0

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Note 24 – Litigation

Contingencies

As of March 31, 2022, the Firm and its subsidiaries and affiliates are defendants or respondents in numerous legal proceedings, including private, civil litigations, government investigations or regulatory enforcement matters. The litigations range from individual actions involving a single plaintiff to class action lawsuits with potentially millions of class members. Investigations and regulatory enforcement matters involve both formal and informal proceedings, by both governmental agencies and self-regulatory organizations. These legal proceedings are at varying stages of adjudication, arbitration or investigation, and involve each of the Firm’s lines of business and several geographies and a wide variety of claims (including common law tort and contract claims and statutory antitrust, securities and consumer protection claims), some of which present novel legal theories.

The Firm believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $1.4 billion at March 31, 2022. This estimated aggregate range of reasonably possible losses was based upon information available as of that date for those proceedings in which the Firm believes that an estimate of reasonably possible loss can be made. For certain matters, the Firm does not believe that such an estimate can be made, as of that date. The Firm’s estimate of the aggregate range of reasonably possible losses involves significant judgment, given:

•the number, variety and varying stages of the proceedings, including the fact that many are in preliminary stages,

•the existence in many such proceedings of multiple defendants, including the Firm, whose share of liability (if any) has yet to be determined,

•the numerous yet-unresolved issues in many of the proceedings, including issues regarding class certification and the scope of many of the claims, and

•the 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.

In addition, the outcome of a particular proceeding may be a result which the Firm did not take into account in its estimate because the Firm had deemed the likelihood of that outcome to be remote. Accordingly, the Firm’s estimate of the aggregate range of reasonably possible losses will change from time to time, and actual losses may vary significantly.

Set forth below are descriptions of the Firm’s material legal proceedings.

Amrapali. India’s Enforcement Directorate (“ED”) is investigating J.P. Morgan India Private Limited in connection with investments made in 2010 and 2012 by two offshore funds formerly managed by JPMorgan Chase entities into residential housing projects developed by the Amrapali Group (“Amrapali”). In 2017, numerous creditors filed civil claims against Amrapali, including petitions brought by home buyers relating to delays in delivering or failure to deliver residential units. The home buyers’ petitions have been overseen by the Supreme Court of India and are ongoing. In August 2021, the ED issued an order fining J.P. Morgan India Private Limited approximately $31.5 million. The Firm is appealing the order and the fine. Relatedly, in July 2019, the Supreme Court of India issued an order making preliminary findings that Amrapali and other parties, including unspecified JPMorgan Chase entities and the offshore funds that had invested in the projects, violated certain currency control and money laundering provisions, and ordering the ED to conduct a further inquiry under India’s Prevention of Money Laundering Act (“PMLA”) and Foreign Exchange Management Act (“FEMA”). In May 2020, the ED attached approximately $25 million from J.P. Morgan India Private Limited in connection with the criminal PMLA investigation. The Firm is responding to and cooperating with the PMLA investigation.

Federal Republic of Nigeria Litigation. JPMorgan Chase Bank, N.A. operated an escrow and depository account for the Federal Government of Nigeria (“FGN”) and two major international oil companies. The account held approximately $1.1 billion in connection with a dispute among the clients over rights to an oil field. Following the settlement of the dispute, JPMorgan Chase Bank, N.A. paid out the monies in the account in 2011 and 2013 in accordance with directions received from its clients. In November 2017, the Federal Republic of Nigeria (“FRN”) commenced a claim in the English High Court for approximately $875 million in payments made out of the accounts. The FRN, claiming to be the same entity as the FGN, alleges that the payments were instructed as part of a complex fraud not involving JPMorgan Chase Bank, N.A., but that JPMorgan Chase Bank, N.A. was or should have been on notice that the payments may be fraudulent. JPMorgan Chase Bank, N.A. applied for summary judgment and was unsuccessful. A trial was held between February and April 2022, and the parties are awaiting the Court's decision.

Foreign Exchange Investigations and Litigation. The Firm previously reported settlements with certain government authorities relating to its foreign exchange (“FX”) sales and trading activities and controls related to those activities. Among those resolutions, in May 2015, the Firm pleaded guilty to a single violation of federal antitrust law. The Department of Labor granted the Firm a five-year

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exemption of disqualification that allows the Firm and its affiliates to continue to rely on the Qualified Professional Asset Manager exemption under the Employee Retirement Income Security Act (“ERISA”) until January 2023. The Firm will need the Department of Labor to approve a further exemption to cover the remainder of the ten-year disqualification period following the antitrust plea. The only remaining FX-related governmental inquiry is a South Africa Competition Commission matter which is currently pending before the South Africa Competition Tribunal.

With respect to civil litigation matters, in August 2018, the United States District Court for the Southern District of New York granted final approval to the Firm’s settlement of a consolidated class action brought by U.S.-based plaintiffs, which principally alleged violations of federal antitrust laws based on an alleged conspiracy to manipulate foreign exchange rates and also sought damages on behalf of persons who transacted in FX futures and options on futures. Certain members of the settlement class filed requests to the Court to be excluded from the class, and certain of them filed a complaint against the Firm and other foreign exchange dealers in November 2018. A number of these actions remain pending. Further, a putative class action has been filed against the Firm and other foreign exchange dealers on behalf of certain consumers who purchased foreign currencies at allegedly inflated rates. Another putative class action was brought against the Firm and other foreign exchange dealers on behalf of purported indirect purchasers of FX instruments. In 2020, the Court approved a settlement by the Firm and 11 other defendants of that class action for a total of $10 million. In addition, some FX-related individual and putative class actions based on similar alleged underlying conduct have been filed outside the U.S., including in the U.K., Israel, the Netherlands, Brazil and Australia. In a putative class action pending before the U.K. Competition Appeal Tribunal, the tribunal has denied a request by the proposed class representatives for class certification on an opt-out basis.

Inquiries Concerning Preservation Requirements. In December 2021 certain of the Firm’s subsidiaries entered into resolutions with the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Commodity Futures Trading Commission (“CFTC”) to resolve their respective civil investigations of compliance with records preservation requirements applicable to broker-dealer firms, swap dealers and futures commission merchants. The SEC and CFTC found that J.P. Morgan Securities LLC did not maintain copies of certain communications required to be maintained under their respective record keeping rules, where such communications were sent or received by employees over electronic messaging channels that had not been approved for employee use by the Firm. The CFTC resolution also included JPMorgan Chase Bank, N.A. and J.P. Morgan Securities plc as swap dealers. The SEC and CFTC also found related supervision failures. Under these resolutions, J.P. Morgan Securities LLC paid a $125 million civil monetary penalty to the SEC, and J.P. Morgan Securities LLC,

JPMorgan Chase Bank, N.A. and J.P. Morgan Securities plc paid a total $75 million civil monetary penalty to the CFTC. The Firm continues to respond to requests for information and other material from certain authorities concerning its compliance with records preservation requirements in connection with business communications sent over electronic messaging channels that have not been approved by the Firm. The Firm is cooperating with these inquiries.

In March 2022, a shareholder derivative action was filed in the United States District Court for the Eastern District of New York against the Firm’s Board of Directors asserting breaches of fiduciary duty and violation of federal securities laws based on the Board’s alleged failure to exercise adequate oversight over compliance with records preservation requirements. The complaint seeks damages, restitution, disgorgement and corporate governance reforms.

