Cover
Cover | 6 Months Ended |
Jun. 30, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Jun. 30, 2023 |
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 | 2,906,085,273 |
Entity Central Index Key | 0000019617 |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue | ||||
Investment banking fees | $ 1,513 | $ 1,586 | $ 3,162 | $ 3,594 |
Principal transactions | 6,910 | 4,990 | 14,525 | 10,095 |
Lending- and deposit-related fees | 1,828 | 1,873 | 3,448 | 3,712 |
Asset management fees | 3,774 | 3,517 | 7,239 | 7,169 |
Commissions and other fees | 1,739 | 1,723 | 3,434 | 3,433 |
Investment securities losses | (900) | (153) | (1,768) | (547) |
Mortgage fees and related income | 278 | 378 | 499 | 838 |
Card income | 1,094 | 1,133 | 2,328 | 2,108 |
Other income | 3,292 | 540 | 4,299 | 2,030 |
Noninterest revenue | 19,528 | 15,587 | 37,166 | 32,432 |
Interest income | 41,644 | 18,646 | 78,648 | 34,142 |
Interest expense | 19,865 | 3,518 | 36,158 | 5,142 |
Net interest income | 21,779 | 15,128 | 42,490 | 29,000 |
Total net revenue | 41,307 | 30,715 | 79,656 | 61,432 |
Provision for credit losses | 2,899 | 1,101 | 5,174 | 2,564 |
Noninterest expense | ||||
Compensation expense | 11,216 | 10,301 | 22,892 | 21,088 |
Occupancy expense | 1,070 | 1,129 | 2,185 | 2,263 |
Technology, communications and equipment expense | 2,267 | 2,376 | 4,451 | 4,736 |
Professional and outside services | 2,561 | 2,469 | 5,009 | 5,041 |
Marketing | 1,122 | 881 | 2,167 | 1,801 |
Other expense | 2,586 | 1,593 | 4,225 | 3,011 |
Total noninterest expense | 20,822 | 18,749 | 40,929 | 37,940 |
Income before income tax expense | 17,586 | 10,865 | 33,553 | 20,928 |
Income tax expense | 3,114 | 2,216 | 6,459 | 3,997 |
Net income | 14,472 | 8,649 | 27,094 | 16,931 |
Net income applicable to common stockholders | 14,011 | 8,195 | 26,204 | 16,039 |
Net income applicable to common stockholders | $ 14,011 | $ 8,195 | $ 26,204 | $ 16,039 |
Net income per common share data | ||||
Basic earnings per share (in dollars per share) | $ 4.76 | $ 2.77 | $ 8.86 | $ 5.40 |
Diluted earnings per share (in dollars per share) | $ 4.75 | $ 2.76 | $ 8.85 | $ 5.39 |
Weighted-average basic shares (in shares) | 2,943.8 | 2,962.2 | 2,956.1 | 2,969.6 |
Weighted-average diluted shares (in shares) | 2,948.3 | 2,966.3 | 2,960.5 | 2,973.7 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 14,472 | $ 8,649 | $ 27,094 | $ 16,931 |
Other comprehensive income/(loss), after–tax | ||||
Unrealized gains/(losses) on investment securities | 757 | (4,031) | 2,969 | (11,484) |
Translation adjustments, net of hedges | 70 | (679) | 267 | (741) |
Fair value hedges | 11 | 51 | (10) | 161 |
Cash flow hedges | (497) | (1,348) | 301 | (4,139) |
Defined benefit pension and OPEB plans | (6) | 20 | (61) | 87 |
DVA on fair value option elected liabilities | (207) | 1,185 | (415) | 1,831 |
Total other comprehensive income/(loss), after–tax | 128 | (4,802) | 3,051 | (14,285) |
Comprehensive income | $ 14,600 | $ 3,847 | $ 30,145 | $ 2,646 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Assets | |||
Cash and due from banks | $ 26,064 | $ 27,697 | |
Deposits with banks | 469,059 | 539,537 | |
Federal funds sold and securities purchased under resale agreements (included $322,579 and $311,883 at fair value) | 325,628 | 315,592 | |
Securities borrowed (included $55,905 and $70,041 at fair value) | 163,563 | 185,369 | |
Trading assets (included assets pledged of $142,625 and $93,687) | 636,996 | 453,799 | |
Available-for-sale securities (amortized cost of $209,876 and $216,188; included assets pledged of $12,864 and $9,158) | 203,262 | 205,857 | |
Held-to-maturity securities | 408,941 | 425,305 | |
Investment securities, net of allowance for credit losses | 612,203 | 631,162 | |
Loans (included $38,789 and $42,079 at fair value) | 1,300,069 | 1,135,647 | |
Allowance for loan losses | (21,980) | (19,726) | |
Loans, net of allowance for loan losses | 1,278,089 | 1,115,921 | |
Accrued interest and accounts receivable | 111,561 | 125,189 | |
Premises and equipment | 29,493 | 27,734 | |
Goodwill, MSRs and other intangible assets | 64,238 | 60,859 | |
Other assets (included $14,166 and $14,921 at fair value and assets pledged of $5,844 and $7,998) | 151,346 | 182,884 | |
Total assets | [1] | 3,868,240 | 3,665,743 |
Liabilities | |||
Deposits (included $51,568 and $28,620 at fair value) | 2,398,962 | 2,340,179 | |
Federal funds purchased and securities loaned or sold under repurchase agreements (included $216,604 and $151,999 at fair value) | 266,272 | 202,613 | |
Short-term borrowings (included $17,942 and $15,792 at fair value) | 41,022 | 44,027 | |
Trading liabilities | 178,809 | 177,976 | |
Accounts payable and other liabilities (included $5,101 and $7,038 at fair value) | 286,934 | 300,141 | |
Beneficial interests issued by consolidated VIEs (included $1 and $5 at fair value) | 19,647 | 12,610 | |
Long-term debt (included $78,609 and $72,281 at fair value) | 364,078 | 295,865 | |
Total liabilities | [1] | 3,555,724 | 3,373,411 |
Commitments and contingencies (refer to Notes 22, 23 and 24) | |||
Stockholders’ equity | |||
Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,740,375 shares) | 27,404 | 27,404 | |
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 | 89,578 | 89,044 | |
Retained earnings | 317,359 | 296,456 | |
Accumulated other comprehensive losses | (14,290) | (17,341) | |
Treasury stock, at cost (1,198,848,622 and 1,170,676,094 shares) | (111,640) | (107,336) | |
Total stockholders’ equity | 312,516 | 292,332 | |
Total liabilities and stockholders’ equity | 3,868,240 | 3,665,743 | |
VIEs consolidated by the Firm | |||
Assets | |||
Trading assets (included assets pledged of $142,625 and $93,687) | 2,368 | 2,151 | |
Loans, net of allowance for loan losses | 39,125 | 34,411 | |
Other assets (included $14,166 and $14,921 at fair value and assets pledged of $5,844 and $7,998) | 532 | 550 | |
Total assets | 42,025 | 37,112 | |
Liabilities | |||
Beneficial interests issued by consolidated VIEs (included $1 and $5 at fair value) | 19,647 | 12,610 | |
All other liabilities | 247 | 279 | |
Total liabilities | $ 19,894 | $ 12,889 | |
[1]The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at June 30, 2023, and December 31, 2022. 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 14 for a further discussion. (in millions) June 30, 2023 December 31, 2022 Assets Trading assets $ 2,368 $ 2,151 Loans 39,125 34,411 All other assets 532 550 Total assets $ 42,025 $ 37,112 Liabilities Beneficial interests issued by consolidated VIEs $ 19,647 $ 12,610 All other liabilities 247 279 Total liabilities $ 19,894 $ 12,889 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Trading assets pledged | $ 636,996 | $ 453,799 |
Available-for-sale securities, amortized cost, net of allowance for credit losses | 209,876 | 216,188 |
Available-for-sale securities | 203,262 | 205,857 |
Loans at fair value | 38,789 | 42,079 |
Other assets pledged | $ 151,346 | $ 182,884 |
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) | 2,740,375 | 2,740,375 |
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) | 1,198,848,622 | 1,170,676,094 |
Assets pledged | ||
Assets | ||
Trading assets pledged | $ 142,625 | $ 93,687 |
Available-for-sale securities | 12,864 | 9,158 |
Other assets pledged | 5,844 | 7,998 |
Recurring | ||
Assets | ||
Federal funds sold and securities purchased under resale agreements at fair value | 322,579 | 311,883 |
Securities borrowed at fair value | 55,905 | 70,041 |
Trading assets pledged | 636,956 | 453,756 |
Available-for-sale securities | 203,262 | 205,857 |
Loans at fair value | 38,789 | 42,079 |
Liabilities | ||
Deposits at fair value | 51,568 | 28,620 |
Federal funds purchased and securities loaned or sold under repurchase agreements at fair value | 216,604 | 151,999 |
Short-term borrowings at fair value | 17,942 | 15,792 |
Accounts payable and other liabilities at fair value | 5,101 | 7,038 |
Beneficial interests issued by consolidated VIEs at fair value | 1 | 5 |
Long-term debt at fair value | 78,609 | 72,281 |
Recurring | Other assets | ||
Assets | ||
Other assets at fair value | $ 14,166 | $ 14,921 |
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 | Retained earnings Cumulative effect of change in accounting principles | Accumulated other comprehensive income/(loss) | Treasury stock, at cost |
Beginning balance at Dec. 31, 2021 | $ 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 | 199 | |||||||
Net income | $ 16,931 | 16,931 | ||||||
Dividends declared: | ||||||||
Preferred stock | (807) | |||||||
Common stock ($1.00 and $1.00 per share and $2.00 and $2.00 per share, respectively) | (5,947) | |||||||
Other comprehensive income/(loss), after-tax | (14,285) | (14,285) | ||||||
Repurchase | (3,122) | |||||||
Reissuance | 1,047 | |||||||
Ending balance at Jun. 30, 2022 | 286,143 | 32,838 | 4,105 | 88,614 | 282,445 | (14,369) | (107,490) | |
Beginning balance at Mar. 31, 2022 | 32,838 | 4,105 | 88,260 | 277,177 | (9,567) | (106,914) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance | 0 | |||||||
Redemption | 0 | |||||||
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | 354 | |||||||
Net income | 8,649 | 8,649 | ||||||
Dividends declared: | ||||||||
Preferred stock | (410) | |||||||
Common stock ($1.00 and $1.00 per share and $2.00 and $2.00 per share, respectively) | (2,971) | |||||||
Other comprehensive income/(loss), after-tax | (4,802) | (4,802) | ||||||
Repurchase | (622) | |||||||
Reissuance | 46 | |||||||
Ending balance at Jun. 30, 2022 | 286,143 | 32,838 | 4,105 | 88,614 | 282,445 | (14,369) | (107,490) | |
Beginning balance at Dec. 31, 2022 | 292,332 | 27,404 | 4,105 | 89,044 | 296,456 | $ 449 | (17,341) | (107,336) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance | 0 | |||||||
Redemption | 0 | |||||||
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | 534 | |||||||
Net income | 27,094 | 27,094 | ||||||
Dividends declared: | ||||||||
Preferred stock | (729) | |||||||
Common stock ($1.00 and $1.00 per share and $2.00 and $2.00 per share, respectively) | (5,911) | |||||||
Other comprehensive income/(loss), after-tax | 3,051 | 3,051 | ||||||
Repurchase | (5,271) | |||||||
Reissuance | 967 | |||||||
Ending balance at Jun. 30, 2023 | 312,516 | 27,404 | 4,105 | 89,578 | 317,359 | (14,290) | (111,640) | |
Beginning balance at Mar. 31, 2023 | 27,404 | 4,105 | 89,155 | 306,208 | (14,418) | (109,372) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance | 0 | |||||||
Redemption | 0 | |||||||
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | 423 | |||||||
Net income | 14,472 | 14,472 | ||||||
Dividends declared: | ||||||||
Preferred stock | (373) | |||||||
Common stock ($1.00 and $1.00 per share and $2.00 and $2.00 per share, respectively) | (2,948) | |||||||
Other comprehensive income/(loss), after-tax | 128 | 128 | ||||||
Repurchase | (2,316) | |||||||
Reissuance | 48 | |||||||
Ending balance at Jun. 30, 2023 | $ 312,516 | $ 27,404 | $ 4,105 | $ 89,578 | $ 317,359 | $ (14,290) | $ (111,640) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Dividends declared: | ||||
Dividends declared, Common stock (in dollars per share) | $ 1 | $ 1 | $ 2 | $ 2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities | ||
Net income | $ 27,094 | $ 16,931 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Provision for credit losses | 5,174 | 2,564 |
Depreciation and amortization | 2,156 | 3,609 |
Deferred tax (benefit)/expense | (2,238) | (2,086) |
Bargain purchase gain associated with the First Republic acquisition | (2,712) | 0 |
Other | 3,008 | 2,172 |
Originations and purchases of loans held-for-sale | (48,270) | (102,857) |
Proceeds from sales, securitizations and paydowns of loans held-for-sale | 47,746 | 116,764 |
Net change in: | ||
Trading assets | (178,766) | (53,816) |
Securities borrowed | 21,835 | 3,379 |
Accrued interest and accounts receivable | 16,107 | (43,051) |
Other assets | 44,599 | (14,930) |
Trading liabilities | (4,846) | 23,646 |
Accounts payable and other liabilities | (24,563) | 70,976 |
Other operating adjustments | 1,300 | 800 |
Net cash provided by/(used in) operating activities | (92,376) | 24,101 |
Net change in: | ||
Federal funds sold and securities purchased under resale agreements | (9,816) | (60,833) |
Held-to-maturity securities: | ||
Proceeds from paydowns and maturities | 13,762 | 20,952 |
Purchases | (4,141) | (27,490) |
Available-for-sale securities: | ||
Proceeds from paydowns and maturities | 23,470 | 21,913 |
Proceeds from sales | 69,875 | 36,217 |
Purchases | (52,433) | (66,200) |
Proceeds from sales and securitizations of loans held-for-investment | 19,526 | 22,185 |
Other changes in loans, net | (33,353) | (67,802) |
Net cash used in the First Republic acquisition | (9,920) | 0 |
All other investing activities, net | (11,419) | (4,753) |
Net cash provided by/(used in) investing activities | 5,551 | (125,811) |
Net change in: | ||
Deposits | (27,782) | 5,841 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 63,590 | 28,586 |
Short-term borrowings | (3,135) | |
Short-term borrowings | 5,622 | |
Beneficial interests issued by consolidated VIEs | 7,708 | 552 |
Proceeds from long-term borrowings | 19,357 | 45,873 |
Payments of long-term borrowings | (32,003) | (25,991) |
Redemption of preferred stock | 0 | (2,000) |
Treasury stock repurchased | (5,167) | (3,162) |
Dividends paid | (6,651) | (6,774) |
All other financing activities, net | (1,275) | 423 |
Net cash provided by financing activities | 14,642 | 48,970 |
Effect of exchange rate changes on cash and due from banks and deposits with banks | 72 | (18,834) |
Net decrease in cash and due from banks and deposits with banks | (72,111) | (71,574) |
Cash and due from banks and deposits with banks at the beginning of the period | 567,234 | 740,834 |
Cash and due from banks and deposits with banks at the end of the period | 495,123 | 669,260 |
Cash interest paid | 35,250 | 4,457 |
Cash income taxes paid, net | $ 5,466 | $ 3,100 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
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. On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (the “First Republic acquisition”) from the Federal Deposit Insurance Corporation (“FDIC”). The Firm continues to convert certain operations, and to integrate clients, products and services, associated with the First Republic acquisition, to align with the Firm’s businesses and operations. The Firm also continues to evaluate to which segments certain clients, products and services associated with the First Republic acquisition, including deposits, should be allocated. Accordingly, reporting classifications and allocations may change in future periods including across the Firm's segments. Refer to Note 27 for a further discussion of the Firm’s business segments and Note 28 for additional information on the First Republic acquisition. 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 2022 Form 10-K. Certain amounts reported in prior periods have been revised 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 2022 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 balances 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 2022 Form 10-K for further information on offsetting assets and liabilities. Accounting standards adopted January 1, 2023 Derivatives and Hedging: Fair Value Hedging – Portfolio Layer Method The adoption of this guidance expanded the ability to hedge a portfolio of prepayable assets to allow more of the portfolio to be hedged. Non-prepayable assets can also be included in the same portfolio, thus increasing the size of the portfolio and the amount available to be hedged. This guidance also clarified the types of derivatives that can be used as hedges, and the balance sheet presentation and disclosure requirements for the hedge accounting adjustments. As permitted by the guidance, the Firm elected to transfer HTM securities to AFS and designate those securities in a portfolio layer method hedge upon adoption. The adoption impact of the transfer on retained earnings was not material. Refer to Note 5 and Note 10 for additional information. Financial Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures The adoption of this guidance eliminated the accounting and disclosure requirements for TDRs, including the requirement to measure the allowance using a discounted cash flow (“DCF”) methodology, and allowed the option of a non-DCF portfolio-based approach for modified loans to troubled borrowers. If a DCF methodology is still applied for these modified loans, the discount rate must be the post- modification effective interest rate, instead of the pre-modification effective interest rate. The Firm elected to apply its non-DCF, portfolio-based allowance approach for modified loans to troubled borrowers for all portfolios except modified nonaccrual risk-rated loans which the Firm elected to continue applying a DCF methodology. Refer to Note 13 of JPMorgan Chase’s 2022 Form 10-K for a description of the portfolio-based allowance approach and the asset-specific allowance approach. This guidance was adopted under the modified retrospective method which resulted in a net decrease to the allowance for credit losses of $587 million and an increase to retained earnings of $446 million, after-tax, predominantly driven by residential real estate and credit card. The adoption of this guidance eliminated the disclosure requirements for TDRs including the requirement to assess whether a modification is reasonably expected or involves a concession. The new guidance requires disclosure for loan modifications to borrowers experiencing financial difficulty consisting of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or a combination of these modifications. The Firm has defined these types of modifications as financial difficulty modifications ("FDMs"). As a result of the elimination of the requirement to assess whether a modification is reasonably expected or involves a concession, the population of loans considered FDMs will differ from those previously considered TDRs. This guidance also requires disclosure of current period gross charge-offs by vintage origination year. Refer to Note 12 for further information. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair value measurementRefer to Note 2 of JPMorgan Chase’s 2022 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 June 30, 2023, and December 31, 2022, by major product category and fair value hierarchy. Assets and liabilities measured at fair value on a recurring basis Fair value hierarchy Derivative (f) June 30, 2023 (in millions) Level 1 Level 2 Level 3 Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 322,579 $ — $ — $ 322,579 Securities borrowed — 55,905 — — 55,905 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 88,769 706 — 89,475 Residential – nonagency — 2,684 5 — 2,689 Commercial – nonagency — 1,517 6 — 1,523 Total mortgage-backed securities — 92,970 717 — 93,687 U.S. Treasury, GSEs and government agencies (a) 129,042 9,204 — — 138,246 Obligations of U.S. states and municipalities — 6,782 6 — 6,788 Certificates of deposit, bankers’ acceptances and commercial paper — 2,834 — — 2,834 Non-U.S. government debt securities 41,423 63,986 199 — 105,608 Corporate debt securities — 33,106 522 — 33,628 Loans — 6,984 1,105 — 8,089 Asset-backed securities — 2,497 14 — 2,511 Total debt instruments 170,465 218,363 2,563 — 391,391 Equity securities 148,222 1,337 631 — 150,190 Physical commodities (b) 2,442 11,265 6 — 13,713 Other — 17,332 113 — 17,445 Total debt and equity instruments (c) 321,129 248,297 3,313 — 572,739 Derivative receivables: Interest rate 1,988 282,125 4,199 (260,603) 27,709 Credit — 12,535 1,150 (12,440) 1,245 Foreign exchange 204 226,130 1,345 (205,485) 22,194 Equity — 57,619 3,773 (54,068) 7,324 Commodity — 17,358 282 (11,895) 5,745 Total derivative receivables 2,192 595,767 10,749 (544,491) 64,217 Total trading assets (d) 323,321 844,064 14,062 (544,491) 636,956 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) 1 79,767 — — 79,768 Residential – nonagency — 3,544 — — 3,544 Commercial – nonagency — 2,056 — — 2,056 Total mortgage-backed securities 1 85,367 — — 85,368 U.S. Treasury and government agencies 62,688 49 — — 62,737 Obligations of U.S. states and municipalities — 24,023 — — 24,023 Non-U.S. government debt securities 13,397 8,643 — — 22,040 Corporate debt securities — 121 267 — 388 Asset-backed securities: Collateralized loan obligations — 5,437 — — 5,437 Other (a) — 3,269 — — 3,269 Total available-for-sale securities 76,086 126,909 267 — 203,262 Loans (e) — 34,981 3,808 — 38,789 Mortgage servicing rights — — 8,229 — 8,229 Other assets (d) 6,146 6,687 417 — 13,250 Total assets measured at fair value on a recurring basis $ 405,553 $ 1,391,125 $ 26,783 $ (544,491) $ 1,278,970 Deposits $ — $ 49,515 $ 2,053 $ — $ 51,568 Federal funds purchased and securities loaned or sold under repurchase agreements — 216,604 — — 216,604 Short-term borrowings — 16,238 1,704 — 17,942 Trading liabilities: Debt and equity instruments (c) 101,437 30,764 63 — 132,264 Derivative payables: Interest rate 1,610 270,411 5,321 (262,185) 15,157 Credit — 13,306 461 (13,201) 566 Foreign exchange 185 222,444 956 (209,408) 14,177 Equity — 62,016 5,654 (57,865) 9,805 Commodity — 18,650 635 (12,445) 6,840 Total derivative payables 1,795 586,827 13,027 (555,104) 46,545 Total trading liabilities 103,232 617,591 13,090 (555,104) 178,809 Accounts payable and other liabilities 3,486 1,547 68 — 5,101 Beneficial interests issued by consolidated VIEs — 1 — — 1 Long-term debt — 53,184 25,425 — 78,609 Total liabilities measured at fair value on a recurring basis $ 106,718 $ 954,680 $ 42,340 $ (555,104) $ 548,634 Fair value hierarchy Derivative (f) December 31, 2022 (in millions) Level 1 Level 2 Level 3 Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 311,883 $ — $ — $ 311,883 Securities borrowed — 70,041 — — 70,041 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 68,162 759 — 68,921 Residential – nonagency — 2,498 5 — 2,503 Commercial – nonagency — 1,448 7 — 1,455 Total mortgage-backed securities — 72,108 771 — 72,879 U.S. Treasury, GSEs and government agencies (a) 61,191 8,546 — — 69,737 Obligations of U.S. states and municipalities — 6,608 7 — 6,615 Certificates of deposit, bankers’ acceptances and commercial paper — 2,009 — — 2,009 Non-U.S. government debt securities 18,213 48,429 155 — 66,797 Corporate debt securities — 25,626 463 — 26,089 Loans — 5,744 759 — 6,503 Asset-backed securities — 2,536 23 — 2,559 Total debt instruments 79,404 171,606 2,178 — 253,188 Equity securities 82,483 2,060 665 — 85,208 Physical commodities (b) 9,595 16,673 2 — 26,270 Other — 18,146 64 — 18,210 Total debt and equity instruments (c) 171,482 208,485 2,909 — 382,876 Derivative receivables: Interest rate 3,390 292,956 4,069 (271,996) 28,419 Credit — 9,722 607 (9,239) 1,090 Foreign exchange 169 240,207 1,203 (218,214) 23,365 Equity — 57,485 4,428 (52,774) 9,139 Commodity — 24,982 375 (16,490) 8,867 Total derivative receivables 3,559 625,352 10,682 (568,713) 70,880 Total trading assets (d) 175,041 833,837 13,591 (568,713) 453,756 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) 3 71,500 — — 71,503 Residential – nonagency — 4,620 — — 4,620 Commercial – nonagency — 1,958 — — 1,958 Total mortgage-backed securities 3 78,078 — — 78,081 U.S. Treasury and government agencies 92,060 — — — 92,060 Obligations of U.S. states and municipalities — 6,786 — — 6,786 Non-U.S. government debt securities 10,591 9,105 — — 19,696 Corporate debt securities — 118 239 — 357 Asset-backed securities: Collateralized loan obligations — 5,792 — — 5,792 Other — 3,085 — — 3,085 Total available-for-sale securities 102,654 102,964 239 — 205,857 Loans (e) — 40,661 1,418 — 42,079 Mortgage servicing rights — — 7,973 — 7,973 Other assets (d) 7,544 6,065 405 — 14,014 Total assets measured at fair value on a recurring basis $ 285,239 $ 1,365,451 $ 23,626 $ (568,713) $ 1,105,603 Deposits $ — $ 26,458 $ 2,162 $ — $ 28,620 Federal funds purchased and securities loaned or sold under repurchase agreements — 151,999 — — 151,999 Short-term borrowings — 14,391 1,401 — 15,792 Trading liabilities: Debt and equity instruments (c) 98,719 28,032 84 — 126,835 Derivative payables: Interest rate 2,643 284,280 3,368 (274,321) 15,970 Credit — 9,377 594 (9,217) 754 Foreign exchange 160 250,647 714 (232,665) 18,856 Equity — 57,649 4,812 (53,657) 8,804 Commodity — 22,748 521 (16,512) 6,757 Total derivative payables 2,803 624,701 10,009 (586,372) 51,141 Total trading liabilities 101,522 652,733 10,093 (586,372) 177,976 Accounts payable and other liabilities 5,702 1,283 53 — 7,038 Beneficial interests issued by consolidated VIEs — 5 — — 5 Long-term debt — 48,189 24,092 — 72,281 Total liabilities measured at fair value on a recurring basis $ 107,224 $ 895,058 $ 37,801 $ (586,372) $ 453,711 (a) At June 30, 2023, and December 31, 2022, included total U.S. GSE obligations of $93.5 billion and $73.8 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 5 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 June 30, 2023, and December 31, 2022, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $956 million and $950 million, respectively. Included in these balances at June 30, 2023, and December 31, 2022, were trading assets of $40 million and $43 million, respectively, and other assets of $916 million and $907 million, respectively. (e) At June 30, 2023, and December 31, 2022, included $9.3 billion and $9.7 billion, respectively, of residential first-lien mortgages, and $6.8 billion of commercial first-lien mortgages for both periods. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. GSEs and government agencies of $3.3 billion and $2.4 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 2022 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) June 30, 2023 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) $ 1,641 Discounted cash flows Yield 6% 40% 7% Prepayment speed 3% 11% 8% Conditional default rate 0% 5% 0% Loss severity 0% 110% 3% Commercial mortgage-backed securities and loans (c) 2,318 Market comparables Price $0 $101 $84 Corporate debt securities 789 Market comparables Price $0 $242 $95 Loans (d) 1,671 Market comparables Price $0 $108 $78 Non-U.S. government debt securities 199 Market comparables Price $6 $106 $91 Net interest rate derivatives (1,105) Option pricing Interest rate volatility 26 bps 674 bps 131 bps Interest rate spread volatility 37 bps 77 bps 64 bps Bermudan switch value 0% 58% 20% Interest rate correlation (82)% 90% 15% IR-FX correlation (35)% 60% 5% (17) Discounted cash flows Prepayment speed 0% 15% 5% Net credit derivatives 673 Discounted cash flows Credit correlation 35% 65% 48% Credit spread 0 bps 11,279 bps 342 bps Recovery rate 10% 90% 40% 16 Market comparables Price $15 $115 $83 Net foreign exchange derivatives 461 Option pricing IR-FX correlation (40)% 60% 19% (72) Discounted cash flows Prepayment speed 11% 11% Interest rate curve 0% 30% 6% Net equity derivatives (1,881) Option pricing Forward equity price (h) 84% 142% 101% Equity volatility 3% 167% 32% Equity correlation 15% 100% 58% Equity-FX correlation (86)% 60% (29)% Equity-IR correlation 10% 35% 21% Net commodity derivatives (353) Option pricing Oil commodity forward $95 / BBL $249 / BBL $172 / BBL Natural gas commodity forward $1 / MMBTU $7 / MMBTU $4 / MMBTU Commodity volatility 5% 175% 90% Commodity correlation (28)% 80% 26% MSRs 8,229 Discounted cash flows Refer to Note 15 Long-term debt, short-term borrowings, and deposits (e) 27,806 Option pricing Interest rate volatility 26 bps 674 bps 131 bps Bermudan switch value 0% 58% 20% Interest rate correlation (82)% 90% 15% IR-FX correlation (35)% 60% 5% Equity correlation 15% 100% 58% Equity-FX correlation (86)% 60% (29)% Equity-IR correlation 10% 35% 21% 1,376 Discounted cash flows Credit correlation 35% 65% 48% Other level 3 assets and liabilities, net (f) 1,056 (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 $706 million, nonagency securities of $5 million and non-trading loans of $930 million. (c) Comprises nonagency securities of $6 million, trading loans of $72 million and non-trading loans of $2.2 billion. (d) Comprises trading loans of $1.0 billion and non-trading loans of $638 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 $843 million including $213 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 2022 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 June 30, 2023 and 2022. 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) Federal funds sold and securities purchased under resale agreements $ — $ — $ — $ — $ — $ — $ — $ — $ — Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies 757 — 106 (106) (40) — (11) 706 (6) Residential – nonagency 5 6 — (6) — — — 5 — Commercial – nonagency 10 (1) — — — 5 (8) 6 (1) Total mortgage-backed securities 772 5 106 (112) (40) 5 (19) 717 (7) Obligations of U.S. states and municipalities 6 — — — — — — 6 — Non-U.S. government debt securities 169 29 50 (49) — — — 199 31 Corporate debt securities 538 — 61 (43) (2) 7 (39) 522 (2) Loans 926 (6) 246 (65) (18) 102 (80) 1,105 (6) Asset-backed securities 7 — 4 (1) — 4 — 14 — Total debt instruments 2,418 28 467 (270) (60) 118 (138) 2,563 16 Equity securities 581 (16) 50 (36) — 104 (52) 631 (16) Physical commodities — — 6 — — — — 6 — Other 140 (19) 2 — (6) — (4) 113 (18) Total trading assets – debt and equity instruments 3,139 (7) (c) 525 (306) (66) 222 (194) 3,313 (18) (c) Net derivative receivables: (b) Interest rate 754 (1,043) 60 (42) 49 (914) 14 (1,122) (960) Credit 452 228 — (1) 31 2 (23) 689 240 Foreign exchange 545 (37) 51 (67) (126) 55 (32) 389 (29) Equity (885) (148) 295 (675) (726) 349 (91) (1,881) 9 Commodity (287) (50) 35 (51) 16 (12) (4) (353) (71) Total net derivative receivables 579 (1,050) (c) 441 (836) (756) (520) (136) (2,278) (811) (c) Available-for-sale securities: Corporate debt securities 250 17 — — — — — 267 17 Total available-for-sale securities 250 17 (d) — — — — — 267 17 (d) Loans 1,479 (3) (c) 2,137 (7) (490) 760 (68) 3,808 (52) (c) Mortgage servicing rights 7,755 275 (e) 546 (92) (255) — — 8,229 275 (e) Other assets 406 16 (c) 5 (2) (14) 8 (2) 417 16 (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 $ 2,208 $ (51) (c)(f) $ — $ — $ 139 $ (181) $ — $ (62) $ 2,053 $ (51) (c)(f) Short-term borrowings 1,410 50 (c)(f) — — 1,191 (927) 2 (22) 1,704 29 (c)(f) Trading liabilities – debt and equity instruments 63 (1) (c) — (2) — (2) 6 (1) 63 (1) (c) Accounts payable and other liabilities 56 5 (c) (2) 3 — — 8 (2) 68 5 (c) Long-term debt 25,227 325 (c)(f) — — 2,667 (2,550) 113 (357) 25,425 354 (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) Federal funds sold and securities purchased under resale agreements $ — $ — $ — $ — $ — $ 1 $ — $ 1 $ — Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies 286 (1) 643 (118) (7) — — 803 (2) Residential – nonagency 10 — 5 — (1) — — 14 — Commercial – nonagency 10 — — — — — — 10 — Total mortgage-backed securities 306 (1) 648 (118) (8) — — 827 (2) Obligations of U.S. states and municipalities 7 — — — — — — 7 — Non-U.S. government debt securities 133 (9) 177 (86) — 6 (16) 205 (8) Corporate debt securities 293 (16) 272 (12) — 57 (20) 574 (16) Loans 1,049 (33) 122 (164) (152) 254 (178) 898 (32) Asset-backed securities 28 — 1 (10) — 1 — 20 — Total debt instruments 1,816 (59) 1,220 (390) (160) 318 (214) 2,531 (58) Equity securities 663 (99) 98 (61) — 106 (46) 661 (90) Physical commodities — — 2 — — — — 2 — Other 175 66 6 — (158) — (2) 87 60 Total trading assets – debt and equity instruments 2,654 (92) (c) 1,326 (451) (318) 424 (262) 3,281 (88) (c) Net derivative receivables: (b) Interest rate 367 160 99 (135) 105 44 (220) 420 204 Credit 44 264 4 (3) (65) 1 4 249 255 Foreign exchange 76 193 15 (19) (38) 24 (6) 245 174 Equity (2,583) 1,838 162 (466) (140) (227) 182 (1,234) 1,788 Commodity (414) 382 18 (69) 112 (1) (2) 26 423 Total net derivative receivables (2,510) 2,837 (c) 298 (692) (26) (159) (42) (294) 2,844 (c) Available-for-sale securities: Corporate debt securities 205 (19) — — — — — 186 (19) Total available-for-sale securities 205 (19) (d) — — — — — 186 (19) (d) Loans 2,072 (82) (c) 273 (95) (250) 226 (124) 2,020 (80) (c) Mortgage servicing rights 7,294 654 (e) 341 (614) (236) — — 7,439 654 (e) Other assets 341 116 (c) 5 (28) (20) — (6) 408 116 (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 $ 2,121 $ (160) (c)(f) $ — $ — $ 138 $ (21) $ — $ (46) $ 2,032 $ (160) (c)(f) Short-term borrowings 2,146 14 (c)(f) — — 963 (1,036) 14 — 2,101 93 (c)(f) Trading liabilities – debt and equity instruments 41 1 (c) (20) 4 — — 30 — 56 1 (c) Accounts payable and other liabilities 108 (2) (c) (28) 1 — — — (6) 73 (2) (c) Long-term debt 24,394 (2,640) (c)(f) — — 3,470 (2,045) 179 (281) 23,077 (2,613) (c)(f) Fair value measurements using significant unobservable inputs Six months ended June 30, 2023 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) Federal funds sold and securities purchased under resale agreements $ — $ — $ — $ — $ — $ — $ — $ — $ — Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies 759 7 131 (113) (64) — (14) 706 2 Residential – nonagency 5 7 — (6) (2) 1 — 5 1 Commercial – nonagency 7 — — — (1) 8 (8) 6 (1) Total mortgage-backed securities 771 14 131 (119) (67) 9 (22) 717 2 Obligations of U.S. states and municipalities 7 — — (1) — — — 6 — Non-U.S. government debt securities 155 40 100 (96) — — — 199 43 Corporate debt securities 463 24 110 (60) (2) 30 (43) 522 18 Loans 759 2 682 (127) (113) 125 (223) 1,105 1 Asset-backed securities 23 — 5 (3) (1) 5 (15) 14 (1) Total debt instruments 2,178 80 1,028 (406) (183) 169 (303) 2,563 63 Equity securities 665 (47) 108 (107) — 140 (128) 631 (27) Physical Commodities 2 — 6 — (2) — — 6 — Other 64 (40) 96 — (4) 1 (4) 113 (19) Total trading assets – debt and equity instruments 2,909 (7) (c) 1,238 (513) (189) 310 (435) 3,313 17 (c) Net derivative receivables: (b) Interest rate 701 (697) 95 (92) 27 (1,079) (77) (1,122) (582) Credit 13 474 3 (4) 202 26 (25) 689 497 Foreign exchange 489 52 79 (108) (201) 119 (41) 389 29 Equity (384) 23 613 (1,362) (726) 460 (505) (1,881) 95 Commodity (146) (42) 39 (118) (111) (11) 36 (353) (206) Total net derivative receivables 673 (190) (c) 829 (1,684) (809) (485) (612) (2,278) (167) (c) Available-for-sale securities: Corporate debt securities 239 28 — — — — — 267 28 Total available-for-sale securities 239 28 (d) — — — — — 267 28 (d) Loans 1,418 23 (c) 2,285 (73) (585) 917 (177) 3,808 24 (c) Mortgage servicing rights 7,973 264 (e) 577 (90) (495) — — 8,229 264 (e) Other assets 405 21 (c) 17 (2) (30) 8 (2) 417 21 (c) Fair value measurements using significant unobservable inputs Six months ended June 30, 2023 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 $ 2,162 $ (3) (c)(f) $ — $ — $ 267 $ (248) $ — $ (125) $ 2,053 $ (31) (c)(f) Short-term borrowings 1,401 140 (c)(f) — — 2,242 (2,059) 2 (22) 1,704 34 (c)(f) Trading liabilities – debt and equity instruments 84 (13) (c) (27) 6 — (2) 18 (3) 63 — Accounts payable and other liabilities 53 4 (c) (2) 7 — — 8 (2) 68 4 (c) Long-term debt 24,092 1,681 (c)(f) — — 5,400 (5,525) 204 (427) 25,425 1,674 (c)(f) Fair value measurements using significant unobservable inputs Six months ended June 30, 2022 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) Federal funds sold and securities purchased under resale agreements $ — $ — $ — $ — $ — $ 1 $ — $ 1 $ — Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies 265 26 665 (125) (28) — — 803 24 Residential – nonagency 28 — 5 — (12) — (7) 14 (1) Commercial – nonagency 10 — — — — — — 10 — Total mortgage-backed securities 303 26 670 (125) (40) — (7) 827 23 Obligations of U.S. states and municipalities 7 — — — — — — 7 — Non-U.S. government debt securities 81 (42) 405 (266) — 43 (16) 205 (106) Corporate debt securities 332 (35) 333 (71) (37) 98 (46) 574 (44) Loans 708 (37) 419 (262) (159) 525 (296) 898 (13) Asset-backed securities 26 — 2 (10) — 5 (3) 20 — Total debt instruments 1,457 (88) 1,829 (734) (236) 671 (368) 2,531 (140) Equity securities 662 (912) 321 (301) — 959 (68) 661 (474) Physical Commodities — — 2 — — — — 2 — Other 160 67 26 — (163) — (3) 87 70 Total trading assets – debt and equity instruments 2,279 (933) (c) 2,178 (1,035) (399) 1,630 (439) 3,281 (544) (c) Net derivative receivables: (b) Interest rate (16) 393 225 (229) 256 17 (226) 420 428 Credit 74 331 8 (7) (161) (2) 6 249 330 Foreign exchange (419) 538 147 (43) 32 18 (28) 245 486 Equity (3,626) 2,568 660 (1,025) 303 (558) 444 (1,234) 2,975 Commodity (907) 804 68 (206) 268 (1) — 26 469 Total net derivative receivables (4,894) 4,634 (c) 1,108 (1,510) 698 (526) 196 (294) 4,688 (c) Available-for-sale securities: Corporate debt securities 161 8 17 — — — — 186 8 Total available-for-sale securities 161 8 (d) 17 — — — — 186 8 (d) Loans 1,933 16 (c) 394 (100) (531) 616 (308) 2,020 (24) (c) Mortgage servicing rights 5,494 1,613 (e) 1,471 (671) (468) — — 7,439 1,613 (e) Other assets 306 125 (c) 46 (28) (37) 2 (6) 408 119 (c) Fair value measurements using significant unobservable inputs Six months ended June 30, 2022 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 $ (302) (c)(f) $ — $ — $ 246 $ (69) $ — $ (160) $ 2,032 $ (298) (c)(f) Short-term borrowings 2,481 (387) (c)(f) — — 2,386 (2,383) 15 (11) 2,101 7 (c)(f) Trading liabilities – debt and equity instruments 30 (16) (c) (34) 34 — — 44 (2) 56 15 (c) Accounts payable and other liabilities 69 (6) (c) (28) 43 — — 1 (6) 73 (6) (c) Long-term debt 24,374 (4,308) (c)(f) — — 7,520 (4,521) 442 (430) 23,077 (4,151) (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% at both June 30, 2023 and December 31, 2022. 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 8% at both June 30, 2023 and December 31, 2022, 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. Realized and unrealized gains/(losses) recorded on level 3 AFS securities were not material both for the three and six months ended June 30, 2023 and 2022. (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 and six months ended June 30, 2023 and 2022. Unrealized (gains)/losses are reported in OCI, and were $23 million and $(344) million for the three months ended June 30, 2023 and 2022, respectively and $(277) million and $(574) million for the six months ended June 30, 2023 and 2022, 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, 2022, 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 115 Three and six months ended June 30, 2023 Level 3 assets were $26.8 billion at June 30, 2023, reflecting an increase of $3.0 billion from March 31, 2023, and an increase of $3.2 billion from December 31, 2022. The increase for the three and six months ended June 30, 2023 was predominantly driven by: • $2.3 billion and $2.4 billion, respectively, in non-trading loans primarily due to $1.9 billion of loans in CIB associated with the First Republic acquisition. 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 June 30, 2023, significant transfers from level 2 into level 3 included the following: • $1.2 billion of gross interest rate derivative payables as a result of transition to term SOFR for certain interest rate options. • $760 million of non-trading loans driven by a decrease in observability. For the three months ended June 30, 2023, there were no significant transfers from level 3 into level 2. For the six months ended June 30, 2023, significant transfers from level 2 into level 3 included the following: • $1.6 billion of gross interest rate derivative payables as a result of transition to term SOFR for certain interest rate options. • $901 million of gross equity derivative receivables as a result of a decrease in observability and an increase in the significance of unobservable inputs. • $917 million of non-trading loans driven by a decrease in observability. For the six months ended June 30, 2023, significant transfers from level 3 into level 2 included the following: • $1.3 billion and $827 million o |
Fair Value Option
Fair Value Option | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option | Fair value option The fair value option provides an option to elect fair value 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 and six months ended June 30, 2023 and 2022, 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 June 30, 2023 2022 (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 $ 18 $ — $ 18 $ (145) $ — $ (145) Securities borrowed (60) — (60) (101) — (101) Trading assets: Debt and equity instruments, excluding loans 1,160 — 1,160 (1,255) — (1,255) Loans reported as trading assets: Changes in instrument-specific credit risk 100 — 100 (136) (f) — (136) Other changes in fair value 2 2 (c) 4 (11) — (11) Loans: Changes in instrument-specific credit risk 6 (5) (c) 1 (83) 11 (c) (72) Other changes in fair value (76) (6) (c) (82) (501) (260) (c) (761) Other assets (16) (1) (d) (17) (2) 4 (d) 2 Deposits (a) (395) — (395) 382 — 382 Federal funds purchased and securities loaned or sold under repurchase agreements (8) — (8) 124 — 124 Short-term borrowings (a) (110) — (110) 471 — 471 Trading liabilities (15) — (15) 54 — 54 Beneficial interests issued by consolidated VIEs — — — — — — Other liabilities (1) — (1) (7) — (7) Long-term debt (a)(b) (663) (2) (c)(d) (665) 5,405 14 (c)(d) 5,419 Six months ended June 30, 2023 2022 (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 $ 220 $ — $ 220 $ (375) $ — $ (375) Securities borrowed 28 — 28 (299) — (299) Trading assets: Debt and equity instruments, excluding loans 2,755 — 2,755 (911) — (911) Loans reported as trading assets: Changes in instrument-specific credit risk 231 — 231 (142) (f) — (142) Other changes in fair value 5 2 (c) 7 (22) — (22) Loans: Changes in instrument-specific credit risk 71 (4) (c) 67 (77) 23 (c) (54) Other changes in fair value 119 104 (c) 223 (1,220) (774) (c) (1,994) Other assets 14 (1) (d) 13 9 1 (d) 10 Deposits (a) (868) — (868) 784 — 784 Federal funds purchased and securities loaned or sold under repurchase agreements (69) — (69) 206 — 206 Short-term borrowings (a) (269) — (269) 773 — 773 Trading liabilities (30) — (30) (12) — (12) Beneficial interests issued by consolidated VIEs — — — (1) — (1) Other liabilities (1) — (1) (4) — (4) Long-term debt (a)(b) (3,461) (28) (c)(d) (3,489) 9,365 33 (c)(d) 9,398 (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 not material both for the three and six months ended June 30, 2023 and 2022. (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 7 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 June 30, 2023, and December 31, 2022, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected. June 30, 2023 December 31, 2022 (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 $ 2,737 $ 529 $ (2,208) $ 2,517 $ 368 $ (2,149) Loans 911 760 (151) 967 829 (138) Subtotal 3,648 1,289 (2,359) 3,484 1,197 (2,287) 90 or more days past due and government guaranteed Loans (a) 82 76 (6) 124 115 (9) All other performing loans (b) Loans reported as trading assets 9,217 7,560 (1,657) 7,823 6,135 (1,688) Loans 39,995 37,953 (2,042) 42,588 41,135 (1,453) Subtotal 49,212 45,513 (3,699) 50,411 47,270 (3,141) Total loans $ 52,942 $ 46,878 $ (6,064) $ 54,019 $ 48,582 $ (5,437) Long-term debt Principal-protected debt $ 42,889 (d) $ 34,524 $ (8,365) $ 41,341 (d) $ 31,105 $ (10,236) Nonprincipal-protected debt (c) NA 44,085 NA NA 41,176 NA Total long-term debt NA $ 78,609 NA NA $ 72,281 NA Long-term beneficial interests Nonprincipal-protected debt (c) NA $ 1 NA NA $ 5 NA Total long-term beneficial interests NA $ 1 NA NA $ 5 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 June 30, 2023, and December 31, 2022. (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 June 30, 2023, and December 31, 2022, the contractual amount of lending-related commitments for which the fair value option was elected was $10.2 billion and $7.6 billion, respectively, with a corresponding fair value of $264 million and $24 million, respectively. Refer to Note 28 of JPMorgan Chase’s 2022 Form 10-K, and Note 24 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. June 30, 2023 December 31, 2022 (in millions) Long-term debt Short-term borrowings Deposits Total Long-term debt Short-term borrowings Deposits Total Risk exposure Interest rate $ 34,860 $ 225 $ 46,527 $ 81,612 $ 31,973 $ 260 $ 24,655 $ 56,888 Credit 4,618 247 — 4,865 4,105 170 — 4,275 Foreign exchange 2,675 997 3 3,675 2,674 788 50 3,512 Equity 33,590 4,830 3,202 41,622 30,864 4,272 3,545 38,681 Commodity 2,017 — 1 (a) 2,018 1,655 16 2 (a) 1,673 Total structured notes $ 77,760 $ 6,299 $ 49,733 $ 133,792 $ 71,271 $ 5,506 $ 28,252 $ 105,029 (a) Excludes deposits linked to precious metals for which the fair value option has not been elected of $590 million and $602 million for the periods ended June 30, 2023 and December 31, 2022, respectively. |
Credit Risk Concentrations
Credit Risk Concentrations | 6 Months Ended |
Jun. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
Credit Risk Concentrations | Credit risk concentrations Concentrations of credit risk arise when a number of clients, counterparties or customers are engaged in similar business activities or activities in the same geographic region, or when they have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. JPMorgan Chase regularly monitors various segments of its credit portfolios to assess potential credit risk concentrations and to obtain additional collateral when deemed necessary and permitted under the Firm’s agreements. Senior management is significantly involved in the credit approval and review process, and risk levels are adjusted as needed to reflect the Firm’s risk appetite. In the Firm’s consumer portfolio, concentrations are managed primarily by product and by U.S. geographic region, with a key focus on trends and concentrations at the portfolio level, where potential credit risk concentrations can be remedied through changes in underwriting policies and portfolio guidelines. Refer to Note 12 for additional information on the geographic composition of the Firm’s consumer loan portfolios. In the wholesale portfolio, credit risk concentrations are evaluated primarily by industry and monitored regularly on both an aggregate portfolio level and on an individual client or counterparty basis. The Firm’s wholesale exposure is managed through loan syndications and participations, loan sales, securitizations, credit derivatives, master netting agreements, collateral and other risk-reduction techniques. Refer to Note 12 for additional information on loans. The Firm does not believe that its exposure to any particular loan product or industry segment results in a significant concentration of credit risk. Terms of loan products and collateral coverage are included in the Firm’s assessment when extending credit and establishing its allowance for loan losses. The table below presents both on–balance sheet and off–balance sheet consumer and wholesale credit exposure by the Firm’s three credit portfolio segments as of June 30, 2023 and December 31, 2022. The wholesale industry of risk category is generally based on the client or counterparty’s primary business activity. June 30, 2023 December 31, 2022 Credit exposure (h)(i) On-balance sheet Off-balance sheet (j) Credit exposure (h) On-balance sheet Off-balance sheet (j) (in millions) Loans Derivatives Loans Derivatives Consumer, excluding credit card $ 459,050 $ 408,204 $ — $ 50,846 $ 344,893 $ 311,375 $ — $ 33,518 Credit card (a) 1,072,833 191,348 — 881,485 1,006,459 185,175 — 821,284 Total consumer (a) 1,531,883 599,552 — 932,331 1,351,352 496,550 — 854,802 Wholesale (b) Real Estate 206,912 165,069 331 41,512 170,857 131,681 249 38,927 Individuals and Individual Entities (c) 141,178 122,056 730 18,392 130,815 120,424 434 9,957 Asset Managers 138,143 52,730 14,751 70,662 95,656 40,511 16,397 38,748 Consumer & Retail 125,935 47,410 2,278 76,247 120,555 45,867 1,650 73,038 Industrials 77,206 27,537 1,424 48,245 72,483 26,960 1,770 43,753 Technology, Media & 76,444 21,159 2,601 52,684 72,286 21,622 2,950 47,714 Healthcare 65,547 22,727 1,720 41,100 62,613 22,970 1,683 37,960 Banks & Finance Cos 61,659 34,934 4,679 22,046 51,816 32,172 3,246 16,398 State & Municipal Govt (d) 37,157 20,656 457 16,044 33,847 18,147 585 15,115 Utilities 35,757 7,162 3,089 25,506 36,218 9,107 3,269 23,842 Oil & Gas 33,233 9,607 1,352 22,274 38,668 9,632 5,121 23,915 Automotive 32,947 15,169 602 17,176 33,287 14,735 529 18,023 Chemicals & Plastics 22,195 6,343 510 15,342 20,030 5,771 407 13,852 Insurance 21,874 2,772 8,175 10,927 21,045 2,387 8,081 10,577 Central Govt 16,845 3,670 10,827 2,348 19,095 3,167 12,955 2,973 Metals & Mining 15,631 4,786 311 10,534 15,915 5,398 475 10,042 Transportation 15,447 5,779 606 9,062 15,009 5,005 567 9,437 Securities Firms 9,077 957 3,392 4,728 8,066 556 3,387 4,123 Financial Markets Infrastructure 4,993 184 2,491 2,318 4,962 13 3,050 1,899 All other (e) 135,271 97,438 3,891 33,942 123,307 87,545 4,075 31,687 Subtotal 1,273,451 668,145 64,217 541,089 1,146,530 603,670 70,880 471,980 Loans held-for-sale and loans at fair value 32,372 32,372 — — 35,427 35,427 — — Receivables from customers (f) 42,741 — — — 49,257 — — — Total wholesale 1,348,564 700,517 64,217 541,089 1,231,214 639,097 70,880 471,980 Total exposure (g)(h) $ 2,880,447 $ 1,300,069 $ 64,217 $ 1,473,420 $ 2,582,566 $ 1,135,647 $ 70,880 $ 1,326,782 (a) Also includes commercial card lending-related commitments primarily in CB and CIB. (b) The industry rankings presented in the table as of December 31, 2022, are based on the industry rankings of the corresponding exposures as of June 30, 2023, not actual rankings of such exposures at December 31, 2022. (c) Individuals and Individual Entities predominantly consists of Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB, and includes exposure to personal investment companies and personal and testamentary trusts. (d) In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) as of June 30, 2023 and December 31, 2022, noted above, the Firm held: $6.8 billion and $6.6 billion, respectively, of trading assets; $24.0 billion and $6.8 billion, respectively, of AFS securities; and $11.6 billion and $19.7 billion, respectively, of HTM securities, issued by U.S. state and municipal governments. Refer to Note 2 and Note 10 for further information. (e) All other includes: SPEs and Private education and civic organizations, representing approximately 94% and 6%, respectively, as of June 30, 2023 and 95% and 5%, respectively, as of December 31, 2022. Refer to Note 14 for more information on exposures to SPEs. (f) Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM that are collateralized by assets maintained in the clients’ brokerage accounts (e.g., cash on deposit, liquid and readily marketable debt or equity securities). Because of this collateralization, no allowance for credit losses is generally held against these receivables. To manage its credit risk the Firm establishes margin requirements and monitors the required margin levels on an ongoing basis, and requires clients to deposit additional cash or other collateral, or to reduce positions, when appropriate. These receivables are reported within accrued interest and accounts receivable on the Firm’s Consolidated balance sheets. (g) Excludes cash placed with banks of $485.4 billion and $556.6 billion, as of June 30, 2023 and December 31, 2022, respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks. (h) Credit exposure is net of risk participations and excludes the benefit of credit derivatives used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables. (i) Included credit exposure associated with the First Republic acquisition consisting of $104.6 billion in the Consumer, excluding credit card portfolio, and $98.2 billion in the Wholesale portfolio predominantly in Asset Managers, Real Estate, and Individuals and Individual Entities. (j) Represents lending-related financial instruments. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 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 2022 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 130-131 • Interest rate Hedge floating-rate assets and liabilities Cash flow hedge Corporate 132 • Foreign exchange Hedge foreign currency-denominated assets and liabilities Fair value hedge Corporate 130-131 • Foreign exchange Hedge foreign currency-denominated forecasted revenue and expense Cash flow hedge Corporate 132 • Foreign exchange Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities Net investment hedge Corporate 133 • Commodity Hedge commodity inventory Fair value hedge CIB, AWM 130-131 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 134 • Credit Manage the credit risk associated with wholesale lending exposures Specified risk management CIB 134 • Interest rate and foreign exchange Manage the risk associated with certain other specified assets and liabilities Specified risk management Corporate 134 Market-making derivatives and other activities: • Various Market-making and related risk management Market-making and other CIB 134 • Various Other derivatives Market-making and other CIB, AWM, Corporate 134 Notional amount of derivative contracts The following table summarizes the notional amount of free-standing derivative contracts outstanding as of June 30, 2023, and December 31, 2022. Notional amounts (b) (in billions) June 30, 2023 December 31, 2022 Interest rate contracts Swaps $ 29,292 $ 24,491 Futures and forwards 3,341 2,636 Written options 3,329 3,047 Purchased options 3,390 2,992 Total interest rate contracts 39,352 33,166 Credit derivatives (a) 1,477 1,132 Foreign exchange contracts Cross-currency swaps 4,436 4,196 Spot, futures and forwards 8,681 7,017 Written options 867 775 Purchased options 826 759 Total foreign exchange contracts 14,810 12,747 Equity contracts Swaps 598 618 Futures and forwards 110 110 Written options 755 636 Purchased options 707 580 Total equity contracts 2,170 1,944 Commodity contracts Swaps 137 136 Spot, futures and forwards 142 136 Written options 133 117 Purchased options 110 98 Total commodity contracts 522 487 Total derivative notional amounts $ 58,331 $ 49,476 (a) Refer to the Credit derivatives discussion on page 135 (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 June 30, 2023, and December 31, 2022, 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 June 30, 2023 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 $ 288,312 $ — $ 288,312 $ 27,709 $ 277,334 $ 8 $ 277,342 $ 15,157 Credit 13,685 — 13,685 1,245 13,767 — 13,767 566 Foreign exchange 226,793 886 227,679 22,194 222,739 846 223,585 14,177 Equity 61,392 — 61,392 7,324 67,670 — 67,670 9,805 Commodity 16,872 768 17,640 5,745 18,465 820 19,285 6,840 Total fair value of trading assets and liabilities $ 607,054 $ 1,654 $ 608,708 $ 64,217 $ 599,975 $ 1,674 $ 601,649 $ 46,545 Gross derivative receivables Gross derivative payables December 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 $ 300,411 $ 4 $ 300,415 $ 28,419 $ 290,291 $ — $ 290,291 $ 15,970 Credit 10,329 — 10,329 1,090 9,971 — 9,971 754 Foreign exchange 239,946 1,633 241,579 23,365 248,911 2,610 251,521 18,856 Equity 61,913 — 61,913 9,139 62,461 — 62,461 8,804 Commodity 23,652 1,705 25,357 8,867 20,758 2,511 23,269 6,757 Total fair value of trading assets and liabilities $ 636,251 $ 3,342 $ 639,593 $ 70,880 $ 632,392 $ 5,121 $ 637,513 $ 51,141 (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 June 30, 2023, and December 31, 2022, 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. June 30, 2023 December 31, 2022 (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”) $ 194,218 $ (168,569) $ 25,649 $ 203,922 $ (178,261) $ 25,661 OTC–cleared 91,665 (91,508) 157 93,800 (93,424) 376 Exchange-traded (a) 573 (526) 47 559 (311) 248 Total interest rate contracts 286,456 (260,603) 25,853 298,281 (271,996) 26,285 Credit contracts: OTC 8,850 (7,818) 1,032 8,474 (7,535) 939 OTC–cleared 4,674 (4,622) 52 1,746 (1,704) 42 Total credit contracts 13,524 (12,440) 1,084 10,220 (9,239) 981 Foreign exchange contracts: OTC 223,998 (204,582) 19,416 237,941 (216,796) 21,145 OTC–cleared 910 (901) 9 1,461 (1,417) 44 Exchange-traded (a) 11 (2) 9 15 (1) 14 Total foreign exchange contracts 224,919 (205,485) 19,434 239,417 (218,214) 21,203 Equity contracts: OTC 24,672 (21,496) 3,176 30,323 (25,665) 4,658 Exchange-traded (a) 34,196 (32,572) 1,624 28,467 (27,109) 1,358 Total equity contracts 58,868 (54,068) 4,800 58,790 (52,774) 6,016 Commodity contracts: OTC 9,317 (5,539) 3,778 14,430 (7,633) 6,797 OTC–cleared 111 (111) — 120 (112) 8 Exchange-traded (a) 6,266 (6,245) 21 9,103 (8,745) 358 Total commodity contracts 15,694 (11,895) 3,799 23,653 (16,490) 7,163 Derivative receivables with appropriate legal opinion 599,461 (544,491) 54,970 (d) 630,361 (568,713) 61,648 (d) Derivative receivables where an appropriate legal opinion has not been either sought or obtained 9,247 9,247 9,232 9,232 Total derivative receivables recognized on the Consolidated balance sheets $ 608,708 $ 64,217 $ 639,593 $ 70,880 Collateral not nettable on the Consolidated balance sheets (b)(c) (23,282) (23,014) Net amounts $ 40,935 $ 47,866 June 30, 2023 December 31, 2022 (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 $ 180,016 $ (167,127) $ 12,889 $ 190,108 $ (176,890) $ 13,218 OTC–cleared 94,771 (94,554) 217 97,417 (97,126) 291 Exchange-traded (a) 512 (504) 8 327 (305) 22 Total interest rate contracts 275,299 (262,185) 13,114 287,852 (274,321) 13,531 Credit contracts: OTC 9,240 (8,768) 472 8,054 (7,572) 482 OTC–cleared 4,438 (4,433) 5 1,674 (1,645) 29 Total credit contracts 13,678 (13,201) 477 9,728 (9,217) 511 Foreign exchange contracts: OTC 220,326 (208,507) 11,819 246,457 (231,248) 15,209 OTC–cleared 993 (901) 92 1,488 (1,417) 71 Exchange-traded (a) 15 — 15 20 — 20 Total foreign exchange contracts 221,334 (209,408) 11,926 247,965 (232,665) 15,300 Equity contracts: OTC 28,206 (25,293) 2,913 29,833 (26,554) 3,279 Exchange-traded (a) 35,657 (32,572) 3,085 28,291 (27,103) 1,188 Total equity contracts 63,863 (57,865) 5,998 58,124 (53,657) 4,467 Commodity contracts: OTC 9,591 (6,061) 3,530 11,954 (7,642) 4,312 OTC–cleared 116 (116) — 112 (112) — Exchange-traded (a) 7,050 (6,268) 782 9,021 (8,758) 263 Total commodity contracts 16,757 (12,445) 4,312 21,087 (16,512) 4,575 Derivative payables with appropriate legal opinion 590,931 (555,104) 35,827 (d) 624,756 (586,372) 38,384 (d) Derivative payables where an appropriate legal opinion has not been either sought or obtained 10,718 10,718 12,757 12,757 Total derivative payables recognized on the Consolidated balance sheets $ 601,649 $ 46,545 $ 637,513 $ 51,141 Collateral not nettable on the Consolidated balance sheets (b)(c) (4,248) (3,318) Net amounts $ 42,297 $ 47,823 (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 $52.5 billion and $51.5 billion at June 30, 2023, and December 31, 2022, respectively. Net derivatives payable included cash collateral netted of $63.2 billion and $69.2 billion at June 30, 2023, and December 31, 2022, 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 2022 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 June 30, 2023, and December 31, 2022. OTC and OTC-cleared derivative payables containing downgrade triggers (in millions) June 30, 2023 December 31, 2022 Aggregate fair value of net derivative payables $ 15,243 $ 16,023 Collateral posted 14,144 15,505 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 June 30, 2023, and December 31, 2022, 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 rating threshold 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 payment 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 June 30, 2023 December 31, 2022 (in millions) Single-notch downgrade Two-notch downgrade Single-notch downgrade Two-notch downgrade Amount of additional collateral to be posted upon downgrade (a) $ 81 $ 1,241 $ 128 $ 1,293 Amount required to settle contracts with termination triggers upon downgrade (b) 80 811 88 925 (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 11, 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 both June 30, 2023 and December 31, 2022. 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 and six months ended June 30, 2023 and 2022, 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 (e) OCI impact Three months ended June 30, 2023 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ (151) $ 164 $ 13 $ — $ 5 $ — Foreign exchange (c) 254 (188) 66 (156) 66 15 Commodity (d) 422 (290) 132 — 133 — Total $ 525 $ (314) $ 211 $ (156) $ 204 $ 15 Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact Three months ended June 30, 2022 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ (4,467) $ 4,367 $ (100) $ — $ (79) $ — Foreign exchange (c) (818) 830 12 (115) 12 67 Commodity (d) (1,536) 1,464 (72) — (73) — Total $ (6,821) $ 6,661 $ (160) $ (115) $ (140) $ 67 Gains/(losses) recorded in income Income statement impact of (e) OCI impact Six months ended June 30, 2023 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ 1,021 $ (940) $ 81 $ — $ 15 $ — Foreign exchange (c) 412 (282) 130 (329) 130 (13) Commodity (d) (1,118) 1,335 217 — 217 — Total $ 315 $ 113 $ 428 $ (329) $ 362 $ (13) Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact Six months ended June 30, 2022 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ (11,537) $ 11,348 $ (189) $ — $ (145) $ — Foreign exchange (c) (1,508) 1,518 10 (180) 10 212 Commodity (d) (1,712) 1,611 (101) — (110) — Total $ (14,757) $ 14,477 $ (280) $ (180) $ (245) $ 212 (a) Primarily consists of hedges of the benchmark (e.g., 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) Includes the amortization of income/expense associated with the inception hedge accounting adjustment applied to the hedged item. 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) 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. (f) 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 June 30, 2023 and December 31, 2022, 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: June 30, 2023 Active hedging relationships (d) Discontinued hedging relationships (d)(e) Total Assets Investment securities - AFS $ 136,444 (c) $ (2,752) $ (3,462) $ (6,214) Liabilities Long-term debt 176,509 (5,857) (9,105) (14,962) Carrying amount of the hedged items (b)(c) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: December 31, 2022 Active hedging relationships (d) Discontinued hedging relationships (d)(e) Total Assets Investment securities - AFS $ 84,073 (c) $ (4,149) $ (1,542) $ (5,691) Liabilities Long-term debt 175,257 (11,879) (3,313) (15,192) (a) Excludes physical commodities with a carrying value of $12.8 billion and $26.0 billion at June 30, 2023 and December 31, 2022, 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 June 30, 2023 and December 31, 2022, the carrying amount excluded for AFS securities is $20.9 billion and $20.3 billion, respectively, and for long-term debt is $216 million and $221 million, respectively. (c) Carrying amount represents the amortized cost, net of allowance if applicable. Effective January 1, 2023, the Firm adopted the new portfolio layer method hedge accounting guidance which expanded the ability to hedge a portfolio of prepayable assets to allow more of the portfolio to be hedged. At June 30, 2023, the amortized cost of the portfolio layer method closed portfolios was $67.8 billion, of which $49.6 billion was designated as hedged. The cumulative amount of basis adjustments was $(1.1) billion, reflecting $(865) million and $(229) million for active and discontinued hedging relationships, respectively. Refer to Note 1 and Note 10 for additional information. (d) Positive (negative) amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce (increase) 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 and six months ended June 30, 2023 and 2022, 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 June 30, 2023 Amounts reclassified Amounts recorded Total change Contract type Interest rate (a) $ (474) $ (1,199) $ (725) Foreign exchange (b) 9 80 71 Total $ (465) $ (1,119) $ (654) Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Three months ended June 30, 2022 Amounts reclassified Amounts recorded Total change in OCI for period Contract type Interest rate (a) $ 86 $ (1,509) $ (1,595) Foreign exchange (b) (62) (241) (179) Total $ 24 $ (1,750) $ (1,774) Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Six months ended June 30, 2023 Amounts reclassified Amounts recorded Total change Contract type Interest rate (a) $ (902) $ (738) $ 164 Foreign exchange (b) (46) 186 232 Total $ (948) $ (552) $ 396 Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Six months ended June 30, 2022 Amounts reclassified Amounts recorded Total change Contract type Interest rate (a) $ 329 $ (4,870) $ (5,199) Foreign exchange (b) (68) (316) (248) Total $ 261 $ (5,186) $ (5,447) (a) Primarily consists of hedges of SOFR-indexed floating-rate assets. 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 and six months ended June 30, 2023 and 2022. Over the next 12 months, the Firm expects that approximately $(1.3) billion (after-tax) of net losses recorded in AOCI at June 30, 2023, 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 seven 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 seven 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 and six months ended June 30, 2023 and 2022. Gains/(losses) recorded in income and other comprehensive income/(loss) 2023 2022 Three months ended June 30, Amounts recorded in income (a)(b) Amounts recorded in OCI Amounts recorded in income (a)(b) Amounts recorded in OCI Foreign exchange derivatives $ 121 $ (88) $ (116) $ 3,520 Gains/(losses) recorded in income and other comprehensive income/(loss) 2023 2022 Six months ended June 30, Amounts recorded in income (a)(b) Amounts recorded in OCI Amounts recorded in income (a)(b) Amounts recorded in OCI Foreign exchange derivatives $ 205 $ (1,092) $ (247) $ 3,858 (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. (b) Excludes amounts reclassified from AOCI to income on the sale or liquidation of hedged entities. Excludes amounts reclassified from AOCI to income on the sale or liquidation of hedged entities. During the six months ended June 30, 2023, the Firm reclassified a pre-tax loss of $41 million to other revenue related to the acquisition of CIFM. The amounts reclassified for the three months ended June 30, 2023 and three and six months ended June 30, 2022 were not material. Refer to Note 21 for further information. 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 June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Contract type Interest rate (a) $ (112) $ (309) $ (126) $ (538) Credit (b) (67) 89 (163) 122 Foreign exchange (c) 41 6 43 (76) Total $ (138) $ (214) $ (246) $ (492) (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 2022 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 June 30, 2023 and December 31, 2022. 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 June 30, 2023 (in millions) Protection sold Protection purchased with identical underlyings (c) Net protection (sold)/purchased (d) Other protection purchased (e) Credit derivatives Credit default swaps $ (649,720) $ 677,813 $ 28,093 $ 5,774 Other credit derivatives (a) (55,887) 73,831 17,944 13,765 Total credit derivatives (705,607) 751,644 46,037 19,539 Credit-related notes (b) — — — 8,064 Total $ (705,607) $ 751,644 $ 46,037 $ 27,603 Maximum payout/Notional amount December 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 $ (495,557) $ 509,846 $ 14,289 $ 2,917 Other credit derivatives (a) (47,165) 65,029 17,864 11,746 Total credit derivatives (542,722) 574,875 32,153 14,663 Credit-related notes (b) — — — 7,863 Total $ (542,722) $ 574,875 $ 32,153 $ 22,526 (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 June 30, 2023, and December 31, 2022, 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 bel |
Noninterest Revenue and Noninte
Noninterest Revenue and Noninterest Expense | 6 Months Ended |
Jun. 30, 2023 | |
Noninterest Income (Expense) [Abstract] | |
Noninterest Revenue and Noninterest Expense | Noninterest revenue and noninterest expense Noninterest revenue Refer to Note 6 of JPMorgan Chase’s 2022 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 June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Underwriting Equity $ 317 $ 230 $ 550 $ 472 Debt 704 711 1,376 1,685 Total underwriting 1,021 941 1,926 2,157 Advisory 492 645 1,236 1,437 Total investment banking fees $ 1,513 $ 1,586 $ 3,162 $ 3,594 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 7 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 June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Trading revenue by instrument type Interest rate (a) $ 1,781 $ 376 $ 3,567 $ 845 Credit (b) 419 279 (c) 1,053 736 (c) Foreign exchange 1,435 1,425 2,986 2,749 Equity 2,941 2,303 5,634 4,558 Commodity 368 499 1,294 1,246 Total trading revenue 6,944 4,882 14,534 10,134 Private equity gains/(losses) (34) 108 (9) (39) Principal transactions $ 6,910 $ 4,990 $ 14,525 $ 10,095 (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. (c) Includes markdowns on held-for-sale positions, primarily unfunded commitments, in the bridge financing portfolio. Lending- and deposit-related fees The following table presents the components of lending- and deposit-related fees. Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Lending-related fees (a) $ 590 $ 362 $ 959 $ 724 Deposit-related fees 1,238 1,511 2,489 2,988 Total lending- and deposit-related fees $ 1,828 $ 1,873 $ 3,448 $ 3,712 (a) Includes the impact of the First Republic acquisition. Refer to Note 28 for additional information. Deposit-related fees include the impact of credits earned by clients that reduce such fees. Asset management fees The following table presents the components of asset management fees. Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Asset management fees Investment management fees (a)(b) $ 3,695 $ 3,425 $ 7,085 $ 6,987 All other asset management fees (c) 79 92 154 182 Total asset management fees $ 3,774 $ 3,517 $ 7,239 $ 7,169 (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) Includes the impact of the First Republic acquisition. Refer to Note 28 for additional information. (c) 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. Commissions and other fees The following table presents the components of commissions and other fees. Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Commissions and other fees Brokerage commissions (a) $ 722 $ 738 $ 1,469 $ 1,548 Administration fees (b) 575 590 1,132 1,223 All other commissions and fees (c) 442 395 833 662 Total commissions and other fees $ 1,739 $ 1,723 $ 3,434 $ 3,433 (a) Represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments. (b) Predominantly includes fees for custody, securities lending, funds services and securities clearance. (c) Includes travel-related and annuity sales commissions, depositary receipt-related service fees, as well as other service fees, which are recognized as revenue when the services are rendered. Card income The following table presents the components of card income. Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Interchange and merchant processing income $ 7,885 $ 7,214 $ 15,024 $ 13,449 Rewards costs and partner payments (6,392) (5,641) (11,901) (10,511) Other card income (a) (399) (440) (795) (830) Total card income $ 1,094 $ 1,133 $ 2,328 $ 2,108 (a) Predominantly represents the amortization of account origination costs and annual fees. Refer to Note 15 for further information on mortgage fees and related income. Other i ncome This revenue category includes operating lease income, as well as losses associated with the Firm’s tax-oriented investments, predominantly alternative energy equity-method investments in CIB. The following table presents certain components of other income: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Operating lease income $ 716 $ 945 $ 1,471 $ 1,993 Losses on tax-oriented investments (a) (462) (427) (874) (835) Estimated bargain purchase gain associated with the First Republic acquisition (b) 2,712 — 2,712 — Gain related to the acquisition of CIFM (c) — — 339 (a) The losses associated with these tax-oriented investments are more than offset by lower income tax expense from the associated tax credits. (b) Refer to Note 28 for additional information on the First Republic acquisition. (c) Gain on the original minority interest in CIFM upon the Firm's acquisition of the remaining 51% of the entity. Refer to Note 17 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 June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Legal expense $ 420 $ 73 $ 596 $ 192 FDIC-related expense 338 216 655 414 First Republic-related expense (a) 599 — 599 — (a) Refer to Note 28 for additional information on the First Republic acquisition. FDIC Special Assessment |
Interest Income and Interest Ex
Interest Income and Interest Expense | 6 Months Ended |
Jun. 30, 2023 | |
Interest Income (Expense), Net [Abstract] | |
Interest Income and Interest Expense | Interest income and Interest expense Refer to Note 7 of JPMorgan Chase’s 2022 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 June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Interest income Loans (a) $ 20,306 $ 11,626 $ 38,014 $ 22,259 Taxable securities 4,194 2,289 8,161 4,268 Non-taxable securities (b) 343 245 591 490 Total investment securities (a) 4,537 2,534 8,752 4,758 Trading assets - debt instruments 4,013 2,049 7,659 3,816 Federal funds sold and securities purchased under resale agreements 3,767 543 6,898 940 Securities borrowed 1,866 173 3,582 86 Deposits with banks 5,189 1,079 10,008 1,317 All other interest-earning assets (c) 1,966 642 3,735 966 Total interest income $ 41,644 $ 18,646 $ 78,648 $ 34,142 Interest expense Interest-bearing deposits $ 9,591 $ 898 $ 17,228 $ 1,080 Federal funds purchased and securities loaned or sold under repurchase agreements 3,400 445 6,204 558 Short-term borrowings (d) 428 113 849 157 Trading liabilities – debt and all other interest-bearing liabilities (e) 2,373 471 4,344 662 Long-term debt 3,876 1,561 7,189 2,637 Beneficial interest issued by consolidated VIEs 197 30 344 48 Total interest expense $ 19,865 $ 3,518 $ 36,158 $ 5,142 Net interest income $ 21,779 $ 15,128 $ 42,490 $ 29,000 Provision for credit losses 2,899 1,101 5,174 2,564 Net interest income after provision for credit losses $ 18,880 $ 14,027 $ 37,316 $ 26,436 (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) 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. (d) Includes commercial paper. (e) All other interest-bearing liabilities includes interest expense on brokerage-related customer payables. |
Pension and Other Postretiremen
Pension and Other Postretirement Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Employee Benefit Plans | Pension and other postretirement employee benefit plansRefer to Note 8 of JPMorgan Chase’s 2022 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Pension and OPEB plans Pension and OPEB plans Total net periodic defined benefit plan cost/(credit) $ (94) $ (75) $ (188) $ (139) Total defined contribution plans 397 357 762 701 Total pension and OPEB cost included in noninterest expense $ 303 $ 282 $ 574 $ 562 As of June 30, 2023 and December 31, 2022, the fair values of plan assets for the Firm’s significant defined benefit pension and OPEB plans were $20.5 billion and $19.9 billion, respectively. |
Employee Share-based Incentives
