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As Of Filer Filing For·On·As Docs:Size 11/02/21 JPMorgan Chase & Co. 10-Q 9/30/21 163:52M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 6.57M 2: EX-15 Letter re: Unaudited Interim Financial Info HTML 45K 3: EX-31.1 Certification -- §302 - SOA'02 HTML 46K 4: EX-31.2 Certification -- §302 - SOA'02 HTML 46K 5: EX-32 Certification -- §906 - SOA'02 HTML 47K 12: R1 Cover HTML 120K 13: R2 Consolidated Statements of Income (Unaudited) HTML 147K 14: R3 Consolidated Statements of Comprehensive Income HTML 82K (Unaudited) 15: R4 Consolidated Balance Sheets (Unaudited) HTML 168K 16: R5 Consolidated Balance Sheets (Unaudited) HTML 97K (Parenthetical) 17: R6 Consolidated Statements of Changes in HTML 117K Stockholders' Equity (Unaudited) 18: R7 Consolidated Statements of Changes in HTML 45K Stockholders' Equity (Unaudited) (Parenthetical) 19: R8 Consolidated Statements of Cash Flows (Unaudited) HTML 166K 20: R9 Basis of Presentation HTML 51K 21: R10 Fair Value Measurement HTML 1.08M 22: R11 Fair Value Option HTML 226K 23: R12 Derivative Instruments HTML 561K 24: R13 Noninterest Revenue and Noninterest Expense HTML 141K 25: R14 Interest Income and Interest Expense HTML 94K 26: R15 Pension and Other Postretirement Employee Benefit HTML 89K Plans 27: R16 Employee Share-based Incentives HTML 57K 28: R17 Investment Securities HTML 317K 29: R18 Securities Financing Activities HTML 124K 30: R19 Loans HTML 680K 31: R20 Allowance for Credit Losses HTML 183K 32: R21 Variable Interest Entities HTML 241K 33: R22 Goodwill and Mortgage Servicing Rights HTML 152K 34: R23 Deposits HTML 60K 35: R24 Leases HTML 77K 36: R25 Preferred Stock HTML 141K 37: R26 Earnings per Share HTML 76K 38: R27 Accumulated Other Comprehensive Income/(Loss) HTML 212K 39: R28 Restricted Cash and Other Restricted Assets HTML 53K 40: R29 Regulatory Capital HTML 133K 41: R30 Off-balance Sheet Lending-related Financial HTML 166K Instruments, Guarantees, and Other Commitments 42: R31 Pledged Assets and Collateral HTML 59K 43: R32 Litigation HTML 77K 44: R33 Business Segments HTML 195K 45: R34 Basis of Presentation (Policies) HTML 70K 46: R35 Fair Value Measurement (Tables) HTML 1.07M 47: R36 Fair Value Option (Tables) HTML 223K 48: R37 Derivative Instruments (Tables) HTML 583K 49: R38 Noninterest Revenue and Noninterest Expense HTML 151K (Tables) 50: R39 Interest Income and Interest Expense (Tables) HTML 93K 51: R40 Pension and Other Postretirement Employee Benefit HTML 88K Plans (Tables) 52: R41 Employee Share-based Incentives (Tables) HTML 57K 53: R42 Investment Securities (Tables) HTML 318K 54: R43 Securities Financing Activities (Tables) HTML 124K 55: R44 Loans (Tables) HTML 672K 56: R45 Allowance for Credit Losses (Tables) HTML 181K 57: R46 Variable Interest Entities (Tables) HTML 241K 58: R47 Goodwill and Mortgage Servicing Rights (Tables) HTML 154K 59: R48 Deposits (Tables) HTML 58K 60: R49 Leases (Tables) HTML 60K 61: R50 Preferred Stock (Tables) HTML 145K 62: R51 Earnings per Share (Tables) HTML 75K 63: R52 Accumulated Other Comprehensive Income/(Loss) HTML 214K (Tables) 64: R53 Restricted Cash and Other Restricted Assets HTML 51K (Tables) 65: R54 Regulatory Capital (Tables) HTML 129K 66: R55 Off-balance Sheet Lending-related Financial HTML 159K Instruments, Guarantees, and Other Commitments (Tables) 67: R56 Pledged Assets and Collateral (Tables) HTML 59K 68: R57 Business Segments (Tables) HTML 191K 69: R58 Basis of Presentation (Details) HTML 50K 70: R59 Fair Value Measurement - 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jpm-20210930 |
For the quarterly period ended | Commission file | |||||||||||||
i September 30, 2021 | number | i 1-5805 |
i Delaware | i 13-2624428 | ||||||||||
(State
or other jurisdiction of incorporation or organization) | (I.R.S. employer identification no.) | ||||||||||
i 383 Madison Avenue, | |||||||||||
i New York, | i New York | i 10179 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
i Common stock | i JPM | i The New York Stock Exchange | ||||||
i Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD | i JPM PR D | i The New York Stock Exchange | ||||||
i Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE | i JPM PR C | i The New York Stock Exchange | ||||||
i Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG | i JPM PR J | i The New York Stock Exchange | ||||||
i Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ | i JPM PR K | i The New York Stock Exchange | ||||||
i Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL | i JPM PR L | i The New York Stock Exchange | ||||||
i Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM | i JPM PR M | i The New York Stock Exchange | ||||||
i Alerian MLP Index ETNs due May 24, 2024 | i AMJ | i NYSE Arca, Inc. | ||||||
i Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC | i JPM/32 | i The New York Stock Exchange |
i Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | ||||||||
Emerging growth company | i ☐ | ||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
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As of or for the period
ended, (in millions, except per share, ratio, headcount data and where otherwise noted) | Nine months ended Sept 30, | |||||||||||||||||||||||||||||||
3Q21 | 2Q21 | 1Q21 | 4Q20 | 3Q20 | 2021 | 2020 | ||||||||||||||||||||||||||
Selected income statement data | ||||||||||||||||||||||||||||||||
Total net revenue(a) | $ | 29,647 | $ | 30,479 | $ | 32,266 | $ | 29,335 | $ | 29,255 | $ | 92,392 | $ | 90,616 | ||||||||||||||||||
Total noninterest expense | 17,063 | 17,667 | 18,725 | 16,048 | 16,875 | 53,455 | 50,608 | |||||||||||||||||||||||||
Pre-provision profit(b) | 12,584 | 12,812 | 13,541 | 13,287 | 12,380 | 38,937 | 40,008 | |||||||||||||||||||||||||
Provision for credit losses | (1,527) | (2,285) | (4,156) | (1,889) | 611 | (7,968) | 19,369 | |||||||||||||||||||||||||
Income before income tax expense | 14,111 | 15,097 | 17,697 | 15,176 | 11,769 | 46,905 | 20,639 | |||||||||||||||||||||||||
Income
tax expense(a) | 2,424 | 3,149 | 3,397 | 3,040 | 2,326 | 8,970 | 3,644 | |||||||||||||||||||||||||
Net income | $ | 11,687 | $ | 11,948 | $ | 14,300 | $ | 12,136 | $ | 9,443 | $ | 37,935 | $ | 16,995 | ||||||||||||||||||
Earnings per share data | ||||||||||||||||||||||||||||||||
Net income: Basic | $ | 3.74 | $ | 3.79 | $ | 4.51 | $ | 3.80 | $ | 2.93 | $ | 12.05 | $ | 5.10 | ||||||||||||||||||
Diluted | 3.74 | 3.78 | 4.50 | 3.79 | 2.92 | 12.02 | 5.09 | |||||||||||||||||||||||||
Average shares: Basic | 2,999.9 | 3,036.6 | 3,073.5 | 3,079.7 | 3,077.8 | 3,036.4 | 3,083.3 | |||||||||||||||||||||||||
Diluted | 3,005.1 | 3,041.9 | 3,078.9 | 3,085.1 | 3,082.8 | 3,041.7 | 3,088.1 | |||||||||||||||||||||||||
Market and per common share data | ||||||||||||||||||||||||||||||||
Market capitalization | 483,748 | 464,778 | 460,820 | 387,492 | 293,451 | 483,748 | 293,451 | |||||||||||||||||||||||||
Common shares at period-end | 2,955.3 | 2,988.2 | 3,027.1 | 3,049.4 | 3,048.2 | 2,955.3 | 3,048.2 | |||||||||||||||||||||||||
Book value per share | 86.36 | 84.85 | 82.31 | 81.75 | 79.08 | 86.36 | 79.08 | |||||||||||||||||||||||||
Tangible
book value per share (“TBVPS”)(b) | 69.87 | 68.91 | 66.56 | 66.11 | 63.93 | 69.87 | 63.93 | |||||||||||||||||||||||||
Cash dividends declared per share | 1.00 | 0.90 | 0.90 | 0.90 | 0.90 | 2.80 | 2.70 | |||||||||||||||||||||||||
Selected ratios and metrics | ||||||||||||||||||||||||||||||||
Return on common equity (“ROE”)(c) | 18 | % | 18 | % | 23 | % | 19 | % | 15 | % | 20 | % | 9 | % | ||||||||||||||||||
Return
on tangible common equity (“ROTCE”)(b)(c) | 22 | 23 | 29 | 24 | 19 | 24 | 11 | |||||||||||||||||||||||||
Return on assets(c) | 1.24 | 1.29 | 1.61 | 1.42 | 1.14 | 1.37 | 0.72 | |||||||||||||||||||||||||
Overhead ratio | 58 | 58 | 58 | 55 | 58 | 58 | 56 | |||||||||||||||||||||||||
Loans-to-deposits ratio | 43 | 45 | 44 | 47 | 49 | 43 | 49 | |||||||||||||||||||||||||
Firm
Liquidity coverage ratio (“LCR”) (average)(d) | 112 | 111 | 110 | 110 | 114 | 112 | 114 | |||||||||||||||||||||||||
JPMorgan Chase Bank, N.A. LCR (average)(d) | 174 | 171 | 166 | 160 | 157 | 174 | 157 | |||||||||||||||||||||||||
Common
equity Tier 1 (“CET1”) capital ratio(e) | 12.9 | 13.0 | 13.1 | 13.1 | 13.1 | 12.9 | 13.1 | |||||||||||||||||||||||||
Tier 1 capital ratio(e) | 15.0 | 15.1 | 15.0 | 15.0 | 15.0 | 15.0 | 15.0 | |||||||||||||||||||||||||
Total
capital ratio(e) | 16.9 | 17.1 | 17.2 | 17.3 | 17.3 | 16.9 | 17.3 | |||||||||||||||||||||||||
Tier 1 leverage ratio(e) | 6.6 | 6.6 | 6.7 | 7.0 | 7.0 | 6.6 | 7.0 | |||||||||||||||||||||||||
Supplementary
leverage ratio (“SLR”)(e) | 5.5 | 5.4 | 6.7 | 6.9 | 7.0 | 5.5 | 7.0 | |||||||||||||||||||||||||
Selected
balance sheet data (period-end) | ||||||||||||||||||||||||||||||||
Trading assets | $ | 515,901 | $ | 520,588 | $ | 544,052 | $ | 503,126 | $ | 505,822 | $ | 515,901 | $ | 505,822 | ||||||||||||||||||
Investment securities, net of allowance for credit losses | 595,132 | 573,637 | 597,394 | 589,999 | 531,136 | 595,132 | 531,136 | |||||||||||||||||||||||||
Loans | 1,044,615 | 1,040,954 | 1,011,307 | 1,012,853 | 989,740 | 1,044,615 | 989,740 | |||||||||||||||||||||||||
Total
assets(a) | 3,757,576 | 3,684,256 | 3,689,336 | 3,384,757 | 3,245,061 | 3,757,576 | 3,245,061 | |||||||||||||||||||||||||
Deposits | 2,402,353 | 2,305,217 | 2,278,112 | 2,144,257 | 2,001,416 | 2,402,353 | 2,001,416 | |||||||||||||||||||||||||
Long-term debt | 298,465 | 299,926 | 279,427 | 281,685 | 279,175 | 298,465 | 279,175 | |||||||||||||||||||||||||
Common stockholders’ equity | 255,203 | 253,548 | 249,151 | 249,291 | 241,050 | 255,203 | 241,050 | |||||||||||||||||||||||||
Total stockholders’ equity | 290,041 | 286,386 | 280,714 | 279,354 | 271,113 | 290,041 | 271,113 | |||||||||||||||||||||||||
Headcount | 265,790 | 260,110 | 259,350 | 255,351 | 256,358 | 265,790 | 256,358 | |||||||||||||||||||||||||
Credit quality metrics | ||||||||||||||||||||||||||||||||
Allowances for loan losses and lending-related commitments | $ | 20,455 | $ | 22,498 | $ | 25,517 | $ | 30,737 | $ | 33,637 | $ | 20,455 | $ | 33,637 | ||||||||||||||||||
Allowance for loan losses to total retained loans | 1.86 | % | 2.02 | % | 2.42 | % | 2.95 | % | 3.26 | % | 1.86 | % | 3.26 | % | ||||||||||||||||||
Nonperforming assets | $ | 8,882 | $ | 9,802 | $ | 10,257 | $ | 10,906 | $ | 11,462 | $ | 8,882 | $ | 11,462 | ||||||||||||||||||
Net charge-offs | 524 | 734 | 1,057 | 1,050 | 1,180 | 2,315 | 4,209 | |||||||||||||||||||||||||
Net charge-off rate | 0.21 | % | 0.31 | % | 0.45 | % | 0.44 | % | 0.49 | % | 0.32 | % | 0.58 | % |
INTRODUCTION |
EXECUTIVE OVERVIEW |
Financial performance of JPMorgan Chase | |||||||||||||||||||||||||||||||||||
(unaudited) As of or for the period ended, (in millions, except per share data and ratios) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Selected
income statement data | |||||||||||||||||||||||||||||||||||
Total net revenue(a) | $ | 29,647 | $ | 29,255 | 1 | % | $ | 92,392 | $ | 90,616 | 2 | % | |||||||||||||||||||||||
Total noninterest expense | 17,063 | 16,875 | 1 | 53,455 | 50,608 | 6 | |||||||||||||||||||||||||||||
Pre-provision profit | 12,584 | 12,380 | 2 | 38,937 | 40,008 | (3) | |||||||||||||||||||||||||||||
Provision for credit losses | (1,527) | 611 | NM | (7,968) | 19,369 | NM | |||||||||||||||||||||||||||||
Net income | 11,687 | 9,443 | 24 | 37,935 | 16,995 | 123 | |||||||||||||||||||||||||||||
Diluted earnings per share | $ | 3.74 | $ | 2.92 | 28 | $ | 12.02 | $ | 5.09 | 136 | |||||||||||||||||||||||||
Selected ratios and metrics | |||||||||||||||||||||||||||||||||||
Return on common equity | 18% | 15% | 20% | 9% | |||||||||||||||||||||||||||||||
Return on tangible common equity | 22 | 19 | 24 | 11 | |||||||||||||||||||||||||||||||
Book value per share | $ | 86.36 | $ | 79.08 | 9 | $ | 86.36 | $ | 79.08 | 9 | |||||||||||||||||||||||||
Tangible book value per share | 69.87 | 63.93 | 9 | 69.87 | 63.93 | 9 | |||||||||||||||||||||||||||||
Capital
ratios(b) | |||||||||||||||||||||||||||||||||||
CET1 capital | 12.9% | 13.1% | 12.9% | 13.1% | |||||||||||||||||||||||||||||||
Tier 1 capital | 15.0 | 15.0 | 15.0 | 15.0 | |||||||||||||||||||||||||||||||
Total capital | 16.9 | 17.3 | 16.9 | 17.3 |
CCB ROE 34% | •Average
deposits up 20%; client investment assets up 29% •Average loans down 2% YoY and up 1% QoQ; Card net charge-off rate of 1.39% •Debit and credit card sales volume(a) up 26% •Active mobile customers up 10% | |||||||
CIB ROE 26% | •#1 ranking for Global Investment Banking fees with 9.4% wallet share YTD •Total Markets revenue of $6.3 billion, down 5%, with Fixed Income
Markets down 20% and Equity Markets up 30% | |||||||
CB ROE 22% | •Gross Investment Banking revenue of $1.3 billion, up 60% •Average loans down 7% YoY and 1% QoQ; average deposits up 21% | |||||||
AWM ROE 33% | •Assets under management ("AUM") of $3.0 trillion, up 17% •Average
loans up 20% YoY and 3% QoQ; average deposits up 41% |
$2.4 trillion | Total credit provided and capital raised (including loans and commitments)(a) | ||||||||||
$238 billion | Credit for consumers | ||||||||||
$15 billion | Credit for U.S. small businesses | ||||||||||
$957 billion | Credit for corporations | ||||||||||
$1.2 trillion | Capital raised for corporate clients and non-U.S. government entities | ||||||||||
$46 billion | Credit and capital raised for nonprofit and U.S. government entities(b) | ||||||||||
$11 billion | Loans under the Small Business Administration’s Paycheck Protection Program |
CONSOLIDATED RESULTS OF OPERATIONS |
Revenue | |||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Investment banking fees | $ | 3,282 | $ | 2,187 | 50 | % | $ | 9,722 | $ | 6,903 | 41 | % | |||||||||||||||||||||||
Principal transactions | 3,546 | 4,142 | (14) | 14,122 | 14,700 | (4) | |||||||||||||||||||||||||||||
Lending- and deposit-related fees | 1,801 | 1,647 | 9 | 5,248 | 4,784 | 10 | |||||||||||||||||||||||||||||
Asset management, administration and commissions | 5,257 | 4,470 | 18 | 15,480 | 13,276 | 17 | |||||||||||||||||||||||||||||
Investment securities gains/(losses) | (256) | 473 | NM | (397) | 732 | NM | |||||||||||||||||||||||||||||
Mortgage fees and related income | 600 | 1,087 | (45) | 1,855 | 2,324 | (20) | |||||||||||||||||||||||||||||
Card income | 1,005 | 1,169 | (14) | 4,002 | 3,138 | 28 | |||||||||||||||||||||||||||||
Other
income(a)(b) | 1,332 | 1,067 | 25 | 3,650 | 3,454 | 6 | |||||||||||||||||||||||||||||
Noninterest revenue | 16,567 | 16,242 | 2 | 53,682 | 49,311 | 9 | |||||||||||||||||||||||||||||
Net interest income | 13,080 | 13,013 | 1 | 38,710 | 41,305 | (6) | |||||||||||||||||||||||||||||
Total net revenue | $ | 29,647 | $ | 29,255 | 1 | % | $ | 92,392 | $ | 90,616 | 2 | % |
Provision for credit losses | |||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Consumer, excluding credit card | $ | (31) | $ | (336) | 91 | % | $ | (1,823) | $ | 1,874 | NM | ||||||||||||||||||||||||
Credit card | (355) | 1,028 | NM | (3,917) | 10,119 | NM | |||||||||||||||||||||||||||||
Total consumer | (386) | 692 | NM | (5,740) | 11,993 | NM | |||||||||||||||||||||||||||||
Wholesale | (1,127) | (178) | NM | (2,223) | 7,266 | NM | |||||||||||||||||||||||||||||
Investment securities | (14) | 97 | NM | (5) | 110 | NM | |||||||||||||||||||||||||||||
Total provision for credit losses | $ | (1,527) | $ | 611 | NM | $ | (7,968) | $ | 19,369 | NM |
Noninterest expense | |||||||||||||||||||||||||||||||||||
(in millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Compensation expense | $ | 9,087 | $ | 8,630 | 5 | % | $ | 29,502 | $ | 27,034 | 9 | % | |||||||||||||||||||||||
Noncompensation expense: | |||||||||||||||||||||||||||||||||||
Occupancy | 1,109 | 1,142 | (3) | 3,314 | 3,288 | 1 | |||||||||||||||||||||||||||||
Technology, communications and equipment | 2,473 | 2,564 | (4) | 7,480 | 7,732 | (3) | |||||||||||||||||||||||||||||
Professional and outside services | 2,523 | 2,178 | 16 | 7,111 | 6,205 | 15 | |||||||||||||||||||||||||||||
Marketing | 712 | 470 | 51 | 2,089 | 1,751 | 19 | |||||||||||||||||||||||||||||
Other
expense(a)(b) | 1,159 | 1,891 | (39) | 3,959 | 4,598 | (14) | |||||||||||||||||||||||||||||
Total noncompensation expense | 7,976 | 8,245 | (3) | 23,953 | 23,574 | 2 | |||||||||||||||||||||||||||||
Total noninterest expense | $ | 17,063 | $ | 16,875 | 1 | % | $ | 53,455 | $ | 50,608 | 6 | % |
Income tax expense | |||||||||||||||||||||||||||||||||||
(in millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Income before income tax expense | $ | 14,111 | $ | 11,769 | 20 | % | $ | 46,905 | $ | 20,639 | 127 | % | |||||||||||||||||||||||
Income tax expense(a) | 2,424 | 2,326 | 4 | 8,970 | 3,644 | 146 | |||||||||||||||||||||||||||||
Effective
tax rate(a) | 17.2 | % | 19.8 | % | 19.1 | % | 17.7 | % |
CONSOLIDATED BALANCE SHEETS AND CASH FLOWS ANALYSIS |
Selected Consolidated balance sheets data | ||||||||||||||
(in millions) | September
30, 2021 | December 31, 2020 | Change | |||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | 25,857 | $ | 24,874 | 4 | % | ||||||||
Deposits with banks | 734,012 | 502,735 | 46 | |||||||||||
Federal funds sold and securities purchased under resale agreements | 282,161 | 296,284 | (5) | |||||||||||
Securities borrowed | 202,987 | 160,635 | 26 | |||||||||||
Trading assets | 515,901 | 503,126 | 3 | |||||||||||
Available-for-sale securities | 251,590 | 388,178 | (35) | |||||||||||
Held-to-maturity securities, net of allowance for credit losses | 343,542 | 201,821 | 70 | |||||||||||
Investment securities, net of allowance for credit losses | 595,132 | 589,999 | 1 | |||||||||||
Loans | 1,044,615 | 1,012,853 | 3 | |||||||||||
Allowance for loan losses | (18,150) | (28,328) | (36) | |||||||||||
Loans, net of allowance for loan losses | 1,026,465 | 984,525 | 4 | |||||||||||
Accrued interest and accounts receivable | 116,395 | 90,503 | 29 | |||||||||||
Premises and equipment | 26,996 | 27,109 | — | |||||||||||
Goodwill, MSRs and other intangible assets | 56,566 | 53,428 | 6 | |||||||||||
Other assets(a) | 175,104 | 151,539 | 16 | |||||||||||
Total assets | $ | 3,757,576 | $ | 3,384,757 | 11 | % | ||||||||
Selected Consolidated balance sheets data (continued) | ||||||||||||||
(in millions) | September
30, 2021 | December 31, 2020 | Change | |||||||||||
Liabilities | ||||||||||||||
Deposits | $ | 2,402,353 | $ | 2,144,257 | 12 | % | ||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements | 254,920 | 215,209 | 18 | |||||||||||
Short-term borrowings | 50,393 | 45,208 | 11 | |||||||||||
Trading liabilities | 179,543 | 170,181 | 6 | |||||||||||
Accounts
payable and other liabilities(a) | 268,604 | 231,285 | 16 | |||||||||||
Beneficial interests issued by consolidated variable interest entities (“VIEs”) | 13,257 | 17,578 | (25) | |||||||||||
Long-term debt | 298,465 | 281,685 | 6 | |||||||||||
Total liabilities | 3,467,535 | 3,105,403 | 12 | |||||||||||
Stockholders’ equity | 290,041 | 279,354 | 4 | |||||||||||
Total liabilities and stockholders’ equity | $ | 3,757,576 | $ | 3,384,757 | 11 | % |
(in millions) | Nine months ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Net
cash provided by/(used in) | ||||||||||||||||||||||||||
Operating activities | $ | (7,011) | $ | (51,858) | ||||||||||||||||||||||
Investing activities | (29,186) | (198,206) | ||||||||||||||||||||||||
Financing
activities | 278,015 | 470,687 | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | (9,558) | 3,268 | ||||||||||||||||||||||||
Net increase in cash and due from banks and deposits with banks | $ | 232,260 | $ | 223,891 |
OFF-BALANCE SHEET ARRANGEMENTS |
Type of off-balance sheet arrangement | Location of disclosure | Page references | ||||||
Special-purpose entities: variable interests and other obligations, including contingent obligations, arising from variable interests in nonconsolidated VIEs | Refer to Note 13 | 155-160 | ||||||
Off-balance sheet lending-related financial instruments, guarantees, and other commitments | Refer to Note 22 | 172-175 |
EXPLANATION
AND RECONCILIATION OF THE FIRM’S USE OF NON-GAAP FINANCIAL MEASURES |
Three months ended September 30, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Reported | Fully taxable-equivalent adjustments(b) | Managed basis | Reported | Fully taxable-equivalent adjustments(b) | Managed basis | |||||||||||||||||||||||||||||||||||
Other
income(a) | $ | 1,332 | $ | 690 | $ | 2,022 | $ | 1,067 | $ | 582 | $ | 1,649 | |||||||||||||||||||||||||||||
Total noninterest revenue | 16,567 | 690 | 17,257 | 16,242 | 582 | 16,824 | |||||||||||||||||||||||||||||||||||
Net interest income | 13,080 | 104 | 13,184 | 13,013 | 104 | 13,117 | |||||||||||||||||||||||||||||||||||
Total net revenue | 29,647 | 794 | 30,441 | 29,255 | 686 | 29,941 | |||||||||||||||||||||||||||||||||||
Total noninterest expense | 17,063 | NA | 17,063 | 16,875 | NA | 16,875 | |||||||||||||||||||||||||||||||||||
Pre-provision profit | 12,584 | 794 | 13,378 | 12,380 | 686 | 13,066 | |||||||||||||||||||||||||||||||||||
Provision for credit losses | (1,527) | NA | (1,527) | 611 | NA | 611 | |||||||||||||||||||||||||||||||||||
Income before income tax expense | 14,111 | 794 | 14,905 | 11,769 | 686 | 12,455 | |||||||||||||||||||||||||||||||||||
Income tax expense(a) | 2,424 | 794 | 3,218 | 2,326 | 686 | 3,012 | |||||||||||||||||||||||||||||||||||
Net income | $ | 11,687 | NA | $ | 11,687 | $ | 9,443 | NA | $ | 9,443 | |||||||||||||||||||||||||||||||
Overhead
ratio(a) | 58 | % | NM | 56 | % | 58 | % | NM | 56 | % | |||||||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Reported | Fully taxable-equivalent adjustments(b) | Managed basis | Reported | Fully taxable-equivalent adjustments(b) | Managed basis | |||||||||||||||||||||||||||||||||||
Other
income(a) | $ | 3,650 | $ | 2,241 | $ | 5,891 | $ | 3,454 | $ | 1,831 | $ | 5,285 | |||||||||||||||||||||||||||||
Total noninterest revenue | 53,682 | 2,241 | 55,923 | 49,311 | 1,831 | 51,142 | |||||||||||||||||||||||||||||||||||
Net interest income | 38,710 | 322 | 39,032 | 41,305 | 321 | 41,626 | |||||||||||||||||||||||||||||||||||
Total net revenue | 92,392 | 2,563 | 94,955 | 90,616 | 2,152 | 92,768 | |||||||||||||||||||||||||||||||||||
Total noninterest expense | 53,455 | NA | 53,455 | 50,608 | NA | 50,608 | |||||||||||||||||||||||||||||||||||
Pre-provision profit | 38,937 | 2,563 | 41,500 | 40,008 | 2,152 | 42,160 | |||||||||||||||||||||||||||||||||||
Provision for credit losses | (7,968) | NA | (7,968) | 19,369 | NA | 19,369 | |||||||||||||||||||||||||||||||||||
Income before income tax expense | 46,905 | 2,563 | 49,468 | 20,639 | 2,152 | 22,791 | |||||||||||||||||||||||||||||||||||
Income tax expense(a) | 8,970 | 2,563 | 11,533 | 3,644 | 2,152 | 5,796 | |||||||||||||||||||||||||||||||||||
Net income | $ | 37,935 | NA | $ | 37,935 | $ | 16,995 | NA | $ | 16,995 | |||||||||||||||||||||||||||||||
Overhead
ratio(a) | 58 | % | NM | 56 | % | 56 | % | NM | 55 | % | |||||||||||||||||||||||||||||||
(in millions, except rates) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||
Net interest income – reported | $ | 13,080 | $ | 13,013 | 1 | % | $ | 38,710 | $ | 41,305 | (6) | % | |||||||||||||||||
Fully
taxable-equivalent adjustments | 104 | 104 | — | 322 | 321 | — | |||||||||||||||||||||||
Net interest income – managed basis(a) | $ | 13,184 | $ | 13,117 | 1 | $ | 39,032 | $ | 41,626 | (6) | |||||||||||||||||||
Less:
CIB Markets net interest income(b) | 1,967 | 2,076 | (5) | 6,177 | 6,208 | — | |||||||||||||||||||||||
Net interest income excluding CIB Markets(a) | $ | 11,217 | $ | 11,041 | 2 | $ | 32,855 | $ | 35,418 | (7) | |||||||||||||||||||
Average interest-earning assets | $ | 3,219,786 | $ | 2,874,974 | 12 | $ | 3,174,858 | $ | 2,720,636 | 17 | |||||||||||||||||||
Less: Average CIB Markets interest-earning assets(b) | 894,892 | 730,141 | 23 | 881,547 | 753,748 | 17 | |||||||||||||||||||||||
Average
interest-earning assets excluding CIB Markets | $ | 2,324,894 | $ | 2,144,833 | 8 | % | $ | 2,293,311 | $ | 1,966,888 | 17 | % | |||||||||||||||||
Net yield on average interest-earning
assets – managed basis | 1.62 | % | 1.82 | % | 1.64 | % | 2.04 | % | |||||||||||||||||||||
Net yield on average CIB Markets interest-earning assets(b) | 0.87 | 1.13 | 0.94 | 1.10 | |||||||||||||||||||||||||
Net
yield on average interest-earning assets excluding CIB Markets | 1.91 | % | 2.05 | % | 1.92 | % | 2.41 | % |
Period-end | Average | |||||||||||||||||||||||||
(in millions, except per share and ratio data) | Sep 30, 2021 | Dec 31, 2020 | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Common stockholders’ equity | $ | 255,203 | $ | 249,291 | $ | 253,556 | $ | 236,797 | $ | 250,011 | $ | 235,251 | ||||||||||||||
Less: Goodwill | 50,313 | 49,248 | 49,457 | 47,820 | 49,323 | 47,812 | ||||||||||||||||||||
Less: Other intangible assets | 902 | 904 | 849 | 769 | 868 | 791 | ||||||||||||||||||||
Add:
Certain deferred tax liabilities(a) | 2,500 | 2,453 | 2,480 | 2,401 | 2,465 | 2,393 | ||||||||||||||||||||
Tangible common equity | $ | 206,488 | $ | 201,592 | $ | 205,730 | $ | 190,609 | $ | 202,285 | $ | 189,041 | ||||||||||||||
Return on tangible common equity | NA | NA | 22 | % | 19 | % | 24 | % | 11 | % | ||||||||||||||||
Tangible book value per share | $ | 69.87 | $ | 66.11 | NA | NA | NA | NA |
BUSINESS SEGMENT RESULTS |
Three months ended September 30, | Consumer & Community Banking | Corporate & Investment Bank | Commercial Banking | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2021 | 2020 | Change | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||
Total net revenue | $ | 12,521 | $ | 12,895 | (3)% | $ | 12,396 | $ | 11,546 | 7% | $ | 2,520 | $ | 2,285 | 10% | ||||||||||||||||||||
Total noninterest expense | 7,238 | 6,912 | 5 | 5,871 | 5,832 | 1 | 1,032 | 969 | 7 | ||||||||||||||||||||||||||
Pre-provision profit/(loss) | 5,283 | 5,983 | (12) | 6,525 | 5,714 | 14 | 1,488 | 1,316 | 13 | ||||||||||||||||||||||||||
Provision for credit losses | (459) | 795 | NM | (638) | (81) | NM | (363) | (147) | (147) | ||||||||||||||||||||||||||
Net income/(loss) | 4,341 | 3,871 | 12 | 5,562 | 4,309 | 29 | 1,407 | 1,086 | 30 | ||||||||||||||||||||||||||
Return on equity (“ROE”) | 34% | 29% | 26 | % | 21% | 22 | % | 19% |
Three months ended September 30, | Asset & Wealth Management | Corporate | Total | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2021 | 2020 | Change | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||
Total net revenue | $ | 4,300 | $ | 3,554 | 21% | $ | (1,296) | $ | (339) | (282)% | $ | 30,441 | $ | 29,941 | 2% | ||||||||||||||||||||
Total noninterest expense | 2,762 | 2,443 | 13 | 160 | 719 | (78) | 17,063 | 16,875 | 1 | ||||||||||||||||||||||||||
Pre-provision profit/(loss) | 1,538 | 1,111 | 38 | (1,456) | (1,058) | (38) | 13,378 | 13,066 | 2 | ||||||||||||||||||||||||||
Provision for credit losses | (60) | (52) | (15) | (7) | 96 | NM | (1,527) | 611 | NM | ||||||||||||||||||||||||||
Net income/(loss) | 1,194 | 876 | 36 | (817) | (699) | (17) | 11,687 | 9,443 | 24 | ||||||||||||||||||||||||||
ROE | 33 | % | 32% | NM | NM | 18 | % | 15% |
Nine months ended September 30, | Consumer & Community Banking | Corporate & Investment Bank | Commercial Banking | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2021 | 2020 | Change | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||
Total net revenue | $ | 37,798 | $ | 38,540 | (2)% | $ | 40,215 | $ | 37,932 | 6% | $ | 7,396 | $ | 6,850 | 8% | ||||||||||||||||||||
Total noninterest expense | 21,502 | 20,948 | 3 | 19,498 | 18,599 | 5 | 2,982 | 2,848 | 5 | ||||||||||||||||||||||||||
Pre-provision profit/(loss) | 16,296 | 17,592 | (7) | 20,717 | 19,333 | 7 | 4,414 | 4,002 | 10 | ||||||||||||||||||||||||||
Provision for credit losses | (5,929) | 12,395 | NM | (1,048) | 3,307 | NM | (858) | 3,294 | NM | ||||||||||||||||||||||||||
Net income/(loss) | 16,703 | 3,892 | 329 | 16,287 | 11,745 | 39 | 3,995 | 544 | NM | ||||||||||||||||||||||||||
ROE | 44% | 9% | 25% | 19% | 21 | % | 2% |
Nine months ended September 30, | Asset & Wealth Management | Corporate | Total | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2021 | 2020 | Change | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||
Total net revenue | $ | 12,484 | $ | 10,373 | 20% | $ | (2,938) | $ | (927) | (217)% | $ | 94,955 | $ | 92,768 | 2% | ||||||||||||||||||||
Total noninterest expense | 7,922 | 7,201 | 10 | 1,551 | 1,012 | 53 | 53,455 | 50,608 | 6 | ||||||||||||||||||||||||||
Pre-provision profit/(loss) | 4,562 | 3,172 | 44 | (4,489) | (1,939) | (132) | 41,500 | 42,160 | (2) | ||||||||||||||||||||||||||
Provision for credit losses | (191) | 265 | NM | 58 | 108 | (46) | (7,968) | 19,369 | NM | ||||||||||||||||||||||||||
Net income/(loss) | 3,591 | 2,206 | 63 | (2,641) | (1,392) | (90) | 37,935 | 16,995 | 123 | ||||||||||||||||||||||||||
ROE | 33 | % | 27% | NM | NM | 20 | % | 9% |
CONSUMER & COMMUNITY BANKING |
Selected income statement data | |||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||
Lending- and deposit-related fees | $ | 786 | $ | 771 | 2 | % | $ | 2,281 | $ | 2,360 | (3) | % | |||||||||||||||||||||||
Asset management, administration and commissions | 893 | 703 | 27 | 2,564 | 2,045 | 25 | |||||||||||||||||||||||||||||
Mortgage fees and related income | 596 | 1,076 | (45) | 1,847 | 2,313 | (20) | |||||||||||||||||||||||||||||
Card income | 651 | 826 | (21) | 2,888 | 2,145 | 35 | |||||||||||||||||||||||||||||
All other income | 1,212 | 1,487 | (18) | 3,872 | 4,319 | (10) | |||||||||||||||||||||||||||||
Noninterest revenue | 4,138 | 4,863 | (15) | 13,452 | 13,182 | 2 | |||||||||||||||||||||||||||||
Net interest income | 8,383 | 8,032 | 4 | 24,346 | 25,358 | (4) | |||||||||||||||||||||||||||||
Total net revenue | 12,521 | 12,895 | (3) | 37,798 | 38,540 | (2) | |||||||||||||||||||||||||||||
Provision for credit losses | (459) | 795 | NM | (5,929) | 12,395 | NM | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Compensation expense | 3,012 | 2,804 | 7 | 8,965 | 8,280 | 8 | |||||||||||||||||||||||||||||
Noncompensation
expense(a) | 4,226 | 4,108 | 3 | 12,537 | 12,668 | (1) | |||||||||||||||||||||||||||||
Total noninterest expense | 7,238 | 6,912 | 5 | 21,502 | 20,948 | 3 | |||||||||||||||||||||||||||||
Income before income tax expense | 5,742 | 5,188 | 11 | 22,225 | 5,197 | 328 | |||||||||||||||||||||||||||||
Income tax expense | 1,401 | 1,317 | 6 | 5,522 | 1,305 | 323 | |||||||||||||||||||||||||||||
Net income | $ | 4,341 | $ | 3,871 | 12 | $ | 16,703 | $ | 3,892 | 329 | |||||||||||||||||||||||||
Revenue by line of business | |||||||||||||||||||||||||||||||||||
Consumer & Business Banking | $ | 6,157 | $ | 5,697 | 8 | $ | 17,808 | $ | 17,211 | 3 | |||||||||||||||||||||||||
Home Lending | 1,400 | 1,714 | (18) | 4,207 | 4,562 | (8) | |||||||||||||||||||||||||||||
Card & Auto | 4,964 | 5,484 | (9) | 15,783 | 16,767 | (6) | |||||||||||||||||||||||||||||
Mortgage
fees and related income details: | |||||||||||||||||||||||||||||||||||
Production revenue | 614 | 765 | (20) | 1,888 | 1,826 | 3 | |||||||||||||||||||||||||||||
Net
mortgage servicing revenue(b) | (18) | 311 | NM | (41) | 487 | NM | |||||||||||||||||||||||||||||
Mortgage fees and related income | $ | 596 | $ | 1,076 | (45) | % | $ | 1,847 | $ | 2,313 | (20) | % | |||||||||||||||||||||||
Financial ratios | |||||||||||||||||||||||||||||||||||
Return on equity | 34 | % | 29 | % | 44 | % | 9 | % | |||||||||||||||||||||||||||
Overhead ratio | 58 | 54 | 57 | 54 |
Selected metrics | |||||||||||||||||||||||||||||||||||
As of or for the three months ended September 30, | As of or for the nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions, except headcount) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Selected
balance sheet data (period-end) | |||||||||||||||||||||||||||||||||||
Total assets | $ | 493,169 | $ | 487,063 | 1 | % | $ | 493,169 | $ | 487,063 | 1 | % | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Consumer
& Business Banking(a) | 40,659 | 49,646 | (18) | 40,659 | 49,646 | (18) | |||||||||||||||||||||||||||||
Home Lending(b) | 179,489 | 188,561 | (5) | 179,489 | 188,561 | (5) | |||||||||||||||||||||||||||||
Card | 143,166 | 140,377 | 2 | 143,166 | 140,377 | 2 | |||||||||||||||||||||||||||||
Auto | 68,391 | 62,304 | 10 | 68,391 | 62,304 | 10 | |||||||||||||||||||||||||||||
Total loans | 431,705 | 440,888 | (2) | 431,705 | 440,888 | (2) | |||||||||||||||||||||||||||||
Deposits | 1,093,852 | 909,198 | 20 | 1,093,852 | 909,198 | 20 | |||||||||||||||||||||||||||||
Equity | 50,000 | 52,000 | (4) | 50,000 | 52,000 | (4) | |||||||||||||||||||||||||||||
Selected
balance sheet data (average) | |||||||||||||||||||||||||||||||||||
Total assets | $ | 491,512 | $ | 490,094 | — | $ | 487,107 | $ | 506,726 | (4) | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Consumer
& Business Banking | 43,256 | 49,596 | (13) | 47,469 | 40,901 | 16 | |||||||||||||||||||||||||||||
Home Lending(c) | 181,150 | 192,172 | (6) | 180,276 | 200,980 | (10) | |||||||||||||||||||||||||||||
Card | 141,950 | 140,386 | 1 | 137,687 | 148,445 | (7) | |||||||||||||||||||||||||||||
Auto | 67,785 | 60,345 | 12 | 67,313 | 60,514 | 11 | |||||||||||||||||||||||||||||
Total loans | 434,141 | 442,499 | (2) | 432,745 | 450,840 | (4) | |||||||||||||||||||||||||||||
Deposits | 1,076,323 | 895,535 | 20 | 1,034,947 | 825,493 | 25 | |||||||||||||||||||||||||||||
Equity | 50,000 | 52,000 | (4) | 50,000 | 52,000 | (4) | |||||||||||||||||||||||||||||
Headcount | 126,586 | 122,905 | 3 | % | 126,586 | 122,905 | 3 | % |
Selected metrics | |||||||||||||||||||||||||||||||||||
As of or for the three months ended September 30, | As of or for the nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions, except ratio data) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Credit data and quality statistics | |||||||||||||||||||||||||||||||||||
Nonaccrual loans(a)(b)(c) | $ | 5,000 | $ | 5,144 | (3) | % | $ | 5,000 | $ | 5,144 | (3) | % | |||||||||||||||||||||||
Net charge-offs/(recoveries) | |||||||||||||||||||||||||||||||||||
Consumer & Business Banking | 66 | 54 | 22 | 203 | 188 | 8 | |||||||||||||||||||||||||||||
Home Lending | (74) | 8 | NM | (204) | (119) | (71) | |||||||||||||||||||||||||||||
Card | 495 | 1,028 | (52) | 2,233 | 3,519 | (37) | |||||||||||||||||||||||||||||
Auto | 4 | 5 | (20) | 14 | 98 | (86) | |||||||||||||||||||||||||||||
Total net charge-offs/(recoveries) | $ | 491 | $ | 1,095 | (55) | $ | 2,246 | $ | 3,686 | (39) | |||||||||||||||||||||||||
Net charge-off/(recovery) rate | |||||||||||||||||||||||||||||||||||
Consumer & Business Banking(d) | 0.61 | % | 0.43 | % | 0.57 | % | 0.61 | % | |||||||||||||||||||||||||||
Home Lending | (0.18) | 0.02 | (0.16) | (0.08) | |||||||||||||||||||||||||||||||
Card | 1.39 | 2.92 | 2.18 | 3.17 | |||||||||||||||||||||||||||||||
Auto | 0.02 | 0.03 | 0.03 | 0.22 | |||||||||||||||||||||||||||||||
Total net charge-off/(recovery) rate | 0.47 | % | 1.01 | % | 0.72 | % | 1.12 | % | |||||||||||||||||||||||||||
30+
day delinquency rate(e) | |||||||||||||||||||||||||||||||||||
Home Lending(f) | 1.06 | % | 1.62 | % | 1.06 | % | 1.62 | % | |||||||||||||||||||||||||||
Card | 1.00 | 1.57 | 1.00 | 1.57 | |||||||||||||||||||||||||||||||
Auto | 0.46 | 0.54 | 0.46 | 0.54 | |||||||||||||||||||||||||||||||
90+
day delinquency rate - Card(e) | 0.49 | % | 0.69 | % | 0.49 | % | 0.69 | % | |||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||
Consumer & Business Banking | $ | 797 | $ | 1,372 | (42) | $ | 797 | $ | 1,372 | (42) | |||||||||||||||||||||||||
Home Lending | 630 | 2,685 | (77) | 630 | 2,685 | (77) | |||||||||||||||||||||||||||||
Card | 11,650 | 17,800 | (35) | 11,650 | 17,800 | (35) | |||||||||||||||||||||||||||||
Auto | 813 | 1,044 | (22) | 813 | 1,044 | (22) | |||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 13,890 | $ | 22,901 | (39) | % | $ | 13,890 | $ | 22,901 | (39) | % |
Selected metrics | |||||||||||||||||||||||||||||||||||
As of or for the three months ended September 30, | As of or for the nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(in billions, except ratios and where otherwise noted) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Business Metrics | |||||||||||||||||||||||||||||||||||
Number of branches | 4,854 | 4,960 | (2) | % | 4,854 | 4,960 | (2) | % | |||||||||||||||||||||||||||
Active
digital customers (in thousands)(a) | 57,961 | 54,779 | 6 | 57,961 | 54,779 | 6 | |||||||||||||||||||||||||||||
Active mobile customers (in thousands)(b) | 44,333 | 40,164 | 10 | 44,333 | 40,164 | 10 | |||||||||||||||||||||||||||||
Debit
and credit card sales volume | $ | 349.9 | $ | 278.2 | 26 | $ | 984.5 | $ | 781.8 | 26 | |||||||||||||||||||||||||
Consumer
& Business Banking | |||||||||||||||||||||||||||||||||||
Average deposits | $ | 1,056.3 | $ | 874.3 | 21 | $ | 1,015.5 | $ | 807.2 | 26 | |||||||||||||||||||||||||
Deposit
margin | 1.29 | % | 1.43 | % | 1.29 | % | 1.64 | % | |||||||||||||||||||||||||||
Business banking origination volume(c) | $ | 0.8 | $ | 1.4 | (38) | $ | 13.1 | $ | 25.9 | (50) | |||||||||||||||||||||||||
Client
investment assets(d) | 681.5 | 529.2 | 29 | 681.5 | 529.2 | 29 | |||||||||||||||||||||||||||||
Number of client advisors | 4,689 | 4,290 | 9 | 4,689 | 4,290 | 9 | |||||||||||||||||||||||||||||
Home
Lending | |||||||||||||||||||||||||||||||||||
Mortgage origination volume by channel | |||||||||||||||||||||||||||||||||||
Retail | $ | 23.7 | $ | 20.7 | 14 | $ | 69.4 | $ | 52.8 | 31 | |||||||||||||||||||||||||
Correspondent
| 17.9 | 8.3 | 116 | 51.1 | 28.5 | 79 | |||||||||||||||||||||||||||||
Total mortgage origination volume(e) | $ | 41.6 | $ | 29.0 | 43 | $ | 120.5 | $ | 81.3 | 48 | |||||||||||||||||||||||||
Third-party
mortgage loans serviced (period-end) | 509.3 | 454.8 | 12 | 509.3 | 454.8 | 12 | |||||||||||||||||||||||||||||
MSR carrying value (period-end) | 5.3 | 3.0 | 77 | 5.3 | 3.0 | 77 | |||||||||||||||||||||||||||||
Ratio
of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) | 1.04 | % | 0.66 | % | 1.04 | % | 0.66 | % | |||||||||||||||||||||||||||
MSR revenue multiple(f) | 3.85 | x | 2.28 | x | 3.85 | x | 2.28 | x | |||||||||||||||||||||||||||
Credit
Card | |||||||||||||||||||||||||||||||||||
Credit card sales volume, excluding Commercial Card | $ | 232.0 | $ | 178.1 | 30 | $ | 639.4 | $ | 505.7 | 26 | |||||||||||||||||||||||||
Net revenue rate | 9.74 | % | 10.96 | % | 10.84 | % | 10.82 | % | |||||||||||||||||||||||||||
Auto | |||||||||||||||||||||||||||||||||||
Loan
and lease origination volume | $ | 11.5 | $ | 11.4 | 1 | $ | 35.1 | $ | 27.4 | 28 | |||||||||||||||||||||||||
Average auto operating lease assets | 18.8 | 21.7 | (14) | % | 19.5 | 22.4 | (13) | % |
CORPORATE & INVESTMENT BANK |
Selected income statement data | |||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||
Investment banking fees | $ | 3,297 | $ | 2,165 | 52 | % | $ | 9,857 | $ | 6,919 | 42 | % | |||||||||||||||||||||||
Principal transactions | 3,577 | 3,990 | (10) | 13,648 | 14,578 | (6) | |||||||||||||||||||||||||||||
Lending- and deposit-related fees | 634 | 546 | 16 | 1,860 | 1,496 | 24 | |||||||||||||||||||||||||||||
Asset management, administration and commissions | 1,240 | 1,086 | 14 | 3,772 | 3,495 | 8 | |||||||||||||||||||||||||||||
All other income | 313 | 331 | (5) | 924 | 830 | 11 | |||||||||||||||||||||||||||||
Noninterest revenue | 9,061 | 8,118 | 12 | 30,061 | 27,318 | 10 | |||||||||||||||||||||||||||||
Net interest income | 3,335 | 3,428 | (3) | 10,154 | 10,614 | (4) | |||||||||||||||||||||||||||||
Total net revenue(a) | 12,396 | 11,546 | 7 | 40,215 | 37,932 | 6 | |||||||||||||||||||||||||||||
Provision for credit losses | (638) | (81) | NM | (1,048) | 3,307 | NM | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Compensation expense | 2,827 | 2,651 | 7 | 10,738 | 9,654 | 11 | |||||||||||||||||||||||||||||
Noncompensation expense | 3,044 | 3,181 | (4) | 8,760 | 8,945 | (2) | |||||||||||||||||||||||||||||
Total noninterest expense | 5,871 | 5,832 | 1 | 19,498 | 18,599 | 5 | |||||||||||||||||||||||||||||
Income
before income tax expense | 7,163 | 5,795 | 24 | 21,765 | 16,026 | 36 | |||||||||||||||||||||||||||||
Income tax expense | 1,601 | 1,486 | 8 | 5,478 | 4,281 | 28 | |||||||||||||||||||||||||||||
Net income | $ | 5,562 | $ | 4,309 | 29 | % | $ | 16,287 | $ | 11,745 | 39 | % | |||||||||||||||||||||||
Financial ratios | |||||||||||||||||||||||||||||||||||