Interchange Litigation. Groups of merchants and retail associations filed a series of class action complaints alleging that Visa and Mastercard, as well as certain banks, conspired to set the price of credit and debit card interchange fees and enacted related rules in violation of antitrust laws. In 2012, the parties initially settled the cases for a cash payment, a temporary reduction of credit card interchange, and modifications to certain credit card network rules. In 2017, after the approval of that settlement was reversed on appeal, the case was remanded to the United States District Court for the Eastern District of New York for further proceedings consistent with the appellate decision.

The original class action was divided into two separate actions, one seeking primarily monetary relief and the other seeking primarily injunctive relief. In September 2018, the parties to the monetary class action finalized an agreement which amends and supersedes the prior settlement agreement. Pursuant to this settlement, the defendants collectively contributed an additional $900 million to the approximately $5.3 billion previously held in escrow from the original settlement. In December 2019, the amended settlement agreement was approved by the District Court. Certain merchants appealed the District Court’s approval order, and those appeals are pending. Based on the percentage of merchants that opted out of the amended class settlement, $700 million has been returned to the defendants from the settlement escrow in accordance with the settlement agreement. The injunctive class action continues separately, and in September 2021, the District Court granted plaintiffs’ motion for class certification in part, and denied the motion in part.

In addition, certain merchants have filed individual actions raising similar allegations against Visa and Mastercard, as well as against the Firm and other banks, and some of those actions remain pending.

LIBOR and Other Benchmark Rate Investigations and Litigation. JPMorgan Chase has responded to inquiries from various governmental agencies and entities around the

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world relating primarily to the British Bankers Association’s ("BBA") London Interbank Offered Rate (“LIBOR”) for various currencies and the European Banking Federation’s Euro Interbank Offered Rate (“EURIBOR”). The Swiss Competition Commission’s investigation relating to EURIBOR, to which the Firm and other banks are subject, continues. In December 2016, the European Commission issued a decision against the Firm and other banks finding an infringement of European antitrust rules relating to EURIBOR. The Firm has filed an appeal of that decision with the European General Court, and that appeal is pending.

In addition, the Firm has been named as a defendant along with other banks in various individual and putative class actions related to benchmark rates, including U.S. dollar LIBOR. In actions related to U.S. dollar LIBOR during the period that it was administered by the BBA, the Firm has obtained dismissal of certain actions and resolved certain other actions, and others are in various stages of litigation. The United States District Court for the Southern District of New York has granted class certification of antitrust claims related to bonds and interest rate swaps sold directly by the defendants, including the Firm. A consolidated putative class action related to the period that U.S. dollar LIBOR was administered by ICE Benchmark Administration has been dismissed. In addition, a group of individual plaintiffs filed a lawsuit asserting antitrust claims, alleging that the Firm and other defendants were engaged in an unlawful agreement to set U.S. dollar LIBOR and conspired to monopolize the market for LIBOR-based consumer loans and credit cards. Defendants moved to dismiss plaintiffs’ complaint. In December 2021, the court denied plaintiffs’ motions for a preliminary injunction seeking to enjoin defendants from setting U.S. dollar LIBOR and enforcing any financial instruments that rely on U.S. dollar LIBOR. The Firm’s settlements of putative class actions related to Swiss franc LIBOR, the Singapore Interbank Offered Rate and the Singapore Swap Offer Rate, and the Australian Bank Bill Swap Reference Rate remain subject to court approval.

Metals and U.S. Treasuries Investigations and Litigation and Related Inquiries. The Firm previously reported that it and/or certain of its subsidiaries had entered into resolutions with the U.S. Department of Justice (“DOJ”), the U.S. Commodity Futures Trading Commission (“CFTC”) and the U.S. Securities and Exchange Commission (“SEC”), which, collectively, resolved those agencies’ respective investigations relating to historical trading practices by former employees in the precious metals and U.S. treasuries markets and related conduct from 2008 to 2016.

The Firm entered into a Deferred Prosecution Agreement (“DPA”) with the DOJ in which it agreed to the filing of a criminal information charging JPMorgan Chase & Co. with two counts of wire fraud and agreed, along with JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC, to certain terms and obligations as set forth therein. Under the terms of the DPA, the criminal information will be dismissed after three years, provided that JPMorgan Chase & Co., JPMorgan

Chase Bank, N.A. and J.P. Morgan Securities LLC fully comply with all of their obligations.

Across the three resolutions with the DOJ, CFTC and SEC, JPMorgan Chase & Co., JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC agreed to pay a total monetary amount of approximately $920 million. A portion of the total monetary amount includes victim compensation payments.

Several putative class action complaints have been filed in the United States District Court for the Southern District of New York against the Firm and certain former employees, alleging a precious metals futures and options price manipulation scheme in violation of the Commodity Exchange Act. Some of the complaints also allege unjust enrichment and deceptive acts or practices under the General Business Law of the State of New York. The Court consolidated these putative class actions, and, in December 2021, the Court preliminarily approved a settlement among the parties. In addition, several putative class actions were filed in the United States District Courts for the Northern District of Illinois and Southern District of New York against the Firm, alleging manipulation of U.S. Treasury futures and options, and bringing claims under the Commodity Exchange Act. The actions in the Northern District of Illinois were transferred to the Southern District of New York. The Court consolidated these putative class actions, and, in December 2021, the Court preliminarily approved a settlement among the parties. In Canada, plaintiffs have moved to commence putative class action proceedings based on similar alleged underlying conduct related to precious metals.

In October 2020, two putative class action complaints were filed under the Securities Exchange Act of 1934 in the United States District Court for the Eastern District of New York against the Firm and certain individual defendants on behalf of shareholders who acquired shares during the putative class period alleging that certain SEC filings of the Firm were materially false or misleading in that they did not disclose certain information relating to the above-referenced investigations. The Court consolidated these putative class actions in January 2021. Plaintiffs filed their second amended complaint in May 2021, which additionally alleged that certain orders in precious metals futures contracts placed by precious metals futures traders during the putative class period were materially false and misleading. Defendants have moved to dismiss.

Securities Lending Antitrust Litigation. JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC, J.P. Morgan Prime, Inc., and J.P. Morgan Strategic Securities Lending Corp. are named as defendants in a putative class action filed in the United States District Court for the Southern District of New York. The complaint asserts violations of federal antitrust law and New York State common law in connection with an alleged conspiracy to prevent the emergence of anonymous exchange trading for securities lending transactions. Defendants’ motion to dismiss the complaint was denied.

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Plaintiffs have moved to certify a class in this action, which defendants are opposing.

* * *

In addition to the various legal proceedings discussed above, JPMorgan Chase and its subsidiaries are named as defendants or are otherwise involved in a substantial number of other legal proceedings. The Firm believes it has meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and it intends to defend itself vigorously. Additional legal proceedings may be initiated from time to time in the future.

The Firm has established reserves for several hundred of its currently outstanding legal proceedings. In accordance with the provisions of U.S. GAAP for contingencies, the Firm accrues for a litigation-related liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. The Firm evaluates its outstanding legal proceedings each quarter to assess its litigation reserves, and makes adjustments in such reserves, upward or downward, as appropriate, based on management’s best judgment after consultation with counsel. The Firm’s legal expense was $119 million and $28 million for the three months ended March 31, 2022 and 2021, respectively. There is no assurance that the Firm’s litigation reserves will not need to be adjusted in the future.

