Cover
Cover | 3 Months Ended |
Mar. 31, 2022shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Mar. 31, 2022 |
Entity File Number | 1-5805 |
Entity Registrant Name | JPMorgan Chase & Co |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 13-2624428 |
Entity Address, Address Line One | 383 Madison Avenue, |
Entity Address, City or Town | New York, |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10179 |
City Area Code | 212 |
Local Phone Number | 270-6000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 2,937,050,466 |
Entity Central Index Key | 0000019617 |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | --12-31 |
Common stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common stock |
Trading Symbol | JPM |
Security Exchange Name | NYSE |
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD |
Trading Symbol | JPM PR D |
Security Exchange Name | NYSE |
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE |
Trading Symbol | JPM PR C |
Security Exchange Name | NYSE |
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG |
Trading Symbol | JPM PR J |
Security Exchange Name | NYSE |
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ |
Trading Symbol | JPM PR K |
Security Exchange Name | NYSE |
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL |
Trading Symbol | JPM PR L |
Security Exchange Name | NYSE |
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM |
Trading Symbol | JPM PR M |
Security Exchange Name | NYSE |
Alerian MLP Index ETNs due May 24, 2024 | |
Entity Information [Line Items] | |
Title of 12(b) Security | Alerian MLP Index ETNs due May 24, 2024 |
Trading Symbol | AMJ |
Security Exchange Name | NYSEArca |
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC | |
Entity Information [Line Items] | |
Title of 12(b) Security | Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC |
Trading Symbol | JPM/32 |
Security Exchange Name | NYSE |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | ||
Investment banking fees | $ 2,008 | $ 2,970 |
Principal transactions | 5,105 | 6,500 |
Lending- and deposit-related fees | 1,839 | 1,687 |
Asset management, administration and commissions | 5,362 | 5,029 |
Investment securities gains/(losses) | (394) | 14 |
Mortgage fees and related income | 460 | 704 |
Card income | 975 | 1,350 |
Other income | 1,490 | 1,123 |
Noninterest revenue | 16,845 | 19,377 |
Interest income | 15,496 | 14,271 |
Interest expense | 1,624 | 1,382 |
Net interest income | 13,872 | 12,889 |
Total net revenue | 30,717 | 32,266 |
Provision for credit losses | 1,463 | (4,156) |
Noninterest expense | ||
Compensation expense | 10,787 | 10,601 |
Occupancy expense | 1,134 | 1,115 |
Technology, communications and equipment expense | 2,360 | 2,519 |
Professional and outside services | 2,572 | 2,203 |
Marketing | 920 | 751 |
Other expense | 1,418 | 1,536 |
Total noninterest expense | 19,191 | 18,725 |
Income before income tax expense | 10,063 | 17,697 |
Income tax expense | 1,781 | 3,397 |
Net income | 8,282 | 14,300 |
Net income applicable to common stockholders | $ 7,845 | $ 13,851 |
Net income per common share data | ||
Basic earnings per share (in dollars per share) | $ 2.64 | $ 4.51 |
Diluted earnings per share (in dollars per share) | $ 2.63 | $ 4.50 |
Weighted-average basic shares (in shares) | 2,977 | 3,073.5 |
Weighted-average diluted shares (in shares) | 2,981 | 3,078.9 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 8,282 | $ 14,300 |
Other comprehensive income/(loss), after–tax | ||
Unrealized gains/(losses) on investment securities | (7,453) | (4,339) |
Translation adjustments, net of hedges | (62) | (250) |
Fair value hedges | 110 | (28) |
Cash flow hedges | (2,791) | (2,249) |
Defined benefit pension and OPEB plans | 67 | 68 |
DVA on fair value option elected liabilities | 646 | (147) |
Total other comprehensive income/(loss), after–tax | (9,483) | (6,945) |
Comprehensive income | $ (1,201) | $ 7,355 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Assets | |||
Cash and due from banks | $ 26,165 | $ 26,438 | |
Deposits with banks | 728,367 | 714,396 | |
Federal funds sold and securities purchased under resale agreements (included $298,339 and $252,720 at fair value) | 301,875 | 261,698 | |
Securities borrowed (included $87,276 and $81,463 at fair value) | 224,852 | 206,071 | |
Trading assets (included assets pledged of $120,758 and $102,710) | 511,528 | 433,575 | |
Available-for-sale securities (amortized cost of $322,122 and $308,254, net of allowance for credit losses; included assets pledged of $20,119 and $18,268) | 312,875 | 308,525 | |
Held-to-maturity securities (net of allowance for credit losses) | 366,585 | 363,707 | |
Investment securities, net of allowance for credit losses | 679,460 | 672,232 | |
Loans (included $48,463 and $58,820 at fair value) | 1,073,285 | 1,077,714 | |
Allowance for loan losses | (17,192) | (16,386) | |
Loans, net of allowance for loan losses | 1,056,093 | 1,061,328 | |
Accrued interest and accounts receivable | 152,207 | 102,570 | |
Premises and equipment | 26,916 | 27,070 | |
Goodwill, MSRs and other intangible assets | 58,485 | 56,691 | |
Other assets (included $16,532 and $14,753 at fair value and assets pledged of $8,075 and $5,298) | 188,739 | 181,498 | |
Total assets | [1] | 3,954,687 | 3,743,567 |
Liabilities | |||
Deposits (included $10,443 and $11,333 at fair value) | 2,561,207 | 2,462,303 | |
Federal funds purchased and securities loaned or sold under repurchase agreements (included $146,112 and $126,435 at fair value) | 223,858 | 194,340 | |
Short-term borrowings (included $19,198 and $20,015 at fair value) | 57,586 | 53,594 | |
Trading liabilities | 202,083 | 164,693 | |
Accounts payable and other liabilities (included $8,019 and $5,651 at fair value) | [1] | 320,671 | 262,755 |
Beneficial interests issued by consolidated VIEs (included $11 and $12 at fair value) | 10,144 | 10,750 | |
Long-term debt (included $70,704 and $74,934 at fair value) | 293,239 | 301,005 | |
Total liabilities | [1] | 3,668,788 | 3,449,440 |
Commitments and contingencies (refer to Notes 22, 23 and 24) | |||
Stockholders’ equity | |||
Preferred stock ($1 par value; authorized 200,000,000 shares; issued 3,283,750 and 3,483,750 shares) | 32,838 | 34,838 | |
Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares) | 4,105 | 4,105 | |
Additional paid-in capital | 88,260 | 88,415 | |
Retained earnings | 277,177 | 272,268 | |
Accumulated other comprehensive income | (9,567) | (84) | |
Treasury stock, at cost (1,167,883,429 and 1,160,784,750 shares) | (106,914) | (105,415) | |
Total stockholders’ equity | 285,899 | 294,127 | |
Total liabilities and stockholders’ equity | 3,954,687 | 3,743,567 | |
VIEs consolidated by the Firm | |||
Assets | |||
Trading assets (included assets pledged of $120,758 and $102,710) | 2,020 | 2,010 | |
Loans, net of allowance for loan losses | 31,966 | 33,024 | |
Other assets (included $16,532 and $14,753 at fair value and assets pledged of $8,075 and $5,298) | 472 | 490 | |
Total assets | 34,458 | 35,524 | |
Liabilities | |||
Beneficial interests issued by consolidated VIEs (included $11 and $12 at fair value) | 10,144 | 10,750 | |
All other liabilities | 253 | 245 | |
Total liabilities | $ 10,397 | $ 10,995 | |
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2022, and December 31, 2021. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion. (in millions) March 31, 2022 December 31, 2021 Assets Trading assets $ 2,020 $ 2,010 Loans 31,966 33,024 All other assets 472 490 Total assets $ 34,458 $ 35,524 Liabilities Beneficial interests issued by consolidated VIEs $ 10,144 $ 10,750 All other liabilities 253 245 Total liabilities $ 10,397 $ 10,995 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Assets pledged | $ 149,000 | $ 126,300 |
Available-for-sale securities, amortized cost, net of allowance for credit losses | 322,122 | 308,254 |
Loans | $ 48,463 | $ 58,820 |
Stockholders' equity | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Preferred stock, shares issued (in shares) | 3,283,750 | 3,483,750 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 9,000,000,000 | 9,000,000,000 |
Common stock, shares issued (in shares) | 4,104,933,895 | 4,104,933,895 |
Treasury stock, at cost (in shares) | 1,167,883,429 | 1,160,784,750 |
Trading assets | ||
Assets | ||
Assets pledged | $ 120,758 | $ 102,710 |
Investment securities - AFS | ||
Assets | ||
Assets pledged | 20,119 | 18,268 |
Other assets | ||
Assets | ||
Assets pledged | 8,075 | 5,298 |
Recurring | ||
Assets | ||
Federal funds sold and securities purchased under resale agreements | 298,339 | 252,720 |
Securities borrowed | 87,276 | 81,463 |
Loans | 48,463 | 58,820 |
Liabilities | ||
Deposits | 10,443 | 11,333 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 146,112 | 126,435 |
Short-term borrowings | 19,198 | 20,015 |
Accounts payable and other liabilities | 8,019 | 5,651 |
Beneficial interests issued by consolidated VIEs | 11 | 12 |
Long-term debt | 70,704 | 74,934 |
Recurring | Other assets | ||
Assets | ||
Other assets | $ 16,532 | $ 14,753 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Treasury stock, at cost |
Beginning balance at Dec. 31, 2020 | $ 30,063 | $ 4,105 | $ 88,394 | $ 236,990 | $ 7,986 | $ (88,184) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance | 1,500 | ||||||
Redemption | 0 | ||||||
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | (363) | ||||||
Other | (26) | ||||||
Net income | $ 14,300 | 14,300 | |||||
Dividends declared: | |||||||
Preferred stock | (379) | ||||||
Common stock ($1.00 and $0.90 per share) | (2,760) | ||||||
Other comprehensive income/(loss), after-tax | (6,945) | (6,945) | |||||
Repurchase | (4,999) | ||||||
Reissuance | 1,032 | ||||||
Ending balance at Mar. 31, 2021 | 280,714 | 31,563 | 4,105 | 88,005 | 248,151 | 1,041 | (92,151) |
Beginning balance at Dec. 31, 2021 | 294,127 | 34,838 | 4,105 | 88,415 | 272,268 | (84) | (105,415) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance | 0 | ||||||
Redemption | (2,000) | ||||||
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | (155) | ||||||
Other | 0 | ||||||
Net income | 8,282 | 8,282 | |||||
Dividends declared: | |||||||
Preferred stock | (397) | ||||||
Common stock ($1.00 and $0.90 per share) | (2,976) | ||||||
Other comprehensive income/(loss), after-tax | (9,483) | (9,483) | |||||
Repurchase | (2,500) | ||||||
Reissuance | 1,001 | ||||||
Ending balance at Mar. 31, 2022 | $ 285,899 | $ 32,838 | $ 4,105 | $ 88,260 | $ 277,177 | $ (9,567) | $ (106,914) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Dividends declared: | ||
Dividends declared, Common stock (in dollars per share) | $ 1 | $ 0.90 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating activities | ||
Net income | $ 8,282 | $ 14,300 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Provision for credit losses | 1,463 | (4,156) |
Depreciation and amortization | 1,820 | 2,070 |
Deferred tax (benefit)/expense | (730) | 998 |
Other | 1,200 | 890 |
Originations and purchases of loans held-for-sale | (66,262) | (85,457) |
Proceeds from sales, securitizations and paydowns of loans held-for-sale | 75,558 | 75,547 |
Net change in: | ||
Trading assets | (91,213) | (34,262) |
Securities borrowed | (18,979) | (18,951) |
Accrued interest and accounts receivable | (49,719) | (24,323) |
Other assets | 1,319 | 7,131 |
Trading liabilities | 29,993 | (7) |
Accounts payable and other liabilities | 64,738 | 23,559 |
Other operating adjustments | 613 | (1,211) |
Net cash (used in) operating activities | (41,917) | (43,872) |
Net change in: | ||
Federal funds sold and securities purchased under resale agreements | (40,407) | 23,791 |
Held-to-maturity securities: | ||
Proceeds from paydowns and maturities | 9,512 | 14,700 |
Purchases | (13,223) | (31,348) |
Available-for-sale securities: | ||
Proceeds from paydowns and maturities | 11,291 | 14,096 |
Proceeds from sales | 16,971 | 80,823 |
Purchases | (45,357) | (95,958) |
Proceeds from sales and securitizations of loans held-for-investment | 9,987 | 6,619 |
Other changes in loans, net | (18,185) | 3,321 |
All other investing activities, net | (3,197) | (653) |
Net cash provided by/(used in) investing activities | (72,608) | 15,391 |
Net change in: | ||
Deposits | 99,691 | 120,501 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 29,600 | 88,844 |
Short-term borrowings | 4,300 | 9,387 |
Beneficial interests issued by consolidated VIEs | 52 | (1,439) |
Proceeds from long-term borrowings | 20,651 | 24,162 |
Payments of long-term borrowings | (13,094) | (14,983) |
Proceeds from issuance of preferred stock | 0 | 1,500 |
Redemption of preferred stock | (2,000) | 0 |
Treasury stock repurchased | (2,455) | (4,806) |
Dividends paid | (3,430) | (3,193) |
All other financing activities, net | (543) | (1,062) |
Net cash provided by financing activities | 132,772 | 218,911 |
Effect of exchange rate changes on cash and due from banks and deposits with banks | (4,549) | (6,967) |
Net increase in cash and due from banks and deposits with banks | 13,698 | 183,463 |
Cash and due from banks and deposits with banks at the beginning of the period | 740,834 | 527,609 |
Cash and due from banks and deposits with banks at the end of the period | 754,532 | 711,072 |
Cash interest paid | 1,088 | 1,127 |
Cash income taxes paid, net | $ 705 | $ 707 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of presentation JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the U.S., with operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Refer to Note 25 for a further discussion of the Firm’s business segments. The accounting and financial reporting policies of JPMorgan Chase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities. The unaudited Consolidated Financial Statements prepared in conformity with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and the disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included such that this interim financial information is fairly stated. These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, included in JPMorgan Chase’s 2021 Form 10-K. Certain amounts reported in prior periods have been reclassified to conform with the current presentation. Consolidation The Consolidated Financial Statements include the accounts of JPMorgan Chase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated. Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorgan Chase and are not included on the Consolidated balance sheets. The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Refer to Notes 1 and 14 of JPMorgan Chase’s 2021 Form 10-K for a further description of JPMorgan Chase’s accounting policies regarding consolidation. Offsetting assets and liabilities U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities financing activities to be presented on a net basis when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances where it has determined that the specified conditions are met. Refer to Note 1 of JPMorgan Chase’s 2021 |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair value measurement Refer to Note 2 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy. The following table presents the assets and liabilities reported at fair value as of March 31, 2022, and December 31, 2021, by major product category and fair value hierarchy. Assets and liabilities measured at fair value on a recurring basis Fair value hierarchy Derivative (f) March 31, 2022 (in millions) Level 1 Level 2 Level 3 Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 298,339 $ — $ — $ 298,339 Securities borrowed — 87,276 — — 87,276 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 40,328 286 — 40,614 Residential – nonagency — 2,301 10 — 2,311 Commercial – nonagency — 1,695 10 — 1,705 Total mortgage-backed securities — 44,324 306 — 44,630 U.S. Treasury, GSEs and government agencies (a) 70,115 9,120 — — 79,235 Obligations of U.S. states and municipalities — 7,067 7 — 7,074 Certificates of deposit, bankers’ acceptances and commercial paper — 2,813 — — 2,813 Non-U.S. government debt securities 39,150 48,129 133 — 87,412 Corporate debt securities — 29,315 293 — 29,608 Loans — 6,904 1,049 — 7,953 Asset-backed securities — 3,117 28 — 3,145 Total debt instruments 109,265 150,789 1,816 — 261,870 Equity securities 125,057 1,248 663 — 126,968 Physical commodities (b) 7,574 17,815 — — 25,389 Other — 23,445 175 — 23,620 Total debt and equity instruments (c) 241,896 193,297 2,654 — 437,847 Derivative receivables: Interest rate 7,352 251,399 3,058 (238,491) 23,318 Credit — 12,027 578 (11,230) 1,375 Foreign exchange 268 209,463 1,114 (191,342) 19,503 Equity — 68,876 3,994 (64,228) 8,642 Commodity — 56,871 651 (36,724) 20,798 Total derivative receivables 7,620 598,636 9,395 (542,015) 73,636 Total trading assets (d) 249,516 791,933 12,049 (542,015) 511,483 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 89,900 — — 89,900 Residential – nonagency — 5,515 — — 5,515 Commercial – nonagency — 4,905 — — 4,905 Total mortgage-backed securities — 100,320 — — 100,320 U.S. Treasury and government agencies 165,962 — — — 165,962 Obligations of U.S. states and municipalities — 14,786 — — 14,786 Non-U.S. government debt securities 5,507 10,794 — — 16,301 Corporate debt securities — 151 205 — 356 Asset-backed securities: Collateralized loan obligations — 10,473 — — 10,473 Other — 4,677 — — 4,677 Total available-for-sale securities 171,469 141,201 205 — 312,875 Loans (e) — 46,391 2,072 — 48,463 Mortgage servicing rights — — 7,294 — 7,294 Other assets (d) 9,020 6,371 341 — 15,732 Total assets measured at fair value on a recurring basis $ 430,005 $ 1,371,511 $ 21,961 $ (542,015) $ 1,281,462 Deposits $ — $ 8,322 $ 2,121 $ — $ 10,443 Federal funds purchased and securities loaned or sold under repurchase agreements — 146,112 — — 146,112 Short-term borrowings — 17,052 2,146 — 19,198 Trading liabilities: Debt and equity instruments (c) 108,958 35,281 41 — 144,280 Derivative payables: Interest rate 5,344 228,527 2,691 (225,032) 11,530 Credit — 11,317 534 (11,052) 799 Foreign exchange 292 207,398 1,038 (193,067) 15,661 Equity — 74,450 6,577 (65,210) 15,817 Commodity — 52,611 1,065 (39,680) 13,996 Total derivative payables 5,636 574,303 11,905 (534,041) 57,803 Total trading liabilities 114,594 609,584 11,946 (534,041) 202,083 Accounts payable and other liabilities 4,903 3,008 108 — 8,019 Beneficial interests issued by consolidated VIEs — 11 — — 11 Long-term debt — 46,310 24,394 — 70,704 Total liabilities measured at fair value on a recurring basis $ 119,497 $ 830,399 $ 40,715 $ (534,041) $ 456,570 Fair value hierarchy Derivative (f) December 31, 2021 (in millions) Level 1 Level 2 Level 3 Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 252,720 $ — $ — $ 252,720 Securities borrowed — 81,463 — — 81,463 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 38,944 265 — 39,209 Residential – nonagency — 2,358 28 — 2,386 Commercial – nonagency — 1,506 10 — 1,516 Total mortgage-backed securities — 42,808 303 — 43,111 U.S. Treasury, GSEs and government agencies (a) 68,527 9,181 — — 77,708 Obligations of U.S. states and municipalities — 7,068 7 — 7,075 Certificates of deposit, bankers’ acceptances and commercial paper — 852 — — 852 Non-U.S. government debt securities 26,982 44,581 81 — 71,644 Corporate debt securities — 24,491 332 — 24,823 Loans — 7,366 708 — 8,074 Asset-backed securities — 2,668 26 — 2,694 Total debt instruments 95,509 139,015 1,457 — 235,981 Equity securities 86,904 1,741 662 — 89,307 Physical commodities (b) 5,357 20,788 — — 26,145 Other — 24,850 160 — 25,010 Total debt and equity instruments (c) 187,770 186,394 2,279 — 376,443 Derivative receivables: Interest rate 1,072 267,493 2,020 (248,611) 21,974 Credit — 9,321 518 (8,808) 1,031 Foreign exchange 134 168,590 855 (156,954) 12,625 Equity — 65,139 3,492 (58,650) 9,981 Commodity — 26,232 421 (15,183) 11,470 Total derivative receivables 1,206 536,775 7,306 (488,206) 57,081 Total trading assets (d) 188,976 723,169 9,585 (488,206) 433,524 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) 4 72,539 — — 72,543 Residential – nonagency — 6,070 — — 6,070 Commercial – nonagency — 4,949 — — 4,949 Total mortgage-backed securities 4 83,558 — — 83,562 U.S. Treasury and government agencies 177,463 — — — 177,463 Obligations of U.S. states and municipalities — 15,860 — — 15,860 Non-U.S. government debt securities 5,430 10,779 — — 16,209 Corporate debt securities — 160 161 — 321 Asset-backed securities: Collateralized loan obligations — 9,662 — — 9,662 Other — 5,448 — — 5,448 Total available-for-sale securities 182,897 125,467 161 — 308,525 Loans (e) — 56,887 1,933 — 58,820 Mortgage servicing rights — — 5,494 — 5,494 Other assets (d) 9,558 4,139 306 — 14,003 Total assets measured at fair value on a recurring basis $ 381,431 $ 1,243,845 $ 17,479 $ (488,206) $ 1,154,549 Deposits $ — $ 9,016 $ 2,317 $ — $ 11,333 Federal funds purchased and securities loaned or sold under repurchase agreements — 126,435 — — 126,435 Short-term borrowings — 17,534 2,481 — 20,015 Trading liabilities: Debt and equity instruments (c) 87,831 26,716 30 — 114,577 Derivative payables: Interest rate 981 237,714 2,036 (232,537) 8,194 Credit — 10,468 444 (10,032) 880 Foreign exchange 123 174,349 1,274 (161,649) 14,097 Equity — 72,609 7,118 (62,494) 17,233 Commodity — 26,600 1,328 (18,216) 9,712 Total derivative payables 1,104 521,740 12,200 (484,928) 50,116 Total trading liabilities 88,935 548,456 12,230 (484,928) 164,693 Accounts payable and other liabilities 5,115 467 69 — 5,651 Beneficial interests issued by consolidated VIEs — 12 — — 12 Long-term debt — 50,560 24,374 — 74,934 Total liabilities measured at fair value on a recurring basis $ 94,050 $ 752,480 $ 41,471 $ (484,928) $ 403,073 (a) At March 31, 2022, and December 31, 2021, included total U.S. GSE obligations of $72.8 billion and $73.9 billion, respectively, which were mortgage-related. (b) Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. Refer to Note 4 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented. (c) Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions). (d) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At March 31, 2022, and December 31, 2021, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $845 million and $801 million, respectively. Included in these balances at March 31, 2022, and December 31, 2021, were trading assets of $45 million and $51 million, respectively, and other assets of $800 million and $750 million, respectively. (e) At March 31, 2022, and December 31, 2021, included $15.1 billion and $26.2 billion, respectively, of residential first-lien mortgages, and $9.3 billion and $8.2 billion, respectively, of commercial first-lien mortgages. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. GSEs and government agencies of $5.0 billion and $13.6 billion, respectively. (f) As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral. Level 3 valuations Refer to Note 2 of JPMorgan Chase’s 2021 Form 10-K for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments. The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy. The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value. In the Firm’s view, the input range, weighted and arithmetic average values do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date. Level 3 inputs (a) March 31, 2022 Product/Instrument Fair value (in millions) Principal valuation technique Unobservable inputs (g) Range of input values Average (i) Residential mortgage-backed securities and loans (b) $ 1,283 Discounted cash flows Yield 0% – 27% 5% Prepayment speed 0% – 15% 13% Conditional default rate 0% – 2% 0% Loss severity 0% – 107% 3% Commercial mortgage-backed securities and loans (c) 395 Market comparables Price $0 – $102 $86 Corporate debt securities 498 Market comparables Price $0 – $233 $95 Loans (d) 1,749 Market comparables Price $0 – $109 $85 Non-U.S. government debt securities 133 Market comparables Price $5 – $101 $87 Net interest rate derivatives 360 Option pricing Interest rate volatility 11 bps – 573 bps 118 bps Interest rate spread volatility 11 bps – 23 bps 15 bps Interest rate correlation (91)% – 99% 18% IR-FX correlation (35)% – 65% 4% 7 Discounted cash flows Prepayment speed 0% – 30% 6% Net credit derivatives (4) Discounted cash flows Credit correlation 30% – 65% 47% Credit spread 1 bps – 3,827 bps 429 bps Recovery rate 25% – 70% 49% 48 Market comparables Price $0 – $115 $80 Net foreign exchange derivatives 172 Option pricing IR-FX correlation (40)% – 65% 17% (96) Discounted cash flows Prepayment speed 9% 9% Interest rate curve 1% – 29% 10% Net equity derivatives (2,583) Option pricing Forward equity price (h) 67% – 131% 99% Equity volatility 4% – 131% 33% Equity correlation 17% – 100% 55% Equity-FX correlation (77)% – 59% (27)% Equity-IR correlation 15% – 50% 29% Net commodity derivatives (414) Option pricing Oil Commodity Forward $85 / BBL – $96 / BBL $91 / BBL Industrial metals commodity forward $3,363 / MT – $4,242 / MT $3,803 / MT Commodity volatility 4% – 320% 162% Commodity correlation (50)% – 98% 24% MSRs 7,294 Discounted cash flows Refer to Note 14 Long-term debt, short-term borrowings, and deposits (e) 27,612 Option pricing Interest rate volatility 11 bps – 573 bps 118 bps Interest rate correlation (91)% – 99% 18% IR-FX correlation (35)% – 65% 4% Equity correlation 17% – 100% 55% Equity-FX correlation (77)% – 59% (27)% Equity-IR correlation 15% – 50% 29% 1,049 Discounted cash flows Credit correlation 30% – 65% 47% Other level 3 assets and liabilities, net (f) 1,065 (a) The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ. (b) Comprises U.S. GSE and government agency securities of $286 million, nonagency securities of $10 million and non-trading loans of $987 million. (c) Comprises nonagency securities of $10 million, trading loans of $40 million and non-trading loans of $345 million. (d) Comprises trading loans of $1.0 billion and non-trading loans of $740 million. (e) Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables. (f) Includes equity securities of $850 million including $187 million in Other Assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate. (g) Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100. (h) Forward equity price is expressed as a percentage of the current equity price. (i) Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used. Changes in and ranges of unobservable inputs Refer to Note 2 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions. Changes in level 3 recurring fair value measurements The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three months ended March 31, 2022 and 2021. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Also, the Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments. Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized gains/(losses) Transfers into Transfers (out of) level 3 Fair value at Change in unrealized gains/(losses) related Purchases (g) Sales Settlements (h) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 265 $ 27 $ 22 $ (7) $ (21) $ — $ — $ 286 $ 26 Residential – nonagency 28 — — — (11) — (7) 10 — Commercial – nonagency 10 — — — — — — 10 — Total mortgage-backed securities 303 27 22 (7) (32) — (7) 306 26 Obligations of U.S. states and municipalities 7 — — — — — — 7 — Non-U.S. government debt securities 81 (33) 228 (180) — 37 — 133 (33) Corporate debt securities 332 (19) 61 (59) (37) 41 (26) 293 (20) Loans 708 (4) 297 (98) (7) 271 (118) 1,049 (4) Asset-backed securities 26 — 1 — — 4 (3) 28 — Total debt instruments 1,457 (29) 609 (344) (76) 353 (154) 1,816 (31) Equity securities 662 (813) 223 (240) — 853 (22) 663 (760) Other 160 1 20 — (5) — (1) 175 16 Total trading assets – debt and equity instruments 2,279 (841) (c) 852 (584) (81) 1,206 (177) 2,654 (775) (c) Net derivative receivables: (b) Interest rate (16) 233 126 (94) 151 (27) (6) 367 422 Credit 74 67 4 (4) (96) (3) 2 44 66 Foreign exchange (419) 345 132 (24) 70 (6) (22) 76 364 Equity (3,626) 730 498 (559) 443 (331) 262 (2,583) 838 Commodity (907) 422 50 (137) 156 — 2 (414) 467 Total net derivative receivables (4,894) 1,797 (c) 810 (818) 724 (367) 238 (2,510) 2,157 (c) Available-for-sale securities: Mortgage-backed securities — — — — — — — — — Corporate debt securities 161 27 17 — — — — 205 27 Total available-for-sale securities 161 27 (d) 17 — — — — 205 27 (d) Loans 1,933 98 (c) 121 (5) (281) 390 (184) 2,072 156 (c) Mortgage servicing rights 5,494 959 (e) 1,130 (57) (232) — — 7,294 959 (e) Other assets 306 9 (c) 41 — (17) 2 — 341 9 (c) Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized (gains)/losses Transfers into Transfers (out of) level 3 Fair value at Change in unrealized (gains)/losses related Purchases Sales Issuances Settlements (h) Liabilities: (a) Deposits $ 2,317 $ (142) (c)(f) $ — $ — $ 108 $ (48) $ — $ (114) $ 2,121 $ (143) (c)(f) Short-term borrowings 2,481 (401) (c)(f) — — 1,423 (1,347) 1 (11) 2,146 (153) (c)(f) Trading liabilities – debt and equity instruments 30 (17) (c) (14) 30 — — 14 (2) 41 31 (c) Accounts payable and other liabilities 69 (4) (c) — 42 — — 1 — 108 (4) (c) Beneficial interests issued by consolidated VIEs — — — — — — — — — — Long-term debt 24,374 (1,668) (c)(f) — — 4,050 (2,476) 263 (149) 24,394 (1,575) (c)(f) Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized gains/(losses) Transfers into Transfers (out of) level 3 Fair value at Change in unrealized gains/(losses) related Purchases (g) Sales Settlements (h) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 449 $ 23 $ 6 $ (48) $ (33) $ — $ 397 $ 22 Residential – nonagency 28 1 9 (3) (2) (1) 32 — Commercial – nonagency 3 — — (1) — — 2 — Total mortgage-backed securities 480 24 15 (52) (35) — (1) 431 22 Obligations of U.S. states and municipalities 8 — — — — — — 8 — Non-U.S. government debt securities 182 (9) 118 (107) (7) — — 177 (9) Corporate debt securities 507 (15) 91 (146) — 85 (152) 370 (14) Loans 893 7 272 (152) (1) 90 (277) 832 8 Asset-backed securities 28 (1) 28 (3) — 2 — 54 (1) Total debt instruments 2,098 6 524 (460) (43) 177 (430) 1,872 6 Equity securities 476 (5) 230 (43) — 54 (24) 688 3 Other 49 41 65 — (29) — (4) 122 36 Total trading assets – debt and equity instruments 2,623 42 (c) 819 (503) (72) 231 (458) 2,682 45 (c) Net derivative receivables: (b) Interest rate 258 445 53 (93) (534) 57 (37) 149 313 Credit (224) 183 1 (2) 27 (3) 14 (4) 168 Foreign exchange (434) (200) 2 (6) 111 10 (22) (539) (214) Equity (3,862) 23 194 (838) 126 110 413 (3,834) (213) Commodity (731) (246) 4 (213) 279 (1) (3) (911) (145) Total net derivative receivables (4,993) 205 (c) 254 (1,152) 9 173 365 (5,139) (91) (c) Available-for-sale securities: Mortgage-backed securities — — — — — — — — — Corporate debt securities — — — — — — — — — Total available-for-sale securities — — (d) — — — — — — — (d) Loans 2,305 (73) (c) 67 (190) (201) 155 (240) 1,823 (112) (c) Mortgage servicing rights 3,276 797 (e) 583 1 (187) — — 4,470 797 (e) Other assets 538 13 (c) 3 (18) (25) — — 511 12 (c) Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized (gains)/losses Transfers into Transfers (out of) level 3 Fair value at Change in unrealized (gains)/losses related Purchases Sales Issuances Settlements (h) Liabilities: (a) Deposits $ 2,913 $ (103) (c)(f) $ — $ — $ 69 $ (95) $ 1 $ (133) $ 2,652 $ (105) (c)(f) Short-term borrowings 2,420 (113) (c)(f) — — 2,918 (1,506) — (55) 3,664 (27) (c)(f) Trading liabilities – debt and equity instruments 51 (3) (c) (65) 21 — — 59 (3) 60 — Accounts payable and other liabilities 68 (1) (c) — 1 — — — (7) 61 (1) (c) Beneficial interests issued by consolidated VIEs — — — — — — — — — — Long-term debt 23,397 (308) (c)(f) — — 3,465 (3,649) 11 (341) 22,575 (324) (c)(f) (a) Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 2% and 2% at March 31, 2022 and December 31, 2021, respectively. Level 3 liabilities at fair value as a percentage of total Firm liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were 9% and 10% at March 31, 2022 and December 31, 2021, respectively. (b) All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty. (c) Predominantly reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income. (d) Realized gains/(losses) on AFS securities are reported in investment securities gains/(losses). Unrealized gains/(losses) are reported in OCI. There were no realized gains/(losses) recorded in income on AFS securities for the three months ended March 31, 2022 and 2021, respectively. Unrealized gains/(losses) recorded on AFS securities in OCI were $27 million and zero for the three months ended March 31, 2022 and 2021, respectively. (e) Changes in fair value for MSRs are reported in mortgage fees and related income. (f) Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three months ended March 31, 2022 and 2021. Unrealized (gains)/losses are reported in OCI, and were $(229) million and $(22) million for the three months ended March 31, 2022 and 2021, respectively. (g) Loan originations are included in purchases. (h) Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items. Level 3 analysis Consolidated balance sheets changes The following describes significant changes to level 3 assets since December 31, 2021, for those items measured at fair value on a recurring basis. Refer to Assets and liabilities measured at fair value on a nonrecurring basis on page 95 for further information on changes impacting items measured at fair value on a nonrecurring basis. Three months ended March 31, 2022 Level 3 assets were $22.0 billion at March 31, 2022, reflecting an increase of $4.5 billion from December 31, 2021. The increase for the three months ended March 31, 2022 was largely driven by: • $1.0 billion increase in gross interest rate derivative receivables due to gains. • $1.8 billion increase in MSRs. Refer to Note 14 for information on MSRs. Refer to the sections below for additional information. Transfers between levels for instruments carried at fair value on a recurring basis For the three months ended March 31, 2022, significant transfers from level 2 into level 3 included the following: • $1.2 billion of total debt and equity instruments, largely due to equity securities of $853 million driven by a decrease in observability as a result of restricted access to certain markets. For the three months ended March 31, 2022, there were no significant transfers from level 3 into level 2. For the three months ended March 31, 2021, there were no significant transfers from level 2 into level 3 or from level 3 into level 2. All transfers are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur. Gains and losses The following describes significant components of total realized/unrealized gains/(losses) for instruments measured at fair value on a recurring basis for the periods indicated. These amounts exclude any effects of the Firm’s risk management activities where the financial instruments are classified as level 1 and 2 of the fair value hierarchy. Refer to Changes in level 3 recurring fair value measurements rollforward tables on pages 91-94 for further information on these instruments. Three months ended March 31, 2022 • $2.0 billion of net gains on assets, predominantly driven by gains in net equity derivative receivables due to market movements and MSRs reflecting lower prepayment speeds on higher rates. • $2.2 billion of net gains on liabilities, largely driven by gains in long-term debt due to market movements. Three months ended March 31, 2021 • $984 million of net gains on assets, driven by MSRs reflecting lower prepayment speeds on higher rates. • $528 million of net gains on liabilities, largely driven by market movements in long-term debt. Refer to Note 14 for additional information on MSRs. Credit and funding adjustments — derivatives The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time. Three months ended March 31, (in millions) 2022 2021 Credit and funding adjustments: Derivatives CVA $ (312) $ 240 Derivatives FVA (58) 105 Refer to Note 2 of JPMorgan Chase’s 2021 Form 10-K for further information about both credit and funding adjustments, as well as information about valuation adjustments on fair value option elected liabilities. Assets and liabilities measured at fair value on a nonrecurring basis The following tables present the assets and liabilities held as of March 31, 2022 and 2021 , for which nonrecurring fair value adjustments were recorded during the three months ended March 31, 2022 and 2021 , by major product category and fair value hierarchy. Fair value hierarchy Total fair value March 31, 2022 (in millions) Level 1 Level 2 Level 3 Loans $ — $ 874 $ 417 (b) $ 1,291 Other assets (a) — 15 802 817 Total assets measured at fair value on a nonrecurring basis $ — $ 889 $ 1,219 $ 2,108 Accounts payable and other liabilities — — 28 28 Total liabilities measured at fair value on a nonrecurring basis $ — $ — $ 28 $ 28 Fair value hierarchy Total fair value March 31, 2021 (in millions) Level 1 Level 2 Level 3 Loans $ — $ 1,857 $ 303 $ 2,160 Other assets — 12 370 382 Total assets measured at fair value on a nonrecurring basis $ — $ 1,869 $ 673 $ 2,542 Accounts payable and other liabilities — — 14 14 Total liabilities measured at fair value on a nonrecurring basis $ — $ — $ 14 $ 14 (a) Primarily includes equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $802 million in level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2022, $754 million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. (b) Of the $417 million in level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2022, $34 million related to residential real estate loans carried at the net realizable value of the underlying collateral (e.g., collateral-dependent loans). These amounts are classified as level 3 as they are valued using information from broker’s price opinions, appraisals and automated valuation models and discounted based upon the Firm’s experience with actual liquidation values. These discounts ranged from 13% to 51% with a weighted average of 24%. Nonrecurring fair value changes The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three months ended March 31, 2022 and 2021 , related to assets and liabilities held at those dates. Three months ended March 31, (in millions) 2022 2021 Loans $ (18) $ (33) Other assets (a) 360 2 Accounts payable and other liabilities (24) (3) Total nonrecurring fair value gains/(losses) $ 318 $ (34) (a) Included $376 million and $6 million for the three months ended March 31, 2022 and 2021, respectively, of net gains/(losses) as a result of the measurement alternative. Equity securities without readily determinable fair values The Firm measures certain equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer (i.e., measurement alternative), with such changes recognized in other income. In its determination of the new carrying values upon observable price changes, the Firm may adjust the prices if deemed necessary to arrive at the Firm’s estimated fair values. Such adjustments may include adjustments to reflect the different rights and obligations of similar securities, and other adjustments that are consistent with the Firm’s valuation techniques for private equity direct investments. The following table presents the carrying value of equity securities without readily determinable fair values held as of March 31, 2022 and 2021 , that are measured under the measurement alternative and the related adjustments rec |
Fair Value Option
Fair Value Option | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option | Fair value option The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments. The Firm has elected to measure certain instruments at fair value for several reasons including to mitigate income statement volatility caused by the differences between the measurement basis of elected instruments (e.g., certain instruments that otherwise would be accounted for on an accrual basis) and the associated risk management arrangements that are accounted for on a fair value basis, as well as to better reflect those instruments that are managed on a fair value basis. The Firm’s election of fair value includes the following instruments: • Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis, including lending-related commitments • Certain securities financing agreements • Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument • Structured notes and other hybrid instruments, which are predominantly financial instruments that contain embedded derivatives, that are issued or transacted as part of client-driven activities • Certain long-term beneficial interests issued by CIB’s consolidated securitization trusts where the underlying assets are carried at fair value Changes in fair value under the fair value option election The following table presents the changes in fair value included in the Consolidated statements of income for the three months ended March 31, 2022 and 2021, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table. Three months ended March 31, 2022 2021 (in millions) Principal transactions All other income Total changes in fair value recorded (e) Principal transactions All other income Total changes in fair value recorded (e) Federal funds sold and securities purchased under resale agreements $ (230) $ — $ (230) $ (12) $ — $ (12) Securities borrowed (198) — (198) (70) — (70) Trading assets: Debt and equity instruments, excluding loans 344 — 344 623 (f) — 623 Loans reported as trading assets: Changes in instrument-specific credit risk (6) — (6) 204 — 204 Other changes in fair value (11) — (11) (1) — (1) Loans: Changes in instrument-specific credit risk 6 12 (c) 18 237 1 (c) 238 Other changes in fair value (719) (514) (c) (1,233) (250) 340 (c) 90 Other assets 11 (3) (d) 8 19 (19) (d) — Deposits (a) 402 — 402 167 — 167 Federal funds purchased and securities loaned or sold under repurchase agreements 82 — 82 34 — 34 Short-term borrowings (a) 302 — 302 (122) — (122) Trading liabilities (66) — (66) — — — Beneficial interests issued by consolidated VIEs (1) — (1) — — — Other liabilities 3 — 3 1 — 1 Long-term debt (a)(b) 3,960 19 (c)(d) 3,979 1,247 (5) (c)(d) 1,242 (a) Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected are recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were $(8) million and $(2) million for the three months ended March 31, 2022 and 2021, respectively. (b) Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk. (c) Reported in mortgage fees and related income. (d) Reported in other income. (e) Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than certain hybrid financial instruments in CIB. Refer to Note 6 for further information regarding interest income and interest expense. (f) Prior-period amounts have been revised to conform with the current presentation. Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of March 31, 2022, and December 31, 2021, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected. March 31, 2022 December 31, 2021 (in millions) Contractual principal outstanding Fair value Fair value over/(under) contractual principal outstanding Contractual principal outstanding Fair value Fair value over/(under) contractual principal outstanding Loans Nonaccrual loans Loans reported as trading assets $ 2,988 $ 493 $ (2,495) $ 3,263 $ 546 $ (2,717) Loans 1,024 915 (109) 918 797 (121) Subtotal 4,012 1,408 (2,604) 4,181 1,343 (2,838) 90 or more days past due and government guaranteed Loans (a) 292 284 (8) 293 281 (12) All other performing loans (b) Loans reported as trading assets 8,908 7,460 (1,448) 8,594 7,528 (1,066) Loans 48,378 47,264 (1,114) 57,695 57,742 47 Subtotal 57,286 54,724 (2,562) 66,289 65,270 (1,019) Total loans $ 61,590 $ 56,416 $ (5,174) $ 70,763 $ 66,894 $ (3,869) Long-term debt Principal-protected debt $ 35,336 (d) $ 30,307 $ (5,029) $ 35,957 (d) $ 33,799 $ (2,158) Nonprincipal-protected debt (c) NA 40,397 NA NA 41,135 NA Total long-term debt NA $ 70,704 NA NA $ 74,934 NA Long-term beneficial interests Nonprincipal-protected debt (c) NA $ 11 NA NA $ 12 NA Total long-term beneficial interests NA $ 11 NA NA $ 12 NA (a) These balances are excluded from nonaccrual loans as the loans are insured and/or guaranteed by U.S. government agencies. (b) There were no performing loans that were ninety days or more past due as of March 31, 2022, and December 31, 2021, respectively. (c) Remaining contractual principal is not applicable to nonprincipal-protected structured notes and long-term beneficial interests. Unlike principal-protected structured notes and long-term beneficial interests, for which the Firm is obligated to return a stated amount of principal at maturity, nonprincipal-protected structured notes and long-term beneficial interests do not obligate the Firm to return a stated amount of principal at maturity, but for structured notes to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal-protected notes. (d) Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date. At March 31, 2022, and December 31, 2021, the contractual amount of lending-related commitments for which the fair value option was elected was $11.7 billion and $11.9 billion, respectively, with a corresponding fair value of $56 million and $10 million, respectively. Refer to Note 28 of JPMorgan Chase’s 2021 Form 10-K, and Note 22 of this Form 10-Q for further information regarding off-balance sheet lending-related financial instruments. Structured note products by balance sheet classification and risk component The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type. March 31, 2022 December 31, 2021 (in millions) Long-term debt Short-term borrowings Deposits Total Long-term debt Short-term borrowings Deposits Total Risk exposure Interest rate $ 31,470 $ 99 $ 5,507 $ 37,076 $ 34,127 $ 1 $ 4,860 $ 38,988 Credit 5,756 638 — 6,394 6,352 858 — 7,210 Foreign exchange 3,152 297 200 3,649 3,386 315 1,066 4,767 Equity 28,422 6,761 4,476 39,659 29,317 6,827 5,125 41,269 Commodity 556 — 3 (a) 559 405 — 3 (a) 408 Total structured notes $ 69,356 $ 7,795 $ 10,186 $ 87,337 $ 73,587 $ 8,001 $ 11,054 $ 92,642 (a) Excludes deposits linked to precious metals for which the fair value option has not been elected of $629 million and $692 million for the periods ended March 31, 2022 and December 31, 2021, respectively. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 5 years Total Fair value of receivables (b) Fair value of payables (b) Net fair value Risk rating of reference entity Investment-grade $ (127,594) $ (321,381) $ (97,701) $ (546,676) $ 3,464 $ (871) $ 2,593 Noninvestment-grade (32,074) (116,254) (36,991) (185,319) 2,860 (3,337) (477) Total $ (159,668) $ (437,635) $ (134,692) $ (731,995) $ 6,324 $ (4,208) $ 2,116 December 31, 2021 <1 year 1–5 years >5 years Total Fair value of receivables (b) Fair value of payables (b) Net fair value Risk rating of reference entity Investment-grade $ (91,155) $ (255,106) $ (29,035) $ (375,296) $ 3,645 $ (623) $ 3,022 Noninvestment-grade (32,175) (84,851) (7,289) (124,315) 2,630 (2,003) 627 Total $ (123,330) $ (339,957) $ (36,324) $ (499,611) $ 6,275 $ (2,626) $ 3,649 (a) The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s. (b) Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting." id="sjs-B4">Derivative instruments JPMorgan Chase makes markets in derivatives for clients and also uses derivatives to hedge or manage its own risk exposures. Refer to Note 5 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of the Firm’s use of and accounting policies regarding derivative instruments. The Firm’s disclosures are based on the accounting treatment and purpose of these derivatives. A limited number of the Firm’s derivatives are designated in hedge accounting relationships and are disclosed according to the type of hedge (fair value hedge, cash flow hedge, or net investment hedge). Derivatives not designated in hedge accounting relationships include certain derivatives that are used to manage risks associated with specified assets and liabilities (“specified risk management” positions) as well as derivatives used in the Firm’s market-making businesses or for other purposes. The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category. Type of Derivative Use of Derivative Designation and disclosure Affected 10-Q page reference Manage specifically identified risk exposures in qualifying hedge accounting relationships: • Interest rate Hedge fixed rate assets and liabilities Fair value hedge Corporate 107-108 • Interest rate Hedge floating-rate assets and liabilities Cash flow hedge Corporate 109 • Foreign exchange Hedge foreign currency-denominated assets and liabilities Fair value hedge Corporate 107-108 • Foreign exchange Hedge foreign currency-denominated forecasted revenue and expense Cash flow hedge Corporate 109 • Foreign exchange Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities Net investment hedge Corporate 109 • Commodity Hedge commodity inventory Fair value hedge CIB, AWM 107-108 Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships: • Interest rate Manage the risk associated with mortgage commitments, warehouse loans and MSRs Specified risk management CCB 110 • Credit Manage the credit risk associated with wholesale lending exposures Specified risk management CIB 110 • Interest rate and foreign exchange Manage the risk associated with certain other specified assets and liabilities Specified risk management Corporate 110 Market-making derivatives and other activities: • Various Market-making and related risk management Market-making and other CIB 110 • Various Other derivatives Market-making and other CIB, AWM, Corporate 110 Notional amount of derivative contracts The following table summarizes the notional amount of free-standing derivative contracts outstanding as of March 31, 2022, and December 31, 2021. Notional amounts (b) (in billions) March 31, 2022 December 31, 2021 Interest rate contracts Swaps $ 31,216 $ 24,075 Futures and forwards 3,906 2,520 Written options 3,257 3,018 Purchased options 3,398 3,188 Total interest rate contracts 41,777 32,801 Credit derivatives (a) 1,504 1,053 Foreign exchange contracts Cross-currency swaps 4,124 4,112 Spot, futures and forwards 8,649 7,679 Written options 841 741 Purchased options 823 727 Total foreign exchange contracts 14,437 13,259 Equity contracts Swaps 656 612 Futures and forwards 149 139 Written options 705 654 Purchased options 657 598 Total equity contracts 2,167 2,003 Commodity contracts Swaps 221 185 Spot, futures and forwards 260 188 Written options 137 135 Purchased options 108 111 Total commodity contracts 726 619 Total derivative notional amounts $ 60,611 $ 49,735 (a) Refer to the Credit derivatives discussion on page 111 for more information on volumes and types of credit derivative contracts. (b) Represents the sum of gross long and gross short third-party notional derivative contracts. Impact of derivatives on the Consolidated balance sheets The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of March 31, 2022, and December 31, 2021, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type. Free-standing derivative receivables and payables (a) Gross derivative receivables Gross derivative payables March 31, 2022 Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 261,796 $ 13 $ 261,809 $ 23,318 $ 236,562 $ — $ 236,562 $ 11,530 Credit 12,605 — 12,605 1,375 11,851 — 11,851 799 Foreign exchange 210,358 487 210,845 19,503 207,071 1,657 208,728 15,661 Equity 72,870 — 72,870 8,642 81,027 — 81,027 15,817 Commodity 53,042 4,480 57,522 20,798 47,621 6,055 53,676 13,996 Total fair value of trading assets and liabilities $ 610,671 $ 4,980 $ 615,651 $ 73,636 $ 584,132 $ 7,712 $ 591,844 $ 57,803 Gross derivative receivables Gross derivative payables December 31, 2021 Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 270,562 $ 23 $ 270,585 $ 21,974 $ 240,731 $ — $ 240,731 $ 8,194 Credit 9,839 — 9,839 1,031 10,912 — 10,912 880 Foreign exchange 169,186 393 169,579 12,625 174,622 1,124 175,746 14,097 Equity 68,631 — 68,631 9,981 79,727 — 79,727 17,233 Commodity 21,233 5,420 26,653 11,470 20,837 7,091 27,928 9,712 Total fair value of trading assets and liabilities $ 539,451 $ 5,836 $ 545,287 $ 57,081 $ 526,829 $ 8,215 $ 535,044 $ 50,116 (a) Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information. (b) As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists. Derivatives netting The following tables present, as of March 31, 2022, and December 31, 2021, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty, have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables below. In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation: • collateral that consists of liquid securities and other cash collateral held at third-party custodians, which are shown separately as "Collateral not nettable on the Consolidated balance sheets" in the tables below, up to the fair value exposure amount. For the purpose of this disclosure, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule; • the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables below; and • collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables below. March 31, 2022 December 31, 2021 (in millions) Gross derivative receivables Amounts netted on the Consolidated balance sheets Net derivative receivables Gross derivative receivables Amounts netted on the Consolidated balance sheets Net U.S. GAAP nettable derivative receivables Interest rate contracts: Over-the-counter (“OTC”) $ 223,414 $ (205,472) $ 17,942 $ 251,953 $ (234,283) $ 17,670 OTC–cleared 32,056 (31,362) 694 14,144 (13,839) 305 Exchange-traded (a) 1,884 (1,657) 227 498 (489) 9 Total interest rate contracts 257,354 (238,491) 18,863 266,595 (248,611) 17,984 Credit contracts: OTC 9,881 (8,732) 1,149 8,035 (7,177) 858 OTC–cleared 2,559 (2,498) 61 1,671 (1,631) 40 Total credit contracts 12,440 (11,230) 1,210 9,706 (8,808) 898 Foreign exchange contracts: OTC 206,538 (190,877) 15,661 166,185 (156,251) 9,934 OTC–cleared 470 (463) 7 789 (703) 86 Exchange-traded (a) 13 (2) 11 6 — 6 Total foreign exchange contracts 207,021 (191,342) 15,679 166,980 (156,954) 10,026 Equity contracts: OTC 30,059 (28,272) 1,787 25,704 (23,977) 1,727 Exchange-traded (a) 37,223 (35,956) 1,267 36,095 (34,673) 1,422 Total equity contracts 67,282 (64,228) 3,054 61,799 (58,650) 3,149 Commodity contracts: OTC 31,841 (14,741) 17,100 15,063 (6,868) 8,195 OTC–cleared 78 (78) — 49 (49) — Exchange-traded (a) 21,958 (21,905) 53 8,279 (8,266) 13 Total commodity contracts 53,877 (36,724) 17,153 23,391 (15,183) 8,208 Derivative receivables with appropriate legal opinion 597,974 (542,015) 55,959 (d) 528,471 (488,206) 40,265 (d) Derivative receivables where an appropriate legal opinion has not been either sought or obtained 17,677 17,677 16,816 16,816 Total derivative receivables recognized on the Consolidated balance sheets $ 615,651 $ 73,636 $ 545,287 $ 57,081 Collateral not nettable on the Consolidated balance sheets (b)(c) (15,166) (10,102) Net amounts $ 58,470 $ 46,979 March 31, 2022 December 31, 2021 (in millions) Gross derivative payables Amounts netted on the Consolidated balance sheets Net derivative payables Gross derivative payables Amounts netted on the Consolidated balance sheets Net U.S. GAAP nettable derivative payables Interest rate contracts: OTC $ 199,222 $ (190,721) $ 8,501 $ 223,576 $ (216,757) $ 6,819 OTC–cleared 34,473 (33,526) 947 15,695 (15,492) 203 Exchange-traded (a) 803 (785) 18 292 (288) 4 Total interest rate contracts 234,498 (225,032) 9,466 239,563 (232,537) 7,026 Credit contracts: OTC 9,179 (8,741) 438 9,021 (8,421) 600 OTC–cleared 2,375 (2,311) 64 1,679 (1,611) 68 Total credit contracts 11,554 (11,052) 502 10,700 (10,032) 668 Foreign exchange contracts: OTC 204,394 (192,598) 11,796 171,610 (160,946) 10,664 OTC–cleared 480 (468) 12 706 (703) 3 Exchange-traded (a) 13 (1) 12 7 — 7 Total foreign exchange contracts 204,887 (193,067) 11,820 172,323 (161,649) 10,674 Equity contracts: OTC 33,490 (29,263) 4,227 31,379 (27,830) 3,549 Exchange-traded (a) 40,460 (35,947) 4,513 40,621 (34,664) 5,957 Total equity contracts 73,950 (65,210) 8,740 72,000 (62,494) 9,506 Commodity contracts: OTC 24,898 (16,804) 8,094 14,874 (9,667) 5,207 OTC–cleared 89 (89) — 73 (73) — Exchange-traded (a) 24,598 (22,787) 1,811 8,954 (8,476) 478 Total commodity contracts 49,585 (39,680) 9,905 23,901 (18,216) 5,685 Derivative payables with appropriate legal opinion 574,474 (534,041) 40,433 (d) 518,487 (484,928) 33,559 (d) Derivative payables where an appropriate legal opinion has not been either sought or obtained 17,370 17,370 16,557 16,557 Total derivative payables recognized on the Consolidated balance sheets $ 591,844 $ 57,803 $ 535,044 $ 50,116 Collateral not nettable on the Consolidated balance sheets (b)(c) (4,627) (5,872) Net amounts $ 53,176 $ 44,244 (a) Exchange-traded derivative balances that relate to futures contracts are settled daily. (b) Includes liquid securities and other cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty. (c) Derivative collateral relates only to OTC and OTC-cleared derivative instruments. (d) Net derivatives receivable included cash collateral netted of $68.5 billion and $67.6 billion at March 31, 2022, and December 31, 2021, respectively. Net derivatives payable included cash collateral netted of $60.6 billion and $64.3 billion at March 31, 2022, and December 31, 2021, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments. Liquidity risk and credit-related contingent features Refer to Note 5 of JPMorgan Chase’s 2021 Form 10-K for a more detailed discussion of liquidity risk and credit-related contingent features related to the Firm’s derivative contracts. The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at March 31, 2022, and December 31, 2021. OTC and OTC-cleared derivative payables containing downgrade triggers (in millions) March 31, 2022 December 31, 2021 Aggregate fair value of net derivative payables $ 19,101 $ 20,114 Collateral posted 18,539 19,402 The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, N.A., at March 31, 2022, and December 31, 2021, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined threshold rating is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payments requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract. Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives March 31, 2022 December 31, 2021 (in millions) Single-notch downgrade Two-notch downgrade Single-notch downgrade Two-notch downgrade Amount of additional collateral to be posted upon downgrade (a) $ 252 $ 1,645 $ 219 $ 1,577 Amount required to settle contracts with termination triggers upon downgrade (b) 91 567 98 787 (a) Includes the additional collateral to be posted for initial margin. (b) Amounts represent fair values of derivative payables, and do not reflect collateral posted. Derivatives executed in contemplation of a sale of the underlying financial asset In certain instances the Firm enters into transactions in which it transfers financial assets but maintains the economic exposure to the transferred assets by entering into a derivative with the same counterparty in contemplation of the initial transfer. The Firm generally accounts for such transfers as collateralized financing transactions as described in Note 10, but in limited circumstances they may qualify to be accounted for as a sale and a derivative under U.S. GAAP. The amount of such transfers accounted for as a sale where the associated derivative was outstanding was not material at March 31, 2022 and December 31, 2021. Impact of derivatives on the Consolidated statements of income The following tables provide information related to gains and losses recorded on derivatives based on their hedge accounting designation or purpose. Fair value hedge gains and losses The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three months ended March 31, 2022 and 2021, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item. Gains/(losses) recorded in income Income statement impact of (f) OCI impact Three months ended March 31, 2022 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (g) Contract type Interest rate (a)(b) $ (7,070) $ 6,981 $ (89) $ — $ (66) $ — Foreign exchange (c) (690) 688 (2) (65) (2) 145 Commodity (d) (176) 147 (29) (37) — Total $ (7,936) $ 7,816 $ (120) $ (65) $ (105) $ 145 Gains/(losses) recorded in income Income statement impact of excluded components (f) OCI impact Three months ended March 31, 2021 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (g) Contract type Interest rate (a)(b) $ (5,121) $ 4,837 $ (284) $ — $ (173) $ — Foreign exchange (c) (782) (e) 800 (e) 18 (78) 18 (37) Commodity (d) (1,261) 1,288 27 — 12 — Total $ (7,164) $ 6,925 $ (239) $ (78) $ (143) $ (37) (a) Primarily consists of hedges of the benchmark (e.g., London Interbank Offered Rate ("LIBOR"), Secured Overnight Financing Rate (“SOFR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income. (b) Effective January 1, 2022, the Firm updated its presentation in the table above to include the amortization of income/expense associated with the inception hedge accounting adjustment applied to the hedged item; prior-period amounts have been revised to conform with the current presentation. Excludes the accrual of interest on interest rate swaps and the related hedged items. (c) Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income. (d) Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue. (e) Prior-period amounts have been revised to conform with the current presentation. (f) The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative, or through fair value changes recognized in the current period. (g) Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative. As of March 31, 2022 and December 31, 2021, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield. Carrying amount of the hedged items (a)(b) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: March 31, 2022 Active hedging relationships (d) Discontinued hedging relationships (d)(e) Total Assets Investment securities - AFS $ 62,197 (c) $ (2,239) $ 636 $ (1,603) Liabilities Long-term debt $ 191,109 $ (11,782) $ 8,706 $ (3,076) Beneficial interests issued by consolidated VIEs 749 — (1) (1) Carrying amount of the hedged items (a)(b) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: December 31, 2021 Active hedging relationships (d) Discontinued hedging relationships (d)(e) Total Assets Investment securities - AFS $ 65,746 (c) $ 417 $ 661 $ 1,078 Liabilities Long-term debt $ 195,642 $ (1,999) $ 8,834 $ 6,835 Beneficial interests issued by consolidated VIEs 749 — (1) (1) (a) Excludes physical commodities with a carrying value of $24.9 billion and $25.7 billion at March 31, 2022 and December 31, 2021, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Since the Firm exits these positions at fair value, there is no incremental impact to net income in future periods. (b) Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At March 31, 2022 and December 31, 2021, the carrying amount excluded for AFS securities is $14.6 billion and $14.0 billion, respectively, and for long-term debt is $1.4 billion and $10.8 billion, respectively. (c) Carrying amount represents the amortized cost, net of allowance if applicable. Refer to Note 9 for additional information. (d) Positive amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods. (e) Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships. Cash flow hedge gains and losses The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three months ended March 31, 2022 and 2021, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item. Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Three months ended March 31, 2022 Amounts reclassified Amounts recorded Total change Contract type Interest rate (a) $ 243 $ (3,361) $ (3,604) Foreign exchange (b) (6) (75) (69) Total $ 237 $ (3,436) $ (3,673) Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Three months ended March 31, 2021 Amounts reclassified Amounts recorded Total change in OCI for period Contract type Interest rate (a) $ 237 $ (2,761) $ (2,998) Foreign exchange (b) 27 66 39 Total $ 264 $ (2,695) $ (2,959) (a) Primarily consists of hedges of LIBOR-indexed floating-rate assets and floating-rate liabilities. Gains and losses were recorded in net interest income. (b) Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense. The Firm did not experience any forecasted transactions that failed to occur for the three months ended March 31, 2022 and 2021. Over the next 12 months, the Firm expects that approximately $139 million (after-tax) of net gains recorded in AOCI at March 31, 2022, related to cash flow hedges will be recognized in income. For cash flow hedges that have been terminated, the maximum length of time over which the derivative results recorded in AOCI will be recognized in earnings is approximately eight years, corresponding to the timing of the originally hedged forecasted cash flows. For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately six years. The Firm’s longer-dated forecasted transactions relate to core lending and borrowing activities. Net investment hedge gains and losses The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the three months ended March 31, 2022 and 2021. Gains/(losses) recorded in income and other comprehensive income/(loss) 2022 2021 Three months ended March 31, Amounts recorded in income (a) Amounts recorded in OCI Amounts recorded in income (a) Amounts recorded in OCI Foreign exchange derivatives $ (131) $ 338 $ (28) $ 1,200 (a) Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The Firm elects to record changes in fair value of these amounts directly in other income. Gains and losses on derivatives used for specified risk management purposes The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from mortgage commitments, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities. Derivatives gains/(losses) Three months ended March 31, (in millions) 2022 2021 Contract type Interest rate (a) $ (229) $ (142) Credit (b) 33 (40) Foreign exchange (c) (82) 98 Total $ (278) $ (84) (a) Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in mortgage commitments, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income. (b) Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue. (c) Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue. Credit derivatives Refer to Note 5 of JPMorgan Chase’s 2021 Form 10-K for a more detailed discussion of credit derivatives. The following tables present a summary of the notional amounts of credit derivatives and credit-related notes the Firm sold and purchased as of March 31, 2022 and December 31, 2021. The Firm does not use notional amounts of credit derivatives as the primary measure of risk management for such derivatives, because the notional amount does not take into account the probability of the occurrence of a credit event, the recovery value of the reference obligation, or related cash instruments and economic hedges, each of which reduces, in the Firm’s view, the risks associated with such derivatives. Total credit derivatives and credit-related notes Maximum payout/Notional amount March 31, 2022 (in millions) Protection sold Protection purchased with identical underlyings (c) Net protection (sold)/purchased (d) Other protection purchased (e) Credit derivatives Credit default swaps $ (640,702) $ 650,858 $ 10,156 $ 1,710 Other credit derivatives (a) (91,293) 104,184 12,891 14,885 Total credit derivatives (731,995) 755,042 23,047 16,595 Credit-related notes (b) — — — 8,844 Total $ (731,995) $ 755,042 $ 23,047 $ 25,439 Maximum payout/Notional amount December 31, 2021 (in millions) Protection sold Protection purchased with identical underlyings (c) Net protection (sold)/purchased (d) Other protection purchased (e) Credit derivatives Credit default swaps $ (443,481) $ 458,180 $ 14,699 $ 2,269 Other credit derivatives (a) (56,130) 79,586 23,456 13,435 Total credit derivatives (499,611) 537,766 38,155 15,704 Credit-related notes (b) — — — 9,437 Total $ (499,611) $ 537,766 $ 38,155 $ 25,141 (a) Other credit derivatives predominantly consist of credit swap options and total return swaps. (b) Represents Other protection purchased by CIB, primarily in its market-making businesses. (c) Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold. (d) Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value. (e) Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument. The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives as of March 31, 2022, and December 31, 2021, where JPMorgan Chase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives where JPMorgan Chase is the purchaser of protection are comparable to the profile reflected below. Protection sold — credit derivatives ratings (a) /maturity profile March 31, 2022 <1 year 1–5 years >5 years Total Fair value of receivables (b) Fair value of payables (b) Net fair value Risk rating of reference entity Investment-grade $ (127,594) $ (321,381) $ (97,701) $ (546,676) $ 3,464 $ (871) $ 2,593 Noninvestment-grade (32,074) (116,254) (36,991) (185,319) 2,860 (3,337) (477) Total $ (159,668) $ (437,635) $ (134,692) $ (731,995) $ 6,324 $ (4,208) $ 2,116 December 31, 2021 <1 year 1–5 years >5 years Total Fair value of receivables (b) Fair value of payables (b) Net fair value Risk rating of reference entity Investment-grade $ (91,155) $ (255,106) $ (29,035) $ (375,296) $ 3,645 $ (623) $ 3,022 Noninvestment-grade (32,175) (84,851) (7,289) (124,315) 2,630 (2,003) 627 Total $ (123,330) $ (339,957) $ (36,324) $ (499,611) $ 6,275 $ (2,626) $ 3,649 (a) The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s. (b) Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting. |
Noninterest Revenue and Noninte
Noninterest Revenue and Noninterest Expense | 3 Months Ended |
Mar. 31, 2022 | |
Noninterest Income (Expense) [Abstract] | |
