JPMorgan Chase & Co. (JPM) 8-K Jpmorgan Chase Reports First-quarter 2020 Net Income of $2.9 Billion, or $0.78 Per Share

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2020

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		28
Financial Instruments – Credit Losses (“CECL”), accounting guidance adopted January 1, 2020		29
Merchant Services Realignment		30
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, 2019 (the “ 2019 Form 10-K”).

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
	QUARTERLY TRENDS
																	1Q20 Change
SELECTED INCOME STATEMENT DATA	1Q20				4Q19			3Q19			2Q19			1Q19			4Q19		1Q19
Reported Basis
Total net revenue	$	28,251			$	28,331		$	29,341		$	28,832		$	29,123		—	%	(3	)%
Total noninterest expense	16,850				16,339			16,422			16,341			16,395			3		3
Pre-provision profit	11,401				11,992			12,919			12,491			12,728			(5	)	(10	)
Provision for credit losses	8,285				1,427			1,514			1,149			1,495			481		454
NET INCOME	2,865				8,520			9,080			9,652			9,179			(66	)	(69	)
Managed Basis (a)
Total net revenue	29,069				29,211			30,064			29,566			29,851			—		(3	)
Total noninterest expense	16,850				16,339			16,422			16,341			16,395			3		3
Pre-provision profit	12,219				12,872			13,642			13,225			13,456			(5	)	(9	)
Provision for credit losses	8,285				1,427			1,514			1,149			1,495			481		454
NET INCOME	2,865				8,520			9,080			9,652			9,179			(66	)	(69	)
EARNINGS PER SHARE DATA
Net income: Basic	$	0.79			$	2.58		$	2.69		$	2.83		$	2.65		(69	)	(70	)
Diluted	0.78				2.57			2.68			2.82			2.65			(70	)	(71	)
Average shares: Basic	3,095.8				3,140.7			3,198.5			3,250.6			3,298.0			(1	)	(6	)
Diluted	3,100.7				3,148.5			3,207.2			3,259.7			3,308.2			(2	)	(6	)
MARKET AND PER COMMON SHARE DATA
Market capitalization	$	274,323			$	429,913		$	369,133		$	357,479		$	328,387		(36	)	(16	)
Common shares at period-end	3,047.0				3,084.0			3,136.5			3,197.5			3,244.0			(1	)	(6	)
Book value per share	75.88				75.98			75.24			73.88			71.78			—		6
Tangible book value per share (“TBVPS”) (b)	60.71				60.98			60.48			59.52			57.62			—		5
Cash dividends declared per share	0.90				0.90			0.90			0.80			0.80			—		13
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)	4		%		14		%	15		%	16		%	16		%
Return on tangible common equity (“ROTCE”) (b)	5				17			18			20			19
Return on assets	0.40				1.22			1.30			1.41			1.39
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio	11.5		%	(e)	12.4		%	12.3		%	12.2		%	12.1		%
Tier 1 capital ratio	13.3			(e)	14.1			14.1			14.0			13.8
Total capital ratio	15.5			(e)	16.0			15.9			15.8			15.7
Tier 1 leverage ratio	7.5			(e)	7.9			7.9			8.0			8.1
Supplementary leverage ratio (“SLR”)	6.0			(e)	6.3			6.3			6.4			6.4

Effective January 1, 2020, the Firm adopted the Financial Instruments – Credit Losses (“CECL”) accounting guidance. Refer to page 29 for further information.

(a) Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.

(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; refer to page 9 for a reconciliation of common stockholders’ equity to TCE. Refer to page 28 for a further discussion of these measures.

(c) Quarterly ratios are based upon annualized amounts.

(d) As of March 31, 2020, the capital measures reflect the revised CECL capital transition provisions and the removal of assets purchased pursuant to a non-recourse loan provided under the Money Market Liquidity Facility (“MMLF”), as provided by the U.S. banking agencies. Refer to page 29 for further information on the revised CECL capital transition provisions and Capital Risk Management on pages 85-92 of the Firm’s 2019 Form 10-K for additional information on these capital measures.

(e) Estimated.

Page 2

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS
																1Q20 Change
	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19		1Q19
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	3,139,431		$	2,687,379		$	2,764,661		$	2,727,379		$	2,737,188		17	%	15	%
Loans:
Consumer, excluding credit card loans (a)	295,627			298,001			300,407			315,705			326,407			(1	)	(9	)
Credit card loans	154,021			168,924			159,571			157,576			150,527			(9	)	2
Wholesale loans (a)	565,727			492,844			485,240			483,608			479,311			15		18
Total Loans	1,015,375			959,769			945,218			956,889			956,245			6		6
Deposits:
U.S. offices:
Noninterest-bearing	448,195			395,667			393,522			394,237			388,572			13		15
Interest-bearing	1,026,603			876,156			844,137			841,397			826,723			17		24
Non-U.S. offices:
Noninterest-bearing	22,192			20,087			21,455			20,419			21,090			10		5
Interest-bearing	339,019			270,521			266,147			268,308			257,056			25		32
Total deposits	1,836,009			1,562,431			1,525,261			1,524,361			1,493,441			18		23
Long-term debt	299,344			291,498			296,472			288,869			290,893			3		3
Common stockholders’ equity	231,199			234,337			235,985			236,222			232,844			(1	)	(1	)
Total stockholders’ equity	261,262			261,330			264,348			263,215			259,837			—		1
Loans-to-deposits ratio	55		%	61		%	62		%	63		%	64		%
Headcount	256,720			256,981			257,444			254,983			255,998			—		—
95% CONFIDENCE LEVEL - TOTAL VaR (b)
Average VaR	$	59		$	37		$	39		$	46		$	52		59		13
LINE OF BUSINESS NET REVENUE (c)
Consumer & Community Banking	$	13,171		$	13,795		$	14,008		$	13,569		$	13,490		(5	)	(2	)
Corporate & Investment Bank	9,948			9,647			9,522			9,831			10,034			3		(1	)
Commercial Banking	2,178			2,297			2,274			2,285			2,413			(5	)	(10	)
Asset & Wealth Management	3,606			3,700			3,568			3,559			3,489			(3	)	3
Corporate	166			(228		)	692			322			425			NM		(61	)
TOTAL NET REVENUE	$	29,069		$	29,211		$	30,064		$	29,566		$	29,851		—		(3	)
LINE OF BUSINESS NET INCOME
Consumer & Community Banking	$	191		$	4,214		$	4,245		$	4,157		$	3,947		(95	)	(95	)
Corporate & Investment Bank	1,988			2,938			2,831			2,946			3,260			(32	)	(39	)
Commercial Banking	147			944			943			1,002			1,060			(84	)	(86	)
Asset & Wealth Management	664			785			668			719			661			(15	)	—
Corporate	(125		)	(361		)	393			828			251			65		NM
NET INCOME	$	2,865		$	8,520		$	9,080		$	9,652		$	9,179		(66	)	(69	)

Effective January 1, 2020, the Firm adopted the CECL accounting guidance. Refer to page 29 for further information.

In the first quarter of 2020, the Merchant Services business was realigned from CCB to CIB as part of the Firm’s Wholesale Payments business. The prior period amounts were revised to conform with the current presentation. Refer to page 30 for further information.

(a) In conjunction with the adoption of CECL, the Firm reclassified certain loans from the consumer, excluding credit card portfolio segment to the wholesale portfolio segment. Prior periods have been revised to conform with the current presentation. Refer to page 29 for further information.

(b) Effective January 1, 2020, the Firm refined the scope of VaR to exclude positions related to the risk management of interest rate exposure from changes in the Firm’s own credit spread on fair value option elected liabilities, and included these positions in other-sensitivity based measures. This change was made to more appropriately reflect the risk from changes in the Firm’s own credit spread on fair value option elected liabilities in a single market risk measure. In the absence of this refinement, the average Total VaR for the three months ended March 31, 2020 would have been higher by $6 million.

(c) Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.

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JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
	QUARTERLY TRENDS
																	1Q20 Change
REVENUE	1Q20			4Q19			3Q19			2Q19				1Q19			4Q19		1Q19
Investment banking fees	$	1,866		$	1,843		$	1,967		$	1,851			$	1,840		1	%	1	%
Principal transactions	2,937			2,779			3,449			3,714				4,076			6		(28	)
Lending- and deposit-related fees (a)	1,706			1,772			1,671			1,624				1,559			(4	)	9
Asset management, administration and commissions (a)	4,540			4,301			4,306			4,264				4,037			6		12
Investment securities gains	233			123			78			44				13			89		NM
Mortgage fees and related income	320			474			887			279				396			(32	)	(19	)
Card income	1,054			1,381			1,283			1,366				1,274			(24	)	(17	)
Other income	1,156			1,492			1,472			1,292				1,475			(23	)	(22	)
Noninterest revenue	13,812			14,165			15,113			14,434				14,670			(2	)	(6	)
Interest income	19,161			19,927			21,121			21,603				21,389			(4	)	(10	)
Interest expense	4,722			5,761			6,893			7,205				6,936			(18	)	(32	)
Net interest income	14,439			14,166			14,228			14,398				14,453			2		—
TOTAL NET REVENUE	28,251			28,331			29,341			28,832				29,123			—		(3	)
Provision for credit losses	8,285			1,427			1,514			1,149				1,495			481		454
NONINTEREST EXPENSE
Compensation expense	8,895			8,088			8,583			8,547				8,937			10		—
Occupancy expense	1,066			1,084			1,110			1,060				1,068			(2	)	—
Technology, communications and equipment expense	2,578			2,585			2,494			2,378				2,364			—		9
Professional and outside services	2,028			2,226			2,056			2,212				2,039			(9	)	(1	)
Marketing	859			893			945			862				879			(4	)	(2	)
Other expense (b)	1,424			1,463			1,234			1,282				1,108			(3	)	29
TOTAL NONINTEREST EXPENSE	16,850			16,339			16,422			16,341				16,395			3		3
Income before income tax expense	3,116			10,565			11,405			11,342				11,233			(71	)	(72	)
Income tax expense	251			2,045			2,325			1,690			(e)	2,054			(88	)	(88	)
NET INCOME	$	2,865		$	8,520		$	9,080		$	9,652			$	9,179		(66	)	(69	)
NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	0.79		$	2.58		$	2.69		$	2.83			$	2.65		(69	)	(70	)
Diluted earnings per share	0.78			2.57			2.68			2.82				2.65			(70	)	(71	)
FINANCIAL RATIOS
Return on common equity (c)	4		%	14		%	15		%	16		%		16		%
Return on tangible common equity (c)(d)	5			17			18			20				19
Return on assets (c)	0.40			1.22			1.30			1.41				1.39
Effective income tax rate	8.1			19.4			20.4			14.9			(e)	18.3
Overhead ratio	60			58			56			57				56

(a) In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions to lending- and deposit-related fees. Prior period amounts were revised to conform with the current presentation.

