JPMorgan Chase & Co. (JPM) 8-K Jpmorgan Chase Reports Net Income of

EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2019

JPMORGAN CHASE & CO.
TABLE OF CONTENTS
		Page(s)
Consolidated Results
Consolidated Financial Highlights		2–3
Consolidated Statements of Income		4
Consolidated Balance Sheets		5
Condensed Average Balance Sheets and Annualized Yields		6
Reconciliation from Reported to Managed Basis		7
Segment Results - Managed Basis		8
Capital and Other Selected Balance Sheet Items		9
Earnings Per Share and Related Information		10
Business Segment Results
Consumer & Community Banking (“CCB”)		11–14
Corporate & Investment Bank (“CIB”)		15–17
Commercial Banking (“CB”)		18–19
Asset & Wealth Management (“AWM”)		20–22
Corporate		23
Credit-Related Information		24–27
Non-GAAP Financial Measures and Key Performance Measures		28
Glossary of Terms and Acronyms (a)

(a) Refer to the Glossary of Terms and Acronyms on pages 293–299 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Form 10-K”) and the Glossary of Terms and Acronyms and Line of Business Metrics on pages 168-172 and pages 173-175, respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019.

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q19 Change											2019 Change
SELECTED INCOME STATEMENT DATA	3Q19				2Q19			1Q19			4Q18			3Q18			2Q19		3Q18		2019				2018			2018
Reported Basis
Total net revenue	$	29,341			$	28,832		$	29,123		$	26,109		$	27,260		2	%	8	%	$	87,296			$	82,920		5	%
Total noninterest expense	16,422				16,341			16,395			15,720			15,623			—		5		49,158				47,674			3
Pre-provision profit	12,919				12,491			12,728			10,389			11,637			3		11		38,138				35,246			8
Provision for credit losses	1,514				1,149			1,495			1,548			948			32		60		4,158				3,323			25
NET INCOME	9,080				9,652			9,179			7,066			8,380			(6	)	8		27,911				25,408			10
Managed Basis (a)
Total net revenue	30,064				29,566			29,851			26,804			27,822			2		8		89,481				84,730			6
Total noninterest expense	16,422				16,341			16,395			15,720			15,623			—		5		49,158				47,674			3
Pre-provision profit	13,642				13,225			13,456			11,084			12,199			3		12		40,323				37,056			9
Provision for credit losses	1,514				1,149			1,495			1,548			948			32		60		4,158				3,323			25
NET INCOME	9,080				9,652			9,179			7,066			8,380			(6	)	8		27,911				25,408			10
EARNINGS PER SHARE DATA
Net income: Basic	$	2.69			$	2.83		$	2.65		$	1.99		$	2.35		(5	)	14		$	8.17			$	7.04		16
Diluted	2.68				2.82			2.65			1.98			2.34			(5	)	15		8.15				7.00			16
Average shares: Basic	3,198.5				3,250.6			3,298.0			3,335.8			3,376.1			(2	)	(5	)	3,248.7				3,416.5			(5	)
Diluted	3,207.2				3,259.7			3,308.2			3,347.3			3,394.3			(2	)	(6	)	3,258.0				3,436.2			(5	)
MARKET AND PER COMMON SHARE DATA
Market capitalization	$	369,133			$	357,479		$	328,387		$	319,780		$	375,239		3		(2	)	$	369,133			$	375,239		(2	)
Common shares at period-end	3,136.5				3,197.5			3,244.0			3,275.8			3,325.4			(2	)	(6	)	3,136.5				3,325.4			(6	)
Book value per share	75.24				73.88			71.78			70.35			69.52			2		8		75.24				69.52			8
Tangible book value per share (“TBVPS”) (b)	60.48				59.52			57.62			56.33			55.68			2		9		60.48				55.68			9
Cash dividends declared per share	0.90			(e)	0.80			0.80			0.80			0.80			13		13		2.50				1.92			30
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)	15		%		16		%	16		%	12		%	14		%					15		%		14		%
Return on tangible common equity (“ROTCE”) (b)	18				20			19			14			17							19				18
Return on assets	1.30				1.41			1.39			1.06			1.28							1.37				1.31
CAPITAL RATIOS
Common equity Tier 1 (“CET1”) capital ratio (d)	12.3		%	(f)	12.2		%	12.1		%	12.0		%	12.0		%					12.3		%	(f)	12.0		%
Tier 1 capital ratio (d)	14.1			(f)	14.0			13.8			13.7			13.6							14.1			(f)	13.6
Total capital ratio (d)	15.9			(f)	15.8			15.7			15.5			15.4							15.9			(f)	15.4
Tier 1 leverage ratio (d)	7.9			(f)	8.0			8.1			8.1			8.2							7.9			(f)	8.2
Supplementary leverage ratio (“SLR”)	6.3			(f)	6.4			6.4			6.4			6.5							6.3			(f)	6.5

(a) For a further discussion of managed basis, refer to Reconciliation from Reported to Managed Basis on page 7.

(b) TBVPS and ROTCE are each non-GAAP financial measures. TBVPS represents tangible common equity (“TCE”) divided by common shares at period-end. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TCE is also a non-GAAP financial measure; for a reconciliation of common stockholders’ equity to TCE, refer to page 9. For a further discussion of these measures, refer to page 28.

(c) Quarterly ratios are based upon annualized amounts.

(d) The Basel III capital rules became fully phased-in effective January 1, 2019. During 2018, the required capital measures were subject to the transitional rules and as of December 31, 2018 and September 30, 2018, were the same on a fully phased-in and on a transitional basis. For additional information, refer to Key performance measures on page 59 and Capital Risk Management on pages 85-94 of the Firm’s 2018 Form 10-K and pages 44-48 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019.

(e) On September 17, 2019, the Board of Directors declared a quarterly common stock dividend of $0.90 per share.

(f) Estimated.

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JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q19 Change										2019 Change
	3Q19			2Q19			1Q19			4Q18			3Q18			2Q19		3Q18		2019			2018			2018
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	2,764,661		$	2,727,379		$	2,737,188		$	2,622,532		$	2,615,183		1	%	6	%	$	2,764,661		$	2,615,183		6	%
Loans:
Consumer, excluding credit card loans	336,630			352,722			363,914			373,732			376,062			(5	)	(10	)	336,630			376,062			(10	)
Credit card loans	159,571			157,576			150,527			156,632			147,881			1		8		159,571			147,881			8
Wholesale loans	449,017			446,591			441,804			454,190			430,375			1		4		449,017			430,375			4
Total Loans	945,218			956,889			956,245			984,554			954,318			(1	)	(1	)	945,218			954,318			(1	)
Core loans (a)	899,572			908,971			905,943			931,856			899,006			(1	)	—		899,572			899,006			—
Core loans (average) (a)	900,567			905,786			916,567			907,271			894,279			(1	)	1		907,581			877,774			3
Deposits:
U.S. offices:
Noninterest-bearing (b)	393,522			394,237			388,572			386,709			388,686			—		1		393,522			388,686			1
Interest-bearing (b)	844,137			841,397			826,723			813,881			800,905			—		5		844,137			800,905			5
Non-U.S. offices:
Noninterest-bearing (b)	21,455			20,419			21,090			21,459			21,438			5		—		21,455			21,438			—
Interest-bearing (b)	266,147			268,308			257,056			248,617			247,733			(1	)	7		266,147			247,733			7
Total deposits	1,525,261			1,524,361			1,493,441			1,470,666			1,458,762			—		5		1,525,261			1,458,762			5
Long-term debt	296,472			288,869			290,893			282,031			270,124			3		10		296,472			270,124			10
Common stockholders’ equity	235,985			236,222			232,844			230,447			231,192			—		2		235,985			231,192			2
Total stockholders’ equity	264,348			263,215			259,837			256,515			258,956			—		2		264,348			258,956			2
Loans-to-deposits ratio	62		%	63		%	64		%	67		%	65		%					62		%	65		%
Headcount	257,444			254,983			255,998			256,105			255,313			1		1		257,444			255,313			1
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR	$	39		$	46		$	52		$	51		$	35		(15	)	11
LINE OF BUSINESS NET REVENUE (c)
Consumer & Community Banking	$	14,259		$	13,833		$	13,751		$	13,695		$	13,290		3		7		$	41,843		$	38,384		9
Corporate & Investment Bank	9,338			9,641			9,848			7,237			8,805			(3	)	6		28,827			29,211			(1	)
Commercial Banking	2,207			2,211			2,338			2,306			2,271			—		(3	)	6,756			6,753			—
Asset & Wealth Management	3,568			3,559			3,489			3,439			3,559			—		—		10,616			10,637			—
Corporate	692			322			425			127			(103		)	115		NM		1,439			(255		)	NM
TOTAL NET REVENUE	$	30,064		$	29,566		$	29,851		$	26,804		$	27,822		2		8		$	89,481		$	84,730		6
LINE OF BUSINESS NET INCOME
Consumer & Community Banking	$	4,273		$	4,174		$	3,963		$	4,028		$	4,086		2		5		$	12,410		$	10,824		15
Corporate & Investment Bank	2,809			2,935			3,251			1,975			2,626			(4	)	7		8,995			9,798			(8	)
Commercial Banking	937			996			1,053			1,036			1,089			(6	)	(14	)	2,986			3,201			(7	)
Asset & Wealth Management	668			719			661			604			724			(7	)	(8	)	2,048			2,249			(9	)
Corporate	393			828			251			(577		)	(145		)	(53	)	NM		1,472			(664		)	NM
NET INCOME	$	9,080		$	9,652		$	9,179		$	7,066		$	8,380		(6	)	8		$	27,911		$	25,408		10

(a) Loans considered central to the Firm’s ongoing businesses. For further discussion of core loans, refer to page 28.

(b) In the second quarter of 2019, the Firm reclassified balances related to certain structured notes from interest-bearing to noninterest-bearing deposits as the associated returns are recorded in principal transactions revenue and not in net interest income. This change was applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation.

(c) For a further discussion of managed basis, refer to Reconciliation from Reported to Managed Basis on page 7.

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JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q19 Change											2019 Change
REVENUE	3Q19			2Q19				1Q19			4Q18			3Q18			2Q19		3Q18		2019				2018			2018
Investment banking fees	$	1,967		$	1,851			$	1,840		$	1,814		$	1,832		6	%	7	%	$	5,658			$	5,736		(1	)%
Principal transactions	3,449			3,714				4,076			1,361			2,964			(7	)	16		11,239				10,698			5
Lending- and deposit-related fees	1,626			1,535				1,482			1,538			1,542			6		5		4,643				4,514			3
Asset management, administration and commissions	4,351			4,353				4,114			4,195			4,310			—		1		12,818				12,923			(1	)
Investment securities gains/(losses)	78			44				13			(24		)	(46		)	77		NM		135				(371		)	NM
Mortgage fees and related income	887			279				396			203			262			218		239		1,562				1,051			49
Card income	1,283			1,366				1,274			1,366			1,328			(6	)	(3	)	3,923				3,623			8
Other income	1,472			1,292				1,475			1,302			1,160			14		27		4,239				4,041			5
Noninterest revenue	15,113			14,434				14,670			11,755			13,352			5		13		44,217				42,215			5
Interest income (a)	21,121			21,603				21,389			20,601			19,439			(2	)	9		64,113				55,499			16
Interest expense (a)	6,893			7,205				6,936			6,247			5,531			(4	)	25		21,034				14,794			42
Net interest income	14,228			14,398				14,453			14,354			13,908			(1	)	2		43,079				40,705			6
TOTAL NET REVENUE	29,341			28,832				29,123			26,109			27,260			2		8		87,296				82,920			5
Provision for credit losses	1,514			1,149				1,495			1,548			948			32		60		4,158				3,323			25
NONINTEREST EXPENSE
Compensation expense	8,583			8,547				8,937			7,809			8,108			—		6		26,067				25,308			3
Occupancy expense	1,110			1,060				1,068			1,069			1,014			5		9		3,238				2,883			12
Technology, communications and equipment expense	2,494			2,378				2,364			2,361			2,219			5		12		7,236				6,441			12
Professional and outside services	2,056			2,212				2,039			2,169			2,086			(7	)	(1	)	6,307				6,333			—
Marketing	945			862				879			894			798			10		18		2,686				2,396			12
Other expense (b)	1,234			1,282				1,108			1,418			1,398			(4	)	(12	)	3,624				4,313			(16	)
TOTAL NONINTEREST EXPENSE	16,422			16,341				16,395			15,720			15,623			—		5		49,158				47,674			3
Income before income tax expense	11,405			11,342				11,233			8,841			10,689			1		7		33,980				31,923			6
Income tax expense/(benefit)	2,325			1,690			(e)	2,054			1,775			2,309			38		1		6,069			(e)	6,515			(7	)
NET INCOME	$	9,080		$	9,652			$	9,179		$	7,066		$	8,380		(6	)	8		$	27,911			$	25,408		10
NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	2.69		$	2.83			$	2.65		$	1.99		$	2.35		(5	)	14		$	8.17			$	7.04		16
Diluted earnings per share	2.68			2.82				2.65			1.98			2.34			(5	)	15		8.15				7.00			16
FINANCIAL RATIOS
Return on common equity (c)	15		%	16		%		16		%	12		%	14		%					15		%		14		%
Return on tangible common equity (c)(d)	18			20				19			14			17							19				18
Return on assets (c)	1.30			1.41				1.39			1.06			1.28							1.37				1.31
Effective income tax rate	20.4			14.9			(e)	18.3			20.1			21.6							17.9			(e)	20.4
Overhead ratio	56			57				56			60			57							56				57

(a) In the second quarter of 2019, the Firm implemented certain presentation changes that impacted interest income and interest expense, but had no effect on net interest income. These changes were made to align the accounting treatment between the balance sheet and the related interest income or expense, primarily by offsetting interest income and expense for certain prime brokerage-related held-for-investment customer receivables and payables that are currently presented as a single margin account on the balance sheet. These changes were applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation.