Noninterest Revenue and Noninterest Expense | Noninterest revenue and noninterest expense Noninterest revenue Refer to Note 6 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the components of and accounting policies for the Firm’s noninterest revenue. Investment banking fees The following table presents the components of investment banking fees. Three months ended March 31, (in millions) 2022 2021 Underwriting Equity $ 242 $ 1,062 Debt 974 1,221 Total underwriting 1,216 2,283 Advisory 792 687 Total investment banking fees $ 2,008 $ 2,970 Principal transactions The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and fund deployment activities in Treasury and CIO. Refer to Note 6 for further information on interest income and interest expense. Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual LOB. Three months ended March 31, (in millions) 2022 2021 Trading revenue by instrument type Interest rate (a) $ 469 $ 923 Credit (b) 457 1,270 Foreign exchange 1,324 998 Equity 2,255 2,657 Commodity 747 549 Total trading revenue 5,252 6,397 Private equity gains/(losses) (147) 103 Principal transactions $ 5,105 $ 6,500 (a) Includes the impact of changes in funding valuation adjustments on derivatives. (b) Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities. Lending- and deposit-related fees The following table presents the components of lending- and deposit-related fees. Three months ended March 31, (in millions) 2022 2021 Lending-related fees $ 362 $ 358 Deposit-related fees 1,477 1,329 Total lending- and deposit-related fees $ 1,839 $ 1,687 Asset management, administration and commissions The following table presents the components of asset management, administration and commissions. Three months ended March 31, (in millions) 2022 2021 Asset management fees Investment management fees (a) $ 3,562 $ 3,257 All other asset management fees (b) 90 94 Total asset management fees 3,652 3,351 Total administration fees (c) 633 633 Commissions and other fees Brokerage commissions (d) 810 800 All other commissions and fees 267 245 Total commissions and fees 1,077 1,045 Total asset management, administration and commissions $ 5,362 $ 5,029 (a) Represents fees earned from managing assets on behalf of the Firm’s clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts. (b) Represents fees for services that are ancillary to investment management services, such as commissions earned on the sales or distribution of mutual funds to clients. (c) Predominantly includes fees for custody, securities lending, funds services and securities clearance. (d) Represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments. Card income The following table presents the components of card income. Three months ended March 31, (in millions) 2022 2021 Interchange and merchant processing income $ 6,235 $ 4,868 Rewards costs and partner payments (4,870) (3,534) Other card income (a) (390) 16 Total card income $ 975 $ 1,350 (a) Predominantly represents the amortization of account origination costs and annual fees. Refer to Note 14 for further information on mortgage fees and related income. Refer to Note 16 for information on operating lease income included within other income . Noninterest expense Other expense Other expense on the Firm’s Consolidated statements of income includes the following: Three months ended March 31, (in millions) 2022 2021 Legal expense $ 119 $ 28 |
Interest Income and Interest Ex
Interest Income and Interest Expense | 3 Months Ended |
Mar. 31, 2022 | |
Interest Income (Expense), Net [Abstract] | |
Interest Income and Interest Expense | Interest income and Interest expense Refer to Note 7 of JPMorgan Chase’s 2021 Form 10-K for a description of JPMorgan Chase’s accounting policies regarding interest income and interest expense. The following table presents the components of interest income and interest expense. Three months ended March 31, (in millions) 2022 2021 Interest income Loans (a) $ 10,633 $ 10,187 Taxable securities 1,979 1,605 Non-taxable securities (b) 245 277 Total investment securities (a) 2,224 1,882 Trading assets - debt instruments 1,767 1,782 Federal funds sold and securities purchased under resale agreements 397 233 Securities borrowed (c) (87) (77) Deposits with banks 238 65 All other interest-earning assets (d) 324 199 Total interest income $ 15,496 $ 14,271 Interest expense Interest-bearing deposits $ 182 $ 146 Federal funds purchased and securities loaned or sold under repurchase agreements 117 15 Short-term borrowings (e) 40 33 Trading liabilities – debt and all other interest-bearing liabilities (c)(f) 191 27 Long-term debt 1,076 1,134 Beneficial interest issued by consolidated VIEs 18 27 Total interest expense $ 1,624 $ 1,382 Net interest income $ 13,872 $ 12,889 Provision for credit losses 1,463 (4,156) Net interest income after provision for credit losses $ 12,409 $ 17,045 (a) Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts and net deferred fees/costs). (b) Represents securities which are tax-exempt for U.S. federal income tax purposes. (c) Negative interest income is related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other interest-bearing liabilities. (d) Includes interest earned on brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets which are classified in other assets on the Consolidated balance sheets. (e) Includes commercial paper. (f) All other interest-bearing liabilities includes interest expense on brokerage-related customer payables. |
Pension and Other Postretiremen
Pension and Other Postretirement Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Employee Benefit Plans | Pension and other postretirement employee benefit plansRefer to Note 8 of JPMorgan Chase’s 2021 Form 10-K for a discussion of JPMorgan Chase’s pension and OPEB plans. The following table presents the net periodic benefit costs reported in the Consolidated statements of income for the Firm’s defined benefit pension, defined contribution and OPEB plans. (in millions) Three months ended March 31, 2022 2021 Pension and OPEB plans Total net periodic defined benefit plan cost/(credit) (64) (59) Total defined contribution plans 344 321 Total pension and OPEB cost included in noninterest expense $ 280 $ 262 At March 31, 2022 and December 31, 2021, the fair values of plan assets for the Firm’s defined benefit pension and OPEB plans were $23.7 billion and $25.7 billion, respectively. |
Employee Share-based Incentives
Employee Share-based Incentives | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Employee Share-based Incentives | Employee share-based incentives Refer to Note 9 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the accounting policies and other information relating to employee share-based incentives. The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income. Three months ended March 31, (in millions) 2022 2021 Cost of prior grants of restricted stock units ("RSUs"), performance share units (“PSUs”) and stock appreciation rights ("SARs") that are amortized over their applicable vesting periods $ 271 $ 356 Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees 535 548 Total noncash compensation expense related to employee share-based incentive plans $ 806 $ 904 In the first quarter of 2022, in connection with its annual incentive grant for the 2021 performance year, the Firm granted 19 million RSUs and 720 thousand PSUs with weighted-average grant date fair values of $151.06 per RSU and $149.99 per PSU. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment securities Investment securities consist of debt securities that are classified as AFS or HTM. Debt securities classified as trading assets are discussed in Note 2. Predominantly all of the Firm’s AFS and HTM securities are held by Treasury and CIO in connection with its asset-liability management activities. At March 31, 2022, the investment securities portfolio consisted of debt securities with an average credit rating of AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings). In April 2022, the Firm transferred $65.9 billion of investment securities from AFS to HTM for capital management purposes. AOCI included pretax unrealized losses of $4.7 billion on the securities at the date of transfer. Refer to Note 10 of JPMorgan Chase’s 2021 Form 10-K for additional information regarding the investment securities portfolio. The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated. March 31, 2022 December 31, 2021 (in millions) Amortized cost (b)(c) Gross unrealized gains Gross unrealized losses Fair value Amortized cost (b)(c) Gross unrealized gains Gross unrealized losses Fair value Available-for-sale securities Mortgage-backed securities: U.S. GSEs and government agencies $ 94,270 $ 311 $ 4,681 $ 89,900 $ 72,800 $ 736 $ 993 $ 72,543 Residential: U.S. 1,970 3 39 1,934 2,128 38 2 2,164 Non-U.S. 3,572 15 6 3,581 3,882 25 1 3,906 Commercial 5,013 — 108 4,905 4,944 22 17 4,949 Total mortgage-backed securities 104,825 329 4,834 100,320 83,754 821 1,013 83,562 U.S. Treasury and government agencies 170,683 417 5,138 165,962 178,038 668 1,243 177,463 Obligations of U.S. states and municipalities 14,561 377 152 14,786 14,890 972 2 15,860 Non-U.S. government debt securities 16,463 58 220 16,301 16,163 92 46 16,209 Corporate debt securities 376 — 20 356 332 8 19 321 Asset-backed securities: Collateralized loan obligations 10,554 4 85 10,473 9,674 6 18 9,662 Other 4,660 35 18 4,677 5,403 47 2 5,448 Total available-for-sale securities 322,122 1,220 10,467 312,875 308,254 2,614 2,343 308,525 Held-to-maturity securities (a) Mortgage-backed securities: U.S. GSEs and government agencies 98,079 258 5,117 93,220 102,556 1,400 853 103,103 U.S. Residential 9,377 1 462 8,916 7,316 1 106 7,211 Commercial 5,378 6 278 5,106 3,730 11 54 3,687 Total mortgage-backed securities 112,834 265 5,857 107,242 113,602 1,412 1,013 114,001 U.S. Treasury and government agencies 187,240 — 9,750 177,490 185,204 169 2,103 183,270 Obligations of U.S. states and municipalities 14,812 124 492 14,444 13,985 453 44 14,394 Asset-backed securities: Collateralized loan obligations 49,569 25 375 49,219 48,869 75 22 48,922 Other 2,130 2 33 2,099 2,047 1 7 2,041 Total held-to-maturity securities 366,585 416 16,507 350,494 363,707 2,110 3,189 362,628 Total investment securities, net of allowance for credit losses $ 688,707 $ 1,636 $ 26,974 $ 663,369 $ 671,961 $ 4,724 $ 5,532 $ 671,153 (a) The Firm purchased $13.2 billion and $31.3 billion of HTM securities for the three months ended March 31, 2022 and 2021, respectively. (b) The amortized cost of investment securities is reported net of allowance for credit losses of $41 million and $42 million at March 31, 2022 and December 31, 2021, respectively. (c) Excludes $2.0 billion and $1.9 billion of accrued interest receivables at March 31, 2022 and December 31, 2021, respectively. The Firm did not reverse through interest income any accrued interest receivables for the three months ended March 31, 2022 and 2021. Refer to Note 10 of JPMorgan Chase’s 2021 Form 10-K for further discussion of accounting policies for accrued interest receivables on investment securities. AFS securities impairment The following tables present the fair value and gross unrealized losses by aging category for AFS securities at March 31, 2022 and December 31, 2021. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $9.8 billion and $2.2 billion, at March 31, 2022 and December 31, 2021, respectively; changes in the value of these securities are generally driven by changes in interest rates rather than changes in their credit profile given the explicit or implicit guarantees provided by the U.S. government. Available-for-sale securities with gross unrealized losses Less than 12 months 12 months or more March 31, 2022 (in millions) Fair value Gross Fair value Gross Total fair value Total gross unrealized losses Available-for-sale securities Mortgage-backed securities: Residential: U.S. $ 1,593 $ 38 $ 42 $ 1 $ 1,635 $ 39 Non-U.S. 2,349 6 — — 2,349 6 Commercial 4,406 86 336 22 4,742 108 Total mortgage-backed securities 8,348 130 378 23 8,726 153 Obligations of U.S. states and municipalities 1,456 152 — — 1,456 152 Non-U.S. government debt securities 8,631 157 916 63 9,547 220 Corporate debt securities 264 3 45 17 309 20 Asset-backed securities: Collateralized loan obligations 8,561 73 1,331 12 9,892 85 Other 2,900 15 156 3 3,056 18 Total available-for-sale securities with gross unrealized losses $ 30,160 $ 530 $ 2,826 $ 118 $ 32,986 $ 648 Available-for-sale securities with gross unrealized losses Less than 12 months 12 months or more December 31, 2021 (in millions) Fair value Gross Fair value Gross Total fair value Total gross unrealized losses Available-for-sale securities Mortgage-backed securities: Residential: U.S. $ 303 $ 1 $ 45 $ 1 $ 348 $ 2 Non-U.S. 133 1 — — 133 1 Commercial 2,557 5 349 12 2,906 17 Total mortgage-backed securities 2,993 7 394 13 3,387 20 Obligations of U.S. states and municipalities 120 2 — — 120 2 Non-U.S. government debt securities 5,060 37 510 9 5,570 46 Corporate debt securities 166 1 46 18 212 19 Asset-backed securities: Collateralized loan obligations 8,110 18 208 — 8,318 18 Other 89 — 178 2 267 2 Total available-for-sale securities with gross unrealized losses $ 16,538 $ 65 $ 1,336 $ 42 $ 17,874 $ 107 HTM securities – credit risk Credit quality indicator The primary credit quality indicator for HTM securities is the risk rating assigned to each security. At both March 31, 2022 and December 31, 2021, all HTM securities were rated investment grade and were current and accruing, with approximately 98% rated at least AA+. Allowance for credit losses on investment securities The allowance for credit losses on investment securities was $41 million and $94 million as of March 31, 2022 and 2021, respectively. Refer to Note 10 of JPMorgan Chase’s 2021 Form 10-K for further discussion of accounting policies for AFS and HTM securities. Selected impacts of investment securities on the Consolidated statements of income Three months ended March 31, (in millions) 2022 2021 Realized gains $ 13 $ 237 Realized losses (407) (223) Investment securities gains/(losses) $ (394) $ 14 Provision for credit losses $ (1) $ 16 Contractual maturities and yields The following table presents the amortized cost and estimated fair value at March 31, 2022, of JPMorgan Chase’s investment securities portfolio by contractual maturity. By remaining maturity March 31, 2022 (in millions) Due in one Due after one year through five years Due after five years through 10 years Due after 10 years (b) Total Available-for-sale securities Mortgage-backed securities Amortized cost $ 5 $ 3,740 $ 4,314 $ 96,768 $ 104,827 Fair value 5 3,599 4,467 92,249 100,320 Average yield (a) 0.27 % 1.61 % 1.93 % 2.49 % 2.43 % U.S. Treasury and government agencies Amortized cost $ 11,814 $ 136,391 $ 14,640 $ 7,838 $ 170,683 Fair value 11,803 132,200 13,921 8,038 165,962 Average yield (a) 0.83 % 0.59 % 1.20 % 0.85 % 0.67 % Obligations of U.S. states and municipalities Amortized cost $ 13 $ 144 $ 1,408 $ 12,996 $ 14,561 Fair value 13 145 1,439 13,189 14,786 Average yield (a) 4.09 % 4.58 % 4.84 % 4.90 % 4.89 % Non-U.S. government debt securities Amortized cost $ 6,901 $ 5,305 $ 3,453 $ 804 $ 16,463 Fair value 6,907 5,276 3,313 805 16,301 Average yield (a) 2.67 % 2.58 % 1.12 % 1.09 % 2.24 % Corporate debt securities Amortized cost $ — $ 362 $ 14 $ — $ 376 Fair value — 342 14 — 356 Average yield (a) — % 11.08 % 1.25 % — % 10.71 % Asset-backed securities Amortized cost $ 2,000 $ 881 $ 3,155 $ 9,178 $ 15,214 Fair value 1,999 875 3,145 9,131 15,150 Average yield (a) 1.48 % 1.89 % 1.34 % 1.59 % 1.54 % Total available-for-sale securities Amortized cost $ 20,733 $ 146,823 $ 26,984 $ 127,584 $ 322,124 Fair value 20,727 142,437 26,299 123,412 312,875 Average yield (a) 1.51 % 0.73 % 1.51 % 2.56 % 1.57 % Held-to-maturity securities Mortgage-backed securities Amortized cost $ — $ 1,435 $ 11,279 $ 100,127 $ 112,841 Fair value — 1,379 10,774 95,089 107,242 Average yield (a) — % 1.88 % 2.38 % 2.82 % 2.77 % U.S. Treasury and government agencies Amortized cost $ 29,406 $ 91,162 $ 66,672 $ — $ 187,240 Fair value 29,221 86,797 61,472 — 177,490 Average yield (a) 0.58 % 0.74 % 1.26 % — % 0.90 % Obligations of U.S. states and municipalities Amortized cost $ 34 $ 76 $ 1,519 $ 13,215 $ 14,844 Fair value 34 72 1,526 12,812 14,444 Average yield (a) 3.75 % 2.78 % 3.79 % 3.82 % 3.81 % Asset-backed securities Amortized cost $ — $ — $ 13,503 $ 38,196 $ 51,699 Fair value — — 13,475 37,843 51,318 Average yield (a) — % — % 1.30 % 1.37 % 1.35 % Total held-to-maturity securities Amortized cost $ 29,440 $ 92,673 $ 92,973 $ 151,538 $ 366,624 Fair value 29,255 88,248 87,247 145,744 350,494 Average yield (a) 0.59 % 0.76 % 1.44 % 2.54 % 1.66 % (a) Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid. However, for certain callable debt securities, the average yield is calculated to the earliest call date. (b) Substantially all of the Firm’s U.S. residential MBS and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately 7 years for agency residential MBS, 4 years for agency residential collateralized mortgage obligations and 5 years for nonagency residential collateralized mortgage obligations. |
Securities Financing Activities
Securities Financing Activities | 3 Months Ended |
Mar. 31, 2022 | |
Securities Financing Transactions Disclosures [Abstract] | |
Securities Financing Activities | Securities financing activities Refer to Note 11 of JPMorgan Chase’s 2021 Form 10-K for a discussion of accounting policies relating to securities financing activities. Refer to Note 3 for further information regarding securities borrowed and securities lending agreements for which the fair value option has been elected. Refer to Note 23 for further information regarding assets pledged and collateral received in securities financing agreements. The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of March 31, 2022 and December 31, 2021. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below. In transactions where the Firm is acting as the lender in a securities-for-securities lending agreement and receives securities that can be pledged or sold as collateral, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities on the Consolidated balance sheets. March 31, 2022 (in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets Amounts not nettable on the Consolidated balance sheets (b) Net amounts (c) Assets Securities purchased under resale agreements $ 637,234 $ (335,359) $ 301,875 $ (289,272) $ 12,603 Securities borrowed 269,303 (44,451) 224,852 (168,087) 56,765 Liabilities Securities sold under repurchase agreements $ 553,011 $ (335,359) $ 217,652 $ (189,969) $ 27,683 Securities loaned and other (a) 57,991 (44,451) 13,540 (13,209) 331 December 31, 2021 (in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets Amounts not nettable on the Consolidated balance sheets (b) Net amounts (c) Assets Securities purchased under resale agreements $ 604,724 $ (343,093) $ 261,631 $ (245,588) $ 16,043 Securities borrowed 250,333 (44,262) 206,071 (154,599) 51,472 Liabilities Securities sold under repurchase agreements $ 532,899 $ (343,093) $ 189,806 $ (166,456) $ 23,350 Securities loaned and other (a) 52,610 (44,262) 8,348 (8,133) 215 (a) Includes securities-for-securities lending agreements of $8.0 billion and $5.6 billion at March 31, 2022 and December 31, 2021, respectively, accounted for at fair value, where the Firm is acting as lender. (b) In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty. (c) Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At March 31, 2022 and December 31, 2021, included $8.6 billion and $13.9 billion, respectively, of securities purchased under resale agreements; $50.6 billion and $46.4 billion, respectively, of securities borrowed; $26.0 billion and $21.6 billion, respectively, of securities sold under repurchase agreements; and $185 million and $198 million, respectively, of securities loaned and other. The tables below present as of March 31, 2022, and December 31, 2021 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements. Gross liability balance March 31, 2022 December 31, 2021 (in millions) Securities sold under repurchase agreements Securities loaned and other Securities sold under repurchase agreements Securities loaned and other Mortgage-backed securities U.S. GSEs and government agencies $ 33,274 $ — $ 37,046 $ — Residential - nonagency 1,169 — 1,508 — Commercial - nonagency 1,443 — 1,463 — U.S. Treasury, GSEs and government agencies 240,145 2,193 241,578 358 Obligations of U.S. states and municipalities 2,274 7 1,916 7 Non-U.S. government debt 189,535 2,134 174,971 1,572 Corporate debt securities 46,671 2,783 38,180 1,619 Asset-backed securities 1,345 5 1,211 — Equity securities 37,155 50,869 35,026 49,054 Total $ 553,011 $ 57,991 $ 532,899 $ 52,610 Remaining contractual maturity of the agreements Overnight and continuous Greater than March 31, 2022 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 220,217 $ 205,272 $ 57,245 $ 70,277 $ 553,011 Total securities loaned and other 56,975 124 489 403 57,991 Remaining contractual maturity of the agreements Overnight and continuous Greater than December 31, 2021 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 195,035 $ 231,171 $ 47,201 $ 59,492 $ 532,899 Total securities loaned and other 50,034 1,701 — 875 52,610 Transfers not qualifying for sale accounting At March 31, 2022, and December 31, 2021, the Firm held $415 million and $440 million, respectively, of financial assets for which the rights have been transferred to third parties; however, the transfers did not qualify as a sale in accordance with U.S. GAAP. These transfers have been recognized as collateralized financing transactions. The transferred assets are recorded in trading assets and loans, and the corresponding liabilities are recorded predominantly in short-term borrowings on the Consolidated balance sheets. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans | Loans Loan accounting framework The accounting for a loan depends on management’s strategy for the loan. The Firm accounts for loans based on the following categories: • Originated or purchased loans held-for-investment (i.e., “retained”) • Loans held-for-sale • Loans at fair value Refer to Note 12 of JPMorgan Chase's 2021 Form 10-K for a detailed discussion of loans, including accounting policies. Refer to Note 3 of this Form 10-Q for further information on the Firm's elections of fair value accounting under the fair value option. Refer to Note 2 of this Form 10-Q for information on loans carried at fair value and classified as trading assets. Loan portfolio The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class. Consumer, excluding Credit card Wholesale (c)(d) • Residential real estate (a) • Auto and other (b) • Credit card loans • Secured by real estate • Commercial and industrial • Other (e) (a) Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in CIB and Corporate. (b) Includes scored auto and business banking loans and overdrafts. (c) Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses. (d) The wholesale portfolio segment's classes align with loan classifications as defined by the bank regulatory agencies, based on the loan's collateral, purpose, and type of borrower. (e) Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2021 Form 10-K for more information on SPEs. The following tables summarize the Firm’s loan balances by portfolio segment. March 31, 2022 Consumer, excluding credit card Credit card Wholesale Total (a)(b) (in millions) Retained $ 296,161 $ 152,283 $ 569,953 $ 1,018,397 Held-for-sale 808 — 5,617 6,425 At fair value 15,520 — 32,943 48,463 Total $ 312,489 $ 152,283 $ 608,513 $ 1,073,285 December 31, 2021 Consumer, excluding credit card Credit card Wholesale Total (a)(b) (in millions) Retained $ 295,556 $ 154,296 $ 560,354 $ 1,010,206 Held-for-sale 1,287 — 7,401 8,688 At fair value 26,463 — 32,357 58,820 Total $ 323,306 $ 154,296 $ 600,112 $ 1,077,714 (a) Excludes $2.8 billion and $2.7 billion of accrued interest receivables at March 31, 2022, and December 31, 2021, respectively. The Firm wrote off accrued interest receivables of $12 million and $13 million for the three months ended March 31, 2022 and 2021, respectively. (b) Loans (other than those for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs. These amounts were not material as of March 31, 2022, and December 31, 2021. The following tables provide information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table. 2022 2021 Three months ended March 31, Consumer, excluding Credit card Wholesale Total Consumer, excluding Credit card Wholesale Total Purchases $ 119 (b)(c) $ — $ 166 $ 285 $ 191 (b)(c) $ — $ 226 $ 417 Sales 47 — 9,707 9,754 181 — 5,730 5,911 Retained loans reclassified to held-for-sale (a) 76 — 273 349 162 — 772 934 (a) Reclassifications of loans to held-for-sale are non-cash transactions. (b) Predominantly includes purchases of residential real estate loans, including the Firm’s voluntary repurchases of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines for the three months ended March 31, 2022 and 2021. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA. (c) Excludes purchases of retained loans of $3.2 billion and $7.0 billion for the three months ended March 31, 2022 and 2021, respectively, which are predominantly sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards. Gains and losses on sales of loans Net gains/(losses) on sales of loans and lending-related commitments (including adjustments to record loans and lending-related commitments held-for-sale at the lower of cost or fair value) recognized in noninterest revenue for the three months ended March 31, 2022 was $38 million of which $34 million related to loans. Net gains on sales of loans and lending-related commitments was $132 million for the three months ended March 31, 2021 of which $135 million related to loans. In addition, the sale of loans may also result in write downs, recoveries or changes in the allowance recognized in the provision for credit losses. Loan modifications The majority of the Firm's COVID-19 related loan modifications were not considered TDRs. Refer to Note 12 of JPMorgan Chase's 2021 Form 10-K for further information on the Firm's accounting policies for loan modifications. Consumer, excluding credit card loan portfolio Consumer loans, excluding credit card loans, consist primarily of scored residential mortgages, home equity loans and lines of credit, auto and business banking loans, with a focus on serving the prime consumer credit market. The portfolio also includes home equity loans secured by junior liens, prime mortgage loans with an interest-only payment period and certain payment-option loans that may result in negative amortization. The following table provides information about retained consumer loans, excluding credit card, by class. (in millions) March 31, December 31, Residential real estate $ 227,926 $ 224,795 Auto and other (a) 68,235 70,761 Total retained loans $ 296,161 $ 295,556 (a) At March 31, 2022 and December 31, 2021, included $2.9 billion and $5.4 billion of loans, respectively, in Business Banking under the PPP. Delinquency rates are the primary credit quality indicator for consumer loans. Refer to Note 12 of JPMorgan Chase's 2021 Form 10-K for further information on consumer credit quality indicators. Residential real estate The following tables provide information on delinquency, which is the primary credit quality indicator for retained residential real estate loans. (in millions, except ratios) March 31, 2022 Term loans by origination year (d) Revolving loans Total 2022 2021 2020 2019 2018 Prior to 2018 Within the revolving period Converted to term loans Loan delinquency (a)(b) Current $ 12,972 $ 69,009 $ 46,191 $ 17,016 $ 7,207 $ 56,403 $ 5,981 $ 11,186 $ 225,965 30–149 days past due — 13 9 13 23 630 12 164 864 150 or more days past due — 1 9 17 15 812 8 235 1,097 Total retained loans $ 12,972 $ 69,023 $ 46,209 $ 17,046 $ 7,245 $ 57,845 $ 6,001 $ 11,585 $ 227,926 % of 30+ days past due to total retained loans (c) — % 0.02 % 0.04 % 0.18 % 0.52 % 2.43 % 0.33 % 3.44 % 0.85 % (in millions, except ratios) December 31, 2021 Term loans by origination year (d) Revolving loans Total 2021 2020 2019 2018 2017 Prior to 2017 Within the revolving period Converted to term loans Loan delinquency (a)(b) Current $ 68,742 $ 48,334 $ 18,428 $ 7,929 $ 11,684 $ 49,147 $ 6,392 $ 11,807 $ 222,463 30–149 days past due 13 23 27 27 22 578 11 182 883 150 or more days past due — 11 21 25 33 1,069 6 284 1,449 Total retained loans $ 68,755 $ 48,368 $ 18,476 $ 7,981 $ 11,739 $ 50,794 $ 6,409 $ 12,273 $ 224,795 % of 30+ days past due to total retained loans (c) 0.02 % 0.07 % 0.26 % 0.65 % 0.47 % 3.18 % 0.27 % 3.80 % 1.02 % (a) Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $30 million and $35 million; 30–149 days past due included $13 million and $11 million; and 150 or more days past due included $22 million and $20 million at March 31, 2022 and December 31, 2021, respectively. (b) At March 31, 2022 and December 31, 2021, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent. (c) At March 31, 2022 and December 31, 2021, residential real estate loans excluded mortgage loans insured by U.S. government agencies of $35 million and $31 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee. (d) Purchased loans are included in the year in which they were originated. Approximately 37% of the total revolving loans are senior lien loans; the remaining balance are junior lien loans. The lien position the Firm holds is considered in the Firm’s allowance for credit losses. Revolving loans that have been converted to term loans have higher delinquency rates than those that are still within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options available for revolving loans within the revolving period. Nonaccrual loans and other credit quality indicators The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans. (in millions, except weighted-average data) March 31, 2022 December 31, 2021 Nonaccrual loans (a)(b)(c)(d) $ 4,375 $ 4,759 90 or more days past due and government guaranteed (e) 27 24 Current estimated LTV ratios (f)(g)(h) Greater than 125% and refreshed FICO scores: Equal to or greater than 660 $ 3 $ 2 Less than 660 2 2 101% to 125% and refreshed FICO scores: Equal to or greater than 660 24 37 Less than 660 9 15 80% to 100% and refreshed FICO scores: Equal to or greater than 660 2,523 2,701 Less than 660 78 89 Less than 80% and refreshed FICO scores: Equal to or greater than 660 214,298 209,295 Less than 660 9,201 9,658 No FICO/LTV available 1,723 2,930 U.S. government-guaranteed 65 66 Total retained loans $ 227,926 $ 224,795 Weighted average LTV ratio (f)(i) 50 % 50 % Weighted average FICO (g)(i) 767 765 Geographic region (j) California $ 71,174 $ 71,383 New York 33,218 32,545 Florida 17,021 16,182 Texas 14,273 13,865 Illinois 11,453 11,565 Colorado 9,159 8,885 Washington 8,392 8,292 New Jersey 6,887 6,832 Massachusetts 6,230 6,105 Connecticut 5,307 5,242 All other (k) 44,812 43,899 Total retained loans $ 227,926 $ 224,795 (a) Includes collateral-dependent residential real estate loans that are charged down to the fair value of the underlying collateral less costs to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual TDRs, regardless of their delinquency status. At March 31, 2022, approximately 5% of Chapter 7 residential real estate loans were 30 days or more past due. (b) Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative. (c) Interest income on nonaccrual loans recognized on a cash basis was $45 million for both the three months ended March 31, 2022 and 2021, respectively. (d) Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic. (e) These balances are excluded from nonaccrual loans as the loans are guaranteed by U.S government agencies. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. At March 31, 2022 and December 31, 2021, these balances were no longer accruing interest based on the agreed-upon servicing guidelines. There were no loans that were not guaranteed by U.S. government agencies that are 90 or more days past due and still accruing interest at March 31, 2022 and December 31, 2021. (f) Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property. (g) Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis. (h) Includes residential real estate loans, primarily held in LLCs in AWM that did not have a refreshed FICO score. These loans have been included in a FICO band based on management’s estimation of the borrower’s credit quality. (i) Excludes loans with no FICO and/or LTV data available. (j) The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2022. (k) At March 31, 2022 and December 31, 2021, included mortgage loans insured by U.S. government agencies of $65 million and $66 million, respectively. These amounts have been excluded from the geographic regions presented based upon the government guarantee. Loan modifications Modifications of residential real estate loans where the Firm grants concessions to borrowers who are experiencing financial difficulty are generally accounted for and reported as TDRs. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs. The carrying value of new TDRs was $118 million and $251 million for the three months ended March 31, 2022 and 2021, respectively. There were no additional commitments to lend to borrowers whose residential real estate loans have been modified in TDRs. Nature and extent of modifications The Firm’s proprietary modification programs as well as government programs, including U.S. GSE programs, generally provide various concessions to financially troubled borrowers including, but not limited to, interest rate reductions, term or payment extensions and delays of principal and/or interest payments that would otherwise have been required under the terms of the original agreement. The following table provides information about how residential real estate loans were modified in TDRs under the Firm’s loss mitigation programs described above during the periods presented. This table excludes Chapter 7 loans where the sole concession granted is the discharge of debt and loans with short-term or other insignificant modifications that are not considered concessions. Three months ended March 31, 2022 2021 Number of loans approved for a trial modification 1,526 1,401 Number of loans permanently modified 1,542 1,714 Concession granted: (a) Interest rate reduction 64 % 72 % Term or payment extension 77 40 Principal and/or interest deferred 13 31 Principal forgiveness 1 4 Other (b) 27 51 (a) Represents concessions granted in permanent modifications as a percentage of the number of loans permanently modified. The sum of the percentages exceeds 100% because predominantly all of the modifications include more than one type of concession. Concessions offered on trial modifications are generally consistent with those granted on permanent modifications. (b) Includes variable interest rate to fixed interest rate modifications and payment delays that meet the definition of a TDR. Financial effects of modifications and redefaults The following table provides information about the financial effects of the various concessions granted in modifications of residential real estate loans under the loss mitigation programs described above and about redefaults of certain loans modified in TDRs for the periods presented. The following table presents only the financial effects of permanent modifications and do not include temporary concessions offered through trial modifications. This table also excludes Chapter 7 loans where the sole concession granted is the discharge of debt and loans with short-term or other insignificant modifications that are not considered concessions. (in millions, except weighted-average data) Three months ended March 31, 2022 2021 Weighted-average interest rate of loans with interest rate reductions – before TDR 4.43 % 4.57 % Weighted-average interest rate of loans with interest rate reductions – after TDR 3.31 2.91 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR 23 24 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR 39 39 Charge-offs recognized upon permanent modification $ — $ — Principal deferred 7 12 Principal forgiven 1 1 Balance of loans that redefaulted within one year of permanent modification (a) $ 43 $ 24 (a) Represents loans permanently modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The dollar amounts presented represent the balance of such loans at the end of the reporting period in which such loans defaulted. For residential real estate loans modified in TDRs, payment default is deemed to occur when the loan becomes two contractual payments past due. In the event that a modified loan redefaults, it will generally be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last twelve months may not be representative of ultimate redefault levels. At March 31, 2022, the weighted-average estimated remaining lives of residential real estate loans permanently modified in TDRs were 5 years. The estimated remaining lives of these loans reflect estimated prepayments, both voluntary and involuntary (i.e., foreclosures and other forced liquidations). Active and suspended foreclosure At March 31, 2022 and December 31, 2021, the Firm had residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $767 million and $619 million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure. Auto and other The following tables provide information on delinquency, which is the primary credit quality indicator for retained auto and other consumer loans. March 31, 2022 (in millions, except ratios) Term Loans by origination year Revolving loans 2022 2021 2020 2019 2018 Prior to 2018 Within the revolving period Converted to term loans Total Loan delinquency Current $ 7,272 $ 30,438 (b) $ 16,259 (b) $ 6,435 $ 3,009 $ 1,800 $ 2,223 $ 117 $ 67,553 30–119 days past due 62 161 124 68 40 34 11 6 506 120 or more days past due — — 163 — — 1 6 6 176 Total retained loans $ 7,334 $ 30,599 $ 16,546 $ 6,503 $ 3,049 $ 1,835 $ 2,240 $ 129 $ 68,235 % of 30+ days past due to total retained loans (a) 0.85 % 0.52 % 0.45 % 1.05 % 1.31 % 1.91 % 0.76 % 9.30 % 0.69 % December 31, 2021 (in millions, except ratios) Term Loans by origination year Revolving loans 2021 2020 2019 2018 2017 Prior to 2017 Within the revolving period Converted to term loans Total Loan delinquency Current $ 35,323 (c) $ 18,324 (c) $ 7,443 $ 3,671 $ 1,800 $ 666 $ 2,242 $ 120 $ 69,589 30–119 days past due 192 720 88 53 31 21 12 6 1,123 120 or more days past due — 35 — — 1 1 5 7 49 Total retained loans $ 35,515 $ 19,079 $ 7,531 $ 3,724 $ 1,832 $ 688 $ 2,259 $ 133 $ 70,761 % of 30+ days past due to total retained loans (a) 0.54 % 0.47 % 1.17 % 1.42 % 1.75 % 3.20 % 0.75 % 9.77 % 0.71 % (d) (a) At March 31, 2022 and December 31, 2021, auto and other loans excluded $213 million and $667 million, respectively, of PPP loans guaranteed by the SBA that are 30 or more days past due. These amounts have been excluded based upon the SBA guarantee. (b) Includes $2.5 billion of loans originated in 2021 and $353 million of loans originated in 2020 in Business Banking under the PPP. PPP loans are guaranteed by the SBA. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans. (c) Includes $4.4 billion of loans originated in 2021 and $1.0 billion of loans originated in 2020 in Business Banking under the PPP. (d) Prior-period amount has been revised to conform with the current presentation. Nonaccrual and other credit quality indicators The following table provides information on nonaccrual and other credit quality indicators for retained auto and other consumer loans. (in millions, except ratios) Total Auto and other March 31, 2022 December 31, 2021 Nonaccrual loans (a)(b)(c) 110 119 Geographic region (d) California $ 10,794 $ 11,163 Texas 7,725 7,859 New York 5,075 5,848 Florida 4,929 4,901 Illinois 2,785 2,930 New Jersey 2,274 2,355 Pennsylvania 1,936 2,004 Arizona 1,789 1,887 Louisiana 1,771 1,801 Georgia 1,760 1,748 All other 27,397 28,265 Total retained loans $ 68,235 $ 70,761 (a) At March 31, 2022 and December 31, 2021, nonaccrual loans excluded $179 million and $506 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA, of which $163 million and $35 million, respectively, were no longer accruing interest based on the guidelines set by the SBA. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting the guidelines set by the SBA. There were no loans that were not guaranteed by the SBA that are 90 or more days past due and still accruing interest at March 31, 2022 and December 31, 2021. (b) Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to the charge down, the related allowance may be negative. (c) Interest income on nonaccrual loans recognized on a cash basis was not material for the three months ended March 31, 2022 and 2021 . (d) The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at March 31, 2022. Loan modifications Certain auto and other loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs. Credit card loan portfolio The credit card portfolio segment includes credit card loans originated and purchased by the Firm. Delinquency rates are the primary credit quality indicator for credit card loans. Refer to Note 12 of JPMorgan Chase's 2021 Form 10-K for further information on the credit card loan portfolio, including credit quality indicators. The following tables provide information on delinquency, which is the primary credit quality indicator for retained credit card loans. (in millions, except ratios) March 31, 2022 Within the revolving period Converted to term loans (a) Total Loan delinquency Current and less than 30 days past due $ 149,811 $ 817 $ 150,628 30–89 days past due and still accruing 780 55 835 90 or more days past due and still accruing 791 29 820 Total retained loans $ 151,382 $ 901 $ 152,283 Loan delinquency ratios % of 30+ days past due to total retained loans 1.04 % 9.32 % 1.09 % % of 90+ days past due to total retained loans 0.52 3.22 0.54 (in millions, except ratios) December 31, 2021 Within the revolving period Converted to term loans (a) Total Loan delinquency Current and less than 30 days past due $ 151,798 $ 901 $ 152,699 30–89 days past due and still accruing 770 59 829 90 or more days past due and still accruing 741 27 768 Total retained loans $ 153,309 $ 987 $ 154,296 Loan delinquency ratios % of 30+ days past due to total retained loans 0.99 % 8.71 % 1.04 % % of 90+ days past due to total retained loans 0.48 2.74 0.50 (a) Represents TDRs. Other credit quality indicators The following table provides information on other credit quality indicators for retained credit card loans. (in millions, except ratios) March 31, 2022 December 31, 2021 Geographic region (a) California $ 22,865 $ 23,030 Texas 15,808 15,879 New York 12,539 12,652 Florida 10,388 10,412 Illinois 8,428 8,530 New Jersey 6,273 6,367 Ohio 4,807 4,923 Colorado 4,562 4,573 Pennsylvania 4,548 4,708 Michigan 3,682 3,773 All other 58,383 59,449 Total retained loans $ 152,283 $ 154,296 Percentage of portfolio based on carrying value with estimated refreshed FICO scores Equal to or greater than 660 87.9 % 88.5 % Less than 660 11.9 11.3 No FICO available 0.2 0.2 (a) The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2022. Loan modifications The Firm may offer loan modification programs granting concessions to credit card borrowers who are experiencing financial difficulty. The Firm grants concessions for most of the credit card loans under long-term programs. These modifications involve placing the customer on a fixed payment plan, generally for 60 months, and typically include reducing the interest rate on the credit card. Substantially all modifications under the Firm’s long-term programs are considered to be TDRs. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs. If the cardholder does not comply with the modified payment terms, then the credit card loan continues to age and will ultimately be charged-off in accordance with the Firm’s standard charge-off policy. In most cases, the Firm does not reinstate the borrower’s line of credit. Financial effects of modifications and redefaults The following table provides information about the financial effects of the concessions granted on credit card loans modified in TDRs and redefaults for the periods presented. For all periods disclosed, new enrollments were less than 1% of total retained credit card loans. (in millions, except Three months ended March 31, 2022 2021 Balance of new TDRs (a) $ 82 $ 143 Weighted-average interest rate of loans – before TDR 18.00 % 17.74 % Weighted-average interest rate of loans – after TDR 4.87 5.23 Balance of loans that redefaulted within one year of modification (b) $ 9 $ 19 (a) Represents the outstanding balance prior to modification. (b) Represents loans modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The amounts presented represent the balance of such loans as of the end of the quarter in which they defaulted. Wholesale loan portfolio Wholesale loans include loans made to a variety of clients, ranging from large corporate and institutional clients, to small businesses and high-net-worth individuals. The primary credit quality indicator for wholesale loans is the internal risk rating assigned to each loan. Refer to Note 12 of JPMorgan Chase’s 2021 Form 10-K for further information on these risk ratings. The following tables provide information on internal risk rating, which is the primary credit quality indicator for retained wholesale loans. Secured by real estate Commercial and industrial Other (b) Total retained loans (in millions, except ratios) Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Loans by risk ratings Investment-grade $ 94,158 $ 92,369 $ 77,254 $ 75,783 $ 239,775 $ 241,859 $ 411,187 $ 410,011 Noninvestment-grade: Noncriticized 21,982 22,495 68,923 62,039 52,679 52,440 143,584 136,974 Criticized performing 3,858 3,645 7,872 6,900 1,163 770 12,893 11,315 Criticized nonaccrual (a) 369 326 1,148 969 772 759 2,289 2,054 Total noninvestment-grade 26,209 26,466 77,943 69,908 54,614 53,969 158,766 150,343 Total retained loans $ 120,367 $ 118,835 $ 155,197 $ 145,691 $ 294,389 $ 295,828 $ 569,953 $ 560,354 % of investment-grade to total retained loans 78.23 % 77.73 % 49.78 % 52.02 % 81.45 % 81.76 % 72.14 % 73.17 % % of total criticized to total retained loans 3.51 3.34 5.81 5.40 0.66 0.52 2.66 2.39 % of criticized nonaccrual to total retained loans 0.31 0.27 0.74 0.67 0.26 0.26 0.40 0.37 (a) At March 31, 2022 and December 31, 2021 nonaccrual loans excluded $57 million and $127 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA, predominantly in commercial and industrial. (b) Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2021 Form 10-K for more information on SPEs. Secured by real estate (in millions) March 31, 2022 Term loans by origination year Revolving loans 2022 2021 2020 2019 2018 Prior to 2018 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 6,743 $ 23,613 $ 15,729 $ 16,493 $ 7,171 $ 23,201 $ 1,200 $ 8 $ 94,158 Noninvestment-grade 1,527 5,149 3,534 4,299 3,250 7,973 476 1 26,209 Total retained loans $ 8,270 $ 28,762 $ 19,263 $ 20,792 $ 10,421 $ 31,174 $ 1,676 $ 9 $ 120,367 Secured by real estate (in millions) December 31, 2021 Term loans by origination year Revolving loans 2021 2020 2019 2018 2017 Prior to 2017 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 23,346 $ 16,030 $ 17,265 $ 8,103 $ 7,325 $ 19,066 $ 1,226 $ 8 $ 92,369 Noninvestment-grade 5,364 3,826 4,564 3,806 2,834 5,613 458 1 26,466 Total retained loans $ 28,710 $ 19,856 $ 21,829 $ 11,909 $ 10,159 $ 24,679 $ 1,684 $ 9 $ 118,835 Commercial and industrial (in millions) March 31, 2022 Term loans by origination year Revolving loans 2022 2021 2020 2019 2018 Prior to 2018 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 9,027 $ 13,819 $ 5,909 $ 3,107 $ 1,125 $ 1,612 $ 42,654 $ 1 $ 77,254 (a) Noninvestment-grade 7,209 17,555 6,003 3,819 1,707 1,069 40,505 76 77,943 Total retained loans $ 16,236 $ 31,374 $ 11,912 $ 6,926 $ 2,832 $ 2,681 $ 83,159 $ 77 $ 155,197 Commercial and industrial (in millions) December 31, 2021 Term loans by origination year Revolving loans 2021 2020 2019 2018 2017 Prior to 2017 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 21,342 $ 6,268 $ 3,609 $ 1,269 $ 1,108 $ 819 $ 41,367 $ 1 $ 75,783 (b) Noninvestment-grade 19,314 7,112 4,559 2,177 930 430 35,312 74 69,908 Total retained loans $ 40,656 $ 13,380 $ 8,168 $ 3,446 $ 2,038 $ 1,249 $ 76,679 $ 75 $ 145,691 (a) At March 31, 2022, $608 million of the $704 million total PPP loans in the wholesale portfolio were commercial and industrial. Of the $608 million, $411 million were originated in 2021 and $197 million were originated in 2020. PPP loans are guaranteed by the SBA and considered investment-grade. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans. (b) At December 31, 2021, $1.1 billion of the $1.3 billion total PPP loans in the wholesale portfolio were commercial and industrial. Of the $1.1 billion, $698 million were originated in 2021 and $396 million were originated in 2020. Other (a) (in millions) March 31, 2022 Term loans by origination year Revolving loans 2022 2021 2020 2019 2018 Prior to 2018 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 14,015 $ 19,822 $ 16,545 $ 5,423 $ 2,723 $ 9,698 $ 168,991 $ 2,558 $ 239,775 Nonin |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2022 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses | Allowance for credit losses The Firm's allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. Refer to Note 13 of JPMorgan Chase's 2021 Form 10-K for a detailed discussion of the allowance for credit losses and the related accounting policies. Allowance for credit losses and related information The table below summarizes information about the allowances for credit losses, and includes a breakdown of loans and lending-related commitments by impairment methodology. Refer to Note 10 of JPMorgan Chase’s 2021 Form 10-K and Note 9 of this Form 10-Q for further information on the allowance for credit losses on investment securities. 2022 2021 Three months ended March 31, Consumer, excluding Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total Allowance for loan losses Beginning balance at January 1, $ 1,765 $ 10,250 $ 4,371 $ 16,386 $ 3,636 $ 17,800 $ 6,892 $ 28,328 Gross charge-offs 204 720 52 976 166 1,214 88 1,468 Gross recoveries collected (158) (214) (22) (394) (145) (231) (35) (411) Net charge-offs/(recoveries) 46 506 30 582 21 983 53 1,057 Provision for loan losses 175 506 687 1,368 (932) (2,517) (830) (4,279) Other — — 20 20 (1) — 10 9 Ending balance at March 31, $ 1,894 $ 10,250 $ 5,048 $ 17,192 $ 2,682 $ 14,300 $ 6,019 $ 23,001 Allowance for lending-related commitments Beginning balance at January 1, $ 113 $ — $ 2,148 $ 2,261 $ 187 $ — $ 2,222 $ 2,409 Provision for lending-related commitments (2) — 98 96 (52) — 159 107 Other — — 1 1 — — — — Ending balance at March 31, $ 111 $ — $ 2,247 $ 2,358 $ 135 $ — $ 2,381 $ 2,516 Total allowance for investment securities NA NA NA 41 NA NA NA 94 Total allowance for credit losses $ 2,005 $ 10,250 $ 7,295 $ 19,591 $ 2,817 $ 14,300 $ 8,400 $ 25,611 Allowance for loan losses by impairment methodology Asset-specific (a) $ (644) $ 262 $ 485 $ 103 $ (348) $ 522 $ 529 $ 703 Portfolio-based 2,538 9,988 4,563 17,089 3,030 13,778 5,490 22,298 Total allowance for loan losses $ 1,894 $ 10,250 $ 5,048 $ 17,192 $ 2,682 $ 14,300 $ 6,019 $ 23,001 Loans by impairment methodology Asset-specific (a) $ 13,186 $ 901 $ 2,823 $ 16,910 $ 16,008 $ 1,291 $ 3,394 $ 20,693 Portfolio-based 282,975 151,382 567,130 1,001,487 286,384 130,481 511,084 927,949 Total retained loans $ 296,161 $ 152,283 $ 569,953 $ 1,018,397 $ 302,392 $ 131,772 $ 514,478 $ 948,642 Collateral-dependent loans Net charge-offs $ (5) $ — $ 7 $ 2 $ 20 $ — $ 2 $ 22 Loans measured at fair value of collateral less cost to sell 4,144 — 665 4,809 4,790 — 354 5,144 Allowance for lending-related commitments by impairment methodology Asset-specific $ — $ — $ 139 $ 139 $ — $ — $ 144 $ 144 Portfolio-based 111 — 2,108 2,219 135 — 2,237 2,372 Total allowance for lending-related commitments (b) $ 111 $ — $ 2,247 $ 2,358 $ 135 $ — $ 2,381 $ 2,516 Lending-related commitments by impairment methodology Asset-specific $ — $ — $ 767 $ 767 $ — $ — $ 800 $ 800 Portfolio-based (c) 31,847 — 463,570 495,417 34,468 — 440,830 475,298 Total lending-related commitments $ 31,847 $ — $ 464,337 $ 496,184 $ 34,468 $ — $ 441,630 $ 476,098 (a) Includes collateral dependent loans, including those considered TDRs and those for which foreclosure is deemed probable, modified PCD loans and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a TDR. Also includes risk-rated loans that have been placed on nonaccrual status for the wholesale portfolio segment. The asset-specific allowance for credit card loans modified, or reasonably expected to be modified, in a TDR is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates. (b) The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets. (c) At March 31, 2022 and 2021, lending-related commitments excluded $15.3 billion and $21.8 billion, respectively, for the consumer, excluding credit card portfolio segment; $757.3 billion and $674.4 billion, respectively, for the credit card portfolio segment; and $32.9 billion and $39.6 billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments. Discussion of changes in the allowance The allowance for credit losses as of March 31, 2022 was $19.6 billion, an increase from $18.7 billion at December 31, 2021, consisting of: $776 million in wholesale, across the LOBs, and $127 million in consumer, driven by the residential real estate portfolio. The change in the allowance largely reflects an increased weight placed on the adverse scenarios, from the more balanced weighting placed on the adverse and upside scenarios at December 31, 2021, due to the potential effects associated with higher inflation, changes in monetary policy, as well as geopolitical risks, including the war in Ukraine. The increase in the allowance also included client-specific Russia and Russia-associated downgrades in CIB and AWM. The Firm's allowance for credit losses is estimated using a weighted average of five internally developed macroeconomic scenarios. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions provided in the table below, resulting in weighted average U.S. unemployment rates above 4% through the second quarter of 2023 and year over year growth in U.S. real GDP of 2.5% in the second quarter of 2023. The Firm’s central case assumptions reflected U.S. unemployment rates and U.S. real GDP as follows: Assumptions at March 31, 2022 2Q22 4Q22 2Q23 U.S. unemployment rate (a) 3.6 % 3.3 % 3.3 % YoY growth in U.S. real GDP (b) 3.7 % 2.9 % 2.6 % Assumptions at December 31, 2021 2Q22 4Q22 2Q23 U.S. unemployment rate (a) 4.2 % 4.0 % 3.9 % YoY growth in U.S. real GDP (b) 3.1 % 2.8 % 2.1 % (a) Reflects quarterly average of forecasted U.S. unemployment rate. (b) As of March 31, 2022, the year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percent change in U.S. real GDP levels from the prior year. Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods. Refer to Note 13 and Note 10 of JPMorgan Chase's 2021 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowances for credit losses on loans, lending-related commitments, and investment securities. Refer to Critical Accounting Estimates Used by the Firm on pages 75-77 for further information on the allowance for credit losses and related management judgments. Refer to Consumer Credit Portfolio on pages 49-53, Wholesale Credit Portfolio on pages 54-62 and Note 11 for additional information on the consumer and wholesale credit portfolios. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2022 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable interest entities Refer to Note 1 of JPMorgan Chase’s 2021 Form 10-K for a further description of JPMorgan Chase’s accounting policies regarding consolidation of VIEs. Refer to Note 14 of JPMorgan Chase's 2021 Form 10-K for a detailed discussion of VIEs, including the Firm’s accounting policies regarding securitizations. The following table summarizes the most significant types of Firm-sponsored VIEs by business segment. The Firm considers a “Firm-sponsored” VIE to include any entity where: (1) JPMorgan Chase is the primary beneficiary of the structure; (2) the VIE is used by JPMorgan Chase to securitize Firm assets; (3) the VIE issues financial instruments with the JPMorgan Chase name; or (4) the entity is a JPMorgan Chase–administered asset-backed commercial paper conduit. Line of Business Transaction Type Activity Form 10-Q page references CCB Credit card securitization trusts Securitization of originated credit card receivables 139 Mortgage securitization trusts Servicing and securitization of both originated and purchased residential mortgages 139-141 CIB Mortgage and other securitization trusts Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans 139-141 Multi-seller conduits Assisting clients in accessing the financial markets in a cost-efficient manner and structuring transactions to meet investor needs 141 Municipal bond vehicles Financing of municipal bond investments 141 The Firm also invests in and provides financing and other services to VIEs sponsored by third parties. Refer to pages 142-144 of this Note for more information on consolidated VIE assets and liabilities as well as the VIEs sponsored by third parties. Significant Firm-sponsored VIEs Credit card securitizations As a result of the Firm’s continuing involvement, the Firm is considered to be the primary beneficiary of its Firm-sponsored credit card securitization trust, the Chase Issuance Trust. Firm-sponsored mortgage and other securitization trusts The Firm securitizes (or has securitized) originated and purchased residential mortgages, commercial mortgages and other consumer loans primarily in its CCB and CIB businesses. Depending on the particular transaction, as well as the respective business involved, the Firm may act as the servicer of the loans and/or retain certain beneficial interests in the securitization trusts. The following tables present the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules), recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. The Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests. Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) March 31, 2022 (in millions) Total assets held by securitization VIEs Assets Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by JPMorgan Securitization-related (a) Residential mortgage: Prime/Alt-A and option ARMs $ 57,739 $ 862 $ 50,727 $ 708 $ 1,263 $ 41 $ 2,012 Subprime 10,563 7 9,764 2 — — 2 Commercial and other (b) 154,343 — 113,255 748 4,029 477 5,254 Total $ 222,645 $ 869 $ 173,746 $ 1,458 $ 5,292 $ 518 $ 7,268 Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) December 31, 2021 (in millions) Total assets held by securitization VIEs Assets Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by Securitization-related (a) Residential mortgage: Prime/Alt-A and option ARMs $ 55,085 $ 942 $ 47,029 $ 974 $ 684 $ 95 $ 1,753 Subprime 10,966 27 10,115 2 — — 2 Commercial and other (b) 150,694 — 93,698 671 3,274 506 4,451 Total $ 216,745 $ 969 $ 150,842 $ 1,647 $ 3,958 $ 601 $ 6,206 (a) Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored. (b) Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables purchased from third parties. (c) Excludes the following: retained servicing; securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities; senior and subordinated securities of $210 million and $91 million, respectively, at March 31, 2022, and $145 million and $36 million, respectively, at December 31, 2021, which the Firm purchased in connection with CIB’s secondary market-making activities. (d) Includes interests held in re-securitization transactions. (e) As of March 31, 2022 and December 31, 2021, 83% and 79%, respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $1.9 billion and $1.6 billion of investment-grade retained interests, and $68 million and $131 million of noninvestment-grade retained interests at March 31, 2022, and December 31, 2021, respectively. The retained interests in commercial and other securitization trusts consisted of $4.3 billion and $3.5 billion of investment-grade retained interests, and $931 million and $929 million of noninvestment-grade retained interests at March 31, 2022 and December 31, 2021, respectively. Residential mortgage The Firm securitizes residential mortgage loans originated by CCB, as well as residential mortgage loans purchased from third parties by either CCB or CIB. Commercial mortgages and other consumer securitizations CIB originates and securitizes commercial mortgage loans, and engages in underwriting and trading activities involving the securities issued by securitization trusts. Re-securitizations The following table presents the principal amount of securities transferred to re-securitization VIEs. Three months ended March 31, (in millions) 2022 2021 Transfers of securities to VIEs U.S. GSEs and government agencies $ 6,076 $ 13,105 The Firm did not transfer any private label securities to re-securitization VIEs during the three months ended March 31, 2022 and 2021, respectively and retained interests in any such Firm-sponsored VIEs as of March 31, 2022 and December 31, 2021 were not material. The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs. Nonconsolidated (in millions) March 31, 2022 December 31, 2021 U.S. GSEs and government agencies Interest in VIEs $ 2,295 $ 1,947 As of March 31, 2022, and December 31, 2021, the Firm did not consolidate any U.S. GSE and government agency re-securitization VIEs or any Firm-sponsored private-label re-securitization VIEs. Multi-seller conduits In the normal course of business, JPMorgan Chase makes markets in and invests in commercial paper issued by the Firm-administered multi-seller conduits. The Firm held $13.3 billion and $13.7 billion of the commercial paper issued by the Firm-administered multi-seller conduits at March 31, 2022, and December 31, 2021, respectively, which have been eliminated in consolidation. The Firm’s investments reflect the Firm’s funding needs and capacity and were not driven by market illiquidity. Other than the amounts required to be held pursuant to credit risk retention rules, the Firm is not obligated under any agreement to purchase the commercial paper issued by the Firm-administered multi-seller conduits. Deal-specific liquidity facilities, program-wide liquidity and credit enhancement provided by the Firm have been eliminated in consolidation. The Firm or the Firm-administered multi-seller conduits provide lending-related commitments to certain clients of the Firm-administered multi-seller conduits. The unfunded commitments were $13.8 billion and $13.4 billion at March 31, 2022, and December 31, 2021, respectively, and are reported as off-balance sheet lending-related commitments in other unfunded commitments to extend credit. Refer to Note 22 for more information on off-balance sheet lending-related commitments. Municipal bond vehicles Municipal bond vehicles or tender option bond (“TOB”) trusts allow institutions to finance their municipal bond investments at short-term rates. TOB transactions are known as customer TOB trusts and non-customer TOB trusts. Customer TOB trusts are sponsored by a third party. The Firm serves as sponsor for all non-customer TOB transactions. Consolidated VIE assets and liabilities The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of March 31, 2022, and December 31, 2021. Assets Liabilities March 31, 2022 (in millions) Trading assets Loans Other (c) Total assets (d) Beneficial interests in VIE assets (e) Other (f) Total VIE program type Firm-sponsored credit card trusts $ — $ 10,434 $ 90 $ 10,524 $ 1,748 $ 1 $ 1,749 Firm-administered multi-seller conduits 9 19,478 118 19,605 6,250 36 6,286 Municipal bond vehicles 2,011 — 5 2,016 1,979 1 1,980 Mortgage securitization entities (a) — 883 25 908 167 78 245 Other — 1,171 (b) 234 1,405 — 137 137 Total $ 2,020 $ 31,966 $ 472 $ 34,458 $ 10,144 $ 253 $ 10,397 Assets Liabilities December 31, 2021 (in millions) Trading assets Loans Other (c) Total assets (d) Beneficial interests in VIE assets (e) Other (f) Total VIE program type Firm-sponsored credit card trusts $ — $ 11,108 $ 102 $ 11,210 $ 2,397 $ 1 $ 2,398 Firm-administered multi-seller conduits 1 19,883 71 19,955 6,198 41 6,239 Municipal bond vehicles 2,009 — 2 2,011 1,976 — 1,976 Mortgage securitization entities (a) — 955 32 987 179 85 264 Other — 1,078 (b) 283 1,361 — 118 118 Total $ 2,010 $ 33,024 $ 490 $ 35,524 $ 10,750 $ 245 $ 10,995 (a) Includes residential and commercial mortgage securitizations. (b) Primarily includes purchased supply chain finance receivables and purchased auto loan securitizations in CIB. (c) Includes assets classified as cash and other assets on the Consolidated balance sheets. (d) The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. (e) The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item on the Consolidated balance sheets titled, “Beneficial interests issued by consolidated VIEs”. The holders of these beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. Included in beneficial interests in VIE assets are long-term beneficial interests of $1.9 billion and $2.6 billion at March 31, 2022, and December 31, 2021, respectively. (f) Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets. VIEs sponsored by third parties The Firm enters into transactions with VIEs structured by other parties. These include, for example, acting as a derivative counterparty, liquidity provider, investor, underwriter, placement agent, remarketing agent, trustee or custodian. These transactions are conducted at arm’s-length, and individual credit decisions are based on the analysis of the specific VIE, taking into consideration the quality of the underlying assets. Where the Firm does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or a variable interest that could potentially be significant, the Firm generally does not consolidate the VIE, but it records and reports these positions on its Consolidated balance sheets in the same manner it would record and report positions in respect of any other third-party transaction. Tax credit vehicles The Firm holds investments in unconsolidated tax credit vehicles, which are limited partnerships and similar entities that own and operate affordable housing, energy, and other projects. These entities are primarily considered VIEs. A third party is typically the general partner or managing member and has control over the significant activities of the tax credit vehicles, and accordingly the Firm does not consolidate tax credit vehicles. The Firm generally invests in these partnerships as a limited partner and earns a return primarily through the receipt of tax credits allocated to the projects. The maximum loss exposure, represented by equity investments and funding commitments, was $26.5 billion and $26.8 billion, of which $9.0 billion and $9.4 billion was unfunded at March 31, 2022 and December 31, 2021, respectively. The Firm assesses each project and to reduce the risk of loss, may withhold varying amounts of its capital investment until the project qualifies for tax credits. Refer to Note 25 of JPMorgan Chase’s 2021 Form 10-K for further information on affordable housing tax credits and Note 22 of this Form 10-Q for more information on off-balance sheet lending-related commitments. Customer municipal bond vehicles (TOB trusts) The Firm may provide various services to customer TOB trusts, including remarketing agent, liquidity or tender option provider. In certain customer TOB transactions, the Firm, as liquidity provider, has entered into a reimbursement agreement with the Residual holder. In those transactions, upon the termination of the vehicle, the Firm has recourse to the third-party Residual holders for any shortfall. The Firm does not have any intent to protect Residual holders from potential losses on any of the underlying municipal bonds. The Firm does not consolidate customer TOB trusts, since the Firm does not have the power to make decisions that significantly impact the economic performance of the municipal bond vehicle. The Firm’s maximum exposure as a liquidity provider to customer TOB trusts at March 31, 2022 and December 31, 2021 was $7.2 billion and $6.8 billion, respectively. The fair value of assets held by such VIEs at March 31, 2022 and December 31, 2021 was $10.3 billion and $10.5 billion, respectively. Loan securitizations The Firm has securitized and sold a variety of loans, including residential mortgages, credit card receivables, and commercial mortgages. Securitization activity The following table provides information related to the Firm’s securitization activities for the three months ended March 31, 2022 and 2021, related to assets held in Firm-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization. Three months ended March 31, 2022 2021 (in millions) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Principal securitized $ 6,495 $ 3,108 $ 4,077 $ 1,912 All cash flows during the period: (a) Proceeds received from loan sales as financial instruments (b)(c) $ 6,375 $ 3,106 $ 4,234 $ 1,970 Servicing fees collected 24 — 41 — Cash flows received on interests 155 71 183 52 (a) Excludes re-securitization transactions. (b) Predominantly includes Level 2 assets. (c) The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale. (d) Represents prime mortgages. Excludes loan securitization activity related to U.S. GSEs and government agencies. (e) Includes commercial mortgage and other consumer loans. Loans and excess MSRs sold to U.S. government-sponsored enterprises and loans in securitization transactions pursuant to Ginnie Mae guidelines In addition to the amounts reported in the securitization activity tables above, the Firm, in the normal course of business, sells originated and purchased mortgage loans and certain originated excess MSRs on a nonrecourse basis, predominantly to U.S. GSEs. These loans and excess MSRs are sold primarily for the purpose of securitization by the U.S. GSEs, who provide certain guarantee provisions (e.g., credit enhancement of the loans). The Firm also sells loans into securitization transactions pursuant to Ginnie Mae guidelines; these loans are typically insured or guaranteed by another U.S. government agency. The Firm does not consolidate the securitization vehicles underlying these transactions as it is not the primary beneficiary. For a limited number of loan sales, the Firm is obligated to share a portion of the credit risk associated with the sold loans with the purchaser. Refer to Note 22 of this Form 10-Q for additional information about the Firm’s loan sales- and securitization-related indemnifications and Note 14 for additional information about the impact of the Firm’s sale of certain excess MSRs. The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines. Three months ended March 31, (in millions) 2022 2021 Carrying value of loans sold $ 23,668 $ 23,147 Proceeds received from loan sales as cash 9 16 Proceeds from loan sales as securities (a)(b) 23,258 22,749 Total proceeds received from loan sales (c) $ 23,267 $ 22,765 Gains/(losses) on loan sales (d)(e) $ — $ 4 (a) Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s investment securities portfolio. (b) Included in level 2 assets. (c) Excludes the value of MSRs retained upon the sale of loans. (d) Gains/(losses) on loan sales include the value of MSRs. (e) The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale. Options to repurchase delinquent loans In addition to the Firm’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed in Note 22, the Firm also has the option to repurchase delinquent loans that it services for Ginnie Mae loan pools, as well as for other U.S. government agencies under certain arrangements. The Firm typically elects to repurchase delinquent loans from Ginnie Mae loan pools as it continues to service them and/or manage the foreclosure process in accordance with the applicable requirements, and such loans continue to be insured or guaranteed. When the Firm’s repurchase option becomes exercisable, such loans must be reported on the Consolidated balance sheets as a loan with a corresponding liability. Refer to Note 11 for additional information. The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of March 31, 2022 and December 31, 2021. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies. (in millions) Mar 31, Dec 31, Loans repurchased or option to repurchase (a) $ 896 $ 1,022 Real estate owned 6 5 Foreclosed government-guaranteed residential mortgage loans (b) 31 36 (a) Predominantly all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools. (b) Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable. Loan delinquencies and liquidation losses The table below includes information about components of and delinquencies related to nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement as of March 31, 2022, and December 31, 2021. Net liquidation losses/(recoveries) Securitized assets 90 days past due Three months ended March 31, (in millions) Mar 31, Dec 31, Mar 31, Dec 31, 2022 2021 Securitized loans Residential mortgage: Prime / Alt-A & option ARMs $ 50,727 $ 47,029 $ 2,236 $ 2,466 $ (6) $ 12 Subprime 9,764 10,115 1,537 1,609 — 18 Commercial and other 113,255 93,698 1,320 1,456 6 21 Total loans securitized $ 173,746 $ 150,842 $ 5,093 $ 5,531 $ — $ 51 |