(b) Included Firmwide legal expense/(benefit) of $197 million, $241 million, $10 million, $69 million and $(81) million for the three months ended March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019, and March 31, 2019, respectively.

(c) Quarterly ratios are based upon annualized amounts.

(d) Refer to page 28 for further discussion of ROTCE.

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

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JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
																	Mar 31, 2020
																	Change
	Mar 31,			Dec 31,			Sep 30,				Jun 30,			Mar 31,			Dec 31,		Mar 31,
	2020			2019			2019				2019			2019			2019		2019
ASSETS
Cash and due from banks	$	24,001		$	21,704		$	21,215			$	23,164		$	21,946		11	%	9	%
Deposits with banks	343,533			241,927			235,382				244,874			280,658			42		22
Federal funds sold and securities purchased under
resale agreements	248,580			249,157			257,391				267,864			299,140			—		(17	)
Securities borrowed	139,839			139,758			138,336				130,661			123,186			—		14
Trading assets:
Debt and equity instruments	466,932			361,337			440,298				470,495			483,069			29		(3	)
Derivative receivables	81,648			49,766			55,577				52,878			50,333			64		62
Available-for-sale securities	399,944			350,699			353,421				276,357			236,516			14		69
Held-to-maturity securities, net of allowance for credit losses (a)	71,200			47,540			40,830				30,907			30,849			50		131
Investment securities, net of allowance for credit losses (a)	471,144			398,239			394,251				307,264			267,365			18		76
Loans	1,015,375			959,769			945,218				956,889			956,245			6		6
Less: Allowance for loan losses	23,244			13,123			13,235				13,166			13,533			77		72
Loans, net of allowance for loan losses	992,131			946,646			931,983				943,723			942,712			5		5
Accrued interest and accounts receivable	122,064			72,861			88,988				88,399			72,240			68		69
Premises and equipment	25,882			25,813			25,117				24,665			24,160			—		7
Goodwill, MSRs and other intangible assets	51,867			53,341			53,078				53,302			54,168			(3	)	(4	)
Other assets	171,810			126,830			123,045				120,090			118,211			35		45
TOTAL ASSETS	$	3,139,431		$	2,687,379		$	2,764,661			$	2,727,379		$	2,737,188		17		15
LIABILITIES
Deposits	$	1,836,009		$	1,562,431		$	1,525,261			$	1,524,361		$	1,493,441		18		23
Federal funds purchased and securities loaned or sold
under repurchase agreements	233,207			183,675			247,766				201,683			222,677			27		5
Short-term borrowings	51,909			40,920			48,893				59,890			71,305			27		(27	)
Trading liabilities:
Debt and equity instruments	119,109			75,569			90,553				106,160			117,904			58		1
Derivative payables	65,087			43,708			47,790				41,479			39,003			49		67
Accounts payable and other liabilities	253,874			210,407			225,063				216,137			216,173			21		17
Beneficial interests issued by consolidated VIEs	19,630			17,841			18,515				25,585			25,955			10		(24	)
Long-term debt	299,344			291,498			296,472				288,869			290,893			3		3
TOTAL LIABILITIES	2,878,169			2,426,049			2,500,313				2,464,164			2,477,351			19		16
STOCKHOLDERS’ EQUITY
Preferred stock	30,063			26,993			28,363			(b)	26,993			26,993			11		11
Common stock	4,105			4,105			4,105				4,105			4,105			—		—
Additional paid-in capital	87,857			88,522			88,512				88,359			88,170			(1	)	—
Retained earnings	220,226			223,211			217,888				212,093			205,437			(1	)	7
Accumulated other comprehensive income/(loss)	7,418			1,569			1,800				1,114			(558		)	373		NM
Shares held in RSU Trust, at cost	(21		)	(21		)	(21		)		(21		)	(21		)	—		—
Treasury stock, at cost	(88,386		)	(83,049		)	(76,299		)		(69,428		)	(64,289		)	(6	)	(37	)
TOTAL STOCKHOLDERS’ EQUITY	261,262			261,330			264,348				263,215			259,837			—		1
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,139,431		$	2,687,379		$	2,764,661			$	2,727,379		$	2,737,188		17		15

Effective January 1, 2020, the Firm adopted the CECL accounting guidance. Refer to page 29 for further information.

(a) At March 31, 2020, the allowance for credit losses on held-to-maturity securities was $19 million.

(b) Included $1.4 billion, which was redeemed on October 30, 2019, as previously announced on September 26, 2019.

Page 5

JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS
																1Q20 Change
AVERAGE BALANCES	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19		1Q19
ASSETS
Deposits with banks	$	279,748		$	272,648		$	267,578		$	289,838		$	290,281		3	%	(4	)%
Federal funds sold and securities purchased under
resale agreements	253,403			248,170			276,721			288,781			288,478			2		(12	)
Securities borrowed	136,127			135,374			139,939			126,157			123,467			1		10
Trading assets - debt instruments	346,911			323,554			339,198			351,716			322,541			7		8
Investment securities	421,529			394,002			343,134			281,232			259,400			7		63
Loans	962,820			948,298			947,280			954,854			968,019			2		(1	)
All other interest-earning assets (a)	65,194			55,695			51,304			46,516			46,708			17		40
Total interest-earning assets	2,465,732			2,377,741			2,365,154			2,339,094			2,298,894			4		7
Trading assets - equity and other instruments	114,479			114,112			113,980			120,545			108,598			—		5
Trading assets - derivative receivables	66,309			52,860			57,062			52,659			52,522			25		26
All other noninterest-earning assets	243,712			232,557			228,856			226,757			224,700			5		8
TOTAL ASSETS	$	2,890,232		$	2,777,270		$	2,765,052		$	2,739,055		$	2,684,714		4		8
LIABILITIES
Interest-bearing deposits	$	1,216,555		$	1,154,716		$	1,123,452		$	1,104,051		$	1,080,274		5		13
Federal funds purchased and securities loaned or
sold under repurchase agreements	243,922			235,481			239,698			227,313			209,065			4		17
Short-term borrowings (b)	37,288			39,936			44,814			58,262			67,074			(7	)	(44	)
Trading liabilities - debt and other interest-bearing liabilities (c)	192,950			170,049			183,369			191,655			183,478			13		5
Beneficial interests issued by consolidated VIEs	18,048			19,390			21,123			26,713			22,829			(7	)	(21	)
Long-term debt	243,996			248,521			248,985			246,053			248,302			(2	)	(2	)
Total interest-bearing liabilities	1,952,759			1,868,093			1,861,441			1,854,047			1,811,022			5		8
Noninterest-bearing deposits	419,631			413,582			407,428			408,243			399,468			1		5
Trading liabilities - equity and other instruments	30,721			28,197			31,310			30,170			34,734			9		(12	)
Trading liabilities - derivative payables	54,990			44,361			45,987			40,233			39,567			24		39
All other noninterest-bearing liabilities	168,195			162,490			155,032			146,343			142,746			4		18
TOTAL LIABILITIES	2,626,296			2,516,723			2,501,198			2,479,036			2,427,537			4		8
Preferred stock	29,406			27,669			28,241			26,993			27,126			6		8
Common stockholders’ equity	234,530			232,878			235,613			233,026			230,051			1		2
TOTAL STOCKHOLDERS’ EQUITY	263,936			260,547			263,854			260,019			257,177			1		3
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,890,232		$	2,777,270		$	2,765,052		$	2,739,055		$	2,684,714		4		8
AVERAGE RATES (d)
INTEREST-EARNING ASSETS
Deposits with banks	0.82		%	1.00		%	1.33		%	1.57		%	1.64		%
Federal funds sold and securities purchased under
resale agreements	1.74			2.05			2.21			2.33			2.32
Securities borrowed	0.45			0.81			1.23			1.48			1.30
Trading assets - debt instruments	2.87			3.03			3.12			3.34			3.50
Investment securities	2.48			2.65			2.92			3.28			3.37
Loans	5.00			5.11			5.29			5.36			5.41
All other interest-earning assets (a)	2.58			3.45			4.27			4.07			3.98
Total interest-earning assets	3.14			3.35			3.56			3.73			3.80
INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.52			0.67			0.85			0.88			0.82
Federal funds purchased and securities loaned or
sold under repurchase agreements	1.30			1.77			2.05			2.16			2.15
Short-term borrowings (b)	1.63			1.97			2.31			2.49			2.59
Trading liabilities - debt and other interest-bearing liabilities (c)	0.77			1.04			1.43			1.60			1.59
Beneficial interests issued by consolidated VIEs	2.02			2.22			2.53			2.63			2.66
Long-term debt	2.88			3.21			3.49			3.69			3.82
Total interest-bearing liabilities	0.97			1.22			1.47			1.56			1.55
INTEREST RATE SPREAD	2.17		%	2.13		%	2.09		%	2.17		%	2.25		%
NET YIELD ON INTEREST-EARNING ASSETS	2.37		%	2.38		%	2.41		%	2.49		%	2.57		%
Memo: Net yield on interest-earning assets excluding CIB Markets (e)	3.01		%	3.06		%	3.23		%	3.35		%	3.43		%

(a) 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.

(b) Includes commercial paper.

(c) All other interest-bearing liabilities include prime brokerage-related customer payables.

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

(e) Net yield on interest-earning assets excluding CIB Markets is a non-GAAP financial measure. Refer to page 28 for further discussion of the net yield on interest-earning assets excluding CIB Markets.

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. Refer to the notes on Non-GAAP Financial Measures on page 28 for additional information on managed basis.