(b) Included Firmwide legal expense/(benefit) of $10 million, $69 million, $(81) million, $(18) million and $20 million for the three months ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018, and September 30, 2018, respectively; and $(2) million and $90 million for the nine months ended September 30, 2019 and 2018, respectively.

(c) Quarterly ratios are based upon annualized amounts.

(d) For further discussion of ROTCE, refer to page 28.

(e) The three months ended June 30, 2019 and nine months ended September 30, 2019 included income tax benefits of $768 million and $1.0 billion, respectively, due to the resolution of certain tax audits.

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JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
																			Sep 30, 2019
																			Change
	Sep 30,				Jun 30,			Mar 31,				Dec 31,			Sep 30,				Jun 30,		Sep 30,
	2019				2019			2019				2018			2018				2019		2018
ASSETS
Cash and due from banks	$	21,215			$	23,164		$	21,946			$	22,324		$	23,225			(8	)%	(9	)%
Deposits with banks	235,382				244,874			280,658				256,469			395,872				(4	)	(41	)
Federal funds sold and securities purchased under
resale agreements	257,391				267,864			299,140				321,588			217,632				(4	)	18
Securities borrowed	138,336				130,661			123,186				111,995			122,434				6		13
Trading assets:
Debt and equity instruments	440,298				470,495			483,069				359,501			359,765				(6	)	22
Derivative receivables	55,577				52,878			50,333				54,213			60,062				5		(7	)
Investment securities	394,251				307,264			267,365				261,828			231,398				28		70
Loans	945,218				956,889			956,245				984,554			954,318				(1	)	(1	)
Less: Allowance for loan losses	13,235				13,166			13,533				13,445			13,128				1		1
Loans, net of allowance for loan losses	931,983				943,723			942,712				971,109			941,190				(1	)	(1	)
Accrued interest and accounts receivable	88,988				88,399			72,240				73,200			78,792				1		13
Premises and equipment	25,117				24,665			24,160			(b)	14,934			14,180				2		77
Goodwill, MSRs and other intangible assets	53,078				53,302			54,168				54,349			54,697				—		(3	)
Other assets	123,045				120,090			118,211				121,022			115,936				2		6
TOTAL ASSETS	$	2,764,661			$	2,727,379		$	2,737,188			$	2,622,532		$	2,615,183			1		6
LIABILITIES
Deposits	$	1,525,261			$	1,524,361		$	1,493,441			$	1,470,666		$	1,458,762			—		5
Federal funds purchased and securities loaned or sold
under repurchase agreements	247,766				201,683			222,677				182,320			181,608				23		36
Short-term borrowings	48,893				59,890			71,305				69,276			64,635				(18	)	(24	)
Trading liabilities:
Debt and equity instruments	90,553				106,160			117,904				103,004			109,457				(15	)	(17	)
Derivative payables	47,790				41,479			39,003				41,769			41,693				15		15
Accounts payable and other liabilities	225,063				216,137			216,173			(b)	196,710			209,707				4		7
Beneficial interests issued by consolidated VIEs	18,515				25,585			25,955				20,241			20,241				(28	)	(9	)
Long-term debt	296,472				288,869			290,893				282,031			270,124				3		10
TOTAL LIABILITIES	2,500,313				2,464,164			2,477,351				2,366,017			2,356,227				1		6
STOCKHOLDERS’ EQUITY
Preferred stock	28,363			(a)	26,993			26,993				26,068			27,764			(c)	5		2
Common stock	4,105				4,105			4,105				4,105			4,105				—		—
Additional paid-in capital	88,512				88,359			88,170				89,162			89,333				—		(1	)
Retained earnings	217,888				212,093			205,437				199,202			195,180				3		12
Accumulated other comprehensive income/(loss)	1,800				1,114			(558		)		(1,507		)	(2,425		)		62		NM
Shares held in RSU Trust, at cost	(21		)		(21		)	(21		)		(21		)	(21		)		—		—
Treasury stock, at cost	(76,299		)		(69,428		)	(64,289		)		(60,494		)	(54,980		)		(10	)	(39	)
TOTAL STOCKHOLDERS’ EQUITY	264,348				263,215			259,837				256,515			258,956				—		2
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,764,661			$	2,727,379		$	2,737,188			$	2,622,532		$	2,615,183			1		6

(a) Included $1.4 billion to be redeemed on October 30, 2019 as previously announced on September 26, 2019.

(b) Effective January 1, 2019, the Firm adopted new accounting guidance that requires lessees to recognize on the Consolidated balance sheets all leases with lease terms greater than twelve months as a lease liability with a corresponding right-of-use (“ROU”) asset. Accordingly, the Firm recognized operating lease liabilities in Accounts payable and other liabilities and ROU assets in Premises and equipment of $8.2 billion and $8.1 billion, respectively, predominantly in Corporate and CCB.

(c) Included $1.7 billion, which was redeemed on October 30, 2018.

Page 5

JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q19 Change										2019 Change
AVERAGE BALANCES	3Q19			2Q19			1Q19			4Q18			3Q18			2Q19		3Q18		2019			2018			2018
ASSETS
Deposits with banks	$	267,578		$	289,838		$	290,281		$	364,332		$	408,595		(8	)%	(35	)%	$	282,483		$	419,392		(33	)%
Federal funds sold and securities purchased under
resale agreements	276,721			288,781			288,478			256,258			208,439			(4	)	33		284,616			203,969			40
Securities borrowed	139,939			126,157			123,467			120,930			117,057			11		20		129,915			113,112			15
Trading assets - debt instruments (a)	339,198			351,716			322,541			257,733			241,074			(4	)	41		337,879			240,404			41
Investment securities	343,134			281,232			259,400			245,020			229,987			22		49		294,896			233,881			26
Loans	947,280			954,854			968,019			961,138			951,724			(1	)	—		956,641			939,408			2
All other interest-earning assets (b)	51,304			46,516			46,708			49,038			46,429			10		10		48,193			48,743			(1	)
Total interest-earning assets (a)	2,365,154			2,339,094			2,298,894			2,254,449			2,203,305			1		7		2,334,623			2,198,909			6
Trading assets - equity and other instruments (a)	113,980			120,545			108,598			100,655			119,915			(5	)	(5	)	114,394			124,048			(8	)
Trading assets - derivative receivables	57,062			52,659			52,522			59,386			62,075			8		(8	)	54,098			61,188			(12	)
All other noninterest-earning assets	228,856			226,757			224,700			222,015			214,326			1		7		226,786			215,449			5
TOTAL ASSETS	$	2,765,052		$	2,739,055		$	2,684,714		$	2,636,505		$	2,599,621		1		6		$	2,729,901		$	2,599,594		5
LIABILITIES
Interest-bearing deposits (a)	$	1,123,452		$	1,104,051		$	1,080,274		$	1,061,038		$	1,041,896		2		8		$	1,102,751		$	1,039,646		6
Federal funds purchased and securities loaned or
sold under repurchase agreements	239,698			227,313			209,065			184,684			184,377			5		30		225,471			190,832			18
Short-term borrowings (a)(c)	44,814			58,262			67,074			65,804			52,779			(23	)	(15	)	56,635			51,349			10
Trading liabilities - debt and other interest-bearing liabilities (a)(d)	183,369			191,655			183,478			182,784			176,795			(4	)	4		186,167			176,104			6
Beneficial interests issued by consolidated VIEs	21,123			26,713			22,829			19,982			19,921			(21	)	6		23,549			21,449			10
Long-term debt (a)	248,985			246,053			248,302			240,095			241,878			1		3		247,782			244,307			1
Total interest-bearing liabilities (a)	1,861,441			1,854,047			1,811,022			1,754,387			1,717,646			—		8		1,842,355			1,723,687			7
Noninterest-bearing deposits (a)	407,428			408,243			399,468			405,255			410,966			—		(1	)	405,075			413,501			(2	)
Trading liabilities - equity and other instruments (a)	31,310			30,170			34,734			37,812			36,605			4		(14	)	32,059			33,607			(5	)
Trading liabilities - derivative payables	45,987			40,233			39,567			43,538			44,810			14		3		41,952			42,919			(2	)
All other noninterest-bearing liabilities (a)	155,032			146,343			142,746			139,015			132,903			6		17		148,086			130,755			13
TOTAL LIABILITIES	2,501,198			2,479,036			2,427,537			2,380,007			2,342,930			1		7		2,469,527			2,344,469			5
Preferred stock	28,241			26,993			27,126			26,602			26,252			5		8		27,457			26,130			5
Common stockholders’ equity	235,613			233,026			230,051			229,896			230,439			1		2		232,917			228,995			2
TOTAL STOCKHOLDERS’ EQUITY	263,854			260,019			257,177			256,498			256,691			1		3		260,374			255,125			2
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,765,052		$	2,739,055		$	2,684,714		$	2,636,505		$	2,599,621		1		6		$	2,729,901		$	2,599,594		5
AVERAGE RATES (e)
INTEREST-EARNING ASSETS
Deposits with banks	1.33		%	1.57		%	1.64		%	1.59		%	1.54		%					1.51		%	1.42		%
Federal funds sold and securities purchased under
resale agreements	2.21			2.33			2.32			2.06			1.81							2.29			1.63
Securities borrowed (a)	1.23			1.48			1.30			1.19			0.84							1.34			0.65
Trading assets - debt instruments (a)	3.12			3.34			3.50			3.62			3.57							3.32			3.57
Investment securities	2.92			3.28			3.37			3.32			3.26							3.17			3.20
Loans	5.29			5.36			5.41			5.26			5.11							5.35			4.99
All other interest-earning assets (a)(b)	4.27			4.07			3.98			3.73			4.23							4.11			3.92
Total interest-earning assets (a)	3.56			3.73			3.80			3.65			3.53							3.69			3.40
INTEREST-BEARING LIABILITIES
Interest-bearing deposits (a)	0.85			0.88			0.82			0.73			0.62							0.85			0.52
Federal funds purchased and securities loaned or
sold under repurchase agreements	2.05			2.16			2.15			1.94			1.78							2.12			1.52
Short-term borrowings (a)(c)	2.31			2.49			2.59			2.34			2.17							2.48			1.97
Trading liabilities - debt and other interest-bearing liabilities (a)(d)	1.43			1.60			1.59			1.55			1.39							1.54			1.27
Beneficial interests issued by consolidated VIEs	2.53			2.63			2.66			2.53			2.41							2.61			2.28
Long-term debt (a)	3.49			3.69			3.82			3.58			3.37							3.67			3.18
Total interest-bearing liabilities (a)	1.47			1.56			1.55			1.41			1.28							1.53			1.15
INTEREST RATE SPREAD (a)	2.09		%	2.17		%	2.25		%	2.24		%	2.25		%					2.16		%	2.25		%
NET YIELD ON INTEREST-EARNING ASSETS (a)	2.41		%	2.49		%	2.57		%	2.55		%	2.53		%					2.49		%	2.50		%
Memo: Net yield on interest-earning assets excluding CIB Markets (f)	3.23		%	3.35		%	3.43		%	3.35		%	3.30		%					3.34		%	3.21		%

(a) In the second quarter of 2019, the Firm implemented certain presentation changes that impacted interest income and interest expense, but had no effect on net interest income. These changes were made to align the accounting treatment between the balance sheet and the related interest income or expense, primarily by offsetting interest income and expense for certain prime brokerage-related held-for-investment customer receivables and payables that are currently presented as a single margin account on the balance sheet. In addition, the Firm reclassified balances related to certain instruments and structured notes from interest-earning/bearing to noninterest-earning/bearing assets and liabilities as the associated returns are recorded in principal transactions revenue and not in net interest income. These changes were applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation.