Return on equity | 26 | % | 21 | % | 25 | % | 19 | % | |||||||||||||||||||||||||||
Overhead ratio | 47 | 51 | 48 | 49 | |||||||||||||||||||||||||||||||
Compensation
expense as percentage of total net revenue | 23 | 23 | 27 | 25 |
Selected income statement data | |||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Revenue by business | |||||||||||||||||||||||||||||||||||
Investment Banking | $ | 3,025 | $ | 2,087 | 45 | % | $ | 9,300 | $ | 6,374 | 46 | % | |||||||||||||||||||||||
Wholesale Payments | 1,624 | 1,332 | 22 | 4,469 | 4,133 | 8 | |||||||||||||||||||||||||||||
Lending | 244 | 333 | (27) | 738 | 953 | (23) | |||||||||||||||||||||||||||||
Total Banking | 4,893 | 3,752 | 30 | 14,507 | 11,460 | 27 | |||||||||||||||||||||||||||||
Fixed Income Markets | 3,672 | 4,597 | (20) | 13,531 | 16,928 | (20) | |||||||||||||||||||||||||||||
Equity Markets | 2,597 | 1,999 | 30 | 8,575 | 6,616 | 30 | |||||||||||||||||||||||||||||
Securities Services | 1,126 | 1,029 | 9 | 3,264 | 3,200 | 2 | |||||||||||||||||||||||||||||
Credit
Adjustments & Other(a) | 108 | 169 | (36) | 338 | (272) | NM | |||||||||||||||||||||||||||||
Total Markets & Securities Services | 7,503 | 7,794 | (4) | 25,708 | 26,472 | (3) | |||||||||||||||||||||||||||||
Total net revenue | $ | 12,396 | $ | 11,546 | 7 | % | $ | 40,215 | $ | 37,932 | 6 | % |
Selected metrics | |||||||||||||||||||||||||||||||||||
As of or for the three months ended September 30, | As of or for the nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions, except headcount) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Selected
balance sheet data (period-end) | |||||||||||||||||||||||||||||||||||
Total assets(a) | $ | 1,355,752 | $ | 1,088,282 | 25 | % | $ | 1,355,752 | $ | 1,088,282 | 25 | % | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Loans
retained(b) | 151,211 | 126,841 | 19 | 151,211 | 126,841 | 19 | |||||||||||||||||||||||||||||
Loans held-for-sale and loans at fair value(c) | 52,436 | 33,046 | 59 | 52,436 | 33,046 | 59 | |||||||||||||||||||||||||||||
Total loans | 203,647 | 159,887 | 27 | 203,647 | 159,887 | 27 | |||||||||||||||||||||||||||||
Equity | 83,000 | 80,000 | 4 | 83,000 | 80,000 | 4 | |||||||||||||||||||||||||||||
Selected
balance sheet data (average) | |||||||||||||||||||||||||||||||||||
Total assets(a) | $ | 1,331,240 | $ | 1,099,618 | 21 | $ | 1,332,244 | $ | 1,116,072 | 19 | |||||||||||||||||||||||||
Trading
assets-debt and equity instruments(d) | 442,623 | 430,149 | 3 | 461,728 | 417,686 | 11 | |||||||||||||||||||||||||||||
Trading assets-derivative receivables(d) | 64,730 | 73,978 | (13) | 69,159 | 67,858 | 2 | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Loans
retained(b) | $ | 149,826 | $ | 131,187 | 14 | $ | 142,286 | $ | 137,996 | 3 | |||||||||||||||||||||||||
Loans held-for-sale and loans at fair value(c) | 53,712 | 30,205 | 78 | 50,616 | 32,974 | 54 | |||||||||||||||||||||||||||||
Total loans | $ | 203,538 | $ | 161,392 | 26 | $ | 192,902 | $ | 170,970 | 13 | |||||||||||||||||||||||||
Equity | 83,000 | 80,000 | 4 | 83,000 | 80,000 | 4 | |||||||||||||||||||||||||||||
Headcount(e) | 66,267 | 61,830 | 7 | % | 66,267 | 61,830 | 7 | % |
Selected metrics | |||||||||||||||||||||||||||||||||||
As
of or for the three months ended September 30, | As of or for the nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Credit data and quality statistics | |||||||||||||||||||||||||||||||||||
Net
charge-offs/(recoveries) | $ | 2 | $ | 23 | (91) | % | $ | (17) | $ | 282 | NM | ||||||||||||||||||||||||
Nonperforming assets: | |||||||||||||||||||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||||||||||||||||||
Nonaccrual loans retained(a) | $ | 547 | $ | 1,178 | (54) | $ | 547 | $ | 1,178 | (54) | |||||||||||||||||||||||||
Nonaccrual
loans held-for-sale and loans at fair value(b) | 1,234 | 2,111 | (42) | 1,234 | 2,111 | (42) | |||||||||||||||||||||||||||||
Total nonaccrual loans | 1,781 | 3,289 | (46) | 1,781 | 3,289 | (46) | |||||||||||||||||||||||||||||
Derivative receivables | 393 | 140 | 181 | 393 | 140 | 181 | |||||||||||||||||||||||||||||
Assets acquired in loan satisfactions | 95 | 88 | 8 | 95 | 88 | 8 | |||||||||||||||||||||||||||||
Total nonperforming assets | $ | 2,269 | $ | 3,517 | (35) | $ | 2,269 | $ | 3,517 | (35) | |||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||
Allowance
for loan losses(c) | $ | 1,442 | $ | 2,863 | (50) | $ | 1,442 | $ | 2,863 | (50) | |||||||||||||||||||||||||
Allowance for lending-related commitments(c) | 1,426 | 1,706 | (16) | 1,426 | 1,706 | (16) | |||||||||||||||||||||||||||||
Total
allowance for credit losses | $ | 2,868 | $ | 4,569 | (37) | % | $ | 2,868 | $ | 4,569 | (37) | % | |||||||||||||||||||||||
Net charge-off/(recovery)
rate(c)(d) | 0.01 | % | 0.07 | % | (0.02) | % | 0.27 | % | |||||||||||||||||||||||||||
Allowance for loan losses to period-end loans retained(c) | 0.95 | 2.26 | 0.95 | 2.26 | |||||||||||||||||||||||||||||||
Allowance
for loan losses to period-end loans retained, excluding trade finance and conduits(c)(e) | 1.29 | 3.15 | 1.29 | 3.15 | |||||||||||||||||||||||||||||||
Allowance for loan losses to nonaccrual loans retained(a)(c) | 264 | 243 | 264 | 243 | |||||||||||||||||||||||||||||||
Nonaccrual loans to total period-end loans | 0.87 | % | 2.06 | % | 0.87 | % | 2.06 | % |
Investment
banking fees | |||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Advisory | $ | 1,228 | $ | 428 | 187 | % | $ | 2,824 | $ | 1,533 | 84 | % | |||||||||||||||||||||||
Equity
underwriting | 1,032 | 732 | 41 | 3,151 | 2,040 | 54 | |||||||||||||||||||||||||||||
Debt underwriting(a) | 1,037 | 1,005 | 3 | 3,882 | 3,346 | 16 | |||||||||||||||||||||||||||||
Total
investment banking fees | $ | 3,297 | $ | 2,165 | 52 | % | $ | 9,857 | $ | 6,919 | 42 | % |
League table results – wallet share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | Full-year 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rank | Share | Rank | Share | Rank | Share | Rank | Share | Rank | Share | ||||||||||||||||||||||||||||||||||||||||||||||||||
Based
on fees(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
M&A(b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global | # | 2 | 9.9 | % | # | 2 | 9.0 | % | # | 2 | 9.5 | % | # | 2 | 9.0 | % | # | 2 | 9.0 | % | |||||||||||||||||||||||||||||||||||||||
U.S. | 3 | 10.5 | 1 | 11.6 | 2 | 10.1 | 2 | 9.6 | 2 | 9.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity
and equity-related(c) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global | 2 | 9.5 | 3 | 8.1 | 2 | 9.3 | 2 | 9.8 | 2 | 8.9 | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | 2 | 12.5 | 2 | 11.7 | 2 | 11.6 | 2 | 12.8 | 2 | 12.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Long-term
debt(d) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global | 2 | 7.0 | 1 | 8.3 | 1 | 8.5 | 1 | 9.0 | 1 | 8.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | 2 | 9.1 | 1 | 11.9 | 1 | 12.0 | 1 | 12.7 | 1 | 12.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loan
syndications | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global | 2 | 7.6 | 1 | 14.2 | 1 | 11.0 | 1 | 11.3 | 1 | 11.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | 2 | 8.7 | 1 | 17.8 | 1 | 12.5 | 1 | 13.4 | 1 | 12.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Global
investment banking fees(e) | # | 2 | 8.8 | % | # | 1 | 8.9 | % | # | 1 | 9.4 | % | # | 1 | 9.5 | % | # | 1 | 9.2 | % |
Three months ended September 30, | Three months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in millions) | Fixed Income Markets | Equity Markets | Total Markets | Fixed Income Markets | Equity Markets | Total Markets | |||||||||||||||||
Principal
transactions | $ | 1,624 | $ | 1,864 | $ | 3,488 | $ | 2,411 | $ | 1,402 | $ | 3,813 | |||||||||||
Lending- and deposit-related fees | 83 | 4 | 87 | 62 | 3 | 65 | |||||||||||||||||
Asset
management, administration and commissions | 127 | 467 | 594 | 100 | 437 | 537 | |||||||||||||||||
All other income | 173 | (40) | 133 | 138 | (33) | 105 | |||||||||||||||||
Noninterest revenue | 2,007 | 2,295 | 4,302 | 2,711 | 1,809 | 4,520 | |||||||||||||||||
Net interest income | 1,665 | 302 | 1,967 | 1,886 | 190 | 2,076 | |||||||||||||||||
Total net revenue | $ | 3,672 | $ | 2,597 | $ | 6,269 | $ | 4,597 | $ | 1,999 | $ | 6,596 | |||||||||||
Nine months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in millions) | Fixed Income Markets | Equity Markets | Total Markets | Fixed Income Markets | Equity Markets | Total Markets | |||||||||||||||||
Principal
transactions | $ | 7,113 | $ | 6,225 | $ | 13,338 | $ | 10,205 | $ | 4,862 | $ | 15,067 | |||||||||||
Lending- and deposit-related fees | 234 | 12 | 246 | 157 | 7 | 164 | |||||||||||||||||
Asset
management, administration and commissions | 377 | 1,496 | 1,873 | 304 | 1,542 | 1,846 | |||||||||||||||||
All other income | 532 | (60) | 472 | 315 | (56) | 259 | |||||||||||||||||
Noninterest revenue | 8,256 | 7,673 | 15,929 | 10,981 | 6,355 | 17,336 | |||||||||||||||||
Net interest income | 5,275 | 902 | 6,177 | 5,947 | 261 | 6,208 | |||||||||||||||||
Total net revenue | $ | 13,531 | $ | 8,575 | $ | 22,106 | $ | 16,928 | $ | 6,616 | $ | 23,544 |
Selected metrics | |||||||||||||||||||||||||||||||||||
As of or for the three months ended September 30, | As of or for the nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions, except where otherwise noted) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Assets
under custody (“AUC”) by asset class (period-end) (in billions): | |||||||||||||||||||||||||||||||||||
Fixed Income | $ | 15,799 | $ | 15,360 | 3 | % | $ | 15,799 | $ | 15,360 | 3 | % | |||||||||||||||||||||||
Equity | 12,276 | 9,914 | 24 | 12,276 | 9,914 | 24 | |||||||||||||||||||||||||||||
Other(a) | 3,887 | 3,354 | 16 | 3,887 | 3,354 | 16 | |||||||||||||||||||||||||||||
Total AUC | $ | 31,962 | $ | 28,628 | 12 | $ | 31,962 | $ | 28,628 | 12 | |||||||||||||||||||||||||
Merchant processing volume (in billions)(b) | $ | 470.9 | $ | 406.1 | 16 | $ | 1,371.8 | $ | 1,152.8 | 19 | |||||||||||||||||||||||||
Client
deposits and other third-party liabilities (average)(c) | $ | 714,376 | $ | 634,961 | 13 | % | $ | 714,039 | $ | 585,955 | 22 | % |
International metrics | |||||||||||||||||||||||||||||||||||
As of or for the three months ended September 30, | As of or for the nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions, except where otherwise noted) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Total
net revenue(a) | |||||||||||||||||||||||||||||||||||
Europe/Middle East/Africa | $ | 3,201 | $ | 3,126 | 2 | % | $ | 11,045 | $ | 10,694 | 3 | % | |||||||||||||||||||||||
Asia-Pacific | 1,973 | 1,909 | 3 | 6,026 | 5,881 | 2 | |||||||||||||||||||||||||||||
Latin America/Caribbean | 526 | 423 | 24 | 1,480 | 1,517 | (2) | |||||||||||||||||||||||||||||
Total international net revenue | 5,700 | 5,458 | 4 | 18,551 | 18,092 | 3 | |||||||||||||||||||||||||||||
North America | 6,696 | 6,088 | 10 | 21,664 | 19,840 | 9 | |||||||||||||||||||||||||||||
Total net revenue | $ | 12,396 | $ | 11,546 | 7 | $ | 40,215 | $ | 37,932 | 6 | |||||||||||||||||||||||||
Loans
retained (period-end)(a) | |||||||||||||||||||||||||||||||||||
Europe/Middle East/Africa | $ | 32,922 | $ | 26,945 | 22 | $ | 32,922 | $ | 26,945 | 22 | |||||||||||||||||||||||||
Asia-Pacific | 14,544 | 12,734 | 14 | 14,544 | 12,734 | 14 | |||||||||||||||||||||||||||||
Latin America/Caribbean | 6,495 | 6,306 | 3 | 6,495 | 6,306 | 3 | |||||||||||||||||||||||||||||
Total international loans | 53,961 | 45,985 | 17 | 53,961 | 45,985 | 17 | |||||||||||||||||||||||||||||
North America | 97,250 | 80,856 | 20 | 97,250 | 80,856 | 20 | |||||||||||||||||||||||||||||
Total loans retained | $ | 151,211 | $ | 126,841 | 19 | $ | 151,211 | $ | 126,841 | 19 | |||||||||||||||||||||||||
Client
deposits and other third-party liabilities (average)(b) | |||||||||||||||||||||||||||||||||||
Europe/Middle East/Africa | $ | 245,895 | $ | 212,635 | 16 | $ | 243,279 | $ | 206,629 | 18 | |||||||||||||||||||||||||
Asia-Pacific | 131,110 | 128,519 | 2 | 131,836 | 119,417 | 10 | |||||||||||||||||||||||||||||
Latin America/Caribbean | 47,374 | 39,674 | 19 | 46,607 | 35,638 | 31 | |||||||||||||||||||||||||||||
Total international | $ | 424,379 | $ | 380,828 | 11 | $ | 421,722 | $ | 361,684 | 17 | |||||||||||||||||||||||||
North America | 289,997 | 254,133 | 14 | 292,317 | 224,271 | 30 | |||||||||||||||||||||||||||||
Total client deposits and other third-party liabilities | $ | 714,376 | $ | 634,961 | 13 | $ | 714,039 | $ | 585,955 | 22 | |||||||||||||||||||||||||
AUC
(period-end)(b) (in billions) | |||||||||||||||||||||||||||||||||||
North America | $ | 20,792 | $ | 18,534 | 12 | $ | 20,792 | $ | 18,534 | 12 | |||||||||||||||||||||||||
All other regions | 11,170 | 10,094 | 11 | 11,170 | 10,094 | 11 | |||||||||||||||||||||||||||||
Total AUC | $ | 31,962 | $ | 28,628 | 12 | % | $ | 31,962 | $ | 28,628 | 12 | % |
COMMERCIAL BANKING |
Selected income statement data | |||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||
Lending- and deposit-related fees | $ | 355 | $ | 304 | 17 | % | $ | 1,036 | $ | 862 | 20 | % | |||||||||||||||||||||||
All other income | 633 | 457 | 39 | 1,819 | 1,330 | 37 | |||||||||||||||||||||||||||||
Noninterest revenue | 988 | 761 | 30 | 2,855 | 2,192 | 30 | |||||||||||||||||||||||||||||
Net interest income | 1,532 | 1,524 | 1 | 4,541 | 4,658 | (3) | |||||||||||||||||||||||||||||
Total net revenue(a) | 2,520 | 2,285 | 10 | 7,396 | 6,850 | 8 | |||||||||||||||||||||||||||||
Provision
for credit losses | (363) | (147) | (147) | (858) | 3,294 | NM | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Compensation expense | 511 | 492 | 4 | 1,477 | 1,394 | 6 | |||||||||||||||||||||||||||||
Noncompensation expense | 521 | 477 | 9 | 1,505 | 1,454 | 4 | |||||||||||||||||||||||||||||
Total noninterest expense | 1,032 | 969 | 7 | 2,982 | 2,848 | 5 | |||||||||||||||||||||||||||||
Income before income tax expense | 1,851 | 1,463 | 27 | 5,272 | 708 | NM | |||||||||||||||||||||||||||||
Income tax expense | 444 | 377 | 18 | 1,277 | 164 | NM | |||||||||||||||||||||||||||||
Net income | $ | 1,407 | $ | 1,086 | 30 | % | $ | 3,995 | $ | 544 | NM |
Selected income statement data (continued) | |||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Revenue by product | |||||||||||||||||||||||||||||||||||
Lending | $ | 1,138 | $ | 1,138 | — | % | $ | 3,478 | $ | 3,219 | 8 | % | |||||||||||||||||||||||
Wholesale payments | 947 | 867 | 9 | 2,704 | 2,770 | (2) | |||||||||||||||||||||||||||||
Investment banking(a) | 416 | 260 | 60 | 1,136 | 751 | 51 | |||||||||||||||||||||||||||||
Other | 19 | 20 | (5) | 78 | 110 | (29) | |||||||||||||||||||||||||||||
Total net revenue | $ | 2,520 | $ | 2,285 | 10 | $ | 7,396 | $ | 6,850 | 8 | |||||||||||||||||||||||||
Investment
banking revenue, gross(b) | $ | 1,343 | $ | 840 | 60 | $ | 3,636 | $ | 2,377 | 53 | |||||||||||||||||||||||||
Revenue by client segments | |||||||||||||||||||||||||||||||||||
Middle Market Banking | $ | 1,017 | $ | 880 | 16 | $ | 2,942 | $ | 2,693 | 9 | |||||||||||||||||||||||||
Corporate Client Banking | 878 | 808 | 9 | 2,580 | 2,347 | 10 | |||||||||||||||||||||||||||||
Commercial Real Estate Banking | 602 | 576 | 5 | 1,805 | 1,683 | 7 | |||||||||||||||||||||||||||||
Other | 23 | 21 | 10 | 69 | 127 | (46) | |||||||||||||||||||||||||||||
Total net revenue | $ | 2,520 | $ | 2,285 | 10 | % | $ | 7,396 | $ | 6,850 | 8 | % | |||||||||||||||||||||||
Financial ratios | |||||||||||||||||||||||||||||||||||
Return on equity | 22 | % | 19 | % | 21 | % | 2 | % | |||||||||||||||||||||||||||
Overhead ratio | 41 | 42 | 40 | 42 |
Selected metrics | |||||||||||||||||||||||||||||
As of or for the three months ended September 30, | As of or for the nine months ended September 30, | ||||||||||||||||||||||||||||
(in millions, except headcount) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||
Selected
balance sheet data (period-end) | |||||||||||||||||||||||||||||
Total assets | $ | 227,670 | $ | 228,583 | — | % | $ | 227,670 | $ | 228,583 | — | % | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Loans retained | 201,283 | 214,352 | (6) | 201,283 | 214,352 | (6) | |||||||||||||||||||||||
Loans held-for-sale and loans at fair value | 3,412 | 349 | NM | 3,412 | 349 | NM | |||||||||||||||||||||||
Total loans | $ | 204,695 | $ | 214,701 | (5) | $ | 204,695 | $ | 214,701 | (5) | |||||||||||||||||||
Equity | 24,000 | 22,000 | 9 | 24,000 | 22,000 | 9 | |||||||||||||||||||||||
Period-end
loans by client segment | |||||||||||||||||||||||||||||
Middle Market Banking(a) | $ | 58,918 | $ | 61,812 | (5) | $ | 58,918 | $ | 61,812 | (5) | |||||||||||||||||||
Corporate Client Banking | 45,107 | 49,857 | (10) | 45,107 | 49,857 | (10) | |||||||||||||||||||||||
Commercial Real Estate Banking | 100,458 | 102,484 | (2) | 100,458 | 102,484 | (2) | |||||||||||||||||||||||
Other | 212 | 548 | (61) | 212 | 548 | (61) | |||||||||||||||||||||||
Total
loans(a) | $ | 204,695 | $ | 214,701 | (5) | $ | 204,695 | $ | 214,701 | (5) | |||||||||||||||||||
Selected
balance sheet data (average) | |||||||||||||||||||||||||||||
Total assets | $ | 222,760 | $ | 231,691 | (4) | $ | 224,955 | $ | 235,079 | (4) | |||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Loans retained | 199,789 | 217,498 | (8) | 202,002 | 220,167 | (8) | |||||||||||||||||||||||
Loans held-for-sale and loans at fair value | 2,790 | 629 | 344 | 2,840 | 986 | 188 | |||||||||||||||||||||||
Total loans | $ | 202,579 | $ | 218,127 | (7) | $ | 204,842 | $ | 221,153 | (7) | |||||||||||||||||||
Average
loans by client segment | |||||||||||||||||||||||||||||
Middle Market Banking | $ | 59,032 | $ | 63,029 | (6) | $ | 60,243 | $ | 61,789 | (3) | |||||||||||||||||||
Corporate Client Banking | 43,330 | 51,608 | (16) | 44,154 | 55,967 | (21) | |||||||||||||||||||||||
Commercial Real Estate Banking | 100,120 | 102,905 | (3) | 100,213 | 102,650 | (2) | |||||||||||||||||||||||
Other | 97 | 585 | (83) | 232 | 747 | (69) | |||||||||||||||||||||||
Total loans | $ | 202,579 | $ | 218,127 | (7) | $ | 204,842 | $ | 221,153 | (7) | |||||||||||||||||||
Client
deposits and other third-party liabilities | $ | 300,595 | $ | 248,289 | 21 | $ | 293,981 | $ | 224,774 | 31 | |||||||||||||||||||
Equity | 24,000 | 22,000 | 9 | 24,000 | 22,000 | 9 | |||||||||||||||||||||||
Headcount | 12,584 | 11,704 | 8 | % | 12,584 | 11,704 | 8 | % |
Selected metrics (continued) | |||||||||||||||||||||||||||||
As of or for the three months ended September 30, | As of or for the nine months ended September 30, | ||||||||||||||||||||||||||||
(in millions, except ratios) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||
Credit
data and quality statistics | |||||||||||||||||||||||||||||
Net charge-offs/(recoveries) | $ | 31 | $ | 60 | (48) | % | $ | 63 | $ | 239 | (74) | % | |||||||||||||||||
Nonperforming assets | |||||||||||||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||||||||||||
Nonaccrual loans retained(a)(b) | $ | 735 | $ | 1,468 | (50) | % | $ | 735 | $ | 1,468 | (50) | % | |||||||||||||||||
Nonaccrual
loans held-for-sale and loans at fair value(b) | — | 85 | NM | — | 85 | NM | |||||||||||||||||||||||
Total nonaccrual loans | $ | 735 | $ | 1,553 | (53) | $ | 735 | $ | 1,553 | (53) | |||||||||||||||||||
Assets
acquired in loan satisfactions | 16 | 24 | (33) | 16 | 24 | (33) | |||||||||||||||||||||||
Total nonperforming assets | $ | 751 | $ | 1,577 | (52) | $ | 751 | $ | 1,577 | (52) | |||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Allowance for loan losses(b) | $ | 2,354 | $ | 4,466 | (47) | $ | 2,354 | $ | 4,466 | (47) | |||||||||||||||||||
Allowance
for lending-related commitments(b) | 711 | 864 | (18) | 711 | 864 | (18) | |||||||||||||||||||||||
Total allowance for credit losses | $ | 3,065 | $ | 5,330 | (42) | % | $ | 3,065 | $ | 5,330 | (42) | % | |||||||||||||||||
Net
charge-off/(recovery) rate(c) | 0.06 | % | 0.11 | % | 0.04 | % | 0.15 | % | |||||||||||||||||||||
Allowance for loan losses to period-end loans retained(b) | 1.17 | 2.08 | 1.17 | 2.08 | |||||||||||||||||||||||||
Allowance
for loan losses to nonaccrual loans retained(a)(b) | 320 | 304 | 320 | 304 | |||||||||||||||||||||||||
Nonaccrual loans to period-end total loans | 0.36 | 0.72 | 0.36 | 0.72 |
ASSET & WEALTH MANAGEMENT |
Selected income statement data | |||||||||||||||||||||||
(in
millions, except ratios) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||
Revenue | |||||||||||||||||||||||
Asset
management, administration and commissions | $ | 3,096 | $ | 2,646 | 17 | % | $ | 9,003 | $ | 7,718 | 17 | % | |||||||||||
All other income | 216 | 93 | 132 | 620 | 125 | 396 | |||||||||||||||||
Noninterest revenue | 3,312 | 2,739 | 21 | 9,623 | 7,843 | 23 | |||||||||||||||||
Net interest income | 988 | 815 | 21 | 2,861 | 2,530 | 13 | |||||||||||||||||
Total net revenue | 4,300 | 3,554 | 21 | 12,484 | 10,373 | 20 | |||||||||||||||||
Provision for credit losses | (60) | (52) | (15) | (191) | 265 | NM | |||||||||||||||||
Noninterest expense | |||||||||||||||||||||||
Compensation expense | 1,387 | 1,232 | 13 | 4,132 | 3,636 | 14 | |||||||||||||||||
Noncompensation expense | 1,375 | 1,211 | 14 | 3,790 | 3,565 | 6 | |||||||||||||||||
Total noninterest expense | 2,762 | 2,443 | 13 | 7,922 | 7,201 | 10 | |||||||||||||||||
Income before income tax expense | 1,598 | 1,163 | 37 | 4,753 | 2,907 | 64 | |||||||||||||||||
Income tax expense | 404 | 287 | 41 | 1,162 | 701 | 66 | |||||||||||||||||
Net income | $ | 1,194 | $ | 876 | 36 | $ | 3,591 | $ | 2,206 | 63 | |||||||||||||
Revenue by line of business | |||||||||||||||||||||||
Asset Management | $ | 2,337 | $ | 1,924 | 21 | $ | 6,758 | $ | 5,444 | 24 | |||||||||||||
Global
Private Bank(a) | 1,963 | 1,630 | 20 | 5,726 | 4,929 | 16 | |||||||||||||||||
Total net revenue | $ | 4,300 | $ | 3,554 | 21 | % | $ | 12,484 | $ | 10,373 | 20 | % | |||||||||||
Financial ratios | |||||||||||||||||||||||
Return on equity | 33 | % | 32 | % | 33 | % | 27 | % | |||||||||||||||
Overhead ratio | 64 | 69 | 63 | 69 | |||||||||||||||||||
Pre-tax margin ratio: | |||||||||||||||||||||||
Asset Management | 36 | 30 | 36 | 27 | |||||||||||||||||||
Global Private Bank(a) | 38 | 35 | 40 | 28 | |||||||||||||||||||
Asset & Wealth Management | 37 | 33 | 38 | 28 |
Asset Management has two high-level measures of its overall fund performance. | ||||||||||||||
Effective September 2021, AWM changed the source for the peer group quartile rankings of its funds from Lipper to Morningstar for U.S.-domiciled funds (except for “Municipals” and “Investor” funds, for which the source remains
Lipper) and Taiwan domiciled funds. AWM evaluates fund performance utilizing this peer group ranking and believes that it provides investors with comparability across the industry. This change resulted in positive impacts on the quartile rankings shown in the following table, and both positive and negative impacts on the quartile rankings for prior periods, as compared to how they would have been ranked by Lipper. In addition, AWM has changed its selection of the “primary share class” for certain non-U.S. funds, as set forth below, in order to establish a more consistent approach across these products. Prior periods in the following table have been revised to conform to the current presentation. | ||||||||||||||
• Percentage of mutual fund assets under management in funds rated 4- or 5-star: Mutual fund rating services rank funds based on their risk-adjusted
performance over various periods. A 5-star rating is the best rating and represents the top 10% of industry-wide ranked funds. A 4-star rating represents the next 22.5% of industry-wide ranked funds. A 3-star rating represents the next 35% of industry-wide ranked funds. A 2-star rating represents the next 22.5% of industry-wide ranked funds. A 1-star rating is the worst rating and represents the bottom 10% of industry-wide ranked funds. An overall Morningstar rating is derived from a weighted average of the performance associated with a fund’s three-, five- and ten- year (if applicable) Morningstar Rating metrics. For U.S.-domiciled funds, separate star ratings are provided at the individual share class level. The Nomura “star rating” is based on three-year risk-adjusted performance only. Funds with fewer than three years of history are not rated and hence excluded from these rankings. All ratings, the assigned peer categories and the asset values used to derive
these rankings are sourced from the applicable fund rating provider. Where applicable, the fund rating providers redenominate asset values into U.S. dollars. The percentage of AUM is based on star ratings at the share class level for U.S.-domiciled funds, and at a “primary share class” level to represent the star rating of all other funds, except for Japan, for which Nomura provides ratings at the fund level. The performance data may have been different if all share classes had been included. Past performance is not indicative of future results. | ||||||||||||||
• Percentage of mutual fund assets under management in funds ranked in the 1st or 2nd quartile (one, three and five years): All quartile rankings, the assigned peer categories and the asset values used to derive these rankings are sourced from the fund rating providers. Quartile rankings
are based on the net-of-fee absolute return of each fund. Where applicable, the fund rating providers redenominate asset values into U.S. dollars. The percentage of AUM is based on fund performance and associated peer rankings at the share class level for U.S.-domiciled funds, at a “primary share class” level to represent the quartile ranking for U.K., Luxembourg and Hong Kong funds and at the fund level for all other funds. The performance data may have been different if all share classes had been included. Past performance is not indicative of future results. | ||||||||||||||
“Primary share class” means the C share class for European funds and Acc share class for Hong Kong and Taiwan funds. If these share classes are not available, the oldest share class is used as the primary share class. |
Selected metrics | |||||||||||||||||||||||
As of or for the three months ended September 30, | As of or for the nine months ended September 30, | ||||||||||||||||||||||
(in millions, except ranking data, headcount and ratios) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||
%
of JPM mutual fund assets rated as 4- or 5-star(a) | 70 | % | 63 | % | 70 | % | 63 | % | |||||||||||||||
% of JPM mutual fund assets ranked in 1st or 2nd quartile:(b) | |||||||||||||||||||||||
1 year | 60 | 55 | 60 | 55 | |||||||||||||||||||
3 years | 78 | 71 | 78 | 71 | |||||||||||||||||||
5 years | 78 | 71 | 78 | 71 | |||||||||||||||||||
Selected balance sheet data (period-end)(c) | |||||||||||||||||||||||
Total assets | $ | 221,702 | $ | 187,858 | 18 | % | $ | 221,702 | $ | 187,858 | 18 | % | |||||||||||
Loans | 202,871 | 172,695 | 17 | 202,871 | 172,695 | 17 | |||||||||||||||||
Deposits | 242,309 | 166,049 | 46 | 242,309 | 166,049 | 46 | |||||||||||||||||
Equity | 14,000 | 10,500 | 33 | 14,000 | 10,500 | 33 | |||||||||||||||||
Selected
balance sheet data (average)(c) | |||||||||||||||||||||||
Total assets | $ | 219,022 | $ | 181,850 | 20 | $ | 213,679 | $ | 177,539 | 20 | |||||||||||||
Loans | 200,635 | 167,645 | 20 | 194,888 | 162,803 | 20 | |||||||||||||||||
Deposits | 229,710 | 162,589 | 41 | 218,742 | 155,779 | 40 | |||||||||||||||||
Equity | 14,000 | 10,500 | 33 | 14,000 | 10,500 | 33 | |||||||||||||||||
Headcount | 22,051 | 21,058 | 5 | 22,051 | 21,058 | 5 | |||||||||||||||||
Number of Global Private Bank client advisors | 2,646 | 2,520 | 5 | 2,646 | 2,520 | 5 | |||||||||||||||||
Credit data and quality statistics(c) | |||||||||||||||||||||||
Net charge-offs/(recoveries) | $ | (1) | $ | 2 | NM | $ | 22 | $ | 2 | NM | |||||||||||||
Nonaccrual loans | 686 | 970 | (29) | 686 | 970 | (29) | |||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||
Allowance for loan losses | $ | 402 | $ | 580 | (31) | $ | 402 | $ | 580 | (31) | |||||||||||||
Allowance
for lending-related commitments | 20 | 41 | (51) | 20 | 41 | (51) | |||||||||||||||||
Total allowance for credit losses | $ | 422 | $ | 621 | (32) | % | $ | 422 | $ | 621 | (32) | % | |||||||||||
Net charge-off/(recovery) rate | — | % | — | % | 0.02 | % | — | % | |||||||||||||||
Allowance for loan losses to period-end loans | 0.20 | 0.34 | 0.2 | 0.34 | |||||||||||||||||||
Allowance
for loan losses to nonaccrual loans | 59 | 60 | 59 | 60 | |||||||||||||||||||
Nonaccrual loans to period-end loans | 0.34 | 0.56 | 0.34 | 0.56 |
Client assets | |||||||||||
As of September 30, | |||||||||||
(in billions) | 2021 | 2020 | Change | ||||||||
Assets by asset class | |||||||||||
Liquidity | $ | 685 | $ | 674 | 2 | % | |||||
Fixed income | 695 | 650 | 7 | ||||||||
Equity | 725 | 499 | 45 | ||||||||
Multi-asset | 702 | 593 | 18 | ||||||||
Alternatives | 189 | 144 | 31 | ||||||||
Total assets under management | 2,996 | 2,560 | 17 | ||||||||
Custody/brokerage/administration/deposits | 1,100 | 810 | 36 | ||||||||
Total client assets(a) | $ | 4,096 | $ | 3,370 | 22 | ||||||
Assets by client segment | |||||||||||
Private Banking | $ | 773 | $ | 650 | 19 | ||||||
Global Institutional(b) | 1,375 | 1,245 | 10 | ||||||||
Global Funds(b) | 848 | 665 | 28 | ||||||||
Total assets under management | $ | 2,996 | $ | 2,560 | 17 | ||||||
Private Banking | $ | 1,817 | $ | 1,422 | 28 | ||||||
Global
Institutional(b) | 1,425 | 1,278 | 12 | ||||||||
Global Funds(b) | 854 | 670 | 27 | ||||||||
Total client assets(a) | $ | 4,096 | $ | 3,370 | 22 | % |
Client assets (continued) | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
(in billions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Assets under management rollforward | |||||||||||||||||
Beginning balance | $ | 2,987 | $ | 2,476 | $ | 2,716 | $ | 2,328 | |||||||||
Net asset flows: | |||||||||||||||||
Liquidity | (11) | (30) | 48 | 140 | |||||||||||||
Fixed income | 11 | 22 | 36 | 40 | |||||||||||||
Equity | 16 | 9 | 67 | 19 | |||||||||||||
Multi-asset | 3 | (1) | 11 | (5) | |||||||||||||
Alternatives | 3 | 2 | 16 | 5 | |||||||||||||
Market/performance/other
impacts | (13) | 82 | 102 | 33 | |||||||||||||
Ending balance, September 30 | $ | 2,996 | $ | 2,560 | $ | 2,996 | $ | 2,560 | |||||||||
Client
assets rollforward | |||||||||||||||||
Beginning balance | $ | 4,044 | $ | 3,241 | $ | 3,652 | $ | 3,089 | |||||||||
Net asset flows | 75 | 11 | 280 | 237 | |||||||||||||
Market/performance/other
impacts | (23) | 118 | 164 | 44 | |||||||||||||
Ending balance, September 30 | $ | 4,096 | $ | 3,370 | $ | 4,096 | $ | 3,370 |
International | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||
Total net revenue (a) | |||||||||||||||||||||||
Europe/Middle East/Africa | $ | 905 | $ | 755 | 20 | % | $ | 2,627 | $ | 2,097 | 25 | % | |||||||||||
Asia-Pacific | 503 | 413 | 22 | 1,513 | 1,191 | 27 | |||||||||||||||||
Latin America/Caribbean | 229 | 199 | 15 | 659 | 585 | 13 | |||||||||||||||||
Total international net revenue | 1,637 | 1,367 | 20 | 4,799 | 3,873 | 24 | |||||||||||||||||
North America | 2,663 | 2,187 | 22 | 7,685 | 6,500 | 18 | |||||||||||||||||
Total net revenue(a) | $ | 4,300 | $ | 3,554 | 21 | % | $ | 12,484 | $ | 10,373 | 20 | % |
As of September 30, | As of September 30, | ||||||||||||||||||||||
(in billions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||
Assets under management | |||||||||||||||||||||||
Europe/Middle East/Africa | $ | 548 | $ | 481 | 14 | % | $ | 548 | $ | 481 | 14 | % | |||||||||||
Asia-Pacific | 246 | 203 | 21 | 246 | 203 | 21 | |||||||||||||||||
Latin America/Caribbean | 76 | 67 | 13 | 76 | 67 | 13 | |||||||||||||||||
Total international assets under management | 870 | 751 | 16 | 870 | 751 | 16 | |||||||||||||||||
North America | 2,126 | 1,809 | 18 | 2,126 | 1,809 | 18 | |||||||||||||||||
Total assets under management | $ | 2,996 | $ | 2,560 | 17 | $ | 2,996 | $ | 2,560 | 17 | |||||||||||||
Client assets | |||||||||||||||||||||||
Europe/Middle East/Africa | $ | 669 | $ | 578 | 16 | $ | 669 | $ | 578 | 16 | |||||||||||||
Asia-Pacific | 371 | 295 | 26 | 371 | 295 | 26 | |||||||||||||||||
Latin America/Caribbean | 181 | 153 | 18 | 181 | 153 | 18 | |||||||||||||||||
Total international client assets | 1,221 | 1,026 | 19 | 1,221 | 1,026 | 19 | |||||||||||||||||
North America | 2,875 | 2,344 | 23 | 2,875 | 2,344 | 23 | |||||||||||||||||
Total client assets | $ | 4,096 | $ | 3,370 | 22 | % | $ | 4,096 | $ | 3,370 | 22 | % |
CORPORATE |
Selected income statement and balance sheet data | ||||||||||||||||||||||||||||||||||||||
As
of or for the three months ended September 30, | As of or for the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||
(in millions, except headcount) | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||
Principal transactions | $ | (103) | $ | 87 | NM | $ | 161 | $ | (28) | NM | ||||||||||||||||||||||||||||
Investment securities gains/(losses) | (256) | 466 | NM | (397) | 725 | NM | ||||||||||||||||||||||||||||||||
All other income | 117 | (210) | NM | 168 | (90) | NM | ||||||||||||||||||||||||||||||||
Noninterest revenue | (242) | 343 | NM | (68) | 607 | NM | ||||||||||||||||||||||||||||||||
Net interest income | (1,054) | (682) | (55) | % | (2,870) | (1,534) | (87) | % | ||||||||||||||||||||||||||||||
Total net revenue(a) | (1,296) | (339) | (282) | (2,938) | (927) | (217) | ||||||||||||||||||||||||||||||||
Provision for credit losses | (7) | 96 | NM | 58 | 108 | (46) | ||||||||||||||||||||||||||||||||
Noninterest expense | 160 | 719 | (78) | 1,551 | 1,012 | 53 | ||||||||||||||||||||||||||||||||
Income/(loss) before income tax expense/(benefit) | (1,449) | (1,154) | (26) | (4,547) | (2,047) | (122) | ||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | (632) | (455) | (39) | (1,906) | (655) | (191) | ||||||||||||||||||||||||||||||||
Net income/(loss) | $ | (817) | $ | (699) | (17) | $ | (2,641) | $ | (1,392) | (90) | ||||||||||||||||||||||||||||
Total net revenue | ||||||||||||||||||||||||||||||||||||||
Treasury and CIO | $ | (1,198) | $ | (243) | (393) | $ | (2,984) | $ | (745) | (301) | ||||||||||||||||||||||||||||
Other Corporate | (98) | (96) | (2) | 46 | (182) | NM | ||||||||||||||||||||||||||||||||
Total net revenue | $ | (1,296) | $ | (339) | (282) | $ | (2,938) | $ | (927) | (217) | ||||||||||||||||||||||||||||
Net income/(loss) | ||||||||||||||||||||||||||||||||||||||
Treasury and CIO | $ | (998) | $ | (349) | (186) | $ | (2,629) | $ | (816) | (222) | ||||||||||||||||||||||||||||
Other Corporate | 181 | (350) | NM | (12) | (576) | 98 | ||||||||||||||||||||||||||||||||
Total net income/(loss) | $ | (817) | $ | (699) | (17) | $ | (2,641) | $ | (1,392) | (90) | ||||||||||||||||||||||||||||
Total assets (period-end) | $ | 1,459,283 | $ | 1,253,275 | 16 | $ | 1,459,283 | $ | 1,253,275 | 16 | ||||||||||||||||||||||||||||
Loans (period-end) | 1,697 | 1,569 | 8 | 1,697 | 1,569 | 8 | ||||||||||||||||||||||||||||||||
Headcount(b) | 38,302 | 38,861 | (1) | % | 38,302 | 38,861 | (1) | % |
Selected income statement and balance sheet data | |||||||||||||||||||||||||||||||||||
As of or for the three months ended September 30, | As of or for the nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||
Investment securities gains/(losses) | $ | (256) | $ | 466 | NM | $ | (397) | $ | 725 | NM | |||||||||||||||||||||||||
Available-for-sale securities (average) | $ | 223,747 | $ | 442,943 | (49) | % | $ | 312,298 | $ | 414,228 | (25) | % | |||||||||||||||||||||||
Held-to-maturity
securities (average)(a) | 339,544 | 103,596 | 228 | 263,214 | 74,102 | 255 | |||||||||||||||||||||||||||||
Investment securities portfolio (average) | $ | 563,291 | $ | 546,539 | 3 | $ | 575,512 | $ | 488,330 | 18 | |||||||||||||||||||||||||
Available-for-sale
securities (period-end) | $ | 249,484 | $ | 387,663 | (36) | $ | 249,484 | $ | 387,663 | (36) | |||||||||||||||||||||||||
Held-to-maturity securities, net of allowance for credit
losses (period-end)(a) | 343,542 | 141,553 | 143 | 343,542 | 141,553 | 143 | |||||||||||||||||||||||||||||
Investment securities portfolio, net of allowance for credit losses (period-end)(b) | $ | 593,026 | $ | 529,216 | 12 | % | $ | 593,026 | $ | 529,216 | 12 | % |
FIRMWIDE RISK MANAGEMENT |
Risk governance and oversight functions | Form 10-Q page reference | Form 10-K page reference | ||||||
Strategic risk | 90 | |||||||
Capital risk | 48-53 | 91-101 | ||||||
Liquidity risk | 54-58 | 102-108 | ||||||
Reputation risk | 109 | |||||||
Consumer credit risk | 61-65 | 114-120 | ||||||
Wholesale credit risk | 66-74 | 121-131 | ||||||
Investment portfolio risk | 77 | 134 | ||||||
Market risk | 78-82 | 135-142 | ||||||
Country risk | 83 | 143-144 | ||||||
Operational risk | 84 | 145-151 | ||||||
Compliance risk | 148 | |||||||
Conduct risk | 149 | |||||||
Legal risk | 150 | |||||||
Estimations and Model risk | 85 | 151 |
CAPITAL RISK MANAGEMENT |
Standardized | Advanced | |||||||||||||||||||||||||||||||
(in millions, except ratios) | Minimum capital ratios(b) | Minimum
capital ratios(b) | ||||||||||||||||||||||||||||||
Risk-based capital metrics: | ||||||||||||||||||||||||||||||||
CET1 capital | $ | 209,917 | $ | 205,078 | $ | 209,917 | $ | 205,078 | ||||||||||||||||||||||||
Tier 1 capital | 244,207 | 234,844 | 244,207 | 234,844 | ||||||||||||||||||||||||||||
Total capital | 274,994 | 269,923 | 264,469 | 257,228 | ||||||||||||||||||||||||||||
Risk-weighted assets | 1,628,406 | 1,560,609 | 1,544,512 | 1,484,431 | ||||||||||||||||||||||||||||
CET1 capital ratio | 12.9 | % | 13.1 | % | 11.3 | % | 13.6 | % | 13.8 | % | 10.5 | % | ||||||||||||||||||||
Tier 1 capital ratio | 15.0 | 15.0 | 12.8 | 15.8 | 15.8 | 12.0 | ||||||||||||||||||||||||||
Total capital ratio | 16.9 | 17.3 | 14.8 | 17.1 | 17.3 | 14.0 | ||||||||||||||||||||||||||
(in millions, except ratios) | December 31, 2020(b)(c) | Minimum capital ratios(d) | ||||||||||||
Leverage-based capital metrics: | ||||||||||||||
Adjusted average assets(a) | $ | 3,675,803 | $ | 3,353,319 | ||||||||||
Tier 1 leverage ratio | 6.6 | % | 7.0 | % | 4.0 | % | ||||||||
Total leverage exposure | $ | 4,463,904 | $ | 3,401,542 | ||||||||||
SLR | 5.5 | % | 6.9 | % | 5.0 | % |
(in millions) | September 30, 2021 | December 31, 2020 | ||||||
Total stockholders’ equity | $ | 290,041 | $ | 279,354 | ||||
Less: Preferred stock | 34,838 | 30,063 | ||||||
Common stockholders’ equity | 255,203 | 249,291 | ||||||
Add: | ||||||||
Certain
deferred tax liabilities(a) | 2,500 | 2,453 | ||||||
Other CET1 capital adjustments(b) | 3,429 | 3,486 | ||||||
Less: | ||||||||
Goodwill | 50,313 | 49,248 | ||||||
Other
intangible assets | 902 | 904 | ||||||
Standardized/Advanced CET1 capital | 209,917 | 205,078 | ||||||
Preferred stock | 34,838 | 30,063 | ||||||
Less: Other Tier 1 adjustments | 548 | 297 | ||||||
Standardized/Advanced
Tier 1 capital | $ | 244,207 | $ | 234,844 | ||||
Long-term debt and other instruments qualifying as Tier 2 capital | $ | 14,733 | $ | 16,645 | ||||
Qualifying allowance for credit losses(c) | 16,338 | 18,372 | ||||||
Other | (284) | 62 | ||||||
Standardized
Tier 2 capital | $ | 30,787 | $ | 35,079 | ||||
Standardized Total capital | $ | 274,994 | $ | 269,923 | ||||
Adjustment in qualifying allowance for credit losses for Advanced Tier 2 capital(d) | (10,525) | (12,695) | ||||||
Advanced
Tier 2 capital | $ | 20,262 | $ | 22,384 | ||||
Advanced Total capital | $ | 264,469 | $ | 257,228 |
Nine months ended September 30, (in millions) | 2021 | ||||
Standardized/Advanced CET1 capital at December 31, 2020 | $ | 205,078 | |||
Net income applicable to common equity | 36,761 | ||||
Dividends declared on common stock | (8,475) | ||||
Net purchase of treasury stock | (15,314) | ||||
Changes in additional paid-in capital | (37) | ||||
Changes related to AOCI | (7,023) | ||||
Adjustment related to AOCI(a) | 2,592 | ||||
Changes
related to other CET1 capital adjustments(b) | (3,665) | ||||
Change in Standardized/Advanced CET1 capital | 4,839 | ||||
Standardized/Advanced CET1 capital at September 30, 2021 | $ | 209,917 | |||
Standardized/Advanced Tier 1 capital at December 31, 2020 | $ | 234,844 | |||
Change
in CET1 capital(b) | 4,839 | ||||
Net issuance of noncumulative perpetual preferred stock | 4,775 | ||||
Other | (251) | ||||
Change in Standardized/Advanced Tier 1 capital | 9,363 | ||||
Standardized/Advanced Tier 1 capital at September 30, 2021 | $ | 244,207 | |||