In view of the inherent difficulty of predicting the outcome of legal proceedings, particularly where the claimants seek very large or indeterminate damages, or where the matters present novel legal theories, involve a large number of parties or are in early stages of discovery, the Firm cannot state with confidence what will be the eventual outcomes of the currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences related to those matters. JPMorgan Chase believes, based upon its current knowledge and after consultation with counsel, consideration of the material legal proceedings described above and after taking into account its current litigation reserves and its estimated aggregate range of possible losses, that the other legal proceedings currently pending against it should not have a material adverse effect on the Firm’s consolidated financial condition. The Firm notes, however, that in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves it has currently accrued or that a matter will not have material reputational consequences. As a result, the outcome of a particular matter may be material to JPMorgan Chase’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of JPMorgan Chase’s income for that period.

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Note 25 – Business segments

The Firm is managed on an LOB basis. 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 Segment results below, and Note 32 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of JPMorgan Chase’s business segments.

Segment results

The following table provides a summary of the Firm’s segment results as of or for the three months ended March 31, 2022 and 2021, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the

reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 32 of JPMorgan Chase’s 2021 Form 10-K for additional information on the Firm’s managed basis.

Capital allocation

The amount of capital assigned to each segment is referred to as equity. Periodically, the assumptions and methodologies used to allocate capital are reassessed and as a result, the capital allocated to the LOBs may change. Refer to Line of business equity on page 93 of JPMorgan Chase’s 2021 Form 10-K for additional information on capital allocation.

Segment results and reconciliation(a)
As of or for the three months ended March 31, (in millions, except ratios)			Consumer & Community Banking									Corporate & Investment Bank									Commercial Banking									Asset & Wealth Management
			2022			2021						2022			2021						2022			2021						2022			2021
Noninterest revenue			$	3,902		$	4,588					$	9,957		$	11,088					$	867		$	917					$	3,239		$	3,146
Net interest income			8,327			7,929						3,572			3,517						1,531			1,476						1,076			931
Total net revenue			12,229			12,517						13,529			14,605						2,398			2,393						4,315			4,077
Provision for credit losses			678			(3,602)						445			(331)						157			(118)						154			(121)
Noninterest expense			7,720			7,202						7,298			7,104						1,129			969						2,860			2,574
Income/(loss) before income tax expense/(benefit)			3,831			8,917						5,786			7,832						1,112			1,542						1,301			1,624
Income tax expense/(benefit)			936			2,130			(b)			1,401			1,908			(b)			262			361			(b)			293			364			(b)
Net income/(loss)			$	2,895		$	6,787		(b)			$	4,385		$	5,924		(b)			$	850		$	1,181		(b)			$	1,008		$	1,260		(b)
Average equity			$	50,000		$	50,000					$	103,000		$	83,000					$	25,000		$	24,000					$	17,000		$	14,000
Total assets			486,183			487,978						1,460,463			1,355,123						235,127			223,583						233,070			213,088
ROE			23		%	54		%				17		%	28		%	(b)			13		%	19		%				23		%	36		%	(b)
Overhead ratio			63			58						54			49						47			40						66			63

As of or for the three months ended March 31, (in millions, except ratios)			Corporate									Reconciling Items(a)									Total
			2022			2021						2022			2021						2022			2021
Noninterest revenue			$	(345)		$	382					$	(775)		$	(744)					$	16,845		$	19,377
Net interest income			(536)			(855)						(98)			(109)						13,872			12,889
Total net revenue			(881)			(473)						(873)			(853)						30,717			32,266
Provision for credit losses			29			16						—			—						1,463			(4,156)
Noninterest expense			184			876						—			—						19,191			18,725
Income/(loss) before income tax expense/(benefit)			(1,094)			(1,365)						(873)			(853)						10,063			17,697
Income tax expense/(benefit)			(238)			(513)			(b)			(873)			(853)						1,781			3,397
Net income/(loss)			$	(856)		$	(852)		(b)			$	—		$	—					$	8,282		$	14,300
Average equity			$	57,506		$	74,542					$	—		$	—					$	252,506		$	245,542
Total assets			1,539,844			1,409,564						NA			NA						3,954,687			3,689,336
ROE			NM			NM						NM			NM						13		%	23		%
Overhead ratio			NM			NM						NM			NM						62			58

(a)Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.

(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of JPMorgan Chase & Co.:

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheet of JPMorgan Chase & Co. and its subsidiaries (the “Firm”) as of March 31, 2022, and the related consolidated statements of income, comprehensive income and changes in stockholders’ equity for the three-month periods ended March 31, 2022 and March 31, 2021 and the consolidated statements of cash flows for the three-month periods ended March 31, 2022 and 2021, including the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of the Firm as of December 31, 2021, and the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and of cash flows for the year then ended (not presented herein), and in our report dated February 22, 2022, which included a paragraph describing a change in the manner of accounting for credit losses on certain financial instruments in 2020, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet information as of December 31, 2021, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These interim financial statements are the responsibility of the Firm’s management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Firm in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

May 3, 2022

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

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JPMorgan Chase & Co.
Consolidated average balance sheets, interest and rates (unaudited)
(Taxable-equivalent interest and rates; in millions, except rates)
			Three months ended March 31, 2022																		Three months ended March 31, 2021
			Average balance			Interest(f)						Rate (annualized)									Average balance			Interest(f)						Rate (annualized)
Assets
Deposits with banks			$	742,311		$	238					0.13		%							$	631,606		$	65					0.04		%
Federal funds sold and securities purchased under resale agreements			294,951			397						0.55									289,763			233						0.33
Securities borrowed			218,030			(87)						(0.16)			(g)						175,019			(77)						(0.18)			(g)
Trading assets – debt instruments			272,116			1,775						2.65									322,648			1,790						2.25
Taxable securities			642,633			1,979						1.25									550,579			1,605						1.18
Nontaxable securities(a)			28,532			307						4.36									31,881			348						4.43
Total investment securities			671,165			2,286						1.38			(h)						582,460			1,953						1.36			(h)
Loans			1,068,637			10,661						4.05									1,013,524			10,217						4.09
All other interest-earning assets(b)			134,741			324						0.97									111,549			199						0.72
Total interest-earning assets			3,401,951			15,594						1.86									3,126,569			14,380						1.87
Allowance for loan losses			(16,415)																		(28,268)
Cash and due from banks			27,964																		25,168
Trading assets – equity and other instruments			156,908																		164,010
Trading assets – derivative receivables			67,334																		74,730
Goodwill, MSRs and other intangible Assets			57,546																		53,932
All other noninterest-earning assets			211,500																		196,700
Total assets			$	3,906,788																	$	3,612,841
Liabilities
Interest-bearing deposits			$	1,781,320		$	182					0.04		%							$	1,610,467		$	146					0.04		%
Federal funds purchased and securities loaned or sold under repurchase agreements			250,215			117						0.19									301,386			15						0.02
Short-term borrowings(c)			47,871			40						0.32									42,031			33						0.31
Trading liabilities – debt and all other interest-bearing liabilities(d)(e)			263,025			191						0.30			(g)						230,922			27						0.05			(g)
Beneficial interests issued by consolidated VIEs			10,891			18						0.69									17,185			27						0.64
Long-term debt			254,180			1,076						1.72									239,398			1,134						1.92
Total interest-bearing liabilities			2,607,502			1,624						0.25									2,441,389			1,382						0.23
Noninterest-bearing deposits			734,233																		614,165
Trading liabilities – equity and other instruments(e)			43,394																		35,029
Trading liabilities – derivative payables			54,522																		67,960
All other liabilities, including the allowance for lending-related commitments			181,105																		178,444
Total liabilities			3,620,756																		3,336,987
Stockholders’ equity
Preferred stock			33,526																		30,312
Common stockholders’ equity			252,506																		245,542
Total stockholders’ equity			286,032																		275,854
Total liabilities and stockholders’ equity			$	3,906,788																	$	3,612,841
Interest rate spread												1.61		%																1.64		%
Net interest income and net yield on interest-earning assets						$	13,970					1.67												$	12,998					1.69