(b) Includes prime brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets.

(c) Includes commercial paper.

(d) Other interest-bearing liabilities include prime brokerage-related customer payables.

(e) Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.

(f) Net yield on interest-earning assets excluding CIB Markets is a non-GAAP financial measure. For further discussion of the net yield on interest-earning assets excluding CIB Markets, refer to page 28.

Page 6

JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO MANAGED BASIS
(in millions, except ratios)

The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. For additional information on managed basis, refer to the notes on Non-GAAP Financial Measures on page 28.

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

	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q19 Change										2019 Change
	3Q19			2Q19			1Q19			4Q18			3Q18			2Q19		3Q18		2019			2018			2018
OTHER INCOME
Other income - reported	$	1,472		$	1,292		$	1,475		$	1,302		$	1,160		14	%	27	%	$	4,239		$	4,041		5	%
Fully taxable-equivalent adjustments (a)	596			596			585			540			408			—		46		1,777			1,337			33
Other income - managed	$	2,068		$	1,888		$	2,060		$	1,842		$	1,568		10		32		$	6,016		$	5,378		12
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	15,113		$	14,434		$	14,670		$	11,755		$	13,352		5		13		$	44,217		$	42,215		5
Fully taxable-equivalent adjustments (a)	596			596			585			540			408			—		46		1,777			1,337			33
Total noninterest revenue - managed	$	15,709		$	15,030		$	15,255		$	12,295		$	13,760		5		14		$	45,994		$	43,552		6
NET INTEREST INCOME
Net interest income - reported	$	14,228		$	14,398		$	14,453		$	14,354		$	13,908		(1	)	2		$	43,079		$	40,705		6
Fully taxable-equivalent adjustments (a)	127			138			143			155			154			(8	)	(18	)	408			473			(14	)
Net interest income - managed	$	14,355		$	14,536		$	14,596		$	14,509		$	14,062		(1	)	2		$	43,487		$	41,178		6
TOTAL NET REVENUE
Total net revenue - reported	$	29,341		$	28,832		$	29,123		$	26,109		$	27,260		2		8		$	87,296		$	82,920		5
Fully taxable-equivalent adjustments (a)	723			734			728			695			562			(1	)	29		2,185			1,810			21
Total net revenue - managed	$	30,064		$	29,566		$	29,851		$	26,804		$	27,822		2		8		$	89,481		$	84,730		6
PRE-PROVISION PROFIT
Pre-provision profit - reported	$	12,919		$	12,491		$	12,728		$	10,389		$	11,637		3		11		$	38,138		$	35,246		8
Fully taxable-equivalent adjustments (a)	723			734			728			695			562			(1	)	29		2,185			1,810			21
Pre-provision profit - managed	$	13,642		$	13,225		$	13,456		$	11,084		$	12,199		3		12		$	40,323		$	37,056		9
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	11,405		$	11,342		$	11,233		$	8,841		$	10,689		1		7		$	33,980		$	31,923		6
Fully taxable-equivalent adjustments (a)	723			734			728			695			562			(1	)	29		2,185			1,810			21
Income before income tax expense - managed	$	12,128		$	12,076		$	11,961		$	9,536		$	11,251		—		8		$	36,165		$	33,733		7
INCOME TAX EXPENSE
Income tax expense - reported	$	2,325		$	1,690		$	2,054		$	1,775		$	2,309		38		1		$	6,069		$	6,515		(7	)
Fully taxable-equivalent adjustments (a)	723			734			728			695			562			(1	)	29		2,185			1,810			21
Income tax expense - managed	$	3,048		$	2,424		$	2,782		$	2,470		$	2,871		26		6		$	8,254		$	8,325		(1	)
OVERHEAD RATIO
Overhead ratio - reported	56		%	57		%	56		%	60		%	57		%					56		%	57		%
Overhead ratio - managed	55			55			55			59			56							55			56

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

Page 7

JPMORGAN CHASE & CO.
SEGMENT RESULTS - MANAGED BASIS
(in millions)
	QUARTERLY TRENDS																	NINE MONTHS ENDED SEPTEMBER 30,
														3Q19 Change									2019 Change
	3Q19		2Q19			1Q19		4Q18			3Q18			2Q19		3Q18		2019		2018			2018
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	14,259	$	13,833		$	13,751	$	13,695		$	13,290		3	%	7	%	$	41,843	$	38,384		9	%
Corporate & Investment Bank	9,338		9,641			9,848		7,237			8,805			(3	)	6		28,827		29,211			(1	)
Commercial Banking	2,207		2,211			2,338		2,306			2,271			—		(3	)	6,756		6,753			—
Asset & Wealth Management	3,568		3,559			3,489		3,439			3,559			—		—		10,616		10,637			—
Corporate	692		322			425		127			(103		)	115		NM		1,439		(255		)	NM
TOTAL NET REVENUE	$	30,064	$	29,566		$	29,851	$	26,804		$	27,822		2		8		$	89,481	$	84,730		6
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	7,290	$	7,162		$	7,211	$	7,065		$	6,982		2		4		$	21,663	$	20,770		4
Corporate & Investment Bank	5,348		5,487			5,453		4,681			5,175			(3	)	3		16,288		16,237			—
Commercial Banking	881		864			873		845			853			2		3		2,618		2,541			3
Asset & Wealth Management	2,622		2,596			2,647		2,621			2,585			1		1		7,865		7,732			2
Corporate	281		232			211		508			28			21		NM		724		394			84
TOTAL NONINTEREST EXPENSE	$	16,422	$	16,341		$	16,395	$	15,720		$	15,623		—		5		$	49,158	$	47,674		3
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	6,969	$	6,671		$	6,540	$	6,630		$	6,308		4		10		$	20,180	$	17,614		15
Corporate & Investment Bank	3,990		4,154			4,395		2,556			3,630			(4	)	10		12,539		12,974			(3	)
Commercial Banking	1,326		1,347			1,465		1,461			1,418			(2	)	(6	)	4,138		4,212			(2	)
Asset & Wealth Management	946		963			842		818			974			(2	)	(3	)	2,751		2,905			(5	)
Corporate	411		90			214		(381		)	(131		)	357		NM		715		(649		)	NM
PRE-PROVISION PROFIT	$	13,642	$	13,225		$	13,456	$	11,084		$	12,199		3		12		$	40,323	$	37,056		9
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	1,311	$	1,120		$	1,314	$	1,348		$	980		17		34		$	3,745	$	3,405		10
Corporate & Investment Bank	92		—			87		82			(42		)	NM		NM		179		(142		)	NM
Commercial Banking	67		29			90		106			(15		)	131		NM		186		23			NM
Asset & Wealth Management	44		2			2		13			23			NM		91		48		40			20
Corporate	—		(2		)	2		(1		)	2			NM		NM		—		(3		)	NM
PROVISION FOR CREDIT LOSSES	$	1,514	$	1,149		$	1,495	$	1,548		$	948		32		60		$	4,158	$	3,323		25
NET INCOME/(LOSS)
Consumer & Community Banking	$	4,273	$	4,174		$	3,963	$	4,028		$	4,086		2		5		$	12,410	$	10,824		15
Corporate & Investment Bank	2,809		2,935			3,251		1,975			2,626			(4	)	7		8,995		9,798			(8	)
Commercial Banking	937		996			1,053		1,036			1,089			(6	)	(14	)	2,986		3,201			(7	)
Asset & Wealth Management	668		719			661		604			724			(7	)	(8	)	2,048		2,249			(9	)
Corporate	393		828			251		(577		)	(145		)	(53	)	NM		1,472		(664		)	NM
TOTAL NET INCOME	$	9,080	$	9,652		$	9,179	$	7,066		$	8,380		(6	)	8		$	27,911	$	25,408		10

Page 8

JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
																		Sep 30, 2019
																		Change				NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,				Jun 30,				Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,						2019 Change
	2019				2019				2019			2018			2018			2019		2018		2019		2018		2018
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	188,151		(e)	$	189,169			$	186,116		$	183,474		$	184,972		(1	)%	2	%
Tier 1 capital	214,762			(e)	215,808				212,644			209,093			210,589			—		2
Total capital	243,432			(e)	244,490				241,483			237,511			238,303			—		2
Risk-weighted assets	1,528,367			(e)	1,545,101				1,542,903			1,528,916			1,545,326			(1	)	(1	)
CET1 capital ratio	12.3		%	(e)	12.2		%		12.1		%	12.0		%	12.0		%
Tier 1 capital ratio	14.1			(e)	14.0				13.8			13.7			13.6
Total capital ratio	15.9			(e)	15.8				15.7			15.5			15.4
Advanced
CET1 capital	$	188,151		(e)	$	189,169			$	186,116		$	183,474		$	184,972		(1	)	2
Tier 1 capital	214,762			(e)	215,808				212,644			209,093			210,589			—		2
Total capital	232,972			(e)	234,507				231,454			227,435			228,574			(1	)	2
Risk-weighted assets	1,435,854			(e)	1,449,211				1,432,526			1,421,205			1,438,529			(1	)	—
CET1 capital ratio	13.1		%	(e)	13.1		%		13.0		%	12.9		%	12.9		%
Tier 1 capital ratio	15.0			(e)	14.9				14.8			14.7			14.6
Total capital ratio	16.2			(e)	16.2				16.2			16.0			15.9
Leverage-based capital metrics
Adjusted average assets (b)	$	2,717,783		(e)	$	2,692,225			$	2,637,741		$	2,589,887		$	2,552,612		1		6
Tier 1 leverage ratio	7.9		%	(e)	8.0		%		8.1		%	8.1		%	8.2		%
Total leverage exposure	3,404,624			(e)	3,367,154				3,309,501			3,269,988			3,235,518			1		5
SLR	6.3		%	(e)	6.4		%		6.4		%	6.4		%	6.5		%
TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders’ equity	$	235,985			$	236,222			$	232,844		$	230,447		$	231,192		—		2
Less: Goodwill	47,818				47,477				47,474			47,471			47,483			1		1
Less: Other intangible assets	841				732				737			748			781			15		8
Add: Deferred tax liabilities (d)	2,371				2,316				2,293			2,280			2,239			2		6
Total tangible common equity	$	189,697			$	190,329			$	186,926		$	184,508		$	185,167		—		2
TANGIBLE COMMON EQUITY (average) (c)
Common stockholders’ equity	$	235,613			$	233,026			$	230,051		$	229,896		$	230,439		1		2		$	232,917	$	228,995	2	%
Less: Goodwill	47,707				47,472				47,475			47,478			47,490			—		—		47,552		47,496		—
Less: Other intangible assets	842				741				744			765			795			14		6		776		820		(5	)
Add: Deferred tax liabilities (d)	2,344				2,304				2,287			2,260			2,233			2		5		2,311		2,221		4
Total tangible common equity	$	189,408			$	187,117			$	184,119		$	183,913		$	184,387		1		3		$	186,900	$	182,900	2
INTANGIBLE ASSETS (period-end)
Goodwill	$	47,818			$	47,477			$	47,474		$	47,471		$	47,483		1		1
Mortgage servicing rights	4,419				5,093				5,957			6,130			6,433			(13	)	(31	)
Other intangible assets	841				732				737			748			781			15		8
Total intangible assets	$	53,078			$	53,302			$	54,168		$	54,349		$	54,697		—		(3	)

(a) The Basel III capital rules became fully phased-in effective January 1, 2019. During 2018, the required capital measures were subject to the transitional rules and as of December 31, 2018 and September 30, 2018, were the same on a fully phased-in and on a transitional basis. For additional information, refer to Key performance measures on page 59 and Capital Risk Management on pages 85-94 of the Firm’s 2018 Form 10-K and pages 44-48 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019.

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

(c) For further discussion of TCE, refer to page 28.

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

(e) Estimated.