Goodwill and Mortgage Servicing
Goodwill and Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Mortgage Servicing Rights | Goodwill and Mortgage servicing rights Refer to Note 15 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the accounting policies related to goodwill and mortgage servicing rights. Goodwill The following table presents goodwill attributed to the reportable business segments and Corporate. (in millions) March 31, December 31, Consumer & Community Banking $ 31,474 $ 31,474 Corporate & Investment Bank 7,910 7,906 Commercial Banking 2,986 2,986 Asset & Wealth Management 7,224 7,222 Corporate 704 727 Total goodwill $ 50,298 $ 50,315 The following table presents changes in the carrying amount of goodwill. Three months ended March 31, (in millions) 2022 2021 Balance at beginning of period $ 50,315 $ 49,248 Changes during the period from: Other (a) (17) (5) Balance at March 31, $ 50,298 $ 49,243 (a) Primarily foreign currency adjustments and, in the first quarter of 2021, adjustments to goodwill related to prior period acquisitions. Goodwill impairment testing Goodwill is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate that there may be an impairment. Refer to Note 15 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of the Firm’s goodwill impairment testing. Unanticipated declines in business performance, increases in credit losses, increases in capital requirements, as well as deterioration in economic or market conditions, adverse regulatory or legislative changes or increases in the estimated market cost of equity, could cause the estimated fair values of the Firm’s reporting units to decline in the future, which could result in a material impairment charge to earnings in a future period related to some portion of the associated goodwill. As of March 31, 2022, the Firm reviewed current economic conditions, estimated market cost of equity, as well as actual business results and projections of business performance. Based on such reviews, the Firm has concluded that goodwill was not impaired as of March 31, 2022, or December 31, 2021, nor was goodwill written off due to impairment during the three months ended March 31, 2022 or 2021. Mortgage servicing rights MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. Refer to Notes 2 and 15 of JPMorgan Chase’s 2021 Form 10-K for a further description of the MSR asset, interest rate risk management, and the valuation of MSRs. The following table summarizes MSR activity for the three months ended March 31, 2022 and 2021. As of or for the three months (in millions, except where otherwise noted) 2022 2021 Fair value at beginning of period $ 5,494 $ 3,276 MSR activity: Originations of MSRs 415 404 Purchase of MSRs 715 179 Disposition of MSRs (57) 1 Net additions/(dispositions) 1,073 584 Changes due to collection/realization of expected cash flows (232) (187) Changes in valuation due to inputs and assumptions: Changes due to market interest rates and other (a) 894 836 Changes in valuation due to other inputs and assumptions: Projected cash flows (e.g., cost to service) — (24) Discount rates — — Prepayment model changes and other (b) 65 (15) Total changes in valuation due to other inputs and assumptions 65 (39) Total changes in valuation due to inputs and assumptions 959 797 Fair value at March 31 $ 7,294 $ 4,470 Changes in unrealized gains/(losses) included in income related to MSRs held at March 31 $ 959 $ 797 Contractual service fees, late fees and other ancillary fees included in income 370 291 Third-party mortgage loans serviced at March 31, (in billions) 576 444 Servicer advances, net of an allowance for uncollectible amounts, at March 31, (in billions) (c) 1.4 1.8 (a) Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments. (b) Represents changes in prepayments other than those attributable to changes in market interest rates. (c) Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements. The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three months ended March 31, 2022 and 2021. Three months ended March 31, (in millions) 2022 2021 CCB mortgage fees and related income Production revenue $ 211 $ 757 Net mortgage servicing revenue: Operating revenue: Loan servicing revenue 368 248 Changes in MSR asset fair value due to collection/realization of expected cash flows (232) (187) Total operating revenue 136 61 Risk management: Changes in MSR asset fair value due to market interest rates and other (a) 894 836 Other changes in MSR asset fair value due to other inputs and assumptions in model (b) 65 (39) Changes in derivative fair value and other (850) (912) Total risk management 109 (115) Total net mortgage servicing revenue 245 (54) Total CCB mortgage fees and related income 456 703 All other 4 1 Mortgage fees and related income $ 460 $ 704 (a) Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments. (b) Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices). Changes in fair value based on variations in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In the following table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change. The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at March 31, 2022, and December 31, 2021, and outlines hypothetical sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below. (in millions, except rates) Mar 31, Dec 31, Weighted-average prepayment speed assumption (constant prepayment rate) 7.68 % 9.90 % Impact on fair value of 10% adverse change $ (206) $ (210) Impact on fair value of 20% adverse change (398) (404) Weighted-average option adjusted spread (a) 5.99 % 6.44 % Impact on fair value of a 100 basis point adverse change $ (300) $ (225) Impact on fair value of a 200 basis point adverse change (577) (433) (a) Includes the impact of operational risk and regulatory capital. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2022 | |
Deposits [Abstract] | |
Deposits | Deposits Refer to Note 17 of JPMorgan Chase’s 2021 Form 10-K for further information on deposits. At March 31, 2022 and December 31, 2021, noninterest-bearing and interest-bearing deposits were as follows. (in millions) March 31, December 31, 2021 U.S. offices Noninterest-bearing (included $8,168 and $8,115 at fair value) (a) $ 721,401 $ 711,525 (b) Interest-bearing (included $645 and $629 at fair value) (a) 1,412,589 1,359,932 (b) Total deposits in U.S. offices 2,133,990 2,071,457 Non-U.S. offices Noninterest-bearing (included $1,475 and $2,420 at fair value) (a) 27,542 26,229 Interest-bearing (included $155 and $169 at fair value) (a) 399,675 364,617 Total deposits in non-U.S. offices 427,217 390,846 Total deposits $ 2,561,207 $ 2,462,303 (a) Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further information. (b) Prior-period amount has been revised to conform with the current presentation. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases Refer to Note 18 of JPMorgan Chase’s 2021 Form 10-K for a further discussion on leases. Firm as lessee At March 31, 2022, JPMorgan Chase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes. Operating lease liabilities and right-of-use ("ROU") assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The following table provides information related to the Firm’s operating leases: (in millions) March 31, 2022 December 31, 2021 Right-of-use assets $ 7,933 $ 7,888 Lease liabilities 8,349 8,328 The Firm’s net rental expense was $495 million and $490 million for the three months ended March 31, 2022 and 2021, respectively. Firm as lessor The Firm’s lease financings are predominantly auto operating leases, and are included in other assets on the Firm’s Consolidated balance sheets. The following table presents the Firm’s operating lease income, included within other income Three months ended March 31, (in millions) 2022 2021 Operating lease income $ 1,048 $ 1,325 Depreciation expense 711 934 |
Leases | Leases Refer to Note 18 of JPMorgan Chase’s 2021 Form 10-K for a further discussion on leases. Firm as lessee At March 31, 2022, JPMorgan Chase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes. Operating lease liabilities and right-of-use ("ROU") assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The following table provides information related to the Firm’s operating leases: (in millions) March 31, 2022 December 31, 2021 Right-of-use assets $ 7,933 $ 7,888 Lease liabilities 8,349 8,328 The Firm’s net rental expense was $495 million and $490 million for the three months ended March 31, 2022 and 2021, respectively. Firm as lessor The Firm’s lease financings are predominantly auto operating leases, and are included in other assets on the Firm’s Consolidated balance sheets. The following table presents the Firm’s operating lease income, included within other income Three months ended March 31, (in millions) 2022 2021 Operating lease income $ 1,048 $ 1,325 Depreciation expense 711 934 |
Preferred Stock
Preferred Stock | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Preferred Stock | Preferred stock Refer to Note 21 of JPMorgan Chase’s 2021 Form 10-K for a further discussion on preferred stock. The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of March 31, 2022 and December 31, 2021, and the quarterly dividend declarations for the three months ended March 31, 2022 and 2021. Shares Carrying value (in millions) Contractual rate in effect at March 31, 2022 Earliest redemption date Floating annualized rate (a) Dividend declared March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Issue date Three months ended March 31, 2022 2021 Fixed-rate: Series AA — — $ — $ — 6/4/2015 — % 9/1/2020 NA $— $152.50 Series BB — — — — 7/29/2015 — 9/1/2020 NA — 153.75 Series DD 169,625 169,625 1,696 1,696 9/21/2018 5.750 12/1/2023 NA 143.75 143.75 Series EE 185,000 185,000 1,850 1,850 1/24/2019 6.000 3/1/2024 NA 150.00 150.00 Series GG 90,000 90,000 900 900 11/7/2019 4.750 12/1/2024 NA 118.75 118.75 Series JJ 150,000 150,000 1,500 1,500 3/17/2021 4.550 6/1/2026 NA 113.75 NA Series LL 185,000 185,000 1,850 1,850 5/20/2021 4.625 6/1/2026 NA 115.63 NA Series MM 200,000 200,000 2,000 2,000 7/29/2021 4.200 9/1/2026 NA 105.00 NA Fixed-to-floating-rate: Series I 293,375 293,375 $ 2,934 $ 2,934 4/23/2008 LIBOR + 3.47% 4/30/2018 LIBOR + 3.47% $92.13 $93.06 Series Q 150,000 150,000 1,500 1,500 4/23/2013 5.150 5/1/2023 LIBOR + 3.25 128.75 128.75 Series R 150,000 150,000 1,500 1,500 7/29/2013 6.000 8/1/2023 LIBOR + 3.30 150.00 150.00 Series S 200,000 200,000 2,000 2,000 1/22/2014 6.750 2/1/2024 LIBOR + 3.78 168.75 168.75 Series U 100,000 100,000 1,000 1,000 3/10/2014 6.125 4/30/2024 LIBOR + 3.33 153.13 153.13 Series V 250,000 250,000 2,500 2,500 6/9/2014 LIBOR + 3.32% 7/1/2019 LIBOR + 3.32 86.40 85.97 Series X 160,000 160,000 1,600 1,600 9/23/2014 6.100 10/1/2024 LIBOR + 3.33 152.50 152.50 Series Z — 200,000 — 2,000 4/21/2015 — 5/1/2020 LIBOR + 3.80 — 101.24 Series CC 125,750 125,750 1,258 1,258 10/20/2017 4.625 11/1/2022 LIBOR + 2.58 115.63 115.63 Series FF 225,000 225,000 2,250 2,250 7/31/2019 5.000 8/1/2024 SOFR + 3.38 125.00 125.00 Series HH 300,000 300,000 3,000 3,000 1/23/2020 4.600 2/1/2025 SOFR + 3.125 115.00 115.00 Series II 150,000 150,000 1,500 1,500 2/24/2020 4.000 4/1/2025 SOFR + 2.745 100.00 100.00 Series KK 200,000 200,000 2,000 2,000 5/12/2021 3.650 6/1/2026 CMT + 2.85 91.25 NA Total preferred stock 3,283,750 3,483,750 $ 32,838 $ 34,838 (a) Floating annualized rate includes three-month LIBOR, three-month term SOFR or five-year Constant Maturity Treasury ("CMT") rate, as applicable, plus the spreads noted above. Each series of preferred stock has a liquidation value and redemption price per share of $10,000, plus accrued but unpaid dividends. The aggregate liquidation value was $33.2 billion at March 31, 2022. Redemptions On February 1, 2022, the Firm redeemed all $2.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series Z. On June 1, 2021, the Firm redeemed all $1.43 billion of its 6.10% non-cumulative preferred stock, Series AA and all $1.15 billion of its 6.15% non-cumulative preferred stock, Series BB. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per share Refer to Note 23 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the computation of basic and diluted earnings per share (“EPS”). The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2022 and 2021. (in millions, except per share amounts) Three months ended March 31, 2022 2021 Basic earnings per share Net income $ 8,282 $ 14,300 Less: Preferred stock dividends 397 379 Net income applicable to common equity 7,885 13,921 Less: Dividends and undistributed earnings allocated to participating securities 40 70 Net income applicable to common stockholders $ 7,845 $ 13,851 Total weighted-average basic shares outstanding 2,977.0 3,073.5 Net income per share $ 2.64 $ 4.51 Diluted earnings per share Net income applicable to common stockholders $ 7,845 $ 13,851 Total weighted-average basic shares outstanding 2,977.0 3,073.5 Add: Dilutive impact of SARs and employee stock options, unvested PSUs and nondividend-earning RSUs 4.0 5.4 Total weighted-average diluted shares outstanding 2,981.0 3,078.9 Net income per share $ 2.63 $ 4.50 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Loss) | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income/(Loss) | Accumulated other comprehensive income/(loss) AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net loss and prior service costs/(credit) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA). As of or for the three months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at January 1, 2022 $ 2,640 $ (934) $ (131) $ (296) $ (210) $ (1,153) $ (84) Net change (7,453) (62) 110 (2,791) 67 646 (9,483) Balance at March 31, 2022 $ (4,813) (a) $ (996) $ (21) $ (3,087) $ (143) $ (507) $ (9,567) As of or for the three months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit pension and DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at January 1, 2021 $ 8,180 $ (473) $ (112) $ 2,383 $ (1,132) $ (860) $ 7,986 Net change (4,339) (250) (28) (2,249) 68 (147) (6,945) Balance at March 31, 2021 $ 3,841 (a) $ (723) $ (140) $ 134 $ (1,064) $ (1,007) $ 1,041 (a) As of March 31, 2022 and 2021 includes after-tax net unamortized unrealized gains of $2.2 billion and $2.9 billion, related to AFS securities that have been transferred to HTM, respectively. Refer to Note 10 of JPMorgan Chase's 2021 Form 10-K for further information. The following table presents the pre-tax and after-tax changes in the components of OCI. 2022 2021 Three months ended March 31, Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Unrealized gains/(losses) on investment securities: Net unrealized gains/(losses) arising during the period $ (10,202) $ 2,450 $ (7,752) $ (5,693) $ 1,365 $ (4,328) Reclassification adjustment for realized (gains)/losses included in net income (a) 394 (95) 299 (14) 3 (11) Net change (9,808) 2,355 (7,453) (5,707) 1,368 (4,339) Translation adjustments: Translation (341) 24 (317) (1,200) 39 (1,161) Hedges 338 (83) 255 1,200 (289) 911 Net change (3) (59) (62) — (250) (250) Fair value hedges, net change (b) : 145 (35) 110 (37) 9 (28) Cash flow hedges: Net unrealized gains/(losses) arising during the period (3,436) 825 (2,611) (2,695) 647 (2,048) Reclassification adjustment for realized (gains)/losses included in net income (c) (237) 57 (180) (264) 63 (201) Net change (3,673) 882 (2,791) (2,959) 710 (2,249) Defined benefit pension and OPEB plans, net change: 90 (23) 67 91 (23) 68 DVA on fair value option elected liabilities, net change: 859 (213) 646 (189) 42 (147) Total other comprehensive income/(loss) $ (12,390) $ 2,907 $ (9,483) $ (8,801) $ 1,856 $ (6,945) (a) The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income. (b) Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross currency swaps. (c) The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income. |
Restricted Cash and Other Restr
Restricted Cash and Other Restricted Assets | 3 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash and Other Restricted Assets | Restricted cash and other restricted assets Refer to Note 26 of JPMorgan Chase’s 2021 Form 10-K for a detailed discussion of the Firm’s restricted cash and other restricted assets. Certain of the Firm’s cash and other assets are restricted as to withdrawal or usage. These restrictions are imposed by various regulatory authorities based on the particular activities of the Firm’s subsidiaries. The Firm is also subject to rules and regulations established by other U.S. and non U.S. regulators. As part of its compliance with the respective regulatory requirements, the Firm’s broker-dealer activities are subject to certain restrictions on cash and other assets. The following table presents the components of the Firm’s restricted cash: (in billions) March 31, December 31, 2021 Segregated for the benefit of securities and cleared derivative customers 23.4 14.6 Cash reserves at non-U.S. central banks and held for other general purposes 7.4 5.1 Total restricted cash (a) $ 30.8 $ 19.7 (a) Comprises $29.6 billion and $18.4 billion in deposits with banks, and $1.2 billion and $1.3 billion in cash and due from banks on the Consolidated balance sheet as of March 31, 2022 and December 31, 2021, respectively. Also, as of March 31, 2022 and December 31, 2021, the Firm had the following other restricted assets: • Cash and securities pledged with clearing organizations for the benefit of customers of $41.5 billion and $47.5 billion, respectively. • Securities with a fair value of $34.4 billion and $30.0 billion, respectively, were also restricted in relation to customer activity. |
Regulatory Capital
Regulatory Capital | 3 Months Ended |
Mar. 31, 2022 | |
Banking Regulation [Abstract] | |
Regulatory Capital | Regulatory capital Refer to Note 27 of JPMorgan Chase’s 2021 Form 10-K for a detailed discussion on regulatory capital. The Federal Reserve establishes capital requirements, including well-capitalized requirements, for the consolidated financial holding company. The OCC establishes similar minimum capital requirements and standards for the Firm’s principal IDI subsidiary, JPMorgan Chase Bank, N.A. Under the risk-based capital and leverage-based guidelines of the Federal Reserve, JPMorgan Chase is required to maintain minimum ratios for CET1 capital, Tier 1 capital, Total capital, Tier 1 leverage and the SLR. Failure to meet these minimum requirements could cause the Federal Reserve to take action. IDI subsidiaries are also subject to these capital requirements established by their respective primary regulators. The following table presents the risk-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and its IDI subsidiaries were subject as of March 31, 2022 and December 31, 2021. Standardized capital ratio requirements Advanced Well-capitalized ratios BHC (a) IDI (b) BHC (a) IDI (b) BHC (c) IDI (d) Risk-based capital ratios CET1 capital 11.2 % 7.0 % 10.5 % 7.0 % NA 6.5 % Tier 1 capital 12.7 8.5 12.0 8.5 6.0 % 8.0 Total capital 14.7 10.5 14.0 10.5 10.0 10.0 Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and its IDI subsidiaries are subject. (a) Represents the regulatory capital ratio requirements applicable to the Firm. The CET1, Tier 1 and Total capital ratio requirements each include a respective minimum requirement plus a GSIB surcharge of 3.5% as calculated under Method 2; plus a 3.2% SCB for Basel III Standardized ratios and a fixed 2.5% capital conservation buffer for Basel III Advanced ratios. The countercyclical buffer is currently set to 0% by the federal banking agencies. (b) Represents requirements for JPMorgan Chase’s IDI subsidiaries. The CET1, Tier 1 and Total capital ratio requirements include a fixed capital conservation buffer requirement of 2.5% that is applicable to the IDI subsidiaries. The IDI subsidiaries are not subject to the GSIB surcharge. (c) Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve. (d) Represents requirements for IDI subsidiaries pursuant to regulations issued under the FDIC Improvement Act. The following table presents the leverage-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and its IDI subsidiaries were subject as of March 31, 2022 and December 31, 2021. Capital ratio requirements (a) Well-capitalized ratios BHC IDI BHC (b) IDI Leverage-based capital ratios Tier 1 leverage 4.0 % 4.0 % NA 5.0 % SLR 5.0 6.0 NA 6.0 Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and its IDI subsidiaries are subject. (a) Represents minimum SLR requirement of 3.0%, as well as supplementary leverage buffer requirements of 2.0% and 3.0% for BHC and IDI subsidiaries, respectively. (b) The Federal Reserve's regulations do not establish well-capitalized thresholds for these measures for BHCs. CECL regulatory capital transition On December 31, 2021, the CECL capital transition provisions , which delayed the effects of CECL on regulatory capital for two years, expired. Beginning January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021, will be phased out at 25% per year over a three-year period. As of March 31, 2022, CET1 capital reflected the remaining 75%, or $2.2 billion, benefit associated with the CECL capital transition provisions. Additionally, effective January 1, 2022, the Firm phased out 25% of the other relevant CECL capital transition provisions recognized as of December 31, 2021, from Tier 2 capital, adjusted average assets, and total leverage exposure. Refer to Note 27 of JPMorgan Chase’s 2021 Form 10-K for further information on CECL capital transition provisions. The following tables present risk-based capital metrics under both the Basel III Standardized and Basel III Advanced approaches and leverage-based capital metrics for JPMorgan Chase and JPMorgan Chase Bank, N.A. As of March 31, 2022 and December 31, 2021, JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject. March 31, 2022 Basel III Standardized Basel III Advanced JPMorgan JPMorgan JPMorgan JPMorgan Risk-based capital metrics: (a) CET1 capital $ 207,903 $ 263,897 $ 207,903 $ 263,897 Tier 1 capital 240,076 263,900 240,076 263,900 Total capital 269,536 280,403 258,989 269,355 Risk-weighted assets 1,750,678 1,660,498 1,643,453 1,475,342 CET1 capital ratio 11.9 % 15.9 % 12.7 % 17.9 % Tier 1 capital ratio 13.7 15.9 14.6 17.9 Total capital ratio 15.4 16.9 15.8 18.3 December 31, 2021 Basel III Standardized Basel III Advanced JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. Risk-based capital metrics: (a) CET1 capital $ 213,942 $ 266,907 $ 213,942 $ 266,907 Tier 1 capital 246,162 266,910 246,162 266,910 Total capital 274,900 281,826 265,796 272,299 Risk-weighted assets 1,638,900 1,582,280 1,547,920 1,392,847 CET1 capital ratio 13.1 % 16.9 % 13.8 % 19.2 % Tier 1 capital ratio 15.0 16.9 15.9 19.2 Total capital ratio 16.8 17.8 17.2 19.5 (a) The capital metrics reflect the CECL capital transition provisions. Additionally, loans originated under the PPP receive a zero percent risk weight. Three months ended March 31, 2022 December 31, 2021 JPMorgan JPMorgan JPMorgan JPMorgan Leverage-based capital metrics: (a) Adjusted average assets (b) $ 3,857,783 $ 3,395,148 $ 3,782,035 $ 3,334,925 Tier 1 leverage ratio 6.2 % 7.8 % 6.5 % 8.0 % Total leverage exposure $ 4,586,537 $ 4,125,933 $ 4,571,789 $ 4,119,286 SLR 5.2 % 6.4 % 5.4 % 6.5 % (a) The capital metrics reflect the CECL capital transition provisions. (b) Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets. |
Off-balance Sheet Lending-relat
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments | 3 Months Ended |
Mar. 31, 2022 | |
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract] | |
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments | Off–balance sheet lending-related financial instruments, guarantees, and other commitments JPMorgan Chase provides lending-related financial instruments (e.g., commitments and guarantees) to address the financing needs of its customers and clients. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the customer or client draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the customer or client subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. Refer to Note 28 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies. To provide for expected credit losses in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 12 for further information regarding the allowance for credit losses on lending-related commitments. The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at March 31, 2022, and December 31, 2021. The amounts in the table below for credit card, home equity and certain scored business banking lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card and certain scored business banking lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close HELOCs when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower. Off–balance sheet lending-related financial instruments, guarantees and other commitments Contractual amount Carrying value (h) March 31, 2022 Dec 31, Mar 31, Dec 31, By remaining maturity Expires in 1 year or less Expires after Expires after Expires after 5 years Total Total Lending-related Consumer, excluding credit card: Residential real estate (a) $ 17,388 $ 2,404 $ 6,242 $ 8,465 $ 34,499 $ 32,996 $ 153 $ 100 Auto and other 11,550 — — 1,054 12,604 12,338 — 2 Total consumer, excluding credit card 28,938 2,404 6,242 9,519 47,103 45,334 153 102 Credit card (b) 757,283 — — — 757,283 730,534 — — Total consumer (b)(c) 786,221 2,404 6,242 9,519 804,386 775,868 153 102 Wholesale: Other unfunded commitments to extend credit (d) 119,003 155,375 164,356 24,077 462,811 453,467 2,120 2,037 Standby letters of credit and other financial guarantees (d) 14,536 8,245 4,018 1,110 27,909 28,530 476 476 Other letters of credit (d) 5,943 491 78 — 6,512 4,448 11 9 Total wholesale (c) 139,482 164,111 168,452 25,187 497,232 486,445 2,607 2,522 Total lending-related $ 925,703 $ 166,515 $ 174,694 $ 34,706 $ 1,301,618 $ 1,262,313 $ 2,760 $ 2,624 Other guarantees and commitments Securities lending indemnification agreements and guarantees (e) $ 365,249 $ — $ — $ — $ 365,249 $ 337,770 $ — $ — Derivatives qualifying as guarantees 3,012 292 12,491 41,779 57,574 55,730 486 475 Unsettled resale and securities borrowed agreements 216,026 2,121 50 — 218,197 103,681 (45) 1 Unsettled repurchase and securities loaned agreements 134,400 889 — — 135,289 74,263 (2) — Loan sale and securitization-related indemnifications: Mortgage repurchase liability NA NA NA NA NA NA 57 61 Loans sold with recourse NA NA NA NA 846 827 18 19 Exchange & clearing house guarantees and commitments (f) 141,956 — — — 141,956 182,701 — — Other guarantees and commitments (g) 11,080 949 282 1,902 14,213 10,490 65 69 (a) Includes certain commitments to purchase loans from correspondents. (b) Also includes commercial card lending-related commitments primarily in CB and CIB. (c) Predominantly all consumer and wholesale lending-related commitments are in the U.S. (d) At March 31, 2022, and December 31, 2021, reflected the contractual amount net of risk participations totaling $51 million and $44 million, respectively, for other unfunded commitments to extend credit; $7.8 billion and $7.9 billion, respectively, for standby letters of credit and other financial guarantees; and $660 million and $451 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations. (e) At March 31, 2022, and December 31, 2021, collateral held by the Firm in support of securities lending indemnification agreements was $387.6 billion and $357.4 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies. (f) At March 31, 2022, and December 31, 2021, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses. (g) At March 31, 2022, and December 31, 2021, primarily includes unfunded commitments to purchase secondary market loans, unfunded commitments related to certain tax-oriented equity investments, and other equity investment commitments. (h) For lending-related products, the carrying value represents the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value. Other unfunded commitments to extend credit Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in several forms, including the issuance of a standby letter of credit. Standby letters of credit and other financial guarantees Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade financings and similar transactions. The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of March 31, 2022, and December 31, 2021. Standby letters of credit, other financial guarantees and other letters of credit March 31, 2022 December 31, 2021 (in millions) Standby letters of Other letters Standby letters of Other letters Investment-grade (a) $ 19,186 $ 4,771 $ 19,998 $ 3,087 Noninvestment-grade (a) 8,723 1,741 8,532 1,361 Total contractual amount $ 27,909 $ 6,512 $ 28,530 $ 4,448 Allowance for lending-related commitments $ 136 $ 11 $ 123 $ 9 Guarantee liability 340 — 353 — Total carrying value $ 476 $ 11 $ 476 $ 9 Commitments with collateral $ 14,921 $ 782 $ 14,511 $ 999 (a) The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings. Derivatives qualifying as guarantees The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. Refer to Note 28 of JPMorgan Chase’s 2021 Form 10-K for further information on these derivatives. The following table summarizes the derivatives qualifying as guarantees as of March 31, 2022, and December 31, 2021. (in millions) March 31, 2022 December 31, 2021 Notional amounts Derivative guarantees $ 57,574 $ 55,730 Stable value contracts with contractually limited exposure 31,632 29,778 Maximum exposure of stable value contracts with contractually limited exposure 2,888 2,882 Fair value Derivative payables 486 475 In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. Refer to Note 4 for a further discussion of credit derivatives. Merchant charge-backs Under the rules of payment networks, the Firm, in its role as a merchant acquirer, retains a contingent liability for disputed processed credit and debit card transactions that result in a charge-back to the merchant. If a dispute is resolved in the cardholder’s favor, Merchant Services will (through the cardholder’s issuing bank) credit or refund the amount to the cardholder and will charge back the transaction to the merchant. If Merchant Services is unable to collect the amount from the merchant, Merchant Services will bear the loss for the amount credited or refunded to the cardholder. Merchant Services mitigates this risk by withholding future settlements, retaining cash reserve accounts or obtaining other collateral. In addition, Merchant Services recognizes a valuation allowance that covers the payment or performance risk to the Firm related to charge-backs. Loan sales- and securitization-related indemnifications In connection with the Firm’s mortgage loan sale and securitization activities with GSEs the Firm has made representations and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm. The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. Refer to Note 24 of this Form 10-Q and Note 30 of JPMorgan Chase’s 2021 Form 10-K for additional information regarding litigation. Sponsored member repo program The Firm acts as a sponsoring member to clear eligible overnight and term resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation (“FICC”) on behalf of clients that become sponsored members under the FICC’s rules. The Firm also guarantees to the FICC the prompt and full payment and performance of its sponsored member clients’ respective obligations under the FICC’s rules. The Firm minimizes its liability under these guarantees by obtaining a security interest in the cash or high-quality securities collateral that the clients place with the clearing house therefore the Firm expects the risk of loss to be remote. The Firm’s maximum possible exposure, without taking into consideration the associated collateral, is included in the Exchange & clearing house guarantees and commitments line on page 156. Refer to Note 11 of JPMorgan Chase’s 2021 Form 10-K for additional information on credit risk mitigation practices on resale agreements and the types of collateral pledged under repurchase agreements. Guarantees of subsidiaries The Parent Company has guaranteed certain long-term debt and structured notes of its subsidiaries, including JPMorgan Chase Financial Company LLC (“JPMFC”), a 100%-owned finance subsidiary. All securities issued by JPMFC are fully and unconditionally guaranteed by the Parent Company and no other subsidiary of the Parent Company guarantees these securities. These guarantees, which rank on a parity with the Firm’s unsecured and unsubordinated indebtedness, are not included in the table on page 156 of this Note. Refer to Note 20 of JPMorgan Chase’s 2021 Form 10-K for additional information. |
Pledged Assets and Collateral
Pledged Assets and Collateral | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Pledged Assets and Collateral | Pledged assets and collateral Refer to Note 29 of JPMorgan Chase’s 2021 Form 10-K for a discussion of the Firm’s pledged assets and collateral. Pledged assets The Firm pledges financial assets that it owns to maintain potential borrowing capacity at discount windows with Federal Reserve banks, various other central banks and FHLBs. Additionally, the Firm pledges assets for other purposes, including to collateralize repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits. Certain of these pledged assets may be sold or repledged or otherwise used by the secured parties and are parenthetically identified on the Consolidated balance sheets as assets pledged. The following table presents the Firm’s pledged assets. (in billions) March 31, 2022 December 31, 2021 Assets that may be sold or repledged or otherwise used by secured parties $ 149.0 $ 126.3 Assets that may not be sold or repledged or otherwise used by secured parties 91.0 112.0 Assets pledged at Federal Reserve banks and FHLBs 486.5 476.4 Total pledged assets $ 726.5 $ 714.7 Total pledged assets do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. Refer to Note 13 for additional information on assets and liabilities of consolidated VIEs. Refer to Note 10 for additional information on the Firm’s securities financing activities. Refer to Note 20 of JPMorgan Chase’s 2021 Form 10-K for additional information on the Firm’s long-term debt. Collateral The Firm accepts financial assets as collateral that it is permitted to sell or repledge, deliver or otherwise use. This collateral is generally obtained under resale and other securities financing agreements, prime brokerage-related held-for-investment customer receivables and derivative contracts. Collateral is generally used under repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits. The following table presents the fair value of collateral accepted. (in billions) March 31, 2022 December 31, 2021 Collateral permitted to be sold or repledged, delivered, or otherwise used $ 1,542.6 $ 1,471.3 Collateral sold, repledged, delivered or otherwise used 1,183.2 1,111.0 |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2022 | |
Litigation [Abstract] | |
Litigation | Litigation Contingencies As of March 31, 2022, the Firm and its subsidiaries and affiliates are defendants or respondents in numerous legal proceedings, including private, civil litigations, government investigations or regulatory enforcement matters. The litigations range from individual actions involving a single plaintiff to class action lawsuits with potentially millions of class members. Investigations and regulatory enforcement matters involve both formal and informal proceedings, by both governmental agencies and self-regulatory organizations. These legal proceedings are at varying stages of adjudication, arbitration or investigation, and involve each of the Firm’s lines of business and several geographies and a wide variety of claims (including common law tort and contract claims and statutory antitrust, securities and consumer protection claims), some of which present novel legal theories. The Firm believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $1.4 billion at March 31, 2022. This estimated aggregate range of reasonably possible losses was based upon information available as of that date for those proceedings in which the Firm believes that an estimate of reasonably possible loss can be made. For certain matters, the Firm does not believe that such an estimate can be made, as of that date. The Firm’s estimate of the aggregate range of reasonably possible losses involves significant judgment, given: • the number, variety and varying stages of the proceedings, including the fact that many are in preliminary stages, • the existence in many such proceedings of multiple defendants, including the Firm, whose share of liability (if any) has yet to be determined, • the numerous yet-unresolved issues in many of the proceedings, including issues regarding class certification and the scope of many of the claims, and • the attendant uncertainty of the various potential outcomes of such proceedings, including where the Firm has made assumptions concerning future rulings by the court or other adjudicator, or about the behavior or incentives of adverse parties or regulatory authorities, and those assumptions prove to be incorrect. In addition, the outcome of a particular proceeding may be a result which the Firm did not take into account in its estimate because the Firm had deemed the likelihood of that outcome to be remote. Accordingly, the Firm’s estimate of the aggregate range of reasonably possible losses will change from time to time, and actual losses may vary significantly. Set forth below are descriptions of the Firm’s material legal proceedings. Amrapali . India’s Enforcement Directorate (“ED”) is investigating J.P. Morgan India Private Limited in connection with investments made in 2010 and 2012 by two offshore funds formerly managed by JPMorgan Chase entities into residential housing projects developed by the Amrapali Group (“Amrapali”). In 2017, numerous creditors filed civil claims against Amrapali, including petitions brought by home buyers relating to delays in delivering or failure to deliver residential units. The home buyers’ petitions have been overseen by the Supreme Court of India and are ongoing. In August 2021, the ED issued an order fining J.P. Morgan India Private Limited approximately $31.5 million. The Firm is appealing the order and the fine. Relatedly, in July 2019, the Supreme Court of India issued an order making preliminary findings that Amrapali and other parties, including unspecified JPMorgan Chase entities and the offshore funds that had invested in the projects, violated certain currency control and money laundering provisions, and ordering the ED to conduct a further inquiry under India’s Prevention of Money Laundering Act (“PMLA”) and Foreign Exchange Management Act (“FEMA”). In May 2020, the ED attached approximately $25 million from J.P. Morgan India Private Limited in connection with the criminal PMLA investigation. The Firm is responding to and cooperating with the PMLA investigation. Federal Republic of Nigeria Litigation. JPMorgan Chase Bank, N.A. operated an escrow and depository account for the Federal Government of Nigeria (“FGN”) and two major international oil companies. The account held approximately $1.1 billion in connection with a dispute among the clients over rights to an oil field. Following the settlement of the dispute, JPMorgan Chase Bank, N.A. paid out the monies in the account in 2011 and 2013 in accordance with directions received from its clients. In November 2017, the Federal Republic of Nigeria (“FRN”) commenced a claim in the English High Court for approximately $875 million in payments made out of the accounts. The FRN, claiming to be the same entity as the FGN, alleges that the payments were instructed as part of a complex fraud not involving JPMorgan Chase Bank, N.A., but that JPMorgan Chase Bank, N.A. was or should have been on notice that the payments may be fraudulent. JPMorgan Chase Bank, N.A. applied for summary judgment and was unsuccessful. A trial was held between February and April 2022, and the parties are awaiting the Court's decision. Foreign Exchange Investigations and Litigation. The Firm previously reported settlements with certain government authorities relating to its foreign exchange (“FX”) sales and trading activities and controls related to those activities. Among those resolutions, in May 2015, the Firm pleaded guilty to a single violation of federal antitrust law. The Department of Labor granted the Firm a five-year exemption of disqualification that allows the Firm and its affiliates to continue to rely on the Qualified Professional Asset Manager exemption under the Employee Retirement Income Security Act (“ERISA”) until January 2023. The Firm will need the Department of Labor to approve a further exemption to cover the remainder of the ten-year disqualification period following the antitrust plea. The only remaining FX-related governmental inquiry is a South Africa Competition Commission matter which is currently pending before the South Africa Competition Tribunal. With respect to civil litigation matters, in August 2018, the United States District Court for the Southern District of New York granted final approval to the Firm’s settlement of a consolidated class action brought by U.S.-based plaintiffs, which principally alleged violations of federal antitrust laws based on an alleged conspiracy to manipulate foreign exchange rates and also sought damages on behalf of persons who transacted in FX futures and options on futures. Certain members of the settlement class filed requests to the Court to be excluded from the class, and certain of them filed a complaint against the Firm and other foreign exchange dealers in November 2018. A number of these actions remain pending. Further, a putative class action has been filed against the Firm and other foreign exchange dealers on behalf of certain consumers who purchased foreign currencies at allegedly inflated rates. Another putative class action was brought against the Firm and other foreign exchange dealers on behalf of purported indirect purchasers of FX instruments. In 2020, the Court approved a settlement by the Firm and 11 other defendants of that class action for a total of $10 million. In addition, some FX-related individual and putative class actions based on similar alleged underlying conduct have been filed outside the U.S., including in the U.K., Israel, the Netherlands, Brazil and Australia. In a putative class action pending before the U.K. Competition Appeal Tribunal, the tribunal has denied a request by the proposed class representatives for class certification on an opt-out basis. Inquiries Concerning Preservation Requirements . In December 2021 certain of the Firm’s subsidiaries entered into resolutions with the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Commodity Futures Trading Commission (“CFTC”) to resolve their respective civil investigations of compliance with records preservation requirements applicable to broker-dealer firms, swap dealers and futures commission merchants. The SEC and CFTC found that J.P. Morgan Securities LLC did not maintain copies of certain communications required to be maintained under their respective record keeping rules, where such communications were sent or received by employees over electronic messaging channels that had not been approved for employee use by the Firm. The CFTC resolution also included JPMorgan Chase Bank, N.A. and J.P. Morgan Securities plc as swap dealers. The SEC and CFTC also found related supervision failures. Under these resolutions, J.P. Morgan Securities LLC paid a $125 million civil monetary penalty to the SEC, and J.P. Morgan Securities LLC, JPMorgan Chase Bank, N.A. and J.P. Morgan Securities plc paid a total $75 million civil monetary penalty to the CFTC. The Firm continues to respond to requests for information and other material from certain authorities concerning its compliance with records preservation requirements in connection with business communications sent over electronic messaging channels that have not been approved by the Firm. The Firm is cooperating with these inquiries. In March 2022, a shareholder derivative action was filed in the United States District Court for the Eastern District of New York against the Firm’s Board of Directors asserting breaches of fiduciary duty and violation of federal securities laws based on the Board’s alleged failure to exercise adequate oversight over compliance with records preservation requirements. The complaint seeks damages, restitution, disgorgement and corporate governance reforms. Interchange Litigation. Groups of merchants and retail associations filed a series of class action complaints alleging that Visa and Mastercard, as well as certain banks, conspired to set the price of credit and debit card interchange fees and enacted related rules in violation of antitrust laws. In 2012, the parties initially settled the cases for a cash payment, a temporary reduction of credit card interchange, and modifications to certain credit card network rules. In 2017, after the approval of that settlement was reversed on appeal, the case was remanded to the United States District Court for the Eastern District of New York for further proceedings consistent with the appellate decision. The original class action was divided into two separate actions, one seeking primarily monetary relief and the other seeking primarily injunctive relief. In September 2018, the parties to the monetary class action finalized an agreement which amends and supersedes the prior settlement agreement. Pursuant to this settlement, the defendants collectively contributed an additional $900 million to the approximately $5.3 billion previously held in escrow from the original settlement. In December 2019, the amended settlement agreement was approved by the District Court. Certain merchants appealed the District Court’s approval order, and those appeals are pending. Based on the percentage of merchants that opted out of the amended class settlement, $700 million has been returned to the defendants from the settlement escrow in accordance with the settlement agreement. The injunctive class action continues separately, and in September 2021, the District Court granted plaintiffs’ motion for class certification in part, and denied the motion in part. In addition, certain merchants have filed individual actions raising similar allegations against Visa and Mastercard, as well as against the Firm and other banks, and some of those actions remain pending. LIBOR and Other Benchmark Rate Investigations and Litigation. JPMorgan Chase has responded to inquiries from various governmental agencies and entities around the world relating primarily to the British Bankers Association’s ("BBA") London Interbank Offered Rate (“LIBOR”) for various currencies and the European Banking Federation’s Euro Interbank Offered Rate (“EURIBOR”). The Swiss Competition Commission’s investigation relating to EURIBOR, to which the Firm and other banks are subject, continues. In December 2016, the European Commission issued a decision against the Firm and other banks finding an infringement of European antitrust rules relating to EURIBOR. The Firm has filed an appeal of that decision with the European General Court, and that appeal is pending. In addition, the Firm has been named as a defendant along with other banks in various individual and putative class actions related to benchmark rates, including U.S. dollar LIBOR. In actions related to U.S. dollar LIBOR during the period that it was administered by the BBA, the Firm has obtained dismissal of certain actions and resolved certain other actions, and others are in various stages of litigation. The United States District Court for the Southern District of New York has granted class certification of antitrust claims related to bonds and interest rate swaps sold directly by the defendants, including the Firm. A consolidated putative class action related to the period that U.S. dollar LIBOR was administered by ICE Benchmark Administration has been dismissed. In addition, a group of individual plaintiffs filed a lawsuit asserting antitrust claims, alleging that the Firm and other defendants were engaged in an unlawful agreement to set U.S. dollar LIBOR and conspired to monopolize the market for LIBOR-based consumer loans and credit cards. Defendants moved to dismiss plaintiffs’ complaint. In December 2021, the court denied plaintiffs’ motions for a preliminary injunction seeking to enjoin defendants from setting U.S. dollar LIBOR and enforcing any financial instruments that rely on U.S. dollar LIBOR. The Firm’s settlements of putative class actions related to Swiss franc LIBOR, the Singapore Interbank Offered Rate and the Singapore Swap Offer Rate, and the Australian Bank Bill Swap Reference Rate remain subject to court approval. Metals and U.S. Treasuries Investigations and Litigation and Related Inquiries. The Firm previously reported that it and/or certain of its subsidiaries had entered into resolutions with the U.S. Department of Justice (“DOJ”), the U.S. Commodity Futures Trading Commission (“CFTC”) and the U.S. Securities and Exchange Commission (“SEC”), which, collectively, resolved those agencies’ respective investigations relating to historical trading practices by former employees in the precious metals and U.S. treasuries markets and related conduct from 2008 to 2016. The Firm entered into a Deferred Prosecution Agreement (“DPA”) with the DOJ in which it agreed to the filing of a criminal information charging JPMorgan Chase & Co. with two counts of wire fraud and agreed, along with JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC, to certain terms and obligations as set forth therein. Under the terms of the DPA, the criminal information will be dismissed after three years, provided that JPMorgan Chase & Co., JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC fully comply with all of their obligations. Across the three resolutions with the DOJ, CFTC and SEC, JPMorgan Chase & Co., JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC agreed to pay a total monetary amount of approximately $920 million. A portion of the total monetary amount includes victim compensation payments. Several putative class action complaints have been filed in the United States District Court for the Southern District of New York against the Firm and certain former employees, alleging a precious metals futures and options price manipulation scheme in violation of the Commodity Exchange Act. Some of the complaints also allege unjust enrichment and deceptive acts or practices under the General Business Law of the State of New York. The Court consolidated these putative class actions, and, in December 2021, the Court preliminarily approved a settlement among the parties. In addition, several putative class actions were filed in the United States District Courts for the Northern District of Illinois and Southern District of New York against the Firm, alleging manipulation of U.S. Treasury futures and options, and bringing claims under the Commodity Exchange Act. The actions in the Northern District of Illinois were transferred to the Southern District of New York. The Court consolidated these putative class actions, and, in December 2021, the Court preliminarily approved a settlement among the parties. In Canada, plaintiffs have moved to commence putative class action proceedings based on similar alleged underlying conduct related to precious metals. In October 2020, two putative class action complaints were filed under the Securities Exchange Act of 1934 in the United States District Court for the Eastern District of New York against the Firm and certain individual defendants on behalf of shareholders who acquired shares during the putative class period alleging that certain SEC filings of the Firm were materially false or misleading in that they did not disclose certain information relating to the above-referenced investigations. The Court consolidated these putative class actions in January 2021. Plaintiffs filed their second amended complaint in May 2021, which additionally alleged that certain orders in precious metals futures contracts placed by precious metals futures traders during the putative class period were materially false and misleading. Defendants have moved to dismiss. Securities Lending Antitrust Litigation . JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC, J.P. Morgan Prime, Inc., and J.P. Morgan Strategic Securities Lending Corp. are named as defendants in a putative class action filed in the United States District Court for the Southern District of New York. The complaint asserts violations of federal antitrust law and New York State common law in connection with an alleged conspiracy to prevent the emergence of anonymous exchange trading for securities lending transactions. Defendants’ motion to dismiss the complaint was denied. Plaintiffs have moved to certify a class in this action, which defendants are opposing. * * * In addition to the various legal proceedings discussed above, JPMorgan Chase and its subsidiaries are named as defendants or are otherwise involved in a substantial number of other legal proceedings. The Firm believes it has meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and it intends to defend itself vigorously. Additional legal proceedings may be initiated from time to time in the future. The Firm has established reserves for several hundred of its currently outstanding legal proceedings. In accordance with the provisions of U.S. GAAP for contingencies, the Firm accrues for a litigation-related liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. The Firm evaluates its outstanding legal proceedings each quarter to assess its litigation reserves, and makes adjustments in such reserves, upward or downward, as appropriate, based on management’s best judgment after consultation with counsel. The Firm’s legal expense was $119 million and $28 million for the three months ended March 31, 2022 and 2021, respectively. There is no assurance that the Firm’s litigation reserves will not need to be adjusted in the future. In view of the inherent difficulty of predicting the outcome of legal proceedings, particularly where the claimants seek very large or indeterminate damages, or where the matters present novel legal theories, involve a large number of parties or are in early stages of discovery, the Firm cannot state with confidence what will be the eventual outcomes of the currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences related to those matters. JPMorgan Chase believes, based upon its current knowledge and after consultation with counsel, consideration of the material legal proceedings described above and after taking into account its current litigation reserves and its estimated aggregate range of possible losses, that the other legal proceedings currently pending against it should not have a material adverse effect on the Firm’s consolidated financial condition. The Firm notes, however, that in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves it has currently accrued or that a matter will not have material reputational consequences. As a result, the outcome of a particular matter may be material to JPMorgan Chase’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of JPMorgan Chase’s income for that period. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | Business segments The Firm is managed on an LOB basis. There are four major reportable business segments - Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset & Wealth Management. In addition, there is a Corporate segment. The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is currently evaluated by the Firm’s Operating Committee. Segment results are presented on a managed basis. Refer to Segment results below, and Note 32 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of JPMorgan Chase’s business segments. Segment results The following table provides a summary of the Firm’s segment results as of or for the three months ended March 31, 2022 and 2021, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 32 of JPMorgan Chase’s 2021 Form 10-K for additional information on the Firm’s managed basis. Capital allocation The amount of capital assigned to each segment is referred to as equity. Periodically, the assumptions and methodologies used to allocate capital are reassessed and as a result, the capital allocated to the LOBs may change. Refer to Line of business equity on page 93 of JPMorgan Chase’s 2021 Form 10-K for additional information on capital allocation. Segment results and reconciliation (a) As of or for the three months Consumer & Corporate & Commercial Banking Asset & Wealth Management 2022 2021 2022 2021 2022 2021 2022 2021 Noninterest revenue $ 3,902 $ 4,588 $ 9,957 $ 11,088 $ 867 $ 917 $ 3,239 $ 3,146 Net interest income 8,327 7,929 3,572 3,517 1,531 1,476 1,076 931 Total net revenue 12,229 12,517 13,529 14,605 2,398 2,393 4,315 4,077 Provision for credit losses 678 (3,602) 445 (331) 157 (118) 154 (121) Noninterest expense 7,720 7,202 7,298 7,104 1,129 969 2,860 2,574 Income/(loss) before income tax expense/(benefit) 3,831 8,917 5,786 7,832 1,112 1,542 1,301 1,624 Income tax expense/(benefit) 936 2,130 (b) 1,401 1,908 (b) 262 361 (b) 293 364 (b) Net income/(loss) $ 2,895 $ 6,787 (b) $ 4,385 $ 5,924 (b) $ 850 $ 1,181 (b) $ 1,008 $ 1,260 (b) Average equity $ 50,000 $ 50,000 $ 103,000 $ 83,000 $ 25,000 $ 24,000 $ 17,000 $ 14,000 Total assets 486,183 487,978 1,460,463 1,355,123 235,127 223,583 233,070 213,088 ROE 23 % 54 % 17 % 28 % (b) 13 % 19 % 23 % 36 % (b) Overhead ratio 63 58 54 49 47 40 66 63 As of or for the three months Corporate Reconciling Items (a) Total 2022 2021 2022 2021 2022 2021 Noninterest revenue $ (345) $ 382 $ (775) $ (744) $ 16,845 $ 19,377 Net interest income (536) (855) (98) (109) 13,872 12,889 Total net revenue (881) (473) (873) (853) 30,717 32,266 Provision for credit losses 29 16 — — 1,463 (4,156) Noninterest expense 184 876 — — 19,191 18,725 Income/(loss) before income tax expense/(benefit) (1,094) (1,365) (873) (853) 10,063 17,697 Income tax expense/(benefit) (238) (513) (b) (873) (853) 1,781 3,397 Net income/(loss) $ (856) $ (852) (b) $ — $ — $ 8,282 $ 14,300 Average equity $ 57,506 $ 74,542 $ — $ — $ 252,506 $ 245,542 Total assets 1,539,844 1,409,564 NA NA 3,954,687 3,689,336 ROE NM NM NM NM 13 % 23 % Overhead ratio NM NM NM NM 62 58 (a) Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. (b) In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation policy | The accounting and financial reporting policies of JPMorgan Chase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities. |
Use of estimates in the preparation of consolidated financial statements policy | The unaudited Consolidated Financial Statements prepared in conformity with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and the disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included such that this interim financial information is fairly stated. |
Reclassifications policy | Certain amounts reported in prior periods have been reclassified to conform with the current presentation. |
Consolidation policy | The Consolidated Financial Statements include the accounts of JPMorgan Chase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated. Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorgan Chase and are not included on the Consolidated balance sheets. |
Offsetting assets and liabilities policy | U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities financing activities to be presented on a net basis when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances where it has determined that the specified conditions are met. Refer to Note 1 of JPMorgan Chase’s 2021 |
Allowance for credit losses policy | The Firm's allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. |
Loan securitizations policy | The Firm has securitized and sold a variety of loans, including residential mortgages, credit card receivables, and commercial mortgages. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | The following table presents the assets and liabilities reported at fair value as of March 31, 2022, and December 31, 2021, by major product category and fair value hierarchy. Assets and liabilities measured at fair value on a recurring basis Fair value hierarchy Derivative (f) March 31, 2022 (in millions) Level 1 Level 2 Level 3 Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 298,339 $ — $ — $ 298,339 Securities borrowed — 87,276 — — 87,276 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 40,328 286 — 40,614 Residential – nonagency — 2,301 10 — 2,311 Commercial – nonagency — 1,695 10 — 1,705 Total mortgage-backed securities — 44,324 306 — 44,630 U.S. Treasury, GSEs and government agencies (a) 70,115 9,120 — — 79,235 Obligations of U.S. states and municipalities — 7,067 7 — 7,074 Certificates of deposit, bankers’ acceptances and commercial paper — 2,813 — — 2,813 Non-U.S. government debt securities 39,150 48,129 133 — 87,412 Corporate debt securities — 29,315 293 — 29,608 Loans — 6,904 1,049 — 7,953 Asset-backed securities — 3,117 28 — 3,145 Total debt instruments 109,265 150,789 1,816 — 261,870 Equity securities 125,057 1,248 663 — 126,968 Physical commodities (b) 7,574 17,815 — — 25,389 Other — 23,445 175 — 23,620 Total debt and equity instruments (c) 241,896 193,297 2,654 — 437,847 Derivative receivables: Interest rate 7,352 251,399 3,058 (238,491) 23,318 Credit — 12,027 578 (11,230) 1,375 Foreign exchange 268 209,463 1,114 (191,342) 19,503 Equity — 68,876 3,994 (64,228) 8,642 Commodity — 56,871 651 (36,724) 20,798 Total derivative receivables 7,620 598,636 9,395 (542,015) 73,636 Total trading assets (d) 249,516 791,933 12,049 (542,015) 511,483 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 89,900 — — 89,900 Residential – nonagency — 5,515 — — 5,515 Commercial – nonagency — 4,905 — — 4,905 Total mortgage-backed securities — 100,320 — — 100,320 U.S. Treasury and government agencies 165,962 — — — 165,962 Obligations of U.S. states and municipalities — 14,786 — — 14,786 Non-U.S. government debt securities 5,507 10,794 — — 16,301 Corporate debt securities — 151 205 — 356 Asset-backed securities: Collateralized loan obligations — 10,473 — — 10,473 Other — 4,677 — — 4,677 Total available-for-sale securities 171,469 141,201 205 — 312,875 Loans (e) — 46,391 2,072 — 48,463 Mortgage servicing rights — — 7,294 — 7,294 Other assets (d) 9,020 6,371 341 — 15,732 Total assets measured at fair value on a recurring basis $ 430,005 $ 1,371,511 $ 21,961 $ (542,015) $ 1,281,462 Deposits $ — $ 8,322 $ 2,121 $ — $ 10,443 Federal funds purchased and securities loaned or sold under repurchase agreements — 146,112 — — 146,112 Short-term borrowings — 17,052 2,146 — 19,198 Trading liabilities: Debt and equity instruments (c) 108,958 35,281 41 — 144,280 Derivative payables: Interest rate 5,344 228,527 2,691 (225,032) 11,530 Credit — 11,317 534 (11,052) 799 Foreign exchange 292 207,398 1,038 (193,067) 15,661 Equity — 74,450 6,577 (65,210) 15,817 Commodity — 52,611 1,065 (39,680) 13,996 Total derivative payables 5,636 574,303 11,905 (534,041) 57,803 Total trading liabilities 114,594 609,584 11,946 (534,041) 202,083 Accounts payable and other liabilities 4,903 3,008 108 — 8,019 Beneficial interests issued by consolidated VIEs — 11 — — 11 Long-term debt — 46,310 24,394 — 70,704 Total liabilities measured at fair value on a recurring basis $ 119,497 $ 830,399 $ 40,715 $ (534,041) $ 456,570 Fair value hierarchy Derivative (f) December 31, 2021 (in millions) Level 1 Level 2 Level 3 Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 252,720 $ — $ — $ 252,720 Securities borrowed — 81,463 — — 81,463 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 38,944 265 — 39,209 Residential – nonagency — 2,358 28 — 2,386 Commercial – nonagency — 1,506 10 — 1,516 Total mortgage-backed securities — 42,808 303 — 43,111 U.S. Treasury, GSEs and government agencies (a) 68,527 9,181 — — 77,708 Obligations of U.S. states and municipalities — 7,068 7 — 7,075 Certificates of deposit, bankers’ acceptances and commercial paper — 852 — — 852 Non-U.S. government debt securities 26,982 44,581 81 — 71,644 Corporate debt securities — 24,491 332 — 24,823 Loans — 7,366 708 — 8,074 Asset-backed securities — 2,668 26 — 2,694 Total debt instruments 95,509 139,015 1,457 — 235,981 Equity securities 86,904 1,741 662 — 89,307 Physical commodities (b) 5,357 20,788 — — 26,145 Other — 24,850 160 — 25,010 Total debt and equity instruments (c) 187,770 186,394 2,279 — 376,443 Derivative receivables: Interest rate 1,072 267,493 2,020 (248,611) 21,974 Credit — 9,321 518 (8,808) 1,031 Foreign exchange 134 168,590 855 (156,954) 12,625 Equity — 65,139 3,492 (58,650) 9,981 Commodity — 26,232 421 (15,183) 11,470 Total derivative receivables 1,206 536,775 7,306 (488,206) 57,081 Total trading assets (d) 188,976 723,169 9,585 (488,206) 433,524 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) 4 72,539 — — 72,543 Residential – nonagency — 6,070 — — 6,070 Commercial – nonagency — 4,949 — — 4,949 Total mortgage-backed securities 4 83,558 — — 83,562 U.S. Treasury and government agencies 177,463 — — — 177,463 Obligations of U.S. states and municipalities — 15,860 — — 15,860 Non-U.S. government debt securities 5,430 10,779 — — 16,209 Corporate debt securities — 160 161 — 321 Asset-backed securities: Collateralized loan obligations — 9,662 — — 9,662 Other — 5,448 — — 5,448 Total available-for-sale securities 182,897 125,467 161 — 308,525 Loans (e) — 56,887 1,933 — 58,820 Mortgage servicing rights — — 5,494 — 5,494 Other assets (d) 9,558 4,139 306 — 14,003 Total assets measured at fair value on a recurring basis $ 381,431 $ 1,243,845 $ 17,479 $ (488,206) $ 1,154,549 Deposits $ — $ 9,016 $ 2,317 $ — $ 11,333 Federal funds purchased and securities loaned or sold under repurchase agreements — 126,435 — — 126,435 Short-term borrowings — 17,534 2,481 — 20,015 Trading liabilities: Debt and equity instruments (c) 87,831 26,716 30 — 114,577 Derivative payables: Interest rate 981 237,714 2,036 (232,537) 8,194 Credit — 10,468 444 (10,032) 880 Foreign exchange 123 174,349 1,274 (161,649) 14,097 Equity — 72,609 7,118 (62,494) 17,233 Commodity — 26,600 1,328 (18,216) 9,712 Total derivative payables 1,104 521,740 12,200 (484,928) 50,116 Total trading liabilities 88,935 548,456 12,230 (484,928) 164,693 Accounts payable and other liabilities 5,115 467 69 — 5,651 Beneficial interests issued by consolidated VIEs — 12 — — 12 Long-term debt — 50,560 24,374 — 74,934 Total liabilities measured at fair value on a recurring basis $ 94,050 $ 752,480 $ 41,471 $ (484,928) $ 403,073 (a) At March 31, 2022, and December 31, 2021, included total U.S. GSE obligations of $72.8 billion and $73.9 billion, respectively, which were mortgage-related. (b) Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. Refer to Note 4 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented. (c) Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions). (d) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At March 31, 2022, and December 31, 2021, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $845 million and $801 million, respectively. Included in these balances at March 31, 2022, and December 31, 2021, were trading assets of $45 million and $51 million, respectively, and other assets of $800 million and $750 million, respectively. (e) At March 31, 2022, and December 31, 2021, included $15.1 billion and $26.2 billion, respectively, of residential first-lien mortgages, and $9.3 billion and $8.2 billion, respectively, of commercial first-lien mortgages. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. GSEs and government agencies of $5.0 billion and $13.6 billion, respectively. (f) As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral. |
Fair value inputs, assets and liabilities, quantitative information | Level 3 inputs (a) March 31, 2022 Product/Instrument Fair value (in millions) Principal valuation technique Unobservable inputs (g) Range of input values Average (i) Residential mortgage-backed securities and loans (b) $ 1,283 Discounted cash flows Yield 0% – 27% 5% Prepayment speed 0% – 15% 13% Conditional default rate 0% – 2% 0% Loss severity 0% – 107% 3% Commercial mortgage-backed securities and loans (c) 395 Market comparables Price $0 – $102 $86 Corporate debt securities 498 Market comparables Price $0 – $233 $95 Loans (d) 1,749 Market comparables Price $0 – $109 $85 Non-U.S. government debt securities 133 Market comparables Price $5 – $101 $87 Net interest rate derivatives 360 Option pricing Interest rate volatility 11 bps – 573 bps 118 bps Interest rate spread volatility 11 bps – 23 bps 15 bps Interest rate correlation (91)% – 99% 18% IR-FX correlation (35)% – 65% 4% 7 Discounted cash flows Prepayment speed 0% – 30% 6% Net credit derivatives (4) Discounted cash flows Credit correlation 30% – 65% 47% Credit spread 1 bps – 3,827 bps 429 bps Recovery rate 25% – 70% 49% 48 Market comparables Price $0 – $115 $80 Net foreign exchange derivatives 172 Option pricing IR-FX correlation (40)% – 65% 17% (96) Discounted cash flows Prepayment speed 9% 9% Interest rate curve 1% – 29% 10% Net equity derivatives (2,583) Option pricing Forward equity price (h) 67% – 131% 99% Equity volatility 4% – 131% 33% Equity correlation 17% – 100% 55% Equity-FX correlation (77)% – 59% (27)% Equity-IR correlation 15% – 50% 29% Net commodity derivatives (414) Option pricing Oil Commodity Forward $85 / BBL – $96 / BBL $91 / BBL Industrial metals commodity forward $3,363 / MT – $4,242 / MT $3,803 / MT Commodity volatility 4% – 320% 162% Commodity correlation (50)% – 98% 24% MSRs 7,294 Discounted cash flows Refer to Note 14 Long-term debt, short-term borrowings, and deposits (e) 27,612 Option pricing Interest rate volatility 11 bps – 573 bps 118 bps Interest rate correlation (91)% – 99% 18% IR-FX correlation (35)% – 65% 4% Equity correlation 17% – 100% 55% Equity-FX correlation (77)% – 59% (27)% Equity-IR correlation 15% – 50% 29% 1,049 Discounted cash flows Credit correlation 30% – 65% 47% Other level 3 assets and liabilities, net (f) 1,065 (a) The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ. (b) Comprises U.S. GSE and government agency securities of $286 million, nonagency securities of $10 million and non-trading loans of $987 million. (c) Comprises nonagency securities of $10 million, trading loans of $40 million and non-trading loans of $345 million. (d) Comprises trading loans of $1.0 billion and non-trading loans of $740 million. (e) Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables. (f) Includes equity securities of $850 million including $187 million in Other Assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate. (g) Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100. (h) Forward equity price is expressed as a percentage of the current equity price. (i) Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used. |
