JPMorgan Chase & Co. 8K Results of Operations and Financial Condition | JPM 14 Jan 22

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FOURTH QUARTER 2021

JPMORGAN CHASE & CO.

TABLE OF CONTENTS

Page(s)

Consolidated Results

Consolidated Financial Highlights

2–3

Consolidated Statements of Income

Consolidated Balance Sheets

Condensed Average Balance Sheets and Annualized Yields

Reconciliation from Reported to Managed Basis

Segment Results - Managed Basis

Capital and Other Selected Balance Sheet Items

Earnings Per Share and Related Information

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

Credit-Related Information

24–27

Non-GAAP Financial Measures

Glossary of Terms and Acronyms (a)

(a) Refer to the Glossary of Terms and Acronyms on pages 305–311 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”) and

the Glossary of Terms and Acronyms and Line of Business Metrics on pages 185-190 and pages 191-193, respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30,

2021.


JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)

	QUARTERLY TRENDS																					FULL YEAR
																		4Q21 Change											2021 Change
SELECTED INCOME STATEMENT DATA	4Q21				3Q21				2Q21			1Q21			4Q20			3Q21		4Q20		2021				2020			2020
Reported Basis
Total net revenue (a)	$	29,257			$	29,647			$	30,479		$	32,266		$	29,335		(1)	%	—	%	$	121,649			$	119,951		1	%
Total noninterest expense	17,888				17,063				17,667			18,725			16,048			5		11		71,343				66,656			7
Pre-provision profit (b)	11,369				12,584				12,812			13,541			13,287			(10)		(14)		50,306				53,295			(6)
Provision for credit losses	(1,288)				(1,527)				(2,285)			(4,156)			(1,889)			16		32		(9,256)				17,480			NM
NET INCOME	10,399				11,687				11,948			14,300			12,136			(11)		(14)		48,334				29,131			66

Managed Basis (c)
Total net revenue	30,349				30,441				31,395			33,119			30,161			—		1		125,304				122,929			2
Total noninterest expense	17,888				17,063				17,667			18,725			16,048			5		11		71,343				66,656			7
Pre-provision profit (b)	12,461				13,378				13,728			14,394			14,113			(7)		(12)		53,961				56,273			(4)
Provision for credit losses	(1,288)				(1,527)				(2,285)			(4,156)			(1,889)			16		32		(9,256)				17,480			NM
NET INCOME	10,399				11,687				11,948			14,300			12,136			(11)		(14)		48,334				29,131			66

EARNINGS PER SHARE DATA
Net income: Basic	$	3.33			$	3.74			$	3.79		$	4.51		$	3.80		(11)		(12)		$	15.39			$	8.89		73
Diluted	3.33				3.74				3.78			4.50			3.79			(11)		(12)		15.36				8.88			73
Average shares: Basic	2,977.3				2,999.9				3,036.6			3,073.5			3,079.7			(1)		(3)		3,021.5				3,082.4			(2)
Diluted	2,981.8				3,005.1				3,041.9			3,078.9			3,085.1			(1)		(3)		3,026.6				3,087.4			(2)

MARKET AND PER COMMON SHARE DATA
Market capitalization	$	466,206			$	483,748			$	464,778		$	460,820		$	387,492		(4)		20		$	466,206			$	387,492		20
Common shares at period-end	2,944.1				2,955.3				2,988.2			3,027.1			3,049.4			—		(3)		2,944.1				3,049.4			(3)
Book value per share	88.07				86.36				84.85			82.31			81.75			2		8		88.07				81.75			8
Tangible book value per share (“TBVPS”) (b)	71.53				69.87				68.91			66.56			66.11			2		8		71.53				66.11			8
Cash dividends declared per share	1.00				1.00			(f)	0.90			0.90			0.90			—		11		3.80				3.60			6

FINANCIAL RATIOS (d)
Return on common equity (“ROE”)	16		%		18		%		18		%	23		%	19		%					19		%		12		%
Return on tangible common equity (“ROTCE”) (b)	19				22				23			29			24							23				14
Return on assets	1.08				1.24				1.29			1.61			1.42							1.30				0.91

CAPITAL RATIOS (e)
Common equity Tier 1 (“CET1”) capital ratio	13.0		%	(g)	12.9		%		13.0		%	13.1		%	13.1		%					13.0		%	(g)	13.1		%
Tier 1 capital ratio	15.0			(g)	15.0				15.1			15.0			15.0							15.0			(g)	15.0
Total capital ratio	16.8			(g)	16.9				17.1			17.2			17.3							16.8			(g)	17.3
Tier 1 leverage ratio	6.5			(g)	6.6				6.6			6.7			7.0							6.5			(g)	7.0
Supplementary leverage ratio (“SLR”)	5.4			(g)	5.5				5.4			6.7			6.9							5.4			(g)	6.9

(a)In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits from accounts payable and other liabilities to other assets to be a reduction to the carrying value of certain tax-oriented investments. The reclassification also resulted in an increase in income tax expense and a corresponding increase in other income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation, including the Firm’s effective income tax rate. The reclassification did not change the Firm’s results of operations on a managed basis.

(b)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure; refer to page 9 for a reconciliation of common stockholders’ equity to TCE. Refer to page 28 for a further discussion of these measures.

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

(d)Quarterly ratios are based upon annualized amounts.

(e)The capital metrics reflect the relief provided by the Federal Reserve Board (the “Federal Reserve”) in response to the COVID-19 pandemic, including the Current Expected Credit Losses ("CECL") capital transition provisions that became effective in the first quarter of 2020 and expired on December 31, 2021. For the periods ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion, $3.3 billion, $3.8 billion, $4.5 billion and $5.7 billion, respectively. The cumulative impact of $2.9 billion not recognized in CET1 capital at December 31, 2021 will be phased in at 25% per year beginning January 1, 2022. For the periods ended March 31, 2021 and December 31, 2020, the SLR reflected the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks, which became effective April 1, 2020 and remained in effect through March 31, 2021. Refer to Capital Risk Management on pages 48-53 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 for additional information on the Firm’s capital metrics. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 52-53 and Capital Risk Management on pages 91-101 of the Firm’s 2020 Form 10-K for additional information.

(f)On September 21, 2021, the Board of Directors declared a quarterly common stock dividend of $1.00 per share.

(g)Estimated.

Page 2


JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)

	QUARTERLY TRENDS																				FULL YEAR
																	4Q21 Change										2021 Change
	4Q21			3Q21				2Q21			1Q21			4Q20			3Q21		4Q20		2021			2020			2020
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)	$	3,743,567		$	3,757,576			$	3,684,256		$	3,689,336		$	3,384,757		—	%	11	%	$	3,743,567		$	3,384,757		11	%
Loans:
Consumer, excluding credit card loans	323,306			328,164				329,685			324,908			318,579			(1)		1		323,306			318,579			1
Credit card loans	154,296			143,166				141,802			132,493			144,216			8		7		154,296			144,216			7
Wholesale loans	600,112			573,285				569,467			553,906			550,058			5		9		600,112			550,058			9
Total Loans	1,077,714			1,044,615				1,040,954			1,011,307			1,012,853			3		6		1,077,714			1,012,853			6

Deposits:
U.S. offices:
Noninterest-bearing	638,879			656,438				639,114			629,139			572,711			(3)		12		638,879			572,711			12
Interest-bearing	1,432,578			1,344,092				1,281,432			1,266,856			1,197,032			7		20		1,432,578			1,197,032			20
Non-U.S. offices:
Noninterest-bearing	26,229			28,589				24,723			22,661			23,435			(8)		12		26,229			23,435			12
Interest-bearing	364,617			373,234				359,948			359,456			351,079			(2)		4		364,617			351,079			4
Total deposits	2,462,303			2,402,353				2,305,217			2,278,112			2,144,257			2		15		2,462,303			2,144,257			15

Long-term debt	301,005			298,465				299,926			279,427			281,685			1		7		301,005			281,685			7
Common stockholders’ equity	259,289			255,203				253,548			249,151			249,291			2		4		259,289			249,291			4
Total stockholders’ equity	294,127			290,041				286,386			280,714			279,354			1		5		294,127			279,354			5

Loans-to-deposits ratio	44		%	43		%		45		%	44		%	47		%					44		%	47		%

Headcount	271,025			265,790				260,110			259,350			255,351			2		6		271,025			255,351			6

95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR	$	37		$	36		(c)	$	43		$	106		$	96		3		(61)

LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking	$	12,275		$	12,521			$	12,760		$	12,517		$	12,728		(2)		(4)		$	50,073		$	51,268		(2)
Corporate & Investment Bank	11,534			12,396				13,214			14,605			11,352			(7)		2		51,749			49,284			5
Commercial Banking	2,612			2,520				2,483			2,393			2,463			4		6		10,008			9,313			7
Asset & Wealth Management	4,473			4,300				4,107			4,077			3,867			4		16		16,957			14,240			19
Corporate	(545)			(1,296)				(1,169)			(473)			(249)			58		(119)		(3,483)			(1,176)			(196)
TOTAL NET REVENUE	$	30,349		$	30,441			$	31,395		$	33,119		$	30,161		—		1		$	125,304		$	122,929		2

LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking	$	4,227		$	4,341			$	5,634		$	6,728		$	4,325		(3)		(2)		$	20,930		$	8,217		155
Corporate & Investment Bank	4,847			5,562				4,985			5,740			5,349			(13)		(9)		21,134			17,094			24
Commercial Banking	1,251			1,407				1,420			1,168			2,034			(11)		(38)		5,246			2,578			103
Asset & Wealth Management	1,146			1,194				1,153			1,244			786			(4)		46		4,737			2,992			58
Corporate	(1,072)			(817)				(1,244)			(580)			(358)			(31)		(199)		(3,713)			(1,750)			(112)
NET INCOME	$	10,399		$	11,687			$	11,948		$	14,300		$	12,136		(11)		(14)		$	48,334		$	29,131		66

(a)In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.

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

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

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JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)

	QUARTERLY TRENDS																			FULL YEAR
																4Q21 Change										2021 Change
REVENUE	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		2021			2020			2020
Investment banking fees	$	3,494		$	3,282		$	3,470		$	2,970		$	2,583		6	%	35	%	$	13,216		$	9,486		39	%
Principal transactions	2,182			3,546			4,076			6,500			3,321			(38)		(34)		16,304			18,021			(10)
Lending- and deposit-related fees	1,784			1,801			1,760			1,687			1,727			(1)		3		7,032			6,511			8
Asset management, administration and commissions	5,549			5,257			5,194			5,029			4,901			6		13		21,029			18,177			16
Investment securities gains/(losses)	52			(256)			(155)			14			70			NM		(26)		(345)			802			NM
Mortgage fees and related income	315			600			551			704			767			(48)		(59)		2,170			3,091			(30)
Card income	1,100			1,005			1,647			1,350			1,297			9		(15)		5,102			4,435			15
Other income (a)	1,180			1,332			1,195			1,123			1,411			(11)		(16)		4,830			4,865			(1)
Noninterest revenue	15,656			16,567			17,738			19,377			16,077			(5)		(3)		69,338			65,388			6
Interest income	15,019			14,480			14,094			14,271			14,550			4		3		57,864			64,523			(10)
Interest expense	1,418			1,400			1,353			1,382			1,292			1		10		5,553			9,960			(44)
Net interest income	13,601			13,080			12,741			12,889			13,258			4		3		52,311			54,563			(4)
TOTAL NET REVENUE	29,257			29,647			30,479			32,266			29,335			(1)		—		121,649			119,951			1

Provision for credit losses	(1,288)			(1,527)			(2,285)			(4,156)			(1,889)			16		32		(9,256)			17,480			NM

NONINTEREST EXPENSE
Compensation expense	9,065			9,087			9,814			10,601			7,954			—		14		38,567			34,988			10
Occupancy expense	1,202			1,109			1,090			1,115			1,161			8		4		4,516			4,449			2
Technology, communications and equipment expense	2,461			2,473			2,488			2,519			2,606			—		(6)		9,941			10,338			(4)
Professional and outside services	2,703			2,523			2,385			2,203			2,259			7		20		9,814			8,464			16
Marketing	947			712			626			751			725			33		31		3,036			2,476			23


Other expense (b)	1,510			1,159			1,264			1,536			1,343			30		12		5,469			5,941			(8)
TOTAL NONINTEREST EXPENSE	17,888			17,063			17,667			18,725			16,048			5		11		71,343			66,656			7
Income before income tax expense	12,657			14,111			15,097			17,697			15,176			(10)		(17)		59,562			35,815			66
Income tax expense (a)	2,258			2,424			3,149			3,397			3,040			(7)		(26)		11,228			6,684			68
NET INCOME	$	10,399		$	11,687		$	11,948		$	14,300		$	12,136		(11)		(14)		$	48,334		$	29,131		66


NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	3.33		$	3.74		$	3.79		$	4.51		$	3.80		(11)		(12)		$	15.39		$	8.89		73
Diluted earnings per share	3.33			3.74			3.78			4.50			3.79			(11)		(12)		15.36			8.88			73

FINANCIAL RATIOS
Return on common equity (c)	16		%	18		%	18		%	23		%	19		%					19		%	12		%
Return on tangible common equity (c)(d)	19			22			23			29			24							23			14
Return on assets (c)	1.08			1.24			1.29			1.61			1.42							1.30			0.91
Effective income tax rate (a)	17.8			17.2			20.9			19.2			20.0							18.9			18.7
Overhead ratio	61			58			58			58			55							59			56

(b)Included Firmwide legal expense of $137 million, $76 million, $185 million, $28 million and $276 million for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $426 million and $1.1 billion for the full year 2021 and 2020 respectively.