Page 9

JPMORGAN CHASE & CO.
EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q19 Change										2019 Change
	3Q19				2Q19			1Q19			4Q18			3Q18			2Q19		3Q18		2019			2018			2018
EARNINGS PER SHARE
Basic earnings per share
Net income	$	9,080			$	9,652		$	9,179		$	7,066		$	8,380		(6	)%	8	%	$	27,911		$	25,408		10	%
Less: Preferred stock dividends	423				404			374			384			379			5		12		1,201			1,167			3
Net income applicable to common equity	8,657				9,248			8,805			6,682			8,001			(6	)	8		26,710			24,241			10
Less: Dividends and undistributed earnings allocated to
participating securities	51				56			52			41			53			(9	)	(4	)	159			174			(9	)
Net income applicable to common stockholders	$	8,606			$	9,192		$	8,753		$	6,641		$	7,948		(6	)	8		$	26,551		$	24,067		10
Total weighted-average basic shares outstanding	3,198.5				3,250.6			3,298.0			3,335.8			3,376.1			(2	)	(5	)	3,248.7			3,416.5			(5	)
Net income per share	$	2.69			$	2.83		$	2.65		$	1.99		$	2.35		(5	)	14		$	8.17		$	7.04		16
Diluted earnings per share
Net income applicable to common stockholders	$	8,606			$	9,192		$	8,753		$	6,641		$	7,948		(6	)	8		$	26,551		$	24,067		10
Total weighted-average basic shares outstanding	3,198.5				3,250.6			3,298.0			3,335.8			3,376.1			(2	)	(5	)	3,248.7			3,416.5			(5	)
Add: Employee stock options, stock appreciation rights (“SARs”), warrants and unvested performance share units (“PSUs”)	8.7				9.1			10.2			11.5			18.2			(4	)	(52	)	9.3			19.7			(53	)
Total weighted-average diluted shares outstanding	3,207.2				3,259.7			3,308.2			3,347.3			3,394.3			(2	)	(6	)	3,258.0			3,436.2			(5	)
Net income per share	$	2.68			$	2.82		$	2.65		$	1.98		$	2.34		(5	)	15		$	8.15		$	7.00		16
COMMON DIVIDENDS
Cash dividends declared per share	$	0.90		(c)	$	0.80		$	0.80		$	0.80		$	0.80		13		13		$	2.50		$	1.92		30
Dividend payout ratio	33		%		28		%	30		%	40		%	34		%					30		%	27		%
COMMON EQUITY REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	62.0				47.5			49.5			55.5			39.3			31		58		159.0			126.0			26
Average price paid per share of common stock	$	112.07			$	109.83		$	102.78		$	106.80		$	112.41		2		—		$	108.51		$	111.55		(3	)
Aggregate repurchases of common equity	6,949				5,210			5,091			5,928			4,416			33		57		17,250			14,055			23
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	1.0				1.0			17.7			1.2			1.0			—		—		19.7			21.4			(8	)
Net impact of employee issuances on stockholders’ equity (b)	$	232			$	258		$	348		$	240		$	244		(10	)	(5	)	$	838		$	447		87

(a) On June 27, 2019, the Firm announced that it is authorized to repurchase up to $29.4 billion of common equity between July 1, 2019 and June 30, 2020, under a new equity repurchase program.

(b) The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares and the exercise of employee stock options and SARs.

(c) On September 17, 2019, the Board of Directors declared a quarterly common stock dividend of $0.90 per share.

Page 10

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																		3Q19 Change										2019 Change
	3Q19			2Q19				1Q19			4Q18				3Q18			2Q19		3Q18		2019			2018			2018
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	1,026		$	928			$	873		$	956			$	936		11	%	10	%	$	2,827		$	2,668		6	%
Asset management, administration and commissions	608			664				618			610				626			(8	)	(3	)	1,890			1,792			5
Mortgage fees and related income (a)	886			279				396			203				260			218		241		1,561			1,049			49
Card income	1,176			1,257				1,168			1,255				1,219			(6	)	(4	)	3,601			3,299			9
All other income	1,399			1,312				1,278			1,173				1,135			7		23		3,989			3,255			23
Noninterest revenue	5,095			4,440				4,333			4,197				4,176			15		22		13,868			12,063			15
Net interest income (a)	9,164			9,393				9,418			9,498				9,114			(2	)	1		27,975			26,321			6
TOTAL NET REVENUE	14,259			13,833				13,751			13,695				13,290			3		7		41,843			38,384			9
Provision for credit losses	1,311			1,120				1,314			1,348				980			17		34		3,745			3,405			10
NONINTEREST EXPENSE
Compensation expense	2,683			2,672				2,708			2,618				2,635			—		2		8,063			7,916			2
Noncompensation expense (b)	4,607			4,490				4,503			4,447				4,347			3		6		13,600			12,854			6
TOTAL NONINTEREST EXPENSE	7,290			7,162				7,211			7,065				6,982			2		4		21,663			20,770			4
Income before income tax expense	5,658			5,551				5,226			5,282				5,328			2		6		16,435			14,209			16
Income tax expense	1,385			1,377				1,263			1,254				1,242			1		12		4,025			3,385			19
NET INCOME	$	4,273		$	4,174			$	3,963		$	4,028			$	4,086		2		5		$	12,410		$	10,824		15
REVENUE BY LINE OF BUSINESS
Consumer & Business Banking	$	6,688		$	6,797			$	6,568		$	6,567			$	6,385		(2	)	5		$	20,053		$	18,238		10
Home Lending (a)	1,465			1,118				1,346			1,322				1,306			31		12		3,929			4,162			(6	)
Card, Merchant Services & Auto	6,106			5,918				5,837			5,806				5,599			3		9		17,861			15,984			12
MORTGAGE FEES AND RELATED INCOME DETAILS:
Net production revenue (a)	738			353				200			(28		)		108			109		NM		1,291			296			336
Net mortgage servicing revenue (c)	148			(74		)		196			231				152			NM		(3	)	270			753			(64	)
Mortgage fees and related income	$	886		$	279			$	396		$	203			$	260		218		241		$	1,561		$	1,049		49
FINANCIAL RATIOS
ROE	32		%	31			%	30		%	30			%	31		%					31		%	27		%
Overhead ratio	51			52				52			52				53							52			54

(a) Net production revenue in the third quarter of 2019 included approximately $350 million of gains on the sale of mortgage loans that were predominantly offset by a charge in net interest income for the unwind of the related internal funding from Treasury and Chief Investment Office (“CIO”) associated with these loans. The charge reflects the net present value of that funding and is recognized as interest income in Treasury and CIO. For further information, refer to footnote (a) in Corporate on page 23 and Funds Transfer Pricing (“FTP”) on page 60 of the Firm’s 2018 Form 10-K.

(b) Included operating lease depreciation expense of $1.0 billion, $959 million, $969 million, $927 million and $862 million for the three months ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018, and September 30, 2018, respectively, and $3.0 billion and $2.5 billion for the nine months ended September 30, 2019 and 2018, respectively.

(c) Included MSR risk management results of $53 million, $(244) million, $(9) million, $(17) million and $(88) million for the three months ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018, and September 30, 2018, respectively, and $(200) million and $(94) million for the nine months ended September 30, 2019 and 2018, respectively.

Page 11

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)
	QUARTERLY TRENDS														NINE MONTHS ENDED SEPTEMBER 30,
											3Q19 Change								2019 Change
	3Q19		2Q19		1Q19		4Q18		3Q18		2Q19		3Q18		2019		2018		2018
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	532,487	$	550,690	$	552,486	$	557,441	$	560,432	(3	)%	(5	)%	$	532,487	$	560,432	(5	)%
Loans:
Consumer & Business Banking	26,699		26,616		26,492		26,612		26,451		—		1		26,699		26,451		1
Home equity	31,552		32,958		34,417		36,013		37,461		(4	)	(16	)	31,552		37,461		(16	)
Residential mortgage	171,787		186,575		196,182		203,859		205,389		(8	)	(16	)	171,787		205,389		(16	)
Home Lending	203,339		219,533		230,599		239,872		242,850		(7	)	(16	)	203,339		242,850		(16	)
Card	159,571		157,576		150,527		156,632		147,881		1		8		159,571		147,881		8
Auto	61,410		62,073		62,786		63,573		63,619		(1	)	(3	)	61,410		63,619		(3	)
Total loans	451,019		465,798		470,404		486,689		480,801		(3	)	(6	)	451,019		480,801		(6	)
Core loans	405,662		418,177		420,417		434,466		425,917		(3	)	(5	)	405,662		425,917		(5	)
Deposits	701,170		695,100		702,587		678,854		677,260		1		4		701,170		677,260		4
Equity	52,000		52,000		52,000		51,000		51,000		—		2		52,000		51,000		2
SELECTED BALANCE SHEET DATA (average)
Total assets	$	538,500	$	542,337	$	553,832	$	554,600	$	551,080	(1	)	(2	)	$	544,833	$	544,931	—
Loans:
Consumer & Business Banking	26,550		26,570		26,488		26,474		26,351		—		1		26,537		26,104		2
Home equity	32,215		33,676		35,224		36,703		38,211		(4	)	(16	)	33,694		39,951		(16	)
Residential mortgage	181,157		191,009		203,725		205,471		204,689		(5	)	(11	)	191,881		201,665		(5	)
Home Lending	213,372		224,685		238,949		242,174		242,900		(5	)	(12	)	225,575		241,616		(7	)
Card	158,168		153,746		151,134		150,594		146,272		3		8		154,375		143,986		7
Auto	61,371		62,236		62,763		63,426		64,060		(1	)	(4	)	62,118		65,096		(5	)
Total loans	459,461		467,237		479,334		482,668		479,583		(2	)	(4	)	468,605		476,802		(2	)
Core loans	413,036		418,470		428,215		429,167		422,582		(1	)	(2	)	419,851		415,662		1
Deposits	693,980		690,892		681,013		673,782		674,211		—		3		688,676		669,244		3
Equity	52,000		52,000		52,000		51,000		51,000		—		2		52,000		51,000		2
Headcount	127,687		127,732		128,419		129,518		129,891		—		(2	)	127,687		129,891		(2	)

Page 12

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)	QUARTERLY TRENDS																								NINE MONTHS ENDED SEPTEMBER 30,
																					3Q19 Change												2019 Change
	3Q19				2Q19				1Q19				4Q18				3Q18				2Q19		3Q18		2019				2018				2018
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)	$	3,099			$	3,142			$	3,265			$	3,339			$	3,520			(1	)%	(12	)%	$	3,099			$	3,520			(12	)%
Net charge-offs/(recoveries) (c)
Consumer & Business Banking	79				66				59				65				68				20		16		204				171				19
Home equity	(25		)		(16		)		—				(4		)		(12		)		(56	)	(108	)	(41		)		(3		)		NM
Residential mortgage	(17		)		(12		)		(5		)		(35		)		(105		)		(42	)	84		(34		)		(252		)		87
Home Lending	(42		)		(28		)		(5		)		(39		)		(117		)		(50	)	64		(75		)		(255		)		71
Card	1,175				1,240				1,202				1,111				1,073				(5	)	10		3,617				3,407				6
Auto	49				42				58				61				56				17		(13	)	149				182				(18	)
Total net charge-offs/(recoveries)	$	1,261			$	1,320			$	1,314			$	1,198			$	1,080			(4	)	17		$	3,895			$	3,505			11
Net charge-off/(recovery) rate (c)
Consumer & Business Banking	1.18			%	1.00			%	0.90			%	0.97			%	1.02			%					1.03			%	0.88			%
Home equity (d)	(0.41		)		(0.25		)		—				(0.06		)		(0.17		)						(0.22		)		(0.01		)
Residential mortgage (d)	(0.04		)		(0.03		)		(0.01		)		(0.07		)		(0.22		)						(0.03		)		(0.18		)
Home Lending (d)	(0.09		)		(0.06		)		(0.01		)		(0.07		)		(0.21		)						(0.05		)		(0.16		)
Card	2.95				3.24				3.23				2.93				2.91								3.13				3.16
Auto	0.32				0.27				0.37				0.38				0.35								0.32				0.37
Total net charge-off/(recovery) rate (d)	1.16				1.19				1.17				1.04				0.95								1.17				1.05
30+ day delinquency rate
Home Lending (e)(f)	0.78			%	0.71			%	0.77			%	0.77			%	0.81			%					0.78			%	0.81			%
Card	1.84				1.71				1.85				1.83				1.75								1.84				1.75
Auto	0.88				0.82				0.63				0.93				0.82								0.88				0.82
90+ day delinquency rate - Card	0.90				0.87				0.97				0.92				0.85								0.90				0.85
Allowance for loan losses
Consumer & Business Banking	$	746			$	796			$	796			$	796			$	796			(6	)	(6	)	$	746			$	796			(6	)
Home Lending, excluding PCI loans	903				1,003				1,003				1,003				1,003				(10	)	(10	)	903				1,003				(10	)
Home Lending - PCI loans (c)	1,256				1,299				1,738				1,788				1,824				(3	)	(31	)	1,256				1,824				(31	)
Card	5,583				5,383				5,183				5,184				5,034				4		11		5,583				5,034				11
Auto	465				465				465				464				464				—		—		465				464				—
Total allowance for loan losses (c)	$	8,953			$	8,946			$	9,185			$	9,235			$	9,121			—		(2	)	$	8,953			$	9,121			(2	)

Note : CCB provides several non-GAAP financial measures which exclude the impact of PCI loans. For further discussion of these measures, refer to page 28.