Changes in level 3 recurring fair value measurements | The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three months ended March 31, 2022 and 2021. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Also, the Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments. Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized gains/(losses) Transfers into Transfers (out of) level 3 Fair value at Change in unrealized gains/(losses) related Purchases (g) Sales Settlements (h) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 265 $ 27 $ 22 $ (7) $ (21) $ — $ — $ 286 $ 26 Residential – nonagency 28 — — — (11) — (7) 10 — Commercial – nonagency 10 — — — — — — 10 — Total mortgage-backed securities 303 27 22 (7) (32) — (7) 306 26 Obligations of U.S. states and municipalities 7 — — — — — — 7 — Non-U.S. government debt securities 81 (33) 228 (180) — 37 — 133 (33) Corporate debt securities 332 (19) 61 (59) (37) 41 (26) 293 (20) Loans 708 (4) 297 (98) (7) 271 (118) 1,049 (4) Asset-backed securities 26 — 1 — — 4 (3) 28 — Total debt instruments 1,457 (29) 609 (344) (76) 353 (154) 1,816 (31) Equity securities 662 (813) 223 (240) — 853 (22) 663 (760) Other 160 1 20 — (5) — (1) 175 16 Total trading assets – debt and equity instruments 2,279 (841) (c) 852 (584) (81) 1,206 (177) 2,654 (775) (c) Net derivative receivables: (b) Interest rate (16) 233 126 (94) 151 (27) (6) 367 422 Credit 74 67 4 (4) (96) (3) 2 44 66 Foreign exchange (419) 345 132 (24) 70 (6) (22) 76 364 Equity (3,626) 730 498 (559) 443 (331) 262 (2,583) 838 Commodity (907) 422 50 (137) 156 — 2 (414) 467 Total net derivative receivables (4,894) 1,797 (c) 810 (818) 724 (367) 238 (2,510) 2,157 (c) Available-for-sale securities: Mortgage-backed securities — — — — — — — — — Corporate debt securities 161 27 17 — — — — 205 27 Total available-for-sale securities 161 27 (d) 17 — — — — 205 27 (d) Loans 1,933 98 (c) 121 (5) (281) 390 (184) 2,072 156 (c) Mortgage servicing rights 5,494 959 (e) 1,130 (57) (232) — — 7,294 959 (e) Other assets 306 9 (c) 41 — (17) 2 — 341 9 (c) Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized (gains)/losses Transfers into Transfers (out of) level 3 Fair value at Change in unrealized (gains)/losses related Purchases Sales Issuances Settlements (h) Liabilities: (a) Deposits $ 2,317 $ (142) (c)(f) $ — $ — $ 108 $ (48) $ — $ (114) $ 2,121 $ (143) (c)(f) Short-term borrowings 2,481 (401) (c)(f) — — 1,423 (1,347) 1 (11) 2,146 (153) (c)(f) Trading liabilities – debt and equity instruments 30 (17) (c) (14) 30 — — 14 (2) 41 31 (c) Accounts payable and other liabilities 69 (4) (c) — 42 — — 1 — 108 (4) (c) Beneficial interests issued by consolidated VIEs — — — — — — — — — — Long-term debt 24,374 (1,668) (c)(f) — — 4,050 (2,476) 263 (149) 24,394 (1,575) (c)(f) Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized gains/(losses) Transfers into Transfers (out of) level 3 Fair value at Change in unrealized gains/(losses) related Purchases (g) Sales Settlements (h) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 449 $ 23 $ 6 $ (48) $ (33) $ — $ 397 $ 22 Residential – nonagency 28 1 9 (3) (2) (1) 32 — Commercial – nonagency 3 — — (1) — — 2 — Total mortgage-backed securities 480 24 15 (52) (35) — (1) 431 22 Obligations of U.S. states and municipalities 8 — — — — — — 8 — Non-U.S. government debt securities 182 (9) 118 (107) (7) — — 177 (9) Corporate debt securities 507 (15) 91 (146) — 85 (152) 370 (14) Loans 893 7 272 (152) (1) 90 (277) 832 8 Asset-backed securities 28 (1) 28 (3) — 2 — 54 (1) Total debt instruments 2,098 6 524 (460) (43) 177 (430) 1,872 6 Equity securities 476 (5) 230 (43) — 54 (24) 688 3 Other 49 41 65 — (29) — (4) 122 36 Total trading assets – debt and equity instruments 2,623 42 (c) 819 (503) (72) 231 (458) 2,682 45 (c) Net derivative receivables: (b) Interest rate 258 445 53 (93) (534) 57 (37) 149 313 Credit (224) 183 1 (2) 27 (3) 14 (4) 168 Foreign exchange (434) (200) 2 (6) 111 10 (22) (539) (214) Equity (3,862) 23 194 (838) 126 110 413 (3,834) (213) Commodity (731) (246) 4 (213) 279 (1) (3) (911) (145) Total net derivative receivables (4,993) 205 (c) 254 (1,152) 9 173 365 (5,139) (91) (c) Available-for-sale securities: Mortgage-backed securities — — — — — — — — — Corporate debt securities — — — — — — — — — Total available-for-sale securities — — (d) — — — — — — — (d) Loans 2,305 (73) (c) 67 (190) (201) 155 (240) 1,823 (112) (c) Mortgage servicing rights 3,276 797 (e) 583 1 (187) — — 4,470 797 (e) Other assets 538 13 (c) 3 (18) (25) — — 511 12 (c) Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized (gains)/losses Transfers into Transfers (out of) level 3 Fair value at Change in unrealized (gains)/losses related Purchases Sales Issuances Settlements (h) Liabilities: (a) Deposits $ 2,913 $ (103) (c)(f) $ — $ — $ 69 $ (95) $ 1 $ (133) $ 2,652 $ (105) (c)(f) Short-term borrowings 2,420 (113) (c)(f) — — 2,918 (1,506) — (55) 3,664 (27) (c)(f) Trading liabilities – debt and equity instruments 51 (3) (c) (65) 21 — — 59 (3) 60 — Accounts payable and other liabilities 68 (1) (c) — 1 — — — (7) 61 (1) (c) Beneficial interests issued by consolidated VIEs — — — — — — — — — — Long-term debt 23,397 (308) (c)(f) — — 3,465 (3,649) 11 (341) 22,575 (324) (c)(f) (a) Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 2% and 2% at March 31, 2022 and December 31, 2021, respectively. Level 3 liabilities at fair value as a percentage of total Firm liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were 9% and 10% at March 31, 2022 and December 31, 2021, respectively. (b) All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty. (c) Predominantly reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income. (d) Realized gains/(losses) on AFS securities are reported in investment securities gains/(losses). Unrealized gains/(losses) are reported in OCI. There were no realized gains/(losses) recorded in income on AFS securities for the three months ended March 31, 2022 and 2021, respectively. Unrealized gains/(losses) recorded on AFS securities in OCI were $27 million and zero for the three months ended March 31, 2022 and 2021, respectively. (e) Changes in fair value for MSRs are reported in mortgage fees and related income. (f) Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three months ended March 31, 2022 and 2021. Unrealized (gains)/losses are reported in OCI, and were $(229) million and $(22) million for the three months ended March 31, 2022 and 2021, respectively. (g) Loan originations are included in purchases. (h) Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items. |
Impact of credit adjustments on earnings | The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time. Three months ended March 31, (in millions) 2022 2021 Credit and funding adjustments: Derivatives CVA $ (312) $ 240 Derivatives FVA (58) 105 |
Assets and liabilities measured at fair value on a nonrecurring basis | The following tables present the assets and liabilities held as of March 31, 2022 and 2021 , for which nonrecurring fair value adjustments were recorded during the three months ended March 31, 2022 and 2021 , by major product category and fair value hierarchy. Fair value hierarchy Total fair value March 31, 2022 (in millions) Level 1 Level 2 Level 3 Loans $ — $ 874 $ 417 (b) $ 1,291 Other assets (a) — 15 802 817 Total assets measured at fair value on a nonrecurring basis $ — $ 889 $ 1,219 $ 2,108 Accounts payable and other liabilities — — 28 28 Total liabilities measured at fair value on a nonrecurring basis $ — $ — $ 28 $ 28 Fair value hierarchy Total fair value March 31, 2021 (in millions) Level 1 Level 2 Level 3 Loans $ — $ 1,857 $ 303 $ 2,160 Other assets — 12 370 382 Total assets measured at fair value on a nonrecurring basis $ — $ 1,869 $ 673 $ 2,542 Accounts payable and other liabilities — — 14 14 Total liabilities measured at fair value on a nonrecurring basis $ — $ — $ 14 $ 14 (a) Primarily includes equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $802 million in level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2022, $754 million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. (b) Of the $417 million in level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2022, $34 million related to residential real estate loans carried at the net realizable value of the underlying collateral (e.g., collateral-dependent loans). These amounts are classified as level 3 as they are valued using information from broker’s price opinions, appraisals and automated valuation models and discounted based upon the Firm’s experience with actual liquidation values. These discounts ranged from 13% to 51% with a weighted average of 24%. The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three months ended March 31, 2022 and 2021 , related to assets and liabilities held at those dates. Three months ended March 31, (in millions) 2022 2021 Loans $ (18) $ (33) Other assets (a) 360 2 Accounts payable and other liabilities (24) (3) Total nonrecurring fair value gains/(losses) $ 318 $ (34) |
Schedule of equity securities without readily determinable fair values measured under the measurement alternative and related adjustments | The following table presents the carrying value of equity securities without readily determinable fair values held as of March 31, 2022 and 2021 , that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable. Three months ended March 31 As of or for the period ended, (in millions) 2022 2021 Other assets Carrying value (a) $ 4,131 $ 2,302 Upward carrying value changes (b) 387 7 Downward carrying value changes/impairment (c) (11) (1) (a) The carrying value as of December 31, 2021 was $3.6 billion. The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes. (b) The cumulative upward carrying value changes between January 1, 2018 and March 31, 2022 were $1.4 billion. (c) The cumulative downward carrying value changes/impairment between January 1, 2018 and March 31, 2022 were $(380) million. |
Carrying value and estimated fair value of financial assets and liabilities | The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at March 31, 2022, and December 31, 2021, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy. March 31, 2022 December 31, 2021 Estimated fair value hierarchy Estimated fair value hierarchy (in billions) Carrying Level 1 Level 2 Level 3 Total estimated Carrying Level 1 Level 2 Level 3 Total estimated Financial assets Cash and due from banks $ 26.2 $ 26.2 $ — $ — $ 26.2 $ 26.4 $ 26.4 $ — $ — $ 26.4 Deposits with banks 728.4 728.4 — — 728.4 714.4 714.4 — — 714.4 Accrued interest and accounts receivable 151.4 — 151.3 0.1 151.4 102.1 — 102.0 0.1 102.1 Federal funds sold and securities purchased under resale agreements 3.5 — 3.5 — 3.5 9.0 — 9.0 — 9.0 Securities borrowed 137.6 — 137.6 — 137.6 124.6 — 124.6 — 124.6 Investment securities, held-to-maturity 366.6 177.5 173.0 — 350.5 363.7 183.3 179.3 — 362.6 Loans, net of allowance for loan losses (a) 1,007.6 — 198.9 814.4 1,013.3 1,002.5 — 202.1 821.1 1,023.2 Other 104.2 — 102.0 2.3 104.3 98.7 — 97.4 1.4 98.8 Financial liabilities Deposits $ 2,550.8 $ — $ 2,550.8 $ — $ 2,550.8 $ 2,451.0 $ — $ 2,451.0 $ — $ 2,451.0 Federal funds purchased and securities loaned or sold under repurchase agreements 77.7 — 77.7 — 77.7 67.9 — 67.9 — 67.9 Short-term borrowings 38.4 — 38.4 — 38.4 33.6 — 33.6 — 33.6 Accounts payable and other liabilities 283.6 — 278.0 5.0 283.0 217.6 — 212.1 4.9 217.0 Beneficial interests issued by consolidated VIEs 10.1 — 10.1 — 10.1 10.7 — 10.8 — 10.8 Long-term debt 222.5 — 221.7 3.1 224.8 226.0 — 229.5 3.1 232.6 |
The carrying value and estimated fair value of wholesale lending-related commitments | The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated. March 31, 2022 December 31, 2021 Estimated fair value hierarchy Estimated fair value hierarchy (in billions) Carrying value (a) (b) Level 1 Level 2 Level 3 Total estimated fair value Carrying value (a) (b) Level 1 Level 2 Level 3 Total estimated fair value Wholesale lending-related commitments $ 2.3 $ — $ — $ 2.9 $ 2.9 $ 2.1 $ — $ — $ 2.9 $ 2.9 (a) Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees. (b) Includes the wholesale allowance for lending-related commitments. |
Fair Value Option (Tables)
Fair Value Option (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Changes in fair value under the fair value option election | The following table presents the changes in fair value included in the Consolidated statements of income for the three months ended March 31, 2022 and 2021, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table. Three months ended March 31, 2022 2021 (in millions) Principal transactions All other income Total changes in fair value recorded (e) Principal transactions All other income Total changes in fair value recorded (e) Federal funds sold and securities purchased under resale agreements $ (230) $ — $ (230) $ (12) $ — $ (12) Securities borrowed (198) — (198) (70) — (70) Trading assets: Debt and equity instruments, excluding loans 344 — 344 623 (f) — 623 Loans reported as trading assets: Changes in instrument-specific credit risk (6) — (6) 204 — 204 Other changes in fair value (11) — (11) (1) — (1) Loans: Changes in instrument-specific credit risk 6 12 (c) 18 237 1 (c) 238 Other changes in fair value (719) (514) (c) (1,233) (250) 340 (c) 90 Other assets 11 (3) (d) 8 19 (19) (d) — Deposits (a) 402 — 402 167 — 167 Federal funds purchased and securities loaned or sold under repurchase agreements 82 — 82 34 — 34 Short-term borrowings (a) 302 — 302 (122) — (122) Trading liabilities (66) — (66) — — — Beneficial interests issued by consolidated VIEs (1) — (1) — — — Other liabilities 3 — 3 1 — 1 Long-term debt (a)(b) 3,960 19 (c)(d) 3,979 1,247 (5) (c)(d) 1,242 (a) Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected are recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were $(8) million and $(2) million for the three months ended March 31, 2022 and 2021, respectively. (b) Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk. (c) Reported in mortgage fees and related income. (d) Reported in other income. (e) Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than certain hybrid financial instruments in CIB. Refer to Note 6 for further information regarding interest income and interest expense. (f) Prior-period amounts have been revised to conform with the current presentation. |
Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding | The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of March 31, 2022, and December 31, 2021, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected. March 31, 2022 December 31, 2021 (in millions) Contractual principal outstanding Fair value Fair value over/(under) contractual principal outstanding Contractual principal outstanding Fair value Fair value over/(under) contractual principal outstanding Loans Nonaccrual loans Loans reported as trading assets $ 2,988 $ 493 $ (2,495) $ 3,263 $ 546 $ (2,717) Loans 1,024 915 (109) 918 797 (121) Subtotal 4,012 1,408 (2,604) 4,181 1,343 (2,838) 90 or more days past due and government guaranteed Loans (a) 292 284 (8) 293 281 (12) All other performing loans (b) Loans reported as trading assets 8,908 7,460 (1,448) 8,594 7,528 (1,066) Loans 48,378 47,264 (1,114) 57,695 57,742 47 Subtotal 57,286 54,724 (2,562) 66,289 65,270 (1,019) Total loans $ 61,590 $ 56,416 $ (5,174) $ 70,763 $ 66,894 $ (3,869) Long-term debt Principal-protected debt $ 35,336 (d) $ 30,307 $ (5,029) $ 35,957 (d) $ 33,799 $ (2,158) Nonprincipal-protected debt (c) NA 40,397 NA NA 41,135 NA Total long-term debt NA $ 70,704 NA NA $ 74,934 NA Long-term beneficial interests Nonprincipal-protected debt (c) NA $ 11 NA NA $ 12 NA Total long-term beneficial interests NA $ 11 NA NA $ 12 NA (a) These balances are excluded from nonaccrual loans as the loans are insured and/or guaranteed by U.S. government agencies. (b) There were no performing loans that were ninety days or more past due as of March 31, 2022, and December 31, 2021, respectively. (c) Remaining contractual principal is not applicable to nonprincipal-protected structured notes and long-term beneficial interests. Unlike principal-protected structured notes and long-term beneficial interests, for which the Firm is obligated to return a stated amount of principal at maturity, nonprincipal-protected structured notes and long-term beneficial interests do not obligate the Firm to return a stated amount of principal at maturity, but for structured notes to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal-protected notes. (d) Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date. |
Fair value option, structured notes by balance sheet classification and primary embedded derivative risk | The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type. March 31, 2022 December 31, 2021 (in millions) Long-term debt Short-term borrowings Deposits Total Long-term debt Short-term borrowings Deposits Total Risk exposure Interest rate $ 31,470 $ 99 $ 5,507 $ 37,076 $ 34,127 $ 1 $ 4,860 $ 38,988 Credit 5,756 638 — 6,394 6,352 858 — 7,210 Foreign exchange 3,152 297 200 3,649 3,386 315 1,066 4,767 Equity 28,422 6,761 4,476 39,659 29,317 6,827 5,125 41,269 Commodity 556 — 3 (a) 559 405 — 3 (a) 408 Total structured notes $ 69,356 $ 7,795 $ 10,186 $ 87,337 $ 73,587 $ 8,001 $ 11,054 $ 92,642 (a) Excludes deposits linked to precious metals for which the fair value option has not been elected of $629 million and $692 million for the periods ended March 31, 2022 and December 31, 2021, respectively. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of uses and disclosure of derivatives | The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category. Type of Derivative Use of Derivative Designation and disclosure Affected 10-Q page reference Manage specifically identified risk exposures in qualifying hedge accounting relationships: • Interest rate Hedge fixed rate assets and liabilities Fair value hedge Corporate 107-108 • Interest rate Hedge floating-rate assets and liabilities Cash flow hedge Corporate 109 • Foreign exchange Hedge foreign currency-denominated assets and liabilities Fair value hedge Corporate 107-108 • Foreign exchange Hedge foreign currency-denominated forecasted revenue and expense Cash flow hedge Corporate 109 • Foreign exchange Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities Net investment hedge Corporate 109 • Commodity Hedge commodity inventory Fair value hedge CIB, AWM 107-108 Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships: • Interest rate Manage the risk associated with mortgage commitments, warehouse loans and MSRs Specified risk management CCB 110 • Credit Manage the credit risk associated with wholesale lending exposures Specified risk management CIB 110 • Interest rate and foreign exchange Manage the risk associated with certain other specified assets and liabilities Specified risk management Corporate 110 Market-making derivatives and other activities: • Various Market-making and related risk management Market-making and other CIB 110 • Various Other derivatives Market-making and other CIB, AWM, Corporate 110 |
Notional amount of derivative contracts | The following table summarizes the notional amount of free-standing derivative contracts outstanding as of March 31, 2022, and December 31, 2021. Notional amounts (b) (in billions) March 31, 2022 December 31, 2021 Interest rate contracts Swaps $ 31,216 $ 24,075 Futures and forwards 3,906 2,520 Written options 3,257 3,018 Purchased options 3,398 3,188 Total interest rate contracts 41,777 32,801 Credit derivatives (a) 1,504 1,053 Foreign exchange contracts Cross-currency swaps 4,124 4,112 Spot, futures and forwards 8,649 7,679 Written options 841 741 Purchased options 823 727 Total foreign exchange contracts 14,437 13,259 Equity contracts Swaps 656 612 Futures and forwards 149 139 Written options 705 654 Purchased options 657 598 Total equity contracts 2,167 2,003 Commodity contracts Swaps 221 185 Spot, futures and forwards 260 188 Written options 137 135 Purchased options 108 111 Total commodity contracts 726 619 Total derivative notional amounts $ 60,611 $ 49,735 (a) Refer to the Credit derivatives discussion on page 111 for more information on volumes and types of credit derivative contracts. (b) Represents the sum of gross long and gross short third-party notional derivative contracts. |
Impact of derivatives on the Consolidated Balance Sheets | The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of March 31, 2022, and December 31, 2021, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type. Free-standing derivative receivables and payables (a) Gross derivative receivables Gross derivative payables March 31, 2022 Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 261,796 $ 13 $ 261,809 $ 23,318 $ 236,562 $ — $ 236,562 $ 11,530 Credit 12,605 — 12,605 1,375 11,851 — 11,851 799 Foreign exchange 210,358 487 210,845 19,503 207,071 1,657 208,728 15,661 Equity 72,870 — 72,870 8,642 81,027 — 81,027 15,817 Commodity 53,042 4,480 57,522 20,798 47,621 6,055 53,676 13,996 Total fair value of trading assets and liabilities $ 610,671 $ 4,980 $ 615,651 $ 73,636 $ 584,132 $ 7,712 $ 591,844 $ 57,803 Gross derivative receivables Gross derivative payables December 31, 2021 Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 270,562 $ 23 $ 270,585 $ 21,974 $ 240,731 $ — $ 240,731 $ 8,194 Credit 9,839 — 9,839 1,031 10,912 — 10,912 880 Foreign exchange 169,186 393 169,579 12,625 174,622 1,124 175,746 14,097 Equity 68,631 — 68,631 9,981 79,727 — 79,727 17,233 Commodity 21,233 5,420 26,653 11,470 20,837 7,091 27,928 9,712 Total fair value of trading assets and liabilities $ 539,451 $ 5,836 $ 545,287 $ 57,081 $ 526,829 $ 8,215 $ 535,044 $ 50,116 (a) Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information. (b) As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists. |
Offsetting assets | The following tables present, as of March 31, 2022, and December 31, 2021, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty, have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables below. In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation: • collateral that consists of liquid securities and other cash collateral held at third-party custodians, which are shown separately as "Collateral not nettable on the Consolidated balance sheets" in the tables below, up to the fair value exposure amount. For the purpose of this disclosure, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule; • the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables below; and • collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables below. March 31, 2022 December 31, 2021 (in millions) Gross derivative receivables Amounts netted on the Consolidated balance sheets Net derivative receivables Gross derivative receivables Amounts netted on the Consolidated balance sheets Net U.S. GAAP nettable derivative receivables Interest rate contracts: Over-the-counter (“OTC”) $ 223,414 $ (205,472) $ 17,942 $ 251,953 $ (234,283) $ 17,670 OTC–cleared 32,056 (31,362) 694 14,144 (13,839) 305 Exchange-traded (a) 1,884 (1,657) 227 498 (489) 9 Total interest rate contracts 257,354 (238,491) 18,863 266,595 (248,611) 17,984 Credit contracts: OTC 9,881 (8,732) 1,149 8,035 (7,177) 858 OTC–cleared 2,559 (2,498) 61 1,671 (1,631) 40 Total credit contracts 12,440 (11,230) 1,210 9,706 (8,808) 898 Foreign exchange contracts: OTC 206,538 (190,877) 15,661 166,185 (156,251) 9,934 OTC–cleared 470 (463) 7 789 (703) 86 Exchange-traded (a) 13 (2) 11 6 — 6 Total foreign exchange contracts 207,021 (191,342) 15,679 166,980 (156,954) 10,026 Equity contracts: OTC 30,059 (28,272) 1,787 25,704 (23,977) 1,727 Exchange-traded (a) 37,223 (35,956) 1,267 36,095 (34,673) 1,422 Total equity contracts 67,282 (64,228) 3,054 61,799 (58,650) 3,149 Commodity contracts: OTC 31,841 (14,741) 17,100 15,063 (6,868) 8,195 OTC–cleared 78 (78) — 49 (49) — Exchange-traded (a) 21,958 (21,905) 53 8,279 (8,266) 13 Total commodity contracts 53,877 (36,724) 17,153 23,391 (15,183) 8,208 Derivative receivables with appropriate legal opinion 597,974 (542,015) 55,959 (d) 528,471 (488,206) 40,265 (d) Derivative receivables where an appropriate legal opinion has not been either sought or obtained 17,677 17,677 16,816 16,816 Total derivative receivables recognized on the Consolidated balance sheets $ 615,651 $ 73,636 $ 545,287 $ 57,081 Collateral not nettable on the Consolidated balance sheets (b)(c) (15,166) (10,102) Net amounts $ 58,470 $ 46,979 |
Offsetting liabilities | March 31, 2022 December 31, 2021 (in millions) Gross derivative payables Amounts netted on the Consolidated balance sheets Net derivative payables Gross derivative payables Amounts netted on the Consolidated balance sheets Net U.S. GAAP nettable derivative payables Interest rate contracts: OTC $ 199,222 $ (190,721) $ 8,501 $ 223,576 $ (216,757) $ 6,819 OTC–cleared 34,473 (33,526) 947 15,695 (15,492) 203 Exchange-traded (a) 803 (785) 18 292 (288) 4 Total interest rate contracts 234,498 (225,032) 9,466 239,563 (232,537) 7,026 Credit contracts: OTC 9,179 (8,741) 438 9,021 (8,421) 600 OTC–cleared 2,375 (2,311) 64 1,679 (1,611) 68 Total credit contracts 11,554 (11,052) 502 10,700 (10,032) 668 Foreign exchange contracts: OTC 204,394 (192,598) 11,796 171,610 (160,946) 10,664 OTC–cleared 480 (468) 12 706 (703) 3 Exchange-traded (a) 13 (1) 12 7 — 7 Total foreign exchange contracts 204,887 (193,067) 11,820 172,323 (161,649) 10,674 Equity contracts: OTC 33,490 (29,263) 4,227 31,379 (27,830) 3,549 Exchange-traded (a) 40,460 (35,947) 4,513 40,621 (34,664) 5,957 Total equity contracts 73,950 (65,210) 8,740 72,000 (62,494) 9,506 Commodity contracts: OTC 24,898 (16,804) 8,094 14,874 (9,667) 5,207 OTC–cleared 89 (89) — 73 (73) — Exchange-traded (a) 24,598 (22,787) 1,811 8,954 (8,476) 478 Total commodity contracts 49,585 (39,680) 9,905 23,901 (18,216) 5,685 Derivative payables with appropriate legal opinion 574,474 (534,041) 40,433 (d) 518,487 (484,928) 33,559 (d) Derivative payables where an appropriate legal opinion has not been either sought or obtained 17,370 17,370 16,557 16,557 Total derivative payables recognized on the Consolidated balance sheets $ 591,844 $ 57,803 $ 535,044 $ 50,116 Collateral not nettable on the Consolidated balance sheets (b)(c) (4,627) (5,872) Net amounts $ 53,176 $ 44,244 (a) Exchange-traded derivative balances that relate to futures contracts are settled daily. (b) Includes liquid securities and other cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty. (c) Derivative collateral relates only to OTC and OTC-cleared derivative instruments. (d) Net derivatives receivable included cash collateral netted of $68.5 billion and $67.6 billion at March 31, 2022, and December 31, 2021, respectively. Net derivatives payable included cash collateral netted of $60.6 billion and $64.3 billion at March 31, 2022, and December 31, 2021, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments. |
Current credit risk of derivative receivables and liquidity risk of derivative payables | The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at March 31, 2022, and December 31, 2021. OTC and OTC-cleared derivative payables containing downgrade triggers (in millions) March 31, 2022 December 31, 2021 Aggregate fair value of net derivative payables $ 19,101 $ 20,114 Collateral posted 18,539 19,402 The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, N.A., at March 31, 2022, and December 31, 2021, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined threshold rating is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payments requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract. Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives March 31, 2022 December 31, 2021 (in millions) Single-notch downgrade Two-notch downgrade Single-notch downgrade Two-notch downgrade Amount of additional collateral to be posted upon downgrade (a) $ 252 $ 1,645 $ 219 $ 1,577 Amount required to settle contracts with termination triggers upon downgrade (b) 91 567 98 787 (a) Includes the additional collateral to be posted for initial margin. (b) Amounts represent fair values of derivative payables, and do not reflect collateral posted. |
Fair value hedge gains and losses | The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three months ended March 31, 2022 and 2021, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item. Gains/(losses) recorded in income Income statement impact of (f) OCI impact Three months ended March 31, 2022 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (g) Contract type Interest rate (a)(b) $ (7,070) $ 6,981 $ (89) $ — $ (66) $ — Foreign exchange (c) (690) 688 (2) (65) (2) 145 Commodity (d) (176) 147 (29) (37) — Total $ (7,936) $ 7,816 $ (120) $ (65) $ (105) $ 145 Gains/(losses) recorded in income Income statement impact of excluded components (f) OCI impact Three months ended March 31, 2021 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (g) Contract type Interest rate (a)(b) $ (5,121) $ 4,837 $ (284) $ — $ (173) $ — Foreign exchange (c) (782) (e) 800 (e) 18 (78) 18 (37) Commodity (d) (1,261) 1,288 27 — 12 — Total $ (7,164) $ 6,925 $ (239) $ (78) $ (143) $ (37) (a) Primarily consists of hedges of the benchmark (e.g., London Interbank Offered Rate ("LIBOR"), Secured Overnight Financing Rate (“SOFR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income. (b) Effective January 1, 2022, the Firm updated its presentation in the table above to include the amortization of income/expense associated with the inception hedge accounting adjustment applied to the hedged item; prior-period amounts have been revised to conform with the current presentation. Excludes the accrual of interest on interest rate swaps and the related hedged items. (c) Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income. (d) Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue. (e) Prior-period amounts have been revised to conform with the current presentation. (f) The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative, or through fair value changes recognized in the current period. (g) Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative. |
Schedule of amounts recorded on Consolidated Balance Sheets related to certain cumulative fair value hedge basis adjustments | As of March 31, 2022 and December 31, 2021, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield. Carrying amount of the hedged items (a)(b) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: March 31, 2022 Active hedging relationships (d) Discontinued hedging relationships (d)(e) Total Assets Investment securities - AFS $ 62,197 (c) $ (2,239) $ 636 $ (1,603) Liabilities Long-term debt $ 191,109 $ (11,782) $ 8,706 $ (3,076) Beneficial interests issued by consolidated VIEs 749 — (1) (1) Carrying amount of the hedged items (a)(b) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: December 31, 2021 Active hedging relationships (d) Discontinued hedging relationships (d)(e) Total Assets Investment securities - AFS $ 65,746 (c) $ 417 $ 661 $ 1,078 Liabilities Long-term debt $ 195,642 $ (1,999) $ 8,834 $ 6,835 Beneficial interests issued by consolidated VIEs 749 — (1) (1) (a) Excludes physical commodities with a carrying value of $24.9 billion and $25.7 billion at March 31, 2022 and December 31, 2021, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Since the Firm exits these positions at fair value, there is no incremental impact to net income in future periods. (b) Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At March 31, 2022 and December 31, 2021, the carrying amount excluded for AFS securities is $14.6 billion and $14.0 billion, respectively, and for long-term debt is $1.4 billion and $10.8 billion, respectively. (c) Carrying amount represents the amortized cost, net of allowance if applicable. Refer to Note 9 for additional information. (d) Positive amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods. (e) Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships. |
Cash flow hedge gains and losses | The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three months ended March 31, 2022 and 2021, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item. Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Three months ended March 31, 2022 Amounts reclassified Amounts recorded Total change Contract type Interest rate (a) $ 243 $ (3,361) $ (3,604) Foreign exchange (b) (6) (75) (69) Total $ 237 $ (3,436) $ (3,673) Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Three months ended March 31, 2021 Amounts reclassified Amounts recorded Total change in OCI for period Contract type Interest rate (a) $ 237 $ (2,761) $ (2,998) Foreign exchange (b) 27 66 39 Total $ 264 $ (2,695) $ (2,959) (a) Primarily consists of hedges of LIBOR-indexed floating-rate assets and floating-rate liabilities. Gains and losses were recorded in net interest income. |
Net investment hedge gains and losses | The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the three months ended March 31, 2022 and 2021. Gains/(losses) recorded in income and other comprehensive income/(loss) 2022 2021 Three months ended March 31, Amounts recorded in income (a) Amounts recorded in OCI Amounts recorded in income (a) Amounts recorded in OCI Foreign exchange derivatives $ (131) $ 338 $ (28) $ 1,200 (a) Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The Firm elects to record changes in fair value of these amounts directly in other income. |
Risk management derivatives gains and losses (not designated as hedging instruments) | The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from mortgage commitments, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities. Derivatives gains/(losses) Three months ended March 31, (in millions) 2022 2021 Contract type Interest rate (a) $ (229) $ (142) Credit (b) 33 (40) Foreign exchange (c) (82) 98 Total $ (278) $ (84) (a) Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in mortgage commitments, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income. (b) Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue. (c) Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue. |
Credit derivatives table | Refer to Note 5 of JPMorgan Chase’s 2021 Form 10-K for a more detailed discussion of credit derivatives. The following tables present a summary of the notional amounts of credit derivatives and credit-related notes the Firm sold and purchased as of March 31, 2022 and December 31, 2021. The Firm does not use notional amounts of credit derivatives as the primary measure of risk management for such derivatives, because the notional amount does not take into account the probability of the occurrence of a credit event, the recovery value of the reference obligation, or related cash instruments and economic hedges, each of which reduces, in the Firm’s view, the risks associated with such derivatives. Total credit derivatives and credit-related notes Maximum payout/Notional amount March 31, 2022 (in millions) Protection sold Protection purchased with identical underlyings (c) Net protection (sold)/purchased (d) Other protection purchased (e) Credit derivatives Credit default swaps $ (640,702) $ 650,858 $ 10,156 $ 1,710 Other credit derivatives (a) (91,293) 104,184 12,891 14,885 Total credit derivatives (731,995) 755,042 23,047 16,595 Credit-related notes (b) — — — 8,844 Total $ (731,995) $ 755,042 $ 23,047 $ 25,439 Maximum payout/Notional amount December 31, 2021 (in millions) Protection sold Protection purchased with identical underlyings (c) Net protection (sold)/purchased (d) Other protection purchased (e) Credit derivatives Credit default swaps $ (443,481) $ 458,180 $ 14,699 $ 2,269 Other credit derivatives (a) (56,130) 79,586 23,456 13,435 Total credit derivatives (499,611) 537,766 38,155 15,704 Credit-related notes (b) — — — 9,437 Total $ (499,611) $ 537,766 $ 38,155 $ 25,141 (a) Other credit derivatives predominantly consist of credit swap options and total return swaps. (b) Represents Other protection purchased by CIB, primarily in its market-making businesses. (c) Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold. (d) Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value. (e) Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument. |
Protection sold - credit derivatives ratings/maturity profile | The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives as of March 31, 2022, and December 31, 2021, where JPMorgan Chase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives where JPMorgan Chase is the purchaser of protection are comparable to the profile reflected below. Protection sold — credit derivatives ratings (a) /maturity profile March 31, 2022 <1 year 1–5 years >5 years Total Fair value of receivables (b) Fair value of payables (b) Net fair value Risk rating of reference entity Investment-grade $ (127,594) $ (321,381) $ (97,701) $ (546,676) $ 3,464 $ (871) $ 2,593 Noninvestment-grade (32,074) (116,254) (36,991) (185,319) 2,860 (3,337) (477) Total $ (159,668) $ (437,635) $ (134,692) $ (731,995) $ 6,324 $ (4,208) $ 2,116 December 31, 2021 <1 year 1–5 years >5 years Total Fair value of receivables (b) Fair value of payables (b) Net fair value Risk rating of reference entity Investment-grade $ (91,155) $ (255,106) $ (29,035) $ (375,296) $ 3,645 $ (623) $ 3,022 Noninvestment-grade (32,175) (84,851) (7,289) (124,315) 2,630 (2,003) 627 Total $ (123,330) $ (339,957) $ (36,324) $ (499,611) $ 6,275 $ (2,626) $ 3,649 (a) The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s. (b) Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting. |
Noninterest Revenue and Nonin_2
Noninterest Revenue and Noninterest Expense (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Noninterest Income (Expense) [Abstract] | |
Components of investment banking fees | The following table presents the components of investment banking fees. Three months ended March 31, (in millions) 2022 2021 Underwriting Equity $ 242 $ 1,062 Debt 974 1,221 Total underwriting 1,216 2,283 Advisory 792 687 Total investment banking fees $ 2,008 $ 2,970 |
Principal transactions revenue | The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and fund deployment activities in Treasury and CIO. Refer to Note 6 for further information on interest income and interest expense. Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual LOB. Three months ended March 31, (in millions) 2022 2021 Trading revenue by instrument type Interest rate (a) $ 469 $ 923 Credit (b) 457 1,270 Foreign exchange 1,324 998 Equity 2,255 2,657 Commodity 747 549 Total trading revenue 5,252 6,397 Private equity gains/(losses) (147) 103 Principal transactions $ 5,105 $ 6,500 (a) Includes the impact of changes in funding valuation adjustments on derivatives. (b) Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities. |
Components of lending and deposit-related fees | The following table presents the components of lending- and deposit-related fees. Three months ended March 31, (in millions) 2022 2021 Lending-related fees $ 362 $ 358 Deposit-related fees 1,477 1,329 Total lending- and deposit-related fees $ 1,839 $ 1,687 |
Components of asset management, administration and commissions | The following table presents the components of asset management, administration and commissions. Three months ended March 31, (in millions) 2022 2021 Asset management fees Investment management fees (a) $ 3,562 $ 3,257 All other asset management fees (b) 90 94 Total asset management fees 3,652 3,351 Total administration fees (c) 633 633 Commissions and other fees Brokerage commissions (d) 810 800 All other commissions and fees 267 245 Total commissions and fees 1,077 1,045 Total asset management, administration and commissions $ 5,362 $ 5,029 (a) Represents fees earned from managing assets on behalf of the Firm’s clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts. (b) Represents fees for services that are ancillary to investment management services, such as commissions earned on the sales or distribution of mutual funds to clients. (c) Predominantly includes fees for custody, securities lending, funds services and securities clearance. (d) Represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments. |
Schedule of components of card income | The following table presents the components of card income. Three months ended March 31, (in millions) 2022 2021 Interchange and merchant processing income $ 6,235 $ 4,868 Rewards costs and partner payments (4,870) (3,534) Other card income (a) (390) 16 Total card income $ 975 $ 1,350 (a) Predominantly represents the amortization of account origination costs and annual fees. |
Components of noninterest expense | Other expense on the Firm’s Consolidated statements of income includes the following: Three months ended March 31, (in millions) 2022 2021 Legal expense $ 119 $ 28 |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Interest Income (Expense), Net [Abstract] | |
Details of interest income and interest expense | The following table presents the components of interest income and interest expense. Three months ended March 31, (in millions) 2022 2021 Interest income Loans (a) $ 10,633 $ 10,187 Taxable securities 1,979 1,605 Non-taxable securities (b) 245 277 Total investment securities (a) 2,224 1,882 Trading assets - debt instruments 1,767 1,782 Federal funds sold and securities purchased under resale agreements 397 233 Securities borrowed (c) (87) (77) Deposits with banks 238 65 All other interest-earning assets (d) 324 199 Total interest income $ 15,496 $ 14,271 Interest expense Interest-bearing deposits $ 182 $ 146 Federal funds purchased and securities loaned or sold under repurchase agreements 117 15 Short-term borrowings (e) 40 33 Trading liabilities – debt and all other interest-bearing liabilities (c)(f) 191 27 Long-term debt 1,076 1,134 Beneficial interest issued by consolidated VIEs 18 27 Total interest expense $ 1,624 $ 1,382 Net interest income $ 13,872 $ 12,889 Provision for credit losses 1,463 (4,156) Net interest income after provision for credit losses $ 12,409 $ 17,045 (a) Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts and net deferred fees/costs). (b) Represents securities which are tax-exempt for U.S. federal income tax purposes. (c) Negative interest income is related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other interest-bearing liabilities. (d) Includes interest earned on brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets which are classified in other assets on the Consolidated balance sheets. (e) Includes commercial paper. (f) All other interest-bearing liabilities includes interest expense on brokerage-related customer payables. |
Pension and Other Postretirem_2
Pension and Other Postretirement Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Components of net periodic benefit costs reported in the Consolidated Statements of Income | The following table presents the net periodic benefit costs reported in the Consolidated statements of income for the Firm’s defined benefit pension, defined contribution and OPEB plans. (in millions) Three months ended March 31, 2022 2021 Pension and OPEB plans Total net periodic defined benefit plan cost/(credit) (64) (59) Total defined contribution plans 344 321 Total pension and OPEB cost included in noninterest expense $ 280 $ 262 |
Employee Share-based Incentiv_2
Employee Share-based Incentives (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Noncash compensation expense related to employee stock-based incentive plans | The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income. Three months ended March 31, (in millions) 2022 2021 Cost of prior grants of restricted stock units ("RSUs"), performance share units (“PSUs”) and stock appreciation rights ("SARs") that are amortized over their applicable vesting periods $ 271 $ 356 Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees 535 548 Total noncash compensation expense related to employee share-based incentive plans $ 806 $ 904 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized costs and estimated fair values | The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated. March 31, 2022 December 31, 2021 (in millions) Amortized cost (b)(c) Gross unrealized gains Gross unrealized losses Fair value Amortized cost (b)(c) Gross unrealized gains Gross unrealized losses Fair value Available-for-sale securities Mortgage-backed securities: U.S. GSEs and government agencies $ 94,270 $ 311 $ 4,681 $ 89,900 $ 72,800 $ 736 $ 993 $ 72,543 Residential: U.S. 1,970 3 39 1,934 2,128 38 2 2,164 Non-U.S. 3,572 15 6 3,581 3,882 25 1 3,906 Commercial 5,013 — 108 4,905 4,944 22 17 4,949 Total mortgage-backed securities 104,825 329 4,834 100,320 83,754 821 1,013 83,562 U.S. Treasury and government agencies 170,683 417 5,138 165,962 178,038 668 1,243 177,463 Obligations of U.S. states and municipalities 14,561 377 152 14,786 14,890 972 2 15,860 Non-U.S. government debt securities 16,463 58 220 16,301 16,163 92 46 16,209 Corporate debt securities 376 — 20 356 332 8 19 321 Asset-backed securities: Collateralized loan obligations 10,554 4 85 10,473 9,674 6 18 9,662 Other 4,660 35 18 4,677 5,403 47 2 5,448 Total available-for-sale securities 322,122 1,220 10,467 312,875 308,254 2,614 2,343 308,525 Held-to-maturity securities (a) Mortgage-backed securities: U.S. GSEs and government agencies 98,079 258 5,117 93,220 102,556 1,400 853 103,103 U.S. Residential 9,377 1 462 8,916 7,316 1 106 7,211 Commercial 5,378 6 278 5,106 3,730 11 54 3,687 Total mortgage-backed securities 112,834 265 5,857 107,242 113,602 1,412 1,013 114,001 U.S. Treasury and government agencies 187,240 — 9,750 177,490 185,204 169 2,103 183,270 Obligations of U.S. states and municipalities 14,812 124 492 14,444 13,985 453 44 14,394 Asset-backed securities: Collateralized loan obligations 49,569 25 375 49,219 48,869 75 22 48,922 Other 2,130 2 33 2,099 2,047 1 7 2,041 Total held-to-maturity securities 366,585 416 16,507 350,494 363,707 2,110 3,189 362,628 Total investment securities, net of allowance for credit losses $ 688,707 $ 1,636 $ 26,974 $ 663,369 $ 671,961 $ 4,724 $ 5,532 $ 671,153 (a) The Firm purchased $13.2 billion and $31.3 billion of HTM securities for the three months ended March 31, 2022 and 2021, respectively. (b) The amortized cost of investment securities is reported net of allowance for credit losses of $41 million and $42 million at March 31, 2022 and December 31, 2021, respectively. (c) Excludes $2.0 billion and $1.9 billion of accrued interest receivables at March 31, 2022 and December 31, 2021, respectively. The Firm did not reverse through interest income any accrued interest receivables for the three months ended March 31, 2022 and 2021. Refer to Note 10 of JPMorgan Chase’s 2021 Form 10-K for further discussion of accounting policies for accrued interest receivables on investment securities. |
Securities impairment | The following tables present the fair value and gross unrealized losses by aging category for AFS securities at March 31, 2022 and December 31, 2021. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $9.8 billion and $2.2 billion, at March 31, 2022 and December 31, 2021, respectively; changes in the value of these securities are generally driven by changes in interest rates rather than changes in their credit profile given the explicit or implicit guarantees provided by the U.S. government. Available-for-sale securities with gross unrealized losses Less than 12 months 12 months or more March 31, 2022 (in millions) Fair value Gross Fair value Gross Total fair value Total gross unrealized losses Available-for-sale securities Mortgage-backed securities: Residential: U.S. $ 1,593 $ 38 $ 42 $ 1 $ 1,635 $ 39 Non-U.S. 2,349 6 — — 2,349 6 Commercial 4,406 86 336 22 4,742 108 Total mortgage-backed securities 8,348 130 378 23 8,726 153 Obligations of U.S. states and municipalities 1,456 152 — — 1,456 152 Non-U.S. government debt securities 8,631 157 916 63 9,547 220 Corporate debt securities 264 3 45 17 309 20 Asset-backed securities: Collateralized loan obligations 8,561 73 1,331 12 9,892 85 Other 2,900 15 156 3 3,056 18 Total available-for-sale securities with gross unrealized losses $ 30,160 $ 530 $ 2,826 $ 118 $ 32,986 $ 648 Available-for-sale securities with gross unrealized losses Less than 12 months 12 months or more December 31, 2021 (in millions) Fair value Gross Fair value Gross Total fair value Total gross unrealized losses Available-for-sale securities Mortgage-backed securities: Residential: U.S. $ 303 $ 1 $ 45 $ 1 $ 348 $ 2 Non-U.S. 133 1 — — 133 1 Commercial 2,557 5 349 12 2,906 17 Total mortgage-backed securities 2,993 7 394 13 3,387 20 Obligations of U.S. states and municipalities 120 2 — — 120 2 Non-U.S. government debt securities 5,060 37 510 9 5,570 46 Corporate debt securities 166 1 46 18 212 19 Asset-backed securities: Collateralized loan obligations 8,110 18 208 — 8,318 18 Other 89 — 178 2 267 2 Total available-for-sale securities with gross unrealized losses $ 16,538 $ 65 $ 1,336 $ 42 $ 17,874 $ 107 |
Securities gains and losses and provision for credit loss | Three months ended March 31, (in millions) 2022 2021 Realized gains $ 13 $ 237 Realized losses (407) (223) Investment securities gains/(losses) $ (394) $ 14 Provision for credit losses $ (1) $ 16 |
Amortized cost and estimated fair value by contractual maturity | The following table presents the amortized cost and estimated fair value at March 31, 2022, of JPMorgan Chase’s investment securities portfolio by contractual maturity. By remaining maturity March 31, 2022 (in millions) Due in one Due after one year through five years Due after five years through 10 years Due after 10 years (b) Total Available-for-sale securities Mortgage-backed securities Amortized cost $ 5 $ 3,740 $ 4,314 $ 96,768 $ 104,827 Fair value 5 3,599 4,467 92,249 100,320 Average yield (a) 0.27 % 1.61 % 1.93 % 2.49 % 2.43 % U.S. Treasury and government agencies Amortized cost $ 11,814 $ 136,391 $ 14,640 $ 7,838 $ 170,683 Fair value 11,803 132,200 13,921 8,038 165,962 Average yield (a) 0.83 % 0.59 % 1.20 % 0.85 % 0.67 % Obligations of U.S. states and municipalities Amortized cost $ 13 $ 144 $ 1,408 $ 12,996 $ 14,561 Fair value 13 145 1,439 13,189 14,786 Average yield (a) 4.09 % 4.58 % 4.84 % 4.90 % 4.89 % Non-U.S. government debt securities Amortized cost $ 6,901 $ 5,305 $ 3,453 $ 804 $ 16,463 Fair value 6,907 5,276 3,313 805 16,301 Average yield (a) 2.67 % 2.58 % 1.12 % 1.09 % 2.24 % Corporate debt securities Amortized cost $ — $ 362 $ 14 $ — $ 376 Fair value — 342 14 — 356 Average yield (a) — % 11.08 % 1.25 % — % 10.71 % Asset-backed securities Amortized cost $ 2,000 $ 881 $ 3,155 $ 9,178 $ 15,214 Fair value 1,999 875 3,145 9,131 15,150 Average yield (a) 1.48 % 1.89 % 1.34 % 1.59 % 1.54 % Total available-for-sale securities Amortized cost $ 20,733 $ 146,823 $ 26,984 $ 127,584 $ 322,124 Fair value 20,727 142,437 26,299 123,412 312,875 Average yield (a) 1.51 % 0.73 % 1.51 % 2.56 % 1.57 % Held-to-maturity securities Mortgage-backed securities Amortized cost $ — $ 1,435 $ 11,279 $ 100,127 $ 112,841 Fair value — 1,379 10,774 95,089 107,242 Average yield (a) — % 1.88 % 2.38 % 2.82 % 2.77 % U.S. Treasury and government agencies Amortized cost $ 29,406 $ 91,162 $ 66,672 $ — $ 187,240 Fair value 29,221 86,797 61,472 — 177,490 Average yield (a) 0.58 % 0.74 % 1.26 % — % 0.90 % Obligations of U.S. states and municipalities Amortized cost $ 34 $ 76 $ 1,519 $ 13,215 $ 14,844 Fair value 34 72 1,526 12,812 14,444 Average yield (a) 3.75 % 2.78 % 3.79 % 3.82 % 3.81 % Asset-backed securities Amortized cost $ — $ — $ 13,503 $ 38,196 $ 51,699 Fair value — — 13,475 37,843 51,318 Average yield (a) — % — % 1.30 % 1.37 % 1.35 % Total held-to-maturity securities Amortized cost $ 29,440 $ 92,673 $ 92,973 $ 151,538 $ 366,624 Fair value 29,255 88,248 87,247 145,744 350,494 Average yield (a) 0.59 % 0.76 % 1.44 % 2.54 % 1.66 % (a) Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid. However, for certain callable debt securities, the average yield is calculated to the earliest call date. (b) Substantially all of the Firm’s U.S. residential MBS and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately 7 years for agency residential MBS, 4 years for agency residential collateralized mortgage obligations and 5 years for nonagency residential collateralized mortgage obligations. |
Securities Financing Activiti_2
Securities Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Securities Financing Transactions Disclosures [Abstract] | |
Schedule of securities sold under repurchase agreements, netting & securities loaned | The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of March 31, 2022 and December 31, 2021. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below. In transactions where the Firm is acting as the lender in a securities-for-securities lending agreement and receives securities that can be pledged or sold as collateral, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities on the Consolidated balance sheets. March 31, 2022 (in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets Amounts not nettable on the Consolidated balance sheets (b) Net amounts (c) Assets Securities purchased under resale agreements $ 637,234 $ (335,359) $ 301,875 $ (289,272) $ 12,603 Securities borrowed 269,303 (44,451) 224,852 (168,087) 56,765 Liabilities Securities sold under repurchase agreements $ 553,011 $ (335,359) $ 217,652 $ (189,969) $ 27,683 Securities loaned and other (a) 57,991 (44,451) 13,540 (13,209) 331 December 31, 2021 (in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets Amounts not nettable on the Consolidated balance sheets (b) Net amounts (c) Assets Securities purchased under resale agreements $ 604,724 $ (343,093) $ 261,631 $ (245,588) $ 16,043 Securities borrowed 250,333 (44,262) 206,071 (154,599) 51,472 Liabilities Securities sold under repurchase agreements $ 532,899 $ (343,093) $ 189,806 $ (166,456) $ 23,350 Securities loaned and other (a) 52,610 (44,262) 8,348 (8,133) 215 (a) Includes securities-for-securities lending agreements of $8.0 billion and $5.6 billion at March 31, 2022 and December 31, 2021, respectively, accounted for at fair value, where the Firm is acting as lender. (b) In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty. |
Schedule of types of assets pledged in secured financing transactions | The tables below present as of March 31, 2022, and December 31, 2021 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements. Gross liability balance March 31, 2022 December 31, 2021 (in millions) Securities sold under repurchase agreements Securities loaned and other Securities sold under repurchase agreements Securities loaned and other Mortgage-backed securities U.S. GSEs and government agencies $ 33,274 $ — $ 37,046 $ — Residential - nonagency 1,169 — 1,508 — Commercial - nonagency 1,443 — 1,463 — U.S. Treasury, GSEs and government agencies 240,145 2,193 241,578 358 Obligations of U.S. states and municipalities 2,274 7 1,916 7 Non-U.S. government debt 189,535 2,134 174,971 1,572 Corporate debt securities 46,671 2,783 38,180 1,619 Asset-backed securities 1,345 5 1,211 — Equity securities 37,155 50,869 35,026 49,054 Total $ 553,011 $ 57,991 $ 532,899 $ 52,610 Remaining contractual maturity of the agreements Overnight and continuous Greater than March 31, 2022 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 220,217 $ 205,272 $ 57,245 $ 70,277 $ 553,011 Total securities loaned and other 56,975 124 489 403 57,991 Remaining contractual maturity of the agreements Overnight and continuous Greater than December 31, 2021 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 195,035 $ 231,171 $ 47,201 $ 59,492 $ 532,899 Total securities loaned and other 50,034 1,701 — 875 52,610 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loan portfolio segment descriptions | The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class. Consumer, excluding Credit card Wholesale (c)(d) • Residential real estate (a) • Auto and other (b) • Credit card loans • Secured by real estate • Commercial and industrial • Other (e) (a) Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in CIB and Corporate. (b) Includes scored auto and business banking loans and overdrafts. (c) Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses. (d) The wholesale portfolio segment's classes align with loan classifications as defined by the bank regulatory agencies, based on the loan's collateral, purpose, and type of borrower. (e) Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2021 Form 10-K for more information on SPEs. |
Schedule of loans by portfolio segment | The following tables summarize the Firm’s loan balances by portfolio segment. March 31, 2022 Consumer, excluding credit card Credit card Wholesale Total (a)(b) (in millions) Retained $ 296,161 $ 152,283 $ 569,953 $ 1,018,397 Held-for-sale 808 — 5,617 6,425 At fair value 15,520 — 32,943 48,463 Total $ 312,489 $ 152,283 $ 608,513 $ 1,073,285 December 31, 2021 Consumer, excluding credit card Credit card Wholesale Total (a)(b) (in millions) Retained $ 295,556 $ 154,296 $ 560,354 $ 1,010,206 Held-for-sale 1,287 — 7,401 8,688 At fair value 26,463 — 32,357 58,820 Total $ 323,306 $ 154,296 $ 600,112 $ 1,077,714 (a) Excludes $2.8 billion and $2.7 billion of accrued interest receivables at March 31, 2022, and December 31, 2021, respectively. The Firm wrote off accrued interest receivables of $12 million and $13 million for the three months ended March 31, 2022 and 2021, respectively. (b) Loans (other than those for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs. These amounts were not material as of March 31, 2022, and December 31, 2021. The following table provides information about retained consumer loans, excluding credit card, by class. (in millions) March 31, December 31, Residential real estate $ 227,926 $ 224,795 Auto and other (a) 68,235 70,761 Total retained loans $ 296,161 $ 295,556 (a) At March 31, 2022 and December 31, 2021, included $2.9 billion and $5.4 billion of loans, respectively, in Business Banking under the PPP. |
Schedule of retained loans purchased, sold and reclassified to held-for-sale | The following tables provide information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table. 2022 2021 Three months ended March 31, Consumer, excluding Credit card Wholesale Total Consumer, excluding Credit card Wholesale Total Purchases $ 119 (b)(c) $ — $ 166 $ 285 $ 191 (b)(c) $ — $ 226 $ 417 Sales 47 — 9,707 9,754 181 — 5,730 5,911 Retained loans reclassified to held-for-sale (a) 76 — 273 349 162 — 772 934 (a) Reclassifications of loans to held-for-sale are non-cash transactions. (b) Predominantly includes purchases of residential real estate loans, including the Firm’s voluntary repurchases of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines for the three months ended March 31, 2022 and 2021. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA. (c) Excludes purchases of retained loans of $3.2 billion and $7.0 billion for the three months ended March 31, 2022 and 2021, respectively, which are predominantly sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards. |
Schedule of financing receivable credit quality indicators | The following tables provide information on delinquency, which is the primary credit quality indicator for retained residential real estate loans. (in millions, except ratios) March 31, 2022 Term loans by origination year (d) Revolving loans Total 2022 2021 2020 2019 2018 Prior to 2018 Within the revolving period Converted to term loans Loan delinquency (a)(b) Current $ 12,972 $ 69,009 $ 46,191 $ 17,016 $ 7,207 $ 56,403 $ 5,981 $ 11,186 $ 225,965 30–149 days past due — 13 9 13 23 630 12 164 864 150 or more days past due — 1 9 17 15 812 8 235 1,097 Total retained loans $ 12,972 $ 69,023 $ 46,209 $ 17,046 $ 7,245 $ 57,845 $ 6,001 $ 11,585 $ 227,926 % of 30+ days past due to total retained loans (c) — % 0.02 % 0.04 % 0.18 % 0.52 % 2.43 % 0.33 % 3.44 % 0.85 % (in millions, except ratios) December 31, 2021 Term loans by origination year (d) Revolving loans Total 2021 2020 2019 2018 2017 Prior to 2017 Within the revolving period Converted to term loans Loan delinquency (a)(b) Current $ 68,742 $ 48,334 $ 18,428 $ 7,929 $ 11,684 $ 49,147 $ 6,392 $ 11,807 $ 222,463 30–149 days past due 13 23 27 27 22 578 11 182 883 150 or more days past due — 11 21 25 33 1,069 6 284 1,449 Total retained loans $ 68,755 $ 48,368 $ 18,476 $ 7,981 $ 11,739 $ 50,794 $ 6,409 $ 12,273 $ 224,795 % of 30+ days past due to total retained loans (c) 0.02 % 0.07 % 0.26 % 0.65 % 0.47 % 3.18 % 0.27 % 3.80 % 1.02 % (a) Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $30 million and $35 million; 30–149 days past due included $13 million and $11 million; and 150 or more days past due included $22 million and $20 million at March 31, 2022 and December 31, 2021, respectively. (b) At March 31, 2022 and December 31, 2021, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent. (c) At March 31, 2022 and December 31, 2021, residential real estate loans excluded mortgage loans insured by U.S. government agencies of $35 million and $31 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee. (d) Purchased loans are included in the year in which they were originated. The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans. (in millions, except weighted-average data) March 31, 2022 December 31, 2021 Nonaccrual loans (a)(b)(c)(d) $ 4,375 $ 4,759 90 or more days past due and government guaranteed (e) 27 24 Current estimated LTV ratios (f)(g)(h) Greater than 125% and refreshed FICO scores: Equal to or greater than 660 $ 3 $ 2 Less than 660 2 2 101% to 125% and refreshed FICO scores: Equal to or greater than 660 24 37 Less than 660 9 15 80% to 100% and refreshed FICO scores: Equal to or greater than 660 2,523 2,701 Less than 660 78 89 Less than 80% and refreshed FICO scores: Equal to or greater than 660 214,298 209,295 Less than 660 9,201 9,658 No FICO/LTV available 1,723 2,930 U.S. government-guaranteed 65 66 Total retained loans $ 227,926 $ 224,795 Weighted average LTV ratio (f)(i) 50 % 50 % Weighted average FICO (g)(i) 767 765 Geographic region (j) California $ 71,174 $ 71,383 New York 33,218 32,545 Florida 17,021 16,182 Texas 14,273 13,865 Illinois 11,453 11,565 Colorado 9,159 8,885 Washington 8,392 8,292 New Jersey 6,887 6,832 Massachusetts 6,230 6,105 Connecticut 5,307 5,242 All other (k) 44,812 43,899 Total retained loans $ 227,926 $ 224,795 (a) Includes collateral-dependent residential real estate loans that are charged down to the fair value of the underlying collateral less costs to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual TDRs, regardless of their delinquency status. At March 31, 2022, approximately 5% of Chapter 7 residential real estate loans were 30 days or more past due. (b) Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative. (c) Interest income on nonaccrual loans recognized on a cash basis was $45 million for both the three months ended March 31, 2022 and 2021, respectively. (d) Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic. (e) These balances are excluded from nonaccrual loans as the loans are guaranteed by U.S government agencies. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. At March 31, 2022 and December 31, 2021, these balances were no longer accruing interest based on the agreed-upon servicing guidelines. There were no loans that were not guaranteed by U.S. government agencies that are 90 or more days past due and still accruing interest at March 31, 2022 and December 31, 2021. (f) Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property. (g) Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis. (h) Includes residential real estate loans, primarily held in LLCs in AWM that did not have a refreshed FICO score. These loans have been included in a FICO band based on management’s estimation of the borrower’s credit quality. (i) Excludes loans with no FICO and/or LTV data available. (j) The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2022. (k) At March 31, 2022 and December 31, 2021, included mortgage loans insured by U.S. government agencies of $65 million and $66 million, respectively. These amounts have been excluded from the geographic regions presented based upon the government guarantee. The following tables provide information on delinquency, which is the primary credit quality indicator for retained auto and other consumer loans. March 31, 2022 (in millions, except ratios) Term Loans by origination year Revolving loans 2022 2021 2020 2019 2018 Prior to 2018 Within the revolving period Converted to term loans Total Loan delinquency Current $ 7,272 $ 30,438 (b) $ 16,259 (b) $ 6,435 $ 3,009 $ 1,800 $ 2,223 $ 117 $ 67,553 30–119 days past due 62 161 124 68 40 34 11 6 506 120 or more days past due — — 163 — — 1 6 6 176 Total retained loans $ 7,334 $ 30,599 $ 16,546 $ 6,503 $ 3,049 $ 1,835 $ 2,240 $ 129 $ 68,235 % of 30+ days past due to total retained loans (a) 0.85 % 0.52 % 0.45 % 1.05 % 1.31 % 1.91 % 0.76 % 9.30 % 0.69 % December 31, 2021 (in millions, except ratios) Term Loans by origination year Revolving loans 2021 2020 2019 2018 2017 Prior to 2017 Within the revolving period Converted to term loans Total Loan delinquency Current $ 35,323 (c) $ 18,324 (c) $ 7,443 $ 3,671 $ 1,800 $ 666 $ 2,242 $ 120 $ 69,589 30–119 days past due 192 720 88 53 31 21 12 6 1,123 120 or more days past due — 35 — — 1 1 5 7 49 Total retained loans $ 35,515 $ 19,079 $ 7,531 $ 3,724 $ 1,832 $ 688 $ 2,259 $ 133 $ 70,761 % of 30+ days past due to total retained loans (a) 0.54 % 0.47 % 1.17 % 1.42 % 1.75 % 3.20 % 0.75 % 9.77 % 0.71 % (d) (a) At March 31, 2022 and December 31, 2021, auto and other loans excluded $213 million and $667 million, respectively, of PPP loans guaranteed by the SBA that are 30 or more days past due. These amounts have been excluded based upon the SBA guarantee. (b) Includes $2.5 billion of loans originated in 2021 and $353 million of loans originated in 2020 in Business Banking under the PPP. PPP loans are guaranteed by the SBA. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans. (c) Includes $4.4 billion of loans originated in 2021 and $1.0 billion of loans originated in 2020 in Business Banking under the PPP. (d) Prior-period amount has been revised to conform with the current presentation. The following table provides information on nonaccrual and other credit quality indicators for retained auto and other consumer loans. (in millions, except ratios) Total Auto and other March 31, 2022 December 31, 2021 Nonaccrual loans (a)(b)(c) 110 119 Geographic region (d) California $ 10,794 $ 11,163 Texas 7,725 7,859 New York 5,075 5,848 Florida 4,929 4,901 Illinois 2,785 2,930 New Jersey 2,274 2,355 Pennsylvania 1,936 2,004 Arizona 1,789 1,887 Louisiana 1,771 1,801 Georgia 1,760 1,748 All other 27,397 28,265 Total retained loans $ 68,235 $ 70,761 (a) At March 31, 2022 and December 31, 2021, nonaccrual loans excluded $179 million and $506 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA, of which $163 million and $35 million, respectively, were no longer accruing interest based on the guidelines set by the SBA. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting the guidelines set by the SBA. There were no loans that were not guaranteed by the SBA that are 90 or more days past due and still accruing interest at March 31, 2022 and December 31, 2021. (b) Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to the charge down, the related allowance may be negative. (c) Interest income on nonaccrual loans recognized on a cash basis was not material for the three months ended March 31, 2022 and 2021 . (d) The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at March 31, 2022. The following tables provide information on delinquency, which is the primary credit quality indicator for retained credit card loans. (in millions, except ratios) March 31, 2022 Within the revolving period Converted to term loans (a) Total Loan delinquency Current and less than 30 days past due $ 149,811 $ 817 $ 150,628 30–89 days past due and still accruing 780 55 835 90 or more days past due and still accruing 791 29 820 Total retained loans $ 151,382 $ 901 $ 152,283 Loan delinquency ratios % of 30+ days past due to total retained loans 1.04 % 9.32 % 1.09 % % of 90+ days past due to total retained loans 0.52 3.22 0.54 (in millions, except ratios) December 31, 2021 Within the revolving period Converted to term loans (a) Total Loan delinquency Current and less than 30 days past due $ 151,798 $ 901 $ 152,699 30–89 days past due and still accruing 770 59 829 90 or more days past due and still accruing 741 27 768 Total retained loans $ 153,309 $ 987 $ 154,296 Loan delinquency ratios % of 30+ days past due to total retained loans 0.99 % 8.71 % 1.04 % % of 90+ days past due to total retained loans 0.48 2.74 0.50 (a) Represents TDRs. The following table provides information on other credit quality indicators for retained credit card loans. (in millions, except ratios) March 31, 2022 December 31, 2021 Geographic region (a) California $ 22,865 $ 23,030 Texas 15,808 15,879 New York 12,539 12,652 Florida 10,388 10,412 Illinois 8,428 8,530 New Jersey 6,273 6,367 Ohio 4,807 4,923 Colorado 4,562 4,573 Pennsylvania 4,548 4,708 Michigan 3,682 3,773 All other 58,383 59,449 Total retained loans $ 152,283 $ 154,296 Percentage of portfolio based on carrying value with estimated refreshed FICO scores Equal to or greater than 660 87.9 % 88.5 % Less than 660 11.9 11.3 No FICO available 0.2 0.2 (a) The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2022. The following tables provide information on internal risk rating, which is the primary credit quality indicator for retained wholesale loans. Secured by real estate Commercial and industrial Other (b) Total retained loans (in millions, except ratios) Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Loans by risk ratings Investment-grade $ 94,158 $ 92,369 $ 77,254 $ 75,783 $ 239,775 $ 241,859 $ 411,187 $ 410,011 Noninvestment-grade: Noncriticized 21,982 22,495 68,923 62,039 52,679 52,440 143,584 136,974 Criticized performing 3,858 3,645 7,872 6,900 1,163 770 12,893 11,315 Criticized nonaccrual (a) 369 326 1,148 969 772 759 2,289 2,054 Total noninvestment-grade 26,209 26,466 77,943 69,908 54,614 53,969 158,766 150,343 Total retained loans $ 120,367 $ 118,835 $ 155,197 $ 145,691 $ 294,389 $ 295,828 $ 569,953 $ 560,354 % of investment-grade to total retained loans 78.23 % 77.73 % 49.78 % 52.02 % 81.45 % 81.76 % 72.14 % 73.17 % % of total criticized to total retained loans 3.51 3.34 5.81 5.40 0.66 0.52 2.66 2.39 % of criticized nonaccrual to total retained loans 0.31 0.27 0.74 0.67 0.26 0.26 0.40 0.37 (a) At March 31, 2022 and December 31, 2021 nonaccrual loans excluded $57 million and $127 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA, predominantly in commercial and industrial. (b) Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2021 Form 10-K for more information on SPEs. Secured by real estate (in millions) March 31, 2022 Term loans by origination year Revolving loans 2022 2021 2020 2019 2018 Prior to 2018 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 6,743 $ 23,613 $ 15,729 $ 16,493 $ 7,171 $ 23,201 $ 1,200 $ 8 $ 94,158 Noninvestment-grade 1,527 5,149 3,534 4,299 3,250 7,973 476 1 26,209 Total retained loans $ 8,270 $ 28,762 $ 19,263 $ 20,792 $ 10,421 $ 31,174 $ 1,676 $ 9 $ 120,367 Secured by real estate (in millions) December 31, 2021 Term loans by origination year Revolving loans 2021 2020 2019 2018 2017 Prior to 2017 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 23,346 $ 16,030 $ 17,265 $ 8,103 $ 7,325 $ 19,066 $ 1,226 $ 8 $ 92,369 Noninvestment-grade 5,364 3,826 4,564 3,806 2,834 5,613 458 1 26,466 Total retained loans $ 28,710 $ 19,856 $ 21,829 $ 11,909 $ 10,159 $ 24,679 $ 1,684 $ 9 $ 118,835 Commercial and industrial (in millions) March 31, 2022 Term loans by origination year Revolving loans 2022 2021 2020 2019 2018 Prior to 2018 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 9,027 $ 13,819 $ 5,909 $ 3,107 $ 1,125 $ 1,612 $ 42,654 $ 1 $ 77,254 (a) Noninvestment-grade 7,209 17,555 6,003 3,819 1,707 1,069 40,505 76 77,943 Total retained loans $ 16,236 $ 31,374 $ 11,912 $ 6,926 $ 2,832 $ 2,681 $ 83,159 $ 77 $ 155,197 Commercial and industrial (in millions) December 31, 2021 Term loans by origination year Revolving loans 2021 2020 2019 2018 2017 Prior to 2017 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 21,342 $ 6,268 $ 3,609 $ 1,269 $ 1,108 $ 819 $ 41,367 $ 1 $ 75,783 (b) Noninvestment-grade 19,314 7,112 4,559 2,177 930 430 35,312 74 69,908 Total retained loans $ 40,656 $ 13,380 $ 8,168 $ 3,446 $ 2,038 $ 1,249 $ 76,679 $ 75 $ 145,691 (a) At March 31, 2022, $608 million of the $704 million total PPP loans in the wholesale portfolio were commercial and industrial. Of the $608 million, $411 million were originated in 2021 and $197 million were originated in 2020. PPP loans are guaranteed by the SBA and considered investment-grade. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans. (b) At December 31, 2021, $1.1 billion of the $1.3 billion total PPP loans in the wholesale portfolio were commercial and industrial. Of the $1.1 billion, $698 million were originated in 2021 and $396 million were originated in 2020. Other (a) (in millions) March 31, 2022 Term loans by origination year Revolving loans 2022 2021 2020 2019 2018 Prior to 2018 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 14,015 $ 19,822 $ 16,545 $ 5,423 $ 2,723 $ 9,698 $ 168,991 $ 2,558 $ 239,775 Noninvestment-grade 6,264 11,273 2,559 1,519 847 649 31,498 5 54,614 Total retained loans $ 20,279 $ 31,095 $ 19,104 $ 6,942 $ 3,570 $ 10,347 $ 200,489 $ 2,563 $ 294,389 Other (a) (in millions) December 31, 2021 Term loans by origination year Revolving loans 2021 2020 2019 2018 2017 Prior to 2017 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 26,782 $ 17,829 $ 6,125 $ 2,885 $ 3,868 $ 7,651 $ 176,118 $ 601 $ 241,859 Noninvestment-grade 16,905 2,399 1,455 935 218 467 31,585 5 53,969 Total retained loans $ 43,687 $ 20,228 $ 7,580 $ 3,820 $ 4,086 $ 8,118 $ 207,703 $ 606 $ 295,828 (a) Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2021 Form 10-K for more information on SPEs. The following table presents additional information on retained loans secured by real estate, which consists of loans secured wholly or substantially by a lien or liens on real property at origination. (in millions, except ratios) Multifamily Other commercial Total retained loans secured by real estate Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Retained loans secured by real estate $ 75,194 $ 73,801 $ 45,173 $ 45,034 $ 120,367 $ 118,835 Criticized 1,850 1,671 2,377 2,300 4,227 3,971 % of criticized to total retained loans secured by real estate 2.46 % 2.26 % 5.26 % 5.11 % 3.51 % 3.34 % Criticized nonaccrual $ 82 $ 91 $ 287 $ 235 $ 369 $ 326 % of criticized nonaccrual loans to total retained loans secured by real estate 0.11 % 0.12 % 0.64 % 0.52 % 0.31 % 0.27 % Geographic distribution and delinquency The following table provides information on the geographic distribution and delinquency for retained wholesale loans. Secured by real estate Commercial Other Total (in millions, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Loans by geographic distribution (a) Total U.S. $ 117,246 $ 115,732 $ 112,021 $ 106,449 $ 209,556 $ 215,750 $ 438,823 $ 437,931 Total non-U.S. 3,121 3,103 43,176 39,242 84,833 80,078 131,130 122,423 Total retained loans $ 120,367 $ 118,835 $ 155,197 $ 145,691 $ 294,389 $ 295,828 $ 569,953 $ 560,354 Loan delinquency Current and less than 30 days past due and still accruing $ 119,596 $ 118,163 $ 152,687 $ 143,459 $ 292,146 $ 293,358 $ 564,429 $ 554,980 30–89 days past due and still accruing 392 331 1,282 1,193 1,373 1,590 3,047 3,114 90 or more days past due and still accruing (b) 10 15 80 70 98 121 188 206 Criticized nonaccrual (c) 369 326 1,148 969 772 759 2,289 2,054 Total retained loans $ 120,367 $ 118,835 $ 155,197 $ 145,691 $ 294,389 $ 295,828 $ 569,953 $ 560,354 (a) The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower. (b) Represents loans that are considered well-collateralized and therefore still accruing interest. (c) At March 31, 2022 and December 31, 2021 nonaccrual loans excluded $57 million and $127 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA, predominantly in commercial and industrial. |