Employee Share-based Incentives | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Share-based Incentives | Employee share-based incentives Refer to Note 9 of JPMorgan Chase’s 2022 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 June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 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 $ 449 $ 378 $ 806 $ 649 Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees 385 441 898 976 Total noncash compensation expense related to employee share-based incentive plans $ 834 $ 819 $ 1,704 $ 1,625 In the first quarter of 2023, in connection with its annual incentive grant for the 2022 performance year, the Firm granted 20 million RSUs and 801 thousand PSUs with weighted-average grant date fair values of $138.57 per RSU and $139.81 per PSU. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023, 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). Effective January 1, 2023, the Firm adopted the portfolio layer method hedge accounting guidance which permitted a transfer of HTM securities to AFS upon adoption. The Firm transferred obligations of U.S. states and municipalities with a carrying value of $7.1 billion resulting in the recognition of $38 million net pre-tax unrealized losses in AOCI. This transfer was a noncash transaction. Refer to Note 1 and Note 21 for additional information. During 2022, the Firm transferred $78.3 billion of investment securities from AFS to HTM for capital management purposes. AOCI included pretax unrealized losses of $4.8 billion on the securities at the date of transfer. Refer to Note 10 of JPMorgan Chase’s 2022 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. June 30, 2023 December 31, 2022 (in millions) Amortized cost (c)(d) Gross unrealized gains Gross unrealized losses Fair value Amortized cost (c)(d) Gross unrealized gains Gross unrealized losses Fair value Available-for-sale securities Mortgage-backed securities: U.S. GSEs and government agencies $ 84,749 $ 326 $ 5,307 $ 79,768 $ 77,194 $ 479 $ 6,170 $ 71,503 Residential: U.S. 1,803 1 119 1,685 1,576 1 111 1,466 Non-U.S. 1,861 4 6 1,859 3,176 5 27 3,154 Commercial 2,223 1 168 2,056 2,113 — 155 1,958 Total mortgage-backed securities 90,636 332 5,600 85,368 84,059 485 6,463 78,081 U.S. Treasury and government agencies 63,998 297 1,558 62,737 95,217 302 3,459 92,060 Obligations of U.S. states and municipalities 24,279 172 428 24,023 7,103 86 403 6,786 Non-U.S. government debt securities 22,588 20 568 22,040 20,360 14 678 19,696 Corporate debt securities 410 — 22 388 381 — 24 357 Asset-backed securities: Collateralized loan obligations 5,506 3 72 5,437 5,916 1 125 5,792 Other 3,324 2 57 3,269 3,152 2 69 3,085 Unallocated portfolio layer fair value basis adjustments (a) (865) — (865) NA NA NA NA NA Total available-for-sale securities 209,876 826 7,440 203,262 (e) 216,188 890 11,221 205,857 Held-to-maturity securities (b) Mortgage-backed securities: U.S. GSEs and government agencies 110,517 29 13,201 97,345 113,492 35 13,709 99,818 U.S. Residential 10,293 3 1,206 9,090 10,503 3 1,244 9,262 Commercial 10,712 7 741 9,978 10,361 10 734 9,637 Total mortgage-backed securities 131,522 39 15,148 116,413 134,356 48 15,687 118,717 U.S. Treasury and government agencies 202,655 — 16,825 185,830 207,463 — 18,363 189,100 Obligations of U.S. states and municipalities 11,617 44 758 10,903 19,747 53 1,080 18,720 Asset-backed securities: Collateralized loan obligations 61,095 42 951 60,186 61,414 4 1,522 59,896 Other 2,052 — 84 1,968 2,325 — 110 2,215 Total held-to-maturity securities 408,941 125 33,766 375,300 425,305 105 36,762 388,648 Total investment securities, net of allowance for credit losses $ 618,817 $ 951 $ 41,206 $ 578,562 $ 641,493 $ 995 $ 47,983 $ 594,505 (a) Represents the amount of portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Under U.S. GAAP portfolio layer method basis adjustments are not allocated to individual securities, however the amounts impact the unrealized gains or losses for the individual securities being hedged. Refer to Note 1 and Note 5 for additional information. (b) The Firm purchased $520 million and $4.1 billion of HTM securities for the three and six months ended June 30, 2023, respectively, and $14.3 billion and $27.5 billion for the three and six months ended June 30, 2022, respectively. (c) The amortized cost of investment securities is reported net of allowance for credit losses of $104 million and $96 million at June 30, 2023 and December 31, 2022, respectively. (d) Excludes $2.5 billion of accrued interest receivable at both June 30, 2023 and December 31, 2022. The Firm did not reverse through interest income any accrued interest receivable for the three and six months ended June 30, 2023 and 2022. Refer to Note 10 of JPMorgan Chase’s 2022 Form 10-K for further discussion of accounting policies for accrued interest receivable on investment securities. (e) As of June 30, 2023, included $25.8 billion of AFS securities associated with the First Republic acquisition. Refer to Note 28 for additional information. AFS securities impairment The following tables present the fair value and gross unrealized losses by aging category for AFS securities at June 30, 2023 and December 31, 2022. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $6.9 billion and $9.6 billion, at June 30, 2023 and December 31, 2022, 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 June 30, 2023 (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. $ 371 $ 7 $ 1,253 $ 112 $ 1,624 $ 119 Non-U.S. 4 — 1,635 6 1,639 6 Commercial 154 3 1,761 165 1,915 168 Total mortgage-backed securities 529 10 4,649 283 5,178 293 Obligations of U.S. states and municipalities 10,757 123 1,961 305 12,718 428 Non-U.S. government debt securities 8,745 64 5,316 504 14,061 568 Corporate debt securities 123 2 77 20 200 22 Asset-backed securities: Collateralized loan obligations 20 — 5,066 72 5,086 72 Other 1,157 16 1,888 41 3,045 57 Total available-for-sale securities with gross unrealized losses $ 21,331 (a) $ 215 $ 18,957 $ 1,225 $ 40,288 $ 1,440 Available-for-sale securities with gross unrealized losses Less than 12 months 12 months or more December 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. $ 1,187 $ 71 $ 260 $ 40 $ 1,447 $ 111 Non-U.S. 2,848 25 70 2 2,918 27 Commercial 1,131 74 813 81 1,944 155 Total mortgage-backed securities 5,166 170 1,143 123 6,309 293 Obligations of U.S. states and municipalities 3,051 241 364 162 3,415 403 Non-U.S. government debt securities 6,941 321 3,848 357 10,789 678 Corporate debt securities 150 2 207 22 357 24 Asset-backed securities: Collateralized loan obligations 3,010 61 2,701 64 5,711 125 Other 2,586 51 256 18 2,842 69 Total available-for-sale securities with gross unrealized losses $ 20,904 $ 846 $ 8,519 $ 746 $ 29,423 $ 1,592 (a) Includes the impact of the First Republic acquisition, primarily impacting obligations of U.S. states and municipalities. Refer to Note 28 for additional information. HTM securities – credit risk Credit quality indicator The primary credit quality indicator for HTM securities is the risk rating assigned to each security. At June 30, 2023 and December 31, 2022, all HTM securities were rated investment grade and were current and accruing, with approximately 99% and 98% rated at least AA+, respectively. Allowance for credit losses on investment securities The allowance for credit losses on investment securities was $104 million and $47 million as of June 30, 2023 and 2022, respectively, which included a cumulative-effect adjustment to retained earnings related to the transfer of HTM securities to AFS for the six months ended June 30, 2023. Refer to Note 10 of JPMorgan Chase’s 2022 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 June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Realized gains $ 198 $ 69 $ 329 $ 82 Realized losses (1,098) (222) (2,097) (629) Investment securities losses $ (900) $ (153) $ (1,768) $ (547) Provision for credit losses $ 13 $ 6 $ 14 $ 5 Contractual maturities and yields The following table presents the amortized cost and estimated fair value at June 30, 2023, of JPMorgan Chase’s investment securities portfolio by contractual maturity. By remaining maturity Due in one Due after one year through five years Due after five years through 10 years Due after 10 years (c) Total Available-for-sale securities Mortgage-backed securities Amortized cost $ 15 $ 3,622 $ 5,077 $ 81,922 $ 90,636 Fair value 14 3,488 5,057 76,809 85,368 (d) Average yield (a) 2.18 % 4.55 % 5.98 % 4.40 % 4.49 % U.S. Treasury and government agencies Amortized cost $ 7,471 $ 36,773 $ 13,276 $ 6,478 $ 63,998 Fair value 7,384 35,699 13,300 6,354 62,737 Average yield (a) 0.35 % 4.56 % 5.97 % 6.52 % 4.56 % Obligations of U.S. states and municipalities Amortized cost $ 11 $ 72 $ 1,244 $ 22,952 $ 24,279 Fair value 11 70 1,243 22,699 24,023 (d) Average yield (a) 5.58 % 3.82 % 4.27 % 5.60 % 5.53 % Non-U.S. government debt securities Amortized cost $ 13,373 $ 3,423 $ 3,352 $ 2,440 $ 22,588 Fair value 13,360 3,321 2,929 2,430 22,040 Average yield (a) 4.78 % 2.97 % 1.23 % 3.61 % 3.86 % Corporate debt securities Amortized cost $ 199 $ 227 $ 14 $ — $ 440 Fair value 151 224 13 — 388 Average yield (a) 15.97 % 11.75 % 4.10 % — % 13.42 % Asset-backed securities Amortized cost $ — $ 1,313 $ 3,875 $ 3,642 $ 8,830 Fair value — 1,291 3,836 3,579 8,706 (d) Average yield (a) — % 3.46 % 5.98 % 6.06 % 5.64 % Total available-for-sale securities Amortized cost (b) $ 21,069 $ 45,430 $ 26,838 $ 117,434 $ 210,771 Fair value 20,920 44,093 26,378 111,871 203,262 (d) Average yield (a) 3.32 % 4.44 % 5.30 % 4.78 % 4.63 % Held-to-maturity securities Mortgage-backed securities Amortized cost $ 99 $ 3,835 $ 10,482 $ 117,142 $ 131,558 Fair value 97 3,555 9,212 103,549 116,413 Average yield (a) 6.21 % 2.75 % 2.53 % 2.99 % 2.95 % U.S. Treasury and government agencies Amortized cost $ 60,878 $ 92,403 $ 49,374 $ — $ 202,655 Fair value 59,517 85,053 41,260 — 185,830 Average yield (a) 0.46 % 0.93 % 1.27 % — % 0.87 % Obligations of U.S. states and municipalities Amortized cost $ — $ — $ 640 $ 11,015 $ 11,655 Fair value — — 608 10,295 10,903 Average yield (a) — % — % 4.39 % 4.04 % 4.06 % Asset-backed securities Amortized cost $ — $ 74 $ 21,388 $ 41,685 $ 63,147 Fair value — 74 21,139 40,941 62,154 Average yield (a) — % 6.15 % 5.87 % 6.00 % 5.96 % Total held-to-maturity securities Amortized cost (b) $ 60,977 $ 96,312 $ 81,884 $ 169,842 $ 409,015 Fair value 59,614 88,682 72,219 154,785 375,300 Average yield (a) 0.47 % 1.00 % 2.66 % 3.80 % 2.42 % (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, including closed portfolio hedges. 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) For purposes of this table, the amortized cost of available-for-sale securities excludes the allowance for credit losses of $(30) million and the portfolio layer fair value hedge basis adjustments of $(865) million at June 30, 2023. The amortized cost of held-to-maturity securities also excludes the allowance for credit losses of $(74) million at June 30, 2023. (c) 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 eight years for agency residential MBS, seven years for agency residential collateralized mortgage obligations, and six years for nonagency residential collateralized mortgage obligations. (d) Includes AFS securities associated with the First Republic acquisition, primarily impacting due after 10 years. Refer to Note 28 for additional information. |
Securities Financing Activities
Securities Financing Activities | 6 Months Ended |
Jun. 30, 2023 | |
Securities Financing Transactions Disclosures [Abstract] | |
Securities Financing Activities | Securities financing activities Refer to Note 11 of JPMorgan Chase’s 2022 Form 10-K for a discussion of accounting policies relating to securities financing activities. Refer to Note 3 for further information regarding securities financing agreements for which the fair value option has been elected. Refer to Note 25 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 June 30, 2023 and December 31, 2022. 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. June 30, 2023 (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 $ 561,426 $ (235,867) $ 325,559 $ (319,986) $ 5,573 Securities borrowed 205,579 (42,016) 163,563 (119,543) 44,020 Liabilities Securities sold under repurchase agreements $ 496,866 $ (235,867) $ 260,999 $ (226,664) $ 34,335 Securities loaned and other (a) 50,551 (42,016) 8,535 (8,457) 78 December 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 $ 597,912 $ (282,411) $ 315,501 $ (304,120) $ 11,381 Securities borrowed 228,279 (42,910) 185,369 (131,578) 53,791 Liabilities Securities sold under repurchase agreements $ 480,793 $ (282,411) $ 198,382 $ (167,427) $ 30,955 Securities loaned and other (a) 52,443 (42,910) 9,533 (9,527) 6 (a) Includes securities-for-securities lending agreements of $5.0 billion and $7.0 billion at June 30, 2023 and December 31, 2022, 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 June 30, 2023 and December 31, 2022, included $4.5 billion and $6.0 billion, respectively, of securities purchased under resale agreements; $39.6 billion and $49.0 billion, respectively, of securities borrowed; $33.3 billion and $29.1 billion, respectively, of securities sold under repurchase agreements; and securities loaned and other which were not material at both June 30, 2023 and December 31, 2022. The tables below present as of June 30, 2023, and December 31, 2022 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements. Gross liability balance June 30, 2023 December 31, 2022 (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 $ 72,006 $ — $ 58,050 $ — Residential - nonagency 2,333 — 2,414 — Commercial - nonagency 2,178 — 2,007 — U.S. Treasury, GSEs and government agencies 223,411 987 191,254 1,464 Obligations of U.S. states and municipalities 2,038 — 1,735 5 Non-U.S. government debt 127,427 1,509 155,156 1,259 Corporate debt securities 36,575 1,882 37,121 461 Asset-backed securities 3,816 — 2,981 — Equity securities 27,082 46,173 30,075 49,254 Total $ 496,866 $ 50,551 $ 480,793 $ 52,443 Remaining contractual maturity of the agreements Overnight and continuous Greater than June 30, 2023 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 268,240 $ 120,621 $ 30,120 $ 77,885 $ 496,866 Total securities loaned and other 49,166 243 2 1,140 50,551 Remaining contractual maturity of the agreements Overnight and continuous Greater than December 31, 2022 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 205,235 $ 170,696 $ 37,120 $ 67,742 $ 480,793 Total securities loaned and other 50,138 1,285 3 1,017 52,443 Transfers not qualifying for sale accounting At both June 30, 2023, and December 31, 2022, the Firm held $692 million 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 | 6 Months Ended |
Jun. 30, 2023 | |
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 2022 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. On January 1, 2023 the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings and Vintage Disclosures accounting guidance as discussed in Note 1. The adoption of this guidance eliminated the existing accounting and disclosure requirements for TDRs, and implemented additional disclosure requirements for FDMs. The disclosure requirements for FDMs are effective for periods beginning on or after January 1, 2023. Refer to Note 12 of JPMorgan Chase's 2022 Form 10-K for a detailed discussion on loan modifications prior to January 1, 2023, which were accounted for and reported as TDRs. This new guidance also requires disclosure of current period gross charge-offs by vintage origination year, effective for periods beginning on or after January 1, 2023. Loan portfolio The Firm’s loan portfolio, including loans of $149.8 billion associated with the First Republic acquisition, 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. (b) Includes scored auto, business banking loans and overdrafts in BWM and other consumer unsecured loans in CIB. (c) Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated BWM and auto dealer loans held in CCB, 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 and J.P. Morgan Wealth Management within CCB). Refer to Note 14 of JPMorgan Chase’s 2022 Form 10-K for more information on SPEs. The following tables summarize the Firm’s loan balances by portfolio segment. June 30, 2023 Consumer, excluding credit card Credit card Wholesale Total (b)(c) (in millions) Retained $ 396,195 (a) $ 191,348 $ 668,145 (a) $ 1,255,688 Held-for-sale 549 — 5,043 5,592 At fair value 11,460 (a) — 27,329 38,789 Total $ 408,204 $ 191,348 $ 700,517 $ 1,300,069 December 31, 2022 Consumer, excluding credit card Credit card Wholesale Total (b)(c) (in millions) Retained $ 300,753 $ 185,175 $ 603,670 $ 1,089,598 Held-for-sale 618 — 3,352 3,970 At fair value 10,004 — 32,075 42,079 Total $ 311,375 $ 185,175 $ 639,097 $ 1,135,647 (a) Includes loans associated with the First Republic acquisition consisting of $91.9 billion of retained loans and $1.9 billion loans at fair value in consumer, excluding credit card and $56.0 billion of retained loans in wholesale. (b) Excludes $6.0 billion and $5.2 billion of accrued interest receivables as of June 30, 2023 and December 31, 2022, respectively. Accrued interest receivables written off was not material for the three and six months ended June 30, 2023 and 2022. (c) 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 June 30, 2023, and December 31, 2022. 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. 2023 2022 Three months ended June 30, Consumer, excluding Credit card Wholesale Total Consumer, excluding Credit card Wholesale Total Purchases $ 92,002 (b)(c)(d) $ — $ 58,398 (b) $ 150,400 $ 973 (c)(d) $ — $ 228 $ 1,201 Sales 438 — 9,709 10,147 82 — 12,005 12,087 Retained loans reclassified to held-for-sale (a) 81 — 771 852 66 — 415 481 2023 2022 Six months ended June 30, 2022 Consumer, excluding Credit card Wholesale Total Consumer, excluding Credit card Wholesale Total Purchases $ 92,081 (b)(c)(d) $ — $ 58,561 (b) $ 150,642 $ 1,092 (c)(d) $ — $ 394 $ 1,486 Sales 438 — 18,880 19,318 129 — 21,712 21,841 Retained loans reclassified to held-for-sale (a) 124 — 1,085 1,209 142 — 688 830 (a) Reclassifications of loans to held-for-sale are non-cash transactions. (b) Includes loans acquired in the First Republic acquisition consisting of $91.9 billion in Consumer, excluding credit card and $58.4 billion in Wholesale. (c) 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 and six months ended June 30, 2023 and 2022. 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. (d) Excludes purchases of retained loans of $1.6 billion and $6.0 billion for the three months ended June 30, 2023 and 2022, and $2.3 billion and $9.2 billion for the six months ended June 30, 2023 and 2022, 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 and six months ended June 30, 2023, was $14 million and $37 million, respectively, of which $16 million and $43 million, respectively, related to loans. Net gains/(losses) on sales of loans and lending-related commitments for the three and six months ended June 30, 2022, was $(352) million and $(314) million, respectively, of which $(67) million and $(32) million, respectively, 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. 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) June 30, December 31, Residential real estate $ 328,010 (a) $ 237,561 Auto and other 68,185 63,192 Total retained loans $ 396,195 $ 300,753 (a) Included $91.9 billion of loans associated with the First Republic acquisition. Delinquency rates are the primary credit quality indicator for consumer loans. Refer to Note 12 of JPMorgan Chase's 2022 Form 10-K for further information on consumer credit quality indicators. Residential real estate Delinquency is the primary credit quality indicator for retained residential real estate loans. The following tables provide information on delinquency and gross charge-offs for the six months ended June 30, 2023. (in millions, except ratios) June 30, 2023 Term loans by origination year (f) Revolving loans Total 2023 2022 2021 2020 2019 Prior to 2019 Within the revolving period Converted to term loans Loan delinquency (a)(b) Current (c) $ 13,596 $ 65,317 $ 86,325 $ 57,052 $ 22,211 $ 65,271 $ 7,584 $ 8,877 $ 326,233 30–149 days past due 3 19 44 29 41 710 39 216 1,101 150 or more days past due — 6 2 6 10 473 3 176 676 Total retained loans $ 13,599 $ 65,342 $ 86,371 $ 57,087 $ 22,262 $ 66,454 $ 7,626 $ 9,269 $ 328,010 % of 30+ days past due to total retained loans (d)(e) 0.02 % 0.04 % 0.05 % 0.06 % 0.23 % 1.75 % 0.55 % 4.23 % 0.54 % Gross charge-offs $ — $ — $ — $ — $ — $ 52 $ 14 $ 4 $ 70 (in millions, except ratios) December 31, 2022 Term loans by origination year (f) Revolving loans Total 2022 2021 2020 2019 2018 Prior to 2018 Within the revolving period Converted to term loans Loan delinquency (a)(b) Current $ 39,934 $ 66,072 $ 43,315 $ 15,397 $ 6,339 $ 49,632 $ 5,589 $ 9,685 $ 235,963 30–149 days past due 29 11 14 20 20 597 15 208 914 150 or more days past due 1 1 6 10 7 480 4 175 684 Total retained loans $ 39,964 $ 66,084 $ 43,335 $ 15,427 $ 6,366 $ 50,709 $ 5,608 $ 10,068 $ 237,561 % of 30+ days past due to total retained loans (d) 0.08 % 0.02 % 0.05 % 0.19 % 0.42 % 2.07 % 0.34 % 3.80 % 0.66 % (a) Individual delinquency classifications include mortgage loans insured by U.S. government agencies which were not material at June 30, 2023 and December 31, 2022 (b) At June 30, 2023 and December 31, 2022, 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) Included $5.6 billion, $26.2 billion, $22.0 billion, $15.0 billion, $7.5 billion, and $12.9 billion of term loans originated in 2023, 2022, 2021, 2020, 2019 and prior to 2019, respectively, and $2.5 billion of revolving loans within the revolving period associated with the First Republic acquisition. (d) Excludes mortgage loans that are 30 or more days past due insured by U.S. government agencies which were not material at June 30, 2023 and December 31, 2022. These amounts have been excluded based upon the government guarantee. (e) Included $158 million of 30+ days past due loans associated with the First Republic acquisition. (f) 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) June 30, 2023 December 31, 2022 Nonaccrual loans (a)(b)(c)(d)(e) $ 3,641 $ 3,745 Current estimated LTV ratios (f)(g)(h) Greater than 125% and refreshed FICO scores: Equal to or greater than 660 $ 68 $ 2 Less than 660 5 — 101% to 125% and refreshed FICO scores: Equal to or greater than 660 569 174 Less than 660 11 6 80% to 100% and refreshed FICO scores: Equal to or greater than 660 17,260 (l) 12,034 Less than 660 254 184 Less than 80% and refreshed FICO scores: Equal to or greater than 660 298,791 (l) 215,096 Less than 660 9,526 (l) 8,659 No FICO/LTV available 1,526 1,406 (k) Total retained loans $ 328,010 (m) $ 237,561 Weighted average LTV ratio (f)(i) 51 % 51 % Weighted average FICO (g)(i) 771 769 Geographic region (j)(k) California $ 128,038 (n) $ 73,112 New York 49,413 (n) 34,471 Florida 22,518 (n) 18,870 Texas 15,448 14,968 Massachusetts 14,351 (n) 6,380 Illinois 11,052 11,296 Colorado 10,765 9,968 Washington 9,778 9,060 New Jersey 8,106 7,108 Connecticut 7,142 5,432 All other 51,399 46,896 Total retained loans $ 328,010 (m) $ 237,561 (a) I ncludes 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 loans, regardless of their delinquency status. At June 30, 2023, approximately 9% of Chapter 7 residential real estate loans were 30 days or more past due. (b) Mortgage loans insured by U.S. government agencies excluded from nonaccrual loans were not material at June 30, 2023 and December 31, 2022. (c) 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. (d) Interest income on nonaccrual loans recognized on a cash basis was $44 million and $45 million and $89 million and $90 million for the three and six months ended June 30, 2023 and 2022, respectively. (e) Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic. (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 June 30, 2023. (k) Prior-period amounts have been revised to conform with the current presentation. (l) Included $4.3 billion in equal to or greater than 660 FICO scores within 80% to 100% LTV ratio, and $85.3 billion and $1.2 billion in equal to or greater than 660 and less than 660 FICO scores, respectively, within less than 80% LTV ratio associated with the First Republic acquisition. (m) Included $91.9 billion of loans associated with the First Republic acquisition. (n) Included $55.5 billion, $15.2 billion, $3.6 billion and $8.0 billion in California, New York, Florida and Massachusetts, respectively, associated with the First Republic acquisition. Loan modifications The Firm grants certain modifications of residential real estate loans to borrowers experiencing financial difficulty, which effective January 1, 2023, are reported as FDMs. The Firm's proprietary modification programs as well as government programs, including U.S. GSE programs, that generally provide various modifications to borrowers experiencing financial difficulty including, but not limited to, interest rate reductions, term extensions, other-than-insignificant payment delay and principal forgiveness that would otherwise have been required under the terms of the original agreement, are considered FDMs. For the three and six months ended June 30, 2023, residential real estate FDMs were $35 million and $75 million, respectively. The financial effects of the FDMs, which were largely in the form of term extensions and interest rate reductions, included extending the weighted-average life of the loans by 15 years and 18 years, and reducing the weighted-average contractual interest rate from 6.90% to 4.21% and 6.75% to 4.01% for the three and six months ended June 30, 2023, respectively. There were no additional commitments to lend to borrowers experiencing financial difficulty whose loans have been modified as FDMs. In addition to FDMs, the Firm also had $33 million and $48 million of loans subject to a trial modification, and $3 million and $5 million of Chapter 7 loans for the three and six months ended June 30, 2023, respectively. The changes to the TDR accounting guidance eliminated the TDR reasonably expected and concession assessment criteria. Accordingly, trial modifications and Chapter 7 loans were considered TDRs, but not FDMs. For periods ending prior to January 1, 2023, modifications of residential real estate loans where the Firm granted concessions to borrowers who were experiencing financial difficulty were generally accounted for and reported as TDRs. For the three and six months ended June 30, 2022, new TDRs were $115 million and $233 million, respectively. There were no additional commitments to lend to borrowers whose residential real estate loans have been modified in TDRs. Refer to Note 12 of JPMorgan Chase's 2022 Form 10-K for further information on TDRs. Nature and extent of modifications The following table provides information about how residential real estate loans were modified in TDRs during the period presented. Three months ended June 30, Six months ended June 30, 2022 2022 Number of loans approved for a trial modification 1,165 2,691 Number of loans permanently modified 1,289 2,831 Concession granted: (a) Interest rate reduction 45 % 56 % Term or payment extension 54 67 Principal and/or interest deferred 10 12 Principal forgiveness 1 1 Other (b) 46 36 (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 and about redefaults of certain loans modified in TDRs for the period presented. (in millions, except weighted-average data) Three months ended June 30, Six months ended June 30, 2022 2022 Weighted-average interest rate of loans with interest rate reductions – before TDR 4.76 % 4.55 % Weighted-average interest rate of loans with interest rate reductions – after TDR 3.36 3.31 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR 22 23 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR 38 39 Charge-offs recognized upon permanent modification $ 1 $ 1 Principal deferred 4 11 Principal forgiven — 1 Balance of loans that redefaulted within one year of permanent modification (a) $ 27 $ 70 (a) Represents loans permanently modified in TDRs that experienced a payment default in the period presented, and for which the payment default occurred within one year of the modification. The dollar amount presented represents the balance of such loans at the end of the reporting period in which such loans defaulted. Active and suspended foreclosure At June 30, 2023 and December 31, 2022, the Firm had residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $566 million and $565 million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure. Auto and other Delinquency is the primary credit quality indicator for retained auto and other loans. The following tables provide information on delinquency and gross charge-offs for the six months ended June 30, 2023. June 30, 2023 (in millions, except ratios) Term loans by origination year Revolving loans 2023 2022 2021 2020 2019 Prior to 2019 Within the revolving period Converted to term loans Total Loan delinquency Current $ 17,763 $ 18,062 $ 16,287 $ 8,801 $ 2,765 $ 1,041 $ 2,544 $ 113 $ 67,376 30–119 days past due 121 234 216 79 48 28 14 15 755 120 or more days past due — 1 25 13 — 1 2 12 54 Total retained loans $ 17,884 $ 18,297 $ 16,528 $ 8,893 $ 2,813 $ 1,070 $ 2,560 $ 140 $ 68,185 % of 30+ days past due to total retained loans (a) 0.68 % 1.28 % 1.26 % 0.83 % 1.71 % 2.71 % 0.63 % 19.29 % 1.11 % Gross charge-offs $ 106 $ 168 $ 82 $ 28 $ 16 $ 30 $ — $ 1 $ 431 December 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 $ 22,187 $ 20,212 $ 11,401 $ 3,991 $ 1,467 $ 578 $ 2,342 $ 118 $ 62,296 30–119 days past due 263 308 100 68 33 17 12 10 811 120 or more days past due — 53 24 — — 1 2 5 85 Total retained loans $ 22,450 $ 20,573 $ 11,525 $ 4,059 $ 1,500 $ 596 $ 2,356 $ 133 $ 63,192 % of 30+ days past due to total retained loans (a) 1.17 % 1.15 % 0.83 % 1.68 % 2.20 % 3.02 % 0.59 % 11.28 % 1.18 % (a) At June 30, 2023 and December 31, 2022, auto and other loans excluded $50 million and $153 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. 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) Total Auto and other June 30, 2023 December 31, 2022 Nonaccrual loans (a)(b)(c) $ 143 $ 129 Geographic region (d) California $ 10,353 $ 9,689 Texas 8,070 7,216 Florida 5,344 4,847 New York 4,634 4,345 Illinois 3,062 2,839 New Jersey 2,462 2,219 Pennsylvania 1,873 1,822 Georgia 1,858 1,708 Arizona 1,700 1,551 Ohio 1,672 1,603 All other 27,157 25,353 Total retained loans $ 68,185 $ 63,192 (a) At June 30, 2023 and December 31, 2022, nonaccrual loans excluded $39 million and $101 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA, of which $38 million and $76 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 June 30, 2023 and December 31, 2022. (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 not material for the three and six months ended June 30, 2023 and 2022 . (d) The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at June 30, 2023. Loan modifications The Firm grants certain modifications of auto and other loans to borrowers experiencing financial difficulty, which effective January 1, 2023, are reported as FDMs. For the three and six months ended June 30, 2023 and 2022, auto and other FDMs were not material and there were no additional commitments to lend to borrowers modified as FDMs. For the three and six months ended June 30, 2022, auto and other TDRs were not material. 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 2022 Form 10-K for further information on the credit card loan portfolio, including credit quality indicators. The following tables provide information on delinquency and gross charge-offs for the six months ended June 30, 2023. (in millions, except ratios) June 30, 2023 Within the revolving period Converted to term loans Total Loan delinquency Current and less than 30 days past due $ 187,340 $ 755 $ 188,095 30–89 days past due and still accruing 1,580 68 1,648 90 or more days past due and still accruing 1,570 35 1,605 Total retained loans $ 190,490 $ 858 $ 191,348 Loan delinquency ratios % of 30+ days past due to total retained loans 1.65 % 12.00 % 1.70 % % of 90+ days past due to total retained loans 0.82 4.08 0.84 Gross charge-offs $ 2,357 $ 75 $ 2,432 (in millions, except ratios) December 31, 2022 Within the revolving period Converted to term loans Total Loan delinquency Current and less than 30 days past due $ 181,793 $ 696 $ 182,489 30–89 days past due and still accruing 1,356 64 1,420 90 or more days past due and still accruing 1,230 36 1,266 Total retained loans $ 184,379 $ 796 $ 185,175 Loan delinquency ratios % of 30+ days past due to total retained loans 1.40 % 12.56 % 1.45 % % of 90+ days past due to total retained loans 0.67 4.52 0.68 Other credit quality indicators The following table provides information on other credit quality indicators for retained credit card loans. (in millions, except ratios) June 30, 2023 December 31, 2022 Geographic region (a) California $ 29,258 $ 28,154 Texas 19,992 19,171 New York 15,511 15,046 Florida 13,439 12,905 Illinois 10,457 10,089 New Jersey 7,902 7,643 Ohio 5,898 5,792 Colorado 5,840 5,493 Pennsylvania 5,549 5,517 Arizona 4,647 4,487 All other 72,855 70,878 Total retained loans $ 191,348 $ 185,175 Percentage of portfolio based on carrying value with estimated refreshed FICO scores Equal to or greater than 660 86.4 % 86.8 % Less than 660 13.4 13.0 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 June 30, 2023. Loan modifications The Firm grants certain modifications of credit card loans to borrowers experiencing financial difficulty, which effective January 1, 2023, are reported as FDMs. 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 under long-term programs. 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. The following tables provide information on credit card loan modifications considered FDMs. Three months ended June 30, 2023 Amortized % of loan modifications to total retained credit card loans Financial effect of loan modification Loan modification Term extension and interest rate reduction (a)(b) $ 181 0.09 % Term extension with a reduction in the weighted average contractual interest rate from 23.27% to 3.57% Total $ 181 Six months ended June 30, 2023 Amortized % of loan modifications to total retained credit card loans Financial effect of loan modification Loan modification Term extension and interest rate reduction (a)(b) $ 326 0.17 % Term extension with a reduction in the weighted average contractual interest rate from 22.96% to 3.54% Total $ 326 (a) Term extension includes credit card loans whose terms have been modified under long-term programs by placing the customer on a fixed payment plan. (b) The interest rates represent weighted average at enrollment. For both the three and six months ended June 30, 2023, the Firm also had $26 million of loans subject to trial modifications. The changes to the TDR accounting guidance eliminated the TDR reasonably expected and concession assessment criteria. A ccordingly, trial modifications are not considered FDMs. The following table provides information on the payment status of FDMs during the three and six months ended June 30, 2023. (in millions) Amortized cost basis Three months ended June 30, Six months ended June 30, 2023 2023 Current and less than 30 days past due and still accruing $ 128 $ 264 30-89 days past due and still accruing 32 38 90 or more days past due and still accruing 21 24 Total $ 181 $ 326 There were $6 million FDMs that re-defaulted during both the three and six months ended June 30, 2023 which were a combination of term extension and interest rate reduction. For credit card loans modified as FDMs, payment default is deemed to have occurred when the borrower misses two consecutive contractual payments. Defaulted modified credit card loans remain in the modification program and continue to be charged off in accordance with the Firm's standard charge-off policy. For periods ending prior to January 1, 2023, modifications of credit card loans where the Firm granted concessions to borrowers who were experiencing financial difficulty were generally accounted for and reported as TDRs. Refer to Note 12 of JPMorgan Chase's 2022 Form 10-K for further information on TDRs. 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. New enrollments were less than 1% of total retained credit card loans. (in millions, except Three months ended June 30, Six months ended June 30, 2022 2022 Balance of new TDRs (a) $ 81 $ 163 Weighted-average interest rate of loans – before TDR 18.94 % 18.47 % Weighted-average interest rate of loans – after TDR 4.62 4.75 Balance of loans that redefaulted within one year of modification (b) $ 8 $ 17 (a) Represents the outstanding balance prior to modification. (b) Represents loans modified in TDRs that experienced a payment default in the period presented, and for which the payment default occurred within one year of the modification. The amount presented represents 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 2022 Form 10-K for further information on these risk ratings. Internal risk rating is the primary credit quality indicator for retained wholesale loans. The following tables provide information on internal risk rating and gross charge-offs for the six months ended June 30, 2023. Secured by real estate Commercial and industrial Other (b) Total retained loans (in millions, except ratios) Jun 30, Dec 31, Jun 30, Dec 31, Jun 30, Dec 31, Jun 30, Dec 31, Loans by risk ratings Investment-grade $ 120,652 $ 99,552 $ 74,505 $ 76,275 $ 256,821 $ 249,585 $ 451,978 $ 425,412 Noninvestment-grade: Noncriticized 36,387 23,272 84,133 81,393 77,360 57,888 197,880 162,553 Criticized performing 4,314 3,662 9,980 8,974 1,400 1,106 15,694 13,742 Criticized nonaccrual 518 246 1,437 1,018 638 699 2,593 1,963 Total noninvestment-grade 41,219 27,180 95,550 91,385 79,398 59,693 216,167 178,258 Total retained loans (a) $ 161,871 $ 126,732 $ 170,055 $ 167,660 $ 336,219 $ 309,278 $ 668,145 $ 603,670 % of |
Allowance for Credit Losses
Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2023 | |
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. On January 1, 2023 the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance as described in Note 1. The adoption of this guidance eliminated the requirement to measure the allowance for TDRs using a DCF methodology and allowed the option of a non-DCF portfolio-based approach for modified loans to borrowers experiencing financial difficulty. If a DCF methodology is still applied for these modified loans, the discount rate must be the post-modification effective interest rate, instead of the pre-modification effective interest rate. The Firm elected to change from an asset-specific allowance approach to its non-DCF, portfolio-based allowance approach for modified loans to troubled borrowers for all portfolios except collateral-dependent loans and nonaccrual risk-rated loans, for which the asset-specific allowance approach will continue to apply. This guidance was adopted under the modified retrospective method which resulted in a net decrease to the allowance for credit losses of $587 million and an increase to retained earnings of $446 million, after-tax predominantly driven by residential real estate and credit card. Refer to Note 13 of JPMorgan Chase's 2022 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 2022 Form 10-K and Note 10 of this Form 10-Q for further information on the allowance for credit losses on investment securities. 2023 2022 Six months ended June 30, Consumer, excluding Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total Allowance for loan losses Beginning balance at January 1, $ 2,040 $ 11,200 $ 6,486 $ 19,726 $ 1,765 $ 10,250 $ 4,371 $ 16,386 Cumulative effect of a change in accounting principle (a) (489) (100) 2 (587) NA NA NA NA Gross charge-offs 501 2,432 294 3,227 384 1,505 123 2,012 Gross recoveries collected (247) (386) (46) (679) (311) (419) (43) (773) Net charge-offs/(recoveries) 254 2,046 248 2,548 73 1,086 80 1,239 Provision for loan losses 751 2,546 2,067 5,364 237 1,236 1,125 2,598 Other — — 25 25 — — 5 5 Ending balance at June 30, $ 2,048 $ 11,600 $ 8,332 $ 21,980 $ 1,929 $ 10,400 $ 5,421 $ 17,750 Allowance for lending-related commitments Beginning balance at January 1, $ 76 $ — $ 2,306 $ 2,382 $ 113 $ — $ 2,148 $ 2,261 Provision for lending-related commitments 52 — (253) (201) (2) — (37) (39) Other 1 — 4 5 (1) — 1 — Ending balance at June 30, $ 129 $ — $ 2,057 $ 2,186 $ 110 $ — $ 2,112 $ 2,222 Total allowance for investment securities 104 NA NA NA 47 Total allowance for credit losses (b)(c) $ 2,177 $ 11,600 $ 10,389 $ 24,270 $ 2,039 $ 10,400 $ 7,533 $ 20,019 Allowance for loan losses by impairment methodology Asset-specific (d) $ (971) $ — $ 478 $ (493) $ (676) $ 227 $ 332 $ (117) Portfolio-based 3,019 11,600 7,854 22,473 2,605 10,173 5,089 17,867 Total allowance for loan losses $ 2,048 $ 11,600 $ 8,332 $ 21,980 $ 1,929 $ 10,400 $ 5,421 $ 17,750 Loans by impairment methodology Asset-specific (d) $ 3,439 $ — $ 2,587 $ 6,026 $ 12,683 $ 827 $ 2,408 $ 15,918 Portfolio-based 392,756 191,348 665,558 1,249,662 289,948 164,667 581,857 1,036,472 Total retained loans $ 396,195 $ 191,348 $ 668,145 $ 1,255,688 $ 302,631 $ 165,494 $ 584,265 $ 1,052,390 Collateral-dependent loans Net charge-offs $ 5 $ — $ 77 $ 82 $ (15) $ — $ 8 $ (7) Loans measured at fair value of collateral less cost to sell 3,388 — 762 4,150 3,935 — 607 4,542 Allowance for lending-related commitments by impairment methodology Asset-specific $ — $ — $ 65 $ 65 $ — $ — $ 78 $ 78 Portfolio-based 129 — 1,992 2,121 110 — 2,034 2,144 Total allowance for lending-related commitments (e) $ 129 $ — $ 2,057 $ 2,186 $ 110 $ — $ 2,112 $ 2,222 Lending-related commitments by impairment methodology Asset-specific $ — $ — $ 332 $ 332 $ — $ — $ 397 $ 397 Portfolio-based (f) 32,428 — 521,408 553,836 26,809 — 458,038 484,847 Total lending-related commitments $ 32,428 $ — $ 521,740 $ 554,168 $ 26,809 $ — $ 458,435 $ 485,244 (a) Represents the impact to the allowance for loan losses upon the adoption of the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance . (b) At June 30, 2023, in addition to the allowance for credit losses in the table above, the Firm also had an allowance for credit losses of $18 million associated with certain accounts receivable in CIB. (c) As of June 30, 2023 included $1.2 billion allowance for credit losses associated with the First Republic acquisition. (d) Includes collateral-dependent loans, including those for which foreclosure is deemed probable, and nonaccrual risk-rated loans for all periods presented. Prior periods also include non collateral-dependent TDRs or reasonably expected TDRs and modified PCD loans. (e) The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets. (f) At June 30, 2023 and 2022, lending-related commitments excluded $18.4 billion and $13.7 billion, respectively, for the consumer, excluding credit card portfolio segment; $881.5 billion and $774.0 billion, respectively, for the credit card portfolio segment; and $19.3 billion and $29.1 billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments. Prior period amount for wholesale lending-related commitments, including the amount not subject to allowance, has been revised to conform with the current presentation. Discussion of changes in the allowance The allowance for credit losses as of June 30, 2023 was $24.3 billion, reflecting a net addition of $2.7 billion from December 31, 2022. The net addition to the allowance for credit losses included $1.5 billion, consisting of: • $819 million in wholesale , predominantly driven by net downgrade activity, updates to certain assumptions related to office real estate in CB in the second quarter of 2023, and the impact of the additional weight placed on the adverse scenarios in the first quarter of 2023, and • $649 million in consumer , predominantly driven by Card Services, reflecting loan growth, the net effect of changes in the Firm's macroeconomic outlook, including the impact from the weighted average U.S. unemployment rate peaking in the third quarter of 2024, and the additional weight placed on the adverse scenarios in the first quarter of 2023, partially offset by reduced borrower uncertainty. The net addition also included $1.2 billion to establish the allowance for the First Republic loans and lending-related commitments in the second quarter of 2023. The Firm has maintained the additional weight placed on the relative adverse scenario in the first quarter of 2023, reflecting an increased probability of a moderate recession due to tightening financial conditions. The allowance for credit losses also reflected a reduction of $587 million as a result of the adoption of changes to the TDR accounting guidance on January 1, 2023. Refer to Note 1 for further information. 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 a weighted average U.S. unemployment rate peaking at 5.8% in the third quarter of 2024, and a 1.5% lower U.S. real GDP exiting the fourth quarter of 2024. The Firm’s central case assumptions reflected U.S. unemployment rates and U.S. real GDP as follows: Assumptions at June 30, 2023 4Q23 2Q24 4Q24 U.S. unemployment rate (a) 4.2 % 4.9 % 5.0 % YoY growth in U.S. real GDP (b) 0.5 % — % 1.0 % Assumptions at December 31, 2022 2Q23 4Q23 2Q24 U.S. unemployment rate (a) 3.8 % 4.3 % 5.0 % YoY growth in U.S. real GDP (b) 1.5 % 0.4 % — % (a) Reflects quarterly average of forecasted U.S. unemployment rate. (b) The year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percentage 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 2022 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowance for credit losses on loans, lending-related commitments, and investment securities. Refer to Consumer Credit Portfolio on pages 65-69, Wholesale Credit Portfolio on pages 70-79 and Note 12 for additional information on the consumer and wholesale credit portfolios. Refer to Critical Accounting Estimates Used by the Firm on pages 91-93 for further information on the allowance for credit losses and related management judgments. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2023 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable interest entities Refer to Note 1 and Note 14 of JPMorgan Chase’s 2022 Form 10-K for a further description of the Firm's accounting policies and involvement with VIEs. 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 165 Mortgage securitization trusts Servicing and securitization of both originated and purchased residential mortgages 165-167 CIB Mortgage and other securitization trusts Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans 165-167 Multi-seller conduits Assisting clients in accessing the financial markets in a cost-efficient manner and structuring transactions to meet investor needs 167 Municipal bond vehicles Financing of municipal bond investments 167 The Firm also invests in and provides financing and other services to VIEs sponsored by third parties. Refer to pages 168-169 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) June 30, 2023 (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 $ 56,604 $ 715 $ 38,439 $ 681 $ 2,060 $ 23 $ 2,764 Subprime 9,300 — 1,353 4 — 4 Commercial and other (b) 162,779 — 127,826 893 5,443 668 7,004 Total $ 228,683 $ 715 $ 167,618 $ 1,578 $ 7,503 $ 691 $ 9,772 Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) December 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 Securitization-related (a) Residential mortgage: Prime/Alt-A and option ARMs $ 55,362 $ 754 $ 37,058 $ 744 $ 1,918 $ — $ 2,662 Subprime 9,709 — 1,743 10 — — 10 Commercial and other (b) 164,915 — 127,037 888 5,373 670 6,931 Total $ 229,986 $ 754 $ 165,838 $ 1,642 $ 7,291 $ 670 $ 9,603 (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. (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 securities of $104 million and $134 million at June 30, 2023 and December 31, 2022, respectively, and subordinated securities which were $92 million and $34 million at June 30, 2023 and December 31, 2022, respectively, which the Firm purchased in connection with CIB’s secondary market-making activities. (d) Includes interests held in re-securitization transactions. (e) As of both June 30, 2023 and December 31, 2022, 84% 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 $2.7 billion and $2.6 billion of investment-grade retained interests at June 30, 2023 and December 31, 2022, respectively, and noninvestment-grade retained interests were not material at both June 30, 2023 and December 31, 2022. The retained interests in commercial and other securitization trusts consisted of $5.9 billion and $5.8 billion of investment-grade retained interests at June 30, 2023 and December 31, 2022 respectively, and $1.1 billion of noninvestment-grade retained interests at both June 30, 2023 and December 31, 2022, 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 June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Transfers of securities to VIEs U.S. GSEs and government agencies $ 6,261 $ 7,373 $ 9,667 $ 13,449 The Firm did not transfer any private label securities to re-securitization VIEs during the three and six months ended June 30, 2023 and 2022, respectively and retained interests in any such Firm-sponsored VIEs as of June 30, 2023 and December 31, 2022 were not material. The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs. Nonconsolidated (in millions) June 30, 2023 December 31, 2022 U.S. GSEs and government agencies Interest in VIEs $ 3,412 $ 2,580 As of June 30, 2023, and December 31, 2022, 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 $12.4 billion and $13.8 billion of the commercial paper issued by the Firm-administered multi-seller conduits at June 30, 2023, and December 31, 2022, 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 $11.3 billion and $10.6 billion at June 30, 2023, and December 31, 2022, respectively, and are reported as off-balance sheet lending-related commitments in other unfunded commitments to extend credit. Refer to Note 24 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 June 30, 2023 and December 31, 2022. Assets Liabilities June 30, 2023 (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 $ — $ 9,168 $ 82 $ 9,250 $ 999 $ 2 $ 1,001 Firm-administered multi-seller conduits 1 28,598 169 28,768 16,383 31 16,414 Municipal bond vehicles 2,313 — 21 2,334 2,133 10 2,143 Mortgage securitization entities (a) — 733 10 743 132 60 192 Other 54 626 (b) 250 930 — 144 144 Total $ 2,368 $ 39,125 $ 532 $ 42,025 $ 19,647 $ 247 $ 19,894 Assets Liabilities December 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 $ — $ 9,699 $ 100 $ 9,799 $ 1,999 $ 2 $ 2,001 Firm-administered multi-seller conduits — 22,819 170 22,989 9,236 39 9,275 Municipal bond vehicles 2,089 — 7 2,096 1,232 10 1,242 Mortgage securitization entities (a) — 781 10 791 143 67 210 Other 62 1,112 (b) 263 1,437 — 161 161 Total $ 2,151 $ 34,411 $ 550 $ 37,112 $ 12,610 $ 279 $ 12,889 (a) Includes residential 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 $1.1 billion and $2.1 billion at June 30, 2023, and December 31, 2022, 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 $32.4 billion and $30.2 billion at June 30, 2023, and December 31, 2022, of which $12.6 billion and $10.6 billion was unfunded at June 30, 2023, and December 31, 2022, 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 2022 Form 10-K for further information on affordable housing tax credits and Note 24 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 June 30, 2023 and December 31, 2022 was $5.9 billion and $5.8 billion, respectively. The fair value of assets held by such VIEs at both June 30, 2023 and December 31, 2022 was $8.2 billion. Loan securitizations The Firm has securitized and sold a variety of loans, including residential mortgages, credit card receivables, commercial mortgages and other consumer loans. Securitization activity The following table provides information related to the Firm’s securitization activities for the three and six months ended June 30, 2023 and 2022, 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 June 30, Six months ended June 30, 2023 2022 2023 2022 (in millions) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Principal securitized $ 2,216 $ 376 $ 3,028 $ 3,950 $ 3,289 $ 376 $ 9,523 $ 7,058 All cash flows during the period: (a) Proceeds received from loan sales as financial instruments (b)(c) $ 2,123 $ 380 $ 2,754 $ 3,869 $ 3,153 $ 380 $ 9,129 $ 6,975 Servicing fees collected 6 1 20 — 12 1 44 — Cash flows received on interests 86 91 127 54 160 178 282 125 (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 24 of this Form 10-Q for additional information about the Firm’s loan sales- and securitization-related indemnifications and Note 15 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 June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Carrying value of loans sold $ 6,323 $ 10,721 $ 9,021 $ 34,389 Proceeds received from loan sales as cash 33 4 40 13 Proceeds from loan sales as securities (a)(b) 6,220 10,551 8,882 33,809 Total proceeds received from loan sales (c) $ 6,253 $ 10,555 $ 8,922 $ 33,822 Gains/(losses) on loan sales (d)(e) $ — $ — $ — $ — (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 24, 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 12 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 June 30, 2023 and December 31, 2022. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies. (in millions) June 30, December 31, Loans repurchased or option to repurchase (a) $ 752 $ 839 Real estate owned 9 10 Foreclosed government-guaranteed residential mortgage loans (b) 23 27 (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 June 30, 2023, and December 31, 2022. Net liquidation losses/(recoveries) Securitized assets 90 days past due Three months ended June 30, Six months ended June 30, (in millions) June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 2023 2022 2023 2022 Securitized loans Residential mortgage: Prime / Alt-A & option ARMs $ 38,439 $ 37,058 $ 482 $ 511 $ 3 $ (21) $ 10 $ (27) Subprime 1,353 1,743 141 212 2 (3) 4 (3) Commercial and other 127,826 127,037 1,231 948 — 5 19 11 Total loans securitized $ 167,618 $ 165,838 $ 1,854 $ 1,671 $ 5 $ (19) $ 33 $ (19) |
Goodwill and Mortgage Servicing
Goodwill and Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Mortgage Servicing Rights | Goodwill and Mortgage servicing rights Refer to Note 15 of JPMorgan Chase’s 2022 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) June 30, December 31, Consumer & Community Banking $ 32,116 $ 32,121 Corporate & Investment Bank 8,253 8,008 Commercial Banking 2,985 2,985 Asset & Wealth Management 8,344 7,902 Corporate 682 646 Total goodwill $ 52,380 $ 51,662 The following table presents changes in the carrying amount of goodwill. Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Balance at beginning of period $ 52,144 $ 50,298 $ 51,662 $ 50,315 Changes during the period from: Business combinations (a) 236 470 687 470 Other (b) — (71) 31 (88) Balance at June 30, $ 52,380 $ 50,697 $ 52,380 $ 50,697 (a) For the three and six months ended June 30, 2023, represents estimated goodwill associated with the acquisition of Aumni Inc. in CIB in the second quarter, and the acquisition of the remaining 51% interest in CIFM in AWM in the first quarter. For the three and six months ended June 30, 2022, represents estimated goodwill associated with the acquisitions of Frosch Travel Group, LLC in CCB and Volkswagen Payments S.A. in CIB. (b) Predominantly foreign currency adjustments. 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 2022 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 June 30, 2023, 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 June 30, 2023, or December 31, 2022, nor was goodwill written off due to impairment during the six months ended June 30, 2023 or 2022. 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 2022 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 and six months ended June 30, 2023 and 2022. As of or for the three months As of or for the six months (in millions, except where otherwise noted) 2023 2022 2023 2022 Fair value at beginning of period $ 7,755 $ 7,294 $ 7,973 $ 5,494 MSR activity: Originations of MSRs 78 181 110 596 Purchase of MSRs (a) 468 160 467 875 Disposition of MSRs (b) (92) (614) (90) (671) Net additions/(dispositions) 454 (273) 487 800 Changes due to collection/realization of expected cash flows (255) (236) (495) (468) Changes in valuation due to inputs and assumptions: Changes due to market interest rates and other (c) 283 653 261 1,547 Changes in valuation due to other inputs and assumptions: Projected cash flows (e.g., cost to service) 2 — 2 — Discount rates — — — — Prepayment model changes and other (d) (10) 1 1 66 Total changes in valuation due to other inputs and assumptions (8) 1 3 66 Total changes in valuation due to inputs and assumptions 275 654 264 1,613 Fair value at June 30, $ 8,229 $ 7,439 $ 8,229 $ 7,439 Changes in unrealized gains/(losses) included in income related to MSRs held at June 30, $ 275 $ 654 $ 264 $ 1,613 Contractual service fees, late fees and other ancillary fees included in income 388 395 776 765 Third-party mortgage loans serviced at June 30, (in billions) 605 576 605 576 Servicer advances, net of an allowance for uncollectible amounts, at June 30 (e) 595 1,166 595 1,166 (a) Includes purchase price adjustments associated with MSRs purchased in the prior quarter, primarily as a result of loans that prepaid within 90 days of settlement, allowing the Firm to recover the purchase price. (b) Includes excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage-backed securities (“SMBS”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired the remaining balance of those SMBS as trading securities. (c) 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. (d) Represents changes in prepayments other than those attributable to changes in market interest rates. (e) 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 and six months ended June 30, 2023 and 2022. Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 CCB mortgage fees and related income Production revenue $ 102 $ 150 $ 177 $ 361 Net mortgage servicing revenue: Operating revenue: Loan servicing revenue 402 435 802 803 Changes in MSR asset fair value due to collection/realization of expected cash flows (255) (236) (495) (468) Total operating revenue 147 199 307 335 Risk management: Changes in MSR asset fair value due to market interest rates and other (a) 283 653 261 1,547 Other changes in MSR asset fair value due to other inputs and assumptions in model (b) (8) 1 3 66 Changes in derivative fair value and other (250) (626) (251) (1,476) Total risk management 25 28 13 137 Total net mortgage servicing revenue 172 227 320 472 Total CCB mortgage fees and related income 274 377 497 833 All other 4 1 2 5 Mortgage fees and related income $ 278 $ 378 $ 499 $ 838 (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 June 30, 2023, and December 31, 2022, and outlines hypothetical sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below. (in millions, except rates) Jun 30, Dec 31, Weighted-average prepayment speed assumption (constant prepayment rate) 6.27 % 6.12 % Impact on fair value of 10% adverse change $ (186) $ (183) Impact on fair value of 20% adverse change (361) (356) Weighted-average option adjusted spread (a) 5.77 % 5.77 % Impact on fair value of a 100 basis point adverse change $ (348) $ (341) Impact on fair value of a 200 basis point adverse change (668) (655) (a) Includes the impact of operational risk and regulatory capital. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2023 | |
Deposits [Abstract] | |
Deposits | Deposits Refer to Note 17 of JPMorgan Chase’s 2022 Form 10-K for further information on deposits. As of June 30, 2023 and December 31, 2022, noninterest-bearing and interest-bearing deposits were as follows. (in millions) June 30, December 31, 2022 U.S. offices Noninterest-bearing (included $47,870 and $26,363 at fair value) (a) $ 656,778 $ 644,902 Interest-bearing (included $572 and $586 at fair value) (a) 1,311,893 1,276,346 Total deposits in U.S. offices 1,968,671 1,921,248 Non-U.S. offices Noninterest-bearing (included $1,331 and $1,398 at fair value) (a) 24,268 27,005 Interest-bearing (included $1,795 and $273 at fair value) (a) 406,023 391,926 Total deposits in non-U.S. offices 430,291 418,931 Total deposits $ 2,398,962 $ 2,340,179 (a) Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further discussion. As of June 30, 2023 and December 31, 2022, time deposits in denominations that met or exceeded the insured limit were as follows. (in millions) June 30, 2023 December 31, 2022 U.S. offices $ 98,725 $ 64,622 Non-U.S. offices (a) 85,937 77,907 Total $ 184,662 $ 142,529 (a) Represents all time deposits in non-U.S. offices as these deposits typically exceed the insured limit. As of June 30, 2023, the remaining maturities of interest-bearing time deposits in each of the 12-month periods ending June 30 were as follows. June 30, U.S. Non-U.S. Total 2024 145,737 83,015 228,752 2025 1,213 194 1,407 2026 309 71 380 2027 160 25 185 2028 95 1,087 1,182 After 5 years 533 214 747 Total $ 148,047 $ 84,606 $ 232,653 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | Leases Refer to Note 18 of JPMorgan Chase’s 2022 Form 10-K for a further discussion on leases. Firm as lessee At June 30, 2023, 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 carrying values of the Firm’s operating leases were as follows: (in millions) June 30, 2023 December 31, 2022 Right-of-use assets $ 8,399 (a) $ 7,782 Lease liabilities 8,756 (a) 8,183 (a) Includes $756 million of right-of-use assets and corresponding lease liabilities, associated with the First Republic acquisition. The Firm’s net rental expense was $448 million and $484 million for the three months ended June 30, 2023 and 2022 and $935 million and $976 million for the six months ended June 30, 2023 and 2022, 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 June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Operating lease income $ 716 $ 945 $ 1,471 $ 1,993 Depreciation expense 457 668 876 1,379 |
Leases | Leases Refer to Note 18 of JPMorgan Chase’s 2022 Form 10-K for a further discussion on leases. Firm as lessee At June 30, 2023, 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 carrying values of the Firm’s operating leases were as follows: (in millions) June 30, 2023 December 31, 2022 Right-of-use assets $ 8,399 (a) $ 7,782 Lease liabilities 8,756 (a) 8,183 (a) Includes $756 million of right-of-use assets and corresponding lease liabilities, associated with the First Republic acquisition. The Firm’s net rental expense was $448 million and $484 million for the three months ended June 30, 2023 and 2022 and $935 million and $976 million for the six months ended June 30, 2023 and 2022, 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 June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Operating lease income $ 716 $ 945 $ 1,471 $ 1,993 Depreciation expense 457 668 876 1,379 |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term debt JPMorgan Chase issues long-term debt denominated in various currencies, predominantly U.S. dollars, with both fixed and variable interest rates. Included in senior and subordinated debt below are various equity-linked or other indexed instruments, which the Firm has elected to measure at fair value; changes in fair value are recorded in principal transactions revenue in the Consolidated statements of income, except for unrealized gains/(losses) due to DVA which are recorded in OCI. The following table is a summary of long-term debt carrying values (including unamortized premiums and discounts, issuance costs, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of June 30, 2023. By remaining maturity June 30, 2023 December 31, 2022 Under 1 year 1-5 years After 5 years Total Total Parent company Senior debt: Fixed rate $ 6,709 $ 84,418 $ 96,845 $ 187,972 $ 194,515 Variable rate 367 7,226 2,200 9,793 11,565 Interest rates (f) 2.29 % 2.82 % 3.53 % 3.15 % 3.06 % Subordinated debt: Fixed rate $ — $ 8,815 $ 8,877 $ 17,692 $ 19,693 Variable rate — — — — — Interest rates (f) — % 4.54 % 4.69 % 4.62 % 4.50 % Subtotal $ 7,076 $ 100,459 $ 107,922 $ 215,457 $ 225,773 Subsidiaries Federal Home Loan Banks advances: Fixed rate $ 7,443 $ 17,609 $ 42 $ 25,094 (g) $ 93 Variable rate 7,000 4,000 — 11,000 11,000 Interest rates (f) 4.64 % 4.29 % 6.07 % 4.43 % 4.32 % Purchase Money Note (a) : Fixed rate $ — $ 48,883 $ — $ 48,883 NA Interest rates (f) — % 3.40 % — % 3.40 % NA Senior debt: Fixed rate $ 3,000 $ 7,333 $ 6,395 $ 16,728 $ 15,383 Variable rate 17,426 21,968 5,451 44,845 41,506 Interest rates (f) 3.95 % 4.98% 1.52 % 1.88 % 2.02 % Subordinated debt: Fixed rate $ — $ 258 $ — $ 258 $ 262 Variable rate — — — — — Interest rates (f) — % 8.25 % — % 8.25 % 8.25 % Subtotal $ 34,869 $ 100,051 $ 11,888 $ 146,808 $ 68,244 Junior subordinated debt: Fixed rate $ — $ — $ 540 $ 540 $ 550 Variable rate — 357 916 1,273 1,298 Interest rates (f) — % 5.86 % 7.17 % 6.91 % 6.33 % Subtotal $ — $ 357 $ 1,456 $ 1,813 $ 1,848 Total long-term debt (b)(c)(d) $ 41,945 $ 200,867 $ 121,266 $ 364,078 (h)(i) $ 295,865 Long-term beneficial interests: Fixed rate $ — $ 999 $ — $ 999 $ 1,999 Variable rate — — 132 132 143 Interest rates (f) — % 3.97 % 3.59 % 3.93 % 2.81 % Total long-term beneficial interests (e) $ — $ 999 $ 132 $ 1,131 $ 2,142 (a) As of June 30, 2023 , reflects the Purchase Money Note associated with the First Republic acquisition. Refer to Note 28 for additional information. (b) Included long-term debt of $87.7 billion and $13.8 billion secured by assets totaling $221.2 billion and $208.3 billion at June 30, 2023 and December 31, 2022 , respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments. (c) Included $78.6 billion and $72.3 billion of long-term debt accounted for at fair value at June 30, 2023 and December 31, 2022 , respectively. (d) Included $11.2 billion and $10.3 billion of outstanding zero-coupon notes at June 30, 2023 and December 31, 2022 , respectively. The aggregate principal amount of these notes at their respective maturities is $45.7 billion and $45.3 billion, respectively. The aggregate principal amount reflects the contractual principal payment at maturity, which may exceed the contractual principal payment at the Firm’s next call date, if applicable. (e) Included on the Consolidated balance sheets in beneficial interests issued by consolidated VIEs. Also included amounts accounted for at fair value which were not material at June 30, 2023 and December 31, 2022 . Excluded short-term commercial paper and other short-term beneficial interests of $18.5 billion and $10.5 billion at June 30, 2023 and December 31, 2022 , respectively. (f) The interest rates shown are the weighted average of contractual rates in effect at June 30, 2023 and December 31, 2022 , respectively, including non-U.S. dollar fixed- and variable-rate issuances, which excludes the effects of the associated derivative instruments used in hedge accounting relationships, if applicable. The interest rates shown exclude structured notes accounted for at fair value. (g) As of June 30, 2023, included $25.0 billion of FHLB advances associated with the First Republic acquisition. Refer to Note 28 for additional information. (h) As of June 30, 2023 , long-term debt in the aggregate of $191.7 billion was redeemable at the option of JPMorgan Chase, in whole or in part, prior to maturity, based on the terms specified in the respective instruments. (i) The aggregate carrying values of debt that matures in each of the 12-month periods ending June 30, 2024, 2025, 2026, 2027 and 2028 is $41.9 billion, $58.5 billion, $38.0 billion, $29.2 billion and $75.2 billion, respectively. The weighted-average contractual interest rates for total long-term debt excluding structured notes accounted for at fair value were 3.45% and 3.26% as of June 30, 2023 and December 31, 2022, respectively. In order to modify exposure to interest rate and currency exchange rate movements, JPMorgan Chase utilizes derivative instruments, primarily interest rate and cross-currency interest rate swaps, in conjunction with some of its debt issuances. The use of these instruments modifies the Firm’s interest expense on the associated debt. The modified weighted-average interest rates for total long-term debt, including the effects of related derivative instruments, were 5.02% and 4.89% as of June 30, 2023 and December 31, 2022, respectively. JPMorgan Chase & Co. has guaranteed certain long-term debt of its subsidiaries, including structured notes. These guarantees rank pari passu with the Firm’s other unsecured and unsubordinated indebtedness. The amount of such guaranteed long-term debt and structured notes was $34.5 billion and $28.2 billion at June 30, 2023 and December 31, 2022, respectively. The Firm’s unsecured debt does not contain requirements that would call for an acceleration of payments, maturities or changes in the structure of the existing debt, provide any limitations on future borrowings or require additional collateral, based on unfavorable changes in the Firm’s credit ratings, financial ratios, earnings or stock price. |
Preferred Stock
Preferred Stock | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Preferred Stock | Preferred stock Refer to Note 21 of JPMorgan Chase’s 2022 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 June 30, 2023 and December 31, 2022, and the quarterly dividend declarations for the three and six months ended June 30, 2023 and 2022. Shares (a) Carrying value (in millions) Contractual rate in effect at June 30, 2023 Earliest redemption date (b) Floating annualized rate (c) Dividend declared June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Issue date Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Fixed-rate: Series DD 169,625 169,625 $ 1,696 $ 1,696 9/21/2018 5.750 % 12/1/2023 NA $ 143.75 $ 143.75 $287.50 $287.50 Series EE 185,000 185,000 1,850 1,850 1/24/2019 6.000 3/1/2024 NA 150.00 150.00 300.00 300.00 Series GG 90,000 90,000 900 900 11/7/2019 4.750 12/1/2024 NA 118.75 118.75 237.50 237.50 Series JJ 150,000 150,000 1,500 1,500 3/17/2021 4.550 6/1/2026 NA 113.75 113.75 227.50 227.50 Series LL 185,000 185,000 1,850 1,850 5/20/2021 4.625 6/1/2026 NA 115.63 115.63 231.26 231.26 Series MM 200,000 200,000 2,000 2,000 7/29/2021 4.200 9/1/2026 NA 105.00 105.00 210.00 210.00 Fixed-to-floating-rate: Series I — — $ — $ — 4/23/2008 — % 4/30/2018 SOFR + 3.47% $ — $ 119.03 $— $211.16 Series Q 150,000 150,000 1,500 1,500 4/23/2013 LIBOR + 3.25 5/1/2023 SOFR + 3.25 218.48 128.75 347.23 257.50 (d) Series R 150,000 150,000 1,500 1,500 7/29/2013 6.000 8/1/2023 SOFR + 3.30 150.00 150.00 300.00 300.00 Series S 200,000 200,000 2,000 2,000 1/22/2014 6.750 2/1/2024 SOFR + 3.78 168.75 168.75 337.50 337.50 Series U 100,000 100,000 1,000 1,000 3/10/2014 6.125 4/30/2024 SOFR + 3.33 153.13 153.13 306.25 306.25 Series V — — — — 6/9/2014 — 7/1/2019 SOFR + 3.32 — 108.36 — 194.76 Series X 160,000 160,000 1,600 1,600 9/23/2014 6.100 10/1/2024 SOFR + 3.33 152.50 152.50 305.00 305.00 Series Z — — — — 4/21/2015 — 5/1/2020 SOFR + 3.80 — — — — Series CC 125,750 125,750 1,258 1,258 10/20/2017 LIBOR + 2.58 11/1/2022 SOFR + 2.58 201.36 115.63 384.15 231.25 (e) Series FF 225,000 225,000 2,250 2,250 7/31/2019 5.000 8/1/2024 SOFR + 3.38 125.00 125.00 250.00 250.00 Series HH 300,000 300,000 3,000 3,000 1/23/2020 4.600 2/1/2025 SOFR + 3.125 115.00 115.00 230.00 230.00 Series II 150,000 150,000 1,500 1,500 2/24/2020 4.000 4/1/2025 SOFR + 2.745 100.00 100.00 200.00 200.00 Series KK 200,000 200,000 2,000 2,000 5/12/2021 3.650 6/1/2026 CMT + 2.85 91.25 91.25 182.50 182.50 Total preferred stock 2,740,375 2,740,375 $ 27,404 $ 27,404 (a) Represented by depositary shares. (b) Fixed-to-floating rate notes convert to a floating rate at the earliest redemption date. (c) On March 1, 2023, the Firm announced that, after June 30, 2023, CME Term SOFR will be the replacement reference rate for certain outstanding securities issued by the Firm that used U.S. dollar LIBOR as the reference rate, including fixed-to-floating rate preferred stock. References in the table to “SOFR” mean a floating annualized rate equal to three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spreads noted. The reference to “CMT” means a floating annualized rate equal to the five-year Constant Maturity Treasury (“CMT”) rate plus the spread noted. (d) The dividend rate for Series Q preferred stock became floating and payable quarterly starting on May 1, 2023; prior to which the dividend rate was fixed at 5.15% or $257.50 per share payable semiannually. The dividend rate for each quarterly dividend period commencing August 1, 2023 will be three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.25%. (e) The dividend rate for Series CC preferred stock became floating and payable quarterly starting on November 1, 2022; prior to which the dividend rate was fixed at 4.625% or $231.25 per share payable semiannually. The dividend rate for each quarterly dividend period commencing August 1, 2023 will be three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 2.58%. 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 $27.8 billion at June 30, 2023. Redemptions On October 31, 2022, the Firm redeemed all $2.9 billion of its fixed to floating rate non-cumulative perpetual preferred stock, Series I. On October 3, 2022, the Firm redeemed all $2.5 billion of its fixed-to-floating rate non-cumulative preferred stock, Series V. On February 1, 2022, the Firm redeemed all $2.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series Z. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per share Refer to Note 23 of JPMorgan Chase’s 2022 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 and six months ended June 30, 2023 and 2022. (in millions, except per share amounts) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Basic earnings per share Net income $ 14,472 $ 8,649 $ 27,094 $ 16,931 Less: Preferred stock dividends 373 410 729 807 Net income applicable to common equity 14,099 8,239 26,365 16,124 Less: Dividends and undistributed earnings allocated to participating securities 88 44 161 85 Net income applicable to common stockholders $ 14,011 $ 8,195 $ 26,204 $ 16,039 Total weighted-average basic shares outstanding 2,943.8 2,962.2 2,956.1 2,969.6 Net income per share $ 4.76 $ 2.77 $ 8.86 $ 5.40 Diluted earnings per share Net income applicable to common stockholders $ 14,011 $ 8,195 $ 26,204 $ 16,039 Total weighted-average basic shares outstanding 2,943.8 2,962.2 2,956.1 2,969.6 Add: Dilutive impact of unvested PSUs, nondividend-earning RSUs and SARs 4.5 4.1 4.4 4.1 Total weighted-average diluted shares outstanding 2,948.3 2,966.3 2,960.5 2,973.7 Net income per share $ 4.75 $ 2.76 $ 8.85 $ 5.39 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Loss) | 6 Months Ended |
Jun. 30, 2023 | |
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 gain/(loss) 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 April 1, 2023 $ (6,912) $ (1,348) $ (54) $ (4,858) $ (1,506) $ 260 $ (14,418) Net change 757 70 11 (497) (6) (207) 128 Balance at June 30, 2023 $ (6,155) (a) $ (1,278) $ (43) $ (5,355) $ (1,512) $ 53 $ (14,290) 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 April 1, 2022 $ (4,813) $ (996) $ (21) $ (3,087) $ (143) $ (507) $ (9,567) Net change (4,031) (679) 51 (1,348) 20 1,185 (4,802) Balance at June 30, 2022 $ (8,844) (a) $ (1,675) $ 30 $ (4,435) $ (123) $ 678 $ (14,369) As of or for the six 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, 2023 $ (9,124) $ (1,545) $ (33) $ (5,656) $ (1,451) $ 468 $ (17,341) Net change 2,969 267 (10) 301 (61) (415) 3,051 Balance at June 30, 2023 $ (6,155) (a) $ (1,278) $ (43) $ (5,355) $ (1,512) $ 53 $ (14,290) As of or for the six 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, 2022 $ 2,640 $ (934) $ (131) $ (296) $ (210) $ (1,153) $ (84) Net change (11,484) (741) 161 (4,139) 87 1,831 (14,285) Balance at June 30, 2022 $ (8,844) (a) $ (1,675) $ 30 $ (4,435) $ (123) $ 678 $ (14,369) (a) As of June 30, 2023 includes after-tax net unamortized unrealized gains/(losses) of $(29) million related to HTM securities that have been transferred to AFS as permitted by the new hedge accounting guidance adopted on January 1, 2023. As of June 30, 2023 and 2022 includes after-tax net unamortized unrealized gains/(losses) of $(1.1) billion and $(1.4) billion, related to AFS securities that have been transferred to HTM, respectively. Refer to Note 10 of this Form 10-Q, and Note 10 of JPMorgan Chase's 2022 Form 10-K for further information. The following table presents the pre-tax and after-tax changes in the components of OCI. 2023 2022 Three months ended June 30, 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 $ 95 $ (21) $ 74 $ (5,456) $ 1,308 $ (4,148) Reclassification adjustment for realized (gains)/losses included in net income (a) 900 (217) 683 153 (36) 117 Net change 995 (238) 757 (5,303) 1,272 (4,031) Translation adjustments (b) : Translation 126 10 136 (3,550) 193 (3,357) Hedges (88) 22 (66) 3,524 (846) 2,678 Net change 38 32 70 (26) (653) (679) Fair value hedges, net change (c) : 15 (4) 11 67 (16) 51 Cash flow hedges: Net unrealized gains/(losses) arising during the period (1,119) 268 (851) (1,750) 420 (1,330) Reclassification adjustment for realized (gains)/losses included in net income (d) 465 (111) 354 (24) 6 (18) Net change (654) 157 (497) (1,774) 426 (1,348) Defined benefit pension and OPEB plans, net change: (8) 2 (6) 33 (13) 20 DVA on fair value option elected liabilities, net change: (273) 66 (207) 1,558 (373) 1,185 Total other comprehensive income/(loss) $ 113 $ 15 $ 128 $ (5,445) $ 643 $ (4,802) 2023 2022 Six months ended June 30, 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 $ 2,137 $ (511) $ 1,626 $ (15,658) $ 3,758 $ (11,900) Reclassification adjustment for realized (gains)/losses included in net income (a) 1,768 (425) 1,343 547 (131) 416 Net change 3,905 (936) 2,969 (15,111) 3,627 (11,484) Translation adjustments (b) : Translation 1,099 (31) 1,068 (3,891) 217 (3,674) Hedges (1,051) 250 (801) 3,862 (929) 2,933 Net change 48 219 267 (29) (712) (741) Fair value hedges, net change (c) : (13) 3 (10) 212 (51) 161 Cash flow hedges: Net unrealized gains/(losses) arising during the period (552) 132 (420) (5,186) 1,245 (3,941) Reclassification adjustment for realized (gains)/losses included in net income (d) 948 (227) 721 (261) 63 (198) Net change 396 (95) 301 (5,447) 1,308 (4,139) Defined benefit pension and OPEB plans, net change: (79) 18 (61) 123 (36) 87 DVA on fair value option elected liabilities, net change: (547) 132 (415) 2,417 (586) 1,831 Total other comprehensive loss $ 3,710 $ (659) $ 3,051 $ (17,835) $ 3,550 $ (14,285) (a) The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income. (b) Reclassifications of pre-tax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. During the six months ended June 30, 2023, the Firm reclassified a net pre-tax loss of $(5) million to other revenue related to the acquisition of CIFM of which $(41) million related to the net investment hedge loss. The amounts were not material for the three months ended June 30, 2023 and for the three and six months ended June 30, 2022. (c) 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. (d) 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 | 6 Months Ended |
Jun. 30, 2023 | |
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 2022 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) June 30, December 31, 2022 Segregated for the benefit of securities and cleared derivative customers $ 17.0 $ 18.7 Cash reserves at non-U.S. central banks and held for other general purposes 8.6 8.1 Total restricted cash (a) $ 25.6 $ 26.8 (a) Comprises $24.3 billion and $25.4 billion in deposits with banks, and $1.3 billion and $1.4 billion in cash and due from banks on the Consolidated balance sheet as of June 30, 2023 and December 31, 2022, respectively. Also, as of June 30, 2023 and December 31, 2022, the Firm had the following other restricted assets: • Cash and securities pledged with clearing organizations for the benefit of customers of $36.9 billion and $42.4 billion, respectively. • Securities with a fair value of $23.4 billion and $31.7 billion, respectively, were also restricted in relation to customer activity. |