(c)Quarterly ratios are based upon annualized amounts.

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

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JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
														Dec 31, 2021
														Change
	Dec 31,		Sep 30,		Jun 30,			Mar 31,			Dec 31,			Sep 30,		Dec 31,
	2021		2021		2021			2021			2020			2021		2020
ASSETS
Cash and due from banks	$	26,438	$	25,857	$	26,592		$	25,397		$	24,874		2	%	6	%
Deposits with banks	714,396		734,012		678,829			685,675			502,735			(3)		42

Federal funds sold and securities purchased under
resale agreements	261,698		282,161		260,987			272,481			296,284			(7)		(12)
Securities borrowed	206,071		202,987		186,376			179,516			160,635			2		28
Trading assets:
Debt and equity instruments	376,494		447,993		454,268		(b)	475,156		(b)	427,682		(b)	(16)		(12)
Derivative receivables	57,081		67,908		66,320		(b)	68,896		(b)	75,444		(b)	(16)		(24)
Available-for-sale (“AFS”) securities	308,525		251,590		232,161			379,942			388,178			23		(21)
Held-to-maturity (”HTM”) securities, net of allowance for credit losses	363,707		343,542		341,476			217,452			201,821			6		80
Investment securities, net of allowance for credit losses	672,232		595,132		573,637			597,394			589,999			13		14
Loans	1,077,714		1,044,615		1,040,954			1,011,307			1,012,853			3		6
Less: Allowance for loan losses	16,386		18,150		19,500			23,001			28,328			(10)		(42)
Loans, net of allowance for loan losses	1,061,328		1,026,465		1,021,454			988,306			984,525			3		8
Accrued interest and accounts receivable	102,570		116,395		125,253			114,754			90,503			(12)		13
Premises and equipment	27,070		26,996		26,631			26,926			27,109			—		—



Goodwill, MSRs and other intangible assets	56,691		56,566		54,655			54,588			53,428			—		6
Other assets (a)	181,498		175,104		209,254			200,247			151,539			4		20
TOTAL ASSETS	$	3,743,567	$	3,757,576	$	3,684,256		$	3,689,336		$	3,384,757		—		11

LIABILITIES
Deposits	$	2,462,303	$	2,402,353	$	2,305,217		$	2,278,112		$	2,144,257		2		15
Federal funds purchased and securities loaned or sold
under repurchase agreements	194,340		254,920		245,437			304,019			215,209			(24)		(10)


Short-term borrowings	53,594		50,393		51,938			54,978			45,208			6		19
Trading liabilities:
Debt and equity instruments	114,577		126,058		127,822			130,909			99,558			(9)		15
Derivative payables	50,116		53,485		56,045			60,440			70,623			(6)		(29)
Accounts payable and other liabilities (a)	262,755		268,604		297,082			285,066			231,285			(2)		14
Beneficial interests issued by consolidated VIEs	10,750		13,257		14,403			15,671			17,578			(19)		(39)
Long-term debt	301,005		298,465		299,926			279,427			281,685			1		7
TOTAL LIABILITIES	3,449,440		3,467,535		3,397,870			3,408,622			3,105,403			(1)		11

STOCKHOLDERS’ EQUITY
Preferred stock	34,838		34,838		32,838			31,563			30,063			—		16
Common stock	4,105		4,105		4,105			4,105			4,105			—		—
Additional paid-in capital	88,415		88,357		88,194			88,005			88,394			—		—
Retained earnings	272,268		265,276		256,983			248,151			236,990			3		15
Accumulated other comprehensive income/(loss)	(84)		963		2,570			1,041			7,986			NM		NM
Shares held in RSU Trust, at cost	—		—		—			—			—			—		—
Treasury stock, at cost	(105,415)		(103,498)		(98,304)			(92,151)			(88,184)			(2)		(20)
TOTAL STOCKHOLDERS’ EQUITY	294,127		290,041		286,386			280,714			279,354			1		5
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,743,567	$	3,757,576	$	3,684,256		$	3,689,336		$	3,384,757		—		11

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

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JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																			FULL YEAR
																4Q21 Change										2021 Change
AVERAGE BALANCES	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		2021			2020			2020
ASSETS
Deposits with banks	$	767,713		$	756,653		$	721,214		$	631,606		$	507,194		1	%	51	%	$	719,772		$	444,058		62	%
Federal funds sold and securities purchased under resale agreements	268,953			262,679			255,831			289,763			327,504			2		(18)		269,231			275,926			(2)
Securities borrowed	207,059			189,418			190,785			175,019			149,146			9		39		190,655			143,472			33
Trading assets - debt instruments	260,555			275,860			277,024			322,648			319,585			(6)		(18)		283,829			322,936			(12)
Investment securities	642,675			565,344			585,084			582,460			568,354			14		13		593,977			509,937			16
Loans	1,060,254			1,042,591			1,024,633			1,013,524			996,367			2		6		1,035,399			1,004,597			3
All other interest-earning assets (a)	130,646			127,241			122,624			111,549			87,496			3		49		123,079			78,784			56
Total interest-earning assets	3,337,855			3,219,786			3,177,195			3,126,569			2,955,646			4		13		3,215,942			2,779,710			16
Trading assets - equity and other instruments	150,770			177,315			199,288		(h)	164,010		(h)	143,056		(h)	(15)		5		172,822			120,878		(h)	43
Trading assets - derivative receivables	66,024			65,574			70,212		(h)	74,730		(h)	74,721		(h)	1		(12)		69,101			73,749		(h)	(6)
All other noninterest-earning assets (b)	277,006			262,544			281,992			247,532			225,290			6		23		267,337			227,813			17
TOTAL ASSETS	$	3,831,655		$	3,725,219		$	3,728,687		$	3,612,841		$	3,398,713		3		13		$	3,725,202		$	3,202,150		16
LIABILITIES
Interest-bearing deposits	$	1,800,654		$	1,696,850		$	1,669,376		$	1,610,467		$	1,529,066		6		18		$	1,694,865		$	1,389,224		22
Federal funds purchased and securities loaned or
sold under repurchase agreements	234,504			240,912			261,343			301,386			247,276			(3)		(5)		259,302			255,421			2
Short-term borrowings (c)	46,456			43,759			46,185			42,031			36,183			6		28		44,618			38,853			15
Trading liabilities - debt and all other interest-bearing liabilities (d)	246,675			241,297			246,666			230,922			213,989			2		15		241,431			205,255			18
Beneficial interests issued by consolidated VIEs	11,906			14,232			15,117			17,185			18,647			(16)		(36)		14,595			19,216			(24)
Long-term debt	255,710			257,593			248,552			239,398			237,144			(1)		8		250,378			254,400			(2)
Total interest-bearing liabilities	2,595,905			2,494,643			2,487,239			2,441,389			2,282,305			4		14		2,505,189			2,162,369			16
Noninterest-bearing deposits	667,158			672,609			654,419			614,165			582,517			(1)		15		652,289			517,527			26
Trading liabilities - equity and other instruments	40,645			35,505			35,397			35,029			33,732			14		20		36,656			32,628			12
Trading liabilities - derivative payables	55,063			55,907			62,533			67,960			63,551			(2)		(13)		60,318			61,593			(2)
All other noninterest-bearing liabilities (b)	184,241			178,770			205,584			178,444			164,873			3		12		186,755			161,269			16
TOTAL LIABILITIES	3,543,012			3,437,434			3,445,172			3,336,987			3,126,978			3		13		3,441,207			2,935,386			17
Preferred stock	34,838			34,229			32,666			30,312			30,063			2		16		33,027			29,899			10
Common stockholders’ equity	253,805			253,556			250,849			245,542			241,672			—		5		250,968			236,865			6
TOTAL STOCKHOLDERS’ EQUITY	288,643			287,785			283,515			275,854			271,735			—		6		283,995			266,764			6
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,831,655		$	3,725,219		$	3,728,687		$	3,612,841		$	3,398,713		3		13		$	3,725,202		$	3,202,150		16

AVERAGE RATES (e)
INTEREST-EARNING ASSETS
Deposits with banks	0.09		%	0.09		%	0.06		%	0.04		%	0.03		%					0.07		%	0.17		%
Federal funds sold and securities purchased under resale agreements	0.47			0.35			0.27			0.33			0.41							0.36			0.88
Securities borrowed (f)	(0.28)			(0.15)			(0.19)			(0.18)			(0.40)							(0.20)			(0.21)
Trading assets - debt instruments	2.52			2.43			2.49			2.25			2.32							2.42			2.44
Investment securities	1.26			1.32			1.31			1.36			1.39							1.31			1.82
Loans	4.04			3.99			3.98			4.09			4.14							4.02			4.37
All other interest-earning assets (a)	0.87			0.64			0.66			0.72			0.89							0.73			1.30
Total interest-earning assets	1.80			1.80			1.79			1.87			1.97							1.81			2.34

INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.03			0.03			0.03			0.04			0.05							0.03			0.17
Federal funds purchased and securities loaned or
sold under repurchase agreements	0.13			0.20			0.09			0.02			0.06							0.11			0.41
Short-term borrowings (c)	0.26			0.26			0.30			0.31			0.40							0.28			0.96
Trading liabilities - debt and all other interest-bearing liabilities (d)(f)	0.20			0.09			0.08			0.05			(0.15)							0.11			0.10
Beneficial interests issued by consolidated VIEs	0.56			0.50			0.55			0.64			0.65							0.57			1.12
Long-term debt	1.61			1.62			1.70			1.92			1.82							1.71			2.27
Total interest-bearing liabilities	0.22			0.22			0.22			0.23			0.23							0.22			0.46

INTEREST RATE SPREAD	1.58		%	1.58		%	1.57		%	1.64		%	1.74		%					1.59		%	1.88		%
NET YIELD ON INTEREST-EARNING ASSETS	1.63		%	1.62		%	1.62		%	1.69		%	1.80		%					1.64		%	1.98		%
Memo: Net yield on interest-earning assets excluding CIB Markets (g)	1.90		%	1.91		%	1.90		%	1.93		%	2.01		%					1.91		%	2.30		%

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

(b) In the first quarter of 2021, the Firm reclassified certain deferred investment tax credits. Prior-period amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.

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

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

(f) Negative interest income and yields are related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other liabilities.