Troubled debt restructuring on financing receivables nature and extent of modifications | The following table provides information about how residential real estate loans were modified in TDRs under the Firm’s loss mitigation programs described above during the periods presented. This table excludes Chapter 7 loans where the sole concession granted is the discharge of debt and loans with short-term or other insignificant modifications that are not considered concessions. Three months ended March 31, 2022 2021 Number of loans approved for a trial modification 1,526 1,401 Number of loans permanently modified 1,542 1,714 Concession granted: (a) Interest rate reduction 64 % 72 % Term or payment extension 77 40 Principal and/or interest deferred 13 31 Principal forgiveness 1 4 Other (b) 27 51 (a) Represents concessions granted in permanent modifications as a percentage of the number of loans permanently modified. The sum of the percentages exceeds 100% because predominantly all of the modifications include more than one type of concession. Concessions offered on trial modifications are generally consistent with those granted on permanent modifications. |
Troubled debt restructuring on financing receivables, financial effects of modifications and re-defaults | The following table provides information about the financial effects of the various concessions granted in modifications of residential real estate loans under the loss mitigation programs described above and about redefaults of certain loans modified in TDRs for the periods presented. The following table presents only the financial effects of permanent modifications and do not include temporary concessions offered through trial modifications. This table also excludes Chapter 7 loans where the sole concession granted is the discharge of debt and loans with short-term or other insignificant modifications that are not considered concessions. (in millions, except weighted-average data) Three months ended March 31, 2022 2021 Weighted-average interest rate of loans with interest rate reductions – before TDR 4.43 % 4.57 % Weighted-average interest rate of loans with interest rate reductions – after TDR 3.31 2.91 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR 23 24 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR 39 39 Charge-offs recognized upon permanent modification $ — $ — Principal deferred 7 12 Principal forgiven 1 1 Balance of loans that redefaulted within one year of permanent modification (a) $ 43 $ 24 (a) Represents loans permanently modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The dollar amounts presented represent the balance of such loans at the end of the reporting period in which such loans defaulted. For residential real estate loans modified in TDRs, payment default is deemed to occur when the loan becomes two contractual payments past due. In the event that a modified loan redefaults, it will generally be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last twelve months may not be representative of ultimate redefault levels. The following table provides information about the financial effects of the concessions granted on credit card loans modified in TDRs and redefaults for the periods presented. For all periods disclosed, new enrollments were less than 1% of total retained credit card loans. (in millions, except Three months ended March 31, 2022 2021 Balance of new TDRs (a) $ 82 $ 143 Weighted-average interest rate of loans – before TDR 18.00 % 17.74 % Weighted-average interest rate of loans – after TDR 4.87 5.23 Balance of loans that redefaulted within one year of modification (b) $ 9 $ 19 (a) Represents the outstanding balance prior to modification. (b) Represents loans modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The amounts presented represent the balance of such loans as of the end of the quarter in which they defaulted. |
Schedule of nonaccrual loans | The following table provides information on retained wholesale nonaccrual loans. Secured by real estate Commercial Other Total Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Nonaccrual loans With an allowance $ 290 $ 254 $ 699 $ 604 $ 554 $ 286 $ 1,543 $ 1,144 Without an allowance (a ) 79 72 449 365 218 473 746 910 Total nonaccrual loans (b) $ 369 $ 326 $ 1,148 $ 969 $ 772 $ 759 $ 2,289 $ 2,054 (a) When the discounted cash flows or collateral value equals or exceeds the amortized cost of the loan, the loan does not require an allowance. This typically occurs when the loans have been partially charged off and/or there have been interest payments received and applied to the loan balance. (b) Interest income on nonaccrual loans recognized on a cash basis was not material for the three months ended March 31, 2022 and 2021. |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Credit Loss [Abstract] | |
Allowance for credit losses on financing receivables | The table below summarizes information about the allowances for credit losses, and includes a breakdown of loans and lending-related commitments by impairment methodology. Refer to Note 10 of JPMorgan Chase’s 2021 Form 10-K and Note 9 of this Form 10-Q for further information on the allowance for credit losses on investment securities. 2022 2021 Three months ended March 31, Consumer, excluding Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total Allowance for loan losses Beginning balance at January 1, $ 1,765 $ 10,250 $ 4,371 $ 16,386 $ 3,636 $ 17,800 $ 6,892 $ 28,328 Gross charge-offs 204 720 52 976 166 1,214 88 1,468 Gross recoveries collected (158) (214) (22) (394) (145) (231) (35) (411) Net charge-offs/(recoveries) 46 506 30 582 21 983 53 1,057 Provision for loan losses 175 506 687 1,368 (932) (2,517) (830) (4,279) Other — — 20 20 (1) — 10 9 Ending balance at March 31, $ 1,894 $ 10,250 $ 5,048 $ 17,192 $ 2,682 $ 14,300 $ 6,019 $ 23,001 Allowance for lending-related commitments Beginning balance at January 1, $ 113 $ — $ 2,148 $ 2,261 $ 187 $ — $ 2,222 $ 2,409 Provision for lending-related commitments (2) — 98 96 (52) — 159 107 Other — — 1 1 — — — — Ending balance at March 31, $ 111 $ — $ 2,247 $ 2,358 $ 135 $ — $ 2,381 $ 2,516 Total allowance for investment securities NA NA NA 41 NA NA NA 94 Total allowance for credit losses $ 2,005 $ 10,250 $ 7,295 $ 19,591 $ 2,817 $ 14,300 $ 8,400 $ 25,611 Allowance for loan losses by impairment methodology Asset-specific (a) $ (644) $ 262 $ 485 $ 103 $ (348) $ 522 $ 529 $ 703 Portfolio-based 2,538 9,988 4,563 17,089 3,030 13,778 5,490 22,298 Total allowance for loan losses $ 1,894 $ 10,250 $ 5,048 $ 17,192 $ 2,682 $ 14,300 $ 6,019 $ 23,001 Loans by impairment methodology Asset-specific (a) $ 13,186 $ 901 $ 2,823 $ 16,910 $ 16,008 $ 1,291 $ 3,394 $ 20,693 Portfolio-based 282,975 151,382 567,130 1,001,487 286,384 130,481 511,084 927,949 Total retained loans $ 296,161 $ 152,283 $ 569,953 $ 1,018,397 $ 302,392 $ 131,772 $ 514,478 $ 948,642 Collateral-dependent loans Net charge-offs $ (5) $ — $ 7 $ 2 $ 20 $ — $ 2 $ 22 Loans measured at fair value of collateral less cost to sell 4,144 — 665 4,809 4,790 — 354 5,144 Allowance for lending-related commitments by impairment methodology Asset-specific $ — $ — $ 139 $ 139 $ — $ — $ 144 $ 144 Portfolio-based 111 — 2,108 2,219 135 — 2,237 2,372 Total allowance for lending-related commitments (b) $ 111 $ — $ 2,247 $ 2,358 $ 135 $ — $ 2,381 $ 2,516 Lending-related commitments by impairment methodology Asset-specific $ — $ — $ 767 $ 767 $ — $ — $ 800 $ 800 Portfolio-based (c) 31,847 — 463,570 495,417 34,468 — 440,830 475,298 Total lending-related commitments $ 31,847 $ — $ 464,337 $ 496,184 $ 34,468 $ — $ 441,630 $ 476,098 (a) Includes collateral dependent loans, including those considered TDRs and those for which foreclosure is deemed probable, modified PCD loans and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a TDR. Also includes risk-rated loans that have been placed on nonaccrual status for the wholesale portfolio segment. The asset-specific allowance for credit card loans modified, or reasonably expected to be modified, in a TDR is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates. (b) The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets. |
U.S. unemployment rates and cumulative change in U.S. real GDP | The Firm’s central case assumptions reflected U.S. unemployment rates and U.S. real GDP as follows: Assumptions at March 31, 2022 2Q22 4Q22 2Q23 U.S. unemployment rate (a) 3.6 % 3.3 % 3.3 % YoY growth in U.S. real GDP (b) 3.7 % 2.9 % 2.6 % Assumptions at December 31, 2021 2Q22 4Q22 2Q23 U.S. unemployment rate (a) 4.2 % 4.0 % 3.9 % YoY growth in U.S. real GDP (b) 3.1 % 2.8 % 2.1 % (a) Reflects quarterly average of forecasted U.S. unemployment rate. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Variable Interest Entities [Abstract] | |
Schedule of significant types of variable interest entities by business segment | The following table summarizes the most significant types of Firm-sponsored VIEs by business segment. The Firm considers a “Firm-sponsored” VIE to include any entity where: (1) JPMorgan Chase is the primary beneficiary of the structure; (2) the VIE is used by JPMorgan Chase to securitize Firm assets; (3) the VIE issues financial instruments with the JPMorgan Chase name; or (4) the entity is a JPMorgan Chase–administered asset-backed commercial paper conduit. Line of Business Transaction Type Activity Form 10-Q page references CCB Credit card securitization trusts Securitization of originated credit card receivables 139 Mortgage securitization trusts Servicing and securitization of both originated and purchased residential mortgages 139-141 CIB Mortgage and other securitization trusts Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans 139-141 Multi-seller conduits Assisting clients in accessing the financial markets in a cost-efficient manner and structuring transactions to meet investor needs 141 Municipal bond vehicles Financing of municipal bond investments 141 |
Firm-sponsored mortgage and other consumer securitization trusts | The following tables present the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules), recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. The Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests. Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) March 31, 2022 (in millions) Total assets held by securitization VIEs Assets Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by JPMorgan Securitization-related (a) Residential mortgage: Prime/Alt-A and option ARMs $ 57,739 $ 862 $ 50,727 $ 708 $ 1,263 $ 41 $ 2,012 Subprime 10,563 7 9,764 2 — — 2 Commercial and other (b) 154,343 — 113,255 748 4,029 477 5,254 Total $ 222,645 $ 869 $ 173,746 $ 1,458 $ 5,292 $ 518 $ 7,268 Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) December 31, 2021 (in millions) Total assets held by securitization VIEs Assets Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by Securitization-related (a) Residential mortgage: Prime/Alt-A and option ARMs $ 55,085 $ 942 $ 47,029 $ 974 $ 684 $ 95 $ 1,753 Subprime 10,966 27 10,115 2 — — 2 Commercial and other (b) 150,694 — 93,698 671 3,274 506 4,451 Total $ 216,745 $ 969 $ 150,842 $ 1,647 $ 3,958 $ 601 $ 6,206 (a) Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored. (b) Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables purchased from third parties. (c) Excludes the following: retained servicing; securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities; senior and subordinated securities of $210 million and $91 million, respectively, at March 31, 2022, and $145 million and $36 million, respectively, at December 31, 2021, which the Firm purchased in connection with CIB’s secondary market-making activities. (d) Includes interests held in re-securitization transactions. (e) As of March 31, 2022 and December 31, 2021, 83% and 79%, respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $1.9 billion and $1.6 billion of investment-grade retained interests, and $68 million and $131 million of noninvestment-grade retained interests at March 31, 2022, and December 31, 2021, respectively. The retained interests in commercial and other securitization trusts consisted of $4.3 billion and $3.5 billion of investment-grade retained interests, and $931 million and $929 million of noninvestment-grade retained interests at March 31, 2022 and December 31, 2021, respectively. |
Schedule of re-securitizations | The following table presents the principal amount of securities transferred to re-securitization VIEs. Three months ended March 31, (in millions) 2022 2021 Transfers of securities to VIEs U.S. GSEs and government agencies $ 6,076 $ 13,105 The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs. Nonconsolidated (in millions) March 31, 2022 December 31, 2021 U.S. GSEs and government agencies Interest in VIEs $ 2,295 $ 1,947 |
Information on assets and liabilities related to VIEs that are consolidated by the Firm | The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of March 31, 2022, and December 31, 2021. Assets Liabilities March 31, 2022 (in millions) Trading assets Loans Other (c) Total assets (d) Beneficial interests in VIE assets (e) Other (f) Total VIE program type Firm-sponsored credit card trusts $ — $ 10,434 $ 90 $ 10,524 $ 1,748 $ 1 $ 1,749 Firm-administered multi-seller conduits 9 19,478 118 19,605 6,250 36 6,286 Municipal bond vehicles 2,011 — 5 2,016 1,979 1 1,980 Mortgage securitization entities (a) — 883 25 908 167 78 245 Other — 1,171 (b) 234 1,405 — 137 137 Total $ 2,020 $ 31,966 $ 472 $ 34,458 $ 10,144 $ 253 $ 10,397 Assets Liabilities December 31, 2021 (in millions) Trading assets Loans Other (c) Total assets (d) Beneficial interests in VIE assets (e) Other (f) Total VIE program type Firm-sponsored credit card trusts $ — $ 11,108 $ 102 $ 11,210 $ 2,397 $ 1 $ 2,398 Firm-administered multi-seller conduits 1 19,883 71 19,955 6,198 41 6,239 Municipal bond vehicles 2,009 — 2 2,011 1,976 — 1,976 Mortgage securitization entities (a) — 955 32 987 179 85 264 Other — 1,078 (b) 283 1,361 — 118 118 Total $ 2,010 $ 33,024 $ 490 $ 35,524 $ 10,750 $ 245 $ 10,995 (a) Includes residential and commercial mortgage securitizations. (b) Primarily includes purchased supply chain finance receivables and purchased auto loan securitizations in CIB. (c) Includes assets classified as cash and other assets on the Consolidated balance sheets. (d) The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. (e) The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item on the Consolidated balance sheets titled, “Beneficial interests issued by consolidated VIEs”. The holders of these beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. Included in beneficial interests in VIE assets are long-term beneficial interests of $1.9 billion and $2.6 billion at March 31, 2022, and December 31, 2021, respectively. (f) Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets. |
Securitization activities | The following table provides information related to the Firm’s securitization activities for the three months ended March 31, 2022 and 2021, related to assets held in Firm-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization. Three months ended March 31, 2022 2021 (in millions) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Principal securitized $ 6,495 $ 3,108 $ 4,077 $ 1,912 All cash flows during the period: (a) Proceeds received from loan sales as financial instruments (b)(c) $ 6,375 $ 3,106 $ 4,234 $ 1,970 Servicing fees collected 24 — 41 — Cash flows received on interests 155 71 183 52 (a) Excludes re-securitization transactions. (b) Predominantly includes Level 2 assets. (c) The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale. (d) Represents prime mortgages. Excludes loan securitization activity related to U.S. GSEs and government agencies. (e) Includes commercial mortgage and other consumer loans. |
Summary of loan sale activities | The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines. Three months ended March 31, (in millions) 2022 2021 Carrying value of loans sold $ 23,668 $ 23,147 Proceeds received from loan sales as cash 9 16 Proceeds from loan sales as securities (a)(b) 23,258 22,749 Total proceeds received from loan sales (c) $ 23,267 $ 22,765 Gains/(losses) on loan sales (d)(e) $ — $ 4 (a) Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s investment securities portfolio. (b) Included in level 2 assets. (c) Excludes the value of MSRs retained upon the sale of loans. (d) Gains/(losses) on loan sales include the value of MSRs. (e) The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale. |
Schedule options to repurchase delinquent loans | The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of March 31, 2022 and December 31, 2021. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies. (in millions) Mar 31, Dec 31, Loans repurchased or option to repurchase (a) $ 896 $ 1,022 Real estate owned 6 5 Foreclosed government-guaranteed residential mortgage loans (b) 31 36 (a) Predominantly all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools. (b) Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable. |
Information about loan delinquencies and liquidation losses | The table below includes information about components of and delinquencies related to nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement as of March 31, 2022, and December 31, 2021. Net liquidation losses/(recoveries) Securitized assets 90 days past due Three months ended March 31, (in millions) Mar 31, Dec 31, Mar 31, Dec 31, 2022 2021 Securitized loans Residential mortgage: Prime / Alt-A & option ARMs $ 50,727 $ 47,029 $ 2,236 $ 2,466 $ (6) $ 12 Subprime 9,764 10,115 1,537 1,609 — 18 Commercial and other 113,255 93,698 1,320 1,456 6 21 Total loans securitized $ 173,746 $ 150,842 $ 5,093 $ 5,531 $ — $ 51 |
Goodwill and Mortgage Servici_2
Goodwill and Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill attributed to the business segments and corporate | The following table presents goodwill attributed to the reportable business segments and Corporate. (in millions) March 31, December 31, Consumer & Community Banking $ 31,474 $ 31,474 Corporate & Investment Bank 7,910 7,906 Commercial Banking 2,986 2,986 Asset & Wealth Management 7,224 7,222 Corporate 704 727 Total goodwill $ 50,298 $ 50,315 The following table presents changes in the carrying amount of goodwill. Three months ended March 31, (in millions) 2022 2021 Balance at beginning of period $ 50,315 $ 49,248 Changes during the period from: Other (a) (17) (5) Balance at March 31, $ 50,298 $ 49,243 (a) Primarily foreign currency adjustments and, in the first quarter of 2021, adjustments to goodwill related to prior period acquisitions. |
Mortgage servicing rights activity | The following table summarizes MSR activity for the three months ended March 31, 2022 and 2021. As of or for the three months (in millions, except where otherwise noted) 2022 2021 Fair value at beginning of period $ 5,494 $ 3,276 MSR activity: Originations of MSRs 415 404 Purchase of MSRs 715 179 Disposition of MSRs (57) 1 Net additions/(dispositions) 1,073 584 Changes due to collection/realization of expected cash flows (232) (187) Changes in valuation due to inputs and assumptions: Changes due to market interest rates and other (a) 894 836 Changes in valuation due to other inputs and assumptions: Projected cash flows (e.g., cost to service) — (24) Discount rates — — Prepayment model changes and other (b) 65 (15) Total changes in valuation due to other inputs and assumptions 65 (39) Total changes in valuation due to inputs and assumptions 959 797 Fair value at March 31 $ 7,294 $ 4,470 Changes in unrealized gains/(losses) included in income related to MSRs held at March 31 $ 959 $ 797 Contractual service fees, late fees and other ancillary fees included in income 370 291 Third-party mortgage loans serviced at March 31, (in billions) 576 444 Servicer advances, net of an allowance for uncollectible amounts, at March 31, (in billions) (c) 1.4 1.8 (a) Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments. (b) Represents changes in prepayments other than those attributable to changes in market interest rates. (c) Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements. |
Mortgage fees and related income | The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three months ended March 31, 2022 and 2021. Three months ended March 31, (in millions) 2022 2021 CCB mortgage fees and related income Production revenue $ 211 $ 757 Net mortgage servicing revenue: Operating revenue: Loan servicing revenue 368 248 Changes in MSR asset fair value due to collection/realization of expected cash flows (232) (187) Total operating revenue 136 61 Risk management: Changes in MSR asset fair value due to market interest rates and other (a) 894 836 Other changes in MSR asset fair value due to other inputs and assumptions in model (b) 65 (39) Changes in derivative fair value and other (850) (912) Total risk management 109 (115) Total net mortgage servicing revenue 245 (54) Total CCB mortgage fees and related income 456 703 All other 4 1 Mortgage fees and related income $ 460 $ 704 (a) Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments. (b) Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices). |
Key economic assumptions used to determine FV of MSRs | The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at March 31, 2022, and December 31, 2021, and outlines hypothetical sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below. (in millions, except rates) Mar 31, Dec 31, Weighted-average prepayment speed assumption (constant prepayment rate) 7.68 % 9.90 % Impact on fair value of 10% adverse change $ (206) $ (210) Impact on fair value of 20% adverse change (398) (404) Weighted-average option adjusted spread (a) 5.99 % 6.44 % Impact on fair value of a 100 basis point adverse change $ (300) $ (225) Impact on fair value of a 200 basis point adverse change (577) (433) (a) Includes the impact of operational risk and regulatory capital. |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Deposits [Abstract] | |
Noninterest-bearing and interest-bearing deposits | At March 31, 2022 and December 31, 2021, noninterest-bearing and interest-bearing deposits were as follows. (in millions) March 31, December 31, 2021 U.S. offices Noninterest-bearing (included $8,168 and $8,115 at fair value) (a) $ 721,401 $ 711,525 (b) Interest-bearing (included $645 and $629 at fair value) (a) 1,412,589 1,359,932 (b) Total deposits in U.S. offices 2,133,990 2,071,457 Non-U.S. offices Noninterest-bearing (included $1,475 and $2,420 at fair value) (a) 27,542 26,229 Interest-bearing (included $155 and $169 at fair value) (a) 399,675 364,617 Total deposits in non-U.S. offices 427,217 390,846 Total deposits $ 2,561,207 $ 2,462,303 (a) Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further information. (b) Prior-period amount has been revised to conform with the current presentation. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of information related to operating leases | The following table provides information related to the Firm’s operating leases: (in millions) March 31, 2022 December 31, 2021 Right-of-use assets $ 7,933 $ 7,888 Lease liabilities 8,349 8,328 |
Schedule of operating lease income and related depreciation expense | The following table presents the Firm’s operating lease income, included within other income Three months ended March 31, (in millions) 2022 2021 Operating lease income $ 1,048 $ 1,325 Depreciation expense 711 934 |
Preferred Stock (Tables)
Preferred Stock (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of stock by class | The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of March 31, 2022 and December 31, 2021, and the quarterly dividend declarations for the three months ended March 31, 2022 and 2021. Shares Carrying value (in millions) Contractual rate in effect at March 31, 2022 Earliest redemption date Floating annualized rate (a) Dividend declared March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Issue date Three months ended March 31, 2022 2021 Fixed-rate: Series AA — — $ — $ — 6/4/2015 — % 9/1/2020 NA $— $152.50 Series BB — — — — 7/29/2015 — 9/1/2020 NA — 153.75 Series DD 169,625 169,625 1,696 1,696 9/21/2018 5.750 12/1/2023 NA 143.75 143.75 Series EE 185,000 185,000 1,850 1,850 1/24/2019 6.000 3/1/2024 NA 150.00 150.00 Series GG 90,000 90,000 900 900 11/7/2019 4.750 12/1/2024 NA 118.75 118.75 Series JJ 150,000 150,000 1,500 1,500 3/17/2021 4.550 6/1/2026 NA 113.75 NA Series LL 185,000 185,000 1,850 1,850 5/20/2021 4.625 6/1/2026 NA 115.63 NA Series MM 200,000 200,000 2,000 2,000 7/29/2021 4.200 9/1/2026 NA 105.00 NA Fixed-to-floating-rate: Series I 293,375 293,375 $ 2,934 $ 2,934 4/23/2008 LIBOR + 3.47% 4/30/2018 LIBOR + 3.47% $92.13 $93.06 Series Q 150,000 150,000 1,500 1,500 4/23/2013 5.150 5/1/2023 LIBOR + 3.25 128.75 128.75 Series R 150,000 150,000 1,500 1,500 7/29/2013 6.000 8/1/2023 LIBOR + 3.30 150.00 150.00 Series S 200,000 200,000 2,000 2,000 1/22/2014 6.750 2/1/2024 LIBOR + 3.78 168.75 168.75 Series U 100,000 100,000 1,000 1,000 3/10/2014 6.125 4/30/2024 LIBOR + 3.33 153.13 153.13 Series V 250,000 250,000 2,500 2,500 6/9/2014 LIBOR + 3.32% 7/1/2019 LIBOR + 3.32 86.40 85.97 Series X 160,000 160,000 1,600 1,600 9/23/2014 6.100 10/1/2024 LIBOR + 3.33 152.50 152.50 Series Z — 200,000 — 2,000 4/21/2015 — 5/1/2020 LIBOR + 3.80 — 101.24 Series CC 125,750 125,750 1,258 1,258 10/20/2017 4.625 11/1/2022 LIBOR + 2.58 115.63 115.63 Series FF 225,000 225,000 2,250 2,250 7/31/2019 5.000 8/1/2024 SOFR + 3.38 125.00 125.00 Series HH 300,000 300,000 3,000 3,000 1/23/2020 4.600 2/1/2025 SOFR + 3.125 115.00 115.00 Series II 150,000 150,000 1,500 1,500 2/24/2020 4.000 4/1/2025 SOFR + 2.745 100.00 100.00 Series KK 200,000 200,000 2,000 2,000 5/12/2021 3.650 6/1/2026 CMT + 2.85 91.25 NA Total preferred stock 3,283,750 3,483,750 $ 32,838 $ 34,838 (a) Floating annualized rate includes three-month LIBOR, three-month term SOFR or five-year Constant Maturity Treasury ("CMT") rate, as applicable, plus the spreads noted above. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share basic and diluted | The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2022 and 2021. (in millions, except per share amounts) Three months ended March 31, 2022 2021 Basic earnings per share Net income $ 8,282 $ 14,300 Less: Preferred stock dividends 397 379 Net income applicable to common equity 7,885 13,921 Less: Dividends and undistributed earnings allocated to participating securities 40 70 Net income applicable to common stockholders $ 7,845 $ 13,851 Total weighted-average basic shares outstanding 2,977.0 3,073.5 Net income per share $ 2.64 $ 4.51 Diluted earnings per share Net income applicable to common stockholders $ 7,845 $ 13,851 Total weighted-average basic shares outstanding 2,977.0 3,073.5 Add: Dilutive impact of SARs and employee stock options, unvested PSUs and nondividend-earning RSUs 4.0 5.4 Total weighted-average diluted shares outstanding 2,981.0 3,078.9 Net income per share $ 2.63 $ 4.50 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income/(Loss) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated other comprehensive income/(loss) | AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net loss and prior service costs/(credit) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA). As of or for the three months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at January 1, 2022 $ 2,640 $ (934) $ (131) $ (296) $ (210) $ (1,153) $ (84) Net change (7,453) (62) 110 (2,791) 67 646 (9,483) Balance at March 31, 2022 $ (4,813) (a) $ (996) $ (21) $ (3,087) $ (143) $ (507) $ (9,567) As of or for the three months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit pension and DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at January 1, 2021 $ 8,180 $ (473) $ (112) $ 2,383 $ (1,132) $ (860) $ 7,986 Net change (4,339) (250) (28) (2,249) 68 (147) (6,945) Balance at March 31, 2021 $ 3,841 (a) $ (723) $ (140) $ 134 $ (1,064) $ (1,007) $ 1,041 |
Changes of the components of accumulated other comprehensive income (loss) | The following table presents the pre-tax and after-tax changes in the components of OCI. 2022 2021 Three months ended March 31, Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Unrealized gains/(losses) on investment securities: Net unrealized gains/(losses) arising during the period $ (10,202) $ 2,450 $ (7,752) $ (5,693) $ 1,365 $ (4,328) Reclassification adjustment for realized (gains)/losses included in net income (a) 394 (95) 299 (14) 3 (11) Net change (9,808) 2,355 (7,453) (5,707) 1,368 (4,339) Translation adjustments: Translation (341) 24 (317) (1,200) 39 (1,161) Hedges 338 (83) 255 1,200 (289) 911 Net change (3) (59) (62) — (250) (250) Fair value hedges, net change (b) : 145 (35) 110 (37) 9 (28) Cash flow hedges: Net unrealized gains/(losses) arising during the period (3,436) 825 (2,611) (2,695) 647 (2,048) Reclassification adjustment for realized (gains)/losses included in net income (c) (237) 57 (180) (264) 63 (201) Net change (3,673) 882 (2,791) (2,959) 710 (2,249) Defined benefit pension and OPEB plans, net change: 90 (23) 67 91 (23) 68 DVA on fair value option elected liabilities, net change: 859 (213) 646 (189) 42 (147) Total other comprehensive income/(loss) $ (12,390) $ 2,907 $ (9,483) $ (8,801) $ 1,856 $ (6,945) (a) The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income. (b) Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross currency swaps. (c) The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income. |
Restricted Cash and Other Res_2
Restricted Cash and Other Restricted Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Components of restricted cash | The following table presents the components of the Firm’s restricted cash: (in billions) March 31, December 31, 2021 Segregated for the benefit of securities and cleared derivative customers 23.4 14.6 Cash reserves at non-U.S. central banks and held for other general purposes 7.4 5.1 Total restricted cash (a) $ 30.8 $ 19.7 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Banking Regulation [Abstract] | |
Reconciliation of the Firm's regulatory capital, assets and risk-based capital ratios | The following table presents the risk-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and its IDI subsidiaries were subject as of March 31, 2022 and December 31, 2021. Standardized capital ratio requirements Advanced Well-capitalized ratios BHC (a) IDI (b) BHC (a) IDI (b) BHC (c) IDI (d) Risk-based capital ratios CET1 capital 11.2 % 7.0 % 10.5 % 7.0 % NA 6.5 % Tier 1 capital 12.7 8.5 12.0 8.5 6.0 % 8.0 Total capital 14.7 10.5 14.0 10.5 10.0 10.0 Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and its IDI subsidiaries are subject. (a) Represents the regulatory capital ratio requirements applicable to the Firm. The CET1, Tier 1 and Total capital ratio requirements each include a respective minimum requirement plus a GSIB surcharge of 3.5% as calculated under Method 2; plus a 3.2% SCB for Basel III Standardized ratios and a fixed 2.5% capital conservation buffer for Basel III Advanced ratios. The countercyclical buffer is currently set to 0% by the federal banking agencies. (b) Represents requirements for JPMorgan Chase’s IDI subsidiaries. The CET1, Tier 1 and Total capital ratio requirements include a fixed capital conservation buffer requirement of 2.5% that is applicable to the IDI subsidiaries. The IDI subsidiaries are not subject to the GSIB surcharge. (c) Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve. (d) Represents requirements for IDI subsidiaries pursuant to regulations issued under the FDIC Improvement Act. The following table presents the leverage-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and its IDI subsidiaries were subject as of March 31, 2022 and December 31, 2021. Capital ratio requirements (a) Well-capitalized ratios BHC IDI BHC (b) IDI Leverage-based capital ratios Tier 1 leverage 4.0 % 4.0 % NA 5.0 % SLR 5.0 6.0 NA 6.0 Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and its IDI subsidiaries are subject. (a) Represents minimum SLR requirement of 3.0%, as well as supplementary leverage buffer requirements of 2.0% and 3.0% for BHC and IDI subsidiaries, respectively. (b) The Federal Reserve's regulations do not establish well-capitalized thresholds for these measures for BHCs. The following tables present risk-based capital metrics under both the Basel III Standardized and Basel III Advanced approaches and leverage-based capital metrics for JPMorgan Chase and JPMorgan Chase Bank, N.A. As of March 31, 2022 and December 31, 2021, JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject. March 31, 2022 Basel III Standardized Basel III Advanced JPMorgan JPMorgan JPMorgan JPMorgan Risk-based capital metrics: (a) CET1 capital $ 207,903 $ 263,897 $ 207,903 $ 263,897 Tier 1 capital 240,076 263,900 240,076 263,900 Total capital 269,536 280,403 258,989 269,355 Risk-weighted assets 1,750,678 1,660,498 1,643,453 1,475,342 CET1 capital ratio 11.9 % 15.9 % 12.7 % 17.9 % Tier 1 capital ratio 13.7 15.9 14.6 17.9 Total capital ratio 15.4 16.9 15.8 18.3 December 31, 2021 Basel III Standardized Basel III Advanced JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. Risk-based capital metrics: (a) CET1 capital $ 213,942 $ 266,907 $ 213,942 $ 266,907 Tier 1 capital 246,162 266,910 246,162 266,910 Total capital 274,900 281,826 265,796 272,299 Risk-weighted assets 1,638,900 1,582,280 1,547,920 1,392,847 CET1 capital ratio 13.1 % 16.9 % 13.8 % 19.2 % Tier 1 capital ratio 15.0 16.9 15.9 19.2 Total capital ratio 16.8 17.8 17.2 19.5 (a) The capital metrics reflect the CECL capital transition provisions. Additionally, loans originated under the PPP receive a zero percent risk weight. Three months ended March 31, 2022 December 31, 2021 JPMorgan JPMorgan JPMorgan JPMorgan Leverage-based capital metrics: (a) Adjusted average assets (b) $ 3,857,783 $ 3,395,148 $ 3,782,035 $ 3,334,925 Tier 1 leverage ratio 6.2 % 7.8 % 6.5 % 8.0 % Total leverage exposure $ 4,586,537 $ 4,125,933 $ 4,571,789 $ 4,119,286 SLR 5.2 % 6.4 % 5.4 % 6.5 % (a) The capital metrics reflect the CECL capital transition provisions. (b) Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets. |
Off-balance Sheet Lending-rel_2
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract] | |
Off-balance sheet lending related financial instruments, guarantees and other commitments | The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at March 31, 2022, and December 31, 2021. The amounts in the table below for credit card, home equity and certain scored business banking lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card and certain scored business banking lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close HELOCs when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower. Off–balance sheet lending-related financial instruments, guarantees and other commitments Contractual amount Carrying value (h) March 31, 2022 Dec 31, Mar 31, Dec 31, By remaining maturity Expires in 1 year or less Expires after Expires after Expires after 5 years Total Total Lending-related Consumer, excluding credit card: Residential real estate (a) $ 17,388 $ 2,404 $ 6,242 $ 8,465 $ 34,499 $ 32,996 $ 153 $ 100 Auto and other 11,550 — — 1,054 12,604 12,338 — 2 Total consumer, excluding credit card 28,938 2,404 6,242 9,519 47,103 45,334 153 102 Credit card (b) 757,283 — — — 757,283 730,534 — — Total consumer (b)(c) 786,221 2,404 6,242 9,519 804,386 775,868 153 102 Wholesale: Other unfunded commitments to extend credit (d) 119,003 155,375 164,356 24,077 462,811 453,467 2,120 2,037 Standby letters of credit and other financial guarantees (d) 14,536 8,245 4,018 1,110 27,909 28,530 476 476 Other letters of credit (d) 5,943 491 78 — 6,512 4,448 11 9 Total wholesale (c) 139,482 164,111 168,452 25,187 497,232 486,445 2,607 2,522 Total lending-related $ 925,703 $ 166,515 $ 174,694 $ 34,706 $ 1,301,618 $ 1,262,313 $ 2,760 $ 2,624 Other guarantees and commitments Securities lending indemnification agreements and guarantees (e) $ 365,249 $ — $ — $ — $ 365,249 $ 337,770 $ — $ — Derivatives qualifying as guarantees 3,012 292 12,491 41,779 57,574 55,730 486 475 Unsettled resale and securities borrowed agreements 216,026 2,121 50 — 218,197 103,681 (45) 1 Unsettled repurchase and securities loaned agreements 134,400 889 — — 135,289 74,263 (2) — Loan sale and securitization-related indemnifications: Mortgage repurchase liability NA NA NA NA NA NA 57 61 Loans sold with recourse NA NA NA NA 846 827 18 19 Exchange & clearing house guarantees and commitments (f) 141,956 — — — 141,956 182,701 — — Other guarantees and commitments (g) 11,080 949 282 1,902 14,213 10,490 65 69 (a) Includes certain commitments to purchase loans from correspondents. (b) Also includes commercial card lending-related commitments primarily in CB and CIB. (c) Predominantly all consumer and wholesale lending-related commitments are in the U.S. (d) At March 31, 2022, and December 31, 2021, reflected the contractual amount net of risk participations totaling $51 million and $44 million, respectively, for other unfunded commitments to extend credit; $7.8 billion and $7.9 billion, respectively, for standby letters of credit and other financial guarantees; and $660 million and $451 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations. (e) At March 31, 2022, and December 31, 2021, collateral held by the Firm in support of securities lending indemnification agreements was $387.6 billion and $357.4 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies. (f) At March 31, 2022, and December 31, 2021, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses. (g) At March 31, 2022, and December 31, 2021, primarily includes unfunded commitments to purchase secondary market loans, unfunded commitments related to certain tax-oriented equity investments, and other equity investment commitments. |
Standby letters of credit, other financial guarantees and other letters of credit | The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of March 31, 2022, and December 31, 2021. Standby letters of credit, other financial guarantees and other letters of credit March 31, 2022 December 31, 2021 (in millions) Standby letters of Other letters Standby letters of Other letters Investment-grade (a) $ 19,186 $ 4,771 $ 19,998 $ 3,087 Noninvestment-grade (a) 8,723 1,741 8,532 1,361 Total contractual amount $ 27,909 $ 6,512 $ 28,530 $ 4,448 Allowance for lending-related commitments $ 136 $ 11 $ 123 $ 9 Guarantee liability 340 — 353 — Total carrying value $ 476 $ 11 $ 476 $ 9 Commitments with collateral $ 14,921 $ 782 $ 14,511 $ 999 (a) The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings. |
Derivatives qualifying as guarantees | The following table summarizes the derivatives qualifying as guarantees as of March 31, 2022, and December 31, 2021. (in millions) March 31, 2022 December 31, 2021 Notional amounts Derivative guarantees $ 57,574 $ 55,730 Stable value contracts with contractually limited exposure 31,632 29,778 Maximum exposure of stable value contracts with contractually limited exposure 2,888 2,882 Fair value Derivative payables 486 475 |
Pledged Assets and Collateral (
Pledged Assets and Collateral (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of pledged assets | The following table presents the Firm’s pledged assets. (in billions) March 31, 2022 December 31, 2021 Assets that may be sold or repledged or otherwise used by secured parties $ 149.0 $ 126.3 Assets that may not be sold or repledged or otherwise used by secured parties 91.0 112.0 Assets pledged at Federal Reserve banks and FHLBs 486.5 476.4 Total pledged assets $ 726.5 $ 714.7 |
Schedule of collateral received | The following table presents the fair value of collateral accepted. (in billions) March 31, 2022 December 31, 2021 Collateral permitted to be sold or repledged, delivered, or otherwise used $ 1,542.6 $ 1,471.3 Collateral sold, repledged, delivered or otherwise used 1,183.2 1,111.0 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment results and reconciliation | The following table provides a summary of the Firm’s segment results as of or for the three months ended March 31, 2022 and 2021, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 32 of JPMorgan Chase’s 2021 Form 10-K for additional information on the Firm’s managed basis. Capital allocation The amount of capital assigned to each segment is referred to as equity. Periodically, the assumptions and methodologies used to allocate capital are reassessed and as a result, the capital allocated to the LOBs may change. Refer to Line of business equity on page 93 of JPMorgan Chase’s 2021 Form 10-K for additional information on capital allocation. Segment results and reconciliation (a) As of or for the three months Consumer & Corporate & Commercial Banking Asset & Wealth Management 2022 2021 2022 2021 2022 2021 2022 2021 Noninterest revenue $ 3,902 $ 4,588 $ 9,957 $ 11,088 $ 867 $ 917 $ 3,239 $ 3,146 Net interest income 8,327 7,929 3,572 3,517 1,531 1,476 1,076 931 Total net revenue 12,229 12,517 13,529 14,605 2,398 2,393 4,315 4,077 Provision for credit losses 678 (3,602) 445 (331) 157 (118) 154 (121) Noninterest expense 7,720 7,202 7,298 7,104 1,129 969 2,860 2,574 Income/(loss) before income tax expense/(benefit) 3,831 8,917 5,786 7,832 1,112 1,542 1,301 1,624 Income tax expense/(benefit) 936 2,130 (b) 1,401 1,908 (b) 262 361 (b) 293 364 (b) Net income/(loss) $ 2,895 $ 6,787 (b) $ 4,385 $ 5,924 (b) $ 850 $ 1,181 (b) $ 1,008 $ 1,260 (b) Average equity $ 50,000 $ 50,000 $ 103,000 $ 83,000 $ 25,000 $ 24,000 $ 17,000 $ 14,000 Total assets 486,183 487,978 1,460,463 1,355,123 235,127 223,583 233,070 213,088 ROE 23 % 54 % 17 % 28 % (b) 13 % 19 % 23 % 36 % (b) Overhead ratio 63 58 54 49 47 40 66 63 As of or for the three months Corporate Reconciling Items (a) Total 2022 2021 2022 2021 2022 2021 Noninterest revenue $ (345) $ 382 $ (775) $ (744) $ 16,845 $ 19,377 Net interest income (536) (855) (98) (109) 13,872 12,889 Total net revenue (881) (473) (873) (853) 30,717 32,266 Provision for credit losses 29 16 — — 1,463 (4,156) Noninterest expense 184 876 — — 19,191 18,725 Income/(loss) before income tax expense/(benefit) (1,094) (1,365) (873) (853) 10,063 17,697 Income tax expense/(benefit) (238) (513) (b) (873) (853) 1,781 3,397 Net income/(loss) $ (856) $ (852) (b) $ — $ — $ 8,282 $ 14,300 Average equity $ 57,506 $ 74,542 $ — $ — $ 252,506 $ 245,542 Total assets 1,539,844 1,409,564 NA NA 3,954,687 3,689,336 ROE NM NM NM NM 13 % 23 % Overhead ratio NM NM NM NM 62 58 (a) Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. (b) In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation. |
Fair Value Measurement - Recurr
Fair Value Measurement - Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | $ 615,651 | $ 545,287 | ||
Derivative netting adjustments | (542,015) | (488,206) | ||
Net derivative receivables | 73,636 | 57,081 | ||
Trading assets | 511,528 | 433,575 | ||
Available-for-sale securities | 312,875 | 308,525 | ||
Loans | 48,463 | 58,820 | ||
Mortgage servicing rights | 7,294 | 5,494 | $ 4,470 | $ 3,276 |
Gross derivative payables | 591,844 | 535,044 | ||
Derivative netting adjustments | (534,041) | (484,928) | ||
Net derivative payables | 57,803 | 50,116 | ||
Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 261,809 | 270,585 | ||
Derivative netting adjustments | (238,491) | (248,611) | ||
Net derivative receivables | 23,318 | 21,974 | ||
Gross derivative payables | 236,562 | 240,731 | ||
Derivative netting adjustments | (225,032) | (232,537) | ||
Net derivative payables | 11,530 | 8,194 | ||
Credit | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 12,605 | 9,839 | ||
Derivative netting adjustments | (11,230) | (8,808) | ||
Net derivative receivables | 1,375 | 1,031 | ||
Gross derivative payables | 11,851 | 10,912 | ||
Derivative netting adjustments | (11,052) | (10,032) | ||
Net derivative payables | 799 | 880 | ||
Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 210,845 | 169,579 | ||
Derivative netting adjustments | (191,342) | (156,954) | ||
Net derivative receivables | 19,503 | 12,625 | ||
Gross derivative payables | 208,728 | 175,746 | ||
Derivative netting adjustments | (193,067) | (161,649) | ||
Net derivative payables | 15,661 | 14,097 | ||
Equity | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 72,870 | 68,631 | ||
Derivative netting adjustments | (64,228) | (58,650) | ||
Net derivative receivables | 8,642 | 9,981 | ||
Gross derivative payables | 81,027 | 79,727 | ||
Derivative netting adjustments | (65,210) | (62,494) | ||
Net derivative payables | 15,817 | 17,233 | ||
Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 57,522 | 26,653 | ||
Derivative netting adjustments | (36,724) | (15,183) | ||
Net derivative receivables | 20,798 | 11,470 | ||
Gross derivative payables | 53,676 | 27,928 | ||
Derivative netting adjustments | (39,680) | (18,216) | ||
Net derivative payables | 13,996 | 9,712 | ||
Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Available-for-sale securities | 100,320 | 83,562 | ||
Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Available-for-sale securities | 4,905 | 4,949 | ||
U.S. Treasury, GSEs and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Available-for-sale securities | 165,962 | 177,463 | ||
Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Available-for-sale securities | 14,786 | 15,860 | ||
Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Available-for-sale securities | 16,301 | 16,209 | ||
Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Available-for-sale securities | 356 | 321 | ||
Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Available-for-sale securities | 15,150 | |||
Asset-backed securities, Collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Available-for-sale securities | 10,473 | 9,662 | ||
Fair Value Measured at Net Asset Value Per Share | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets | 45 | 51 | ||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||
Alternative investments, net asset value, fair value | 845 | 801 | ||
Other assets | 800 | 750 | ||
Recurring | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Federal funds sold and securities purchased under resale agreements | 298,339 | 252,720 | ||
Securities borrowed | 87,276 | 81,463 | ||
Trading assets, debt and equity instruments | 437,847 | 376,443 | ||
Derivative netting adjustments | (542,015) | (488,206) | ||
Net derivative receivables | 73,636 | 57,081 | ||
Trading assets | 511,483 | 433,524 | ||
Available-for-sale securities | 312,875 | 308,525 | ||
Loans | 48,463 | 58,820 | ||
Mortgage servicing rights | 7,294 | 5,494 | ||
Total assets measured at fair value on a recurring basis | 1,281,462 | 1,154,549 | ||
Deposits | 10,443 | 11,333 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 146,112 | 126,435 | ||
Short-term borrowings | 19,198 | 20,015 | ||
Trading liabilities, Debt and equity instruments | 144,280 | 114,577 | ||
Derivative netting adjustments | (534,041) | (484,928) | ||
Net derivative payables | 57,803 | 50,116 | ||
Trading liabilities | 202,083 | 164,693 | ||
Accounts payable and other liabilities | 8,019 | 5,651 | ||
Beneficial interests issued by consolidated VIEs | 11 | 12 | ||
Long-term debt | 70,704 | 74,934 | ||
Total liabilities measured at fair value on a recurring basis | 456,570 | 403,073 | ||
Recurring | Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Derivative netting adjustments | (238,491) | (248,611) | ||
Net derivative receivables | 23,318 | 21,974 | ||
Derivative netting adjustments | (225,032) | (232,537) | ||
Net derivative payables | 11,530 | 8,194 | ||
Recurring | Credit | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Derivative netting adjustments | (11,230) | (8,808) | ||
Net derivative receivables | 1,375 | 1,031 | ||
Derivative netting adjustments | (11,052) | (10,032) | ||
Net derivative payables | 799 | 880 | ||
Recurring | Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Derivative netting adjustments | (191,342) | (156,954) | ||
Net derivative receivables | 19,503 | 12,625 | ||
Derivative netting adjustments | (193,067) | (161,649) | ||
Net derivative payables | 15,661 | 14,097 | ||
Recurring | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Derivative netting adjustments | (64,228) | (58,650) | ||
Net derivative receivables | 8,642 | 9,981 | ||
Derivative netting adjustments | (65,210) | (62,494) | ||
Net derivative payables | 15,817 | 17,233 | ||
Recurring | Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Derivative netting adjustments | (36,724) | (15,183) | ||
Net derivative receivables | 20,798 | 11,470 | ||
Derivative netting adjustments | (39,680) | (18,216) | ||
Net derivative payables | 13,996 | 9,712 | ||
Recurring | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Other assets | 15,732 | 14,003 | ||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||
Other assets | 16,532 | 14,753 | ||
Recurring | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 261,870 | 235,981 | ||
Recurring | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 44,630 | 43,111 | ||
Available-for-sale securities | 100,320 | 83,562 | ||
Recurring | Mortgage-backed securities, U.S. GSEs and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 40,614 | 39,209 | ||
Available-for-sale securities | 89,900 | 72,543 | ||
Recurring | Mortgage-backed securities, Residential - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 2,311 | 2,386 | ||
Available-for-sale securities | 5,515 | 6,070 | ||
Recurring | Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 1,705 | 1,516 | ||
Available-for-sale securities | 4,905 | 4,949 | ||
Recurring | U.S. Treasury, GSEs and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 79,235 | 77,708 | ||
Available-for-sale securities | 165,962 | 177,463 | ||
Recurring | Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 7,074 | 7,075 | ||
Available-for-sale securities | 14,786 | 15,860 | ||
Recurring | Certificates of deposit, bankers’ acceptances and commercial paper | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 2,813 | 852 | ||
Recurring | Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 87,412 | 71,644 | ||
Available-for-sale securities | 16,301 | 16,209 | ||
Recurring | Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 29,608 | 24,823 | ||
Available-for-sale securities | 356 | 321 | ||
Recurring | Loans | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 7,953 | 8,074 | ||
Recurring | Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 3,145 | 2,694 | ||
Recurring | Asset-backed securities, Collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Available-for-sale securities | 10,473 | 9,662 | ||
Recurring | Asset-backed securities, Other | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Available-for-sale securities | 4,677 | 5,448 | ||
Recurring | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 126,968 | 89,307 | ||
Recurring | Physical commodities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 25,389 | 26,145 | ||
Recurring | Other | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 23,620 | 25,010 | ||
Recurring | U.S. GSE obligations | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 72,800 | 73,900 | ||
Recurring | Residential mortgage | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 15,100 | 26,200 | ||
Recurring | Commercial mortgage | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 9,300 | 8,200 | ||
Recurring | Residential conforming mortgage intended for sale to U.S. GSEs and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 5,000 | 13,600 | ||
Recurring | Level 1 | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Federal funds sold and securities purchased under resale agreements | 0 | 0 | ||
Securities borrowed | 0 | 0 | ||
Trading assets, debt and equity instruments | 241,896 | 187,770 | ||
Gross derivative receivables | 7,620 | 1,206 | ||
Trading assets | 249,516 | 188,976 | ||
Available-for-sale securities | 171,469 | 182,897 | ||
Loans | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Total assets measured at fair value on a recurring basis | 430,005 | 381,431 | ||
Deposits | 0 | 0 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Trading liabilities, Debt and equity instruments | 108,958 | 87,831 | ||
Gross derivative payables | 5,636 | 1,104 | ||
Trading liabilities | 114,594 | 88,935 | ||
Accounts payable and other liabilities | 4,903 | 5,115 | ||
Beneficial interests issued by consolidated VIEs | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Total liabilities measured at fair value on a recurring basis | 119,497 | 94,050 | ||
Recurring | Level 1 | Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 7,352 | 1,072 | ||
Gross derivative payables | 5,344 | 981 | ||
Recurring | Level 1 | Credit | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 0 | 0 | ||
Gross derivative payables | 0 | 0 | ||
Recurring | Level 1 | Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 268 | 134 | ||
Gross derivative payables | 292 | 123 | ||
Recurring | Level 1 | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 0 | 0 | ||
Gross derivative payables | 0 | 0 | ||
Recurring | Level 1 | Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 0 | 0 | ||
Gross derivative payables | 0 | 0 | ||
Recurring | Level 1 | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Other assets | 9,020 | 9,558 | ||
Recurring | Level 1 | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 109,265 | 95,509 | ||
Recurring | Level 1 | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Available-for-sale securities | 0 | 4 | ||
Recurring | Level 1 | Mortgage-backed securities, U.S. GSEs and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Available-for-sale securities | 0 | 4 | ||
Recurring | Level 1 | Mortgage-backed securities, Residential - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | U.S. Treasury, GSEs and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 70,115 | 68,527 | ||
Available-for-sale securities | 165,962 | 177,463 | ||
Recurring | Level 1 | Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Certificates of deposit, bankers’ acceptances and commercial paper | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Recurring | Level 1 | Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 39,150 | 26,982 | ||
Available-for-sale securities | 5,507 | 5,430 | ||
Recurring | Level 1 | Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Loans | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Recurring | Level 1 | Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Recurring | Level 1 | Asset-backed securities, Collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Asset-backed securities, Other | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 125,057 | 86,904 | ||
Recurring | Level 1 | Physical commodities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 7,574 | 5,357 | ||
Recurring | Level 1 | Other | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Recurring | Level 2 | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Federal funds sold and securities purchased under resale agreements | 298,339 | 252,720 | ||
Securities borrowed | 87,276 | 81,463 | ||
Trading assets, debt and equity instruments | 193,297 | 186,394 | ||
Gross derivative receivables | 598,636 | 536,775 | ||
Trading assets | 791,933 | 723,169 | ||
Available-for-sale securities | 141,201 | 125,467 | ||
Loans | 46,391 | 56,887 | ||
Mortgage servicing rights | 0 | 0 | ||
Total assets measured at fair value on a recurring basis | 1,371,511 | 1,243,845 | ||
Deposits | 8,322 | 9,016 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 146,112 | 126,435 | ||
Short-term borrowings | 17,052 | 17,534 | ||
Trading liabilities, Debt and equity instruments | 35,281 | 26,716 | ||
Gross derivative payables | 574,303 | 521,740 | ||
Trading liabilities | 609,584 | 548,456 | ||
Accounts payable and other liabilities | 3,008 | 467 | ||
Beneficial interests issued by consolidated VIEs | 11 | 12 | ||
Long-term debt | 46,310 | 50,560 | ||
Total liabilities measured at fair value on a recurring basis | 830,399 | 752,480 | ||
Recurring | Level 2 | Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 251,399 | 267,493 | ||
Gross derivative payables | 228,527 | 237,714 | ||
Recurring | Level 2 | Credit | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 12,027 | 9,321 | ||
Gross derivative payables | 11,317 | 10,468 | ||
Recurring | Level 2 | Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 209,463 | 168,590 | ||
Gross derivative payables | 207,398 | 174,349 | ||
Recurring | Level 2 | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 68,876 | 65,139 | ||
Gross derivative payables | 74,450 | 72,609 | ||
Recurring | Level 2 | Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 56,871 | 26,232 | ||
Gross derivative payables | 52,611 | 26,600 | ||
Recurring | Level 2 | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Other assets | 6,371 | 4,139 | ||
Recurring | Level 2 | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 150,789 | 139,015 | ||
Recurring | Level 2 | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 44,324 | 42,808 | ||
Available-for-sale securities | 100,320 | 83,558 | ||
Recurring | Level 2 | Mortgage-backed securities, U.S. GSEs and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 40,328 | 38,944 | ||
Available-for-sale securities | 89,900 | 72,539 | ||
Recurring | Level 2 | Mortgage-backed securities, Residential - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 2,301 | 2,358 | ||
Available-for-sale securities | 5,515 | 6,070 | ||
Recurring | Level 2 | Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 1,695 | 1,506 | ||
Available-for-sale securities | 4,905 | 4,949 | ||
Recurring | Level 2 | U.S. Treasury, GSEs and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 9,120 | 9,181 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 2 | Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 7,067 | 7,068 | ||
Available-for-sale securities | 14,786 | 15,860 | ||
Recurring | Level 2 | Certificates of deposit, bankers’ acceptances and commercial paper | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 2,813 | 852 | ||
Recurring | Level 2 | Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 48,129 | 44,581 | ||
Available-for-sale securities | 10,794 | 10,779 | ||
Recurring | Level 2 | Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 29,315 | 24,491 | ||
Available-for-sale securities | 151 | 160 | ||
Recurring | Level 2 | Loans | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 6,904 | 7,366 | ||
Recurring | Level 2 | Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 3,117 | 2,668 | ||
Recurring | Level 2 | Asset-backed securities, Collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Available-for-sale securities | 10,473 | 9,662 | ||
Recurring | Level 2 | Asset-backed securities, Other | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Available-for-sale securities | 4,677 | 5,448 | ||
Recurring | Level 2 | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 1,248 | 1,741 | ||
Recurring | Level 2 | Physical commodities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 17,815 | 20,788 | ||
Recurring | Level 2 | Other | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 23,445 | 24,850 | ||
Recurring | Level 3 | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Federal funds sold and securities purchased under resale agreements | 0 | 0 | ||
Securities borrowed | 0 | 0 | ||
Trading assets, debt and equity instruments | 2,654 | 2,279 | ||
Gross derivative receivables | 9,395 | 7,306 | ||
Trading assets | 12,049 | 9,585 | ||
Available-for-sale securities | 205 | 161 | ||
Loans | 2,072 | 1,933 | ||
Mortgage servicing rights | 7,294 | 5,494 | ||
Total assets measured at fair value on a recurring basis | 21,961 | 17,479 | ||
Deposits | 2,121 | 2,317 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 | ||
Short-term borrowings | 2,146 | 2,481 | ||
Trading liabilities, Debt and equity instruments | 41 | 30 | ||
Gross derivative payables | 11,905 | 12,200 | ||
Trading liabilities | 11,946 | 12,230 | ||
Accounts payable and other liabilities | 108 | 69 | ||
Beneficial interests issued by consolidated VIEs | 0 | 0 | ||
Long-term debt | 24,394 | 24,374 | ||
Total liabilities measured at fair value on a recurring basis | 40,715 | 41,471 | ||
Recurring | Level 3 | Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 3,058 | 2,020 | ||
Gross derivative payables | 2,691 | 2,036 | ||
Recurring | Level 3 | Credit | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 578 | 518 | ||
Gross derivative payables | 534 | 444 | ||
Recurring | Level 3 | Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 1,114 | 855 | ||
Gross derivative payables | 1,038 | 1,274 | ||
Recurring | Level 3 | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 3,994 | 3,492 | ||
Gross derivative payables | 6,577 | 7,118 | ||
Recurring | Level 3 | Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Gross derivative receivables | 651 | 421 | ||
Gross derivative payables | 1,065 | 1,328 | ||
Recurring | Level 3 | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Other assets | 341 | 306 | ||
Recurring | Level 3 | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 1,816 | 1,457 | ||
Recurring | Level 3 | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 306 | 303 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Mortgage-backed securities, U.S. GSEs and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 286 | 265 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Mortgage-backed securities, Residential - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 10 | 28 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 10 | 10 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | U.S. Treasury, GSEs and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 7 | 7 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Certificates of deposit, bankers’ acceptances and commercial paper | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Recurring | Level 3 | Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 133 | 81 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 293 | 332 | ||
Available-for-sale securities | 205 | 161 | ||
Recurring | Level 3 | Loans | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 1,049 | 708 | ||
Recurring | Level 3 | Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 28 | 26 | ||
Recurring | Level 3 | Asset-backed securities, Collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Asset-backed securities, Other | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 663 | 662 | ||
Recurring | Level 3 | Physical commodities | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Recurring | Level 3 | Other | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Trading assets, debt and equity instruments | $ 175 | $ 160 |
Fair Value Measurement - Level
Fair Value Measurement - Level 3 Inputs (Details) $ in Millions | Mar. 31, 2022USD ($)$ / shares$ / MT$ / bbl | Dec. 31, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans | $ 48,463 | $ 58,820 | ||
MSRs | 7,294 | 5,494 | $ 4,470 | $ 3,276 |
Equity securities for which quoted prices are not readily available | $ 4,131 | 3,600 | $ 2,302 | |
Assumed par value for price input (in dollars per share) | $ / shares | $ 100 | |||
Level 3 | Interest rate volatility | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.0011 | |||
Level 3 | Interest rate volatility | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.0573 | |||
Level 3 | Interest rate volatility | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.0118 | |||
Level 3 | Interest rate correlation | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | (0.91) | |||
Level 3 | Interest rate correlation | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.99 | |||
Level 3 | Interest rate correlation | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.18 | |||
Level 3 | IR-FX correlation | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | (0.35) | |||
Level 3 | IR-FX correlation | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.65 | |||
Level 3 | IR-FX correlation | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.04 | |||
Level 3 | Credit correlation | Discounted cash flows | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.30 | |||
Level 3 | Credit correlation | Discounted cash flows | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.65 | |||
Level 3 | Credit correlation | Discounted cash flows | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.47 | |||
Level 3 | Equity correlation | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.17 | |||
Level 3 | Equity correlation | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 1 | |||
Level 3 | Equity correlation | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.55 | |||
Level 3 | Equity-FX correlation | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | (0.77) | |||
Level 3 | Equity-FX correlation | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.59 | |||
Level 3 | Equity-FX correlation | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | (0.27) | |||