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

	QUARTERLY TRENDS
																1Q20 Change
	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19		1Q19
OTHER INCOME
Other income - reported	$	1,156		$	1,492		$	1,472		$	1,292		$	1,475		(23	)%	(22	)%
Fully taxable-equivalent adjustments (a)	708			757			596			596			585			(6	)	21
Other income - managed	$	1,864		$	2,249		$	2,068		$	1,888		$	2,060		(17	)	(10	)
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	13,812		$	14,165		$	15,113		$	14,434		$	14,670		(2	)	(6	)
Fully taxable-equivalent adjustments (a)	708			757			596			596			585			(6	)	21
Total noninterest revenue - managed	$	14,520		$	14,922		$	15,709		$	15,030		$	15,255		(3	)	(5	)
NET INTEREST INCOME
Net interest income - reported	$	14,439		$	14,166		$	14,228		$	14,398		$	14,453		2		—
Fully taxable-equivalent adjustments (a)	110			123			127			138			143			(11	)	(23	)
Net interest income - managed	$	14,549		$	14,289		$	14,355		$	14,536		$	14,596		2		—
TOTAL NET REVENUE
Total net revenue - reported	$	28,251		$	28,331		$	29,341		$	28,832		$	29,123		—		(3	)
Fully taxable-equivalent adjustments (a)	818			880			723			734			728			(7	)	12
Total net revenue - managed	$	29,069		$	29,211		$	30,064		$	29,566		$	29,851		—		(3	)
PRE-PROVISION PROFIT
Pre-provision profit - reported	$	11,401		$	11,992		$	12,919		$	12,491		$	12,728		(5	)	(10	)
Fully taxable-equivalent adjustments (a)	818			880			723			734			728			(7	)	12
Pre-provision profit - managed	$	12,219		$	12,872		$	13,642		$	13,225		$	13,456		(5	)	(9	)
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	3,116		$	10,565		$	11,405		$	11,342		$	11,233		(71	)	(72	)
Fully taxable-equivalent adjustments (a)	818			880			723			734			728			(7	)	12
Income before income tax expense - managed	$	3,934		$	11,445		$	12,128		$	12,076		$	11,961		(66	)	(67	)
INCOME TAX EXPENSE
Income tax expense - reported	$	251		$	2,045		$	2,325		$	1,690		$	2,054		(88	)	(88	)
Fully taxable-equivalent adjustments (a)	818			880			723			734			728			(7	)	12
Income tax expense - managed	$	1,069		$	2,925		$	3,048		$	2,424		$	2,782		(63	)	(62	)
OVERHEAD RATIO
Overhead ratio - reported	60		%	58		%	56		%	57		%	56		%
Overhead ratio - managed	58			56			55			55			55

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

Page 7

JPMORGAN CHASE & CO.
SEGMENT RESULTS - MANAGED BASIS
(in millions)
	QUARTERLY TRENDS
														1Q20 Change
	1Q20			4Q19			3Q19		2Q19			1Q19		4Q19		1Q19
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	13,171		$	13,795		$	14,008	$	13,569		$	13,490	(5	)%	(2	)%
Corporate & Investment Bank	9,948			9,647			9,522		9,831			10,034		3		(1	)
Commercial Banking	2,178			2,297			2,274		2,285			2,413		(5	)	(10	)
Asset & Wealth Management	3,606			3,700			3,568		3,559			3,489		(3	)	3
Corporate	166			(228		)	692		322			425		NM		(61	)
TOTAL NET REVENUE	$	29,069		$	29,211		$	30,064	$	29,566		$	29,851	—		(3	)
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	7,161		$	7,011		$	7,075	$	6,921		$	6,970	2		3
Corporate & Investment Bank	5,896			5,392			5,504		5,661			5,629		9		5
Commercial Banking	988			943			940		931			938		5		5
Asset & Wealth Management	2,659			2,650			2,622		2,596			2,647		—		—
Corporate	146			343			281		232			211		(57	)	(31	)
TOTAL NONINTEREST EXPENSE	$	16,850		$	16,339		$	16,422	$	16,341		$	16,395	3		3
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	6,010		$	6,784		$	6,933	$	6,648		$	6,520	(11	)	(8	)
Corporate & Investment Bank	4,052			4,255			4,018		4,170			4,405		(5	)	(8	)
Commercial Banking	1,190			1,354			1,334		1,354			1,475		(12	)	(19	)
Asset & Wealth Management	947			1,050			946		963			842		(10	)	12
Corporate	20			(571		)	411		90			214		NM		(91	)
PRE-PROVISION PROFIT	$	12,219		$	12,872		$	13,642	$	13,225		$	13,456	(5	)	(9	)
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	5,772		$	1,207		$	1,311	$	1,120		$	1,314	378		339
Corporate & Investment Bank	1,401			98			92		—			87		NM		NM
Commercial Banking	1,010			110			67		29			90		NM		NM
Asset & Wealth Management	94			13			44		2			2		NM		NM
Corporate	8			(1		)	—		(2		)	2		NM		300
PROVISION FOR CREDIT LOSSES	$	8,285		$	1,427		$	1,514	$	1,149		$	1,495	481		454
NET INCOME/(LOSS)
Consumer & Community Banking	$	191		$	4,214		$	4,245	$	4,157		$	3,947	(95	)	(95	)
Corporate & Investment Bank	1,988			2,938			2,831		2,946			3,260		(32	)	(39	)
Commercial Banking	147			944			943		1,002			1,060		(84	)	(86	)
Asset & Wealth Management	664			785			668		719			661		(15	)	—
Corporate	(125		)	(361		)	393		828			251		65		NM
TOTAL NET INCOME	$	2,865		$	8,520		$	9,080	$	9,652		$	9,179	(66	)	(69	)

In the first quarter of 2020, the Merchant Services business was realigned from CCB to CIB as part of the Firm’s Wholesale Payments business. The prior period amounts were revised to conform with the current presentation. Refer to page 30 for further information.

Page 8

JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
																		Mar 31, 2020
																		Change
	Mar 31,				Dec 31,				Sep 30,			Jun 30,			Mar 31,			Dec 31,		Mar 31,
	2020				2019				2019			2019			2019			2019		2019
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	183,585		(e)	$	187,753			$	188,151		$	189,169		$	186,116		(2	)%	(1	)%
Tier 1 capital	213,384			(e)	214,432				214,831			215,808			212,644			—		—
Total capital	247,530			(e)	242,589				243,500			244,490			241,483			2		3
Risk-weighted assets	1,599,920			(e)	1,515,869				1,527,762			1,545,101			1,542,903			6		4
CET1 capital ratio	11.5		%	(e)	12.4		%		12.3		%	12.2		%	12.1		%
Tier 1 capital ratio	13.3			(e)	14.1				14.1			14.0			13.8
Total capital ratio	15.5			(e)	16.0				15.9			15.8			15.7
Advanced
CET1 capital	$	183,585		(e)	$	187,753			$	188,151		$	189,169		$	186,116		(2	)	(1	)
Tier 1 capital	213,384			(e)	214,432				214,831			215,808			212,644			—		—
Total capital	234,423			(e)	232,112				233,203			234,507			231,454			1		1
Risk-weighted assets	1,491,797			(e)	1,397,878				1,435,693			1,449,211			1,432,526			7		4
CET1 capital ratio	12.3		%	(e)	13.4		%		13.1		%	13.1		%	13.0		%
Tier 1 capital ratio	14.3			(e)	15.3				15.0			14.9			14.8
Total capital ratio	15.7			(e)	16.6				16.2			16.2			16.2
Leverage-based capital metrics
Adjusted average assets (b)	$	2,842,222		(e)	$	2,730,239			$	2,717,852		$	2,692,225		$	2,637,741		4		8
Tier 1 leverage ratio	7.5		%	(e)	7.9		%		7.9		%	8.0		%	8.1		%
Total leverage exposure	3,535,603			(e)	3,423,431				3,404,535			3,367,154			3,309,501			3		7
SLR	6.0		%	(e)	6.3		%		6.3		%	6.4		%	6.4		%
TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders’ equity	$	231,199			$	234,337			$	235,985		$	236,222		$	232,844		(1	)	(1	)
Less: Goodwill	47,800				47,823				47,818			47,477			47,474			—		1
Less: Other intangible assets	800				819				841			732			737			(2	)	9
Add: Certain deferred tax liabilities (d)	2,389				2,381				2,371			2,316			2,293			—		4
Total tangible common equity	$	184,988			$	188,076			$	189,697		$	190,329		$	186,926		(2	)	(1	)
TANGIBLE COMMON EQUITY (average) (c)
Common stockholders’ equity	$	234,530			$	232,878			$	235,613		$	233,026		$	230,051		1		2
Less: Goodwill	47,812				47,819				47,707			47,472			47,475			—		1
Less: Other intangible assets	812				831				842			741			744			(2	)	9
Add: Certain deferred tax liabilities (d)	2,385				2,375				2,344			2,304			2,287			—		4
Total tangible common equity	$	188,291			$	186,603			$	189,408		$	187,117		$	184,119		1		2
INTANGIBLE ASSETS (period-end)
Goodwill	$	47,800			$	47,823			$	47,818		$	47,477		$	47,474		—		1
Mortgage servicing rights	3,267				4,699				4,419			5,093			5,957			(30	)	(45	)
Other intangible assets	800				819				841			732			737			(2	)	9
Total intangible assets	$	51,867			$	53,341			$	53,078		$	53,302		$	54,168		(3	)	(4	)

Effective January 1, 2020, the Firm adopted the CECL accounting guidance. Refer to page 29 for further information.

(a) As of March 31, 2020, the capital measures reflect the revised CECL capital transition provisions and the removal of assets purchased pursuant to a non-recourse loan provided under the MMLF, as provided by the U.S. banking agencies. Refer to page 29 for further information on the revised CECL capital transition provisions and Capital Risk Management on pages 85-92 of the Firm’s 2019 Form 10-K for additional information on these capital measures.

(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) Refer to page 28 for further discussion of TCE.

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

(e) Estimated.