Standardized Tier 2 capital at December 31, 2020 | $ | 35,079 | |||
Change in long-term debt and other instruments qualifying as Tier 2 | (1,912) | ||||
Change in qualifying allowance for credit losses(b) | (2,034) | ||||
Other | (346) | ||||
Change in Standardized Tier 2 capital | (4,292) | ||||
Standardized Tier 2 capital at September 30, 2021 | $ | 30,787 | |||
Standardized Total capital at September 30, 2021 | $ | 274,994 | |||
Advanced Tier 2 capital at December 31, 2020 | $ | 22,384 | |||
Change in long-term debt
and other instruments qualifying as Tier 2 | (1,912) | ||||
Change in qualifying allowance for credit losses(b) | 136 | ||||
Other | (346) | ||||
Change in Advanced Tier 2 capital | (2,122) | ||||
Advanced Tier 2 capital at September 30, 2021 | $ | 20,262 | |||
Advanced Total capital at September 30, 2021 | $ | 264,469 |
Standardized | Advanced | |||||||||||||||||||||||||
Nine months ended
September 30, 2021 (in millions) | Credit risk RWA | Market risk RWA | Total RWA | Credit risk RWA | Market risk RWA | Operational risk RWA | Total RWA | |||||||||||||||||||
December 31, 2020 | $ | 1,464,219 | $ | 96,390 | $ | 1,560,609 | $ | 1,002,330 | $ | 96,910 | $ | 385,191 | $ | 1,484,431 | ||||||||||||
Model
& data changes(a) | 1,370 | (2,867) | (1,497) | (200) | (2,867) | — | (3,067) | |||||||||||||||||||
Portfolio runoff(b) | (4,100) | — | (4,100) | (2,700) | — | — | (2,700) | |||||||||||||||||||
Movement
in portfolio levels(c) | 66,795 | 6,599 | 73,394 | 38,228 | 6,436 | 21,184 | 65,848 | |||||||||||||||||||
Changes in RWA | 64,065 | 3,732 | 67,797 | 35,328 | 3,569 | 21,184 | 60,081 | |||||||||||||||||||
September 30, 2021 | $ | 1,528,284 | $ | 100,122 | $ | 1,628,406 | $ | 1,037,658 | $ | 100,479 | $ | 406,375 | $ | 1,544,512 |
Three months ended (in millions, except ratio) | September 30, 2021 | ||||||||||
Tier 1 capital | $ | 244,207 | $ | 234,844 | |||||||
Total average assets | 3,725,219 | 3,399,818 | |||||||||
Less: Regulatory capital adjustments(a) | 49,416 | 46,499 | |||||||||
Total adjusted average assets(b) | 3,675,803 | 3,353,319 | |||||||||
Add: Off-balance sheet exposures(c) | 788,101 | 729,978 | |||||||||
Less: Exclusion for U.S. Treasuries and Federal Reserve Bank deposits | — | 681,755 | |||||||||
Total leverage exposure | $ | 4,463,904 | $ | 3,401,542 | |||||||
SLR | 5.5 | % | 6.9 | % | (d) |
Line of business equity (Allocated capital) | |||||||||||
(in billions) | September 30, 2021 | December 31, 2020 | |||||||||
Consumer & Community Banking | $ | 50.0 | $ | 52.0 | |||||||
Corporate & Investment Bank | 83.0 | 80.0 | |||||||||
Commercial Banking | 24.0 | 22.0 | |||||||||
Asset & Wealth Management | 14.0 | 10.5 | |||||||||
Corporate | 84.2 | 84.8 | |||||||||
Total common stockholders’ equity | $ | 255.2 | $ | 249.3 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
(in millions) | 2021 | 2020(a) | 2021 | 2020(a) | |||||||||||||
Total number of shares of common stock repurchased | 33.4 | — | 107.6 | 50.0 | |||||||||||||
Aggregate
purchase price of common stock repurchases | $ | 5,240 | $ | — | $ | 16,440 | $ | 6,397 |
September 30, 2021 | ||||||||||||||
(in billions, except ratio) | External TLAC | LTD | External TLAC | LTD | ||||||||||
Total eligible amount | $ | 461.5 | $ | 208.7 | $ | 421.0 | $ | 181.4 | ||||||
% of RWA | 28.3 | % | 12.8 | % | 27.0 | % | 11.6 | % | ||||||
Minimum Requirements | 22.5 | 9.5 | 23.0 | 9.5 | ||||||||||
Surplus/(shortfall) | $ | 95.1 | $ | 54.0 | $ | 62.1 | $ | 33.1 | ||||||
% of total leverage exposure | 10.3 | % | 4.7 | % | 12.4 | % | 5.3 | % | ||||||
Minimum Requirements | 9.5 | 4.5 | 9.5 | 4.5 | ||||||||||
Surplus/(shortfall) | $ | 37.4 | $ | 7.8 | $ | 97.9 | $ | 28.3 |
September 30, 2021 | ||||||||
(in millions) | Actual | Minimum | ||||||
Net Capital | $ | 25,580 | $ | 5,437 |
September 30, 2021 | Regulatory Minimum ratios(a) | |||||||
(in millions, except ratios) | Estimated | |||||||
Total capital | $ | 54,842 | ||||||
CET1 ratio | 16.6 | % | 4.5 | % | ||||
Total capital ratio | 21.2 | % | 8.0 | % |
LIQUIDITY RISK MANAGEMENT |
Three months ended | |||||||||||
Average amount (in millions) | September 30, 2021 | June 30, 2021 | September 30, 2020 | ||||||||
JPMorgan Chase & Co. | |||||||||||
HQLA | |||||||||||
Eligible
cash(a) | $ | 690,013 | $ | 673,724 | $ | 458,336 | |||||
Eligible securities(b)(c) | 34,049 | 42,832 | 211,841 | ||||||||
Total HQLA(d) | $ | 724,062 | $ | 716,556 | $ | 670,177 | |||||
Net cash outflows | $ | 645,557 | $ | 647,757 | $ | 587,811 | |||||
LCR | 112 | % | 111 | % | 114 | % | |||||
Net excess eligible HQLA(d) | $ | 78,505 | $ | 68,799 | $ | 82,366 | |||||
JPMorgan Chase Bank N.A.: | |||||||||||
LCR | 174 | % | 171 | % | 157 | % | |||||
Net excess eligible HQLA | $ | 516,374 | $ | 489,311 | $ | 366,096 |
September 30, 2021 | December 31, 2020 | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||
Deposits | Average | Average | |||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
Consumer
& Community Banking | $ | 1,093,852 | $ | 958,706 | $ | 1,076,323 | $ | 895,535 | $ | 1,034,947 | $ | 825,493 | |||||||||||||||||||||||
Corporate
& Investment Bank | 750,920 | 702,215 | 762,539 | 678,843 | 758,534 | 631,351 | |||||||||||||||||||||||||||||
Commercial Banking | 314,726 | 284,263 | 300,433 | 248,078 | 293,817 | 224,591 | |||||||||||||||||||||||||||||
Asset
& Wealth Management | 242,309 | 198,755 | 229,710 | 162,589 | 218,742 | 155,779 | |||||||||||||||||||||||||||||
Corporate | 546 | 318 | 454 | 554 | 452 | 760 | |||||||||||||||||||||||||||||
Total Firm | $ | 2,402,353 | $ | 2,144,257 | $ | 2,369,459 | $ | 1,985,599 | $ | 2,306,492 | $ | 1,837,974 |
(in billions except ratios) | September 30, 2021 | December 31, 2020 | |||||||||
Deposits | $ | 2,402.4 | $ | 2,144.3 | |||||||
Deposits as a % of total liabilities | 69 | % | 69 | % | |||||||
Loans | $ | 1,044.6 | $ | 1,012.9 | |||||||
Loans-to-deposits
ratio | 43 | % | 47 | % |
September 30, 2021 | December 31, 2020 | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||
Sources of funds (excluding deposits) | Average | Average | ||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||
Commercial
paper | $ | 10,309 | $ | 12,031 | $ | 10,304 | $ | 10,921 | $ | 12,275 | $ | 12,968 | ||||||||||||||||||||||||||
Other
borrowed funds | 10,788 | 8,510 | 12,257 | 8,791 | 12,467 | 8,832 | ||||||||||||||||||||||||||||||||
Total short-term unsecured funding | $ | 21,097 | $ | 20,541 | $ | 22,561 | $ | 19,712 | $ | 24,742 | $ | 21,800 | ||||||||||||||||||||||||||
Securities
sold under agreements to repurchase(a) | $ | 246,178 | $ | 207,877 | $ | 231,338 | $ | 244,638 | $ | 257,846 | $ | 249,087 | ||||||||||||||||||||||||||
Securities
loaned(a) | 6,529 | 4,886 | 7,395 | 6,563 | 7,488 | 6,620 | ||||||||||||||||||||||||||||||||
Other borrowed funds | 29,296 | 24,667 | (f) | 29,571 | 23,755 | (f) | 27,953 | (f) | 23,907 | (f) | ||||||||||||||||||||||||||||
Obligations
of Firm-administered multi-seller conduits(b) | $ | 8,612 | $ | 10,523 | $ | 9,620 | $ | 12,120 | $ | 9,896 | $ | 11,484 | ||||||||||||||||||||||||||
Total
short-term secured funding | $ | 290,615 | $ | 247,953 | $ | 277,924 | $ | 287,076 | $ | 303,183 | $ | 291,098 | ||||||||||||||||||||||||||
Senior notes | $ | 187,069 | $ | 166,089 | $ | 188,568 | $ | 178,282 | $ | 178,697 | $ | 174,014 | ||||||||||||||||||||||||||
Subordinated debt | 20,689 | 21,608 | 20,956 | 22,234 | 20,954 | 20,448 | ||||||||||||||||||||||||||||||||
Structured notes(c) | 75,255 | 75,325 | 75,285 | 74,038 | 75,226 | 72,665 | ||||||||||||||||||||||||||||||||
Total long-term unsecured funding | $ | 283,013 | $ | 263,022 | $ | 284,809 | $ | 274,554 | $ | 274,877 | $ | 267,127 | ||||||||||||||||||||||||||
Credit
card securitization(b) | $ | 2,396 | $ | 4,943 | $ | 2,396 | $ | 5,070 | $ | 3,412 | $ | 5,714 | ||||||||||||||||||||||||||
FHLB advances | 11,113 | 14,123 | 11,713 | 30,628 | 12,532 | 31,293 | ||||||||||||||||||||||||||||||||
Other long-term secured funding(d) | 4,339 | 4,540 | 4,379 | 4,189 | 4,487 | 4,432 | ||||||||||||||||||||||||||||||||
Total long-term secured funding | $ | 17,848 | $ | 23,606 | $ | 18,488 | $ | 39,887 | $ | 20,431 | $ | 41,439 | ||||||||||||||||||||||||||
Preferred
stock(e) | $ | 34,838 | $ | 30,063 | $ | 34,229 | $ | 30,063 | $ | 32,417 | $ | 29,844 | ||||||||||||||||||||||||||
Common
stockholders’ equity(e) | $ | 255,203 | $ | 249,291 | $ | 253,556 | $ | 236,797 | $ | 250,011 | $ | 235,251 |
Long-term unsecured funding | |||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
(Notional
in millions) | Parent Company | ||||||||||||||||||||||||||||||||||
Issuance | |||||||||||||||||||||||||||||||||||
Senior notes issued in the U.S. market | $ | 4,500 | $ | 1,000 | $ | 33,750 | $ | 19,750 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Senior
notes issued in non-U.S. markets | — | — | 5,581 | 1,355 | — | — | — | — | |||||||||||||||||||||||||||
Total senior notes | 4,500 | 1,000 | 39,331 | 21,105 | — | — | — | — | |||||||||||||||||||||||||||
Subordinated debt | — | — | — | 3,000 | — | — | — | — | |||||||||||||||||||||||||||
Structured notes(a) | 798 | 1,170 | 3,733 | 6,478 | 8,145 | 3,778 | 25,925 | 16,892 | |||||||||||||||||||||||||||
Total
long-term unsecured funding – issuance | $ | 5,298 | $ | 2,170 | $ | 43,064 | $ | 30,583 | $ | 8,145 | $ | 3,778 | $ | 25,925 | $ | 16,892 | |||||||||||||||||||
Maturities/redemptions | |||||||||||||||||||||||||||||||||||
Senior notes | $ | 3,523 | $ | 16,697 | $ | 10,840 | $ | 24,781 | $ | — | $ | 5 | $ | 66 | $ | 7,642 | |||||||||||||||||||
Subordinated debt | 4 | 100 | 4 | 100 | — | — | — | — | |||||||||||||||||||||||||||
Structured notes | 530 | 1,879 | 3,691 | 4,713 | 7,280 | 7,513 | 25,453 | 22,250 | |||||||||||||||||||||||||||
Total
long-term unsecured funding – maturities/redemptions | $ | 4,057 | $ | 18,676 | $ | 14,535 | $ | 29,594 | $ | 7,280 | $ | 7,518 | $ | 25,519 | $ | 29,892 |
Long-term secured funding | |||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
Issuance | Maturities/Redemptions | Issuance | Maturities/Redemptions | ||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||
Credit card securitization | $ | — | $ | — | $ | — | $ | 851 | $ | — | $ | 1,000 | $ | 2,550 | $ | 2,525 | |||||||||||||||||||
FHLB advances | — | — | 1,002 | 20,002 | — | 15,000 | 3,008 | 27,507 | |||||||||||||||||||||||||||
Other long-term secured funding(a) | 63 | 553 | 238 | 473 | 304 | 876 | 430 | 907 | |||||||||||||||||||||||||||
Total
long-term secured funding | $ | 63 | $ | 553 | $ | 1,240 | $ | 21,326 | $ | 304 | $ | 16,876 | $ | 5,988 | $ | 30,939 |
JPMorgan Chase & Co. | JPMorgan Chase Bank, N.A. | J.P. Morgan Securities LLC J.P. Morgan Securities plc | |||||||||||||||||||||||||||||||||
September 30, 2021 | Long-term issuer | Short-term issuer | Outlook | Long-term issuer | Short-term issuer | Outlook | Long-term issuer | Short-term issuer | Outlook | ||||||||||||||||||||||||||
Moody’s Investors Service (a) | A2 | P-1 | Positive/Stable | Aa2 | P-1 | Stable | Aa3 | P-1 | Stable | ||||||||||||||||||||||||||
Standard & Poor’s (b) | A- | A-2 | Positive | A+ | A-1 | Positive | A+ | A-1 | Positive | ||||||||||||||||||||||||||
Fitch
Ratings (c) | AA- | F1+ | Stable | AA | F1+ | Stable | AA | F1+ | Stable |
CREDIT AND INVESTMENT RISK MANAGEMENT |
CREDIT PORTFOLIO |
Total credit portfolio | |||||||||||||||||
Credit exposure | Nonperforming(d) | ||||||||||||||||
(in millions) | Sep 30, 2021 | Dec 31, 2020 | Sep 30, 2021 | Dec 31, 2020 | |||||||||||||
Loans retained | $ | 974,260 | $ | 960,506 | $ | 6,995 | $ | 8,782 | |||||||||
Loans held-for-sale | 9,727 | 7,873 | 190 | 284 | |||||||||||||
Loans at fair value | 60,628 | 44,474 | 1,058 | 1,507 | |||||||||||||
Total loans | 1,044,615 | 1,012,853 | 8,243 | 10,573 | |||||||||||||
Derivative receivables | 67,908 | 75,444 | (c) | 393 | 56 | ||||||||||||
Receivables from customers(a) | 58,752 | 47,710 | — | — | |||||||||||||
Total credit-related assets | 1,171,275 | 1,136,007 | 8,636 | 10,629 | |||||||||||||
Assets acquired in loan satisfactions | |||||||||||||||||
Real estate owned | NA | NA | 229 | 256 | |||||||||||||
Other | NA | NA | 17 | 21 | |||||||||||||
Total
assets acquired in loan satisfactions | NA | NA | 246 | 277 | |||||||||||||
Lending-related commitments | 1,266,530 | 1,165,688 | 641 | 577 | |||||||||||||
Total credit portfolio | $ | 2,437,805 | $ | 2,301,695 | $ | 9,523 | $ | 11,483 | |||||||||
Credit
derivatives and credit-related notes used in credit portfolio management activities(b) | $ | (33,868) | $ | (23,965) | $ | — | $ | — | |||||||||
Liquid securities and other cash collateral held against derivatives | (11,001) | (14,806) | NA | NA |
(in
millions, except ratios) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Net charge-offs | $ | 524 | $ | 1,180 | $ | 2,315 | $ | 4,209 | |||||||||
Average retained loans | 968,369 | 950,850 | 958,260 | 962,054 | |||||||||||||
Net charge-off rates | 0.21 | % | 0.49 | % | 0.32 | % | 0.58 | % |
CONSUMER CREDIT PORTFOLIO |
Consumer credit portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Credit exposure | Nonaccrual loans(j)(k) | Net charge-offs/(recoveries) | Net charge-off/(recovery) rate(l) | Net charge-offs/(recoveries) | Net charge-off/(recovery) rate(l) | |||||||||||||||||||||||||||||||||||||||||||||||
Sep 30, 2021 | Dec 31, 2020 | Sep
30, 2021 | Dec 31, 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Consumer, excluding credit card | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential
real estate(a) | $ | 221,671 | $ | 225,302 | $ | 4,794 | $ | 5,313 | $ | (74) | $ | 10 | (0.13) | % | 0.02 | % | $ | (205) | $ | (115) | (0.12) | % | (0.06) | % | |||||||||||||||||||||||||||||
Auto
and other(b)(c)(d) | 76,637 | 76,825 | 117 | 151 | 66 | 50 | 0.34 | 0.27 | 187 | 252 | 0.31 | 0.53 | |||||||||||||||||||||||||||||||||||||||||
Total loans – retained | 298,308 | 302,127 | 4,911 | 5,464 | (8) | 60 | (0.01) | 0.08 | (18) | 137 | (0.01) | 0.06 | |||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | 1,407 | 1,305 | — | — | NA | NA | NA | NA | NA | NA | NA | NA | |||||||||||||||||||||||||||||||||||||||||
Loans
at fair value(e) | 28,449 | 15,147 | 440 | 1,003 | NA | NA | NA | NA | NA | NA | NA | NA | |||||||||||||||||||||||||||||||||||||||||
Total consumer, excluding credit card loans | 328,164 | 318,579 | 5,351 | 6,467 | (8) | 60 | (0.01) | 0.08 | (18) | 137 | (0.01) | 0.06 | |||||||||||||||||||||||||||||||||||||||||
Lending-related
commitments(f) | 56,684 | 57,319 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer exposure, excluding credit card | 384,848 | 375,898 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Credit card | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans retained(g) | 143,166 | 143,432 | NA | NA | 495 | 1,028 | 1.39 | 2.92 | 2,233 | 3,519 | 2.18 | 3.17 | |||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | — | 784 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | |||||||||||||||||||||||||||||||||||||||||
Total credit card loans | 143,166 | 144,216 | NA | NA | 495 | 1,028 | 1.39 | 2.92 | 2,233 | 3,519 | 2.18 | 3.17 | |||||||||||||||||||||||||||||||||||||||||
Lending-related
commitments(f)(h) | 710,610 | 658,506 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total credit card exposure(h) | 853,776 | 802,722 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total
consumer credit portfolio(h) | $ | 1,238,624 | $ | 1,178,620 | $ | 5,351 | $ | 6,467 | $ | 487 | $ | 1,088 | 0.44 | % | 0.97 | % | $ | 2,215 | $ | 3,656 | 0.68 | % | 1.09 | % | |||||||||||||||||||||||||||||
Credit-related
notes used in credit portfolio management activities(i) | $ | (2,284) | $ | (747) |
(in millions) | September 30, 2021 | December 31, 2020 | ||||||
Current | $ | 740 | $ | 669 | ||||
30-89 days past due | 140 | 235 | ||||||
90 or more days past due | 644 | 874 | ||||||
Total government guaranteed loans | $ | 1,524 | $ | 1,778 |
(in millions) | September 30, 2021 | December 31, 2020 | |||||||||
Retained loans(a) | $ | 13,728 | $ | 15,406 | |||||||
Nonaccrual retained loans(b) | $ | 3,913 | $ | 3,899 |
Nonperforming
assets(a) | ||||||||||||||
(in millions) | September 30, 2021 | December 31, 2020 | ||||||||||||
Nonaccrual loans | ||||||||||||||
Residential real estate(b) | $ | 5,232 | $ | 6,316 | ||||||||||
Auto and other | 119 | 151 | ||||||||||||
Total nonaccrual loans | 5,351 | 6,467 | ||||||||||||
Assets acquired in loan satisfactions | ||||||||||||||
Real estate owned | 105 | 131 | ||||||||||||
Other | 17 | 21 | ||||||||||||
Total
assets acquired in loan satisfactions | 122 | 152 | ||||||||||||
Total nonperforming assets | $ | 5,473 | $ | 6,619 |
Nonaccrual loan activity | ||||||||||||||
Nine months ended September 30, (in millions) | 2021 | 2020 | ||||||||||||
Beginning balance | $ | 6,467 | $ | 3,366 | ||||||||||
Additions: | ||||||||||||||
PCD loans, upon adoption of CECL | NA | 708 | ||||||||||||
Other additions | 2,032 | 4,109 | (b) | |||||||||||
Total additions | 2,032 | 4,817 | ||||||||||||
Reductions: | ||||||||||||||
Principal
payments and other(a) | 1,625 | 508 | ||||||||||||
Charge-offs | 167 | 319 | ||||||||||||
Returned to performing status | 1,295 | 619 | ||||||||||||
Foreclosures and other liquidations | 61 | 332 | ||||||||||||
Total reductions | 3,148 | 1,778 | ||||||||||||
Net changes | (1,116) | 3,039 | ||||||||||||
Ending balance | $ | 5,351 | $ | 6,405 |
(in millions, except ratios) | September 30, 2021 | December 31, 2020 | ||||||
Loan delinquency(a) | ||||||||
Current | $ | 13,658 | $ | 16,036 | ||||
30-149 days past due | 283 | 432 | ||||||
150 or more days past due | 574 | 573 | ||||||
Total PCD loans | $ | 14,515 | $ | 17,041 | ||||
% of 30+ days past due to total retained PCD loans | 5.90 | % | 5.90 | % | ||||
Nonaccrual loans(b) | $ | 1,581 | $ | 1,609 |
(in millions, except ratios) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Net charge-offs | $ | 1 | $ | 33 | $ | 17 | $ | 66 | |||||||||
Net charge-off rate | 0.03 | % | 0.71 | % | 0.14 | % | 0.46 | % |
WHOLESALE CREDIT PORTFOLIO |
Wholesale credit portfolio | |||||||||||||||||
Credit exposure | Nonperforming(d) | ||||||||||||||||
(in millions) | Sep 30, 2021 | Dec
31, 2020 | Sep 30, 2021 | Dec 31, 2020 | |||||||||||||
Loans retained | $ | 532,786 | $ | 514,947 | $ | 2,084 | $ | 3,318 | |||||||||
Loans held-for-sale | 8,320 | 5,784 | 190 | 284 | |||||||||||||
Loans at fair value | 32,179 | 29,327 | 618 | 504 | |||||||||||||
Loans | 573,285 | 550,058 | 2,892 | 4,106 | |||||||||||||
Derivative receivables | 67,908 | 75,444 | (c) | 393 | 56 | ||||||||||||
Receivables
from customers(a) | 58,752 | 47,710 | — | — | |||||||||||||
Total wholesale credit-related assets | 699,945 | 673,212 | 3,285 | 4,162 | |||||||||||||
Assets
acquired in loan satisfactions | |||||||||||||||||
Real estate owned | NA | NA | 124 | 125 | |||||||||||||
Other | NA | NA | — | — | |||||||||||||
Total
assets acquired in loan satisfactions | NA | NA | 124 | 125 | |||||||||||||
Lending-related commitments | 499,236 | 449,863 | 641 | 577 | |||||||||||||
Total wholesale credit portfolio | $ | 1,199,181 | $ | 1,123,075 | $ | 4,050 | $ | 4,864 | |||||||||
Credit
derivatives and credit-related notes used in credit portfolio management activities(b) | $ | (31,584) | $ | (23,218) | (c) | $ | — | $ | — | ||||||||
Liquid securities and other cash collateral held against derivatives | (11,001) | (14,806) | NA | NA |
Maturity
profile(e) | Ratings profile | |||||||||||||||||||||||||||||||
1 year or less | 1 year through 5 years | After 5 years | Total | Investment-grade | Noninvestment-grade | Total | Total % of IG | |||||||||||||||||||||||||
September
30, 2021 (in millions, except ratios) | ||||||||||||||||||||||||||||||||
Loans retained | $ | 200,142 | $ | 206,146 | $ | 126,498 | $ | 532,786 | $ | 388,506 | $ | 144,280 | $ | 532,786 | 73 | % | ||||||||||||||||
Derivative receivables | 67,908 | 67,908 | ||||||||||||||||||||||||||||||
Less: Liquid securities and other cash collateral held against derivatives | (11,001) | (11,001) | ||||||||||||||||||||||||||||||
Total derivative receivables, net of collateral | 18,272 | 17,146 | 21,489 | 56,907 | 36,178 | 20,729 | 56,907 | 64 | ||||||||||||||||||||||||
Lending-related commitments | 131,685 | 340,669 | 26,882 | 499,236 | 338,916 | 160,320 | 499,236 | 68 | ||||||||||||||||||||||||
Subtotal | 350,099 | 563,961 | 174,869 | 1,088,929 | 763,600 | 325,329 | 1,088,929 | 70 | ||||||||||||||||||||||||
Loans
held-for-sale and loans at fair value(a) | 40,499 | 40,499 | ||||||||||||||||||||||||||||||
Receivables from customers | 58,752 | 58,752 | ||||||||||||||||||||||||||||||
Total exposure – net of liquid securities and other cash collateral held against derivatives | $ | 1,188,180 | $ | 1,188,180 | ||||||||||||||||||||||||||||
Credit derivatives and credit-related notes used in credit portfolio management activities(b)(c) | $ | (19,659) | $ | (7,897) | $ | (4,028) | $ | (31,584) | $ | (24,161) | $ | (7,423) | $ | (31,584) | 76 | % |
Maturity
profile(e) | Ratings profile | ||||||||||||||||||||||||||||||||||
1 year or less | 1 year through 5 years | After 5 years | Total | Investment-grade | Noninvestment-grade | Total | Total % of IG | ||||||||||||||||||||||||||||
December
31, 2020 (in millions, except ratios) | |||||||||||||||||||||||||||||||||||
Loans retained | $ | 183,969 | $ | 197,905 | $ | 133,073 | $ | 514,947 | $ | 379,273 | $ | 135,674 | $ | 514,947 | 74 | % | |||||||||||||||||||
Derivative receivables | 75,444 | (d) | 75,444 | (d) | |||||||||||||||||||||||||||||||
Less: Liquid securities and other cash collateral held against derivatives | (14,806) | (14,806) | |||||||||||||||||||||||||||||||||
Total derivative receivables, net of collateral | 17,750 | 14,478 | 28,410 | 60,638 | 38,941 | 21,697 | 60,638 | 64 | |||||||||||||||||||||||||||
Lending-related commitments | 116,950 | 315,179 | 17,734 | 449,863 | 312,694 | 137,169 | 449,863 | 70 | |||||||||||||||||||||||||||
Subtotal | 318,669 | 527,562 | 179,217 | 1,025,448 | 730,908 | 294,540 | 1,025,448 | 71 | |||||||||||||||||||||||||||
Loans
held-for-sale and loans at fair value(a) | 35,111 | 35,111 | |||||||||||||||||||||||||||||||||
Receivables from customers | 47,710 | 47,710 | |||||||||||||||||||||||||||||||||
Total exposure – net of liquid securities and other cash collateral held against derivatives | $ | 1,108,269 | $ | 1,108,269 | |||||||||||||||||||||||||||||||
Credit derivatives and credit-related notes used in credit portfolio management activities(b)(c)(d) | $ | (6,765) | $ | (13,627) | $ | (2,826) | $ | (23,218) | $ | (18,164) | $ | (5,054) | $ | (23,218) | 78 | % |
Wholesale
credit exposure – industries(a) | |||||||||||||||||||||||||||||
Selected metrics | |||||||||||||||||||||||||||||
30 days or more past due and accruing loans(i) | Net charge-offs/ (recoveries) | Credit
derivative hedges and credit-related notes(i) | Liquid securities and other cash collateral held against derivative receivables | ||||||||||||||||||||||||||
Noninvestment-grade | |||||||||||||||||||||||||||||
As of or for the nine months ended | Credit exposure(f)(g) | Investment- grade | Noncriticized | Criticized performing | Criticized nonperforming | ||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Real Estate | $ | 156,298 | $ | 122,285 | $ | 27,366 | $ | 6,342 | $ | 305 | $ | 236 | $ | (3) | $ | (169) | $ | — | |||||||||||
Individuals
and Individual Entities(b) | 132,793 | 117,260 | 14,886 | 107 | 540 | 1,495 | 24 | — | (5) | ||||||||||||||||||||
Consumer & Retail | 115,534 | 59,037 | 47,732 | 8,293 | 472 | 115 | 10 | (167) | — | ||||||||||||||||||||
Asset Managers | 80,801 | 68,069 | 12,726 | — | 6 | 7 | — | — | (4,739) | ||||||||||||||||||||
Technology, Media & Telecommunications | 79,946 | 47,608 | 25,737 | 6,271 | 330 | 40 | (3) | (964) | (27) | ||||||||||||||||||||
Industrials | 68,298 | 34,913 | 29,699 | 3,577 | 109 | 146 | 11 | (772) | (10) | ||||||||||||||||||||
Healthcare | 60,544 | 42,521 | 16,325 | 1,637 | 61 | 83 | (5) | (305) | (153) | ||||||||||||||||||||
Banks & Finance Cos | 55,086 | 34,004 | 19,498 | 1,572 | 12 | 91 | 10 | (565) | (1,161) | ||||||||||||||||||||
Oil & Gas | 46,203 | 18,935 | 23,955 | 3,067 | 246 | 31 | 57 | (320) | (1) | ||||||||||||||||||||
Automotive | 38,042 | 25,809 | 11,460 | 601 | 172 | — | (3) | (420) | — | ||||||||||||||||||||
State
& Municipal Govt(c) | 35,318 | 34,628 | 576 | 101 | 13 | 3 | — | — | (14) | ||||||||||||||||||||
Utilities | 33,727 | 24,664 | 7,790 | 1,099 | 174 | 5 | 6 | (383) | (4) | ||||||||||||||||||||
Chemicals & Plastics | 19,766 | 11,437 | 7,897 | 424 | 8 | 7 | — | (10) | — | ||||||||||||||||||||
Transportation | 16,459 | 6,937 | 4,884 | 4,434 | 204 | 16 | — | (51) | (24) | ||||||||||||||||||||
Metals & Mining | 15,426 | 6,875 | 8,133 | 326 | 92 | — | 2 | (29) | (2) | ||||||||||||||||||||
Insurance | 14,515 | 10,739 | 3,722 | 54 | — | — | — | — | (2,235) | ||||||||||||||||||||
Central Govt | 12,982 | 12,697 | 285 | — | — | — | — | (6,326) | (197) | ||||||||||||||||||||
Securities Firms | 5,573 | 2,611 | 2,409 | 550 | 3 | — | — | (48) | (285) | ||||||||||||||||||||
Financial Markets Infrastructure | 5,257 | 4,939 | 318 | — | — | — | — | — | (32) | ||||||||||||||||||||
All other(d) | 107,362 | 88,036 | 18,948 | 7 | 371 | 394 | (6) | (21,055) | (2,112) | ||||||||||||||||||||
Subtotal | $ | 1,099,930 | $ | 774,004 | $ | 284,346 | $ | 38,462 | $ | 3,118 | $ | 2,669 | $ | 100 | $ | (31,584) | $ | (11,001) | |||||||||||
Loans held-for-sale and loans at fair value | 40,499 | ||||||||||||||||||||||||||||
Receivables from customers | 58,752 | ||||||||||||||||||||||||||||
Total(e) | $ | 1,199,181 |
(continued from previous page) | |||||||||||||||||||||||||||||||||||
Selected metrics | |||||||||||||||||||||||||||||||||||
30 days or
more past due and accruing loans(i) | Net charge-offs/ (recoveries) | Credit derivative hedges and credit-related notes(h)(j) | Liquid securities and other cash collateral held against derivative receivables | ||||||||||||||||||||||||||||||||
Noninvestment-grade | |||||||||||||||||||||||||||||||||||
As of or for the year ended | Credit exposure(f)(g) | Investment- grade | Noncriticized | Criticized performing | Criticized nonperforming | ||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Real Estate | $ | 148,498 | $ | 116,124 | $ | 27,576 | $ | 4,294 | $ | 504 | $ | 374 | $ | 94 | $ | (190) | $ | — | |||||||||||||||||
Individuals
and Individual Entities(b) | 122,870 | 107,266 | 14,688 | 227 | 689 | 1,570 | (17) | — | — | ||||||||||||||||||||||||||
Consumer & Retail | 108,437 | 57,580 | 41,624 | 8,852 | 381 | 203 | 55 | (381) | (5) | ||||||||||||||||||||||||||
Asset Managers | 66,573 | 57,582 | 8,885 | 85 | 21 | 19 | 1 | — | (4,685) | ||||||||||||||||||||||||||
Technology, Media & Telecommunications | 72,150 | 36,435 | 27,770 | 7,738 | 207 | 10 | 73 | (984) | (56) | ||||||||||||||||||||||||||
Industrials | 66,470 | 37,512 | 26,881 | 1,852 | 225 | 278 | 70 | (658) | (61) | ||||||||||||||||||||||||||
Healthcare | 60,118 | 44,901 | 13,356 | 1,684 | 177 | 96 | 104 | (378) | (191) | ||||||||||||||||||||||||||
Banks & Finance Cos | 54,032 | 35,115 | 17,820 | 1,045 | 52 | 20 | 13 | (659) | (1,648) | ||||||||||||||||||||||||||
Oil & Gas | 39,159 | 18,456 | 14,969 | 4,952 | 782 | 11 | 249 | (488) | (4) | ||||||||||||||||||||||||||
Automotive | 43,331 | 25,548 | 15,575 | 2,149 | 59 | 152 | 22 | (434) | — | ||||||||||||||||||||||||||
State
& Municipal Govt(c) | 38,286 | 37,705 | 574 | 2 | 5 | 41 | — | — | (41) | ||||||||||||||||||||||||||
Utilities | 30,124 | 22,451 | 7,048 | 571 | 54 | 14 | (7) | (402) | (1) | ||||||||||||||||||||||||||
Chemicals & Plastics | 17,176 | 10,622 | 5,703 | 822 | 29 | 6 | — | (83) | — | ||||||||||||||||||||||||||
Transportation | 16,232 | 7,549 | 6,340 | 2,137 | 206 | 30 | 117 | (83) | (26) | ||||||||||||||||||||||||||
Metals & Mining | 15,542 | 5,958 | 8,699 | 704 | 181 | 8 | 16 | (141) | (13) | ||||||||||||||||||||||||||
Insurance | 13,141 | 10,177 | 2,960 | 3 | 1 | 7 | — | — | (1,771) | ||||||||||||||||||||||||||
Central Govt | 17,025 | 16,652 | 373 | — | — | — | — | (8,364) | (982) | ||||||||||||||||||||||||||
Securities Firms | 8,048 | 6,116 | 1,927 | 1 | 4 | — | 18 | (49) | (3,423) | ||||||||||||||||||||||||||
Financial Markets Infrastructure | 6,515 | 6,449 | 66 | — | — | — | — | — | (10) | ||||||||||||||||||||||||||
All other(d) | 96,527 | (h) | 84,650 | 10,999 | (h) | 504 | 374 | 83 | (9) | (9,924) | (1,889) | ||||||||||||||||||||||||
Subtotal | $ | 1,040,254 | $ | 744,848 | $ | 253,833 | $ | 37,622 | $ | 3,951 | $ | 2,922 | $ | 799 | $ | (23,218) | $ | (14,806) | |||||||||||||||||
Loans held-for-sale and loans at fair value | 35,111 | ||||||||||||||||||||||||||||||||||
Receivables from customers | 47,710 | ||||||||||||||||||||||||||||||||||
Total(e) | $ | 1,123,075 |
September 30, 2021 | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | Loans and Lending-related Commitments | Derivative Receivables | Credit exposure | % Investment-grade | % Drawn(d) | |||||||||||||||||||||||||||
Multifamily(a) | $ | 86,410 | $ | 108 | $ | 86,518 | 85 | % | 90 | % | ||||||||||||||||||||||
Other
Income Producing Properties(b) | 17,807 | 472 | 18,279 | 84 | 40 | |||||||||||||||||||||||||||
Office | 15,819 | 231 | 16,050 | 75 | 71 | |||||||||||||||||||||||||||
Services and Non Income Producing | 11,463 | 30 | 11,493 | 59 | 46 | |||||||||||||||||||||||||||
Industrial | 10,524 | 46 | 10,570 | 76 | 61 | |||||||||||||||||||||||||||
Retail | 9,755 | 125 | 9,880 | 64 | 66 | |||||||||||||||||||||||||||
Lodging | 3,456 | 52 | 3,508 | 5 | 34 | |||||||||||||||||||||||||||
Total
Real Estate Exposure(c) | 155,234 | 1,064 | 156,298 | 78 | 75 | |||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | Loans and Lending-related Commitments | Derivative Receivables | Credit exposure | % Investment- grade | % Drawn(d) | |||||||||||||||||||||||||||
Multifamily(a) | $ | 85,368 | $ | 183 | $ | 85,551 | 85 | % | 92 | % | ||||||||||||||||||||||
Other
Income Producing Properties(b) | 13,435 | 421 | 13,856 | 76 | 55 | |||||||||||||||||||||||||||
Office | 16,372 | 475 | 16,847 | 76 | 70 | |||||||||||||||||||||||||||
Services and Non Income Producing | 9,242 | 22 | 9,264 | 62 | 47 | |||||||||||||||||||||||||||
Industrial | 9,039 | 69 | 9,108 | 76 | 73 | |||||||||||||||||||||||||||
Retail | 10,573 | 199 | 10,772 | 60 | 69 | |||||||||||||||||||||||||||
Lodging | 3,084 | 16 | 3,100 | 24 | 57 | |||||||||||||||||||||||||||
Total
Real Estate Exposure | 147,113 | 1,385 | 148,498 | 78 | 80 |
September 30, 2021 | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | Loans and Lending-related Commitments | Derivative Receivables | Credit exposure | % Investment-grade | % Drawn(d) | |||||||||||||||||||||||||||
Retail(a) | $ | 31,673 | $ | 1,795 | $ | 33,468 | 51 | % | 31 | % | ||||||||||||||||||||||
Food and Beverage | 30,326 | 1,067 | 31,393 | 60 | 34 | |||||||||||||||||||||||||||
Business and Consumer Services | 27,371 | 400 | 27,771 | 50 | 35 | |||||||||||||||||||||||||||
Consumer Hard Goods | 15,162 | 111 | 15,273 | 53 | 31 | |||||||||||||||||||||||||||
Leisure(b) | 7,491 | 138 | 7,629 | 14 | 33 | |||||||||||||||||||||||||||
Total
Consumer & Retail(c) | 112,023 | 3,511 | 115,534 | 51 | 33 | |||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | Loans and Lending-related Commitments | Derivative Receivables | Credit exposure | % Investment- grade | % Drawn(d) | |||||||||||||||||||||||||||
Retail(a) | $ | 32,486 | $ | 887 | $ | 33,373 | 52 | % | 33 | % | ||||||||||||||||||||||
Food and Beverage | 28,012 | 897 | 28,909 | 62 | 33 | |||||||||||||||||||||||||||
Business and Consumer Services | 24,760 | 599 | 25,359 | 52 | 41 | |||||||||||||||||||||||||||
Consumer Hard Goods | 12,937 | 178 | 13,115 | 59 | 36 | |||||||||||||||||||||||||||
Leisure(b) | 7,440 | 241 | 7,681 | 18 | 43 | |||||||||||||||||||||||||||
Total
Consumer & Retail | 105,635 | 2,802 | 108,437 | 53 | 36 |
September 30, 2021 | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | Loans and Lending-related Commitments | Derivative Receivables | Credit exposure | % Investment-grade | % Drawn(c) | |||||||||||||||||||||||||||
Exploration & Production ("E&P") and Oil field Services | $ | 17,833 | $ | 9,393 | $ | 27,226 | 29 | % | 24 | % | ||||||||||||||||||||||
Other
Oil & Gas(a) | 17,964 | 1,013 | 18,977 | 58 | 24 | |||||||||||||||||||||||||||
Total Oil & Gas(b) | 35,797 | 10,406 | 46,203 | 41 | 24 | |||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | Loans and Lending-related Commitments | Derivative Receivables | Credit exposure | % Investment- grade | % Drawn(c) | |||||||||||||||||||||||||||
Exploration & Production ("E&P") and Oil field Services | $ | 18,228 | $ | 1,048 | $ | 19,276 | 32 | % | 37 | % | ||||||||||||||||||||||
Other
Oil & Gas(a) | 19,288 | 595 | 19,883 | 62 | 21 | |||||||||||||||||||||||||||
Total Oil & Gas(b) | 37,516 | 1,643 | 39,159 | 47 | 29 |
Wholesale nonaccrual loan activity | |||||||||||
Nine months ended September 30, (in millions) | 2021 | 2020 | |||||||||
Beginning balance | $ | 4,106 | $ | 1,271 | |||||||
Additions | 2,021 | 5,650 | |||||||||
Reductions: | |||||||||||
Paydowns and other | 1,782 | 1,381 | |||||||||
Gross charge-offs | 180 | 614 | |||||||||
Returned to performing status | 893 | 238 | |||||||||
Sales | 380 | 91 | |||||||||
Total reductions | 3,235 | 2,324 | |||||||||
Net changes | (1,214) | 3,326 | |||||||||
Ending balance | $ | 2,892 | $ | 4,597 |
Wholesale net charge-offs/(recoveries) | |||||||||||||||||
(in millions, except ratios) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Loans | |||||||||||||||||
Average loans retained | $ | 528,979 | $ | 504,449 | $ | 521,628 | $ | 512,137 | |||||||||
Gross
charge-offs | 52 | 150 | 187 | 641 | |||||||||||||
Gross recoveries collected | (15) | (58) | (87) | (88) | |||||||||||||
Net charge-offs/(recoveries) | 37 | 92 | 100 | 553 | |||||||||||||
Net
charge-off/(recovery) rate | 0.03 | % | 0.07 | % | 0.03 | % | 0.14 | % |
Derivative receivables | |||||||||||
(in millions) | September 30, 2021 | December 31, 2020 | |||||||||
Total, net of cash collateral | $ | 67,908 | $ | 75,444 | (a) | ||||||
Liquid securities and other cash collateral held against derivative receivables | (11,001) | (14,806) | |||||||||
Total, net of liquid securities and other cash collateral | $ | 56,907 | $ | 60,638 | |||||||
Other collateral held against derivative receivables | (1,906) | (1,836) | (a) | ||||||||
Total, net of collateral | $ | 55,001 | $ | 58,802 |
Ratings profile of derivative receivables | |||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(in millions, except ratios) | Exposure net of collateral | % of exposure net of collateral | Exposure net of collateral | % of exposure net of collateral | |||||||||||||||||||
Investment-grade | $ | 34,379 | 63 | % | $ | 37,013 | 63 | % | |||||||||||||||
Noninvestment-grade | 20,622 | 37 | 21,789 | (a) | 37 | (a) | |||||||||||||||||
Total | $ | 55,001 | 100 | % | $ | 58,802 | 100 | % |
Credit derivatives and credit-related notes used in credit portfolio management activities | |||||||||||
Notional amount of protection purchased and sold(a) | |||||||||||
(in millions) | September 30, 2021 | December 31, 2020 | |||||||||
Credit derivatives and credit-related notes used to manage: | |||||||||||
Loans and lending-related
commitments | $ | 2,803 | $ | 4,856 | |||||||
Derivative receivables | 28,781 | 18,362 | |||||||||
Credit derivatives and credit-related notes used in credit portfolio management activities | $ | 31,584 | $ | 23,218 |
ALLOWANCE FOR CREDIT LOSSES |
Assumptions at September 30, 2021 | |||||||||||
4Q21 | 2Q22 | 4Q22 | |||||||||
U.S. unemployment rate(a) | 5.1 | % | 4.4 | % | 4.1 | % | |||||
Cumulative change in U.S. real GDP from 12/31/2019 | 3.3 | % | 5.0 | % | 6.2 | % | |||||
Assumptions at December 31, 2020 | |||||||||||
2Q21 | 4Q21 | 2Q22 | |||||||||
U.S. unemployment rate(a) | 6.8 | % | 5.7 | % | 5.1 | % | |||||
Cumulative change in U.S. real GDP from 12/31/2019 | (1.9) | % | 0.6 | % | 2.0 | % |
Allowance for credit losses and related information | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Nine months ended September 30, | Consumer, excluding credit card | Credit card | Wholesale | Total | Consumer, excluding credit card | Credit card | Wholesale | Total | |||||||||||||||||||||
(in millions, except ratios) | |||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Beginning balance at January 1, | $ | 3,636 | $ | 17,800 | $ | 6,892 | $ | 28,328 | $ | 2,538 | $ | 5,683 | $ | 4,902 | $ | 13,123 | |||||||||||||
Cumulative effect of a change in accounting principle | NA | NA | NA | NA | 297 | 5,517 | (1,642) | 4,172 | |||||||||||||||||||||
Gross charge-offs | 452 | 2,957 | 187 | 3,596 | 620 | 4,104 | 641 | 5,365 | |||||||||||||||||||||
Gross recoveries collected | (470) | (724) | (87) | (1,281) | (483) | (585) | (88) | (1,156) | |||||||||||||||||||||
Net charge-offs/(recoveries) | (18) | 2,233 | 100 | 2,315 | 137 | 3,519 | 553 | 4,209 | |||||||||||||||||||||
Provision for loan losses | (1,778) | (3,917) | (2,162) | (7,857) | 1,803 | 10,119 | 5,802 | 17,724 | |||||||||||||||||||||
Other | (2) | — | (4) | (6) | 1 | — | 3 | 4 | |||||||||||||||||||||
Ending balance at September 30, | $ | 1,874 | $ | 11,650 | $ | 4,626 | $ | 18,150 | $ | 4,502 | $ | 17,800 | $ | 8,512 | $ | 30,814 | |||||||||||||
Allowance for lending-related commitments | |||||||||||||||||||||||||||||
Beginning balance at January 1, | $ | 187 | $ | — | $ | 2,222 | $ | 2,409 | $ | 12 | $ | — | $ | 1,179 | $ | 1,191 | |||||||||||||
Cumulative effect of a change in accounting principle | NA | NA | NA | NA | 133 | — | (35) | 98 | |||||||||||||||||||||
Provision for lending-related commitments | (45) | — | (61) | (106) | 71 | — | 1,464 | 1,535 | |||||||||||||||||||||
Other | — | — | 2 | 2 | — | — | (1) | (1) | |||||||||||||||||||||
Ending balance at September 30, | $ | 142 | $ | — | $ | 2,163 | $ | 2,305 | $ | 216 | $ | — | $ | 2,607 | $ | 2,823 | |||||||||||||
Impairment methodology | |||||||||||||||||||||||||||||
Asset-specific(a) | $ | (571) | $ | 383 | $ | 357 | $ | 169 | $ | 228 | $ | 652 | $ | 792 | $ | 1,672 | |||||||||||||
Portfolio-based | 2,445 | 11,267 | 4,269 | 17,981 | 4,274 | 17,148 | 7,720 | 29,142 | |||||||||||||||||||||
Total allowance for loan losses | $ | 1,874 | $ | 11,650 | $ | 4,626 | $ | 18,150 | $ | 4,502 | $ | 17,800 | $ | 8,512 | $ | 30,814 | |||||||||||||
Impairment methodology | |||||||||||||||||||||||||||||
Asset-specific | $ | — | $ | — | $ | 129 | $ | 129 | $ | — | $ | — | $ | 109 | $ | 109 | |||||||||||||
Portfolio-based | 142 | — | 2,034 | 2,176 | 216 | — | 2,498 | 2,714 | |||||||||||||||||||||
Total
allowance for lending-related commitments | $ | 142 | $ | — | $ | 2,163 | $ | 2,305 | $ | 216 | $ | — | $ | 2,607 | $ | 2,823 | |||||||||||||
Total
allowance for credit losses(b) | $ | 2,016 | $ | 11,650 | $ | 6,789 | $ | 20,455 | $ | 4,718 | $ | 17,800 | $ | 11,119 | $ | 33,637 | |||||||||||||
Memo: | |||||||||||||||||||||||||||||
Retained
loans, end of period | $ | 298,308 | $ | 143,166 | $ | 532,786 | $ | 974,260 | $ | 305,106 | $ | 139,590 | $ | 500,841 | $ | 945,537 | |||||||||||||
Retained
loans, average | 299,620 | 137,012 | 521,628 | 958,260 | 301,535 | 148,382 | 512,137 | 962,054 | |||||||||||||||||||||
Credit ratios | |||||||||||||||||||||||||||||
Allowance
for loan losses to retained loans | 0.63 | % | 8.14 | % | 0.87 | % | 1.86 | % | 1.48 | % | 12.75 | % | 1.70 | % | 3.26 | % | |||||||||||||
Allowance
for loan losses to retained nonaccrual loans(c) | 38 | NM | 222 | 259 | 89 | NM | 227 | 350 | |||||||||||||||||||||
Allowance for loan losses to retained nonaccrual loans excluding credit card | 38 | NM | 222 | 93 | 89 | NM | 227 | 148 | |||||||||||||||||||||
Net charge-off/(recovery) rates | (0.01) | 2.18 | 0.03 | 0.32 | 0.06 | 3.17 | 0.14 | 0.58 |
INVESTMENT PORTFOLIO RISK MANAGEMENT |
(in billions) | September 30, 2021 | December 31, 2020 | |||||||||
Tax-oriented investments, primarily in alternative energy and
affordable housing(a) | $ | 20.9 | $ | 20.0 | |||||||
Private equity, various debt and equity instruments, and real assets | 7.0 | 6.2 | |||||||||
Total carrying value | $ | 27.9 | $ | 26.2 |
MARKET RISK MANAGEMENT |
Total VaR | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Avg. | Min | Max | Avg. | Min | Max | Avg. | Min | Max | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CIB