Level 3 | Equity-IR correlation | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.15 | |||
Level 3 | Equity-IR correlation | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.50 | |||
Level 3 | Equity-IR correlation | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.29 | |||
Level 3 | Residential mortgage-backed securities and loans | Yield | Discounted cash flows | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0 | |||
Level 3 | Residential mortgage-backed securities and loans | Yield | Discounted cash flows | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.27 | |||
Level 3 | Residential mortgage-backed securities and loans | Yield | Discounted cash flows | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.05 | |||
Level 3 | Residential mortgage-backed securities and loans | Prepayment speed | Discounted cash flows | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0 | |||
Level 3 | Residential mortgage-backed securities and loans | Prepayment speed | Discounted cash flows | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.15 | |||
Level 3 | Residential mortgage-backed securities and loans | Prepayment speed | Discounted cash flows | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.13 | |||
Level 3 | Residential mortgage-backed securities and loans | Conditional default rate | Discounted cash flows | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0 | |||
Level 3 | Residential mortgage-backed securities and loans | Conditional default rate | Discounted cash flows | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.02 | |||
Level 3 | Residential mortgage-backed securities and loans | Conditional default rate | Discounted cash flows | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0 | |||
Level 3 | Residential mortgage-backed securities and loans | Loss severity | Discounted cash flows | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0 | |||
Level 3 | Residential mortgage-backed securities and loans | Loss severity | Discounted cash flows | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 1.07 | |||
Level 3 | Residential mortgage-backed securities and loans | Loss severity | Discounted cash flows | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.03 | |||
Level 3 | Commercial mortgage-backed securities and loans | Price | Market comparables | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | $ / shares | 0 | |||
Level 3 | Commercial mortgage-backed securities and loans | Price | Market comparables | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | $ / shares | 102 | |||
Level 3 | Commercial mortgage-backed securities and loans | Price | Market comparables | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | $ / shares | 86 | |||
Level 3 | Corporate debt securities | Price | Market comparables | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 0 | |||
Level 3 | Corporate debt securities | Price | Market comparables | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 233 | |||
Level 3 | Corporate debt securities | Price | Market comparables | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 95 | |||
Level 3 | Loans | Price | Market comparables | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans, measurement input | $ / shares | 0 | |||
Level 3 | Loans | Price | Market comparables | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans, measurement input | $ / shares | 109 | |||
Level 3 | Loans | Price | Market comparables | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans, measurement input | $ / shares | 85 | |||
Level 3 | Non-U.S. government debt | Price | Market comparables | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 5 | |||
Level 3 | Non-U.S. government debt | Price | Market comparables | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 101 | |||
Level 3 | Non-U.S. government debt | Price | Market comparables | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 87 | |||
Level 3 | Net interest rate derivatives | Prepayment speed | Discounted cash flows | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0 | |||
Level 3 | Net interest rate derivatives | Prepayment speed | Discounted cash flows | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.30 | |||
Level 3 | Net interest rate derivatives | Prepayment speed | Discounted cash flows | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.06 | |||
Level 3 | Net interest rate derivatives | Interest rate volatility | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.0011 | |||
Level 3 | Net interest rate derivatives | Interest rate volatility | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.0573 | |||
Level 3 | Net interest rate derivatives | Interest rate volatility | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.0118 | |||
Level 3 | Net interest rate derivatives | Interest rate spread volatility | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.0011 | |||
Level 3 | Net interest rate derivatives | Interest rate spread volatility | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.0023 | |||
Level 3 | Net interest rate derivatives | Interest rate spread volatility | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.0015 | |||
Level 3 | Net interest rate derivatives | Interest rate correlation | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | (0.91) | |||
Level 3 | Net interest rate derivatives | Interest rate correlation | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.99 | |||
Level 3 | Net interest rate derivatives | Interest rate correlation | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.18 | |||
Level 3 | Net interest rate derivatives | IR-FX correlation | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | (0.35) | |||
Level 3 | Net interest rate derivatives | IR-FX correlation | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.65 | |||
Level 3 | Net interest rate derivatives | IR-FX correlation | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.04 | |||
Level 3 | Net credit derivatives | Price | Market comparables | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / shares | 0 | |||
Level 3 | Net credit derivatives | Price | Market comparables | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / shares | 115 | |||
Level 3 | Net credit derivatives | Price | Market comparables | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / shares | 80 | |||
Level 3 | Net credit derivatives | Credit correlation | Discounted cash flows | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.30 | |||
Level 3 | Net credit derivatives | Credit correlation | Discounted cash flows | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.65 | |||
Level 3 | Net credit derivatives | Credit correlation | Discounted cash flows | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.47 | |||
Level 3 | Net credit derivatives | Credit spread | Discounted cash flows | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.0001 | |||
Level 3 | Net credit derivatives | Credit spread | Discounted cash flows | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.3827 | |||
Level 3 | Net credit derivatives | Credit spread | Discounted cash flows | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.0429 | |||
Level 3 | Net credit derivatives | Recovery rate | Discounted cash flows | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.25 | |||
Level 3 | Net credit derivatives | Recovery rate | Discounted cash flows | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.70 | |||
Level 3 | Net credit derivatives | Recovery rate | Discounted cash flows | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.49 | |||
Level 3 | Net foreign exchange derivatives | Prepayment speed | Discounted cash flows | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.09 | |||
Level 3 | Net foreign exchange derivatives | Prepayment speed | Discounted cash flows | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.09 | |||
Level 3 | Net foreign exchange derivatives | Prepayment speed | Discounted cash flows | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.09 | |||
Level 3 | Net foreign exchange derivatives | IR-FX correlation | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | (0.40) | |||
Level 3 | Net foreign exchange derivatives | IR-FX correlation | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.65 | |||
Level 3 | Net foreign exchange derivatives | IR-FX correlation | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.17 | |||
Level 3 | Net foreign exchange derivatives | Interest rate curve | Discounted cash flows | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.01 | |||
Level 3 | Net foreign exchange derivatives | Interest rate curve | Discounted cash flows | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.29 | |||
Level 3 | Net foreign exchange derivatives | Interest rate curve | Discounted cash flows | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.10 | |||
Level 3 | Net equity derivatives | Forward equity price | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.67 | |||
Level 3 | Net equity derivatives | Forward equity price | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 1.31 | |||
Level 3 | Net equity derivatives | Forward equity price | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.99 | |||
Level 3 | Net equity derivatives | Equity volatility | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.04 | |||
Level 3 | Net equity derivatives | Equity volatility | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 1.31 | |||
Level 3 | Net equity derivatives | Equity volatility | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.33 | |||
Level 3 | Net equity derivatives | Equity correlation | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.17 | |||
Level 3 | Net equity derivatives | Equity correlation | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 1 | |||
Level 3 | Net equity derivatives | Equity correlation | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.55 | |||
Level 3 | Net equity derivatives | Equity-FX correlation | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | (0.77) | |||
Level 3 | Net equity derivatives | Equity-FX correlation | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.59 | |||
Level 3 | Net equity derivatives | Equity-FX correlation | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | (0.27) | |||
Level 3 | Net equity derivatives | Equity-IR correlation | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.15 | |||
Level 3 | Net equity derivatives | Equity-IR correlation | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.50 | |||
Level 3 | Net equity derivatives | Equity-IR correlation | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.29 | |||
Level 3 | Net commodity derivatives | Oil Commodity Forward | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / bbl | 85 | |||
Level 3 | Net commodity derivatives | Oil Commodity Forward | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / bbl | 96 | |||
Level 3 | Net commodity derivatives | Oil Commodity Forward | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / bbl | 91 | |||
Level 3 | Net commodity derivatives | Industrial metals commodity forward | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / MT | 3,363 | |||
Level 3 | Net commodity derivatives | Industrial metals commodity forward | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / MT | 4,242 | |||
Level 3 | Net commodity derivatives | Industrial metals commodity forward | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / MT | 3,803 | |||
Level 3 | Net commodity derivatives | Commodity volatility | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.04 | |||
Level 3 | Net commodity derivatives | Commodity volatility | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 3.20 | |||
Level 3 | Net commodity derivatives | Commodity volatility | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 1.62 | |||
Level 3 | Net commodity derivatives | Commodity correlation | Option pricing | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | (0.50) | |||
Level 3 | Net commodity derivatives | Commodity correlation | Option pricing | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.98 | |||
Level 3 | Net commodity derivatives | Commodity correlation | Option pricing | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.24 | |||
Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans | $ 48,463 | 58,820 | ||
MSRs | 7,294 | 5,494 | ||
Long-term debt, short-term borrowings, and deposits | 456,570 | 403,073 | ||
Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans | 2,072 | 1,933 | ||
MSRs | 7,294 | 5,494 | ||
Long-term debt, short-term borrowings, and deposits | 40,715 | $ 41,471 | ||
Other level 3 asset and liabilities, net | 1,065 | |||
Equity securities for which quoted prices are not readily available | 850 | |||
Recurring | Level 3 | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
MSRs | 7,294 | |||
Long-term debt, short-term borrowings, and deposits | 1,049 | |||
Recurring | Level 3 | Option pricing | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits | 27,612 | |||
Recurring | Level 3 | Residential mortgage-backed securities and loans | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 1,283 | |||
Recurring | Level 3 | Commercial mortgage-backed securities and loans | Market comparables | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 395 | |||
Recurring | Level 3 | Corporate debt securities | Market comparables | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading | 498 | |||
Recurring | Level 3 | Loans | Market comparables | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans | 1,749 | |||
Recurring | Level 3 | Trading loans | Market comparables | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans | 1,000 | |||
Recurring | Level 3 | Trading loans | Market comparables | Commercial | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 40 | |||
Recurring | Level 3 | Nontrading loans | Discounted cash flows | Residential mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 987 | |||
Recurring | Level 3 | Nontrading loans | Market comparables | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans | 740 | |||
Recurring | Level 3 | Nontrading loans | Market comparables | Commercial | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 345 | |||
Recurring | Level 3 | Non-U.S. government debt | Market comparables | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading | 133 | |||
Recurring | Level 3 | Net interest rate derivatives | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | 7 | |||
Recurring | Level 3 | Net interest rate derivatives | Option pricing | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | 360 | |||
Recurring | Level 3 | Net credit derivatives | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | (4) | |||
Recurring | Level 3 | Net credit derivatives | Market comparables | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | 48 | |||
Recurring | Level 3 | Net foreign exchange derivatives | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | (96) | |||
Recurring | Level 3 | Net foreign exchange derivatives | Option pricing | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | 172 | |||
Recurring | Level 3 | Net equity derivatives | Option pricing | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | (2,583) | |||
Recurring | Level 3 | Net commodity derivatives | Option pricing | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | (414) | |||
Recurring | Level 3 | Mortgage-backed securities, U.S. GSEs and government agencies | Discounted cash flows | Residential mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 286 | |||
Recurring | Level 3 | Residential mortgage-backed securities | Discounted cash flows | Residential mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 10 | |||
Recurring | Level 3 | Commercial | Market comparables | Commercial | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 10 | |||
Recurring | Level 3 | Other assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Equity securities for which quoted prices are not readily available | $ 187 |
Fair Value Measurement - Change
Fair Value Measurement - Changes in Level 3 Recurring Measurements (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Net derivative receivables: | |||
Fair value, beginning balance | $ (4,894,000,000) | $ (4,993,000,000) | |
Total realized/unrealized gains/(losses) | 1,797,000,000 | 205,000,000 | |
Purchases | 810,000,000 | 254,000,000 | |
Sales | (818,000,000) | (1,152,000,000) | |
Settlements | 724,000,000 | 9,000,000 | |
Transfers into level 3 | (367,000,000) | 173,000,000 | |
Transfers (out of) level 3 | 238,000,000 | 365,000,000 | |
Fair value, ending balance | (2,510,000,000) | (5,139,000,000) | |
Change in unrealized gains/(losses) related to financial instruments held | $ 2,157,000,000 | (91,000,000) | |
Level 3 Rollforward Supplemental Data [Abstract] | |||
Level 3 assets as a percentage of total firm assets at fair value | 2.00% | 2.00% | |
Level 3 liabilities as a percentage of total firm liabilities at fair value | 9.00% | 10.00% | |
Deposits | |||
Liabilities: | |||
Fair value, beginning balance | $ 2,317,000,000 | 2,913,000,000 | |
Total realized/unrealized (gains)/losses | (142,000,000) | (103,000,000) | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 108,000,000 | 69,000,000 | |
Settlements | (48,000,000) | (95,000,000) | |
Transfers into level 3 | 0 | 1,000,000 | |
Transfers (out of) level 3 | (114,000,000) | (133,000,000) | |
Fair value, ending balance | 2,121,000,000 | 2,652,000,000 | |
Change in unrealized (gains)/losses related to financials instruments held | (143,000,000) | (105,000,000) | |
Short-term borrowings | |||
Liabilities: | |||
Fair value, beginning balance | 2,481,000,000 | 2,420,000,000 | |
Total realized/unrealized (gains)/losses | (401,000,000) | (113,000,000) | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 1,423,000,000 | 2,918,000,000 | |
Settlements | (1,347,000,000) | (1,506,000,000) | |
Transfers into level 3 | 1,000,000 | 0 | |
Transfers (out of) level 3 | (11,000,000) | (55,000,000) | |
Fair value, ending balance | 2,146,000,000 | 3,664,000,000 | |
Change in unrealized (gains)/losses related to financials instruments held | (153,000,000) | (27,000,000) | |
Total debt and equity instruments | |||
Liabilities: | |||
Fair value, beginning balance | 30,000,000 | 51,000,000 | |
Total realized/unrealized (gains)/losses | (17,000,000) | (3,000,000) | |
Purchases | (14,000,000) | (65,000,000) | |
Sales | 30,000,000 | 21,000,000 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into level 3 | 14,000,000 | 59,000,000 | |
Transfers (out of) level 3 | (2,000,000) | (3,000,000) | |
Fair value, ending balance | 41,000,000 | 60,000,000 | |
Change in unrealized (gains)/losses related to financials instruments held | 31,000,000 | 0 | |
Accounts payable and other liabilities | |||
Liabilities: | |||
Fair value, beginning balance | 69,000,000 | 68,000,000 | |
Total realized/unrealized (gains)/losses | (4,000,000) | (1,000,000) | |
Purchases | 0 | 0 | |
Sales | 42,000,000 | 1,000,000 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into level 3 | 1,000,000 | 0 | |
Transfers (out of) level 3 | 0 | (7,000,000) | |
Fair value, ending balance | 108,000,000 | 61,000,000 | |
Change in unrealized (gains)/losses related to financials instruments held | (4,000,000) | (1,000,000) | |
Beneficial interests issued by consolidated VIEs | |||
Liabilities: | |||
Fair value, beginning balance | 0 | 0 | |
Total realized/unrealized (gains)/losses | 0 | 0 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into level 3 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | |
Fair value, ending balance | 0 | 0 | |
Change in unrealized (gains)/losses related to financials instruments held | 0 | 0 | |
Long-term debt | |||
Liabilities: | |||
Fair value, beginning balance | 24,374,000,000 | 23,397,000,000 | |
Total realized/unrealized (gains)/losses | (1,668,000,000) | (308,000,000) | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 4,050,000,000 | 3,465,000,000 | |
Settlements | (2,476,000,000) | (3,649,000,000) | |
Transfers into level 3 | 263,000,000 | 11,000,000 | |
Transfers (out of) level 3 | (149,000,000) | (341,000,000) | |
Fair value, ending balance | 24,394,000,000 | 22,575,000,000 | |
Change in unrealized (gains)/losses related to financials instruments held | (1,575,000,000) | (324,000,000) | |
DVA for fair value option elected liabilities | |||
Level 3 Rollforward Supplemental Data [Abstract] | |||
Unrealized (gains)/losses on liabilities recorded in OCI | (229,000,000) | (22,000,000) | |
Interest rate | |||
Net derivative receivables: | |||
Fair value, beginning balance | (16,000,000) | 258,000,000 | |
Total realized/unrealized gains/(losses) | 233,000,000 | 445,000,000 | |
Purchases | 126,000,000 | 53,000,000 | |
Sales | (94,000,000) | (93,000,000) | |
Settlements | 151,000,000 | (534,000,000) | |
Transfers into level 3 | (27,000,000) | 57,000,000 | |
Transfers (out of) level 3 | (6,000,000) | (37,000,000) | |
Fair value, ending balance | 367,000,000 | 149,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | 422,000,000 | 313,000,000 | |
Credit | |||
Net derivative receivables: | |||
Fair value, beginning balance | 74,000,000 | (224,000,000) | |
Total realized/unrealized gains/(losses) | 67,000,000 | 183,000,000 | |
Purchases | 4,000,000 | 1,000,000 | |
Sales | (4,000,000) | (2,000,000) | |
Settlements | (96,000,000) | 27,000,000 | |
Transfers into level 3 | (3,000,000) | (3,000,000) | |
Transfers (out of) level 3 | 2,000,000 | 14,000,000 | |
Fair value, ending balance | 44,000,000 | (4,000,000) | |
Change in unrealized gains/(losses) related to financial instruments held | 66,000,000 | 168,000,000 | |
Foreign exchange | |||
Net derivative receivables: | |||
Fair value, beginning balance | (419,000,000) | (434,000,000) | |
Total realized/unrealized gains/(losses) | 345,000,000 | (200,000,000) | |
Purchases | 132,000,000 | 2,000,000 | |
Sales | (24,000,000) | (6,000,000) | |
Settlements | 70,000,000 | 111,000,000 | |
Transfers into level 3 | (6,000,000) | 10,000,000 | |
Transfers (out of) level 3 | (22,000,000) | (22,000,000) | |
Fair value, ending balance | 76,000,000 | (539,000,000) | |
Change in unrealized gains/(losses) related to financial instruments held | 364,000,000 | (214,000,000) | |
Equity | |||
Net derivative receivables: | |||
Fair value, beginning balance | (3,626,000,000) | (3,862,000,000) | |
Total realized/unrealized gains/(losses) | 730,000,000 | 23,000,000 | |
Purchases | 498,000,000 | 194,000,000 | |
Sales | (559,000,000) | (838,000,000) | |
Settlements | 443,000,000 | 126,000,000 | |
Transfers into level 3 | (331,000,000) | 110,000,000 | |
Transfers (out of) level 3 | 262,000,000 | 413,000,000 | |
Fair value, ending balance | (2,583,000,000) | (3,834,000,000) | |
Change in unrealized gains/(losses) related to financial instruments held | 838,000,000 | (213,000,000) | |
Commodity | |||
Net derivative receivables: | |||
Fair value, beginning balance | (907,000,000) | (731,000,000) | |
Total realized/unrealized gains/(losses) | 422,000,000 | (246,000,000) | |
Purchases | 50,000,000 | 4,000,000 | |
Sales | (137,000,000) | (213,000,000) | |
Settlements | 156,000,000 | 279,000,000 | |
Transfers into level 3 | 0 | (1,000,000) | |
Transfers (out of) level 3 | 2,000,000 | (3,000,000) | |
Fair value, ending balance | (414,000,000) | (911,000,000) | |
Change in unrealized gains/(losses) related to financial instruments held | 467,000,000 | (145,000,000) | |
Total mortgage-backed securities | |||
Assets: | |||
Fair value, beginning balance | 303,000,000 | 480,000,000 | |
Total realized/unrealized gains/(losses) | 27,000,000 | 24,000,000 | |
Purchases | 22,000,000 | 15,000,000 | |
Sales | (7,000,000) | (52,000,000) | |
Settlements | (32,000,000) | (35,000,000) | |
Transfers into level 3 | 0 | 0 | |
Transfers (out of) level 3 | (7,000,000) | (1,000,000) | |
Fair value, ending balance | 306,000,000 | 431,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | 26,000,000 | 22,000,000 | |
Mortgage-backed securities, U.S. GSEs and government agencies | |||
Assets: | |||
Fair value, beginning balance | 265,000,000 | 449,000,000 | |
Total realized/unrealized gains/(losses) | 27,000,000 | 23,000,000 | |
Purchases | 22,000,000 | 6,000,000 | |
Sales | (7,000,000) | (48,000,000) | |
Settlements | (21,000,000) | (33,000,000) | |
Transfers into level 3 | 0 | ||
Transfers (out of) level 3 | 0 | 0 | |
Fair value, ending balance | 286,000,000 | 397,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | 26,000,000 | 22,000,000 | |
Mortgage-backed securities, Residential - nonagency | |||
Assets: | |||
Fair value, beginning balance | 28,000,000 | 28,000,000 | |
Total realized/unrealized gains/(losses) | 0 | 1,000,000 | |
Purchases | 0 | 9,000,000 | |
Sales | 0 | (3,000,000) | |
Settlements | (11,000,000) | (2,000,000) | |
Transfers into level 3 | 0 | ||
Transfers (out of) level 3 | (7,000,000) | (1,000,000) | |
Fair value, ending balance | 10,000,000 | 32,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | |
Mortgage-backed securities, Commercial - nonagency | |||
Assets: | |||
Fair value, beginning balance | 10,000,000 | 3,000,000 | |
Total realized/unrealized gains/(losses) | 0 | 0 | |
Purchases | 0 | 0 | |
Sales | 0 | (1,000,000) | |
Settlements | 0 | 0 | |
Transfers into level 3 | 0 | ||
Transfers (out of) level 3 | 0 | 0 | |
Fair value, ending balance | 10,000,000 | 2,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | |
Total debt and equity instruments | |||
Assets: | |||
Fair value, beginning balance | 2,279,000,000 | 2,623,000,000 | |
Total realized/unrealized gains/(losses) | (841,000,000) | 42,000,000 | |
Purchases | 852,000,000 | 819,000,000 | |
Sales | (584,000,000) | (503,000,000) | |
Settlements | (81,000,000) | (72,000,000) | |
Transfers into level 3 | 1,206,000,000 | 231,000,000 | |
Transfers (out of) level 3 | (177,000,000) | (458,000,000) | |
Fair value, ending balance | 2,654,000,000 | 2,682,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (775,000,000) | 45,000,000 | |
Total debt instruments | |||
Assets: | |||
Fair value, beginning balance | 1,457,000,000 | 2,098,000,000 | |
Total realized/unrealized gains/(losses) | (29,000,000) | 6,000,000 | |
Purchases | 609,000,000 | 524,000,000 | |
Sales | (344,000,000) | (460,000,000) | |
Settlements | (76,000,000) | (43,000,000) | |
Transfers into level 3 | 353,000,000 | 177,000,000 | |
Transfers (out of) level 3 | (154,000,000) | (430,000,000) | |
Fair value, ending balance | 1,816,000,000 | 1,872,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (31,000,000) | 6,000,000 | |
Obligations of U.S. states and municipalities | |||
Assets: | |||
Fair value, beginning balance | 7,000,000 | 8,000,000 | |
Total realized/unrealized gains/(losses) | 0 | 0 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into level 3 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | |
Fair value, ending balance | 7,000,000 | 8,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | |
Non-U.S. government debt securities | |||
Assets: | |||
Fair value, beginning balance | 81,000,000 | 182,000,000 | |
Total realized/unrealized gains/(losses) | (33,000,000) | (9,000,000) | |
Purchases | 228,000,000 | 118,000,000 | |
Sales | (180,000,000) | (107,000,000) | |
Settlements | 0 | (7,000,000) | |
Transfers into level 3 | 37,000,000 | 0 | |
Transfers (out of) level 3 | 0 | 0 | |
Fair value, ending balance | 133,000,000 | 177,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (33,000,000) | (9,000,000) | |
Corporate debt securities | |||
Assets: | |||
Fair value, beginning balance | 332,000,000 | 507,000,000 | |
Total realized/unrealized gains/(losses) | (19,000,000) | (15,000,000) | |
Purchases | 61,000,000 | 91,000,000 | |
Sales | (59,000,000) | (146,000,000) | |
Settlements | (37,000,000) | 0 | |
Transfers into level 3 | 41,000,000 | 85,000,000 | |
Transfers (out of) level 3 | (26,000,000) | (152,000,000) | |
Fair value, ending balance | 293,000,000 | 370,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (20,000,000) | (14,000,000) | |
Loans | |||
Assets: | |||
Fair value, beginning balance | 708,000,000 | 893,000,000 | |
Total realized/unrealized gains/(losses) | (4,000,000) | 7,000,000 | |
Purchases | 297,000,000 | 272,000,000 | |
Sales | (98,000,000) | (152,000,000) | |
Settlements | (7,000,000) | (1,000,000) | |
Transfers into level 3 | 271,000,000 | 90,000,000 | |
Transfers (out of) level 3 | (118,000,000) | (277,000,000) | |
Fair value, ending balance | 1,049,000,000 | 832,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (4,000,000) | 8,000,000 | |
Asset-backed securities | |||
Assets: | |||
Fair value, beginning balance | 26,000,000 | 28,000,000 | |
Total realized/unrealized gains/(losses) | 0 | (1,000,000) | |
Purchases | 1,000,000 | 28,000,000 | |
Sales | 0 | (3,000,000) | |
Settlements | 0 | 0 | |
Transfers into level 3 | 4,000,000 | 2,000,000 | |
Transfers (out of) level 3 | (3,000,000) | 0 | |
Fair value, ending balance | 28,000,000 | 54,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | (1,000,000) | |
Equity securities | |||
Assets: | |||
Fair value, beginning balance | 662,000,000 | 476,000,000 | |
Total realized/unrealized gains/(losses) | (813,000,000) | (5,000,000) | |
Purchases | 223,000,000 | 230,000,000 | |
Sales | (240,000,000) | (43,000,000) | |
Settlements | 0 | 0 | |
Transfers into level 3 | 853,000,000 | 54,000,000 | |
Transfers (out of) level 3 | (22,000,000) | (24,000,000) | |
Fair value, ending balance | 663,000,000 | 688,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (760,000,000) | 3,000,000 | |
Other | |||
Assets: | |||
Fair value, beginning balance | 160,000,000 | 49,000,000 | |
Total realized/unrealized gains/(losses) | 1,000,000 | 41,000,000 | |
Purchases | 20,000,000 | 65,000,000 | |
Sales | 0 | 0 | |
Settlements | (5,000,000) | (29,000,000) | |
Transfers into level 3 | 0 | 0 | |
Transfers (out of) level 3 | (1,000,000) | (4,000,000) | |
Fair value, ending balance | 175,000,000 | 122,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | 16,000,000 | 36,000,000 | |
Total available-for-sale securities | |||
Assets: | |||
Fair value, beginning balance | 161,000,000 | 0 | |
Total realized/unrealized gains/(losses) | 27,000,000 | 0 | |
Purchases | 17,000,000 | 0 | |
Sales | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into level 3 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | |
Fair value, ending balance | 205,000,000 | 0 | |
Change in unrealized gains/(losses) related to financial instruments held | 27,000,000 | 0 | |
Level 3 Rollforward Supplemental Data [Abstract] | |||
Realized gains/(losses) recorded in income | 0 | 0 | |
Unrealized gains/(losses) recorded on AFS securities in OCI | 27,000,000 | 0 | |
Mortgage-backed securities | |||
Assets: | |||
Fair value, beginning balance | 0 | 0 | |
Total realized/unrealized gains/(losses) | 0 | 0 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into level 3 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | |
Fair value, ending balance | 0 | 0 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | |
Corporate debt securities | |||
Assets: | |||
Fair value, beginning balance | 161,000,000 | 0 | |
Total realized/unrealized gains/(losses) | 27,000,000 | 0 | |
Purchases | 17,000,000 | 0 | |
Sales | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into level 3 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | |
Fair value, ending balance | 205,000,000 | 0 | |
Change in unrealized gains/(losses) related to financial instruments held | 27,000,000 | 0 | |
Loans | |||
Assets: | |||
Fair value, beginning balance | 1,933,000,000 | 2,305,000,000 | |
Total realized/unrealized gains/(losses) | 98,000,000 | (73,000,000) | |
Purchases | 121,000,000 | 67,000,000 | |
Sales | (5,000,000) | (190,000,000) | |
Settlements | (281,000,000) | (201,000,000) | |
Transfers into level 3 | 390,000,000 | 155,000,000 | |
Transfers (out of) level 3 | (184,000,000) | (240,000,000) | |
Fair value, ending balance | 2,072,000,000 | 1,823,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | 156,000,000 | (112,000,000) | |
Mortgage servicing rights | |||
Assets: | |||
Fair value, beginning balance | 5,494,000,000 | 3,276,000,000 | |
Total realized/unrealized gains/(losses) | 959,000,000 | 797,000,000 | |
Purchases | 1,130,000,000 | 583,000,000 | |
Sales | (57,000,000) | 1,000,000 | |
Settlements | (232,000,000) | (187,000,000) | |
Transfers into level 3 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | |
Fair value, ending balance | 7,294,000,000 | 4,470,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | 959,000,000 | 797,000,000 | |
Other assets | |||
Assets: | |||
Fair value, beginning balance | 306,000,000 | 538,000,000 | |
Total realized/unrealized gains/(losses) | 9,000,000 | 13,000,000 | |
Purchases | 41,000,000 | 3,000,000 | |
Sales | 0 | (18,000,000) | |
Settlements | (17,000,000) | (25,000,000) | |
Transfers into level 3 | 2,000,000 | 0 | |
Transfers (out of) level 3 | 0 | 0 | |
Fair value, ending balance | 341,000,000 | 511,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | $ 9,000,000 | $ 12,000,000 |
Fair Value Measurement - Leve_2
Fair Value Measurement - Level 3 Analysis (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
MSRs | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Transfers from level 2 into level 3, assets | $ 0 | $ 0 | |
Realized/unrealized gains, assets | 959 | 797 | |
Total debt and equity instruments | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Transfers from level 2 into level 3, assets | 1,206 | 231 | |
Realized/unrealized gains, assets | (841) | 42 | |
Equity securities | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Transfers from level 2 into level 3, assets | 853 | 54 | |
Realized/unrealized gains, assets | (813) | (5) | |
Recurring | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Assets fair value | 1,281,462 | $ 1,154,549 | |
Increase (decrease) in level 3 assets | 4,500 | ||
Recurring | MSRs | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Increase (decrease) in level 3 assets | 1,800 | ||
Recurring | Total debt and equity instruments | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Transfers from level 2 into level 3, assets | 1,200 | ||
Recurring | Equity securities | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Transfers from level 2 into level 3, assets | 853 | ||
Recurring | Interest rate | Derivative receivables | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Increase (decrease) in level 3 assets | 1,000 | ||
Recurring | Level 3 | |||
Level 3 Analysis - Supplemental Data [Abstract] | |||
Assets fair value | 21,961 | $ 17,479 | |
Realized/unrealized gains, assets | 2,000 | 984 | |
Realized/unrealized gains, liabilities | $ 2,200 | $ 528 |
Fair Value Measurement - Impact
Fair Value Measurement - Impact of Credit Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Credit and funding adjustments: | ||
Derivatives CVA | $ (312) | $ 240 |
Derivatives FVA | $ (58) | $ 105 |
Fair Value Measurement - Nonrec
Fair Value Measurement - Nonrecurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities adjusted based on the measurement alternative | $ 4,131 | $ 2,302 | $ 3,600 |
Net gains as a result of measurement alternative | $ 387 | 7 | |
Residential mortgage | Broker price opinions | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, liquidation value discount | 13.00% | ||
Residential mortgage | Broker price opinions | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, liquidation value discount | 51.00% | ||
Residential mortgage | Broker price opinions | Weighted average | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, liquidation value discount | 24.00% | ||
Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | $ 2,108 | 2,542 | |
Total liabilities measured at fair value on a nonrecurring basis | 28 | 14 | |
Total nonrecurring fair value gains/(losses) | 318 | (34) | |
Nonrecurring | Accounts payable and other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities measured at fair value on a nonrecurring basis | 28 | 14 | |
Total nonrecurring fair value gains/(losses) | (24) | (3) | |
Nonrecurring | Loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 1,291 | 2,160 | |
Total nonrecurring fair value gains/(losses) | (18) | (33) | |
Nonrecurring | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 817 | 382 | |
Total nonrecurring fair value gains/(losses) | 360 | 2 | |
Net gains as a result of measurement alternative | 376 | 6 | |
Nonrecurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 0 | 0 | |
Total liabilities measured at fair value on a nonrecurring basis | 0 | 0 | |
Nonrecurring | Level 1 | Accounts payable and other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities measured at fair value on a nonrecurring basis | 0 | 0 | |
Nonrecurring | Level 1 | Loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 0 | 0 | |
Nonrecurring | Level 1 | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 0 | 0 | |
Nonrecurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 889 | 1,869 | |
Total liabilities measured at fair value on a nonrecurring basis | 0 | 0 | |
Nonrecurring | Level 2 | Accounts payable and other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities measured at fair value on a nonrecurring basis | 0 | 0 | |
Nonrecurring | Level 2 | Loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 874 | 1,857 | |
Nonrecurring | Level 2 | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 15 | 12 | |
Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 1,219 | 673 | |
Total liabilities measured at fair value on a nonrecurring basis | 28 | 14 | |
Nonrecurring | Level 3 | Accounts payable and other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities measured at fair value on a nonrecurring basis | 28 | 14 | |
Nonrecurring | Level 3 | Loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 417 | 303 | |
Nonrecurring | Level 3 | Residential mortgage | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 34 | ||
Nonrecurring | Level 3 | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 802 | $ 370 | |
Equity securities adjusted based on the measurement alternative | $ 754 |
Fair Value Measurement - Equity
Fair Value Measurement - Equity Securities Without Readily Determinable Fair Value (Details) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($)shares | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Fair Value Disclosures [Abstract] | |||
Carrying value | $ 4,131 | $ 2,302 | $ 3,600 |
Upward carrying value changes | 387 | 7 | |
Downward carrying value changes/impairment | (11) | $ (1) | |
Cumulative upward carrying value changes | 1,400 | ||
Cumulative downward carrying value changes/impairment | $ (380) | ||
Common stock | Class B | VISA | |||
Investment Holdings [Line Items] | |||
Interest owned, included in other assets (in shares) | shares | 40 | ||
Conversion rate | 1.6181 |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Financial assets | ||
Cash and due from banks | $ 26,165 | $ 26,438 |
Deposits with banks | 728,367 | 714,396 |
Federal funds sold and securities purchased under resale agreements | 301,875 | 261,698 |
Investment securities, held-to-maturity | 350,494 | 362,628 |
Loans, net of allowance for loan losses | 48,463 | 58,820 |
Financial liabilities | ||
Beneficial interests issued by consolidated VIEs | 10,144 | 10,750 |
Carrying value | ||
Financial assets | ||
Cash and due from banks | 26,200 | 26,400 |
Deposits with banks | 728,400 | 714,400 |
Accrued interest and accounts receivable | 151,400 | 102,100 |
Federal funds sold and securities purchased under resale agreements | 3,500 | 9,000 |
Securities borrowed | 137,600 | 124,600 |
Investment securities, held-to-maturity | 366,600 | 363,700 |
Loans, net of allowance for loan losses | 1,007,600 | 1,002,500 |
Other | 104,200 | 98,700 |
Financial liabilities | ||
Deposits | 2,550,800 | 2,451,000 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 77,700 | 67,900 |
Accounts payable and other liabilities | 283,600 | 217,600 |
Beneficial interests issued by consolidated VIEs | 10,100 | 10,700 |
Long-term debt | 222,500 | 226,000 |
Wholesale lending-related commitments | 2,300 | 2,100 |
Carrying value | Short-term borrowings | ||
Financial liabilities | ||
Commercial paper and Short-term borrowings | 38,400 | 33,600 |
Total estimated fair value | ||
Financial assets | ||
Cash and due from banks | 26,200 | 26,400 |
Deposits with banks | 728,400 | 714,400 |
Accrued interest and accounts receivable | 151,400 | 102,100 |
Federal funds sold and securities purchased under resale agreements | 3,500 | 9,000 |
Securities borrowed | 137,600 | 124,600 |
Investment securities, held-to-maturity | 350,500 | 362,600 |
Loans, net of allowance for loan losses | 1,013,300 | 1,023,200 |
Other | 104,300 | 98,800 |
Financial liabilities | ||
Deposits | 2,550,800 | 2,451,000 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 77,700 | 67,900 |
Accounts payable and other liabilities | 283,000 | 217,000 |
Beneficial interests issued by consolidated VIEs | 10,100 | 10,800 |
Long-term debt | 224,800 | 232,600 |
Wholesale lending-related commitments | 2,900 | 2,900 |
Total estimated fair value | Short-term borrowings | ||
Financial liabilities | ||
Commercial paper and Short-term borrowings | 38,400 | 33,600 |
Total estimated fair value | Level 1 | ||
Financial assets | ||
Cash and due from banks | 26,200 | 26,400 |
Deposits with banks | 728,400 | 714,400 |
Accrued interest and accounts receivable | 0 | 0 |
Federal funds sold and securities purchased under resale agreements | 0 | 0 |
Securities borrowed | 0 | 0 |
Investment securities, held-to-maturity | 177,500 | 183,300 |
Loans, net of allowance for loan losses | 0 | 0 |
Other | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 |
Accounts payable and other liabilities | 0 | 0 |
Beneficial interests issued by consolidated VIEs | 0 | 0 |
Long-term debt | 0 | 0 |
Wholesale lending-related commitments | 0 | 0 |
Total estimated fair value | Level 1 | Short-term borrowings | ||
Financial liabilities | ||
Commercial paper and Short-term borrowings | 0 | 0 |
Total estimated fair value | Level 2 | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Deposits with banks | 0 | 0 |
Accrued interest and accounts receivable | 151,300 | 102,000 |
Federal funds sold and securities purchased under resale agreements | 3,500 | 9,000 |
Securities borrowed | 137,600 | 124,600 |
Investment securities, held-to-maturity | 173,000 | 179,300 |
Loans, net of allowance for loan losses | 198,900 | 202,100 |
Other | 102,000 | 97,400 |
Financial liabilities | ||
Deposits | 2,550,800 | 2,451,000 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 77,700 | 67,900 |
Accounts payable and other liabilities | 278,000 | 212,100 |
Beneficial interests issued by consolidated VIEs | 10,100 | 10,800 |
Long-term debt | 221,700 | 229,500 |
Wholesale lending-related commitments | 0 | 0 |
Total estimated fair value | Level 2 | Short-term borrowings | ||
Financial liabilities | ||
Commercial paper and Short-term borrowings | 38,400 | 33,600 |
Total estimated fair value | Level 3 | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Deposits with banks | 0 | 0 |
Accrued interest and accounts receivable | 100 | 100 |
Federal funds sold and securities purchased under resale agreements | 0 | 0 |
Securities borrowed | 0 | 0 |
Investment securities, held-to-maturity | 0 | 0 |
Loans, net of allowance for loan losses | 814,400 | 821,100 |
Other | 2,300 | 1,400 |
Financial liabilities | ||
Deposits | 0 | 0 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 |
Accounts payable and other liabilities | 5,000 | 4,900 |
Beneficial interests issued by consolidated VIEs | 0 | 0 |
Long-term debt | 3,100 | 3,100 |
Wholesale lending-related commitments | 2,900 | 2,900 |
Total estimated fair value | Level 3 | Short-term borrowings | ||
Financial liabilities | ||
Commercial paper and Short-term borrowings | $ 0 | $ 0 |
Fair Value Option - Changes in
Fair Value Option - Changes in Fair Value Under the Fair Value Option (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Federal funds sold and securities purchased under resale agreements | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | $ (230) | $ (12) |
Federal funds sold and securities purchased under resale agreements | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | (230) | (12) |
Federal funds sold and securities purchased under resale agreements | All other income | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 0 | 0 |
Securities borrowed | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | (198) | (70) |
Securities borrowed | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | (198) | (70) |
Securities borrowed | All other income | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 0 | 0 |
Debt and equity instruments, excluding loans | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 344 | 623 |
Debt and equity instruments, excluding loans | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 344 | 623 |
Debt and equity instruments, excluding loans | All other income | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 0 | 0 |
Loans reported as trading assets: Changes in instrument-specific credit risk | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | (6) | 204 |
Loans reported as trading assets: Changes in instrument-specific credit risk | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | (6) | 204 |
Loans reported as trading assets: Changes in instrument-specific credit risk | All other income | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 0 | 0 |
Loans reported as trading assets: Other changes in fair value | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | (11) | (1) |
Loans reported as trading assets: Other changes in fair value | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | (11) | (1) |
Loans reported as trading assets: Other changes in fair value | All other income | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 0 | 0 |
Loans: Changes in instrument-specific credit risk | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 18 | 238 |
Loans: Changes in instrument-specific credit risk | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 6 | 237 |
Loans: Changes in instrument-specific credit risk | All other income | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 12 | 1 |
Loans: Other changes in fair value | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | (1,233) | 90 |
Loans: Other changes in fair value | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | (719) | (250) |
Loans: Other changes in fair value | All other income | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | (514) | 340 |
Other assets | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 8 | 0 |
Other assets | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 11 | 19 |
Other assets | All other income | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | (3) | (19) |
Deposits | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 402 | 167 |
Deposits | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 402 | 167 |
Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue | (8) | (2) |
Deposits | All other income | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 0 | 0 |
Federal funds purchased and securities loaned or sold under repurchase agreements | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 82 | 34 |
Federal funds purchased and securities loaned or sold under repurchase agreements | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 82 | 34 |
Federal funds purchased and securities loaned or sold under repurchase agreements | All other income | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 0 | 0 |
Short-term borrowings | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 302 | (122) |
Short-term borrowings | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 302 | (122) |
Short-term borrowings | All other income | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 0 | 0 |
Trading liabilities | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | (66) | 0 |
Trading liabilities | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | (66) | 0 |
Trading liabilities | All other income | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 0 | 0 |
Beneficial interests issued by consolidated VIEs | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | (1) | 0 |
Beneficial interests issued by consolidated VIEs | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | (1) | 0 |
Beneficial interests issued by consolidated VIEs | All other income | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 0 | 0 |
Other liabilities | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 3 | 1 |
Other liabilities | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 3 | 1 |
Other liabilities | All other income | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 0 | 0 |
Long-term debt | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 3,979 | 1,242 |
Long-term debt | Principal transactions | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | 3,960 | 1,247 |
Long-term debt | All other income | ||
Changes in fair value under the fair value option election | ||
Total nonrecurring fair value gains/(losses) | $ 19 | $ (5) |
Fair Value Option - Aggregate D
Fair Value Option - Aggregate Differences (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Long-term beneficial interests | ||
Performing loans, ninety days or more past due | $ 0 | $ 0 |
Lending-related commitments, fair value option elected | ||
Long-term beneficial interests | ||
Contractual amount of lending-related commitments | 11,700,000,000 | 11,900,000,000 |
Contractual lending-related commitments, fair value | 56,000,000 | 10,000,000 |
Contractual principal outstanding | ||
Loans | ||
Nonaccrual loans | 4,012,000,000 | 4,181,000,000 |
All other performing loans | 57,286,000,000 | 66,289,000,000 |
Total loans | 61,590,000,000 | 70,763,000,000 |
Contractual principal outstanding | Principal-protected debt | ||
Long-term debt | ||
Total long-term debt | 35,336,000,000 | 35,957,000,000 |
Contractual principal outstanding | Loans reported as trading assets | ||
Loans | ||
Nonaccrual loans | 2,988,000,000 | 3,263,000,000 |
All other performing loans | 8,908,000,000 | 8,594,000,000 |
Contractual principal outstanding | Loans | ||
Loans | ||
Nonaccrual loans | 1,024,000,000 | 918,000,000 |
90 or more days past due and government guaranteed | 292,000,000 | 293,000,000 |
All other performing loans | 48,378,000,000 | 57,695,000,000 |
Fair value | ||
Loans | ||
Nonaccrual loans | 1,408,000,000 | 1,343,000,000 |
All other performing loans | 54,724,000,000 | 65,270,000,000 |
Total loans | 56,416,000,000 | 66,894,000,000 |
Long-term debt | ||
Total long-term debt | 70,704,000,000 | 74,934,000,000 |
Long-term beneficial interests | ||
Total long-term beneficial interests | 11,000,000 | 12,000,000 |
Fair value | Principal-protected debt | ||
Long-term debt | ||
Total long-term debt | 30,307,000,000 | 33,799,000,000 |
Fair value | Nonprincipal-protected debt | ||
Long-term debt | ||
Total long-term debt | 40,397,000,000 | 41,135,000,000 |
Long-term beneficial interests | ||
Total long-term beneficial interests | 11,000,000 | 12,000,000 |
Fair value | Loans reported as trading assets | ||
Loans | ||
Nonaccrual loans | 493,000,000 | 546,000,000 |
All other performing loans | 7,460,000,000 | 7,528,000,000 |
Fair value | Loans | ||
Loans | ||
Nonaccrual loans | 915,000,000 | 797,000,000 |
90 or more days past due and government guaranteed | 284,000,000 | 281,000,000 |
All other performing loans | 47,264,000,000 | 57,742,000,000 |
Fair value over/(under) contractual principal outstanding | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (2,604,000,000) | (2,838,000,000) |
All other performing loans | (2,562,000,000) | (1,019,000,000) |
Total loans | (5,174,000,000) | (3,869,000,000) |
Fair value over/(under) contractual principal outstanding | Principal-protected debt | ||
Long-term debt | ||
Long-term debt, Fair value over/(under) contractual principal outstanding | (5,029,000,000) | (2,158,000,000) |
Fair value over/(under) contractual principal outstanding | Loans reported as trading assets | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (2,495,000,000) | (2,717,000,000) |
All other performing loans | (1,448,000,000) | (1,066,000,000) |
Fair value over/(under) contractual principal outstanding | Loans | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (109,000,000) | (121,000,000) |
90 or more days past due and government guaranteed, Fair value over/(under) contractual principal outstanding | (8,000,000) | (12,000,000) |
All other performing loans | $ (1,114,000,000) | $ 47,000,000 |
Fair Value Option - Structured
Fair Value Option - Structured Note Products by Balance Sheet Classification and Risk Component (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | $ 87,337 | $ 92,642 |
Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 37,076 | 38,988 |
Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 6,394 | 7,210 |
Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 3,649 | 4,767 |
Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 39,659 | 41,269 |
Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 559 | 408 |
Long-term debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 69,356 | 73,587 |
Long-term debt | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 31,470 | 34,127 |
Long-term debt | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 5,756 | 6,352 |
Long-term debt | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 3,152 | 3,386 |
Long-term debt | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 28,422 | 29,317 |
Long-term debt | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 556 | 405 |
Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 7,795 | 8,001 |
Short-term borrowings | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 99 | 1 |
Short-term borrowings | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 638 | 858 |
Short-term borrowings | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 297 | 315 |
Short-term borrowings | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 6,761 | 6,827 |
Short-term borrowings | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 0 | 0 |
Deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 10,186 | 11,054 |
Deposits | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 5,507 | 4,860 |
Deposits | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 0 | 0 |
Deposits | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 200 | 1,066 |
Deposits | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 4,476 | 5,125 |
Deposits | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 3 | 3 |
Excluded amount of deposits linked to precious metals for which fair value option was not elected | $ 629 | $ 692 |
Derivative Instruments - Notion
Derivative Instruments - Notional Amount of Derivative Contracts (Details) - USD ($) $ in Billions | Mar. 31, 2022 | Dec. 31, 2021 |
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | $ 60,611 | $ 49,735 |
Interest rate contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 41,777 | 32,801 |
Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 31,216 | 24,075 |
Futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 3,906 | 2,520 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 3,257 | 3,018 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 3,398 | 3,188 |
Credit derivatives | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 1,504 | 1,053 |
Foreign exchange contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 14,437 | 13,259 |
Cross-currency swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 4,124 | 4,112 |
Spot, futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 8,649 | 7,679 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 841 | 741 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 823 | 727 |
Equity contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 2,167 | 2,003 |
Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 656 | 612 |
Futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 149 | 139 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 705 | 654 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 657 | 598 |
Commodity contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 726 | 619 |
Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 221 | 185 |
Spot, futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 260 | 188 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 137 | 135 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | $ 108 | $ 111 |
Derivative Instruments - Impact
Derivative Instruments - Impact on Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | $ 615,651 | $ 545,287 |
Net derivative receivables | 73,636 | 57,081 |
Gross derivative payables | 591,844 | 535,044 |
Net derivative payables | 57,803 | 50,116 |
Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 261,809 | 270,585 |
Net derivative receivables | 23,318 | 21,974 |
Gross derivative payables | 236,562 | 240,731 |
Net derivative payables | 11,530 | 8,194 |
Credit | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 12,605 | 9,839 |
Net derivative receivables | 1,375 | 1,031 |
Gross derivative payables | 11,851 | 10,912 |
Net derivative payables | 799 | 880 |
Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 210,845 | 169,579 |
Net derivative receivables | 19,503 | 12,625 |
Gross derivative payables | 208,728 | 175,746 |
Net derivative payables | 15,661 | 14,097 |
Equity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 72,870 | 68,631 |
Net derivative receivables | 8,642 | 9,981 |
Gross derivative payables | 81,027 | 79,727 |
Net derivative payables | 15,817 | 17,233 |
Commodity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 57,522 | 26,653 |
Net derivative receivables | 20,798 | 11,470 |
Gross derivative payables | 53,676 | 27,928 |
Net derivative payables | 13,996 | 9,712 |
Not designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 610,671 | 539,451 |
Gross derivative payables | 584,132 | 526,829 |
Not designated as hedges | Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 261,796 | 270,562 |
Gross derivative payables | 236,562 | 240,731 |
Not designated as hedges | Credit | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 12,605 | 9,839 |
Gross derivative payables | 11,851 | 10,912 |
Not designated as hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 210,358 | 169,186 |
Gross derivative payables | 207,071 | 174,622 |
Not designated as hedges | Equity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 72,870 | 68,631 |
Gross derivative payables | 81,027 | 79,727 |
Not designated as hedges | Commodity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 53,042 | 21,233 |
Gross derivative payables | 47,621 | 20,837 |
Designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 4,980 | 5,836 |
Gross derivative payables | 7,712 | 8,215 |
Designated as hedges | Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 13 | 23 |
Gross derivative payables | 0 | 0 |
Designated as hedges | Credit | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 0 | 0 |
Gross derivative payables | 0 | 0 |
Designated as hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 487 | 393 |
Gross derivative payables | 1,657 | 1,124 |
Designated as hedges | Equity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 0 | 0 |
Gross derivative payables | 0 | 0 |
Designated as hedges | Commodity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 4,480 | 5,420 |
Gross derivative payables | $ 6,055 | $ 7,091 |
Derivative Instruments - Deriva
Derivative Instruments - Derivatives Netting (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | $ 597,974 | $ 528,471 |
Amounts netted on the Consolidated balance sheets | (542,015) | (488,206) |
Net derivative receivables | 55,959 | 40,265 |
Derivative receivables where an appropriate legal opinion has not been either sought or obtained | 17,677 | 16,816 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 615,651 | 545,287 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 73,636 | 57,081 |
Collateral not nettable on the Consolidated balance sheets | (15,166) | (10,102) |
Net amounts | 58,470 | 46,979 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 574,474 | 518,487 |
Amounts netted on the Consolidated balance sheets | (534,041) | (484,928) |
Net derivative payables | 40,433 | 33,559 |
Derivative payables where an appropriate legal opinion has not been either sought or obtained | 17,370 | 16,557 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 591,844 | 535,044 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 57,803 | 50,116 |
Collateral not nettable on the Consolidated balance sheets | (4,627) | (5,872) |
Net amounts | 53,176 | 44,244 |
Net cash collateral receivables | 68,500 | 67,600 |
Net cash collateral payables | 60,600 | 64,300 |
Interest rate contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 257,354 | 266,595 |
Amounts netted on the Consolidated balance sheets | (238,491) | (248,611) |
Net derivative receivables | 18,863 | 17,984 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 261,809 | 270,585 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 23,318 | 21,974 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 234,498 | 239,563 |
Amounts netted on the Consolidated balance sheets | (225,032) | (232,537) |
Net derivative payables | 9,466 | 7,026 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 236,562 | 240,731 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 11,530 | 8,194 |
Interest rate contracts | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 223,414 | 251,953 |
Amounts netted on the Consolidated balance sheets | (205,472) | (234,283) |
Net derivative receivables | 17,942 | 17,670 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 199,222 | 223,576 |
Amounts netted on the Consolidated balance sheets | (190,721) | (216,757) |
Net derivative payables | 8,501 | 6,819 |
Interest rate contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 32,056 | 14,144 |
Amounts netted on the Consolidated balance sheets | (31,362) | (13,839) |
Net derivative receivables | 694 | 305 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 34,473 | 15,695 |
Amounts netted on the Consolidated balance sheets | (33,526) | (15,492) |
Net derivative payables | 947 | 203 |
Interest rate contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 1,884 | 498 |
Amounts netted on the Consolidated balance sheets | (1,657) | (489) |
Net derivative receivables | 227 | 9 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 803 | 292 |
Amounts netted on the Consolidated balance sheets | (785) | (288) |
Net derivative payables | 18 | 4 |
Net credit derivatives | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 12,440 | 9,706 |
Amounts netted on the Consolidated balance sheets | (11,230) | (8,808) |
Net derivative receivables | 1,210 | 898 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 12,605 | 9,839 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 1,375 | 1,031 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 11,554 | 10,700 |
Amounts netted on the Consolidated balance sheets | (11,052) | (10,032) |
Net derivative payables | 502 | 668 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 11,851 | 10,912 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 799 | 880 |
Net credit derivatives | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 9,881 | 8,035 |
Amounts netted on the Consolidated balance sheets | (8,732) | (7,177) |
Net derivative receivables | 1,149 | 858 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 9,179 | 9,021 |
Amounts netted on the Consolidated balance sheets | (8,741) | (8,421) |
Net derivative payables | 438 | 600 |
Net credit derivatives | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 2,559 | 1,671 |
Amounts netted on the Consolidated balance sheets | (2,498) | (1,631) |
Net derivative receivables | 61 | 40 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 2,375 | 1,679 |
Amounts netted on the Consolidated balance sheets | (2,311) | (1,611) |
Net derivative payables | 64 | 68 |
Foreign exchange contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 207,021 | 166,980 |
Amounts netted on the Consolidated balance sheets | (191,342) | (156,954) |
Net derivative receivables | 15,679 | 10,026 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 210,845 | 169,579 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 19,503 | 12,625 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 204,887 | 172,323 |
Amounts netted on the Consolidated balance sheets | (193,067) | (161,649) |
Net derivative payables | 11,820 | 10,674 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 208,728 | 175,746 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 15,661 | 14,097 |
Foreign exchange contracts | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 206,538 | 166,185 |
Amounts netted on the Consolidated balance sheets | (190,877) | (156,251) |
Net derivative receivables | 15,661 | 9,934 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 204,394 | 171,610 |
Amounts netted on the Consolidated balance sheets | (192,598) | (160,946) |
Net derivative payables | 11,796 | 10,664 |
Foreign exchange contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 470 | 789 |
Amounts netted on the Consolidated balance sheets | (463) | (703) |
Net derivative receivables | 7 | 86 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 480 | 706 |
Amounts netted on the Consolidated balance sheets | (468) | (703) |
Net derivative payables | 12 | 3 |
Foreign exchange contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 13 | 6 |
Amounts netted on the Consolidated balance sheets | (2) | 0 |
Net derivative receivables | 11 | 6 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 13 | 7 |
Amounts netted on the Consolidated balance sheets | (1) | 0 |
Net derivative payables | 12 | 7 |
Equity contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 67,282 | 61,799 |
Amounts netted on the Consolidated balance sheets | (64,228) | (58,650) |
Net derivative receivables | 3,054 | 3,149 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 72,870 | 68,631 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 8,642 | 9,981 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 73,950 | 72,000 |
Amounts netted on the Consolidated balance sheets | (65,210) | (62,494) |
Net derivative payables | 8,740 | 9,506 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 81,027 | 79,727 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 15,817 | 17,233 |
Equity contracts | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 30,059 | 25,704 |
Amounts netted on the Consolidated balance sheets | (28,272) | (23,977) |
Net derivative receivables | 1,787 | 1,727 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 33,490 | 31,379 |
Amounts netted on the Consolidated balance sheets | (29,263) | (27,830) |
Net derivative payables | 4,227 | 3,549 |
Equity contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 37,223 | 36,095 |
Amounts netted on the Consolidated balance sheets | (35,956) | (34,673) |
Net derivative receivables | 1,267 | 1,422 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 40,460 | 40,621 |
Amounts netted on the Consolidated balance sheets | (35,947) | (34,664) |
Net derivative payables | 4,513 | 5,957 |
Commodity contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 53,877 | 23,391 |
Amounts netted on the Consolidated balance sheets | (36,724) | (15,183) |
Net derivative receivables | 17,153 | 8,208 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 57,522 | 26,653 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 20,798 | 11,470 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 49,585 | 23,901 |
Amounts netted on the Consolidated balance sheets | (39,680) | (18,216) |
Net derivative payables | 9,905 | 5,685 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 53,676 | 27,928 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 13,996 | 9,712 |
Commodity contracts | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 31,841 | 15,063 |
Amounts netted on the Consolidated balance sheets | (14,741) | (6,868) |
Net derivative receivables | 17,100 | 8,195 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 24,898 | 14,874 |
Amounts netted on the Consolidated balance sheets | (16,804) | (9,667) |
Net derivative payables | 8,094 | 5,207 |
Commodity contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 78 | 49 |
Amounts netted on the Consolidated balance sheets | (78) | (49) |
Net derivative receivables | 0 | 0 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 89 | 73 |
Amounts netted on the Consolidated balance sheets | (89) | (73) |
Net derivative payables | 0 | 0 |
Commodity contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 21,958 | 8,279 |
Amounts netted on the Consolidated balance sheets | (21,905) | (8,266) |
Net derivative receivables | 53 | 13 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 24,598 | 8,954 |
Amounts netted on the Consolidated balance sheets | (22,787) | (8,476) |
Net derivative payables | $ 1,811 | $ 478 |
Derivative Instruments - Liquid
Derivative Instruments - Liquidity Risk and Credit-Related Contingent Features (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Aggregate fair value of net derivative payables | $ 19,101 | $ 20,114 |
Collateral posted | 18,539 | 19,402 |
Single-notch downgrade | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of additional collateral to be posted upon downgrade | 252 | 219 |
Amount required to settle contracts with termination triggers upon downgrade | 91 | 98 |
Two-notch downgrade | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of additional collateral to be posted upon downgrade | 1,645 | 1,577 |
Amount required to settle contracts with termination triggers upon downgrade | $ 567 | $ 787 |
Derivative Instruments - Impa_2
Derivative Instruments - Impact on Statements of Income, Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Gains/(losses) recorded in income | ||
Derivatives | $ (7,936) | $ (7,164) |
Hedged items | 7,816 | 6,925 |
Income statement impact | (120) | (239) |
Income statement impact of excluded components | ||
Amortization approach | (65) | (78) |
Changes in fair value | (105) | (143) |
OCI impact | ||
Derivatives - Gains/(losses) recorded in OCI | 145 | (37) |
Interest rate | ||
Gains/(losses) recorded in income | ||
Derivatives | (7,070) | (5,121) |
Hedged items | 6,981 | 4,837 |
Income statement impact | (89) | (284) |
Income statement impact of excluded components | ||
Amortization approach | 0 | 0 |
Changes in fair value | (66) | (173) |
OCI impact | ||
Derivatives - Gains/(losses) recorded in OCI | 0 | 0 |
Foreign exchange | ||
Gains/(losses) recorded in income | ||
Derivatives | (690) | (782) |
Hedged items | 688 | 800 |
Income statement impact | (2) | 18 |
Income statement impact of excluded components | ||
Amortization approach | (65) | (78) |
Changes in fair value | (2) | 18 |
OCI impact | ||