Page 9

JPMORGAN CHASE & CO.
EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)
	QUARTERLY TRENDS
																1Q20 Change
	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19		1Q19
EARNINGS PER SHARE
Basic earnings per share
Net income	$	2,865		$	8,520		$	9,080		$	9,652		$	9,179		(66	)%	(69	)%
Less: Preferred stock dividends	421			386			423			404			374			9		13
Net income applicable to common equity	2,444			8,134			8,657			9,248			8,805			(70	)	(72	)
Less: Dividends and undistributed earnings allocated to
participating securities	13			44			51			56			52			(70	)	(75	)
Net income applicable to common stockholders	$	2,431		$	8,090		$	8,606		$	9,192		$	8,753		(70	)	(72	)
Total weighted-average basic shares outstanding	3,095.8			3,140.7			3,198.5			3,250.6			3,298.0			(1	)	(6	)
Net income per share	$	0.79		$	2.58		$	2.69		$	2.83		$	2.65		(69	)	(70	)
Diluted earnings per share
Net income applicable to common stockholders	$	2,431		$	8,090		$	8,606		$	9,192		$	8,753		(70	)	(72	)
Total weighted-average basic shares outstanding	3,095.8			3,140.7			3,198.5			3,250.6			3,298.0			(1	)	(6	)
Add: Dilutive impact of stock appreciation rights (“SARs”) and     employee stock options, unvested performance share units     (“PSUs”) and nondividend-earning restricted stock units     (“RSUs”)	4.9			7.8			8.7			9.1			10.2			(37	)	(52	)
Total weighted-average diluted shares outstanding	3,100.7			3,148.5			3,207.2			3,259.7			3,308.2			(2	)	(6	)
Net income per share	$	0.78		$	2.57		$	2.68		$	2.82		$	2.65		(70	)	(71	)
COMMON DIVIDENDS
Cash dividends declared per share	$	0.90		$	0.90		$	0.90		$	0.80		$	0.80		—		13
Dividend payout ratio	114		%	35		%	33		%	28		%	30		%
COMMON EQUITY REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	50.0			54.0			62.0			47.5			49.5			(7	)	1
Average price paid per share of common stock	$	127.92		$	127.24		$	112.07		$	109.83		$	102.78		1		24
Aggregate repurchases of common equity	6,397			6,871			6,949			5,210			5,091			(7	)	26
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	13.0			1.5			1.0			1.0			17.7			NM		(27	)
Net impact of employee issuances on stockholders’ equity (b)	$	398		$	132		$	232		$	258		$	348		202		14

(a) On March 15, 2020, in response to the COVID-19 pandemic, the Firm temporarily suspended repurchases of its common equity through the second quarter of 2020. The current equity repurchase program, which was announced on June 27, 2019, authorized the Firm to repurchase up to $29.4 billion of common equity between July 1, 2019 and June 30, 2020.

(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.

Page 10

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS
																	1Q20 Change
	1Q20			4Q19			3Q19			2Q19				1Q19			4Q19		1Q19
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees (a)	$	972		$	1,032		$	1,026		$	971			$	909		(6	)%	7	%
Asset management, administration and commissions (a)	585			609			606			620				581			(4	)	1
Mortgage fees and related income (b)	320			474			886			279				396			(32	)	(19	)
Card income	768			1,029			955			998				909			(25	)	(16	)
All other income	1,373			1,396			1,383			1,321				1,290			(2	)	6
Noninterest revenue	4,018			4,540			4,856			4,189				4,085			(11	)	(2	)
Net interest income (b)	9,153			9,255			9,152			9,380				9,405			(1	)	(3	)
TOTAL NET REVENUE	13,171			13,795			14,008			13,569				13,490			(5	)	(2	)
Provision for credit losses	5,772			1,207			1,311			1,120				1,314			378		339
NONINTEREST EXPENSE
Compensation expense	2,597			2,497			2,544			2,531				2,566			4		1
Noncompensation expense (c)	4,564			4,514			4,531			4,390				4,404			1		4
TOTAL NONINTEREST EXPENSE	7,161			7,011			7,075			6,921				6,970			2		3
Income before income tax expense	238			5,577			5,622			5,528				5,206			(96	)	(95	)
Income tax expense	47			1,363			1,377			1,371				1,259			(97	)	(96	)
NET INCOME	$	191		$	4,214		$	4,245		$	4,157			$	3,947		(95	)	(95	)
REVENUE BY LINE OF BUSINESS
Consumer & Business Banking	$	6,091		$	6,537		$	6,782		$	6,897			$	6,661		(7	)	(9	)
Home Lending (b)	1,161			1,250			1,465			1,118				1,346			(7	)	(14	)
Card & Auto	5,919			6,008			5,761			5,554				5,483			(1	)	8
MORTGAGE FEES AND RELATED INCOME DETAILS:
Net production revenue (b)	319			327			738			353				200			(2	)	60
Net mortgage servicing revenue (d)	1			147			148			(74		)		196			(99	)	(99	)
Mortgage fees and related income	$	320		$	474		$	886		$	279			$	396		(32	)	(19	)
FINANCIAL RATIOS
ROE	1		%	31		%	31		%	31			%	30		%
Overhead ratio	54			51			51			51				52

In the first quarter of 2020, the Merchant Services business was realigned from CCB to CIB as part of the Firm’s Wholesale Payments business. The prior period amounts were revised to conform with the current presentation. Refer to page 30 for further information.

(a) In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions to lending- and deposit-related fees. The prior period amounts were revised to conform with the current presentation.

(b) Net production revenue in the third quarter of 2019 included approximately $350 million of gains on the sale of certain mortgage loans that were predominantly offset by a charge in net interest income for the unwind of the related internal funding from Treasury and Chief Investment Office (“CIO”) associated with these loans. The charge reflects the net present value of that funding and is recognized as interest income in Treasury and CIO. Refer to footnote (a) in Corporate on page 23 and Funds Transfer Pricing (“FTP”) on page 61 of the Firm’s 2019 Form 10-K for further information.

(c) Included depreciation expense on leased assets of $1.1 billion, $1.1 billion, $1.0 billion, $957 million and $967 million for the three months ended March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019, and March 31, 2019, respectively.

(d) Included MSR risk management results of $(90) million, $35 million, $53 million, $(244) million and $(9) million for the three months ended March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019, and March 31, 2019, respectively.

Page 11

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)
	QUARTERLY TRENDS
											1Q20 Change
	1Q20		4Q19		3Q19		2Q19		1Q19		4Q19		1Q19
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	506,147	$	532,538	$	525,223	$	536,758	$	539,127	(5	)%	(6	)%
Loans:
Consumer & Business Banking	27,709		27,199		26,699		26,616		26,492		2		5
Home Lending	196,401		199,799		203,339		219,533		230,599		(2	)	(15	)
Card	154,021		168,924		159,571		157,576		150,527		(9	)	2
Auto	61,468		61,522		61,410		62,073		62,786		—		(2	)
Total loans	439,599		457,444		451,019		465,798		470,404		(4	)	(7	)
Deposits	775,068		718,354		701,111		695,096		702,587		8		10
Equity	52,000		52,000		52,000		52,000		52,000		—		—
SELECTED BALANCE SHEET DATA (average)
Total assets	$	517,213	$	525,863	$	530,649	$	534,612	$	546,042	(2	)	(5	)
Loans:
Consumer & Business Banking	27,261		26,820		26,550		26,570		26,488		2		3
Home Lending	198,042		201,599		213,372		224,685		238,949		(2	)	(17	)
Card	162,660		162,112		158,168		153,746		151,134		—		8
Auto	60,893		61,100		61,371		62,236		62,763		—		(3	)
Total loans	448,856		451,631		459,461		467,237		479,334		(1	)	(6	)
Deposits	733,648		707,953		693,943		690,892		681,013		4		8
Equity	52,000		52,000		52,000		52,000		52,000		—		—
Headcount	122,081		123,115		123,532		123,580		124,305		(1	)	(2	)

In the first quarter of 2020, the Merchant Services business was realigned from CCB to CIB as part of the Firm’s Wholesale Payments business. The prior period amounts were revised to conform with the current presentation. Refer to page 30 for further information.

Page 12

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)	QUARTERLY TRENDS
																					1Q20 Change
	1Q20				4Q19				3Q19				2Q19				1Q19				4Q19		1Q19
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)	$	4,008			$	3,018			$	3,099			$	3,142			$	3,265			33	%	23	%
Net charge-offs/(recoveries)
Consumer & Business Banking	74				92				79				66				59				(20	)	25
Home Lending	(122		)		(23		)		(42		)		(28		)		(5		)		(430	)	NM
Card	1,313				1,231				1,175				1,240				1,202				7		9
Auto	48				57				49				42				58				(16	)	(17	)
Total net charge-offs/(recoveries)	$	1,313			$	1,357			$	1,261			$	1,320			$	1,314			(3	)	—
Net charge-off/(recovery) rate
Consumer & Business Banking	1.09			%	1.36			%	1.18			%	1.00			%	0.90			%
Home Lending	(0.25		)		(0.05		)		(0.08		)		(0.05		)		(0.01		)
Card	3.25				3.01				2.95				3.24				3.23
Auto	0.32				0.37				0.32				0.27				0.37
Total net charge-off/(recovery) rate	1.18				1.20				1.10				1.14				1.11
30+ day delinquency rate
Home Lending (c)(d)	1.48				1.58				1.63				1.55				1.62
Card	1.96				1.87				1.84				1.71				1.85
Auto	0.89				0.94				0.88				0.82				0.63
90+ day delinquency rate - Card	1.02				0.95				0.90				0.87				0.97
Allowance for loan losses
Consumer & Business Banking	$	882			$	746			$	746			$	796			$	796			18		11
Home Lending	2,137				1,890				2,159				2,302				2,741				13		(22	)
Card	14,950				5,683				5,583				5,383				5,183				163		188
Auto	732				465				465				465				465				57		57
Total allowance for loan losses	$	18,701			$	8,784			$	8,953			$	8,946			$	9,185			113		104

Effective January 1, 2020, the Firm adopted the CECL accounting guidance. The adoption resulted in a change in the accounting for PCI loans, which are considered purchased credit deteriorated (“PCD”) loans under CECL. Refer to page 29 for further information.

(a) At March 31, 2020, nonaccrual loans included $970 million of PCD loans. Prior to the adoption of CECL, nonaccrual loans excluded PCI loans as the Firm recognized interest income on each pool of PCI loans as each of the pools was performing.

(b) At March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $616 million, $961 million, $1.6 billion, $1.8 billion and $2.2 billion, respectively. These amounts have been excluded based upon the government guarantee.

(c) At March 31, 2020, the 30+ day delinquency rates included PCD loans. The rates prior to January 1, 2020 were revised to include the impact of PCI loans.