(a)Represents securities which are tax-exempt for U.S. federal income tax purposes.

(b)Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets.

(c)Includes commercial paper.

(d)All other interest-bearing liabilities include brokerage-related customer payables.

(e)The combined balance of trading liabilities – debt and equity instruments was $140.1 billion and $126.3 billion for the three months ended March 31, 2022 and 2021, respectively.

(f)Interest includes the effect of certain related hedging derivatives. Taxable-equivalent amounts are used where applicable.

(g)Negative interest income and yield are related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other interest-bearing liabilities.

(h)The annualized rate for securities based on amortized cost was 1.38% for each of the three months ended March 31, 2022 and 2021, respectively, and does not give effect to changes in fair value that are reflected in AOCI.

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GLOSSARY OF TERMS AND ACRONYMS

2021 Form 10-K: Annual report on Form 10-K for year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission.

ABS: Asset-backed securities

Active foreclosures: Loans referred to foreclosure where formal foreclosure proceedings are ongoing. Includes both judicial and non-judicial states.

AFS: Available-for-sale

Allowance for loan losses to total retained loans: represents period-end allowance for loan losses divided by retained loans.

Amortized cost: Amount at which a financing receivable or investment is originated or acquired, adjusted for accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, charge-offs, foreign exchange, and fair value hedge accounting adjustments. For AFS securities, amortized cost is also reduced by any impairment losses recognized in earnings. Amortized cost is not reduced by the allowance for credit losses, except where explicitly presented net.

AOCI: Accumulated other comprehensive income/(loss)

ARM(s): Adjustable rate mortgage(s)

AUC: “Assets under custody”: Represents assets held directly or indirectly on behalf of clients under safekeeping, custody and servicing arrangements.

Auto loan and lease origination volume: Dollar amount of auto loans and leases originated.

AWM: Asset & Wealth Management

Beneficial interests issued by consolidated VIEs: represents the interest of third-party holders of debt, equity securities, or other obligations, issued by VIEs that JPMorgan Chase consolidates.

BHC: Bank holding company

Bridge Financing Portfolio: A portfolio of held-for-sale unfunded loan commitments and funded loans. The unfunded commitments include both short-term bridge loan commitments that will ultimately be replaced by longer term financing as well as term loan commitments. The funded loans include term loans and funded revolver facilities.

CB: Commercial Banking

CBB: Consumer & Business Banking

CCAR: Comprehensive Capital Analysis and Review

CCB: Consumer & Community Banking

CDS: Credit default swaps

CECL: Current Expected Credit Losses

CEO: Chief Executive Officer

CET1 capital: Common equity Tier 1 capital

CFO: Chief Financial Officer

CFTC: Commodity Futures Trading Commission

CIB: Corporate & Investment Bank

CIO: Chief Investment Office

Client assets: Represent assets under management as well as custody, brokerage, administration and deposit accounts.

Client deposits and other third-party liabilities: Deposits, as well as deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements) as part of client cash management programs.

CLTV: Combined loan-to-value

CMT: Constant Maturity Treasury

Collateral-dependent: A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty, including when foreclosure is deemed probable based on borrower delinquency.

Commercial Card: provides a wide range of payment services to corporate and public sector clients worldwide through the commercial card products. Services include procurement, corporate travel and entertainment, expense management services, and business-to-business payment solutions.

Credit derivatives: Financial instruments whose value is derived from the credit risk associated with the debt of a third-party issuer (the reference entity) which allow one party (the protection purchaser) to transfer that risk to another party (the protection seller). Upon the occurrence of a credit event by the reference entity, which may include, among other events, the bankruptcy or failure to pay its obligations, or certain restructurings of the debt of the reference entity, neither party has recourse to the reference entity. The protection purchaser has recourse to the protection seller for the difference between the face value of the CDS contract and the fair value at the time of settling the credit derivative contract. The determination as to whether a credit event has occurred is generally made by the relevant International Swaps and Derivatives Association (“ISDA”) Determinations Committee.

Criticized: Criticized loans, lending-related commitments and derivative receivables that are classified as special mention, substandard and doubtful categories for regulatory purposes and are generally consistent with a rating of CCC+/Caa1 and below, as defined by S&P and Moody’s.

CRR: Capital Requirements Regulation

CVA: Credit valuation adjustment

DVA: Debit valuation adjustment

EC: European Commission

Eligible HQLA: Eligible high-quality liquid assets, for purposes of calculating the LCR, is the amount of

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unencumbered HQLA that satisfy certain operational considerations as defined in the LCR rule.

Eligible LTD: Long-term debt satisfying certain eligibility criteria

Embedded derivatives: are implicit or explicit terms or features of a financial instrument that affect some or all of the cash flows or the value of the instrument in a manner similar to a derivative. An instrument containing such terms or features is referred to as a “hybrid.” The component of the hybrid that is the non-derivative instrument is referred to as the “host.” For example, callable debt is a hybrid instrument that contains a plain vanilla debt instrument (i.e., the host) and an embedded option that allows the issuer to redeem the debt issue at a specified date for a specified amount (i.e., the embedded derivative). However, a floating rate instrument is not a hybrid composed of a fixed-rate instrument and an interest rate swap.

EPS: Earnings per share

ERISA: Employee Retirement Income Security Act of 1974

ESG: Environmental, Social and Governance

ETD: “Exchange-traded derivatives”: Derivative contracts that are executed on an exchange and settled via a central clearing house.

EU: European Union

Exchange-traded derivatives: Derivative contracts that are executed on an exchange and settled via a central clearing house.

Expense categories:

•Volume- and/or revenue-related expenses generally correlate with changes in the related business/transaction volume or revenue. Examples of volume- and revenue-related expenses include commissions and incentive compensation, depreciation expense related to operating lease assets, and brokerage expense related to equities trading transaction volume.

•Investments include expenses associated with supporting medium- to longer-term strategic plans of the Firm. Examples of investments include initiatives in technology (including related compensation), marketing, and compensation for new bankers and client advisors.

•Structural expenses are those associated with the day-to-day cost of running the bank and are expenses not covered by the above two categories. Examples of structural expenses include employee salaries and benefits, as well as noncompensation costs such as real estate and all other expenses.