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

(b) At September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $1.6 billion, $1.8 billion, $2.2 billion, $2.6 billion and $2.9 billion, respectively. These amounts have been excluded based upon the government guarantee.

(c) Net charge-offs/(recoveries) and the net charge-off/(recovery) rates for the three months ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, excluded write-offs in the PCI portfolio of $43 million, $39 million, $50 million, $36 million and $58 million, respectively, and for the nine months ended September 30, 2019 and 2018 excluded $132 million and $151 million, respectively. These write-offs decreased the allowance for loan losses for PCI loans. For further information on PCI write-offs, refer to Summary of Changes in the Allowances on page 26.

(d) Excludes the impact of PCI loans. For the three months ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, the net charge-off/(recovery) rates including the impact of PCI loans were as follows: (1) home equity of (0.31)%, (0.19)%, –%, (0.04)% and (0.12)%, respectively; (2) residential mortgage of (0.04)%, (0.03)%, (0.01)%, (0.07)% and (0.20)%, respectively; (3) Home Lending of (0.08)%, (0.05)%, (0.01)%, (0.06)% and (0.19)%, respectively; and (4) total CCB of 1.10%, 1.14%, 1.11%, 0.99% and 0.89%, respectively. For the nine months ended September 30, 2019 and 2018, the net charge-off/(recovery) rates including the impact of PCI loans were as follows: (1) home equity of (0.16)% and (0.01)%, respectively; (2) residential mortgage of (0.02)% and (0.17)%, respectively; (3) Home Lending of (0.04)% and (0.14)%, respectively; and (4) total CCB of 1.12% and 0.98%, respectively.

(e) At September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, excluded mortgage loans insured by U.S. government agencies of $2.7 billion, $2.9 billion, $3.2 billion, $4.1 billion and $4.5 billion, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(f) Excludes PCI loans. The 30+ day delinquency rate for PCI loans was 8.56%, 8.71%, 8.90%, 9.16% and 9.39% at September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, respectively.

Page 13

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																								NINE MONTHS ENDED SEPTEMBER 30,
																					3Q19 Change												2019 Change
	3Q19				2Q19				1Q19				4Q18				3Q18				2Q19		3Q18		2019				2018				2018
BUSINESS METRICS
Number of:
Branches	4,949				4,970				5,028				5,036				5,066				—	%	(2	)%	4,949				5,066				(2	)%
Active digital customers (in thousands) (a)	51,843				51,032				50,651				49,254				48,664				2		7		51,843				48,664				7
Active mobile customers (in thousands) (b)	36,510				35,392				34,371				33,260				32,538				3		12		36,510				32,538				12
Debit and credit card sales volume (in billions)	$	282.2			$	281.5			$	255.1			$	270.5			$	259.0			—		9		$	818.8			$	746.4			10
Consumer & Business Banking
Average deposits	$	678,281			$	676,663			$	668,526			$	660,279			$	659,513			—		3		$	674,526			$	655,276			3
Deposit margin	2.47			%	2.60			%	2.62			%	2.55			%	2.43			%					2.56			%	2.33			%
Business banking origination volume	$	1,550			$	1,741			$	1,480			$	1,477			$	1,629			(11	)	(5	)	$	4,771			$	5,206			(8	)
Client investment assets	337,915				328,141				312,310				282,463				298,405				3		13		337,915				298,405				13
Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	14.2			$	12.5			$	7.9			$	9.0			$	10.6			14		34		$	34.6			$	29.3			18
Correspondent	18.2				12.0				7.1				8.2				11.9				52		53		37.3				32.9				13
Total mortgage origination volume (c)	$	32.4			$	24.5			$	15.0			$	17.2			$	22.5			32		44		$	71.9			$	62.2			16
Total loans serviced (period-end)	$	774.8			$	780.1			$	791.5			$	789.8			$	798.6			(1	)	(3	)	$	774.8			$	798.6			(3	)
Third-party mortgage loans serviced (period-end)	535.8				526.6				529.6				519.6				526.5				2		2		535.8				526.5				2
MSR carrying value (period-end)	4.4				5.1				6.0				6.1				6.4				(14	)	(31	)	4.4				6.4				(31	)
Ratio of MSR carrying value (period-end) to third-party
mortgage loans serviced (period-end)	0.82			%	0.97			%	1.13			%	1.17			%	1.22			%					0.82			%	1.22			%
MSR revenue multiple (d)	2.41		x		2.69		x		3.32		x		3.34		x		3.49		x						2.34		x		3.49		x
Card, excluding Commercial Card
Credit card sales volume (in billions)	$	193.6			$	192.5			$	172.5			$	185.3			$	176.0			1		10		$	558.6			$	507.1			10
Card Services
Net revenue rate	11.40			%	11.48			%	11.63			%	11.57			%	11.50			%					11.50			%	11.17			%
Merchant Services
Merchant processing volume (in billions)	$	380.5			$	371.6			$	356.5			$	375.2			$	343.8			2		11		$	1,108.6			$	990.9			12
Auto
Loan and lease origination volume (in billions)	$	9.1			$	8.5			$	7.9			$	7.0			$	8.1			7		12		$	25.5			$	24.8			3
Average auto operating lease assets	21,765				21,314				20,831				20,041				19,176				2		14		21,307				18,394				16

(a) Users of all web and/or mobile platforms who have logged in within the past 90 days.

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

(c) Firmwide mortgage origination volume was $35.8 billion, $26.3 billion, $16.4 billion, $18.7 billion and $24.5 billion for the three months ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, respectively, and $78.5 billion and $68.2 billion for the nine months ended September 30, 2019 and 2018, respectively.

(d) Represents the ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) divided by the ratio of annualized loan servicing-related revenue to third-party mortgage loans serviced (average).

Page 14

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q19 Change											2019 Change
	3Q19			2Q19			1Q19			4Q18			3Q18			2Q19		3Q18		2019			2018				2018
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,981		$	1,846		$	1,844		$	1,815		$	1,823		7	%	9	%	$	5,671		$	5,658			—	%
Principal transactions	3,418			3,885			4,163			1,485			3,091			(12	)	11		11,466			10,786				6
Lending- and deposit-related fees	360			374			361			361			373			(4	)	(3	)	1,095			1,136				(4	)
Asset management, administration and commissions	1,197			1,149			1,101			1,072			1,130			4		6		3,447			3,416				1
All other income	226			229			194			281			88			(1	)	157		649			958			(c)	(32	)
Noninterest revenue	7,182			7,483			7,663			5,014			6,505			(4	)	10		22,328			21,954				2
Net interest income	2,156			2,158			2,185			2,223			2,300			—		(6	)	6,499			7,257				(10	)
TOTAL NET REVENUE (a)	9,338			9,641			9,848			7,237			8,805			(3	)	6		28,827			29,211				(1	)
Provision for credit losses	92			—			87			82			(42		)	NM		NM		179			(142		)		NM
NONINTEREST EXPENSE
Compensation expense	2,734			2,698			2,949			2,057			2,402			1		14		8,381			8,158				3
Noncompensation expense	2,614			2,789			2,504			2,624			2,773			(6	)	(6	)	7,907			8,079				(2	)
TOTAL NONINTEREST EXPENSE	5,348			5,487			5,453			4,681			5,175			(3	)	3		16,288			16,237				—
Income before income tax expense	3,898			4,154			4,308			2,474			3,672			(6	)	6		12,360			13,116				(6	)
Income tax expense	1,089			1,219			1,057			499			1,046			(11	)	4		3,365			3,318				1
NET INCOME	$	2,809		$	2,935		$	3,251		$	1,975		$	2,626		(4	)	7		$	8,995		$	9,798			(8	)
FINANCIAL RATIOS
ROE	13		%	14		%	16		%	10		%	14		%					14		%	18		%
Overhead ratio	57			57			55			65			59							57			56
Compensation expense as percentage of total net revenue	29			28			30			28			27							29			28
REVENUE BY BUSINESS
Investment Banking	$	1,871		$	1,776		$	1,745		$	1,720		$	1,731		5		8		$	5,392		$	5,267			2
Treasury Services	1,101			1,135			1,147			1,217			1,183			(3	)	(7	)	3,383			3,480				(3	)
Lending	329			337			340			344			331			(2	)	(1	)	1,006			954				5
Total Banking	3,301			3,248			3,232			3,281			3,245			2		2		9,781			9,701				1
Fixed Income Markets	3,557			3,690			3,725			1,856			2,844			(4	)	25		10,972			10,850				1
Equity Markets	1,517			1,728			1,741			1,317			1,595			(12	)	(5	)	4,986			5,571				(11	)
Securities Services	1,034			1,045			1,014			1,026			1,057			(1	)	(2	)	3,093			3,219				(4	)
Credit Adjustments & Other (b)	(71		)	(70		)	136			(243		)	64			(1	)	NM		(5		)	(130		)		96
Total Markets & Securities Services	6,037			6,393			6,616			3,956			5,560			(6	)	9		19,046			19,510			(c)	(2	)
TOTAL NET REVENUE	$	9,338		$	9,641		$	9,848		$	7,237		$	8,805		(3	)	6		$	28,827		$	29,211			(1	)

(a) Includes tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; as well as tax-exempt income from municipal bonds of $527 million, $547 million, $539 million, $465 million and $354 million for the three months ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018, and September 30, 2018, respectively and $1.6 billion and $1.2 billion for the nine months ended September 30, 2019 and 2018, respectively.

(b) Consists primarily of credit valuation adjustments (“CVA”) managed centrally within CIB and funding valuation adjustments (“FVA”) on derivatives. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.

(c) Included $505 million of fair value gains related to the adoption of the recognition and measurement accounting guidance in the first quarter of 2018 for certain equity investments previously held at cost.

Page 15

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q19 Change										2019 Change
	3Q19			2Q19			1Q19			4Q18			3Q18			2Q19		3Q18		2019			2018			2018
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	1,023,132		$	962,498		$	1,006,111		$	903,051		$	928,148		6	%	10	%	$	1,023,132		$	928,148		10	%
Loans:
Loans retained (a)	118,290			123,074			127,086			129,389			117,084			(4	)	1		118,290			117,084			1
Loans held-for-sale and loans at fair value	8,324			6,838			7,783			13,050			6,133			22		36		8,324			6,133			36
Total loans	126,614			129,912			134,869			142,439			123,217			(3	)	3		126,614			123,217			3
Core loans	126,445			129,747			134,692			142,122			122,953			(3	)	3		126,445			122,953			3
Equity	80,000			80,000			80,000			70,000			70,000			—		14		80,000			70,000			14
SELECTED BALANCE SHEET DATA (average)
Assets	$	1,003,395		$	992,792		$	959,842		$	918,643		$	924,909		1		8		985,503			$	924,145		7
Trading assets - debt and equity instruments	415,450			421,775			381,312			334,033			349,390			(1	)	19		406,304			354,270			15
Trading assets - derivative receivables	48,266			48,815			50,609			59,393			62,025			(1	)	(22	)	49,221			60,943			(19	)
Loans:
Loans retained (a)	119,007			124,194			126,990			118,857			115,390			(4	)	3		123,368			112,921			9
Loans held-for-sale and loans at fair value	8,344			7,763			8,615			6,852			7,328			7		14		8,239			6,263			32
Total loans	127,351			131,957			135,605			125,709			122,718			(3	)	4		131,607			119,184			10
Core loans	127,187			131,792			135,420			125,505			122,442			(3	)	4		131,436			118,877			11
Equity	80,000			80,000			80,000			70,000			70,000			—		14		80,000			70,000			14
Headcount	55,873			54,959			54,697			54,480			54,052			2		3		55,873			54,052			3
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	38		$	72		$	30		$	(1	)	$	(40	)	(47	)	NM		$	140		$	94		49
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (b)	712			569			812			443			318			25		124		712			318			124
Nonaccrual loans held-for-sale and loans at fair value	262			370			313			220			9			(29	)	NM		262			9			NM
Total nonaccrual loans	974			939			1,125			663			327			4		198		974			327			198
Derivative receivables	26			39			44			60			90			(33	)	(71	)	26			90			(71	)
Assets acquired in loan satisfactions	75			58			58			57			61			29		23		75			61			23
Total nonperforming assets	1,075			1,036			1,227			780			478			4		125		1,075			478			125
Allowance for credit losses:
Allowance for loan losses	1,171			1,131			1,252			1,199			1,068			4		10		1,171			1,068			10
Allowance for lending-related commitments	824			807			758			754			802			2		3		824			802			3
Total allowance for credit losses	1,995			1,938			2,010			1,953			1,870			3		7		1,995			1,870			7
Net charge-off/(recovery) rate (a)(c)	0.13		%	0.23		%	0.10		%	—		%	(0.14		)%					0.15		%	0.11		%
Allowance for loan losses to period-end loans retained (a)	0.99			0.92			0.99			0.93			0.91							0.99			0.91
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (d)	1.33			1.27			1.34			1.24			1.27							1.33			1.27
Allowance for loan losses to nonaccrual loans retained (a)(b)	164			199			154			271			336							164			336
Nonaccrual loans to total period-end loans	0.77			0.72			0.83			0.47			0.27							0.77			0.27

(a) Loans retained includes credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.