trading VaR by risk type | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income | $ | 38 | $ | 30 | $ | 46 | $ | 39 | $ | 33 | $ | 44 | $ | 93 | $ | 79 | $ | 124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange | 5 | 3 | 8 | 6 | 4 | 9 | 13 | 7 | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equities | 11 | 8 | 15 | 18 | 11 | 23 | 26 | 22 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodities
and other | 11 | 9 | 13 | 22 | 12 | 35 | 33 | 24 | 47 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diversification
benefit to CIB trading VaR | (33) | (a) | NM | (b) | NM | (b) | (44) | (a) | NM | (b) | NM | (b) | (76) | (a) | NM | (b) | NM | (b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CIB trading VaR | 32 | 22 | 44 | 41 | 34 | 51 | 89 | 73 | 115 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit portfolio VaR | 5 | 4 | 7 | 6 | 4 | 9 | 15 | 12 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diversification
benefit to CIB VaR | (4) | (a) | NM | (b) | NM | (b) | (6) | (a) | NM | (b) | NM | (b) | (14) | (a) | NM | (b) | NM | (b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CIB
VaR | 33 | 22 | 45 | 41 | 34 | 52 | 90 | 74 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CCB
VaR | 6 | 4 | 10 | 5 | 4 | 7 | 3 | 1 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate
and other LOB VaR | 17 | 15 | 19 | 20 | 18 | 22 | 16 | 15 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diversification
benefit to other VaR | (4) | (a) | NM | (b) | NM | (b) | (5) | (a) | NM | (b) | NM | (b) | (3) | (a) | NM | (b) | NM | (b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other VaR | 19 | 16 | 23 | 20 | 19 | 22 | 16 | 14 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diversification
benefit to CIB and other VaR | (16) | (a) | NM | (b) | NM | (b) | (18) | (a) | NM | (b) | NM | (b) | (16) | (a) | NM | (b) | NM | (b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total VaR | $ | 36 | $ | 24 | $ | 50 | $ | 43 | $ | 35 | $ | 52 | $ | 90 | $ | 74 | $ | 117 |
Third Quarter 2020 | Fourth Quarter 2020 | First Quarter 2021 | Second
Quarter 2021 | Third Quarter 2021 |
(in billions) | September 30, 2021 | December 31, 2020 | |||||||||
Parallel shift: | |||||||||||
+100 bps shift in rates | $ | 6.7 | $ | 6.9 | |||||||
Steeper yield curve: | |||||||||||
+100 bps shift in long-term rates | 1.3 | 2.4 | |||||||||
Flatter yield curve: | |||||||||||
+100 bps shift in short-term rates | 5.4 | 4.5 | |||||||||
(in billions) | September 30, 2021 | December 31, 2020 | |||||||||
Parallel shift: | |||||||||||
+100 bps shift in rates | $ | 0.9 | $ | 0.9 | |||||||
Flatter yield curve: | |||||||||||
+100 bps shift in short-term rates | 0.8 | 0.8 |
Gain/(loss)
(in millions) | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||
Activity | Description | Sensitivity measure | |||||||||||||||||||||||||||
Debt
and equity(a) | |||||||||||||||||||||||||||||
Asset Management activities | Consists of seed capital and related hedges; fund co-investments(c); and certain deferred compensation and related hedges(d) | 10% decline in market value | $ | (68) | $ | (48) | |||||||||||||||||||||||
Other debt and equity | Consists of certain asset-backed fair value option elected loans, privately held equity and other investments held at fair value(c) | 10% decline in market value | (933) | (919) | |||||||||||||||||||||||||
Funding activities | |||||||||||||||||||||||||||||
Non-USD LTD cross-currency basis | Represents the basis risk on derivatives used to hedge the foreign exchange risk on the non-USD LTD(e) | 1 basis point parallel tightening of cross currency basis | (17) | (16) | |||||||||||||||||||||||||
Non-USD
LTD hedges foreign currency (“FX”) exposure | Primarily represents the foreign exchange revaluation on the fair value of the derivative hedges(e) | 10% depreciation of currency | 19 | 13 | |||||||||||||||||||||||||
Derivatives – funding spread risk(b) | Impact of changes in the spread related to derivatives FVA(c) | 1 basis point parallel increase in spread | (6) | (9) | |||||||||||||||||||||||||
Fair value option elected liabilities – funding spread risk(b) | Impact of changes in the spread related to fair value option elected liabilities DVA(e) | 1 basis point parallel increase in spread | 44 | 40 | |||||||||||||||||||||||||
Fair
value option elected liabilities – interest rate sensitivity | Interest rate sensitivity on fair value option elected liabilities resulting from a change in the Firm’s own credit spread(e) | 1 basis point parallel increase in spread | (2) | (3) | |||||||||||||||||||||||||
Interest rate sensitivity related to risk management of changes in the Firm’s own credit spread on the fair value option elected liabilities noted above(c) | 1 basis point parallel increase in spread | 2 | 3 |
COUNTRY RISK MANAGEMENT |
Top
20 country exposures (excluding the U.S.)(a) | |||||||||||||||||||||||
(in billions) | September 30, 2021 | ||||||||||||||||||||||
Lending and deposits(b) | Trading and investing(c) | Other(d) | Total exposure | Total exposure | |||||||||||||||||||
Germany | $ | 110.7 | $ | 4.0 | $ | 0.3 | $ | 115.0 | $ | 127.2 | |||||||||||||
United Kingdom | 52.2 | 13.0 | 2.3 | 67.5 | 68.4 | ||||||||||||||||||
Japan | 25.6 | 9.3 | 0.3 | 35.2 | 45.6 | ||||||||||||||||||
Australia | 24.0 | 7.5 | 0.2 | 31.7 | 15.9 | ||||||||||||||||||
France | 13.5 | 4.8 | 1.7 | 20.0 | 18.8 | ||||||||||||||||||
China | 11.0 | 7.0 | 1.7 | 19.7 | 21.2 | ||||||||||||||||||
Switzerland | 11.1 | 0.8 | 2.8 | 14.7 | 18.7 | ||||||||||||||||||
Canada | 12.5 | 1.5 | 0.2 | 14.2 | 14.5 | ||||||||||||||||||
Brazil | 4.6 | 8.3 | — | 12.9 | 10.8 | ||||||||||||||||||
Luxembourg | 10.7 | 1.4 | — | 12.1 | 12.4 | ||||||||||||||||||
India | 4.9 | 5.4 | 1.4 | 11.7 | 10.5 | ||||||||||||||||||
South Korea | 4.1 | 7.2 | 0.3 | 11.6 | 10.1 | ||||||||||||||||||
Singapore | 6.8 | 4.1 | 0.3 | 11.2 | 8.7 | ||||||||||||||||||
Spain | 9.1 | 1.5 | — | 10.6 | 5.8 | ||||||||||||||||||
Netherlands | 7.0 | 1.4 | 1.3 | 9.7 | 7.7 | ||||||||||||||||||
Italy | 5.9 | 3.5 | 0.2 | 9.6 | 9.7 | ||||||||||||||||||
Sweden | 7.8 | 0.2 | 0.1 | 8.1 | 4.3 | ||||||||||||||||||
Saudi Arabia | 5.6 | 2.2 | — | 7.8 | 5.8 | ||||||||||||||||||
Belgium | 5.5 | 1.4 | — | 6.9 | 4.0 | ||||||||||||||||||
Hong Kong SAR | 4.7 | 1.9 | 0.2 | 6.8 | 6.2 |
OPERATIONAL RISK MANAGEMENT |
ESTIMATIONS AND MODEL RISK MANAGEMENT |
CRITICAL ACCOUNTING ESTIMATES USED BY THE FIRM |
September
30, 2021 (in billions, except ratios) | Total assets at fair value | Total level 3 assets | ||||||||||||
Federal funds sold and securities purchased under resale agreements | $ | 273.2 | $ | — | ||||||||||
Securities borrowed | 72.8 | — | ||||||||||||
Trading assets: | ||||||||||||||
Trading–debt and equity instruments | 447.9 | 2.5 | ||||||||||||
Derivative receivables(a) | 67.9 | 6.8 | ||||||||||||
Total trading assets | 515.8 | 9.3 | ||||||||||||
AFS securities | 251.6 | 0.1 | ||||||||||||
Loans | 60.6 | 2.1 | ||||||||||||
MSRs | 5.4 | 5.4 | ||||||||||||
Other | 13.7 | 0.2 | ||||||||||||
Total
assets measured at fair value on a recurring basis | 1,193.1 | 17.1 | ||||||||||||
Total assets measured at fair value on a nonrecurring basis | 2.7 | 1.5 | ||||||||||||
Total assets measured at fair value | $ | 1,195.8 | $ | 18.6 | ||||||||||
Total Firm assets | $ | 3,757.6 | ||||||||||||
Level 3 assets at fair value as a percentage of total Firm assets(a) | 0.5 | % | ||||||||||||
Level 3 assets at fair value as a percentage of total Firm assets at fair value(a) | 1.6 | % |
ACCOUNTING AND REPORTING DEVELOPMENTS |
Financial Accounting Standards Board (“FASB”) Standards Adopted since January 1, 2021 | ||||||||||||||
Standard | Summary of guidance | Effects
on financial statements | ||||||||||||
Reference Rate Reform Issued March 2020 and updated January 2021 | •Provides optional expedients and exceptions to current accounting guidance when financial instruments, hedge accounting relationships, and other transactions are amended due to reference rate reform. •Provides an election to account for certain contract
amendments related to reference rate reform as modifications rather than extinguishments without the requirement to assess the significance of the amendments. •Allows for changes in critical terms of a hedge accounting relationship without automatic termination of that relationship. Provides various practical expedients and elections designed to allow hedge accounting to continue uninterrupted during the transition period. •Provides a one-time election to transfer securities out of the held-to-maturity classification if certain criteria are met. •The January 2021 update provides an election to account for derivatives modified to change the rate used for discounting, margining, or contract
price alignment (collectively “discounting transition”) as modifications. | •Issued and effective March 12, 2020. The January 7, 2021 update was effective when issued. •The Firm elected to apply certain of the practical expedients related to contract modifications and hedge accounting relationships, and discounting transition beginning in the third quarter of 2020. The discounting transition election was applied retrospectively. The main purpose of the practical expedients is to ease the administrative burden of accounting for contracts
impacted by reference rate reform. These elections did not have a material impact on the Consolidated Financial Statements. |
FORWARD-LOOKING STATEMENTS |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
(in millions, except per share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
Investment banking fees | $ | i 3,282 | $ | i 2,187 | $ | i 9,722 | $ | i 6,903 | ||||||||||||||||||
Principal transactions | i 3,546 | i 4,142 | i 14,122 | i 14,700 | ||||||||||||||||||||||
Lending- and deposit-related fees | i 1,801 | i 1,647 | i 5,248 | i 4,784 | ||||||||||||||||||||||
Asset management, administration and commissions | i 5,257 | i 4,470 | i 15,480 | i 13,276 | ||||||||||||||||||||||
Investment securities gains/(losses) | ( i 256) | i 473 | ( i 397) | i 732 | ||||||||||||||||||||||
Mortgage fees and related income | i 600 | i 1,087 | i 1,855 | i 2,324 | ||||||||||||||||||||||
Card income | i 1,005 | i 1,169 | i 4,002 | i 3,138 | ||||||||||||||||||||||
Other
income(a) | i 1,332 | i 1,067 | i 3,650 | i 3,454 | ||||||||||||||||||||||
Noninterest revenue | i 16,567 | i 16,242 | i 53,682 | i 49,311 | ||||||||||||||||||||||
Interest income | i 14,480 | i 14,700 | i 42,845 | i 49,973 | ||||||||||||||||||||||
Interest expense | i 1,400 | i 1,687 | i 4,135 | i 8,668 | ||||||||||||||||||||||
Net interest income | i 13,080 | i 13,013 | i 38,710 | i 41,305 | ||||||||||||||||||||||
Total net revenue | i 29,647 | i 29,255 | i 92,392 | i 90,616 | ||||||||||||||||||||||
Provision for credit losses | ( i 1,527) | i 611 | ( i 7,968) | i 19,369 | ||||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||
Compensation expense | i 9,087 | i 8,630 | i 29,502 | i 27,034 | ||||||||||||||||||||||
Occupancy expense | i 1,109 | i 1,142 | i 3,314 | i 3,288 | ||||||||||||||||||||||
Technology, communications and equipment expense | i 2,473 | i 2,564 | i 7,480 | i 7,732 | ||||||||||||||||||||||
Professional and outside services | i 2,523 | i 2,178 | i 7,111 | i 6,205 | ||||||||||||||||||||||
Marketing | i 712 | i 470 | i 2,089 | i 1,751 | ||||||||||||||||||||||
Other expense | i 1,159 | i 1,891 | i 3,959 | i 4,598 | ||||||||||||||||||||||
Total noninterest expense | i 17,063 | i 16,875 | i 53,455 | i 50,608 | ||||||||||||||||||||||
Income before income tax expense | i 14,111 | i 11,769 | i 46,905 | i 20,639 | ||||||||||||||||||||||
Income
tax expense(a) | i 2,424 | i 2,326 | i 8,970 | i 3,644 | ||||||||||||||||||||||
Net income | $ | i 11,687 | $ | i 9,443 | $ | i i 37,935 / | $ | i 16,995 | ||||||||||||||||||
Net income applicable to common stockholders | $ | i 11,229 | $ | i 9,015 | $ | i 36,576 | $ | i 15,712 | ||||||||||||||||||
Net income per common share data | ||||||||||||||||||||||||||
Basic earnings per share | $ | i 3.74 | $ | i 2.93 | $ | i 12.05 | $ | i 5.10 | ||||||||||||||||||
Diluted earnings per share | i 3.74 | i 2.92 | i 12.02 | i 5.09 | ||||||||||||||||||||||
Weighted-average basic shares | i 2,999.9 | i 3,077.8 | i 3,036.4 | i 3,083.3 | ||||||||||||||||||||||
Weighted-average diluted shares | i 3,005.1 | i 3,082.8 | i 3,041.7 | i 3,088.1 | ||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net income | $ | i 11,687 | $ | i 9,443 | $ | i i 37,935 / | $ | i 16,995 | ||||||||||||||||||
Other comprehensive income/(loss), after–tax | ||||||||||||||||||||||||||
Unrealized gains/(losses) on investment securities | ( i 434) | i 514 | ( i 4,099) | i 4,377 | ||||||||||||||||||||||
Translation adjustments, net of hedges | ( i 187) | i 127 | ( i 373) | ( i 61) | ||||||||||||||||||||||
Fair value hedges | i 9 | ( i 69) | ( i 42) | i 35 | ||||||||||||||||||||||
Cash flow hedges | ( i 450) | ( i 70) | ( i 2,108) | i 2,629 | ||||||||||||||||||||||
Defined benefit pension and OPEB plans | i 6 | ( i 12) | i 83 | i 14 | ||||||||||||||||||||||
DVA on fair value option elected liabilities | ( i 551) | ( i 339) | ( i 484) | i 377 | ||||||||||||||||||||||
Total other comprehensive income/(loss), after–tax | ( i 1,607) | i 151 | ( i 7,023) | i 7,371 | ||||||||||||||||||||||
Comprehensive income | $ | i 10,080 | $ | i 9,594 | $ | i 30,912 | $ | i 24,366 |
(in millions, except share data) | September 30, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | i 25,857 | $ | i 24,874 | |||||||
Deposits with banks | i 734,012 | i 502,735 | |||||||||
Federal
funds sold and securities purchased under resale agreements (included $ i 273,158 and $ i 238,015
at fair value) | i 282,161 | i 296,284 | |||||||||
Securities
borrowed (included $ i 72,833 and $ i 52,983 at fair value) | i 202,987 | i 160,635 | |||||||||
Trading
assets (included assets pledged of $ i 104,047 and $ i 130,645) | i 515,901 | i 503,126 | |||||||||
Available-for-sale
securities (amortized cost of $ i 249,733 and $ i 381,729,
net of allowance for credit losses; included assets pledged of $ i 13,621 and $ i 32,227) | i 251,590 | i 388,178 | |||||||||
Held-to-maturity securities (net of allowance for credit losses) | i 343,542 | i 201,821 | |||||||||
Investment securities, net of allowance for credit losses | i 595,132 | i 589,999 | |||||||||
Loans
(included $ i 60,628 and $ i 44,474 at fair value) | i 1,044,615 | i 1,012,853 | |||||||||
Allowance for loan losses | ( i 18,150) | ( i 28,328) | |||||||||
Loans, net of allowance for loan losses | i 1,026,465 | i 984,525 | |||||||||
Accrued interest and accounts receivable | i 116,395 | i 90,503 | |||||||||
Premises and equipment | i 26,996 | i 27,109 | |||||||||
Goodwill, MSRs and other intangible assets | i 56,566 | i 53,428 | |||||||||
Other
assets(a) (included $ i 14,471 and $ i 13,827 at fair value and assets
pledged of $ i 4,740 and $ i 3,739) | i 175,104 | i 151,539 | |||||||||
Total
assets(b) | $ | i 3,757,576 | $ | i 3,384,757 | |||||||
Liabilities | |||||||||||
Deposits
(included $ i 11,808 and $ i 14,484 at fair value) | $ | i 2,402,353 | $ | i 2,144,257 | |||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements (included $ i 187,439 and $ i 155,735
at fair value) | i 254,920 | i 215,209 | |||||||||
Short-term
borrowings (included $ i 20,033 and $ i 16,893 at fair value) | i 50,393 | i 45,208 | |||||||||
Trading liabilities | i 179,543 | i 170,181 | |||||||||
Accounts
payable and other liabilities(a) (included $ i 5,340 and $ i 3,476
at fair value) | i 268,604 | i 231,285 | |||||||||
Beneficial
interests issued by consolidated VIEs (included $ i 99 and $ i 41 at fair value) | i 13,257 | i 17,578 | |||||||||
Long-term
debt (included $ i 76,499 and $ i 76,817 at fair value) | i 298,465 | i 281,685 | |||||||||
Total
liabilities(b) | i 3,467,535 | i 3,105,403 | |||||||||
Commitments and contingencies (refer to Notes 22, 23 and 24) | i | i | |||||||||
Stockholders’ equity | |||||||||||
Preferred
stock ($ i i 1 / par value; authorized i i 200,000,000 /
shares; issued i 3,483,750 and i 3,006,250 shares) | i 34,838 | i 30,063 | |||||||||
Common
stock ($ i i 1 / par value; authorized i i 9,000,000,000 /
shares; issued i i 4,104,933,895 / shares) | i 4,105 | i 4,105 | |||||||||
Additional paid-in capital | i 88,357 | i 88,394 | |||||||||
Retained earnings | i 265,276 | i 236,990 | |||||||||
Accumulated other comprehensive income | i 963 | i 7,986 | |||||||||
Treasury
stock, at cost ( i 1,149,667,834 and i 1,055,499,435 shares) | ( i 103,498) | ( i 88,184) | |||||||||
Total stockholders’ equity | i 290,041 | i 279,354 | |||||||||
Total liabilities and stockholders’ equity | $ | i 3,757,576 | $ | i 3,384,757 |
(in millions) | September 30, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Trading assets | $ | i 2,011 | $ | i 1,934 | |||||||
Loans | i 35,352 | i 37,619 | |||||||||
All other assets | i 516 | i 681 | |||||||||
Total assets | $ | i 37,879 | $ | i 40,234 | |||||||
Liabilities | |||||||||||
Beneficial interests issued by consolidated VIEs | $ | i 13,257 | $ | i 17,578 | |||||||
All other liabilities | i 234 | i 233 | |||||||||
Total liabilities | $ | i 13,491 | $ | i 17,811 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
(in millions, except per share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Preferred stock | ||||||||||||||||||||||||||
Balance at the beginning of the period | $ | i 32,838 | $ | i 30,063 | $ | i 30,063 | $ | i 26,993 | ||||||||||||||||||
Issuance | i 2,000 | i — | i 7,350 | i 4,500 | ||||||||||||||||||||||
Redemption | i — | i — | ( i 2,575) | ( i 1,430) | ||||||||||||||||||||||
Balance at September 30 | i 34,838 | i 30,063 | i 34,838 | i 30,063 | ||||||||||||||||||||||
Common stock | ||||||||||||||||||||||||||
Balance at the beginning and end of the period | i i 4,105 / | i i 4,105 / | i i 4,105 / | i i 4,105 / | ||||||||||||||||||||||
Additional paid-in capital | ||||||||||||||||||||||||||
Balance at the beginning of the period | i 88,194 | i 88,125 | i 88,394 | i 88,522 | ||||||||||||||||||||||
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | i 227 | i 215 | i 93 | ( i 177) | ||||||||||||||||||||||
Other | ( i 64) | ( i 51) | ( i 130) | ( i 56) | ||||||||||||||||||||||
Balance at September 30 | i 88,357 | i 88,289 | i 88,357 | i 88,289 | ||||||||||||||||||||||
Retained earnings | ||||||||||||||||||||||||||
Balance at the beginning of the period | i 256,983 | i 221,732 | i 236,990 | i 223,211 | ||||||||||||||||||||||
Cumulative effect of change in accounting principles | — | — | — | ( i 2,650) | ||||||||||||||||||||||
Net income | i 11,687 | i 9,443 | i 37,935 | i 16,995 | ||||||||||||||||||||||
Dividends declared: | ||||||||||||||||||||||||||
Preferred stock | ( i 402) | ( i 381) | ( i 1,174) | ( i 1,203) | ||||||||||||||||||||||
Common
stock ($ i 1.00 and $ i 0.90 per share and $ i 2.80
and $ i 2.70 per share, respectively) | ( i 2,992) | ( i 2,780) | ( i 8,475) | ( i 8,339) | ||||||||||||||||||||||
Balance at September 30 | i 265,276 | i 228,014 | i 265,276 | i 228,014 | ||||||||||||||||||||||
Accumulated other comprehensive income/(loss) | ||||||||||||||||||||||||||
Balance at the beginning of the period | i 2,570 | i 8,789 | i 7,986 | i 1,569 | ||||||||||||||||||||||
Other comprehensive income/(loss), after-tax | ( i 1,607) | i 151 | ( i 7,023) | i 7,371 | ||||||||||||||||||||||
Balance at September 30 | i 963 | i 8,940 | i 963 | i 8,940 | ||||||||||||||||||||||
Shares held in Restricted Stock Units ("RSU") Trust, at cost | ||||||||||||||||||||||||||
Balance at the beginning of the period | i — | ( i 11) | i — | ( i 21) | ||||||||||||||||||||||
Liquidation of RSU Trust | i — | i — | i — | i 10 | ||||||||||||||||||||||
Balance at September 30 | i — | ( i 11) | i — | ( i 11) | ||||||||||||||||||||||
Treasury stock, at cost | ||||||||||||||||||||||||||
Balance at the beginning of the period | ( i 98,304) | ( i 88,337) | ( i 88,184) | ( i 83,049) | ||||||||||||||||||||||
Repurchase | ( i 5,240) | i — | ( i 16,440) | ( i 6,397) | ||||||||||||||||||||||
Reissuance | i 46 | i 50 | i 1,126 | i 1,159 | ||||||||||||||||||||||
Balance at September 30 | ( i 103,498) | ( i 88,287) | ( i 103,498) | ( i 88,287) | ||||||||||||||||||||||
Total stockholders’ equity | $ | i 290,041 | $ | i 271,113 | $ | i 290,041 | $ | i 271,113 |
Nine months ended September 30, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Operating activities | |||||||||||
Net income | $ | i 37,935 | $ | i 16,995 | |||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
Provision for credit losses | ( i 7,968) | i 19,369 | |||||||||
Depreciation and amortization | i 6,001 | i 6,487 | |||||||||
Deferred
tax (benefit)/expense(a) | ( i 1,063) | ( i 5,139) | |||||||||
Other | i 2,662 | i 1,245 | |||||||||
Originations and purchases of loans held-for-sale | ( i 259,159) | ( i 112,142) | |||||||||
Proceeds from sales, securitizations and paydowns of loans held-for-sale | i 244,966 | i 120,786 | |||||||||
Net change in: | |||||||||||
Trading assets | i 2,700 | ( i 145,124) | |||||||||
Securities borrowed | ( i 42,471) | ( i 2,509) | |||||||||
Accrued interest and accounts receivable | ( i 26,148) | ( i 4,398) | |||||||||
Other
assets(a) | ( i 358) | ( i 28,732) | |||||||||
Trading liabilities | ( i 10,668) | i 63,516 | |||||||||
Accounts
payable and other liabilities(a) | i 47,547 | i 16,495 | |||||||||
Other operating adjustments | ( i 987) | i 1,293 | |||||||||
Net cash (used in) operating activities | ( i 7,011) | ( i 51,858) | |||||||||
Investing activities | |||||||||||
Net change in: | |||||||||||
Federal funds sold and securities purchased under resale agreements | i 14,089 | ( i 70,597) | |||||||||
Held-to-maturity securities: | |||||||||||
Proceeds from paydowns and maturities | i 39,106 | i 11,498 | |||||||||
Purchases | ( i 78,976) | ( i 5,528) | |||||||||
Available-for-sale securities: | |||||||||||
Proceeds from paydowns and maturities | i 39,346 | i 43,709 | |||||||||
Proceeds from sales | i 146,858 | i 110,354 | |||||||||
Purchases | ( i 163,211) | ( i 281,147) | |||||||||
Proceeds from sales and securitizations of loans held-for-investment | i 25,981 | i 18,509 | |||||||||
Other changes in loans, net | ( i 45,028) | ( i 21,606) | |||||||||
All other investing activities, net | ( i 7,351) | ( i 3,398) | |||||||||
Net cash (used in) investing activities | ( i 29,186) | ( i 198,206) | |||||||||
Financing activities | |||||||||||
Net change in: | |||||||||||
Deposits | i 234,716 | i 452,454 | |||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements | i 39,753 | i 52,745 | |||||||||
Short-term borrowings | i 4,710 | i 1,945 | |||||||||
Beneficial interests issued by consolidated VIEs | ( i 1,839) | i 2,838 | |||||||||
Proceeds from long-term borrowings | i 69,272 | i 64,243 | |||||||||
Payments of long-term borrowings | ( i 46,041) | ( i 90,481) | |||||||||
Proceeds from issuance of preferred stock | i 7,350 | i 4,500 | |||||||||
Redemption of preferred stock | ( i 2,575) | ( i 1,430) | |||||||||
Treasury stock repurchased | ( i 16,286) | ( i 6,517) | |||||||||
Dividends paid | ( i 9,472) | ( i 9,551) | |||||||||
All other financing activities, net | ( i 1,573) | ( i 59) | |||||||||
Net cash provided by financing activities | i 278,015 | i 470,687 | |||||||||
Effect of exchange rate changes on cash and due from banks and deposits with banks | ( i 9,558) | i 3,268 | |||||||||
Net increase in cash and due from banks and deposits with banks | i 232,260 | i 223,891 | |||||||||
Cash and due from banks and deposits with banks at the beginning of the period | i 527,609 | i 263,631 | |||||||||
Cash and due from banks and deposits with banks at the end of the period | $ | i 759,869 | $ | i 487,522 | |||||||
Cash interest paid | $ | i 3,882 | $ | i 11,576 | |||||||
Cash
income taxes paid, net(a) | i 17,617 | i 6,523 |
Assets and liabilities measured at fair value on a recurring basis | |||||||||||||||||||||||
Fair value hierarchy | Derivative netting adjustments(f) | ||||||||||||||||||||||
September 30, 2021 (in millions) | Level 1 | Level 2 | Level 3 | Total fair value | |||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | $ | i — | $ | i 273,158 | $ | i — | $ | — | $ | i 273,158 | |||||||||||||
Securities borrowed | i — | i 72,833 | i — | — | i 72,833 | ||||||||||||||||||
Trading assets: | |||||||||||||||||||||||
Debt instruments: | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
U.S. GSEs and government agencies(a) | i — | i 35,746 | i 299 | — | i 36,045 | ||||||||||||||||||
Residential – nonagency | i — | i 2,281 | i 24 | — | i 2,305 | ||||||||||||||||||
Commercial – nonagency | i — | i 1,662 | i 19 | — | i 1,681 | ||||||||||||||||||
Total mortgage-backed securities | i — | i 39,689 | i 342 | — | i 40,031 | ||||||||||||||||||
U.S.
Treasury, GSEs and government agencies(a) | i 87,623 | i 9,282 | i — | — | i 96,905 | ||||||||||||||||||
Obligations of U.S. states and municipalities | i — | i 6,735 | i 7 | — | i 6,742 | ||||||||||||||||||
Certificates
of deposit, bankers’ acceptances and commercial paper | i — | i 2,567 | i — | — | i 2,567 | ||||||||||||||||||
Non-U.S. government debt securities | i 41,486 | i 48,345 | i 104 | — | i 89,935 | ||||||||||||||||||
Corporate debt securities | i — | i 31,472 | i 370 | — | i 31,842 | ||||||||||||||||||
Loans | i — | i 6,359 | i 982 | — | i 7,341 | ||||||||||||||||||
Asset-backed securities | i — | i 2,569 | i 28 | — | i 2,597 | ||||||||||||||||||
Total debt instruments | i 129,109 | i 147,018 | i 1,833 | — | i 277,960 | ||||||||||||||||||
Equity securities | i 124,349 | i 1,658 | i 634 | — | i 126,641 | ||||||||||||||||||
Physical
commodities(b) | i 6,471 | i 12,887 | i — | — | i 19,358 | ||||||||||||||||||
Other | i — | i 23,920 | i 58 | — | i 23,978 | ||||||||||||||||||
Total
debt and equity instruments(c) | i 259,929 | i 185,483 | i 2,525 | — | i 447,937 | ||||||||||||||||||
Derivative receivables: | |||||||||||||||||||||||
Interest rate | i 1,931 | i 281,315 | i 1,863 | ( i 260,343) | i 24,766 | ||||||||||||||||||
Credit | i — | i 10,032 | i 492 | ( i 9,349) | i 1,175 | ||||||||||||||||||
Foreign exchange | i 235 | i 162,182 | i 779 | ( i 148,671) | i 14,525 | ||||||||||||||||||
Equity | i — | i 71,346 | i 3,076 | ( i 63,930) | i 10,492 | ||||||||||||||||||
Commodity | i — | i 35,781 | i 534 | ( i 19,365) | i 16,950 | ||||||||||||||||||
Total derivative receivables | i 2,166 | i 560,656 | i 6,744 | ( i 501,658) | i 67,908 | ||||||||||||||||||
Total
trading assets(d) | i 262,095 | i 746,139 | i 9,269 | ( i 501,658) | i 515,845 | ||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
U.S. GSEs and government agencies(a) | i — | i 73,049 | i — | — | i 73,049 | ||||||||||||||||||
Residential – nonagency | i — | i 6,373 | i — | — | i 6,373 | ||||||||||||||||||
Commercial – nonagency | i — | i 3,132 | i — | — | i 3,132 | ||||||||||||||||||
Total mortgage-backed securities | i — | i 82,554 | i — | — | i 82,554 | ||||||||||||||||||
U.S. Treasury and government agencies | i 121,471 | i — | i — | — | i 121,471 | ||||||||||||||||||
Obligations of U.S. states and municipalities | i — | i 17,515 | i — | — | i 17,515 | ||||||||||||||||||
Non-U.S. government debt securities | i 5,457 | i 10,368 | i — | — | i 15,825 | ||||||||||||||||||
Corporate debt securities | i — | i 165 | i 95 | — | i 260 | ||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||
Collateralized loan obligations | i — | i 9,137 | i — | — | i 9,137 | ||||||||||||||||||
Other | i — | i 4,828 | i — | — | i 4,828 | ||||||||||||||||||
Total available-for-sale securities | i 126,928 | i 124,567 | i 95 | — | i 251,590 | ||||||||||||||||||
Loans
(e) | i — | i 58,557 | i 2,071 | — | i 60,628 | ||||||||||||||||||
Mortgage servicing rights | i — | i — | i 5,351 | — | i 5,351 | ||||||||||||||||||
Other
assets(d) | i 9,332 | i 4,061 | i 321 | — | i 13,714 | ||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | i 398,355 | $ | i 1,279,315 | $ | i 17,107 | $ | ( i 501,658) | $ | i 1,193,119 | |||||||||||||
Deposits | $ | i — | $ | i 9,431 | $ | i 2,377 | $ | — | $ | i 11,808 | |||||||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | i — | i 187,439 | i — | — | i 187,439 | ||||||||||||||||||
Short-term borrowings | i — | i 17,622 | i 2,411 | — | i 20,033 | ||||||||||||||||||
Trading liabilities: | |||||||||||||||||||||||
Debt and equity instruments(c) | i 98,932 | i 27,096 | i 30 | — | i 126,058 | ||||||||||||||||||
Derivative payables: | |||||||||||||||||||||||
Interest rate | i 1,661 | i 248,655 | i 1,976 | ( i 243,460) | i 8,832 | ||||||||||||||||||
Credit | i — | i 11,301 | i 498 | ( i 10,406) | i 1,393 | ||||||||||||||||||
Foreign exchange | i 248 | i 160,511 | i 1,336 | ( i 148,090) | i 14,005 | ||||||||||||||||||
Equity | i — | i 79,924 | i 6,913 | ( i 69,063) | i 17,774 | ||||||||||||||||||
Commodity | i — | i 33,037 | i 1,406 | ( i 22,962) | i 11,481 | ||||||||||||||||||
Total derivative payables | i 1,909 | i 533,428 | i 12,129 | ( i 493,981) | i 53,485 | ||||||||||||||||||
Total trading liabilities | i 100,841 | i 560,524 | i 12,159 | ( i 493,981) | i 179,543 | ||||||||||||||||||
Accounts payable and other liabilities | i 4,957 | i 332 | i 51 | — | i 5,340 | ||||||||||||||||||
Beneficial interests issued by consolidated VIEs | i — | i 99 | i — | — | i 99 | ||||||||||||||||||
Long-term debt | i — | i 52,985 | i 23,514 | — | i 76,499 | ||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | i 105,798 | $ | i 828,432 | $ | i 40,512 | $ | ( i 493,981) | $ | i 480,761 |
Fair value hierarchy | Derivative netting adjustments(f) | |||||||||||||||||||||||||
December 31, 2020 (in millions) | Level 1 | Level 2 | Level 3 | Total fair value | ||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | $ | i — | $ | i 238,015 | $ | i — | $ | — | $ | i 238,015 | ||||||||||||||||
Securities borrowed | i — | i 52,983 | i — | — | i 52,983 | |||||||||||||||||||||
Trading assets: | ||||||||||||||||||||||||||
Debt instruments: | ||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
U.S. GSEs and government agencies(a) | i — | i 68,395 | i 449 | — | i 68,844 | |||||||||||||||||||||
Residential – nonagency | i — | i 2,138 | i 28 | — | i 2,166 | |||||||||||||||||||||
Commercial – nonagency | i — | i 1,327 | i 3 | — | i 1,330 | |||||||||||||||||||||
Total mortgage-backed securities | i — | i 71,860 | i 480 | — | i 72,340 | |||||||||||||||||||||
U.S.
Treasury, GSEs and government agencies(a) | i 104,263 | i 10,996 | i — | — | i 115,259 | |||||||||||||||||||||
Obligations of U.S. states and municipalities | i — | i 7,184 | i 8 | — | i 7,192 | |||||||||||||||||||||
Certificates
of deposit, bankers’ acceptances and commercial paper | i — | i 1,230 | i — | — | i 1,230 | |||||||||||||||||||||
Non-U.S. government debt securities | i 26,772 | i 40,671 | i 182 | — | i 67,625 | |||||||||||||||||||||
Corporate debt securities | i — | i 21,017 | i 507 | — | i 21,524 | |||||||||||||||||||||
Loans | i — | i 6,101 | i 893 | — | i 6,994 | |||||||||||||||||||||
Asset-backed securities | i — | i 2,304 | i 28 | — | i 2,332 | |||||||||||||||||||||
Total debt instruments | i 131,035 | i 161,363 | i 2,098 | — | i 294,496 | |||||||||||||||||||||
Equity securities | i 97,035 | i 2,652 | i 476 | (g) | — | i 100,163 | ||||||||||||||||||||
Physical
commodities(b) | i 6,382 | i 5,189 | i — | — | i 11,571 | |||||||||||||||||||||
Other | i — | i 21,351 | (g) | i 49 | (g) | — | i 21,400 | |||||||||||||||||||
Total
debt and equity instruments(c) | i 234,452 | i 190,555 | i 2,623 | — | i 427,630 | |||||||||||||||||||||
Derivative receivables: | ||||||||||||||||||||||||||
Interest rate(g) | i 2,318 | i 387,023 | i 2,307 | ( i 355,923) | i 35,725 | |||||||||||||||||||||
Credit(g) | i — | i 12,721 | i 624 | ( i 12,665) | i 680 | |||||||||||||||||||||
Foreign exchange | i 146 | i 205,127 | i 987 | ( i 190,479) | i 15,781 | |||||||||||||||||||||
Equity | i — | i 67,093 | (g) | i 3,519 | ( i 54,125) | i 16,487 | ||||||||||||||||||||
Commodity | i — | i 21,272 | i 231 | ( i 14,732) | i 6,771 | |||||||||||||||||||||
Total derivative receivables | i 2,464 | i 693,236 | i 7,668 | ( i 627,924) | i 75,444 | |||||||||||||||||||||
Total
trading assets(d) | i 236,916 | i 883,791 | i 10,291 | ( i 627,924) | i 503,074 | |||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
U.S. GSEs and government agencies(a)(g) | i 7 | i 113,294 | i — | — | i 113,301 | |||||||||||||||||||||
Residential – nonagency | i — | i 10,233 | i — | — | i 10,233 | |||||||||||||||||||||
Commercial – nonagency | i — | i 2,856 | i — | — | i 2,856 | |||||||||||||||||||||
Total mortgage-backed securities | i 7 | i 126,383 | i — | — | i 126,390 | |||||||||||||||||||||
U.S. Treasury and government agencies | i 201,951 | i — | i — | — | i 201,951 | |||||||||||||||||||||
Obligations of U.S. states and municipalities | i — | i 20,396 | i — | — | i 20,396 | |||||||||||||||||||||
Non-U.S. government debt securities | i 13,135 | i 9,793 | i — | — | i 22,928 | |||||||||||||||||||||
Corporate debt securities | i — | i 216 | i — | — | i 216 | |||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||
Collateralized loan obligations | i — | i 10,048 | i — | — | i 10,048 | |||||||||||||||||||||
Other | i — | i 6,249 | i — | — | i 6,249 | |||||||||||||||||||||
Total available-for-sale securities | i 215,093 | i 173,085 | i — | — | i 388,178 | |||||||||||||||||||||
Loans(e) | i — | i 42,169 | i 2,305 | — | i 44,474 | |||||||||||||||||||||
Mortgage servicing rights | i — | i — | i 3,276 | — | i 3,276 | |||||||||||||||||||||
Other
assets(d) | i 8,110 | i 4,561 | i 538 | — | i 13,209 | |||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | i 460,119 | $ | i 1,394,604 | $ | i 16,410 | $ | ( i 627,924) | $ | i 1,243,209 | ||||||||||||||||
Deposits | $ | i — | $ | i 11,571 | $ | i 2,913 | $ | — | $ | i 14,484 | ||||||||||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | i — | i 155,735 | i — | — | i 155,735 | |||||||||||||||||||||
Short-term borrowings | i — | i 14,473 | i 2,420 | — | i 16,893 | |||||||||||||||||||||
Trading liabilities: | ||||||||||||||||||||||||||
Debt and equity instruments(c) | i 82,669 | i 16,838 | i 51 | — | i 99,558 | |||||||||||||||||||||
Derivative payables: | ||||||||||||||||||||||||||
Interest rate(g) | i 2,496 | i 349,442 | i 2,049 | ( i 340,975) | i 13,012 | |||||||||||||||||||||
Credit(g) | i — | i 13,984 | i 848 | ( i 12,837) | i 1,995 | |||||||||||||||||||||
Foreign exchange | i 132 | i 214,373 | i 1,421 | ( i 194,493) | i 21,433 | |||||||||||||||||||||
Equity | i — | i 74,032 | i 7,381 | ( i 55,515) | i 25,898 | |||||||||||||||||||||
Commodity | i — | i 21,767 | i 962 | ( i 14,444) | i 8,285 | |||||||||||||||||||||
Total derivative payables | i 2,628 | i 673,598 | i 12,661 | ( i 618,264) | i 70,623 | |||||||||||||||||||||
Total trading liabilities | i 85,297 | i 690,436 | i 12,712 | ( i 618,264) | i 170,181 | |||||||||||||||||||||
Accounts payable and other liabilities | i 2,895 | i 513 | i 68 | — | i 3,476 | |||||||||||||||||||||
Beneficial interests issued by consolidated VIEs | i — | i 41 | i — | — | i 41 | |||||||||||||||||||||
Long-term debt | i — | i 53,420 | i 23,397 | — | i 76,817 | |||||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | i 88,192 | $ | i 926,189 | $ | i 41,510 | $ | ( i 618,264) | $ | i 437,627 |
Level
3 inputs(a) | |||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||
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) | $ | i 1,161 | Discounted cash flows | Yield | ( i 2)% | – | i 15% | i 4% | |||||||||||||||||||||
Prepayment speed | i 0% | – | i 100% | i 12% | |||||||||||||||||||||||||
Conditional default rate | i 0% | – | i 30% | i 5% | |||||||||||||||||||||||||
Loss severity | i 0% | – | i 110% | i 5% | |||||||||||||||||||||||||
Commercial
mortgage-backed securities and loans(c) | i 480 | Market comparables | Price | $ i 0 | – | $ i 100 | $ i 84 | ||||||||||||||||||||||
Corporate debt securities | i 465 | Market comparables | Price | $ i 2 | – | $ i 150 | $ i 95 | ||||||||||||||||||||||
Loans(d) | i 1,754 | Market comparables | Price | $ i 5 | – | $ i 104 | $ i 86 | ||||||||||||||||||||||
Asset-backed securities | i 28 | Market comparables | Price | $ i 6 | – | $ i 99 | $ i 56 | ||||||||||||||||||||||
Net interest rate derivatives | ( i 118) | Option pricing | Interest rate volatility | i 8bps | – | i 569bps | i 120bps | ||||||||||||||||||||||
Interest rate spread volatility | i 11bps | – | i 23bps | i 15bps | |||||||||||||||||||||||||
Interest rate correlation | ( i 65)% | – | i 95% | i 33% | |||||||||||||||||||||||||
IR-FX correlation | ( i 35)% | – | i 50% | ( i 3)% | |||||||||||||||||||||||||
i 5 | Discounted cash flows | Prepayment speed | i 0% | – | i 30% | i 8% | |||||||||||||||||||||||
Net credit derivatives | ( i 56) | Discounted cash flows | Credit correlation | i 33% | – | i 63% | i 45% | ||||||||||||||||||||||
Credit spread | i 1bps | – | i 2,539 bps | i 395bps | |||||||||||||||||||||||||
Recovery rate | i 40% | – | i 67% | i 54% | |||||||||||||||||||||||||
Conditional default rate | i 100% | i 100% | |||||||||||||||||||||||||||
Loss severity | i i 100 / % | i 100% | |||||||||||||||||||||||||||
i 50 | Market comparables | Price | $ i 0 | $ i 115 | $ i 78 | ||||||||||||||||||||||||
Net foreign exchange derivatives | ( i 448) | Option pricing | IR-FX correlation | ( i 40)% | – | i 65% | i 21% | ||||||||||||||||||||||
( i 109) | Discounted cash flows | Prepayment speed | i 9% | i 9% | i 9% | ||||||||||||||||||||||||
Net equity derivatives | ( i 3,837) | Option pricing | Forward equity price(h) | i 61% | – | i 123% | i 99% | ||||||||||||||||||||||
Equity volatility | i 2% | – | i 144% | i 29% | |||||||||||||||||||||||||
Equity correlation | i 12% | – | i 100% | i 55% | |||||||||||||||||||||||||
Equity-FX correlation | ( i 79)% | – | i 59% | ( i 27)% | |||||||||||||||||||||||||
Equity-IR correlation | i 15% | – | i 50% | i 28% | |||||||||||||||||||||||||
Net commodity derivatives | ( i 872) | Option pricing | Oil Commodity Forward | $ i 635 / MT | – | $ i 850 / MT | $ i 743 / MT | ||||||||||||||||||||||
Forward power price | $ i 24 / MWH | – | $ i 64 / MWH | $ i 44 / MWH | |||||||||||||||||||||||||
Commodity volatility | i 2% | – | i 142% | i 72% | |||||||||||||||||||||||||
Commodity correlation | ( i 50)% | – | i 77% | i 14% | |||||||||||||||||||||||||
MSRs | i 5,351 | Discounted cash flows | Refer to Note 14 | ||||||||||||||||||||||||||
Long-term
debt, short-term borrowings, and deposits(e) | i 27,319 | Option pricing | Interest rate volatility | i 8bps | – | i 569bps | i 120bps | ||||||||||||||||||||||
Interest rate correlation | ( i 65)% | – | i 95% | i 33% | |||||||||||||||||||||||||
IR-FX correlation | ( i 35)% | – | i 50% | ( i 3)% | |||||||||||||||||||||||||
Equity correlation | i 12% | – | i 100% | i 55% | |||||||||||||||||||||||||
Equity-FX correlation | ( i 79)% | – | i 59% | ( i 27)% | |||||||||||||||||||||||||
Equity-IR correlation | i 15% | – | i 50% | i 28% | |||||||||||||||||||||||||
i 983 | Discounted cash flows | Credit correlation | i 33% | – | i 63% | i 45% | |||||||||||||||||||||||
Other
level 3 assets and liabilities, net(f) | i 1,043 | ||||||||||||||||||||||||||||
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 (in millions) | Fair value at July 1, 2021 | Total realized/unrealized gains/(losses) | Transfers into level 3 | Transfers (out of) level 3 | Fair value at September 30, 2021 | Change in unrealized gains/(losses) related to financial instruments held at September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Purchases(f) | Sales | Settlements(g) | |||||||||||||||||||||||||||||||||||||||||||||
Assets:(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed
securities: | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. GSEs and government agencies | $ | i 329 | $ | ( i 12) | $ | i 13 | $ | ( i 6) | $ | ( i 25) | $ | i — | $ | i — | $ | i 299 | $ | ( i 12) | |||||||||||||||||||||||||||||
Residential – nonagency | i 16 | i — | i 9 | i — | ( i 1) | i — | i — | i 24 | ( i 1) | ||||||||||||||||||||||||||||||||||||||
Commercial
– nonagency | i 10 | i 7 | i 1 | i — | ( i 13) | i 14 | i — | i 19 | i 6 | ||||||||||||||||||||||||||||||||||||||
Total
mortgage-backed securities | i 355 | ( i 5) | i 23 | ( i 6) | ( i 39) | i 14 | i — | i 342 | ( i 7) | ||||||||||||||||||||||||||||||||||||||
Obligations
of U.S. states and municipalities | i 8 | i — | i — | i — | ( i 1) | i — | i — | i 7 | i — | ||||||||||||||||||||||||||||||||||||||
Non-U.S.