Fannie Mae: Federal National Mortgage Association

FASB: Financial Accounting Standards Board

FCA: Financial Conduct Authority

FDIC: Federal Deposit Insurance Corporation

Federal Reserve: The Board of the Governors of the Federal Reserve System

FFIEC: Federal Financial Institutions Examination Council

FHA: Federal Housing Administration

FHLB: Federal Home Loan Bank

FICO score: A measure of consumer credit risk based on information in consumer credit reports produced by Fair Isaac Corporation. Because certain aged data is excluded from credit reports based on rules in the Fair Credit Reporting Act, FICO scores may not reflect all historical information about a consumer.

FICC: Fixed Income Clearing Corporation

FINRA: Financial Industry Regulatory Authority

Firm: JPMorgan Chase & Co.

Forward points: represents the interest rate differential between two currencies, which is either added to or subtracted from the current exchange rate (i.e., “spot rate”) to determine the forward exchange rate.

Freddie Mac: Federal Home Loan Mortgage Corporation

Free-standing derivatives: is a derivative contract entered into either separate and apart from any of the Firm’s other financial instruments or equity transactions. Or, in conjunction with some other transaction and is legally detachable and separately exercisable.

FTE: Fully taxable-equivalent

FVA: Funding valuation adjustment

FX: Foreign exchange

G7: “Group of Seven nations”: Countries in the G7 are Canada, France, Germany, Italy, Japan, the U.K. and the U.S.

G7 government securities: Securities issued by the government of one of the G7 nations.

Ginnie Mae: Government National Mortgage Association

GSIB: Global systemically important banks

HELOC: Home equity line of credit

Home equity – senior lien: represents loans and commitments where JPMorgan Chase holds the first security interest on the property.

Home equity – junior lien: represents loans and commitments where JPMorgan Chase holds a security interest that is subordinate in rank to other liens.

HQLA: High-quality liquid assets

HTM: Held-to-maturity

IBOR: Interbank Offered Rate

IDI: Insured depository institutions

IHC: JPMorgan Chase Holdings LLC, an intermediate holding company

Investment-grade: An indication of credit quality based on JPMorgan Chase’s internal risk assessment system. “Investment grade” generally represents a risk profile similar to a rating of a “BBB-”/“Baa3” or better, as defined by independent rating agencies.

IR: Interest rate

ISDA: International Swaps and Derivatives Association

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JPMorgan Chase: JPMorgan Chase & Co.

JPMorgan Chase Bank, N.A.: JPMorgan Chase Bank, National Association

JPMorgan Chase Foundation or Foundation: a not-for-profit organization that makes contributions for charitable and educational purposes.

J.P. Morgan Securities: J.P. Morgan Securities LLC

JPMSE: J.P. Morgan SE

LCR: Liquidity coverage ratio

LIBOR: London Interbank Offered Rate

LLC: Limited Liability Company

LOB: Line of business

LTV: “Loan-to-value ratio”: For residential real estate loans, the relationship, expressed as a percentage, between the principal amount of a loan and the appraised value of the collateral (i.e., residential real estate) securing the loan.

Origination date LTV ratio

The LTV ratio at the origination date of the loan. Origination date LTV ratios are calculated based on the actual appraised values of collateral (i.e., loan-level data) at the origination date.

Current estimated LTV ratio

An estimate of the LTV as of a certain date. The current estimated LTV ratios are calculated using estimated collateral values derived from a nationally recognized home price index measured at the metropolitan statistical area (“MSA”) level. These MSA-level home price indices consist of actual data to the extent available and forecasted data where actual data is not available. As a result, the estimated collateral values used to calculate these ratios do not represent actual appraised loan-level collateral values; as such, the resulting LTV ratios are necessarily imprecise and should therefore be viewed as estimates.

Combined LTV ratio

The LTV ratio considering all available lien positions, as well as unused lines, related to the property. Combined LTV ratios are used for junior lien home equity products.

Managed basis: A non-GAAP presentation of Firmwide financial results that includes reclassifications to present revenue on a fully taxable-equivalent basis. Management also uses this financial measure at the segment level, because it believes this provides information to enable investors to understand the underlying operational performance and trends of the particular business segment and facilitates a comparison of the business segment with the performance of competitors.

Markets: consists of CIB's Fixed Income Markets and Equity Markets businesses.

Master netting agreement: A single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a

required payment or securities transfer or deliver collateral or margin when due).

MBS: Mortgage-backed securities

MD&A: Management’s discussion and analysis

Measurement alternative: Measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer.

Merchant Services: offers merchants payment processing capabilities, fraud and risk management, data and analytics, and other payments services. Through Merchant Services, merchants of all sizes can accept payments via credit and debit cards and payments in multiple currencies.

MEV: Macroeconomic variable

Moody’s: Moody’s Investor Services

Mortgage product types:

Alt-A

Alt-A loans are generally higher in credit quality than subprime loans but have characteristics that would disqualify the borrower from a traditional prime loan. Alt-A lending characteristics may include one or more of the following: (i) limited documentation; (ii) a high CLTV ratio; (iii) loans secured by non-owner occupied properties; or (iv) a debt-to-income ratio above normal limits. A substantial proportion of the Firm’s Alt-A loans are those where a borrower does not provide complete documentation of his or her assets or the amount or source of his or her income.

Option ARMs

The option ARM real estate loan product is an adjustable-rate mortgage loan that provides the borrower with the option each month to make a fully amortizing, interest-only or minimum payment. The minimum payment on an option ARM loan is based on the interest rate charged during the introductory period. This introductory rate is usually significantly below the fully indexed rate. The fully indexed rate is calculated using an index rate plus a margin. Once the introductory period ends, the contractual interest rate charged on the loan increases to the fully indexed rate and adjusts monthly to reflect movements in the index. The minimum payment is typically insufficient to cover interest accrued in the prior month, and any unpaid interest is deferred and added to the principal balance of the loan. Option ARM loans are subject to payment recast, which converts the loan to a variable-rate fully amortizing loan upon meeting specified loan balance and anniversary date triggers.

Prime

Prime mortgage loans are made to borrowers with good credit records who meet specific underwriting requirements, including prescriptive requirements related to income and overall debt levels. New prime mortgage borrowers provide full documentation and generally have reliable payment histories.

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Subprime

Subprime loans are loans that, prior to mid-2008, were offered to certain customers with one or more high risk characteristics, including but not limited to: (i) unreliable or poor payment histories; (ii) a high LTV ratio of greater than 80% (without borrower-paid mortgage insurance); (iii) a high debt-to-income ratio; (iv) an occupancy type for the loan is other than the borrower’s primary residence; or (v) a history of delinquencies or late payments on the loan.

MSR: Mortgage servicing rights

NA: Data is not applicable or available for the period presented.

Net Capital Rule: Rule 15c3-1 under the Securities Exchange Act of 1934.

Net charge-off/(recovery) rate: represents net charge-offs/(recoveries) (annualized) divided by average retained loans for the reporting period.

Net interchange income includes the following components:

•Interchange income: Fees earned by credit and debit card issuers on sales transactions.

•Rewards costs: The cost to the Firm for points earned by cardholders enrolled in credit card rewards programs generally tied to sales transactions.