Derivatives - Gains/(losses) recorded in OCI | 145 | (37) |
Commodity | ||
Gains/(losses) recorded in income | ||
Derivatives | (176) | (1,261) |
Hedged items | 147 | 1,288 |
Income statement impact | (29) | 27 |
Income statement impact of excluded components | ||
Amortization approach | 0 | |
Changes in fair value | (37) | 12 |
OCI impact | ||
Derivatives - Gains/(losses) recorded in OCI | $ 0 | $ 0 |
Derivative Instruments - Cumula
Derivative Instruments - Cumulative Fair Value Hedging Adjustments (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Commodity contracts | ||
Assets | ||
Carrying amount of the hedged items | $ 24,900 | $ 25,700 |
Long-term debt | ||
Liabilities | ||
Carrying amount of the hedged items | 191,109 | 195,642 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Active hedging relationships | (11,782) | (1,999) |
Discontinued hedging relationships | 8,706 | 8,834 |
Total | (3,076) | 6,835 |
Long-term debt | Not designated as hedges | ||
Liabilities | ||
Carrying amount of the hedged items | 1,400 | 10,800 |
Beneficial interests issued by consolidated VIEs | ||
Liabilities | ||
Carrying amount of the hedged items | 749 | 749 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Active hedging relationships | 0 | 0 |
Discontinued hedging relationships | (1) | (1) |
Total | (1) | (1) |
Investment securities - AFS | ||
Assets | ||
Carrying amount of the hedged items | 62,197 | 65,746 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Active hedging relationships | (2,239) | 417 |
Discontinued hedging relationships | 636 | 661 |
Total | (1,603) | 1,078 |
Investment securities - AFS | Not designated as hedges | ||
Assets | ||
Carrying amount of the hedged items | $ 14,600 | $ 14,000 |
Derivative Instruments - Impa_3
Derivative Instruments - Impact on Statements of Income, Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||
Recognition of (after-tax) net gains related to cash flow hedges in Income | $ 139 | |
Maximum length of time hedged in forecasted transactions, terminated cash flow hedges | 8 years | |
Maximum length of time hedged in forecasted transactions, open cash flow hedges | 6 years | |
Cash Flow Hedging | ||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||
Amounts reclassified from AOCI to income | $ 237 | $ 264 |
Amounts recorded in OCI | (3,436) | (2,695) |
Total change in OCI for period | (3,673) | (2,959) |
Cash Flow Hedging | Interest rate | ||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||
Amounts reclassified from AOCI to income | 243 | 237 |
Amounts recorded in OCI | (3,361) | (2,761) |
Total change in OCI for period | (3,604) | (2,998) |
Cash Flow Hedging | Foreign exchange | ||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||
Amounts reclassified from AOCI to income | (6) | 27 |
Amounts recorded in OCI | (75) | 66 |
Total change in OCI for period | $ (69) | $ 39 |
Derivative Instruments - Impa_4
Derivative Instruments - Impact on Statements of Income, Net Investment Hedges (Details) - Net Investment Hedging - Net foreign exchange derivatives - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||
Amounts recorded in income | $ (131) | $ (28) |
Amounts recorded in OCI | $ 338 | $ 1,200 |
Derivative Instruments - Impa_5
Derivative Instruments - Impact on Statements of Income, Risk Management Derivatives (Details) - Risk Management Activities - Not designated as hedges - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||
Derivatives gains/(losses) recorded in income | $ (278) | $ (84) |
Interest rate | ||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||
Derivatives gains/(losses) recorded in income | (229) | (142) |
Credit | ||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||
Derivatives gains/(losses) recorded in income | 33 | (40) |
Foreign exchange | ||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||
Derivatives gains/(losses) recorded in income | $ (82) | $ 98 |
Derivative Instruments - Credit
Derivative Instruments - Credit Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Maximum payout/Notional amount | ||
Protection sold | $ (731,995) | $ (499,611) |
Protection purchased with identical underlyings | 755,042 | 537,766 |
Net protection (sold)/purchased | 23,047 | 38,155 |
Other protection purchased | 25,439 | 25,141 |
Total credit derivatives | ||
Maximum payout/Notional amount | ||
Protection sold | (731,995) | (499,611) |
Protection purchased with identical underlyings | 755,042 | 537,766 |
Net protection (sold)/purchased | 23,047 | 38,155 |
Other protection purchased | 16,595 | 15,704 |
Credit default swaps | ||
Maximum payout/Notional amount | ||
Protection sold | (640,702) | (443,481) |
Protection purchased with identical underlyings | 650,858 | 458,180 |
Net protection (sold)/purchased | 10,156 | 14,699 |
Other protection purchased | 1,710 | 2,269 |
Other credit derivatives | ||
Maximum payout/Notional amount | ||
Protection sold | (91,293) | (56,130) |
Protection purchased with identical underlyings | 104,184 | 79,586 |
Net protection (sold)/purchased | 12,891 | 23,456 |
Other protection purchased | 14,885 | 13,435 |
Credit-related notes | ||
Maximum payout/Notional amount | ||
Protection sold | 0 | 0 |
Protection purchased with identical underlyings | 0 | 0 |
Net protection (sold)/purchased | 0 | 0 |
Other protection purchased | $ 8,844 | $ 9,437 |
Derivative Instruments - Cred_2
Derivative Instruments - Credit Derivatives, Protection Sold, Notional and Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Protection sold credit derivatives ratings/maturity profile | ||
Protection sold credit derivatives ratings/maturity profile - less than 1 year | $ (159,668) | $ (123,330) |
Protection sold credit derivatives ratings/maturity profile - from 1-5 years | (437,635) | (339,957) |
Protection sold credit derivatives ratings/maturity profile - more than 5 years | (134,692) | (36,324) |
Total notional amount | (731,995) | (499,611) |
Fair value of receivables | 6,324 | 6,275 |
Fair value of payables | (4,208) | (2,626) |
Net fair value | 2,116 | 3,649 |
Investment-grade | ||
Protection sold credit derivatives ratings/maturity profile | ||
Protection sold credit derivatives ratings/maturity profile - less than 1 year | (127,594) | (91,155) |
Protection sold credit derivatives ratings/maturity profile - from 1-5 years | (321,381) | (255,106) |
Protection sold credit derivatives ratings/maturity profile - more than 5 years | (97,701) | (29,035) |
Total notional amount | (546,676) | (375,296) |
Fair value of receivables | 3,464 | 3,645 |
Fair value of payables | (871) | (623) |
Net fair value | 2,593 | 3,022 |
Noninvestment-grade | ||
Protection sold credit derivatives ratings/maturity profile | ||
Protection sold credit derivatives ratings/maturity profile - less than 1 year | (32,074) | (32,175) |
Protection sold credit derivatives ratings/maturity profile - from 1-5 years | (116,254) | (84,851) |
Protection sold credit derivatives ratings/maturity profile - more than 5 years | (36,991) | (7,289) |
Total notional amount | (185,319) | (124,315) |
Fair value of receivables | 2,860 | 2,630 |
Fair value of payables | (3,337) | (2,003) |
Net fair value | $ (477) | $ 627 |
Noninterest Revenue and Nonin_3
Noninterest Revenue and Noninterest Expense - Investment Banking Fees (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Noninterest revenue [Line Items] | ||
Underwriting | $ 1,216 | $ 2,283 |
Advisory | 792 | 687 |
Total investment banking fees | 2,008 | 2,970 |
Equity | ||
Schedule of Noninterest revenue [Line Items] | ||
Underwriting | 242 | 1,062 |
Debt | ||
Schedule of Noninterest revenue [Line Items] | ||
Underwriting | $ 974 | $ 1,221 |
Noninterest Revenue and Nonin_4
Noninterest Revenue and Noninterest Expense - Principal Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Principal transactions revenue | ||
Total trading revenue | $ 5,252 | $ 6,397 |
Private equity gains/(losses) | (147) | 103 |
Principal transactions | 5,105 | 6,500 |
Interest rate | ||
Principal transactions revenue | ||
Total trading revenue | 469 | 923 |
Credit | ||
Principal transactions revenue | ||
Total trading revenue | 457 | 1,270 |
Foreign exchange | ||
Principal transactions revenue | ||
Total trading revenue | 1,324 | 998 |
Equity | ||
Principal transactions revenue | ||
Total trading revenue | 2,255 | 2,657 |
Commodity | ||
Principal transactions revenue | ||
Total trading revenue | $ 747 | $ 549 |
Noninterest Revenue and Nonin_5
Noninterest Revenue and Noninterest Expense - Lending and Deposit-Related Fees (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Noninterest Income (Expense) [Abstract] | ||
Lending-related fees | $ 362 | $ 358 |
Deposit-related fees | 1,477 | 1,329 |
Total lending- and deposit-related fees | $ 1,839 | $ 1,687 |
Noninterest Revenue and Nonin_6
Noninterest Revenue and Noninterest Expense - Asset Management, Administration and Commissions (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Asset management fees | ||
Investment management fees | $ 3,562 | $ 3,257 |
All other asset management fees | 90 | 94 |
Total asset management fees | 3,652 | 3,351 |
Total administration fees | 633 | 633 |
Commissions and other fees | ||
Brokerage commissions | 810 | 800 |
All other commissions and fees | 267 | 245 |
Total commissions and fees | 1,077 | 1,045 |
Total asset management, administration and commissions | $ 5,362 | $ 5,029 |
Noninterest Revenue and Nonin_7
Noninterest Revenue and Noninterest Expense - Card Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Total card income | $ 975 | $ 1,350 |
Interchange and merchant processing income | ||
Disaggregation of Revenue [Line Items] | ||
Total card income | 6,235 | 4,868 |
Rewards costs and partner payments | ||
Disaggregation of Revenue [Line Items] | ||
Total card income | (4,870) | (3,534) |
Other card income | ||
Disaggregation of Revenue [Line Items] | ||
Total card income | $ (390) | $ 16 |
Noninterest Revenue and Nonin_8
Noninterest Revenue and Noninterest Expense - Components of Noninterest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Noninterest Income (Expense) [Abstract] | ||
Legal expense | $ 119 | $ 28 |
Interest Income and Interest _3
Interest Income and Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income | ||
Loans | $ 10,633 | $ 10,187 |
Taxable securities | 1,979 | 1,605 |
Non-taxable securities | 245 | 277 |
Total investment securities | 2,224 | 1,882 |
Trading assets - debt instruments | 1,767 | 1,782 |
Federal funds sold and securities purchased under resale agreements | 397 | 233 |
Securities borrowed | (87) | (77) |
Deposits with banks | 238 | 65 |
All other interest-earning assets | 324 | 199 |
Total interest income | 15,496 | 14,271 |
Interest expense | ||
Interest-bearing deposits | 182 | 146 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 117 | 15 |
Short-term borrowings | 40 | 33 |
Trading liabilities – debt and all other interest-bearing liabilities | 191 | 27 |
Long-term debt | 1,076 | 1,134 |
Beneficial interest issued by consolidated VIEs | 18 | 27 |
Total interest expense | 1,624 | 1,382 |
Net interest income | 13,872 | 12,889 |
Provision for credit losses | 1,463 | (4,156) |
Net interest income after provision for credit losses | $ 12,409 | $ 17,045 |
Pension and Other Postretirem_3
Pension and Other Postretirement Employee Benefit Plans - Net Periodic Benefit Costs and Fair Value of Plan Assets (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Retirement Benefits [Abstract] | ||
Total net periodic defined benefit plan cost/(credit) | $ (64) | $ (59) |
Total defined contribution plans | 344 | 321 |
Total pension and OPEB cost included in noninterest expense | $ 280 | $ 262 |
Pension and Other Postretirem_4
Pension and Other Postretirement Employee Benefit Plans - Fair Values of Plan Assets (Details) - USD ($) $ in Billions | Mar. 31, 2022 | Dec. 31, 2021 |
Retirement Benefits [Abstract] | ||
Fair value of plan assets | $ 23.7 | $ 25.7 |
Employee Share-based Incentiv_3
Employee Share-based Incentives - Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | ||
Cost of prior grants of restricted stock units ("RSUs"), performance share units (“PSUs”) and stock appreciation rights ("SARs") that are amortized over their applicable vesting periods | $ 271 | $ 356 |
Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees | 535 | 548 |
Total noncash compensation expense related to employee share-based incentive plans | $ 806 | $ 904 |
Employee Share-based Incentiv_4
Employee Share-based Incentives - Narrative (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants in period (in shares) | shares | 19,000 |
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 151.06 |
PSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants in period (in shares) | shares | 720 |
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 149.99 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Apr. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
Schedule of Held-to-maturity Securities [Line Items] | ||||
Approximate percentage rated at least AA+ | 98.00% | 98.00% | ||
Investment securities, allowance for credit losses | $ 41 | $ 42 | $ 94 | |
Subsequent Event | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amount of investment securities transferred from AFS to HTM for capital management purposes | $ 65,900 | |||
Unrealized gains/(losses) on investment securities | Subsequent Event | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Pretax unrealized losses included in AOCI on the securities at the date of transfer | $ 4,700 |
Investment Securities - Amortiz
Investment Securities - Amortized Costs and Estimated Fair Values (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Available-for-sale securities | |||
Amortized cost | $ 322,122,000,000 | $ 308,254,000,000 | |
Gross unrealized gains | 1,220,000,000 | 2,614,000,000 | |
Gross unrealized losses | 10,467,000,000 | 2,343,000,000 | |
Fair value | 312,875,000,000 | 308,525,000,000 | |
Held-to-maturity securities | |||
Amortized cost | 366,585,000,000 | 363,707,000,000 | |
Gross unrealized gains | 416,000,000 | 2,110,000,000 | |
Gross unrealized losses | 16,507,000,000 | 3,189,000,000 | |
Fair value | 350,494,000,000 | 362,628,000,000 | |
Total investment securities, net of allowance for credit losses | |||
Amortized cost | 688,707,000,000 | 671,961,000,000 | |
Gross unrealized gains | 1,636,000,000 | 4,724,000,000 | |
Gross unrealized losses | 26,974,000,000 | 5,532,000,000 | |
Fair value | 663,369,000,000 | 671,153,000,000 | |
HTM securities purchased | 13,200,000,000 | $ 31,300,000,000 | |
Investment securities, allowance for credit losses | 41,000,000 | 94,000,000 | 42,000,000 |
Accrued interest receivables on investment securities | 2,000,000,000 | 1,900,000,000 | |
Accrued interest receivables reversed through interest income on AFS securities | 0 | 0 | |
Accrued interest receivables reversed through interest income on HTM securities | 0 | $ 0 | |
Total mortgage-backed securities | |||
Available-for-sale securities | |||
Amortized cost | 104,825,000,000 | 83,754,000,000 | |
Gross unrealized gains | 329,000,000 | 821,000,000 | |
Gross unrealized losses | 4,834,000,000 | 1,013,000,000 | |
Fair value | 100,320,000,000 | 83,562,000,000 | |
Held-to-maturity securities | |||
Amortized cost | 112,834,000,000 | 113,602,000,000 | |
Gross unrealized gains | 265,000,000 | 1,412,000,000 | |
Gross unrealized losses | 5,857,000,000 | 1,013,000,000 | |
Fair value | 107,242,000,000 | 114,001,000,000 | |
U.S. GSEs and government agencies | |||
Available-for-sale securities | |||
Amortized cost | 94,270,000,000 | 72,800,000,000 | |
Gross unrealized gains | 311,000,000 | 736,000,000 | |
Gross unrealized losses | 4,681,000,000 | 993,000,000 | |
Fair value | 89,900,000,000 | 72,543,000,000 | |
Held-to-maturity securities | |||
Amortized cost | 98,079,000,000 | 102,556,000,000 | |
Gross unrealized gains | 258,000,000 | 1,400,000,000 | |
Gross unrealized losses | 5,117,000,000 | 853,000,000 | |
Fair value | 93,220,000,000 | 103,103,000,000 | |
Residential: U.S. | |||
Available-for-sale securities | |||
Amortized cost | 1,970,000,000 | 2,128,000,000 | |
Gross unrealized gains | 3,000,000 | 38,000,000 | |
Gross unrealized losses | 39,000,000 | 2,000,000 | |
Fair value | 1,934,000,000 | 2,164,000,000 | |
Held-to-maturity securities | |||
Amortized cost | 9,377,000,000 | 7,316,000,000 | |
Gross unrealized gains | 1,000,000 | 1,000,000 | |
Gross unrealized losses | 462,000,000 | 106,000,000 | |
Fair value | 8,916,000,000 | 7,211,000,000 | |
Residential: Non-U.S. | |||
Available-for-sale securities | |||
Amortized cost | 3,572,000,000 | 3,882,000,000 | |
Gross unrealized gains | 15,000,000 | 25,000,000 | |
Gross unrealized losses | 6,000,000 | 1,000,000 | |
Fair value | 3,581,000,000 | 3,906,000,000 | |
Commercial | |||
Available-for-sale securities | |||
Amortized cost | 5,013,000,000 | 4,944,000,000 | |
Gross unrealized gains | 0 | 22,000,000 | |
Gross unrealized losses | 108,000,000 | 17,000,000 | |
Fair value | 4,905,000,000 | 4,949,000,000 | |
Held-to-maturity securities | |||
Amortized cost | 5,378,000,000 | 3,730,000,000 | |
Gross unrealized gains | 6,000,000 | 11,000,000 | |
Gross unrealized losses | 278,000,000 | 54,000,000 | |
Fair value | 5,106,000,000 | 3,687,000,000 | |
U.S. Treasury and government agencies | |||
Available-for-sale securities | |||
Amortized cost | 170,683,000,000 | 178,038,000,000 | |
Gross unrealized gains | 417,000,000 | 668,000,000 | |
Gross unrealized losses | 5,138,000,000 | 1,243,000,000 | |
Fair value | 165,962,000,000 | 177,463,000,000 | |
Held-to-maturity securities | |||
Amortized cost | 187,240,000,000 | 185,204,000,000 | |
Gross unrealized gains | 0 | 169,000,000 | |
Gross unrealized losses | 9,750,000,000 | 2,103,000,000 | |
Fair value | 177,490,000,000 | 183,270,000,000 | |
Obligations of U.S. states and municipalities | |||
Available-for-sale securities | |||
Amortized cost | 14,561,000,000 | 14,890,000,000 | |
Gross unrealized gains | 377,000,000 | 972,000,000 | |
Gross unrealized losses | 152,000,000 | 2,000,000 | |
Fair value | 14,786,000,000 | 15,860,000,000 | |
Held-to-maturity securities | |||
Amortized cost | 14,812,000,000 | 13,985,000,000 | |
Gross unrealized gains | 124,000,000 | 453,000,000 | |
Gross unrealized losses | 492,000,000 | 44,000,000 | |
Fair value | 14,444,000,000 | 14,394,000,000 | |
Non-U.S. government debt securities | |||
Available-for-sale securities | |||
Amortized cost | 16,463,000,000 | 16,163,000,000 | |
Gross unrealized gains | 58,000,000 | 92,000,000 | |
Gross unrealized losses | 220,000,000 | 46,000,000 | |
Fair value | 16,301,000,000 | 16,209,000,000 | |
Corporate debt securities | |||
Available-for-sale securities | |||
Amortized cost | 376,000,000 | 332,000,000 | |
Gross unrealized gains | 0 | 8,000,000 | |
Gross unrealized losses | 20,000,000 | 19,000,000 | |
Fair value | 356,000,000 | 321,000,000 | |
Asset-backed securities: Collateralized loan obligations | |||
Available-for-sale securities | |||
Amortized cost | 10,554,000,000 | 9,674,000,000 | |
Gross unrealized gains | 4,000,000 | 6,000,000 | |
Gross unrealized losses | 85,000,000 | 18,000,000 | |
Fair value | 10,473,000,000 | 9,662,000,000 | |
Held-to-maturity securities | |||
Amortized cost | 49,569,000,000 | 48,869,000,000 | |
Gross unrealized gains | 25,000,000 | 75,000,000 | |
Gross unrealized losses | 375,000,000 | 22,000,000 | |
Fair value | 49,219,000,000 | 48,922,000,000 | |
Asset-backed securities: Other | |||
Available-for-sale securities | |||
Amortized cost | 4,660,000,000 | 5,403,000,000 | |
Gross unrealized gains | 35,000,000 | 47,000,000 | |
Gross unrealized losses | 18,000,000 | 2,000,000 | |
Fair value | 4,677,000,000 | 5,448,000,000 | |
Held-to-maturity securities | |||
Amortized cost | 2,130,000,000 | 2,047,000,000 | |
Gross unrealized gains | 2,000,000 | 1,000,000 | |
Gross unrealized losses | 33,000,000 | 7,000,000 | |
Fair value | $ 2,099,000,000 | $ 2,041,000,000 |
Investment Securities - Fair Va
Investment Securities - Fair Value and Gross Unrealized Losses by Aging Category (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Available-for-sale securities | ||
Less than 12 months, Fair value | $ 30,160 | $ 16,538 |
Less than 12 months, Gross unrealized losses | 530 | 65 |
12 months or more, Fair Value | 2,826 | 1,336 |
12 months or more, Gross unrealized losses | 118 | 42 |
Total fair value | 32,986 | 17,874 |
Total gross unrealized losses | 648 | 107 |
Total mortgage-backed securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 8,348 | 2,993 |
Less than 12 months, Gross unrealized losses | 130 | 7 |
12 months or more, Fair Value | 378 | 394 |
12 months or more, Gross unrealized losses | 23 | 13 |
Total fair value | 8,726 | 3,387 |
Total gross unrealized losses | 153 | 20 |
U.S. GSEs and government agencies | ||
Available-for-sale securities | ||
Total fair value | 9,800 | 2,200 |
Residential: U.S. | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 1,593 | 303 |
Less than 12 months, Gross unrealized losses | 38 | 1 |
12 months or more, Fair Value | 42 | 45 |
12 months or more, Gross unrealized losses | 1 | 1 |
Total fair value | 1,635 | 348 |
Total gross unrealized losses | 39 | 2 |
Residential: Non-U.S. | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 2,349 | 133 |
Less than 12 months, Gross unrealized losses | 6 | 1 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Gross unrealized losses | 0 | 0 |
Total fair value | 2,349 | 133 |
Total gross unrealized losses | 6 | 1 |
Commercial | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 4,406 | 2,557 |
Less than 12 months, Gross unrealized losses | 86 | 5 |
12 months or more, Fair Value | 336 | 349 |
12 months or more, Gross unrealized losses | 22 | 12 |
Total fair value | 4,742 | 2,906 |
Total gross unrealized losses | 108 | 17 |
Obligations of U.S. states and municipalities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 1,456 | 120 |
Less than 12 months, Gross unrealized losses | 152 | 2 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Gross unrealized losses | 0 | 0 |
Total fair value | 1,456 | 120 |
Total gross unrealized losses | 152 | 2 |
Non-U.S. government debt securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 8,631 | 5,060 |
Less than 12 months, Gross unrealized losses | 157 | 37 |
12 months or more, Fair Value | 916 | 510 |
12 months or more, Gross unrealized losses | 63 | 9 |
Total fair value | 9,547 | 5,570 |
Total gross unrealized losses | 220 | 46 |
Corporate debt securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 264 | 166 |
Less than 12 months, Gross unrealized losses | 3 | 1 |
12 months or more, Fair Value | 45 | 46 |
12 months or more, Gross unrealized losses | 17 | 18 |
Total fair value | 309 | 212 |
Total gross unrealized losses | 20 | 19 |
Asset-backed securities: Collateralized loan obligations | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 8,561 | 8,110 |
Less than 12 months, Gross unrealized losses | 73 | 18 |
12 months or more, Fair Value | 1,331 | 208 |
12 months or more, Gross unrealized losses | 12 | 0 |
Total fair value | 9,892 | 8,318 |
Total gross unrealized losses | 85 | 18 |
Asset-backed securities: Other | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 2,900 | 89 |
Less than 12 months, Gross unrealized losses | 15 | 0 |
12 months or more, Fair Value | 156 | 178 |
12 months or more, Gross unrealized losses | 3 | 2 |
Total fair value | 3,056 | 267 |
Total gross unrealized losses | $ 18 | $ 2 |
Investment Securities - Realize
Investment Securities - Realized Gains and Losses and Provision for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Securities gains and losses | ||
Realized gains | $ 13 | $ 237 |
Realized losses | (407) | (223) |
Investment securities gains/(losses) | (394) | 14 |
Provision for credit losses | $ (1) | $ 16 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value by Contractual Maturity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 20,733 | |
Due after one year through five years | 146,823 | |
Due after five years through 10 years | 26,984 | |
Due after 10 years | 127,584 | |
Amortized cost | 322,124 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 20,727 | |
Due after one year through five years | 142,437 | |
Due after five years through 10 years | 26,299 | |
Due after 10 years | 123,412 | |
Fair value | $ 312,875 | $ 308,525 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 1.51% | |
Due after one year through five years | 0.73% | |
Due after five years through 10 years | 1.51% | |
Due after 10 years | 2.56% | |
Average yield | 1.57% | |
Total held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 29,440 | |
Due after one year through five years | 92,673 | |
Due after five years through 10 years | 92,973 | |
Due after 10 years | 151,538 | |
Amortized cost | 366,624 | |
Total held-to-maturity securities, Fair value | ||
Due in one year or less | 29,255 | |
Due after one year through five years | 88,248 | |
Due after five years through 10 years | 87,247 | |
Due after 10 years | 145,744 | |
Fair value | $ 350,494 | 362,628 |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 0.59% | |
Due after one year through five years | 0.76% | |
Due after five years through 10 years | 1.44% | |
Due after 10 years | 2.54% | |
Average yield | 1.66% | |
Supplemental information | ||
US government agencies and US government sponsored enterprises residential MBS estimated duration | 7 years | |
US government agencies and US government sponsored enterprises residential collateralized mortgage obligations estimated duration | 4 years | |
U.S. nonagency residential collateralized mortgage obligations estimated duration | 5 years | |
Minimum | ||
Supplemental information | ||
Due period of mortgage-backed securities and collateralized mortgage obligations | 10 years | |
Mortgage-backed securities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 5 | |
Due after one year through five years | 3,740 | |
Due after five years through 10 years | 4,314 | |
Due after 10 years | 96,768 | |
Amortized cost | 104,827 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 5 | |
Due after one year through five years | 3,599 | |
Due after five years through 10 years | 4,467 | |
Due after 10 years | 92,249 | |
Fair value | $ 100,320 | 83,562 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 0.27% | |
Due after one year through five years | 1.61% | |
Due after five years through 10 years | 1.93% | |
Due after 10 years | 2.49% | |
Average yield | 2.43% | |
Total held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 1,435 | |
Due after five years through 10 years | 11,279 | |
Due after 10 years | 100,127 | |
Amortized cost | 112,841 | |
Total held-to-maturity securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 1,379 | |
Due after five years through 10 years | 10,774 | |
Due after 10 years | 95,089 | |
Fair value | $ 107,242 | 114,001 |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 0.00% | |
Due after one year through five years | 1.88% | |
Due after five years through 10 years | 2.38% | |
Due after 10 years | 2.82% | |
Average yield | 2.77% | |
U.S. Treasury and government agencies | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 11,814 | |
Due after one year through five years | 136,391 | |
Due after five years through 10 years | 14,640 | |
Due after 10 years | 7,838 | |
Amortized cost | 170,683 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 11,803 | |
Due after one year through five years | 132,200 | |
Due after five years through 10 years | 13,921 | |
Due after 10 years | 8,038 | |
Fair value | $ 165,962 | 177,463 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 0.83% | |
Due after one year through five years | 0.59% | |
Due after five years through 10 years | 1.20% | |
Due after 10 years | 0.85% | |
Average yield | 0.67% | |
Total held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 29,406 | |
Due after one year through five years | 91,162 | |
Due after five years through 10 years | 66,672 | |
Due after 10 years | 0 | |
Amortized cost | 187,240 | |
Total held-to-maturity securities, Fair value | ||
Due in one year or less | 29,221 | |
Due after one year through five years | 86,797 | |
Due after five years through 10 years | 61,472 | |
Due after 10 years | 0 | |
Fair value | $ 177,490 | 183,270 |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 0.58% | |
Due after one year through five years | 0.74% | |
Due after five years through 10 years | 1.26% | |
Due after 10 years | 0.00% | |
Average yield | 0.90% | |
Obligations of U.S. states and municipalities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 13 | |
Due after one year through five years | 144 | |
Due after five years through 10 years | 1,408 | |
Due after 10 years | 12,996 | |
Amortized cost | 14,561 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 13 | |
Due after one year through five years | 145 | |
Due after five years through 10 years | 1,439 | |
Due after 10 years | 13,189 | |
Fair value | $ 14,786 | 15,860 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 4.09% | |
Due after one year through five years | 4.58% | |
Due after five years through 10 years | 4.84% | |
Due after 10 years | 4.90% | |
Average yield | 4.89% | |
Total held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 34 | |
Due after one year through five years | 76 | |
Due after five years through 10 years | 1,519 | |
Due after 10 years | 13,215 | |
Amortized cost | 14,844 | |
Total held-to-maturity securities, Fair value | ||
Due in one year or less | 34 | |
Due after one year through five years | 72 | |
Due after five years through 10 years | 1,526 | |
Due after 10 years | 12,812 | |
Fair value | $ 14,444 | 14,394 |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 3.75% | |
Due after one year through five years | 2.78% | |
Due after five years through 10 years | 3.79% | |
Due after 10 years | 3.82% | |
Average yield | 3.81% | |
Non-U.S. government debt securities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 6,901 | |
Due after one year through five years | 5,305 | |
Due after five years through 10 years | 3,453 | |
Due after 10 years | 804 | |
Amortized cost | 16,463 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 6,907 | |
Due after one year through five years | 5,276 | |
Due after five years through 10 years | 3,313 | |
Due after 10 years | 805 | |
Fair value | $ 16,301 | 16,209 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 2.67% | |
Due after one year through five years | 2.58% | |
Due after five years through 10 years | 1.12% | |
Due after 10 years | 1.09% | |
Average yield | 2.24% | |
Corporate debt securities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 362 | |
Due after five years through 10 years | 14 | |
Due after 10 years | 0 | |
Amortized cost | 376 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 342 | |
Due after five years through 10 years | 14 | |
Due after 10 years | 0 | |
Fair value | $ 356 | $ 321 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 0.00% | |
Due after one year through five years | 11.08% | |
Due after five years through 10 years | 1.25% | |
Due after 10 years | 0.00% | |
Average yield | 10.71% | |
Asset-backed securities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 2,000 | |
Due after one year through five years | 881 | |
Due after five years through 10 years | 3,155 | |
Due after 10 years | 9,178 | |
Amortized cost | 15,214 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 1,999 | |
Due after one year through five years | 875 | |
Due after five years through 10 years | 3,145 | |
Due after 10 years | 9,131 | |
Fair value | $ 15,150 | |
Available-for-sale securities, Average yield | ||
Due in one year or less | 1.48% | |
Due after one year through five years | 1.89% | |
Due after five years through 10 years | 1.34% | |
Due after 10 years | 1.59% | |
Average yield | 1.54% | |
Total held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 13,503 | |
Due after 10 years | 38,196 | |
Amortized cost | 51,699 | |
Total held-to-maturity securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 13,475 | |
Due after 10 years | 37,843 | |
Fair value | $ 51,318 | |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 0.00% | |
Due after one year through five years | 0.00% | |
Due after five years through 10 years | 1.30% | |
Due after 10 years | 1.37% | |
Average yield | 1.35% |
Securities Financing Activiti_3
Securities Financing Activities - Gross and Net Amounts of Securities Financing Agreements (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Securities purchased under resale agreements, Gross amounts | $ 637,234 | $ 604,724 |
Securities purchased under resale agreements, Amounts netted on the Consolidated balance sheets | (335,359) | (343,093) |
Securities purchased under resale agreements, Amounts presented on the Consolidated balance sheets | 301,875 | 261,631 |
Securities purchased under resale agreements, Amounts not nettable on the Consolidated balance sheets | (289,272) | (245,588) |
Securities purchased under resale agreements, Net amounts | 12,603 | 16,043 |
Securities borrowed, Gross amounts | 269,303 | 250,333 |
Securities borrowed, Amounts netted on the Consolidated balance sheets | (44,451) | (44,262) |
Securities borrowed, Amounts presented on the Consolidated balance sheets | 224,852 | 206,071 |
Securities borrowed, Amounts not nettable on the Consolidated balance sheets | (168,087) | (154,599) |
Securities borrowed, Net amounts | 56,765 | 51,472 |
Liabilities | ||
Securities sold under repurchase agreements, Gross amounts | 553,011 | 532,899 |
Securities sold under repurchase agreements, Amounts netted on the Consolidated balance sheets | (335,359) | (343,093) |
Securities sold under repurchase agreements, Amounts presented on the Consolidated balance sheets | 217,652 | 189,806 |
Securities sold under repurchase agreements, Amounts not nettable on the Consolidated balance sheets | (189,969) | (166,456) |
Securities sold under repurchase agreements, Net amounts | 27,683 | 23,350 |
Securities loaned and other, Gross amounts | 57,991 | 52,610 |
Securities loaned and other, Amounts netted on the Consolidated balance sheets | (44,451) | (44,262) |
Securities loaned and other, Amounts presented on the Consolidated balance sheets | 13,540 | 8,348 |
Securities loaned and other, Amounts not nettable on the Consolidated balance sheets | (13,209) | (8,133) |
Securities loaned and other, Net amounts | 331 | 215 |
Securities purchased under resale agreements where an appropriate legal opinion has not been either sought or obtained, Gross asset balance | 8,600 | 13,900 |
Securities borrowed where an appropriate legal opinion has not been either sought or obtained | 50,600 | 46,400 |
Securities sold under agreements to repurchase | 26,000 | 21,600 |
Securities loaned and other | 185 | 198 |
Securities-for-securities | ||
Liabilities | ||
Securities loaned and other, Amounts presented on the Consolidated balance sheets | $ 8,000 | $ 5,600 |
Securities Financing Activiti_4
Securities Financing Activities - Types of Financial Assets Pledged and Remaining Maturity (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | $ 553,011 | $ 532,899 |
Securities loaned and other | 57,991 | 52,610 |
Overnight and continuous | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 220,217 | 195,035 |
Securities loaned and other | 56,975 | 50,034 |
Up to 30 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 205,272 | 231,171 |
Securities loaned and other | 124 | 1,701 |
30 – 90 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 57,245 | 47,201 |
Securities loaned and other | 489 | 0 |
Greater than 90 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 70,277 | 59,492 |
Securities loaned and other | 403 | 875 |
Mortgage-backed securities, U.S. GSEs and government agencies | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 33,274 | 37,046 |
Securities loaned and other | 0 | 0 |
Mortgage-backed securities, Residential - nonagency | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 1,169 | 1,508 |
Securities loaned and other | 0 | 0 |
Mortgage-backed securities, Commercial - nonagency | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 1,443 | 1,463 |
Securities loaned and other | 0 | 0 |
U.S. Treasury, GSEs and government agencies | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 240,145 | 241,578 |
Securities loaned and other | 2,193 | 358 |
Obligations of U.S. states and municipalities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 2,274 | 1,916 |
Securities loaned and other | 7 | 7 |
Non-U.S. government debt | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 189,535 | 174,971 |
Securities loaned and other | 2,134 | 1,572 |
Corporate debt securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 46,671 | 38,180 |
Securities loaned and other | 2,783 | 1,619 |
Asset-backed securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 1,345 | 1,211 |
Securities loaned and other | 5 | 0 |
Equity securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 37,155 | 35,026 |
Securities loaned and other | $ 50,869 | $ 49,054 |
Securities Financing Activiti_5
Securities Financing Activities - Transfers Not Qualifying for Sale Accounting (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Securities Financing Transactions Disclosures [Abstract] | ||
Transfers not qualifying for sale accounting | $ 415 | $ 440 |
Loans - Narrative (Details)
Loans - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($)loan_segment | Mar. 31, 2021USD ($) | |
Receivables [Abstract] | ||
Number of portfolio segments | loan_segment | 3 | |
Net gains (losses) on sales of loans and lending-related commitments | $ 38 | $ 132 |
Net gains (losses) on sales of loans | $ 34 | $ 135 |
Loans - By Portfolio Segment (D
Loans - By Portfolio Segment (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Loan balances by portfolio segment: | |||
Retained loans | $ 1,018,397 | $ 948,642 | $ 1,010,206 |
Held-for-sale | 6,425 | 8,688 | |
At fair value | 48,463 | 58,820 | |
Total | 1,073,285 | 1,077,714 | |
Accrued interest receivables | 2,800 | 2,700 | |
Accrued interest receivables written off | 12 | 13 | |
Consumer, excluding credit card | |||
Loan balances by portfolio segment: | |||
Retained loans | 296,161 | 302,392 | 295,556 |
Held-for-sale | 808 | 1,287 | |
At fair value | 15,520 | 26,463 | |
Total | 312,489 | 323,306 | |
Credit card | |||
Loan balances by portfolio segment: | |||
Retained loans | 152,283 | 154,296 | |
Held-for-sale | 0 | 0 | |
At fair value | 0 | 0 | |
Total | 152,283 | 154,296 | |
Wholesale | |||
Loan balances by portfolio segment: | |||
Retained loans | 569,953 | $ 514,478 | 560,354 |
Held-for-sale | 5,617 | 7,401 | |
At fair value | 32,943 | 32,357 | |
Total | $ 608,513 | $ 600,112 |
Loans - Purchased, Sold and Rec
Loans - Purchased, Sold and Reclassified to Held-for-Sale (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | $ 285 | $ 417 |
Sales | 9,754 | 5,911 |
Retained loans reclassified to held-for-sale | 349 | 934 |
Consumer, excluding credit card | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 119 | 191 |
Sales | 47 | 181 |
Retained loans reclassified to held-for-sale | 76 | 162 |
Excluded retained loans purchased from correspondents that were originated in accordance with the Firm's underwriting standards | 3,200 | 7,000 |
Credit card | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Retained loans reclassified to held-for-sale | 0 | 0 |
Wholesale | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 166 | 226 |
Sales | 9,707 | 5,730 |
Retained loans reclassified to held-for-sale | $ 273 | $ 772 |
Loans - Consumer, Excluding Cre
Loans - Consumer, Excluding Credit Card Loan Portfolio (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 1,018,397 | $ 1,010,206 | $ 948,642 |
Consumer, excluding credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 296,161 | 295,556 | $ 302,392 |
Consumer, excluding credit card | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 227,926 | 224,795 | |
Consumer, excluding credit card | Auto and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 68,235 | 70,761 | |
Consumer, excluding credit card | Auto and other | Paycheck Protection Program (PPP) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 2,900 | $ 5,400 |
Loans - Consumer, Excluding C_2
Loans - Consumer, Excluding Credit Card Loan Portfolio, Residential Real Estate (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 1,018,397 | $ 1,010,206 | $ 948,642 |
Consumer, excluding credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 296,161 | 295,556 | $ 302,392 |
Consumer, excluding credit card | 30 or more days past due | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 35 | 31 | |
Consumer, excluding credit card | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term loans originated in 2022/2021 | 12,972 | 68,755 | |
Term loans originated in 2021/2020 | 69,023 | 48,368 | |
Term loans originated in 2020/2019 | 46,209 | 18,476 | |
Term loans originated in 2019/2018 | 17,046 | 7,981 | |
Term loans originated in 2018/2017 | 7,245 | 11,739 | |
Term loans originated prior to 2018/2017 | 57,845 | 50,794 | |
Revolving loans within the revolving period | 6,001 | 6,409 | |
Revolving loans converted to term loans | 11,585 | 12,273 | |
Total retained loans | $ 227,926 | $ 224,795 | |
% of 30 plus days past due to total retained loans, Term loans originated in 2022/2021 | 0.00% | 0.02% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2021/2020 | 0.02% | 0.07% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2020/2019 | 0.04% | 0.26% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2019/2018 | 0.18% | 0.65% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2018/2017 | 0.52% | 0.47% | |
% of 30 plus days past due to total retained loans, Term loans originated prior to 2018/2017 | 2.43% | 3.18% | |
% of 30 plus days past due to total retained loans, Revolving loans within the revolving period | 0.33% | 0.27% | |
% of 30 plus days past due to total retained loans, Revolving loans converted to term loans | 3.44% | 3.80% | |
% of 30 plus days past due to total retained loans | 0.85% | 1.02% | |
Consumer, excluding credit card | Residential real estate | Senior lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of total revolving loans that are senior lien loans | 37.00% | ||
Consumer, excluding credit card | Residential real estate | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 65 | $ 66 | |
Consumer, excluding credit card | Residential real estate | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term loans originated in 2022/2021 | 12,972 | 68,742 | |
Term loans originated in 2021/2020 | 69,009 | 48,334 | |
Term loans originated in 2020/2019 | 46,191 | 18,428 | |
Term loans originated in 2019/2018 | 17,016 | 7,929 | |
Term loans originated in 2018/2017 | 7,207 | 11,684 | |
Term loans originated prior to 2018/2017 | 56,403 | 49,147 | |
Revolving loans within the revolving period | 5,981 | 6,392 | |
Revolving loans converted to term loans | 11,186 | 11,807 | |
Total retained loans | 225,965 | 222,463 | |
Consumer, excluding credit card | Residential real estate | Current | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 30 | 35 | |
Consumer, excluding credit card | Residential real estate | 30–149 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term loans originated in 2022/2021 | 0 | 13 | |
Term loans originated in 2021/2020 | 13 | 23 | |
Term loans originated in 2020/2019 | 9 | 27 | |
Term loans originated in 2019/2018 | 13 | 27 | |
Term loans originated in 2018/2017 | 23 | 22 | |
Term loans originated prior to 2018/2017 | 630 | 578 | |
Revolving loans within the revolving period | 12 | 11 | |
Revolving loans converted to term loans | 164 | 182 | |
Total retained loans | 864 | 883 | |
Consumer, excluding credit card | Residential real estate | 30–149 days past due | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 13 | 11 | |
Consumer, excluding credit card | Residential real estate | 150 or more days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term loans originated in 2022/2021 | 0 | 0 | |
Term loans originated in 2021/2020 | 1 | 11 | |
Term loans originated in 2020/2019 | 9 | 21 | |
Term loans originated in 2019/2018 | 17 | 25 | |
Term loans originated in 2018/2017 | 15 | 33 | |
Term loans originated prior to 2018/2017 | 812 | 1,069 | |
Revolving loans within the revolving period | 8 | 6 | |
Revolving loans converted to term loans | 235 | 284 | |
Total retained loans | 1,097 | 1,449 | |
Consumer, excluding credit card | Residential real estate | 150 or more days past due | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 22 | $ 20 |
Loans - Consumer, Excluding C_3
Loans - Consumer, Excluding Credit Card Loan Portfolio, Residential Real Estate, Nonaccrual Loans and Other Credit Quality Indicators (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 1,018,397,000,000 | $ 948,642,000,000 | $ 1,010,206,000,000 |
Consumer, excluding credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 296,161,000,000 | 302,392,000,000 | 295,556,000,000 |
Consumer, excluding credit card | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 4,375,000,000 | 4,759,000,000 | |
Retained loans | $ 227,926,000,000 | $ 224,795,000,000 | |
Weighted average LTV ratio | 50.00% | 50.00% | |
Weighted average FICO | $ 767 | $ 765 | |
Approximate percentage of Chapter 7 loans 30 days or more past due | 5.00% | ||
Interest income on nonaccrual loans recognized on a cash basis | $ 45,000,000 | $ 45,000,000 | |
Consumer, excluding credit card | Residential real estate | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
90 or more days past due | 27,000,000 | 24,000,000 | |
Retained loans | 65,000,000 | 66,000,000 | |
Consumer, excluding credit card | Residential real estate | Not U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
90 or more days past due | 0 | 0 | |
Consumer, excluding credit card | Residential real estate | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 71,174,000,000 | 71,383,000,000 | |
Consumer, excluding credit card | Residential real estate | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 33,218,000,000 | 32,545,000,000 | |
Consumer, excluding credit card | Residential real estate | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 17,021,000,000 | 16,182,000,000 | |
Consumer, excluding credit card | Residential real estate | Texas | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 14,273,000,000 | 13,865,000,000 | |
Consumer, excluding credit card | Residential real estate | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 11,453,000,000 | 11,565,000,000 | |
Consumer, excluding credit card | Residential real estate | Colorado | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 9,159,000,000 | 8,885,000,000 | |
Consumer, excluding credit card | Residential real estate | Washington | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 8,392,000,000 | 8,292,000,000 | |
Consumer, excluding credit card | Residential real estate | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 6,887,000,000 | 6,832,000,000 | |
Consumer, excluding credit card | Residential real estate | Massachusetts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 6,230,000,000 | 6,105,000,000 | |
Consumer, excluding credit card | Residential real estate | Connecticut | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 5,307,000,000 | 5,242,000,000 | |
Consumer, excluding credit card | Residential real estate | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 44,812,000,000 | 43,899,000,000 | |
Consumer, excluding credit card | Residential real estate | All other | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 65,000,000 | 66,000,000 | |
Consumer, excluding credit card | Residential real estate | No FICO/LTV available | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,723,000,000 | 2,930,000,000 | |
Consumer, excluding credit card | Residential real estate | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 3,000,000 | 2,000,000 | |
Consumer, excluding credit card | Residential real estate | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 2,000,000 | 2,000,000 | |
Consumer, excluding credit card | Residential real estate | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 24,000,000 | 37,000,000 | |
Consumer, excluding credit card | Residential real estate | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 9,000,000 | 15,000,000 | |
Consumer, excluding credit card | Residential real estate | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 2,523,000,000 | 2,701,000,000 | |
Consumer, excluding credit card | Residential real estate | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 78,000,000 | 89,000,000 | |
Consumer, excluding credit card | Residential real estate | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 214,298,000,000 | 209,295,000,000 | |
Consumer, excluding credit card | Residential real estate | Lower than 80% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 9,201,000,000 | $ 9,658,000,000 |
Loans - Consumer, Excluding C_4
Loans - Consumer, Excluding Credit Card Loan Portfolio, Loan Modifications, Nature and Extent of Modifications (Details) - Consumer, excluding credit card - Residential real estate $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($)loan | Mar. 31, 2021USD ($)loan | |
Financing Receivable, Impaired [Line Items] | ||
New TDRs | $ | $ 118 | $ 251 |
Percentage, sum of items by type, may exceed | 100.00% | |
Trial modification | ||
Financing Receivable, Impaired [Line Items] | ||
Number of loans modified | 1,526 | 1,401 |
Permanent modification | ||
Financing Receivable, Impaired [Line Items] | ||
Number of loans modified | 1,542 | 1,714 |
Interest rate reduction | ||
Financing Receivable, Impaired [Line Items] | ||
Concession granted | 64.00% | 72.00% |
Term or payment extension | ||
Financing Receivable, Impaired [Line Items] | ||
Concession granted | 77.00% | 40.00% |
Principal and/or interest deferred | ||
Financing Receivable, Impaired [Line Items] | ||
Concession granted | 13.00% | 31.00% |
Principal forgiveness | ||
Financing Receivable, Impaired [Line Items] | ||
Concession granted | 1.00% | 4.00% |
Other | ||
Financing Receivable, Impaired [Line Items] | ||
Concession granted | 27.00% | 51.00% |
Loans - Consumer, Excluding C_5
Loans - Consumer, Excluding Credit Card Loan Portfolio, Financial Effects of Modifications and Redefaults (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($)loan_payment | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Financing Receivable, Impaired [Line Items] | |||
Carrying value | $ 1,018,397 | $ 948,642 | $ 1,010,206 |
Consumer, excluding credit card | |||
Financing Receivable, Impaired [Line Items] | |||
Carrying value | $ 296,161 | $ 302,392 | 295,556 |
Consumer, excluding credit card | Residential real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Number of payments past due for deemed payment | loan_payment | 2 | ||
Carrying value | $ 227,926 | 224,795 | |
Consumer, excluding credit card | Residential real estate | In process of active or suspended foreclosure | |||
Financing Receivable, Impaired [Line Items] | |||
Carrying value | $ 767 | $ 619 | |
Consumer, excluding credit card | Residential real estate | Maximum | |||
Financing Receivable, Impaired [Line Items] | |||
Number of years before payment default under a modified loan | 1 year | ||
Number of months before a payment redefault under modified loans | 12 months | ||
Consumer, excluding credit card | Residential real estate | Permanent modification | |||
Financing Receivable, Impaired [Line Items] | |||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 4.43% | 4.57% | |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 3.31% | 2.91% | |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 23 years | 24 years | |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 39 years | 39 years | |
Charge-offs recognized upon permanent modification | $ 0 | $ 0 | |
Principal deferred | 7 | 12 | |
Principal forgiven | 1 | 1 | |
Balance of loans that redefaulted within one year of permanent modification | $ 43 | $ 24 | |
Modifications, weighted-average remaining life | 5 years |
Loans - Consumer, Excluding C_6
Loans - Consumer, Excluding Credit Card Loan Portfolio, Auto and Other (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 1,018,397 | $ 1,010,206 | $ 948,642 |
Consumer, excluding credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 296,161 | 295,556 | $ 302,392 |
Consumer, excluding credit card | Auto and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term loans originated in 2022/2021 | 7,334 | 35,515 | |
Term loans originated in 2021/2020 | 30,599 | 19,079 | |
Term loans originated in 2020/2019 | 16,546 | 7,531 | |
Term loans originated in 2019/2018 | 6,503 | 3,724 | |
Term loans originated in 2018/2017 | 3,049 | 1,832 | |
Term loans originated prior to 2018/2017 | 1,835 | 688 | |
Revolving loans within the revolving period | 2,240 | 2,259 | |
Revolving loans converted to term loans | 129 | 133 | |
Total retained loans | $ 68,235 | $ 70,761 | |
% of 30 plus days past due to total retained loans, Term loans originated in 2022/2021 | 0.85% | 0.54% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2021/2020 | 0.52% | 0.47% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2020/2019 | 0.45% | 1.17% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2019/2018 | 1.05% | 1.42% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2018/2017 | 1.31% | 1.75% | |
% of 30 plus days past due to total retained loans, Term loans originated prior to 2018/2017 | 1.91% | 3.20% | |
% of 30 plus days past due to total retained loans, Revolving loans within the revolving period | 0.76% | 0.75% | |
% of 30 plus days past due to total retained loans, Revolving loans converted to term loans | 9.30% | 9.77% | |
% of 30 plus days past due to total retained loans | 0.69% | 0.71% | |
Consumer, excluding credit card | Auto and other | Paycheck Protection Program (PPP) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 2,900 | $ 5,400 | |
Current | Consumer, excluding credit card | Auto and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term loans originated in 2022/2021 | 7,272 | 35,323 | |
Term loans originated in 2021/2020 | 30,438 | 18,324 | |
Term loans originated in 2020/2019 | 16,259 | 7,443 | |
Term loans originated in 2019/2018 | 6,435 | 3,671 | |
Term loans originated in 2018/2017 | 3,009 | 1,800 | |
Term loans originated prior to 2018/2017 | 1,800 | 666 | |
Revolving loans within the revolving period | 2,223 | 2,242 | |
Revolving loans converted to term loans | 117 | 120 | |
Total retained loans | 67,553 | 69,589 | |
Current | Consumer, excluding credit card | Auto and other | Paycheck Protection Program (PPP) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term loans originated in 2022/2021 | 4,400 | ||
Term loans originated in 2021/2020 | 2,500 | 1,000 | |
Term loans originated in 2020/2019 | 353 | ||
30 or more days past due | Consumer, excluding credit card | Auto and other | Paycheck Protection Program (PPP) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 213 | 667 | |
30–119 days past due | Consumer, excluding credit card | Auto and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term loans originated in 2022/2021 | 62 | 192 | |
Term loans originated in 2021/2020 | 161 | 720 | |
Term loans originated in 2020/2019 | 124 | 88 | |
Term loans originated in 2019/2018 | 68 | 53 | |
Term loans originated in 2018/2017 | 40 | 31 | |
Term loans originated prior to 2018/2017 | 34 | 21 | |
Revolving loans within the revolving period | 11 | 12 | |
Revolving loans converted to term loans | 6 | 6 | |
Total retained loans | 506 | 1,123 | |
120 or more days past due | Consumer, excluding credit card | Auto and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term loans originated in 2022/2021 | 0 | 0 | |
Term loans originated in 2021/2020 | 0 | 35 | |
Term loans originated in 2020/2019 | 163 | 0 | |
Term loans originated in 2019/2018 | 0 | 0 | |
Term loans originated in 2018/2017 | 0 | 1 | |
Term loans originated prior to 2018/2017 | 1 | 1 | |
Revolving loans within the revolving period | 6 | 5 | |
Revolving loans converted to term loans | 6 | 7 | |
Total retained loans | $ 176 | $ 49 |
Loans - Consumer, Excluding C_7
Loans - Consumer, Excluding Credit Card Loan Portfolio, Auto and Other, Nonaccrual Loans and Other Credit Quality Indicators (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | $ 1,018,397,000,000 | $ 1,010,206,000,000 | $ 948,642,000,000 |
Consumer, excluding credit card | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 296,161,000,000 | 295,556,000,000 | $ 302,392,000,000 |
Consumer, excluding credit card | Auto and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Nonaccrual loans | 110,000,000 | 119,000,000 | |
Retained loans | 68,235,000,000 | 70,761,000,000 | |
Consumer, excluding credit card | Auto and other | Paycheck Protection Program (PPP) | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 2,900,000,000 | 5,400,000,000 | |
Consumer, excluding credit card | Auto and other | Not U.S. government-guaranteed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
90 or more days past due and still accruing | 0 | 0 | |
Consumer, excluding credit card | Auto and other | 90 or more days past due | Paycheck Protection Program (PPP) | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Nonaccrual loans | 163,000,000 | 35,000,000 | |
Retained loans | 179,000,000 | 506,000,000 | |
Consumer, excluding credit card | Auto and other | California | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 10,794,000,000 | 11,163,000,000 | |
Consumer, excluding credit card | Auto and other | Texas | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 7,725,000,000 | 7,859,000,000 | |
Consumer, excluding credit card | Auto and other | New York | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 5,075,000,000 | 5,848,000,000 | |
Consumer, excluding credit card | Auto and other | Florida | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 4,929,000,000 | 4,901,000,000 | |
Consumer, excluding credit card | Auto and other | Illinois | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 2,785,000,000 | 2,930,000,000 | |
Consumer, excluding credit card | Auto and other | New Jersey | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 2,274,000,000 | 2,355,000,000 | |
Consumer, excluding credit card | Auto and other | Pennsylvania | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 1,936,000,000 | 2,004,000,000 | |
Consumer, excluding credit card | Auto and other | Arizona | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 1,789,000,000 | 1,887,000,000 | |
Consumer, excluding credit card | Auto and other | Louisiana | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 1,771,000,000 | 1,801,000,000 | |
Consumer, excluding credit card | Auto and other | Georgia | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 1,760,000,000 | 1,748,000,000 | |
Consumer, excluding credit card | Auto and other | All other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | $ 27,397,000,000 | $ 28,265,000,000 |
Loans - Credit Card Loan Portfo
Loans - Credit Card Loan Portfolio, Delinquency Information (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 1,018,397 | $ 1,010,206 | $ 948,642 |
Credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Revolving loans within the revolving period | 151,382 | 153,309 | |
Revolving loans converted to term loans | 901 | 987 | |
Total retained loans | $ 152,283 | $ 154,296 | |
% of 30 plus days past due to total retained loans, Revolving loans within the revolving period | 1.04% | 0.99% | |
% of 30 plus days past due to total retained loans, Revolving loans converted to term loans | 9.32% | 8.71% | |
% of 30 plus days past due to total retained loans | 1.09% | 1.04% | |
% of 90 plus days past due to total retained loans, Revolving loans within the revolving period | 0.52% | 0.48% | |
% of 90 plus days past due to total retained loans, Revolving loans converted to term loans | 3.22% | 2.74% | |
% of 90 plus days past due to total retained loans | 0.54% | 0.50% | |
Credit card | Current and less than 30 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Revolving loans within the revolving period | $ 149,811 | $ 151,798 | |
Revolving loans converted to term loans | 817 | 901 | |
Total retained loans | 150,628 | 152,699 | |
Credit card | 30–89 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Revolving loans within the revolving period | 780 | 770 | |
Revolving loans converted to term loans | 55 | 59 | |
Total retained loans | 835 | 829 | |
Credit card | 90 or more days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Revolving loans within the revolving period | 791 | 741 | |
Revolving loans converted to term loans | 29 | 27 | |
Total retained loans | $ 820 | $ 768 |
Loans - Credit Card Loan Port_2
Loans - Credit Card Loan Portfolio, Other Credit Quality Indicators (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 1,018,397 | $ 1,010,206 | $ 948,642 |
Credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 152,283 | $ 154,296 | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, Equal to or greater than 660 | 87.90% | 88.50% | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, Less than 660 | 11.90% | 11.30% | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, No FICO available | 0.20% | 0.20% | |
Credit card | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 22,865 | $ 23,030 | |
Credit card | Texas | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 15,808 | 15,879 | |
Credit card | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 12,539 | 12,652 | |
Credit card | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 10,388 | 10,412 | |
Credit card | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 8,428 | 8,530 | |
Credit card | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 6,273 | 6,367 | |
Credit card | Ohio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 4,807 | 4,923 | |
Credit card | Colorado | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 4,562 | 4,573 | |
Credit card | Pennsylvania | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 4,548 | 4,708 | |
Credit card | Michigan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 3,682 | 3,773 | |
Credit card | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 58,383 | $ 59,449 |
Loans - Credit Card Portfolio,
Loans - Credit Card Portfolio, Loan Modifications (Details) - Credit card $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($)loan_payment | Mar. 31, 2021USD ($) | |
Financing Receivable, Impaired [Line Items] | ||
Fixed payment plan period | 60 months | |
New enrollments, percent of total retained credit card loans (less than) | 1.00% | |
Balance of new TDRs | $ 82 | $ 143 |
Weighted-average interest rate of loans – before TDR | 18.00% | 17.74% |
Weighted-average interest rate of loans – after TDR | 4.87% | 5.23% |
Balance of loans that redefaulted within one year of modification | $ 9 | $ 19 |
Number of years before payment default under a modified loan | 1 year | |
Modified loans, payment default, number of payments past due | loan_payment | 2 |
Loans - Wholesale Loan Portfoli
Loans - Wholesale Loan Portfolio, Internal Risk Ratings (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 1,018,397 | $ 1,010,206 | $ 948,642 |
Wholesale | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 569,953 | $ 560,354 | $ 514,478 |
% of investment-grade to total retained loans | 72.14% | 73.17% | |
% of total criticized to total retained loans | 2.66% | 2.39% | |
% of criticized nonaccrual to total retained loans | 0.40% | 0.37% | |
Wholesale | Current and less than 30 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 564,429 | $ 554,980 | |
Wholesale | 30–89 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 3,047 | 3,114 | |
Wholesale | 90 or more days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 188 | 206 | |
Wholesale | Total U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 438,823 | 437,931 | |
Wholesale | Total non-U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 131,130 | 122,423 | |
Wholesale | Paycheck Protection Program (PPP) | 90 or more days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 57 | 127 | |
Wholesale | Investment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 411,187 | 410,011 | |
Wholesale | Investment-grade | Paycheck Protection Program (PPP) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 704 | 1,300 | |
Wholesale | Total noninvestment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 158,766 | 150,343 | |
Wholesale | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 143,584 | 136,974 | |
Wholesale | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 12,893 | 11,315 | |
Wholesale | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 2,289 | 2,054 | |
Wholesale | Secured by real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 120,367 | $ 118,835 | |
% of investment-grade to total retained loans | 78.23% | 77.73% | |
% of total criticized to total retained loans | 3.51% | 3.34% | |
% of criticized nonaccrual to total retained loans | 0.31% | 0.27% | |
Term loans originated in 2022/2021 | $ 8,270 | $ 28,710 | |
Term loans originated in 2021/2020 | 28,762 | 19,856 | |
Term loans originated in 2020/2019 | 19,263 | 21,829 | |
Term loans originated in 2019/2018 | 20,792 | 11,909 | |
Term loans originated in 2018/2017 | 10,421 | 10,159 | |
Term loans originated prior to 2018/2017 | 31,174 | 24,679 | |
Revolving loans within the revolving period | 1,676 | 1,684 | |
Revolving loans converted to term loans | 9 | 9 | |
Wholesale | Secured by real estate | Current and less than 30 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 119,596 | 118,163 | |
Wholesale | Secured by real estate | 30–89 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 392 | 331 | |
Wholesale | Secured by real estate | 90 or more days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 10 | 15 | |
Wholesale | Secured by real estate | Total U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 117,246 | 115,732 | |
Wholesale | Secured by real estate | Total non-U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 3,121 | 3,103 | |
Wholesale | Secured by real estate | Investment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 94,158 | 92,369 | |
Term loans originated in 2022/2021 | 6,743 | 23,346 | |
Term loans originated in 2021/2020 | 23,613 | 16,030 | |
Term loans originated in 2020/2019 | 15,729 | 17,265 | |
Term loans originated in 2019/2018 | 16,493 | 8,103 | |
Term loans originated in 2018/2017 | 7,171 | 7,325 | |
Term loans originated prior to 2018/2017 | 23,201 | 19,066 | |
Revolving loans within the revolving period | 1,200 | 1,226 | |
Revolving loans converted to term loans | 8 | 8 | |
Wholesale | Secured by real estate | Total noninvestment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 26,209 | 26,466 | |
Term loans originated in 2022/2021 | 1,527 | 5,364 | |
Term loans originated in 2021/2020 | 5,149 | 3,826 | |
Term loans originated in 2020/2019 | 3,534 | 4,564 | |
Term loans originated in 2019/2018 | 4,299 | 3,806 | |
Term loans originated in 2018/2017 | 3,250 | 2,834 | |
Term loans originated prior to 2018/2017 | 7,973 | 5,613 | |
Revolving loans within the revolving period | 476 | 458 | |
Revolving loans converted to term loans | 1 | 1 | |
Wholesale | Secured by real estate | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 21,982 | 22,495 | |
Wholesale | Secured by real estate | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 3,858 | 3,645 | |
Wholesale | Secured by real estate | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 369 | $ 326 | |
% of criticized nonaccrual to total retained loans | 0.31% | 0.27% | |
Wholesale | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 155,197 | $ 145,691 | |
% of investment-grade to total retained loans | 49.78% | 52.02% | |
% of total criticized to total retained loans | 5.81% | 5.40% | |
% of criticized nonaccrual to total retained loans | 0.74% | 0.67% | |
Term loans originated in 2022/2021 | $ 16,236 | $ 40,656 | |
Term loans originated in 2021/2020 | 31,374 | 13,380 | |
Term loans originated in 2020/2019 | 11,912 | 8,168 | |
Term loans originated in 2019/2018 | 6,926 | 3,446 | |
Term loans originated in 2018/2017 | 2,832 | 2,038 | |
Term loans originated prior to 2018/2017 | 2,681 | 1,249 | |
Revolving loans within the revolving period | 83,159 | 76,679 | |
Revolving loans converted to term loans | 77 | 75 | |
Wholesale | Commercial and industrial | Current and less than 30 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 152,687 | 143,459 | |
Wholesale | Commercial and industrial | 30–89 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 1,282 | 1,193 | |
Wholesale | Commercial and industrial | 90 or more days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 80 | 70 | |
Wholesale | Commercial and industrial | Total U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 112,021 | 106,449 | |
Wholesale | Commercial and industrial | Total non-U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 43,176 | 39,242 | |
Wholesale | Commercial and industrial | Investment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 77,254 | 75,783 | |
Term loans originated in 2022/2021 | 9,027 | 21,342 | |
Term loans originated in 2021/2020 | 13,819 | 6,268 | |
Term loans originated in 2020/2019 | 5,909 | 3,609 | |
Term loans originated in 2019/2018 | 3,107 | 1,269 | |
Term loans originated in 2018/2017 | 1,125 | 1,108 | |
Term loans originated prior to 2018/2017 | 1,612 | 819 | |
Revolving loans within the revolving period | 42,654 | 41,367 | |
Revolving loans converted to term loans | 1 | 1 | |
Wholesale | Commercial and industrial | Investment-grade | Paycheck Protection Program (PPP) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 608 | 1,100 | |
Term loans originated in 2022/2021 | 698 | ||
Term loans originated in 2021/2020 | 411 | 396 | |
Term loans originated in 2020/2019 | 197 | ||
Wholesale | Commercial and industrial | Total noninvestment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 77,943 | 69,908 | |
Term loans originated in 2022/2021 | 7,209 | 19,314 | |
Term loans originated in 2021/2020 | 17,555 | 7,112 | |
Term loans originated in 2020/2019 | 6,003 | 4,559 | |
Term loans originated in 2019/2018 | 3,819 | 2,177 | |
Term loans originated in 2018/2017 | 1,707 | 930 | |
Term loans originated prior to 2018/2017 | 1,069 | 430 | |
Revolving loans within the revolving period | 40,505 | 35,312 | |
Revolving loans converted to term loans | 76 | 74 | |
Wholesale | Commercial and industrial | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 68,923 | 62,039 | |
Wholesale | Commercial and industrial | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 7,872 | 6,900 | |
Wholesale | Commercial and industrial | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 1,148 | 969 | |
Wholesale | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 294,389 | $ 295,828 | |
% of investment-grade to total retained loans | 81.45% | 81.76% | |
% of total criticized to total retained loans | 0.66% | 0.52% | |