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

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

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																			FULL YEAR
																4Q21 Change										2021 Change
	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		2021			2020			2020
OTHER INCOME
Other income - reported (a)	$	1,180		$	1,332		$	1,195		$	1,123		$	1,411		(11)	%	(16)	%	$	4,830		$	4,865		(1)	%
Fully taxable-equivalent adjustments (a)(b)	984			690			807			744			729			43		35		3,225			2,560			26
Other income - managed	$	2,164		$	2,022		$	2,002		$	1,867		$	2,140		7		1		$	8,055		$	7,425		8

TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	15,656		$	16,567		$	17,738		$	19,377		$	16,077		(5)		(3)		$	69,338		$	65,388		6
Fully taxable-equivalent adjustments	984			690			807			744			729			43		35		3,225			2,560			26
Total noninterest revenue - managed	$	16,640		$	17,257		$	18,545		$	20,121		$	16,806		(4)		(1)		$	72,563		$	67,948		7

NET INTEREST INCOME
Net interest income - reported	$	13,601		$	13,080		$	12,741		$	12,889		$	13,258		4		3		$	52,311		$	54,563		(4)
Fully taxable-equivalent adjustments (b)	108			104			109			109			97			4		11		430			418			3
Net interest income - managed	$	13,709		$	13,184		$	12,850		$	12,998		$	13,355		4		3		$	52,741		$	54,981		(4)

TOTAL NET REVENUE
Total net revenue - reported	$	29,257		$	29,647		$	30,479		$	32,266		$	29,335		(1)		—		$	121,649		$	119,951		1
Fully taxable-equivalent adjustments	1,092			794			916			853			826			38		32		3,655			2,978			23
Total net revenue - managed	$	30,349		$	30,441		$	31,395		$	33,119		$	30,161		—		1		$	125,304		$	122,929		2

PRE-PROVISION PROFIT
Pre-provision profit - reported	$	11,369		$	12,584		$	12,812		$	13,541		$	13,287		(10)		(14)		$	50,306		$	53,295		(6)
Fully taxable-equivalent adjustments	1,092			794			916			853			826			38		32		3,655			2,978			23
Pre-provision profit - managed	$	12,461		$	13,378		$	13,728		$	14,394		$	14,113		(7)		(12)		$	53,961		$	56,273		(4)

INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	12,657		$	14,111		$	15,097		$	17,697		$	15,176		(10)		(17)		$	59,562		$	35,815		66
Fully taxable-equivalent adjustments	1,092			794			916			853			826			38		32		3,655			2,978			23
Income before income tax expense - managed	$	13,749		$	14,905		$	16,013		$	18,550		$	16,002		(8)		(14)		$	63,217		$	38,793		63

INCOME TAX EXPENSE
Income tax expense - reported (a)	$	2,258		$	2,424		$	3,149		$	3,397		$	3,040		(7)		(26)		$	11,228		$	6,684		68
Fully taxable-equivalent adjustments (a)(b)	1,092			794			916			853			826			38		32		3,655			2,978			23
Income tax expense - managed	$	3,350		$	3,218		$	4,065		$	4,250		$	3,866		4		(13)		$	14,883		$	9,662		54

OVERHEAD RATIO
Overhead ratio - reported	61		%	58		%	58		%	58		%	55		%					59		%	56		%
Overhead ratio - managed	59			56			56			57			53							57			54

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

Page 7


JPMORGAN CHASE & CO.
SEGMENT RESULTS - MANAGED BASIS
(in millions)


	QUARTERLY TRENDS														FULL YEAR
											4Q21 Change								2021 Change
	4Q21		3Q21		2Q21		1Q21		4Q20		3Q21		4Q20		2021		2020		2020
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	12,275	$	12,521	$	12,760	$	12,517	$	12,728	(2)	%	(4)	%	$	50,073	$	51,268	(2)	%
Corporate & Investment Bank	11,534		12,396		13,214		14,605		11,352		(7)		2		51,749		49,284		5
Commercial Banking	2,612		2,520		2,483		2,393		2,463		4		6		10,008		9,313		7
Asset & Wealth Management	4,473		4,300		4,107		4,077		3,867		4		16		16,957		14,240		19
Corporate	(545)		(1,296)		(1,169)		(473)		(249)		58		(119)		(3,483)		(1,176)		(196)
TOTAL NET REVENUE	$	30,349	$	30,441	$	31,395	$	33,119	$	30,161	—		1		$	125,304	$	122,929	2

TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	7,754	$	7,238	$	7,062	$	7,202	$	7,042	7		10		$	29,256	$	27,990	5
Corporate & Investment Bank	5,827		5,871		6,523		7,104		4,939		(1)		18		25,325		23,538		8
Commercial Banking	1,059		1,032		981		969		950		3		11		4,041		3,798		6
Asset & Wealth Management	2,997		2,762		2,586		2,574		2,756		9		9		10,919		9,957		10
Corporate	251		160		515		876		361		57		(30)		1,802		1,373		31
TOTAL NONINTEREST EXPENSE	$	17,888	$	17,063	$	17,667	$	18,725	$	16,048	5		11		$	71,343	$	66,656	7

PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	4,521	$	5,283	$	5,698	$	5,315	$	5,686	(14)		(20)		$	20,817	$	23,278	(11)
Corporate & Investment Bank	5,707		6,525		6,691		7,501		6,413		(13)		(11)		26,424		25,746		3
Commercial Banking	1,553		1,488		1,502		1,424		1,513		4		3		5,967		5,515		8
Asset & Wealth Management	1,476		1,538		1,521		1,503		1,111		(4)		33		6,038		4,283		41
Corporate	(796)		(1,456)		(1,684)		(1,349)		(610)		45		(30)		(5,285)		(2,549)		(107)
PRE-PROVISION PROFIT	$	12,461	$	13,378	$	13,728	$	14,394	$	14,113	(7)		(12)		$	53,961	$	56,273	(4)

PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	(1,060)	$	(459)	$	(1,868)	$	(3,602)	$	(83)	(131)		NM		$	(6,989)	$	12,312	NM
Corporate & Investment Bank	(126)		(638)		(79)		(331)		(581)		80		78		(1,174)		2,726		NM
Commercial Banking	(89)		(363)		(377)		(118)		(1,181)		75		92		(947)		2,113		NM
Asset & Wealth Management	(36)		(60)		(10)		(121)		(2)		40		NM		(227)		263		NM
Corporate	23		(7)		49		16		(42)		NM		NM		81		66		23
PROVISION FOR CREDIT LOSSES	$	(1,288)	$	(1,527)	$	(2,285)	$	(4,156)	$	(1,889)	16		32		$	(9,256)	$	17,480	NM

NET INCOME/(LOSS)
Consumer & Community Banking	$	4,227	$	4,341	$	5,634	$	6,728	$	4,325	(3)		(2)		$	20,930	$	8,217	155
Corporate & Investment Bank	4,847		5,562		4,985		5,740		5,349		(13)		(9)		21,134		17,094		24
Commercial Banking	1,251		1,407		1,420		1,168		2,034		(11)		(38)		5,246		2,578		103
Asset & Wealth Management	1,146		1,194		1,153		1,244		786		(4)		46		4,737		2,992		58
Corporate	(1,072)		(817)		(1,244)		(580)		(358)		(31)		(199)		(3,713)		(1,750)		(112)
TOTAL NET INCOME	$	10,399	$	11,687	$	11,948	$	14,300	$	12,136	(11)		(14)		$	48,334	$	29,131	66

Page 8


JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)

																	Dec 31, 2021
																	Change				FULL YEAR
	Dec 31,				Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,		Dec 31,						2021 Change
	2021				2021			2021			2021			2020			2021		2020		2021		2020		2020
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	213,949		(e)	$	209,917		$	209,010		$	206,078		$	205,078		2	%	4	%
Tier 1 capital	246,201			(e)	244,207			241,356			237,333			234,844			1		5
Total capital	274,939			(e)	274,994			274,443			271,407			269,923			—		2
Risk-weighted assets	1,641,394			(e)	1,628,406			1,601,631			1,577,007			1,560,609			1		5
CET1 capital ratio	13.0		%	(e)	12.9		%	13.0		%	13.1		%	13.1		%
Tier 1 capital ratio	15.0			(e)	15.0			15.1			15.0			15.0
Total capital ratio	16.8			(e)	16.9			17.1			17.2			17.3

Advanced
CET1 capital	$	213,949		(e)	$	209,917		$	209,010		$	206,078		$	205,078		2		4
Tier 1 capital	246,201			(e)	244,207			241,356			237,333			234,844			1		5
Total capital	265,846			(e)	264,469			262,364			258,635			257,228			1		3
Risk-weighted assets	1,549,168			(e)	1,544,512			1,514,386			1,503,828			1,484,431			—		4
CET1 capital ratio	13.8		%	(e)	13.6		%	13.8		%	13.7		%	13.8		%
Tier 1 capital ratio	15.9			(e)	15.8			15.9			15.8			15.8
Total capital ratio	17.2			(e)	17.1			17.3			17.2			17.3

Leverage-based capital metrics
Adjusted average assets (b)	$	3,782,074		(e)	$	3,675,803		$	3,680,830		$	3,565,545		$	3,353,319		3		13
Tier 1 leverage ratio	6.5		%	(e)	6.6		%	6.6		%	6.7		%	7.0		%

Total leverage exposure	4,571,985			(e)	4,463,904			4,456,557			3,522,629			3,401,542			2		34
SLR	5.4		%	(e)	5.5		%	5.4		%	6.7		%	6.9		%

TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders’ equity	$	259,289			$	255,203		$	253,548		$	249,151		$	249,291		2		4
Less: Goodwill	50,315				50,313			49,256			49,243			49,248			—		2
Less: Other intangible assets	882				902			850			875			904			(2)		(2)
Add: Certain deferred tax liabilities (d)	2,499				2,500			2,461			2,457			2,453			—		2
Total tangible common equity	$	210,591			$	206,488		$	205,903		$	201,490		$	201,592		2		4

TANGIBLE COMMON EQUITY (average) (c)
Common stockholders’ equity	$	253,805			$	253,556		$	250,849		$	245,542		$	241,672		—		5		$	250,968	$	236,865	6	%
Less: Goodwill	50,362				49,457			49,260			49,249			47,842			2		5		49,584		47,820		4
Less: Other intangible assets	896				849			864			891			752			6		19		876		781		12
Add: Certain deferred tax liabilities (d)	2,502				2,480			2,459			2,455			2,416			1		4		2,474		2,399		3
Total tangible common equity	$	205,049			$	205,730		$	203,184		$	197,857		$	195,494		—		5		$	202,982	$	190,663	6

INTANGIBLE ASSETS (period-end)
Goodwill	$	50,315			$	50,313		$	49,256		$	49,243		$	49,248		—		2
Mortgage servicing rights	5,494				5,351			4,549			4,470			3,276			3		68
Other intangible assets	882				902			850			875			904			(2)		(2)
Total intangible assets	$	56,691			$	56,566		$	54,655		$	54,588		$	53,428		—		6

(a)The capital metrics reflect the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020 and expired on December 31, 2021. For the periods ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion, $3.3 billion, $3.8 billion, $4.5 billion and $5.7 billion, respectively. The cumulative impact of $2.9 billion not recognized in CET1 capital at December 31, 2021 will be phased in at 25% per year beginning January 1, 2022. For the periods ended March 31, 2021 and December 31, 2020, the SLR reflected the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks, which became effective April 1, 2020 and remained in effect through March 31, 2021. Refer to Capital Risk Management on pages 48-53 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 for additional information on the Firm’s capital metrics. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 52-53 and Capital Risk Management on pages 91-101 of the Firm’s 2020 Form 10-K for additional information.