•Partner payments: Payments to co-brand credit card partners based on the cost of loyalty program rewards earned by cardholders on credit card transactions.

Net yield on interest-earning assets: The average rate for interest-earning assets less the average rate paid for all sources of funds.

NFA: National Futures Association

NM: Not meaningful

Nonaccrual loans: Loans for which interest income is not recognized on an accrual basis. Loans (other than credit card loans and certain consumer loans insured by U.S. government agencies) are placed on nonaccrual status when full payment of principal and interest is not expected, regardless of delinquency status, or when principal and interest has been in default for a period of 90 days or more unless the loan is both well-secured and in the process of collection. Collateral-dependent loans are typically maintained on nonaccrual status.

Nonperforming assets: Nonperforming assets include nonaccrual loans, nonperforming derivatives and certain assets acquired in loan satisfactions, predominantly real estate owned and other commercial and personal property.

NSFR: Net Stable Funding Ratio

OCC: Office of the Comptroller of the Currency

OCI: Other comprehensive income/(loss)

OPEB: Other postretirement employee benefit

OTC: “Over-the-counter derivatives”: Derivative contracts that are negotiated, executed and settled bilaterally

between two derivative counterparties, where one or both counterparties is a derivatives dealer.

OTC cleared: “Over-the-counter cleared derivatives”: Derivative contracts that are negotiated and executed bilaterally, but subsequently settled via a central clearing house, such that each derivative counterparty is only exposed to the default of that clearing house.

Overhead ratio: Noninterest expense as a percentage of total net revenue.

Parent Company: JPMorgan Chase & Co.

Participating securities: represents unvested share-based compensation awards containing nonforfeitable rights to dividends or dividend equivalents (collectively, “dividends”), which are included in the earnings per share calculation using the two-class method. JPMorgan Chase grants restricted stock and RSUs to certain employees under its share-based compensation programs, which entitle the recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities. Under the two-class method, all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities, based on their respective rights to receive dividends.

PCD: “Purchased credit deteriorated” assets represent acquired financial assets that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Firm.

Pillar 1: The Basel framework consists of a three “Pillar” approach. Pillar 1 establishes minimum capital requirements, defines eligible capital instruments, and prescribes rules for calculating RWA.

Pillar 3: The Basel framework consists of a three “Pillar” approach. Pillar 3 encourages market discipline through disclosure requirements which allow market participants to assess the risk and capital profiles of banks.

PPP: Paycheck Protection Program under the Small Business Association ("SBA")

PRA: Prudential Regulation Authority

Pre-provision profit/(loss): represents total net revenue less noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.

Principal transactions revenue: Principal transactions revenue is driven by many factors, including the bid-offer spread, which is the difference between the price at which the Firm is willing to buy a financial or other instrument and the price at which the Firm is willing to sell that instrument. It also consists of realized (as a result of closing out or termination of transactions, or interim cash payments) and unrealized (as a result of changes in valuation) gains and losses on financial and other instruments (including those accounted for under the fair value option) primarily used in

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client-driven market-making activities and on private equity investments. In connection with its client-driven market-making activities, the Firm transacts in debt and equity instruments, derivatives and commodities (including physical commodities inventories and financial instruments that reference commodities). Principal transactions revenue also includes certain realized and unrealized gains and losses related to hedge accounting and specified risk-management activities, including: (a) certain derivatives designated in qualifying hedge accounting relationships (primarily fair value hedges of commodity and foreign exchange risk), (b) certain derivatives used for specific risk management purposes, primarily to mitigate credit risk and foreign exchange risk, and (c) other derivatives.

PSU(s): Performance share units

Regulatory VaR: Daily aggregated VaR calculated in accordance with regulatory rules.

REO: Real estate owned

Reported basis: Financial statements prepared under U.S. GAAP, which excludes the impact of taxable-equivalent adjustments.

Retained loans: Loans that are held-for-investment (i.e. excludes loans held-for-sale and loans at fair value).

Revenue wallet: Total fee revenue based on estimates of investment banking fees generated across the industry (i.e., the revenue wallet) from investment banking transactions in M&A, equity and debt underwriting, and loan syndications. Source: Dealogic, a third-party provider of investment banking competitive analysis and volume based league tables for the above noted industry products.

RHS: Rural Housing Service of the U.S. Department of Agriculture

ROE: Return on equity

ROTCE: Return on tangible common equity

ROU assets: Right-of-use assets

RSU(s): Restricted stock units

RWA: “Risk-weighted assets”: Basel III establishes two comprehensive approaches for calculating RWA (a Standardized approach and an Advanced approach) which include capital requirements for credit risk, market risk, and in the case of Basel III Advanced, also operational risk. Key differences in the calculation of credit risk RWA between the Standardized and Advanced approaches are that for Basel III Advanced, credit risk RWA is based on risk-sensitive approaches which largely rely on the use of internal credit models and parameters, whereas for Basel III Standardized, credit risk RWA is generally based on supervisory risk-weightings which vary primarily by counterparty type and asset class. Market risk RWA is calculated on a generally consistent basis between Basel III Standardized and Basel III Advanced.

S&P: Standard and Poors

SA-CCR: Standardized Approach for Counterparty Credit Risk

SAR as it pertains to Hong Kong: Special Administrative Region

SAR(s) as it pertains to employee stock awards: Stock appreciation rights

SCB: Stress capital buffer

Scored portfolios: Consumer loan portfolios that predominantly include residential real estate loans, credit card loans, auto loans to individuals and certain small business loans.

SEC: U.S. Securities and Exchange Commission

Seed capital: Initial JPMorgan capital invested in products, such as mutual funds, with the intention of ensuring the fund is of sufficient size to represent a viable offering to clients, enabling pricing of its shares, and allowing the manager to develop a track record. After these goals are achieved, the intent is to remove the Firm’s capital from the investment.

Shelf securities: Securities registered with the SEC under a shelf registration statement that have not been issued, offered or sold. These securities are not included in league tables until they have actually been issued.

Single-name: Single reference-entities

SLR: Supplementary leverage ratio

SOFR: Secured Overnight Financing Rate

SPEs: Special purpose entities

Structural interest rate risk: represents interest rate risk of the non-trading assets and liabilities of the Firm.

Structured notes: Structured notes are financial instruments whose cash flows are linked to the movement in one or more indexes, interest rates, foreign exchange rates, commodities prices, prepayment rates, underlying reference pool of loans or other market variables. The notes typically contain embedded (but not separable or detachable) derivatives. Contractual cash flows for principal, interest, or both can vary in amount and timing throughout the life of the note based on non-traditional indexes or non-traditional uses of traditional interest rates or indexes.

Suspended foreclosures: Loans referred to foreclosure where formal foreclosure proceedings have started but are currently on hold, which could be due to bankruptcy or loss mitigation. Includes both judicial and non-judicial states.

Taxable-equivalent basis: In presenting managed results, the total net revenue for each of the business segments and the Firm is presented on a tax-equivalent basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities; the corresponding income tax impact related to tax-exempt items is recorded within income tax expense.