(d) At March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, excluded mortgage loans insured by U.S. government agencies of $1.0 billion, $1.7 billion, $2.7 billion, $2.9 billion and $3.2 billion, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

Page 13

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS
																					1Q20 Change
	1Q20				4Q19				3Q19				2Q19				1Q19				4Q19		1Q19
BUSINESS METRICS
Number of:
Branches	4,967				4,976				4,949				4,970				5,028				—	%	(1	)%
Active digital customers (in thousands) (a)	53,799				52,421				51,843				51,032				50,651				3		6
Active mobile customers (in thousands) (b)	38,236				37,297				36,510				35,392				34,371				3		11
Debit and credit card sales volume (in billions)	$	266.0			$	295.6			$	282.2			$	281.5			$	255.1			(10	)	4
Consumer & Business Banking
Average deposits	$	718,909			$	691,696			$	678,281			$	676,663			$	668,526			4		8
Deposit margin	2.06			%	2.28			%	2.47			%	2.60			%	2.62			%
Business banking origination volume	$	1,491			$	1,827			$	1,550			$	1,741			$	1,480			(18	)	1
Client investment assets	322,999				358,036				337,915				328,141				312,310				(10	)	3
Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	14.1			$	16.4			$	14.2			$	12.5			$	7.9			(14	)	78
Correspondent	14.0				16.9				18.2				12.0				7.1				(17	)	97
Total mortgage origination volume (c)	$	28.1			$	33.3			$	32.4			$	24.5			$	15.0			(16	)	87
Total loans serviced (period-end)	$	737.8			$	761.4			$	774.8			$	780.1			$	791.5			(3	)	(7	)
Third-party mortgage loans serviced (period-end)	505.0				520.8				535.8				526.6				529.6				(3	)	(5	)
MSR carrying value (period-end)	3.3				4.7				4.4				5.1				6.0				(30	)	(45	)
Ratio of MSR carrying value (period-end) to third-party
mortgage loans serviced (period-end)	0.65			%	0.90			%	0.82			%	0.97			%	1.13			%
MSR revenue multiple (d)	2.10		x		2.73		x		2.41		x		2.69		x		3.32		x
Credit Card
Credit card sales volume, excluding Commercial Card (in billions)	$	179.1			$	204.2			$	193.6			$	192.5			$	172.5			(12	)	4
Net revenue rate	10.68			%	10.76			%	10.53			%	10.53			%	10.68			%
Auto
Loan and lease origination volume (in billions)	$	8.3			$	8.5			$	9.1			$	8.5			$	7.9			(2	)	5
Average auto operating lease assets	23,081				22,427				21,765				21,314				20,831				3		11

(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 $31.9 billion, $37.4 billion, $35.8 billion, $26.3 billion and $16.4 billion for the three months ended March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, 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
																1Q20 Change
	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19		1Q19
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,907		$	1,904		$	1,981		$	1,846		$	1,844		—	%	3	%
Principal transactions	3,188			2,932			3,418			3,885			4,164			9		(23	)
Lending- and deposit-related fees (a)	450			462			398			412			396			(3	)	14
Asset management, administration and commissions (a)	1,261			1,059			1,160			1,112			1,067			19		18
All other income	35			622			397			405			365			(94	)	(90	)
Noninterest revenue	6,841			6,979			7,354			7,660			7,836			(2	)	(13	)
Net interest income	3,107			2,668			2,168			2,171			2,198			16		41
TOTAL NET REVENUE (b)	9,948			9,647			9,522			9,831			10,034			3		(1	)
Provision for credit losses	1,401			98			92			—			87			NM		NM
NONINTEREST EXPENSE
Compensation expense	3,006			2,377			2,873			2,839			3,091			26		(3	)
Noncompensation expense	2,890			3,015			2,631			2,822			2,538			(4	)	14
TOTAL NONINTEREST EXPENSE	5,896			5,392			5,504			5,661			5,629			9		5
Income before income tax expense	2,651			4,157			3,926			4,170			4,318			(36	)	(39	)
Income tax expense	663			1,219			1,095			1,224			1,058			(46	)	(37	)
NET INCOME	$	1,988		$	2,938		$	2,831		$	2,946		$	3,260		(32	)	(39	)
FINANCIAL RATIOS
ROE	9		%	14		%	13		%	14		%	16		%
Overhead ratio	59			56			58			58			56
Compensation expense as percentage of total net revenue	30			25			30			29			31
REVENUE BY BUSINESS
Investment Banking	$	886		$	1,823		$	1,871		$	1,776		$	1,745		(51	)	(49	)
Wholesale Payments	1,359			1,433			1,361			1,402			1,415			(5	)	(4	)
Lending	350			250			253			260			258			40		36
Total Banking	2,595			3,506			3,485			3,438			3,418			(26	)	(24	)
Fixed Income Markets	4,993			3,446			3,557			3,690			3,725			45		34
Equity Markets	2,237			1,508			1,517			1,728			1,741			48		28
Securities Services	1,074			1,061			1,034			1,045			1,014			1		6
Credit Adjustments & Other (c)	(951		)	126			(71		)	(70		)	136			NM		NM
Total Markets & Securities Services	7,353			6,141			6,037			6,393			6,616			20		11
TOTAL NET REVENUE	$	9,948		$	9,647		$	9,522		$	9,831		$	10,034		3		(1	)

In the first quarter of 2020, the Merchant Services business was realigned from CCB to CIB as part of the Firm’s Wholesale Payments business. The prior period amounts were revised to conform with the current presentation. Refer to page 30 for further information.

(a) In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions to lending- and deposit-related fees. Prior period amounts were revised to conform with the current presentation.

(b) 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 $667 million, $646 million, $527 million, $547 million and $539 million for the three months ended March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019, and March 31, 2019, respectively.

(c) Consists primarily of credit valuation adjustments (“CVA”) managed centrally within CIB and funding valuation adjustments (“FVA”) on derivatives and certain components of fair value option elected liabilities. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.

Page 15

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS
																1Q20 Change
	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19		1Q19
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	1,217,459		$	914,705		$	1,030,396		$	976,430		$	1,019,470		33	%	19	%
Loans:
Loans retained (a)	165,376			121,733			118,290			123,074			127,086			36		30
Loans held-for-sale and loans at fair value	9,326			10,112			8,324			6,838			7,783			(8	)	20
Total loans	174,702			131,845			126,614			129,912			134,869			33		30
Equity	80,000			80,000			80,000			80,000			80,000			—		—
SELECTED BALANCE SHEET DATA (average)
Assets	$	1,082,820		$	994,152		$	1,011,246		$	1,000,517		$	967,632		9		12
Trading assets - debt and equity instruments	427,316			398,604			415,450			421,775			381,312			7		12
Trading assets - derivative receivables	55,133			45,153			48,266			48,815			50,609			22		9
Loans:
Loans retained (a)	128,838			119,412			119,007			124,194			126,990			8		1
Loans held-for-sale and loans at fair value	9,818			9,708			8,344			7,763			8,615			1		14
Total loans	138,656			129,120			127,351			131,957			135,605			7		2
Equity	80,000			80,000			80,000			80,000			80,000			—		—
Headcount	60,245			60,013			60,028			59,111			58,811			—		2
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	55		$	43		$	38		$	72		$	30		28		83
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (b)	689			308			712			569			812			124		(15	)
Nonaccrual loans held-for-sale and loans at fair value	138			95			262			370			313			45		(56	)
Total nonaccrual loans	827			403			974			939			1,125			105		(26	)
Derivative receivables	85			30			26			39			44			184		94
Assets acquired in loan satisfactions	43			70			75			58			58			(39	)	(26	)
Total nonperforming assets	955			503			1,075			1,036			1,227			90		(22	)
Allowance for credit losses:
Allowance for loan losses	1,422			1,202			1,171			1,131			1,252			18		14
Allowance for lending-related commitments	1,468			848			824			807			758			73		94
Total allowance for credit losses	2,890			2,050			1,995			1,938			2,010			41		44
Net charge-off/(recovery) rate (a)(c)	0.17		%	0.14		%	0.13		%	0.23		%	0.10		%
Allowance for loan losses to period-end loans retained (a)	0.86			0.99			0.99			0.92			0.99
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (d)	1.11			1.31			1.33			1.27			1.34
Allowance for loan losses to nonaccrual loans retained (a)(b)	206			390			164			199			154
Nonaccrual loans to total period-end loans	0.47			0.31			0.77			0.72			0.83

In the first quarter of 2020, the Merchant Services business was realigned from CCB to CIB as part of the Firm’s Wholesale Payments business. The prior period amounts were revised to conform with the current presentation. Refer to page 30 for further information.

(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 $317 million, $110 million, $207 million, $147 million and $252 million were held against nonaccrual loans at March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019, and March 31, 2019, 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
																1Q20 Change
	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19		1Q19
BUSINESS METRICS
Advisory	$	503		$	702		$	506		$	525		$	644		(28	)%	(22	)%
Equity underwriting	331			382			514			505			265			(13	)	25
Debt underwriting	1,073			820			961			816			935			31		15
Total investment banking fees	$	1,907		$	1,904		$	1,981		$	1,846		$	1,844		—		3
Client deposits and other third-party liabilities (average) (a)	514,464			485,037			471,328			458,237			444,055			6		16
Merchant processing volume (in billions) (b)	374.8			402.9			380.5			371.6			356.5			(7	)	5
Assets under custody (“AUC”) (period-end) (in billions)	$	24,409		$	26,831		$	25,695		$	25,450		$	24,716		(9	)	(1	)
95% Confidence Level - Total CIB VaR (average) (c)
CIB trading VaR by risk type: (d)
Fixed income	$	60		$	39		$	37		$	39		$	44		54		36
Foreign exchange	7			5			6			7			9			40		(22	)
Equities	20			18			22			25			16			11		25
Commodities and other	10			7			8			9			10			43		—
Diversification benefit to CIB trading VaR (e)	(40		)	(32		)	(34		)	(36		)	(32		)	(25	)	(25	)
CIB trading VaR (d)	57			37			39			44			47			54		21
Credit portfolio VaR (f)	9			5			5			5			5			80		80
Diversification benefit to CIB VaR (e)	(8		)	(5		)	(6		)	(5		)	(4		)	(60	)	(100	)
CIB VaR	$	58		$	37		$	38		$	44		$	48		57		21

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

(b) Represents total merchant processing volume across CIB, CCB and CB. Refer to page 30 for additional information.

(c) Effective January 1, 2020, the Firm refined the scope of VaR to exclude positions related to the risk management of interest rate exposure from changes in the Firm’s own credit spread on fair value option elected liabilities, and included these positions in other-sensitivity based measures. This change was made to more appropriately reflect the risk from changes in the Firm’s own credit spread on fair value option elected liabilities in a single market risk measure. In the absence of this refinement, the average VaR for each of the following reported components would have been higher by the following amounts: CIB fixed income of $4 million, CIB Trading VaR $5 million and CIB VaR $6 million for the three months ended March 31, 2019.

(d) 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. Refer to VaR measurement on pages 121–123 of the Firm’s 2019 Form 10-K for further information.

(e) 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.