(b)Adjusted average assets, for purposes of calculating the 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																				FULL YEAR
																	4Q21 Change										2021 Change
	4Q21			3Q21				2Q21			1Q21			4Q20			3Q21		4Q20		2021			2020			2020
EARNINGS PER SHARE
Basic earnings per share
Net income	$	10,399		$	11,687			$	11,948		$	14,300		$	12,136		(11)	%	(14)	%	$	48,334		$	29,131		66	%
Less: Preferred stock dividends	426			402				393			379			380			6		12		1,600			1,583			1
Net income applicable to common equity	9,973			11,285				11,555			13,921			11,756			(12)		(15)		46,734			27,548			70
Less: Dividends and undistributed earnings allocated to
participating securities	46			56				59			70			57			(18)		(19)		231			138			67
Net income applicable to common stockholders	$	9,927		$	11,229			$	11,496		$	13,851		$	11,699		(12)		(15)		$	46,503		$	27,410		70

Total weighted-average basic shares outstanding	2,977.3			2,999.9				3,036.6			3,073.5			3,079.7			(1)		(3)		3,021.5			3,082.4			(2)
Net income per share	$	3.33		$	3.74			$	3.79		$	4.51		$	3.80		(11)		(12)		$	15.39		$	8.89		73

Diluted earnings per share
Net income applicable to common stockholders	$	9,927		$	11,229			$	11,496		$	13,851		$	11,699		(12)		(15)		$	46,503		$	27,410		70
Total weighted-average basic shares outstanding	2,977.3			2,999.9				3,036.6			3,073.5			3,079.7			(1)		(3)		3,021.5			3,082.4			(2)
Add: Dilutive impact of stock appreciation rights (“SARs”) and employee stock options, unvested performance share units (“PSUs”) and nondividend-earning restricted stock units (“RSUs”)	4.5			5.2				5.3			5.4			5.4			(13)		(17)		5.1			5.0			2
Total weighted-average diluted shares outstanding	2,981.8			3,005.1				3,041.9			3,078.9			3,085.1			(1)		(3)		3,026.6			3,087.4			(2)
Net income per share	$	3.33		$	3.74			$	3.78		$	4.50		$	3.79		(11)		(12)		$	15.36		$	8.88		73

COMMON DIVIDENDS
Cash dividends declared per share	$	1.00		$	1.00		(c)	$	0.90		$	0.90		$	0.90		—		11		$	3.80		$	3.60		6
Dividend payout ratio	30		%	27		%		24		%	20		%	24		%					25		%	40		%

COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	12.1			33.4				39.5			34.7			—			(64)		NM		119.7			50.0			139
Average price paid per share of common stock	$	165.47		$	156.87			$	156.83		$	144.25		$	—		5		NM		$	154.08		$	127.92		20

Aggregate repurchases of common stock	2,008			5,240				6,201			4,999			—			(62)		NM		18,448			6,397			188


EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	1.1			0.5				0.6			12.3			1.5			120		(27)		14.5			15.9			(9)
Net impact of employee issuances on stockholders’ equity (b)	$	147		$	271			$	276		$	667		$	217		(46)		(32)		$	1,361		$	1,203		13

(a)On March 15, 2020, in response to the economic disruptions caused by the COVID-19 pandemic, the Firm temporarily suspended repurchases of its common stock. Subsequently, the Federal Reserve directed all large banks, including the Firm, to discontinue net share repurchases through the end of 2020. On December 18, 2020, the Federal Reserve announced that all large banks, including the Firm, could resume share repurchases commencing in the first quarter of 2021, subject to certain restrictions; the restrictions were extended and expired at the end of the second quarter of 2021. The Firm is authorized to purchase up to $30 billion of common shares under the current repurchase program.

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

(c)On September 21, 2021, the Board of Directors declared a quarterly common stock dividend of $1.00 per share.

Page 10


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)


	QUARTERLY TRENDS																			FULL YEAR
																4Q21 Change										2021 Change
	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		2021			2020			2020
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	753		$	786		$	753		$	742		$	806		(4)	%	(7)	%	$	3,034		$	3,166		(4)	%
Asset management, administration and commissions	950			893			866			805			735			6		29		3,514			2,780			26
Mortgage fees and related income	312			596			548			703			766			(48)		(59)		2,159			3,079			(30)
Card income	675			651			1,238			999			923			4		(27)		3,563			3,068			16
All other income	1,144			1,212			1,321			1,339			1,328			(6)		(14)		5,016			5,647			(11)
Noninterest revenue	3,834			4,138			4,726			4,588			4,558			(7)		(16)		17,286			17,740			(3)
Net interest income	8,441			8,383			8,034			7,929			8,170			1		3		32,787			33,528			(2)
TOTAL NET REVENUE	12,275			12,521			12,760			12,517			12,728			(2)		(4)		50,073			51,268			(2)

Provision for credit losses	(1,060)			(459)			(1,868)			(3,602)			(83)			(131)		NM		(6,989)			12,312			NM

NONINTEREST EXPENSE
Compensation expense	3,177			3,012			2,977			2,976			2,734			5		16		12,142			11,014			10
Noncompensation expense (a)	4,577			4,226			4,085			4,226			4,308			8		6		17,114			16,976			1
TOTAL NONINTEREST EXPENSE	7,754			7,238			7,062			7,202			7,042			7		10		29,256			27,990			5

Income/(loss) before income tax expense/(benefit)	5,581			5,742			7,566			8,917			5,769			(3)		(3)		27,806			10,966			154
Income tax expense/(benefit)	1,354			1,401			1,932			2,189			1,444			(3)		(6)		6,876			2,749			150
NET INCOME/(LOSS)	$	4,227		$	4,341		$	5,634		$	6,728		$	4,325		(3)		(2)		$	20,930		$	8,217		155

REVENUE BY LINE OF BUSINESS
Consumer & Business Banking	$	6,172		$	6,157		$	6,016		$	5,635		$	5,744		—		7		$	23,980		$	22,955		4
Home Lending	1,084			1,400			1,349			1,458			1,456			(23)		(26)		5,291			6,018			(12)
Card & Auto	5,019			4,964			5,395			5,424			5,528			1		(9)		20,802			22,295			(7)

MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue	327			614			517			757			803			(47)		(59)		2,215			2,629			(16)
Net mortgage servicing revenue (b)	(15)			(18)			31			(54)			(37)			17		59		(56)			450			NM
Mortgage fees and related income	$	312		$	596		$	548		$	703		$	766		(48)		(59)		$	2,159		$	3,079		(30)

FINANCIAL RATIOS
ROE	33		%	34		%	44		%	54		%	32		%					41		%	15		%
Overhead ratio	63			58			55			58			55							58			55

(a)Included depreciation expense on leased assets of $767 million, $769 million, $856 million, $916 million and $975 million for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $3.3 billion and $4.2 billion for the full year 2021 and 2020, respectively.

(b)Included MSR risk management results of $(162) million, $(145) million, $(103) million, $(115) million and $(152) million for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $(525) million and $(18) million for the full year 2021 and 2020, respectively.

Page 11


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)

	QUARTERLY TRENDS															FULL YEAR
												4Q21 Change									2021 Change
	4Q21		3Q21		2Q21		1Q21		4Q20			3Q21		4Q20		2021		2020			2020
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	500,370	$	493,169	$	494,305	$	487,978	$	496,705	(d)	1	%	1	%	$	500,370	$	496,705	(d)	1	%

Loans:
Consumer & Business Banking (a)	35,095		40,659		46,228		52,654		48,810			(14)		(28)		35,095		48,810			(28)
Home Lending (b)	180,529		179,489		179,371		178,776		182,121			1		(1)		180,529		182,121			(1)
Card	154,296		143,166		141,802		132,493		144,216			8		7		154,296		144,216			7
Auto	69,138		68,391		67,598		67,662		66,432			1		4		69,138		66,432			4
Total loans	439,058		431,705		434,999		431,585		441,579			2		(1)		439,058		441,579			(1)

Deposits	1,148,110		1,093,852		1,056,507		1,037,903		958,706			5		20		1,148,110		958,706			20
Equity	50,000		50,000		50,000		50,000		52,000			—		(4)		50,000		52,000			(4)

SELECTED BALANCE SHEET DATA (average)
Total assets	$	497,675	$	491,512	$	485,209	$	484,524	$	486,272	(d)	1		2		$	489,771	$	501,584	(d)	(2)

Loans:
Consumer & Business Banking	37,299		43,256		49,356		49,868		49,506			(14)		(25)		44,906		43,064			4
Home Lending (c)	183,343		181,150		177,444		182,247		185,733			1		(1)		181,049		197,148			(8)
Card	148,471		141,950		136,149		134,884		141,236			5		5		140,405		146,633			(4)
Auto	68,549		67,785		67,183		66,960		64,342			1		7		67,624		61,476			10
Total loans	437,662		434,141		430,132		433,959		440,817			1		(1)		433,984		448,321			(3)

Deposits	1,114,329		1,076,323		1,047,771		979,686		928,518			4		20		1,054,956		851,390			24
Equity	50,000		50,000		50,000		50,000		52,000			—		(4)		50,000		52,000			(4)

Headcount	128,863		126,586		125,300		126,084		122,894			2		5		128,863		122,894			5

(a)At December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020 included $5.4 billion, $11.1 billion, $16.7 billion, $23.4 billion and $19.2 billion of loans, respectively, in Business Banking under the Paycheck Protection Program (“PPP”). Refer to page 113 of the Firm’s 2020 Form 10-K for further information on the PPP.

(b)At December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, Home Lending loans held-for-sale and loans at fair value were $14.9 billion, $14.5 billion, $16.5 billion, $13.2 billion and $9.7 billion, respectively.

(c)Average Home Lending loans held-for sale and loans at fair value were $17.8 billion, $17.1 billion, $14.2 billion, $12.5 billion and $10.7 billion for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $15.4 billion and $11.1 billion for the full year 2021 and 2020, respectively.

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

Page 12


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED


(in millions, except ratio data)	QUARTERLY TRENDS																			FULL YEAR
																4Q21 Change										2021 Change
	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		2021			2020			2020
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)(c)	$	4,875		$	5,000		$	5,256		$	5,507	(g)	$	5,492	(g)	(3)	%	(11)	%	$	4,875		$	5,492	(g)	(11)	%
Net charge-offs/(recoveries)
Consumer & Business Banking	86			66			72			65			75			30		15		289			263			10
Home Lending	(71)			(74)			(79)			(51)			(50)			4		(42)		(275)			(169)			(63)
Card	479			495			755			983			767			(3)		(38)		2,712			4,286			(37)
Auto	21			4			(16)			26			25			425		(16)		35			123			(72)
Total net charge-offs/(recoveries)	$	515		$	491		$	732		$	1,023		$	817		5		(37)		$	2,761		$	4,503		(39)
Net charge-off/(recovery) rate
Consumer & Business Banking (d)	0.91		%	0.61		%	0.59		%	0.53		%	0.60		%					0.64		%	0.61		%
Home Lending	(0.17)			(0.18)			(0.19)			(0.12)			(0.11)							(0.17)			(0.09)
Card	1.28			1.39			2.24			2.97			2.17							1.94			2.93
Auto	0.12			0.02			(0.10)			0.16			0.15							0.05			0.20
Total net charge-off/(recovery) rate	0.49			0.47			0.71			0.99			0.76							0.66			1.03

30+ day delinquency rate (e)
Home Lending (f)	1.25		%	1.06		%	1.08		%	1.07		%	1.15		%					1.25		%	1.15		%
Card	1.04			1.00			1.01			1.40			1.68							1.04			1.68
Auto	0.64			0.46			0.42			0.42			0.69							0.64			0.69

90+ day delinquency rate - Card (e)	0.50			0.49			0.54			0.80			0.92							0.50			0.92

Allowance for loan losses
Consumer & Business Banking	$	697		$	797		$	897		$	1,022		$	1,372		(13)		(49)		$	697		$	1,372		(49)
Home Lending	660			630			630			1,238			1,813			5		(64)		660			1,813			(64)
Card	10,250			11,650			12,500			14,300			17,800			(12)		(42)		10,250			17,800			(42)
Auto	733			813			817			892			1,042			(10)		(30)		733			1,042			(30)
Total allowance for loan losses	$	12,340		$	13,890		$	14,844		$	17,452		$	22,027		(11)		(44)		$	12,340		$	22,027		(44)

(a)At December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $342 million, $355 million, $397 million, $458 million and $558 million, respectively. These amounts have been excluded based upon the government guarantee. The amount of mortgage loans 90 or more days past due and insured by U.S. government agencies excluded at June 30, 2021 has been revised to conform with the current presentation. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.

(b)At December 31, 2021 and September 30, 2021, nonaccrual loans excluded PPP loans 90 or more days past due and insured by the SBA of $506 million and $5 million, respectively. These amounts have been excluded based upon the SBA guarantee. There were no PPP loans 90 or more days past due in all other periods presented.

(c)Generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic. Includes loans to customers that have exited COVID-19 payment deferral programs and are 90 or more days past due, predominantly all of which were considered collateral-dependent at time of exit.