government debt securities | i 183 | ( i 2) | i 128 | ( i 98) | i — | i — | ( i 107) | i 104 | ( i 1) | ||||||||||||||||||||||||||||||||||||||
Corporate debt securities | i 487 | ( i 33) | i 38 | ( i 115) | ( i 3) | i 25 | ( i 29) | i 370 | ( i 25) | ||||||||||||||||||||||||||||||||||||||
Loans | i 795 | i — | i 219 | ( i 197) | ( i 130) | i 409 | ( i 114) | i 982 | i 2 | ||||||||||||||||||||||||||||||||||||||
Asset-backed securities | i 35 | i 1 | i 3 | ( i 4) | i — | i — | ( i 7) | i 28 | i — | ||||||||||||||||||||||||||||||||||||||
Total debt instruments | i 1,863 | ( i 39) | i 411 | ( i 420) | ( i 173) | i 448 | ( i 257) | i 1,833 | ( i 31) | ||||||||||||||||||||||||||||||||||||||
Equity securities | i 690 | ( i 41) | i 5 | ( i 44) | i — | i 62 | ( i 38) | i 634 | ( i 34) | ||||||||||||||||||||||||||||||||||||||
Other | i 47 | i 26 | i 17 | i — | ( i 31) | i — | ( i 1) | i 58 | i 26 | ||||||||||||||||||||||||||||||||||||||
Total
trading assets – debt and equity instruments | i 2,600 | ( i 54) | (c) | i 433 | ( i 464) | ( i 204) | i 510 | ( i 296) | i 2,525 | ( i 39) | (c) | ||||||||||||||||||||||||||||||||||||
Net
derivative receivables:(b) | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | ( i 22) | i 618 | i 21 | ( i 44) | ( i 683) | i 13 | ( i 16) | ( i 113) | i 246 | ||||||||||||||||||||||||||||||||||||||
Credit | ( i 17) | ( i 9) | i 4 | ( i 7) | i 59 | ( i 4) | ( i 32) | ( i 6) | ( i 1) | ||||||||||||||||||||||||||||||||||||||
Foreign exchange | ( i 583) | i 2 | i 28 | ( i 44) | i 41 | ( i 5) | i 4 | ( i 557) | i 15 | ||||||||||||||||||||||||||||||||||||||
Equity | ( i 4,936) | i 723 | i 192 | ( i 1,001) | i 912 | i 214 | i 59 | ( i 3,837) | i 397 | ||||||||||||||||||||||||||||||||||||||
Commodity | ( i 1,167) | i 88 | i 130 | ( i 88) | i 156 | ( i 2) | i 11 | ( i 872) | i 178 | ||||||||||||||||||||||||||||||||||||||
Total
net derivative receivables | ( i 6,725) | i 1,422 | (c) | i 375 | ( i 1,184) | i 485 | i 216 | i 26 | ( i 5,385) | i 835 | (c) | ||||||||||||||||||||||||||||||||||||
Available-for-sale
securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | i — | i — | i 95 | i — | i — | i — | i — | i 95 | i — | ||||||||||||||||||||||||||||||||||||||
Total
available-for-sale securities | i — | i — | i 95 | i — | i — | i — | i — | i 95 | i — | ||||||||||||||||||||||||||||||||||||||
Loans | i 1,734 | ( i 13) | (c) | i 209 | ( i 1) | ( i 180) | i 427 | ( i 105) | i 2,071 | ( i 11) | (c) | ||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | i 4,549 | ( i 11) | (d) | i 1,013 | i 1 | ( i 201) | i — | i — | i 5,351 | ( i 11) | (d) | ||||||||||||||||||||||||||||||||||||
Other assets | i 518 | ( i 35) | (c) | i 3 | i — | ( i 165) | i — | i — | i 321 | ( i 34) | (c) | ||||||||||||||||||||||||||||||||||||
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 (in millions) | Fair value at July 1, 2021 | Total realized/unrealized (gains)/losses | Transfers into level 3 | Transfers (out of) level 3 | Fair value at September 30, 2021 | Change in unrealized (gains)/losses related to financial instruments held at September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Purchases | Sales | Issuances | Settlements(g) | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities:(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Deposits | $ | i 2,684 | $ | ( i 11) | (c)(e) | $ | i — | $ | i — | $ | i 33 | $ | ( i 172) | $ | i — | $ | ( i 157) | $ | i 2,377 | $ | ( i 7) | (c)(e) | |||||||||||||||||||||||||
Short-term borrowings | i 3,075 | ( i 699) | (c)(e) | i — | i — | i 1,166 | ( i 1,121) | i — | ( i 10) | i 2,411 | ( i 124) | (c)(e) | |||||||||||||||||||||||||||||||||||
Trading
liabilities – debt and equity instruments | i 36 | ( i 2) | (c) | ( i 8) | i 2 | i — | i — | i 3 | ( i 1) | i 30 | i 1 | (c) | |||||||||||||||||||||||||||||||||||
Accounts
payable and other liabilities | i 51 | i — | i — | i — | i — | i — | i — | i — | i 51 | i 1 | (c) | ||||||||||||||||||||||||||||||||||||
Long-term debt | i 23,527 | ( i 216) | (c)(e) | i — | i — | i 2,950 | ( i 2,512) | i 11 | ( i 246) | i 23,514 | ( i 242) | (c)(e) |
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2020 (in millions) | Fair value at July 1, 2020 | Total realized/unrealized gains/(losses) | Transfers into level 3 | Transfers (out of) level 3 | Fair
value at September 30, 2020 | Change in unrealized gains/(losses) related to financial instruments held at September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases(f) | Sales | Settlements(g) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Assets:(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed
securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. GSEs and government agencies | $ | i 469 | $ | ( i 4) | $ | i 110 | $ | ( i 28) | $ | ( i 40) | $ | i — | $ | i — | $ | i 507 | $ | ( i 2) | |||||||||||||||||||||||||||||||||||
Residential – nonagency | i 23 | i — | i 8 | ( i 2) | ( i 1) | i — | ( i 3) | i 25 | i — | ||||||||||||||||||||||||||||||||||||||||||||
Commercial – nonagency | i 2 | i — | i — | i — | i — | i — | i — | i 2 | i — | ||||||||||||||||||||||||||||||||||||||||||||
Total
mortgage-backed securities | i 494 | ( i 4) | i 118 | ( i 30) | ( i 41) | i — | ( i 3) | i 534 | ( i 2) | ||||||||||||||||||||||||||||||||||||||||||||
Obligations
of U.S. states and municipalities | i 8 | i — | i — | i — | i — | i — | i — | i 8 | i — | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S.
government debt securities | i 167 | i 6 | i 25 | ( i 23) | ( i 2) | i — | ( i 8) | i 165 | i 6 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | i 946 | i 45 | i 114 | ( i 33) | ( i 225) | i 4 | ( i 202) | i 649 | i 45 | ||||||||||||||||||||||||||||||||||||||||||||
Loans | i 905 | i 22 | i 240 | ( i 173) | ( i 21) | i 69 | ( i 312) | i 730 | i 8 | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | i 39 | i 3 | i 5 | ( i 21) | ( i 2) | i 9 | i — | i 33 | i — | ||||||||||||||||||||||||||||||||||||||||||||
Total debt instruments | i 2,559 | i 72 | i 502 | ( i 280) | ( i 291) | i 82 | ( i 525) | i 2,119 | i 57 | ||||||||||||||||||||||||||||||||||||||||||||
Equity securities | i 191 | i 24 | i 13 | ( i 104) | i — | i 104 | ( i 42) | i 186 | i 29 | ||||||||||||||||||||||||||||||||||||||||||||
Other | i 379 | i 75 | i 203 | ( i 4) | ( i 2) | i 2 | i — | i 653 | i 77 | ||||||||||||||||||||||||||||||||||||||||||||
Total
trading assets – debt and equity instruments | i 3,129 | i 171 | (c) | i 718 | ( i 388) | ( i 293) | i 188 | ( i 567) | i 2,958 | i 163 | (c) | ||||||||||||||||||||||||||||||||||||||||||
Net
derivative receivables:(b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | ( i 104) | i 657 | i 15 | ( i 30) | ( i 647) | i 35 | i 102 | i 28 | i 323 | ||||||||||||||||||||||||||||||||||||||||||||
Credit | ( i 137) | ( i 62) | i 22 | ( i 16) | i 154 | ( i 12) | i 2 | ( i 49) | ( i 21) | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange | ( i 595) | ( i 57) | i 7 | ( i 7) | ( i 34) | i 7 | i 3 | ( i 676) | ( i 90) | ||||||||||||||||||||||||||||||||||||||||||||
Equity | ( i 2,036) | ( i 1,437) | i 323 | ( i 384) | i 29 | i 33 | i 369 | ( i 3,103) | ( i 1,051) | ||||||||||||||||||||||||||||||||||||||||||||
Commodity | ( i 297) | i 15 | i 11 | ( i 79) | i 36 | ( i 302) | ( i 5) | ( i 621) | i 39 | ||||||||||||||||||||||||||||||||||||||||||||
Total
net derivative receivables | ( i 3,169) | ( i 884) | (c) | i 378 | ( i 516) | ( i 462) | ( i 239) | i 471 | ( i 4,421) | ( i 800) | (c) | ||||||||||||||||||||||||||||||||||||||||||
Available-for-sale
securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||
Total
available-for-sale securities | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||
Loans | i 1,874 | ( i 44) | (c) | i 197 | ( i 44) | ( i 324) | i 316 | ( i 169) | i 1,806 | ( i 44) | (c) | ||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | i 3,080 | i 34 | (d) | i 221 | ( i 104) | ( i 215) | i — | i — | i 3,016 | i 34 | (d) | ||||||||||||||||||||||||||||||||||||||||||
Other assets | i 701 | ( i 21) | (c) | i 5 | i — | ( i 27) | i — | i — | i 658 | i 32 | (c) | ||||||||||||||||||||||||||||||||||||||||||
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2020 (in millions) | Fair value at July 1, 2020 | Total realized/unrealized (gains)/losses | Transfers into level 3 | Transfers (out of) level 3 | Fair
value at September 30, 2020 | Change in unrealized (gains)/losses related to financial instruments held at September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases | Sales | Issuances | Settlements(g) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities:(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | $ | i 3,217 | $ | i 43 | (c)(e) | $ | i — | $ | i — | $ | i 170 | $ | ( i 110) | $ | i — | $ | ( i 264) | $ | i 3,056 | $ | i 87 | (c)(e) | |||||||||||||||||||||||||||||||
Short-term borrowings | i 2,305 | ( i 47) | (c)(e) | i — | i — | i 1,421 | ( i 1,093) | i 25 | ( i 3) | i 2,608 | ( i 47) | (c)(e) | |||||||||||||||||||||||||||||||||||||||||
Trading
liabilities – debt and equity instruments | i 59 | ( i 2) | (c) | ( i 5) | i 5 | i — | i 1 | i 3 | ( i 4) | i 57 | ( i 3) | (c) | |||||||||||||||||||||||||||||||||||||||||
Accounts
payable and other liabilities | i 91 | i 3 | (c) | ( i 62) | i 4 | i — | i — | i 8 | i — | i 44 | i 3 | (c) | |||||||||||||||||||||||||||||||||||||||||
Beneficial
interests issued by consolidated VIEs | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||||||||
Long-term debt | i 22,728 | i 766 | (c)(e) | i — | i — | i 1,225 | ( i 2,493) | i 78 | ( i 88) | i 22,216 | i 646 | (c)(e) |
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2021 (in millions) | Fair value at January 1, 2021 | Total realized/unrealized gains/(losses) | Transfers into level 3 | Transfers (out of) level 3 | Fair
value at September 30, 2021 | Change in unrealized gains/(losses) related to financial instruments held at September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases(f) | Sales | Settlements(g) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Assets:(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed
securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. GSEs and government agencies | $ | i 449 | $ | ( i 22) | $ | i 20 | $ | ( i 62) | $ | ( i 86) | $ | i 1 | $ | ( i 1) | $ | i 299 | $ | ( i 25) | |||||||||||||||||||||||||||||||||||
Residential – nonagency | i 28 | i 1 | i 24 | ( i 24) | ( i 4) | i — | ( i 1) | i 24 | ( i 2) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial – nonagency | i 3 | i 7 | i 12 | ( i 1) | ( i 16) | i 14 | i — | i 19 | i 6 | ||||||||||||||||||||||||||||||||||||||||||||
Total
mortgage-backed securities | i 480 | ( i 14) | i 56 | ( i 87) | ( i 106) | i 15 | ( i 2) | i 342 | ( i 21) | ||||||||||||||||||||||||||||||||||||||||||||
Obligations
of U.S. states and municipalities | i 8 | i — | i — | i — | ( i 1) | i — | i — | i 7 | i — | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S.
government debt securities | i 182 | ( i 10) | i 330 | ( i 284) | ( i 7) | i — | ( i 107) | i 104 | ( i 2) | ||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | i 507 | ( i 18) | i 357 | ( i 415) | ( i 3) | i 138 | ( i 196) | i 370 | ( i 3) | ||||||||||||||||||||||||||||||||||||||||||||
Loans | i 893 | i 6 | i 785 | ( i 434) | ( i 256) | i 584 | ( i 596) | i 982 | i — | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | i 28 | i 8 | i 41 | ( i 43) | ( i 1) | i 2 | ( i 7) | i 28 | i — | ||||||||||||||||||||||||||||||||||||||||||||
Total debt instruments | i 2,098 | ( i 28) | i 1,569 | ( i 1,263) | ( i 374) | i 739 | ( i 908) | i 1,833 | ( i 26) | ||||||||||||||||||||||||||||||||||||||||||||
Equity securities | i 476 | ( i 38) | i 258 | ( i 114) | i — | i 140 | ( i 88) | i 634 | ( i 92) | ||||||||||||||||||||||||||||||||||||||||||||
Other | i 49 | i 74 | i 118 | i — | ( i 86) | i 3 | ( i 100) | i 58 | i 37 | ||||||||||||||||||||||||||||||||||||||||||||
Total
trading assets – debt and equity instruments | i 2,623 | i 8 | (c) | i 1,945 | ( i 1,377) | ( i 460) | i 882 | ( i 1,096) | i 2,525 | ( i 81) | (c) | ||||||||||||||||||||||||||||||||||||||||||
Net
derivative receivables:(b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | i 258 | i 1,587 | i 92 | ( i 146) | ( i 1,874) | i 68 | ( i 98) | ( i 113) | i 212 | ||||||||||||||||||||||||||||||||||||||||||||
Credit | ( i 224) | i 140 | i 6 | ( i 11) | i 103 | ( i 13) | ( i 7) | ( i 6) | i 143 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange | ( i 434) | ( i 196) | i 67 | ( i 98) | i 140 | i 6 | ( i 42) | ( i 557) | ( i 44) | ||||||||||||||||||||||||||||||||||||||||||||
Equity | ( i 3,862) | ( i 195) | i 667 | ( i 2,246) | i 1,638 | i 233 | ( i 72) | ( i 3,837) | ( i 187) | ||||||||||||||||||||||||||||||||||||||||||||
Commodity | ( i 731) | ( i 505) | i 140 | ( i 382) | i 600 | ( i 3) | i 9 | ( i 872) | ( i 223) | ||||||||||||||||||||||||||||||||||||||||||||
Total
net derivative receivables | ( i 4,993) | i 831 | (c) | i 972 | ( i 2,883) | i 607 | i 291 | ( i 210) | ( i 5,385) | ( i 99) | (c) | ||||||||||||||||||||||||||||||||||||||||||
Available-for-sale
securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | i — | i — | i 95 | i — | i — | i — | i — | i 95 | i — | ||||||||||||||||||||||||||||||||||||||||||||
Total
available-for-sale securities | i — | i — | i 95 | i — | i — | i — | i — | i 95 | i — | ||||||||||||||||||||||||||||||||||||||||||||
Loans | i 2,305 | ( i 79) | (c) | i 516 | ( i 326) | ( i 699) | i 1,027 | ( i 673) | i 2,071 | ( i 92) | (c) | ||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | i 3,276 | i 258 | (d) | i 2,410 | ( i 23) | ( i 570) | i — | i — | i 5,351 | i 258 | (d) | ||||||||||||||||||||||||||||||||||||||||||
Other assets | i 538 | i 9 | (c) | i 10 | ( i 18) | ( i 217) | i — | ( i 1) | i 321 | i 22 | (c) | ||||||||||||||||||||||||||||||||||||||||||
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2021 (in millions) | Fair value at January 1, 2021 | Total realized/unrealized (gains)/losses | Transfers into level 3 | Transfers (out of) level 3 | Fair
value at September 30, 2021 | Change in unrealized (gains)/losses related to financial instruments held at September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases | Sales | Issuances | Settlements(g) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities:(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | $ | i 2,913 | $ | ( i 67) | (c)(e) | $ | i — | $ | i — | $ | i 252 | $ | ( i 360) | $ | i 2 | $ | ( i 363) | $ | i 2,377 | $ | ( i 60) | (c)(e) | |||||||||||||||||||||||||||||||
Short-term borrowings | i 2,420 | ( i 1,095) | (c)(e) | i — | i — | i 5,479 | ( i 4,333) | i 9 | ( i 69) | i 2,411 | ( i 117) | (c)(e) | |||||||||||||||||||||||||||||||||||||||||
Trading
liabilities – debt and equity instruments | i 51 | ( i 6) | (c) | ( i 100) | i 36 | i — | i — | i 62 | ( i 13) | i 30 | ( i 2) | (c) | |||||||||||||||||||||||||||||||||||||||||
Accounts
payable and other liabilities | i 68 | ( i 10) | (c) | i — | i 1 | i — | i — | i — | ( i 8) | i 51 | ( i 9) | (c) | |||||||||||||||||||||||||||||||||||||||||
Long-term debt | i 23,397 | i 190 | (c)(e) | i — | i — | i 9,884 | ( i 9,250) | i 29 | ( i 736) | i 23,514 | i 48 | (c)(e) |
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2020 (in millions) | Fair value at Jan 1, 2020 | Total realized/unrealized gains/(losses) | Transfers into level 3 | Transfers (out of) level 3 | Fair value at September 30, 2020 | Change in unrealized gains/(losses) related to financial instruments held at September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases(f) | Sales | Settlements(g) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Assets:(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed
securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. GSEs and government agencies | $ | i 797 | $ | ( i 153) | $ | i 134 | $ | ( i 149) | $ | ( i 122) | $ | i — | $ | i — | $ | i 507 | $ | ( i 140) | |||||||||||||||||||||||||||||||||||
Residential – nonagency | i 23 | ( i 1) | i 12 | ( i 4) | ( i 2) | i — | ( i 3) | i 25 | i 2 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial – nonagency | i 4 | i — | i 1 | i — | ( i 1) | i 1 | ( i 3) | i 2 | i 4 | ||||||||||||||||||||||||||||||||||||||||||||
Total
mortgage-backed securities | i 824 | ( i 154) | i 147 | ( i 153) | ( i 125) | i 1 | ( i 6) | i 534 | ( i 134) | ||||||||||||||||||||||||||||||||||||||||||||
Obligations
of U.S. states and municipalities | i 10 | i — | i — | ( i 1) | ( i 1) | i — | i — | i 8 | i — | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S.
government debt securities | i 155 | i 10 | i 164 | ( i 148) | ( i 7) | i — | ( i 9) | i 165 | i 7 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | i 558 | ( i 10) | i 475 | ( i 131) | ( i 234) | i 296 | ( i 305) | i 649 | i 13 | ||||||||||||||||||||||||||||||||||||||||||||
Loans | i 673 | ( i 72) | i 829 | ( i 400) | ( i 130) | i 676 | ( i 846) | i 730 | ( i 35) | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | i 37 | ( i 4) | i 42 | ( i 36) | ( i 5) | i 9 | ( i 10) | i 33 | ( i 1) | ||||||||||||||||||||||||||||||||||||||||||||
Total debt instruments | i 2,257 | ( i 230) | i 1,657 | ( i 869) | ( i 502) | i 982 | ( i 1,176) | i 2,119 | ( i 150) | ||||||||||||||||||||||||||||||||||||||||||||
Equity securities | i 196 | ( i 79) | i 37 | ( i 109) | i — | i 259 | ( i 118) | i 186 | ( i 40) | ||||||||||||||||||||||||||||||||||||||||||||
Other | i 232 | i 239 | i 213 | ( i 9) | ( i 23) | i 4 | ( i 3) | i 653 | i 263 | ||||||||||||||||||||||||||||||||||||||||||||
Total
trading assets – debt and equity instruments | i 2,685 | ( i 70) | (c) | i 1,907 | ( i 987) | ( i 525) | i 1,245 | ( i 1,297) | i 2,958 | i 73 | (c) | ||||||||||||||||||||||||||||||||||||||||||
Net
derivative receivables:(b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | ( i 332) | i 2,052 | i 102 | ( i 97) | ( i 1,510) | ( i 317) | i 130 | i 28 | i 290 | ||||||||||||||||||||||||||||||||||||||||||||
Credit | ( i 139) | i — | i 70 | ( i 150) | i 137 | i 59 | ( i 26) | ( i 49) | i 24 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange | ( i 607) | ( i 214) | i 46 | ( i 16) | i 75 | i 15 | i 25 | ( i 676) | ( i 181) | ||||||||||||||||||||||||||||||||||||||||||||
Equity | ( i 3,395) | i 564 | i 912 | ( i 1,473) | i 558 | ( i 524) | i 255 | ( i 3,103) | i 1,342 | ||||||||||||||||||||||||||||||||||||||||||||
Commodity | ( i 16) | ( i 248) | i 22 | ( i 107) | i 54 | ( i 306) | ( i 20) | ( i 621) | i 363 | ||||||||||||||||||||||||||||||||||||||||||||
Total
net derivative receivables | ( i 4,489) | i 2,154 | (c) | i 1,152 | ( i 1,843) | ( i 686) | ( i 1,073) | i 364 | ( i 4,421) | i 1,838 | (c) | ||||||||||||||||||||||||||||||||||||||||||
Available-for-sale
securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | i 1 | i — | i — | i — | ( i 1) | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||
Total
available-for-sale securities | i 1 | i — | i — | i — | ( i 1) | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||
Loans | i 516 | ( i 195) | (c) | i 450 | ( i 77) | ( i 678) | i 2,312 | ( i 522) | i 1,806 | ( i 147) | (c) | ||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | i 4,699 | ( i 1,459) | (d) | i 663 | ( i 177) | ( i 710) | i — | i — | i 3,016 | ( i 1,459) | (d) | ||||||||||||||||||||||||||||||||||||||||||
Other assets | i 917 | ( i 56) | (c) | i 66 | ( i 28) | ( i 281) | i 40 | i — | i 658 | i 4 | (c) | ||||||||||||||||||||||||||||||||||||||||||
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2020 (in millions) | Fair value at Jan 1, 2020 | Total realized/unrealized (gains)/losses | Transfers into level 3 | Transfers (out of) level 3 | Fair value at September 30, 2020 | Change in unrealized (gains)/losses related to financial instruments held at September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases | Sales | Issuances | Settlements(g) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities:(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | $ | i 3,360 | $ | i 88 | (c)(e) | $ | i — | $ | i — | $ | i 636 | $ | ( i 538) | $ | i 265 | $ | ( i 755) | $ | i 3,056 | $ | i 137 | (c)(e) | |||||||||||||||||||||||||||||||
Short-term borrowings | i 1,674 | ( i 294) | (c)(e) | i — | i — | i 3,961 | ( i 2,769) | i 77 | ( i 41) | i 2,608 | ( i 27) | (c)(e) | |||||||||||||||||||||||||||||||||||||||||
Trading
liabilities – debt and equity instruments | i 41 | i 1 | (c) | ( i 81) | i 12 | i — | ( i 4) | i 96 | ( i 8) | i 57 | i — | ||||||||||||||||||||||||||||||||||||||||||
Accounts
payable and other liabilities | i 45 | ( i 1) | (c) | ( i 85) | i 37 | i — | i — | i 48 | i — | i 44 | i 1 | (c) | |||||||||||||||||||||||||||||||||||||||||
Long-term debt | i 23,339 | ( i 639) | (c)(e) | i — | i — | i 7,432 | ( i 7,851) | i 1,056 | ( i 1,121) | i 22,216 | ( i 507) | (c)(e) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Credit and funding adjustments: | |||||||||||||||||||||||
Derivatives CVA | $ | i 60 | $ | i 144 | $ | i 343 | $ | ( i 574) | |||||||||||||||
Derivatives
FVA | i 38 | i 109 | i 99 | ( i 236) | |||||||||||||||||||
Fair value hierarchy | Total fair value | |||||||||||||||||||
September 30, 2021 (in millions) | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Loans | $ | i — | $ | i 1,175 | $ | i 314 | (b) | $ | i 1,489 | |||||||||||
Other
assets(a) | i — | i 7 | i 1,202 | i 1,209 | ||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | i — | $ | i 1,182 | $ | i 1,516 | $ | i 2,698 | ||||||||||||
Accounts payable and other liabilities | i — | i — | i 2 | i 2 | ||||||||||||||||
Total liabilities measured at fair value on a nonrecurring basis | $ | i — | $ | i — | $ | i 2 | $ | i 2 |
Fair value hierarchy | Total fair value | |||||||||||||||||||
September 30, 2020 (in millions) | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Loans | $ | i — | $ | i 1,714 | $ | i 788 | $ | i 2,502 | ||||||||||||
Other assets | i — | i 11 | i 945 | i 956 | ||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | i — | $ | i 1,725 | $ | i 1,733 | $ | i 3,458 | ||||||||||||
Accounts payable and other liabilities | i — | i — | i 3 | i 3 | ||||||||||||||||
Total liabilities measured at fair value on a nonrecurring basis | $ | i — | $ | i — | $ | i 3 | $ | i 3 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Loans | $ | ( i 10) | $ | ( i 35) | $ | ( i 40) | $ | ( i 318) | ||||||||||||||||||
Other
assets(a) | i 84 | ( i 363) | i 177 | ( i 539) | ||||||||||||||||||||||
Accounts
payable and other liabilities | i — | i 92 | i 6 | ( i 3) | ||||||||||||||||||||||
Total
nonrecurring fair value gains/(losses) | $ | i 74 | $ | ( i 306) | $ | i 143 | $ | ( i 860) |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30 | September 30 | |||||||||||||||||||||||||
As of or for the period ended, | ||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||
Carrying value(a) | $ | i 3,207 | $ | i 2,329 | $ | i 3,207 | $ | i 2,329 | ||||||||||||||||||
Upward
carrying value changes(b) | i 100 | i 36 | i 216 | i 49 | ||||||||||||||||||||||
Downward
carrying value changes/impairment(c) | ( i 10) | ( i 34) | ( i 18) | ( i 204) | ||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Estimated fair value hierarchy | Estimated fair value hierarchy | ||||||||||||||||||||||||||||||||||
(in billions) | Carrying value | Level 1 | Level 2 | Level 3 | Total estimated fair value | Carrying
value | Level 1 | Level 2 | Level 3 | Total estimated fair value | |||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | i 25.9 | $ | i 25.9 | $ | i — | $ | i — | $ | i 25.9 | $ | i 24.9 | $ | i 24.9 | $ | i — | $ | i — | $ | i 24.9 | |||||||||||||||
Deposits with banks | i 734.0 | i 734.0 | i — | i — | i 734.0 | i 502.7 | i 502.7 | i — | i — | i 502.7 | |||||||||||||||||||||||||
Accrued
interest and accounts receivable | i 115.7 | i — | i 115.6 | i 0.1 | i 115.7 | i 89.4 | i — | i 89.3 | i 0.1 | i 89.4 | |||||||||||||||||||||||||
Federal
funds sold and securities purchased under resale agreements | i 9.0 | i — | i 9.0 | i — | i 9.0 | i 58.3 | i — | i 58.3 | i — | i 58.3 | |||||||||||||||||||||||||
Securities
borrowed | i 130.2 | i — | i 130.2 | i — | i 130.2 | i 107.7 | i — | i 107.7 | i — | i 107.7 | |||||||||||||||||||||||||
Investment
securities, held-to-maturity | i 343.5 | i 181.3 | i 163.1 | i — | i 344.4 | i 201.8 | i 53.2 | i 152.3 | i — | i 205.5 | |||||||||||||||||||||||||
Loans,
net of allowance for loan losses(a) | i 965.8 | i — | i 203.2 | i 781.7 | i 984.9 | i 940.1 | i — | i 210.9 | i 755.6 | i 966.5 | |||||||||||||||||||||||||
Other | i 98.0 | i — | i 96.7 | i 1.4 | i 98.1 | i 81.8 | i — | i 80.0 | i 1.9 | i 81.9 | |||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||||||||
Deposits | $ | i 2,390.5 | $ | i — | $ | i 2,390.6 | $ | i — | $ | i 2,390.6 | $ | i 2,129.8 | $ | i — | $ | i 2,128.9 | $ | i — | $ | i 2,128.9 | |||||||||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | i 67.5 | i — | i 67.5 | i — | i 67.5 | i 59.5 | i — | i 59.5 | i — | i 59.5 | |||||||||||||||||||||||||
Short-term
borrowings | i 30.4 | i — | i 30.4 | i — | i 30.4 | i 28.3 | i — | i 28.3 | i — | i 28.3 | |||||||||||||||||||||||||
Accounts
payable and other liabilities | i 228.6 | i — | i 224.0 | i 4.2 | i 228.2 | i 186.6 | i — | i 181.9 | i 4.3 | i 186.2 | |||||||||||||||||||||||||
Beneficial
interests issued by consolidated VIEs | i 13.2 | i — | i 13.2 | i — | i 13.2 | i 17.5 | i — | i 17.6 | i — | i 17.6 | |||||||||||||||||||||||||
Long-term
debt | i 221.9 | i — | i 225.6 | i 3.3 | i 228.9 | i 204.8 | i — | i 209.2 | i 3.2 | i 212.4 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Estimated fair value hierarchy | Estimated fair value hierarchy | ||||||||||||||||||||||||||||||||||
(in billions) | Carrying value(a) (b) | Level 1 | Level 2 | Level 3 | Total estimated fair value | Carrying
value(a) (b) | Level 1 | Level 2 | Level 3 | Total estimated fair value | |||||||||||||||||||||||||
Wholesale lending-related commitments | $ | i 2.1 | $ | i — | $ | i — | $ | i 3.1 | $ | i 3.1 | $ | i 2.2 | $ | i — | $ | i — | $ | i 2.1 | $ | i 2.1 |
Three months ended September 30, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
(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 | $ | ( i 19) | $ | i — | $ | ( i 19) | $ | ( i 148) | $ | i — | $ | ( i 148) | |||||||||||||||||||||||||||||
Securities borrowed | ( i 22) | i — | ( i 22) | i 5 | i — | i 5 | |||||||||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||||||||||
Debt and equity instruments, excluding loans | ( i 2,255) | i — | ( i 2,255) | i 1,780 | (f) | i — | i 1,780 | ||||||||||||||||||||||||||||||||||
Loans
reported as trading assets: | |||||||||||||||||||||||||||||||||||||||||
Changes in instrument-specific credit risk | i 66 | i — | i 66 | i 216 | i — | i 216 | |||||||||||||||||||||||||||||||||||
Other changes in fair value | i 1 | i — | i 1 | i — | i — | i — | |||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Changes in instrument-specific credit risk | i 119 | ( i 7) | (c) | i 112 | i 112 | ( i 13) | (c) | i 99 | |||||||||||||||||||||||||||||||||
Other changes in fair value | i 25 | i 609 | (c) | i 634 | i 93 | i 928 | (c) | i 1,021 | |||||||||||||||||||||||||||||||||
Other assets | ( i 22) | i — | ( i 22) | ( i 28) | ( i 7) | (d) | ( i 35) | ||||||||||||||||||||||||||||||||||
Deposits(a) | i 38 | i — | i 38 | ( i 147) | i — | ( i 147) | |||||||||||||||||||||||||||||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | i 11 | i — | i 11 | i 58 | i — | i 58 | |||||||||||||||||||||||||||||||||||
Short-term
borrowings(a) | i 388 | i — | i 388 | ( i 54) | i — | ( i 54) | |||||||||||||||||||||||||||||||||||
Trading liabilities | ( i 1) | i — | ( i 1) | i 1 | i — | i 1 | |||||||||||||||||||||||||||||||||||
Other liabilities | ( i 1) | i — | ( i 1) | ( i 8) | i — | ( i 8) | |||||||||||||||||||||||||||||||||||
Long-term
debt(a)(b) | i 643 | i 11 | (c)(d) | i 654 | ( i 530) | ( i 4) | (c) | ( i 534) |
Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
(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 | $ | ( i 33) | $ | i — | $ | ( i 33) | $ | i 96 | $ | i — | $ | i 96 | |||||||||||||||||||||||||||||
Securities borrowed | ( i 119) | i — | ( i 119) | i 173 | i — | i 173 | |||||||||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||||||||||
Debt and equity instruments, excluding loans | ( i 1,188) | ( i 1) | (c) | ( i 1,189) | i 1,083 | (f) | ( i 1) | (c) | i 1,082 | ||||||||||||||||||||||||||||||||
Loans
reported as trading assets: | |||||||||||||||||||||||||||||||||||||||||
Changes in instrument-specific credit risk | i 342 | i — | i 342 | ( i 39) | i — | ( i 39) | |||||||||||||||||||||||||||||||||||
Other changes in fair value | ( i 7) | i — | ( i 7) | i 1 | i — | i 1 | |||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Changes in instrument-specific credit risk | i 540 | ( i 9) | (c) | i 531 | i 143 | i 2 | (c) | i 145 | |||||||||||||||||||||||||||||||||
Other changes in fair value | ( i 82) | i 1,733 | (c) | i 1,651 | i 357 | i 2,423 | (c) | i 2,780 | |||||||||||||||||||||||||||||||||
Other assets | i 6 | ( i 23) | (d) | ( i 17) | i 74 | i 1 | (d) | i 75 | |||||||||||||||||||||||||||||||||
Deposits(a) | ( i 53) | i — | ( i 53) | ( i 612) | i — | ( i 612) | |||||||||||||||||||||||||||||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | i 42 | i — | i 42 | ( i 20) | i — | ( i 20) | |||||||||||||||||||||||||||||||||||
Short-term
borrowings(a) | ( i 223) | i — | ( i 223) | i 1,035 | i — | i 1,035 | |||||||||||||||||||||||||||||||||||
Trading liabilities | ( i 2) | i — | ( i 2) | i 1 | i — | i 1 | |||||||||||||||||||||||||||||||||||
Other liabilities | i 1 | i — | i 1 | ( i 54) | i — | ( i 54) | |||||||||||||||||||||||||||||||||||
Long-term
debt(a)(b) | ( i 262) | i 6 | (c)(d) | ( i 256) | i 70 | ( i 1) | (c) | i 69 | |||||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
(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 | $ | i 3,591 | $ | i 642 | $ | ( i 2,949) | $ | i 3,386 | $ | i 555 | $ | ( i 2,831) | |||||||||||||||||
Loans | i 1,193 | i 1,055 | ( i 138) | i 1,867 | i 1,507 | ( i 360) | |||||||||||||||||||||||
Subtotal | i 4,784 | i 1,697 | ( i 3,087) | i 5,253 | i 2,062 | ( i 3,191) | |||||||||||||||||||||||
90 or more days past due and government guaranteed | |||||||||||||||||||||||||||||
Loans(a) | i 301 | i 289 | ( i 12) | i 328 | i 317 | ( i 11) | |||||||||||||||||||||||
All
other performing loans(b) | |||||||||||||||||||||||||||||
Loans reported as trading assets | i 7,950 | i 6,699 | ( i 1,251) | i 7,917 | i 6,439 | ( i 1,478) | |||||||||||||||||||||||
Loans | i 58,949 | i 59,284 | i 335 | i 42,022 | i 42,650 | i 628 | |||||||||||||||||||||||
Subtotal | i 66,899 | i 65,983 | ( i 916) | i 49,939 | i 49,089 | ( i 850) | |||||||||||||||||||||||
Total loans | $ | i 71,984 | $ | i 67,969 | $ | ( i 4,015) | $ | i 55,520 | $ | i 51,468 | $ | ( i 4,052) | |||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||
Principal-protected debt | $ | i 37,445 | (d) | $ | i 35,244 | $ | ( i 2,201) | $ | i 40,560 | (d) | $ | i 40,526 | $ | ( i 34) | |||||||||||||||
Nonprincipal-protected
debt(c) | NA | i 41,255 | NA | NA | i 36,291 | NA | |||||||||||||||||||||||
Total long-term debt | NA | $ | i 76,499 | NA | NA | $ | i 76,817 | NA | |||||||||||||||||||||
Long-term beneficial interests | |||||||||||||||||||||||||||||
Nonprincipal-protected debt(c) | NA | $ | i 99 | NA | NA | $ | i 41 | NA | |||||||||||||||||||||
Total long-term beneficial interests | NA | $ | i 99 | NA | NA | $ | i 41 | NA |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(in millions) | Long-term debt | Short-term borrowings | Deposits | Total | Long-term debt | Short-term borrowings | Deposits | Total | |||||||||||||||||||||||||||
Risk exposure | |||||||||||||||||||||||||||||||||||
Interest rate | $ | i 35,571 | $ | i 13 | $ | i 5,700 | $ | i 41,284 | $ | i 38,129 | $ | i 65 | $ | i 5,057 | $ | i 43,251 | |||||||||||||||||||
Credit | i 6,843 | i 1,438 | i — | i 8,281 | i 6,409 | i 1,022 | i — | i 7,431 | |||||||||||||||||||||||||||
Foreign exchange | i 3,648 | i 244 | i 221 | i 4,113 | i 3,613 | i 92 | i — | i 3,705 | |||||||||||||||||||||||||||
Equity | i 28,496 | i 6,258 | i 5,565 | i 40,319 | i 26,943 | i 5,021 | i 6,893 | i 38,857 | |||||||||||||||||||||||||||
Commodity | i 321 | i — | i 6 | (a) | i 327 | i 250 | i 13 | i 232 | (a) | i 495 | |||||||||||||||||||||||||
Total structured notes | $ | i 74,879 | $ | i 7,953 | $ | i 11,492 | $ | i 94,324 | $ | i 75,344 | $ | i 6,213 | $ | i 12,182 | $ | i 93,739 |
Type of Derivative | Use of Derivative | Designation and disclosure | Affected segment or unit | 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 | 122-123 | ||||||||||
•Interest
rate | Hedge floating-rate assets and liabilities | Cash flow hedge | Corporate | 124 | ||||||||||
•Foreign exchange | Hedge foreign currency-denominated assets and liabilities | Fair value hedge | Corporate | 122-123 | ||||||||||
•Foreign exchange | Hedge
foreign currency-denominated forecasted revenue and expense | Cash flow hedge | Corporate | 124 | ||||||||||
•Foreign exchange | Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities | Net investment hedge | Corporate | 125 | ||||||||||
•Commodity | Hedge commodity inventory | Fair value hedge | CIB, AWM | 122-123 | ||||||||||
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 | 125 | ||||||||||
•Credit | Manage
the credit risk associated with wholesale lending exposures | Specified risk management | CIB | 125 | ||||||||||
•Interest rate and foreign exchange | Manage the risk associated with certain other specified assets and liabilities | Specified risk management | Corporate | 125 | ||||||||||
Market-making
derivatives and other activities: | ||||||||||||||
•Various | Market-making and related risk management | Market-making and other | CIB | 125 | ||||||||||
•Various | Other derivatives | Market-making and other | CIB, AWM, Corporate | 125 |
Notional
amounts(b) | |||||||||||
(in billions) | September 30, 2021 | December 31, 2020 | |||||||||
Interest rate contracts | |||||||||||
Swaps | $ | i 24,116 | $ | i 20,990 | (c) | ||||||
Futures
and forwards | i 3,824 | i 3,057 | |||||||||
Written
options | i 3,211 | i 3,375 | |||||||||
Purchased
options | i 3,523 | i 3,675 | |||||||||
Total
interest rate contracts | i 34,674 | i 31,097 | |||||||||
Credit
derivatives(a) | i 1,340 | i 1,197 | (c) | ||||||||
Foreign
exchange contracts | |||||||||||
Cross-currency swaps | i 4,081 | i 3,924 | |||||||||
Spot,
futures and forwards | i 8,268 | i 6,871 | |||||||||
Written
options | i 803 | i 830 | |||||||||
Purchased
options | i 791 | i 825 | |||||||||
Total
foreign exchange contracts | i 13,943 | i 12,450 | |||||||||
Equity contracts | |||||||||||
Swaps | i 628 | i 448 | |||||||||
Futures
and forwards | i 145 | i 140 | |||||||||
Written
options | i 750 | i 668 | (c) | ||||||||
Purchased
options | i 704 | i 610 | (c) | ||||||||
Total equity contracts | i 2,227 | i 1,866 | |||||||||
Commodity contracts | |||||||||||
Swaps | i 185 | i 138 | |||||||||
Spot,
futures and forwards | i 195 | i 198 | |||||||||
Written
options | i 149 | i 124 | |||||||||
Purchased
options | i 122 | i 105 | |||||||||
Total
commodity contracts | i 651 | i 565 | |||||||||
Total
derivative notional amounts | $ | i 52,835 | $ | i 47,175 |
Free-standing
derivative receivables and payables(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Gross derivative receivables | Gross derivative payables | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 (in millions) | Not designated as hedges | Designated as hedges | Total derivative receivables | Net derivative receivables(b) | Not designated as hedges | Designated as hedges | Total derivative payables | Net derivative payables(b) | |||||||||||||||||||||||||||||||||||||||
Trading assets and liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | $ | i 284,351 | $ | i 758 | $ | i 285,109 | $ | i 24,766 | $ | i 252,292 | $ | i — | $ | i 252,292 | $ | i 8,832 | |||||||||||||||||||||||||||||||
Credit | i 10,524 | i — | i 10,524 | i 1,175 | i 11,799 | i — | i 11,799 | i 1,393 | |||||||||||||||||||||||||||||||||||||||
Foreign exchange | i 162,107 | i 1,089 | i 163,196 | i 14,525 | i 161,159 | i 936 | i 162,095 | i 14,005 | |||||||||||||||||||||||||||||||||||||||
Equity | i 74,422 | i — | i 74,422 | i 10,492 | i 86,837 | i — | i 86,837 | i 17,774 | |||||||||||||||||||||||||||||||||||||||
Commodity | i 32,269 | i 4,046 | i 36,315 | i 16,950 | i 28,906 | i 5,537 | i 34,443 | i 11,481 | |||||||||||||||||||||||||||||||||||||||
Total
fair value of trading assets and liabilities | $ | i 563,673 | $ | i 5,893 | $ | i 569,566 | $ | i 67,908 | $ | i 540,993 | $ | i 6,473 | $ | i 547,466 | $ | i 53,485 | |||||||||||||||||||||||||||||||
Gross derivative receivables | Gross derivative payables | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 (in millions) | Not designated as hedges | Designated as hedges | Total derivative receivables | Net derivative receivables(b) | Not designated as hedges | Designated
as hedges | Total derivative payables | Net derivative payables(b) | |||||||||||||||||||||||||||||||||||||||
Trading assets and liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | $ | i 390,817 | (c) | $ | i 831 | $ | i 391,648 | $ | i 35,725 | $ | i 353,987 | (c) | $ | i — | $ | i 353,987 | $ | i 13,012 | |||||||||||||||||||||||||||||
Credit | i 13,345 | (c) | i — | i 13,345 | i 680 | i 14,832 | (c) | i — | i 14,832 | i 1,995 | |||||||||||||||||||||||||||||||||||||
Foreign exchange | i 205,359 | i 901 | i 206,260 | i 15,781 | i 214,229 | i 1,697 | i 215,926 | i 21,433 | |||||||||||||||||||||||||||||||||||||||
Equity | i 70,612 | (c) | i — | i 70,612 | i 16,487 | (c) | i 81,413 | i — | i 81,413 | i 25,898 | |||||||||||||||||||||||||||||||||||||
Commodity | i 20,579 | i 924 | i 21,503 | i 6,771 | i 20,834 | i 1,895 | i 22,729 | i 8,285 | |||||||||||||||||||||||||||||||||||||||
Total
fair value of trading assets and liabilities | $ | i 700,712 | $ | i 2,656 | $ | i 703,368 | $ | i 75,444 | $ | i 685,295 | $ | i 3,592 | $ | i 688,887 | $ | i 70,623 |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
(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 derivative receivables | ||||||||||||||||||||||||||||||||
U.S. GAAP nettable derivative receivables | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||||||||||||||
Over-the-counter (“OTC”) | $ | i 262,855 | $ | ( i 243,110) | $ | i 19,745 | $ | i 367,214 | (e) | $ | ( i 337,609) | (e) | $ | i 29,605 | ||||||||||||||||||||||||
OTC–cleared | i 17,441 | ( i 16,953) | i 488 | i 18,340 | ( i 17,919) | i 421 | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 290 | ( i 280) | i 10 | i 554 | ( i 395) | i 159 | ||||||||||||||||||||||||||||||||
Total interest rate contracts | i 280,586 | ( i 260,343) | i 20,243 | i 386,108 | ( i 355,923) | i 30,185 | ||||||||||||||||||||||||||||||||
Credit contracts: | ||||||||||||||||||||||||||||||||||||||
OTC | i 7,735 | ( i 6,953) | i 782 | i 8,894 | (e) | ( i 8,356) | (e) | i 538 | ||||||||||||||||||||||||||||||
OTC–cleared | i 2,492 | ( i 2,396) | i 96 | i 4,326 | ( i 4,309) | i 17 | ||||||||||||||||||||||||||||||||
Total credit contracts | i 10,227 | ( i 9,349) | i 878 | i 13,220 | ( i 12,665) | i 555 | ||||||||||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||||||||||||||||
OTC | i 159,235 | ( i 148,098) | i 11,137 | i 201,349 | ( i 189,655) | i 11,694 | ||||||||||||||||||||||||||||||||
OTC–cleared | i 640 | ( i 572) | i 68 | i 834 | ( i 819) | i 15 | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 10 | ( i 1) | i 9 | i 35 | ( i 5) | i 30 | ||||||||||||||||||||||||||||||||
Total foreign exchange contracts | i 159,885 | ( i 148,671) | i 11,214 | i 202,218 | ( i 190,479) | i 11,739 | ||||||||||||||||||||||||||||||||
Equity contracts: | ||||||||||||||||||||||||||||||||||||||
OTC | i 27,692 | ( i 25,632) | i 2,060 | i 29,844 | (e) | ( i 27,374) | i 2,470 | |||||||||||||||||||||||||||||||
Exchange-traded(a) | i 39,348 | ( i 38,298) | i 1,050 | i 28,294 | ( i 26,751) | i 1,543 | ||||||||||||||||||||||||||||||||
Total equity contracts | i 67,040 | ( i 63,930) | i 3,110 | i 58,138 | ( i 54,125) | i 4,013 | ||||||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||||||||||||
OTC | i 21,467 | ( i 8,256) | i 13,211 | i 10,924 | ( i 7,901) | i 3,023 | ||||||||||||||||||||||||||||||||
OTC–cleared | i 72 | ( i 72) | i — | i 20 | ( i 20) | i — | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 11,482 | ( i 11,037) | i 445 | i 6,833 | ( i 6,811) | i 22 | ||||||||||||||||||||||||||||||||
Total commodity contracts | i 33,021 | ( i 19,365) | i 13,656 | i 17,777 | ( i 14,732) | i 3,045 | ||||||||||||||||||||||||||||||||
Derivative
receivables with appropriate legal opinion | i 550,759 | ( i 501,658) | i 49,101 | (d) | i 677,461 | ( i 627,924) | i 49,537 | (d) | ||||||||||||||||||||||||||||||
Derivative
receivables where an appropriate legal opinion has not been either sought or obtained | i 18,807 | i 18,807 | i 25,907 | i 25,907 | ||||||||||||||||||||||||||||||||||
Total
derivative receivables recognized on the Consolidated balance sheets | $ | i 569,566 | $ | i 67,908 | $ | i 703,368 | $ | i 75,444 | ||||||||||||||||||||||||||||||