(f) 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
																	1Q20 Change
	1Q20				4Q19			3Q19			2Q19			1Q19			4Q19		1Q19
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees (a)	$	261			$	256		$	228		$	224		$	233		2	%	12	%
All other income (a)	360				437			438			399			500			(18	)	(28	)
Noninterest revenue	621				693			666			623			733			(10	)	(15	)
Net interest income	1,557				1,604			1,608			1,662			1,680			(3	)	(7	)
TOTAL NET REVENUE (b)	2,178				2,297			2,274			2,285			2,413			(5	)	(10	)
Provision for credit losses	1,010				110			67			29			90			NM		NM
NONINTEREST EXPENSE
Compensation expense	472				444			454			438			449			6		5
Noncompensation expense	513				499			486			493			489			3		5
Amortization of intangibles	3				—			—			—			—			NM		NM
TOTAL NONINTEREST EXPENSE	988				943			940			931			938			5		5
Income before income tax expense	180				1,244			1,267			1,325			1,385			(86	)	(87	)
Income tax expense	33				300			324			323			325			(89	)	(90	)
NET INCOME	$	147			$	944		$	943		$	1,002		$	1,060		(84	)	(86	)
Revenue by product
Lending	$	954			$	1,027		$	1,006		$	1,012		$	1,012		(7	)	(6	)
Wholesale payments	991				1,021			1,017			1,063			1,104			(3	)	(10	)
Investment banking (c)	235				211			226			193			289			11		(19	)
Other	(2		)		38			25			17			8			NM		NM
Total Commercial Banking net revenue (b)	$	2,178			$	2,297		$	2,274		$	2,285		$	2,413		(5	)	(10	)
Investment banking revenue, gross (d)	$	686			$	634		$	700		$	592		$	818		8		(16	)
Revenue by client segment
Middle Market Banking	$	946			$	934		$	925		$	961		$	974		1		(3	)
Corporate Client Banking	681				759			767			744			851			(10	)	(20	)
Commercial Real Estate Banking	541				537			547			538			547			1		(1	)
Other	10				67			35			42			41			(85	)	(76	)
Total Commercial Banking net revenue (b)	$	2,178			$	2,297		$	2,274		$	2,285		$	2,413		(5	)	(10	)
FINANCIAL RATIOS
ROE	2			%	16		%	16		%	17		%	19		%
Overhead ratio	45				41			41			41			39

In the first quarter of 2020, the Merchant Services business was realigned from CCB to CIB and the revenue and expense of the business is reported across CCB, CIB and CB based primarily on client relationship. In conjunction with this realignment, treasury services product revenue has been renamed wholesale payments. Prior period revenue and expense amounts were revised to conform with the current presentation. Refer to page 30 for further information.

(a) In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions (which are included in all other income) to lending- and deposit-related fees. Prior period amounts were revised to conform with the current presentation.

(b) Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities and in entities established for rehabilitation of historic properties, as well as tax-exempt income related to municipal financing activities of $81 million, $152 million, $114 million, $100 million and $94 million for the three months ended March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019, and March 31, 2019, respectively.

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

(d) Refer to page 60 of the Firm’s 2019 Form 10-K for discussion of revenue sharing.

Page 18

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)	QUARTERLY TRENDS
																1Q20 Change
	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19		1Q19
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	247,786		$	220,514		$	222,483		$	220,712		$	216,111		12	%	15	%
Loans:
Loans retained	232,254			207,287			209,448			208,323			204,927			12		13
Loans held-for-sale and loans at fair value	1,112			1,009			3,187			1,284			410			10		171
Total loans	$	233,366		$	208,296		$	212,635		$	209,607		$	205,337		12		14
Equity	22,000			22,000			22,000			22,000			22,000			—		—
Period-end loans by client segment
Middle Market Banking	$	60,317		$	54,188		$	54,298		$	56,346		$	56,846		11		6
Corporate Client Banking	69,540			51,165			55,976			51,500			46,897			36		48
Commercial Real Estate Banking	102,799			101,951			101,326			100,751			100,622			1		2
Other	710			992			1,035			1,010			972			(28	)	(27	)
Total Commercial Banking loans	$	233,366		$	208,296		$	212,635		$	209,607		$	205,337		12		14
SELECTED BALANCE SHEET DATA (average)
Total assets	$	226,071		$	219,891		$	218,620		$	218,760		$	218,297		3		4
Loans:
Loans retained	209,988			208,776			207,286			206,771			204,462			1		3
Loans held-for-sale and loans at fair value	1,831			1,036			963			701			1,634			77		12
Total loans	$	211,819		$	209,812		$	208,249		$	207,472		$	206,096		1		3
Client deposits and other third-party liabilities	188,808			182,546			172,714			168,247			167,260			3		13
Equity	22,000			22,000			22,000			22,000			22,000			—		—
Average loans by client segment
Middle Market Banking	$	56,045		$	54,114		$	54,806		$	57,155		$	56,723		4		(1	)
Corporate Client Banking	53,032			53,187			51,389			48,656			48,141			—		10
Commercial Real Estate Banking	101,526			101,542			101,044			100,671			100,264			—		1
Other	1,216			969			1,010			990			968			25		26
Total Commercial Banking loans	$	211,819		$	209,812		$	208,249		$	207,472		$	206,096		1		3
Headcount	11,779			11,629			11,501			11,248			11,033			1		7
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	100		$	89		$	45		$	15		$	11		12		NM
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (a)	793			498			659			614			544			59		46
Nonaccrual loans held-for-sale and loans
at fair value	—			—			—			—			—			—		—
Total nonaccrual loans	793			498			659			614			544			59		46
Assets acquired in loan satisfactions	24			25			19			20			—			(4	)	NM
Total nonperforming assets	817			523			678			634			544			56		50
Allowance for credit losses:
Allowance for loan losses	2,680			2,780			2,759			2,756			2,766			(4	)	(3	)
Allowance for lending-related commitments	505			293			293			274			250			72		102
Total allowance for credit losses	3,185			3,073			3,052			3,030			3,016			4		6
Net charge-off/(recovery) rate (b)	0.19		%	0.17		%	0.09		%	0.03		%	0.02		%
Allowance for loan losses to period-end loans retained	1.15			1.34			1.32			1.32			1.35
Allowance for loan losses to nonaccrual loans retained (a)	338			558			419			449			508
Nonaccrual loans to period-end total loans	0.34			0.24			0.31			0.29			0.26

(a) Allowance for loan losses of $175 million, $114 million, $119 million, $125 million and $132 million was held against nonaccrual loans retained at March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019, and March 31, 2019, respectively.

(b) 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
																1Q20 Change
	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19		1Q19
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,706		$	2,654		$	2,574		$	2,568		$	2,416		2	%	12	%
All other income	3			173			139			115			177			(98	)	(98	)
Noninterest revenue	2,709			2,827			2,713			2,683			2,593			(4	)	4
Net interest income	897			873			855			876			896			3		—
TOTAL NET REVENUE	3,606			3,700			3,568			3,559			3,489			(3	)	3
Provision for credit losses	94			13			44			2			2			NM		NM
NONINTEREST EXPENSE
Compensation expense	1,411			1,446			1,391			1,406			1,462			(2	)	(3	)
Noncompensation expense	1,248			1,204			1,231			1,190			1,185			4		5
TOTAL NONINTEREST EXPENSE	2,659			2,650			2,622			2,596			2,647			—		—
Income before income tax expense	853			1,037			902			961			840			(18	)	2
Income tax expense	189			252			234			242			179			(25	)	6
NET INCOME	$	664		$	785		$	668		$	719		$	661		(15	)	—
REVENUE BY LINE OF BUSINESS
Asset Management	$	1,740		$	1,892		$	1,816		$	1,785		$	1,761		(8	)	(1	)
Wealth Management	1,866			1,808			1,752			1,774			1,728			3		8
TOTAL NET REVENUE	$	3,606		$	3,700		$	3,568		$	3,559		$	3,489		(3	)	3
FINANCIAL RATIOS
ROE	25		%	29		%	24		%	27		%	25		%
Overhead ratio	74			72			73			73			76
Pretax margin ratio:
Asset Management	24			30			25			25			23
Wealth Management	24			26			25			29			25
Asset & Wealth Management	24			28			25			27			24
Headcount	23,830			24,191			24,228			23,683			24,347			(1	)	(2	)
Number of Wealth Management client advisors	2,878			2,890			2,872			2,735			2,877			—		—

Page 20

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS
																	1Q20 Change
	1Q20			4Q19			3Q19			2Q19				1Q19			4Q19		1Q19
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	186,102		$	182,004		$	174,226		$	172,149			$	165,865		2	%	12	%
Loans	166,058			160,535			153,245			149,877				143,750			3		16
Deposits	168,561			147,804			138,439			136,225				143,348			14		18
Equity	10,500			10,500			10,500			10,500				10,500			—		—
SELECTED BALANCE SHEET DATA (average)
Total assets	$	183,316		$	176,925		$	171,121		$	167,544			$	167,358		4		10
Loans	161,823			156,106			150,486			146,494				145,406			4		11
Deposits	150,631			143,059			138,822			140,317				138,235			5		9
Equity	10,500			10,500			10,500			10,500				10,500			—		—
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	2			$	4		$	26		$	(3	)		$	4		(50	)	(50	)
Nonaccrual loans	304			116			176			127				285			162		7
Allowance for credit losses:
Allowance for loan losses	438			354			350			331				325			24		35
Allowance for lending-related commitments	14			19			16			17				18			(26	)	(22	)
Total allowance for credit losses	452			373			366			348				343			21		32
Net charge-off/(recovery) rate	—		%	0.01		%	0.07		%	(0.01		)	%	0.01		%
Allowance for loan losses to period-end loans	0.26			0.22			0.23			0.22				0.23
Allowance for loan losses to nonaccrual loans	144			305			199			261				114
Nonaccrual loans to period-end loans	0.18			0.07			0.11			0.08				0.20