Regulatory Capital
Regulatory Capital | 6 Months Ended |
Jun. 30, 2023 | |
Banking Regulation [Abstract] | |
Regulatory Capital | Regulatory capital Refer to Note 27 of JPMorgan Chase’s 2022 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 Office of the Comptroller of the Currency ("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 June 30, 2023 and December 31, 2022. Standardized capital ratio requirements Advanced Well-capitalized ratios BHC (a)(b) IDI (c) BHC (a)(b) IDI (c) BHC (d) IDI (e) Risk-based capital ratios CET1 capital 12.5 % 7.0 % 11.0 % 7.0 % NA 6.5 % Tier 1 capital 14.0 8.5 12.5 8.5 6.0 % 8.0 Total capital 16.0 10.5 14.5 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 4.0% as calculated under Method 2; plus a 4.0% 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) For the period ended December 31, 2022, the CET1, Tier 1, and Total capital ratio requirements under Basel III Standardized applicable to the Firm were 12.0%, 13.5% and 15.5%, respectively; the Basel III Advanced CET1, Tier 1, and Total capital ratio requirements applicable to the Firm were 10.5%, 12.0%, and 14.0%, respectively. (c) 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. (d) Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve. (e) 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 June 30, 2023 and December 31, 2022. 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 Beginning January 1, 2022, the $2.9 billion CECL capital benefit, provided by the Federal Reserve in response to the COVID-19 pandemic, is being phased out at 25% per year over a three-year period. As of June 30, 2023, the Firm's CET1 capital reflected the remaining $1.4 billion benefit associated with the CECL capital transition provisions. Additionally, effective January 1, 2023, the Firm phased out 50% of the other CECL capital transition provisions which impacted Tier 2 capital, adjusted average assets, total leverage exposure and RWA, as applicable. Refer to Note 27 of JPMorgan Chase’s 2022 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 June 30, 2023 and December 31, 2022, JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject. June 30, 2023 Basel III Standardized Basel III Advanced JPMorgan JPMorgan JPMorgan JPMorgan Risk-based capital metrics: (a) CET1 capital $ 235,827 $ 279,233 $ 235,827 $ 279,233 Tier 1 capital 262,585 279,236 262,585 279,236 Total capital 295,281 298,582 281,953 (b) 285,500 Risk-weighted assets 1,706,927 1,642,804 1,694,714 (b) 1,541,700 CET1 capital ratio 13.8 % 17.0 % 13.9 % 18.1 % Tier 1 capital ratio 15.4 17.0 15.5 18.1 Total capital ratio 17.3 18.2 16.6 18.5 December 31, 2022 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 $ 218,934 $ 269,668 $ 218,934 $ 269,668 Tier 1 capital 245,631 269,672 245,631 269,672 Total capital 277,769 288,433 264,583 275,255 Risk-weighted assets 1,653,538 1,597,072 1,609,773 1,475,602 CET1 capital ratio 13.2 % 16.9 % 13.6 % 18.3 % Tier 1 capital ratio 14.9 16.9 15.3 18.3 Total capital ratio 16.8 18.1 16.4 18.7 (a) The capital metrics reflect the CECL capital transition provisions. (b) Includes the impacts of certain assets associated with the First Republic acquisition to which the Standardized approach has been applied as permitted by the transition provisions in the U.S. capital rules. Three months ended June 30, 2023 December 31, 2022 JPMorgan JPMorgan JPMorgan JPMorgan Leverage-based capital metrics: (a) Adjusted average assets (b) $ 3,796,579 $ 3,308,478 $ 3,703,873 $ 3,249,912 Tier 1 leverage ratio 6.9 % 8.4 % 6.6 % 8.3 % Total leverage exposure $ 4,492,761 $ 3,993,500 $ 4,367,092 $ 3,925,502 SLR 5.8 % 7.0 % 5.6 % 6.9 % (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 | 6 Months Ended |
Jun. 30, 2023 | |
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 2022 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 13 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 June 30, 2023, and December 31, 2022. 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 (i) June 30, 2023 Dec 31, Jun 30, 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) $ 9,164 $ 5,873 $ 6,304 $ 12,692 $ 34,033 $ 21,287 $ 714 (j) $ 75 Auto and other 14,203 324 — 2,286 16,813 12,231 236 (j) — Total consumer, excluding credit card 23,367 6,197 6,304 14,978 50,846 33,518 950 75 Credit card (b) 881,485 — — — 881,485 821,284 — — Total consumer (c) 904,852 6,197 6,304 14,978 932,331 854,802 950 75 Wholesale: Other unfunded commitments to extend credit (d) 123,374 160,273 202,330 23,345 509,322 440,407 3,564 (h)(j) 2,328 (h) Standby letters of credit and other financial guarantees (d) 14,960 8,073 4,274 1,099 28,406 27,439 517 408 Other letters of credit (d) 3,022 233 106 — 3,361 4,134 23 6 Total wholesale (c) 141,356 168,579 206,710 24,444 541,089 471,980 4,104 2,742 Total lending-related $ 1,046,208 $ 174,776 $ 213,014 $ 39,422 $ 1,473,420 $ 1,326,782 $ 5,054 $ 2,817 Other guarantees and commitments Securities lending indemnification agreements and guarantees (e) $ 296,547 $ — $ — $ — $ 296,547 $ 283,386 $ — $ — Derivatives qualifying as guarantees 3,861 228 11,959 40,852 56,900 59,180 181 649 Unsettled resale and securities borrowed agreements 108,556 585 — — 109,141 116,975 — (2) Unsettled repurchase and securities loaned agreements 92,811 547 — — 93,358 66,407 — (7) Loan sale and securitization-related indemnifications: Mortgage repurchase liability NA NA NA NA NA NA 76 76 Loans sold with recourse NA NA NA NA 768 820 27 28 Exchange & clearing house guarantees and commitments (f) 140,102 — — — 140,102 191,068 — — Other guarantees and commitments (g) 6,569 848 166 3,574 11,157 8,634 43 53 (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) As of June 30, 2023, and December 31, 2022, reflected the contractual amount net of risk participations totaling $87 million and $71 million, respectively, for other unfunded commitments to extend credit; $8.0 billion and $8.2 billion, respectively, for standby letters of credit and other financial guarantees; $425 million and $512 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations. (e) As of June 30, 2023, and December 31, 2022, collateral held by the Firm in support of securities lending indemnification agreements was $312.6 billion and $298.5 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies. (f) As of June 30, 2023, and December 31, 2022, 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) As of June 30, 2023, and December 31, 2022, primarily includes unfunded commitments related to certain tax-oriented equity investments, unfunded commitments to purchase secondary market loans, and other equity investment commitments. (h) As of June 30, 2023 and December 31, 2022 includes net markdowns on held-for-sale positions related to unfunded commitments in the bridge financing portfolio. (i) For lending-related products, the carrying value includes 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. (j) As of June 30, 2023, includes fair value adjustments associated with the First Republic acquisition for residential real estate lending-related commitments totaling $576 million, for auto and other lending-related commitments totaling $236 million and for other unfunded commitments to extend credit totaling $1.6 billion. Refer to Note 28 for additional information. 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 June 30, 2023, and December 31, 2022. Standby letters of credit, other financial guarantees and other letters of credit June 30, 2023 December 31, 2022 (in millions) Standby letters of Other letters Standby letters of Other letters Investment-grade (a) $ 19,574 $ 2,385 $ 19,205 $ 3,040 Noninvestment-grade (a) 8,832 976 8,234 1,094 Total contractual amount $ 28,406 $ 3,361 $ 27,439 $ 4,134 Allowance for lending-related commitments $ 146 $ 23 $ 82 $ 6 Guarantee liability 371 — 326 — Total carrying value $ 517 $ 23 $ 408 $ 6 Commitments with collateral $ 16,414 $ 549 $ 15,296 $ 795 (a) The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 12 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 2022 Form 10-K for further information on these derivatives. The following table summarizes the derivatives qualifying as guarantees as of June 30, 2023, and December 31, 2022. (in millions) June 30, 2023 December 31, 2022 Notional amounts Derivative guarantees $ 56,900 $ 59,180 Stable value contracts with contractually limited exposure 31,715 31,820 Maximum exposure of stable value contracts with contractually limited exposure 1,442 2,063 Fair value Derivative payables 181 649 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 5 for a further discussion of credit derivatives. Merchant charge-backs Under the rules of payment networks, in its role as a merchant acquirer, the Firm's Merchant Services business in CIB Payments, 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, the Firm 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 the Firm is unable to collect the amount from the merchant, the Firm will bear the loss for the amount credited or refunded to the cardholder. The Firm mitigates this risk by withholding future settlements, retaining cash reserve accounts or obtaining other collateral. In addition, the Firm recognizes a valuation allowance that covers the payment or performance risk 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 26 of this Form 10-Q and Note 30 of JPMorgan Chase’s 2022 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 185. Refer to Note 11 of JPMorgan Chase’s 2022 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 pari passu with the Firm’s unsecured and unsubordinated indebtedness, are not included in the table on page 185 of this Note. Refer to Note 20 of JPMorgan Chase’s 2022 Form 10-K for additional information. |
Pledged Assets and Collateral
Pledged Assets and Collateral | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Pledged Assets and Collateral | Pledged assets and collateral Refer to Note 29 of JPMorgan Chase’s 2022 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) June 30, 2023 December 31, 2022 Assets that may be sold or repledged or otherwise used by secured parties $ 161.3 $ 110.8 Assets that may not be sold or repledged or otherwise used by secured parties (a) 288.4 114.8 Assets pledged at Federal Reserve banks and FHLBs (b) 621.8 567.6 Total pledged assets $ 1,071.5 $ 793.2 (a) As of June 30, 2023, included $120.0 billion of assets pledged to the FDIC as part of the shared-loss agreements associated with the First Republic acquisition. Refer to Note 28 for additional information. (b) As of June 30, 2023, included $23.7 billion of assets pledged to the FHLB associated with the First Republic acquisition. Total pledged assets do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. Refer to Note 14 for additional information on assets and liabilities of consolidated VIEs. Refer to Note 11 for additional information on the Firm’s securities financing activities. Refer to Note 20 of JPMorgan Chase’s 2022 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) June 30, 2023 December 31, 2022 Collateral permitted to be sold or repledged, delivered, or otherwise used $ 1,303.7 $ 1,346.9 Collateral sold, repledged, delivered or otherwise used 986.3 1,019.4 |
Litigation
Litigation | 6 Months Ended |
Jun. 30, 2023 | |
Litigation [Abstract] | |
Litigation | Litigation Contingencies As of June 30, 2023, 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 $1.3 billion at June 30, 2023. 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 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. 1MDB Litigation . J.P. Morgan (Suisse) SA was named as a defendant in a civil litigation filed in May 2021 in Malaysia by 1Malaysia Development Berhad (“1MDB”), a Malaysian state-owned and controlled investment fund. J.P. Morgan (Suisse) SA was served in August 2022. The claim alleges “dishonest assistance” against J.P. Morgan (Suisse) SA in relation to payments of $300 million and $500 million, from 2009 and 2010, respectively, received from 1MDB and paid into an account at J.P. Morgan Suisse (SA) held by 1MDB PetroSaudi Limited, a joint venture company between 1MDB and PetroSaudi Holdings (Cayman) Limited. In September 2022, the Firm filed an application challenging the validity of service and the Malaysian Court’s jurisdiction to hear the claim. In April 2023, 1MDB discontinued its claim against J.P. Morgan (Suisse) SA, but requested permission of the Court to refile in the future, which the Court took under consideration. 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. 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 ("DOL") granted the Firm exemptions that permit the Firm and its affiliates to continue to rely on the Qualified Professional Asset Manager exemption under the Employee Retirement Income Security Act (“ERISA”) through 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. Although certain members of the settlement class filed requests to the Court to be excluded from the class, an agreement to resolve their claims was reached in December 2022. The District Court denied certification of a putative class action against the Firm and other foreign exchange dealers on behalf of certain parties who purchased foreign currencies at allegedly inflated rates and granted summary judgment against the named plaintiffs in March 2023. Those plaintiffs have filed a notice of appeal. 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. An agreement to resolve one of the UK actions was reached in December 2022. In July 2023, the U.K. Court of Appeal overturned the Competition Appeal Tribunal's earlier denial of a request for class certification on an opt-out basis. In Israel, a settlement in principle has been reached in the putative class action, which remains subject to court approval. 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, but that settlement was reversed on appeal and remanded to the United States District Court for the Eastern District of New York. 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. In March 2023, the United States Court of Appeals for the Second Circuit affirmed the District Court’s approval of the settlement, and two merchants have filed petitions for rehearing of the Appellate Court’s approval. 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. Of the merchants who opted out of the amended damages class settlement, certain merchants filed individual actions raising similar allegations against Visa and Mastercard, as well as against the Firm and other banks. While some of those actions remain pending, the defendants have reached settlements with the merchants who opted out representing approximately 65% of the combined Mastercard-branded and Visa-branded payment card sales volume. Jeffrey Epstein Litigation. JPMorgan Chase Bank, N.A. was named as a defendant in two lawsuits filed in the United States District Court for the Southern District of New York alleging that JPMorgan Chase Bank, N.A. knowingly facilitated Jeffrey Epstein’s sex trafficking and other unlawful conduct by providing banking services to Epstein until 2013. One case, which was filed in November 2022, was a putative class action filed by an alleged sex-trafficking victim of Epstein, and the other case, which was filed in December 2022, was brought on behalf of the government of the United States Virgin Islands and also alleges certain Virgin Islands statutory claims. In March 2023, the Court granted in part and denied in part JPMorgan Chase Bank, N.A.’s motions to dismiss these complaints, allowing some claims to proceed in both lawsuits. Also in March 2023, JPMorgan Chase Bank, N.A. filed third-party complaints impleading the Firm’s former employee, James Edward Staley, into the two lawsuits, asserting claims for indemnification, contribution, breach of fiduciary duty and violation of the faithless servant doctrine. In May 2023, the Court denied Staley’s motion to dismiss the impleader complaints. In June 2023, the Court granted the putative class’ motion for class certification and granted a preliminary approval of a settlement between the class and JPMorgan Chase Bank, N.A., pursuant to which JPMorgan Chase Bank, N.A. will pay $290 million to a fund for Epstein survivors. The actions involving the government of the United States Virgin Islands and Staley are proceeding. 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 one other bank remain 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. In September 2022, the Court dismissed plaintiffs' complaint in its entirety, and plaintiffs filed an amended complaint asserting similar antitrust claims, which defendants have moved to dismiss. The Firm’s settlements of putative class actions related to the Singapore Interbank Offered Rate and the Singapore Swap Offer Rate, and the Australian Bank Bill Swap Reference Rate received final court approval in November 2022, while the settlement related to Swiss franc LIBOR remains subject to court approval. 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 have opposed. The parties have reached an agreement in principle to settle this action, subject to final documentation and court approval. Shareholder Litigation . Several shareholder putative class actions, as well as shareholder derivative actions purporting to act on behalf of the Firm, have been filed against the Firm, its Board of Directors and certain of its current and former officers. Certain of these shareholder suits relate to historical trading practices by former employees in the precious metals and U.S. treasuries markets and related conduct which were the subject of the Firm’s resolutions with the DOJ, CFTC and SEC in September 2020, and fiduciary activities that were separately the subject of a resolution between JPMorgan Chase Bank, N.A. and the OCC in November 2020. One of these shareholder derivative suits was filed in the Supreme Court of the State of New York in May 2022, asserting breach of fiduciary duty and unjust enrichment claims relating to the historical trading practices and related conduct and fiduciary activities which were the subject of the resolutions described above. In December 2022, the court granted defendants’ motion to dismiss this action in full, and in January 2023, the plaintiff filed a notice of appeal, which remains pending. A second shareholder derivative action was filed in the United States District Court for the Eastern District of New York in December 2022 relating to the historical trading practices and related conduct, which asserts breach of fiduciary duty and contribution claims and alleges that the shareholder is excused from making a demand to commence litigation because such a demand would have been futile. Defendants have moved to dismiss the complaint. In addition, a consolidated putative class action is pending in the United States District Court for the Eastern District of New York on behalf of shareholders who acquired shares of JPMorgan Chase common stock during the putative class period, alleging that certain SEC filings of the Firm were materially false or misleading because they did not disclose certain information relating to the historical trading practices and conduct. Defendants have moved to dismiss the amended complaint in this action. A separate shareholder derivative suit was filed in March 2022 in the United States District Court for the Eastern District of New York asserting breaches of fiduciary duty and violations of federal securities laws based on the alleged failure of the Board of Directors to exercise adequate oversight over the Firm’s compliance with records preservation requirements which were the subject of resolutions between certain of the Firm’s subsidiaries and the SEC and the CFTC. Defendants’ motion to dismiss the amended complaint is pending. Two shareholder derivative suits were filed in May and June 2023, respectively, in the United States District Court for the Southern District of New York asserting breaches of fiduciary duty and unjust enrichment based on the alleged failure of the Board of Directors and James Dimon to exercise adequate oversight with respect to the Firm’s provision of banking services to Jeffrey Epstein. These actions allege that the shareholders are excused from making a demand to commence litigation because such a demand would have been futile. These actions were consolidated and defendants have moved to dismiss the amended complaint filed by the plaintiffs. * * * 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 $420 million and $73 million for the three months ended June 30, 2023 and 2022, 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 | 6 Months Ended |
Jun. 30, 2023 | |
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 2022 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 and six months ended June 30, 2023 and 2022, 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 2022 Form 10-K for additional information on the Firm’s managed basis. Capital allocation The amount of capital assigned to each business segment is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs may change. As of June 30, 2023, the Firm updated its line of business capital allocations to reflect the impact of the First Republic acquisition. Refer to Line of business equity on page 93 of JPMorgan Chase’s 2022 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 2023 2022 2023 2022 2023 2022 2023 2022 Noninterest revenue $ 3,543 $ 3,850 (b) $ 10,802 $ 8,805 (b) $ 835 $ 904 $ 3,358 $ 3,084 Net interest income 13,690 8,708 1,717 3,198 3,153 1,779 1,585 1,222 Total net revenue 17,233 12,558 12,519 12,003 3,988 2,683 4,943 4,306 Provision for credit losses 1,862 761 38 59 1,097 209 145 44 Noninterest expense 8,313 7,658 (b) 6,894 6,810 (b) 1,300 1,156 3,163 2,919 Income/(loss) before income tax expense/(benefit) 7,058 4,139 5,587 5,134 1,591 1,318 1,635 1,343 Income tax expense/(benefit) 1,752 1,031 (b) 1,495 1,417 (b) 383 324 409 339 Net income/(loss) $ 5,306 $ 3,108 $ 4,092 $ 3,717 $ 1,208 $ 994 $ 1,226 $ 1,004 Average equity $ 54,346 $ 50,000 $ 108,000 $ 103,000 $ 29,505 $ 25,000 $ 16,670 $ 17,000 Total assets 620,193 500,219 1,432,054 1,403,558 305,280 242,456 247,118 235,553 ROE 38 % 24 % 15 % 14 % 16 % 15 % 29 % 23 % Overhead ratio 48 61 55 57 33 43 64 68 As of or for the three months Corporate Reconciling Items (a) Total 2023 2022 2023 2022 2023 2022 Noninterest revenue $ 1,980 $ (244) $ (990) $ (812) $ 19,528 $ 15,587 Net interest income 1,738 324 (104) (103) 21,779 15,128 Total net revenue 3,718 80 (1,094) (915) 41,307 30,715 Provision for credit losses (243) 28 — — 2,899 1,101 Noninterest expense 1,152 206 — — 20,822 18,749 Income/(loss) before income tax expense/(benefit) 2,809 (154) (1,094) (915) 17,586 10,865 Income tax expense/(benefit) 169 20 (1,094) (915) 3,114 2,216 Net income/(loss) $ 2,640 $ (174) $ — $ — $ 14,472 $ 8,649 Average equity $ 69,364 $ 52,986 $ — $ — $ 277,885 $ 247,986 Total assets 1,263,595 1,459,528 NA NA 3,868,240 3,841,314 ROE NM NM NM NM 20 % 13 % Overhead ratio NM NM NM NM 50 61 (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 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation. Segment results and reconciliation (a) As of or for the six months Consumer & Corporate & Commercial Banking Asset & Wealth Management 2023 2022 2023 2022 2023 2022 2023 2022 Noninterest revenue $ 7,166 $ 7,705 (b) $ 22,325 $ 18,809 (b) $ 1,616 $ 1,771 $ 6,691 $ 6,323 Net interest income 26,523 17,035 3,794 6,770 5,883 3,310 3,036 2,298 Total net revenue 33,689 24,740 26,119 25,579 7,499 5,081 9,727 8,621 Provision for credit losses 3,264 1,439 96 504 1,514 366 173 198 Noninterest expense 16,378 15,313 (b) 14,377 14,173 (b) 2,608 2,285 6,254 5,779 Income/(loss) before income tax expense/(benefit) 14,047 7,988 11,646 10,902 3,377 2,430 3,300 2,644 Income tax expense/(benefit) 3,498 1,972 (b) 3,133 2,813 (b) 822 586 707 632 Net income/(loss) $ 10,549 $ 6,016 $ 8,513 $ 8,089 $ 2,555 $ 1,844 $ 2,593 $ 2,012 Average equity $ 53,180 $ 50,000 $ 108,000 $ 103,000 $ 29,005 $ 25,000 $ 16,337 $ 17,000 Total assets 620,193 500,219 1,432,054 1,403,558 305,280 242,456 247,118 235,553 ROE 39 % 23 % 15 % 15 % 17 % 14 % 31 % 23 % Overhead ratio 49 62 55 55 35 45 64 67 As of or for the six months Corporate Reconciling Items (a) Total 2023 2022 2023 2022 2023 2022 Noninterest revenue $ 1,225 $ (589) $ (1,857) $ (1,587) $ 37,166 $ 32,432 Net interest income 3,478 (212) (224) (201) 42,490 29,000 Total net revenue 4,703 (801) (2,081) (1,788) 79,656 61,432 Provision for credit losses 127 57 — — 5,174 2,564 Noninterest expense 1,312 390 — — 40,929 37,940 Income/(loss) before income tax expense/(benefit) 3,264 (1,248) (2,081) (1,788) 33,553 20,928 Income tax expense/(benefit) 380 (218) (2,081) (1,788) 6,459 3,997 Net income/(loss) $ 2,884 $ (1,030) $ — $ — $ 27,094 $ 16,931 Average equity $ 68,038 $ 55,234 $ — $ — $ 274,560 $ 250,234 Total assets 1,263,595 1,459,528 NA NA 3,868,240 3,841,314 ROE NM NM NM NM 19 % 13 % Overhead ratio NM NM NM NM 51 62 (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 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business combinations On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (the "First Republic acquisition") from the Federal Deposit Insurance Corporation (“FDIC”), as receiver, for $67.9 billion, resulting in an estimated bargain purchase gain of $2.7 billion recorded in other income. The estimated bargain purchase gain represents the excess of the estimated fair value of the net assets acquired above the purchase price. The First Republic acquisition further advances the Firm's wealth management strategy and is complementary to the Firm's existing franchises. The Firm has determined that this acquisition constitutes a business combination under U.S. GAAP. Accordingly, the initial recognition of the assets acquired and liabilities assumed were generally measured at their estimated fair values as of May 1, 2023. The determination of those fair values required management to make certain market-based assumptions about expected future cash flows, discount rates and other valuation inputs at the time of the acquisition. The Firm believes that the fair value estimates of the assets acquired and liabilities assumed provide a reasonable basis for determining the estimated bargain purchase gain. The Firm and the FDIC have not yet completed the settlement process under which the purchase price, and the identification of the assets acquired and liabilities assumed, will be finalized. The finalization of this settlement process may impact the amount of the estimated bargain purchase gain. The purchase and assumption agreement entered into with the FDIC allows for final settlement to occur up to a year after the acquisition date. In addition, the purchase price and the estimated bargain purchase gain could change pending management's finalization of its acquisition date fair value estimates for certain of the assets acquired and liabilities assumed (such as loans and commitments, intangible assets and leases), which may take place up to one year from the acquisition date, as permitted by U.S. GAAP. In connection with the First Republic acquisition, the Firm and the FDIC entered into two shared-loss agreements with respect to certain loans and lending-related commitments (the "shared-loss assets"): the Commercial Shared-Loss Agreement ("CSLA") and the Single-Family Shared-Loss Agreement (“SFSLA”). The CSLA covers 80% of credit losses, on a pari-passu basis, over 5 years with a subsequent 3-year recovery period for certain acquired commercial loans and other real estate exposure. The SFSLA covers 80% of credit losses, on a pari-passu basis, for 7 years for certain acquired loans secured by mortgages on real property or shares in cooperative property constituting a primary residence. The indemnification assets which represent the fair value of the CSLA and SFSLA are reflected in the total assets acquired. As part of the consideration paid, JPMorgan Chase issued a five-year, $50 billion secured note to the FDIC (the "Purchase Money Note"). The Purchase Money Note bears interest at a fixed rate of 3.4% and is secured by certain of the acquired loans. The Purchase Money Note is prepayable upon notice to the FDIC. The Firm had placed a $5 billion deposit with First Republic Bank on March 16, 2023, as part of $30 billion of deposits provided by a consortium of large U.S. banks. The Firm's $5 billion deposit was effectively settled as part of the acquisition and the associated allowance for credit losses was released upon closing. The Firm subsequently repaid the remaining $25 billion of deposits to the consortium of banks, including accrued interest through the payment date on May 9, 2023. The computation of the purchase price, the estimated fair value of the assets acquired and liabilities assumed as part of the First Republic acquisition and the related estimated bargain purchase gain are presented below. Fair value purchase (in millions) Purchase price consideration Amounts paid/due to the FDIC, net of cash acquired (a) $ 13,589 Purchase Money Note (at fair value) 48,848 Settlement of First Republic deposit and other related party transactions (b) 5,447 Contingent consideration - Shared-loss agreements 15 Purchase price consideration $ 67,899 Assets Securities $ 30,285 Loans 152,335 Core deposit and customer relationship intangibles 1,462 Indemnification assets - Shared-loss agreements 675 Accounts receivable and other assets (c) 7,551 Total assets acquired $ 192,308 Liabilities Deposits $ 87,507 FHLB advances 27,919 Lending-related commitments 2,409 Accounts payable and other liabilities (c) 3,006 Deferred tax liabilities 856 Total liabilities assumed $ 121,697 Fair value of net assets acquired $ 70,611 Estimated gain on acquisition, after income taxes $ 2,712 (a) Includes $10.6 billion of cash paid to the FDIC at acquisition and $3.7 billion payable to the FDIC, less cash acquired of $680 million. (b) Includes $447 million of securities financing transactions with First Republic Bank that were effectively settled on the acquisition date. (c) Other assets include $1.2 billion in tax-oriented investments and $756 million of lease right-of-use assets. Other liabilities include the related tax-oriented investment liabilities of $669 million and lease liabilities of $756 million. Refer to Note 14 and Note 17 for additional information. The issuance of the $50 billion Purchase Money Note, the effective settlement of the Firm's $5 billion deposit and $447 million of securities financing with First Republic Bank, and the $3.7 billion payable to the FDIC as part of the purchase price consideration are considered non-cash transactions. The following describes the accounting policies and fair value methodologies generally used by the Firm for the following assets acquired and liabilities assumed: core deposit and customer relationship intangibles, shared-loss agreements and the related indemnification assets, Purchase Money Note, and FHLB advances. Refer to JPMorgan Chase’s 2022 Form 10-K for a discussion of the Firm’s accounting policies and valuation methodologies for securities, loans, deposits, and lending-related commitments. Core deposit and customer relationship intangibles Core deposit and certain wealth management customer relationship intangibles were acquired as part of the First Republic transaction. The core deposit intangible of $1.3 billion was valued by discounting estimated after-tax cost savings over the remaining useful life of the deposits using the favorable source of funds method. The after-tax cost savings were estimated based on the difference between the cost of maintaining the core deposit base relative to the cost of next best alternative funding sources available to market participants. The customer relationship intangibles of $187 million were valued by discounting estimated after-tax earnings over their remaining useful lives using the multi-period excess earnings method. Both intangible asset valuations utilized assumptions that the Firm believes a market participant would use to estimate fair values, such as growth and attrition rates, projected fee income as well as related costs to service the relationships, and discount rates. The core deposit and customer relationship intangibles will be amortized over a projected period of future cash flows of approximately 7 years. As of June 30, 2023, the carrying values of the core deposit and customer relationship intangibles were $1.2 billion and $183 million, respectively, reflecting accumulated amortization of approximately $30 million and $4 million, respectively. Indemnification assets - Shared-loss agreements The indemnification assets represent forecasted recoveries from the FDIC associated with the shared-loss assets over the respective shared loss recovery periods. The indemnification assets were recorded at fair value in other assets on the Consolidated balance sheets on the acquisition date. The fair values of the indemnification assets were estimated based on the timing of the forecasted losses underlying the related allowance for credit losses. The subsequent quarterly remeasurement of the indemnification assets will be based on changes in amount and timing of forecasted losses in the allowance for credit losses associated with the shared loss assets and will be recorded in other income. Under certain circumstances, the Firm may be required to make a payment to the FDIC upon termination of the shared-loss agreements based on the level of actual losses and recoveries on the shared-loss assets. The estimated potential future payment is reflected as contingent consideration as part of the purchase price consideration. Purchase Money Note and FHLB advances The Purchase Money Note is recorded in long-term debt on the Consolidated balance sheets. The fair value of the Purchase Money Note was estimated based on a discounted cash flow methodology and incorporated estimated market discount rates. The FHLB advances assumed in the acquisition are recorded in short-term borrowings and in long-term debt. The fair value of the FHLB advances was based on a discounted cash flow methodology and considered the observed FHLB advance issuance rates. Loans The following table presents the unpaid principal balance and estimated fair value of the loans acquired as of May 1, 2023. May 1, 2023 (in millions) UPB Fair value Residential real estate $ 106,240 $ 91,906 Auto and other 3,092 2,031 Total consumer 109,332 93,937 Secured by real estate 37,119 33,605 Commercial & industrial 4,333 3,933 Other 22,597 20,860 Total wholesale 64,049 58,398 Total loans $ 173,381 $ 152,335 Unaudited pro forma condensed combined financial information Included in the Firm's Consolidated statements of income are noninterest revenue, net interest income and net income contributed by First Republic since the acquisition date of May 1, 2023 of $3.1 billion, $897 million and $2.4 billion, respectively, for the three and six months ended June 30, 2023. The following table presents certain unaudited pro forma financial information for the three and six months ended June 30, 2023 and 2022 as if the First Republic acquisition had occurred on January 1, 2022, including recognition of the estimated bargain purchase gain of $2.7 billion and the provision for credit losses of $1.2 billion. Additional adjustments include the interest on the Purchase Money Note and the impact of amortizing and accreting certain estimated fair value adjustments related to intangible assets and loans. The Firm expects to achieve operating cost savings and other business synergies resulting from the acquisition that are not reflected in the pro forma amounts. The pro forma information is not necessarily indicative of the historical results of operations had the acquisition occurred on January 1, 2022, nor is it indicative of the results of operations in future periods, particularly in light of recent changes in market and economic conditions. Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Noninterest revenue $ 16,924 $ 15,853 $ 34,832 $ 35,675 Net interest income 22,184 16,180 44,084 30,997 Net income 13,565 9,086 26,726 18,887 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income | $ 14,472 | $ 8,649 | $ 27,094 | $ 16,931 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 shares | Jun. 30, 2023 shares | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | Director and executive officer trading arrangements The following table provides information concerning Rule 10b5-1 trading arrangements adopted in the second quarter of 2023 by any director or any executive officer who is subject to the filing requirements of Section 16 of the Securities Exchange Act of 1934. These trading arrangements are intended to satisfy the affirmative defense of Rule 10b5-1(c). Certain of the Firm's directors and executive officers may participate in employee stock purchase plans, 401(k) plans or dividend reinvestment plans of the Firm that have been designed to comply with Rule 10b5-1(c). No non-Rule 10b5-1 trading arrangements were adopted by any director or executive officer during the second quarter of 2023. Additionally, no Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were terminated by any director or executive officer in the second quarter of 2023. Name Title Adoption date Duration (a) Aggregate number of shares to be sold Stacey Friedman General Counsel May 6, 2023 May 6, 2023 - December 29, 2023 8,620 Marianne Lake Co-CEO, CCB May 12, 2023 May 12, 2023 - December 29, 2023 32,243 | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Stacey Friedman [Member] | ||
Trading Arrangements, by Individual | ||
Name | Stacey Friedman | |
Title | General Counsel | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | May 6, 2023 | |
Arrangement Duration | 237 days | |
Aggregate Available | 8,620 | 8,620 |
Marianne Lake [Member] | ||
Trading Arrangements, by Individual | ||
Name | Marianne Lake | |
Title | Co-CEO, CCB | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | May 12, 2023 | |
Arrangement Duration | 231 days | |
Aggregate Available | 32,243 | 32,243 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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 revised 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.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. |
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 balances 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 2022 Form 10-K for further information on offsetting assets and liabilities. |
Accounting standards adopted policy | Derivatives and Hedging: Fair Value Hedging – Portfolio Layer Method The adoption of this guidance expanded the ability to hedge a portfolio of prepayable assets to allow more of the portfolio to be hedged. Non-prepayable assets can also be included in the same portfolio, thus increasing the size of the portfolio and the amount available to be hedged. This guidance also clarified the types of derivatives that can be used as hedges, and the balance sheet presentation and disclosure requirements for the hedge accounting adjustments. As permitted by the guidance, the Firm elected to transfer HTM securities to AFS and designate those securities in a portfolio layer method hedge upon adoption. The adoption impact of the transfer on retained earnings was not material. Refer to Note 5 and Note 10 for additional information. Financial Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures The adoption of this guidance eliminated the accounting and disclosure requirements for TDRs, including the requirement to measure the allowance using a discounted cash flow (“DCF”) methodology, and allowed the option of a non-DCF portfolio-based approach for modified loans to troubled borrowers. If a DCF methodology is still applied for these modified loans, the discount rate must be the post- modification effective interest rate, instead of the pre-modification effective interest rate. The Firm elected to apply its non-DCF, portfolio-based allowance approach for modified loans to troubled borrowers for all portfolios except modified nonaccrual risk-rated loans which the Firm elected to continue applying a DCF methodology. Refer to Note 13 of JPMorgan Chase’s 2022 Form 10-K for a description of the portfolio-based allowance approach and the asset-specific allowance approach. This guidance was adopted under the modified retrospective method which resulted in a net decrease to the allowance for credit losses of $587 million and an increase to retained earnings of $446 million, after-tax, predominantly driven by residential real estate and credit card. The adoption of this guidance eliminated the disclosure requirements for TDRs including the requirement to assess whether a modification is reasonably expected or involves a concession. The new guidance requires disclosure for loan modifications to borrowers experiencing financial difficulty consisting of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or a combination of these modifications. The Firm has defined these types of modifications as financial difficulty modifications ("FDMs"). As a result of the elimination of the requirement to assess whether a modification is reasonably expected or involves a concession, the population of loans considered FDMs will differ from those previously considered TDRs. This guidance also requires disclosure of current period gross charge-offs by vintage origination year. Refer to Note 12 for further information. |
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. On January 1, 2023 the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance as described in Note 1. The adoption of this guidance eliminated the requirement to measure the allowance for TDRs using a DCF methodology and allowed the option of a non-DCF portfolio-based approach for modified loans to borrowers experiencing financial difficulty. If a DCF methodology is still applied for these modified loans, the discount rate must be the post-modification effective interest rate, instead of the pre-modification effective interest rate. The Firm elected to change from an asset-specific allowance approach to its non-DCF, portfolio-based allowance approach for modified loans to troubled borrowers for all portfolios except collateral-dependent loans and nonaccrual risk-rated loans, for which the asset-specific allowance approach will continue to apply. This guidance was adopted under the modified retrospective method which resulted in a net decrease to the allowance for credit losses of $587 million and an increase to retained earnings of $446 million, after-tax predominantly driven by residential real estate and credit card. |
Loan securitizations policy | The Firm has securitized and sold a variety of loans, including residential mortgages, credit card receivables, commercial mortgages and other consumer loans. |
Debt policy | JPMorgan Chase issues long-term debt denominated in various currencies, predominantly U.S. dollars, with both fixed and variable interest rates. Included in senior and subordinated debt below are various equity-linked or other indexed instruments, which the Firm has elected to measure at fair value; changes in fair value are recorded in principal transactions revenue in the Consolidated statements of income, except for unrealized gains/(losses) due to DVA which are recorded in OCI. |
Business combinations policy | Core deposit and customer relationship intangibles Core deposit and certain wealth management customer relationship intangibles were acquired as part of the First Republic transaction. The core deposit intangible of $1.3 billion was valued by discounting estimated after-tax cost savings over the remaining useful life of the deposits using the favorable source of funds method. The after-tax cost savings were estimated based on the difference between the cost of maintaining the core deposit base relative to the cost of next best alternative funding sources available to market participants. The customer relationship intangibles of $187 million were valued by discounting estimated after-tax earnings over their remaining useful lives using the multi-period excess earnings method. Both intangible asset valuations utilized assumptions that the Firm believes a market participant would use to estimate fair values, such as growth and attrition rates, projected fee income as well as related costs to service the relationships, and discount rates. The core deposit and customer relationship intangibles will be amortized over a projected period of future cash flows of approximately 7 years. As of June 30, 2023, the carrying values of the core deposit and customer relationship intangibles were $1.2 billion and $183 million, respectively, reflecting accumulated amortization of approximately $30 million and $4 million, respectively. Indemnification assets - Shared-loss agreements The indemnification assets represent forecasted recoveries from the FDIC associated with the shared-loss assets over the respective shared loss recovery periods. The indemnification assets were recorded at fair value in other assets on the Consolidated balance sheets on the acquisition date. The fair values of the indemnification assets were estimated based on the timing of the forecasted losses underlying the related allowance for credit losses. The subsequent quarterly remeasurement of the indemnification assets will be based on changes in amount and timing of forecasted losses in the allowance for credit losses associated with the shared loss assets and will be recorded in other income. Under certain circumstances, the Firm may be required to make a payment to the FDIC upon termination of the shared-loss agreements based on the level of actual losses and recoveries on the shared-loss assets. The estimated potential future payment is reflected as contingent consideration as part of the purchase price consideration. Purchase Money Note and FHLB advances The Purchase Money Note is recorded in long-term debt on the Consolidated balance sheets. The fair value of the Purchase Money Note was estimated based on a discounted cash flow methodology and incorporated estimated market discount rates. The FHLB advances assumed in the acquisition are recorded in short-term borrowings and in long-term debt. The fair value of the FHLB advances was based on a discounted cash flow methodology and considered the observed FHLB advance issuance rates. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023, and December 31, 2022, by major product category and fair value hierarchy. Assets and liabilities measured at fair value on a recurring basis Fair value hierarchy Derivative (f) June 30, 2023 (in millions) Level 1 Level 2 Level 3 Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 322,579 $ — $ — $ 322,579 Securities borrowed — 55,905 — — 55,905 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 88,769 706 — 89,475 Residential – nonagency — 2,684 5 — 2,689 Commercial – nonagency — 1,517 6 — 1,523 Total mortgage-backed securities — 92,970 717 — 93,687 U.S. Treasury, GSEs and government agencies (a) 129,042 9,204 — — 138,246 Obligations of U.S. states and municipalities — 6,782 6 — 6,788 Certificates of deposit, bankers’ acceptances and commercial paper — 2,834 — — 2,834 Non-U.S. government debt securities 41,423 63,986 199 — 105,608 Corporate debt securities — 33,106 522 — 33,628 Loans — 6,984 1,105 — 8,089 Asset-backed securities — 2,497 14 — 2,511 Total debt instruments 170,465 218,363 2,563 — 391,391 Equity securities 148,222 1,337 631 — 150,190 Physical commodities (b) 2,442 11,265 6 — 13,713 Other — 17,332 113 — 17,445 Total debt and equity instruments (c) 321,129 248,297 3,313 — 572,739 Derivative receivables: Interest rate 1,988 282,125 4,199 (260,603) 27,709 Credit — 12,535 1,150 (12,440) 1,245 Foreign exchange 204 226,130 1,345 (205,485) 22,194 Equity — 57,619 3,773 (54,068) 7,324 Commodity — 17,358 282 (11,895) 5,745 Total derivative receivables 2,192 595,767 10,749 (544,491) 64,217 Total trading assets (d) 323,321 844,064 14,062 (544,491) 636,956 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) 1 79,767 — — 79,768 Residential – nonagency — 3,544 — — 3,544 Commercial – nonagency — 2,056 — — 2,056 Total mortgage-backed securities 1 85,367 — — 85,368 U.S. Treasury and government agencies 62,688 49 — — 62,737 Obligations of U.S. states and municipalities — 24,023 — — 24,023 Non-U.S. government debt securities 13,397 8,643 — — 22,040 Corporate debt securities — 121 267 — 388 Asset-backed securities: Collateralized loan obligations — 5,437 — — 5,437 Other (a) — 3,269 — — 3,269 Total available-for-sale securities 76,086 126,909 267 — 203,262 Loans (e) — 34,981 3,808 — 38,789 Mortgage servicing rights — — 8,229 — 8,229 Other assets (d) 6,146 6,687 417 — 13,250 Total assets measured at fair value on a recurring basis $ 405,553 $ 1,391,125 $ 26,783 $ (544,491) $ 1,278,970 Deposits $ — $ 49,515 $ 2,053 $ — $ 51,568 Federal funds purchased and securities loaned or sold under repurchase agreements — 216,604 — — 216,604 Short-term borrowings — 16,238 1,704 — 17,942 Trading liabilities: Debt and equity instruments (c) 101,437 30,764 63 — 132,264 Derivative payables: Interest rate 1,610 270,411 5,321 (262,185) 15,157 Credit — 13,306 461 (13,201) 566 Foreign exchange 185 222,444 956 (209,408) 14,177 Equity — 62,016 5,654 (57,865) 9,805 Commodity — 18,650 635 (12,445) 6,840 Total derivative payables 1,795 586,827 13,027 (555,104) 46,545 Total trading liabilities 103,232 617,591 13,090 (555,104) 178,809 Accounts payable and other liabilities 3,486 1,547 68 — 5,101 Beneficial interests issued by consolidated VIEs — 1 — — 1 Long-term debt — 53,184 25,425 — 78,609 Total liabilities measured at fair value on a recurring basis $ 106,718 $ 954,680 $ 42,340 $ (555,104) $ 548,634 Fair value hierarchy Derivative (f) December 31, 2022 (in millions) Level 1 Level 2 Level 3 Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 311,883 $ — $ — $ 311,883 Securities borrowed — 70,041 — — 70,041 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 68,162 759 — 68,921 Residential – nonagency — 2,498 5 — 2,503 Commercial – nonagency — 1,448 7 — 1,455 Total mortgage-backed securities — 72,108 771 — 72,879 U.S. Treasury, GSEs and government agencies (a) 61,191 8,546 — — 69,737 Obligations of U.S. states and municipalities — 6,608 7 — 6,615 Certificates of deposit, bankers’ acceptances and commercial paper — 2,009 — — 2,009 Non-U.S. government debt securities 18,213 48,429 155 — 66,797 Corporate debt securities — 25,626 463 — 26,089 Loans — 5,744 759 — 6,503 Asset-backed securities — 2,536 23 — 2,559 Total debt instruments 79,404 171,606 2,178 — 253,188 Equity securities 82,483 2,060 665 — 85,208 Physical commodities (b) 9,595 16,673 2 — 26,270 Other — 18,146 64 — 18,210 Total debt and equity instruments (c) 171,482 208,485 2,909 — 382,876 Derivative receivables: Interest rate 3,390 292,956 4,069 (271,996) 28,419 Credit — 9,722 607 (9,239) 1,090 Foreign exchange 169 240,207 1,203 (218,214) 23,365 Equity — 57,485 4,428 (52,774) 9,139 Commodity — 24,982 375 (16,490) 8,867 Total derivative receivables 3,559 625,352 10,682 (568,713) 70,880 Total trading assets (d) 175,041 833,837 13,591 (568,713) 453,756 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) 3 71,500 — — 71,503 Residential – nonagency — 4,620 — — 4,620 Commercial – nonagency — 1,958 — — 1,958 Total mortgage-backed securities 3 78,078 — — 78,081 U.S. Treasury and government agencies 92,060 — — — 92,060 Obligations of U.S. states and municipalities — 6,786 — — 6,786 Non-U.S. government debt securities 10,591 9,105 — — 19,696 Corporate debt securities — 118 239 — 357 Asset-backed securities: Collateralized loan obligations — 5,792 — — 5,792 Other — 3,085 — — 3,085 Total available-for-sale securities 102,654 102,964 239 — 205,857 Loans (e) — 40,661 1,418 — 42,079 Mortgage servicing rights — — 7,973 — 7,973 Other assets (d) 7,544 6,065 405 — 14,014 Total assets measured at fair value on a recurring basis $ 285,239 $ 1,365,451 $ 23,626 $ (568,713) $ 1,105,603 Deposits $ — $ 26,458 $ 2,162 $ — $ 28,620 Federal funds purchased and securities loaned or sold under repurchase agreements — 151,999 — — 151,999 Short-term borrowings — 14,391 1,401 — 15,792 Trading liabilities: Debt and equity instruments (c) 98,719 28,032 84 — 126,835 Derivative payables: Interest rate 2,643 284,280 3,368 (274,321) 15,970 Credit — 9,377 594 (9,217) 754 Foreign exchange 160 250,647 714 (232,665) 18,856 Equity — 57,649 4,812 (53,657) 8,804 Commodity — 22,748 521 (16,512) 6,757 Total derivative payables 2,803 624,701 10,009 (586,372) 51,141 Total trading liabilities 101,522 652,733 10,093 (586,372) 177,976 Accounts payable and other liabilities 5,702 1,283 53 — 7,038 Beneficial interests issued by consolidated VIEs — 5 — — 5 Long-term debt — 48,189 24,092 — 72,281 Total liabilities measured at fair value on a recurring basis $ 107,224 $ 895,058 $ 37,801 $ (586,372) $ 453,711 (a) At June 30, 2023, and December 31, 2022, included total U.S. GSE obligations of $93.5 billion and $73.8 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 5 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 June 30, 2023, and December 31, 2022, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $956 million and $950 million, respectively. Included in these balances at June 30, 2023, and December 31, 2022, were trading assets of $40 million and $43 million, respectively, and other assets of $916 million and $907 million, respectively. (e) At June 30, 2023, and December 31, 2022, included $9.3 billion and $9.7 billion, respectively, of residential first-lien mortgages, and $6.8 billion of commercial first-lien mortgages for both periods. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. GSEs and government agencies of $3.3 billion and $2.4 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 | 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) June 30, 2023 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) $ 1,641 Discounted cash flows Yield 6% 40% 7% Prepayment speed 3% 11% 8% Conditional default rate 0% 5% 0% Loss severity 0% 110% 3% Commercial mortgage-backed securities and loans (c) 2,318 Market comparables Price $0 $101 $84 Corporate debt securities 789 Market comparables Price $0 $242 $95 Loans (d) 1,671 Market comparables Price $0 $108 $78 Non-U.S. government debt securities 199 Market comparables Price $6 $106 $91 Net interest rate derivatives (1,105) Option pricing Interest rate volatility 26 bps 674 bps 131 bps Interest rate spread volatility 37 bps 77 bps 64 bps Bermudan switch value 0% 58% 20% Interest rate correlation (82)% 90% 15% IR-FX correlation (35)% 60% 5% (17) Discounted cash flows Prepayment speed 0% 15% 5% Net credit derivatives 673 Discounted cash flows Credit correlation 35% 65% 48% Credit spread 0 bps 11,279 bps 342 bps Recovery rate 10% 90% 40% 16 Market comparables Price $15 $115 $83 Net foreign exchange derivatives 461 Option pricing IR-FX correlation (40)% 60% 19% (72) Discounted cash flows Prepayment speed 11% 11% Interest rate curve 0% 30% 6% Net equity derivatives (1,881) Option pricing Forward equity price (h) 84% 142% 101% Equity volatility 3% 167% 32% Equity correlation 15% 100% 58% Equity-FX correlation (86)% 60% (29)% Equity-IR correlation 10% 35% 21% Net commodity derivatives (353) Option pricing Oil commodity forward $95 / BBL $249 / BBL $172 / BBL Natural gas commodity forward $1 / MMBTU $7 / MMBTU $4 / MMBTU Commodity volatility 5% 175% 90% Commodity correlation (28)% 80% 26% MSRs 8,229 Discounted cash flows Refer to Note 15 Long-term debt, short-term borrowings, and deposits (e) 27,806 Option pricing Interest rate volatility 26 bps 674 bps 131 bps Bermudan switch value 0% 58% 20% Interest rate correlation (82)% 90% 15% IR-FX correlation (35)% 60% 5% Equity correlation 15% 100% 58% Equity-FX correlation (86)% 60% (29)% Equity-IR correlation 10% 35% 21% 1,376 Discounted cash flows Credit correlation 35% 65% 48% Other level 3 assets and liabilities, net (f) 1,056 (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 $706 million, nonagency securities of $5 million and non-trading loans of $930 million. (c) Comprises nonagency securities of $6 million, trading loans of $72 million and non-trading loans of $2.2 billion. (d) Comprises trading loans of $1.0 billion and non-trading loans of $638 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 $843 million including $213 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 June 30, 2023 and 2022. 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) Federal funds sold and securities purchased under resale agreements $ — $ — $ — $ — $ — $ — $ — $ — $ — Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies 757 — 106 (106) (40) — (11) 706 (6) Residential – nonagency 5 6 — (6) — — — 5 — Commercial – nonagency 10 (1) — — — 5 (8) 6 (1) Total mortgage-backed securities 772 5 106 (112) (40) 5 (19) 717 (7) Obligations of U.S. states and municipalities 6 — — — — — — 6 — Non-U.S. government debt securities 169 29 50 (49) — — — 199 31 Corporate debt securities 538 — 61 (43) (2) 7 (39) 522 (2) Loans 926 (6) 246 (65) (18) 102 (80) 1,105 (6) Asset-backed securities 7 — 4 (1) — 4 — 14 — Total debt instruments 2,418 28 467 (270) (60) 118 (138) 2,563 16 Equity securities 581 (16) 50 (36) — 104 (52) 631 (16) Physical commodities — — 6 — — — — 6 — Other 140 (19) 2 — (6) — (4) 113 (18) Total trading assets – debt and equity instruments 3,139 (7) (c) 525 (306) (66) 222 (194) 3,313 (18) (c) Net derivative receivables: (b) Interest rate 754 (1,043) 60 (42) 49 (914) 14 (1,122) (960) Credit 452 228 — (1) 31 2 (23) 689 240 Foreign exchange 545 (37) 51 (67) (126) 55 (32) 389 (29) Equity (885) (148) 295 (675) (726) 349 (91) (1,881) 9 Commodity (287) (50) 35 (51) 16 (12) (4) (353) (71) Total net derivative receivables 579 (1,050) (c) 441 (836) (756) (520) (136) (2,278) (811) (c) Available-for-sale securities: Corporate debt securities 250 17 — — — — — 267 17 Total available-for-sale securities 250 17 (d) — — — — — 267 17 (d) Loans 1,479 (3) (c) 2,137 (7) (490) 760 (68) 3,808 (52) (c) Mortgage servicing rights 7,755 275 (e) 546 (92) (255) — — 8,229 275 (e) Other assets 406 16 (c) 5 (2) (14) 8 (2) 417 16 (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 $ 2,208 $ (51) (c)(f) $ — $ — $ 139 $ (181) $ — $ (62) $ 2,053 $ (51) (c)(f) Short-term borrowings 1,410 50 (c)(f) — — 1,191 (927) 2 (22) 1,704 29 (c)(f) Trading liabilities – debt and equity instruments 63 (1) (c) — (2) — (2) 6 (1) 63 (1) (c) Accounts payable and other liabilities 56 5 (c) (2) 3 — — 8 (2) 68 5 (c) Long-term debt 25,227 325 (c)(f) — — 2,667 (2,550) 113 (357) 25,425 354 (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) Federal funds sold and securities purchased under resale agreements $ — $ — $ — $ — $ — $ 1 $ — $ 1 $ — Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies 286 (1) 643 (118) (7) — — 803 (2) Residential – nonagency 10 — 5 — (1) — — 14 — Commercial – nonagency 10 — — — — — — 10 — Total mortgage-backed securities 306 (1) 648 (118) (8) — — 827 (2) Obligations of U.S. states and municipalities 7 — — — — — — 7 — Non-U.S. government debt securities 133 (9) 177 (86) — 6 (16) 205 (8) Corporate debt securities 293 (16) 272 (12) — 57 (20) 574 (16) Loans 1,049 (33) 122 (164) (152) 254 (178) 898 (32) Asset-backed securities 28 — 1 (10) — 1 — 20 — Total debt instruments 1,816 (59) 1,220 (390) (160) 318 (214) 2,531 (58) Equity securities 663 (99) 98 (61) — 106 (46) 661 (90) Physical commodities — — 2 — — — — 2 — Other 175 66 6 — (158) — (2) 87 60 Total trading assets – debt and equity instruments 2,654 (92) (c) 1,326 (451) (318) 424 (262) 3,281 (88) (c) Net derivative receivables: (b) Interest rate 367 160 99 (135) 105 44 (220) 420 204 Credit 44 264 4 (3) (65) 1 4 249 255 Foreign exchange 76 193 15 (19) (38) 24 (6) 245 174 Equity (2,583) 1,838 162 (466) (140) (227) 182 (1,234) 1,788 Commodity (414) 382 18 (69) 112 (1) (2) 26 423 Total net derivative receivables (2,510) 2,837 (c) 298 (692) (26) (159) (42) (294) 2,844 (c) Available-for-sale securities: Corporate debt securities 205 (19) — — — — — 186 (19) Total available-for-sale securities 205 (19) (d) — — — — — 186 (19) (d) Loans 2,072 (82) (c) 273 (95) (250) 226 (124) 2,020 (80) (c) Mortgage servicing rights 7,294 654 (e) 341 (614) (236) — — 7,439 654 (e) Other assets 341 116 (c) 5 (28) (20) — (6) 408 116 (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 $ 2,121 $ (160) (c)(f) $ — $ — $ 138 $ (21) $ — $ (46) $ 2,032 $ (160) (c)(f) Short-term borrowings 2,146 14 (c)(f) — — 963 (1,036) 14 — 2,101 93 (c)(f) Trading liabilities – debt and equity instruments 41 1 (c) (20) 4 — — 30 — 56 1 (c) Accounts payable and other liabilities 108 (2) (c) (28) 1 — — — (6) 73 (2) (c) Long-term debt 24,394 (2,640) (c)(f) — — 3,470 (2,045) 179 (281) 23,077 (2,613) (c)(f) Fair value measurements using significant unobservable inputs Six months ended June 30, 2023 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) Federal funds sold and securities purchased under resale agreements $ — $ — $ — $ — $ — $ — $ — $ — $ — Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies 759 7 131 (113) (64) — (14) 706 2 Residential – nonagency 5 7 — (6) (2) 1 — 5 1 Commercial – nonagency 7 — — — (1) 8 (8) 6 (1) Total mortgage-backed securities 771 14 131 (119) (67) 9 (22) 717 2 Obligations of U.S. states and municipalities 7 — — (1) — — — 6 — Non-U.S. government debt securities 155 40 100 (96) — — — 199 43 Corporate debt securities 463 24 110 (60) (2) 30 (43) 522 18 Loans 759 2 682 (127) (113) 125 (223) 1,105 1 Asset-backed securities 23 — 5 (3) (1) 5 (15) 14 (1) Total debt instruments 2,178 80 1,028 (406) (183) 169 (303) 2,563 63 Equity securities 665 (47) 108 (107) — 140 (128) 631 (27) Physical Commodities 2 — 6 — (2) — — 6 — Other 64 (40) 96 — (4) 1 (4) 113 (19) Total trading assets – debt and equity instruments 2,909 (7) (c) 1,238 (513) (189) 310 (435) 3,313 17 (c) Net derivative receivables: (b) Interest rate 701 (697) 95 (92) 27 (1,079) (77) (1,122) (582) Credit 13 474 3 (4) 202 26 (25) 689 497 Foreign exchange 489 52 79 (108) (201) 119 (41) 389 29 Equity (384) 23 613 (1,362) (726) 460 (505) (1,881) 95 Commodity (146) (42) 39 (118) (111) (11) 36 (353) (206) Total net derivative receivables 673 (190) (c) 829 (1,684) (809) (485) (612) (2,278) (167) (c) Available-for-sale securities: Corporate debt securities 239 28 — — — — — 267 28 Total available-for-sale securities 239 28 (d) — — — — — 267 28 (d) Loans 1,418 23 (c) 2,285 (73) (585) 917 (177) 3,808 24 (c) Mortgage servicing rights 7,973 264 (e) 577 (90) (495) — — 8,229 264 (e) Other assets 405 21 (c) 17 (2) (30) 8 (2) 417 21 (c) Fair value measurements using significant unobservable inputs Six months ended June 30, 2023 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 $ 2,162 $ (3) (c)(f) $ — $ — $ 267 $ (248) $ — $ (125) $ 2,053 $ (31) (c)(f) Short-term borrowings 1,401 140 (c)(f) — — 2,242 (2,059) 2 (22) 1,704 34 (c)(f) Trading liabilities – debt and equity instruments 84 (13) (c) (27) 6 — (2) 18 (3) 63 — Accounts payable and other liabilities 53 4 (c) (2) 7 — — 8 (2) 68 4 (c) Long-term debt 24,092 1,681 (c)(f) — — 5,400 (5,525) 204 (427) 25,425 1,674 (c)(f) Fair value measurements using significant unobservable inputs Six months ended June 30, 2022 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) Federal funds sold and securities purchased under resale agreements $ — $ — $ — $ — $ — $ 1 $ — $ 1 $ — Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies 265 26 665 (125) (28) — — 803 24 Residential – nonagency 28 — 5 — (12) — (7) 14 (1) Commercial – nonagency 10 — — — — — — 10 — Total mortgage-backed securities 303 26 670 (125) (40) — (7) 827 23 Obligations of U.S. states and municipalities 7 — — — — — — 7 — Non-U.S. government debt securities 81 (42) 405 (266) — 43 (16) 205 (106) Corporate debt securities 332 (35) 333 (71) (37) 98 (46) 574 (44) Loans 708 (37) 419 (262) (159) 525 (296) 898 (13) Asset-backed securities 26 — 2 (10) — 5 (3) 20 — Total debt instruments 1,457 (88) 1,829 (734) (236) 671 (368) 2,531 (140) Equity securities 662 (912) 321 (301) — 959 (68) 661 (474) Physical Commodities — — 2 — — — — 2 — Other 160 67 26 — (163) — (3) 87 70 Total trading assets – debt and equity instruments 2,279 (933) (c) 2,178 (1,035) (399) 1,630 (439) 3,281 (544) (c) Net derivative receivables: (b) Interest rate (16) 393 225 (229) 256 17 (226) 420 428 Credit 74 331 8 (7) (161) (2) 6 249 330 Foreign exchange (419) 538 147 (43) 32 18 (28) 245 486 Equity (3,626) 2,568 660 (1,025) 303 (558) 444 (1,234) 2,975 Commodity (907) 804 68 (206) 268 (1) — 26 469 Total net derivative receivables (4,894) 4,634 (c) 1,108 (1,510) 698 (526) 196 (294) 4,688 (c) Available-for-sale securities: Corporate debt securities 161 8 17 — — — — 186 8 Total available-for-sale securities 161 8 (d) 17 — — — — 186 8 (d) Loans 1,933 16 (c) 394 (100) (531) 616 (308) 2,020 (24) (c) Mortgage servicing rights 5,494 1,613 (e) 1,471 (671) (468) — — 7,439 1,613 (e) Other assets 306 125 (c) 46 (28) (37) 2 (6) 408 119 (c) Fair value measurements using significant unobservable inputs Six months ended June 30, 2022 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 $ (302) (c)(f) $ — $ — $ 246 $ (69) $ — $ (160) $ 2,032 $ (298) (c)(f) Short-term borrowings 2,481 (387) (c)(f) — — 2,386 (2,383) 15 (11) 2,101 7 (c)(f) Trading liabilities – debt and equity instruments 30 (16) (c) (34) 34 — — 44 (2) 56 15 (c) Accounts payable and other liabilities 69 (6) (c) (28) 43 — — 1 (6) 73 (6) (c) Long-term debt 24,374 (4,308) (c)(f) — — 7,520 (4,521) 442 (430) 23,077 (4,151) (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% at both June 30, 2023 and December 31, 2022. 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 8% at both June 30, 2023 and December 31, 2022, 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. Realized and unrealized gains/(losses) recorded on level 3 AFS securities were not material both for the three and six months ended June 30, 2023 and 2022. (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 and six months ended June 30, 2023 and 2022. Unrealized (gains)/losses are reported in OCI, and were $23 million and $(344) million for the three months ended June 30, 2023 and 2022, respectively and $(277) million and $(574) million for the six months ended June 30, 2023 and 2022, 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 June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Credit and funding adjustments: Derivatives CVA $ 66 $ 147 $ 121 $ (165) Derivatives FVA 63 7 55 (51) |
Assets and liabilities measured at fair value on a nonrecurring basis | The following tables present the assets and liabilities held as of June 30, 2023 and 2022 , for which nonrecurring fair value adjustments were recorded during the six months ended June 30, 2023 and 2022 , by major product category and fair value hierarchy. Fair value hierarchy Total fair value June 30, 2023 (in millions) Level 1 Level 2 Level 3 Loans $ — $ 803 $ 840 (b) $ 1,643 Other assets (a) — 7 286 293 Total assets measured at fair value on a nonrecurring basis $ — $ 810 $ 1,126 $ 1,936 Accounts payable and other liabilities — — — — Total liabilities measured at fair value on a nonrecurring basis $ — $ — $ — $ — Fair value hierarchy Total fair value June 30, 2022 (in millions) Level 1 Level 2 Level 3 Loans $ — $ 1,516 $ 665 $ 2,181 Other assets — 22 1,083 1,105 Total assets measured at fair value on a nonrecurring basis $ — $ 1,538 $ 1,748 $ 3,286 Accounts payable and other liabilities — — 293 293 Total liabilities measured at fair value on a nonrecurring basis $ — $ — $ 293 $ 293 (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 $286 million in level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2023, $220 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 $840 million in level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2023, $23 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 3% to 56% with a weighted average of 25%. The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three and six months ended June 30, 2023 and 2022 , related to assets and liabilities held at those dates. Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Loans $ (96) $ (80) $ (128) $ (91) Other assets (a) (36) (389) (99) (45) Accounts payable and other liabilities — (269) — (288) Total nonrecurring fair value gains/(losses) $ (132) $ (738) $ (227) $ (424) |
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 June 30, 2023 and 2022 , 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 June 30, Six months ended June 30, As of or for the period ended, (in millions) 2023 2022 2023 2022 Other assets Carrying value (a) $ 4,673 $ 4,196 $ 4,673 $ 4,196 Upward carrying value changes (b) 5 76 40 445 Downward carrying value changes/impairment (c) (37) (463) (133) (474) (a) The carrying value as of December 31, 2022 was $4.1 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 June 30, 2023 were $1.5 billion. (c) The cumulative downward carrying value changes/impairment between January 1, 2018 and June 30, 2023 were $(1.0) billion. |
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 June 30, 2023, and December 31, 2022, 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. June 30, 2023 December 31, 2022 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 $ 26.1 $ 26.1 $ — $ — $ 26.1 $ 27.7 $ 27.7 $ — $ — $ 27.7 Deposits with banks 469.1 469.0 0.1 — 469.1 539.5 539.3 0.2 — 539.5 Accrued interest and accounts receivable 111.1 — 111.1 0.1 111.2 124.7 — 124.6 0.1 124.7 Federal funds sold and securities purchased under resale agreements 3.0 — 3.0 — 3.0 3.7 — 3.7 — 3.7 Securities borrowed 107.7 — 107.7 — 107.7 115.3 — 115.3 — 115.3 Investment securities, held-to-maturity 408.9 185.8 189.5 — 375.3 425.3 189.1 199.5 — 388.6 Loans, net of allowance for loan losses (a) 1,239.3 — 279.8 936.1 1,215.9 1,073.9 — 194.0 853.9 1,047.9 Other 69.2 — 66.9 2.4 69.3 101.2 — 99.6 1.7 101.3 Financial liabilities Deposits $ 2,347.4 $ — $ 2,347.5 $ — $ 2,347.5 $ 2,311.6 $ — $ 2,311.5 $ — $ 2,311.5 Federal funds purchased and securities loaned or sold under repurchase agreements 49.7 — 49.7 — 49.7 50.6 — 50.6 — 50.6 Short-term borrowings (b) 23.1 — 23.1 — 23.1 28.2 — 28.2 — 28.2 Accounts payable and other liabilities 248.1 — 238.8 8.8 247.6 257.5 — 251.2 5.6 256.8 Beneficial interests issued by consolidated VIEs 19.6 — 19.6 — 19.6 12.6 — 12.6 — 12.6 Long-term debt (b) 285.4 — 232.0 51.7 283.7 223.6 — 216.5 2.8 219.3 (a) Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value. (b) Includes FHLB advances in level 2 of Long-term debt and Short-term borrowings and the Purchase Money Note in level 3 of Long-term debt associated with the First Republic acquisition. Refer to Notes 18 and 28 for additional information. |
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. June 30, 2023 December 31, 2022 Estimated fair value hierarchy Estimated fair value hierarchy (in billions) Carrying value (a) (b)(c) 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 $ 3.7 $ — $ — $ 4.9 $ 4.9 $ 2.3 $ — $ — $ 3.2 $ 3.2 (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) | 6 Months Ended |
Jun. 30, 2023 | |
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 and six months ended June 30, 2023 and 2022, 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 June 30, 2023 2022 (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 $ 18 $ — $ 18 $ (145) $ — $ (145) Securities borrowed (60) — (60) (101) — (101) Trading assets: Debt and equity instruments, excluding loans 1,160 — 1,160 (1,255) — (1,255) Loans reported as trading assets: Changes in instrument-specific credit risk 100 — 100 (136) (f) — (136) Other changes in fair value 2 2 (c) 4 (11) — (11) Loans: Changes in instrument-specific credit risk 6 (5) (c) 1 (83) 11 (c) (72) Other changes in fair value (76) (6) (c) (82) (501) (260) (c) (761) Other assets (16) (1) (d) (17) (2) 4 (d) 2 Deposits (a) (395) — (395) 382 — 382 Federal funds purchased and securities loaned or sold under repurchase agreements (8) — (8) 124 — 124 Short-term borrowings (a) (110) — (110) 471 — 471 Trading liabilities (15) — (15) 54 — 54 Beneficial interests issued by consolidated VIEs — — — — — — Other liabilities (1) — (1) (7) — (7) Long-term debt (a)(b) (663) (2) (c)(d) (665) 5,405 14 (c)(d) 5,419 Six months ended June 30, 2023 2022 (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 $ 220 $ — $ 220 $ (375) $ — $ (375) Securities borrowed 28 — 28 (299) — (299) Trading assets: Debt and equity instruments, excluding loans 2,755 — 2,755 (911) — (911) Loans reported as trading assets: Changes in instrument-specific credit risk 231 — 231 (142) (f) — (142) Other changes in fair value 5 2 (c) 7 (22) — (22) Loans: Changes in instrument-specific credit risk 71 (4) (c) 67 (77) 23 (c) (54) Other changes in fair value 119 104 (c) 223 (1,220) (774) (c) (1,994) Other assets 14 (1) (d) 13 9 1 (d) 10 Deposits (a) (868) — (868) 784 — 784 Federal funds purchased and securities loaned or sold under repurchase agreements (69) — (69) 206 — 206 Short-term borrowings (a) (269) — (269) 773 — 773 Trading liabilities (30) — (30) (12) — (12) Beneficial interests issued by consolidated VIEs — — — (1) — (1) Other liabilities (1) — (1) (4) — (4) Long-term debt (a)(b) (3,461) (28) (c)(d) (3,489) 9,365 33 (c)(d) 9,398 (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 not material both for the three and six months ended June 30, 2023 and 2022. (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 7 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 June 30, 2023, and December 31, 2022, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected. June 30, 2023 December 31, 2022 (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 $ 2,737 $ 529 $ (2,208) $ 2,517 $ 368 $ (2,149) Loans 911 760 (151) 967 829 (138) Subtotal 3,648 1,289 (2,359) 3,484 1,197 (2,287) 90 or more days past due and government guaranteed Loans (a) 82 76 (6) 124 115 (9) All other performing loans (b) Loans reported as trading assets 9,217 7,560 (1,657) 7,823 6,135 (1,688) Loans 39,995 37,953 (2,042) 42,588 41,135 (1,453) Subtotal 49,212 45,513 (3,699) 50,411 47,270 (3,141) Total loans $ 52,942 $ 46,878 $ (6,064) $ 54,019 $ 48,582 $ (5,437) Long-term debt Principal-protected debt $ 42,889 (d) $ 34,524 $ (8,365) $ 41,341 (d) $ 31,105 $ (10,236) Nonprincipal-protected debt (c) NA 44,085 NA NA 41,176 NA Total long-term debt NA $ 78,609 NA NA $ 72,281 NA Long-term beneficial interests Nonprincipal-protected debt (c) NA $ 1 NA NA $ 5 NA Total long-term beneficial interests NA $ 1 NA NA $ 5 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 June 30, 2023, and December 31, 2022. (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. June 30, 2023 December 31, 2022 (in millions) Long-term debt Short-term borrowings Deposits Total Long-term debt Short-term borrowings Deposits Total Risk exposure Interest rate $ 34,860 $ 225 $ 46,527 $ 81,612 $ 31,973 $ 260 $ 24,655 $ 56,888 Credit 4,618 247 — 4,865 4,105 170 — 4,275 Foreign exchange 2,675 997 3 3,675 2,674 788 50 3,512 Equity 33,590 4,830 3,202 41,622 30,864 4,272 3,545 38,681 Commodity 2,017 — 1 (a) 2,018 1,655 16 2 (a) 1,673 Total structured notes $ 77,760 $ 6,299 $ 49,733 $ 133,792 $ 71,271 $ 5,506 $ 28,252 $ 105,029 (a) Excludes deposits linked to precious metals for which the fair value option has not been elected of $590 million and $602 million for the periods ended June 30, 2023 and December 31, 2022, respectively. |
Credit Risk Concentrations (Tab