Collateral
not nettable on the Consolidated balance sheets(b)(c) | ( i 11,001) | ( i 14,806) | ||||||||||||||||||||||||||||||||||||
Net
amounts | $ | i 56,907 | $ | i 60,638 |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
(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 derivative payables | ||||||||||||||||||||||||||||||||
U.S. GAAP nettable derivative payables | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||||||||||||||
OTC | $ | i 232,047 | $ | ( i 224,749) | $ | i 7,298 | $ | i 332,214 | (e) | $ | ( i 321,140) | (e) | $ | i 11,074 | ||||||||||||||||||||||||
OTC–cleared | i 18,841 | ( i 18,532) | i 309 | i 19,710 | ( i 19,494) | i 216 | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 184 | ( i 179) | i 5 | i 358 | ( i 341) | i 17 | ||||||||||||||||||||||||||||||||
Total interest rate contracts | i 251,072 | ( i 243,460) | i 7,612 | i 352,282 | ( i 340,975) | i 11,307 | ||||||||||||||||||||||||||||||||
Credit contracts: | ||||||||||||||||||||||||||||||||||||||
OTC | i 8,775 | ( i 8,060) | i 715 | i 10,311 | (e) | ( i 8,781) | (e) | i 1,530 | ||||||||||||||||||||||||||||||
OTC–cleared | i 2,433 | ( i 2,346) | i 87 | i 4,075 | ( i 4,056) | i 19 | ||||||||||||||||||||||||||||||||
Total credit contracts | i 11,208 | ( i 10,406) | i 802 | i 14,386 | ( i 12,837) | i 1,549 | ||||||||||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||||||||||||||||
OTC | i 157,829 | ( i 147,518) | i 10,311 | i 210,803 | ( i 193,672) | i 17,131 | ||||||||||||||||||||||||||||||||
OTC–cleared | i 579 | ( i 572) | i 7 | i 836 | ( i 819) | i 17 | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 12 | i — | i 12 | i 34 | ( i 2) | i 32 | ||||||||||||||||||||||||||||||||
Total foreign exchange contracts | i 158,420 | ( i 148,090) | i 10,330 | i 211,673 | ( i 194,493) | i 17,180 | ||||||||||||||||||||||||||||||||
Equity contracts: | ||||||||||||||||||||||||||||||||||||||
OTC | i 34,759 | ( i 30,733) | i 4,026 | i 35,330 | ( i 28,763) | i 6,567 | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 43,462 | ( i 38,330) | i 5,132 | i 34,491 | ( i 26,752) | i 7,739 | ||||||||||||||||||||||||||||||||
Total equity contracts | i 78,221 | ( i 69,063) | i 9,158 | i 69,821 | ( i 55,515) | i 14,306 | ||||||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||||||||||||
OTC | i 18,060 | ( i 11,770) | i 6,290 | i 10,365 | ( i 7,544) | i 2,821 | ||||||||||||||||||||||||||||||||
OTC–cleared | i 85 | ( i 85) | i — | i 32 | ( i 32) | i — | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 12,241 | ( i 11,107) | i 1,134 | i 7,391 | ( i 6,868) | i 523 | ||||||||||||||||||||||||||||||||
Total commodity contracts | i 30,386 | ( i 22,962) | i 7,424 | i 17,788 | ( i 14,444) | i 3,344 | ||||||||||||||||||||||||||||||||
Derivative
payables with appropriate legal opinion | i 529,307 | ( i 493,981) | i 35,326 | (d) | i 665,950 | ( i 618,264) | i 47,686 | (d) | ||||||||||||||||||||||||||||||
Derivative
payables where an appropriate legal opinion has not been either sought or obtained | i 18,159 | i 18,159 | i 22,937 | i 22,937 | ||||||||||||||||||||||||||||||||||
Total
derivative payables recognized on the Consolidated balance sheets | $ | i 547,466 | $ | i 53,485 | $ | i 688,887 | $ | i 70,623 | ||||||||||||||||||||||||||||||
Collateral
not nettable on the Consolidated balance sheets(b)(c) | ( i 7,091) | ( i 11,964) | ||||||||||||||||||||||||||||||||||||
Net
amounts | $ | i 46,394 | $ | i 58,659 |
OTC and OTC-cleared derivative payables containing downgrade triggers | ||||||||||||||||||||
(in millions) | September 30, 2021 | December 31, 2020 | ||||||||||||||||||
Aggregate fair value of net derivative payables | $ | i 19,541 | $ | i 26,945 | (a) | |||||||||||||||
Collateral posted | i 17,160 | i 26,289 |
Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives | ||||||||||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||||||||
(in millions) | Single-notch downgrade | Two-notch downgrade | Single-notch downgrade | Two-notch downgrade | ||||||||||||||||
Amount
of additional collateral to be posted upon downgrade(a) | $ | i 230 | $ | i 1,572 | $ | i 119 | $ | i 1,243 | ||||||||||||
Amount
required to settle contracts with termination triggers upon downgrade(b) | i 109 | i 685 | i 153 | i 1,682 | (c) |
Gains/(losses) recorded in income | Income
statement impact of excluded components(e) | OCI impact | ||||||||||||||||||||||||
Three months ended September 30, 2021 (in millions) | 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) | $ | ( i 812) | $ | i 1,401 | $ | i 589 | $ | i — | $ | i 592 | $ | i — | ||||||||||||||
Foreign
exchange(c) | ( i 363) | i 367 | i 4 | ( i 71) | i 3 | i 12 | ||||||||||||||||||||
Commodity(d) | ( i 732) | i 754 | i 22 | i — | i 14 | i — | ||||||||||||||||||||
Total | $ | ( i 1,907) | $ | i 2,522 | $ | i 615 | $ | ( i 71) | $ | i 609 | $ | i 12 |
Gains/(losses) recorded in income | Income statement impact of excluded components(e) | OCI impact | |||||||||||||||||||||||||||
Three months ended September 30, 2020 (in millions) | 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) | $ | ( i 464) | $ | i 743 | $ | i 279 | $ | i — | $ | i 309 | $ | i — | |||||||||||||||||
Foreign
exchange(c) | i 307 | ( i 280) | i 27 | ( i 79) | i 27 | ( i 91) | |||||||||||||||||||||||
Commodity(d) | ( i 569) | i 593 | i 24 | i — | i 14 | i — | |||||||||||||||||||||||
Total | $ | ( i 726) | $ | i 1,056 | $ | i 330 | $ | ( i 79) | $ | i 350 | $ | ( i 91) |
Gains/(losses) recorded in income | Income statement impact of excluded components(e) | OCI impact | ||||||||||||||||||||||||
Nine months ended September 30, 2021 (in millions) | 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) | $ | ( i 3,749) | $ | i 5,217 | $ | i 1,468 | $ | i — | $ | i 1,572 | $ | i — | ||||||||||||||
Foreign
exchange(c) | ( i 862) | i 893 | i 31 | ( i 221) | i 30 | ( i 56) | ||||||||||||||||||||
Commodity(d) | ( i 5,119) | i 5,197 | i 78 | i — | i 46 | i — | ||||||||||||||||||||
Total | $ | ( i 9,730) | $ | i 11,307 | $ | i 1,577 | $ | ( i 221) | $ | i 1,648 | $ | ( i 56) |
Gains/(losses) recorded in income | Income statement impact of excluded components(e) | OCI impact | ||||||||||||||||||||||||
Nine months ended September 30, 2020 (in millions) | 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) | $ | i 4,087 | $ | ( i 3,333) | $ | i 754 | $ | i — | $ | i 728 | $ | i — | ||||||||||||||
Foreign
exchange(c) | i 579 | ( i 430) | i 149 | ( i 379) | i 149 | i 45 | ||||||||||||||||||||
Commodity(d) | ( i 771) | i 882 | i 111 | i — | i 107 | i — | ||||||||||||||||||||
Total | $ | i 3,895 | $ | ( i 2,881) | $ | i 1,014 | $ | ( i 379) | $ | i 984 | $ | i 45 |
Carrying
amount of the hedged items(a)(b) | Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | |||||||||||||||||||
September 30, 2021 (in millions) | Active hedging relationships | Discontinued hedging relationships(d)(e) | Total | |||||||||||||||||
Assets | ||||||||||||||||||||
Investment securities - AFS | $ | i 71,464 | (c) | $ | i 906 | $ | i 558 | $ | i 1,464 | |||||||||||
Liabilities | ||||||||||||||||||||
Long-term debt | $ | i 191,783 | $ | ( i 1,121) | $ | i 9,042 | $ | i 7,921 | ||||||||||||
Beneficial interests issued by consolidated VIEs | i 748 | i — | ( i 2) | ( i 2) | ||||||||||||||||
Carrying
amount of the hedged items(a)(b) | Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | |||||||||||||||||||
December 31, 2020 (in millions) | Active hedging relationships | Discontinued hedging relationships(d)(e) | Total | |||||||||||||||||
Assets | ||||||||||||||||||||
Investment securities - AFS | $ | i 139,684 | (c) | $ | i 3,572 | $ | i 847 | $ | i 4,419 | |||||||||||
Liabilities | ||||||||||||||||||||
Long-term debt | $ | i 177,611 | $ | i 3,194 | $ | i 11,473 | $ | i 14,667 | ||||||||||||
Beneficial interests issued by consolidated VIEs | i 746 | i — | ( i 3) | ( i 3) |
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||||||||||||
Three months ended September 30, 2021 (in millions) | Amounts reclassified from AOCI to income | Amounts
recorded in OCI | Total change in OCI for period | |||||||||||
Contract type | ||||||||||||||
Interest rate(a) | $ | i 272 | $ | ( i 232) | $ | ( i 504) | ||||||||
Foreign
exchange(b) | i 54 | ( i 35) | ( i 89) | |||||||||||
Total | $ | i 326 | $ | ( i 267) | $ | ( i 593) | ||||||||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||||||||||||
Three months ended September 30, 2020 (in millions) | Amounts reclassified from AOCI to income | Amounts recorded in OCI | Total change in OCI for period | |||||||||||
Contract type | ||||||||||||||
Interest rate(a) | $ | i 214 | $ | i 8 | $ | ( i 206) | ||||||||
Foreign
exchange(b) | i 13 | i 126 | i 113 | |||||||||||
Total | $ | i 227 | $ | i 134 | $ | ( i 93) | ||||||||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||||||||||||
Nine months ended September 30, 2021 (in millions) | Amounts reclassified from AOCI to income | Amounts recorded in OCI | Total change in OCI for period | |||||||||||
Contract type | ||||||||||||||
Interest rate(a) | $ | i 771 | $ | ( i 1,871) | $ | ( i 2,642) | ||||||||
Foreign
exchange(b) | i 159 | i 27 | ( i 132) | |||||||||||
Total | $ | i 930 | $ | ( i 1,844) | $ | ( i 2,774) | ||||||||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||||||||||||
Nine months ended September 30, 2020 (in millions) | Amounts reclassified from AOCI to income | Amounts recorded in OCI | Total change in OCI for period | |||||||||||
Contract type | ||||||||||||||
Interest rate(a) | $ | i 332 | $ | i 3,881 | $ | i 3,549 | ||||||||
Foreign
exchange(b) | ( i 4) | ( i 94) | ( i 90) | |||||||||||
Total | $ | i 328 | $ | i 3,787 | $ | i 3,459 |
Gains/(losses) recorded in income and other comprehensive income/(loss) | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Three months ended September 30, (in millions) | Amounts recorded in income(a)(b) | Amounts recorded in OCI | Amounts recorded in income(a)(b) | Amounts recorded in OCI | |||||||||||||||||||||||||
Foreign exchange derivatives | $ | ( i 73) | $ | i 1,028 | $ | ( i 37) | $ | ( i 868) | |||||||||||||||||||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Nine months ended September 30, (in millions) | Amounts recorded in income(a)(b) | Amounts recorded in OCI | Amounts recorded in income(a)(b) | Amounts recorded in OCI | |||||||||||||||||||||||||
Foreign exchange derivatives | $ | ( i 180) | $ | i 1,958 | $ | ( i 108) | $ | i 308 |
Derivatives gains/(losses) recorded in income | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Contract type | |||||||||||||||||||||||
Interest
rate(a) | $ | i 320 | $ | i 597 | $ | i 822 | $ | i 2,533 | |||||||||||||||
Credit(b) | ( i 14) | ( i 19) | ( i 81) | ( i 58) | |||||||||||||||||||
Foreign
exchange(c) | i 14 | i 18 | i 82 | i 96 | |||||||||||||||||||
Total | $ | i 320 | $ | i 596 | $ | i 823 | $ | i 2,571 |
Maximum payout/Notional amount | ||||||||||||||||||||||||||
September 30, 2021 (in millions) | Protection sold | Protection purchased with identical underlyings(b) | Net protection (sold)/purchased(c) | Other protection purchased(d) | ||||||||||||||||||||||
Credit derivatives | ||||||||||||||||||||||||||
Credit default swaps | $ | ( i 577,311) | $ | i 599,454 | $ | i 22,143 | $ | i 3,198 | ||||||||||||||||||
Other
credit derivatives(a) | ( i 61,083) | i 82,067 | i 20,984 | i 16,431 | ||||||||||||||||||||||
Total credit derivatives | ( i 638,394) | i 681,521 | i 43,127 | i 19,629 | ||||||||||||||||||||||
Credit-related notes | i — | i — | i — | i 12,745 | ||||||||||||||||||||||
Total | $ | ( i 638,394) | $ | i 681,521 | $ | i 43,127 | $ | i 32,374 | ||||||||||||||||||
Maximum payout/Notional amount | ||||||||||||||||||||||||||
December 31, 2020 (in millions) | Protection sold | Protection purchased with identical underlyings(b) | Net protection (sold)/purchased(c) | Other protection purchased(d) | ||||||||||||||||||||||
Credit derivatives | ||||||||||||||||||||||||||
Credit default swaps | $ | ( i 533,900) | (e) | $ | i 552,021 | (e) | $ | i 18,121 | $ | i 2,786 | (e) | |||||||||||||||
Other
credit derivatives(a) | ( i 40,084) | i 57,344 | i 17,260 | i 10,630 | (e) | |||||||||||||||||||||
Total credit derivatives | ( i 573,984) | i 609,365 | i 35,381 | i 13,416 | ||||||||||||||||||||||
Credit-related notes | i — | i — | i — | i 10,248 | ||||||||||||||||||||||
Total | $ | ( i 573,984) | $ | i 609,365 | $ | i 35,381 | $ | i 23,664 |
Protection
sold — credit derivatives ratings(a)/maturity profile | |||||||||||||||||||||||||||||||||||||||||
September 30, 2021 (in millions) | <1 year | 1–5 years | >5 years | Total notional amount | Fair value of receivables(b) | Fair value of payables(b) | Net fair value | ||||||||||||||||||||||||||||||||||
Risk rating of reference entity | |||||||||||||||||||||||||||||||||||||||||
Investment-grade | $ | ( i 116,560) | $ | ( i 291,195) | $ | ( i 78,593) | $ | ( i 486,348) | $ | i 3,996 | $ | ( i 597) | $ | i 3,399 | |||||||||||||||||||||||||||
Noninvestment-grade | ( i 31,180) | ( i 96,565) | ( i 24,301) | ( i 152,046) | i 3,110 | ( i 1,886) | i 1,224 | ||||||||||||||||||||||||||||||||||
Total | $ | ( i 147,740) | $ | ( i 387,760) | $ | ( i 102,894) | $ | ( i 638,394) | $ | i 7,106 | $ | ( i 2,483) | $ | i 4,623 |
December
31, 2020 (in millions) | <1 year | 1–5 years | >5 years | Total notional amount | Fair value of receivables(b) | Fair value of payables(b) | Net fair value | ||||||||||||||||||||||||||||||||||
Risk rating of reference entity | |||||||||||||||||||||||||||||||||||||||||
Investment-grade | $ | ( i 93,529) | (c) | $ | ( i 306,830) | (c) | $ | ( i 35,326) | $ | ( i 435,685) | $ | i 5,372 | (c) | $ | ( i 834) | (c) | $ | i 4,538 | |||||||||||||||||||||||
Noninvestment-grade | ( i 31,809) | ( i 97,337) | ( i 9,153) | ( i 138,299) | i 3,953 | ( i 2,542) | i 1,411 | ||||||||||||||||||||||||||||||||||
Total | $ | ( i 125,338) | $ | ( i 404,167) | $ | ( i 44,479) | $ | ( i 573,984) | $ | i 9,325 | $ | ( i 3,376) | $ | i 5,949 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Underwriting | |||||||||||||||||||||||
Equity | $ | i 1,034 | $ | i 736 | $ | i 3,169 | $ | i 2,037 | |||||||||||||||
Debt | i 1,019 | i 1,019 | i 3,713 | i 3,342 | |||||||||||||||||||
Total underwriting | i 2,053 | i 1,755 | i 6,882 | i 5,379 | |||||||||||||||||||
Advisory | i 1,229 | i 432 | i 2,840 | i 1,524 | |||||||||||||||||||
Total
investment banking fees | $ | i 3,282 | $ | i 2,187 | $ | i 9,722 | $ | i 6,903 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Trading revenue by instrument type | |||||||||||||||||||||||||||||
Interest
rate(a) | $ | i 339 | $ | i 287 | $ | i 1,726 | $ | i 2,258 | |||||||||||||||||||||
Credit(b) | i 496 | i 950 | (c) | i 2,525 | i 2,201 | (c) | |||||||||||||||||||||||
Foreign exchange | i 648 | i 714 | i 2,287 | i 3,606 | |||||||||||||||||||||||||
Equity | i 1,863 | i 1,410 | i 6,449 | i 4,816 | |||||||||||||||||||||||||
Commodity | i 315 | i 747 | i 1,165 | i 1,775 | |||||||||||||||||||||||||
Total trading revenue | i 3,661 | i 4,108 | i 14,152 | i 14,656 | |||||||||||||||||||||||||
Private
equity gains/(losses) | ( i 115) | i 34 | ( i 30) | i 44 | |||||||||||||||||||||||||
Principal
transactions | $ | i 3,546 | $ | i 4,142 | $ | i 14,122 | $ | i 14,700 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Lending-related fees | $ | i 374 | $ | i 337 | $ | i 1,102 | $ | i 916 | |||||||||||||||
Deposit-related fees | i 1,427 | i 1,310 | i 4,146 | i 3,868 | |||||||||||||||||||
Total
lending- and deposit-related fees | $ | i 1,801 | $ | i 1,647 | $ | i 5,248 | $ | i 4,784 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Asset management fees | |||||||||||||||||||||||
Investment management fees(a) | $ | i 3,554 | $ | i 2,937 | $ | i 10,232 | $ | i 8,439 | |||||||||||||||
All
other asset management fees(b) | i 94 | i 85 | i 283 | i 253 | |||||||||||||||||||
Total
asset management fees | i 3,648 | i 3,022 | i 10,515 | i 8,692 | |||||||||||||||||||
Total
administration fees(c) | i 642 | i 561 | i 1,925 | i 1,661 | |||||||||||||||||||
Commissions
and other fees | |||||||||||||||||||||||
Brokerage commissions(d) | i 719 | i 645 | i 2,280 | i 2,224 | |||||||||||||||||||
All other commissions and fees | i 248 | i 242 | i 760 | i 699 | |||||||||||||||||||
Total
commissions and fees | i 967 | i 887 | i 3,040 | i 2,923 | |||||||||||||||||||
Total
asset management, administration and commissions | $ | i 5,257 | $ | i 4,470 | $ | i 15,480 | $ | i 13,276 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Interchange and merchant processing income | $ | i 6,117 | $ | i 4,757 | $ | i 16,959 | $ | i 13,479 | |||||||||||||||
Rewards costs and partner payments | ( i 4,860) | ( i 3,497) | ( i 12,676) | ( i 9,895) | |||||||||||||||||||
Other
card income(a) | ( i 252) | ( i 91) | ( i 281) | ( i 446) | |||||||||||||||||||
Total
card income | $ | i 1,005 | $ | i 1,169 | $ | i 4,002 | $ | i 3,138 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Legal expense | $ | i 76 | $ | i 524 | $ | i 289 | $ | i 839 | |||||||||||||||
FDIC-related
expense | i 173 | i 186 | i 551 | i 503 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Loans(a) | $ | i 10,445 | $ | i 10,215 | $ | i 30,777 | $ | i 33,409 | |||||||||||||||
Taxable securities | i 1,553 | i 1,816 | i 4,735 | i 6,203 | |||||||||||||||||||
Non-taxable
securities(b) | i 262 | i 294 | i 809 | i 901 | |||||||||||||||||||
Total
investment securities(a) | i 1,815 | i 2,110 | i 5,544 | i 7,104 | |||||||||||||||||||
Trading assets - debt instruments | i 1,682 | i 1,850 | i 5,175 | i 5,980 | |||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | i 231 | i 401 | i 639 | i 2,097 | |||||||||||||||||||
Securities
borrowed(c) | ( i 73) | ( i 128) | ( i 240) | ( i 151) | |||||||||||||||||||
Deposits with banks | i 174 | i 69 | i 342 | i 708 | |||||||||||||||||||
All
other interest-earning assets(d) | i 206 | i 183 | i 608 | i 826 | |||||||||||||||||||
Total interest income | $ | i 14,480 | $ | i 14,700 | $ | i 42,845 | $ | i 49,973 | |||||||||||||||
Interest expense | |||||||||||||||||||||||
Interest-bearing deposits | $ | i 126 | $ | i 245 | $ | i 404 | $ | i 2,169 | |||||||||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements | i 119 | i 105 | i 194 | i 1,023 | |||||||||||||||||||
Short-term
borrowings(e) | i 31 | i 60 | i 97 | i 335 | |||||||||||||||||||
Trading
liabilities – debt and all other interest-bearing liabilities(c)(f) | i 52 | ( i 51) | i 130 | i 278 | |||||||||||||||||||
Long-term debt | i 1,054 | i 1,293 | i 3,244 | i 4,679 | |||||||||||||||||||
Beneficial interest issued by consolidated VIEs | i 18 | i 35 | i 66 | i 184 | |||||||||||||||||||
Total interest expense | $ | i 1,400 | $ | i 1,687 | $ | i 4,135 | $ | i 8,668 | |||||||||||||||
Net interest income | $ | i 13,080 | $ | i 13,013 | $ | i 38,710 | $ | i 41,305 | |||||||||||||||
Provision for credit losses | ( i 1,527) | i 611 | ( i 7,968) | i 19,369 | |||||||||||||||||||
Net interest income after provision for credit losses | $ | i 14,607 | $ | i 12,402 | $ | i 46,678 | $ | i 21,936 |
(in millions) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Pension and OPEB plans | Pension and OPEB plans | ||||||||||||||||||||||||||||||||||
Components of net periodic benefit cost, U.S. defined benefit pension plans | |||||||||||||||||||||||||||||||||||
Benefits earned during the period | $ | i — | $ | i — | $ | i 1 | $ | i 1 | |||||||||||||||||||||||||||
Interest cost on benefit obligations | i 85 | i 105 | i 256 | i 316 | |||||||||||||||||||||||||||||||
Expected return on plan assets | ( i 129) | ( i 158) | ( i 387) | ( i 475) | |||||||||||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||||||
Net (gain)/loss | i 3 | i 2 | i 8 | i 5 | |||||||||||||||||||||||||||||||
Net periodic defined benefit plan cost/(credit), U.S. defined benefit pension plans | ( i 41) | ( i 51) | ( i 122) | ( i 153) | |||||||||||||||||||||||||||||||
Other defined benefit pension and OPEB plans | ( i 24) | ( i 23) | ( i 62) | ( i 65) | |||||||||||||||||||||||||||||||
Total net periodic defined benefit plan cost/(credit) | ( i 65) | ( i 74) | ( i 184) | ( i 218) | |||||||||||||||||||||||||||||||
Total
defined contribution plans | i 327 | i 340 | i 998 | i 960 | |||||||||||||||||||||||||||||||
Total
pension and OPEB cost included in noninterest expense | $ | i 262 | $ | i 266 | $ | i 814 | $ | i 742 | |||||||||||||||||||||||||||
(in billions) | September 30, 2021 | December 31, 2020 | |||||||||
Fair value of plan assets | |||||||||||
U.S. defined benefit pension plans | $ | i 17.5 | $ | i 17.6 | |||||||
Other defined benefit pension and OPEB plans | i 7.9 | i 7.8 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Cost of prior grants of RSUs, performance share units (“PSUs”), stock appreciation rights ("SARs") and stock options that are amortized over their applicable vesting periods | $ | i 283 | $ | i 249 | $ | i 919 | $ | i 859 | |||||||||||||||
Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees | i 335 | i 272 | i 1,346 | i 1,108 | |||||||||||||||||||
Total
noncash compensation expense related to employee share-based incentive plans | $ | i 618 | $ | i 521 | $ | i 2,265 | $ | i 1,967 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(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(a) | $ | i 72,749 | $ | i 1,091 | $ | i 791 | $ | i 73,049 | $ | i 110,979 | $ | i 2,372 | $ | i 50 | $ | i 113,301 | |||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
U.S. | i 2,265 | i 58 | i — | i 2,323 | i 6,246 | i 224 | i 3 | i 6,467 | |||||||||||||||||||||||||||
Non-U.S. | i 4,014 | i 36 | i — | i 4,050 | i 3,751 | i 20 | i 5 | i 3,766 | |||||||||||||||||||||||||||
Commercial | i 3,102 | i 41 | i 11 | i 3,132 | i 2,819 | i 71 | i 34 | i 2,856 | |||||||||||||||||||||||||||
Total mortgage-backed securities | i 82,130 | i 1,226 | i 802 | i 82,554 | i 123,795 | i 2,687 | i 92 | i 126,390 | |||||||||||||||||||||||||||
U.S. Treasury and government agencies | i 121,227 | i 730 | i 486 | i 121,471 | i 199,910 | i 2,141 | i 100 | i 201,951 | |||||||||||||||||||||||||||
Obligations of U.S. states and municipalities | i 16,471 | i 1,049 | i 5 | i 17,515 | i 18,993 | i 1,404 | i 1 | i 20,396 | |||||||||||||||||||||||||||
Non-U.S. government debt securities | i 15,738 | i 111 | i 24 | i 15,825 | i 22,587 | i 354 | i 13 | i 22,928 | |||||||||||||||||||||||||||
Corporate debt securities | i 263 | i 6 | i 9 | i 260 | i 215 | i 4 | i 3 | i 216 | |||||||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||||||||||
Collateralized loan obligations | i 9,133 | i 8 | i 4 | i 9,137 | i 10,055 | i 24 | i 31 | i 10,048 | |||||||||||||||||||||||||||
Other | i 4,771 | i 59 | i 2 | i 4,828 | i 6,174 | i 91 | i 16 | i 6,249 | |||||||||||||||||||||||||||
Total available-for-sale securities | i 249,733 | i 3,189 | i 1,332 | i 251,590 | i 381,729 | i 6,705 | i 256 | i 388,178 | |||||||||||||||||||||||||||
Held-to-maturity
securities(b) | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
U.S. GSEs and government agencies(a) | i 101,086 | i 1,923 | i 412 | i 102,597 | i 107,889 | i 2,968 | i 29 | i 110,828 | |||||||||||||||||||||||||||
U.S. Residential | i 7,021 | i 4 | i 43 | i 6,982 | i 4,345 | i 8 | i 30 | i 4,323 | |||||||||||||||||||||||||||
Commercial | i 3,738 | i 20 | i 21 | i 3,737 | i 2,602 | i 77 | i — | i 2,679 | |||||||||||||||||||||||||||
Total mortgage-backed securities | i 111,845 | i 1,947 | i 476 | i 113,316 | i 114,836 | i 3,053 | i 59 | i 117,830 | |||||||||||||||||||||||||||
U.S. Treasury and government agencies | i 182,368 | i 133 | i 1,225 | i 181,276 | i 53,184 | i 50 | i — | i 53,234 | |||||||||||||||||||||||||||
Obligations of U.S. states and municipalities | i 13,465 | i 397 | i 9 | i 13,853 | i 12,751 | i 519 | i — | i 13,270 | |||||||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||||||||||
Collateralized loan obligations | i 33,664 | i 90 | i 9 | i 33,745 | i 21,050 | i 90 | i 2 | i 21,138 | |||||||||||||||||||||||||||
Other | i 2,200 | i 4 | i 1 | i 2,203 | i — | i — | i — | i — | |||||||||||||||||||||||||||
Total held-to-maturity securities | i 343,542 | i 2,571 | i 1,720 | i 344,393 | i 201,821 | i 3,712 | i 61 | i 205,472 | |||||||||||||||||||||||||||
Total investment securities, net of allowance for credit losses | $ | i 593,275 | $ | i 5,760 | $ | i 3,052 | $ | i 595,983 | $ | i 583,550 | $ | i 10,417 | $ | i 317 | $ | i 593,650 | |||||||||||||||||||
Available-for-sale securities with gross unrealized losses | |||||||||||||||||||||||
Less than 12 months | 12 months or more | ||||||||||||||||||||||
September 30, 2021 (in millions) | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Total fair value | Total gross unrealized losses | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Residential: | |||||||||||||||||||||||
U.S.
| $ | i 72 | $ | i — | $ | i 31 | $ | i — | $ | i 103 | $ | i — | |||||||||||
Non-U.S. | i 134 | i — | i — | i — | i 134 | i — | |||||||||||||||||
Commercial | i 250 | i 5 | i 363 | i 6 | i 613 | i 11 | |||||||||||||||||
Total mortgage-backed securities | i 456 | i 5 | i 394 | i 6 | i 850 | i 11 | |||||||||||||||||
Obligations of U.S. states and municipalities | i 271 | i 5 | i — | i — | i 271 | i 5 | |||||||||||||||||
Non-U.S. government debt securities | i 5,031 | i 17 | i 441 | i 7 | i 5,472 | i 24 | |||||||||||||||||
Corporate debt securities | i 149 | i 9 | i 40 | i — | i 189 | i 9 | |||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||
Collateralized loan obligations | i 4,381 | i 4 | i 270 | i — | i 4,651 | i 4 | |||||||||||||||||
Other | i 1,500 | i — | i 206 | i 2 | i 1,706 | i 2 | |||||||||||||||||
Total available-for-sale securities with gross unrealized losses | $ | i 11,788 | $ | i 40 | $ | i 1,351 | $ | i 15 | $ | i 13,139 | $ | i 55 | |||||||||||
Available-for-sale securities with gross unrealized losses | |||||||||||||||||||||||
Less than 12 months | 12 months or more | ||||||||||||||||||||||
December 31, 2020 (in millions) | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Total fair value | Total gross unrealized losses | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Residential: | |||||||||||||||||||||||
U.S. | $ | i 562 | $ | i 3 | $ | i 32 | $ | i — | $ | i 594 | $ | i 3 | |||||||||||
Non-U.S. | i 2,507 | i 4 | i 235 | i 1 | i 2,742 | i 5 | |||||||||||||||||
Commercial | i 699 | i 18 | i 124 | i 16 | i 823 | i 34 | |||||||||||||||||
Total mortgage-backed securities | i 3,768 | i 25 | i 391 | i 17 | i 4,159 | i 42 | |||||||||||||||||
Obligations of U.S. states and municipalities | i 49 | i 1 | i — | i — | i 49 | i 1 | |||||||||||||||||
Non-U.S. government debt securities | i 2,709 | i 9 | i 968 | i 4 | i 3,677 | i 13 | |||||||||||||||||
Corporate debt securities | i 91 | i 3 | i 5 | i — | i 96 | i 3 | |||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||
Collateralized loan obligations | i 5,248 | i 18 | i 2,645 | i 13 | i 7,893 | i 31 | |||||||||||||||||
Other | i 268 | i 1 | i 685 | i 15 | i 953 | i 16 | |||||||||||||||||
Total available-for-sale securities with gross unrealized losses | $ | i 12,133 | $ | i 57 | $ | i 4,694 | $ | i 49 | $ | i 16,827 | $ | i 106 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Realized gains | $ | i 60 | $ | i 1,123 | $ | i 481 | $ | i 2,842 | ||||||||||||
Realized losses | ( i 316) | ( i 650) | ( i 878) | ( i 2,110) | ||||||||||||||||
Investment securities gains/(losses) | $ | ( i 256) | $ | i 473 | $ | ( i 397) | $ | i 732 | ||||||||||||
Provision for credit losses | $ | ( i 14) | $ | i 97 | $ | ( i 5) | $ | i 110 |
By remaining maturity September 30, 2021 (in millions) | Due in one year or less | Due after one year through five years | Due after five years through 10 years | Due after 10 years(b) | Total | ||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||
Amortized cost | $ | i — | $ | i 2,882 | $ | i 5,326 | $ | i 73,925 | $ | i 82,133 | |||||||||||||||||||
Fair value | i — | i 2,916 | i 5,650 | i 73,988 | i 82,554 | ||||||||||||||||||||||||
Average
yield(a) | i — | % | i 1.47 | % | i 1.79 | % | i 2.33 | % | i 2.26 | % | |||||||||||||||||||
U.S. Treasury and government agencies | |||||||||||||||||||||||||||||
Amortized cost | $ | i 5,111 | $ | i 88,001 | $ | i 19,610 | $ | i 8,505 | $ | i 121,227 | |||||||||||||||||||
Fair value | i 5,150 | i 88,082 | i 19,581 | i 8,658 | i 121,471 | ||||||||||||||||||||||||
Average
yield(a) | i 1.28 | % | i 0.53 | % | i 0.68 | % | i 0.50 | % | i 0.58 | % | |||||||||||||||||||
Obligations of U.S. states and municipalities | |||||||||||||||||||||||||||||
Amortized cost | $ | i 15 | $ | i 167 | $ | i 1,216 | $ | i 15,073 | $ | i 16,471 | |||||||||||||||||||
Fair value | i 16 | i 172 | i 1,277 | i 16,050 | i 17,515 | ||||||||||||||||||||||||
Average
yield(a) | i 3.91 | % | i 4.37 | % | i 4.88 | % | i 5.01 | % | i 4.99 | % | |||||||||||||||||||
Non-U.S. government debt securities | |||||||||||||||||||||||||||||
Amortized cost | $ | i 6,750 | $ | i 4,980 | $ | i 3,811 | $ | i 197 | $ | i 15,738 | |||||||||||||||||||
Fair value | i 6,762 | i 5,050 | i 3,816 | i 197 | i 15,825 | ||||||||||||||||||||||||
Average
yield(a) | i 2.02 | % | i 2.54 | % | i 0.84 | % | i 0.38 | % | i 1.88 | % | |||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||
Amortized cost | $ | i — | $ | i 233 | $ | i 30 | $ | i — | $ | i 263 | |||||||||||||||||||
Fair value | i — | i 228 | i 32 | i — | i 260 | ||||||||||||||||||||||||
Average
yield(a) | i — | % | i 7.74 | % | i 1.63 | % | i — | % | i 7.01 | % | |||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||||||||
Amortized cost | $ | i 1,500 | $ | i 1,076 | $ | i 3,800 | $ | i 7,528 | $ | i 13,904 | |||||||||||||||||||
Fair value | i 1,500 | i 1,081 | i 3,807 | i 7,577 | i 13,965 | ||||||||||||||||||||||||
Average
yield(a) | i 1.19 | % | i 1.93 | % | i 1.27 | % | i 1.26 | % | i 1.31 | % | |||||||||||||||||||
Total available-for-sale securities | |||||||||||||||||||||||||||||
Amortized cost | $ | i 13,376 | $ | i 97,339 | $ | i 33,793 | $ | i 105,228 | $ | i 249,736 | |||||||||||||||||||
Fair value | i 13,428 | i 97,529 | i 34,163 | i 106,470 | i 251,590 | ||||||||||||||||||||||||
Average
yield(a) | i 1.65 | % | i 0.70 | % | i 1.09 | % | i 2.48 | % | i 1.56 | % | |||||||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||
Amortized cost | $ | i — | $ | i 1,029 | $ | i 11,737 | $ | i 99,091 | $ | i 111,857 | |||||||||||||||||||
Fair value | i — | i 1,050 | i 12,197 | i 100,069 | i 113,316 | ||||||||||||||||||||||||
Average
yield(a) | i — | % | i 1.68 | % | i 2.42 | % | i 2.90 | % | i 2.84 | % | |||||||||||||||||||
U.S. Treasury and government agencies | |||||||||||||||||||||||||||||
Amortized cost | $ | i 14,376 | $ | i 97,814 | $ | i 70,178 | $ | i — | $ | i 182,368 | |||||||||||||||||||
Fair value | i 14,383 | i 97,545 | i 69,348 | i — | i 181,276 | ||||||||||||||||||||||||
Average
yield(a) | i 0.65 | % | i 0.66 | % | i 1.29 | % | i — | % | i 0.90 | % | |||||||||||||||||||
Obligations of U.S. states and municipalities | |||||||||||||||||||||||||||||
Amortized cost | $ | i 35 | $ | i 66 | $ | i 1,059 | $ | i 12,363 | $ | i 13,523 | |||||||||||||||||||
Fair value | i 35 | i 66 | i 1,105 | i 12,647 | i 13,853 | ||||||||||||||||||||||||
Average
yield(a) | i 3.78 | % | i 2.67 | % | i 3.67 | % | i 3.84 | % | i 3.82 | % | |||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||||||||
Amortized cost | $ | i — | $ | i — | $ | i 13,535 | $ | i 22,329 | $ | i 35,864 | |||||||||||||||||||
Fair value | i — | i — | i 13,592 | i 22,356 | i 35,948 | ||||||||||||||||||||||||
Average
yield(a) | i — | % | i — | % | i 1.19 | % | i 1.25 | % | i 1.23 | % | |||||||||||||||||||
Total held-to-maturity securities | |||||||||||||||||||||||||||||
Amortized cost | $ | i 14,411 | $ | i 98,909 | $ | i 96,509 | $ | i 133,783 | $ | i 343,612 | |||||||||||||||||||
Fair value | i 14,418 | i 98,661 | i 96,242 | i 135,072 | i 344,393 | ||||||||||||||||||||||||
Average
yield(a) | i 0.66 | % | i 0.67 | % | i 1.44 | % | i 2.71 | % | i 1.68 | % |
September 30, 2021 | ||||||||||||||||||||
(in millions) | Gross amounts | Amounts netted on the Consolidated balance sheets | Amounts presented on the Consolidated balance sheets | Amounts not nettable on the Consolidated balance sheets(b) | Net amounts(c) | |||||||||||||||
Assets | ||||||||||||||||||||
Securities
purchased under resale agreements | $ | i 569,373 | $ | ( i 287,212) | $ | i 282,161 | $ | ( i 269,113) | $ | i 13,048 | ||||||||||
Securities
borrowed | i 243,904 | ( i 40,917) | i 202,987 | ( i 149,458) | i 53,529 | |||||||||||||||
Liabilities | ||||||||||||||||||||
Securities sold under repurchase agreements | $ | i 533,390 | $ | ( i 287,212) | $ | i 246,178 | $ | ( i 222,187) | $ | i 23,991 | ||||||||||
Securities
loaned and other(a) | i 52,735 | ( i 40,917) | i 11,818 | ( i 11,362) | i 456 |
December 31, 2020 | ||||||||||||||||||||
(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 | $ | i 666,467 | $ | ( i 370,183) | $ | i 296,284 | $ | ( i 273,206) | $ | i 23,078 | ||||||||||
Securities
borrowed | i 193,700 | ( i 33,065) | i 160,635 | ( i 115,219) | i 45,416 | |||||||||||||||
Liabilities | ||||||||||||||||||||
Securities sold under repurchase agreements | $ | i 578,060 | $ | ( i 370,183) | $ | i 207,877 | $ | ( i 191,980) | $ | i 15,897 | ||||||||||
Securities
loaned and other(a) | i 41,366 | ( i 33,065) | i 8,301 | ( i 8,257) | i 44 |
Gross liability balance | |||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(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 | $ | i 21,919 | $ | i — | $ | i 56,744 | $ | i — | |||||||||||||||
Residential - nonagency | i 722 | i — | i 1,016 | i — | |||||||||||||||||||
Commercial - nonagency | i 1,065 | i — | i 855 | i — | |||||||||||||||||||
U.S. Treasury, GSEs and government agencies | i 280,004 | i 230 | i 315,834 | i 143 | |||||||||||||||||||
Obligations of U.S. states and municipalities | i 1,726 | i 8 | i 1,525 | i 2 | |||||||||||||||||||
Non-U.S. government debt | i 155,164 | i 2,021 | i 157,563 | i 1,730 | |||||||||||||||||||
Corporate debt securities | i 35,682 | i 1,325 | i 22,849 | i 1,864 | |||||||||||||||||||
Asset-backed securities | i 703 | i — | i 694 | i — | |||||||||||||||||||
Equity securities | i 36,405 | i 49,151 | i 20,980 | i 37,627 | |||||||||||||||||||
Total | $ | i 533,390 | $ | i 52,735 | $ | i 578,060 | $ | i 41,366 |
Remaining contractual maturity of the agreements | |||||||||||||||||||||||||||||
Overnight and continuous | Greater than 90 days | ||||||||||||||||||||||||||||
September 30, 2021 (in millions) | Up to 30 days | 30 – 90 days | Total | ||||||||||||||||||||||||||
Total securities sold under repurchase agreements | $ | i 223,354 | $ | i 201,325 | $ | i 40,302 | $ | i 68,409 | $ | i 533,390 | |||||||||||||||||||
Total securities loaned and other | i 51,764 | i 76 | i — | i 895 | i 52,735 |
Remaining contractual maturity of the agreements | |||||||||||||||||||||||||||||
Overnight and continuous | Greater than 90 days | ||||||||||||||||||||||||||||
December 31, 2020 (in millions) | Up to 30 days | 30 – 90 days | Total | ||||||||||||||||||||||||||
Total securities sold under repurchase agreements | $ | i 238,667 | $ | i 230,980 | $ | i 70,777 | $ | i 37,636 | $ | i 578,060 | |||||||||||||||||||
Total securities loaned and other | i 37,887 | i 1,647 | i 500 | i 1,332 | i 41,366 |
Consumer, excluding credit card | 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) |
September 30, 2021 | Consumer, excluding credit card | Credit card | Wholesale | Total(a)(b) | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Retained | $ | i 298,308 | $ | i 143,166 | $ | i 532,786 | $ | i 974,260 | ||||||||||||||||||
Held-for-sale | i 1,407 | i — | i 8,320 | i 9,727 | ||||||||||||||||||||||
At fair value | i 28,449 | i — | i 32,179 | i 60,628 | ||||||||||||||||||||||
Total | $ | i 328,164 | $ | i 143,166 | $ | i 573,285 | $ | i 1,044,615 | ||||||||||||||||||
December 31, 2020 | Consumer, excluding credit card | Credit card | Wholesale | Total(a)(b) | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Retained | $ | i 302,127 | $ | i 143,432 | $ | i 514,947 | $ | i 960,506 | ||||||||||||||||||
Held-for-sale | i 1,305 | i 784 | i 5,784 | i 7,873 | ||||||||||||||||||||||
At fair value | i 15,147 | i — | i 29,327 | i 44,474 | ||||||||||||||||||||||
Total | $ | i 318,579 | $ | i 144,216 | $ | i 550,058 | $ | i 1,012,853 |
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Three
months ended September 30, (in millions) | Consumer, excluding credit card | Credit card | Wholesale | Total | Consumer, excluding credit card | Credit card | Wholesale | Total | |||||||||||||||||||||||||||
Purchases | $ | i 101 | (b)(c) | $ | i — | $ | i 245 | $ | i 346 | $ | i 1,780 | (b)(c) | $ | i — | $ | i 309 | $ | i 2,089 | |||||||||||||||||
Sales | i — | i — | i 7,826 | i 7,826 | i — | i — | i 4,578 | i 4,578 | |||||||||||||||||||||||||||
Retained
loans reclassified to held-for-sale(a) | i 522 | i — | i 397 | i 919 | i 995 | i 787 | i 403 | i 2,185 | |||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Nine
months ended September 30, (in millions) | Consumer, excluding credit card | Credit card | Wholesale | Total | Consumer, excluding credit card | Credit card | Wholesale | Total | |||||||||||||||||||||||||||
Purchases | $ | i 403 | (b)(c) | $ | i — | $ | i 772 | $ | i 1,175 | $ | i 3,180 | (b)(c) | $ | i — | $ | i 937 | $ | i 4,117 | |||||||||||||||||
Sales | i 181 | i — | i 22,307 | i 22,488 | i 348 | i — | i 13,579 | i 13,927 | |||||||||||||||||||||||||||
Retained
loans reclassified to held-for-sale(a) | i 771 | i — | i 2,061 | i 2,832 | i 1,822 | i 787 | i 1,154 | i 3,763 | |||||||||||||||||||||||||||
(in millions) | September
30, 2021 | December 31, 2020 | ||||||
Residential real estate | $ | i 221,671 | $ | i 225,302 | ||||
Auto
and other(a) | i 76,637 | i 76,825 | ||||||
Total retained loans | $ | i 298,308 | $ | i 302,127 |
(in millions, except ratios) | September 30, 2021 | ||||||||||||||||||||||||||||||||||
Term loans by origination year(d) | Revolving loans | Total | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior to 2017 | Within the revolving period | Converted to term loans | ||||||||||||||||||||||||||||
Loan delinquency(a)(b) | |||||||||||||||||||||||||||||||||||
Current | $ | i 50,900 | $ | i 51,577 | $ | i 21,058 | $ | i 8,958 | $ | i 13,231 | $ | i 54,691 | $ | i 6,707 | $ | i 12,595 | $ | i 219,717 | |||||||||||||||||
30–149
days past due | i 11 | i 13 | i 17 | i 17 | i 10 | i 479 | i 16 | i 172 | i 735 | ||||||||||||||||||||||||||
150
or more days past due | i — | i — | i 7 | i 5 | i 13 | i 927 | i 5 | i 262 | i 1,219 | ||||||||||||||||||||||||||
Total
retained loans | $ | i 50,911 | $ | i 51,590 | $ | i 21,082 | $ | i 8,980 | $ | i 13,254 | $ | i 56,097 | $ | i 6,728 | $ | i 13,029 | $ | i 221,671 | |||||||||||||||||
%
of 30+ days past due to total retained loans(c) | i 0.02 | % | i 0.03 | % | i 0.11 | % | i 0.24 | % | i 0.17 | % | i 2.45 | % | i 0.31 | % | i 3.33 | % | i 0.87 | % |
(in millions, except ratios) | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Term loans by origination year(d) | Revolving loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior to 2016 | Within the revolving period | Converted to term loans | ||||||||||||||||||||||||||||||||||||||||
Loan delinquency(a)(b) | |||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | i 56,576 | (e) | $ | i 31,820 | $ | i 13,900 | $ | i 20,410 | $ | i 27,978 | $ | i 49,218 | (e) | $ | i 7,902 | (e) | $ | i 15,260 | (e) | $ | i 223,064 | |||||||||||||||||||||||||
30–149
days past due | i 9 | i 25 | i 20 | i 22 | i 29 | i 674 | i 21 | i 245 | i 1,045 | ||||||||||||||||||||||||||||||||||||||
150
or more days past due | i 3 | i 14 | i 10 | i 18 | i 18 | i 844 | i 22 | i 264 | i 1,193 | ||||||||||||||||||||||||||||||||||||||
Total
retained loans | $ | i 56,588 | $ | i 31,859 | $ | i 13,930 | $ | i 20,450 | $ | i 28,025 | $ | i 50,736 | $ | i 7,945 | $ | i 15,769 | $ | i 225,302 | |||||||||||||||||||||||||||||
%
of 30+ days past due to total retained loans(c) | i 0.02 | % | i 0.12 | % | i 0.22 | % | i 0.20 | % | i 0.17 | % | i 2.91 | % | (e) | i 0.54 | % | (e) | i 3.23 | % | (e) | i 0.98 | % |
(in millions, except weighted-average data) | September 30, 2021 | December 31, 2020 | |||||||||
Nonaccrual loans(a)(b)(c)(d) | $ | i 4,794 | $ | i 5,313 | |||||||
90
or more days past due and government guaranteed(e) | i 25 | i 33 | |||||||||
Current
estimated LTV ratios(f)(g)(h) | |||||||||||
Greater than 125% and refreshed FICO scores: | |||||||||||
Equal to or greater than 660 | $ | i 12 | $ | i 6 | |||||||
Less than 660 | i 3 | i 12 | |||||||||
101%
to 125% and refreshed FICO scores: | |||||||||||
Equal to or greater than 660 | i 31 | i 38 | |||||||||
Less than 660 | i 20 | i 44 | |||||||||
80%
to 100% and refreshed FICO scores: | |||||||||||
Equal to or greater than 660 | i 2,146 | i 2,177 | |||||||||
Less than 660 | i 103 | i 239 | |||||||||
Less
than 80% and refreshed FICO scores: | |||||||||||
Equal to or greater than 660 | i 205,919 | i 208,238 | |||||||||
Less than 660 | i 10,054 | i 11,980 | |||||||||
No FICO/LTV available | i 3,311 | i 2,492 | |||||||||
U.S.