Page 21

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
																Mar 31, 2020
																Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,		Mar 31,
CLIENT ASSETS	2020			2019			2019			2019			2019			2019		2019
Assets by asset class
Liquidity	$	618		$	542		$	505		$	481		$	476		14	%	30	%
Fixed income	586			602			590			543			495			(3	)	18
Equity	369			474			437			441			427			(22	)	(14	)
Multi-asset and alternatives	666			746			714			713			698			(11	)	(5	)
TOTAL ASSETS UNDER MANAGEMENT	2,239			2,364			2,246			2,178			2,096			(5	)	7
Custody/brokerage/administration/deposits	763			862			815			820			801			(11	)	(5	)
TOTAL CLIENT ASSETS	$	3,002		$	3,226		$	3,061		$	2,998		$	2,897		(7	)	4
Memo:
Alternatives client assets (a)	$	188		$	185		$	183		$	177		$	172		2		9
Assets by client segment
Private Banking	$	617		$	672		$	636		$	617		$	597		(8	)	3
Institutional	1,097			1,074			1,029			991			943			2		16
Retail	525			618			581			570			556			(15	)	(6	)
TOTAL ASSETS UNDER MANAGEMENT	$	2,239		$	2,364		$	2,246		$	2,178		$	2,096		(5	)	7
Private Banking	$	1,355		$	1,504		$	1,424		$	1,410		$	1,371		(10	)	(1	)
Institutional	1,118			1,099			1,051			1,013			965			2		16
Retail	529			623			586			575			561			(15	)	(6	)
TOTAL CLIENT ASSETS	$	3,002		$	3,226		$	3,061		$	2,998		$	2,897		(7	)	4
Assets under management rollforward
Beginning balance	$	2,364		$	2,246		$	2,178		$	2,096		$	1,987
Net asset flows:
Liquidity	75			37			24			4			(5		)
Fixed income	1			9			41			37			19
Equity	(1		)	(1		)	(2		)	(1		)	(6		)
Multi-asset and alternatives	(2		)	6			1			—			(3		)
Market/performance/other impacts	(198		)	67			4			42			104
Ending balance	$	2,239		$	2,364		$	2,246		$	2,178		$	2,096
Client assets rollforward
Beginning balance	$	3,226		$	3,061		$	2,998		$	2,897		$	2,733
Net asset flows	85			58			59			52			9
Market/performance/other impacts	(309		)	107			4			49			155
Ending balance	$	3,002		$	3,226		$	3,061		$	2,998		$	2,897

(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
																	1Q20 Change
	1Q20			4Q19			3Q19			2Q19				1Q19			4Q19		1Q19
INCOME STATEMENT
REVENUE
Principal transactions	$	(113	)	$	(234	)	$	10		$	(175	)		$	(62	)	52	%	(82	)%
Investment securities gains	233			123			78			44				13			89		NM
All other income	211			(6		)	32			6				57			NM		270
Noninterest revenue	331			(117		)	120			(125		)		8			NM		NM
Net interest income (a)	(165		)	(111		)	572			447				417			(49	)	NM
TOTAL NET REVENUE (b)	166			(228		)	692			322				425			NM		(61	)
Provision for credit losses	8			(1		)	—			(2		)		2			NM		300
NONINTEREST EXPENSE (c)	146			343			281			232				211			(57	)	(31	)
Income/(loss) before income tax expense/(benefit)	12			(570		)	411			92				212			NM		(94	)
Income tax expense/(benefit)	137			(209		)	18			(736		)	(f)	(39		)	NM		NM
NET INCOME/(LOSS)	$	(125	)	$	(361	)	$	393		$	828			$	251		65		NM
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”) (a)	169			102			801			618				511			66		(67	)
Other Corporate	(3		)	(330		)	(109		)	(296		)		(86		)	99		97
TOTAL NET REVENUE	$	166		$	(228	)	$	692		$	322			$	425		NM		(61	)
NET INCOME/(LOSS)
Treasury and CIO	83			22			576			462				334			277		(75	)
Other Corporate	(208		)	(383		)	(183		)	366				(83		)	46		(151	)
TOTAL NET INCOME/(LOSS)	$	(125	)	$	(361	)	$	393		$	828			$	251		65		NM
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	981,937		$	837,618		$	812,333		$	821,330			$	796,615		17		23
Loans	1,650			1,649			1,705			1,695				1,885			—		(12	)
Headcount	38,785			38,033			38,155			37,361				37,502			2		3
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains	$	233		$	123		$	78		$	44			$	13		89		NM
Available-for-sale (“AFS”) investment securities (average)	372,954			350,100			305,894			248,612				226,605			7		65
Held-to-maturity (“HTM”) investment securities (average)	46,673			42,125			35,494			30,929				31,082			11		50
Investment securities portfolio (average)	$	419,627		$	392,225		$	341,388		$	279,541			$	257,687		7		63
AFS investment securities (period-end)	397,891			348,876			351,599			274,533				234,832			14		69
HTM investment securities, net of allowance for credit losses (period-end) (d)(e)	71,200			47,540			40,830			30,907				30,849			50		131
Investment securities portfolio, net of allowance for credit losses (period-end) (d)	$	469,091		$	396,416		$	392,429		$	305,440			$	265,681		18		77

(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. Refer to footnote (b) in CCB on page 11 for further information.

(b) Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $61 million, $73 million, $74 million, $81 million and $86 million for the three months ended March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, respectively.

(c) Included legal expense/(benefit) of $(20) million, $(25) million, $(32) million, $(67) million and $(90) million for the three months ended March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019, and March 31, 2019, respectively.

(d) At March 31, 2020, the allowance for credit losses on held-to-maturity securities was $19 million. Refer to page 29 for further information.

(e) During the first quarter of 2020, the Firm transferred $26.1 billion of U.S. government-sponsored enterprise and government agency mortgage-backed securities from AFS to HTM for capital management purposes.

(f) The three months ended June 30, 2019 included income tax benefits of $742 million due to the resolution of certain tax audits.

Page 23

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
											Mar 31, 2020
											Change
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Mar 31,
	2020		2019		2019		2019		2019		2019		2019
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained	$	293,779	$	294,999	$	295,586	$	314,675	$	322,208	—		(9	)
Loans held-for-sale	1,848		3,002		4,821		1,030		4,199		(38	)	(56	)
Total consumer, excluding credit card loans	295,627		298,001		300,407		315,705		326,407		(1	)	(9	)
Credit card loans
Loans retained	154,021		168,924		159,571		157,568		150,515		(9	)	2
Loans held-for-sale	—		—		—		8		12		—		NM
Total credit card loans	154,021		168,924		159,571		157,576		150,527		(9	)	2
Total consumer loans	449,648		466,925		459,978		473,281		476,934		(4	)	(6	)
Wholesale loans (b)
Loans retained	555,289		481,678		473,730		475,485		471,118		15		18
Loans held-for-sale and loans at fair value	10,438		11,166		11,510		8,123		8,193		(7	)	27
Total wholesale loans	565,727		492,844		485,240		483,608		479,311		15		18
Total loans	1,015,375		959,769		945,218		956,889		956,245		6		6
Derivative receivables	81,648		49,766		55,577		52,878		50,333		64		62
Receivables from customers and other (c)	33,376		33,706		32,236		27,414		20,952		(1	)	59
Total credit-related assets	1,130,399		1,043,241		1,033,031		1,037,181		1,027,530		8		10
Lending-related commitments
Consumer, excluding credit card	41,535		40,169		41,697		40,132		37,955		3		9
Credit card (d)	681,442		650,720		645,880		633,970		626,922		5		9
Wholesale	358,485		413,310		405,470		403,767		394,010		(13	)	(9	)
Total lending-related commitments	1,081,462		1,104,199		1,093,047		1,077,869		1,058,887		(2	)	2
Total credit exposure	$	2,211,861	$	2,147,440	$	2,126,078	$	2,115,050	$	2,086,417	3		6
Memo: Total by category
Consumer exposure (e)	$	1,172,625	$	1,157,814	$	1,147,573	$	1,147,404	$	1,141,831	1		3
Wholesale exposures (f)	1,039,236		989,626		978,505		967,646		944,586		5		10
Total credit exposure	$	2,211,861	$	2,147,440	$	2,126,078	$	2,115,050	$	2,086,417	3		6

Effective January 1, 2020, the Firm adopted the CECL accounting guidance. The adoption resulted in a change in the accounting for PCI loans, which are considered PCD loans under CECL. In conjunction with the adoption of CECL, the Firm reclassified certain loans and commitments from the consumer, excluding credit card portfolio segment to the wholesale portfolio segment. Prior periods have been revised to conform with the current presentation. Refer to page 29 for further information.

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

(b) Includes loans held in CIB, CB, AWM , Corporate, as well as risk-rated business banking and auto dealer loans held in CCB for which the wholesale methodology is applied for determining the allowance for loan losses. Excludes scored loans held in CCB, scored prime mortgage and scored home equity loans held in AWM and scored prime mortgage loans held in Corporate.

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

(d) Includes commercial card lending-related commitments primarily in CB and CIB.

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

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

Page 24

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																		Mar 31, 2020
																		Change
	Mar 31,				Dec 31,				Sep 30,			Jun 30,			Mar 31,			Dec 31,		Mar 31,
	2020				2019				2019			2019			2019			2019		2019
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans (b)(c)	$	3,877			$	2,928			$	2,986		$	3,077		$	3,180		32	%	22	%
				��
Wholesale nonaccrual loans
Loans retained	1,957				1,057				1,703			1,423			1,779			85		10
Loans held-for-sale and loans at fair value	138				95				262			370			313			45		(56	)
Total wholesale nonaccrual loans	2,095				1,152				1,965			1,793			2,092			82		—
Total nonaccrual loans	5,972				4,080				4,951			4,870			5,272			46		13
Derivative receivables	85				30				26			39			44			183		93
Assets acquired in loan satisfactions	364				387				366			351			300			(6	)	21
Total nonperforming assets	6,421				4,497				5,343			5,260			5,616			43		14
Wholesale lending-related commitments (d)	619				474			(e)	446			465			455			31		36
Total nonperforming exposure	$	7,040			$	4,971			$	5,789		$	5,725		$	6,071		42		16
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans (c)	0.59		%		0.43		%		0.52		%	0.51		%	0.55		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans (c)	1.31				0.98				0.99			0.97			0.97
Total wholesale nonaccrual loans to total
wholesale loans	0.37				0.23				0.40			0.37			0.44

(a) At March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019, and March 31, 2019, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $616 million, $961 million, $1.6 billion, $1.8 billion and $2.2 billion, respectively, that are 90 or more days past due; and (2) real estate owned (“REO”) insured by U.S. government agencies of $29 million, $41 million, $50 million, $56 million and $69 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”). Refer to Note 12 of the Firm’s 2019 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.

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

(c) At March 31, 2020, nonaccrual loans included $970 million of PCD loans. Prior to the adoption of CECL, nonaccrual loans excluded PCI loans as the Firm recognized interest income on each pool of PCI loans as each of the pools was performing.