(d)At December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020 included $5.4 billion, $11.1 billion, $16.7 billion, $23.4 billion and $19.2 billion of loans, respectively, under the PPP. Given that PPP loans are guaranteed by the SBA, the Firm does not expect to realize material credit losses on these loans. Refer to page 113 of the Firm’s 2020 Form 10-K for further information on the PPP.

(e)At December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic were as follows: (1) $1.1 billion, $3.1 billion, $5.2 billion, $8.1 billion and $9.1 billion in Home Lending, respectively; (2) $46 million, $53 million, $55 million, $105 million and $264 million in Card, respectively; and (3) $115 million, $112 million, $89 million, $127 million and $376 million in Auto, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.

(f)At December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $405 million, $432 million, $483 million, $557 million and $744 million, respectively. These amounts have been excluded based upon the government guarantee. The amount of mortgage loans 30 or more days past due and insured by U.S. government agencies excluded at June 30, 2021 has been revised to conform with the current presentation.

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

Page 13


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)

	QUARTERLY TRENDS																								FULL YEAR
																					4Q21 Change												2021 Change
	4Q21				3Q21				2Q21				1Q21				4Q20				3Q21		4Q20		2021				2020				2020
BUSINESS METRICS
Number of:
Branches	4,790				4,854				4,869				4,872				4,908				(1)	%	(2)	%	4,790				4,908				(2)	%
Active digital customers (in thousands) (a)	58,857				57,961				56,915				56,671				55,274				2		6		58,857				55,274				6
Active mobile customers (in thousands) (b)	45,452				44,333				42,896				41,872				40,899				3		11		45,452				40,899				11

Debit and credit card sales volume (in billions)	$	376.2			$	349.9			$	344.3			$	290.3			$	299.4			8		26		$	1,360.7			$	1,081.2			26

Consumer & Business Banking
Average deposits	$	1,094,442			$	1,056,254			$	1,028,459			$	960,662			$	907,884			4		21		$	1,035,379			$	832,523			24
Deposit margin	1.22			%	1.29			%	1.28			%	1.29			%	1.41			%					1.27			%	1.58			%
Business banking origination volume	$	866			$	835			$	2,180		(f)	$	10,035		(f)	$	722			4		20		$	13,916		(f)	$	26,607		(f)	(48)
Client investment assets (c)	718,051				681,491				673,675				636,962				590,206			(g)	5		22		718,051				590,206			(g)	22
Number of client advisors	4,725				4,689				4,571				4,500				4,417				1		7		4,725				4,417				7

Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	22.4			$	23.7			$	22.7			$	23.0			$	20.1			(5)		11		$	91.8			$	72.9			26
Correspondent	19.8				17.9				16.9				16.3				12.4				11		60		70.9				40.9				73
Total mortgage origination volume (d)	$	42.2			$	41.6			$	39.6			$	39.3			$	32.5			1		30		$	162.7			$	113.8			43
Third-party mortgage loans serviced (period-end)	534.2				509.3				463.9				443.2				447.3				5		19		534.2				447.3				19
MSR carrying value (period-end)	5.5				5.3				4.5				4.5				3.3				4		67		5.5				3.3				67
Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end)	1.03			%	1.04			%	0.97			%	1.02			%	0.74			%					1.03			%	0.74			%
MSR revenue multiple (e)	3.68		x		3.85		x		3.59		x		3.78		x		2.64		x						3.81		x		2.55		x

Credit Card
Credit card sales volume, excluding Commercial Card (in billions)	$	254.1			$	232.0			$	223.7			$	183.7			$	197.0			10		29		893.5				702.7				27
Net revenue rate	9.61			%	9.74			%	11.32			%	11.53			%	11.22			%					10.51			%	10.92			%

Auto
Loan and lease origination volume (in billions)	$	8.5			$	11.5			$	12.4			$	11.2			$	11.0			(26)		(23)		$	43.6			$	38.4			14
Average auto operating lease assets	17,629				18,753				19,608				20,300				20,810				(6)		(15)		19,064				22,034				(13)

(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)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 20-22 for additional information.

(d)Firmwide mortgage origination volume was $48.2 billion, $46.1 billion, $44.9 billion, $43.2 billion and $37.0 billion for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $182.4 billion and $133.4 billion for the full year 2021 and 2020, respectively.

(e)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).

(f)Included $1.3 billion and $9.3 billion of origination volume under the PPP for the three months ended June 30, 2021 and March 31, 2021, respectively, and $10.6 billion and $21.9 billion for the full year 2021 and 2020, respectively. There were no originations under the PPP for the three months ended December 31, 2021, September 30, 2021, and December 31, 2020. The PPP ended on May 31, 2021 for new applications. Refer to page 113 of the Firm’s 2020 Form 10-K for further information on the PPP.

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

Page 14


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																			FULL YEAR
																4Q21 Change										2021 Change
	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		2021			2020			2020
INCOME STATEMENT
REVENUE
Investment banking fees	$	3,502		$	3,297		$	3,572		$	2,988		$	2,558		6	%	37	%	$	13,359		$	9,477		41	%
Principal transactions	2,116			3,577			4,026			6,045			2,982			(41)		(29)		15,764			17,560			(10)
Lending- and deposit-related fees	654			634			633			593			574			3		14		2,514			2,070			21
Asset management, administration and commissions	1,252			1,240			1,246			1,286			1,226			1		2		5,024			4,721			6
All other income	624			313			435			176			462			99		35		1,548			1,292			20
Noninterest revenue	8,148			9,061			9,912			11,088			7,802			(10)		4		38,209			35,120			9
Net interest income	3,386			3,335			3,302			3,517			3,550			2		(5)		13,540			14,164			(4)
TOTAL NET REVENUE (a)	11,534			12,396			13,214			14,605			11,352			(7)		2		51,749			49,284			5

Provision for credit losses	(126)			(638)			(79)			(331)			(581)			80		78		(1,174)			2,726			NM

NONINTEREST EXPENSE
Compensation expense	2,358			2,827			3,582			4,329			1,958			(17)		20		13,096			11,612			13
Noncompensation expense	3,469			3,044			2,941			2,775			2,981			14		16		12,229			11,926			3
TOTAL NONINTEREST EXPENSE	5,827			5,871			6,523			7,104			4,939			(1)		18		25,325			23,538			8

Income before income tax expense	5,833			7,163			6,770			7,832			6,994			(19)		(17)		27,598			23,020			20
Income tax expense	986			1,601			1,785			2,092			1,645			(38)		(40)		6,464			5,926			9
NET INCOME	$	4,847		$	5,562		$	4,985		$	5,740		$	5,349		(13)		(9)		$	21,134		$	17,094		24

FINANCIAL RATIOS
ROE	22		%	26		%	23		%	27		%	26		%					25		%	20		%
Overhead ratio	51			47			49			49			44							49			48
Compensation expense as percentage of total net revenue	20			23			27			30			17							25			24

REVENUE BY BUSINESS
Investment Banking	$	3,206		$	3,025		$	3,424		$	2,851		$	2,497		6		28		$	12,506		$	8,871		41
Payments (b)	1,801			1,624			1,453			1,392			1,427			11		26		6,270			5,560			13
Lending	263			244			229			265			193			8		36		1,001			1,146			(13)
Total Banking	5,270			4,893			5,106			4,508			4,117			8		28		19,777			15,577			27
Fixed Income Markets	3,334			3,672			4,098			5,761			3,950			(9)		(16)		16,865			20,878			(19)
Equity Markets	1,954			2,597			2,689			3,289			1,989			(25)		(2)		10,529			8,605			22
Securities Services	1,064			1,126			1,088			1,050			1,053			(6)		1		4,328			4,253			2
Credit Adjustments & Other (c)	(88)			108			233			(3)			243			NM		NM		250			(29)			NM
Total Markets & Securities Services	6,264			7,503			8,108			10,097			7,235			(17)		(13)		31,972			33,707			(5)
TOTAL NET REVENUE	$	11,534		$	12,396		$	13,214		$	14,605		$	11,352		(7)		2		$	51,749		$	49,284		5

(a)Includes tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; as well as tax-exempt income from municipal bonds of $923 million, $641 million, $763 million, $703 million and $655 million for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $3.0 billion and $2.4 billion for the full year 2021 and 2020, respectively. In the first quarter of 2021, in relation to the reclassification of certain deferred investment tax credits, prior-period tax-equivalent adjustment amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.

(b)In the fourth quarter of 2021, the Wholesale Payments business was renamed Payments.

(c)Consists primarily of centrally managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities. 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																						FULL YEAR
																			4Q21 Change											2021 Change
	4Q21			3Q21			2Q21				1Q21				4Q20				3Q21		4Q20		2021			2020				2020
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)	$	1,259,896		$	1,355,752		$	1,363,992			$	1,355,123			$	1,095,926			(7)	%	15	%	$	1,259,896		$	1,095,926			15	%
Loans:
Loans retained (b)	159,786			151,211			144,764				134,134				133,296				6		20		159,786			133,296				20
Loans held-for-sale and loans at fair value (c)	50,386			52,436			56,668				45,846				39,588				(4)		27		50,386			39,588				27
Total loans	210,172			203,647			201,432				179,980				172,884				3		22		210,172			172,884				22


Equity	83,000			83,000			83,000				83,000				80,000				—		4		83,000			80,000				4

SELECTED BALANCE SHEET DATA (average)
Total assets (a)	$	1,341,267		$	1,331,240		$	1,371,218			$	1,293,864			$	1,139,424			1		18		1,334,518			$	1,121,942			19
Trading assets - debt and equity instruments	407,656			442,623			473,875			(i)	468,976			(i)	447,022			(i)	(8)		(9)		448,099			425,060			(i)	5
Trading assets - derivative receivables	65,365			64,730			69,392			(i)	73,452			(i)	73,366			(i)	1		(11)		68,203			69,243			(i)	(2)
Loans:
Loans retained (b)	153,595			149,826			140,096				136,794				128,765				3		19		145,137			135,676				7
Loans held-for-sale and loans at fair value (c)	52,429			53,712			52,376				45,670.9				36,228				(2)		45		51,072			33,792				51
Total loans	206,024			203,538			192,472				182,464.9				164,993				1		25		196,209			169,468				16


Equity	83,000			83,000			83,000				83,000				80,000				—		4		83,000			80,000				4

Headcount (d)	67,546			66,267			64,261				62,772				61,733				2		9		67,546			61,733				9

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	23		$	2		$	(12)			$	(7)			$	88			NM		(74)		$	6		$	370			(98)
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (e)	584			547			783				842				1,008				7		(42)		584			1,008				(42)
Nonaccrual loans held-for-sale and loans at fair value (f)	844			1,234			1,187				1,266				1,662				(32)		(49)		844			1,662				(49)
Total nonaccrual loans	1,428			1,781			1,970				2,108				2,670				(20)		(47)		1,428			2,670				(47)

Derivative receivables	316			393			481				284				56				(20)		464		316			56				464
Assets acquired in loan satisfactions	91			95			95				97				85				(4)		7		91			85				7
Total nonperforming assets	1,835			2,269			2,546				2,489				2,811				(19)		(35)		1,835			2,811				(35)
Allowance for credit losses:
Allowance for loan losses	1,348			1,442			1,607				1,982				2,366				(7)		(43)		1,348			2,366				(43)
Allowance for lending-related commitments	1,372			1,426			1,902				1,602				1,534				(4)		(11)		1,372			1,534				(11)
Total allowance for credit losses	2,720			2,868			3,509				3,584				3,900				(5)		(30)		2,720			3,900				(30)

Net charge-off/(recovery) rate (b)(g)	0.06		%	0.01		%	(0.03)		%		(0.02)		%		0.27		%						—		%	0.27		%
Allowance for loan losses to period-end loans retained (b)	0.84			0.95			1.11				1.48				1.77								0.84			1.77
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (h)	1.12			1.29			1.53				2.06				2.54								1.12			2.54
Allowance for loan losses to nonaccrual loans retained (b)(e)	231			264			205				235				235								231			235
Nonaccrual loans to total period-end loans	0.68			0.87			0.98				1.17				1.54								0.68			1.54

(b)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.

(c)Loans held-for-sale and loans at fair value primarily reflect lending related positions originated and purchased in CIB Markets, including loans held for securitization.