Credit Risk Concentrations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentrations of credit exposure | The table below presents both on–balance sheet and off–balance sheet consumer and wholesale credit exposure by the Firm’s three credit portfolio segments as of June 30, 2023 and December 31, 2022. The wholesale industry of risk category is generally based on the client or counterparty’s primary business activity. June 30, 2023 December 31, 2022 Credit exposure (h)(i) On-balance sheet Off-balance sheet (j) Credit exposure (h) On-balance sheet Off-balance sheet (j) (in millions) Loans Derivatives Loans Derivatives Consumer, excluding credit card $ 459,050 $ 408,204 $ — $ 50,846 $ 344,893 $ 311,375 $ — $ 33,518 Credit card (a) 1,072,833 191,348 — 881,485 1,006,459 185,175 — 821,284 Total consumer (a) 1,531,883 599,552 — 932,331 1,351,352 496,550 — 854,802 Wholesale (b) Real Estate 206,912 165,069 331 41,512 170,857 131,681 249 38,927 Individuals and Individual Entities (c) 141,178 122,056 730 18,392 130,815 120,424 434 9,957 Asset Managers 138,143 52,730 14,751 70,662 95,656 40,511 16,397 38,748 Consumer & Retail 125,935 47,410 2,278 76,247 120,555 45,867 1,650 73,038 Industrials 77,206 27,537 1,424 48,245 72,483 26,960 1,770 43,753 Technology, Media & 76,444 21,159 2,601 52,684 72,286 21,622 2,950 47,714 Healthcare 65,547 22,727 1,720 41,100 62,613 22,970 1,683 37,960 Banks & Finance Cos 61,659 34,934 4,679 22,046 51,816 32,172 3,246 16,398 State & Municipal Govt (d) 37,157 20,656 457 16,044 33,847 18,147 585 15,115 Utilities 35,757 7,162 3,089 25,506 36,218 9,107 3,269 23,842 Oil & Gas 33,233 9,607 1,352 22,274 38,668 9,632 5,121 23,915 Automotive 32,947 15,169 602 17,176 33,287 14,735 529 18,023 Chemicals & Plastics 22,195 6,343 510 15,342 20,030 5,771 407 13,852 Insurance 21,874 2,772 8,175 10,927 21,045 2,387 8,081 10,577 Central Govt 16,845 3,670 10,827 2,348 19,095 3,167 12,955 2,973 Metals & Mining 15,631 4,786 311 10,534 15,915 5,398 475 10,042 Transportation 15,447 5,779 606 9,062 15,009 5,005 567 9,437 Securities Firms 9,077 957 3,392 4,728 8,066 556 3,387 4,123 Financial Markets Infrastructure 4,993 184 2,491 2,318 4,962 13 3,050 1,899 All other (e) 135,271 97,438 3,891 33,942 123,307 87,545 4,075 31,687 Subtotal 1,273,451 668,145 64,217 541,089 1,146,530 603,670 70,880 471,980 Loans held-for-sale and loans at fair value 32,372 32,372 — — 35,427 35,427 — — Receivables from customers (f) 42,741 — — — 49,257 — — — Total wholesale 1,348,564 700,517 64,217 541,089 1,231,214 639,097 70,880 471,980 Total exposure (g)(h) $ 2,880,447 $ 1,300,069 $ 64,217 $ 1,473,420 $ 2,582,566 $ 1,135,647 $ 70,880 $ 1,326,782 (a) Also includes commercial card lending-related commitments primarily in CB and CIB. (b) The industry rankings presented in the table as of December 31, 2022, are based on the industry rankings of the corresponding exposures as of June 30, 2023, not actual rankings of such exposures at December 31, 2022. (c) Individuals and Individual Entities predominantly consists of Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB, and includes exposure to personal investment companies and personal and testamentary trusts. (d) In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) as of June 30, 2023 and December 31, 2022, noted above, the Firm held: $6.8 billion and $6.6 billion, respectively, of trading assets; $24.0 billion and $6.8 billion, respectively, of AFS securities; and $11.6 billion and $19.7 billion, respectively, of HTM securities, issued by U.S. state and municipal governments. Refer to Note 2 and Note 10 for further information. (e) All other includes: SPEs and Private education and civic organizations, representing approximately 94% and 6%, respectively, as of June 30, 2023 and 95% and 5%, respectively, as of December 31, 2022. Refer to Note 14 for more information on exposures to SPEs. (f) Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM that are collateralized by assets maintained in the clients’ brokerage accounts (e.g., cash on deposit, liquid and readily marketable debt or equity securities). Because of this collateralization, no allowance for credit losses is generally held against these receivables. To manage its credit risk the Firm establishes margin requirements and monitors the required margin levels on an ongoing basis, and requires clients to deposit additional cash or other collateral, or to reduce positions, when appropriate. These receivables are reported within accrued interest and accounts receivable on the Firm’s Consolidated balance sheets. (g) Excludes cash placed with banks of $485.4 billion and $556.6 billion, as of June 30, 2023 and December 31, 2022, respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks. (h) Credit exposure is net of risk participations and excludes the benefit of credit derivatives used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables. (i) Included credit exposure associated with the First Republic acquisition consisting of $104.6 billion in the Consumer, excluding credit card portfolio, and $98.2 billion in the Wholesale portfolio predominantly in Asset Managers, Real Estate, and Individuals and Individual Entities. (j) Represents lending-related financial instruments. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 130-131 • Interest rate Hedge floating-rate assets and liabilities Cash flow hedge Corporate 132 • Foreign exchange Hedge foreign currency-denominated assets and liabilities Fair value hedge Corporate 130-131 • Foreign exchange Hedge foreign currency-denominated forecasted revenue and expense Cash flow hedge Corporate 132 • Foreign exchange Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities Net investment hedge Corporate 133 • Commodity Hedge commodity inventory Fair value hedge CIB, AWM 130-131 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 134 • Credit Manage the credit risk associated with wholesale lending exposures Specified risk management CIB 134 • Interest rate and foreign exchange Manage the risk associated with certain other specified assets and liabilities Specified risk management Corporate 134 Market-making derivatives and other activities: • Various Market-making and related risk management Market-making and other CIB 134 • Various Other derivatives Market-making and other CIB, AWM, Corporate 134 |
Notional amount of derivative contracts | The following table summarizes the notional amount of free-standing derivative contracts outstanding as of June 30, 2023, and December 31, 2022. Notional amounts (b) (in billions) June 30, 2023 December 31, 2022 Interest rate contracts Swaps $ 29,292 $ 24,491 Futures and forwards 3,341 2,636 Written options 3,329 3,047 Purchased options 3,390 2,992 Total interest rate contracts 39,352 33,166 Credit derivatives (a) 1,477 1,132 Foreign exchange contracts Cross-currency swaps 4,436 4,196 Spot, futures and forwards 8,681 7,017 Written options 867 775 Purchased options 826 759 Total foreign exchange contracts 14,810 12,747 Equity contracts Swaps 598 618 Futures and forwards 110 110 Written options 755 636 Purchased options 707 580 Total equity contracts 2,170 1,944 Commodity contracts Swaps 137 136 Spot, futures and forwards 142 136 Written options 133 117 Purchased options 110 98 Total commodity contracts 522 487 Total derivative notional amounts $ 58,331 $ 49,476 (a) Refer to the Credit derivatives discussion on page 135 (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 June 30, 2023, and December 31, 2022, 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 June 30, 2023 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 $ 288,312 $ — $ 288,312 $ 27,709 $ 277,334 $ 8 $ 277,342 $ 15,157 Credit 13,685 — 13,685 1,245 13,767 — 13,767 566 Foreign exchange 226,793 886 227,679 22,194 222,739 846 223,585 14,177 Equity 61,392 — 61,392 7,324 67,670 — 67,670 9,805 Commodity 16,872 768 17,640 5,745 18,465 820 19,285 6,840 Total fair value of trading assets and liabilities $ 607,054 $ 1,654 $ 608,708 $ 64,217 $ 599,975 $ 1,674 $ 601,649 $ 46,545 Gross derivative receivables Gross derivative payables December 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 $ 300,411 $ 4 $ 300,415 $ 28,419 $ 290,291 $ — $ 290,291 $ 15,970 Credit 10,329 — 10,329 1,090 9,971 — 9,971 754 Foreign exchange 239,946 1,633 241,579 23,365 248,911 2,610 251,521 18,856 Equity 61,913 — 61,913 9,139 62,461 — 62,461 8,804 Commodity 23,652 1,705 25,357 8,867 20,758 2,511 23,269 6,757 Total fair value of trading assets and liabilities $ 636,251 $ 3,342 $ 639,593 $ 70,880 $ 632,392 $ 5,121 $ 637,513 $ 51,141 (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 June 30, 2023, and December 31, 2022, 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. June 30, 2023 December 31, 2022 (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”) $ 194,218 $ (168,569) $ 25,649 $ 203,922 $ (178,261) $ 25,661 OTC–cleared 91,665 (91,508) 157 93,800 (93,424) 376 Exchange-traded (a) 573 (526) 47 559 (311) 248 Total interest rate contracts 286,456 (260,603) 25,853 298,281 (271,996) 26,285 Credit contracts: OTC 8,850 (7,818) 1,032 8,474 (7,535) 939 OTC–cleared 4,674 (4,622) 52 1,746 (1,704) 42 Total credit contracts 13,524 (12,440) 1,084 10,220 (9,239) 981 Foreign exchange contracts: OTC 223,998 (204,582) 19,416 237,941 (216,796) 21,145 OTC–cleared 910 (901) 9 1,461 (1,417) 44 Exchange-traded (a) 11 (2) 9 15 (1) 14 Total foreign exchange contracts 224,919 (205,485) 19,434 239,417 (218,214) 21,203 Equity contracts: OTC 24,672 (21,496) 3,176 30,323 (25,665) 4,658 Exchange-traded (a) 34,196 (32,572) 1,624 28,467 (27,109) 1,358 Total equity contracts 58,868 (54,068) 4,800 58,790 (52,774) 6,016 Commodity contracts: OTC 9,317 (5,539) 3,778 14,430 (7,633) 6,797 OTC–cleared 111 (111) — 120 (112) 8 Exchange-traded (a) 6,266 (6,245) 21 9,103 (8,745) 358 Total commodity contracts 15,694 (11,895) 3,799 23,653 (16,490) 7,163 Derivative receivables with appropriate legal opinion 599,461 (544,491) 54,970 (d) 630,361 (568,713) 61,648 (d) Derivative receivables where an appropriate legal opinion has not been either sought or obtained 9,247 9,247 9,232 9,232 Total derivative receivables recognized on the Consolidated balance sheets $ 608,708 $ 64,217 $ 639,593 $ 70,880 Collateral not nettable on the Consolidated balance sheets (b)(c) (23,282) (23,014) Net amounts $ 40,935 $ 47,866 |
Offsetting liabilities | June 30, 2023 December 31, 2022 (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 $ 180,016 $ (167,127) $ 12,889 $ 190,108 $ (176,890) $ 13,218 OTC–cleared 94,771 (94,554) 217 97,417 (97,126) 291 Exchange-traded (a) 512 (504) 8 327 (305) 22 Total interest rate contracts 275,299 (262,185) 13,114 287,852 (274,321) 13,531 Credit contracts: OTC 9,240 (8,768) 472 8,054 (7,572) 482 OTC–cleared 4,438 (4,433) 5 1,674 (1,645) 29 Total credit contracts 13,678 (13,201) 477 9,728 (9,217) 511 Foreign exchange contracts: OTC 220,326 (208,507) 11,819 246,457 (231,248) 15,209 OTC–cleared 993 (901) 92 1,488 (1,417) 71 Exchange-traded (a) 15 — 15 20 — 20 Total foreign exchange contracts 221,334 (209,408) 11,926 247,965 (232,665) 15,300 Equity contracts: OTC 28,206 (25,293) 2,913 29,833 (26,554) 3,279 Exchange-traded (a) 35,657 (32,572) 3,085 28,291 (27,103) 1,188 Total equity contracts 63,863 (57,865) 5,998 58,124 (53,657) 4,467 Commodity contracts: OTC 9,591 (6,061) 3,530 11,954 (7,642) 4,312 OTC–cleared 116 (116) — 112 (112) — Exchange-traded (a) 7,050 (6,268) 782 9,021 (8,758) 263 Total commodity contracts 16,757 (12,445) 4,312 21,087 (16,512) 4,575 Derivative payables with appropriate legal opinion 590,931 (555,104) 35,827 (d) 624,756 (586,372) 38,384 (d) Derivative payables where an appropriate legal opinion has not been either sought or obtained 10,718 10,718 12,757 12,757 Total derivative payables recognized on the Consolidated balance sheets $ 601,649 $ 46,545 $ 637,513 $ 51,141 Collateral not nettable on the Consolidated balance sheets (b)(c) (4,248) (3,318) Net amounts $ 42,297 $ 47,823 (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 $52.5 billion and $51.5 billion at June 30, 2023, and December 31, 2022, respectively. Net derivatives payable included cash collateral netted of $63.2 billion and $69.2 billion at June 30, 2023, and December 31, 2022, 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 June 30, 2023, and December 31, 2022. OTC and OTC-cleared derivative payables containing downgrade triggers (in millions) June 30, 2023 December 31, 2022 Aggregate fair value of net derivative payables $ 15,243 $ 16,023 Collateral posted 14,144 15,505 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 June 30, 2023, and December 31, 2022, 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 rating threshold 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 payment 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 June 30, 2023 December 31, 2022 (in millions) Single-notch downgrade Two-notch downgrade Single-notch downgrade Two-notch downgrade Amount of additional collateral to be posted upon downgrade (a) $ 81 $ 1,241 $ 128 $ 1,293 Amount required to settle contracts with termination triggers upon downgrade (b) 80 811 88 925 (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 and six months ended June 30, 2023 and 2022, 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 (e) OCI impact Three months ended June 30, 2023 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ (151) $ 164 $ 13 $ — $ 5 $ — Foreign exchange (c) 254 (188) 66 (156) 66 15 Commodity (d) 422 (290) 132 — 133 — Total $ 525 $ (314) $ 211 $ (156) $ 204 $ 15 Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact Three months ended June 30, 2022 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ (4,467) $ 4,367 $ (100) $ — $ (79) $ — Foreign exchange (c) (818) 830 12 (115) 12 67 Commodity (d) (1,536) 1,464 (72) — (73) — Total $ (6,821) $ 6,661 $ (160) $ (115) $ (140) $ 67 Gains/(losses) recorded in income Income statement impact of (e) OCI impact Six months ended June 30, 2023 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ 1,021 $ (940) $ 81 $ — $ 15 $ — Foreign exchange (c) 412 (282) 130 (329) 130 (13) Commodity (d) (1,118) 1,335 217 — 217 — Total $ 315 $ 113 $ 428 $ (329) $ 362 $ (13) Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact Six months ended June 30, 2022 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ (11,537) $ 11,348 $ (189) $ — $ (145) $ — Foreign exchange (c) (1,508) 1,518 10 (180) 10 212 Commodity (d) (1,712) 1,611 (101) — (110) — Total $ (14,757) $ 14,477 $ (280) $ (180) $ (245) $ 212 (a) Primarily consists of hedges of the benchmark (e.g., 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) Includes the amortization of income/expense associated with the inception hedge accounting adjustment applied to the hedged item. 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) 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. (f) 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 June 30, 2023 and December 31, 2022, 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: June 30, 2023 Active hedging relationships (d) Discontinued hedging relationships (d)(e) Total Assets Investment securities - AFS $ 136,444 (c) $ (2,752) $ (3,462) $ (6,214) Liabilities Long-term debt 176,509 (5,857) (9,105) (14,962) Carrying amount of the hedged items (b)(c) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: December 31, 2022 Active hedging relationships (d) Discontinued hedging relationships (d)(e) Total Assets Investment securities - AFS $ 84,073 (c) $ (4,149) $ (1,542) $ (5,691) Liabilities Long-term debt 175,257 (11,879) (3,313) (15,192) (a) Excludes physical commodities with a carrying value of $12.8 billion and $26.0 billion at June 30, 2023 and December 31, 2022, 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 June 30, 2023 and December 31, 2022, the carrying amount excluded for AFS securities is $20.9 billion and $20.3 billion, respectively, and for long-term debt is $216 million and $221 million, respectively. (c) Carrying amount represents the amortized cost, net of allowance if applicable. Effective January 1, 2023, the Firm adopted the new portfolio layer method hedge accounting guidance which expanded the ability to hedge a portfolio of prepayable assets to allow more of the portfolio to be hedged. At June 30, 2023, the amortized cost of the portfolio layer method closed portfolios was $67.8 billion, of which $49.6 billion was designated as hedged. The cumulative amount of basis adjustments was $(1.1) billion, reflecting $(865) million and $(229) million for active and discontinued hedging relationships, respectively. Refer to Note 1 and Note 10 for additional information. (d) Positive (negative) amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce (increase) 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 and six months ended June 30, 2023 and 2022, 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 June 30, 2023 Amounts reclassified Amounts recorded Total change Contract type Interest rate (a) $ (474) $ (1,199) $ (725) Foreign exchange (b) 9 80 71 Total $ (465) $ (1,119) $ (654) Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Three months ended June 30, 2022 Amounts reclassified Amounts recorded Total change in OCI for period Contract type Interest rate (a) $ 86 $ (1,509) $ (1,595) Foreign exchange (b) (62) (241) (179) Total $ 24 $ (1,750) $ (1,774) Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Six months ended June 30, 2023 Amounts reclassified Amounts recorded Total change Contract type Interest rate (a) $ (902) $ (738) $ 164 Foreign exchange (b) (46) 186 232 Total $ (948) $ (552) $ 396 Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Six months ended June 30, 2022 Amounts reclassified Amounts recorded Total change Contract type Interest rate (a) $ 329 $ (4,870) $ (5,199) Foreign exchange (b) (68) (316) (248) Total $ 261 $ (5,186) $ (5,447) (a) Primarily consists of hedges of SOFR-indexed floating-rate assets. 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 and six months ended June 30, 2023 and 2022. Gains/(losses) recorded in income and other comprehensive income/(loss) 2023 2022 Three months ended June 30, Amounts recorded in income (a)(b) Amounts recorded in OCI Amounts recorded in income (a)(b) Amounts recorded in OCI Foreign exchange derivatives $ 121 $ (88) $ (116) $ 3,520 Gains/(losses) recorded in income and other comprehensive income/(loss) 2023 2022 Six months ended June 30, Amounts recorded in income (a)(b) Amounts recorded in OCI Amounts recorded in income (a)(b) Amounts recorded in OCI Foreign exchange derivatives $ 205 $ (1,092) $ (247) $ 3,858 (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. (b) Excludes amounts reclassified from AOCI to income on the sale or liquidation of hedged entities. Excludes amounts reclassified from AOCI to income on the sale or liquidation of hedged entities. During the six months ended June 30, 2023, the Firm reclassified a pre-tax loss of $41 million to other revenue related to the acquisition of CIFM. The amounts reclassified for the three months ended June 30, 2023 and three and six months ended June 30, 2022 were not material. Refer to Note 21 for further information. |
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 June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Contract type Interest rate (a) $ (112) $ (309) $ (126) $ (538) Credit (b) (67) 89 (163) 122 Foreign exchange (c) 41 6 43 (76) Total $ (138) $ (214) $ (246) $ (492) (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 2022 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 June 30, 2023 and December 31, 2022. 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 June 30, 2023 (in millions) Protection sold Protection purchased with identical underlyings (c) Net protection (sold)/purchased (d) Other protection purchased (e) Credit derivatives Credit default swaps $ (649,720) $ 677,813 $ 28,093 $ 5,774 Other credit derivatives (a) (55,887) 73,831 17,944 13,765 Total credit derivatives (705,607) 751,644 46,037 19,539 Credit-related notes (b) — — — 8,064 Total $ (705,607) $ 751,644 $ 46,037 $ 27,603 Maximum payout/Notional amount December 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 $ (495,557) $ 509,846 $ 14,289 $ 2,917 Other credit derivatives (a) (47,165) 65,029 17,864 11,746 Total credit derivatives (542,722) 574,875 32,153 14,663 Credit-related notes (b) — — — 7,863 Total $ (542,722) $ 574,875 $ 32,153 $ 22,526 (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 June 30, 2023, and December 31, 2022, 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 June 30, 2023 <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 $ (103,323) $ (412,661) $ (37,836) $ (553,820) $ 4,357 $ (1,281) $ 3,076 Noninvestment-grade (38,784) (106,800) (6,203) (151,787) 2,575 (3,606) (1,031) Total $ (142,107) $ (519,461) $ (44,039) $ (705,607) $ 6,932 $ (4,887) $ 2,045 December 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 $ (90,484) $ (294,791) $ (30,822) $ (416,097) $ 2,324 $ (1,495) $ 829 Noninvestment-grade (33,244) (87,011) (6,370) (126,625) 1,267 (3,209) (1,942) Total $ (123,728) $ (381,802) $ (37,192) $ (542,722) $ 3,591 $ (4,704) $ (1,113) (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) | 6 Months Ended |
Jun. 30, 2023 | |
Noninterest Income (Expense) [Abstract] | |
Components of investment banking fees | The following table presents the components of investment banking fees. Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Underwriting Equity $ 317 $ 230 $ 550 $ 472 Debt 704 711 1,376 1,685 Total underwriting 1,021 941 1,926 2,157 Advisory 492 645 1,236 1,437 Total investment banking fees $ 1,513 $ 1,586 $ 3,162 $ 3,594 |
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 7 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 June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Trading revenue by instrument type Interest rate (a) $ 1,781 $ 376 $ 3,567 $ 845 Credit (b) 419 279 (c) 1,053 736 (c) Foreign exchange 1,435 1,425 2,986 2,749 Equity 2,941 2,303 5,634 4,558 Commodity 368 499 1,294 1,246 Total trading revenue 6,944 4,882 14,534 10,134 Private equity gains/(losses) (34) 108 (9) (39) Principal transactions $ 6,910 $ 4,990 $ 14,525 $ 10,095 (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. (c) Includes markdowns on held-for-sale positions, primarily unfunded commitments, in the bridge financing portfolio. |
Components of lending and deposit-related fees | The following table presents the components of lending- and deposit-related fees. Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Lending-related fees (a) $ 590 $ 362 $ 959 $ 724 Deposit-related fees 1,238 1,511 2,489 2,988 Total lending- and deposit-related fees $ 1,828 $ 1,873 $ 3,448 $ 3,712 (a) Includes the impact of the First Republic acquisition. Refer to Note 28 for additional information. |
Components of asset management fees | The following table presents the components of asset management fees. Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Asset management fees Investment management fees (a)(b) $ 3,695 $ 3,425 $ 7,085 $ 6,987 All other asset management fees (c) 79 92 154 182 Total asset management fees $ 3,774 $ 3,517 $ 7,239 $ 7,169 (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) Includes the impact of the First Republic acquisition. Refer to Note 28 for additional information. (c) 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. |
Components of commissions and other fees | The following table presents the components of commissions and other fees. Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Commissions and other fees Brokerage commissions (a) $ 722 $ 738 $ 1,469 $ 1,548 Administration fees (b) 575 590 1,132 1,223 All other commissions and fees (c) 442 395 833 662 Total commissions and other fees $ 1,739 $ 1,723 $ 3,434 $ 3,433 (a) Represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments. (b) Predominantly includes fees for custody, securities lending, funds services and securities clearance. (c) Includes travel-related and annuity sales commissions, depositary receipt-related service fees, as well as other service fees, which are recognized as revenue when the services are rendered. |
Schedule of components of card income | The following table presents the components of card income. Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Interchange and merchant processing income $ 7,885 $ 7,214 $ 15,024 $ 13,449 Rewards costs and partner payments (6,392) (5,641) (11,901) (10,511) Other card income (a) (399) (440) (795) (830) Total card income $ 1,094 $ 1,133 $ 2,328 $ 2,108 (a) Predominantly represents the amortization of account origination costs and annual fees. |
Components of other income | The following table presents certain components of other income: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Operating lease income $ 716 $ 945 $ 1,471 $ 1,993 Losses on tax-oriented investments (a) (462) (427) (874) (835) Estimated bargain purchase gain associated with the First Republic acquisition (b) 2,712 — 2,712 — Gain related to the acquisition of CIFM (c) — — 339 (a) The losses associated with these tax-oriented investments are more than offset by lower income tax expense from the associated tax credits. (b) Refer to Note 28 for additional information on the First Republic acquisition. (c) Gain on the original minority interest in CIFM upon the Firm's acquisition of the remaining 51% of the entity. |
Components of noninterest expense | Other expense on the Firm’s Consolidated statements of income includes the following: Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Legal expense $ 420 $ 73 $ 596 $ 192 FDIC-related expense 338 216 655 414 First Republic-related expense (a) 599 — 599 — (a) Refer to Note 28 for additional information on the First Republic acquisition. |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Interest income Loans (a) $ 20,306 $ 11,626 $ 38,014 $ 22,259 Taxable securities 4,194 2,289 8,161 4,268 Non-taxable securities (b) 343 245 591 490 Total investment securities (a) 4,537 2,534 8,752 4,758 Trading assets - debt instruments 4,013 2,049 7,659 3,816 Federal funds sold and securities purchased under resale agreements 3,767 543 6,898 940 Securities borrowed 1,866 173 3,582 86 Deposits with banks 5,189 1,079 10,008 1,317 All other interest-earning assets (c) 1,966 642 3,735 966 Total interest income $ 41,644 $ 18,646 $ 78,648 $ 34,142 Interest expense Interest-bearing deposits $ 9,591 $ 898 $ 17,228 $ 1,080 Federal funds purchased and securities loaned or sold under repurchase agreements 3,400 445 6,204 558 Short-term borrowings (d) 428 113 849 157 Trading liabilities – debt and all other interest-bearing liabilities (e) 2,373 471 4,344 662 Long-term debt 3,876 1,561 7,189 2,637 Beneficial interest issued by consolidated VIEs 197 30 344 48 Total interest expense $ 19,865 $ 3,518 $ 36,158 $ 5,142 Net interest income $ 21,779 $ 15,128 $ 42,490 $ 29,000 Provision for credit losses 2,899 1,101 5,174 2,564 Net interest income after provision for credit losses $ 18,880 $ 14,027 $ 37,316 $ 26,436 (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) 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. (d) Includes commercial paper. (e) 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) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, Six months ended June 30, 2023 2022 2023 2022 Pension and OPEB plans Pension and OPEB plans Total net periodic defined benefit plan cost/(credit) $ (94) $ (75) $ (188) $ (139) Total defined contribution plans 397 357 762 701 Total pension and OPEB cost included in noninterest expense $ 303 $ 282 $ 574 $ 562 |
Employee Share-based Incentiv_2
Employee Share-based Incentives (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 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 $ 449 $ 378 $ 806 $ 649 Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees 385 441 898 976 Total noncash compensation expense related to employee share-based incentive plans $ 834 $ 819 $ 1,704 $ 1,625 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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. June 30, 2023 December 31, 2022 (in millions) Amortized cost (c)(d) Gross unrealized gains Gross unrealized losses Fair value Amortized cost (c)(d) Gross unrealized gains Gross unrealized losses Fair value Available-for-sale securities Mortgage-backed securities: U.S. GSEs and government agencies $ 84,749 $ 326 $ 5,307 $ 79,768 $ 77,194 $ 479 $ 6,170 $ 71,503 Residential: U.S. 1,803 1 119 1,685 1,576 1 111 1,466 Non-U.S. 1,861 4 6 1,859 3,176 5 27 3,154 Commercial 2,223 1 168 2,056 2,113 — 155 1,958 Total mortgage-backed securities 90,636 332 5,600 85,368 84,059 485 6,463 78,081 U.S. Treasury and government agencies 63,998 297 1,558 62,737 95,217 302 3,459 92,060 Obligations of U.S. states and municipalities 24,279 172 428 24,023 7,103 86 403 6,786 Non-U.S. government debt securities 22,588 20 568 22,040 20,360 14 678 19,696 Corporate debt securities 410 — 22 388 381 — 24 357 Asset-backed securities: Collateralized loan obligations 5,506 3 72 5,437 5,916 1 125 5,792 Other 3,324 2 57 3,269 3,152 2 69 3,085 Unallocated portfolio layer fair value basis adjustments (a) (865) — (865) NA NA NA NA NA Total available-for-sale securities 209,876 826 7,440 203,262 (e) 216,188 890 11,221 205,857 Held-to-maturity securities (b) Mortgage-backed securities: U.S. GSEs and government agencies 110,517 29 13,201 97,345 113,492 35 13,709 99,818 U.S. Residential 10,293 3 1,206 9,090 10,503 3 1,244 9,262 Commercial 10,712 7 741 9,978 10,361 10 734 9,637 Total mortgage-backed securities 131,522 39 15,148 116,413 134,356 48 15,687 118,717 U.S. Treasury and government agencies 202,655 — 16,825 185,830 207,463 — 18,363 189,100 Obligations of U.S. states and municipalities 11,617 44 758 10,903 19,747 53 1,080 18,720 Asset-backed securities: Collateralized loan obligations 61,095 42 951 60,186 61,414 4 1,522 59,896 Other 2,052 — 84 1,968 2,325 — 110 2,215 Total held-to-maturity securities 408,941 125 33,766 375,300 425,305 105 36,762 388,648 Total investment securities, net of allowance for credit losses $ 618,817 $ 951 $ 41,206 $ 578,562 $ 641,493 $ 995 $ 47,983 $ 594,505 (a) Represents the amount of portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Under U.S. GAAP portfolio layer method basis adjustments are not allocated to individual securities, however the amounts impact the unrealized gains or losses for the individual securities being hedged. Refer to Note 1 and Note 5 for additional information. (b) The Firm purchased $520 million and $4.1 billion of HTM securities for the three and six months ended June 30, 2023, respectively, and $14.3 billion and $27.5 billion for the three and six months ended June 30, 2022, respectively. (c) The amortized cost of investment securities is reported net of allowance for credit losses of $104 million and $96 million at June 30, 2023 and December 31, 2022, respectively. (d) Excludes $2.5 billion of accrued interest receivable at both June 30, 2023 and December 31, 2022. The Firm did not reverse through interest income any accrued interest receivable for the three and six months ended June 30, 2023 and 2022. Refer to Note 10 of JPMorgan Chase’s 2022 Form 10-K for further discussion of accounting policies for accrued interest receivable on investment securities. (e) As of June 30, 2023, included $25.8 billion of AFS securities associated with the First Republic acquisition. Refer to Note 28 for additional information. |
Securities impairment | The following tables present the fair value and gross unrealized losses by aging category for AFS securities at June 30, 2023 and December 31, 2022. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $6.9 billion and $9.6 billion, at June 30, 2023 and December 31, 2022, 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 June 30, 2023 (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. $ 371 $ 7 $ 1,253 $ 112 $ 1,624 $ 119 Non-U.S. 4 — 1,635 6 1,639 6 Commercial 154 3 1,761 165 1,915 168 Total mortgage-backed securities 529 10 4,649 283 5,178 293 Obligations of U.S. states and municipalities 10,757 123 1,961 305 12,718 428 Non-U.S. government debt securities 8,745 64 5,316 504 14,061 568 Corporate debt securities 123 2 77 20 200 22 Asset-backed securities: Collateralized loan obligations 20 — 5,066 72 5,086 72 Other 1,157 16 1,888 41 3,045 57 Total available-for-sale securities with gross unrealized losses $ 21,331 (a) $ 215 $ 18,957 $ 1,225 $ 40,288 $ 1,440 Available-for-sale securities with gross unrealized losses Less than 12 months 12 months or more December 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. $ 1,187 $ 71 $ 260 $ 40 $ 1,447 $ 111 Non-U.S. 2,848 25 70 2 2,918 27 Commercial 1,131 74 813 81 1,944 155 Total mortgage-backed securities 5,166 170 1,143 123 6,309 293 Obligations of U.S. states and municipalities 3,051 241 364 162 3,415 403 Non-U.S. government debt securities 6,941 321 3,848 357 10,789 678 Corporate debt securities 150 2 207 22 357 24 Asset-backed securities: Collateralized loan obligations 3,010 61 2,701 64 5,711 125 Other 2,586 51 256 18 2,842 69 Total available-for-sale securities with gross unrealized losses $ 20,904 $ 846 $ 8,519 $ 746 $ 29,423 $ 1,592 (a) Includes the impact of the First Republic acquisition, primarily impacting obligations of U.S. states and municipalities. Refer to Note 28 for additional information. |
Securities gains and losses and provision for credit loss | Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Realized gains $ 198 $ 69 $ 329 $ 82 Realized losses (1,098) (222) (2,097) (629) Investment securities losses $ (900) $ (153) $ (1,768) $ (547) Provision for credit losses $ 13 $ 6 $ 14 $ 5 |
Amortized cost and estimated fair value by contractual maturity | The following table presents the amortized cost and estimated fair value at June 30, 2023, of JPMorgan Chase’s investment securities portfolio by contractual maturity. By remaining maturity Due in one Due after one year through five years Due after five years through 10 years Due after 10 years (c) Total Available-for-sale securities Mortgage-backed securities Amortized cost $ 15 $ 3,622 $ 5,077 $ 81,922 $ 90,636 Fair value 14 3,488 5,057 76,809 85,368 (d) Average yield (a) 2.18 % 4.55 % 5.98 % 4.40 % 4.49 % U.S. Treasury and government agencies Amortized cost $ 7,471 $ 36,773 $ 13,276 $ 6,478 $ 63,998 Fair value 7,384 35,699 13,300 6,354 62,737 Average yield (a) 0.35 % 4.56 % 5.97 % 6.52 % 4.56 % Obligations of U.S. states and municipalities Amortized cost $ 11 $ 72 $ 1,244 $ 22,952 $ 24,279 Fair value 11 70 1,243 22,699 24,023 (d) Average yield (a) 5.58 % 3.82 % 4.27 % 5.60 % 5.53 % Non-U.S. government debt securities Amortized cost $ 13,373 $ 3,423 $ 3,352 $ 2,440 $ 22,588 Fair value 13,360 3,321 2,929 2,430 22,040 Average yield (a) 4.78 % 2.97 % 1.23 % 3.61 % 3.86 % Corporate debt securities Amortized cost $ 199 $ 227 $ 14 $ — $ 440 Fair value 151 224 13 — 388 Average yield (a) 15.97 % 11.75 % 4.10 % — % 13.42 % Asset-backed securities Amortized cost $ — $ 1,313 $ 3,875 $ 3,642 $ 8,830 Fair value — 1,291 3,836 3,579 8,706 (d) Average yield (a) — % 3.46 % 5.98 % 6.06 % 5.64 % Total available-for-sale securities Amortized cost (b) $ 21,069 $ 45,430 $ 26,838 $ 117,434 $ 210,771 Fair value 20,920 44,093 26,378 111,871 203,262 (d) Average yield (a) 3.32 % 4.44 % 5.30 % 4.78 % 4.63 % Held-to-maturity securities Mortgage-backed securities Amortized cost $ 99 $ 3,835 $ 10,482 $ 117,142 $ 131,558 Fair value 97 3,555 9,212 103,549 116,413 Average yield (a) 6.21 % 2.75 % 2.53 % 2.99 % 2.95 % U.S. Treasury and government agencies Amortized cost $ 60,878 $ 92,403 $ 49,374 $ — $ 202,655 Fair value 59,517 85,053 41,260 — 185,830 Average yield (a) 0.46 % 0.93 % 1.27 % — % 0.87 % Obligations of U.S. states and municipalities Amortized cost $ — $ — $ 640 $ 11,015 $ 11,655 Fair value — — 608 10,295 10,903 Average yield (a) — % — % 4.39 % 4.04 % 4.06 % Asset-backed securities Amortized cost $ — $ 74 $ 21,388 $ 41,685 $ 63,147 Fair value — 74 21,139 40,941 62,154 Average yield (a) — % 6.15 % 5.87 % 6.00 % 5.96 % Total held-to-maturity securities Amortized cost (b) $ 60,977 $ 96,312 $ 81,884 $ 169,842 $ 409,015 Fair value 59,614 88,682 72,219 154,785 375,300 Average yield (a) 0.47 % 1.00 % 2.66 % 3.80 % 2.42 % (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, including closed portfolio hedges. 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) For purposes of this table, the amortized cost of available-for-sale securities excludes the allowance for credit losses of $(30) million and the portfolio layer fair value hedge basis adjustments of $(865) million at June 30, 2023. The amortized cost of held-to-maturity securities also excludes the allowance for credit losses of $(74) million at June 30, 2023. (c) 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 eight years for agency residential MBS, seven years for agency residential collateralized mortgage obligations, and six years for nonagency residential collateralized mortgage obligations. (d) Includes AFS securities associated with the First Republic acquisition, primarily impacting due after 10 years. Refer to Note 28 for additional information. |
Securities Financing Activiti_2
Securities Financing Activities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 and December 31, 2022. 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. June 30, 2023 (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 $ 561,426 $ (235,867) $ 325,559 $ (319,986) $ 5,573 Securities borrowed 205,579 (42,016) 163,563 (119,543) 44,020 Liabilities Securities sold under repurchase agreements $ 496,866 $ (235,867) $ 260,999 $ (226,664) $ 34,335 Securities loaned and other (a) 50,551 (42,016) 8,535 (8,457) 78 December 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 $ 597,912 $ (282,411) $ 315,501 $ (304,120) $ 11,381 Securities borrowed 228,279 (42,910) 185,369 (131,578) 53,791 Liabilities Securities sold under repurchase agreements $ 480,793 $ (282,411) $ 198,382 $ (167,427) $ 30,955 Securities loaned and other (a) 52,443 (42,910) 9,533 (9,527) 6 (a) Includes securities-for-securities lending agreements of $5.0 billion and $7.0 billion at June 30, 2023 and December 31, 2022, 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 June 30, 2023 and December 31, 2022, included $4.5 billion and $6.0 billion, respectively, of securities purchased under resale agreements; $39.6 billion and $49.0 billion, respectively, of securities borrowed; $33.3 billion and $29.1 billion, respectively, of securities sold under repurchase agreements; and securities loaned and other which were not material at both June 30, 2023 and December 31, 2022. |
Schedule of types of assets pledged in secured financing transactions | The tables below present as of June 30, 2023, and December 31, 2022 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements. Gross liability balance June 30, 2023 December 31, 2022 (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 $ 72,006 $ — $ 58,050 $ — Residential - nonagency 2,333 — 2,414 — Commercial - nonagency 2,178 — 2,007 — U.S. Treasury, GSEs and government agencies 223,411 987 191,254 1,464 Obligations of U.S. states and municipalities 2,038 — 1,735 5 Non-U.S. government debt 127,427 1,509 155,156 1,259 Corporate debt securities 36,575 1,882 37,121 461 Asset-backed securities 3,816 — 2,981 — Equity securities 27,082 46,173 30,075 49,254 Total $ 496,866 $ 50,551 $ 480,793 $ 52,443 Remaining contractual maturity of the agreements Overnight and continuous Greater than June 30, 2023 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 268,240 $ 120,621 $ 30,120 $ 77,885 $ 496,866 Total securities loaned and other 49,166 243 2 1,140 50,551 Remaining contractual maturity of the agreements Overnight and continuous Greater than December 31, 2022 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 205,235 $ 170,696 $ 37,120 $ 67,742 $ 480,793 Total securities loaned and other 50,138 1,285 3 1,017 52,443 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Loan portfolio segment descriptions | The Firm’s loan portfolio, including loans of $149.8 billion associated with the First Republic acquisition, 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. (b) Includes scored auto, business banking loans and overdrafts in BWM and other consumer unsecured loans in CIB. (c) Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated BWM and auto dealer loans held in CCB, 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 and J.P. Morgan Wealth Management within CCB). Refer to Note 14 of JPMorgan Chase’s 2022 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. June 30, 2023 Consumer, excluding credit card Credit card Wholesale Total (b)(c) (in millions) Retained $ 396,195 (a) $ 191,348 $ 668,145 (a) $ 1,255,688 Held-for-sale 549 — 5,043 5,592 At fair value 11,460 (a) — 27,329 38,789 Total $ 408,204 $ 191,348 $ 700,517 $ 1,300,069 December 31, 2022 Consumer, excluding credit card Credit card Wholesale Total (b)(c) (in millions) Retained $ 300,753 $ 185,175 $ 603,670 $ 1,089,598 Held-for-sale 618 — 3,352 3,970 At fair value 10,004 — 32,075 42,079 Total $ 311,375 $ 185,175 $ 639,097 $ 1,135,647 (a) Includes loans associated with the First Republic acquisition consisting of $91.9 billion of retained loans and $1.9 billion loans at fair value in consumer, excluding credit card and $56.0 billion of retained loans in wholesale. (b) Excludes $6.0 billion and $5.2 billion of accrued interest receivables as of June 30, 2023 and December 31, 2022, respectively. Accrued interest receivables written off was not material for the three and six months ended June 30, 2023 and 2022. (c) 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 June 30, 2023, and December 31, 2022. The following table provides information about retained consumer loans, excluding credit card, by class. (in millions) June 30, December 31, Residential real estate $ 328,010 (a) $ 237,561 Auto and other 68,185 63,192 Total retained loans $ 396,195 $ 300,753 |
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. 2023 2022 Three months ended June 30, Consumer, excluding Credit card Wholesale Total Consumer, excluding Credit card Wholesale Total Purchases $ 92,002 (b)(c)(d) $ — $ 58,398 (b) $ 150,400 $ 973 (c)(d) $ — $ 228 $ 1,201 Sales 438 — 9,709 10,147 82 — 12,005 12,087 Retained loans reclassified to held-for-sale (a) 81 — 771 852 66 — 415 481 2023 2022 Six months ended June 30, 2022 Consumer, excluding Credit card Wholesale Total Consumer, excluding Credit card Wholesale Total Purchases $ 92,081 (b)(c)(d) $ — $ 58,561 (b) $ 150,642 $ 1,092 (c)(d) $ — $ 394 $ 1,486 Sales 438 — 18,880 19,318 129 — 21,712 21,841 Retained loans reclassified to held-for-sale (a) 124 — 1,085 1,209 142 — 688 830 (a) Reclassifications of loans to held-for-sale are non-cash transactions. (b) Includes loans acquired in the First Republic acquisition consisting of $91.9 billion in Consumer, excluding credit card and $58.4 billion in Wholesale. (c) 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 and six months ended June 30, 2023 and 2022. 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. (d) Excludes purchases of retained loans of $1.6 billion and $6.0 billion for the three months ended June 30, 2023 and 2022, and $2.3 billion and $9.2 billion for the six months ended June 30, 2023 and 2022, 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 and gross charge-offs for the six months ended June 30, 2023. (in millions, except ratios) June 30, 2023 Term loans by origination year (f) Revolving loans Total 2023 2022 2021 2020 2019 Prior to 2019 Within the revolving period Converted to term loans Loan delinquency (a)(b) Current (c) $ 13,596 $ 65,317 $ 86,325 $ 57,052 $ 22,211 $ 65,271 $ 7,584 $ 8,877 $ 326,233 30–149 days past due 3 19 44 29 41 710 39 216 1,101 150 or more days past due — 6 2 6 10 473 3 176 676 Total retained loans $ 13,599 $ 65,342 $ 86,371 $ 57,087 $ 22,262 $ 66,454 $ 7,626 $ 9,269 $ 328,010 % of 30+ days past due to total retained loans (d)(e) 0.02 % 0.04 % 0.05 % 0.06 % 0.23 % 1.75 % 0.55 % 4.23 % 0.54 % Gross charge-offs $ — $ — $ — $ — $ — $ 52 $ 14 $ 4 $ 70 (in millions, except ratios) December 31, 2022 Term loans by origination year (f) Revolving loans Total 2022 2021 2020 2019 2018 Prior to 2018 Within the revolving period Converted to term loans Loan delinquency (a)(b) Current $ 39,934 $ 66,072 $ 43,315 $ 15,397 $ 6,339 $ 49,632 $ 5,589 $ 9,685 $ 235,963 30–149 days past due 29 11 14 20 20 597 15 208 914 150 or more days past due 1 1 6 10 7 480 4 175 684 Total retained loans $ 39,964 $ 66,084 $ 43,335 $ 15,427 $ 6,366 $ 50,709 $ 5,608 $ 10,068 $ 237,561 % of 30+ days past due to total retained loans (d) 0.08 % 0.02 % 0.05 % 0.19 % 0.42 % 2.07 % 0.34 % 3.80 % 0.66 % (a) Individual delinquency classifications include mortgage loans insured by U.S. government agencies which were not material at June 30, 2023 and December 31, 2022 (b) At June 30, 2023 and December 31, 2022, 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) Included $5.6 billion, $26.2 billion, $22.0 billion, $15.0 billion, $7.5 billion, and $12.9 billion of term loans originated in 2023, 2022, 2021, 2020, 2019 and prior to 2019, respectively, and $2.5 billion of revolving loans within the revolving period associated with the First Republic acquisition. (d) Excludes mortgage loans that are 30 or more days past due insured by U.S. government agencies which were not material at June 30, 2023 and December 31, 2022. These amounts have been excluded based upon the government guarantee. (e) Included $158 million of 30+ days past due loans associated with the First Republic acquisition. (f) 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) June 30, 2023 December 31, 2022 Nonaccrual loans (a)(b)(c)(d)(e) $ 3,641 $ 3,745 Current estimated LTV ratios (f)(g)(h) Greater than 125% and refreshed FICO scores: Equal to or greater than 660 $ 68 $ 2 Less than 660 5 — 101% to 125% and refreshed FICO scores: Equal to or greater than 660 569 174 Less than 660 11 6 80% to 100% and refreshed FICO scores: Equal to or greater than 660 17,260 (l) 12,034 Less than 660 254 184 Less than 80% and refreshed FICO scores: Equal to or greater than 660 298,791 (l) 215,096 Less than 660 9,526 (l) 8,659 No FICO/LTV available 1,526 1,406 (k) Total retained loans $ 328,010 (m) $ 237,561 Weighted average LTV ratio (f)(i) 51 % 51 % Weighted average FICO (g)(i) 771 769 Geographic region (j)(k) California $ 128,038 (n) $ 73,112 New York 49,413 (n) 34,471 Florida 22,518 (n) 18,870 Texas 15,448 14,968 Massachusetts 14,351 (n) 6,380 Illinois 11,052 11,296 Colorado 10,765 9,968 Washington 9,778 9,060 New Jersey 8,106 7,108 Connecticut 7,142 5,432 All other 51,399 46,896 Total retained loans $ 328,010 (m) $ 237,561 (a) I ncludes 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 loans, regardless of their delinquency status. At June 30, 2023, approximately 9% of Chapter 7 residential real estate loans were 30 days or more past due. (b) Mortgage loans insured by U.S. government agencies excluded from nonaccrual loans were not material at June 30, 2023 and December 31, 2022. (c) 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. (d) Interest income on nonaccrual loans recognized on a cash basis was $44 million and $45 million and $89 million and $90 million for the three and six months ended June 30, 2023 and 2022, respectively. (e) Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic. (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 June 30, 2023. (k) Prior-period amounts have been revised to conform with the current presentation. (l) Included $4.3 billion in equal to or greater than 660 FICO scores within 80% to 100% LTV ratio, and $85.3 billion and $1.2 billion in equal to or greater than 660 and less than 660 FICO scores, respectively, within less than 80% LTV ratio associated with the First Republic acquisition. (m) Included $91.9 billion of loans associated with the First Republic acquisition. (n) Included $55.5 billion, $15.2 billion, $3.6 billion and $8.0 billion in California, New York, Florida and Massachusetts, respectively, associated with the First Republic acquisition. June 30, 2023 (in millions, except ratios) Term loans by origination year Revolving loans 2023 2022 2021 2020 2019 Prior to 2019 Within the revolving period Converted to term loans Total Loan delinquency Current $ 17,763 $ 18,062 $ 16,287 $ 8,801 $ 2,765 $ 1,041 $ 2,544 $ 113 $ 67,376 30–119 days past due 121 234 216 79 48 28 14 15 755 120 or more days past due — 1 25 13 — 1 2 12 54 Total retained loans $ 17,884 $ 18,297 $ 16,528 $ 8,893 $ 2,813 $ 1,070 $ 2,560 $ 140 $ 68,185 % of 30+ days past due to total retained loans (a) 0.68 % 1.28 % 1.26 % 0.83 % 1.71 % 2.71 % 0.63 % 19.29 % 1.11 % Gross charge-offs $ 106 $ 168 $ 82 $ 28 $ 16 $ 30 $ — $ 1 $ 431 December 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 $ 22,187 $ 20,212 $ 11,401 $ 3,991 $ 1,467 $ 578 $ 2,342 $ 118 $ 62,296 30–119 days past due 263 308 100 68 33 17 12 10 811 120 or more days past due — 53 24 — — 1 2 5 85 Total retained loans $ 22,450 $ 20,573 $ 11,525 $ 4,059 $ 1,500 $ 596 $ 2,356 $ 133 $ 63,192 % of 30+ days past due to total retained loans (a) 1.17 % 1.15 % 0.83 % 1.68 % 2.20 % 3.02 % 0.59 % 11.28 % 1.18 % (a) At June 30, 2023 and December 31, 2022, auto and other loans excluded $50 million and $153 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. The following table provides information on nonaccrual and other credit quality indicators for retained auto and other consumer loans. (in millions) Total Auto and other June 30, 2023 December 31, 2022 Nonaccrual loans (a)(b)(c) $ 143 $ 129 Geographic region (d) California $ 10,353 $ 9,689 Texas 8,070 7,216 Florida 5,344 4,847 New York 4,634 4,345 Illinois 3,062 2,839 New Jersey 2,462 2,219 Pennsylvania 1,873 1,822 Georgia 1,858 1,708 Arizona 1,700 1,551 Ohio 1,672 1,603 All other 27,157 25,353 Total retained loans $ 68,185 $ 63,192 (a) At June 30, 2023 and December 31, 2022, nonaccrual loans excluded $39 million and $101 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA, of which $38 million and $76 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 June 30, 2023 and December 31, 2022. (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 not material for the three and six months ended June 30, 2023 and 2022 . (d) The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at June 30, 2023. The following tables provide information on delinquency and gross charge-offs for the six months ended June 30, 2023. (in millions, except ratios) June 30, 2023 Within the revolving period Converted to term loans Total Loan delinquency Current and less than 30 days past due $ 187,340 $ 755 $ 188,095 30–89 days past due and still accruing 1,580 68 1,648 90 or more days past due and still accruing 1,570 35 1,605 Total retained loans $ 190,490 $ 858 $ 191,348 Loan delinquency ratios % of 30+ days past due to total retained loans 1.65 % 12.00 % 1.70 % % of 90+ days past due to total retained loans 0.82 4.08 0.84 Gross charge-offs $ 2,357 $ 75 $ 2,432 (in millions, except ratios) December 31, 2022 Within the revolving period Converted to term loans Total Loan delinquency Current and less than 30 days past due $ 181,793 $ 696 $ 182,489 30–89 days past due and still accruing 1,356 64 1,420 90 or more days past due and still accruing 1,230 36 1,266 Total retained loans $ 184,379 $ 796 $ 185,175 Loan delinquency ratios % of 30+ days past due to total retained loans 1.40 % 12.56 % 1.45 % % of 90+ days past due to total retained loans 0.67 4.52 0.68 The following table provides information on other credit quality indicators for retained credit card loans. (in millions, except ratios) June 30, 2023 December 31, 2022 Geographic region (a) California $ 29,258 $ 28,154 Texas 19,992 19,171 New York 15,511 15,046 Florida 13,439 12,905 Illinois 10,457 10,089 New Jersey 7,902 7,643 Ohio 5,898 5,792 Colorado 5,840 5,493 Pennsylvania 5,549 5,517 Arizona 4,647 4,487 All other 72,855 70,878 Total retained loans $ 191,348 $ 185,175 Percentage of portfolio based on carrying value with estimated refreshed FICO scores Equal to or greater than 660 86.4 % 86.8 % Less than 660 13.4 13.0 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 June 30, 2023. Internal risk rating is the primary credit quality indicator for retained wholesale loans. The following tables provide information on internal risk rating and gross charge-offs for the six months ended June 30, 2023. Secured by real estate Commercial and industrial Other (b) Total retained loans (in millions, except ratios) Jun 30, Dec 31, Jun 30, Dec 31, Jun 30, Dec 31, Jun 30, Dec 31, Loans by risk ratings Investment-grade $ 120,652 $ 99,552 $ 74,505 $ 76,275 $ 256,821 $ 249,585 $ 451,978 $ 425,412 Noninvestment-grade: Noncriticized 36,387 23,272 84,133 81,393 77,360 57,888 197,880 162,553 Criticized performing 4,314 3,662 9,980 8,974 1,400 1,106 15,694 13,742 Criticized nonaccrual 518 246 1,437 1,018 638 699 2,593 1,963 Total noninvestment-grade 41,219 27,180 95,550 91,385 79,398 59,693 216,167 178,258 Total retained loans (a) $ 161,871 $ 126,732 $ 170,055 $ 167,660 $ 336,219 $ 309,278 $ 668,145 $ 603,670 % of investment-grade to total retained loans 74.54 % 78.55 % 43.81 % 45.49 % 76.39 % 80.70 % 67.65 % 70.47 % % of total criticized to total retained loans 2.99 3.08 6.71 5.96 0.61 0.58 2.74 2.60 % of criticized nonaccrual to total retained loans 0.32 0.19 0.85 0.61 0.19 0.23 0.39 0.33 (a) As of June 30, 2023 included $33.9 billion of Secured by real estate loans, $3.9 billion of Commercial and industrial loans, and $18.2 billion of Other loans associated with the First Republic acquisition. (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 and J.P. Morgan Wealth Management within CCB ). Refer to Note 14 of JPMorgan Chase’s 2022 Form 10-K for more information on SPEs. Secured by real estate (in millions) June 30, 2023 Term loans by origination year Revolving loans 2023 2022 2021 2020 2019 Prior to 2019 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 6,381 $ 29,986 $ 26,336 $ 17,251 $ 16,256 $ 23,159 $ 1,283 $ — $ 120,652 Noninvestment-grade 2,606 11,527 8,058 4,225 4,270 9,251 1,280 2 41,219 Total retained loans (a) $ 8,987 $ 41,513 $ 34,394 $ 21,476 $ 20,526 $ 32,410 $ 2,563 $ 2 $ 161,871 Gross charge-offs $ — $ 25 $ 21 $ — $ — $ 47 $ — $ — $ 93 Secured by real estate (in millions) December 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 $ 24,134 $ 22,407 $ 14,773 $ 14,666 $ 5,277 $ 17,289 $ 1,006 $ — $ 99,552 Noninvestment-grade 6,072 5,602 3,032 3,498 2,395 5,659 920 2 27,180 Total retained loans $ 30,206 $ 28,009 $ 17,805 $ 18,164 $ 7,672 $ 22,948 $ 1,926 $ 2 $ 126,732 (a) As of June 30, 2023 included $3.0 billion, $11.0 billion, $6.3 billion, $4.4 billion, $3.0 billion, and $5.4 billion of retained loans originated in 2023, 2022, 2021, 2020, 2019 and prior to 2019, respectively, and $799 million of revolving loans within the revolving period associated with the First Republic acquisition. Commercial and industrial (in millions) June 30, 2023 Term loans by origination year Revolving loans 2023 2022 2021 2020 2019 Prior to 2019 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 10,777 $ 12,726 $ 6,324 $ 2,510 $ 1,314 $ 1,268 $ 39,585 $ 1 $ 74,505 Noninvestment-grade 10,510 19,667 11,130 2,827 1,828 1,445 48,051 92 95,550 Total retained loans (a) $ 21,287 $ 32,393 $ 17,454 $ 5,337 $ 3,142 $ 2,713 $ 87,636 $ 93 $ 170,055 Gross charge-offs $ — $ 6 $ 20 $ 1 $ 2 $ 6 $ 149 $ 4 $ 188 Commercial and industrial (in millions) December 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 $ 21,072 $ 8,338 $ 3,045 $ 1,995 $ 748 $ 989 $ 40,087 $ 1 $ 76,275 Noninvestment-grade 24,088 12,444 3,459 2,506 525 1,014 47,267 82 91,385 Total retained loans $ 45,160 $ 20,782 $ 6,504 $ 4,501 $ 1,273 $ 2,003 $ 87,354 $ 83 $ 167,660 (a) As of June 30, 2023 included $231 million, $764 million, $444 million, $346 million, $92 million, and $270 million of retained loans originated in 2023, 2022, 2021, 2020, 2019 and prior to 2019, respectively, and $1.7 billion of revolving loans within the revolving period associated with the First Republic acquisition. Other (a) (in millions) June 30, 2023 Term loans by origination year Revolving loans 2023 2022 2021 2020 2019 Prior to 2019 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 24,067 $ 21,496 $ 11,927 $ 10,970 $ 4,139 $ 7,700 $ 173,951 $ 2,571 $ 256,821 Noninvestment-grade 6,821 12,769 6,803 2,368 760 2,083 47,735 59 79,398 Total retained loans (b) $ 30,888 $ 34,265 $ 18,730 $ 13,338 $ 4,899 $ 9,783 $ 221,686 $ 2,630 $ 336,219 Gross charge-offs $ — $ — $ 5 $ 5 $ — $ — $ 3 $ — $ 13 Other (a) (in millions) December 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 $ 32,121 $ 15,864 $ 13,015 $ 4,529 $ 2,159 $ 7,251 $ 171,049 $ 3,597 $ 249,585 Noninvestment-grade 16,829 7,096 1,821 699 451 475 32,240 82 59,693 Total retained loans $ 48,950 $ 22,960 $ 14,836 $ 5,228 $ 2,610 $ 7,726 $ 203,289 $ 3,679 $ 309,278 (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 and J.P. Morgan Wealth Management within CCB ) . Refer to Note 14 of JPMorgan Chase’s 2022 Form 10-K for more information on SPEs. (b) As of June 30, 2023 included $128 million, $615 million, $708 million, $877 million, $168 million, and $1.3 billion of retained loans originated in 2023, 2022, 2021, 2020, 2019 and prior to 2019, respectively, $14.3 billion of revolving loans within the revolving period, and $55 million converted to term loans associated with the First Republic acquisition. 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 Jun 30, Dec 31, Jun 30, Dec 31, Jun 30, Dec 31, Retained loans secured by real estate $ 100,732 $ 79,139 $ 61,139 $ 47,593 $ 161,871 (a) $ 126,732 Criticized 2,141 1,916 2,691 1,992 4,832 3,908 % of criticized to total retained loans secured by real estate 2.13 % 2.42 % 4.40 % 4.19 % 2.99 % 3.08 % Criticized nonaccrual $ 56 $ 51 $ 462 $ 195 $ 518 $ 246 % of criticized nonaccrual loans to total retained loans secured by real estate 0.06 % 0.06 % 0.76 % 0.41 % 0.32 % 0.19 % (a) Included $21.0 billion and $13.0 billion of Multifamily and Other commercial loans associated with the First Republic acquisition. 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) Jun 30, Dec 31, Jun 30, Dec 31, Jun 30, Dec 31, Jun 30, Dec 31, Loans by geographic distribution (a)(b) Total U.S. $ 158,936 $ 123,740 $ 129,316 $ 125,324 $ 257,319 $ 230,525 $ 545,571 $ 479,589 Total non-U.S. 2,935 2,992 40,739 42,336 78,900 78,753 122,574 124,081 Total retained loans $ 161,871 $ 126,732 $ 170,055 $ 167,660 $ 336,219 $ 309,278 $ 668,145 $ 603,670 Loan delinquency Current and less than 30 days past due and still accruing $ 161,138 $ 126,083 $ 167,082 $ 165,415 $ 334,237 $ 307,511 $ 662,457 $ 599,009 30–89 days past due and still accruing 215 402 1,317 1,127 1,232 1,015 2,764 2,544 90 or more days past due and still accruing (c) — 1 219 100 112 53 331 154 Criticized nonaccrual 518 246 1,437 1,018 638 699 2,593 1,963 Total retained loans $ 161,871 $ 126,732 $ 170,055 $ 167,660 $ 336,219 $ 309,278 $ 668,145 $ 603,670 (a) The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower. (b) Borrowers associated with the First Republic acquisition are predominantly domiciled in the U.S. (c) Represents loans that are considered well-collateralized and therefore still accruing interest. |
Nature and extent of TDR loan modifications | The following table provides information about how residential real estate loans were modified in TDRs during the period presented. Three months ended June 30, Six months ended June 30, 2022 2022 Number of loans approved for a trial modification 1,165 2,691 Number of loans permanently modified 1,289 2,831 Concession granted: (a) Interest rate reduction 45 % 56 % Term or payment extension 54 67 Principal and/or interest deferred 10 12 Principal forgiveness 1 1 Other (b) 46 36 (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. |
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 and about redefaults of certain loans modified in TDRs for the period presented. (in millions, except weighted-average data) Three months ended June 30, Six months ended June 30, 2022 2022 Weighted-average interest rate of loans with interest rate reductions – before TDR 4.76 % 4.55 % Weighted-average interest rate of loans with interest rate reductions – after TDR 3.36 3.31 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR 22 23 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR 38 39 Charge-offs recognized upon permanent modification $ 1 $ 1 Principal deferred 4 11 Principal forgiven — 1 Balance of loans that redefaulted within one year of permanent modification (a) $ 27 $ 70 (a) Represents loans permanently modified in TDRs that experienced a payment default in the period presented, and for which the payment default occurred within one year of the modification. The dollar amount presented represents the balance of such loans at the end of the reporting period in which such loans defaulted. The following table provides information about the financial effects of the concessions granted on credit card loans modified in TDRs and redefaults. New enrollments were less than 1% of total retained credit card loans. (in millions, except Three months ended June 30, Six months ended June 30, 2022 2022 Balance of new TDRs (a) $ 81 $ 163 Weighted-average interest rate of loans – before TDR 18.94 % 18.47 % Weighted-average interest rate of loans – after TDR 4.62 4.75 Balance of loans that redefaulted within one year of modification (b) $ 8 $ 17 (a) Represents the outstanding balance prior to modification. (b) Represents loans modified in TDRs that experienced a payment default in the period presented, and for which the payment default occurred within one year of the modification. The amount presented represents the balance of such loans as of the end of the quarter in which they defaulted. |
Schedule of loan modifications | The following tables provide information on credit card loan modifications considered FDMs. Three months ended June 30, 2023 Amortized % of loan modifications to total retained credit card loans Financial effect of loan modification Loan modification Term extension and interest rate reduction (a)(b) $ 181 0.09 % Term extension with a reduction in the weighted average contractual interest rate from 23.27% to 3.57% Total $ 181 Six months ended June 30, 2023 Amortized % of loan modifications to total retained credit card loans Financial effect of loan modification Loan modification Term extension and interest rate reduction (a)(b) $ 326 0.17 % Term extension with a reduction in the weighted average contractual interest rate from 22.96% to 3.54% Total $ 326 (a) Term extension includes credit card loans whose terms have been modified under long-term programs by placing the customer on a fixed payment plan. (b) The interest rates represent weighted average at enrollment. The following table provides information on the payment status of FDMs during the three and six months ended June 30, 2023. (in millions) Amortized cost basis Three months ended June 30, Six months ended June 30, 2023 2023 Current and less than 30 days past due and still accruing $ 128 $ 264 30-89 days past due and still accruing 32 38 90 or more days past due and still accruing 21 24 Total $ 181 $ 326 (in millions) Commercial and industrial Three months ended June 30, 2023 Six months ended June 30, 2023 Amortized cost basis % of loan modifications to total retained Commercial and industrial loans Financial effect of loan modification Amortized cost basis % of loan modifications to total retained Commercial and industrial loans Financial effect of loan modification Loan modification Single modifications Term extension $ 306 0.18 % Extended loans by a weighted-average of 8 months $ 423 0.25 % Extended loans by a weighted-average of 10 months Other-than-insignificant payment delay 5 — % Provided payment deferrals with delayed amounts primarily re-amortized over the remaining tenor 5 — % Provided payment deferrals with delayed amounts primarily re-amortized over the remaining tenor Multiple modifications Interest Rate Reduction and Term Extension $ 1 — % Reduced weighted-average contractual interest by -191 bps and extended loans by a weighted-average of 17 months $ 1 — % Reduced weighted-average contractual interest by -191 bps and extended loans by a weighted-average of 17 months Term extension and principal forgiveness — — % 40 0.02 % Extended loans by a weighted-average of 64 months and reduced amortized cost basis of the loans by $23mm Total $ 312 $ 469 (in millions) Other Three months ended June 30, 2023 Six months ended June 30, 2023 Amortized cost basis % of loan modifications to total retained Other loans Financial effect of loan modification Amortized cost basis % of loan modifications to total retained Other loans Financial effect of loan modification Loan modification Single modifications Interest rate reduction $ 11 — % Reduced weighted-average contractual interest by 654 bps $ 11 — % Reduced weighted-average contractual interest by 654 bps Term extension 38 0.01 % Extended loans by a weighted-average of 3 months 54 0.02 % Extended loans by a weighted-average of 6 months Multiple modifications Payment Delay and Term Extension $ 235 0.07 % Provided payment deferrals with delayed amounts primarily recaptured at the end of the deferral period and extended loans by a weighted-average of 144 months $ 235 0.07 % Provided payment deferrals with delayed amounts primarily recaptured at the end of the deferral period and extended loans by a weighted-average of 144 months Total $ 284 $ 300 The following tables provide information on the payment status of Commercial and industrial and Other FDMs during the three and six months ended June 30, 2023. Amortized cost basis Commercial and industrial Other (in millions) Three months ended June 30, 2023 Six months ended June 30, 2023 Three months ended June 30, 2023 Six months ended June 30, 2023 Current and less than 30 days past due and still accruing $ 242 $ 331 $ — $ — 30-89 days past due and still accruing — — — — 90 or more days past due and still accruing 3 3 — — Criticized nonaccrual 67 135 284 300 Total $ 312 $ 469 $ 284 $ 300 |
Subsequent default of loan modifications | The following table provides information on Commercial and industrial FDMs that re-defaulted during the three and six months ended June 30, 2023. There were no Other FDM re-defaults during the three and six months ended June 30, 2023. (in millions) Amortized cost basis Three months ended June 30, 2023 Six months ended June 30, 2023 Loan modification Term extension 3 7 Total (a) 3 7 (a) Represents FDMs that were 30 days or more past due |
Schedule of nonaccrual loans | The following table provides information on retained wholesale nonaccrual loans. Secured by real estate Commercial Other Total Jun 30, Dec 31, Jun 30, Dec 31, Jun 30, Dec 31, Jun 30, Dec 31, Nonaccrual loans With an allowance $ 281 $ 172 $ 1,035 $ 686 $ 340 $ 487 $ 1,656 $ 1,345 Without an allowance (a) 237 74 402 332 298 212 937 618 Total nonaccrual loans (b) $ 518 $ 246 $ 1,437 $ 1,018 $ 638 $ 699 $ 2,593 $ 1,963 (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 and six months ended June 30, 2023 and 2022. |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 2022 Form 10-K and Note 10 of this Form 10-Q for further information on the allowance for credit losses on investment securities. 2023 2022 Six months ended June 30, Consumer, excluding Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total Allowance for loan losses Beginning balance at January 1, $ 2,040 $ 11,200 $ 6,486 $ 19,726 $ 1,765 $ 10,250 $ 4,371 $ 16,386 Cumulative effect of a change in accounting principle (a) (489) (100) 2 (587) NA NA NA NA Gross charge-offs 501 2,432 294 3,227 384 1,505 123 2,012 Gross recoveries collected (247) (386) (46) (679) (311) (419) (43) (773) Net charge-offs/(recoveries) 254 2,046 248 2,548 73 1,086 80 1,239 Provision for loan losses 751 2,546 2,067 5,364 237 1,236 1,125 2,598 Other — — 25 25 — — 5 5 Ending balance at June 30, $ 2,048 $ 11,600 $ 8,332 $ 21,980 $ 1,929 $ 10,400 $ 5,421 $ 17,750 Allowance for lending-related commitments Beginning balance at January 1, $ 76 $ — $ 2,306 $ 2,382 $ 113 $ — $ 2,148 $ 2,261 Provision for lending-related commitments 52 — (253) (201) (2) — (37) (39) Other 1 — 4 5 (1) — 1 — Ending balance at June 30, $ 129 $ — $ 2,057 $ 2,186 $ 110 $ — $ 2,112 $ 2,222 Total allowance for investment securities 104 NA NA NA 47 Total allowance for credit losses (b)(c) $ 2,177 $ 11,600 $ 10,389 $ 24,270 $ 2,039 $ 10,400 $ 7,533 $ 20,019 Allowance for loan losses by impairment methodology Asset-specific (d) $ (971) $ — $ 478 $ (493) $ (676) $ 227 $ 332 $ (117) Portfolio-based 3,019 11,600 7,854 22,473 2,605 10,173 5,089 17,867 Total allowance for loan losses $ 2,048 $ 11,600 $ 8,332 $ 21,980 $ 1,929 $ 10,400 $ 5,421 $ 17,750 Loans by impairment methodology Asset-specific (d) $ 3,439 $ — $ 2,587 $ 6,026 $ 12,683 $ 827 $ 2,408 $ 15,918 Portfolio-based 392,756 191,348 665,558 1,249,662 289,948 164,667 581,857 1,036,472 Total retained loans $ 396,195 $ 191,348 $ 668,145 $ 1,255,688 $ 302,631 $ 165,494 $ 584,265 $ 1,052,390 Collateral-dependent loans Net charge-offs $ 5 $ — $ 77 $ 82 $ (15) $ — $ 8 $ (7) Loans measured at fair value of collateral less cost to sell 3,388 — 762 4,150 3,935 — 607 4,542 Allowance for lending-related commitments by impairment methodology Asset-specific $ — $ — $ 65 $ 65 $ — $ — $ 78 $ 78 Portfolio-based 129 — 1,992 2,121 110 — 2,034 2,144 Total allowance for lending-related commitments (e) $ 129 $ — $ 2,057 $ 2,186 $ 110 $ — $ 2,112 $ 2,222 Lending-related commitments by impairment methodology Asset-specific $ — $ — $ 332 $ 332 $ — $ — $ 397 $ 397 Portfolio-based (f) 32,428 — 521,408 553,836 26,809 — 458,038 484,847 Total lending-related commitments $ 32,428 $ — $ 521,740 $ 554,168 $ 26,809 $ — $ 458,435 $ 485,244 (a) Represents the impact to the allowance for loan losses upon the adoption of the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance . (b) At June 30, 2023, in addition to the allowance for credit losses in the table above, the Firm also had an allowance for credit losses of $18 million associated with certain accounts receivable in CIB. (c) As of June 30, 2023 included $1.2 billion allowance for credit losses associated with the First Republic acquisition. (d) Includes collateral-dependent loans, including those for which foreclosure is deemed probable, and nonaccrual risk-rated loans for all periods presented. Prior periods also include non collateral-dependent TDRs or reasonably expected TDRs and modified PCD loans. (e) The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets. (f) At June 30, 2023 and 2022, lending-related commitments excluded $18.4 billion and $13.7 billion, respectively, for the consumer, excluding credit card portfolio segment; $881.5 billion and $774.0 billion, respectively, for the credit card portfolio segment; and $19.3 billion and $29.1 billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments. Prior period amount for wholesale lending-related commitments, including the amount not subject to allowance, has been revised to conform with the current presentation. |
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 June 30, 2023 4Q23 2Q24 4Q24 U.S. unemployment rate (a) 4.2 % 4.9 % 5.0 % YoY growth in U.S. real GDP (b) 0.5 % — % 1.0 % Assumptions at December 31, 2022 2Q23 4Q23 2Q24 U.S. unemployment rate (a) 3.8 % 4.3 % 5.0 % YoY growth in U.S. real GDP (b) 1.5 % 0.4 % — % (a) Reflects quarterly average of forecasted U.S. unemployment rate. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 165 Mortgage securitization trusts Servicing and securitization of both originated and purchased residential mortgages 165-167 CIB Mortgage and other securitization trusts Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans 165-167 Multi-seller conduits Assisting clients in accessing the financial markets in a cost-efficient manner and structuring transactions to meet investor needs 167 Municipal bond vehicles Financing of municipal bond investments 167 |
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) June 30, 2023 (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 $ 56,604 $ 715 $ 38,439 $ 681 $ 2,060 $ 23 $ 2,764 Subprime 9,300 — 1,353 4 — 4 Commercial and other (b) 162,779 — 127,826 893 5,443 668 7,004 Total $ 228,683 $ 715 $ 167,618 $ 1,578 $ 7,503 $ 691 $ 9,772 Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) December 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 Securitization-related (a) Residential mortgage: Prime/Alt-A and option ARMs $ 55,362 $ 754 $ 37,058 $ 744 $ 1,918 $ — $ 2,662 Subprime 9,709 — 1,743 10 — — 10 Commercial and other (b) 164,915 — 127,037 888 5,373 670 6,931 Total $ 229,986 $ 754 $ 165,838 $ 1,642 $ 7,291 $ 670 $ 9,603 (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. (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 securities of $104 million and $134 million at June 30, 2023 and December 31, 2022, respectively, and subordinated securities which were $92 million and $34 million at June 30, 2023 and December 31, 2022, respectively, which the Firm purchased in connection with CIB’s secondary market-making activities. (d) Includes interests held in re-securitization transactions. (e) As of both June 30, 2023 and December 31, 2022, 84% 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 $2.7 billion and $2.6 billion of investment-grade retained interests at June 30, 2023 and December 31, 2022, respectively, and noninvestment-grade retained interests were not material at both June 30, 2023 and December 31, 2022. The retained interests in commercial and other securitization trusts consisted of $5.9 billion and $5.8 billion of investment-grade retained interests at June 30, 2023 and December 31, 2022 respectively, and $1.1 billion of noninvestment-grade retained interests at both June 30, 2023 and December 31, 2022, respectively. |
Schedule of re-securitizations | The following table presents the principal amount of securities transferred to re-securitization VIEs. Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Transfers of securities to VIEs U.S. GSEs and government agencies $ 6,261 $ 7,373 $ 9,667 $ 13,449 The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs. Nonconsolidated (in millions) June 30, 2023 December 31, 2022 U.S. GSEs and government agencies Interest in VIEs $ 3,412 $ 2,580 |
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 June 30, 2023 and December 31, 2022. Assets Liabilities June 30, 2023 (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 $ — $ 9,168 $ 82 $ 9,250 $ 999 $ 2 $ 1,001 Firm-administered multi-seller conduits 1 28,598 169 28,768 16,383 31 16,414 Municipal bond vehicles 2,313 — 21 2,334 2,133 10 2,143 Mortgage securitization entities (a) — 733 10 743 132 60 192 Other 54 626 (b) 250 930 — 144 144 Total $ 2,368 $ 39,125 $ 532 $ 42,025 $ 19,647 $ 247 $ 19,894 Assets Liabilities December 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 $ — $ 9,699 $ 100 $ 9,799 $ 1,999 $ 2 $ 2,001 Firm-administered multi-seller conduits — 22,819 170 22,989 9,236 39 9,275 Municipal bond vehicles 2,089 — 7 2,096 1,232 10 1,242 Mortgage securitization entities (a) — 781 10 791 143 67 210 Other 62 1,112 (b) 263 1,437 — 161 161 Total $ 2,151 $ 34,411 $ 550 $ 37,112 $ 12,610 $ 279 $ 12,889 (a) Includes residential 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 $1.1 billion and $2.1 billion at June 30, 2023, and December 31, 2022, 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 and six months ended June 30, 2023 and 2022, 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 June 30, Six months ended June 30, 2023 2022 2023 2022 (in millions) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Principal securitized $ 2,216 $ 376 $ 3,028 $ 3,950 $ 3,289 $ 376 $ 9,523 $ 7,058 All cash flows during the period: (a) Proceeds received from loan sales as financial instruments (b)(c) $ 2,123 $ 380 $ 2,754 $ 3,869 $ 3,153 $ 380 $ 9,129 $ 6,975 Servicing fees collected 6 1 20 — 12 1 44 — Cash flows received on interests 86 91 127 54 160 178 282 125 (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 June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Carrying value of loans sold $ 6,323 $ 10,721 $ 9,021 $ 34,389 Proceeds received from loan sales as cash 33 4 40 13 Proceeds from loan sales as securities (a)(b) 6,220 10,551 8,882 33,809 Total proceeds received from loan sales (c) $ 6,253 $ 10,555 $ 8,922 $ 33,822 Gains/(losses) on loan sales (d)(e) $ — $ — $ — $ — (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 June 30, 2023 and December 31, 2022. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies. (in millions) June 30, December 31, Loans repurchased or option to repurchase (a) $ 752 $ 839 Real estate owned 9 10 Foreclosed government-guaranteed residential mortgage loans (b) 23 27 (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 June 30, 2023, and December 31, 2022. Net liquidation losses/(recoveries) Securitized assets 90 days past due Three months ended June 30, Six months ended June 30, (in millions) June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 2023 2022 2023 2022 Securitized loans Residential mortgage: Prime / Alt-A & option ARMs $ 38,439 $ 37,058 $ 482 $ 511 $ 3 $ (21) $ 10 $ (27) Subprime 1,353 1,743 141 212 2 (3) 4 (3) Commercial and other 127,826 127,037 1,231 948 — 5 19 11 Total loans securitized $ 167,618 $ 165,838 $ 1,854 $ 1,671 $ 5 $ (19) $ 33 $ (19) |
Goodwill and Mortgage Servici_2
Goodwill and Mortgage Servicing Rights (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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) June 30, December 31, Consumer & Community Banking $ 32,116 $ 32,121 Corporate & Investment Bank 8,253 8,008 Commercial Banking 2,985 2,985 Asset & Wealth Management 8,344 7,902 Corporate 682 646 Total goodwill $ 52,380 $ 51,662 The following table presents changes in the carrying amount of goodwill. Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Balance at beginning of period $ 52,144 $ 50,298 $ 51,662 $ 50,315 Changes during the period from: Business combinations (a) 236 470 687 470 Other (b) — (71) 31 (88) Balance at June 30, $ 52,380 $ 50,697 $ 52,380 $ 50,697 (a) For the three and six months ended June 30, 2023, represents estimated goodwill associated with the acquisition of Aumni Inc. in CIB in the second quarter, and the acquisition of the remaining 51% interest in CIFM in AWM in the first quarter. For the three and six months ended June 30, 2022, represents estimated goodwill associated with the acquisitions of Frosch Travel Group, LLC in CCB and Volkswagen Payments S.A. in CIB. (b) Predominantly foreign currency adjustments. |