TBVPS: Tangible book value per share

TCE: Tangible common equity

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TDR: “Troubled debt restructuring” is deemed to occur when the Firm modifies the original terms of a loan agreement by granting a concession to a borrower that is experiencing financial difficulty. Loans with short-term and other insignificant modifications that are not considered concessions are not TDRs.

TLAC: Total Loss Absorbing Capacity

U.K.: United Kingdom

Unaudited: Financial statements and/or information that have not been subject to auditing procedures by an independent registered public accounting firm.

U.S.: United States of America

U.S. GAAP: Accounting principles generally accepted in the United States of America.

U.S. government agencies: U.S. government agencies include, but are not limited to, agencies such as Ginnie Mae and FHA, and do not include Fannie Mae and Freddie Mac which are U.S. government-sponsored enterprises (“U.S. GSEs”). In general, obligations of U.S. government agencies are fully and explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government in the event of a default.

U.S. GSE(s): “U.S. government-sponsored enterprises” are quasi-governmental, privately-held entities established or chartered by the U.S. government to serve public purposes as specified by the U.S. Congress to improve the flow of credit to specific sectors of the economy and provide certain essential services to the public. U.S. GSEs include Fannie Mae and Freddie Mac, but do not include Ginnie Mae or FHA. U.S. GSE obligations are not explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government.

U.S. Treasury: U.S. Department of the Treasury

VA: U.S. Department of Veterans Affairs

VaR: “Value-at-risk” is a measure of the dollar amount of potential loss from adverse market moves in an ordinary market environment.

VIEs: Variable interest entities

Warehouse loans: consist of prime mortgages originated with the intent to sell that are accounted for at fair value and classified as loans.

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LINE OF BUSINESS METRICS

CONSUMER & COMMUNITY BANKING (“CCB”)

Debit and credit card sales volume: Dollar amount of card member purchases, net of returns.

Deposit margin/deposit spread: Represents net interest income expressed as a percentage of average deposits.

Home Lending Production and Home Lending Servicing revenue comprises the following:

Net mortgage servicing revenue: Includes operating revenue earned from servicing third-party mortgage loans, which is recognized over the period in which the service is provided; changes in the fair value of MSRs; the impact of risk management activities associated with MSRs; and gains and losses on securitization of excess mortgage servicing. Net mortgage servicing revenue also includes gains and losses on sales and lower of cost or fair value adjustments of certain repurchased loans insured by U.S. government agencies.

Production revenue: Includes fees and income recognized as earned on mortgage loans originated with the intent to sell, and the impact of risk management activities associated with the mortgage pipeline and warehouse loans. Production revenue also includes gains and losses on sales and lower of cost or fair value adjustments on mortgage loans held-for-sale (excluding certain repurchased loans insured by U.S. government agencies), and changes in the fair value of financial instruments measured under the fair value option.

Mortgage origination channels comprise the following:

Retail: Borrowers who buy or refinance a home through direct contact with a mortgage banker employed by the Firm using a branch office, the Internet or by phone. Borrowers are frequently referred to a mortgage banker by a banker in a Chase branch, real estate brokers, home builders or other third parties.

Correspondent: Banks, thrifts, other mortgage banks and other financial institutions that sell closed loans to the Firm.

Credit Card: is a business that primarily issues credit cards to consumers and small businesses.

Net revenue rate: represents Credit Card net revenue (annualized) expressed as a percentage of average loans for the period.

Auto loan and lease origination volume: Dollar amount of auto loans and leases originated.

CORPORATE & INVESTMENT BANK (“CIB”)

Definition of selected CIB revenue:

Investment Banking: incorporates all revenue associated with investment banking activities, and is reported net of investment banking revenue shared with other LOBs.

Payments is a full service provider of cash management solutions, which primarily includes merchant acquiring, cross border and domestic payments, liquidity and account services, and global trade for multinational corporations, e-commerce and marketplace operators, and financial institutions.

Lending: includes net interest income, fees, gains or losses on loan sale activity, gains or losses on securities received as part of a loan restructuring, and the risk management results related to the credit portfolio.

Fixed Income Markets: primarily includes revenue related to market-making across global fixed income markets, including foreign exchange, interest rate, credit and commodities markets.

Equity Markets: primarily includes revenue related to market-making across global equity products, including cash instruments, derivatives, convertibles and prime brokerage.

Securities Services: primarily includes custody, fund accounting and administration, and securities lending products sold principally to asset managers, insurance companies and public and private investment funds. Also includes collateral management and depositary receipts businesses which provide collateral management products, and depositary bank services for American and global depositary receipt programs.

Description of certain business metrics:

Assets under custody (“AUC”): represents activities associated with the safekeeping and servicing of assets on which Securities Services earns fees.

Investment banking fees: represents advisory, equity underwriting, bond underwriting and loan syndication fees.

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COMMERCIAL BANKING (“CB”)

Commercial Banking provides comprehensive financial solutions, including lending, payments, investment banking and asset management products across three primary client segments: Middle Market Banking, Corporate Client Banking and Commercial Real Estate Banking. Other includes amounts not aligned with a primary client segment.

Middle Market Banking: covers small and midsized companies, local governments and nonprofit clients.

Corporate Client Banking: covers large corporations.

Commercial Real Estate Banking: covers investors, developers, and owners of multifamily, office, retail, industrial and affordable housing properties.

CB product revenue comprises the following:

Lending: includes a variety of financing alternatives, which are primarily provided on a secured basis; collateral includes receivables, inventory, equipment, real estate or other assets. Products include term loans, revolving lines of credit, bridge financing, asset-based structures, leases, and standby letters of credit.

Payments: includes revenue from a broad range of products and services that enable CB clients to manage payments and receipts, as well as invest and manage funds.

Investment banking: includes revenue from a range of products providing CB clients with sophisticated capital-raising alternatives, as well as balance sheet and risk management tools through advisory, equity underwriting, and loan syndications. Revenue from fixed income and equity market products used by CB clients is also included.

Other: revenue primarily includes tax-equivalent adjustments generated from Community Development Banking and activity derived from principal transactions.

ASSET & WEALTH MANAGEMENT (“AWM”)

Assets under management (“AUM”): represent assets managed by AWM on behalf of its Private Banking, Global Institutional and Global Funds clients. Includes "Committed capital not Called."

Client assets: represent assets under management, as well as custody, brokerage, administration and deposit accounts.

Multi-asset: Any fund or account that allocates assets under management to more than one asset class.

Alternative assets: The following types of assets constitute alternative investments – hedge funds, currency, real estate, private equity and other investment funds designed to focus on nontraditional strategies.

AWM’s lines of business consist of the following:

Asset Management: offers multi-asset investment management solutions across equities, fixed income, alternatives and money market funds to institutional and retail investors providing for a broad range of clients’ investment needs.

Global Private Bank: provides retirement products and services, brokerage, custody, trusts and estates, loans, mortgages, deposits and investment management to high net worth clients.

AWM’s client segments consist of the following:

Private Banking: clients include high- and ultra-high-net-worth individuals, families, money managers and business owners.

Global Institutional: clients include both corporate and public institutions, endowments, foundations, nonprofit organizations and governments worldwide.

Global Funds: clients include financial intermediaries and individual investors.