(d)During the six months ended June 30, 2021, 1,155 technology and risk management employees transferred from Corporate to CIB.

(e)Allowance for loan losses of $58 million, $138 million, $180 million, $174 million and $278 million were held against nonaccrual loans at December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively.

(f)At December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $281 million, $289 million, $316 million, $340 million and $316 million, respectively. These amounts have been excluded based upon the government guarantee.

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

(h)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.

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

Page 16


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS														FULL YEAR
											4Q21 Change								2021 Change
	4Q21		3Q21		2Q21		1Q21		4Q20		3Q21		4Q20		2021		2020		2020
BUSINESS METRICS
Advisory	$	1,557	$	1,228	$	916	$	680	$	835	27	%	86	%	$	4,381	$	2,368	85	%
Equity underwriting	802		1,032		1,063		1,056		718		(22)		12		3,953		2,758		43
Debt underwriting	1,143		1,037		1,593		1,252		1,005		10		14		5,025		4,351		15
Total investment banking fees	$	3,502	$	3,297	$	3,572	$	2,988	$	2,558	6		37		$	13,359	$	9,477	41

Client deposits and other third-party liabilities (average) (a)	717,496		714,376		721,882		705,764		683,818		—		5		714,910		610,555		17

Merchant processing volume (in billions) (b)	514.9		470.9		475.2		425.7		444.5		9		16		$	1,886.7	$	1,597.3	18

Assets under custody (“AUC”) (period-end) (in billions)	33,221		$	31,962	$	32,122	$	31,251	$	30,980	4		7		33,221		$	30,980	7

95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (c)
Fixed income	$	39	$	38	$	39	$	125	$	106	3		(63)
Foreign exchange	4		5		6		11		12		(20)		(67)
Equities	12		11		18		22		23		9		(48)
Commodities and other	12		11		22		33		36		9		(67)
Diversification benefit to CIB trading VaR (d)	(31)		(33)		(44)		(90)		(85)		6		64
CIB trading VaR (c)	36		32		41		101		92		13		(61)
Credit portfolio VaR (e)	5		5		6		8		12		—		(58)
Diversification benefit to CIB VaR (d)	(4)		(4)		(6)		(10)		(13)		—		69
CIB VaR	$	37	$	33	$	41	$	99	$	91	12		(59)

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

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

(c)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 137–139 of the Firm’s 2020 Form 10-K, and pages 78–80 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 for further information.

(d)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across CIB risks.

(e)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																			FULL YEAR
																4Q21 Change										2021 Change
	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		2021			2020			2020
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	356		$	355		$	350		$	331		$	325		—	%	10	%	$	1,392		$	1,187		17	%

All other income	718			633			600			586			550			13		31		2,537			1,880			35
Noninterest revenue	1,074			988			950			917			875			9		23		3,929			3,067			28
Net interest income	1,538			1,532			1,533			1,476			1,588			—		(3)		6,079			6,246			(3)
TOTAL NET REVENUE (a)	2,612			2,520			2,483			2,393			2,463			4		6		10,008			9,313			7

Provision for credit losses	(89)			(363)			(377)			(118)			(1,181)			75		92		(947)			2,113			NM

NONINTEREST EXPENSE
Compensation expense	496			511			484			482			460			(3)		8		1,973			1,854			6


Noncompensation expense	563			521			497			487			490			8		15		2,068			1,944			6
TOTAL NONINTEREST EXPENSE	1,059			1,032			981			969			950			3		11		4,041			3,798			6

Income/(loss) before income tax expense/(benefit)	1,642			1,851			1,879			1,542			2,694			(11)		(39)		6,914			3,402			103
Income tax expense/(benefit)	391			444			459			374			660			(12)		(41)		1,668			824			102
NET INCOME	$	1,251		$	1,407		$	1,420		$	1,168		$	2,034		(11)		(38)		$	5,246		$	2,578		103

REVENUE BY PRODUCT
Lending	$	1,151		$	1,138		$	1,172		$	1,168		$	1,177		1		(2)		$	4,629		$	4,396		5
Payments	949			947			914			843			945			—		—		3,653			3,715			(2)
Investment banking (b)	475			416			370			350			318			14		49		1,611			1,069			51
Other	37			19			27			32			23			95		61		115			133			(14)
TOTAL NET REVENUE (a)	$	2,612		$	2,520		$	2,483		$	2,393		$	2,463		4		6		$	10,008		$	9,313		7

Investment banking revenue, gross (c)	$	1,456		$	1,343		$	1,164		$	1,129		$	971		8		50		$	5,092		$	3,348		52

REVENUE BY CLIENT SEGMENT
Middle Market Banking	$	1,062		$	1,017		$	1,009		$	916		$	947		4		12		$	4,004		$	3,640		10
Corporate Client Banking	928			878			851			851			856			6		8		3,508			3,203			10
Commercial Real Estate Banking	614			602			599			604			630			2		(3)		2,419			2,313			5


Other	8			23			24			22			30			(65)		(73)		77			157			(51)
TOTAL NET REVENUE (a)	$	2,612		$	2,520		$	2,483		$	2,393		$	2,463		4		6		$	10,008		$	9,313		7

FINANCIAL RATIOS
ROE	20		%	22		%	23		%	19		%	36		%					21		%	11		%
Overhead ratio	41			41			40			40			39							40			41

(a)Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities and in entities established for rehabilitation of historic properties, as well as tax-exempt income related to municipal financing activities of $99 million, $80 million, $78 million, $73 million and $107 million for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $330 million and $350 million for the full year 2021 and 2020, respectively. In the first quarter of 2021, in relation to the reclassification of certain deferred investment tax credits, prior-period tax-equivalent adjustment amounts have been revised to conform with the current presentation. Refer to footnote (a) on page 2 for further information.

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

(c)Refer to page 65 of the Firm’s 2020 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																			FULL YEAR
																4Q21 Change										2021 Change
	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		2021			2020			2020
SELECTED BALANCE SHEET DATA (period-end)
Total assets (a)	$	230,776		$	227,670		$	226,022		$	223,583		$	228,911		1	%	1	%	$	230,776		$	228,911		1	%
Loans:
Loans retained	206,220			201,283			200,929			202,975			207,880			2		(1)		206,220			207,880			(1)
Loans held-for-sale and loans at fair value	2,223			3,412			3,381			2,884			2,245			(35)		(1)		2,223			2,245			(1)
Total loans	$	208,443		$	204,695		$	204,310		$	205,859		$	210,125		2		(1)		$	208,443		$	210,125		(1)
Equity	24,000			24,000			24,000			24,000			22,000			—		9		24,000			22,000			9

Period-end loans by client segment
Middle Market Banking (b)	$	61,159		$	58,918		$	59,314		$	59,983		$	61,115		4		—		$	61,159		$	61,115		—
Corporate Client Banking	45,315			45,107			44,866			45,540			47,420			—		(4)		45,315			47,420			(4)
Commercial Real Estate Banking	101,751			100,458			99,858			100,035			101,146			1		1		101,751			101,146			1


Other	218			212			272			301			444			3		(51)		218			444			(51)
Total loans (b)	$	208,443		$	204,695		$	204,310		$	205,859		$	210,125		2		(1)		$	208,443		$	210,125		(1)

SELECTED BALANCE SHEET DATA (average)
Total assets (a)	$	227,308		$	222,760		$	226,562		$	225,574		$	227,431		2		—		$	225,548		$	233,156		(3)
Loans:
Loans retained	201,676			199,789			202,102			204,164			210,621			1		(4)		201,920			217,767			(7)
Loans held-for-sale and loans at fair value	3,958			2,790			3,150			2,578			1,554			42		155		3,122			1,129			177
Total loans	$	205,634		$	202,579		$	205,252		$	206,742		$	212,175		2		(3)		$	205,042		$	218,896		(6)

Client deposits and other third-party liabilities	323,821			300,595			290,250			290,992			276,694			8		17		301,502			237,825			27
Equity	24,000			24,000			24,000			24,000			22,000			—		9		24,000			22,000			9

Average loans by client segment
Middle Market Banking	$	59,784		$	59,032		$	61,698		$	60,011		$	60,869		1		(2)		$	60,128		$	61,558		(2)
Corporate Client Banking	44,976			43,330			43,440			45,719			48,825			4		(8)		44,361			54,172			(18)
Commercial Real Estate Banking	100,682			100,120			99,864			100,661			101,969			1		(1)		100,331			102,479			(2)


Other	192			97			250			351			512			98		(63)		222			687			(68)
Total loans	$	205,634		$	202,579		$	205,252		$	206,742		$	212,175		2		(3)		$	205,042		$	218,896		(6)

Headcount	12,902			12,584			12,163			11,748			11,675			3		11		12,902			11,675			11

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	8		$	31		$	3		$	29		$	162		(74)		(95)		$	71		$	401		(82)
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (c)(d)	740			735			1,006			1,134			1,286			1		(42)		740			1,286			(42)
Nonaccrual loans held-for-sale and loans
at fair value	—			—			2			—			120			—		NM		—			120			NM
Total nonaccrual loans	740			735			1,008			1,134			1,406			1		(47)		740			1,406			(47)

Assets acquired in loan satisfactions	17			16			17			24			24			6		(29)		17			24			(29)
Total nonperforming assets	757			751			1,025			1,158			1,430			1		(47)		757			1,430			(47)
Allowance for credit losses:
Allowance for loan losses	2,219			2,354			2,589			3,086			3,335			(6)		(33)		2,219			3,335			(33)
Allowance for lending-related commitments	749			711			870			753			651			5		15		749			651			15
Total allowance for credit losses	2,968			3,065			3,459			3,839			3,986			(3)		(26)		2,968			3,986			(26)

Net charge-off/(recovery) rate (e)	0.02		%	0.06		%	0.01		%	0.06		%	0.31		%					0.04		%	0.18		%
Allowance for loan losses to period-end loans retained	1.08			1.17			1.29			1.52			1.60							1.08			1.60
Allowance for loan losses to nonaccrual loans retained (c)	300			320			257			272			259							300			259
Nonaccrual loans to period-end total loans	0.36			0.36			0.49			0.55			0.67							0.36			0.67

(b)At December 31, 2021, September 30,2021, June 30, 2021, March 31, 2021 and December 31, 2020 , total loans included $1.2 billion, $2.0 billion, $5.0 billion, $7.4 billion and $6.6 billion of loans, respectively, under the PPP, of which $1.1 billion, $1.9 billion, $4.9 billion, $7.2 billion and $6.4 billion were in Middle Market Banking. Refer to page 113 of the Firm’s 2020 Form 10-K for further information on the PPP.

(c)Allowance for loan losses of $124 million, $123 million, $188 million, $227 million and $273 million was held against nonaccrual loans retained at December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively.

(d)At December 31, 2021, nonaccrual loans excluded PPP loans 90 or more days past due and insured by the SBA of $114 million. These amounts have been excluded based upon the SBA guarantee. There were no PPP loans 90 or more days past due in all other periods presented.