government-guaranteed | i 72 | i 76 | |||||||||
Total
retained loans | $ | i 221,671 | $ | i 225,302 | |||||||
Weighted
average LTV ratio(f)(i) | i 51 | % | i 54 | % | |||||||
Weighted
average FICO(g)(i) | i 764 | i 763 | |||||||||
Geographic
region(j) | |||||||||||
California | $ | i 70,719 | $ | i 73,444 | |||||||
New York | i 32,221 | i 32,287 | |||||||||
Florida | i 15,439 | i 13,981 | |||||||||
Texas | i 13,645 | i 13,773 | |||||||||
Illinois | i 11,860 | i 13,130 | |||||||||
Colorado | i 8,496 | i 8,235 | |||||||||
Washington | i 8,071 | i 7,917 | |||||||||
New Jersey | i 6,884 | i 7,227 | |||||||||
Massachusetts | i 6,009 | i 5,784 | |||||||||
Connecticut | i 5,188 | i 5,024 | |||||||||
All
other(k) | i 43,139 | i 44,500 | |||||||||
Total
retained loans | $ | i 221,671 | $ | i 225,302 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
Number of loans approved for a trial modification | i 1,448 | i 1,623 | i 4,014 | i 4,468 | ||||||||||
Number
of loans permanently modified | i 917 | i 1,615 | i 3,817 | i 5,200 | ||||||||||
Concession
granted:(a) | ||||||||||||||
Interest rate reduction | i 75 | % | i 40 | % | i 74 | % | i 51 | % | ||||||
Term
or payment extension | i 64 | i 39 | i 49 | i 53 | ||||||||||
Principal
and/or interest deferred | i 19 | i 21 | i 24 | i 12 | ||||||||||
Principal forgiveness | i 1 | i 1 | i 2 | i 2 | ||||||||||
Other(b) | i 24 | i 65 | i 39 | i 65 |
(in millions, except weighted-average data) | Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
Weighted-average interest rate of loans with interest rate reductions – before TDR | i 4.65 | % | i 4.99 | % | i 4.55 | % | i 5.10 | % | ||||||
Weighted-average
interest rate of loans with interest rate reductions – after TDR | i 2.89 | i 3.34 | i 2.91 | i 3.40 | ||||||||||
Weighted-average
remaining contractual term (in years) of loans with term or payment extensions – before TDR | i 23 | i 23 | i 23 | i 22 | ||||||||||
Weighted-average
remaining contractual term (in years) of loans with term or payment extensions – after TDR | i 37 | i 39 | i 37 | i 39 | ||||||||||
Charge-offs
recognized upon permanent modification | $ | i — | $ | i 1 | $ | i — | $ | i 2 | ||||||
Principal
deferred | i 5 | i 3 | i 23 | i 12 | ||||||||||
Principal
forgiven | i — | i 1 | i 1 | i 4 | ||||||||||
Balance
of loans that redefaulted within one year of permanent modification(a) | $ | i 52 | $ | i 65 | $ | i 97 | $ | i 173 |
September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Term Loans by origination year | Revolving loans | ||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior to 2017 | Within the revolving period | Converted to term loans | Total | ||||||||||||||||||||||||||||||
Loan delinquency(a) | ||||||||||||||||||||||||||||||||||||||
Current | $ | i 35,379 | (c) | $ | i 21,917 | (c) | $ | i 8,641 | $ | i 4,466 | $ | i 2,343 | $ | i 993 | $ | i 2,246 | $ | i 129 | $ | i 76,114 | ||||||||||||||||||
30–119 days past due | i 110 | i 193 | i 77 | i 49 | i 30 | i 25 | i 12 | i 8 | i 504 | |||||||||||||||||||||||||||||
120 or more days past due | i — | i 4 | i — | i 1 | i — | i 1 | i 5 | i 8 | i 19 | |||||||||||||||||||||||||||||
Total retained loans | $ | i 35,489 | $ | i 22,114 | $ | i 8,718 | $ | i 4,516 | $ | i 2,373 | $ | i 1,019 | $ | i 2,263 | $ | i 145 | $ | i 76,637 | ||||||||||||||||||||
%
of 30+ days past due to total retained loans(b) | i 0.31 | % | i 0.32 | % | i 0.88 | % | i 1.11 | % | i 1.26 | % | i 2.55 | % | i 0.75 | % | i 11.03 | % | i 0.68 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Term Loans by origination year | Revolving loans | ||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior to 2016 | Within the revolving period | Converted to term loans | Total | ||||||||||||||||||||||||||||||
Loan delinquency(a) | ||||||||||||||||||||||||||||||||||||||
Current | $ | i 46,169 | (d) | $ | i 12,829 | $ | i 7,367 | $ | i 4,521 | $ | i 2,058 | $ | i 742 | $ | i 2,517 | $ | i 158 | $ | i 76,361 | |||||||||||||||||||
30–119 days past due | i 97 | i 107 | i 77 | i 53 | i 42 | i 23 | i 30 | i 17 | i 446 | |||||||||||||||||||||||||||||
120 or more days past due | i — | i — | i — | i 1 | i — | i 1 | i 8 | i 8 | i 18 | |||||||||||||||||||||||||||||
Total retained loans | $ | i 46,266 | $ | i 12,936 | $ | i 7,444 | $ | i 4,575 | $ | i 2,100 | $ | i 766 | $ | i 2,555 | $ | i 183 | $ | i 76,825 | ||||||||||||||||||||
%
of 30+ days past due to total retained loans | i 0.21 | % | i 0.83 | % | i 1.03 | % | i 1.18 | % | i 2.00 | % | i 3.13 | % | i 1.49 | % | i 13.66 | % | i 0.60 | % |
(in millions, except ratios) | Total Auto and other | |||||||
September 30, 2021 | December 31, 2020 | |||||||
Nonaccrual loans(a)(b)(c) | i 117 | i 151 | ||||||
Geographic
region(d) | ||||||||
California | $ | i 12,137 | $ | i 12,302 | ||||
Texas | i 8,333 | i 8,235 | ||||||
New York | i 7,511 | i 8,824 | ||||||
Florida | i 5,125 | i 4,668 | ||||||
Illinois | i 3,333 | i 3,768 | ||||||
New Jersey | i 2,580 | i 2,646 | ||||||
Arizona | i 2,103 | i 2,465 | ||||||
Pennsylvania | i 2,076 | i 1,924 | ||||||
Ohio | i 2,029 | i 2,163 | ||||||
Louisiana | i 1,870 | i 1,808 | ||||||
All other | i 29,540 | i 28,022 | ||||||
Total retained loans | $ | i 76,637 | $ | i 76,825 |
(in millions, except ratios) | September 30, 2021 | ||||||||||
Within the revolving period | Converted
to term loans(b) | Total | |||||||||
Loan delinquency(a) | |||||||||||
Current and less than 30 days past due and still accruing | $ | i 140,730 | $ | i 1,001 | $ | i 141,731 | |||||
30–89
days past due and still accruing | i 679 | i 57 | i 736 | ||||||||
90
or more days past due and still accruing | i 674 | i 25 | i 699 | ||||||||
Total retained loans | $ | i 142,083 | $ | i 1,083 | $ | i 143,166 | |||||
Loan delinquency ratios | |||||||||||
% of 30+ days past due to total retained loans | i 0.95 | % | i 7.57 | % | i 1.00 | % | |||||
%
of 90+ days past due to total retained loans | i 0.47 | i 2.31 | i 0.49 |
(in
millions, except ratios) | December 31, 2020 | ||||||||||
Within the revolving period | Converted to term loans(b) | Total | |||||||||
Loan delinquency(a) | |||||||||||
Current and less than 30 days past due and still accruing | $ | i 139,783 | $ | i 1,239 | $ | i 141,022 | |||||
30–89
days past due and still accruing | i 997 | i 94 | i 1,091 | ||||||||
90
or more days past due and still accruing | i 1,277 | i 42 | i 1,319 | ||||||||
Total retained loans | $ | i 142,057 | $ | i 1,375 | $ | i 143,432 | |||||
Loan delinquency ratios | |||||||||||
% of 30+ days past due to total retained loans | i 1.60 | % | i 9.89 | % | i 1.68 | % | |||||
%
of 90+ days past due to total retained loans | i 0.90 | i 3.05 | i 0.92 |
(in millions, except ratios) | September 30, 2021 | December 31, 2020 | ||||||
Geographic region(a) | ||||||||
California | $ | i 21,211 | $ | i 20,921 | ||||
Texas | i 14,752 | i 14,544 | ||||||
New York | i 11,924 | i 11,919 | ||||||
Florida | i 9,514 | i 9,562 | ||||||
Illinois | i 8,004 | i 8,006 | ||||||
New Jersey | i 5,967 | i 5,927 | ||||||
Ohio | i 4,566 | i 4,673 | ||||||
Pennsylvania | i 4,332 | i 4,476 | ||||||
Colorado | i 4,322 | i 4,092 | ||||||
Michigan | i 3,513 | i 3,553 | ||||||
All other | i 55,061 | i 55,759 | ||||||
Total retained loans | $ | i 143,166 | $ | i 143,432 | ||||
Percentage
of portfolio based on carrying value with estimated refreshed FICO scores | ||||||||
Equal to or greater than 660 | i 88.2 | % | i 85.9 | % | ||||
Less than 660 | i 11.6 | i 13.9 | ||||||
No FICO available | i 0.2 | i 0.2 |
(in millions, except weighted-average data) | Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
Balance of new TDRs(a) | $ | i 82 | $ | i 220 | $ | i 315 | $ | i 648 | ||||||
Weighted-average
interest rate of loans – before TDR | i 17.75 | % | i 17.65 | % | i 17.79 | % | i 18.21 | % | ||||||
Weighted-average
interest rate of loans – after TDR | i 5.15 | i 4.80 | i 5.19 | i 4.55 | ||||||||||
Balance
of loans that redefaulted within one year of modification(b) | $ | i 13 | $ | i 22 | $ | i 45 | $ | i 83 |
Secured by real estate | Commercial and industrial | Other(a) | Total retained loans | ||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Sep 30, 2021 | Dec 31, 2020 | Sep 30, 2021 | Dec 31, 2020 | Sep 30, 2021 | Dec 31, 2020 | Sep
30, 2021 | Dec 31, 2020 | |||||||||||||||||||||||||||||||||
Loans by risk ratings | |||||||||||||||||||||||||||||||||||||||||
Investment-grade | $ | i 90,209 | $ | i 90,147 | $ | i 68,112 | $ | i 71,917 | $ | i 230,185 | $ | i 217,209 | $ | i 388,506 | $ | i 379,273 | |||||||||||||||||||||||||
Noninvestment-grade: | |||||||||||||||||||||||||||||||||||||||||
Noncriticized | i 23,661 | i 26,129 | i 56,658 | i 57,870 | i 49,097 | i 33,053 | i 129,416 | i 117,052 | |||||||||||||||||||||||||||||||||
Criticized
performing | i 3,922 | i 3,234 | i 7,712 | i 10,991 | i 1,146 | i 1,079 | i 12,780 | i 15,304 | |||||||||||||||||||||||||||||||||
Criticized
nonaccrual | i 375 | i 483 | i 994 | i 1,931 | i 715 | i 904 | i 2,084 | i 3,318 | |||||||||||||||||||||||||||||||||
Total
noninvestment- grade | i 27,958 | i 29,846 | i 65,364 | i 70,792 | i 50,958 | i 35,036 | i 144,280 | i 135,674 | |||||||||||||||||||||||||||||||||
Total
retained loans | $ | i 118,167 | $ | i 119,993 | $ | i 133,476 | $ | i 142,709 | $ | i 281,143 | $ | i 252,245 | $ | i 532,786 | $ | i 514,947 | |||||||||||||||||||||||||
%
of investment-grade to total retained loans | i 76.34 | % | i 75.13 | % | i 51.03 | % | i 50.39 | % | i 81.87 | % | i 86.11 | % | i 72.92 | % | i 73.65 | % | |||||||||||||||||||||||||
%
of total criticized to total retained loans | i 3.64 | i 3.10 | i 6.52 | i 9.05 | i 0.66 | i 0.79 | i 2.79 | i 3.62 | |||||||||||||||||||||||||||||||||
%
of criticized nonaccrual to total retained loans | i 0.32 | i 0.40 | i 0.74 | i 1.35 | i 0.25 | i 0.36 | i 0.39 | i 0.64 |
Secured by real estate | |||||||||||||||||||||||||||||||||||
(in millions) | September 30, 2021 | ||||||||||||||||||||||||||||||||||
Term loans by origination year | Revolving loans | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior to 2017 | Within the revolving period | Converted to term loans | Total | |||||||||||||||||||||||||||
Loans by risk ratings | |||||||||||||||||||||||||||||||||||
Investment-grade | $ | i 15,893 | $ | i 16,153 | $ | i 18,216 | $ | i 9,486 | $ | i 8,240 | $ | i 21,072 | $ | i 1,141 | $ | i 8 | $ | i 90,209 | |||||||||||||||||
Noninvestment-grade | i 3,661 | i 4,460 | i 5,052 | i 4,344 | i 3,311 | i 6,606 | i 522 | i 2 | i 27,958 | ||||||||||||||||||||||||||
Total retained loans | $ | i 19,554 | $ | i 20,613 | $ | i 23,268 | $ | i 13,830 | $ | i 11,551 | $ | i 27,678 | $ | i 1,663 | $ | i 10 | $ | i 118,167 |
Secured by real estate | |||||||||||||||||||||||||||||||||||
(in millions) | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Term loans by origination year (a) | Revolving loans | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior to 2016 | Within the revolving period | Converted to term loans | Total | |||||||||||||||||||||||||||
Loans by risk ratings | |||||||||||||||||||||||||||||||||||
Investment-grade | $ | i 17,004 | $ | i 19,870 | $ | i 12,448 | $ | i 11,218 | $ | i 13,611 | $ | i 14,898 | $ | i 1,098 | $ | i — | $ | i 90,147 | |||||||||||||||||
Noninvestment-grade | i 4,998 | i 6,027 | i 5,886 | i 4,184 | i 3,738 | i 4,523 | i 489 | i 1 | i 29,846 | ||||||||||||||||||||||||||
Total retained loans | $ | i 22,002 | $ | i 25,897 | $ | i 18,334 | $ | i 15,402 | $ | i 17,349 | $ | i 19,421 | $ | i 1,587 | $ | i 1 | $ | i 119,993 |
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
(in millions) | September 30, 2021 | |||||||||||||||||||||||||||||||||||||
Term loans by origination year | Revolving loans | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior to 2017 | Within the revolving period | Converted to term loans | Total | ||||||||||||||||||||||||||||||
Loans by risk ratings | ||||||||||||||||||||||||||||||||||||||
Investment-grade | $ | i 16,741 | $ | i 7,060 | $ | i 4,243 | $ | i 1,496 | $ | i 1,288 | $ | i 1,104 | $ | i 36,179 | $ | i 1 | $ | i 68,112 | (a) | |||||||||||||||||||
Noninvestment-grade | i 13,286 | i 8,498 | i 5,493 | i 2,733 | i 1,141 | i 784 | i 33,353 | i 76 | i 65,364 | |||||||||||||||||||||||||||||
Total
retained loans | $ | i 30,027 | $ | i 15,558 | $ | i 9,736 | $ | i 4,229 | $ | i 2,429 | $ | i 1,888 | $ | i 69,532 | $ | i 77 | $ | i 133,476 |
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
(in millions) | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Term loans by origination year (b) | Revolving loans | |||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior to 2016 | Within the revolving period | Converted to term loans | Total | ||||||||||||||||||||||||||||||
Loans by risk ratings | ||||||||||||||||||||||||||||||||||||||
Investment-grade | $ | i 21,233 | $ | i 7,341 | $ | i 2,950 | $ | i 1,756 | $ | i 1,034 | $ | i 1,178 | $ | i 36,424 | $ | i 1 | $ | i 71,917 | (c) | |||||||||||||||||||
Noninvestment-grade | i 15,488 | i 9,189 | i 5,470 | i 2,323 | i 611 | i 786 | i 36,852 | i 73 | i 70,792 | |||||||||||||||||||||||||||||
Total
retained loans | $ | i 36,721 | $ | i 16,530 | $ | i 8,420 | $ | i 4,079 | $ | i 1,645 | $ | i 1,964 | $ | i 73,276 | $ | i 74 | $ | i 142,709 |
Other(a) | |||||||||||||||||||||||||||||||||||
(in millions) | September 30, 2021 | ||||||||||||||||||||||||||||||||||
Term loans by origination year | Revolving loans | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior to 2017 | Within the revolving period | Converted to term loans | Total | |||||||||||||||||||||||||||
Loans
by risk ratings | |||||||||||||||||||||||||||||||||||
Investment-grade | $ | i 22,301 | $ | i 20,154 | $ | i 7,079 | $ | i 3,229 | $ | i 4,185 | $ | i 8,930 | $ | i 163,875 | $ | i 432 | $ | i 230,185 | |||||||||||||||||
Noninvestment-grade | i 12,011 | i 3,112 | i 1,488 | i 1,425 | i 312 | i 1,574 | i 31,007 | i 29 | i 50,958 | ||||||||||||||||||||||||||
Total
retained loans | $ | i 34,312 | $ | i 23,266 | $ | i 8,567 | $ | i 4,654 | $ | i 4,497 | $ | i 10,504 | $ | i 194,882 | $ | i 461 | $ | i 281,143 |
Other(a) | |||||||||||||||||||||||||||||||||||
(in millions) | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Term loans by origination year(b) | Revolving loans | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior to 2016 | Within the revolving period | Converted to term loans | Total | |||||||||||||||||||||||||||
Loans by risk ratings | |||||||||||||||||||||||||||||||||||
Investment-grade | $ | i 33,190 | $ | i 11,116 | $ | i 7,455 | $ | i 6,804 | $ | i 4,089 | $ | i 8,252 | $ | i 145,524 | $ | i 779 | $ | i 217,209 | |||||||||||||||||
Noninvestment-grade | i 5,048 | i 2,231 | i 1,660 | i 553 | i 175 | i 535 | i 24,710 | i 124 | i 35,036 | ||||||||||||||||||||||||||
Total
retained loans | $ | i 38,238 | $ | i 13,347 | $ | i 9,115 | $ | i 7,357 | $ | i 4,264 | $ | i 8,787 | $ | i 170,234 | $ | i 903 | $ | i 252,245 |
(in millions, except ratios) | Multifamily | Other commercial | Total retained loans secured by real estate | |||||||||||||||||||||||
Sep 30, 2021 | Dec 31, 2020 | Sep 30, 2021 | Dec 31, 2020 | Sep 30, 2021 | Dec 31, 2020 | |||||||||||||||||||||
Retained loans secured by real estate | $ | i 72,903 | $ | i 73,078 | $ | i 45,264 | $ | i 46,915 | $ | i 118,167 | $ | i 119,993 | ||||||||||||||
Criticized | i 1,710 | i 1,144 | i 2,587 | i 2,573 | i 4,297 | i 3,717 | ||||||||||||||||||||
%
of total criticized to total retained loans secured by real estate | i 2.35 | % | i 1.57 | % | i 5.72 | % | i 5.48 | % | i 3.64 | % | i 3.10 | % | ||||||||||||||
Criticized nonaccrual | $ | i 84 | $ | i 56 | $ | i 291 | $ | i 427 | $ | i 375 | $ | i 483 | ||||||||||||||
%
of criticized nonaccrual loans to total retained loans secured by real estate | i 0.12 | % | i 0.08 | % | i 0.64 | % | i 0.91 | % | i 0.32 | % | i 0.40 | % |
Secured by real estate | Commercial and industrial | Other | Total retained loans | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | Sep 30, 2021 | Dec 31, 2020 | Sep 30, 2021 | Dec 31, 2020 | Sep 30, 2021 | Dec 31, 2020 | Sep
30, 2021 | Dec 31, 2020 | |||||||||||||||||||||||||||
Loans by geographic distribution(a) | |||||||||||||||||||||||||||||||||||
Total U.S. | $ | i 115,155 | $ | i 116,990 | $ | i 95,657 | $ | i 109,273 | $ | i 203,631 | $ | i 180,583 | $ | i 414,443 | $ | i 406,846 | |||||||||||||||||||
Total non-U.S. | i 3,012 | i 3,003 | i 37,819 | i 33,436 | i 77,512 | i 71,662 | i 118,343 | i 108,101 | |||||||||||||||||||||||||||
Total retained loans | $ | i 118,167 | $ | i 119,993 | $ | i 133,476 | $ | i 142,709 | $ | i 281,143 | $ | i 252,245 | $ | i 532,786 | $ | i 514,947 | |||||||||||||||||||
Loan
delinquency(b) | |||||||||||||||||||||||||||||||||||
Current and less than 30 days past due and still accruing | $ | i 117,563 | $ | i 118,894 | $ | i 131,863 | $ | i 140,100 | $ | i 278,607 | $ | i 249,713 | $ | i 528,033 | $ | i 508,707 | |||||||||||||||||||
30–89
days past due and still accruing | i 150 | i 601 | i 546 | i 658 | i 1,789 | i 1,606 | i 2,485 | i 2,865 | |||||||||||||||||||||||||||
90
or more days past due and still accruing(c) | i 79 | i 15 | i 73 | i 20 | i 32 | i 22 | i 184 | i 57 | |||||||||||||||||||||||||||
Criticized nonaccrual | i 375 | i 483 | i 994 | i 1,931 | i 715 | i 904 | i 2,084 | i 3,318 | |||||||||||||||||||||||||||
Total retained loans | $ | i 118,167 | $ | i 119,993 | $ | i 133,476 | $ | i 142,709 | $ | i 281,143 | $ | i 252,245 | $ | i 532,786 | $ | i 514,947 |
Wholesale net charge-offs/(recoveries) | Secured by real estate | Commercial and industrial | Other | Total retained loans | |||||||||||||||||||||||||||||||
Three months ended September 30, (in millions) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||
Net charge-offs/(recoveries) | $ | i 9 | $ | ( i 3) | $ | i 23 | $ | i 95 | $ | i 5 | $ | i — | $ | i 37 | $ | i 92 |
Secured by real estate | Commercial and industrial | Other | Total retained loans | ||||||||||||||||||||||||||||||||
Nine months ended September 30, (in millions) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||
Net charge-offs/(recoveries) | $ | i 10 | $ | i 9 | $ | i 75 | $ | i 531 | $ | i 15 | $ | i 13 | $ | i 100 | $ | i 553 |
(in millions) | Secured by real estate | Commercial and industrial | Other | Total retained loans | |||||||||||||||||||||||||||||||
Sep 30, 2021 | Dec 31, 2020 | Sep 30, 2021 | Dec 31, 2020 | Sep 30, 2021 | Dec 31, 2020 | Sep 30, 2021 | Dec
31, 2020 | ||||||||||||||||||||||||||||
Nonaccrual loans(a) | |||||||||||||||||||||||||||||||||||
With an allowance | $ | i 309 | $ | i 351 | $ | i 722 | $ | i 1,667 | $ | i 520 | $ | i 800 | $ | i 1,551 | $ | i 2,818 | |||||||||||||||||||
Without
an allowance(b) | i 66 | i 132 | i 272 | i 264 | i 195 | i 104 | i 533 | i 500 | |||||||||||||||||||||||||||
Total
nonaccrual loans(c) | $ | i 375 | $ | i 483 | $ | i 994 | $ | i 1,931 | $ | i 715 | $ | i 904 | $ | i 2,084 | $ | i 3,318 |
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Nine
months ended September 30, (in millions) | Consumer, excluding credit card | Credit card | Wholesale | Total | Consumer, excluding credit card | Credit card | Wholesale | Total | |||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||
Beginning balance at January 1, | $ | i 3,636 | $ | i 17,800 | $ | i 6,892 | $ | i 28,328 | $ | i 2,538 | $ | i 5,683 | $ | i 4,902 | $ | i 13,123 | |||||||||||||||||||
Cumulative
effect of a change in accounting principle | NA | NA | NA | NA | i 297 | i 5,517 | ( i 1,642) | i 4,172 | |||||||||||||||||||||||||||
Gross charge-offs | i 452 | i 2,957 | i 187 | i 3,596 | i 620 | i 4,104 | i 641 | i 5,365 | |||||||||||||||||||||||||||
Gross recoveries collected | ( i 470) | ( i 724) | ( i 87) | ( i 1,281) | ( i 483) | ( i 585) | ( i 88) | ( i 1,156) | |||||||||||||||||||||||||||
Net charge-offs/(recoveries) | ( i 18) | i 2,233 | i 100 | i 2,315 | i 137 | i 3,519 | i 553 | i 4,209 | |||||||||||||||||||||||||||
Provision for loan losses | ( i 1,778) | ( i 3,917) | ( i 2,162) | ( i 7,857) | i 1,803 | i 10,119 | i 5,802 | i 17,724 | |||||||||||||||||||||||||||
Other | ( i 2) | i — | ( i 4) | ( i 6) | i 1 | i — | i 3 | i 4 | |||||||||||||||||||||||||||
Ending balance at September 30, | $ | i 1,874 | $ | i 11,650 | $ | i 4,626 | $ | i 18,150 | $ | i 4,502 | $ | i 17,800 | $ | i 8,512 | $ | i 30,814 | |||||||||||||||||||
Allowance
for lending-related commitments | |||||||||||||||||||||||||||||||||||
Beginning balance at January 1, | $ | i 187 | $ | i — | $ | i 2,222 | $ | i 2,409 | $ | i 12 | $ | i — | $ | i 1,179 | $ | i 1,191 | |||||||||||||||||||
Cumulative
effect of a change in accounting principle | NA | NA | NA | NA | i 133 | i — | ( i 35) | i 98 | |||||||||||||||||||||||||||
Provision
for lending-related commitments | ( i 45) | i — | ( i 61) | ( i 106) | i 71 | i — | i 1,464 | i 1,535 | |||||||||||||||||||||||||||
Other | i — | i — | i 2 | i 2 | i — | i — | ( i 1) | ( i 1) | |||||||||||||||||||||||||||
Ending balance at September 30, | $ | i 142 | $ | i — | $ | i 2,163 | $ | i 2,305 | $ | i 216 | $ | i — | $ | i 2,607 | $ | i 2,823 | |||||||||||||||||||
Total
allowance for credit losses(a) | $ | i 2,016 | $ | i 11,650 | $ | i 6,789 | $ | i 20,455 | $ | i 4,718 | $ | i 17,800 | $ | i 11,119 | $ | i 33,637 | |||||||||||||||||||
Allowance
for loan losses by impairment methodology | |||||||||||||||||||||||||||||||||||
Asset-specific(b) | $ | ( i 571) | $ | i 383 | $ | i 357 | $ | i 169 | $ | i 228 | $ | i 652 | $ | i 792 | $ | i 1,672 | |||||||||||||||||||
Portfolio-based | i 2,445 | i 11,267 | i 4,269 | i 17,981 | i 4,274 | i 17,148 | i 7,720 | i 29,142 | |||||||||||||||||||||||||||
Total allowance for loan losses | $ | i 1,874 | $ | i 11,650 | $ | i 4,626 | $ | i 18,150 | $ | i 4,502 | $ | i 17,800 | $ | i 8,512 | $ | i 30,814 | |||||||||||||||||||
Loans by impairment methodology | |||||||||||||||||||||||||||||||||||
Asset-specific(b) | $ | i 14,464 | $ | i 1,083 | $ | i 2,330 | $ | i 17,877 | $ | i 16,888 | $ | i 1,432 | $ | i 3,856 | $ | i 22,176 | |||||||||||||||||||
Portfolio-based | i 283,844 | i 142,083 | i 530,456 | i 956,383 | i 288,218 | i 138,158 | i 496,985 | i 923,361 | |||||||||||||||||||||||||||
Total retained loans | $ | i 298,308 | $ | i 143,166 | $ | i 532,786 | $ | i 974,260 | $ | i 305,106 | $ | i 139,590 | $ | i 500,841 | $ | i 945,537 | |||||||||||||||||||
Collateral-dependent
loans | |||||||||||||||||||||||||||||||||||
Net charge-offs | $ | i 26 | $ | i — | $ | i 9 | $ | i 35 | $ | i 109 | $ | i — | $ | i 22 | $ | i 131 | |||||||||||||||||||
Loans
measured at fair value of collateral less cost to sell | i 4,460 | i — | i 364 | i 4,824 | i 4,517 | i — | i 130 | i 4,647 | |||||||||||||||||||||||||||
Allowance
for lending-related commitments by impairment methodology | |||||||||||||||||||||||||||||||||||
Asset-specific | $ | i — | $ | i — | $ | i 129 | $ | i 129 | $ | i — | $ | i — | $ | i 109 | $ | i 109 | |||||||||||||||||||
Portfolio-based | i 142 | i — | i 2,034 | i 2,176 | i 216 | i — | i 2,498 | i 2,714 | |||||||||||||||||||||||||||
Total
allowance for lending-related commitments(c) | $ | i 142 | $ | i — | $ | i 2,163 | $ | i 2,305 | $ | i 216 | $ | i — | $ | i 2,607 | $ | i 2,823 | |||||||||||||||||||
Lending-related
commitments by impairment methodology | |||||||||||||||||||||||||||||||||||
Asset-specific | $ | i — | $ | i — | $ | i 641 | $ | i 641 | $ | i — | $ | i — | $ | i 607 | $ | i 607 | |||||||||||||||||||
Portfolio-based(d) | i 36,819 | i — | i 457,548 | i 494,367 | i 35,587 | i — | i 416,267 | (d) | i 451,854 | ||||||||||||||||||||||||||
Total
lending-related commitments | $ | i 36,819 | $ | i — | $ | i 458,189 | $ | i 495,008 | $ | i 35,587 | $ | i — | $ | i 416,874 | $ | i 452,461 |
Assumptions at September 30, 2021 | |||||||||||
4Q21 | 2Q22 | 4Q22 | |||||||||
U.S. unemployment rate(a) | 5.1 | % | 4.4 | % | 4.1 | % | |||||
Cumulative change in U.S. real GDP from 12/31/2019 | 3.3 | % | 5.0 | % | 6.2 | % | |||||
Assumptions at December 31, 2020 | |||||||||||
2Q21 | 4Q21 | 2Q22 | |||||||||
U.S. unemployment rate(a) | 6.8 | % | 5.7 | % | 5.1 | % | |||||
Cumulative change in U.S. real GDP from 12/31/2019 | (1.9) | % | 0.6 | % | 2.0 | % |
Line of Business | Transaction Type | Activity | Form 10-Q page references | ||||||||
CCB | Credit card securitization trusts | Securitization of originated credit card receivables | 155 | ||||||||
Mortgage securitization trusts | Servicing and securitization of both originated and purchased residential mortgages | 155-157 | |||||||||
CIB | Mortgage and other securitization trusts | Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans | 155-157 | ||||||||
Multi-seller conduits | Assist clients in accessing the financial markets in a cost-efficient manner and structures transactions to meet investor needs | 157 | |||||||||
Municipal bond vehicles | Financing of municipal bond investments | 157 |
Principal amount outstanding | JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e) | |||||||||||||||||||||||||
September 30, 2021 (in millions) | Total assets held by securitization VIEs | Assets held in consolidated securitization VIEs | Assets held in nonconsolidated securitization VIEs with continuing involvement | Trading assets | Investment securities | Other financial assets | Total
interests held by JPMorgan Chase | |||||||||||||||||||
Securitization-related(a) | ||||||||||||||||||||||||||
Residential mortgage: | ||||||||||||||||||||||||||
Prime/Alt-A and option ARMs | $ | i 52,280 | $ | i 1,057 | $ | i 43,700 | $ | i 561 | $ | i 572 | $ | i 100 | $ | i 1,233 | ||||||||||||
Subprime | i 11,430 | i 29 | i 10,537 | i 3 | i — | i — | i 3 | |||||||||||||||||||
Commercial
and other(b) | i 135,904 | i — | i 110,012 | i 861 | i 2,443 | i 324 | i 3,628 | |||||||||||||||||||
Total | $ | i 199,614 | $ | i 1,086 | $ | i 164,249 | $ | i 1,425 | $ | i 3,015 | $ | i 424 | $ | i 4,864 |
Principal amount outstanding | JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e) | |||||||||||||||||||||||||
December 31, 2020 (in millions) | Total assets held by securitization VIEs | Assets held in consolidated securitization VIEs | Assets held in nonconsolidated securitization VIEs with continuing involvement | Trading assets | Investment securities | Other financial assets | Total
interests held by JPMorgan Chase | |||||||||||||||||||
Securitization-related(a) | ||||||||||||||||||||||||||
Residential mortgage: | ||||||||||||||||||||||||||
Prime/Alt-A and option ARMs | $ | i 49,644 | $ | i 1,693 | $ | i 41,265 | $ | i 574 | $ | i 724 | $ | i — | $ | i 1,298 | ||||||||||||
Subprime | i 12,896 | i 46 | i 12,154 | i 9 | i — | i — | i 9 | |||||||||||||||||||
Commercial
and other(b) | i 119,732 | i — | i 92,351 | i 955 | i 1,549 | i 262 | i 2,766 | |||||||||||||||||||
Total | $ | i 182,272 | $ | i 1,739 | $ | i 145,770 | $ | i 1,538 | $ | i 2,273 | $ | i 262 | $ | i 4,073 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Transfers of securities to VIEs | |||||||||||||||||||||||
U.S. GSEs and government agencies | $ | i 11,258 | $ | i 12,488 | $ | i 43,157 | $ | i 27,710 |
Nonconsolidated
re-securitization VIEs | |||||||||||
(in millions) | September 30, 2021 | December 31, 2020 | |||||||||
U.S. GSEs and government agencies | |||||||||||
Interest in VIEs | $ | i 2,074 | $ | i 2,631 |
Assets | Liabilities | ||||||||||||||||||||||||||||
September 30, 2021 (in millions) | Trading assets | Loans | Other(c) | Total assets(d) | Beneficial interests in VIE assets(e) | Other(f) | Total liabilities | ||||||||||||||||||||||
VIE program type | |||||||||||||||||||||||||||||
Firm-sponsored credit card trusts | $ | i — | $ | i 10,606 | $ | i 97 | $ | i 10,703 | $ | i 2,396 | $ | i 1 | $ | i 2,397 | |||||||||||||||
Firm-administered multi-seller conduits | i 2 | i 21,077 | i 76 | i 21,155 | i 8,612 | i 37 | i 8,649 | ||||||||||||||||||||||
Municipal bond vehicles | i 2,009 | i — | i 4 | i 2,013 | i 1,976 | i — | i 1,976 | ||||||||||||||||||||||
Mortgage
securitization entities(a) | i — | i 1,091 | i 47 | i 1,138 | i 216 | i 90 | i 306 | ||||||||||||||||||||||
Other | i — | i 2,578 | (b) | i 292 | i 2,870 | i 57 | i 106 | i 163 | |||||||||||||||||||||
Total | $ | i 2,011 | $ | i 35,352 | $ | i 516 | $ | i 37,879 | $ | i 13,257 | $ | i 234 | $ | i 13,491 | |||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||
December 31, 2020 (in millions) | Trading assets | Loans | Other(c) | Total assets(d) | Beneficial interests in VIE assets(e) | Other(f) | Total liabilities | ||||||||||||||||||||||
VIE program type | |||||||||||||||||||||||||||||
Firm-sponsored credit card trusts | $ | i — | $ | i 11,962 | $ | i 148 | $ | i 12,110 | $ | i 4,943 | $ | i 3 | $ | i 4,946 | |||||||||||||||
Firm-administered multi-seller conduits | i 2 | i 23,787 | i 188 | i 23,977 | i 10,523 | i 33 | i 10,556 | ||||||||||||||||||||||
Municipal bond vehicles | i 1,930 | i — | i 2 | i 1,932 | i 1,902 | i — | i 1,902 | ||||||||||||||||||||||
Mortgage
securitization entities(a) | i — | i 1,694 | i 94 | i 1,788 | i 210 | i 108 | i 318 | ||||||||||||||||||||||
Other | i 2 | i 176 | i 249 | i 427 | i — | i 89 | i 89 | ||||||||||||||||||||||
Total | $ | i 1,934 | $ | i 37,619 | $ | i 681 | $ | i 40,234 | $ | i 17,578 | $ | i 233 | $ | i 17,811 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
(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 | $ | i 8,245 | $ | i 4,426 | $ | i 2,852 | $ | i 1,330 | $ | i 16,437 | $ | i 9,214 | $ | i 6,450 | $ | i 5,379 | |||||||||||||||||||
All
cash flows during the period:(a) | |||||||||||||||||||||||||||||||||||
Proceeds received from loan sales as financial instruments(b)(c) | $ | i 8,424 | $ | i 4,456 | $ | i 2,955 | $ | i 1,392 | $ | i 16,876 | $ | i 9,335 | $ | i 6,645 | $ | i 5,577 | |||||||||||||||||||
Servicing fees collected | i 39 | i — | i 54 | i 1 | i 121 | i — | i 165 | i 1 | |||||||||||||||||||||||||||
Cash
flows received on interests | i 121 | i 92 | i 207 | i 78 | i 477 | i 215 | i 538 | i 138 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Carrying
value of loans sold | $ | i 29,033 | $ | i 18,065 | $ | i 76,639 | $ | i 60,447 | |||||||||
Proceeds
received from loan sales as cash | i 70 | i 5 | i 110 | i 27 | |||||||||||||
Proceeds
from loan sales as securities(a)(b) | i 28,549 | i 17,858 | i 75,331 | i 59,795 | |||||||||||||
Total
proceeds received from loan sales(c) | $ | i 28,619 | $ | i 17,863 | $ | i 75,441 | $ | i 59,822 | |||||||||
Gains/(losses)
on loan sales(d)(e) | $ | i — | $ | i — | $ | i 4 | $ | i 6 |
(in millions) | Sep 30, 2021 | Dec 31, 2020 | ||||||
Loans
repurchased or option to repurchase(a) | $ | i 1,103 | $ | i 1,413 | ||||
Real
estate owned | i 5 | i 9 | ||||||
Foreclosed
government-guaranteed residential mortgage loans(b) | i 44 | i 64 |
Net liquidation losses | |||||||||||||||||||||||||||||||||||
Securitized assets | 90 days past due | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||
(in millions) | Sep 30, 2021 | Dec 31, 2020 | Sep 30, 2021 | Dec 31, 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||
Securitized loans | |||||||||||||||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||||||||
Prime / Alt-A & option ARMs | $ | i 43,700 | $ | i 41,265 | $ | i 3,160 | $ | i 4,988 | $ | i — | $ | i 9 | $ | i 14 | $ | i 184 | |||||||||||||||||||
Subprime | i 10,537 | i 12,154 | i 1,808 | i 2,406 | i — | i 24 | i 18 | i 159 | |||||||||||||||||||||||||||
Commercial and other | i 110,012 | i 92,351 | i 3,254 | i 5,958 | i 244 | i — | i 265 | i 11 | |||||||||||||||||||||||||||
Total loans securitized | $ | i 164,249 | $ | i 145,770 | $ | i 8,222 | $ | i 13,352 | $ | i 244 | $ | i 33 | $ | i 297 | $ | i 354 |
(in millions) | September 30, 2021 | December 31, 2020 | ||||||
Consumer & Community Banking | $ | i 31,472 | $ | i 31,311 | ||||
Corporate & Investment Bank | i 7,906 | i 7,913 | ||||||
Commercial Banking | i 2,986 | i 2,985 | ||||||
Asset & Wealth Management | i 7,222 | i 7,039 | ||||||
Corporate | i 727 | i — | ||||||
Total goodwill | $ | i 50,313 | $ | i 49,248 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Balance
at beginning of period | $ | i 49,256 | $ | i 47,811 | $ | i 49,248 | $ | i 47,823 | ||||||||||||
Changes
during the period from: | ||||||||||||||||||||
Business combinations(a) | i 1,065 | i — | i 1,065 | i — | ||||||||||||||||
Other(b) | ( i 8) | i 8 | i — | ( i 4) | ||||||||||||||||
Balance at September 30, | $ | i 50,313 | $ | i 47,819 | $ | i 50,313 | $ | i 47,819 |
As
of or for the three months ended September 30, | As of or for the nine months ended September 30, | ||||||||||||||||||||||
(in millions, except where otherwise noted) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Fair value at beginning of period | $ | i 4,549 | $ | i 3,080 | $ | i 3,276 | $ | i 4,699 | |||||||||||||||
MSR activity: | |||||||||||||||||||||||
Originations of MSRs | i 429 | i 204 | i 1,252 | i 639 | |||||||||||||||||||
Purchase of MSRs | i 584 | i 17 | i 1,158 | i 24 | |||||||||||||||||||
Disposition
of MSRs(a) | i 1 | ( i 104) | ( i 23) | ( i 177) | |||||||||||||||||||
Net additions/(dispositions) | i 1,014 | i 117 | i 2,387 | i 486 | |||||||||||||||||||
Changes
due to collection/realization of expected cash flows | ( i 201) | ( i 215) | ( i 570) | ( i 710) | |||||||||||||||||||
Changes
in valuation due to inputs and assumptions: | |||||||||||||||||||||||
Changes due to market interest rates and other(b) | i 133 | ( i 59) | i 469 | ( i 1,573) | |||||||||||||||||||
Changes
in valuation due to other inputs and assumptions: | |||||||||||||||||||||||
Projected cash flows (e.g., cost to service) | i 119 | ( i 82) | i 96 | ( i 80) | |||||||||||||||||||
Discount
rates | i — | i 199 | i — | i 199 | |||||||||||||||||||
Prepayment
model changes and other(c) | ( i 263) | ( i 24) | ( i 307) | ( i 5) | |||||||||||||||||||
Total changes in valuation due to other inputs and assumptions | ( i 144) | i 93 | ( i 211) | i 114 | |||||||||||||||||||
Total changes in valuation due to inputs and assumptions | ( i 11) | i 34 | i 258 | ( i 1,459) | |||||||||||||||||||
Fair value at September 30, | $ | i 5,351 | $ | i 3,016 | $ | i 5,351 | $ | i 3,016 | |||||||||||||||
Changes in unrealized gains/(losses) included in income related to MSRs held at September 30, | $ | ( i 11) | $ | i 34 | $ | i 258 | $ | ( i 1,459) | |||||||||||||||
Contractual
service fees, late fees and other ancillary fees included in income | i 334 | i 333 | i 932 | i 1,026 | |||||||||||||||||||
Third-party mortgage loans serviced at September 30, (in billions) | i 510 | i 456 | i 510 | i 456 | |||||||||||||||||||
Servicer
advances, net of an allowance for uncollectible amounts, at September 30, (in billions)(d) | i 1.7 | i 1.7 | i 1.7 | i 1.7 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||
CCB mortgage fees and related income | |||||||||||||||||
Production revenue | $ | i 614 | $ | i 765 | $ | i 1,888 | $ | i 1,826 | |||||||||
Net mortgage servicing revenue: | |||||||||||||||||
Operating revenue: | |||||||||||||||||
Loan servicing revenue | i 328 | i 381 | i 892 | i 1,063 | |||||||||||||
Changes in MSR asset fair value due to collection/realization of expected cash flows | ( i 201) | ( i 215) | ( i 570) | ( i 710) | |||||||||||||
Total operating revenue | i 127 | i 166 | i 322 | i 353 | |||||||||||||
Risk management: | |||||||||||||||||
Changes in MSR asset fair value due to market interest rates and other(a) | i 133 | ( i 59) | i 469 | ( i 1,573) | |||||||||||||
Other
changes in MSR asset fair value due to other inputs and assumptions in model(b) | ( i 144) | i 93 | ( i 211) | i 114 | |||||||||||||
Changes in derivative fair value and other | ( i 134) | i 111 | ( i 621) | i 1,593 | |||||||||||||
Total risk management | ( i 145) | i 145 | ( i 363) | i 134 | |||||||||||||
Total net mortgage servicing revenue | ( i 18) | i 311 | ( i 41) | i 487 | |||||||||||||
Total CCB mortgage fees and related income | i 596 | i 1,076 | i 1,847 | i 2,313 | |||||||||||||
All other | i 4 | i 11 | i 8 | i 11 | |||||||||||||
Mortgage fees and related income | $ | i 600 | $ | i 1,087 | $ | i 1,855 | $ | i 2,324 |
(in millions, except rates) | Sep 30, 2021 | Dec 31, 2020 | ||||||||||||
Weighted-average
prepayment speed assumption (constant prepayment rate) | i 10.12 | % | i 14.90 | % | ||||||||||
Impact
on fair value of 10% adverse change | $ | ( i 220) | $ | ( i 206) | ||||||||||
Impact
on fair value of 20% adverse change | ( i 423) | ( i 392) | ||||||||||||
Weighted-average
option adjusted spread(a) | i 6.56 | % | i 7.19 | % | ||||||||||
Impact
on fair value of a 100 basis point adverse change | $ | ( i 226) | $ | ( i 134) | ||||||||||
Impact
on fair value of a 200 basis point adverse change | ( i 433) | ( i 258) |
(in millions) | September 30, 2021 | December 31, 2020 | |||||||||
U.S. offices | |||||||||||
Noninterest-bearing
(included $ i 9,186 and $ i 9,873 at fair value)(a) | $ | i 656,438 | $ | i 572,711 | |||||||
Interest-bearing
(included $ i 630 and $ i 2,567 at fair value)(a) | i 1,344,092 | i 1,197,032 | |||||||||
Total deposits in U.S. offices | i 2,000,530 | i 1,769,743 | |||||||||
Non-U.S. offices | |||||||||||
Noninterest-bearing (included $ i 1,788 and $ i 1,486
at fair value)(a) | i 28,589 | i 23,435 | |||||||||
Interest-bearing
(included $ i 204 and $ i 558 at fair value)(a) | i 373,234 | i 351,079 | |||||||||
Total deposits in non-U.S. offices | i 401,823 | i 374,514 | |||||||||
Total deposits | $ | i 2,402,353 | $ | i 2,144,257 |
(in millions) | September 30, 2021 | December 31, 2020 | ||||||||||||||||||
Right-of-use assets | $ | i 7,837 | $ | i 8,006 | ||||||||||||||||
Lease liabilities | i 8,262 | i 8,508 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Operating lease income | $ | i 1,190 | $ | i 1,425 | $ | i 3,792 | $ | i 4,236 | |||||||||
Depreciation expense | i 785 | i 1,035 | i 2,595 | i 3,261 |
Shares | Carrying
value (in millions) | Contractual rate in effect at September 30, 2021 | Earliest redemption date | Floating annualized rate(a) | Dividend declared per share | ||||||||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | Issue date | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||
Fixed-rate: | |||||||||||||||||||||||||||||||||||||||||
Series
Y | i — | i — | $ | i — | $ | i — | i 2/12/2015 | i — | % | i 3/1/2020 | NA | $ i — | $ i — | $ i — | $ i 153.13 | ||||||||||||||||||||||||||
Series
AA | i — | i 142,500 | i — | i 1,425 | i 6/4/2015 | i — | i 9/1/2020 | NA | i — | i 152.50 | i 305.00 | i 457.50 | |||||||||||||||||||||||||||||
Series
BB | i — | i 115,000 | i — | i 1,150 | i 7/29/2015 | i — | i 9/1/2020 | NA | i — | i 153.75 | i 307.50 | i 461.25 | |||||||||||||||||||||||||||||