Mortgage servicing rights activity | The following table summarizes MSR activity for the three and six months ended June 30, 2023 and 2022. As of or for the three months As of or for the six months (in millions, except where otherwise noted) 2023 2022 2023 2022 Fair value at beginning of period $ 7,755 $ 7,294 $ 7,973 $ 5,494 MSR activity: Originations of MSRs 78 181 110 596 Purchase of MSRs (a) 468 160 467 875 Disposition of MSRs (b) (92) (614) (90) (671) Net additions/(dispositions) 454 (273) 487 800 Changes due to collection/realization of expected cash flows (255) (236) (495) (468) Changes in valuation due to inputs and assumptions: Changes due to market interest rates and other (c) 283 653 261 1,547 Changes in valuation due to other inputs and assumptions: Projected cash flows (e.g., cost to service) 2 — 2 — Discount rates — — — — Prepayment model changes and other (d) (10) 1 1 66 Total changes in valuation due to other inputs and assumptions (8) 1 3 66 Total changes in valuation due to inputs and assumptions 275 654 264 1,613 Fair value at June 30, $ 8,229 $ 7,439 $ 8,229 $ 7,439 Changes in unrealized gains/(losses) included in income related to MSRs held at June 30, $ 275 $ 654 $ 264 $ 1,613 Contractual service fees, late fees and other ancillary fees included in income 388 395 776 765 Third-party mortgage loans serviced at June 30, (in billions) 605 576 605 576 Servicer advances, net of an allowance for uncollectible amounts, at June 30 (e) 595 1,166 595 1,166 (a) Includes purchase price adjustments associated with MSRs purchased in the prior quarter, primarily as a result of loans that prepaid within 90 days of settlement, allowing the Firm to recover the purchase price. (b) Includes excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage-backed securities (“SMBS”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired the remaining balance of those SMBS as trading securities. (c) 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. (d) Represents changes in prepayments other than those attributable to changes in market interest rates. (e) 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 and six months ended June 30, 2023 and 2022. Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 CCB mortgage fees and related income Production revenue $ 102 $ 150 $ 177 $ 361 Net mortgage servicing revenue: Operating revenue: Loan servicing revenue 402 435 802 803 Changes in MSR asset fair value due to collection/realization of expected cash flows (255) (236) (495) (468) Total operating revenue 147 199 307 335 Risk management: Changes in MSR asset fair value due to market interest rates and other (a) 283 653 261 1,547 Other changes in MSR asset fair value due to other inputs and assumptions in model (b) (8) 1 3 66 Changes in derivative fair value and other (250) (626) (251) (1,476) Total risk management 25 28 13 137 Total net mortgage servicing revenue 172 227 320 472 Total CCB mortgage fees and related income 274 377 497 833 All other 4 1 2 5 Mortgage fees and related income $ 278 $ 378 $ 499 $ 838 (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 June 30, 2023, and December 31, 2022, and outlines hypothetical sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below. (in millions, except rates) Jun 30, Dec 31, Weighted-average prepayment speed assumption (constant prepayment rate) 6.27 % 6.12 % Impact on fair value of 10% adverse change $ (186) $ (183) Impact on fair value of 20% adverse change (361) (356) Weighted-average option adjusted spread (a) 5.77 % 5.77 % Impact on fair value of a 100 basis point adverse change $ (348) $ (341) Impact on fair value of a 200 basis point adverse change (668) (655) (a) Includes the impact of operational risk and regulatory capital. |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Deposits [Abstract] | |
Noninterest-bearing and interest-bearing deposits | As of June 30, 2023 and December 31, 2022, noninterest-bearing and interest-bearing deposits were as follows. (in millions) June 30, December 31, 2022 U.S. offices Noninterest-bearing (included $47,870 and $26,363 at fair value) (a) $ 656,778 $ 644,902 Interest-bearing (included $572 and $586 at fair value) (a) 1,311,893 1,276,346 Total deposits in U.S. offices 1,968,671 1,921,248 Non-U.S. offices Noninterest-bearing (included $1,331 and $1,398 at fair value) (a) 24,268 27,005 Interest-bearing (included $1,795 and $273 at fair value) (a) 406,023 391,926 Total deposits in non-U.S. offices 430,291 418,931 Total deposits $ 2,398,962 $ 2,340,179 (a) Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further discussion. |
Time deposits $250,000 or more | As of June 30, 2023 and December 31, 2022, time deposits in denominations that met or exceeded the insured limit were as follows. (in millions) June 30, 2023 December 31, 2022 U.S. offices $ 98,725 $ 64,622 Non-U.S. offices (a) 85,937 77,907 Total $ 184,662 $ 142,529 |
Time deposits, by maturity | As of June 30, 2023, the remaining maturities of interest-bearing time deposits in each of the 12-month periods ending June 30 were as follows. June 30, U.S. Non-U.S. Total 2024 145,737 83,015 228,752 2025 1,213 194 1,407 2026 309 71 380 2027 160 25 185 2028 95 1,087 1,182 After 5 years 533 214 747 Total $ 148,047 $ 84,606 $ 232,653 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Schedule of information related to operating leases | The carrying values of the Firm’s operating leases were as follows: (in millions) June 30, 2023 December 31, 2022 Right-of-use assets $ 8,399 (a) $ 7,782 Lease liabilities 8,756 (a) 8,183 (a) Includes $756 million of right-of-use assets and corresponding lease liabilities, associated with the First Republic acquisition. |
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 June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Operating lease income $ 716 $ 945 $ 1,471 $ 1,993 Depreciation expense 457 668 876 1,379 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt instruments | The following table is a summary of long-term debt carrying values (including unamortized premiums and discounts, issuance costs, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of June 30, 2023. By remaining maturity June 30, 2023 December 31, 2022 Under 1 year 1-5 years After 5 years Total Total Parent company Senior debt: Fixed rate $ 6,709 $ 84,418 $ 96,845 $ 187,972 $ 194,515 Variable rate 367 7,226 2,200 9,793 11,565 Interest rates (f) 2.29 % 2.82 % 3.53 % 3.15 % 3.06 % Subordinated debt: Fixed rate $ — $ 8,815 $ 8,877 $ 17,692 $ 19,693 Variable rate — — — — — Interest rates (f) — % 4.54 % 4.69 % 4.62 % 4.50 % Subtotal $ 7,076 $ 100,459 $ 107,922 $ 215,457 $ 225,773 Subsidiaries Federal Home Loan Banks advances: Fixed rate $ 7,443 $ 17,609 $ 42 $ 25,094 (g) $ 93 Variable rate 7,000 4,000 — 11,000 11,000 Interest rates (f) 4.64 % 4.29 % 6.07 % 4.43 % 4.32 % Purchase Money Note (a) : Fixed rate $ — $ 48,883 $ — $ 48,883 NA Interest rates (f) — % 3.40 % — % 3.40 % NA Senior debt: Fixed rate $ 3,000 $ 7,333 $ 6,395 $ 16,728 $ 15,383 Variable rate 17,426 21,968 5,451 44,845 41,506 Interest rates (f) 3.95 % 4.98% 1.52 % 1.88 % 2.02 % Subordinated debt: Fixed rate $ — $ 258 $ — $ 258 $ 262 Variable rate — — — — — Interest rates (f) — % 8.25 % — % 8.25 % 8.25 % Subtotal $ 34,869 $ 100,051 $ 11,888 $ 146,808 $ 68,244 Junior subordinated debt: Fixed rate $ — $ — $ 540 $ 540 $ 550 Variable rate — 357 916 1,273 1,298 Interest rates (f) — % 5.86 % 7.17 % 6.91 % 6.33 % Subtotal $ — $ 357 $ 1,456 $ 1,813 $ 1,848 Total long-term debt (b)(c)(d) $ 41,945 $ 200,867 $ 121,266 $ 364,078 (h)(i) $ 295,865 Long-term beneficial interests: Fixed rate $ — $ 999 $ — $ 999 $ 1,999 Variable rate — — 132 132 143 Interest rates (f) — % 3.97 % 3.59 % 3.93 % 2.81 % Total long-term beneficial interests (e) $ — $ 999 $ 132 $ 1,131 $ 2,142 (a) As of June 30, 2023 , reflects the Purchase Money Note associated with the First Republic acquisition. Refer to Note 28 for additional information. (b) Included long-term debt of $87.7 billion and $13.8 billion secured by assets totaling $221.2 billion and $208.3 billion at June 30, 2023 and December 31, 2022 , respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments. (c) Included $78.6 billion and $72.3 billion of long-term debt accounted for at fair value at June 30, 2023 and December 31, 2022 , respectively. (d) Included $11.2 billion and $10.3 billion of outstanding zero-coupon notes at June 30, 2023 and December 31, 2022 , respectively. The aggregate principal amount of these notes at their respective maturities is $45.7 billion and $45.3 billion, respectively. The aggregate principal amount reflects the contractual principal payment at maturity, which may exceed the contractual principal payment at the Firm’s next call date, if applicable. (e) Included on the Consolidated balance sheets in beneficial interests issued by consolidated VIEs. Also included amounts accounted for at fair value which were not material at June 30, 2023 and December 31, 2022 . Excluded short-term commercial paper and other short-term beneficial interests of $18.5 billion and $10.5 billion at June 30, 2023 and December 31, 2022 , respectively. (f) The interest rates shown are the weighted average of contractual rates in effect at June 30, 2023 and December 31, 2022 , respectively, including non-U.S. dollar fixed- and variable-rate issuances, which excludes the effects of the associated derivative instruments used in hedge accounting relationships, if applicable. The interest rates shown exclude structured notes accounted for at fair value. (g) As of June 30, 2023, included $25.0 billion of FHLB advances associated with the First Republic acquisition. Refer to Note 28 for additional information. (h) As of June 30, 2023 , long-term debt in the aggregate of $191.7 billion was redeemable at the option of JPMorgan Chase, in whole or in part, prior to maturity, based on the terms specified in the respective instruments. (i) The aggregate carrying values of debt that matures in each of the 12-month periods ending June 30, 2024, 2025, 2026, 2027 and 2028 is $41.9 billion, $58.5 billion, $38.0 billion, $29.2 billion and $75.2 billion, respectively. |
Schedule of maturities of long-term debt | The following table is a summary of long-term debt carrying values (including unamortized premiums and discounts, issuance costs, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of June 30, 2023. By remaining maturity June 30, 2023 December 31, 2022 Under 1 year 1-5 years After 5 years Total Total Parent company Senior debt: Fixed rate $ 6,709 $ 84,418 $ 96,845 $ 187,972 $ 194,515 Variable rate 367 7,226 2,200 9,793 11,565 Interest rates (f) 2.29 % 2.82 % 3.53 % 3.15 % 3.06 % Subordinated debt: Fixed rate $ — $ 8,815 $ 8,877 $ 17,692 $ 19,693 Variable rate — — — — — Interest rates (f) — % 4.54 % 4.69 % 4.62 % 4.50 % Subtotal $ 7,076 $ 100,459 $ 107,922 $ 215,457 $ 225,773 Subsidiaries Federal Home Loan Banks advances: Fixed rate $ 7,443 $ 17,609 $ 42 $ 25,094 (g) $ 93 Variable rate 7,000 4,000 — 11,000 11,000 Interest rates (f) 4.64 % 4.29 % 6.07 % 4.43 % 4.32 % Purchase Money Note (a) : Fixed rate $ — $ 48,883 $ — $ 48,883 NA Interest rates (f) — % 3.40 % — % 3.40 % NA Senior debt: Fixed rate $ 3,000 $ 7,333 $ 6,395 $ 16,728 $ 15,383 Variable rate 17,426 21,968 5,451 44,845 41,506 Interest rates (f) 3.95 % 4.98% 1.52 % 1.88 % 2.02 % Subordinated debt: Fixed rate $ — $ 258 $ — $ 258 $ 262 Variable rate — — — — — Interest rates (f) — % 8.25 % — % 8.25 % 8.25 % Subtotal $ 34,869 $ 100,051 $ 11,888 $ 146,808 $ 68,244 Junior subordinated debt: Fixed rate $ — $ — $ 540 $ 540 $ 550 Variable rate — 357 916 1,273 1,298 Interest rates (f) — % 5.86 % 7.17 % 6.91 % 6.33 % Subtotal $ — $ 357 $ 1,456 $ 1,813 $ 1,848 Total long-term debt (b)(c)(d) $ 41,945 $ 200,867 $ 121,266 $ 364,078 (h)(i) $ 295,865 Long-term beneficial interests: Fixed rate $ — $ 999 $ — $ 999 $ 1,999 Variable rate — — 132 132 143 Interest rates (f) — % 3.97 % 3.59 % 3.93 % 2.81 % Total long-term beneficial interests (e) $ — $ 999 $ 132 $ 1,131 $ 2,142 (a) As of June 30, 2023 , reflects the Purchase Money Note associated with the First Republic acquisition. Refer to Note 28 for additional information. (b) Included long-term debt of $87.7 billion and $13.8 billion secured by assets totaling $221.2 billion and $208.3 billion at June 30, 2023 and December 31, 2022 , respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments. (c) Included $78.6 billion and $72.3 billion of long-term debt accounted for at fair value at June 30, 2023 and December 31, 2022 , respectively. (d) Included $11.2 billion and $10.3 billion of outstanding zero-coupon notes at June 30, 2023 and December 31, 2022 , respectively. The aggregate principal amount of these notes at their respective maturities is $45.7 billion and $45.3 billion, respectively. The aggregate principal amount reflects the contractual principal payment at maturity, which may exceed the contractual principal payment at the Firm’s next call date, if applicable. (e) Included on the Consolidated balance sheets in beneficial interests issued by consolidated VIEs. Also included amounts accounted for at fair value which were not material at June 30, 2023 and December 31, 2022 . Excluded short-term commercial paper and other short-term beneficial interests of $18.5 billion and $10.5 billion at June 30, 2023 and December 31, 2022 , respectively. (f) The interest rates shown are the weighted average of contractual rates in effect at June 30, 2023 and December 31, 2022 , respectively, including non-U.S. dollar fixed- and variable-rate issuances, which excludes the effects of the associated derivative instruments used in hedge accounting relationships, if applicable. The interest rates shown exclude structured notes accounted for at fair value. (g) As of June 30, 2023, included $25.0 billion of FHLB advances associated with the First Republic acquisition. Refer to Note 28 for additional information. (h) As of June 30, 2023 , long-term debt in the aggregate of $191.7 billion was redeemable at the option of JPMorgan Chase, in whole or in part, prior to maturity, based on the terms specified in the respective instruments. (i) The aggregate carrying values of debt that matures in each of the 12-month periods ending June 30, 2024, 2025, 2026, 2027 and 2028 is $41.9 billion, $58.5 billion, $38.0 billion, $29.2 billion and $75.2 billion, respectively. |
Preferred Stock (Tables)
Preferred Stock (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 and December 31, 2022, and the quarterly dividend declarations for the three and six months ended June 30, 2023 and 2022. Shares (a) Carrying value (in millions) Contractual rate in effect at June 30, 2023 Earliest redemption date (b) Floating annualized rate (c) Dividend declared June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Issue date Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Fixed-rate: Series DD 169,625 169,625 $ 1,696 $ 1,696 9/21/2018 5.750 % 12/1/2023 NA $ 143.75 $ 143.75 $287.50 $287.50 Series EE 185,000 185,000 1,850 1,850 1/24/2019 6.000 3/1/2024 NA 150.00 150.00 300.00 300.00 Series GG 90,000 90,000 900 900 11/7/2019 4.750 12/1/2024 NA 118.75 118.75 237.50 237.50 Series JJ 150,000 150,000 1,500 1,500 3/17/2021 4.550 6/1/2026 NA 113.75 113.75 227.50 227.50 Series LL 185,000 185,000 1,850 1,850 5/20/2021 4.625 6/1/2026 NA 115.63 115.63 231.26 231.26 Series MM 200,000 200,000 2,000 2,000 7/29/2021 4.200 9/1/2026 NA 105.00 105.00 210.00 210.00 Fixed-to-floating-rate: Series I — — $ — $ — 4/23/2008 — % 4/30/2018 SOFR + 3.47% $ — $ 119.03 $— $211.16 Series Q 150,000 150,000 1,500 1,500 4/23/2013 LIBOR + 3.25 5/1/2023 SOFR + 3.25 218.48 128.75 347.23 257.50 (d) Series R 150,000 150,000 1,500 1,500 7/29/2013 6.000 8/1/2023 SOFR + 3.30 150.00 150.00 300.00 300.00 Series S 200,000 200,000 2,000 2,000 1/22/2014 6.750 2/1/2024 SOFR + 3.78 168.75 168.75 337.50 337.50 Series U 100,000 100,000 1,000 1,000 3/10/2014 6.125 4/30/2024 SOFR + 3.33 153.13 153.13 306.25 306.25 Series V — — — — 6/9/2014 — 7/1/2019 SOFR + 3.32 — 108.36 — 194.76 Series X 160,000 160,000 1,600 1,600 9/23/2014 6.100 10/1/2024 SOFR + 3.33 152.50 152.50 305.00 305.00 Series Z — — — — 4/21/2015 — 5/1/2020 SOFR + 3.80 — — — — Series CC 125,750 125,750 1,258 1,258 10/20/2017 LIBOR + 2.58 11/1/2022 SOFR + 2.58 201.36 115.63 384.15 231.25 (e) Series FF 225,000 225,000 2,250 2,250 7/31/2019 5.000 8/1/2024 SOFR + 3.38 125.00 125.00 250.00 250.00 Series HH 300,000 300,000 3,000 3,000 1/23/2020 4.600 2/1/2025 SOFR + 3.125 115.00 115.00 230.00 230.00 Series II 150,000 150,000 1,500 1,500 2/24/2020 4.000 4/1/2025 SOFR + 2.745 100.00 100.00 200.00 200.00 Series KK 200,000 200,000 2,000 2,000 5/12/2021 3.650 6/1/2026 CMT + 2.85 91.25 91.25 182.50 182.50 Total preferred stock 2,740,375 2,740,375 $ 27,404 $ 27,404 (a) Represented by depositary shares. (b) Fixed-to-floating rate notes convert to a floating rate at the earliest redemption date. (c) On March 1, 2023, the Firm announced that, after June 30, 2023, CME Term SOFR will be the replacement reference rate for certain outstanding securities issued by the Firm that used U.S. dollar LIBOR as the reference rate, including fixed-to-floating rate preferred stock. References in the table to “SOFR” mean a floating annualized rate equal to three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spreads noted. The reference to “CMT” means a floating annualized rate equal to the five-year Constant Maturity Treasury (“CMT”) rate plus the spread noted. (d) The dividend rate for Series Q preferred stock became floating and payable quarterly starting on May 1, 2023; prior to which the dividend rate was fixed at 5.15% or $257.50 per share payable semiannually. The dividend rate for each quarterly dividend period commencing August 1, 2023 will be three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.25%. (e) The dividend rate for Series CC preferred stock became floating and payable quarterly starting on November 1, 2022; prior to which the dividend rate was fixed at 4.625% or $231.25 per share payable semiannually. The dividend rate for each quarterly dividend period commencing August 1, 2023 will be three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 2.58%. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 and six months ended June 30, 2023 and 2022. (in millions, except per share amounts) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Basic earnings per share Net income $ 14,472 $ 8,649 $ 27,094 $ 16,931 Less: Preferred stock dividends 373 410 729 807 Net income applicable to common equity 14,099 8,239 26,365 16,124 Less: Dividends and undistributed earnings allocated to participating securities 88 44 161 85 Net income applicable to common stockholders $ 14,011 $ 8,195 $ 26,204 $ 16,039 Total weighted-average basic shares outstanding 2,943.8 2,962.2 2,956.1 2,969.6 Net income per share $ 4.76 $ 2.77 $ 8.86 $ 5.40 Diluted earnings per share Net income applicable to common stockholders $ 14,011 $ 8,195 $ 26,204 $ 16,039 Total weighted-average basic shares outstanding 2,943.8 2,962.2 2,956.1 2,969.6 Add: Dilutive impact of unvested PSUs, nondividend-earning RSUs and SARs 4.5 4.1 4.4 4.1 Total weighted-average diluted shares outstanding 2,948.3 2,966.3 2,960.5 2,973.7 Net income per share $ 4.75 $ 2.76 $ 8.85 $ 5.39 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income/(Loss) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 gain/(loss) 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 April 1, 2023 $ (6,912) $ (1,348) $ (54) $ (4,858) $ (1,506) $ 260 $ (14,418) Net change 757 70 11 (497) (6) (207) 128 Balance at June 30, 2023 $ (6,155) (a) $ (1,278) $ (43) $ (5,355) $ (1,512) $ 53 $ (14,290) 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 April 1, 2022 $ (4,813) $ (996) $ (21) $ (3,087) $ (143) $ (507) $ (9,567) Net change (4,031) (679) 51 (1,348) 20 1,185 (4,802) Balance at June 30, 2022 $ (8,844) (a) $ (1,675) $ 30 $ (4,435) $ (123) $ 678 $ (14,369) As of or for the six 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, 2023 $ (9,124) $ (1,545) $ (33) $ (5,656) $ (1,451) $ 468 $ (17,341) Net change 2,969 267 (10) 301 (61) (415) 3,051 Balance at June 30, 2023 $ (6,155) (a) $ (1,278) $ (43) $ (5,355) $ (1,512) $ 53 $ (14,290) As of or for the six 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, 2022 $ 2,640 $ (934) $ (131) $ (296) $ (210) $ (1,153) $ (84) Net change (11,484) (741) 161 (4,139) 87 1,831 (14,285) Balance at June 30, 2022 $ (8,844) (a) $ (1,675) $ 30 $ (4,435) $ (123) $ 678 $ (14,369) (a) As of June 30, 2023 includes after-tax net unamortized unrealized gains/(losses) of $(29) million related to HTM securities that have been transferred to AFS as permitted by the new hedge accounting guidance adopted on January 1, 2023. As of June 30, 2023 and 2022 includes after-tax net unamortized unrealized gains/(losses) of $(1.1) billion and $(1.4) billion, related to AFS securities that have been transferred to HTM, respectively. Refer to Note 10 of this Form 10-Q, and Note 10 of JPMorgan Chase's 2022 Form 10-K for further information. |
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. 2023 2022 Three months ended June 30, 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 $ 95 $ (21) $ 74 $ (5,456) $ 1,308 $ (4,148) Reclassification adjustment for realized (gains)/losses included in net income (a) 900 (217) 683 153 (36) 117 Net change 995 (238) 757 (5,303) 1,272 (4,031) Translation adjustments (b) : Translation 126 10 136 (3,550) 193 (3,357) Hedges (88) 22 (66) 3,524 (846) 2,678 Net change 38 32 70 (26) (653) (679) Fair value hedges, net change (c) : 15 (4) 11 67 (16) 51 Cash flow hedges: Net unrealized gains/(losses) arising during the period (1,119) 268 (851) (1,750) 420 (1,330) Reclassification adjustment for realized (gains)/losses included in net income (d) 465 (111) 354 (24) 6 (18) Net change (654) 157 (497) (1,774) 426 (1,348) Defined benefit pension and OPEB plans, net change: (8) 2 (6) 33 (13) 20 DVA on fair value option elected liabilities, net change: (273) 66 (207) 1,558 (373) 1,185 Total other comprehensive income/(loss) $ 113 $ 15 $ 128 $ (5,445) $ 643 $ (4,802) 2023 2022 Six months ended June 30, 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 $ 2,137 $ (511) $ 1,626 $ (15,658) $ 3,758 $ (11,900) Reclassification adjustment for realized (gains)/losses included in net income (a) 1,768 (425) 1,343 547 (131) 416 Net change 3,905 (936) 2,969 (15,111) 3,627 (11,484) Translation adjustments (b) : Translation 1,099 (31) 1,068 (3,891) 217 (3,674) Hedges (1,051) 250 (801) 3,862 (929) 2,933 Net change 48 219 267 (29) (712) (741) Fair value hedges, net change (c) : (13) 3 (10) 212 (51) 161 Cash flow hedges: Net unrealized gains/(losses) arising during the period (552) 132 (420) (5,186) 1,245 (3,941) Reclassification adjustment for realized (gains)/losses included in net income (d) 948 (227) 721 (261) 63 (198) Net change 396 (95) 301 (5,447) 1,308 (4,139) Defined benefit pension and OPEB plans, net change: (79) 18 (61) 123 (36) 87 DVA on fair value option elected liabilities, net change: (547) 132 (415) 2,417 (586) 1,831 Total other comprehensive loss $ 3,710 $ (659) $ 3,051 $ (17,835) $ 3,550 $ (14,285) (a) The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income. (b) Reclassifications of pre-tax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. During the six months ended June 30, 2023, the Firm reclassified a net pre-tax loss of $(5) million to other revenue related to the acquisition of CIFM of which $(41) million related to the net investment hedge loss. The amounts were not material for the three months ended June 30, 2023 and for the three and six months ended June 30, 2022. (c) 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. (d) 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) | 6 Months Ended |
Jun. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Components of restricted cash | The following table presents the components of the Firm’s restricted cash: (in billions) June 30, December 31, 2022 Segregated for the benefit of securities and cleared derivative customers $ 17.0 $ 18.7 Cash reserves at non-U.S. central banks and held for other general purposes 8.6 8.1 Total restricted cash (a) $ 25.6 $ 26.8 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 and December 31, 2022. Standardized capital ratio requirements Advanced Well-capitalized ratios BHC (a)(b) IDI (c) BHC (a)(b) IDI (c) BHC (d) IDI (e) Risk-based capital ratios CET1 capital 12.5 % 7.0 % 11.0 % 7.0 % NA 6.5 % Tier 1 capital 14.0 8.5 12.5 8.5 6.0 % 8.0 Total capital 16.0 10.5 14.5 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 4.0% as calculated under Method 2; plus a 4.0% 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) For the period ended December 31, 2022, the CET1, Tier 1, and Total capital ratio requirements under Basel III Standardized applicable to the Firm were 12.0%, 13.5% and 15.5%, respectively; the Basel III Advanced CET1, Tier 1, and Total capital ratio requirements applicable to the Firm were 10.5%, 12.0%, and 14.0%, respectively. (c) 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. (d) Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve. (e) 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 June 30, 2023 and December 31, 2022. 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 June 30, 2023 and December 31, 2022, JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject. June 30, 2023 Basel III Standardized Basel III Advanced JPMorgan JPMorgan JPMorgan JPMorgan Risk-based capital metrics: (a) CET1 capital $ 235,827 $ 279,233 $ 235,827 $ 279,233 Tier 1 capital 262,585 279,236 262,585 279,236 Total capital 295,281 298,582 281,953 (b) 285,500 Risk-weighted assets 1,706,927 1,642,804 1,694,714 (b) 1,541,700 CET1 capital ratio 13.8 % 17.0 % 13.9 % 18.1 % Tier 1 capital ratio 15.4 17.0 15.5 18.1 Total capital ratio 17.3 18.2 16.6 18.5 December 31, 2022 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 $ 218,934 $ 269,668 $ 218,934 $ 269,668 Tier 1 capital 245,631 269,672 245,631 269,672 Total capital 277,769 288,433 264,583 275,255 Risk-weighted assets 1,653,538 1,597,072 1,609,773 1,475,602 CET1 capital ratio 13.2 % 16.9 % 13.6 % 18.3 % Tier 1 capital ratio 14.9 16.9 15.3 18.3 Total capital ratio 16.8 18.1 16.4 18.7 (a) The capital metrics reflect the CECL capital transition provisions. (b) Includes the impacts of certain assets associated with the First Republic acquisition to which the Standardized approach has been applied as permitted by the transition provisions in the U.S. capital rules. Three months ended June 30, 2023 December 31, 2022 JPMorgan JPMorgan JPMorgan JPMorgan Leverage-based capital metrics: (a) Adjusted average assets (b) $ 3,796,579 $ 3,308,478 $ 3,703,873 $ 3,249,912 Tier 1 leverage ratio 6.9 % 8.4 % 6.6 % 8.3 % Total leverage exposure $ 4,492,761 $ 3,993,500 $ 4,367,092 $ 3,925,502 SLR 5.8 % 7.0 % 5.6 % 6.9 % (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) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023, and December 31, 2022. 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 (i) June 30, 2023 Dec 31, Jun 30, 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) $ 9,164 $ 5,873 $ 6,304 $ 12,692 $ 34,033 $ 21,287 $ 714 (j) $ 75 Auto and other 14,203 324 — 2,286 16,813 12,231 236 (j) — Total consumer, excluding credit card 23,367 6,197 6,304 14,978 50,846 33,518 950 75 Credit card (b) 881,485 — — — 881,485 821,284 — — Total consumer (c) 904,852 6,197 6,304 14,978 932,331 854,802 950 75 Wholesale: Other unfunded commitments to extend credit (d) 123,374 160,273 202,330 23,345 509,322 440,407 3,564 (h)(j) 2,328 (h) Standby letters of credit and other financial guarantees (d) 14,960 8,073 4,274 1,099 28,406 27,439 517 408 Other letters of credit (d) 3,022 233 106 — 3,361 4,134 23 6 Total wholesale (c) 141,356 168,579 206,710 24,444 541,089 471,980 4,104 2,742 Total lending-related $ 1,046,208 $ 174,776 $ 213,014 $ 39,422 $ 1,473,420 $ 1,326,782 $ 5,054 $ 2,817 Other guarantees and commitments Securities lending indemnification agreements and guarantees (e) $ 296,547 $ — $ — $ — $ 296,547 $ 283,386 $ — $ — Derivatives qualifying as guarantees 3,861 228 11,959 40,852 56,900 59,180 181 649 Unsettled resale and securities borrowed agreements 108,556 585 — — 109,141 116,975 — (2) Unsettled repurchase and securities loaned agreements 92,811 547 — — 93,358 66,407 — (7) Loan sale and securitization-related indemnifications: Mortgage repurchase liability NA NA NA NA NA NA 76 76 Loans sold with recourse NA NA NA NA 768 820 27 28 Exchange & clearing house guarantees and commitments (f) 140,102 — — — 140,102 191,068 — — Other guarantees and commitments (g) 6,569 848 166 3,574 11,157 8,634 43 53 (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) As of June 30, 2023, and December 31, 2022, reflected the contractual amount net of risk participations totaling $87 million and $71 million, respectively, for other unfunded commitments to extend credit; $8.0 billion and $8.2 billion, respectively, for standby letters of credit and other financial guarantees; $425 million and $512 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations. (e) As of June 30, 2023, and December 31, 2022, collateral held by the Firm in support of securities lending indemnification agreements was $312.6 billion and $298.5 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies. (f) As of June 30, 2023, and December 31, 2022, 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) As of June 30, 2023, and December 31, 2022, primarily includes unfunded commitments related to certain tax-oriented equity investments, unfunded commitments to purchase secondary market loans, and other equity investment commitments. (h) As of June 30, 2023 and December 31, 2022 includes net markdowns on held-for-sale positions related to unfunded commitments in the bridge financing portfolio. (i) For lending-related products, the carrying value includes 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. (j) As of June 30, 2023, includes fair value adjustments associated with the First Republic acquisition for residential real estate lending-related commitments totaling $576 million, for auto and other lending-related commitments totaling $236 million and for other unfunded commitments to extend credit totaling $1.6 billion. Refer to Note 28 for additional information. |
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 June 30, 2023, and December 31, 2022. Standby letters of credit, other financial guarantees and other letters of credit June 30, 2023 December 31, 2022 (in millions) Standby letters of Other letters Standby letters of Other letters Investment-grade (a) $ 19,574 $ 2,385 $ 19,205 $ 3,040 Noninvestment-grade (a) 8,832 976 8,234 1,094 Total contractual amount $ 28,406 $ 3,361 $ 27,439 $ 4,134 Allowance for lending-related commitments $ 146 $ 23 $ 82 $ 6 Guarantee liability 371 — 326 — Total carrying value $ 517 $ 23 $ 408 $ 6 Commitments with collateral $ 16,414 $ 549 $ 15,296 $ 795 (a) The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 12 for further information on internal risk ratings. |
Derivatives qualifying as guarantees | The following table summarizes the derivatives qualifying as guarantees as of June 30, 2023, and December 31, 2022. (in millions) June 30, 2023 December 31, 2022 Notional amounts Derivative guarantees $ 56,900 $ 59,180 Stable value contracts with contractually limited exposure 31,715 31,820 Maximum exposure of stable value contracts with contractually limited exposure 1,442 2,063 Fair value Derivative payables 181 649 |
Pledged Assets and Collateral (
Pledged Assets and Collateral (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of pledged assets | The following table presents the Firm’s pledged assets. (in billions) June 30, 2023 December 31, 2022 Assets that may be sold or repledged or otherwise used by secured parties $ 161.3 $ 110.8 Assets that may not be sold or repledged or otherwise used by secured parties (a) 288.4 114.8 Assets pledged at Federal Reserve banks and FHLBs (b) 621.8 567.6 Total pledged assets $ 1,071.5 $ 793.2 (a) As of June 30, 2023, included $120.0 billion of assets pledged to the FDIC as part of the shared-loss agreements associated with the First Republic acquisition. Refer to Note 28 for additional information. (b) As of June 30, 2023, included $23.7 billion of assets pledged to the FHLB associated with the First Republic acquisition. |
Schedule of collateral received | The following table presents the fair value of collateral accepted. (in billions) June 30, 2023 December 31, 2022 Collateral permitted to be sold or repledged, delivered, or otherwise used $ 1,303.7 $ 1,346.9 Collateral sold, repledged, delivered or otherwise used 986.3 1,019.4 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 and six months ended June 30, 2023 and 2022, 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 2022 Form 10-K for additional information on the Firm’s managed basis. Capital allocation The amount of capital assigned to each business segment is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs may change. As of June 30, 2023, the Firm updated its line of business capital allocations to reflect the impact of the First Republic acquisition. Refer to Line of business equity on page 93 of JPMorgan Chase’s 2022 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 2023 2022 2023 2022 2023 2022 2023 2022 Noninterest revenue $ 3,543 $ 3,850 (b) $ 10,802 $ 8,805 (b) $ 835 $ 904 $ 3,358 $ 3,084 Net interest income 13,690 8,708 1,717 3,198 3,153 1,779 1,585 1,222 Total net revenue 17,233 12,558 12,519 12,003 3,988 2,683 4,943 4,306 Provision for credit losses 1,862 761 38 59 1,097 209 145 44 Noninterest expense 8,313 7,658 (b) 6,894 6,810 (b) 1,300 1,156 3,163 2,919 Income/(loss) before income tax expense/(benefit) 7,058 4,139 5,587 5,134 1,591 1,318 1,635 1,343 Income tax expense/(benefit) 1,752 1,031 (b) 1,495 1,417 (b) 383 324 409 339 Net income/(loss) $ 5,306 $ 3,108 $ 4,092 $ 3,717 $ 1,208 $ 994 $ 1,226 $ 1,004 Average equity $ 54,346 $ 50,000 $ 108,000 $ 103,000 $ 29,505 $ 25,000 $ 16,670 $ 17,000 Total assets 620,193 500,219 1,432,054 1,403,558 305,280 242,456 247,118 235,553 ROE 38 % 24 % 15 % 14 % 16 % 15 % 29 % 23 % Overhead ratio 48 61 55 57 33 43 64 68 As of or for the three months Corporate Reconciling Items (a) Total 2023 2022 2023 2022 2023 2022 Noninterest revenue $ 1,980 $ (244) $ (990) $ (812) $ 19,528 $ 15,587 Net interest income 1,738 324 (104) (103) 21,779 15,128 Total net revenue 3,718 80 (1,094) (915) 41,307 30,715 Provision for credit losses (243) 28 — — 2,899 1,101 Noninterest expense 1,152 206 — — 20,822 18,749 Income/(loss) before income tax expense/(benefit) 2,809 (154) (1,094) (915) 17,586 10,865 Income tax expense/(benefit) 169 20 (1,094) (915) 3,114 2,216 Net income/(loss) $ 2,640 $ (174) $ — $ — $ 14,472 $ 8,649 Average equity $ 69,364 $ 52,986 $ — $ — $ 277,885 $ 247,986 Total assets 1,263,595 1,459,528 NA NA 3,868,240 3,841,314 ROE NM NM NM NM 20 % 13 % Overhead ratio NM NM NM NM 50 61 (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 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation. Segment results and reconciliation (a) As of or for the six months Consumer & Corporate & Commercial Banking Asset & Wealth Management 2023 2022 2023 2022 2023 2022 2023 2022 Noninterest revenue $ 7,166 $ 7,705 (b) $ 22,325 $ 18,809 (b) $ 1,616 $ 1,771 $ 6,691 $ 6,323 Net interest income 26,523 17,035 3,794 6,770 5,883 3,310 3,036 2,298 Total net revenue 33,689 24,740 26,119 25,579 7,499 5,081 9,727 8,621 Provision for credit losses 3,264 1,439 96 504 1,514 366 173 198 Noninterest expense 16,378 15,313 (b) 14,377 14,173 (b) 2,608 2,285 6,254 5,779 Income/(loss) before income tax expense/(benefit) 14,047 7,988 11,646 10,902 3,377 2,430 3,300 2,644 Income tax expense/(benefit) 3,498 1,972 (b) 3,133 2,813 (b) 822 586 707 632 Net income/(loss) $ 10,549 $ 6,016 $ 8,513 $ 8,089 $ 2,555 $ 1,844 $ 2,593 $ 2,012 Average equity $ 53,180 $ 50,000 $ 108,000 $ 103,000 $ 29,005 $ 25,000 $ 16,337 $ 17,000 Total assets 620,193 500,219 1,432,054 1,403,558 305,280 242,456 247,118 235,553 ROE 39 % 23 % 15 % 15 % 17 % 14 % 31 % 23 % Overhead ratio 49 62 55 55 35 45 64 67 As of or for the six months Corporate Reconciling Items (a) Total 2023 2022 2023 2022 2023 2022 Noninterest revenue $ 1,225 $ (589) $ (1,857) $ (1,587) $ 37,166 $ 32,432 Net interest income 3,478 (212) (224) (201) 42,490 29,000 Total net revenue 4,703 (801) (2,081) (1,788) 79,656 61,432 Provision for credit losses 127 57 — — 5,174 2,564 Noninterest expense 1,312 390 — — 40,929 37,940 Income/(loss) before income tax expense/(benefit) 3,264 (1,248) (2,081) (1,788) 33,553 20,928 Income tax expense/(benefit) 380 (218) (2,081) (1,788) 6,459 3,997 Net income/(loss) $ 2,884 $ (1,030) $ — $ — $ 27,094 $ 16,931 Average equity $ 68,038 $ 55,234 $ — $ — $ 274,560 $ 250,234 Total assets 1,263,595 1,459,528 NA NA 3,868,240 3,841,314 ROE NM NM NM NM 19 % 13 % Overhead ratio NM NM NM NM 51 62 (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 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation. |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Computation of purchase price and fair value of the assets acquired net of liabilities assumed | The computation of the purchase price, the estimated fair value of the assets acquired and liabilities assumed as part of the First Republic acquisition and the related estimated bargain purchase gain are presented below. Fair value purchase (in millions) Purchase price consideration Amounts paid/due to the FDIC, net of cash acquired (a) $ 13,589 Purchase Money Note (at fair value) 48,848 Settlement of First Republic deposit and other related party transactions (b) 5,447 Contingent consideration - Shared-loss agreements 15 Purchase price consideration $ 67,899 Assets Securities $ 30,285 Loans 152,335 Core deposit and customer relationship intangibles 1,462 Indemnification assets - Shared-loss agreements 675 Accounts receivable and other assets (c) 7,551 Total assets acquired $ 192,308 Liabilities Deposits $ 87,507 FHLB advances 27,919 Lending-related commitments 2,409 Accounts payable and other liabilities (c) 3,006 Deferred tax liabilities 856 Total liabilities assumed $ 121,697 Fair value of net assets acquired $ 70,611 Estimated gain on acquisition, after income taxes $ 2,712 (a) Includes $10.6 billion of cash paid to the FDIC at acquisition and $3.7 billion payable to the FDIC, less cash acquired of $680 million. (b) Includes $447 million of securities financing transactions with First Republic Bank that were effectively settled on the acquisition date. (c) Other assets include $1.2 billion in tax-oriented investments and $756 million of lease right-of-use assets. Other liabilities include the related tax-oriented investment liabilities of $669 million and lease liabilities of $756 million. Refer to Note 14 and Note 17 for additional information. The following table presents the unpaid principal balance and estimated fair value of the loans acquired as of May 1, 2023. May 1, 2023 (in millions) UPB Fair value Residential real estate $ 106,240 $ 91,906 Auto and other 3,092 2,031 Total consumer 109,332 93,937 Secured by real estate 37,119 33,605 Commercial & industrial 4,333 3,933 Other 22,597 20,860 Total wholesale 64,049 58,398 Total loans $ 173,381 $ 152,335 |
Unaudited pro forma information | The following table presents certain unaudited pro forma financial information for the three and six months ended June 30, 2023 and 2022 as if the First Republic acquisition had occurred on January 1, 2022, including recognition of the estimated bargain purchase gain of $2.7 billion and the provision for credit losses of $1.2 billion. Additional adjustments include the interest on the Purchase Money Note and the impact of amortizing and accreting certain estimated fair value adjustments related to intangible assets and loans. The Firm expects to achieve operating cost savings and other business synergies resulting from the acquisition that are not reflected in the pro forma amounts. The pro forma information is not necessarily indicative of the historical results of operations had the acquisition occurred on January 1, 2022, nor is it indicative of the results of operations in future periods, particularly in light of recent changes in market and economic conditions. Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Noninterest revenue $ 16,924 $ 15,853 $ 34,832 $ 35,675 Net interest income 22,184 16,180 44,084 30,997 Net income 13,565 9,086 26,726 18,887 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Decrease to allowance for credit losses | $ (21,980) | $ (19,726) | $ (17,750) | $ (16,386) | ||
Increase to retained earnings | 312,516 | 292,332 | 286,143 | |||
Retained earnings | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Increase to retained earnings | $ 317,359 | $ 306,208 | 296,456 | $ 282,445 | $ 277,177 | $ 272,268 |
Cumulative effect of change in accounting principles | Accounting Standards Update 2022-02 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Decrease to allowance for credit losses | 587 | |||||
Cumulative effect of change in accounting principles | Retained earnings | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Increase to retained earnings | 449 | |||||
Cumulative effect of change in accounting principles | Retained earnings | Accounting Standards Update 2022-02 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Increase to retained earnings | $ 446 |
Fair Value Measurement - Recurr
Fair Value Measurement - Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | $ 608,708 | $ 639,593 | ||||
Derivative netting adjustments | (544,491) | (568,713) | ||||
Total derivative receivables | 64,217 | 70,880 | ||||
Trading assets | 636,996 | 453,799 | ||||
Available-for-sale securities | 203,262 | 205,857 | ||||
Loans | 38,789 | 42,079 | ||||
Mortgage servicing rights | 8,229 | $ 7,755 | 7,973 | $ 7,439 | $ 7,294 | $ 5,494 |
Gross derivative payables | 601,649 | 637,513 | ||||
Derivative netting adjustments | (555,104) | (586,372) | ||||
Total derivative payables | 46,545 | 51,141 | ||||
Interest rate | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 288,312 | 300,415 | ||||
Derivative netting adjustments | (260,603) | (271,996) | ||||
Total derivative receivables | 27,709 | 28,419 | ||||
Gross derivative payables | 277,342 | 290,291 | ||||
Derivative netting adjustments | (262,185) | (274,321) | ||||
Total derivative payables | 15,157 | 15,970 | ||||
Credit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 13,685 | 10,329 | ||||
Derivative netting adjustments | (12,440) | (9,239) | ||||
Total derivative receivables | 1,245 | 1,090 | ||||
Gross derivative payables | 13,767 | 9,971 | ||||
Derivative netting adjustments | (13,201) | (9,217) | ||||
Total derivative payables | 566 | 754 | ||||
Foreign exchange | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 227,679 | 241,579 | ||||
Derivative netting adjustments | (205,485) | (218,214) | ||||
Total derivative receivables | 22,194 | 23,365 | ||||
Gross derivative payables | 223,585 | 251,521 | ||||
Derivative netting adjustments | (209,408) | (232,665) | ||||
Total derivative payables | 14,177 | 18,856 | ||||
Equity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 61,392 | 61,913 | ||||
Derivative netting adjustments | (54,068) | (52,774) | ||||
Total derivative receivables | 7,324 | 9,139 | ||||
Gross derivative payables | 67,670 | 62,461 | ||||
Derivative netting adjustments | (57,865) | (53,657) | ||||
Total derivative payables | 9,805 | 8,804 | ||||
Commodity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 17,640 | 25,357 | ||||
Derivative netting adjustments | (11,895) | (16,490) | ||||
Total derivative receivables | 5,745 | 8,867 | ||||
Gross derivative payables | 19,285 | 23,269 | ||||
Derivative netting adjustments | (12,445) | (16,512) | ||||
Total derivative payables | 6,840 | 6,757 | ||||
Total mortgage-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 85,368 | 78,081 | ||||
Mortgage-backed securities, Commercial - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 2,056 | 1,958 | ||||
U.S. Treasury, GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 62,737 | 92,060 | ||||
Obligations of U.S. states and municipalities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 6,800 | 6,600 | ||||
Available-for-sale securities | 24,023 | 6,786 | ||||
Non-U.S. government debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 22,040 | 19,696 | ||||
Corporate debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 388 | 357 | ||||
Asset-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 8,706 | |||||
Asset-backed securities, Collateralized loan obligations | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 5,437 | 5,792 | ||||
Fair Value Measured at Net Asset Value Per Share | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets | 40 | 43 | ||||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||||
Alternative investments, net asset value, fair value | 956 | 950 | ||||
Other assets | 916 | 907 | ||||
Recurring | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Federal funds sold and securities purchased under resale agreements | 322,579 | 311,883 | ||||
Securities borrowed | 55,905 | 70,041 | ||||
Trading assets, debt and equity instruments | 572,739 | 382,876 | ||||
Derivative netting adjustments | (544,491) | (568,713) | ||||
Total derivative receivables | 64,217 | 70,880 | ||||
Trading assets | 636,956 | 453,756 | ||||
Available-for-sale securities | 203,262 | 205,857 | ||||
Loans | 38,789 | 42,079 | ||||
Mortgage servicing rights | 8,229 | 7,973 | ||||
Total assets measured at fair value on a recurring basis | 1,278,970 | 1,105,603 | ||||
Deposits | 51,568 | 28,620 | ||||
Federal funds purchased and securities loaned or sold under repurchase agreements | 216,604 | 151,999 | ||||
Short-term borrowings | 17,942 | 15,792 | ||||
Trading liabilities, debt and equity instruments | 132,264 | 126,835 | ||||
Derivative netting adjustments | (555,104) | (586,372) | ||||
Total derivative payables | 46,545 | 51,141 | ||||
Trading liabilities | 178,809 | 177,976 | ||||
Accounts payable and other liabilities | 5,101 | 7,038 | ||||
Beneficial interests issued by consolidated VIEs | 1 | 5 | ||||
Long-term debt | 78,609 | 72,281 | ||||
Total liabilities measured at fair value on a recurring basis | 548,634 | 453,711 | ||||
Recurring | Interest rate | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Derivative netting adjustments | (260,603) | (271,996) | ||||
Total derivative receivables | 27,709 | 28,419 | ||||
Derivative netting adjustments | (262,185) | (274,321) | ||||
Total derivative payables | 15,157 | 15,970 | ||||
Recurring | Credit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Derivative netting adjustments | (12,440) | (9,239) | ||||
Total derivative receivables | 1,245 | 1,090 | ||||
Derivative netting adjustments | (13,201) | (9,217) | ||||
Total derivative payables | 566 | 754 | ||||
Recurring | Foreign exchange | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Derivative netting adjustments | (205,485) | (218,214) | ||||
Total derivative receivables | 22,194 | 23,365 | ||||
Derivative netting adjustments | (209,408) | (232,665) | ||||
Total derivative payables | 14,177 | 18,856 | ||||
Recurring | Equity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Derivative netting adjustments | (54,068) | (52,774) | ||||
Total derivative receivables | 7,324 | 9,139 | ||||
Derivative netting adjustments | (57,865) | (53,657) | ||||
Total derivative payables | 9,805 | 8,804 | ||||
Recurring | Commodity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Derivative netting adjustments | (11,895) | (16,490) | ||||
Total derivative receivables | 5,745 | 8,867 | ||||
Derivative netting adjustments | (12,445) | (16,512) | ||||
Total derivative payables | 6,840 | 6,757 | ||||
Recurring | Other assets | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Other assets | 13,250 | 14,014 | ||||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||||
Other assets | 14,166 | 14,921 | ||||
Recurring | Total debt instruments | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 391,391 | 253,188 | ||||
Recurring | Total mortgage-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 93,687 | 72,879 | ||||
Available-for-sale securities | 85,368 | 78,081 | ||||
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 | 89,475 | 68,921 | ||||
Available-for-sale securities | 79,768 | 71,503 | ||||
Recurring | Mortgage-backed securities, Residential - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 2,689 | 2,503 | ||||
Available-for-sale securities | 3,544 | 4,620 | ||||
Recurring | Mortgage-backed securities, Commercial - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 1,523 | 1,455 | ||||
Available-for-sale securities | 2,056 | 1,958 | ||||
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 | 138,246 | 69,737 | ||||
Available-for-sale securities | 62,737 | 92,060 | ||||
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 | 6,788 | 6,615 | ||||
Available-for-sale securities | 24,023 | 6,786 | ||||
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 | 2,834 | 2,009 | ||||
Recurring | Non-U.S. government debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 105,608 | 66,797 | ||||
Available-for-sale securities | 22,040 | 19,696 | ||||
Recurring | Corporate debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 33,628 | 26,089 | ||||
Available-for-sale securities | 388 | 357 | ||||
Recurring | Loans | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 8,089 | 6,503 | ||||
Recurring | Asset-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 2,511 | 2,559 | ||||
Recurring | Equity securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 150,190 | 85,208 | ||||
Recurring | Physical commodities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 13,713 | 26,270 | ||||
Recurring | Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 17,445 | 18,210 | ||||
Recurring | Asset-backed securities, Collateralized loan obligations | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 5,437 | 5,792 | ||||
Recurring | Asset-backed securities, Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 3,269 | 3,085 | ||||
Recurring | U.S. GSE obligations | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 93,500 | 73,800 | ||||
Recurring | Residential mortgage | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 9,300 | 9,700 | ||||
Recurring | Commercial mortgage | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 6,800 | 6,800 | ||||
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 | 3,300 | 2,400 | ||||
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 | 321,129 | 171,482 | ||||
Gross derivative receivables | 2,192 | 3,559 | ||||
Trading assets | 323,321 | 175,041 | ||||
Available-for-sale securities | 76,086 | 102,654 | ||||
Loans | 0 | 0 | ||||
Mortgage servicing rights | 0 | 0 | ||||
Total assets measured at fair value on a recurring basis | 405,553 | 285,239 | ||||
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 | 101,437 | 98,719 | ||||
Gross derivative payables | 1,795 | 2,803 | ||||
Trading liabilities | 103,232 | 101,522 | ||||
Accounts payable and other liabilities | 3,486 | 5,702 | ||||
Beneficial interests issued by consolidated VIEs | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Total liabilities measured at fair value on a recurring basis | 106,718 | 107,224 | ||||
Recurring | Level 1 | Interest rate | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 1,988 | 3,390 | ||||
Gross derivative payables | 1,610 | 2,643 | ||||
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 | 204 | 169 | ||||
Gross derivative payables | 185 | 160 | ||||
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 | 6,146 | 7,544 | ||||
Recurring | Level 1 | Total debt instruments | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 170,465 | 79,404 | ||||
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 | 1 | 3 | ||||
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 | 1 | 3 | ||||
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 | 129,042 | 61,191 | ||||
Available-for-sale securities | 62,688 | 92,060 | ||||
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 | 41,423 | 18,213 | ||||
Available-for-sale securities | 13,397 | 10,591 | ||||
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 | Equity securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 148,222 | 82,483 | ||||
Recurring | Level 1 | Physical commodities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 2,442 | 9,595 | ||||
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 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 2 | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Federal funds sold and securities purchased under resale agreements | 322,579 | 311,883 | ||||
Securities borrowed | 55,905 | 70,041 | ||||
Trading assets, debt and equity instruments | 248,297 | 208,485 | ||||
Gross derivative receivables | 595,767 | 625,352 | ||||
Trading assets | 844,064 | 833,837 | ||||
Available-for-sale securities | 126,909 | 102,964 | ||||
Loans | 34,981 | 40,661 | ||||
Mortgage servicing rights | 0 | 0 | ||||
Total assets measured at fair value on a recurring basis | 1,391,125 | 1,365,451 | ||||
Deposits | 49,515 | 26,458 | ||||
Federal funds purchased and securities loaned or sold under repurchase agreements | 216,604 | 151,999 | ||||
Short-term borrowings | 16,238 | 14,391 | ||||
Trading liabilities, debt and equity instruments | 30,764 | 28,032 | ||||
Gross derivative payables | 586,827 | 624,701 | ||||
Trading liabilities | 617,591 | 652,733 | ||||
Accounts payable and other liabilities | 1,547 | 1,283 | ||||
Beneficial interests issued by consolidated VIEs | 1 | 5 | ||||
Long-term debt | 53,184 | 48,189 | ||||
Total liabilities measured at fair value on a recurring basis | 954,680 | 895,058 | ||||
Recurring | Level 2 | Interest rate | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 282,125 | 292,956 | ||||
Gross derivative payables | 270,411 | 284,280 | ||||
Recurring | Level 2 | Credit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 12,535 | 9,722 | ||||
Gross derivative payables | 13,306 | 9,377 | ||||
Recurring | Level 2 | Foreign exchange | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 226,130 | 240,207 | ||||
Gross derivative payables | 222,444 | 250,647 | ||||
Recurring | Level 2 | Equity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 57,619 | 57,485 | ||||
Gross derivative payables | 62,016 | 57,649 | ||||
Recurring | Level 2 | Commodity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 17,358 | 24,982 | ||||
Gross derivative payables | 18,650 | 22,748 | ||||
Recurring | Level 2 | Other assets | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Other assets | 6,687 | 6,065 | ||||
Recurring | Level 2 | Total debt instruments | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 218,363 | 171,606 | ||||
Recurring | Level 2 | Total mortgage-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 92,970 | 72,108 | ||||
Available-for-sale securities | 85,367 | 78,078 | ||||
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 | 88,769 | 68,162 | ||||
Available-for-sale securities | 79,767 | 71,500 | ||||
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 | 2,684 | 2,498 | ||||
Available-for-sale securities | 3,544 | 4,620 | ||||
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 | 1,517 | 1,448 | ||||
Available-for-sale securities | 2,056 | 1,958 | ||||
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 | 9,204 | 8,546 | ||||
Available-for-sale securities | 49 | 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 | 6,782 | 6,608 | ||||
Available-for-sale securities | 24,023 | 6,786 | ||||
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 | 2,834 | 2,009 | ||||
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 | 63,986 | 48,429 | ||||
Available-for-sale securities | 8,643 | 9,105 | ||||
Recurring | Level 2 | Corporate debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 33,106 | 25,626 | ||||
Available-for-sale securities | 121 | 118 | ||||
Recurring | Level 2 | Loans | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 6,984 | 5,744 | ||||
Recurring | Level 2 | Asset-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 2,497 | 2,536 | ||||
Recurring | Level 2 | Equity securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 1,337 | 2,060 | ||||
Recurring | Level 2 | Physical commodities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 11,265 | 16,673 | ||||
Recurring | Level 2 | Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 17,332 | 18,146 | ||||
Recurring | Level 2 | Asset-backed securities, Collateralized loan obligations | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 5,437 | 5,792 | ||||
Recurring | Level 2 | Asset-backed securities, Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 3,269 | 3,085 | ||||
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 | 3,313 | 2,909 | ||||
Gross derivative receivables | 10,749 | 10,682 | ||||
Trading assets | 14,062 | 13,591 | ||||
Available-for-sale securities | 267 | 239 | ||||
Loans | 3,808 | 1,418 | ||||
Mortgage servicing rights | 8,229 | 7,973 | ||||
Total assets measured at fair value on a recurring basis | 26,783 | 23,626 | ||||
Deposits | 2,053 | 2,162 | ||||
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 | ||||
Short-term borrowings | 1,704 | 1,401 | ||||
Trading liabilities, debt and equity instruments | 63 | 84 | ||||
Gross derivative payables | 13,027 | 10,009 | ||||
Trading liabilities | 13,090 | 10,093 | ||||
Accounts payable and other liabilities | 68 | 53 | ||||
Beneficial interests issued by consolidated VIEs | 0 | 0 | ||||
Long-term debt | 25,425 | 24,092 | ||||
Total liabilities measured at fair value on a recurring basis | 42,340 | 37,801 | ||||
Recurring | Level 3 | Interest rate | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 4,199 | 4,069 | ||||
Gross derivative payables | 5,321 | 3,368 | ||||
Recurring | Level 3 | Credit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 1,150 | 607 | ||||
Gross derivative payables | 461 | 594 | ||||
Recurring | Level 3 | Foreign exchange | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 1,345 | 1,203 | ||||
Gross derivative payables | 956 | 714 | ||||
Recurring | Level 3 | Equity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 3,773 | 4,428 | ||||
Gross derivative payables | 5,654 | 4,812 | ||||
Recurring | Level 3 | Commodity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 282 | 375 | ||||
Gross derivative payables | 635 | 521 | ||||
Recurring | Level 3 | Other assets | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Other assets | 417 | 405 | ||||
Recurring | Level 3 | Total debt instruments | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 2,563 | 2,178 | ||||
Recurring | Level 3 | Total mortgage-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 717 | 771 | ||||
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 | 706 | 759 | ||||
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 | 5 | 5 | ||||
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 | 6 | 7 | ||||
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 | 6 | 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 | 199 | 155 | ||||
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 | 522 | 463 | ||||
Available-for-sale securities | 267 | 239 | ||||
Recurring | Level 3 | Loans | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 1,105 | 759 | ||||
Recurring | Level 3 | Asset-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 14 | 23 | ||||
Recurring | Level 3 | Equity securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 631 | 665 | ||||
Recurring | Level 3 | Physical commodities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 6 | 2 | ||||
Recurring | Level 3 | Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 113 | 64 | ||||
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 |
Fair Value Measurement - Level
Fair Value Measurement - Level 3 Inputs (Details) $ in Millions | Jun. 30, 2023 USD ($) $ / shares $ / bbl $ / MMBTU | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans | $ 38,789 | $ 42,079 | ||||
MSRs | 8,229 | $ 7,755 | 7,973 | $ 7,439 | $ 7,294 | $ 5,494 |
Equity securities for which quoted prices are not readily available | $ 4,673 | 4,100 | $ 4,196 | |||
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 | 0.0026 | |||||
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 | 0.0674 | |||||
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 | 0.0131 | |||||
Level 3 | Bermudan switch value | 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 | |||||
Level 3 | Bermudan switch value | 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 | 0.58 | |||||
Level 3 | Bermudan switch value | 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 | 0.20 | |||||
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 | (0.82) | |||||
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 | 0.90 | |||||
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 | 0.15 | |||||
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 | 0.60 | |||||
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 | 0.05 | |||||
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 | 0.35 | |||||
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 | 0.48 | |||||
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 | 0.15 | |||||
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 | 0.58 | |||||
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 | (0.86) | |||||
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 | 0.60 | |||||
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 | (0.29) | |||||
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 | 0.10 | |||||
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 | 0.35 | |||||
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 | 0.21 | |||||
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 | 0.06 | |||||
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 | 0.40 | |||||
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 | 0.07 | |||||
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 | 0.03 | |||||
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 | 0.11 | |||||
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 | 0.08 | |||||
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 | 0.05 | |||||
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 | 1.10 | |||||
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 | 101 | |||||
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 | 84 | |||||
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 | 242 | |||||
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 | 108 | |||||
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 | 78 | |||||
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 | 6 | |||||
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 | 106 | |||||
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 | 91 | |||||
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 | 0.15 | |||||
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 | 0.05 | |||||
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 | 0.0026 | |||||
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 | 0.0674 | |||||
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 | 0.0131 | |||||
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 | 0.0037 | |||||
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 | 0.0077 | |||||
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 | 0.0064 | |||||
Level 3 | Net interest rate derivatives | Bermudan switch value | Option pricing | 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 | Bermudan switch value | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.58 | |||||
Level 3 | Net interest rate derivatives | Bermudan switch value | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.20 | |||||
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 | (0.82) | |||||
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 | 0.90 | |||||
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 | 0.15 | |||||
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 | 0.60 | |||||
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 | 0.05 | |||||
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 | 15 | |||||
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 | 83 | |||||
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 | 0.35 | |||||
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 | 0.48 | |||||
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 | |||||
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 | 1.1279 | |||||
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 | 0.0342 | |||||
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 | 0.10 | |||||
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 | 0.90 | |||||
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 | 0.40 | |||||
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 | 0.11 | |||||
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 | 0.11 | |||||
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 | 0.11 | |||||
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 | 0.60 | |||||
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 | 0.19 | |||||
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 | |||||
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 | 0.30 | |||||
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 | 0.06 | |||||
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 | 0.84 | |||||
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 | 1.42 | |||||
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 | 1.01 | |||||
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 | 0.03 | |||||
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 | 1.67 | |||||
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 | 0.32 | |||||
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 | 0.15 | |||||
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 | 0.58 | |||||
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 | (0.86) | |||||
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 | 0.60 | |||||
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 | (0.29) | |||||
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 | 0.10 | |||||
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 | 0.35 | |||||
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 | 0.21 | |||||
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 | 95 | |||||
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 | 249 | |||||
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 | 172 | |||||
Level 3 | Net commodity derivatives | Natural gas 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 | $ / MMBTU | 1 | |||||
Level 3 | Net commodity derivatives | Natural gas 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 | $ / MMBTU | 7 | |||||
Level 3 | Net commodity derivatives | Natural gas 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 | $ / MMBTU | 4 | |||||
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 | 0.05 | |||||
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 | 1.75 | |||||
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 | 0.90 | |||||
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 | (0.28) | |||||
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 | 0.80 | |||||
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 | 0.26 | |||||
Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans | $ 38,789 | 42,079 | ||||
MSRs | 8,229 | 7,973 | ||||
Long-term debt, short-term borrowings, and deposits | 548,634 | 453,711 | ||||
Recurring | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans | 3,808 | 1,418 | ||||
MSRs | 8,229 | 7,973 | ||||
Long-term debt, short-term borrowings, and deposits | 42,340 | $ 37,801 | ||||
Other level 3 asset and liabilities, net | 1,056 | |||||
Equity securities for which quoted prices are not readily available | 843 | |||||
Recurring | Level 3 | Discounted cash flows | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
MSRs | 8,229 | |||||
Long-term debt, short-term borrowings, and deposits | 1,376 | |||||
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 | 27,806 | |||||
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 | 1,641 | |||||
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 | 2,318 | |||||
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 | 789 | |||||
Recurring | Level 3 | Loans | Market comparables | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans | 1,671 | |||||
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 mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | 72 | |||||
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 | 930 | |||||
Recurring | Level 3 | Nontrading loans | Market comparables | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans | 638 | |||||
Recurring | Level 3 | Nontrading loans | Market comparables | Commercial mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | 2,200 | |||||
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 | 199 | |||||
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) | (17) | |||||
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) | (1,105) | |||||
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) | 673 | |||||
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) | 16 | |||||
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) | (72) | |||||
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) | 461 | |||||
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) | (1,881) | |||||
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) | (353) | |||||
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 | 706 | |||||
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 | 5 | |||||
Recurring | Level 3 | Commercial mortgage-backed securities | Market comparables | Commercial mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | 6 | |||||
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 | $ 213 |
Fair Value Measurement - Change
Fair Value Measurement - Changes in Level 3 Recurring Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Net derivative receivables: | |||||
Fair value, beginning balance | $ 579 | $ (2,510) | $ 673 | $ (4,894) | |
Total realized/unrealized gains/(losses) | (1,050) | 2,837 | (190) | 4,634 | |
Purchases | 441 | 298 | 829 | 1,108 | |
Sales | (836) | (692) | (1,684) | (1,510) | |
Settlements | (756) | (26) | (809) | 698 | |
Transfers into level 3 | (520) | (159) | (485) | (526) | |
Transfers (out of) level 3 | (136) | (42) | (612) | 196 | |
Fair value, ending balance | (2,278) | (294) | (2,278) | (294) | |
Change in unrealized gains/(losses) related to financial instruments held | $ (811) | 2,844 | $ (167) | 4,688 | |
Level 3 Rollforward Supplemental Data | |||||
Level 3 assets as a percentage of total firm assets at fair value | 2% | 2% | 2% | ||
Level 3 liabilities as a percentage of total firm liabilities at fair value | 8% | 8% | 8% | ||
Deposits | |||||
Liabilities: | |||||
Fair value, beginning balance | $ 2,208 | 2,121 | $ 2,162 | 2,317 | |
Total realized/unrealized (gains)/losses | (51) | (160) | (3) | (302) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 139 | 138 | 267 | 246 | |
Settlements | (181) | (21) | (248) | (69) | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | (62) | (46) | (125) | (160) | |
Fair value, ending balance | 2,053 | 2,032 | 2,053 | 2,032 | |
Change in unrealized (gains)/losses related to financials instruments held | (51) | (160) | (31) | (298) | |
Short-term borrowings | |||||
Liabilities: | |||||
Fair value, beginning balance | 1,410 | 2,146 | 1,401 | 2,481 | |
Total realized/unrealized (gains)/losses | 50 | 14 | 140 | (387) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 1,191 | 963 | 2,242 | 2,386 | |
Settlements | (927) | (1,036) | (2,059) | (2,383) | |
Transfers into level 3 | 2 | 14 | 2 | 15 | |
Transfers (out of) level 3 | (22) | 0 | (22) | (11) | |
Fair value, ending balance | 1,704 | 2,101 | 1,704 | 2,101 | |
Change in unrealized (gains)/losses related to financials instruments held | 29 | 93 | 34 | 7 | |
Total debt and equity instruments | |||||
Liabilities: | |||||
Fair value, beginning balance | 63 | 41 | 84 | 30 | |
Total realized/unrealized (gains)/losses | (1) | 1 | (13) | (16) | |
Purchases | 0 | (20) | (27) | (34) | |
Sales | (2) | 4 | 6 | 34 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (2) | 0 | (2) | 0 | |
Transfers into level 3 | 6 | 30 | 18 | 44 | |
Transfers (out of) level 3 | (1) | 0 | (3) | (2) | |
Fair value, ending balance | 63 | 56 | 63 | 56 | |
Change in unrealized (gains)/losses related to financials instruments held | (1) | 1 | 0 | 15 | |
Accounts payable and other liabilities | |||||
Liabilities: | |||||
Fair value, beginning balance | 56 | 108 | 53 | 69 | |
Total realized/unrealized (gains)/losses | 5 | (2) | 4 | (6) | |
Purchases | (2) | (28) | (2) | (28) | |
Sales | 3 | 1 | 7 | 43 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfers into level 3 | 8 | 0 | 8 | 1 | |
Transfers (out of) level 3 | (2) | (6) | (2) | (6) | |
Fair value, ending balance | 68 | 73 | 68 | 73 | |
Change in unrealized (gains)/losses related to financials instruments held | 5 | (2) | 4 | (6) | |
Long-term debt | |||||
Liabilities: | |||||
Fair value, beginning balance | 25,227 | 24,394 | 24,092 | 24,374 | |
Total realized/unrealized (gains)/losses | 325 | (2,640) | 1,681 | (4,308) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 2,667 | 3,470 | 5,400 | 7,520 | |
Settlements | (2,550) | (2,045) | (5,525) | (4,521) | |
Transfers into level 3 | 113 | 179 | 204 | 442 | |
Transfers (out of) level 3 | (357) | (281) | (427) | (430) | |
Fair value, ending balance | 25,425 | 23,077 | 25,425 | 23,077 | |
Change in unrealized (gains)/losses related to financials instruments held | 354 | (2,613) | 1,674 | (4,151) | |
DVA for fair value option elected liabilities | |||||
Level 3 Rollforward Supplemental Data | |||||
Unrealized (gains)/losses on liabilities recorded in OCI | 23 | (344) | (277) | (574) | |
Interest rate | |||||
Net derivative receivables: | |||||
Fair value, beginning balance | 754 | 367 | 701 | (16) | |
Total realized/unrealized gains/(losses) | (1,043) | 160 | (697) | 393 | |
Purchases | 60 | 99 | 95 | 225 | |
Sales | (42) | (135) | (92) | (229) | |
Settlements | 49 | 105 | 27 | 256 | |
Transfers into level 3 | (914) | 44 | (1,079) | 17 | |
Transfers (out of) level 3 | 14 | (220) | (77) | (226) | |
Fair value, ending balance | (1,122) | 420 | (1,122) | 420 | |
Change in unrealized gains/(losses) related to financial instruments held | (960) | 204 | (582) | 428 | |
Credit | |||||
Net derivative receivables: | |||||
Fair value, beginning balance | 452 | 44 | 13 | 74 | |
Total realized/unrealized gains/(losses) | 228 | 264 | 474 | 331 | |
Purchases | 0 | 4 | 3 | 8 | |
Sales | (1) | (3) | (4) | (7) | |
Settlements | 31 | (65) | 202 | (161) | |
Transfers into level 3 | 2 | 1 | 26 | (2) | |
Transfers (out of) level 3 | (23) | 4 | (25) | 6 | |
Fair value, ending balance | 689 | 249 | 689 | 249 | |
Change in unrealized gains/(losses) related to financial instruments held | 240 | 255 | 497 | 330 | |
Foreign exchange | |||||
Net derivative receivables: | |||||
Fair value, beginning balance | 545 | 76 | 489 | (419) | |
Total realized/unrealized gains/(losses) | (37) | 193 | 52 | 538 | |
Purchases | 51 | 15 | 79 | 147 | |
Sales | (67) | (19) | (108) | (43) | |
Settlements | (126) | (38) | (201) | 32 | |
Transfers into level 3 | 55 | 24 | 119 | 18 | |
Transfers (out of) level 3 | (32) | (6) | (41) | (28) | |
Fair value, ending balance | 389 | 245 | 389 | 245 | |
Change in unrealized gains/(losses) related to financial instruments held | (29) | 174 | 29 | 486 | |
Equity | |||||
Net derivative receivables: | |||||
Fair value, beginning balance | (885) | (2,583) | (384) | (3,626) | |
Total realized/unrealized gains/(losses) | (148) | 1,838 | 23 | 2,568 | |
Purchases | 295 | 162 | 613 | 660 | |
Sales | (675) | (466) | (1,362) | (1,025) | |
Settlements | (726) | (140) | (726) | 303 | |
Transfers into level 3 | 349 | (227) | 460 | (558) | |
Transfers (out of) level 3 | (91) | 182 | (505) | 444 | |
Fair value, ending balance | (1,881) | (1,234) | (1,881) | (1,234) | |
Change in unrealized gains/(losses) related to financial instruments held | 9 | 1,788 | 95 | 2,975 | |
Commodity | |||||
Net derivative receivables: | |||||
Fair value, beginning balance | (287) | (414) | (146) | (907) | |
Total realized/unrealized gains/(losses) | (50) | 382 | (42) | 804 | |
Purchases | 35 | 18 | 39 | 68 | |
Sales | (51) | (69) | (118) | (206) | |
Settlements | 16 | 112 | (111) | 268 | |
Transfers into level 3 | (12) | (1) | (11) | (1) | |
Transfers (out of) level 3 | (4) | (2) | 36 | 0 | |
Fair value, ending balance | (353) | 26 | (353) | 26 | |
Change in unrealized gains/(losses) related to financial instruments held | (71) | 423 | (206) | 469 | |
Federal funds sold and securities purchased under resale agreements | |||||
Assets: | |||||
Fair value, beginning balance | 0 | 0 | 0 | 0 | |
Total realized/unrealized gains/(losses) | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfers into level 3 | 0 | 1 | 0 | 1 | |
Transfers (out of) level 3 | 0 | 0 | 0 | 0 | |
Fair value, ending balance | 0 | 1 | 0 | 1 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | 0 | 0 | |
Total mortgage-backed securities | |||||
Assets: | |||||
Fair value, beginning balance | 772 | 306 | 771 | 303 | |
Total realized/unrealized gains/(losses) | 5 | (1) | 14 | 26 | |
Purchases | 106 | 648 | 131 | 670 | |
Sales | (112) | (118) | (119) | (125) | |
Settlements | (40) | (8) | (67) | (40) | |
Transfers into level 3 | 5 | 0 | 9 | 0 | |
Transfers (out of) level 3 | (19) | 0 | (22) | (7) | |
Fair value, ending balance | 717 | 827 | 717 | 827 | |
Change in unrealized gains/(losses) related to financial instruments held | (7) | (2) | 2 | 23 | |
Mortgage-backed securities, U.S. GSEs and government agencies | |||||
Assets: | |||||
Fair value, beginning balance | 757 | 286 | 759 | 265 | |
Total realized/unrealized gains/(losses) | 0 | (1) | 7 | 26 | |
Purchases | 106 | 643 | 131 | 665 | |
Sales | (106) | (118) | (113) | (125) | |
Settlements | (40) | (7) | (64) | (28) | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | (11) | 0 | (14) | 0 | |
Fair value, ending balance | 706 | 803 | 706 | 803 | |
Change in unrealized gains/(losses) related to financial instruments held | (6) | (2) | 2 | 24 | |
Mortgage-backed securities, Residential - nonagency | |||||
Assets: | |||||
Fair value, beginning balance | 5 | 10 | 5 | 28 | |
Total realized/unrealized gains/(losses) | 6 | 0 | 7 | 0 | |
Purchases | 0 | 5 | 0 | 5 | |
Sales | (6) | 0 | (6) | 0 | |
Settlements | 0 | (1) | (2) | (12) | |
Transfers into level 3 | 0 | 0 | 1 | 0 | |
Transfers (out of) level 3 | 0 | 0 | 0 | (7) | |
Fair value, ending balance | 5 | 14 | 5 | 14 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | 1 | (1) | |
Mortgage-backed securities, Commercial - nonagency | |||||
Assets: | |||||
Fair value, beginning balance | 10 | 10 | 7 | 10 | |
Total realized/unrealized gains/(losses) | (1) | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | (1) | 0 | |
Transfers into level 3 | 5 | 0 | 8 | 0 | |
Transfers (out of) level 3 | (8) | 0 | (8) | 0 | |
Fair value, ending balance | 6 | 10 | 6 | 10 | |
Change in unrealized gains/(losses) related to financial instruments held | (1) | 0 | (1) | 0 | |