Asset Management has two high-level measures of its overall fund performance:

Percentage of mutual fund assets under management in funds rated 4- or 5-star: Mutual fund rating services rank funds based on their risk-adjusted performance over various periods. A 5-star rating is the best rating and represents the top 10% of industry-wide ranked funds. A 4-star rating represents the next 22.5% of industry-wide ranked funds. A 3-star rating represents the next 35% of industry-wide ranked funds. A 2-star rating represents the next 22.5% of industry-wide ranked funds. A 1-star rating is the worst rating and represents the bottom 10% of industry-wide ranked funds. An overall Morningstar rating is derived from a weighted average of the performance associated with a fund’s three-, five- and ten- year (if applicable) Morningstar Rating metrics. For U.S.-domiciled funds, separate star ratings are provided at the individual share class level. The Nomura “star rating” is based on three-year risk-adjusted performance only. Funds with fewer than three years of history are not rated and hence excluded from these rankings. All ratings, the assigned peer

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categories and the asset values used to derive these rankings are sourced from the applicable fund rating provider. Where applicable, the fund rating providers redenominate asset values into U.S. dollars. The percentage of AUM is based on star ratings at the share class level for U.S.-domiciled funds, and at a “primary share class” level to represent the star rating of all other funds, except for Japan, for which Nomura provides ratings at the fund level. The performance data may have been different if all share classes had been included. Past performance is not indicative of future results.

Percentage of mutual fund assets under management in funds ranked in the 1st or 2nd quartile (one, three, and five years): All quartile rankings, the assigned peer categories and the asset values used to derive these rankings are sourced from the fund rating providers. Quartile rankings are based on the net-of-fee absolute return of each fund. Where applicable, the fund rating providers redenominate asset values into U.S. dollars. The percentage of AUM is based on fund performance and associated peer rankings at the share class level for U.S.-domiciled funds, at a “primary share class” level to represent the quartile ranking for U.K., Luxembourg and Hong Kong funds and at the fund level for all other funds. The performance data may have been different if all share classes had been included. Past performance is not indicative of future results.

“Primary share class” means the C share class for European funds and Acc share class for Hong Kong and Taiwan funds. If these share classes are not available, the oldest share class is used as the primary share class.

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Item 3.    Quantitative and Qualitative Disclosures About Market Risk.

Refer to the Market Risk Management section of Management’s discussion and analysis and pages 133-140 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the quantitative and qualitative disclosures about market risk.

Item 4.    Controls and Procedures.

As of the end of the period covered by this report, an evaluation was carried out under the supervision and with the participation of the Firm’s management, including its Chairman and Chief Executive Officer and its Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based on that evaluation, the Chairman and Chief Executive Officer and the Chief Financial Officer concluded that these disclosure controls and procedures were effective. Refer to Exhibits 31.1 and 31.2 for the Certifications furnished by the Chairman and Chief Executive Officer and Chief Financial Officer, respectively.

The Firm is committed to maintaining high standards of internal control over financial reporting. Nevertheless, because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Deficiencies or lapses in internal controls may occur from time to time, and there can be no assurance that any such deficiencies will not result in significant deficiencies or material weaknesses in internal control in the future and collateral consequences therefrom. Refer to “Management’s report on internal control over financial reporting” on page 156 of JPMorgan Chase’s 2021 Form 10-K for further information. There was no change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) that occurred during the three months ended March 31, 2022, that has materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting.

Part II – Other Information

Item 1. Legal Proceedings.

Refer to the discussion of the Firm’s material legal proceedings in Note 24 of this Form 10-Q for information that updates the disclosures set forth under Part I, Item 3: Legal Proceedings, in JPMorgan Chase’s 2021 Form 10-K.

Item 1A. Risk Factors.

Refer to Part I, Item 1A: Risk Factors on pages 9-33 of JPMorgan Chase’s 2021 Form 10-K and Forward-Looking Statements on page 79 of this Form 10-Q for a discussion of certain risk factors affecting the Firm.

Supervision and regulation

Refer to the Supervision and regulation section on pages 4–8 of JPMorgan Chase’s 2021 Form 10-K for information on Supervision and Regulation.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.

The Firm did not have any unregistered sale of equity securities during the three months ended March 31, 2022.

Repurchases under the common share repurchase program

Refer to Capital Risk Management on pages 35-40 of this Form 10-Q and pages 86-96 of JPMorgan Chase’s 2021 Form 10-K for information regarding repurchases under the Firm’s common share repurchase program.

On April 13, 2022, the Firm announced that its Board of Directors had authorized a new $30 billion common share repurchase program, effective May 1, 2022.

Through April 30, 2022, the Firm was authorized to repurchase up to $30 billion of common shares under its previously approved common share repurchase program, that was announced on December 18, 2020.

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Shares repurchased pursuant to the common share repurchase program during the three months ended March 31, 2022 were as follows.

Three months ended March 31, 2022			Total number of shares of common stock repurchased						Average price paid per share of common stock(a)																		Aggregate purchase price of common stock repurchases  (in millions)(a)						Dollar value of remaining authorized repurchase (in millions)(a)(b)
January			1,361,242						$	146.91																	$	200					$	11,352
February			2,240,240						151.74																		340						11,012
March			14,505,509						135.09																		1,960						9,052
First quarter			18,106,991						$	138.04																	$	2,500					$	9,052

(a)Excludes commissions cost.

(b)Represents the amount remaining under the $30 billion repurchase program.

Item 3.    Defaults Upon Senior Securities.

None.

Item 4.    Mine Safety Disclosures.

Not applicable.

Item 5.    Other Information.

None.

Item 6.    Exhibits.

Exhibit No.						Description of Exhibit
15						Letter re: Unaudited Interim Financial Information.(a)
22						Subsidiary Guarantors and Issuers of Guaranteed Securities (incorporated by reference to Exhibit 22.2 to the Annual Report on Form 10-K of JPMorgan Chase & Co. (File No. 1-5805) for the year ended December 31, 2021.)
31.1						Certification.(a)
31.2						Certification.(a)
32						Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(b)
101.INS						The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.(c)
101.SCH						XBRL Taxonomy Extension Schema Document.(a)
101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document.(a)
101.DEF						XBRL Taxonomy Extension Definition Linkbase Document.(a)
101.LAB						XBRL Taxonomy Extension Label Linkbase Document.(a)
101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document.(a)
104						Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

(a)Filed herewith.

(b)Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

(c)Pursuant to Rule 405 of Regulation S-T, includes the following financial information included in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, formatted in XBRL (eXtensible Business Reporting Language) interactive data files: (i) the Consolidated statements of income (unaudited) for the three months ended March 31, 2022 and 2021, (ii) the Consolidated statements of comprehensive income (unaudited) for the three months ended March 31, 2022 and 2021, (iii) the Consolidated balance sheets (unaudited) as of March 31, 2022, and December 31, 2021, (iv) the Consolidated statements of changes in stockholders’ equity (unaudited) for the three months ended March 31, 2022 and 2021, (v) the Consolidated statements of cash flows (unaudited) for the three months ended March 31, 2022 and 2021, and (vi) the Notes to Consolidated Financial Statements (unaudited).

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

JPMorgan Chase & Co.
(Registrant)

By:			/s/ Elena Korablina
			Elena Korablina
			Managing Director and Firmwide Controller
			(Principal Accounting Officer)

Date:			May 3, 2022

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