Series
DD | i 169,625 | i 169,625 | i 1,696 | i 1,696 | i 9/21/2018 | i 5.750 | i 12/1/2023 | NA | i 143.75 | i 143.75 | i 431.25 | i 431.25 | |||||||||||||||||||||||||||||
Series
EE | i 185,000 | i 185,000 | i 1,850 | i 1,850 | i 1/24/2019 | i 6.000 | i 3/1/2024 | NA | i 150.00 | i 150.00 | i 450.00 | i 450.00 | |||||||||||||||||||||||||||||
Series
GG | i 90,000 | i 90,000 | i 900 | i 900 | i 11/7/2019 | i 4.750 | i 12/1/2024 | NA | i 118.75 | i 118.75 | i 356.25 | i 387.92 | (b) | ||||||||||||||||||||||||||||
Series JJ | i 150,000 | i — | i 1,500 | i — | i 3/17/2021 | i 4.550 | i 6/1/2026 | NA | i 113.75 | NA | i 207.28 | NA | (c) | ||||||||||||||||||||||||||||
Series LL | i 185,000 | i — | i 1,850 | i — | i 5/20/2021 | i 4.625 | i 6/1/2026 | NA | i 129.76 | NA | i 129.76 | NA | (d) | ||||||||||||||||||||||||||||
Series
MM | i 200,000 | i — | i 2,000 | i — | i 7/29/2021 | i 4.200 | i 9/1/2026 | NA | i — | NA | i — | NA | (e) | ||||||||||||||||||||||||||||
Fixed-to-floating-rate: | |||||||||||||||||||||||||||||||||||||||||
Series
I | i 293,375 | i 293,375 | $ | i 2,934 | $ | i 2,934 | i 4/23/2008 | LIBOR
+ i 3.47% | i 4/30/2018 | LIBOR + i 3.47% | $ i 90.96 | $ i 95.53 | $ i 276.42 | $ i 334.90 | |||||||||||||||||||||||||||
Series
Q | i 150,000 | i 150,000 | i 1,500 | i 1,500 | i 4/23/2013 | i 5.150 | i 5/1/2023 | LIBOR
+ i 3.25 | i 128.75 | i 128.75 | i 386.25 | i 386.25 | |||||||||||||||||||||||||||||
Series
R | i 150,000 | i 150,000 | i 1,500 | i 1,500 | i 7/29/2013 | i 6.000 | i 8/1/2023 | LIBOR
+ i 3.30 | i 150.00 | i 150.00 | i 450.00 | i 450.00 | |||||||||||||||||||||||||||||
Series
S | i 200,000 | i 200,000 | i 2,000 | i 2,000 | i 1/22/2014 | i 6.750 | i 2/1/2024 | LIBOR
+ i 3.78 | i 168.75 | i 168.75 | i 506.25 | i 506.25 | |||||||||||||||||||||||||||||
Series
U | i 100,000 | i 100,000 | i 1,000 | i 1,000 | i 3/10/2014 | i 6.125 | i 4/30/2024 | LIBOR
+ i 3.33 | i 153.13 | i 153.13 | i 459.38 | i 459.38 | |||||||||||||||||||||||||||||
Series
V | i 250,000 | i 250,000 | i 2,500 | i 2,500 | i 6/9/2014 | LIBOR
+ i 3.32% | i 7/1/2019 | LIBOR + i 3.32 | i 88.55 | i 92.41 | i 263.54 | i 343.30 | |||||||||||||||||||||||||||||
Series
X | i 160,000 | i 160,000 | i 1,600 | i 1,600 | i 9/23/2014 | i 6.100 | i 10/1/2024 | LIBOR
+ i 3.33 | i 152.50 | i 152.50 | i 457.50 | i 457.50 | |||||||||||||||||||||||||||||
Series
Z | i 200,000 | i 200,000 | i 2,000 | i 2,000 | i 4/21/2015 | LIBOR
+ i 3.80% | i 5/1/2020 | LIBOR + i 3.80 | i 99.23 | i 102.40 | i 300.97 | i 352.05 | (f) | ||||||||||||||||||||||||||||
Series
CC | i 125,750 | i 125,750 | i 1,258 | i 1,258 | i 10/20/2017 | i 4.625 | i 11/1/2022 | LIBOR
+ i 2.58 | i 115.63 | i 115.63 | i 346.88 | i 346.88 | |||||||||||||||||||||||||||||
Series
FF | i 225,000 | i 225,000 | i 2,250 | i 2,250 | i 7/31/2019 | i 5.000 | i 8/1/2024 | SOFR
+ i 3.38 | i 125.00 | i 125.00 | i 375.00 | i 375.00 | |||||||||||||||||||||||||||||
Series
HH | i 300,000 | i 300,000 | i 3,000 | i 3,000 | i 1/23/2020 | i 4.600 | i 2/1/2025 | SOFR
+ i 3.125 | i 115.00 | i 115.00 | i 345.00 | i 355.22 | (g) | ||||||||||||||||||||||||||||
Series
II | i 150,000 | i 150,000 | i 1,500 | i 1,500 | i 2/24/2020 | i 4.000 | i 4/1/2025 | SOFR
+ i 2.745 | i 100.00 | i 100.00 | i 300.00 | i 241.11 | (h) | ||||||||||||||||||||||||||||
Series KK | i 200,000 | i — | i 2,000 | i — | i 5/12/2021 | i 3.650 | i 6/1/2026 | CMT
+ i 2.85 | i 110.51 | NA | i 110.51 | NA | (i) | ||||||||||||||||||||||||||||
Total preferred stock | i 3,483,750 | i 3,006,250 | $ | i 34,838 | $ | i 30,063 |
(in millions, except per share amounts) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Basic earnings per share | |||||||||||||||||
Net income | $ | i 11,687 | $ | i 9,443 | $ | i 37,935 | $ | i 16,995 | |||||||||
Less:
Preferred stock dividends | i 402 | i 381 | i 1,174 | i 1,203 | |||||||||||||
Net
income applicable to common equity | i 11,285 | i 9,062 | i 36,761 | i 15,792 | |||||||||||||
Less:
Dividends and undistributed earnings allocated to participating securities | i 56 | i 47 | i 185 | i 80 | |||||||||||||
Net
income applicable to common stockholders | $ | i 11,229 | $ | i 9,015 | $ | i 36,576 | $ | i 15,712 | |||||||||
Total
weighted-average basic shares outstanding | i 2,999.9 | i 3,077.8 | i 3,036.4 | i 3,083.3 | |||||||||||||
Net
income per share | $ | i 3.74 | $ | i 2.93 | $ | i 12.05 | $ | i 5.10 | |||||||||
Diluted
earnings per share | |||||||||||||||||
Net income applicable to common stockholders | $ | i 11,229 | $ | i 9,015 | $ | i 36,576 | $ | i 15,712 | |||||||||
Total
weighted-average basic shares outstanding | i 2,999.9 | i 3,077.8 | i 3,036.4 | i 3,083.3 | |||||||||||||
Add:
Dilutive impact of SARs and employee stock options, unvested PSUs and nondividend-earning RSUs | i 5.2 | i 5.0 | i 5.3 | i 4.8 | |||||||||||||
Total
weighted-average diluted shares outstanding | i 3,005.1 | i 3,082.8 | i 3,041.7 | i 3,088.1 | |||||||||||||
Net
income per share | $ | i 3.74 | $ | i 2.92 | $ | i 12.02 | $ | i 5.09 |
As
of or for the three months ended September 30, 2021 (in millions) | Unrealized gains/(losses) on investment securities | Translation adjustments, net of hedges | Fair value hedges | Cash flow hedges | Defined benefit pension and OPEB plans | DVA on fair value option elected liabilities | Accumulated other comprehensive income/(loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2021 | $ | i 4,515 | $ | ( i 659) | $ | ( i 163) | $ | i 725 | $ | ( i 1,055) | $ | ( i 793) | $ | i 2,570 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | ( i 434) | ( i 187) | i 9 | ( i 450) | i 6 | ( i 551) | ( i 1,607) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | i 4,081 | (a) | $ | ( i 846) | $ | ( i 154) | $ | i 275 | $ | ( i 1,049) | $ | ( i 1,344) | $ | i 963 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
As
of or for the three months ended September 30, 2020 (in millions) | Unrealized gains/(losses) on investment securities | Translation adjustments, net of hedges | Fair value hedges | Cash flow hedges | Defined benefit pension and OPEB plans | DVA on fair value option elected liabilities | Accumulated other comprehensive income/(loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2020 | $ | i 7,920 | $ | ( i 895) | $ | ( i 27) | $ | i 2,762 | $ | ( i 1,318) | $ | i 347 | $ | i 8,789 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | i 514 | i 127 | ( i 69) | ( i 70) | ( i 12) | ( i 339) | i 151 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | i 8,434 | (a) | $ | ( i 768) | $ | ( i 96) | $ | i 2,692 | $ | ( i 1,330) | $ | i 8 | $ | i 8,940 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
As
of or for the nine months ended September 30, 2021 (in millions) | Unrealized gains/(losses) on investment securities | Translation adjustments, net of hedges | Fair value hedges | Cash flow hedges | Defined benefit pension and OPEB plans | DVA on fair value option elected liabilities | Accumulated other comprehensive income/(loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | i 8,180 | $ | ( i 473) | $ | ( i 112) | $ | i 2,383 | $ | ( i 1,132) | $ | ( i 860) | $ | i 7,986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | ( i 4,099) | ( i 373) | ( i 42) | ( i 2,108) | i 83 | ( i 484) | ( i 7,023) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | i 4,081 | (a) | $ | ( i 846) | $ | ( i 154) | $ | i 275 | $ | ( i 1,049) | $ | ( i 1,344) | $ | i 963 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
As
of or for the nine months ended September 30, 2020 (in millions) | Unrealized gains/(losses) on investment securities | Translation adjustments, net of hedges | Fair value hedges | Cash flow hedges | Defined benefit pension and OPEB plans | DVA on fair value option elected liabilities | Accumulated other comprehensive income/(loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | i 4,057 | $ | ( i 707) | $ | ( i 131) | $ | i 63 | $ | ( i 1,344) | $ | ( i 369) | $ | i 1,569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | i 4,377 | ( i 61) | i 35 | i 2,629 | i 14 | i 377 | i 7,371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | i 8,434 | (a) | $ | ( i 768) | $ | ( i 96) | $ | i 2,692 | $ | ( i 1,330) | $ | i 8 | $ | i 8,940 |
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Three
months ended September 30, (in millions) | 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 | $ | ( i 826) | $ | i 197 | $ | ( i 629) | $ | i 1,143 | $ | ( i 270) | $ | i 873 | |||||||||||||||||||||||
Reclassification
adjustment for realized (gains)/losses included in net income(a) | i 256 | ( i 61) | i 195 | ( i 473) | i 114 | ( i 359) | |||||||||||||||||||||||||||||
Net change | ( i 570) | i 136 | ( i 434) | i 670 | ( i 156) | i 514 | |||||||||||||||||||||||||||||
Translation
adjustments(b): | |||||||||||||||||||||||||||||||||||
Translation | ( i 1,030) | i 63 | ( i 967) | i 871 | ( i 86) | i 785 | |||||||||||||||||||||||||||||
Hedges | i 1,028 | ( i 248) | i 780 | ( i 868) | i 210 | ( i 658) | |||||||||||||||||||||||||||||
Net change | ( i 2) | ( i 185) | ( i 187) | i 3 | i 124 | i 127 | |||||||||||||||||||||||||||||
Fair
value hedges, net change(c): | i 12 | ( i 3) | i 9 | ( i 91) | i 22 | ( i 69) | |||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||
Net unrealized gains/(losses) arising during the period | ( i 267) | i 65 | ( i 202) | i 134 | ( i 32) | i 102 | |||||||||||||||||||||||||||||
Reclassification
adjustment for realized (gains)/losses included in net income(d) | ( i 326) | i 78 | ( i 248) | ( i 227) | i 55 | ( i 172) | |||||||||||||||||||||||||||||
Net change | ( i 593) | i 143 | ( i 450) | ( i 93) | i 23 | ( i 70) | |||||||||||||||||||||||||||||
Defined benefit pension and OPEB plans, net change: | i 8 | ( i 2) | i 6 | ( i 18) | i 6 | ( i 12) | |||||||||||||||||||||||||||||
DVA
on fair value option elected liabilities, net change: | ( i 729) | i 178 | ( i 551) | ( i 445) | i 106 | ( i 339) | |||||||||||||||||||||||||||||
Total other comprehensive income/(loss) | $ | ( i 1,874) | $ | i 267 | $ | ( i 1,607) | $ | i 26 | $ | i 125 | $ | i 151 | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Nine
months ended September 30, (in millions) | 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 | $ | ( i 5,792) | $ | i 1,391 | $ | ( i 4,401) | $ | i 6,494 | $ | ( i 1,561) | $ | i 4,933 | |||||||||||||||||||||||
Reclassification
adjustment for realized (gains)/losses included in net income(a) | i 397 | ( i 95) | i 302 | ( i 732) | i 176 | ( i 556) | |||||||||||||||||||||||||||||
Net change | ( i 5,395) | i 1,296 | ( i 4,099) | i 5,762 | ( i 1,385) | i 4,377 | |||||||||||||||||||||||||||||
Translation
adjustments(b): | |||||||||||||||||||||||||||||||||||
Translation | ( i 1,950) | i 92 | ( i 1,858) | ( i 316) | i 15 | ( i 301) | |||||||||||||||||||||||||||||
Hedges | i 1,958 | ( i 473) | i 1,485 | i 316 | ( i 76) | i 240 | |||||||||||||||||||||||||||||
Net change | i 8 | ( i 381) | ( i 373) | i — | ( i 61) | ( i 61) | |||||||||||||||||||||||||||||
Fair
value hedges, net change(c): | ( i 56) | i 14 | ( i 42) | i 45 | ( i 10) | i 35 | |||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||
Net unrealized gains/(losses) arising during the period | ( i 1,844) | i 443 | ( i 1,401) | i 3,787 | ( i 909) | i 2,878 | |||||||||||||||||||||||||||||
Reclassification
adjustment for realized (gains)/losses included in net income(d) | ( i 930) | i 223 | ( i 707) | ( i 328) | i 79 | ( i 249) | |||||||||||||||||||||||||||||
Net change | ( i 2,774) | i 666 | ( i 2,108) | i 3,459 | ( i 830) | i 2,629 | |||||||||||||||||||||||||||||
Defined benefit pension and OPEB plans, net change: | i 101 | ( i 18) | i 83 | i 23 | ( i 9) | i 14 | |||||||||||||||||||||||||||||
DVA
on fair value option elected liabilities, net change: | ( i 642) | i 158 | ( i 484) | i 496 | ( i 119) | i 377 | |||||||||||||||||||||||||||||
Total other comprehensive income/(loss) | $ | ( i 8,758) | $ | i 1,735 | $ | ( i 7,023) | $ | i 9,785 | $ | ( i 2,414) | $ | i 7,371 |
(in billions) | September 30, 2021 | December 31, 2020 | ||||||
Segregated for the benefit of securities and cleared derivative customers | i 16.2 | i 19.3 | ||||||
Cash
reserves at non-U.S. central banks and held for other general purposes | i 5.1 | i 5.1 | ||||||
Total
restricted cash(a) | $ | i 21.3 | $ | i 24.4 |
Standardized Minimum capital ratios | Advanced Minimum capital ratios | Well-capitalized ratios | ||||||||||||||||||||||||
BHC(a) | IDI(b) | BHC(a) | IDI(b) | BHC(c) | IDI(d) | |||||||||||||||||||||
Risk-based capital ratios | ||||||||||||||||||||||||||
CET1 capital | i i 11.3 / | % | i i 7.0 / | % | i i 10.5 / | % | i i 7.0 / | % | NA | i i 6.5 / | % | |||||||||||||||
Tier 1 capital | i i 12.8 / | i i 8.5 / | i i 12.0 / | i i 8.5 / | i i 6.0 / | % | i i 8.0 / | |||||||||||||||||||
Total capital | i i 14.8 / | i i 10.5 / | i i 14.0 / | i i 10.5 / | i i 10.0 / | i i 10.0 / | ||||||||||||||||||||
Minimum capital ratios(a) | Well-capitalized ratios | |||||||||||||||||||
BHC | IDI | BHC(b) | IDI | |||||||||||||||||
Leverage-based capital ratios | ||||||||||||||||||||
Tier 1 leverage | i i 4.0 / | % | i i 4.0 / | % | NA | i i 5.0 / | % | |||||||||||||
SLR | i i 5.0 / | i i 6.0 / | NA | i i 6.0 / |
September
30, 2021 (in millions, except ratios) | Basel III Standardized | Basel III Advanced | |||||||||||||||||||||
JPMorgan Chase & Co.(a) | JPMorgan Chase Bank, N.A.(a) | JPMorgan Chase & Co.(a) | JPMorgan Chase Bank, N.A.(a) | ||||||||||||||||||||
Risk-based capital metrics: | |||||||||||||||||||||||
CET1 capital | $ | i 209,917 | $ | i 259,990 | $ | i 209,917 | $ | i 259,990 | |||||||||||||||
Tier
1 capital | i 244,207 | i 259,994 | i 244,207 | i 259,994 | |||||||||||||||||||
Total
capital | i 274,994 | i 276,303 | i 264,469 | i 265,403 | |||||||||||||||||||
Risk-weighted assets | i 1,628,406 | i 1,562,370 | i 1,544,512 | i 1,396,725 | |||||||||||||||||||
CET1 capital ratio | i 12.9 | % | i 16.6 | % | i 13.6 | % | i 18.6 | % | |||||||||||||||
Tier 1 capital ratio | i 15.0 | i 16.6 | i 15.8 | i 18.6 | |||||||||||||||||||
Total capital ratio | i 16.9 | i 17.7 | i 17.1 | i 19.0 | |||||||||||||||||||
December
31, 2020 (in millions, except ratios) | Basel III Standardized | Basel III Advanced | |||||||||||||||||||||
JPMorgan Chase & Co.(a) | JPMorgan Chase Bank, N.A.(a) | JPMorgan Chase & Co.(a) | JPMorgan Chase
Bank, N.A.(a) | ||||||||||||||||||||
Risk-based capital metrics: | |||||||||||||||||||||||
CET1 capital | $ | i 205,078 | $ | i 234,235 | $ | i 205,078 | $ | i 234,235 | |||||||||||||||
Tier 1 capital | i 234,844 | i 234,237 | i 234,844 | i 234,237 | |||||||||||||||||||
Total capital | i 269,923 | i 252,045 | i 257,228 | i 239,673 | |||||||||||||||||||
Risk-weighted assets | i 1,560,609 | i 1,492,138 | i 1,484,431 | i 1,343,185 | |||||||||||||||||||
CET1 capital ratio | i 13.1 | % | i 15.7 | % | i 13.8 | % | i 17.4 | % | |||||||||||||||
Tier 1 capital ratio | i 15.0 | i 15.7 | i 15.8 | i 17.4 | |||||||||||||||||||
Total capital ratio | i 17.3 | i 16.9 | i 17.3 | i 17.8 | |||||||||||||||||||
(in millions, except ratios) | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||
JPMorgan Chase & Co.(b) | JPMorgan Chase Bank, N.A.(b) | JPMorgan Chase & Co.(b)(c) | JPMorgan Chase Bank, N.A.(b)(c) | ||||||||||||||||||||
Leverage-based capital metrics: | |||||||||||||||||||||||
Adjusted
average assets(a) | $ | i 3,675,803 | $ | i 3,223,098 | $ | i 3,353,319 | $ | i 2,970,285 | |||||||||||||||
Tier
1 leverage ratio | i 6.6 | % | i 8.1 | % | i 7.0 | % | i 7.9 | % | |||||||||||||||
Total leverage exposure | $ | i 4,463,904 | $ | i 4,003,800 | $ | i 3,401,542 | $ | i 3,688,797 | |||||||||||||||
SLR | i 5.5 | % | i 6.5 | % | i 6.9 | % | i 6.3 | % |
Off–balance sheet lending-related financial instruments, guarantees and other commitments | ||||||||||||||||||||||||||||||||
Contractual amount | Carrying value(i) | |||||||||||||||||||||||||||||||
September 30, 2021 | Dec 31, 2020 | Sep 30, 2021 | Dec 31, 2020 | |||||||||||||||||||||||||||||
By remaining maturity (in millions) | Expires in 1 year or less | Expires
after 1 year through 3 years | Expires after 3 years through 5 years | Expires after 5 years | Total | Total | ||||||||||||||||||||||||||
Lending-related | ||||||||||||||||||||||||||||||||
Consumer, excluding credit card: | ||||||||||||||||||||||||||||||||
Residential
real estate(a) | $ | i 26,748 | $ | i 2,030 | $ | i 5,313 | $ | i 10,451 | $ | i 44,542 | $ | i 46,047 | $ | i 130 | $ | i 148 | ||||||||||||||||
Auto and other | i 11,255 | i — | i — | i 887 | i 12,142 | i 11,272 | i — | i — | ||||||||||||||||||||||||
Total consumer, excluding credit card | i 38,003 | i 2,030 | i 5,313 | i 11,338 | i 56,684 | i 57,319 | i 130 | i 148 | ||||||||||||||||||||||||
Credit
card(b) | i 710,610 | i — | i — | i — | i 710,610 | i 658,506 | i — | i — | ||||||||||||||||||||||||
Total
consumer(b)(c) | i 748,613 | i 2,030 | i 5,313 | i 11,338 | i 767,294 | i 715,825 | i 130 | i 148 | ||||||||||||||||||||||||
Wholesale: | ||||||||||||||||||||||||||||||||
Other
unfunded commitments to extend credit(d) | i 114,200 | i 184,046 | i 143,335 | i 25,311 | i 466,892 | i 415,828 | i 2,087 | i 2,148 | ||||||||||||||||||||||||
Standby
letters of credit and other financial guarantees(d) | i 13,549 | i 8,709 | i 4,114 | i 1,571 | i 27,943 | i 30,982 | i 614 | i 443 | ||||||||||||||||||||||||
Other
letters of credit(d) | i 3,936 | i 372 | i 93 | i — | i 4,401 | i 3,053 | i 10 | i 14 | ||||||||||||||||||||||||
Total
wholesale(c) | i 131,685 | i 193,127 | i 147,542 | i 26,882 | i 499,236 | i 449,863 | i 2,711 | i 2,605 | ||||||||||||||||||||||||
Total lending-related | $ | i 880,298 | $ | i 195,157 | $ | i 152,855 | $ | i 38,220 | $ | i 1,266,530 | $ | i 1,165,688 | $ | i 2,841 | $ | i 2,753 | ||||||||||||||||
Other guarantees and commitments | ||||||||||||||||||||||||||||||||
Securities lending indemnification agreements and guarantees(e) | $ | i 306,562 | $ | i — | $ | i — | $ | i — | $ | i 306,562 | $ | i 250,418 | $ | i — | $ | i — | ||||||||||||||||
Derivatives qualifying as guarantees | i 2,828 | i 420 | i 11,693 | i 39,870 | i 54,811 | i 54,415 | i 390 | i 322 | ||||||||||||||||||||||||
Unsettled resale and securities borrowed agreements | i 150,495 | i 6,839 | i — | i — | i 157,334 | i 102,355 | (h) | i 1 | i 2 | |||||||||||||||||||||||
Unsettled repurchase and securities loaned agreements | i 136,019 | i 583 | i — | i — | i 136,602 | i 104,901 | i — | ( i 1) | ||||||||||||||||||||||||
Loan
sale and securitization-related indemnifications: | ||||||||||||||||||||||||||||||||
Mortgage repurchase liability | NA | NA | NA | NA | NA | NA | i 61 | i 84 | ||||||||||||||||||||||||
Loans sold with recourse | NA | NA | NA | NA | i 807 | i 889 | i 20 | i 23 | ||||||||||||||||||||||||
Exchange
& clearing house guarantees and commitments(f) | i 119,331 | i — | i — | i — | i 119,331 | i 142,003 | i — | i — | ||||||||||||||||||||||||
Other
guarantees and commitments(g) | i 6,787 | i 2,886 | i 323 | i 1,747 | i 11,743 | i 9,639 | (h) | i 51 | i 52 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(in millions) | Standby letters of credit and other financial guarantees | Other letters of credit | Standby letters of credit and other financial guarantees | Other letters of credit | |||||||||||||||||||
Investment-grade(a) | $ | i 19,823 | $ | i 3,502 | $ | i 22,850 | $ | i 2,263 | |||||||||||||||
Noninvestment-grade(a) | i 8,120 | i 899 | i 8,132 | i 790 | |||||||||||||||||||
Total contractual amount | $ | i 27,943 | $ | i 4,401 | $ | i 30,982 | $ | i 3,053 | |||||||||||||||
Allowance for lending-related commitments | $ | i 78 | $ | i 10 | $ | i 80 | $ | i 14 | |||||||||||||||
Guarantee liability | i 536 | i — | i 363 | i — | |||||||||||||||||||
Total carrying value | $ | i 614 | $ | i 10 | $ | i 443 | $ | i 14 | |||||||||||||||
Commitments with collateral | $ | i 15,071 | $ | i 929 | $ | i 17,238 | $ | i 498 |
(in millions) | September 30, 2021 | December 31, 2020 | |||||||||
Notional amounts | |||||||||||
Derivative guarantees | $ | i 54,811 | $ | i 54,415 | |||||||
Stable
value contracts with contractually limited exposure | i 29,741 | i 27,752 | |||||||||
Maximum
exposure of stable value contracts with contractually limited exposure | i 2,878 | i 2,803 | |||||||||
Fair value | |||||||||||
Derivative payables | i 390 | i 322 | |||||||||
(in billions) | September 30, 2021 | December 31, 2020 | |||||||||
Assets that may be sold or repledged or otherwise used by secured parties | $ | i 122.4 | $ | i 166.6 | |||||||
Assets
that may not be sold or repledged or otherwise used by secured parties | i 115.3 | i 113.9 | |||||||||
Assets pledged at Federal Reserve banks and FHLBs | i 462.9 | i 455.3 | |||||||||
Total
pledged assets | $ | i 700.6 | $ | i 735.8 |
(in billions) | September 30, 2021 | December 31, 2020 | ||||||||||||
Collateral permitted to be sold or repledged, delivered, or otherwise used | $ | i 1,417.7 | $ | i 1,451.7 | ||||||||||
Collateral sold, repledged, delivered or otherwise used | i 1,085.7 | i 1,038.9 |
Segment
results and reconciliation(a) | |||||||||||||||||||||||||||||||||||
As of or for the three months ended September 30, (in millions, except ratios) | Consumer & Community Banking | Corporate & Investment Bank | Commercial Banking | Asset & Wealth Management | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
Noninterest revenue | $ | i 4,138 | $ | i 4,863 | $ | i 9,061 | $ | i 8,118 | $ | i 988 | $ | i 761 | $ | i 3,312 | $ | i 2,739 | |||||||||||||||||||
Net interest income | i 8,383 | i 8,032 | i 3,335 | i 3,428 | i 1,532 | i 1,524 | i 988 | i 815 | |||||||||||||||||||||||||||
Total net revenue | i 12,521 | i 12,895 | i 12,396 | i 11,546 | i 2,520 | i 2,285 | i 4,300 | i 3,554 | |||||||||||||||||||||||||||
Provision
for credit losses | ( i 459) | i 795 | ( i 638) | ( i 81) | ( i 363) | ( i 147) | ( i 60) | ( i 52) | |||||||||||||||||||||||||||
Noninterest expense | i 7,238 | i 6,912 | i 5,871 | i 5,832 | i 1,032 | i 969 | i 2,762 | i 2,443 | |||||||||||||||||||||||||||
Income/(loss)
before income tax expense/(benefit) | i 5,742 | i 5,188 | i 7,163 | i 5,795 | i 1,851 | i 1,463 | i 1,598 | i 1,163 | |||||||||||||||||||||||||||
Income tax expense/(benefit) | i 1,401 | i 1,317 | i 1,601 | i 1,486 | i 444 | i 377 | i 404 | i 287 | |||||||||||||||||||||||||||
Net income/(loss) | $ | i 4,341 | $ | i 3,871 | $ | i 5,562 | $ | i 4,309 | $ | i 1,407 | $ | i 1,086 | $ | i 1,194 | $ | i 876 | |||||||||||||||||||
Average
equity | $ | i 50,000 | $ | i 52,000 | $ | i 83,000 | $ | i 80,000 | $ | i 24,000 | $ | i 22,000 | $ | i 14,000 | $ | i 10,500 | |||||||||||||||||||
Total assets | i 493,169 | i 487,063 | i 1,355,752 | i 1,088,282 | (b) | i 227,670 | i 228,583 | i 221,702 | i 187,858 | ||||||||||||||||||||||||||
ROE | i 34 | % | i 29 | % | i 26 | % | i 21 | % | i 22 | % | i 19 | % | i 33 | % | i 32 | % | |||||||||||||||||||
Overhead ratio | i 58 | i 54 | i 47 | i 51 | i 41 | i 42 | i 64 | i 69 |
As
of or for the three months ended September 30, (in millions, except ratios) | Corporate | Reconciling Items(a) | Total | ||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Noninterest revenue | $ | ( i 242) | $ | i 343 | $ | ( i 690) | $ | ( i 582) | (b) | $ | i 16,567 | $ | i 16,242 | (b) | |||||||||||||||
Net interest income | ( i 1,054) | ( i 682) | ( i 104) | ( i 104) | i 13,080 | i 13,013 | |||||||||||||||||||||||
Total net revenue | ( i 1,296) | ( i 339) | ( i 794) | ( i 686) | i 29,647 | i 29,255 | |||||||||||||||||||||||
Provision
for credit losses | ( i 7) | i 96 | i — | i — | ( i 1,527) | i 611 | |||||||||||||||||||||||
Noninterest expense | i 160 | i 719 | i — | i — | i 17,063 | i 16,875 | |||||||||||||||||||||||
Income/(loss)
before income tax expense/(benefit) | ( i 1,449) | ( i 1,154) | ( i 794) | ( i 686) | i 14,111 | i 11,769 | |||||||||||||||||||||||
Income tax expense/(benefit) | ( i 632) | ( i 455) | ( i 794) | ( i 686) | (b) | i 2,424 | i 2,326 | (b) | |||||||||||||||||||||
Net income/(loss) | $ | ( i 817) | $ | ( i 699) | $ | i — | $ | i — | $ | i 11,687 | $ | i 9,443 | |||||||||||||||||
Average
equity | $ | i 82,556 | $ | i 72,297 | $ | i — | $ | i — | $ | i 253,556 | $ | i 236,797 | |||||||||||||||||
Total assets | i 1,459,283 | i 1,253,275 | NA | NA | i 3,757,576 | i 3,245,061 | (b) | ||||||||||||||||||||||
ROE | NM | NM | NM | NM | i 18 | % | i 15 | % | |||||||||||||||||||||
Overhead ratio | NM | NM | NM | NM | i 58 | i 58 | (b) |
Segment
results and reconciliation(a) | |||||||||||||||||||||||||||||||||||
As of or for the nine months ended September 30, (in millions, except ratios) | Consumer & Community Banking | Corporate & Investment Bank | Commercial Banking | Asset & Wealth Management | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
Noninterest revenue | $ | i 13,452 | $ | i 13,182 | $ | i 30,061 | $ | i 27,318 | $ | i 2,855 | $ | i 2,192 | $ | i 9,623 | $ | i 7,843 | |||||||||||||||||||
Net interest income | i 24,346 | i 25,358 | i 10,154 | i 10,614 | i 4,541 | i 4,658 | i 2,861 | i 2,530 | |||||||||||||||||||||||||||
Total net revenue | i 37,798 | i 38,540 | i 40,215 | i 37,932 | i 7,396 | i 6,850 | i 12,484 | i 10,373 | |||||||||||||||||||||||||||
Provision
for credit losses | ( i 5,929) | i 12,395 | ( i 1,048) | i 3,307 | ( i 858) | i 3,294 | ( i 191) | i 265 | |||||||||||||||||||||||||||
Noninterest expense | i 21,502 | i 20,948 | i 19,498 | i 18,599 | i 2,982 | i 2,848 | i 7,922 | i 7,201 | |||||||||||||||||||||||||||
Income/(loss)
before income tax expense/(benefit) | i 22,225 | i 5,197 | i 21,765 | i 16,026 | i 5,272 | i 708 | i 4,753 | i 2,907 | |||||||||||||||||||||||||||
Income tax expense/(benefit) | i 5,522 | i 1,305 | i 5,478 | i 4,281 | i 1,277 | i 164 | i 1,162 | i 701 | |||||||||||||||||||||||||||
Net income/(loss) | $ | i 16,703 | $ | i 3,892 | $ | i 16,287 | $ | i 11,745 | $ | i 3,995 | $ | i 544 | $ | i 3,591 | $ | i 2,206 | |||||||||||||||||||
Average
equity | $ | i 50,000 | $ | i 52,000 | $ | i 83,000 | $ | i 80,000 | $ | i 24,000 | $ | i 22,000 | $ | i 14,000 | $ | i 10,500 | |||||||||||||||||||
Total assets | i 493,169 | i 487,063 | i 1,355,752 | i 1,088,282 | (b) | i 227,670 | i 228,583 | i 221,702 | i 187,858 | ||||||||||||||||||||||||||
ROE | i 44 | % | i 9 | % | i 25 | % | i 19 | % | i 21 | % | i 2 | % | i 33 | % | i 27 | % | |||||||||||||||||||
Overhead ratio | i 57 | i 54 | i 48 | i 49 | i 40 | i 42 | i 63 | i 69 |
As
of or for the nine months ended September 30, (in millions, except ratios) | Corporate | Reconciling Items(a) | Total | ||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Noninterest revenue | $ | ( i 68) | $ | i 607 | $ | ( i 2,241) | $ | ( i 1,831) | (b) | $ | i 53,682 | $ | i 49,311 | (b) | |||||||||||||||
Net interest income | ( i 2,870) | ( i 1,534) | ( i 322) | ( i 321) | i 38,710 | i 41,305 | |||||||||||||||||||||||
Total net revenue | ( i 2,938) | ( i 927) | ( i 2,563) | ( i 2,152) | i 92,392 | i 90,616 | |||||||||||||||||||||||
Provision
for credit losses | i 58 | i 108 | i — | i — | ( i 7,968) | i 19,369 | |||||||||||||||||||||||
Noninterest expense | i 1,551 | i 1,012 | i — | i — | i 53,455 | i 50,608 | |||||||||||||||||||||||
Income/(loss)
before income tax expense/(benefit) | ( i 4,547) | ( i 2,047) | ( i 2,563) | ( i 2,152) | i 46,905 | i 20,639 | |||||||||||||||||||||||
Income tax expense/(benefit) | ( i 1,906) | ( i 655) | ( i 2,563) | ( i 2,152) | (b) | i 8,970 | i 3,644 | (b) | |||||||||||||||||||||
Net income/(loss) | $ | ( i 2,641) | $ | ( i 1,392) | $ | i — | $ | i — | $ | i 37,935 | $ | i 16,995 | |||||||||||||||||
Average
equity | $ | i 79,011 | $ | i 70,751 | $ | i — | $ | i — | $ | i 250,011 | $ | i 235,251 | |||||||||||||||||
Total assets | i 1,459,283 | i 1,253,275 | NA | NA | i 3,757,576 | i 3,245,061 | (b) | ||||||||||||||||||||||
ROE | NM | NM | NM | NM | i 20 | % | i 9 | % | |||||||||||||||||||||
Overhead ratio | NM | NM | NM | NM | i 58 | i 56 | (b) |
JPMorgan
Chase & Co. | |||||||||||||||||||||||||||||||||||
Consolidated average balance sheets, interest and rates (unaudited) | |||||||||||||||||||||||||||||||||||
(Taxable-equivalent interest and rates; in millions, except rates) | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 | Three months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||
Average balance | Interest(g) | Rate (annualized) | Average balance | Interest(g) | Rate (annualized) | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Deposits with banks | $ | 756,653 | $ | 174 | 0.09 | % | $ | 509,979 | $ | 69 | 0.05 | % | |||||||||||||||||||||||
Federal funds
sold and securities purchased under resale agreements | 262,679 | 231 | 0.35 | 277,899 | 401 | 0.57 | |||||||||||||||||||||||||||||
Securities borrowed | 189,418 | (73) | (0.15) | (h) | 147,184 | (128) | (0.35) | (h) | |||||||||||||||||||||||||||
Trading assets – debt instruments | 275,860 | 1,689 | 2.43 | 322,321 | 1,859 | 2.29 | |||||||||||||||||||||||||||||
Taxable securities | 534,771 | 1,553 | 1.15 | 515,007 | 1,816 | 1.40 | |||||||||||||||||||||||||||||
Nontaxable
securities(a) | 30,573 | 331 | 4.30 | 33,537 | 358 | 4.25 | |||||||||||||||||||||||||||||
Total investment securities | 565,344 | 1,884 | 1.32 | (i) | 548,544 | 2,174 | 1.58 | (i) | |||||||||||||||||||||||||||
Loans | 1,042,591 | 10,473 | 3.99 | 991,241 | 10,246 | 4.11 | |||||||||||||||||||||||||||||
All
other interest-earning assets(b) | 127,241 | 206 | 0.64 | 77,806 | 183 | 0.94 | |||||||||||||||||||||||||||||
Total interest-earning assets | 3,219,786 | 14,584 | 1.80 | 2,874,974 | 14,804 | 2.05 | |||||||||||||||||||||||||||||
Allowance for loan losses | (19,500) | (31,574) | |||||||||||||||||||||||||||||||||
Cash and due from banks | 27,065 | 21,404 | |||||||||||||||||||||||||||||||||
Trading assets – equity and other instruments | 177,315 | 124,266 | (j) | ||||||||||||||||||||||||||||||||
Trading assets – derivative receivables | 65,574 | 76,939 | (j) | ||||||||||||||||||||||||||||||||
Goodwill, MSRs and other intangible Assets | 54,947 | 51,547 | |||||||||||||||||||||||||||||||||
All other noninterest-earning assets(c) | 200,032 | 171,562 | |||||||||||||||||||||||||||||||||
Total assets | $ | 3,725,219 | $ | 3,289,118 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 1,696,850 | $ | 126 | 0.03 | % | $ | 1,434,034 | $ | 245 | 0.07 | % | |||||||||||||||||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | 240,912 | 119 | 0.20 | 253,779 | 105 | 0.17 | |||||||||||||||||||||||||||||
Short-term borrowings(d) | 43,759 | 31 | 0.26 | 36,697 | 60 | 0.65 | |||||||||||||||||||||||||||||
Trading
liabilities – debt and all other interest-bearing liabilities(e)(f) | 241,297 | 52 | 0.09 | (h) | 206,643 | (51) | (0.10) | (h) | |||||||||||||||||||||||||||
Beneficial interests issued by consolidated VIEs | 14,232 | 18 | 0.50 | 19,838 | 35 | 0.71 | |||||||||||||||||||||||||||||
Long-term debt | 257,593 | 1,054 | 1.62 | 267,175 | 1,293 | 1.93 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 2,494,643 | 1,400 | 0.22 | 2,218,166 | 1,687 | 0.30 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 672,609 | 551,565 | |||||||||||||||||||||||||||||||||
Trading
liabilities – equity and other instruments(f) | 35,505 | 32,256 | |||||||||||||||||||||||||||||||||
Trading liabilities – derivative payables | 55,907 | 64,599 | |||||||||||||||||||||||||||||||||
All
other liabilities, including the allowance for lending-related commitments(c) | 178,770 | 155,672 | |||||||||||||||||||||||||||||||||
Total liabilities | 3,437,434 | 3,022,258 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | |||||||||||||||||||||||||||||||||||
Preferred stock | 34,229 | 30,063 | |||||||||||||||||||||||||||||||||
Common stockholders’ equity | 253,556 | 236,797 | |||||||||||||||||||||||||||||||||
Total stockholders’ equity | 287,785 | 266,860 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,725,219 | $ | 3,289,118 | |||||||||||||||||||||||||||||||
Interest rate spread | 1.58 | % | 1.75 | % | |||||||||||||||||||||||||||||||
Net interest income and net yield on interest-earning assets | $ | 13,184 | 1.62 | $ | 13,117 | 1.82 |
JPMorgan
Chase & Co. | |||||||||||||||||||||||||||||||||||
Consolidated average balance sheets, interest and rates (unaudited) | |||||||||||||||||||||||||||||||||||
(Taxable-equivalent interest and rates; in millions, except rates) | |||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2021 | Nine months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||
Average balance | Interest(g) | Rate (annualized) | Average balance | Interest(g) | Rate (annualized) | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Deposits with banks | $ | 703,616 | $ | 342 | 0.06 | % | $ | 422,860 | $ | 708 | 0.22 | % | |||||||||||||||||||||||
Federal
funds sold and securities purchased under resale agreements | 269,324 | 639 | 0.32 | 258,607 | 2,097 | 1.08 | |||||||||||||||||||||||||||||
Securities borrowed | 185,127 | (240) | (0.17) | (h) | 141,567 | (151) | (0.14) | (h) | |||||||||||||||||||||||||||
Trading assets – debt instruments | 291,673 | 5,198 | 2.38 | 324,061 | 6,008 | 2.48 | |||||||||||||||||||||||||||||
Taxable securities | 546,258 | 4,735 | 1.16 | 456,733 | 6,203 | 1.81 | |||||||||||||||||||||||||||||
Nontaxable
securities(a) | 31,308 | 1,018 | 4.35 | 33,589 | 1,096 | 4.36 | |||||||||||||||||||||||||||||
Total investment securities | 577,566 | 5,753 | 1.33 | (i) | 490,322 | 7,299 | 1.99 | (i) | |||||||||||||||||||||||||||
Loans | 1,027,023 | 30,867 | 4.02 | 1,007,360 | 33,507 | 4.44 | |||||||||||||||||||||||||||||
All
other interest-earning assets(b) | 120,529 | 608 | 0.67 | 75,859 | 826 | 1.46 | |||||||||||||||||||||||||||||
Total interest-earning assets | 3,174,858 | 43,167 | 1.82 | 2,720,636 | 50,294 | 2.47 | |||||||||||||||||||||||||||||
Allowance for loan losses | (23,546) | (24,100) | |||||||||||||||||||||||||||||||||
Cash and due from banks | 26,338 | 21,745 | |||||||||||||||||||||||||||||||||
Trading assets – equity and other instruments | 180,253 | 113,431 | (j) | ||||||||||||||||||||||||||||||||
Trading assets – derivative receivables | 70,139 | 73,423 | (j) | ||||||||||||||||||||||||||||||||
Goodwill, MSRs and other intangible Assets | 54,467 | 52,006 | |||||||||||||||||||||||||||||||||
All other noninterest-earning assets(c) | 206,818 | 179,009 | |||||||||||||||||||||||||||||||||
Total assets | $ | 3,689,327 | $ | 3,136,150 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 1,659,214 | $ | 404 | 0.03 | % | $ | 1,342,270 | $ | 2,169 | 0.22 | % | |||||||||||||||||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | 267,659 | 194 | 0.10 | 258,156 | 1,023 | 0.53 | |||||||||||||||||||||||||||||
Short-term borrowings(d) | 43,998 | 97 | 0.29 | 39,749 | 335 | 1.13 | |||||||||||||||||||||||||||||
Trading
liabilities – debt and all other interest-bearing liabilities(e)(f) | 239,666 | 130 | 0.07 | (h) | 202,322 | 278 | 0.18 | (h) | |||||||||||||||||||||||||||
Beneficial interests issued by consolidated VIEs | 15,501 | 66 | 0.57 | 19,407 | 184 | 1.27 | |||||||||||||||||||||||||||||
Long-term debt | 248,581 | 3,244 | 1.74 | 260,194 | 4,679 | 2.40 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 2,474,619 | 4,135 | 0.22 | 2,122,098 | 8,668 | 0.55 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 647,278 | 495,704 | |||||||||||||||||||||||||||||||||
Trading
liabilities – equity and other instruments(f) | 35,312 | 32,258 | |||||||||||||||||||||||||||||||||
Trading liabilities – derivative payables | 62,089 | 60,936 | |||||||||||||||||||||||||||||||||
All
other liabilities, including the allowance for lending-related commitments(c) | 187,601 | 160,059 | |||||||||||||||||||||||||||||||||
Total liabilities | 3,406,899 | 2,871,055 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | |||||||||||||||||||||||||||||||||||
Preferred stock | 32,417 | 29,844 | |||||||||||||||||||||||||||||||||
Common stockholders’ equity | 250,011 | 235,251 | |||||||||||||||||||||||||||||||||
Total stockholders’ equity | 282,428 | 265,095 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,689,327 | $ | 3,136,150 | |||||||||||||||||||||||||||||||
Interest rate spread | 1.60 | % | 1.92 | % | |||||||||||||||||||||||||||||||
Net interest income and net yield on interest-earning assets | $ | 39,032 | 1.64 | $ | 41,626 | 2.04 |
GLOSSARY OF TERMS AND ACRONYMS |
LINE OF BUSINESS METRICS |
Nine months ended September 30, 2021 | Total number of shares of common stock repurchased | Average price paid per share of common stock(a) | Aggregate purchase price of common stock repurchases (in millions)(a) | Dollar value of remaining authorized repurchase (in millions)(a)(b) | ||||||||||||||||||||||||||||||||||
First quarter | 34,652,594 | $ | 144.25 | $ | 4,999 | $ | 25,001 | |||||||||||||||||||||||||||||||
Second quarter | 39,544,940 | 156.83 | 6,201 | 18,800 | ||||||||||||||||||||||||||||||||||
July | 11,553,877 | 153.44 | 1,773 | 17,027 | ||||||||||||||||||||||||||||||||||
August | 11,306,308 | 157.60 | 1,782 | 15,245 | ||||||||||||||||||||||||||||||||||
September | 10,540,632 | 159.85 | 1,685 | 13,560 | ||||||||||||||||||||||||||||||||||
Third quarter | 33,400,817 | 156.87 | 5,240 | 13,560 | ||||||||||||||||||||||||||||||||||
Year-to-date | 107,598,351 | $ | 152.79 | $ | 16,440 | $ | 13,560 |
Exhibit No. | Description of Exhibit | |||||||
15 | ||||||||
22 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.(c) | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document.(a) | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document.(a) | |||||||
101.DEF | XBRL
Taxonomy Extension Definition Linkbase Document.(a) | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document.(a) | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document.(a) | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101). |
JPMorgan Chase & Co. | ||
(Registrant) |
By: | /s/ Elena Korablina | ||||
Elena Korablina | |||||
Managing Director and Firmwide Controller | |||||
(Principal Accounting Officer) |
Date: | November 2, 2021 |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/18/22 JPMorgan Chase & Co. 424B2 2:653K Donnelley … Solutions/FA 2/16/22 JPMorgan Chase & Co. 424B2 1:618K Donnelley … Solutions/FA 1/20/22 JPMorgan Chase & Co. 424B2 1:597K Donnelley … Solutions/FA 1/18/22 JPMorgan Chase & Co. 424B2 1:595K Donnelley … Solutions/FA 12/09/21 JPMorgan Chase & Co. 424B2 1:610K Donnelley … Solutions/FA 12/07/21 JPMorgan Chase & Co. 424B2 1:622K Donnelley … Solutions/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/23/21 JPMorgan Chase & Co. 10-K 12/31/20 220:68M |