Total debt and equity instruments | |||||
Assets: | |||||
Fair value, beginning balance | 3,139 | 2,654 | 2,909 | 2,279 | |
Total realized/unrealized gains/(losses) | (7) | (92) | (7) | (933) | |
Purchases | 525 | 1,326 | 1,238 | 2,178 | |
Sales | (306) | (451) | (513) | (1,035) | |
Settlements | (66) | (318) | (189) | (399) | |
Transfers into level 3 | 222 | 424 | 310 | 1,630 | |
Transfers (out of) level 3 | (194) | (262) | (435) | (439) | |
Fair value, ending balance | 3,313 | 3,281 | 3,313 | 3,281 | |
Change in unrealized gains/(losses) related to financial instruments held | (18) | (88) | 17 | (544) | |
Total debt instruments | |||||
Assets: | |||||
Fair value, beginning balance | 2,418 | 1,816 | 2,178 | 1,457 | |
Total realized/unrealized gains/(losses) | 28 | (59) | 80 | (88) | |
Purchases | 467 | 1,220 | 1,028 | 1,829 | |
Sales | (270) | (390) | (406) | (734) | |
Settlements | (60) | (160) | (183) | (236) | |
Transfers into level 3 | 118 | 318 | 169 | 671 | |
Transfers (out of) level 3 | (138) | (214) | (303) | (368) | |
Fair value, ending balance | 2,563 | 2,531 | 2,563 | 2,531 | |
Change in unrealized gains/(losses) related to financial instruments held | 16 | (58) | 63 | (140) | |
Obligations of U.S. states and municipalities | |||||
Assets: | |||||
Fair value, beginning balance | 6 | 7 | 7 | 7 | |
Total realized/unrealized gains/(losses) | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | (1) | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | 0 | 0 | |
Fair value, ending balance | 6 | 7 | 6 | 7 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | 0 | 0 | |
Non-U.S. government debt securities | |||||
Assets: | |||||
Fair value, beginning balance | 169 | 133 | 155 | 81 | |
Total realized/unrealized gains/(losses) | 29 | (9) | 40 | (42) | |
Purchases | 50 | 177 | 100 | 405 | |
Sales | (49) | (86) | (96) | (266) | |
Settlements | 0 | 0 | 0 | 0 | |
Transfers into level 3 | 0 | 6 | 0 | 43 | |
Transfers (out of) level 3 | 0 | (16) | 0 | (16) | |
Fair value, ending balance | 199 | 205 | 199 | 205 | |
Change in unrealized gains/(losses) related to financial instruments held | 31 | (8) | 43 | (106) | |
Corporate debt securities | |||||
Assets: | |||||
Fair value, beginning balance | 538 | 293 | 463 | 332 | |
Total realized/unrealized gains/(losses) | 0 | (16) | 24 | (35) | |
Purchases | 61 | 272 | 110 | 333 | |
Sales | (43) | (12) | (60) | (71) | |
Settlements | (2) | 0 | (2) | (37) | |
Transfers into level 3 | 7 | 57 | 30 | 98 | |
Transfers (out of) level 3 | (39) | (20) | (43) | (46) | |
Fair value, ending balance | 522 | 574 | 522 | 574 | |
Change in unrealized gains/(losses) related to financial instruments held | (2) | (16) | 18 | (44) | |
Loans | |||||
Assets: | |||||
Fair value, beginning balance | 926 | 1,049 | 759 | 708 | |
Total realized/unrealized gains/(losses) | (6) | (33) | 2 | (37) | |
Purchases | 246 | 122 | 682 | 419 | |
Sales | (65) | (164) | (127) | (262) | |
Settlements | (18) | (152) | (113) | (159) | |
Transfers into level 3 | 102 | 254 | 125 | 525 | |
Transfers (out of) level 3 | (80) | (178) | (223) | (296) | |
Fair value, ending balance | 1,105 | 898 | 1,105 | 898 | |
Change in unrealized gains/(losses) related to financial instruments held | (6) | (32) | 1 | (13) | |
Asset-backed securities | |||||
Assets: | |||||
Fair value, beginning balance | 7 | 28 | 23 | 26 | |
Total realized/unrealized gains/(losses) | 0 | 0 | 0 | 0 | |
Purchases | 4 | 1 | 5 | 2 | |
Sales | (1) | (10) | (3) | (10) | |
Settlements | 0 | 0 | (1) | 0 | |
Transfers into level 3 | 4 | 1 | 5 | 5 | |
Transfers (out of) level 3 | 0 | 0 | (15) | (3) | |
Fair value, ending balance | 14 | 20 | 14 | 20 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | (1) | 0 | |
Equity securities | |||||
Assets: | |||||
Fair value, beginning balance | 581 | 663 | 665 | 662 | |
Total realized/unrealized gains/(losses) | (16) | (99) | (47) | (912) | |
Purchases | 50 | 98 | 108 | 321 | |
Sales | (36) | (61) | (107) | (301) | |
Settlements | 0 | 0 | 0 | 0 | |
Transfers into level 3 | 104 | 106 | 140 | 959 | |
Transfers (out of) level 3 | (52) | (46) | (128) | (68) | |
Fair value, ending balance | 631 | 661 | 631 | 661 | |
Change in unrealized gains/(losses) related to financial instruments held | (16) | (90) | (27) | (474) | |
Physical commodities | |||||
Assets: | |||||
Fair value, beginning balance | 0 | 0 | 2 | 0 | |
Total realized/unrealized gains/(losses) | 0 | 0 | 0 | 0 | |
Purchases | 6 | 2 | 6 | 2 | |
Sales | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | (2) | 0 | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | 0 | 0 | |
Fair value, ending balance | 6 | 2 | 6 | 2 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | 0 | 0 | |
Other | |||||
Assets: | |||||
Fair value, beginning balance | 140 | 175 | 64 | 160 | |
Total realized/unrealized gains/(losses) | (19) | 66 | (40) | 67 | |
Purchases | 2 | 6 | 96 | 26 | |
Sales | 0 | 0 | 0 | 0 | |
Settlements | (6) | (158) | (4) | (163) | |
Transfers into level 3 | 0 | 0 | 1 | 0 | |
Transfers (out of) level 3 | (4) | (2) | (4) | (3) | |
Fair value, ending balance | 113 | 87 | 113 | 87 | |
Change in unrealized gains/(losses) related to financial instruments held | (18) | 60 | (19) | 70 | |
Total available-for-sale securities | |||||
Assets: | |||||
Fair value, beginning balance | 250 | 205 | 239 | 161 | |
Total realized/unrealized gains/(losses) | 17 | (19) | 28 | 8 | |
Purchases | 0 | 0 | 0 | 17 | |
Sales | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | 0 | 0 | |
Fair value, ending balance | 267 | 186 | 267 | 186 | |
Change in unrealized gains/(losses) related to financial instruments held | 17 | (19) | 28 | 8 | |
Corporate debt securities | |||||
Assets: | |||||
Fair value, beginning balance | 250 | 205 | 239 | 161 | |
Total realized/unrealized gains/(losses) | 17 | (19) | 28 | 8 | |
Purchases | 0 | 0 | 0 | 17 | |
Sales | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | 0 | 0 | |
Fair value, ending balance | 267 | 186 | 267 | 186 | |
Change in unrealized gains/(losses) related to financial instruments held | 17 | (19) | 28 | 8 | |
Loans | |||||
Assets: | |||||
Fair value, beginning balance | 1,479 | 2,072 | 1,418 | 1,933 | |
Total realized/unrealized gains/(losses) | (3) | (82) | 23 | 16 | |
Purchases | 2,137 | 273 | 2,285 | 394 | |
Sales | (7) | (95) | (73) | (100) | |
Settlements | (490) | (250) | (585) | (531) | |
Transfers into level 3 | 760 | 226 | 917 | 616 | |
Transfers (out of) level 3 | (68) | (124) | (177) | (308) | |
Fair value, ending balance | 3,808 | 2,020 | 3,808 | 2,020 | |
Change in unrealized gains/(losses) related to financial instruments held | (52) | (80) | 24 | (24) | |
Mortgage servicing rights | |||||
Assets: | |||||
Fair value, beginning balance | 7,755 | 7,294 | 7,973 | 5,494 | |
Total realized/unrealized gains/(losses) | 275 | 654 | 264 | 1,613 | |
Purchases | 546 | 341 | 577 | 1,471 | |
Sales | (92) | (614) | (90) | (671) | |
Settlements | (255) | (236) | (495) | (468) | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | 0 | 0 | |
Fair value, ending balance | 8,229 | 7,439 | 8,229 | 7,439 | |
Change in unrealized gains/(losses) related to financial instruments held | 275 | 654 | 264 | 1,613 | |
Other assets | |||||
Assets: | |||||
Fair value, beginning balance | 406 | 341 | 405 | 306 | |
Total realized/unrealized gains/(losses) | 16 | 116 | 21 | 125 | |
Purchases | 5 | 5 | 17 | 46 | |
Sales | (2) | (28) | (2) | (28) | |
Settlements | (14) | (20) | (30) | (37) | |
Transfers into level 3 | 8 | 0 | 8 | 2 | |
Transfers (out of) level 3 | (2) | (6) | (2) | (6) | |
Fair value, ending balance | 417 | 408 | 417 | 408 | |
Change in unrealized gains/(losses) related to financial instruments held | $ 16 | $ 116 | $ 21 | $ 119 |
Fair Value Measurement - Leve_2
Fair Value Measurement - Level 3 Analysis (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Nontrading loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers from level 2 into level 3, assets | $ 760 | $ 226 | $ 917 | $ 616 | |
Transfers from level 3 into level 2, assets | 68 | 124 | 177 | 308 | |
Realized/unrealized gains (losses), assets | (3) | (82) | 23 | 16 | |
Total debt and equity instruments | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers from level 2 into level 3, assets | 222 | 424 | 310 | 1,630 | |
Transfers from level 3 into level 2, assets | 194 | 262 | 435 | 439 | |
Realized/unrealized gains (losses), assets | (7) | (92) | (7) | (933) | |
Equity securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers from level 2 into level 3, assets | 104 | 106 | 140 | 959 | |
Transfers from level 3 into level 2, assets | 52 | 46 | 128 | 68 | |
Realized/unrealized gains (losses), assets | (16) | (99) | (47) | (912) | |
Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets fair value | 1,278,970 | 1,278,970 | $ 1,105,603 | ||
Increase in level 3 assets | 3,000 | ||||
Recurring | Interest rate | Derivative payables | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers from level 2 into level 3, liabilities | 1,200 | 1,600 | |||
Recurring | Equity | Derivative payables | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers from level 2 into level 3, liabilities | 1,300 | ||||
Transfers from level 3 into level 2, liabilities | 827 | 1,400 | |||
Recurring | Nontrading loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Increase in level 3 assets | 2,300 | 2,400 | |||
Transfers from level 2 into level 3, assets | 760 | 917 | |||
Recurring | Nontrading loans | First Republic | CIB | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Increase in level 3 assets | 1,900 | 1,900 | |||
Recurring | Derivative receivables | Interest rate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers from level 3 into level 2, assets | 930 | 965 | |||
Recurring | Derivative receivables | Equity | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers from level 2 into level 3, assets | 901 | ||||
Transfers from level 3 into level 2, assets | 1,300 | 920 | |||
Recurring | Total debt and equity instruments | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers from level 2 into level 3, assets | 1,600 | ||||
Recurring | Equity securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers from level 2 into level 3, assets | 959 | ||||
Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets fair value | 26,783 | 26,783 | $ 23,626 | ||
Increase in level 3 assets | 3,200 | ||||
Realized/unrealized gains (losses), assets | (752) | 3,400 | 139 | 5,500 | |
Realized/unrealized gains (losses), liabilities | $ (328) | $ 2,800 | $ (1,800) | $ 5,000 |
Fair Value Measurement - Impact
Fair Value Measurement - Impact of Credit Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Credit and funding adjustments: | ||||
Derivatives CVA | $ 66 | $ 147 | $ 121 | $ (165) |
Derivatives FVA | $ 63 | $ 7 | $ 55 | $ (51) |
Fair Value Measurement - Nonrec
Fair Value Measurement - Nonrecurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity securities adjusted based on the measurement alternative | $ 4,673 | $ 4,196 | $ 4,673 | $ 4,196 | $ 4,100 |
Net (losses) as a result of measurement alternative | (37) | (463) | $ (133) | (474) | |
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 | 3% | ||||
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 | 56% | ||||
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 | 25% | ||||
Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | 1,936 | 3,286 | $ 1,936 | 3,286 | |
Total liabilities measured at fair value on a nonrecurring basis | 0 | 293 | 0 | 293 | |
Total nonrecurring fair value gains/(losses) | (132) | (738) | (227) | (424) | |
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 | 0 | 293 | 0 | 293 | |
Total nonrecurring fair value gains/(losses) | 0 | (269) | 0 | (288) | |
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 | 1,643 | 2,181 | 1,643 | 2,181 | |
Total nonrecurring fair value gains/(losses) | (96) | (80) | (128) | (91) | |
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 | 293 | 1,105 | 293 | 1,105 | |
Total nonrecurring fair value gains/(losses) | (36) | (389) | (99) | (45) | |
Net (losses) as a result of measurement alternative | (32) | (387) | (93) | (29) | |
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 | 0 | 0 | |
Total liabilities measured at fair value on a nonrecurring basis | 0 | 0 | 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 | 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 | 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 | 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 | 810 | 1,538 | 810 | 1,538 | |
Total liabilities measured at fair value on a nonrecurring basis | 0 | 0 | 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 | 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 | 803 | 1,516 | 803 | 1,516 | |
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 | 7 | 22 | 7 | 22 | |
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 | 1,126 | 1,748 | 1,126 | 1,748 | |
Total liabilities measured at fair value on a nonrecurring basis | 0 | 293 | 0 | 293 | |
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 | 0 | 293 | 0 | 293 | |
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 | 840 | 665 | 840 | 665 | |
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 | 23 | 23 | |||
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 | 286 | $ 1,083 | 286 | $ 1,083 | |
Equity securities adjusted based on the measurement alternative | $ 220 | $ 220 |
Fair Value Measurement - Equity
Fair Value Measurement - Equity Securities Without Readily Determinable Fair Value (Details) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Jun. 28, 2023 | Jun. 27, 2023 | Dec. 31, 2022 USD ($) | |
Fair Value Disclosures [Abstract] | |||||||
Carrying value | $ 4,673 | $ 4,196 | $ 4,673 | $ 4,196 | $ 4,100 | ||
Upward carrying value changes | 5 | 76 | 40 | 445 | |||
Downward carrying value changes/impairment | (37) | $ (463) | (133) | $ (474) | |||
Cumulative upward carrying value changes | 1,500 | 1,500 | |||||
Cumulative downward carrying value changes/impairment | $ (1,000) | $ (1,000) | |||||
Common stock | Class B | VISA | |||||||
Equity Securities without Readily Determinable Fair Value [Line Items] | |||||||
Interest owned in equity securities without readily determinable fair value (in shares) | shares | 37 | 37 | |||||
Conversion rate | 1.5902 | 1.5991 | |||||
Interest sold in equity securities without readily determinable fair value, subject to derivative instrument (in shares) | shares | 23 | 23 |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Financial assets | ||
Cash and due from banks | $ 26,064 | $ 27,697 |
Deposits with banks | 469,059 | 539,537 |
Federal funds sold and securities purchased under resale agreements | 325,628 | 315,592 |
Investment securities, held-to-maturity | 375,300 | 388,648 |
Loans, net of allowance for loan losses | 38,789 | 42,079 |
Financial liabilities | ||
Beneficial interests issued by consolidated VIEs | 19,647 | 12,610 |
Carrying value | ||
Financial assets | ||
Cash and due from banks | 26,100 | 27,700 |
Deposits with banks | 469,100 | 539,500 |
Accrued interest and accounts receivable | 111,100 | 124,700 |
Federal funds sold and securities purchased under resale agreements | 3,000 | 3,700 |
Securities borrowed | 107,700 | 115,300 |
Investment securities, held-to-maturity | 408,900 | 425,300 |
Loans, net of allowance for loan losses | 1,239,300 | 1,073,900 |
Other | 69,200 | 101,200 |
Financial liabilities | ||
Deposits | 2,347,400 | 2,311,600 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 49,700 | 50,600 |
Short-term borrowings | 23,100 | 28,200 |
Accounts payable and other liabilities | 248,100 | 257,500 |
Beneficial interests issued by consolidated VIEs | 19,600 | 12,600 |
Long-term debt | 285,400 | 223,600 |
Wholesale lending-related commitments | 3,700 | 2,300 |
Carrying value | First Republic | ||
Financial liabilities | ||
Wholesale lending-related commitments | 1,600 | |
Total estimated fair value | ||
Financial assets | ||
Cash and due from banks | 26,100 | 27,700 |
Deposits with banks | 469,100 | 539,500 |
Accrued interest and accounts receivable | 111,200 | 124,700 |
Federal funds sold and securities purchased under resale agreements | 3,000 | 3,700 |
Securities borrowed | 107,700 | 115,300 |
Investment securities, held-to-maturity | 375,300 | 388,600 |
Loans, net of allowance for loan losses | 1,215,900 | 1,047,900 |
Other | 69,300 | 101,300 |
Financial liabilities | ||
Deposits | 2,347,500 | 2,311,500 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 49,700 | 50,600 |
Short-term borrowings | 23,100 | 28,200 |
Accounts payable and other liabilities | 247,600 | 256,800 |
Beneficial interests issued by consolidated VIEs | 19,600 | 12,600 |
Long-term debt | 283,700 | 219,300 |
Wholesale lending-related commitments | 4,900 | 3,200 |
Total estimated fair value | Level 1 | ||
Financial assets | ||
Cash and due from banks | 26,100 | 27,700 |
Deposits with banks | 469,000 | 539,300 |
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 | 185,800 | 189,100 |
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 |
Short-term borrowings | 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 2 | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Deposits with banks | 100 | 200 |
Accrued interest and accounts receivable | 111,100 | 124,600 |
Federal funds sold and securities purchased under resale agreements | 3,000 | 3,700 |
Securities borrowed | 107,700 | 115,300 |
Investment securities, held-to-maturity | 189,500 | 199,500 |
Loans, net of allowance for loan losses | 279,800 | 194,000 |
Other | 66,900 | 99,600 |
Financial liabilities | ||
Deposits | 2,347,500 | 2,311,500 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 49,700 | 50,600 |
Short-term borrowings | 23,100 | 28,200 |
Accounts payable and other liabilities | 238,800 | 251,200 |
Beneficial interests issued by consolidated VIEs | 19,600 | 12,600 |
Long-term debt | 232,000 | 216,500 |
Wholesale lending-related commitments | 0 | 0 |
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 | 936,100 | 853,900 |
Other | 2,400 | 1,700 |
Financial liabilities | ||
Deposits | 0 | 0 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 |
Short-term borrowings | 0 | 0 |
Accounts payable and other liabilities | 8,800 | 5,600 |
Beneficial interests issued by consolidated VIEs | 0 | 0 |
Long-term debt | 51,700 | 2,800 |
Wholesale lending-related commitments | $ 4,900 | $ 3,200 |
Fair Value Option - Changes in
Fair Value Option - Changes in Fair Value Under the Fair Value Option (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
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) | $ 18 | $ (145) | $ 220 | $ (375) |
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) | 18 | (145) | 220 | (375) |
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 | 0 | 0 |
Securities borrowed | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (60) | (101) | 28 | (299) |
Securities borrowed | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (60) | (101) | 28 | (299) |
Securities borrowed | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Debt and equity instruments, excluding loans | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 1,160 | (1,255) | 2,755 | (911) |
Debt and equity instruments, excluding loans | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 1,160 | (1,255) | 2,755 | (911) |
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 | 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) | 100 | (136) | 231 | (142) |
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) | 100 | (136) | 231 | (142) |
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 | 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) | 4 | (11) | 7 | (22) |
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) | 2 | (11) | 5 | (22) |
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) | 2 | 0 | 2 | 0 |
Loans: Changes in instrument-specific credit risk | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 1 | (72) | 67 | (54) |
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 | (83) | 71 | (77) |
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) | (5) | 11 | (4) | 23 |
Loans: Other changes in fair value | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (82) | (761) | 223 | (1,994) |
Loans: Other changes in fair value | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (76) | (501) | 119 | (1,220) |
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) | (6) | (260) | 104 | (774) |
Other assets | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (17) | 2 | 13 | 10 |
Other assets | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (16) | (2) | 14 | 9 |
Other assets | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (1) | 4 | (1) | 1 |
Deposits | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (395) | 382 | (868) | 784 |
Deposits | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (395) | 382 | (868) | 784 |
Deposits | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 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) | (8) | 124 | (69) | 206 |
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) | (8) | 124 | (69) | 206 |
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 | 0 | 0 |
Short-term borrowings | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (110) | 471 | (269) | 773 |
Short-term borrowings | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (110) | 471 | (269) | 773 |
Short-term borrowings | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Trading liabilities | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (15) | 54 | (30) | (12) |
Trading liabilities | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (15) | 54 | (30) | (12) |
Trading liabilities | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Beneficial interests issued by consolidated VIEs | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | (1) |
Beneficial interests issued by consolidated VIEs | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | (1) |
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 | 0 | 0 |
Other liabilities | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (1) | (7) | (1) | (4) |
Other liabilities | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (1) | (7) | (1) | (4) |
Other liabilities | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Long-term debt | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (665) | 5,419 | (3,489) | 9,398 |
Long-term debt | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (663) | 5,405 | (3,461) | 9,365 |
Long-term debt | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | $ (2) | $ 14 | $ (28) | $ 33 |
Fair Value Option - Aggregate D
Fair Value Option - Aggregate Differences (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
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 | 10,200,000,000 | 7,600,000,000 |
Contractual lending-related commitments, fair value | 264,000,000 | 24,000,000 |
Contractual principal outstanding | ||
Loans | ||
Nonaccrual loans | 3,648,000,000 | 3,484,000,000 |
All other performing loans | 49,212,000,000 | 50,411,000,000 |
Total loans | 52,942,000,000 | 54,019,000,000 |
Contractual principal outstanding | Principal-protected debt | ||
Long-term debt | ||
Total long-term debt | 42,889,000,000 | 41,341,000,000 |
Contractual principal outstanding | Loans reported as trading assets | ||
Loans | ||
Nonaccrual loans | 2,737,000,000 | 2,517,000,000 |
All other performing loans | 9,217,000,000 | 7,823,000,000 |
Contractual principal outstanding | Loans | ||
Loans | ||
Nonaccrual loans | 911,000,000 | 967,000,000 |
90 or more days past due and government guaranteed | 82,000,000 | 124,000,000 |
All other performing loans | 39,995,000,000 | 42,588,000,000 |
Fair value | ||
Loans | ||
Nonaccrual loans | 1,289,000,000 | 1,197,000,000 |
All other performing loans | 45,513,000,000 | 47,270,000,000 |
Total loans | 46,878,000,000 | 48,582,000,000 |
Long-term debt | ||
Total long-term debt | 78,609,000,000 | 72,281,000,000 |
Long-term beneficial interests | ||
Total long-term beneficial interests | 1,000,000 | 5,000,000 |
Fair value | Principal-protected debt | ||
Long-term debt | ||
Total long-term debt | 34,524,000,000 | 31,105,000,000 |
Fair value | Nonprincipal-protected debt | ||
Long-term debt | ||
Total long-term debt | 44,085,000,000 | 41,176,000,000 |
Long-term beneficial interests | ||
Total long-term beneficial interests | 1,000,000 | 5,000,000 |
Fair value | Loans reported as trading assets | ||
Loans | ||
Nonaccrual loans | 529,000,000 | 368,000,000 |
All other performing loans | 7,560,000,000 | 6,135,000,000 |
Fair value | Loans | ||
Loans | ||
Nonaccrual loans | 760,000,000 | 829,000,000 |
90 or more days past due and government guaranteed | 76,000,000 | 115,000,000 |
All other performing loans | 37,953,000,000 | 41,135,000,000 |
Fair value over/(under) contractual principal outstanding | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (2,359,000,000) | (2,287,000,000) |
All other performing loans | (3,699,000,000) | (3,141,000,000) |
Total loans | (6,064,000,000) | (5,437,000,000) |
Fair value over/(under) contractual principal outstanding | Principal-protected debt | ||
Long-term debt | ||
Long-term debt, Fair value over/(under) contractual principal outstanding | (8,365,000,000) | (10,236,000,000) |
Fair value over/(under) contractual principal outstanding | Loans reported as trading assets | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (2,208,000,000) | (2,149,000,000) |
All other performing loans | (1,657,000,000) | (1,688,000,000) |
Fair value over/(under) contractual principal outstanding | Loans | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (151,000,000) | (138,000,000) |
90 or more days past due and government guaranteed, Fair value over/(under) contractual principal outstanding | (6,000,000) | (9,000,000) |
All other performing loans | $ (2,042,000,000) | $ (1,453,000,000) |
Fair Value Option - Structured
Fair Value Option - Structured Note Products by Balance Sheet Classification and Risk Component (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | $ 133,792 | $ 105,029 |
Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 81,612 | 56,888 |
Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 4,865 | 4,275 |
Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 3,675 | 3,512 |
Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 41,622 | 38,681 |
Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 2,018 | 1,673 |
Long-term debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 77,760 | 71,271 |
Long-term debt | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 34,860 | 31,973 |
Long-term debt | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 4,618 | 4,105 |
Long-term debt | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 2,675 | 2,674 |
Long-term debt | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 33,590 | 30,864 |
Long-term debt | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 2,017 | 1,655 |
Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 6,299 | 5,506 |
Short-term borrowings | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 225 | 260 |
Short-term borrowings | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 247 | 170 |
Short-term borrowings | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 997 | 788 |
Short-term borrowings | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 4,830 | 4,272 |
Short-term borrowings | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 0 | 16 |
Deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 49,733 | 28,252 |
Deposits | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 46,527 | 24,655 |
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 | 3 | 50 |
Deposits | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 3,202 | 3,545 |
Deposits | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 1 | 2 |
Excluded amount of deposits linked to precious metals for which fair value option was not elected | $ 590 | $ 602 |
Credit Risk Concentrations (Det
Credit Risk Concentrations (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Concentration Risk [Line Items] | ||
Credit exposure | $ 2,880,447 | $ 2,582,566 |
On-balance sheet, Loans | 1,300,069 | 1,135,647 |
On-balance sheet, Derivatives | 64,217 | 70,880 |
Off-balance sheet | 1,473,420 | 1,326,782 |
Available-for-sale securities | 203,262 | 205,857 |
HTM securities | 408,941 | 425,305 |
Cash placed with banks | 485,400 | 556,600 |
First Republic | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Loans | 149,800 | |
Available-for-sale securities | 25,800 | |
Obligations of U.S. states and municipalities | ||
Concentration Risk [Line Items] | ||
Trading assets | 6,800 | 6,600 |
Available-for-sale securities | 24,023 | 6,786 |
HTM securities | 11,617 | 19,747 |
Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 64,217 | 70,880 |
Consumer | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 1,531,883 | 1,351,352 |
On-balance sheet, Loans | 599,552 | 496,550 |
Off-balance sheet | 932,331 | 854,802 |
Consumer, excluding credit card | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Loans | 408,204 | 311,375 |
Consumer, excluding credit card | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 459,050 | 344,893 |
On-balance sheet, Loans | 408,204 | 311,375 |
Off-balance sheet | 50,846 | 33,518 |
Consumer, excluding credit card | Credit Concentration Risk | First Republic | ||
Concentration Risk [Line Items] | ||
Credit exposure | 104,600 | |
Credit card | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Loans | 191,348 | 185,175 |
Credit card | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 1,072,833 | 1,006,459 |
On-balance sheet, Loans | 191,348 | 185,175 |
Off-balance sheet | 881,485 | 821,284 |
Wholesale | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Loans | 700,517 | 639,097 |
Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 1,348,564 | 1,231,214 |
On-balance sheet, Loans | 700,517 | 639,097 |
Off-balance sheet | 541,089 | 471,980 |
Wholesale | Credit Concentration Risk | First Republic | ||
Concentration Risk [Line Items] | ||
Credit exposure | 98,200 | |
Wholesale-related | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 64,217 | 70,880 |
Wholesale-related | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 1,273,451 | 1,146,530 |
On-balance sheet, Loans | 668,145 | 603,670 |
Off-balance sheet | 541,089 | 471,980 |
Real Estate | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 331 | 249 |
Real Estate | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 206,912 | 170,857 |
On-balance sheet, Loans | 165,069 | 131,681 |
Off-balance sheet | 41,512 | 38,927 |
Individuals and Individual Entities | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 730 | 434 |
Individuals and Individual Entities | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 141,178 | 130,815 |
On-balance sheet, Loans | 122,056 | 120,424 |
Off-balance sheet | 18,392 | 9,957 |
Asset Managers | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 14,751 | 16,397 |
Asset Managers | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 138,143 | 95,656 |
On-balance sheet, Loans | 52,730 | 40,511 |
Off-balance sheet | 70,662 | 38,748 |
Consumer & Retail | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 2,278 | 1,650 |
Consumer & Retail | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 125,935 | 120,555 |
On-balance sheet, Loans | 47,410 | 45,867 |
Off-balance sheet | 76,247 | 73,038 |
Industrials | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 1,424 | 1,770 |
Industrials | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 77,206 | 72,483 |
On-balance sheet, Loans | 27,537 | 26,960 |
Off-balance sheet | 48,245 | 43,753 |
Technology, Media & Telecommunications | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 2,601 | 2,950 |
Technology, Media & Telecommunications | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 76,444 | 72,286 |
On-balance sheet, Loans | 21,159 | 21,622 |
Off-balance sheet | 52,684 | 47,714 |
Healthcare | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 1,720 | 1,683 |
Healthcare | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 65,547 | 62,613 |
On-balance sheet, Loans | 22,727 | 22,970 |
Off-balance sheet | 41,100 | 37,960 |
Banks & Finance Cos | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 4,679 | 3,246 |
Banks & Finance Cos | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 61,659 | 51,816 |
On-balance sheet, Loans | 34,934 | 32,172 |
Off-balance sheet | 22,046 | 16,398 |
State & Municipal Govt | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 457 | 585 |
State & Municipal Govt | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 37,157 | 33,847 |
On-balance sheet, Loans | 20,656 | 18,147 |
Off-balance sheet | 16,044 | 15,115 |
Utilities | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 3,089 | 3,269 |
Utilities | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 35,757 | 36,218 |
On-balance sheet, Loans | 7,162 | 9,107 |
Off-balance sheet | 25,506 | 23,842 |
Oil & Gas | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 1,352 | 5,121 |
Oil & Gas | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 33,233 | 38,668 |
On-balance sheet, Loans | 9,607 | 9,632 |
Off-balance sheet | 22,274 | 23,915 |
Automotive | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 602 | 529 |
Automotive | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 32,947 | 33,287 |
On-balance sheet, Loans | 15,169 | 14,735 |
Off-balance sheet | 17,176 | 18,023 |
Chemicals & Plastics | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 510 | 407 |
Chemicals & Plastics | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 22,195 | 20,030 |
On-balance sheet, Loans | 6,343 | 5,771 |
Off-balance sheet | 15,342 | 13,852 |
Insurance | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 8,175 | 8,081 |
Insurance | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 21,874 | 21,045 |
On-balance sheet, Loans | 2,772 | 2,387 |
Off-balance sheet | 10,927 | 10,577 |
Central Govt | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 10,827 | 12,955 |
Central Govt | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 16,845 | 19,095 |
On-balance sheet, Loans | 3,670 | 3,167 |
Off-balance sheet | 2,348 | 2,973 |
Metals & Mining | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 311 | 475 |
Metals & Mining | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 15,631 | 15,915 |
On-balance sheet, Loans | 4,786 | 5,398 |
Off-balance sheet | 10,534 | 10,042 |
Transportation | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 606 | 567 |
Transportation | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 15,447 | 15,009 |
On-balance sheet, Loans | 5,779 | 5,005 |
Off-balance sheet | 9,062 | 9,437 |
Securities Firms | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 3,392 | 3,387 |
Securities Firms | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 9,077 | 8,066 |
On-balance sheet, Loans | 957 | 556 |
Off-balance sheet | 4,728 | 4,123 |
Financial Markets Infrastructure | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 2,491 | 3,050 |
Financial Markets Infrastructure | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 4,993 | 4,962 |
On-balance sheet, Loans | 184 | 13 |
Off-balance sheet | 2,318 | 1,899 |
All other | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 3,891 | 4,075 |
All other | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 135,271 | 123,307 |
On-balance sheet, Loans | 97,438 | 87,545 |
Off-balance sheet | $ 33,942 | $ 31,687 |
All other | Wholesale | Credit Concentration Risk | SPEs and Private education | ||
Concentration Risk [Line Items] | ||
Percentage of exposure secured | 94% | 95% |
All other | Wholesale | Credit Concentration Risk | Civic organizations | ||
Concentration Risk [Line Items] | ||
Percentage of exposure secured | 6% | 5% |
Loans held-for-sale and loans at fair value | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | $ 32,372 | $ 35,427 |
On-balance sheet, Loans | 32,372 | 35,427 |
Receivables from customers | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | $ 42,741 | $ 49,257 |
Derivative Instruments - Notion
Derivative Instruments - Notional Amount of Derivative Contracts (Details) - USD ($) $ in Billions | Jun. 30, 2023 | Dec. 31, 2022 |
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | $ 58,331 | $ 49,476 |
Interest rate contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 39,352 | 33,166 |
Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 29,292 | 24,491 |
Futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 3,341 | 2,636 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 3,329 | 3,047 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 3,390 | 2,992 |
Credit derivatives | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 1,477 | 1,132 |
Foreign exchange contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 14,810 | 12,747 |
Cross-currency swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 4,436 | 4,196 |
Spot, futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 8,681 | 7,017 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 867 | 775 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 826 | 759 |
Equity contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 2,170 | 1,944 |
Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 598 | 618 |
Futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 110 | 110 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 755 | 636 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 707 | 580 |
Commodity contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 522 | 487 |
Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 137 | 136 |
Spot, futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 142 | 136 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 133 | 117 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | $ 110 | $ 98 |
Derivative Instruments - Impact
Derivative Instruments - Impact on Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | $ 608,708 | $ 639,593 |
Net derivative receivables | 64,217 | 70,880 |
Gross derivative payables | 601,649 | 637,513 |
Net derivative payables | 46,545 | 51,141 |
Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 288,312 | 300,415 |
Net derivative receivables | 27,709 | 28,419 |
Gross derivative payables | 277,342 | 290,291 |
Net derivative payables | 15,157 | 15,970 |
Credit | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 13,685 | 10,329 |
Net derivative receivables | 1,245 | 1,090 |
Gross derivative payables | 13,767 | 9,971 |
Net derivative payables | 566 | 754 |
Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 227,679 | 241,579 |
Net derivative receivables | 22,194 | 23,365 |
Gross derivative payables | 223,585 | 251,521 |
Net derivative payables | 14,177 | 18,856 |
Equity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 61,392 | 61,913 |
Net derivative receivables | 7,324 | 9,139 |
Gross derivative payables | 67,670 | 62,461 |
Net derivative payables | 9,805 | 8,804 |
Commodity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 17,640 | 25,357 |
Net derivative receivables | 5,745 | 8,867 |
Gross derivative payables | 19,285 | 23,269 |
Net derivative payables | 6,840 | 6,757 |
Not designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 607,054 | 636,251 |
Gross derivative payables | 599,975 | 632,392 |
Not designated as hedges | Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 288,312 | 300,411 |
Gross derivative payables | 277,334 | 290,291 |
Not designated as hedges | Credit | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 13,685 | 10,329 |
Gross derivative payables | 13,767 | 9,971 |
Not designated as hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 226,793 | 239,946 |
Gross derivative payables | 222,739 | 248,911 |
Not designated as hedges | Equity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 61,392 | 61,913 |
Gross derivative payables | 67,670 | 62,461 |
Not designated as hedges | Commodity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 16,872 | 23,652 |
Gross derivative payables | 18,465 | 20,758 |
Designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 1,654 | 3,342 |
Gross derivative payables | 1,674 | 5,121 |
Designated as hedges | Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 0 | 4 |
Gross derivative payables | 8 | 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 | 886 | 1,633 |
Gross derivative payables | 846 | 2,610 |
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 | 768 | 1,705 |
Gross derivative payables | $ 820 | $ 2,511 |
Derivative Instruments - Deriva
Derivative Instruments - Derivatives Netting (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | $ 599,461 | $ 630,361 |
Amounts netted on the Consolidated balance sheets | (544,491) | (568,713) |
Net derivative receivables | 54,970 | 61,648 |
Derivative receivables where an appropriate legal opinion has not been either sought or obtained | 9,247 | 9,232 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 608,708 | 639,593 |
Total derivative receivables | 64,217 | 70,880 |
Collateral not nettable on the Consolidated balance sheets | (23,282) | (23,014) |
Net amounts | 40,935 | 47,866 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 590,931 | 624,756 |
Amounts netted on the Consolidated balance sheets | (555,104) | (586,372) |
Net derivative payables | 35,827 | 38,384 |
Derivative payables where an appropriate legal opinion has not been either sought or obtained | 10,718 | 12,757 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 601,649 | 637,513 |
Total derivative payables | 46,545 | 51,141 |
Collateral not nettable on the Consolidated balance sheets | (4,248) | (3,318) |
Net amounts | 42,297 | 47,823 |
Net cash collateral receivables | 52,500 | 51,500 |
Net cash collateral payables | 63,200 | 69,200 |
Interest rate contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 286,456 | 298,281 |
Amounts netted on the Consolidated balance sheets | (260,603) | (271,996) |
Net derivative receivables | 25,853 | 26,285 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 288,312 | 300,415 |
Total derivative receivables | 27,709 | 28,419 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 275,299 | 287,852 |
Amounts netted on the Consolidated balance sheets | (262,185) | (274,321) |
Net derivative payables | 13,114 | 13,531 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 277,342 | 290,291 |
Total derivative payables | 15,157 | 15,970 |
Interest rate contracts | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 194,218 | 203,922 |
Amounts netted on the Consolidated balance sheets | (168,569) | (178,261) |
Net derivative receivables | 25,649 | 25,661 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 180,016 | 190,108 |
Amounts netted on the Consolidated balance sheets | (167,127) | (176,890) |
Net derivative payables | 12,889 | 13,218 |
Interest rate contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 91,665 | 93,800 |
Amounts netted on the Consolidated balance sheets | (91,508) | (93,424) |
Net derivative receivables | 157 | 376 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 94,771 | 97,417 |
Amounts netted on the Consolidated balance sheets | (94,554) | (97,126) |
Net derivative payables | 217 | 291 |
Interest rate contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 573 | 559 |
Amounts netted on the Consolidated balance sheets | (526) | (311) |
Net derivative receivables | 47 | 248 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 512 | 327 |
Amounts netted on the Consolidated balance sheets | (504) | (305) |
Net derivative payables | 8 | 22 |
Net credit derivatives | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 13,524 | 10,220 |
Amounts netted on the Consolidated balance sheets | (12,440) | (9,239) |
Net derivative receivables | 1,084 | 981 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 13,685 | 10,329 |
Total derivative receivables | 1,245 | 1,090 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 13,678 | 9,728 |
Amounts netted on the Consolidated balance sheets | (13,201) | (9,217) |
Net derivative payables | 477 | 511 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 13,767 | 9,971 |
Total derivative payables | 566 | 754 |
Net credit derivatives | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 8,850 | 8,474 |
Amounts netted on the Consolidated balance sheets | (7,818) | (7,535) |
Net derivative receivables | 1,032 | 939 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 9,240 | 8,054 |
Amounts netted on the Consolidated balance sheets | (8,768) | (7,572) |
Net derivative payables | 472 | 482 |
Net credit derivatives | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 4,674 | 1,746 |
Amounts netted on the Consolidated balance sheets | (4,622) | (1,704) |
Net derivative receivables | 52 | 42 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 4,438 | 1,674 |
Amounts netted on the Consolidated balance sheets | (4,433) | (1,645) |
Net derivative payables | 5 | 29 |
Foreign exchange contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 224,919 | 239,417 |
Amounts netted on the Consolidated balance sheets | (205,485) | (218,214) |
Net derivative receivables | 19,434 | 21,203 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 227,679 | 241,579 |
Total derivative receivables | 22,194 | 23,365 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 221,334 | 247,965 |
Amounts netted on the Consolidated balance sheets | (209,408) | (232,665) |
Net derivative payables | 11,926 | 15,300 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 223,585 | 251,521 |
Total derivative payables | 14,177 | 18,856 |
Foreign exchange contracts | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 223,998 | 237,941 |
Amounts netted on the Consolidated balance sheets | (204,582) | (216,796) |
Net derivative receivables | 19,416 | 21,145 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 220,326 | 246,457 |
Amounts netted on the Consolidated balance sheets | (208,507) | (231,248) |
Net derivative payables | 11,819 | 15,209 |
Foreign exchange contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 910 | 1,461 |
Amounts netted on the Consolidated balance sheets | (901) | (1,417) |
Net derivative receivables | 9 | 44 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 993 | 1,488 |
Amounts netted on the Consolidated balance sheets | (901) | (1,417) |
Net derivative payables | 92 | 71 |
Foreign exchange contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 11 | 15 |
Amounts netted on the Consolidated balance sheets | (2) | (1) |
Net derivative receivables | 9 | 14 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 15 | 20 |
Amounts netted on the Consolidated balance sheets | 0 | 0 |
Net derivative payables | 15 | 20 |
Equity contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 58,868 | 58,790 |
Amounts netted on the Consolidated balance sheets | (54,068) | (52,774) |
Net derivative receivables | 4,800 | 6,016 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 61,392 | 61,913 |
Total derivative receivables | 7,324 | 9,139 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 63,863 | 58,124 |
Amounts netted on the Consolidated balance sheets | (57,865) | (53,657) |
Net derivative payables | 5,998 | 4,467 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 67,670 | 62,461 |
Total derivative payables | 9,805 | 8,804 |
Equity contracts | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 24,672 | 30,323 |
Amounts netted on the Consolidated balance sheets | (21,496) | (25,665) |
Net derivative receivables | 3,176 | 4,658 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 28,206 | 29,833 |
Amounts netted on the Consolidated balance sheets | (25,293) | (26,554) |
Net derivative payables | 2,913 | 3,279 |
Equity contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 34,196 | 28,467 |
Amounts netted on the Consolidated balance sheets | (32,572) | (27,109) |
Net derivative receivables | 1,624 | 1,358 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 35,657 | 28,291 |
Amounts netted on the Consolidated balance sheets | (32,572) | (27,103) |
Net derivative payables | 3,085 | 1,188 |
Commodity contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 15,694 | 23,653 |
Amounts netted on the Consolidated balance sheets | (11,895) | (16,490) |
Net derivative receivables | 3,799 | 7,163 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 17,640 | 25,357 |
Total derivative receivables | 5,745 | 8,867 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 16,757 | 21,087 |
Amounts netted on the Consolidated balance sheets | (12,445) | (16,512) |
Net derivative payables | 4,312 | 4,575 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 19,285 | 23,269 |
Total derivative payables | 6,840 | 6,757 |
Commodity contracts | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 9,317 | 14,430 |
Amounts netted on the Consolidated balance sheets | (5,539) | (7,633) |
Net derivative receivables | 3,778 | 6,797 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 9,591 | 11,954 |
Amounts netted on the Consolidated balance sheets | (6,061) | (7,642) |
Net derivative payables | 3,530 | 4,312 |
Commodity contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 111 | 120 |
Amounts netted on the Consolidated balance sheets | (111) | (112) |
Net derivative receivables | 0 | 8 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 116 | 112 |
Amounts netted on the Consolidated balance sheets | (116) | (112) |
Net derivative payables | 0 | 0 |
Commodity contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 6,266 | 9,103 |
Amounts netted on the Consolidated balance sheets | (6,245) | (8,745) |
Net derivative receivables | 21 | 358 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 7,050 | 9,021 |
Amounts netted on the Consolidated balance sheets | (6,268) | (8,758) |
Net derivative payables | $ 782 | $ 263 |
Derivative Instruments - Liquid
Derivative Instruments - Liquidity Risk and Credit-Related Contingent Features (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Aggregate fair value of net derivative payables | $ 15,243 | $ 16,023 |
Collateral posted | 14,144 | 15,505 |
Single-notch downgrade | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of additional collateral to be posted upon downgrade | 81 | 128 |
Amount required to settle contracts with termination triggers upon downgrade | 80 | 88 |
Two-notch downgrade | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of additional collateral to be posted upon downgrade | 1,241 | 1,293 |
Amount required to settle contracts with termination triggers upon downgrade | $ 811 | $ 925 |
Derivative Instruments - Impa_2
Derivative Instruments - Impact on Statements of Income, Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Gains/(losses) recorded in income | ||||
Derivatives | $ 525 | $ (6,821) | $ 315 | $ (14,757) |
Hedged items | (314) | 6,661 | 113 | 14,477 |
Income statement impact | 211 | (160) | 428 | (280) |
Income statement impact of excluded components | ||||
Amortization approach | (156) | (115) | (329) | (180) |
Changes in fair value | 204 | (140) | 362 | (245) |
OCI impact | ||||
Derivatives - Gains/(losses) recorded in OCI | 15 | 67 | (13) | 212 |
Interest rate | ||||
Gains/(losses) recorded in income | ||||
Derivatives | (151) | (4,467) | 1,021 | (11,537) |
Hedged items | 164 | 4,367 | (940) | 11,348 |
Income statement impact | 13 | (100) | 81 | (189) |
Income statement impact of excluded components | ||||
Amortization approach | 0 | 0 | 0 | 0 |
Changes in fair value | 5 | (79) | 15 | (145) |
OCI impact | ||||
Derivatives - Gains/(losses) recorded in OCI | 0 | 0 | 0 | 0 |
Foreign exchange | ||||
Gains/(losses) recorded in income | ||||
Derivatives | 254 | (818) | 412 | (1,508) |
Hedged items | (188) | 830 | (282) | 1,518 |
Income statement impact | 66 | 12 | 130 | 10 |
Income statement impact of excluded components | ||||
Amortization approach | (156) | (115) | (329) | (180) |
Changes in fair value | 66 | 12 | 130 | 10 |
OCI impact | ||||
Derivatives - Gains/(losses) recorded in OCI | 15 | 67 | (13) | 212 |
Commodity | ||||
Gains/(losses) recorded in income | ||||
Derivatives | 422 | (1,536) | (1,118) | (1,712) |
Hedged items | (290) | 1,464 | 1,335 | 1,611 |
Income statement impact | 132 | (72) | 217 | (101) |
Income statement impact of excluded components | ||||
Amortization approach | 0 | 0 | 0 | 0 |
Changes in fair value | 133 | (73) | 217 | (110) |
OCI impact | ||||
Derivatives - Gains/(losses) recorded in OCI | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments - Cumula
Derivative Instruments - Cumulative Fair Value Hedging Adjustments (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Cumulative basis adjustments for active hedging relationships | $ (865) | |
Commodity contracts | ||
Assets | ||
Carrying amount of the hedged items | 12,800 | $ 26,000 |
Long-term debt | ||
Liabilities | ||
Carrying amount of the hedged items | 176,509 | 175,257 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Active hedging relationships | (5,857) | (11,879) |
Discontinued hedging relationships | (9,105) | (3,313) |
Total | (14,962) | (15,192) |
Long-term debt | Not designated as hedges | ||
Liabilities | ||
Carrying amount of the hedged items | 216 | 221 |
Investment securities | ||
Assets | ||
Carrying amount of the hedged items | 136,444 | 84,073 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Active hedging relationships | (2,752) | (4,149) |
Discontinued hedging relationships | (3,462) | (1,542) |
Total | (6,214) | (5,691) |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Amortized cost of the closed portfolio | 67,800 | |
Designated hedged items in active hedging relationships | 49,600 | |
Cumulative basis adjustments | (1,100) | |
Cumulative basis adjustments for active hedging relationships | (865) | |
Cumulative basis adjustments for discontinued hedging relationships | (229) | |
Investment securities | Not designated as hedges | ||
Assets | ||
Carrying amount of the hedged items | $ 20,900 | $ 20,300 |
Derivative Instruments - Impa_3
Derivative Instruments - Impact on Statements of Income, Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Recognition of after-tax net losses related to cash flow hedges in Income | $ (1,300) | |||
Maximum length of time hedged in forecasted transactions, terminated cash flow hedges | 7 years | |||
Maximum length of time hedged in forecasted transactions, open cash flow hedges | 7 years | |||
Cash Flow Hedging | ||||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Amounts reclassified from AOCI to income | $ (465) | $ 24 | $ (948) | $ 261 |
Amounts recorded in OCI | (1,119) | (1,750) | (552) | (5,186) |
Total change in OCI for period | (654) | (1,774) | 396 | (5,447) |
Cash Flow Hedging | Interest rate | ||||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Amounts reclassified from AOCI to income | (474) | 86 | (902) | 329 |
Amounts recorded in OCI | (1,199) | (1,509) | (738) | (4,870) |
Total change in OCI for period | (725) | (1,595) | 164 | (5,199) |
Cash Flow Hedging | Foreign exchange | ||||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Amounts reclassified from AOCI to income | 9 | (62) | (46) | (68) |
Amounts recorded in OCI | 80 | (241) | 186 | (316) |
Total change in OCI for period | $ 71 | $ (179) | $ 232 | $ (248) |
Derivative Instruments - Impa_4
Derivative Instruments - Impact on Statements of Income, Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Translation adjustments, net of hedges | ||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Reclassification of pre-tax loss related to net investment hedges | $ 0 | $ 0 | $ 41 | $ 0 |
Other Income | Translation adjustments, net of hedges | ||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Reclassification of pre-tax loss related to net investment hedges | 0 | 0 | 41 | 0 |
Net Investment Hedging | Net foreign exchange derivatives | ||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Amounts recorded in income | 121 | (116) | 205 | (247) |
Amounts recorded in OCI | $ (88) | $ 3,520 | $ (1,092) | $ 3,858 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||||
Derivatives gains/(losses) recorded in income | $ (138) | $ (214) | $ (246) | $ (492) |
Interest rate | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||||
Derivatives gains/(losses) recorded in income | (112) | (309) | (126) | (538) |
Credit | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||||
Derivatives gains/(losses) recorded in income | (67) | 89 | (163) | 122 |
Foreign exchange | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||||
Derivatives gains/(losses) recorded in income | $ 41 | $ 6 | $ 43 | $ (76) |
Derivative Instruments - Credit
Derivative Instruments - Credit Derivatives (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Maximum payout/Notional amount | ||
Protection sold | $ (705,607) | $ (542,722) |
Protection purchased with identical underlyings | 751,644 | 574,875 |
Net protection (sold)/purchased | 46,037 | 32,153 |
Other protection purchased | 27,603 | 22,526 |
Total credit derivatives | ||
Maximum payout/Notional amount | ||
Protection sold | (705,607) | (542,722) |
Protection purchased with identical underlyings | 751,644 | 574,875 |
Net protection (sold)/purchased | 46,037 | 32,153 |
Other protection purchased | 19,539 | 14,663 |
Credit default swaps | ||
Maximum payout/Notional amount | ||
Protection sold | (649,720) | (495,557) |
Protection purchased with identical underlyings | 677,813 | 509,846 |
Net protection (sold)/purchased | 28,093 | 14,289 |
Other protection purchased | 5,774 | 2,917 |
Other credit derivatives | ||
Maximum payout/Notional amount | ||
Protection sold | (55,887) | (47,165) |
Protection purchased with identical underlyings | 73,831 | 65,029 |
Net protection (sold)/purchased | 17,944 | 17,864 |
Other protection purchased | 13,765 | 11,746 |
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 | $ 8,064 | $ 7,863 |
Derivative Instruments - Cred_2
Derivative Instruments - Credit Derivatives, Protection Sold, Notional and Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Protection sold credit derivatives ratings/maturity profile | ||
Protection sold credit derivatives ratings/maturity profile - less than 1 year | $ (142,107) | $ (123,728) |
Protection sold credit derivatives ratings/maturity profile - from 1-5 years | (519,461) | (381,802) |
Protection sold credit derivatives ratings/maturity profile - more than 5 years | (44,039) | (37,192) |
Total notional amount | (705,607) | (542,722) |
Fair value of receivables | 6,932 | 3,591 |
Fair value of payables | (4,887) | (4,704) |
Net fair value | 2,045 | (1,113) |
Investment-grade | ||
Protection sold credit derivatives ratings/maturity profile | ||
Protection sold credit derivatives ratings/maturity profile - less than 1 year | (103,323) | (90,484) |
Protection sold credit derivatives ratings/maturity profile - from 1-5 years | (412,661) | (294,791) |
Protection sold credit derivatives ratings/maturity profile - more than 5 years | (37,836) | (30,822) |
Total notional amount | (553,820) | (416,097) |
Fair value of receivables | 4,357 | 2,324 |
Fair value of payables | (1,281) | (1,495) |
Net fair value | 3,076 | 829 |
Noninvestment-grade | ||
Protection sold credit derivatives ratings/maturity profile | ||
Protection sold credit derivatives ratings/maturity profile - less than 1 year | (38,784) | (33,244) |
Protection sold credit derivatives ratings/maturity profile - from 1-5 years | (106,800) | (87,011) |
Protection sold credit derivatives ratings/maturity profile - more than 5 years | (6,203) | (6,370) |
Total notional amount | (151,787) | (126,625) |
Fair value of receivables | 2,575 | 1,267 |
Fair value of payables | (3,606) | (3,209) |
Net fair value | $ (1,031) | $ (1,942) |
Noninterest Revenue and Nonin_3
Noninterest Revenue and Noninterest Expense - Investment Banking Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Noninterest revenue [Line Items] | ||||
Underwriting | $ 1,021 | $ 941 | $ 1,926 | $ 2,157 |
Advisory | 492 | 645 | 1,236 | 1,437 |
Total investment banking fees | 1,513 | 1,586 | 3,162 | 3,594 |
Equity | ||||
Schedule of Noninterest revenue [Line Items] | ||||
Underwriting | 317 | 230 | 550 | 472 |
Debt | ||||
Schedule of Noninterest revenue [Line Items] | ||||
Underwriting | $ 704 | $ 711 | $ 1,376 | $ 1,685 |
Noninterest Revenue and Nonin_4
Noninterest Revenue and Noninterest Expense - Principal Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Principal transactions revenue | ||||
Total trading revenue | $ 6,944 | $ 4,882 | $ 14,534 | $ 10,134 |
Private equity gains/(losses) | (34) | 108 | (9) | (39) |
Principal transactions | 6,910 | 4,990 | 14,525 | 10,095 |
Interest rate | ||||
Principal transactions revenue | ||||
Total trading revenue | 1,781 | 376 | 3,567 | 845 |
Credit | ||||
Principal transactions revenue | ||||
Total trading revenue | 419 | 279 | 1,053 | 736 |
Foreign exchange | ||||
Principal transactions revenue | ||||
Total trading revenue | 1,435 | 1,425 | 2,986 | 2,749 |
Equity | ||||
Principal transactions revenue | ||||
Total trading revenue | 2,941 | 2,303 | 5,634 | 4,558 |
Commodity | ||||
Principal transactions revenue | ||||
Total trading revenue | $ 368 | $ 499 | $ 1,294 | $ 1,246 |
Noninterest Revenue and Nonin_5
Noninterest Revenue and Noninterest Expense - Lending and Deposit-Related Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Noninterest Income (Expense) [Abstract] | ||||
Lending-related fees | $ 590 | $ 362 | $ 959 | $ 724 |
Deposit-related fees | 1,238 | 1,511 | 2,489 | 2,988 |
Total lending- and deposit-related fees | $ 1,828 | $ 1,873 | $ 3,448 | $ 3,712 |
Noninterest Revenue and Nonin_6
Noninterest Revenue and Noninterest Expense - Asset Management Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Noninterest Income (Expense) [Abstract] | ||||
Investment management fees | $ 3,695 | $ 3,425 | $ 7,085 | $ 6,987 |
All other asset management fees | 79 | 92 | 154 | 182 |
Total asset management fees | $ 3,774 | $ 3,517 | $ 7,239 | $ 7,169 |
Noninterest Revenue and Nonin_7
Noninterest Revenue and Noninterest Expense - Commissions and Other Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Noninterest Income (Expense) [Abstract] | ||||
Brokerage commissions | $ 722 | $ 738 | $ 1,469 | $ 1,548 |
Administration fees | 575 | 590 | 1,132 | 1,223 |
All other commissions and fees | 442 | 395 | 833 | 662 |
Total commissions and other fees | $ 1,739 | $ 1,723 | $ 3,434 | $ 3,433 |
Noninterest Revenue and Nonin_8
Noninterest Revenue and Noninterest Expense - Card Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total card income | $ 1,094 | $ 1,133 | $ 2,328 | $ 2,108 |
Interchange and merchant processing income | ||||
Disaggregation of Revenue [Line Items] | ||||
Total card income | 7,885 | 7,214 | 15,024 | 13,449 |
Rewards costs and partner payments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total card income | (6,392) | (5,641) | (11,901) | (10,511) |
Other card income | ||||
Disaggregation of Revenue [Line Items] | ||||
Total card income | $ (399) | $ (440) | $ (795) | $ (830) |
Noninterest Revenue and Nonin_9
Noninterest Revenue and Noninterest Expense - Other income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Business Acquisition [Line Items] | |||||
Operating lease income | $ 716 | $ 945 | $ 1,471 | $ 1,993 | |
Losses on tax-oriented investments | (462) | (427) | (874) | (835) | |
Estimated bargain purchase gain associated with the First Republic acquisition | 2,712 | 0 | 2,712 | $ 0 | |
Gain related to the acquisition of CIFM | $ 0 | $ 0 | $ 339 | ||
CIFM | |||||
Business Acquisition [Line Items] | |||||
Percentage interest acquired | 51% |
Noninterest Revenue and Noni_10
Noninterest Revenue and Noninterest Expense - Noninterest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Noninterest Income (Expense) [Abstract] | ||||
Legal expense | $ 420 | $ 73 | $ 596 | $ 192 |
FDIC-related expense | 338 | 216 | 655 | 414 |
First Republic-related expense | $ 599 | $ 0 | $ 599 | $ 0 |
Interest Income and Interest _3
Interest Income and Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest income | ||||
Loans | $ 20,306 | $ 11,626 | $ 38,014 | $ 22,259 |
Taxable securities | 4,194 | 2,289 | 8,161 | 4,268 |
Non-taxable securities | 343 | 245 | 591 | 490 |
Total investment securities | 4,537 | 2,534 | 8,752 | 4,758 |
Trading assets - debt instruments | 4,013 | 2,049 | 7,659 | 3,816 |
Federal funds sold and securities purchased under resale agreements | 3,767 | 543 | 6,898 | 940 |
Securities borrowed | 1,866 | 173 | 3,582 | 86 |
Deposits with banks | 5,189 | 1,079 | 10,008 | 1,317 |
All other interest-earning assets | 1,966 | 642 | 3,735 | 966 |
Total interest income | 41,644 | 18,646 | 78,648 | 34,142 |
Interest expense | ||||
Interest-bearing deposits | 9,591 | 898 | 17,228 | 1,080 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 3,400 | 445 | 6,204 | 558 |
Short-term borrowings | 428 | 113 | 849 | 157 |
Trading liabilities – debt and all other interest-bearing liabilities | 2,373 | 471 | 4,344 | 662 |
Long-term debt | 3,876 | 1,561 | 7,189 | 2,637 |
Beneficial interest issued by consolidated VIEs | 197 | 30 | 344 | 48 |
Total interest expense | 19,865 | 3,518 | 36,158 | 5,142 |
Net interest income | 21,779 | 15,128 | 42,490 | 29,000 |
Provision for credit losses | 2,899 | 1,101 | 5,174 | 2,564 |
Net interest income after provision for credit losses | $ 18,880 | $ 14,027 | $ 37,316 | $ 26,436 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Retirement Benefits [Abstract] | ||||
Total net periodic defined benefit plan cost/(credit) | $ (94) | $ (75) | $ (188) | $ (139) |
Total defined contribution plans | 397 | 357 | 762 | 701 |
Total pension and OPEB cost included in noninterest expense | $ 303 | $ 282 | $ 574 | $ 562 |
Pension and Other Postretirem_4
Pension and Other Postretirement Employee Benefit Plans - Narrative (Details) - USD ($) $ in Billions | Jun. 30, 2023 | Dec. 31, 2022 |
Retirement Benefits [Abstract] | ||
Fair value of plan assets | $ 20.5 | $ 19.9 |
Employee Share-based Incentiv_3
Employee Share-based Incentives - Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
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 | $ 449 | $ 378 | $ 806 | $ 649 |
Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees | 385 | 441 | 898 | 976 |
Total noncash compensation expense related to employee share-based incentive plans | $ 834 | $ 819 | $ 1,704 | $ 1,625 |
Employee Share-based Incentiv_4
Employee Share-based Incentives - Narrative (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants in period (in shares) | shares | 20,000 |
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 138.57 |
PSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants in period (in shares) | shares | 801 |
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 139.81 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jan. 01, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amount of investment securities transferred from AFS to HTM for capital management purposes | $ 78,300 | |||
Approximate percentage rated at least AA+ | 98% | 99% | ||
Investment securities, allowance for credit losses | $ 96 | $ 104 | $ 47 | |
Unrealized gains/(losses) on investment securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Pretax unrealized losses included in AOCI on the securities at the date of transfer | $ 4,800 | |||
Obligations of U.S. states and municipalities | Accounting Standards Update 2022-01 | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amount of investment securities transferred from HTM to AFS | $ 7,100 | |||
Pre-tax unrealized losses recognized within AOCI for transfer of securities from HTM to AFS | $ 38 |
Investment Securities - Amortiz
Investment Securities - Amortized Costs and Estimated Fair Values (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Available-for-sale securities | |||||
Amortized cost | $ 209,876,000,000 | $ 209,876,000,000 | $ 216,188,000,000 | ||
Unallocated portfolio layer fair value hedge basis adjustments | (865,000,000) | (865,000,000) | |||
Gross unrealized gains | 826,000,000 | 826,000,000 | 890,000,000 | ||
Gross unrealized losses | 7,440,000,000 | 7,440,000,000 | 11,221,000,000 | ||
Unallocated portfolio layer fair value basis adjustments, Gross unrealized losses | (865,000,000) | (865,000,000) | |||
Fair value | 203,262,000,000 | 203,262,000,000 | 205,857,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | 408,941,000,000 | 408,941,000,000 | 425,305,000,000 | ||
Gross unrealized gains | 125,000,000 | 125,000,000 | 105,000,000 | ||
Gross unrealized losses | 33,766,000,000 | 33,766,000,000 | 36,762,000,000 | ||
Fair value | 375,300,000,000 | 375,300,000,000 | 388,648,000,000 | ||
Total investment securities, net of allowance for credit losses | |||||
Amortized cost | 618,817,000,000 | 618,817,000,000 | 641,493,000,000 | ||
Gross unrealized gains | 951,000,000 | 951,000,000 | 995,000,000 | ||
Gross unrealized losses | 41,206,000,000 | 41,206,000,000 | 47,983,000,000 | ||
Fair value | 578,562,000,000 | 578,562,000,000 | 594,505,000,000 | ||
HTM securities purchased | 520,000,000 | $ 14,300,000,000 | 4,100,000,000 | $ 27,500,000,000 | |
Investment securities, allowance for credit losses | 104,000,000 | 47,000,000 | 104,000,000 | 47,000,000 | 96,000,000 |
Accrued interest receivables on investment securities | 2,500,000,000 | 2,500,000,000 | 2,500,000,000 | ||
Accrued interest receivables reversed through interest income on AFS securities | 0 | 0 | 0 | 0 | |
Accrued interest receivables reversed through interest income on HTM securities | 0 | $ 0 | 0 | $ 0 | |
First Republic | |||||
Available-for-sale securities | |||||
Fair value | 25,800,000,000 | 25,800,000,000 | |||
Total mortgage-backed securities | |||||
Available-for-sale securities | |||||
Amortized cost | 90,636,000,000 | 90,636,000,000 | 84,059,000,000 | ||
Gross unrealized gains | 332,000,000 | 332,000,000 | 485,000,000 | ||
Gross unrealized losses | 5,600,000,000 | 5,600,000,000 | 6,463,000,000 | ||
Fair value | 85,368,000,000 | 85,368,000,000 | 78,081,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | 131,522,000,000 | 131,522,000,000 | 134,356,000,000 | ||
Gross unrealized gains | 39,000,000 | 39,000,000 | 48,000,000 | ||
Gross unrealized losses | 15,148,000,000 | 15,148,000,000 | 15,687,000,000 | ||
Fair value | 116,413,000,000 | 116,413,000,000 | 118,717,000,000 | ||
U.S. GSEs and government agencies mortgage-backed securities | |||||
Available-for-sale securities | |||||
Amortized cost | 84,749,000,000 | 84,749,000,000 | 77,194,000,000 | ||
Gross unrealized gains | 326,000,000 | 326,000,000 | 479,000,000 | ||
Gross unrealized losses | 5,307,000,000 | 5,307,000,000 | 6,170,000,000 | ||
Fair value | 79,768,000,000 | 79,768,000,000 | 71,503,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | 110,517,000,000 | 110,517,000,000 | 113,492,000,000 | ||
Gross unrealized gains | 29,000,000 | 29,000,000 | 35,000,000 | ||
Gross unrealized losses | 13,201,000,000 | 13,201,000,000 | 13,709,000,000 | ||
Fair value | 97,345,000,000 | 97,345,000,000 | 99,818,000,000 | ||
Residential: U.S. Mortgage-backed securities | |||||
Available-for-sale securities | |||||
Amortized cost | 1,803,000,000 | 1,803,000,000 | 1,576,000,000 | ||
Gross unrealized gains | 1,000,000 | 1,000,000 | 1,000,000 | ||
Gross unrealized losses | 119,000,000 | 119,000,000 | 111,000,000 | ||
Fair value | 1,685,000,000 | 1,685,000,000 | 1,466,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | 10,293,000,000 | 10,293,000,000 | 10,503,000,000 | ||
Gross unrealized gains | 3,000,000 | 3,000,000 | 3,000,000 | ||
Gross unrealized losses | 1,206,000,000 | 1,206,000,000 | 1,244,000,000 | ||
Fair value | 9,090,000,000 | 9,090,000,000 | 9,262,000,000 | ||
Residential: Non-U.S. mortgage-backed securities | |||||
Available-for-sale securities | |||||
Amortized cost | 1,861,000,000 | 1,861,000,000 | 3,176,000,000 | ||
Gross unrealized gains | 4,000,000 | 4,000,000 | 5,000,000 | ||
Gross unrealized losses | 6,000,000 | 6,000,000 | 27,000,000 | ||
Fair value | 1,859,000,000 | 1,859,000,000 | 3,154,000,000 | ||
Commercial mortgage-backed securities | |||||
Available-for-sale securities | |||||
Amortized cost | 2,223,000,000 | 2,223,000,000 | 2,113,000,000 | ||
Gross unrealized gains | 1,000,000 | 1,000,000 | 0 | ||
Gross unrealized losses | 168,000,000 | 168,000,000 | 155,000,000 | ||
Fair value | 2,056,000,000 | 2,056,000,000 | 1,958,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | 10,712,000,000 | 10,712,000,000 | 10,361,000,000 | ||
Gross unrealized gains | 7,000,000 | 7,000,000 | 10,000,000 | ||
Gross unrealized losses | 741,000,000 | 741,000,000 | 734,000,000 | ||
Fair value | 9,978,000,000 | 9,978,000,000 | 9,637,000,000 | ||
U.S. Treasury and government agencies | |||||
Available-for-sale securities | |||||
Amortized cost | 63,998,000,000 | 63,998,000,000 | 95,217,000,000 | ||
Gross unrealized gains | 297,000,000 | 297,000,000 | 302,000,000 | ||
Gross unrealized losses | 1,558,000,000 | 1,558,000,000 | 3,459,000,000 | ||
Fair value | 62,737,000,000 | 62,737,000,000 | 92,060,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | 202,655,000,000 | 202,655,000,000 | 207,463,000,000 | ||
Gross unrealized gains | 0 | 0 | 0 | ||
Gross unrealized losses | 16,825,000,000 | 16,825,000,000 | 18,363,000,000 | ||
Fair value | 185,830,000,000 | 185,830,000,000 | 189,100,000,000 | ||
Obligations of U.S. states and municipalities | |||||
Available-for-sale securities | |||||
Amortized cost | 24,279,000,000 | 24,279,000,000 | 7,103,000,000 | ||
Gross unrealized gains | 172,000,000 | 172,000,000 | 86,000,000 | ||
Gross unrealized losses | 428,000,000 | 428,000,000 | 403,000,000 | ||
Fair value | 24,023,000,000 | 24,023,000,000 | 6,786,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | 11,617,000,000 | 11,617,000,000 | 19,747,000,000 | ||
Gross unrealized gains | 44,000,000 | 44,000,000 | 53,000,000 | ||
Gross unrealized losses | 758,000,000 | 758,000,000 | 1,080,000,000 | ||
Fair value | 10,903,000,000 | 10,903,000,000 | 18,720,000,000 | ||
Non-U.S. government debt securities | |||||
Available-for-sale securities | |||||
Amortized cost | 22,588,000,000 | 22,588,000,000 | 20,360,000,000 | ||
Gross unrealized gains | 20,000,000 | 20,000,000 | 14,000,000 | ||
Gross unrealized losses | 568,000,000 | 568,000,000 | 678,000,000 | ||
Fair value | 22,040,000,000 | 22,040,000,000 | 19,696,000,000 | ||
Corporate debt securities | |||||
Available-for-sale securities | |||||
Amortized cost | 410,000,000 | 410,000,000 | 381,000,000 | ||
Gross unrealized gains | 0 | 0 | 0 | ||
Gross unrealized losses | 22,000,000 | 22,000,000 | 24,000,000 | ||
Fair value | 388,000,000 | 388,000,000 | 357,000,000 | ||
Asset-backed securities: Collateralized loan obligations | |||||
Available-for-sale securities | |||||
Amortized cost | 5,506,000,000 | 5,506,000,000 | 5,916,000,000 | ||
Gross unrealized gains | 3,000,000 | 3,000,000 | 1,000,000 | ||
Gross unrealized losses | 72,000,000 | 72,000,000 | 125,000,000 | ||
Fair value | 5,437,000,000 | 5,437,000,000 | 5,792,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | 61,095,000,000 | 61,095,000,000 | 61,414,000,000 | ||
Gross unrealized gains | 42,000,000 | 42,000,000 | 4,000,000 | ||
Gross unrealized losses | 951,000,000 | 951,000,000 | 1,522,000,000 | ||
Fair value | 60,186,000,000 | 60,186,000,000 | 59,896,000,000 | ||
Asset-backed securities: Other | |||||
Available-for-sale securities | |||||
Amortized cost | 3,324,000,000 | 3,324,000,000 | 3,152,000,000 | ||
Gross unrealized gains | 2,000,000 | 2,000,000 | 2,000,000 | ||
Gross unrealized losses | 57,000,000 | 57,000,000 | 69,000,000 | ||
Fair value | 3,269,000,000 | 3,269,000,000 | 3,085,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | 2,052,000,000 | 2,052,000,000 | 2,325,000,000 | ||
Gross unrealized gains | 0 | 0 | 0 | ||
Gross unrealized losses | 84,000,000 | 84,000,000 | 110,000,000 | ||
Fair value | $ 1,968,000,000 | $ 1,968,000,000 | $ 2,215,000,000 |
Investment Securities - Fair Va
Investment Securities - Fair Value and Gross Unrealized Losses by Aging Category (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Available-for-sale securities | ||
Less than 12 months, Fair value | $ 21,331 | $ 20,904 |
Less than 12 months, Gross unrealized losses | 215 | 846 |
12 months or more, Fair Value | 18,957 | 8,519 |
12 months or more, Gross unrealized losses | 1,225 | 746 |
Total fair value | 40,288 | 29,423 |
Total gross unrealized losses | 1,440 | 1,592 |
Total mortgage-backed securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 529 | 5,166 |
Less than 12 months, Gross unrealized losses | 10 | 170 |
12 months or more, Fair Value | 4,649 | 1,143 |
12 months or more, Gross unrealized losses | 283 | 123 |
Total fair value | 5,178 | 6,309 |
Total gross unrealized losses | 293 | 293 |
U.S. GSEs and government agencies mortgage-backed securities | ||
Available-for-sale securities | ||
Total fair value | 6,900 | 9,600 |
Residential: U.S. Mortgage-backed securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 371 | 1,187 |
Less than 12 months, Gross unrealized losses | 7 | 71 |
12 months or more, Fair Value | 1,253 | 260 |
12 months or more, Gross unrealized losses | 112 | 40 |
Total fair value | 1,624 | 1,447 |
Total gross unrealized losses | 119 | 111 |
Residential: Non-U.S. mortgage-backed securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 4 | 2,848 |
Less than 12 months, Gross unrealized losses | 0 | 25 |
12 months or more, Fair Value | 1,635 | 70 |
12 months or more, Gross unrealized losses | 6 | 2 |
Total fair value | 1,639 | 2,918 |
Total gross unrealized losses | 6 | 27 |
Commercial mortgage-backed securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 154 | 1,131 |
Less than 12 months, Gross unrealized losses | 3 | 74 |
12 months or more, Fair Value | 1,761 | 813 |
12 months or more, Gross unrealized losses | 165 | 81 |
Total fair value | 1,915 | 1,944 |
Total gross unrealized losses | 168 | 155 |