(b) Allowance for loan losses of $207 million, $147 million, $252 million, $174 million and $145 million were held against nonaccrual loans at September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018, and September 30, 2018, respectively.

(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.

Page 16

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q19 Change								2019 Change
	3Q19			2Q19			1Q19			4Q18			3Q18			2Q19		3Q18		2019		2018		2018
BUSINESS METRICS
Advisory	$	506		$	525		$	644		$	727		$	581		(4	)%	(13	)%	$	1,675	$	1,782	(6	)%
Equity underwriting	514			505			265			348			420			2		22		1,284		1,336		(4	)
Debt underwriting	961			816			935			740			822			18		17		2,712		2,540		7
Total investment banking fees	$	1,981		$	1,846		$	1,844		$	1,815		$	1,823		7		9		$	5,671	$	5,658	—
Assets under custody (“AUC”) (period-end) (in billions)	$	25,695		$	25,450		$	24,716		$	23,217		$	24,403		1		5		$	25,695	$	24,403	5
Client deposits and other third-party liabilities (average) (a)	471,291			458,237			444,055			445,642			434,847			3		8		457,961		430,640		6
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (b)
Fixed income	$	37		$	39		$	44		$	37		$	30		(5	)	23
Foreign exchange	6			7			9			6			5			(14	)	20
Equities	22			25			16			20			16			(12	)	38
Commodities and other	8			9			10			11			9			(11	)	(11	)
Diversification benefit to CIB trading VaR (c)	(34		)	(36		)	(32		)	(25		)	(27		)	6		(26	)
CIB trading VaR (b)	39			44			47			49			33			(11	)	18
Credit portfolio VaR (d)	5			5			5			4			3			—		67
Diversification benefit to CIB VaR (c)	(6		)	(5		)	(4		)	(4		)	(3		)	(20	)	(100	)
CIB VaR	$	38		$	44		$	48		$	49		$	33		(14	)	15

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

(b) CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. For further information, refer to VaR measurement on pages 126–128 of the Firm’s 2018 Form 10-K, and pages 70-72 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019.

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

(d) Credit portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.

Page 17

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q19 Change										2019 Change
	3Q19			2Q19			1Q19			4Q18			3Q18				2Q19		3Q18		2019			2018			2018
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	221		$	216		$	227		$	204		$	216			2	%	2	%	$	664		$	666		—	%
All other income (a)	378			333			431			381			360				14		5		1,142			1,092			5
Noninterest revenue	599			549			658			585			576				9		4		1,806			1,758			3
Net interest income	1,608			1,662			1,680			1,721			1,695				(3	)	(5	)	4,950			4,995			(1	)
TOTAL NET REVENUE (b)	2,207			2,211			2,338			2,306			2,271				—		(3	)	6,756			6,753			—
Provision for credit losses	67			29			90			106			(15		)		131		NM		186			23			NM
NONINTEREST EXPENSE
Compensation expense	454			438			449			426			432				4		5		1,341			1,268			6
Noncompensation expense	427			426			424			419			421				—		1		1,277			1,273			—
TOTAL NONINTEREST EXPENSE	881			864			873			845			853				2		3		2,618			2,541			3
Income before income tax expense	1,259			1,318			1,375			1,355			1,433				(4	)	(12	)	3,952			4,189			(6	)
Income tax expense	322			322			322			319			344				—		(6	)	966			988			(2	)
NET INCOME	$	937		$	996		$	1,053		$	1,036		$	1,089			(6	)	(14	)	$	2,986		$	3,201		(7	)
Revenue by product
Lending	$	1,006		$	1,012		$	1,012		$	997		$	1,027			(1	)	(2	)	$	3,030		$	3,052		(1	)
Treasury services	950			989			1,029			1,055			1,021				(4	)	(7	)	2,968			3,019			(2	)
Investment banking (c)	226			193			289			208			206				17		10		708			644			10
Other	25			17			8			46			17				47		47		50			38			32
Total Commercial Banking net revenue (b)	$	2,207		$	2,211		$	2,338		$	2,306		$	2,271			—		(3	)	$	6,756		$	6,753		—
Investment banking revenue, gross (d)	$	700		$	592		$	818		$	602		$	581			18		20		$	2,110		$	1,889		12
Revenue by client segment
Middle Market Banking	$	903		$	939		$	951		$	959		$	935			(4	)	(3	)	$	2,793		$	2,749		2
Corporate Client Banking	739			709			816			741			749				4		(1	)	2,264			2,243			1
Commercial Real Estate Banking (e)	547			538			547			568			562				2		(3	)	1,632			1,681			(3	)
Other (e)	18			25			24			38			25				(28	)	(28	)	67			80			(16	)
Total Commercial Banking net revenue (b)	$	2,207		$	2,211		$	2,338		$	2,306		$	2,271			—		(3	)	$	6,756		$	6,753		—
FINANCIAL RATIOS
ROE	16		%	17		%	19		%	20		%	21			%					17		%	20		%
Overhead ratio	40			39			37			37			38								39			38

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

(b) Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities that provide loans to qualified businesses in low-income communities, as well as tax-exempt income related to municipal financing activities of $114 million, $100 million, $94 million, $128 million and $107 million for the three months ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018, and September 30, 2018, respectively and $308 million and $316 million for the nine months ended September 30, 2019 and 2018, respectively

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

(d) For discussion of revenue sharing, refer to page 60 of the Firm’s 2018 Form 10-K.

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

Page 18

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q19 Change										2019 Change
	3Q19			2Q19			1Q19			4Q18			3Q18				2Q19		3Q18		2019			2018			2018
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	222,483		$	220,712		$	216,111		$	220,229		$	217,194			1	%	2	%	$	222,483		$	217,194		2	%
Loans:
Loans retained	209,448			208,323			204,927			204,219			205,177				1		2		209,448			205,177			2
Loans held-for-sale and loans at fair value	3,187			1,284			410			1,978			405				148		NM		3,187			405			NM
Total loans	$	212,635		$	209,607		$	205,337		$	206,197		$	205,582			1		3		$	212,635		$	205,582		3
Core loans	212,514			209,475			205,199			206,039			205,418				1		3		212,514			205,418			3
Equity	22,000			22,000			22,000			20,000			20,000				—		10		22,000			20,000			10
Period-end loans by client segment
Middle Market Banking	$	54,298		$	56,346		$	56,846		$	56,656		$	57,324			(4	)	(5	)	$	54,298		$	57,324		(5	)
Corporate Client Banking	55,976			51,500			46,897			48,343			46,890				9		19		55,976			46,890			19
Commercial Real Estate Banking (a)	101,326			100,751			100,622			100,088			100,072				1		1		101,326			100,072			1
Other (a)	1,035			1,010			972			1,110			1,296				2		(20	)	1,035			1,296			(20	)
Total Commercial Banking loans	$	212,635		$	209,607		$	205,337		$	206,197		$	205,582			1		3		$	212,635		$	205,582		3
SELECTED BALANCE SHEET DATA (average)
Total assets	$	218,620		$	218,760		$	218,297		$	218,227		$	219,232			—		—		$	218,560		$	218,270		—
Loans:
Loans retained	207,286			206,771			204,462			205,113			205,603				—		1		206,183			203,950			1
Loans held-for-sale and loans at fair value	963			701			1,634			1,610			1,617				37		(40	)	1,097			1,139			(4	)
Total loans	$	208,249		$	207,472		$	206,096		$	206,723		$	207,220			—		—		$	207,280		$	205,089		1
Core loans	208,125			207,336			205,949			206,561			207,052				—		1		207,145			204,902			1
Client deposits and other third-party liabilities	172,714			168,247			167,260			169,174			168,169				3		3		169,427			171,483			(1	)
Equity	22,000			22,000			22,000			20,000			20,000				—		10		22,000			20,000			10
Average loans by client segment
Middle Market Banking	$	54,806		$	57,155		$	56,723		$	57,004		$	57,258			(4	)	(4	)	$	56,221		$	57,121		(2	)
Corporate Client Banking	51,389			48,656			48,141			48,167			49,004				6		5		49,407			47,650			4
Commercial Real Estate Banking (a)	101,044			100,671			100,264			100,320			99,627				—		1		100,663			98,880			2
Other (a)	1,010			990			968			1,232			1,331				2		(24	)	989			1,438			(31	)
Total Commercial Banking loans	$	208,249		$	207,472		$	206,096		$	206,723		$	207,220			—		—		$	207,280		$	205,089		1
Headcount	11,501			11,248			11,033			11,042			10,937				2		5		11,501			10,937			5
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	45		$	15		$	11		$	37		$	(18	)		200		NM		$	71		$	16		344
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (b)	659			614			544			511			452				7		46		659			452			46
Nonaccrual loans held-for-sale and loans
at fair value	—			—			—			—			5				—		NM		—			5			NM
Total nonaccrual loans	659			614			544			511			457				7		44		659			457			44
Assets acquired in loan satisfactions	19			20			—			2			2				(5	)	NM		19			2			NM
Total nonperforming assets	678			634			544			513			459				7		48		678			459			48
Allowance for credit losses:
Allowance for loan losses	2,759			2,756			2,766			2,682			2,619				—		5		2,759			2,619			5
Allowance for lending-related commitments	293			274			250			254			249				7		18		293			249			18
Total allowance for credit losses	3,052			3,030			3,016			2,936			2,868				1		6		3,052			2,868			6
Net charge-off/(recovery) rate (c)	0.09		%	0.03		%	0.02		%	0.07		%	(0.03		)	%					0.05		%	0.01		%
Allowance for loan losses to period-end loans retained	1.32			1.32			1.35			1.31			1.28								1.32			1.28
Allowance for loan losses to nonaccrual loans retained (b)	419			449			508			525			579								419			579
Nonaccrual loans to period-end total loans	0.31			0.29			0.26			0.25			0.22								0.31			0.22

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

(b) Allowance for loan losses of $119 million, $125 million, $132 million, $92 million and $105 million was held against nonaccrual loans retained at September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018, and September 30, 2018, respectively.

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

Page 19

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q19 Change										2019 Change
	3Q19			2Q19			1Q19			4Q18				3Q18			2Q19		3Q18		2019			2018			2018
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,574		$	2,568		$	2,416		$	2,548			$	2,563		—	%	—	%	$	7,558		$	7,623		(1	)%
All other income	139			115			177			(6		)		117			21		19		431			374			15
Noninterest revenue	2,713			2,683			2,593			2,542				2,680			1		1		7,989			7,997			—
Net interest income	855			876			896			897				879			(2	)	(3	)	2,627			2,640			—
TOTAL NET REVENUE	3,568			3,559			3,489			3,439				3,559			—		—		10,616			10,637			—
Provision for credit losses	44			2			2			13				23			NM		91		48			40			20
NONINTEREST EXPENSE
Compensation expense	1,391			1,406			1,462			1,383				1,391			(1	)	—		4,259			4,112			4
Noncompensation expense	1,231			1,190			1,185			1,238				1,194			3		3		3,606			3,620			—
TOTAL NONINTEREST EXPENSE	2,622			2,596			2,647			2,621				2,585			1		1		7,865			7,732			2
Income before income tax expense	902			961			840			805				951			(6	)	(5	)	2,703			2,865			(6	)
Income tax expense	234			242			179			201				227			(3	)	3		655			616			6
NET INCOME	$	668		$	719		$	661		$	604			$	724		(7	)	(8	)	$	2,048		$	2,249		(9	)
REVENUE BY LINE OF BUSINESS
Asset Management	$	1,816		$	1,785		$	1,761		$	1,723			$	1,827		2		(1	)	$	5,362		$	5,440		(1	)
Wealth Management	1,752			1,774			1,728			1,716				1,732			(1	)	1		5,254			5,197			1
TOTAL NET REVENUE	$	3,568		$	3,559		$	3,489		$	3,439			$	3,559		—		—		$	10,616		$	10,637		—
FINANCIAL RATIOS
ROE	24		%	27		%	25		%	26			%	31		%					25		%	32		%
Overhead ratio	73			73			76			76				73							74			73
Pretax margin ratio:
Asset Management	25			25			23			25				27							25			27
Wealth Management	25			29			25			22				26							26			27
Asset & Wealth Management	25			27			24			23				27							25			27
Headcount	24,228			23,683			24,347			23,920				23,747			2		2		24,228			23,747			2
Number of Wealth Management client advisors	2,872			2,735			2,877			2,865				2,808			5		2		2,872			2,808			2