% of criticized nonaccrual to total retained loans | 0.26% | 0.26% | |
Term loans originated in 2022/2021 | $ 20,279 | $ 43,687 | |
Term loans originated in 2021/2020 | 31,095 | 20,228 | |
Term loans originated in 2020/2019 | 19,104 | 7,580 | |
Term loans originated in 2019/2018 | 6,942 | 3,820 | |
Term loans originated in 2018/2017 | 3,570 | 4,086 | |
Term loans originated prior to 2018/2017 | 10,347 | 8,118 | |
Revolving loans within the revolving period | 200,489 | 207,703 | |
Revolving loans converted to term loans | 2,563 | 606 | |
Wholesale | Other | Current and less than 30 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 292,146 | 293,358 | |
Wholesale | Other | 30–89 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 1,373 | 1,590 | |
Wholesale | Other | 90 or more days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 98 | 121 | |
Wholesale | Other | Total U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 209,556 | 215,750 | |
Wholesale | Other | Total non-U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 84,833 | 80,078 | |
Wholesale | Other | Investment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 239,775 | 241,859 | |
Term loans originated in 2022/2021 | 14,015 | 26,782 | |
Term loans originated in 2021/2020 | 19,822 | 17,829 | |
Term loans originated in 2020/2019 | 16,545 | 6,125 | |
Term loans originated in 2019/2018 | 5,423 | 2,885 | |
Term loans originated in 2018/2017 | 2,723 | 3,868 | |
Term loans originated prior to 2018/2017 | 9,698 | 7,651 | |
Revolving loans within the revolving period | 168,991 | 176,118 | |
Revolving loans converted to term loans | 2,558 | 601 | |
Wholesale | Other | Total noninvestment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 54,614 | 53,969 | |
Term loans originated in 2022/2021 | 6,264 | 16,905 | |
Term loans originated in 2021/2020 | 11,273 | 2,399 | |
Term loans originated in 2020/2019 | 2,559 | 1,455 | |
Term loans originated in 2019/2018 | 1,519 | 935 | |
Term loans originated in 2018/2017 | 847 | 218 | |
Term loans originated prior to 2018/2017 | 649 | 467 | |
Revolving loans within the revolving period | 31,498 | 31,585 | |
Revolving loans converted to term loans | 5 | 5 | |
Wholesale | Other | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 52,679 | 52,440 | |
Wholesale | Other | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 1,163 | 770 | |
Wholesale | Other | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 772 | $ 759 |
Loans - Wholesale Loan Portfo_2
Loans - Wholesale Loan Portfolio, Real Estate Class of Loans (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 1,018,397 | $ 1,010,206 | $ 948,642 |
Wholesale | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 569,953 | $ 560,354 | $ 514,478 |
% of criticized to total retained loans secured by real estate | 2.66% | 2.39% | |
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.40% | 0.37% | |
Wholesale | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 2,289 | $ 2,054 | |
Wholesale | Secured by real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 120,367 | $ 118,835 | |
% of criticized to total retained loans secured by real estate | 3.51% | 3.34% | |
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.31% | 0.27% | |
Wholesale | Secured by real estate | Criticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 4,227 | $ 3,971 | |
% of criticized to total retained loans secured by real estate | 3.51% | 3.34% | |
Wholesale | Secured by real estate | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 369 | $ 326 | |
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.31% | 0.27% | |
Wholesale | Secured by real estate | Multifamily | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 75,194 | $ 73,801 | |
Wholesale | Secured by real estate | Multifamily | Criticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 1,850 | $ 1,671 | |
% of criticized to total retained loans secured by real estate | 2.46% | 2.26% | |
Wholesale | Secured by real estate | Multifamily | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 82 | $ 91 | |
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.11% | 0.12% | |
Wholesale | Secured by real estate | Other commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 45,173 | $ 45,034 | |
Wholesale | Secured by real estate | Other commercial | Criticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 2,377 | $ 2,300 | |
% of criticized to total retained loans secured by real estate | 5.26% | 5.11% | |
Wholesale | Secured by real estate | Other commercial | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 287 | $ 235 | |
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.64% | 0.52% | |
Wholesale | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 155,197 | $ 145,691 | |
% of criticized to total retained loans secured by real estate | 5.81% | 5.40% | |
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.74% | 0.67% | |
Wholesale | Commercial and industrial | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 1,148 | $ 969 | |
Wholesale | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 294,389 | $ 295,828 | |
% of criticized to total retained loans secured by real estate | 0.66% | 0.52% | |
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.26% | 0.26% | |
Wholesale | Other | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 772 | $ 759 |
Loans - Wholesale Loan Portfo_3
Loans - Wholesale Loan Portfolio, Nonaccrual (Details) - Wholesale - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Nonaccrual [Line Items] | ||
With an allowance | $ 1,543 | $ 1,144 |
Without an allowance | 746 | 910 |
Total nonaccrual loans | 2,289 | 2,054 |
Secured by real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
With an allowance | 290 | 254 |
Without an allowance | 79 | 72 |
Total nonaccrual loans | 369 | 326 |
Commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
With an allowance | 699 | 604 |
Without an allowance | 449 | 365 |
Total nonaccrual loans | 1,148 | 969 |
Other | ||
Financing Receivable, Nonaccrual [Line Items] | ||
With an allowance | 554 | 286 |
Without an allowance | 218 | 473 |
Total nonaccrual loans | $ 772 | $ 759 |
Loans - Wholesale Loan Portfo_4
Loans - Wholesale Loan Portfolio, Loan Modifications (Details) - Wholesale - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | |||
New TDRs | $ 418 | $ 428 | |
Loans modified in TDRs | $ 906 | $ 607 |
Allowance for Credit Losses (De
Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Allowance for loan losses | |||
Beginning balance | $ 16,386 | $ 28,328 | |
Gross charge-offs | 976 | 1,468 | |
Gross recoveries collected | (394) | (411) | |
Net charge-offs/(recoveries) | 582 | 1,057 | |
Provision for loan losses | 1,368 | (4,279) | |
Other | 20 | 9 | |
Ending balance | 17,192 | 23,001 | |
Allowance for lending-related commitments | |||
Beginning balance | 2,261 | 2,409 | |
Provision for lending-related commitments | 96 | 107 | |
Other | 1 | 0 | |
Ending balance | 2,358 | 2,516 | |
Total allowance for investment securities | 41 | 94 | $ 42 |
Total allowance for credit losses | 19,591 | 25,611 | 18,700 |
Allowance for loan losses by impairment methodology | |||
Asset-specific | 103 | 703 | |
Portfolio-based | 17,089 | 22,298 | |
Total allowance for loan losses | 17,192 | 23,001 | 16,386 |
Loans by impairment methodology | |||
Asset-specific | 16,910 | 20,693 | |
Portfolio-based | 1,001,487 | 927,949 | |
Total retained loans | 1,018,397 | 948,642 | 1,010,206 |
Allowance for lending-related commitments by impairment methodology | |||
Asset-specific | 139 | 144 | |
Portfolio-based | 2,219 | 2,372 | |
Total allowance for lending-related commitments | 2,358 | 2,516 | 2,261 |
Lending-related commitments by impairment methodology | |||
Asset-specific | 767 | 800 | |
Portfolio-based | 495,417 | 475,298 | |
Total lending-related commitments | 496,184 | 476,098 | |
Collateral-dependent loans | |||
Allowance for loan losses | |||
Net charge-offs/(recoveries) | 2 | 22 | |
Collateral-dependent loans | |||
Loans measured at fair value of collateral less cost to sell | 4,809 | 5,144 | |
Consumer-related | |||
Lending-related commitments by impairment methodology | |||
Increase in allowance for credit losses | 127 | ||
Consumer, excluding credit card | |||
Allowance for loan losses | |||
Beginning balance | 1,765 | 3,636 | |
Gross charge-offs | 204 | 166 | |
Gross recoveries collected | (158) | (145) | |
Net charge-offs/(recoveries) | 46 | 21 | |
Provision for loan losses | 175 | (932) | |
Other | 0 | (1) | |
Ending balance | 1,894 | 2,682 | |
Allowance for lending-related commitments | |||
Beginning balance | 113 | 187 | |
Provision for lending-related commitments | (2) | (52) | |
Other | 0 | 0 | |
Ending balance | 111 | 135 | |
Total allowance for credit losses | 2,005 | 2,817 | |
Allowance for loan losses by impairment methodology | |||
Asset-specific | (644) | (348) | |
Portfolio-based | 2,538 | 3,030 | |
Total allowance for loan losses | 1,894 | 2,682 | 1,765 |
Loans by impairment methodology | |||
Asset-specific | 13,186 | 16,008 | |
Portfolio-based | 282,975 | 286,384 | |
Total retained loans | 296,161 | 302,392 | 295,556 |
Allowance for lending-related commitments by impairment methodology | |||
Asset-specific | 0 | 0 | |
Portfolio-based | 111 | 135 | |
Total allowance for lending-related commitments | 111 | 135 | 113 |
Lending-related commitments by impairment methodology | |||
Asset-specific | 0 | 0 | |
Portfolio-based | 31,847 | 34,468 | |
Total lending-related commitments | 31,847 | 34,468 | |
Credit card lending-related commitments not permitted to have an allowance for credit losses | 15,300 | 21,800 | |
Consumer, excluding credit card | Collateral-dependent loans | |||
Allowance for loan losses | |||
Net charge-offs/(recoveries) | (5) | 20 | |
Collateral-dependent loans | |||
Loans measured at fair value of collateral less cost to sell | 4,144 | 4,790 | |
Credit card | |||
Allowance for loan losses | |||
Beginning balance | 10,250 | 17,800 | |
Gross charge-offs | 720 | 1,214 | |
Gross recoveries collected | (214) | (231) | |
Net charge-offs/(recoveries) | 506 | 983 | |
Provision for loan losses | 506 | (2,517) | |
Other | 0 | 0 | |
Ending balance | 10,250 | 14,300 | |
Allowance for lending-related commitments | |||
Beginning balance | 0 | 0 | |
Provision for lending-related commitments | 0 | 0 | |
Other | 0 | 0 | |
Ending balance | 0 | 0 | |
Total allowance for credit losses | 10,250 | 14,300 | |
Allowance for loan losses by impairment methodology | |||
Asset-specific | 262 | 522 | |
Portfolio-based | 9,988 | 13,778 | |
Total allowance for loan losses | 10,250 | 14,300 | 10,250 |
Loans by impairment methodology | |||
Asset-specific | 901 | 1,291 | |
Portfolio-based | 151,382 | 130,481 | |
Total retained loans | 152,283 | 131,772 | |
Allowance for lending-related commitments by impairment methodology | |||
Asset-specific | 0 | 0 | |
Portfolio-based | 0 | 0 | |
Total allowance for lending-related commitments | 0 | 0 | 0 |
Lending-related commitments by impairment methodology | |||
Asset-specific | 0 | 0 | |
Portfolio-based | 0 | 0 | |
Total lending-related commitments | 0 | 0 | |
Credit card lending-related commitments not permitted to have an allowance for credit losses | 757,300 | 674,400 | |
Credit card | Collateral-dependent loans | |||
Allowance for loan losses | |||
Net charge-offs/(recoveries) | 0 | 0 | |
Collateral-dependent loans | |||
Loans measured at fair value of collateral less cost to sell | 0 | 0 | |
Wholesale | |||
Allowance for loan losses | |||
Beginning balance | 4,371 | 6,892 | |
Gross charge-offs | 52 | 88 | |
Gross recoveries collected | (22) | (35) | |
Net charge-offs/(recoveries) | 30 | 53 | |
Provision for loan losses | 687 | (830) | |
Other | 20 | 10 | |
Ending balance | 5,048 | 6,019 | |
Allowance for lending-related commitments | |||
Beginning balance | 2,148 | 2,222 | |
Provision for lending-related commitments | 98 | 159 | |
Other | 1 | 0 | |
Ending balance | 2,247 | 2,381 | |
Total allowance for credit losses | 7,295 | 8,400 | |
Allowance for loan losses by impairment methodology | |||
Asset-specific | 485 | 529 | |
Portfolio-based | 4,563 | 5,490 | |
Total allowance for loan losses | 5,048 | 6,019 | 4,371 |
Loans by impairment methodology | |||
Asset-specific | 2,823 | 3,394 | |
Portfolio-based | 567,130 | 511,084 | |
Total retained loans | 569,953 | 514,478 | 560,354 |
Allowance for lending-related commitments by impairment methodology | |||
Asset-specific | 139 | 144 | |
Portfolio-based | 2,108 | 2,237 | |
Total allowance for lending-related commitments | 2,247 | 2,381 | $ 2,148 |
Lending-related commitments by impairment methodology | |||
Asset-specific | 767 | 800 | |
Portfolio-based | 463,570 | 440,830 | |
Total lending-related commitments | 464,337 | 441,630 | |
Credit card lending-related commitments not permitted to have an allowance for credit losses | 32,900 | 39,600 | |
Increase in allowance for credit losses | 776 | ||
Wholesale | Collateral-dependent loans | |||
Allowance for loan losses | |||
Net charge-offs/(recoveries) | 7 | 2 | |
Collateral-dependent loans | |||
Loans measured at fair value of collateral less cost to sell | $ 665 | $ 354 |
Variable Interest Entities - Fi
Variable Interest Entities - Firm Sponsored VIEs (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Total assets held by securitization VIEs | $ 222,645 | $ 216,745 |
Retained securitization interests, risk-rated 'A' or better, at fair value | 83.00% | 79.00% |
Corporate & Investment Bank | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Senior securities purchased in connection with CIB's secondary market-making activities | $ 210 | $ 145 |
Subordinated securities purchased in connection with CIB's secondary market-making activities | 91 | 36 |
Residential mortgage | Investment-grade | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Fair value of retained interests | 1,900 | 1,600 |
Residential mortgage | Noninvestment-grade | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Fair value of retained interests | 68 | 131 |
Residential mortgage | Prime / Alt-A & option ARMs | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Total assets held by securitization VIEs | 57,739 | 55,085 |
Residential mortgage | Subprime | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Total assets held by securitization VIEs | 10,563 | 10,966 |
Commercial and other | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Total assets held by securitization VIEs | 154,343 | 150,694 |
Commercial and other | Investment-grade | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Fair value of retained interests | 4,300 | 3,500 |
Commercial and other | Noninvestment-grade | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Fair value of retained interests | 931 | 929 |
VIEs consolidated by the Firm | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in consolidated securitization VIEs | 869 | 969 |
VIEs consolidated by the Firm | Residential mortgage | Prime / Alt-A & option ARMs | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in consolidated securitization VIEs | 862 | 942 |
VIEs consolidated by the Firm | Residential mortgage | Subprime | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in consolidated securitization VIEs | 7 | 27 |
VIEs consolidated by the Firm | Commercial and other | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in consolidated securitization VIEs | 0 | 0 |
Nonconsolidated entities | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 173,746 | 150,842 |
Interest in securitized assets in nonconsolidated VIEs | 7,268 | 6,206 |
Nonconsolidated entities | Trading assets | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 1,458 | 1,647 |
Nonconsolidated entities | Investment securities | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 5,292 | 3,958 |
Nonconsolidated entities | Other financial assets | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 518 | 601 |
Nonconsolidated entities | Residential mortgage | Prime / Alt-A & option ARMs | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 50,727 | 47,029 |
Interest in securitized assets in nonconsolidated VIEs | 2,012 | 1,753 |
Nonconsolidated entities | Residential mortgage | Subprime | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 9,764 | 10,115 |
Interest in securitized assets in nonconsolidated VIEs | 2 | 2 |
Nonconsolidated entities | Residential mortgage | Trading assets | Prime / Alt-A & option ARMs | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 708 | 974 |
Nonconsolidated entities | Residential mortgage | Trading assets | Subprime | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 2 | 2 |
Nonconsolidated entities | Residential mortgage | Investment securities | Prime / Alt-A & option ARMs | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 1,263 | 684 |
Nonconsolidated entities | Residential mortgage | Investment securities | Subprime | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 0 | 0 |
Nonconsolidated entities | Residential mortgage | Other financial assets | Prime / Alt-A & option ARMs | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 41 | 95 |
Nonconsolidated entities | Residential mortgage | Other financial assets | Subprime | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 0 | 0 |
Nonconsolidated entities | Commercial and other | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 113,255 | 93,698 |
Interest in securitized assets in nonconsolidated VIEs | 5,254 | 4,451 |
Nonconsolidated entities | Commercial and other | Trading assets | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 748 | 671 |
Nonconsolidated entities | Commercial and other | Investment securities | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 4,029 | 3,274 |
Nonconsolidated entities | Commercial and other | Other financial assets | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | $ 477 | $ 506 |
Variable Interest Entities - Re
Variable Interest Entities - Re-securitizations (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Transfers of securities to VIEs | |||
U.S. GSEs and government agencies | $ 6,076 | $ 13,105 | |
U.S. GSEs and government agencies | Nonconsolidated re-securitization VIEs | |||
Variable Interest Entity [Line Items] | |||
Interest in VIEs | $ 2,295 | $ 1,947 |
Variable Interest Entities - Mu
Variable Interest Entities - Multi-seller conduits (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Unfunded lending-related commitments | $ 1,301,618 | $ 1,262,313 |
Multi-seller conduits | ||
Variable Interest Entity [Line Items] | ||
Commercial paper eliminated in consolidation | 13,300 | 13,700 |
Multi-seller conduits | Commercial and other | ||
Variable Interest Entity [Line Items] | ||
Unfunded lending-related commitments | $ 13,800 | $ 13,400 |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | $ 511,528 | $ 433,575 | ||||
Loans | 1,056,093 | 1,061,328 | ||||
Other | 188,739 | 181,498 | ||||
Total assets | 3,954,687 | [1] | 3,743,567 | [1] | $ 3,689,336 | |
Beneficial interests in VIE assets | 10,144 | 10,750 | ||||
Total liabilities | [1] | 3,668,788 | 3,449,440 | |||
VIEs consolidated by the Firm | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 2,020 | 2,010 | ||||
Loans | 31,966 | 33,024 | ||||
Other | 472 | 490 | ||||
Total assets | 34,458 | 35,524 | ||||
Beneficial interests in VIE assets | 10,144 | 10,750 | ||||
Other | 253 | 245 | ||||
Total liabilities | 10,397 | 10,995 | ||||
Beneficial interests in VIE assets, long term | 1,900 | 2,600 | ||||
VIEs consolidated by the Firm | Firm-sponsored credit card trusts | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 0 | 0 | ||||
Loans | 10,434 | 11,108 | ||||
Other | 90 | 102 | ||||
Total assets | 10,524 | 11,210 | ||||
Beneficial interests in VIE assets | 1,748 | 2,397 | ||||
Other | 1 | 1 | ||||
Total liabilities | 1,749 | 2,398 | ||||
VIEs consolidated by the Firm | Firm-administered multi-seller conduits | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 9 | 1 | ||||
Loans | 19,478 | 19,883 | ||||
Other | 118 | 71 | ||||
Total assets | 19,605 | 19,955 | ||||
Beneficial interests in VIE assets | 6,250 | 6,198 | ||||
Other | 36 | 41 | ||||
Total liabilities | 6,286 | 6,239 | ||||
VIEs consolidated by the Firm | Municipal bond vehicles | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 2,011 | 2,009 | ||||
Loans | 0 | 0 | ||||
Other | 5 | 2 | ||||
Total assets | 2,016 | 2,011 | ||||
Beneficial interests in VIE assets | 1,979 | 1,976 | ||||
Other | 1 | 0 | ||||
Total liabilities | 1,980 | 1,976 | ||||
VIEs consolidated by the Firm | Mortgage securitization entities | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 0 | 0 | ||||
Loans | 883 | 955 | ||||
Other | 25 | 32 | ||||
Total assets | 908 | 987 | ||||
Beneficial interests in VIE assets | 167 | 179 | ||||
Other | 78 | 85 | ||||
Total liabilities | 245 | 264 | ||||
VIEs consolidated by the Firm | Other | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 0 | 0 | ||||
Loans | 1,171 | 1,078 | ||||
Other | 234 | 283 | ||||
Total assets | 1,405 | 1,361 | ||||
Beneficial interests in VIE assets | 0 | 0 | ||||
Other | 137 | 118 | ||||
Total liabilities | $ 137 | $ 118 | ||||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2022, and December 31, 2021. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion. (in millions) March 31, 2022 December 31, 2021 Assets Trading assets $ 2,020 $ 2,010 Loans 31,966 33,024 All other assets 472 490 Total assets $ 34,458 $ 35,524 Liabilities Beneficial interests issued by consolidated VIEs $ 10,144 $ 10,750 All other liabilities 253 245 Total liabilities $ 10,397 $ 10,995 |
Variable Interest Entities - VI
Variable Interest Entities - VIEs Sponsored by Third Parties (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | ||
Variable Interest Entity [Line Items] | |||||
Fair value of assets held by VIE | $ 3,954,687 | [1] | $ 3,743,567 | [1] | $ 3,689,336 |
Nonconsolidated entities | Tax credit vehicles | |||||
Variable Interest Entity [Line Items] | |||||
Maximum exposure | 26,500 | 26,800 | |||
Unfunded commitments | 9,000 | 9,400 | |||
Nonconsolidated entities | Municipal bond vehicles | |||||
Variable Interest Entity [Line Items] | |||||
Maximum exposure | 7,200 | 6,800 | |||
Fair value of assets held by VIE | $ 10,300 | $ 10,500 | |||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2022, and December 31, 2021. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion. (in millions) March 31, 2022 December 31, 2021 Assets Trading assets $ 2,020 $ 2,010 Loans 31,966 33,024 All other assets 472 490 Total assets $ 34,458 $ 35,524 Liabilities Beneficial interests issued by consolidated VIEs $ 10,144 $ 10,750 All other liabilities 253 245 Total liabilities $ 10,397 $ 10,995 |
Variable Interest Entities - Se
Variable Interest Entities - Securitization Activity (Details) - Nonconsolidated entities - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Residential mortgage | ||
Securitization activity [Abstract] | ||
Principal securitized | $ 6,495 | $ 4,077 |
All cash flows during the period: | ||
Proceeds received from loan sales as financial instruments | 6,375 | 4,234 |
Servicing fees collected | 24 | 41 |
Cash flows received on interests | 155 | 183 |
Commercial and other | ||
Securitization activity [Abstract] | ||
Principal securitized | 3,108 | 1,912 |
All cash flows during the period: | ||
Proceeds received from loan sales as financial instruments | 3,106 | 1,970 |
Servicing fees collected | 0 | 0 |
Cash flows received on interests | $ 71 | $ 52 |
Variable Interest Entities - Lo
Variable Interest Entities - Loans Sold to Third-Party Sponsored Securitization Entities (Details) - Nonconsolidated entities - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Summary of loan sale activities | ||
Carrying value of loans sold | $ 23,668 | $ 23,147 |
Proceeds received from loan sales as cash | 9 | 16 |
Proceeds from loans sales as securities | 23,258 | 22,749 |
Total proceeds received from loan sales | 23,267 | 22,765 |
Gains/(losses) on loan sales | $ 0 | $ 4 |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Options to Repurchase Delinquent Loans (Details) - Nonconsolidated entities - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Loans repurchased or option to repurchase | $ 896 | $ 1,022 |
Real estate acquired through foreclosure | 6 | 5 |
Residential mortgage | ||
Variable Interest Entity [Line Items] | ||
Real estate acquired through foreclosure | $ 31 | $ 36 |
Variable Interest Entities - _2
Variable Interest Entities - Loan Delinquencies and Liquidation Losses (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Securitized loans | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
90 days past due | $ 5,093 | $ 5,531 | |
Net liquidation losses/(recoveries) | 0 | $ 51 | |
Securitized loans | Commercial and other | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
90 days past due | 1,320 | 1,456 | |
Net liquidation losses/(recoveries) | 6 | 21 | |
Nonconsolidated entities | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
Securitized assets | 173,746 | 150,842 | |
Nonconsolidated entities | Commercial and other | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
Securitized assets | 113,255 | 93,698 | |
Prime / Alt-A & option ARMs | Securitized loans | Residential mortgage | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
90 days past due | 2,236 | 2,466 | |
Net liquidation losses/(recoveries) | (6) | 12 | |
Prime / Alt-A & option ARMs | Nonconsolidated entities | Residential mortgage | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
Securitized assets | 50,727 | 47,029 | |
Subprime | Securitized loans | Residential mortgage | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
90 days past due | 1,537 | 1,609 | |
Net liquidation losses/(recoveries) | 0 | $ 18 | |
Subprime | Nonconsolidated entities | Residential mortgage | |||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||
Securitized assets | $ 9,764 | $ 10,115 |
Goodwill and Mortgage Servici_3
Goodwill and Mortgage Servicing Rights - by Business Segment and Corporate (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | ||||
Total goodwill | $ 50,298 | $ 50,315 | $ 49,243 | $ 49,248 |
Corporate | ||||
Goodwill [Line Items] | ||||
Total goodwill | 704 | 727 | ||
Consumer & Community Banking | ||||
Goodwill [Line Items] | ||||
Total goodwill | 31,474 | 31,474 | ||
Corporate & Investment Bank | ||||
Goodwill [Line Items] | ||||
Total goodwill | 7,910 | 7,906 | ||
Commercial Banking | ||||
Goodwill [Line Items] | ||||
Total goodwill | 2,986 | 2,986 | ||
Asset & Wealth Management | ||||
Goodwill [Line Items] | ||||
Total goodwill | $ 7,224 | $ 7,222 |
Goodwill and Mortgage Servici_4
Goodwill and Mortgage Servicing Rights - Goodwill Changes During Period (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | |||
Balance at beginning of period | $ 50,315,000,000 | $ 49,248,000,000 | $ 49,248,000,000 |
Changes during the period from: | |||
Other | (17,000,000) | (5,000,000) | |
Balance at end of period | 50,298,000,000 | $ 49,243,000,000 | 50,315,000,000 |
Goodwill impairment | $ 0 | $ 0 |
Goodwill and Mortgage Servici_5
Goodwill and Mortgage Servicing Rights - Mortgage Servicing Rights (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Mortgage Servicing Rights [Roll Forward] | ||
Fair value at beginning of period | $ 5,494 | $ 3,276 |
MSR activity: | ||
Originations of MSRs | 415 | 404 |
Purchase of MSRs | 715 | 179 |
Disposition of MSRs | (57) | 1 |
Net additions/(dispositions) | 1,073 | 584 |
Changes due to collection/realization of expected cash flows | (232) | (187) |
Changes in valuation due to inputs and assumptions: | ||
Changes due to market interest rates and other | 894 | 836 |
Changes in valuation due to other inputs and assumptions: | ||
Projected cash flows (e.g., cost to service) | 0 | (24) |
Discount rates | 0 | 0 |
Prepayment model changes and other | 65 | (15) |
Total changes in valuation due to other inputs and assumptions | 65 | (39) |
Total changes in valuation due to inputs and assumptions | 959 | 797 |
Fair value at end of period | 7,294 | 4,470 |
Changes in unrealized gains/(losses) included in income related to MSRs | 959 | 797 |
Contractual service fees, late fees and other ancillary fees included in income | 370 | 291 |
Third-party mortgage loans serviced | 576,000 | 444,000 |
Servicer advances, net of an allowance for uncollectible amounts | $ 1,400 | $ 1,800 |
Goodwill and Mortgage Servici_6
Goodwill and Mortgage Servicing Rights - Mortgage Fees and Related Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Risk management: | ||
Mortgage fees and related income | $ 460 | $ 704 |
All other | 4 | 1 |
Consumer & Community Banking | ||
CCB mortgage fees and related income | ||
Production revenue | 211 | 757 |
Operating revenue: | ||
Loan servicing revenue | 368 | 248 |
Changes in MSR asset fair value due to collection/realization of expected cash flows | (232) | (187) |
Total operating revenue | 136 | 61 |
Risk management: | ||
Changes in MSR asset fair value due to market interest rates and other | 894 | 836 |
Other changes in MSR asset fair value due to other inputs and assumptions in model | 65 | (39) |
Changes in derivative fair value and other | (850) | (912) |
Total risk management | 109 | (115) |
Total net mortgage servicing revenue | 245 | (54) |
Mortgage fees and related income | $ 456 | $ 703 |
Goodwill and Mortgage Servici_7
Goodwill and Mortgage Servicing Rights - Key Economic Assumptions (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Weighted-average prepayment speed assumption (constant prepayment rate) | 7.68% | 9.90% |
Impact on fair value of 10% adverse change | $ (206) | $ (210) |
Impact on fair value of 20% adverse change | $ (398) | $ (404) |
Weighted-average option adjusted spread | 5.99% | 6.44% |
Impact on fair value of a 100 basis point adverse change | $ (300) | $ (225) |
Impact on fair value of a 200 basis point adverse change | $ (577) | $ (433) |
Deposits - Noninterest and Inte
Deposits - Noninterest and Interest-bearing (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
U.S. offices | ||
Noninterest-bearing (included $8,168 and $8,115 at fair value) | $ 721,401 | $ 711,525 |
Interest-bearing (included $645 and $629 at fair value) | 1,412,589 | 1,359,932 |
Total deposits in U.S. offices | 2,133,990 | 2,071,457 |
Non-U.S. offices | ||
Noninterest-bearing (included $1,475 and $2,420 at fair value) | 27,542 | 26,229 |
Interest-bearing (included $155 and $169 at fair value) | 399,675 | 364,617 |
Total deposits in non-U.S. offices | 427,217 | 390,846 |
Total deposits | 2,561,207 | 2,462,303 |
Fair value | ||
U.S. offices | ||
Noninterest-bearing (included $8,168 and $8,115 at fair value) | 8,168 | 8,115 |
Interest-bearing, fair value | 645 | 629 |
Non-U.S. offices | ||
Noninterest-bearing (included $1,475 and $2,420 at fair value) | 1,475 | 2,420 |
Interest-bearing, fair value | $ 155 | $ 169 |
Leases - Information Related to
Leases - Information Related to Operating Leases (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Right-of-use assets | $ 7,933 | $ 7,888 |
Lease liabilities | $ 8,349 | $ 8,328 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Net rental expense | $ 495 | $ 490 |
Leases - Operating Lease Income
Leases - Operating Lease Income and Related Depreciation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other | Noninterest Income, Other |
Operating lease income | $ 1,048 | $ 1,325 |
Depreciation expense | $ 711 | $ 934 |
Preferred Stock (Details)
Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 01, 2022 | Jun. 01, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 3,283,750 | 3,483,750 | |||
Carrying value | $ 32,838 | $ 34,838 | |||
Liquidation value and redemption price per share (in dollars per share) | $ 10,000 | ||||
Aggregate liquidation value | $ 33,200 | ||||
Series AA | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 0 | 0 | |||
Carrying value | $ 0 | $ 0 | |||
Issue date | Jun. 4, 2015 | ||||
Contractual rate in effect | 6.10% | 0.00% | |||
Dividend declared per share (in dollars per share) | $ 0 | $ 152.50 | |||
Preferred stock redeemed | $ 1,430 | ||||
Series AA | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Sep. 1, 2020 | ||||
Series BB | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 0 | 0 | |||
Carrying value | $ 0 | $ 0 | |||
Issue date | Jul. 29, 2015 | ||||
Contractual rate in effect | 6.15% | 0.00% | |||
Dividend declared per share (in dollars per share) | $ 0 | 153.75 | |||
Preferred stock redeemed | $ 1,150 | ||||
Series BB | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Sep. 1, 2020 | ||||
Series DD | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 169,625 | 169,625 | |||
Carrying value | $ 1,696 | $ 1,696 | |||
Issue date | Sep. 21, 2018 | ||||
Contractual rate in effect | 5.75% | ||||
Dividend declared per share (in dollars per share) | $ 143.75 | 143.75 | |||
Series DD | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Dec. 1, 2023 | ||||
Series EE | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 185,000 | 185,000 | |||
Carrying value | $ 1,850 | $ 1,850 | |||
Issue date | Jan. 24, 2019 | ||||
Contractual rate in effect | 6.00% | ||||
Dividend declared per share (in dollars per share) | $ 150 | 150 | |||
Series EE | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Mar. 1, 2024 | ||||
Series GG | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 90,000 | 90,000 | |||
Carrying value | $ 900 | $ 900 | |||
Issue date | Nov. 7, 2019 | ||||
Contractual rate in effect | 4.75% | ||||
Dividend declared per share (in dollars per share) | $ 118.75 | 118.75 | |||
Series GG | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Dec. 1, 2024 | ||||
Series JJ | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 150,000 | 150,000 | |||
Carrying value | $ 1,500 | $ 1,500 | |||
Issue date | Mar. 17, 2021 | ||||
Contractual rate in effect | 4.55% | ||||
Dividend declared per share (in dollars per share) | $ 113.75 | ||||
Series JJ | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Jun. 1, 2026 | ||||
Series LL | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 185,000 | 185,000 | |||
Carrying value | $ 1,850 | $ 1,850 | |||
Issue date | May 20, 2021 | ||||
Contractual rate in effect | 4.625% | ||||
Dividend declared per share (in dollars per share) | $ 115.63 | ||||
Series LL | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Jun. 1, 2026 | ||||
Series MM | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 200,000 | 200,000 | |||
Carrying value | $ 2,000 | $ 2,000 | |||
Issue date | Jul. 29, 2021 | ||||
Contractual rate in effect | 4.20% | ||||
Dividend declared per share (in dollars per share) | $ 105 | ||||
Series MM | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Sep. 1, 2026 | ||||
Series I | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 293,375 | 293,375 | |||
Carrying value | $ 2,934 | $ 2,934 | |||
Issue date | Apr. 23, 2008 | ||||
Dividend declared per share (in dollars per share) | $ 92.13 | 93.06 | |||
Series I | Three-month LIBOR | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Preferred stock dividend rate, variable, basis spread | 3.47% | ||||
Series I | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Apr. 30, 2018 | ||||
Series Q | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 150,000 | 150,000 | |||
Carrying value | $ 1,500 | $ 1,500 | |||
Issue date | Apr. 23, 2013 | ||||
Contractual rate in effect | 5.15% | ||||
Dividend declared per share (in dollars per share) | $ 128.75 | 128.75 | |||
Series Q | Three-month LIBOR | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Preferred stock dividend rate, variable, basis spread | 3.25% | ||||
Series Q | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | May 1, 2023 | ||||
Series R | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 150,000 | 150,000 | |||
Carrying value | $ 1,500 | $ 1,500 | |||
Issue date | Jul. 29, 2013 | ||||
Contractual rate in effect | 6.00% | ||||
Dividend declared per share (in dollars per share) | $ 150 | 150 | |||
Series R | Three-month LIBOR | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Preferred stock dividend rate, variable, basis spread | 3.30% | ||||
Series R | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Aug. 1, 2023 | ||||
Series S | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 200,000 | 200,000 | |||
Carrying value | $ 2,000 | $ 2,000 | |||
Issue date | Jan. 22, 2014 | ||||
Contractual rate in effect | 6.75% | ||||
Dividend declared per share (in dollars per share) | $ 168.75 | 168.75 | |||
Series S | Three-month LIBOR | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Preferred stock dividend rate, variable, basis spread | 3.78% | ||||
Series S | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Feb. 1, 2024 | ||||
Series U | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 100,000 | 100,000 | |||
Carrying value | $ 1,000 | $ 1,000 | |||
Issue date | Mar. 10, 2014 | ||||
Contractual rate in effect | 6.125% | ||||
Dividend declared per share (in dollars per share) | $ 153.13 | 153.13 | |||
Series U | Three-month LIBOR | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Preferred stock dividend rate, variable, basis spread | 3.33% | ||||
Series U | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Apr. 30, 2024 | ||||
Series V | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 250,000 | 250,000 | |||
Carrying value | $ 2,500 | $ 2,500 | |||
Issue date | Jun. 9, 2014 | ||||
Dividend declared per share (in dollars per share) | $ 86.40 | 85.97 | |||
Series V | Three-month LIBOR | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Preferred stock dividend rate, variable, basis spread | 3.32% | ||||
Series V | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Jul. 1, 2019 | ||||
Series X | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 160,000 | 160,000 | |||
Carrying value | $ 1,600 | $ 1,600 | |||
Issue date | Sep. 23, 2014 | ||||
Contractual rate in effect | 6.10% | ||||
Dividend declared per share (in dollars per share) | $ 152.50 | 152.50 | |||
Series X | Three-month LIBOR | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Preferred stock dividend rate, variable, basis spread | 3.33% | ||||
Series X | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Oct. 1, 2024 | ||||
Series Z | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 0 | 200,000 | |||
Carrying value | $ 0 | $ 2,000 | |||
Issue date | Apr. 21, 2015 | ||||
Contractual rate in effect | 0.00% | ||||
Dividend declared per share (in dollars per share) | $ 0 | 101.24 | |||
Preferred stock redeemed | $ 2,000 | ||||
Series Z | Three-month LIBOR | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Preferred stock dividend rate, variable, basis spread | 3.80% | ||||
Series Z | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | May 1, 2020 | ||||
Series CC | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 125,750 | 125,750 | |||
Carrying value | $ 1,258 | $ 1,258 | |||
Issue date | Oct. 20, 2017 | ||||
Contractual rate in effect | 4.625% | ||||
Dividend declared per share (in dollars per share) | $ 115.63 | 115.63 | |||
Series CC | Three-month LIBOR | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Preferred stock dividend rate, variable, basis spread | 2.58% | ||||
Series CC | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Nov. 1, 2022 | ||||
Series FF | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 225,000 | 225,000 | |||
Carrying value | $ 2,250 | $ 2,250 | |||
Issue date | Jul. 31, 2019 | ||||
Contractual rate in effect | 5.00% | ||||
Dividend declared per share (in dollars per share) | $ 125 | 125 | |||
Series FF | Three-month term SOFR | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Preferred stock dividend rate, variable, basis spread | 3.38% | ||||
Series FF | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Aug. 1, 2024 | ||||
Series HH | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 300,000 | 300,000 | |||
Carrying value | $ 3,000 | $ 3,000 | |||
Issue date | Jan. 23, 2020 | ||||
Contractual rate in effect | 4.60% | ||||
Dividend declared per share (in dollars per share) | $ 115 | 115 | |||
Series HH | Three-month term SOFR | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Preferred stock dividend rate, variable, basis spread | 3.125% | ||||
Series HH | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Feb. 1, 2025 | ||||
Series II | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 150,000 | 150,000 | |||
Carrying value | $ 1,500 | $ 1,500 | |||
Issue date | Feb. 24, 2020 | ||||
Contractual rate in effect | 4.00% | ||||
Dividend declared per share (in dollars per share) | $ 100 | $ 100 | |||
Series II | Three-month term SOFR | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Preferred stock dividend rate, variable, basis spread | 2.745% | ||||
Series II | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Apr. 1, 2025 | ||||
Series KK | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Shares (in shares) | 200,000 | 200,000 | |||
Carrying value | $ 2,000 | $ 2,000 | |||
Issue date | May 12, 2021 | ||||
Contractual rate in effect | 3.65% | ||||
Dividend declared per share (in dollars per share) | $ 91.25 | ||||
Series KK | Five-year CMT | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Preferred stock dividend rate, variable, basis spread | 2.85% | ||||
Series KK | Minimum | |||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Earliest redemption date | Jun. 1, 2026 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Basic earnings per share | ||
Net income | $ 8,282 | $ 14,300 |
Less: Preferred stock dividends | 397 | 379 |
Net income applicable to common equity | 7,885 | 13,921 |
Less: Dividends and undistributed earnings allocated to participating securities | 40 | 70 |
Net income applicable to common stockholders | $ 7,845 | $ 13,851 |
Total weighted-average basic shares outstanding (in shares) | 2,977 | 3,073.5 |
Net income per share (in dollars per share) | $ 2.64 | $ 4.51 |
Diluted earnings per share | ||
Net income applicable to common stockholders | $ 7,845 | $ 13,851 |
Total weighted-average basic shares outstanding (in shares) | 2,977 | 3,073.5 |
Add: Dilutive impact of SARs and employee stock options, unvested PSUs and nondividend-earning RSUs (in shares) | 4 | 5.4 |
Total weighted-average diluted shares outstanding (in shares) | 2,981 | 3,078.9 |
Net income per share (in dollars per share) | $ 2.63 | $ 4.50 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income/(Loss) - Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 294,127 | |
Net change | (9,483) | $ (6,945) |
Ending balance | 285,899 | 280,714 |
Accumulated other comprehensive income/(loss) | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (84) | 7,986 |
Net change | (9,483) | (6,945) |
Ending balance | (9,567) | 1,041 |
Unrealized gains/(losses) on investment securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 2,640 | 8,180 |
Net change | (7,453) | (4,339) |
Ending balance | (4,813) | 3,841 |
After-tax unamortized unrealized gains related to transfer of AFS securities to HTM | 2,200 | 2,900 |
Translation adjustments, net of hedges | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (934) | (473) |
Net change | (62) | (250) |
Ending balance | (996) | (723) |
Fair value hedges | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (131) | (112) |
Net change | 110 | (28) |
Ending balance | (21) | (140) |
Cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (296) | 2,383 |
Net change | (2,791) | (2,249) |
Ending balance | (3,087) | 134 |
Defined benefit pension and OPEB plans | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (210) | (1,132) |
Net change | 67 | 68 |
Ending balance | (143) | (1,064) |
DVA on fair value option elected liabilities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (1,153) | (860) |
Net change | 646 | (147) |
Ending balance | $ (507) | $ (1,007) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Unrealized gains/(losses) on investment securities: | ||
Net change, Pre-tax | $ (12,390) | $ (8,801) |
Net change, Tax effect | 2,907 | 1,856 |
Total other comprehensive income/(loss), after–tax | (9,483) | (6,945) |
Unrealized gains/(losses) on investment securities | ||
Unrealized gains/(losses) on investment securities: | ||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | (10,202) | (5,693) |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | 2,450 | 1,365 |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | (7,752) | (4,328) |
Reclassification adjustment for realized (gains)/losses included in net income, Pre-tax | 394 | (14) |
Reclassification adjustment for realized (gains)/losses included in net income, Tax effect | (95) | 3 |
Reclassification adjustment for realized (gains)/losses included in net income, After-tax | 299 | (11) |
Net change, Pre-tax | (9,808) | (5,707) |
Net change, Tax effect | 2,355 | 1,368 |
Total other comprehensive income/(loss), after–tax | (7,453) | (4,339) |
Translation adjustments | ||
Unrealized gains/(losses) on investment securities: | ||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | (341) | (1,200) |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | 24 | 39 |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | (317) | (1,161) |
Reclassification adjustment for realized (gains)/losses included in net income, Pre-tax | 338 | 1,200 |
Reclassification adjustment for realized (gains)/losses included in net income, Tax effect | (83) | (289) |
Reclassification adjustment for realized (gains)/losses included in net income, After-tax | 255 | 911 |
Net change, Pre-tax | (3) | 0 |
Net change, Tax effect | (59) | (250) |
Total other comprehensive income/(loss), after–tax | (62) | (250) |
Fair value hedges, net change | ||
Unrealized gains/(losses) on investment securities: | ||
Net change, Pre-tax | 145 | (37) |
Net change, Tax effect | (35) | 9 |
Total other comprehensive income/(loss), after–tax | 110 | (28) |
Cash flow hedges | ||
Unrealized gains/(losses) on investment securities: | ||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | (3,436) | (2,695) |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | 825 | 647 |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | (2,611) | (2,048) |
Reclassification adjustment for realized (gains)/losses included in net income, Pre-tax | (237) | (264) |
Reclassification adjustment for realized (gains)/losses included in net income, Tax effect | 57 | 63 |
Reclassification adjustment for realized (gains)/losses included in net income, After-tax | (180) | (201) |
Net change, Pre-tax | (3,673) | (2,959) |
Net change, Tax effect | 882 | 710 |
Total other comprehensive income/(loss), after–tax | (2,791) | (2,249) |
Defined benefit pension and OPEB plans, net change | ||
Unrealized gains/(losses) on investment securities: | ||
Net change, Pre-tax | 90 | 91 |
Net change, Tax effect | (23) | (23) |
Total other comprehensive income/(loss), after–tax | 67 | 68 |
DVA on fair value option elected liabilities, net change | ||
Unrealized gains/(losses) on investment securities: | ||
Net change, Pre-tax | 859 | (189) |
Net change, Tax effect | (213) | 42 |
Total other comprehensive income/(loss), after–tax | $ 646 | $ (147) |
Restricted Cash and Other Res_3
Restricted Cash and Other Restricted Assets (Details) - USD ($) $ in Billions | Mar. 31, 2022 | Dec. 31, 2021 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | $ 30.8 | $ 19.7 |
Cash and securities pledged with clearing organizations for the benefit of customers | 41.5 | 47.5 |
Fair value of securities restricted in relation to customer activity | 34.4 | 30 |
Deposits with banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 29.6 | 18.4 |
Cash and due from banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 1.2 | 1.3 |
Segregated for the benefit of securities and cleared derivative customers | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 23.4 | 14.6 |
Cash reserves at non-U.S. central banks and held for other general purposes | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | $ 7.4 | $ 5.1 |
Regulatory Capital (Details)
Regulatory Capital (Details) $ in Millions | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Cumulative effect of change in accounting principles | ||
Regulatory capital, assets and risk based ratios - supplemental information [Abstract] | ||
Capital transition provisions, CECL capital benefit recognized | $ 2,900 | |
Capital transition provisions, CECL capital benefit recognized, excluding amount phased out | $ 2,200 | |
JPMorgan Chase & Co. | ||
Leverage-based capital metrics: | ||
Adjusted average assets | $ 3,857,783 | $ 3,782,035 |
Tier 1 leverage ratio | 0.062 | 0.065 |
Total leverage exposure | $ 4,586,537 | $ 4,571,789 |
SLR | 0.052 | 0.054 |
Basel III Standardized | JPMorgan Chase & Co. | ||
Risk-based capital metrics: | ||
CET1 capital | $ 207,903 | $ 213,942 |
Tier 1 capital | 240,076 | 246,162 |
Total capital | 269,536 | 274,900 |
Risk-weighted assets | $ 1,750,678 | $ 1,638,900 |
CET1 capital ratio | 11.90% | 13.10% |
Tier 1 capital ratio | 0.137 | 0.150 |
Total capital ratio | 0.154 | 0.168 |
Basel III Advanced | JPMorgan Chase & Co. | ||
Risk-based capital metrics: | ||
CET1 capital | $ 207,903 | $ 213,942 |
Tier 1 capital | 240,076 | 246,162 |
Total capital | 258,989 | 265,796 |
Risk-weighted assets | $ 1,643,453 | $ 1,547,920 |
CET1 capital ratio | 12.70% | 13.80% |
Tier 1 capital ratio | 0.146 | 0.159 |
Total capital ratio | 0.158 | 0.172 |
Bank Holding Companies | Basel III | ||
Well capitalized risk-based ratios | ||
Tier 1 capital | 0.060 | 0.060 |
Total capital | 0.100 | 0.100 |
Minimum leverage-based capital ratios | ||
Tier 1 leverage | 0.040 | 0.040 |
SLR | 5.00% | 5.00% |
Regulatory capital, assets and risk based ratios - supplemental information [Abstract] | ||
GSIB surcharge | 3.50% | 3.50% |
Countercyclical buffer | 0 | 0 |
SLR, minimum requirement | 0.030 | 0.030 |
SLR, supplementary leverage buffer requirements | 2.00% | 2.00% |
Bank Holding Companies | Basel III Standardized | ||
Minimum risk-based capital ratios | ||
CET1 capital | 0.112 | 0.112 |
Tier 1 capital | 0.127 | 0.127 |
Total capital | 0.147 | 0.147 |
Regulatory capital, assets and risk based ratios - supplemental information [Abstract] | ||
Stress capital buffer | 3.20% | 3.20% |
Bank Holding Companies | Basel III Advanced | ||
Minimum risk-based capital ratios | ||
CET1 capital | 0.105 | 0.105 |
Tier 1 capital | 0.120 | 0.120 |
Total capital | 0.140 | 0.140 |
Regulatory capital, assets and risk based ratios - supplemental information [Abstract] | ||
Capital conservation buffer requirement | 2.50% | 2.50% |
Insured Depository Institutions | Basel III | ||
Well capitalized risk-based ratios | ||
CET1 capital | 0.065 | 0.065 |
Tier 1 capital | 0.080 | 0.080 |
Total capital | 0.100 | 0.100 |
Minimum leverage-based capital ratios | ||
Tier 1 leverage | 0.040 | 0.040 |
SLR | 6.00% | 6.00% |
Well capitalized leverage-based capital ratios | ||
Tier 1 leverage | 0.050 | 0.050 |
SLR | 0.060 | 0.060 |
Regulatory capital, assets and risk based ratios - supplemental information [Abstract] | ||
Capital conservation buffer requirement | 2.50% | 2.50% |
SLR, minimum requirement | 0.030 | 0.030 |
SLR, supplementary leverage buffer requirements | 3.00% | 3.00% |
Insured Depository Institutions | Basel III Standardized | ||
Minimum risk-based capital ratios | ||
CET1 capital | 0.070 | 0.070 |
Tier 1 capital | 0.085 | 0.085 |
Total capital | 0.105 | 0.105 |
Insured Depository Institutions | Basel III Advanced | ||
Minimum risk-based capital ratios | ||
CET1 capital | 0.070 | 0.070 |
Tier 1 capital | 0.085 | 0.085 |
Total capital | 0.105 | 0.105 |
JPMorgan Chase Bank, N.A. | ||
Leverage-based capital metrics: | ||
Adjusted average assets | $ 3,395,148 | $ 3,334,925 |
Tier 1 leverage ratio | 0.078 | 0.080 |
Total leverage exposure | $ 4,125,933 | $ 4,119,286 |
SLR | 0.064 | 0.065 |
JPMorgan Chase Bank, N.A. | Basel III Standardized | ||
Risk-based capital metrics: | ||
CET1 capital | $ 263,897 | $ 266,907 |
Tier 1 capital | 263,900 | 266,910 |
Total capital | 280,403 | 281,826 |
Risk-weighted assets | $ 1,660,498 | $ 1,582,280 |
CET1 capital ratio | 15.90% | 16.90% |
Tier 1 capital ratio | 0.159 | 0.169 |
Total capital ratio | 0.169 | 0.178 |
JPMorgan Chase Bank, N.A. | Basel III Advanced | ||
Risk-based capital metrics: | ||
CET1 capital | $ 263,897 | $ 266,907 |
Tier 1 capital | 263,900 | 266,910 |
Total capital | 269,355 | 272,299 |
Risk-weighted assets | $ 1,475,342 | $ 1,392,847 |
CET1 capital ratio | 17.90% | 19.20% |
Tier 1 capital ratio | 0.179 | 0.192 |
Total capital ratio | 0.183 | 0.195 |
Off-balance Sheet Lending-rel_3
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | $ 1,301,618 | $ 1,262,313 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 925,703 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 166,515 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 174,694 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 34,706 | |
Off-balance sheet lending-related financial commitments, Carrying value | 2,760 | 2,624 |
Total Consumer | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 804,386 | 775,868 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 786,221 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 2,404 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 6,242 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 9,519 | |
Off-balance sheet lending-related financial commitments, Carrying value | 153 | 102 |
Total consumer, excluding credit card | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 47,103 | 45,334 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 28,938 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 2,404 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 6,242 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 9,519 | |
Off-balance sheet lending-related financial commitments, Carrying value | 153 | 102 |
Residential real estate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 34,499 | 32,996 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 17,388 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 2,404 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 6,242 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 8,465 | |
Off-balance sheet lending-related financial commitments, Carrying value | 153 | 100 |
Auto and other | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 12,604 | 12,338 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 11,550 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 0 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 0 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 1,054 | |
Off-balance sheet lending-related financial commitments, Carrying value | 0 | 2 |
Credit card | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 757,283 | 730,534 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 757,283 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 0 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 0 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 0 | |
Off-balance sheet lending-related financial commitments, Carrying value | 0 | 0 |
Total wholesale | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 497,232 | 486,445 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 139,482 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 164,111 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 168,452 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 25,187 | |
Off-balance sheet lending-related financial commitments, Carrying value | 2,607 | 2,522 |
Other unfunded commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 462,811 | 453,467 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 119,003 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 155,375 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 164,356 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 24,077 | |
Off-balance sheet lending-related financial commitments, Carrying value | 2,120 | 2,037 |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | ||
Risk participations for other unfunded commitments to extend credit | 51 | 44 |
Standby letters of credit and other financial guarantees | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 27,909 | 28,530 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 14,536 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 8,245 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 4,018 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 1,110 | |
Off-balance sheet lending-related financial commitments, Carrying value | 476 | 476 |
Other guarantees and commitments, Carrying value | 340 | 353 |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | ||
Risk participations for standby letters of credit and other financial guarantees | 7,800 | 7,900 |
Other letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 6,512 | 4,448 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 5,943 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 491 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 78 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 0 | |
Off-balance sheet lending-related financial commitments, Carrying value | 11 | 9 |
Other guarantees and commitments, Carrying value | 0 | 0 |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | ||
Risk participations for other letters of credit | 660 | 451 |
Securities lending indemnification agreements and guarantees | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 365,249 | 337,770 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 365,249 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 0 | |
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 0 | |
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 0 | |
Other guarantees and commitments, Carrying value | 0 | 0 |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | ||
Indemnification agreement securities lending guarantees collateral held in support of | 387,600 | 357,400 |
Derivatives qualifying as guarantees | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 57,574 | 55,730 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 3,012 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 292 | |
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 12,491 | |
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 41,779 | |
Other guarantees and commitments, Carrying value | 486 | 475 |
Unsettled resale and securities borrowed agreements | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 218,197 | 103,681 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 216,026 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 2,121 | |
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 50 | |
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 0 | |
Other guarantees and commitments, Carrying value | (45) | 1 |
Unsettled repurchase and securities loaned agreements | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 135,289 | 74,263 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 134,400 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 889 | |
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 0 | |
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 0 | |
Other guarantees and commitments, Carrying value | (2) | 0 |
Mortgage repurchase liability | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loan sale and securitization-related indemnifications, Mortgage repurchase liability, Carrying value | 57 | 61 |
Loans sold with recourse | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loan sale and securitization-related indemnifications, Loans sold with recourse, Contractual amount | 846 | 827 |
Loan sale and securitization-related indemnifications, Loans sold with recourse, Carrying value | 18 | 19 |
Exchange & clearing house guarantees and commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 141,956 | 182,701 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 141,956 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 0 | |
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 0 | |
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 0 | |
Other guarantees and commitments, Carrying value | 0 | 0 |
Other guarantees and commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 14,213 | 10,490 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 11,080 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 949 | |
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 282 | |
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 1,902 | |
Other guarantees and commitments, Carrying value | $ 65 | $ 69 |
Days Past Due, 60 or More | Credit card | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Line of credit close criteria, period past due | 60 days |
Off-balance Sheet Lending-rel_4
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments - Standby Letters of Credit and Other Financial Guarantees (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | ||||
Total lending-related commitments | $ 1,301,618 | $ 1,262,313 | ||
Allowance for lending-related commitments | 2,358 | 2,261 | $ 2,516 | $ 2,409 |
Total carrying value | 2,760 | 2,624 | ||
Standby letters of credit and other financial guarantees | ||||
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | ||||
Investment-grade | 19,186 | 19,998 | ||
Noninvestment-grade | 8,723 | 8,532 | ||
Total lending-related commitments | 27,909 | 28,530 | ||
Allowance for lending-related commitments | 136 | 123 | ||
Guarantee liability | 340 | 353 | ||
Total carrying value | 476 | 476 | ||
Commitments with collateral | 14,921 | 14,511 | ||
Other letters of credit | ||||
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | ||||
Investment-grade | 4,771 | 3,087 | ||
Noninvestment-grade | 1,741 | 1,361 | ||
Total lending-related commitments | 6,512 | 4,448 | ||
Allowance for lending-related commitments | 11 | 9 | ||
Guarantee liability | 0 | 0 | ||
Total carrying value | 11 | 9 | ||
Commitments with collateral | $ 782 | $ 999 |
Off-balance Sheet Lending-rel_5
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments - Schedule of Derivatives Qualifying as Guarantees (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Notional amounts | ||
Stable value contracts with contractually limited exposure | $ 60,611,000 | $ 49,735,000 |
JPMorgan Chase Financial Company LLC | ||
Fair value | ||
Direct-owned finance subsidiary ownership | 100.00% | |
Derivatives qualifying as guarantees | ||
Notional amounts | ||
Derivative guarantees | $ 57,574 | 55,730 |
Stable value contracts with contractually limited exposure | 31,632 | 29,778 |
Maximum exposure of stable value contracts with contractually limited exposure | 2,888 | 2,882 |
Fair value | ||
Derivative payables | $ 486 | $ 475 |
Pledged Assets and Collateral -
Pledged Assets and Collateral - Schedule of Pledged Assets (Details) - USD ($) $ in Billions | Mar. 31, 2022 | Dec. 31, 2021 |
Pledged assets and Collateral | ||
Assets that may be sold or repledged or otherwise used by secured parties | $ 149 | $ 126.3 |
Assets that may not be sold or repledged or otherwise used by secured parties | 91 | 112 |
Total pledged assets | 726.5 | 714.7 |
Assets pledged at Federal Reserve banks and FHLBs | ||
Pledged assets and Collateral | ||
Total pledged assets | $ 486.5 | $ 476.4 |
Pledged Assets and Collateral_2
Pledged Assets and Collateral - Schedule of Collateral Received (Details) - USD ($) $ in Billions | Mar. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Collateral permitted to be sold or repledged, delivered, or otherwise used | $ 1,542.6 | $ 1,471.3 |
Collateral sold, repledged, delivered or otherwise used | $ 1,183.2 | $ 1,111 |
Litigation (Details)
Litigation (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | 36 Months Ended | |||||||||
Dec. 31, 2021USD ($) | Aug. 31, 2021USD ($) | Oct. 31, 2020claim | May 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2018USD ($) | Nov. 30, 2017USD ($) | Mar. 31, 2022USD ($)claimcount | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)defendant | Dec. 31, 2012USD ($)action | Dec. 31, 2013USD ($) | Dec. 31, 2012fund | |
Loss Contingencies [Line Items] | |||||||||||||
Legal expense | $ 119 | $ 28 | |||||||||||
Threatened or Pending Litigation | Minimum | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingency range of possible loss | 0 | ||||||||||||
Threatened or Pending Litigation | Maximum | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingency range of possible loss | $ 1,400 | ||||||||||||
Amrapali Litigation | JPMorgan India Private Limited | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Number of offshore funds formerly managed by JPMorgan Chase entities | fund | 2 | ||||||||||||
Amount of claim | $ 31.5 | $ 25 | |||||||||||
Federal Republic of Nigeria Litigation | Federal Government of Nigeria and Two Major International Oil Companies | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Amount paid out of monies in account following settlement of dispute | $ 1,100 | ||||||||||||
Federal Republic of Nigeria Litigation | Federal Republic of Nigeria | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Amount of claim | $ 875 | ||||||||||||
Foreign Exchange Investigations and Litigation | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingency, exemption of disqualification period | 5 years | ||||||||||||
Loss contingency disqualification period | 10 years | ||||||||||||
Number of other defendants that agreed in principle to settle class action | defendant | 11 | ||||||||||||
Settlement amount | $ 10 | ||||||||||||
Inquiry Concerning Preservation Requirements | J.P. Morgan Securities LLC | SEC | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Penalty paid | $ 125 | ||||||||||||
Inquiry Concerning Preservation Requirements | J.P. Morgan Securities LLC, JPMorgan Chase Bank, N.A. and J.P. Morgan Securities plc | CFTC | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Penalty paid | $ 75 | ||||||||||||
Interchange Litigation | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Number of claims settled | action | 2 | ||||||||||||
Interchange Litigation | The Defendants | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Settlement amount | $ 900 | $ 5,300 | |||||||||||
Payments for legal settlement | $ 700 | ||||||||||||
Metals and U.S. Treasuries Investigations and Litigation and Related Inquiries | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Settlement amount | $ 920 | ||||||||||||
Number of claims settled | claim | 3 | ||||||||||||
Number of counts of wire fraud charged | count | 2 | ||||||||||||
Period after which criminal information will be dismissed with full compliance with all obligations | 3 years | ||||||||||||
Number of claims filed | claim | 2 |
Business Segments (Details)
Business Segments (Details) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2022USD ($)segment | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | [1] | ||
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 4 | ||||
Noninterest revenue | $ 16,845 | $ 19,377 | |||
Net interest income | 13,872 | 12,889 | |||
Total net revenue | 30,717 | 32,266 | |||
Provision for credit losses | 1,463 | (4,156) | |||
Noninterest expense | 19,191 | 18,725 | |||
Income before income tax expense | 10,063 | 17,697 | |||
Income tax expense/(benefit) | 1,781 | 3,397 | |||
Net income | 8,282 | 14,300 | |||
Average equity | 252,506 | 245,542 | |||
Total assets | $ 3,954,687 | [1] | $ 3,689,336 | $ 3,743,567 | |
ROE | 13.00% | 23.00% | |||
Overhead ratio | 62.00% | 58.00% | |||
Operating Segments | Consumer & Community Banking | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest revenue | $ 3,902 | $ 4,588 | |||
Net interest income | 8,327 | 7,929 | |||
Total net revenue | 12,229 | 12,517 | |||
Provision for credit losses | 678 | (3,602) | |||
Noninterest expense | 7,720 | 7,202 | |||
Income before income tax expense | 3,831 | 8,917 | |||
Income tax expense/(benefit) | 936 | 2,130 | |||
Net income | 2,895 | 6,787 | |||
Average equity | 50,000 | 50,000 | |||
Total assets | $ 486,183 | $ 487,978 | |||
ROE | 23.00% | 54.00% | |||
Overhead ratio | 63.00% | 58.00% | |||
Operating Segments | Corporate & Investment Bank | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest revenue | $ 9,957 | $ 11,088 | |||
Net interest income | 3,572 | 3,517 | |||
Total net revenue | 13,529 | 14,605 | |||
Provision for credit losses | 445 | (331) | |||
Noninterest expense | 7,298 | 7,104 | |||
Income before income tax expense | 5,786 | 7,832 | |||
Income tax expense/(benefit) | 1,401 | 1,908 | |||
Net income | 4,385 | 5,924 | |||
Average equity | 103,000 | 83,000 | |||
Total assets | $ 1,460,463 | $ 1,355,123 | |||
ROE | 17.00% | 28.00% | |||
Overhead ratio | 54.00% | 49.00% | |||
Operating Segments | Commercial Banking | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest revenue | $ 867 | $ 917 | |||
Net interest income | 1,531 | 1,476 | |||
Total net revenue | 2,398 | 2,393 | |||
Provision for credit losses | 157 | (118) | |||
Noninterest expense | 1,129 | 969 | |||
Income before income tax expense | 1,112 | 1,542 | |||
Income tax expense/(benefit) | 262 | 361 | |||
Net income | 850 | 1,181 | |||
Average equity | 25,000 | 24,000 | |||
Total assets | $ 235,127 | $ 223,583 | |||
ROE | 13.00% | 19.00% | |||
Overhead ratio | 47.00% | 40.00% | |||
Operating Segments | Asset & Wealth Management | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest revenue | $ 3,239 | $ 3,146 | |||
Net interest income | 1,076 | 931 | |||
Total net revenue | 4,315 | 4,077 | |||
Provision for credit losses | 154 | (121) | |||
Noninterest expense | 2,860 | 2,574 | |||
Income before income tax expense | 1,301 | 1,624 | |||
Income tax expense/(benefit) | 293 | 364 | |||
Net income | 1,008 | 1,260 | |||
Average equity | 17,000 | 14,000 | |||
Total assets | $ 233,070 | $ 213,088 | |||
ROE | 23.00% | 36.00% | |||
Overhead ratio | 66.00% | 63.00% | |||
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest revenue | $ (345) | $ 382 | |||
Net interest income | (536) | (855) | |||
Total net revenue | (881) | (473) | |||
Provision for credit losses | 29 | 16 | |||
Noninterest expense | 184 | 876 | |||
Income before income tax expense | (1,094) | (1,365) | |||
Income tax expense/(benefit) | (238) | (513) | |||
Net income | (856) | (852) | |||
Average equity | 57,506 | 74,542 | |||
Total assets | 1,539,844 | 1,409,564 | |||
Reconciling Items | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest revenue | (775) | (744) | |||
Net interest income | (98) | (109) | |||
Total net revenue | (873) | (853) | |||
Provision for credit losses | 0 | 0 | |||
Noninterest expense | 0 | 0 | |||
Income before income tax expense | (873) | (853) | |||
Income tax expense/(benefit) | (873) | (853) | |||
Net income | 0 | 0 | |||
Average equity | $ 0 | $ 0 | |||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2022, and December 31, 2021. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion. (in millions) March 31, 2022 December 31, 2021 Assets Trading assets $ 2,020 $ 2,010 Loans 31,966 33,024 All other assets 472 490 Total assets $ 34,458 $ 35,524 Liabilities Beneficial interests issued by consolidated VIEs $ 10,144 $ 10,750 All other liabilities 253 245 Total liabilities $ 10,397 $ 10,995 |