Obligations of U.S. states and municipalities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 10,757 | 3,051 |
Less than 12 months, Gross unrealized losses | 123 | 241 |
12 months or more, Fair Value | 1,961 | 364 |
12 months or more, Gross unrealized losses | 305 | 162 |
Total fair value | 12,718 | 3,415 |
Total gross unrealized losses | 428 | 403 |
Non-U.S. government debt securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 8,745 | 6,941 |
Less than 12 months, Gross unrealized losses | 64 | 321 |
12 months or more, Fair Value | 5,316 | 3,848 |
12 months or more, Gross unrealized losses | 504 | 357 |
Total fair value | 14,061 | 10,789 |
Total gross unrealized losses | 568 | 678 |
Corporate debt securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 123 | 150 |
Less than 12 months, Gross unrealized losses | 2 | 2 |
12 months or more, Fair Value | 77 | 207 |
12 months or more, Gross unrealized losses | 20 | 22 |
Total fair value | 200 | 357 |
Total gross unrealized losses | 22 | 24 |
Asset-backed securities: Collateralized loan obligations | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 20 | 3,010 |
Less than 12 months, Gross unrealized losses | 0 | 61 |
12 months or more, Fair Value | 5,066 | 2,701 |
12 months or more, Gross unrealized losses | 72 | 64 |
Total fair value | 5,086 | 5,711 |
Total gross unrealized losses | 72 | 125 |
Asset-backed securities: Other | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 1,157 | 2,586 |
Less than 12 months, Gross unrealized losses | 16 | 51 |
12 months or more, Fair Value | 1,888 | 256 |
12 months or more, Gross unrealized losses | 41 | 18 |
Total fair value | 3,045 | 2,842 |
Total gross unrealized losses | $ 57 | $ 69 |
Investment Securities - Realize
Investment Securities - Realized Gains and Losses and Provision for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Securities gains and losses | ||||
Realized gains | $ 198 | $ 69 | $ 329 | $ 82 |
Realized losses | (1,098) | (222) | (2,097) | (629) |
Investment securities losses | (900) | (153) | (1,768) | (547) |
Provision for credit losses | $ 13 | $ 6 | $ 14 | $ 5 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value by Contractual Maturity (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 21,069 | |
Due after one year through five years | 45,430 | |
Due after five years through 10 years | 26,838 | |
Due after 10 years | 117,434 | |
Amortized cost | 210,771 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 20,920 | |
Due after one year through five years | 44,093 | |
Due after five years through 10 years | 26,378 | |
Due after 10 years | 111,871 | |
Fair value | $ 203,262 | $ 205,857 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 3.32% | |
Due after one year through five years | 4.44% | |
Due after five years through 10 years | 5.30% | |
Due after 10 years | 4.78% | |
Average yield | 4.63% | |
Total held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 60,977 | |
Due after one year through five years | 96,312 | |
Due after five years through 10 years | 81,884 | |
Due after 10 years | 169,842 | |
Amortized cost | 409,015 | |
Total held-to-maturity securities, Fair value | ||
Due in one year or less | 59,614 | |
Due after one year through five years | 88,682 | |
Due after five years through 10 years | 72,219 | |
Due after 10 years | 154,785 | |
Fair value | $ 375,300 | 388,648 |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 0.47% | |
Due after one year through five years | 1% | |
Due after five years through 10 years | 2.66% | |
Due after 10 years | 3.80% | |
Average yield | 2.42% | |
Supplemental information | ||
Available for sale securities allowance for credit losses | $ (30) | |
Portfolio layer fair value basis adjustments | (865) | |
Held-to-maturity securities allowance for credit losses | $ (74) | |
US government agencies and US government sponsored enterprises residential MBS estimated duration | 8 years | |
Agency residential collateralized mortgage obligations estimated duration | 7 years | |
Nonagency residential collateralized mortgage obligations estimated duration | 6 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 | $ 15 | |
Due after one year through five years | 3,622 | |
Due after five years through 10 years | 5,077 | |
Due after 10 years | 81,922 | |
Amortized cost | 90,636 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 14 | |
Due after one year through five years | 3,488 | |
Due after five years through 10 years | 5,057 | |
Due after 10 years | 76,809 | |
Fair value | $ 85,368 | 78,081 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 2.18% | |
Due after one year through five years | 4.55% | |
Due after five years through 10 years | 5.98% | |
Due after 10 years | 4.40% | |
Average yield | 4.49% | |
Total held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 99 | |
Due after one year through five years | 3,835 | |
Due after five years through 10 years | 10,482 | |
Due after 10 years | 117,142 | |
Amortized cost | 131,558 | |
Total held-to-maturity securities, Fair value | ||
Due in one year or less | 97 | |
Due after one year through five years | 3,555 | |
Due after five years through 10 years | 9,212 | |
Due after 10 years | 103,549 | |
Fair value | $ 116,413 | 118,717 |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 6.21% | |
Due after one year through five years | 2.75% | |
Due after five years through 10 years | 2.53% | |
Due after 10 years | 2.99% | |
Average yield | 2.95% | |
U.S. Treasury and government agencies | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 7,471 | |
Due after one year through five years | 36,773 | |
Due after five years through 10 years | 13,276 | |
Due after 10 years | 6,478 | |
Amortized cost | 63,998 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 7,384 | |
Due after one year through five years | 35,699 | |
Due after five years through 10 years | 13,300 | |
Due after 10 years | 6,354 | |
Fair value | $ 62,737 | 92,060 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 0.35% | |
Due after one year through five years | 4.56% | |
Due after five years through 10 years | 5.97% | |
Due after 10 years | 6.52% | |
Average yield | 4.56% | |
Total held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 60,878 | |
Due after one year through five years | 92,403 | |
Due after five years through 10 years | 49,374 | |
Due after 10 years | 0 | |
Amortized cost | 202,655 | |
Total held-to-maturity securities, Fair value | ||
Due in one year or less | 59,517 | |
Due after one year through five years | 85,053 | |
Due after five years through 10 years | 41,260 | |
Due after 10 years | 0 | |
Fair value | $ 185,830 | 189,100 |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 0.46% | |
Due after one year through five years | 0.93% | |
Due after five years through 10 years | 1.27% | |
Due after 10 years | 0% | |
Average yield | 0.87% | |
Obligations of U.S. states and municipalities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 11 | |
Due after one year through five years | 72 | |
Due after five years through 10 years | 1,244 | |
Due after 10 years | 22,952 | |
Amortized cost | 24,279 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 11 | |
Due after one year through five years | 70 | |
Due after five years through 10 years | 1,243 | |
Due after 10 years | 22,699 | |
Fair value | $ 24,023 | 6,786 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 5.58% | |
Due after one year through five years | 3.82% | |
Due after five years through 10 years | 4.27% | |
Due after 10 years | 5.60% | |
Average yield | 5.53% | |
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 | 640 | |
Due after 10 years | 11,015 | |
Amortized cost | 11,655 | |
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 | 608 | |
Due after 10 years | 10,295 | |
Fair value | $ 10,903 | 18,720 |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 0% | |
Due after one year through five years | 0% | |
Due after five years through 10 years | 4.39% | |
Due after 10 years | 4.04% | |
Average yield | 4.06% | |
Non-U.S. government debt securities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 13,373 | |
Due after one year through five years | 3,423 | |
Due after five years through 10 years | 3,352 | |
Due after 10 years | 2,440 | |
Amortized cost | 22,588 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 13,360 | |
Due after one year through five years | 3,321 | |
Due after five years through 10 years | 2,929 | |
Due after 10 years | 2,430 | |
Fair value | $ 22,040 | 19,696 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 4.78% | |
Due after one year through five years | 2.97% | |
Due after five years through 10 years | 1.23% | |
Due after 10 years | 3.61% | |
Average yield | 3.86% | |
Corporate debt securities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 199 | |
Due after one year through five years | 227 | |
Due after five years through 10 years | 14 | |
Due after 10 years | 0 | |
Amortized cost | 440 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 151 | |
Due after one year through five years | 224 | |
Due after five years through 10 years | 13 | |
Due after 10 years | 0 | |
Fair value | $ 388 | $ 357 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 15.97% | |
Due after one year through five years | 11.75% | |
Due after five years through 10 years | 4.10% | |
Due after 10 years | 0% | |
Average yield | 13.42% | |
Asset-backed securities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 1,313 | |
Due after five years through 10 years | 3,875 | |
Due after 10 years | 3,642 | |
Amortized cost | 8,830 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 1,291 | |
Due after five years through 10 years | 3,836 | |
Due after 10 years | 3,579 | |
Fair value | $ 8,706 | |
Available-for-sale securities, Average yield | ||
Due in one year or less | 0% | |
Due after one year through five years | 3.46% | |
Due after five years through 10 years | 5.98% | |
Due after 10 years | 6.06% | |
Average yield | 5.64% | |
Total held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 74 | |
Due after five years through 10 years | 21,388 | |
Due after 10 years | 41,685 | |
Amortized cost | 63,147 | |
Total held-to-maturity securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 74 | |
Due after five years through 10 years | 21,139 | |
Due after 10 years | 40,941 | |
Fair value | $ 62,154 | |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 0% | |
Due after one year through five years | 6.15% | |
Due after five years through 10 years | 5.87% | |
Due after 10 years | 6% | |
Average yield | 5.96% |
Securities Financing Activiti_3
Securities Financing Activities - Gross and Net Amounts of Securities Financing Agreements (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Securities purchased under resale agreements, Gross amounts | $ 561,426 | $ 597,912 |
Securities purchased under resale agreements, Amounts netted on the Consolidated balance sheets | (235,867) | (282,411) |
Securities purchased under resale agreements, Amounts presented on the Consolidated balance sheets | 325,559 | 315,501 |
Securities purchased under resale agreements, Amounts not nettable on the Consolidated balance sheets | (319,986) | (304,120) |
Securities purchased under resale agreements, Net amounts | 5,573 | 11,381 |
Securities borrowed, Gross amounts | 205,579 | 228,279 |
Securities borrowed, Amounts netted on the Consolidated balance sheets | (42,016) | (42,910) |
Securities borrowed, Amounts presented on the Consolidated balance sheets | 163,563 | 185,369 |
Securities borrowed, Amounts not nettable on the Consolidated balance sheets | (119,543) | (131,578) |
Securities borrowed, Net amounts | 44,020 | 53,791 |
Liabilities | ||
Securities sold under repurchase agreements, Gross amounts | 496,866 | 480,793 |
Securities sold under repurchase agreements, Amounts netted on the Consolidated balance sheets | (235,867) | (282,411) |
Securities sold under repurchase agreements, Amounts presented on the Consolidated balance sheets | 260,999 | 198,382 |
Securities sold under repurchase agreements, Amounts not nettable on the Consolidated balance sheets | (226,664) | (167,427) |
Securities sold under repurchase agreements, Net amounts | 34,335 | 30,955 |
Securities loaned and other, Gross amounts | 50,551 | 52,443 |
Securities loaned and other, Amounts netted on the Consolidated balance sheets | (42,016) | (42,910) |
Securities loaned and other, Amounts presented on the Consolidated balance sheets | 8,535 | 9,533 |
Securities loaned and other, Amounts not nettable on the Consolidated balance sheets | (8,457) | (9,527) |
Securities loaned and other, Net amounts | 78 | 6 |
Securities purchased under resale agreements where an appropriate legal opinion has not been either sought or obtained, Gross asset balance | 4,500 | 6,000 |
Securities borrowed where an appropriate legal opinion has not been either sought or obtained | 39,600 | 49,000 |
Securities sold under agreements to repurchase | 33,300 | 29,100 |
Securities-for-securities | ||
Liabilities | ||
Securities loaned and other, Amounts presented on the Consolidated balance sheets | $ 5,000 | $ 7,000 |
Securities Financing Activiti_4
Securities Financing Activities - Types of Financial Assets Pledged and Remaining Maturity (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | $ 496,866 | $ 480,793 |
Securities loaned and other | 50,551 | 52,443 |
Overnight and continuous | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 268,240 | 205,235 |
Securities loaned and other | 49,166 | 50,138 |
Up to 30 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 120,621 | 170,696 |
Securities loaned and other | 243 | 1,285 |
30 – 90 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 30,120 | 37,120 |
Securities loaned and other | 2 | 3 |
Greater than 90 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 77,885 | 67,742 |
Securities loaned and other | 1,140 | 1,017 |
Mortgage-backed securities, U.S. GSEs and government agencies | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 72,006 | 58,050 |
Securities loaned and other | 0 | 0 |
Mortgage-backed securities, Residential - nonagency | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 2,333 | 2,414 |
Securities loaned and other | 0 | 0 |
Mortgage-backed securities, Commercial - nonagency | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 2,178 | 2,007 |
Securities loaned and other | 0 | 0 |
U.S. Treasury, GSEs and government agencies | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 223,411 | 191,254 |
Securities loaned and other | 987 | 1,464 |
Obligations of U.S. states and municipalities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 2,038 | 1,735 |
Securities loaned and other | 0 | 5 |
Non-U.S. government debt | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 127,427 | 155,156 |
Securities loaned and other | 1,509 | 1,259 |
Corporate debt securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 36,575 | 37,121 |
Securities loaned and other | 1,882 | 461 |
Asset-backed securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 3,816 | 2,981 |
Securities loaned and other | 0 | 0 |
Equity securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 27,082 | 30,075 |
Securities loaned and other | $ 46,173 | $ 49,254 |
Securities Financing Activiti_5
Securities Financing Activities - Transfers Not Qualifying for Sale Accounting (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Securities Financing Transactions Disclosures [Abstract] | ||
Transfers not qualifying for sale accounting | $ 692 | $ 692 |
Loans - Narrative (Details)
Loans - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) loan_segment | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | $ 1,300,069 | $ 1,300,069 | $ 1,135,647 | ||
Number of portfolio segments | loan_segment | 3 | ||||
Net gains/(losses) on sales of loans and lending-related commitments | 14 | $ (352) | $ 37 | $ (314) | |
Net gains/(losses) on sales of loans | 16 | $ (67) | 43 | $ (32) | |
First Republic | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | $ 149,800 | $ 149,800 |
Loans - By Portfolio Segment (D
Loans - By Portfolio Segment (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Loan balances by portfolio segment: | |||
Retained loans | $ 1,255,688 | $ 1,089,598 | $ 1,052,390 |
Held-for-sale | 5,592 | 3,970 | |
Loans at fair value | 38,789 | 42,079 | |
Total | 1,300,069 | 1,135,647 | |
Accrued interest receivables | 6,000 | 5,200 | |
First Republic | |||
Loan balances by portfolio segment: | |||
Total | 149,800 | ||
Consumer, excluding credit card | |||
Loan balances by portfolio segment: | |||
Retained loans | 396,195 | 300,753 | 302,631 |
Held-for-sale | 549 | 618 | |
Loans at fair value | 11,460 | 10,004 | |
Total | 408,204 | 311,375 | |
Consumer, excluding credit card | First Republic | |||
Loan balances by portfolio segment: | |||
Retained loans | 91,900 | ||
Loans at fair value | 1,900 | ||
Credit card | |||
Loan balances by portfolio segment: | |||
Retained loans | 191,348 | 185,175 | |
Held-for-sale | 0 | 0 | |
Loans at fair value | 0 | 0 | |
Total | 191,348 | 185,175 | |
Wholesale | |||
Loan balances by portfolio segment: | |||
Retained loans | 668,145 | 603,670 | $ 584,265 |
Held-for-sale | 5,043 | 3,352 | |
Loans at fair value | 27,329 | 32,075 | |
Total | 700,517 | $ 639,097 | |
Wholesale | First Republic | |||
Loan balances by portfolio segment: | |||
Retained loans | $ 56,000 |
Loans - Purchased, Sold and Rec
Loans - Purchased, Sold and Reclassified to Held-for-Sale (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | $ 150,400 | $ 1,201 | $ 150,642 | $ 1,486 |
Sales | 10,147 | 12,087 | 19,318 | 21,841 |
Retained loans reclassified to held-for-sale | 852 | 481 | 1,209 | 830 |
Consumer, excluding credit card | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | 92,002 | 973 | 92,081 | 1,092 |
Sales | 438 | 82 | 438 | 129 |
Retained loans reclassified to held-for-sale | 81 | 66 | 124 | 142 |
Excluded retained loans purchased from correspondents that were originated in accordance with the Firm's underwriting standards | 1,600 | 6,000 | 2,300 | 9,200 |
Consumer, excluding credit card | First Republic | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | 91,900 | 91,900 | ||
Credit card | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Retained loans reclassified to held-for-sale | 0 | 0 | 0 | 0 |
Wholesale | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | 58,398 | 228 | 58,561 | 394 |
Sales | 9,709 | 12,005 | 18,880 | 21,712 |
Retained loans reclassified to held-for-sale | 771 | $ 415 | 1,085 | $ 688 |
Wholesale | First Republic | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | $ 58,400 | $ 58,400 |
Loans - Consumer, Excluding Cre
Loans - Consumer, Excluding Credit Card Loan Portfolio (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 1,255,688 | $ 1,089,598 | $ 1,052,390 |
Consumer, excluding credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 396,195 | 300,753 | $ 302,631 |
Consumer, excluding credit card | First Republic | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 91,900 | ||
Consumer, excluding credit card | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 328,010 | 237,561 | |
Consumer, excluding credit card | Residential real estate | First Republic | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 91,900 | ||
Consumer, excluding credit card | Auto and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 68,185 | $ 63,192 |
Loans - Consumer, Excluding C_2
Loans - Consumer, Excluding Credit Card Loan Portfolio, Residential Real Estate (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Loans by origination year | |||
Total retained loans | $ 1,255,688 | $ 1,052,390 | $ 1,089,598 |
Gross charge-offs by origination year | |||
Total gross charge-offs | 3,227 | 2,012 | |
Consumer, excluding credit card | |||
Loans by origination year | |||
Total retained loans | 396,195 | 302,631 | 300,753 |
Gross charge-offs by origination year | |||
Total gross charge-offs | 501 | $ 384 | |
Consumer, excluding credit card | First Republic | |||
Loans by origination year | |||
Total retained loans | 91,900 | ||
Consumer, excluding credit card | Residential real estate | |||
Loans by origination year | |||
Term loans originated in 2023/2022 | 13,599 | 39,964 | |
Term loans originated in 2022/2021 | 65,342 | 66,084 | |
Term loans originated in 2021/2020 | 86,371 | 43,335 | |
Term loans originated in 2020/2019 | 57,087 | 15,427 | |
Term loans originated in 2019/2018 | 22,262 | 6,366 | |
Term loans originated prior to 2019/2018 | 66,454 | 50,709 | |
Revolving loans within the revolving period | 7,626 | 5,608 | |
Revolving loans converted to term loans | 9,269 | 10,068 | |
Total retained loans | $ 328,010 | $ 237,561 | |
% of 30+ days past due to total retained loans by origination year | |||
% of 30 plus days past due to total retained loans, Term loans originated in 2023/2022 | 0.02% | 0.08% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2022/2021 | 0.04% | 0.02% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2021/2020 | 0.05% | 0.05% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2020/2019 | 0.06% | 0.19% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2019/2018 | 0.23% | 0.42% | |
% of 30 plus days past due to total retained loans, Term loans originated prior to 2019/2018 | 1.75% | 2.07% | |
% of 30 plus days past due to total retained loans, Revolving loans within the revolving period | 0.55% | 0.34% | |
% of 30 plus days past due to total retained loans, Revolving loans converted to term loans | 4.23% | 3.80% | |
% of 30 plus days past due to total retained loans | 0.54% | 0.66% | |
Gross charge-offs by origination year | |||
Gross charge-offs originated in 2023 | $ 0 | ||
Gross charge-offs originated in 2022 | 0 | ||
Gross charge-offs originated in 2021 | 0 | ||
Gross charge-offs originated in 2020 | 0 | ||
Gross charge-offs originated in 2019 | 0 | ||
Gross charge-offs originated prior to 2019 | 52 | ||
Gross charge-offs originated within the revolving period | 14 | ||
Gross charge-offs originated converted to term loans | 4 | ||
Total gross charge-offs | 70 | ||
Consumer, excluding credit card | Residential real estate | First Republic | |||
Loans by origination year | |||
Total retained loans | $ 91,900 | ||
Consumer, excluding credit card | Residential real estate | Senior lien | |||
Gross charge-offs by origination year | |||
Percentage of total revolving loans that are senior lien loans | 37% | ||
Consumer, excluding credit card | Residential real estate | Current | |||
Loans by origination year | |||
Term loans originated in 2023/2022 | $ 13,596 | $ 39,934 | |
Term loans originated in 2022/2021 | 65,317 | 66,072 | |
Term loans originated in 2021/2020 | 86,325 | 43,315 | |
Term loans originated in 2020/2019 | 57,052 | 15,397 | |
Term loans originated in 2019/2018 | 22,211 | 6,339 | |
Term loans originated prior to 2019/2018 | 65,271 | 49,632 | |
Revolving loans within the revolving period | 7,584 | 5,589 | |
Revolving loans converted to term loans | 8,877 | 9,685 | |
Total retained loans | 326,233 | 235,963 | |
Consumer, excluding credit card | Residential real estate | Current | First Republic | |||
Loans by origination year | |||
Term loans originated in 2023/2022 | 5,600 | ||
Term loans originated in 2022/2021 | 26,200 | ||
Term loans originated in 2021/2020 | 22,000 | ||
Term loans originated in 2020/2019 | 15,000 | ||
Term loans originated in 2019/2018 | 7,500 | ||
Term loans originated prior to 2019/2018 | 12,900 | ||
Revolving loans within the revolving period | 2,500 | ||
Consumer, excluding credit card | Residential real estate | 30–149 days past due | |||
Loans by origination year | |||
Term loans originated in 2023/2022 | 3 | 29 | |
Term loans originated in 2022/2021 | 19 | 11 | |
Term loans originated in 2021/2020 | 44 | 14 | |
Term loans originated in 2020/2019 | 29 | 20 | |
Term loans originated in 2019/2018 | 41 | 20 | |
Term loans originated prior to 2019/2018 | 710 | 597 | |
Revolving loans within the revolving period | 39 | 15 | |
Revolving loans converted to term loans | 216 | 208 | |
Total retained loans | 1,101 | 914 | |
Consumer, excluding credit card | Residential real estate | 150 or more days past due | |||
Loans by origination year | |||
Term loans originated in 2023/2022 | 0 | 1 | |
Term loans originated in 2022/2021 | 6 | 1 | |
Term loans originated in 2021/2020 | 2 | 6 | |
Term loans originated in 2020/2019 | 6 | 10 | |
Term loans originated in 2019/2018 | 10 | 7 | |
Term loans originated prior to 2019/2018 | 473 | 480 | |
Revolving loans within the revolving period | 3 | 4 | |
Revolving loans converted to term loans | 176 | 175 | |
Total retained loans | 676 | $ 684 | |
Consumer, excluding credit card | Residential real estate | 30 or more days past due | First Republic | |||
Loans by origination year | |||
Total retained loans | $ 158 |
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 | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | $ 1,255,688,000,000 | $ 1,052,390,000,000 | $ 1,255,688,000,000 | $ 1,052,390,000,000 | $ 1,089,598,000,000 |
Consumer, excluding credit card | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 396,195,000,000 | 302,631,000,000 | 396,195,000,000 | 302,631,000,000 | 300,753,000,000 |
Consumer, excluding credit card | First Republic | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 91,900,000,000 | 91,900,000,000 | |||
Consumer, excluding credit card | Residential real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual loans | 3,641,000,000 | 3,641,000,000 | 3,745,000,000 | ||
Retained loans | $ 328,010,000,000 | $ 328,010,000,000 | $ 237,561,000,000 | ||
Weighted average LTV ratio | 51% | 51% | 51% | ||
Weighted average FICO | $ 771 | $ 771 | $ 769 | ||
Approximate percentage of Chapter 7 loans 30 days or more past due | 9% | ||||
Interest income on nonaccrual loans recognized on a cash basis | 44,000,000 | $ 45,000,000 | $ 89,000,000 | $ 90,000,000 | |
Consumer, excluding credit card | Residential real estate | First Republic | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 91,900,000,000 | 91,900,000,000 | |||
Consumer, excluding credit card | Residential real estate | California | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 128,038,000,000 | 128,038,000,000 | 73,112,000,000 | ||
Consumer, excluding credit card | Residential real estate | California | First Republic | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 55,500,000,000 | 55,500,000,000 | |||
Consumer, excluding credit card | Residential real estate | New York | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 49,413,000,000 | 49,413,000,000 | 34,471,000,000 | ||
Consumer, excluding credit card | Residential real estate | New York | First Republic | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 15,200,000,000 | 15,200,000,000 | |||
Consumer, excluding credit card | Residential real estate | Florida | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 22,518,000,000 | 22,518,000,000 | 18,870,000,000 | ||
Consumer, excluding credit card | Residential real estate | Florida | First Republic | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 3,600,000,000 | 3,600,000,000 | |||
Consumer, excluding credit card | Residential real estate | Texas | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 15,448,000,000 | 15,448,000,000 | 14,968,000,000 | ||
Consumer, excluding credit card | Residential real estate | Massachusetts | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 14,351,000,000 | 14,351,000,000 | 6,380,000,000 | ||
Consumer, excluding credit card | Residential real estate | Massachusetts | First Republic | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 8,000,000,000 | 8,000,000,000 | |||
Consumer, excluding credit card | Residential real estate | Illinois | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 11,052,000,000 | 11,052,000,000 | 11,296,000,000 | ||
Consumer, excluding credit card | Residential real estate | Colorado | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 10,765,000,000 | 10,765,000,000 | 9,968,000,000 | ||
Consumer, excluding credit card | Residential real estate | Washington | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 9,778,000,000 | 9,778,000,000 | 9,060,000,000 | ||
Consumer, excluding credit card | Residential real estate | New Jersey | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 8,106,000,000 | 8,106,000,000 | 7,108,000,000 | ||
Consumer, excluding credit card | Residential real estate | Connecticut | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 7,142,000,000 | 7,142,000,000 | 5,432,000,000 | ||
Consumer, excluding credit card | Residential real estate | All other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 51,399,000,000 | 51,399,000,000 | 46,896,000,000 | ||
Consumer, excluding credit card | Residential real estate | No FICO/LTV available | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 1,526,000,000 | 1,526,000,000 | 1,406,000,000 | ||
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 | 68,000,000 | 68,000,000 | 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 | 5,000,000 | 5,000,000 | 0 | ||
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 | 569,000,000 | 569,000,000 | 174,000,000 | ||
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 | 11,000,000 | 11,000,000 | 6,000,000 | ||
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 | 17,260,000,000 | 17,260,000,000 | 12,034,000,000 | ||
Consumer, excluding credit card | Residential real estate | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | First Republic | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 4,300,000,000 | 4,300,000,000 | |||
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 | 254,000,000 | 254,000,000 | 184,000,000 | ||
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 | 298,791,000,000 | 298,791,000,000 | 215,096,000,000 | ||
Consumer, excluding credit card | Residential real estate | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | First Republic | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 85,300,000,000 | 85,300,000,000 | |||
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 | 9,526,000,000 | 9,526,000,000 | $ 8,659,000,000 | ||
Consumer, excluding credit card | Residential real estate | Lower than 80% and refreshed FICO scores | Less than 660 | First Republic | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | $ 1,200,000,000 | $ 1,200,000,000 |
Loans - Consumer, Excluding C_4
Loans - Consumer, Excluding Credit Card Loan Portfolio, Loan Modifications, Narrative (Details) - Consumer, excluding credit card - Residential real estate - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Amortized cost of modified loans | $ 35,000,000 | $ 75,000,000 | ||||
Weighted average contractual interest rate | 4.21% | 6.90% | 4.01% | 6.75% | ||
Additional commitments to lend to borrowers whose loans have been modified as FDM's | $ 0 | $ 0 | ||||
Loans subject to a trial modification | 33,000,000 | 48,000,000 | ||||
Loans subject to Chapter 7 | $ 3,000,000 | $ 5,000,000 | ||||
Carrying value of new TDRs | $ 115,000,000 | $ 233,000,000 | ||||
Maximum | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Weighted-average term loan extensions | 15 years | 18 years |
Loans - Consumer, Excluding C_5
Loans - Consumer, Excluding Credit Card Loan Portfolio, Nature and Extent of Modifications (Details) - Consumer, excluding credit card - Residential real estate - loan | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Percentage, sum of items by type, may exceed | 100% | |
Trial modification | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans modified | 1,165 | 2,691 |
Permanent modification | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans modified | 1,289 | 2,831 |
Interest rate reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Concession granted | 45% | 56% |
Term or payment extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Concession granted | 54% | 67% |
Other-than-insignificant payment delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Concession granted | 10% | 12% |
Principal forgiveness | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Concession granted | 1% | 1% |
Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Concession granted | 46% | 36% |
Loans - Consumer, Excluding C_6
Loans - Consumer, Excluding Credit Card Loan Portfolio, Financial Effects of Modifications and Redefaults (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Carrying value | $ 1,052,390 | $ 1,052,390 | $ 1,255,688 | $ 1,089,598 |
Consumer, excluding credit card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Carrying value | $ 302,631 | $ 302,631 | 396,195 | 300,753 |
Consumer, excluding credit card | Residential real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Carrying value | 328,010 | 237,561 | ||
Consumer, excluding credit card | Residential real estate | In process of active or suspended foreclosure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Carrying value | $ 566 | $ 565 | ||
Consumer, excluding credit card | Residential real estate | Maximum | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of years before payment default under a modified loan | 1 year | |||
Consumer, excluding credit card | Residential real estate | Permanent modification | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 4.76% | 4.55% | ||
Weighted-average interest rate of loans with interest rate reductions – after TDR | 3.36% | 3.31% | ||
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 22 years | 23 years | ||
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 38 years | 39 years | ||
Charge-offs recognized upon permanent modification | $ 1 | $ 1 | ||
Principal deferred | 4 | 11 | ||
Principal forgiven | 0 | 1 | ||
Balance of loans that redefaulted within one year of modification | $ 27 | $ 70 |
Loans - Consumer, Excluding C_7
Loans - Consumer, Excluding Credit Card Loan Portfolio, Auto and Other (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Loans by origination year | |||
Total retained loans | $ 1,255,688 | $ 1,052,390 | $ 1,089,598 |
Gross charge-offs by origination year | |||
Total gross charge-offs | 3,227 | 2,012 | |
Consumer, excluding credit card | |||
Loans by origination year | |||
Total retained loans | 396,195 | 302,631 | 300,753 |
Gross charge-offs by origination year | |||
Total gross charge-offs | 501 | $ 384 | |
Consumer, excluding credit card | Auto and other | |||
Loans by origination year | |||
Term loans originated in 2023/2022 | 17,884 | 22,450 | |
Term loans originated in 2022/2021 | 18,297 | 20,573 | |
Term loans originated in 2021/2020 | 16,528 | 11,525 | |
Term loans originated in 2020/2019 | 8,893 | 4,059 | |
Term loans originated in 2019/2018 | 2,813 | 1,500 | |
Term loans originated prior to 2019/2018 | 1,070 | 596 | |
Revolving loans within the revolving period | 2,560 | 2,356 | |
Revolving loans converted to term loans | 140 | 133 | |
Total retained loans | $ 68,185 | $ 63,192 | |
% of 30+ days past due to total retained loans by origination year | |||
% of 30 plus days past due to total retained loans, Term loans originated in 2023/2022 | 0.68% | 1.17% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2022/2021 | 1.28% | 1.15% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2021/2020 | 1.26% | 0.83% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2020/2019 | 0.83% | 1.68% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2019/2018 | 1.71% | 2.20% | |
% of 30 plus days past due to total retained loans, Term loans originated prior to 2019/2018 | 2.71% | 3.02% | |
% of 30 plus days past due to total retained loans, Revolving loans within the revolving period | 0.63% | 0.59% | |
% of 30 plus days past due to total retained loans, Revolving loans converted to term loans | 19.29% | 11.28% | |
% of 30 plus days past due to total retained loans | 1.11% | 1.18% | |
Gross charge-offs by origination year | |||
Gross charge-offs originated in 2023 | $ 106 | ||
Gross charge-offs originated in 2022 | 168 | ||
Gross charge-offs originated in 2021 | 82 | ||
Gross charge-offs originated in 2020 | 28 | ||
Gross charge-offs originated in 2019 | 16 | ||
Gross charge-offs originated prior to 2019 | 30 | ||
Gross charge-offs originated within the revolving period | 0 | ||
Gross charge-offs originated converted to term loans | 1 | ||
Total gross charge-offs | 431 | ||
Current | Consumer, excluding credit card | Auto and other | |||
Loans by origination year | |||
Term loans originated in 2023/2022 | 17,763 | $ 22,187 | |
Term loans originated in 2022/2021 | 18,062 | 20,212 | |
Term loans originated in 2021/2020 | 16,287 | 11,401 | |
Term loans originated in 2020/2019 | 8,801 | 3,991 | |
Term loans originated in 2019/2018 | 2,765 | 1,467 | |
Term loans originated prior to 2019/2018 | 1,041 | 578 | |
Revolving loans within the revolving period | 2,544 | 2,342 | |
Revolving loans converted to term loans | 113 | 118 | |
Total retained loans | 67,376 | 62,296 | |
30 or more days past due | Consumer, excluding credit card | Auto and other | Paycheck Protection Program (PPP) | |||
Loans by origination year | |||
Total retained loans | 50 | 153 | |
30–119 days past due | Consumer, excluding credit card | Auto and other | |||
Loans by origination year | |||
Term loans originated in 2023/2022 | 121 | 263 | |
Term loans originated in 2022/2021 | 234 | 308 | |
Term loans originated in 2021/2020 | 216 | 100 | |
Term loans originated in 2020/2019 | 79 | 68 | |
Term loans originated in 2019/2018 | 48 | 33 | |
Term loans originated prior to 2019/2018 | 28 | 17 | |
Revolving loans within the revolving period | 14 | 12 | |
Revolving loans converted to term loans | 15 | 10 | |
Total retained loans | 755 | 811 | |
120 or more days past due | Consumer, excluding credit card | Auto and other | |||
Loans by origination year | |||
Term loans originated in 2023/2022 | 0 | 0 | |
Term loans originated in 2022/2021 | 1 | 53 | |
Term loans originated in 2021/2020 | 25 | 24 | |
Term loans originated in 2020/2019 | 13 | 0 | |
Term loans originated in 2019/2018 | 0 | 0 | |
Term loans originated prior to 2019/2018 | 1 | 1 | |
Revolving loans within the revolving period | 2 | 2 | |
Revolving loans converted to term loans | 12 | 5 | |
Total retained loans | $ 54 | $ 85 |
Loans - Consumer, Excluding C_8
Loans - Consumer, Excluding Credit Card Loan Portfolio, Auto and Other, Nonaccrual and Other Credit Quality Indicators and Loan Modifications (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Retained loans | $ 1,255,688,000,000 | $ 1,052,390,000,000 | $ 1,255,688,000,000 | $ 1,052,390,000,000 | $ 1,089,598,000,000 |
Consumer, excluding credit card | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Retained loans | 396,195,000,000 | 302,631,000,000 | 396,195,000,000 | 302,631,000,000 | 300,753,000,000 |
Consumer, excluding credit card | Auto and other | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Nonaccrual loans | 143,000,000 | 143,000,000 | 129,000,000 | ||
Retained loans | 68,185,000,000 | 68,185,000,000 | 63,192,000,000 | ||
Additional commitments to lend to borrowers whose loans have been modified as FDM's | 0 | $ 0 | 0 | $ 0 | |
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 | 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 | 38,000,000 | 38,000,000 | 76,000,000 | ||
Retained loans | 39,000,000 | 39,000,000 | 101,000,000 | ||
Consumer, excluding credit card | Auto and other | California | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Retained loans | 10,353,000,000 | 10,353,000,000 | 9,689,000,000 | ||
Consumer, excluding credit card | Auto and other | Texas | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Retained loans | 8,070,000,000 | 8,070,000,000 | 7,216,000,000 | ||
Consumer, excluding credit card | Auto and other | Florida | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Retained loans | 5,344,000,000 | 5,344,000,000 | 4,847,000,000 | ||
Consumer, excluding credit card | Auto and other | New York | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Retained loans | 4,634,000,000 | 4,634,000,000 | 4,345,000,000 | ||
Consumer, excluding credit card | Auto and other | Illinois | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Retained loans | 3,062,000,000 | 3,062,000,000 | 2,839,000,000 | ||
Consumer, excluding credit card | Auto and other | New Jersey | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Retained loans | 2,462,000,000 | 2,462,000,000 | 2,219,000,000 | ||
Consumer, excluding credit card | Auto and other | Pennsylvania | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Retained loans | 1,873,000,000 | 1,873,000,000 | 1,822,000,000 | ||
Consumer, excluding credit card | Auto and other | Georgia | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Retained loans | 1,858,000,000 | 1,858,000,000 | 1,708,000,000 | ||
Consumer, excluding credit card | Auto and other | Arizona | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Retained loans | 1,700,000,000 | 1,700,000,000 | 1,551,000,000 | ||
Consumer, excluding credit card | Auto and other | Ohio | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Retained loans | 1,672,000,000 | 1,672,000,000 | 1,603,000,000 | ||
Consumer, excluding credit card | Auto and other | All other | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Retained loans | $ 27,157,000,000 | $ 27,157,000,000 | $ 25,353,000,000 |
Loans - Credit Card Loan Portfo
Loans - Credit Card Loan Portfolio, Delinquency Information (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 1,255,688 | $ 1,052,390 | $ 1,089,598 |
Total gross charge-offs | 3,227 | $ 2,012 | |
Credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Revolving loans within the revolving period | 190,490 | 184,379 | |
Revolving loans converted to term loans | 858 | 796 | |
Total retained loans | $ 191,348 | $ 185,175 | |
% of 30 plus days past due to total retained loans, Revolving loans within the revolving period | 1.65% | 1.40% | |
% of 30 plus days past due to total retained loans, Revolving loans converted to term loans | 12% | 12.56% | |
% of 30 plus days past due to total retained loans | 1.70% | 1.45% | |
% of 90 plus days past due to total retained loans, Revolving loans within the revolving period | 0.82% | 0.67% | |
% of 90 plus days past due to total retained loans, Revolving loans converted to term loans | 4.08% | 4.52% | |
% of 90 plus days past due to total retained loans | 0.84% | 0.68% | |
Gross charge-offs originated within the revolving period | $ 2,357 | ||
Gross charge-offs originated converted to term loans | 75 | ||
Total gross charge-offs | 2,432 | ||
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 | 187,340 | $ 181,793 | |
Revolving loans converted to term loans | 755 | 696 | |
Total retained loans | 188,095 | 182,489 | |
Credit card | 30–89 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Revolving loans within the revolving period | 1,580 | 1,356 | |
Revolving loans converted to term loans | 68 | 64 | |
Total retained loans | 1,648 | 1,420 | |
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 | 1,570 | 1,230 | |
Revolving loans converted to term loans | 35 | 36 | |
Total retained loans | $ 1,605 | $ 1,266 |
Loans - Credit Card Loan Port_2
Loans - Credit Card Loan Portfolio, Other Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 1,255,688 | $ 1,089,598 | $ 1,052,390 |
Credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 191,348 | $ 185,175 | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, Equal to or greater than 660 | 86.40% | 86.80% | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, Less than 660 | 13.40% | 13% | |
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 | $ 29,258 | $ 28,154 | |
Credit card | Texas | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 19,992 | 19,171 | |
Credit card | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 15,511 | 15,046 | |
Credit card | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 13,439 | 12,905 | |
Credit card | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 10,457 | 10,089 | |
Credit card | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 7,902 | 7,643 | |
Credit card | Ohio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 5,898 | 5,792 | |
Credit card | Colorado | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 5,840 | 5,493 | |
Credit card | Pennsylvania | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 5,549 | 5,517 | |
Credit card | Arizona | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 4,647 | 4,487 | |
Credit card | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 72,855 | $ 70,878 |
Loans - Credit Card Loan Port_3
Loans - Credit Card Loan Portfolio, Loan Modifications, Narrative (Details) - Credit card $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) loan_payment | Jun. 30, 2022 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Fixed payment plan period | 60 months | |||
Loans subject to a trial modification | $ 26 | $ 26 | ||
Balance of loans that redefaulted within one year of modification | $ 6 | $ 8 | $ 6 | $ 17 |
Number of payments past due considered payment default for modified loans | loan_payment | 2 |
Loans - Credit Card Loan Port_4
Loans - Credit Card Loan Portfolio, Information on FDMs and Payment Status (Details) - Credit card - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortized cost basis | $ 181 | $ 326 | ||
Current and less than 30 days past due and still accruing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortized cost basis | 128 | 264 | ||
30–89 days past due and still accruing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortized cost basis | 32 | 38 | ||
90 or more days past due and still accruing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortized cost basis | 21 | 24 | ||
Term extension and interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortized cost basis | $ 181 | $ 326 | ||
% of loan modifications to total retained credit card loans | 0.09% | 0.17% | ||
Weighted average contractual interest rate | 3.57% | 23.27% | 3.54% | 22.96% |
Loans - Credit Card Loan Port_5
Loans - Credit Card Loan Portfolio, Financial Effects of Modifications and Redefaults (Details) - Credit card - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
New enrollments, percent of total retained credit card loans (less than) | 1% | |||
Balance of new TDRs | $ 81 | $ 163 | ||
Weighted-average interest rate of loans – before TDR | 18.94% | 18.47% | ||
Weighted-average interest rate of loans – after TDR | 4.62% | 4.75% | ||
Balance of loans that redefaulted within one year of modification | $ 6 | $ 8 | $ 6 | $ 17 |
Number of years before payment default under a modified loan | 1 year |
Loans - Wholesale Loan Portfoli
Loans - Wholesale Loan Portfolio, Internal Risk Ratings (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 1,255,688 | $ 1,052,390 | $ 1,089,598 |
Loans by origination year | |||
Total retained loans | 1,255,688 | 1,052,390 | 1,089,598 |
Gross charge-offs by origination year | |||
Total gross charge-offs | 3,227 | 2,012 | |
Wholesale | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 668,145 | 584,265 | $ 603,670 |
% of investment-grade to total retained loans | 67.65% | 70.47% | |
% of total criticized to total retained loans | 2.74% | 2.60% | |
% of criticized nonaccrual to total retained loans | 0.39% | 0.33% | |
Loans by origination year | |||
Total retained loans | $ 668,145 | 584,265 | $ 603,670 |
Gross charge-offs by origination year | |||
Total gross charge-offs | 294 | $ 123 | |
Wholesale | First Republic | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 56,000 | ||
Loans by origination year | |||
Total retained loans | 56,000 | ||
Wholesale | Investment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 451,978 | 425,412 | |
Loans by origination year | |||
Total retained loans | 451,978 | 425,412 | |
Wholesale | Total noninvestment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 216,167 | 178,258 | |
Loans by origination year | |||
Total retained loans | 216,167 | 178,258 | |
Wholesale | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 197,880 | 162,553 | |
Loans by origination year | |||
Total retained loans | 197,880 | 162,553 | |
Wholesale | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 15,694 | 13,742 | |
Loans by origination year | |||
Total retained loans | 15,694 | 13,742 | |
Wholesale | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 2,593 | 1,963 | |
Loans by origination year | |||
Total retained loans | 2,593 | 1,963 | |
Wholesale | Secured by real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 161,871 | $ 126,732 | |
% of investment-grade to total retained loans | 74.54% | 78.55% | |
% of total criticized to total retained loans | 2.99% | 3.08% | |
% of criticized nonaccrual to total retained loans | 0.32% | 0.19% | |
Loans by origination year | |||
Term loans originated in 2023/2022 | $ 8,987 | $ 30,206 | |
Term loans originated in 2022/2021 | 41,513 | 28,009 | |
Term loans originated in 2021/2020 | 34,394 | 17,805 | |
Term loans originated in 2020/2019 | 21,476 | 18,164 | |
Term loans originated in 2019/2018 | 20,526 | 7,672 | |
Term loans originated prior to 2019/2018 | 32,410 | 22,948 | |
Revolving loans within the revolving period | 2,563 | 1,926 | |
Revolving loans converted to term loans | 2 | 2 | |
Total retained loans | 161,871 | 126,732 | |
Gross charge-offs by origination year | |||
Gross charge-offs originated in 2023 | 0 | ||
Gross charge-offs originated in 2022 | 25 | ||
Gross charge-offs originated in 2021 | 21 | ||
Gross charge-offs originated in 2020 | 0 | ||
Gross charge-offs originated in 2019 | 0 | ||
Gross charge-offs originated prior to 2019 | 47 | ||
Gross charge-offs originated within the revolving period | 0 | ||
Gross charge-offs originated converted to term loans | 0 | ||
Total gross charge-offs | 93 | ||
Wholesale | Secured by real estate | First Republic | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 33,900 | ||
Loans by origination year | |||
Term loans originated in 2023/2022 | 3,000 | ||
Term loans originated in 2022/2021 | 11,000 | ||
Term loans originated in 2021/2020 | 6,300 | ||
Term loans originated in 2020/2019 | 4,400 | ||
Term loans originated in 2019/2018 | 3,000 | ||
Term loans originated prior to 2019/2018 | 5,400 | ||
Revolving loans within the revolving period | 799 | ||
Total retained loans | 33,900 | ||
Wholesale | Secured by real estate | Investment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 120,652 | 99,552 | |
Loans by origination year | |||
Term loans originated in 2023/2022 | 6,381 | 24,134 | |
Term loans originated in 2022/2021 | 29,986 | 22,407 | |
Term loans originated in 2021/2020 | 26,336 | 14,773 | |
Term loans originated in 2020/2019 | 17,251 | 14,666 | |
Term loans originated in 2019/2018 | 16,256 | 5,277 | |
Term loans originated prior to 2019/2018 | 23,159 | 17,289 | |
Revolving loans within the revolving period | 1,283 | 1,006 | |
Revolving loans converted to term loans | 0 | 0 | |
Total retained loans | 120,652 | 99,552 | |
Wholesale | Secured by real estate | Total noninvestment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 41,219 | 27,180 | |
Loans by origination year | |||
Term loans originated in 2023/2022 | 2,606 | 6,072 | |
Term loans originated in 2022/2021 | 11,527 | 5,602 | |
Term loans originated in 2021/2020 | 8,058 | 3,032 | |
Term loans originated in 2020/2019 | 4,225 | 3,498 | |
Term loans originated in 2019/2018 | 4,270 | 2,395 | |
Term loans originated prior to 2019/2018 | 9,251 | 5,659 | |
Revolving loans within the revolving period | 1,280 | 920 | |
Revolving loans converted to term loans | 2 | 2 | |
Total retained loans | 41,219 | 27,180 | |
Wholesale | Secured by real estate | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 36,387 | 23,272 | |
Loans by origination year | |||
Total retained loans | 36,387 | 23,272 | |
Wholesale | Secured by real estate | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 4,314 | 3,662 | |
Loans by origination year | |||
Total retained loans | 4,314 | 3,662 | |
Wholesale | Secured by real estate | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 518 | $ 246 | |
% of criticized nonaccrual to total retained loans | 0.32% | 0.19% | |
Loans by origination year | |||
Total retained loans | $ 518 | $ 246 | |
Wholesale | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 170,055 | $ 167,660 | |
% of investment-grade to total retained loans | 43.81% | 45.49% | |
% of total criticized to total retained loans | 6.71% | 5.96% | |
% of criticized nonaccrual to total retained loans | 0.85% | 0.61% | |
Loans by origination year | |||
Term loans originated in 2023/2022 | $ 21,287 | $ 45,160 | |
Term loans originated in 2022/2021 | 32,393 | 20,782 | |
Term loans originated in 2021/2020 | 17,454 | 6,504 | |
Term loans originated in 2020/2019 | 5,337 | 4,501 | |
Term loans originated in 2019/2018 | 3,142 | 1,273 | |
Term loans originated prior to 2019/2018 | 2,713 | 2,003 | |
Revolving loans within the revolving period | 87,636 | 87,354 | |
Revolving loans converted to term loans | 93 | 83 | |
Total retained loans | 170,055 | 167,660 | |
Gross charge-offs by origination year | |||
Gross charge-offs originated in 2023 | 0 | ||
Gross charge-offs originated in 2022 | 6 | ||
Gross charge-offs originated in 2021 | 20 | ||
Gross charge-offs originated in 2020 | 1 | ||
Gross charge-offs originated in 2019 | 2 | ||
Gross charge-offs originated prior to 2019 | 6 | ||
Gross charge-offs originated within the revolving period | 149 | ||
Gross charge-offs originated converted to term loans | 4 | ||
Total gross charge-offs | 188 | ||
Wholesale | Commercial and industrial | First Republic | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 3,900 | ||
Loans by origination year | |||
Term loans originated in 2023/2022 | 231 | ||
Term loans originated in 2022/2021 | 764 | ||
Term loans originated in 2021/2020 | 444 | ||
Term loans originated in 2020/2019 | 346 | ||
Term loans originated in 2019/2018 | 92 | ||
Term loans originated prior to 2019/2018 | 270 | ||
Revolving loans within the revolving period | 1,700 | ||
Total retained loans | 3,900 | ||
Wholesale | Commercial and industrial | Investment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 74,505 | 76,275 | |
Loans by origination year | |||
Term loans originated in 2023/2022 | 10,777 | 21,072 | |
Term loans originated in 2022/2021 | 12,726 | 8,338 | |
Term loans originated in 2021/2020 | 6,324 | 3,045 | |
Term loans originated in 2020/2019 | 2,510 | 1,995 | |
Term loans originated in 2019/2018 | 1,314 | 748 | |
Term loans originated prior to 2019/2018 | 1,268 | 989 | |
Revolving loans within the revolving period | 39,585 | 40,087 | |
Revolving loans converted to term loans | 1 | 1 | |
Total retained loans | 74,505 | 76,275 | |
Wholesale | Commercial and industrial | Total noninvestment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 95,550 | 91,385 | |
Loans by origination year | |||
Term loans originated in 2023/2022 | 10,510 | 24,088 | |
Term loans originated in 2022/2021 | 19,667 | 12,444 | |
Term loans originated in 2021/2020 | 11,130 | 3,459 | |
Term loans originated in 2020/2019 | 2,827 | 2,506 | |
Term loans originated in 2019/2018 | 1,828 | 525 | |
Term loans originated prior to 2019/2018 | 1,445 | 1,014 | |
Revolving loans within the revolving period | 48,051 | 47,267 | |
Revolving loans converted to term loans | 92 | 82 | |
Total retained loans | 95,550 | 91,385 | |
Wholesale | Commercial and industrial | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 84,133 | 81,393 | |
Loans by origination year | |||
Total retained loans | 84,133 | 81,393 | |
Wholesale | Commercial and industrial | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 9,980 | 8,974 | |
Loans by origination year | |||
Total retained loans | 9,980 | 8,974 | |
Wholesale | Commercial and industrial | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,437 | 1,018 | |
Loans by origination year | |||
Total retained loans | 1,437 | 1,018 | |
Wholesale | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 336,219 | $ 309,278 | |
% of investment-grade to total retained loans | 76.39% | 80.70% | |
% of total criticized to total retained loans | 0.61% | 0.58% | |
% of criticized nonaccrual to total retained loans | 0.19% | 0.23% | |
Loans by origination year | |||
Term loans originated in 2023/2022 | $ 30,888 | $ 48,950 | |
Term loans originated in 2022/2021 | 34,265 | 22,960 | |
Term loans originated in 2021/2020 | 18,730 | 14,836 | |
Term loans originated in 2020/2019 | 13,338 | 5,228 | |
Term loans originated in 2019/2018 | 4,899 | 2,610 | |
Term loans originated prior to 2019/2018 | 9,783 | 7,726 | |
Revolving loans within the revolving period | 221,686 | 203,289 | |
Revolving loans converted to term loans | 2,630 | 3,679 | |
Total retained loans | 336,219 | 309,278 | |
Gross charge-offs by origination year | |||
Gross charge-offs originated in 2023 | 0 | ||
Gross charge-offs originated in 2022 | 0 | ||
Gross charge-offs originated in 2021 | 5 | ||
Gross charge-offs originated in 2020 | 5 | ||
Gross charge-offs originated in 2019 | 0 | ||
Gross charge-offs originated prior to 2019 | 0 | ||
Gross charge-offs originated within the revolving period | 3 | ||
Gross charge-offs originated converted to term loans | 0 | ||
Total gross charge-offs | 13 | ||
Wholesale | Other | First Republic | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 18,200 | ||
Loans by origination year | |||
Term loans originated in 2023/2022 | 128 | ||
Term loans originated in 2022/2021 | 615 | ||
Term loans originated in 2021/2020 | 708 | ||
Term loans originated in 2020/2019 | 877 | ||
Term loans originated in 2019/2018 | 168 | ||
Term loans originated prior to 2019/2018 | 1,300 | ||
Revolving loans within the revolving period | 14,300 | ||
Revolving loans converted to term loans | 55 | ||
Total retained loans | 18,200 | ||
Wholesale | Other | Investment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 256,821 | 249,585 | |
Loans by origination year | |||
Term loans originated in 2023/2022 | 24,067 | 32,121 | |
Term loans originated in 2022/2021 | 21,496 | 15,864 | |
Term loans originated in 2021/2020 | 11,927 | 13,015 | |
Term loans originated in 2020/2019 | 10,970 | 4,529 | |
Term loans originated in 2019/2018 | 4,139 | 2,159 | |
Term loans originated prior to 2019/2018 | 7,700 | 7,251 | |
Revolving loans within the revolving period | 173,951 | 171,049 | |
Revolving loans converted to term loans | 2,571 | 3,597 | |
Total retained loans | 256,821 | 249,585 | |
Wholesale | Other | Total noninvestment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 79,398 | 59,693 | |
Loans by origination year | |||
Term loans originated in 2023/2022 | 6,821 | 16,829 | |
Term loans originated in 2022/2021 | 12,769 | 7,096 | |
Term loans originated in 2021/2020 | 6,803 | 1,821 | |
Term loans originated in 2020/2019 | 2,368 | 699 | |
Term loans originated in 2019/2018 | 760 | 451 | |
Term loans originated prior to 2019/2018 | 2,083 | 475 | |
Revolving loans within the revolving period | 47,735 | 32,240 | |
Revolving loans converted to term loans | 59 | 82 | |
Total retained loans | 79,398 | 59,693 | |
Wholesale | Other | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 77,360 | 57,888 | |
Loans by origination year | |||
Total retained loans | 77,360 | 57,888 | |
Wholesale | Other | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,400 | 1,106 | |
Loans by origination year | |||
Total retained loans | 1,400 | 1,106 | |
Wholesale | Other | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 638 | 699 | |
Loans by origination year | |||
Total retained loans | $ 638 | $ 699 |
Loans - Wholesale Loan Portfo_2
Loans - Wholesale Loan Portfolio, Loans Secured by Real Estate (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 1,255,688 | $ 1,089,598 | $ 1,052,390 |
Wholesale | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 668,145 | $ 603,670 | $ 584,265 |
% of criticized to total retained loans secured by real estate | 2.74% | 2.60% | |
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.39% | 0.33% | |
Wholesale | First Republic | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 56,000 | ||
Wholesale | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 2,593 | $ 1,963 | |
Wholesale | Secured by real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 161,871 | $ 126,732 | |
% of criticized to total retained loans secured by real estate | 2.99% | 3.08% | |
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.32% | 0.19% | |
Wholesale | Secured by real estate | First Republic | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 33,900 | ||
Wholesale | Secured by real estate | Criticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 4,832 | $ 3,908 | |
% of criticized to total retained loans secured by real estate | 2.99% | 3.08% | |
Wholesale | Secured by real estate | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 518 | $ 246 | |
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.32% | 0.19% | |
Wholesale | Secured by real estate | Multifamily | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 100,732 | $ 79,139 | |
Wholesale | Secured by real estate | Multifamily | First Republic | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 21,000 | ||
Wholesale | Secured by real estate | Multifamily | Criticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 2,141 | $ 1,916 | |
% of criticized to total retained loans secured by real estate | 2.13% | 2.42% | |
Wholesale | Secured by real estate | Multifamily | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 56 | $ 51 | |
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.06% | 0.06% | |
Wholesale | Secured by real estate | Other commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 61,139 | $ 47,593 | |
Wholesale | Secured by real estate | Other commercial | First Republic | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 13,000 | ||
Wholesale | Secured by real estate | Other commercial | Criticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 2,691 | $ 1,992 | |
% of criticized to total retained loans secured by real estate | 4.40% | 4.19% | |
Wholesale | Secured by real estate | Other commercial | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 462 | $ 195 | |
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.76% | 0.41% |
Loans - Wholesale Loan Portfo_3
Loans - Wholesale Loan Portfolio, Geographic Distribution and Delinquency (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Financing Receivable, Past Due [Line Items] | |||
Retained loans | $ 1,255,688 | $ 1,089,598 | $ 1,052,390 |
Wholesale | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 668,145 | 603,670 | $ 584,265 |
Wholesale | Criticized nonaccrual | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 2,593 | 1,963 | |
Wholesale | Current and less than 30 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 662,457 | 599,009 | |
Wholesale | 30–89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 2,764 | 2,544 | |
Wholesale | 90 or more days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 331 | 154 | |
Wholesale | Total U.S. | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 545,571 | 479,589 | |
Wholesale | Total non-U.S. | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 122,574 | 124,081 | |
Wholesale | Secured by real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 161,871 | 126,732 | |
Wholesale | Secured by real estate | Criticized nonaccrual | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 518 | 246 | |
Wholesale | Secured by real estate | Current and less than 30 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 161,138 | 126,083 | |
Wholesale | Secured by real estate | 30–89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 215 | 402 | |
Wholesale | Secured by real estate | 90 or more days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 0 | 1 | |
Wholesale | Secured by real estate | Total U.S. | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 158,936 | 123,740 | |
Wholesale | Secured by real estate | Total non-U.S. | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 2,935 | 2,992 | |
Wholesale | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 170,055 | 167,660 | |
Wholesale | Commercial and industrial | Criticized nonaccrual | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 1,437 | 1,018 | |
Wholesale | Commercial and industrial | Current and less than 30 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 167,082 | 165,415 | |
Wholesale | Commercial and industrial | 30–89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 1,317 | 1,127 | |
Wholesale | Commercial and industrial | 90 or more days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 219 | 100 | |
Wholesale | Commercial and industrial | Total U.S. | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 129,316 | 125,324 | |
Wholesale | Commercial and industrial | Total non-U.S. | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 40,739 | 42,336 | |
Wholesale | Other | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 336,219 | 309,278 | |
Wholesale | Other | Criticized nonaccrual | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 638 | 699 | |
Wholesale | Other | Current and less than 30 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 334,237 | 307,511 | |
Wholesale | Other | 30–89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 1,232 | 1,015 | |
Wholesale | Other | 90 or more days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 112 | 53 | |
Wholesale | Other | Total U.S. | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 257,319 | 230,525 | |
Wholesale | Other | Total non-U.S. | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | $ 78,900 | $ 78,753 |
Loans - Wholesale Loan Portfo_4
Loans - Wholesale Loan Portfolio, Nonaccrual (Details) - Wholesale - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Nonaccrual [Line Items] | ||
With an allowance | $ 1,656 | $ 1,345 |
Without an allowance | 937 | 618 |
Total nonaccrual loans | 2,593 | 1,963 |
Secured by real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
With an allowance | 281 | 172 |
Without an allowance | 237 | 74 |
Total nonaccrual loans | 518 | 246 |
Commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
With an allowance | 1,035 | 686 |
Without an allowance | 402 | 332 |
Total nonaccrual loans | 1,437 | 1,018 |
Other | ||
Financing Receivable, Nonaccrual [Line Items] | ||
With an allowance | 340 | 487 |
Without an allowance | 298 | 212 |
Total nonaccrual loans | $ 638 | $ 699 |
Loans - Wholesale Loan Portfo_5
Loans - Wholesale Loan Portfolio, Information on FDMs and Payment Status (Details) - Wholesale - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 312 | $ 469 |
Commercial and industrial | Criticized nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | 67 | 135 |
Commercial and industrial | Current and less than 30 days past due and still accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | 242 | 331 |
Commercial and industrial | 30–89 days past due and still accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | 0 | 0 |
Commercial and industrial | 90 or more days past due and still accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | 3 | 3 |
Commercial and industrial | Term extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 306 | $ 423 |
% of loan modifications to total retained credit card loans | 0.18% | 0.25% |
Weighted-average term loan extensions | 8 months | 10 months |
Commercial and industrial | Other-than-insignificant payment delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 5 | $ 5 |
% of loan modifications to total retained credit card loans | 0% | 0% |
Commercial and industrial | Interest rate reduction and term extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 1 | $ 1 |
% of loan modifications to total retained credit card loans | 0% | 0% |
Weighted-average term loan extensions | 17 months | 17 months |
Weighted-average contractual interest rate reduction | 1.91% | 1.91% |
Commercial and industrial | Term extension and principal forgiveness | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 0 | $ 40 |
% of loan modifications to total retained credit card loans | 0% | 0.02% |
Weighted-average term loan extensions | 64 months | |
Reduction in amortized cost basis | $ 23 | |
Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 284 | 300 |
Other | Criticized nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | 284 | 300 |
Other | Current and less than 30 days past due and still accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | 0 | 0 |
Other | 30–89 days past due and still accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | 0 | 0 |
Other | 90 or more days past due and still accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | 0 | 0 |
Other | Term extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 38 | $ 54 |
% of loan modifications to total retained credit card loans | 0.01% | 0.02% |
Weighted-average term loan extensions | 3 months | 6 months |
Other | Interest rate reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 11 | $ 11 |
% of loan modifications to total retained credit card loans | 0% | 0% |
Weighted-average contractual interest rate reduction | 6.54% | 6.54% |
Other | Payment delay and term extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 235 | $ 235 |
% of loan modifications to total retained credit card loans | 0.07% | 0.07% |
Weighted-average term loan extensions | 144 months | 144 months |
Loans - Wholesale Loan Portfo_6
Loans - Wholesale Loan Portfolio, FDMs that Re-defaulted (Details) - Wholesale - Commercial and industrial - 30 or more days past due - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 3 | $ 7 |
Term extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 3 | $ 7 |
Loans - Wholesale Loan Portfo_7
Loans - Wholesale Loan Portfolio, Loan Modifications, Narrative (Details) - Wholesale - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Carrying value of new TDRs | $ 60,000,000 | $ 479,000,000 | ||
Commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Additional commitments to lend to borrowers whose loans have been modified as FDM's | $ 438,000,000 | $ 1,300,000,000 | ||
Amortized cost of modified loans | 312,000,000 | 469,000,000 | ||
Commercial and industrial | Term extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortized cost of modified loans | $ 306,000,000 | $ 423,000,000 | ||
Weighted-average term loan extensions | 8 months | 10 months | ||
Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Additional commitments to lend to borrowers whose loans have been modified as FDM's | $ 0 | $ 0 | ||
Amortized cost of modified loans | 284,000,000 | 300,000,000 | ||
Other | Term extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortized cost of modified loans | $ 38,000,000 | $ 54,000,000 | ||
Weighted-average term loan extensions | 3 months | 6 months | ||
Secured by real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Additional commitments to lend to borrowers whose loans have been modified as FDM's | $ 0 | $ 0 | ||
Amortized cost of modified loans | 77,000,000 | 85,000,000 | ||
Amortized cost basis | $ 0 | |||
Secured by real estate | Term extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Weighted-average term loan extensions | 9 months | |||
Amortized cost basis | $ 1,000,000 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Decrease to allowance for credit losses | $ (21,980) | $ (19,726) | $ (17,750) | $ (16,386) | ||
Increase to retained earnings | 312,516 | 292,332 | 286,143 | |||
Allowance for credit losses | 24,300 | |||||
Net addition to the allowance for credit losses | 2,700 | |||||
First Republic | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Net addition to the allowance for credit losses | 1,200 | |||||
Wholesale and Consumer | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Net addition to the allowance for credit losses | 1,500 | |||||
Wholesale | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Decrease to allowance for credit losses | (8,332) | (6,486) | (5,421) | (4,371) | ||
Net addition to the allowance for credit losses | 819 | |||||
Consumer | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Net addition to the allowance for credit losses | 649 | |||||
Retained earnings | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Increase to retained earnings | $ 317,359 | $ 306,208 | 296,456 | $ 282,445 | $ 277,177 | $ 272,268 |
Cumulative effect of change in accounting principles | Retained earnings | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Increase to retained earnings | 449 | |||||
Cumulative effect of change in accounting principles | Accounting Standards Update 2022-02 | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Decrease to allowance for credit losses | 587 | |||||
Cumulative effect of change in accounting principles | Accounting Standards Update 2022-02 | Wholesale | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Decrease to allowance for credit losses | (2) | |||||
Cumulative effect of change in accounting principles | Accounting Standards Update 2022-02 | Retained earnings | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Increase to retained earnings | $ 446 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Summary (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Allowance for loan losses | |||
Beginning balance | $ 19,726 | $ 16,386 | |
Gross charge-offs | 3,227 | 2,012 | |
Gross recoveries collected | (679) | (773) | |
Net charge-offs/(recoveries) | 2,548 | 1,239 | |
Provision for loan losses | 5,364 | 2,598 | |
Other | 25 | 5 | |
Ending balance | 21,980 | 17,750 | |
Allowance for lending-related commitments | |||
Beginning balance | 2,382 | 2,261 | |
Provision for lending-related commitments | (201) | (39) | |
Other | 5 | 0 | |
Ending balance | 2,186 | 2,222 | |
Total allowance for investment securities | 104 | 47 | $ 96 |
Total allowance for credit losses | 24,270 | 20,019 | |
Allowance for loan losses by impairment methodology | |||
Asset-specific | (493) | (117) | |
Portfolio-based | 22,473 | 17,867 | |
Total allowance for loan losses | 21,980 | 17,750 | 19,726 |
Loans by impairment methodology | |||
Asset-specific | 6,026 | 15,918 | |
Portfolio-based | 1,249,662 | 1,036,472 | |
Total retained loans | 1,255,688 | 1,052,390 | 1,089,598 |
Allowance for lending-related commitments by impairment methodology | |||
Asset-specific | 65 | 78 | |
Portfolio-based | 2,121 | 2,144 | |
Total allowance for lending-related commitments | 2,186 | 2,222 | 2,382 |
Lending-related commitments by impairment methodology | |||
Asset-specific | 332 | 397 | |
Portfolio-based | 553,836 | 484,847 | |
Total lending-related commitments | 554,168 | 485,244 | |
First Republic | |||
Allowance for lending-related commitments | |||
Total allowance for credit losses | 1,200 | ||
Cumulative effect of change in accounting principles | Accounting Standards Update 2022-02 | |||
Allowance for loan losses | |||
Beginning balance | (587) | ||
Allowance for loan losses by impairment methodology | |||
Total allowance for loan losses | (587) | ||
CIB | |||
Lending-related commitments by impairment methodology | |||
Allowance for credit losses associated with accounts receivable | 18 | ||
Collateral-dependent loans | |||
Allowance for loan losses | |||
Net charge-offs/(recoveries) | 82 | (7) | |
Collateral-dependent loans | |||
Loans measured at fair value of collateral less cost to sell | 4,150 | 4,542 | |
Consumer, excluding credit card | |||
Allowance for loan losses | |||
Beginning balance | 2,040 | 1,765 | |
Gross charge-offs | 501 | 384 | |
Gross recoveries collected | (247) | (311) | |
Net charge-offs/(recoveries) | 254 | 73 | |
Provision for loan losses | 751 | 237 | |
Other | 0 | 0 | |
Ending balance | 2,048 | 1,929 | |
Allowance for lending-related commitments | |||
Beginning balance | 76 | 113 | |
Provision for lending-related commitments | 52 | (2) | |
Other | 1 | (1) | |
Ending balance | 129 | 110 | |
Total allowance for credit losses | 2,177 | 2,039 | |
Allowance for loan losses by impairment methodology | |||
Asset-specific | (971) | (676) | |
Portfolio-based | 3,019 | 2,605 | |
Total allowance for loan losses | 2,048 | 1,929 | 2,040 |
Loans by impairment methodology | |||
Asset-specific | 3,439 | 12,683 | |
Portfolio-based | 392,756 | 289,948 | |
Total retained loans | 396,195 | 302,631 | 300,753 |
Allowance for lending-related commitments by impairment methodology | |||
Asset-specific | 0 | 0 | |
Portfolio-based | 129 | 110 | |
Total allowance for lending-related commitments | 129 | 110 | 76 |
Lending-related commitments by impairment methodology | |||
Asset-specific | 0 | 0 | |
Portfolio-based | 32,428 | 26,809 | |
Total lending-related commitments | 32,428 | 26,809 | |
Credit card lending-related commitments not permitted to have an allowance for credit losses | 18,400 | 13,700 | |
Consumer, excluding credit card | First Republic | |||
Loans by impairment methodology | |||
Total retained loans | 91,900 | ||
Consumer, excluding credit card | Cumulative effect of change in accounting principles | Accounting Standards Update 2022-02 | |||
Allowance for loan losses | |||
Beginning balance | (489) | ||
Allowance for loan losses by impairment methodology | |||
Total allowance for loan losses | (489) | ||
Consumer, excluding credit card | Collateral-dependent loans | |||
Allowance for loan losses | |||
Net charge-offs/(recoveries) | 5 | (15) | |
Collateral-dependent loans | |||
Loans measured at fair value of collateral less cost to sell | 3,388 | 3,935 | |
Credit card | |||
Allowance for loan losses | |||
Beginning balance | 11,200 | 10,250 | |
Gross charge-offs | 2,432 | 1,505 | |
Gross recoveries collected | (386) | (419) | |
Net charge-offs/(recoveries) | 2,046 | 1,086 | |
Provision for loan losses | 2,546 | 1,236 | |
Other | 0 | 0 | |
Ending balance | 11,600 | 10,400 | |
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 | 11,600 | 10,400 | |