Page 20

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q19 Change										2019 Change
	3Q19			2Q19				1Q19			4Q18			3Q18			2Q19		3Q18		2019			2018			2018
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	174,226		$	172,149			$	165,865		$	170,024		$	166,716		1	%	5	%	$	174,226		$	166,716		5	%
Loans	153,245			149,877				143,750			147,632			143,162			2		7		153,245			143,162			7
Core loans	153,245			149,877				143,750			147,632			143,162			2		7		153,245			143,162			7
Deposits	138,439			136,225				143,348			138,546			130,497			2		6		138,439			130,497			6
Equity	10,500			10,500				10,500			9,000			9,000			—		17		10,500			9,000			17
SELECTED BALANCE SHEET DATA (average)
Total assets	$	171,121		$	167,544			$	167,358		$	166,353		$	161,982		2		6		$	168,688		$	158,218		7
Loans	150,486			146,494				145,406			144,434			140,558			3		7		147,481			136,663			8
Core loans	150,486			146,494				145,406			144,434			140,558			3		7		147,481			136,663			8
Deposits	138,822			140,317				138,235			132,486			133,021			(1	)	4		139,127			138,885			—
Equity	10,500			10,500				10,500			9,000			9,000			—		17		10,500			9,000			17
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	26			$	(3	)		$	4		$	3		$	11		NM		136		$	27		$	7		286
Nonaccrual loans	176			127				285			263			285			39		(38	)	176			285			(38	)
Allowance for credit losses:
Allowance for loan losses	350			331				325			326			317			6		10		350			317			10
Allowance for lending-related commitments	16			17				18			16			15			(6	)	7		16			15			7
Total allowance for credit losses	366			348				343			342			332			5		10		366			332			10
Net charge-off/(recovery) rate	0.07		%	(0.01		)	%	0.01		%	0.01		%	0.03		%					0.02		%	0.01		%
Allowance for loan losses to period-end loans	0.23			0.22				0.23			0.22			0.22							0.23			0.22
Allowance for loan losses to nonaccrual loans	199			261				114			124			111							199			111
Nonaccrual loans to period-end loans	0.11			0.08				0.20			0.18			0.20							0.11			0.20

Page 21

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
															Sep 30, 2019
															Change				NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,		Jun 30,		Sep 30,								2019 Change
CLIENT ASSETS	2019			2019			2019			2018			2018		2019		2018		2019			2018			2018
Assets by asset class
Liquidity	$	505		$	481		$	476		$	480		$	463	5	%	9	%	$	505		$	463		9	%
Fixed income	590			543			495			464			457		9		29		590			457			29
Equity	437			441			427			384			452		(1	)	(3	)	437			452			(3	)
Multi-asset and alternatives	714			713			698			659			705		—		1		714			705			1
TOTAL ASSETS UNDER MANAGEMENT	2,246			2,178			2,096			1,987			2,077		3		8		2,246			2,077			8
Custody/brokerage/administration/deposits	815			820			801			746			790		(1	)	3		815			790			3
TOTAL CLIENT ASSETS	$	3,061		$	2,998		$	2,897		$	2,733		$	2,867	2		7		$	3,061		$	2,867		7
Memo:
Alternatives client assets (a)	$	183		$	177		$	172		$	171		$	172	3		6		$	183		$	172		6
Assets by client segment
Private Banking	$	636		$	617		$	597		$	552		$	576	3		10		$	636		$	576		10
Institutional	1,029			991			943			926			945		4		9		1,029			945			9
Retail	581			570			556			509			556		2		4		581			556			4
TOTAL ASSETS UNDER MANAGEMENT	$	2,246		$	2,178		$	2,096		$	1,987		$	2,077	3		8		$	2,246		$	2,077		8
Private Banking	$	1,424		$	1,410		$	1,371		$	1,274		$	1,339	1		6		$	1,424		$	1,339		6
Institutional	1,051			1,013			965			946			967		4		9		1,051			967			9
Retail	586			575			561			513			561		2		4		586			561			4
TOTAL CLIENT ASSETS	$	3,061		$	2,998		$	2,897		$	2,733		$	2,867	2		7		$	3,061		$	2,867		7
Assets under management rollforward
Beginning balance	$	2,178		$	2,096		$	1,987		$	2,077		$	2,028					$	1,987		$	2,034
Net asset flows:
Liquidity	24			4			(5		)	21			14						23			10
Fixed income	41			37			19			8			3						97			(9		)
Equity	(2		)	(1		)	(6		)	(6		)	1						(9		)	8
Multi-asset and alternatives	1			—			(3		)	(5		)	4						(2		)	29
Market/performance/other impacts	4			42			104			(108		)	27						150			5
Ending balance	$	2,246		$	2,178		$	2,096		$	1,987		$	2,077					$	2,246		$	2,077
Client assets rollforward
Beginning balance	$	2,998		$	2,897		$	2,733		$	2,867		$	2,799					$	2,733		$	2,789
Net asset flows	59			52			9			30			33						120			58
Market/performance/other impacts	4			49			155			(164		)	35						208			20
Ending balance	$	3,061		$	2,998		$	2,897		$	2,733		$	2,867					$	3,061		$	2,867

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

Page 22

JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																	3Q19 Change										2019 Change
	3Q19			2Q19				1Q19			4Q18			3Q18			2Q19		3Q18	2019				2018			2018
INCOME STATEMENT
REVENUE
Principal transactions	$	10		$	(175	)		$	(62	)	$	(204	)	$	(161	)	NM		NM	$	(227	)		$	(222	)	(2	)%
Investment securities gains/(losses)	78			44				13			(24		)	(46		)	77		NM	135				(371		)	NM
All other income	32			6				57			185			30			433		7	95				373			(75	)
Noninterest revenue	120			(125		)		8			(43		)	(177		)	NM		NM	3				(220		)	NM
Net interest income (a)	572			447				417			170			74			28		NM	1,436				(35		)	NM
TOTAL NET REVENUE (b)	692			322				425			127			(103		)	115		NM	1,439				(255		)	NM
Provision for credit losses	—			(2		)		2			(1		)	2			NM		NM	—				(3		)	NM
NONINTEREST EXPENSE (c)	281			232				211			508			28			21		NM	724				394			84
Income/(loss) before income tax expense/(benefit)	411			92				212			(380		)	(133		)	347		NM	715				(646		)	NM
Income tax expense/(benefit)	18			(736		)	(e)	(39		)	197			12			NM		50	(757		)	(e)	18			NM
NET INCOME/(LOSS)	$	393		$	828			$	251		$	(577	)	$	(145	)	(53	)	NM	$	1,472			$	(664	)	NM
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”) (a)	801			618				511			275			186			30		331	1,930				235			NM
Other Corporate	(109		)	(296		)		(86		)	(148		)	(289		)	63		62	(491		)		(490		)	—
TOTAL NET REVENUE	$	692		$	322			$	425		$	127		$	(103	)	115		NM	$	1,439			$	(255	)	NM
NET INCOME/(LOSS)
Treasury and CIO	576			462				334			175			96			25		500	1,372				(244		)	NM
Other Corporate	(183		)	366				(83		)	(752		)	(241		)	NM		24	100				(420		)	NM
TOTAL NET INCOME/(LOSS)	$	393		$	828			$	251		$	(577	)	$	(145	)	(53	)	NM	$	1,472			$	(664	)	NM
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	812,333		$	821,330			$	796,615		$	771,787		$	742,693		(1	)	9	$	812,333			$	742,693		9
Loans	1,705			1,695				1,885			1,597			1,556			1		10	1,705				1,556			10
Core loans (d)	1,706			1,695				1,885			1,597			1,556			1		10	1,706				1,556			10
Headcount	38,155			37,361				37,502			37,145			36,686			2		4	38,155				36,686			4
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains/(losses)	$	78		$	44			$	13		$	(24	)	$	(46	)	77	%	NM	$	135			$	(371	)	NM
Available-for-sale (“AFS”) investment securities (average)	305,894			248,612				226,605			211,997			197,230			23		55	260,661				200,569			30
Held-to-maturity (“HTM”) investment securities (average)	35,494			30,929				31,082			31,466			31,232			15		14	32,518				31,842			2
Investment securities portfolio (average)	$	341,388		$	279,541			$	257,687		$	243,463		$	228,462		22		49	$	293,179			$	232,411		26
AFS investment securities (period-end)	351,599			274,533				234,832			228,681			198,523			28		77	351,599				198,523			77
HTM investment securities (period-end)	40,830			30,907				30,849			31,434			31,368			32		30	40,830				31,368			30
Investment securities portfolio (period-end)	$	392,429		$	305,440			$	265,681		$	260,115		$	229,891		28		71	$	392,429			$	229,891		71

(a) Net interest income in the third quarter of 2019 included income related to the unwind of the internal funding provided by Treasury and CIO to CCB upon the sale of certain mortgage loans. For further information, refer to footnote (a) in CCB on page 11.

(b) Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $74 million, $81 million, $86 million, $95 million and $94 million for the three months ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018 and September 30, 2018, respectively, and $241 million and $287 million for the nine months ended September 30, 2019 and 2018, respectively.

(c) Included legal expense/(benefit) of $(32) million, $(67) million, $(90) million, $(16) million and $(175) million for the three months ended September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018, and September 30, 2018, respectively, and $(189) million and $(225) million for the nine months ended September 30, 2019 and 2018, respectively.

(d) Average core loans were $1.7 billion for the three months ended September 30, 2019 and June 30, 2019, respectively, and $1.6 billion for the three months ended March 31, 2019, December 31, 2018, and September 30, 2018, respectively, and $1.7 billion for both the nine months ended September 30, 2019 and 2018.

(e) The three months ended June 30, 2019 and the nine months ended September 30, 2019 included income tax benefits of $742 million and $957 million, respectively, due to the resolution of certain tax audits.

Page 23

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
												Sep 30, 2019
												Change
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,			Jun 30,		Sep 30,
	2019		2019		2019		2018		2018			2019		2018
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained, excluding PCI loans	$	310,519	$	329,450	$	336,508	$	349,603	$	350,749		(6	)%	(11	)%
Loans - PCI	21,290		22,242		23,207		24,034		25,209			(4	)	(16	)
Total loans retained	331,809		351,692		359,715		373,637		375,958			(6	)	(12	)
Loans held-for-sale	4,821		1,030		4,199		95		104			368		NM
Total consumer, excluding credit card loans	336,630		352,722		363,914		373,732		376,062			(5	)	(10	)
Credit card loans
Loans retained	159,571		157,568		150,515		156,616		147,856			1		8
Loans held-for-sale	—		8		12		16		25			NM		NM
Total credit card loans	159,571		157,576		150,527		156,632		147,881			1		8
Total consumer loans	496,201		510,298		514,441		530,364		523,943			(3	)	(5	)
Wholesale loans (b)
Loans retained	437,507		438,468		433,611		439,162		423,837			—		3
Loans held-for-sale and loans at fair value	11,510		8,123		8,193		15,028		6,538			42		76
Total wholesale loans	449,017		446,591		441,804		454,190		430,375			1		4
Total loans	945,218		956,889		956,245		984,554		954,318			(1	)	(1	)
Derivative receivables	55,577		52,878		50,333		54,213		60,062			5		(7	)
Receivables from customers and other (c)	32,236		27,414		20,952		30,217		26,137			18		23
Total credit-related assets	1,033,031		1,037,181		1,027,530		1,068,984		1,040,517			—		(1	)
Lending-related commitments
Consumer, excluding credit card	53,591		51,491		48,922		46,066		50,630			4		6
Credit card	645,880		633,970		626,922		605,379		600,728			2		8
Wholesale	395,619		394,301		384,957		387,813		397,316		(f)	—		—
Total lending-related commitments	1,095,090		1,079,762		1,060,801		1,039,258		1,048,674			1		4
Total credit exposure	$	2,128,121	$	2,116,943	$	2,088,331	$	2,108,242	$	2,089,191		1		2
Memo: Total by category
Consumer exposure (d)	$	1,195,690	$	1,195,780	$	1,190,305	$	1,181,963	$	1,175,456		—		2
Wholesale exposures (e)	932,431		921,163		898,026		926,279		913,735			1		2
Total credit exposure	$	2,128,121	$	2,116,943	$	2,088,331	$	2,108,242	$	2,089,191		1		2

Note: The Firm provides several non-GAAP financial measures which exclude the impact of PCI loans. For further discussion of these measures, refer to page 28.