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

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

Page 25

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS
																					1Q20 Change
	1Q20				4Q19				3Q19				2Q19				1Q19				4Q19		1Q19
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	17,295		(a)	$	13,235			$	13,166			$	13,533			$	13,445			31	%	29	%
Net charge-offs:
Gross charge-offs	1,902				1,788				1,676				1,704				1,642				6		16
Gross recoveries collected	(433		)		(294		)		(305		)		(301		)		(281		)		(47	)	(54	)
Net charge-offs	1,469				1,494				1,371				1,403				1,361				(2	)	8
Write-offs of PCI loans	NA				19			(b)	43			(b)	39			(b)	50			(b)	NM		NM
Provision for loan losses	7,418				1,401				1,479				1,077				1,492				429		397
Other	—				—				4				(2		)		7				—		NM
Ending balance	$	23,244			$	13,123			$	13,235			$	13,166			$	13,533			77		72
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	1,289		(a)	$	1,165			$	1,129			$	1,058			$	1,055			11		22
Provision for lending-related commitments	858				26				35				72				3				NM		NM
Other	—				—				1				(1		)		—				—		—
Ending balance	$	2,147			$	1,191			$	1,165			$	1,129			$	1,058			80		103
Total allowance for credit losses	$	25,391			$	14,314			$	14,400			$	14,295			$	14,591			77		74
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans	(0.01		)%		0.15		%		0.11		%		0.09		%		0.13		%
Credit card retained loans	3.25				3.01				2.95				3.24				3.23
Total consumer retained loans	1.15				1.16				1.08				1.11				1.10
Wholesale retained loans	0.13				0.13				0.10				0.08				0.04
Total retained loans	0.62				0.63				0.58				0.60				0.58
Memo: Average retained loans
Consumer retained, excluding credit card loans	$	294,156			$	295,258			$	304,385			$	319,424			$	333,480			—		(12	)
Credit card retained loans	162,660				162,112				158,166				153,736				151,120				—		8
Total average retained consumer loans	456,816				457,370				462,551				473,160				484,600				—		(6	)
Wholesale retained loans	491,819				476,402				469,942				472,049				471,957				3		4
Total average retained loans	$	948,635			$	933,772			$	932,493			$	945,209			$	956,557			2		(1	)

(a) Upon the adoption of the CECL accounting guidance on January 1, 2020, the Firm recognized a net increase of $4.3 billion (“day 1 impact”) to the allowance for credit losses, of which $4.2 billion relates to the allowance for loan losses and $98 million relates to the allowance for lending-related commitments. Refer to page 29 for further information.

(b) Prior to the adoption of CECL, write-offs of PCI loans were recorded against the allowance for loan losses when actual losses for a pool exceeded estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan was recognized when the underlying loan was removed from a pool.

Page 26

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																Mar 31, 2020
																Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,		Mar 31,
	2020			2019			2019			2019			2019			2019		2019
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	223		$	75		$	88		$	87		$	89		197	%	151	%
Portfolio-based	3,231			1,476			1,475			1,538			1,572			119		106
PCI	NA			987			1,256			1,299			1,738			NM		NM
Total consumer, excluding credit card	3,454			2,538			2,819			2,924			3,399			36		2
Credit card
Asset-specific (b)	530			477			488			472			461			11		15
Portfolio-based	14,420			5,206			5,095			4,911			4,722			177		205
Total credit card	14,950			5,683			5,583			5,383			5,183			163		188
Total consumer	18,404			8,221			8,402			8,307			8,582			124		114
Wholesale
Asset-specific (c)	556			295			399			346			479			88		16
Portfolio-based	4,284			4,607			4,434			4,513			4,472			(7	)	(4	)
Total wholesale	4,840			4,902			4,833			4,859			4,951			(1	)	(2	)
Total allowance for loan losses	23,244			13,123			13,235			13,166			13,533			77		72
Allowance for lending-related commitments	2,147			1,191			1,165			1,129			1,058			80		103
Total allowance for credit losses	$	25,391		$	14,314		$	14,400		$	14,295		$	14,591		77		74
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	1.18		%	0.86		%	0.95		%	0.93		%	1.05		%
Credit card allowance to total credit card retained loans	9.71			3.36			3.50			3.42			3.44
Wholesale allowance to total wholesale retained loans	0.87			1.02			1.02			1.02			1.05
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (d)	0.93			1.08			1.08			1.10			1.13
Total allowance to total retained loans	2.32			1.39			1.42			1.39			1.43
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (e)	89			87			94			96			107
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (e)	142			187			163			174			168
Wholesale allowance to wholesale retained nonaccrual loans	247			464			284			341			278
Total allowance to total retained nonaccrual loans	398			329			282			295			273

(a) Includes modified PCD loans and loans that have been modified or are reasonably expected to be modified in a troubled debt restructuring (“TDR”).

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

(c) Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified or are reasonably expected to be modified in a TDR.

(d) 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.

(e) Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.

Page 27

JPMORGAN CHASE & CO.
NON-GAAP FINANCIAL 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 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 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
																1Q20 Change
(in millions, except rates)	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19		1Q19
Net interest income – reported	$	14,439		$	14,166		$	14,228		$	14,398		$	14,453		2	%	—	%
Fully taxable-equivalent adjustments	110			123			127			138			143			(11	)%	(23	)
Net interest income - managed basis (a)	$	14,549		$	14,289		$	14,355		$	14,536		$	14,596		2		—
Less: CIB Markets net interest income	1,596			1,149			723			624			624			39		156
Net interest income excluding CIB Markets (a)	$	12,953		$	13,140		$	13,632		$	13,912		$	13,972		(1	)	(7	)
Average interest-earning assets	$	2,465,732		$	2,377,741		$	2,365,154		$	2,339,094		$	2,298,894		4		7
Less: Average CIB Markets interest-earning assets	736,035			676,763			690,593			673,480			649,180			9		13
Average interest-earning assets excluding CIB Markets	$	1,729,697		$	1,700,978		$	1,674,561		$	1,665,614		$	1,649,714		2		5
Net yield on average interest-earning assets - managed basis	2.37		%	2.38		%	2.41		%	2.49		%	2.57		%
Net yield on average CIB Markets interest-earning assets	0.87		%	0.67		%	0.42		%	0.37		%	0.39		%
Net yield on average interest-earning assets excluding CIB Markets	3.01		%	3.06		%	3.23		%	3.35		%	3.43		%

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

Page 28

JPMORGAN CHASE & CO.
FINANCIAL INSTRUMENTS – CREDIT LOSSES (“CECL”), ACCOUNTING GUIDANCE ADOPTED JANUARY 1, 2020

Financial Instruments – Credit Losses (“CECL”)

Effective January 1, 2020, the Firm adopted the Financial Instruments – Credit Losses (“CECL”) accounting guidance. The adoption of this guidance established a single allowance framework for all financial assets carried at amortized cost and certain off-balance sheet credit exposures. This framework requires that management’s estimate reflects credit losses over the full remaining expected life and considers expected future changes in macroeconomic conditions.

The following table presents the impacts to the allowance for credit losses and retained earnings upon adoption of this guidance on January 1, 2020:

(in billions)	December 31, 2019		CECL adoption impact			January 1, 2020
Allowance for credit losses
Consumer, excluding credit card (a)	$	2.6	$	0.4		$	3.0
Credit card	5.7		5.5			11.2
Wholesale (a)	6.0		(1.6		)	4.4
Firmwide	$	14.3	$	4.3		$	18.6
Retained earnings
Firmwide allowance increase			$	4.3
Balance sheet reclassification (b)			(0.8		)
Total pre-tax impact			3.5
Tax effect			(0.8		)
Decrease to retained earnings			$	2.7

(a) In conjunction with the adoption of CECL, the Firm reclassified risk-rated business banking and auto dealer loans and commitments held in CCB from the consumer, excluding credit card portfolio segment to the wholesale portfolio segment, to align with the methodology applied in determining the allowance. Prior periods have been revised to conform with the current presentation. Accordingly, $0.6 billion of the allowance for credit losses at December 31, 2019 and $(0.2) billion of the CECL adoption impact were reclassified.

(b) Represents the recognition of the nonaccretable difference on purchased credit deteriorated assets and the Firm’s election to recognize the reserve for uncollectible accrued interest on credit card loans in the allowance, both of which resulted in a corresponding increase to loans.

Investment Securities

Upon adoption, held-to-maturity securities are presented net of an allowance for credit losses.

PCD loans

Upon adoption, the Firm elected to discontinue the pool-level accounting for PCI loans and to account for these loans on an individual loan basis. PCI loans are considered PCD loans under CECL and are subject to the Firm’s nonaccrual and charge-off policies. As a result, certain credit metrics and ratios which previously excluded PCI loans, now include the impact of PCD loans, prior periods have been revised to conform with the current presentation.

Changes in credit portfolio segment

In conjunction with the adoption of CECL, the Firm reclassified risk-rated business banking and auto dealer loans and commitments held in CCB from the consumer, excluding credit card portfolio segment to the wholesale portfolio segment, to align with the methodology applied in determining the allowance. Prior periods have been revised to conform with the current period presentation.

Capital transition provisions

As disclosed in the Firm’s 2019 Form 10-K, the Firm had initially elected to phase-in the January 1, 2020 (“day 1”) impact to retained earnings of $2.7 billion to regulatory capital, over a three-year transition period beginning in 2020. As part of its response to the impact of COVID-19, on March 31, 2020, the Federal Reserve, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency issued an interim final rule that provided the option to temporarily delay the effects of CECL on regulatory capital for two years, followed by a three-year transition period. The interim final rule provides a uniform approach for estimating the effects of CECL compared to the legacy incurred loss model during the first two years of the transition period by taking 25% of the change in the reported allowance for credit losses (excluding PCD loans). The cumulative amount that is not recognized in regulatory capital, in addition to the $2.7 billion day 1 impact, will be phased in at 25 percent per year beginning January 1, 2022. As of March 31, 2020, the capital measures of the Firm exclude the $2.7 billion day 1 impact to retained earnings and 25% of the $6.8 billion increase in the allowance for credit losses, excluding PCD loans.

Page 29

JPMORGAN CHASE & CO.
MERCHANT SERVICES REALIGNMENT

In the first quarter of 2020, to complete the realignment of the Firm’s wholesale payment businesses the Firm established a Wholesale Payments business unit within CIB. The Wholesale Payments business comprises Treasury Services and Merchant Services across CIB, CCB and CB as well as CIB Trade Finance that was previously reported in Lending in CIB. As a result the assets, liabilities and headcount associated with the Merchant Services business were realigned to CIB from CCB. In conjunction with this realignment the revenue and expenses of the Merchant Services business will be reported across CCB, CIB and CB based primarily on client relationship. Prior periods have been revised to reflect this realignment and revised allocation methodology.

The table below represents select data realigned to CIB from CCB.

(in millions, except headcount data)	4Q19		3Q19		2Q19		1Q19
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)	$	6,552	$	7,264	$	13,932	$	13,359
Headcount	4,022		4,155		4,152		4,114

(a) Predominantly accrued interest and accounts receivable.

The chart below provides a mapping of the Firm’s prior reporting to the current presentation for the impacted business segments.

Page 30