Allowance for loan losses by impairment methodology | |||
Asset-specific | 0 | 227 | |
Portfolio-based | 11,600 | 10,173 | |
Total allowance for loan losses | 11,600 | 10,400 | 11,200 |
Loans by impairment methodology | |||
Asset-specific | 0 | 827 | |
Portfolio-based | 191,348 | 164,667 | |
Total retained loans | 191,348 | 165,494 | |
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 | 881,500 | 774,000 | |
Credit card | Cumulative effect of change in accounting principles | Accounting Standards Update 2022-02 | |||
Allowance for loan losses | |||
Beginning balance | (100) | ||
Allowance for loan losses by impairment methodology | |||
Total allowance for loan losses | (100) | ||
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 | 6,486 | 4,371 | |
Gross charge-offs | 294 | 123 | |
Gross recoveries collected | (46) | (43) | |
Net charge-offs/(recoveries) | 248 | 80 | |
Provision for loan losses | 2,067 | 1,125 | |
Other | 25 | 5 | |
Ending balance | 8,332 | 5,421 | |
Allowance for lending-related commitments | |||
Beginning balance | 2,306 | 2,148 | |
Provision for lending-related commitments | (253) | (37) | |
Other | 4 | 1 | |
Ending balance | 2,057 | 2,112 | |
Total allowance for credit losses | 10,389 | 7,533 | |
Allowance for loan losses by impairment methodology | |||
Asset-specific | 478 | 332 | |
Portfolio-based | 7,854 | 5,089 | |
Total allowance for loan losses | 8,332 | 5,421 | 6,486 |
Loans by impairment methodology | |||
Asset-specific | 2,587 | 2,408 | |
Portfolio-based | 665,558 | 581,857 | |
Total retained loans | 668,145 | 584,265 | 603,670 |
Allowance for lending-related commitments by impairment methodology | |||
Asset-specific | 65 | 78 | |
Portfolio-based | 1,992 | 2,034 | |
Total allowance for lending-related commitments | 2,057 | 2,112 | 2,306 |
Lending-related commitments by impairment methodology | |||
Asset-specific | 332 | 397 | |
Portfolio-based | 521,408 | 458,038 | |
Total lending-related commitments | 521,740 | 458,435 | |
Credit card lending-related commitments not permitted to have an allowance for credit losses | 19,300 | 29,100 | |
Wholesale | First Republic | |||
Loans by impairment methodology | |||
Total retained loans | 56,000 | ||
Wholesale | Cumulative effect of change in accounting principles | Accounting Standards Update 2022-02 | |||
Allowance for loan losses | |||
Beginning balance | 2 | ||
Allowance for loan losses by impairment methodology | |||
Total allowance for loan losses | $ 2 | ||
Wholesale | Collateral-dependent loans | |||
Allowance for loan losses | |||
Net charge-offs/(recoveries) | 77 | 8 | |
Collateral-dependent loans | |||
Loans measured at fair value of collateral less cost to sell | $ 762 | $ 607 |
Variable Interest Entities - Fi
Variable Interest Entities - Firm Sponsored VIEs (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Total assets held by securitization VIEs | $ 228,683 | $ 229,986 |
Retained securitization interests, risk-rated 'A' or better, at fair value | 84% | 84% |
Corporate & Investment Bank | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Senior securities purchased in connection with CIB's secondary market-making activities | $ 104 | $ 134 |
Subordinated securities purchased in connection with CIB's secondary market-making activities | 92 | 34 |
Residential mortgage | Investment-grade | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Fair value of retained interests | 2,700 | 2,600 |
Residential mortgage | Prime / Alt-A & option ARMs | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Total assets held by securitization VIEs | 56,604 | 55,362 |
Residential mortgage | Subprime | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Total assets held by securitization VIEs | 9,300 | 9,709 |
Commercial and other | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Total assets held by securitization VIEs | 162,779 | 164,915 |
Commercial and other | Investment-grade | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Fair value of retained interests | 5,900 | 5,800 |
Commercial and other | Noninvestment-grade | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Fair value of retained interests | 1,100 | 1,100 |
VIEs consolidated by the Firm | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in consolidated securitization VIEs | 715 | 754 |
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 | 715 | 754 |
VIEs consolidated by the Firm | Residential mortgage | Subprime | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in consolidated securitization VIEs | 0 | 0 |
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 | 167,618 | 165,838 |
Interest in securitized assets in nonconsolidated VIEs | 9,772 | 9,603 |
Nonconsolidated entities | Trading assets | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 1,578 | 1,642 |
Nonconsolidated entities | Investment securities | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 7,503 | 7,291 |
Nonconsolidated entities | Other financial assets | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 691 | 670 |
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 | 38,439 | 37,058 |
Interest in securitized assets in nonconsolidated VIEs | 2,764 | 2,662 |
Nonconsolidated entities | Residential mortgage | Subprime | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 1,353 | 1,743 |
Interest in securitized assets in nonconsolidated VIEs | 4 | 10 |
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 | 681 | 744 |
Nonconsolidated entities | Residential mortgage | Trading assets | Subprime | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 4 | 10 |
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 | 2,060 | 1,918 |
Nonconsolidated entities | Residential mortgage | Investment securities | Subprime | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 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 | 23 | 0 |
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 | 127,826 | 127,037 |
Interest in securitized assets in nonconsolidated VIEs | 7,004 | 6,931 |
Nonconsolidated entities | Commercial and other | Trading assets | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 893 | 888 |
Nonconsolidated entities | Commercial and other | Investment securities | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 5,443 | 5,373 |
Nonconsolidated entities | Commercial and other | Other financial assets | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | $ 668 | $ 670 |
Variable Interest Entities - Re
Variable Interest Entities - Re-securitizations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Transfers of securities to VIEs | |||||
U.S. GSEs and government agencies | $ 6,261 | $ 7,373 | $ 9,667 | $ 13,449 | |
U.S. GSEs and government agencies | Nonconsolidated re-securitization VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Interest in VIEs | $ 3,412 | $ 3,412 | $ 2,580 |
Variable Interest Entities - Mu
Variable Interest Entities - Multi-seller conduits (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Unfunded lending-related commitments | $ 1,473,420 | $ 1,326,782 |
Multi-seller conduits | ||
Variable Interest Entity [Line Items] | ||
Commercial paper eliminated in consolidation | 12,400 | 13,800 |
Multi-seller conduits | Commercial and other | ||
Variable Interest Entity [Line Items] | ||
Unfunded lending-related commitments | $ 11,300 | $ 10,600 |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | $ 636,996 | $ 453,799 | ||||
Loans | 1,278,089 | 1,115,921 | ||||
Other | 151,346 | 182,884 | ||||
Total assets | 3,868,240 | [1] | 3,665,743 | [1] | $ 3,841,314 | |
Beneficial interests in VIE assets | 19,647 | 12,610 | ||||
Total liabilities | [1] | 3,555,724 | 3,373,411 | |||
VIEs consolidated by the Firm | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 2,368 | 2,151 | ||||
Loans | 39,125 | 34,411 | ||||
Other | 532 | 550 | ||||
Total assets | 42,025 | 37,112 | ||||
Beneficial interests in VIE assets | 19,647 | 12,610 | ||||
Other | 247 | 279 | ||||
Total liabilities | 19,894 | 12,889 | ||||
Beneficial interests in VIE assets, long term | 1,100 | 2,100 | ||||
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 | 9,168 | 9,699 | ||||
Other | 82 | 100 | ||||
Total assets | 9,250 | 9,799 | ||||
Beneficial interests in VIE assets | 999 | 1,999 | ||||
Other | 2 | 2 | ||||
Total liabilities | 1,001 | 2,001 | ||||
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 | 1 | 0 | ||||
Loans | 28,598 | 22,819 | ||||
Other | 169 | 170 | ||||
Total assets | 28,768 | 22,989 | ||||
Beneficial interests in VIE assets | 16,383 | 9,236 | ||||
Other | 31 | 39 | ||||
Total liabilities | 16,414 | 9,275 | ||||
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 | 2,313 | 2,089 | ||||
Loans | 0 | 0 | ||||
Other | 21 | 7 | ||||
Total assets | 2,334 | 2,096 | ||||
Beneficial interests in VIE assets | 2,133 | 1,232 | ||||
Other | 10 | 10 | ||||
Total liabilities | 2,143 | 1,242 | ||||
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 | 733 | 781 | ||||
Other | 10 | 10 | ||||
Total assets | 743 | 791 | ||||
Beneficial interests in VIE assets | 132 | 143 | ||||
Other | 60 | 67 | ||||
Total liabilities | 192 | 210 | ||||
VIEs consolidated by the Firm | Other | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 54 | 62 | ||||
Loans | 626 | 1,112 | ||||
Other | 250 | 263 | ||||
Total assets | 930 | 1,437 | ||||
Beneficial interests in VIE assets | 0 | 0 | ||||
Other | 144 | 161 | ||||
Total liabilities | $ 144 | $ 161 | ||||
[1]The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at June 30, 2023, and December 31, 2022. 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 14 for a further discussion. (in millions) June 30, 2023 December 31, 2022 Assets Trading assets $ 2,368 $ 2,151 Loans 39,125 34,411 All other assets 532 550 Total assets $ 42,025 $ 37,112 Liabilities Beneficial interests issued by consolidated VIEs $ 19,647 $ 12,610 All other liabilities 247 279 Total liabilities $ 19,894 $ 12,889 |
Variable Interest Entities - VI
Variable Interest Entities - VIEs Sponsored by Third Parties (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | ||
Variable Interest Entity [Line Items] | |||||
Fair value of assets held by VIE | $ 3,868,240 | [1] | $ 3,665,743 | [1] | $ 3,841,314 |
Nonconsolidated entities | Tax credit vehicles | |||||
Variable Interest Entity [Line Items] | |||||
Maximum exposure | 32,400 | 30,200 | |||
Unfunded commitments | 12,600 | 10,600 | |||
Nonconsolidated entities | Municipal bond vehicles | |||||
Variable Interest Entity [Line Items] | |||||
Maximum exposure | 5,900 | 5,800 | |||
Fair value of assets held by VIE | $ 8,200 | $ 8,200 | |||
[1]The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at June 30, 2023, and December 31, 2022. 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 14 for a further discussion. (in millions) June 30, 2023 December 31, 2022 Assets Trading assets $ 2,368 $ 2,151 Loans 39,125 34,411 All other assets 532 550 Total assets $ 42,025 $ 37,112 Liabilities Beneficial interests issued by consolidated VIEs $ 19,647 $ 12,610 All other liabilities 247 279 Total liabilities $ 19,894 $ 12,889 |
Variable Interest Entities - Se
Variable Interest Entities - Securitization Activity (Details) - Nonconsolidated entities - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Residential mortgage | ||||
Securitization activity | ||||
Principal securitized | $ 2,216 | $ 3,028 | $ 3,289 | $ 9,523 |
All cash flows during the period: | ||||
Proceeds received from loan sales as financial instruments | 2,123 | 2,754 | 3,153 | 9,129 |
Servicing fees collected | 6 | 20 | 12 | 44 |
Cash flows received on interests | 86 | 127 | 160 | 282 |
Commercial and other | ||||
Securitization activity | ||||
Principal securitized | 376 | 3,950 | 376 | 7,058 |
All cash flows during the period: | ||||
Proceeds received from loan sales as financial instruments | 380 | 3,869 | 380 | 6,975 |
Servicing fees collected | 1 | 0 | 1 | 0 |
Cash flows received on interests | $ 91 | $ 54 | $ 178 | $ 125 |
Variable Interest Entities - Lo
Variable Interest Entities - Loans Sold to Third-Party Sponsored Securitization Entities (Details) - Nonconsolidated entities - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Summary of loan sale activities | ||||
Carrying value of loans sold | $ 6,323 | $ 10,721 | $ 9,021 | $ 34,389 |
Proceeds received from loan sales as cash | 33 | 4 | 40 | 13 |
Proceeds from loans sales as securities | 6,220 | 10,551 | 8,882 | 33,809 |
Total proceeds received from loan sales | 6,253 | 10,555 | 8,922 | 33,822 |
Gains/(losses) on loan sales | $ 0 | $ 0 | $ 0 | $ 0 |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Options to Repurchase Delinquent Loans (Details) - Nonconsolidated entities - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Loans repurchased or option to repurchase | $ 752 | $ 839 |
Real estate acquired through foreclosure | 9 | 10 |
Residential mortgage | ||
Variable Interest Entity [Line Items] | ||
Real estate acquired through foreclosure | $ 23 | $ 27 |
Variable Interest Entities - _2
Variable Interest Entities - Loan Delinquencies and Liquidation Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Securitized loans | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
90 or more days past due and still accruing | $ 1,854 | $ 1,854 | $ 1,671 | ||
Net liquidation losses/(recoveries) | 5 | $ (19) | 33 | $ (19) | |
Securitized loans | Commercial and other | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
90 or more days past due and still accruing | 1,231 | 1,231 | 948 | ||
Net liquidation losses/(recoveries) | 0 | 5 | 19 | 11 | |
Nonconsolidated entities | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
Securitized assets | 167,618 | 167,618 | 165,838 | ||
Nonconsolidated entities | Commercial and other | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
Securitized assets | 127,826 | 127,826 | 127,037 | ||
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 or more days past due and still accruing | 482 | 482 | 511 | ||
Net liquidation losses/(recoveries) | 3 | (21) | 10 | (27) | |
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 | 38,439 | 38,439 | 37,058 | ||
Subprime | Securitized loans | Residential mortgage | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
90 or more days past due and still accruing | 141 | 141 | 212 | ||
Net liquidation losses/(recoveries) | 2 | $ (3) | 4 | $ (3) | |
Subprime | Nonconsolidated entities | Residential mortgage | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
Securitized assets | $ 1,353 | $ 1,353 | $ 1,743 |
Goodwill and Mortgage Servici_3
Goodwill and Mortgage Servicing Rights - by Business Segment and Corporate (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill [Line Items] | ||||||
Total goodwill | $ 52,380 | $ 52,144 | $ 51,662 | $ 50,697 | $ 50,298 | $ 50,315 |
Corporate | ||||||
Goodwill [Line Items] | ||||||
Total goodwill | 682 | 646 | ||||
Consumer & Community Banking | Operating Segments | ||||||
Goodwill [Line Items] | ||||||
Total goodwill | 32,116 | 32,121 | ||||
Corporate & Investment Bank | Operating Segments | ||||||
Goodwill [Line Items] | ||||||
Total goodwill | 8,253 | 8,008 | ||||
Commercial Banking | Operating Segments | ||||||
Goodwill [Line Items] | ||||||
Total goodwill | 2,985 | 2,985 | ||||
Asset & Wealth Management | Operating Segments | ||||||
Goodwill [Line Items] | ||||||
Total goodwill | $ 8,344 | $ 7,902 |
Goodwill and Mortgage Servici_4
Goodwill and Mortgage Servicing Rights - Goodwill Changes During Period (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Goodwill [Roll Forward] | |||||
Balance at beginning of period | $ 52,144,000,000 | $ 50,298,000,000 | $ 51,662,000,000 | $ 50,315,000,000 | |
Changes during the period from: | |||||
Business combinations | 236,000,000 | 470,000,000 | 687,000,000 | 470,000,000 | |
Other | 0 | (71,000,000) | 31,000,000 | (88,000,000) | |
Balance at end of period | $ 52,380,000,000 | $ 50,697,000,000 | 52,380,000,000 | 50,697,000,000 | |
Business Acquisition [Line Items] | |||||
Goodwill impairment | $ 0 | $ 0 | |||
CIFM | |||||
Business Acquisition [Line Items] | |||||
Percentage interest acquired | 51% |
Goodwill and Mortgage Servici_5
Goodwill and Mortgage Servicing Rights - Mortgage Servicing Rights (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Mortgage Servicing Rights [Roll Forward] | ||||
Fair value at beginning of period | $ 7,755 | $ 7,294 | $ 7,973 | $ 5,494 |
MSR activity: | ||||
Originations of MSRs | 78 | 181 | 110 | 596 |
Purchase of MSRs | 468 | 160 | 467 | 875 |
Disposition of MSRs | (92) | (614) | (90) | (671) |
Net additions/(dispositions) | 454 | (273) | 487 | 800 |
Changes due to collection/realization of expected cash flows | (255) | (236) | (495) | (468) |
Changes in valuation due to inputs and assumptions: | ||||
Changes due to market interest rates and other | 283 | 653 | 261 | 1,547 |
Changes in valuation due to other inputs and assumptions: | ||||
Projected cash flows (e.g., cost to service) | 2 | 0 | 2 | 0 |
Discount rates | 0 | 0 | 0 | 0 |
Prepayment model changes and other | (10) | 1 | 1 | 66 |
Total changes in valuation due to other inputs and assumptions | (8) | 1 | 3 | 66 |
Total changes in valuation due to inputs and assumptions | 275 | 654 | 264 | 1,613 |
Fair value at end of period | 8,229 | 7,439 | 8,229 | 7,439 |
Changes in unrealized gains/(losses) included in income related to MSRs | 275 | 654 | 264 | 1,613 |
Contractual service fees, late fees and other ancillary fees included in income | 388 | 395 | 776 | 765 |
Third-party mortgage loans serviced | 605,000 | 576,000 | 605,000 | 576,000 |
Servicer advances, net of an allowance for uncollectible amounts | $ 595 | $ 1,166 | $ 595 | $ 1,166 |
Goodwill and Mortgage Servici_6
Goodwill and Mortgage Servicing Rights - Mortgage Fees and Related Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Risk management: | ||||
Mortgage fees and related income | $ 278 | $ 378 | $ 499 | $ 838 |
All other | 4 | 1 | 2 | 5 |
Consumer & Community Banking | ||||
CCB mortgage fees and related income | ||||
Production revenue | 102 | 150 | 177 | 361 |
Operating revenue: | ||||
Loan servicing revenue | 402 | 435 | 802 | 803 |
Changes in MSR asset fair value due to collection/realization of expected cash flows | (255) | (236) | (495) | (468) |
Total operating revenue | 147 | 199 | 307 | 335 |
Risk management: | ||||
Changes in MSR asset fair value due to market interest rates and other | 283 | 653 | 261 | 1,547 |
Other changes in MSR asset fair value due to other inputs and assumptions in model | (8) | 1 | 3 | 66 |
Changes in derivative fair value and other | (250) | (626) | (251) | (1,476) |
Total risk management | 25 | 28 | 13 | 137 |
Total net mortgage servicing revenue | 172 | 227 | 320 | 472 |
Mortgage fees and related income | $ 274 | $ 377 | $ 497 | $ 833 |
Goodwill and Mortgage Servici_7
Goodwill and Mortgage Servicing Rights - Key Economic Assumptions (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Weighted-average prepayment speed assumption (constant prepayment rate) | 6.27% | 6.12% |
Impact on fair value of 10% adverse change | $ (186) | $ (183) |
Impact on fair value of 20% adverse change | $ (361) | $ (356) |
Weighted-average option adjusted spread | 5.77% | 5.77% |
Impact on fair value of a 100 basis point adverse change | $ (348) | $ (341) |
Impact on fair value of a 200 basis point adverse change | $ (668) | $ (655) |
Deposits - Noninterest and Inte
Deposits - Noninterest and Interest-bearing (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
U.S. offices | ||
Noninterest-bearing (included $47,870 and $26,363 at fair value) | $ 656,778 | $ 644,902 |
Interest-bearing (included $572 and $586 at fair value) | 1,311,893 | 1,276,346 |
Total deposits in U.S. offices | 1,968,671 | 1,921,248 |
Non-U.S. offices | ||
Noninterest-bearing (included $1,331 and $1,398 at fair value) | 24,268 | 27,005 |
Interest-bearing (included $1,795 and $273 at fair value) | 406,023 | 391,926 |
Total deposits in non-U.S. offices | 430,291 | 418,931 |
Total deposits | 2,398,962 | 2,340,179 |
Fair value | ||
U.S. offices | ||
Noninterest-bearing (included $47,870 and $26,363 at fair value) | 47,870 | 26,363 |
Interest-bearing, fair value | 572 | 586 |
Non-U.S. offices | ||
Noninterest-bearing (included $1,331 and $1,398 at fair value) | 1,331 | 1,398 |
Interest-bearing, fair value | $ 1,795 | $ 273 |
Deposits - Time Deposits (Detai
Deposits - Time Deposits (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Deposit Liability [Line Items] | ||
Total | $ 184,662 | $ 142,529 |
Total U.S. | ||
Deposit Liability [Line Items] | ||
Total | 98,725 | 64,622 |
Total non-U.S. | ||
Deposit Liability [Line Items] | ||
Total | $ 85,937 | $ 77,907 |
Deposits - Maturities of Intere
Deposits - Maturities of Interest-Bearing Time Deposits (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Maturities of interest bearing time deposits | |
2024 | $ 228,752 |
2025 | 1,407 |
2026 | 380 |
2027 | 185 |
2028 | 1,182 |
After 5 years | 747 |
Total | 232,653 |
U.S. | |
Maturities of interest bearing time deposits | |
2024 | 145,737 |
2025 | 1,213 |
2026 | 309 |
2027 | 160 |
2028 | 95 |
After 5 years | 533 |
Total | 148,047 |
Non-U.S. | |
Maturities of interest bearing time deposits | |
2024 | 83,015 |
2025 | 194 |
2026 | 71 |
2027 | 25 |
2028 | 1,087 |
After 5 years | 214 |
Total | $ 84,606 |
Leases - Information Related to
Leases - Information Related to Operating Leases (Details) - USD ($) $ in Millions | Jun. 30, 2023 | May 01, 2023 | Dec. 31, 2022 |
Leases [Abstract] | |||
Right-of-use assets | $ 8,399 | $ 7,782 | |
Lease liabilities | $ 8,756 | $ 8,183 | |
First Republic | |||
Business Acquisition [Line Items] | |||
Right-of-use assets acquired | $ 756 | ||
Lease liabilities assumed | $ 756 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Net rental expense | $ 448 | $ 484 | $ 935 | $ 976 |
Leases - Operating Lease Income
Leases - Operating Lease Income and Related Depreciation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other | Noninterest Income, Other | Noninterest Income, Other | Noninterest Income, Other |
Operating lease income | $ 716 | $ 945 | $ 1,471 | $ 1,993 |
Depreciation expense | $ 457 | $ 668 | $ 876 | $ 1,379 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Long-term debt carrying values by contractual maturity | ||
Under 1 year | $ 41,945 | |
1-5 years | 200,867 | |
After 5 years | 121,266 | |
Long-term debt | 364,078 | $ 295,865 |
Long Term Debt - Supplemental Information | ||
Collateral used to secure Long-term debt | 221,200 | 208,300 |
Zero-coupon notes | 11,200 | 10,300 |
Zero-coupon notes - aggregate principal amount at maturity | 45,700 | $ 45,300 |
Redeemable long-term debt | 191,700 | |
Long term debt maturing in the 12-month period ended June 20, 2024 | 41,945 | |
Long term debt maturing in the 12-month period ended June 20, 2025 | 58,500 | |
Long term debt maturing in the 12-month period ended June 20, 2026 | 38,000 | |
Long term debt maturing in the 12-month period ended June 20, 2027 | 29,200 | |
Long term debt maturing in the 12-month period ended June 20, 2028 | $ 75,200 | |
Weighted-average contractual interest rates for long term debt | 3.45% | 3.26% |
Modified weighted-average interest rates total long-term debt | 5.02% | 4.89% |
Guarantee of Indebtedness of Others | ||
Long Term Debt - Supplemental Information | ||
Other guarantees and commitments, Carrying value | $ 34,500 | $ 28,200 |
Beneficial interests issued by consolidated VIEs | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 999 | |
After 5 years | 132 | |
Long-term debt | $ 1,131 | 2,142 |
Under 1 year, Minimum | 0% | |
1-5 years, Minimum | 3.97% | |
After 5 years, Minimum | 3.59% | |
Long Term Debt - Supplemental Information | ||
Commercial paper and other short-term beneficial interests | $ 18,500 | 10,500 |
Long term debt maturing in the 12-month period ended June 20, 2024 | 0 | |
Recurring | ||
Long Term Debt - Supplemental Information | ||
Long-term debt accounted for at fair value | $ 78,609 | $ 72,281 |
Average | Beneficial interests issued by consolidated VIEs | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 3.93% | 2.81% |
Junior subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | $ 0 | |
1-5 years | 357 | |
After 5 years | 1,456 | |
Long-term debt | $ 1,813 | $ 1,848 |
Under 1 year, Minimum | 0% | |
1-5 years, Minimum | 5.86% | |
After 5 years, Minimum | 7.17% | |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in the 12-month period ended June 20, 2024 | $ 0 | |
Junior subordinated debt | Average | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 6.91% | 6.33% |
Secured debt | ||
Long Term Debt - Supplemental Information | ||
Total long-term debt | $ 87,700 | $ 13,800 |
Fixed rate | Beneficial interests issued by consolidated VIEs | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 999 | |
After 5 years | 0 | |
Long-term debt | 999 | 1,999 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in the 12-month period ended June 20, 2024 | 0 | |
Fixed rate | Junior subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 0 | |
After 5 years | 540 | |
Long-term debt | 540 | 550 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in the 12-month period ended June 20, 2024 | 0 | |
Variable rate | Beneficial interests issued by consolidated VIEs | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 0 | |
After 5 years | 132 | |
Long-term debt | 132 | 143 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in the 12-month period ended June 20, 2024 | 0 | |
Variable rate | Junior subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 357 | |
After 5 years | 916 | |
Long-term debt | 1,273 | 1,298 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in the 12-month period ended June 20, 2024 | 0 | |
Parent company | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 7,076 | |
1-5 years | 100,459 | |
After 5 years | 107,922 | |
Long-term debt | 215,457 | $ 225,773 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in the 12-month period ended June 20, 2024 | $ 7,076 | |
Parent company | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 2.29% | |
1-5 years, Minimum | 2.82% | |
After 5 years, Minimum | 3.53% | |
Parent company | Senior debt | Average | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 3.15% | 3.06% |
Parent company | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 0% | |
1-5 years, Minimum | 4.54% | |
After 5 years, Minimum | 4.69% | |
Parent company | Subordinated debt | Average | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 4.62% | 4.50% |
Parent company | Fixed rate | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | $ 6,709 | |
1-5 years | 84,418 | |
After 5 years | 96,845 | |
Long-term debt | 187,972 | $ 194,515 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in the 12-month period ended June 20, 2024 | 6,709 | |
Parent company | Fixed rate | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 8,815 | |
After 5 years | 8,877 | |
Long-term debt | 17,692 | 19,693 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in the 12-month period ended June 20, 2024 | 0 | |
Parent company | Variable rate | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 367 | |
1-5 years | 7,226 | |
After 5 years | 2,200 | |
Long-term debt | 9,793 | 11,565 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in the 12-month period ended June 20, 2024 | 367 | |
Parent company | Variable rate | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 0 | |
After 5 years | 0 | |
Long-term debt | 0 | 0 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in the 12-month period ended June 20, 2024 | 0 | |
Subsidiaries | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 34,869 | |
1-5 years | 100,051 | |
After 5 years | 11,888 | |
Long-term debt | 146,808 | $ 68,244 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in the 12-month period ended June 20, 2024 | $ 34,869 | |
Subsidiaries | Federal Home Loan Banks (“FHLB”) advances | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 4.64% | |
1-5 years, Minimum | 4.29% | |
After 5 years, Minimum | 6.07% | |
Subsidiaries | Federal Home Loan Banks (“FHLB”) advances | Average | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 4.43% | 4.32% |
Subsidiaries | FDIC Purchase Money Note | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 0% | |
1-5 years, Minimum | 3.40% | |
After 5 years, Minimum | 0% | |
Subsidiaries | FDIC Purchase Money Note | Average | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 3.40% | |
Subsidiaries | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 3.95% | |
1-5 years, Minimum | 4.98% | |
After 5 years, Minimum | 1.52% | |
Subsidiaries | Senior debt | Average | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 1.88% | 2.02% |
Subsidiaries | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 0% | |
1-5 years, Minimum | 8.25% | |
After 5 years, Minimum | 0% | |
Subsidiaries | Subordinated debt | Average | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 8.25% | 8.25% |
Subsidiaries | Fixed rate | Federal Home Loan Banks (“FHLB”) advances | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | $ 7,443 | |
1-5 years | 17,609 | |
After 5 years | 42 | |
Long-term debt | 25,094 | $ 93 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in the 12-month period ended June 20, 2024 | 7,443 | |
Subsidiaries | Fixed rate | Federal Home Loan Banks (“FHLB”) advances | First Republic | ||
Long-term debt carrying values by contractual maturity | ||
Long-term debt | 25,000 | |
Subsidiaries | Fixed rate | FDIC Purchase Money Note | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 48,883 | |
After 5 years | 0 | |
Long-term debt | 48,883 | |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in the 12-month period ended June 20, 2024 | 0 | |
Subsidiaries | Fixed rate | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 3,000 | |
1-5 years | 7,333 | |
After 5 years | 6,395 | |
Long-term debt | 16,728 | 15,383 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in the 12-month period ended June 20, 2024 | 3,000 | |
Subsidiaries | Fixed rate | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 258 | |
After 5 years | 0 | |
Long-term debt | 258 | 262 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in the 12-month period ended June 20, 2024 | 0 | |
Subsidiaries | Variable rate | Federal Home Loan Banks (“FHLB”) advances | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 7,000 | |
1-5 years | 4,000 | |
After 5 years | 0 | |
Long-term debt | 11,000 | 11,000 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in the 12-month period ended June 20, 2024 | 7,000 | |
Subsidiaries | Variable rate | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 17,426 | |
1-5 years | 21,968 | |
After 5 years | 5,451 | |
Long-term debt | 44,845 | 41,506 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in the 12-month period ended June 20, 2024 | 17,426 | |
Subsidiaries | Variable rate | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 0 | |
After 5 years | 0 | |
Long-term debt | 0 | $ 0 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in the 12-month period ended June 20, 2024 | $ 0 |
Preferred Stock (Details)
Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Aug. 01, 2023 | Apr. 30, 2023 | Oct. 31, 2022 | Oct. 03, 2022 | Feb. 01, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 2,740,375 | 2,740,375 | 2,740,375 | |||||||
Carrying value | $ 27,404 | $ 27,404 | $ 27,404 | |||||||
Liquidation value and redemption price per share (in dollars per share) | $ 10,000 | $ 10,000 | ||||||||
Aggregate liquidation value | $ 27,800 | $ 27,800 | ||||||||
Series DD | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 169,625 | 169,625 | 169,625 | |||||||
Carrying value | $ 1,696 | $ 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 | $ 287.50 | $ 287.50 | ||||||
Series DD | Minimum | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Preferred Stock, Earliest Redemption Date | Dec. 01, 2023 | |||||||||
Series EE | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 185,000 | 185,000 | 185,000 | |||||||
Carrying value | $ 1,850 | $ 1,850 | $ 1,850 | |||||||
Issue date | Jan. 24, 2019 | |||||||||
Contractual rate in effect | 6% | |||||||||
Dividend declared per share (in dollars per share) | $ 150 | 150 | $ 300 | 300 | ||||||
Series EE | Minimum | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Preferred Stock, Earliest Redemption Date | Mar. 01, 2024 | |||||||||
Series GG | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 90,000 | 90,000 | 90,000 | |||||||
Carrying value | $ 900 | $ 900 | $ 900 | |||||||
Issue date | Nov. 07, 2019 | |||||||||
Contractual rate in effect | 4.75% | |||||||||
Dividend declared per share (in dollars per share) | $ 118.75 | 118.75 | $ 237.50 | 237.50 | ||||||
Series GG | Minimum | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Preferred Stock, Earliest Redemption Date | Dec. 01, 2024 | |||||||||
Series JJ | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 150,000 | 150,000 | 150,000 | |||||||
Carrying value | $ 1,500 | $ 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 | 113.75 | $ 227.50 | 227.50 | ||||||
Series JJ | Minimum | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Preferred Stock, Earliest Redemption Date | Jun. 01, 2026 | |||||||||
Series LL | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 185,000 | 185,000 | 185,000 | |||||||
Carrying value | $ 1,850 | $ 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 | 115.63 | $ 231.26 | 231.26 | ||||||
Series LL | Minimum | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Preferred Stock, Earliest Redemption Date | Jun. 01, 2026 | |||||||||
Series MM | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 200,000 | 200,000 | 200,000 | |||||||
Carrying value | $ 2,000 | $ 2,000 | $ 2,000 | |||||||
Issue date | Jul. 29, 2021 | |||||||||
Contractual rate in effect | 4.20% | |||||||||
Dividend declared per share (in dollars per share) | $ 105 | 105 | $ 210 | 210 | ||||||
Series MM | Minimum | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Preferred Stock, Earliest Redemption Date | Sep. 01, 2026 | |||||||||
Series I | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 0 | 0 | 0 | |||||||
Carrying value | $ 0 | $ 0 | $ 0 | |||||||
Issue date | Apr. 23, 2008 | |||||||||
Dividend declared per share (in dollars per share) | $ 0 | 119.03 | $ 0 | 211.16 | ||||||
Preferred stock redeemed | $ 2,900 | |||||||||
Series I | SOFR | ||||||||||
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] | ||||||||||
Preferred Stock, 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 | 150,000 | |||||||
Carrying value | $ 1,500 | $ 1,500 | $ 1,500 | |||||||
Issue date | Apr. 23, 2013 | |||||||||
Contractual rate in effect | 5.15% | |||||||||
Dividend declared per share (in dollars per share) | $ 257.50 | $ 218.48 | 128.75 | $ 347.23 | 257.50 | |||||
Series Q | LIBOR | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Preferred stock dividend rate, variable, basis spread | 3.25% | |||||||||
Series Q | SOFR | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Preferred stock dividend rate, variable, basis spread | 3.25% | |||||||||
Series Q | SOFR | Subsequent Event | ||||||||||
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] | ||||||||||
Preferred Stock, Earliest Redemption Date | May 01, 2023 | |||||||||
Series R | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 150,000 | 150,000 | 150,000 | |||||||
Carrying value | $ 1,500 | $ 1,500 | $ 1,500 | |||||||
Issue date | Jul. 29, 2013 | |||||||||
Contractual rate in effect | 6% | |||||||||
Dividend declared per share (in dollars per share) | $ 150 | 150 | $ 300 | 300 | ||||||
Series R | SOFR | ||||||||||
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] | ||||||||||
Preferred Stock, Earliest Redemption Date | Aug. 01, 2023 | |||||||||
Series S | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 200,000 | 200,000 | 200,000 | |||||||
Carrying value | $ 2,000 | $ 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 | $ 337.50 | 337.50 | ||||||
Series S | SOFR | ||||||||||
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] | ||||||||||
Preferred Stock, Earliest Redemption Date | Feb. 01, 2024 | |||||||||
Series U | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 100,000 | 100,000 | 100,000 | |||||||
Carrying value | $ 1,000 | $ 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 | $ 306.25 | 306.25 | ||||||
Series U | SOFR | ||||||||||
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] | ||||||||||
Preferred Stock, Earliest Redemption Date | Apr. 30, 2024 | |||||||||
Series V | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 0 | 0 | 0 | |||||||
Carrying value | $ 0 | $ 0 | $ 0 | |||||||
Issue date | Jun. 09, 2014 | |||||||||
Dividend declared per share (in dollars per share) | $ 0 | 108.36 | $ 0 | 194.76 | ||||||
Preferred stock redeemed | $ 2,500 | |||||||||
Series V | SOFR | ||||||||||
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] | ||||||||||
Preferred Stock, Earliest Redemption Date | Jul. 01, 2019 | |||||||||
Series X | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 160,000 | 160,000 | 160,000 | |||||||
Carrying value | $ 1,600 | $ 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 | $ 305 | 305 | ||||||
Series X | SOFR | ||||||||||
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] | ||||||||||
Preferred Stock, Earliest Redemption Date | Oct. 01, 2024 | |||||||||
Series Z | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 0 | 0 | 0 | |||||||
Carrying value | $ 0 | $ 0 | $ 0 | |||||||
Issue date | Apr. 21, 2015 | |||||||||
Dividend declared per share (in dollars per share) | $ 0 | 0 | $ 0 | 0 | ||||||
Preferred stock redeemed | $ 2,000 | |||||||||
Series Z | SOFR | ||||||||||
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] | ||||||||||
Preferred Stock, Earliest Redemption Date | May 01, 2020 | |||||||||
Series CC | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 125,750 | 125,750 | 125,750 | |||||||
Carrying value | $ 1,258 | $ 1,258 | $ 1,258 | |||||||
Issue date | Oct. 20, 2017 | |||||||||
Contractual rate in effect | 4.625% | |||||||||
Dividend declared per share (in dollars per share) | $ 231.25 | $ 201.36 | 115.63 | $ 384.15 | 231.25 | |||||
Series CC | LIBOR | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Preferred stock dividend rate, variable, basis spread | 2.58% | |||||||||
Series CC | SOFR | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Preferred stock dividend rate, variable, basis spread | 2.58% | |||||||||
Series CC | SOFR | Subsequent Event | ||||||||||
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] | ||||||||||
Preferred Stock, Earliest Redemption Date | Nov. 01, 2022 | |||||||||
Series FF | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 225,000 | 225,000 | 225,000 | |||||||
Carrying value | $ 2,250 | $ 2,250 | $ 2,250 | |||||||
Issue date | Jul. 31, 2019 | |||||||||
Contractual rate in effect | 5% | |||||||||
Dividend declared per share (in dollars per share) | $ 125 | 125 | $ 250 | 250 | ||||||
Series FF | 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] | ||||||||||
Preferred Stock, Earliest Redemption Date | Aug. 01, 2024 | |||||||||
Series HH | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 300,000 | 300,000 | 300,000 | |||||||
Carrying value | $ 3,000 | $ 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 | $ 230 | 230 | ||||||
Series HH | 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] | ||||||||||
Preferred Stock, Earliest Redemption Date | Feb. 01, 2025 | |||||||||
Series II | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 150,000 | 150,000 | 150,000 | |||||||
Carrying value | $ 1,500 | $ 1,500 | $ 1,500 | |||||||
Issue date | Feb. 24, 2020 | |||||||||
Contractual rate in effect | 4% | |||||||||
Dividend declared per share (in dollars per share) | $ 100 | 100 | $ 200 | 200 | ||||||
Series II | 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] | ||||||||||
Preferred Stock, Earliest Redemption Date | Apr. 01, 2025 | |||||||||
Series KK | ||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||
Shares (in shares) | 200,000 | 200,000 | 200,000 | |||||||
Carrying value | $ 2,000 | $ 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 | $ 91.25 | $ 182.50 | $ 182.50 | ||||||
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] | ||||||||||
Preferred Stock, Earliest Redemption Date | Jun. 01, 2026 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Basic earnings per share | ||||
Net income | $ 14,472 | $ 8,649 | $ 27,094 | $ 16,931 |
Less: Preferred stock dividends | 373 | 410 | 729 | 807 |
Net income applicable to common equity | 14,099 | 8,239 | 26,365 | 16,124 |
Less: Dividends and undistributed earnings allocated to participating securities | 88 | 44 | 161 | 85 |
Net income applicable to common stockholders | $ 14,011 | $ 8,195 | $ 26,204 | $ 16,039 |
Total weighted-average basic shares outstanding (in shares) | 2,943.8 | 2,962.2 | 2,956.1 | 2,969.6 |
Net income per share (in dollars per share) | $ 4.76 | $ 2.77 | $ 8.86 | $ 5.40 |
Diluted earnings per share | ||||
Net income applicable to common stockholders | $ 14,011 | $ 8,195 | $ 26,204 | $ 16,039 |
Total weighted-average basic shares outstanding (in shares) | 2,943.8 | 2,962.2 | 2,956.1 | 2,969.6 |
Add: Dilutive impact of unvested PSUs, nondividend-earning RSUs and SARs (in shares) | 4.5 | 4.1 | 4.4 | 4.1 |
Total weighted-average diluted shares outstanding (in shares) | 2,948.3 | 2,966.3 | 2,960.5 | 2,973.7 |
Net income per share (in dollars per share) | $ 4.75 | $ 2.76 | $ 8.85 | $ 5.39 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income/(Loss) - Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ 292,332 | |||
Net change | $ 128 | $ (4,802) | 3,051 | $ (14,285) |
Ending balance | 312,516 | 286,143 | 312,516 | 286,143 |
Accumulated other comprehensive income/(loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (14,418) | (9,567) | (17,341) | (84) |
Net change | 128 | (4,802) | 3,051 | (14,285) |
Ending balance | (14,290) | (14,369) | (14,290) | (14,369) |
Unrealized gains/(losses) on investment securities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (6,912) | (4,813) | (9,124) | 2,640 |
Net change | 757 | (4,031) | 2,969 | (11,484) |
Ending balance | (6,155) | (8,844) | (6,155) | (8,844) |
After-tax unrealized gains/ (losses) related to HTM securities that have been transferred to AFS | (29) | |||
After-tax unamortized unrealized gains/(losses) related to transfer of AFS securities to HTM | (1,100) | (1,400) | ||
Translation adjustments, net of hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (1,348) | (996) | (1,545) | (934) |
Net change | 70 | (679) | 267 | (741) |
Ending balance | (1,278) | (1,675) | (1,278) | (1,675) |
Fair value hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (54) | (21) | (33) | (131) |
Net change | 11 | 51 | (10) | 161 |
Ending balance | (43) | 30 | (43) | 30 |
Cash flow hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (4,858) | (3,087) | (5,656) | (296) |
Net change | (497) | (1,348) | 301 | (4,139) |
Ending balance | (5,355) | (4,435) | (5,355) | (4,435) |
Defined benefit pension and OPEB plans | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (1,506) | (143) | (1,451) | (210) |
Net change | (6) | 20 | (61) | 87 |
Ending balance | (1,512) | (123) | (1,512) | (123) |
DVA on fair value option elected liabilities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | 260 | (507) | 468 | (1,153) |
Net change | (207) | 1,185 | (415) | 1,831 |
Ending balance | $ 53 | $ 678 | $ 53 | $ 678 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Unrealized gains/(losses) on investment securities: | ||||
Net change, Pre-tax | $ 113 | $ (5,445) | $ 3,710 | $ (17,835) |
Net change, Tax effect | 15 | 643 | (659) | 3,550 |
Total other comprehensive income/(loss), after–tax | 128 | (4,802) | 3,051 | (14,285) |
Unrealized gains/(losses) on investment securities | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | 95 | (5,456) | 2,137 | (15,658) |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | (21) | 1,308 | (511) | 3,758 |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | 74 | (4,148) | 1,626 | (11,900) |
Reclassification adjustment for realized (gains)/losses included in net income, Pre-tax | 900 | 153 | 1,768 | 547 |
Reclassification adjustment for realized (gains)/losses included in net income, Tax effect | (217) | (36) | (425) | (131) |
Reclassification adjustment for realized (gains)/losses included in net income, After-tax | 683 | 117 | 1,343 | 416 |
Net change, Pre-tax | 995 | (5,303) | 3,905 | (15,111) |
Net change, Tax effect | (238) | 1,272 | (936) | 3,627 |
Total other comprehensive income/(loss), after–tax | 757 | (4,031) | 2,969 | (11,484) |
Translation adjustments | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | 126 | (3,550) | 1,099 | (3,891) |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | 10 | 193 | (31) | 217 |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | 136 | (3,357) | 1,068 | (3,674) |
Reclassification adjustment for realized (gains)/losses included in net income, Pre-tax | (88) | 3,524 | (1,051) | 3,862 |
Reclassification adjustment for realized (gains)/losses included in net income, Tax effect | 22 | (846) | 250 | (929) |
Reclassification adjustment for realized (gains)/losses included in net income, After-tax | (66) | 2,678 | (801) | 2,933 |
Net change, Pre-tax | 38 | (26) | 48 | (29) |
Net change, Tax effect | 32 | (653) | 219 | (712) |
Total other comprehensive income/(loss), after–tax | 70 | (679) | 267 | (741) |
Reclassification of pre-tax loss related to net investment hedges | 0 | 0 | (41) | 0 |
Translation adjustments | Other Income | ||||
Unrealized gains/(losses) on investment securities: | ||||
Reclassification of pre-tax loss related to liquidation of legal entity | 0 | 0 | (5) | 0 |
Reclassification of pre-tax loss related to net investment hedges | 0 | 0 | (41) | 0 |
Fair value hedges, net change | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net change, Pre-tax | 15 | 67 | (13) | 212 |
Net change, Tax effect | (4) | (16) | 3 | (51) |
Total other comprehensive income/(loss), after–tax | 11 | 51 | (10) | 161 |
Cash flow hedges | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | (1,119) | (1,750) | (552) | (5,186) |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | 268 | 420 | 132 | 1,245 |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | (851) | (1,330) | (420) | (3,941) |
Reclassification adjustment for realized (gains)/losses included in net income, Pre-tax | 465 | (24) | 948 | (261) |
Reclassification adjustment for realized (gains)/losses included in net income, Tax effect | (111) | 6 | (227) | 63 |
Reclassification adjustment for realized (gains)/losses included in net income, After-tax | 354 | (18) | 721 | (198) |
Net change, Pre-tax | (654) | (1,774) | 396 | (5,447) |
Net change, Tax effect | 157 | 426 | (95) | 1,308 |
Total other comprehensive income/(loss), after–tax | (497) | (1,348) | 301 | (4,139) |
Defined benefit pension and OPEB plans, net change | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net change, Pre-tax | (8) | 33 | (79) | 123 |
Net change, Tax effect | 2 | (13) | 18 | (36) |
Total other comprehensive income/(loss), after–tax | (6) | 20 | (61) | 87 |
DVA on fair value option elected liabilities, net change | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net change, Pre-tax | (273) | 1,558 | (547) | 2,417 |
Net change, Tax effect | 66 | (373) | 132 | (586) |
Total other comprehensive income/(loss), after–tax | $ (207) | $ 1,185 | $ (415) | $ 1,831 |
Restricted Cash and Other Res_3
Restricted Cash and Other Restricted Assets (Details) - USD ($) $ in Billions | Jun. 30, 2023 | Dec. 31, 2022 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | $ 25.6 | $ 26.8 |
Cash and securities pledged with clearing organizations for the benefit of customers | 36.9 | 42.4 |
Fair value of securities restricted in relation to customer activity | 23.4 | 31.7 |
Deposits with banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 24.3 | 25.4 |
Cash and due from banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 1.3 | 1.4 |
Segregated for the benefit of securities and cleared derivative customers | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 17 | 18.7 |
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 | $ 8.6 | $ 8.1 |
Regulatory Capital (Details)
Regulatory Capital (Details) $ in Millions | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Cumulative effect of change in accounting principles | |||
Regulatory capital, assets and risk based ratios - supplemental information | |||
Capital transition provisions, CECL capital benefit recognized | $ 2,900 | ||
Capital transition provisions, CECL capital benefit recognized, excluding amount phased out | $ 1,400 | ||
JPMorgan Chase & Co. | |||
Leverage-based capital metrics: | |||
Adjusted average assets | $ 3,796,579 | $ 3,703,873 | |
Tier 1 leverage ratio | 0.069 | 0.066 | |
Total leverage exposure | $ 4,492,761 | $ 4,367,092 | |
SLR | 0.058 | 0.056 | |
Basel III Standardized | JPMorgan Chase & Co. | |||
Risk-based capital metrics: | |||
CET1 capital | $ 235,827 | $ 218,934 | |
Tier 1 capital | 262,585 | 245,631 | |
Total capital | 295,281 | 277,769 | |
Risk-weighted assets | $ 1,706,927 | $ 1,653,538 | |
CET1 capital ratio | 13.80% | 13.20% | |
Tier 1 capital ratio | 0.154 | 0.149 | |
Total capital ratio | 0.173 | 0.168 | |
Basel III Advanced | JPMorgan Chase & Co. | |||
Risk-based capital metrics: | |||
CET1 capital | $ 235,827 | $ 218,934 | |
Tier 1 capital | 262,585 | 245,631 | |
Total capital | 281,953 | 264,583 | |
Risk-weighted assets | $ 1,694,714 | $ 1,609,773 | |
CET1 capital ratio | 13.90% | 13.60% | |
Tier 1 capital ratio | 0.155 | 0.153 | |
Total capital ratio | 0.166 | 0.164 | |
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% | 5% | |
Regulatory capital, assets and risk based ratios - supplemental information | |||
GSIB surcharge | 4% | ||
Countercyclical buffer | 0 | ||
SLR, minimum requirement | 0.030 | 0.030 | |
SLR, supplementary leverage buffer requirements | 2% | 2% | |
Bank Holding Companies | Basel III Standardized | |||
Minimum risk-based capital ratios | |||
CET1 capital | 0.125 | 0.120 | |
Tier 1 capital | 0.140 | 0.135 | |
Total capital | 0.160 | 0.155 | |
Regulatory capital, assets and risk based ratios - supplemental information | |||
Stress capital buffer | 4% | ||
Bank Holding Companies | Basel III Advanced | |||
Minimum risk-based capital ratios | |||
CET1 capital | 0.110 | 0.105 | |
Tier 1 capital | 0.125 | 0.120 | |
Total capital | 0.145 | 0.140 | |
Regulatory capital, assets and risk based ratios - supplemental information | |||
Capital conservation buffer requirement | 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% | 6% | |
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 | |||
Capital conservation buffer requirement | 2.50% | 2.50% | |
SLR, minimum requirement | 0.030 | 0.030 | |
SLR, supplementary leverage buffer requirements | 3% | 3% | |
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 | $ 3,308,478 | $ 3,249,912 | |
Tier 1 leverage ratio | 0.084 | 0.083 | |
Total leverage exposure | $ 3,993,500 | $ 3,925,502 | |
SLR | 0.070 | 0.069 | |
JPMorgan Chase Bank, N.A. | Basel III Standardized | |||
Risk-based capital metrics: | |||
CET1 capital | $ 279,233 | $ 269,668 | |
Tier 1 capital | 279,236 | 269,672 | |
Total capital | 298,582 | 288,433 | |
Risk-weighted assets | $ 1,642,804 | $ 1,597,072 | |
CET1 capital ratio | 17% | 16.90% | |
Tier 1 capital ratio | 0.170 | 0.169 | |
Total capital ratio | 0.182 | 0.181 | |
JPMorgan Chase Bank, N.A. | Basel III Advanced | |||
Risk-based capital metrics: | |||
CET1 capital | $ 279,233 | $ 269,668 | |
Tier 1 capital | 279,236 | 269,672 | |
Total capital | 285,500 | 275,255 | |
Risk-weighted assets | $ 1,541,700 | $ 1,475,602 | |
CET1 capital ratio | 18.10% | 18.30% | |
Tier 1 capital ratio | 0.181 | 0.183 | |
Total capital ratio | 0.185 | 0.187 |
Off-balance Sheet Lending-rel_3
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | $ 1,473,420 | $ 1,326,782 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 1,046,208 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 174,776 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 213,014 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 39,422 | |
Off-balance sheet lending-related financial commitments, Carrying value | 5,054 | 2,817 |
Total Consumer | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 932,331 | 854,802 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 904,852 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 6,197 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 6,304 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 14,978 | |
Off-balance sheet lending-related financial commitments, Carrying value | 950 | 75 |
Total consumer, excluding credit card | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 50,846 | 33,518 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 23,367 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 6,197 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 6,304 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 14,978 | |
Off-balance sheet lending-related financial commitments, Carrying value | 950 | 75 |
Residential real estate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 34,033 | 21,287 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 9,164 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 5,873 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 6,304 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 12,692 | |
Off-balance sheet lending-related financial commitments, Carrying value | 714 | 75 |
Residential real estate | First Republic | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet lending-related financial commitments, Carrying value | 576 | |
Auto and other | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 16,813 | 12,231 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 14,203 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 324 | |
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 | 2,286 | |
Off-balance sheet lending-related financial commitments, Carrying value | 236 | 0 |
Auto and other | First Republic | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet lending-related financial commitments, Carrying value | 236 | |
Credit card | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 881,485 | 821,284 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 881,485 | |
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 | 541,089 | 471,980 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 141,356 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 168,579 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 206,710 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 24,444 | |
Off-balance sheet lending-related financial commitments, Carrying value | 4,104 | 2,742 |
Other unfunded commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 509,322 | 440,407 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 123,374 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 160,273 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 202,330 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 23,345 | |
Off-balance sheet lending-related financial commitments, Carrying value | 3,564 | 2,328 |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information | ||
Risk participations for other unfunded commitments to extend credit | 87 | 71 |
Other unfunded commitments to extend credit | First Republic | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet lending-related financial commitments, Carrying value | 1,600 | |
Standby letters of credit and other financial guarantees | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 28,406 | 27,439 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 14,960 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 8,073 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 4,274 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 1,099 | |
Off-balance sheet lending-related financial commitments, Carrying value | 517 | 408 |
Other guarantees and commitments, Carrying value | 371 | 326 |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information | ||
Risk participations for standby letters of credit and other financial guarantees | 8,000 | 8,200 |
Other letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 3,361 | 4,134 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 3,022 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 233 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 106 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 0 | |
Off-balance sheet lending-related financial commitments, Carrying value | 23 | 6 |
Other guarantees and commitments, Carrying value | 0 | 0 |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information | ||
Risk participations for other letters of credit | 425 | 512 |
Securities lending indemnification agreements and guarantees | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 296,547 | 283,386 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 296,547 | |
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 | ||
Indemnification agreement securities lending guarantees collateral held in support of | 312,600 | 298,500 |
Derivatives qualifying as guarantees | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 56,900 | 59,180 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 3,861 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 228 | |
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 11,959 | |
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 40,852 | |
Other guarantees and commitments, Carrying value | 181 | 649 |
Unsettled resale and securities borrowed agreements | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 109,141 | 116,975 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 108,556 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 585 | |
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 | (2) |
Unsettled repurchase and securities loaned agreements | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 93,358 | 66,407 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 92,811 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 547 | |
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 | (7) |
Mortgage repurchase liability | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loan sale and securitization-related indemnifications, Mortgage repurchase liability, Carrying value | 76 | 76 |
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 | 768 | 820 |
Loan sale and securitization-related indemnifications, Loans sold with recourse, Carrying value | 27 | 28 |
Exchange & clearing house guarantees and commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 140,102 | 191,068 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 140,102 | |
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 | 11,157 | 8,634 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 6,569 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 848 | |
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 166 | |
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 3,574 | |
Other guarantees and commitments, Carrying value | $ 43 | $ 53 |
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 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | ||||
Total lending-related commitments | $ 1,473,420 | $ 1,326,782 | ||
Allowance for lending-related commitments | 2,186 | 2,382 | $ 2,222 | $ 2,261 |
Total carrying value | 5,054 | 2,817 | ||
Standby letters of credit and other financial guarantees | ||||
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | ||||
Investment-grade | 19,574 | 19,205 | ||
Noninvestment-grade | 8,832 | 8,234 | ||
Total lending-related commitments | 28,406 | 27,439 | ||
Allowance for lending-related commitments | 146 | 82 | ||
Guarantee liability | 371 | 326 | ||
Total carrying value | 517 | 408 | ||
Commitments with collateral | 16,414 | 15,296 | ||
Other letters of credit | ||||
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | ||||
Investment-grade | 2,385 | 3,040 | ||
Noninvestment-grade | 976 | 1,094 | ||
Total lending-related commitments | 3,361 | 4,134 | ||
Allowance for lending-related commitments | 23 | 6 | ||
Guarantee liability | 0 | 0 | ||
Total carrying value | 23 | 6 | ||
Commitments with collateral | $ 549 | $ 795 |
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 | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Notional amounts | ||
Stable value contracts with contractually limited exposure | $ 58,331,000 | $ 49,476,000 |
JPMorgan Chase Financial Company LLC | ||
Fair value | ||
Direct-owned finance subsidiary ownership | 100% | |
Derivatives qualifying as guarantees | ||
Notional amounts | ||
Derivative guarantees | $ 56,900 | 59,180 |
Stable value contracts with contractually limited exposure | 31,715 | 31,820 |
Maximum exposure of stable value contracts with contractually limited exposure | 1,442 | 2,063 |
Fair value | ||
Derivative payables | $ 181 | $ 649 |
Pledged Assets and Collateral -
Pledged Assets and Collateral - Schedule of Pledged Assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | ||
Pledged assets and Collateral | |||||
Pledged assets | $ 3,868,240 | [1] | $ 3,665,743 | [1] | $ 3,841,314 |
Assets that may be sold or repledged or otherwise used by secured parties | |||||
Pledged assets and Collateral | |||||
Pledged assets | 161,300 | 110,800 | |||
Assets that may not be sold or repledged or otherwise used by secured parties | |||||
Pledged assets and Collateral | |||||
Pledged assets | 288,400 | 114,800 | |||
Assets that may not be sold or repledged or otherwise used by secured parties | First Republic | |||||
Pledged assets and Collateral | |||||
Pledged assets | 120,000 | ||||
Asset pledged | |||||
Pledged assets and Collateral | |||||
Pledged assets | 1,071,500 | 793,200 | |||
Assets pledged at Federal Reserve banks and FHLBs | Asset pledged | |||||
Pledged assets and Collateral | |||||
Pledged assets | 621,800 | $ 567,600 | |||
Assets pledged at Federal Reserve banks and FHLBs | Asset pledged | First Republic | |||||
Pledged assets and Collateral | |||||
Pledged assets | $ 23,700 | ||||
[1]The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at June 30, 2023, and December 31, 2022. 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 14 for a further discussion. (in millions) June 30, 2023 December 31, 2022 Assets Trading assets $ 2,368 $ 2,151 Loans 39,125 34,411 All other assets 532 550 Total assets $ 42,025 $ 37,112 Liabilities Beneficial interests issued by consolidated VIEs $ 19,647 $ 12,610 All other liabilities 247 279 Total liabilities $ 19,894 $ 12,889 |
Pledged Assets and Collateral_2
Pledged Assets and Collateral - Schedule of Collateral Received (Details) - USD ($) $ in Billions | Jun. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Collateral permitted to be sold or repledged, delivered, or otherwise used | $ 1,303.7 | $ 1,346.9 |
Collateral sold, repledged, delivered or otherwise used | $ 986.3 | $ 1,019.4 |
Litigation (Details)
Litigation (Details) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 36 Months Ended | 43 Months Ended | |||||||
Jun. 30, 2023 USD ($) | Aug. 31, 2022 USD ($) | Aug. 31, 2021 USD ($) | May 31, 2020 USD ($) | Sep. 30, 2018 USD ($) | Jun. 30, 2023 USD ($) claim | Dec. 31, 2022 claim | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2012 USD ($) action | Dec. 31, 2012 fund | Jun. 30, 2023 USD ($) | |
Loss Contingencies [Line Items] | ||||||||||||||
Legal expense | $ 420,000,000 | $ 73,000,000 | $ 596,000,000 | $ 192,000,000 | ||||||||||
Threatened or Pending Litigation | Minimum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Loss contingency range of possible loss | $ 0 | $ 0 | 0 | 0 | $ 0 | |||||||||
Threatened or Pending Litigation | Maximum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Loss contingency range of possible loss | $ 1,300,000,000 | $ 1,300,000,000 | $ 1,300,000,000 | $ 1,300,000,000 | 1,300,000,000 | |||||||||
1MDB Litigation, 2009 | J.P. Morgan (Suisse) SA | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Amount of claim | $ 300,000,000 | |||||||||||||
1MDB Litigation, 2010 | J.P. Morgan (Suisse) SA | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Amount of claim | $ 500,000,000 | |||||||||||||
Amrapali Litigation | JPMorgan India Private Limited | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Amount of claim | $ 31,500,000 | $ 25,000,000 | ||||||||||||
Number of offshore funds formerly managed by JPMorgan Chase entities | fund | 2 | |||||||||||||
Foreign Exchange Investigations and Litigation | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Loss contingency disqualification period | 10 years | |||||||||||||
Interchange Litigation | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of claims settled | action | 2 | |||||||||||||
Interchange Litigation | The Defendants | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Settlement amount | $ 900,000,000 | $ 5,300,000,000 | ||||||||||||
Payments for legal settlement | $ 700,000,000 | |||||||||||||
Settlements with merchants who opted out, percentage of combined card sales volume | 65% | 65% | 65% | 65% | 65% | |||||||||
Jeffrey Epstein Litigation | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Settlement amount | $ 290,000,000 | |||||||||||||
Number of claims filed | claim | 2 | |||||||||||||
Shareholder Derivative Suits | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of claims filed | claim | 2 |
Business Segments (Details)
Business Segments (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | [1] | |||
Segment Reporting Information [Line Items] | ||||||||
Number of reportable segments | segment | 4 | |||||||
Noninterest revenue | $ 19,528 | $ 15,587 | $ 37,166 | $ 32,432 | ||||
Net interest income | 21,779 | 15,128 | 42,490 | 29,000 | ||||
Total net revenue | 41,307 | 30,715 | 79,656 | 61,432 | ||||
Provision for credit losses | 2,899 | 1,101 | 5,174 | 2,564 | ||||
Noninterest expense | 20,822 | 18,749 | 40,929 | 37,940 | ||||
Income before income tax expense | 17,586 | 10,865 | 33,553 | 20,928 | ||||
Income tax expense/(benefit) | 3,114 | 2,216 | 6,459 | 3,997 | ||||
Net income | 14,472 | 8,649 | 27,094 | 16,931 | ||||
Average equity | 277,885 | 247,986 | 274,560 | 250,234 | ||||
Total assets | $ 3,868,240 | [1] | $ 3,841,314 | $ 3,868,240 | [1] | $ 3,841,314 | $ 3,665,743 | |
ROE | 20% | 13% | 19% | 13% | ||||
Overhead ratio | 50% | 61% | 51% | 62% | ||||
Operating Segments | Consumer & Community Banking | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Noninterest revenue | $ 3,543 | $ 3,850 | $ 7,166 | $ 7,705 | ||||
Net interest income | 13,690 | 8,708 | 26,523 | 17,035 | ||||
Total net revenue | 17,233 | 12,558 | 33,689 | 24,740 | ||||
Provision for credit losses | 1,862 | 761 | 3,264 | 1,439 | ||||
Noninterest expense | 8,313 | 7,658 | 16,378 | 15,313 | ||||
Income before income tax expense | 7,058 | 4,139 | 14,047 | 7,988 | ||||
Income tax expense/(benefit) | 1,752 | 1,031 | 3,498 | 1,972 | ||||
Net income | 5,306 | 3,108 | 10,549 | 6,016 | ||||
Average equity | 54,346 | 50,000 | 53,180 | 50,000 | ||||
Total assets | $ 620,193 | $ 500,219 | $ 620,193 | $ 500,219 | ||||
ROE | 38% | 24% | 39% | 23% | ||||
Overhead ratio | 48% | 61% | 49% | 62% | ||||
Operating Segments | Corporate & Investment Bank | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Noninterest revenue | $ 10,802 | $ 8,805 | $ 22,325 | $ 18,809 | ||||
Net interest income | 1,717 | 3,198 | 3,794 | 6,770 | ||||
Total net revenue | 12,519 | 12,003 | 26,119 | 25,579 | ||||
Provision for credit losses | 38 | 59 | 96 | 504 | ||||
Noninterest expense | 6,894 | 6,810 | 14,377 | 14,173 | ||||
Income before income tax expense | 5,587 | 5,134 | 11,646 | 10,902 | ||||
Income tax expense/(benefit) | 1,495 | 1,417 | 3,133 | 2,813 | ||||
Net income | 4,092 | 3,717 | 8,513 | 8,089 | ||||
Average equity | 108,000 | 103,000 | 108,000 | 103,000 | ||||
Total assets | $ 1,432,054 | $ 1,403,558 | $ 1,432,054 | $ 1,403,558 | ||||
ROE | 15% | 14% | 15% | 15% | ||||
Overhead ratio | 55% | 57% | 55% | 55% | ||||
Operating Segments | Commercial Banking | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Noninterest revenue | $ 835 | $ 904 | $ 1,616 | $ 1,771 | ||||
Net interest income | 3,153 | 1,779 | 5,883 | 3,310 | ||||
Total net revenue | 3,988 | 2,683 | 7,499 | 5,081 | ||||
Provision for credit losses | 1,097 | 209 | 1,514 | 366 | ||||
Noninterest expense | 1,300 | 1,156 | 2,608 | 2,285 | ||||
Income before income tax expense | 1,591 | 1,318 | 3,377 | 2,430 | ||||
Income tax expense/(benefit) | 383 | 324 | 822 | 586 | ||||
Net income | 1,208 | 994 | 2,555 | 1,844 | ||||
Average equity | 29,505 | 25,000 | 29,005 | 25,000 | ||||
Total assets | $ 305,280 | $ 242,456 | $ 305,280 | $ 242,456 | ||||
ROE | 16% | 15% | 17% | 14% | ||||
Overhead ratio | 33% | 43% | 35% | 45% | ||||
Operating Segments | Asset & Wealth Management | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Noninterest revenue | $ 3,358 | $ 3,084 | $ 6,691 | $ 6,323 | ||||
Net interest income | 1,585 | 1,222 | 3,036 | 2,298 | ||||
Total net revenue | 4,943 | 4,306 | 9,727 | 8,621 | ||||
Provision for credit losses | 145 | 44 | 173 | 198 | ||||
Noninterest expense | 3,163 | 2,919 | 6,254 | 5,779 | ||||
Income before income tax expense | 1,635 | 1,343 | 3,300 | 2,644 | ||||
Income tax expense/(benefit) | 409 | 339 | 707 | 632 | ||||
Net income | 1,226 | 1,004 | 2,593 | 2,012 | ||||
Average equity | 16,670 | 17,000 | 16,337 | 17,000 | ||||
Total assets | $ 247,118 | $ 235,553 | $ 247,118 | $ 235,553 | ||||
ROE | 29% | 23% | 31% | 23% | ||||
Overhead ratio | 64% | 68% | 64% | 67% | ||||
Corporate | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Noninterest revenue | $ 1,980 | $ (244) | $ 1,225 | $ (589) | ||||
Net interest income | 1,738 | 324 | 3,478 | (212) | ||||
Total net revenue | 3,718 | 80 | 4,703 | (801) | ||||
Provision for credit losses | (243) | 28 | 127 | 57 | ||||
Noninterest expense | 1,152 | 206 | 1,312 | 390 | ||||
Income before income tax expense | 2,809 | (154) | 3,264 | (1,248) | ||||
Income tax expense/(benefit) | 169 | 20 | 380 | (218) | ||||
Net income | 2,640 | (174) | 2,884 | (1,030) | ||||
Average equity | 69,364 | 52,986 | 68,038 | 55,234 | ||||
Total assets | 1,263,595 | 1,459,528 | 1,263,595 | 1,459,528 | ||||
Reconciling Items | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Noninterest revenue | (990) | (812) | (1,857) | (1,587) | ||||
Net interest income | (104) | (103) | (224) | (201) | ||||
Total net revenue | (1,094) | (915) | (2,081) | (1,788) | ||||
Provision for credit losses | 0 | 0 | 0 | 0 | ||||
Noninterest expense | 0 | 0 | 0 | 0 | ||||
Income before income tax expense | (1,094) | (915) | (2,081) | (1,788) | ||||
Income tax expense/(benefit) | (1,094) | (915) | (2,081) | (1,788) | ||||
Net income | 0 | 0 | 0 | 0 | ||||
Average equity | $ 0 | $ 0 | $ 0 | $ 0 | ||||
[1]The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at June 30, 2023, and December 31, 2022. 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 14 for a further discussion. (in millions) June 30, 2023 December 31, 2022 Assets Trading assets $ 2,368 $ 2,151 Loans 39,125 34,411 All other assets 532 550 Total assets $ 42,025 $ 37,112 Liabilities Beneficial interests issued by consolidated VIEs $ 19,647 $ 12,610 All other liabilities 247 279 Total liabilities $ 19,894 $ 12,889 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
May 09, 2023 USD ($) | May 01, 2023 USD ($) agreement | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 16, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | ||||||||
Preliminary bargain purchase gain | $ 2,712 | $ 0 | $ 2,712 | $ 0 | ||||
Deposits with banks | 469,059 | 469,059 | $ 539,537 | |||||
Provision for credit losses | 2,899 | $ 1,101 | 5,174 | $ 2,564 | ||||
Core Deposits | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets carrying value | 1,200 | 1,200 | ||||||
Intangible assets accumulated amortization | 30 | 30 | ||||||
Customer relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets carrying value | 183 | 183 | ||||||
Intangible assets accumulated amortization | 4 | 4 | ||||||
Commercial loans and other real estate | ||||||||
Business Acquisition [Line Items] | ||||||||
Recover period for shared-loss agreement | 3 years | |||||||
First Republic | ||||||||
Business Acquisition [Line Items] | ||||||||
Deposits with banks | $ 5,000 | |||||||
First Republic | Consortium of large U.S. banks | ||||||||
Business Acquisition [Line Items] | ||||||||
Deposits with banks | $ 30,000 | |||||||
First Republic | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration transferred | $ 67,899 | |||||||
Preliminary bargain purchase gain | $ 2,712 | |||||||
Number of shared-loss agreements | agreement | 2 | |||||||
Consideration transferred, effective settlement of deposit | $ 5,000 | |||||||
Settlement of securities financing transaction | 447 | |||||||
Consideration transferred, amounts payable | 3,700 | |||||||
Net income attributable to the acquisition since the acquisition date | 2,400 | 2,400 | ||||||
Provision for credit losses | 1,200 | |||||||
First Republic | Noninterest revenue | ||||||||
Business Acquisition [Line Items] | ||||||||
Revenue attributable to the acquisition since the acquisition date | 3,100 | 3,100 | ||||||
First Republic | Net interest income | ||||||||
Business Acquisition [Line Items] | ||||||||
Revenue attributable to the acquisition since the acquisition date | $ 897 | $ 897 | ||||||
First Republic | Core Deposits | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets acquired | $ 1,300 | |||||||
Estimated period of future cash flows | 7 years | |||||||
First Republic | Customer relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets acquired | $ 187 | |||||||
Estimated period of future cash flows | 7 years | |||||||
First Republic | Commercial loans and other real estate | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of credit losses covered under shared-loss agreement | 80% | |||||||
Term of shared-loss agreement | 5 years | |||||||
First Republic | Secured by mortgages on real property or cooperative shares that are a primary residence | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of credit losses covered under shared-loss agreement | 80% | |||||||
Term of shared-loss agreement | 7 years | |||||||
First Republic | Consortium of large U.S. banks | ||||||||
Business Acquisition [Line Items] | ||||||||
Deposits repaid | $ 25,000 | |||||||
First Republic | Purchase Money Note | ||||||||
Business Acquisition [Line Items] | ||||||||
Term of FDIC Purchase Money Note | 5 years | |||||||
Face amount of notes | $ 50,000 | |||||||
Fixed rate of FDCI Purchase Money Note | 3.40% |
Business Combinations - Computa
Business Combinations - Computation of Purchase Price and the Assets Acquired Net of Liabilities Assumed (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
May 01, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Liabilities | |||||
Estimated gain on acquisition, after income taxes | $ 2,712 | $ 0 | $ 2,712 | $ 0 | |
First Republic | |||||
Purchase price consideration | |||||
Amounts paid/due to the FDIC, net of cash acquired | $ 13,589 | ||||
Purchase Money Note (at fair value) | 48,848 | ||||
Settlement of First Republic deposit and other related party transactions | 5,447 | ||||
Contingent consideration - Shared-loss agreements | 15 | ||||
Purchase price consideration | 67,899 | ||||
Assets | |||||
Securities | 30,285 | ||||
Loans | 152,335 | ||||
Core deposit and customer relationship intangibles | 1,462 | ||||
Indemnification assets - Shared-loss agreements | 675 | ||||
Accounts receivable and other assets | 7,551 | ||||
Total assets acquired | 192,308 | ||||
Liabilities | |||||
Deposits | 87,507 | ||||
FHLB advances | 27,919 | ||||
Lending-related commitments | 2,409 | ||||
Accounts payable and other liabilities | 3,006 | ||||
Deferred tax liabilities | 856 | ||||
Total liabilities assumed | 121,697 | ||||
Fair value of net assets acquired | 70,611 | ||||
Estimated gain on acquisition, after income taxes | 2,712 | ||||
Cash paid at acquisition | 10,600 | ||||
Amounts payable | 3,700 | ||||
Cash acquired from acquisition | 680 | ||||
Consideration transferred, settlement of securities financing transaction | 447 | ||||
Tax-oriented investments | 1,200 | ||||
Right-of-use assets acquired | 756 | ||||
Tax-oriented investment liability | 669 | ||||
Lease liabilities assumed | $ 756 |
Business Combinations - Loans A
Business Combinations - Loans Acquired (Details) - First Republic $ in Millions | May 01, 2023 USD ($) |
Business Acquisition [Line Items] | |
UPB | $ 173,381 |
Fair value | 152,335 |
Consumer | |
Business Acquisition [Line Items] | |
UPB | 109,332 |
Fair value | 93,937 |
Consumer, excluding credit card | Residential real estate | |
Business Acquisition [Line Items] | |
UPB | 106,240 |
Fair value | 91,906 |
Consumer, excluding credit card | Auto and other | |
Business Acquisition [Line Items] | |
UPB | 3,092 |
Fair value | 2,031 |
Wholesale | |
Business Acquisition [Line Items] | |
UPB | 64,049 |
Fair value | 58,398 |
Wholesale | Secured by real estate | |
Business Acquisition [Line Items] | |
UPB | 37,119 |
Fair value | 33,605 |
Wholesale | Commercial and industrial | |
Business Acquisition [Line Items] | |
UPB | 4,333 |
Fair value | 3,933 |
Wholesale | Other | |
Business Acquisition [Line Items] | |
UPB | 22,597 |
Fair value | $ 20,860 |
Business Combinations - Unaudit
Business Combinations - Unaudited Pro Forma Information (Details) - First Republic - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Business Acquisition [Line Items] | ||||
Net income | $ 13,565 | $ 9,086 | $ 26,726 | $ 18,887 |
Noninterest revenue | ||||
Business Acquisition [Line Items] | ||||
Revenue | 16,924 | 15,853 | 34,832 | 35,675 |
Net interest income | ||||
Business Acquisition [Line Items] | ||||
Revenue | $ 22,184 | $ 16,180 | $ 44,084 | $ 30,997 |