(e)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																			FULL YEAR
																4Q21 Change										2021 Change
	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		2021			2020			2020
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	3,330		$	3,096		$	3,019		$	2,888		$	2,892		8	%	15	%	$	12,333		$	10,610		16	%
All other income	118			216			146			258			87			(45)		36		738			212			248
Noninterest revenue	3,448			3,312			3,165			3,146			2,979			4		16		13,071			10,822			21
Net interest income	1,025			988			942			931			888			4		15		3,886			3,418			14
TOTAL NET REVENUE	4,473			4,300			4,107			4,077			3,867			4		16		16,957			14,240			19

Provision for credit losses	(36)			(60)			(10)			(121)			(2)			40		NM		(227)			263			NM

NONINTEREST EXPENSE
Compensation expense	1,560			1,387			1,356			1,389			1,323			12		18		5,692			4,959			15
Noncompensation expense	1,437			1,375			1,230			1,185			1,433			5		—		5,227			4,998			5
TOTAL NONINTEREST EXPENSE	2,997			2,762			2,586			2,574			2,756			9		9		10,919			9,957			10

Income before income tax expense	1,512			1,598			1,531			1,624			1,113			(5)		36		6,265			4,020			56
Income tax expense	366			404			378			380			327			(9)		12		1,528			1,028			49
NET INCOME	$	1,146		$	1,194		$	1,153		$	1,244		$	786		(4)		46		$	4,737		$	2,992		58

REVENUE BY LINE OF BUSINESS
Asset Management	$	2,488		$	2,337		$	2,236		$	2,185		$	2,210		6		13		$	9,246		$	7,654		21
Global Private Bank (a)	1,985			1,963			1,871			1,892			1,657			1		20		7,711			6,586			17
TOTAL NET REVENUE	$	4,473		$	4,300		$	4,107		$	4,077		$	3,867		4		16		$	16,957		$	14,240		19

FINANCIAL RATIOS
ROE	32		%	33		%	32		%	35		%	29		%					33		%	28		%
Overhead ratio	67			64			63			63			71							64			70
Pretax margin ratio:
Asset Management	32			36			37			35			31							35			29
Global Private Bank (a)	36			38			38			45			26							39			27
Asset & Wealth Management	34			37			37			40			29							37			28

Headcount	22,762			22,051			20,866			20,578			20,683			3		10		22,762			20,683			10

Number of Global Private Bank client advisors (a)	2,738			2,646			2,435			2,462			2,462			3		11		2,738			2,462			11

(a)In the first quarter of 2021, the Wealth Management business was renamed Global Private Bank.

Page 20


JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)

	QUARTERLY TRENDS																			FULL YEAR
																4Q21 Change										2021 Change
	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		2021			2020			2020
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	234,425		$	221,702		$	217,284		$	213,088		$	203,384	(a)	6	%	15	%	$	234,425		$	203,384	(a)	15	%
Loans	218,271			202,871			198,683			192,256			186,608			8		17		218,271			186,608			17
Deposits	282,052			242,309			217,488			217,460			198,755			16		42		282,052			198,755			42
Equity	14,000			14,000			14,000			14,000			10,500			—		33		14,000			10,500			33

SELECTED BALANCE SHEET DATA (average)
Total assets	$	227,597		$	219,022		$	214,384		$	207,505		$	193,026	(a)	4		18		$	217,187		$	181,432	(a)	20
Loans	209,169			200,635			195,171			188,726			176,758			4		18		198,487			166,311			19
Deposits	264,580			229,710			219,699			206,562			180,348			15		47		230,296			161,955			42
Equity	14,000			14,000			14,000			14,000			10,500			—		33		14,000			10,500			33

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	4		$	(1)		$	12		$	11		$	(16)		NM		NM		$	26		$	(14)		NM
Nonaccrual loans	708			686			792			917		(a)	964		(a)	3		(27)		708			964		(a)	(27)
Allowance for credit losses:
Allowance for loan losses	365			402			458			479			598			(9)		(39)		365			598			(39)
Allowance for lending-related commitments	18			20			25			25			38			(10)		(53)		18			38			(53)
Total allowance for credit losses	383			422			483			504			636			(9)		(40)		383			636			(40)
Net charge-off/(recovery) rate	0.01		%	—		%	0.02		%	0.02		%	(0.04)		%					0.01		%	(0.01)		%
Allowance for loan losses to period-end loans	0.17			0.20			0.23			0.25			0.32							0.17			0.32
Allowance for loan losses to nonaccrual loans	52			59			58			52		(a)	62		(a)					52			62		(a)
Nonaccrual loans to period-end loans	0.32			0.34			0.40			0.48		(a)	0.52		(a)					0.32			0.52		(a)

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

Page 21


JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)


											Dec 31, 2021
											Change				FULL YEAR
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Dec 31,						2021 Change
CLIENT ASSETS	2021		2021		2021		2021		2020		2021		2020		2021		2020		2020
Assets by asset class
Liquidity	$	708	$	685	$	698	$	686	$	641	3	%	10	%	$	708	$	641	10	%
Fixed income	693		695		688		662		671		—		3		693		671		3
Equity	779		725		725		661		595		7		31		779		595		31
Multi-asset	732		702		702		669		656		4		12		732		656		12
Alternatives	201		189		174		155		153		6		31		201		153		31
TOTAL ASSETS UNDER MANAGEMENT	3,113		2,996		2,987		2,833		2,716		4		15		3,113		2,716		15
Custody/brokerage/administration/deposits	1,182		1,100		1,057		995		936		7		26		1,182		936		26
TOTAL CLIENT ASSETS (a)	$	4,295	$	4,096	$	4,044	$	3,828	$	3,652	5		18		$	4,295	$	3,652	18


Assets by client segment
Private Banking	$	805	$	773	$	752	$	718	$	689	4		17		$	805	$	689	17
Global Institutional (b)	1,430		1,375		1,383		1,320		1,273		4		12		1,430		1,273		12
Global Funds (b)	878		848		852		795		754		4		16		878		754		16
TOTAL ASSETS UNDER MANAGEMENT	$	3,113	$	2,996	$	2,987	$	2,833	$	2,716	4		15		$	3,113	$	2,716	15

Private Banking	$	1,931	$	1,817	$	1,755	$	1,664	$	1,581	6		22		$	1,931	$	1,581	22
Global Institutional (b)	1,479		1,425		1,430		1,362		1,311		4		13		1,479		1,311		13
Global Funds (b)	885		854		859		802		760		4		16		885		760		16
TOTAL CLIENT ASSETS (a)	$	4,295	$	4,096	$	4,044	$	3,828	$	3,652	5		18		$	4,295	$	3,652	18

Assets under management rollforward
Beginning balance	$	2,996	$	2,987	$	2,833	$	2,716	$	2,560					$	2,716	$	2,328
Net asset flows:
Liquidity	20		(11)		15		44		(36)						68		104
Fixed income	—		11		17		8		8						36		48
Equity	18		16		20		31		14						85		33
Multi-asset	6		3		2		6		10						17		5
Alternatives	10		3		10		3		1						26		6
Market/performance/other impacts	63		(13)		90		25		159						165		192
Ending balance	$	3,113	$	2,996	$	2,987	$	2,833	$	2,716					$	3,113	$	2,716

Client assets rollforward
Beginning balance	$	4,096	$	4,044	$	3,828	$	3,652	$	3,370					$	3,652	$	3,089
Net asset flows	109		75		75		130		39						389		276
Market/performance/other impacts	90		(23)		141		46		243						254		287
Ending balance	$	4,295	$	4,096	$	4,044	$	3,828	$	3,652					$	4,295	$	3,652

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

(b)In the first quarter of 2021, Institutional and Retail client segments were renamed to Global Institutional and Global Funds, respectively. This did not result in a change to the clients within either client segment.

Page 22


JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)

	QUARTERLY TRENDS													FULL YEAR
											4Q21 Change							2021 Change
	4Q21		3Q21		2Q21		1Q21		4Q20		3Q21	4Q20		2021		2020		2020
INCOME STATEMENT
REVENUE
Principal transactions	$	26	$	(103)	$	(8)	$	272	$	273	NM	(90)	%	$	187	$	245	(24)	%
Investment securities gains/(losses)	52		(256)		(155)		14		70		NM	(26)	%	(345)		795		NM
All other income	58		117		(45)		96		249		(50)	(77)		226		159		42
Noninterest revenue	136		(242)		(208)		382		592		NM	(77)		68		1,199		(94)
Net interest income	(681)		(1,054)		(961)		(855)		(841)		35	19		(3,551)		(2,375)		(50)
TOTAL NET REVENUE (a)	(545)		(1,296)		(1,169)		(473)		(249)		58	(119)		(3,483)		(1,176)		(196)

Provision for credit losses	23		(7)		49		16		(42)		NM	NM		81		66		23

NONINTEREST EXPENSE	251		160		515		876		361		57	(30)		1,802		1,373		31
Income/(loss) before income tax expense/(benefit)	(819)		(1,449)		(1,733)		(1,365)		(568)		43	(44)		(5,366)		(2,615)		(105)
Income tax expense/(benefit)	253		(632)		(489)		(785)		(210)		NM	NM		(1,653)		(865)		(91)
NET INCOME/(LOSS)	$	(1,072)	$	(817)	$	(1,244)	$	(580)	$	(358)	(31)	(199)		$	(3,713)	$	(1,750)	(112)

MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	(480)		(1,198)		(1,081)		(705)		(623)		60	23		(3,464)		(1,368)		(153)

Other Corporate	(65)		(98)		(88)		232		374		34	NM		(19)		192		NM
TOTAL NET REVENUE	$	(545)	$	(1,296)	$	(1,169)	$	(473)	$	(249)	58	(119)		$	(3,483)	$	(1,176)	(196)

NET INCOME/(LOSS)
Treasury and CIO	(428)		(998)		(956)		(675)		(587)		57	27		(3,057)		(1,403)		(118)

Other Corporate	(644)		181		(288)		95		229		NM	NM		(656)		(347)		(89)
TOTAL NET INCOME/(LOSS)	$	(1,072)	$	(817)	$	(1,244)	$	(580)	$	(358)	(31)	(199)		$	(3,713)	$	(1,750)	(112)

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,518,100	$	1,459,283	$	1,382,653	$	1,409,564	$	1,359,831	4	12		$	1,518,100	$	1,359,831	12
Loans	1,770		1,697		1,530		1,627		1,657		4	7		1,770		1,657		7


Headcount (b)	38,952		38,302		37,520		38,168		38,366		2	2		38,952		38,366		2

SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains/(losses)	$	52	$	(256)	$	(155)	$	14	$	70	NM	(26)		$	(345)	$	795	NM
Available-for-sale securities (average)	290,590		223,747		342,338		372,443		410,803		30	(29)		306,827		413,367		(26)
Held-to-maturity securities (average) (c)	349,989		339,544		240,696		207,957		155,525		3	125		285,086		94,569		201
Investment securities portfolio (average)	$	640,579	$	563,291	$	583,034	$	580,400	$	566,328	14	13		$	591,913	$	507,936	17
Available-for-sale securities (period-end)	306,352		249,484		230,127		377,911		386,065		23	(21)		306,352		386,065		(21)
Held-to-maturity securities, net of allowance for credit losses (period-end) (c)	363,707		343,542		341,476		217,452		201,821		6	80		363,707		201,821		80
Investment securities portfolio, net of allowance for credit losses (period-end) (d)	$	670,059	$	593,026	$	571,603	$	595,363	$	587,886	13	14		$	670,059	$	587,886	14

(a)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $60 million, $64 million, $66 million, $67 million and $55 million for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and $257 million and $241 million for the full year 2021 and 2020, respectively.

(b)During the six months ended June 30, 2021, 1,155 technology and risk management employees were transferred from Corporate to CIB.

(c)During 2021 and 2020, the Firm transferred $104.5 billion and $164.2 billion of investment securities, respectively, from AFS to HTM for capital management purposes.

(d)At December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, the allowance for credit losses on investment securities was $42 million, $73 million, $87 million, $94 million and $78 million, respectively.

Page 23


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
															Dec 31, 2021
															Change
	Dec 31,		Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,		Dec 31,
	2021		2021			2021			2021			2020			2021		2020
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained	$	295,556	$	298,308		$	297,731		$	302,392		$	302,127		(1)	%	(2)	%
Loans held-for-sale and loans at fair value	27,750		29,856			31,954			22,516			16,452			(7)		69
Total consumer, excluding credit card loans	323,306		328,164			329,685			324,908			318,579			(1)		1

Credit card loans
Loans retained	154,296		143,166			141,079			131,772			143,432			8		8
Loans held-for-sale	—		—			723			721			784			—		NM
Total credit card loans	154,296		143,166			141,802			132,493			144,216			8		7
Total consumer loans	477,602		471,330			471,487			457,401			462,795			1		3

Wholesale loans (b)
Loans retained	560,354		532,786			524,855			514,478			514,947			5		9
Loans held-for-sale and loans at fair value	39,758		40,499			44,612			39,428			35,111			(2)		13
Total wholesale loans	600,112		573,285			569,467			553,906			550,058			5		9

Total loans	1,077,714		1,044,615			1,040,954			1,011,307			1,012,853			3		6
Derivative receivables	57,081		67,908			66,320		(g)	68,896		(g)	75,444		(g)	(16)		(24)
Receivables from customers (c)	59,645		58,752			59,609			58,180			47,710			2		25
Total credit-related assets	1,194,440		1,171,275			1,166,883			1,138,383			1,136,007			2		5

Lending-related commitments
Consumer, excluding credit card	45,334		56,684			56,875			56,245			57,319		(g)	(20)		(21)
Credit card (d)	730,534		710,610			682,531			674,367			658,506			3		11
Wholesale	486,454		499,236		(g)	502,616			481,244			449,863			(3)		8
Total lending-related commitments	1,262,322		1,266,530			1,242,022			1,211,856			1,165,688			—		8

Total credit exposure	$	2,456,762	$	2,437,805		$	2,408,905		$	2,350,239		$	2,301,695		1		7

Memo: Total by category
Consumer exposure (e)	$	1,253,470	$	1,238,624		$	1,210,893		$	1,188,013		$	1,178,620		1		6
Wholesale exposure (f)	1,203,292		1,199,181			1,198,012			1,162,226			1,123,075			—		7
Total credit exposure	$	2,456,762	$	2,437,805		$	2,408,905		$	2,350,239		$	2,301,695		1		7

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

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

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

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

(e)Represents total consumer loans and lending-related commitments.