(a) Includes loans reported in CCB, prime mortgage and home equity loans reported in AWM, and prime mortgage loans reported in Corporate.

(b) Includes loans reported in CIB, CB and AWM business segments and Corporate.

(c) Primarily represents prime brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable on the Consolidated balance sheets.

(d) Represents total consumer loans, lending-related commitments, and receivables from customers and other.

(e) Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers and other.

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

Page 24

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																Sep 30, 2019
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,
	2019			2019			2019			2018			2018			2019		2018
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans (b)(c)	$	3,219		$	3,262		$	3,389		$	3,461		$	3,636		(1	)%	(11	)%
Wholesale nonaccrual loans
Loans retained	1,470			1,238			1,570			1,150			994			19		48
Loans held-for-sale and loans at fair value	262			370			313			220			14			(29	)	NM
Total wholesale nonaccrual loans	1,732			1,608			1,883			1,370			1,008			8		72
Total nonaccrual loans	4,951			4,870			5,272			4,831			4,644			2		7
Derivative receivables	26			39			44			60			90			(33	)	(71	)
Assets acquired in loan satisfactions	366			351			300			299			300			4		22
Total nonperforming assets	5,343			5,260			5,616			5,190			5,034			2		6
Wholesale lending-related commitments (d)	446			465			455			469			252			(4	)	77
Total nonperforming exposure	$	5,789		$	5,725		$	6,071		$	5,659		$	5,286		1		10
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans	0.52		%	0.51		%	0.55		%	0.49		%	0.49		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	0.96			0.92			0.93			0.93			0.97
Total wholesale nonaccrual loans to total
wholesale loans	0.39			0.36			0.43			0.30			0.23

(a) At September 30, 2019, June 30, 2019, March 31, 2019, December 31, 2018, and September 30, 2018, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $1.6 billion, $1.8 billion, $2.2 billion, $2.6 billion and $2.9 billion, respectively, that are 90 or more days past due; and (2) real estate owned (“REO”) insured by U.S. government agencies of $50 million, $56 million, $69 million, $75 million and $78 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance issued by the Federal Financial Institutions Examination Council (“FFIEC”). For additional information on the Firm’s credit card nonaccrual and charge-off policies, refer to Note 12 of the Firm’s 2018 Form 10-K.

(b) Included nonaccrual loans held-for-sale of $2 million and $31 million at September 30, 2019, and June 30, 2019, respectively. There were no nonaccrual loans held-for-sale in all other periods presented.

(c) Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as they are all performing.

(d) Represents commitments that are risk rated as nonaccrual.

Page 25

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q19 Change										2019 Change
	3Q19			2Q19			1Q19			4Q18			3Q18			2Q19		3Q18		2019			2018			2018
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	13,166		$	13,533		$	13,445		$	13,128		$	13,250		(3	)%	(1	)%	$	13,445		$	13,604		(1	)%
Net charge-offs:
Gross charge-offs	1,676			1,704			1,642			1,532			1,459			(2	)	15		5,022			4,817			4
Gross recoveries	(305		)	(301		)	(281		)	(296		)	(426		)	(1	)	28		(887		)	(1,197		)	26
Net charge-offs	1,371			1,403			1,361			1,236			1,033			(2	)	33		4,135			3,620			14
Write-offs of PCI loans (a)	43			39			50			36			58			10		(26	)	132			151			(13	)
Provision for loan losses	1,479			1,077			1,492			1,591			968			37		53		4,048			3,294			23
Other	4			(2		)	7			(2		)	1			NM		300		9			1			NM
Ending balance	$	13,235		$	13,166		$	13,533		$	13,445		$	13,128		1		1		$	13,235		$	13,128		1
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	1,129		$	1,058		$	1,055		$	1,097		$	1,117		7		1		$	1,055		$	1,068		(1	)
Provision for lending-related commitments	35			72			3			(43		)	(20		)	(51	)	NM		110			29			279
Other	1			(1		)	—			1			—			NM		NM		—			—			—
Ending balance	$	1,165		$	1,129		$	1,058		$	1,055		$	1,097		3		6		$	1,165		$	1,097		6
Total allowance for credit losses	$	14,400		$	14,295		$	14,591		$	14,500		$	14,225		1		1		$	14,400		$	14,225		1
NET CHARGE-OFF/(RECOVERY) RATES (b)
Consumer retained, excluding credit card loans	0.10		%	0.09		%	0.13		%	0.09		%	0.01		%					0.11		%	0.03		%
Credit card retained loans	2.95			3.24			3.23			2.93			2.91							3.13			3.16
Total consumer retained loans	1.00			1.04			1.02			0.91			0.82							1.02			0.90
Wholesale retained loans	0.10			0.08			0.04			0.03			(0.04		)					0.07			0.04
Total retained loans	0.58			0.60			0.58			0.52			0.43							0.59			0.52
Consumer retained loans, excluding credit card and
PCI loans	0.11			0.09			0.13			0.10			0.01							0.11			0.04
Consumer retained loans, excluding PCI loans	1.05			1.09			1.07			0.95			0.86							1.07			0.96
Total retained, excluding PCI loans	0.60			0.61			0.59			0.53			0.45							0.60			0.54
Memo: Average retained loans
Consumer retained, excluding credit card loans	$	340,583		$	356,568		$	370,777		$	374,686		$	375,742		(4	)	(9	)	$	355,865		$	374,298		(5	)
Credit card retained loans	158,166			153,736			151,120			150,574			146,244			3		8		154,367			143,931			7
Total average retained consumer loans	498,749			510,304			521,897			525,260			521,986			(2	)	(4	)	510,232			518,229			(2	)
Wholesale retained loans	433,744			434,905			434,660			426,594			420,597			—		3		434,434			413,537			5
Total average retained loans	$	932,493		$	945,209		$	956,557		$	951,854		$	942,583		(1	)	(1	)	$	944,666		$	931,766		1
Consumer retained, excluding credit card and
PCI loans	$	318,843		$	333,854		$	347,145		$	350,053		$	349,367		(4	)	(9	)	$	333,177		$	345,912		(4	)
Consumer retained, excluding PCI loans	477,009			487,590			498,265			500,627			495,611			(2	)	(4	)	487,544			489,843			—
Total retained, excluding PCI loans	910,753			922,495			932,925			927,218			916,205			(1	)	(1	)	921,978			903,377			2

(a) Write-offs of PCI loans are recorded against the allowance for loan losses when actual losses for a pool exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan is recognized when the underlying loan is removed from a pool.

(b) The net charge-off rates exclude the write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans.

Page 26

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																Sep 30, 2019
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,
	2019			2019			2019			2018			2018			2019		2018
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	145		$	145		$	151		$	196		$	204		—	%	(29	)%
Formula-based	2,066			2,215			2,208			2,162			2,154			(7	)	(4	)
PCI	1,256			1,299			1,738			1,788			1,824			(3	)	(31	)
Total consumer, excluding credit card	3,467			3,659			4,097			4,146			4,182			(5	)	(17	)
Credit card
Asset-specific (b)	488			472			461			440			421			3		16
Formula-based	5,095			4,911			4,722			4,744			4,613			4		10
Total credit card	5,583			5,383			5,183			5,184			5,034			4		11
Total consumer	9,050			9,042			9,280			9,330			9,216			—		(2	)
Wholesale
Asset-specific (a)	342			288			417			297			280			19		22
Formula-based	3,843			3,836			3,836			3,818			3,632			—		6
Total wholesale	4,185			4,124			4,253			4,115			3,912			1		7
Total allowance for loan losses	13,235			13,166			13,533			13,445			13,128			1		1
Allowance for lending-related commitments	1,165			1,129			1,058			1,055			1,097			3		6
Total allowance for credit losses	$	14,400		$	14,295		$	14,591		$	14,500		$	14,225		1		1
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	1.04		%	1.04		%	1.14		%	1.11		%	1.11		%
Credit card allowance to total credit card retained loans	3.50			3.42			3.44			3.31			3.40
Wholesale allowance to total wholesale retained loans	0.96			0.94			0.98			0.94			0.92
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (c)	1.02			1.02			1.06			1.01			0.99
Total allowance to total retained loans	1.42			1.39			1.43			1.39			1.39
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (d)	108			113			121			120			115
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (d)	163			174			168			179			175
Wholesale allowance to wholesale retained nonaccrual loans	285			333			271			358			394
Total allowance to total retained nonaccrual loans	282			295			273			292			284
CREDIT RATIOS, excluding PCI loans
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	0.71			0.72			0.70			0.67			0.67
Total allowance to total retained loans	1.32			1.28			1.28			1.23			1.23
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (d)	69			73			70			68			65
Allowance, excluding credit card allowance, to retained non-
accrual loans, excluding credit card nonaccrual loans (d)	136			145			133			140			135
Total allowance to total retained nonaccrual loans	256			266			238			253			244

(a) Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified in a troubled debt restructuring (“TDR”).

(b) The asset-specific credit card allowance for loan losses relates to loans that have been modified in a TDR; the Firm calculates such allowance based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.

(c) Management uses allowance for loan losses to period-end loans retained, excluding CIB’s trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of the wholesale allowance coverage ratio.

(d) For information on the Firm’s nonaccrual policy for credit card loans, refer to footnote (a) on page 25.

Page 27

JPMORGAN CHASE & CO.
NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES

Non-GAAP Financial Measures

(a) In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm and each of the reportable business segments on a FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.

(b) TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

(c) The ratios of the allowance for loan losses to period-end loans retained, the allowance for loan losses to nonaccrual loans retained, and nonaccrual loans to total period-end loans excluding credit card and PCI loans, exclude the following: loans accounted for at fair value and loans held-for-sale; PCI loans; and the allowance for loan losses related to PCI loans. Additionally, net charge-offs and net charge-off rates exclude the impact of PCI loans. The ratio of the wholesale and CIB’s allowance for loan losses to period-end loans retained, excluding trade finance and conduits, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB’s trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the respective allowance coverage ratio.

(d)In addition to reviewing net interest income and the net interest yield on a managed basis, management also reviews these metrics excluding CIB’s Markets businesses to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities. The resulting metrics are referred to as non-markets related net interest income and net yield. CIB’s Markets businesses are Fixed Income Markets and Equity Markets. Management believes that disclosure of non-markets related net interest income and net yield provide investors and analysts with other measures by which to analyze the non-markets-related business trends of the Firm and provides a comparable measure to other financial institutions that are primarily focused on lending, investing and deposit-raising activities.

	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q19 Change										2019 Change
	3Q19			2Q19			1Q19			4Q18			3Q18			2Q19		3Q18		2019			2018			2018
NET INTEREST INCOME EXCLUDING CIB’s MARKETS
Net interest income - managed basis (a)(b)	$	14,355		$	14,536		$	14,596		$	14,509		$	14,062		(1	)%	2	%	$	43,487		$	41,178		6	%
Less: CIB Markets net interest income	723			624			624			599			704			16		3		1,971			2,488			(21	)
Net interest income excluding CIB Markets (a)	$	13,632		$	13,912		$	13,972		$	13,910		$	13,358		(2	)	2		$	41,516		$	38,690		7
Average interest-earning assets (c)	$	2,365,154		$	2,339,094		$	2,298,894		$	2,254,449		$	2,203,305		1		7		$	2,334,623		2,198,909			6
Less: Average CIB Markets interest-earning assets (c)	690,593			673,480			649,180			605,730			596,784			3		16		671,236			$	589,185		14
Average interest-earning assets excluding CIB Markets	$	1,674,561		$	1,665,614		$	1,649,714		$	1,648,719		$	1,606,521		1		4		$	1,663,387		$	1,609,724		3
Net interest yield on average interest-earning assets - managed basis (c)	2.41		%	2.49		%	2.57		%	2.55		%	2.53		%					2.49		%	2.50		%
Net interest yield on average CIB Markets interest-earning assets (c)	0.42		%	0.37		%	0.39		%	0.39		%	0.47		%					0.39		%	0.56		%
Net interest yield on average interest-earning assets excluding CIB Markets	3.23		%	3.35		%	3.43		%	3.35		%	3.30		%					3.34		%	3.21		%

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

(b) For a reconciliation of net interest income on a reported and managed basis, refer to Reconciliation from Reported to Managed Basis on page 7.

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

Key Performance Measures

(a) Core loans represent loans considered central to the Firm’s ongoing businesses; core loans exclude loans classified as trading assets, runoff portfolios, discontinued portfolios and portfolios the Firm has an intent to exit.

Page 28