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

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

Page 24


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

																Dec 31, 2021
																Change
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,		Dec 31,
	2021			2021			2021			2021			2020			2021		2020
NONPERFORMING ASSETS (a)(b)
Consumer nonaccrual loans
Loans retained	$	4,878		$	4,911		$	5,183		$	5,382		$	5,464		(1)	%	(11)	%
Loans held-for-sale and loans at fair value	472			440			475			608			1,003			7		(53)
Total consumer nonaccrual loans	5,350			5,351			5,658			5,990			6,467			—		(17)

Wholesale nonaccrual loans
Loans retained	2,054			2,084			2,698			3,015			3,318			(1)		(38)
Loans held-for-sale and loans at fair value	391			808			716			701			788			(52)		(50)
Total wholesale nonaccrual loans	2,445			2,892			3,414			3,716			4,106			(15)		(40)

Total nonaccrual loans (c)	7,795			8,243			9,072			9,706			10,573			(5)		(26)

Derivative receivables	316			393			481			284			56			(20)		464
Assets acquired in loan satisfactions	235			246			249			267			277			(4)		(15)
Total nonperforming assets	8,346			8,882			9,802			10,257			10,906			(6)		(23)
Wholesale lending-related commitments (d)	764			641			851			800			577			19		32
Total nonperforming exposure	$	9,110		$	9,523		$	10,653		$	11,057		$	11,483		(4)		(21)

NONACCRUAL LOAN-RELATED RATIOS (b)
Total nonaccrual loans to total loans	0.72		%	0.79		%	0.87		%	0.96		%	1.04		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	1.65			1.63			1.72			1.84			2.03
Total wholesale nonaccrual loans to total
wholesale loans	0.41			0.50			0.60			0.67			0.75

(a)At December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, nonperforming assets excluded: (1) mortgage loans 90 or more days past due and insured by U.S. government agencies of $623 million, $644 million, $713 million, $798 million and $874 million, respectively; and (2) real estate owned (“REO”) insured by U.S. government agencies of $5 million, $5 million, $7 million, $8 million and $9 million, respectively. The amount of mortgage loans 90 or more days past due and insured by U.S. government agencies excluded at June 30, 2021 has been revised to conform with the current presentation. 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. Refer to Note 12 of the Firm’s 2020 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.

(b)At December 31, 2021 and September 30, 2021, nonperforming assets excluded PPP loans 90 or more days past due and insured by the SBA of $633 million and $5 million, respectively. These amounts have been excluded based upon the SBA guarantee. There were no PPP loans 90 or more days past due in all other periods presented.

(c)Generally excludes loans that were under payment deferral or other assistance, including amendments or waivers of financial covenants, in response to the COVID-19 pandemic.

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

Page 25


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

	QUARTERLY TRENDS																			FULL YEAR
																4Q21 Change										2021 Change
	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		2021			2020			2020
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	18,150		$	19,500		$	23,001		$	28,328		$	30,814		(7)	%	(41)	%	$	28,328		$	17,295		64	%
Net charge-offs:
Gross charge-offs	968			940			1,188			1,468			1,471			3		(34)		4,564			6,836			(33)
Gross recoveries collected	(418)			(416)			(454)			(411)			(421)			—		1		(1,699)			(1,577)			(8)
Net charge-offs	550			524			734			1,057			1,050			5		(48)		2,865			5,259			(46)
Provision for loan losses	(1,214)			(819)			(2,759)			(4,279)			(1,433)			(48)		15		(9,071)			16,291			NM
Other	—			(7)			(8)			9			(3)			NM		NM		(6)			1			NM
Ending balance	$	16,386		$	18,150		$	19,500		$	23,001		$	28,328		(10)		(42)		$	16,386		$	28,328		(42)

ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	2,305		$	2,998		$	2,516		$	2,409		$	2,823		(23)		(18)		$	2,409		$	1,289		87
Provision for lending-related commitments	(43)			(694)			481			107			(414)			94		90		(149)			1,121			NM
Other	(1)			1			1			—			—			NM		NM		1			(1)			NM
Ending balance	$	2,261		$	2,305		$	2,998		$	2,516		$	2,409		(2)		(6)		$	2,261		$	2,409		(6)

ALLOWANCE FOR INVESTMENT SECURITIES	$	42		$	73		$	87		$	94		$	78		(42)		(46)		$	42		$	78		(46)

Total allowance for credit losses	$	18,689		$	20,528		$	22,585		$	25,611		$	30,815		(9)		(39)		$	18,689		$	30,815		(39)

NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans	0.04		%	(0.01)		%	(0.04)		%	0.03		%	0.05		%					—		%	0.06		%
Credit card retained loans	1.28			1.39			2.24			2.97			2.17							1.94			2.93
Total consumer retained loans	0.45			0.44			0.67			0.93			0.72							0.62			0.99
Wholesale retained loans	0.03			0.03			0.01			0.04			0.19							0.03			0.16
Total retained loans	0.22			0.21			0.31			0.45			0.44							0.30			0.55

Memo: Average retained loans
Consumer retained, excluding credit card loans	$	296,423		$	298,019		$	298,823		$	302,055		$	303,421		(1)		(2)		$	298,814		$	302,005		(1)
Credit card retained loans	148,471			141,371			135,430			134,155			140,459			5		6		139,900			146,391			(4)
Total average retained consumer loans	444,894			439,390			434,253			436,210			443,880			1		—		438,714			448,396			(2)
Wholesale retained loans	541,183			528,979			519,902			515,858			503,249			2		8		526,557			509,907			3
Total average retained loans	$	986,077		$	968,369		$	954,155		$	952,068		$	947,129		2		4		$	965,271		$	958,303		1

Page 26


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

																Dec 31, 2021
																Change
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,		Dec 31,
	2021			2021			2021			2021			2020			2021		2020
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	(665)		$	(571)		$	(557)		$	(348)		$	(7)		(16)	%	NM
Portfolio-based	2,430			2,445			2,455			3,030			3,643			(1)		(33)	%
Total consumer, excluding credit card	1,765			1,874			1,898			2,682			3,636			(6)		(51)
Credit card
Asset-specific (b)	313			383			443			522			633			(18)		(51)
Portfolio-based	9,937			11,267			12,057			13,778			17,167			(12)		(42)
Total credit card	10,250			11,650			12,500			14,300			17,800			(12)		(42)
Total consumer	12,015			13,524			14,398			16,982			21,436			(11)		(44)
Wholesale
Asset-specific (c)	263			357			488			529			682			(26)		(61)
Portfolio-based	4,108			4,269			4,614			5,490			6,210			(4)		(34)
Total wholesale	4,371			4,626			5,102			6,019			6,892			(6)		(37)
Total allowance for loan losses	16,386			18,150			19,500			23,001			28,328			(10)		(42)
Allowance for lending-related commitments	2,261			2,305			2,998			2,516			2,409			(2)		(6)
Allowance for investment securities	42			73			87			94			78			(42)		(46)
Total allowance for credit losses	$	18,689		$	20,528		$	22,585		$	25,611		$	30,815		(9)		(39)

CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	0.60		%	0.63		%	0.64		%	0.89		%	1.20		%
Credit card allowance to total credit card retained loans	6.64			8.14			8.86			10.85			12.41
Wholesale allowance to total wholesale retained loans	0.78			0.87			0.97			1.17			1.34
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (d)	0.84			0.93			1.05			1.26			1.45
Total allowance to total retained loans	1.62			1.86			2.02			2.42			2.95
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (e)	36			38			37			50			67
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (e)	89			93			89			104			120
Wholesale allowance to wholesale retained nonaccrual loans	213			222			189			200			208
Total allowance to total retained nonaccrual loans	236			259			247			274			323

(a)Includes collateral-dependent loans, including those considered troubled debt restructurings (“TDRs”) and those for which foreclosure is deemed probable, modified PCD loans, and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a TDR.

(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 an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue from year-to-year 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)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less total noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.

(c)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.

(d)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.

(e)In addition to reviewing net interest income (“NII”), net yield, and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding CIB Markets, as shown below. CIB Markets consists of Fixed Income Markets and Equity Markets. These metrics, which exclude CIB Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, without the volatility arising from CIB Markets. In addition, management also assesses CIB Markets business performance on a total revenue basis as offsets may occur across revenue lines. Management believes that disclosure of these measures provides investors and analysts with other measures by which to analyze the revenue trends of the Firm.


	QUARTERLY TRENDS																			FULL YEAR
																4Q21 Change										2021 Change
(in millions, except rates)	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20		2021			2020			2020

Net interest income - reported	$	13,601		$	13,080		$	12,741		$	12,889		$	13,258		4	%	3	%	$	52,311		$	54,563		(4)	%
Fully taxable-equivalent adjustments	108			104			109			109			97			4		11		430			418			3
Net interest income - managed basis (a)	$	13,709		$	13,184		$	12,850		$	12,998		$	13,355		4		3		$	52,741		$	54,981		(4)
Less: CIB Markets net interest income	2,066			1,967			1,987			2,223			2,166			5		(5)		8,243			8,374			(2)
Net interest income excluding CIB Markets (a)	$	11,643		$	11,217		$	10,863		$	10,775		$	11,189		4		4		$	44,498		$	46,607		(5)

Average interest-earning assets	$	3,337,855		$	3,219,786		$	3,177,195		$	3,126,569		$	2,955,646		4		13		$	3,215,942		$	2,779,710		16
Less: Average CIB Markets interest-earning assets	908,093			894,892			882,848			866,591			743,337			1		22		888,238			751,131			18
Average interest-earning assets excluding CIB Markets	$	2,429,762		$	2,324,894		$	2,294,347		$	2,259,978		$	2,212,309		5		10		$	2,327,704		$	2,028,579		15

Net yield on average interest-earning assets - managed basis	1.63		%	1.62		%	1.62		%	1.69		%	1.80		%					1.64		%	1.98		%
Net yield on average CIB Markets interest-earning assets	0.90			0.87			0.90			1.04			1.16							0.93			1.11
Net yield on average interest-earning assets excluding CIB Markets	1.90			1.91			1.90			1.93			2.01							1.91			2.30

Noninterest revenue - reported	$	15,656		$	16,567		$	17,738		$	19,377		$	16,077		(5)		(3)		$	69,338		$	65,388		6
Fully taxable-equivalent adjustments	984			690			807			744			729			43		35		3,225			2,560			26
Noninterest revenue - managed basis	$	16,640		$	17,257		$	18,545		$	20,121		$	16,806		(4)		(1)		$	72,563		$	67,948		7
Less: CIB Markets noninterest revenue	3,222			4,302			4,800			6,827			3,773			(25)		(15)		19,151			21,109			(9)
Noninterest revenue excluding CIB Markets	$	13,418		$	12,955		$	13,745		$	13,294		$	13,033		4		3		$	53,412		$	46,839		14

Memo: CIB Markets total net revenue	$	5,288		$	6,269		$	6,787		$	9,050		$	5,939		(16)		(11)		$	27,394		$	29,483		(7)

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

Page 28

JPMorgan Chase & Co. (JPM) 8-KResults of Operations and Financial Condition